UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-05309
Nuveen Investment Funds, Inc.
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: October 31
Date of reporting period: April 30, 2011
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
Item 1. Reports to Stockholders.
Mutual Funds
Nuveen Equity Funds
For investors seeking long term capital appreciation potential.
Semi-Annual Report
April 30, 2011
Share Class / Ticker Symbol | ||||||||||
Fund Name | Class A | Class B | Class C | Class R3 | Class I | |||||
Nuveen Equity Income Fund | FFEIX | FAEBX | FFECX | FEISX | FAQIX | |||||
Nuveen Global Infrastructure Fund | FGIAX | — | FGNCX | FGNRX | FGIYX | |||||
Nuveen International Fund | FAIAX | FNABX | FIACX | ARQIX | FAICX | |||||
Nuveen International Select Fund | ISACX | — | ICCSX | ISRCX | ISYCX | |||||
Nuveen Large Cap Growth Opportunities Fund | FRGWX | FETBX | FAWCX | FLCYX | FIGWX | |||||
Nuveen Large Cap Select Fund | FLRAX | — | FLYCX | FLSSX | FLRYX | |||||
Nuveen Large Cap Value Fund | FASKX | FATBX | FALVX | FAVSX | FSKIX | |||||
Nuveen Mid Cap Growth Opportunities Fund | FRSLX | FMQBX | FMECX | FMEYX | FISGX | |||||
Nuveen Mid Cap Select Fund | FATAX | FITBX | FTACX | — | FATCX | |||||
Nuveen Mid Cap Value Fund | FASEX | FAESX | FACSX | FMVSX | FSEIX | |||||
Nuveen Quantitative Enhanced Core Equity Fund | FQCAX | — | FQCCX | — | FQCYX | |||||
Nuveen Real Estate Securities Fund | FREAX | FREBX | FRLCX | FRSSX | FARCX | |||||
Nuveen Small Cap Growth Opportunities Fund | FRMPX | FROBX | FMPCX | FMPYX | FIMPX | |||||
Nuveen Small Cap Select Fund | EMGRX | ARSBX | FHMCX | ASEIX | ARSTX | |||||
Nuveen Small Cap Value Fund | FSCAX | — | FSCVX | FSVSX | FSCCX | |||||
Nuveen Tactical Market Opportunities Fund | NTMAX | — | NTMCX | — | FGTYX |
INVESTMENT ADVISER NAME CHANGE
Effective January 1, 2011, Nuveen Asset Management, LLC, the Funds’ investment adviser, changed its name to Nuveen Fund Advisors, Inc. (“Nuveen Fund Advisors”). Concurrently, Nuveen Fund Advisors formed a wholly-owned subsidiary, Nuveen Asset Management, LLC, to house its portfolio management capabilities.
NUVEEN INVESTMENTS COMPLETES STRATEGIC COMBINATION WITH FAF ADVISORS
On December 31, 2010, Nuveen Investments completed the strategic combination between Nuveen Asset Management, LLC, the largest investment affiliate of Nuveen Investments, and FAF Advisors. As part of this transaction, U.S. Bancorp — the parent of FAF Advisors — received cash consideration and a 9.5% stake in Nuveen Investments in exchange for the long term investment business of FAF Advisors, including investment-management responsibilities for the non-money market mutual funds of the First American Funds family.
The approximately $27 billion of mutual fund and institutional assets managed by FAF Advisors, along with the investment professionals managing these assets and other key personnel, have become part of Nuveen Asset Management, LLC. With these additions to Nuveen Asset Management, LLC, this affiliate now manages more than $100 billion of assets across a broad range of strategies from municipal and taxable fixed income to traditional and specialized equity investments.
This combination does not affect the investment objectives or strategies of the Funds in this report. Over time, Nuveen Investments expects that the combination will provide even more ways to meet the needs of investors who work with financial advisors and consultants by enhancing the multi-boutique model of Nuveen Investments, which also includes highly respected investment teams at HydePark, NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors and Winslow Capital. Nuveen Investments managed approximately $206 billion of assets as of March 31, 2011.
Must be preceded by or accompanied by a prospectus. | NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
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Letter to Shareholders
Dear Shareholders,
In 2010, the global economy recorded another year of recovery from the financial and economic crises of 2008, but many of the factors that caused the downturn still weigh on the prospects for continued improvement. In the U.S., ongoing weakness in housing values has put pressure on homeowners and mortgage lenders. Similarly, the strong earnings recovery for corporations and banks is only slowly being translated into increased hiring or more active lending. Globally, deleveraging by private and public borrowers has inhibited economic growth and that process is far from complete.
Encouragingly, constructive actions are being taken by governments around the world to deal with economic issues. In the U.S., the recent passage of a stimulatory tax bill relieved some of the pressure on the Federal Reserve to promote economic expansion through quantitative easing and offers the promise of sustained economic growth. A number of European governments are undertaking programs that could significantly reduce their budget deficits. Governments across the emerging markets are implementing various steps to deal with global capital flows without undermining international trade and investment.
The success of these government actions could determine whether 2011 brings further economic recovery and financial market progress. One risk associated with the extraordinary efforts to strengthen U.S. economic growth is that the debt of the U.S. government will continue to grow to unprecedented levels. Another risk is that over time there could be inflationary pressures on asset values in the U.S. and abroad, because what happens in the U.S. impacts the rest of the world economy. Also, these various actions are being taken in a setting of heightened global economic uncertainty, primarily about the supplies of energy and other critical commodities. In this challenging environment, your Nuveen investment team continues to seek sustainable investment opportunities and to remain alert to potential risks in a recovery still facing many headwinds. On your behalf, we monitor their activities to assure they maintain their investment disciplines.
As you will note elsewhere in this report, on December 31, 2010, Nuveen Investments completed a strategic combination with FAF Advisors, Inc., the manager of the First American Funds. The combination adds highly respected and distinct investment teams to meet the needs of investors and their advisors and is designed to benefit all fund shareholders by creating a fund organization with the potential for further economies of scale and the ability to draw from even greater talent and expertise to meet those investor needs.
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Robert P. Bremner
Chairman of the Board
June 21, 2011
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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.
Any reference to credit ratings for portfolio holdings denotes the highest rating assigned by a Nationally Recognized Statistical Rating Organization (NRSRO) such as Standard & Poor’s (S&P), Moody’s or Fitch. AAA, AA, A and BBB ratings are investment grade; BB, B, CCC, CC, C and D ratings are below investment grade. Holdings and ratings may change over time.
Nuveen Equity Income Fund (formerly known as First American Equity Income Fund)
This Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Cori Johnson, CFA, and Gerald Bren, CFA, are the portfolio managers for the Fund. Cori has more than 30 years of financial industry experience, while Gerald has more than 39 years of experience.
In the following commentary, the portfolio managers discuss their management strategies and the performance of the Fund for the six-month period ended April 30, 2011.
How did the Fund perform during the six-month period ended April 30, 2011?
The Fund’s Class A Shares at net asset value (NAV) performed in line with the S&P 500 Index and a custom benchmark of only dividend-paying S&P 500 Index stocks over the six-month period. A more detailed account of the Fund’s performance is provided in the Fund Performance section of this report.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund is designed to invest in a diversified portfolio of high quality, dividend-paying stocks, and employs a long-term approach with a typical investment horizon of at least two to three years. Over this six-month period, we continued to implement this disciplined investment strategy. Our process focused on finding established companies exhibiting strong fundamentals that we believed would drive dividend growth and stock appreciation. We looked at factors such as future growth potential, compelling financials and quality management teams. Our goal was to purchase stocks at attractive valuations when catalysts were identified that could help improve their prices. The Fund also continued to be actively managed in order to minimize distributed capital gains and maximize after-tax returns. Generally, we looked to sell a security that was no longer expected to meet our dividend or growth expectations or if we found a better alternative in the marketplace.
Looking at the Fund’s performance over the period, stock selection in the technology sector was the single largest positive contributor as semiconductor and component issues performed very strongly. In particular, the Fund gained from owning Molex, a supplier of electronic connectors and components, and Maxim Integrated Products, a designer and manufacturer of high-performance semiconductor products, as both companies’ performance benefited from underlying business trends.
The Fund’s performance also experienced a strong positive contribution from its modest overweight in the materials sector, as chemical and metal stocks advanced due to strong
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corporate earnings. These industries surged ahead when the prices of commodities began a sustained rise. Strengthening Asian economies and strong global markets for commodity products convinced investors that the profit cycle had more room for expansion than previously expected. Fund holdings such as PPG Industries and Huntsman responded to expectations that commodity profits would rally for an extended period. Similarly, strength in copper and gold prices led to gains in the price of Freeport-McMoRan Copper & Gold, which declared a special dividend in the spring of 2011.
In addition, the Fund’s significant underweight in consumer staples produced its strongest relative performance gain from sector allocation. Consumer staples stocks are inherently defensive in their profitability and reliably lag the market when profits are very strong in general. The six-month period proved true to form as this sector significantly trailed the overall market in performance.
The Fund’s worst-performing sector was energy. Our modest underweight in the group, plus individual stock selection, both worked against performance. The strong gains in energy prices led the market to large price gains for energy stocks. However, with crude oil prices rising, the market favored the most volatile portions of the energy sector: oil services and exploration and production companies. Both of these areas pay relatively low dividends and are relatively highly valued compared to the integrated oil stocks. For both reasons, we favored the integrated oil producers in the Fund, and while they performed well on an absolute basis, they lagged the energy sector overall.
For most of the six-month period, we maintained the Fund’s positioning to benefit from a continued economic recovery. Accordingly, we emphasized sectors such as information technology, materials and consumer discretionary, while remaining underweight in consumer staples. However, late in the period we repositioned the Fund somewhat to reflect changes in valuations and market expectations for the future. We reduced its position in information technology to a modest underweight, as a consequence of the significant price gains in many of the stocks the Fund already owned. We increased holdings somewhat in the consumer staples to take advantage of the relative bargain prices of some of the issues in that sector. In addition, we increased our position in the health care sector, adding UnitedHealth Group to gain exposure to a relatively undervalued segment that may benefit as Congress moves to address issues in the health care reform legislation.
On balance, we reduced the cyclical exposure of the Fund’s holdings. In addition, the Fund continued to own primarily large, U.S.-based companies with growing global franchises and dividend policies that support above-average current yields and dividend growth. The large cash flows available to corporations are resulting in increased attention to dividend payout patterns, which may prove beneficial to this segment of the equity markets.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Equity investments are subject to market risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.
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Nuveen Global Infrastructure Fund (formerly known as First American Global Infrastructure Fund)
This Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Jay Rosenberg and John Wenker are the portfolio managers for the Fund. Jay has more than 16 years of financial industry experience while John has 28 years of experience.
In the following commentary, the portfolio managers discuss their management strategies and the performance of the Fund for the six-month period ended April 30, 2011.
How did the Fund perform during the six-month period ended April 30, 2011?
The Fund’s Class A Shares at net asset value (NAV) slightly underperformed the Standard & Poor’s Global Infrastructure Index over the six-month period. A more detailed account of the Fund’s performance is provided in the Fund Performance section of this report.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund is designed to offer capital appreciation and income potential by investing primarily in equity securities issued by U.S. and non-U.S. companies that derive at least 50% of their revenues or profits from the ownership, development, construction, financing or operation of infrastructure assets, or have at least 50% of the fair market value of their assets invested in infrastructure assets. During this period, our strategy for managing the Fund remained consistent as we focused on buying global infrastructure companies that own and operate long-life assets and that have visible cash flows, strong balance sheets, manageable amounts of leverage and inelastic demand characteristics. We believed these types of companies would have ongoing access to capital and the best chances for growth. The Fund is structured using of a number of core infrastructure companies that we believe should provide long-term outperformance versus the market, combined with more opportunistic holdings that we believe are undervalued by the market. We have exposure around the globe with a mixture of holdings that will benefit from a global recovery, as well as positions in companies that may prove to be more stable in a faltering global economy.
The infrastructure segment enjoyed a strong six-month period in terms of absolute performance as markets continued to perform well due to stronger-than-expected economic data. However, the segment fell short of the returns posted by most U.S. and global stock markets generally.
On the positive side, the largest contributor to performance came in the electric utility sector, an area where the Fund is typically very underweight compared to the benchmark. For example, during this period the Fund’s dramatic underweight to German integrated utilities worked well. These companies continued to experience headwinds caused by additional taxes for deficit reduction reasons and uncertainty surrounding allowable life spans for their nuclear assets. Also, the Fund’s underweight to Japanese utility companies was a significant source of relative outperformance as these companies sold off dramatically following the March earthquake and ensuing nuclear disaster in Japan.
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In the toll road sector, the Fund benefited significantly from stock selection and an underweight to the sector versus the index. One particular standout was Vinci, a preeminent toll road company in France. The company also runs a significant contracting business, which has previously put its stock price under pressure. Recently this area of Vinci has experienced a steady flow of business as the global economic backdrop has improved, leading to a series of upward earnings revisions. We typically shy away from conglomerate companies that have non-infrastructure businesses unless we believe their infrastructure businesses are “best in class” and we can’t get the exposure elsewhere. This is the case with Vinci, where we maintained a sizeable position even though the company is not represented in the S&P Index.
The Fund also experienced strong stock selection in the electric transmission and distribution sector, an area we typically overweight significantly versus the benchmark. The Fund benefited from nearly all of its holdings in the sector.
The pipeline sector provided the largest detraction from relative performance for the period. The underperformance came almost entirely from the Fund’s substantial underweights to Williams and El Paso, which both performed very well. Williams derives a significant amount of its revenues from its exploration and production (E&P) businesses, which we shy away from because of their much higher volatility profile versus more pure pipeline businesses. During the period, however, Williams announced that it would split its E&P business from its infrastructure exposure, driving its stock price significantly higher. Given the Fund’s underweight to the holding compared to its sizeable position in the benchmark, its relative performance suffered. However, we are excited about the prospect of the split in the long run as we will have a new core company to invest in for the Fund. Similarly, El Paso advanced as the market speculated that the company may make a similar structural change in the future.
A secondary detractor to relative performance was the Fund’s gas utilities exposure, particularly in Asia. A rise in the price of natural gas increased the cost to the utility companies; however, the companies were unable to pass through the price increases to consumers immediately because they require regulatory approval. This factor, combined with lower overall gas sales volume due to warmer weather during the period, hurt these utilities’ stock prices.
Although the Fund’s performance on an absolute basis was impacted by the Japanese disaster, this event emphasized the positive attributes of investing in a portfolio of listed infrastructure companies. Our Fund offered investors diversification from many standpoints — including regulatory, country, currency, sector and asset – that may be difficult to obtain with a private equity or direct investment. The Japanese tragedy reminded us of the potential consequences of being too concentrated in large, expensive assets that can be vulnerable to unforeseen events. On a geographical and sector basis, the Fund invests in roughly 30 countries and has exposure to approximately 20 sectors of the global marketplace.
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Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Equity investments are subject to market risk or a decline in the value of stocks due to poor economic conditions or adverse company or industry news. Investments in small- and mid-cap companies are subject to greater volatility. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. Concentration in specific sectors or securities may involve greater risk and volatility than more diversified investments, including potentially adverse economic conditions and regulatory changes.
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Nuveen International Fund (formerly known as First American International Fund)
This Fund features portfolio management by a team of managers associated with three different sub-advisers: Nuveen Asset Management, LLC, an affiliate of Nuveen Investments; Altrinsic Global Advisors, LLC; and Hansberger Global Investor, Inc.
In the following commentary, the portfolio managers discuss their management strategies and the performance of the Fund for the six-month period ended April 30, 2011.
How did the Fund perform during the six-month period ended April 30, 2011?
The Fund’s Class A Shares at net asset value (NAV) outperformed the MSCI EAFE Index over the six-month period. A more detailed account of the Fund’s performance is provided in the Fund Performance section of this report.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund seeks to provide long-term capital appreciation by investing primarily in equity securities of foreign issuers that trade in U.S. or foreign markets, depositary receipts representing shares of foreign issuers, and exchange-traded funds and other investment companies that provide exposure to foreign issuers. Two of the Fund’s sub-advisers, Altrinsic Global Advisors, LLC, and Hansberger Global Investors, Inc., select stocks for the Fund according to the developed markets growth and developed markets value styles, respectively. At the same time, the Fund’s third sub-adviser, Nuveen Asset Management, maintains strategic oversight of the Fund, which includes allocating assets among the sub-advisers (including itself), tactically adjusting the overall portfolio balance and country emphasis using index-related investments, and selecting stocks in the infrastructure sector.
Although we have included emerging market stocks and indexes in this portfolio (and emerging markets generally underperformed during the period), we believe that our emphasis on them was generally less than many funds’ emphasis, leading to good performance relative to our peer group. A second major issue affecting performance during the period was our long anticipation of Eurozone debt issues. We had minimized the Fund’s exposure to stocks from nations with lower-rated debt, and also avoided stocks of European banks. During the period, the rising sense that the European Central Bank would contain the debt problem caused these avoided stocks to perform well, hindering the Fund’s relative performance. On balance, however, this effect was more than offset by strong selection of countries and stocks outside the Eurozone.
In contrast to our underweight in Europe, we emphasized stocks from North and South America and the emerging markets with mixed success. On the positive side, the Fund’s performance was aided by an overweight position in the United States. U.S. stocks benefited from generous liquidity provisions as the Federal Reserve kept the federal funds target rate at the historically low range of zero to 0.25%. Broadly speaking over the past several months, markets that have benefited from generous liquidity provisions, such as the United States, have outperformed markets where monetary policy normalization has been occurring. The Fund also was rewarded for an overweight position in Canada, as the region benefited from rising commodity prices during the six-month period.
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Although we significantly pulled back the Fund’s weighting to emerging markets during the period, the Fund’s results were still hindered by our position, which was less than 5% of the portfolio. Emerging markets in aggregate significantly underperformed developed markets from November 2010 through February of this year. A couple of key emerging markets, including China, India and Brazil, had disappointing returns during the period despite strong economic growth. All three countries experienced some inflationary pressures as a result of strong underlying economic recoveries. The building inflationary pressures led to various monetary and administrative tightening measures, restraining performance in these markets. While the tightening process continued, the emerging markets as a group staged a strong rebound in March as these policy steps became increasingly viewed as effective and potentially nearing their final stages without jeopardizing the ongoing economic expansion. Despite the comeback, these markets still fell short of developed markets overall during the period.
In other parts of the Pacific Rim region, the Fund’s results were again mixed. Our underweight allocation to Japan proved beneficial as its market dropped sharply in reaction to the earthquake and ensuing nuclear disaster in March. Following the initial steep market decline, the Japanese market did stabilize and we believe may benefit in the months ahead from the very aggressive provision of liquidity from the Bank of Japan and the stimulative economic effects of rebuilding efforts. To balance our underweight in Japan, the Fund was overweight in Australia, which hindered results during the period. Australia’s market lagged as a result of monetary policy tightening by its reserve bank in conjunction with the devastating floods in the region. Although Australia’s market faltered slightly, we continued to maintain our overweight based on attractive stock valuations and market fundamentals.
Elsewhere in the Fund, we were rewarded for selective emphases on Northern European countries with positive trade balances, including Germany and Sweden, which had the fewest worries in the region from a fiscal and budgetary standpoint. Additionally, we saw positive results from an overweight stance in Russia, which benefited like Canada from the rising cost of commodities. Similarly, on a sector basis, the Fund benefited from its overweighting in more cyclical areas of the market such as energy and materials.
Consistent with our view of strong worldwide economic growth, we are continuing to emphasize commodities in the Fund, including the metals, minerals and energy sectors. We still believe that growth in demand will outstrip supply, and that elevated prices will be ongoing. For example, we continue to overweight Australia and Canada as we believe their commodities-based economies should perform well in the long run based on continued global expansion. Our strategy also continues to favor stocks from nations with strong exports, as their commodity or industrial activities are least likely to be slowed down by tightened domestic monetary or fiscal policies that are spreading throughout the globe. For example, our lightened weight in the Eurozone still allowed us to have market weights or overweights in Germany. We also continue to overweight technology stocks based on good growth opportunities we’re finding on a company-by-company basis, not due to any broad macro themes. We are advantageously holding some positions in nominally U.S. companies that are relevant to these global themes.
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We reduced the Fund’s emphasis on stocks from emerging market nations. We anticipated that any slowdown in global equity performance would cause a disproportionate impact on emerging market stocks, even if the countries’ underlying economic growth remained strong. If this scenario unfolds, then we believe the outlook for emerging market stocks will be more compelling.
Overall, Europe continued to be hurt by debt problems and we continued to underweight the region, particularly Portugal, Ireland, Italy, Greece, Spain and European bank stocks. The fiscal austerity measures required to receive funding aid and the elevated cost of debt financing could continue to weigh on the performance of these economies and markets in the coming year. However, we maintained the Fund’s slight overweights to Germany, Sweden and Switzerland because they had solid finances. We believed these countries are best positioned for growth via exports going forward, especially with a weakening Euro.
We also invested in equity and currency futures contracts, which were used as an overlay strategy to adjust the exposures created by the Fund’s multi-manager framework so that the overall Fund had the desired exposures to key markets. Long and short futures contracts were used to implement various tactical market and hedging strategies.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Equity investments are subject to market risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.
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Nuveen International Select Fund (formerly known as First American International Select Fund)
This Fund features portfolio management by a team of managers associated with four different sub-advisers: Nuveen Asset Management, LLC, an affiliate of Nuveen Investments; Altrinsic Global Advisors, LLC; Hansberger Global Investor, Inc.; and Lazard Asset Management LLC.
In the following commentary, the portfolio managers discuss their management strategies and the performance of the Fund for the six-month period ended April 30, 2011.
How did the Fund perform during the six-month period ended April 30, 2011?
The Fund’s Class A Shares at net asset value (NAV) underperformed the MSCI All Country World Investable Market Index (ex USA) over the six-month period. A more detailed account of the Fund’s performance is provided in the Fund Performance section of this report.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund seeks to provide long-term capital appreciation by investing primarily in equity securities of foreign issuers that trade in U.S. or foreign markets, depositary receipts representing shares of foreign issuers, and exchange-traded funds and other investment companies that provide exposure to foreign issuers. Three of the Fund’s sub-advisers, Altrinsic Global Advisors, LLC; Hansberger Global Investors, Inc.; and Lazard Asset Management LLC, select stocks for the Fund according to the developed markets growth, developed markets value or emerging market styles, respectively. At the same time, the Fund’s fourth sub-adviser, Nuveen Asset Management, maintains strategic oversight of the Fund, which includes allocating assets among the sub-advisers (including itself), tactically adjusting the overall portfolio balance and country emphasis using index-related investments and selecting stocks in the infrastructure sector.
During the period, the primary cause of the Fund’s underperformance was our lower weighting in European countries (underweight 6% versus the index). Because our international strategy has long anticipated the Eurozone debt issues, we had minimized the Fund’s exposure to stocks from nations with lower-rated debt and also avoided stocks of European banks. During the period, the rising sense that the European Central Bank would contain the debt problem caused those avoided stocks to perform better than we expected, contributing to the Fund’s relative underperformance.
In contrast to our underweight in Europe, we emphasized stocks from North and South America and the emerging markets with mixed success. On the positive side, the Fund’s performance was aided by an overweight position in the United States. U.S. stocks benefited from generous liquidity provisions as the Federal Reserve kept the federal funds target rate at the historically low range of zero to 0.25%. Broadly speaking over the past several months, markets that have benefited from generous liquidity provisions, such as the United States, have outperformed markets where monetary policy normalization has been occurring. The Fund also was rewarded for an overweight position in Canada, as the region benefited from rising commodity prices during the six-month period.
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Although we significantly pulled back the Fund’s weighting to emerging markets during the period, the Fund’s results were still hindered by our slight overweight of approximately 4% more than the benchmark. Emerging markets in aggregate significantly underperformed developed markets from November 2010 through February of this year. A couple of key emerging markets, including China, India and Brazil, had disappointing returns during the period despite strong economic growth. All three countries experienced some inflationary pressures as a result of strong underlying economic recoveries. The building inflationary pressures led to various monetary and administrative tightening measures, restraining performance in these markets. While the tightening process continued, the emerging markets as a group staged a strong rebound in March as these policy steps became increasingly viewed as effective and potentially nearing their final stages without jeopardizing the ongoing economic expansion. Despite the comeback, these markets still fell short of developed markets overall during the period.
In other parts of the Pacific Rim region, the Fund’s results again were mixed. Our underweight allocation to Japan proved beneficial as its market dropped sharply in reaction to the earthquake and ensuing nuclear disaster in March. Following the initial steep market decline, the Japanese market did stabilize and may benefit in the months ahead from the very aggressive provision of liquidity from the Bank of Japan and the stimulative economic effects of rebuilding efforts. To balance our underweight in Japan, the Fund was overweight in Australia, which hindered results during the period. Australia’s market lagged as a result of monetary policy tightening by its reserve bank in conjunction with the devastating floods in the region. Although Australia’s market faltered slightly, we continued to maintain our overweight based on attractive stock valuations and market fundamentals.
Elsewhere in the Fund, we were rewarded for selective emphases on Northern European countries with positive trade balances, including Germany and Sweden, which had the fewest worries in the region from a fiscal and budgetary standpoint. Additionally, we saw positive results from an overweight stance in Russia, which benefited like Canada from the rising cost of commodities. Similarly, on a sector basis, the Fund benefited from its overweighting in more cyclical areas of the market such as energy and materials.
Consistent with our view of strong worldwide economic growth, we continued to emphasize commodities in the Fund, including the metals, minerals and energy sectors. We still believed that growth in demand would outstrip supply, and that elevated prices would be ongoing. For example, we continued to overweight Australia and Canada as we believed their commodities-based economies should perform well in the long run based on continued global expansion. Our strategy also continued to favor stocks from nations with strong exports, as we believe their commodity or industrial activities are least likely to be slowed down by tightened domestic monetary or fiscal policies that are spreading throughout the globe. For example, our lightened weight in the Eurozone still allowed us to have market weights or overweights in Germany. We also continued to overweight technology stocks based on good growth opportunities we found on a company-by-company basis, not due to any broad macro themes. We were advantageously holding some positions in nominally U.S. companies that are relevant to these global themes.
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We reduced the Fund’s emphasis on stocks from emerging market nations. We anticipated that any slowdown in global equity performance would cause a disproportionate impact on emerging market stocks, even as the countries’ underlying economic growth remained strong. If this scenario unfolds, then we believe the outlook for emerging market stocks will be more compelling.
Overall, Europe continued to be hurt by debt problems and we continued to underweight the region, particularly Portugal, Ireland, Italy, Greece, Spain and European bank stocks. The fiscal austerity measures required to receive funding aid and the elevated cost of debt financing may to continue to weigh on the performance of these economies and markets in the coming year. However, we maintained the Fund’s slight overweights to Germany, Sweden and Switzerland because they have solid finances. We believed these countries were best positioned for growth via exports going forward, especially with a weakening Euro.
We also invested in equity and currency futures contracts, which were used as an overlay strategy to adjust the exposures created by the Fund’s multi-manager framework so that the overall Fund had the desired exposures to key markets. Long and short futures contracts were used to implement various tactical market and hedging strategies.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Equity investments are subject to market risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.
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Nuveen Large Cap Growth Opportunities Fund (formerly known as First American Large Cap Growth Opportunities Fund)
This Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Harold (Hal) Goldstein, Scott Mullinix, CFA, and James Diedrich, CFA, are the portfolio managers for the Fund. Hal has more than 29 years of financial industry experience, while Scott and Jim have more than 22 years and 27 years, respectively.
In the following commentary, the portfolio managers discuss their management strategies and the performance of the Fund for the six-month period ended April 30, 2011.
How did the Fund perform during the six-month period ended April 30, 2011?
The Fund’s Class A Shares at net asset value (NAV) outperformed the Russell 1000 Growth Index over the six-month period. A more detailed account of the Fund’s performance is provided in the Fund Performance section of this report.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund pursues a long-term capital appreciation strategy by investing primarily in the common stocks of companies that have market capitalizations of $5 billion or greater at the time of purchase. During the six-month period, we continued to implement our bottom-up, one-stock-at-a-time approach to stock selection. We started by identifying franchise growth companies with attractive long-term earnings growth prospects, solid management teams and durable competitive advantages. From that group, we invested in those that we believed had fair valuations and approaching catalysts that would help the market appreciate their long-term potential. Although we made individual position changes, our underlying investment strategy remained constant. Stocks that we sold generally faced an expected or actual deterioration in their fundamental earnings outlook, the realization or removal of the expected catalyst or excessive valuation.
The Fund’s outperformance over the six-month period was primarily the result of strong stock selection in several sectors, including consumer discretionary, technology and health care. In the consumer discretionary area, standouts included Priceline.com and lululemon Athletica, which both rose significantly during the period. On-line travel service company Priceline.com advanced as consumers increasingly turned to the internet to research and book their travel plans. The company also benefited from rapid growth in less-penetrated markets in Europe and Asia. Specialty retailer lululemon Athletica, which creates and sells yoga-inspired and other athletic apparel mainly for women, benefited from strong sales trends as high-end consumers quickly bounced back from the recession and shoppers generally shifted away from large department stores toward specialty retailers. The company reported strong earnings and we believe still has the potential to significantly grow its number of stores.
In technology, the Fund was rewarded for its position in OpenTable, the market leader in on-line and mobile restaurant reservations. The company is growing rapidly as an increasing number of restaurants are signing up for its services and more consumers are using its site more frequently to make reservations. We believe OpenTable is very early in
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its growth profile and has the potential to expand internationally and add more services to its offerings. The Fund also benefited from two holdings that successfully capitalized on the dramatic expansion of data storage and analysis worldwide: Teradata and EMC. Teradata offers data management and analytical tools to help other companies uncover customer patterns and trends, while EMC is more of a raw provider of data storage capacity. Both stocks gained as companies around the globe attempted to increase their effectiveness through customer data analysis. Additionally, the Fund benefited from a significant underweight in networking equipment provider Cisco Systems. This technology bellwether fell dramatically after experiencing lackluster revenue growth and significant margin pressures in an intensely competitive environment.
In health care, the Fund gained from owning Perrigo, the largest provider of private-label, over-the-counter health care products. The company benefited as consumers are increasingly buying less expensive, store-branded products and more stores are offering them. Perrigo also is capitalizing on the recent increase in the number of prescription drugs migrating to over-the-counter medications. Also in this sector, the Fund was rewarded for owning biotechnology firm Vertex Pharmaceuticals. The stock advanced as positive news was released about two major drugs for Hepatitis C and cystic fibrosis in its pipeline.
The two sectors that detracted from the Fund’s return during the period were energy and financials. In energy, our overall stock selection was very strong; however, the Fund’s slight underweight position in what was by far the top-performing sector modestly hindered results. Meanwhile, unfavorable stock selection in the financial sector was also a negative. In particular, Goldman Sachs fell back because of market uncertainty about the growth rates and profitability of financial institutions and their unresolved regulatory issues.
During the six-month period, we supplemented our single-stock approach with slight thematic tilts on the margin. We began moving away from the Fund’s emphasis on cyclical growth companies (which can be more attractive during the earlier stages of an economic recovery) and moving toward more pure growth companies (which are generally less economically sensitive). We believe pure growth companies should do well in a decelerating, but still strong, earnings growth environment. For example, we eliminated several cyclical growth companies including fertilizer manufacturer Mosaic, industrial company 3M and credit card company American Express while significantly reducing the Fund’s position in investment banking firm Goldman Sachs.
To replace companies that we sold, we added St. Jude Medical, a preeminent medical technology firm that is experiencing accelerating growth rates in several parts of its business. We also purchased Illumina, the leading genetic sequencing equipment company, which is benefiting from its lower cost methods to map out DNA. We added Tupperware, the global direct seller of innovative kitchen and household products through an independent sales force numbering in excess of two million. Tupperware is benefiting from new products, a successful selling system and large exposure to emerging markets. Additionally, we purchased semiconductor company Altera, the leading producer of programmable logic devices (PLDs). PLDs are forecast to be the fastest growing segment in the semiconductor industry over the next five years.
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Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Equity investments are subject to market risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.
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Nuveen Large Cap Select Fund (formerly known as First American Large Cap Select Fund)
This Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. David Chalupnik, CFA, and Anthony Burger, CFA, are the portfolio managers for the Fund. David has more than 27 years of financial industry experience, while Tony has more than 17 years.
In the following commentary, the portfolio managers discuss their management strategies and the performance of the Fund for the six-month period ended April 30, 2011.
How did the Fund perform during the six-month period ended April 30, 2011?
The Fund’s Class A Shares at net asset value (NAV) slightly underperformed the S&P 500 Index over the six-month period. A more detailed account of the Fund’s performance is provided in the Fund Performance section of this report.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund pursues a long-term capital appreciation strategy by investing primarily in the common stocks of companies that have market capitalizations of $5 billion or greater at the time of purchase. During the six-month period, we continued to utilize our deep, rigorous research approach to find and invest in stocks that had strong and /or improving fundamentals, attractive valuations and a catalyst for future positive relative price performance. We also continued to tilt the portfolio to areas of the market that our research suggested were particularly attractive. Throughout this time frame, the portfolio was tilted toward cyclical stocks and sectors that appeared to have further margin expansion capacity while still selling at attractive valuations. Stocks that we sold generally faced an expected or actual deterioration in their fundamental earnings outlook, the realization or removal of the expected catalyst or excessive valuation.
The Fund’s performance over the period benefited from strong stock selection in certain sectors and an overweight to the cyclical areas of the market. In the technology sector, owning stocks related to new technology trends such as cloud computing, data storage and analytics, and smart phones aided the Fund’s performance. Meanwhile, shying away from companies tied to older technology such as personal computers also benefited results. In particular, three Fund holdings outperformed the sector and the market: Teradata, which offers data management and analytical tools to help other companies uncover customer patterns and trends; EMC, a raw provider of data storage capacity; and QUALCOMM, a wireless telecommunications research and development company. The Fund’s returns were helped by not owning older technology names such as Microsoft, Hewlett-Packard and Cisco Systems.
Our overweight position in industrials along with strong stock selection within the sector also contributed positively to the Fund’s results. The industrial sector was one of the top-performing areas in the market due in part to the continuation of the global economic expansion. The Fund especially benefited from owning Caterpillar, the designer and manufacturer of a wide variety of industrial machinery, which outperformed the sector and market and was a prime beneficiary of global growth.
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The Fund’s overweight in cyclical stocks and underweight to economically stable sectors such as utilities and consumer staples also benefited results. Our intent is to bring down the cyclical sector exposure in the Fund as the economic expansion matures.
The Fund’s overweight position in financials, coupled with poor stock selection within that sector, hurt relative performance during the six-month period. Regional banks and large diversified banks continued to underperform the market and the sector as concerns about loan growth and the regulatory overhang outweighed improvements in credit quality and attractive valuations. The Fund’s holdings in Goldman Sachs, Bank of America and Fifth Third all underperformed the sector and market during this time frame.
Our positions in General Motors and Ford Motor also underperformed for the period. Higher gasoline prices and slower U.S. growth prospects hurt the performance of both stocks.
The Fund has been overweight in sectors such as industrials, technology, consumer discretionary and financials for some time. We started to reduce these overweights as these companies continued to move toward historic levels of profitability.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Equity investments are subject to market risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.
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Nuveen Large Cap Value Fund (formerly known as First American Large Cap Value Fund)
This Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Brent Mellum, CFA, and Kevin Earley, CFA, are the portfolio managers for the Fund. Brent has more than 18 years of financial industry experience while Kevin has 24 years of experience.
In the following commentary, the portfolio managers discuss their management strategies and the performance of the Fund for the six-month period ended April 30, 2011.
How did the Fund perform during the six-month period ended April 30, 2011?
The Fund’s Class A Shares at net asset value (NAV) underperformed the Russell 1000 Value Index over the six-month period. A more detailed account of the Fund’s performance is provided in the Fund Performance section of this report.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund pursues a long-term capital appreciation strategy by investing primarily in the common stocks of companies that have market capitalizations of $5 billion or greater at the time of purchase. During this period, we continued to implement the Fund’s investment process of selecting large-cap companies that we believe are undervalued relative to other companies in the same industry or market, that demonstrate improving fundamentals and that exhibit a near-term catalyst that could close the gap between market value and our perception of fair value. Generally, we sold a holding if the stock hit its price target, the company’s fundamentals or competitive position significantly deteriorated or if a better alternative existed in the marketplace.
Over the period, the Fund’s performance benefited from favorable security selection in the health care and materials sectors. Within health care, Valeant Pharmaceuticals rose due to additional synergies that resulted from several acquisitions the company completed during the past several quarters. Medical device manufacturer St. Jude Medical advanced because of market share gains related to several new products. The materials sector outperformed due to accelerating fundamentals caused by global economic expansion and tight supply conditions for many commodities. LyondellBasell Industries, PPG Industries, Walter Energy, Freeport-McMoRan Copper & Gold and MeadWestvaco all benefited from higher revenues and earnings because of these robust conditions for commodities. Other stocks that had a positive impact on the Fund’s performance included CBS, related to robust advertising spending conditions and the network’s high viewership ratings, and Caterpillar, due to robust global demand for the company’s heavy machinery. Additionally the Fund’s underweight position in consumer staples and utilities, and its overweight in the energy and materials sectors, aided performance.
The Fund’s performance was negatively impacted by unfavorable stock selection in the financial, industrial and technology sectors. Our allocation to banks hurt overall return as the group underperformed over concerns about future revenue growth as loan balances continued to shrink and low interest rates pressured net interest income. Holdings that dragged on performance included Citigroup, Bank of America, Wells Fargo, SunTrust
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Banks and Fifth Third. Within the industrials sector, Delta Air Lines declined because of rising jet fuel cost and the negative impact this has on near-term earnings. Semiconductor manufacturer Marvell Technology underperformed due to market share losses in several key end markets. ON Semiconductor declined following the Japanese earthquake because of the company’s large exposure to that market. Xerox fell because of moderating growth as its end markets stabilized following a cyclical rebound. The Fund’s overweight position in technology also detracted from performance as the group lagged.
We continued to focus on companies that we believed would benefit from improving fundamentals not fully recognized by the market. The Fund established a number of new positions across a variety of industries during the six-month period including: drug store retailer Walgreens; hotel and timeshare company Wyndham Worldwide; cable television operator Comcast; energy companies El Paso and McDermott International; credit card provider Capital One Financial; industrial conglomerate General Electric; machinery company Terex; semiconductor manufacturer Intel; software developer Oracle; tobacco producer Philip Morris International; retailers Bed Bath & Beyond, Macy’s and Safeway; industrial conglomerate Tyco International; aluminum producer Alcoa; containerboard company MeadWestvaco; iron ore miner Cliffs Natural Resources; telecom provider Verizon Communications; and utility companies ONEOK, Pinnacle West Capital, Energen and Calpine.
We eliminated several positions from the Fund including: toy manufacturer Mattel; battery maker Energizer Holdings; energy companies Apache, Concho Resources, Schlumberger, ConocoPhillips and Newfield Exploration; thrift Hudson City Bancorp; insurance companies PartnerRe and Aflac; diversified financial Bank of America; life science tools and testing companies Thermo Fisher Scientific and Life Technologies; industrial companies Parker-Hannifin and Cummins; semiconductor manufacturers QUALCOMM, Marvell Technology and ON Semiconductor; computer services provider Xerox; connector company Amphenol; software developer Check Point Software; materials companies Freeport-McMoRan Copper & Gold, Mosaic and Albemarle; industrial conglomerate Textron; airline Delta Air Lines; staffing provider Manpower; telecommunication companies Qwest Communications and AT&T; and utility companies Public Service Enterprise, PG&E and CenterPoint Energy.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Equity investments are subject to market risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.
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Nuveen Mid Cap Growth Opportunities Fund (formerly known as First American Mid Cap Growth Opportunities Fund)
This Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. James Diedrich, CFA, Harold (Hal) Goldstein and Scott Mullinix, CFA, are the portfolio managers for the Fund. Jim has more than 27 years of financial industry experience, while Hal and Scott have more than 29 years and 22 years, respectively.
In the following commentary, the portfolio managers discuss their management strategies and the performance of the Fund for the six-month period ended April 30, 2011.
How did the Fund perform during the six-month period ended April 30, 2011?
The Fund’s Class A Shares at net asset value (NAV) outperformed the Russell Midcap Growth Index over the six-month period. A more detailed account of the Fund’s performance is provided in the Fund Performance section of this report.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies with market capitalizations at the time of purchase between approximately $350 million and $14 billion. During the six-month period, we continued to implement our bottom-up, one-stock-at-a-time approach to stock selection. We started by identifying franchise growth companies with attractive long-term earnings growth prospects, solid management teams and durable competitive advantages. From that group, we invested in those with what we believed were fair valuations and approaching catalysts that might help grow that value. Although we made individual position changes, our underlying investment strategy remained constant. Generally, we sold stocks that faced an expected or actual deterioration in their fundamental earnings outlook, the realization or removal of the expected catalyst or excessive valuation.
The Fund’s outperformance during this six-month period was primarily the result of strong stock selection in several sectors, including consumer discretionary, materials, consumer staples and health care. Four consumer discretionary stocks were particular standouts, including Ulta, lululemon Athletica, Priceline.com and Abercrombie & Fitch. Each rose significantly during the period. Ulta, a specialty retailer of a wide array of beauty products, benefited from strong sales trends as consumers shifted away from large department stores toward specialty retailers. The company reported strong earnings and we believe still has the potential to significantly grow its number of stores. A similar story took place with lululemon Athletica, a specialty retailer of yoga-inspired and other athletic apparel, which also experienced strong sales and we think is early in its growth cycle. On-line travel service company Priceline.com advanced significantly as consumers increasingly turned to the internet to research and book their travel plans. The company also saw rapid growth in less-penetrated markets in Europe and Asia. Similarly, casual fashion retailer Abercrombie & Fitch experienced improving sales and increasing international store presence, which now accounts for approximately 20% of its revenue. Abercrombie is also beginning to successfully leverage its direct sales over the internet.
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In materials, the Fund was rewarded for its position in Walter Energy, which is the highest quality producer of metallurgical coal in the United States. The company’s stock continued to advance because of an ongoing shortage of metallurgical coal and rapidly increasing demand from emerging markets such as China, India and Latin America. Additionally, Walter Energy recently made a favorable acquisition of Western Coal, which helped the company further increase its supply.
In consumer staples, the Fund benefited from owning Whole Foods, the largest natural and organic grocery store chain in the United States. Similar to lululemon and Ulta, the organic food industry is growing and Whole Foods is gaining market share on top of that growth. We believe the company is very early in its growth profile and has the potential to add many more stores.
In health care, the Fund was rewarded for owning Valeant Pharmaceutical, which has historically been a relatively slow growing company. Over the past few years, Valeant has made a number of aggressive acquisitions in the United States and Europe, causing its forecast earnings to significantly increase and the stock to strongly advance.
The technology sector was the only detractor from the Fund’s return during the period. NetApp, which is one of the industry leaders in providing companies with electronic storage solutions, turned in disappointing results for the six months. Its largest competitor came out with a new product at the end of 2010 which caused NetApp to report weaker-than-expected results in the fourth quarter. We continued to own NetApp because companies have an ever-increasing need to analyze and store data and we believed its product is still competitive. On-line employment company Monster Worldwide also disappointed during the period. We originally owned Monster for a number of reasons, including the improving economy and job market, the growing on-line employment industry, the company’s new management team and some improved capabilities. After posting one quarter of increasing market share and better earnings, the company reported lower revenues and questionable 2011 earnings guidance. We sold the Fund’s position in Monster Worldwide during the period.
We also sold several other stocks that generally faced current and/or future earnings pressures. For example, in the consumer discretionary sector we sold women’s clothing retailer Ann Taylor and high-end house wares and furniture retailer Williams Sonoma. We believe both companies don’t have as much potential for future top-line growth due to their mature businesses. In technology, we sold Akamai, a content delivery network provider that helps companies create better web experiences for its customers. The company experienced increased competition during the period and lost one of its biggest customers, Netflix. We also sold Dolby Laboratories, which provides audio solutions for a number of electronic devices such as stereos, televisions and computers. We were concerned about the company’s margins due to a slowdown in new television sales and a growing shift from PC usage to tablets, which are not as profitable for the company.
Our team is always working to identify franchise growth companies and, as such, we were able to add several new companies to the Fund to replace those that we sold. In the retail area, we moved away from more mature companies toward those we believed will have more top-line growth potential. For example, we purchased premier jeweler Tiffany & Co.
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and high-performance and casual footwear company Deckers Outdoor, as we think both should benefit from margin expansion, new store growth and new products. We also added Tupperware, the global direct seller of innovative kitchen and household products through an independent sales force numbering in excess of two million. Tupperware is benefiting from new products, a successful selling system and large exposure to emerging markets. Additionally, in the consumer discretionary sector, we bought two auto suppliers rearview mirror innovator Gentex and power train solution provider BorgWarner, which should both benefit from increasing enhancements to automobiles and improving consumer spending. In technology, we added OpenTable, the leading on-line and mobile restaurant reservation provider. The company is growing rapidly as an increasing number of restaurants are signing up for its services and more consumers are using its site to make reservations.
On the margin, we supplemented our single-stock approach with slight thematic tilts. We began moving away from an emphasis on cyclical growth companies (which can be more attractive during the earlier stages of an economic recovery) and moved toward more pure growth and stable growth companies (which are generally less economically sensitive). We believed pure growth and stable growth companies should do well in a decelerating, but still strong, earnings growth environment.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Equity investments are subject to market risk. Investments in small- and mid-cap companies are subject to greater volatility. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.
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Nuveen Mid Cap Select Fund (formerly known as First American Mid Cap Select Fund)
This Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Anthony Burger, CFA, and David Chalupnik, CFA, are the portfolio managers for the Fund. Tony has more than 17 years of financial industry experience while David has more than 27 years.
In the following commentary, the portfolio managers discuss their management strategies and the performance of the Fund for the six-month period ended April 30, 2011.
How did the Fund perform during the six-month period ended April 30, 2011?
The Fund’s Class A Shares at net asset value (NAV) underperformed the Russell Midcap Index over the six-month period. A more detailed account of the Fund’s performance is provided in the Fund Performance section of this report.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies with market capitalizations at the time of purchase between approximately $350 million and $14 billion. During the six-month period, we continued to implement our “best of the best” investment approach. We started by using a combination of fundamental and quantitative analysis to identify mid-sized companies that had strong fundamentals, attractive valuations and a catalyst for future positive relative performance. We further narrowed down our investable universe by identifying only those stocks that were held in other funds within our firm. We then combined a subset of those stocks into a portfolio that had risk tolerances within our acceptable limits. Generally, stocks we sold faced an expected or actual deterioration in their fundamental earnings outlook, the realization or removal of the expected catalyst or excessive valuation.
The main detractor to the Fund’s performance during the period was its overweight in the financial sector, particularly the weaker performing areas of banks and diversified companies. Both banks and diversified companies trailed primarily because of the lack of revenue growth caused by very weak loan demand. Also, although we attempted to keep cash at a minimum, the Fund experienced negative relative performance from holding approximately 1% of net assets in cash during the strongly advancing market environment.
As the economy continued on the road to recovery, the Fund was again rewarded for its overweight position in smaller-capitalization stocks relative to the benchmark, along with its corresponding underweight in larger-cap stocks. Also, the Fund benefited from its emphasis on momentum stocks — those that have outperformed the market over the previous twelve months — as they continued to perform well during this period. Additionally, the Fund tilted away from defensive sectors like consumer staples, utilities and health care and moved toward more cyclical sectors such as information technology and consumer discretionary, which was beneficial to performance.
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In terms of stock selection, the Fund saw positive results from select holdings in the materials, industrials, energy and health care sectors. In materials, the Fund benefited from its position in Walter Energy, which is the highest quality producer of metallurgical coal in the United States. The company’s stock continued to advance because of an ongoing shortage of metallurgical coal, rapidly increasing demand from emerging markets such as China, India and Latin America as well as a favorable acquisition of Western Coal. In industrials, several holdings benefited from the ongoing global economic recovery, including industrial machinery manufacturer Altra Holdings, mining equipment manufacturer Joy Global and telecommunications and energy infrastructure service provider MasTec. Additionally, the Fund gained significantly from our stock selection in the energy sector as several holdings benefited from the dramatic increase in oil prices. As prices soared, capital expenditures increased across the industry benefiting oil and gas exploration and production companies like Frontier Oil and Whiting Petroleum, as well as oil field rig provider Complete Production Services. Within the health care sector, medical device maker Zoll Medical experienced strong returns as its earnings topped analysts’ expectations due to higher margins and international expansion.
Elsewhere in the portfolio, results were mixed in the consumer discretionary, technology and financial sectors. In consumer discretionary, the Fund benefited from a strong advance by specialty retailer lululemon Athletica, the portfolio’s top-performing stock during the period. The company, which creates and sells yoga-inspired and other athletic apparel mainly for women, experienced strong sales trends as high-end consumers quickly bounced back from the recession and shoppers generally shifted away from large department stores toward specialty retailers. Offsetting some of this strong performance were negative results from Coinstar, which delivers products and services like Redbox DVD rentals and coin counting to consumers through in-store, self-service kiosks. Coinstar’s shares fell after releasing downward revisions to its preliminary sales and earnings guidance due to disappointing sales of Redbox DVDs. Specialty office supply store OfficeMax also detracted from performance as it offered weak guidance due to lagging employment growth, particularly for small businesses. Also, casino slot game manufacturer International Game Technology underperformed because of lower revenue expectations caused by poor end-market demand for the company’s products.
In technology, the Fund benefited from owning Verigy and Teradata. Verigy, a manufacturer of semiconductor testers, saw its stock price advance after the company was acquired by Advantest, a Japanese maker of chip testers, during the period. Teradata, which offers data management and analytical tools to other companies, saw its stock gain as companies around the globe attempted to increase their effectiveness through customer data analysis. These positives were offset by negative performance in two data storage and management companies: NetApp and F5 Networks. NetApp turned in disappointing results for the six months because of supply constraints, ramped up spending and an unfavorably viewed company purchase. Although F5 Networks’ revenue and earnings were strong, they were not in line with the elevated expectations of investors, which caused its shares to fall.
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In the financial sector, consumer financing company Discover Financial Services performed well. The company continued to recover from recent lows due to management’s solid execution of its plan to continue strong credit risk management and transition to growth in credit cards. On the negative side, mortgage insurance provider MGIC Investment showed poor results due to the protracted downturn in the housing market. Also, Digital Realty Trust, a technology-related real estate management company, hindered the Fund’s results as earnings fell short of expectations due to lower-than-expected net operating income and higher-than-expected interest expense.
Because we expect returns to be driven primarily by stock selection, we remained focused on finding companies that exhibited strong or improving business fundamentals, attractive valuations and positive catalysts for improved market recognition. We continued to overweight cyclical sectors in the Fund including consumer discretionary, technology, basic materials and industrials. We found considerable earnings leverage, restructuring opportunities and significant values in select cyclical companies. We also maintained an overweight in financials. On the other hand, the Fund was underweighted in the more economically stable areas of the market such as consumer staples, health care and utilities. We believed that many of the stocks in these sectors were overvalued and fundamentally challenged.
We also invested in equity futures contracts as part of the management of the Fund. The Fund’s long futures contracts were used to manage cash flow activity and implement various tactical market and hedging strategies.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Equity investments are subject to market risk. Investments in small- and mid-cap companies are subject to greater volatility. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.
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Nuveen Mid Cap Value Fund (formerly known as First American Mid Cap Value Fund)
This Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Brent Mellum, CFA, and Kevin Earley, CFA, are the portfolio managers for the Fund. Brent has 18 years of financial industry experience, while Kevin has more than 24 years of experience.
In the following commentary, the portfolio managers discuss their management strategies and the performance of the Fund for the six-month period ended April 30, 2011.
How did the Fund perform during the six-month period ended April 30, 2011?
The Fund’s Class A Shares at net asset value (NAV) underperformed the Russell Midcap Value Index over the six-month period. A more detailed account of the Fund’s performance is provided in the Fund Performance section of this report.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies with market capitalizations at the time of purchase between approximately $350 million and $14 billion. During the period, we continued to implement the Fund’s investment process of selecting mid-cap companies that we believed were undervalued relative to other companies in the same industry or market, that demonstrated improving fundamentals, and that exhibited a near-term catalyst that could close the gap between market value and fair value. Generally, we sold a holding if the stock hit its price target, the company’s fundamentals or competitive position significantly deteriorated or if a better alternative existed in the marketplace.
While the Fund underperformed over this period, it did benefit from favorable security selection in the materials and health care sectors. The materials sector outperformed due to accelerating fundamentals caused by global economic expansion and tight supply conditions for many commodities. Walter Energy, Celanese, PPG Industries, Albemarle and MeadWestvaco all benefited from higher revenues and earnings due to these robust conditions for commodities. Within health care, Valeant Pharmaceuticals rose because of additional synergies that resulted from several acquisitions the company completed during the past several quarters. Other stocks that had a beneficial impact on performance included CBS, related to robust advertising spending conditions and the network’s high viewership ratings, and Cummins, due to strong worldwide demand for the company’s heavy duty truck parts. Additionally, the Fund’s underweight position in utilities and financials, while being overweight in the health care and energy sectors, aided performance.
The Fund’s performance was negatively impacted by unfavorable stock selection in the technology, financial, industrial and consumer discretionary sectors. Within technology, semiconductor manufacturer Marvell Technology underperformed due to market share losses in several key end markets. ON Semiconductor declined following the Japanese earthquake because of the company’s large exposure to that market. Xerox fell because of moderating growth as its end markets stabilized following a cyclical rebound. Online staffing provider Monster Worldwide declined following earnings results that were below expectations.
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The Fund’s allocation to banks also hindered performance as the group underperformed over concerns about future revenue growth as loan balances continued to shrink and low interest rates pressured net interest income. Several bank holdings lagged, including Huntington Bancshares, Comerica, SunTrust Banks and Fifth Third. The Fund’s underexposure to real estate investment trusts (REITs) also negatively affected performance as the group outperformed other financials.
Within industrials, Delta Air Lines declined because of the rising cost of jet fuel and the negative impact this will have on near-term earnings. Cruise operator Royal Caribbean Cruises, within the consumer discretionary sector, also underperformed due to higher fuel prices caused by spiking oil prices and demand disruption from events in the Mediterranean. Casino slot game manufacturer International Game Technology underperformed because of lower revenue expectations caused by poor end market demand for the company’s products.
We continued to look for companies that we believed would benefit from improving fundamentals not fully recognized by the market. The Fund established a number of new positions across a variety of industries during the six-month period, including: hotel and timeshare company Wyndham Worldwide; cruise operator Royal Caribbean Cruises; auto and truck parts supplier Dana Holding; retailers GameStop, Safeway and Ascena Retail Group; energy companies Cimarex Energy, Frontier Oil, McDermott International, El Paso and Complete Production Services; financial firms Hartford Financial, SLM, Huntington Bancshares and Endurance Specialty; pharmaceutical testing provider Charles River Labs; machinery manufacturer AGCO; trucking company Werner Enterprises; diversified industrial SPX; computer memory manufacturer Micron Technology; materials companies Alcoa, MeadWestvaco and Cliffs Natural Resources; and utility companies Energen, ONEOK, Calpine and Pinnacle West Capital.
We eliminated several positions from the Fund, including: auto parts manufacturer Autoliv; toy manufacturer Mattel; retailer Macy’s; casino slot game manufacturer International Game Technology; homebuilder KB Home; food company TreeHouse Foods; battery manufacturer Energizer Holdings; energy companies Noble Energy and Newfield Exploration; thrift Hudson City Bancorp; reinsurance provider PartnerRe; health care companies St. Jude Medical and Life Technologies; technology firms Monster Worldwide, Seagate Technology, Amphenol, Marvell Technology, Check Point Software and ON Semiconductor; staffing company Manpower Group; and utility companies Public Service Enterprise, DPL, CenterPoint Energy and Wisconsin Energy.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Equity investments are subject to market risk. Investments in small- and mid-cap companies are subject to greater volatility. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.
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Nuveen Quantitative Enhanced Core Equity Fund (formerly known as First American Quantitative Large Cap Core Fund)
Effective May 16, 2011, the Fund changed its name from Nuveen Quantitative Large Cap Core Fund to Nuveen Quantitative Enhanced Core Equity Fund. There were no changes in the Fund’s investment objectives, policies or portfolio management personnel.
This Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Walt French, David Cline, David Friar and Keith Hembre, CFA, are the portfolio managers for the Fund. Walt has more than 37 years of financial industry experience, while David, David and Keith have more than 22, 13 and 19 years, respectively.
In the following commentary, the portfolio managers discuss their management strategies and the performance of the Fund for the six-month period ended April 30, 2011.
How did the Fund perform during the six-month period ended April 30, 2011?
The Fund’s Class A Shares at net asset value (NAV) outperformed the S&P 500 Index over the six-month period. A more detailed account of the Fund’s performance is provided in the Fund Performance section of this report.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund’s goal is to provide, over the long term, a total return that exceeds the return of the S&P 500 Index. In attempting to achieve this goal, the Fund primarily invests in the common stocks of companies that have market capitalizations at the time of purchase within the range of market capitalizations of companies in the S&P 500 Index. To select specific stocks, we use proprietary models to help establish quantitative links between economic/market variables, investment factors and equity market returns. Our proprietary models analyze macroeconomic and market data and other statistics to determine what we believe will be the key drivers of performance in the current economy. We use historical analysis of these drivers to estimate equity market returns and the relative contribution to market returns for a comprehensive list of investment factors. After evaluating each stock in the investable universe to determine its sensitivity to the expected returns for each factor, we build a portfolio of stocks that we believe target the highest expected returns within the established risk budget.
During this period, the Fund’s performance benefited the most from our shifts toward stocks with characteristics that we believed were most in favor. Our most emphasized style weighting was also the Fund’s most successful strategy throughout the period: a focus on smaller companies (more in the mid-cap range) within the S&P 500 Index. This posture once again proved beneficial as mid-sized companies turned in stronger results than large-cap stocks. At the end of the six-month period, the Fund’s geometric weighted average market capitalization of $37 billion was below $51 billion for the S&P 500 Index. Additionally, the Fund’s performance was rewarded by our well-timed shifts in and out of more levered companies with higher debt/equity ratios. An underweight position in dividend-paying stocks versus the index was also successful.
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In the sector component of our strategy, the Fund benefited from two successful tilts. Our overweight to technology stocks was successful, with the Fund’s position ending near 21.5% of the portfolio, about 3.4% over the S&P 500’s technology weighting of 18.1% as the period ended. Also, the Fund gained from an underweight stance in financial stocks, particularly banks, with approximately 2% less than the index’s 15.5% weight. As always, the Fund’s positions were consistent with its tightly controlled overall risk moderation efforts.
Because our models expected clear advantages to the few strategies listed above, our overall strategy posture was somewhat more concentrated, leaving less room for other measures to over or underperform. However, the Fund did experience slightly negative results from its under weighting in energy stocks for most of the period, although we ended slightly over the S&P 500 Index’s 13.1% weight. Energy was by far the top-performing sector in the index advancing more than 36% during the period. Also, the Fund averaged about a 2% underweight in the health care sector which detracted from performance as political sentiment shifted away from government-managed care.
We continued to monitor a few key indicators that have historically indicated which stocks will perform best in the current environment. With a view toward the medium- or longer-term horizon, we shifted slightly from strategies that do well early in economic recoveries to those that outperform mid-cycle. We believe the equity markets already have priced in the rising economic tide. With diminished fiscal and monetary stimuli going forward, we believe more volatile stocks will offer lower returns for their risks.
We also invested in S&P 500 Index futures contracts, which were used to convert cash into the equivalent of an S&P 500 Index holding in order to minimize any tracking error to the Fund’s benchmark index resulting from cash flow activity and for tactical portfolio management positioning.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. The Fund is actively managed using a proprietary macro quant process, which projects individual stock performance based on multiple factors and current economic conditions. Stocks selected using this process could under-perform if the current performance of the factors differs from their historic performance. Turnover, expenses, and taxes will be similar to other actively managed funds.
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Nuveen Real Estate Securities Fund (formerly known as First American Real Estate Securities Fund)
This Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Effective at the close of business on December 31, 2010, the Nuveen Real Estate Securities Fund suspended offering its shares to new investors, except as noted in the Fund’s prospectus.
John Wenker and Jay Rosenberg were the portfolio managers for the Fund over the entire reporting period. John has more than 28 years of financial industry experience, while Jay has 16 years of experience. Effective March 21, 2011, Scott Sedlak was named a co-portfolio manager of the Fund. Scott has more than 11 years of financial industry experience.
In the following commentary, the portfolio managers discuss their management strategies and the performance of the Fund for the six-month period ended April 30, 2011.
How did the Fund perform during the six-month period ended April 30, 2011?
The Fund’s Class A Shares at net asset value (NAV) performed in line with the Morgan Stanley Real Estate Investment Trust (REIT) Index over the six-month period. A more detailed account of the Fund’s performance is provided in the Fund Performance section of this report.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund is designed to provide above average income potential and long-term capital appreciation by investing in income-producing common stocks of publicly traded companies engaged in the real estate industry. During this period, we continued to implement the Fund’s strategy of investing on a relative-value basis with a focus on individual stocks rather than economic or market cycles. We also continued to invest the Fund in a fairly sector-neutral manner, trying to provide shareholders with a well-diversified portfolio of public real estate stocks. Our sector-neutral approach reduced the impact of any one negatively performing area of the market on the Fund. Additionally, we continued to invest in a broader universe of stocks than our benchmark index to access more dynamic parts of the commercial real estate cycle.
During the reporting period, commercial real estate market fundamentals continued to improve as occupancy levels increased, rental rates started to recover and same-store net operating income turned positive for the first time since the fourth quarter of 2008. The entire commercial real estate market loosened up as more transactions took place, investment opportunities increased, more lenders returned to the market and the capital markets became more liquid and accommodative.
During the period, the Fund benefited from individual stock selection. Consistent with our investment process, the Fund retained its historical bias toward higher-quality companies with consistent, visible cash flows. However, we also invested in select lower quality companies that we believed were more levered to the early recovery stage of the commercial real estate cycle. Our strategy of investing on a relative-value basis helped the Fund avoid several underperforming stocks.
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The Fund’s best-performing sectors on a relative basis were regional malls, health care REITs and diversified properties. In the regional mall sector, an underweight position in General Growth Properties and an overweight in Glimcher Realty contributed positively to the Fund’s relative performance. In health care, the sector as a whole underperformed the market during the period; therefore, our strong relative performance was due to underweight positions in several underperforming stocks. Investors moved away from the health care REIT sector, which offered less dynamic cash flows, and toward companies that they believed could more aggressively grow cash flows in the early stages of a commercial real estate market recovery. In the diversified sector, the Fund experienced strong relative performance from Cousins Properties, a developer of retail and office space, and non-index holding Forest City Enterprises, a developer of retail, office and mixed-use projects. Both companies benefited from the shift back toward development as the commercial real estate market began to recover.
The Fund’s worst-performing sectors on a relative value basis were hotel C-corporations and hotel REITs. In the hotel C-corporation sector, the Fund had a substantial weighting in non-index holding Marriott, which reported a disappointing earnings outlook toward the end of the period. Before Marriott reined in high expectations, the entire hotel C-Corporation sector had been rallying as property types with short lease durations typically perform well in the early stages of a recovery. However, Marriott’s negative news generally drove down the entire hotel C-Corporation sector. In hotel REITs, the Fund suffered because it was underweight in a small-cap stock, Strategic Hotels & Resorts, that had very strong performance. While it was challenged from a balance sheet perspective, Strategic Hotels & Resorts took steps during the period to get in a better position from a capital standpoint.
As mentioned above, we continued to invest in a broader universe of stocks than our benchmark index. During the period, this exposure comprised approximately 10% of the portfolio’s assets and included real estate operating companies, international real estate stocks and infrastructure stocks with heavy real estate foundations. Additionally, we maintained a cautious approach to weightings in suburban office companies, believing the fundamental environment for central business district office companies was stronger.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Equity investments are subject to market risk or a decline in the value of stocks due to poor economic conditions or adverse company or industry news. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. Concentration in specific sectors or securities may involve greater risk and volatility than more diversified investments, including potentially adverse economic conditions and regulatory changes.
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Nuveen Small Cap Growth Opportunities Fund (formerly known as First American Small Cap Growth Opportunities Fund)
This Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Rob McDougall, CFA, and Jon Loth, CFA, are the portfolio managers for the Fund. Rob has more than 23 years of financial industry experience, while Jon has more than 17 years of experience.
In the following commentary, the portfolio managers discuss their management strategies and the performance of the Fund for the six-month period ended April 30, 2011.
How did the Fund perform during the six-month period ended April 30, 2011?
The Fund’s Class A Shares at net asset value (NAV) underperformed the Russell 2000 Growth Index over the six-month period. A more detailed account of the Fund’s performance is provided in the Fund Performance section of this report.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies with market capitalizations of less than $3 billion at the time of purchase. During this period, our investment process continued to focus on identifying quality small-cap companies poised to benefit from secular growth trends that would provide a growth tailwind for the portfolio. We also maintained a valuation sensitivity that should help the Fund produce attractive investment returns over time. Importantly, we also attempted to identify a catalyst that should raise the profile of each investment and lead to a higher stock price. As a result, we believe the Fund’s portfolio featured high-quality, small-cap stocks that are well managed with attractive margin profiles and generally healthy balance sheets.
Over the long run, this approach has produced favorable results relative to the Russell 2000 Growth Index. However, over this six-month period, investors rewarded higher growth stocks with what we believed were lofty valuations more than stocks with more modest valuations. Historically, the Fund has tended to perform better on a relative basis when investors factor security valuation as a more important part of their investment decisions.
Stock selection in the industrial and consumer discretionary sectors was the most significant positive contributor to the Fund’s relative performance. Results in the industrials sector were led by MasTec, a leading telecommunications and energy infrastructure service provider. Over the past three years, MasTec has made the transformation from a telecommunications carrier service provider to a diversified engineering and construction company focused on the fast-growing areas of transmission, wireless build-out and pipeline infrastructure. This transformation resulted in a significant appreciation in MasTec’s stock price during the six-month period. Altra Holdings, a manufacturer of mechanical power transmission and motion control products, also contributed significantly to the Fund’s performance in the period. Altra has benefited as the later cycle end markets — energy, metals and mining — have seen an increase in order flow, while at the same time the early cycle markets continued to show strong growth.
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The strongest contributor to performance in the consumer discretionary sector was J. Crew Group, a retailer of men’s and women’s apparel and accessories. In November 2010, J. Crew agreed to a buy-out by a group of private equity investors. Also, shares of Tractor Supply Company rose steadily throughout the period, as the company continued to exceed quarterly expectations and raised its earnings guidance. Tractor Supply is a retailer of farm maintenance, animal and lawn/garden products. Penske Automotive Group, one of the largest U.S. automotive retailers, saw its stock price rally after it reported improving operating metrics as the health and confidence of the U.S. consumer improved late last year and early in 2011.
Stock selection in the information technology sector was the most notable detractor from relative performance. Finisar, one of the largest suppliers of optical components to the telecommunications industry, most negatively impacted performance. Its shares fell sharply in March 2011 as the company disclosed inventory accumulation at one of its largest customers. Also, the Fund experienced poor relative performance from its semiconductor stocks. RF Micro Devices, a manufacturer of semiconductors used primarily in cell phones, announced disappointing results and provided poor guidance in January 2011 as the company continued to lose share at its largest customer, Nokia. GSI Technology, a leading manufacturer of SRAM (static random access memory) used in communications equipment, contributed negatively to the Fund despite reporting solid fourth-quarter 2010 results. Shares of MaxLinear, a manufacturer of radio-frequency analog and mixed-signal semiconductors, fell throughout early 2011 as investor concerns mounted regarding the company’s ability to ramp up revenues.
Stock selection in the health care sector, particularly among biotechnology issues, also weighed on the Fund’s relative performance. Nektar Therapeutics provided strong early-stage results for its lead compound in refractory ovarian cancer and breast cancer; however, shares reacted negatively to management’s decision to develop the drug on its own. Acorda Therapeutics, a biotechnology company that markets the multiple sclerosis drug Ampyra, performed poorly during this period as the company reported flattening revenues in the U.S. market coupled with a negative coverage decision by European regulatory authorities. Finally, the Fund’s relative performance was impacted by two stocks we didn’t own that were significant weights in the Russell 2000 Growth Index, Pharmasset and Cubist Pharmaceuticals, which reacted strongly to catalytic events.
Recently, we have attempted to position the Fund to take advantage of strong U.S. corporate earnings/spending while decreasing exposure to sectors expected to meet challenges from rising commodity prices. The Fund’s largest overweight position, relative to the Russell 2000 Growth Index, was in the information technology sector. We believed the sector would continue to perform well as corporate data center and carrier network spending should remain strong throughout 2011. Conversely, we are concerned that increased fuel, food and clothing costs combined with stress on U.S. federal and state budgets may negatively impact consumer spending behavior. We took the Fund’s consumer discretionary position from an overweight to an underweight and may look to further reduce its weighting if consumer confidence wanes.
Overall, we were increasingly concerned that the number of economic headwinds (Japan disruption/Middle East unrest/energy prices/federal budget deficit) may create pressure
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on U.S. equity prices. Additionally, a case can be made that when the U.S. Treasury concludes its latest round of quantitative easing, equity markets may react negatively. Consequently, we increased the Fund’s exposure to the health care sector. We believed that after nearly three years of regulatory uncertainty and sector underperformance, the health care sector may be poised to outperform, particularly as relative valuations within health care appear less expensive than they have in several years. The Fund remained market weight in industrials, and underweight in consumer staples, financials, materials, telecommunications and utilities.
We also invested in equity futures contracts as part of the management of the Fund. The Fund’s long futures contracts were used to manage cash flow activity and implement various tactical market and hedging strategies.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Equity investments are subject to market risk. Investments in small- and mid-cap companies are subject to greater volatility. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.
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Nuveen Small Cap Select Fund (formerly known as First American Small Cap Select Fund)
This Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Allen Steinkopf, CFA, and Mark Traster, CFA, are the portfolio managers for the Fund. Allen has more than 18 years of financial industry experience, while Mark has more than 19 years.
In the following commentary, the portfolio managers discuss their management strategies and the performance of the Fund for the six-month period ended April 30, 2011.
How did the Fund perform during the six-month period ended April 30, 2011?
The Fund’s Class A Shares at net asset value (NAV) outperformed the Russell 2000 Index over the six-month period. A more detailed account of the Fund’s performance is provided in the Fund Performance section of this report.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies with market capitalizations of less than $3 billion at the time of purchase. During this period, we continued to execute on our strategy of investing in well-run, small-cap companies at what we thought were good valuations in order to generate competitive returns for the Fund. We also continued to keep the Fund diversified, with its sector weightings very close to their weights in the Russell 2000 Index.
The Fund’s performance during this period benefited from stock selection within the industrial and energy sectors. In the industrial area, the Fund’s investments in MasTec and Regal-Beloit contributed positively to results as the stocks returned 85% and 32%, respectively, over the six-month timeframe. MasTec, which specializes in communication build-out and energy infrastructure construction for wind, solar and biofuels, saw its stock continue to advance. Its business has been boosted by continued strength in the build-out and upgrade of wireless telecommunication networks as well as recently awarded projects for energy pipeline and transmission infrastructure. Regal-Beloit, one of the largest manufacturers of electric motors and generators, hit a new high during the period as the company benefited from a rebound in its high efficiency motors. Energy conservation is high on everyone’s list and the upgrade of heating and cooling systems utilizing high efficiency motors has been very positive for Regal-Beloit as its motors are some of the most efficient in the market.
In energy, the Fund’s exposure to refining and oil services was a big positive for performance. For example, Lufkin Industries turned in very strong results during the period. Lufkin, which manufactures and maintains artificial lift equipment used extensively by exploration and production (E&P) companies that drill for oil and natural gas, has seen its business improve dramatically over the past year. The rising price of oil has had a dramatic effect on E&P companies’ desire to drill for oil in the newly defined shale plays of the Bakken and Eagle Ford. Once a well is drilled, it typically needs to have artificial lift within the next twelve months to stay economical, which is a very positive trend for Lufkin’s business. Another Fund holding, Parker Drilling, also benefited from the increase
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in North American oil drilling activity because its Quail Tools subsidiary rents equipment for drilling. The company’s North American barge business also continued to see better day rates and utilization rates. These positive results helped the Fund’s energy holdings generate a 72% return versus 48% for the sector as a whole.
Financials and materials were the biggest underperforming sectors for the Fund. In financials, the Fund was less interested in the real estate investment trust (REIT) industry as the slow economy and high unemployment rate continued to hurt occupancy and rental rates. This tough operating environment did not hold back REITs from performing well as their operations stabilized at this lower level and the low interest rates improved their ability to purchase more assets at reasonable prices. In materials, the Fund’s relatively low exposure to commodity chemicals was also a drag on performance. Commodity chemicals, spurred on by low natural gas prices as well as the declining dollar, staged a nice rally during the period.
We continued to implement the Fund’s strategy of owning companies that we believe showed good and/or improving fundamentals, reasonable valuations and identifiable catalysts that would cause them to outperform within their respective sectors. We kept the Fund’s sector weights fairly neutral relative to the index, allowing stock selection to be the main driver of performance. However, we did find more attractive opportunities in the health care sector over the period as valuations looked favorable and operating fundamentals started to improve for a number of companies. For example, the Fund initiated positions in Integra Life Sciences and U.S. Physical Therapy. We believed both companies should benefit as consumers feel more secure about their jobs. During the recent economic downturn, the number of hip and knee replacements went down dramatically, surprising most participants in the market. Many people decided to forgo treatment for arthritis and joint deterioration because of job losses, subsequent insurance losses or worries about layoffs. We believe the improving economy and job market may lead more people to have these procedures done. In the technology sector, we sold several of the Fund’s semiconductor holdings during the period, including Mellanox Technologies and Entropic Communications, as the price objectives set for these stocks were met.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Equity investments are subject to market risk. Investments in small- and mid-cap companies are subject to greater volatility. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.
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Nuveen Small Cap Value Fund (formerly known as First American Small Cap Value Fund)
This Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Karen Bowie, CFA, is the portfolio manager for the Fund. Karen has more than 27 years of financial industry experience.
In the following commentary, the portfolio manager discusses her management strategies and the performance of the Fund for the six-month period ended April 30, 2011.
How did the Fund perform during the six-month period ended April 30, 2011?
The Fund’s Class A Shares at net asset value (NAV) outperformed the Russell 2000 Value Index over the six-month period. A more detailed account of the Fund’s performance is provided in the Fund Performance section of this report.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies with market capitalizations of less than $3 billion at the time of purchase. During the six-month period, we continued to focus on building a well-diversified portfolio of small-cap stocks from companies with strengthening balance sheets and free cash flow characteristics. We also continued to target companies with sound business models and strong competitive advantages that we believe can gain market share opportunistically in the current environment. We remained committed to our approach of investing in quality companies that are trading at a discount to both intrinsic and relative value metrics.
Over this period, the Fund’s outperformance was primarily driven by bottom-up stock selection across most of the sectors. From a top-down perspective, the Fund’s pro-cyclical tilt also benefited results, including overweights relative to the benchmark in the energy and materials sectors. Our underweight stance in financials, utilities and consumer staples also helped as those sectors underperformed.
The top contributors to the Fund’s performance included: Complete Production Services, a leading provider of oil and gas well completion/production services; Oil States International, a specialty products and services provider to oil and gas producers; Buckeye Technologies, a manufacturer of specialty paper products and fluff pulp; Interface, a global manufacturer of floor covering products; Polycom, a leading voice and video conferencing solutions firm; MasTec, a contractor focused on infrastructure upgrades in the communications and utilities industries; and Polaris Industries, a producer of leisure sports vehicles. Generally speaking, the common characteristic of these companies was solid market positioning. This allowed for top-line growth and margin expansion in an overall economic recovery with all of these firms signaling higher-than-expectations outlooks.
The primary detractor from performance was the Fund’s cash exposure of approximately 1% of net assets in a strongly advancing market environment. In addition, stock selection in the consumer discretionary, health care and telecommunications sectors modestly detracted from performance. In the consumer discretionary group, weak guidance from
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OfficeMax in the specialty stores segment was a detractor. America’s Car-Mart, a used car dealership, saw a shift to smaller, lower margin vehicles as consumers reacted to higher gas prices. Within health care, BioScrip, a specialty distributor of key products to individuals with severe health conditions, produced back-to-back quarterly earnings disappointments coupled with key management changes. In addition, ICON in the health care sector lowered guidance as management became more cautious about big pharmaceutical companies’ lab and trial usage expectations. In telecommunications, PAETEC Holdings remained in transition from a top-line and margin standpoint as its customer base shifted from a legacy-based to an internet protocol-based service offering. This negatively impacted the company’s near-term organic growth as well.
From a sector positioning standpoint, we did not make any major changes to the Fund over the course of the six-month period as we continued to favor a pro-cyclical tilt. The Fund was, therefore, overweight relative to the benchmark in sectors where performance is closely linked to the business cycle, such as in the information technology, consumer discretionary and industrials sectors. The Fund also had a modest overweight in the commodity-oriented materials and energy segments. We believe these sectors are well positioned now that the economic environment has shifted from recession toward stabilization and recovery. We continued to underweight the financials, consumer staples and utilities sectors relative to the benchmark. As the period progressed, we tilted the Fund’s holdings in favor of larger, more liquid investments.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Equity investments are subject to market risk. Investments in small- and mid-cap companies are subject to greater volatility. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets.
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Nuveen Tactical Market Opportunities Fund (formerly known as First American Tactical Market Opportunities Fund)
This Fund features portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Keith Hembre, CFA, Derek Bloom, CFA, Walt French, David Cline and David Friar are the portfolio managers for the Fund. Keith has more than 19 years of financial industry experience, while Derek, Walt, David and David have more than 9, 37, 22 and 13 years, respectively.
In the following commentary, the portfolio managers discuss their management strategies and the performance of the Fund for the six-month period ended April 30, 2011.
How did the Fund perform during the six-month period ended April 30, 2011?
The Fund’s Class A Shares at net asset value (NAV) outperformed the Bank of America Merrill Lynch 3-Month Treasury Bill Index over the six-month period. A more detailed account of the Fund’s performance is provided in the Fund Performance section of this report.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund is designed to provide investors with the potential for a positive total return over a reasonable period of time, regardless of market conditions. To accomplish this, the Fund invests in a variety of assets and periodically adjusts its allocations to fixed income, equities and cash. Other asset classes, such as currencies and commodities, are held from time to time to take advantage of market opportunities or to further diversify the Fund.
During this period, the Fund’s equity component provided the biggest contribution to positive performance. The equity allocation included several long positions in index futures and exchange-traded funds (ETFs). Overall, the Fund benefited from long positions in Germany, the S&P 500 Index, South Africa, Emerging Markets and Russia.
The Fund’s fixed-income component provided a small positive contribution to performance. The fixed-income allocation generally consisted of long duration U.S. Treasury securities, as well as ETFs in various fixed-income sectors, such as investment-grade credit, high-yield bonds, emerging market debt, mortgage-backed securities and preferred stock. We also included short U.S. Treasury futures at the front end of the yield curve as a view on market rates and also as a hedge for other fixed-income securities. High yield, municipal and preferred stock ETFs were the primary positive contributors in the fixed-income portfolio during this period.
In general, the Fund’s short equity positions detracted from performance over this time frame. These positions included shorting the Russell 2000 Index, as well as holdings in Spain and East Asia. Although these short positions underperformed, they were utilized as part of spread trades with positions in other countries, and did not necessarily reflect a negative outlook on the broad market. Rather, these spread trades are used to express a view of relative performance between countries while attempting to reduce the overall volatility of the Fund.
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As mentioned, the fixed-income component consisted of U.S. Treasury securities and a variety of fixed-income ETFs representing various sectors such as investment-grade credit, high-yield bonds, mortgage-backed securities, emerging market debt and preferred stock. These securities are held in various proportions at different times, and are a primary component of the Fund’s strategy. ETF rotation within fixed income is an ongoing process to take advantage of market conditions, the outlook for fixed-income sectors and relative yield advantages.
The equity component of the Fund generally consisted of long or short futures contracts as well as country and sector ETFs. While net equity exposure remained constrained, gross exposure was significant and reflected a view of relative country performance. These views were generally expressed with futures spread trades such as long S&P 500 Index/short Russell 2000 Index, long Germany equities/short Spanish equities and long Indian equities/short Korean and Taiwanese equities, to name a few. Other securities, such as high-yield and preferred stock ETFs, provided equity-like exposure yet were not included in the net and gross equity market value calculation. When evaluating the proper equity risk exposure, the weights of these fixed-income ETFs are considered. From a positioning perspective, the Fund has reduced exposure to emerging markets and the energy sector while increasing exposure to less volatile countries, such as Switzerland and Sweden. The Fund continues to hold a short position in many counties on the periphery of Europe.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. There is no guarantee that the fund will achieve its investment objectives. The advisor’s asset allocation decisions may be incorrect and could adversely affect Fund performance. The Fund is exposed to the risks of the underlying securities held by an exchange-traded fund (ETF) and bears its proportionate share of the ETF’s expenses. Derivative investing may involve a high degree of financial risk, including the risk that the loss on a derivative may be greater than the principal amount invested. The use of leverage through the use of derivatives may magnify this risk. Foreign investing, especially in emerging markets, entails additional risks, including currency fluctuations, political and economic instability, accounting changes, and foreign taxation. Debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Commodity prices may be highly volatile and are affected by factors such as changes in demand, disruption in supply, and hedging and trading strategies of other market participants. Each of these asset classes may be less liquid and more volatile.
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Fund Performance and Expense Ratios (Unaudited)
The Fund Performance and Expense Ratios for each Fund are shown on the following pages.
Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Returns may reflect a contractual agreement between certain Funds and the investment adviser to waive certain fees and expenses; see Notes to Financial Statements, Footnote 7 — Management Fees and Other Transactions with Affiliates for more information. In addition, returns may reflect a voluntary expense limitation by the Funds’ investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains.
Comparative index and benchmark return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.
Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares.
The expense ratios shown reflect the Funds’ total operating expenses (before fee waivers or expense reimbursements, if any) as shown in the Funds’ most recent prospectus. The expense ratios include management fees and other fees and expenses.
44 | Nuveen Investments |
Nuveen Equity Income Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011*
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 16.33% | 17.66% | 4.95% | 4.56% | ||||||||||||
Class A Shares at Offer | 9.63% | 10.89% | 3.71% | 3.94% | ||||||||||||
S&P 500 Index*** | 16.36% | 17.22% | 2.95% | 2.82% | ||||||||||||
S&P 500 Dividend Only Stocks*** | 17.51% | 17.45% | 2.59% | 3.15% | ||||||||||||
Class B Shares w/o CDSC**** | 15.90% | 16.84% | 4.16% | 3.78% | ||||||||||||
Class B Shares w/CDSC**** | 10.90% | 11.84% | 4.00% | 3.78% | ||||||||||||
Class C Shares | 15.89% | 16.82% | 4.17% | 3.77% | ||||||||||||
Class I Shares | 16.49% | 17.94% | 5.21% | 4.81% |
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception** | |||||||||||||
Class R3 Shares | 16.22% | 17.45% | 4.67% | 5.99% |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||||||
1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 16.63% | 4.63% | 4.61% | |||||||||
Class A Shares at Offer | 9.96% | 3.40% | 4.00% | |||||||||
Class B Shares w/o CDSC**** | 15.81% | 3.85% | 3.83% | |||||||||
Class B Shares w/CDSC**** | 10.81% | 3.69% | 3.83% | |||||||||
Class C Shares | 15.79% | 3.84% | 3.82% | |||||||||
Class I Shares | 17.02% | 4.89% | 4.87% |
Average Annual | ||||||||||||
1-Year | 5-Year | Since Inception** | ||||||||||
Class R3 Shares | 16.43% | 4.35% | 5.71% |
Class A Shares have a maximum 5.75% sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||
Share Class | Gross Expense Ratios | |||
Class A | 1.15% | |||
Class B | 1.90% | |||
Class C | 1.90% | |||
Class R3 | 1.40% | |||
Class I | 0.90% |
* | Six-month returns are cumulative; all other returns are annualized. |
** | Since inception returns for Class R3 Shares are from 9/24/01. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. |
**** | Class B Shares are available only upon the exchange of Class B Shares from another Nuveen mutual fund for which U.S. Bancorp Fund Services, LLC serves as transfer agent or for purposes of dividend reinvestment, but Class B shares are not available for new accounts or for additional investment into existing accounts. |
Nuveen Investments | 45 |
Fund Performance and Expense Ratios (Unaudited) (continued)
Nuveen Global Infrastructure Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011*
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception** | ||||||||||
Class A Shares at NAV | 10.76% | 23.48% | 2.07% | |||||||||
Class A Shares at Offer | 4.44% | 16.32% | 0.29% | |||||||||
S&P Global Infrastructure Index*** | 11.02% | 19.38% | -2.95% | |||||||||
Class C Shares | 10.33% | 22.56% | 21.51% | |||||||||
Class R3 Shares | 10.68% | 23.27% | 22.12% | |||||||||
Class I Shares | 10.93% | 23.75% | 2.30% |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||
1-Year | Since Inception** | |||||||
Class A Shares at NAV | 17.33% | 0.73% | ||||||
Class A Shares at Offer | 10.56% | -1.07% | ||||||
Class C Shares | 16.51% | 20.13% | ||||||
Class R3 Shares | 17.07% | 20.70% | ||||||
Class I Shares | 17.61% | 0.97% |
Class A Shares have a maximum 5.75% sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||||||
Share Class | Gross Expense Ratios | Net Expense Ratios | ||||||
Class A | 1.72% | 1.25% | ||||||
Class C | 2.47% | 2.00% | ||||||
Class R3 | 1.97% | 1.50% | ||||||
Class I | 1.47% | 1.00% |
The Fund’s adviser has contractually agreed to waive fees and reimburse expenses through February 29, 2012, so that total annual Fund operating expenses, after waivers and excluding any acquired Fund fees and expenses, do not exceed 1.25%, 2.00%, 1.50% and 1.00%, respectively, for Class A, Class C, Class R3 and Class I Shares. Fee waivers and expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.
* | Six-month returns are cumulative; all other returns are annualized. |
** | Since inception returns for Class A and Class I Shares are from 12/17/07; since inception returns for Class C and Class R3 Shares are from 11/3/08. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. |
46 | Nuveen Investments |
Nuveen International Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011*
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 13.61% | 15.30% | 0.98% | 3.19% | ||||||||||||
Class A Shares at Offer | 7.07% | 8.66% | -0.21% | 2.59% | ||||||||||||
MSCI EAFE Index*** | 12.71% | 19.18% | 1.54% | 5.29% | ||||||||||||
Class B Shares w/o CDSC**** | 13.15% | 14.34% | 0.21% | 2.40% | ||||||||||||
Class B Shares w/CDSC**** | 8.15% | 9.34% | 0.03% | 2.40% | ||||||||||||
Class R3 Shares | 13.42% | 14.91% | 0.78% | 2.96% | ||||||||||||
Class I Shares | 13.70% | 15.57% | 1.22% | 3.44% |
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception** | |||||||||||||
Class C Shares | 13.15% | 14.39% | 0.23% | 5.68% |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||||||
1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 7.79% | 0.92% | 3.19% | |||||||||
Class A Shares at Offer | 1.61% | -0.28% | 2.58% | |||||||||
Class B Shares w/o CDSC**** | 7.04% | 0.15% | 2.40% | |||||||||
Class B Shares w/CDSC**** | 2.04% | -0.03% | 2.40% | |||||||||
Class R3 Shares | 7.51% | 0.71% | 2.95% | |||||||||
Class I Shares | 8.13% | 1.17% | 3.45% |
Average Annual | ||||||||||||
1-Year | 5-Year | Since Inception** | ||||||||||
Class C Shares | 7.01% | 0.18% | 5.21% |
Class A Shares have a maximum 5.75% sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||||||
Share Class | Gross Expense Ratios | Net Expense Ratios | ||||||
Class A | 1.66% | 1.50% | ||||||
Class B | 2.41% | 2.25% | ||||||
Class C | 2.41% | 2.25% | ||||||
Class R3 | 1.91% | 1.75% | ||||||
Class I | 1.41% | 1.25% |
The Fund’s adviser has contractually agreed to waive fees and reimburse expenses through February 29, 2012, so that total annual Fund operating expenses, after waivers and excluding any acquired Fund fees and expenses, do not exceed 1.49%, 2.24%, 2.24%, 1.74% and 1.24%, respectively, for Class A, Class B, Class C, Class R3 and Class I Shares. Fee waivers and expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.
* | Six-month returns are cumulative; all other returns are annualized. |
** | Since inception returns for Class C Shares are from 9/24/01. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. |
**** | Class B Shares are available only upon the exchange of Class B Shares from another Nuveen mutual fund for which U.S. Bancorp Fund Services, LLC serves as transfer agent or for purposes of dividend reinvestment, but Class B shares are not available for new accounts or for additional investment into existing accounts. |
Nuveen Investments | 47 |
Fund Performance and Expense Ratios (Unaudited) (continued)
Nuveen International Select Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011*
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception** | ||||||||||
Class A Shares at NAV | 11.54% | 16.93% | 2.48% | |||||||||
Class A Shares at Offer | 5.15% | 10.15% | 1.09% | |||||||||
MSCI All Country World Investable Market Index*** | 12.89% | 20.76% | 2.83% | |||||||||
Class C Shares | 11.12% | 16.05% | 1.72% | |||||||||
Class R3 Shares | 9.49% | 14.70% | 1.82% | |||||||||
Class I Shares | 11.61% | 17.25% | 2.74% |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||
1-Year | Since Inception** | |||||||
Class A Shares at NAV | 11.28% | 1.63% | ||||||
Class A Shares at Offer | 4.90% | 0.23% | ||||||
Class C Shares | 10.49% | 0.87% | ||||||
Class R3 Shares | 9.17% | 0.97% | ||||||
Class I Shares | 11.59% | 1.90% |
Class A Shares have a maximum 5.75% sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||
Share Class | Gross Expense Ratios | |||
Class A | 1.50% | |||
Class C | 2.25% | |||
Class R3 | 1.75% | |||
Class I | 1.25% |
The Fund’s adviser has contractually agreed to waive fees and reimburse other Fund expenses through February 29, 2012, so that total annual Fund operating expenses, after waivers and excluding any acquired Fund fees and expenses, do not exceed 1.49%, 2.24%, 1.74%, and 1.24%, respectively, for Class A, Class C, Class R3, and Class I Shares. Fee waivers and expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.
* | Six-month returns are cumulative; all other returns are annualized. |
** | Since inception returns are from 12/21/06. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. |
48 | Nuveen Investments |
Nuveen Large Cap Growth Opportunities Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011*
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 17.82% | 25.63% | 6.05% | 2.50% | ||||||||||||
Class A Shares at Offer | 11.07% | 18.41% | 4.80% | 1.90% | ||||||||||||
Russell 1000 Growth Index*** | 16.96% | 20.87% | 5.06% | 2.11% | ||||||||||||
Class B Shares w/o CDSC**** | 17.41% | 24.71% | 5.27% | 1.74% | ||||||||||||
Class B Shares w/CDSC**** | 12.41% | 19.71% | 5.10% | 1.74% | ||||||||||||
Class R3 Shares | 17.70% | 25.35% | 5.79% | 2.33% | ||||||||||||
Class I Shares | 17.97% | 25.97% | 6.32% | 2.76% |
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception** | |||||||||||||
Class C Shares | 17.42% | 24.74% | 5.26% | 4.79% |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||||||
1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 25.59% | 5.52% | 2.92% | |||||||||
Class A Shares at Offer | 18.38% | 4.28% | 2.31% | |||||||||
Class B Shares w/o CDSC**** | 24.64% | 4.73% | 2.15% | |||||||||
Class B Shares w/CDSC**** | 19.64% | 4.57% | 2.15% | |||||||||
Class R3 Shares | 25.28% | 5.26% | 2.75% | |||||||||
Class I Shares | 25.88% | 5.79% | 3.18% |
Average Annual | ||||||||||||
1-Year | 5-Year | Since Inception** | ||||||||||
Class C Shares | 24.63% | 4.73% | 4.53% |
Class A Shares have a maximum 5.75% sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||
Share Class | Gross Expense Ratios | |||
Class A | 1.24% | |||
Class B | 1.99% | |||
Class C | 1.99% | |||
Class R3 | 1.49% | |||
Class I | 0.99% |
* | Six-month returns are cumulative; all other returns are annualized. |
** | Since inception returns for Class C Shares are from 9/24/01. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. |
**** | Class B Shares are available only upon the exchange of Class B Shares from another Nuveen mutual fund for which U.S. Bancorp Fund Services, LLC serves as transfer agent or for purposes of dividend reinvestment, but Class B shares are not available for new accounts or for additional investment into existing accounts. |
Nuveen Investments | 49 |
Fund Performance and Expense Ratios (Unaudited) (continued)
Nuveen Large Cap Select Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011*
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception** | |||||||||||||
Class A Shares at NAV | 16.22% | 15.43% | 1.77% | 7.07% | ||||||||||||
Class A Shares at Offer | 9.55% | 8.76% | 0.56% | 6.30% | ||||||||||||
S&P 500 Index*** | 16.36% | 17.22% | 2.95% | 7.93% | ||||||||||||
Class C Shares | 15.78% | 14.55% | 0.95% | 6.23% | ||||||||||||
Class R3 Shares | 16.12% | 15.12% | 1.53% | 6.82% | ||||||||||||
Class I Shares | 16.37% | 15.68% | 2.02% | 7.34% |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||||||
1-Year | 5-Year | Since Inception** | ||||||||||
Class A Shares at NAV | 15.93% | 2.04% | 7.00% | |||||||||
Class A Shares at Offer | 9.31% | 0.84% | 6.22% | |||||||||
Class C Shares | 15.04% | 1.21% | 6.15% | |||||||||
Class R3 Shares | 15.62% | 1.79% | 6.75% | |||||||||
Class I Shares | 16.19% | 2.28% | 7.26% |
Class A Shares have a maximum 5.75% sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||
Share Class | Gross Expense Ratios | |||
Class A | 1.25% | |||
Class C | 2.00% | |||
Class R3 | 1.50% | |||
Class I | 1.00% |
* | Six-month returns are cumulative; all other returns are annualized. |
** | Since inception returns are from 1/31/03. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. |
50 | Nuveen Investments |
Nuveen Large Cap Value Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011*
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 16.13% | 12.67% | 0.52% | 2.08% | ||||||||||||
Class A Shares at Offer | 9.48% | 6.19% | -0.66% | 1.48% | ||||||||||||
Russell 1000 Value Index*** | 17.29% | 15.24% | 1.40% | 4.31% | ||||||||||||
Class B Shares w/o CDSC**** | 15.69% | 11.86% | -0.23% | 1.32% | ||||||||||||
Class B Shares w/CDSC**** | 10.69% | 6.86% | -0.39% | 1.32% | ||||||||||||
Class C Shares | 15.73% | 11.81% | -0.23% | 1.32% | ||||||||||||
Class I Shares | 16.24% | 12.95% | 0.76% | 2.33% |
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception** | |||||||||||||
Class R3 Shares | 16.02% | 12.39% | 0.27% | 4.32% |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||||||
1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 12.39% | 0.93% | 2.63% | |||||||||
Class A Shares at Offer | 5.96% | -0.25% | 2.02% | |||||||||
Class B Shares w/o CDSC**** | 11.57% | 0.18% | 1.86% | |||||||||
Class B Shares w/CDSC**** | 6.57% | 0.02% | 1.86% | |||||||||
Class C Shares | 11.53% | 0.17% | 1.86% | |||||||||
Class I Shares | 12.68% | 1.19% | 2.89% |
Average Annual | ||||||||||||
1-Year | 5-Year | Since Inception** | ||||||||||
Class R3 Shares | 12.12% | 0.67% | 4.26% |
Class A Shares have a maximum 5.75% sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||
Share Class | Gross Expense Ratios | |||
Class A | 1.21% | |||
Class B | 1.96% | |||
Class C | 1.96% | |||
Class R3 | 1.46% | |||
Class I | 0.96% |
* | Six-month returns are cumulative; all other returns are annualized. |
** | Since inception returns for Class R3 Shares are from 9/24/01. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. |
**** | Class B Shares are available only upon the exchange of Class B Shares from another Nuveen mutual fund for which U.S. Bancorp Fund Services, LLC serves as transfer agent or for purposes of dividend reinvestment, but Class B shares are not available for new accounts or for additional investment into existing accounts. |
Nuveen Investments | 51 |
Fund Performance and Expense Ratios (Unaudited) (continued)
Nuveen Mid Cap Growth Opportunities Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011*
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 24.40% | 33.96% | 5.67% | 8.06% | ||||||||||||
Class A Shares at Offer | 17.25% | 26.26% | 4.43% | 7.42% | ||||||||||||
Russell Midcap Growth Index*** | 22.62% | 27.40% | 5.59% | 5.68% | ||||||||||||
Class B Shares w/o CDSC**** | 23.91% | 32.96% | 4.88% | 7.25% | ||||||||||||
Class B Shares w/CDSC**** | 18.91% | 27.96% | 4.71% | 7.25% | ||||||||||||
Class R3 Shares | 24.22% | 33.61% | 5.41% | 7.89% | ||||||||||||
Class I Shares | 24.54% | 34.29% | 5.94% | 8.33% |
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception** | |||||||||||||
Class C Shares | 23.94% | 32.96% | 4.88% | 10.31% |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||||||
1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 33.03% | 5.12% | 8.57% | |||||||||
Class A Shares at Offer | 25.39% | 3.88% | 7.93% | |||||||||
Class B Shares w/o CDSC**** | 32.01% | 4.33% | 7.74% | |||||||||
Class B Shares w/CDSC**** | 27.01% | 4.16% | 7.74% | |||||||||
Class R3 Shares | 32.69% | 4.86% | 8.38% | |||||||||
Class I Shares | 33.33% | 5.39% | 8.84% |
Average Annual | ||||||||||||
1-Year | 5-Year | Since Inception** | ||||||||||
Class C Shares | 32.00% | 4.33% | 10.00% |
Class A Shares have a maximum 5.75% sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||
Share Class | Gross Expense Ratios | |||
Class A | 1.29% | |||
Class B | 2.04% | |||
Class C | 2.04% | |||
Class R3 | 1.54% | |||
Class I | 1.04% |
* | Six-month returns are cumulative; all other returns are annualized. |
** | Since inception returns for Class C Shares are from 9/24/01. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. |
**** | Class B Shares are available only upon the exchange of Class B Shares from another Nuveen mutual fund for which U.S. Bancorp Fund Services, LLC serves as transfer agent or for purposes of dividend reinvestment, but Class B shares are not available for new accounts or for additional investment into existing accounts. |
52 | Nuveen Investments |
Nuveen Mid Cap Select Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011*
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 17.94% | 17.81% | 2.53% | -1.82% | ||||||||||||
Class A Shares at Offer | 11.13% | 11.02% | 1.33% | -2.41% | ||||||||||||
Russell Midcap Index** | 20.67% | 23.36% | 5.14% | 7.95% | ||||||||||||
Class B Shares w/o CDSC*** | 17.47% | 16.88% | 1.75% | -2.57% | ||||||||||||
Class B Shares w/CDSC*** | 12.47% | 11.88% | 1.56% | -2.57% | ||||||||||||
Class C Shares | 17.54% | 16.86% | 1.77% | -2.56% | ||||||||||||
Class I Shares | 18.13% | 18.13% | 2.79% | -1.58% |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||||||
1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 19.33% | 2.33% | 0.17% | |||||||||
Class A Shares at Offer | 12.46% | 1.12% | -0.42% | |||||||||
Class B Shares w/o CDSC*** | 18.38% | 1.57% | -0.60% | |||||||||
Class B Shares w/CDSC*** | 13.38% | 1.38% | -0.60% | |||||||||
Class C Shares | 18.54% | 1.59% | -0.57% | |||||||||
Class I Shares | 19.74% | 2.60% | 0.43% |
Class A Shares have a maximum 5.75% sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||||||
Share Class | Gross Expense Ratios | Net Expense Ratios | ||||||
Class A | 2.00% | 1.41% | ||||||
Class B | 2.75% | 2.16% | ||||||
Class C | 2.75% | 2.16% | ||||||
Class I | 1.75% | 1.16% |
The Fund’s adviser has contractually agreed to waive fees and reimburse expenses through February 29, 2012, so that total annual Fund operating expenses, after waivers and excluding any acquired Fund fees and expenses, do not exceed 1.41%, 2.16%, 2.16% and 1.16%, respectively, for Class A, Class B, Class C and Class I Shares. Fee waivers and expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.
* | Six-month returns are cumulative; all other returns are annualized. |
** | Refer to the Glossary of Terms Used in this Report for definitions. |
*** | Class B Shares are available only upon the exchange of Class B Shares from another Nuveen mutual fund for which U.S. Bancorp Fund Services, LLC serves as transfer agent or for purposes of dividend reinvestment, but Class B shares are not available for new accounts or for additional investment into existing accounts. |
Nuveen Investments | 53 |
Fund Performance and Expense Ratios (Unaudited) (continued)
Nuveen Mid Cap Value Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011*
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 16.20% | 16.31% | 3.15% | 7.73% | ||||||||||||
Class A Shares at Offer | 9.54% | 9.64% | 1.94% | 7.10% | ||||||||||||
Russell Midcap Value Index** | 18.95% | 19.84% | 4.34% | 8.91% | ||||||||||||
Class B Shares w/o CDSC**** | 15.76% | 15.43% | 2.39% | 6.94% | ||||||||||||
Class B Shares w/CDSC**** | 10.76% | 10.43% | 2.21% | 6.94% | ||||||||||||
Class C Shares | 15.75% | 15.43% | 2.38% | 6.93% | ||||||||||||
Class I Shares | 16.29% | 16.60% | 3.41% | 8.00% |
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception** | |||||||||||||
Class R3 Shares | 16.04% | 16.04% | 2.90% | 9.67% |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||||||
1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 17.93% | 3.01% | 8.12% | |||||||||
Class A Shares at Offer | 11.15% | 1.80% | 7.48% | |||||||||
Class B Shares w/o CDSC**** | 17.04% | 2.24% | 7.32% | |||||||||
Class B Shares w/CDSC**** | 12.04% | 2.07% | 7.32% | |||||||||
Class C Shares | 17.01% | 2.24% | 7.31% | |||||||||
Class I Shares | 18.17% | 3.26% | 8.38% |
Average Annual | ||||||||||||
1-Year | 5-Year | Since Inception** | ||||||||||
Class R3 Shares | 17.65% | 2.75% | 9.56% |
Class A Shares have a maximum 5.75% sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||||||
Share Class | Gross Expense Ratios | Net Expense Ratios | ||||||
Class A | 1.39% | 1.34% | ||||||
Class B | 2.14% | 2.09% | ||||||
Class C | 2.14% | 2.09% | ||||||
Class R3 | 1.64% | 1.59% | ||||||
Class I | 1.14% | 1.09% |
The Fund’s adviser has contractually agreed to waive fees and reimburse expenses through February 29, 2012, so that total annual Fund operating expenses, after waivers and excluding any acquired Fund fees and expenses, do not exceed 1.34%, 2.09%, 2.09%, 1.59% and 1.09%, respectively, for Class A, Class B, Class C, Class R3 and Class I Shares. Fee waivers and expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.
* | Six-month returns are cumulative; all other returns are annualized. |
** | Since inception returns for Class R3 Shares are from 9/24/01. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. |
**** | Class B Shares are available only upon the exchange of Class B Shares from another Nuveen mutual fund for which U.S. Bancorp Fund Services, LLC serves as transfer agent or for purposes of dividend reinvestment, but Class B shares are not available for new accounts or for additional investment into existing accounts. |
54 | Nuveen Investments |
Nuveen Quantitative Enhanced Core Equity Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011*
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception** | ||||||||||
Class A Shares at NAV | 16.77% | 16.66% | 0.10% | |||||||||
S&P 500 Index*** | 16.36% | 17.22% | 0.13% | |||||||||
Class C Shares | 16.39% | 15.88% | -0.63% | |||||||||
Class I Shares | 16.90% | 17.02% | 0.35% |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||
1-Year | Since Inception** | |||||||
Class A Shares at NAV | 16.32% | -0.62% | ||||||
Class C Shares | 15.46% | -1.35% | ||||||
Class I Shares | 16.63% | -0.38% |
Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||||||
Share Class | Gross Expense Ratios | Net Expense Ratios | ||||||
Class A | 0.99% | 0.71% | ||||||
Class C | 1.74% | 1.46% | ||||||
Class I | 0.74% | 0.46% |
The Fund’s adviser has contractually agreed to waive fees and reimburse expenses through February 29, 2012, so that total annual Fund operating expenses, after waivers and excluding any acquired Fund fees and expenses, do not exceed 0.70%, 1.45%, and 0.45%, respectively, for Class A, Class C and Class I Shares. Fee waivers and expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.
* | Six-month returns are cumulative; all other returns are annualized. |
** | Since inception returns are from 7/31/07. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. |
Nuveen Investments | 55 |
Fund Performance and Expense Ratios (Unaudited) (continued)
Nuveen Real Estate Securities Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011*
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 15.45% | 23.97% | 5.48% | 13.62% | ||||||||||||
Class A Shares at Offer | 8.82% | 16.84% | 4.24% | 12.95% | ||||||||||||
Morgan Stanley REIT Index*** | 15.40% | 22.70% | 3.30% | 11.69% | ||||||||||||
Class B Shares w/o CDSC**** | 15.01% | 22.99% | 4.69% | 12.77% | ||||||||||||
Class B Shares w/CDSC**** | 10.01% | 17.99% | 4.54% | 12.77% | ||||||||||||
Class C Shares | 15.01% | 23.03% | 4.69% | 12.77% | ||||||||||||
Class I Shares | 15.59% | 24.25% | 5.74% | 13.90% |
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception** | |||||||||||||
Class R3 Shares | 15.30% | 23.67% | 5.23% | 13.93% |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||||||
1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 25.13% | 3.68% | 13.22% | |||||||||
Class A Shares at Offer | 17.92% | 2.46% | 12.56% | |||||||||
Class B Shares w/o CDSC**** | 24.20% | 2.90% | 12.38% | |||||||||
Class B Shares w/CDSC**** | 19.20% | 2.75% | 12.38% | |||||||||
Class C Shares | 24.24% | 2.91% | 12.38% | |||||||||
Class I Shares | 25.43% | 3.93% | 13.50% |
Average Annual | ||||||||||||
1-Year | 5-Year | Since Inception** | ||||||||||
Class R3 Shares | 24.92% | 3.44% | 13.42% |
Class A Shares have a maximum 5.75% sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||
Share Class | Gross Expense Ratios | |||
Class A | 1.29% | |||
Class B | 2.04% | |||
Class C | 2.04% | |||
Class R3 | 1.54% | |||
Class I | 1.04% |
* | Six-month returns are cumulative; all other returns are annualized. |
** | Since inception returns for Class R3 Shares are from 9/24/01. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. |
**** | Class B Shares are available only upon the exchange of Class B Shares from another Nuveen mutual fund for which U.S. Bancorp Fund Services, LLC serves as transfer agent or for purposes of dividend reinvestment, but Class B shares are not available for new accounts or for additional investment into existing accounts. |
56 | Nuveen Investments |
Nuveen Small Cap Growth Opportunities Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011*
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 24.47% | | 23.44% | | | 4.57% | | 6.68% | ||||||||
Class A Shares at Offer | 17.33% | | 16.35% | | | 3.34% | | 6.05% | ||||||||
Russell 2000 Growth Index*** | 27.07% | 30.29% | 5.14% | 5.59% | ||||||||||||
Class B Shares w/o CDSC**** | 24.01% | 22.54% | 3.79% | 5.88% | ||||||||||||
Class B Shares w/CDSC**** | 19.01% | 17.54% | 3.62% | 5.88% | ||||||||||||
Class R3 Shares | 24.33% | | 23.15% | | | 4.31% | | 6.51% | ||||||||
Class I Shares | 24.62% | | 23.78% | | | 4.84% | | 6.94% |
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception** | |||||||||||||
Class C Shares | 24.06% | 22.58% | 3.80% | 8.52% |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||||||
1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 26.53% | 3.64% | 7.06% | |||||||||
Class A Shares at Offer | 19.23% | 2.42% | 6.43% | |||||||||
Class B Shares w/o CDSC**** | 25.61% | 2.86% | 6.26% | |||||||||
Class B Shares w/CDSC**** | 20.61% | 2.69% | 6.26% | |||||||||
Class R3 Shares | 26.25% | 3.38% | 6.90% | |||||||||
Class I Shares | 26.82% | 3.90% | 7.33% |
Average Annual | ||||||||||||
1-Year | 5-Year | Since Inception** | ||||||||||
Class C Shares | 25.57% | 2.87% | 8.23% |
Class A Shares have a maximum 5.75% sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||||||
Share Class | Gross Expense Ratios | Net Expense Ratios | ||||||
Class A | 1.77% | 1.48% | ||||||
Class B | 2.52% | 2.23% | ||||||
Class C | 2.52% | 2.23% | ||||||
Class R3 | 2.02% | 1.73% | ||||||
Class I | 1.52% | 1.23% |
The Fund’s adviser has contractually agreed to waive fees and reimburse expenses through February 29, 2012, so that total annual Fund operating expenses, after waivers and excluding any acquired Fund fees and expenses, do not exceed 1.47%, 2.22%, 2.22%, 1.72% and 1.22%, respectively, for Class A, Class B, Class C, Class R3 and Class I Shares. Fee waivers and expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.
* | Six-month returns are cumulative; all other returns are annualized. |
** | Since inception returns for Class C Shares are from 9/24/01. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. |
**** | Class B Shares are available only upon the exchange of Class B Shares from another Nuveen mutual fund for which U.S. Bancorp Fund Services, LLC serves as transfer agent or for purposes of dividend reinvestment, but Class B shares are not available for new accounts or for additional investment into existing accounts. |
Nuveen Investments | 57 |
Fund Performance and Expense Ratios (Unaudited) (continued)
Nuveen Small Cap Select Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011*
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | | 24.83% | | 23.15% | 3.64% | 8.16% | ||||||||||
Class A Shares at Offer | | 17.60% | | 16.11% | 2.42% | 7.52% | ||||||||||
Russell 2000 Index*** | | 23.73% | | 22.20% | 3.89% | 7.34% | ||||||||||
Class B Shares w/o CDSC**** | | 24.38% | | 22.14% | 2.86% | 7.35% | ||||||||||
Class B Shares w/CDSC**** | | 19.38% | | 17.14% | 2.70% | 7.35% | ||||||||||
Class R3 Shares | | 24.69% | | 22.87% | 3.38% | 7.99% | ||||||||||
Class I Shares | | 24.98% | | 23.52% | 3.90% | 8.43% |
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception** | |||||||||||||
Class C Shares | 24.32% | 22.25% | 2.86% | 9.94% |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||||||
1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 26.09% | 3.10% | 8.97% | |||||||||
Class A Shares at Offer | 18.79% | 1.88% | 8.33% | |||||||||
Class B Shares w/o CDSC**** | 25.08% | 2.32% | 8.15% | |||||||||
Class B Shares w/CDSC**** | 20.08% | 2.16% | 8.15% | |||||||||
Class R3 Shares | 25.73% | 2.83% | 8.80% | |||||||||
Class I Shares | 26.33% | 3.36% | 9.25% |
Average Annual | ||||||||||||
1-Year | 5-Year | Since Inception** | ||||||||||
Class C Shares | 25.17% | 2.33% | 9.67% |
Class A Shares have a maximum 5.75% sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||
Share Class | Gross Expense Ratios | |||
Class A | 1.35% | |||
Class B | 2.10% | |||
Class C | 2.10% | |||
Class R3 | 1.60% | |||
Class I | 1.10% |
* | Six-month returns are cumulative; all other returns are annualized. |
** | Since inception returns for Class C Shares are from 9/24/01. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. |
**** | Class B Shares are available only upon the exchange of Class B Shares from another Nuveen mutual fund for which U.S. Bancorp Fund Services, LLC serves as transfer agent or for purposes of dividend reinvestment, but Class B shares are not available for new accounts or for additional investment into existing accounts. |
58 | Nuveen Investments |
Nuveen Small Cap Value Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011*
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 23.78% | 20.49% | 2.91% | 7.65% | ||||||||||||
Class A Shares at Offer | 16.62% | 13.60% | 1.69% | 7.02% | ||||||||||||
Russell 2000 Value Index*** | 20.31% | 14.57% | 2.50% | 8.69% | ||||||||||||
Class C Shares | 23.35% | 19.53% | 2.14% | 6.85% | ||||||||||||
Class I Shares | 23.98% | 20.66% | 3.16% | 7.91% |
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception** | |||||||||||||
Class R3 Shares | 23.64% | 20.19% | 2.67% | 9.66% |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||||||
1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 26.09% | 2.62% | 8.05% | |||||||||
Class A Shares at Offer | 18.85% | 1.41% | 7.41% | |||||||||
Class C Shares | 25.11% | 1.85% | 7.25% | |||||||||
Class I Shares | 26.26% | 2.87% | 8.31% |
Average Annual | ||||||||||||
1-Year | 5-Year | Since Inception** | ||||||||||
Class R3 Shares | 25.69% | 2.38% | 9.49% |
Class A Shares have a maximum 5.75% sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||||||
Share Class | Gross Expense Ratios | Net Expense Ratios | ||||||
Class A | 1.84% | 1.61% | ||||||
Class C | 2.59% | 2.36% | ||||||
Class R3 | 2.09% | 1.86% | ||||||
Class I | 1.59% | 1.36% |
The Fund’s adviser has contractually agreed to waive fees and reimburse expenses through February 29, 2012, so that total annual Fund operating expenses, after waivers and excluding any acquired Fund fees and expenses, do not exceed 1.50%, 2.25%, 1.75% and 1.25%, respectively, for Class A, Class C, Class R3 and Class I Shares. Fee waivers and expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.
* | Six-month returns are cumulative; all other returns are annualized. |
** | Since inception returns for Class R3 Shares are from 9/24/01. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. |
Nuveen Investments | 59 |
Fund Performance and Expense Ratios (Unaudited) (continued)
Nuveen Tactical Market Opportunities Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011*
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception** | ||||||||||
Class A Shares at NAV | 4.23% | 9.07% | 7.78% | |||||||||
Class A Shares at Offer | -1.79% | 2.78% | 3.09% | |||||||||
Bank of American Merrill Lynch 3-Month U.S. Treasury Bill Index*** | 0.09% | 0.17% | 0.04% | |||||||||
Class C Shares | | 3.88% | | 8.39% | 6.95% | |||||||
Class I Shares | 4.38% | 9.43% | 8.05% |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||
1-Year | Since Inception** | |||||||
Class A Shares at NAV | 7.18% | 6.80% | ||||||
Class A Shares at Offer | 1.00% | 1.86% | ||||||
Class C Shares | 6.50% | 6.01% | ||||||
Class I Shares | 7.54% | 7.09% |
Class A Shares have a maximum 5.75% sales charge. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||||||
Share Class | Gross Expense Ratios | Net Expense Ratios | ||||||
Class A | 3.60% | 1.39% | ||||||
Class C | 4.35% | 2.14% | ||||||
Class I | 3.35% | 1.14% |
The Fund’s adviser has contractually agreed to waive fees and reimburse expenses through February 29, 2012, so that total annual Fund operating expenses, after waivers and excluding any acquired Fund fees and expenses, do not exceed 1.20%, 1.95%, and 0.95%, respectively, for Class A, Class C and Class I Shares. Fee waivers and expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.
* | Six-month returns are cumulative; all other returns are annualized. |
** | Since inception returns for Class A and Class C Shares are from 2/24/11. Since inception returns for Class I Shares are from 12/30/09. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. Since inception return for the index is 2/24/11. |
60 | Nuveen Investments |
Holding Summaries (Unaudited) as of April 30, 2011
This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.
Nuveen Equity Income Fund
Portfolio Allocation1
Nuveen Global Infrastructure Fund
Portfolio Allocation1
Portfolio Composition1 | ||||
Financials | 14.7% | |||
Energy | 11.4% | |||
Consumer Discretionary | 11.3% | |||
Industrials | 10.7% | |||
Information Technology | 10.7% | |||
Health Care | 7.7% | |||
Consumer Staples | 6.6% | |||
Materials | 5.3% | |||
Telecommunication Services | 5.2% | |||
Money Market Funds | 11.2% | |||
Short-Term Investments | 1.5% | |||
Other | 3.7% |
Portfolio Composition1 | ||||
Industrials | 50.8% | |||
Utilities | 31.7% | |||
Energy | 11.3% | |||
Short-Term Investments | 1.0% | |||
Other | 5.2% |
Top Five Common Stock Holdings2 | ||||
Chevron | 3.2% | |||
Exxon Mobil | 3.0% | |||
Verizon Communications | 3.0% | |||
JPMorgan Chase | 2.9% | |||
Pfizer | 2.7% |
Top Five Common Stock Holdings2 | ||||
Atlantia | 4.7% | |||
Enbridge | 4.2% | |||
Spectra Energy | 3.3% | |||
Transurban Group | 2.9% | |||
Abertis Infraestructuras | 2.9% | |||
Country Allocation1 | ||||
United States | 19.5% | |||
Hong Kong | 9.2% | |||
France | 8.2% | |||
Canada | 8.0% | |||
Singapore | 7.3% | |||
Brazil | 7.2% | |||
Australia | 7.0% | |||
Italy | 6.0% | |||
United Kingdom | 4.7% | |||
Spain | 3.9% | |||
Other | 19.0% |
1 | As a percentage of total investments as of April 30, 2011. Holdings are subject to change. |
2 | As a percentage of total common stocks as of April 30, 2011. Holdings are subject to change. |
Nuveen Investments | 61 |
Holding Summaries (Unaudited) (continued) as of April 30, 2011
This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.
Nuveen International Fund
Portfolio Allocation1
Nuveen International Select Fund
Portfolio Allocation1
Portfolio Composition1 | ||||
Financials | 16.1% | |||
Industrials | 13.7% | |||
Energy | 10.0% | |||
Consumer Staples | 9.1% | |||
Consumer Discretionary | 8.1% | |||
Materials | 7.9% | |||
Information Technology | 7.8% | |||
Healthcare | 5.9% | |||
Utilities | 5.1% | |||
Exchange-Traded Funds | 4.5% | |||
Short-Term Investments | 7.5% | |||
Other | 4.3% |
Portfolio Composition1 | ||||
Financials | 17.7% | |||
Industrials | 11.1% | |||
Information Technology | 9.6% | |||
Materials | 9.6% | |||
Energy | 9.2% | |||
Consumer Staples | 9.1% | |||
Consumer Discretionary | 7.1% | |||
Telecommunication Services | 5.1% | |||
Exchange-Traded Funds | 6.1% | |||
Short-Term Investments | 7.0% | |||
Other | 8.4% |
Country Allocation1 | ||||
Japan | 16.1% | |||
United Kingdom | 15.5% | |||
United States | 11.0% | |||
Germany | 9.0% | |||
Switzerland | 8.1% | |||
France | 6.2% | |||
Canada | 5.1% | |||
Australia | 3.0% | |||
Ireland | 2.6% | |||
Hong Kong | 2.4% | |||
Netherlands | 2.2% | |||
Other | 18.8% |
Top Five Common Stock Holdings2 | ||||
Nestle | 1.9% | |||
Roche Holding | 1.8% | |||
SMC | 1.6% | |||
Canon | 1.5% | |||
Adidas | 1.4% |
Country Allocation1 | ||||
United States | 15.2% | |||
Japan | 10.5% | |||
United Kingdom | 9.6% | |||
Brazil | 6.7% | |||
Germany | 6.2% | |||
Switzerland | 5.5% | |||
France | 4.3% | |||
Canada | 4.1% | |||
China | 3.6% | |||
South Korea | 3.2% | |||
Australia | 3.2% | |||
South Africa | 2.9% | |||
Hong Kong | 2.1% | |||
Ireland | 1.8% | |||
India | 1.8% | |||
Other | 19.3% |
Top Five Common Stock Holdings2 | ||||
Roche Holding | 1.3% | |||
Vale - ADR | 1.3% | |||
Nestle | 1.3% | |||
SMC | 1.2% | |||
Companhia Energetica de Minas Gerais - ADR | 1.1% |
1 | As a percentage of total investments (excluding investments in derivatives) as of April 30, 2011. Holdings are subject to change. |
2 | As a percentage of total common stocks as of April 30, 2011. Holdings are subject to change. |
62 | Nuveen Investments |
This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.
Nuveen Large Cap Growth Opportunities Fund
Portfolio Allocation1
Nuveen Large Cap Select Fund
Portfolio Allocation1
Nuveen Large Cap Value Fund
Portfolio Allocation1
Nuveen Mid Cap Growth Opportunities Fund
Portfolio Allocation1
Portfolio Composition1 | ||||
Information Technology | 28.3% | |||
Consumer Discretionary | 19.0% | |||
Industrials | 11.4% | |||
Energy | 11.0% | |||
Health Care | 6.6% | |||
Money Market Funds | 17.7% | |||
Short-Term Investments | 0.2% | |||
Other | 5.8% |
Portfolio Composition1 | ||||
Information Technology | 16.4% | |||
Financials | 16.3% | |||
Consumer Discretionary | 12.4% | |||
Industrials | 9.1% | |||
Energy | 9.0% | |||
Health Care | 8.0% | |||
Money Market Funds | 21.2% | |||
Short-Term Investments | 0.5% | |||
Other | 7.1% |
Portfolio Composition1 | ||||
Financials | 20.8% | |||
Energy | 11.6% | |||
Health Care | 10.6% | |||
Industrials | 8.7% | |||
Consumer Discretionary | 7.9% | |||
Materials | 6.5% | |||
Consumer Staples | 6.4% | |||
Money Market Funds | 15.8% | |||
Short-Term Investments3 | -% | |||
Other | 11.7% |
Portfolio Composition1 | ||||
Consumer Discretionary | 21.0% | |||
Information Technology | 19.4% | |||
Industrials | 14.7% | |||
Health Care | 10.5% | |||
Materials | 5.7% | |||
Financials | 5.3% | |||
Energy | 5.0% | |||
Money Market Funds | 15.7% | |||
Short-Term Investments | 0.4% | |||
Other | 2.3% |
Top Five Common Stock Holdings2 | ||||
Apple | 7.2% | |||
QUALCOMM | 2.8% | |||
Oracle | 2.7% | |||
Exxon Mobil | 2.5% | |||
Caterpillar | 2.4% |
Top Five Common Stock Holdings2 | ||||
Apple | 4.6% | |||
JPMorgan Chase | 3.2% | |||
Citigroup | 3.0% | |||
QUALCOMM | 2.8% | |||
Bank of America | 2.7% |
Top Five Common Stock Holdings2 | ||||
Pfizer | 4.2% | |||
JPMorgan Chase | 3.2% | |||
Wells Fargo | 2.7% | |||
Verizon Communications | 2.6% | |||
Citigroup | 2.5% |
Top Five Common Stock Holdings2 | ||||
Priceline.com | 2.7% | |||
Vertex Pharmaceuticals | 2.2% | |||
Wynn Resorts | 2.2% | |||
Teradata | 2.2% | |||
Walter Energy | 2.0% |
1 | As a percentage of total investments as of April 30, 2011. Holdings are subject to change. |
2 | As a percentage of total common stocks as of April 30, 2011. Holdings are subject to change. |
3 | Rounds to less than 0.1%. |
Nuveen Investments | 63 |
Holding Summaries (Unaudited) (continued) as of April 30, 2011
This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.
Nuveen Mid Cap Select Fund
Portfolio Allocation1
Nuveen Mid Cap Value Fund
Portfolio Allocation1
Nuveen Quantitative Enhanced Core Equity Fund
Portfolio Allocation3
Portfolio Composition1 | ||||
Financials | 14.1% | |||
Consumer Discretionary | 12.8% | |||
Information Technology | 12.6% | |||
Industrials | 9.2% | |||
Energy | 9.0% | |||
Health Care | 7.3% | |||
Materials | 7.0% | |||
Money Market Funds | 25.4% | |||
Short-Term Investments | 0.1% | |||
Other | 2.5% |
Portfolio Composition1 | ||||
Financials | 21.9% | |||
Energy | 11.5% | |||
Materials | 8.3% | |||
Industrials | 8.1% | |||
Consumer Discretionary | 8.0% | |||
Health Care | 7.3% | |||
Utilities | 6.8% | |||
Consumer Staples | 5.6% | |||
Money Market Funds | 16.9% | |||
Other | 5.6% |
Portfolio Composition3 | ||||
Information Technology | 18.4% | |||
Financials | 11.7% | |||
Industrials | 11.7% | |||
Energy | 11.5% | |||
Consumer Discretionary | 9.0% | |||
Consumer Staples | 7.6% | |||
Health Care | 6.4% | |||
Materials | 6.4% | |||
Money Market Funds | 12.9% | |||
Short-Term Investments | 1.6% | |||
Other | 2.8% |
Top Five Common Stock Holdings2 | ||||
lululemon Athletica | 2.2% | |||
Cameron International | 2.0% | |||
Interpublic Group of Companies | 2.0% | |||
Albemarle | 1.9% | |||
Parker Hannifin | 1.9% |
Top Five Common Stock Holdings2 | ||||
MeadWestvaco | 2.2% | |||
Whiting Petroleum | 2.2% | |||
Lincoln National | 2.1% | |||
Ameriprise Financial | 2.0% | |||
Dover | 1.9% |
Top Five Common Stock Holdings2 | ||||
Exxon Mobil | 3.6% | |||
Apple | 2.5% | |||
Chevron | 1.9% | |||
IBM | 1.7% | |||
General Electric | 1.7% |
1 | As a percentage of total investments as of April 30, 2011. Holdings are subject to change. |
2 | As a percentage of total common stocks as of April 30, 2011. Holdings are subject to change. |
3 | As a percentage of total investments (excluding investments in derivatives) as of April 30, 2011. Holdings are subject to change. |
64 | Nuveen Investments |
This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.
Nuveen Real Estate Securities Fund
Portfolio Allocation1
Nuveen Small Cap Growth Opportunities
Fund
Portfolio Allocation1
Nuveen Small Cap Select Fund
Portfolio Allocation1
Portfolio Composition1 | ||||
Malls | 10.7% | |||
Apartments | 10.4% | |||
Office | 9.5% | |||
Health Care | 8.6% | |||
Hotels | 6.2% | |||
Industrials | 6.1% | |||
Community Centers | 5.8% | |||
Diversified | 5.8% | |||
Private Real Estate Company3 | –% | |||
Money Market Funds | 28.4% | |||
Short-Term Investments | 0.6% | |||
Other | 7.9% |
Portfolio Composition1 | ||||
Information Technology | 27.3% | |||
Health Care | 17.2% | |||
Industrials | 14.0% | |||
Consumer Discretionary | 12.6% | |||
Money Market Funds | 17.9% | |||
Short-Term Investments | 2.2% | |||
Other | 8.8% |
Portfolio Composition1 | ||||
Information Technology | 14.7% | |||
Financials | 12.6% | |||
Industrials | 12.3% | |||
Consumer Discretionary | 9.3% | |||
Health Care | 8.9% | |||
Energy | 5.9% | |||
Money Market Funds | 27.5% | |||
Short-Term Investments | 2.1% | |||
Other | 6.7% |
Top Five Common Stock Holdings2 | ||||
Simon Property Group | 10.3% | |||
Equity Residential Properties Trust | 5.1% | |||
Public Storage | 5.1% | |||
Vornado Realty Trust | 4.9% | |||
HCP | 4.9% |
Top Five Common Stock Holdings2 | ||||
VideoPropulsion | 2.2% | |||
Brocade Communications Systems | 2.0% | |||
PMC-Sierra | 1.9% | |||
HealthSouth | 1.9% | |||
Wolverine World Wide | 1.8% |
Top Five Common Stock Holdings2 | ||||
Parker Drilling | 2.0% | |||
MasTec | 1.9% | |||
Brocade Communications Systems | 1.8% | |||
Umpqua Holdings | 1.7% | |||
Kenexa | 1.7% |
1 | As a percentage of total investments as of April 30, 2011. Holdings are subject to change. |
2 | As a percentage of total common stocks as of April 30, 2011. Holdings are subject to change. |
3 | Rounds to less than 0.1%. |
Nuveen Investments | 65 |
Holding Summaries (Unaudited) (continued) as of April 30, 2011
This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.
Nuveen Small Cap Value Fund
Portfolio Allocation1
Nuveen Tactical Market Opportunities Fund
Portfolio Allocation3
Portfolio Composition1 | ||||
Financials | 22.8% | |||
Industrials | 13.9% | |||
Information Technology | 9.7% | |||
Consumer Discretionary | 9.0% | |||
Energy | 7.1% | |||
Materials | 5.5% | |||
Money Market Funds | 21.1% | |||
Short-Term Investments | 2.6% | |||
Other | 8.3% |
Top Five Common Stock Holdings2 | ||||
Berry Petroleum, Class A | 2.2% | |||
Atlas Air Worldwide Holdings | 1.8% | |||
Affiliated Managers Group | 1.7% | |||
Complete Production Services | 1.7% | |||
MasTec | 1.6% |
1 | As a percentage of total investments as of April 30, 2011. Holdings are subject to change. |
2 | As a percentage of total common stocks as of April 30, 2011. Holdings are subject to change. |
3 | As a percentage of total investments (excluding investments in derivatives) as of April 30, 2011. Holdings are subject to change. |
66 | Nuveen Investments |
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. Since the Class A and C expense examples below for Nuveen Tactical Market Opportunities reflect only the first 62 days of the class’ operations they may not provide a meaningful understanding of the class’ ongoing expenses.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held for the period.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Equity Income Fund
Actual Performance | Hypothetical Performance | |||||||||||||||||||||||||||||||||||||||||
A Shares | B Shares | C Shares | R3 Shares | I Shares | A Shares | B Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||||||||
Beginning Account Value (11/1/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||||||
Ending Account Value (4/30/11) | $ | 1,163.30 | $ | 1,159.00 | $ | 1,158.90 | $ | 1,162.20 | $ | 1,164.90 | $ | 1,019.34 | $ | 1,015.62 | $ | 1,015.62 | $ | 1,018.10 | $ | 1,020.58 | ||||||||||||||||||||||
Expenses Incurred During Period | $ | 5.90 | $ | 9.90 | $ | 9.90 | $ | 7.24 | $ | 4.56 | $ | 5.51 | $ | 9.25 | $ | 9.25 | $ | 6.76 | $ | 4.26 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.10%, 1.85%, 1.85%, 1.35% and ..85% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Global Infrastructure Fund
Actual Performance | Hypothetical Performance | |||||||||||||||||||||||||||||||||
A Shares | C Shares | R3 Shares | I Shares | A Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||
Beginning Account Value (11/1/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||
Ending Account Value (4/30/11) | $ | 1,107.60 | $ | 1,103.30 | $ | 1,106.80 | $ | 1,109.30 | $ | 1,018.79 | $ | 1,015.08 | $ | 1,018.20 | $ | 1,020.03 | ||||||||||||||||||
Expenses Incurred During Period | $ | 6.32 | $ | 10.22 | $ | 6.95 | $ | 5.02 | $ | 6.06 | $ | 9.79 | $ | 6.66 | $ | 4.81 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.21%, 1.96%, 1.33% and .96% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen International Fund
Actual Performance | Hypothetical Performance | |||||||||||||||||||||||||||||||||||||||||
A Shares | B Shares | C Shares | R3 Shares | I Shares | A Shares | B Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||||||||
Beginning Account Value (11/1/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||||||
Ending Account Value (4/30/11) | $ | 1,136.10 | $ | 1,131.50 | $ | 1,131.50 | $ | 1,134.20 | $ | 1,137.00 | $ | 1,018.05 | $ | 1,014.33 | $ | 1,014.33 | $ | 1,017.01 | $ | 1,019.29 | ||||||||||||||||||||||
Expenses Incurred During Period | $ | 7.20 | $ | 11.15 | $ | 11.15 | $ | 8.31 | $ | 5.88 | $ | 6.80 | $ | 10.54 | $ | 10.54 | $ | 7.85 | $ | 5.56 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.36%, 2.11%, 2.11%, 1.57% and 1.11% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Investments | 67 |
Expense Examples (Unaudited) (continued)
Nuveen International Select Fund
Actual Performance | Hypothetical Performance | |||||||||||||||||||||||||||||||||
A Shares | C Shares | R3 Shares | I Shares | A Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||
Beginning Account Value (11/1/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||
Ending Account Value (4/30/11) | $ | 1,115.40 | $ | 1,111.20 | $ | 1,094.90 | $ | 1,116.10 | $ | 1,017.80 | $ | 1,014.08 | $ | 1,016.46 | $ | 1,019.04 | ||||||||||||||||||
Expenses Incurred During Period | $ | 7.40 | $ | 11.31 | $ | 8.73 | $ | 6.09 | $ | 7.05 | $ | 10.79 | $ | 8.40 | $ | 5.81 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.41%, 2.16%, 1.68%, and 1.16% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Large Cap Growth Opportunities Fund
Actual Performance | Hypothetical Performance | |||||||||||||||||||||||||||||||||||||||||
A Shares | B Shares | C Shares | R3 Shares | I Shares | A Shares | B Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||||||||
Beginning Account Value (11/1/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||||||
Ending Account Value (4/30/11) | $ | 1,178.20 | $ | 1,174.10 | $ | 1,174.20 | $ | 1,177.00 | $ | 1,179.70 | $ | 1,018.99 | $ | 1,015.27 | $ | 1,015.27 | $ | 1,017.65 | $ | 1,020.23 | ||||||||||||||||||||||
Expenses Incurred During Period | $ | 6.32 | $ | 10.35 | $ | 10.35 | $ | 7.77 | $ | 4.97 | $ | 5.86 | $ | 9.59 | $ | 9.59 | $ | 7.20 | $ | 4.61 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.17%, 1.92%, 1.92%, 1.44% and ..92% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Large Cap Select Fund
Actual Performance | Hypothetical Performance | |||||||||||||||||||||||||||||||||
A Shares | C Shares | R3 Shares | I Shares | A Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||
Beginning Account Value (11/1/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||
Ending Account Value (4/30/11) | $ | 1,162.20 | $ | 1,157.80 | $ | 1,161.70 | $ | 1,161.20 | $ | 1,018.84 | $ | 1,015.12 | $ | 1,017.60 | $ | 1,020.08 | ||||||||||||||||||
Expenses Incurred During Period | $ | 6.43 | $ | 10.43 | $ | 7.78 | $ | 5.09 | $ | 6.01 | $ | 9.74 | $ | 7.25 | $ | 4.76 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.20%, 1.95%, 1.45%, and .95% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Large Cap Value Fund
Actual Performance | Hypothetical Performance | |||||||||||||||||||||||||||||||||||||||||
A Shares | B Shares | C Shares | R3 Shares | I Shares | A Shares | B Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||||||||
Beginning Account Value (11/1/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||||||
Ending Account Value (4/30/11) | $ | 1,161.30 | $ | 1,156.90 | $ | 1,157.30 | $ | 1,160.20 | $ | 1,162.40 | $ | 1,018.94 | $ | 1,015.22 | $ | 1,015.22 | $ | 1,017.70 | $ | 1,020.18 | ||||||||||||||||||||||
Expenses Incurred During Period | $ | 6.32 | $ | 10.32 | $ | 10.32 | $ | 7.66 | $ | 4.99 | $ | 5.91 | $ | 9.64 | $ | 9.64 | $ | 7.15 | $ | 4.66 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.18%, 1.93%, 1.93%, 1.43% and ..93% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Mid Cap Growth Opportunities Fund
Actual Performance | Hypothetical Performance | |||||||||||||||||||||||||||||||||||||||||
A Shares | B Shares | C Shares | R3 Shares | I Shares | A Shares | B Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||||||||
Beginning Account Value (11/1/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||||||
Ending Account Value (4/30/11) | $ | 1,244.00 | $ | 1,239.10 | $ | 1,239.40 | $ | 1,242.20 | $ | 1,245.40 | $ | 1,018.84 | $ | 1,015.12 | $ | 1,015.12 | $ | 1,017.60 | $ | 1,020.08 | ||||||||||||||||||||||
Expenses Incurred During Period | $ | 6.68 | $ | 10.83 | $ | 10.83 | $ | 8.06 | $ | 5.29 | $ | 6.01 | $ | 9.74 | $ | 9.74 | $ | 7.25 | $ | 4.76 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.20%, 1.95%, 1.95%, 1.45% and ..95% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Mid Cap Select Fund
Actual Performance | Hypothetical Performance | |||||||||||||||||||||||||||||||||
A Shares | B Shares | C Shares | I Shares | A Shares | B Shares | C Shares | I Shares | |||||||||||||||||||||||||||
Beginning Account Value (11/1/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||
Ending Account Value (4/30/11) | $ | 1,179.40 | $ | 1,174.70 | $ | 1,175.40 | $ | 1,181.30 | $ | 1,018.00 | $ | 1,014.28 | $ | 1,014.28 | $ | 1,019.24 | ||||||||||||||||||
Expenses Incurred During Period | $ | 7.40 | $ | 11.43 | $ | 11.43 | $ | 6.06 | $ | 6.85 | $ | 10.59 | $ | 10.59 | $ | 5.61 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.37%, 2.12%, 2.12% and 1.12% for Classes A, B, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
68 | Nuveen Investments |
Nuveen Mid Cap Value Fund
Actual Performance | Hypothetical Performance | |||||||||||||||||||||||||||||||||||||||||
A Shares | B Shares | C Shares | R3 Shares | I Shares | A Shares | B Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||||||||
Beginning Account Value (11/1/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||||||
Ending Account Value (4/30/11) | $ | 1,162.00 | $ | 1,157.60 | $ | 1,157.50 | $ | 1,160.40 | $ | 1,162.90 | $ | 1,018.55 | $ | 1,014.83 | $ | 1,014.83 | $ | 1,017.31 | $ | 1,019.93 | ||||||||||||||||||||||
Expenses Incurred During Period | $ | 6.75 | $ | 10.75 | $ | 10.75 | $ | 8.09 | $ | 5.26 | $ | 6.31 | $ | 10.04 | $ | 10.04 | $ | 7.55 | $ | 4.91 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.26%, 2.01%, 2.01%, 1.51% and 0.98% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Quantitative Enhanced Core Equity Fund
Actual Performance | Hypothetical Performance | |||||||||||||||||||||||||
A Shares | C Shares | I Shares | A Shares | C Shares | I Shares | |||||||||||||||||||||
Beginning Account Value (11/1/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||
Ending Account Value (4/30/11) | $ | 1,167.70 | $ | 1,163.90 | $ | 1,169.00 | $ | 1,021.52 | $ | 1,017.70 | $ | 1,022.76 | ||||||||||||||
Expenses Incurred During Period | $ | 3.55 | $ | 7.67 | $ | 2.20 | $ | 3.31 | $ | 7.15 | $ | 2.06 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .66%, 1.43% and .41% 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 Real Estate Securities Fund
Actual Performance | Hypothetical Performance | |||||||||||||||||||||||||||||||||||||||||
A Shares | B Shares | C Shares | R3 Shares | I Shares | A Shares | B Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||||||||
Beginning Account Value (11/1/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||||||
Ending Account Value (4/30/11) | $ | 1,154.50 | $ | 1,150.10 | $ | 1,150.10 | $ | 1,153.00 | $ | 1,155.90 | $ | 1,018.84 | $ | 1,015.12 | $ | 1,015.12 | $ | 1,017.60 | $ | 1,020.08 | ||||||||||||||||||||||
Expenses Incurred During Period | $ | 6.41 | $ | 10.40 | $ | 10.40 | $ | 7.74 | $ | 5.08 | $ | 6.01 | $ | 9.74 | $ | 9.74 | $ | 7.25 | $ | 4.76 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.20%, 1.95%, 1.95%, 1.45% and ..95% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Small Cap Growth Opportunities Fund
Actual Performance | Hypothetical Performance | |||||||||||||||||||||||||||||||||||||||||
A Shares | B Shares | C Shares | R3 Shares | I Shares | A Shares | B Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||||||||
Beginning Account Value (11/1/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||||||
Ending Account Value (4/30/11) | $ | 1,244.70 | $ | 1,240.10 | $ | 1,240.60 | $ | 1,243.30 | $ | 1,246.20 | $ | 1,017.70 | $ | 1,013.98 | $ | 1,013.98 | $ | 1,016.46 | $ | 1,018.94 | ||||||||||||||||||||||
Expenses Incurred During Period | $ | 7.96 | $ | 12.11 | $ | 12.11 | $ | 9.34 | $ | 6.57 | $ | 7.15 | $ | 10.89 | $ | 10.89 | $ | 8.40 | $ | 5.91 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.43%, 2.18%, 2.18%, 1.68% and 1.18% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Small Cap Select Fund
Actual Performance | Hypothetical Performance | |||||||||||||||||||||||||||||||||||||||||
A Shares | B Shares | C Shares | R3 Shares | I Shares | A Shares | B Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||||||||
Beginning Account Value (11/1/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||||||
Ending Account Value (4/30/11) | $ | 1,248.30 | $ | 1,243.80 | $ | 1,243.20 | $ | 1,246.90 | $ | 1,249.80 | $ | 1,018.79 | $ | 1,015.08 | $ | 1,015.08 | $ | 1,017.55 | $ | 1,020.03 | ||||||||||||||||||||||
Expenses Incurred During Period | $ | 6.75 | $ | 10.90 | $ | 10.90 | $ | 8.13 | $ | 5.36 | $ | 6.06 | $ | 9.79 | $ | 9.79 | $ | 7.30 | $ | 4.81 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.21%, 1.96%, 1.96%, 1.46% and ..96% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Small Cap Value Fund
Actual Performance | Hypothetical Performance | |||||||||||||||||||||||||||||||||
A Shares | C Shares | R3 Shares | I Shares | A Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||
Beginning Account Value (11/1/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||
Ending Account Value (4/30/11) | $ | 1,237.80 | $ | 1,233.50 | $ | 1,236.40 | $ | 1,239.80 | $ | 1,017.70 | $ | 1,014.03 | $ | 1,016.46 | $ | 1,019.29 | ||||||||||||||||||
Expenses Incurred During Period | $ | 7.93 | $ | 12.02 | $ | 9.32 | $ | 6.16 | $ | 7.15 | $ | 10.84 | $ | 8.40 | $ | 5.56 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.43%, 2.17%, 1.68% and 1.11% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Investments | 69 |
Expense Examples (Unaudited) (continued)
Nuveen Tactical Market Opportunities Fund
Actual Performance | Hypothetical Performance | |||||||||||||||||||||||||
A Shares | C Shares | I Shares | A Shares | C Shares | I Shares | |||||||||||||||||||||
Beginning Account Value (11/1/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||
Ending Account Value (4/30/11) | $ | 1,035.90 | $ | 1,034.90 | $ | 1,043.80 | $ | 1,018.60 | $ | 1,014.68 | $ | 1,020.33 | ||||||||||||||
Expenses Incurred During Period | $ | 2.16 | $ | 3.53 | $ | 4.56 | $ | 2.14 | $ | 3.49 | $ | 4.51 |
For Class I of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .90%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.25% and 2.04% for Classes A and C, respectively, multiplied by the average account value over the period, multiplied by 62/365 (to reflect the 62 days in the period since class commencement of operations).
70 | Nuveen Investments |
Shareholder Meeting Report (Unaudited)
A special meeting of shareholders was held in the offices of FAF Advisors, Inc. on December 17, 2010; at this meeting the shareholders were asked to vote on the election of Board Members, the approval of an Investment Advisory Agreement and the approval of Investment Sub-Advisory Agreements. The meeting for Nuveen Real Estate Securities Fund and Nuveen Small Cap Select Fund was subsequently adjourned to December 29, 2010.
Nuveen Equity Income Fund | Nuveen Global Infrastructure Fund | Nuveen International Fund | Nuveen International Select Fund | |||||||||||||
To approve an investment advisory agreement with Nuveen Asset Management and an investment sub-advisory agreement between Nuveen Asset Management and Nuveen Asset Management, LLC. | ||||||||||||||||
For | 43,722,396 | 7,616,029 | 53,467,464 | 75,696,580 | ||||||||||||
Against | 172,929 | 52,773 | 64,220 | 34,818 | ||||||||||||
Abstain | 169,893 | 84,920 | 27,689 | 30,583 | ||||||||||||
Broker Non-Votes | 7,394,833 | 3,741,625 | 1,583,273 | 610,649 | ||||||||||||
Total | 51,460,051 | 11,495,347 | 55,142,646 | 76,372,630 | ||||||||||||
To approve a sub-advisory agreement between Nuveen Asset Management and Altrinsic Global Advisors, LLC | ||||||||||||||||
For | — | — | 53,457,251 | 75,713,903 | ||||||||||||
Against | — | — | 76,738 | 24,370 | ||||||||||||
Abstain | — | — | 25,384 | 23,708 | ||||||||||||
Broker Non-Votes | — | — | 1,583,273 | 610,649 | ||||||||||||
Total | — | — | 55,142,646 | 76,372,630 | ||||||||||||
To approve a sub-advisory agreement between Nuveen Asset Management and Hansberger Global Investors, Inc. | ||||||||||||||||
For | — | — | 53,456,544 | 75,717,421 | ||||||||||||
Against | — | — | 77,791 | 23,163 | ||||||||||||
Abstain | — | — | 25,038 | 21,397 | ||||||||||||
Broker Non-Votes | — | — | 1,583,273 | 610,649 | ||||||||||||
Total | — | — | 55,142,646 | 76,372,630 | ||||||||||||
To approve a sub-advisory agreement between Nuveen Asset Management and Lazard Asset Management, LLC | ||||||||||||||||
For | — | — | — | 75,712,430 | ||||||||||||
Against | — | — | — | 23,639 | ||||||||||||
Abstain | — | — | — | 25,912 | ||||||||||||
Broker Non-Votes | — | — | — | 610,649 | ||||||||||||
Total | — | — | — | 76,372,630 | ||||||||||||
Approval of the Board Members was reached as follows: | ||||||||||||||||
John P. Amboian | ||||||||||||||||
For | 51,204,881 | 11,360,353 | 55,062,956 | 76,325,063 | ||||||||||||
Withhold | 255,170 | 134,994 | 79,690 | 47,567 | ||||||||||||
Total | 51,460,051 | 11,495,347 | 55,142,646 | 76,372,630 | ||||||||||||
Robert P. Bremner | ||||||||||||||||
For | 51,195,200 | 11,361,681 | 55,062,706 | 76,320,327 | ||||||||||||
Withhold | 264,851 | 133,666 | 79,940 | 52,303 | ||||||||||||
Total | 51,460,051 | 11,495,347 | 55,142,646 | 76,372,630 | ||||||||||||
Jack B. Evans | ||||||||||||||||
For | 51,211,079 | 11,365,485 | 55,052,400 | 76,323,838 | ||||||||||||
Withhold | 248,972 | 129,862 | 90,246 | 48,792 | ||||||||||||
Total | 51,460,051 | 11,495,347 | 55,142,646 | 76,372,630 | ||||||||||||
William C. Hunter | ||||||||||||||||
For | 51,211,079 | 11,365,485 | 55,062,410 | 76,325,063 | ||||||||||||
Withhold | 248,972 | 129,862 | 80,236 | 47,567 | ||||||||||||
Total | 51,460,051 | 11,495,347 | 55,142,646 | 76,372,630 | ||||||||||||
David J. Kundert | ||||||||||||||||
For | 51,183,504 | 11,361,681 | 55,062,077 | 76,321,118 | ||||||||||||
Withhold | 276,547 | 133,666 | 80,569 | 51,512 | ||||||||||||
Total | 51,460,051 | 11,495,347 | 55,142,646 | 76,372,630 |
Nuveen Investments | 71 |
Shareholder Meeting Report (Unaudited) (continued)
Nuveen Equity Income Fund | Nuveen Global Infrastructure Fund | Nuveen International Fund | Nuveen International Select Fund | |||||||||||||
William J. Schneider | ||||||||||||||||
For | 51,182,141 | 11,365,485 | 55,062,956 | 76,320,563 | ||||||||||||
Withhold | 277,910 | 129,862 | 79,690 | 52,067 | ||||||||||||
Total | 51,460,051 | 11,495,347 | 55,142,646 | 76,372,630 | ||||||||||||
Judith M. Stockdale | ||||||||||||||||
For | 51,200,650 | 11,363,628 | 55,061,878 | 76,329,927 | ||||||||||||
Withhold | 259,401 | 131,719 | 80,768 | 42,703 | ||||||||||||
Total | 51,460,051 | 11,495,347 | 55,142,646 | 76,372,630 | ||||||||||||
Carole E. Stone | ||||||||||||||||
For | 51,199,838 | 11,360,377 | 55,051,868 | 76,329,372 | ||||||||||||
Withhold | 260,313 | 134,970 | 90,778 | 43,258 | ||||||||||||
Total | 51,460,151 | 11,495,347 | 55,142,646 | 76,372,630 | ||||||||||||
Virginia L. Stringer | ||||||||||||||||
For | 51,175,622 | �� | 11,348,894 | 55,050,583 | 76,325,982 | |||||||||||
Withhold | 284,429 | 146,453 | 92,063 | 46,648 | ||||||||||||
Total | 51,460,051 | 11,495,347 | 55,142,646 | 76,372,630 | ||||||||||||
Terence J. Toth | ||||||||||||||||
For | 51,208,633 | 11,363,604 | 55,056,281 | 76,324,604 | ||||||||||||
Withhold | 251,418 | 131,743 | 86,365 | 48,026 | ||||||||||||
Total | 51,460,051 | 11,495,347 | 55,142,646 | 76,372,630 |
72 | Nuveen Investments |
Nuveen Large Cap Growth Opportunities Fund | Nuveen Large Cap Select Fund | Nuveen Large Cap Value Fund | Nuveen Mid Cap Growth Opportunities Fund | |||||||||||||
To approve an investment advisory agreement with Nuveen Asset Management and an investment sub-advisory agreement between Nuveen Asset Management and Nuveen Asset Management, LLC. | ||||||||||||||||
For | 14,706,238 | 9,322,633 | 18,392,312 | 18,064,802 | ||||||||||||
Against | 27,188 | 6,731 | 22,032 | 71,263 | ||||||||||||
Abstain | 24,066 | 3,679 | 54,919 | 86,793 | ||||||||||||
Broker Non-Votes | 1,348,286 | 244,214 | 1,964,429 | 5,250,922 | ||||||||||||
Total | 16,105,778 | 9,577,257 | 20,433,692 | 23,473,780 | ||||||||||||
To approve a sub-advisory agreement between Nuveen Asset Management and Altrinsic Global Advisors, LLC | ||||||||||||||||
For | — | — | — | — | ||||||||||||
Against | — | — | — | — | ||||||||||||
Abstain | — | — | — | — | ||||||||||||
Broker Non-Votes | — | — | — | — | ||||||||||||
Total | — | — | — | — | ||||||||||||
To approve a sub-advisory agreement between Nuveen Asset Management and Hansberger Global Investors, Inc. | ||||||||||||||||
For | — | — | — | — | ||||||||||||
Against | — | — | — | — | ||||||||||||
Abstain | — | — | — | — | ||||||||||||
Broker Non-Votes | — | — | — | — | ||||||||||||
Total | — | — | — | — | ||||||||||||
To approve a sub-advisory agreement between Nuveen Asset Management and Lazard Asset Management, LLC | ||||||||||||||||
For | — | — | — | — | ||||||||||||
Against | — | — | — | — | ||||||||||||
Abstain | — | — | — | — | ||||||||||||
Broker Non-Votes | — | — | — | — | ||||||||||||
Total | — | — | — | — | ||||||||||||
Approval of the Board Members was reached as follows: | ||||||||||||||||
John P. Amboian | ||||||||||||||||
For | 16,059,778 | 9,559,764 | 20,370,112 | 23,324,545 | ||||||||||||
Withhold | 46,000 | 17,493 | 63,580 | 149,235 | ||||||||||||
Total | 16,105,778 | 9,577,257 | 20,433,692 | 23,473,780 | ||||||||||||
Robert P. Bremner | ||||||||||||||||
For | 16,058,344 | 9,559,764 | 20,366,451 | 23,320,867 | ||||||||||||
Withhold | 47,434 | 17,493 | 67,241 | 152,913 | ||||||||||||
Total | 16,105,778 | 9,577,257 | 20,433,692 | 23,473,780 | ||||||||||||
Jack B. Evans | ||||||||||||||||
For | 16,060,890 | 9,559,764 | 20,370,112 | 23,345,861 | ||||||||||||
Withhold | 44,888 | 17,493 | 63,580 | 127,919 | ||||||||||||
Total | 16,105,778 | 9,577,257 | 20,433,692 | 23,473,780 | ||||||||||||
William C. Hunter | ||||||||||||||||
For | 16,061,459 | 9,559,764 | 20,370,112 | 23,345,983 | ||||||||||||
Withhold | 44,319 | 17,493 | 63,580 | 127,797 | ||||||||||||
Total | 16,105,778 | 9,577,257 | 20,433,692 | 23,473,780 | ||||||||||||
David J. Kundert | ||||||||||||||||
For | 16,054,828 | 9,559,764 | 20,367,985 | 23,319,433 | ||||||||||||
Withhold | 50,950 | 17,493 | 65,707 | 154,347 | ||||||||||||
Total | 16,105,778 | 9,577,257 | 20,433,692 | 23,473,780 |
Nuveen Investments | 73 |
Shareholder Meeting Report (Unaudited) (continued)
Nuveen Large Cap Growth Opportunities Fund | Nuveen Large Cap Select Fund | Nuveen Large Cap Value Fund | Nuveen Mid Cap Growth Opportunities Fund | |||||||||||||
William J. Schneider | ||||||||||||||||
For | 16,054,969 | 9,559,764 | 20,367,985 | 23,319,938 | ||||||||||||
Withhold | 50,809 | 17,493 | 65,707 | 153,842 | ||||||||||||
Total | 16,105,778 | 9,577,257 | 20,433,692 | 23,473,780 | ||||||||||||
Judith M. Stockdale | ||||||||||||||||
For | 16,060,934 | 9,559,764 | 20,370,604 | 23,345,305 | ||||||||||||
Withhold | 44,844 | 17,493 | 63,088 | 128,475 | ||||||||||||
Total | 16,105,778 | 9,577,257 | 20,433,692 | 23,473,780 | ||||||||||||
Carole E. Stone | ||||||||||||||||
For | 16,060,759 | 9,559,764 | 20,370,960 | 23,343,023 | ||||||||||||
Withhold | 45,019 | 17,493 | 62,732 | 130,757 | ||||||||||||
Total | 16,105,778 | 9,577,257 | 20,433,692 | 23,473,780 | ||||||||||||
Virginia L. Stringer | ||||||||||||||||
For | 16,053,284 | 9,559,562 | 20,368,833 | 23,306,425 | ||||||||||||
Withhold | 52,494 | 17,695 | 64,859 | 167,355 | ||||||||||||
Total | 16,105,778 | 9,577,257 | 20,433,692 | 23,473,780 | ||||||||||||
Terence J. Toth | ||||||||||||||||
For | 16,058,838 | 9,559,764 | 20,369,603 | 23,327,276 | ||||||||||||
Withhold | 46,940 | 17,493 | 64,089 | 146,504 | ||||||||||||
Total | 16,105,778 | 9,577,257 | 20,433,692 | 23,473,780 |
74 | Nuveen Investments |
Nuveen Mid Cap Select Fund | Nuveen Mid Cap Value Fund | Nuveen Quantitative Enhanced Core Equity Fund* | Nuveen Real Estate Securities Fund | |||||||||||||
To approve an investment advisory agreement with Nuveen Asset Management and an investment sub-advisory agreement between Nuveen Asset Management and Nuveen Asset Management, LLC. | ||||||||||||||||
For | 2,476,442 | 18,945,157 | 7,819,005 | 77,650,126 | ||||||||||||
Against | 25,455 | 39,290 | 9,314 | 2,812,879 | ||||||||||||
Abstain | 15,491 | 48,337 | — | 2,486,650 | ||||||||||||
Broker Non-Votes | 855,000 | 2,481,121 | 14,670 | 15,635,428 | ||||||||||||
Total | 3,372,388 | 21,513,905 | 7,842,989 | 98,585,083 | ||||||||||||
To approve a sub-advisory agreement between Nuveen Asset Management and Altrinsic Global Advisors, LLC | ||||||||||||||||
For | — | — | — | — | ||||||||||||
Against | — | — | — | — | ||||||||||||
Abstain | — | — | — | — | ||||||||||||
Broker Non-Votes | — | — | — | — | ||||||||||||
Total | — | — | — | — | ||||||||||||
To approve a sub-advisory agreement between Nuveen Asset Management and Hansberger Global Investors, Inc. | ||||||||||||||||
For | — | — | — | — | ||||||||||||
Against | — | — | — | — | ||||||||||||
Abstain | — | — | — | — | ||||||||||||
Broker Non-Votes | — | — | — | — | ||||||||||||
Total | — | — | — | — | ||||||||||||
To approve a sub-advisory agreement between Nuveen Asset Management and Lazard Asset Management, LLC | ||||||||||||||||
For | — | — | — | — | ||||||||||||
Against | — | — | — | — | ||||||||||||
Abstain | — | — | — | — | ||||||||||||
Broker Non-Votes | — | — | — | — | ||||||||||||
Total | — | — | — | — | ||||||||||||
Approval of the Board Members was reached as follows: | ||||||||||||||||
John P. Amboian | ||||||||||||||||
For | 3,344,307 | 21,390,313 | 7,842,989 | 88,500,408 | ||||||||||||
Withhold | 28,081 | 123,592 | — | 10,084,675 | ||||||||||||
Total | 3,372,388 | 21,513,905 | 7,842,989 | 98,585,083 | ||||||||||||
Robert P. Bremner | ||||||||||||||||
For | 3,345,881 | 21,390,820 | 7,842,989 | 88,477,007 | ||||||||||||
Withhold | 26,507 | 123,085 | — | 10,108,076 | ||||||||||||
Total | 3,372,388 | 21,513,905 | 7,842,989 | 98,585,083 | ||||||||||||
Jack B. Evans | ||||||||||||||||
For | 3,345,450 | 21,391,128 | 7,842,989 | 88,533,166 | ||||||||||||
Withhold | 26,938 | 122,777 | — | 10,051,917 | ||||||||||||
Total | 3,372,388 | 21,513,905 | 7,842,989 | 98,585,083 | ||||||||||||
William C. Hunter | ||||||||||||||||
For | 3,345,450 | 21,391,406 | 7,842,989 | 88,536,659 | ||||||||||||
Withhold | 26,938 | 122,499 | — | 10,048,424 | ||||||||||||
Total | 3,372,388 | 21,513,905 | 7,842,989 | 98,585,083 | ||||||||||||
David J. Kundert | ||||||||||||||||
For | 3,345,965 | 21,390,917 | 7,842,989 | 88,524,737 | ||||||||||||
Withhold | 26,423 | 122,988 | — | 10,060,346 | ||||||||||||
Total | 3,372,388 | 21,513,905 | 7,842,989 | 98,585,083 |
* | Effective May 15, 2011, Nuveen Quantitative Large Cap Core Fund is known as Nuveen Quantitative Enhanced Core Equity Fund. |
Nuveen Investments | 75 |
Shareholder Meeting Report (Unaudited) (continued)
Nuveen Mid Cap Select Fund | Nuveen Mid Cap Value Fund | Nuveen Quantitative Enhanced Core Equity Fund* | Nuveen Real Estate Securities Fund | |||||||||||||
William J. Schneider | ||||||||||||||||
For | 3,345,965 | 21,391,128 | 7,842,989 | 88,529,845 | ||||||||||||
Withhold | 26,423 | 122,777 | — | 10,055,238 | ||||||||||||
Total | 3,372,388 | 21,513,905 | 7,842,989 | 98,585,083 | ||||||||||||
Judith M. Stockdale | ||||||||||||||||
For | 3,346,640 | 21,391,128 | 7,842,989 | 88,526,568 | ||||||||||||
Withhold | 25,748 | 122,777 | — | 10,058,515 | ||||||||||||
Total | 3,372,388 | 21,513,905 | 7,842,989 | 98,585,083 | ||||||||||||
Carole E. Stone | ||||||||||||||||
For | 3,346,724 | 21,391,406 | 7,842,989 | 88,490,350 | ||||||||||||
Withhold | 25,664 | 122,499 | — | 10,094,733 | ||||||||||||
Total | 3,372,388 | 21,513,905 | 7,842,989 | 98,585,083 | ||||||||||||
Virginia L. Stringer | ||||||||||||||||
For | 3,346,207 | 21,390,999 | 7,842,989 | 88,353,709 | ||||||||||||
Withhold | 26,181 | 122,906 | — | 10,231,374 | ||||||||||||
Total | 3,372,388 | 21,513,905 | 7,842,989 | 98,585,083 | ||||||||||||
Terence J. Toth | ||||||||||||||||
For | 3,346,398 | 21,390,591 | 7,842,989 | 88,533,366 | ||||||||||||
Withhold | 25,990 | 123,314 | — | 10,051,717 | ||||||||||||
Total | 3,372,388 | 21,513,905 | 7,842,989 | 98,585,083 |
76 | Nuveen Investments |
Nuveen Small Cap Growth Opportunities Fund | Nuveen Small Cap Select Fund | Nuveen Small Cap Value Fund | Nuveen Tactical Market Opportunities Fund | |||||||||||||
To approve an investment advisory agreement with Nuveen Asset Management and an investment sub-advisory agreement between Nuveen Asset Management and Nuveen Asset Management, LLC. | ||||||||||||||||
For | 6,457,695 | 25,575,368 | 15,266,061 | 2,554,984 | ||||||||||||
Against | 22,058 | 3,262,835 | 34,922 | — | ||||||||||||
Abstain | 15,339 | 778,634 | 24,870 | — | ||||||||||||
Broker Non-Votes | 1,298,146 | 5,605,885 | 2,049,434 | — | ||||||||||||
Total | 7,793,238 | 35,222,722 | 17,375,287 | 2,554,984 | ||||||||||||
To approve a sub-advisory agreement between Nuveen Asset Management and Altrinsic Global Advisors, LLC | ||||||||||||||||
For | — | — | — | — | ||||||||||||
Against | — | — | — | — | ||||||||||||
Abstain | — | — | — | — | ||||||||||||
Broker Non-Votes | — | — | — | — | ||||||||||||
Total | — | — | — | — | ||||||||||||
To approve a sub-advisory agreement between Nuveen Asset Management and Hansberger Global Investors, Inc. | ||||||||||||||||
For | — | — | — | — | ||||||||||||
Against | — | — | — | — | ||||||||||||
Abstain | — | — | — | — | ||||||||||||
Broker Non-Votes | — | — | — | — | ||||||||||||
Total | — | — | — | — | ||||||||||||
To approve a sub-advisory agreement between Nuveen Asset Management and Lazard Asset Management, LLC | ||||||||||||||||
For | — | — | — | — | ||||||||||||
Against | — | — | — | — | ||||||||||||
Abstain | — | — | — | — | ||||||||||||
Broker Non-Votes | — | — | — | — | ||||||||||||
Total | — | — | — | — | ||||||||||||
Approval of the Board Members was reached as follows: | ||||||||||||||||
John P. Amboian | ||||||||||||||||
For | 7,745,307 | 32,682,822 | 17,316,696 | 2,554,984 | ||||||||||||
Withhold | 47,931 | 2,539,900 | 58,591 | — | ||||||||||||
Total | 7,793,238 | 35,222,722 | 17,375,287 | 2,554,984 | ||||||||||||
Robert P. Bremner | ||||||||||||||||
For | 7,744,121 | 32,661,971 | 17,316,696 | 2,554,984 | ||||||||||||
Withhold | 49,117 | 2,560,751 | 58,591 | — | ||||||||||||
Total | 7,793,238 | 35,222,722 | 17,375,287 | 2,554,984 | ||||||||||||
Jack B. Evans | ||||||||||||||||
For | 7,745,307 | 32,686,495 | 17,316,696 | 2,554,984 | ||||||||||||
Withhold | 47,931 | 2,536,227 | 58,591 | — | ||||||||||||
Total | 7,793,238 | 35,222,722 | 17,375,287 | 2,554,984 | ||||||||||||
William C. Hunter | ||||||||||||||||
For | 7,745,307 | 32,687,297 | 17,316,696 | 2,554,984 | ||||||||||||
Withhold | 47,931 | 2,535,425 | 58,591 | — | ||||||||||||
Total | 7,793,238 | 35,222,722 | 17,375,287 | 2,554,984 | ||||||||||||
David J. Kundert | ||||||||||||||||
For | 7,745,307 | 32,654,733 | 17,316,696 | 2,554,984 | ||||||||||||
Withhold | 47,931 | 2,567,989 | 58,591 | — | ||||||||||||
Total | 7,793,238 | 35,222,722 | 17,375,287 | 2,554,984 |
Nuveen Investments | 77 |
Shareholder Meeting Report (Unaudited) (continued)
Nuveen Small Cap Growth Opportunities Fund | Nuveen Small Cap Select Fund | Nuveen Small Cap Value Fund | Nuveen Tactical Market Opportunities Fund | |||||||||||||
William J. Schneider | ||||||||||||||||
For | 7,745,280 | 32,654,869 | 17,316,696 | 2,554,984 | ||||||||||||
Withhold | 47,958 | 2,567,853 | 58,591 | — | ||||||||||||
Total | 7,793,238 | 35,222,722 | 17,375,287 | 2,554,984 | ||||||||||||
Judith M. Stockdale | ||||||||||||||||
For | 7,745,223 | 32,682,487 | 17,316,487 | 2,554,984 | ||||||||||||
Withhold | 48,015 | 2,540,235 | 58,800 | — | ||||||||||||
Total | 7,793,238 | 35,222,722 | 17,375,287 | 2,554,984 | ||||||||||||
Carole E. Stone | ||||||||||||||||
For | 7,745,280 | 32,677,278 | 17,316,696 | 2,554,984 | ||||||||||||
Withhold | 47,958 | 2,545,444 | 58,591 | — | ||||||||||||
Total | 7,793,238 | 35,222,722 | 17,375,287 | 2,554,984 | ||||||||||||
Virginia L. Stringer | ||||||||||||||||
For | 7,745,307 | 32,357,579 | 17,317,520 | 2,554,984 | ||||||||||||
Withhold | 47,931 | 2,865,143 | 57,767 | — | ||||||||||||
Total | 7,793,238 | 35,222,722 | 17,375,287 | 2,554,984 | ||||||||||||
Terence J. Toth | ||||||||||||||||
For | 7,745,307 | 32,681,581 | 17,316,696 | 2,554,984 | ||||||||||||
Withhold | 47,931 | 2,541,141 | 58,591 | — | ||||||||||||
Total | 7,793,238 | 35,222,722 | 17,375,287 | 2,554,984 |
78 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Equity Income Fund
(formerly known as First American Equity Income Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
COMMON STOCKS – 98.2% | ||||||||||||||||||||
Consumer Discretionary – 12.7% | ||||||||||||||||||||
356,873 | Brunswick q | $ | 8,340,122 | |||||||||||||||||
758,475 | Foot Locker | 16,322,382 | ||||||||||||||||||
228,988 | Hasbro | 10,725,798 | ||||||||||||||||||
308,496 | Home Depot | 11,457,541 | ||||||||||||||||||
589,056 | International Game Technology | 10,420,401 | ||||||||||||||||||
503,730 | M.D.C. Holdings q | 14,703,879 | ||||||||||||||||||
319,981 | Mattel | 8,549,892 | ||||||||||||||||||
179,282 | McDonald’s | 14,039,573 | ||||||||||||||||||
313,570 | Starbucks | 11,348,098 | ||||||||||||||||||
176,384 | Thomson Reuters | 7,138,260 | ||||||||||||||||||
137,416 | Whirlpool q | 11,842,511 | ||||||||||||||||||
261,792 | Yum! Brands | 14,042,524 | ||||||||||||||||||
Total Consumer Discretionary | 138,930,981 | |||||||||||||||||||
Consumer Staples – 7.4% | ||||||||||||||||||||
370,984 | Altria Group | 9,957,211 | ||||||||||||||||||
270,185 | ConAgra Foods | 6,606,023 | ||||||||||||||||||
163,459 | Kimberly-Clark | 10,798,102 | ||||||||||||||||||
427,054 | Kraft Foods, Class A | 14,340,473 | ||||||||||||||||||
219,923 | Philip Morris International | 15,271,453 | ||||||||||||||||||
377,776 | Sysco q | 10,921,504 | ||||||||||||||||||
404,688 | Unilever q | 13,354,704 | ||||||||||||||||||
Total Consumer Staples | 81,249,470 | |||||||||||||||||||
Energy – 12.8% | ||||||||||||||||||||
162,856 | Anadarko Petroleum | 12,855,853 | ||||||||||||||||||
316,040 | Chevron | 34,587,417 | ||||||||||||||||||
360,130 | ConocoPhillips | 28,425,061 | ||||||||||||||||||
162,572 | Enbridge Energy Partners | 5,511,191 | ||||||||||||||||||
334,942 | Exterran Partners q | 9,622,884 | ||||||||||||||||||
367,985 | Exxon Mobil | 32,382,680 | ||||||||||||||||||
260,301 | Total – ADR q | 16,719,133 | ||||||||||||||||||
Total Energy | 140,104,219 | |||||||||||||||||||
Financials – 16.6% | ||||||||||||||||||||
206,268 | Aflac | 11,590,198 | ||||||||||||||||||
602,488 | Annaly Capital Management – REIT q | 10,748,386 | ||||||||||||||||||
1,170,522 | Bank of America | 14,374,010 | ||||||||||||||||||
219,970 | BankUnited q | 6,178,957 | ||||||||||||||||||
295,615 | Blackstone Group q | 5,598,948 | ||||||||||||||||||
202,745 | Capital One Financial | 11,096,234 | ||||||||||||||||||
507,375 | Fifth Third Bancorp | 6,732,866 | ||||||||||||||||||
59,691 | Goldman Sachs Group | 9,013,938 | ||||||||||||||||||
351,113 | Hartford Financial Services Group q | 10,171,744 | ||||||||||||||||||
682,392 | JPMorgan Chase | 31,137,546 | ||||||||||||||||||
153,716 | Liberty Property Trust – REIT | 5,406,192 |
Nuveen Investments | 79 |
Portfolio of Investments (Unaudited)
Nuveen Equity Income Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
103,168 | Mid-America Apartment Communities – REIT | $ | 6,896,781 | |||||||||||||||||
186,482 | National Retail Properties – REIT | 4,911,936 | ||||||||||||||||||
722,643 | Old Republic International q | 9,155,887 | ||||||||||||||||||
182,662 | Prudential Financial | 11,584,424 | ||||||||||||||||||
327,818 | Redwood Trust – REIT q | 5,189,359 | ||||||||||||||||||
262,119 | SunTrust Banks | 7,389,135 | ||||||||||||||||||
94,493 | Ventas – REIT q | 5,284,993 | ||||||||||||||||||
292,545 | Wells Fargo | 8,515,985 | ||||||||||||||||||
Total Financials | 180,977,519 | |||||||||||||||||||
Health Care – 8.7% | ||||||||||||||||||||
315,162 | Abbott Laboratories | 16,401,030 | ||||||||||||||||||
360,943 | Bristol-Myers Squibb | 10,142,498 | ||||||||||||||||||
261,529 | GlaxoSmithKline | 11,418,356 | ||||||||||||||||||
262,309 | Johnson & Johnson | 17,238,947 | ||||||||||||||||||
1,396,076 | Pfizer | 29,261,754 | ||||||||||||||||||
96,501 | Teva Pharmaceutical Industries – ADR | 4,412,991 | ||||||||||||||||||
124,110 | UnitedHealth Group | 6,109,935 | ||||||||||||||||||
Total Health Care | 94,985,511 | |||||||||||||||||||
Industrials – 12.1% | ||||||||||||||||||||
182,700 | 3M | 17,760,267 | ||||||||||||||||||
119,944 | Boeing | 9,569,132 | ||||||||||||||||||
177,747 | Emerson Electric | 10,799,908 | ||||||||||||||||||
115,579 | General Dynamics | 8,416,463 | ||||||||||||||||||
1,239,899 | General Electric | 25,355,934 | ||||||||||||||||||
130,994 | Hubbell, Class B | 9,168,270 | ||||||||||||||||||
176,751 | Manpower | 11,709,754 | ||||||||||||||||||
428,180 | Textron q | 11,175,498 | ||||||||||||||||||
135,603 | United Parcel Service, Class B | 10,166,157 | ||||||||||||||||||
196,940 | United Technologies | 17,641,885 | ||||||||||||||||||
Total Industrials | 131,763,268 | |||||||||||||||||||
Information Technology – 12.1% | ||||||||||||||||||||
628,143 | Applied Materials | 9,855,564 | ||||||||||||||||||
209,230 | Automatic Data Processing q | 11,371,651 | ||||||||||||||||||
730,385 | Intel | 16,937,627 | ||||||||||||||||||
41,112 | MasterCard, Class A | 11,342,390 | ||||||||||||||||||
467,273 | Maxim Integrated Products q | 12,775,244 | ||||||||||||||||||
718,008 | Microsoft | 18,682,568 | ||||||||||||||||||
416,442 | Molex, Class A | 9,378,274 | ||||||||||||||||||
360,337 | Oracle | 12,990,149 | ||||||||||||||||||
223,663 | QUALCOMM | 12,713,005 | ||||||||||||||||||
283,964 | Texas Instruments | 10,089,241 | ||||||||||||||||||
70,353 | Visa, Class A | 5,495,976 | ||||||||||||||||||
Total Information Technology | 131,631,689 |
80 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||
Materials – 5.9% | ||||||||||||||
234,647 | E.I. Du Pont de Nemours | $ | 13,325,603 | |||||||||||
238,171 | Freeport-McMoRan Copper & Gold | 13,106,550 | ||||||||||||
680,633 | Huntsman | 14,191,199 | ||||||||||||
131,827 | PPG Industries | 12,480,062 | ||||||||||||
107,896 | Praxair | 11,482,292 | ||||||||||||
Total Materials | 64,585,706 | |||||||||||||
Telecommunication Services – 5.8% | ||||||||||||||
389,221 | CenturyTel | 15,872,432 | ||||||||||||
843,959 | Verizon Communications | 31,884,772 | ||||||||||||
1,217,878 | Windstream q | 15,601,017 | ||||||||||||
Total Telecommunication Services | 63,358,221 | |||||||||||||
Utilities – 4.1% | ||||||||||||||
519,512 | CenterPoint Energy | 9,662,923 | ||||||||||||
750,096 | PNM Resources | 11,498,972 | ||||||||||||
249,105 | PPL | 6,832,950 | ||||||||||||
613,485 | Westar Energy q | 16,692,927 | ||||||||||||
Total Utilities | 44,687,772 | |||||||||||||
Total Common Stocks (cost $775,290,227) | 1,072,274,356 | |||||||||||||
Shares | Description p | Value | ||||||||||||
MONEY MARKET FUNDS – 12.6% | ||||||||||||||
136,897,647 | Mount Vernon Securities Lending Prime Portfolio 0.235% W † | $ | 136,897,647 | |||||||||||
Total Money Market Funds (cost $136,897,647) | 136,897,647 | |||||||||||||
Shares | Description p | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 1.6% | ||||||||||||||
Money Market Funds – 1.6% | ||||||||||||||
17,840,739 | First American Prime Obligations Fund, Class Z 0.053% W | $ | 17,840,739 | |||||||||||
Total Short-Term Investments (cost $17,840,739) | 17,840,739 | |||||||||||||
Total Investments – 112.4% (cost $930,028,613) | 1,227,012,742 | |||||||||||||
Other Assets Less Liabilities – (12.4)% | (135,455,447) | |||||||||||||
Net Assets – 100.0% | $ | 1,091,557,295 |
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. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
q | Investment, or a portion of investment, is out on loan for securities lending. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2011. |
† | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund. |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
Nuveen Investments | 81 |
Portfolio of Investments (Unaudited)
Nuveen Global Infrastructure Fund
(formerly known as First American Global Infrastructure Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
COMMON STOCKS – 96.9% | ||||||||||||||||||||
Australia – 6.8% | ||||||||||||||||||||
250,239 | APA Group | $ | 1,165,714 | |||||||||||||||||
1,221,048 | Asciano Group | 2,208,334 | ||||||||||||||||||
579,454 | Australian Infrastructure Fund | 1,200,408 | ||||||||||||||||||
230,200 | DUET Group | 428,946 | ||||||||||||||||||
99,691 | Macquarie Atlas Roads Group — | 201,605 | ||||||||||||||||||
578,528 | MAp Group | 1,870,658 | ||||||||||||||||||
347,977 | SP AusNet l | 333,739 | ||||||||||||||||||
296,222 | Spark Infrastructure Group | 384,755 | ||||||||||||||||||
949,262 | Transurban Group | 5,514,549 | ||||||||||||||||||
Total Australia | 13,308,708 | |||||||||||||||||||
Austria – 1.2% | ||||||||||||||||||||
37,552 | Flughafen Wien | 2,363,860 | ||||||||||||||||||
Belgium – 0.4% | ||||||||||||||||||||
18,417 | Elia System Operator | 816,988 | ||||||||||||||||||
Brazil – 7.0% | ||||||||||||||||||||
88,928 | Companhia de Concessoes Rodoviarias | 2,761,335 | ||||||||||||||||||
8,114 | Companhia de Gas de Sao Paulo, Class A — | 234,673 | ||||||||||||||||||
5,189 | Companhia de Saneamento Basico do Estado de Sao Paulo – ADR | 303,660 | ||||||||||||||||||
42,176 | Companhia de Saneamento de Minas Gerais | 750,117 | ||||||||||||||||||
64,667 | Companhia de Transmissao de Energia Electrica Paulista | 2,086,921 | ||||||||||||||||||
642 | Companhia de Transmissao de Energia Electrica Paulista – Rights — | 511 | ||||||||||||||||||
45,676 | Companhia Paranaense de Energia-Copel – ADR | 1,259,287 | ||||||||||||||||||
272,459 | EcoRodovias Infraestructura e Logistica | 2,402,114 | ||||||||||||||||||
56,664 | Energias do Brasil | 1,408,676 | ||||||||||||||||||
37,519 | Santos Brasil Participacoes l | 715,465 | ||||||||||||||||||
93,422 | Wilson Sons – BDR l | 1,739,934 | ||||||||||||||||||
Total Brazil | 13,662,693 | |||||||||||||||||||
Canada – 7.8% | ||||||||||||||||||||
87,094 | Algonquin Power & Utilities | 494,314 | ||||||||||||||||||
37,503 | ATCO, Class I l | 2,308,883 | ||||||||||||||||||
12,193 | Brookfield Asset Management, Class A | 409,929 | ||||||||||||||||||
26,774 | Brookfield Renewable Power Fund | 651,699 | ||||||||||||||||||
11,066 | Emera | 368,418 | ||||||||||||||||||
123,077 | Enbridge | 7,979,082 | ||||||||||||||||||
47,047 | Fortis l | 1,615,555 | ||||||||||||||||||
25,454 | Veresen | 365,877 | ||||||||||||||||||
37,809 | Westshore Terminals Investment | 968,252 | ||||||||||||||||||
Total Canada | 15,162,009 | |||||||||||||||||||
Chile – 1.6% | ||||||||||||||||||||
431,108 | Empresa Electrica Del Norte Grande | 1,164,165 | ||||||||||||||||||
2,805 | Empresa Nacional de Electrcidad – ADR | 158,146 | ||||||||||||||||||
81,464 | Enersis – ADR | 1,740,071 | ||||||||||||||||||
Total Chile | 3,062,382 |
82 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
China – 1.4% | ||||||||||||||||||||
1,356,662 | Dalian Port, Class H | $ | 531,048 | |||||||||||||||||
599,283 | Jiangsu Expressway, Class H | 635,068 | ||||||||||||||||||
86,684 | Xinao Gas Holdings | 296,899 | ||||||||||||||||||
1,427,430 | Zhejiang Expressway, Class H | 1,178,152 | ||||||||||||||||||
Total China | 2,641,167 | |||||||||||||||||||
Denmark – 0.2% | ||||||||||||||||||||
40 | AP Moller - Maersk, Class B | 405,155 | ||||||||||||||||||
Finland – 0.3% | ||||||||||||||||||||
14,203 | Fortum Oyj | 489,316 | ||||||||||||||||||
France – 8.0% | ||||||||||||||||||||
43,301 | Aeroports de Paris | 4,149,559 | ||||||||||||||||||
43,651 | Electricite de France | 1,837,784 | ||||||||||||||||||
28,596 | GDF Suez | 1,170,058 | ||||||||||||||||||
55,617 | Groupe Eurotunnel | 604,237 | ||||||||||||||||||
9,020 | Rubis | 1,108,880 | ||||||||||||||||||
268 | Seche Environnement | 25,607 | ||||||||||||||||||
81,228 | Suez Environnement | 1,872,040 | ||||||||||||||||||
17,925 | Veolia Environnement – ADR | 601,025 | ||||||||||||||||||
63,225 | Vinci | 4,223,428 | ||||||||||||||||||
Total France | 15,592,618 | |||||||||||||||||||
Germany – 1.6% | ||||||||||||||||||||
11,990 | Fraport Frankfurt Airport | 959,520 | ||||||||||||||||||
36,462 | Hamburger Hafen und Logistik | 1,768,689 | ||||||||||||||||||
5,286 | RWE | 344,923 | ||||||||||||||||||
Total Germany | 3,073,132 | |||||||||||||||||||
Hong Kong – 9.0% | ||||||||||||||||||||
1,591,710 | Beijing Capital International Airport, Class H | 784,967 | ||||||||||||||||||
866,367 | Beijing Enterprises Holdings | 4,601,660 | ||||||||||||||||||
2,944,269 | Beijing Enterprises Water Group — | 928,821 | ||||||||||||||||||
193,731 | Cheung Kong Infrastructure Holdings | 944,177 | ||||||||||||||||||
3,528,932 | China Everbright International | 1,581,289 | ||||||||||||||||||
770,073 | China Merchants Holdings International | 3,544,841 | ||||||||||||||||||
115,698 | China Resources Gas Group | 168,342 | ||||||||||||||||||
1,216,293 | China Suntien Green Energy, Class H | 374,304 | ||||||||||||||||||
1,717,873 | China Water Affairs Group | 650,320 | ||||||||||||||||||
951,668 | Guangdong Investment | 492,607 | ||||||||||||||||||
231,869 | Hong Kong and China Gas | 575,623 | ||||||||||||||||||
638,392 | Hopewell Highway Infrastructure | 414,292 | ||||||||||||||||||
458,334 | MTR | 1,670,157 | ||||||||||||||||||
3,772,940 | Shenzhen International Holdings | 349,785 | ||||||||||||||||||
634,012 | Sichuan Expressway, Class H | 383,693 | ||||||||||||||||||
Total Hong Kong | 17,464,878 |
Nuveen Investments | 83 |
Portfolio of Investments (Unaudited)
Nuveen Global Infrastructure Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
India – 1.1% | ||||||||||||||||||||
28,042 | GAIL India – GDR l | $ | 1,850,772 | |||||||||||||||||
94,565 | Power Grid | 223,607 | ||||||||||||||||||
Total India | 2,074,379 | |||||||||||||||||||
Italy – 5.9% | ||||||||||||||||||||
24,735 | ACEA | 319,285 | ||||||||||||||||||
360,142 | Atlantia | 8,860,192 | ||||||||||||||||||
47,524 | Autostrada Torino-Milano | 799,634 | ||||||||||||||||||
41,575 | SAVE | 498,789 | ||||||||||||||||||
204,531 | Terna-Rete Elettrica Nationale | 1,023,943 | ||||||||||||||||||
Total Italy | 11,501,843 | |||||||||||||||||||
Japan – 1.8% | ||||||||||||||||||||
125,235 | Japan Airport Terminal | 1,610,308 | ||||||||||||||||||
90,009 | Mitsubishi Logistics | 993,134 | ||||||||||||||||||
37,373 | Park24 | 389,787 | ||||||||||||||||||
127,291 | Toho Gas | 593,182 | ||||||||||||||||||
Total Japan | 3,586,411 | |||||||||||||||||||
Lebanon – 0.2% | ||||||||||||||||||||
55,539 | Equatorial Energia | 473,063 | ||||||||||||||||||
Luxembourg – 2.2% | ||||||||||||||||||||
160,924 | SES | 4,225,998 | ||||||||||||||||||
Mexico – 0.2% | ||||||||||||||||||||
47,103 | Empresas ICA – ADR — | 464,907 | ||||||||||||||||||
Netherlands – 2.7% | ||||||||||||||||||||
110,992 | Koninklijke Vopak | 5,319,857 | ||||||||||||||||||
New Zealand – 1.6% | ||||||||||||||||||||
140,841 | Auckland International Airport | 253,027 | ||||||||||||||||||
685,734 | Infratil | 1,054,369 | ||||||||||||||||||
197,515 | Port of Tauranga | 1,384,208 | ||||||||||||||||||
210,612 | Vector | 436,321 | ||||||||||||||||||
Total New Zealand | 3,127,925 | |||||||||||||||||||
Norway – 0.2% | ||||||||||||||||||||
21,846 | Hafslund, Class B l | 315,411 | ||||||||||||||||||
Philippines – 0.6% | ||||||||||||||||||||
244,224 | International Container Terminal Services | 279,822 | ||||||||||||||||||
1,170,888 | Manila Water Company | 492,315 | ||||||||||||||||||
4,395,767 | Metro Pacific Investments | 376,839 | ||||||||||||||||||
Total Philippines | 1,148,976 | |||||||||||||||||||
Poland – 0.4% | ||||||||||||||||||||
341,371 | Tauron Polska Energia | 797,265 | ||||||||||||||||||
Portugal – 0.5% | ||||||||||||||||||||
145,417 | Brisa Auto-Estradas de Portugal | 972,893 | ||||||||||||||||||
Singapore – 7.1% | ||||||||||||||||||||
998,401 | CitySpring Infrastructure Trust | 444,531 | ||||||||||||||||||
1,801,132 | ComfortDelGro | 2,251,323 | ||||||||||||||||||
1,417,467 | Hutchison Port Holdings Trust — | 1,304,070 |
84 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Singapore (continued) | ||||||||||||||||||||
821,473 | Hyflux | $ | 1,442,888 | |||||||||||||||||
579,866 | Parkway Life – REIT | 819,548 | ||||||||||||||||||
1,945,299 | Singapore Airport Terminal Services | 4,100,218 | ||||||||||||||||||
1,498,019 | Singapore Post | 1,419,633 | ||||||||||||||||||
1,374,890 | SMRT | 2,134,137 | ||||||||||||||||||
Total Singapore | 13,916,348 | |||||||||||||||||||
Spain – 3.8% | ||||||||||||||||||||
229,349 | Abertis Infraestructuras | 5,433,514 | ||||||||||||||||||
16,784 | Enagas | 415,281 | ||||||||||||||||||
58,743 | Ferrovial | 810,299 | ||||||||||||||||||
81,332 | Iberdrola | 755,316 | ||||||||||||||||||
Total Spain | 7,414,410 | |||||||||||||||||||
Switzerland – 0.6% | ||||||||||||||||||||
2,535 | Flughafen Zuerich | 1,116,572 | ||||||||||||||||||
United Kingdom – 4.6% | ||||||||||||||||||||
212,290 | Balfour Beatty | 1,162,368 | ||||||||||||||||||
445,835 | Centrica | 2,389,732 | ||||||||||||||||||
154,763 | FirstGroup | 839,372 | ||||||||||||||||||
14,804 | National Grid – ADR | 759,889 | ||||||||||||||||||
174,443 | Northumbrian Water Group | 1,022,450 | ||||||||||||||||||
12,514 | Pennon Group | 137,853 | ||||||||||||||||||
158,777 | Serco Group | 1,499,773 | ||||||||||||||||||
47,841 | Severn Trent | 1,199,461 | ||||||||||||||||||
Total United Kingdom | 9,010,898 | |||||||||||||||||||
United States – 18.1% | ||||||||||||||||||||
20,640 | American States Water | 720,542 | ||||||||||||||||||
14,984 | American Tower, Class A — | 783,813 | ||||||||||||||||||
35,648 | Aqua America | 803,862 | ||||||||||||||||||
33,224 | Brookfield Infrastructure Partners | 780,764 | ||||||||||||||||||
3,222 | California Water Service Group | 121,534 | ||||||||||||||||||
13,287 | Chesapeake Utilities | 568,551 | ||||||||||||||||||
1,775 | Connecticut Water Service | 45,689 | ||||||||||||||||||
13,351 | Corrections Corporation of America — | 332,306 | ||||||||||||||||||
33,557 | Covanta Holding | 576,174 | ||||||||||||||||||
93,725 | El Paso | 1,819,202 | ||||||||||||||||||
250 | Enbridge Energy Management | 8,530 | ||||||||||||||||||
2,830 | Gas Natural | 31,753 | ||||||||||||||||||
10,119 | ITC Holdings | 717,741 | ||||||||||||||||||
24,196 | Kinder Morgan | 691,522 | ||||||||||||||||||
2,754 | Kinder Morgan Management | 187,789 | ||||||||||||||||||
16,154 | New Jersey Resources | 707,222 | ||||||||||||||||||
41,893 | Northeast Utilities | 1,491,391 | ||||||||||||||||||
61,935 | Northwest Natural Gas | 2,863,874 | ||||||||||||||||||
20,535 | Pepco Holdings | 395,709 | ||||||||||||||||||
8,386 | PG&E | 386,427 |
Nuveen Investments | 85 |
Portfolio of Investments (Unaudited)
Nuveen Global Infrastructure Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
United States (continued) | ||||||||||||||||||||
20,887 | Quanta Services — | $ | 452,830 | |||||||||||||||||
220,316 | Questar | 3,870,952 | ||||||||||||||||||
52,792 | Republic Services | 1,669,283 | ||||||||||||||||||
20,287 | SBA Communications, Class A — | 783,687 | ||||||||||||||||||
10,742 | Sempra Energy | 591,884 | ||||||||||||||||||
31,601 | Southern Union | 944,870 | ||||||||||||||||||
6,885 | Southwest Gas | 273,816 | ||||||||||||||||||
215,348 | Spectra Energy | 6,253,706 | ||||||||||||||||||
75,668 | Standard Parking — | 1,323,433 | ||||||||||||||||||
38,551 | UGI | 1,283,748 | ||||||||||||||||||
11,598 | Waste Connections | 356,871 | ||||||||||||||||||
26,574 | Williams | 881,460 | ||||||||||||||||||
60,282 | Wisconsin Energy | 1,881,401 | ||||||||||||||||||
28,303 | Xcel Energy | 688,612 | ||||||||||||||||||
Total United States | 35,290,948 | |||||||||||||||||||
Total Common Stocks (cost $166,804,310) | 188,801,010 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
SHORT-TERM INVESTMENT – 1.0% | ||||||||||||||||||||
Money Market Funds – 1.0% | ||||||||||||||||||||
1,884,769 | State Street Institutional Liquid Reserves Fund, 0.160% W | $ | 1,884,769 | |||||||||||||||||
Total Short-Term Investment (cost $1,884,769) | 1,884,769 | |||||||||||||||||||
Total Investments – 97.9% (cost $168,689,079) | 190,685,779 | |||||||||||||||||||
Other Assets Less Liabilities – 2.1% | 4,083,738 | |||||||||||||||||||
Net Assets – 100.0% | $ | 194,769,517 |
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. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
— | Non-income producing; issuer has not declared a dividend within the past twelve months. |
![]() | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2011. |
l | For fair value measurement disclosure purposes, Common Stock categorized as Level 2. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
ADR | American Depositary Receipt |
BDR | Brazilian Depositary Receipt |
GDR | Global Depositary Receipt |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
86 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen International Fund
(formerly known as First American International Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
COMMON STOCKS – 85.8% | ||||||||||||||||||||
Australia – 2.8% | ||||||||||||||||||||
78,752 | APA Group | $ | 366,858 | |||||||||||||||||
373,149 | Asciano Group | 674,861 | ||||||||||||||||||
177,754 | Australian Infrastructure Fund | 368,239 | ||||||||||||||||||
98,085 | CSL | 3,692,984 | ||||||||||||||||||
70,151 | DUET Group | 130,716 | ||||||||||||||||||
31,206 | Macquarie Atlas Roads Group — | 63,108 | ||||||||||||||||||
89,954 | Macquarie Group | 3,466,709 | ||||||||||||||||||
177,571 | MAp Group | 574,172 | ||||||||||||||||||
34,270 | Newcrest Mining | 1,556,993 | ||||||||||||||||||
118,425 | SP AusNet l | 113,579 | ||||||||||||||||||
100,140 | Spark Infrastructure Group | 130,069 | ||||||||||||||||||
299,165 | Transurban Group | 1,737,940 | ||||||||||||||||||
64,421 | Woodside Petroleum | 3,304,619 | ||||||||||||||||||
119,479 | WorleyParsons | 3,974,645 | ||||||||||||||||||
Total Australia | 20,155,492 | |||||||||||||||||||
Austria – 0.1% | ||||||||||||||||||||
11,522 | Flughafen Wien | 725,298 | ||||||||||||||||||
Belgium – 0.7% | ||||||||||||||||||||
77,901 | Anheuser-Busch InBev | 4,967,249 | ||||||||||||||||||
5,718 | Elia System Operator | 253,653 | ||||||||||||||||||
Total Belgium | 5,220,902 | |||||||||||||||||||
Brazil – 1.7% | ||||||||||||||||||||
27,243 | Companhia de Concessoes Rodoviarias | 845,932 | ||||||||||||||||||
2,453 | Companhia de Gas de Sao Paulo, Class A — | 70,946 | ||||||||||||||||||
1,585 | Companhia de Saneamento Basico do Estado de Sao Paulo – ADR | 92,754 | ||||||||||||||||||
12,778 | Companhia de Saneamento de Minas Gerais | 227,262 | ||||||||||||||||||
19,715 | Companhia de Transmissao de Energia Electrica Paulista | 636,239 | ||||||||||||||||||
196 | Companhia de Transmissao de Energia eletrica Paulista – Rights — | 156 | ||||||||||||||||||
157,920 | Companhia Energetica de Minas Gerais – ADR | 3,295,790 | ||||||||||||||||||
13,929 | Companhia Paranaense de Energia-Copel – ADR | 384,023 | ||||||||||||||||||
83,147 | EcoRodovias Infraestructura e Logistica | 733,059 | ||||||||||||||||||
17,824 | Energias do Brasil | 443,107 | ||||||||||||||||||
93,896 | Itau Unibanco Holding – ADR | 2,230,030 | ||||||||||||||||||
12,356 | Santos Brasil Participacoes l | 235,622 | ||||||||||||||||||
71,783 | Vale – ADR | 2,397,552 | ||||||||||||||||||
29,250 | Wilson Sons – BDR l | 544,765 | ||||||||||||||||||
Total Brazil | 12,137,237 | |||||||||||||||||||
Canada – 4.8% | ||||||||||||||||||||
17,020 | Agrium | 1,539,119 | ||||||||||||||||||
26,458 | Algonquin Power & Utilities | 150,166 | ||||||||||||||||||
11,561 | ATCO, Class I l | 711,756 | ||||||||||||||||||
68,905 | Bank of Nova Scotia | 4,205,961 | ||||||||||||||||||
3,706 | Brookfield Asset Management, Class A | 124,596 |
Nuveen Investments | 87 |
Portfolio of Investments (Unaudited)
Nuveen International Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Canada (continued) | ||||||||||||||||||||
8,370 | Brookfield Renewable Power Fund | $ | 203,732 | |||||||||||||||||
134,482 | Cameco | 3,964,529 | ||||||||||||||||||
91,379 | Cenovus Energy | 3,513,574 | ||||||||||||||||||
3,489 | Emera | 116,159 | ||||||||||||||||||
37,678 | Enbridge | 2,442,665 | ||||||||||||||||||
99,549 | EnCana l | 3,344,779 | ||||||||||||||||||
14,523 | Fortis l | 498,708 | ||||||||||||||||||
228,688 | Manulife Financial | 4,109,523 | ||||||||||||||||||
96,031 | Suncor Energy | 4,421,267 | ||||||||||||||||||
81,600 | TMX Group | 3,498,067 | ||||||||||||||||||
7,769 | Veresen | 111,672 | ||||||||||||||||||
11,682 | Westshore Terminals Investment | 299,165 | ||||||||||||||||||
106,244 | Yamana Gold | 1,350,361 | ||||||||||||||||||
Total Canada | 34,605,799 | |||||||||||||||||||
Chile – 0.4% | ||||||||||||||||||||
131,801 | Empresa Electrica Del Norte Grande | 355,916 | ||||||||||||||||||
957 | Empresa Nacional de Electrcidad – ADR | 53,955 | ||||||||||||||||||
24,774 | Enersis – ADR | 529,172 | ||||||||||||||||||
29,251 | Sociedad Quimica y Minera de Chile – ADR | 1,785,189 | ||||||||||||||||||
Total Chile | 2,724,232 | |||||||||||||||||||
China – 1.9% | ||||||||||||||||||||
2,180,000 | Agile Property Holdings | 3,542,456 | ||||||||||||||||||
605,350 | China Merchants Bank | 1,558,925 | ||||||||||||||||||
369,077 | China Suntien Green Energy, Class H | 113,580 | ||||||||||||||||||
415,532 | Dalian Port, Class H | 162,655 | ||||||||||||||||||
26,299 | ENN Energy Holdings | 90,076 | ||||||||||||||||||
1,998,000 | Industrial & Commercial Bank of China, Class H | 1,690,244 | ||||||||||||||||||
182,521 | Jiangsu Expressway, Class H | 193,420 | ||||||||||||||||||
16,958 | New Oriental Education & Technology Group – ADR — | 2,113,645 | ||||||||||||||||||
165,500 | Ping An Insurance | 1,799,643 | ||||||||||||||||||
90,000 | Tencent Holdings | 2,561,082 | ||||||||||||||||||
434,507 | Zhejiang Expressway, Class H | 358,627 | ||||||||||||||||||
Total China | 14,184,353 | |||||||||||||||||||
Denmark – 1.0% | ||||||||||||||||||||
12 | AP Moller – Maersk, Class B | 121,547 | ||||||||||||||||||
29,205 | Novo Nordisk, Class B | 3,691,879 | ||||||||||||||||||
99,270 | Vestas Wind Systems — | 3,525,149 | ||||||||||||||||||
Total Denmark | 7,338,575 | |||||||||||||||||||
Finland – 0.7% | ||||||||||||||||||||
4,446 | Fortum Oyj | 153,172 | ||||||||||||||||||
514,757 | Nokia Oyj | 4,742,336 | ||||||||||||||||||
Total Finland | 4,895,508 | |||||||||||||||||||
France – 5.8% | ||||||||||||||||||||
13,424 | Aeroports de Paris | 1,286,429 | ||||||||||||||||||
49,770 | Alstom | 3,309,522 |
88 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
France (continued) | ||||||||||||||||||||
178,802 | AXA | $ | 4,012,220 | |||||||||||||||||
86,107 | BNP Paribas | 6,814,333 | ||||||||||||||||||
65,672 | Carrefour | 3,113,620 | ||||||||||||||||||
13,392 | Electricite de France | 563,827 | ||||||||||||||||||
8,921 | GDF Suez | 365,019 | ||||||||||||||||||
16,890 | Groupe Eurotunnel | 183,497 | ||||||||||||||||||
34,613 | Iliad | 4,449,474 | ||||||||||||||||||
21,563 | L’oreal | 2,734,220 | ||||||||||||||||||
2,782 | Rubis | 342,007 | ||||||||||||||||||
81 | Seche Environnement | 7,739 | ||||||||||||||||||
24,830 | Suez Environnement | 572,250 | ||||||||||||||||||
105,934 | Total | 6,781,408 | ||||||||||||||||||
55,628 | Total – ADR | 3,572,986 | ||||||||||||||||||
256,466 | Ubisoft Entertainment — | 2,574,726 | ||||||||||||||||||
5,503 | Veolia Environnement – ADR | 184,517 | ||||||||||||||||||
19,229 | Vinci | 1,284,498 | ||||||||||||||||||
Total France | 42,152,292 | |||||||||||||||||||
Germany – 8.4% | ||||||||||||||||||||
115,763 | Adidas | 8,617,712 | ||||||||||||||||||
114,346 | Aixtron | 4,877,679 | ||||||||||||||||||
42,613 | Allianz | 6,709,267 | ||||||||||||||||||
13,200 | BASF | 1,356,854 | ||||||||||||||||||
40,824 | Bayer | 3,588,691 | ||||||||||||||||||
60,813 | BMW | 5,734,968 | ||||||||||||||||||
43,441 | Deutsche Boerse | 3,609,628 | ||||||||||||||||||
187,190 | E.ON | 6,399,089 | ||||||||||||||||||
3,655 | Fraport Frankfurt Airport | 292,497 | ||||||||||||||||||
11,309 | Hamburger Hafen und Logistik | 548,574 | ||||||||||||||||||
43,730 | Henkel KGAA | 2,978,161 | ||||||||||||||||||
1,708 | RWE | 111,451 | ||||||||||||||||||
49,748 | SAP | 3,205,270 | ||||||||||||||||||
33,940 | Siemens | 4,937,550 | ||||||||||||||||||
99,440 | Symrise | 3,280,055 | ||||||||||||||||||
19,934 | Wacker Chemie | 4,939,581 | ||||||||||||||||||
Total Germany | 61,187,027 | |||||||||||||||||||
Hong Kong – 2.2% | ||||||||||||||||||||
486,290 | Beijing Capital International Airport, Class H | 239,819 | ||||||||||||||||||
264,156 | Beijing Enterprises Holdings | 1,403,050 | ||||||||||||||||||
913,063 | Beijing Enterprises Water Group — | 288,042 | ||||||||||||||||||
239,948 | Cheung Kong Holdings | 3,775,522 | ||||||||||||||||||
60,250 | Cheung Kong Infrastructure Holdings | 293,638 | ||||||||||||||||||
1,082,068 | China Everbright International | 484,867 | ||||||||||||||||||
235,101 | China Merchants Holdings International | 1,082,229 | ||||||||||||||||||
34,978 | China Resources Gas Group | 50,893 | ||||||||||||||||||
532,652 | China Water Affairs Group | 201,641 |
Nuveen Investments | 89 |
Portfolio of Investments (Unaudited)
Nuveen International Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Hong Kong (continued) | ||||||||||||||||||||
745,803 | Esprit Holdings | $ | 3,101,811 | |||||||||||||||||
291,712 | Guangdong Investment | 150,997 | ||||||||||||||||||
72,953 | Hong Kong & China Gas | 181,108 | ||||||||||||||||||
195,532 | Hopewell Highway Infrastructure | 126,893 | ||||||||||||||||||
600,000 | Li & Fung | 3,067,117 | ||||||||||||||||||
499,523 | Li Ning | 855,452 | ||||||||||||||||||
142,169 | MTR | 518,060 | ||||||||||||||||||
1,166,161 | Shenzhen International Holdings | 108,113 | ||||||||||||||||||
191,927 | Sichuan Expressway, Class H | 116,151 | ||||||||||||||||||
Total Hong Kong | 16,045,403 | |||||||||||||||||||
India – 0.4% | ||||||||||||||||||||
8,491 | GAIL India – GDR l | 560,406 | ||||||||||||||||||
11,689 | HDFC Bank – ADR | 2,011,677 | ||||||||||||||||||
28,882 | Power Grid | 68,294 | ||||||||||||||||||
Total India | 2,640,377 | |||||||||||||||||||
Ireland – 2.4% | ||||||||||||||||||||
132,520 | Covidien | 7,380,039 | ||||||||||||||||||
228,620 | CRH | 5,590,633 | ||||||||||||||||||
187,863 | Experian Group | 2,530,760 | ||||||||||||||||||
160,431 | WPP | 2,094,221 | ||||||||||||||||||
Total Ireland | 17,595,653 | |||||||||||||||||||
Israel – 0.4% | ||||||||||||||||||||
67,404 | Teva Pharmaceutical Industries – ADR | 3,082,385 | ||||||||||||||||||
Italy – 1.8% | ||||||||||||||||||||
7,577 | ACEA | 97,806 | ||||||||||||||||||
110,308 | Atlantia | 2,713,791 | ||||||||||||||||||
14,011 | Autostrada Torino-Milano | 235,748 | ||||||||||||||||||
292,830 | Enel | 2,087,956 | ||||||||||||||||||
123,781 | Eni | 3,309,260 | ||||||||||||||||||
73,783 | Saipem | 4,188,850 | ||||||||||||||||||
12,405 | SAVE | 148,828 | ||||||||||||||||||
63,218 | Terna-Rete Elettrica Nationale | 316,488 | ||||||||||||||||||
Total Italy | 13,098,727 | |||||||||||||||||||
Japan – 15.0% | ||||||||||||||||||||
204,200 | AMADA | 1,628,767 | ||||||||||||||||||
204,757 | Canon | 9,592,265 | ||||||||||||||||||
33,200 | FANUC | 5,505,024 | ||||||||||||||||||
740 | INPEX | 5,619,676 | ||||||||||||||||||
38,319 | Japan Airport Terminal | 492,717 | ||||||||||||||||||
7,368 | Keyence | 1,922,047 | ||||||||||||||||||
95,900 | KOMATSU | 3,357,653 | ||||||||||||||||||
110,523 | Mitsubishi | 2,968,990 | ||||||||||||||||||
28,768 | Mitsubishi Logistics | 317,418 | ||||||||||||||||||
368,810 | Mitsubishi UFJ Financial Group | 1,759,594 | ||||||||||||||||||
112,518 | Mitsui Sumitomo Insurance Group | 2,620,311 |
90 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Japan (continued) | ||||||||||||||||||||
222,000 | NGK Insulators | $ | 3,815,176 | |||||||||||||||||
23,089 | Nintendo | 5,456,650 | ||||||||||||||||||
626,609 | NKSJ Holdings | 4,001,522 | ||||||||||||||||||
98,643 | Nomura Research Institute | 2,113,561 | ||||||||||||||||||
11,508 | Park24 | 120,024 | ||||||||||||||||||
60,474 | SECOM | 2,993,319 | ||||||||||||||||||
228,032 | Seven & I Holdings | 5,687,095 | ||||||||||||||||||
55,156 | SMC | 10,029,600 | ||||||||||||||||||
287,300 | Sony Financial Holdings | 5,309,286 | ||||||||||||||||||
134,182 | Sugi Holdings | 3,212,494 | ||||||||||||||||||
222,914 | Sumitomo Metal Mining | 3,949,053 | ||||||||||||||||||
1,609,216 | Sumitomo Mitsui Trust | 5,475,480 | ||||||||||||||||||
265,926 | Suzuki Motor | 6,287,938 | ||||||||||||||||||
1,195,058 | The Bank of Yokohama | 5,893,154 | ||||||||||||||||||
81,675 | THK | 2,071,201 | ||||||||||||||||||
40,002 | Toho Gas | 186,411 | ||||||||||||||||||
164,200 | Toyota Motor | 6,538,445 | ||||||||||||||||||
Total Japan | 108,924,871 | |||||||||||||||||||
Lebanon – 0.0% | ||||||||||||||||||||
17,361 | Equatorial Energia | 147,875 | ||||||||||||||||||
Luxembourg – 0.8% | ||||||||||||||||||||
44,190 | Millicom International Cellular | 4,787,545 | ||||||||||||||||||
49,264 | SES | 1,293,713 | ||||||||||||||||||
Total Luxembourg | 6,081,258 | |||||||||||||||||||
Malaysia – 0.2% | ||||||||||||||||||||
491,881 | Sime Darby Berhad | 1,497,896 | ||||||||||||||||||
Mexico – 0.3% | ||||||||||||||||||||
14,333 | Empresas ICA – ADR — | 141,467 | ||||||||||||||||||
65,865 | Wal-Mart de Mexico – ADR — | 2,062,233 | ||||||||||||||||||
Total Mexico | 2,203,700 | |||||||||||||||||||
Netherlands – 2.1% | ||||||||||||||||||||
115,939 | Heineken | 6,940,198 | ||||||||||||||||||
411,990 | Koninklijke KPN | 6,538,507 | ||||||||||||||||||
33,876 | Koninklijke Vopak | 1,623,680 | ||||||||||||||||||
Total Netherlands | 15,102,385 | |||||||||||||||||||
New Zealand – 0.1% | ||||||||||||||||||||
41,433 | Auckland International Airport | 74,436 | ||||||||||||||||||
212,264 | Infratil | 326,372 | ||||||||||||||||||
60,786 | Port of Tauranga | 425,995 | ||||||||||||||||||
71,247 | Vector | 147,601 | ||||||||||||||||||
Total New Zealand | 974,404 | |||||||||||||||||||
Norway – 1.0% | ||||||||||||||||||||
6,930 | Hafslund, Class B l | 100,055 | ||||||||||||||||||
125,257 | Statoil l | 3,664,649 |
Nuveen Investments | 91 |
Portfolio of Investments (Unaudited)
Nuveen International Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Norway (continued) | ||||||||||||||||||||
209,521 | Telenor ASA l | $ | 3,620,074 | |||||||||||||||||
Total Norway | 7,384,778 | |||||||||||||||||||
Philippines – 0.0% | ||||||||||||||||||||
74,805 | International Container Terminal Services | 85,709 | ||||||||||||||||||
363,537 | Manila Water | 152,854 | ||||||||||||||||||
1,330,059 | Metro Pacific Investments | 114,023 | ||||||||||||||||||
Total Philippines | 352,586 | |||||||||||||||||||
Poland – 0.0% | ||||||||||||||||||||
104,008 | Tauron Polska Energia | 242,909 | ||||||||||||||||||
Portugal – 0.4% | ||||||||||||||||||||
45,706 | Brisa Auto-Estradas de Portugal | 305,790 | ||||||||||||||||||
622,844 | Energias de Portugal | 2,546,174 | ||||||||||||||||||
Total Portugal | 2,851,964 | |||||||||||||||||||
Russia – 0.4% | ||||||||||||||||||||
154,912 | Gazprom – ADR | 2,642,799 | ||||||||||||||||||
Singapore – 1.5% | ||||||||||||||||||||
305,930 | CitySpring Infrastructure Trust | 136,213 | ||||||||||||||||||
547,051 | ComfortDelGro | 683,786 | ||||||||||||||||||
319,720 | DBS Group Holdings | 3,912,753 | ||||||||||||||||||
4,513,717 | Golden Agri-Resources | 2,452,205 | ||||||||||||||||||
431,492 | Hutchison Port Holdings Trust — | 396,973 | ||||||||||||||||||
254,584 | Hyflux | 447,168 | ||||||||||||||||||
186,020 | Parkway Life – REIT | 262,910 | ||||||||||||||||||
592,811 | Singapore Airport Terminal Services | 1,249,501 | ||||||||||||||||||
478,655 | Singapore Post | 453,609 | ||||||||||||||||||
432,465 | SMRT | 671,283 | ||||||||||||||||||
Total Singapore | 10,666,401 | |||||||||||||||||||
South Africa – 0.7% | ||||||||||||||||||||
227,310 | MTN Group | 5,054,834 | ||||||||||||||||||
South Korea – 0.4% | ||||||||||||||||||||
7,085 | Samsung Electronics – GDR | 2,951,945 | ||||||||||||||||||
Spain – 0.8% | ||||||||||||||||||||
69,839 | Abertis Infraestructuras | 1,654,558 | ||||||||||||||||||
288,994 | Banco Santander | 3,690,591 | ||||||||||||||||||
5,082 | Enagas | 125,742 | ||||||||||||||||||
17,921 | Ferrovial | 247,202 | ||||||||||||||||||
24,808 | Iberdrola | 230,387 | ||||||||||||||||||
Total Spain | 5,948,480 | |||||||||||||||||||
Sweden – 1.5% | ||||||||||||||||||||
148,019 | Atlas Copco, Class A | 4,345,683 | ||||||||||||||||||
412,059 | Ericsson | 6,256,802 | ||||||||||||||||||
Total Sweden | 10,602,485 | |||||||||||||||||||
Switzerland – 7.6% | ||||||||||||||||||||
154,859 | ABB | 4,275,182 | ||||||||||||||||||
49,553 | Adecco | 3,537,454 |
92 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Switzerland (continued) | ||||||||||||||||||||
64,700 | Compagnie Financiere Richemont | $ | 4,181,191 | |||||||||||||||||
74,740 | Credit Suisse Group | 3,396,566 | ||||||||||||||||||
771 | Flughafen Zuerich | 339,596 | ||||||||||||||||||
82,703 | Foster Wheeler — | 2,941,746 | ||||||||||||||||||
34,202 | Holcim | 2,977,353 | ||||||||||||||||||
188,435 | Nestle | 11,698,219 | ||||||||||||||||||
94,070 | Noble | 4,045,951 | ||||||||||||||||||
72,031 | Novartis | 4,276,060 | ||||||||||||||||||
70,721 | Roche Holding | 11,470,701 | ||||||||||||||||||
83,450 | Xstrata | 2,120,819 | ||||||||||||||||||
Total Switzerland | 55,260,838 | |||||||||||||||||||
Thailand – 0.0% | ||||||||||||||||||||
8,973 | Bangkok Bank | 51,102 | ||||||||||||||||||
Turkey – 0.3% | ||||||||||||||||||||
361,420 | Turkiye Garanti Bankasi | 1,872,446 | ||||||||||||||||||
United Kingdom – 14.5% | ||||||||||||||||||||
126,609 | Anglo American | 6,599,241 | ||||||||||||||||||
51,884 | Antofagasta | 1,184,697 | ||||||||||||||||||
352,696 | ARM Holdings | 3,655,507 | ||||||||||||||||||
192,883 | Autonomy — | 5,187,105 | ||||||||||||||||||
65,781 | Balfour Beatty | 360,176 | ||||||||||||||||||
142,763 | BG Group | 3,656,829 | ||||||||||||||||||
133,781 | BHP Billiton | 5,641,246 | ||||||||||||||||||
74,926 | BP – ADR | 3,457,086 | ||||||||||||||||||
337,375 | British Sky Broadcasting Group | 4,744,935 | ||||||||||||||||||
136,265 | Centrica | 730,398 | ||||||||||||||||||
284,756 | Diageo | 5,793,292 | ||||||||||||||||||
46,927 | FirstGroup | 254,513 | ||||||||||||||||||
379,890 | GlaxoSmithKline | 8,283,998 | ||||||||||||||||||
85,706 | HSBC Holdings – ADR | 4,668,406 | ||||||||||||||||||
4,515 | National Grid – ADR | 231,755 | ||||||||||||||||||
53,229 | Northumbrian Water Group | 311,987 | ||||||||||||||||||
3,801 | Pennon Group | 41,871 | ||||||||||||||||||
423,887 | Prudential | 5,473,118 | ||||||||||||||||||
621,045 | Reed Elsevier | 5,497,993 | ||||||||||||||||||
64,947 | Rio Tinto | 4,729,888 | ||||||||||||||||||
312,334 | Rolls-Royce Group | 3,346,734 | ||||||||||||||||||
146,727 | Scottish & Southern Energy | 3,328,243 | ||||||||||||||||||
49,366 | Serco Group | 466,300 | ||||||||||||||||||
14,781 | Severn Trent | 370,587 | ||||||||||||||||||
200,834 | Standard Chartered | 5,565,304 | ||||||||||||||||||
750,884 | Tesco | 5,061,456 | ||||||||||||||||||
122,779 | Vedanta Resources | 4,768,176 | ||||||||||||||||||
199,626 | Vodafone Group – ADR | 5,813,109 | ||||||||||||||||||
151,180 | Willis Group Holdings | 6,246,758 | ||||||||||||||||||
Total United Kingdom | 105,470,708 |
Nuveen Investments | 93 |
Portfolio of Investments (Unaudited)
Nuveen International Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
United States – 2.7% | ||||||||||||||||||||
6,299 | American States Water | $ | 219,898 | |||||||||||||||||
4,579 | American Tower, Class A — | 239,527 | ||||||||||||||||||
10,887 | Aqua America | 245,502 | ||||||||||||||||||
10,131 | Brookfield Infrastructure Partners | 238,079 | ||||||||||||||||||
59,280 | Bunge | 4,472,083 | ||||||||||||||||||
997 | California Water Service Group | 37,607 | ||||||||||||||||||
4,097 | Chesapeake Utilities | 175,311 | ||||||||||||||||||
589 | Connecticut Water Service | 15,161 | ||||||||||||||||||
4,024 | Corrections Corporation of America — | 100,157 | ||||||||||||||||||
10,237 | Covanta Holding | 175,769 | ||||||||||||||||||
28,685 | El Paso | 556,776 | ||||||||||||||||||
75 | Enbridge Energy Management | 2,559 | ||||||||||||||||||
895 | Gas Natural | 10,042 | ||||||||||||||||||
3,085 | ITC Holdings | 218,819 | ||||||||||||||||||
7,602 | Kinder Morgan | 217,265 | ||||||||||||||||||
848 | Kinder Morgan Management | 57,834 | ||||||||||||||||||
4,936 | New Jersey Resources | 216,098 | ||||||||||||||||||
12,769 | Northeast Utilities | 454,576 | ||||||||||||||||||
18,963 | Northwest Natural Gas | 876,849 | ||||||||||||||||||
6,209 | Pepco Holdings | 119,647 | ||||||||||||||||||
2,547 | PG&E | 117,366 | ||||||||||||||||||
51,911 | Philip Morris International | 3,604,700 | ||||||||||||||||||
6,350 | Quanta Services — | 137,668 | ||||||||||||||||||
67,517 | Questar | 1,186,274 | ||||||||||||||||||
16,093 | Republic Services | 508,861 | ||||||||||||||||||
6,180 | SBA Communications, Class A — | 238,733 | ||||||||||||||||||
12,490 | Schlumberger | 1,120,978 | ||||||||||||||||||
3,262 | Sempra Energy | 179,736 | ||||||||||||||||||
9,668 | �� | Southern Union | 289,073 | |||||||||||||||||
2,095 | Southwest Gas | 83,318 | ||||||||||||||||||
65,451 | Spectra Energy | 1,900,697 | ||||||||||||||||||
23,087 | Standard Parking — | 403,792 | ||||||||||||||||||
11,787 | UGI | 392,507 | ||||||||||||||||||
3,586 | Waste Connections | 110,341 | ||||||||||||||||||
8,448 | Williams | 280,220 | ||||||||||||||||||
18,415 | Wisconsin Energy | 574,732 | ||||||||||||||||||
8,722 | Xcel Energy | 212,206 | ||||||||||||||||||
Total United States | 19,990,761 | |||||||||||||||||||
Total Common Stocks (cost $489,437,447) | 624,066,685 | |||||||||||||||||||
EXCHANGE-TRADED FUNDS – 4.4% | ||||||||||||||||||||
United States – 4.4% | ||||||||||||||||||||
312,900 | iShares S&P Global Energy Sector Index Fund | 14,208,789 | ||||||||||||||||||
215,000 | Market Vectors Agribusiness | 12,222,750 | ||||||||||||||||||
50,000 | Market Vectors Gold Miners | 3,108,000 | ||||||||||||||||||
57,000 | Market Vectors Russia | 2,350,110 | ||||||||||||||||||
Total Exchange-Traded Funds (cost $30,255,897) | 31,889,649 |
94 | Nuveen Investments |
Shares/ Principal Amount (000) | Description p | Value | ||||||||||||||||||
SHORT-TERM INVESTMENTS – 7.3% | ||||||||||||||||||||
Money Market Funds – 4.1% | ||||||||||||||||||||
30,002,282 | State Street Institutional Liquid Reserves Fund 0.160% W | $ | 30,002,282 | |||||||||||||||||
U.S. Treasury Obligations – 3.2% | ||||||||||||||||||||
U.S. Treasury Bills ¨ | ||||||||||||||||||||
$ | 2,550 | 0.091%, 10/06/2011 | 2,548,977 | |||||||||||||||||
20,600 | 0.096%, 10/20/2011 | 20,590,503 | ||||||||||||||||||
$ | 23,150 | Total U.S. Treasury Bills | 23,139,480 | |||||||||||||||||
Total Short-Term Investments (cost $53,140,718) | 53,141,762 | |||||||||||||||||||
Total Investments – 97.5% (cost $572,834,062) | 709,098,096 | |||||||||||||||||||
Other Assets Less Liabilities – 2.5% ¯ | 18,454,165 | |||||||||||||||||||
Net Assets – 100.0% | $ | 727,552,261 |
Investments in Derivatives
Futures Contracts outstanding at April 30, 2011:
Type | Contract Position | Number of Contracts | Contract Expiration | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
Amsterdam Index | Long | 187 | 5/11 | $ | 19,808,517 | $ | (21,089 | ) | ||||||||||||
CAC 40 10 Euro Index | Long | 157 | 6/11 | 9,326,053 | 462,888 | |||||||||||||||
DAX Index | Long | 39 | 6/11 | 10,873,528 | 888,719 | |||||||||||||||
DOSPI2 Index | Short | (169 | ) | 6/11 | (22,937,573 | ) | (1,445,040 | ) | ||||||||||||
Dow Jones Euro STOXX 50 | Long | 440 | 6/11 | 19,205,806 | 631,181 | |||||||||||||||
E-Mini MSCI EAFE Index | Short | (147 | ) | 6/11 | (13,209,420 | ) | (959,124 | ) | ||||||||||||
FTSE 100 Index | Long | 433 | 6/11 | 43,634,145 | 1,951,675 | |||||||||||||||
H-Shares Index | Short | (206 | ) | 5/11 | (17,396,440 | ) | 469,758 | |||||||||||||
IBEX 35 Index | Short | (118 | ) | 5/11 | (18,749,967 | ) | (99,421 | ) | ||||||||||||
ISE 30 Index | Long | 1 | 6/11 | 5,588 | 47 | |||||||||||||||
Mexican Bolsa Index | Short | (99 | ) | 6/11 | (3,178,024 | ) | (79,893 | ) | ||||||||||||
MSCI Taiwan Stock Index | Short | (223 | ) | 5/11 | (7,133,770 | ) | (94,886 | ) | ||||||||||||
Nasdaq 100 E-Mini | Short | (59 | ) | 6/11 | (2,832,885 | ) | (109,588 | ) | ||||||||||||
Nikkei 225 Index | Long | 868 | 6/11 | 43,161,300 | 143,715 | |||||||||||||||
OMXS30 Index | Long | 1,036 | 5/11 | 19,854,331 | 651,524 | |||||||||||||||
Russell 2000 Mini Index | Short | (117 | ) | 6/11 | (10,107,630 | ) | (639,823 | ) | ||||||||||||
S&P 500 Index | Short | (50 | ) | 6/11 | (16,996,250 | ) | (781,461 | ) | ||||||||||||
S&P TSX 60 Index | Short | (240 | ) | 6/11 | (40,428,262 | ) | (868,088 | ) | ||||||||||||
SET50 Index | Short | (408 | ) | 6/11 | (10,588,864 | ) | 77,730 | |||||||||||||
SGX MSCI Singapore Index | Long | 149 | 5/11 | 9,022,409 | (59,281 | ) | ||||||||||||||
SPI 200 Index | Long | 378 | 6/11 | 49,801,716 | 1,873,116 | |||||||||||||||
STOXX 600 Bank Index | Short | (220 | ) | 6/11 | (3,262,423 | ) | (15,257 | ) | ||||||||||||
$ | 1,977,402 |
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. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
— | Non-income producing; issuer has not declared a dividend within the past twelve months. |
![]() | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2011. |
¨ | Investment, or portion of investment, segregated as collateral for investments in derivatives. Yield shown is the annualized effective yield as of April 30, 2011. |
¯ | Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives. |
l | For fair value measurement disclosure purposes, Common Stock categorized as Level 2. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
ADR | American Depositary Receipt |
BDR | Brazilian Depositary Receipt |
GDR | Global Depositary Receipt |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
Nuveen Investments | 95 |
Portfolio of Investments (Unaudited)
Nuveen International Select Fund
(formerly known as First American International Select Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
COMMON STOCKS – 85.2% | ||||||||||||||||||||
Argentina – 0.3% | ||||||||||||||||||||
58,254 | YPF Sociedad Anonima | $ | 2,563,759 | |||||||||||||||||
Australia – 3.2% | ||||||||||||||||||||
60,467 | APA Group | 281,680 | ||||||||||||||||||
286,499 | Asciano Group | 518,150 | ||||||||||||||||||
136,484 | Australian Infrastructure Fund | 282,743 | ||||||||||||||||||
96,426 | BHP Billiton | 4,843,865 | ||||||||||||||||||
72,024 | CSL | 2,711,765 | ||||||||||||||||||
53,866 | DUET Group | 100,372 | ||||||||||||||||||
23,961 | Macquarie Atlas Roads Group — | 48,455 | ||||||||||||||||||
78,842 | Macquarie Group | 3,038,467 | ||||||||||||||||||
136,349 | MAp Group | 440,882 | ||||||||||||||||||
28,529 | Newcrest Mining | 1,296,162 | ||||||||||||||||||
47,338 | Rio Tinto | 4,265,634 | ||||||||||||||||||
90,915 | SP AusNet l | 87,195 | ||||||||||||||||||
76,854 | Spark Infrastructure Group | 99,824 | ||||||||||||||||||
229,697 | Transurban Group | 1,334,379 | ||||||||||||||||||
53,685 | Woodside Petroleum | 2,753,892 | ||||||||||||||||||
120,056 | WorleyParsons | 3,993,839 | ||||||||||||||||||
Total Australia | 26,097,304 | |||||||||||||||||||
Austria – 0.1% | ||||||||||||||||||||
8,847 | Flughafen Wien | 556,910 | ||||||||||||||||||
Belgium – 0.5% | ||||||||||||||||||||
57,403 | Anheuser-Busch InBev | 3,660,222 | ||||||||||||||||||
4,391 | Elia System Operator | 194,787 | ||||||||||||||||||
Total Belgium | 3,855,009 | |||||||||||||||||||
Brazil – 6.5% | ||||||||||||||||||||
342,743 | Banco do Brasil | 6,296,258 | ||||||||||||||||||
590,100 | Cielo | 5,517,653 | ||||||||||||||||||
69,900 | Companhia de Bebidas das Americas – ADR | 2,277,342 | ||||||||||||||||||
70,918 | Companhia de Concessoes Rodoviarias | 2,202,100 | ||||||||||||||||||
1,884 | Companhia de Gas de Sao Paulo, Class A — | 54,489 | ||||||||||||||||||
1,218 | Companhia de Saneamento Basico do Estado de Sao Paulo – ADR | 71,277 | ||||||||||||||||||
9,811 | Companhia de Saneamento de Minas Gerais | 174,493 | ||||||||||||||||||
15,137 | Companhia de Transmissao de Energia Electrica Paulista | 488,498 | ||||||||||||||||||
150 | Companhia de Transmissao de Energia Eletrica Paulista – Rights — | 120 | ||||||||||||||||||
357,319 | Companhia Energetica de Minas Gerais – ADR | 7,457,248 | ||||||||||||||||||
10,695 | Companhia Paranaense de Energia-Copel – ADR | 294,861 | ||||||||||||||||||
159,500 | Companhia Siderurgica Nacional – ADR | 2,540,835 | ||||||||||||||||||
63,843 | EcoRodovias Infraestructura e Logistica | 562,867 | ||||||||||||||||||
13,685 | Energias do Brasil | 340,211 | ||||||||||||||||||
16,100 | Fertilizantes Fosfatados l | 167,222 | ||||||||||||||||||
138,966 | Itau Unibanco Holding – ADR | 3,300,442 | ||||||||||||||||||
89,200 | Natura Cosmeticos | 2,503,293 |
96 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Brazil (continued) | ||||||||||||||||||||
388,330 | Redecard | $ | 5,642,781 | |||||||||||||||||
9,488 | Santos Brasil Participacoes l | 180,931 | ||||||||||||||||||
162,995 | Souza Cruz | 1,854,571 | ||||||||||||||||||
34,600 | Ultrapar Participacoes | 604,818 | ||||||||||||||||||
196,100 | Usinas Siderurgicas de Minas Gerais, Class A | 2,006,871 | ||||||||||||||||||
275,549 | Vale – ADR | 9,203,337 | ||||||||||||||||||
22,457 | Wilson Sons – BDR l | 418,249 | ||||||||||||||||||
Total Brazil | 54,160,767 | |||||||||||||||||||
Canada – 4.0% | ||||||||||||||||||||
14,170 | Agrium | 1,281,393 | ||||||||||||||||||
20,315 | Algonquin Power & Utilities | 115,300 | ||||||||||||||||||
8,877 | ATCO, Class I l | 546,515 | ||||||||||||||||||
55,487 | Bank of Nova Scotia | 3,386,926 | ||||||||||||||||||
2,846 | Brookfield Asset Management, Class A | 95,683 | ||||||||||||||||||
6,427 | Brookfield Renewable Power Fund | 156,438 | ||||||||||||||||||
135,968 | Cameco | 4,008,337 | ||||||||||||||||||
76,067 | Cenovus Energy | 2,924,819 | ||||||||||||||||||
2,678 | Emera | 89,158 | ||||||||||||||||||
28,931 | Enbridge | 1,875,597 | ||||||||||||||||||
82,867 | EnCana l | 2,784,275 | ||||||||||||||||||
22,500 | First Quantum Minerals | 3,206,336 | ||||||||||||||||||
11,151 | Fortis l | 382,916 | ||||||||||||||||||
187,796 | Manulife Financial | 3,374,694 | ||||||||||||||||||
104,795 | Suncor Energy | 4,824,762 | ||||||||||||||||||
67,930 | TMX Group | 2,912,055 | ||||||||||||||||||
5,964 | Veresen | 85,727 | ||||||||||||||||||
8,970 | Westshore Terminals Investment | 229,713 | ||||||||||||||||||
88,439 | Yamana Gold | 1,124,060 | ||||||||||||||||||
Total Canada | 33,404,704 | |||||||||||||||||||
Chile – 0.4% | ||||||||||||||||||||
101,151 | Empresa Electrica Del Norte Grande | 273,148 | ||||||||||||||||||
734 | Empresa Nacional de Electrcidad – ADR | 41,383 | ||||||||||||||||||
19,022 | Enersis – ADR | 406,310 | ||||||||||||||||||
46,984 | Sociedad Quimica y Minera de Chile – ADR | 2,867,434 | ||||||||||||||||||
Total Chile | 3,588,275 | |||||||||||||||||||
China – 3.5% | ||||||||||||||||||||
3,272,000 | Agile Property Holdings | 5,316,934 | ||||||||||||||||||
1,931,350 | China Construction Bank, Class H | 1,825,348 | ||||||||||||||||||
1,049,900 | China Merchants Bank | 2,703,750 | ||||||||||||||||||
283,393 | China Suntien Green Energy, Class H | 87,212 | ||||||||||||||||||
319,055 | Dalian Port, Class H | 124,890 | ||||||||||||||||||
3,436,000 | Industrial & Commercial Bank of China, Class H | 2,906,746 | ||||||||||||||||||
140,147 | Jiangsu Expressway, Class H | 148,516 | ||||||||||||||||||
26,400 | NetEase.com – ADR — | 1,300,992 | ||||||||||||||||||
25,053 | New Oriental Education & Technology Group – ADR — | 3,122,606 |
Nuveen Investments | 97 |
Portfolio of Investments (Unaudited)
Nuveen International Select Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
China (continued) | ||||||||||||||||||||
2,282,000 | PetroChina, Class H | $ | 3,279,204 | |||||||||||||||||
274,500 | Ping An Insurance | 2,984,906 | ||||||||||||||||||
134,400 | Tencent Holdings | 3,824,549 | ||||||||||||||||||
200,500 | Weichai Power, Class H | 1,368,292 | ||||||||||||||||||
20,193 | Xinao Gas Holdings | 69,163 | ||||||||||||||||||
333,633 | Zhejiang Expressway, Class H | 275,369 | ||||||||||||||||||
Total China | 29,338,477 | |||||||||||||||||||
Denmark – 0.7% | ||||||||||||||||||||
9 | AP Moller – Maersk, Class B | 91,160 | ||||||||||||||||||
20,445 | Novo Nordisk, Class B | 2,584,505 | ||||||||||||||||||
79,478 | Vestas Wind Systems — | 2,822,321 | ||||||||||||||||||
Total Denmark | 5,497,986 | |||||||||||||||||||
Egypt – 0.5% | ||||||||||||||||||||
251,954 | Commercial International Bank | 1,161,691 | ||||||||||||||||||
34,206 | Eastern Tobacco | 593,011 | ||||||||||||||||||
23,297 | Mobinil | 560,742 | ||||||||||||||||||
46,414 | Orascom Construction Industries | 1,886,530 | ||||||||||||||||||
Total Egypt | 4,201,974 | |||||||||||||||||||
Finland – 0.5% | ||||||||||||||||||||
3,413 | Fortum Oyj | 117,583 | ||||||||||||||||||
428,499 | Nokia Oyj | 3,947,662 | ||||||||||||||||||
Total Finland | 4,065,245 | |||||||||||||||||||
France – 4.2% | ||||||||||||||||||||
10,306 | Aeroports de Paris | 987,630 | ||||||||||||||||||
41,430 | Alstom | 2,754,943 | ||||||||||||||||||
127,592 | AXA | 2,863,093 | ||||||||||||||||||
73,606 | BNP Paribas | 5,825,029 | ||||||||||||||||||
54,664 | Carrefour | 2,591,712 | ||||||||||||||||||
27,469 | CFAO | 1,104,619 | ||||||||||||||||||
10,283 | Electricite de France | 432,932 | ||||||||||||||||||
6,848 | GDF Suez | 280,198 | ||||||||||||||||||
12,969 | Groupe Eurotunnel | 140,898 | ||||||||||||||||||
25,097 | Iliad | 3,226,200 | ||||||||||||||||||
17,949 | L’oreal | 2,275,959 | ||||||||||||||||||
2,137 | Rubis | 262,713 | ||||||||||||||||||
63 | Seche Environnement | 6,020 | ||||||||||||||||||
19,067 | Suez Environnement | 439,432 | ||||||||||||||||||
88,183 | Total | 5,645,070 | ||||||||||||||||||
45,072 | Total – ADR | 2,894,975 | ||||||||||||||||||
213,488 | Ubisoft Entertainment — | 2,143,260 | ||||||||||||||||||
4,226 | Veolia Environnement – ADR | 141,698 | ||||||||||||||||||
14,764 | Vinci | 986,235 | ||||||||||||||||||
Total France | 35,002,616 | |||||||||||||||||||
Germany – 6.1% | ||||||||||||||||||||
94,532 | Adidas | 7,037,219 | ||||||||||||||||||
86,263 | Aixtron | 3,679,737 |
98 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Germany (continued) | ||||||||||||||||||||
35,474 | Allianz | $ | 5,585,257 | |||||||||||||||||
10,991 | BASF | 1,129,787 | ||||||||||||||||||
32,647 | Bayer | 2,869,880 | ||||||||||||||||||
50,277 | BMW | 4,741,371 | ||||||||||||||||||
34,866 | Deutsche Boerse | 2,897,108 | ||||||||||||||||||
155,820 | E.ON | 5,326,706 | ||||||||||||||||||
2,806 | Fraport Frankfurt Airport | 224,555 | ||||||||||||||||||
8,679 | Hamburger Hafen und Logistik | 420,999 | ||||||||||||||||||
36,406 | Henkel KGAA | 2,479,372 | ||||||||||||||||||
1,311 | RWE | 85,546 | ||||||||||||||||||
41,413 | SAP | 2,668,245 | ||||||||||||||||||
28,255 | Siemens | 4,110,503 | ||||||||||||||||||
82,776 | Symrise | 2,730,388 | ||||||||||||||||||
17,125 | Wacker Chemie | 4,243,520 | ||||||||||||||||||
Total Germany | 50,230,193 | |||||||||||||||||||
Hong Kong – 2.1% | ||||||||||||||||||||
373,393 | Beijing Capital International Airport, Class H | 184,142 | ||||||||||||||||||
202,825 | Beijing Enterprises Holdings | 1,077,294 | ||||||||||||||||||
700,533 | Beijing Enterprises Water Group — | 220,995 | ||||||||||||||||||
199,161 | Cheung Kong Holdings | 3,133,748 | ||||||||||||||||||
46,261 | Cheung Kong Infrastructure Holdings | 225,460 | ||||||||||||||||||
830,833 | China Everbright International | 372,290 | ||||||||||||||||||
180,521 | China Merchants Holdings International | 830,985 | ||||||||||||||||||
26,857 | China Resources Gas Group | 39,077 | ||||||||||||||||||
1,626,000 | China Resources Land | 2,805,524 | ||||||||||||||||||
408,980 | China Water Affairs Group | 154,824 | ||||||||||||||||||
598,546 | Esprit Holdings | 2,489,366 | ||||||||||||||||||
223,986 | Guangdong Investment | 115,941 | ||||||||||||||||||
56,001 | Hong Kong & China Gas | 139,025 | ||||||||||||||||||
150,135 | Hopewell Highway Infrastructure | 97,432 | ||||||||||||||||||
965,000 | Huabao International Holdings | 1,431,424 | ||||||||||||||||||
528,000 | Li & Fung | 2,699,063 | ||||||||||||||||||
415,457 | Li Ning | 711,486 | ||||||||||||||||||
109,093 | MTR | 397,531 | ||||||||||||||||||
895,401 | Shenzhen International Holdings | 83,012 | ||||||||||||||||||
147,369 | Sichuan Expressway, Class H | 89,185 | ||||||||||||||||||
Total Hong Kong | 17,297,804 | |||||||||||||||||||
Hungary – 0.2% | ||||||||||||||||||||
55,667 | OTP Bank — | 1,973,532 | ||||||||||||||||||
India – 1.7% | ||||||||||||||||||||
172,631 | Bank of India | 1,784,680 | ||||||||||||||||||
47,271 | Bharat Heavy Electricals | 2,138,875 | ||||||||||||||||||
6,520 | GAIL India – GDR l | 430,320 | ||||||||||||||||||
17,590 | HDFC Bank – ADR | 3,027,239 | ||||||||||||||||||
17,400 | Infosys Technologies – ADR | 1,134,132 |
Nuveen Investments | 99 |
Portfolio of Investments (Unaudited)
Nuveen International Select Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
India (continued) | ||||||||||||||||||||
129,622 | Jindal Steel & Power | $ | 1,919,484 | |||||||||||||||||
22,176 | Power Grid | 52,437 | ||||||||||||||||||
144,748 | Punjab National Bank | 3,879,698 | ||||||||||||||||||
Total India | 14,366,865 | |||||||||||||||||||
Indonesia – 1.2% | ||||||||||||||||||||
2,034,566 | Bank of Mandiri | 1,698,639 | ||||||||||||||||||
1,043,000 | Perusahaan Gas Negara | 487,212 | ||||||||||||||||||
1,415,300 | Semen Gresik Persero | 1,569,985 | ||||||||||||||||||
547,700 | Tambang Batubara Bukit Asam | 1,426,169 | ||||||||||||||||||
98,500 | Telekomunikasi Indonesia – ADR | 3,559,790 | ||||||||||||||||||
522,666 | United Tractors | 1,418,961 | ||||||||||||||||||
Total Indonesia | 10,160,756 | |||||||||||||||||||
Ireland – 1.8% | ||||||||||||||||||||
110,310 | Covidien | 6,143,164 | ||||||||||||||||||
190,310 | CRH | 4,653,807 | ||||||||||||||||||
156,383 | Experian Group | 2,106,683 | ||||||||||||||||||
133,547 | WPP | 1,743,285 | ||||||||||||||||||
Total Ireland | 14,646,939 | |||||||||||||||||||
Israel – 0.3% | ||||||||||||||||||||
59,125 | Teva Pharmaceutical Industries – ADR | 2,703,786 | ||||||||||||||||||
Italy – 1.4% | ||||||||||||||||||||
5,818 | ACEA | 75,100 | ||||||||||||||||||
84,701 | Atlantia | 2,083,808 | ||||||||||||||||||
10,756 | Autostrada Torino-Milano | 180,979 | ||||||||||||||||||
243,760 | Enel Green Power | 1,738,074 | ||||||||||||||||||
103,035 | Eni | 2,754,620 | ||||||||||||||||||
71,149 | Saipem | 4,039,311 | ||||||||||||||||||
9,524 | SAVE | 114,263 | ||||||||||||||||||
48,541 | Terna-Rete Elettrica Nationale | 243,011 | ||||||||||||||||||
Total Italy | 11,229,166 | |||||||||||||||||||
Japan – 10.3% | ||||||||||||||||||||
169,258 | AMADA | 1,350,058 | ||||||||||||||||||
156,598 | Canon | 7,336,157 | ||||||||||||||||||
28,200 | FANUC | 4,675,954 | ||||||||||||||||||
620 | INPEX | 4,708,377 | ||||||||||||||||||
29,423 | Japan Airport Terminal | 378,329 | ||||||||||||||||||
6,094 | Keyence | 1,589,706 | ||||||||||||||||||
94,100 | KOMATSU | 3,294,631 | ||||||||||||||||||
91,931 | Mitsubishi | 2,469,551 | ||||||||||||||||||
22,088 | Mitsubishi Logistics | 243,713 | ||||||||||||||||||
306,930 | Mitsubishi UFJ Financial Group | 1,464,364 | ||||||||||||||||||
93,629 | Mitsui Sumitomo Insurance Group | 2,180,425 | ||||||||||||||||||
19,210 | Nintendo | 4,539,921 | ||||||||||||||||||
521,001 | NKSJ Holdings | 3,327,110 | ||||||||||||||||||
82,091 | Nomura Research Institute | 1,758,912 |
100 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Japan (continued) | ||||||||||||||||||||
8,837 | Park24 | $ | 92,167 | |||||||||||||||||
50,329 | SECOM | 2,491,166 | ||||||||||||||||||
189,749 | Seven & I Holdings | 4,732,321 | ||||||||||||||||||
45,753 | SMC | 8,319,753 | ||||||||||||||||||
184,900 | Sony Financial Holdings | 3,416,940 | ||||||||||||||||||
111,657 | Sugi Holdings | 2,673,216 | ||||||||||||||||||
185,371 | Sumitomo Metal Mining | 3,283,956 | ||||||||||||||||||
1,338,794 | Sumitomo Mitsui Trust | 4,555,351 | ||||||||||||||||||
221,360 | Suzuki Motor | 5,234,155 | ||||||||||||||||||
994,729 | The Bank of Yokohama | 4,905,278 | ||||||||||||||||||
67,984 | THK | 1,724,010 | ||||||||||||||||||
30,714 | Toho Gas | 143,129 | ||||||||||||||||||
120,800 | Toyota Motor | 4,810,257 | ||||||||||||||||||
Total Japan | 85,698,907 | |||||||||||||||||||
Lebanon – 0.0% | ||||||||||||||||||||
13,326 | Equatorial Energia | 113,506 | ||||||||||||||||||
Luxembourg – 0.8% | ||||||||||||||||||||
36,829 | Millicom International Cellular | 3,990,054 | ||||||||||||||||||
27,255 | Oriflame Cosmetics – SDR | 1,539,464 | ||||||||||||||||||
37,828 | SES | 993,395 | ||||||||||||||||||
Total Luxembourg | 6,522,913 | |||||||||||||||||||
Malaysia – 0.3% | ||||||||||||||||||||
61,800 | British American Tobacco | 1,001,485 | ||||||||||||||||||
409,388 | Sime Darby Berhad | 1,246,685 | ||||||||||||||||||
Total Malaysia | 2,248,170 | |||||||||||||||||||
Mexico – 1.5% | ||||||||||||||||||||
45,200 | America Movil, Series L – ADR | 2,585,440 | ||||||||||||||||||
29,700 | Desarrolladora Homex – ADR — | 838,431 | ||||||||||||||||||
11,006 | Empresas ICA – ADR — | 108,629 | ||||||||||||||||||
9,440 | Fomento Economico Mexicano – ADR | 593,776 | ||||||||||||||||||
759,953 | Grupo Mexico, Series B | 2,631,387 | ||||||||||||||||||
70,400 | Grupo Televisa – ADR — | 1,669,888 | ||||||||||||||||||
182,400 | Kimberly-Clark de Mexico, Series A | 1,124,977 | ||||||||||||||||||
98,818 | Wal-Mart de Mexico – ADR — | 3,093,992 | ||||||||||||||||||
Total Mexico | 12,646,520 | |||||||||||||||||||
Netherlands – 1.5% | ||||||||||||||||||||
96,513 | Heineken | 5,777,343 | ||||||||||||||||||
342,950 | Koninklijke KPN | 5,442,804 | ||||||||||||||||||
26,012 | Koninklijke Vopak | 1,246,757 | ||||||||||||||||||
Total Netherlands | 12,466,904 | |||||||||||||||||||
New Zealand – 0.1% | ||||||||||||||||||||
31,813 | Auckland International Airport | 57,153 | ||||||||||||||||||
162,926 | Infratil | 250,511 | ||||||||||||||||||
46,670 | Port of Tauranga | 327,069 | ||||||||||||||||||
54,693 | Vector | 113,307 | ||||||||||||||||||
Total New Zealand | 748,040 |
Nuveen Investments | 101 |
Portfolio of Investments (Unaudited)
Nuveen International Select Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Norway – 0.7% | ||||||||||||||||||||
5,320 | Hafslund, Class B l | $ | 76,810 | |||||||||||||||||
104,268 | Statoil l | 3,050,573 | ||||||||||||||||||
165,780 | Telenor ASA l | 2,864,323 | ||||||||||||||||||
Total Norway | 5,991,706 | |||||||||||||||||||
Philippines – 0.5% | ||||||||||||||||||||
57,438 | International Container Terminal Services | 65,810 | ||||||||||||||||||
278,998 | Manila Water Company | 117,308 | ||||||||||||||||||
1,021,294 | Metro Pacific Investments | 87,553 | ||||||||||||||||||
59,600 | Philippine Long Distance Telephone – ADR | 3,456,204 | ||||||||||||||||||
Total Philippines | 3,726,875 | |||||||||||||||||||
Poland – 0.0% | ||||||||||||||||||||
79,861 | Tauron Polska Energia | 186,514 | ||||||||||||||||||
Portugal – 0.3% | ||||||||||||||||||||
35,094 | Brisa Auto-Estradas de Portugal | 234,792 | ||||||||||||||||||
518,471 | Energias de Portugal | 2,119,499 | ||||||||||||||||||
Total Portugal | 2,354,291 | |||||||||||||||||||
Russia – 1.4% | ||||||||||||||||||||
214,762 | Gazprom – ADR | 3,663,840 | ||||||||||||||||||
43,971 | Magnit – GDR | 1,171,445 | ||||||||||||||||||
162,450 | Mobile TeleSystems – ADR | 3,435,817 | ||||||||||||||||||
408,336 | TNK-BP Holding l | 1,327,092 | ||||||||||||||||||
47,942 | Uralkali – GDR, Class S — l | 2,012,126 | ||||||||||||||||||
Total Russia | 11,610,320 | |||||||||||||||||||
Singapore – 1.0% | ||||||||||||||||||||
234,898 | CitySpring Infrastructure Trust | 104,587 | ||||||||||||||||||
420,050 | ComfortDelGro | 525,041 | ||||||||||||||||||
265,757 | DBS Group Holdings | 3,252,351 | ||||||||||||||||||
3,756,687 | Golden Agri-Resources | 2,040,927 | ||||||||||||||||||
331,317 | Hutchison Port Holdings Trust — | 304,812 | ||||||||||||||||||
195,370 | Hyflux | 343,160 | ||||||||||||||||||
142,794 | Parkway Life – REIT | 201,817 | ||||||||||||||||||
455,172 | Singapore Airport Terminal Services | 959,392 | ||||||||||||||||||
367,415 | Singapore Post | 348,190 | ||||||||||||||||||
332,030 | SMRT | 515,385 | ||||||||||||||||||
Total Singapore | 8,595,662 | |||||||||||||||||||
South Africa – 2.8% | ||||||||||||||||||||
84,450 | Bidvest Group | 1,948,589 | ||||||||||||||||||
34,875 | Kumba Iron Ore | 2,549,992 | ||||||||||||||||||
73,709 | Massmart Holdings | 1,616,770 | ||||||||||||||||||
189,220 | MTN Group | 4,207,803 | ||||||||||||||||||
291,390 | Murray & Roberts Holdings | 1,118,511 | ||||||||||||||||||
79,661 | Nedbank Group | 1,774,497 | ||||||||||||||||||
334,892 | Pretoria Portland Cement | �� | 1,275,292 | |||||||||||||||||
404,540 | Sanlam | 1,735,239 | ||||||||||||||||||
130,905 | Shoprite Holdings | 2,063,773 |
102 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
South Africa (continued) | ||||||||||||||||||||
94,427 | Standard Bank Group | $ | 1,481,927 | |||||||||||||||||
55,870 | Tiger Brands | 1,638,229 | ||||||||||||||||||
182,845 | Truworths International | 2,115,877 | ||||||||||||||||||
Total South Africa | 23,526,499 | |||||||||||||||||||
South Korea – 3.2% | ||||||||||||||||||||
7,618 | Hite Brewery | 835,268 | ||||||||||||||||||
7,215 | Hyundai Mobis | 2,417,018 | ||||||||||||||||||
27,450 | KB Financial Group | 1,472,846 | ||||||||||||||||||
323,002 | Korea Life Insurance | 2,227,392 | ||||||||||||||||||
47,860 | KT&G | 2,831,451 | ||||||||||||||||||
12,759 | NHN — | 2,530,012 | ||||||||||||||||||
3,859 | Samsung Electronics – GDR | 3,215,683 | ||||||||||||||||||
10,902 | Samsung Electronics – GDR | 4,542,288 | ||||||||||||||||||
89,147 | Shinhan Financial Group – ADR | 4,367,274 | ||||||||||||||||||
52,357 | Woongjin Coway | 1,749,060 | ||||||||||||||||||
Total South Korea | 26,188,292 | |||||||||||||||||||
Spain – 0.6% | ||||||||||||||||||||
53,626 | Abertis Infraestructuras | 1,270,462 | ||||||||||||||||||
240,569 | Banco Santander | 3,072,186 | ||||||||||||||||||
3,902 | Enagas | 96,546 | ||||||||||||||||||
13,760 | Ferrovial | 189,805 | ||||||||||||||||||
19,049 | Iberdrola | 176,905 | ||||||||||||||||||
Total Spain | 4,805,904 | |||||||||||||||||||
Sweden – 1.1% | ||||||||||||||||||||
126,019 | Atlas Copco, Class A | 3,699,786 | ||||||||||||||||||
343,013 | Ericsson | 5,208,391 | ||||||||||||||||||
Total Sweden | 8,908,177 | |||||||||||||||||||
Switzerland – 5.4% | ||||||||||||||||||||
127,739 | ABB | 3,526,482 | ||||||||||||||||||
43,705 | Adecco | 3,119,981 | ||||||||||||||||||
49,238 | Compagnie Financiere Richemont | 3,181,970 | ||||||||||||||||||
61,075 | Credit Suisse Group | 2,775,559 | ||||||||||||||||||
593 | Flughafen Zuerich | 261,194 | ||||||||||||||||||
68,842 | Foster Wheeler — | 2,448,710 | ||||||||||||||||||
31,568 | Holcim | 2,748,058 | ||||||||||||||||||
143,651 | Nestle | 8,917,987 | ||||||||||||||||||
78,310 | Noble | 3,368,113 | ||||||||||||||||||
59,957 | Novartis | 3,559,297 | ||||||||||||||||||
58,062 | Roche Holding | 9,417,455 | ||||||||||||||||||
69,470 | Xstrata | 1,765,528 | ||||||||||||||||||
Total Switzerland | 45,090,334 | |||||||||||||||||||
Taiwan – 1.2% | ||||||||||||||||||||
300,000 | Delta Electronics | 1,340,852 | ||||||||||||||||||
642,998 | Hon Hai Precision Industry | 2,436,065 | ||||||||||||||||||
36,863 | HTC | 1,673,316 |
Nuveen Investments | 103 |
Portfolio of Investments (Unaudited)
Nuveen International Select Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Taiwan (continued) | ||||||||||||||||||||
194,150 | MediaTek | $ | 2,145,660 | |||||||||||||||||
927,961 | Taiwan Semiconductor Manufacturing | 2,371,869 | ||||||||||||||||||
Total Taiwan | 9,967,762 | |||||||||||||||||||
Thailand – 0.5% | ||||||||||||||||||||
50,197 | Bangkok Bank | 285,878 | ||||||||||||||||||
88,000 | Banpu Public | 2,199,263 | ||||||||||||||||||
290,800 | Kasikornbank | 1,266,466 | ||||||||||||||||||
27,100 | Siam Cement | 375,859 | ||||||||||||||||||
Total Thailand | 4,127,466 | |||||||||||||||||||
Turkey – 1.5% | ||||||||||||||||||||
380,510 | Akbank T.A.S. | 1,976,349 | ||||||||||||||||||
298,654 | Koc Holding | 1,606,173 | ||||||||||||||||||
300,860 | T Garanti Bankasi | 1,558,696 | ||||||||||||||||||
216,000 | Turkcell Iletisim Hizmetleri – ADR | 3,196,800 | ||||||||||||||||||
1,170,650 | Turkiye Is Bankasi, Class C | 4,140,761 | ||||||||||||||||||
Total Turkey | 12,478,779 | |||||||||||||||||||
United Kingdom – 9.4% | ||||||||||||||||||||
108,142 | Anglo American | 5,636,686 | ||||||||||||||||||
43,190 | Antofagasta | 986,182 | ||||||||||||||||||
272,380 | ARM Holdings | 2,823,074 | ||||||||||||||||||
167,299 | Autonomy — | 4,499,088 | ||||||||||||||||||
50,507 | Balfour Beatty | 276,545 | ||||||||||||||||||
118,425 | BG Group | 3,033,419 | ||||||||||||||||||
62,371 | BP – ADR | 2,877,798 | ||||||||||||||||||
282,861 | British Sky Broadcasting Group | 3,978,235 | ||||||||||||||||||
104,629 | Centrica | 560,825 | ||||||||||||||||||
237,043 | Diageo | 4,822,583 | ||||||||||||||||||
36,031 | FirstGroup | 195,418 | ||||||||||||||||||
316,235 | GlaxoSmithKline | 6,895,918 | ||||||||||||||||||
71,810 | HSBC Holdings – ADR | 3,911,491 | ||||||||||||||||||
3,466 | National Grid – ADR | 177,910 | ||||||||||||||||||
40,872 | Northumbrian Water Group | 239,560 | ||||||||||||||||||
2,918 | Pennon Group | 32,144 | ||||||||||||||||||
292,079 | Prudential | 3,771,248 | ||||||||||||||||||
516,977 | Reed Elsevier | 4,576,699 | ||||||||||||||||||
284,974 | Rolls-Royce Group — | 3,053,565 | ||||||||||||||||||
122,140 | Scottish & Southern Energy | 2,770,530 | ||||||||||||||||||
37,904 | Serco Group | 358,033 | ||||||||||||||||||
11,349 | Severn Trent | 284,540 | ||||||||||||||||||
164,501 | Standard Chartered | 4,558,481 | ||||||||||||||||||
517,185 | Tesco | 3,486,170 | ||||||||||||||||||
98,978 | Vedanta Resources | 3,843,854 | ||||||||||||||||||
166,173 | Vodafone Group – ADR | 4,838,958 | ||||||||||||||||||
125,850 | Willis Group Holdings | 5,200,122 | ||||||||||||||||||
Total United Kingdom | 77,689,076 |
104 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
United States – 1.9% | ||||||||||||||||||||
4,837 | American States Water | $ | 168,860 | |||||||||||||||||
3,516 | American Tower, Class A — | 183,922 | ||||||||||||||||||
8,360 | Aqua America | 188,518 | ||||||||||||||||||
7,779 | Brookfield Infrastructure Partners | 182,806 | ||||||||||||||||||
49,350 | Bunge | 3,722,964 | ||||||||||||||||||
765 | California Water Service Group | 28,856 | ||||||||||||||||||
3,145 | Chesapeake Utilities | 134,575 | ||||||||||||||||||
451 | Connecticut Water Service | 11,609 | ||||||||||||||||||
3,089 | Corrections Corporation of America — | 76,885 | ||||||||||||||||||
7,860 | Covanta Holding | 134,956 | ||||||||||||||||||
22,025 | El Paso | 427,505 | ||||||||||||||||||
58 | Enbridge Energy Management | 1,979 | ||||||||||||||||||
688 | Gas Natural | 7,719 | ||||||||||||||||||
2,370 | ITC Holdings | 168,104 | ||||||||||||||||||
5,836 | Kinder Morgan | 166,793 | ||||||||||||||||||
651 | Kinder Morgan Management | 44,381 | ||||||||||||||||||
3,790 | New Jersey Resources | 165,926 | ||||||||||||||||||
9,804 | Northeast Utilities | 349,022 | ||||||||||||||||||
14,561 | Northwest Natural Gas | 673,301 | ||||||||||||||||||
4,768 | Pepco Holdings | 91,879 | ||||||||||||||||||
1,956 | PG&E | 90,132 | ||||||||||||||||||
43,209 | Philip Morris International | 3,000,433 | ||||||||||||||||||
4,876 | Quanta Services — | 105,712 | ||||||||||||||||||
51,843 | Questar | 910,881 | ||||||||||||||||||
12,357 | Republic Services | 390,728 | ||||||||||||||||||
4,745 | SBA Communications, Class A — | 183,299 | ||||||||||||||||||
10,400 | Schlumberger | 933,400 | ||||||||||||||||||
2,505 | Sempra Energy | 138,025 | ||||||||||||||||||
7,423 | Southern Union | 221,948 | ||||||||||||||||||
1,609 | Southwest Gas | 63,990 | ||||||||||||||||||
50,256 | Spectra Energy | 1,459,434 | ||||||||||||||||||
17,728 | Standard Parking — | 310,063 | ||||||||||||||||||
9,051 | UGI | 301,398 | ||||||||||||||||||
2,753 | Waste Connections | 84,710 | ||||||||||||||||||
6,486 | Williams | 215,141 | ||||||||||||||||||
14,140 | Wisconsin Energy | 441,309 | ||||||||||||||||||
6,697 | Xcel Energy | 162,939 | ||||||||||||||||||
Total United States | 15,944,102 | |||||||||||||||||||
Total Common Stocks (cost $608,703,620) | 706,578,786 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
EXCHANGE-TRADED FUNDS – 5.9% | ||||||||||||||||||||
United States – 5.9% | ||||||||||||||||||||
386,400 | iShares S&P Global Energy Sector Index Fund | $ | 17,546,424 | |||||||||||||||||
260,000 | Market Vectors Agribusiness | 14,781,000 |
Nuveen Investments | 105 |
Portfolio of Investments (Unaudited)
Nuveen International Select Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
United States (continued) | ||||||||||||||||||||
60,000 | Market Vectors Gold Miners | $ | 3,729,600 | |||||||||||||||||
320,000 | Market Vectors Russia | 13,193,600 | ||||||||||||||||||
Total Exchange-Traded Funds (cost $44,809,296) | 49,250,624 | |||||||||||||||||||
Shares/ Principal Amount (000) | Description p | Value | ||||||||||||||||||
SHORT-TERM INVESTMENTS – 7.0% | ||||||||||||||||||||
Money Market Funds – 3.6% | ||||||||||||||||||||
29,529,016 | State Street Institutional Liquid Reserves Fund 0.160% W | $ | 29,529,016 | |||||||||||||||||
U.S. Treasury Obligations – 3.4% | ||||||||||||||||||||
U.S. Treasury Bills ¨ | ||||||||||||||||||||
$ | 3,025 | 0.091%, 10/06/2011 | 3,023,787 | |||||||||||||||||
24,750 | 0.096%, 10/20/2011 | 24,738,590 | ||||||||||||||||||
$ | 27,775 | Total U.S. Treasury Obligations | 27,762,377 | |||||||||||||||||
Total Short-Term Investments (cost $57,304,016) | 57,291,393 | |||||||||||||||||||
Total Investments – 98.1% (cost $710,816,932) | 813,120,803 | |||||||||||||||||||
Other Assets Less Liabilities – 1.9% ¯ | 15,729,410 | |||||||||||||||||||
Net Assets – 100.0% | $ | 828,850,213 |
Investments in Derivatives
Futures Contracts outstanding at April 30, 2011:
Type | Contract Position | Number of Contracts | Contract Expiration | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
Amsterdam Index | Long | 187 | 5/11 | $ | 19,806,517 | $ | (21,089 | ) | ||||||||||||
CAC 40 10 Euro Index | Long | 166 | 6/11 | 9,860,668 | 489,423 | |||||||||||||||
DAX Index | Long | 30 | 6/11 | 8,364,252 | 683,630 | |||||||||||||||
DOSPI2 Index | Short | (131 | ) | 6/11 | (17,780,012 | ) | (848,831 | ) | ||||||||||||
Dow Jones Euro STOXX 50 Index | Short | (193 | ) | 6/11 | (8,424,365 | ) | (136,604 | ) | ||||||||||||
E-Mini MSCI EAFE Index | Short | (229 | ) | 6/11 | (20,577,940 | ) | (1,494,146 | ) | ||||||||||||
FTSE 100 Index | Long | 233 | 6/11 | 23,479,806 | 1,050,209 | |||||||||||||||
FTSE/MIB Index | Short | (31 | ) | 6/11 | (5,068,177 | ) | (149,593 | ) | ||||||||||||
H-Shares Index | Long | 258 | 5/11 | 21,787,774 | (591,369 | ) | ||||||||||||||
IBEX 35 Index | Short | (155 | ) | 5/11 | (24,629,194 | ) | (130,596 | ) | ||||||||||||
ISE 30 Index | Long | 1 | 6/11 | 5,588 | 25 | |||||||||||||||
Mexican Bolsa Index | Short | (240 | ) | 6/11 | (7,704,301 | ) | (193,681 | ) | ||||||||||||
MSCI Taiwan Stock Index | Long | 232 | 5/11 | 7,421,680 | 96,164 | |||||||||||||||
Nasdaq 100 E-Mini | Short | (72 | ) | 6/11 | (3,457,080 | ) | (133,734 | ) | ||||||||||||
Nikkei 225 Index | Long | 450 | 6/11 | 22,376,250 | 1,340,088 | |||||||||||||||
OMXS30 Index | Long | 1,517 | 5/11 | 29,072,413 | 954,017 | |||||||||||||||
Russell 2000 Mini Index | Short | (125 | ) | 6/11 | (10,798,750 | ) | (613,899 | ) | ||||||||||||
S&P 500 Index | Short | (100 | ) | 6/11 | (33,992,500 | ) | (1,113,064 | ) | ||||||||||||
S&P TSE 60 Index | Long | 217 | 6/11 | 36,553,887 | 782,154 | |||||||||||||||
SET50 Index | Short | (471 | ) | 6/11 | (12,223,910 | ) | 89,700 | |||||||||||||
SGX MSCI Singapore Index | Long | 189 | 5/11 | 11,444,532 | (75,195 | ) | ||||||||||||||
SPI 200 Index | Long | 349 | 6/11 | 45,980,950 | 1,729,412 | |||||||||||||||
STOXX 600 Bank Index | Short | (250 | ) | 6/11 | (3,708,435 | ) | (17,337 | ) | ||||||||||||
$ | 1,695,684 |
106 | Nuveen Investments |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
— | Non-income producing; issuer has not declared a dividend within the past twelve months. |
![]() | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2011. |
¨ | Investment, or portion of investment, segregated as collateral for investments in derivatives. Yield shown is the annualized effective yield as of April 30, 2011. |
¯ | Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives. |
l | For fair value measurement disclosure purposes, Common Stock categorized as Level 2. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
ADR | American Depositary Receipt |
BDR | Brazilian Depositary Receipt |
GDR | Global Depositary Receipt |
REIT | Real Estate Investment Trust |
SDR | Swedish Depositary Receipt |
See accompanying notes to financial statements.
Nuveen Investments | 107 |
Portfolio of Investments (Unaudited)
Nuveen Large Cap Growth Opportunities Fund
(formerly known as First American Large Cap Growth Opportunities Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
COMMON STOCKS – 99.8% | ||||||||||||||||||||
Consumer Discretionary – 23.1% | ||||||||||||||||||||
83,489 | Advance Auto Parts q | $ | 5,465,190 | |||||||||||||||||
61,521 | Amazon.com — | 12,088,877 | ||||||||||||||||||
97,947 | BorgWarner q — | 7,565,426 | ||||||||||||||||||
188,187 | Dick’s Sporting Goods q — | 7,702,494 | ||||||||||||||||||
156,731 | DIRECTV, Class A — | 7,615,559 | ||||||||||||||||||
102,619 | Discovery Communications, Class A q — | 4,541,917 | ||||||||||||||||||
102,152 | Dollar Tree — | 5,873,740 | ||||||||||||||||||
152,838 | Gentex | 4,791,471 | ||||||||||||||||||
75,163 | lululemon Athletica q — | 7,518,555 | ||||||||||||||||||
31,751 | Netflix q — | 7,387,505 | ||||||||||||||||||
69,112 | Polo Ralph Lauren | 9,037,776 | ||||||||||||||||||
25,977 | Priceline.com q — | 14,209,679 | ||||||||||||||||||
307,533 | Starbucks | 11,129,619 | ||||||||||||||||||
81,060 | Tiffany & Company q | 5,628,806 | ||||||||||||||||||
72,260 | Tupperware Brands | 4,600,794 | ||||||||||||||||||
98,010 | Walt Disney | 4,224,231 | ||||||||||||||||||
81,877 | Wynn Resorts q | 12,048,201 | ||||||||||||||||||
106,315 | Yum! Brands | 5,702,737 | ||||||||||||||||||
Total Consumer Discretionary | 137,132,577 | |||||||||||||||||||
Consumer Staples – 1.5% | ||||||||||||||||||||
92,636 | Estee Lauder, Class A | 8,985,692 | ||||||||||||||||||
Energy – 13.4% | ||||||||||||||||||||
131,435 | Concho Resources — | 14,043,830 | ||||||||||||||||||
171,388 | Exxon Mobil | 15,082,144 | ||||||||||||||||||
105,622 | FMC Technologies q — | 4,909,311 | ||||||||||||||||||
144,419 | Frontier Oil | 4,035,067 | ||||||||||||||||||
97,617 | National Oilwell Varco | 7,486,248 | ||||||||||||||||||
41,152 | Occidental Petroleum | 4,703,262 | ||||||||||||||||||
117,147 | Pioneer Natural Resources q | 11,975,938 | ||||||||||||||||||
115,498 | Schlumberger | 10,365,945 | ||||||||||||||||||
103,633 | Whiting Petroleum — | 7,202,493 | ||||||||||||||||||
Total Energy | 79,804,238 | |||||||||||||||||||
Financials – 2.3% | ||||||||||||||||||||
36,353 | Goldman Sachs Group | 5,489,666 | ||||||||||||||||||
184,444 | JPMorgan Chase | 8,416,180 | ||||||||||||||||||
Total Financials | 13,905,846 | |||||||||||||||||||
Health Care – 8.0% | ||||||||||||||||||||
105,268 | Allergan | 8,375,122 | ||||||||||||||||||
67,914 | Edwards Lifesciences q — | 5,864,374 | ||||||||||||||||||
106,000 | Express Scripts — | 6,014,440 | ||||||||||||||||||
61,708 | Illumina q — | 4,380,034 | ||||||||||||||||||
117,436 | Perrigo | 10,611,517 | ||||||||||||||||||
92,654 | St. Jude Medical | 4,951,430 |
108 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Health Care (continued) | ||||||||||||||||||||
131,349 | Vertex Pharmaceuticals q — | $ | 7,226,822 | |||||||||||||||||
Total Health Care | 47,423,739 | |||||||||||||||||||
Industrials – 13.9% | ||||||||||||||||||||
58,968 | C.H. Robinson Worldwide q | 4,728,054 | ||||||||||||||||||
123,305 | Caterpillar | 14,230,630 | ||||||||||||||||||
114,112 | CSX | 8,979,474 | ||||||||||||||||||
81,951 | Cummins | 9,848,871 | ||||||||||||||||||
93,912 | Deere & Company | 9,156,420 | ||||||||||||||||||
63,738 | Goodrich | 5,632,527 | ||||||||||||||||||
88,207 | Parker Hannifin | 8,319,684 | ||||||||||||||||||
69,582 | Precision Castparts q | 10,751,811 | ||||||||||||||||||
160,713 | Terex q — | 5,589,598 | ||||||||||||||||||
58,791 | United Technologies | 5,266,498 | ||||||||||||||||||
Total Industrials | 82,503,567 | |||||||||||||||||||
Information Technology – 34.4% | ||||||||||||||||||||
107,271 | Accenture, Class A | �� | 6,128,392 | |||||||||||||||||
159,826 | Altera q | 7,783,526 | ||||||||||||||||||
107,160 | Amphenol, Class A | 5,991,316 | ||||||||||||||||||
122,780 | Apple — | 42,755,679 | ||||||||||||||||||
189,279 | Autodesk — | 8,513,769 | ||||||||||||||||||
167,228 | Avago Technologies | 5,595,449 | ||||||||||||||||||
37,331 | Baidu – ADR — | 5,544,400 | ||||||||||||||||||
60,420 | Citrix Systems — | 5,095,823 | ||||||||||||||||||
82,793 | Cognizant Technology Solutions, Class A — | 6,863,540 | ||||||||||||||||||
430,704 | EMC q — | 12,206,151 | ||||||||||||||||||
57,404 | F5 Networks — | 5,818,470 | ||||||||||||||||||
13,333 | Google, Class A — | 7,254,485 | ||||||||||||||||||
212,632 | Juniper Networks — | 8,150,185 | ||||||||||||||||||
16,536 | MasterCard, Class A | 4,562,117 | ||||||||||||||||||
53,669 | OpenTable q — | 5,972,823 | ||||||||||||||||||
445,263 | Oracle | 16,051,731 | ||||||||||||||||||
295,888 | QUALCOMM | 16,818,274 | ||||||||||||||||||
98,145 | Red Hat — | 4,658,943 | ||||||||||||||||||
47,184 | Salesforce.com q — | 6,539,702 | ||||||||||||||||||
94,662 | SuccessFactors q — | 3,281,932 | ||||||||||||||||||
136,834 | Teradata — | 7,651,757 | ||||||||||||||||||
92,451 | Visa, Class A q | 7,222,272 | ||||||||||||||||||
43,160 | VMware, Class A — | 4,118,759 | ||||||||||||||||||
Total Information Technology | 204,579,495 | |||||||||||||||||||
Materials – 2.2% | ||||||||||||||||||||
153,459 | Freeport-McMoRan Copper & Gold | 8,444,849 | ||||||||||||||||||
32,165 | Walter Energy q | 4,445,846 | ||||||||||||||||||
Total Materials | 12,890,695 |
Nuveen Investments | 109 |
Portfolio of Investments (Unaudited)
Nuveen Large Cap Growth Opportunities Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Telecommunication Services – 1.0% | ||||||||||||||||||||
117,578 | American Tower, Class A — | $ | 6,150,505 | |||||||||||||||||
Total Common Stocks (cost $430,414,555) | 593,376,354 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
MONEY MARKET FUNDS – 21.5% | ||||||||||||||||||||
128,251,765 | Mount Vernon Securities Lending Prime Portfolio 0.235% W ¨ | $ | 128,251,765 | |||||||||||||||||
Total Money Market Funds (cost $128,251,765) | 128,251,765 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
SHORT-TERM INVESTMENTS – 0.2% | ||||||||||||||||||||
Money Market Funds – 0.2% | ||||||||||||||||||||
1,224,752 | First American Prime Obligations Fund, Class Z 0.053% W | $ | 1,224,752 | |||||||||||||||||
Total Short-Term Investments (cost $1,224,752) | 1,224,752 | |||||||||||||||||||
Total Investments – 121.5% (cost $559,891,072) | 722,852,871 | |||||||||||||||||||
Other Assets Less Liabilities – (21.5)% | (128,115,899) | |||||||||||||||||||
Net Assets – 100.0% | $ | 594,736,972 |
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. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
q | Investment, or a portion of investment, is out on loan for securities lending. |
— | Non-income producing; issuer has not declared a dividend within the past twelve months. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2011. |
¨ | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund. |
ADR | American Depositary Receipt |
See accompanying notes to financial statements.
110 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Large Cap Select Fund
(formerly known as First American Large Cap Select Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
COMMON STOCKS – 98.0% | ||||||||||||||||||||
Consumer Discretionary – 15.5% | ||||||||||||||||||||
21,462 | Abercrombie & Fitch, Class A q | $ | 1,519,510 | |||||||||||||||||
49,652 | Brunswick q | 1,160,367 | ||||||||||||||||||
52,047 | CBS, Class B q | 1,312,625 | ||||||||||||||||||
29,060 | DIRECTV, Class A — | 1,412,025 | ||||||||||||||||||
110,491 | Ford Motor q — | 1,709,296 | ||||||||||||||||||
64,925 | International Game Technology | 1,148,523 | ||||||||||||||||||
99,780 | Interpublic Group of Companies | 1,172,415 | ||||||||||||||||||
32,697 | Jarden | 1,189,844 | ||||||||||||||||||
2,805 | Priceline.com q — | 1,534,363 | ||||||||||||||||||
53,132 | Sony q | 1,504,167 | ||||||||||||||||||
58,843 | Starbucks | 2,129,528 | ||||||||||||||||||
44,344 | Walt Disney q | 1,911,227 | ||||||||||||||||||
Total Consumer Discretionary | 17,703,890 | |||||||||||||||||||
Energy – 11.3% | ||||||||||||||||||||
19,925 | Anadarko Petroleum | 1,572,879 | ||||||||||||||||||
33,773 | Cameron International q — | 1,780,513 | ||||||||||||||||||
14,904 | Cimarex Energy | 1,648,233 | ||||||||||||||||||
10,603 | Concho Resources — | 1,132,931 | ||||||||||||||||||
16,780 | Exxon Mobil | 1,476,640 | ||||||||||||||||||
39,050 | Frontier Oil | 1,091,057 | ||||||||||||||||||
18,051 | Pioneer Natural Resources q | 1,845,354 | ||||||||||||||||||
33,544 | Whiting Petroleum — | 2,331,308 | ||||||||||||||||||
Total Energy | 12,878,915 | |||||||||||||||||||
Financials – 20.4% | ||||||||||||||||||||
248,893 | Bank of America | 3,056,406 | ||||||||||||||||||
23,631 | Capital One Financial | 1,293,325 | ||||||||||||||||||
731,406 | Citigroup — | 3,357,154 | ||||||||||||||||||
105,663 | Fifth Third Bancorp | 1,402,148 | ||||||||||||||||||
16,600 | Goldman Sachs Group | 2,506,766 | ||||||||||||||||||
55,390 | Hartford Financial Services Group q | 1,604,648 | ||||||||||||||||||
78,819 | JPMorgan Chase | 3,596,511 | ||||||||||||||||||
32,979 | Prudential Financial | 2,091,528 | ||||||||||||||||||
76,290 | SLM — | 1,265,651 | ||||||||||||||||||
65,048 | SunTrust Banks | 1,833,703 | ||||||||||||||||||
60,547 | TD Ameritrade | 1,304,182 | ||||||||||||||||||
Total Financials | 23,312,022 | |||||||||||||||||||
Health Care – 10.0% | ||||||||||||||||||||
18,609 | Allergan q | 1,480,532 | ||||||||||||||||||
28,720 | Endo Pharmaceuticals Holdings — | 1,124,675 | ||||||||||||||||||
38,762 | Gilead Sciences — | 1,505,516 | ||||||||||||||||||
126,343 | Pfizer | 2,648,149 | ||||||||||||||||||
24,476 | St. Jude Medical | 1,307,998 |
Nuveen Investments | 111 |
Portfolio of Investments (Unaudited)
Nuveen Large Cap Select Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Health Care (continued) | ||||||||||||||||||||
38,522 | UnitedHealth Group | $ | 1,896,438 | |||||||||||||||||
27,090 | Vertex Pharmaceuticals — | 1,490,492 | ||||||||||||||||||
Total Health Care | 11,453,800 | |||||||||||||||||||
Industrials – 11.4% | ||||||||||||||||||||
31,340 | AGCO q — | 1,804,557 | ||||||||||||||||||
32,548 | Boeing | 2,596,679 | ||||||||||||||||||
17,927 | Caterpillar | 2,068,955 | ||||||||||||||||||
113,292 | Delta Air Lines — | 1,175,971 | ||||||||||||||||||
25,121 | Dover | 1,709,233 | ||||||||||||||||||
17,644 | Manpower | 1,168,915 | ||||||||||||||||||
36,952 | Terex q — | 1,285,191 | ||||||||||||||||||
45,067 | Textron q | 1,176,249 | ||||||||||||||||||
Total Industrials | 12,985,750 | |||||||||||||||||||
Information Technology – 20.5% | ||||||||||||||||||||
14,737 | Apple — | 5,131,866 | ||||||||||||||||||
28,817 | Autodesk — | 1,296,189 | ||||||||||||||||||
33,629 | Avago Technologies | 1,125,226 | ||||||||||||||||||
32,806 | Avnet — | 1,191,514 | ||||||||||||||||||
24,721 | BMC Software — | 1,241,736 | ||||||||||||||||||
22,852 | Check Point Software Technologies q — | 1,255,260 | ||||||||||||||||||
59,224 | EMC q — | 1,678,408 | ||||||||||||||||||
6,184 | MasterCard, Class A | 1,706,104 | ||||||||||||||||||
164,046 | ON Semiconductor q — | 1,724,123 | ||||||||||||||||||
37,423 | Oracle | 1,349,099 | ||||||||||||||||||
55,340 | QUALCOMM | 3,145,526 | ||||||||||||||||||
35,834 | Teradata — | 2,003,837 | ||||||||||||||||||
5,825 | VMware, Class A — | 555,880 | ||||||||||||||||||
Total Information Technology | 23,404,768 | |||||||||||||||||||
Manufacturing – 2.2% | ||||||||||||||||||||
36,139 | General Motors — | 1,159,700 | ||||||||||||||||||
30,082 | LyondellBasell Industries q — | 1,338,649 | ||||||||||||||||||
Total Manufacturing | 2,498,349 | |||||||||||||||||||
Materials – 3.4% | ||||||||||||||||||||
77,842 | Alcoa q | 1,323,314 | ||||||||||||||||||
14,405 | Cliffs Natural Resources q | 1,350,037 | ||||||||||||||||||
9,160 | Walter Energy q | 1,266,095 | ||||||||||||||||||
Total Materials | 3,939,446 | |||||||||||||||||||
Telecommunication Services – 3.3% | ||||||||||||||||||||
24,282 | American Tower, Class A — | 1,270,191 | ||||||||||||||||||
66,177 | Verizon Communications | 2,500,167 | ||||||||||||||||||
Total Telecommunications Services | 3,770,358 | |||||||||||||||||||
Total Common Stocks (cost $97,332,334) | 111,947,298 |
112 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
MONEY MARKET FUNDS – 26.4% | ||||||||||||||||||||
30,262,233 | Mount Vernon Securities Lending Prime Portfolio 0.235% W † | $ | 30,262,233 | |||||||||||||||||
Total Money Market Funds (cost $30,262,233) | 30,262,233 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
SHORT-TERM INVESTMENT – 0.7% | ||||||||||||||||||||
Money Market Funds – 0.7% | ||||||||||||||||||||
748,935 | First American Prime Obligations Fund, Class Z 0.053% W | $ | 748,935 | |||||||||||||||||
Total Short-Term Investment (cost $748,935) | 748,935 | |||||||||||||||||||
Total Investments – 125.1% (cost $128,343,502) | 142,958,466 | |||||||||||||||||||
Other Assets Less Liabilities – (25.1)% | (28,700,798) | |||||||||||||||||||
Net Assets – 100.0% | $ | 114,257,668 |
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. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
— | Non-income producing; issuer has not declared a dividend within the past twelve months. |
q | Investment, or a portion of investment, is out on loan for securities lending. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2011. |
† | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund. |
See accompanying notes to financial statements.
Nuveen Investments | 113 |
Portfolio of Investments (Unaudited)
Nuveen Large Cap Value Fund
(formerly known as First American Large Cap Value Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
COMMON STOCKS – 98.4% | ||||||||||||||||||||
Consumer Discretionary – 9.2% | ||||||||||||||||||||
36,836 | Bed Bath & Beyond — | $ | 2,067,236 | |||||||||||||||||
82,121 | CBS, Class B q | 2,071,092 | ||||||||||||||||||
117,261 | Comcast, Class A | 3,076,929 | ||||||||||||||||||
169,134 | Interpublic Group of Companies | 1,987,324 | ||||||||||||||||||
90,854 | Macy’s | 2,172,319 | ||||||||||||||||||
87,425 | Walt Disney q | 3,768,018 | ||||||||||||||||||
94,869 | Wyndham Worldwide | 3,283,416 | ||||||||||||||||||
Total Consumer Discretionary | 18,426,334 | |||||||||||||||||||
Consumer Staples – 7.5% | ||||||||||||||||||||
23,073 | Bunge q | 1,740,627 | ||||||||||||||||||
48,452 | Coca-Cola | 3,268,572 | ||||||||||||||||||
52,627 | Corn Products International | 2,899,748 | ||||||||||||||||||
38,932 | Philip Morris International | 2,703,438 | ||||||||||||||||||
95,865 | Safeway | 2,330,478 | ||||||||||||||||||
48,015 | Walgreens | 2,051,201 | ||||||||||||||||||
Total Consumer Staples | 14,994,064 | |||||||||||||||||||
Energy – 13.5% | ||||||||||||||||||||
43,995 | Anadarko Petroleum | 3,472,965 | ||||||||||||||||||
37,842 | Chevron | 4,141,428 | ||||||||||||||||||
142,336 | El Paso | 2,762,742 | ||||||||||||||||||
60,889 | Halliburton | 3,073,677 | ||||||||||||||||||
37,854 | National Oilwell Varco | 2,903,023 | ||||||||||||||||||
28,437 | Pioneer Natural Resources q | 2,907,115 | ||||||||||||||||||
101,869 | The Williams Companies | 3,378,995 | ||||||||||||||||||
63,661 | Whiting Petroleum — | 4,424,439 | ||||||||||||||||||
Total Energy | 27,064,384 | |||||||||||||||||||
Financials – 24.3% | ||||||||||||||||||||
57,006 | ACE | 3,833,654 | ||||||||||||||||||
52,084 | Ameriprise Financial | �� | 3,232,333 | |||||||||||||||||
61,714 | Capital One Financial q | 3,377,607 | ||||||||||||||||||
1,055,147 | Citigroup — | 4,843,125 | ||||||||||||||||||
167,367 | Fifth Third Bancorp | 2,220,960 | ||||||||||||||||||
12,487 | Goldman Sachs Group | 1,885,662 | ||||||||||||||||||
82,020 | Invesco | 2,039,837 | ||||||||||||||||||
138,941 | JPMorgan Chase | 6,339,878 | ||||||||||||||||||
85,149 | Lincoln National q | 2,659,203 | ||||||||||||||||||
47,198 | PNC Financial Services Group | 2,942,323 | ||||||||||||||||||
31,459 | Prudential Financial | 1,995,130 | ||||||||||||||||||
64,570 | State Street | 3,005,734 | ||||||||||||||||||
70,580 | SunTrust Banks | 1,989,650 | ||||||||||||||||||
135,160 | TD Ameritrade q | 2,911,346 | ||||||||||||||||||
186,114 | Wells Fargo | 5,417,779 | ||||||||||||||||||
Total Financials | 48,694,221 |
114 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Health Care – 12.3% | ||||||||||||||||||||
51,628 | CIGNA | $ | 2,417,739 | |||||||||||||||||
76,621 | Endo Pharmaceuticals Holdings — | 3,000,479 | ||||||||||||||||||
61,696 | Gilead Sciences — | 2,396,273 | ||||||||||||||||||
394,043 | Pfizer | 8,259,141 | ||||||||||||||||||
48,289 | St. Jude Medical | 2,580,564 | ||||||||||||||||||
75,478 | UnitedHealth Group | 3,715,782 | ||||||||||||||||||
44,645 | Valeant Pharmaceuticals International q | 2,349,666 | ||||||||||||||||||
Total Health Care | 24,719,644 | |||||||||||||||||||
Industrials – 10.1% | ||||||||||||||||||||
37,594 | Caterpillar | 4,338,724 | ||||||||||||||||||
51,376 | CSX | 4,042,777 | ||||||||||||||||||
34,233 | Fluor | 2,394,256 | ||||||||||||||||||
125,372 | General Electric | 2,563,857 | ||||||||||||||||||
80,392 | McDermott International — | 1,856,251 | ||||||||||||||||||
15,641 | SPX | 1,352,097 | ||||||||||||||||||
40,247 | Terex q — | 1,399,791 | ||||||||||||||||||
48,081 | Tyco International | 2,343,468 | ||||||||||||||||||
Total Industrials | 20,291,221 | |||||||||||||||||||
Information Technology – 5.7% | ||||||||||||||||||||
76,253 | Avnet — | 2,769,509 | ||||||||||||||||||
49,528 | BMC Software — | 2,487,791 | ||||||||||||||||||
154,564 | Intel | 3,584,339 | ||||||||||||||||||
70,971 | Oracle | 2,558,505 | ||||||||||||||||||
Total Information Technology | 11,400,144 | |||||||||||||||||||
Materials – 7.6% | ||||||||||||||||||||
161,056 | Alcoa q | 2,737,952 | ||||||||||||||||||
20,662 | Cliffs Natural Resources q | 1,936,443 | ||||||||||||||||||
63,076 | LyondellBasell Industries q — | 2,806,882 | ||||||||||||||||||
128,883 | MeadWestvaco | 4,342,068 | ||||||||||||||||||
21,537 | PPG Industries q | 2,038,908 | ||||||||||||||||||
10,427 | Walter Energy q | 1,441,220 | ||||||||||||||||||
Total Materials | 15,303,473 | |||||||||||||||||||
Telecommunication Services – 2.6% | ||||||||||||||||||||
137,479 | Verizon Communications | 5,193,956 | ||||||||||||||||||
Utilities – 5.6% | ||||||||||||||||||||
99,718 | Calpine q — | 1,670,276 | ||||||||||||||||||
101,901 | CMS Energy q | 2,017,640 | ||||||||||||||||||
31,933 | Energen | 2,075,964 | ||||||||||||||||||
42,018 | ONEOK q | 2,938,739 | ||||||||||||||||||
56,995 | Pinnacle West Capital | 2,473,013 | ||||||||||||||||||
Total Utilities | 11,175,632 | |||||||||||||||||||
Total Common Stocks (cost $176,276,708) | 197,263,073 |
Nuveen Investments | 115 |
Portfolio of Investments (Unaudited)
Nuveen Large Cap Value Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
MONEY MARKET FUNDS – 18.4% | ||||||||||||||||||||
36,916,222 | Mount Vernon Securities Lending Prime Portfolio 0.235% W † | $ | 36,916,222 | |||||||||||||||||
Total Money Market Funds (cost $36,916,222) | 36,916,222 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
SHORT-TERM INVESTMENTS – 0.0% | ||||||||||||||||||||
Money Market Funds – 0.0% | ||||||||||||||||||||
73,842 | First American Prime Obligations Fund, Class Z 0.053% W | $ | 73,842 | |||||||||||||||||
Total Short-Term Investment (cost $73,842) | 73,842 | |||||||||||||||||||
Total Investments – 116.8% (cost $213,266,772) | 234,253,137 | |||||||||||||||||||
Other Assets Less Liabilities – (16.8)% | (33,622,031) | |||||||||||||||||||
Net Assets – 100.0% | $ | 200,631,106 |
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. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
— | Non-income producing; issuer has not declared a dividend within the past twelve months. |
q | Investment, or a portion of investment, is out on loan for securities lending. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2011. |
† | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund. |
See accompanying notes to financial statements.
116 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Growth Opportunities Fund
(formerly known as First American Mid Cap Growth Opportunities Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
COMMON STOCKS – 99.3% | ||||||||||||||||||||
Consumer Discretionary – 24.8% | ||||||||||||||||||||
285,952 | Abercrombie & Fitch, Class A | $ | 20,245,402 | |||||||||||||||||
292,135 | Advance Auto Parts q | 19,123,157 | ||||||||||||||||||
163,297 | BorgWarner q — | 12,613,060 | ||||||||||||||||||
54,769 | Chipotle Mexican Grill, Class A q — | 14,611,822 | ||||||||||||||||||
128,556 | Deckers Outdoor — | 10,909,262 | ||||||||||||||||||
450,388 | Dick’s Sporting Goods q — | 18,434,381 | ||||||||||||||||||
339,866 | Discovery Communications, Class A q — | 15,042,469 | ||||||||||||||||||
275,899 | Dollar Tree — | 15,864,192 | ||||||||||||||||||
408,104 | Gentex | 12,794,060 | ||||||||||||||||||
106,698 | lululemon Athletica q — | 10,673,001 | ||||||||||||||||||
78,848 | Netflix q — | 18,345,564 | ||||||||||||||||||
111,979 | Polo Ralph Lauren | 14,643,494 | ||||||||||||||||||
58,883 | Priceline.com q — | 32,209,590 | ||||||||||||||||||
262,856 | Tiffany & Company q | 18,252,721 | ||||||||||||||||||
223,948 | Tupperware Brands | 14,258,769 | ||||||||||||||||||
262,839 | Ulta Salon, Cosmetics & Fragrance q — | 13,980,406 | ||||||||||||||||||
164,062 | Weight Watchers International q | 12,755,821 | ||||||||||||||||||
178,007 | Wynn Resorts | 26,193,730 | ||||||||||||||||||
Total Consumer Discretionary | 300,950,901 | |||||||||||||||||||
Consumer Staples – 3.0% | ||||||||||||||||||||
156,218 | Estee Lauder, Class A | 15,153,146 | ||||||||||||||||||
326,374 | Whole Foods Market q | 20,483,232 | ||||||||||||||||||
Total Consumer Staples | 35,636,378 | |||||||||||||||||||
Energy – 5.9% | ||||||||||||||||||||
122,799 | Cimarex Energy | 13,580,341 | ||||||||||||||||||
206,786 | Concho Resources — | 22,095,084 | ||||||||||||||||||
289,020 | FMC Technologies q — | 13,433,650 | ||||||||||||||||||
150,716 | Pioneer Natural Resources q | 15,407,697 | ||||||||||||||||||
104,039 | Whiting Petroleum — | 7,230,710 | ||||||||||||||||||
Total Energy | 71,747,482 | |||||||||||||||||||
Financials – 6.2% | ||||||||||||||||||||
211,643 | Ameriprise Financial | 13,134,564 | ||||||||||||||||||
1,058,490 | Blackstone Group | 20,047,801 | ||||||||||||||||||
504,365 | Discover Financial Services | 12,528,427 | ||||||||||||||||||
329,086 | Lazard, Class A | 13,492,526 | ||||||||||||||||||
757,358 | TD Ameritrade | 16,313,491 | ||||||||||||||||||
Total Financials | 75,516,809 | |||||||||||||||||||
Health Care – 12.4% | ||||||||||||||||||||
140,441 | Alexion Pharmaceuticals — | 13,607,329 | ||||||||||||||||||
130,648 | Cerner q — | 15,701,277 | ||||||||||||||||||
135,012 | Edwards Lifesciences q — | 11,658,286 | ||||||||||||||||||
254,444 | Illumina q — | 18,060,435 | ||||||||||||||||||
585,123 | Impax Laboratories — | 16,020,668 |
Nuveen Investments | 117 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Growth Opportunities Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Health Care (continued) | ||||||||||||||||||||
220,209 | Masimo q | $ | 7,661,071 | |||||||||||||||||
248,129 | Perrigo | 22,420,936 | ||||||||||||||||||
124,769 | United Therapeutics — | 8,354,532 | ||||||||||||||||||
199,880 | Valeant Pharmaceuticals International q | 10,519,684 | ||||||||||||||||||
490,437 | Vertex Pharmaceuticals q — | 26,983,844 | ||||||||||||||||||
Total Health Care | 150,988,062 | |||||||||||||||||||
Industrials – 17.3% | ||||||||||||||||||||
248,236 | AGCO q — | 14,293,429 | ||||||||||||||||||
314,730 | AMETEK | 14,490,169 | ||||||||||||||||||
122,503 | C.H. Robinson Worldwide q | 9,822,291 | ||||||||||||||||||
162,338 | Cummins | 19,509,781 | ||||||||||||||||||
218,759 | Eaton | 11,710,169 | ||||||||||||||||||
141,623 | Goodrich | 12,515,225 | ||||||||||||||||||
232,749 | Joy Global | 23,496,012 | ||||||||||||||||||
267,663 | Kansas City Southern — | 15,553,897 | ||||||||||||||||||
855,426 | McDermott International — | 19,751,786 | ||||||||||||||||||
187,079 | Parker Hannifin | 17,645,291 | ||||||||||||||||||
40,887 | Precision Castparts q | 6,317,859 | ||||||||||||||||||
202,040 | Rockwell Automation q | 17,603,745 | ||||||||||||||||||
196,319 | Roper Industries q | 16,979,630 | ||||||||||||||||||
311,160 | Terex — | 10,822,145 | ||||||||||||||||||
Total Industrials | 210,511,429 | |||||||||||||||||||
Information Technology – 22.9% | ||||||||||||||||||||
393,298 | Altera q | 19,153,613 | ||||||||||||||||||
187,847 | Amphenol, Class A | 10,502,526 | ||||||||||||||||||
435,248 | Autodesk — | 19,577,455 | ||||||||||||||||||
312,193 | Avago Technologies | 10,445,978 | ||||||||||||||||||
229,427 | BMC Software — | 11,524,118 | ||||||||||||||||||
319,116 | Check Point Software Technologies q — | 17,529,042 | ||||||||||||||||||
267,685 | Citrix Systems — | 22,576,553 | ||||||||||||||||||
118,787 | Cognizant Technology Solutions, Class A — | 9,847,442 | ||||||||||||||||||
95,859 | Cornerstone OnDemand q — | 1,834,741 | ||||||||||||||||||
143,500 | F5 Networks — | 14,545,160 | ||||||||||||||||||
178,106 | Informatica — | 9,975,717 | ||||||||||||||||||
407,777 | JDS Uniphase — | 8,498,073 | ||||||||||||||||||
470,308 | Maxim Integrated Products | 12,858,221 | ||||||||||||||||||
181,238 | NetApp q — | 9,420,751 | ||||||||||||||||||
95,642 | OpenTable q — | 10,643,998 | ||||||||||||||||||
348,050 | Red Hat — | 16,521,933 | ||||||||||||||||||
189,332 | Rofin-Sinar Technologies — | 8,199,969 | ||||||||||||||||||
68,062 | Salesforce.com q — | 9,433,393 | ||||||||||||||||||
313,877 | SuccessFactors q — | 10,882,116 | ||||||||||||||||||
466,885 | Teradata — | 26,108,209 | ||||||||||||||||||
190,176 | Trimble Navigation — | 8,907,844 | ||||||||||||||||||
91,803 | Waters — | 8,996,694 | ||||||||||||||||||
Total Information Technology | 277,983,546 |
118 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Materials – 6.8% | ||||||||||||||||||||
222,780 | Albemarle | $ | 15,717,129 | |||||||||||||||||
385,930 | Celanese, Class A | 19,265,626 | ||||||||||||||||||
120,150 | Cliffs Natural Resources | 11,260,458 | ||||||||||||||||||
127,285 | PPG Industries q | 12,050,071 | ||||||||||||||||||
174,056 | Walter Energy q | 24,058,021 | ||||||||||||||||||
Total Materials | 82,351,305 | |||||||||||||||||||
Total Common Stocks (cost $897,923,132) | 1,205,685,912 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
MONEY MARKET FUNDS – 18.5% | ||||||||||||||||||||
225,157,134 | Mount Vernon Securities Lending Prime Portfolio 0.235% W ¨ | $ | 225,157,134 | |||||||||||||||||
Total Money Market Funds (cost $225,157,134) | 225,157,134 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
SHORT-TERM INVESTMENTS – 0.5% | ||||||||||||||||||||
Money Market Funds – 0.5% | ||||||||||||||||||||
5,580,728 | First American Prime Obligations Fund, Class Z 0.053% W | $ | 5,580,728 | |||||||||||||||||
Total Short-Term Investment (cost $5,580,728) | 5,580,728 | |||||||||||||||||||
Total Investments – 118.3% (cost $1,128,660,994) | 1,436,423,774 | |||||||||||||||||||
Other Assets Less Liabilities – (18.3)% | (221,788,217) | |||||||||||||||||||
Net Assets – 100.0% | $ | 1,214,635,557 |
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. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
q | Investment, or a portion of investment, is out on loan for securities lending. |
— | Non-income producing; issuer has not declared a dividend within the past twelve months. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2011. |
¨ | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund. |
See accompanying notes to financial statements.
Nuveen Investments | 119 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Select Fund
(formerly known as First American Mid Cap Select Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
COMMON STOCKS – 98.1% | ||||||||||||||||||||
Consumer Discretionary – 16.9% | ||||||||||||||||||||
8,181 | Advance Auto Parts q | $ | 535,528 | |||||||||||||||||
12,116 | Ascena Retail Group — | 379,110 | ||||||||||||||||||
16,043 | Brunswick q | 374,925 | ||||||||||||||||||
23,067 | CBS, Class B q | 581,750 | ||||||||||||||||||
1,854 | Chipotle Mexican Grill, Class A q — | 494,629 | ||||||||||||||||||
22,340 | Collective Brands q — | 469,140 | ||||||||||||||||||
9,796 | Dollar Tree — | 563,270 | ||||||||||||||||||
29,699 | Foot Locker q | 639,123 | ||||||||||||||||||
27,854 | International Game Technology | 492,737 | ||||||||||||||||||
67,971 | Interpublic Group of Companies | 798,659 | ||||||||||||||||||
8,635 | lululemon Athletica q — | 863,759 | ||||||||||||||||||
11,406 | Tractor Supply | 705,689 | ||||||||||||||||||
Total Consumer Discretionary | 6,898,319 | |||||||||||||||||||
Consumer Staples – 1.1% | ||||||||||||||||||||
4,438 | Estee Lauder, Class A | 430,486 | ||||||||||||||||||
Energy – 11.8% | ||||||||||||||||||||
15,183 | Cameron International — | 800,448 | ||||||||||||||||||
6,413 | Cimarex Energy | 709,214 | ||||||||||||||||||
19,079 | Complete Production Services — | 647,541 | ||||||||||||||||||
6,764 | Concho Resources — | 722,733 | ||||||||||||||||||
20,132 | Frontier Oil | 562,488 | ||||||||||||||||||
7,057 | Pioneer Natural Resources q | 721,437 | ||||||||||||||||||
9,720 | Whiting Petroleum — | 675,540 | ||||||||||||||||||
Total Energy | 4,839,401 | |||||||||||||||||||
Financials – 18.5% | ||||||||||||||||||||
10,905 | Ameriprise Financial | 676,764 | ||||||||||||||||||
32,637 | Calamos Asset Management, Class A | 531,004 | ||||||||||||||||||
29,203 | Cardtronics — | 620,564 | ||||||||||||||||||
74,435 | CNO Financial Group q — | 599,946 | ||||||||||||||||||
25,747 | Discover Financial Services | 639,555 | ||||||||||||||||||
55,928 | Fifth Third Bancorp | 742,165 | ||||||||||||||||||
22,435 | Hartford Financial Services Group q | 649,942 | ||||||||||||||||||
17,722 | Lincoln National q | 553,458 | ||||||||||||||||||
31,777 | SLM — | 527,180 | ||||||||||||||||||
24,864 | SunTrust Banks | 700,916 | ||||||||||||||||||
20,216 | TD Ameritrade q | 435,453 | ||||||||||||||||||
42,438 | U-Store-It Trust – REIT q | 482,096 | ||||||||||||||||||
9,899 | Waddell & Reed Financial, Class A | 405,958 | ||||||||||||||||||
Total Financials | 7,565,001 | |||||||||||||||||||
Health Care – 9.6% | ||||||||||||||||||||
19,689 | Align Technology q — | 475,292 | ||||||||||||||||||
12,530 | CIGNA | 586,780 | ||||||||||||||||||
17,914 | Endo Pharmaceuticals Holdings — | 701,512 |
120 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Health Care (continued) | ||||||||||||||||||||
7,246 | Illumina q — | $ | 514,321 | |||||||||||||||||
16,024 | Impax Laboratories — | 438,737 | ||||||||||||||||||
9,895 | Vertex Pharmaceuticals — | 544,423 | ||||||||||||||||||
11,864 | Zoll Medical q — | 672,452 | ||||||||||||||||||
Total Health Care | 3,933,517 | |||||||||||||||||||
Industrials – 12.2% | ||||||||||||||||||||
10,592 | AGCO q — | 609,887 | ||||||||||||||||||
23,833 | Altra Holdings — | 605,120 | ||||||||||||||||||
56,247 | CBIZ q — | 412,291 | ||||||||||||||||||
44,492 | Delta Air Lines — | 461,827 | ||||||||||||||||||
6,472 | Joy Global | 653,348 | ||||||||||||||||||
26,742 | MasTec q — | 606,509 | ||||||||||||||||||
8,166 | Parker Hannifin | 770,217 | ||||||||||||||||||
17,917 | PHH q — | 384,499 | ||||||||||||||||||
17,882 | Textron q | 466,720 | ||||||||||||||||||
Total Industrials | 4,970,418 | |||||||||||||||||||
Information Technology – 16.6% | ||||||||||||||||||||
11,270 | Autodesk — | 506,925 | ||||||||||||||||||
10,271 | BMC Software — | 515,912 | ||||||||||||||||||
64,099 | Brocade Communications Systems — | 400,619 | ||||||||||||||||||
4,439 | F5 Networks — | 449,937 | ||||||||||||||||||
54,242 | Micron Technology — | 612,392 | ||||||||||||||||||
14,199 | MKS Instruments | 402,968 | ||||||||||||||||||
15,091 | National Instruments | 457,861 | ||||||||||||||||||
56,544 | ON Semiconductor q — | 594,277 | ||||||||||||||||||
16,916 | Plantronics | 627,076 | ||||||||||||||||||
52,208 | PMC-Sierra — | 418,708 | ||||||||||||||||||
11,210 | Red Hat — | 532,139 | ||||||||||||||||||
11,878 | Teradata — | 664,218 | ||||||||||||||||||
19,620 | Vocus — | 581,340 | ||||||||||||||||||
Total Information Technology | 6,764,372 | |||||||||||||||||||
Materials – 9.2% | ||||||||||||||||||||
10,979 | Albemarle | 774,568 | ||||||||||||||||||
24,471 | Alcoa q | 416,007 | ||||||||||||||||||
18,491 | Buckeye Technologies q | 520,707 | ||||||||||||||||||
7,589 | Cliffs Natural Resources q | 711,241 | ||||||||||||||||||
13,213 | Rockwood Holdings — | 749,706 | ||||||||||||||||||
4,395 | Walter Energy | 607,477 | ||||||||||||||||||
Total Materials | 3,779,706 | |||||||||||||||||||
Telecommunication Services – 1.0% | ||||||||||||||||||||
7,556 | American Tower, Class A — | 395,254 | ||||||||||||||||||
Utilities – 1.2% | ||||||||||||||||||||
8,984 | OGE Energy | 477,679 | ||||||||||||||||||
Total Common Stocks (cost $34,134,399) | �� | 40,054,153 |
Nuveen Investments | 121 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Select Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
MONEY MARKET FUNDS – 33.4% | ||||||||||||||||||||
13,667,799 | Mount Vernon Securities Lending Prime Portfolio 0.234% W † | $ | 13,667,799 | |||||||||||||||||
Total Money Market Funds (cost $13,667,799) | 13,667,799 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
SHORT-TERM INVESTMENTS – 0.1% | ||||||||||||||||||||
Money Market Funds – 0.1% | ||||||||||||||||||||
48,473 | First American Prime Obligations Fund, Class Z 0.053% W | $ | 48,473 | |||||||||||||||||
Total Short-Term Investment (cost $48,473) | 48,473 | |||||||||||||||||||
Total Investments – 131.6% (cost $47,850,671) | 53,770,425 | |||||||||||||||||||
Other Assets Less Liabilities – (31.6)% | (12,903,249) | |||||||||||||||||||
Net Assets – 100.0% | $ | 40,867,176 |
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. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
q | Investment, or a portion of investment, is out on loan for securities lending. |
— | Non-income producing; issuer has not declared a dividend within the past twelve months. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2011. |
† | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
122 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Value Fund
(formerly known as First American Mid Cap Value Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
COMMON STOCKS – 98.7% | ||||||||||||||||||||
Consumer Discretionary – 9.5% | ||||||||||||||||||||
50,293 | Ascena Retail Group — | $ | 1,573,668 | |||||||||||||||||
184,850 | CBS, Class B q | 4,661,917 | ||||||||||||||||||
137,161 | Dana Holding — q | 2,492,215 | ||||||||||||||||||
187,742 | Foot Locker q | 4,040,208 | ||||||||||||||||||
100,564 | GameStop, Class A — q | 2,582,484 | ||||||||||||||||||
271,938 | Interpublic Group of Companies | 3,195,272 | ||||||||||||||||||
89,165 | Jarden | 3,244,714 | ||||||||||||||||||
102,767 | Royal Caribbean Cruises — q | 4,092,182 | ||||||||||||||||||
159,044 | Wyndham Worldwide | 5,504,513 | ||||||||||||||||||
Total Consumer Discretionary | 31,387,173 | |||||||||||||||||||
Consumer Staples – 6.6% | ||||||||||||||||||||
52,401 | Bunge q | 3,953,131 | ||||||||||||||||||
91,156 | Corn Products International | 5,022,696 | ||||||||||||||||||
118,281 | Dr. Pepper Snapple Group | 4,636,615 | ||||||||||||||||||
45,052 | JM Smucker | 3,382,054 | ||||||||||||||||||
201,046 | Safeway | 4,887,428 | ||||||||||||||||||
Total Consumer Staples | 21,881,924 | |||||||||||||||||||
Energy – 13.7% | ||||||||||||||||||||
80,703 | Cameron International — q | 4,254,662 | ||||||||||||||||||
31,330 | Cimarex Energy | 3,464,785 | ||||||||||||||||||
155,132 | Complete Production Services — | 5,265,180 | ||||||||||||||||||
46,087 | Concho Resources — | 4,924,396 | ||||||||||||||||||
181,939 | El Paso | 3,531,436 | ||||||||||||||||||
159,253 | Frontier Oil q | 4,449,529 | ||||||||||||||||||
54,680 | Pioneer Natural Resources q | 5,589,936 | ||||||||||||||||||
67,566 | Valero Energy | 1,912,118 | ||||||||||||||||||
100,999 | Whiting Petroleum — | 7,019,430 | ||||||||||||||||||
145,081 | Williams | 4,812,337 | ||||||||||||||||||
Total Energy | 45,223,809 | |||||||||||||||||||
Financials – 26.0% | ||||||||||||||||||||
104,375 | Ameriprise Financial | 6,477,513 | ||||||||||||||||||
27,409 | Arch Capital Group — | 2,850,536 | ||||||||||||||||||
27,912 | AvalonBay Communities – REIT q | 3,533,938 | ||||||||||||||||||
16,834 | BankUnited q | 472,867 | ||||||||||||||||||
48,224 | BOK Financial q | 2,593,487 | ||||||||||||||||||
43,724 | Boston Properties – REIT q | 4,570,470 | ||||||||||||||||||
38,003 | Comerica | 1,441,454 | ||||||||||||||||||
91,486 | Discover Financial Services | 2,272,512 | ||||||||||||||||||
112,740 | East West Bancorp q | 2,382,196 | ||||||||||||||||||
50,078 | Endurance Specialty Holdings | 2,220,459 | ||||||||||||||||||
45,849 | Federal Realty Investment Trust – REIT q | 4,014,538 | ||||||||||||||||||
380,923 | Fifth Third Bancorp | 5,054,848 | ||||||||||||||||||
179,839 | Hartford Financial Services Group q | 5,209,936 |
Nuveen Investments | 123 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Value Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
590,133 | Huntington Bancshares q | $ | 4,007,003 | |||||||||||||||||
186,326 | Invesco | 4,633,928 | ||||||||||||||||||
112,212 | Lazard, Class A | 4,600,692 | ||||||||||||||||||
215,840 | Lincoln National q | 6,740,683 | ||||||||||||||||||
296,258 | SLM — | 4,914,920 | ||||||||||||||||||
200,018 | SunTrust Banks | 5,638,507 | ||||||||||||||||||
209,461 | TD Ameritrade | 4,511,790 | ||||||||||||||||||
161,278 | Unum Group q | 4,270,642 | ||||||||||||||||||
59,698 | Ventas – REIT q | 3,338,909 | ||||||||||||||||||
Total Financials | 85,751,828 | |||||||||||||||||||
Health Care – 8.6% | ||||||||||||||||||||
80,776 | Charles River Laboratories International — q | 3,407,940 | ||||||||||||||||||
86,778 | CIGNA | 4,063,814 | ||||||||||||||||||
129,371 | Endo Pharmaceuticals Holdings — | 5,066,168 | ||||||||||||||||||
127,891 | Hill-Rom Holdings | 5,756,374 | ||||||||||||||||||
62,851 | Impax Laboratories — | 1,720,860 | ||||||||||||||||||
80,271 | Universal Health Services | 4,397,245 | ||||||||||||||||||
76,549 | Valeant Pharmaceuticals International | 4,028,774 | ||||||||||||||||||
Total Health Care | 28,441,175 | |||||||||||||||||||
Industrials – 9.6% | ||||||||||||||||||||
60,203 | AGCO — | 3,466,489 | ||||||||||||||||||
188,119 | Delta Air Lines — | 1,952,675 | ||||||||||||||||||
89,492 | Dover | 6,089,036 | ||||||||||||||||||
45,828 | Eaton | 2,453,173 | ||||||||||||||||||
56,496 | Fluor | 3,951,330 | ||||||||||||||||||
29,448 | Goodrich | 2,602,320 | ||||||||||||||||||
130,659 | McDermott International — | 3,016,916 | ||||||||||||||||||
19,727 | SPX | 1,705,399 | ||||||||||||||||||
110,510 | Terex — q | 3,843,538 | ||||||||||||||||||
95,359 | Werner Enterprises q | 2,495,545 | ||||||||||||||||||
Total Industrials | 31,576,421 | |||||||||||||||||||
Information Technology – 5.4% | ||||||||||||||||||||
133,044 | Avnet — | 4,832,158 | ||||||||||||||||||
120,684 | BMC Software — | 6,061,957 | ||||||||||||||||||
310,869 | Micron Technology — q | 3,509,711 | ||||||||||||||||||
323,299 | Xerox q | 3,262,087 | ||||||||||||||||||
Total Information Technology | 17,665,913 | |||||||||||||||||||
Materials – 9.9% | ||||||||||||||||||||
200,384 | Alcoa q | 3,406,528 | ||||||||||||||||||
113,440 | Celanese, Class A | 5,662,925 | ||||||||||||||||||
42,365 | Cliffs Natural Resources | 3,970,448 | ||||||||||||||||||
91,146 | Crown Holdings — | 3,408,860 | ||||||||||||||||||
210,151 | MeadWestvaco | 7,079,987 | ||||||||||||||||||
114,718 | Packaging Corporation of America | 3,272,905 |
124 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Materials (continued) | ||||||||||||||||||||
41,515 | Walter Energy q | $ | 5,738,203 | |||||||||||||||||
Total Materials | 32,539,856 | |||||||||||||||||||
Telecommunication Services – 1.3% | ||||||||||||||||||||
339,115 | Windstream q | 4,344,063 | ||||||||||||||||||
Utilities – 8.1% | ||||||||||||||||||||
219,066 | Calpine — | 3,669,355 | ||||||||||||||||||
213,157 | CMS Energy q | 4,220,509 | ||||||||||||||||||
85,393 | Energen | 5,551,399 | ||||||||||||||||||
88,254 | OGE Energy | 4,692,465 | ||||||||||||||||||
77,982 | ONEOK | 5,454,061 | ||||||||||||||||||
74,159 | Pinnacle West Capital | 3,217,759 | ||||||||||||||||||
Total Utilities | 26,805,548 | |||||||||||||||||||
Total Common Stocks (cost $280,003,293) | 325,617,710 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
MONEY MARKET FUNDS – 20.1% | ||||||||||||||||||||
66,419,267 | Mount Vernon Securities Lending Prime Portfolio 0.235% W ¨ | $ | 66,419,267 | |||||||||||||||||
Total Money Market Funds (cost $66,419,267) | 66,419,267 | |||||||||||||||||||
Total Investments – 118.8% (cost $346,422,560) | 392,036,977 | |||||||||||||||||||
Other Assets Less Liabilities – (18.8)% | (62,144,863) | |||||||||||||||||||
Net Assets – 100.0% | $ | 329,892,114 |
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. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
— | Non-income producing; issuer has not declared a dividend within the past twelve months. |
q | Investment, or a portion of investment, is out on loan for securities lending. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2011. |
¨ | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
Nuveen Investments | 125 |
Portfolio of Investments (Unaudited)
Nuveen Quantitative Enhanced Core Equity Fund
(formerly known as Nuveen Quantitative Large Cap Core Fund and
First American Quantitative Large Cap Core Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
COMMON STOCKS – 98.1% | ||||||||||||||||||||
Consumer Discretionary – 10.4% | ||||||||||||||||||||
361 | Abercrombie & Fitch, Class A q | $ | 25,559 | |||||||||||||||||
862 | Aeropostale q — | 22,007 | ||||||||||||||||||
4,578 | Amazon.com q — | 899,577 | ||||||||||||||||||
2,020 | American Eagle Outfitters q | 31,431 | ||||||||||||||||||
1,997 | Apollo Group, Class A — | 79,940 | ||||||||||||||||||
2,915 | AutoNation q — | 98,848 | ||||||||||||||||||
335 | AutoZone q — | 94,597 | ||||||||||||||||||
3,248 | Bed Bath & Beyond q — | 182,278 | ||||||||||||||||||
3,989 | Best Buy q | 124,537 | ||||||||||||||||||
746 | Big Lots q — | 30,668 | ||||||||||||||||||
3,985 | Cablevision Systems, Class A | 140,392 | ||||||||||||||||||
1,792 | Career Education q — | 39,083 | ||||||||||||||||||
11,305 | Carnival | 430,381 | ||||||||||||||||||
8,941 | Clear Channel Outdoor Holdings, Class A — | 123,028 | ||||||||||||||||||
5,637 | Coach | 337,149 | ||||||||||||||||||
34,194 | Comcast, Class A | 897,251 | ||||||||||||||||||
2,538 | D.R. Horton | 31,573 | ||||||||||||||||||
3,149 | Darden Restaurants q | 147,909 | ||||||||||||||||||
1,343 | DeVry | 71,045 | ||||||||||||||||||
7,418 | DIRECTV, Class A — | 360,441 | ||||||||||||||||||
1,655 | DISH Network, Class A — | 41,441 | ||||||||||||||||||
4,303 | DreamWorks Animation, Class A q — | 113,986 | ||||||||||||||||||
1,925 | Expedia | 48,183 | ||||||||||||||||||
4,474 | Family Dollar Stores q | 242,536 | ||||||||||||||||||
2,460 | Federal-Mogul — | 65,190 | ||||||||||||||||||
996 | Foot Locker | 21,434 | ||||||||||||||||||
54,316 | Ford Motor q — | 840,268 | ||||||||||||||||||
2,290 | Fortune Brands | 149,033 | ||||||||||||||||||
9,109 | Gap q | 211,693 | ||||||||||||||||||
6,602 | Genuine Parts q | 354,527 | ||||||||||||||||||
3,531 | Goodyear Tire & Rubber — | 64,088 | ||||||||||||||||||
1,188 | Hanesbrands — | 38,622 | ||||||||||||||||||
1,378 | Harman International Industries | 66,874 | ||||||||||||||||||
1,828 | Hasbro q | 85,623 | ||||||||||||||||||
3,701 | Hillenbrand | 84,827 | ||||||||||||||||||
24,245 | Home Depot | 900,459 | ||||||||||||||||||
1,775 | Hyatt Hotels, Class A — | 78,650 | ||||||||||||||||||
4,777 | International Speedway, Class A | 146,176 | ||||||||||||||||||
1,190 | J Crew Group Escrow Shares — | — | ||||||||||||||||||
2,266 | J.C. Penney q | 87,128 | ||||||||||||||||||
8,790 | Johnson Controls q | 360,390 | ||||||||||||||||||
10,184 | Kohl’s | 536,799 | ||||||||||||||||||
938 | Lear | 47,969 |
126 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Consumer Discretionary (continued) | ||||||||||||||||||||
7,376 | Leggett & Platt | $ | 193,915 | |||||||||||||||||
514 | Liberty Media Capital, Class A — | 42,287 | ||||||||||||||||||
4,145 | Liberty Media-Starz, Series A — | 318,543 | ||||||||||||||||||
6,507 | Limited Brands q | 267,828 | ||||||||||||||||||
2,998 | LKQ — | 75,610 | ||||||||||||||||||
17,840 | Lowe’s | 468,300 | ||||||||||||||||||
1,062 | M.D.C. Holdings q | 31,000 | ||||||||||||||||||
13,673 | Macy’s q | 326,921 | ||||||||||||||||||
7,783 | Madison Square Garden, Class A — | 212,865 | ||||||||||||||||||
6,581 | Mattel | 175,844 | ||||||||||||||||||
18,459 | McDonald’s | 1,445,524 | ||||||||||||||||||
1,010 | Mohawk Industries — | 60,640 | ||||||||||||||||||
2,713 | Newell Rubbermaid | 51,710 | ||||||||||||||||||
27,075 | News, Class A | 482,476 | ||||||||||||||||||
2,691 | Nike, Class B q | 221,523 | ||||||||||||||||||
2,771 | Nordstrom q | 131,761 | ||||||||||||||||||
76 | NVR q — | 56,189 | ||||||||||||||||||
3,479 | Omnicom Group q | 171,132 | ||||||||||||||||||
1,480 | O’Reilly Automotive q — | 87,409 | ||||||||||||||||||
700 | Polo Ralph Lauren q | 91,539 | ||||||||||||||||||
4,220 | Ross Stores q | 310,972 | ||||||||||||||||||
2,964 | Scripps Networks Interactive, Class A | 152,409 | ||||||||||||||||||
3,024 | Sherwin-Williams | 248,845 | ||||||||||||||||||
2,967 | Stanley Black & Decker | 215,553 | ||||||||||||||||||
8,707 | Staples | 184,066 | ||||||||||||||||||
10,815 | Starbucks | 391,395 | ||||||||||||||||||
15,881 | Target | 779,757 | ||||||||||||||||||
748 | Thor Industries | 23,195 | ||||||||||||||||||
25,386 | Time Warner q | 961,114 | ||||||||||||||||||
4,370 | Time Warner Cable q | 341,428 | ||||||||||||||||||
9,472 | TJX | 507,889 | ||||||||||||||||||
686 | Tupperware | 43,678 | ||||||||||||||||||
3,773 | United Continental Holdings q — | 86,100 | ||||||||||||||||||
1,631 | Urban Outfitters q — | 51,311 | ||||||||||||||||||
15,954 | Viacom, Class B | 816,207 | ||||||||||||||||||
23,228 | Walt Disney q | 1,001,127 | ||||||||||||||||||
16,402 | Wendy’s/Arby’s Group, Class A | 79,058 | ||||||||||||||||||
436 | Whirlpool | 37,574 | ||||||||||||||||||
9,705 | Yum! Brands | 520,576 | ||||||||||||||||||
Total Consumer Discretionary | 20,418,860 | |||||||||||||||||||
Consumer Staples – 8.8% | ||||||||||||||||||||
12,525 | Alberto-Culver | 467,683 | ||||||||||||||||||
16,403 | Altria Group | 440,256 | ||||||||||||||||||
8,154 | Archer-Daniels-Midland q | 301,861 | ||||||||||||||||||
3,194 | BJ’s Wholesale Club q — | 163,916 |
Nuveen Investments | 127 |
Portfolio of Investments (Unaudited)
Nuveen Quantitative Enhanced Core Equity Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Consumer Staples (continued) | ||||||||||||||||||||
2,238 | Central European Distribution — | $ | 26,453 | |||||||||||||||||
1,471 | Church & Dwight | 121,328 | ||||||||||||||||||
29,768 | Coca-Cola | 2,008,149 | ||||||||||||||||||
1,536 | Coca-Cola Enterprises | 43,638 | ||||||||||||||||||
5,650 | Colgate-Palmolive | 476,577 | ||||||||||||||||||
7,659 | ConAgra Foods | 187,263 | ||||||||||||||||||
2,641 | Constellation Brands, Class A — | 59,132 | ||||||||||||||||||
782 | Corn Products International | 43,088 | ||||||||||||||||||
10,610 | Costco Wholesale q | 858,561 | ||||||||||||||||||
21,267 | CVS Caremark | 770,716 | ||||||||||||||||||
2,209 | Dean Foods — | 24,719 | ||||||||||||||||||
588 | Dr. Pepper Snapple Group | 23,050 | ||||||||||||||||||
1,441 | Energizer Holdings — | 108,839 | ||||||||||||||||||
6,964 | General Mills | 268,671 | ||||||||||||||||||
1,564 | H.J. Heinz q | 80,124 | ||||||||||||||||||
2,336 | Kellogg | 133,783 | ||||||||||||||||||
7,356 | Kimberly-Clark | 485,937 | ||||||||||||||||||
20,352 | Kraft Foods, Class A | 683,420 | ||||||||||||||||||
22,177 | Kroger q | 539,123 | ||||||||||||||||||
1,070 | Mead Johnson Nutrition | 71,562 | ||||||||||||||||||
7,724 | Molson Coors Brewing, Class B | 376,545 | ||||||||||||||||||
22,160 | PepsiCo | 1,526,602 | ||||||||||||||||||
19,479 | Philip Morris International | 1,352,622 | ||||||||||||||||||
41,091 | Procter & Gamble | 2,666,806 | ||||||||||||||||||
653 | Ralcorp Holdings — | 50,803 | ||||||||||||||||||
3,378 | Safeway q | 82,119 | ||||||||||||||||||
1,606 | Sara Lee | 30,835 | ||||||||||||||||||
1,630 | Smithfield Foods q — | 38,403 | ||||||||||||||||||
2,615 | Sysco q | 75,600 | ||||||||||||||||||
3,509 | Tyson Foods, Class A | 69,829 | ||||||||||||||||||
9,655 | Walgreens | 412,462 | ||||||||||||||||||
38,990 | Wal-Mart Stores q | 2,143,670 | ||||||||||||||||||
547 | Whole Foods Market | 34,330 | ||||||||||||||||||
Total Consumer Staples | 17,248,475 | |||||||||||||||||||
Energy – 13.2% | ||||||||||||||||||||
6,649 | Anadarko Petroleum | 524,872 | ||||||||||||||||||
8,048 | Apache | 1,073,362 | ||||||||||||||||||
6,706 | Baker Hughes | 519,111 | ||||||||||||||||||
2,881 | Cameron International q — | 151,886 | ||||||||||||||||||
10,449 | Chesapeake Energy q | 351,818 | ||||||||||||||||||
33,895 | Chevron | 3,709,469 | ||||||||||||||||||
916 | Cimarex Energy | 101,300 | ||||||||||||||||||
23,631 | ConocoPhillips | 1,865,195 | ||||||||||||||||||
2,229 | CONSOL Energy q | 120,567 | ||||||||||||||||||
12,290 | Devon Energy | 1,118,390 |
128 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Energy (continued) | ||||||||||||||||||||
249 | Diamond Offshore Drilling q | $ | 18,892 | |||||||||||||||||
1,932 | Dresser-Rand Group — | 101,507 | ||||||||||||||||||
12,223 | El Paso | 237,248 | ||||||||||||||||||
3,138 | EOG Resources q | 354,312 | ||||||||||||||||||
79,899 | Exxon Mobil | 7,031,112 | ||||||||||||||||||
1,442 | FMC Technologies q • | 67,024 | ||||||||||||||||||
1,801 | Frontline q | 39,820 | ||||||||||||||||||
12,868 | Halliburton | 649,577 | ||||||||||||||||||
1,031 | Helmerich & Payne | 68,397 | ||||||||||||||||||
4,716 | Hess | 405,387 | ||||||||||||||||||
12,023 | Marathon Oil | 649,723 | ||||||||||||||||||
3,591 | Murphy Oil | 278,231 | ||||||||||||||||||
4,382 | Nabors Industries — | 134,264 | ||||||||||||||||||
5,805 | National Oilwell Varco | 445,185 | ||||||||||||||||||
3,825 | Newfield Exploration q — | 270,810 | ||||||||||||||||||
2,256 | Noble Energy | 217,185 | ||||||||||||||||||
12,281 | Occidental Petroleum | 1,403,595 | ||||||||||||||||||
513 | Oil States International q — | 42,584 | ||||||||||||||||||
3,730 | Peabody Energy | 249,239 | ||||||||||||||||||
1,063 | Pride International — | 46,676 | ||||||||||||||||||
1,726 | QEP Resources | 73,752 | ||||||||||||||||||
1,488 | Rowan — | 62,050 | ||||||||||||||||||
19,818 | Schlumberger | 1,778,665 | ||||||||||||||||||
2,421 | SEACOR Holdings | 239,267 | ||||||||||||||||||
18,204 | Southern Union | 544,300 | ||||||||||||||||||
1,709 | Southwestern Energy — | 74,957 | ||||||||||||||||||
6,755 | Spectra Energy | 196,165 | ||||||||||||||||||
5,036 | Teekay | 171,174 | ||||||||||||||||||
3,293 | Unit — | 207,525 | ||||||||||||||||||
10,815 | Valero Energy | 306,065 | ||||||||||||||||||
3,744 | Williams | 124,188 | ||||||||||||||||||
Total Energy | 26,024,846 | |||||||||||||||||||
Financials – 13.4% | ||||||||||||||||||||
2,848 | Aflac | 160,029 | ||||||||||||||||||
699 | Alleghany — | 229,872 | ||||||||||||||||||
3,948 | Allstate | 133,600 | ||||||||||||||||||
14,146 | American Express | 694,286 | ||||||||||||||||||
2,490 | American Financial Group | 89,067 | ||||||||||||||||||
1,099 | American National Insurance | 86,931 | ||||||||||||||||||
1,325 | Ameriprise Financial | 82,230 | ||||||||||||||||||
9,272 | Annaly Capital Management - REIT q | 165,412 | ||||||||||||||||||
1,937 | AON | 101,053 | ||||||||||||||||||
2,625 | Apartment Investment & Management, Class A - REIT | 70,770 | ||||||||||||||||||
1,178 | Assurant | 46,767 | ||||||||||||||||||
154,741 | Bank of America | 1,900,220 |
Nuveen Investments | 129 |
Portfolio of Investments (Unaudited)
Nuveen Quantitative Enhanced Core Equity Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
17,845 | Bank of New York Mellon | $ | 516,791 | |||||||||||||||||
8,388 | BB&T | 225,805 | ||||||||||||||||||
20,769 | Berkshire Hathaway, Class B — | 1,730,058 | ||||||||||||||||||
6,143 | BOK Financial q | 330,371 | ||||||||||||||||||
5,475 | Brandywine Realty Trust – REIT q | 69,533 | ||||||||||||||||||
823 | BRE Properties – REIT q | 41,743 | ||||||||||||||||||
1,457 | Camden Property Trust – REIT | 91,427 | ||||||||||||||||||
5,292 | Capital One Financial q | 289,631 | ||||||||||||||||||
2,698 | CB Richard Ellis Group — | 72,064 | ||||||||||||||||||
50,832 | Chimera Investment – REIT q | 205,870 | ||||||||||||||||||
2,235 | CIT Group — | 94,898 | ||||||||||||||||||
465,848 | Citigroup — | 2,138,242 | ||||||||||||||||||
1,308 | City National | 74,700 | ||||||||||||||||||
2,837 | Commerce Bancshares | 120,743 | ||||||||||||||||||
11,498 | CommonWealth – REIT | 314,930 | ||||||||||||||||||
15,401 | Covanta Holding | 264,435 | ||||||||||||||||||
4,955 | Discover Financial Services | 123,082 | ||||||||||||||||||
2,851 | Duke Realty – REIT q | 43,478 | ||||||||||||||||||
5,677 | Equity Residential Properties Trust – REIT q | 339,030 | ||||||||||||||||||
1,141 | Everest Re Group | 103,968 | ||||||||||||||||||
17,898 | Fifth Third Bancorp | 237,506 | ||||||||||||||||||
3,928 | First Citizens Bancshares, Class A | 785,639 | ||||||||||||||||||
9,684 | First Horizon National | 106,040 | ||||||||||||||||||
9,957 | Fulton Financial | 116,298 | ||||||||||||||||||
5,137 | Genworth Financial, Class A — | 62,620 | ||||||||||||||||||
7,260 | Goldman Sachs Group | 1,096,333 | ||||||||||||||||||
1,556 | Hartford Financial Services Group q | 45,077 | ||||||||||||||||||
1,748 | HCC Insurance Holdings | 56,880 | ||||||||||||||||||
7,543 | Hospitality Properties Trust – REIT q | 182,163 | ||||||||||||||||||
2,081 | Host Hotels & Resorts – REIT q | 37,021 | ||||||||||||||||||
3,281 | Hudson City Bancorp q | 31,268 | ||||||||||||||||||
12,885 | Huntington Bancshares | 87,489 | ||||||||||||||||||
5,909 | Interactive Brokers Group, Class A | 103,644 | ||||||||||||||||||
60,170 | JPMorgan Chase | 2,745,557 | ||||||||||||||||||
29,104 | KeyCorp q | 252,332 | ||||||||||||||||||
8,811 | Leucadia National | 340,633 | ||||||||||||||||||
11,569 | Liberty Property Trust – REIT | 406,882 | ||||||||||||||||||
1,849 | Lincoln National q | 57,744 | ||||||||||||||||||
11,409 | Loew’s | 504,962 | ||||||||||||||||||
793 | M&T Bank q | 70,077 | ||||||||||||||||||
10,023 | Mack-Cali Realty – REIT | 354,012 | ||||||||||||||||||
2,961 | Marsh & McLennan | 89,659 | ||||||||||||||||||
6,208 | Marshall & Ilsley | 50,719 | ||||||||||||||||||
11,280 | MetLife | 527,791 | ||||||||||||||||||
21,153 | Morgan Stanley | 553,151 |
130 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
2,644 | Northern Trust | $ | 132,174 | |||||||||||||||||
9,513 | OneBeacon Insurance Group, Class A | 133,658 | ||||||||||||||||||
700 | PartnerRe | 56,252 | ||||||||||||||||||
7,556 | Piedmont Office Realty Trust, Class A – REIT q | 150,364 | ||||||||||||||||||
6,908 | PNC Financial Services Group | 430,645 | ||||||||||||||||||
44,308 | Popular — | 139,570 | ||||||||||||||||||
1,160 | ProLogis – REIT | 18,896 | ||||||||||||||||||
5,143 | Prudential Financial | 326,169 | ||||||||||||||||||
1,352 | Public Storage – REIT q | 158,603 | ||||||||||||||||||
813 | Rayonier – REIT | 53,951 | ||||||||||||||||||
14,393 | Regions Financial | 105,645 | ||||||||||||||||||
2,437 | Reinsurance Group of America | 154,262 | ||||||||||||||||||
2,184 | Senior Housing Properties Trust – REIT | 51,804 | ||||||||||||||||||
1,701 | Simon Property Group – REIT q | 194,833 | ||||||||||||||||||
5,792 | SLM — | 96,089 | ||||||||||||||||||
4,557 | State Street | 212,128 | ||||||||||||||||||
7,469 | SunTrust Banks | 210,551 | ||||||||||||||||||
18,961 | Symetra Financial | 263,179 | ||||||||||||||||||
1,640 | Taubman Centers – REIT | 95,366 | ||||||||||||||||||
2,958 | Transatlantic Holdings | 145,800 | ||||||||||||||||||
3,415 | Unitrin | 103,270 | ||||||||||||||||||
9,981 | Unum Group q | 264,297 | ||||||||||||||||||
2,342 | Vornado Realty Trust – REIT q | 226,425 | ||||||||||||||||||
78,757 | Wells Fargo | 2,292,616 | ||||||||||||||||||
868 | Wesco Financial | 340,256 | ||||||||||||||||||
31,304 | Wilmington Trust q | 141,181 | ||||||||||||||||||
1,052 | Zions Bancorporation q | 25,721 | ||||||||||||||||||
Total Financials | 26,376,238 | |||||||||||||||||||
Health Care – 7.4% | ||||||||||||||||||||
20,141 | Abbott Laboratories q | 1,048,138 | ||||||||||||||||||
8,770 | Aetna | 362,903 | ||||||||||||||||||
1,425 | Allergan q | 113,373 | ||||||||||||||||||
4,415 | Allscripts Healthcare Solutions — | 95,099 | ||||||||||||||||||
8,303 | Amgen — | 472,026 | ||||||||||||||||||
7,519 | Baxter International | 427,831 | ||||||||||||||||||
1,655 | Becton, Dickinson & Company | 142,231 | ||||||||||||||||||
1,083 | Bio-Rad Laboratories, Class A — | 135,505 | ||||||||||||||||||
1,565 | Bristol-Myers Squibb | 43,976 | ||||||||||||||||||
5,542 | CareFusion — | 162,769 | ||||||||||||||||||
2,947 | Celgene — | 173,519 | ||||||||||||||||||
4,029 | CIGNA | 188,678 | ||||||||||||||||||
4,440 | Coventry Health Care — | 143,279 | ||||||||||||||||||
1,908 | Covidien | 106,256 | ||||||||||||||||||
2,907 | DaVita — | 256,078 | ||||||||||||||||||
1,423 | Eli Lilly | 52,665 |
Nuveen Investments | 131 |
Portfolio of Investments (Unaudited)
Nuveen Quantitative Enhanced Core Equity Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Health Care (continued) | ||||||||||||||||||||
14,787 | Emdeon, Class A — | $ | 231,564 | |||||||||||||||||
444 | Emergency Medical Services — | 28,327 | ||||||||||||||||||
5,520 | Express Scripts — | 313,205 | ||||||||||||||||||
3,114 | Gilead Sciences — | 120,948 | ||||||||||||||||||
1,121 | Health Net — | 37,329 | ||||||||||||||||||
3,293 | Hill-Rom Holdings | 148,218 | ||||||||||||||||||
2,106 | Hospira — | 119,473 | ||||||||||||||||||
3,600 | Humana — | 274,032 | ||||||||||||||||||
38,087 | Johnson & Johnson | 2,503,078 | ||||||||||||||||||
769 | Laboratory Corporation of America q — | 74,185 | ||||||||||||||||||
1,806 | LifePoint Hospitals — | 75,148 | ||||||||||||||||||
4,503 | Medco Health Solutions — | 267,163 | ||||||||||||||||||
15,038 | Medtronic | 627,836 | ||||||||||||||||||
36,585 | Merck | 1,315,231 | ||||||||||||||||||
543 | Mettler-Toledo International — | 101,758 | ||||||||||||||||||
95,185 | Pfizer | 1,995,078 | ||||||||||||||||||
3,276 | Quest Diagnostics | 184,701 | ||||||||||||||||||
1,256 | St. Jude Medical | 67,121 | ||||||||||||||||||
2,155 | Teleflex q | 135,787 | ||||||||||||||||||
4,912 | Tenet Healthcare — | 34,040 | ||||||||||||||||||
6,077 | Thermo Fisher Scientific — | 364,559 | ||||||||||||||||||
15,969 | UnitedHealth Group | 786,154 | ||||||||||||||||||
9,204 | WellPoint | 706,775 | ||||||||||||||||||
1,181 | Zimmer Holdings q — | 77,060 | ||||||||||||||||||
Total Health Care | 14,513,096 | |||||||||||||||||||
Industrials – 13.4% | ||||||||||||||||||||
12,235 | 3M | 1,189,364 | ||||||||||||||||||
3,534 | AECOM Technology — | 96,337 | ||||||||||||||||||
3,849 | Alliant Techsystems | 271,932 | ||||||||||||||||||
3,917 | AMETEK | 180,339 | ||||||||||||||||||
8,821 | Avery Dennison | 368,189 | ||||||||||||||||||
7,687 | Boeing | 613,269 | ||||||||||||||||||
2,860 | Carlisle Companies | 141,684 | ||||||||||||||||||
5,851 | Caterpillar | 675,264 | ||||||||||||||||||
7,375 | Cintas q | 228,994 | ||||||||||||||||||
5,245 | Copa Holdings, Class A | 304,997 | ||||||||||||||||||
3,460 | Corrections Corporation of America — | 86,119 | ||||||||||||||||||
4,310 | Crane | 215,112 | ||||||||||||||||||
1,266 | Cummins | 152,148 | ||||||||||||||||||
11,049 | Danaher | 610,347 | ||||||||||||||||||
3,427 | Deere & Company | 334,133 | ||||||||||||||||||
13,361 | Delta Air Lines — | 138,687 | ||||||||||||||||||
4,540 | Donaldson | 277,984 | ||||||||||||||||||
7,095 | Dover | 482,744 | ||||||||||||||||||
2,396 | Dun & Bradstreet | 196,903 |
132 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Industrials (continued) | ||||||||||||||||||||
5,464 | Eaton | $ | 292,488 | |||||||||||||||||
2,389 | Emerson Electric | 145,156 | ||||||||||||||||||
5,333 | Equifax | 200,147 | ||||||||||||||||||
2,165 | Expeditors International of Washington q | 117,495 | ||||||||||||||||||
6,044 | FedEx | 578,229 | ||||||||||||||||||
1,502 | Flowserve | 190,183 | ||||||||||||||||||
1,982 | Gardner Denver | 171,265 | ||||||||||||||||||
11,909 | General Dynamics | 867,213 | ||||||||||||||||||
158,654 | General Electric | 3,244,474 | ||||||||||||||||||
4,136 | Goodrich | 365,498 | ||||||||||||||||||
11,013 | Honeywell International | 674,326 | ||||||||||||||||||
2,614 | Huntington Ingalls Industries q — | 104,560 | ||||||||||||||||||
5,591 | IDEX q | 262,330 | ||||||||||||||||||
8,773 | Illinois Tool Works | 512,431 | ||||||||||||||||||
2,705 | Ingersoll-Rand q | 136,603 | ||||||||||||||||||
4,498 | ITT | 259,939 | ||||||||||||||||||
3,219 | J.B. Hunt Transport Services | 153,482 | ||||||||||||||||||
5,355 | KAR Auction Services q — | 104,423 | ||||||||||||||||||
1,093 | KBR | 41,938 | ||||||||||||||||||
3,323 | Kennametal | 140,297 | ||||||||||||||||||
758 | Kirby — | 43,039 | ||||||||||||||||||
5,275 | L-3 Communications Holdings | 423,002 | ||||||||||||||||||
5,036 | Landstar System q | 238,706 | ||||||||||||||||||
4,340 | Lennox International | 210,967 | ||||||||||||||||||
1,944 | Lockheed Martin | 154,062 | ||||||||||||||||||
3,089 | Norfolk Southern | 230,687 | ||||||||||||||||||
6,513 | Northrop Grumman q | 414,292 | ||||||||||||||||||
2,594 | Oshkosh — | 82,126 | ||||||||||||||||||
3,020 | Owens Corning — | 114,277 | ||||||||||||||||||
3,684 | Paccar | 195,657 | ||||||||||||||||||
4,000 | Pall | 233,760 | ||||||||||||||||||
4,062 | Parker Hannifin | 383,128 | ||||||||||||||||||
7,703 | Pentair | 309,352 | ||||||||||||||||||
1,993 | Precision Castparts q | 307,958 | ||||||||||||||||||
2,852 | Rambus — | 56,755 | ||||||||||||||||||
13,419 | Raytheon q | 651,492 | ||||||||||||||||||
10,988 | Republic Services | 347,441 | ||||||||||||||||||
5,046 | Rockwell Collins | 318,403 | ||||||||||||||||||
1,430 | Roper Industries q | 123,681 | ||||||||||||||||||
2,769 | Ryder System q | 148,142 | ||||||||||||||||||
6,319 | Snap-On | 390,325 | ||||||||||||||||||
24,478 | Southwest Airlines | 287,617 | ||||||||||||||||||
1,949 | SPX | 168,491 | ||||||||||||||||||
1,754 | Stericycle — | 160,105 | ||||||||||||||||||
2,795 | Timken | 157,610 |
Nuveen Investments | 133 |
Portfolio of Investments (Unaudited)
Nuveen Quantitative Enhanced Core Equity Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Industrials (continued) | ||||||||||||||||||||
1,709 | Toro | $ | 116,058 | |||||||||||||||||
1,030 | Towers Watson, Class A | 59,081 | ||||||||||||||||||
8,542 | Tyco International | 416,337 | ||||||||||||||||||
4,394 | Union Pacific | 454,647 | ||||||||||||||||||
16,797 | United Parcel Service, Class B | 1,259,271 | ||||||||||||||||||
17,138 | United Technologies | 1,535,222 | ||||||||||||||||||
3,038 | URS — | 135,951 | ||||||||||||||||||
4,201 | UTi Worldwide | 94,144 | ||||||||||||||||||
1,007 | Valmont Industries | 106,037 | ||||||||||||||||||
3,095 | Verisk Analytics, Class A — | 101,826 | ||||||||||||||||||
719 | W.W. Grainger q | 109,000 | ||||||||||||||||||
3,520 | Waste Connections | 108,310 | ||||||||||||||||||
14,598 | Waste Management q | 576,037 | ||||||||||||||||||
Total Industrials | 26,350,019 | |||||||||||||||||||
Information Technology – 21.1% | ||||||||||||||||||||
10,310 | Adobe Systems — | 345,901 | ||||||||||||||||||
4,884 | Advanced Micro Devices — | 44,444 | ||||||||||||||||||
3,383 | Agilent Technologies — | 168,846 | ||||||||||||||||||
2,096 | Akamai Technologies — | 72,186 | ||||||||||||||||||
1,985 | Altera q | 96,670 | ||||||||||||||||||
10,074 | Amdocs — | 309,775 | ||||||||||||||||||
3,368 | Amphenol, Class A | 188,305 | ||||||||||||||||||
13,133 | Analog Devices q | 529,391 | ||||||||||||||||||
2,104 | ANSYS q — | 116,330 | ||||||||||||||||||
13,685 | Apple — | 4,765,528 | ||||||||||||||||||
32,086 | Applied Materials | 503,429 | ||||||||||||||||||
6,404 | Arrow Electronics q — | 291,958 | ||||||||||||||||||
1,018 | Atheros Communications — | 45,667 | ||||||||||||||||||
1,943 | Autodesk — | 87,396 | ||||||||||||||||||
3,976 | Automatic Data Processing q | 216,096 | ||||||||||||||||||
5,020 | Avago Technologies | 167,969 | ||||||||||||||||||
10,354 | Avnet — | 376,057 | ||||||||||||||||||
35,514 | AVX | 579,233 | ||||||||||||||||||
6,542 | BMC Software — | 328,605 | ||||||||||||||||||
5,789 | Booz Allen Hamilton Holding — | 111,959 | ||||||||||||||||||
8,439 | Broadcom, Class A | 296,884 | ||||||||||||||||||
3,300 | Broadridge Financial Solutions | 76,692 | ||||||||||||||||||
15,779 | CA | 388,006 | ||||||||||||||||||
86,190 | Cisco Systems — | 1,513,496 | ||||||||||||||||||
2,421 | Citrix Systems — | 204,187 | ||||||||||||||||||
1,924 | Cognizant Technology Solutions, Class A — | 159,500 | ||||||||||||||||||
4,987 | Computer Sciences | 254,237 | ||||||||||||||||||
13,754 | Compuware q — | 155,833 | ||||||||||||||||||
5,683 | Convergys — | 82,403 | ||||||||||||||||||
3,792 | CoreLogic — | 69,811 |
134 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Information Technology (continued) | ||||||||||||||||||||
31,074 | Corning | $ | 650,690 | |||||||||||||||||
25,057 | Dell — | 388,634 | ||||||||||||||||||
784 | Diebold q | 26,499 | ||||||||||||||||||
982 | Dolby Laboratories, Class A — | 49,159 | ||||||||||||||||||
5,322 | DST Systems q | 262,428 | ||||||||||||||||||
16,396 | eBay — | 564,022 | ||||||||||||||||||
3,368 | EchoStar, Class A — | 124,885 | ||||||||||||||||||
1,010 | Electronic Arts q — | 20,382 | ||||||||||||||||||
28,415 | EMC q — | 805,281 | ||||||||||||||||||
2,099 | Fairchild Semiconductor International — | 44,016 | ||||||||||||||||||
5,507 | Fidelity National Information Services q | 182,282 | ||||||||||||||||||
3,937 | Fiserv — | 241,377 | ||||||||||||||||||
1,685 | FLIR Systems q | 59,346 | ||||||||||||||||||
3,911 | Google, Class A — | 2,127,975 | ||||||||||||||||||
5,018 | Harris | 266,606 | ||||||||||||||||||
36,693 | Hewlett-Packard | 1,481,296 | ||||||||||||||||||
5,567 | IAC/InterActiveCorp q — | 201,024 | ||||||||||||||||||
19,101 | IBM | 3,258,249 | ||||||||||||||||||
14,234 | Ingram Micro, Class A — | 266,603 | ||||||||||||||||||
101,843 | Intel | 2,361,739 | ||||||||||||||||||
7,745 | International Rectifier q — | 267,667 | ||||||||||||||||||
5,405 | Intuit — | 300,302 | ||||||||||||||||||
6,238 | Jabil Circuit q | 123,762 | ||||||||||||||||||
1,034 | JDS Uniphase — | 21,549 | ||||||||||||||||||
6,800 | Juniper Networks — | 260,644 | ||||||||||||||||||
4,947 | KLA-Tencor | 217,173 | ||||||||||||||||||
3,314 | Lam Research — | 160,099 | ||||||||||||||||||
3,338 | Lexmark International, Class A — | 107,651 | ||||||||||||||||||
9,059 | Linear Technology q | 315,253 | ||||||||||||||||||
5,300 | Marvell Technology Group — | 81,779 | ||||||||||||||||||
773 | MasterCard, Class A | 213,263 | ||||||||||||||||||
3,237 | MEMC Electronic Materials — | 38,294 | ||||||||||||||||||
18,141 | Micron Technology q — | 204,812 | ||||||||||||||||||
5,002 | MICROS Systems — | 260,204 | ||||||||||||||||||
124,032 | Microsoft | 3,227,313 | ||||||||||||||||||
2,081 | Motorola Mobility Holdings — | 54,231 | ||||||||||||||||||
9,142 | Motorola Solutions — | 419,435 | ||||||||||||||||||
3,428 | National Instruments | 104,006 | ||||||||||||||||||
6,565 | National Semiconductor | 158,348 | ||||||||||||||||||
4,439 | NCR — | 87,937 | ||||||||||||||||||
1,351 | NetApp q — | 70,225 | ||||||||||||||||||
1,526 | NeuStar, Class A — | 41,034 | ||||||||||||||||||
7,331 | Novellus Systems q — | 235,325 | ||||||||||||||||||
6,853 | NVIDIA q — | 137,060 | ||||||||||||||||||
3,071 | ON Semiconductor — | 32,276 |
Nuveen Investments | 135 |
Portfolio of Investments (Unaudited)
Nuveen Quantitative Enhanced Core Equity Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Information Technology (continued) | ||||||||||||||||||||
61,714 | Oracle | $ | 2,224,790 | |||||||||||||||||
19,202 | PMC-Sierra — | 154,000 | ||||||||||||||||||
1,926 | QLogic q — | 34,629 | ||||||||||||||||||
24,007 | QUALCOMM | 1,364,558 | ||||||||||||||||||
2,435 | Red Hat — | 115,589 | ||||||||||||||||||
9,912 | SAIC — | 172,469 | ||||||||||||||||||
231 | Salesforce.com q — | 32,017 | ||||||||||||||||||
4,543 | SanDisk — | 223,243 | ||||||||||||||||||
2,814 | Silicon Laboratories — | 122,634 | ||||||||||||||||||
2,325 | Solera Holdings | 127,875 | ||||||||||||||||||
20,527 | Symantec — | 403,356 | ||||||||||||||||||
17,675 | Synopsys — | 484,118 | ||||||||||||||||||
5,439 | Tech Data q — | 288,974 | ||||||||||||||||||
25,780 | Tellabs | 126,838 | ||||||||||||||||||
4,556 | Teradyne q — | 73,352 | ||||||||||||||||||
25,052 | Texas Instruments | 890,098 | ||||||||||||||||||
2,642 | Varian Semiconductor Equipment Associates — | 110,779 | ||||||||||||||||||
2,620 | VeriSign | 96,835 | ||||||||||||||||||
5,195 | Visa, Class A q | 405,833 | ||||||||||||||||||
9,398 | Vishay Precision Group — | 155,067 | ||||||||||||||||||
3,163 | Western Digital — | 125,887 | ||||||||||||||||||
25,159 | Xerox q | 253,854 | ||||||||||||||||||
17,578 | Yahoo! q — | 312,010 | ||||||||||||||||||
6,720 | Zebra Technologies, Class A — | 264,029 | ||||||||||||||||||
Total Information Technology | 41,631,763 | |||||||||||||||||||
Materials – 7.3% | ||||||||||||||||||||
4,957 | Air Products & Chemicals | 473,493 | ||||||||||||||||||
3,579 | Airgas | 248,562 | ||||||||||||||||||
2,894 | Albemarle | 204,172 | ||||||||||||||||||
18,881 | Alcoa q | 320,977 | ||||||||||||||||||
9,591 | AptarGroup | 503,048 | ||||||||||||||||||
2,343 | Ashland | 145,453 | ||||||||||||||||||
11,236 | Ball | 419,215 | ||||||||||||||||||
12,606 | Bemis | 395,072 | ||||||||||||||||||
2,990 | Cabot Microelectronics | 134,101 | ||||||||||||||||||
1,501 | Carpenter Technology q | 76,941 | ||||||||||||||||||
3,002 | Celanese, Class A | 149,860 | ||||||||||||||||||
918 | CF Industries Holdings | 129,943 | ||||||||||||||||||
2,173 | Cliffs Natural Resources q | 203,654 | ||||||||||||||||||
9,056 | Commercial Metals | 151,779 | ||||||||||||||||||
2,579 | Compass Minerals International q | 251,736 | ||||||||||||||||||
6,680 | Crown Holdings — | 249,832 | ||||||||||||||||||
2,272 | Cytec Industries | 133,321 | ||||||||||||||||||
1,048 | Domtar | 97,485 | ||||||||||||||||||
15,921 | Dow Chemical q | 652,602 |
136 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Materials (continued) | ||||||||||||||||||||
13,467 | E.I. Du Pont de Nemours | $ | 764,791 | |||||||||||||||||
703 | Eastman Chemical | 75,397 | ||||||||||||||||||
5,943 | Ecolab q | 313,553 | ||||||||||||||||||
3,084 | FMC | 272,255 | ||||||||||||||||||
14,201 | Freeport-McMoRan Copper & Gold | 781,481 | ||||||||||||||||||
5,266 | Greif, Class A | 327,019 | ||||||||||||||||||
1,094 | Huntsman | 22,810 | ||||||||||||||||||
5,376 | International Flavors & Fragrances | 341,483 | ||||||||||||||||||
8,246 | International Paper | 254,636 | ||||||||||||||||||
728 | Lubrizol | 97,931 | ||||||||||||||||||
9,915 | MeadWestvaco | 334,036 | ||||||||||||||||||
6,870 | Monsanto | 467,435 | ||||||||||||||||||
4,423 | Nalco Holding | 129,196 | ||||||||||||||||||
13,383 | Newmont Mining q | 784,378 | ||||||||||||||||||
7,238 | Nucor | 339,896 | ||||||||||||||||||
9,213 | Owens-Illinois — | 273,350 | ||||||||||||||||||
10,865 | Packaging Corporation of America | 309,978 | ||||||||||||||||||
2,805 | PPG Industries q | 265,549 | ||||||||||||||||||
5,536 | Praxair q | 589,141 | ||||||||||||||||||
3,334 | Reliance Steel & Aluminum | 188,738 | ||||||||||||||||||
952 | Royal Gold q | 58,053 | ||||||||||||||||||
8,759 | RPM International q | 205,836 | ||||||||||||||||||
1,688 | Schnitzer Steel Industries, Class A | 104,774 | ||||||||||||||||||
5,094 | Scotts Miracle-Gro, Class A | 287,658 | ||||||||||||||||||
10,589 | Sealed Air | 272,879 | ||||||||||||||||||
4,125 | Sigma-Aldrich | 291,142 | ||||||||||||||||||
15,555 | Sonoco Products | 537,581 | ||||||||||||||||||
1,098 | Steel Dynamics q | 19,973 | ||||||||||||||||||
4,657 | Temple-Inland | 109,579 | ||||||||||||||||||
2,471 | Titanium Metals — | 49,494 | ||||||||||||||||||
8,183 | Valspar | 321,674 | ||||||||||||||||||
13,217 | Weyerhaeuser q | 304,123 | ||||||||||||||||||
Total Materials | 14,437,065 | |||||||||||||||||||
Telecommunication Services – 1.8% | ||||||||||||||||||||
78,838 | AT&T | 2,453,439 | ||||||||||||||||||
16,633 | Sprint Nextel q — | 86,159 | ||||||||||||||||||
716 | U.S. Cellular — | 35,256 | ||||||||||||||||||
23,789 | Verizon Communications | 898,748 | ||||||||||||||||||
Total Telecommunications Services | 3,473,602 | |||||||||||||||||||
Utilities – 1.3% | ||||||||||||||||||||
12,295 | AGL Resources q | 510,366 | ||||||||||||||||||
11,942 | American Water Works | 350,856 | ||||||||||||||||||
7,856 | Atmos Energy q | 274,096 | ||||||||||||||||||
4,232 | Constellation Energy Group | 154,129 | ||||||||||||||||||
3,926 | Energen | 255,229 |
Nuveen Investments | 137 |
Portfolio of Investments (Unaudited)
Nuveen Quantitative Enhanced Core Equity Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||
Utilities (continued) | ||||||||||||||
18,309 | Questar | $ | 321,689 | |||||||||||
3,204 | Sempra Energy | 176,540 | ||||||||||||
15,483 | UGI | 515,584 | ||||||||||||
Total Utilities | 2,558,489 | |||||||||||||
Total Common Stocks (cost $178,533,853) | 193,032,453 | |||||||||||||
Shares | Description p | Value | ||||||||||||
MONEY MARKET FUNDS – 14.7% | ||||||||||||||
29,029,120 | Mount Vernon Securities Lending Prime Portfolio 0.235% W † | $ | 29,029,120 | |||||||||||
Total Money Market Funds (cost $29,029,120) | 29,029,120 | |||||||||||||
Shares/ Principal Amount (000) | Description p | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 1.9% | ||||||||||||||
Money Market Funds – 1.5% | ||||||||||||||
2,902,317 | First American Prime Obligations Fund, Class Z, 0.053% W | $ | 2,902,317 | |||||||||||
U.S. Treasury Obligations – 0.4% | ||||||||||||||
U.S. Treasury Bill | ||||||||||||||
$ | 790,000 | 0.096%, 10/20/2011 ¨ | 789,636 | |||||||||||
Total Short-Term Investments (cost $3,691,921) | 3,691,953 | |||||||||||||
Total Investments – 114.7% (cost $211,254,894) | 225,753,526 | |||||||||||||
Other Assets Less Liabilities – (14.7)% ¯ | (28,976,035) | |||||||||||||
Net Assets – 100.0% | $ | 196,777,491 |
Investments in Derivatives
Futures Contracts outstanding at April 30, 2011:
Type | Contract Position | Number of Contracts | Contract Expiration | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
S&P 500 Index | Long | 10 | 6/11 | $ | 3,399,250 | $ | 102 | ,039 |
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. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
q | Investment, or a portion of investment, is out on loan for securities lending. |
— | Non-income producing; issuer has not declared a dividend within the past twelve months. |
¨ | Investment, or portion of investment, segregated as collateral for investments in derivatives. Yield shown is the annualized effective yield as of April 30, 2011. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2011. |
† | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund. |
¯ | Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
138 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Real Estate Securities Fund
(formerly known as First American Real Estate Securities Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||
COMMON STOCKS – 98.7% | ||||||||||||||
Apartments – 14.5% | ||||||||||||||
804,397 | Apartment Investment & Management, Class A – REIT q | $ | 21,686,543 | |||||||||||
80,775 | Associated Estates Realty – REIT q | 1,344,096 | ||||||||||||
1,031,678 | Avalonbay Communities – REIT q | 130,620,752 | ||||||||||||
526,988 | BRE Properties – REIT | 26,728,831 | ||||||||||||
342,641 | Camden Property Trust – REIT q | 21,500,723 | ||||||||||||
2,741,124 | Equity Residential Properties Trust – REIT q | 163,699,925 | ||||||||||||
279,759 | Essex Property Trust – REIT q | 37,901,749 | ||||||||||||
644,234 | Mid-America Apartment Communities – REIT q | 43,067,043 | ||||||||||||
132,695 | Post Properties – REIT q | 5,387,417 | ||||||||||||
638,827 | UDR – REIT q | 16,539,231 | ||||||||||||
Total Apartments | 468,476,310 | |||||||||||||
Community Centers – 8.1% | ||||||||||||||
891,336 | Acadia Realty Trust – REIT q | 18,584,356 | ||||||||||||
1,975,525 | Developers Diversified Realty – REIT q | 29,119,238 | ||||||||||||
247,309 | Equity One – REIT q | 4,901,664 | ||||||||||||
532,242 | Federal Realty Investment Trust – REIT q | 46,603,109 | ||||||||||||
1,038,189 | Kimco Realty – REIT q | 20,286,213 | ||||||||||||
1,693,526 | Kite Realty Group Trust – REIT q | 8,806,335 | ||||||||||||
769,455 | Ramco-Gershenson Properties Trust – REIT | 9,918,275 | ||||||||||||
1,140,669 | Regency Centers – REIT q | 53,679,883 | ||||||||||||
275,861 | Saul Centers – REIT | 12,079,953 | ||||||||||||
211,131 | Tanger Factory Outlet Centers – REIT q | 5,833,550 | ||||||||||||
699,526 | Urstadt Biddle Properties, Class A – REIT | 13,766,672 | ||||||||||||
1,457,438 | Weingarten Realty Investors – REIT q | 38,490,938 | ||||||||||||
Total Community Centers | 262,070,186 | |||||||||||||
Diversified – 8.0% | ||||||||||||||
368,552 | American Assets Trust – REIT | 8,137,628 | ||||||||||||
527,687 | Colonial Properties Trust – REIT q | 11,165,857 | ||||||||||||
147,082 | Coresite Realty – REIT | 2,322,425 | ||||||||||||
1,857,525 | Cousins Properties – REIT q | 16,717,725 | ||||||||||||
956,878 | Forest City Enterprises, Class A q — | 18,381,626 | ||||||||||||
1,618,814 | Vornado Realty Trust – REIT | 156,506,937 | ||||||||||||
1,422,224 | Washington Real Estate Investment Trust – REIT q | 46,080,058 | ||||||||||||
Total Diversified | 259,312,256 | |||||||||||||
Health Care – 12.0% | ||||||||||||||
3,930 | Assisted Living Concepts, Class A — | 141,716 | ||||||||||||
166,634 | Brookdale Senior Living q — | 4,539,110 | ||||||||||||
450,695 | Capital Senior Living — | 4,177,943 | ||||||||||||
1,293,973 | Cogdell Spencer – REIT q | 7,828,537 | ||||||||||||
152,096 | Emeritus q — | 3,727,873 | ||||||||||||
3,930,389 | HCP – REIT q | 155,722,012 | ||||||||||||
987,478 | Health Care – REIT q | 53,096,692 | ||||||||||||
1,154,144 | Healthcare Realty Trust – REIT q | 26,360,649 |
Nuveen Investments | 139 |
Portfolio of Investments (Unaudited)
Nuveen Real Estate Securities Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Health Care (continued) | ||||||||||||||||||||
1,348,644 | LTC Properties – REIT | $ | 39,677,106 | |||||||||||||||||
404,213 | Nationwide Health Properties – REIT q | 17,704,529 | ||||||||||||||||||
135,015 | OMEGA Healthcare Investors – REIT | 3,099,944 | ||||||||||||||||||
3,200,893 | Parkway Life – REIT | 4,523,953 | ||||||||||||||||||
1,196,378 | Ventas – REIT q | 66,913,422 | ||||||||||||||||||
Total Health Care | 387,513,486 | |||||||||||||||||||
Hotels – 8.7% | ||||||||||||||||||||
265,089 | Chatham Lodging Trust – REIT | 4,281,187 | ||||||||||||||||||
1,015,078 | Chesapeake Lodging Trust – REIT q | 18,251,102 | ||||||||||||||||||
662,663 | DiamondRock Hospitality – REIT — | 7,978,463 | ||||||||||||||||||
1,205,517 | FelCor Lodging Trust w — | 7,667,088 | ||||||||||||||||||
2,525,855 | Hersha Hospitality Trust – REIT q | 15,003,579 | ||||||||||||||||||
6,694,882 | Host Hotels & Resorts – REIT q | 119,101,951 | ||||||||||||||||||
1,544 | Hyatt Hotels, Class A — | 68,415 | ||||||||||||||||||
678,415 | LaSalle Hotel Properties – REIT | 19,090,598 | ||||||||||||||||||
317,912 | Marcus q | 3,525,644 | ||||||||||||||||||
1,110,638 | Marriott International, Class A q | 39,205,521 | ||||||||||||||||||
1,081,337 | Pebblebrook Hotel Trust – REIT | 23,194,679 | ||||||||||||||||||
46,488 | Strategic Hotels & Resorts – REIT — | �� | 317,048 | |||||||||||||||||
2,044,871 | Sunstone Hotel Investors – REIT q — | 21,389,351 | ||||||||||||||||||
Total Hotels | 279,074,626 | |||||||||||||||||||
Industrials – 8.5% | ||||||||||||||||||||
1,799,269 | AMB Property – REIT q | 65,493,392 | ||||||||||||||||||
2,101,697 | DCT Industrial Trust – REIT q | 12,210,860 | ||||||||||||||||||
931,118 | EastGroup Properties – REIT q | 42,887,295 | ||||||||||||||||||
362,226 | First Industrial Realty Trust – REIT q — | 4,535,069 | ||||||||||||||||||
524,811 | First Potomac Realty Trust – REIT q | 8,517,682 | ||||||||||||||||||
303,364 | Mapletree Logistics Trust – REIT | 224,292 | ||||||||||||||||||
4,589,840 | Prologis – REIT q | 74,768,494 | ||||||||||||||||||
798,574 | PS Business Parks – REIT | 48,122,069 | ||||||||||||||||||
602,950 | Stag Industrial – REIT q — | 7,657,465 | ||||||||||||||||||
591,578 | Terreno Realty – REIT q — | 10,033,163 | ||||||||||||||||||
Total Industrials | 274,449,781 | |||||||||||||||||||
Infrastructure – 1.0% | ||||||||||||||||||||
100,005 | American Tower, Class A — | 5,231,262 | ||||||||||||||||||
632,438 | Brookfield Asset Management, Class A q | 21,262,566 | ||||||||||||||||||
477 | Hopewell Holdings | 1,440 | ||||||||||||||||||
357,492 | Standard Parking — | 6,252,535 | ||||||||||||||||||
Total Infrastructure | 32,747,803 | |||||||||||||||||||
Malls – 14.9% | ||||||||||||||||||||
198,212 | CBL & Associates Properties – REIT | 3,680,797 | ||||||||||||||||||
782,828 | Cedar Shopping Centers – REIT | 4,618,685 | ||||||||||||||||||
2,859,783 | General Growth Properties – REIT q | 47,758,376 | ||||||||||||||||||
2,151,436 | Glimcher Realty Trust – REIT q | 20,546,214 | ||||||||||||||||||
1,231,482 | Macerich – REIT q | 65,046,879 |
140 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||
Malls (continued) | ||||||||||||||
2,861,850 | Simon Property Group – REIT q | $ | 327,796,299 | |||||||||||
195,922 | Taubman Centers – REIT q | 11,392,864 | ||||||||||||
Total Malls | 480,840,114 | |||||||||||||
Manufactured Homes – 1.0% | ||||||||||||||
506,429 | Equity Lifestyle Properties – REIT q | 30,294,583 | ||||||||||||
Net Lease – 0.9% | ||||||||||||||
191,442 | Getty Realty – REIT q | 4,864,541 | ||||||||||||
935,288 | National Retail Properties – REIT q | 24,635,486 | ||||||||||||
Total Net Lease | 29,500,027 | |||||||||||||
Office – 13.2% | ||||||||||||||
682,442 | Alexandria Real Estate Equities – REIT q | 56,062,610 | ||||||||||||
290,786 | BioMed Realty Trust – REIT q | 5,769,194 | ||||||||||||
1,211,838 | Boston Properties – REIT q | 126,673,426 | ||||||||||||
1,308,747 | Brandywine Realty Trust – REIT q | 16,621,087 | ||||||||||||
780,608 | Brookfield Properties q | 15,440,426 | ||||||||||||
58,381 | Corporate Office Properties Trust – REIT q | 2,055,595 | ||||||||||||
623,673 | Digital Realty Trust – REIT q | 37,632,429 | ||||||||||||
823,201 | Douglas Emmett – REIT q | 17,130,813 | ||||||||||||
244,745 | Duke Realty – REIT q | 3,732,361 | ||||||||||||
564,659 | DuPont Fabros Technology – REIT q | 13,811,559 | ||||||||||||
98,523 | Highwoods Properties – REIT q | 3,635,499 | ||||||||||||
484,423 | Hudson Pacific Properties – REIT q | 7,256,657 | ||||||||||||
907,118 | Liberty Property Trust – REIT q | 31,903,340 | ||||||||||||
1,173,679 | Mack-Cali Realty – REIT q | 41,454,342 | ||||||||||||
47,801 | Mission West Properties – REIT q | 367,112 | ||||||||||||
13,121 | Parkway Properties – REIT | 235,260 | ||||||||||||
406,673 | Piedmont Office Realty Trust, Class A – REIT q | 8,092,793 | ||||||||||||
475,278 | SL Green Realty – REIT q | 39,224,693 | ||||||||||||
Total Office | 427,099,196 | |||||||||||||
Real Estate Service Provider – 0.0% | ||||||||||||||
32,946 | HFF — | 493,202 | ||||||||||||
Self Storage – 6.7% | ||||||||||||||
1,392,844 | Public Storage – REIT q | 163,394,530 | ||||||||||||
746,499 | Sovran Self Storage – REIT q | 31,935,227 | ||||||||||||
1,885,169 | U-Store-It Trust – REIT q | 21,415,520 | ||||||||||||
Total Self Storage | 216,745,277 | |||||||||||||
Student Housing – 1.2% | ||||||||||||||
1,032,679 | American Campus Communities – REIT q | 36,298,667 | ||||||||||||
144,363 | Education Realty Trust – REIT | 1,228,529 | ||||||||||||
Total Student Housing | 37,527,196 | |||||||||||||
Total Common Stocks (cost $2,526,650,247) | 3,186,144,043 | |||||||||||||
Private Real Estate Company – 0.0% | ||||||||||||||
34,331 | Newcastle Investment Holdings — | 31,241 | ||||||||||||
Total Private Real Estate Company (cost $150,149) | 31,241 |
Nuveen Investments | 141 |
Portfolio of Investments (Unaudited)
Nuveen Real Estate Securities Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||
MONEY MARKET FUNDS – 39.5% | ||||||||||||||
1,274,424,451 | Mount Vernon Securities Lending Prime Portfolio 0.235% W † | $ | 1,274,424,451 | |||||||||||
Total Money Market Funds (cost $1,274,424,451) | 1,274,424,451 | |||||||||||||
Shares | Description p | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 0.9% | ||||||||||||||
Money Market Funds – 0.9% | ||||||||||||||
28,280,648 | First American Prime Obligations Fund, Class Z 0.053% W | $ | 28,280,648 | |||||||||||
Total Short-Term Investments (cost $28,280,648) | 28,280,648 | |||||||||||||
Total Investments – 139.1% (cost $3,829,505,495) | 4,488,880,383 | |||||||||||||
Other Assets Less Liabilities – (39.1)% | (1,261,671,303) | |||||||||||||
Net Assets – 100.0% | $ | 3,227,209,080 |
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. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
q | Investment, or a portion of investment, is out on loan for securities lending. |
— | Non-income producing; issuer has not declared a dividend within the past twelve months. |
![]() | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2011. |
† | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
142 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Growth Opportunities Fund
(formerly known as First American Small Cap Growth Opportunities Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
COMMON STOCKS – 96.7% | ||||||||||||||||||||
Consumer Discretionary – 15.2% | ||||||||||||||||||||
96,654 | Arctic Cat — | $ | 1,622,821 | |||||||||||||||||
71,147 | Ascena Retail Group q — | 2,226,190 | ||||||||||||||||||
18,449 | Buffalo Wild Wings q — | 1,127,234 | ||||||||||||||||||
100,613 | Crocs q — | 2,023,327 | ||||||||||||||||||
63,864 | Hibbett Sports q — | 2,412,782 | ||||||||||||||||||
73,114 | Men’s Wearhouse q | 2,039,149 | ||||||||||||||||||
72,680 | Penske Automotive Group q — | 1,633,846 | ||||||||||||||||||
121,966 | Texas Roadhouse | 1,984,387 | ||||||||||||||||||
38,428 | Warnaco Group q — | 2,473,226 | ||||||||||||||||||
76,311 | WMS Industries q — | 2,503,001 | ||||||||||||||||||
67,665 | Wolverine World Wide | 2,684,947 | ||||||||||||||||||
Total Consumer Discretionary | 22,730,910 | |||||||||||||||||||
Energy – 4.9% | ||||||||||||||||||||
66,334 | Complete Production Services — | 2,251,376 | ||||||||||||||||||
22,329 | Dril-Quip — | 1,709,508 | ||||||||||||||||||
15,647 | Lufkin Industries q | 1,444,688 | ||||||||||||||||||
62,838 | Oasis Petroleum q — | 1,931,012 | ||||||||||||||||||
Total Energy | 7,336,584 | |||||||||||||||||||
Financials – 3.4% | ||||||||||||||||||||
69,417 | Home Bancshares | 1,663,926 | ||||||||||||||||||
67,617 | KBW q | 1,536,258 | ||||||||||||||||||
41,527 | Stifel Financial q — | 1,896,953 | ||||||||||||||||||
Total Financials | 5,097,137 | |||||||||||||||||||
Health Care – 20.9% | ||||||||||||||||||||
72,538 | Align Technology q — | 1,751,067 | ||||||||||||||||||
95,954 | Alkermes — | 1,383,657 | ||||||||||||||||||
62,591 | Gentiva Health Services — | 1,752,548 | ||||||||||||||||||
22,404 | Haemonetics — | 1,572,761 | ||||||||||||||||||
109,036 | Halozyme Therapeutics q — | 722,909 | ||||||||||||||||||
108,082 | HealthSouth q — | 2,770,142 | ||||||||||||||||||
81,179 | ICON – ADR — | 1,993,756 | ||||||||||||||||||
48,861 | ICU Medical — | 2,204,120 | ||||||||||||||||||
85,037 | Impax Laboratories — | 2,328,313 | ||||||||||||||||||
42,093 | Incyte q — | 777,879 | ||||||||||||||||||
26,552 | InterMune q — | 1,185,281 | ||||||||||||||||||
153,202 | Nektar Therapeutics q — | 1,590,237 | ||||||||||||||||||
65,354 | PSS World Medical — | 1,879,581 | ||||||||||||||||||
56,780 | Salix Pharmaceuticals — | 2,230,886 | ||||||||||||||||||
42,093 | Theravance q — | 1,168,081 | ||||||||||||||||||
68,868 | Thoratec — | 2,114,247 | ||||||||||||||||||
100,783 | Tornier NV q — | 2,197,069 | ||||||||||||||||||
25,780 | Zoll Medical q — | 1,461,210 | ||||||||||||||||||
Total Health Care | 31,083,744 |
Nuveen Investments | 143 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Growth Opportunities Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Industrials – 17.0% | ||||||||||||||||||||
70,098 | Actuant, Class A q | $ | 1,945,920 | |||||||||||||||||
79,934 | Altra Holdings — | 2,029,524 | ||||||||||||||||||
212,172 | CBIZ q — | 1,555,221 | ||||||||||||||||||
17,362 | Clean Harbors q — | 1,710,157 | ||||||||||||||||||
93,879 | Interface, Class A | 1,749,905 | ||||||||||||||||||
52,110 | Kaydon q | 2,016,657 | ||||||||||||||||||
95,379 | MasTec — | 2,163,196 | ||||||||||||||||||
47,813 | Old Dominion Freight Line — | 1,789,162 | ||||||||||||||||||
116,583 | Orbital Sciences q — | 2,195,258 | ||||||||||||||||||
30,552 | Regal-Beloit q | 2,315,536 | ||||||||||||||||||
94,261 | Tetra Tech — | 2,226,445 | ||||||||||||||||||
127,617 | TrueBlue — | 1,796,847 | ||||||||||||||||||
28,962 | WESCO International q — | 1,794,196 | ||||||||||||||||||
Total Industrials | 25,288,024 | |||||||||||||||||||
Information Technology – 33.0% | ||||||||||||||||||||
54,978 | ADTRAN q | 2,268,942 | ||||||||||||||||||
68,631 | Advent Software — | 1,868,822 | ||||||||||||||||||
503,424 | Brocade Communications Systems — | 3,146,400 | ||||||||||||||||||
102,613 | Fairchild Semiconductor International — | 2,151,795 | ||||||||||||||||||
77,276 | Finisar — | 2,170,683 | ||||||||||||||||||
56,832 | International Rectifier q — | 1,964,114 | ||||||||||||||||||
74,044 | Kenexa q — | 2,178,375 | ||||||||||||||||||
88,899 | LoopNet — | 1,651,743 | ||||||||||||||||||
34,254 | MICROS Systems — | 1,781,893 | ||||||||||||||||||
50,817 | MKS Instruments | 1,442,186 | ||||||||||||||||||
66,647 | Multi-Fineline Electronix — | 1,774,810 | ||||||||||||||||||
74,686 | National Instruments | 2,265,973 | ||||||||||||||||||
158,716 | Perficient — | 1,982,363 | ||||||||||||||||||
70,035 | Plantronics | 2,596,197 | ||||||||||||||||||
354,858 | PMC-Sierra — | 2,845,961 | ||||||||||||||||||
103,244 | QLogic q — | 1,856,327 | ||||||||||||||||||
97,075 | Quest Software q — | 2,500,652 | ||||||||||||||||||
85,533 | Radiant Systems — | 1,703,817 | ||||||||||||||||||
73,714 | Semtech — | 2,069,152 | ||||||||||||||||||
84,135 | Solarwinds q — | 2,038,591 | ||||||||||||||||||
75,517 | Sourcefire — | 2,010,263 | ||||||||||||||||||
32,324 | Varian Semiconductor Equipment Associates — | 1,355,345 | ||||||||||||||||||
591,081 | VideoPropulsion — | — | ||||||||||||||||||
87,313 | Virtusa — | 1,629,261 | ||||||||||||||||||
67,003 | Vocus — | 1,985,299 | ||||||||||||||||||
Total Information Technology | 49,238,964 | |||||||||||||||||||
Materials – 2.3% | ||||||||||||||||||||
48,250 | Arch Chemicals | 1,865,828 | ||||||||||||||||||
94,369 | Horsehead Holding — | 1,488,199 | ||||||||||||||||||
Total Materials | 3,354,027 | |||||||||||||||||||
Total Common Stocks (cost $118,793,206) | 144,129,390 |
144 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
MONEY MARKET FUNDS – 21.7% | ||||||||||||||||||||
32,287,086 | Mount Vernon Securities Lending Prime Portfolio 0.235% W ¨ | $ | 32,287,086 | |||||||||||||||||
Total Money Market Funds (cost $32,287,086) | 32,287,086 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
SHORT-TERM INVESTMENTS – 2.6% | ||||||||||||||||||||
Money Market Funds – 2.6% | ||||||||||||||||||||
3,952,583 | First American Prime Obligations Fund, Class Z, 0.053% W | $ | 3,952,583 | |||||||||||||||||
Total Short-Term Investment (cost $3,952,583) | 3,952,583 | |||||||||||||||||||
Total Investments – 121.0% (cost $155,032,875) | 180,369,059 | |||||||||||||||||||
Other Assets Less Liabilities – (21.0)% | (31,254,257) | |||||||||||||||||||
Net Assets – 100.0% | $ | 149,114,802 |
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. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
q | Investment, or portion of investment, is out on loan for securities lending. |
— | Non-income producing; issuer has not declared a dividend within the past twelve months. |
![]() | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2011. |
¨ | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund. |
ADR | American Depositary Receipt |
See accompanying notes to financial statements.
Nuveen Investments | 145 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Select Fund
(formerly known as First American Small Cap Select Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||
COMMON STOCKS – 97.4% | ||||||||||||||
Consumer Discretionary – 13.0% | ||||||||||||||
300,513 | Amerigon q — | $ | 5,123,747 | |||||||||||
125,160 | Ann q — | 3,906,244 | ||||||||||||
221,179 | Ascena Retail Group q — | 6,920,691 | ||||||||||||
188,406 | Bravo Brio Restaurant Group q — | 3,888,700 | ||||||||||||
127,441 | Buffalo Wild Wings q — | 7,786,645 | ||||||||||||
150,673 | Coinstar q — | 8,133,328 | ||||||||||||
471,325 | Collective Brands q — | 9,897,825 | ||||||||||||
72,375 | Gaylord Entertainment q — | 2,596,091 | ||||||||||||
251,729 | Life Time Fitness q — | 9,847,638 | ||||||||||||
41,560 | Panera Bread, Class A q — | 5,033,332 | ||||||||||||
203,405 | ReachLocal q — | 4,727,132 | ||||||||||||
209,904 | Texas Roadhouse | 3,415,138 | ||||||||||||
29,101 | Tractor Supply q | 1,800,479 | ||||||||||||
295,655 | Valassis Communications — | 8,523,734 | ||||||||||||
106,187 | Warnaco Group q — | 6,834,195 | ||||||||||||
105,467 | WMS Industries q — | 3,459,318 | ||||||||||||
271,984 | Zumiez q — | 7,645,470 | ||||||||||||
Total Consumer Discretionary | 99,539,707 | |||||||||||||
Consumer Staples – 2.0% | ||||||||||||||
291,062 | Hain Celestial Group q — | 9,899,018 | ||||||||||||
1,199,046 | Smart Balance q — | 5,731,440 | ||||||||||||
Total Consumer Staples | 15,630,458 | |||||||||||||
Energy – 8.2% | ||||||||||||||
113,082 | Clean Energy Fuels q — | 1,926,917 | ||||||||||||
367,920 | Delek US Holdings q | 4,941,166 | ||||||||||||
266,178 | Energy XXI q — | 9,648,952 | ||||||||||||
124,588 | GeoResources q — | 3,615,544 | ||||||||||||
405,797 | Goodrich Petroleum q — | �� | 9,118,259 | |||||||||||
136,909 | James River Coal q — | 3,192,718 | ||||||||||||
423,757 | Key Energy Services — | 7,712,377 | ||||||||||||
87,048 | Lufkin Industries q | 8,037,142 | ||||||||||||
2,121,190 | Parker Drilling q — | 15,124,085 | ||||||||||||
Total Energy | 63,317,160 | |||||||||||||
Financials – 17.5% | ||||||||||||||
150,058 | Bank of the Ozarks q | 6,682,083 | ||||||||||||
528,360 | Calamos Asset Management, Class A q | 8,596,417 | ||||||||||||
303,669 | Delphi Financial Group, Class A q | 9,702,224 | ||||||||||||
288,548 | Dime Community Bancshares | 4,460,952 | ||||||||||||
296,029 | Evercore Partners, Class A q | 10,328,452 | ||||||||||||
208,835 | FirstMerit | 3,648,347 | ||||||||||||
251,961 | Home Bancshares | 6,039,505 | ||||||||||||
218,910 | Independent Bank q | 6,416,252 | ||||||||||||
762,271 | Knight Capital Group, Class A q — | 10,458,358 |
146 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
1,349,991 | MGIC Investment q — | $ | 11,690,922 | |||||||||||||||||
279,400 | National Retail Properties – REIT q | 7,359,396 | ||||||||||||||||||
169,337 | Piper Jaffray Companies — | 6,070,731 | ||||||||||||||||||
155,449 | PS Business Parks – REIT | 9,367,357 | ||||||||||||||||||
243,376 | Senior Housing Properties Trust – REIT q | 5,772,879 | ||||||||||||||||||
210,654 | Terreno Realty – REIT q — | 3,572,692 | ||||||||||||||||||
1,123,249 | Umpqua Holdings q | 13,040,921 | ||||||||||||||||||
276,358 | Waddell & Reed Financial, Class A | 11,333,442 | ||||||||||||||||||
Total Financials | 134,540,930 | |||||||||||||||||||
Health Care – 12.3% | ||||||||||||||||||||
88,507 | Align Technology — | 2,136,559 | ||||||||||||||||||
60,940 | Alkermes — | 878,755 | ||||||||||||||||||
24,194 | athenahealth q — | 1,118,489 | ||||||||||||||||||
515,337 | Cadence Pharmaceuticals q — | 4,370,058 | ||||||||||||||||||
104,924 | Cepheid q — | 3,390,094 | ||||||||||||||||||
55,587 | Cubist Pharmaceuticals q — | 1,881,620 | ||||||||||||||||||
1,142,322 | Endologix q — | 9,081,460 | ||||||||||||||||||
62,915 | Exelixis q — | 771,338 | ||||||||||||||||||
40,039 | Haemonetics — | 2,810,738 | ||||||||||||||||||
89,048 | Incyte q — | 1,645,607 | ||||||||||||||||||
74,266 | Integra LifeSciences q — | 3,884,854 | ||||||||||||||||||
26,574 | InterMune q — | 1,186,263 | ||||||||||||||||||
36,544 | Magellan Health Services — | 1,901,019 | ||||||||||||||||||
107,612 | MEDNAX — | 7,631,843 | ||||||||||||||||||
160,751 | Nektar Therapeutics q — | 1,668,595 | ||||||||||||||||||
53,826 | Onyx Pharmaceuticals — | 2,022,243 | ||||||||||||||||||
22,498 | Pharmasset q — | 2,282,872 | ||||||||||||||||||
215,049 | Salix Pharmaceuticals — | 8,449,275 | ||||||||||||||||||
79,352 | Seattle Genetics q — | 1,318,037 | ||||||||||||||||||
139,427 | Sirona Dental Systems — | 7,957,099 | ||||||||||||||||||
86,040 | Theravance q — | 2,387,610 | ||||||||||||||||||
382,727 | Thoratec — | 11,749,719 | ||||||||||||||||||
114,517 | U.S. Physical Therapy | 2,788,489 | ||||||||||||||||||
201,464 | Zoll Medical q — | 11,418,979 | ||||||||||||||||||
Total Health Care | 94,731,615 | |||||||||||||||||||
Industrials – 17.1% | ||||||||||||||||||||
318,056 | Actuant, Class A q | 8,829,235 | ||||||||||||||||||
287,849 | Aeroflex Holding — | 5,094,927 | ||||||||||||||||||
127,192 | Allegiant Travel q | 5,707,105 | ||||||||||||||||||
85,960 | Atlas Air Worldwide Holdings — | 5,923,504 | ||||||||||||||||||
734,530 | CBIZ q — | 5,384,105 | ||||||||||||||||||
488,393 | China Xiniya Fashion q — | 1,973,108 | ||||||||||||||||||
353,377 | GrafTech International — | 8,198,346 | ||||||||||||||||||
270,854 | Kaydon q | 10,482,050 | ||||||||||||||||||
611,278 | MasTec — | 13,863,785 |
Nuveen Investments | 147 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Select Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Industrials (continued) | ||||||||||||||||||||
131,635 | MYR Group q — | $ | 3,281,660 | |||||||||||||||||
222,105 | Old Dominion Freight Line — | 8,311,169 | ||||||||||||||||||
582,952 | Orbital Sciences — | 10,976,986 | ||||||||||||||||||
136,925 | Regal-Beloit q | 10,377,546 | ||||||||||||||||||
198,557 | Terex q — | 6,905,812 | ||||||||||||||||||
372,772 | Tetra Tech — | 8,804,875 | ||||||||||||||||||
560,674 | TrueBlue — | 7,894,290 | ||||||||||||||||||
246,755 | United Rentals q — | 7,259,532 | ||||||||||||||||||
83,069 | Westport Innovations q — | 2,101,646 | ||||||||||||||||||
Total Industrials | 131,369,681 | |||||||||||||||||||
Information Technology – 20.3% | ||||||||||||||||||||
2,095,665 | Advanced Analogic Technologies q — | 8,927,533 | ||||||||||||||||||
463,296 | AsiaInfo Holdings q — | 8,756,294 | ||||||||||||||||||
2,173,395 | Brocade Communications Systems — | 13,583,719 | ||||||||||||||||||
312,391 | CommVault Systems — | 12,305,081 | ||||||||||||||||||
398,321 | Infinera q — | 3,114,870 | ||||||||||||||||||
763,719 | Integrated Device Technology — | 6,212,854 | ||||||||||||||||||
431,147 | Kenexa q — | 12,684,345 | ||||||||||||||||||
153,615 | Kit Digital q — | 1,768,109 | ||||||||||||||||||
469,593 | Newport — | 8,795,477 | ||||||||||||||||||
179,880 | Polycom q — | 10,762,220 | ||||||||||||||||||
253,905 | Progress Software — | 7,528,283 | ||||||||||||||||||
1,312,707 | RF Micro Devices q — | 8,742,629 | ||||||||||||||||||
326,848 | ShoreTel — | 3,415,562 | ||||||||||||||||||
902,807 | Smith Micro Software q — | 6,969,670 | ||||||||||||||||||
218,159 | Sourcefire q — | 5,807,392 | ||||||||||||||||||
159,248 | SPS Commerce — | 2,613,260 | ||||||||||||||||||
229,315 | STEC q — | 4,797,270 | ||||||||||||||||||
223,092 | Taleo, Class A q — | 8,091,547 | ||||||||||||||||||
472,104 | Tessera Technologies q — | 9,328,775 | ||||||||||||||||||
398,984 | Vocus q — | 11,821,896 | ||||||||||||||||||
Total Information Technology | 156,026,786 | |||||||||||||||||||
Materials – 4.7% | ||||||||||||||||||||
193,091 | Arch Chemicals | 7,466,829 | ||||||||||||||||||
169,700 | Buckeye Technologies q | 4,778,752 | ||||||||||||||||||
431,536 | Horsehead Holding — | 6,805,323 | ||||||||||||||||||
391,562 | Louisiana-Pacific q — | 3,641,527 | ||||||||||||||||||
100,522 | Rock-Tenn, Class A q | 6,943,054 | ||||||||||||||||||
107,782 | Schnitzer Steel Industries, Class A | 6,690,029 | ||||||||||||||||||
Total Materials | 36,325,514 | |||||||||||||||||||
Telecommunication Services – 2.3% | ||||||||||||||||||||
757,995 | Cbeyond q — | 9,672,016 | ||||||||||||||||||
522,325 | Cogent Communications Group q — | 7,578,936 | ||||||||||||||||||
Total Telecommunication Services | 17,250,952 | |||||||||||||||||||
Total Common Stocks (cost $613,926,224) | 748,732,803 |
148 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
MONEY MARKET FUNDS – 38.2% | ||||||||||||||||||||
293,227,711 | Mount Vernon Securities Lending Prime Portfolio 0.234% W † | $ | 293,227,711 | |||||||||||||||||
Total Money Market Funds (cost $293,227,711) | 293,227,711 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
SHORT-TERM INVESTMENTS – 2.9% | ||||||||||||||||||||
Money Market Funds – 2.9% | ||||||||||||||||||||
22,682,699 | First American Prime Obligations Fund, Class Z 0.053% W | $ | 22,682,699 | |||||||||||||||||
Total Short-Term Investment (cost $22,682,699) | 22,682,699 | |||||||||||||||||||
Total Investments – 138.5% (cost $929,836,634) | 1,064,643,213 | |||||||||||||||||||
Other Assets Less Liabilities – (38.5)% | (296,075,954) | |||||||||||||||||||
Net Assets – 100.0% | $ | 768,567,259 |
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. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
q | Investment, or a portion of investment, is out on loan for securities lending. |
— | Non-income producing; issuer has not declared a dividend within the past twelve months. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2011. |
† | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
Nuveen Investments | 149 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Value Fund
(formerly known as First American Small Cap Value Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
COMMON STOCKS – 96.8% | ||||||||||||||||||||
Consumer Discretionary – 11.5% | ||||||||||||||||||||
21,099 | Ascena Retail Group q — | $ | 660,188 | |||||||||||||||||
13,955 | Buffalo Wild Wings q — | 852,651 | ||||||||||||||||||
19,128 | Coinstar q — | 1,032,529 | ||||||||||||||||||
48,728 | Cooper Tire & Rubber q | 1,314,681 | ||||||||||||||||||
24,489 | Core-Mark Holding q — | 820,626 | ||||||||||||||||||
41,958 | Domino’s Pizza — | 779,160 | ||||||||||||||||||
30,186 | Group 1 Automotive q | 1,299,205 | ||||||||||||||||||
55,948 | Jones Group | 762,571 | ||||||||||||||||||
82,181 | OfficeMax q — | 818,523 | ||||||||||||||||||
12,118 | Polaris Industries | 1,277,601 | ||||||||||||||||||
111,899 | Ruby Tuesday — | 1,176,059 | ||||||||||||||||||
86,321 | Sally Beauty Holdings — | 1,276,688 | ||||||||||||||||||
26,152 | Tenneco q — | 1,208,484 | ||||||||||||||||||
Total Consumer Discretionary | 13,278,966 | |||||||||||||||||||
Consumer Staples – 0.6% | ||||||||||||||||||||
48,283 | Spartan Stores | 753,698 | ||||||||||||||||||
Energy – 9.0% | ||||||||||||||||||||
47,084 | Berry Petroleum, Class A q | 2,501,573 | ||||||||||||||||||
54,789 | Complete Production Services — | 1,859,539 | ||||||||||||||||||
35,188 | Energy Partners — | 640,773 | ||||||||||||||||||
47,124 | Matrix Service — | 681,413 | ||||||||||||||||||
44,269 | Natural Gas Services Group — | 798,170 | ||||||||||||||||||
15,597 | Oil States International q — | 1,294,707 | ||||||||||||||||||
19,607 | SM Energy q | 1,487,387 | ||||||||||||||||||
30,373 | Swift Energy q — | 1,190,318 | ||||||||||||||||||
Total Energy | 10,453,880 | |||||||||||||||||||
Financials – 28.9% | ||||||||||||||||||||
17,978 | Affiliated Managers Group — | 1,961,040 | ||||||||||||||||||
14,048 | Alexandria Real Estate Equities – REIT q | 1,154,043 | ||||||||||||||||||
32,189 | American Campus Communities – REIT q | 1,131,443 | ||||||||||||||||||
75,333 | Apollo Investment | 892,696 | ||||||||||||||||||
31,696 | Bank of the Ozarks q | 1,411,423 | ||||||||||||||||||
105,381 | Brandywine Realty Trust – REIT q | 1,338,339 | ||||||||||||||||||
67,898 | Cardtronics — | 1,442,833 | ||||||||||||||||||
175,701 | CNO Financial Group q — | 1,416,150 | ||||||||||||||||||
52,072 | Community Bank System q | 1,302,842 | ||||||||||||||||||
27,220 | Delphi Financial Group, Class A q | 869,679 | ||||||||||||||||||
132,729 | DiamondRock Hospitality – REIT q — | 1,598,057 | ||||||||||||||||||
79,226 | East West Bancorp q | 1,674,045 | ||||||||||||||||||
47,837 | EZCORP, Class A — | 1,506,387 | ||||||||||||||||||
86,464 | FirstMerit q | 1,510,526 | ||||||||||||||||||
52,666 | Flushing Financial q | 775,244 | ||||||||||||||||||
29,043 | FPIC Insurance Group — | 1,072,268 |
150 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
67,039 | Heartland Financial USA | $ | 1,053,853 | |||||||||||||||||
23,418 | Home Properties – REIT q | 1,484,701 | ||||||||||||||||||
19,236 | IBERIABANK q | 1,154,352 | ||||||||||||||||||
111,662 | JMP Group | 960,293 | ||||||||||||||||||
148,786 | MGIC Investment q — | 1,288,487 | ||||||||||||||||||
19,875 | SVB Financial Group q — | 1,201,245 | ||||||||||||||||||
57,940 | Texas Capital Bancshares q — | 1,494,852 | ||||||||||||||||||
122,718 | U-Store-It Trust – REIT q | 1,394,077 | ||||||||||||||||||
59,739 | Webster Financial q | 1,285,583 | ||||||||||||||||||
23,021 | WSFS Financial q | 1,035,254 | ||||||||||||||||||
Total Financials | 33,409,712 | |||||||||||||||||||
Health Care – 5.1% | ||||||||||||||||||||
17,892 | AMERIGROUP q — | 1,222,023 | ||||||||||||||||||
56,914 | DepoMed — | 502,551 | ||||||||||||||||||
32,158 | Greatbatch — | 870,517 | ||||||||||||||||||
33,575 | Hanger Orthopedic Group — | 912,233 | ||||||||||||||||||
22,060 | HEALTHSOUTH q — | 565,398 | ||||||||||||||||||
30,153 | ICON – ADR — | 740,558 | ||||||||||||||||||
15,280 | MEDNAX — | 1,083,657 | ||||||||||||||||||
Total Health Care | 5,896,937 | |||||||||||||||||||
Industrials – 17.6% | ||||||||||||||||||||
38,168 | Actuant, Class A q | 1,059,544 | ||||||||||||||||||
66,761 | Altra Holdings — | 1,695,062 | ||||||||||||||||||
29,477 | Atlas Air Worldwide Holdings — | 2,031,260 | ||||||||||||||||||
30,326 | Brady, Class A | 1,143,593 | ||||||||||||||||||
41,546 | Douglas Dynamics | 643,548 | ||||||||||||||||||
46,730 | EMCOR Group — | 1,447,228 | ||||||||||||||||||
37,680 | Ennis | 703,862 | ||||||||||||||||||
25,049 | General Cable q — | 1,214,876 | ||||||||||||||||||
67,563 | GrafTech International — | 1,567,462 | ||||||||||||||||||
81,217 | MasTec — | 1,842,002 | ||||||||||||||||||
56,699 | Mistras Group — | 1,038,726 | ||||||||||||||||||
24,385 | Old Dominion Freight Line — | 912,487 | ||||||||||||||||||
47,305 | PHH q — | 1,015,165 | ||||||||||||||||||
15,923 | Regal-Beloit q | 1,206,804 | ||||||||||||||||||
131,712 | SFN Group — | 1,386,927 | ||||||||||||||||||
17,241 | Triumph Group | 1,484,795 | ||||||||||||||||||
Total Industrials | 20,393,341 | |||||||||||||||||||
Information Technology – 12.3% | ||||||||||||||||||||
89,160 | Amkor Technology q — | 597,372 | ||||||||||||||||||
47,243 | Bottomline Technologies — | 1,312,410 | ||||||||||||||||||
16,166 | CACI International, Class A q — | 987,904 | ||||||||||||||||||
34,381 | Kenexa q — | 1,011,489 | ||||||||||||||||||
44,275 | MKS Instruments | 1,256,524 | ||||||||||||||||||
105,938 | Perficient — | 1,323,166 |
Nuveen Investments | 151 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Value Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Information Technology (continued) | ||||||||||||||||||||
21,069 | Plantronics | $ | 781,028 | |||||||||||||||||
132,787 | PMC-Sierra — | 1,064,952 | ||||||||||||||||||
19,705 | Polycom q — | 1,178,950 | ||||||||||||||||||
28,812 | Progress Software q — | 854,276 | ||||||||||||||||||
132,145 | RF Micro Devices q — | 880,086 | ||||||||||||||||||
19,192 | Rogers q — | 796,852 | ||||||||||||||||||
64,862 | TTM Technologies — | 1,240,161 | ||||||||||||||||||
50,691 | Virtusa — | 945,894 | ||||||||||||||||||
Total Information Technology | 14,231,064 | |||||||||||||||||||
Materials – 6.9% | ||||||||||||||||||||
24,795 | Arch Chemicals | 958,823 | ||||||||||||||||||
42,680 | Buckeye Technologies q | 1,201,869 | ||||||||||||||||||
13,096 | Carpenter Technology q | 671,301 | ||||||||||||||||||
64,709 | Commercial Metals | 1,084,523 | ||||||||||||||||||
12,811 | Minerals Technologies | 871,148 | ||||||||||||||||||
39,639 | Packaging Corp of America | 1,130,901 | ||||||||||||||||||
18,925 | Rockwood Holdings q — | 1,073,804 | ||||||||||||||||||
16,446 | Schnitzer Steel Industries, Class A | 1,020,803 | ||||||||||||||||||
Total Materials | 8,013,172 | |||||||||||||||||||
Telecommunication Services – 1.3% | ||||||||||||||||||||
41,457 | NTELOS Holdings | 817,947 | ||||||||||||||||||
194,502 | PAETEC Holding q — | 700,207 | ||||||||||||||||||
Total Telecommunication Services | 1,518,154 | |||||||||||||||||||
Utilities – 3.6% | ||||||||||||||||||||
31,644 | Atmos Energy | 1,104,059 | ||||||||||||||||||
34,490 | El Paso Electric — | 1,068,500 | ||||||||||||||||||
27,809 | UIL Holdings q | 884,882 | ||||||||||||||||||
41,726 | Unitil | 1,053,999 | ||||||||||||||||||
Total Utilities | 4,111,440 | |||||||||||||||||||
Total Common Stocks (cost $86,188,192) | 112,060,364 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
MONEY MARKET FUNDS – 26.7% | ||||||||||||||||||||
30,907,682 | Mount Vernon Securities Lending Prime Portfolio 0.235% W † | $ | 30,907,682 | |||||||||||||||||
Total Money Market Funds (cost $30,907,682) | 30,907,682 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
SHORT-TERM INVESTMENTS – 3.2% | ||||||||||||||||||||
Money Market Funds 3.2% | ||||||||||||||||||||
3,783,036 | First American Prime Obligations Fund, Class Z 0.053% W | $ | 3,783,036 | |||||||||||||||||
Short-Term Investments (cost $3,783,036) | 3,783,036 | |||||||||||||||||||
Total Investments – 126.7% (cost $120,878,910) | 146,751,082 | |||||||||||||||||||
Other Assets Less Liabilities – (26.7)% | (30,955,203) | |||||||||||||||||||
Net Assets – 100.0% | $ | 115,795,879 |
152 | Nuveen Investments |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
q | Investment, or a portion of investment, is out on loan for securities lending. |
— | Non-income producing; issuer has not declared a dividend within the past twelve months. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2010. |
† | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund. |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
Nuveen Investments | 153 |
Portfolio of Investments (Unaudited)
Nuveen Tactical Market Opportunities Fund
(formerly known as First American Tactical Opportunities Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
EXCHANGE-TRADED FUNDS – 42.6% | ||||||||||||||||||||
20,000 | Global X China Consumer | $ | 369,200 | |||||||||||||||||
32,000 | iShares Barclays 1-3 Year Credit Bond Fund | 3,358,400 | ||||||||||||||||||
6,300 | iShares Barclays MBS Bond Fund | 669,627 | ||||||||||||||||||
18,600 | iShares JPMorgan USD Emerging Markets Bond Fund | 2,008,614 | ||||||||||||||||||
16,000 | iShares S&P National AMT-Free Bond Fund | 1,630,240 | ||||||||||||||||||
79,000 | iShares S&P U.S. Preferred Stock Index Fund | 3,162,370 | ||||||||||||||||||
24,000 | Market Vectors Emerging Markets Local Currency Bond | 669,840 | ||||||||||||||||||
5,000 | Market Vectors Gold Miners | 310,800 | ||||||||||||||||||
30,000 | Market Vectors High Yield Municipal Index | 856,800 | ||||||||||||||||||
200 | SPDR Barclays Capital Emerging Markets Local Bond | 6,518 | ||||||||||||||||||
1,200 | SPDR S&P Global Natural Resources | 76,920 | ||||||||||||||||||
21,000 | Utilities Select Sector SPDR | 696,360 | ||||||||||||||||||
Total Exchange-Traded Funds (cost $13,662,379) | 13,815,689 | |||||||||||||||||||
Principal Amount (000) | Description p | Value | ||||||||||||||||||
U.S. GOVERNMENT & AGENCY – 13.1% | ||||||||||||||||||||
U.S. Treasury Bond | ||||||||||||||||||||
$ | 4,200 | 4.500%, 08/15/2039 | $ | 4,265,625 | ||||||||||||||||
Total U.S. Government & Agency (cost $4,348,113) | 4,265,625 | |||||||||||||||||||
Shares/ Principal Amount (000) | Description p | Value | ||||||||||||||||||
SHORT-TERM INVESTMENTS – 39.3% | ||||||||||||||||||||
Money Market Funds – 34.4% | ||||||||||||||||||||
First American Prime Obligations Fund, Class Z | ||||||||||||||||||||
11,153,119 | 0.053% W | $ | 11,153,119 | |||||||||||||||||
U.S. Treasury Obligations – 4.9% | ||||||||||||||||||||
U.S. Treasury Bills ¨ | ||||||||||||||||||||
$ | 100 | 0.091%, 10/06/2011 | 99,960 | |||||||||||||||||
1,500 | 0.096%, 10/20/2011 | 1,499,308 | ||||||||||||||||||
$ | 1,600 | Total U.S. Treasury Obligations | 1,599,268 | |||||||||||||||||
Total Short-Term Investments (cost $12,752,321) | 12,752,387 | |||||||||||||||||||
Total Investments (cost $30,762,813) – 95.0% | 30,833,701 | |||||||||||||||||||
Other Assets Less Liabilities – 5.0% ¯ | 1,615,504 | |||||||||||||||||||
Net Assets – 100.0% | $ | 32,449,205 |
154 | Nuveen Investments |
Investments in Derivatives
Futures Contracts outstanding at April 30, 2011:
Type | Contract Position | Number of Contracts | Contract Expiration | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
DAX Index | Long | 7 | 6/11 | $ | 1,951,659 | $ | 193,865 | |||||||||||||
IBEX 35 Index | Short | (8 | ) | 5/11 | (1,271,184 | ) | (5,635 | ) | ||||||||||||
MSCI Taiwan Stock Index | Short | (20 | ) | 5/11 | (639,800 | ) | (8,510 | ) | ||||||||||||
Nikkei 225 Index | Long | 7 | 6/11 | 348,075 | 15,018 | |||||||||||||||
OMXS30 Index | Long | 17 | 5/11 | 325,795 | 13,641 | |||||||||||||||
Russell 2000 Mini Index | Short | (55 | ) | 6/11 | (4,751,450 | ) | (276,218 | ) | ||||||||||||
S&P 500 E-Mini Index | Long | 85 | 6/11 | 5,778,725 | 243,102 | |||||||||||||||
SGX MSCI Singapore Index | Long | 11 | 5/11 | 666,084 | (4,376 | ) | ||||||||||||||
Swiss Market Index | Long | 22 | 6/11 | 1,658,775 | 49,529 | |||||||||||||||
U.S. Treasury 2 Year Note | Short | (35 | ) | 6/11 | (7,669,375 | ) | (22,226 | ) | ||||||||||||
U.S. Treasury 5 Year Note | Short | (22 | ) | 6/11 | (2,606,313 | ) | (27,351 | ) | ||||||||||||
$ | 170,839 |
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. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2011. |
¨ | Investment, or portion of investment, segregated as collateral for investments in derivatives. Yield shown is the annualized effective yield as of April 30, 2011. |
¯ | Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives. |
See accompanying notes to financial statements.
Nuveen Investments | 155 |
Statement of Assets & Liabilities (Unaudited)
April 30, 2011 (all dollars and shares are rounded to thousands (000), except for per share data)
Equity Income | Global Infrastructure | International | International Select | |||||||||||||
Assets | ||||||||||||||||
Investments, at value (cost $930,029, $168,689, $572,834 and $710,817, respectively) | $ | 1,227,013 | $ | 190,686 | $ | 709,098 | $ | 813,121 | ||||||||
Cash denominated in foreign currencies (cost $–, $42, $11,851, $10,044, respectively) | — | 43 | 12,092 | 10,227 | ||||||||||||
Cash | — | 204 | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 1,485 | 872 | 2,840 | 2,895 | ||||||||||||
Due from broker | 10 | — | — | — | ||||||||||||
Interest | 1 | — | 3 | 7 | ||||||||||||
Investments sold | — | 8,326 | 22,653 | 11,840 | ||||||||||||
Reclaims | — | 32 | 952 | 682 | ||||||||||||
Shares sold | 1,854 | 1,334 | 9 | 164 | ||||||||||||
Variation margin on futures contracts | — | — | — | — | ||||||||||||
Other assets | 52 | 38 | 43 | 35 | ||||||||||||
Total assets | 1,230,415 | 201,535 | 747,690 | 838,971 | ||||||||||||
Liabilities | ||||||||||||||||
Cash overdraft | — | — | 6,386 | 5,537 | ||||||||||||
Payables: | ||||||||||||||||
Collateral from securities lending program | 136,898 | — | — | — | ||||||||||||
Investments purchased | — | 5,762 | 12,193 | 1,865 | ||||||||||||
Shares redeemed | 971 | 712 | 299 | 925 | ||||||||||||
Variation margin on futures contracts | — | — | 450 | 597 | ||||||||||||
Accrued expenses: | ||||||||||||||||
Management fees | 674 | 116 | 599 | 745 | ||||||||||||
12b-1 distribution and service fees | 55 | 23 | 9 | 2 | ||||||||||||
Other | 260 | 152 | 202 | 450 | ||||||||||||
Total liabilities | 138,858 | 6,765 | 20,138 | 10,121 | ||||||||||||
Net assets | $ | 1,091,557 | $ | 194,770 | $ | 727,552 | $ | 828,850 | ||||||||
Class A Shares: | ||||||||||||||||
Net assets | $ | 182,932 | $ | 69,450 | $ | 28,023 | $ | 5,519 | ||||||||
Shares outstanding | 12,798 | 7,141 | 2,132 | 521 | ||||||||||||
Net asset value per share | $ | 14.29 | $ | 9.73 | $ | 13.15 | $ | 10.58 | ||||||||
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price) | $ | 15.16 | $ | 10.32 | $ | 13.95 | $ | 11.23 | ||||||||
Class B Shares: | ||||||||||||||||
Net assets | $ | 4,436 | N/A | $ | 1,393 | N/A | ||||||||||
Shares outstanding | 313 | N/A | 116 | N/A | ||||||||||||
Net asset value and offering price per share | $ | 14.16 | N/A | $ | 11.96 | N/A | ||||||||||
Class C Shares: | ||||||||||||||||
Net assets | $ | 16,947 | $ | 11,371 | $ | 2,679 | $ | 801 | ||||||||
Shares outstanding | 1,198 | 1,181 | 215 | 76 | ||||||||||||
Net asset value and offering price per share | $ | 14.14 | $ | 9.63 | $ | 12.48 | $ | 10.47 | ||||||||
Class R3 Shares(1): | ||||||||||||||||
Net assets | $ | 3,604 | $ | — | * | $ | 8 | $ | 16 | |||||||
Shares outstanding | 253 | — | * | 1 | 2 | |||||||||||
Net asset value and offering price per share | $ | 14.27 | $ | 9.87 | $ | 13.15 | $ | 10.38 | ||||||||
Class I Shares(1): | ||||||||||||||||
Net assets | $ | 883,639 | $ | 113,948 | $ | 695,449 | $ | 822,515 | ||||||||
Shares outstanding | 61,343 | 11,666 | 52,256 | 77,587 | ||||||||||||
Net asset value and offering price per share | $ | 14.40 | $ | 9.77 | $ | 13.31 | $ | 10.60 | ||||||||
Net Assets Consist of: | ||||||||||||||||
Capital paid-in | $ | 771,867 | $ | 165,111 | $ | 538,513 | $ | 698,691 | ||||||||
Undistributed (Over-distribution of) net investment income | 1,154 | 588 | 2,964 | 3,386 | ||||||||||||
Accumulated net realized gain (loss) | 21,552 | 7,059 | 47,260 | 22,464 | ||||||||||||
Net unrealized appreciation (depreciation) | 296,984 | 22,012 | 138,815 | 104,309 | ||||||||||||
Net assets | $ | 1,091,557 | $ | 194,770 | $ | 727,552 | $ | 828,850 | ||||||||
Authorized shares | 2 billion | 2 billion | 2 billion | 2 billion | ||||||||||||
Par value per share | $ | 0.0001 | $ | 0.0001 | $ | 0.0001 | $ | 0.0001 |
* | Rounds to less than a thousand. Actual net assets and shares outstanding are $111 and 11, respectively. |
156 | Nuveen Investments |
Large Cap Growth Opportunities | Large Cap Select | Large Cap Value | Mid Cap Growth Opportunities | |||||||||||||
Assets | ||||||||||||||||
Investments, at value (cost $559,891, $128,344, $213,267 and $1,128,661, respectively) | $ | 722,853 | $ | 142,958 | $ | 234,253 | $ | 1,436,424 | ||||||||
Cash denominated in foreign currencies (cost $–, $–, $– and $–, respectively) | — | — | — | — | ||||||||||||
Cash | — | — | — | — | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 313 | 52 | 245 | 163 | ||||||||||||
Due from broker | 8 | 2 | 2 | 18 | ||||||||||||
Interest | — | — | — | 1 | ||||||||||||
Investments sold | 5,437 | 4,622 | 9,254 | 22,179 | ||||||||||||
Reclaims | — | — | — | — | ||||||||||||
Shares sold | 606 | 15 | 104 | 10,699 | ||||||||||||
Variation margin on futures contracts | — | — | — | — | ||||||||||||
Other assets | 40 | 47 | 52 | 50 | ||||||||||||
Total assets | 729,257 | 147,696 | 243,910 | 1,469,534 | ||||||||||||
Liabilities | ||||||||||||||||
Cash overdraft | — | — | — | — | ||||||||||||
Payables: | ||||||||||||||||
Collateral from securities lending program | 128,252 | 30,262 | 36,916 | 225,157 | ||||||||||||
Investments purchased | 5,244 | 2,979 | 6,034 | 17,843 | ||||||||||||
Shares redeemed | 381 | 58 | 81 | 10,468 | ||||||||||||
Variation margin on futures contracts | — | — | — | — | ||||||||||||
Accrued expenses: | ||||||||||||||||
Management fees | 396 | 71 | 123 | 857 | ||||||||||||
12b-1 distribution and service fees | 25 | 1 | 14 | 96 | ||||||||||||
Other | 222 | 67 | 111 | 477 | ||||||||||||
Total liabilities | 134,520 | 33,438 | 43,279 | 254,898 | ||||||||||||
Net assets | $ | 594,737 | $ | 114,258 | $ | 200,631 | $ | 1,214,636 | ||||||||
Class A Shares: | ||||||||||||||||
Net assets | $ | 87,022 | $ | 3,819 | $ | 56,171 | $ | 309,135 | ||||||||
Shares outstanding | 2,442 | 282 | 3,421 | 6,669 | ||||||||||||
Net asset value per share | $ | 35.63 | $ | 13.54 | $ | 16.42 | $ | 46.35 | ||||||||
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price) | $ | 37.80 | $ | 14.37 | $ | 17.42 | $ | 49.18 | ||||||||
Class B Shares: | ||||||||||||||||
Net assets | $ | 3,236 | N/A | $ | 1,248 | $ | 5,821 | |||||||||
Shares outstanding | 100 | N/A | 79 | 144 | ||||||||||||
Net asset value and offering price per share | $ | 32.50 | N/A | $ | 15.84 | $ | 40.42 | |||||||||
Class C Shares: | ||||||||||||||||
Net assets | $ | 6,020 | $ | 217 | $ | 1,318 | $ | 16,398 | ||||||||
Shares outstanding | 181 | 17 | 82 | 387 | ||||||||||||
Net asset value and offering price per share | $ | 33.23 | $ | 12.99 | $ | 16.10 | $ | 42.40 | ||||||||
Class R3 Shares(1): | ||||||||||||||||
Net assets | $ | 2,363 | $ | 130 | $ | 934 | $ | 34,626 | ||||||||
Shares outstanding | 67 | 10 | 57 | 762 | ||||||||||||
Net asset value and offering price per share | $ | 35.11 | $ | 13.40 | $ | 16.33 | $ | 45.44 | ||||||||
Class I Shares(1): | ||||||||||||||||
Net assets | $ | 496,096 | $ | 110,092 | $ | 140,960 | $ | 848,656 | ||||||||
Shares outstanding | 13,421 | 8,090 | 8,541 | 16,996 | ||||||||||||
Net asset value and offering price per share | $ | 36.96 | $ | 13.61 | $ | 16.50 | $ | 49.93 | ||||||||
Net Assets Consist of: | ||||||||||||||||
Capital paid-in | $ | 392,654 | $ | 170,246 | $ | 252,088 | $ | 750,498 | ||||||||
Undistributed (Over-distribution of) net investment income | (500 | ) | (116 | ) | 158 | (638 | ) | |||||||||
Accumulated net realized gain (loss) | 39,621 | (70,486 | ) | (72,601 | ) | 157,013 | ||||||||||
Net unrealized appreciation (depreciation) | 162,962 | 14,614 | 20,986 | 307,763 | ||||||||||||
Net assets | $ | 594,737 | $ | 114,258 | $ | 200,631 | $ | 1,214,636 | ||||||||
Authorized shares | 2 billion | 2 billion | 2 billion | 2 billion | ||||||||||||
Par value per share | $ | 0.0001 | $ | 0.0001 | $ | 0.0001 | $ | 0.0001 |
N/A | Global Infrastructure, International Select and Large Cap Select do not offer Class B Shares. |
(1) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
See accompanying notes to financial statements.
Nuveen Investments | 157 |
Statement of Assets & Liabilities (Unaudited) (continued)
April 30, 2011 (all dollars and shares are rounded to thousands (000), except for per share data)
Mid Cap Select | Mid Cap Value | Quantitative Enhanced Core Equity | Real Estate Securities | |||||||||||||
Assets | ||||||||||||||||
Investments, at value (cost $47,851, $346,423, $211,255 and $3,829,505, respectively) | $ | 53,770 | $ | 392,037 | $ | 225,754 | $ | 4,488,880 | ||||||||
Cash denominated in foreign currencies (cost $–, $–, $– and $–, respectively) | — | — | — | — | ||||||||||||
Cash | — | — | 2 | — | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 11 | 186 | 171 | 644 | ||||||||||||
Due from broker | 1 | 3 | 2 | 74 | ||||||||||||
Interest | — | — | — | 1 | ||||||||||||
Investments sold | 871 | 9,525 | — | 36,210 | ||||||||||||
Reclaims | — | — | — | — | ||||||||||||
Shares sold | 6 | 179 | 3 | 7,187 | ||||||||||||
Variation margin on futures contracts | — | — | 10 | — | ||||||||||||
Other assets | 34 | 65 | 43 | 103 | ||||||||||||
Total assets | 54,693 | 401,995 | 225,985 | 4,533,099 | ||||||||||||
Liabilities | ||||||||||||||||
Cash overdraft | — | 1,031 | — | — | ||||||||||||
Payables: | ||||||||||||||||
Collateral from securities lending program | 13,668 | 66,419 | 29,029 | 1,274,424 | ||||||||||||
Investments purchased | — | 3,491 | — | 23,420 | ||||||||||||
Shares redeemed | 61 | 664 | 31 | 4,603 | ||||||||||||
Variation margin on futures contracts | — | — | — | — | ||||||||||||
Accrued expenses: | ||||||||||||||||
Management fees | 17 | 239 | 57 | 2,202 | ||||||||||||
12b-1 distribution and service fees | 6 | 36 | — | 251 | ||||||||||||
Other | 74 | 223 | 91 | 990 | ||||||||||||
Total liabilities | 13,826 | 72,103 | 29,208 | 1,305,890 | ||||||||||||
Net assets | $ | 40,867 | $ | 329,892 | $ | 196,777 | $ | 3,227,209 | ||||||||
Class A Shares: | ||||||||||||||||
Net assets | $ | 13,508 | $ | 75,647 | $ | 183 | $ | 846,966 | ||||||||
Shares outstanding | 1,230 | 2,963 | 8 | 42,143 | ||||||||||||
Net asset value per share | $ | 10.98 | $ | 25.53 | $ | 23.65 | $ | 20.10 | ||||||||
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price) | $ | 11.65 | $ | 27.09 | 23.65 | ** | $ | 21.33 | ||||||||
Class B Shares: | ||||||||||||||||
Net assets | $ | 1,198 | $ | 2,850 | N/A | $ | 2,978 | |||||||||
Shares outstanding | 129 | 118 | N/A | 152 | ||||||||||||
Net asset value and offering price per share | $ | 9.28 | $ | 24.08 | N/A | $ | 19.64 | |||||||||
Class C Shares: | ||||||||||||||||
Net assets | $ | 2,415 | $ | 11,842 | $ | 128 | $ | 69,448 | ||||||||
Shares outstanding | 239 | 481 | 5 | 3,527 | ||||||||||||
Net asset value and offering price per share | $ | 10.12 | $ | 24.63 | $ | 23.55 | $ | 19.69 | ||||||||
Class R3 Shares(1): | ||||||||||||||||
Net assets | N/A | $ | 20,157 | N/A | $ | 69,411 | ||||||||||
Shares outstanding | N/A | 794 | N/A | 3,413 | ||||||||||||
Net asset value and offering price per share | N/A | $ | 25.40 | N/A | $ | 20.34 | ||||||||||
Class I Shares(1): | ||||||||||||||||
Net assets | $ | 23,746 | $ | 219,396 | $ | 196,466 | $ | 2,238,406 | ||||||||
Shares outstanding | 2,071 | 8,543 | 8,292 | 110,146 | ||||||||||||
Net asset value and offering price per share | $ | 11.47 | $ | 25.68 | $ | 23.69 | $ | 20.32 | ||||||||
Net Assets Consist of: | ||||||||||||||||
Capital paid-in | $ | 56,998 | $ | 293,657 | $ | 166,381 | $ | 2,520,508 | ||||||||
Undistributed (Over-distribution of) net investment income | (90 | ) | 1,097 | 774 | 2,178 | |||||||||||
Accumulated net realized gain (loss) | (21,960 | ) | (10,476 | ) | 15,021 | 45,148 | ||||||||||
Net unrealized appreciation (depreciation) | 5,919 | 45,614 | 14,601 | 659,375 | ||||||||||||
Net assets | $ | 40,867 | $ | 329,892 | $ | 196,777 | $ | 3,227,209 | ||||||||
Authorized shares | 2 billion | 2 billion | 2 billion | 2 billion | ||||||||||||
Par value per share | $ | 0.0001 | $ | 0.0001 | $ | 0.0001 | $ | 0.0001 |
** | Quantitative Enhanced Core Equity does not have a maximum sales charge. |
158 | Nuveen Investments |
Small Cap Growth | Small Cap Select | Small Cap Value | Tactical Market Opportunities | |||||||||||||
Assets | ||||||||||||||||
Investments, at value (cost $155,033, $929,837, $120,879 and $30,763, respectively) | $ | 180,369 | $ | 1,064,643 | $ | 146,751 | $ | 30,834 | ||||||||
Cash denominated in foreign currencies (cost $–, $–, $– and $533, respectively) | — | — | — | 545 | ||||||||||||
Cash | 903 | — | 769 | — | ||||||||||||
Receivables: | ||||||||||||||||
Dividends | 13 | 251 | 29 | — | ||||||||||||
Due from broker | 3 | 50 | 2 | — | ||||||||||||
Interest | — | 1 | — | 40 | ||||||||||||
Investments sold | 1,979 | 3,323 | — | 1,525 | ||||||||||||
Reclaims | — | — | — | — | ||||||||||||
Shares sold | 262 | 1,554 | 195 | — | ||||||||||||
Variation margin on futures contracts | — | — | — | 15 | ||||||||||||
Other assets | 53 | 59 | 49 | 27 | ||||||||||||
Total assets | 183,582 | 1,069,881 | 147,795 | 32,986 | ||||||||||||
Liabilities | ||||||||||||||||
Cash overdraft | — | — | — | 470 | ||||||||||||
Payables: | ||||||||||||||||
Collateral from securities lending program | 32,287 | 293,228 | 30,908 | — | ||||||||||||
Investments purchased | 1,500 | 6,331 | 694 | — | ||||||||||||
Shares redeemed | 398 | 745 | 171 | — | ||||||||||||
Variation margin on futures contracts | — | — | — | — | ||||||||||||
Accrued expenses: | ||||||||||||||||
Management fees | 112 | 528 | 84 | 39 | ||||||||||||
12b-1 distribution and service fees | 14 | 100 | 11 | — | ||||||||||||
Other | 156 | 382 | 131 | 28 | ||||||||||||
Total liabilities | 34,467 | 301,314 | 31,999 | 537 | ||||||||||||
Net assets | $ | 149,115 | $ | 768,567 | $ | 115,796 | $ | 32,449 | ||||||||
Class A Shares: | ||||||||||||||||
Net assets | $ | 44,407 | $ | 361,288 | $ | 40,936 | $ | 59 | ||||||||
Shares outstanding | 1,874 | 24,696 | 3,223 | 5 | ||||||||||||
Net asset value per share | $ | 23.70 | $ | 14.63 | $ | 12.70 | $ | 10.97 | ||||||||
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price) | $ | 25.15 | $ | 15.52 | $ | 13.47 | $ | 11.64 | ||||||||
Class B Shares: | ||||||||||||||||
Net assets | $ | 2,203 | $ | 4,030 | N/A | N/A | ||||||||||
Shares outstanding | 107 | 349 | N/A | N/A | ||||||||||||
Net asset value and offering price per share | $ | 20.66 | $ | 11.53 | N/A | N/A | ||||||||||
Class C Shares: | ||||||||||||||||
Net assets | $ | 1,846 | $ | 19,701 | $ | 1,764 | $ | 52 | ||||||||
Shares outstanding | 85 | 1,488 | 158 | 5 | ||||||||||||
Net asset value and offering price per share | $ | 21.66 | $ | 13.24 | $ | 11.20 | $ | 10.96 | ||||||||
Class R3 Shares(1): | ||||||||||||||||
Net assets | $ | 2,916 | $ | 24,125 | $ | 2,623 | N/A | |||||||||
Shares outstanding | 125 | 1,689 | 210 | N/A | ||||||||||||
Net asset value and offering price per share | $ | 23.30 | $ | 14.28 | $ | 12.50 | N/A | |||||||||
Class I Shares(1): | ||||||||||||||||
Net assets | $ | 97,742 | $ | 359,423 | $ | 70,472 | $ | 32,339 | ||||||||
Shares outstanding | 3,824 | 22,593 | 5,387 | 2,945 | ||||||||||||
Net asset value and offering price per share | $ | 25.56 | $ | 15.91 | $ | 13.08 | $ | 10.98 | ||||||||
Net Assets Consist of: | ||||||||||||||||
Capital paid-in | $ | 112,677 | $ | 606,083 | $ | 110,365 | $ | 31,314 | ||||||||
Undistributed (Over-distribution of) net investment income | (721 | ) | (2,135 | ) | (109 | ) | 101 | |||||||||
Accumulated net realized gain (loss) | 11,823 | 29,813 | (20,332 | ) | 781 | |||||||||||
Net unrealized appreciation (depreciation) | 25,336 | 134,806 | 25,872 | 253 | ||||||||||||
Net assets | $ | 149,115 | $ | 768,567 | $ | 115,796 | $ | 32,449 | ||||||||
Authorized shares | 2 billion | 2 billion | 2 billion | 2 billion | ||||||||||||
Par value per share | $ | 0.0001 | $ | 0.0001 | $ | 0.0001 | $ | 0.0001 |
N/A | Mid Cap Select does not offer Class R3 Shares. Small Cap Value does not offer Class B Shares. Quantitative Enhanced Core Equity and Tactical Market Opportunities do not offer Class B Shares and Class R3 Shares. |
(1) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
See accompanying notes to financial statements.
Nuveen Investments | 159 |
Statement of Operations (all dollars are rounded to thousands (000))
Six Months Ended April 30, 2011
Equity Income | Global Infrastructure | International | International Select | |||||||||||||
Investment Income | ||||||||||||||||
Dividend and interest income from unaffiliated investments (net of foreign tax withheld of $138, $201, $775 and $824, respectively) | $ | 14,820 | $ | 2,283 | $ | 7,038 | $ | 8,649 | ||||||||
Interest income from affiliated investments | 3 | — | — | — | ||||||||||||
Securities lending income | 70 | — | — | — | ||||||||||||
Total investment income | 14,893 | 2,283 | 7,038 | 8,649 | ||||||||||||
Expenses | ||||||||||||||||
Management fees | 3,583 | 773 | 3,521 | 4,260 | ||||||||||||
12b-1 service fees – Class A | 195 | 78 | 34 | 7 | ||||||||||||
12b-1 distribution and service fees – Class B | 24 | — | 7 | — | ||||||||||||
12b-1 distribution and service fees – Class C | 67 | 48 | 13 | 4 | ||||||||||||
12b-1 distribution and service fees – Class R3 (1) | 5 | — | — | — | ||||||||||||
Administration fees | 366 | 69 | 275 | 358 | ||||||||||||
Shareholders’ servicing agent fees and expenses | 266 | 90 | 121 | 146 | ||||||||||||
Custodian’s fees and expenses | 22 | 104 | 114 | 335 | ||||||||||||
Directors’ fees and expenses | 13 | 6 | 11 | 12 | ||||||||||||
Professional fees | 17 | 22 | 20 | 6 | ||||||||||||
Shareholders’ reports – printing and mailing expenses | 24 | 10 | 14 | 16 | ||||||||||||
Federal and state registration fees | 29 | 17 | 20 | 18 | ||||||||||||
Other expenses | 12 | 6 | 8 | 11 | ||||||||||||
Total expenses before expense reimbursement | 4,623 | 1,223 | 4,158 | 5,173 | ||||||||||||
Expense reimbursement | (3 | ) | (266 | ) | (117 | ) | (118 | ) | ||||||||
Net expenses | 4,620 | 957 | 4,041 | 5,055 | ||||||||||||
Net investment income (loss) | 10,273 | 1,326 | 2,997 | 3,594 | ||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 29,851 | 8,281 | 61,428 | 63,203 | ||||||||||||
Futures contracts | — | — | (6,233 | ) | (8,005 | ) | ||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | 108,073 | 8,493 | 22,307 | 22,610 | ||||||||||||
Futures contracts | — | — | 9,154 | 11,416 | ||||||||||||
Net realized and unrealized gain (loss) | 137,924 | 16,774 | 86,656 | 89,224 | ||||||||||||
Net increase (decrease) in net assets from operations | $ | 148,197 | $ | 18,100 | $ | 89,653 | $ | 92,818 |
160 | Nuveen Investments |
Large Cap Growth Opportunities | Large Cap Select | Large Cap Value | Mid Cap Growth Opportunities | |||||||||||||
Investment Income | ||||||||||||||||
Dividend and interest income from unaffiliated investments (net of foreign tax withheld of $–, $8, $20 and $109, respectively) | $ | 2,375 | $ | 598 | $ | 2,117 | $ | 5,594 | ||||||||
Interest income from affiliated investments | 1 | — | — | 1 | ||||||||||||
Securities lending income | 69 | 15 | 24 | 210 | ||||||||||||
Total investment income | 2,445 | 613 | 2,141 | 5,805 | ||||||||||||
Expenses | ||||||||||||||||
Management fees | 2,228 | 435 | 815 | 4,797 | ||||||||||||
12b-1 service fees – Class A | 95 | 5 | 68 | 371 | ||||||||||||
12b-1 distribution and service fees – Class B | 17 | — | 7 | 28 | ||||||||||||
12b-1 distribution and service fees – Class C | 24 | 1 | 7 | 74 | ||||||||||||
12b-1 distribution and service fees – Class R3 (1) | 3 | — | 2 | 88 | ||||||||||||
Administration fees | 248 | 55 | 116 | 529 | ||||||||||||
Shareholders’ servicing agent fees and expenses | 222 | 59 | 120 | 475 | ||||||||||||
Custodian’s fees and expenses | 15 | 4 | 6 | 29 | ||||||||||||
Directors’ fees and expenses | 9 | 6 | 6 | 14 | ||||||||||||
Professional fees | 17 | 17 | 17 | 17 | ||||||||||||
Shareholders’ reports – printing and mailing expenses | 22 | 5 | 13 | 35 | ||||||||||||
Federal and state registration fees | 22 | 16 | 17 | 22 | ||||||||||||
Other expenses | 11 | 6 | 8 | 13 | ||||||||||||
Total expenses before expense reimbursement | 2,933 | 609 | 1,202 | 6,492 | ||||||||||||
Expense reimbursement | (1 | ) | — | — | (64 | ) | ||||||||||
Net expenses | 2,932 | 609 | 1,202 | 6,428 | ||||||||||||
Net investment income (loss) | (487 | ) | 4 | 939 | (623 | ) | ||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 82,753 | 23,523 | 37,381 | 249,656 | ||||||||||||
Futures contracts | — | — | — | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | 15,944 | (4,352 | ) | (2,020 | ) | 21,829 | ||||||||||
Futures contracts | — | — | — | — | ||||||||||||
Net realized and unrealized gain (loss) | 98,697 | 19,171 | 35,361 | 271,485 | ||||||||||||
Net increase (decrease) in net assets from operations | $ | 98,210 | $ | 19,175 | $ | 36,300 | $ | 270,862 |
(1) | - Effective January 18, 2011, Class R Shares were renamed Class R3 Shares. |
See accompanying notes to financial statements.
Nuveen Investments | 161 |
Statement of Operations (all dollars are rounded to thousands (000)) (continued)
Six Months Ended April 30, 2011
Mid Cap Select | Mid Cap Value | Quantitative Enhanced Core Equity | Real Estate Securities | |||||||||||||
Investment Income | ||||||||||||||||
Dividend and interest income from unaffiliated investments (net of foreign tax withheld of $–, $33, $– and $75, respectively) | $ | 180 | $ | 3,333 | $ | 2,115 | $ | 45,594 | ||||||||
Interest income from affiliated investments | — | — | — | 4 | ||||||||||||
Securities lending income | 9 | 43 | 14 | 428 | ||||||||||||
Total investment income | 189 | 3,376 | 2,129 | 46,026 | ||||||||||||
Expenses | ||||||||||||||||
Management fees | 167 | 1,590 | 415 | 10,954 | ||||||||||||
12b-1 service fees – Class A | 17 | 95 | — | 947 | ||||||||||||
12b-1 distribution and service fees – Class B | 6 | 14 | — | 14 | ||||||||||||
12b-1 distribution and service fees – Class C | 12 | 60 | 1 | 307 | ||||||||||||
12b-1 distribution and service fees – Class R3 (1) | — | 49 | — | 142 | ||||||||||||
Administration fees | 18 | 211 | 85 | 1,024 | ||||||||||||
Shareholders’ servicing agent fees and expenses | 76 | 217 | 73 | 1,235 | ||||||||||||
Custodian’s fees and expenses | 1 | 11 | 5 | 62 | ||||||||||||
Directors’ fees and expenses | 5 | 7 | 6 | 29 | ||||||||||||
Professional fees | 17 | 17 | 17 | 17 | ||||||||||||
Shareholders’ reports – printing and mailing expenses | 7 | 20 | 6 | 80 | ||||||||||||
Federal and state registration fees | 17 | 18 | 12 | 69 | ||||||||||||
Other expenses | 6 | 8 | 6 | 24 | ||||||||||||
Total expenses before expense reimbursement | 349 | 2,317 | 626 | 14,904 | ||||||||||||
Expense reimbursement | (81 | ) | (50 | ) | (187 | ) | (17 | ) | ||||||||
Net expenses | 268 | 2,267 | 439 | 14,887 | ||||||||||||
Net investment income (loss) | (79 | ) | 1,109 | 1,690 | 31,139 | |||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 5,641 | 97,359 | 22,976 | 93,330 | ||||||||||||
Futures contracts | 253 | — | 133 | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | 865 | (32,893 | ) | 5,626 | 293,322 | |||||||||||
Futures contracts | — | — | 102 | — | ||||||||||||
Net realized and unrealized gain (loss) | 6,759 | 64,466 | 28,837 | 386,652 | ||||||||||||
Net increase (decrease) in net assets from operations | $ | 6,680 | $ | 65,575 | $ | 30,527 | $ | 417,791 |
162 | Nuveen Investments |
Small Cap Growth Opportunities | Small Cap Select | Small Cap Value | Tactical Market Opportunities | |||||||||||||
Investment Income | ||||||||||||||||
Dividend and interest income from unaffiliated investments (net of foreign tax withheld of $–, $–, $–, and $–, respectively) | $ | 293 | $ | 1,925 | $ | 730 | $ | 314 | ||||||||
Interest income from affiliated investments | 1 | 2 | 1 | 1 | ||||||||||||
Securities lending income | 23 | 284 | 17 | — | ||||||||||||
Total investment income | 317 | 2,211 | 748 | 315 | ||||||||||||
Expenses | ||||||||||||||||
Management fees | 773 | 3,039 | 536 | 93 | ||||||||||||
12b-1 service fees – Class A | 55 | 440 | 46 | — | ||||||||||||
12b-1 distribution and service fees – Class B | 11 | 20 | — | — | ||||||||||||
12b-1 distribution and service fees – Class C | 9 | 93 | 9 | — | ||||||||||||
12b-1 distribution and service fees – Class R3 (1) | 6 | 51 | 6 | — | ||||||||||||
Administration fees | 75 | 327 | 74 | 11 | ||||||||||||
Shareholders’ servicing agent fees and expenses | 158 | 386 | 132 | 11 | ||||||||||||
Custodian’s fees and expenses | 4 | 20 | 3 | 1 | ||||||||||||
Directors’ fees and expenses | 6 | 11 | 6 | 5 | ||||||||||||
Professional fees | 17 | 17 | 17 | 16 | ||||||||||||
Shareholders’ reports – printing and mailing expenses | 12 | 43 | 10 | 1 | ||||||||||||
Federal and state registration fees | 17 | 11 | 17 | 1 | ||||||||||||
Other expenses | 8 | 11 | 6 | 5 | ||||||||||||
Total expenses before expense reimbursement | 1,151 | 4,469 | 862 | 144 | ||||||||||||
Expense reimbursement | (122 | ) | (135 | ) | (16 | ) | (32 | ) | ||||||||
Net expenses | 1,029 | 4,334 | 846 | 112 | ||||||||||||
Net investment income (loss) | (712 | ) | (2,123 | ) | (98 | ) | 203 | |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 28,911 | 128,605 | 30,675 | 428 | ||||||||||||
Futures contracts | 662 | — | — | 339 | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | 8,433 | 41,287 | 1,540 | (34 | ) | |||||||||||
Futures contracts | — | — | — | 205 | ||||||||||||
Net realized and unrealized gain (loss) | 38,006 | 169,892 | 32,215 | 938 | ||||||||||||
Net increase (decrease) in net assets from operations | $ | 37,294 | $ | 167,769 | $ | 32,117 | $ | 1,141 |
(1) | - Effective January 18, 2011, Class R Shares were renamed Class R3 Shares. |
See accompanying notes to financial statements.
Nuveen Investments | 163 |
Statement of Changes in Net Assets (Unaudited) (all dollars are rounded to thousands (000))
Equity Income | Global Infrastructure | |||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 10,273 | $ | 22,884 | $ | 1,326 | $ | 2,181 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 29,851 | 20,110 | 8,281 | 9,624 | ||||||||||||
Futures contracts | — | — | — | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | 108,073 | 85,170 | 8,493 | 11,030 | ||||||||||||
Futures contracts | — | — | — | — | ||||||||||||
Net increase (decrease) in net assets from operations | 148,197 | 128,164 | 18,100 | 22,835 | ||||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income: | ||||||||||||||||
Class A | (1,789 | ) | (2,941 | ) | (1,049 | ) | (422 | ) | ||||||||
Class B | (12 | ) | (112 | ) | — | — | ||||||||||
Class C | (68 | ) | (143 | ) | (111 | ) | (45 | ) | ||||||||
Class R3 (1) | (22 | ) | (12 | ) | — | — | ||||||||||
Class I (1) | (11,200 | ) | (17,684 | ) | (1,697 | ) | (658 | ) | ||||||||
From accumulated net realized gains: | ||||||||||||||||
Class A | — | — | (3,081 | ) | — | |||||||||||
Class B | — | — | — | — | ||||||||||||
Class C | — | — | (460 | ) | — | |||||||||||
Class R3 (1) | — | — | — | — | ||||||||||||
Class I (1) | — | — | (4,487 | ) | — | |||||||||||
Decrease in net assets from distributions to shareholders | (13,091 | ) | (20,892 | ) | (10,885 | ) | (1,125 | ) | ||||||||
Fund Share Transactions | ||||||||||||||||
Proceeds from sale of shares | 249,947 | 180,094 | 46,995 | 98,672 | ||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 5,150 | 6,986 | 7,872 | 673 | ||||||||||||
255,097 | 187,080 | 54,867 | 99,345 | |||||||||||||
Cost of shares redeemed | (125,762 | ) | (150,265 | ) | (20,997 | ) | (26,906 | ) | ||||||||
Net increase (decrease) in net assets from Fund share transactions | 129,335 | 36,815 | 33,870 | 72,439 | ||||||||||||
Net increase (decrease) in net assets | 264,441 | 144,087 | 41,084 | 94,149 | ||||||||||||
Net assets at the beginning of period | 827,116 | 683,029 | 153,685 | 59,536 | ||||||||||||
Net assets at the end of period | $ | 1,091,557 | $ | 827,116 | $ | 194,770 | $ | 153,685 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 1,154 | $ | 3,972 | $ | 588 | $ | 2,120 |
164 | Nuveen Investments |
International | International Select | |||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 2,997 | $ | 5,972 | $ | 3,594 | $ | 7,381 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 61,428 | 53,592 | 63,203 | 37,076 | ||||||||||||
Futures contracts | (6,233 | ) | (3,993 | ) | (8,005 | ) | (195 | ) | ||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | 22,307 | 5,309 | 22,610 | 52,323 | ||||||||||||
Futures contracts | 9,154 | (5,099 | ) | 11,416 | (7,356 | ) | ||||||||||
Net increase (decrease) in net assets from operations | 89,653 | 55,781 | 92,818 | 89,229 | ||||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income: | ||||||||||||||||
Class A | (108 | ) | (112 | ) | (33 | ) | (7 | ) | ||||||||
Class B | — | — | — | — | ||||||||||||
Class C | — | — | (1 | ) | — | |||||||||||
Class R3 (1) | — | — | — | — | ||||||||||||
Class I (1) | (4,195 | ) | (4,307 | ) | (6,455 | ) | (2,439 | ) | ||||||||
From accumulated net realized gains: | ||||||||||||||||
Class A | — | — | — | — | ||||||||||||
Class B | — | — | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3 (1) | — | — | — | — | ||||||||||||
Class I (1) | — | — | — | — | ||||||||||||
Decrease in net assets from distributions to shareholders | (4,303 | ) | (4,419 | ) | (6,489 | ) | (2,446 | ) | ||||||||
Fund Share Transactions | ||||||||||||||||
Proceeds from sale of shares | 6,857 | 31,093 | 64,144 | 331,375 | ||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 3,104 | 3,022 | 1,538 | 709 | ||||||||||||
9,961 | 34,115 | 65,682 | 332,084 | |||||||||||||
Cost of shares redeemed | (51,231 | ) | (115,559 | ) | (177,679 | ) | (152,308 | ) | ||||||||
Net increase (decrease) in net assets from Fund share transactions | (41,270 | ) | (81,444 | ) | (111,997 | ) | 179,776 | |||||||||
Net increase (decrease) in net assets | 44,080 | (30,082 | ) | (25,668 | ) | 266,559 | ||||||||||
Net assets at the beginning of period | 683,472 | 713,554 | 854,518 | 587,959 | ||||||||||||
Net assets at the end of period | $ | 727,552 | $ | 683,472 | $ | 828,850 | $ | 854,518 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 2,964 | $ | 4,271 | $ | 3,386 | $ | 6,281 |
(1) | - Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
See accompanying notes to financial statements.
Nuveen Investments | 165 |
Statement of Changes in Net Assets (Unaudited) (all dollars are rounded to thousands (000)) (continued)
Large Cap Growth Opportunities | Large Cap Select | |||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | (487 | ) | $ | (814 | ) | $ | 4 | $ | 285 | ||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 82,753 | 70,540 | 23,523 | 26,152 | ||||||||||||
Futures contracts | — | — | — | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | 15,944 | 61,995 | (4,352 | ) | 483 | |||||||||||
Futures contracts | — | — | — | — | ||||||||||||
Net increase (decrease) in net assets from operations | 98,210 | 131,721 | 19,175 | 26,920 | ||||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income: | ||||||||||||||||
Class A | — | (112 | ) | — | (19 | ) | ||||||||||
Class B | — | — | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3 (1) | — | — | — | — | ||||||||||||
Class I (1) | — | (1,994 | ) | (150 | ) | (1,121 | ) | |||||||||
From accumulated net realized gains: | ||||||||||||||||
Class A | — | — | — | — | ||||||||||||
Class B | — | — | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3 (1) | — | — | — | — | ||||||||||||
Class I (1) | — | — | — | — | ||||||||||||
Decrease in net assets from distributions to shareholders | — | (2,106 | ) | (150 | ) | (1,140 | ) | |||||||||
Fund Share Transactions | ||||||||||||||||
Proceeds from sale of shares | 45,914 | 63,672 | 2,923 | 18,542 | ||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | — | 889 | 73 | 545 | ||||||||||||
45,914 | 64,561 | 2,996 | 19,087 | |||||||||||||
Cost of shares redeemed | (170,836 | ) | (121,837 | ) | (42,345 | ) | (61,060 | ) | ||||||||
Net increase (decrease) in net assets from Fund share transactions | (124,922 | ) | (57,276 | ) | (39,349 | ) | (41,973 | ) | ||||||||
Net increase (decrease) in net assets | (26,712 | ) | 72,339 | (20,325 | ) | (16,193 | ) | |||||||||
Net assets at the beginning of period | 621,449 | 549,110 | 134,582 | 150,775 | ||||||||||||
Net assets at the end of period | $ | 594,737 | $ | 621,449 | $ | 114,258 | $ | 134,582 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (500 | ) | $ | (13 | ) | $ | (116 | ) | $ | 66 |
166 | Nuveen Investments |
Large Cap Value | Mid Cap Growth Opportunities | |||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 939 | $ | 3,153 | $ | (623 | ) | $ | (4,973 | ) | ||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 37,381 | 26,403 | 249,656 | 195,722 | ||||||||||||
Futures contracts | — | — | — | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | (2,020 | ) | 8,454 | 21,829 | 129,355 | |||||||||||
Futures contracts | — | — | — | — | ||||||||||||
Net increase (decrease) in net assets from operations | 36,300 | 38,010 | 270,862 | 320,104 | ||||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income: | ||||||||||||||||
Class A | (697 | ) | (728 | ) | — | — | ||||||||||
Class B | (6 | ) | (10 | ) | — | — | ||||||||||
Class C | (5 | ) | (7 | ) | — | — | ||||||||||
Class R3 (1) | (9 | ) | (4 | ) | — | — | ||||||||||
Class I (1) | (2,375 | ) | (5,078 | ) | — | — | ||||||||||
From accumulated net realized gains: | ||||||||||||||||
Class A | — | — | — | — | ||||||||||||
Class B | — | — | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3 (1) | — | — | — | — | ||||||||||||
Class I (1) | — | — | — | — | ||||||||||||
Decrease in net assets from distributions to shareholders | (3,092 | ) | (5,827 | ) | — | — | ||||||||||
Fund Share Transactions | ||||||||||||||||
Proceeds from sale of shares | 4,519 | 17,475 | 139,611 | 193,095 | ||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 1,789 | 4,029 | — | — | ||||||||||||
6,308 | 21,504 | 139,611 | 193,095 | |||||||||||||
Cost of shares redeemed | (181,657 | ) | (106,527 | ) | (516,756 | ) | (378,326 | ) | ||||||||
Net increase (decrease) in net assets from Fund share transactions | (175,349 | ) | (85,023 | ) | (377,145 | ) | (185,231 | ) | ||||||||
Net increase (decrease) in net assets | (142,141 | ) | (52,840 | ) | (106,283 | ) | 134,873 | |||||||||
Net assets at the beginning of period | 342,772 | 395,612 | 1,320,919 | 1,186,046 | ||||||||||||
Net assets at the end of period | $ | 200,631 | $ | 342,772 | $ | 1,214,636 | $ | 1,320,919 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 158 | $ | 2,310 | $ | (638 | ) | $ | (15 | ) |
(1) | - Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
See accompanying notes to financial statements.
Nuveen Investments | 167 |
Statement of Changes in Net Assets (Unaudited) (all dollars are rounded to thousands (000)) (continued)
Mid Cap Select | Mid Cap Value | |||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | (79 | ) | $ | (82 | ) | $ | 1,109 | $ | 4,209 | ||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 5,641 | 6,634 | 97,359 | 83,856 | ||||||||||||
Futures contracts | 253 | — | — | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | 865 | 1,905 | (32,893 | ) | 34,723 | |||||||||||
Futures contracts | — | — | — | — | ||||||||||||
Net increase (decrease) in net assets from operations | 6,680 | 8,457 | 65,575 | 122,788 | ||||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income: | ||||||||||||||||
Class A | — | (37 | ) | (805 | ) | (1,055 | ) | |||||||||
Class B | — | — | (10 | ) | (15 | ) | ||||||||||
Class C | — | — | (47 | ) | (46 | ) | ||||||||||
Class R3 (1) | — | — | (141 | ) | (180 | ) | ||||||||||
Class I (1) | — | (127 | ) | (2,981 | ) | (6,065 | ) | |||||||||
From accumulated net realized gains: | ||||||||||||||||
Class A | — | — | — | — | ||||||||||||
Class B | — | — | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3 (1) | — | — | — | — | ||||||||||||
Class I (1) | — | — | — | — | ||||||||||||
Decrease in net assets from distributions to shareholders | — | (164 | ) | (3,984 | ) | (7,361 | ) | |||||||||
Fund Share Transactions | ||||||||||||||||
Proceeds from sale of shares | 1,514 | 3,609 | 24,528 | 79,022 | ||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | — | 66 | 2,082 | 5,412 | ||||||||||||
1,514 | 3,675 | 26,610 | 84,434 | |||||||||||||
Cost of shares redeemed | (6,432 | ) | (16,597 | ) | (339,816 | ) | (230,729 | ) | ||||||||
Net increase (decrease) in net assets from Fund share transactions | (4,918 | ) | (12,922 | ) | (313,206 | ) | (146,295 | ) | ||||||||
Net increase (decrease) in net assets | 1,762 | (4,629 | ) | (251,615 | ) | (30,868 | ) | |||||||||
Net assets at the beginning of period | 39,105 | 43,734 | 581,507 | 612,375 | ||||||||||||
Net assets at the end of period | $ | 40,867 | $ | 39,105 | $ | 329,892 | $ | 581,507 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (90 | ) | $ | (11 | ) | $ | 1,097 | $ | 3,971 |
168 | Nuveen Investments |
Quantitative Enhanced Core Equity | Real Estate Securities | |||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 1,690 | $ | 2,593 | $ | 31,139 | $ | 35,643 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 22,976 | 18,592 | 93,330 | 252,012 | ||||||||||||
Futures contracts | 133 | 88 | — | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | 5,626 | 2,535 | 293,322 | 278,283 | ||||||||||||
Futures contracts | 102 | 234 | — | — | ||||||||||||
Net increase (decrease) in net assets from operations | 30,527 | 24,042 | 417,791 | 565,938 | ||||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income: | ||||||||||||||||
Class A | (3 | ) | (3 | ) | (7,536 | ) | (11,390 | ) | ||||||||
Class B | — | — | (18 | ) | (53 | ) | ||||||||||
Class C | (1 | ) | — | (406 | ) | (629 | ) | |||||||||
Class R3 (1) | — | — | (501 | ) | (1,183 | ) | ||||||||||
Class I (1) | (2,864 | ) | (2,274 | ) | (20,488 | ) | (29,400 | ) | ||||||||
From accumulated net realized gains: | ||||||||||||||||
Class A | — | — | — | — | ||||||||||||
Class B | — | — | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3 (1) | — | — | — | — | ||||||||||||
Class I (1) | — | — | — | — | ||||||||||||
Decrease in net assets from distributions to shareholders | (2,868 | ) | (2,277 | ) | (28,949 | ) | (42,655 | ) | ||||||||
Fund Share Transactions | ||||||||||||||||
Proceeds from sale of shares | 6,966 | 76,687 | 883,357 | 1,423,765 | ||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 878 | 901 | 22,568 | 33,035 | ||||||||||||
7,844 | 77,588 | 905,925 | 1,456,800 | |||||||||||||
Cost of shares redeemed | (42,309 | ) | (42,197 | ) | (488,402 | ) | (573,781 | ) | ||||||||
Net increase (decrease) in net assets from Fund share transactions | (34,465 | ) | 35,391 | 417,523 | 883,019 | |||||||||||
Net increase (decrease) in net assets | (6,806 | ) | 57,156 | 806,365 | 1,406,302 | |||||||||||
Net assets at the beginning of period | 203,583 | 146,427 | 2,420,844 | 1,014,542 | ||||||||||||
Net assets at the end of period | $ | 196,777 | $ | 203,583 | $ | 3,227,209 | $ | 2,420,844 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 774 | $ | 1,951 | $ | 2,178 | $ | (12 | ) |
(1) | - Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
See accompanying notes to financial statements.
Nuveen Investments | 169 |
Statement of Changes in Net Assets (Unaudited) (all dollars are rounded to thousands (000)) (continued)
Small Cap Growth Opportunities | Small Cap Select | |||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | (712 | ) | $ | (1,495 | ) | $ | (2,123 | ) | $ | (2,819 | ) | ||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 28,911 | 32,333 | 128,605 | 92,494 | ||||||||||||
Futures contracts | 662 | — | — | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | 8,433 | 11,747 | 41,287 | 60,772 | ||||||||||||
Futures contracts | — | — | — | — | ||||||||||||
Net increase (decrease) in net assets from operations | 37,294 | 42,585 | 167,769 | 150,447 | ||||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income: | ||||||||||||||||
Class A | — | — | — | — | ||||||||||||
Class B | — | — | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3 (1) | — | — | — | — | ||||||||||||
Class I (1) | — | — | — | (184 | ) | |||||||||||
From accumulated net realized gains: | ||||||||||||||||
Class A | — | — | — | — | ||||||||||||
Class B | — | — | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3 (1) | — | — | — | — | ||||||||||||
Class I (1) | — | — | — | — | ||||||||||||
Decrease in net assets from distributions to shareholders | — | — | — | (184 | ) | |||||||||||
Fund Share Transactions | ||||||||||||||||
Proceeds from sale of shares | 21,298 | 42,064 | 115,846 | 232,850 | ||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | — | — | — | 133 | ||||||||||||
21,298 | 42,064 | 115,846 | 232,983 | |||||||||||||
Cost of shares redeemed | (96,062 | ) | (36,524 | ) | (294,281 | ) | (269,169 | ) | ||||||||
Net increase (decrease) in net assets from Fund share transactions | (74,764 | ) | 5,540 | (178,435 | ) | (36,186 | ) | |||||||||
Net increase (decrease) in net assets | (37,470 | ) | 48,125 | (10,666 | ) | 114,077 | ||||||||||
Net assets at the beginning of period | 186,585 | 138,460 | 779,233 | 665,156 | ||||||||||||
Net assets at the end of period | $ | 149,115 | $ | 186,585 | $ | 768,567 | $ | 779,233 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (721 | ) | $ | (9 | ) | $ | (2,135 | ) | $ | (13 | ) |
170 | Nuveen Investments |
Small Cap Value | Tactical Opportunities | |||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | (98 | ) | $ | 173 | $ | 203 | $ | 49 | |||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 30,675 | 13,113 | 428 | 86 | ||||||||||||
Futures contracts | — | — | 339 | (22 | ) | |||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | 1,540 | 31,588 | (34 | ) | 117 | |||||||||||
Futures contracts | — | — | 205 | (34 | ) | |||||||||||
Net increase (decrease) in net assets from operations | 32,117 | 44,874 | 1,141 | 196 | ||||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income: | ||||||||||||||||
Class A | — | (84 | ) | — | — | |||||||||||
Class B | — | — | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3 (1) | — | (1 | ) | — | — | |||||||||||
Class I (1) | — | (751 | ) | (155 | ) | — | ||||||||||
From accumulated net realized gains: | ||||||||||||||||
Class A | — | — | — | — | ||||||||||||
Class B | — | — | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3 (1) | — | — | — | — | ||||||||||||
Class I (1) | — | — | (47 | ) | — | |||||||||||
Decrease in net assets from distributions to shareholders | — | (836 | ) | (202 | ) | — | ||||||||||
Fund Share Transactions | ||||||||||||||||
Proceeds from sale of shares | 13,759 | 23,609 | 11,857 | 27,104 | ||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | — | 717 | 158 | — | ||||||||||||
13,759 | 24,326 | 12,015 | 27,104 | |||||||||||||
Cost of shares redeemed | (147,241 | ) | (34,151 | ) | (7,805 | ) | — | |||||||||
Net increase (decrease) in net assets from Fund share transactions | (133,482 | ) | (9,825 | ) | 4,210 | 27,104 | ||||||||||
Net increase (decrease) in net assets | (101,365 | ) | 34,213 | 5,149 | 27,300 | |||||||||||
Net assets at the beginning of period | 217,161 | 182,948 | 27,300 | — | ||||||||||||
Net assets at the end of period | $ | 115,796 | $ | 217,161 | $ | 32,449 | $ | 27,300 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (109 | ) | $ | (11 | ) | $ | 101 | $ | 52 |
(1) | - Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
See accompanying notes to financial statements.
Nuveen Investments | 171 |
Financial Highlights (Unaudited)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
EQUITY INCOME | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains(b) | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (12/92) |
| |||||||||||||||||||||||||||||||
2011(e) | $ | 12.42 | $ | .13 | $ | 1.89 | $ | 2.02 | $ | (.15 | ) | $ | — | $ | (.15 | ) | $ | 14.29 | ||||||||||||||
2010 | 10.76 | .34 | 1.63 | 1.97 | (.31 | ) | — | (.31 | ) | 12.42 | ||||||||||||||||||||||
2009 | 10.09 | .29 | .71 | 1.00 | (.33 | ) | — | (.33 | ) | 10.76 | ||||||||||||||||||||||
2008 | 16.43 | .33 | (5.28 | ) | (4.95 | ) | (.29 | ) | (1.10 | ) | (1.39 | ) | 10.09 | |||||||||||||||||||
2007 | 15.90 | .29 | 1.96 | 2.25 | (.29 | ) | (1.43 | ) | (1.72 | ) | 16.43 | |||||||||||||||||||||
2006 | 13.67 | .20 | 2.32 | 2.52 | (.21 | ) | (.08 | ) | (.29 | ) | 15.90 | |||||||||||||||||||||
Class B (8/94) |
| |||||||||||||||||||||||||||||||
2011(e) | 12.25 | .08 | 1.87 | 1.95 | (.04 | ) | — | (.04 | ) | 14.16 | ||||||||||||||||||||||
2010 | 10.61 | .24 | 1.61 | 1.85 | (.21 | ) | — | (.21 | ) | 12.25 | ||||||||||||||||||||||
2009 | 9.96 | .22 | .68 | .90 | (.25 | ) | — | (.25 | ) | 10.61 | ||||||||||||||||||||||
2008 | 16.23 | .22 | (5.19 | ) | (4.97 | ) | (.20 | ) | (1.10 | ) | (1.30 | ) | 9.96 | |||||||||||||||||||
2007 | 15.75 | .17 | 1.94 | 2.11 | (.20 | ) | (1.43 | ) | (1.63 | ) | 16.23 | |||||||||||||||||||||
2006 | 13.57 | .09 | 2.30 | 2.39 | (.13 | ) | (.08 | ) | (.21 | ) | 15.75 | |||||||||||||||||||||
Class C (2/99) |
| |||||||||||||||||||||||||||||||
2011(e) | 12.26 | .08 | 1.86 | 1.94 | (.06 | ) | — | (.06 | ) | 14.14 | ||||||||||||||||||||||
2010 | 10.63 | .26 | 1.60 | 1.86 | (.23 | ) | — | (.23 | ) | 12.26 | ||||||||||||||||||||||
2009 | 9.98 | .21 | .69 | .90 | (.25 | ) | — | (.25 | ) | 10.63 | ||||||||||||||||||||||
2008 | 16.26 | .22 | (5.20 | ) | (4.98 | ) | (.20 | ) | (1.10 | ) | (1.30 | ) | 9.98 | |||||||||||||||||||
2007 | 15.78 | .17 | 1.94 | 2.11 | (.20 | ) | (1.43 | ) | (1.63 | ) | 16.26 | |||||||||||||||||||||
2006 | 13.59 | .10 | 2.30 | 2.40 | (.13 | ) | (.08 | ) | (.21 | ) | 15.78 | |||||||||||||||||||||
Class R3 (9/01)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 12.41 | .10 | 1.90 | 2.00 | (.14 | ) | — | (.14 | ) | 14.27 | ||||||||||||||||||||||
2010 | 10.76 | .30 | 1.64 | 1.94 | (.29 | ) | — | (.29 | ) | 12.41 | ||||||||||||||||||||||
2009 | 10.08 | .28 | .68 | .96 | (.28 | ) | — | (.28 | ) | 10.76 | ||||||||||||||||||||||
2008 | 16.41 | .29 | (5.26 | ) | (4.97 | ) | (.26 | ) | (1.10 | ) | (1.36 | ) | 10.08 | |||||||||||||||||||
2007 | 15.88 | .23 | 1.98 | 2.21 | (.25 | ) | (1.43 | ) | (1.68 | ) | 16.41 | |||||||||||||||||||||
2006 | 13.66 | .17 | 2.31 | 2.48 | (.18 | ) | (.08 | ) | (.26 | ) | 15.88 | |||||||||||||||||||||
Class I (8/94)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 12.53 | .15 | 1.90 | 2.05 | (.18 | ) | — | (.18 | ) | 14.40 | ||||||||||||||||||||||
2010 | 10.85 | .37 | 1.65 | 2.02 | (.34 | ) | — | (.34 | ) | 12.53 | ||||||||||||||||||||||
2009 | 10.18 | .32 | .70 | 1.02 | (.35 | ) | — | (.35 | ) | 10.85 | ||||||||||||||||||||||
2008 | 16.55 | .36 | (5.30 | ) | (4.94 | ) | (.33 | ) | (1.10 | ) | (1.43 | ) | 10.18 | |||||||||||||||||||
2007 | 16.00 | .33 | 1.98 | 2.31 | (.33 | ) | (1.43 | ) | (1.76 | ) | 16.55 | |||||||||||||||||||||
2006 | 13.76 | .24 | 2.33 | 2.57 | (.25 | ) | (.08 | ) | (.33 | ) | 16.00 |
172 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
16.33 | % | $ | 182,932 | 1.10 | %* | 1.92 | %* | 1.10 | %* | 1.92 | %* | 17 | % | |||||||||||||
18.46 | 125,226 | 1.19 | 2.87 | 1.17 | 2.89 | 29 | ||||||||||||||||||||
10.32 | 100,059 | 1.19 | 3.00 | 1.19 | 3.00 | 48 | ||||||||||||||||||||
(32.51 | ) | 100,824 | 1.17 | 2.45 | 1.17 | 2.45 | 32 | |||||||||||||||||||
15.24 | 179,379 | 1.16 | 1.83 | 1.16 | 1.83 | 20 | ||||||||||||||||||||
18.66 | 171,814 | 1.18 | 1.40 | 1.18 | 1.40 | 23 | ||||||||||||||||||||
15.90 | 4,436 | 1.85 | * | 1.25 | * | 1.85 | * | 1.25 | * | 17 | ||||||||||||||||
17.59 | 5,039 | 1.94 | 2.05 | 1.92 | 2.07 | 29 | ||||||||||||||||||||
9.41 | 7,237 | 1.94 | 2.28 | 1.94 | 2.28 | 48 | ||||||||||||||||||||
(32.95 | ) | 9,113 | 1.92 | 1.69 | 1.92 | 1.69 | 32 | |||||||||||||||||||
14.40 | 16,893 | 1.91 | 1.09 | 1.91 | 1.09 | 20 | ||||||||||||||||||||
17.76 | 19,845 | 1.93 | .65 | 1.93 | .65 | 23 | ||||||||||||||||||||
15.89 | 16,947 | 1.85 | * | 1.18 | * | 1.85 | * | 1.18 | * | 17 | ||||||||||||||||
17.60 | 11,107 | 1.94 | 2.20 | 1.92 | 2.22 | 29 | ||||||||||||||||||||
9.41 | 4,921 | 1.94 | 2.23 | 1.94 | 2.23 | 48 | ||||||||||||||||||||
(32.95 | ) | 4,625 | 1.92 | 1.69 | 1.92 | 1.69 | 32 | |||||||||||||||||||
14.37 | 9,241 | 1.91 | 1.09 | 1.91 | 1.09 | 20 | ||||||||||||||||||||
17.80 | 11,225 | 1.93 | .68 | 1.93 | .68 | 23 | ||||||||||||||||||||
16.22 | 3,604 | 1.35 | * | 1.55 | * | 1.35 | * | 1.55 | * | 17 | ||||||||||||||||
18.16 | 1,204 | 1.41 | 2.48 | 1.39 | 2.50 | 29 | ||||||||||||||||||||
9.92 | 122 | 1.45 | 2.94 | 1.45 | 2.94 | 48 | ||||||||||||||||||||
(32.64 | ) | 535 | 1.42 | 2.20 | 1.42 | 2.20 | 32 | |||||||||||||||||||
14.98 | 940 | 1.41 | 1.48 | 1.41 | 1.48 | 20 | ||||||||||||||||||||
18.33 | 511 | 1.57 | 1.00 | 1.43 | 1.14 | 23 | ||||||||||||||||||||
16.49 | 883,639 | .85 | * | 2.20 | * | .85 | * | 2.20 | * | 17 | ||||||||||||||||
18.78 | 684,540 | .94 | 3.12 | .92 | 3.10 | 29 | ||||||||||||||||||||
10.51 | 570,690 | .94 | 3.25 | .94 | 3.25 | 48 | ||||||||||||||||||||
(32.29 | ) | 574,162 | .92 | 2.70 | .92 | 2.70 | 32 | |||||||||||||||||||
15.54 | 1,061,433 | .91 | 2.09 | .91 | 2.09 | 20 | ||||||||||||||||||||
18.89 | 1,129,971 | .93 | 1.65 | .93 | 1.65 | 23 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the six months ended April 30, 2011. |
(f) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 173 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
GLOBAL INFRASTRUCTURE | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains(b) | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (12/07) | ||||||||||||||||||||||||||||||||
2011(e) | $ | 9.42 | $ | .07 | $ | .88 | $ | .95 | $ | (.16 | ) | $ | (.48 | ) | $ | (.64 | ) | $ | 9.73 | |||||||||||||
2010 | 7.80 | .16 | 1.58 | 1.74 | (.12 | ) | — | (.12 | ) | 9.42 | ||||||||||||||||||||||
2009 | 6.43 | .16 | 1.29 | 1.45 | (.08 | ) | — | (.08 | ) | 7.80 | ||||||||||||||||||||||
2008(g) | 10.00 | .05 | (3.62 | ) | (3.57 | ) | — | — | .00 | 6.43 | ||||||||||||||||||||||
Class C (11/08) | ||||||||||||||||||||||||||||||||
2011(e) | 9.32 | .03 | .87 | .90 | (.11 | ) | (.48 | ) | (.59 | ) | 9.63 | |||||||||||||||||||||
2010 | 7.75 | .09 | 1.57 | 1.66 | (.09 | ) | — | (.09 | ) | 9.32 | ||||||||||||||||||||||
2009(h) | 6.48 | .11 | 1.24 | 1.35 | (.08 | ) | — | (.08 | ) | 7.75 | ||||||||||||||||||||||
Class R3 (11/08)(f) | ||||||||||||||||||||||||||||||||
2011(e) | 9.40 | .02 | .93 | .95 | — | (.48 | ) | (.48 | ) | 9.87 | ||||||||||||||||||||||
2010 | 7.78 | .13 | 1.59 | 1.72 | (.10 | ) | — | (.10 | ) | 9.40 | ||||||||||||||||||||||
2009(h) | 6.48 | .14 | 1.24 | 1.38 | (.08 | ) | — | (.08 | ) | 7.78 | ||||||||||||||||||||||
Class I (12/07)(f) | ||||||||||||||||||||||||||||||||
2011(e) | 9.46 | .08 | .88 | .96 | (.17 | ) | (.48 | ) | (.65 | ) | 9.77 | |||||||||||||||||||||
2010 | 7.82 | .18 | 1.59 | 1.77 | (.13 | ) | — | (.13 | ) | 9.46 | ||||||||||||||||||||||
2009 | 6.43 | .17 | 1.30 | 1.47 | (.08 | ) | — | (.08 | ) | 7.82 | ||||||||||||||||||||||
2008(g) | 10.00 | .16 | (3.73 | ) | (3.57 | ) | — | — | — | 6.43 |
174 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
10.76 | % | $ | 69,450 | 1.53 | %* | 1.20 | %* | 1.21 | %* | 1.52 | %* | 138 | % | |||||||||||||
22.56 | 57,594 | 1.88 | 1.30 | 1.25 | 1.93 | 314 | ||||||||||||||||||||
22.76 | 19,901 | 2.47 | 1.12 | 1.25 | 2.34 | 299 | ||||||||||||||||||||
(35.70 | ) | 4,022 | 4.16 | * | (2.11 | )* | 1.25 | * | .80 | * | 304 | |||||||||||||||
10.33 | 11,371 | 2.28 | * | .48 | * | 1.96 | * | .80 | * | 138 | ||||||||||||||||
21.62 | 8,103 | 2.63 | .51 | 2.00 | 1.14 | 314 | ||||||||||||||||||||
21.00 | 3,034 | 3.22 | * | .37 | * | 2.00 | * | 1.59 | * | 299 | ||||||||||||||||
10.68 | — | ** | 1.81 | * | 1.07 | * | 1.33 | * | .59 | * | 138 | |||||||||||||||
22.27 | 8 | 2.13 | .91 | 1.50 | 1.54 | 314 | ||||||||||||||||||||
21.48 | 6 | 2.72 | * | .93 | * | 1.50 | * | 2.15 | * | 299 | ||||||||||||||||
10.93 | 113,948 | 1.28 | * | 1.47 | * | .96 | * | 1.79 | * | 138 | ||||||||||||||||
22.92 | 87,980 | 1.63 | 1.50 | 1.00 | 2.13 | 314 | ||||||||||||||||||||
23.14 | 36,595 | 2.22 | 1.35 | 1.00 | 2.57 | 299 | ||||||||||||||||||||
(35.70 | ) | 17,221 | 3.90 | * | (.73 | )* | .99 | * | 2.18 | * | 304 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the six months ended April 30, 2011. |
(f) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
(g) | For the period December 17, 2007 (commencement of operations) through October 31, 2008. |
(h) | For the period November 3, 2008 (commencement of operations) through October 31, 2009. |
* | Annualized. |
** | Rounds to less than a thousand. Actual net assets are $111. |
See accompanying notes to financial statements.
Nuveen Investments | 175 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
INTERNATIONAL | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains(b) | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (5/94) | ||||||||||||||||||||||||||||||||
2011(e) | $ | 11.62 | $ | .04 | $ | 1.54 | $ | 1.58 | $ | (.05 | ) | $ | — | $ | (.05 | ) | $ | 13.15 | ||||||||||||||
2010 | 10.78 | .07 | .81 | .88 | (.04 | ) | — | (.04 | ) | 11.62 | ||||||||||||||||||||||
2009 | 8.68 | .09 | 2.09 | 2.18 | (.08 | ) | — | (.08 | ) | 10.78 | ||||||||||||||||||||||
2008 | 17.15 | .26 | (7.14 | ) | (6.88 | ) | (.14 | ) | (1.45 | ) | (1.59 | ) | 8.68 | |||||||||||||||||||
2007 | 14.80 | .15 | 2.59 | 2.74 | (.13 | ) | (.26 | ) | (.39 | ) | 17.15 | |||||||||||||||||||||
2006 | 12.01 | .12 | 2.80 | 2.92 | (.13 | ) | — | (.13 | ) | 14.80 | ||||||||||||||||||||||
Class B (3/95) | ||||||||||||||||||||||||||||||||
2011(e) | 10.57 | (.01 | ) | 1.40 | 1.39 | — | — | — | 11.96 | |||||||||||||||||||||||
2010 | 9.84 | (.02 | ) | .75 | .73 | — | — | — | 10.57 | |||||||||||||||||||||||
2009 | 7.92 | .02 | 1.90 | 1.92 | — | — | — | 9.84 | ||||||||||||||||||||||||
2008 | 15.78 | .14 | (6.52 | ) | (6.38 | ) | (.03 | ) | (1.45 | ) | (1.48 | ) | 7.92 | |||||||||||||||||||
2007 | 13.65 | .03 | 2.39 | 2.42 | (.03 | ) | (.26 | ) | (.29 | ) | 15.78 | |||||||||||||||||||||
2006 | 11.09 | .02 | 2.58 | 2.60 | (.04 | ) | — | (.04 | ) | 13.65 | ||||||||||||||||||||||
Class C (9/01) | ||||||||||||||||||||||||||||||||
2011(e) | 11.03 | (.01 | ) | 1.46 | 1.45 | — | — | — | 12.48 | |||||||||||||||||||||||
2010 | 10.26 | (.02 | ) | .79 | .77 | — | — | — | 11.03 | |||||||||||||||||||||||
2009 | 8.25 | .02 | 1.99 | 2.01 | — | — | — | 10.26 | ||||||||||||||||||||||||
2008 | 16.36 | .15 | (6.79 | ) | (6.64 | ) | (.02 | ) | (1.45 | ) | (1.47 | ) | 8.25 | |||||||||||||||||||
2007 | 14.13 | .03 | 2.48 | 2.51 | (.02 | ) | (.26 | ) | (.28 | ) | 16.36 | |||||||||||||||||||||
2006 | 11.47 | .02 | 2.67 | 2.69 | (.03 | ) | — | (.03 | ) | 14.13 | ||||||||||||||||||||||
Class R3 (4/94)(f) | ||||||||||||||||||||||||||||||||
2011(e) | 11.61 | .03 | 1.54 | 1.57 | (.03 | ) | — | (.03 | ) | 13.15 | ||||||||||||||||||||||
2010 | 10.78 | .04 | .82 | .86 | (.03 | ) | — | (.03 | ) | 11.61 | ||||||||||||||||||||||
2009 | 8.67 | .07 | 2.11 | 2.18 | (.07 | ) | — | (.07 | ) | 10.78 | ||||||||||||||||||||||
2008 | 17.17 | .19 | (7.10 | ) | (6.91 | ) | (.14 | ) | (1.45 | ) | (1.59 | ) | 8.67 | |||||||||||||||||||
2007 | 14.81 | .10 | 2.61 | 2.71 | (.09 | ) | (.26 | ) | (.35 | ) | 17.17 | |||||||||||||||||||||
2006 | 11.94 | .05 | 2.82 | 2.87 | — | — | — | 14.81 | ||||||||||||||||||||||||
Class I (4/94)(f) | ||||||||||||||||||||||||||||||||
2011(e) | 11.78 | .05 | 1.56 | 1.61 | (.08 | ) | — | (.08 | ) | 13.31 | ||||||||||||||||||||||
2010 | 10.92 | .10 | .83 | .93 | (.07 | ) | — | (.07 | ) | 11.78 | ||||||||||||||||||||||
2009 | 8.81 | .11 | 2.12 | 2.23 | (.12 | ) | — | (.12 | ) | 10.92 | ||||||||||||||||||||||
2008 | 17.38 | .30 | (7.24 | ) | (6.94 | ) | (.18 | ) | (1.45 | ) | (1.63 | ) | 8.81 | |||||||||||||||||||
2007 | 14.99 | .19 | 2.62 | 2.81 | (.16 | ) | (.26 | ) | (.42 | ) | 17.38 | |||||||||||||||||||||
2006 | 12.16 | .16 | 2.83 | 2.99 | (.16 | ) | — | (.16 | ) | 14.99 |
176 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
13.61 | % | $ | 28,023 | 1.40 | %* | .63 | %* | 1.36 | %* | .67 | %* | 37 | % | |||||||||||||
8.21 | 26,698 | 1.59 | .51 | 1.48 | .62 | 56 | ||||||||||||||||||||
25.29 | 27,995 | 1.59 | .90 | 1.49 | 1.00 | 231 | ||||||||||||||||||||
(43.82 | ) | 25,342 | 1.54 | 1.87 | 1.49 | 1.92 | 18 | |||||||||||||||||||
18.92 | 56,705 | 1.53 | .93 | 1.49 | .97 | 14 | ||||||||||||||||||||
24.50 | 52,489 | 1.54 | .86 | 1.51 | .89 | 17 | ||||||||||||||||||||
13.15 | 1,393 | 2.15 | * | (.16 | )* | 2.11 | * | (.13 | )* | 37 | % | |||||||||||||||
7.42 | 1,497 | 2.34 | (.26 | ) | 2.23 | (.15 | ) | 56 | ||||||||||||||||||
24.24 | 1,976 | 2.34 | .13 | 2.24 | .23 | 231 | ||||||||||||||||||||
(44.19 | ) | 2,499 | 2.29 | 1.11 | 2.24 | 1.16 | 18 | |||||||||||||||||||
18.05 | 6,668 | 2.28 | .18 | 2.24 | .22 | 14 | ||||||||||||||||||||
23.50 | 7,172 | 2.29 | .12 | 2.26 | .15 | 17 | ||||||||||||||||||||
13.15 | 2,679 | 2.15 | * | (.12 | )* | 2.11 | * | (.09 | )* | 37 | ||||||||||||||||
7.50 | 2,607 | 2.34 | (.25 | ) | 2.23 | (.14 | ) | 56 | ||||||||||||||||||
24.36 | 3,269 | 2.34 | .14 | 2.24 | .24 | 231 | ||||||||||||||||||||
(44.21 | ) | 3,232 | 2.29 | 1.15 | 2.24 | 1.20 | 18 | |||||||||||||||||||
18.09 | 7,173 | 2.28 | .16 | 2.24 | .20 | 14 | ||||||||||||||||||||
23.53 | 8,049 | 2.29 | .13 | 2.26 | .16 | 17 | ||||||||||||||||||||
13.42 | 8 | 1.60 | * | .47 | * | 1.57 | * | .49 | * | 37 | ||||||||||||||||
7.94 | 6 | 1.84 | .27 | 1.73 | .38 | 56 | ||||||||||||||||||||
25.39 | 5 | 1.84 | .63 | 1.74 | .73 | 231 | ||||||||||||||||||||
(43.94 | ) | 2 | 1.79 | 1.35 | 1.74 | 1.40 | 18 | |||||||||||||||||||
18.66 | 4 | 1.78 | .56 | 1.74 | .60 | 14 | ||||||||||||||||||||
24.04 | 1 | 1.91 | .24 | 1.76 | .39 | 17 | ||||||||||||||||||||
13.70 | 695,449 | 1.15 | * | .89 | * | 1.11 | * | .92 | * | 37 | ||||||||||||||||
8.52 | 652,664 | 1.34 | .76 | 1.23 | .87 | 56 | ||||||||||||||||||||
25.68 | 680,309 | 1.34 | 1.15 | 1.24 | 1.25 | 231 | ||||||||||||||||||||
(43.68 | ) | 658,276 | 1.29 | 2.14 | 1.24 | 2.19 | 18 | |||||||||||||||||||
19.23 | 1,670,810 | 1.28 | 1.17 | 1.24 | 1.21 | 14 | ||||||||||||||||||||
24.81 | 1,738,254 | 1.29 | 1.13 | 1.26 | 1.16 | 17 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the six months ended April 30, 2011. |
(f) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 177 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
INTERNATIONAL SELECT | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains(b) | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (12/06) | ||||||||||||||||||||||||||||||||
2011(e) | $ | 9.54 | $ | .03 | $ | 1.07 | $ | 1.10 | $ | (.06 | ) | $ | — | $ | (.06 | ) | $ | 10.58 | ||||||||||||||
2010 | 8.48 | .06 | 1.02 | 1.08 | (.02 | ) | — | (.02 | ) | 9.54 | ||||||||||||||||||||||
2009 | 6.53 | .07 | 2.00 | 2.07 | (.12 | ) | — | (.12 | ) | 8.48 | ||||||||||||||||||||||
2008 | 12.15 | .15 | (5.52 | ) | (5.37 | ) | (.06 | ) | (.19 | ) | (.25 | ) | 6.53 | |||||||||||||||||||
2007(g) | 10.00 | .09 | 2.07 | 2.16 | (.01 | ) | — | (.01 | ) | 12.15 | ||||||||||||||||||||||
Class C (12/06) | ||||||||||||||||||||||||||||||||
2011(e) | 9.43 | (.01 | ) | 1.06 | 1.05 | (.01 | ) | — | (.01 | ) | 10.47 | |||||||||||||||||||||
2010 | 8.42 | .01 | 1.00 | 1.01 | — | — | — | 9.43 | ||||||||||||||||||||||||
2009 | 6.46 | .03 | 1.97 | 2.00 | (.04 | ) | — | (.04 | ) | 8.42 | ||||||||||||||||||||||
2008 | 12.07 | .09 | (5.48 | ) | (5.39 | ) | (.03 | ) | (.19 | ) | (.22 | ) | 6.46 | |||||||||||||||||||
2007(g) | 10.00 | .03 | 2.04 | 2.07 | — | — | — | 12.07 | ||||||||||||||||||||||||
Class R3 (12/06)(f) | ||||||||||||||||||||||||||||||||
2011(e) | 9.48 | .03 | .87 | .90 | — | — | — | 10.38 | ||||||||||||||||||||||||
2010 | 8.42 | .05 | 1.01 | 1.06 | — | — | — | 9.48 | ||||||||||||||||||||||||
2009 | 6.52 | .09 | 1.94 | 2.03 | (.13 | ) | — | (.13 | ) | 8.42 | ||||||||||||||||||||||
2008 | 12.12 | .08 | (5.46 | ) | (5.38 | ) | (.03 | ) | (.19 | ) | (.22 | ) | 6.52 | |||||||||||||||||||
2007(g) | 10.00 | .07 | 2.06 | 2.13 | (.01 | ) | — | (.01 | ) | 12.12 | ||||||||||||||||||||||
Class I (12/06)(f) | ||||||||||||||||||||||||||||||||
2011(e) | 9.57 | .04 | 1.07 | 1.11 | (.08 | ) | — | (.08 | ) | 10.60 | ||||||||||||||||||||||
2010 | 8.49 | .09 | 1.02 | 1.11 | (.03 | ) | — | (.03 | ) | 9.57 | ||||||||||||||||||||||
2009 | 6.55 | .08 | 2.01 | 2.09 | (.15 | ) | — | (.15 | ) | 8.49 | ||||||||||||||||||||||
2008 | 12.17 | .17 | (5.52 | ) | (5.35 | ) | (.08 | ) | (.19 | ) | (.27 | ) | 6.55 | |||||||||||||||||||
2007(g) | 10.00 | .13 | 2.05 | 2.18 | (.01 | ) | — | (.01 | ) | 12.17 |
178 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
11.54 | % | $ | 5,519 | 1.44 | %* | .60 | %* | 1.41 | %* | .63 | %* | 30 | % | |||||||||||||
12.72 | 5,530 | 1.62 | .56 | 1.49 | .69 | 47 | ||||||||||||||||||||
32.32 | 3,029 | 1.76 | .77 | 1.49 | 1.04 | 64 | ||||||||||||||||||||
(45.00 | ) | 1,904 | 1.70 | 1.31 | 1.49 | 1.52 | 63 | |||||||||||||||||||
21.58 | 3,228 | 1.89 | * | .55 | * | 1.49 | * | .95 | * | 45 | ||||||||||||||||
11.12 | 801 | 2.19 | * | (.15 | )* | 2.16 | * | (.12 | )* | 30 | ||||||||||||||||
12.00 | 816 | 2.37 | (.05 | ) | 2.24 | .08 | 47 | |||||||||||||||||||
31.43 | 244 | 2.51 | .13 | 2.24 | .40 | 64 | ||||||||||||||||||||
(45.39 | ) | 226 | 2.45 | .71 | 2.24 | .92 | 63 | |||||||||||||||||||
20.75 | 287 | 2.64 | * | (.10 | )* | 2.24 | * | .30 | * | 45 | ||||||||||||||||
9.49 | 16 | 1.68 | * | .65 | * | 1.66 | * | .65 | * | 30 | ||||||||||||||||
12.59 | 7 | 1.87 | .40 | 1.74 | .53 | 47 | ||||||||||||||||||||
31.99 | 19 | 2.01 | 1.03 | 1.74 | 1.30 | 64 | ||||||||||||||||||||
(45.10 | ) | 48 | 1.95 | .69 | 1.74 | .90 | 63 | |||||||||||||||||||
21.27 | 17 | 2.14 | * | .37 | * | 1.74 | * | .77 | * | 45 | ||||||||||||||||
11.61 | 822,515 | 1.19 | * | .87 | * | 1.16 | * | .90 | * | 30 | ||||||||||||||||
13.14 | 848,165 | 1.37 | .85 | 1.24 | .98 | 47 | ||||||||||||||||||||
32.68 | 584,667 | 1.51 | .90 | 1.24 | 1.17 | 64 | ||||||||||||||||||||
(44.86 | ) | 249,805 | 1.45 | 1.51 | 1.24 | 1.72 | 63 | |||||||||||||||||||
21.78 | 343,161 | 1.64 | * | .96 | * | 1.24 | * | 1.36 | * | 45 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the six months ended April 30, 2011. |
(f) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
(g) | For the period December 21, 2006 (commencement of operations) through October 31, 2007. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 179 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
LARGE CAP GROWTH OPPORTUNITIES | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains(b) | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (1/95) |
| |||||||||||||||||||||||||||||||
2011(e) | $ | 30.24 | $ | (.07 | ) | $ | 5.46 | $ | 5.39 | $ | — | $ | — | $ | — | $ | 35.63 | |||||||||||||||
2010 | 24.23 | (.09 | ) | 6.15 | 6.06 | (.05 | ) | — | (.05 | ) | 30.24 | |||||||||||||||||||||
2009 | 21.52 | .05 | 2.68 | 2.73 | (.02 | ) | — | (.02 | ) | 24.23 | ||||||||||||||||||||||
2008 | 36.27 | .02 | (11.65 | ) | (11.63 | ) | — | (3.12 | ) | (3.12 | ) | 21.52 | ||||||||||||||||||||
2007 | 29.58 | (.05 | ) | 7.08 | 7.03 | — | (.34 | ) | (.34 | ) | 36.27 | |||||||||||||||||||||
2006 | 27.86 | (.02 | ) | 1.74 | 1.72 | — | — | — | 29.58 | |||||||||||||||||||||||
Class B (3/99) |
| |||||||||||||||||||||||||||||||
2011(e) | 27.68 | (.17 | ) | 4.99 | 4.82 | — | — | — | 32.50 | |||||||||||||||||||||||
2010 | 22.31 | (.26 | ) | 5.63 | 5.37 | — | — | — | 27.68 | |||||||||||||||||||||||
2009 | 19.93 | (.09 | ) | 2.47 | 2.38 | — | — | — | 22.31 | |||||||||||||||||||||||
2008 | 34.08 | (.19 | ) | (10.84 | ) | (11.03 | ) | — | (3.12 | ) | (3.12 | ) | 19.93 | |||||||||||||||||||
2007 | 28.01 | (.27 | ) | 6.68 | 6.41 | — | (.34 | ) | (.34 | ) | 34.08 | |||||||||||||||||||||
2006 | 26.58 | (.22 | ) | 1.65 | 1.43 | — | — | — | 28.01 | |||||||||||||||||||||||
Class C (9/01) |
| |||||||||||||||||||||||||||||||
2011(e) | 28.30 | (.18 | ) | 5.11 | 4.93 | — | — | — | 33.23 | |||||||||||||||||||||||
2010 | 22.81 | (.27 | ) | 5.76 | 5.49 | — | — | — | 28.30 | |||||||||||||||||||||||
2009 | 20.38 | (.10 | ) | 2.53 | 2.43 | — | — | — | 22.81 | |||||||||||||||||||||||
2008 | 34.77 | (.19 | ) | (11.08 | ) | (11.27 | ) | — | (3.12 | ) | (3.12 | ) | 20.38 | |||||||||||||||||||
2007 | 28.58 | (.28 | ) | 6.81 | 6.53 | — | (.34 | ) | (.34 | ) | 34.77 | |||||||||||||||||||||
2006 | 27.12 | (.23 | ) | 1.69 | 1.46 | — | — | — | 28.58 | |||||||||||||||||||||||
Class R3 (11/00)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 29.83 | (.11 | ) | 5.39 | 5.28 | — | — | — | 35.11 | |||||||||||||||||||||||
2010 | 23.92 | (.16 | ) | 6.07 | 5.91 | — | — | — | 29.83 | |||||||||||||||||||||||
2009 | 21.26 | (.01 | ) | 2.67 | 2.66 | — | — | — | 23.92 | |||||||||||||||||||||||
2008 | 35.97 | (.05 | ) | (11.54 | ) | (11.59 | ) | — | (3.12 | ) | (3.12 | ) | 21.26 | |||||||||||||||||||
2007 | 29.41 | (.12 | ) | 7.02 | 6.90 | — | (.34 | ) | (.34 | ) | 35.97 | |||||||||||||||||||||
2006 | 27.78 | (.09 | ) | 1.72 | 1.63 | — | — | — | 29.41 | |||||||||||||||||||||||
Class I (12/92)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 31.33 | (.02 | ) | 5.65 | 5.63 | — | — | — | 36.96 | |||||||||||||||||||||||
2010 | 25.09 | (.03 | ) | 6.38 | 6.35 | (.11 | ) | — | (.11 | ) | 31.33 | |||||||||||||||||||||
2009 | 22.31 | .11 | 2.77 | 2.88 | (.10 | ) | — | (.10 | ) | 25.09 | ||||||||||||||||||||||
2008 | 37.42 | .10 | (12.07 | ) | (11.97 | ) | (.02 | ) | (3.12 | ) | (3.14 | ) | 22.31 | |||||||||||||||||||
2007 | 30.48 | .03 | 7.30 | 7.33 | (.05 | ) | (.34 | ) | (.39 | ) | 37.42 | |||||||||||||||||||||
2006 | 28.64 | .05 | 1.79 | 1.84 | — | — | — | 30.48 |
180 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
17.82 | % | $ | 87,022 | 1.17 | %* | (.38 | )%* | 1.17 | %* | (.38 | )%* | 37 | % | |||||||||||||
25.03 | 66,409 | 1.21 | (.36 | ) | 1.20 | (.35 | ) | 106 | ||||||||||||||||||
12.73 | 56,963 | 1.22 | .24 | 1.22 | .24 | 112 | ||||||||||||||||||||
(34.81 | ) | 53,430 | 1.20 | .07 | 1.20 | .07 | 92 | |||||||||||||||||||
24.01 | 96,514 | 1.19 | (.15 | ) | 1.19 | (.15 | ) | 102 | ||||||||||||||||||
6.17 | 90,285 | 1.19 | (.07 | ) | 1.19 | (.07 | ) | 94 | ||||||||||||||||||
17.41 | 3,236 | 1.92 | * | (1.10 | )* | 1.92 | * | (1.10 | )* | 37 | ||||||||||||||||
24.07 | 3,473 | 1.96 | (1.07 | ) | 1.95 | (1.06 | ) | 106 | ||||||||||||||||||
11.94 | 4,749 | 1.97 | (.48 | ) | 1.97 | (.48 | ) | 112 | ||||||||||||||||||
(35.33 | ) | 5,907 | 1.95 | (.68 | ) | 1.95 | (.68 | ) | 92 | |||||||||||||||||
23.13 | 11,955 | 1.94 | (.90 | ) | 1.94 | (.90 | ) | 102 | ||||||||||||||||||
5.38 | 13,990 | 1.94 | (.82 | ) | 1.94 | (.82 | ) | 94 | ||||||||||||||||||
17.42 | 6,020 | 1.92 | * | (1.14 | )* | 1.92 | * | (1.14 | )* | 37 | ||||||||||||||||
24.07 | 4,220 | 1.96 | (1.09 | ) | 1.95 | (1.08 | ) | 106 | ||||||||||||||||||
11.92 | 4,509 | 1.97 | (.51 | ) | 1.97 | (.51 | ) | 112 | ||||||||||||||||||
(35.31 | ) | 4,368 | 1.95 | (.68 | ) | 1.95 | (.68 | ) | 92 | |||||||||||||||||
23.09 | 8,506 | 1.94 | (.90 | ) | 1.94 | (.90 | ) | 102 | ||||||||||||||||||
5.38 | 8,424 | 1.94 | (.82 | ) | 1.94 | (.82 | ) | 94 | ||||||||||||||||||
17.70 | 2,363 | 1.44 | * | (.67 | )* | 1.44 | * | (.67 | )* | 37 | ||||||||||||||||
24.71 | 742 | 1.46 | (.60 | ) | 1.45 | (.59 | ) | 106 | ||||||||||||||||||
12.51 | 667 | 1.47 | (.05 | ) | 1.47 | (.05 | ) | 112 | ||||||||||||||||||
(35.00 | ) | 454 | 1.45 | (.18 | ) | 1.45 | (.18 | ) | 92 | |||||||||||||||||
23.70 | 566 | 1.44 | (.39 | ) | 1.44 | (.39 | ) | 102 | ||||||||||||||||||
5.87 | 558 | 1.57 | (.45 | ) | 1.44 | (.32 | ) | 94 | ||||||||||||||||||
17.97 | 496,096 | .92 | * | (.07 | )* | .92 | * | (.07 | )* | 37 | ||||||||||||||||
25.34 | 546,605 | .96 | (.11 | ) | .95 | (.10 | ) | 106 | ||||||||||||||||||
13.02 | 482,222 | .97 | .48 | .97 | .48 | 112 | ||||||||||||||||||||
(34.65 | ) | 417,337 | .95 | .32 | .95 | .32 | 92 | |||||||||||||||||||
24.32 | 749,865 | .94 | .11 | .94 | .11 | 102 | ||||||||||||||||||||
6.42 | 793,853 | .94 | .18 | .94 | .18 | 94 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the six months ended April 30, 2011. |
(f) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 181 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
LARGE CAP SELECT | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains(b) | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (1/03) |
| |||||||||||||||||||||||||||||||
2011(e) | $ | 11.65 | $ | (.02 | ) | $ | 1.91 | $ | 1.89 | $ | — | $ | — | $ | — | $ | 13.54 | |||||||||||||||
2010 | 9.80 | (.01 | ) | 1.92 | 1.91 | (.06 | ) | — | (.06 | ) | 11.65 | |||||||||||||||||||||
2009 | 8.83 | .04 | .97 | 1.01 | (.04 | ) | — | (.04 | ) | 9.80 | ||||||||||||||||||||||
2008 | 17.05 | .06 | (6.04 | ) | (5.98 | ) | (.04 | ) | (2.20 | ) | (2.24 | ) | 8.83 | |||||||||||||||||||
2007 | 15.18 | .03 | 2.12 | 2.15 | (.03 | ) | (.25 | ) | (.28 | ) | 17.05 | |||||||||||||||||||||
2006 | 14.30 | .06 | 1.48 | 1.54 | (.06 | ) | (.60 | ) | (.66 | ) | 15.18 | |||||||||||||||||||||
Class C (1/03) |
| |||||||||||||||||||||||||||||||
2011(e) | 11.22 | (.06 | ) | 1.83 | 1.77 | — | — | — | 12.99 | |||||||||||||||||||||||
2010 | 9.46 | (.08 | ) | 1.84 | 1.76 | — | — | — | 11.22 | |||||||||||||||||||||||
2009 | 8.56 | (.02 | ) | .93 | .91 | (.01 | ) | — | (.01 | ) | 9.46 | |||||||||||||||||||||
2008 | 16.69 | (.03 | ) | (5.90 | ) | (5.93 | ) | — | (2.20 | ) | (2.20 | ) | 8.56 | |||||||||||||||||||
2007 | 14.95 | (.09 | ) | 2.08 | 1.99 | — | (.25 | ) | (.25 | ) | 16.69 | |||||||||||||||||||||
2006 | 14.13 | (.05 | ) | 1.48 | 1.43 | (.01 | ) | (.60 | ) | (.61 | ) | 14.95 | ||||||||||||||||||||
Class R3 (1/03)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 11.54 | (.03 | ) | 1.89 | 1.86 | — | — | — | 13.40 | |||||||||||||||||||||||
2010 | 9.74 | (.03 | ) | 1.89 | 1.86 | (.06 | ) | — | (.06 | ) | 11.54 | |||||||||||||||||||||
2009 | 8.78 | .01 | .98 | .99 | (.03 | ) | — | (.03 | ) | 9.74 | ||||||||||||||||||||||
2008 | 16.97 | .03 | (6.00 | ) | (5.97 | ) | (.02 | ) | (2.20 | ) | (2.22 | ) | 8.78 | |||||||||||||||||||
2007 | 15.12 | — | ** | 2.11 | 2.11 | (.01 | ) | (.25 | ) | (.26 | ) | 16.97 | ||||||||||||||||||||
2006 | 14.26 | .01 | 1.49 | 1.50 | (.04 | ) | (.60 | ) | (.64 | ) | 15.12 | |||||||||||||||||||||
Class I (1/03)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 11.71 | — | ** | 1.92 | 1.92 | (.02 | ) | — | (.02 | ) | 13.61 | |||||||||||||||||||||
2010 | 9.85 | .02 | 1.92 | 1.94 | (.08 | ) | — | (.08 | ) | 11.71 | ||||||||||||||||||||||
2009 | 8.87 | .07 | .96 | 1.03 | (.05 | ) | — | (.05 | ) | 9.85 | ||||||||||||||||||||||
2008 | 17.10 | .09 | (6.05 | ) | (5.96 | ) | (.07 | ) | (2.20 | ) | (2.27 | ) | 8.87 | |||||||||||||||||||
2007 | 15.22 | .07 | 2.13 | 2.20 | (.07 | ) | (.25 | ) | (.32 | ) | 17.10 | |||||||||||||||||||||
2006 | 14.33 | .10 | 1.49 | 1.59 | (.10 | ) | (.60 | ) | (.70 | ) | 15.22 |
182 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
16.22 | % | $ | 3,819 | 1.20 | %* | (.24 | )%* | 1.20 | %* | (.21 | )%* | 72 | % | |||||||||||||
19.49 | 3,487 | 1.32 | (.06 | ) | 1.32 | (.06 | ) | 140 | ||||||||||||||||||
11.54 | 3,292 | 1.29 | .52 | 1.29 | .52 | 185 | ||||||||||||||||||||
(39.81 | ) | 3,608 | 1.21 | .49 | 1.21 | .49 | 210 | |||||||||||||||||||
14.36 | 7,998 | 1.19 | .20 | 1.19 | .20 | 138 | ||||||||||||||||||||
11.07 | 7,152 | 1.20 | .41 | 1.20 | .41 | 112 | ||||||||||||||||||||
15.78 | 217 | 1.95 | * | (.99 | )* | 1.95 | * | (.96 | )* | 72 | ||||||||||||||||
18.60 | 175 | 2.07 | (.79 | ) | 2.07 | (.79 | ) | 140 | ||||||||||||||||||
10.64 | 186 | 2.05 | (.23 | ) | 2.05 | (.23 | ) | 185 | ||||||||||||||||||
(40.38 | ) | 180 | 1.96 | (.26 | ) | 1.96 | (.26 | ) | 210 | |||||||||||||||||
13.45 | 325 | 1.94 | (.57 | ) | 1.94 | (.57 | ) | 138 | ||||||||||||||||||
10.36 | 248 | 1.95 | (.35 | ) | 1.95 | (.35 | ) | 112 | ||||||||||||||||||
16.12 | 130 | 1.45 | * | (.49 | )* | 1.45 | * | (.46 | )* | 72 | ||||||||||||||||
19.11 | 117 | 1.58 | (.32 | ) | 1.58 | (.32 | ) | 140 | ||||||||||||||||||
11.31 | 66 | 1.56 | .12 | 1.56 | .12 | 185 | ||||||||||||||||||||
(39.94 | ) | 20 | 1.46 | .24 | 1.46 | .24 | 210 | |||||||||||||||||||
14.09 | 37 | 1.44 | .02 | 1.44 | .02 | 138 | ||||||||||||||||||||
10.79 | 118 | 1.57 | (.04 | ) | 1.45 | .08 | 112 | |||||||||||||||||||
16.37 | 110,092 | .95 | * | .06 | * | .95 | * | .10 | * | 72 | ||||||||||||||||
19.75 | 130,803 | 1.07 | .21 | 1.07 | .21 | 140 | ||||||||||||||||||||
11.81 | 147,231 | 1.04 | .82 | 1.04 | .82 | 185 | ||||||||||||||||||||
(39.63 | ) | 207,904 | .96 | .74 | .96 | .74 | 210 | |||||||||||||||||||
14.65 | 449,201 | .94 | .45 | .94 | .45 | 138 | ||||||||||||||||||||
11.37 | 476,154 | .95 | .66 | .95 | .66 | 112 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the six months ended April 30, 2011. |
(f) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
* | Annualized. |
** | Rounds to less than $.01 per share. |
See accompanying notes to financial statements.
Nuveen Investments | 183 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
LARGE CAP VALUE | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains(b) | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (12/87) |
| |||||||||||||||||||||||||||||||
2011(e) | $ | 14.32 | $ | .03 | $ | 2.26 | $ | 2.29 | $ | (.19 | ) | $ | — | $ | (.19 | ) | $ | 16.42 | ||||||||||||||
2010 | 13.14 | .09 | 1.27 | 1.36 | (.18 | ) | — | (.18 | ) | 14.32 | ||||||||||||||||||||||
2009 | 12.88 | .18 | .22 | .40 | (.14 | ) | — | (.14 | ) | 13.14 | ||||||||||||||||||||||
2008 | 22.61 | .25 | (7.02 | ) | (6.77 | ) | (.16 | ) | (2.80 | ) | (2.96 | ) | 12.88 | |||||||||||||||||||
2007 | 22.12 | .23 | 2.19 | 2.42 | (.24 | ) | (1.69 | ) | (1.93 | ) | 22.61 | |||||||||||||||||||||
2006 | 19.56 | .21 | 3.19 | 3.40 | (.21 | ) | (.63 | ) | (.84 | ) | 22.12 | |||||||||||||||||||||
Class B (8/94) |
| |||||||||||||||||||||||||||||||
2011(e) | 13.75 | (.02 | ) | 2.17 | 2.15 | (.06 | ) | — | (.06 | ) | 15.84 | |||||||||||||||||||||
2010 | 12.61 | (.01 | ) | 1.21 | 1.20 | (.06 | ) | — | (.06 | ) | 13.75 | |||||||||||||||||||||
2009 | 12.39 | .09 | .21 | .30 | (.08 | ) | — | (.08 | ) | 12.61 | ||||||||||||||||||||||
2008 | 21.92 | .11 | (6.77 | ) | (6.66 | ) | (.07 | ) | (2.80 | ) | (2.87 | ) | 12.39 | |||||||||||||||||||
2007 | 21.54 | .07 | 2.12 | 2.19 | (.12 | ) | (1.69 | ) | (1.81 | ) | 21.92 | |||||||||||||||||||||
2006 | 19.12 | .06 | 3.11 | 3.17 | (.12 | ) | (.63 | ) | (.75 | ) | 21.54 | |||||||||||||||||||||
Class C (2/99) |
| |||||||||||||||||||||||||||||||
2011(e) | 13.97 | (.02 | ) | 2.21 | 2.19 | (.06 | ) | — | (.06 | ) | 16.10 | |||||||||||||||||||||
2010 | 12.81 | (.01 | ) | 1.22 | 1.21 | (.05 | ) | — | (.05 | ) | 13.97 | |||||||||||||||||||||
2009 | 12.59 | .09 | .21 | .30 | (.08 | ) | — | (.08 | ) | 12.81 | ||||||||||||||||||||||
2008 | 22.21 | .11 | (6.86 | ) | (6.75 | ) | (.07 | ) | (2.80 | ) | (2.87 | ) | 12.59 | |||||||||||||||||||
2007 | 21.81 | .07 | 2.14 | 2.21 | (.12 | ) | (1.69 | ) | (1.81 | ) | 22.21 | |||||||||||||||||||||
2006 | 19.35 | .06 | 3.15 | 3.21 | (.12 | ) | (.63 | ) | (.75 | ) | 21.81 | |||||||||||||||||||||
Class R3 (9/01)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 14.24 | .01 | 2.26 | 2.27 | (.18 | ) | — | (.18 | ) | 16.33 | ||||||||||||||||||||||
2010 | 13.09 | .05 | 1.26 | 1.31 | (.16 | ) | — | (.16 | ) | 14.24 | ||||||||||||||||||||||
2009 | 12.85 | .13 | .23 | .36 | (.12 | ) | — | (.12 | ) | 13.09 | ||||||||||||||||||||||
2008 | 22.57 | .20 | (6.99 | ) | (6.79 | ) | (.13 | ) | (2.80 | ) | (2.93 | ) | 12.85 | |||||||||||||||||||
2007 | 22.10 | .17 | 2.17 | 2.34 | (.18 | ) | (1.69 | ) | (1.87 | ) | 22.57 | |||||||||||||||||||||
2006 | 19.55 | .12 | 3.23 | 3.35 | (.17 | ) | (.63 | ) | (.80 | ) | 22.10 | |||||||||||||||||||||
Class I (2/94)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 14.41 | .07 | 2.25 | 2.32 | (.23 | ) | — | (.23 | ) | 16.50 | ||||||||||||||||||||||
2010 | 13.23 | .12 | 1.27 | 1.39 | (.21 | ) | — | (.21 | ) | 14.41 | ||||||||||||||||||||||
2009 | 12.95 | .21 | .23 | .44 | (.16 | ) | — | (.16 | ) | 13.23 | ||||||||||||||||||||||
2008 | 22.69 | .29 | (7.04 | ) | (6.75 | ) | (.19 | ) | (2.80 | ) | (2.99 | ) | 12.95 | |||||||||||||||||||
2007 | 22.19 | .29 | 2.18 | 2.47 | (.28 | ) | (1.69 | ) | (1.97 | ) | 22.69 | |||||||||||||||||||||
2006 | 19.62 | .26 | 3.21 | 3.47 | (.27 | ) | (.63 | ) | (.90 | ) | 22.19 |
184 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
16.13 | % | $ | 56,171 | 1.18 | %* | .45 | %* | 1.18 | %* | .45 | %* | 77 | % | |||||||||||||
10.36 | 52,567 | 1.23 | .63 | 1.23 | .63 | 135 | ||||||||||||||||||||
3.24 | 55,401 | 1.22 | 1.49 | 1.22 | 1.49 | 68 | ||||||||||||||||||||
(34.00 | ) | 60,870 | 1.19 | 1.41 | 1.19 | 1.41 | 90 | |||||||||||||||||||
11.60 | 113,223 | 1.17 | 1.05 | 1.17 | 1.05 | 81 | ||||||||||||||||||||
17.93 | 115,438 | 1.19 | 1.05 | 1.19 | 1.05 | 55 | ||||||||||||||||||||
15.69 | 1,248 | 1.93 | * | (.28 | )* | 1.93 | * | (.28 | )* | 77 | ||||||||||||||||
9.54 | 1,338 | 1.98 | (.10 | ) | 1.98 | (.10 | ) | 135 | ||||||||||||||||||
2.48 | 2,266 | 1.97 | .83 | 1.97 | .83 | 68 | ||||||||||||||||||||
(34.51 | ) | 3,750 | 1.94 | .65 | 1.94 | .65 | 90 | |||||||||||||||||||
10.76 | 7,973 | 1.92 | .31 | 1.92 | .31 | 81 | ||||||||||||||||||||
17.04 | 9,815 | 1.94 | .32 | 1.94 | .32 | 55 | ||||||||||||||||||||
15.73 | 1,318 | 1.93 | * | (.29 | )* | 1.93 | * | (.29 | )* | 77 | ||||||||||||||||
9.45 | 1,337 | 1.98 | (.10 | ) | 1.98 | (.10 | ) | 135 | ||||||||||||||||||
2.47 | 2,016 | 1.97 | .76 | 1.97 | .76 | 68 | ||||||||||||||||||||
(34.46 | ) | 2,643 | 1.94 | .66 | 1.94 | .66 | 90 | |||||||||||||||||||
10.71 | 4,587 | 1.92 | .31 | 1.92 | .31 | 81 | ||||||||||||||||||||
17.05 | 5,174 | 1.94 | .30 | 1.94 | .30 | 55 | ||||||||||||||||||||
16.02 | 934 | 1.43 | * | .23 | * | 1.43 | * | .23 | * | 77 | ||||||||||||||||
10.04 | 794 | 1.49 | .35 | 1.49 | .35 | 135 | ||||||||||||||||||||
2.96 | 340 | 1.47 | 1.06 | 1.47 | 1.06 | 68 | ||||||||||||||||||||
(34.13 | ) | 174 | 1.44 | 1.18 | 1.44 | 1.18 | 90 | |||||||||||||||||||
11.25 | 188 | 1.42 | .78 | 1.42 | .78 | 81 | ||||||||||||||||||||
17.63 | 164 | 1.55 | .47 | 1.44 | .47 | 55 | ||||||||||||||||||||
16.24 | 140,960 | .93 | * | 1.01 | * | .93 | * | 1.01 | * | 77 | ||||||||||||||||
10.54 | 286,736 | .98 | .89 | .98 | .89 | 135 | ||||||||||||||||||||
3.54 | 335,589 | .97 | 1.76 | .97 | 1.76 | 68 | ||||||||||||||||||||
(33.80 | ) | 401,006 | .94 | 1.66 | .94 | 1.66 | 90 | |||||||||||||||||||
11.83 | 726,512 | .92 | 1.30 | .92 | 1.30 | 81 | ||||||||||||||||||||
18.23 | 825,633 | .94 | 1.29 | .94 | 1.29 | 55 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the six months ended April 30, 2011. |
(f) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 185 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
MID CAP GROWTH OPPORTUNITIES | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains(b) | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (1/95) |
| |||||||||||||||||||||||||||||||
2011(e) | $ | 37.26 | $ | (.07 | ) | $ | 9.16 | $ | 9.09 | $ | — | $ | — | $ | — | $ | 46.35 | |||||||||||||||
2010 | 28.83 | (.18 | ) | 8.61 | 8.43 | — | — | — | 37.26 | |||||||||||||||||||||||
2009 | 23.88 | (.08 | ) | 5.03 | 4.95 | — | — | — | 28.83 | |||||||||||||||||||||||
2008 | 46.57 | (.16 | ) | (17.86 | ) | (18.02 | ) | — | (4.67 | ) | (4.67 | ) | 23.88 | |||||||||||||||||||
2007 | 41.43 | (.24 | ) | 9.19 | 8.95 | — | (3.81 | ) | (3.81 | ) | 46.57 | |||||||||||||||||||||
2006 | 40.77 | (.11 | ) | 5.04 | 4.93 | — | (4.27 | ) | (4.27 | ) | 41.43 | |||||||||||||||||||||
Class B (3/99) |
| |||||||||||||||||||||||||||||||
2011(e) | 32.62 | (.20 | ) | 8.00 | 7.80 | — | — | — | 40.42 | |||||||||||||||||||||||
2010 | 25.43 | (.37 | ) | 7.56 | 7.19 | — | — | — | 32.62 | |||||||||||||||||||||||
2009 | 21.22 | (.23 | ) | 4.44 | 4.21 | — | — | — | 25.43 | |||||||||||||||||||||||
2008 | 42.21 | (.38 | ) | (15.94 | ) | (16.32 | ) | — | (4.67 | ) | (4.67 | ) | 21.22 | |||||||||||||||||||
2007 | 38.15 | (.51 | ) | 8.38 | 7.87 | — | (3.81 | ) | (3.81 | ) | 42.21 | |||||||||||||||||||||
2006 | 38.12 | (.38 | ) | 4.68 | 4.30 | — | (4.27 | ) | (4.27 | ) | 38.15 | |||||||||||||||||||||
Class C (9/01) |
| |||||||||||||||||||||||||||||||
2011(e) | 34.21 | (.21 | ) | 8.40 | 8.19 | — | — | — | 42.40 | |||||||||||||||||||||||
2010 | 26.67 | (.39 | ) | 7.93 | 7.54 | — | — | — | 34.21 | |||||||||||||||||||||||
2009 | 22.26 | (.24 | ) | 4.65 | 4.41 | — | — | — | 26.67 | |||||||||||||||||||||||
2008 | 44.03 | (.40 | ) | (16.70 | ) | (17.10 | ) | — | (4.67 | ) | (4.67 | ) | 22.26 | |||||||||||||||||||
2007 | 39.65 | (.53 | ) | 8.72 | 8.19 | — | (3.81 | ) | (3.81 | ) | 44.03 | |||||||||||||||||||||
2006 | 39.46 | (.40 | ) | 4.86 | 4.46 | — | (4.27 | ) | (4.27 | ) | 39.65 | |||||||||||||||||||||
Class R3 (12/00)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 36.58 | (.12 | ) | 8.98 | 8.86 | — | — | — | 45.44 | |||||||||||||||||||||||
2010 | 28.37 | (.26 | ) | 8.47 | 8.21 | — | — | — | 36.58 | |||||||||||||||||||||||
2009 | 23.56 | (.14 | ) | 4.95 | 4.81 | — | — | — | 28.37 | |||||||||||||||||||||||
2008 | 46.11 | (.24 | ) | (17.64 | ) | (17.88 | ) | — | (4.67 | ) | (4.67 | ) | 23.56 | |||||||||||||||||||
2007 | 41.15 | (.34 | ) | 9.11 | 8.77 | — | (3.81 | ) | (3.81 | ) | 46.11 | |||||||||||||||||||||
2006 | 40.61 | (.23 | ) | 5.04 | 4.81 | — | (4.27 | ) | (4.27 | ) | 41.15 | |||||||||||||||||||||
Class I (12/89)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 40.09 | .01 | 9.83 | 9.84 | — | — | — | 49.93 | ||||||||||||||||||||||||
2010 | 30.94 | (.11 | ) | 9.26 | 9.15 | — | — | — | 40.09 | |||||||||||||||||||||||
2009 | 25.57 | (.02 | ) | 5.39 | 5.37 | — | — | — | 30.94 | |||||||||||||||||||||||
2008 | 49.40 | (.07 | ) | (19.09 | ) | (19.16 | ) | — | (4.67 | ) | (4.67 | ) | 25.57 | |||||||||||||||||||
2007 | 43.62 | (.14 | ) | 9.73 | 9.59 | — | (3.81 | ) | (3.81 | ) | 49.40 | |||||||||||||||||||||
2006 | 42.61 | (.01 | ) | 5.29 | 5.28 | — | (4.27 | ) | (4.27 | ) | 43.62 |
186 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
24.40 | % | $ | 309,135 | 1.21 | %* | (.31 | )%* | 1.20 | %* | (.30 | )%* | 53 | % | |||||||||||||
29.24 | 275,040 | 1.23 | (.57 | ) | 1.23 | (.57 | ) | 114 | ||||||||||||||||||
20.73 | 231,743 | 1.23 | (.33 | ) | 1.23 | (.33 | ) | 123 | ||||||||||||||||||
(42.75 | ) | 209,052 | 1.22 | (.43 | ) | 1.22 | (.43 | ) | 113 | |||||||||||||||||
23.36 | 425,995 | 1.21 | (.56 | ) | 1.21 | (.56 | ) | 96 | ||||||||||||||||||
12.69 | 322,385 | 1.23 | (.26 | ) | 1.23 | (.26 | ) | 75 | ||||||||||||||||||
23.91 | 5,821 | 1.96 | * | (1.06 | )* | 1.95 | * | (1.05 | )* | 53 | ||||||||||||||||
28.27 | 5,490 | 1.98 | (1.31 | ) | 1.98 | (1.31 | ) | 114 | ||||||||||||||||||
19.84 | 6,762 | 1.98 | (1.06 | ) | 1.98 | (1.06 | ) | 123 | ||||||||||||||||||
(43.18 | ) | 7,241 | 1.97 | (1.18 | ) | 1.97 | (1.18 | ) | 113 | |||||||||||||||||
22.47 | 15,820 | 1.96 | (1.31 | ) | 1.96 | (1.31 | ) | 96 | ||||||||||||||||||
11.83 | 15,605 | 1.98 | (1.02 | ) | 1.98 | (1.02 | ) | 75 | ||||||||||||||||||
23.94 | 16,398 | 1.96 | * | (1.07 | )* | 1.95 | * | (1.06 | )* | 53 | ||||||||||||||||
28.27 | 13,564 | 1.98 | (1.32 | ) | 1.98 | (1.32 | ) | 114 | ||||||||||||||||||
19.81 | 12,894 | 1.98 | (1.07 | ) | 1.98 | (1.07 | ) | 123 | ||||||||||||||||||
(43.16 | ) | 13,011 | 1.97 | (1.18 | ) | 1.97 | (1.18 | ) | 113 | |||||||||||||||||
22.42 | 28,891 | 1.96 | (1.31 | ) | 1.96 | (1.31 | ) | 96 | ||||||||||||||||||
11.84 | 19,540 | 1.98 | (1.02 | ) | 1.98 | (1.02 | ) | 75 | ||||||||||||||||||
24.22 | 34,626 | 1.46 | * | (.55 | )* | 1.45 | * | (.54 | )* | 53 | ||||||||||||||||
28.94 | 33,772 | 1.48 | (.82 | ) | 1.48 | (.82 | ) | 114 | ||||||||||||||||||
20.42 | 26,822 | 1.48 | (.59 | ) | 1.48 | (.59 | ) | 123 | ||||||||||||||||||
(42.88 | ) | 21,246 | 1.47 | (.69 | ) | 1.47 | (.69 | ) | 113 | |||||||||||||||||
23.06 | 29,490 | 1.46 | (.81 | ) | 1.46 | (.81 | ) | 96 | ||||||||||||||||||
12.41 | 17,853 | 1.61 | (.70 | ) | 1.48 | (.57 | ) | 75 | ||||||||||||||||||
24.54 | 848,656 | .96 | * | .06 | * | .95 | * | .07 | * | 53 | ||||||||||||||||
29.57 | 993,053 | .98 | (.31 | ) | .98 | (.31 | ) | 114 | ||||||||||||||||||
21.00 | 907,825 | .98 | (.09 | ) | .98 | (.09 | ) | 123 | ||||||||||||||||||
(42.59 | ) | 732,559 | .97 | (.18 | ) | .97 | (.18 | ) | 113 | |||||||||||||||||
23.68 | 1,478,374 | .96 | (.31 | ) | .96 | (.31 | ) | 96 | ||||||||||||||||||
12.98 | 1,243,776 | .98 | (.02 | ) | .98 | (.02 | ) | 75 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the six months ended April 30, 2011. |
(f) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 187 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
MID CAP SELECT | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains(b) | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (4/94) |
| |||||||||||||||||||||||||||||||
2011(e) | $ | 9.31 | $ | (.02 | ) | $ | 1.69 | $ | 1.67 | $ | — | $ | — | $ | — | $ | 10.98 | |||||||||||||||
2010 | 7.65 | (.02 | ) | 1.70 | 1.68 | (.02 | ) | — | (.02 | ) | 9.31 | |||||||||||||||||||||
2009 | 7.00 | .03 | .62 | .65 | — | — | — | 7.65 | ||||||||||||||||||||||||
2008 | 10.64 | (.01 | ) | (3.63 | ) | (3.64 | ) | — | — | — | 7.00 | |||||||||||||||||||||
2007 | 9.57 | (.02 | ) | 1.09 | 1.07 | — | — | — | 10.64 | |||||||||||||||||||||||
2006 | 8.03 | .01 | 1.53 | 1.54 | — | — | — | 9.57 | ||||||||||||||||||||||||
Class B (8/94) |
| |||||||||||||||||||||||||||||||
2011(e) | 7.90 | (.05 | ) | 1.43 | 1.38 | — | — | — | 9.28 | |||||||||||||||||||||||
2010 | 6.52 | (.07 | ) | 1.45 | 1.38 | — | — | — | 7.90 | |||||||||||||||||||||||
2009 | 6.01 | (.01 | ) | .52 | .51 | — | — | — | 6.52 | |||||||||||||||||||||||
2008 | 9.21 | (.07 | ) | (3.13 | ) | (3.20 | ) | — | — | — | 6.01 | |||||||||||||||||||||
2007 | 8.34 | (.08 | ) | .95 | .87 | — | — | — | 9.21 | |||||||||||||||||||||||
2006 | 7.06 | (.04 | ) | 1.32 | 1.28 | — | — | — | 8.34 | |||||||||||||||||||||||
Class C (2/00) |
| |||||||||||||||||||||||||||||||
2011(e) | 8.61 | (.06 | ) | 1.57 | 1.51 | — | — | — | 10.12 | |||||||||||||||||||||||
2010 | 7.12 | (.08 | ) | 1.57 | 1.49 | — | — | — | 8.61 | |||||||||||||||||||||||
2009 | 6.56 | (.01 | ) | .57 | .56 | — | — | — | 7.12 | |||||||||||||||||||||||
2008 | 10.04 | (.08 | ) | (3.40 | ) | (3.48 | ) | — | — | — | 6.56 | |||||||||||||||||||||
2007 | 9.09 | (.09 | ) | 1.04 | .95 | — | — | — | 10.04 | |||||||||||||||||||||||
2006 | 7.69 | (.05 | ) | 1.45 | 1.40 | — | — | — | 9.09 | |||||||||||||||||||||||
Class I (4/94)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 9.71 | (.01 | ) | 1.77 | 1.76 | — | — | — | 11.47 | |||||||||||||||||||||||
2010 | 7.98 | — | ** | 1.77 | 1.77 | (.04 | ) | — | (.04 | ) | 9.71 | |||||||||||||||||||||
2009 | 7.31 | .06 | .64 | .70 | (.03 | ) | — | (.03 | ) | 7.98 | ||||||||||||||||||||||
2008 | 11.09 | .01 | (3.79 | ) | (3.78 | ) | — | — | — | 7.31 | ||||||||||||||||||||||
2007 | 9.95 | — | ** | 1.15 | 1.15 | (.01 | ) | — | (.01 | ) | 11.09 | |||||||||||||||||||||
2006 | 8.34 | .04 | 1.57 | 1.61 | — | — | — | 9.95 |
188 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
17.94 | % | $ | 13,508 | 1.78 | %* | (.84 | )%* | 1.37 | %* | (.44 | )%* | 86 | % | |||||||||||||
22.03 | 12,402 | 1.98 | (.84 | ) | 1.41 | (.27 | ) | 154 | ||||||||||||||||||
9.32 | 12,487 | 1.92 | (.02 | ) | 1.41 | .49 | 186 | |||||||||||||||||||
(34.21 | ) | 12,848 | 1.60 | (.32 | ) | 1.41 | (.13 | ) | 170 | |||||||||||||||||
11.18 | 21,817 | 1.49 | (.28 | ) | 1.41 | (.20 | ) | 151 | ||||||||||||||||||
19.18 | 26,190 | 1.46 | .05 | 1.39 | .12 | 110 | ||||||||||||||||||||
17.47 | 1,198 | 2.52 | * | (1.58 | )* | 2.12 | * | (1.18 | )* | 86 | ||||||||||||||||
21.17 | 1,295 | 2.73 | (1.59 | ) | 2.16 | (1.02 | ) | 154 | ||||||||||||||||||
8.49 | 1,691 | 2.67 | (.71 | ) | 2.16 | (.20 | ) | 186 | ||||||||||||||||||
(34.74 | ) | 2,512 | 2.35 | (1.07 | ) | 2.16 | (.88 | ) | 170 | |||||||||||||||||
10.43 | 6,883 | 2.24 | (1.02 | ) | 2.16 | (.94 | ) | 151 | ||||||||||||||||||
18.13 | 8,689 | 2.21 | (.65 | ) | 2.14 | (.58 | ) | 110 | ||||||||||||||||||
17.54 | 2,415 | 2.53 | * | (1.59 | )* | 2.12 | * | (1.18 | )* | 86 | ||||||||||||||||
20.93 | 2,332 | 2.73 | (1.60 | ) | 2.16 | (1.03 | ) | 154 | ||||||||||||||||||
8.54 | 2,526 | 2.67 | (.75 | ) | 2.16 | (.24 | ) | 186 | ||||||||||||||||||
(34.66 | ) | 3,068 | 2.35 | (1.07 | ) | 2.16 | (.88 | ) | 170 | |||||||||||||||||
10.45 | 5,190 | 2.24 | (1.04 | ) | 2.16 | (.96 | ) | 151 | ||||||||||||||||||
18.21 | 4,986 | 2.21 | (.71 | ) | 2.14 | (.64 | ) | 110 | ||||||||||||||||||
18.13 | 23,746 | 1.53 | * | (.59 | )* | 1.12 | %* | (.18 | )* | 86 | ||||||||||||||||
22.26 | 23,076 | 1.73 | (.60 | ) | 1.16 | (.03 | ) | 154 | ||||||||||||||||||
9.62 | 27,030 | 1.67 | .30 | 1.16 | .81 | 186 | ||||||||||||||||||||
(34.08 | ) | 40,409 | 1.35 | (.07 | ) | 1.16 | .12 | 170 | ||||||||||||||||||
11.62 | 79,574 | 1.24 | (.06 | ) | 1.16 | .02 | 151 | |||||||||||||||||||
19.30 | 67,437 | 1.21 | .28 | 1.14 | .35 | 110 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the six months ended April 30, 2011. |
(f) | Effective January 18, 2011, Class Y Shares were renamed Class I Shares. |
* | Annualized. |
** | Rounds to less than $.01 per share. |
See accompanying notes to financial statements.
Nuveen Investments | 189 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
MID CAP VALUE | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains(b) | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (12/87) |
| |||||||||||||||||||||||||||||||
2011(e) | $ | 22.20 | $ | .03 | $ | 3.55 | $ | 3.58 | $ | (.25 | ) | $ | — | $ | (.25 | ) | $ | 25.53 | ||||||||||||||
2010 | 18.28 | .12 | 4.00 | 4.12 | (.20 | ) | — | (.20 | ) | 22.20 | ||||||||||||||||||||||
2009 | 16.13 | .24 | 1.99 | 2.23 | (.08 | ) | — | (.08 | ) | 18.28 | ||||||||||||||||||||||
2008 | 27.83 | .21 | (9.92 | ) | (9.71 | ) | (.16 | ) | (1.83 | ) | (1.99 | ) | 16.13 | |||||||||||||||||||
2007 | 26.65 | .14 | 2.78 | 2.92 | (.16 | ) | (1.58 | ) | (1.74 | ) | 27.83 | |||||||||||||||||||||
2006 | 24.04 | .14 | 3.89 | 4.03 | (.16 | ) | (1.26 | ) | (1.42 | ) | 26.65 | |||||||||||||||||||||
Class B (8/94) |
| |||||||||||||||||||||||||||||||
2011(e) | 20.87 | (.05 | ) | 3.33 | 3.28 | (.07 | ) | — | (.07 | ) | 24.08 | |||||||||||||||||||||
2010 | 17.21 | (.04 | ) | 3.78 | 3.74 | (.08 | ) | — | (.08 | ) | 20.87 | |||||||||||||||||||||
2009 | 15.22 | .13 | 1.87 | 2.00 | (.01 | ) | — | (.01 | ) | 17.21 | ||||||||||||||||||||||
2008 | 26.48 | .03 | (9.39 | ) | (9.36 | ) | (.07 | ) | (1.83 | ) | (1.90 | ) | 15.22 | |||||||||||||||||||
2007 | 25.50 | (.05 | ) | 2.65 | 2.60 | (.04 | ) | (1.58 | ) | (1.62 | ) | 26.48 | ||||||||||||||||||||
2006 | 23.12 | (.03 | ) | 3.71 | 3.68 | (.04 | ) | (1.26 | ) | (1.30 | ) | 25.50 | ||||||||||||||||||||
Class C (2/99) |
| |||||||||||||||||||||||||||||||
2011(e) | 21.36 | (.06 | ) | 3.42 | 3.36 | (.09 | ) | — | (.09 | ) | 24.63 | |||||||||||||||||||||
2010 | 17.61 | (.04 | ) | 3.86 | 3.82 | (.07 | ) | — | (.07 | ) | 21.36 | |||||||||||||||||||||
2009 | 15.58 | .12 | 1.92 | 2.04 | (.01 | ) | — | (.01 | ) | 17.61 | ||||||||||||||||||||||
2008 | 27.05 | .03 | (9.60 | ) | (9.57 | ) | (.07 | ) | (1.83 | ) | (1.90 | ) | 15.58 | |||||||||||||||||||
2007 | 26.02 | (.06 | ) | 2.72 | 2.66 | (.05 | ) | (1.58 | ) | (1.63 | ) | 27.05 | ||||||||||||||||||||
2006 | 23.57 | (.04 | ) | 3.80 | 3.76 | (.05 | ) | (1.26 | ) | (1.31 | ) | 26.02 | ||||||||||||||||||||
Class R3 (9/01)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 22.05 | — | ** | 3.52 | 3.52 | (.17 | ) | — | (.17 | ) | 25.40 | |||||||||||||||||||||
2010 | 18.15 | .06 | 3.99 | 4.05 | (.15 | ) | — | (.15 | ) | 22.05 | ||||||||||||||||||||||
2009 | 16.04 | .19 | 1.98 | 2.17 | (.06 | ) | — | (.06 | ) | 18.15 | ||||||||||||||||||||||
2008 | 27.72 | .15 | (9.87 | ) | (9.72 | ) | (.13 | ) | (1.83 | ) | (1.96 | ) | 16.04 | |||||||||||||||||||
2007 | 26.56 | .06 | 2.78 | 2.84 | (.10 | ) | (1.58 | ) | (1.68 | ) | 27.72 | |||||||||||||||||||||
2006 | 24.00 | .05 | 3.91 | 3.96 | (.14 | ) | (1.26 | ) | (1.40 | ) | 26.56 | |||||||||||||||||||||
Class I (2/94)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 22.37 | .09 | 3.53 | 3.62 | (.31 | ) | — | (.31 | ) | 25.68 | ||||||||||||||||||||||
2010 | 18.42 | .16 | 4.05 | 4.21 | (.26 | ) | — | (.26 | ) | 22.37 | ||||||||||||||||||||||
2009 | 16.24 | .28 | 2.01 | 2.29 | (.11 | ) | — | (.11 | ) | 18.42 | ||||||||||||||||||||||
2008 | 27.98 | .27 | (9.99 | ) | (9.72 | ) | (.19 | ) | (1.83 | ) | (2.02 | ) | 16.24 | |||||||||||||||||||
2007 | 26.77 | .22 | 2.80 | 3.02 | (.23 | ) | (1.58 | ) | (1.81 | ) | 27.98 | |||||||||||||||||||||
2006 | 24.14 | .22 | 3.89 | 4.11 | (.22 | ) | (1.26 | ) | (1.48 | ) | 26.77 |
190 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
16.20 | % | $ | 75,647 | 1.29 | %* | .28 | %* | 1.26 | %* | .31 | %* | 67 | % | |||||||||||||
22.65 | 76,667 | 1.25 | .58 | 1.25 | .58 | 123 | ||||||||||||||||||||
13.95 | 130,222 | 1.25 | 1.52 | 1.25 | 1.52 | 106 | ||||||||||||||||||||
(37.32 | ) | 124,275 | 1.23 | .90 | 1.23 | .90 | 93 | |||||||||||||||||||
11.47 | 254,342 | 1.22 | .58 | 1.22 | .58 | 95 | ||||||||||||||||||||
17.36 | 156,576 | 1.24 | .50 | 1.24 | .50 | 70 | ||||||||||||||||||||
15.76 | 2,850 | 2.04 | * | (.48 | )* | 2.01 | * | (.45 | )* | 67 | ||||||||||||||||
21.77 | 2,815 | 2.00 | (.20 | ) | 2.00 | (.20 | ) | 123 | ||||||||||||||||||
13.13 | 3,481 | 1.98 | .85 | 1.98 | .85 | 106 | ||||||||||||||||||||
(37.82 | ) | 4,133 | 1.98 | .14 | 1.98 | .14 | 93 | |||||||||||||||||||
10.67 | 8,360 | 1.97 | (.13 | ) | 1.97 | (.13 | ) | 95 | ||||||||||||||||||
16.45 | 8,590 | 1.99 | (.17 | ) | 1.99 | (.17 | ) | 70 | ||||||||||||||||||
15.75 | 11,842 | 2.04 | * | (.48 | )* | 2.01 | * | (.45 | )* | 67 | ||||||||||||||||
21.74 | 11,564 | 2.00 | (.21 | ) | 2.00 | (.21 | ) | 123 | ||||||||||||||||||
13.10 | 12,040 | 2.00 | .80 | 2.00 | .80 | 106 | ||||||||||||||||||||
(37.80 | ) | 13,154 | 1.98 | .14 | 1.98 | .14 | 93 | |||||||||||||||||||
10.66 | 26,141 | 1.97 | (.18 | ) | 1.97 | (.18 | ) | 95 | ||||||||||||||||||
16.47 | 18,162 | 1.99 | (.24 | ) | 1.99 | (.24 | ) | 70 | ||||||||||||||||||
16.04 | 20,157 | 1.54 | * | .04 | * | 1.51 | * | .07 | * | 67 | ||||||||||||||||
22.40 | 20,195 | 1.50 | .30 | 1.50 | .30 | 123 | ||||||||||||||||||||
13.63 | 25,664 | 1.50 | 1.21 | 1.50 | 1.21 | 106 | ||||||||||||||||||||
(37.47 | ) | 23,423 | 1.49 | .64 | 1.49 | .64 | 93 | |||||||||||||||||||
11.18 | 29,752 | 1.47 | .29 | 1.47 | .29 | 95 | ||||||||||||||||||||
17.06 | 17,724 | 1.61 | .03 | 1.49 | .15 | 70 | ||||||||||||||||||||
16.29 | 219,396 | 1.00 | * | .76 | * | .98 | * | .78 | * | 67 | ||||||||||||||||
22.98 | 470,266 | 1.00 | .78 | 1.00 | .78 | 123 | ||||||||||||||||||||
14.24 | 440,968 | 1.00 | 1.76 | 1.00 | 1.76 | 106 | ||||||||||||||||||||
(37.17 | ) | 415,486 | .99 | 1.14 | .99 | 1.14 | 93 | |||||||||||||||||||
11.79 | 772,178 | .97 | .86 | .97 | .86 | 95 | ||||||||||||||||||||
17.63 | 728,014 | .99 | .81 | .99 | .81 | 70 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the six months ended April 30, 2011. |
(f) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
* | Annualized. |
** | Rounds to less than $.01 per share. |
See accompanying notes to financial statements.
Nuveen Investments | 191 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
QUANTITATIVE ENHANCED CORE EQUITY | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains(b) | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (7/07) | ||||||||||||||||||||||||||||||||
2011(e) | $ | 20.50 | $ | .16 | $ | 3.25 | $ | 3.41 | $ | (.26 | ) | $ | — | $ | (.26 | ) | $ | 23.65 | ||||||||||||||
2010 | 18.01 | .25 | 2.48 | 2.73 | (.24 | ) | — | (.24 | ) | 20.50 | ||||||||||||||||||||||
2009 | 16.56 | .31 | 1.29 | 1.60 | (.15 | ) | — | (.15 | ) | 18.01 | ||||||||||||||||||||||
2008 | 26.90 | .40 | (10.21 | ) | (9.81 | ) | (.29 | ) | (.24 | ) | (.53 | ) | 16.56 | |||||||||||||||||||
2007(g) | 25.00 | .06 | 1.91 | 1.97 | (.07 | ) | — | (.07 | ) | 26.90 | ||||||||||||||||||||||
Class C (7/07) | ||||||||||||||||||||||||||||||||
2011(e) | 20.50 | .05 | 3.28 | 3.33 | (.28 | ) | — | (.28 | ) | 23.55 | ||||||||||||||||||||||
2010 | 17.91 | .08 | 2.51 | 2.59 | — | — | — | 20.50 | ||||||||||||||||||||||||
2009 | 16.51 | .24 | 1.24 | 1.48 | (.08 | ) | — | (.08 | ) | 17.91 | ||||||||||||||||||||||
2008 | 26.88 | .23 | (10.20 | ) | (9.97 | ) | (.16 | ) | (.24 | ) | (.40 | ) | 16.51 | |||||||||||||||||||
2007(g) | 25.00 | .02 | 1.90 | 1.92 | (.04 | ) | — | (.04 | ) | 26.88 | ||||||||||||||||||||||
Class I (7/07)(f) | ||||||||||||||||||||||||||||||||
2011(e) | 20.57 | .19 | 3.26 | 3.45 | (.33 | ) | — | (.33 | ) | 23.69 | ||||||||||||||||||||||
2010 | 18.04 | .29 | 2.51 | 2.80 | (.27 | ) | — | (.27 | ) | 20.57 | ||||||||||||||||||||||
2009 | 16.57 | .35 | 1.29 | 1.64 | (.17 | ) | — | (.17 | ) | 18.04 | ||||||||||||||||||||||
2008 | 26.90 | .44 | (10.20 | ) | (9.76 | ) | (.33 | ) | (.24 | ) | (.57 | ) | 16.57 | |||||||||||||||||||
2007(g) | 25.00 | .11 | 1.87 | 1.98 | (.08 | ) | — | (.08 | ) | 26.90 |
192 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
16.77 | % | $ | 183 | .85 | %* | 1.31 | %* | .66 | %* | 1.50 | %* | 99 | % | |||||||||||||
15.24 | 253 | .93 | 1.05 | .70 | 1.28 | 142 | ||||||||||||||||||||
9.87 | 243 | 1.01 | 1.62 | .69 | 1.94 | 75 | ||||||||||||||||||||
(37.08 | ) | 118 | 1.18 | 1.29 | .70 | 1.77 | 153 | |||||||||||||||||||
7.89 | 131 | 1.40 | * | .21 | * | .70 | * | .91 | * | 55 | ||||||||||||||||
16.39 | 128 | 1.62 | * | .32 | * | 1.43 | * | .51 | * | 99 | ||||||||||||||||
14.46 | 14 | 1.68 | .20 | 1.45 | .43 | 142 | ||||||||||||||||||||
9.05 | 4 | 1.76 | 1.25 | 1.44 | 1.57 | 75 | ||||||||||||||||||||
(37.58 | ) | 10 | 1.93 | .51 | 1.45 | .99 | 153 | |||||||||||||||||||
7.69 | 15 | 2.15 | * | (.47 | )* | 1.45 | * | .23 | * | 55 | ||||||||||||||||
16.90 | 196,466 | .60 | * | 1.59 | * | .41 | * | 1.78 | * | 99 | ||||||||||||||||
15.61 | 203,316 | .68 | 1.27 | .45 | 1.50 | 142 | ||||||||||||||||||||
10.13 | 146,180 | .76 | 1.87 | .44 | 2.19 | 75 | ||||||||||||||||||||
(36.93 | ) | 89,270 | .93 | 1.51 | .45 | 1.99 | 153 | |||||||||||||||||||
7.93 | 48,745 | 1.15 | * | 1.03 | * | .45 | * | 1.73 | * | 55 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the six months ended April 30, 2011. |
(f) | Effective January 18, 2011, Class Y Shares were renamed Class I Shares. |
(g) | For the period July 31, 2007 (commencement of operations) through October 31, 2007. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 193 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
REAL ESTATE SECURITIES | ||||||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains(b) | Return of Capital | Total | Ending Net Asset Value | |||||||||||||||||||||||||||
Class A (9/95) | ||||||||||||||||||||||||||||||||||||
2011(e) | $ | 17.58 | $ | .20 | $ | 2.50 | $ | 2.70 | $ | (.18 | ) | $ | — | $ | — | $ | (.18 | ) | $ | 20.10 | ||||||||||||||||
2010 | 12.44 | .32 | 5.20 | 5.52 | (.38 | ) | — | — | (.38 | ) | 17.58 | |||||||||||||||||||||||||
2009 | 12.67 | .41 | (.16 | ) | .25 | (.34 | ) | — | (.14 | ) | (.48 | ) | 12.44 | |||||||||||||||||||||||
2008 | 23.99 | .60 | (8.78 | ) | (8.18 | ) | (.40 | ) | (2.74 | ) | — | (3.14 | ) | 12.67 | ||||||||||||||||||||||
2007 | 26.49 | .47 | (.24 | ) | .23 | (.36 | ) | (2.37 | ) | — | (2.73 | ) | 23.99 | |||||||||||||||||||||||
2006 | 21.42 | .47 | 7.77 | 8.24 | (.58 | ) | (2.59 | ) | — | (3.17 | ) | 26.49 | ||||||||||||||||||||||||
Class B (9/95) | ||||||||||||||||||||||||||||||||||||
2011(e) | 17.18 | .13 | 2.44 | 2.57 | (.11 | ) | — | — | (.11 | ) | 19.64 | |||||||||||||||||||||||||
2010 | 12.17 | .21 | 5.07 | 5.28 | (.27 | ) | — | — | (.27 | ) | 17.18 | |||||||||||||||||||||||||
2009 | 12.39 | .36 | (.19 | ) | .17 | (.25 | ) | — | (.14 | ) | (.39 | ) | 12.17 | |||||||||||||||||||||||
2008 | 23.53 | .46 | (8.60 | ) | (8.14 | ) | (.26 | ) | (2.74 | ) | — | (3.00 | ) | 12.39 | ||||||||||||||||||||||
2007 | 26.08 | .27 | (.22 | ) | .05 | (.23 | ) | (2.37 | ) | — | (2.60 | ) | 23.53 | |||||||||||||||||||||||
2006 | 21.14 | .29 | 7.66 | 7.95 | (.42 | ) | (2.59 | ) | — | (3.01 | ) | 26.08 | ||||||||||||||||||||||||
Class C (2/00) | ||||||||||||||||||||||||||||||||||||
2011(e) | 17.23 | .12 | 2.46 | 2.58 | (.12 | ) | — | — | (.12 | ) | 19.69 | |||||||||||||||||||||||||
2010 | 12.21 | .19 | 5.12 | 5.31 | (.29 | ) | (.14 | ) | — | (.29 | ) | 17.23 | ||||||||||||||||||||||||
2009 | 12.44 | .34 | (.17 | ) | .17 | (.26 | ) | (.14 | ) | (.14 | ) | (.40 | ) | 12.21 | ||||||||||||||||||||||
2008 | 23.62 | .45 | (8.63 | ) | (8.18 | ) | (.26 | ) | (2.74 | ) | — | (3.00 | ) | 12.44 | ||||||||||||||||||||||
2007 | 26.17 | .26 | (.21 | ) | .05 | (.23 | ) | (2.37 | ) | — | (2.60 | ) | 23.62 | |||||||||||||||||||||||
2006 | 21.21 | .28 | 7.70 | 7.98 | (.43 | ) | (2.59 | ) | — | (3.02 | ) | 26.17 | ||||||||||||||||||||||||
Class R3 (9/01)(f) | ||||||||||||||||||||||||||||||||||||
2011(e) | 17.79 | .17 | 2.54 | 2.71 | (.16 | ) | — | — | (.16 | ) | 20.34 | |||||||||||||||||||||||||
2010 | 12.57 | .31 | 5.24 | 5.55 | (.33 | ) | — | — | (.33 | ) | 17.79 | |||||||||||||||||||||||||
2009 | 12.79 | .39 | (.16 | ) | .23 | (.31 | ) | (.14 | ) | (.14 | ) | (.45 | ) | 12.57 | ||||||||||||||||||||||
2008 | 24.20 | .54 | (8.85 | ) | (8.31 | ) | (.36 | ) | (2.74 | ) | — | (3.10 | ) | 12.79 | ||||||||||||||||||||||
2007 | 26.72 | .38 | (.21 | ) | .17 | (.32 | ) | (2.37 | ) | — | (2.69 | ) | 24.20 | |||||||||||||||||||||||
2006 | 21.61 | .35 | 7.90 | 8.25 | (.55 | ) | (2.59 | ) | — | (3.14 | ) | 26.72 | ||||||||||||||||||||||||
Class I (6/95)(f) | ||||||||||||||||||||||||||||||||||||
2011(e) | 17.77 | .22 | 2.53 | 2.75 | (.20 | ) | — | — | (.20 | ) | 20.32 | |||||||||||||||||||||||||
2010 | 12.57 | .36 | 5.26 | 5.62 | (.42 | ) | — | — | (.42 | ) | 17.77 | |||||||||||||||||||||||||
2009 | 12.79 | .47 | (.19 | ) | .28 | (.36 | ) | (.14 | ) | (.14 | ) | (.50 | ) | 12.57 | ||||||||||||||||||||||
2008 | 24.18 | .64 | (8.84 | ) | (8.20 | ) | (.45 | ) | (2.74 | ) | — | (3.19 | ) | 12.79 | ||||||||||||||||||||||
2007 | 26.67 | .53 | (.24 | ) | .29 | (.41 | ) | (2.37 | ) | — | (2.78 | ) | 24.18 | |||||||||||||||||||||||
2006 | 21.54 | .53 | 7.82 | 8.35 | (.63 | ) | (2.59 | ) | — | (3.22 | ) | 26.67 |
194 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
15.45 | % | $ | 846,966 | 1.20 | %* | 2.18 | %* | 1.20 | %* | 2.18 | %* | 53 | % | |||||||||||||
44.82 | 686,148 | 1.24 | 2.04 | 1.24 | 2.04 | 133 | ||||||||||||||||||||
2.82 | 287,493 | 1.27 | 3.81 | 1.27 | 3.81 | 117 | ||||||||||||||||||||
(37.71 | ) | 133,162 | 1.23 | 3.31 | 1.23 | 3.31 | 150 | |||||||||||||||||||
.78 | 203,101 | 1.22 | 1.87 | 1.22 | 1.87 | 210 | ||||||||||||||||||||
43.25 | 228,186 | 1.23 | 2.06 | 1.23 | 2.06 | 161 | ||||||||||||||||||||
15.01 | 2,978 | 1.95 | * | 1.46 | * | 1.95 | * | 1.46 | * | 53 | ||||||||||||||||
43.66 | 3,005 | 1.99 | 1.42 | 1.99 | 1.42 | 133 | ||||||||||||||||||||
2.13 | 2,693 | 2.02 | 3.57 | 2.02 | 3.57 | 117 | ||||||||||||||||||||
(38.18 | ) | 3,276 | 1.98 | 2.57 | 1.98 | 2.57 | 150 | |||||||||||||||||||
— | 7,391 | 1.97 | 1.12 | 1.97 | 1.12 | 210 | ||||||||||||||||||||
42.17 | 7,288 | 1.98 | 1.30 | 1.98 | 1.30 | 161 | ||||||||||||||||||||
15.01 | 69,448 | 1.95 | * | 1.43 | * | 1.95 | * | 1.43 | * | 53 | ||||||||||||||||
43.76 | 52,732 | 1.99 | 1.26 | 1.99 | 1.26 | 133 | ||||||||||||||||||||
2.09 | 17,632 | 2.02 | 3.26 | 2.02 | 3.26 | 117 | ||||||||||||||||||||
(38.19 | ) | 11,458 | 1.98 | 2.56 | 1.98 | 2.56 | 150 | |||||||||||||||||||
.03 | 18,403 | 1.97 | 1.06 | 1.97 | 1.06 | 210 | ||||||||||||||||||||
42.16 | 12,281 | 1.98 | 1.25 | 1.98 | 1.25 | 161 | ||||||||||||||||||||
15.30 | 69,411 | 1.45 | * | 1.90 | * | 1.45 | * | 1.90 | * | 53 | ||||||||||||||||
44.54 | 47,970 | 1.48 | 1.99 | 1.48 | 1.99 | 133 | ||||||||||||||||||||
2.62 | 46,382 | 1.52 | 3.61 | 1.52 | 3.61 | 117 | ||||||||||||||||||||
(37.90 | ) | 22,813 | 1.48 | 3.01 | 1.48 | 3.01 | 150 | |||||||||||||||||||
.52 | 18,493 | 1.47 | 1.52 | 1.47 | 1.52 | 210 | ||||||||||||||||||||
42.87 | 9,423 | 1.60 | 1.38 | 1.48 | 1.50 | 161 | ||||||||||||||||||||
15.59 | 2,238,406 | .95 | * | 2.41 | * | .95 | * | 2.41 | * | 53 | ||||||||||||||||
45.16 | 1,630,989 | .99 | 2.29 | .99 | 2.29 | 133 | ||||||||||||||||||||
3.11 | 660,342 | 1.02 | 4.39 | 1.02 | 4.39 | 117 | ||||||||||||||||||||
(37.56 | ) | 526,386 | .98 | 3.51 | .98 | 3.51 | 150 | |||||||||||||||||||
1.01 | 652,579 | .97 | 2.12 | .97 | 2.12 | 210 | ||||||||||||||||||||
43.58 | 756,868 | .98 | 2.31 | .98 | 2.31 | 161 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the six months ended April 30, 2011. |
(f) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 195 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
SMALL CAP GROWTH OPPORTUNITIES | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains(b) | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (8/95) |
| |||||||||||||||||||||||||||||||
2011(e) | $ | 19.04 | $ | (.12 | ) | $ | 4.78 | $ | 4.66 | $ | — | $ | — | $ | — | $ | 23.70 | |||||||||||||||
2010 | 14.55 | (.18 | ) | 4.67 | 4.49 | — | — | — | 19.04 | |||||||||||||||||||||||
2009 | 11.96 | (.11 | ) | 2.70 | 2.59 | — | — | — | 14.55 | |||||||||||||||||||||||
2008 | 21.65 | (.14 | ) | (7.97 | ) | (8.11 | ) | — | (1.58 | ) | (1.58 | ) | 11.96 | |||||||||||||||||||
2007 | 20.49 | (.19 | ) | 2.67 | 2.48 | — | (1.32 | ) | (1.32 | ) | 21.65 | |||||||||||||||||||||
2006 | 22.79 | (.18 | ) | 2.37 | 2.19 | — | (4.49 | ) | (4.49 | ) | 20.49 | |||||||||||||||||||||
Class B (3/99) |
| |||||||||||||||||||||||||||||||
2011(e) | 16.66 | (.17 | ) | 4.17 | 4.00 | — | — | — | 20.66 | |||||||||||||||||||||||
2010 | 12.82 | (.27 | ) | 4.11 | 3.84 | — | — | — | 16.66 | |||||||||||||||||||||||
2009 | 10.62 | (.18 | ) | 2.38 | 2.20 | — | — | — | 12.82 | |||||||||||||||||||||||
2008 | 19.56 | (.23 | ) | (7.13 | ) | (7.36 | ) | — | (1.58 | ) | (1.58 | ) | 10.62 | |||||||||||||||||||
2007 | 18.76 | (.31 | ) | 2.43 | 2.12 | — | (1.32 | ) | (1.32 | ) | 19.56 | |||||||||||||||||||||
2006 | 21.36 | (.31 | ) | 2.20 | 1.89 | — | (4.49 | ) | (4.49 | ) | 18.76 | |||||||||||||||||||||
Class C (9/01) |
| |||||||||||||||||||||||||||||||
2011(e) | 17.46 | (.18 | ) | 4.38 | 4.20 | — | — | — | 21.66 | |||||||||||||||||||||||
2010 | 13.44 | (.28 | ) | 4.30 | 4.02 | — | — | — | 17.46 | |||||||||||||||||||||||
2009 | 11.13 | (.19 | ) | 2.50 | 2.31 | — | — | — | 13.44 | |||||||||||||||||||||||
2008 | 20.41 | (.24 | ) | (7.46 | ) | (7.70 | ) | — | (1.58 | ) | (1.58 | ) | 11.13 | |||||||||||||||||||
2007 | 19.53 | (.33 | ) | 2.53 | 2.20 | — | (1.32 | ) | (1.32 | ) | 20.41 | |||||||||||||||||||||
2006 | 22.05 | (.32 | ) | 2.29 | 1.97 | — | (4.49 | ) | (4.49 | ) | 19.53 | |||||||||||||||||||||
Class R3 (12/00)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 18.74 | (.14 | ) | 4.70 | 4.56 | — | — | — | 23.30 | |||||||||||||||||||||||
2010 | 14.36 | (.22 | ) | 4.60 | 4.38 | — | — | — | 18.74 | |||||||||||||||||||||||
2009 | 11.83 | (.16 | ) | 2.69 | 2.53 | — | — | — | 14.36 | |||||||||||||||||||||||
2008 | 21.49 | (.17 | ) | (7.91 | ) | (8.08 | ) | — | (1.58 | ) | (1.58 | ) | 11.83 | |||||||||||||||||||
2007 | 20.39 | (.24 | ) | 2.66 | 2.42 | — | (1.32 | ) | (1.32 | ) | 21.49 | |||||||||||||||||||||
2006 | 22.75 | (.23 | ) | 2.36 | 2.13 | — | (4.49 | ) | (4.49 | ) | 20.39 | |||||||||||||||||||||
Class I (8/95)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 20.51 | (.09 | ) | 5.14 | 5.05 | — | — | — | 25.56 | |||||||||||||||||||||||
2010 | 15.63 | (.15 | ) | 5.03 | 4.88 | — | — | — | 20.51 | |||||||||||||||||||||||
2009 | 12.81 | (.09 | ) | 2.91 | 2.82 | — | — | — | 15.63 | |||||||||||||||||||||||
2008 | 23.03 | (.10 | ) | (8.54 | ) | (8.64 | ) | — | (1.58 | ) | (1.58 | ) | 12.81 | |||||||||||||||||||
2007 | 21.66 | (.15 | ) | 2.84 | 2.69 | — | (1.32 | ) | (1.32 | ) | 23.03 | |||||||||||||||||||||
2006 | 23.81 | (.13 | ) | 2.47 | 2.34 | — | (4.49 | ) | (4.49 | ) | 21.66 |
196 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
24.47 | % | $ | 44,407 | 1.59 | %* | (1.20 | )%* | 1.43 | %* | (1.05 | )%* | 60 | % | |||||||||||||
30.86 | 39,501 | 1.68 | (1.26 | ) | 1.47 | (1.05 | ) | 142 | ||||||||||||||||||
21.66 | 30,202 | 1.79 | (1.21 | ) | 1.47 | (.89 | ) | 169 | ||||||||||||||||||
(40.07 | ) | 29,022 | 1.63 | (.99 | ) | 1.46 | (.82 | ) | 138 | |||||||||||||||||
12.81 | 149,231 | 1.59 | (1.01 | ) | 1.47 | (.89 | ) | 118 | ||||||||||||||||||
9.91 | 138,786 | 1.58 | (.99 | ) | 1.47 | (.88 | ) | 209 | ||||||||||||||||||
24.01 | 2,203 | 2.34 | * | (1.95 | )* | 2.18 | * | (1.79 | )* | 60 | ||||||||||||||||
29.95 | 2,088 | 2.43 | (2.00 | ) | 2.22 | (1.79 | ) | 142 | ||||||||||||||||||
20.72 | 2,025 | 2.54 | (1.96 | ) | 2.22 | (1.64 | ) | 169 | ||||||||||||||||||
(40.55 | ) | 1,978 | 2.38 | (1.74 | ) | 2.21 | (1.57 | ) | 138 | |||||||||||||||||
12.03 | 4,467 | 2.34 | (1.77 | ) | 2.22 | (1.65 | ) | 118 | ||||||||||||||||||
9.03 | 6,540 | 2.33 | (1.73 | ) | 2.22 | (1.62 | ) | 209 | ||||||||||||||||||
24.06 | 1,846 | 2.34 | * | (1.95 | )* | 2.18 | * | (1.80 | )* | 60 | ||||||||||||||||
29.91 | 1,596 | 2.43 | (2.01 | ) | 2.22 | (1.80 | ) | 142 | ||||||||||||||||||
20.75 | 1,341 | 2.54 | (1.98 | ) | 2.22 | (1.66 | ) | 169 | ||||||||||||||||||
(40.53 | ) | 1,104 | 2.38 | (1.73 | ) | 2.21 | (1.56 | ) | 138 | |||||||||||||||||
11.96 | 2,295 | 2.34 | (1.76 | ) | 2.22 | (1.64 | ) | 118 | ||||||||||||||||||
9.11 | 2,664 | 2.33 | (1.74 | ) | 2.22 | (1.63 | ) | 209 | ||||||||||||||||||
24.33 | 2,916 | 1.84 | * | (1.46 | )* | 1.68 | * | (1.31 | )* | 60 | ||||||||||||||||
30.50 | 2,185 | 1.93 | (1.52 | ) | 1.72 | (1.31 | ) | 142 | ||||||||||||||||||
21.39 | 1,469 | 2.04 | (1.56 | ) | 1.72 | (1.24 | ) | 169 | ||||||||||||||||||
(40.24 | ) | 433 | 1.89 | (1.21 | ) | 1.72 | (1.04 | ) | 138 | |||||||||||||||||
12.56 | 522 | 1.84 | (1.29 | ) | 1.72 | (1.17 | ) | 118 | ||||||||||||||||||
9.62 | 1,323 | 1.95 | (1.39 | ) | 1.72 | (1.16 | ) | 209 | ||||||||||||||||||
24.62 | 97,742 | 1.33 | * | (.91 | )* | 1.18 | * | (.75 | )* | 60 | ||||||||||||||||
31.22 | 141,215 | 1.43 | (1.01 | ) | 1.22 | (.80 | ) | 142 | ||||||||||||||||||
22.01 | 103,423 | 1.54 | (.99 | ) | 1.22 | (.67 | ) | 169 | ||||||||||||||||||
(39.97 | ) | 75,355 | 1.39 | (.73 | ) | 1.22 | (.56 | ) | 138 | |||||||||||||||||
13.10 | 154,456 | 1.34 | (.76 | ) | 1.22 | (.64 | ) | 118 | ||||||||||||||||||
10.16 | 182,429 | 1.33 | (.74 | ) | 1.22 | (.63 | ) | 209 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the six months ended April 30, 2011. |
(f) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 197 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
SMALL CAP SELECT | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains(b) | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (5/92) |
| |||||||||||||||||||||||||||||||
2011(e) | $ | 11.72 | $ | (.04 | ) | $ | 2.95 | $ | 2.91 | $ | — | $ | — | $ | — | $ | 14.63 | |||||||||||||||
2010 | 9.53 | (.05 | ) | 2.24 | 2.19 | — | — | — | 11.72 | |||||||||||||||||||||||
2009 | 8.27 | (.01 | ) | 1.27 | 1.26 | — | — | — | 9.53 | |||||||||||||||||||||||
2008 | 14.06 | (.02 | ) | (4.92 | ) | (4.94 | ) | — | (.85 | ) | (.85 | ) | 8.27 | |||||||||||||||||||
2007 | 15.12 | (.02 | ) | 1.04 | 1.02 | — | (2.08 | ) | (2.08 | ) | 14.06 | |||||||||||||||||||||
2006 | 15.33 | (.05 | ) | 3.05 | 3.00 | — | (3.21 | ) | (3.21 | ) | 15.12 | |||||||||||||||||||||
Class B (3/95) |
| |||||||||||||||||||||||||||||||
2011(e) | 9.27 | (.07 | ) | 2.33 | 2.26 | — | — | — | 11.53 | |||||||||||||||||||||||
2010 | 7.60 | (.10 | ) | 1.77 | 1.67 | — | — | — | 9.27 | |||||||||||||||||||||||
2009 | 6.64 | (.05 | ) | 1.01 | .96 | — | — | — | 7.60 | |||||||||||||||||||||||
2008 | 11.56 | (.08 | ) | (3.99 | ) | (4.07 | ) | — | (.85 | ) | (.85 | ) | 6.64 | |||||||||||||||||||
2007 | 12.88 | (.11 | ) | .87 | .76 | — | (2.08 | ) | (2.08 | ) | 11.56 | |||||||||||||||||||||
2006 | 13.58 | (.13 | ) | 2.64 | 2.51 | — | (3.21 | ) | (3.21 | ) | 12.88 | |||||||||||||||||||||
Class C (9/01) |
| |||||||||||||||||||||||||||||||
2011(e) | 10.65 | (.08 | ) | 2.67 | 2.59 | — | — | — | 13.24 | |||||||||||||||||||||||
2010 | 8.73 | (.12 | ) | 2.04 | 1.92 | — | — | — | 10.65 | |||||||||||||||||||||||
2009 | 7.63 | (.06 | ) | 1.16 | 1.10 | — | — | — | 8.73 | |||||||||||||||||||||||
2008 | 13.13 | (.09 | ) | (4.56 | ) | (4.65 | ) | — | (.85 | ) | (.85 | ) | 7.63 | |||||||||||||||||||
2007 | 14.36 | (.12 | ) | .97 | .85 | — | (2.08 | ) | (2.08 | ) | 13.13 | |||||||||||||||||||||
2006 | 14.79 | (.16 | ) | 2.94 | 2.78 | — | (3.21 | ) | (3.21 | ) | 14.36 | |||||||||||||||||||||
Class R3 (1/94)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 11.46 | (.06 | ) | 2.88 | 2.82 | — | — | — | 14.28 | |||||||||||||||||||||||
2010 | 9.34 | (.08 | ) | 2.20 | 2.12 | — | — | — | 11.46 | |||||||||||||||||||||||
2009 | 8.12 | (.03 | ) | 1.25 | 1.22 | — | — | — | 9.34 | |||||||||||||||||||||||
2008 | 13.86 | (.04 | ) | (4.85 | ) | (4.89 | ) | — | (.85 | ) | (.85 | ) | 8.12 | |||||||||||||||||||
2007 | 14.98 | (.05 | ) | 1.01 | .96 | — | (2.08 | ) | (2.08 | ) | 13.86 | |||||||||||||||||||||
2006 | 15.24 | (.09 | ) | 3.04 | 2.95 | — | (3.21 | ) | (3.21 | ) | 14.98 | |||||||||||||||||||||
Class I (5/92)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 12.73 | (.03 | ) | 3.21 | 3.18 | — | — | — | 15.91 | |||||||||||||||||||||||
2010 | 10.33 | (.03 | ) | 2.44 | 2.41 | (.01 | ) | — | (.01 | ) | 12.73 | |||||||||||||||||||||
2009 | 8.94 | .02 | 1.37 | 1.39 | — | — | — | 10.33 | ||||||||||||||||||||||||
2008 | 15.10 | .01 | (5.31 | ) | (5.30 | ) | (.01 | ) | (.85 | ) | (.86 | ) | 8.94 | |||||||||||||||||||
2007 | 16.06 | .01 | 1.11 | 1.12 | — | (2.08 | ) | (2.08 | ) | 15.10 | ||||||||||||||||||||||
2006 | 16.06 | (.01 | ) | 3.22 | 3.21 | — | (3.21 | ) | (3.21 | ) | 16.06 |
198 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
24.83 | % | $ | 361,288 | 1.25 | %* | (.65 | )%* | 1.21 | %* | (.62 | )%* | 35 | % | |||||||||||||
22.98 | 339,826 | 1.25 | (.49 | ) | 1.24 | (.48 | ) | 88 | ||||||||||||||||||
15.24 | 295,348 | 1.26 | (.09 | ) | 1.26 | (.09 | ) | 99 | ||||||||||||||||||
(37.00 | ) | 166,698 | 1.26 | (.15 | ) | 1.26 | (.15 | ) | 92 | |||||||||||||||||
7.35 | 238,129 | 1.23 | (.22 | ) | 1.23 | (.22 | ) | 97 | ||||||||||||||||||
22.46 | 222,293 | 1.24 | (.38 | ) | 1.24 | (.38 | ) | 111 | ||||||||||||||||||
24.38 | 4,030 | 2.00 | * | (1.41 | )* | 1.96 | * | (1.37 | )* | 35 | ||||||||||||||||
21.97 | 3,925 | 2.00 | (1.23 | ) | 1.99 | (1.22 | ) | 88 | ||||||||||||||||||
14.46 | 5,511 | 2.01 | (.80 | ) | 2.01 | (.80 | ) | 99 | ||||||||||||||||||
(37.52 | ) | 6,249 | 2.01 | (.90 | ) | 2.01 | (.90 | ) | 92 | |||||||||||||||||
6.51 | 13,720 | 1.98 | (.97 | ) | 1.98 | (.97 | ) | 97 | ||||||||||||||||||
21.59 | 15,077 | 1.99 | (1.14 | ) | 1.99 | (1.14 | ) | 111 | ||||||||||||||||||
24.32 | 19,701 | 2.00 | * | (1.41 | )* | 1.96 | * | (1.37 | )* | 35 | ||||||||||||||||
21.99 | 17,393 | 2.00 | (1.24 | ) | 1.99 | (1.23 | ) | 88 | ||||||||||||||||||
14.42 | 16,938 | 2.01 | (.80 | ) | 2.01 | (.80 | ) | 99 | ||||||||||||||||||
(37.44 | ) | 17,062 | 2.01 | (.90 | ) | 2.01 | (.90 | ) | 92 | |||||||||||||||||
6.46 | 34,505 | 1.98 | (.95 | ) | 1.98 | (.95 | ) | 97 | ||||||||||||||||||
21.64 | 18,794 | 1.99 | (1.14 | ) | 1.99 | (1.14 | ) | 111 | ||||||||||||||||||
24.69 | 24,125 | 1.50 | * | (.91 | )* | 1.46 | * | (.87 | ) | 35 | ||||||||||||||||
22.70 | 18,047 | 1.50 | (.72 | ) | 1.49 | (.71 | ) | 88 | ||||||||||||||||||
15.02 | 24,701 | 1.51 | (.31 | ) | 1.51 | (.31 | ) | 99 | ||||||||||||||||||
(37.19 | ) | 23,069 | 1.51 | (.40 | ) | 1.51 | (.40 | ) | 92 | |||||||||||||||||
6.99 | 38,181 | 1.48 | (.43 | ) | 1.48 | (.43 | ) | 97 | ||||||||||||||||||
22.23 | 2,697 | 1.62 | (.72 | ) | 1.49 | (.59 | ) | 111 | ||||||||||||||||||
24.98 | 359,423 | .99 | * | (.40 | )* | .96 | * | (.36 | )* | 35 | ||||||||||||||||
23.30 | 400,042 | 1.00 | (.24 | ) | .99 | (.23 | ) | 88 | ||||||||||||||||||
15.55 | 322,658 | 1.01 | .19 | 1.01 | .19 | 99 | ||||||||||||||||||||
(36.86 | ) | 289,685 | 1.01 | .10 | 1.01 | .10 | 92 | |||||||||||||||||||
7.58 | 691,488 | .98 | .03 | .98 | .03 | 97 | ||||||||||||||||||||
22.81 | 732,252 | .99 | (.15 | ) | .99 | (.15 | ) | 111 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the six months ended April 30, 2011. |
(f) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 199 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
SMALL CAP VALUE | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains(b) | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (8/94) | ||||||||||||||||||||||||||||||||
2011(e) | $ | 10.26 | $ | (.02 | ) | $ | 2.46 | $ | 2.44 | $ | — | $ | — | $ | — | $ | 12.70 | |||||||||||||||
2010 | 8.22 | (.01 | ) | 2.07 | 2.06 | (.02 | ) | — | (.02 | ) | 10.26 | |||||||||||||||||||||
2009 | 8.12 | .03 | .15 | .18 | (.08 | ) | — | (.08 | ) | 8.22 | ||||||||||||||||||||||
2008 | 13.52 | .08 | (3.97 | ) | (3.89 | ) | (.14 | ) | (1.37 | ) | (1.51 | ) | 8.12 | |||||||||||||||||||
2007 | 15.38 | .12 | .48 | .60 | (.02 | ) | (2.44 | ) | (2.46 | ) | 13.52 | |||||||||||||||||||||
2006 | 16.34 | .03 | 2.86 | 2.89 | (.04 | ) | (3.81 | ) | (3.85 | ) | 15.38 | |||||||||||||||||||||
Class C (2/99) | ||||||||||||||||||||||||||||||||
2011(e) | 9.08 | (.05 | ) | 2.17 | 2.12 | — | — | — | 11.20 | |||||||||||||||||||||||
2010 | 7.31 | (.07 | ) | 1.84 | 1.77 | — | — | — | 9.08 | |||||||||||||||||||||||
2009 | 7.22 | (.02 | ) | .13 | .11 | (.02 | ) | — | (.02 | ) | 7.31 | |||||||||||||||||||||
2008 | 12.19 | — | ** | (3.54 | ) | (3.54 | ) | (.06 | ) | (1.37 | ) | (1.43 | ) | 7.22 | ||||||||||||||||||
2007 | 14.17 | .02 | .44 | .46 | — | (2.44 | ) | (2.44 | ) | 12.19 | ||||||||||||||||||||||
2006 | 15.39 | (.07 | ) | 2.66 | 2.59 | — | (3.81 | ) | (3.81 | ) | 14.17 | |||||||||||||||||||||
Class R3 (9/01)(f) | ||||||||||||||||||||||||||||||||
2011(e) | 10.11 | (.03 | ) | 2.42 | 2.39 | — | — | — | 12.50 | |||||||||||||||||||||||
2010 | 8.10 | (.03 | ) | 2.04 | 2.01 | — | — | — | 10.11 | |||||||||||||||||||||||
2009 | 8.00 | .01 | .15 | .16 | (.06 | ) | — | (.06 | ) | 8.10 | ||||||||||||||||||||||
2008 | 13.35 | .05 | (3.91 | ) | (3.86 | ) | (.12 | ) | (1.37 | ) | (1.49 | ) | 8.00 | |||||||||||||||||||
2007 | 15.24 | .10 | .47 | .57 | (.02 | ) | (2.44 | ) | (2.46 | ) | 13.35 | |||||||||||||||||||||
2006 | 16.29 | (.01 | ) | 2.84 | 2.83 | (.07 | ) | (3.81 | ) | (3.88 | ) | 15.24 | ||||||||||||||||||||
Class I (8/94)(f) | ||||||||||||||||||||||||||||||||
2011(e) | 10.55 | — | ** | 2.53 | 2.53 | — | — | — | 13.08 | |||||||||||||||||||||||
2010 | 8.45 | .01 | 2.13 | 2.14 | (.04 | ) | — | (.04 | ) | 10.55 | ||||||||||||||||||||||
2009 | 8.36 | .05 | .15 | .20 | (.11 | ) | — | (.11 | ) | 8.45 | ||||||||||||||||||||||
2008 | 13.87 | .11 | (4.08 | ) | (3.97 | ) | (.17 | ) | (1.37 | ) | (1.54 | ) | 8.36 | |||||||||||||||||||
2007 | 15.71 | .16 | .49 | .65 | (.05 | ) | (2.44 | ) | (2.49 | ) | 13.87 | |||||||||||||||||||||
2006 | 16.62 | .07 | 2.90 | 2.97 | (.07 | ) | (3.81 | ) | (3.88 | ) | 15.71 |
200 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
23.78 | % | $ | 40,936 | 1.46 | %* | (.32 | )%* | 1.43 | %* | (.29 | )%* | 21 | % | |||||||||||||
25.15 | 32,332 | 1.34 | (.11 | ) | 1.34 | (.11 | ) | 58 | ||||||||||||||||||
2.40 | 29,026 | 1.37 | .46 | 1.37 | .46 | 73 | ||||||||||||||||||||
(31.75 | ) | 28,344 | 1.31 | .75 | 1.31 | .75 | 49 | |||||||||||||||||||
4.18 | 53,498 | 1.26 | .90 | 1.26 | .90 | 63 | ||||||||||||||||||||
20.78 | 57,922 | 1.26 | .21 | 1.26 | .21 | 96 | ||||||||||||||||||||
23.35 | 1,764 | 2.20 | * | (1.07 | )* | 2.17 | * | (1.04 | )* | 21 | ||||||||||||||||
24.21 | 1,843 | 2.09 | (.86 | ) | 2.09 | (.86 | ) | 58 | ||||||||||||||||||
1.56 | 2,080 | 2.12 | (.27 | ) | 2.12 | (.27 | ) | 73 | ||||||||||||||||||
(32.23 | ) | 2,373 | 2.06 | — | *** | 2.06 | — | *** | 49 | |||||||||||||||||
3.42 | 4,006 | 2.01 | .14 | 2.01 | .14 | 63 | ||||||||||||||||||||
19.89 | 4,405 | 2.01 | (.53 | ) | 2.01 | (.53 | ) | 96 | ||||||||||||||||||
23.64 | 2,623 | 1.71 | * | (.57 | )* | 1.68 | * | (.54 | )* | 21 | ||||||||||||||||
24.85 | 2,111 | 1.59 | (.35 | ) | 1.59 | (.35 | ) | 58 | ||||||||||||||||||
2.14 | 2,327 | 1.62 | .19 | 1.62 | .19 | 73 | ||||||||||||||||||||
(31.90 | ) | 2,159 | 1.56 | .50 | 1.56 | .50 | 49 | |||||||||||||||||||
3.96 | 3,263 | 1.51 | .72 | 1.51 | .72 | 63 | ||||||||||||||||||||
20.44 | 1,849 | 1.63 | (.21 | ) | 1.51 | (.09 | ) | 96 | ||||||||||||||||||
23.98 | 70,472 | 1.13 | * | (.01 | )* | 1.11 | * | .01 | * | 21 | ||||||||||||||||
25.43 | 180,875 | 1.09 | .14 | 1.09 | .14 | 58 | ||||||||||||||||||||
2.59 | 149,515 | 1.12 | .72 | 1.12 | .72 | 73 | ||||||||||||||||||||
(31.56 | ) | 158,112 | 1.06 | 1.00 | 1.06 | 1.00 | 49 | |||||||||||||||||||
4.45 | 302,683 | 1.01 | 1.15 | 1.01 | 1.15 | 63 | ||||||||||||||||||||
21.01 | 355,148 | 1.01 | .47 | 1.01 | .47 | 96 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the six months ended April 30, 2011. |
(f) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
* | Annualized. |
** | Rounds to less than $.01 per share. |
*** | Rounds to less than .01%. |
See accompanying notes to financial statements.
Nuveen Investments | 201 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
TACTICAL MARKET OPPORTUNITIES | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains(b) | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (2/11) | ||||||||||||||||||||||||||||||||
2011(e) | $ | 10.59 | $ | .03 | $ | .35 | $ | .38 | $ | — | $ | — | $ | — | $ | 10.97 | ||||||||||||||||
Class C (2/11) | ||||||||||||||||||||||||||||||||
2011(e) | 10.59 | .01 | .36 | .37 | — | — | — | 10.96 | ||||||||||||||||||||||||
Class I (12/09)(f) | ||||||||||||||||||||||||||||||||
2011(g) | 10.62 | .09 | .37 | .46 | (.08 | ) | (.02 | ) | (.10 | ) | 10.98 | |||||||||||||||||||||
2010(h) | 10.00 | .02 | .60 | .62 | — | — | — | 10.62 |
202 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
3.59 | % | $ | 59 | 1.17 | %* | 1.57 | %* | 1.25 | %* | 1.49 | %* | 89 | % | |||||||||||||
3.49 | 52 | 1.97 | * | .81 | * | 2.04 | * | .74 | * | 89 | ||||||||||||||||
4.38 | 32,339 | 1.17 | * | 1.47 | * | .90 | * | 1.74 | * | 89 | ||||||||||||||||
6.20 | 27,300 | 4.14 | * | (1.83 | )* | .92 | * | 1.39 | * | 156 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value without any sales charge, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the period February 24, 2011 (commencement of operations) through April 30, 2011. |
(f) | Effective January 18, 2011, Class Y Shares were renamed Class I Shares. |
(g) | For the six months ended April 30, 2011. |
(h) | For the period December 30, 2009 (commencement of operations) through October 31, 2010. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 203 |
Notes to Financial Statements (Unaudited), all dollars and shares are rounded to thousands (000)
1. General Information and Significant Accounting Policies
General Information
In connection with the Sale, the funds’ Board of Directors was asked to consider and approve new investment advisory agreements for the funds with Nuveen Asset Management, a wholly-owned subsidiary of Nuveen. The new investment advisory agreements for each fund were submitted to the funds’ shareholders for approval and took effect on January 1, 2011. Effective January 1, 2011, the funds’ adviser, Nuveen Asset Management, changed its name to Nuveen Fund Advisors, Inc. (“Nuveen Fund Advisors” or the “Adviser”). Concurrently, the Adviser formed a wholly-owned subsidiary, Nuveen Asset Management, LLC (the “Sub-Adviser”), to house its portfolio management capabilities and to serve as the funds’ sub-adviser, and the funds’ portfolio managers became employees of the Sub-Adviser. This allocation of responsibilities between the Adviser and the Sub-Adviser affects each of the funds. The Adviser will compensate the Sub-Adviser for the portfolio management services it provides to the fund from each fund’s management fee.
There was no change in the funds’ investment objectives or policies as a result of the Sale. The Sale did result in a change to each fund’s name effective January 1, 2011.
The funds’ Board of Directors also approved new distribution agreements with Nuveen Investments, LLC, a wholly-owned subsidiary of Nuveen. Effective April 30, 2011, Nuveen Investments, LLC changed its name to Nuveen Securities, LLC.
First American Investment Funds, Inc., known as Nuveen Investment Funds, Inc. effective April 4, 2011 (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Equity Income Fund (“Equity Income”) formerly known as First American Equity Income Fund, Nuveen Global Infrastructure Fund (“Global Infrastructure”) formerly known as First American Global Infrastructure Fund, Nuveen International Fund (“International”) formerly known as First American International Fund, Nuveen International Select Fund (“International Select”) formerly known as First American International Select Fund, Nuveen Large Cap Growth Opportunities Fund (“Large Cap Growth Opportunities”) formerly known as First American Large Cap Growth Opportunities Fund, Nuveen Large Cap Select Fund (“Large Cap Select”) formerly known as First American Large Cap Select Fund, Nuveen Large Cap Value Fund (“Large Cap Value”) formerly known as First American Large Cap Value Fund, Nuveen Mid Cap Growth Opportunities Fund (“Mid Cap Growth Opportunities”) formerly known as First American Mid Cap Growth Opportunities Fund, Nuveen Mid Cap Select Fund (“Mid Cap Select”) formerly known as First American Mid Cap Select Fund, Nuveen Mid Cap Value Fund (“Mid Cap Value”) formerly known as First American Mid Cap Value Fund, Nuveen Quantitative Enhanced Core Equity Fund (“Quantitative Enhanced Core Equity”) formerly known as Nuveen Quantitative Large Cap Core Fund and First American Quantitative Large Cap Core Fund, Nuveen Real Estate Securities Fund (“Real Estate Securities”) formerly known as First American Real Estate Securities Fund, Nuveen Small Cap Growth Opportunities Fund (“Small Cap Growth Opportunities”) formerly known as First American Small Cap Growth Opportunities Fund, Nuveen Small Cap Select Fund (“Small Cap Select”) formerly known as First American Small Cap Select Fund, Nuveen Small Cap Value Fund (“Small Cap Value”) formerly known as First American Small Cap Value Fund and Nuveen Tactical Market Opportunities Fund (“Tactical Market Opportunities”) formerly known as First American Tactical Market Opportunities Fund (each a “Fund” and collectively, the “Funds”), among others.
Equity Income’s investment objective is long-term growth of capital and income. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in equity securities of companies the Sub-Adviser believes are characterized by the ability to pay above average dividends, ability to finance expected growth and strong management. The Fund also invests in convertible debt securities in pursuit of both long-term growth of capital and income. The Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of foreign issuers. The Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of foreign issuers and in dollar-denominated equity securities of foreign issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up to 15% of the Fund’s total assets may be invested in equity securities of emerging market issuers.
Global Infrastructure’s investment objective is long-term growth of capital and income. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in equity securities issued by U.S. and non-U.S. infrastructure-related companies that derive at least 50% of their revenues or profits from the ownership, development, construction, financing or operation of infrastructure assets or have at least 50% of the fair market value of their assets invested in infrastructure assets. The Fund will also invest at least 40% of its nets assets in securities of foreign issuers and, in any case, will at least invest 30% of its net assets in such issuers. Up to 25% of the Fund’s total assets may be invested in equity securities of emerging market issuers.
International’s investment objective is long-term growth of capital. Under normal market conditions, the Fund invests primarily in equity securities that trade in U.S. or foreign markets, depositary receipts representing shares of foreign issuers, and exchange traded funds and other investment companies that provide exposure to foreign issuers. Up to 15% of each Fund’s total assets may be invested in equity securities of emerging market issuers.
International Select’s investment objective is long-term growth of capital. Under normal market conditions, the Fund invests primarily in equity securities of foreign issuers that trade in U.S. or foreign markets, depositary receipts representing shares of foreign issuers, and exchange traded funds and other investment companies that provide exposure to foreign issuers.
Large Cap Growth Opportunities’ investment objective is long-term growth of capital. Large Cap Select’s investment objective is capital appreciation. Large Cap Value’s investment objective is capital appreciation, with current income as the Fund’s secondary
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objective. Under normal market conditions, each Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in common stocks of large-capitalization companies. Each Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of foreign issuers. Each Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of foreign issuers and in dollar-denominated equity securities of foreign issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up to 15% of each Fund’s total assets may be invested in equity securities of emerging market issuers.
Mid Cap Growth Opportunities’ investment objective is capital appreciation. Mid Cap Select’s investment objective is long-term growth of capital. Mid Cap Value’s investment objective is capital appreciation. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in common stocks of mid-capitalization companies within the same market capitalization range as the Russell MidCap ® Index. Each Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of foreign issuers. Each Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of foreign issuers and in dollar-denominated equity securities of foreign issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up to 15% of each Fund’s total assets may be invested in equity securities of emerging market issuers.
Quantitative Enhanced Core Equity’s investment objective is to provide, over the long-term, a total return that exceeds the total return of the Standard & Poor’s 500 ® Index (“S&P 500 Index”). Under normal market conditions, the Fund invests at least 80% of its net assets plus the amount of any borrowings for investment purposes in common stocks of large-capitalization companies within the same market capitalization range of companies in the S&P 500 Index. The Fund may also buy and sell stock index futures contracts.
Small Cap Growth Opportunities’ investment objective is growth of capital. Small Cap Select’s investment objective is capital appreciation. Small Cap Value’s investment objective is capital appreciation. Under normal market conditions, each Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in common stocks of small-capitalization companies. Each Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of foreign issuers. Each Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of foreign issuers and in dollar-denominated equity securities of foreign issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up to 15% of each Fund’s total assets may be invested in equity securities of emerging market issuers.
Real Estate Securities’ investment objective is to provide above average current income and long-term appreciation. Under normal market conditions, the Fund invests primarily (at least 80% of its net assets, plus the amount of any borrowings for investment purposes) in income-producing common stocks of publicly traded companies engaged in the real estate industry. The Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of foreign issuers. The Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of foreign issuers and in dollar-denominated equity securities of foreign issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up to 15% of the Fund’s total assets may be invested in equity securities of emerging market issuers.
Tactical Market Opportunities’ investment objective is to earn a positive total return over a reasonable period of time, regardless of market conditions. Under normal market conditions, the fund will seek to outperform the Merrill Lynch 3 Month Treasury Bill Index (the “Treasury Bill Index”) by 400 basis points, or 4%, on an annualized basis. The Fund seeks to outperform the Treasury Bill Index over a reasonable period of time. The Fund seeks to achieve its objective by investing in U.S. international and emerging market equity and debt securities (including high yield debt securities), commodities, currencies, high quality, short-term debt securities and money market funds. The Fund also gains exposure to these assets classes by investing in exchange traded funds (“ETFs”) and derivative instruments such as options; futures contracts, including futures on equity and commodities indices, interest rate and currency futures; options on futures contracts; interest rate caps and floors; foreign currency contracts; options on foreign currencies; interest rate, total return, currency and credit default swaps; and options on the foregoing types of swap agreements.
Each Fund, with the exception of Quantitative Enhanced Core Equity and Tactical Market Opportunities, also invests in options, futures contracts, options on futures contracts and forward foreign currency exchanges contracts (“derivatives”) to manage market or business risk, enhance its return or hedge against adverse movements in currency exchange rates.
Each Fund’s most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.
Effective after the close of business on December 31, 2010, Real Estate Securities suspended offering its shares to new investors, except as noted in the Fund’s prospectus.
Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares.
Effective May 15, 2011, Nuveen Quantitative Large Cap Core Fund is known as Nuveen Quantitative Enhanced Core Equity Fund.
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
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Notes to Financial Statements (Unaudited), all dollars and shares are rounded to thousands (000) (continued)
Investment Valuation
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price. Prices of certain American Depository Receipts (“ADR”) held by the Funds that trade in only limited volume in the United States are valued based on the last traded price, official closing price, or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to- ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange. These securities generally represent a transfer from a Level 1 to a Level 2 security. Investments in investment companies are valued at their respective net asset values on the valuation date. These investment vehicles are generally classified as Level 1.
The ETFs in which the Funds invests are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1.
Prices of fixed-income securities are provided by a pricing service approved by the Funds’ Board of Directors. These securities are generally classified as Level 2. When price quotes are not readily available, the pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that the Funds’ net asset value (NAV) is determined, or if under the Funds’ procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Fund’s Board of Directors. These securities are generally classified as Level 2 or Level 3.
The value of exchange-traded options are generally based on the mean of the closing bid and ask prices. Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. Exchange-traded options and futures contracts are generally classified as Level 1.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes.
Investment Income
Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes is recorded on an accrual basis. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments, net of lending agent fees.
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Income Taxes
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.
Dividends and Distributions to Shareholders
Dividends from net investment income are declared and distributed to shareholders annually for each Fund with the exception of Equity Income and Real Estate Securities, which declare and distribute dividends from net investment income to shareholders quarterly. Dividends from net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Foreign Currency Transactions
Each Fund is authorized to engage in foreign currency exchange transactions, including foreign currency forwards, futures, options and swap contracts. To the extent that the Funds invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.
The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, investments and other assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern time. Investments, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of a Fund and the amounts actually received.
The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments, securities sold short, foreign currency forwards, futures, options purchased, options written and swap contracts are recognized as a component of “Net realized gain (loss) from investments and foreign currency,” when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of “Change in unrealized appreciation (depreciation) of investments and foreign currency,” when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with securities sold short, foreign currency forwards, futures, options purchased, options written and swap contracts are recognized as a component of “Change in net unrealized appreciation (depreciation) of securities sold short, foreign currency forwards, futures, options purchased, options written and swap contracts, respectively” when applicable.
Futures Contracts
Each Fund is subject to equity price risk, interest rate risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives and is authorized to invest in futures contracts in an attempt to manage such risk. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the “initial margin.” Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Deposits with brokers for open futures contracts” on the Statement of Assets and Liabilities. Subsequent payments (“variation margin”) are made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable and/or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities, when applicable. During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.
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Notes to Financial Statements (Unaudited), all dollars and shares are rounded to thousands (000) (continued)
Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.
During the six months ended April 30, 2011, Mid Cap Select and Small Cap Growth Opportunities invested in equity futures contracts as part of the management of the Fund. These Funds’ long futures contracts were used to manage cash flow activity and implement various tactical market and hedging strategies. International and International Select invested in equity and currency futures contracts, which were used as an overlay strategy to adjust the exposures created by the Funds’ multi-manager framework so that the overall Fund had the desired exposures to key markets. These Funds’ long and short futures contracts were used to implement various tactical market and hedging strategies. Quantitative Enhanced Core Equity invested in S&P 500 Index futures contracts, which were used to convert cash into the equivalent of an S&P 500 Index holding in order to minimize any tracking error to the Fund’s benchmark index resulting from cash flow activity and for tactical portfolio management positioning. Tactical Market Opportunities invested in equity and fixed income futures contracts, which were used as part of the management of the Fund. This Fund’s long and short futures contracts were used to implement various absolute return, tactical market and hedging strategies.
The average number of futures contracts outstanding during the six months ended April 30, 2011, for each Fund, were as follows:
International | International Select | Mid Cap Select | Quantitative Enhanced Core Equity | Small Cap Growth Opportunities | Tactical Market Opportunities | |||||||||||||||||||
Average number of futures contracts outstanding* | 6,339 | 6,742 | — | 7 | — | 321 |
* | The average number of contracts is calculated based on the outstanding number of contracts at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on futures contracts activity.
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. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearing house, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
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.
Multiclass Operations and Allocations
Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares, which presently only include distribution fees and shareholder service fees, are recorded to the specific class. Income, realized and unrealized capital gains and losses of the Funds continue to be prorated among the classes based on the relative net assets of each class.
Interfund Lending Program
During the period November 1, 2010 through December 31, 2010, pursuant to an exemptive order issued by the Securities and Exchange Commission (“SEC”), the Funds, along with other registered investment companies in the First American Funds family, were allowed to participate in an interfund lending program. This program provided an alternative credit facility allowing the Funds to borrow from, or lend money to, other participating funds. The Funds did not have any interfund lending transactions during the period November 1, 2010 through December 31, 2010. The exemptive order terminated with respect to the Funds on December 31, 2010, in connection with the Sale.
Securities Lending
In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each Fund’s policy is to receive collateral from the borrower in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 102% of the value of securities loaned. If the value of the securities on loan increases, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities. As with other extensions of
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credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.
U.S. Bank National Association (“U.S. Bank”) serves as the securities lending agent for the Funds in transactions involving the lending of portfolio securities on behalf of the Funds. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the SEC.
During the six months ended April 30, 2011, U.S. Bank, as the securities lending agent, received fees that equaled up to 25% of each Fund’s net income from securities lending transactions through December 31, 2010, and 20% of such net income thereafter. U.S. Bank paid half of such fees to U.S. Bancorp Asset Management, Inc. (“USBAM,” formerly known as FAF Advisors, Inc.) for certain securities lending services provided by USBAM. USBAM was the investment adviser to the Funds through December 31, 2010. Collateral for securities on loan was invested in a money market fund administered by USBAM and USBAM received an administration fee equal to .02% of each Fund’s average daily net assets invested in the money market fund.
Income from securities lending, net of fees paid to U.S. Bank, is recognized on the Statement of Operations as “Securities lending income.” Securities lending fees paid to U.S. Bank by each Fund during the six months ended April 30, 2011, were as follows:
Equity Income | Global Infrastructure | International | International Select | |||||||||||||
Securities lending fees | $ | 17 | $ | — | $ | — | $ | — | ||||||||
Large Cap Growth Opportunities | Large Cap Select | Large Cap Value | Mid Cap Growth Opportunities | |||||||||||||
Securities lending fees | $ | 18 | $ | 4 | $ | 7 | $ | 59 | ||||||||
Mid Cap Select | Mid Cap Value | Quantitative Enhanced Core Equity | Real Estate Securities | |||||||||||||
Securities lending fees | $ | 2 | $ | 12 | $ | 4 | $ | 106 | ||||||||
Small Cap Growth Opportunities | Small Cap Select | Small Cap Value | Tactical Market Opportunities | |||||||||||||
Securities lending fees | $ | 5,831 | $ | 79 | $ | 4 | $ | — |
Indemnifications
Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
2. Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of 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 three-tier hierarchy of inputs is summarized in the three broad levels listed below:
Level 1 – | Quoted prices in active markets for identical securities. | |
Level 2 – | Other significant observable inputs, (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 – | Significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
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Notes to Financial Statements (Unaudited), all dollars and shares are rounded to thousands (000) (continued)
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of April 30, 2011:
Equity Income | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 1,072,274 | $ | — | $ | — | $ | 1,072,274 | ||||||||
Money Market Funds | 136,898 | — | — | 136,898 | ||||||||||||
Short-Term Investments | 17,841 | — | — | 17,841 | ||||||||||||
Total | $ | 1,227,013 | $ | — | $ | — | $ | 1,227,013 | ||||||||
Global Infrastructure | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Common Stocks** | $ | 179,920 | $ | 8,880 | $ | 1 | $ | 188,801 | ||||||||
Short-Term Investments | 1,885 | — | — | 1,885 | ||||||||||||
Total | $ | 181,805 | $ | 8,880 | $ | 1 | $ | 190,686 | ||||||||
International | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Common Stocks** | $ | 610,672 | $ | 13,394 | $ | — | *** | $ | 624,066 | |||||||
Exchange-Traded Funds | 31,890 | — | — | 31,890 | ||||||||||||
Short-Term Investments | 30,002 | 23,140 | — | 53,142 | ||||||||||||
Derivatives: | ||||||||||||||||
Futures Contracts* | 1,977 | — | — | 1,977 | ||||||||||||
Total | $ | 674,541 | $ | 36,534 | $ | — | *** | $ | 711,075 | |||||||
International Select | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Common Stocks** | $ | 692,250 | $ | 14,329 | $ | — | *** | $ | 706,579 | |||||||
Exchange-Traded Funds | 49,251 | — | — | 49,251 | ||||||||||||
Short-Term Investments | 29,529 | 27,762 | — | 57,291 | ||||||||||||
Derivatives: | ||||||||||||||||
Futures Contracts* | 1,696 | — | — | 1,696 | ||||||||||||
Total | $ | 772,726 | $ | 42,091 | $ | — | *** | $ | 814,817 | |||||||
Large Cap Growth Opportunities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 593,376 | $ | — | $ | — | $ | 593,376 | ||||||||
Money Market Funds | 128,252 | — | — | 128,252 | ||||||||||||
Short-Term Investments | 1,225 | — | — | 1,225 | ||||||||||||
Total | $ | 722,853 | $ | — | $ | — | $ | 722,853 | ||||||||
Large Cap Select | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 111,947 | $ | — | $ | — | $ | 111,947 | ||||||||
Money Market Funds | 30,262 | — | — | 30,262 | ||||||||||||
Short-Term Investments | 749 | — | — | 749 | ||||||||||||
Total | $ | 142,958 | $ | — | $ | — | $ | 142,958 | ||||||||
Large Cap Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 197,263 | $ | — | $ | — | $ | 197,263 | ||||||||
Money Market Funds | 36,916 | — | — | 36,916 | ||||||||||||
Short-Term Investments | 74 | — | — | 74 | ||||||||||||
Total | $ | 234,253 | $ | — | $ | — | $ | 234,253 | ||||||||
Mid Cap Growth Opportunities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 1,205,686 | $ | — | $ | — | $ | 1,205,686 | ||||||||
Money Market Funds | 225,157 | — | — | 225,157 | ||||||||||||
Short-Term Investments | 5,581 | — | — | 5,581 | ||||||||||||
Total | $ | 1,436,424 | $ | — | $ | — | $ | 1,436,424 |
* | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
** | Refer to the Fund’s Portfolio of Investments for industry breakdown of Common Stocks classified as Level 2. |
*** | Amount rounds to less than $1,000. |
210 | Nuveen Investments |
Mid Cap Select | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 40,054 | $ | — | $ | — | $ | 40,054 | ||||||||
Money Market Funds | 13,668 | — | — | 13,668 | ||||||||||||
Short-Term Investments | 48 | — | — | 48 | ||||||||||||
Total | $ | 53,770 | $ | — | $ | — | $ | 53,770 | ||||||||
Mid Cap Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 325,618 | $ | — | $ | — | $ | 325,618 | ||||||||
Money Market Funds | 66,419 | — | — | 66,419 | ||||||||||||
Total | $ | 392,037 | $ | — | $ | — | $ | 392,037 | ||||||||
Quantitative Enhanced Core Equity | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 193,033 | $ | — | $ | — | $ | 193,033 | ||||||||
Money Market Funds | 29,029 | — | — | 29,029 | ||||||||||||
Short-Term Investments | 2,902 | 790 | — | 3,692 | ||||||||||||
Derivatives: | ||||||||||||||||
Futures Contracts* | 102 | — | — | 102 | ||||||||||||
Total | $ | 225,066 | $ | 790 | $ | — | $ | 225,856 | ||||||||
Real Estate Securities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 3,186,144 | $ | — | $ | — | $ | 3,186,144 | ||||||||
Private Real Estate Company | — | — | 31 | 31 | ||||||||||||
Money Market Funds | 1,274,424 | — | — | 1,274,424 | ||||||||||||
Short-Term Investments | 28,281 | — | — | 28,281 | ||||||||||||
Total | $ | 4,488,849 | $ | — | $ | 31 | $ | 4,488,880 | ||||||||
Small Cap Growth Opportunities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 144,129 | $ | — | $ | — | *** | $ | 144,129 | |||||||
Money Market Funds | 32,287 | — | — | 32,287 | ||||||||||||
Short-Term Investments | 3,953 | — | — | 3,953 | ||||||||||||
Total | $ | 180,369 | $ | — | $ | — | *** | $ | 180,369 | |||||||
Small Cap Select | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 748,733 | $ | — | $ | — | $ | 748,733 | ||||||||
Money Market Funds | 293,228 | — | — | 293,228 | ||||||||||||
Short-Term Investments | 22,682 | — | — | 22,682 | ||||||||||||
Total | $ | 1,064,643 | $ | — | $ | — | $ | 1,064,643 | ||||||||
Small Cap Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 112,060 | $ | — | $ | — | $ | 112,060 | ||||||||
Money Market Funds | 30,908 | — | — | 30,908 | ||||||||||||
Short-Term Investments | 3,783 | — | — | 3,783 | ||||||||||||
Total | $ | 146,751 | $ | — | $ | — | $ | 146,751 | ||||||||
Tactical Market Opportunities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Exchange-Traded Funds | $ | 13,816 | $ | — | $ | — | $ | 13,816 | ||||||||
U.S. Government & Agency | — | 4,266 | — | 4,266 | ||||||||||||
Short-Term Investments | 11,153 | 1,599 | — | 12,752 | ||||||||||||
Derivatives: | ||||||||||||||||
Futures Contracts* | 171 | — | — | 171 | ||||||||||||
Total | $ | 25,140 | $ | 5,865 | $ | — | $ | 31,005 |
* | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
*** | Amount rounds to less than $1,000. |
Nuveen Investments | 211 |
Notes to Financial Statements (Unaudited), all dollars and shares are rounded to thousands (000) (continued)
The following is a reconciliation of the Funds’ Level 3 investments held at the beginning and end of the measurement period:
Global Infrastructure Level 3 Common Stocks | International Level 3 Common Stocks | International Select Level 3 Common Stocks | Mid Cap Select Level 3 Common Stocks | Real Estate Securities Level 3 Private Real Estate Company | Small Cap Growth Opportunities Level 3 Common Stocks | Small Cap Select Level 3 Common Stocks | ||||||||||||||||||||||
Balance at the beginning of period | $ | — | $ | — | $ | 1,507 | $ | — | *** | $ | 33 | $ | — | *** | $ | — | *** | |||||||||||
Gains (losses): | ||||||||||||||||||||||||||||
Net realized gains (losses) | — | — | 45 | — | *** | (3 | ) | — | *** | — | *** | |||||||||||||||||
Net change in unrealized appreciation (depreciation) | 1 | — | (302 | ) | — | 2 | — | — | ||||||||||||||||||||
Purchases at cost | — | — | — | — | — | — | — | |||||||||||||||||||||
Sales at proceeds | — | — | (79 | ) | — | (1 | ) | — | — | |||||||||||||||||||
Net discounts (premiums) | — | — | — | — | — | — | — | |||||||||||||||||||||
Transfers in to | — | — | *** | — | *** | — | — | — | — | |||||||||||||||||||
Transfers out of | — | — | (1,171 | ) | — | *** | — | — | *** | — | *** | |||||||||||||||||
Balance at the end of period | $ | 1 | $ | — | *** | $ | — | *** | $ | — | $ | 31 | $ | — | *** | $ | — | |||||||||||
Net change in unrealized appreciation (depreciation) during the period of Level 3 securities held as of April 30, 2011 | $ | 1 | $ | — | $ | — | *** | $ | — | $ | 2 | $ | — | $ | — |
*** | Amount rounds to less than $1,000. |
During the six months ended April 30, 2011, the Funds recognized no significant transfers to/from Level 1 or Level 2. Transfers in and/or out of Level 3 are shown using end of period values.
3. Derivative Instruments and Hedging Activities
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. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, refer to the Portfolios of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.
The following tables present the fair value of all derivative instruments held by the Funds as of April 30, 2011, the location of these instruments on the Statement of Assets and Liabilities, and the primary underlying risk exposure.
International | ||||||||||||||
Location on the Statement of Assets and Liabilities | ||||||||||||||
Underlying Risk Exposure | Derivative Instrument | Asset Derivative | Liability Derivatives | |||||||||||
Location | Value | Location | Value | |||||||||||
Equity | Futures Contracts | Receivable for variation margin on futures contracts* | $ | 7,150 | Payable for variation margin on futures contracts* | $ | 5,173 |
International Select | ||||||||||||||
Location on the Statement of Assets and Liabilities | ||||||||||||||
Underlying Risk Exposure | Derivative Instrument | Asset Derivative | Liability Derivatives | |||||||||||
Location | Value | Location | Value | |||||||||||
Equity | Futures Contracts | Receivable for variation margin on futures contracts* | $ | 7,215 | Payable for variation margin on futures contracts* | $ | 5,519 |
Quantitative Enhanced Core Equity | ||||||||||||||
Location on the Statement of Assets and Liabilities | ||||||||||||||
Underlying Risk Exposure | Derivative Instrument | Asset Derivative | Liability Derivatives | |||||||||||
Location | Value | Location | Value | |||||||||||
Equity | Futures Contracts | Receivable for variation margin on futures contracts* | $ | 102 | Payable for variation margin on futures contracts* | $ | — |
212 | Nuveen Investments |
Tactical Market Opportunities | ||||||||||||||
Location on the Statement of Assets and Liabilities | ||||||||||||||
Underlying Risk Exposure | Derivative Instrument | Asset Derivative | Liability Derivatives | |||||||||||
Location | Value | Location | Value | |||||||||||
Equity | Futures Contracts | Receivable for variation margin on futures contracts* | $ | 515 | Payable for variation margin on futures contracts* | $ | 295 | |||||||
Interest Rate | Futures Contracts | Receivable for variation margin on futures contracts* | — | Payable for variation margin on futures contracts* | 49 | |||||||||
Total | $ | 515 | $ | 344 |
* | Value represents cumulative gross unrealized appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments and not the receivable or payable for variation margin on futures contracts presented on the Statement of Assets and Liabilities. |
The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2011, on derivative instruments, as well as the primary risk exposure associated with each.
Net Realized Gain (Loss) from Futures Contracts | ||||||||||||||||||||||||
International | International Select | Mid Cap Select | Quantitative Enhanced Core Equity | Small Cap Growth Opportunities | Tactical Market Opportunities | |||||||||||||||||||
Risk Exposure | ||||||||||||||||||||||||
Equity | $ | (5,216 | ) | $ | (3,392 | ) | $ | 253 | $ | 133 | $ | 662 | $ | 280 | ||||||||||
Foreign Currency Exchange Rate | (1,017 | ) | (4,613 | ) | — | — | — | — | ||||||||||||||||
Interest Rate | — | — | — | — | — | 59 | ||||||||||||||||||
Total | $ | (6,233 | ) | $ | (8,005 | ) | $ | 253 | $ | 133 | $ | 662 | $ | 339 |
Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts | ||||||||||||||||
International | International Select | Quantitative Enhanced Core Equity | Tactical Market Opportunities | |||||||||||||
Risk Exposure | ||||||||||||||||
Equity | $ | 5,349 | $ | 7,742 | $ | 102 | $ | 252 | ||||||||
Foreign Currency Exchange Rate | 3,805 | 3,674 | — | — | ||||||||||||
Interest Rate | — | — | — | (47 | ) | |||||||||||
Total | $ | 9,154 | $ | 11,416 | $ | 102 | $ | 205 |
4. Fund Shares
Transactions in Fund shares were as follows:
Equity Income | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares Sold: | ||||||||||||||||
Class A | 4,063 | $ | 54,264 | 2,350 | $ | 27,882 | ||||||||||
Class B | 3 | 45 | 7 | 84 | ||||||||||||
Class C | 353 | 4,735 | 587 | 6,915 | ||||||||||||
Class R3 (1) | 216 | 2,940 | 93 | 1,089 | ||||||||||||
Class I (1) | 13,997 | 187,963 | 12,184 | 144,124 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 121 | 1,639 | 226 | 2,661 | ||||||||||||
Class B | 1 | 12 | 10 | 107 | ||||||||||||
Class C | 4 | 58 | 11 | 128 | ||||||||||||
Class R3 (1) | 2 | 22 | 1 | 11 | ||||||||||||
Class I (1) | 252 | 3,419 | 343 | 4,079 | ||||||||||||
19,012 | 255,097 | 15,812 | 187,080 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,469 | ) | (20,001 | ) | (1,792 | ) | (20,975 | ) | ||||||||
Class B | (102 | ) | (1,368 | ) | (287 | ) | (3,330 | ) | ||||||||
Class C | (65 | ) | (864 | ) | (155 | ) | (1,799 | ) | ||||||||
Class R3 (1) | (62 | ) | (851 | ) | (8 | ) | (99 | ) | ||||||||
Class I (1) | (7,529 | ) | (102,678 | ) | (10,482 | ) | (124,062 | ) | ||||||||
(9,227 | ) | (125,762 | ) | (12,724 | ) | (150,265 | ) | |||||||||
Net increase (decrease) | 9,785 | $ | 129,335 | 3,088 | $ | 36,815 |
(1) | - Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
Nuveen Investments | 213 |
Notes to Financial Statements (Unaudited), all dollars and shares are rounded to thousands (000) (continued)
Global Infrastructure | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares Sold: | ||||||||||||||||
Class A | 1,716 | $ | 15,799 | 4,927 | $ | 40,687 | ||||||||||
Class C | 343 | 3,140 | 541 | 4,512 | ||||||||||||
Class R3 (1) | — | — | — | — | ||||||||||||
Class I (1) | 3,031 | 28,056 | 6,355 | 53,473 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 428 | 3,809 | 44 | 372 | ||||||||||||
Class C | 52 | 459 | 4 | 40 | ||||||||||||
Class R3 (1) | — | — | — | — | ||||||||||||
Class I (1) | 403 | 3,604 | 31 | 261 | ||||||||||||
5,973 | 54,867 | 11,902 | 99,345 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,118 | ) | (10,316 | ) | (1,409 | ) | (11,596 | ) | ||||||||
Class C | (84 | ) | (785 | ) | (68 | ) | (567 | ) | ||||||||
Class R3 (1) | (1 | ) | (7 | ) | — | — | ||||||||||
Class I (1) | (1,065 | ) | (9,889 | ) | (1,766 | ) | (14,743 | ) | ||||||||
(2,268 | ) | (20,997 | ) | (3,243 | ) | (26,906 | ) | |||||||||
Net increase (decrease) | 3,705 | $ | 33,870 | 8,659 | $ | 72,439 | ||||||||||
International | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares Sold: | ||||||||||||||||
Class A | 109 | $ | 1,340 | 211 | $ | 2,352 | ||||||||||
Class B | 1 | 6 | 6 | 67 | ||||||||||||
Class C | — | 62 | 21 | 235 | ||||||||||||
Class R3 (1) | — | 1 | 1 | 1 | ||||||||||||
Class I (1) | 436 | 5,448 | 2,499 | 28,438 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 8 | 99 | 9 | 103 | ||||||||||||
Class B | — | — | — | — | ||||||||||||
Class C | 5 | — | — | — | ||||||||||||
Class R3 (1) | — | — | — | — | ||||||||||||
Class I (1) | 244 | 3,005 | 251 | 2,919 | ||||||||||||
803 | 9,961 | 2,998 | 34,115 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (282 | ) | (3,480 | ) | (520 | ) | (5,764 | ) | ||||||||
Class B | (26 | ) | (290 | ) | (65 | ) | (667 | ) | ||||||||
Class C | (27 | ) | (313 | ) | (104 | ) | (1,100 | ) | ||||||||
Class R3 (1) | — | — | — | — | ||||||||||||
Class I (1) | (3,828 | ) | (47,148 | ) | (9,647 | ) | (108,028 | ) | ||||||||
(4,163 | ) | (51,231 | ) | (10,336 | ) | (115,559 | ) | |||||||||
Net increase (decrease) | (3,360 | ) | $ | (41,270 | ) | (7,338 | ) | $ | (81,444 | ) |
214 | Nuveen Investments |
International Select | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares Sold: | ||||||||||||||||
Class A | 101 | $ | 1,000 | 352 | $ | 3,042 | ||||||||||
Class C | 4 | 37 | 62 | 561 | ||||||||||||
Class R3 (1) | 2 | 16 | 1 | 2 | ||||||||||||
Class I (1) | 6,388 | 63,091 | 36,745 | 327,770 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 3 | 28 | 1 | 5 | ||||||||||||
Class C | — | 1 | — | — | ||||||||||||
Class R3 (1) | — | — | — | — | ||||||||||||
Class I (1) | 152 | 1,509 | 78 | 704 | ||||||||||||
6,650 | 65,682 | 37,239 | 332,084 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (162 | ) | (1,612 | ) | (131 | ) | (1,140 | ) | ||||||||
Class C | (14 | ) | (138 | ) | (4 | ) | (38 | ) | ||||||||
Class R3 (1) | (1 | ) | (7 | ) | (2 | ) | (15 | ) | ||||||||
Class I (1) | (17,622 | ) | (175,922 | ) | (17,034 | ) | (151,115 | ) | ||||||||
(17,799 | ) | (177,679 | ) | (17,171 | ) | (152,308 | ) | |||||||||
Net increase (decrease) | (11,149 | ) | $ | (111,997 | ) | 20,068 | $ | 179,776 | ||||||||
Large Cap Growth Opportunities | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares Sold: | ||||||||||||||||
Class A | 500 | $ | 16,677 | 313 | $ | 8,454 | ||||||||||
Class B | 6 | 173 | — | 14 | ||||||||||||
Class C | 51 | 1,616 | 6 | 155 | ||||||||||||
Class R3 (1) | 46 | 1,556 | 7 | 173 | ||||||||||||
Class I (1) | 754 | 25,892 | 1,980 | 54,876 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | — | — | 4 | 106 | ||||||||||||
Class B | — | — | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3 (1) | — | — | — | — | ||||||||||||
Class I (1) | — | — | 28 | 783 | ||||||||||||
1,357 | 45,914 | 2,338 | 64,561 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (254 | ) | (8,448 | ) | (472 | ) | (12,704 | ) | ||||||||
Class B | (32 | ) | (963 | ) | (88 | ) | (2,161 | ) | ||||||||
Class C | (19 | ) | (601 | ) | (55 | ) | (1,360 | ) | ||||||||
Class R3 (1) | (4 | ) | (122 | ) | (10 | ) | (250 | ) | ||||||||
Class I (1) | (4,778 | ) | (160,702 | ) | (3,781 | ) | (105,362 | ) | ||||||||
(5,087 | ) | (170,836 | ) | (4,406 | ) | (121,837 | ) | |||||||||
Net increase (decrease) | (3,730 | ) | $ | (124,922 | ) | (2,068 | ) | $ | (57,276 | ) |
(1) | - Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
Nuveen Investments | 215 |
Notes to Financial Statements (Unaudited), all dollars and shares are rounded to thousands (000) (continued)
Large Cap Select | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares Sold: | ||||||||||||||||
Class A | 45 | $ | 588 | 45 | $ | 486 | ||||||||||
Class C | 3 | 45 | — | 4 | ||||||||||||
Class R3 (1) | 1 | 6 | 3 | 36 | ||||||||||||
Class I (1) | 180 | 2,284 | 1,646 | 18,016 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | — | — | 1 | 17 | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3 (1) | — | — | — | 1 | ||||||||||||
Class I (1) | 6 | 73 | 49 | 527 | ||||||||||||
235 | 2,996 | 1,744 | 19,087 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (63 | ) | (814 | ) | (83 | ) | (894 | ) | ||||||||
Class C | (2 | ) | (30 | ) | (4 | ) | (46 | ) | ||||||||
Class R3 (1) | (1 | ) | (12 | ) | — | (1 | ) | |||||||||
Class I (1) | (3,268 | ) | (41,489 | ) | (5,476 | ) | (60,119 | ) | ||||||||
(3,334 | ) | (42,345 | ) | (5,563 | ) | (61,060 | ) | |||||||||
Net increase (decrease) | (3,099 | ) | $ | (39,349 | ) | (3,819 | ) | $ | (41,973 | ) | ||||||
Large Cap Value | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares Sold: | ||||||||||||||||
Class A | 71 | $ | 1,120 | 140 | $ | 1,946 | ||||||||||
Class B | — | 4 | — | — | ||||||||||||
Class C | 6 | 86 | 6 | 74 | ||||||||||||
Class R3 (1) | 11 | 169 | 36 | 486 | ||||||||||||
Class I (1) | 204 | 3,140 | 1,074 | 14,969 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 42 | 643 | 48 | 671 | ||||||||||||
Class B | — | 6 | — | 10 | ||||||||||||
Class C | — | 5 | — | 6 | ||||||||||||
Class R3 (1) | 1 | 9 | — | 4 | ||||||||||||
Class I (1) | 73 | 1,126 | 237 | 3,338 | ||||||||||||
408 | 6,308 | 1,541 | 21,504 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (364 | ) | (5,676 | ) | (731 | ) | (10,076 | ) | ||||||||
Class B | (19 | ) | (291 | ) | (83 | ) | (1,124 | ) | ||||||||
Class C | (20 | ) | (300 | ) | (68 | ) | (910 | ) | ||||||||
Class R3 (1) | (10 | ) | (149 | ) | (6 | ) | (81 | ) | ||||||||
Class I (1) | (11,635 | ) | (175,241 | ) | (6,787 | ) | (94,336 | ) | ||||||||
(12,048 | ) | (181,657 | ) | (7,675 | ) | (106,527 | ) | |||||||||
Net increase (decrease) | (11,640 | ) | $ | (175,349 | ) | (6,134 | ) | $ | (85,023 | ) |
216 | Nuveen Investments |
Mid Cap Growth Opportunities | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares Sold: | ||||||||||||||||
Class A | 724 | $ | 30,248 | 1,171 | $ | 38,764 | ||||||||||
Class B | 2 | 63 | 1 | 39 | ||||||||||||
Class C | 23 | 915 | 39 | 1,175 | ||||||||||||
Class R3 (1) | 207 | 8,529 | 417 | 13,126 | ||||||||||||
Class I (1) | 2,183 | 99,856 | 3,994 | 139,991 | ||||||||||||
3,139 | 139,611 | 5,622 | 193,095 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,436 | ) | (61,524 | ) | (1,828 | ) | (59,512 | ) | ||||||||
Class B | (26 | ) | (951 | ) | (99 | ) | (2,824 | ) | ||||||||
Class C | (33 | ) | (1,266 | ) | (126 | ) | (3,782 | ) | ||||||||
Class R3 (1) | (368 | ) | (15,308 | ) | (439 | ) | (14,166 | ) | ||||||||
Class I (1) | (9,956 | ) | (437,707 | ) | (8,563 | ) | (298,042 | ) | ||||||||
(11,819 | ) | (516,756 | ) | (11,055 | ) | (378,326 | ) | |||||||||
Net increase (decrease) | (8,680 | ) | $ | (377,145 | ) | (5,433 | ) | $ | (185,231 | ) | ||||||
Mid Cap Select | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares Sold: | ||||||||||||||||
Class A | 70 | $ | 726 | 133 | $ | 1,134 | ||||||||||
Class B | — | — | — | — | ||||||||||||
Class C | 4 | 40 | 24 | 192 | ||||||||||||
Class I (1) | 70 | 748 | 256 | 2,283 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | — | — | 4 | 33 | ||||||||||||
Class B | — | — | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class I (1) | — | — | 4 | 33 | ||||||||||||
144 | 1,514 | 421 | 3,675 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (172 | ) | (1,774 | ) | (437 | ) | (3,730 | ) | ||||||||
Class B | (35 | ) | (308 | ) | (95 | ) | (697 | ) | ||||||||
Class C | (36 | ) | (342 | ) | (108 | ) | (866 | ) | ||||||||
Class I (1) | (375 | ) | (4,008 | ) | (1,271 | ) | (11,304 | ) | ||||||||
(618 | ) | (6,432 | ) | (1,911 | ) | (16,597 | ) | |||||||||
Net increase (decrease) | (474 | ) | $ | (4,918 | ) | (1,490 | ) | $ | (12,922 | ) |
(1) | - Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
Nuveen Investments | 217 |
Notes to Financial Statements (Unaudited), all dollars and shares are rounded to thousands (000) (continued)
Mid Cap Value | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares Sold: | ||||||||||||||||
Class A | 312 | $ | 7,551 | 826 | $ | 16,925 | ||||||||||
Class B | — | — | — | 1 | ||||||||||||
Class C | 10 | 241 | 34 | 685 | ||||||||||||
Class R3 (1) | 127 | 3,052 | 508 | 10,515 | ||||||||||||
Class I (1) | 568 | 13,684 | 2,458 | 50,896 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 32 | 765 | 51 | 1,027 | ||||||||||||
Class B | 1 | 9 | 1 | 14 | ||||||||||||
Class C | 2 | 42 | 2 | 41 | ||||||||||||
Class R3 (1) | 6 | 141 | 9 | 180 | ||||||||||||
Class I (1) | 47 | 1,125 | 205 | 4,150 | ||||||||||||
1,105 | 26,610 | 4,094 | 84,434 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (834 | ) | (19,984 | ) | (4,548 | ) | (89,871 | ) | ||||||||
Class B | (17 | ) | (389 | ) | (68 | ) | (1,328 | ) | ||||||||
Class C | (73 | ) | (1,707 | ) | (179 | ) | (3,517 | ) | ||||||||
Class R3 (1) | (255 | ) | (5,945 | ) | (1,015 | ) | (20,572 | ) | ||||||||
Class I (1) | (13,098 | ) | (311,791 | ) | (5,579 | ) | (115,441 | ) | ||||||||
(14,277 | ) | (339,816 | ) | (11,389 | ) | (230,729 | ) | |||||||||
Net increase (decrease) | (13,172 | ) | $ | (313,206 | ) | (7,295 | ) | $ | (146,295 | ) | ||||||
Quantitative Enhanced Core Equity | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares Sold: | ||||||||||||||||
Class A | 2 | $ | 47 | 2 | $ | 52 | ||||||||||
Class C | 5 | 108 | 1 | 10 | ||||||||||||
Class I (1) | 310 | 6,811 | 3,897 | 76,625 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | — | 2 | — | 2 | ||||||||||||
Class C | — | 1 | — | — | ||||||||||||
Class I (1) | 40 | 875 | 46 | 899 | ||||||||||||
357 | 7,844 | 3,946 | 77,588 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (7 | ) | (150 | ) | (4 | ) | (76 | ) | ||||||||
Class C | — | (4 | ) | — | — | |||||||||||
Class I (1) | (1,943 | ) | (42,155 | ) | (2,159 | ) | (42,121 | ) | ||||||||
(1,950 | ) | (42,309 | ) | (2,163 | ) | (42,197 | ) | |||||||||
Net increase (decrease) | (1,593 | ) | $ | (34,465 | ) | 1,783 | $ | 35,391 |
218 | Nuveen Investments |
Real Estate Securities | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares Sold: | ||||||||||||||||
Class A | 11,410 | $ | 206,991 | 25,765 | $ | 400,605 | ||||||||||
Class B | 1 | 13 | 4 | 63 | ||||||||||||
Class C | 699 | 12,207 | 1,946 | 29,944 | ||||||||||||
Class R3 (1) | 1,193 | 22,101 | 2,996 | 46,563 | ||||||||||||
Class I (1) | 34,673 | 642,044 | 59,982 | 946,590 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 369 | 6,836 | 664 | 10,433 | ||||||||||||
Class B | 1 | 15 | 3 | 44 | ||||||||||||
Class C | 15 | 270 | 28 | 426 | ||||||||||||
Class R3 (1) | 26 | 500 | 75 | 1,183 | ||||||||||||
Class I (1) | 797 | 14,948 | 1,317 | 20,949 | ||||||||||||
49,184 | 905,925 | 92,780 | 1,456,800 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (8,667 | ) | (159,238 | ) | (10,506 | ) | (161,112 | ) | ||||||||
Class B | (25 | ) | (444 | ) | (53 | ) | (787 | ) | ||||||||
Class C | (247 | ) | (4,450 | ) | (357 | ) | (5,451 | ) | ||||||||
Class R3 (1) | (504 | ) | (9,418 | ) | (4,064 | ) | (65,341 | ) | ||||||||
Class I (1) | (17,086 | ) | (314,852 | ) | (22,061 | ) | (341,090 | ) | ||||||||
(26,529 | ) | (488,402 | ) | (37,041 | ) | (573,781 | ) | |||||||||
Net increase (decrease) | 22,655 | $ | 417,523 | 55,739 | $ | 883,019 | ||||||||||
Small Cap Growth Opportunities | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares Sold: | ||||||||||||||||
Class A | 185 | $ | 4,047 | 368 | $ | 6,417 | ||||||||||
Class B | 2 | 40 | 2 | 37 | ||||||||||||
Class C | 11 | 213 | 24 | 405 | ||||||||||||
Class R3 (1) | 32 | 687 | 67 | 1,127 | ||||||||||||
Class I (1) | 703 | 16,311 | 1,821 | 34,078 | ||||||||||||
933 | 21,298 | 2,282 | 42,064 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (386 | ) | (8,630 | ) | (369 | ) | (6,354 | ) | ||||||||
Class B | (21 | ) | (398 | ) | (35 | ) | (523 | ) | ||||||||
Class C | (17 | ) | (334 | ) | (33 | ) | (520 | ) | ||||||||
Class R3 (1) | (23 | ) | (510 | ) | (52 | ) | (865 | ) | ||||||||
Class I (1) | (3,766 | ) | (86,190 | ) | (1,551 | ) | (28,262 | ) | ||||||||
(4,213 | ) | (96,062 | ) | (2,040 | ) | (36,524 | ) | |||||||||
Net increase (decrease) | (3,280 | ) | $ | (74,764 | ) | 242 | $ | 5,540 |
(1) | - Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
Nuveen Investments | 219 |
Notes to Financial Statements (Unaudited), all dollars and shares are rounded to thousands (000) (continued)
Small Cap Select | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares Sold: | ||||||||||||||||
Class A | 5,603 | $ | 74,387 | 13,154 | $ | 141,839 | ||||||||||
Class B | 1 | 7 | — | 5 | ||||||||||||
Class C | 27 | 326 | 94 | 932 | ||||||||||||
Class R3 (1) | 462 | 6,083 | 866 | 9,184 | ||||||||||||
Class I (1) | 2,422 | 35,043 | 6,805 | 80,890 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | — | — | — | — | ||||||||||||
Class B | — | — | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3 (1) | — | — | — | — | ||||||||||||
Class I (1) | — | — | 11 | 133 | ||||||||||||
8,515 | 115,846 | 20,930 | 232,983 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (9,909 | ) | (129,226 | ) | (15,141 | ) | (164,001 | ) | ||||||||
Class B | (74 | ) | (773 | ) | (302 | ) | (2,625 | ) | ||||||||
Class C | (173 | ) | (2,081 | ) | (401 | ) | (3,931 | ) | ||||||||
Class R3 (1) | (349 | ) | (4,529 | ) | (1,935 | ) | (21,453 | ) | ||||||||
Class I (1) | (11,262 | ) | (157,672 | ) | (6,613 | ) | (77,159 | ) | ||||||||
(21,767 | ) | (294,281 | ) | (24,392 | ) | (269,169 | ) | |||||||||
Net increase (decrease) | (13,252 | ) | $ | (178,435 | ) | (3,462 | ) | $ | (36,186 | ) | ||||||
Small Cap Value | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares Sold: | ||||||||||||||||
Class A | 352 | $ | 4,137 | 171 | $ | 1,626 | ||||||||||
Class C | 13 | 132 | 28 | 242 | ||||||||||||
Class R3 (1) | 35 | 398 | 149 | 1,416 | ||||||||||||
Class I (1) | 757 | 9,092 | 2,082 | 20,325 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | — | — | 9 | 81 | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3 (1) | — | — | — | 1 | ||||||||||||
Class I (1) | — | — | 68 | 635 | ||||||||||||
1,157 | 13,759 | 2,507 | 24,326 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (281 | ) | (3,277 | ) | (560 | ) | (5,270 | ) | ||||||||
Class C | (58 | ) | (586 | ) | (110 | ) | (894 | ) | ||||||||
Class R3 (1) | (34 | ) | (391 | ) | (227 | ) | (2,197 | ) | ||||||||
Class I (1) | (12,508 | ) | (142,987 | ) | (2,702 | ) | (25,790 | ) | ||||||||
(12,881 | ) | (147,241 | ) | (3,599 | ) | (34,151 | ) | |||||||||
Net increase (decrease) | (11,724 | ) | $ | (133,482 | ) | (1,092 | ) | $ | (9,825 | ) |
220 | Nuveen Investments |
Tactical Market Opportunities | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares Sold: | ||||||||||||||||
Class A | 5 | $ | 57 | — | $ | — | ||||||||||
Class C | 5 | 50 | — | — | ||||||||||||
Class I (1) | 1,098 | 11,750 | 2,571 | 27,104 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | — | — | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class I (1) | 15 | 158 | — | — | ||||||||||||
1,123 | 12,015 | 2,571 | 27,104 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | — | — | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class I (1) | (739 | ) | (7,805 | ) | — | — | ||||||||||
(739 | ) | (7,805 | ) | — | — | |||||||||||
Net increase (decrease) | 384 | $ | 4,210 | 2,571 | $ | 27,104 |
(1) | - Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
Class B Shares converted to Class A Shares (reflected above as Class A Shares issued and Class B Shares redeemed) during the six months ended April 30, 2011 and fiscal year ended October 31, 2010, were as follows:
Fund | Six Months Ended 4/30/11 | Year Ended 10/31/10 | ||||||
Equity Income | 64 | 197 | ||||||
International | 13 | 39 | ||||||
Large Cap Growth Opportunities | 20 | 65 | ||||||
Large Cap Value | 14 | 60 | ||||||
Mid Cap Growth Opportunities | 14 | 59 | ||||||
Mid Cap Select | — | 66 | ||||||
Mid Cap Value | 11 | 39 | ||||||
Real Estate Securities | 15 | 21 | ||||||
Small Cap Growth Opportunities | 16 | 9 | ||||||
Small Cap Select | 36 | 212 |
5. Investment Transactions
Purchases and sales (excluding short-term investments and derivative transactions, where applicable) during the six months ended April 30, 2011, were as follows:
Equity Income | Global Infrastructure | International | International Select | |||||||||||||
Purchases: | ||||||||||||||||
Investment securities | $ | 283,140 | $ | 249,213 | $ | 237,403 | $ | 232,047 | ||||||||
U.S. Government obligations | — | — | — | — | ||||||||||||
Sales and maturities: | ||||||||||||||||
Investment securities | 159,374 | 229,344 | 296,862 | 360,786 | ||||||||||||
U.S. Government obligations | — | — | — | — | ||||||||||||
Large Cap Growth Opportunities | Large Cap Select | Large Cap Value | Mid Cap Growth Opportunities | |||||||||||||
Purchases: | ||||||||||||||||
Investment securities | $ | 217,767 | $ | 88,235 | $ | 186,921 | $ | 632,219 | ||||||||
U.S. Government obligations | — | — | — | — | ||||||||||||
Sales and maturities: | ||||||||||||||||
Investment securities | 342,085 | 129,668 | 366,353 | 1,017,648 | ||||||||||||
U.S. Government obligations | — | — | — | — |
Nuveen Investments | 221 |
Notes to Financial Statements (Unaudited), all dollars and shares are rounded to thousands (000) (continued)
Mid Cap Select | Mid Cap Value | Quantitative Enhanced Core Equity | Real Estate Securities | |||||||||||||
Purchases: | ||||||||||||||||
Investment securities | $ | 34,394 | $ | 270,064 | $ | 191,539 | $ | 1,883,575 | ||||||||
U.S. Government obligations | — | — | — | — | ||||||||||||
Sales and maturities: | ||||||||||||||||
Investment securities | 39,743 | 586,821 | 227,625 | 1,479,253 | ||||||||||||
U.S. Government obligations | — | — | — | — | ||||||||||||
Small Cap Growth Opportunities | Small Cap Select | Small Cap Value | Tactical Market Opportunities | |||||||||||||
Purchases: | ||||||||||||||||
Investment securities | $ | 89,427 | $ | 254,441 | $ | 28,716 | $ | 17,195 | ||||||||
U.S. Government obligations | — | — | — | 2,193 | ||||||||||||
Sales and maturities: | ||||||||||||||||
Investment securities | 162,848 | 436,578 | 161,450 | 13,384 | ||||||||||||
U.S. Government obligations | — | — | — | 1,150 |
6. Income Tax Information
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 net asset values of the Funds.
At April 30, 2011, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives, where applicable), as determined on a federal income tax basis, were as follows:
Equity Income | Global Infrastructure | International | International Select | |||||||||||||
Cost of investments | $ | 930,070 | $ | 169,980 | $ | 573,458 | $ | 714,531 | ||||||||
Gross unrealized: | ||||||||||||||||
Appreciation | $ | 301,005 | $ | 72,339 | $ | 179,052 | $ | 154,412 | ||||||||
Depreciation | (4,063 | ) | (51,532 | ) | (43,412 | ) | (55,822 | ) | ||||||||
Net unrealized appreciation (depreciation) of investments | $ | 296,942 | $ | 20,807 | $ | 135,640 | $ | 98,590 | ||||||||
Large Cap Growth Opportunities | Large Cap Select | Large Cap Value | Mid Cap Growth Opportunities | |||||||||||||
Cost of investments | $ | 560,796 | $ | 128,396 | $ | 213,400 | $ | 1,129,505 | ||||||||
Gross unrealized: | ||||||||||||||||
Appreciation | $ | 164,606 | $ | 15,923 | $ | 24,650 | $ | 312,700 | ||||||||
Depreciation | (2,549 | ) | (1,360 | ) | (3,797 | ) | (5,781 | ) | ||||||||
Net unrealized appreciation (depreciation) of investments | $ | 162,057 | $ | 14,563 | $ | 20,853 | $ | 306,919 | ||||||||
Mid Cap Select | Mid Cap Value | Quantitative Enhanced Core Equity | Real Estate Securities | |||||||||||||
Cost of investments | $ | 47,857 | $ | 346,724 | $ | 211,569 | $ | 3,894,614 | ||||||||
Gross unrealized: | ||||||||||||||||
Appreciation | $ | 6,309 | $ | 48,447 | $ | 17,545 | $ | 668,369 | ||||||||
Depreciation | (395 | ) | (3,134 | ) | (3,361 | ) | (74,103 | ) | ||||||||
Net unrealized appreciation (depreciation) of investments | $ | 5,914 | $ | 45,313 | $ | 14,184 | $ | 594,266 | ||||||||
Small Cap Growth Opportunities | Small Cap Select | Small Cap Value | Tactical Market Opportunities | |||||||||||||
Cost of investments | $ | 155,501 | $ | 936,638 | $ | 120,930 | $ | 30,767 | ||||||||
Gross unrealized: | ||||||||||||||||
Appreciation | $ | 26,820 | $ | 156,366 | $ | 28,823 | $ | 170 | ||||||||
Depreciation | (2,952 | ) | (28,361 | ) | (3,002 | ) | (104 | ) | ||||||||
Net unrealized appreciation (depreciation) of investments | $ | 23,868 | $ | 128,005 | $ | 25,821 | $ | 66 |
222 | Nuveen Investments |
Permanent differences, primarily due to the expiration of capital loss carryforwards, net operating losses, equalization, REIT adjustments, foreign currency reclassifications and investments in passive foreign investment companies, resulted in reclassifications amount the Funds’ components of net assets at October 31, 2010, as follows:
Equity Income | Global Infrastructure | International | International Select | |||||||||||||
Capital paid-in | $ | — | $ | 597 | $ | — | $ | — | ||||||||
Undistributed (Over-distribution) of net investment income | (112 | ) | 123 | (1,679 | ) | (922 | ) | |||||||||
Accumulated net realized gain (loss) | 112 | (720 | ) | 1,679 | 922 | |||||||||||
Large Cap Growth Opportunities | Large Cap Select | Large Cap Value | Mid Cap Growth Opportunities | |||||||||||||
Capital paid-in | $ | (813 | ) | $ | — | $ | — | $ | (4,965 | ) | ||||||
Undistributed (Over-distribution) of net investment income | 813 | — | — | 4,971 | ||||||||||||
Accumulated net realized gain (loss) | — | — | — | (6 | ) | |||||||||||
Mid Cap Select | Mid Cap Value | Quantitative Enhanced Core Equity | Real Estate Securities | |||||||||||||
Capital paid-in | $ | (95,755 | ) | $ | — | $ | — | $ | 1,396 | |||||||
Undistributed (Over-distribution) of net investment income | 80 | (226 | ) | (24 | ) | 7,010 | ||||||||||
Accumulated net realized gain (loss) | 95,675 | 226 | 24 | (8,406 | ) | |||||||||||
Small Cap Growth Opportunities | Small Cap Select | Small Cap Value | Tactical Market Opportunities | |||||||||||||
Capital paid-in | $ | (1,494 | ) | $ | (2,821 | ) | $ | (724 | ) | $ | — | |||||
Undistributed (Over-distribution) of net investment income | 1,494 | 2,820 | 659 | 3 | ||||||||||||
Accumulated net realized gain (loss) | — | 1 | 65 | (3 | ) |
The following information is provided as of the Funds’ last tax year end. Real Estate Securities last tax year end was December 31, 2010, all other Funds’ last tax year end was October 31, 2010.
The tax components of undistributed net ordinary income and net long-term capital gains at the Funds’ last tax year end, were as follows:
Equity Income | Global Infrastructure | International | International Select | |||||||||||||
Undistributed net ordinary income* | $ | 3,943 | $ | 9,793 | $ | 4,305 | $ | 6,304 | ||||||||
Undistributed net long-term capital gains | — | 428 | — | — | ||||||||||||
Large Cap Growth Opportunities | Large Cap Select | Large Cap Value | Mid Cap Growth Opportunities | |||||||||||||
Undistributed net ordinary income* | $ | — | $ | 77 | $ | 2,322 | $ | — | ||||||||
Undistributed net long-term capital gains | — | — | — | — | ||||||||||||
Mid Cap Select | Mid Cap Value | Quantitative Enhanced Core Equity | Real Estate Securities | |||||||||||||
Undistributed net ordinary income* | $ | — | $ | 3,983 | $ | 1,957 | $ | — | ||||||||
Undistributed net long-term capital gains | — | — | — | 50,718 | ||||||||||||
Small Cap Growth Opportunities | Small Cap Select | Small Cap Value | Tactical Market Opportunities | |||||||||||||
Undistributed net ordinary income* | $ | — | $ | — | $ | — | $ | 101 | ||||||||
Undistributed net long-term capital gains | — | — | — | — |
* | 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, was designated for purposes of the dividends paid deduction as follows:
Equity Income | Global Infrastructure | International | International Select | |||||||||||||
Distributions from net ordinary income* | $ | 20,892 | $ | 1,125 | $ | 4,419 | $ | 2,446 | ||||||||
Distributions from net long-term capital gains | — | — | — | — |
Nuveen Investments | 223 |
Notes to Financial Statements (Unaudited), all dollars and shares are rounded to thousands (000) (continued)
Large Cap Growth Opportunities | Large Cap Select | Large Cap Value | Mid Cap Growth Opportunities | |||||||||||||
Distributions from net ordinary income* | $ | 2,106 | $ | 1,140 | $ | 5,827 | $ | — | ||||||||
Distributions from net long-term capital gains | — | — | — | — | ||||||||||||
Mid Cap Select | Mid Cap Value | Quantitative Enhanced Core Equity | Real Estate Securities | |||||||||||||
Distributions from net ordinary income* | $ | 164 | $ | 7,361 | $ | 2,277 | $ | 26,868 | ||||||||
Distributions from net long-term capital gains | — | — | — | 22,429 | ||||||||||||
Small Cap Growth Opportunities | Small Cap Select | Small Cap Value | Tactical Market Opportunities | |||||||||||||
Distributions from net ordinary income* | $ | — | $ | 184 | $ | 836 | $ | — | ||||||||
Distributions from net long-term capital gains | — | — | — | — |
* | Net ordinary income consists of net taxable income derived from dividends, interest, net short-term capital gains and current year earnings and profits attributable to realized gains, if any. |
At the Funds’ last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
Equity Income | Global Infrastructure | International | International Select | |||||||||||||
Expiration: | ||||||||||||||||
October 31, 2016 | $ | — | $ | — | $ | — | $ | 3,362 | ||||||||
October 31, 2017 | 8,298 | — | 14,508 | 35,393 | ||||||||||||
Total | $ | 8,298 | $ | — | $ | 14,508 | $ | 38,755 | ||||||||
Large Cap Growth Opportunities | Large Cap Select | Large Cap Value | Mid Cap Growth Opportunities | |||||||||||||
Expiration: | ||||||||||||||||
October 31, 2016 | $ | — | $ | 39,678 | $ | 28,962 | $ | — | ||||||||
October 31, 2017 | 42,227 | 54,316 | 80,887 | 91,799 | ||||||||||||
Total | $ | 42,227 | $ | 93,994 | $ | 109,849 | $ | 91,799 | ||||||||
Mid Cap Select | Mid Cap Value | Quantitative Enhanced Core Equity | Real Estate Securities | |||||||||||||
Expiration: | ||||||||||||||||
October 31, 2011 | $ | 4,320 | $ | — | $ | — | $ | — | ||||||||
October 31, 2016 | 7,820 | 21,812 | — | — | ||||||||||||
October 31, 2017 | 15,708 | 85,721 | 7,778 | — | ||||||||||||
Total | $ | 27,848 | $ | 107,533 | $ | 7,778 | $ | — | ||||||||
Small Cap Growth Opportunities | Small Cap Select | Small Cap Value | Tactical Market Opportunities | |||||||||||||
Expiration: | ||||||||||||||||
October 31, 2016 | $ | 5,118 | $ | — | $ | 13,843 | $ | — | ||||||||
October 31, 2017 | 11,163 | 91,990 | 37,113 | — | ||||||||||||
Total | $ | 16,281 | $ | 91,990 | $ | 50,956 | $ | — |
7. Management Fees and Other Transactions with Affiliates
Investment Advisory Fees
During the period November 1, 2010 through December 31, 2010, pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors managed each Fund’s assets and furnished related office facilities, equipment, research, and personnel. The Agreement required each Fund to pay FAF Advisors the following annual advisory fee, payable monthly, based on average daily net assets:
224 | Nuveen Investments |
Fund | Advisory Fee Rate | |||
Equity Income* | .65 | % | ||
Global Infrastructure | .90 | |||
International | 1.00 | |||
International Select | 1.00 | |||
Large Cap Growth Opportunities* | .65 | |||
Large Cap Select* | .65 | |||
Large Cap Value* | .65 | |||
Mid Cap Growth Opportunities | .70 | |||
Mid Cap Select | .70 | |||
Mid Cap Value | .70 | |||
Quantitative Enhanced Core Equity | .30 | |||
Real Estate Securities | .70 | |||
Small Cap Growth Opportunities | 1.00 | |||
Small Cap Select | .70 | |||
Small Cap Value | .70 | |||
Tactical Market Opportunities | .75 |
* | The advisory fees for Equity Income, Large Cap Growth Opportunities, Large Cap Select and Large Cap Value were equal to an annual rate of .65% of the average daily net assets up to $3 billion, .625% of the average daily net assets on the next $2 billion and .60% of the average daily net assets in excess of $5 billion. |
Effective January 1, 2011, pursuant to a new investment advisory agreement (the “New Agreement”), the Funds’ new investment adviser is Nuveen Fund Advisors. Under the New Agreement, the Funds’ management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by Nuveen Fund Advisors. This pricing structure enables Fund shareholders to benefit from growth in the assets within their Fund as well as from growth in the amount of complex-wide assets managed by Nuveen Fund Advisors.
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
Average Daily Net Assets | Equity Income | Global Infrastructure | International | International Select | ||||||||||||
For the first $125 million | .6000 | % | .7500 | % | .8500 | % | .8500 | % | ||||||||
For the next $125 million | .5875 | .7375 | .8375 | .8375 | ||||||||||||
For the next $250 million | .5750 | .7250 | .8250 | .8250 | ||||||||||||
For the next $500 million | .5625 | .7125 | .8125 | .8125 | ||||||||||||
For the next $1 billion | .5500 | .7000 | .8000 | .8000 | ||||||||||||
For net assets over $2 billion | .5250 | .6750 | .7750 | .7750 | ||||||||||||
Average Daily Net Assets | Large Cap Growth Opportunities | Large Cap Select | Large Cap Value | Mid Cap Growth Opportunities | ||||||||||||
For the first $125 million | .6500 | % | .5500 | % | .5500 | % | .7000 | % | ||||||||
For the next $125 million | .6375 | .5375 | .5375 | .6875 | ||||||||||||
For the next $250 million | .6250 | .5250 | .5250 | .6750 | ||||||||||||
For the next $500 million | .6125 | .5125 | .5125 | .6625 | ||||||||||||
For the next $1 billion | .6000 | .5000 | .5000 | .6500 | ||||||||||||
For net assets over $2 billion | .5750 | .4750 | .4750 | .6250 | ||||||||||||
Average Daily Net Assets | Mid Cap Select | Mid Cap Value | Quantitative Enhanced Core Equity | Real Estate Securities | ||||||||||||
For the first $125 million | .7000 | % | .7000 | % | .3000 | % | .7000 | % | ||||||||
For the next $125 million | .6875 | .6875 | .2875 | .6875 | ||||||||||||
For the next $250 million | .6750 | .6750 | .2750 | .6750 | ||||||||||||
For the next $500 million | .6625 | .6625 | .2625 | .6625 | ||||||||||||
For the next $1 billion | .6500 | .6500 | .2500 | .6500 | ||||||||||||
For net assets over $2 billion | .6250 | .6250 | .2250 | .6250 | ||||||||||||
Average Daily Net Assets | Small Cap Growth Opportunities | Small Cap Select | Small Cap Value | Tactical Market Opportunities | ||||||||||||
For the first $125 million | .8000 | % | .7000 | % | .7000 | % | .6000 | % | ||||||||
For the next $125 million | .7875 | .6875 | .6875 | .5875 | ||||||||||||
For the next $250 million | .7750 | .6750 | .6750 | .5750 | ||||||||||||
For the next $500 million | .7625 | .6625 | .6625 | .5625 | ||||||||||||
For the next $1 billion | .7500 | .6500 | .6500 | .5500 | ||||||||||||
For net assets over $2 billion | .7250 | .6250 | .6250 | .5250 |
Nuveen Investments | 225 |
Notes to Financial Statements (Unaudited), all dollars and shares are rounded to thousands (000) (continued)
The annual complex-level fee for each Fund, payable monthly, is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets.” The complex-level fee schedule is as follows:
Complex-Level Asset Breakpoint Level* | Effective Rate at Breakpoint Level | |||
$55 billion | .2000 | % | ||
$56 billion | .1996 | |||
$57 billion | .1989 | |||
$60 billion | .1961 | |||
$63 billion | .1931 | |||
$66 billion | .1900 | |||
$71 billion | .1851 | |||
$76 billion | .1806 | |||
$80 billion | .1773 | |||
$91 billion | .1691 | |||
$125 billion | .1599 | |||
$200 billion | .1505 | |||
$250 billion | .1469 | |||
$300 billion | .1445 |
* | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with Nuveen Fund Advisors’ assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by Nuveen Fund Advisors that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by Nuveen Fund Advisors as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of April 30, 2011, the complex-level fee rate for each Fund was as follows: |
Fund | Rate | |||
Equity Income | .1956 | % | ||
Global Infrastructure | .1942 | |||
International | .1967 | |||
International Select | .1982 | |||
Large Cap Growth Opportunities | .1967 | |||
Large Cap Select | .1989 | |||
Large Cap Value | .1989 | |||
Mid Cap Growth Opportunities | .1956 | |||
Mid Cap Select | .1975 | |||
Mid Cap Value | .1982 | |||
Quantitative Enhanced Core Equity | .1967 | |||
Real Estate Securities | .1938 | |||
Small Cap Growth Opportunities | .1964 | |||
Small Cap Select | .1975 | |||
Small Cap Value | .1960 | |||
Tactical Market Opportunities | .1909 |
The management fee will compensate Nuveen Fund Advisors for the overall investment advisory and administrative services and general office facilities it provides for the Funds. Effective January 1, 2011, Nuveen Fund Advisors has entered into a sub-advisory agreement with the Sub-Adviser. The Sub-Adviser will be compensated for its services to the Funds from the management fees paid to Nuveen Fund Advisors.
During the period November 1, 2010 through December 31, 2010, Altrinsic Global Advisors, LLC (“Altrinsic”) and Hansberger Global Investors, Inc. (“HGI”) served as sub-advisers to International and International Select pursuant to separate sub-advisory agreements with FAF Advisors. Effective January 1, 2011, Altrinsic, HGI, and Lazard Asset Management, LLC (“Lazard”) each continue to serve as investment sub-advisers to International and International Select pursuant to separate sub-advisory agreements with Nuveen Fund Advisors. Each sub-adviser had and continues to have discretion to select portfolio securities for its portion of the respective Fund. Altrinsic, HGI, and Lazard are compensated for their services to the Funds from the management fees paid to Nuveen Fund Advisors.
During the period November 1, 2010 through December 31, 2010, the Funds may have invested in related money market funds that are series of First American Funds, Inc., subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to FAF Advisors, which acted as the investment advisor to both the investing Funds and the related money market funds, FAF Advisors reimbursed the investing Funds an amount equal to that portion of FAF Advisors’ investment advisory fee received from the related money market funds that was attributable to the assets of the investing Funds. This reimbursement, if any, is recognized as a component of “Expense Reimbursement” on the Statement of Operations, and terminated with respect to the Funds on December 31, 2010, in connection with the Sale.
226 | Nuveen Investments |
During the period November 1, 2010 through December 31, 2010, FAF Advisors agreed to waive fees and reimburse other Fund expenses so that total annual fund operating expenses, excluding indirect fees and expenses incurred through investment in exchange-traded funds and other investment companies, as a percentage of each Fund’s average daily net assets, did not exceed the following amounts:
Global Infrastructure | International | International Select | Mid Cap Select | |||||||||||||
Class A | 1.2500 | % | 1.4900 | % | 1.4900 | % | 1.4100 | % | ||||||||
Class B | N/A | 2.2400 | 2.2400 | 2.1600 | ||||||||||||
Class C | 2.000 | 2.2400 | 2.2400 | 2.1600 | ||||||||||||
Class R3 (1) | 1.500 | 1.7400 | 1.7400 | N/A | ||||||||||||
Class I (1) | 1.000 | 1.2400 | 1.2400 | 1.1600 | ||||||||||||
Quantitative Enhanced Core Equity | Small Cap Growth Opportunities | Tactical Market Opportunities | ||||||||||||||
Class A | .7000 | % | 1.4700 | % | N/A | |||||||||||
Class B | N/A | 2.2200 | N/A | |||||||||||||
Class C | 1.4500 | 2.2200 | N/A | |||||||||||||
Class R3 (1) | N/A | 1.7200 | N/A | |||||||||||||
Class I (1) | .4500 | 1.2200 | .9500 | % |
N/A | - Fund does not offer Class B Shares. |
(1) | - Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
Effective January 1, 2011, Nuveen Fund Advisors has contractually agreed to waive fees and reimburse other Fund expenses of each Fund so that total annual Fund operating expenses, after waivers and excluding acquired Fund fees and 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:
Global Infrastructure | International | International Select | Mid Cap Select | Mid Cap Value | ||||||||||||||||
Class A | 1.2500 | % | 1.4900 | % | 1.4900 | % | 1.4100 | % | 1.3400 | % | ||||||||||
Class B | N/A | 2.2400 | N/A | 2.1600 | 2.0900 | |||||||||||||||
Class C | 2.000 | 2.2400 | 2.2400 | 2.1600 | 2.0900 | |||||||||||||||
Class R3 | 1.500 | 1.7400 | 1.7400 | N/A | 1.5900 | |||||||||||||||
Class I | 1.000 | 1.2400 | 1.2400 | 1.1600 | 1.0900 | |||||||||||||||
Expiration Date | February 29, 2012 | February 29, 2012 | February 29, 2012 | February 29, 2012 | February 29, 2012 | |||||||||||||||
Quantitative Enhanced Core Equity | Small Cap Growth Opportunities | Small Cap Value | Tactical Market Opportunities | |||||||||||||||||
Class A | .7000 | % | 1.4700 | % | 1.500 | % | 1.2000 | % | ||||||||||||
Class B | N/A | 2.2200 | N/A | N/A | ||||||||||||||||
Class C | 1.4500 | 2.2200 | 2.2500 | 1.9500 | ||||||||||||||||
Class R3 | N/A | 1.7200 | 1.7500 | N/A | ||||||||||||||||
Class I | .4500 | 1.2200 | 1.2500 | .9500 | ||||||||||||||||
Expiration Date | February 29, 2012 | February 29, 2012 | February 29, 2012 | February 29, 2012 |
N/A | - Fund does not offer Class B Shares. |
During the period November 1, 2010 through December 31, 2010, independent directors of the Funds may have participated and elected to defer receipt of part or all of their annual compensation under a deferred compensation plan (the “Plan”). Deferred amounts were treated as though equivalent dollar amounts had been invested in shares of selected First American open-end funds as designated by each director. All amounts in the Plan were 100% vested and accounts under the Plan were obligations of the Funds. Deferred amounts remain in the Funds until distributed in accordance with the Plan.
Effective January 1, 2011, independent directors may elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Funds advised by Nuveen Fund Advisors. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Funds advised by Nuveen Fund Advisors.
Administration Fees
During the period November 1, 2010 through December 31, 2010, FAF Advisors served as the Funds’ administrator pursuant to an administration agreement between FAF Advisors and the Funds. U.S. Bancorp Fund Services, LLC (“USBFS”) served as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors was compensated to provide, or compensated other entities to provide, services to the Funds. These services included various legal, oversight, and administrative and accounting services. The Funds paid FAF Advisors administration fees, which were calculated daily
Nuveen Investments | 227 |
Notes to Financial Statements (Unaudited), all dollars and shares are rounded to thousands (000) (continued)
and paid monthly, equal to each Fund’s pro rata share of an amount equal, on an annual basis, to .25% of the aggregate average daily net assets of all open-end funds in the First American Funds family up to $8 billion, .235% on the next $17 billion of the aggregate average daily net assets, .22% on the next $25 billion of the aggregate average daily net assets, and .20% of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator were paid from the administration fee. In addition to these fees, the Funds may have reimbursed FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services. Effective January 1, 2011, FAF Advisors and USBFS no longer serve as the Funds’ administrator and sub-administrator, respectively, and the Funds have not entered into any new administration or sub-administration agreements.
Transfer Agent Fees
USBFS serves as the Funds’ transfer agent pursuant to a transfer agent agreement with the Trust. The Funds are charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per share class. These fees are charged to each Fund based upon the number of accounts within each Fund. In addition to these fees, the Funds may reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services.
Custodian Fees
U.S. Bank serves as the custodian for each Fund other than Global Infrastructure, International and International Select pursuant to a custodian agreement with the Trust. The custodian fee charged for each Fund is equal to an annual rate of 0.005% of average daily net assets. State Street Bank (“SSB”) serves as the custodian for Global Infrastructure, International and International Select pursuant to an agreement with the Trust. Global Infrastructure, International and International Select pay SSB various asset-based fees and transaction charges based on the issuer’s country. All fees are computed daily and paid monthly.
Interest earned on uninvested cash balances is used to reduce a portion of each Fund’s custodian expenses. These credits, if any, are recognized as “Custodian fee credit” on the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the Funds’ custodian expenses.
Distribution and Shareholder Servicing (12b-1) Fees
During the period November 1, 2010 through December 31, 2010, Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, served as the distributor of the Funds pursuant to a distribution agreement with the Trust. Under the distribution agreement, and pursuant to a plan adopted by each Fund under Rule 12b-1 of the Investment Company Act, each Fund paid Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of 0.25%, 1.00%, 1.00% and 0.50% of each Fund’s average daily net assets of Class A, Class B, Class C and Class R Shares (renamed Class R3 Shares), respectively. No distribution or shareholder servicing fees were paid by Class Y Shares (renamed Class I Shares). These fees may have been used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities. During the period November 1, 2010 through December 31, 2010, there were no distribution and shareholder servicing fees waived by Quasar.
Effective January 1, 2011, the Funds have entered into a distribution agreement with Nuveen Securities LLC, who now serves as the Funds’ distributor. Class A Shares continue to incur a .25% annual 12b-1 service fee. Class B and Class C Shares continue to incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class R3 Shares continue to incur a .25% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class I Shares will continue to not be subject to any sales charge or 12b-1 distribution or service fees. Annual distribution and service fees are based on average daily net assets.
All 12b-1 service and distribution fees collected on Class B and C Shares during the first year following a purchase were retained by Quasar and/or the Nuveen Securities, LLC to compensate for commissions advanced to financial intermediaries. During the six months ended April 30, 2011, Quasar and/or the Nuveen Securities, LLC retained such 12b-1 fees as follows:
Equity Income | Global Infrastructure | International | International Select | |||||||||||||
12b-1 fees retained | $ | 56 | $ | 27 | $ | 5 | $ | 2 | ||||||||
Large Cap Growth Opportunities | Large Cap Select | Large Cap Value | Mid Cap Growth Opportunities | |||||||||||||
12b-1 fees retained | $ | 14 | $ | — | $ | 5 | $ | 24 | ||||||||
Mid Cap Select | Mid Cap Value | Quantitative Enhanced Core Equity | Real Estate Securities | |||||||||||||
12b-1 fees retained | $ | 5 | $ | 13 | $ | — | $ | 198 | ||||||||
Small Cap Growth Opportunities | Small Cap Select | Small Cap Value | Tactical Market Opportunities | |||||||||||||
12b-1 fees retained | $ | 11 | $ | 17 | $ | 2 | $ | — |
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
228 | Nuveen Investments |
During the six months ended April 30, 2011, Quasar and/or Nuveen Securities, LLC collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
Equity Income | Global Infrastructure | International | International Select | |||||||||||||
Sales charges collected | $ | 26 | $ | 3 | $ | 3 | $ | 3 | ||||||||
Paid to financial intermediaries | 25 | 2 | 2 | 2 | ||||||||||||
Large Cap Growth Opportunities | Large Cap Select | Large Cap Value | Mid Cap Growth Opportunities | |||||||||||||
Sales charges collected | $ | 9 | $ | 1 | $ | 9 | $ | 20 | ||||||||
Paid to financial intermediaries | 8 | 1 | 8 | 18 | ||||||||||||
Mid Cap Select | Mid Cap Value | Quantitative Enhanced Core Equity | Real Estate Securities | |||||||||||||
Sales charges collected | $ | 3 | $ | 6 | $ | — | $ | 6 | ||||||||
Paid to financial intermediaries | 2 | 6 | — | 6 | ||||||||||||
Small Cap Growth Opportunities | Small Cap Select | Small Cap Value | Tactical Market Opportunities | |||||||||||||
Sales charges collected | $ | 7 | $ | — | $ | 4 | $ | — | ||||||||
Paid to financial intermediaries | 6 | — | 3 | — |
Quasar and/or Nuveen Securities, LLC also received 12b-1 service fees in Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the six months ended April 30, 2011, Quasar and/or Nuveen Securities, LLC compensated financial intermediaries directly with commission advances at the time of purchase as follows:
Equity Income | Global Infrastructure | International | International Select | |||||||||||||
Commission advances | $ | 50 | $ | 21 | $ | — | $ | — | ||||||||
Large Cap Growth Opportunities | Large Cap Select | Large Cap Value | Mid Cap Growth Opportunities | |||||||||||||
Commission advances | $ | 17 | $ | 1 | $ | 1 | $ | 9 | ||||||||
Mid Cap Select | Mid Cap Value | Quantitative Enhanced Core Equity | Real Estate Securities | |||||||||||||
Commission advances | $ | — | $ | 2 | $ | — | $ | 34 | ||||||||
Small Cap Growth Opportunities | Small Cap Select | Small Cap Value | Tactical Market Opportunities | |||||||||||||
Commission advances | $ | 1 | $ | 2 | $ | 1 | $ | — |
Other Fees and Expenses
In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each Fund is responsible for paying other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. During the period November 1, 2010 through December 31, 2010, legal fees and expenses of $14 were paid to a law firm of which an Assistant Secretary of the Funds was a partner.
Contingent Deferred Sales Charges
During the period November 1, 2010 through January 17, 2011, Class A Shares of all the Funds, with the exception of Small Cap Growth Opportunities, were sold with an up-front sales charge of 5.50%. Small Cap Growth Opportunities Class A Shares were sold with an up-front sales charge of 4.25%. Class B Shares were subject to a contingent deferred sales charge (“CDSC”) of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class C Shares were subject to a CDSC of 1% for twelve months. Class R Shares (renamed Class R3 Shares) and Class Y Shares (renamed Class I Shares) had no sales charge and were offered only to certain qualifying accounts and qualifying institutional investors, respectively.
Effective January 18, 2011, Class A Shares of the Funds are sold with an up-front sales charge of 5.75% with the exception of Quantitative Enhanced Core Equity. Quantitative Enhanced Core Equity only issues Class A Shares for purchase by certain retirement
Nuveen Investments | 229 |
Notes to Financial Statements (Unaudited), all dollars and shares are rounded to thousands (000) (continued)
plans and by qualifying clients of investment advisers, financial planners or other financial intermediaries that charge periodic or asset-based fees for their service. Class A Shares of Quantitative Enhanced Core Equity are offered to these investors at their net asset value per share with no up-front sales charge. Class A Share purchases of the Funds may be subject to a CDSC of 1% if redeemed within twelve months of purchase. Class B Shares continue to be subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC continues to be reduced to 0% at the end of six years). Class C Shares continues to be subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares and Class I Shares continue to have no sales charge and are offered only to certain qualifying accounts and qualifying institutional investors, respectively.
Quasar and/or Nuveen Securities, LLC also collected and retained CDSC on share redemptions during the six months ended April 30, 2011, as follows:
Equity Income | Global Infrastructure | International | International Select | |||||||||||||
CDSC retained | $ | 3 | $ | — | $ | 1 | $ | 1 | ||||||||
Large Cap Growth Opportunities | Large Cap Select | Large Cap Value | Mid Cap Growth Opportunities | |||||||||||||
CDSC retained | $ | 1 | $ | — | $ | — | $ | 2 | ||||||||
Mid Cap Select | Mid Cap Value | Quantitative Enhanced Core Equity | Real Estate Securities | |||||||||||||
CDSC retained | $ | 1 | $ | 2 | $ | — | $ | 7 | ||||||||
Small Cap Growth Opportunities | Small Cap Select | Small Cap Value | Tactical Market Opportunities | |||||||||||||
CDSC retained | $ | — | $ | 2 | $ | — | $ | — |
Affiliated 401(k) Plan
An affiliated 401(k) plan (the “plan”) previously offered certain funds as investment options to plan participants. As a result of a decision to no longer offer such funds as investment options, certain fund shares held in the plan were redeemed in-kind on December 1, 2010, in the amounts as follows:
Large Cap Growth Opportunities | $ | 86,539 | ||
Large Cap Select | 15,346 | |||
Large Cap Value | 132,685 | |||
Mid Cap Growth Opportunities | 129,554 | |||
Mid Cap Value | 91,634 | |||
Quantitative Enhanced Core Equity | 17,935 | |||
Small Cap Value | 79,419 |
An affiliated pension plan (the “plan”) also previously offered certain funds as investment options to plan participants. As a result of a decision to no longer offer such funds as investment options, certain fund shares held in the plan were redeemed in-kind on December 20, 2010, in the amounts as follows:
Mid Cap Growth Opportunities | $ | 191,102 | ||
Mid Cap Value | 170,281 | |||
Real Estate Securities | 48,375 | |||
Small Cap Growth Opportunities | 46,265 | |||
Small Cap Select | 49,354 | |||
Small Cap Value | 48,511 |
In these transactions, the Funds paid redemption proceeds by distributing a proportionate amount of securities in their respective portfolios. Remaining shareholders in the Funds did not recognize any capital gains from the transactions.
8. New Accounting Pronouncement
Fair Value Measurements and Disclosures
On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update (“ASU”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective by the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, the ASU requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers, ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of the ASU is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.
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Annual Investment Management Agreement Approval Process
(Unaudited)
A. Background
Prior to January 1, 2011, FAF Advisors, Inc. (“FAF”), a wholly-owned subsidiary of U.S. Bank National Association (“U.S. Bank”), served as investment adviser to each Fund pursuant to an investment advisory agreement between First American Investment Funds, Inc. (the “Company”) and FAF (the “Prior Advisory Agreement”), and as administrator to each Fund pursuant to an administrative agreement between the Company and FAF (the “Prior Administrative Agreement”). On July 29, 2010, U.S. Bank and FAF entered into a definitive agreement with Nuveen Investments, Inc. (“Nuveen”), Nuveen Asset Management (“NAM”) and certain Nuveen affiliates, whereby NAM would acquire a portion of the asset management business of FAF (the “Transaction”). The acquired business included the assets of FAF used in providing investment advisory services, research, sales and distribution in connection with equity, fixed income, real estate, global infrastructure and asset allocation investment products (other than the money market business and closed-end funds advised by FAF), including the Funds. In connection with the Transaction, the Board of Directors (the “Prior Board”) serving the Funds as directors at that time (each a “Prior Director” and, collectively, the “Prior Directors”) considered a number of proposals designed to integrate the Funds into the Nuveen family of funds, including the appointment of NAM as investment adviser and Nuveen Investments, LLC as distributor to the Funds. The Prior Board also considered a proposal in connection with an internal restructuring of NAM (the “Restructuring”), for Nuveen Asset Management, LLC (“NAM LLC”), a wholly-owned subsidiary of NAM formed in anticipation of the Restructuring, to serve as sub-advisor for each Fund.
The Prior Board approved a new investment advisory agreement (the “New Advisory Agreement”) for each Fund with NAM and an investment sub-advisory agreement between NAM and NAM LLC (the “NAM Sub-Advisory Agreement”). In addition, for the Nuveen International Fund (formerly known as the International Fund) (the “International Fund”) and the Nuveen International Select Fund (formerly known as the International Select Fund) (the “International Select Fund”) (collectively, the “International Sub-Advised Funds”), the Prior Board approved new investment sub-advisory agreements (each, a “New International Sub-Advisory Agreement”) between NAM and the sub-advisors of such Funds (which included Altrinsic Global Advisors, LLC (for the International Fund and the International Select Fund), Hansberger Global Investors, Inc. (for the International Fund and the International Select Fund) and Lazard Asset Management LLC (for the International Select Fund) (collectively, the “International Fund Sub-Advisors”)), given that the investment sub-advisory agreements for such Funds (the “Prior International Sub-Advisory Agreements”) between FAF and the applicable International Fund Sub-Advisors would automatically terminate upon the completion of the Transaction. At a meeting of the Funds’ stockholders held on December 17, 2010 (adjourned until December 29, 2010 for the Nuveen Small Cap Select Fund (formerly known as the Small Cap Select Fund) and the Nuveen Real Estate Securities Fund (formerly known as the Real Estate Securities Fund), stockholders of each of the Funds approved the New Advisory Agreement and the NAM Sub-Advisory Agreement and stockholders of the International Sub-Advised Funds approved the applicable New International Sub-Advisory Agreements. In addition, stockholders of the Company’s funds (including the Funds) elected ten directors, including one Prior Director, to the board of directors of the Company (the “New Board”).
On December 31, 2010, the Transaction closed and the New Board (which replaced the Prior Board) took effect. On January 1, 2011, the New Advisory Agreement, the NAM Sub-Advisory Agreement and the New International Sub-Advisory Agreements became effective. In addition, in connection with the Restructuring, NAM has changed its name to Nuveen Fund Advisors, Inc. (“NFA”). The following is a summary of the considerations of the Prior Board, which were set forth in a proxy statement dated November 10, 2010 (the “Proxy Statement”), in approving the New Advisory Agreement and the NAM Sub-Advisory Agreement for all of the Funds and the New International Sub-Advisory Agreements for the International Sub-Advised Funds.
B. Prior Board Considerations
The New Advisory Agreement for each Fund was approved by the Prior Board after consideration of all factors determined to be relevant to its deliberations, including those discussed below. The Prior Board authorized the submission of the New Advisory Agreement for consideration by each Fund’s stockholders.
At meetings held in May and June of 2010, the Prior Board was apprised of the general terms of the Transaction and, as a result, began the process of considering the transition of services from FAF to NFA. In preparation for its September 21-23, 2010 meeting, the Prior Board received, in response to a written due diligence request prepared by the Prior Board and its independent legal counsel and provided to NFA and FAF, a significant amount of information covering a range of issues in advance of the meeting. To assist the Prior Board in its consideration of the New Advisory Agreement for each Fund, NFA provided materials and information about, among other things: (1) NFA and its affiliates, including their history and organizational structure, product lines, experience in providing investment advisory, administrative and other services, and financial condition, (2) the nature, extent and quality of services to be provided under the New Advisory Agreement, (3) proposed Fund fees and expenses and comparative information relating thereto, and (4) NFA’s compliance and risk management capabilities and processes. In addition, the Prior Board was provided with a memorandum from independent legal counsel outlining the legal duties of the Prior Board under the Investment Company Act of 1940, as amended (the “1940 Act”). In response to further requests from the Prior Board and its independent legal counsel, NFA and FAF provided additional information to the Prior Board following its September 21-23 meeting.
An additional in-person meeting of the Prior Board to consider the New Advisory Agreement was held on October 7, 2010, at which the members of the Prior Board in attendance, all of whom were not considered to be “interested persons” of the Company as defined in the 1940 Act (the “Independent Prior Directors”), approved the New Advisory Agreement with NFA for each Fund.
Nuveen Investments | 231 |
Annual Investment Management Agreement Approval Process
(Unaudited) (continued)
In considering the New Advisory Agreement for each Fund, the Prior Board, advised by independent legal counsel, reviewed and analyzed the factors it deemed relevant, including: (1) the nature, quality, and extent of services to be rendered to the Funds by NFA, (2) the cost of services to be provided, including Fund expense information, and (3) whether economies of scale may be realized as the Funds grow and whether fee levels are adjusted to enable Fund investors to share in these potential economies of scale.
In considering the New Advisory Agreement, the Prior Board did not identify any particular information that was all-important or controlling, and each Prior Director may have attributed different weights to the various factors discussed below. Where appropriate, the Prior Directors evaluated all information available to them regarding the Company’s funds on a fund-by-fund basis, and their determinations were made separately with respect to each such fund (including each of the Funds). The Prior Directors, all of whom were Independent Prior Directors, concluded that the terms of the New Advisory Agreement and the fee rates to be paid in light of the services to be provided to each Fund are in the best interests of each Fund, and that the New Advisory Agreement should be approved and recommended to stockholders for approval. In voting to approve the New Advisory Agreement with respect to each Fund, the Prior Board considered in particular the following factors:
Nature, Extent and Quality of Services. In considering approval of the New Advisory Agreement, the Prior Board considered the nature, extent and quality of services to be provided by NFA, including advisory services and administrative services. The Prior Board reviewed materials outlining, among other things, NFA’s organizational structure and business; the types of services that NFA or its affiliates are expected to provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and fund product lines offered by NFA. The Prior Board considered that affiliation with a larger fund complex and well-recognized sponsor may result in a broader distribution network, potential economies of scale with respect to other services or fees and broader shareholder services including exchange options.
With respect to personnel, the Prior Board considered information regarding retention plans for current FAF employees who would be offered employment by NFA, and the background and experience of NFA employees who would become portfolio managers as of the closing of the Transaction. The Prior Board also reviewed information regarding portfolio manager compensation arrangements to evaluate NFA’s ability to attract and retain high quality investment personnel.
In evaluating the services of NFA, the Prior Board also considered NFA’s ability to supervise the Funds’ other service providers and, given the importance of compliance, NFA’s compliance program. Among other things, the Prior Board considered the report of NFA’s chief compliance officer regarding NFA’s compliance policies and procedures.
In addition to advisory services, the Prior Board considered the quality of administrative services expected to be provided by NFA and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support.
The Prior Board considered that, based on representations from FAF and NFA, the Transaction would allow stockholders to continue their investment in each of the Company’s funds with the same investment objective and principal strategies and, in most cases, the same portfolio management team. In light of the continuity of investment personnel in most cases (with respect to the Company’s funds in the aggregate), the Prior Board considered the historical investment performance of each of the Company’s funds (including each Fund) previously provided during the annual contract renewal process. The Prior Board also considered representations from NFA and FAF that no International Fund Sub-Advisor would change as a result of the Transaction.
Cost of Services Provided by NFA. In evaluating the costs of the services to be provided by NFA under the New Advisory Agreement, the Prior Board received a comparison of each Fund’s annual operating expenses as of June 30, 2010 under the Prior Advisory Agreement and under the New Advisory Agreement, in each case adjusted to reflect a decrease in net assets for certain of the Company’s funds from redemptions by the U.S. Bank 401(k) Plan expected to occur prior to the closing of the Transaction. The Prior Board considered, among other things, that the advisory fee rates and other expenses would change as a result of NFA serving as investment adviser to each Fund. The Prior Board noted that the services provided by NFA under the New Advisory Agreement would include certain administrative services, which services (along with other services) were provided pursuant to the Prior Administrative Agreement and were charged separately from the advisory fee. Accordingly, the Prior Board considered that the fee rates paid under the New Advisory Agreement include bundled investment advisory and administrative fees and thus are higher than the fee rates paid under the Prior Advisory Agreement for most of the Company’s funds, but lower than the combined fee rates paid under the Prior Advisory Agreement and the Prior Administrative Agreement. The Prior Board also noted that certain administrative services provided under the Prior Administrative Agreement would not be provided under the New Advisory Agreement and will be delegated to other service providers. Similarly, certain fees paid by FAF under the Prior Administrative Agreement will not be paid by NFA under the New Advisory Agreement and will be paid directly by the Funds. However, immediately following the closing of the Transaction, the net expense ratio of each Fund was expected to be the same or lower than the Fund’s net expense ratio as of June 30, 2010, adjusted (where applicable) to reflect a decrease in net assets resulting from redemptions by the U.S. Bank 401(k) Plan expected to occur prior to the closing of the Transaction, assuming the Fund’s net assets at the time of the closing of the Transaction were no lower than their adjusted June 30 level. In addition, the Prior Board noted that NFA has committed to certain undertakings to maintain current fee caps and/or to waive fees or reimburse expenses to maintain net management fees at certain levels and Nuveen has represented to the Prior Board that Nuveen and its affiliates will not take any action that imposes an “unfair burden” on any Fund as a result of the Transaction. The Prior Board also considered that fees payable under the New Advisory Agreement include both a fund-level fee and a complex-level fee, and that schedules for the fund-level and complex-level fees contain breakpoints that are based, respectively, on
232 | Nuveen Investments |
Fund assets and Nuveen complex-wide assets. The Prior Board considered that breakpoints in the fund-level fee allow for the possibility that this portion of the advisory fee could decline in the future if Fund assets were to increase or increase in the future if Fund assets were to decline. The Prior Board also considered that breakpoints in the complex-level fee allow for the possibility that this portion of the advisory fee could decline in the future if complex-wide assets were to increase or increase in the future if complex-wide assets were to decline, regardless, in each case, of whether assets of the particular Fund had increased or decreased.
In considering the compensation to be paid to NFA, the Prior Board also reviewed fee information regarding NFA-sponsored funds, to the extent such funds had similar investment objectives and strategies to the Funds. The Prior Board reviewed information provided by NFA regarding similar funds managed by NFA and noted that the fee rates payable by these funds were generally comparable to the fee rates proposed for the Company’s funds. The Prior Board also compared proposed fee and expense information to the median fees and expenses of comparable funds, using information provided by an independent data service.
In evaluating the compensation, the Prior Board also considered other amounts expected to be paid to NFA by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) NFA and its affiliates are expected to receive, that are directly attributable to the management of the Funds.
The Prior Board also considered that the Funds would not bear any of the costs relating to the Transaction, including the costs of preparing, printing and mailing the Proxy Statement.
Economies of Scale. The Prior Board reviewed information regarding potential economies of scale or other efficiencies that might result from the Funds’ potential association with Nuveen. The Prior Board noted that the New Advisory Agreement provides for breakpoints in the Funds’ fund-level and complex-level management fee rates as the assets of the Funds and the assets held by the various registered investment companies sponsored by Nuveen increase, respectively. The Prior Board concluded that the structure of the investment management fee rates, with the breakpoints for the Funds under the New Advisory Agreement, reflected sharing of potential economies of scale with the Funds’ stockholders.
Conclusion. After deliberating in executive session, the members of the Prior Board in attendance, all of whom were Independent Prior Directors, approved the New Advisory Agreement with respect to each Fund, concluding that the New Advisory Agreement was in the best interests of each Fund.
NAM Sub-Advisory Agreement. The Prior Board also approved the NAM Sub-Advisory Agreement between NFA and NAM LLC as a result of the Restructuring expected to occur with NFA. The Prior Board considered that the services to be provided by NAM LLC under the NAM Sub-Advisory Agreement would not result in any material change in the nature or level of investment advisory services or administrative services provided to the Funds. In addition, the portfolio managers will continue to manage the Funds in their capacity as employees of NAM LLC. The Prior Board considered that NFA will pay a portion of the advisory fee it receives from each Fund to NAM LLC for its services as sub-advisor. The Prior Board concluded, based upon the conclusions that the Prior Board reached in connection with the approval of the New Advisory Agreement and after determining that it need not reconsider all of the factors that it had considered in connection with the approval of the New Advisory Agreement, to approve the NAM Sub-Advisory Agreement.
New International Sub-Advisory Agreements. At an in-person meeting held on October 7, 2010, the members of the Prior Board in attendance, all of whom were Independent Prior Directors, considered whether to approve the New International Sub-Advisory Agreements.
The Prior Board considered that completion of the Transaction would result in the termination of the Prior Advisory Agreement for each International Sub-Advised Fund, which would cause each Prior International Sub-Advisory Agreement to automatically terminate upon its terms. In anticipation of the termination of the Prior International Sub-Advisory Agreements, the Prior Board determined that the approval of New International Sub-Advisory Agreements was in the best interests of each International Sub-Advised Fund.
In determining whether to approve New International Sub-Advisory Agreements with respect to each International Sub-Advised Fund, the Prior Board considered representations of FAF and NFA that the Transaction was not expected to impact the nature, extent and quality of services to be provided by the International Fund Sub-Advisors. The Prior Board also considered that the terms of the New International Sub-Advisory Agreements, including the fees payable to the International Fund Sub-Advisors, would not change in any material respect in connection with the Transaction. They considered the sub-advisory fees in light of the changes to the advisory fee and expense structure discussed above, noting that the sub-advisory fee schedules include breakpoints. The Prior Board also considered that the International Sub-Advised Funds would not bear any of the costs relating to the Transaction, including the costs of preparing, printing and mailing the Proxy Statement to stockholders of the International Sub-Advised Funds and related solicitation expenses. The Prior Board considered that it had recently renewed the Prior International Sub-Advisory Agreements pursuant to an extensive annual renewal process that concluded at its June 2010 meeting. The Prior Board also determined that it was appropriate to take into consideration the extensive information received throughout the year regarding performance and operating results of the International Sub-Advised Funds, given the retention of the existing International Fund Sub-Advisors and the continuity of portfolio management expected following the Transaction. The Prior Board concluded, based upon all of these considerations, along with the conclusions the Prior Board reached with respect to the last renewal of each Prior International Sub-Advisory Agreement, that it need not reconsider all of the factors that it would typically consider in connection with an initial contract approval or contract renewal.
Nuveen Investments | 233 |
Annual Investment Management Agreement Approval Process
(Unaudited) (continued)
Based upon its evaluation of all information and factors it determined to be relevant to its deliberations, and assisted by the advice of independent legal counsel, the members of the Prior Board in attendance, all of whom were Independent Prior Directors, concluded that the New International Sub-Advisory Agreements between NAM (now NFA) and each International Sub-Advised Fund’s International Fund Sub-Advisors should be approved.
234 | Nuveen Investments |
Notes
Nuveen Investments | 235 |
Notes
236 | Nuveen Investments |
Notes
Nuveen Investments | 237 |
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.
Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index: 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. At the end of the month, the issue is sold and rolled into a newly selected issue.
Morgan Stanley REIT Index: An unmanaged index of the most actively traded real estate investment trusts.
MSCI All Country World Investable Market Index: An unmanaged index that tracks the performance of small-, mid-, and large-capitalization stocks of non-U.S. companies representing developed and emerging markets around the world that collectively comprise most foreign stock markets.
MSCI EAFE Index: An unmanaged index of common stocks in Europe, Australia, and the Far East.
Russell 1000 Growth Index: An unmanaged index that measures the performance of those companies in the Russell 1000 Index (a large-cap index) with higher price-to-book ratios and higher forecasted growth values.
Russell 1000 Value Index: An unmanaged index that measures the performance of those companies in the Russell 1000 Index (a large-cap index) with lower price-to-book ratios and lower forecasted growth values.
Russell 2000 Growth Index: An unmanaged index that measures the performance of those companies in the Russell 2000 Index (a small-cap index) with higher price-to-book ratios and higher forecasted growth values.
Russell 2000 Index: An unmanaged small cap index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index.
Russell 2000 Value Index: An unmanaged index that measures the performance of those companies in the Russell 2000 Index (a small-cap index) with lower price-to-book ratios and lower forecasted growth values.
Russell Midcap Growth Index: An unmanaged index that measures the performance of those companies in the Russell Midcap Index (a mid-cap index) with higher price-to-book ratios and higher forecasted growth values.
Russell Midcap Index: An unmanaged index that measures the performance of the 800 smallest companies in the Russell 1000 Index.
Russell Midcap Value Index: An unmanaged index that measures the performance of those companies in the Russell Midcap Index with lower price-to-book ratios and lower forecasted growth values.
S&P 500 Dividend Only Stocks: A custom benchmark composed of companies in the Standard & Poor’s 500® Index that have an indicated annual dividend.
S&P 500 Index: An unmanaged market-capitalization weighted index based on the average weighted performance of 500 widely held large-cap common stocks.
S&P Global Infrastructure Index: An unmanaged index that is comprised of 75 of the largest publicly listed infrastructure companies from around the world that meet specific investment requirements.
Tax Equalization: The practice of treating a portion of a distribution made to a redeeming shareholder representing his proportionate part of undistributed net investment income and capital gain. 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 for tax purposes.
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Fund Manager
Nuveen Fund Advisors, Inc.
333 West Wacker Drive
Chicago, IL 60606
Sub-Adviser
Nuveen Asset Management, LLC
333 West Wacker Drive
Chicago, IL 60606
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
Independent Registered Public Accounting Firm
Ernst & Young LLP
Chicago, IL
Custodians
U.S. Bank National Association
St. Paul, MN
State Street Bank & Trust Company
Boston, MA
Transfer Agent and Shareholder Services
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
Quarterly Portfolio of Investments and Proxy Voting information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. 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 at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section at 100 F Street NE, Washington, D.C. 20549.
The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. FINRA also provides an investor brochure that includes information describing the Public Disclosure Program.
Nuveen Investments | 239 |
Nuveen Investments:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $206 billion of assets as of March 31, 2011.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mf
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Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com |
MSA-FSTK-0411D
Mutual Funds
Nuveen Index Funds
For investors seeking long term capital appreciation potential.
Semi-Annual Report
April 30, 2011
Share Class / Ticker Symbol | ||||||||||
Fund Name | Class A | Class B | Class C | Class R3 | Class I | |||||
Nuveen Equity Index Fund | FAEIX | FAEQX | FCEIX | FADSX | FEIIX | |||||
Nuveen Mid Cap Index Fund | FDXAX | — | FDXCX | FMCYX | FIMEX | |||||
Nuveen Small Cap Index Fund | FMDAX | — | FPXCX | ARSCX | ASETX |
INVESTMENT ADVISER NAME CHANGE
Effective January 1, 2011, Nuveen Asset Management, LLC, the Funds’ investment adviser, changed its name to Nuveen Fund Advisors, Inc. (“Nuveen Fund Advisors”). Concurrently, Nuveen Fund Advisors formed a wholly-owned subsidiary, Nuveen Asset Management, LLC, to house its portfolio management capabilities.
NUVEEN INVESTMENTS COMPLETES STRATEGIC COMBINATION WITH FAF ADVISORS
On December 31, 2010, Nuveen Investments completed the strategic combination between Nuveen Asset Management, LLC, the largest investment affiliate of Nuveen Investments, and FAF Advisors. As part of this transaction, U.S. Bancorp — the parent of FAF Advisors — received cash consideration and a 9.5% stake in Nuveen Investments in exchange for the long term investment business of FAF Advisors, including investment-management responsibilities for the non-money market mutual funds of the First American Funds family.
The approximately $27 billion of mutual fund and institutional assets managed by FAF Advisors, along with the investment professionals managing these assets and other key personnel, have become part of Nuveen Asset Management, LLC. With these additions to Nuveen Asset Management, LLC, this affiliate now manages more than $100 billion of assets across a broad range of strategies from municipal and taxable fixed income to traditional and specialized equity investments.
This combination does not affect the investment objectives or strategies of the Funds in this report. Over time, Nuveen Investments expects that the combination will provide even more ways to meet the needs of investors who work with financial advisors and consultants by enhancing the multi-boutique model of Nuveen Investments, which also includes highly respected investment teams at HydePark, NWQ Investment Management, Santa Barbara Asset Management, Symphony Asset Management, Tradewinds Global Investors and Winslow Capital. Nuveen Investments managed approximately $206 billion of assets as of March 31, 2011.
Must be preceded by or accompanied by a prospectus. | NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
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Letter to Shareholders
Dear Shareholders,
In 2010, the global economy recorded another year of recovery from the financial and economic crises of 2008, but many of the factors that caused the downturn still weigh on the prospects for continued improvement. In the U.S., ongoing weakness in housing values has put pressure on homeowners and mortgage lenders. Similarly, the strong earnings recovery for corporations and banks is only slowly being translated into increased hiring or more active lending. Globally, deleveraging by private and public borrowers has inhibited economic growth and that process is far from complete.
Encouragingly, constructive actions are being taken by governments around the world to deal with economic issues. In the U.S., the recent passage of a stimulatory tax bill relieved some of the pressure on the Federal Reserve to promote economic expansion through quantitative easing and offers the promise of sustained economic growth. A number of European governments are undertaking programs that could significantly reduce their budget deficits. Governments across the emerging markets are implementing various steps to deal with global capital flows without undermining international trade and investment.
The success of these government actions could determine whether 2011 brings further economic recovery and financial market progress. One risk associated with the extraordinary efforts to strengthen U.S. economic growth is that the debt of the U.S. government will continue to grow to unprecedented levels. Another risk is that over time there could be inflationary pressures on asset values in the U.S. and abroad, because what happens in the U.S. impacts the rest of the world economy. Also, these various actions are being taken in a setting of heightened global economic uncertainty, primarily about the supplies of energy and other critical commodities. In this challenging environment, your Nuveen investment team continues to seek sustainable investment opportunities and to remain alert to potential risks in a recovery still facing many headwinds. On your behalf, we monitor their activities to assure they maintain their investment disciplines.
As you will note elsewhere in this report, on December 31, 2010, Nuveen Investments completed a strategic combination with FAF Advisors, Inc., the manager of the First American Funds. The combination adds highly respected and distinct investment teams to meet the needs of investors and their advisors and is designed to benefit all fund shareholders by creating a fund organization with the potential for further economies of scale and the ability to draw from even greater talent and expertise to meet those investor needs.
As always, I encourage you to contact your financial consultant if you have any questions about your investment in a Nuveen Fund. On behalf of the other members of your Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Robert P. Bremner
Chairman of the Board
June 21, 2011
4 | Nuveen Investments |
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Nuveen Equity Index Fund
(formerly known as First American Equity Index Fund)
Nuveen Mid Cap Index Fund
(formerly known as First American Mid Cap Index Fund)
Nuveen Small Cap Index Fund
(formerly known as First American Small Cap Index Fund)
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments. Walt French and David Friar are the portfolio managers for the Funds. Walt has more than 37 years of financial industry experience, while David has more than 13 years. In the following commentary, the portfolio managers discuss their management strategies and the performance of the Funds for the six-month period ended April 30, 2011.
How did the Funds perform during the six-month period ended April 30, 2011?
The tables in the Fund Performance section of this report provide total return performance information for the six-month, one-year, five-year, ten-year and since-inception periods ending April 30, 2011. Each Fund’s Class A Share total returns are compared with appropriate indexes.
The Class A Shares at net asset value (NAV) of the Nuveen Equity Index Fund underperformed the Standard & Poor’s (S&P) 500 Index over the six-month period. The Nuveen Mid Cap Index Fund slightly underperformed the S&P MidCap 400 Index, while the Nuveen Small Cap Index Fund slightly underperformed the Russell 2000 Index.
How did market conditions affect the performance of the Funds during the six-month period?
The U.S. economy continued to strengthen during the six-month time frame, although data moderated as the period progressed. Manufacturing gains remained solid and employment conditions improved somewhat, strengthening the market’s confidence in the durability of the recovery. Although the housing market remained soft and mortgage credit conditions continued to be tight, improving income and job trends were supportive for consumption. Ongoing headlines out of Europe regarding sovereign debt problems, volatile political conditions in the Middle East and the tragic earthquake and nuclear disaster in Japan combined to introduce market uncertainty and headwinds for global growth. Major emerging market economies moderated their pace of growth, which was a positive factor in light of increased concerns regarding rising commodity prices and inflation pressures.
Nuveen Investments | 5 |
Economic conditions continued to be favorable for most sectors of the U.S. equity market, with corporate profits in general benefiting greatly from stronger sales trends while most costs remained well controlled. While the decision by the Federal Reserve to embark on its second round of quantitative easing boosted inflation fears, it also sustained the economic recovery. The strong rise in commodity prices led to stellar profits for the producers of metals, chemicals and energy products. In addition, continued strength in demand for economically cyclical products in the industrial and technology sectors ultimately led to strong profits in those sectors as well.
Against the backdrop of robust corporate earnings, ample liquidity and ongoing global economic expansion, equity markets produced very strong returns over the six-month period despite a significant March pullback driven by global turmoil. As investors’ appetite for risk increased, smaller sized companies outshone their larger counterparts over the period, as evidenced by the benchmark Russell 2000 Index gaining 23.73%. Mid-cap stocks were not far behind as measured by the benchmark S&P MidCap 400 Index advancing 23.25%. The proxy for the large-cap domestic market, the S&P 500 Index, gained 16.36%. Overseas, stock market performance fell short of U.S. equity returns, particularly in emerging markets as inflation and commodity price concerns moved to the forefront.
What strategies were used to manage the Funds during the reporting period?
Nuveen Equity Index Fund
The Fund is invested to replicate the return of the S&P 500 Index as closely as possible with consideration given to turnover costs and fees. We believe the Fund’s objective can best be achieved by investing in common stocks of approximately 90% to 100% of the issues included in the S&P 500 Index, depending on the size of the Fund, and we followed this approach during the period.
During this period, the three best-performing sectors were energy, industrials and materials, which advanced 36.6%, 21.6% and 19.1%, respectively. The three lowest-performing sectors were utilities, information technology and consumer staples, which gained 6.7%, 10.3%, and 11.1%, respectively.
In recent years, Standard & Poor’s has shifted the membership of the S&P 500 Index, causing it to be more closely aligned with the largest publicly traded companies in the economy. Thus, the index now reflects some of the most successful firms over the past couple of years, with dramatically increased weights given to companies such as Google and Apple. Unlike a decade ago, however, when many technology firms were bid to exceptional price/earnings multiples, investors are now watching tech earnings scrupulously. Therefore, we do not believe this phenomenon reflects the same bubble-making mentality.
During the period, the Fund was invested in S&P 500 Index Futures to convert cash into the equivalent of an S&P 500 Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index.
6 | Nuveen Investments |
Nuveen Mid Cap Index Fund
The Fund is invested to replicate the return of the S&P MidCap 400 Index as closely as possible with consideration given to turnover costs and fees. We believe the Fund’s objective can best be achieved by investing in common stocks of approximately 90% to 100% of the issues included in the S&P MidCap 400 Index, depending on the size of the Fund, and we followed this approach during the period.
The Fund performed very similarly to the index during the reporting period. The three best-performing sectors were energy, industrials and health care, which advanced 38.8%, 29.5% and 29.5%, respectively. The three lowest-performing sectors were telecommunications, financials and utilities, which gained 6.8%, 14.7%, and 16.6%, respectively.
During the period, the Fund was invested in S&P Mid 400 Index futures to convert cash into the equivalent of an S&P 400 Mid Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index.
Nuveen Small Cap Index Fund
The Fund is invested to replicate the return of the Russell 2000 Index as closely as possible with consideration given to turnover costs and fees. We believe the Fund’s objective can best be achieved by investing in common stocks of between 90% to 100% of the issues included in the Russell 2000 Index, depending on the size of the Fund, and we followed this approach during the period.
The Fund performed very similarly to the index during the reporting period. The three best-performing sectors were energy, materials and health care, which advanced 48.3%, 30.8% and 29.4%, respectively. The three lowest-performing sectors were utilities, financials and telecommunications, which gained 12.6%, 15.1%, and 16.8%, respectively.
The Frank Russell Company, which sponsors the index, recomputes the overall U.S. stock rankings in the middle of each summer. As a result, Russell 2000 companies that have had sharply better returns than their peers, or Russell 1000 companies that have lagged since the prior reconstitution, shift from one index to the other. Although turnover is controlled somewhat, the Russell 2000 Index maintains a distinct small-company focus in this way, with smaller firms joining to replace the companies that graduate to the Russell 1000 Index. Typically, due to mergers, acquisitions or reincorporating outside of the United States, the list of Russell 1000 Index companies shrinks enough by reconstitution that relatively few firms actually move from the Russell 1000 Index to the Russell 2000 Index.
During the period, the Fund was invested in Russell 2000 Index futures to convert cash into the equivalent of a Russell 2000 Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. Equity investments are subject to market risk. Investments in small- and mid-cap companies are subject to greater volatility.
Nuveen Investments | 7 |
Fund Performance and Expense Ratios (Unaudited)
The Fund Performance and Expense Ratios for each Fund are shown on the following pages.
Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Returns may reflect a contractual agreement between certain Funds and the investment adviser to waive certain fees and expenses; see Notes to Financial Statements, Footnote 7 — Management Fees and Other Transactions with Affiliates for more information. In addition, returns may reflect a voluntary expense limitation by the Funds’ investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains.
Comparative index and benchmark return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.
Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares.
The expense ratios shown reflect the Funds’ total operating expenses (before fee waivers or expense reimbursements, if any) as shown in the Funds’ most recent prospectus. The expense ratios include management fees and other fees and expenses.
8 | Nuveen Investments |
Nuveen Equity Index Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011* | ||||||||||||||||
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 15.94 | % | 16.46 | % | 2.47 | % | 2.31 | % | ||||||||
Standard & Poor’s (S&P) 500 Index*** | 16.36 | % | 17.22 | % | 2.95 | % | 2.82 | % | ||||||||
Class B Shares w/o CDSC**** | 15.51 | % | 15.63 | % | 1.71 | % | 1.55 | % | ||||||||
Class B Shares w/CDSC**** | 10.51 | % | 10.63 | % | 1.53 | % | 1.55 | % | ||||||||
Class C Shares | 15.56 | % | 15.65 | % | 1.71 | % | 1.55 | % | ||||||||
Class I Shares | 16.13 | % | 16.81 | % | 2.73 | % | 2.57 | % | ||||||||
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception** | |||||||||||||
Class R3 Shares | 15.83 | % | 16.26 | % | 2.22 | % | 4.55 | % |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||||||
1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 14.97 | % | 2.16 | % | 2.78 | % | ||||||
Class B Shares w/o CDSC**** | 14.12 | % | 1.39 | % | 2.01 | % | ||||||
Class B Shares w/CDSC**** | 9.12 | % | 1.21 | % | 2.01 | % | ||||||
Class C Shares | 14.09 | % | 1.39 | % | 2.01 | % | ||||||
Class I Shares | 15.21 | % | 2.41 | % | 3.03 | % | ||||||
Average Annual | ||||||||||||
1-Year | 5-Year | Since Inception** | ||||||||||
Class R3 Shares | 14.67 | % | 1.89 | % | 4.27 | % |
Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||||||
Share Class | Gross Expense Ratios | Net Expense Ratios | ||||||
Class A | 0.67% | 0.63% | ||||||
Class B | 1.42% | 1.38% | ||||||
Class C | 1.42% | 1.38% | ||||||
Class R3 | 0.92% | 0.88% | ||||||
Class I | 0.42% | 0.38% |
The Fund’s adviser has contractually agreed to waive fees and reimburse expenses through February 29, 2012, so that total annual Fund operating expenses; after waivers and excluding acquired fund fees and expenses, do not exceed 0.62%, 1.37%, 1.37%, 0.87% and 0.37%, respectively, for Class A, Class B, Class C, Class R3 and Class I Shares. Fee waivers and expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.
* | Six-month returns are cumulative; all other returns are annualized. |
** | Since inception returns for Class R3 Shares are from 9/24/01. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. |
**** | Class B Shares are available only upon the exchange of Class B Shares from another Nuveen mutual fund for which U.S. Bancorp Fund Services, LLC serves as transfer agent or for purposes of dividend reinvestment, but Class B shares are not available for new accounts or for additional investment into existing accounts. |
Nuveen Investments | 9 |
Fund Performance and Expense Ratios (Unaudited) (continued)
Nuveen Mid Cap Index Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011* | ||||||||||||||||
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 22.94 | % | 24.39 | % | 5.84 | % | 7.84 | % | ||||||||
Standard & Poor’s (S&P) MidCap 400 Index*** | 23.25 | % | 25.07 | % | 6.35 | % | 8.51 | % | ||||||||
Class R3 Shares | 22.74 | % | 24.00 | % | 5.57 | % | 7.64 | % | ||||||||
Class I Shares | 22.98 | % | 24.63 | % | 6.08 | % | 8.11 | % | ||||||||
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception** | |||||||||||||
Class C Shares | 22.37 | % | 23.42 | % | 5.04 | % | 9.62 | % |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||||||
1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 25.99 | % | 5.53 | % | 8.67 | % | ||||||
Class R3 Shares | 25.69 | % | 5.25 | % | 8.48 | % | ||||||
Class I Shares | 26.35 | % | 5.79 | % | 8.94 | % | ||||||
Average Annual | ||||||||||||
1-Year | 5-Year | Since Inception** | ||||||||||
Class C Shares | 25.09 | % | 4.76 | % | 9.41 | % |
Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||||||
Share Class | Gross Expense Ratios | Net Expense Ratios | ||||||
Class A | 0.84% | 0.78% | ||||||
Class C | 1.59% | 1.53% | ||||||
Class R3 | 1.09% | 1.03% | ||||||
Class I | 0.59% | 0.53% |
The Fund’s adviser has contractually agreed to waive fees and reimburse expenses through February 29, 2012, so that total annual Fund operating expenses; after waivers and excluding acquired fund fees and expenses, do not exceed 0.75%, 1.50%, 1.00% and 0.50%, respectively, for Class A, Class C, Class R3 and Class I Shares. Fee waivers and expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.
* | Six-month returns are cumulative; all other returns are annualized. |
** | Since inception returns for Class C Shares are from 9/24/2001. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. |
10 | Nuveen Investments |
Nuveen Small Cap Index Fund
Fund Performance
Average Annual Total Returns as of April 30, 2011* | ||||||||||||||||
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 23.32% | 21.47% | 3.47% | 6.99% | ||||||||||||
Russell 2000 Index*** | 23.73% | 22.20% | 3.89% | 7.34% | ||||||||||||
Class R3 Shares | 23.15% | 21.14% | 3.21% | 6.74% | ||||||||||||
Class I Shares | 23.51% | 21.79% | 3.73% | 7.22% | ||||||||||||
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception** | |||||||||||||
Class C Shares | 22.79% | 20.52% | 2.69% | 8.19% |
Latest Calendar Quarter – Average Annual Total Returns as of March 31, 2011
Average Annual | ||||||||||||
1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 25.10 | % | 2.92 | % | 7.49 | % | ||||||
Class R3 Shares | 24.78 | % | 2.68 | % | 7.25 | % | ||||||
Class I Shares | 25.42 | % | 3.18 | % | 7.71 | % | ||||||
Average Annual | ||||||||||||
1-Year | 5-Year | Since Inception** | ||||||||||
Class C Shares | 24.16 | % | 2.17 | % | 7.99 | % |
Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than one year, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios | ||||||||
Share Class | Gross Expense Ratios | Net Expense Ratios | ||||||
Class A | 1.26% | 0.89% | ||||||
Class C | 2.01% | 1.64% | ||||||
Class R3 | 1.51% | 1.14% | ||||||
Class I | 1.01% | 0.64% |
The Fund’s adviser has contractually agreed to waive fees and reimburse expenses through February 29, 2012, so that total annual Fund operating expenses; after waivers and excluding acquired fund fees and expenses, do not exceed 0.83%, 1.58%, 1.08% and 0.58%, respectively, for Class A, Class C, Class R3 and Class I Shares. Fee waivers and expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.
* | Six-month returns are cumulative; all other returns are annualized. |
** | Since inception returns for Class C Shares are from 9/24/01. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. |
Nuveen Investments | 11 |
Holding Summaries as of April 30, 2011
This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.
Nuveen Equity Index Fund
Portfolio Allocation1
Nuveen Mid Cap Index Fund
Portfolio Allocation1
Nuveen Small Cap Index Fund
Portfolio Allocation1
Portfolio Composition1 | ||||
Information Technology | 15.9% | |||
Financials | 13.4% | |||
Energy | 11.4% | |||
Industrials | 9.9% | |||
Health Care | 9.6% | |||
Consumer Discretionary | 9.3% | |||
Consumer Staples | 9.1% | |||
Money Market Funds | 8.9% | |||
Short-Term Investments | 3.7% | |||
Other | 8.8% |
Portfolio Composition1 | ||||
Financials | 14.5% | |||
Information Technology | 12.0% | |||
Industrials | 11.7% | |||
Consumer Discretionary | 9.7% | |||
Health Care | 8.5% | |||
Energy | 5.2% | |||
Materials | 5.1% | |||
Money Market Funds | 21.2% | |||
Short-Term Investments | 4.3% | |||
Other | 7.8% |
Portfolio Composition1 | ||||
Financials | 13.4% | |||
Information Technology | 12.7% | |||
Industrials | 10.2% | |||
Consumer Discretionary | 8.7% | |||
Health Care | 8.7% | |||
Money Market Funds | 27.5% | |||
Short-Term Investments | 5.8% | |||
Other | 13.0% |
Top Five Common Stock | ||||
Exxon Mobil | 3.5% | |||
Apple | 2.6% | |||
Chevron | 1.8% | |||
General Electric | 1.7% | |||
IBM | 1.7% |
Top Five Common Stock Holdings2 | ||||
Vertex Pharmaceuticals | 0.9% | |||
Cimarex Energy | 0.8% | |||
BorgWarner | 0.7% | |||
Lubrizol | 0.7% | |||
Green Mountain Coffee Roasters | 0.6% |
Top Five Common Stock Holdings2 | ||||
TIBCO Software | 0.4% | |||
VeriFone Holdings | 0.4% | |||
Riverbed Technology | 0.4% | |||
Rackspace Hosting | 0.3% | |||
Brigham Exploration | 0.3% |
1 | As a percentage of total investments (excluding investments in derivatives) as of April 30, 2011. Holdings are subject to change. |
2 | As a percentage of total common stocks as of April 30, 2011. Holdings are subject to change. |
3 | Rounds to less than 0.1%. |
4 | The percentage of “Other” includes rights, warrants, and closed-end funds held as of the end of the reporting period. Holdings are subject to change. |
12 | Nuveen Investments |
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 for the period.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Equity Index Fund
Hypothetical Performance | ||||||||||||||||||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||||||||||||||||||
A Shares | B Shares | C Shares | R3 Shares | I Shares | A Shares | B Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||||||||
Beginning Account Value (11/01/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||||||
Ending Account Value (4/30/11) | $ | 1,159.40 | $ | 1,155.11 | $ | 1,155.60 | $ | 1,158.30 | $ | 1,161.30 | $ | 1,021.92 | $ | 1,018.20 | $ | 1,018.20 | $ | 1,020.68 | $ | 1,023.16 | ||||||||||||||||||||||
Expenses Incurred During Period | $ | 3.11 | $ | 7.11 | $ | 7.11 | $ | 4.12 | $ | 1.77 | $ | 2.91 | $ | 6.66 | $ | 6.66 | $ | 4.16 | $ | 1.66 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .58%, 1.33%, 1.33%, .83% and ..33% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Mid Cap Index Fund
Hypothetical Performance | ||||||||||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||||||||||
A Shares | C Shares | R3 Shares | I Shares | A Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||
Beginning Account Value (11/01/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||
Ending Account Value (4/30/11) | $ | 1,229.40 | $ | 1,223.70 | $ | 1,227.40 | $ | 1,229.80 | $ | 1,021.32 | $ | 1,017.60 | $ | 1,020.08 | $ | 1,022.56 | ||||||||||||||||||
Expenses Incurred During Period | $ | 3.87 | $ | 7.99 | $ | 5.25 | $ | 2.49 | $ | 3.51 | $ | 7.25 | $ | 4.76 | $ | 2.26 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .70%, 1.45%, .95% and .45% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Small Cap Index Fund
Hypothetical Performance | ||||||||||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||||||||||
A Shares | C Shares | R3 Shares | I Shares | A Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||
Beginning Account Value (11/01/10) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||
Ending Account Value (4/30/11) | $ | 1,233.20 | $ | 1,227.90 | $ | 1,231.50 | $ | 1,235.10 | $ | 1,020.88 | $ | 1,017.16 | $ | 1,019.64 | $ | 1,022.12 | ||||||||||||||||||
Expenses Incurred During Period | $ | 4.37 | $ | 8.51 | $ | 5.75 | $ | 2.99 | $ | 3.96 | $ | 7.70 | $ | 5.21 | $ | 2.71 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .79%, 1.54%, 1.04% and .54% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Investments | 13 |
Shareholder Meeting Report (Unaudited)
A special meeting of shareholders was held in the offices of FAF Advisors, Inc. on December 17, 2010; at this meeting the shareholders were asked to vote on the election of Board Members, the approval of an Investment Advisory Agreement and the approval of an Investment Sub-Advisory Agreement. The meeting for Nuveen Small Cap Index Fund was subsequently adjourned to December 29, 2010.
Nuveen Equity Index Fund | Nuveen Mid Cap Index Fund | Nuveen Small Cap Index Fund | ||||||||||
To approve an investment advisory agreement with Nuveen Asset Management and an investment sub-advisory agreement between Nuveen Asset Management and Nuveen Asset Management, LLC. | ||||||||||||
For | 20,719,860 | 12,903,944 | 3,020,507 | |||||||||
Against | 106,528 | 37,119 | 593,102 | |||||||||
Abstain | 352,441 | 30,729 | 70,896 | |||||||||
Broker Non-Votes | 2,880,285 | 981,243 | 249,210 | |||||||||
Total | 24,059,114 | 13,953,035 | 3,933,715 | |||||||||
Approval of the Board Members was reached as follows: | ||||||||||||
John P. Amboian | ||||||||||||
For | 23,642,739 | 13,893,203 | 3,817,434 | |||||||||
Withhold | 416,375 | 59,832 | 116,281 | |||||||||
Total | 24,059,114 | 13,953,035 | 3,933,715 | |||||||||
Robert P. Bremner | ||||||||||||
For | 23,638,931 | 13,886,536 | 3,816,873 | |||||||||
Withhold | 420,183 | 66,499 | 116,842 | |||||||||
Total | 24,059,114 | 13,953,035 | 3,933,715 | |||||||||
Jack B. Evans | ||||||||||||
For | 23,648,098 | 13,892,299 | 3,817,104 | |||||||||
Withhold | 411,016 | 60,736 | 116,611 | |||||||||
Total | 24,059,114 | 13,953,035 | 3,933,715 | |||||||||
William C. Hunter | ||||||||||||
For | 23,647,459 | 13,891,799 | 3,817,104 | |||||||||
Withhold | 411,655 | 61,236 | 116,611 | |||||||||
Total | 24,059,114 | 13,953,035 | 3,933,715 | |||||||||
David J. Kundert | ||||||||||||
For | 23,634,207 | 13,886,536 | 3,817,104 | |||||||||
Withhold | 424,907 | 66,499 | 116,611 | |||||||||
Total | 24,059,114 | 13,953,035 | 3,933,715 | |||||||||
William J. Schneider | ||||||||||||
For | 23,633,359 | 13,887,036 | 3,817,104 | |||||||||
Withhold | 425,755 | 65,999 | 116,611 | |||||||||
Total | 24,059,114 | 13,953,035 | 3,933,715 | |||||||||
Judith M. Stockdale | ||||||||||||
For | 23,644,400 | 13,893,203 | 3,817,434 | |||||||||
Withhold | 414,714 | 59,832 | 116,281 | |||||||||
Total | 24,059,114 | 13,953,035 | 3,933,715 | |||||||||
Carole E. Stone | ||||||||||||
For | 23,642,751 | 13,892,703 | 3,817,203 | |||||||||
Withhold | 416,363 | 60,332 | 116,512 | |||||||||
Total | 24,059,114 | 13,953,035 | 3,933,715 | |||||||||
Virginia L. Stringer | ||||||||||||
For | 23,487,384 | 13,887,704 | 3,817,434 | |||||||||
Withhold | 571,730 | 65,331 | 116,281 | |||||||||
Total | 24,059,114 | 13,953,035 | 3,933,715 | |||||||||
Terence J. Toth | ||||||||||||
For | 23,641,550 | 13,892,299 | 3,817,104 | |||||||||
Withhold | 417,564 | 60,736 | 116,611 | |||||||||
Total | 24,059,114 | 13,953,035 | 3,933,715 |
14 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Equity Index Fund
(formerly known as First American Equity Index Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||
COMMON STOCKS – 96.1% | ||||||||||||||
Consumer Discretionary – 10.2% | ||||||||||||||
5,966 | Abercrombie & Fitch, Class A | $ | 422,393 | |||||||||||
24,364 | Amazon.com — | 4,787,526 | ||||||||||||
8,418 | Apollo Group, Class A — | 336,973 | ||||||||||||
4,383 | AutoNation q — | 148,628 | ||||||||||||
1,827 | AutoZone q — | 515,908 | ||||||||||||
17,419 | Bed Bath & Beyond — | 977,554 | ||||||||||||
22,374 | Best Buy q | 698,516 | ||||||||||||
5,161 | Big Lots — | 212,169 | ||||||||||||
10,913 | Cablevision Systems, Class A | 384,465 | ||||||||||||
15,089 | CarMax q — | 523,588 | ||||||||||||
29,512 | Carnival | 1,123,522 | ||||||||||||
48,067 | CBS, Class B | 1,212,250 | ||||||||||||
1,300 | Chipotle Mexican Grill, Class A q — | 346,827 | ||||||||||||
20,227 | Coach | 1,209,777 | ||||||||||||
189,866 | Comcast, Class A | 4,982,084 | ||||||||||||
19,216 | D.R. Horton q | 239,047 | ||||||||||||
9,443 | Darden Restaurants | 443,538 | ||||||||||||
4,215 | DeVry | 222,974 | ||||||||||||
54,264 | DIRECTV, Class A — | 2,636,688 | ||||||||||||
19,396 | Discovery Communications, Class A q — | 858,467 | ||||||||||||
13,682 | Expedia | 342,460 | ||||||||||||
8,643 | Family Dollar Stores | 468,537 | ||||||||||||
258,675 | Ford Motor q — | 4,001,702 | ||||||||||||
10,491 | Fortune Brands | 682,755 | ||||||||||||
10,354 | GameStop, Class A q — | 265,891 | ||||||||||||
16,391 | Gannett q | 246,848 | ||||||||||||
29,829 | Gap q | 693,226 | ||||||||||||
10,782 | Genuine Parts q | 578,993 | ||||||||||||
17,415 | Goodyear Tire & Rubber — | 316,082 | ||||||||||||
20,875 | H&R Block q | 360,928 | ||||||||||||
16,106 | Harley-Davidson | 600,110 | ||||||||||||
4,765 | Harman International Industries | 231,245 | ||||||||||||
9,372 | Hasbro | 438,984 | ||||||||||||
112,069 | Home Depot | 4,162,242 | ||||||||||||
20,433 | International Game Technology | 361,460 | ||||||||||||
33,454 | Interpublic Group of Companies | 393,085 | ||||||||||||
16,186 | J.C. Penney q | 622,352 | ||||||||||||
46,320 | Johnson Controls q | 1,899,120 | ||||||||||||
19,994 | Kohl’s | 1,053,884 | ||||||||||||
10,012 | Leggett & Platt | 263,215 | ||||||||||||
10,988 | Lennar, Class A | 208,662 | ||||||||||||
18,086 | Limited Brands | 744,420 | ||||||||||||
94,369 | Lowe’s | 2,477,185 |
Nuveen Investments | 15 |
Portfolio of Investments (Unaudited)
Nuveen Equity Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Consumer Discretionary (continued) | ||||||||||||||||||||
28,946 | Macy’s | $ | 692,099 | |||||||||||||||||
19,877 | Marriott International, Class A q | 701,658 | ||||||||||||||||||
23,844 | Mattel | 637,112 | ||||||||||||||||||
71,168 | McDonald’s | 5,573,166 | ||||||||||||||||||
20,971 | McGraw-Hill | 848,696 | ||||||||||||||||||
3,002 | Netflix q — | 698,475 | ||||||||||||||||||
19,872 | Newell Rubbermaid | 378,760 | ||||||||||||||||||
156,169 | News, Class A | 2,782,932 | ||||||||||||||||||
26,105 | Nike, Class B q | 2,148,964 | ||||||||||||||||||
11,478 | Nordstrom | 545,779 | ||||||||||||||||||
19,423 | Omnicom Group q | 955,417 | ||||||||||||||||||
9,650 | O’Reilly Automotive q — | 569,929 | ||||||||||||||||||
4,472 | Polo Ralph Lauren | 584,803 | ||||||||||||||||||
3,362 | Priceline.com q — | 1,839,048 | ||||||||||||||||||
22,988 | Pulte Group q — | 186,892 | ||||||||||||||||||
7,233 | RadioShack q | 114,354 | ||||||||||||||||||
8,143 | Ross Stores q | 600,058 | ||||||||||||||||||
6,326 | Scripps Networks Interactive, Class A | 325,283 | ||||||||||||||||||
2,979 | Sears Holdings q — | 256,105 | ||||||||||||||||||
6,086 | Sherwin-Williams | 500,817 | ||||||||||||||||||
12,569 | Stanley Black & Decker | 913,139 | ||||||||||||||||||
49,199 | Staples | 1,040,067 | ||||||||||||||||||
51,013 | Starbucks | 1,846,160 | ||||||||||||||||||
13,141 | Starwood Hotels & Resorts Worldwide q | 782,809 | ||||||||||||||||||
48,422 | Target | 2,377,519 | ||||||||||||||||||
8,643 | Tiffany & Company q | 600,170 | ||||||||||||||||||
74,731 | Time Warner | 2,829,305 | ||||||||||||||||||
25,593 | Time Warner Cable | 1,999,581 | ||||||||||||||||||
27,066 | TJX | 1,451,279 | ||||||||||||||||||
8,749 | Urban Outfitters q — | 275,244 | ||||||||||||||||||
5,919 | VF q | 595,215 | ||||||||||||||||||
40,823 | Viacom, Class B | 2,088,505 | ||||||||||||||||||
129,865 | Walt Disney | 5,597,182 | ||||||||||||||||||
110 | Washington Post, Class B q | 47,949 | ||||||||||||||||||
5,474 | Whirlpool q | 471,749 | ||||||||||||||||||
11,849 | Wyndham Worldwide | 410,094 | ||||||||||||||||||
5,198 | Wynn Resorts | 764,886 | ||||||||||||||||||
31,965 | Yum! Brands | 1,714,603 | ||||||||||||||||||
Total Consumer Discretionary | 90,442,083 | |||||||||||||||||||
Consumer Staples – 10.0% | �� | |||||||||||||||||||
143,056 | Altria Group | 3,839,623 | ||||||||||||||||||
43,580 | Archer-Daniels-Midland | 1,613,332 | ||||||||||||||||||
29,390 | Avon Products | 863,478 | ||||||||||||||||||
7,034 | Brown-Forman, Class B | 505,463 | ||||||||||||||||||
12,483 | Campbell Soup q | 419,304 | ||||||||||||||||||
9,411 | Clorox | 655,570 |
16 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Consumer Staples (continued) | ||||||||||||||||||||
156,894 | Coca-Cola | $ | 10,584,070 | |||||||||||||||||
22,579 | Coca-Cola Enterprises | 641,469 | ||||||||||||||||||
33,773 | Colgate-Palmolive | 2,848,753 | ||||||||||||||||||
29,796 | ConAgra Foods | 728,512 | ||||||||||||||||||
12,032 | Constellation Brands, Class A — | 269,396 | ||||||||||||||||||
29,780 | Costco Wholesale | 2,409,798 | ||||||||||||||||||
93,560 | CVS Caremark | 3,390,614 | ||||||||||||||||||
12,523 | Dean Foods — | 140,132 | ||||||||||||||||||
15,317 | Dr. Pepper Snapple Group | 600,426 | ||||||||||||||||||
7,830 | Estee Lauder, Class A | 759,510 | ||||||||||||||||||
43,479 | General Mills | 1,677,420 | ||||||||||||||||||
22,008 | H.J. Heinz q | 1,127,470 | ||||||||||||||||||
10,570 | Hershey | 609,995 | ||||||||||||||||||
8,748 | Hormel Foods | 257,279 | ||||||||||||||||||
8,567 | JM Smucker | 643,125 | ||||||||||||||||||
17,227 | Kellogg | 986,590 | ||||||||||||||||||
27,653 | Kimberly-Clark | 1,826,757 | ||||||||||||||||||
119,598 | Kraft Foods, Class A | 4,016,100 | ||||||||||||||||||
43,489 | Kroger q | 1,057,218 | ||||||||||||||||||
9,953 | Lorillard | 1,059,995 | ||||||||||||||||||
9,092 | McCormick | 446,599 | ||||||||||||||||||
13,957 | Mead Johnson Nutrition | 933,444 | ||||||||||||||||||
10,861 | Molson Coors Brewing, Class B q | 529,474 | ||||||||||||||||||
108,490 | PepsiCo | 7,473,877 | ||||||||||||||||||
122,894 | Philip Morris International | 8,533,759 | ||||||||||||||||||
191,526 | Procter & Gamble | 12,430,037 | ||||||||||||||||||
22,728 | Reynolds American | 843,436 | ||||||||||||||||||
25,178 | Safeway | 612,077 | ||||||||||||||||||
42,565 | Sara Lee | 817,248 | ||||||||||||||||||
14,509 | SUPERVALU q | 163,371 | ||||||||||||||||||
39,847 | Sysco q | 1,151,977 | ||||||||||||||||||
20,393 | Tyson Foods, Class A | 405,821 | ||||||||||||||||||
63,077 | Walgreen | 2,694,649 | ||||||||||||||||||
133,969 | Wal-Mart Stores | 7,365,616 | ||||||||||||||||||
10,088 | Whole Foods Market q | 633,123 | ||||||||||||||||||
Total Consumer Staples | 88,565,907 | |||||||||||||||||||
Energy – 12.5% | ||||||||||||||||||||
33,935 | Anadarko Petroleum | 2,678,829 | ||||||||||||||||||
26,173 | Apache | 3,490,693 | ||||||||||||||||||
29,697 | Baker Hughes | 2,298,845 | ||||||||||||||||||
7,131 | Cabot Oil & Gas | 401,333 | ||||||||||||||||||
16,748 | Cameron International q — | 882,955 | ||||||||||||||||||
44,971 | Chesapeake Energy | 1,514,174 | ||||||||||||||||||
137,277 | Chevron | 15,023,594 | ||||||||||||||||||
97,764 | ConocoPhillips | 7,716,513 |
Nuveen Investments | 17 |
Portfolio of Investments (Unaudited)
Nuveen Equity Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Energy (continued) | ||||||||||||||||||||
15,471 | CONSOL Energy | $ | 836,826 | |||||||||||||||||
27,423 | Denbury Resources q — | 618,937 | ||||||||||||||||||
29,200 | Devon Energy | 2,657,200 | ||||||||||||||||||
5,213 | Diamond Offshore Drilling | 395,510 | ||||||||||||||||||
48,193 | El Paso | 935,426 | ||||||||||||||||||
18,210 | EOG Resources | 2,056,091 | ||||||||||||||||||
339,086 | Exxon Mobil | 29,839,567 | ||||||||||||||||||
17,960 | FMC Technologies q — | 834,781 | ||||||||||||||||||
62,459 | Halliburton | 3,152,930 | ||||||||||||||||||
7,618 | Helmerich & Payne | 505,378 | ||||||||||||||||||
20,551 | Hess | 1,766,564 | ||||||||||||||||||
48,571 | Marathon Oil | 2,624,777 | ||||||||||||||||||
7,075 | Massey Energy | 482,798 | ||||||||||||||||||
13,187 | Murphy Oil | 1,021,729 | ||||||||||||||||||
19,567 | Nabors Industries — | 599,533 | ||||||||||||||||||
28,794 | National Oilwell Varco | 2,208,212 | ||||||||||||||||||
9,186 | Newfield Exploration q — | 650,369 | ||||||||||||||||||
14,715 | Noble q | 632,892 | ||||||||||||||||||
12,018 | Noble Energy | 1,156,973 | ||||||||||||||||||
55,585 | Occidental Petroleum | 6,352,810 | ||||||||||||||||||
18,502 | Peabody Energy | 1,236,304 | ||||||||||||||||||
7,971 | Pioneer Natural Resources q | 814,875 | ||||||||||||||||||
12,056 | QEP Resources | 515,153 | ||||||||||||||||||
10,974 | Range Resources q | 619,482 | ||||||||||||||||||
8,638 | Rowan — | 360,205 | ||||||||||||||||||
93,069 | Schlumberger | 8,352,942 | ||||||||||||||||||
23,780 | Southwestern Energy q — | 1,042,991 | ||||||||||||||||||
47,150 | Spectra Energy | 1,369,236 | ||||||||||||||||||
9,044 | Sunoco | 385,817 | ||||||||||||||||||
9,832 | Tesoro — | 266,644 | ||||||||||||||||||
38,908 | Valero Energy | 1,101,096 | ||||||||||||||||||
40,086 | Williams | 1,329,653 | ||||||||||||||||||
Total Energy | 110,730,637 | |||||||||||||||||||
Financials – 14.8% | ||||||||||||||||||||
21,048 | ACE | 1,415,478 | ||||||||||||||||||
32,154 | Aflac | 1,806,733 | ||||||||||||||||||
36,227 | Allstate | 1,225,922 | ||||||||||||||||||
71,535 | American Express | 3,510,938 | ||||||||||||||||||
9,822 | American International Group q — | 305,955 | ||||||||||||||||||
16,858 | Ameriprise Financial | 1,046,207 | ||||||||||||||||||
21,117 | AON | 1,101,674 | ||||||||||||||||||
9,304 | Apartment Investment & Management, Class A - REIT | 250,836 | ||||||||||||||||||
6,834 | Assurant | 271,310 | ||||||||||||||||||
5,886 | AvalonBay Communities - REIT q | 745,226 | ||||||||||||||||||
692,118 | Bank of America | 8,499,209 |
18 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
84,921 | Bank of New York Mellon | $ | 2,459,312 | |||||||||||||||||
47,499 | BB&T | 1,278,673 | ||||||||||||||||||
118,368 | Berkshire Hathaway, Class B — | 9,860,054 | ||||||||||||||||||
5,612 | BlackRock | 1,099,615 | ||||||||||||||||||
9,844 | Boston Properties - REIT q | 1,028,993 | ||||||||||||||||||
31,552 | Capital One Financial | 1,726,841 | ||||||||||||||||||
19,915 | CB Richard Ellis Group q — | 531,930 | ||||||||||||||||||
68,297 | Charles Schwab q | 1,250,518 | ||||||||||||||||||
20,188 | Chubb q | 1,316,056 | ||||||||||||||||||
11,147 | Cincinnati Financial q | 353,137 | ||||||||||||||||||
1,986,947 | Citigroup — | 9,120,087 | ||||||||||||||||||
4,720 | CME Group | 1,396,034 | ||||||||||||||||||
14,043 | Comerica | 532,651 | ||||||||||||||||||
37,286 | Discover Financial Services | 926,184 | ||||||||||||||||||
15,129 | E*TRADE Financial — | 245,695 | ||||||||||||||||||
21,200 | Equity Residential Properties Trust - REIT q | 1,266,064 | ||||||||||||||||||
6,332 | Federated Investors, Class B | 163,239 | ||||||||||||||||||
63,539 | Fifth Third Bancorp | 843,163 | ||||||||||||||||||
16,264 | First Horizon National q | 178,091 | ||||||||||||||||||
9,916 | Franklin Resources | 1,280,354 | ||||||||||||||||||
33,501 | Genworth Financial, Class A — | 408,377 | ||||||||||||||||||
35,595 | Goldman Sachs Group | 5,375,202 | ||||||||||||||||||
30,412 | Hartford Financial Services Group q | 881,036 | ||||||||||||||||||
26,638 | HCP - REIT q | 1,055,398 | ||||||||||||||||||
8,504 | Health Care - REIT q | 457,260 | ||||||||||||||||||
46,529 | Host Hotels & Resorts - REIT q | 827,751 | ||||||||||||||||||
37,744 | Hudson City Bancorp | 359,701 | ||||||||||||||||||
59,038 | Huntington Bancshares | 400,868 | ||||||||||||||||||
5,044 | IntercontinentalExchange — | 607,045 | ||||||||||||||||||
31,482 | Invesco | 782,957 | ||||||||||||||||||
12,726 | Janus Capital Group q | 154,875 | ||||||||||||||||||
272,406 | JPMorgan Chase | 12,429,885 | ||||||||||||||||||
65,555 | KeyCorp q | 568,362 | ||||||||||||||||||
28,221 | Kimco Realty - REIT q | 551,438 | ||||||||||||||||||
10,410 | Legg Mason q | 386,732 | ||||||||||||||||||
13,533 | Leucadia National q | 523,186 | ||||||||||||||||||
21,595 | Lincoln National | 674,412 | ||||||||||||||||||
21,500 | Loew’s | 951,590 | ||||||||||||||||||
6,707 | M&T Bank q | 592,698 | ||||||||||||||||||
37,411 | Marsh & McLennan | 1,132,805 | ||||||||||||||||||
38,061 | Marshall & Ilsley | 310,958 | ||||||||||||||||||
72,456 | MetLife | 3,390,216 | ||||||||||||||||||
13,647 | Moody’s q | 534,144 | ||||||||||||||||||
105,695 | Morgan Stanley | 2,763,924 | ||||||||||||||||||
10,242 | NASDAQ OMX Group q — | 277,558 |
Nuveen Investments | 19 |
Portfolio of Investments (Unaudited)
Nuveen Equity Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
16,555 | Northern Trust | $ | 827,584 | |||||||||||||||||
18,473 | NYSE Euronext | 739,844 | ||||||||||||||||||
24,754 | Peoples United Financial | 338,882 | ||||||||||||||||||
11,067 | Plum Creek Timber - REIT q | 476,877 | ||||||||||||||||||
35,935 | PNC Financial Services Group | 2,240,188 | ||||||||||||||||||
21,939 | Principal Financial Group q | 740,441 | ||||||||||||||||||
47,841 | Progressive | 1,049,632 | ||||||||||||||||||
39,008 | ProLogis - REIT q | 635,440 | ||||||||||||||||||
33,235 | Prudential Financial | 2,107,764 | ||||||||||||||||||
9,557 | Public Storage - REIT q | 1,121,132 | ||||||||||||||||||
86,010 | Regions Financial | 631,313 | ||||||||||||||||||
20,307 | Simon Property Group - REIT q | 2,325,964 | ||||||||||||||||||
38,041 | SLM — | 631,100 | ||||||||||||||||||
34,342 | State Street | 1,598,620 | ||||||||||||||||||
35,841 | SunTrust Banks | 1,010,358 | ||||||||||||||||||
17,710 | T. Rowe Price Group q | 1,137,868 | ||||||||||||||||||
5,328 | Torchmark | 356,550 | ||||||||||||||||||
29,766 | Travelers q | 1,883,592 | ||||||||||||||||||
131,430 | U.S. Bancorp | 3,393,523 | ||||||||||||||||||
21,177 | Unum Group q | 560,767 | ||||||||||||||||||
11,842 | Ventas - REIT q | 662,323 | ||||||||||||||||||
11,654 | Vornado Realty Trust - REIT q | 1,126,709 | ||||||||||||||||||
360,248 | Wells Fargo | 10,486,819 | ||||||||||||||||||
21,267 | XL Group | 519,340 | ||||||||||||||||||
12,763 | Zions Bancorporation q | 312,055 | ||||||||||||||||||
Total Financials | 130,349,242 | |||||||||||||||||||
Healthcare – 10.6% | ||||||||||||||||||||
105,829 | Abbott Laboratories | 5,507,341 | ||||||||||||||||||
26,293 | Aetna | 1,088,004 | ||||||||||||||||||
20,903 | Allergan q | 1,663,043 | ||||||||||||||||||
19,810 | AmerisourceBergen | 805,078 | ||||||||||||||||||
63,764 | Amgen — | 3,624,983 | ||||||||||||||||||
39,624 | Baxter International | 2,254,606 | ||||||||||||||||||
15,875 | Becton, Dickinson & Company | 1,364,298 | ||||||||||||||||||
16,475 | Biogen Idec — | 1,603,841 | ||||||||||||||||||
104,173 | Boston Scientific q — | 780,256 | ||||||||||||||||||
116,418 | Bristol-Myers Squibb | 3,271,346 | ||||||||||||||||||
6,259 | C.R. Bard | 668,148 | ||||||||||||||||||
23,918 | Cardinal Health | 1,044,977 | ||||||||||||||||||
15,260 | CareFusion — | 448,186 | ||||||||||||||||||
31,792 | Celgene — | 1,871,913 | ||||||||||||||||||
5,179 | Cephalon q — | 397,747 | ||||||||||||||||||
2,808 | Cerner q — | 337,465 | ||||||||||||||||||
18,547 | CIGNA | 868,556 | ||||||||||||||||||
10,243 | Coventry Health Care — | 330,542 |
20 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Healthcare (continued) | ||||||||||||||||||||
29,848 | Covidien | $ | 1,662,235 | |||||||||||||||||
6,564 | DaVita — | 578,223 | ||||||||||||||||||
9,822 | DENTSPLY International | 368,718 | ||||||||||||||||||
3,721 | Edwards Lifesciences q — | 321,308 | ||||||||||||||||||
70,453 | Eli Lilly | 2,607,466 | ||||||||||||||||||
36,126 | Express Scripts — | 2,049,789 | ||||||||||||||||||
20,476 | Forest Laboratories — | 678,984 | ||||||||||||||||||
54,382 | Gilead Sciences — | 2,112,197 | ||||||||||||||||||
11,978 | Hospira — | 679,512 | ||||||||||||||||||
11,526 | Humana — | 877,359 | ||||||||||||||||||
2,817 | Intuitive Surgical — | 985,105 | ||||||||||||||||||
187,044 | Johnson & Johnson | 12,292,533 | ||||||||||||||||||
6,839 | Laboratory Corporation of America q — | 659,758 | ||||||||||||||||||
12,310 | Life Technologies — | 679,512 | ||||||||||||||||||
17,387 | McKesson | 1,443,295 | ||||||||||||||||||
27,659 | Medco Health Solutions — | 1,641,008 | ||||||||||||||||||
73,127 | Medtronic | 3,053,052 | ||||||||||||||||||
210,831 | Merck | 7,579,374 | ||||||||||||||||||
24,596 | Mylan — | 612,932 | ||||||||||||||||||
6,705 | Patterson Companies | 232,731 | ||||||||||||||||||
7,754 | PerkinElmer | 219,206 | ||||||||||||||||||
546,739 | Pfizer | 11,459,649 | ||||||||||||||||||
10,608 | Quest Diagnostics | 598,079 | ||||||||||||||||||
22,260 | St. Jude Medical | 1,189,574 | ||||||||||||||||||
22,118 | Stryker | 1,304,962 | ||||||||||||||||||
34,807 | Tenet Healthcare — | 241,213 | ||||||||||||||||||
26,711 | Thermo Fisher Scientific — | 1,602,392 | ||||||||||||||||||
74,790 | UnitedHealth Group | 3,681,913 | ||||||||||||||||||
8,529 | Varian Medical Systems — | 598,736 | ||||||||||||||||||
8,531 | Watson Pharmaceuticals q — | 529,093 | ||||||||||||||||||
25,679 | WellPoint | 1,971,890 | ||||||||||||||||||
13,139 | Zimmer Holdings q — | 857,320 | ||||||||||||||||||
Total Health Care | 93,299,448 | |||||||||||||||||||
Industrials – 10.9% | ||||||||||||||||||||
48,675 | 3M | 4,731,697 | ||||||||||||||||||
7,309 | Avery Dennison | 305,078 | ||||||||||||||||||
50,351 | Boeing | 4,017,003 | ||||||||||||||||||
11,274 | C.H. Robinson Worldwide | 903,949 | ||||||||||||||||||
43,685 | Caterpillar | 5,041,687 | ||||||||||||||||||
8,645 | Cintas q | 268,427 | ||||||||||||||||||
25,328 | CSX | 1,993,060 | ||||||||||||||||||
13,530 | Cummins | 1,626,035 | ||||||||||||||||||
36,964 | Danaher | 2,041,891 | ||||||||||||||||||
28,793 | Deere & Company | 2,807,318 | ||||||||||||||||||
12,756 | Dover | 867,918 |
Nuveen Investments | 21 |
Portfolio of Investments (Unaudited)
Nuveen Equity Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Industrials (continued) | ||||||||||||||||||||
3,575 | Dun & Bradstreet | $ | 293,794 | |||||||||||||||||
23,278 | Eaton | 1,246,071 | ||||||||||||||||||
51,569 | Emerson Electric | 3,133,333 | ||||||||||||||||||
9,969 | Equifax | 374,137 | ||||||||||||||||||
14,511 | Expeditors International of Washington q | 787,512 | ||||||||||||||||||
10,082 | Fastenal q | 676,402 | ||||||||||||||||||
21,543 | FedEx | 2,061,019 | ||||||||||||||||||
3,749 | First Solar q — | 523,248 | ||||||||||||||||||
3,811 | Flowserve | 482,549 | ||||||||||||||||||
12,074 | Fluor | 844,456 | ||||||||||||||||||
25,487 | General Dynamics | 1,855,963 | ||||||||||||||||||
726,128 | General Electric | 14,849,317 | ||||||||||||||||||
8,590 | Goodrich | 759,098 | ||||||||||||||||||
53,620 | Honeywell International | 3,283,153 | ||||||||||||||||||
31,407 | Illinois Tool Works | 1,834,483 | ||||||||||||||||||
20,780 | Ingersoll-Rand q | 1,049,390 | ||||||||||||||||||
14,892 | Iron Mountain q | 474,310 | ||||||||||||||||||
12,562 | ITT | 725,958 | ||||||||||||||||||
8,569 | Jacobs Engineering Group q — | 425,108 | ||||||||||||||||||
7,203 | Joy Global | 727,143 | ||||||||||||||||||
7,740 | L-3 Communications Holdings | 620,671 | ||||||||||||||||||
19,617 | Lockheed Martin | 1,554,647 | ||||||||||||||||||
24,488 | Masco q | 328,629 | ||||||||||||||||||
8,903 | Monster Worldwide q — | 146,098 | ||||||||||||||||||
24,351 | Norfolk Southern | 1,818,533 | ||||||||||||||||||
19,920 | Northrop Grumman q | 1,267,111 | ||||||||||||||||||
25,257 | Paccar | 1,341,399 | ||||||||||||||||||
7,896 | Pall | 461,442 | ||||||||||||||||||
11,070 | Parker Hannifin | 1,044,122 | ||||||||||||||||||
13,935 | Pitney Bowes q | 342,244 | ||||||||||||||||||
9,809 | Precision Castparts q | 1,515,687 | ||||||||||||||||||
14,737 | Quanta Services q — | 319,498 | ||||||||||||||||||
15,207 | R.R. Donnelley & Sons | 286,804 | ||||||||||||||||||
24,597 | Raytheon | 1,194,184 | ||||||||||||||||||
21,235 | Republic Services | 671,451 | ||||||||||||||||||
10,004 | Robert Half International | 303,421 | ||||||||||||||||||
9,734 | Rockwell Automation q | 848,123 | ||||||||||||||||||
10,605 | Rockwell Collins | 669,176 | ||||||||||||||||||
6,519 | Roper Industries q | 563,828 | ||||||||||||||||||
3,503 | Ryder System q | 187,411 | ||||||||||||||||||
4,605 | Snap-On | 284,451 | ||||||||||||||||||
50,823 | Southwest Airlines | 597,170 | ||||||||||||||||||
5,839 | Stericycle q — | 532,984 | ||||||||||||||||||
18,875 | Textron q | 492,638 | ||||||||||||||||||
30,454 | Tyco International | 1,484,328 |
22 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Industrials (continued) | ||||||||||||||||||||
33,576 | Union Pacific | $ | 3,474,108 | |||||||||||||||||
67,503 | United Parcel Service, Class B | 5,060,700 | ||||||||||||||||||
62,943 | United Technologies | 5,638,433 | ||||||||||||||||||
4,159 | W.W. Grainger | 630,504 | ||||||||||||||||||
32,515 | Waste Management | 1,283,041 | ||||||||||||||||||
Total Industrials | 95,973,343 | |||||||||||||||||||
Information Technology – 17.5% | ||||||||||||||||||||
34,610 | Adobe Systems — | 1,161,166 | ||||||||||||||||||
39,361 | Advanced Micro Devices — | 358,185 | ||||||||||||||||||
23,601 | Agilent Technologies — | 1,177,926 | ||||||||||||||||||
12,798 | Akamai Technologies — | 440,763 | ||||||||||||||||||
21,879 | Altera | 1,065,507 | ||||||||||||||||||
12,030 | Amphenol, Class A | 672,597 | ||||||||||||||||||
20,488 | Analog Devices | 825,871 | ||||||||||||||||||
63,001 | Apple — | 21,938,837 | ||||||||||||||||||
90,225 | Applied Materials | 1,415,630 | ||||||||||||||||||
15,652 | Autodesk — | 704,027 | ||||||||||||||||||
35,571 | Automatic Data Processing q | 1,933,283 | ||||||||||||||||||
12,215 | BMC Software — | 613,559 | ||||||||||||||||||
32,520 | Broadcom, Class A | 1,144,054 | ||||||||||||||||||
26,160 | CA | 643,274 | ||||||||||||||||||
378,023 | Cisco Systems — | 6,638,085 | ||||||||||||||||||
12,830 | Citrix Systems — | 1,082,082 | ||||||||||||||||||
21,665 | Cognizant Technology Solutions, Class A — | 1,796,029 | ||||||||||||||||||
11,074 | Computer Sciences | 564,553 | ||||||||||||||||||
14,960 | Compuware q — | 169,497 | ||||||||||||||||||
107,068 | Corning | 2,242,003 | ||||||||||||||||||
114,840 | Dell — | 1,781,168 | ||||||||||||||||||
78,133 | eBay — | 2,687,775 | ||||||||||||||||||
22,862 | Electronic Arts q — | 461,355 | ||||||||||||||||||
141,458 | EMC q — | 4,008,920 | ||||||||||||||||||
5,522 | F5 Networks — | 559,710 | ||||||||||||||||||
10,191 | Fidelity National Information Services q | 337,322 | ||||||||||||||||||
11,155 | Fiserv — | 683,913 | ||||||||||||||||||
10,907 | FLIR Systems q | 384,145 | ||||||||||||||||||
17,150 | Google, Class A — | 9,331,315 | ||||||||||||||||||
8,749 | Harris | 464,834 | ||||||||||||||||||
148,703 | Hewlett-Packard | 6,003,140 | ||||||||||||||||||
83,396 | IBM | 14,225,689 | ||||||||||||||||||
375,288 | Intel | 8,702,930 | ||||||||||||||||||
18,622 | Intuit — | 1,034,638 | ||||||||||||||||||
13,408 | Jabil Circuit q | 266,015 | ||||||||||||||||||
15,333 | JDS Uniphase — | 319,540 | ||||||||||||||||||
36,580 | Juniper Networks — | 1,402,111 | ||||||||||||||||||
11,436 | KLA-Tencor | 502,040 |
Nuveen Investments | 23 |
Portfolio of Investments (Unaudited)
Nuveen Equity Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Information Technology (continued) | ||||||||||||||||||||
5,375 | Lexmark International, Class A — | $ | 173,344 | |||||||||||||||||
15,513 | Linear Technology | 539,852 | ||||||||||||||||||
42,127 | LSI Logic — | 308,791 | ||||||||||||||||||
6,609 | MasterCard, Class A | 1,823,357 | ||||||||||||||||||
15,749 | MEMC Electronic Materials — | 186,311 | ||||||||||||||||||
12,884 | Microchip Technology q | 528,759 | ||||||||||||||||||
58,650 | Micron Technology q — | 662,159 | ||||||||||||||||||
505,632 | Microsoft | 13,156,546 | ||||||||||||||||||
9,446 | Molex q | 255,042 | ||||||||||||||||||
20,682 | Motorola Mobility Holdings — | 538,973 | ||||||||||||||||||
23,025 | Motorola Solutions — | 1,056,387 | ||||||||||||||||||
16,490 | National Semiconductor | 397,739 | ||||||||||||||||||
25,156 | NetApp q — | 1,307,609 | ||||||||||||||||||
5,684 | Novellus Systems — | 182,456 | ||||||||||||||||||
39,731 | NVIDIA q — | 794,620 | ||||||||||||||||||
266,036 | Oracle | 9,590,598 | ||||||||||||||||||
22,012 | Paychex | 720,013 | ||||||||||||||||||
112,404 | QUALCOMM | 6,389,043 | ||||||||||||||||||
13,196 | Red Hat — | 626,414 | ||||||||||||||||||
23,302 | SAIC — | 405,455 | ||||||||||||||||||
8,088 | Salesforce.com q — | 1,120,997 | ||||||||||||||||||
16,186 | SanDisk — | 795,380 | ||||||||||||||||||
52,193 | Symantec — | 1,025,592 | ||||||||||||||||||
24,797 | Tellabs | 122,001 | ||||||||||||||||||
12,008 | Teradata — | 671,487 | ||||||||||||||||||
12,674 | Teradyne q — | 204,051 | ||||||||||||||||||
80,148 | Texas Instruments | 2,847,658 | ||||||||||||||||||
10,682 | Total System Services | 201,356 | ||||||||||||||||||
11,861 | VeriSign | 438,383 | ||||||||||||||||||
33,141 | Visa, Class A | 2,588,974 | ||||||||||||||||||
6,850 | Waters — | 671,300 | ||||||||||||||||||
15,842 | Western Digital — | 630,512 | ||||||||||||||||||
44,229 | Western Union | 939,866 | ||||||||||||||||||
95,698 | Xerox | 965,593 | ||||||||||||||||||
17,852 | Xilinx q | 622,321 | ||||||||||||||||||
89,541 | Yahoo! q — | 1,589,353 | ||||||||||||||||||
Total Information Technology | 154,821,780 | |||||||||||||||||||
Materials – 3.6% | ||||||||||||||||||||
14,696 | Air Products & Chemicals | 1,403,762 | ||||||||||||||||||
5,125 | Airgas | 355,931 | ||||||||||||||||||
7,539 | AK Steel q | 122,509 | ||||||||||||||||||
72,670 | Alcoa q | 1,235,390 | ||||||||||||||||||
6,750 | Allegheny Technologies q | 486,000 | ||||||||||||||||||
11,571 | Ball | 431,713 | ||||||||||||||||||
7,320 | Bemis | 229,409 |
24 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Materials (continued) | ||||||||||||||||||||
4,989 | CF Industries Holdings | $ | 706,193 | |||||||||||||||||
9,264 | Cliffs Natural Resources | 868,222 | ||||||||||||||||||
79,867 | Dow Chemical | 3,273,748 | ||||||||||||||||||
63,025 | E.I. Du Pont de Nemours | 3,579,191 | ||||||||||||||||||
4,837 | Eastman Chemical | 518,768 | ||||||||||||||||||
15,911 | Ecolab | 839,464 | ||||||||||||||||||
4,889 | FMC | 431,601 | ||||||||||||||||||
64,725 | Freeport-McMoRan Copper & Gold | 3,561,817 | ||||||||||||||||||
5,489 | International Flavors & Fragrances | 348,661 | ||||||||||||||||||
30,071 | International Paper | 928,593 | ||||||||||||||||||
11,549 | MeadWestvaco | 389,086 | ||||||||||||||||||
36,702 | Monsanto | 2,497,204 | ||||||||||||||||||
33,623 | Newmont Mining | 1,970,644 | ||||||||||||||||||
21,602 | Nucor | 1,014,430 | ||||||||||||||||||
11,195 | Owens-Illinois — | 332,156 | ||||||||||||||||||
10,981 | PPG Industries | 1,039,571 | ||||||||||||||||||
20,741 | Praxair q | 2,207,257 | ||||||||||||||||||
10,893 | Sealed Air | 280,713 | ||||||||||||||||||
8,338 | Sigma-Aldrich | 588,496 | ||||||||||||||||||
6,160 | Titanium Metals — | 123,385 | ||||||||||||||||||
9,830 | United States Steel | 468,989 | ||||||||||||||||||
8,825 | Vulcan Materials q | 398,890 | ||||||||||||||||||
36,734 | Weyerhaeuser | 845,249 | ||||||||||||||||||
Total Materials | 31,477,042 | |||||||||||||||||||
Telecommunication Services – 2.9% | ||||||||||||||||||||
27,190 | American Tower, Class A — | 1,422,309 | ||||||||||||||||||
404,243 | AT&T | 12,580,042 | ||||||||||||||||||
40,686 | CenturyTel | 1,659,175 | ||||||||||||||||||
67,957 | Frontier Communications q | 562,004 | ||||||||||||||||||
18,047 | MetroPCS Communications q — | 303,731 | ||||||||||||||||||
204,783 | Sprint Nextel q — | 1,060,776 | ||||||||||||||||||
193,393 | Verizon Communications | 7,306,388 | ||||||||||||||||||
34,486 | Windstream q | 441,766 | ||||||||||||||||||
Total Telecommunication Services | 25,336,191 | |||||||||||||||||||
Utilities – 3.1% | ||||||||||||||||||||
45,279 | AES — | 599,494 | ||||||||||||||||||
16,449 | Ameren | 482,120 | ||||||||||||||||||
32,879 | American Electric Power | 1,199,426 | ||||||||||||||||||
31,964 | CenterPoint Energy | 594,530 | ||||||||||||||||||
18,309 | CMS Energy | 362,518 | ||||||||||||||||||
19,966 | Consolidated Edison | 1,040,628 | ||||||||||||||||||
13,667 | Constellation Energy Group | 497,752 | ||||||||||||||||||
39,721 | Dominion Resources q | 1,843,848 | ||||||||||||||||||
11,588 | DTE Energy | 585,542 | ||||||||||||||||||
90,892 | Duke Energy q | 1,695,136 |
Nuveen Investments | 25 |
Portfolio of Investments (Unaudited)
Nuveen Equity Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Utilities (continued) | ||||||||||||||||||||
22,280 | Edison International | $ | 874,936 | |||||||||||||||||
12,244 | Entergy | 853,652 | ||||||||||||||||||
10,200 | EQT q | 536,622 | ||||||||||||||||||
45,260 | Exelon | 1,907,709 | ||||||||||||||||||
28,598 | FirstEnergy | 1,142,776 | ||||||||||||||||||
6,479 | Integrys Energy Group | 339,240 | ||||||||||||||||||
28,787 | NextEra Energy | 1,628,481 | ||||||||||||||||||
3,114 | Nicor | 172,609 | ||||||||||||||||||
19,099 | NiSource | 371,476 | ||||||||||||||||||
12,069 | Northeast Utilities q | 429,656 | ||||||||||||||||||
16,944 | NRG Energy q — | 410,045 | ||||||||||||||||||
3,934 | ONEOK | 275,144 | ||||||||||||||||||
15,391 | Pepco Holdings | 296,585 | ||||||||||||||||||
27,097 | PG&E | 1,248,630 | ||||||||||||||||||
7,438 | Pinnacle West Capital | 322,735 | ||||||||||||||||||
32,629 | PPL | 895,013 | ||||||||||||||||||
20,074 | Progress Energy | 952,511 | ||||||||||||||||||
34,604 | Public Service Enterprise Group | 1,113,211 | ||||||||||||||||||
7,782 | SCANA | 323,109 | ||||||||||||||||||
16,446 | Sempra Energy | 906,175 | ||||||||||||||||||
57,825 | Southern | 2,257,487 | ||||||||||||||||||
14,694 | TECO Energy | 283,153 | ||||||||||||||||||
15,984 | Wisconsin Energy | 498,861 | ||||||||||||||||||
32,984 | Xcel Energy | 802,501 | ||||||||||||||||||
Total Utilities | 27,743,311 | |||||||||||||||||||
Total Common Stocks (cost $478,106,637) | 848,738,984 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
WARRANTS – 0.0% | ||||||||||||||||||||
5,821 | American International Group - Warrants — | $ | 52,273 | |||||||||||||||||
Total Warrants (cost $1,038,131) | 52,273 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
MONEY MARKET FUNDS – 9.8% | ||||||||||||||||||||
86,574,713 | Mount Vernon Securities Lending Prime Portfolio, 0.235% W † | $ | 86,574,713 | |||||||||||||||||
Total Money Market Funds (cost $86,574,713) | 86,574,713 |
26 | Nuveen Investments |
Shares/ Principal Amount (000) | Description p | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 4.1% | ||||||||||||||
Money Market Funds – 3.4% | ||||||||||||||
29,929,841 | First American Prime Obligations Fund, Class Z, 0.053% W | $ | 29,929,841 | |||||||||||
U.S. Treasury Obligations – 0.7% | ||||||||||||||
U.S. Treasury Bill | ||||||||||||||
$ | 6,400 | 0.096%, 10/20/2011 ¨ | 6,397,050 | |||||||||||
Total Short-Term Investments (cost $36,326,630) | 36,326,891 | |||||||||||||
Total Investments (cost $602,046,111) – 110.0% | 971,692,861 | |||||||||||||
Other Assets Less Liabilities – (10.0)% ¯ | (88,367,092) | |||||||||||||
Net Assets – 100.0% | $ | 883,325,769 |
Investments in Derivatives
Futures Contracts outstanding at April 30, 2011:
Type | Contract Position | Number of Contracts | Contract Expiration | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
S&P 500 Index | Long | 106 | 6/11 | $ | 36,032,050 | $ | 1,452,644 |
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. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
— | Non-income producing security; issuer has not declared a dividend within the past twelve months. |
q | Investment, or portion of investment, is out on loan for securities lending. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2011. |
¨ | Investment, or portion of investment, segregated as collateral for investments in derivatives. Yield shown is the annualized effective yield as of April 30, 2011. |
† | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund. |
¯ | Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
Nuveen Investments | 27 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Index Fund
(formerly known as First American Mid Cap Index Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||
COMMON STOCKS – 94.0% | ||||||||||||||
Consumer Discretionary – 12.3% | ||||||||||||||
11,820 | 99 Cents Only Stores q — | $ | 238,291 | |||||||||||
18,157 | Aaron’s q | 522,740 | ||||||||||||
20,156 | Advance Auto Parts q | 1,319,412 | ||||||||||||
22,256 | Aeropostale q — | 568,196 | ||||||||||||
48,605 | American Eagle Outfitters q | 756,294 | ||||||||||||
10,107 | American Greetings, Class A | 248,632 | ||||||||||||
14,041 | Ann q — | 438,220 | ||||||||||||
16,685 | Ascena Retail Group q — | 522,074 | ||||||||||||
13,487 | Bally Technologies q — | 525,858 | ||||||||||||
9,856 | Barnes & Noble q | 108,317 | ||||||||||||
7,630 | Bob Evans Farms | 239,277 | ||||||||||||
28,131 | BorgWarner q — | 2,172,838 | ||||||||||||
14,111 | Boyd Gaming q — | 126,152 | ||||||||||||
22,476 | Brinker International | 541,447 | ||||||||||||
15,943 | Career Education q — | 347,717 | ||||||||||||
15,087 | Cheesecake Factory — | 443,860 | ||||||||||||
44,713 | Chico’s FAS q | 654,151 | ||||||||||||
15,594 | Collective Brands q — | 327,474 | ||||||||||||
9,713 | Deckers Outdoor q — | 824,245 | ||||||||||||
22,314 | Dick’s Sporting Goods — | 913,312 | ||||||||||||
31,525 | Dollar Tree — | 1,812,688 | ||||||||||||
17,567 | DreamWorks Animation, Class A q — | 465,350 | ||||||||||||
67,694 | Eastman Kodak q — | 188,189 | ||||||||||||
38,056 | Foot Locker q | 818,965 | ||||||||||||
12,730 | Fossil — | 1,219,279 | ||||||||||||
35,868 | Gentex | 1,124,462 | ||||||||||||
15,983 | Guess? | 687,109 | ||||||||||||
24,262 | Hanesbrands — | 788,758 | ||||||||||||
9,986 | Harte-Hanks | 92,770 | ||||||||||||
7,378 | International Speedway, Class A | 225,767 | ||||||||||||
6,107 | ITT Educational Services q — | 438,055 | ||||||||||||
14,919 | J. Crew Group Escrow — | — | ||||||||||||
11,752 | John Wiley & Sons, Class A | 598,529 | ||||||||||||
18,178 | KB HOME q | 214,682 | ||||||||||||
14,455 | Lamar Advertising, Class A — | 470,077 | ||||||||||||
10,563 | Life Time Fitness q — | 413,225 | ||||||||||||
36,712 | LKQ — | 925,877 | ||||||||||||
9,501 | M.D.C. Holdings q | 277,334 | ||||||||||||
7,448 | Matthews International, Class A | 298,963 | ||||||||||||
9,185 | Meredith q | 306,963 | ||||||||||||
14,171 | Mohawk Industries — | 850,827 | ||||||||||||
29,977 | New York Times, Class A q — | 243,713 | ||||||||||||
1,483 | NVR q — | 1,096,426 |
28 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Consumer Discretionary (continued) | ||||||||||||||||||||
69,779 | Office Depot — | $ | 300,748 | |||||||||||||||||
7,922 | Panera Bread, Class A — | 959,433 | ||||||||||||||||||
29,607 | PetSmart | 1,248,527 | ||||||||||||||||||
16,876 | Phillips-Van Heusen | 1,188,239 | ||||||||||||||||||
8,584 | Polaris Industries | 905,011 | ||||||||||||||||||
14,505 | Regis q | 246,585 | ||||||||||||||||||
15,991 | Rent-A-Center q | 486,926 | ||||||||||||||||||
11,128 | Ryland Group q | 192,626 | ||||||||||||||||||
40,506 | Saks q — | 484,452 | ||||||||||||||||||
5,979 | Scholastic q | 157,128 | ||||||||||||||||||
15,977 | Scientific Games, Class A — | 168,078 | ||||||||||||||||||
60,455 | Service International | 711,555 | ||||||||||||||||||
16,884 | Sotheby’s Holdings, Class A | 852,980 | ||||||||||||||||||
3,282 | Strayer Education q | 406,574 | ||||||||||||||||||
10,679 | Thor Industries | 331,156 | ||||||||||||||||||
9,725 | Timberland, Class A — | 439,473 | ||||||||||||||||||
36,542 | Toll Brothers q — | 767,747 | ||||||||||||||||||
18,329 | Tractor Supply | 1,134,015 | ||||||||||||||||||
15,813 | Tupperware | 1,006,814 | ||||||||||||||||||
8,890 | Under Armour, Class A q — | 608,609 | ||||||||||||||||||
11,004 | Warnaco Group q — | 708,217 | ||||||||||||||||||
81,226 | Wendy’s/Arby’s Group, Class A | 391,509 | ||||||||||||||||||
26,462 | Williams-Sonoma q | 1,148,715 | ||||||||||||||||||
14,503 | WMS Industries q — | 475,698 | ||||||||||||||||||
Total Consumer Discretionary | 40,717,330 | |||||||||||||||||||
Consumer Staples – 3.7% | ||||||||||||||||||||
21,608 | Alberto-Culver | 806,843 | ||||||||||||||||||
13,515 | BJ’s Wholesale Club — | 693,590 | ||||||||||||||||||
17,951 | Church & Dwight | 1,480,598 | ||||||||||||||||||
19,182 | Corn Products International | 1,056,928 | ||||||||||||||||||
17,785 | Energizer Holdings — | 1,343,301 | ||||||||||||||||||
18,818 | Flowers Foods q | 575,078 | ||||||||||||||||||
29,232 | Green Mountain Coffee Roasters q — | 1,957,375 | ||||||||||||||||||
17,478 | Hansen Natural — | 1,156,170 | ||||||||||||||||||
4,795 | Lancaster Colony q | 293,022 | ||||||||||||||||||
13,841 | Ralcorp Holdings q — | 1,076,830 | ||||||||||||||||||
10,535 | Ruddick | 437,413 | ||||||||||||||||||
41,796 | Smithfield Foods q — | 984,714 | ||||||||||||||||||
5,816 | Tootsie Roll Industries q | 172,386 | ||||||||||||||||||
5,731 | Universal q | 248,611 | ||||||||||||||||||
Total Consumer Staples | 12,282,859 | |||||||||||||||||||
Energy – 6.6% | ||||||||||||||||||||
40,904 | Arch Coal q | 1,403,007 | ||||||||||||||||||
14,162 | Atwood Oceanics — | 636,299 | ||||||||||||||||||
11,802 | Bill Barrett q — | 492,497 |
Nuveen Investments | 29 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Energy (continued) | ||||||||||||||||||||
4,802 | CARBO Ceramics q | $ | 772,834 | |||||||||||||||||
21,531 | Cimarex Energy | 2,381,113 | ||||||||||||||||||
12,011 | Comstock Resources q — | 385,073 | ||||||||||||||||||
8,671 | Dril-Quip — | 663,852 | ||||||||||||||||||
15,918 | Exterran Holdings q — | 345,580 | ||||||||||||||||||
28,603 | Forest Oil — | 1,027,134 | ||||||||||||||||||
25,953 | Frontier Oil q | 725,127 | ||||||||||||||||||
26,661 | Helix Energy Solutions Group — | 504,693 | ||||||||||||||||||
13,663 | Northern Oil & Gas q — | 324,633 | ||||||||||||||||||
13,623 | Oceaneering International q — | 1,190,923 | ||||||||||||||||||
12,807 | Oil States International — | 1,063,109 | ||||||||||||||||||
6,750 | Overseas Shipholding Group q | 188,055 | ||||||||||||||||||
22,988 | Patriot Coal q — | 578,838 | ||||||||||||||||||
38,822 | Patterson-UTI Energy | 1,207,752 | ||||||||||||||||||
35,272 | Plains Exploration & Production q — | 1,341,747 | ||||||||||||||||||
44,570 | Pride International — | 1,957,069 | ||||||||||||||||||
30,490 | Quicksilver Resources — | 452,776 | ||||||||||||||||||
15,970 | SM Energy q | 1,211,484 | ||||||||||||||||||
31,382 | Southern Union | 938,322 | ||||||||||||||||||
19,861 | Superior Energy Services q — | 763,060 | ||||||||||||||||||
12,950 | Tidewater | 770,654 | ||||||||||||||||||
10,025 | Unit — | 631,775 | ||||||||||||||||||
Total Energy | 21,957,406 | |||||||||||||||||||
Financials – 18.3% | ||||||||||||||||||||
13,068 | Affiliated Managers Group — | 1,425,457 | ||||||||||||||||||
13,951 | Alexandria Real Estate Equities - REIT q | 1,146,075 | ||||||||||||||||||
42,649 | AMB Property - REIT q | 1,552,424 | ||||||||||||||||||
19,294 | American Financial Group | 690,146 | ||||||||||||||||||
49,219 | Apollo Investment | 583,245 | ||||||||||||||||||
27,343 | Arthur J. Gallagher | 814,275 | ||||||||||||||||||
17,771 | Aspen Insurance Holdings q | 507,717 | ||||||||||||||||||
43,599 | Associated Banc q | 636,545 | ||||||||||||||||||
20,817 | Astoria Financial q | 301,222 | ||||||||||||||||||
18,496 | BancorpSouth q | 250,621 | ||||||||||||||||||
12,074 | Bank of Hawaii q | 589,090 | ||||||||||||||||||
16,300 | BRE Properties - REIT q | 826,736 | ||||||||||||||||||
28,913 | Brown & Brown | 747,401 | ||||||||||||||||||
17,567 | Camden Property Trust - REIT | 1,102,329 | ||||||||||||||||||
19,793 | Cathay General Bancorp q | 337,471 | ||||||||||||||||||
11,848 | City National q | 676,639 | ||||||||||||||||||
19,485 | Commerce Bancshares q | 829,282 | ||||||||||||||||||
16,852 | Corporate Office Properties Trust - REIT q | 593,359 | ||||||||||||||||||
26,091 | Cousins Properties - REIT q | 234,819 | ||||||||||||||||||
15,301 | Cullen/Frost Bankers q | 906,431 | ||||||||||||||||||
63,574 | Duke Realty - REIT q | 969,503 |
30 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
37,410 | East West Bancorp q | $ | 790,473 | |||||||||||||||||
29,991 | Eaton Vance | 1,012,796 | ||||||||||||||||||
12,072 | Equity One - REIT q | 239,267 | ||||||||||||||||||
8,098 | Essex Property Trust - REIT q | 1,097,117 | ||||||||||||||||||
13,490 | Everest Re Group | 1,229,209 | ||||||||||||||||||
15,493 | Federal Realty Investment Trust - REIT q | 1,356,567 | ||||||||||||||||||
56,325 | Fidelity National Financial, Class A q | 869,658 | ||||||||||||||||||
26,346 | First American Financial q | 410,998 | ||||||||||||||||||
77,740 | First Niagara Financial Group q | 1,119,456 | ||||||||||||||||||
27,396 | FirstMerit q | 478,609 | ||||||||||||||||||
50,133 | Fulton Financial q | 585,553 | ||||||||||||||||||
6,422 | Greenhill & Company q | 378,898 | ||||||||||||||||||
11,391 | Hanover Insurance Group | 480,928 | ||||||||||||||||||
28,926 | HCC Insurance Holdings | 941,252 | ||||||||||||||||||
18,051 | Highwoods Properties - REIT q | 666,082 | ||||||||||||||||||
31,077 | Hospitality Properties Trust - REIT q | 750,510 | ||||||||||||||||||
13,294 | International Bancshares | 234,240 | ||||||||||||||||||
35,955 | Jefferies Group q | 869,032 | ||||||||||||||||||
10,791 | Jones Lang LaSalle q | 1,104,783 | ||||||||||||||||||
28,843 | Liberty Property Trust - REIT | 1,014,408 | ||||||||||||||||||
32,816 | Macerich - REIT q | 1,733,341 | ||||||||||||||||||
21,859 | Mack-Cali Realty - REIT | 772,060 | ||||||||||||||||||
8,969 | Mercury General | 356,428 | ||||||||||||||||||
30,135 | MSCI, Class A — | 1,068,888 | ||||||||||||||||||
31,840 | Nationwide Health Properties - REIT q | 1,394,592 | ||||||||||||||||||
110,022 | New York Community Bancorp q | 1,826,365 | ||||||||||||||||||
65,267 | Old Republic International q | 826,933 | ||||||||||||||||||
25,180 | OMEGA Healthcare Investors - REIT q | 578,133 | ||||||||||||||||||
7,341 | PacWest Bancorp q | 168,770 | ||||||||||||||||||
10,078 | Potlatch - REIT q | 389,918 | ||||||||||||||||||
11,767 | Prosperity Bancshares q | 539,517 | ||||||||||||||||||
21,567 | Protective Life | 580,368 | ||||||||||||||||||
25,425 | Raymond James Financial q | 953,438 | ||||||||||||||||||
20,410 | Rayonier - REIT | 1,354,408 | ||||||||||||||||||
31,646 | Realty Income - REIT q | 1,125,015 | ||||||||||||||||||
20,615 | Regency Centers - REIT q | 970,142 | ||||||||||||||||||
19,909 | Reinsurance Group of America | 1,260,240 | ||||||||||||||||||
36,547 | SEI Investments | 816,095 | ||||||||||||||||||
35,713 | Senior Housing Properties Trust - REIT q | 847,112 | ||||||||||||||||||
19,871 | SL Green Realty - REIT q | 1,639,954 | ||||||||||||||||||
11,567 | StanCorp Financial Group | 498,538 | ||||||||||||||||||
10,679 | SVB Financial Group q — | 645,439 | ||||||||||||||||||
197,698 | Synovus Financial q | 494,245 | ||||||||||||||||||
14,045 | Taubman Centers - REIT | 816,717 | ||||||||||||||||||
39,290 | TCF Financial q | 612,531 |
Nuveen Investments | 31 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
15,692 | Transatlantic Holdings | $ | 773,459 | |||||||||||||||||
14,323 | Trustmark q | 332,867 | ||||||||||||||||||
45,944 | UDR - REIT q | 1,189,490 | ||||||||||||||||||
12,452 | Unitrin | 376,548 | ||||||||||||||||||
40,681 | Valley National Bancorp q | 582,552 | ||||||||||||||||||
29,119 | W.R. Berkley | 949,571 | ||||||||||||||||||
21,629 | Waddell & Reed Financial, Class A | 887,005 | ||||||||||||||||||
28,293 | Washington Federal | 455,234 | ||||||||||||||||||
18,432 | Webster Financial q | 396,657 | ||||||||||||||||||
30,334 | Weingarten Realty Investors - REIT q | 801,121 | ||||||||||||||||||
7,304 | Westamerica Bancorporation q | 370,970 | ||||||||||||||||||
Total Financials | 60,735,284 | |||||||||||||||||||
Health Care – 10.8% | ||||||||||||||||||||
47,591 | Allscripts Healthcare Solutions — | 1,025,110 | ||||||||||||||||||
17,434 | Beckman Coulter | 1,444,407 | ||||||||||||||||||
4,914 | Bio-Rad Laboratories, Class A — | 614,840 | ||||||||||||||||||
12,515 | Catalyst Health Solutions — | 745,393 | ||||||||||||||||||
14,100 | Charles River Laboratories International q — | 594,879 | ||||||||||||||||||
23,352 | Community Health Systems q — | 717,607 | ||||||||||||||||||
11,640 | Cooper | 871,836 | ||||||||||||||||||
15,208 | Covance q — | 952,021 | ||||||||||||||||||
29,528 | Endo Pharmaceuticals Holdings — | 1,156,316 | ||||||||||||||||||
12,155 | Gen-Probe — | 1,007,893 | ||||||||||||||||||
63,386 | Health Management Associates, Class A — | 714,994 | ||||||||||||||||||
23,493 | Health Net — | 782,317 | ||||||||||||||||||
23,056 | Henry Schein q — | 1,684,702 | ||||||||||||||||||
15,887 | Hill-Rom Holdings | 715,074 | ||||||||||||||||||
65,662 | Hologic — | 1,445,877 | ||||||||||||||||||
14,435 | IDEXX Laboratories q — | 1,175,442 | ||||||||||||||||||
17,630 | Immucor — | 384,863 | ||||||||||||||||||
9,698 | Kindred Healthcare q — | 244,584 | ||||||||||||||||||
15,803 | Kinetic Concepts q — | 932,851 | ||||||||||||||||||
12,840 | LifePoint Hospitals q — | �� | 534,272 | |||||||||||||||||
24,068 | Lincare Holdings | 756,217 | ||||||||||||||||||
14,993 | Masimo q | 521,606 | ||||||||||||||||||
14,686 | Medicis Pharmaceutical, Class A q | 520,766 | ||||||||||||||||||
12,081 | MEDNAX — | 856,784 | ||||||||||||||||||
8,137 | Mettler-Toledo International — | 1,524,874 | ||||||||||||||||||
29,426 | Omnicare q | 924,565 | ||||||||||||||||||
15,975 | Owens & Minor | 550,339 | ||||||||||||||||||
20,921 | Perrigo q | 1,890,422 | ||||||||||||||||||
29,003 | Pharmaceutical Product Development | 894,743 | ||||||||||||||||||
38,597 | ResMed q — | 1,230,858 | ||||||||||||||||||
14,939 | STERIS | 538,402 | ||||||||||||||||||
8,983 | Techne | 698,069 |
32 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Health Care (continued) | ||||||||||||||||||||
10,070 | Teleflex q | $ | 634,511 | |||||||||||||||||
14,767 | Thoratec — | 453,347 | ||||||||||||||||||
12,748 | United Therapeutics — | 853,606 | ||||||||||||||||||
24,539 | Universal Health Services | 1,344,246 | ||||||||||||||||||
21,709 | VCA Antech q — | �� | 534,041 | |||||||||||||||||
51,462 | Vertex Pharmaceuticals — | 2,831,439 | ||||||||||||||||||
10,703 | WellCare Health Plans — | 468,898 | ||||||||||||||||||
Total Health Care | 35,773,011 | |||||||||||||||||||
Industrials – 14.7% | ||||||||||||||||||||
10,876 | Acuity Brands q | 639,509 | ||||||||||||||||||
29,891 | AECOM Technology — | 814,829 | ||||||||||||||||||
23,770 | AGCO q — | 1,368,677 | ||||||||||||||||||
34,109 | AirTran Holdings — | 256,159 | ||||||||||||||||||
9,021 | Alaska Air Group — | 594,213 | ||||||||||||||||||
10,398 | Alexander & Baldwin q | 547,975 | ||||||||||||||||||
8,411 | Alliant Techsystems | 594,237 | ||||||||||||||||||
40,478 | AMETEK | 1,863,607 | ||||||||||||||||||
25,745 | BE Aerospace — | 993,499 | ||||||||||||||||||
11,716 | Brinks q | 386,745 | ||||||||||||||||||
20,506 | Bucyrus International | 1,875,274 | ||||||||||||||||||
15,365 | Carlisle Companies | 761,182 | ||||||||||||||||||
5,782 | Clean Harbors — | 569,527 | ||||||||||||||||||
13,866 | Con-way q | 539,665 | ||||||||||||||||||
14,699 | Copart q — | 666,894 | ||||||||||||||||||
8,648 | Corporate Executive Board | 344,623 | ||||||||||||||||||
27,483 | �� | Corrections Corporation of America — | 684,052 | |||||||||||||||||
11,626 | Crane | 580,254 | ||||||||||||||||||
12,945 | Deluxe | 350,551 | ||||||||||||||||||
19,364 | Donaldson | 1,185,658 | ||||||||||||||||||
11,250 | FTI Consulting q — | 448,875 | ||||||||||||||||||
13,138 | Gardner Denver | 1,135,255 | ||||||||||||||||||
11,682 | GATX q | 493,798 | ||||||||||||||||||
15,133 | Graco | 757,104 | ||||||||||||||||||
8,585 | Granite Construction q | 233,340 | ||||||||||||||||||
20,311 | Harsco q | 723,072 | ||||||||||||||||||
14,385 | Herman Miller | 374,298 | ||||||||||||||||||
11,290 | HNI q | 310,701 | ||||||||||||||||||
15,258 | Hubbell, Class B | 1,067,907 | ||||||||||||||||||
12,224 | Huntington Ingalls Industries — | 488,960 | ||||||||||||||||||
20,756 | IDEX q | 973,871 | ||||||||||||||||||
21,997 | J.B. Hunt Transport Services | 1,048,817 | ||||||||||||||||||
50,951 | JetBlue Airways q — | 288,383 | ||||||||||||||||||
25,849 | Kansas City Southern — | 1,502,085 | ||||||||||||||||||
38,081 | KBR | 1,461,168 | ||||||||||||||||||
20,683 | Kennametal | 873,236 |
Nuveen Investments | 33 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Industrials (continued) | ||||||||||||||||||||
13,512 | Kirby — | $ | 767,211 | |||||||||||||||||
11,683 | Korn/Ferry International — | 241,955 | ||||||||||||||||||
11,955 | Landstar System q | 566,667 | ||||||||||||||||||
11,361 | Lennox International | 552,258 | ||||||||||||||||||
10,605 | Lincoln Electric Holdings | 833,341 | ||||||||||||||||||
20,616 | Manpower | 1,365,810 | ||||||||||||||||||
7,815 | Mine Safety Appliances | 310,099 | ||||||||||||||||||
11,335 | MSC Industrial Direct, Class A q | 811,473 | ||||||||||||||||||
17,174 | Nordson | 978,403 | ||||||||||||||||||
22,845 | Oshkosh — | 723,273 | ||||||||||||||||||
24,775 | Pentair | 994,964 | ||||||||||||||||||
9,724 | Regal-Beloit q | 736,982 | ||||||||||||||||||
15,981 | Rollins | 335,121 | ||||||||||||||||||
21,414 | Shaw Group — | 833,005 | ||||||||||||||||||
12,735 | SPX | 1,100,941 | ||||||||||||||||||
27,467 | Terex q — | 955,302 | ||||||||||||||||||
13,148 | Thomas & Betts — | 762,189 | ||||||||||||||||||
20,454 | Timken | 1,153,401 | ||||||||||||||||||
11,450 | Towers Watson, Class A | 656,772 | ||||||||||||||||||
20,081 | Trinity Industries q | 726,932 | ||||||||||||||||||
15,263 | United Rentals q — | 449,037 | ||||||||||||||||||
20,230 | URS — | 905,292 | ||||||||||||||||||
25,719 | UTi Worldwide | 576,363 | ||||||||||||||||||
5,367 | Valmont Industries | 565,145 | ||||||||||||||||||
28,406 | Waste Connections | 874,053 | ||||||||||||||||||
7,053 | Watsco q | 499,987 | ||||||||||||||||||
11,167 | Werner Enterprises q | 292,240 | ||||||||||||||||||
12,074 | Westinghouse Air Brake Technologies q | 861,842 | ||||||||||||||||||
14,884 | Woodward Governor | 551,452 | ||||||||||||||||||
Total Industrials | 48,779,510 | |||||||||||||||||||
Information Technology – 15.2% | ||||||||||||||||||||
8,376 | ACI Worldwide — | 276,743 | ||||||||||||||||||
20,227 | Acxiom — | 294,505 | ||||||||||||||||||
16,248 | ADTRAN q | 670,555 | ||||||||||||||||||
8,169 | Advent Software — | 222,442 | ||||||||||||||||||
12,873 | Alliance Data Systems q — | 1,222,935 | ||||||||||||||||||
23,105 | ANSYS q — | 1,277,475 | ||||||||||||||||||
26,547 | AOL q — | 541,028 | ||||||||||||||||||
28,904 | Arrow Electronics q — | 1,317,733 | ||||||||||||||||||
115,025 | Atmel — | 1,759,882 | ||||||||||||||||||
38,438 | Avnet — | 1,396,068 | ||||||||||||||||||
31,547 | Broadridge Financial Solutions | 733,152 | ||||||||||||||||||
67,594 | Cadence Design Systems q — | 701,626 | ||||||||||||||||||
23,898 | Ciena q — | 674,880 | ||||||||||||||||||
11,753 | Concur Technologies q — | 680,146 |
34 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Information Technology (continued) | ||||||||||||||||||||
30,786 | Convergys — | $ | 446,397 | |||||||||||||||||
26,218 | CoreLogic — | 482,673 | ||||||||||||||||||
27,534 | Cree q — | 1,121,735 | ||||||||||||||||||
43,718 | Cypress Semiconductor — | 951,304 | ||||||||||||||||||
16,565 | Diebold q | 559,897 | ||||||||||||||||||
9,824 | Digital River q — | 319,673 | ||||||||||||||||||
8,658 | DST Systems q | 426,926 | ||||||||||||||||||
11,580 | Equinix q — | 1,165,643 | ||||||||||||||||||
11,300 | FactSet Research Systems | 1,236,333 | ||||||||||||||||||
10,086 | Fair Isaac | 301,370 | ||||||||||||||||||
31,807 | Fairchild Semiconductor International — | 666,993 | ||||||||||||||||||
21,508 | Gartner, Class A — | 922,908 | ||||||||||||||||||
20,084 | Global Payments | 1,069,272 | ||||||||||||||||||
26,658 | Informatica — | 1,493,115 | ||||||||||||||||||
40,117 | Ingram Micro, Class A — | 751,391 | ||||||||||||||||||
37,989 | Integrated Device Technology — | 309,041 | ||||||||||||||||||
17,584 | International Rectifier q — | 607,703 | ||||||||||||||||||
31,413 | Intersil, Class A q | 463,970 | ||||||||||||||||||
10,198 | Itron — | 555,077 | ||||||||||||||||||
21,691 | Jack Henry & Associates | 736,843 | ||||||||||||||||||
31,105 | Lam Research — | 1,502,683 | ||||||||||||||||||
22,372 | Lender Processing Services | 658,408 | ||||||||||||||||||
5,464 | ManTech International q — | 239,815 | ||||||||||||||||||
27,611 | Mentor Graphics — | 407,262 | ||||||||||||||||||
20,352 | MICROS Systems — | 1,058,711 | ||||||||||||||||||
22,423 | National Instruments | 680,314 | ||||||||||||||||||
40,306 | NCR — | 798,462 | ||||||||||||||||||
18,578 | NeuStar, Class A — | 499,562 | ||||||||||||||||||
29,737 | Parametric Technology q — | 721,717 | ||||||||||||||||||
12,303 | Plantronics | 456,072 | ||||||||||||||||||
22,074 | Polycom q — | 1,320,687 | ||||||||||||||||||
26,532 | QLogic q — | 477,045 | ||||||||||||||||||
15,948 | Quest Software q — | 410,820 | ||||||||||||||||||
24,779 | Rackspace Hosting q — | 1,144,542 | ||||||||||||||||||
69,514 | RF Micro Devices q — | 462,963 | ||||||||||||||||||
37,991 | Riverbed Technology — | 1,335,004 | ||||||||||||||||||
28,432 | Rovi q — | 1,380,658 | ||||||||||||||||||
15,950 | Semtech — | 447,717 | ||||||||||||||||||
10,855 | Silicon Laboratories q — | 473,061 | ||||||||||||||||||
46,685 | Skyworks Solutions q — | 1,468,710 | ||||||||||||||||||
17,736 | Solera Holdings | 975,480 | ||||||||||||||||||
10,822 | SRA International, Class A — | 335,374 | ||||||||||||||||||
37,999 | Synopsys — | 1,040,793 | ||||||||||||||||||
11,737 | Tech Data q — | 623,587 | ||||||||||||||||||
41,665 | TIBCO Software q — | 1,249,533 |
Nuveen Investments | 35 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Information Technology (continued) | ||||||||||||||||||||
30,757 | Trimble Navigation — | $ | 1,440,658 | |||||||||||||||||
20,405 | ValueClick q — | 341,784 | ||||||||||||||||||
18,910 | Varian Semiconductor Equipment Associates — | 792,896 | ||||||||||||||||||
41,607 | Vishay Intertechnology q — | 793,862 | ||||||||||||||||||
13,882 | Zebra Technologies, Class A — | 545,424 | ||||||||||||||||||
Total Information Technology | 50,441,038 | |||||||||||||||||||
Materials – 6.4% | ||||||||||||||||||||
23,069 | Albemarle | 1,627,518 | ||||||||||||||||||
16,873 | AptarGroup | 884,989 | ||||||||||||||||||
19,899 | Ashland | 1,235,330 | ||||||||||||||||||
16,482 | Cabot Microelectronics | 739,218 | ||||||||||||||||||
11,080 | Carpenter Technology q | 567,961 | ||||||||||||||||||
28,820 | Commercial Metals | 483,023 | ||||||||||||||||||
8,268 | Compass Minerals International | 807,039 | ||||||||||||||||||
12,449 | Cytec Industries | 730,507 | ||||||||||||||||||
7,848 | Greif, Class A | 487,361 | ||||||||||||||||||
11,160 | Intrepid Potash q — | 382,342 | ||||||||||||||||||
33,269 | Louisiana-Pacific q — | 309,402 | ||||||||||||||||||
16,132 | Lubrizol | 2,170,077 | ||||||||||||||||||
11,454 | Martin Marietta Materials q | 1,044,490 | ||||||||||||||||||
4,597 | Minerals Technologies | 312,596 | ||||||||||||||||||
2,460 | NewMarket q | 453,427 | ||||||||||||||||||
20,035 | Olin | 515,701 | ||||||||||||||||||
25,769 | Packaging Corporation of America | 735,190 | ||||||||||||||||||
18,796 | Reliance Steel & Aluminum | 1,064,042 | ||||||||||||||||||
9,917 | Rock-Tenn, Class A q | 684,967 | ||||||||||||||||||
32,736 | RPM International | 769,296 | ||||||||||||||||||
11,482 | Scotts Miracle-Gro, Class A | 648,388 | ||||||||||||||||||
12,582 | Sensient Technologies | 476,732 | ||||||||||||||||||
12,114 | Silgan Holdings q | 555,548 | ||||||||||||||||||
25,247 | Sonoco Products | 872,536 | ||||||||||||||||||
54,865 | Steel Dynamics q | 997,994 | ||||||||||||||||||
27,238 | Temple-Inland | 640,910 | ||||||||||||||||||
24,072 | Valspar | 946,270 | ||||||||||||||||||
14,007 | Worthington Industries q | 302,131 | ||||||||||||||||||
Total Materials | 21,444,985 | |||||||||||||||||||
Telecommunication Services – 0.5% | ||||||||||||||||||||
23,028 | Telephone & Data Systems | 772,820 | ||||||||||||||||||
37,695 | tw telecom q — | 811,950 | ||||||||||||||||||
Total Telecommunication Services | 1,584,770 | |||||||||||||||||||
Utilities – 5.5% | ||||||||||||||||||||
19,637 | AGL Resources q | 815,132 | ||||||||||||||||||
27,915 | Alliant Energy | 1,103,759 | ||||||||||||||||||
34,734 | Aqua America q | 783,252 | ||||||||||||||||||
22,822 | Atmos Energy | 796,260 |
36 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Utilities (continued) | ||||||||||||||||||||
9,885 | Black Hills q | $ | 343,504 | |||||||||||||||||
15,345 | Cleco q | 538,609 | ||||||||||||||||||
29,999 | DPL | 908,670 | ||||||||||||||||||
18,142 | Energen | 1,179,411 | ||||||||||||||||||
34,161 | Great Plains Energy | 703,033 | ||||||||||||||||||
23,884 | Hawaiian Electric Industries q | 608,803 | ||||||||||||||||||
12,444 | IDACORP | 487,929 | ||||||||||||||||||
47,521 | MDU Resources Group | 1,135,277 | ||||||||||||||||||
20,732 | National Fuel Gas | 1,519,656 | ||||||||||||||||||
26,079 | NSTAR | 1,207,458 | ||||||||||||||||||
59,312 | NV Energy | 900,949 | ||||||||||||||||||
24,518 | OGE Energy | 1,303,622 | ||||||||||||||||||
21,820 | PNM Resources q | 334,501 | ||||||||||||||||||
44,505 | Questar | 781,953 | ||||||||||||||||||
27,973 | UGI | 931,501 | ||||||||||||||||||
20,561 | Vectren | 587,633 | ||||||||||||||||||
28,592 | Westar Energy q | 777,988 | ||||||||||||||||||
12,768 | WGL Holdings | 504,591 | ||||||||||||||||||
Total Utilities | 18,253,491 | |||||||||||||||||||
Total Common Stocks (cost $237,651,758) | 311,969,684 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
MONEY MARKET FUNDS – 26.8% | ||||||||||||||||||||
88,807,852 | Mount Vernon Securities Lending Prime Portfolio , 0.235% W † | $ | 88,807,852 | |||||||||||||||||
Total Money Market Funds (cost $88,807,852) | 88,807,852 | |||||||||||||||||||
Shares/ Principal Amount (000) | Description p | Value | ||||||||||||||||||
SHORT-TERM INVESTMENTS – 5.4% | ||||||||||||||||||||
Money Market Funds – 4.8% | ||||||||||||||||||||
15,874,188 | First American Prime Obligations Fund, Class Z, 0.053% W | $ | 15,874,188 | |||||||||||||||||
U.S. Treasury Obligations – 0.6% | ||||||||||||||||||||
U.S. Treasury Bill | ||||||||||||||||||||
$ | 2,050 | 0.096%, 10/20/2011 ¨ | 2,049,055 | |||||||||||||||||
Total Short-Term Investments (cost $17,923,160) | 17,923,243 | |||||||||||||||||||
Total Investments (cost $344,051,057) – 126.2% | 418,700,779 | |||||||||||||||||||
Other Assets Less Liabilities – (26.2)% ¯ | (87,028,159 | ) | ||||||||||||||||||
Net Assets – 100.0% | $ | 331,672,620 |
Nuveen Investments | 37 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Index Fund (continued)
April 30, 2011
Investments in Derivatives
Futures Contracts outstanding at April 30, 2011:
Type | Contract Position | Number of Contracts | Contract Expiration | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
S&P Mid Cap 400 E-Mini Index | Long | 203 | 6/11 | $ | 20,574,050 | $ | 908,906 |
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. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
q | Investment, or portion of investment, is out on loan for securities lending. |
— | Non-income producing security; issuer has not declared a dividend within the past twelve months. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2011. |
¨ | Investment, or portion of investment, segregated as collateral for investments in derivatives. Yield shown is the annualized effective yield as of April 30, 2011. |
† | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund. |
¯ | Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives. |
See accompanying notes to financial statements.
38 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund
(formerly known as First American Small Cap Index Fund)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
COMMON STOCKS – 91.9% | ||||||||||||||||||||
Consumer Discretionary – 12.1% | ||||||||||||||||||||
1,466 | 1-800-Flowers.com, Class A — | $ | 4,911 | |||||||||||||||||
2,727 | 99 Cents Only Stores — q | 54,976 | ||||||||||||||||||
1,504 | AFC Enterprises — | 22,650 | ||||||||||||||||||
1,068 | AH Belo, Class A — | 8,886 | ||||||||||||||||||
1,074 | Ambassadors Group | 10,826 | ||||||||||||||||||
1,970 | American Apparel — | 2,856 | ||||||||||||||||||
3,562 | American Axle & Manufacturing Holdings — | 45,594 | ||||||||||||||||||
2,326 | American Greetings, Class A | 57,220 | ||||||||||||||||||
1,107 | American Public Education — q | �� | 46,771 | |||||||||||||||||
583 | America’s Car-Mart — | 14,272 | ||||||||||||||||||
1,317 | Amerigon — q | 22,455 | ||||||||||||||||||
1,561 | Ameristar Casinos | 31,142 | ||||||||||||||||||
3,196 | Ann — q | 99,747 | ||||||||||||||||||
1,587 | Arbitron | 61,385 | ||||||||||||||||||
720 | Arctic Cat — | 12,089 | ||||||||||||||||||
1,723 | Asbury Automotive Group — | 29,808 | ||||||||||||||||||
3,421 | Ascena Retail Group — q | 107,043 | ||||||||||||||||||
859 | Ascent Media — | 41,258 | ||||||||||||||||||
1,015 | Audiovox — | 7,491 | ||||||||||||||||||
841 | Ballantyne Strong — | 5,677 | ||||||||||||||||||
2,288 | Barnes & Noble q | 25,145 | ||||||||||||||||||
261 | Beasley Broadcast Group — | 1,759 | ||||||||||||||||||
4,433 | Beazer Homes USA — q | 20,658 | ||||||||||||||||||
1,941 | Bebe Stores | 13,044 | ||||||||||||||||||
5,411 | Belo, Class A — | 45,723 | ||||||||||||||||||
1,341 | Big 5 Sporting Goods | 16,025 | ||||||||||||||||||
83 | Biglari Holdings — | 36,291 | ||||||||||||||||||
1,195 | BJ’s Restaurants — q | 56,105 | ||||||||||||||||||
776 | Blue Nile — q | 44,232 | ||||||||||||||||||
713 | Bluegreen — | 2,774 | ||||||||||||||||||
340 | Blyth | 16,028 | ||||||||||||||||||
1,803 | Bob Evans Farms | 56,542 | ||||||||||||||||||
340 | Body Central — q | 8,221 | ||||||||||||||||||
697 | Bon-Ton Stores q | 9,674 | ||||||||||||||||||
429 | Books-A-Million q | 1,982 | ||||||||||||||||||
3,200 | Boyd Gaming — q | 28,608 | ||||||||||||||||||
158 | Bravo Brio Restaurant Group — q | 3,261 | ||||||||||||||||||
1,157 | Bridgepoint Education — q | 20,305 | ||||||||||||||||||
2,480 | Brown Shoe | 31,372 | ||||||||||||||||||
5,254 | Brunswick q | 122,786 | ||||||||||||||||||
1,554 | Buckle q | 70,691 | ||||||||||||||||||
1,097 | Buffalo Wild Wings — q | 67,027 | ||||||||||||||||||
1,026 | Build-A-Bear Workshop — | 6,289 |
Nuveen Investments | 39 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Consumer Discretionary (continued) | ||||||||||||||||||||
2,434 | Cabela’s — q | $ | 62,164 | |||||||||||||||||
1,176 | California Pizza Kitchen — | 18,816 | ||||||||||||||||||
3,854 | Callaway Golf q | 27,286 | ||||||||||||||||||
984 | Cambium Learning Group — | 3,385 | ||||||||||||||||||
996 | Capella Education — | 49,402 | ||||||||||||||||||
417 | Caribou Coffee — | 3,928 | ||||||||||||||||||
670 | Carmike Cinemas — | 4,864 | ||||||||||||||||||
688 | Carrols Restaurant Group — | 6,715 | ||||||||||||||||||
3,406 | Carters — | 105,314 | ||||||||||||||||||
2,473 | Casual Male Retail Group — | 10,436 | ||||||||||||||||||
1,621 | Cato, Class A | 41,352 | ||||||||||||||||||
350 | Cavco Industries — | 16,268 | ||||||||||||||||||
1,304 | CEC Entertainment | 49,330 | ||||||||||||||||||
7,038 | Charming Shoppes — q | 31,882 | ||||||||||||||||||
3,664 | Cheesecake Factory — q | 107,795 | ||||||||||||||||||
464 | Cherokee | 9,002 | ||||||||||||||||||
1,532 | Children’s Place Retail Stores — q | 81,456 | ||||||||||||||||||
2,187 | Christopher & Banks | 13,450 | ||||||||||||||||||
665 | Churchill Downs | 27,737 | ||||||||||||||||||
3,378 | Cinemark Holdings | 68,675 | ||||||||||||||||||
896 | Citi Trends — | 19,945 | ||||||||||||||||||
3,542 | CKX — | 16,187 | ||||||||||||||||||
1,840 | Coinstar q — | 99,323 | ||||||||||||||||||
3,334 | Coldwater Creek — q | 10,169 | ||||||||||||||||||
3,906 | Collective Brands — q | 82,026 | ||||||||||||||||||
690 | Columbia Sportswear q | 46,913 | ||||||||||||||||||
809 | Conn’s — q | 5,299 | ||||||||||||||||||
3,596 | Cooper Tire & Rubber q | 97,020 | ||||||||||||||||||
548 | Core-Mark Holding — | 18,363 | ||||||||||||||||||
5,230 | Corinthian Colleges — q | 23,273 | ||||||||||||||||||
306 | CPI | 5,499 | ||||||||||||||||||
1,379 | Cracker Barrel Old Country Store q | 70,646 | ||||||||||||||||||
5,110 | Crocs — q | 102,762 | ||||||||||||||||||
1,579 | Crown Media Holdings, Class A — q | 3,458 | ||||||||||||||||||
430 | CSS Industries | 8,290 | ||||||||||||||||||
525 | Culp — | 5,292 | ||||||||||||||||||
1,293 | Cumulus Media, Class A — q | 6,012 | ||||||||||||||||||
8,398 | Dana Holding — q | 152,592 | ||||||||||||||||||
2,298 | Deckers Outdoor — q | 195,008 | ||||||||||||||||||
355 | Delta Apparel — | 6,280 | ||||||||||||||||||
5,888 | Denny’s — | 24,082 | ||||||||||||||||||
574 | Destination Maternity | 13,414 | ||||||||||||||||||
2,969 | Dex One — | 12,470 | ||||||||||||||||||
2,144 | Dillard’s, Class A q | 102,955 | ||||||||||||||||||
1,073 | DineEquity — | 53,618 |
40 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Consumer Discretionary (continued) | ||||||||||||||||||||
1,827 | Dolan Media — | $ | 21,504 | |||||||||||||||||
2,213 | Domino’s Pizza — | 41,095 | ||||||||||||||||||
692 | Dorman Products — | 26,988 | ||||||||||||||||||
1,146 | Drew Industries | 27,584 | ||||||||||||||||||
5,507 | Drugstore.com — | 20,816 | ||||||||||||||||||
749 | DSW — q | 35,563 | ||||||||||||||||||
1,746 | E.W. Scripps, Class A — | 16,587 | ||||||||||||||||||
15,944 | Eastman Kodak — q | 44,324 | ||||||||||||||||||
331 | Einstein Noah Restaurant Group | 5,349 | ||||||||||||||||||
1,504 | Empire Resorts — | 1,008 | ||||||||||||||||||
1,396 | Entercom Communications — | 14,756 | ||||||||||||||||||
2,884 | Entravision Communications — | 6,806 | ||||||||||||||||||
1,442 | Ethan Allen Interiors q | 34,738 | ||||||||||||||||||
4,486 | Exide Technologies — | 45,039 | ||||||||||||||||||
949 | Express q | 20,489 | ||||||||||||||||||
3,017 | Finish Line, Class A | 64,835 | ||||||||||||||||||
377 | Fisher Communications — | 11,404 | ||||||||||||||||||
2,322 | Fred’s | 32,415 | ||||||||||||||||||
835 | Fuel Systems Solutions — | 24,820 | ||||||||||||||||||
2,621 | Furniture Brands International — | 12,686 | ||||||||||||||||||
1,045 | Gaiam, Class A | 6,218 | ||||||||||||||||||
2,057 | Gaylord Entertainment — q | 73,785 | ||||||||||||||||||
1,383 | Genesco — | 55,846 | ||||||||||||||||||
914 | G-iii Apparel Group — q | 41,002 | ||||||||||||||||||
982 | Global Sources — | 12,020 | ||||||||||||||||||
1,838 | Grand Canyon Education — | 26,577 | ||||||||||||||||||
2,875 | Gray Television — | 8,021 | ||||||||||||||||||
1,467 | Group 1 Automotive q | 63,140 | ||||||||||||||||||
2,134 | Harte-Hanks | 19,825 | ||||||||||||||||||
1,044 | Haverty Furniture q | 13,676 | ||||||||||||||||||
1,769 | Helen of Troy — | 55,051 | ||||||||||||||||||
726 | hhgregg — q | 8,973 | ||||||||||||||||||
1,696 | Hibbett Sports — q | 64,075 | ||||||||||||||||||
657 | Hooker Furniture | 8,173 | ||||||||||||||||||
2,684 | Hot Topic q | 18,010 | ||||||||||||||||||
3,622 | Hovnanian Enterprises, Class A — q | 11,627 | ||||||||||||||||||
2,305 | HSN — | 76,480 | ||||||||||||||||||
4,349 | Iconix Brand Group — | 106,507 | ||||||||||||||||||
2,413 | Interval Leisure Group — | 38,777 | ||||||||||||||||||
1,185 | iRobot — q | 41,973 | ||||||||||||||||||
918 | Isle of Capri Casinos — q | 8,758 | ||||||||||||||||||
3,037 | Jack in the Box — | 62,714 | ||||||||||||||||||
1,703 | JAKKS Pacific — q | 35,831 | ||||||||||||||||||
3,528 | Jamba — | 8,749 | ||||||||||||||||||
2,519 | Joe’s Jeans — q | 2,466 |
Nuveen Investments | 41 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Consumer Discretionary (continued) | ||||||||||||||||||||
258 | Johnson Outdoors — | $ | 4,280 | |||||||||||||||||
5,207 | Jones Group | 70,971 | ||||||||||||||||||
1,633 | Jos. A. Bank Clothiers — q | 85,602 | ||||||||||||||||||
2,456 | Journal Communications, Class A — | 13,385 | ||||||||||||||||||
1,440 | K12 — q | 56,693 | ||||||||||||||||||
537 | Kenneth Cole Productions — | 7,233 | ||||||||||||||||||
745 | Kid Brands — | 5,446 | ||||||||||||||||||
993 | Kirkland’s — | 14,984 | ||||||||||||||||||
1,812 | Knology — q | 27,633 | ||||||||||||||||||
3,554 | Krispy Kreme Doughnuts — | 19,938 | ||||||||||||||||||
1,479 | K-Swiss, Class A — | 18,206 | ||||||||||||||||||
278 | Lacrosse Footwear | 4,620 | ||||||||||||||||||
3,139 | La-Z-Boy — q | 36,915 | ||||||||||||||||||
2,041 | LeapFrog Enterprises — | 8,715 | ||||||||||||||||||
485 | Learning Tree International | 4,089 | ||||||||||||||||||
2,662 | Lee Enterprises — q | 3,807 | ||||||||||||||||||
959 | Libbey — | 16,351 | ||||||||||||||||||
2,456 | Life Time Fitness — q | 96,079 | ||||||||||||||||||
549 | Lifetime Brands — | 8,740 | ||||||||||||||||||
1,706 | Lin TV, Class A — | 9,127 | ||||||||||||||||||
976 | Lincoln Educational Services | 16,299 | ||||||||||||||||||
4,031 | Lions Gate Entertainment — | 25,557 | ||||||||||||||||||
1,255 | Lithia Motors q | 22,828 | ||||||||||||||||||
8,349 | Live Nation — | 92,590 | ||||||||||||||||||
5,665 | Liz Claiborne — q | 35,633 | ||||||||||||||||||
1,487 | LodgeNet Interactive — q | 5,219 | ||||||||||||||||||
1,320 | Lumber Liquidators Holdings — q | 34,254 | ||||||||||||||||||
1,067 | M/I Homes — | 14,180 | ||||||||||||||||||
698 | Mac-Gray | 11,824 | ||||||||||||||||||
1,360 | Maidenform Brands — q | 43,058 | ||||||||||||||||||
1,177 | Marcus q | 13,053 | ||||||||||||||||||
704 | Marine Products — | 5,217 | ||||||||||||||||||
1,309 | MarineMax — | 12,514 | ||||||||||||||||||
1,615 | Martha Stewart Living — q | 6,024 | ||||||||||||||||||
1,846 | Matthews International, Class A | 74,098 | ||||||||||||||||||
3,537 | McClatchy — q | 10,116 | ||||||||||||||||||
905 | McCormick & Schmick’s Seafood Restaurants — | 8,263 | ||||||||||||||||||
1,307 | Media General, Class A — q | 7,045 | ||||||||||||||||||
3,124 | Men’s Wearhouse | 87,128 | ||||||||||||||||||
1,910 | Meritage Homes — q | 45,668 | ||||||||||||||||||
855 | Midas — | 6,216 | ||||||||||||||||||
2,855 | Modine Manufacturing — q | 50,848 | ||||||||||||||||||
703 | Monarch Casino & Resort — | 8,056 | ||||||||||||||||||
1,765 | Monro Muffler Brake q | 53,621 | ||||||||||||||||||
1,523 | Morgans Hotel Group — | 13,174 |
42 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Consumer Discretionary (continued) | ||||||||||||||||||||
987 | Movado Group — | $ | 16,473 | |||||||||||||||||
1,625 | Multimedia Games — | 9,539 | ||||||||||||||||||
463 | National American Universal Holdings | 3,560 | ||||||||||||||||||
2,825 | National Cinemedia | 49,268 | ||||||||||||||||||
292 | National Presto Industries q | 32,421 | ||||||||||||||||||
1,324 | New York & Company — | 8,129 | ||||||||||||||||||
635 | Nexstar Broadcasting Group — | 5,296 | ||||||||||||||||||
1,872 | NutriSystem q | 28,155 | ||||||||||||||||||
1,013 | O’Charleys — | 6,625 | ||||||||||||||||||
5,034 | OfficeMax — q | 50,139 | ||||||||||||||||||
1,171 | Orbitz Worldwide — | 3,747 | ||||||||||||||||||
5,641 | Orient-Express Hotels, Class A — | 69,215 | ||||||||||||||||||
886 | Outdoor Channel Holdings | 6,335 | ||||||||||||||||||
955 | Overstock.com — | 13,274 | ||||||||||||||||||
833 | Oxford Industries | 28,614 | ||||||||||||||||||
1,406 | P.F. Chang’s China Bistro q | 56,381 | ||||||||||||||||||
3,821 | Pacific Sunwear of California — q | 12,189 | ||||||||||||||||||
1,271 | Papa John’s International — | 38,206 | ||||||||||||||||||
696 | Peet’s Coffee & Tea — q | 32,350 | ||||||||||||||||||
2,624 | Penske Automotive Group — q | 58,988 | ||||||||||||||||||
2,969 | Pep Boys q | 40,675 | ||||||||||||||||||
687 | Perry Ellis International — q | 19,360 | ||||||||||||||||||
1,380 | PetMed Express q | 20,824 | ||||||||||||||||||
6,204 | Pier 1 Imports — | 75,565 | ||||||||||||||||||
3,662 | Pinnacle Entertainment — | 50,829 | ||||||||||||||||||
1,849 | Polaris Industries | 194,940 | ||||||||||||||||||
2,949 | Pool | 89,237 | ||||||||||||||||||
482 | Pre-Paid Legal Services — q | 31,788 | ||||||||||||||||||
991 | Primedia | 4,856 | ||||||||||||||||||
1,107 | Princeton Review — | 441 | ||||||||||||||||||
7,811 | Quiksilver — | 33,978 | ||||||||||||||||||
502 | R.G. Barry | 6,144 | ||||||||||||||||||
1,860 | Radio One — | 5,413 | ||||||||||||||||||
285 | ReachLocal — q | 6,623 | ||||||||||||||||||
811 | Red Lion Hotels — | 7,096 | ||||||||||||||||||
947 | Red Robin Gourmet Burgers — q | 25,749 | ||||||||||||||||||
3,378 | Regis q | 57,426 | ||||||||||||||||||
3,872 | Rent-A-Center q | 117,902 | ||||||||||||||||||
575 | Rentrak — | 13,190 | ||||||||||||||||||
1,370 | Retail Ventures — | 28,126 | ||||||||||||||||||
3,953 | Ruby Tuesday — | 41,546 | ||||||||||||||||||
871 | Rue21 — q | 26,235 | ||||||||||||||||||
1,689 | Ruth’s Hospitality Group — | 8,293 | ||||||||||||||||||
2,624 | Ryland Group q | 45,421 | ||||||||||||||||||
7,694 | Saks — q | 92,020 |
Nuveen Investments | 43 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Consumer Discretionary (continued) | ||||||||||||||||||||
5,729 | Sally Beauty Holdings — | $ | 84,732 | |||||||||||||||||
1,527 | Scholastic q | 40,130 | ||||||||||||||||||
3,859 | Scientific Games, Class A — | 40,597 | ||||||||||||||||||
2,753 | Sealy — q | 7,268 | ||||||||||||||||||
3,242 | Select Comfort — | 51,451 | ||||||||||||||||||
309 | Shiloh Industries | 3,526 | ||||||||||||||||||
516 | Shoe Carnival — | 15,103 | ||||||||||||||||||
3,271 | Shuffle Master — | 35,752 | ||||||||||||||||||
1,594 | Shutterfly — q | 98,127 | ||||||||||||||||||
2,843 | Sinclair Broadcast Group, Class A | 32,666 | ||||||||||||||||||
2,021 | Skechers U.S.A., Class A — q | 38,500 | ||||||||||||||||||
389 | Skyline | 7,628 | ||||||||||||||||||
3,546 | Smith & Wesson — q | 12,801 | ||||||||||||||||||
3,703 | Sonic — | 41,548 | ||||||||||||||||||
2,366 | Sonic Automotive, Class A q | 33,361 | ||||||||||||||||||
3,978 | Sotheby’s Holdings, Class A q | 200,969 | ||||||||||||||||||
1,978 | Spartan Motors | 13,371 | ||||||||||||||||||
791 | Speedway Motorsports | 12,324 | ||||||||||||||||||
2,314 | Stage Stores | 44,568 | ||||||||||||||||||
1,163 | Standard Motor Products | 16,573 | ||||||||||||||||||
6,344 | Standard-Pacific — | 24,488 | ||||||||||||||||||
1,558 | Stein Mart | 16,951 | ||||||||||||||||||
920 | Steiner Leisure — | 44,657 | ||||||||||||||||||
337 | Steinway Musical Instruments — | 8,425 | ||||||||||||||||||
1,492 | Steven Madden — | 79,300 | ||||||||||||||||||
4,830 | Stewart Enterprises, Class A q | 39,171 | ||||||||||||||||||
918 | Stoneridge — | 14,045 | ||||||||||||||||||
1,161 | Sturm, Ruger & Company q | 27,609 | ||||||||||||||||||
640 | Summer Infant — | 5,658 | ||||||||||||||||||
915 | Summit Hotel Properties - REIT — | 10,367 | ||||||||||||||||||
1,409 | Superior Industries International | 35,605 | ||||||||||||||||||
760 | Supermedia — q | 3,906 | ||||||||||||||||||
607 | Systemax — | 7,861 | ||||||||||||||||||
4,166 | Talbots — q | 22,413 | ||||||||||||||||||
3,595 | Tenneco — q | 166,125 | ||||||||||||||||||
3,050 | Texas Roadhouse | 49,623 | ||||||||||||||||||
2,477 | Timberland, Class A — | 111,936 | ||||||||||||||||||
392 | Tower International — | 6,511 | ||||||||||||||||||
1,552 | True Religion Apparel — | 46,901 | ||||||||||||||||||
1,760 | Tuesday Morning — | 8,800 | ||||||||||||||||||
601 | U.S. Auto Parts Network — | 4,664 | ||||||||||||||||||
1,864 | ULTA — | 99,146 | ||||||||||||||||||
2,020 | Under Armour, Class A — q | 138,289 | ||||||||||||||||||
835 | UniFirst | 43,220 | ||||||||||||||||||
822 | Universal Electronics — | 22,761 |
44 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Consumer Discretionary (continued) | ||||||||||||||||||||
1,187 | Universal Technical Institute | $ | 21,449 | |||||||||||||||||
2,151 | Vail Resorts — | 105,377 | ||||||||||||||||||
2,932 | Valassis Communications — | 84,530 | ||||||||||||||||||
78 | Value Line q | 1,091 | ||||||||||||||||||
513 | Vera Bradley — q | 24,952 | ||||||||||||||||||
852 | Vitacost.com — | — | ||||||||||||||||||
946 | Vitamin Shoppe — q | 36,913 | ||||||||||||||||||
1,151 | Volcom q | 22,709 | ||||||||||||||||||
2,635 | Warnaco Group — | 169,589 | ||||||||||||||||||
2,654 | Warner Music Group — | 19,825 | ||||||||||||||||||
871 | West Marine — | 9,476 | ||||||||||||||||||
312 | Westwood One — q | 2,175 | ||||||||||||||||||
5,912 | Wet Seal, Class A — q | 26,013 | ||||||||||||||||||
424 | Weyco Group | 10,282 | ||||||||||||||||||
142 | Winmark q | 5,923 | ||||||||||||||||||
1,774 | Winnebago Industries — | 21,962 | ||||||||||||||||||
2,943 | Wolverine World Wide | 116,778 | ||||||||||||||||||
1,243 | World Wrestling Entertainment q | 13,064 | ||||||||||||||||||
1,151 | Zumiez — q | 32,355 | ||||||||||||||||||
Total Consumer Discretionary | 10,070,600 | |||||||||||||||||||
Consumer Staples – 2.6% | ||||||||||||||||||||
212 | Alico | 5,467 | ||||||||||||||||||
5,484 | Alliance One International — | 21,881 | ||||||||||||||||||
1,110 | Andersons q | 55,112 | ||||||||||||||||||
40 | Arden Group, Class A | 3,312 | ||||||||||||||||||
2,821 | B & G Foods | 51,004 | ||||||||||||||||||
457 | Boston Beer, Class A — | 43,077 | ||||||||||||||||||
105 | Bridgford Foods | 1,075 | ||||||||||||||||||
562 | Calavo Growers q | 11,802 | ||||||||||||||||||
761 | Cal-Maine Foods q | 21,985 | ||||||||||||||||||
2,235 | Casey’s General Stores q | 87,232 | ||||||||||||||||||
3,360 | Central Garden & Pet, Class A — | 33,667 | ||||||||||||||||||
2,716 | Chiquita Brands International — q | 43,239 | ||||||||||||||||||
276 | Coca-Cola Bottling | 19,444 | ||||||||||||||||||
6,296 | Darling International — | 101,806 | ||||||||||||||||||
1,295 | Diamond Foods q | 84,952 | ||||||||||||||||||
2,131 | Dole Food — q | 29,429 | ||||||||||||||||||
1,378 | Elizabeth Arden — q | 41,423 | ||||||||||||||||||
339 | Farmer Brothers | 4,078 | ||||||||||||||||||
2,354 | Fresh Del Monte Produce | 63,817 | ||||||||||||||||||
606 | Fresh Market — | 25,343 | ||||||||||||||||||
186 | Griffin Land & Nurseries | 4,981 | ||||||||||||||||||
2,430 | Hain Celestial Group — | 82,644 | ||||||||||||||||||
551 | Harbinger Group — | 3,345 | ||||||||||||||||||
4,879 | Heckmann — | 30,738 |
Nuveen Investments | 45 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Consumer Staples (continued) | ||||||||||||||||||||
698 | Imperial Sugar | $ | 9,549 | |||||||||||||||||
775 | Ingles Markets, Class A | 14,733 | ||||||||||||||||||
761 | Inter Parfums | 14,482 | ||||||||||||||||||
802 | J&J Snack Foods | 40,758 | ||||||||||||||||||
469 | John B. Sanflippo & Son — | 5,159 | ||||||||||||||||||
1,148 | Lancaster Colony q | 70,154 | ||||||||||||||||||
263 | Lifeway Foods — | �� | 2,522 | |||||||||||||||||
481 | Limoneira | 10,587 | ||||||||||||||||||
791 | Medifast — q | 15,622 | ||||||||||||||||||
651 | MGP Ingredients | 5,683 | ||||||||||||||||||
746 | Nash-Finch | 27,766 | ||||||||||||||||||
528 | National Beverage | 7,350 | ||||||||||||||||||
451 | Natures Sunshine Product — q | 4,023 | ||||||||||||||||||
2,901 | Nu Skin Enterprises, Class A q | 93,093 | ||||||||||||||||||
664 | Nutraceutical International — | 10,531 | ||||||||||||||||||
313 | Oil-Dri Corporation of America | 6,914 | ||||||||||||||||||
1,371 | Pantry — | 21,223 | ||||||||||||||||||
2,886 | Pilgrims Pride — | 16,970 | ||||||||||||||||||
2,483 | Prestige Brand Holdings — | 28,679 | ||||||||||||||||||
974 | PriceSmart q | 40,557 | ||||||||||||||||||
483 | Primo Water — | 7,264 | ||||||||||||||||||
634 | Revlon — | 10,917 | ||||||||||||||||||
33,082 | Rite Aid — q | 36,721 | ||||||||||||||||||
2,447 | Ruddick | 101,599 | ||||||||||||||||||
1,239 | Sanderson Farms q | 58,976 | ||||||||||||||||||
523 | Schiff Nutrition International | 5,204 | ||||||||||||||||||
454 | Seneca Foods — q | 12,694 | ||||||||||||||||||
3,643 | Smart Balance — q | 17,414 | ||||||||||||||||||
1,534 | Snyders-Lance | 30,297 | ||||||||||||||||||
1,354 | Spartan Stores q | 21,136 | ||||||||||||||||||
1,080 | Spectrum Brands Holdings — q | 35,100 | ||||||||||||||||||
5,723 | Star Scientific — q | 22,949 | ||||||||||||||||||
421 | Susser Holdings — | 5,806 | ||||||||||||||||||
1,097 | Synutra International — q | 11,409 | ||||||||||||||||||
1,058 | The Female Health | 5,004 | ||||||||||||||||||
1,469 | Tootsie Roll Industries q | 43,541 | ||||||||||||||||||
1,923 | TreeHouse Foods — q | 116,668 | ||||||||||||||||||
2,563 | United Natural Foods — | 109,414 | ||||||||||||||||||
1,425 | Universal q | 61,817 | ||||||||||||||||||
358 | USANA Health Sciences — q | 13,353 | ||||||||||||||||||
2,410 | Vector Group q | 44,248 | ||||||||||||||||||
371 | Village Super Market | 10,032 | ||||||||||||||||||
962 | WD-40 Company | 39,923 | ||||||||||||||||||
618 | Weis Markets | 25,505 | ||||||||||||||||||
3,322 | Winn Dixie Stores — | 23,553 | ||||||||||||||||||
Total Consumer Staples | 2,187,752 |
46 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Energy – 6.3% | ||||||||||||||||||||
4,761 | Abraxas Petroleum — q | $ | 24,186 | |||||||||||||||||
454 | Alon USA Energy q | 6,242 | ||||||||||||||||||
557 | Apco Oil & Gas International q | 50,353 | ||||||||||||||||||
1,027 | Approach Resources — | 30,235 | ||||||||||||||||||
2,640 | ATP Oil & Gas — q | 46,939 | ||||||||||||||||||
1,377 | Basic Energy Services — | 42,329 | ||||||||||||||||||
3,068 | Berry Petroleum, Class A q | 163,003 | ||||||||||||||||||
2,723 | Bill Barrett — q | 113,631 | ||||||||||||||||||
5,743 | BPZ Energy — q | 27,337 | ||||||||||||||||||
6,907 | Brigham Exploration — q | 231,592 | ||||||||||||||||||
2,124 | Bristow Group — | 98,554 | ||||||||||||||||||
5,591 | Cal Dive International — | 43,945 | ||||||||||||||||||
2,241 | Callon Petroleum — | 15,351 | ||||||||||||||||||
2,828 | Camac Energy — q | 4,496 | ||||||||||||||||||
1,158 | Carbo Ceramics q | 186,369 | ||||||||||||||||||
2,063 | Carrizo Oil & Gas — | 82,190 | ||||||||||||||||||
3,370 | Cheniere Energy — q | 30,600 | ||||||||||||||||||
358 | Clayton Williams Energy — q | 32,424 | ||||||||||||||||||
2,700 | Clean Energy Fuels — q | 46,008 | ||||||||||||||||||
1,852 | Cloud Peak Energy — q | 38,559 | ||||||||||||||||||
4,614 | Complete Production Services — | 156,599 | ||||||||||||||||||
727 | Contango Oil & Gas Company — | 45,016 | ||||||||||||||||||
2,215 | Crosstex Energy | 23,368 | ||||||||||||||||||
1,384 | CVR Energy — | 30,766 | ||||||||||||||||||
474 | Dawson Geophysical — q | 21,140 | ||||||||||||||||||
731 | Delek US Holdings | 9,817 | ||||||||||||||||||
10,847 | Delta Petroleum — q | 9,080 | ||||||||||||||||||
3,026 | DHT Maritime q | 13,103 | ||||||||||||||||||
2,015 | Dril-Quip — | 154,268 | ||||||||||||||||||
1,717 | Energy Partners — | 31,267 | ||||||||||||||||||
4,313 | Energy XXI — q | 156,346 | ||||||||||||||||||
876 | Evolution Petroleum — | 6,947 | ||||||||||||||||||
3,024 | FX Energy — q | 24,827 | ||||||||||||||||||
3,275 | Gastar Exploration — | 14,737 | ||||||||||||||||||
5,988 | General Maritime q | 12,814 | ||||||||||||||||||
770 | GeoResources — q | 22,345 | ||||||||||||||||||
445 | Global Geophysical Services — | 8,451 | ||||||||||||||||||
6,083 | Global Industries — | 59,978 | ||||||||||||||||||
3,319 | GMX Resources — q | 19,516 | ||||||||||||||||||
2,055 | Golar LNG q | 66,911 | ||||||||||||||||||
1,493 | Goodrich Petroleum — q | 33,548 | ||||||||||||||||||
951 | Green Plains Renewable Energy — q | 11,906 | ||||||||||||||||||
849 | Gulf Island Fabrication | 30,004 | ||||||||||||||||||
1,311 | Gulfmark Offshore, Class A — | 55,809 | ||||||||||||||||||
1,596 | Gulfport Energy — | 54,328 |
Nuveen Investments | 47 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Energy (continued) | ||||||||||||||||||||
225 | Hallador Energy Company q | $ | 2,524 | |||||||||||||||||
1,993 | Harvest Natural Resources — q | 27,543 | ||||||||||||||||||
6,205 | Helix Energy Solutions Group — q | 117,461 | ||||||||||||||||||
6,992 | Hercules Offshore — | 43,875 | ||||||||||||||||||
1,348 | Hornbeck Offshore Services — q | 39,402 | ||||||||||||||||||
1,070 | Houston American Energy q | 19,677 | ||||||||||||||||||
7,788 | International Coal Group — q | 85,902 | ||||||||||||||||||
7,762 | Ion Geophysical — q | 98,112 | ||||||||||||||||||
65 | Isramco — | 4,342 | ||||||||||||||||||
2,013 | James River Coal — q | 46,943 | ||||||||||||||||||
7,536 | Key Energy Services — | 137,155 | ||||||||||||||||||
994 | Knightsbridge Tankers q | 22,256 | ||||||||||||||||||
10,473 | Kodiak Oil & Gas — q | 73,520 | ||||||||||||||||||
1,105 | L & L Energy — q | 7,680 | ||||||||||||||||||
1,724 | Lufkin Industries q | 159,177 | ||||||||||||||||||
3,844 | Magnum Hunter Resources — q | 31,367 | ||||||||||||||||||
1,512 | Matrix Service — | 21,863 | ||||||||||||||||||
5,638 | McMoRan Exploration — q | 103,232 | ||||||||||||||||||
1,264 | Miller Energy Resources — q | 7,293 | ||||||||||||||||||
709 | Natural Gas Services Group — | 12,783 | ||||||||||||||||||
5,275 | Newpark Resources — q | 47,633 | ||||||||||||||||||
2,573 | Nordic American Tanker Shipping q | 59,128 | ||||||||||||||||||
3,181 | Northern Oil & Gas — q | 75,581 | ||||||||||||||||||
2,794 | Oasis Petroleum — | 85,860 | ||||||||||||||||||
1,517 | Overseas Shipholding Group q | 42,264 | ||||||||||||||||||
247 | OYO Geospace — | �� | 23,040 | |||||||||||||||||
398 | Panhandle Oil And Gas | 12,043 | ||||||||||||||||||
7,077 | Parker Drilling — q | 50,459 | ||||||||||||||||||
4,638 | Patriot Coal — q | 116,785 | ||||||||||||||||||
2,697 | Penn Virginia q | 41,696 | ||||||||||||||||||
1,309 | Petroleum Development — q | 52,124 | ||||||||||||||||||
3,243 | PetroQuest Energy — q | 28,409 | ||||||||||||||||||
793 | PHI — | 17,747 | ||||||||||||||||||
3,212 | Pioneer Drilling — | 49,786 | ||||||||||||||||||
3,292 | RAM Energy Resources — q | 6,782 | ||||||||||||||||||
12,797 | Rentech — | 14,205 | ||||||||||||||||||
2,254 | Resolute Energy — q | 39,873 | ||||||||||||||||||
1,903 | Rex Energy — | 24,415 | ||||||||||||||||||
493 | Rex Stores — | 8,519 | ||||||||||||||||||
295 | RigNet — | 5,723 | ||||||||||||||||||
3,188 | Rosetta Resources — | 146,425 | ||||||||||||||||||
2,803 | RPC q | 75,821 | ||||||||||||||||||
769 | Scorpio Tankers — | 9,051 | ||||||||||||||||||
2,653 | Ship Finance International q | 53,033 | ||||||||||||||||||
2,516 | Stone Energy — q | 88,966 |
48 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Energy (continued) | ||||||||||||||||||||
2,281 | Swift Energy — | $ | 89,392 | |||||||||||||||||
3,848 | Syntroleum — | 7,888 | ||||||||||||||||||
588 | Targa Resources | 20,592 | ||||||||||||||||||
1,605 | Teekay Tankers, Class A q | 15,087 | ||||||||||||||||||
1,791 | Tesco — | 33,689 | ||||||||||||||||||
4,589 | TETRA Technologies — | 67,780 | ||||||||||||||||||
8,739 | Transatlantic Petroleum — q | 22,984 | ||||||||||||||||||
761 | Union Drilling — | 10,319 | ||||||||||||||||||
3,595 | Uranium Energy — q | 12,511 | ||||||||||||||||||
6,851 | USEC — q | 31,378 | ||||||||||||||||||
3,605 | Vaalco Energy — | 25,127 | ||||||||||||||||||
7,380 | Vantage Drilling — q | 13,136 | ||||||||||||||||||
1,187 | Venoco — | 22,066 | ||||||||||||||||||
2,071 | W&T Offshore q | 55,523 | ||||||||||||||||||
4,309 | Warren Resources — | 19,520 | ||||||||||||||||||
3,027 | Western Refining — q | 51,338 | ||||||||||||||||||
2,814 | Willbros Group — | 30,250 | ||||||||||||||||||
3,605 | World Fuel Services | 142,686 | ||||||||||||||||||
Total Energy | 5,295,975 | |||||||||||||||||||
Financials – 18.4% | ||||||||||||||||||||
834 | 1st Source | 17,697 | ||||||||||||||||||
1,301 | 1st United Bancorp — | 9,068 | ||||||||||||||||||
1,325 | Abington Bancorp | 16,059 | ||||||||||||||||||
2,418 | Acadia Realty Trust - REIT q | 50,415 | ||||||||||||||||||
3,263 | Advance America Cash Advance Centers | 19,186 | ||||||||||||||||||
516 | Agree Realty - REIT q | 12,069 | ||||||||||||||||||
132 | Alexander’s - REIT q | 57,986 | ||||||||||||||||||
251 | Alliance Financial | 8,092 | ||||||||||||||||||
4,980 | Alterra Capital Holdings q | 109,460 | ||||||||||||||||||
1,890 | American Assets Trust - REIT | 41,731 | ||||||||||||||||||
3,859 | American Campus Communities - REIT q | 135,644 | ||||||||||||||||||
20,403 | American Capital — q | 209,539 | ||||||||||||||||||
6,562 | American Capital Agency - REIT q | 191,020 | ||||||||||||||||||
3,463 | American Equity Investment Life Holding q | 44,534 | ||||||||||||||||||
372 | American National Bankshares | 8,608 | ||||||||||||||||||
576 | American Safety Insurance Holdings — | 11,727 | ||||||||||||||||||
1,418 | Ameris Bancorp — q | 14,095 | ||||||||||||||||||
1,150 | Amerisafe — | 25,679 | ||||||||||||||||||
349 | Ames National | 6,443 | ||||||||||||||||||
1,386 | Amtrust Financial Services | 26,750 | ||||||||||||||||||
6,976 | Anworth Mortgage Asset - REIT q | 50,088 | ||||||||||||||||||
1,040 | Apollo Commercial Real Estate Finance - REIT | 16,994 | ||||||||||||||||||
11,503 | Apollo Investment | 136,311 | ||||||||||||||||||
1,614 | Argo Group International Holdings q | 50,696 | ||||||||||||||||||
400 | Arlington Asset Investment, Class A | 12,200 |
Nuveen Investments | 49 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
532 | Arrow Financial | $ | 13,220 | |||||||||||||||||
1,672 | Artio Global Investments q | 27,471 | ||||||||||||||||||
2,679 | Ashford Hospitality Trust - REIT — q | 33,407 | ||||||||||||||||||
966 | Asset Acceptance Capital — | 5,487 | ||||||||||||||||||
2,449 | Associated Estates Realty - REIT q | 40,751 | ||||||||||||||||||
627 | Asta Funding | 5,085 | ||||||||||||||||||
5,124 | Astoria Financial q | 74,144 | ||||||||||||||||||
475 | Avatar Holdings — | 8,550 | ||||||||||||||||||
402 | Baldwin & Lyons, Class B | 9,282 | ||||||||||||||||||
411 | BancFirst | 16,551 | ||||||||||||||||||
1,670 | Banco Latinoamericano de Exportaciones | 28,991 | ||||||||||||||||||
1,682 | Bancorp Bank — | 16,467 | ||||||||||||||||||
222 | Bancorp Rhode Island | 9,848 | ||||||||||||||||||
3,041 | Bank Mutual | 12,438 | ||||||||||||||||||
316 | Bank of Marin Bancorp | 11,894 | ||||||||||||||||||
794 | Bank of the Ozarks q | 35,357 | ||||||||||||||||||
1,099 | BankFinancial | 10,045 | ||||||||||||||||||
1,775 | Beneficial Mutual Bancorp — | 15,318 | ||||||||||||||||||
836 | Berkshire Hills Bancorp q | 18,643 | ||||||||||||||||||
3,577 | BGC Partners, Class A | 34,518 | ||||||||||||||||||
7,745 | BioMed Realty Trust - REIT q | 153,661 | ||||||||||||||||||
3,878 | Blackrock Kelso Capital | 40,797 | ||||||||||||||||||
418 | BofI Holding — | 7,022 | ||||||||||||||||||
4,415 | Boston Private Financial Holdings q | 30,861 | ||||||||||||||||||
379 | Bridge Bancorp q | 8,111 | ||||||||||||||||||
3,346 | Brookline Bancorp q | 30,850 | ||||||||||||||||||
373 | Bryn Mawr Bank | 7,516 | ||||||||||||||||||
1,416 | Calamos Asset Management, Class A q | 23,038 | ||||||||||||||||||
112 | California First National Bancorp | 1,701 | ||||||||||||||||||
465 | Camden National | 16,066 | ||||||||||||||||||
1,804 | Campus Crest Communities - REIT q | 21,323 | ||||||||||||||||||
662 | Capital City Bank Group | 7,414 | ||||||||||||||||||
178 | Capital Southwest | 17,131 | ||||||||||||||||||
3,996 | CapLease - REIT | 22,378 | ||||||||||||||||||
3,873 | Capstead Mortgage - REIT | 51,279 | ||||||||||||||||||
1,642 | Cardinal Financial | 18,456 | ||||||||||||||||||
1,600 | Cardtronics — | 34,000 | ||||||||||||||||||
1,754 | Cash America International | 83,227 | ||||||||||||||||||
4,756 | Cathay General Bancorp q | 81,090 | ||||||||||||||||||
8,193 | CBL & Associates Properties - REIT | 152,144 | ||||||||||||||||||
3,240 | Cedar Shopping Centers - REIT | 19,116 | ||||||||||||||||||
2,107 | Center Financial — | 15,360 | ||||||||||||||||||
1,121 | Centerstate Banks of Florida | 6,973 | ||||||||||||||||||
215 | Century Bancorp | 5,930 | ||||||||||||||||||
730 | Chatham Lodging Trust - REIT | 11,789 |
50 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
1,312 | Chemical Financial | $ | 26,411 | |||||||||||||||||
1,487 | Chesapeake Lodging Trust - REIT q | 26,736 | ||||||||||||||||||
2,297 | Citizens — q | 17,113 | ||||||||||||||||||
717 | Citizens & Northern q | 12,311 | ||||||||||||||||||
23,787 | Citizens Banking — | 21,836 | ||||||||||||||||||
936 | City Holdings q | 31,918 | ||||||||||||||||||
589 | Clifton Savings Bancorp | 6,750 | ||||||||||||||||||
1,001 | CNA Surety — | 26,516 | ||||||||||||||||||
722 | CNB Financial q | 10,014 | ||||||||||||||||||
13,341 | CNO Financial Group — q | 107,528 | ||||||||||||||||||
1,784 | CoBiz Financial q | 12,113 | ||||||||||||||||||
2,552 | Cogdell Spencer - REIT q | 15,440 | ||||||||||||||||||
1,049 | Cohen & Steers q | 33,002 | ||||||||||||||||||
4,472 | Colonial Properties Trust - REIT q | 94,628 | ||||||||||||||||||
1,910 | Colony Financial - REIT | 35,679 | ||||||||||||||||||
2,360 | Columbia Banking System | 44,510 | ||||||||||||||||||
1,991 | Community Bank System q | 49,815 | ||||||||||||||||||
871 | Community Trust Bancorp | 24,649 | ||||||||||||||||||
2,146 | Compass Diversified Trust q | 35,967 | ||||||||||||||||||
409 | CompuCredit Holdings — | 1,742 | ||||||||||||||||||
330 | Consolidated-Tomoka Land | 10,207 | ||||||||||||||||||
1,160 | Coresite Realty - REIT | 18,316 | ||||||||||||||||||
5,381 | Cousins Properties - REIT q | 48,429 | ||||||||||||||||||
2,149 | Cowen Group — q | 8,940 | ||||||||||||||||||
1,307 | Crawford & Company | 6,078 | ||||||||||||||||||
295 | Credit Acceptance — q | 23,866 | ||||||||||||||||||
2,995 | CreXus Investment - REIT | 34,922 | ||||||||||||||||||
5,177 | CVB Financial q | 50,424 | ||||||||||||||||||
4,081 | Cypress Sharpridge Investments - REIT q | 50,400 | ||||||||||||||||||
967 | Danvers Bancorp q | 21,806 | ||||||||||||||||||
14,471 | DCT Industrial Trust - REIT q | 84,077 | ||||||||||||||||||
2,820 | Delphi Financial Group, Class A q | 90,099 | ||||||||||||||||||
143 | Diamond Hill Investment Group | 11,726 | ||||||||||||||||||
9,768 | DiamondRock Hospitality - REIT — q | 117,607 | ||||||||||||||||||
1,574 | Dime Community Bancshares | 24,334 | ||||||||||||||||||
2,115 | Dollar Financial — | 48,624 | ||||||||||||||||||
937 | Donegal Group, Class A | 12,781 | ||||||||||||||||||
1,118 | Doral Financial — | 1,677 | ||||||||||||||||||
1,618 | Duff & Phelps, Class A | 24,901 | ||||||||||||||||||
2,431 | DuPont Fabros Technology - REIT q | 59,462 | ||||||||||||||||||
2,098 | Dynex Capital - REIT | 20,728 | ||||||||||||||||||
913 | Eagle Bancorp — | 12,672 | ||||||||||||||||||
1,448 | EastGroup Properties - REIT q | 66,695 | ||||||||||||||||||
4,258 | Education Realty Trust - REIT | 36,236 | ||||||||||||||||||
1,461 | eHealth — q | 19,870 |
Nuveen Investments | 51 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
349 | EMC Insurance Group | $ | 7,612 | |||||||||||||||||
2,536 | Employers Holdings | 51,126 | ||||||||||||||||||
477 | Encore Bancshares — | 5,772 | ||||||||||||||||||
827 | Encore Capital Group — | 24,760 | ||||||||||||||||||
407 | Enstar Group — | 45,645 | ||||||||||||||||||
882 | Enterprise Financial Services q | 13,142 | ||||||||||||||||||
2,792 | Entertainment Properties Trust - REIT q | 132,927 | ||||||||||||||||||
774 | Epoch Holdings | 13,421 | ||||||||||||||||||
1,541 | Equity Lifestyle Properties - REIT | 92,183 | ||||||||||||||||||
2,278 | Equity One - REIT q | 45,150 | ||||||||||||||||||
560 | ESB Financial | 9,503 | ||||||||||||||||||
921 | Essa Bancorp | 11,559 | ||||||||||||||||||
929 | Evercore Partners, Class A q | 32,413 | ||||||||||||||||||
889 | Excel Trust - REIT | 10,579 | ||||||||||||||||||
5,268 | Extra Space Storage - REIT q | 114,052 | ||||||||||||||||||
2,633 | EZCORP, Class A — | 82,913 | ||||||||||||||||||
6,873 | F.N.B. q | 75,259 | ||||||||||||||||||
927 | FBL Financial Group, Class A | 28,273 | ||||||||||||||||||
3,120 | FBR Capital Markets — | 11,232 | ||||||||||||||||||
572 | Federal Agricultural Mortgage, Class C q | 10,839 | ||||||||||||||||||
8,703 | FelCor Lodging Trust - REIT — | 55,351 | ||||||||||||||||||
3,925 | Fifth Street Finance q | 52,320 | ||||||||||||||||||
807 | Financial Engines — q | 22,943 | ||||||||||||||||||
638 | Financial Institutions | 10,846 | ||||||||||||||||||
6,167 | First American Financial q | 96,205 | ||||||||||||||||||
532 | First Bancorp | 7,900 | ||||||||||||||||||
836 | First Bancorp - North Carolina q | 11,671 | ||||||||||||||||||
1,257 | First BanCorp of Puerto Rico — q | 6,272 | ||||||||||||||||||
3,104 | First Busey | 16,296 | ||||||||||||||||||
1,787 | First Cash Financial Services — | 70,122 | ||||||||||||||||||
5,188 | First Commonwealth Financial | 32,166 | ||||||||||||||||||
849 | First Community Bancshares | 12,616 | ||||||||||||||||||
709 | First Financial q | 22,801 | ||||||||||||||||||
3,503 | First Financial Bancorp | 57,729 | ||||||||||||||||||
1,230 | First Financial Bankshares q | 68,167 | ||||||||||||||||||
970 | First Financial Holdings | 10,651 | ||||||||||||||||||
4,588 | First Industrial Realty Trust - REIT — q | 57,442 | ||||||||||||||||||
737 | First Interstate Bancsystem | 10,082 | ||||||||||||||||||
3,286 | First Marblehead — | 7,065 | ||||||||||||||||||
1,514 | First Merchants | 14,035 | ||||||||||||||||||
4,463 | First Midwest Bancorp q | 58,465 | ||||||||||||||||||
329 | First of Long Island | 8,899 | ||||||||||||||||||
2,946 | First Potomac Realty Trust - REIT q | 47,814 | ||||||||||||||||||
443 | First South Bancorp | 1,985 | ||||||||||||||||||
6,395 | FirstMerit | 111,721 |
52 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
2,783 | Flagstar Bancorp — | $ | 4,341 | |||||||||||||||||
2,792 | Flagstone Reinsurance Holdings | 23,481 | ||||||||||||||||||
1,836 | Flushing Financial q | 27,026 | ||||||||||||||||||
2,186 | Forestar Real Estate Group — | 42,999 | ||||||||||||||||||
368 | Fox Chase Bancorp | 5,023 | ||||||||||||||||||
580 | FPIC Insurance Group — | 21,414 | ||||||||||||||||||
4,072 | Franklin Street Properties - REIT q | 57,578 | ||||||||||||||||||
1,324 | FXCM | 17,622 | ||||||||||||||||||
441 | GAMCO Investors | 22,689 | ||||||||||||||||||
675 | German American Bancorp q | 11,779 | ||||||||||||||||||
79 | Gerova Financial Group — | 209 | ||||||||||||||||||
1,373 | Getty Realty - REIT q | 34,888 | ||||||||||||||||||
4,116 | GFI Group | 21,033 | ||||||||||||||||||
3,966 | Glacier Bancorp q | 59,609 | ||||||||||||||||||
1,286 | Gladstone Capital | 14,609 | ||||||||||||||||||
1,329 | Gladstone Commercial - REIT | 24,241 | ||||||||||||||||||
1,347 | Gladstone Investment | 10,426 | ||||||||||||||||||
4,618 | Gleacher — | 8,728 | ||||||||||||||||||
5,951 | Glimcher Realty Trust - REIT q | 56,832 | ||||||||||||||||||
817 | Global Indemnity — | 20,866 | ||||||||||||||||||
440 | Golub Capital BDC | 7,058 | ||||||||||||||||||
1,263 | Government Properties Income Trust - REIT | 34,631 | ||||||||||||||||||
612 | Great Southern Bancorp q | 12,668 | ||||||||||||||||||
702 | Greene County Bancshares — q | 1,425 | ||||||||||||||||||
1,625 | Greenlight Capital — | 45,744 | ||||||||||||||||||
690 | Hallmark Financial Services — | 5,899 | ||||||||||||||||||
1,725 | Hancock Holding q | 56,339 | ||||||||||||||||||
6,075 | Hanmi Financial — | 8,019 | ||||||||||||||||||
688 | Harleysville Group | 22,071 | ||||||||||||||||||
1,831 | Harris & Harris Group — | 9,558 | ||||||||||||||||||
4,145 | Hatteras Financial - REIT q | 117,759 | ||||||||||||||||||
3,420 | Healthcare Realty Trust - REIT q | 78,113 | ||||||||||||||||||
895 | Heartland Financial USA | 14,069 | ||||||||||||||||||
2,155 | Hercules Technology Growth Capital | 23,166 | ||||||||||||||||||
560 | Heritage Financial — q | 8,254 | ||||||||||||||||||
108 | Heritage Financial Group | 1,305 | ||||||||||||||||||
7,970 | Hersha Hospitality Trust - REIT | 47,342 | ||||||||||||||||||
1,132 | HFF — | 16,946 | ||||||||||||||||||
4,319 | Highwoods Properties - REIT q | 159,371 | ||||||||||||||||||
2,401 | Hilltop Holdings — | 23,290 | ||||||||||||||||||
545 | Home Bancorp — | 8,704 | ||||||||||||||||||
1,173 | Home Bancshares | 28,117 | ||||||||||||||||||
1,019 | Home Federal Bancorp | 12,381 | ||||||||||||||||||
2,089 | Home Properties - REIT q | 132,443 | ||||||||||||||||||
2,655 | Horace Mann Educators | 47,471 |
Nuveen Investments | 53 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
873 | Hudson Pacific Properties - REIT q | $ | 13,078 | |||||||||||||||||
776 | Hudson Valley Holding | 17,545 | ||||||||||||||||||
1,616 | IBERIABANK q | 96,976 | ||||||||||||||||||
1,036 | Imperial Holdings — q | 10,298 | ||||||||||||||||||
1,275 | Independent Bank q | 37,370 | ||||||||||||||||||
759 | Infinity Property & Casualty | 44,857 | ||||||||||||||||||
4,287 | Inland Real Estate - REIT | 41,884 | ||||||||||||||||||
3,179 | International Bancshares q | 56,014 | ||||||||||||||||||
765 | INTL FCStone — | 20,257 | ||||||||||||||||||
3,523 | Invesco Mortgage Capital - REIT | 80,113 | ||||||||||||||||||
2,586 | Investment Technology Group — | 44,246 | ||||||||||||||||||
2,905 | Investors Bancorp — | 43,691 | ||||||||||||||||||
4,452 | Investors Real Estate Trust - REIT q | 41,893 | ||||||||||||||||||
5,542 | iStar Financial - REIT — q | 53,314 | ||||||||||||||||||
893 | JMP Group | 7,680 | ||||||||||||||||||
176 | Kaiser Federal Financial Group | 2,211 | ||||||||||||||||||
248 | Kansas City Life Insurance | 7,943 | ||||||||||||||||||
2,125 | KBW | 48,280 | ||||||||||||||||||
899 | Kearny Financial | 8,603 | ||||||||||||||||||
1,232 | Kennedy-Wilson Holdings - REIT — q | 14,106 | ||||||||||||||||||
3,223 | Kilroy Realty - REIT q | 135,173 | ||||||||||||||||||
3,219 | Kite Realty Group Trust - REIT q | 16,739 | ||||||||||||||||||
5,669 | Knight Capital Group, Class A — | 77,779 | ||||||||||||||||||
2,027 | LaBranche — | 8,169 | ||||||||||||||||||
5,412 | Ladenburg Thalman Financial Services — q | 6,332 | ||||||||||||||||||
1,501 | Lakeland Bancorp q | 16,046 | ||||||||||||||||||
890 | Lakeland Financial | 19,500 | ||||||||||||||||||
4,456 | LaSalle Hotel Properties - REIT q | 125,392 | ||||||||||||||||||
6,233 | Lexington Corporate Properties Trust - REIT q | 62,205 | ||||||||||||||||||
503 | Life Partners Holdings q | 3,526 | ||||||||||||||||||
1,784 | LTC Properties - REIT | 52,485 | ||||||||||||||||||
2,858 | Maiden Holdings | 21,292 | ||||||||||||||||||
735 | Main Street Capital q | 13,825 | ||||||||||||||||||
1,125 | MainSource Financial Group | 10,834 | ||||||||||||||||||
1,935 | MarketAxess Holdings | 47,117 | ||||||||||||||||||
509 | Marlin Business Services — | 6,205 | ||||||||||||||||||
3,029 | MB Financial q | 62,670 | ||||||||||||||||||
4,432 | MCG Capital | 29,251 | ||||||||||||||||||
3,503 | Meadowbrook Insurance Group | 35,871 | ||||||||||||||||||
806 | Medallion Financial | 7,439 | ||||||||||||||||||
6,720 | Medical Properties Trust - REIT | 82,925 | ||||||||||||||||||
654 | Medley Capital — | 7,652 | ||||||||||||||||||
291 | Merchants Bancshares | 7,828 | ||||||||||||||||||
580 | Meridian Interstate Bancorp — | 8,097 | ||||||||||||||||||
801 | Metro Bancorp — | 10,013 |
54 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
6,834 | MF Global Holdings — | $ | 57,474 | |||||||||||||||||
20,373 | MFA Financial - REIT | 162,577 | ||||||||||||||||||
11,895 | MGIC Investment — q | 103,011 | ||||||||||||||||||
1,721 | Mid-America Apartment Communities - REIT q | 115,049 | ||||||||||||||||||
396 | Midsouth Bancorp | 5,607 | ||||||||||||||||||
410 | MidWestOne Financial Group q | 6,023 | ||||||||||||||||||
1,056 | Mission West Properties - REIT q | 8,110 | ||||||||||||||||||
1,577 | Monmouth Real Estate Investment, Class A - REIT | 13,184 | ||||||||||||||||||
3,660 | Montpelier Holdings | 66,209 | ||||||||||||||||||
4,926 | MPG Office Trust - REIT — q | 16,404 | ||||||||||||||||||
1,371 | MVC Capital | 18,961 | ||||||||||||||||||
2,252 | Nara Bancorp — | 22,137 | ||||||||||||||||||
288 | NASB Financial — | 4,444 | ||||||||||||||||||
422 | National Bankshares q | 11,997 | ||||||||||||||||||
2,676 | National Financial Partners — q | 43,057 | ||||||||||||||||||
1,569 | National Health Investors - REIT | 76,300 | ||||||||||||||||||
266 | National Interstate | 5,982 | ||||||||||||||||||
7,628 | National Penn Bancshares | 62,626 | ||||||||||||||||||
4,874 | National Retail Properties - REIT q | 128,381 | ||||||||||||||||||
151 | National Western Life Insurance, Class A | 24,322 | ||||||||||||||||||
650 | Navigators Group — | 33,689 | ||||||||||||||||||
1,990 | NBT Bancorp | 44,974 | ||||||||||||||||||
1,567 | Nelnet, Class A q | 36,088 | ||||||||||||||||||
1,789 | Netspend Holdings — q | 20,770 | ||||||||||||||||||
4,532 | Newcastle Investment - REIT — | 28,597 | ||||||||||||||||||
1,688 | Newstar Financial — | 20,172 | ||||||||||||||||||
1,221 | NGP Capital Resources | 11,526 | ||||||||||||||||||
1,067 | Northfield Bancorp q | 15,013 | ||||||||||||||||||
4,477 | NorthStar Realty Finance - REIT q | 22,609 | ||||||||||||||||||
6,502 | Northwest Bancshares | 81,860 | ||||||||||||||||||
479 | OceanFirst Financial | 6,946 | ||||||||||||||||||
4,404 | Ocwen Financial — q | 52,716 | ||||||||||||||||||
5,256 | Old National Bancorp | 54,400 | ||||||||||||||||||
5,518 | OMEGA Healthcare Investors - REIT q | 126,693 | ||||||||||||||||||
720 | OmniAmerican Bancorp — | 10,764 | ||||||||||||||||||
624 | One Liberty Properties - REIT | 9,678 | ||||||||||||||||||
576 | Oppenheimer Holdings | 17,689 | ||||||||||||||||||
2,576 | optionsXpress Holdings | 47,501 | ||||||||||||||||||
2,923 | Oriental Financial Group | 37,882 | ||||||||||||||||||
3,297 | Oritani Financial | 40,421 | ||||||||||||||||||
384 | Orrstown Financial Services | 10,460 | ||||||||||||||||||
1,122 | Pacific Continental | 10,715 | ||||||||||||||||||
1,625 | PacWest Bancorp q | 37,359 | ||||||||||||||||||
641 | Park National | 44,280 | ||||||||||||||||||
1,268 | Parkway Properties - REIT | 22,735 |
Nuveen Investments | 55 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
473 | Peapack-Gladstone Financial | $ | 6,286 | |||||||||||||||||
2,778 | Pebblebrook Hotel Trust - REIT | 59,588 | ||||||||||||||||||
2,106 | PennantPark Investment | 25,988 | ||||||||||||||||||
233 | Penns Woods Bancorp | 8,805 | ||||||||||||||||||
3,282 | Pennsylvania Real Estate Investment Trust - REIT q | 51,823 | ||||||||||||||||||
1,553 | Pennymac Mortgage Investment Trust - REIT | 28,451 | ||||||||||||||||||
1,190 | Penson Worldwide — | 7,223 | ||||||||||||||||||
629 | Peoples Bancorp | 8,573 | ||||||||||||||||||
3,316 | PHH — q | 71,161 | ||||||||||||||||||
7,050 | Phoenix Companies — | 18,965 | ||||||||||||||||||
1,378 | PICO Holdings — | 44,261 | ||||||||||||||||||
2,002 | Pinnacle Financial Partners — q | 32,172 | ||||||||||||||||||
1,023 | Piper Jaffray Companies — | 36,675 | ||||||||||||||||||
2,202 | Platinum Underwriters Holdings q | 83,258 | ||||||||||||||||||
8,503 | PMI Group — | 18,366 | ||||||||||||||||||
181 | Porter Bancorp | 1,434 | ||||||||||||||||||
1,008 | Portfolio Recovery Associates — q | 90,982 | ||||||||||||||||||
2,920 | Post Properties - REIT | 118,552 | ||||||||||||||||||
2,423 | Potlatch - REIT q | 93,746 | ||||||||||||||||||
1,519 | Presidential Life | 16,922 | ||||||||||||||||||
1,428 | Primerica | 33,015 | ||||||||||||||||||
1,293 | Primus Guaranty — | 6,349 | ||||||||||||||||||
3,208 | PrivateBancorp q | 50,494 | ||||||||||||||||||
1,689 | ProAssurance — | 112,150 | ||||||||||||||||||
5,201 | Prospect Capital q | 62,984 | ||||||||||||||||||
2,812 | Prosperity Bancshares | 128,930 | ||||||||||||||||||
3,471 | Provident Financial Services | 50,399 | ||||||||||||||||||
2,388 | Provident New York Bancorp | 22,399 | ||||||||||||||||||
939 | PS Business Parks - REIT | 56,584 | ||||||||||||||||||
470 | Pzena Investment Management | 3,422 | ||||||||||||||||||
7,980 | Radian Group q | 47,321 | ||||||||||||||||||
6,747 | RAIT Financial Trust - REIT q | 16,463 | ||||||||||||||||||
2,251 | Ramco-Gershenson Properties Trust - REIT | 29,015 | ||||||||||||||||||
4,726 | Redwood Trust - REIT q | 74,813 | ||||||||||||||||||
1,227 | Renasant q | 20,589 | ||||||||||||||||||
604 | Republic Bancorp, Class A | 13,155 | ||||||||||||||||||
3,634 | Resource Capital - REIT q | 23,548 | ||||||||||||||||||
2,480 | Retail Opportunity Investments | 27,999 | ||||||||||||||||||
1,088 | RLI q | 64,453 | ||||||||||||||||||
756 | Rockville Financial | 7,507 | ||||||||||||||||||
946 | Rodman & Renshaw Capital Group — q | 1,864 | ||||||||||||||||||
476 | Roma Financial | 5,027 | ||||||||||||||||||
1,436 | S&T Bancorp q | 29,309 | ||||||||||||||||||
1,469 | Sabra Health Care - REIT — | 24,709 | ||||||||||||||||||
1,259 | Safeguard Scientifics — | 24,613 |
56 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
803 | Safety Insurance Group | $ | 37,596 | |||||||||||||||||
1,098 | Sanders Morris Harris Group | 9,476 | ||||||||||||||||||
1,456 | Sandy Spring Bancorp q | 26,019 | ||||||||||||||||||
375 | Saul Centers - REIT | 16,421 | ||||||||||||||||||
741 | SCBT Financial q | 23,890 | ||||||||||||||||||
1,197 | SeaBright Insurance Holdings | 12,233 | ||||||||||||||||||
3,182 | Selective Insurance Group | 56,130 | ||||||||||||||||||
535 | Sierra Bancorp q | 5,965 | ||||||||||||||||||
2,413 | Signature Bank — q | 140,461 | ||||||||||||||||||
1,009 | Simmons First National, Class A q | 26,628 | ||||||||||||||||||
339 | Solar Capital | 8,604 | ||||||||||||||||||
471 | Solar Senior Capital — | 8,878 | ||||||||||||||||||
864 | Southside Bancshares | 18,787 | ||||||||||||||||||
1,164 | Southwest Bancorp — | 16,506 | ||||||||||||||||||
1,676 | Sovran Self Storage - REIT q | 71,699 | ||||||||||||||||||
4,225 | Starwood Property Trust - REIT | 96,288 | ||||||||||||||||||
866 | State Auto Financial | 14,705 | ||||||||||||||||||
777 | State Bancorp | 10,256 | ||||||||||||||||||
1,384 | StellarOne | 19,376 | ||||||||||||||||||
1,617 | Sterling Bancorp | 16,736 | ||||||||||||||||||
5,441 | Sterling Bancshares | 48,370 | ||||||||||||||||||
987 | Stewart Information Services q | 10,008 | ||||||||||||||||||
3,025 | Stifel Financial — q | 138,182 | ||||||||||||||||||
8,341 | Strategic Hotels & Resorts - REIT — | 56,886 | ||||||||||||||||||
629 | Suffolk Bancorp q | 10,322 | ||||||||||||||||||
1,127 | Sun Communities - REIT q | 43,367 | ||||||||||||||||||
6,964 | Sunstone Hotel Investors - REIT — | 72,843 | ||||||||||||||||||
7,649 | Susquehanna Bancshares | 70,524 | ||||||||||||||||||
2,484 | SVB Financial Group — q | 150,133 | ||||||||||||||||||
1,682 | SWS Group q | 10,260 | ||||||||||||||||||
841 | SY Bancorp q | 21,000 | ||||||||||||||||||
4,886 | Tanger Factory Outlet Centers - REIT q | 135,000 | ||||||||||||||||||
569 | Taylor Capital Group — q | 5,656 | ||||||||||||||||||
715 | Tejon Ranch — | 25,483 | ||||||||||||||||||
526 | Terreno Realty - REIT — q | 8,921 | ||||||||||||||||||
747 | Territorial Bancorp | 14,992 | ||||||||||||||||||
2,172 | Texas Capital Bancshares — q | 56,038 | ||||||||||||||||||
534 | THL Credit | 7,647 | ||||||||||||||||||
2,090 | Thomas Properties Group — | 7,503 | ||||||||||||||||||
1,595 | TICC Capital | 18,087 | ||||||||||||||||||
501 | Tompkins Trustco | 20,411 | ||||||||||||||||||
561 | Tower Bancorp q | 12,179 | ||||||||||||||||||
2,467 | Tower Group q | 56,420 | ||||||||||||||||||
1,395 | Townebank Portsmouth q | 20,674 | ||||||||||||||||||
2,424 | TradeStation Group — | 23,392 |
Nuveen Investments | 57 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Financials (continued) | ||||||||||||||||||||
1,091 | Triangle Capital q | $ | 19,485 | |||||||||||||||||
872 | TriCo Bancshares q | 14,222 | ||||||||||||||||||
4,675 | TrustCo Bank Corporation of New York | 28,050 | ||||||||||||||||||
3,499 | Trustmark q | 81,317 | ||||||||||||||||||
5,197 | Two Harbors Investment - REIT | 54,361 | ||||||||||||||||||
1,882 | UMB Financial | 79,251 | ||||||||||||||||||
618 | UMH Properties - REIT | 6,390 | ||||||||||||||||||
6,795 | Umpqua Holdings q | 78,890 | ||||||||||||||||||
1,058 | Union First Market Bankshares | 13,468 | ||||||||||||||||||
2,328 | United Bankshares q | 60,900 | ||||||||||||||||||
5,592 | United Community Banks — q | 13,421 | ||||||||||||||||||
965 | United Financial Bancorp | 15,768 | ||||||||||||||||||
1,323 | United Fire & Casualty | 26,195 | ||||||||||||||||||
866 | Universal Health Realty Income Trust - REIT q | 37,333 | ||||||||||||||||||
805 | Universal Insurance Holdings | 4,355 | ||||||||||||||||||
1,002 | Univest Corporation of Pennsylvania | 16,854 | ||||||||||||||||||
1,658 | Urstadt Biddle Properties - REIT, Class A | 32,629 | ||||||||||||||||||
5,850 | U-Store-It Trust - REIT q | 66,456 | ||||||||||||||||||
852 | ViewPoint Financial Group | 10,522 | ||||||||||||||||||
1,191 | Virginia Commerce Bancorp — | 7,158 | ||||||||||||||||||
353 | Virtus Investment Partners — | 18,642 | ||||||||||||||||||
2,136 | Walter Investment Management - REIT | 38,064 | ||||||||||||||||||
908 | Washington Banking q | 12,703 | ||||||||||||||||||
3,413 | Washington Real Estate Investment Trust - REIT q | 110,581 | ||||||||||||||||||
789 | Washington Trust Bancorp | 18,486 | ||||||||||||||||||
389 | Waterstone Financial — | 1,245 | ||||||||||||||||||
3,874 | Webster Financial | 83,368 | ||||||||||||||||||
1,463 | WesBanco | 29,699 | ||||||||||||||||||
945 | West Bancorporation | 7,362 | ||||||||||||||||||
5,562 | West Coast Bancorp - Oregon — q | 19,912 | ||||||||||||||||||
1,687 | Westamerica Bancorporation q | 85,683 | ||||||||||||||||||
3,885 | Western Alliance Bancorp — | 32,129 | ||||||||||||||||||
1,724 | Westfield Financial | 15,654 | ||||||||||||||||||
342 | Westwood Holdings | 12,876 | ||||||||||||||||||
5,724 | Whitney Holding | 77,503 | ||||||||||||||||||
1,310 | Wilshire Bancorp — q | 5,240 | ||||||||||||||||||
1,351 | Winthrop Realty Trust - REIT | 16,388 | ||||||||||||||||||
1,822 | Wintrust Financial q | 61,383 | ||||||||||||||||||
950 | World Acceptance — q | 64,552 | ||||||||||||||||||
290 | WSFS Financial | 13,041 | ||||||||||||||||||
Total Financials | 15,408,752 | |||||||||||||||||||
Health Care – 12.0% | ||||||||||||||||||||
1,335 | Abaxis — | 38,782 | ||||||||||||||||||
1,993 | ABIOMED — q | 34,638 | ||||||||||||||||||
3,074 | Accelrys — | 23,270 |
58 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Health Care (continued) | ||||||||||||||||||||
690 | Accretive Health — q | $ | 19,486 | |||||||||||||||||
3,034 | Accuray — q | 26,972 | ||||||||||||||||||
2,319 | Acorda Therapeutics — q | 65,025 | ||||||||||||||||||
442 | Acura Pharmaceuticals — q | 2,073 | ||||||||||||||||||
340 | Aegerion Pharmaceuticals — | 6,708 | ||||||||||||||||||
1,613 | Affymax — | 10,549 | ||||||||||||||||||
4,311 | Affymetrix — | 23,279 | ||||||||||||||||||
647 | Air Methods — | 43,750 | ||||||||||||||||||
3,256 | Akorn — | 21,555 | ||||||||||||||||||
1,421 | Albany Molecular Research — | 6,949 | ||||||||||||||||||
2,577 | Alexza Pharmaceuticals — q | 4,149 | ||||||||||||||||||
3,470 | Align Technology — | 83,766 | ||||||||||||||||||
389 | Alimera Sciences — | 3,462 | ||||||||||||||||||
5,764 | Alkermes — | 83,117 | ||||||||||||||||||
1,601 | Alliance Imaging — | 7,076 | ||||||||||||||||||
2,743 | Allied Healthcare International — | 7,159 | ||||||||||||||||||
4,665 | Allos Therapeutics — q | 13,575 | ||||||||||||||||||
486 | Almost Family — q | 16,850 | ||||||||||||||||||
2,197 | Alnylam Pharmaceuticals — | 22,541 | ||||||||||||||||||
3,015 | Alphatec Holdings — | 9,588 | ||||||||||||||||||
1,268 | AMAG Pharmaceuticals — q | 24,092 | ||||||||||||||||||
1,667 | Amedisys — q | 55,544 | ||||||||||||||||||
504 | America Service Group | 13,003 | ||||||||||||||||||
789 | American Dental Partners — | 10,407 | ||||||||||||||||||
4,502 | American Medical Systems — | 132,809 | ||||||||||||||||||
3,069 | AMERIGROUP — q | 209,613 | ||||||||||||||||||
1,944 | AMN Healthcare Services — | 16,777 | ||||||||||||||||||
1,869 | Amsurg, Class A — | 50,201 | ||||||||||||||||||
242 | Amyris — | 6,396 | ||||||||||||||||||
709 | Anacor Pharmaceuticals — | 4,694 | ||||||||||||||||||
780 | Analogic | 44,983 | ||||||||||||||||||
1,490 | AngioDynamics — | 24,287 | ||||||||||||||||||
4,180 | Antares Pharma — | 7,775 | ||||||||||||||||||
341 | Anthera Pharmaceuticals — | 2,482 | ||||||||||||||||||
1,434 | Aoxing Pharmaceutical — q | 2,796 | ||||||||||||||||||
813 | Ardea Biosciences — | 23,049 | ||||||||||||||||||
7,870 | Arena Pharmaceuticals — q | 11,018 | ||||||||||||||||||
7,486 | Ariad Pharmaceuticals — q | 64,005 | ||||||||||||||||||
2,895 | ArQule — | 20,439 | ||||||||||||||||||
3,152 | Array BioPharma — | 9,740 | ||||||||||||||||||
1,599 | ArthroCare — q | 56,493 | ||||||||||||||||||
2,120 | AspenBio Pharma — | 1,451 | ||||||||||||||||||
584 | Assisted Living Concepts, Class A — | 21,059 | ||||||||||||||||||
1,964 | Athenahealth — q | 90,796 | ||||||||||||||||||
81 | Atrion | 14,025 | ||||||||||||||||||
2,475 | Auxilium Pharmaceuticals — q | 60,291 |
Nuveen Investments | 59 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Health Care (continued) | ||||||||||||||||||||
5,497 | AVANIR Pharmaceuticals — q | $ | 24,022 | |||||||||||||||||
649 | Aveo Pharmaceuticals — | 10,098 | ||||||||||||||||||
7,965 | AVI BioPharma — q | 14,337 | ||||||||||||||||||
339 | BG Medicine — | 2,590 | ||||||||||||||||||
1,713 | BioCryst Pharmaceuticals — q | 6,655 | ||||||||||||||||||
1,091 | Biodel — q | 2,411 | ||||||||||||||||||
777 | Biomimetic Therapeutics — | 10,466 | ||||||||||||||||||
1,446 | Bio-Reference Laboratories — q | 36,454 | ||||||||||||||||||
5,473 | BioSante Pharmaceuticals — q | 12,752 | ||||||||||||||||||
2,551 | BioScrip — q | 11,760 | ||||||||||||||||||
236 | Biospecifics Technologies — | 5,723 | ||||||||||||||||||
1,496 | BioTime — q | 10,637 | ||||||||||||||||||
4,311 | Bruker BioSciences — | 85,099 | ||||||||||||||||||
1,557 | Cadence Pharmaceuticals — q | 13,203 | ||||||||||||||||||
2,662 | Caliper Life Sciences — | 17,809 | ||||||||||||||||||
1,692 | Cambrex — | 8,900 | ||||||||||||||||||
726 | Cantel Medical | 18,825 | ||||||||||||||||||
1,382 | Capital Senior Living — | 12,811 | ||||||||||||||||||
511 | Caraco Pharmaceutical Laboratories — | 2,673 | ||||||||||||||||||
1,428 | Cardionet — | 6,512 | ||||||||||||||||||
2,280 | Catalyst Health Solutions — | 135,797 | ||||||||||||||||||
4,990 | Celera — | 39,471 | ||||||||||||||||||
1,886 | Celldex Therapeutics — | 8,034 | ||||||||||||||||||
2,912 | Centene — | 105,502 | ||||||||||||||||||
3,533 | Cepheid — q | 114,151 | ||||||||||||||||||
2,789 | Cerus — q | 8,255 | ||||||||||||||||||
2,799 | Chelsea Therapeutics International — | 13,183 | ||||||||||||||||||
1,242 | Chemed | 86,480 | ||||||||||||||||||
812 | Chindex International — | 13,958 | ||||||||||||||||||
650 | Codexis — | 6,818 | ||||||||||||||||||
355 | Complete Genomics — q | 5,850 | ||||||||||||||||||
538 | Computer Programs & Systems | 31,629 | ||||||||||||||||||
1,861 | Conceptus — q | 28,715 | ||||||||||||||||||
1,771 | CONMED — | 49,730 | ||||||||||||||||||
1,786 | Continucare — | 9,573 | ||||||||||||||||||
1,834 | Corcept Therapeutics — | 8,070 | ||||||||||||||||||
398 | Cornerstone Therapeutics — | 2,782 | ||||||||||||||||||
413 | Corvel — | 21,393 | ||||||||||||||||||
1,784 | Cross Country Healthcare — | 13,237 | ||||||||||||||||||
1,618 | CryoLife — | 9,449 | ||||||||||||||||||
3,514 | Cubist Pharmaceuticals — q | 118,949 | ||||||||||||||||||
733 | Cumberland Pharmaceuticals — | 3,694 | ||||||||||||||||||
4,487 | Curis — q | 18,643 | ||||||||||||||||||
811 | Cutera — | 7,169 | ||||||||||||||||||
1,667 | Cyberonics — | 59,295 |
60 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Health Care (continued) | ||||||||||||||||||||
518 | Cynosure — | $ | 7,630 | |||||||||||||||||
2,526 | Cytokinetics — | 3,764 | ||||||||||||||||||
2,721 | Cytori Therapeutics — q | 20,435 | ||||||||||||||||||
6,476 | Cytrx — q | 5,839 | ||||||||||||||||||
2,589 | Delcath Systems — q | 18,304 | ||||||||||||||||||
3,100 | DepoMed — | 27,373 | ||||||||||||||||||
3,633 | DexCom — | 60,489 | ||||||||||||||||||
1,066 | Dionex — | 126,161 | ||||||||||||||||||
5,012 | Durect — | 18,695 | ||||||||||||||||||
5,436 | Dyax — | 10,872 | ||||||||||||||||||
5,640 | Dynavax Technologies — q | 15,679 | ||||||||||||||||||
556 | Dynavox — | 3,253 | ||||||||||||||||||
995 | Emergent Biosolutions — q | 23,094 | ||||||||||||||||||
1,318 | Emeritus — q | 32,304 | ||||||||||||||||||
843 | Endocyte — | 10,242 | ||||||||||||||||||
2,945 | Endologix — q | 23,413 | ||||||||||||||||||
671 | Ensign Group | 18,560 | ||||||||||||||||||
1,884 | Enzo Biochem — | 7,517 | ||||||||||||||||||
2,939 | Enzon Pharmaceuticals — q | 33,740 | ||||||||||||||||||
2,513 | eResearchTechnology — | 15,983 | ||||||||||||||||||
2,718 | Exact Sciences — | 21,771 | ||||||||||||||||||
442 | Exactech — | 7,916 | ||||||||||||||||||
698 | Examworks Group — q | 15,496 | ||||||||||||||||||
7,445 | Exelixis — q | 91,276 | ||||||||||||||||||
1,874 | Five Star Quality Care — | 15,704 | ||||||||||||||||||
521 | Furiex Pharmaceuticals — | 7,726 | ||||||||||||||||||
816 | Genomic Health — q | 22,277 | ||||||||||||||||||
1,681 | Gentiva Health Services — | 47,068 | ||||||||||||||||||
6,956 | Geron — | 33,389 | ||||||||||||||||||
1,414 | Greatbatch — q | 38,277 | ||||||||||||||||||
1,490 | Haemonetics — q | 104,598 | ||||||||||||||||||
4,626 | Halozyme Therapeutics — q | 30,670 | ||||||||||||||||||
1,516 | Hanger Orthopedic Group — | 41,190 | ||||||||||||||||||
2,501 | Hansen Medical — q | 9,004 | ||||||||||||||||||
5,554 | HealthSouth — q | 142,349 | ||||||||||||||||||
3,837 | Healthspring — | 159,197 | ||||||||||||||||||
2,044 | Healthways — | 34,584 | ||||||||||||||||||
556 | Heartware International — q | 41,483 | ||||||||||||||||||
589 | Hi-Tech Pharmaceutical — q | 16,292 | ||||||||||||||||||
1,577 | HMS Holdings — | 124,126 | ||||||||||||||||||
693 | ICU Medical — | 31,261 | ||||||||||||||||||
2,717 | Idenix Pharmaceuticals — | 13,802 | ||||||||||||||||||
4,147 | Immucor — | 90,529 | ||||||||||||||||||
4,021 | ImmunoGen — q | 53,721 | ||||||||||||||||||
3,946 | Immunomedics — q | 16,692 |
Nuveen Investments | 61 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Health Care (continued) | ||||||||||||||||||||
3,700 | Impax Laboratories — | $ | 101,306 | |||||||||||||||||
5,247 | Incyte — q | 96,965 | ||||||||||||||||||
4,270 | Indevus Pharmaceuticals, escrow shares — | — | ||||||||||||||||||
1,093 | Infinity Pharmaceuticals — | 6,536 | ||||||||||||||||||
3,546 | Inhibitex — q | 14,893 | ||||||||||||||||||
5,840 | Inovio Pharmaceuticals — q | 5,557 | ||||||||||||||||||
3,705 | Inspire Pharmaceuticals — | 18,488 | ||||||||||||||||||
2,381 | Insulet — q | 51,168 | ||||||||||||||||||
1,149 | Integra LifeSciences — q | 60,104 | ||||||||||||||||||
2,839 | InterMune — q | 126,733 | ||||||||||||||||||
1,736 | Invacare q | 57,114 | ||||||||||||||||||
982 | IPC The Hospitalist — | 50,926 | ||||||||||||||||||
1,070 | IRIS International — | 10,058 | ||||||||||||||||||
1,146 | Ironwood Pharmaceuticals — q | 16,754 | ||||||||||||||||||
5,679 | Isis Pharmaceuticals — q | 53,269 | ||||||||||||||||||
927 | Jazz Pharmaceuticals — | 29,581 | ||||||||||||||||||
905 | Kendle International — | 9,095 | ||||||||||||||||||
597 | Kensey Nash — | 14,764 | ||||||||||||||||||
3,154 | Keryx Biopharmaceuticals — q | 16,685 | ||||||||||||||||||
2,379 | Kindred Healthcare — q | 59,998 | ||||||||||||||||||
548 | Landauer | 32,973 | ||||||||||||||||||
616 | Lannett — | 3,554 | ||||||||||||||||||
1,003 | LCA-Vision — | 6,760 | ||||||||||||||||||
11,734 | Lexicon Pharmaceuticals — q | 19,713 | ||||||||||||||||||
925 | LHC Group — | 27,398 | ||||||||||||||||||
1,151 | Ligand Pharmaceuticals — | 12,788 | ||||||||||||||||||
2,225 | Luminex — | 43,143 | ||||||||||||||||||
2,003 | Magellan Health Services — | 104,196 | ||||||||||||||||||
1,800 | Mako Surgical — q | 49,446 | ||||||||||||||||||
3,949 | MannKind — q | 17,218 | ||||||||||||||||||
928 | Map Pharmaceuticals — | 14,310 | ||||||||||||||||||
3,094 | Masimo q | 107,640 | ||||||||||||||||||
1,542 | Maxygen q | 7,957 | ||||||||||||||||||
2,405 | MedAssets — | 38,528 | ||||||||||||||||||
1,218 | MedCath — | 16,455 | ||||||||||||||||||
864 | Medical Action Industries — | 7,517 | ||||||||||||||||||
3,217 | Medicines — q | 50,507 | ||||||||||||||||||
3,588 | Medicis Pharmaceutical, Class A q | 127,230 | ||||||||||||||||||
1,116 | Medidata Solutions — | 28,648 | ||||||||||||||||||
2,018 | Medivation — | 49,845 | ||||||||||||||||||
1,367 | Mela Sciences — q | 5,072 | ||||||||||||||||||
3,064 | Merge Healthcare — | 15,106 | ||||||||||||||||||
2,470 | Meridian Bioscience q | 61,034 | ||||||||||||||||||
1,703 | Merit Medical Systems — | 39,714 | ||||||||||||||||||
1,587 | Metabolix — q | 12,823 |
62 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Health Care (continued) | ||||||||||||||||||||
2,463 | Metropolitan Health Networks — | $ | 10,394 | |||||||||||||||||
5,364 | Micromet — | 36,261 | ||||||||||||||||||
813 | Molina Healthcare — | 34,959 | ||||||||||||||||||
2,589 | Momenta Pharmaceuticals — q | 48,854 | ||||||||||||||||||
657 | MWI Veterinary Supply — | 54,643 | ||||||||||||||||||
2,656 | NABI Biopharmaceuticals — | 15,352 | ||||||||||||||||||
1,011 | Nanosphere — q | 3,003 | ||||||||||||||||||
471 | National Healthcare | 21,883 | ||||||||||||||||||
97 | National Research | 3,454 | ||||||||||||||||||
1,707 | Natus Medical — | 28,968 | ||||||||||||||||||
5,707 | Nektar Therapeutics — q | 59,239 | ||||||||||||||||||
1,174 | Neogen — q | 49,191 | ||||||||||||||||||
2,215 | Neostem — q | 4,386 | ||||||||||||||||||
2,724 | Neuralstem — q | 4,876 | ||||||||||||||||||
2,909 | Neurocrine Biosciences — | 22,370 | ||||||||||||||||||
630 | NeurogesX — q | 2,136 | ||||||||||||||||||
5,021 | Novavax — q | 12,879 | ||||||||||||||||||
4,730 | NPS Pharmaceuticals — | 49,050 | ||||||||||||||||||
212 | NuPathe — | 1,823 | ||||||||||||||||||
2,324 | NuVasive — | 71,788 | ||||||||||||||||||
1,462 | NxStage Medical — q | 36,024 | ||||||||||||||||||
1,098 | Nymox Pharmaceutical — q | 8,334 | ||||||||||||||||||
963 | Obagi Medical Products — | 12,355 | ||||||||||||||||||
1,113 | Omeros — | 5,943 | ||||||||||||||||||
1,846 | Omnicell — | 28,391 | ||||||||||||||||||
3,765 | Onyx Pharmaceuticals — | 141,451 | ||||||||||||||||||
5,814 | Opko Health — q | 23,140 | ||||||||||||||||||
2,375 | Optimer Pharmaceuticals — q | 29,996 | ||||||||||||||||||
2,623 | OraSure Technologies — | 23,109 | ||||||||||||||||||
1,802 | Orexigen Therapeutics — q | 5,640 | ||||||||||||||||||
1,043 | Orthofix International — | 35,535 | ||||||||||||||||||
3,880 | Orthovita — | 9,351 | ||||||||||||||||||
1,022 | Osiris Therapeutics — q | 7,246 | ||||||||||||||||||
3,743 | Owens & Minor | 128,946 | ||||||||||||||||||
898 | Pacific Biosciences — q | 10,991 | ||||||||||||||||||
2,014 | Pain Therapeutics | 19,153 | ||||||||||||||||||
1,061 | Palomar Medical Technologies — | 16,987 | ||||||||||||||||||
2,026 | Par Pharmaceutical Companies — | 69,775 | ||||||||||||||||||
3,508 | PAREXEL — | 97,382 | ||||||||||||||||||
526 | PDI — | 4,560 | ||||||||||||||||||
7,285 | PDL BioPharma | 46,770 | ||||||||||||||||||
3,993 | Peregrine Pharmaceuticals — | 9,903 | ||||||||||||||||||
2,254 | Pharmacyclics — q | 14,944 | ||||||||||||||||||
1,882 | Pharmasset — q | 190,967 | ||||||||||||||||||
1,860 | Pharmerica — | 24,478 |
Nuveen Investments | 63 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Health Care (continued) | ||||||||||||||||||||
1,514 | POZEN — | $ | 9,447 | |||||||||||||||||
1,548 | Progenics Pharmaceutical — | 11,471 | ||||||||||||||||||
3,392 | PSS World Medical — q | 97,554 | ||||||||||||||||||
2,068 | Pure Bioscience — q | 2,709 | ||||||||||||||||||
1,119 | Quality Systems q | 100,397 | ||||||||||||||||||
3,265 | Questcor Pharmaceuticals — q | 66,932 | ||||||||||||||||||
1,282 | Quidel — q | 17,012 | ||||||||||||||||||
1,493 | RehabCare Group — | 56,092 | ||||||||||||||||||
3,004 | Rigel Pharmaceuticals — | 27,366 | ||||||||||||||||||
610 | Rochester Medical — | 7,045 | ||||||||||||||||||
3,126 | RTI Biologics — | 9,065 | ||||||||||||||||||
1,133 | Rural/Metro — q | 19,295 | ||||||||||||||||||
3,383 | Salix Pharmaceuticals — | 132,918 | ||||||||||||||||||
3,078 | Sangamo BioSciences — q | 22,100 | ||||||||||||||||||
3,161 | Santarus — | 9,831 | ||||||||||||||||||
4,179 | Savient Pharmaceuticals — q | 48,518 | ||||||||||||||||||
2,178 | Sciclone Pharmaceuticals — | 9,605 | ||||||||||||||||||
5,517 | Seattle Genetics — q | 91,637 | ||||||||||||||||||
2,981 | Select Medical Holdings — | 26,590 | ||||||||||||||||||
2,291 | Senomyx — q | 13,929 | ||||||||||||||||||
6,256 | Sequenom — q | 44,105 | ||||||||||||||||||
2,128 | SIGA Technologies — q | 29,217 | ||||||||||||||||||
1,986 | Sirona Dental Systems — | 113,341 | ||||||||||||||||||
1,215 | Skilled Healthcare Group, Class A — | 14,726 | ||||||||||||||||||
3,524 | Solta Medical — | 12,792 | ||||||||||||||||||
2,158 | Somaxon Pharmaceuticals — q | 5,827 | ||||||||||||||||||
813 | SonoSite — | 28,211 | ||||||||||||||||||
1,872 | Spectranetics — | 10,652 | ||||||||||||||||||
3,059 | Spectrum Pharmaceuticals — q | 27,531 | ||||||||||||||||||
2,069 | Staar Surgical — | 11,483 | ||||||||||||||||||
7,605 | StemCells — q | 6,396 | ||||||||||||||||||
1,731 | Stereotaxis — q | 6,734 | ||||||||||||||||||
3,516 | STERIS | 126,717 | ||||||||||||||||||
656 | Sucampo Pharmaceuticals — | 2,939 | ||||||||||||||||||
1,379 | Sun Healthcare Group — | 16,258 | ||||||||||||||||||
3,314 | Sunrise Senior Living — q | 34,399 | ||||||||||||||||||
3,603 | SuperGen — | 9,764 | ||||||||||||||||||
939 | SurModics — q | 14,423 | ||||||||||||||||||
2,183 | Symmetry Medical — | 21,721 | ||||||||||||||||||
2,111 | Syneron Medical — | 26,493 | ||||||||||||||||||
676 | Synovis Life Technologies — | 13,784 | ||||||||||||||||||
1,495 | Synta Pharmaceuticals — | 9,075 | ||||||||||||||||||
1,415 | Targacept — | 34,215 | ||||||||||||||||||
909 | Team Health Holdings — | 18,071 | ||||||||||||||||||
748 | The Provident Service — | 11,026 |
64 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Health Care (continued) | ||||||||||||||||||||
3,875 | Theravance — q | $ | 107,531 | |||||||||||||||||
2,812 | TomoTherapy — | 12,879 | ||||||||||||||||||
542 | Transcend Services — | 13,078 | ||||||||||||||||||
318 | Transcept Pharmaceuticals — | 3,196 | ||||||||||||||||||
1,253 | Triple-S Management — | 26,238 | ||||||||||||||||||
644 | U.S. Physical Therapy | 15,681 | ||||||||||||||||||
2,870 | Unilife — q | 15,986 | ||||||||||||||||||
1,898 | Universal American Financial q | 43,844 | ||||||||||||||||||
1,626 | Vanda Pharmaceuticals — | 13,089 | ||||||||||||||||||
987 | Vascular Solutions — | 12,614 | ||||||||||||||||||
4,217 | Vical — q | 15,856 | ||||||||||||||||||
4,720 | ViroPharma — q | 91,049 | ||||||||||||||||||
972 | Vital Images — | 18,118 | ||||||||||||||||||
4,850 | Vivus — q | 37,733 | ||||||||||||||||||
2,946 | Volcano — | 78,540 | ||||||||||||||||||
2,575 | WellCare Health Plans — | 112,811 | ||||||||||||||||||
1,997 | West Pharmaceutical Services | 94,338 | ||||||||||||||||||
2,320 | Wright Medical Group — | 38,350 | ||||||||||||||||||
1,832 | XenoPort — q | 14,986 | ||||||||||||||||||
332 | Young Innovations | 10,299 | ||||||||||||||||||
3,903 | Zalicus — q | 11,943 | ||||||||||||||||||
3,514 | Ziopharm Oncology — q | 26,566 | ||||||||||||||||||
405 | Zogenix — | 2,013 | ||||||||||||||||||
1,285 | Zoll Medical — q | 72,834 | ||||||||||||||||||
Total Health Care | 10,035,287 | |||||||||||||||||||
Industrials – 14.1% | ||||||||||||||||||||
1,156 | 3D Systems — q | 48,228 | ||||||||||||||||||
2,007 | A.O. Smith q | 88,248 | ||||||||||||||||||
5,158 | A123 Systems — q | 31,154 | ||||||||||||||||||
780 | AAON q | 25,623 | ||||||||||||||||||
2,360 | AAR — | 61,454 | ||||||||||||||||||
3,055 | ABM Industries | 74,298 | ||||||||||||||||||
2,458 | Acacia Research — | 101,048 | ||||||||||||||||||
3,327 | ACCO Brands — | 32,305 | ||||||||||||||||||
1,511 | Aceto | 12,103 | ||||||||||||||||||
4,129 | Actuant, Class A q | 114,621 | ||||||||||||||||||
2,581 | Acuity Brands q | 151,763 | ||||||||||||||||||
3,385 | Advanced Battery Technologies — q | 5,822 | ||||||||||||||||||
929 | Advisory Board — | 43,403 | ||||||||||||||||||
982 | AeroVironment — q | 28,134 | ||||||||||||||||||
3,389 | Air Transport Services Group — | 27,722 | ||||||||||||||||||
3,012 | Aircastle | 37,530 | ||||||||||||||||||
8,056 | AirTran Holdings — | 60,501 | ||||||||||||||||||
388 | Alamo Group | 11,101 | ||||||||||||||||||
2,105 | Alaska Air Group — | 138,656 |
Nuveen Investments | 65 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Industrials (continued) | ||||||||||||||||||||
1,727 | Albany International, Class A | $ | 43,710 | |||||||||||||||||
880 | Allegiant Travel q | 39,486 | ||||||||||||||||||
1,627 | Altra Holdings — | 41,310 | ||||||||||||||||||
503 | Amerco — | 51,165 | ||||||||||||||||||
434 | Ameresco, Class A — | 6,992 | ||||||||||||||||||
529 | American Railcar Industries — | 14,987 | ||||||||||||||||||
2,118 | American Reprographics — | 18,956 | ||||||||||||||||||
560 | American Science & Engineering | 49,336 | ||||||||||||||||||
2,945 | American Superconductor q — | 34,898 | ||||||||||||||||||
537 | American Woodmark | 10,906 | ||||||||||||||||||
538 | Ameron International | 37,843 | ||||||||||||||||||
485 | Ampco-Pittsburgh | 13,032 | ||||||||||||||||||
1,550 | APAC Customer Services — | 8,851 | ||||||||||||||||||
1,682 | Apogee Enterprises | 24,019 | ||||||||||||||||||
4,600 | Applied Energetics — | 3,128 | ||||||||||||||||||
2,577 | Applied Industrial Technology | 90,865 | ||||||||||||||||||
451 | Argan — | 4,239 | ||||||||||||||||||
1,543 | Arkansas Best | 35,504 | ||||||||||||||||||
1,104 | Astec Industries — | 42,813 | ||||||||||||||||||
564 | Astronics — | 14,664 | ||||||||||||||||||
1,532 | Atlas Air Worldwide Holdings — | 105,570 | ||||||||||||||||||
6,207 | Avis Budget Group — q | 117,685 | ||||||||||||||||||
741 | AZZ q | 32,441 | ||||||||||||||||||
904 | Badger Meter q | 34,271 | ||||||||||||||||||
969 | Baltic Trading Limited | 7,762 | ||||||||||||||||||
2,782 | Barnes Group | 68,827 | ||||||||||||||||||
467 | Barrett Business Services | 7,528 | ||||||||||||||||||
2,749 | Beacon Roofing Supply — q | 61,358 | ||||||||||||||||||
2,775 | Belden | 105,533 | ||||||||||||||||||
2,838 | Blount International — | 47,111 | ||||||||||||||||||
708 | BlueLinx Holdings — | 2,563 | ||||||||||||||||||
2,921 | Brady, Class A | 110,151 | ||||||||||||||||||
3,038 | Briggs & Stratton q | 71,666 | ||||||||||||||||||
2,842 | Brinks q | 93,814 | ||||||||||||||||||
5,494 | Broadwind Energy — q | 9,065 | ||||||||||||||||||
2,566 | Builders FirstSource — | 6,800 | ||||||||||||||||||
593 | CAI International — | 14,920 | ||||||||||||||||||
14,271 | Capstone Turbine — q | 27,828 | ||||||||||||||||||
547 | Cascade | 25,053 | ||||||||||||||||||
1,480 | Casella Waste Systems — | 10,005 | ||||||||||||||||||
2,501 | CBIZ — q | 18,332 | ||||||||||||||||||
722 | CDI | 10,700 | ||||||||||||||||||
1,347 | Celadon Group — | 19,895 | ||||||||||||||||||
3,266 | Cenveo — | 21,164 | ||||||||||||||||||
1,532 | Ceradyne — | 71,790 |
66 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Industrials (continued) | ||||||||||||||||||||
1,732 | Chart Industries — | $ | 84,193 | |||||||||||||||||
1,035 | CIRCOR International | 47,020 | ||||||||||||||||||
2,993 | CLARCOR | 135,254 | ||||||||||||||||||
1,289 | Clean Harbors — q | 126,966 | ||||||||||||||||||
471 | Coleman Cable — | 4,719 | ||||||||||||||||||
1,440 | Colfax — | 31,464 | ||||||||||||||||||
1,161 | Columbus McKinnon — | 23,220 | ||||||||||||||||||
2,319 | Comfort Systems USA | 28,315 | ||||||||||||||||||
1,454 | Commercial Vehicle Group — | 25,096 | ||||||||||||||||||
553 | Consolidated Graphics — q | 31,051 | ||||||||||||||||||
2,033 | Corporate Executive Board | 81,015 | ||||||||||||||||||
1,135 | CoStar Group — q | 77,203 | ||||||||||||||||||
621 | Courier | 8,508 | ||||||||||||||||||
658 | CRA International — | 18,720 | ||||||||||||||||||
953 | Cubic | 51,538 | ||||||||||||||||||
2,715 | Curtiss-Wright | 90,274 | ||||||||||||||||||
2,996 | Deluxe | 81,132 | ||||||||||||||||||
1,637 | DigitalGlobe — | 47,473 | ||||||||||||||||||
1,724 | Dollar Thrifty Automotive — q | 118,835 | ||||||||||||||||||
681 | Douglas Dynamics | 10,549 | ||||||||||||||||||
619 | Ducommun | 14,082 | ||||||||||||||||||
650 | DXP Enterprises — | 17,062 | ||||||||||||||||||
2,347 | Dycom Industries — | 34,876 | ||||||||||||||||||
783 | Dynamic Materials | 20,374 | ||||||||||||||||||
3,779 | Eagle Bulk Shipping — q | 12,962 | ||||||||||||||||||
3,947 | EMCOR Group — | 122,239 | ||||||||||||||||||
1,130 | Encore Wire q | 31,538 | ||||||||||||||||||
3,617 | Ener1 — q | 9,151 | ||||||||||||||||||
2,789 | Energy Conversion Devices — q | 5,578 | ||||||||||||||||||
2,436 | Energy Recovery — q | 7,527 | ||||||||||||||||||
5,252 | EnergySolutions | 29,674 | ||||||||||||||||||
1,169 | EnerNOC — q | 20,937 | ||||||||||||||||||
2,865 | EnerSys — | 108,555 | ||||||||||||||||||
1,536 | Ennis | 28,692 | ||||||||||||||||||
1,240 | EnPro Industries — | 49,699 | ||||||||||||||||||
1,598 | ESCO Technologies | 58,615 | ||||||||||||||||||
1,784 | Esterline Technologies — | 128,091 | ||||||||||||||||||
2,362 | Excel Maritime Carriers — q | 9,472 | ||||||||||||||||||
760 | Exponent — | 32,612 | ||||||||||||||||||
3,694 | Federal Signal q | 24,934 | ||||||||||||||||||
2,777 | Flow International — | 11,969 | ||||||||||||||||||
4,329 | Force Protection — | 19,437 | ||||||||||||||||||
1,752 | Forward Air | 58,902 | ||||||||||||||||||
777 | Franklin Covey — | 7,164 | ||||||||||||||||||
1,406 | Franklin Electric | 63,425 |
Nuveen Investments | 67 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Industrials (continued) | ||||||||||||||||||||
728 | FreightCar America — | $ | 21,825 | |||||||||||||||||
6,338 | FuelCell Energy — q | 10,838 | ||||||||||||||||||
1,106 | Fuel-Tech — | 8,970 | ||||||||||||||||||
2,118 | Furmanite — | 17,749 | ||||||||||||||||||
1,085 | G&K Services, Class A | 35,913 | ||||||||||||||||||
1,571 | Genco Shipping & Trading — q | 13,181 | ||||||||||||||||||
3,471 | GenCorp — | 22,666 | ||||||||||||||||||
1,147 | Generac Holdings — | 23,881 | ||||||||||||||||||
2,265 | Genesee & Wyoming, Class A — | 140,385 | ||||||||||||||||||
3,592 | Geo Group — | 95,835 | ||||||||||||||||||
1,310 | GeoEye — | 48,588 | ||||||||||||||||||
1,796 | Gibraltar Industries — | 20,977 | ||||||||||||||||||
725 | Gorman-Rupp | 29,326 | ||||||||||||||||||
962 | GP Strategies — | 12,593 | ||||||||||||||||||
7,145 | GrafTech International — | 165,764 | ||||||||||||||||||
584 | Graham | 13,362 | ||||||||||||||||||
2,089 | Granite Construction q | 56,779 | ||||||||||||||||||
3,476 | Great Lakes Dredge & Dock | 25,896 | ||||||||||||||||||
1,123 | Greenbrier Companies — | 30,400 | ||||||||||||||||||
2,630 | Griffon — | 33,506 | ||||||||||||||||||
3,704 | GT Solar International — q | 41,374 | ||||||||||||||||||
1,665 | H & E Equipment Services — | 33,134 | ||||||||||||||||||
3,147 | Hawaiian Holdings — | 18,410 | ||||||||||||||||||
3,775 | Healthcare Services Group | 67,044 | ||||||||||||||||||
3,006 | Heartland Express | 51,853 | ||||||||||||||||||
2,200 | HEICO q | 105,952 | ||||||||||||||||||
1,035 | Heidrick & Struggles International | 24,219 | ||||||||||||||||||
3,263 | Herman Miller q | 84,903 | ||||||||||||||||||
5,800 | Hexcel — | 124,874 | ||||||||||||||||||
136 | Higher One Holdings — q | 1,916 | ||||||||||||||||||
1,516 | Hill International — | 7,686 | ||||||||||||||||||
2,683 | HNI q | 73,836 | ||||||||||||||||||
1,016 | Hoku — q | 2,073 | ||||||||||||||||||
1,806 | Horizon Lines, Class A q | 3,197 | ||||||||||||||||||
1,077 | Houston Wire & Cable q | 18,083 | ||||||||||||||||||
2,265 | Hub Group — | 91,234 | ||||||||||||||||||
1,908 | Hudson Highland Group — | 11,505 | ||||||||||||||||||
1,313 | Huron Consulting Group — | 37,814 | ||||||||||||||||||
1,016 | ICF International — | 24,750 | ||||||||||||||||||
1,517 | II-VI — q | 87,758 | ||||||||||||||||||
1,714 | InnerWorkings — q | 15,375 | ||||||||||||||||||
2,275 | Insituform Technologies, Class A — | 57,580 | ||||||||||||||||||
1,305 | Insperity | 39,528 | ||||||||||||||||||
1,068 | Insteel Industries | 15,945 | ||||||||||||||||||
3,099 | Interface, Class A | 57,765 |
68 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Industrials (continued) | ||||||||||||||||||||
1,979 | Interline Brands — | $ | 41,796 | |||||||||||||||||
327 | International Shipholding | 7,845 | ||||||||||||||||||
14,480 | JetBlue Airways — q | 81,957 | ||||||||||||||||||
1,680 | John Bean Technologies | 33,953 | ||||||||||||||||||
780 | Kadant — | 24,063 | ||||||||||||||||||
1,563 | Kaman q | 58,144 | ||||||||||||||||||
1,992 | Kaydon q | 77,090 | ||||||||||||||||||
1,526 | Kelly Services, Class A — q | 29,162 | ||||||||||||||||||
1,730 | Kforce — q | 27,074 | ||||||||||||||||||
1,856 | Kimball International | 13,883 | ||||||||||||||||||
3,302 | Knight Transportation | 59,469 | ||||||||||||||||||
2,837 | Knoll q | 55,690 | ||||||||||||||||||
2,699 | Korn Ferry International — | 55,896 | ||||||||||||||||||
945 | Kratos Defense & Security Solutions — | 12,918 | ||||||||||||||||||
769 | LaBarge — | 14,719 | ||||||||||||||||||
924 | Ladish — q | 52,391 | ||||||||||||||||||
212 | Lawson Products | 4,670 | ||||||||||||||||||
1,186 | Layne Christensen — | 35,295 | ||||||||||||||||||
628 | LB Foster | 26,728 | ||||||||||||||||||
751 | Lindsay Manufacturing q | 55,063 | ||||||||||||||||||
508 | LMI Aerospace — | 10,185 | ||||||||||||||||||
1,050 | LSI Industries | 8,704 | ||||||||||||||||||
1,012 | Lydall — | 9,867 | ||||||||||||||||||
711 | M & F Worldwide — | 17,839 | ||||||||||||||||||
1,002 | Marten Transport | 22,405 | ||||||||||||||||||
3,177 | MasTec — | 72,054 | ||||||||||||||||||
1,446 | McGrath Rentcorp | 41,052 | ||||||||||||||||||
5,606 | Meritor — q | 96,479 | ||||||||||||||||||
816 | Met Pro | 9,702 | ||||||||||||||||||
2,227 | Metalico — | 14,119 | ||||||||||||||||||
479 | Michael Baker — | 11,803 | ||||||||||||||||||
6,030 | Microvision — q | 9,407 | ||||||||||||||||||
980 | Middleby — q | 87,877 | ||||||||||||||||||
785 | Miller Industries | 12,419 | ||||||||||||||||||
1,602 | Mine Safety Appliances | 63,567 | ||||||||||||||||||
856 | Mistras Group — | 15,682 | ||||||||||||||||||
2,162 | Mobile Mini — | 53,855 | ||||||||||||||||||
2,692 | Moog, Class A — | 118,771 | ||||||||||||||||||
2,157 | Mueller Industries | 84,382 | ||||||||||||||||||
9,379 | Mueller Water Products, Class A | 41,268 | ||||||||||||||||||
606 | Multi Color | 12,520 | ||||||||||||||||||
1,051 | Myr Group — q | 26,201 | ||||||||||||||||||
345 | NACCO Industries, Class A | 36,304 | ||||||||||||||||||
3,043 | Navigant Consulting — | 35,451 | ||||||||||||||||||
1,087 | NCI Building Systems — | 13,457 |
Nuveen Investments | 69 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Industrials (continued) | ||||||||||||||||||||
4,034 | Nordson | $ | 229,817 | |||||||||||||||||
563 | Northwest Pipe — | 13,546 | ||||||||||||||||||
2,544 | Old Dominion Freight Line — | 95,196 | ||||||||||||||||||
170 | Omega Flex — | 2,399 | ||||||||||||||||||
2,076 | On Assignment — | 22,774 | ||||||||||||||||||
3,403 | Orbital Sciences — q | 64,078 | ||||||||||||||||||
1,618 | Orion Marine Group — | 16,714 | ||||||||||||||||||
2,162 | Otter Tail | 50,548 | ||||||||||||||||||
272 | P.A.M. Transportation Services — | 3,093 | ||||||||||||||||||
1,963 | Pacer International — | 11,758 | ||||||||||||||||||
465 | Park-Ohio Holdings — | 9,914 | ||||||||||||||||||
264 | Patriot Transportation Holdings — | 6,655 | ||||||||||||||||||
1,140 | PGT — | 2,827 | ||||||||||||||||||
918 | Pike Electric — | 9,327 | ||||||||||||||||||
1,103 | Pinnacle Airlines — | 6,011 | ||||||||||||||||||
874 | PMFG — q | 20,032 | ||||||||||||||||||
1,292 | Polypore International — q | 79,807 | ||||||||||||||||||
474 | Powell Industries — | 18,732 | ||||||||||||||||||
1,047 | Powersecure International — | 8,219 | ||||||||||||||||||
147 | Preformed Line Products | 10,562 | ||||||||||||||||||
1,202 | Primoris Services | 14,160 | ||||||||||||||||||
529 | Quality Distribution — | 6,295 | ||||||||||||||||||
2,174 | Quanex Building Products | 45,567 | ||||||||||||||||||
1,371 | RailAmerica — | 23,334 | ||||||||||||||||||
937 | Raven Industries | 50,935 | ||||||||||||||||||
1,324 | RBC Bearings — | 51,980 | ||||||||||||||||||
2,101 | Republic Airways Holdings — | 11,335 | ||||||||||||||||||
2,737 | Resources Connection | 40,480 | ||||||||||||||||||
629 | Roadrunner Transportation Systems — | 8,863 | ||||||||||||||||||
2,328 | Robbins & Myers | 101,198 | ||||||||||||||||||
3,798 | Rollins | 79,644 | ||||||||||||||||||
2,990 | RSC Holdings — q | 39,378 | ||||||||||||||||||
1,953 | Rush Enterprises — | 41,150 | ||||||||||||||||||
942 | Saia — | 15,637 | ||||||||||||||||||
6,839 | Satcon Technology — q | 21,885 | ||||||||||||||||||
658 | Sauer-Danfoss — | 38,829 | ||||||||||||||||||
658 | Schawk | 12,410 | ||||||||||||||||||
1,092 | School Specialty — | 16,173 | ||||||||||||||||||
18 | Seaboard | 42,966 | ||||||||||||||||||
488 | SeaCube Container Leasing | 7,920 | ||||||||||||||||||
3,096 | SFN Group — q | 32,601 | ||||||||||||||||||
2,324 | Simpson Manufacturing | 64,886 | ||||||||||||||||||
3,319 | SkyWest | 54,863 | ||||||||||||||||||
921 | Standard Parking — | 16,108 | ||||||||||||||||||
918 | Standard Register | 3,158 |
70 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Industrials (continued) | ||||||||||||||||||||
726 | Standex International | $ | 26,543 | |||||||||||||||||
4,354 | Steelcase, Class A q | 50,289 | ||||||||||||||||||
955 | Sterling Construction — | 14,315 | ||||||||||||||||||
756 | Sun Hydraulics | 35,146 | ||||||||||||||||||
2,279 | Sykes Enterprises — | 45,648 | ||||||||||||||||||
994 | TAL International Group q | 35,834 | ||||||||||||||||||
3,668 | TASER International — q | 16,359 | ||||||||||||||||||
1,148 | Team — | 28,643 | ||||||||||||||||||
1,126 | Tecumseh Products, Class A — | 11,530 | ||||||||||||||||||
2,165 | Teledyne Technologies — | 109,311 | ||||||||||||||||||
1,136 | Tennant | 46,599 | ||||||||||||||||||
3,617 | Tetra Tech — | 85,434 | ||||||||||||||||||
520 | Textainer Group Holdings | 18,439 | ||||||||||||||||||
2,146 | Titan International q | 66,290 | ||||||||||||||||||
773 | Titan Machinery — | 24,319 | ||||||||||||||||||
1,455 | Tredegar | 31,835 | ||||||||||||||||||
940 | Trex — | 30,155 | ||||||||||||||||||
819 | Trimas — | 19,009 | ||||||||||||||||||
1,016 | Triumph Group | 87,498 | ||||||||||||||||||
2,577 | TrueBlue — | 36,284 | ||||||||||||||||||
1,561 | Tutor Perini | 41,616 | ||||||||||||||||||
485 | Twin Disc | 16,524 | ||||||||||||||||||
1,411 | Ultrapetrol Bahamas — | 7,690 | ||||||||||||||||||
816 | Unifi — | 13,317 | ||||||||||||||||||
101 | United Capital — | 2,752 | ||||||||||||||||||
3,666 | United Rentals — q | 107,854 | ||||||||||||||||||
1,445 | United Stationers | 104,127 | ||||||||||||||||||
1,169 | Universal Forest Products | 37,747 | ||||||||||||||||||
334 | Universal Truckload Services — | 5,291 | ||||||||||||||||||
2,140 | UQM Technologies — q | 5,971 | ||||||||||||||||||
9,572 | US Airways Group — q | 87,009 | ||||||||||||||||||
1,107 | US Ecology | 20,325 | ||||||||||||||||||
474 | USA Truck — | 5,901 | ||||||||||||||||||
1,214 | Viad | 30,119 | ||||||||||||||||||
1,136 | Vicor q | 18,983 | ||||||||||||||||||
217 | VSE | 6,117 | ||||||||||||||||||
3,857 | Wabash National — | 42,543 | ||||||||||||||||||
1,622 | Watsco q | 114,984 | ||||||||||||||||||
1,784 | Watts Water Technologies, Class A q | 69,041 | ||||||||||||||||||
2,483 | Werner Enterprises q | 64,980 | ||||||||||||||||||
3,677 | Woodward Governor | 136,233 | ||||||||||||||||||
445 | Xerium Technologies — | 10,262 | ||||||||||||||||||
Total Industrials | 11,744,410 | |||||||||||||||||||
Information Technology – 17.5% | ||||||||||||||||||||
2,018 | ACI Worldwide — | 66,675 | ||||||||||||||||||
2,729 | Acme Packet — q | 225,443 |
Nuveen Investments | 71 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Information Technology (continued) | ||||||||||||||||||||
2,949 | Actuate — | $ | 17,193 | |||||||||||||||||
4,140 | Acxiom — | 60,278 | ||||||||||||||||||
3,572 | ADTRAN q | 147,416 | ||||||||||||||||||
2,475 | Advanced Analogic Technologies — | 10,543 | ||||||||||||||||||
2,159 | Advanced Energy Industries — | 30,550 | ||||||||||||||||||
1,926 | Advent Software — | 52,445 | ||||||||||||||||||
1,320 | Agilysys — | 6,890 | ||||||||||||||||||
301 | Alpha & Omega Semiconductor — | 4,268 | ||||||||||||||||||
1,221 | American Software, Class A | 9,499 | ||||||||||||||||||
6,226 | Amkor Technology — q | 41,714 | ||||||||||||||||||
3,667 | ANADIGICS — | 14,338 | ||||||||||||||||||
948 | Anaren — | 15,727 | ||||||||||||||||||
1,122 | Ancestry.com — q | 51,275 | ||||||||||||||||||
1,666 | Anixter International | 125,183 | ||||||||||||||||||
4,019 | Applied Micro Circuits — | 42,119 | ||||||||||||||||||
696 | Archipelago Learning — | 6,104 | ||||||||||||||||||
5,329 | Ariba — | 185,289 | ||||||||||||||||||
7,555 | Arris Group — | 90,660 | ||||||||||||||||||
4,549 | Aruba Networks — q | 163,446 | ||||||||||||||||||
3,692 | Aspen Technology — | 55,343 | ||||||||||||||||||
1,880 | ATMI — | 37,431 | ||||||||||||||||||
3,598 | Aviat Networks — | 18,422 | ||||||||||||||||||
1,754 | Avid Technology — | 32,589 | ||||||||||||||||||
6,181 | Axcelis Technologies — | 11,558 | ||||||||||||||||||
1,839 | AXT — q | 12,855 | ||||||||||||||||||
690 | Bel Fuse | 13,890 | ||||||||||||||||||
3,742 | Benchmark Electronics — | 63,240 | ||||||||||||||||||
2,962 | Bigband Networks — | 7,583 | ||||||||||||||||||
1,069 | Black Box | 37,351 | ||||||||||||||||||
2,601 | Blackbaud | 71,944 | ||||||||||||||||||
1,931 | Blackboard — q | 92,900 | ||||||||||||||||||
2,470 | Blue Coat Systems — | 71,136 | ||||||||||||||||||
1,699 | Bottomline Technologies — | 47,198 | ||||||||||||||||||
4,180 | Brightpoint — | 42,302 | ||||||||||||||||||
444 | BroadSoft — | 20,180 | ||||||||||||||||||
3,922 | Brooks Automation — | 47,966 | ||||||||||||||||||
1,365 | Cabot Microelectronics — q | 66,680 | ||||||||||||||||||
1,765 | CACI International, Class A — q | 107,859 | ||||||||||||||||||
659 | Calix — | 14,406 | ||||||||||||||||||
502 | Cass Information Systems q | 20,040 | ||||||||||||||||||
2,633 | Cavium Networks — q | 124,330 | ||||||||||||||||||
1,944 | CDC — | 6,221 | ||||||||||||||||||
1,180 | Ceva — | 36,084 | ||||||||||||||||||
2,307 | Checkpoint Systems — | 48,585 | ||||||||||||||||||
4,191 | CIBER — | 23,973 |
72 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Information Technology (continued) | ||||||||||||||||||||
3,884 | Cirrus Logic — | $ | 64,319 | |||||||||||||||||
2,364 | Cognex | 73,946 | ||||||||||||||||||
1,374 | Coherent — | 85,889 | ||||||||||||||||||
1,342 | Cohu | 19,338 | ||||||||||||||||||
2,487 | CommVault Systems — q | 97,963 | ||||||||||||||||||
912 | Computer Task Group — | 13,543 | ||||||||||||||||||
1,315 | comScore — | 39,200 | ||||||||||||||||||
1,716 | Comtech Telecommunications q | 48,563 | ||||||||||||||||||
1,493 | Comverge — q | 5,763 | ||||||||||||||||||
2,388 | Concur Technologies — q | 138,194 | ||||||||||||||||||
1,693 | Constant Contact — | 46,913 | ||||||||||||||||||
351 | Convio — | 4,296 | ||||||||||||||||||
2,085 | Cray — | 14,011 | ||||||||||||||||||
2,020 | CSG Systems International — | 42,905 | ||||||||||||||||||
2,059 | CTS | 22,628 | ||||||||||||||||||
1,765 | Cymer — | 84,914 | ||||||||||||||||||
1,908 | Daktronics | 20,473 | ||||||||||||||||||
874 | DDi | 8,399 | ||||||||||||||||||
2,386 | DealerTrack Holdings — | 53,590 | ||||||||||||||||||
1,117 | Deltek — | 8,377 | ||||||||||||||||||
460 | Demand Media — q | 7,622 | ||||||||||||||||||
1,200 | DemandTec — | 13,284 | ||||||||||||||||||
1,486 | DG Fastchannel — | 54,373 | ||||||||||||||||||
873 | Dice Holdings — | 16,002 | ||||||||||||||||||
1,500 | Digi International — | 17,715 | ||||||||||||||||||
400 | Digimarc — | 10,796 | ||||||||||||||||||
2,328 | Digital River — | 75,753 | ||||||||||||||||||
1,945 | Diodes — | 66,558 | ||||||||||||||||||
1,288 | DSP Group — | 10,407 | ||||||||||||||||||
1,036 | DTS — | 45,646 | ||||||||||||||||||
6,430 | EarthLink | 52,855 | ||||||||||||||||||
1,779 | Ebix — q | 40,650 | ||||||||||||||||||
1,979 | Echelon — q | 18,820 | ||||||||||||||||||
631 | Echo Global Logistics — q | 8,777 | ||||||||||||||||||
1,187 | Electro Rent | 18,695 | ||||||||||||||||||
1,628 | Electro Scientific Industries — | 26,781 | ||||||||||||||||||
2,687 | Electronics For Imaging — | 48,259 | ||||||||||||||||||
948 | EMS Technologies — | 23,946 | ||||||||||||||||||
4,813 | Emulex — | 46,638 | ||||||||||||||||||
7,932 | Entegris — q | 68,453 | ||||||||||||||||||
3,621 | Entropic Communications — q | 31,720 | ||||||||||||||||||
455 | Envestnet — | 6,029 | ||||||||||||||||||
2,903 | Epicor Software — | 36,287 | ||||||||||||||||||
1,956 | EPIQ Systems | 27,834 | ||||||||||||||||||
224 | ePlus — | 6,194 |
Nuveen Investments | 73 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Information Technology (continued) | ||||||||||||||||||||
315 | Epocrates — | $ | 7,377 | |||||||||||||||||
2,966 | Euronet Worldwide — q | 55,612 | ||||||||||||||||||
1,909 | Evergreen Solar — q | 2,768 | ||||||||||||||||||
2,107 | Exar — | 12,874 | ||||||||||||||||||
911 | Exlservice Holdings — | 18,876 | ||||||||||||||||||
5,416 | Extreme Networks — | 16,952 | ||||||||||||||||||
580 | Fabrinet — | 13,369 | ||||||||||||||||||
2,461 | Fair Isaac | 73,535 | ||||||||||||||||||
2,102 | FalconStor Software — | 8,955 | ||||||||||||||||||
970 | FARO Technologies — | 41,875 | ||||||||||||||||||
2,280 | FEI — q | 74,009 | ||||||||||||||||||
5,274 | Finisar — | 148,147 | ||||||||||||||||||
3,005 | FormFactor — | 31,162 | ||||||||||||||||||
866 | Forrester Research | 34,216 | ||||||||||||||||||
2,468 | Fortinet — | 120,192 | ||||||||||||||||||
2,282 | FSI International — q | 10,497 | ||||||||||||||||||
1,493 | Gerber Scientific — | 14,273 | ||||||||||||||||||
2,690 | Global Cash Access Holdings — | 8,877 | ||||||||||||||||||
1,181 | Globecomm Systems — | 16,912 | ||||||||||||||||||
3,687 | GSI Commerce — q | 107,918 | ||||||||||||||||||
1,124 | GSI Technology — | 10,015 | ||||||||||||||||||
790 | Guidance Software — | 6,312 | ||||||||||||||||||
2,232 | Hackett Group — | 9,687 | ||||||||||||||||||
5,834 | Harmonic — | 48,306 | ||||||||||||||||||
2,285 | Heartland Payment Systems | 45,609 | ||||||||||||||||||
1,622 | Hittite Microwave — q | 104,441 | ||||||||||||||||||
543 | Hughes Communications — | 32,499 | ||||||||||||||||||
1,386 | Hutchinson Technology — | 3,701 | ||||||||||||||||||
2,734 | Hypercom — | 32,726 | ||||||||||||||||||
1,395 | iGATE | 23,659 | ||||||||||||||||||
1,784 | Ikanos Communications — | 2,248 | ||||||||||||||||||
1,669 | Imation — | 17,141 | ||||||||||||||||||
1,723 | Immersion — | 12,474 | ||||||||||||||||||
5,397 | Infinera — q | 42,205 | ||||||||||||||||||
1,925 | Infospace — | 17,325 | ||||||||||||||||||
401 | Inphi — | 8,654 | ||||||||||||||||||
2,795 | Insight Enterprises — | 47,962 | ||||||||||||||||||
987 | Integral Systems — | 12,328 | ||||||||||||||||||
9,639 | Integrated Device Technology — | 78,413 | ||||||||||||||||||
1,537 | Integrated Silicon Solutions — | 14,847 | ||||||||||||||||||
784 | Interactive Intelligence — | 29,337 | ||||||||||||||||||
2,637 | Interdigital q | 122,067 | ||||||||||||||||||
2,899 | Intermec — | 33,280 | ||||||||||||||||||
3,097 | Internap Network Services — | 25,055 | ||||||||||||||||||
2,167 | Internet Capital Group — | 30,100 |
74 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Information Technology (continued) | ||||||||||||||||||||
1,269 | Intevac — | $ | 15,520 | |||||||||||||||||
653 | Intralinks Holdings — | 20,739 | ||||||||||||||||||
1,528 | IPG Photonics — | 106,135 | ||||||||||||||||||
1,940 | Ixia — q | 31,700 | ||||||||||||||||||
1,367 | IXYS — q | 21,681 | ||||||||||||||||||
2,681 | J2 Global Communications — q | 78,982 | ||||||||||||||||||
5,073 | Jack Henry & Associates | 172,330 | ||||||||||||||||||
2,473 | JDA Software — | 81,040 | �� | |||||||||||||||||
1,369 | Kenexa — q | 40,276 | ||||||||||||||||||
750 | Keynote Systems | 16,005 | ||||||||||||||||||
1,676 | Kit Digital — q | 19,291 | ||||||||||||||||||
4,011 | Kopin — | 19,293 | ||||||||||||||||||
4,167 | Kulicke & Soffa — | 37,753 | ||||||||||||||||||
852 | KVH Industries — | 11,161 | ||||||||||||||||||
4,562 | L-1 Identity Solutions — | 53,512 | ||||||||||||||||||
6,542 | Lattice Semiconductor — | 44,420 | ||||||||||||||||||
8,385 | Lawson Software — | 92,822 | ||||||||||||||||||
3,064 | Limelight Networks — | 19,518 | ||||||||||||||||||
3,500 | Lionbridge Technologies — | 11,795 | ||||||||||||||||||
916 | Liquidity Services — | 17,816 | ||||||||||||||||||
1,324 | Littelfuse | 82,366 | ||||||||||||||||||
2,517 | Liveperson — | 33,627 | ||||||||||||||||||
1,251 | Local Com — q | 6,080 | ||||||||||||||||||
894 | LogMeIn — q | 38,505 | ||||||||||||||||||
1,216 | LoopNet — | 22,593 | ||||||||||||||||||
678 | Loral Space & Communications — | 47,392 | ||||||||||||||||||
2,904 | LTX-Credence — | 25,178 | ||||||||||||||||||
3,895 | Magma Design Automation — | 24,772 | ||||||||||||||||||
1,347 | Manhattan Associates — | 48,694 | ||||||||||||||||||
1,335 | ManTech International — q | 58,593 | ||||||||||||||||||
1,536 | Marchex | 10,844 | ||||||||||||||||||
2,969 | Mattson Technology — q | 6,888 | ||||||||||||||||||
1,026 | MAXIMUS | 82,070 | ||||||||||||||||||
444 | MaxLinear, Class A — | 4,169 | ||||||||||||||||||
1,567 | Maxwell Technologies — q | 27,940 | ||||||||||||||||||
859 | Measurement Specialties — | 29,876 | ||||||||||||||||||
321 | Mediamind Technologies — | 4,455 | ||||||||||||||||||
6,331 | Mentor Graphics — | 93,382 | ||||||||||||||||||
1,332 | Mercury Computer Systems — q | 25,721 | ||||||||||||||||||
321 | Meru Networks — q | 5,589 | ||||||||||||||||||
2,226 | Methode Electronics, Class A | 27,513 | ||||||||||||||||||
2,775 | Micrel | 35,548 | ||||||||||||||||||
4,954 | Microsemi — | 116,914 | ||||||||||||||||||
552 | MicroStrategy — | 77,998 | ||||||||||||||||||
1,896 | Mindspeed Technologies — q | 17,102 |
Nuveen Investments | 75 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Information Technology (continued) | ||||||||||||||||||||
2,956 | MIPS Technologies, Class A — | $ | 24,594 | |||||||||||||||||
3,006 | MKS Instruments | 85,310 | ||||||||||||||||||
2,629 | ModusLink Global Solutions | 13,776 | ||||||||||||||||||
5,033 | MoneyGram International — | 19,931 | ||||||||||||||||||
1,919 | Monolithic Power Systems — | 32,585 | ||||||||||||||||||
1,322 | Monotype Imaging Holdings — | 17,979 | ||||||||||||||||||
1,611 | MoSys — | 9,972 | ||||||||||||||||||
314 | Motricity — | 4,195 | ||||||||||||||||||
9,405 | Move — | 22,478 | ||||||||||||||||||
1,020 | MTS Systems | 45,155 | ||||||||||||||||||
600 | Multi-Fineline Electronix — | 15,978 | ||||||||||||||||||
1,057 | Nanometrics — | 17,092 | ||||||||||||||||||
397 | NCI — | 9,770 | ||||||||||||||||||
508 | Neophotonics — | 5,517 | ||||||||||||||||||
2,056 | NETGEAR — | 85,838 | ||||||||||||||||||
3,717 | Netlogic Microsystems — q | 160,314 | ||||||||||||||||||
1,714 | NetScout Systems — | 43,861 | ||||||||||||||||||
1,018 | NetSuite — q | 35,233 | ||||||||||||||||||
2,138 | Network Engines — | 3,806 | ||||||||||||||||||
1,779 | Network Equipment Technologies — | 5,995 | ||||||||||||||||||
2,109 | Newport — | 39,502 | ||||||||||||||||||
3,074 | NIC | 39,516 | ||||||||||||||||||
1,844 | Novatel Wireless — q | 11,433 | ||||||||||||||||||
272 | NVE — | 16,037 | ||||||||||||||||||
2,931 | Oclaro — | 32,871 | ||||||||||||||||||
3,081 | OmniVision Technologies — | 103,522 | ||||||||||||||||||
1,689 | Online Resources — | 6,452 | ||||||||||||||||||
939 | Opentable — q | 104,501 | ||||||||||||||||||
5,081 | Openwave Systems — | 10,670 | ||||||||||||||||||
1,249 | Oplink Communications — | 24,730 | ||||||||||||||||||
715 | OPNET Technologies | 27,999 | ||||||||||||||||||
2,572 | Opnext — | 6,070 | ||||||||||||||||||
966 | OSI Systems — | 37,085 | ||||||||||||||||||
6,889 | Parametric Technology — | 167,196 | ||||||||||||||||||
1,183 | Park Electrochemical | 37,820 | ||||||||||||||||||
476 | PC Connection — | 4,227 | ||||||||||||||||||
1,161 | PC-Tel — | 8,475 | ||||||||||||||||||
1,341 | PDF Solutions — | 8,475 | ||||||||||||||||||
915 | Pegasystems q | 33,974 | ||||||||||||||||||
1,379 | Perficient — | 17,224 | ||||||||||||||||||
1,543 | Pericom Semiconductor — | 14,026 | ||||||||||||||||||
3,196 | Photronics — q | 27,901 | ||||||||||||||||||
2,864 | Plantronics | 106,168 | ||||||||||||||||||
2,406 | Plexus — | 87,795 | ||||||||||||||||||
2,237 | PLX Technology — | 7,673 |
76 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Information Technology (continued) | ||||||||||||||||||||
1,439 | Power Integrations | $ | 58,049 | |||||||||||||||||
4,141 | Power One — q | 34,205 | ||||||||||||||||||
9,959 | Powerwave Technologies — | 45,513 | ||||||||||||||||||
1,628 | Presstek — | 2,963 | ||||||||||||||||||
3,622 | Progress Software — q | 107,392 | ||||||||||||||||||
1,163 | PROS Holdings — | 18,236 | ||||||||||||||||||
2,499 | Pulse Electronics q | 14,944 | ||||||||||||||||||
348 | QAD | 3,800 | ||||||||||||||||||
792 | Qlik Technologies — | 25,391 | ||||||||||||||||||
13,294 | Quantum — | 42,275 | ||||||||||||||||||
3,558 | Quest Software — q | 91,654 | ||||||||||||||||||
596 | QuinStreet — | 10,776 | ||||||||||||||||||
5,754 | Rackspace Hosting — q | 265,777 | ||||||||||||||||||
1,673 | Radiant Systems — | 33,326 | ||||||||||||||||||
1,423 | RadiSys — | 12,537 | ||||||||||||||||||
670 | Reald — q | 19,484 | ||||||||||||||||||
4,948 | RealNetworks — | 18,308 | ||||||||||||||||||
839 | Realpage — | 26,764 | ||||||||||||||||||
781 | Renaissance Learning | 9,364 | ||||||||||||||||||
16,210 | RF Micro Devices — q | 107,959 | ||||||||||||||||||
858 | Richardson Electronics | 11,566 | ||||||||||||||||||
1,285 | RightNow Technologies — q | 46,491 | ||||||||||||||||||
525 | Rimage | 7,854 | ||||||||||||||||||
7,895 | Riverbed Technology — | 277,430 | ||||||||||||||||||
1,726 | Rofin-Sinar Technologies — | 74,753 | ||||||||||||||||||
988 | Rogers — q | 41,022 | ||||||||||||||||||
622 | Rosetta Stone — q | 8,758 | ||||||||||||||||||
941 | Rubicon Technology — q | 26,828 | ||||||||||||||||||
1,792 | Rudolph Technologies — | 20,267 | ||||||||||||||||||
3,222 | S1 — | 22,135 | ||||||||||||||||||
1,500 | Saba Software — | 15,225 | ||||||||||||||||||
4,719 | Sanmina-SCI — | 55,307 | ||||||||||||||||||
6,116 | Sapient — | 77,214 | ||||||||||||||||||
2,186 | SAVVIS — | 86,041 | ||||||||||||||||||
1,617 | ScanSource — | 57,840 | ||||||||||||||||||
1,795 | SeaChange International — | 19,224 | ||||||||||||||||||
3,617 | Semtech — | 101,529 | ||||||||||||||||||
2,696 | ShoreTel — | 28,173 | ||||||||||||||||||
1,861 | Sigma Designs — | 23,746 | ||||||||||||||||||
1,822 | Silicon Graphics International — q | 33,488 | ||||||||||||||||||
4,560 | Silicon Image — | 37,939 | ||||||||||||||||||
3,119 | Smart Modular Technologies — | 28,508 | ||||||||||||||||||
1,890 | Smith Micro Software — q | 14,591 | ||||||||||||||||||
2,073 | Solarwinds — q | 50,229 | ||||||||||||||||||
12,577 | Sonus Networks — | 49,553 |
Nuveen Investments | 77 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Information Technology (continued) | ||||||||||||||||||||
1,631 | Sourcefire — q | $ | 43,417 | |||||||||||||||||
769 | Spansion — q | 15,149 | ||||||||||||||||||
766 | Spectrum Control — | 15,236 | ||||||||||||||||||
279 | SPS Commerce — | 4,578 | ||||||||||||||||||
2,492 | SRA International, Class A — | 77,227 | ||||||||||||||||||
707 | SRS Labs — | 5,762 | ||||||||||||||||||
740 | SS&C Technologies Holdings — | 15,096 | ||||||||||||||||||
768 | Stamps.com | 10,383 | ||||||||||||||||||
1,286 | Standard Microsystems — | 34,915 | ||||||||||||||||||
2,417 | STEC — q | 50,564 | ||||||||||||||||||
1,156 | Stratasys — q | 62,251 | ||||||||||||||||||
268 | Stream Global Services — | 874 | ||||||||||||||||||
3,998 | SuccessFactors — q | 138,611 | ||||||||||||||||||
1,450 | Super Micro Computer — | 24,737 | ||||||||||||||||||
626 | Supertex — | 13,515 | ||||||||||||||||||
2,786 | Support.com — | 15,964 | ||||||||||||||||||
1,173 | Sycamore Networks | 28,738 | ||||||||||||||||||
2,939 | Symmetricom — | 17,928 | ||||||||||||||||||
2,092 | Synaptics — q | 59,455 | ||||||||||||||||||
1,239 | Synchronoss Technologies — q | 39,970 | ||||||||||||||||||
1,174 | SYNNEX — | 39,364 | ||||||||||||||||||
785 | Syntel | 42,924 | ||||||||||||||||||
4,179 | Take-Two Interactive Software — q | 67,616 | ||||||||||||||||||
2,383 | Taleo, Class A — q | 86,431 | ||||||||||||||||||
776 | Techtarget — | 6,705 | ||||||||||||||||||
4,059 | Tekelec — | 33,893 | ||||||||||||||||||
2,692 | Telecommunication Systems — q | 12,410 | ||||||||||||||||||
477 | Telenav — | 6,478 | ||||||||||||||||||
1,791 | Teletech Holdings — | 35,587 | ||||||||||||||||||
297 | Tessco Technologies | 3,502 | ||||||||||||||||||
2,966 | Tessera Technologies — q | 58,608 | ||||||||||||||||||
1,730 | The Knot — | 17,663 | ||||||||||||||||||
4,119 | THQ — q | 16,641 | ||||||||||||||||||
9,860 | TIBCO Software — q | 295,701 | ||||||||||||||||||
148 | Tier Technologies — | 827 | ||||||||||||||||||
6,853 | TiVo — q | 65,583 | ||||||||||||||||||
1,498 | TNS — | 24,612 | ||||||||||||||||||
338 | Travelzoo — q | 27,682 | ||||||||||||||||||
3,838 | Trident Microsystems — | 3,876 | ||||||||||||||||||
8,986 | TriQuint Semiconductor — | 123,737 | ||||||||||||||||||
4,750 | TTM Technologies — | 90,820 | ||||||||||||||||||
1,887 | Tyler Technologies — | 46,779 | ||||||||||||||||||
1,430 | Ultimate Software Group — | 80,080 | ||||||||||||||||||
1,285 | Ultra Clean Holdings — | 14,765 | ||||||||||||||||||
1,439 | Ultratech — | 45,055 |
78 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Information Technology (continued) | ||||||||||||||||||||
2,578 | Unisys — q | $ | 76,515 | |||||||||||||||||
5,098 | United Online q | 33,647 | ||||||||||||||||||
2,093 | Universal Display — q | 114,989 | ||||||||||||||||||
6,904 | UTStarcom — | 17,743 | ||||||||||||||||||
4,827 | ValueClick — q | 80,852 | ||||||||||||||||||
1,600 | VASCO Data Security International — | 19,744 | ||||||||||||||||||
2,406 | Veeco Instruments — q | 123,019 | ||||||||||||||||||
5,071 | VeriFone Holdings — q | 277,992 | ||||||||||||||||||
1,968 | ViaSat — q | 78,563 | ||||||||||||||||||
255 | Viasystems Group — | 6,658 | ||||||||||||||||||
2,089 | Virnetx Holding | 52,956 | ||||||||||||||||||
805 | Virtusa — | 15,021 | ||||||||||||||||||
1,011 | Vocus — | 29,956 | ||||||||||||||||||
1,471 | Volterra Semiconductor — | 38,673 | ||||||||||||||||||
4,752 | Wave Systems — q | 15,159 | ||||||||||||||||||
2,563 | Websense — | 66,100 | ||||||||||||||||||
2,340 | Wright Express — | 131,812 | ||||||||||||||||||
1,981 | X-Rite — | 9,727 | ||||||||||||||||||
1,789 | Xyratex — | 18,266 | ||||||||||||||||||
3,862 | Zix — | 12,745 | ||||||||||||||||||
3,012 | Zoran — | 31,536 | ||||||||||||||||||
901 | Zygo — | 13,470 | ||||||||||||||||||
Total Information Technology | 14,658,825 | |||||||||||||||||||
Materials – 5.5% | ||||||||||||||||||||
1,802 | A. Schulman | 45,627 | ||||||||||||||||||
924 | A.M. Castle & Company — | 17,445 | ||||||||||||||||||
318 | AEP Industries — | 9,645 | ||||||||||||||||||
4,439 | Allied Nevada Gold — q | 191,143 | ||||||||||||||||||
1,415 | AMCOL International | 52,666 | ||||||||||||||||||
1,189 | American Vanguard q | 10,606 | ||||||||||||||||||
1,342 | Arch Chemicals | 51,895 | ||||||||||||||||||
1,674 | Balchem | 66,441 | ||||||||||||||||||
4,160 | Boise q | 40,851 | ||||||||||||||||||
2,321 | Buckeye Technologies q | 65,359 | ||||||||||||||||||
3,337 | Calgon Carbon — q | 57,263 | ||||||||||||||||||
3,783 | Century Aluminum — | 75,584 | ||||||||||||||||||
715 | Clearwater Paper — | 56,113 | ||||||||||||||||||
5,182 | Coeur d’Alene Mines — q | 164,321 | ||||||||||||||||||
647 | Deltic Timber q | 43,867 | ||||||||||||||||||
1,791 | Endeavour International — q | 25,976 | ||||||||||||||||||
5,210 | Ferro — q | 78,150 | ||||||||||||||||||
4,071 | General Moly — q | 20,844 | ||||||||||||||||||
2,001 | Georgia Gulf — q | 78,799 | ||||||||||||||||||
3,003 | Glatfelter | 40,841 | ||||||||||||||||||
3,639 | Globe Specialty Metals q | 81,914 |
Nuveen Investments | 79 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Materials (continued) | ||||||||||||||||||||
15,301 | Golden Star Resources — q | $ | 49,728 | |||||||||||||||||
1,010 | Graham Packaging — | 23,230 | ||||||||||||||||||
6,671 | Graphic Packaging Holding — | 36,624 | ||||||||||||||||||
2,878 | H.B. Fuller | 62,884 | ||||||||||||||||||
531 | Hawkins | 24,978 | ||||||||||||||||||
697 | Haynes International | 37,666 | ||||||||||||||||||
3,582 | Headwaters — | 19,558 | ||||||||||||||||||
16,399 | Hecla Mining — q | 154,315 | ||||||||||||||||||
2,614 | Horsehead Holding — q | 41,223 | ||||||||||||||||||
1,271 | Innophos Holdings | 58,898 | ||||||||||||||||||
4,990 | Jaguar Mining — q | 27,894 | ||||||||||||||||||
878 | Kaiser Aluminum q | 43,997 | ||||||||||||||||||
2,268 | Kapstone Paper & Packaging — | 39,418 | ||||||||||||||||||
364 | KMG Chemicals | 7,495 | ||||||||||||||||||
1,212 | Koppers Holdings | 55,425 | ||||||||||||||||||
667 | Kraton Performance Polymers — | 30,789 | ||||||||||||||||||
1,601 | Landec — | 10,374 | ||||||||||||||||||
7,658 | Louisiana-Pacific — q | 71,219 | ||||||||||||||||||
1,018 | LSB Industries — q | 41,076 | ||||||||||||||||||
1,186 | Materion — | 49,527 | ||||||||||||||||||
678 | Metals USA Holdings — | 11,526 | �� | |||||||||||||||||
1,143 | Minerals Technologies | 77,724 | ||||||||||||||||||
1,519 | Molycorp — | 111,343 | ||||||||||||||||||
1,920 | Myers Industries | 20,486 | ||||||||||||||||||
859 | Neenah Paper | 20,040 | ||||||||||||||||||
570 | NewMarket q | 105,062 | ||||||||||||||||||
381 | NL Industries | 5,425 | ||||||||||||||||||
682 | Noranda Aluminum Holding — | 11,587 | ||||||||||||||||||
4,751 | Olin | 122,291 | ||||||||||||||||||
552 | Olympic Steel | 16,212 | ||||||||||||||||||
1,863 | OM Group — | 67,515 | ||||||||||||||||||
2,674 | Omnova Solutions — | 22,729 | ||||||||||||||||||
5,424 | PolyOne | 78,540 | ||||||||||||||||||
661 | Quaker Chemical | 29,864 | ||||||||||||||||||
2,338 | Rock-Tenn, Class A q | 161,486 | ||||||||||||||||||
3,093 | Rockwood Holdings — | 175,497 | ||||||||||||||||||
1,831 | RTI International Metals — | 58,482 | ||||||||||||||||||
1,070 | Schweitzer-Mauduit International | 55,469 | ||||||||||||||||||
2,972 | Sensient Technologies | 112,609 | ||||||||||||||||||
2,706 | Silgan Holdings q | 124,097 | ||||||||||||||||||
7,259 | Solutia — | 191,275 | ||||||||||||||||||
1,777 | Spartech — | 12,688 | ||||||||||||||||||
447 | Stepan q | 32,171 | ||||||||||||||||||
2,638 | Stillwater Mining — | 60,173 | ||||||||||||||||||
1,683 | STR Holdings — q | 27,719 |
80 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
Materials (continued) | ||||||||||||||||||||
1,234 | Texas Industries q | $ | 52,038 | |||||||||||||||||
9,695 | Thompson Creek Metals — q | 119,539 | ||||||||||||||||||
370 | TPC Group — | 14,593 | ||||||||||||||||||
1,586 | U.S. Energy — | 9,072 | ||||||||||||||||||
154 | United States Lime & Minerals — | 6,369 | ||||||||||||||||||
370 | Universal Stainless & Alloy — | 13,413 | ||||||||||||||||||
5,725 | US Gold — q | 53,815 | ||||||||||||||||||
871 | Verso Paper — | 4,102 | ||||||||||||||||||
4,400 | W.R. Grace & Company — | 199,584 | ||||||||||||||||||
2,909 | Wausau-Mosinee Paper | 19,636 | ||||||||||||||||||
1,167 | Westlake Chemical q | 76,614 | ||||||||||||||||||
3,323 | Worthington Industries q | 71,677 | ||||||||||||||||||
1,288 | Zep | 24,472 | ||||||||||||||||||
1,693 | Zoltek Companies — | 21,755 | ||||||||||||||||||
Total Materials | 4,560,357 | |||||||||||||||||||
Telecommunication Services – 0.7% | ||||||||||||||||||||
1,337 | Abovenet | 89,245 | ||||||||||||||||||
2,694 | Alaska Communications Systems Group q | 26,051 | ||||||||||||||||||
513 | Atlantic Tele-Network q | 18,842 | ||||||||||||||||||
1,404 | Cbeyond — q | 17,915 | ||||||||||||||||||
12,245 | Cincinnati Bell — | 36,612 | ||||||||||||||||||
2,684 | Cogent Communications Group — q | 38,945 | ||||||||||||||||||
1,348 | Consolidated Communications Holdings | 24,790 | ||||||||||||||||||
2,962 | Fibertower — | 3,999 | ||||||||||||||||||
2,979 | General Communication, Class A — | 34,258 | ||||||||||||||||||
1,658 | Global Crossing — | 38,764 | ||||||||||||||||||
4,141 | GlobalStar — q | 5,342 | ||||||||||||||||||
5,582 | ICO Global Communication Holdings — q | 16,132 | ||||||||||||||||||
839 | IDT, Class B | 24,323 | ||||||||||||||||||
2,022 | Iridium Communications q — | 15,832 | ||||||||||||||||||
2,002 | Neutral Tandem — q | 30,611 | ||||||||||||||||||
1,751 | NTELOS Holdings | 34,547 | ||||||||||||||||||
7,186 | PAETEC Holding — q | 25,870 | ||||||||||||||||||
3,058 | Premiere Global Services — | 24,189 | ||||||||||||||||||
1,318 | Shenandoah Telecommunications q | 24,805 | ||||||||||||||||||
1,118 | USA Mobility | 17,273 | ||||||||||||||||||
6,245 | Vonage Holdings — | 32,224 | ||||||||||||||||||
Total Telecommunication Services | 580,569 | |||||||||||||||||||
Utilities – 2.7% | ||||||||||||||||||||
1,789 | Allete | 72,437 | ||||||||||||||||||
1,117 | American DG Energy — q | 2,357 | ||||||||||||||||||
1,101 | American States Water | 38,436 | ||||||||||||||||||
379 | Artesian Resources | 7,406 | ||||||||||||||||||
3,332 | Avista q | 81,134 | ||||||||||||||||||
2,234 | Black Hills q | 77,631 |
Nuveen Investments | 81 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2011
Shares | Description p | Value | ||||||||||||||||||
Utilities (continued) | ||||||||||||||||||||
700 | Cadiz — q | $ | 8,715 | |||||||||||||||||
1,199 | California Water Service Group | 45,226 | ||||||||||||||||||
674 | Central Vermont Public Service | 15,778 | ||||||||||||||||||
963 | CH Energy Group | 51,636 | ||||||||||||||||||
568 | Chesapeake Utilities | 24,305 | ||||||||||||||||||
3,629 | Cleco q | 127,378 | ||||||||||||||||||
490 | Connecticut Water Service | 12,613 | ||||||||||||||||||
845 | Consolidated Water | 8,289 | ||||||||||||||||||
6,084 | Dynegy — | 38,573 | ||||||||||||||||||
2,739 | El Paso Electric — | 84,854 | ||||||||||||||||||
2,083 | Empire District Electric | 46,742 | ||||||||||||||||||
2,832 | IDACORP | 111,043 | ||||||||||||||||||
1,319 | Laclede Group | 50,610 | ||||||||||||||||||
1,408 | MGE Energy | 59,150 | ||||||||||||||||||
720 | Middlesex Water Company | 13,594 | ||||||||||||||||||
2,450 | New Jersey Resources | 107,261 | ||||||||||||||||||
2,548 | Nicor | 141,236 | ||||||||||||||||||
1,577 | Northwest Natural Gas q | 72,920 | ||||||||||||||||||
2,088 | NorthWestern | 67,964 | ||||||||||||||||||
4,265 | Piedmont Natural Gas q | 135,414 | ||||||||||||||||||
5,143 | PNM Resources q | 78,842 | ||||||||||||||||||
4,583 | Portland General Electric | 114,392 | ||||||||||||||||||
768 | SJW | 17,848 | ||||||||||||||||||
1,772 | South Jersey Industries | 101,801 | ||||||||||||||||||
2,726 | Southwest Gas | 108,413 | ||||||||||||||||||
2,301 | UIL Holdings q | 73,218 | ||||||||||||||||||
2,171 | UniSource Energy Holding q | 80,609 | ||||||||||||||||||
641 | Unitil | 16,192 | ||||||||||||||||||
2,968 | WGL Holdings | 117,295 | ||||||||||||||||||
695 | York Water | 12,134 | ||||||||||||||||||
Total Utilities | 2,223,446 | |||||||||||||||||||
Total Common Stocks (cost $52,445,948) | 76,765,973 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
CLOSED-END FUNDS – 0.0% | ||||||||||||||||||||
585 | Kayne Anderson Energy | $ | 11,466 | |||||||||||||||||
Total Closed End Funds (cost $13,811) | 11,466 | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
RIGHTS – 0.0% | ||||||||||||||||||||
1 | Clinical Data — | $ | — | |||||||||||||||||
2 | Empire Resorts — | — | ||||||||||||||||||
Total Rights (cost $0) | — |
82 | Nuveen Investments |
Shares | Description p | Value | ||||||||||||||||||
WARRANTS – 0.0% | ||||||||||||||||||||
30 | Greenhunter Energy — q | $ | — | |||||||||||||||||
Total Warrants (cost $0) | — | |||||||||||||||||||
Shares | Description p | Value | ||||||||||||||||||
MONEY MARKET FUNDS – 38.0% | �� | |||||||||||||||||||
31,704,295 | Mount Vernon Securities Lending Prime Portfolio, 0.235% W ¨ † | $ | 31,704,295 | |||||||||||||||||
Money Market Funds (cost $31,704,295) | 31,704,295 | |||||||||||||||||||
Shares/ Principal Amount (000) | Description p | Value | ||||||||||||||||||
SHORT-TERM INVESTMENTS – 8.0% | ||||||||||||||||||||
Money Market Funds – 6.9% | ||||||||||||||||||||
5,741,357 | First American Prime Obligations Fund, Class Z 0.053% W | $ | 5,741,357 | |||||||||||||||||
U.S. Treasury Obligations – 1.1% | ||||||||||||||||||||
U.S. Treasury Bill | ||||||||||||||||||||
$ | 920 | 0.096%, 10/20/2011 ¨ | 919,576 | |||||||||||||||||
Total Short-Term Investments (cost $6,660,895) | 6,660,933 | |||||||||||||||||||
Total Investments (cost $90,824,949) – 137.9% | 115,142,667 | |||||||||||||||||||
Other Assets Less Liabilities – (37.9)% ¯ | (31,660,325) | |||||||||||||||||||
Net Assets – 100.0% | $ | 83,482,342 |
Investments in Derivatives
Futures Contracts outstanding at April 30, 2011:
Type | Contract Position | Number of Contracts | Contract Expiration | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
Russell 2000 Mini Index | Long | 75 | 6/11 | $ | 6,479,250 | $ | 311,911 |
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. |
p | All percentages shown in the Portfolio of Investments are based on net assets. |
— | Non-income producing security; issuer has not declared a dividend within the past twelve months. |
q | Investment, or portion of investment, is out on loan for securities lending. |
![]() | For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
W | The rate shown is the annualized seven-day effective yield as of April 30, 2011. |
¨ | Investment, or portion of investment, segregated as collateral for investments in derivatives. Yield shown is the annualized effective yield as of April 30, 2011. |
† | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The adequacy of the collateral is monitored on a daily basis. The cash collateral received by the Fund is invested in this money market fund. |
¯ | Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
Nuveen Investments | 83 |
Statement of Assets & Liabilities (Unaudited)
April 30, 2011 (all dollars and shares are rounded to thousands (000), except for per share data)
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Assets | ||||||||||||
Investments, at value (cost $602,046, $344,051 and $90,825, respectively) | $ | 971,693 | $ | 418,701 | $ | 115,142 | ||||||
Cash | 3 | 8 | 23 | |||||||||
Receivables: | ||||||||||||
Investments sold | — | 2,055 | 115 | |||||||||
Dividends | 889 | 131 | 27 | |||||||||
Due from broker | 9 | 7 | 7 | |||||||||
Interest | 2 | 1 | — | |||||||||
Shares sold | 641 | 746 | 201 | |||||||||
Variation margin on futures contracts | 131 | 77 | 35 | |||||||||
Other assets | 36 | 52 | 46 | |||||||||
Total assets | 973,404 | 421,778 | 115,596 | |||||||||
Liabilities | ||||||||||||
Payables: | ||||||||||||
Collateral from securities lending program | 86,575 | 88,808 | 31,704 | |||||||||
Dividends | — | — | — | |||||||||
Investments purchased | — | 728 | 287 | |||||||||
Shares redeemed | 2,887 | 320 | 28 | |||||||||
Accrued expenses: | ||||||||||||
Management fees | 241 | 99 | 15 | |||||||||
12b-1 distribution and service fees | 46 | 36 | 8 | |||||||||
Other | 329 | 114 | 72 | |||||||||
Total liabilities | 90,078 | 90,105 | 32,114 | |||||||||
Net assets | $ | 883,326 | $ | 331,673 | $ | 83,482 | ||||||
Class A Shares: | ||||||||||||
Net assets | $ | 133,223 | $ | 65,786 | $ | 18,346 | ||||||
Shares outstanding | 5,717 | 4,495 | 1,513 | |||||||||
Net asset value and offering price per share | $ | 23.30 | $ | 14.64 | $ | 12.13 | ||||||
Class B Shares: | ||||||||||||
Net assets | $ | 6,217 | N/A | N/A | ||||||||
Shares outstanding | 271 | N/A | N/A | |||||||||
Net asset value and offering price per share | $ | 22.93 | N/A | N/A | ||||||||
Class C Shares: | ||||||||||||
Net assets | $ | 9,646 | $ | 3,829 | $ | 1,946 | ||||||
Shares outstanding | 418 | 268 | 166 | |||||||||
Net asset value and offering price per share | $ | 23.09 | $ | 14.28 | $ | 11.69 | ||||||
Class R3 Shares(1): | ||||||||||||
Net assets | $ | 14,130 | $ | 54,233 | $ | 8,926 | ||||||
Shares outstanding | 607 | 3,743 | 753 | |||||||||
Net asset value and offering price per share | $ | 23.26 | $ | 14.49 | $ | 11.85 | ||||||
Class I Shares(1): | ||||||||||||
Net assets | $ | 720,110 | $ | 207,825 | $ | 54,264 | ||||||
Shares outstanding | 30,912 | 14,158 | 4,466 | |||||||||
Net asset value and offering price per share | $ | 23.30 | $ | 14.68 | $ | 12.15 | ||||||
Net Assets Consist of: | ||||||||||||
Capital paid-in | $ | 489,947 | $ | 233,031 | $ | 63,374 | ||||||
Undistributed (Over-distribution of) net investment income | 1,766 | 240 | 86 | |||||||||
Accumulated net realized gain (loss) | 20,514 | 22,843 | (4,608 | ) | ||||||||
Net unrealized appreciation (depreciation) | 371,099 | 75,559 | 24,630 | |||||||||
Net assets | $ | 883,326 | $ | 331,673 | $ | 83,482 | ||||||
Authorized shares | $ | 2 billion | $ | 2 billion | $ | 2 billion | ||||||
Par value per share | $ | 0.0001 | $ | 0.0001 | $ | 0.0001 |
N/A | - Mid Cap Index and Small Cap Index do not offer Class B Shares. |
(1) | - Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
See accompanying notes to financial statements.
84 | Nuveen Investments |
Statement of Operations (Unaudited) (all dollars are rounded to thousands (000))
Six Months Ended April 30, 2011
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Investment Income | ||||||||||||
Dividend income from affiliated investments | $ | 7 | $ | — | — | |||||||
Dividend income from unaffiliated investments | 8,592 | 1,607 | 492 | |||||||||
Interest income from affiliated investments | 5 | 2 | — | |||||||||
Interest income from unaffiliated investments | 10 | 6 | 1 | |||||||||
Securities lending income | 61 | 48 | 42 | |||||||||
Total investment income | $ | 8,675 | $ | 1,663 | $ | 535 | ||||||
Expenses | ||||||||||||
Management fees | 1,182 | 446 | 135 | |||||||||
12b-1 service fees – Class A | 158 | 61 | 19 | |||||||||
12b-1 distribution and service fees – Class B | 34 | N/A | N/A | |||||||||
12b-1 distribution and service fees – Class C | 45 | 17 | 9 | |||||||||
12b-1 distribution and service fees – Class R3(1) | 38 | 97 | 16 | |||||||||
Adminstration fees | 369 | 119 | 44 | |||||||||
Shareholders’servicing agent fees and expenses | 305 | 98 | 49 | |||||||||
Custodian’s fees and expenses | 23 | 7 | 2 | |||||||||
Directors’ fees and expenses | 12 | 7 | 5 | |||||||||
Professional fees | 16 | 16 | 16 | |||||||||
Shareholders’ reports – printing and mailing expenses | 46 | 12 | 5 | |||||||||
Federal and state registration fees | 21 | 22 | 28 | |||||||||
Other expenses | — | 9 | 21 | |||||||||
Total expenses before expense reimbursement | 2,249 | 911 | 349 | |||||||||
Expense reimbursement | (328 | ) | (37 | ) | (91 | ) | ||||||
Net expenses | 1,921 | 874 | 258 | |||||||||
Net investment income (loss) | 6,754 | 789 | 278 | |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Affiliated investments | 8 | — | — | |||||||||
Unaffiliated investments | 32,042 | 21,941 | 813 | |||||||||
Futures contracts | 7,117 | 3,399 | 946 | |||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||
Investments | 90,496 | 34,320 | 13,512 | |||||||||
Futures contracts | (1,660 | ) | 56 | 27 | ||||||||
Net realized and unrealized gain (loss) | 128,003 | 59,716 | 15,298 | |||||||||
Net increase (decrease) in net assets from operations | $ | 134,757 | $ | 60,505 | $ | 15,576 |
N/A | - Mid Cap Index and Small Cap Index do not offer Class B Shares. |
(1) | - Effective January 18, 2011, Class R Shares were renamed Class R3 Shares. |
See accompanying notes to financial statements.
Nuveen Investments | 85 |
Statement of Changes in Net Assets (Unaudited)
(all dollars are rounded to thousands (000))
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | Six Months Ended 4/30/11 | Year Ended 10/31/10 | Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income (loss) | $ | 6,754 | $ | 14,952 | $ | 789 | $ | 2,358 | $ | 278 | $ | 443 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||
Investments | 32,050 | 66,782 | 21,941 | 7,279 | 813 | 1,593 | ||||||||||||||||||
Futures contracts | 7,117 | 408 | 3,399 | 3,002 | 946 | 611 | ||||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||||||
Investments | 90,496 | 55,675 | 34,320 | 42,257 | 13,512 | 11,124 | ||||||||||||||||||
Futures contracts | (1,660 | ) | 3,479 | 56 | 1,350 | 27 | 608 | |||||||||||||||||
Net increase (decrease) in net assets from operations | 134,757 | 141,296 | 60,505 | 56,246 | 15,576 | 14,379 | ||||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||
Class A | (690 | ) | (1,712 | ) | (256 | ) | (181 | ) | (80 | ) | (59 | ) | ||||||||||||
Class B | (11 | ) | (58 | ) | N/A | N/A | N/A | N/A | ||||||||||||||||
Class C | (16 | ) | (60 | ) | — | (2 | ) | — | — | |||||||||||||||
Class R3(1) | (65 | ) | (145 | ) | (148 | ) | (77 | ) | (22 | ) | (15 | ) | ||||||||||||
Class I(1) | (4,825 | ) | (13,280 | ) | (1,447 | ) | (1,705 | ) | (384 | ) | (344 | ) | ||||||||||||
From accumulated net realized gains: | ||||||||||||||||||||||||
Class A | (7,601 | ) | (251 | ) | — | — | — | — | ||||||||||||||||
Class B | (449 | ) | (21 | ) | N/A | N/A | N/A | N/A | ||||||||||||||||
Class C | (542 | ) | (19 | ) | — | — | — | — | ||||||||||||||||
Class R3(1) | (994 | ) | (23 | ) | — | — | — | — | ||||||||||||||||
Class I(1) | (46,368 | ) | (1,734 | ) | — | — | — | — | ||||||||||||||||
Decrease in net assets from distributions to shareholders | (61,561 | ) | (17,303 | ) | (1,851 | ) | (1,965 | ) | (486 | ) | (418 | ) | ||||||||||||
Fund Share Transactions | ||||||||||||||||||||||||
Proceeds from sale of shares | 58,644 | 110,513 | 85,134 | 70,738 | 14,566 | 16,787 | ||||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 43,299 | 10,199 | 994 | 1,085 | 265 | 211 | ||||||||||||||||||
101,943 | 120,712 | 86,128 | 71,823 | 14,831 | 16,998 | |||||||||||||||||||
Cost of shares redeemed | (189,765 | ) | (318,509 | ) | (81,708 | ) | (58,681 | ) | (12,725 | ) | (20,335 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | (87,822 | ) | (197,797 | ) | 4,420 | 13,142 | 2,106 | (3,337 | ) | |||||||||||||||
Net increase (decrease) in net assets | (14,626 | ) | (73,804 | ) | 63,074 | 67,423 | 17,196 | 10,624 | ||||||||||||||||
Net assets at the beginning of period | 897,952 | 971,756 | 268,599 | 201,176 | 66,286 | 55,662 | ||||||||||||||||||
Net assets at end of period | $ | 883,326 | $ | 897,952 | $ | 331,673 | $ | 268,599 | $ | 83,482 | $ | 66,286 | ||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 1,766 | $ | 619 | $ | 240 | $ | 1,302 | $ | 86 | $ | 294 |
N/A | - Mid Cap Index and Small Cap Index do not offer Class B Shares. |
(1) | - Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
See accompanying notes to financial statements.
86 | Nuveen Investments |
Financial Highlights (Unaudited)
Nuveen Investments | 87 |
Financial Highlights (Unaudited)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
EQUITY INDEX | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | Net Invest- ment Income | Capital Gains(b) | Total | Ending Net Asset Value | ||||||||||||||||||||||||
CLASS A (12/92) |
| |||||||||||||||||||||||||||||||
2011(e) | $ | 21.51 | $ | .14 | $ | 3.14 | $ | 3.28 | $ | (.12 | ) | $ | (1.37 | ) | $ | (1.49 | ) | $ | 23.30 | |||||||||||||
2010 | 18.86 | .29 | 2.70 | 2.99 | (.30 | ) | (.04 | ) | (.34 | ) | 21.51 | |||||||||||||||||||||
2009 | 17.61 | .34 | 1.27 | 1.61 | (.36 | ) | — | (.36 | ) | 18.86 | ||||||||||||||||||||||
2008 | 28.67 | .42 | (10.57 | ) | (10.15 | ) | (.38 | ) | (.53 | ) | (.91 | ) | 17.61 | |||||||||||||||||||
2007 | 25.80 | .37 | 3.16 | 3.53 | (.36 | ) | (.30 | ) | (.66 | ) | 28.67 | |||||||||||||||||||||
2006 | 22.59 | .33 | 3.21 | 3.54 | (.33 | ) | — | (.33 | ) | 25.80 | ||||||||||||||||||||||
CLASS B (8/94) |
| |||||||||||||||||||||||||||||||
2011(e) | 21.19 | .06 | 3.09 | 3.15 | (.04 | ) | (1.37 | ) | (1.41 | ) | 22.93 | |||||||||||||||||||||
2010 | 18.58 | .13 | 2.66 | 2.79 | (.14 | ) | (.04 | ) | (.18 | ) | 21.19 | |||||||||||||||||||||
2009 | 17.35 | .22 | 1.25 | 1.47 | (.24 | ) | — | (.24 | ) | 18.58 | ||||||||||||||||||||||
2008 | 28.27 | .24 | (10.42 | ) | (10.18 | ) | (.21 | ) | (.53 | ) | (.74 | ) | 17.35 | |||||||||||||||||||
2007 | 25.47 | .17 | 3.11 | 3.28 | (.18 | ) | (.30 | ) | (.48 | ) | 28.27 | |||||||||||||||||||||
2006 | 22.31 | .15 | 3.17 | 3.32 | (.16 | ) | — | (.16 | ) | 25.47 | ||||||||||||||||||||||
CLASS C (2/99) |
| |||||||||||||||||||||||||||||||
2011(e) | 21.32 | .06 | 3.12 | 3.18 | (.04 | ) | (1.37 | ) | (1.41 | ) | 23.09 | |||||||||||||||||||||
2010 | 18.70 | .13 | 2.67 | 2.80 | (.14 | ) | (.04 | ) | (.18 | ) | 21.32 | |||||||||||||||||||||
2009 | 17.46 | .21 | 1.26 | 1.47 | (.23 | ) | — | (.23 | ) | 18.70 | ||||||||||||||||||||||
2008 | 28.45 | .24 | (10.48 | ) | (10.24 | ) | (.22 | ) | (.53 | ) | (.75 | ) | 17.46 | |||||||||||||||||||
2007 | 25.62 | .17 | 3.14 | 3.31 | (.18 | ) | (.30 | ) | (.48 | ) | 28.45 | |||||||||||||||||||||
2006 | 22.44 | .15 | 3.19 | 3.34 | (.16 | ) | — | (.16 | ) | 25.62 | ||||||||||||||||||||||
CLASS R3 (9/01)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 21.47 | .12 | 3.13 | 3.25 | (.09 | ) | (1.37 | ) | (1.46 | ) | 23.26 | |||||||||||||||||||||
2010 | 18.83 | .23 | 2.70 | 2.93 | (.25 | ) | (.04 | ) | (.29 | ) | 21.47 | |||||||||||||||||||||
2009 | 17.58 | .29 | 1.28 | 1.57 | (.32 | ) | — | (.32 | ) | 18.83 | ||||||||||||||||||||||
2008 | 28.63 | .35 | (10.54 | ) | (10.19 | ) | (.33 | ) | (.53 | ) | (.86 | ) | 17.58 | |||||||||||||||||||
2007 | 25.77 | .29 | 3.17 | 3.46 | (.30 | ) | (.30 | ) | (.60 | ) | 28.63 | |||||||||||||||||||||
2006 | 22.57 | .26 | 3.21 | 3.47 | (.27 | ) | — | (.27 | ) | 25.77 | ||||||||||||||||||||||
CLASS I (2/94)(f) |
| |||||||||||||||||||||||||||||||
2011(e) | 21.50 | .17 | 3.15 | 3.32 | (.15 | ) | (1.37 | ) | (1.52 | ) | 23.30 | |||||||||||||||||||||
2010 | 18.86 | .34 | 2.69 | 3.03 | (.35 | ) | (.04 | ) | (.39 | ) | 21.50 | |||||||||||||||||||||
2009 | 17.61 | .38 | 1.27 | 1.65 | (.40 | ) | — | (.40 | ) | 18.86 | ||||||||||||||||||||||
2008 | 28.66 | .48 | (10.56 | ) | (10.08 | ) | (.44 | ) | (.53 | ) | (.97 | ) | 17.61 | |||||||||||||||||||
2007 | 25.79 | .44 | 3.16 | 3.60 | (.43 | ) | (.30 | ) | (.73 | ) | 28.66 | |||||||||||||||||||||
2006 | 22.58 | .39 | 3.21 | 3.60 | (.39 | ) | — | (.39 | ) | 25.79 |
See accompanying notes to financial statements.
88 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
15.94 | % | $ | 133,223 | .65 | %* | 1.28 | %* | .58 | %* | 1.35 | %* | 1 | % | |||||||||||||
15.94 | 119,761 | .79 | 1.23 | .61 | 1.41 | 4 | ||||||||||||||||||||
9.51 | 115,213 | .79 | 1.86 | .62 | 2.03 | 10 | ||||||||||||||||||||
(36.35 | ) | 114,654 | .78 | 1.58 | .62 | 1.74 | 4 | |||||||||||||||||||
13.93 | 213,957 | .76 | 1.23 | .62 | 1.37 | 4 | ||||||||||||||||||||
15.76 | 229,185 | .77 | 1.21 | .62 | 1.36 | 3 | ||||||||||||||||||||
15.51 | 6,217 | 1.40 | * | .55 | * | 1.33 | * | .63 | * | 1 | ||||||||||||||||
15.07 | 7,351 | 1.54 | .49 | 1.36 | .67 | 4 | ||||||||||||||||||||
8.69 | 9,822 | 1.54 | 1.16 | 1.37 | 1.33 | 10 | ||||||||||||||||||||
(36.82 | ) | 12,856 | 1.53 | .83 | 1.37 | .99 | 4 | |||||||||||||||||||
13.05 | 31,343 | 1.51 | .49 | 1.37 | .63 | 4 | ||||||||||||||||||||
14.94 | 43,369 | 1.52 | .48 | 1.37 | .63 | 3 | ||||||||||||||||||||
15.48 | 9,646 | 1.40 | * | .53 | * | 1.33 | * | .60 | * | 1 | ||||||||||||||||
15.05 | 8,651 | 1.54 | .48 | 1.36 | .66 | 4 | ||||||||||||||||||||
8.69 | 8,661 | 1.54 | 1.14 | 1.37 | 1.31 | 10 | ||||||||||||||||||||
(36.83 | ) | 9,784 | 1.53 | .83 | 1.37 | .99 | 4 | |||||||||||||||||||
13.09 | 19,585 | 1.51 | .48 | 1.37 | .62 | 4 | ||||||||||||||||||||
14.93 | 20,714 | 1.52 | .47 | 1.37 | .62 | 3 | ||||||||||||||||||||
15.83 | 14,130 | .90 | * | 1.03 | * | .83 | * | 1.10 | * | 1 | ||||||||||||||||
15.63 | 12,979 | 1.04 | .97 | .86 | 1.15 | 4 | ||||||||||||||||||||
9.27 | 10,915 | 1.04 | 1.56 | .87 | 1.73 | 10 | ||||||||||||||||||||
(36.51 | ) | 9,463 | 1.03 | 1.33 | .87 | 1.49 | 4 | |||||||||||||||||||
13.65 | 7,230 | 1.01 | .93 | .87 | 1.07 | 4 | ||||||||||||||||||||
15.47 | 3,419 | 1.15 | .80 | .87 | 1.08 | 3 | ||||||||||||||||||||
16.13 | 720,110 | .40 | * | 1.54 | * | .33 | * | 1.62 | * | 1 | ||||||||||||||||
16.18 | 749,210 | .54 | 1.48 | .36 | 1.66 | 4 | ||||||||||||||||||||
9.78 | 827,145 | .54 | 2.14 | .37 | 2.31 | 10 | ||||||||||||||||||||
(36.18 | ) | 954,582 | .53 | 1.83 | .37 | 1.99 | 4 | |||||||||||||||||||
14.22 | 1,714,008 | .51 | 1.48 | .37 | 1.62 | 4 | ||||||||||||||||||||
16.07 | 1,935,614 | .52 | 1.46 | .37 | 1.61 | 3 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the six months ended April 30, 2011. |
(f) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 89 |
Financial Highlights (Unaudited) (continued)
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
MID CAP INDEX | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net ment | Net Realized/ Unrealized Gain (Loss) | Total | Net ment | Capital Gains(b) | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (11/99) | ||||||||||||||||||||||||||||||||
2011(e) | $ | 11.98 | $ | .03 | $ | 2.71 | $ | 2.74 | $ | (.08 | ) | $ | — | $ | (.08 | ) | $ | 14.64 | ||||||||||||||
2010 | 9.52 | .09 | 2.45 | 2.54 | (.08 | ) | — | (.08 | ) | 11.98 | ||||||||||||||||||||||
2009 | 8.83 | .09 | 1.27 | 1.36 | (.07 | ) | (.60 | ) | (.67 | ) | 9.52 | |||||||||||||||||||||
2008 | 15.69 | .13 | (5.30 | ) | (5.17 | ) | (.10 | ) | (1.59 | ) | (1.69 | ) | 8.83 | |||||||||||||||||||
2007 | 14.25 | .15 | 2.08 | 2.23 | (.13 | ) | (.66 | ) | (.79 | ) | 15.69 | |||||||||||||||||||||
2006 | 13.52 | .11 | 1.55 | 1.66 | (.11 | ) | (.82 | ) | (.93 | ) | 14.25 | |||||||||||||||||||||
Class C (9/01) | ||||||||||||||||||||||||||||||||
2011(e) | 11.67 | (.02 | ) | 2.63 | 2.61 | — | — | — | 14.28 | |||||||||||||||||||||||
2010 | 9.28 | .01 | 2.39 | 2.40 | (.01 | ) | — | (.01 | ) | 11.67 | ||||||||||||||||||||||
2009 | 8.64 | .04 | 1.23 | 1.27 | (.03 | ) | (.60 | ) | (.63 | ) | 9.28 | |||||||||||||||||||||
2008 | 15.41 | .04 | (5.19 | ) | (5.15 | ) | (.03 | ) | (1.59 | ) | (1.62 | ) | 8.64 | |||||||||||||||||||
2007 | 14.03 | .04 | 2.03 | 2.07 | (.03 | ) | (.66 | ) | (.69 | ) | 15.41 | |||||||||||||||||||||
2006 | 13.32 | — | 1.55 | 1.55 | (.02 | ) | (.82 | ) | (.84 | ) | 14.03 | |||||||||||||||||||||
Class R3 (11/00)(f) | ||||||||||||||||||||||||||||||||
2011(e) | 11.86 | .01 | 2.68 | 2.69 | (.06 | ) | — | (.06 | ) | 14.49 | ||||||||||||||||||||||
2010 | 9.43 | .06 | 2.43 | 2.49 | (.06 | ) | — | (.06 | ) | 11.86 | ||||||||||||||||||||||
2009 | 8.76 | .07 | 1.26 | 1.33 | (.06 | ) | (.60 | ) | (.66 | ) | 9.43 | |||||||||||||||||||||
2008 | 15.60 | .10 | (5.27 | ) | (5.17 | ) | (.08 | ) | (1.59 | ) | (1.67 | ) | 8.76 | |||||||||||||||||||
2007 | 14.19 | .11 | 2.07 | 2.18 | (.11 | ) | (.66 | ) | (.77 | ) | 15.60 | |||||||||||||||||||||
2006 | 13.48 | .07 | 1.55 | 1.62 | (.09 | ) | (.82 | ) | (.91 | ) | 14.19 | |||||||||||||||||||||
Class I (11/99)(f) | ||||||||||||||||||||||||||||||||
2011(e) | 12.03 | .05 | 2.70 | 2.75 | (.10 | ) | — | (.10 | ) | 14.68 | ||||||||||||||||||||||
2010 | 9.55 | .12 | 2.46 | 2.58 | (.10 | ) | — | (.10 | ) | 12.03 | ||||||||||||||||||||||
2009 | 8.84 | .12 | 1.27 | 1.39 | (.08 | ) | (.60 | ) | (.68 | ) | 9.55 | |||||||||||||||||||||
2008 | 15.70 | .17 | (5.31 | ) | (5.14 | ) | (.13 | ) | (1.59 | ) | (1.72 | ) | 8.84 | |||||||||||||||||||
2007 | 14.27 | .19 | 2.07 | 2.26 | (.17 | ) | (.66 | ) | (.83 | ) | 15.70 | |||||||||||||||||||||
2006 | 13.53 | .15 | 1.56 | 1.71 | (.15 | ) | (.82 | ) | (.97 | ) | 14.27 |
90 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net ment | Expenses | Net ment | Portfolio Turnover Rate | ||||||||||||||||||||
22.94 | % | $ | 65,786 | .72 | %* | .39 | %* | .70 | %* | .41 | %* | 18 | % | |||||||||||||
26.79 | 36,499 | .86 | .70 | .74 | .82 | 8 | ||||||||||||||||||||
17.53 | 22,766 | .92 | .98 | .75 | 1.15 | 18 | ||||||||||||||||||||
(36.46 | ) | 11,374 | .84 | .94 | .74 | 1.04 | 15 | |||||||||||||||||||
16.32 | 17,868 | .81 | .96 | .75 | 1.02 | 15 | ||||||||||||||||||||
12.70 | 14,722 | .81 | .71 | .75 | .77 | 7 | ||||||||||||||||||||
22.37 | 3,829 | 1.47 | * | (.33 | )* | 1.45 | * | (.31 | )* | 18 | ||||||||||||||||
25.86 | 3,100 | 1.61 | (.05 | ) | 1.49 | .07 | 8 | |||||||||||||||||||
16.68 | 2,766 | 1.67 | .31 | 1.50 | .48 | 18 | ||||||||||||||||||||
(36.91 | ) | 3,101 | 1.58 | .20 | 1.48 | .30 | 15 | |||||||||||||||||||
15.39 | 5,287 | 1.56 | .22 | 1.50 | .28 | 15 | ||||||||||||||||||||
11.96 | 4,320 | 1.56 | (.04 | ) | 1.50 | .02 | 7 | |||||||||||||||||||
22.74 | 54,233 | .97 | * | .12 | * | .95 | * | .14 | * | 18 | ||||||||||||||||
26.48 | 26,458 | 1.11 | .44 | .99 | .56 | 8 | ||||||||||||||||||||
17.29 | 12,212 | 1.17 | .72 | 1.00 | .89 | 18 | ||||||||||||||||||||
(36.66 | ) | 8,157 | 1.10 | .70 | 1.00 | .80 | 15 | |||||||||||||||||||
16.01 | 5,913 | 1.06 | .72 | 1.00 | .78 | 15 | ||||||||||||||||||||
12.40 | 4,032 | 1.17 | .30 | 1.00 | .47 | 7 | ||||||||||||||||||||
22.98 | 207,825 | .47 | * | .70 | * | .45 | * | .73 | * | 18 | ||||||||||||||||
27.13 | 202,542 | .61 | .95 | .49 | 1.07 | 8 | ||||||||||||||||||||
17.92 | 163,432 | .67 | 1.30 | .50 | 1.47 | 18 | ||||||||||||||||||||
(36.31 | ) | 177,038 | .59 | 1.19 | .49 | 1.29 | 15 | |||||||||||||||||||
16.52 | 333,784 | .56 | 1.23 | .50 | 1.29 | 15 | ||||||||||||||||||||
13.05 | 333,636 | .56 | .97 | .50 | 1.03 | 7 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the six months ended April 30, 2011. |
(f) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 91 |
Financial Highlights (Unaudited) (continued)
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
SMALL CAP INDEX | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net ment | Net Realized/ Unrealized Gain (Loss) | Total | Net ment | Capital Gains(b) | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (12/98) | ||||||||||||||||||||||||||||||||
2011(e) | $ | 9.89 | $ | .03 | $ | 2.27 | $ | 2.30 | $ | (.06 | ) | $ | — | $ | (.06 | ) | $ | 12.13 | ||||||||||||||
2010 | 7.90 | .05 | 1.99 | 2.04 | (.05 | ) | — | (.05 | ) | 9.89 | ||||||||||||||||||||||
2009 | 8.91 | .06 | .27 | .33 | (.07 | ) | (1.27 | ) | (1.34 | ) | 7.90 | |||||||||||||||||||||
2008 | 15.37 | .13 | (4.88 | ) | (4.75 | ) | (.10 | ) | (1.61 | ) | (1.71 | ) | 8.91 | |||||||||||||||||||
2007 | 16.23 | .14 | 1.13 | 1.27 | (.12 | ) | (2.01 | ) | (2.13 | ) | 15.37 | |||||||||||||||||||||
2006 | 14.12 | .07 | 2.56 | 2.63 | (.10 | ) | (.42 | ) | (.52 | ) | 16.23 | |||||||||||||||||||||
Class C (9/01) | ||||||||||||||||||||||||||||||||
2011(e) | 9.52 | (.01 | ) | 2.18 | 2.17 | — | — | — | 11.69 | |||||||||||||||||||||||
2010 | 7.62 | (.02 | ) | 1.92 | 1.90 | — | — | — | 9.52 | |||||||||||||||||||||||
2009 | 8.66 | .01 | .26 | .27 | (.04 | ) | (1.27 | ) | (1.31 | ) | 7.62 | |||||||||||||||||||||
2008 | 15.02 | .04 | (4.76 | ) | (4.72 | ) | (.03 | ) | (1.61 | ) | (1.64 | ) | 8.66 | |||||||||||||||||||
2007 | 15.92 | .03 | 1.10 | 1.13 | (.02 | ) | (2.01 | ) | (2.03 | ) | 15.02 | |||||||||||||||||||||
2006 | 13.88 | (.04 | ) | 2.51 | 2.47 | (.01 | ) | (.42 | ) | (.43 | ) | 15.92 | ||||||||||||||||||||
Class R3 (12/98)(f) | ||||||||||||||||||||||||||||||||
2011(e) | 9.66 | .02 | 2.21 | 2.23 | (.04 | ) | — | (.04 | ) | 11.85 | ||||||||||||||||||||||
2010 | 7.73 | .03 | 1.94 | 1.97 | (.04 | ) | — | (.04 | ) | 9.66 | ||||||||||||||||||||||
2009 | 8.76 | .04 | .26 | .30 | (.06 | ) | �� | (1.27 | ) | (1.33 | ) | 7.73 | ||||||||||||||||||||
2008 | 15.16 | .10 | (4.81 | ) | (4.71 | ) | (.08 | ) | (1.61 | ) | (1.69 | ) | 8.76 | |||||||||||||||||||
2007 | 16.04 | .11 | 1.11 | 1.22 | (.09 | ) | (2.01 | ) | (2.10 | ) | 15.16 | |||||||||||||||||||||
2006 | 13.97 | .03 | 2.53 | 2.56 | (.07 | ) | (.42 | ) | (.49 | ) | 16.04 | |||||||||||||||||||||
Class I (12/98)(f) | ||||||||||||||||||||||||||||||||
2011(e) | 9.91 | .05 | 2.27 | 2.32 | (.08 | ) | — | (.08 | ) | 12.15 | ||||||||||||||||||||||
2010 | 7.91 | .07 | 2.00 | 2.07 | (.07 | ) | — | (.07 | ) | 9.91 | ||||||||||||||||||||||
2009 | 8.92 | .09 | .25 | .34 | (.08 | ) | (1.27 | ) | (1.35 | ) | 7.91 | |||||||||||||||||||||
2008 | 15.37 | .16 | (4.88 | ) | (4.72 | ) | (.12 | ) | (1.61 | ) | (1.73 | ) | 8.92 | |||||||||||||||||||
2007 | 16.23 | .18 | 1.13 | 1.31 | (.16 | ) | (2.01 | ) | (2.17 | ) | 15.37 | |||||||||||||||||||||
2006 | 14.12 | .11 | 2.55 | 2.66 | (.13 | ) | (.42 | ) | (.55 | ) | 16.23 |
92 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Reimbursement | Ratios to Average Net Assets After Reimbursement(d) | |||||||||||||||||||||||||
Total Return(c) | Ending Net Assets (000) | Expenses | Net ment | Expenses | Net ment | Portfolio Turnover Rate | ||||||||||||||||||||
23.32 | % | $ | 18,346 | 1.03 | %* | .40 | %* | .79 | %* | .63 | %* | 2 | % | |||||||||||||
25.91 | 12,667 | 1.49 | (.15 | ) | .79 | .55 | 12 | |||||||||||||||||||
6.34 | 8,591 | 1.66 | .03 | .82 | .87 | 22 | ||||||||||||||||||||
(34.15 | ) | 6,043 | 1.31 | .60 | .82 | 1.09 | 19 | |||||||||||||||||||
8.56 | 9,109 | 1.12 | .63 | .83 | .92 | 12 | ||||||||||||||||||||
19.02 | 10,639 | 1.08 | .22 | .83 | .47 | 17 | ||||||||||||||||||||
22.79 | 1,946 | 1.79 | * | (.34 | )* | 1.54 | * | (.09 | )* | 2 | ||||||||||||||||
24.93 | 1,645 | 2.24 | (.90 | ) | 1.54 | (.20 | ) | 12 | ||||||||||||||||||
5.60 | 1,380 | 2.41 | (.67 | ) | 1.57 | .17 | 22 | |||||||||||||||||||
(34.67 | ) | 1,531 | 2.06 | (.15 | ) | 1.57 | .34 | 19 | ||||||||||||||||||
7.78 | 2,916 | 1.87 | (.12 | ) | 1.58 | .17 | 12 | |||||||||||||||||||
18.15 | 2,662 | 1.83 | (.53 | ) | 1.58 | (.28 | ) | 17 | ||||||||||||||||||
23.15 | 8,926 | 1.27 | * | .14 | * | 1.04 | * | .37 | * | 2 | ||||||||||||||||
25.55 | 4,795 | 1.74 | (.40 | ) | 1.04 | .30 | 12 | |||||||||||||||||||
6.08 | 2,512 | 1.91 | (.29 | ) | 1.07 | .55 | 22 | |||||||||||||||||||
(34.33 | ) | 1,121 | 1.57 | .38 | 1.08 | .87 | 19 | |||||||||||||||||||
8.34 | 703 | 1.37 | .43 | 1.08 | .71 | 12 | ||||||||||||||||||||
18.75 | 280 | 1.47 | (.16 | ) | 1.08 | .23 | 17 | |||||||||||||||||||
23.51 | 54,264 | .79 | * | .66 | * | .54 | * | .91 | * | 2 | ||||||||||||||||
26.22 | 47,179 | 1.24 | .10 | .54 | .80 | 12 | ||||||||||||||||||||
6.50 | 43,179 | 1.41 | .35 | .57 | 1.19 | 22 | ||||||||||||||||||||
(33.95 | ) | 54,932 | 1.06 | .84 | .57 | 1.33 | 19 | |||||||||||||||||||
8.84 | 114,343 | .87 | .87 | .58 | 1.16 | 12 | ||||||||||||||||||||
19.32 | 135,802 | .83 | .47 | .58 | .72 | 17 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Distributions from Capital Gains include short-term capital gains, if any. |
(c) | Total return is the combination of changes in net asset value, reinvested dividend income at net asset value and reinvested capital gains distributions at net asset value, if any. Total returns are not annualized. |
(d) | After expense reimbursement from the Adviser, where applicable. Ratios do not reflect the effect of custodian fee credits earned on the Fund’s net cash on deposit with the custodian bank, where applicable. |
(e) | For the six months ended April 30, 2011. |
(f) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 93 |
Notes to Financial Statements (Unaudited), all dollars and shares are rounded to thousands (000)
1. General Information and Significant Accounting Policies
General Information
On July 28, 2010, U.S. Bancorp, the indirect parent company of FAF Advisors, Inc. (“FAF Advisors”), entered into an agreement to sell a portion of FAF Advisors’ asset management business to Nuveen Investments, Inc. (“Nuveen”). Included in the sale was the part of FAF Advisors’ asset management business that advises the funds included in this report. The sale closed on December 31, 2010 (the “Sale”).
In connection with the Sale, the funds’ Board of Directors was asked to consider and approve new investment advisory agreements for the funds with Nuveen Asset Management, a wholly-owned subsidiary of Nuveen. The new investment advisory agreements for each fund were submitted to the funds’ shareholders for approval and took effect on January 1, 2011. Effective January 1, 2011, the funds’ adviser, Nuveen Asset Management, changed its name to Nuveen Fund Advisors, Inc. (“Nuveen Fund Advisors” or the “Adviser”). Concurrently, the Adviser formed a wholly-owned subsidiary, Nuveen Asset Management, LLC (the “Sub- Adviser”), to house its portfolio management capabilities and to serve as the funds’ sub-adviser, and the funds’ portfolio managers became employees of the Sub-Adviser. This allocation of responsibilities between the Adviser and the Sub-Adviser affects each of the funds. The Adviser will compensate the Sub-Adviser for the portfolio management services it provides to the funds from each fund’s management fee.
There was no change in the funds’ investment objectives or policies as a result of the Sale. The Sale did result in a change to each fund’s name effective January 1, 2011.
The funds’ Board of Directors also approved new distribution agreements with Nuveen Investments, LLC a wholly-owned subsidiary of Nuveen. Effective April 30, 2011, Nuveen Investments, LLC changed its name to Nuveen Securities, LLC.
First American Investment Funds, Inc., known as Nuveen Investment Funds, Inc. effective April 4, 2011 (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Equity Index Fund (“Equity Index”) formerly known as First American Equity Index Fund, Nuveen Mid Cap Index Fund (“Mid Cap Index”) formerly known as First American Mid Cap Index Fund and Nuveen Small Cap Index Fund (“Small Cap Index”) formerly known as First American Small Cap Index Fund (each a “Fund” and collectively, the “Funds”), among others.
Equity Index’s investment objective is to provide investment results that correspond to the performance of the Standard & Poor’s 500 Index (S&P 500 Index). Mid Cap Index’s investment objective is to provide investment results that correspond to the performance of the Standard & Poor’s MidCap 400 Composite Index (S&P MidCap 400 Index). Small Cap Index’s investment objective is to provide investment results that correspond to the performance of the Russell 2000 Index.
Each Fund generally invests at least 90% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks included in each Fund’s corresponding index. Each Fund may invest in stock index futures contracts, options on stock indices and options on stock index futures (“derivatives”) on each Fund’s corresponding index. Each Fund may make these investments to maintain the liquidity needed to meet redemption requests, to increase the level of Fund assets devoted to replicating the composition of each Fund’s corresponding index and to reduce transaction costs.
Each Fund’s most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.
Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares.
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”).
Investment Valuation
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1 for fair value measurement purposes. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued, except as indicated below, at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price. Prices of certain American Depository Receipts (“ADR”) held by the Funds that trade in only limited volume in the United States are valued based on the last traded price, official closing price, or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to- ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange. These securities generally represent a transfer from a Level 1 to a Level 2 security. Investments in investment companies are valued at their respective net asset values or the valuation date. These investment vehicles are generally classified as Level 1.
94 | Nuveen Investments |
Prices of fixed-income securities are provided by a pricing service approved by the Funds’ Board of Directors. When price quotes are not readily available, the pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. Futures contracts are generally classified as Level 1.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes.
Investment Income
Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income is recorded on an accrual basis. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments, net of lending agent fees.
Income Taxes
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.
Dividends and Distributions to Shareholders
Dividends from net investment income are declared and distributed to shareholders annually for Mid Cap Index and Small Cap Index and declared and distributed to shareholders quarterly for Equity Index. Dividends from net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Futures Contracts
Each Fund is subject to equity price risk in the normal course of pursuing its investment objectives and is authorized to invest in futures contracts in an attempt to manage such risk. Upon entering into a futures contract, a Fund is required to deposit with the broker an amount of cash or liquid securities equal to a specified percentage of the contract amount. This is known as the “initial margin.” Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Deposits with brokers for open futures contracts” on the Statement of Assets and Liabilities. Subsequent payments (“variation margin”) are
Nuveen Investments | 95 |
Notes to Financial Statements (Unaudited) (continued)
made or received by a Fund each day, depending on the daily fluctuation of the value of the contract. Variation margin is recognized as a receivable or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities, when applicable. During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.
Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.
During the six months ended April 30, 2011, Equity Index was invested in S&P 500 Index futures to convert cash into the equivalent of an S&P 500 Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. Mid Cap Index was invested in S&P Mid 400 Index futures to convert cash into the equivalent of an S&P Mid 400 Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. Small Cap Index was invested in Russell 2000 Index futures to convert cash into the equivalent of a Russell 2000 Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. The average number of futures contracts outstanding during the six months ended April 30, 2011, were as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Average number of futures contracts outstanding* | $ | 108 | $ | 185 | $ | 60 |
* | The average number of contracts is calculated based on the outstanding number of contracts at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on futures contracts activity.
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. Futures contracts, when applicable, expose a Fund to minimal counterparty credit risk as they are exchange traded and the exchange’s clearing house, which is counterparty to all exchange traded futures, guarantees the futures contracts against default.
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.
Multiclass Operations and Allocations
Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares, which presently only include distribution fees and shareholder service fees, are recorded to the specific class. Income, realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Interfund Lending Program
During the period November 1, 2010 through December 31, 2010, pursuant to an exemptive order issued by the Securities and Exchange Commission (“SEC”), the Funds, along with other registered investment companies in the First American Funds family, were allowed to participate in an interfund lending program. This program provided an alternative credit facility allowing the Funds to borrow from, or lend money to, other participating funds. The Funds did not have any interfund lending transactions during the period November 1, 2010 through December 31, 2010. The exemptive order terminated with respect to the Funds on December 31, 2010, in connection with the Sale.
Securities Lending
In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutional borrowers of securities. Each Fund’s
96 | Nuveen Investments |
policy is to receive collateral from the borrower in the form of cash, U.S. government securities, or other high-grade debt obligations equal to at least 102% of the value of securities loaned. If the value of the securities on loan increases, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.
U.S. Bank National Association (“U.S. Bank”) serves as the securities lending agent for the Funds in transactions involving the lending of portfolio securities on behalf of the Funds. U.S. Bank acts as the securities lending agent pursuant to, and subject to compliance with conditions contained in, an exemptive order issued by the SEC.
During the six months ended April 30, 2011, U.S. Bank, as the securities lending agent, received fees that equaled up to 25% of each Fund’s net income from securities lending transactions through December 31, 2010, and 20% of such net income thereafter. U.S. Bank paid half of such fees to U.S. Bancorp Asset Management, Inc. (“USBAM,” formerly known as FAF Advisors, Inc.) for certain securities lending services provided by USBAM. USBAM was the investment adviser to the Funds through December 31, 2010. Collateral for securities on loan was invested in a money market fund administered by USBAM and USBAM received an administration fee equal to .02% of each Fund’s average daily net assets invested in the money market fund.
Income from securities lending, net of fees paid to U.S. Bank, is recognized on the Statement of Operations as “Securities lending income.” Securities lending fees paid to U.S. Bank by each Fund during the six months ended April 30, 2011, were as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Securities lending fees | $ | 15 | $ | 13 | $ | 12 |
Indemnifications
Under the Trust’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
2. Fair Value Measurements
Fair value is defined as the price that the Funds would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of 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 three-tier hierarchy of inputs is summarized in the three broad levels listed below:
Level 1 – | Quoted prices in active markets for identical securities. | |
Level 2 – | Other significant observable inputs, (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 – | Significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
The inputs or methodologies used for valuing securities are not an indication of the risk associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of April 30, 2011:
Equity Index | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 848,739 | $ | — | $ | — | $ | 848,739 | ||||||||
Warrants | 52 | — | — | 52 | ||||||||||||
Money Market Funds | 86,575 | — | — | 86,575 | ||||||||||||
Short-Term Investments | 29,930 | 6,397 | — | 36,327 | ||||||||||||
Derivatives: | ||||||||||||||||
Futures Contracts* | 1,453 | — | — | 1,453 | ||||||||||||
Total | $ | 966,749 | $ | 6,397 | $ | — | $ | 973,146 |
* | Represents net unrealized appreciation (depreciation). |
Nuveen Investments | 97 |
Notes to Financial Statements (Unaudited) (continued)
Mid Cap Index | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 311,970 | $ | — | $ | — | $ | 311,970 | ||||||||
Money Market Funds | 88,808 | — | — | 88,808 | ||||||||||||
Short-Term Investments | 15,874 | 2,049 | — | 17,923 | ||||||||||||
Derivatives: | ||||||||||||||||
Futures Contracts* | 909 | — | — | 909 | ||||||||||||
Total | $ | 417,561 | $ | 2,049 | $ | — | $ | 419,610 | ||||||||
Small Cap Index | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Investments: | ||||||||||||||||
Common Stocks | $ | 76,766 | $ | — | $ | — | $ | 76,766 | ||||||||
Closed-End Funds | 11 | — | — | 11 | ||||||||||||
Rights | — | — | — | — | ||||||||||||
Warrants | — | — | — | — | ||||||||||||
Money Market Funds | 31,704 | — | — | 31,704 | ||||||||||||
Short-Term Investments | 5,741 | 920 | — | 6,661 | ||||||||||||
Derivatives: | ||||||||||||||||
Futures Contracts* | 312 | — | — | 312 | ||||||||||||
Total | $ | 114,534 | $ | 920 | $ | — | $ | 115,454 |
* | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
The following is a reconciliation of Small Cap Index’s Level 3 investments held at the beginning and end of the measurement period:
Small Cap Index Level 3 Common Stocks | ||||
Balance at the beginning of period | $ | — | ||
Gains (losses): | ||||
Net realized gains (losses) | — | |||
Net change in unrealized appreciation (depreciation) | (3 | ) | ||
Purchases at cost | — | |||
Sales at proceeds | — | |||
Net discounts (premiums) | — | |||
Transfers in to | 3 | |||
Transfers out of | — | |||
Balance at the end of period | $ | — | ||
Net change in unrealized appreciation (depreciation) during the period of Level 3 securities held as of April 30, 2011 | $ | (3 | ) |
During the six months ended April 30, 2011, the Funds recognized no significant transfers to/from Level 1, Level 2 or Level 3.
3. Derivative Instruments and Hedging Activities
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. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, refer to the Portfolios of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.
The following tables present the fair value of all derivative instruments held by the Funds as of April 30, 2011, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
Equity Index | ||||||||||||||
Location on the Statement of Assets and Liabilities | ||||||||||||||
Underlying Risk Exposure | Derivative Instrument | Asset Derivative | Liability Derivatives | |||||||||||
Location | Value | Location | Value | |||||||||||
Equity | Futures Contracts | Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts* | $ | 1,453 | Deposits with brokers for open futures contracts and Payable for variation margin on futures contracts* | $ | — |
98 | Nuveen Investments |
Mid Cap Index | ||||||||||||||
Location on the Statement of Assets and Liabilities | ||||||||||||||
Underlying Risk Exposure | Derivative Instrument | Asset Derivative | Liability Derivatives | |||||||||||
Location | Value | Location | Value | |||||||||||
Equity | Futures Contracts | Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts* | $ | 909 | Deposits with brokers for open futures contracts and Payable for variation margin on futures contracts* | $ | — |
Small Cap Index | ||||||||||||||
Location on the Statement of Assets and Liabilities | ||||||||||||||
Underlying Risk Exposure | Derivative Instrument | Asset Derivative | Liability Derivatives | |||||||||||
Location | Value | Location | Value | |||||||||||
Equity | Futures Contracts | Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts* | $ | 312 | Deposits with brokers for open futures contracts and Payable for variation margin on futures contracts* | $ | — |
* | Value represents cumulative gross unrealized appreciation (depreciation) of futures contracts as reported in the Portfolio of Investments and not the deposits with brokers, if any, or the receivable or payable for variation margin on futures contracts presented on the Statement of Assets and Liabilities. |
The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2011, on derivative instruments, as well as the primary risk exposure associated with each.
Net Realized Gain (Loss) from Futures Contracts | Equity Index | Mid Cap Index | Small Cap Index | |||||||||
Risk Exposure | ||||||||||||
Equity | $ | 7,117 | $ | 3,399 | $ | 946 |
Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts | Equity Index | Mid Cap Index | Small Cap Index | |||||||||
Risk Exposure | ||||||||||||
Equity | $ (1,660) | $ | 56 | $ | 27 |
4. Fund Shares
Transactions in Fund shares were as follows:
Equity Index | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 476 | $ | 10,566 | 684 | $ | 13,953 | ||||||||||
Class B | — | 1 | 2 | 45 | ||||||||||||
Class C | 21 | 470 | 31 | 641 | ||||||||||||
Class R3(1) | 357 | 7,871 | 236 | 4,795 | ||||||||||||
Class I(1) | 1,791 | 39,736 | 4,435 | 91,079 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 375 | 8,003 | 92 | 1,881 | ||||||||||||
Class B | 21 | 448 | 4 | 77 | ||||||||||||
Class C | 25 | 506 | 4 | 72 | ||||||||||||
Class R3(1) | 48 | 1,058 | 8 | 168 | ||||||||||||
Class I(1) | 1,559 | 33,284 | 390 | 8,001 | ||||||||||||
4,673 | 101,943 | 5,886 | 120,712 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (702 | ) | (15,639 | ) | (1,316 | ) | (26,818 | ) | ||||||||
Class B | (97 | ) | (2,137 | ) | (188 | ) | (3,779 | ) | ||||||||
Class C | (34 | ) | (736 | ) | (92 | ) | (1,866 | ) | ||||||||
Class R3(1) | (403 | ) | (9,045 | ) | (219 | ) | (4,447 | ) | ||||||||
Class I(1) | (7,286 | ) | (162,208 | ) | (13,840 | ) | (281,599 | ) | ||||||||
(8,522 | ) | (189,765 | ) | (15,655 | ) | (318,509 | ) | |||||||||
Net increase (decrease) | (3,849 | ) | $ | (87,822 | ) | (9,769 | ) | $ | (197,797 | ) |
Nuveen Investments | 99 |
Notes to Financial Statements (Unaudited) (continued)
Mid Cap Index | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 1,890 | $ | 25,528 | 1,393 | $ | 15,229 | ||||||||||
Class C | 36 | 485 | 46 | 476 | ||||||||||||
Class R3(1) | 2,136 | 28,579 | 1,489 | 16,123 | ||||||||||||
Class I(1) | 2,271 | 30,542 | 3,623 | 38,910 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 19 | 243 | 16 | 169 | ||||||||||||
Class C | — | — | — | 2 | ||||||||||||
Class R3(1) | 11 | 148 | 7 | 77 | ||||||||||||
Class I(1) | 46 | 603 | 79 | 837 | ||||||||||||
6,409 | 86,128 | 6,653 | 71,823 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (460 | ) | (6,152 | ) | (754 | ) | (8,091 | ) | ||||||||
Class C | (34 | ) | (446 | ) | (78 | ) | (821 | ) | ||||||||
Class R3(1) | (634 | ) | (8,577 | ) | (561 | ) | (6,053 | ) | ||||||||
Class I(1) | (5,000 | ) | (66,533 | ) | (3,976 | ) | (43,716 | ) | ||||||||
(6,128 | ) | (81,708 | ) | (5,369 | ) | (58,681 | ) | |||||||||
Net increase (decrease) | 281 | $ | 4,420 | 1,284 | �� | $ | 13,142 | |||||||||
Small Cap Index | ||||||||||||||||
Six Months Ended 4/30/11 | Year Ended 10/31/10 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 430 | $ | 4,849 | 562 | $ | 4,995 | ||||||||||
Class C | 17 | 191 | 15 | 131 | ||||||||||||
Class R3(1) | 417 | 4,592 | 275 | 2,425 | ||||||||||||
Class I(1) | 448 | 4,933 | 1,017 | 9,236 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 7 | 78 | 6 | 56 | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3(1) | 2 | 22 | 2 | 15 | ||||||||||||
Class I(1) | 15 | 166 | 16 | 140 | ||||||||||||
1,336 | 14,831 | 1,893 | 16,998 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (205 | ) | (2,288 | ) | (375 | ) | (3,387 | ) | ||||||||
Class C | (24 | ) | (251 | ) | (23 | ) | (200 | ) | ||||||||
Class R3(1) | (162 | ) | (1,767 | ) | (106 | ) | (942 | ) | ||||||||
Class I(1) | (756 | ) | (8,419 | ) | (1,730 | ) | (15,806 | ) | ||||||||
(1,147 | ) | (12,725 | ) | (2,234 | ) | (20,335 | ) | |||||||||
Net increase (decrease) | 189 | $ | 2,106 | (341 | ) | $ | (3,337 | ) |
(1) | Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
Class B Shares converted to Class A Shares (reflected above as Class A Shares issued and Class B Shares redeemed) during the six months ended April 30, 2011, and fiscal year ended October 31, 2010, were as follows:
Fund | Six Months Ended 4/30/11 | Year Ended 10/31/10 | ||||||
Equity Index | 63 | 126 | ||||||
Mid Cap Index | — | — | ||||||
Small Cap Index | — | — |
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments and derivative transactions, where applicable) during the six months ended April 30, 2011, were as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Purchases | $ | 11,515 | $ | 49,314 | $ | 1,817 | ||||||
Sales | 138,561 | 51,882 | 1,234 |
100 | Nuveen Investments |
6. Income Tax Information
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 net asset values of the Funds.
At April 30, 2011, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Cost of investments | $ | 617,588 | $ | 345,494 | $ | 91,265 | ||||||
Gross unrealized: | ||||||||||||
Appreciation | 420,148 | 91,317 | 31,661 | |||||||||
Depreciation | (66,043 | ) | (18,110 | ) | (7,784 | ) | ||||||
Net unrealized appreciation (depreciation) of investments | $ | 354,105 | $ | 73,207 | $ | 23,877 |
Permanent differences, primarily due to equalization and adjustments for REITs, resulted in reclassifications among the Funds’ components of net assets at October 31, 2010, the Funds’ last tax year-end, as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Capital paid-in | $ | 13,483 | $ | — | $ | — | ||||||
Undistributed (Over-distribution of) net investment income | (31 | ) | (404 | ) | (16 | ) | ||||||
Accumulated net realized gain (loss) | (13,452 | ) | 404 | 16 |
The tax components of undistributed net ordinary income and net long-term capital gains at October 31, 2010, the Funds’ last tax year end, were as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Undistributed ordinary income* | $ | 3,709 | $ | 1,313 | $ | 302 | ||||||
Undistributed net long-term capital gains | 52,878 | — | — |
* | Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2010, was designated for purposes of the dividends paid deduction as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Distributions from net ordinary income* | $ | 15,255 | $ | 1,965 | $ | 418 | ||||||
Distributions from net long-term capital gains | 2,048 | — | — |
* | Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
At October 31, 2010, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
Mid Cap Index | Small Cap Index | |||||||
Expiration year: | ||||||||
October 31, 2017 | $ | 201 | $ | 5,642 | ||||
Total | $ | 201 | $ | 5,642 |
7. Management Fees and Other Transactions with Affiliates
Investment Advisory Fees
During the period November 1, 2010 through December 31, 2010, pursuant to an investment advisory agreement (the “Agreement”), FAF Advisors managed each Fund’s assets and furnished related office facilities, equipment, research, and personnel. The Agreement required each Fund to pay FAF Advisors the following annual advisory fee, payable monthly, based on the Fund’s average daily net assets:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Average daily net assets | .2500 | % | .2500 | % | .4000 | % |
Nuveen Investments | 101 |
Notes to Financial Statements (Unaudited) (continued)
Effective January 1, 2011, pursuant to a new investment advisory agreement (the “New Agreement”), the Funds’ new investment adviser is Nuveen Fund Advisors. Under the New Agreement, each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by Nuveen Fund Advisors. This pricing structure enables Fund shareholders to benefit from growth in the assets within their Fund as well as from growth in the amount of complex-wide assets managed by Nuveen Fund Advisors.
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
Average Daily Net Assets | Equity Index | Mid Cap Index | Small Cap Index | |||||||||
For the first $125 million | .1000 | % | .1500 | % | .1500 | % | ||||||
For the next $125 million | .0875 | % | .1375 | % | .1375 | % | ||||||
For the next $250 million | .0750 | % | .1250 | % | .1250 | % | ||||||
For the next $500 million | .0625 | % | .1125 | % | .1125 | % | ||||||
For the next $1 billion | .0500 | % | .1000 | % | .1000 | % | ||||||
For net assets over $2 billion | .0250 | % | .0750 | % | .0750 | % |
The annual complex-level fee for each Fund, payable monthly, is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets.” The complex-level fee schedule is as follows:
Complex-Level Asset Breakpoint Level* | Effective Rate at Breakpoint Level | |||
$55 billion | .2000 | % | ||
$56 billion | .1996 | % | ||
$57 billion | .1989 | % | ||
$60 billion | .1961 | % | ||
$63 billion | .1931 | % | ||
$66 billion | .1900 | % | ||
$71 billion | .1851 | % | ||
$76 billion | .1806 | % | ||
$80 billion | .1773 | % | ||
$91 billion | .1691 | % | ||
$125 billion | .1599 | % | ||
$200 billion | .1505 | % | ||
$250 billion | .1469 | % | ||
$300 billion | .1445 | % |
* | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of $2 billion added to the Nuveen fund complex in connection with Nuveen Fund Advisors’ assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by Nuveen Fund Advisors that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by Nuveen Fund Advisors as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of April 30, 2011, the complex-level fee rates for Equity Index, Mid Cap Index and Small Cap Index were .1978%, .1938% and .1953%, respectively. |
The management fee compensates Nuveen Fund Advisors for the overall investment advisory and administrative services and general office facilities it provides for the Funds. Effective January 1, 2011, Nuveen Fund Advisors has entered into a sub-advisory agreement with the Sub-Adviser. The Sub-Adviser will be compensated for its services to the Funds from the management fees paid to Nuveen Fund Advisors.
During the period November 1, 2010 through December 31, 2010, the Funds may have invested in related money market funds that are series of First American Funds, Inc., subject to certain limitations. In order to avoid the payment of duplicative investment advisory fees to FAF Advisors, which acted as the investment advisor to both the investing Funds and the related money market funds, FAF Advisors reimbursed the investing Funds an amount equal to that portion of FAF Advisors’ investment advisory fee received from the related money market funds that was attributable to the assets of the investing Funds. This reimbursement, if any, is recognized as a component of “Expense Reimbursement” on the Statement of Operations and terminated with respect to the Funds on December 31, 2010, in connection with the Sale.
102 | Nuveen Investments |
During the period November 1, 2010, through December 31, 2010, FAF Advisors agreed to contractually waive fees and reimburse other Fund expenses so that total annual Fund operating expenses, excluding indirect fees and expenses incurred through investment in exchange traded funds and other investment companies, as a percentage of each Fund’s average daily net assets, did not exceed the following amounts:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Class A | .6200 | % | .7500 | % | .8300 | % | ||||||
Class B | 1.3700 | N/A | N/A | |||||||||
Class C | 1.3700 | 1.500 | 1.5800 | |||||||||
Class R (1) | .8700 | 1.000 | 1.0800 | |||||||||
Class Y (1) | .3700 | .5000 | .5800 |
N/A | - Mid Cap Index and Small Cap Index do not offer Class B Shares. |
(1) | - Effective January 18, 2011, Class R Shares were renamed Class R3 Shares and Class Y Shares were renamed Class I Shares. |
Effective January 1, 2011, Nuveen Fund Advisors has contractually agreed to waive fees and reimburse other Fund expenses of each Fund so that total annual Fund operating expenses, after waivers and excluding acquired Fund fees and 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.
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Class A | .6200 | % | .7500 | % | .8300 | % | ||||||
Class B | 1.3700 | N/A | N/A | |||||||||
Class C | 1.3700 | 1.5000 | 1.5800 | |||||||||
Class R3 | .8700 | 1.0000 | 1.0800 | |||||||||
Class I | .3700 | .5000 | .5800 | |||||||||
Expiration Date | February 29, 2012 | February 29, 2012 | February 29, 2012 |
N/A | - Mid Cap Index and Small Cap Index do not offer Class B Shares. |
During the period November 1, 2010 through December 31, 2010, independent directors of the Funds may have participated and elected to defer receipt of part or all of their annual compensation under a deferred compensation plan (the “Plan”). Deferred amounts were treated as though equivalent dollar amounts had been invested in shares of selected First American open-end funds as designated by each director. All amounts in the Plan were 100% vested and accounts under the Plan were obligations of the Funds. Deferred amounts remain in the Funds until distributed in accordance with the Plan.
Effective January 1, 2011, independent directors may elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain funds advised by Nuveen Fund Advisors. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select funds advised by Nuveen Fund Advisors.
Administration Fees
During the period November 1, 2010 through December 31, 2010, FAF Advisors served as the Funds’ administrator pursuant to an administration agreement between FAF Advisors and the Funds. U.S. Bancorp Fund Services, LLC (“USBFS”) served as sub-administrator pursuant to a sub-administration agreement between USBFS and FAF Advisors. FAF Advisors is a subsidiary of U.S. Bank. Both U.S. Bank and USBFS are direct subsidiaries of U.S. Bancorp. Under the administration agreement, FAF Advisors was compensated to provide, or compensated other entities to provide, services to the Funds. These services included various legal, oversight, and administrative and accounting services. The Funds paid FAF Advisors administration fees, which were calculated daily and paid monthly, equal to the Funds’ pro rata share of an amount equal, on an annual basis, to .25% of the aggregate average daily net assets of all open-end funds in the First American Funds family up to $8 billion, .235% on the next $17 billion of the aggregate average daily net assets, .22% on the next $25 billion of the aggregate average daily net assets, and .20% of the aggregate average daily net assets in excess of $50 billion. All fees paid to the sub-administrator were paid from the administration fee. In addition to these fees, the Funds may have reimbursed FAF Advisors and the sub-administrator for any out-of-pocket expenses incurred in providing administration services. Effective January 1, 2011, FAF Advisors and USBFS no longer serve as the Funds’ administrator and sub-administrator, respectively, and the Funds have not entered into any new administration or sub-administration agreements.
Transfer Agent Fees
USBFS serves as the Funds’ transfer agent pursuant to a transfer agent agreement with the Trust. The Funds are charged transfer agent fees on a per shareholder account basis, subject to a minimum fee per share class. These fees are charged to each Fund based upon the number of accounts within each Fund. In addition to these fees, the Funds may reimburse USBFS for out-of-pocket expenses incurred in providing transfer agent services.
Custodian Fees
U.S. Bank serves as the custodian for each Fund pursuant to a custodian agreement with the Trust. The custodian fee charged for each Fund is equal to an annual rate of .005% of average daily net assets. All fees are computed daily and paid monthly.
Nuveen Investments | 103 |
Notes to Financial Statements (Unaudited) (continued)
Interest earned on uninvested cash balances is used to reduce a portion of each Fund’s custodian expenses. These credits, if any, are recognized as “Custodian fee credit” on the Statement of Operations. Conversely, the custodian charges a fee for any cash overdrafts incurred, which increases the Funds’ custodian expenses.
Distribution and Shareholder Servicing (12b-1) Fees
During the period November 1, 2010 through December 31, 2010, Quasar Distributors, LLC (“Quasar”), a subsidiary of U.S. Bancorp, served as the distributor of the Funds pursuant to a distribution agreement with the Trust. Under the distribution agreement, and pursuant to a plan adopted by each Fund under Rule 12b-1 of the Investment Company Act, each Fund paid Quasar a monthly distribution and/or shareholder servicing fee equal to an annual rate of .25%, 1.00%, 1.00% and .50% of each Fund’s average daily net assets attributable to Class A, Class B, Class C and Class R Shares (renamed Class R3 Shares), respectively. No distribution or shareholder servicing fees were paid by Class Y Shares (renamed Class I Shares). These fees may have been used by Quasar to provide compensation for sales support, distribution activities, and/or shareholder servicing activities. During the period November 1, 2010 through December 31, 2010, there were no distribution and shareholder servicing fees waived by Quasar.
Effective January 1, 2011, the Funds have entered into a distribution agreement with Nuveen Securities LLC, who now serves as the Funds’ distributor. Class A Shares continue to incur a .25% annual 12b-1 service fee. Class B and Class C Shares continue to incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class R3 Shares continue to incur a .25% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class I Shares will continue to not be subject to any sales charge or 12b-1 distribution or service fees. Annual distribution and service fees are based on average daily net assets.
All 12b-1 service and distribution fees collected on Class B and C Shares during the first year following a purchase were retained by Quasar and/or the Distributor to compensate for commissions advanced to financial intermediaries. During the six months ended April 30, 2011, Quasar and/or Nuveen Securities LLC retained such 12b-1 fees as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
12b-1 fees retained | $ | 27 | $ | 3 | $ | 1 |
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the six months ended, Quasar and/or Nuveen Securities, LLC collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Sales charges collected | $ | 8 | $ | 2 | $ | — | ||||||
Paid to financial intermediaries | 7 | 2 | — |
During the six months ended April 30, 2011, Quasar and/or Nuveen Securities, LLC compensated financial intermediaries directly with commission advances at the time of purchase as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Commission advances | $ | 4 | $ | 4 | $ | 1 |
Quasar and/or Nuveen Securities, LLC also received 12b-1 service fees in Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
Other Fees and Expenses
In addition to the investment advisory fees, administration fees, transfer agent fees, custodian fees, and distribution and shareholder servicing fees, each Fund is responsible for paying other operating expenses, including: legal, auditing, registration fees, postage and printing of shareholder reports, fees and expenses of independent directors, insurance, and other miscellaneous expenses. During the period November 1, 2010 through December 31, 2010, legal fees and expenses of $3 were paid to a law firm of which an Assistant Secretary of the Funds was a partner.
Contingent Deferred Sales Charges
During the period November 1, 2010 through January 17, 2011, Class A Shares of the Funds were sold with an up-front sales charge of 5.50%. Class B Shares were subject to a contingent deferred sales charge (“CDSC”) of up to 5% depending upon the length of time the shares are held by the investor (CDSC was reduced to 0% at the end of six years). Class C Shares were subject to a CDSC of 1% for twelve months. Class R Shares (renamed Class R3 Shares) and Class Y Shares (renamed Class I Shares) had no sales charge and were offered only to certain qualifying accounts and qualifying institutional investors, respectively.
Effective January 18, 2011, the Funds only issue Class A Shares for purchase by certain retirement plans and by qualifying clients of investment advisers, financial planners or other financial intermediaries that charge periodic or asset-based fees for their service. Class A Shares are offered to these investors at their net asset value per share with no up-front sales charge. Class A Share purchases
104 | Nuveen Investments |
of the Funds may be subject to a CDSC of 1% if redeemed within twelve months of purchase. Class B Shares continue to be subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC continues to be reduced to 0% at the end of six years). Class C Shares continue to be subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares and Class I Shares continue to have no sales charge and are offered only to certain qualifying accounts and qualifying institutional investors, respectively.
Quasar and/or the Nuveen Securities, LLC also collected and retained CDSC on share redemptions during the six months ended April 30, 2011, as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
CDSC retained | $ | 5 | $ | — | $ | — |
8. New Accounting Pronouncement
Fair Value Measurements and Disclosures
On May 12, 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standard Update (“ASU”) modifying Topic 820, Fair Value Measurements and Disclosures. At the same time, the International Accounting Standards Board (“IASB”) issued International Financial Reporting Standard (“IFRS”) 13, Fair Value Measurement. The objective by the FASB and IASB is convergence of their guidance on fair value measurements and disclosures. Specifically, the ASU requires reporting entities to disclose i) the amounts of any transfers between Level 1 and Level 2, and the reasons for the transfers, ii) for Level 3 fair value measurements, a) quantitative information about significant unobservable inputs used, b) a description of the valuation processes used by the reporting entity and c) a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs if a change in those inputs might result in a significantly higher or lower fair value measurement. The effective date of the ASU is for interim and annual periods beginning after December 15, 2011. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.
Nuveen Investments | 105 |
Annual Investment Management Agreement Approval Process
(Unaudited)
A. Background
Prior to January 1, 2011, FAF Advisors, Inc. (“FAF”), a wholly-owned subsidiary of U.S. Bank National Association (“U.S. Bank”), served as investment adviser to each Fund pursuant to an investment advisory agreement between First American Investment Funds, Inc. (the “Company”) and FAF (the “Prior Advisory Agreement”), and as administrator to each Fund pursuant to an administrative agreement between the Company and FAF (the “Prior Administrative Agreement”). On July 29, 2010, U.S. Bank and FAF entered into a definitive agreement with Nuveen Investments, Inc. (“Nuveen”), Nuveen Asset Management (“NAM”) and certain Nuveen affiliates, whereby NAM would acquire a portion of the asset management business of FAF (the “Transaction”). The acquired business included the assets of FAF used in providing investment advisory services, research, sales and distribution in connection with equity, fixed income, real estate, global infrastructure and asset allocation investment products (other than the money market business and closed-end funds advised by FAF), including the Funds. In connection with the Transaction, the Board of Directors (the “Prior Board”) serving the Funds as directors at that time (each a “Prior Director” and, collectively, the “Prior Directors”) considered a number of proposals designed to integrate the Funds into the Nuveen family of funds, including the appointment of NAM as investment adviser and Nuveen Investments, LLC as distributor to the Funds. The Prior Board also considered a proposal in connection with an internal restructuring of NAM (the “Restructuring”), for Nuveen Asset Management, LLC (“NAM LLC”), a wholly-owned subsidiary of NAM formed in anticipation of the Restructuring, to serve as sub-advisor for each Fund.
The Prior Board approved a new investment advisory agreement (the “New Advisory Agreement”) for each Fund with NAM and an investment sub-advisory agreement between NAM and NAM LLC (the “NAM Sub-Advisory Agreement”). At a meeting of the Funds’ stockholders held on December 17, 2010 (adjourned until December 29, 2010 for the Nuveen Small Cap Index Fund (formerly known as the Small Cap Index Fund)), stockholders of the Funds approved the New Advisory Agreement and the NAM Sub-Advisory Agreement. In addition, stockholders of the Company’s funds (including the Funds) elected ten directors, including one Prior Director, to the board of directors of the Company (the “New Board”).
On December 31, 2010, the Transaction closed and the New Board (which replaced the Prior Board) took effect. On January 1, 2011, the New Advisory Agreement and the NAM Sub-Advisory Agreement became effective. In addition, in connection with the Restructuring, NAM has changed its name to Nuveen Fund Advisors, Inc. (“NFA”). The following is a summary of the considerations of the Prior Board, which were set forth in a proxy statement dated November 10, 2010 (the “Proxy Statement”), in approving the New Advisory Agreement and the NAM Sub-Advisory Agreement for the Funds.
B. Prior Board Considerations
The New Advisory Agreement for each Fund was approved by the Prior Board after consideration of all factors determined to be relevant to its deliberations, including those discussed below. The Prior Board authorized the submission of the New Advisory Agreement for consideration by each Fund’s stockholders.
At meetings held in May and June of 2010, the Prior Board was apprised of the general terms of the Transaction and, as a result, began the process of considering the transition of services from FAF to NFA. In preparation for its September 21-23, 2010 meeting, the Prior Board received, in response to a written due diligence request prepared by the Prior Board and its independent legal counsel and provided to NFA and FAF, a significant amount of information covering a range of issues in advance of the meeting. To assist the Prior Board in its consideration of the New Advisory Agreement for each Fund, NFA provided materials and information about, among other things: (1) NFA and its affiliates, including their history and organizational structure, product lines, experience in providing investment advisory, administrative and other services, and financial condition, (2) the nature, extent and quality of services to be provided under the New Advisory Agreement, (3) proposed Fund fees and expenses and comparative information relating thereto, and (4) NFA’s compliance and risk management capabilities and processes. In addition, the Prior Board was provided with a memorandum from independent legal counsel outlining the legal duties of the Prior Board under the Investment Company Act of 1940, as amended (the “1940 Act”). In response to further requests from the Prior Board and its independent legal counsel, NFA and FAF provided additional information to the Prior Board following its September 21-23 meeting.
An additional in-person meeting of the Prior Board to consider the New Advisory Agreement was held on October 7, 2010, at which the members of the Prior Board in attendance, all of whom were not considered to be “interested persons” of the Company as defined in the 1940 Act (the “Independent Prior Directors”), approved the New Advisory Agreement with NFA for each Fund.
In considering the New Advisory Agreement for each Fund, the Prior Board, advised by independent legal counsel, reviewed and analyzed the factors it deemed relevant, including: (1) the nature, quality, and extent of services to be rendered to the Funds by NFA, (2) the cost of services to be provided, including Fund expense information, and (3) whether economies of scale may be realized as the Funds grow and whether fee levels are adjusted to enable Fund investors to share in these potential economies of scale.
In considering the New Advisory Agreement, the Prior Board did not identify any particular information that was all-important or controlling, and each Prior Director may have attributed different weights to the various factors discussed below. Where appropriate, the Prior Directors evaluated all information available to them regarding the Company’s funds on a fund-by-fund basis, and their determinations were made separately with respect to each such fund (including each of the Funds). The Prior Directors, all of whom were Independent Prior Directors, concluded that the terms of the New Advisory Agreement and the fee rates to be paid in light of
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the services to be provided to each Fund are in the best interests of each Fund, and that the New Advisory Agreement should be approved and recommended to stockholders for approval. In voting to approve the New Advisory Agreement with respect to each Fund, the Prior Board considered in particular the following factors:
Nature, Extent and Quality of Services. In considering approval of the New Advisory Agreement, the Prior Board considered the nature, extent and quality of services to be provided by NFA, including advisory services and administrative services. The Prior Board reviewed materials outlining, among other things, NFA’s organizational structure and business; the types of services that NFA or its affiliates are expected to provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and fund product lines offered by NFA. The Prior Board considered that affiliation with a larger fund complex and well-recognized sponsor may result in a broader distribution network, potential economies of scale with respect to other services or fees and broader shareholder services including exchange options.
With respect to personnel, the Prior Board considered information regarding retention plans for current FAF employees who would be offered employment by NFA, and the background and experience of NFA employees who would become portfolio managers as of the closing of the Transaction. The Prior Board also reviewed information regarding portfolio manager compensation arrangements to evaluate NFA’s ability to attract and retain high quality investment personnel.
In evaluating the services of NFA, the Prior Board also considered NFA’s ability to supervise the Funds’ other service providers and, given the importance of compliance, NFA’s compliance program. Among other things, the Prior Board considered the report of NFA’s chief compliance officer regarding NFA’s compliance policies and procedures.
In addition to advisory services, the Prior Board considered the quality of administrative services expected to be provided by NFA and its affiliates including product management, fund administration, oversight of service providers, shareholder services, administration of Board relations, regulatory and portfolio compliance and legal support.
The Prior Board considered that, based on representations from FAF and NFA, the Transaction would allow stockholders to continue their investment in each of the Company’s funds with the same investment objective and principal strategies and, in most cases, the same portfolio management team. In light of the continuity of investment personnel in most cases (with respect to the Company’s funds in the aggregate), the Prior Board considered the historical investment performance of each of the Company’s funds (including each Fund) previously provided during the annual contract renewal process.
Cost of Services Provided by NFA. In evaluating the costs of the services to be provided by NFA under the New Advisory Agreement, the Prior Board received a comparison of each Fund’s annual operating expenses as of June 30, 2010 under the Prior Advisory Agreement and under the New Advisory Agreement, in each case adjusted to reflect a decrease in net assets for certain of the Company’s funds from redemptions by the U.S. Bank 401(k) Plan expected to occur prior to the closing of the Transaction. The Prior Board considered, among other things, that the advisory fee rates and other expenses would change as a result of NFA serving as investment adviser to each Fund. The Prior Board noted that the services provided by NFA under the New Advisory Agreement would include certain administrative services, which services (along with other services) were provided pursuant to the Prior Administrative Agreement and were charged separately from the advisory fee. Accordingly, the Prior Board considered that the fee rates paid under the New Advisory Agreement include bundled investment advisory and administrative fees and thus are higher than the fee rates paid under the Prior Advisory Agreement for most of the Company’s funds, but lower than the combined fee rates paid under the Prior Advisory Agreement and the Prior Administrative Agreement. The Prior Board also noted that certain administrative services provided under the Prior Administrative Agreement would not be provided under the New Advisory Agreement and will be delegated to other service providers. Similarly, certain fees paid by FAF under the Prior Administrative Agreement will not be paid by NFA under the New Advisory Agreement and will be paid directly by the Funds. However, immediately following the closing of the Transaction, the net expense ratio of each Fund was expected to be the same or lower than the Fund’s net expense ratio as of June 30, 2010, adjusted (where applicable) to reflect a decrease in net assets resulting from redemptions by the U.S. Bank 401(k) Plan expected to occur prior to the closing of the Transaction, assuming the Fund’s net assets at the time of the closing of the Transaction were no lower than their adjusted June 30 level. In addition, the Prior Board noted that NFA has committed to certain undertakings to maintain current fee caps and/or to waive fees or reimburse expenses to maintain net management fees at certain levels and Nuveen has represented to the Prior Board that Nuveen and its affiliates will not take any action that imposes an “unfair burden” on any Fund as a result of the Transaction. The Prior Board also considered that fees payable under the New Advisory Agreement include both a fund-level fee and a complex-level fee, and that schedules for the fund-level and complex-level fees contain breakpoints that are based, respectively, on Fund assets and Nuveen complex-wide assets. The Prior Board considered that breakpoints in the fund-level fee allow for the possibility that this portion of the advisory fee could decline in the future if Fund assets were to increase or increase in the future if Fund assets were to decline. The Prior Board also considered that breakpoints in the complex-level fee allow for the possibility that this portion of the advisory fee could decline in the future if complex-wide assets were to increase or increase in the future if complex-wide assets were to decline, regardless, in each case, of whether assets of the particular Fund had increased or decreased.
In considering the compensation to be paid to NFA, the Prior Board also reviewed fee information regarding NFA-sponsored funds, to the extent such funds had similar investment objectives and strategies to the Funds. The Prior Board reviewed information provided by NFA regarding similar funds managed by NFA and noted that the fee rates payable by these funds were generally comparable to the fee rates proposed for the Company’s funds. The Prior Board also compared proposed fee and expense information to the median fees and expenses of comparable funds, using information provided by an independent data service.
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Annual Investment Management Agreement Approval Process
(Unaudited) (continued)
In evaluating the compensation, the Prior Board also considered other amounts expected to be paid to NFA by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) NFA and its affiliates are expected to receive, that are directly attributable to the management of the Funds.
The Prior Board also considered that the Funds would not bear any of the costs relating to the Transaction, including the costs of preparing, printing and mailing the Proxy Statement.
Economies of Scale. The Prior Board reviewed information regarding potential economies of scale or other efficiencies that might result from the Funds’ potential association with Nuveen. The Prior Board noted that the New Advisory Agreement provides for breakpoints in the Funds’ fund-level and complex-level management fee rates as the assets of the Funds and the assets held by the various registered investment companies sponsored by Nuveen increase, respectively. The Prior Board concluded that the structure of the investment management fee rates, with the breakpoints for the Funds under the New Advisory Agreement, reflected sharing of potential economies of scale with the Funds’ stockholders.
Conclusion. After deliberating in executive session, the members of the Prior Board in attendance, all of whom were Independent Prior Directors, approved the New Advisory Agreement with respect to each Fund, concluding that the New Advisory Agreement was in the best interests of each Fund.
NAM Sub-Advisory Agreement. The Prior Board also approved the NAM Sub-Advisory Agreement between NFA and NAM LLC as a result of the Restructuring expected to occur with NFA. The Prior Board considered that the services to be provided by NAM LLC under the NAM Sub-Advisory Agreement would not result in any material change in the nature or level of investment advisory services or administrative services provided to the Funds. In addition, the portfolio managers will continue to manage the Funds in their capacity as employees of NAM LLC. The Prior Board considered that NFA will pay a portion of the advisory fee it receives from each Fund to NAM LLC for its services as sub-advisor. The Prior Board concluded, based upon the conclusions that the Prior Board reached in connection with the approval of the New Advisory Agreement and after determining that it need not reconsider all of the factors that it had considered in connection with the approval of the New Advisory Agreement, to approve the NAM Sub-Advisory Agreement.
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Notes
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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.
Net Asset Value (NAV): A Fund’s NAV is the dollar value of one share in the Fund. It is calculated by subtracting the liabilities of the Fund from its total assets and then dividing the remainder by the number of shares outstanding. Fund NAVs are calculated at the end of each business day.
Russell 2000 Index: An unmanaged small cap index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index.
Standard & Poor’s (S&P) 500 Index: An unmanaged market-capitalization weighted index based on the average weighted performance of 500 widely held large-cap common stocks.
Standard & Poor’s (S&P) MidCap 400 Index: An unmanaged market value weighted index of 400 mid-cap companies.
110 | Nuveen Investments |
Fund Manager
Nuveen Fund Advisors, Inc.
333 West Wacker Drive
Chicago, IL 60606
Sub-Adviser
Nuveen Asset Management, LLC
333 West Wacker Drive
Chicago, IL 60606
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
Independent Registered Public Accounting Firm
Ernst & Young LLP
Chicago, IL
Custodian
U.S. Bank National Association
St. Paul, MN
Transfer Agent and Shareholder Services
U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202
Quarterly Portfolio of Investments and Proxy Voting information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how the Funds voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, and (iii) a description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments at (800) 257-8787 or on Nuveen’s website at www.nuveen.com.
You may also obtain this and other Fund information directly from the Securities and Exchange Commission (SEC). The SEC may charge a copying fee for this information. 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 at (202) 942-8090 for room hours and operation. You may also request Fund information by sending an e-mail request to publicinfo@sec.gov or by writing to the SEC’s Public Reference Section at 100 F Street NE, Washington, D.C. 20549.
The Financial Industry Regulatory Authority (FINRA) provides a Public Disclosure Program which supplies certain information regarding the disciplinary history of FINRA members and their associated persons in response to either telephone inquiries at (800) 289-9999 or written inquiries at www.finra.org. FINRA also provides an investor brochure that includes information describing the Public Disclosure Program.
Nuveen Investments | 111 |
Nuveen Investments:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen Investments is a global investment management firm that seeks to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. We market our growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed approximately $206 billion of assets as of March 31, 2011.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mf
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Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com |
MSA-FIDX-0411D
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this registrant.
Item 6. Schedule of Investments.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to this registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Exhibits.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Investment Funds, Inc.
By | (Signature and Title) | /s/ Kevin J. McCarthy | ||||
Kevin J. McCarthy Vice President and Secretary |
Date July 8, 2011
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By | (Signature and Title) | /s/ Gifford R. Zimmerman | ||||
Gifford R. Zimmerman Chief Administrative Officer (principal executive officer) |
Date July 8, 2011
By | (Signature and Title) | /s/ Stephen D. Foy | ||||
Stephen D. Foy Vice President and Controller (principal financial officer) |
Date July 8, 2011