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: October 31, 2012
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 Index Funds
For investors seeking the potential for long-term capital appreciation.
Annual Report
October 31, 2012
| | | | | | | | | | |
| | | 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 |
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| | | | | | |
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Table of Contents
Chairman’s
Letter to Shareholders
Dear Shareholders,
Investors have many reasons to remain cautious. The challenges in the Euro area continue to cast a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. Despite strong action by the European Central Bank, member nations appear unwilling to surrender sufficient sovereignty to unify the Euro area financial system or strengthen its banks. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time is running out.
In the U.S., the extended period of increasing corporate earnings that enabled the equity markets to withstand the downward pressures coming from weakening job creation and slower economic growth appears to be coming to an end. The Fed remains committed to low interest rates and announced a third phase of quantitative easing (QE3) scheduled to continue until mid-2015. The recent election results have removed a major element of uncertainty in the U.S. political picture, but it remains to be seen whether the outcome will reduce the highly partisan atmosphere in Congress and enable progress on the many pressing fiscal and budgetary issues that must be resolved in the coming months.
During the last twelve months, U.S. investors have experienced a solid recovery in the domestic equity markets with increasing volatility as the “fiscal cliff” approaches. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen Fund on your behalf.
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
December 20, 2012
Portfolio Managers’ Comments
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
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 managed the Nuveen Equity Index Fund since 1999 and David has managed the Nuveen Equity Index Fund since 2000. Walt and Dave have managed the Nuveen Mid Cap Index Fund and the Nuveen Small Cap Index Fund since 2001.
On the following pages, the portfolio management team examines economic and equity market conditions and the Funds’ performance for the twelve-month period ended October 31, 2012.
What factors affected the U.S. economy and the equity market environments during the twelve-month reporting period ended October 31, 2012?
During this period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. In the third quarter 2012, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.7%, up from 1.3% in the second quarter, marking 13 consecutive quarters of positive growth. The Consumer Price Index (CPI) rose 2.2% year-over-year as of October 2012, while the core CPI (which excludes food and energy) increased 2.0% during the period, staying just within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. As of November 2012, (subsequent to the reporting period), the national unemployment rate was 7.7%, the lowest unemployment rate since December 2008 and below the 8.7% level recorded in November 2011. The slight decrease in unemployment from 7.9% in October 2012 was primarily due to workers who are no longer counted as part of the workforce. The housing market, long a major weak spot in the economic recovery, showed signs of a turnaround as existing home sales and residential construction indicators improved and home prices rose modestly. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, the average home price rose 3.0% for the twelve months ended September 2012 (the most recent data available at the time this report was prepared). This marked the largest annual percentage gain for the Index since July 2010, although housing prices continued to be off approximately 30% from their mid-2006 peak.
The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by continuing to hold the benchmark fed funds rate at the record low level of zero to 0.25% set in December 2008. Subsequent to the reporting period, the central bank decided during its December 2012 meeting to keep the fed funds rate at “exceptionally low levels” until either the unemployment rate reaches 6.5% or expected inflation goes above 2.5%. The Fed also affirmed its decision, announced in September 2012, to purchase $40 billion of mortgage-backed securities each month in an effort to stimulate the housing market. In addition to this new, open-ended stimulus program, the
Fed plans to continue its program to extend the average maturity of its holdings of U.S. Treasury securities through the end of December 2012. The goals of these actions, which together will increase the Fed’s holdings of longer term securities by approximately $85 billion a month through the end of the year, are to put downward pressure on longer term interest rates, make broader financial conditions more accommodative and support a stronger economic recovery as well as continued progress toward the Fed’s mandates of maximum employment and price stability. However, the outlook for the U.S. economy remained clouded by uncertainty regarding the impending fiscal cliff, the combination of tax increases and spending cuts scheduled to take effect beginning in January 2013, and the potential impact on the economy.
Domestic and international equity markets were buffeted by concerns about the tepid U.S. economic recovery, the seemingly unending European debt crisis and a broader slowdown in global growth, particularly in China. In addition to the bold monetary policy moves made by the Fed, the European Central Bank (ECB) pledged to do “whatever it takes” to preserve the euro. The ECB unveiled the Outright Monetary Transactions plan, a conditional yet unlimited bond purchase program designed to ensure that financing is available to European governments who are willing to agree to certain fiscal and structural measures.
As these combined actions helped reduce fears, U.S. and overseas equity markets surprised many investors by rallying steadily later in the period. Broad U.S. stock market indexes approached their all-time highs, posting strong double-digit returns for the period as a whole. Large-cap U.S. stocks led the market with a 15.21% one-year return as measured by the S&P 500® Index, reaching a level not seen since May of 2008. Domestic small- and mid-cap stocks also produced strong returns of 12.08% and 12.15% during the fiscal year period, as measured by the Russell 2000® and the Russell Midcap® Indexes, respectively. Across all market cap segments, the best-performing areas of the U.S. equity market during the year included the health care, financial and consumer discretionary sectors. Energy was the biggest laggard across the board, while technology stocks also underperformed, particularly in the smaller capitalization ranges. Meanwhile, the steps taken in Europe to reduce financial risk helped overseas markets recover some of their losses from the summer months. Developed markets fared better than emerging markets, posting a twelve-month return of 5.15% according to the MSCI EAFE Index, which tracks the performance of stocks from markets in Europe, Australasia and the Far East. Emerging markets never fully recovered after their dramatic sell-off in 2011, ending the fiscal year period with a 2.63% return, as measured by the MSCI Emerging Markets Index.
Nuveen Equity Index Fund
How did the Fund perform during the twelve-month period ended October 31, 2012?
The tables in the Fund Performance and Expense Ratios section of this report provide total return performance information for the Fund’s Class A Shares total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) performed in-line with the Lipper S&P 500® Index Objective Funds Classification Average, but underperformed the S&P 500® Index over the twelve-month period.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund is invested to replicate the return of the S&P 500® Index as closely as possible, with consideration given to turnover costs and fees. We believe the Fund’s objective can best be achieved by investing in approximately 90% to 100% of the issues included in the S&P 500® Index, depending on the size of the Fund. During this reporting period, we held essentially all of the issues found in the index. In addition, we aggressively tracked and implemented the occasional changes to index member names, as well as changes to the relative weights in the index.
The Fund performed very similarly to the index during the reporting period. The top performing sectors in the index were telecommunications, health care and financials, which all advanced significantly. The three lowest performing sectors were energy, materials and utilities. Also during the period, we continued to invest in S&P 500® Index futures to convert cash into the equivalent of an S&P 500® Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. These contracts are used as a means to efficiently gain exposure to a broad base of equity securities. Due to generally higher equity prices during the period, the derivative positions added mildly to performance.
Nuveen Mid Cap Index Fund
How did the Fund perform during the twelve-month period ended October 31, 2012?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper Mid-Cap Core Funds Classification Average, but underperformed the S&P MidCap 400® Index over the twelve-month period.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund is invested to replicate the return of the S&P MidCap 400® Index as closely as possible, with consideration given to turnover costs and fees. We believe the Fund’s objective can best be achieved by investing in approximately 90% to 100% of the issues included in the S&P MidCap 400® Index, depending on the size of the Fund. During the fiscal year period, we held essentially all of the issues found in the index. In addition, we aggressively tracked and implemented the occasional changes to index member names, as well as changes to the relative weights in the index.
The Fund performed very similarly to the index during the reporting period. The top performing sectors in the index were telecommunications, health care and consumer discretionary, each advancing significantly. The three lowest performing sectors were energy, technology and consumer staples. Also during the period, we continued to invest in S&P MidCap 400® Index futures to convert cash into the equivalent of an S&P MidCap 400® Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. These contracts are used as a means to efficiently gain
exposure to a broad base of equity securities. Due to generally higher equity prices during the period, the derivative positions added mildly to performance.
Nuveen Small Cap Index Fund
How did the Fund perform during the twelve-month period ended October 31, 2012?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper Small-Cap Core Funds Classification Average, but underperformed the Russell 2000® Index over the twelve-month period.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund is invested to replicate the return of the Russell 2000® Index as closely as possible, with consideration given to turnover costs and fees. We believe the Fund’s objective can best be achieved by investing in approximately 90% to 100% of the issues included in the Russell 2000® Index, depending on the size of the Fund. During the fiscal year period, we held essentially all of the issues found in the index. In addition, we aggressively tracked and implemented the occasional changes to index member names, as well as changes to the relative weights in the index.
The Fund performed very similarly to the index during the reporting period. The top performing sectors in the index were financials, consumer discretionary and health care, which all advanced significantly. The three lowest performing sectors were energy, technology and telecommunications. Also during the period, we continued to invest 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. These contracts are used as a means to efficiently gain exposure to a broad base of equity securities. Due to generally higher equity prices during the period, the derivative positions added mildly to performance.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible. The Funds’ investments in common stocks involve the risk of decline due to adverse company or industry news or a general economic decline. The use of derivatives involves substantial financial risk and transaction costs. In addition, each Fund may fail to match index performance. Small- and mid-cap stocks are subject to greater price volatility and liquidity risks.
Fund Performance and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown on the following six pages.
Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Returns may reflect a contractual agreement between certain Funds and the investment adviser to waive certain fees and expenses; see Notes to Financial Statements, Footnote 7 — Management Fees and Other Transactions with Affiliates for more information. In addition, returns may reflect a voluntary expense limitation by the Funds’ investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.
The expense ratios shown reflect the Funds’ total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the Funds’ most recent prospectus. The expense ratios include management fees and other fees and expenses.
Fund Performance and Expense Ratios (continued)
Nuveen Equity Index Fund
Refer to the first page of this Fund Performance and Expense Ratios Section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of October 31, 2012
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares | | | 14.51% | | | | -0.12% | | | | 6.35% | |
S&P 500® Index* | | | 15.21% | | | | 0.36% | | | | 6.91% | |
Lipper S&P 500® Index Objective Funds Classification Average* | | | 14.53% | | | | -0.17% | | | | 6.38% | |
| | | |
Class B Shares w/o CDSC | | | 13.69% | | | | -0.86% | | | | 5.56% | |
Class B Shares w/CDSC | | | 8.69% | | | | -1.02% | | | | 5.56% | |
Class C Shares | | | 13.70% | | | | -0.86% | | | | 5.56% | |
Class R3 Shares | | | 14.26% | | | | -0.36% | | | | 6.13% | |
Class I Shares | | | 14.85% | | | | 0.13% | | | | 6.62% | |
Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares | | | 29.46% | | | | 0.57% | | | | 7.45% | |
Class B Shares w/o CDSC | | | 28.46% | | | | -0.18% | | | | 6.65% | |
Class B Shares w/CDSC | | | 23.46% | | | | -0.35% | | | | 6.65% | |
Class C Shares | | | 28.49% | | | | -0.18% | | | | 6.65% | |
Class R3 Shares | | | 29.14% | | | | 0.33% | | | | 7.23% | |
Class I Shares | | | 29.79% | | | | 0.82% | | | | 7.72% | |
Class A Shares have no sales charge and are available only through fee-based programs and certain retirement plans. Class B Shares have a contingent deferred sales charge (CDSC) that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | |
| | |
| | | Gross
Expense
Ratios | | | Net
Expense
Ratios | |
Class A Shares | | | 0.68% | | | | 0.61% | |
Class B Shares | | | 1.43% | | | | 1.36% | |
Class C Shares | | | 1.43% | | | | 1.36% | |
Class R3 Shares | | | 0.93% | | | | 0.86% | |
Class I Shares | | | 0.43% | | | | 0.36% | |
The Fund’s adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2013, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 0.62%, 1.37%, 1.37%, 0.87% and 0.37% for Class A, Class B, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.
| * | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Fund Performance and Expense Ratios (continued)
Nuveen Mid Cap Index Fund
Refer to the first page of this Fund Performance and Expense Ratios Section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of October 31, 2012
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares | | | 11.48% | | | | 2.67% | | | | 9.59% | |
S&P MidCap 400® Index* | | | 12.11% | | | | 3.12% | | | | 10.21% | |
Lipper Mid-Cap Core Funds Classification Average* | | | 10.32% | | | | 0.43% | | | | 8.61% | |
| | | |
Class C Shares | | | 10.60% | | | | 1.90% | | | | 8.77% | |
Class R3 Shares | | | 11.14% | | | | 2.41% | | | | 9.35% | |
Class I Shares | | | 11.80% | | | | 2.93% | | | | 9.86% | |
Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares | | | 27.85% | | | | 3.38% | | | | 10.14% | |
Class C Shares | | | 26.89% | | | | 2.61% | | | | 9.31% | |
Class R3 Shares | | | 27.44% | | | | 3.12% | | | | 9.90% | |
Class I Shares | | | 28.06% | | | | 3.63% | | | | 10.41% | |
Class A Shares have no sales charge and are available only through fee-based programs and certain retirement plans. Class C Shares have a 1% contingent deferred sales charge (CDSC) for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | |
| | |
| | | Gross
Expense
Ratios | | | Net
Expense
Ratios | |
Class A Shares | | | 0.93% | | | | 0.76% | |
Class C Shares | | | 1.68% | | | | 1.51% | |
Class R3 Shares | | | 1.18% | | | | 1.01% | |
Class I Shares | | | 0.68% | | | | 0.51% | |
The Fund’s adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2013, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 0.75%, 1.50%, 1.00% and 0.50% for Class A, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.
| * | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Fund Performance and Expense Ratios (continued)
Nuveen Small Cap Index Fund
Refer to the first page of this Fund Performance and Expense Ratios Section for further explanation of the information included within this page.
Fund Performance
| | | | | | | | | | | | |
| Average Annual Total Returns as of October 31, 2012 | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares | | | 11.44% | | | | 0.82% | | | | 8.93% | |
Russell 2000® Index* | | | 12.08% | | | | 1.19% | | | | 9.58% | |
Lipper Small-Cap Core Funds Classification Average* | | | 10.44% | | | | 0.96% | | | | 9.26% | |
| | | |
Class C Shares | | | 10.58% | | | | 0.06% | | | | 8.07% | |
Class R3 Shares | | | 11.13% | | | | 0.56% | | | | 8.64% | |
Class I Shares | | | 11.79% | | | | 1.08% | | | | 9.17% | |
Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares | | | 31.27% | | | | 1.85% | | | | 9.50% | |
Class C Shares | | | 30.20% | | | | 1.07% | | | | 8.65% | |
Class R3 Shares | | | 30.77% | | | | 1.57% | | | | 9.22% | |
Class I Shares | | | 31.51% | | | | 2.10% | | | | 9.74% | |
Class A Shares have no sales charge and are available only through fee-based programs and certain retirement plans. Class C Shares have a 1% contingent deferred sales charge (CDSC) for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | |
| | |
| | | Gross
Expense
Ratios | | | Net
Expense
Ratios | |
Class A Shares | | | 1.14% | | | | 0.89% | |
Class C Shares | | | 1.89% | | | | 1.64% | |
Class R3 Shares | | | 1.39% | | | | 1.14% | |
Class I Shares | | | 0.89% | | | | 0.64% | |
The Fund’s adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2013, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 0.83%, 1.58%, 1.08% and 0.58% for Class A, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.
| * | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Holding Summaries as of October 31, 2012
This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.
Nuveen Equity Index Fund
| | | | |
| Fund Allocation1 | | | |
| Common Stocks | | | 98.3% | |
| Warrants2 | | | 0.0% | |
| Short-Term Investments | | | 2.0% | |
| Other3 | | | (0.3)% | |
| | | | |
| Portfolio Composition1 | | | |
| Oil, Gas & Consumable Fuels | | | 9.3% | |
| Pharmaceuticals | | | 6.2% | |
| Computers & Peripherals | | | 5.3% | |
| Insurance | | | 3.8% | |
| IT Services | | | 3.8% | |
| Media | | | 3.5% | |
| Software | | | 3.5% | |
| Diversified Financial Services | | | 3.2% | |
| Commercial Banks | | | 2.8% | |
| Diversified Telecommunication Services | | | 2.8% | |
| Beverages | | | 2.4% | |
| Industrial Conglomerates | | | 2.4% | |
| Food & Staples Retailing | | | 2.4% | |
| Aerospace & Defense | | | 2.3% | |
| Chemicals | | | 2.3% | |
| Household Products | | | 2.2% | |
| Specialty Retail | | | 2.1% | |
| Electric Utilities | | | 2.1% | |
| Internet Software & Services | | | 2.1% | |
| Real Estate Investment Trust | | | 2.0% | |
| Health Care Providers & Services | | | 2.0% | |
| Machinery | | | 1.9% | |
| Capital Markets | | | 1.9% | |
| Semiconductors & Equipment | | | 1.9% | |
| Tobacco | | | 1.9% | |
| Energy Equipment & Services | | | 1.8% | |
| Communications Equipment | | | 1.8% | |
| Hotels, Restaurants & Leisure | | | 1.8% | |
| Short-Term Investments | | | 2.0% | |
| Other4 | | | 16.5% | |
| | | | |
Top Five Common Stock
Holdings1 | |
| Apple, Inc. | | | 4.3% | |
| Exxon Mobil Corporation | | | 3.3% | |
| International Business Machines Corporation (IBM) | | | 1.7% | |
| Microsoft Corporation | | | 1.7% | |
| Chevron Corporation | | | 1.7% | |
| 1 | As a percentage of net assets. Holdings are subject to change. |
| 2 | Rounds to less than 0.1%. |
| 3 | Other assets less liabilities, which includes investments purchased with collateral from securities lending and investments in derivatives as presented in the Fund’s Portfolio of Investments. |
| 4 | Other assets less liabilities, which includes warrants, investments purchased with collateral from securities lending and investments in derivatives as presented in the Fund’s Portfolio of Investments and all industries less than 1.8% of net assets. |
Nuveen Mid Cap Index Fund
| | | | |
| Fund Allocation1 | | | |
| Common Stocks | | | 92.7% | |
| Short-Term Investments | | | 7.0% | |
| Other2 | | | 0.3% | |
| | | | |
| Portfolio Composition1 | | | |
| Real Estate Investment Trust | | | 8.8% | |
| Machinery | | | 4.9% | |
| Insurance | | | 4.3% | |
| Specialty Retail | | | 4.2% | |
| Software | | | 4.0% | |
| Commercial Banks | | | 3.7% | |
| IT Services | | | 3.2% | |
| Health Care Providers & Services | | | 3.0% | |
| Oil, Gas & Consumable Fuels | | | 2.9% | |
| Chemicals | | | 2.8% | |
| Energy Equipment & Services | | | 2.6% | |
| Health Care Equipment & Supplies | | | 2.5% | |
| Capital Markets | | | 2.2% | |
| Electric Utilities | | | 2.1% | |
| Household Durables | | | 2.0% | |
| Biotechnology | | | 1.9% | |
| Electronic Equipment & Instruments | | | 1.9% | |
| Food Products | | | 1.8% | |
| Textiles, Apparel & Luxury Goods | | | 1.7% | |
| Road & Rail | | | 1.7% | |
| Commercial Services & Supplies | | | 1.7% | |
| Internet Software & Services | | | 1.7% | |
| Semiconductors & Equipment | | | 1.7% | |
| Electrical Equipment | | | 1.6% | |
| Metals & Mining | | | 1.6% | |
| Containers & Packaging | | | 1.5% | |
| Hotels, Restaurants & Leisure | | | 1.4% | |
| Gas Utilities | | | 1.4% | |
| Short-Term Investments | | | 7.0% | |
| Other3 | | | 18.2% | |
| | | | |
Top Five Common Stock
Holdings1 | |
| Regeneron Pharmaceuticals, Inc. | | | 0.9% | |
| Vertex Pharmaceuticals, Inc. | | | 0.8% | |
| Kansas City Southern Industries | | | 0.7% | |
| Equinix Inc. | | | 0.7% | |
| Ametek Inc. | | | 0.7% | |
| 1 | As a percentage of net assets. Holdings are subject to change. |
| 2 | Other assets less liabilities, which includes investments purchased with collateral from securities lending and investments in derivatives as presented in the Fund’s Portfolio of Investments. |
| 3 | Other assets less liabilities, which includes investments purchased with collateral from securities lending and investments in derivatives as presented in the Fund’s Portfolio of Investments and all industries less than 1.4% of net assets. |
Holding Summaries (continued) as of October 31, 2012
Nuveen Small Cap Index Fund
| | | | |
| Fund Allocation1 | | | |
| Common Stocks | | | 91.3% | |
| Exchange-Traded Funds2 | | | 0.0% | |
| Common Stock Rights2 | | | 0.0% | |
| Warrants2 | | | 0.0% | |
| Short-Term Investments | | | 8.0% | |
| Other3 | | | 0.7% | |
| | | | |
| Portfolio Composition1 | | | |
| Real Estate Investment Trust | | | 7.3% | |
| Commercial Banks | | | 6.0% | |
| Oil, Gas & Consumable Fuels | | | 3.7% | |
| Software | | | 3.6% | |
| Biotechnology | | | 3.4% | |
| Specialty Retail | | | 3.3% | |
| Semiconductors & Equipment | | | 3.1% | |
| Machinery | | | 3.0% | |
| Health Care Equipment & Supplies | | | 2.9% | |
| Hotels, Restaurants & Leisure | | | 2.9% | |
| Health Care Providers & Services | | | 2.6% | |
| Insurance | | | 2.4% | |
| Commercial Services & Supplies | | | 2.3% | |
| Capital Markets | | | 2.2% | |
| Internet Software & Services | | | 2.2% | |
| Electronic Equipment & Instruments | | | 2.1% | |
| Chemicals | | | 1.9% | |
| IT Services | | | 1.8% | |
| Communications Equipment | | | 1.8% | |
| Energy Equipment & Services | | | 1.7% | |
| Pharmaceuticals | | | 1.6% | |
| Thrifts & Mortgage Finance | | | 1.6% | |
| Aerospace & Defense | | | 1.5% | |
| Metals & Mining | | | 1.5% | |
| Food Products | | | 1.5% | |
| Electric Utilities | | | 1.4% | |
| Textiles, Apparel & Luxury Goods | | | 1.4% | |
| Road & Rail | | | 1.2% | |
| Professional Services | | | 1.1% | |
| Electrical Equipment | | | 1.1% | |
| Media | | | 1.1% | |
| Household Durables | | | 1.1% | |
| Short-Term Investments | | | 8.0% | |
| Other4 | | | 15.7% | |
| | | | |
Top Five Common Stock
Holdings1 | |
| Ocwen Financial Corporation | | | 0.3% | |
| Two Harbors Investment Corporation | | | 0.3% | |
| Pharmacyclics, Inc. | | | 0.3% | |
| Genesee & Wyoming Inc. | | | 0.3% | |
| Starwood Hotels & Resorts Worldwide, Inc. | | | 0.2% | |
| 1 | As a percentage of net assets. Holdings are subject to change. |
| 2 | Rounds to less than 0.1%. |
| 3 | Other assets less liabilities, which includes investments purchased with collateral from securities lending and investments in derivatives as presented in the Fund’s Portfolio of Investments. |
| 4 | Other assets less liabilities, which includes exchange-traded funds, common stock rights, warrants, investments purchased with collateral from securities lending and investments in derivatives as presented in the Fund’s Portfolio of Investments and all industries less than 1.1% of net assets. |
Expense Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the end of the period.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Equity Index Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | 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 (5/01/12) | | $ | 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 (10/31/12) | | $ | 1,018.60 | | | $ | 1,015.10 | | | $ | 1,015.00 | | | $ | 1,017.90 | | | $ | 1,020.30 | | | | | $ | 1,022.02 | | | $ | 1,018.25 | | | $ | 1,018.25 | | | $ | 1,020.76 | | | $ | 1,023.28 | |
| Expenses Incurred During Period | | $ | 3.15 | | | $ | 6.94 | | | $ | 6.94 | | | $ | 4.41 | | | $ | 1.88 | | | | | $ | 3.15 | | | $ | 6.95 | | | $ | 6.95 | | | $ | 4.42 | | | $ | 1.88 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .62%, 1.37%, 1.37%, .87% and ..37% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (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 (5/01/12) | | $ | 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 (10/31/12) | | $ | 994.20 | | | $ | 990.30 | | | $ | 992.70 | | | $ | 995.60 | | | | | $ | 1,021.42 | | | $ | 1,017.65 | | | $ | 1,020.16 | | | $ | 1,022.67 | |
| Expenses Incurred During Period | | $ | 3.71 | | | $ | 7.45 | | | $ | 4.96 | | | $ | 2.46 | | | | | $ | 3.76 | | | $ | 7.56 | | | $ | 5.03 | | | $ | 2.49 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .74%, 1.49%, .99% and .49% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (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 (5/01/12) | | $ | 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 (10/31/12) | | $ | 1,006.10 | | | $ | 1,002.70 | | | $ | 1,005.30 | | | $ | 1,008.70 | | | | | $ | 1,021.01 | | | $ | 1,017.24 | | | $ | 1,019.76 | | | $ | 1,022.27 | |
| Expenses Incurred During Period | | $ | 4.13 | | | $ | 7.90 | | | $ | 5.39 | | | $ | 2.88 | | | | | $ | 4.17 | | | $ | 7.96 | | | $ | 5.43 | | | $ | 2.90 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .82%, 1.57%, 1.07% and .57% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Report of
Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of
Nuveen Investment Funds Inc.:
In our opinion, the accompanying statement of assets and liabilities, including the portfolios of investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Equity Index Fund, Nuveen Mid Cap Index Fund and Nuveen Small Cap Index Fund (the “Funds”) at October 31, 2012, the results of each of their operations for the year ended, and the change in each of their net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2012 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion. The financial statements of the Funds for the years ended October 31, 2011 and prior were audited by other independent auditors whose report dated December 28, 2011 expressed an unqualified opinion on those statements.
PRICEWATERHOUSECOOPERS LLP
Chicago, IL
December 28, 2012
Portfolio of Investments
Nuveen Equity Index Fund
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | COMMON STOCKS – 98.3% | | | | | | | | | | |
| | | | | |
| | | | Aerospace & Defense – 2.3% | | | | | | | | | | |
| | | | | |
| | 42,881 | | | Boeing Company | | | | | | | | $ | 3,020,538 | |
| | | | | |
| | 20,644 | | | General Dynamics Corporation | | | | | | | | | 1,405,444 | |
| | | | | |
| | 44,606 | | | Honeywell International Inc. | | | | | | | | | 2,731,671 | |
| | | | | |
| | 5,073 | | | L-3 Communications Holdings, Inc. | | | | | | | | | 374,387 | |
| | | | | |
| | 15,239 | | | Lockheed Martin Corporation | | | | | | | | | 1,427,437 | |
| | | | | |
| | 14,397 | | | Northrop Grumman Corporation | | | | | | | | | 988,930 | |
| | | | | |
| | 8,318 | | | Precision Castparts Corporation | | | | | | | | | 1,439,596 | |
| | | | | |
| | 19,082 | | | Raytheon Company | | | | | | | | | 1,079,278 | |
| | | | | |
| | 8,303 | | | Rockwell Collins, Inc. | | | | | | | | | 444,875 | |
| | | | | |
| | 16,352 | | | Textron Inc., (2) | | | | | | | | | 412,234 | |
| | | | | |
| | 52,172 | | | United Technologies Corporation | | | | | | | | | 4,077,764 | |
| | | | Total Aerospace & Defense | | | | | | | | | 17,402,154 | |
| | | | Air Freight & Logistics – 0.8% | | | | | | | | | | |
| | | | | |
| | 9,651 | | | C.H. Robinson Worldwide, Inc. | | | | | | | | | 582,245 | |
| | | | | |
| | 12,209 | | | Expeditors International of Washington, Inc. | | | | | | | | | 446,971 | |
| | | | | |
| | 18,054 | | | FedEx Corporation | | | | | | | | | 1,660,787 | |
| | | | | |
| | 48,289 | | | United Parcel Service, Inc., Class B | | | | | | | | | 3,537,169 | |
| | | | Total Air Freight & Logistics | | | | | | | | | 6,227,172 | |
| | | | Airlines – 0.0% | | | | | | | | | | |
| | | | | |
| | 43,091 | | | Southwest Airlines Co. | | | | | | | | | 380,063 | |
| | | | Auto Components – 0.2% | | | | | | | | | | |
| | | | | |
| | 3,759 | | | BorgWarner Inc., (3) | | | | | | | | | 247,417 | |
| | | | | |
| | 14,980 | | | Goodyear Tire & Rubber Company, (3) | | | | | | | | | 170,922 | |
| | | | | |
| | 38,939 | | | Johnson Controls, Inc. | | | | | | | | | 1,002,679 | |
| | | | Total Auto Components | | | | | | | | | 1,421,018 | |
| | | | Automobiles – 0.4% | | | | | | | | | | |
| | | | | |
| | 220,616 | | | Ford Motor Company | | | | | | | | | 2,462,075 | |
| | | | | |
| | 13,660 | | | Harley-Davidson, Inc. | | | | | | | | | 638,742 | |
| | | | Total Automobiles | | | | | | | | | 3,100,817 | |
| | | | Beverages – 2.4% | | | | | | | | | | |
| | | | | |
| | 9,022 | | | Beam Inc. | | | | | | | | | 501,262 | |
| | | | | |
| | 8,536 | | | Brown-Forman Corporation | | | | | | | | | 546,816 | |
| | | | | |
| | 17,176 | | | Coca-Cola Enterprises Inc. | | | | | | | | | 540,013 | |
| | | | | |
| | 239,799 | | | Coca-Cola Company | | | | | | | | | 8,915,727 | |
| | | | | |
| | 9,220 | | | Constellation Brands, Inc., Class A, (3) | | | | | | | | | 325,835 | |
| | | | | |
| | 12,127 | | | Dr. Pepper Snapple Group | | | | | | | | | 519,642 | |
| | | | | |
| | 8,998 | | | Molson Coors Brewing Company, Class B | | | | | | | | | 388,174 | |
| | | | | |
| | 5,591 | | | Monster Beverage Corporation, (3) | | | | | | | | | 249,750 | |
| | | | | |
| | 89,531 | | | PepsiCo, Inc. | | | | | | | | | 6,199,126 | |
| | | | Total Beverages | | | | | | | | | 18,186,345 | |
| | | | Biotechnology – 1.6% | | | | | | | | | | |
| | | | | |
| | 10,500 | | | Alexion Pharmaceuticals Inc., (2), (3) | | | | | | | | | 948,990 | |
| | | | | |
| | 42,878 | | | Amgen Inc. | | | | | | | | | 3,710,877 | |
| | | | | |
| | 14,726 | | | Biogen Idec Inc., (3) | | | | | | | | | 2,035,428 | |
Portfolio of Investments
Nuveen Equity Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Biotechnology (continued) | | | | | | | | | | |
| | | | | |
| | 26,291 | | | Celgene Corporation, (3) | | | | | | | | $ | 1,927,656 | |
| | | | | |
| | 45,171 | | | Gilead Sciences, Inc., (3) | | | | | | | | | 3,033,684 | |
| | | | Total Biotechnology | | | | | | | | | 11,656,635 | |
| | | | Building Products – 0.0% | | | | | | | | | | |
| | | | | |
| | 21,033 | | | Masco Corporation, (2) | | | | | | | | | 317,388 | |
| | | | Capital Markets – 1.9% | | | | | | | | | | |
| | | | | |
| | 12,738 | | | Ameriprise Financial, Inc. | | | | | | | | | 743,517 | |
| | | | | |
| | 68,279 | | | Bank of New York Company, Inc. | | | | | | | | | 1,687,174 | |
| | | | | |
| | 5,740 | | | BlackRock Inc. | | | | | | | | | 1,088,763 | |
| | | | | |
| | 63,458 | | | Charles Schwab Corporation | | | | | | | | | 861,760 | |
| | | | | |
| | 14,925 | | | E*Trade Group Inc., (3) | | | | | | | | | 124,773 | |
| | | | | |
| | 5,428 | | | Federated Investors Inc. | | | | | | | | | 126,147 | |
| | | | | |
| | 8,556 | | | Franklin Resources, Inc. | | | | | | | | | 1,093,457 | |
| | | | | |
| | 28,159 | | | Goldman Sachs Group, Inc. | | | | | | | | | 3,446,380 | |
| | | | | |
| | 27,362 | | | Invesco LTD | | | | | | | | | 665,444 | |
| | | | | |
| | 7,312 | | | Legg Mason, Inc. | | | | | | | | | 186,310 | |
| | | | | |
| | 80,240 | | | Morgan Stanley | | | | | | | | | 1,394,571 | |
| | | | | |
| | 13,805 | | | Northern Trust Corporation | | | | | | | | | 659,603 | |
| | | | | |
| | 28,919 | | | State Street Corporation | | | | | | | | | 1,288,920 | |
| | | | | |
| | 15,560 | | | T. Rowe Price Group Inc. | | | | | | | | | 1,010,466 | |
| | | | Total Capital Markets | | | | | | | | | 14,377,285 | |
| | | | Chemicals – 2.3% | | | | | | | | | | |
| | | | | |
| | 12,104 | | | Air Products & Chemicals Inc. | | | | | | | | | 938,423 | |
| | | | | |
| | 4,409 | | | Airgas, Inc. | | | | | | | | | 392,269 | |
| | | | | |
| | 3,844 | | | CF Industries Holdings, Inc. | | | | | | | | | 788,750 | |
| | | | | |
| | 69,474 | | | Dow Chemical Company, (2) | | | | | | | | | 2,035,588 | |
| | | | | |
| | 53,643 | | | E.I. Du Pont de Nemours and Company, (2) | | | | | | | | | 2,388,186 | |
| | | | | |
| | 8,523 | | | Eastman Chemical Company | | | | | | | | | 504,903 | |
| | | | | |
| | 14,082 | | | Ecolab Inc. | | | | | | | | | 980,107 | |
| | | | | |
| | 9,202 | | | FMC Corporation | | | | | | | | | 492,491 | |
| | | | | |
| | 4,640 | | | International Flavors & Fragrances Inc. | | | | | | | | | 299,837 | |
| | | | | |
| | 14,338 | | | LyondellBasell Industries NV | | | | | | | | | 765,506 | |
| | | | | |
| | 30,538 | | | Monsanto Company | | | | | | | | | 2,628,406 | |
| | | | | |
| | 14,691 | | | Mosaic Company | | | | | | | | | 768,927 | |
| | | | | |
| | 9,077 | | | PPG Industries, Inc. | | | | | | | | | 1,062,735 | |
| | | | | |
| | 17,098 | | | Praxair, Inc. | | | | | | | | | 1,815,979 | |
| | | | | |
| | 5,355 | | | Sherwin-Williams Company | | | | | | | | | 763,516 | |
| | | | | |
| | 6,949 | | | Sigma-Aldrich Corporation, (2) | | | | | | | | | 487,403 | |
| | | | Total Chemicals | | | | | | | | | 17,113,026 | |
| | | | Commercial Banks – 2.8% | | | | | | | | | | |
| | | | | |
| | 39,994 | | | BB&T Corporation, (2) | | | | | | | | | 1,157,826 | |
| | | | | |
| | 11,334 | | | Comerica Incorporated | | | | | | | | | 337,867 | |
| | | | | |
| | 54,069 | | | Fifth Third Bancorp. | | | | | | | | | 785,623 | |
| | | | | |
| | 15,496 | | | First Horizon National Corporation, (2) | | | | | | | | | 144,268 | |
| | | | | |
| | 50,795 | | | Huntington Bancshares Inc., (2) | | | | | | | | | 324,580 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Commercial Banks (continued) | | | | | | | | | | |
| | | | | |
| | 54,563 | | | KeyCorp., (2) | | | | | | | | $ | 459,420 | |
| | | | | |
| | 6,704 | | | M&T Bank Corporation | | | | | | | | | 697,886 | |
| | | | | |
| | 30,271 | | | PNC Financial Services Group, Inc. | | | | | | | | | 1,761,469 | |
| | | | | |
| | 83,191 | | | Regions Financial Corporation | | | | | | | | | 542,405 | |
| | | | | |
| | 31,567 | | | SunTrust Banks, Inc., (2) | | | | | | | | | 858,622 | |
| | | | | |
| | 108,436 | | | U.S. Bancorp | | | | | | | | | 3,601,160 | |
| | | | | |
| | 299,076 | | | Wells Fargo & Company | | | | | | | | | 10,075,870 | |
| | | | | |
| | 10,833 | | | Zions Bancorporation | | | | | | | | | 232,585 | |
| | | | Total Commercial Banks | | | | | | | | | 20,979,581 | |
| | | | Commercial Services & Supplies – 0.5% | | | | | | | | | | |
| | | | | |
| | 13,579 | | | ADT Corporation | | | | | | | | | 563,664 | |
| | | | | |
| | 6,184 | | | Avery Dennison Corporation | | | | | | | | | 200,238 | |
| | | | | |
| | 6,771 | | | Cintas Corporation | | | | | | | | | 283,096 | |
| | | | | |
| | 9,800 | | | Iron Mountain Inc. | | | | | | | | | 339,080 | |
| | | | | |
| | 2,926 | | | Pitney Bowes Inc., (2) | | | | | | | | | 42,017 | |
| | | | | |
| | 10,320 | | | R.R. Donnelley & Sons Company, (2) | | | | | | | | | 103,406 | |
| | | | | |
| | 18,015 | | | Republic Services, Inc. | | | | | | | | | 510,725 | |
| | | | | |
| | 4,870 | | | Stericycle Inc., (3) | | | | | | | | | 461,481 | |
| | | | | |
| | 27,158 | | | Tyco International Ltd. | | | | | | | | | 729,735 | |
| | | | | |
| | 26,486 | | | Waste Management, Inc., (2) | | | | | | | | | 867,152 | |
| | | | Total Commercial Services & Supplies | | | | | | | | | 4,100,594 | |
| | | | Communications Equipment – 1.8% | | | | | | | | | | |
| | | | | |
| | 306,664 | | | Cisco Systems, Inc. | | | | | | | | | 5,256,221 | |
| | | | | |
| | 4,673 | | | F5 Networks, Inc., (3) | | | | | | | | | 385,429 | |
| | | | | |
| | 6,807 | | | Harris Corporation | | | | | | | | | 311,624 | |
| | | | | |
| | 14,541 | | | JDS Uniphase Corporation, (3) | | | | | | | | | 140,902 | |
| | | | | |
| | 30,922 | | | Juniper Networks Inc., (2), (3) | | | | | | | | | 512,378 | |
| | | | | |
| | 16,840 | | | Motorola Solutions Inc. | | | | | | | | | 870,291 | |
| | | | | |
| | 98,814 | | | QUALCOMM, Inc. | | | | | | | | | 5,788,030 | |
| | | | Total Communications Equipment | | | | | | | | | 13,264,875 | |
| | | | Computers & Peripherals – 5.3% | | | | | | | | | | |
| | | | | |
| | 53,944 | | | Apple, Inc. | | | | | | | | | 32,102,074 | |
| | | | | |
| | 85,107 | | | Dell Inc., (2) | | | | | | | | | 785,538 | |
| | | | | |
| | 119,921 | | | EMC Corporation, (3) | | | | | | | | | 2,928,471 | |
| | | | | |
| | 113,197 | | | Hewlett-Packard Company, (2) | | | | | | | | | 1,567,778 | |
| | | | | |
| | 21,080 | | | NetApp, Inc., (3) | | | | | | | | | 567,052 | |
| | | | | |
| | 14,125 | | | SanDisk Corporation, (3) | | | | | | | | | 589,860 | |
| | | | | |
| | 22,252 | | | Seagate Technology, (2) | | | | | | | | | 607,925 | |
| | | | | |
| | 13,743 | | | Western Digital Corporation | | | | | | | | | 470,423 | |
| | | | Total Computers & Peripherals | | | | | | | | | 39,619,121 | |
| | | | Construction & Engineering – 0.2% | | | | | | | | | | |
| | | | | |
| | 9,682 | | | Fluor Corporation | | | | | | | | | 540,740 | |
| | | | | |
| | 7,386 | | | Jacobs Engineering Group, Inc., (2), (3) | | | | | | | | | 285,026 | |
| | | | | |
| | 12,230 | | | Quanta Services Incorporated, (3) | | | | | | | | | 317,124 | |
| | | | Total Construction & Engineering | | | | | | | | | 1,142,890 | |
Portfolio of Investments
Nuveen Equity Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Construction Materials – 0.0% | | | | | | | | | | |
| | | | | |
| | 7,597 | | | Vulcan Materials Company, (2) | | | | | | | | $ | 349,234 | |
| | | | Consumer Finance – 0.9% | | | | | | | | | | |
| | | | | |
| | 57,321 | | | American Express Company | | | | | | | | | 3,208,256 | |
| | | | | |
| | 29,116 | | | Capital One Financial Corporation | | | | | | | | | 1,751,910 | |
| | | | | |
| | 32,311 | | | Discover Financial Services | | | | | | | | | 1,324,751 | |
| | | | | |
| | 28,031 | | | SLM Corporation | | | | | | | | | 492,785 | |
| | | | Total Consumer Finance | | | | | | | | | 6,777,702 | |
| | | | Containers & Packaging – 0.1% | | | | | | | | | | |
| | | | | |
| | 9,925 | | | Ball Corporation, (2) | | | | | | | | | 425,088 | |
| | | | | |
| | 3,602 | | | Bemis Company, Inc. | | | | | | | | | 119,046 | |
| | | | | |
| | 9,655 | | | Owens-Illinois, Inc., (3) | | | | | | | | | 188,176 | |
| | | | | |
| | 9,788 | | | Sealed Air Corporation | | | | | | | | | 158,761 | |
| | | | Total Containers & Packaging | | | | | | | | | 891,071 | |
| | | | Distributors – 0.1% | | | | | | | | | | |
| | | | | |
| | 9,518 | | | Genuine Parts Company, (2) | | | | | | | | | 595,636 | |
| | | | Diversified Consumer Services – 0.1% | | | | | | | | | | |
| | | | | |
| | 5,776 | | | Apollo Group, Inc., (3) | | | | | | | | | 115,982 | |
| | | | | |
| | 15,709 | | | H&R Block Inc., (2) | | | | | | | | | 278,049 | |
| | | | Total Diversified Consumer Services | | | | | | | | | 394,031 | |
| | | | Diversified Financial Services – 3.2% | | | | | | | | | | |
| | | | | |
| | 616,928 | | | Bank of America Corporation | | | | | | | | | 5,749,769 | |
| | | | | |
| | 167,855 | | | Citigroup Inc. | | | | | | | | | 6,276,098 | |
| | | | | |
| | 19,515 | | | CME Group, Inc., (2) | | | | | | | | | 1,091,474 | |
| | | | | |
| | 4,271 | | | Intercontinental Exchange, Inc., (3) | | | | | | | | | 559,501 | |
| | | | | |
| | 217,919 | | | JPMorgan Chase & Co. | | | | | | | | | 9,082,864 | |
| | | | | |
| | 11,646 | | | Leucadia National Corporation | | | | | | | | | 264,364 | |
| | | | | |
| | 11,484 | | | Moody’s Corporation, (2) | | | | | | | | | 553,069 | |
| | | | | |
| | 7,741 | | | NASDAQ Stock Market, Inc. | | | | | | | | | 184,313 | |
| | | | | |
| | 14,541 | | | New York Stock Exchange Euronext | | | | | | | | | 360,035 | |
| | | | Total Diversified Financial Services | | | | | | | | | 24,121,487 | |
| | | | Diversified Telecommunication Services – 2.8% | | | | | | | | | | |
| | | | | |
| | 335,636 | | | AT&T Inc. | | | | | | | | | 11,609,649 | |
| | | | | |
| | 35,564 | | | CenturyLink Inc., (2) | | | | | | | | | 1,364,946 | |
| | | | | |
| | 57,158 | | | Frontier Communications Corporation, (2) | | | | | | | | | 269,786 | |
| | | | | |
| | 166,428 | | | Verizon Communications Inc., (2) | | | | | | | | | 7,429,346 | |
| | | | | |
| | 30,961 | | | Windstream Corporation, (2) | | | | | | | | | 295,368 | |
| | | | Total Diversified Telecommunication Services | | | | | | | | | 20,969,095 | |
| | | | Electric Utilities – 2.1% | | | | | | | | | | |
| | | | | |
| | 27,726 | | | American Electric Power Company, Inc. | | | | | | | | | 1,232,143 | |
| | | | | |
| | 40,292 | | | Duke Energy Corporation, (2) | | | | | | | | | 2,646,781 | |
| | | | | |
| | 19,152 | | | Edison International | | | | | | | | | 898,995 | |
| | | | | |
| | 10,142 | | | Entergy Corporation | | | | | | | | | 736,106 | |
| | | | | |
| | 48,797 | | | Exelon Corporation, (2) | | | | | | | | | 1,745,957 | |
| | | | | |
| | 24,585 | | | FirstEnergy Corp. | | | | | | | | | 1,124,026 | |
| | | | | |
| | 24,840 | | | NextEra Energy Inc., (2) | | | | | | | | | 1,740,290 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Electric Utilities (continued) | | | | | | | | | | |
| | | | | |
| | 14,739 | | | Northeast Utilities, (2) | | | | | | | | $ | 579,243 | |
| | | | | |
| | 13,744 | | | Pepco Holdings, Inc., (2) | | | | | | | | | 273,093 | |
| | | | | |
| | 6,619 | | | Pinnacle West Capital Corporation | | | | | | | | | 350,608 | |
| | | | | |
| | 32,629 | | | PPL Corporation, (2) | | | | | | | | | 965,166 | |
| | | | | |
| | 49,947 | | | Southern Company | | | | | | | | | 2,339,517 | |
| | | | | |
| | 29,409 | | | Xcel Energy, Inc. | | | | | | | | | 830,804 | |
| | | | Total Electric Utilities | | | | | | | | | 15,462,729 | |
| | | | Electrical Equipment – 0.5% | | | | | | | | | | |
| | | | | |
| | 5,000 | | | Cooper Industries Inc. | | | | | | | | | 374,700 | |
| | | | | |
| | 41,997 | | | Emerson Electric Company | | | | | | | | | 2,033,915 | |
| | | | | |
| | 8,694 | | | Rockwell Automation, Inc. | | | | | | | | | 617,796 | |
| | | | | |
| | 6,149 | | | Roper Industries Inc. | | | | | | | | | 671,286 | |
| | | | Total Electrical Equipment | | | | | | | | | 3,697,697 | |
| | | | Electronic Equipment & Instruments – 0.4% | | | | | | | | | | |
| | | | | |
| | 10,051 | | | Amphenol Corporation, Class A, (2) | | | | | | | | | 604,367 | |
| | | | | |
| | 86,877 | | | Corning Incorporated | | | | | | | | | 1,020,805 | |
| | | | | |
| | 9,704 | | | FLIR Systems Inc. | | | | | | | | | 188,549 | |
| | | | | |
| | 10,769 | | | Jabil Circuit Inc. | | | | | | | | | 186,734 | |
| | | | | |
| | 8,304 | | | Molex Inc., (2) | | | | | | | | | 215,655 | |
| | | | | |
| | 20,585 | | | TE Connectivity Limited | | | | | | | | | 662,425 | |
| | | | Total Electronic Equipment & Instruments | | | | | | | | | 2,878,535 | |
| | | | Energy Equipment & Services – 1.8% | | | | | | | | | | |
| | | | | |
| | 25,658 | | | Baker Hughes Incorporated | | | | | | | | | 1,076,866 | |
| | | | | |
| | 14,414 | | | Cooper Cameron Corporation, (3) | | | | | | | | | 729,925 | |
| | | | | |
| | 4,086 | | | Diamond Offshore Drilling, Inc. | | | | | | | | | 282,915 | |
| | | | | |
| | 10,470 | | | Ensco PLC, (2) | | | | | | | | | 605,375 | |
| | | | | |
| | 14,008 | | | FMC Technologies Inc., (3) | | | | | | | | | 572,927 | |
| | | | | |
| | 54,092 | | | Halliburton Company | | | | | | | | | 1,746,631 | |
| | | | | |
| | 6,298 | | | Helmerich & Payne Inc. | | | | | | | | | 301,044 | |
| | | | | |
| | 16,905 | | | Nabors Industries Inc., (3) | | | | | | | | | 228,048 | |
| | | | | |
| | 24,915 | | | National-Oilwell Varco Inc. | | | | | | | | | 1,836,236 | |
| | | | | |
| | 14,708 | | | Noble Corporation | | | | | | | | | 555,080 | |
| | | | | |
| | 7,360 | | | Rowan Companies Inc., (3) | | | | | | | | | 233,386 | |
| | | | | |
| | 76,643 | | | Schlumberger Limited | | | | | | | | | 5,328,988 | |
| | | | Total Energy Equipment & Services | | | | | | | | | 13,497,421 | |
| | | | Food & Staples Retailing – 2.4% | | | | | | | | | | |
| | | | | |
| | 24,750 | | | Costco Wholesale Corporation | | | | | | | | | 2,436,143 | |
| | | | | |
| | 73,361 | | | CVS Caremark Corporation, (2) | | | | | | | | | 3,403,950 | |
| | | | | |
| | 31,086 | | | Kroger Co., (2) | | | | | | | | | 783,989 | |
| | | | | |
| | 13,762 | | | Safeway Inc., (2) | | | | | | | | | 224,458 | |
| | | | | |
| | 33,533 | | | Sysco Corporation, (2) | | | | | | | | | 1,041,870 | |
| | | | | |
| | 49,389 | | | Walgreen Co. | | | | | | | | | 1,739,974 | |
| | | | | |
| | 98,785 | | | Wal-Mart Stores, Inc. | | | | | | | | | 7,410,851 | |
| | | | | |
| | 9,573 | | | Whole Foods Market, Inc., (2) | | | | | | | | | 906,850 | |
| | | | Total Food & Staples Retailing | | | | | | | | | 17,948,085 | |
Portfolio of Investments
Nuveen Equity Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Food Products – 1.7% | | | | | | | | | | |
| | | | | |
| | 37,699 | | | Archer-Daniels-Midland Company | | | | | | | | $ | 1,011,841 | |
| | | | | |
| | 10,131 | | | Campbell Soup Company, (2) | | | | | | | | | 357,320 | |
| | | | | |
| | 23,779 | | | ConAgra Foods, Inc. | | | | | | | | | 662,007 | |
| | | | | |
| | 10,798 | | | Dean Foods Company, (2), (3) | | | | | | | | | 181,838 | |
| | | | | |
| | 37,057 | | | General Mills, Inc. | | | | | | | | | 1,485,245 | |
| | | | | |
| | 18,313 | | | H.J. Heinz Company | | | | | | | | | 1,053,181 | |
| | | | | |
| | 8,707 | | | Hershey Foods Corporation | | | | | | | | | 599,477 | |
| | | | | |
| | 7,849 | | | Hormel Foods Corporation | | | | | | | | | 231,781 | |
| | | | | |
| | 6,489 | | | JM Smucker Company | | | | | | | | | 555,718 | |
| | | | | |
| | 14,119 | | | Kellogg Company | | | | | | | | | 738,706 | |
| | | | | |
| | 33,832 | | | Kraft Foods Inc. | | | | | | | | | 1,538,679 | |
| | | | | |
| | 7,799 | | | McCormick & Company, Incorporated | | | | | | | | | 480,574 | |
| | | | | |
| | 11,967 | | | Mead Johnson Nutrition Company, Class A Shares | | | | | | | | | 737,885 | |
| | | | | |
| | 101,497 | | | Mondelez International Inc. | | | | | | | | | 2,693,730 | |
| | | | | |
| | 16,531 | | | Tyson Foods, Inc., Class A | | | | | | | | | 277,886 | |
| | | | Total Food Products | | | | | | | | | 12,605,868 | |
| | | | Gas Utilities – 0.1% | | | | | | | | | | |
| | | | | |
| | 2,317 | | | AGL Resources Inc. | | | | | | | | | 94,603 | |
| | | | | |
| | 7,868 | | | ONEOK, Inc. | | | | | | | | | 372,156 | |
| | | | Total Gas Utilities | | | | | | | | | 466,759 | |
| | | | Health Care Equipment & Supplies – 1.7% | | | | | | | | | | |
| | | | | |
| | 31,520 | | | Baxter International, Inc. | | | | | | | | | 1,974,098 | |
| | | | | |
| | 11,604 | | | Becton, Dickinson and Company, (2) | | | | | | | | | 878,191 | |
| | | | | |
| | 81,822 | | | Boston Scientific Corporation, (3) | | | | | | | | | 420,565 | |
| | | | | |
| | 4,805 | | | C.R. Bard, Inc. | | | | | | | | | 462,193 | |
| | | | | |
| | 12,704 | | | CareFusion Corporation, (3) | | | | | | | | | 337,418 | |
| | | | | |
| | 27,775 | | | Covidien PLC | | | | | | | | | 1,526,236 | |
| | | | | |
| | 8,581 | | | DENTSPLY International Inc. | | | | | | | | | 316,124 | |
| | | | | |
| | 3,961 | | | Edwards Lifesciences Corporation, (2), (3) | | | | | | | | | 343,934 | |
| | | | | |
| | 2,377 | | | Intuitive Surgical, Inc., (3) | | | | | | | | | 1,288,857 | |
| | | | | |
| | 59,570 | | | Medtronic, Inc. | | | | | | | | | 2,476,921 | |
| | | | | |
| | 17,965 | | | Saint Jude Medical Inc. | | | | | | | | | 687,341 | |
| | | | | |
| | 18,536 | | | Stryker Corporation | | | | | | | | | 974,994 | |
| | | | | |
| | 6,616 | | | Varian Medical Systems, Inc., (2), (3) | | | | | | | | | 441,684 | |
| | | | | |
| | 10,084 | | | Zimmer Holdings, Inc. | | | | | | | | | 647,494 | |
| | | | Total Health Care Equipment & Supplies | | | | | | | | | 12,776,050 | |
| | | | Health Care Providers & Services – 2.0% | | | | | | | | | | |
| | | | | |
| | 19,888 | | | Aetna Inc. | | | | | | | | | 869,106 | |
| | | | | |
| | 15,928 | | | AmerisourceBergen Corporation, (2) | | | | | | | | | 628,200 | |
| | | | | |
| | 19,812 | | | Cardinal Health, Inc. | | | | | | | | | 814,868 | |
| | | | | |
| | 16,403 | | | CIGNA Corporation | | | | | | | | | 836,553 | |
| | | | | |
| | 8,179 | | | Coventry Health Care, Inc. | | | | | | | | | 356,932 | |
| | | | | |
| | 5,382 | | | Davita Inc., (3) | | | | | | | | | 605,583 | |
| | | | | |
| | 46,779 | | | Express Scripts, Holding Company, (3) | | | | | | | | | 2,878,780 | |
| | | | | |
| | 9,342 | | | Humana Inc. | | | | | | | | | 693,830 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Health Care Providers & Services (continued) | | | | | | | | | | |
| | | | | |
| | 5,541 | | | Laboratory Corporation of America Holdings, (2), (3) | | | | | | | | $ | 469,489 | |
| | | | | |
| | 13,475 | | | McKesson HBOC Inc. | | | | | | | | | 1,257,352 | |
| | | | | |
| | 5,674 | | | Patterson Companies, Inc. | | | | | | | | | 189,512 | |
| | | | | |
| | 9,082 | | | Quest Diagnostics Incorporated | | | | | | | | | 524,213 | |
| | | | | |
| | 6,626 | | | Tenet Healthcare Corporation, (2), (3) | | | | | | | | | 156,385 | |
| | | | | |
| | 59,390 | | | UnitedHealth Group Incorporated | | | | | | | | | 3,325,840 | |
| | | | | |
| | 18,939 | | | Wellpoint Inc. | | | | | | | | | 1,160,582 | |
| | | | Total Health Care Providers & Services | | | | | | | | | 14,767,225 | |
| | | | Health Care Technology – 0.1% | | | | | | | | | | |
| | | | | |
| | 5,616 | | | Cerner Corporation, (2), (3) | | | | | | | | | 427,883 | |
| | | | Hotels, Restaurants & Leisure – 1.8% | | | | | | | | | | |
| | | | | |
| | 25,942 | | | Carnival Corporation, ADR, (2) | | | | | | | | | 982,683 | |
| | | | | |
| | 1,361 | | | Chipotle Mexican Grill, (2), (3) | | | | | | | | | 346,415 | |
| | | | | |
| | 7,749 | | | Darden Restaurants, Inc., (2) | | | | | | | | | 407,752 | |
| | | | | |
| | 15,489 | | | International Game Technology | | | | | | | | | 198,879 | |
| | | | | |
| | 15,159 | | | Marriott International, Inc., Class A, (2) | | | | | | | | | 553,000 | |
| | | | | |
| | 58,176 | | | McDonald’s Corporation | | | | | | | | | 5,049,677 | |
| | | | | |
| | 43,450 | | | Starbucks Corporation | | | | | | | | | 1,994,355 | |
| | | | | |
| | 11,296 | | | Starwood Hotels & Resorts Worldwide, Inc., (2) | | | | | | | | | 585,698 | |
| | | | | |
| | 8,972 | | | Wyndham Worldwide Corporation | | | | | | | | | 452,189 | |
| | | | | |
| | 4,546 | | | Wynn Resorts Ltd | | | | | | | | | 550,339 | |
| | | | | |
| | 28,190 | | | YUM! Brands, Inc. | | | | | | | | | 1,976,401 | |
| | | | Total Hotels, Restaurants & Leisure | | | | | | | | | 13,097,388 | |
| | | | Household Durables – 0.3% | | | | | | | | | | |
| | | | | |
| | 15,418 | | | D.R. Horton, Inc. | | | | | | | | | 323,161 | |
| | | | | |
| | 4,239 | | | Harman International Industries Inc. | | | | | | | | | 177,741 | |
| | | | | |
| | 8,024 | | | Leggett and Platt Inc., (2) | | | | | | | | | 212,877 | |
| | | | | |
| | 9,454 | | | Lennar Corporation, Class A, (2) | | | | | | | | | 354,241 | |
| | | | | |
| | 17,018 | | | Newell Rubbermaid Inc. | | | | | | | | | 351,252 | |
| | | | | |
| | 19,801 | | | Pulte Corporation, (3) | | | | | | | | | 343,349 | |
| | | | | |
| | 4,422 | | | Whirlpool Corporation | | | | | | | | | 431,941 | |
| | | | Total Household Durables | | | | | | | | | 2,194,562 | |
| | | | Household Products – 2.2% | | | | | | | | | | |
| | | | | |
| | 7,446 | | | Clorox Company | | | | | | | | | 538,346 | |
| | | | | |
| | 27,321 | | | Colgate-Palmolive Company | | | | | | | | | 2,867,612 | |
| | | | | |
| | 22,447 | | | Kimberly-Clark Corporation | | | | | | | | | 1,873,202 | |
| | | | | |
| | 156,840 | | | Procter & Gamble Company, (2) | | | | | | | | | 10,859,602 | |
| | | | Total Household Products | | | | | | | | | 16,138,762 | |
| | | | Independent Power Producers & Energy Traders – 0.1% | | | | | | | | | | |
| | | | | |
| | 37,902 | | | AES Corporation, (3) | | | | | | | | | 396,076 | |
| | | | | |
| | 14,636 | | | NRG Energy Inc. | | | | | | | | | 315,552 | |
| | | | Total Independent Power Producers & Energy Traders | | | | | | | | | 711,628 | |
| | | | Industrial Conglomerates – 2.4% | | | | | | | | | | |
| | | | | |
| | 39,721 | | | 3M Co. | | | | | | | | | 3,479,560 | |
| | | | | |
| | 33,489 | | | Danaher Corporation | | | | | | | | | 1,732,386 | |
Portfolio of Investments
Nuveen Equity Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Industrial Conglomerates (continued) | | | | | | | | | | |
| | | | | |
| | 606,546 | | | General Electric Company | | | | | | | | $ | 12,773,859 | |
| | | | Total Industrial Conglomerates | | | | | | | | | 17,985,805 | |
| | | | Insurance – 3.8% | | | | | | | | | | |
| | | | | |
| | 19,388 | | | ACE Limited | | | | | | | | | 1,524,866 | |
| | | | | |
| | 26,771 | | | AFLAC Incorporated | | | | | | | | | 1,332,660 | |
| | | | | |
| | 28,128 | | | Allstate Corporation | | | | | | | | | 1,124,557 | |
| | | | | |
| | 60,995 | | | American International Group, (3) | | | | | | | | | 2,130,555 | |
| | | | | |
| | 18,687 | | | Aon PLC | | | | | | | | | 1,008,164 | |
| | | | | |
| | 4,909 | | | Assurant Inc. | | | | | | | | | 185,609 | |
| | | | | |
| | 100,673 | | | Berkshire Hathaway Inc., Class B, (3) | | | | | | | | | 8,693,114 | |
| | | | | |
| | 15,454 | | | Chubb Corporation | | | | | | | | | 1,189,649 | |
| | | | | |
| | 9,899 | | | Cincinnati Financial Corporation | | | | | | | | | 394,376 | |
| | | | | |
| | 28,860 | | | Genworth Financial Inc., Class A, (3) | | | | | | | | | 172,006 | |
| | | | | |
| | 25,238 | | | Hartford Financial Services Group, Inc., (2) | | | | | | | | | 547,917 | |
| | | | | |
| | 16,339 | | | Lincoln National Corporation, (2) | | | | | | | | | 405,044 | |
| | | | | |
| | 17,950 | | | Loews Corporation | | | | | | | | | 758,926 | |
| | | | | |
| | 31,234 | | | Marsh & McLennan Companies, Inc. | | | | | | | | | 1,062,893 | |
| | | | | |
| | 60,798 | | | MetLife, Inc. | | | | | | | | | 2,157,721 | |
| | | | | |
| | 18,452 | | | Principal Financial Group, Inc. | | | | | | | | | 508,168 | |
| | | | | |
| | 34,903 | | | Progressive Corporation, (2) | | | | | | | | | 778,337 | |
| | | | | |
| | 26,849 | | | Prudential Financial, Inc. | | | | | | | | | 1,531,735 | |
| | | | | |
| | 5,636 | | | Torchmark Corporation | | | | | | | | | 285,125 | |
| | | | | |
| | 22,271 | | | Travelers Companies, Inc. | | | | | | | | | 1,579,905 | |
| | | | | |
| | 16,363 | | | Unum Group | | | | | | | | | 331,842 | |
| | | | | |
| | 17,844 | | | XL Capital Ltd, Class A | | | | | | | | | 441,461 | |
| | | | Total Insurance | | | | | | | | | 28,144,630 | |
| | | | Internet & Catalog Retail – 1.0% | | | | | | | | | | |
| | | | | |
| | 20,632 | | | Amazon.com, Inc., (2), (3) | | | | | | | | | 4,803,542 | |
| | | | | |
| | 5,573 | | | Expedia, Inc. | | | | | | | | | 329,643 | |
| | | | | |
| | 2,853 | | | Netflix.com Inc., (2), (3) | | | | | | | | | 225,644 | |
| | | | | |
| | 2,979 | | | Priceline.com Incorporated, (3) | | | | | | | | | 1,709,261 | |
| | | | | |
| | 5,911 | | | TripAdvisor Inc., (3) | | | | | | | | | 179,044 | |
| | | | Total Internet & Catalog Retail | | | | | | | | | 7,247,134 | |
| | | | Internet Software & Services – 2.1% | | | | | | | | | | |
| | | | | |
| | 10,548 | | | Akamai Technologies, Inc., (3) | | | | | | | | | 400,719 | |
| | | | | |
| | 67,541 | | | eBay Inc., (3) | | | | | | | | | 3,261,555 | |
| | | | | |
| | 14,864 | | | Google Inc., Class A, (3) | | | | | | | | | 10,104,101 | |
| | | | | |
| | 9,350 | | | VeriSign, Inc., (3) | | | | | | | | | 346,605 | |
| | | | | |
| | 69,766 | | | Yahoo! Inc., (3) | | | | | | | | | 1,172,766 | |
| | | | Total Internet Software & Services | | | | | | | | | 15,285,746 | |
| | | | IT Services – 3.8% | | | | | | | | | | |
| | | | | |
| | 35,562 | | | Accenture Limited | | | | | | | | | 2,397,234 | |
| | | | | |
| | 27,999 | | | Automatic Data Processing, Inc. | | | | | | | | | 1,618,062 | |
| | | | | |
| | 17,431 | | | Cognizant Technology Solutions Corporation, Class A, (3) | | | | | | | | | 1,161,776 | |
| | | | | |
| | 9,116 | | | Computer Sciences Corporation | | | | | | | | | 277,582 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | IT Services (continued) | | | | | | | | | | |
| | | | | |
| | 10,191 | | | Fidelity National Information Services | | | | | | | | $ | 334,978 | |
| | | | | |
| | 7,814 | | | Fiserv, Inc., (2), (3) | | | | | | | | | 585,581 | |
| | | | | |
| | 65,733 | | | International Business Machines Corporation (IBM) | | | | | | | | | 12,787,040 | |
| | | | | |
| | 6,268 | | | MasterCard, Inc. | | | | | | | | | 2,889,109 | |
| | | | | |
| | 18,471 | | | Paychex, Inc. | | | | | | | | | 599,015 | |
| | | | | |
| | 15,839 | | | SAIC, Inc. | | | | | | | | | 174,071 | |
| | | | | |
| | 9,841 | | | Teradata Corporation, (3) | | | | | | | | | 672,239 | |
| | | | | |
| | 10,682 | | | Total System Services Inc. | | | | | | | | | 240,238 | |
| | | | | |
| | 28,506 | | | Visa Inc. | | | | | | | | | 3,955,493 | |
| | | | | |
| | 35,090 | | | Western Union Company | | | | | | | | | 445,643 | |
| | | | Total IT Services | | | | | | | | | 28,138,061 | |
| | | | Leisure Equipment & Products – 0.1% | | | | | | | | | | |
| | | | | |
| | 6,824 | | | Hasbro, Inc. | | | | | | | | | 245,596 | |
| | | | | |
| | 19,907 | | | Mattel, Inc. | | | | | | | | | 732,179 | |
| | | | Total Leisure Equipment & Products | | | | | | | | | 977,775 | |
| | | | Life Sciences Tools & Services – 0.4% | | | | | | | | | | |
| | | | | |
| | 20,412 | | | Agilent Technologies, Inc. | | | | | | | | | 734,628 | |
| | | | | |
| | 11,128 | | | Life Technologies Corporation, (3) | | | | | | | | | 544,270 | |
| | | | | |
| | 7,178 | | | PerkinElmer Inc., (2) | | | | | | | | | 222,016 | |
| | | | | |
| | 21,026 | | | Thermo Fisher Scientific, Inc. | | | | | | | | | 1,283,848 | |
| | | | | |
| | 5,087 | | | Waters Corporation, (3) | | | | | | | | | 416,167 | |
| | | | Total Life Sciences Tools & Services | | | | | | | | | 3,200,929 | |
| | | | Machinery – 1.9% | | | | | | | | | | |
| | | | | |
| | 37,345 | | | Caterpillar Inc. | | | | | | | | | 3,167,229 | |
| | | | | |
| | 11,003 | | | Cummins Inc. | | | | | | | | | 1,029,661 | |
| | | | | |
| | 22,770 | | | Deere & Company, (2) | | | | | | | | | 1,945,469 | |
| | | | | |
| | 10,513 | | | Dover Corporation | | | | | | | | | 612,067 | |
| | | | | |
| | 19,332 | | | Eaton Corporation, (2) | | | | | | | | | 912,857 | |
| | | | | |
| | 2,934 | | | Flowserve Corporation | | | | | | | | | 397,528 | |
| | | | | |
| | 27,327 | | | Illinois Tool Works, Inc. | | | | | | | | | 1,675,965 | |
| | | | | |
| | 18,351 | | | Ingersoll Rand Company Limited, Class A | | | | | | | | | 863,048 | |
| | | | | |
| | 6,060 | | | Joy Global Inc. | | | | | | | | | 378,447 | |
| | | | | |
| | 22,190 | | | PACCAR Inc., (2) | | | | | | | | | 961,715 | |
| | | | | |
| | 6,629 | | | Pall Corporation | | | | | | | | | 417,362 | |
| | | | | |
| | 8,647 | | | Parker Hannifin Corporation | | | | | | | | | 680,173 | |
| | | | | |
| | 6,516 | | | Pentair Limited | | | | | | | | | 275,236 | |
| | | | | |
| | 3,532 | | | Snap-on Incorporated | | | | | | | | | 273,130 | |
| | | | | |
| | 9,800 | | | Stanley Black & Decker Inc. | | | | | | | | | 679,140 | |
| | | | | |
| | 10,850 | | | Xylem Inc. | | | | | | | | | 263,221 | |
| | | | Total Machinery | | | | | | | | | 14,532,248 | |
| | | | Media – 3.5% | | | | | | | | | | |
| | | | | |
| | 10,913 | | | Cablevision Systems Corporation | | | | | | | | | 190,104 | |
| | | | | |
| | 38,752 | | | CBS Corporation, Class B | | | | | | | | | 1,255,565 | |
| | | | | |
| | 154,347 | | | Comcast Corporation, Class A | | | | | | | | | 5,789,556 | |
| | | | | |
| | 38,099 | | | DIRECTV Group, Inc., (3) | | | | | | | | | 1,947,240 | |
Portfolio of Investments
Nuveen Equity Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Media (continued) | | | | | | | | | | |
| | | | | |
| | 14,992 | | | Discovery Communications Inc., Class A Shares, (2), (3) | | | | | | | | $ | 884,828 | |
| | | | | |
| | 14,604 | | | Gannett Company Inc. | | | | | | | | | 246,808 | |
| | | | | |
| | 27,110 | | | Interpublic Group Companies, Inc. | | | | | | | | | 273,811 | |
| | | | | |
| | 16,011 | | | McGraw-Hill Companies, Inc. | | | | | | | | | 885,088 | |
| | | | | |
| | 120,606 | | | News Corporation, Class A, (2) | | | | | | | | | 2,884,896 | |
| | | | | |
| | 15,606 | | | Omnicom Group, Inc. | | | | | | | | | 747,683 | |
| | | | | |
| | 5,307 | | | Scripps Networks Interactive, Class A Shares, (2) | | | | | | | | | 322,241 | |
| | | | | |
| | 18,760 | | | Time Warner Cable, Class A | | | | | | | | | 1,859,304 | |
| | | | | |
| | 54,950 | | | Time Warner Inc., (2) | | | | | | | | | 2,387,609 | |
| | | | | |
| | 30,216 | | | Viacom Inc., Class B | | | | | | | | | 1,549,174 | |
| | | | | |
| | 102,321 | | | Walt Disney Company, (2) | | | | | | | | | 5,020,891 | |
| | | | | |
| | 110 | | | Washington Post Company, (2) | | | | | | | | | 36,686 | |
| | | | Total Media | | | | | | | | | 26,281,484 | |
| | | | Metals & Mining – 0.8% | | | | | | | | | | |
| | | | | |
| | 61,066 | | | Alcoa Inc. | | | | | | | | | 523,336 | |
| | | | | |
| | 6,132 | | | Allegheny Technologies, Inc. | | | | | | | | | 161,578 | |
| | | | | |
| | 8,206 | | | Cliffs Natural Resources Inc., (2) | | | | | | | | | 297,632 | |
| | | | | |
| | 54,334 | | | Freeport-McMoRan Copper & Gold, Inc. | | | | | | | | | 2,112,506 | |
| | | | | |
| | 28,508 | | | Newmont Mining Corporation | | | | | | | | | 1,555,111 | |
| | | | | |
| | 18,617 | | | Nucor Corporation | | | | | | | | | 747,100 | |
| | | | | |
| | 4,840 | | | Titanium Metals Corporation, (2) | | | | | | | | | 56,676 | |
| | | | | |
| | 8,465 | | | United States Steel Corporation, (2) | | | | | | | | | 172,601 | |
| | | | Total Metals & Mining | | | | | | | | | 5,626,540 | |
| | | | Multiline Retail – 0.8% | | | | | | | | | | |
| | | | | |
| | 3,980 | | | Big Lots, Inc., (3) | | | | | | | | | 115,937 | |
| | | | | |
| | 7,314 | | | Dollar Tree Stores Inc., (3) | | | | | | | | | 291,609 | |
| | | | | |
| | 6,683 | | | Family Dollar Stores, Inc. | | | | | | | | | 440,811 | |
| | | | | |
| | 8,401 | | | J.C. Penney Company, Inc., (2) | | | | | | | | | 201,708 | |
| | | | | |
| | 13,726 | | | Kohl’s Corporation | | | | | | | | | 731,321 | |
| | | | | |
| | 23,651 | | | Macy’s, Inc. | | | | | | | | | 900,394 | |
| | | | | |
| | 9,169 | | | Nordstrom, Inc. | | | | | | | | | 520,524 | |
| | | | | |
| | 37,852 | | | Target Corporation | | | | | | | | | 2,413,065 | |
| | | | Total Multiline Retail | | | | | | | | | 5,615,369 | |
| | | | Multi-Utilities – 1.3% | | | | | | | | | | |
| | | | | |
| | 14,240 | | | Ameren Corporation | | | | | | | | | 468,211 | |
| | | | | |
| | 27,733 | | | CenterPoint Energy, Inc., (2) | | | | | | | | | 600,974 | |
| | | | | |
| | 14,814 | | | CMS Energy Corporation | | | | | | | | | 360,276 | |
| | | | | |
| | 17,219 | | | Consolidated Edison, Inc. | | | | | | | | | 1,039,683 | |
| | | | | |
| | 32,717 | | | Dominion Resources, Inc. | | | | | | | | | 1,726,803 | |
| | | | | |
| | 10,281 | | | DTE Energy Company | | | | | | | | | 638,450 | |
| | | | | |
| | 4,730 | | | Integrys Energy Group, Inc. | | | | | | | | | 255,609 | |
| | | | | |
| | 17,036 | | | NiSource Inc. | | | | | | | | | 433,907 | |
| | | | | |
| | 23,860 | | | PG&E Corporation | | | | | | | | | 1,014,527 | |
| | | | | |
| | 28,960 | | | Public Service Enterprise Group Incorporated | | | | | | | | | 927,878 | |
| | | | | |
| | 6,971 | | | Scana Corporation, (2) | | | | | | | | | 342,137 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Multi-Utilities (continued) | | | | | | | | | | |
| | | | | |
| | 14,539 | | | Sempra Energy | | | | | | | | $ | 1,014,095 | |
| | | | | |
| | 13,096 | | | TECO Energy, Inc. | | | | | | | | | 234,026 | |
| | | | | |
| | 14,184 | | | Wisconsin Energy Corporation | | | | | | | | | 545,658 | |
| | | | Total Multi-Utilities | | | | | | | | | 9,602,234 | |
| | | | Office Electronics – 0.1% | | | | | | | | | | |
| | | | | |
| | 77,153 | | | Xerox Corporation | | | | | | | | | 496,865 | |
| | | | Oil, Gas & Consumable Fuels – 9.3% | | | | | | | | | | |
| | | | | |
| | 28,599 | | | Anadarko Petroleum Corporation | | | | | | | | | 1,967,897 | |
| | | | | |
| | 22,374 | | | Apache Corporation | | | | | | | | | 1,851,449 | |
| | | | | |
| | 12,682 | | | Cabot Oil & Gas Corporation | | | | | | | | | 595,800 | |
| | | | | |
| | 37,916 | | | Chesapeake Energy Corporation | | | | | | | | | 768,178 | |
| | | | | |
| | 112,958 | | | Chevron Corporation | | | | | | | | | 12,449,101 | |
| | | | | |
| | 72,391 | | | ConocoPhillips | | | | | | | | | 4,187,819 | |
| | | | | |
| | 13,027 | | | CONSOL Energy Inc. | | | | | | | | | 458,029 | |
| | | | | |
| | 23,353 | | | Denbury Resources Inc., (3) | | | | | | | | | 358,001 | |
| | | | | |
| | 23,151 | | | Devon Energy Corporation | | | | | | | | | 1,347,620 | |
| | | | | |
| | 15,434 | | | EOG Resources, Inc. | | | | | | | | | 1,797,907 | |
| | | | | |
| | 8,563 | | | EQT Corporation | | | | | | | | | 519,175 | |
| | | | | |
| | 267,695 | | | Exxon Mobil Corporation | | | | | | | | | 24,405,757 | |
| | | | | |
| | 17,405 | | | Hess Corporation | | | | | | | | | 909,585 | |
| | | | | |
| | 29,518 | | | Kinder Morgan, Inc. | | | | | | | | | 1,024,570 | |
| | | | | |
| | 40,377 | | | Marathon Oil Corporation | | | | | | | | | 1,213,733 | |
| | | | | |
| | 21,636 | | | Marathon Petroleum Corporation | | | | | | | | | 1,188,465 | |
| | | | | |
| | 11,115 | | | Murphy Oil Corporation | | | | | | | | | 666,900 | |
| | | | | |
| | 7,717 | | | Newfield Exploration Company, (2), (3) | | | | | | | | | 209,285 | |
| | | | | |
| | 10,177 | | | Noble Energy, Inc. | | | | | | | | | 966,917 | |
| | | | | |
| | 46,430 | | | Occidental Petroleum Corporation | | | | | | | | | 3,666,113 | |
| | | | | |
| | 15,594 | | | Peabody Energy Corporation | | | | | | | | | 435,073 | |
| | | | | |
| | 37,691 | | | Phillips 66 | | | | | | | | | 1,777,508 | |
| | | | | |
| | 7,086 | | | Pioneer Natural Resources Company, (2) | | | | | | | | | 748,636 | |
| | | | | |
| | 10,212 | | | QEP Resources Inc. | | | | | | | | | 296,148 | |
| | | | | |
| | 9,195 | | | Range Resources Corporation | | | | | | | | | 600,985 | |
| | | | | |
| | 19,929 | | | Southwestern Energy Company, (2), (3) | | | | | | | | | 691,536 | |
| | | | | |
| | 38,231 | | | Spectra Energy Corporation | | | | | | | | | 1,103,729 | |
| | | | | |
| | 8,414 | | | Tesoro Corporation | | | | | | | | | 317,292 | |
| | | | | |
| | 32,903 | | | Valero Energy Corporation | | | | | | | | | 957,477 | |
| | | | | |
| | 34,648 | | | Williams Companies, Inc. | | | | | | | | | 1,212,334 | |
| | | | | |
| | 11,549 | | | WPX Energy Inc., (2), (3) | | | | | | | | | 195,640 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | 68,888,659 | |
| | | | Paper & Forest Products – 0.2% | | | | | | | | | | |
| | | | | |
| | 25,021 | | | International Paper Company | | | | | | | | | 896,502 | |
| | | | | |
| | 9,866 | | | MeadWestvaco Corporation | | | | | | | | | 292,922 | |
| | | | Total Paper & Forest Products | | | | | | | | | 1,189,424 | |
| | | | Personal Products – 0.2% | | | | | | | | | | |
| | | | | |
| | 24,720 | | | Avon Products, Inc., (2) | | | | | | | | | 382,913 | |
Portfolio of Investments
Nuveen Equity Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Personal Products (continued) | | | | | | | | | | |
| | | | | |
| | 12,907 | | | Estee Lauder Companies Inc., Class A | | | | | | | | $ | 795,329 | |
| | | | Total Personal Products | | | | | | | | | 1,178,242 | |
| | | | Pharmaceuticals – 6.2% | | | | | | | | | | |
| | | | | |
| | 91,576 | | | Abbott Laboratories | | | | | | | | | 6,000,060 | |
| | | | | |
| | 18,561 | | | Allergan, Inc. | | | | | | | | | 1,669,005 | |
| | | | | |
| | 99,615 | | | Bristol-Myers Squibb Company | | | | | | | | | 3,312,199 | |
| | | | | |
| | 58,458 | | | Eli Lilly and Company | | | | | | | | | 2,842,813 | |
| | | | | |
| | 15,210 | | | Forest Laboratories, Inc., (3) | | | | | | | | | 512,729 | |
| | | | | |
| | 9,454 | | | Hospira Inc., (3) | | | | | | | | | 290,143 | |
| | | | | |
| | 157,220 | | | Johnson & Johnson, (2) | | | | | | | | | 11,134,320 | |
| | | | | |
| | 174,119 | | | Merck & Company Inc. | | | | | | | | | 7,945,050 | |
| | | | | |
| | 24,596 | | | Mylan Laboratories Inc., (2), (3) | | | | | | | | | 623,263 | |
| | | | | |
| | 3,056 | | | Perrigo Company | | | | | | | | | 351,471 | |
| | | | | |
| | 428,670 | | | Pfizer Inc. | | | | | | | | | 10,661,023 | |
| | | | | |
| | 7,486 | | | Watson Pharmaceuticals Inc., (3) | | | | | | | | | 643,422 | |
| | | | Total Pharmaceuticals | | | | | | | | | 45,985,498 | |
| | | | Professional Services – 0.1% | | | | | | | | | | |
| | | | | |
| | 2,987 | | | Dun and Bradstreet Inc., (2) | | | | | | | | | 242,066 | |
| | | | | |
| | 7,432 | | | Equifax Inc. | | | | | | | | | 371,897 | |
| | | | | |
| | 8,795 | | | Robert Half International Inc. | | | | | | | | | 236,498 | |
| | | | Total Professional Services | | | | | | | | | 850,461 | |
| | | | Real Estate Investment Trust – 2.0% | | | | | | | | | | |
| | | | | |
| | 24,026 | | | American Tower REIT Inc. | | | | | | | | | 1,808,918 | |
| | | | | |
| | 7,519 | | | Apartment Investment & Management Company, Class A, (2) | | | | | | | | | 200,682 | |
| | | | | |
| | 5,886 | | | AvalonBay Communities, Inc., (2) | | | | | | | | | 797,906 | |
| | | | | |
| | 9,151 | | | Boston Properties, Inc. | | | | | | | | | 972,751 | |
| | | | | |
| | 17,437 | | | Equity Residential | | | | | | | | | 1,001,058 | |
| | | | | |
| | 26,633 | | | Health Care Property Investors Inc. | | | | | | | | | 1,179,842 | |
| | | | | |
| | 8,504 | | | Health Care REIT, Inc. | | | | | | | | | 505,393 | |
| | | | | |
| | 41,517 | | | Host Hotels & Resorts Inc., (2) | | | | | | | | | 600,336 | |
| | | | | |
| | 24,856 | | | Kimco Realty Corporation, (2) | | | | | | | | | 485,189 | |
| | | | | |
| | 9,244 | | | Plum Creek Timber Company | | | | | | | | | 405,812 | |
| | | | | |
| | 26,938 | | | Prologis Inc. | | | | | | | | | 923,704 | |
| | | | | |
| | 8,365 | | | Public Storage, Inc. | | | | | | | | | 1,159,640 | |
| | | | | |
| | 17,270 | | | Simon Property Group, Inc. | | | | | | | | | 2,628,667 | |
| | | | | |
| | 11,838 | | | Ventas Inc., (2) | | | | | | | | | 748,990 | |
| | | | | |
| | 10,519 | | | Vornado Realty Trust | | | | | | | | | 843,729 | |
| | | | | |
| | 32,030 | | | Weyerhaeuser Company | | | | | | | | | 886,911 | |
| | | | Total Real Estate Investment Trust | | | | | | | | | 15,149,528 | |
| | | | Real Estate Management & Development – 0.0% | | | | | | | | | | |
| | | | | |
| | 18,699 | | | CBRE Group Inc., (3) | | | | | | | | | 336,956 | |
| | | | Road & Rail – 0.8% | | | | | | | | | | |
| | | | | |
| | 59,489 | | | CSX Corporation | | | | | | | | | 1,217,740 | |
| | | | | |
| | 18,648 | | | Norfolk Southern Corporation | | | | | | | | | 1,144,055 | |
| | | | | |
| | 3,104 | | | Ryder System, Inc. | | | | | | | | | 140,052 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Road & Rail (continued) | | | | | | | | | | |
| | | | | |
| | 27,261 | | | Union Pacific Corporation | | | | | | | | $ | 3,353,921 | |
| | | | Total Road & Rail | | | | | | | | | 5,855,768 | |
| | | | Semiconductors & Equipment – 1.9% | | | | | | | | | | |
| | | | | |
| | 34,414 | | | Advanced Micro Devices, Inc., (2), (3) | | | | | | | | | 70,549 | |
| | | | | |
| | 18,863 | | | Altera Corporation | | | | | | | | | 574,944 | |
| | | | | |
| | 17,516 | | | Analog Devices, Inc. | | | | | | | | | 685,051 | |
| | | | | |
| | 73,374 | | | Applied Materials, Inc. | | | | | | | | | 777,764 | |
| | | | | |
| | 28,516 | | | Broadcom Corporation, Class A, (3) | | | | | | | | | 899,252 | |
| | | | | |
| | 3,482 | | | First Solar Inc., (2), (3) | | | | | | | | | 84,647 | |
| | | | | |
| | 288,007 | | | Intel Corporation | | | | | | | | | 6,228,151 | |
| | | | | |
| | 9,797 | | | KLA-Tencor Corporation | | | | | | | | | 455,756 | |
| | | | | |
| | 8,059 | | | Lam Research Corporation, (3) | | | | | | | | | 285,289 | |
| | | | | |
| | 13,389 | | | Linear Technology Corporation | | | | | | | | | 418,540 | |
| | | | | |
| | 33,125 | | | LSI Logic Corporation, (3) | | | | | | | | | 226,906 | |
| | | | | |
| | 11,235 | | | Microchip Technology Incorporated | | | | | | | | | 352,217 | |
| | | | | |
| | 58,259 | | | Micron Technology, Inc., (3) | | | | | | | | | 316,055 | |
| | | | | |
| | 35,898 | | | NVIDIA Corporation | | | | | | | | | 429,699 | |
| | | | | |
| | 10,819 | | | Teradyne Inc., (2), (3) | | | | | | | | | 158,174 | |
| | | | | |
| | 65,722 | | | Texas Instruments Incorporated | | | | | | | | | 1,846,131 | |
| | | | | |
| | 15,428 | | | Xilinx, Inc. | | | | | | | | | 505,421 | |
| | | | Total Semiconductors & Equipment | | | | | | | | | 14,314,546 | |
| | | | Software – 3.5% | | | | | | | | | | |
| | | | | |
| | 28,402 | | | Adobe Systems Incorporated, (2), (3) | | | | | | | | | 965,668 | |
| | | | | |
| | 13,333 | | | Autodesk, Inc., (2), (3) | | | | | | | | | 424,523 | |
| | | | | |
| | 9,222 | | | BMC Software, Inc., (3) | | | | | | | | | 375,335 | |
| | | | | |
| | 20,259 | | | CA Inc. | | | | | | | | | 456,233 | |
| | | | | |
| | 10,963 | | | Citrix Systems, (3) | | | | | | | | | 677,623 | |
| | | | | |
| | 18,197 | | | Electronic Arts Inc., (3) | | | | | | | | | 224,733 | |
| | | | | |
| | 16,842 | | | Intuit, Inc. | | | | | | | | | 1,000,752 | |
| | | | | |
| | 428,019 | | | Microsoft Corporation | | | | | | | | | 12,213,522 | |
| | | | | |
| | 222,150 | | | Oracle Corporation | | | | | | | | | 6,897,758 | |
| | | | | |
| | 12,282 | | | Red Hat, Inc., (3) | | | | | | | | | 603,906 | |
| | | | | |
| | 7,995 | | | Salesforce.com, Inc., (2), (3) | | | | | | | | | 1,167,110 | |
| | | | | |
| | 41,260 | | | Symantec Corporation, (3) | | | | | | | | | 750,519 | |
| | | | Total Software | | | | | | | | | 25,757,682 | |
| | | | Specialty Retail – 2.1% | | | | | | | | | | |
| | | | | |
| | 3,638 | | | Abercrombie & Fitch Co., Class A, (2) | | | | | | | | | 111,250 | |
| | | | | |
| | 3,009 | | | AutoNation Inc., (2), (3) | | | | | | | | | 133,600 | |
| | | | | |
| | 1,622 | | | AutoZone, Inc., (2), (3) | | | | | | | | | 608,250 | |
| | | | | |
| | 13,308 | | | Bed Bath and Beyond Inc., (2), (3) | | | | | | | | | 767,605 | |
| | | | | |
| | 15,868 | | | Best Buy Co., Inc., (2) | | | | | | | | | 241,352 | |
| | | | | |
| | 13,737 | | | CarMax, Inc., (2), (3) | | | | | | | | | 463,624 | |
| | | | | |
| | 7,459 | | | GameStop Corporation, (2) | | | | | �� | | | | 170,289 | |
| | | | | |
| | 19,045 | | | Gap, Inc. | | | | | | | | | 680,287 | |
| | | | | |
| | 88,237 | | | Home Depot, Inc. | | | | | | | | | 5,415,987 | |
Portfolio of Investments
Nuveen Equity Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Specialty Retail (continued) | | | | | | | | | | |
| | | | | |
| | 14,549 | | | Limited Brands, Inc., (2) | | | | | | | | $ | 696,752 | |
| | | | | |
| | 67,363 | | | Lowe’s Companies, Inc. | | | | | | | | | 2,181,214 | |
| | | | | |
| | 8,253 | | | O’Reilly Automotive Inc., (3) | | | | | | | | | 707,117 | |
| | | | | |
| | 12,936 | | | Ross Stores, Inc. | | | | | | | | | 788,449 | |
| | | | | |
| | 39,452 | | | Staples, Inc., (2) | | | | | | | | | 454,290 | |
| | | | | |
| | 7,254 | | | Tiffany & Co. | | | | | | | | | 458,598 | |
| | | | | |
| | 42,416 | | | TJX Companies, Inc. | | | | | | | | | 1,765,778 | |
| | | | | |
| | 6,383 | | | Urban Outfitters, Inc., (2), (3) | | | | | | | | | 228,256 | |
| | | | Total Specialty Retail | | | | | | | | | 15,872,698 | |
| | | | Textiles, Apparel & Luxury Goods – 0.6% | | | | | | | | | | |
| | | | | |
| | 16,452 | | | Coach, Inc., (2) | | | | | | | | | 922,135 | |
| | | | | |
| | 2,605 | | | Fossil Inc., (3) | | | | | | | | | 226,896 | |
| | | | | |
| | 20,992 | | | Nike, Inc., Class B | | | | | | | | | 1,918,249 | |
| | | | | |
| | 3,791 | | | Ralph Lauren Corporation | | | | | | | | | 582,639 | |
| | | | | |
| | 5,262 | | | VF Corporation | | | | | | | | | 823,398 | |
| | | | Total Textiles, Apparel & Luxury Goods | | | | | | | | | 4,473,317 | |
| | | | Thrifts & Mortgage Finance – 0.1% | | | | | | | | | | |
| | | | | |
| | 31,009 | | | Hudson City Bancorp, Inc. | | | | | | | | | 263,111 | |
| | | | | |
| | 20,354 | | | People’s United Financial, Inc. | | | | | | | | | 244,859 | |
| | | | Total Thrifts & Mortgage Finance | | | | | | | | | 507,970 | |
| | | | Tobacco – 1.9% | | | | | | | | | | |
| | | | | |
| | 116,487 | | | Altria Group, Inc. | | | | | | | | | 3,704,287 | |
| | | | | |
| | 7,686 | | | Lorillard Inc. | | | | | | | | | 891,653 | |
| | | | | |
| | 97,638 | | | Philip Morris International | | | | | | | | | 8,646,821 | |
| | | | | |
| | 18,977 | | | Reynolds American Inc., (2) | | | | | | | | | 790,202 | |
| | | | Total Tobacco | | | | | | | | | 14,032,963 | |
| | | | Trading Companies & Distributors – 0.2% | | | | | | | | | | |
| | | | | |
| | 17,918 | | | Fastenal Company | | | | | | | | | 800,935 | |
| | | | | |
| | 3,732 | | | W.W. Grainger, Inc. | | | | | | | | | 751,662 | |
| | | | Total Trading Companies & Distributors | | | | | | | | | 1,552,597 | |
| | | | Wireless Telecommunication Services – 0.3% | | | | | | | | | | |
| | | | | |
| | 14,425 | | | Crown Castle International Corporation, (2), (3) | | | | | | | | | 962,869 | |
| | | | | |
| | 17,652 | | | Metropcs Communications Inc., (3) | | | | | | | | | 180,227 | |
| | | | | |
| | 176,110 | | | Sprint Nextel Corporation, (3) | | | | | | | | | 975,649 | |
| | | | Total Wireless Telecommunication Services | | | | | | | | | 2,118,745 | |
| | | | Total Common Stocks (cost $387,644,302) | | | | | | | | | 731,257,686 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | WARRANTS – 0.0% | | | | | | | | | | |
| | | | | |
| | 29,014 | | | Kinder Morgan Inc., Uncovered Equity Options Warrant, (2) | | | | | | | | $ | 111,704 | |
| | | | Total Warrants (cost $51,956) | | | | | | | | | 111,704 | |
| | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | | | | Value | |
| | | | | | | | | | | | | | | | | | | | |
| | | | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 12.7% | | | | | | | | | |
| | | | | |
| | | | Money Market Fund – 12.7% | | | | | | | | | | | | | | | | |
| | | | | |
| | 94,369,055 | | | Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5) | | | | | | | | | | | | | | $ | 94,369,055 | |
| | | | Total Investments Purchased with Collateral from Securities Lending (cost $94,369,055) | | | | 94,369,055 | |
| | | | | |
Shares/
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Ratings (6) | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 2.0% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 1.6% | | | | | | | | | | | | | | | | |
| | | | | |
| | 11,818,183 | | | First American Treasury Obligations Fund, Class Z | | | 0.004% | (4) | | | N/A | | | | N/A | | | $ | 11,818,183 | |
| | | | U.S. Government and Agency Obligations – 0.4% | | | | | | | | | | | | | | | | |
| | | | | |
| $ | 3,400 | | | U.S. Treasury Bills, (7) | | | 0.000% | | | | 2/21/13 | | | | N/R | | | | 3,398,759 | |
| | | | Total Short-Term Investments (cost $15,217,020) | | | | | | | | | | | | | | | 15,216,942 | |
| | | | Total Investments (cost $497,282,333) – 113.0% | | | | | | | | | | | | | | | 840,955,387 | |
| | | | Other Assets Less Liabilities – (13.0)% (8) | | | | | | | | | | | | | | | (96,685,652) | |
| | | | Net Assets – 100% | | | | | | | | | | | | | | $ | 744,269,735 | |
Investments in Derivatives at October 31, 2012
Futures Contracts outstanding:
| | | | | | | | | | | | | | | | | | | | |
| Type | | Contract
Position | | | Number of
Contracts | | | Contract
Expiration | | | Notional
Value | | | Unrealized
Appreciation
(Depreciation) | |
S&P 500 Index | | | Long | | | | 38 | | | | 12/12 | | | $ | 13,364,600 | | | $ | (415,303 | ) |
| | | | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry subclassifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
| | (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| | (2) | | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan at the end of the reporting period was $91,027,521. |
| | (3) | | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| | (4) | | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
| | (5) | | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
| | (6) | | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| | (7) | | Investment, or portion of investment, segregated as collateral for investments in derivatives. |
| | (8) | | Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at the end of the reporting period. |
| | ADR | | American Depositary Receipt. |
| | REIT | | Real Estate Investment Trust |
See accompanying notes to financial statements.
Portfolio of Investments
Nuveen Mid Cap Index Fund
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | COMMON STOCKS – 92.7% | | | | | | | | | | |
| | | | | |
| | | | Aerospace & Defense – 1.3% | | | | | | | | | | |
| | | | | |
| | 10,467 | | | Alliant Techsystems Inc. | | | | | | | | $ | 599,654 | |
| | | | | |
| | 32,824 | | | BE Aerospace Inc., (2), (3) | | | | | | | | | 1,480,034 | |
| | | | | |
| | 9,734 | | | Esterline Technologies Corporation, (2) | | | | | | | | | 562,528 | |
| | | | | |
| | 58,946 | | | Exelis Inc. | | | | | | | | | 651,943 | |
| | | | | |
| | 15,624 | | | Huntington Ingalls Industries Inc., (2) | | | | | | | | | 662,145 | |
| | | | | |
| | 15,739 | | | Triumph Group Inc. | | | | | | | | | 1,029,645 | |
| | | | Total Aerospace & Defense | | | | | | | | | 4,985,949 | |
| | | | Air Freight & Logistics – 0.1% | | | | | | | | | | |
| | | | | |
| | 32,472 | | | UTI Worldwide, Inc. | | | | | | | | | 451,036 | |
| | | | Airlines – 0.3% | | | | | | | | | | |
| | | | | |
| | 22,419 | | | Alaska Air Group, Inc., (2) | | | | | | | | | 857,303 | |
| | | | | |
| | 72,121 | | | JetBlue Airways Corporation, (2), (3) | | | | | | | | | 381,520 | |
| | | | Total Airlines | | | | | | | | | 1,238,823 | |
| | | | Auto Components – 0.2% | | | | | | | | | | |
| | | | | |
| | 45,558 | | | Gentex Corporation, (3) | | | | | | | | | 784,509 | |
| | | | Automobiles – 0.1% | | | | | | | | | | |
| | | | | |
| | 13,135 | | | Thor Industries, Inc. | | | | | | | | | 499,524 | |
| | | | Biotechnology – 1.9% | | | | | | | | | | |
| | | | | |
| | 24,640 | | | Regeneron Pharmaceuticals, Inc., (2), (3) | | | | | | | | | 3,506,259 | |
| | | | | |
| | 16,960 | | | United Therapeutics Corporation, (2) | | | | | | | | | 774,563 | |
| | | | | |
| | 66,673 | | | Vertex Pharmaceuticals Inc., (2) | | | | | | | | | 3,216,306 | |
| | | | Total Biotechnology | | | | | | | | | 7,497,128 | |
| | | | Building Products – 0.6% | | | | | | | | | | |
| | | | | |
| | 50,427 | | | Fortune Brands Home & Security, (2) | | | | | | | | | 1,434,144 | |
| | | | | |
| | 16,100 | | | Lennox International Inc., (3) | | | | | | | | | 805,805 | |
| | | | Total Building Products | | | | | | | | | 2,239,949 | |
| | | | Capital Markets – 2.2% | | | | | | | | | | |
| | | | | |
| | 16,224 | | | Affiliated Managers Group Inc., (2) | | | | | | | | | 2,052,336 | |
| | | | | |
| | 63,319 | | | Apollo Investment Corporation | | | | | | | | | 503,386 | |
| | | | | |
| | 36,507 | | | Eaton Vance Corporation, (3) | | | | | | | | | 1,027,307 | |
| | | | | |
| | 9,181 | | | Greenhill & Co., Inc., (3) | | | | | | | | | 438,117 | |
| | | | | |
| | 59,547 | | | Janus Capital Group Inc., (3) | | | | | | | | | 506,150 | |
| | | | | |
| | 47,486 | | | Jefferies Group, Inc. | | | | | | | | | 676,201 | |
| | | | | |
| | 35,267 | | | Raymond James Financial Inc. | | | | | | | | | 1,345,083 | |
| | | | | |
| | 45,469 | | | SEI Investments Company | | | | | | | | | 994,862 | |
| | | | | |
| | 27,273 | | | Waddell & Reed Financial, Inc., Class A, (3) | | | | | | | | | 909,009 | |
| | | | Total Capital Markets | | | | | | | | | 8,452,451 | |
| | | | Chemicals – 2.8% | | | | | | | | | | |
| | | | | |
| | 28,174 | | | Albemarle Corporation | | | | | | | | | 1,552,669 | |
| | | | | |
| | 24,788 | | | Ashland Inc., (3) | | | | | | | | | 1,763,666 | |
| | | | | |
| | 20,028 | | | Cabot Corporation | | | | | | | | | 716,201 | |
| | | | | |
| | 14,526 | | | Cytec Industries, Inc. | | | | | | | | | 999,679 | |
| | | | | |
| | 16,648 | | | Interpid Potash Inc., (2) | | | | | | | | | 361,761 | |
| | | | | |
| | 5,606 | | | Minerals Technologies Inc., (3) | | | | | | | | | 401,726 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Chemicals (continued) | | | | | | | | | | |
| | | | | |
| | 3,346 | | | NewMarket Corporation | | | | | | | | $ | 907,803 | |
| | | | | |
| | 25,302 | | | Olin Corporation | | | | | | | | | 524,763 | |
| | | | | |
| | 41,548 | | | RPM International, Inc. | | | | | | | | | 1,107,670 | |
| | | | | |
| | 13,701 | | | Scotts Miracle Gro Company, (3) | | | | | | | | | 586,540 | |
| | | | | |
| | 15,770 | | | Sensient Technologies Corporation | | | | | | | | | 573,713 | |
| | | | | |
| | 28,814 | | | Valspar Corporation | | | | | | | | | 1,614,448 | |
| | | | Total Chemicals | | | | | | | | | 11,110,639 | |
| | | | Commercial Banks – 3.7% | | | | | | | | | | |
| | | | | |
| | 54,948 | | | Associated Banc-Corp., (3) | | | | | | | | | 708,280 | |
| | | | | |
| | 25,955 | | | BancorpSouth Inc. | | | | | | | | | 367,263 | |
| | | | | |
| | 14,023 | | | Bank of Hawaii Corporation | | | | | | | | | 619,256 | |
| | | | | |
| | 24,865 | | | Cathay General Bancorp. | | | | | | | | | 439,862 | |
| | | | | |
| | 14,817 | | | City National Corporation | | | | | | | | | 757,149 | |
| | | | | |
| | 24,470 | | | Commerce Bancshares Inc. | | | | | | | | | 931,818 | |
| | | | | |
| | 19,352 | | | Cullen/Frost Bankers, Inc. | | | | | | | | | 1,070,166 | |
| | | | | |
| | 45,673 | | | East West Bancorp Inc. | | | | | | | | | 972,378 | |
| | | | | |
| | 111,405 | | | First Niagara Financial Group Inc. | | | | | | | | | 922,433 | |
| | | | | |
| | 34,640 | | | FirstMerit Corporation, (3) | | | | | | | | | 480,111 | |
| | | | | |
| | 63,430 | | | Fulton Financial Corporation | | | | | | | | | 616,540 | |
| | | | | |
| | 26,779 | | | Hancock Holding Company | | | | | | | | | 845,949 | |
| | | | | |
| | 16,782 | | | International Bancshares Corporation | | | | | | | | | 304,593 | |
| | | | | |
| | 14,159 | | | Prosperity Bancshares, Inc. | | | | | | | | | 592,696 | |
| | | | | |
| | 14,586 | | | Signature Bank, (2) | | | | | | | | | 1,039,107 | |
| | | | | |
| | 13,967 | | | SVB Financial Group, (2) | | | | | | | | | 790,393 | |
| | | | | |
| | 248,478 | | | Synovus Financial Corp., (3) | | | | | | | | | 608,771 | |
| | | | | |
| | 51,233 | | | TCF Financial Corporation | | | | | | | | | 586,106 | |
| | | | | |
| | 20,459 | | | Trustmark Corporation, (3) | | | | | | | | | 480,173 | |
| | | | | |
| | 62,311 | | | Valley National Bancorp., (3) | | | | | | | | | 606,909 | |
| | | | | |
| | 23,316 | | | Webster Financial Corporation | | | | | | | | | 512,952 | |
| | | | | |
| | 8,802 | | | Westamerica Bancorp., (3) | | | | | | | | | 388,344 | |
| | | | Total Commercial Banks | | | | | | | | | 14,641,249 | |
| | | | Commercial Services & Supplies – 1.7% | | | | | | | | | | |
| | | | | |
| | 14,930 | | | Brinks Company | | | | | | | | | 392,808 | |
| | | | | |
| | 14,985 | | | Clean Harbors, Inc., (2), (3) | | | | | | | | | 874,375 | |
| | | | | |
| | 32,865 | | | Copart Inc., (2) | | | | | | | | | 946,183 | |
| | | | | |
| | 31,580 | | | Corrections Corporation of America | | | | | | | | | 1,062,667 | |
| | | | | |
| | 16,108 | | | Deluxe Corporation, (3) | | | | | | | | | 507,563 | |
| | | | | |
| | 14,384 | | | HNI Corporation, (3) | | | | | | | | | 395,848 | |
| | | | | |
| | 18,602 | | | Herman Miller Inc. | | | | | | | | | 360,693 | |
| | | | | |
| | 9,792 | | | Mine Safety Appliances Company | | | | | | | | | 377,971 | |
| | | | | |
| | 20,404 | | | Rollins Inc. | | | | | | | | | 462,559 | |
| | | | | |
| | 38,881 | | | Waste Connections Inc. | | | | | | | | | 1,276,463 | |
| | | | Total Commercial Services & Supplies | | | | | | | | | 6,657,130 | |
| | | | Communications Equipment – 0.9% | | | | | | | | | | |
| | | | | |
| | 20,127 | | | ADTRAN, Inc., (3) | | | | | | | | | 339,945 | |
Portfolio of Investments
Nuveen Mid Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Communications Equipment (continued) | | | | | | | | | | |
| | | | | |
| | 31,322 | | | Ciena Corporation, (2), (3) | | | | | | | | $ | 388,706 | |
| | | | | |
| | 10,551 | | | Interdigital Inc., (3) | | | | | | | | | 401,888 | |
| | | | | |
| | 13,428 | | | Plantronics Inc. | | | | | | | | | 435,604 | |
| | | | | |
| | 56,321 | | | Polycom Inc., (2) | | | | | | | | | 564,336 | |
| | | | | |
| | 50,079 | | | Riverbed Technology, Inc., (2) | | | | | | | | | 924,959 | |
| | | | | |
| | 115,685 | | | Tellabs Inc. | | | | | | | | | 337,800 | |
| | | | Total Communications Equipment | | | | | | | | | 3,393,238 | |
| | | | Computers & Peripherals – 0.6% | | | | | | | | | | |
| | | | | |
| | 19,898 | | | Diebold Inc. | | | | | | | | | 591,966 | |
| | | | | |
| | 18,077 | | | Lexmark International, Inc., Class A, (3) | | | | | | | | | 384,317 | |
| | | | | |
| | 50,133 | | | NCR Corporation, (2), (3) | | | | | | | | | 1,066,830 | |
| | | | | |
| | 30,784 | | | QLogic Corporation, (2) | | | | | | | | | 288,754 | |
| | | | Total Computers & Peripherals | | | | | | | | | 2,331,867 | |
| | | | Construction & Engineering – 1.0% | | | | | | | | | | |
| | | | | |
| | 35,668 | | | AECOM Technology Corporation, (2) | | | | | | | | | 765,792 | |
| | | | | |
| | 10,988 | | | Granite Construction Inc. | | | | | | | | | 331,947 | |
| | | | | |
| | 46,882 | | | KBR Inc. | | | | | | | | | 1,306,133 | |
| | | | | |
| | 20,823 | | | Shaw Group Inc., (2) | | | | | | | | | 911,839 | |
| | | | | |
| | 23,923 | | | URS Corporation | | | | | | | | | 800,942 | |
| | | | Total Construction & Engineering | | | | | | | | | 4,116,653 | |
| | | | Construction Materials – 0.3% | | | | | | | | | | |
| | | | | |
| | 14,413 | | | Martin Marietta Materials, (3) | | | | | | | | | 1,186,334 | |
| | | | Containers & Packaging – 1.5% | | | | | | | | | | |
| | | | | |
| | 20,878 | | | AptarGroup Inc. | | | | | | | | | 1,070,624 | |
| | | | | |
| | 9,701 | | | Greif Inc. | | | | | | | | | 407,054 | |
| | | | | |
| | 30,972 | | | Packaging Corp. of America | | | | | | | | | 1,092,382 | |
| | | | | |
| | 22,327 | | | Rock-Tenn Company | | | | | | | | | 1,634,113 | |
| | | | | |
| | 15,308 | | | Silgan Holdings, Inc. | | | | | | | | | 662,989 | |
| | | | | |
| | 31,672 | | | Sonoco Products Company | | | | | | | | | 985,949 | |
| | | | Total Containers & Packaging | | | | | | | | | 5,853,111 | |
| | | | Distributors – 0.5% | | | | | | | | | | |
| | | | | |
| | 93,140 | | | LKQ Corporation, (2) | | | | | | | | | 1,945,695 | |
| | | | Diversified Consumer Services – 0.8% | | | | | | | | | | |
| | | | | |
| | 18,341 | | | Devry, Inc., (3) | | | | | | | | | 481,635 | |
| | | | | |
| | 5,718 | | | ITT Educational Services, Inc., (2), (3) | | | | | | | | | 122,880 | |
| | | | | |
| | 8,907 | | | Matthews International Corporation | | | | | | | | | 256,254 | |
| | | | | |
| | 18,183 | | | Regis Corporation, (3) | | | | | | | | | 302,929 | |
| | | | | |
| | 68,580 | | | Service Corporation International | | | | | | | | | 962,863 | |
| | | | | |
| | 21,399 | | | Sothebys Holdings Inc., (3) | | | | | | | | | 666,151 | |
| | | | | |
| | 3,747 | | | Strayer Education Inc., (3) | | | | | | | | | 215,303 | |
| | | | Total Diversified Consumer Services | | | | | | | | | 3,008,015 | |
| | | | Diversified Financial Services – 0.5% | | | | | | | | | | |
| | | | | |
| | 27,490 | | | CBOE Holdings Inc., (3) | | | | | | | | | 810,680 | |
| | | | | |
| | 38,396 | | | MSCI Inc., Class A Shares, (2) | | | | | | | | | 1,034,388 | |
| | | | Total Diversified Financial Services | | | | | | | | | 1,845,068 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Diversified Telecommunication Services – 0.3% | | | | | | | | | | |
| | | | | |
| | 47,449 | | | TW Telecom Inc., (2) | | | | | | | | $ | 1,208,526 | |
| | | | Electric Utilities – 2.1% | | | | | | | | | | |
| | | | | |
| | 19,245 | | | Cleco Corporation | | | | | | | | | 830,422 | |
| | | | | |
| | 48,337 | | | Great Plains Energy Incorporated | | | | | | | | | 1,084,682 | |
| | | | | |
| | 30,517 | | | Hawaiian Electric Industries | | | | | | | | | 789,780 | |
| | | | | |
| | 15,826 | | | IDACORP, INC | | | | | | | | | 707,739 | |
| | | | | |
| | 74,553 | | | NV Energy Inc. | | | | | | | | | 1,417,253 | |
| | | | | |
| | 30,821 | | | OGE Energy Corp. | | | | | | | | | 1,774,673 | |
| | | | | |
| | 25,163 | | | PNM Resources Inc. | | | | | | | | | 557,612 | |
| | | | | |
| | 39,861 | | | Westar Energy Inc. | | | | | | | | | 1,183,872 | |
| | | | Total Electric Utilities | | | | | | | | | 8,346,033 | |
| | | | Electrical Equipment – 1.6% | | | | | | | | | | |
| | | | | |
| | 13,376 | | | Acuity Brands Inc. | | | | | | | | | 865,427 | |
| | | | | |
| | 76,165 | | | Ametek Inc., (3) | | | | | | | | | 2,707,666 | |
| | | | | |
| | 15,721 | | | General Cable Corporation, (2) | | | | | | | | | 448,520 | |
| | | | | |
| | 18,710 | | | Hubbell Incorporated, Class B | | | | | | | | | 1,566,401 | |
| | | | | |
| | 13,153 | | | Regal-Beloit Corporation | | | | | | | | | 857,313 | |
| | | | Total Electrical Equipment | | | | | | | | | 6,445,327 | |
| | | | Electronic Equipment & Instruments – 1.9% | | | | | | | | | | |
| | | | | |
| | 35,308 | | | Arrow Electronics, Inc., (2) | | | | | | | | | 1,243,901 | |
| | | | | |
| | 45,823 | | | Avnet Inc., (2) | | | | | | | | | 1,312,829 | |
| | | | | |
| | 48,123 | | | Ingram Micro, Inc., Class A, (2) | | | | | | | | | 731,470 | |
| | | | | |
| | 12,622 | | | Itron Inc., (2) | | | | | | | | | 518,259 | |
| | | | | |
| | 29,370 | | | National Instruments Corporation | | | | | | | | | 691,957 | |
| | | | | |
| | 12,594 | | | Tech Data Corporation, (2) | | | | | | | | | 558,040 | |
| | | | | |
| | 39,516 | | | Trimble Navigation Limited, (2) | | | | | | | | | 1,864,365 | |
| | | | | |
| | 46,909 | | | Vishay Intertechnology Inc., (2) | | | | | | | | | 388,407 | |
| | | | Total Electronic Equipment & Instruments | | | | | | | | | 7,309,228 | |
| | | | Energy Equipment & Services – 2.6% | | | | | | | | | | |
| | | | | |
| | 17,964 | | | Atwood Oceanics Inc., (2), (3) | | | | | | | | | 858,679 | |
| | | | | |
| | 6,271 | | | Carbo Ceramics Inc., (3) | | | | | | | | | 463,740 | |
| | | | | |
| | 23,894 | | | Dresser Rand Group, Inc., (2), (3) | | | | | | | | | 1,231,258 | |
| | | | | |
| | 10,918 | | | Dril Quip Inc., (2), (3) | | | | | | | | | 756,181 | |
| | | | | |
| | 33,371 | | | Helix Energy Solutions Group, (2) | | | | | | | | | 576,985 | |
| | | | | |
| | 34,213 | | | Oceaneering International Inc. | | | | | | | | | 1,790,366 | |
| | | | | |
| | 16,876 | | | Oil States International Inc., (2) | | | | | | | | | 1,233,636 | |
| | | | | |
| | 49,317 | | | Patterson-UTI Energy, Inc., (3) | | | | | | | | | 797,949 | |
| | | | | |
| | 49,765 | | | Superior Energy Services, Inc., (2) | | | | | | | | | 1,011,722 | |
| | | | | |
| | 16,190 | | | Tidewater Inc. | | | | | | | | | 769,187 | |
| | | | | |
| | 13,193 | | | Unit Corporation, (2) | | | | | | | | | 532,338 | |
| | | | Total Energy Equipment & Services | | | | | | | | | 10,022,041 | |
| | | | Food & Staples Retailing – 0.2% | | | | | | | | | | |
| | | | | |
| | 15,322 | | | Harris Teeter Supermarkets Incorporated, (3) | | | | | | | | | 573,809 | |
| | | | | |
| | 67,051 | | | SUPERVALU INC., (3) | | | | | | | | | 208,529 | |
| | | | Total Food & Staples Retailing | | | | | | | | | 782,338 | |
Portfolio of Investments
Nuveen Mid Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Food Products – 1.8% | | | | | | | | | | |
| | | | | |
| | 35,634 | | | Flowers Foods Inc. | | | | | | | | $ | 701,633 | |
| | | | | |
| | 41,222 | | | Green Mountain Coffee Inc., (2), (3) | | | | | | | | | 995,924 | |
| | | | | |
| | 37,494 | | | Hillshire Brands Company | | | | | | | | | 975,219 | |
| | | | | |
| | 24,110 | | | Ingredion Inc. | | | | | | | | | 1,481,801 | |
| | | | | |
| | 6,208 | | | Lancaster Colony Corporation, (3) | | | | | | | | | 451,818 | |
| | | | | |
| | 8,694 | | | Post Holdings Inc., (2) | | | | | | | | | 274,296 | |
| | | | | |
| | 17,441 | | | Ralcorp Holdings Inc., (2) | | | | | | | | | 1,259,066 | |
| | | | | |
| | 43,280 | | | Smithfield Foods, Inc., (2), (3) | | | | | | | | | 885,942 | |
| | | | | |
| | 8,010 | | | Tootsie Roll Industries Inc., (3) | | | | | | | | | 213,467 | |
| | | | Total Food Products | | | | | | | | | 7,239,166 | |
| | | | Gas Utilities – 1.4% | | | | | | | | | | |
| | | | | |
| | 28,441 | | | Atmos Energy Corporation | | | | | | | | | 1,023,023 | |
| | | | | |
| | 26,288 | | | National Fuel Gas Company, (3) | | | | | | | | | 1,385,378 | |
| | | | | |
| | 56,293 | | | Questar Corporation | | | | | | | | | 1,139,370 | |
| | | | | |
| | 35,489 | | | UGI Corporation | | | | | | | | | 1,145,940 | |
| | | | | |
| | 16,262 | | | WGL Holdings Inc. | | | | | | | | | 646,740 | |
| | | | Total Gas Utilities | | | | | | | | | 5,340,451 | |
| | | | Health Care Equipment & Supplies – 2.5% | | | | | | | | | | |
| | | | | |
| | 14,960 | | | Cooper Companies, Inc. | | | | | | | | | 1,435,861 | |
| | | | | |
| | 19,603 | | | Hill-Rom Holdings Inc. | | | | | | | | | 550,648 | |
| | | | | |
| | 83,580 | | | Hologic Inc., (2) | | | | | | | | | 1,723,420 | |
| | | | | |
| | 17,387 | | | Idexx Labs Inc., (2), (3) | | | | | | | | | 1,672,629 | |
| | | | | |
| | 18,112 | | | Masimo Corporation, (2), (3) | | | | | | | | | 397,921 | |
| | | | | |
| | 45,096 | | | ResMed Inc., (3) | | | | | | | | | 1,801,134 | |
| | | | | |
| | 18,260 | | | Steris Corporation, (3) | | | | | | | | | 650,239 | |
| | | | | |
| | 12,892 | | | Teleflex Inc., (3) | | | | | | | | | 876,011 | |
| | | | | |
| | 18,533 | | | Thoratec Corporation, (2) | | | | | | | | | 661,628 | |
| | | | Total Health Care Equipment & Supplies | | | | | | | | | 9,769,491 | |
| | | | Health Care Providers & Services – 3.0% | | | | | | | | | | |
| | | | | |
| | 15,322 | | | AmericGroup Corporation, (2) | | | | | | | | | 1,399,511 | |
| | | | | |
| | 28,719 | | | Community Health Systems, Inc., (2) | | | | | | | | | 787,475 | |
| | | | | |
| | 80,976 | | | Health Management Associates Inc., (2) | | | | | | | | | 591,125 | |
| | | | | |
| | 26,310 | | | Health Net Inc., (2), (3) | | | | | | | | | 566,191 | |
| | | | | |
| | 28,388 | | | Henry Schein Inc., (2) | | | | | | | | | 2,094,467 | |
| | | | | |
| | 27,155 | | | HMS Holdings Corporation, (2), (3) | | | | | | | | | 627,009 | |
| | | | | |
| | 15,454 | | | Lifepoint Hospitals Inc., (2) | | | | | | | | | 546,144 | |
| | | | | |
| | 15,542 | | | Medax Inc., (2) | | | | | | | | | 1,072,087 | |
| | | | | |
| | 35,689 | | | Omnicare, Inc. | | | | | | | | | 1,232,341 | |
| | | | | |
| | 20,069 | | | Owens and Minor Inc., (3) | | | | | | | | | 571,364 | |
| | | | | |
| | 30,585 | | | Universal Health Services, Inc., Class B | | | | | | | | | 1,265,913 | |
| | | | | |
| | 27,642 | | | VCA Antech, Inc., (2) | | | | | | | | | 541,230 | |
| | | | | |
| | 13,612 | | | Wellcare Health Plans Inc., (2) | | | | | | | | | 647,931 | |
| | | | Total Health Care Providers & Services | | | | | | | | | 11,942,788 | |
| | | | Health Care Technology – 0.2% | | | | | | | | | | |
| | | | | |
| | 54,448 | | | Allscripts Healthcare Solutions Inc., (2) | | | | | | | | | 703,468 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Hotels, Restaurants & Leisure – 1.4% | | | | | | | | | | |
| | | | | |
| | 13,616 | | | Bally Technologies, Inc., (2) | | | | | | | | $ | 679,711 | |
| | | | | |
| | 9,206 | | | Bob Evans Farms | | | | | | | | | 350,472 | |
| | | | | |
| | 23,814 | | | Brinker International Inc. | | | | | | | | | 733,471 | |
| | | | | |
| | 17,061 | | | Cheesecake Factory Inc., (3) | | | | | | | | | 564,037 | |
| | | | | |
| | 8,768 | | | International Speedway Corporation | | | | | | | | | 223,584 | |
| | | | | |
| | 13,542 | | | Life Time Fitness Inc., (2), (3) | | | | | | | | | 607,900 | |
| | | | | |
| | 9,393 | | | Panera Bread Company, (2) | | | | | | | | | 1,584,036 | |
| | | | | |
| | 18,465 | | | Scientific Games Corporation, (2) | | | | | | | | | 151,967 | |
| | | | | |
| | 93,704 | | | The Wendy’s Company | | | | | | | | | 400,116 | |
| | | | | |
| | 17,400 | | | WMS Industries Inc., (2) | | | | | | | | | 285,882 | |
| | | | Total Hotels, Restaurants & Leisure | | | | | | | | | 5,581,176 | |
| | | | Household Durables – 2.0% | | | | | | | | | | |
| | | | | |
| | 20,728 | | | Jarden Corporation | | | | | | | | | 1,032,254 | |
| | | | | |
| | 22,785 | | | KB Home, (3) | | | | | | | | | 364,104 | |
| | | | | |
| | 11,975 | | | MDC Holdings Inc. | | | | | | | | | 457,924 | |
| | | | | |
| | 18,084 | | | Mohawk Industries Inc., (2) | | | | | | | | | 1,509,471 | |
| | | | | |
| | 1,600 | | | NVR Inc., (2), (3) | | | | | | | | | 1,445,984 | |
| | | | | |
| | 18,903 | | | Tempur Pedic International Inc., (2), (3) | | | | | | | | | 499,795 | |
| | | | | |
| | 46,349 | | | Toll Brothers Inc., (2), (3) | | | | | | | | | 1,529,980 | |
| | | | | |
| | 17,663 | | | Tupperware Corporation | | | | | | | | | 1,043,883 | |
| | | | Total Household Durables | | | | | | | | | 7,883,395 | |
| | | | Household Products – 0.9% | | | | | | | | | | |
| | | | | |
| | 43,740 | | | Church & Dwight Company Inc., (3) | | | | | | | | | 2,220,242 | |
| | | | | |
| | 20,657 | | | Energizer Holdings Inc. | | | | | | | | | 1,507,341 | |
| | | | Total Household Products | | | | | | | | | 3,727,583 | |
| | | | Industrial Conglomerates – 0.3% | | | | | | | | | | |
| | | | | |
| | 19,625 | | | Carlisle Companies Inc. | | | | | | | | | 1,090,169 | |
| | | | Insurance – 4.3% | | | | | | | | | | |
| | | | | |
| | 4,600 | | | Alleghany Corporation, Term Loan, (2) | | | | | | | | | 1,598,960 | |
| | | | | |
| | 23,874 | | | American Financial Group Inc. | | | | | | | | | 926,311 | |
| | | | | |
| | 36,907 | | | Arthur J. Gallagher & Co. | | | | | | | | | 1,307,984 | |
| | | | | |
| | 22,593 | | | Aspen Insurance Holdings Limited, (3) | | | | | | | | | 730,884 | |
| | | | | |
| | 36,663 | | | Brown & Brown Inc. | | | | | | | | | 936,740 | |
| | | | | |
| | 16,585 | | | Everest Reinsurance Group Ltd | | | | | | | | | 1,841,764 | |
| | | | | |
| | 70,384 | | | Fidelity National Title Group Inc., Class A | | | | | | | | | 1,506,921 | |
| | | | | |
| | 33,536 | | | First American Corporation | | | | | | | | | 762,944 | |
| | | | | |
| | 14,227 | | | Hanover Insurance Group Inc. | | | | | | | | | 513,737 | |
| | | | | |
| | 31,968 | | | HCC Insurance Holdings Inc. | | | | | | | | | 1,139,340 | |
| | | | | |
| | 15,659 | | | Kemper Corporation | | | | | | | | | 485,429 | |
| | | | | |
| | 11,443 | | | Mercury General Corporation | | | | | | | | | 463,785 | |
| | | | | |
| | 81,961 | | | Old Republic International Corporation, (3) | | | | | | | | | 809,775 | |
| | | | | |
| | 25,590 | | | Protective Life Corporation | | | | | | | | | 698,607 | |
| | | | | |
| | 23,189 | | | Reinsurance Group of America Inc. | | | | | | | | | 1,227,162 | |
| | | | | |
| | 14,019 | | | StanCorp Financial Group Inc. | | | | | | | | | 481,553 | |
| | | | | |
| | 35,395 | | | WR Berkley Corporation | | | | | | | | | 1,376,512 | |
| | | | Total Insurance | | | | | | | | | 16,808,408 | |
Portfolio of Investments
Nuveen Mid Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Internet & Catalog Retail – 0.2% | | | | | | | | | | |
| | | | | |
| | 12,380 | | | Hosting Site Network, Inc. | | | | | | | | $ | 644,008 | |
| | | | Internet Software & Services – 1.7% | | | | | | | | | | |
| | | | | |
| | 29,540 | | | AOL Inc., (2), (3) | | | | | | | | | 1,014,108 | |
| | | | | |
| | 15,188 | | | Equinix Inc., (2), (3) | | | | | | | | | 2,740,067 | |
| | | | | |
| | 38,303 | | | Monster Worldwide Inc., (2), (3) | | | | | | | | | 238,245 | |
| | | | | |
| | 33,732 | | | Rackspace Hosting Inc., (2), (3) | | | | | | | | | 2,148,391 | |
| | | | | |
| | 25,083 | | | ValueClick, Inc., (2), (3) | | | | | | | | | 418,134 | |
| | | | Total Internet Software & Services | | | | | | | | | 6,558,945 | |
| | | | IT Services – 3.2% | | | | | | | | | | |
| | | | | |
| | 24,263 | | | Acxiom Corporation, (2) | | | | | | | | | 442,800 | |
| | | | | |
| | 15,908 | | | Alliance Data Systems Corporation, (2), (3) | | | | | | | | | 2,275,639 | |
| | | | | |
| | 39,455 | | | Broadridge Financial Solutions, Inc. | | | | | | | | | 905,492 | |
| | | | | |
| | 36,858 | | | Convergys Corporation | | | | | | | | | 619,583 | |
| | | | | |
| | 33,742 | | | CoreLogic Inc., (2) | | | | | | | | | 803,060 | |
| | | | | |
| | 10,792 | | | DST Systems Inc. | | | | | | | | | 615,576 | |
| | | | | |
| | 29,467 | | | Gartner Inc., (2) | | | | | | | | | 1,367,563 | |
| | | | | |
| | 24,817 | | | Global Payments Inc. | | | | | | | | | 1,060,927 | |
| | | | | |
| | 27,581 | | | Henry Jack and Associates Inc. | | | | | | | | | 1,048,078 | |
| | | | | |
| | 26,698 | | | Lender Processing Services Inc. | | | | | | | | | 643,689 | |
| | | | | |
| | 7,346 | | | ManTech International Corporation, Class A, (3) | | | | | | | | | 168,738 | |
| | | | | |
| | 21,132 | | | Neustar, Inc., (2) | | | | | | | | | 773,220 | |
| | | | | |
| | 34,003 | | | VeriFone Holdings Inc., (2) | | | | | | | | | 1,007,849 | |
| | | | | |
| | 12,277 | | | Wright Express Corporation, (2), (3) | | | | | | | | | 905,797 | |
| | | | Total IT Services | | | | | | | | | 12,638,011 | |
| | | | Leisure Equipment & Products – 0.5% | | | | | | | | | | |
| | | | | |
| | 21,696 | | | Polaris Industries Inc., (3) | | | | | | | | | 1,833,312 | |
| | | | Life Sciences Tools & Services – 1.1% | | | | | | | | | | |
| | | | | |
| | 6,246 | | | Bio-Rad Laboratories Inc., (2) | | | | | | | | | 633,032 | |
| | | | | |
| | 15,478 | | | Charles River Laboratories International, Inc., (2) | | | | | | | | | 577,639 | |
| | | | | |
| | 17,518 | | | Covance, Inc., (2) | | | | | | | | | 853,302 | |
| | | | | |
| | 9,845 | | | Mettler-Toledo International Inc., (2) | | | | | | | | | 1,667,448 | |
| | | | | |
| | 11,563 | | | Techne Corporation | | | | | | | | | 778,884 | |
| | | | Total Life Sciences Tools & Services | | | | | | | | | 4,510,305 | |
| | | | Machinery – 4.9% | | | | | | | | | | |
| | | | | |
| | 30,711 | | | AGCO Corporation, (2) | | | | | | | | | 1,397,658 | |
| | | | | |
| | 15,872 | | | CLARCOR, Inc. | | | | | | | | | 718,049 | |
| | | | | |
| | 15,606 | | | Crane Company | | | | | | | | | 655,140 | |
| | | | | |
| | 47,044 | | | Donaldson Company, Inc. | | | | | | | | | 1,518,110 | |
| | | | | |
| | 15,819 | | | Gardner Denver, Inc. | | | | | | | | | 1,096,731 | |
| | | | | |
| | 19,095 | | | Graco Inc., (3) | | | | | | | | | 917,706 | |
| | | | | |
| | 25,441 | | | Harsco Corporation | | | | | | | | | 508,566 | |
| | | | | |
| | 26,542 | | | IDEX Corporation | | | | | | | | | 1,128,831 | |
| | | | | |
| | 29,157 | | | ITT Industries, Inc. | | | | | | | | | 606,466 | |
| | | | | |
| | 25,287 | | | Kennametal Inc. | | | | | | | | | 895,666 | |
| | | | | |
| | 26,441 | | | Lincoln Electric Holdings Inc. | | | | | | | | | 1,146,746 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Machinery (continued) | | | | | | | | | | |
| | | | | |
| | 17,879 | | | Nordson Corporation | | | | | | | | $ | 1,055,397 | |
| | | | | |
| | 28,950 | | | Oshkosh Truck Corporation, (2) | | | | | | | | | 867,921 | |
| | | | | |
| | 16,001 | | | SPX Corporation | | | | | | | | | 1,097,509 | |
| | | | | |
| | 34,875 | | | Terex Corporation, (2) | | | | | | | | | 786,431 | |
| | | | | |
| | 26,519 | | | Timken Company | | | | | | | | | 1,047,235 | |
| | | | | |
| | 25,354 | | | Trinity Industries Inc. | | | | | | | | | 793,073 | |
| | | | | |
| | 7,128 | | | Valmont Industries, Inc. | | | | | | | | | 962,993 | |
| | | | | |
| | 15,193 | | | Wabtec Corporation | | | | | | | | | 1,244,307 | |
| | | | | |
| | 19,003 | | | Woodward Governor Company | | | | | | | | | 636,601 | |
| | | | Total Machinery | | | | | | | | | 19,081,136 | |
| | | | Marine – 0.3% | | | | | | | | | | |
| | | | | |
| | 17,651 | | | Kirby Corporation, (2) | | | | | | | | | 1,014,579 | |
| | | | | |
| | 13,330 | | | Matson Incorporated | | | | | | | | | 283,263 | |
| | | | Total Marine | | | | | | | | | 1,297,842 | |
| | | | Media – 1.2% | | | | | | | | | | |
| | | | | |
| | 18,130 | | | AMC Networks Inc., Class A Shares, (2) | | | | | | | | | 847,034 | |
| | | | | |
| | 31,716 | | | Cinemark Holdings Inc., (3) | | | | | | | | | 783,068 | |
| | | | | |
| | 22,568 | | | Dreamworks Animation SKG Inc., (2), (3) | | | | | | | | | 459,710 | |
| | | | | |
| | 14,754 | | | John Wiley and Sons Inc., Class A | | | | | | | | | 640,029 | |
| | | | | |
| | 18,557 | | | Lamar Advertising Company, (2), (3) | | | | | | | | | 728,362 | |
| | | | | |
| | 11,632 | | | Meredith Corporation, (3) | | | | | | | | | 389,323 | |
| | | | | |
| | 38,349 | | | New York Times, Class A, (2) | | | | | | | | | 313,695 | |
| | | | | |
| | 7,956 | | | Scholastic Corporation | | | | | | | | | 262,468 | |
| | | | | |
| | 13,507 | | | Valassis Communications Inc., (3) | | | | | | | | | 351,452 | |
| | | | Total Media | | | | | | | | | 4,775,141 | |
| | | | Metals & Mining – 1.6% | | | | | | | | | | |
| | | | | |
| | 13,891 | | | Carpenter Technology Inc. | | | | | | | | | 675,242 | |
| | | | | |
| | 36,633 | | | Commercial Metals Company | | | | | | | | | 504,070 | |
| | | | | |
| | 10,448 | | | Compass Minerals International, Inc., (3) | | | | | | | | | 823,825 | |
| | | | | |
| | 23,735 | | | Reliance Steel & Aluminum Company, (3) | | | | | | | | | 1,289,760 | |
| | | | | |
| | 19,409 | | | Royal Gold, Inc. | | | | | | | | | 1,709,545 | |
| | | | | |
| | 69,208 | | | Steel Dynamics Inc. | | | | | | | | | 875,481 | |
| | | | | |
| | 16,791 | | | Worthington Industries, Inc., (3) | | | | | | | | | 363,021 | |
| | | | Total Metals & Mining | | | | | | | | | 6,240,944 | |
| | | | Multiline Retail – 0.1% | | | | | | | | | | |
| | | | | |
| | 33,038 | | | Saks Inc., (2), (3) | | | | | | | | | 339,631 | |
| | | | Multi-Utilities - 1.1% | | | | | | | | | | |
| | | | | |
| | 35,052 | | | Alliant Energy Corporation, (3) | | | | | | | | | 1,566,824 | |
| | | | | |
| | 13,928 | | | Black Hills Corporation | | | | | | | | | 498,205 | |
| | | | | |
| | 59,652 | | | MDU Resources Group Inc. | | | | | | | | | 1,296,238 | |
| | | | | |
| | 25,902 | | | Vectren Corporation | | | | | | | | | 765,922 | |
| | | | Total Multi-Utilities | | | | | | | | | 4,127,189 | |
| | | | Office Electronics – 0.1% | | | | | | | | | | |
| | | | | |
| | 16,381 | | | Zebra Technologies Corporation, Class A, (2) | | | | | | | | | 588,569 | |
Portfolio of Investments
Nuveen Mid Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Oil, Gas & Consumable Fuels – 2.9% | | | | | | | | | | |
| | | | | |
| | 70,014 | | | Alpha Natural Resources Inc., (2), (3) | | | | | | | | $ | 600,020 | |
| | | | | |
| | 67,049 | | | Arch Coal Inc., (3) | | | | | | | | | 533,710 | |
| | | | | |
| | 15,198 | | | Bill Barrett Corporation, (2) | | | | | | | | | 348,186 | |
| | | | | |
| | 27,079 | | | Cimarex Energy Company | | | | | | | | | 1,548,377 | |
| | | | | |
| | 22,785 | | | Energen Corporation | | | | | | | | | 1,062,920 | |
| | | | | |
| | 37,204 | | | Forest Oil Corporation, (2), (3) | | | | | | | | | 282,006 | |
| | | | | |
| | 65,328 | | | HollyFrontier Company, (3) | | | | | | | | | 2,523,621 | |
| | | | | |
| | 20,063 | | | Northern Oil and Gas Inc., (2), (3) | | | | | | | | | 304,155 | |
| | | | | |
| | 40,720 | | | Plains Exploration & Production Company, (2) | | | | | | | | | 1,452,075 | |
| | | | | |
| | 38,302 | | | Quicksilver Resources Inc., (2), (3) | | | | | | | | | 148,229 | |
| | | | | |
| | 16,710 | | | Rosetta Resources, Inc., (2) | | | | | | | | | 769,328 | |
| | | | | |
| | 20,266 | | | SM Energy Company | | | | | | | | | 1,092,743 | |
| | | | | |
| | 22,172 | | | World Fuel Services Corporation, (3) | | | | | | | | | 769,368 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | 11,434,738 | |
| | | | Paper & Forest Products – 0.4% | | | | | | | | | | |
| | | | | |
| | 11,417 | | | Domtar Corporation | | | | | | | | | 910,506 | |
| | | | | |
| | 43,443 | | | Louisiana-Pacific Corporation, (2) | | | | | | | | | 685,965 | |
| | | | Total Paper & Forest Products | | | | | | | | | 1,596,471 | |
| | | | Pharmaceuticals – 0.5% | | | | | | | | | | |
| | | | | |
| | 37,021 | | | Endo Pharmaceuticals Holdings Inc., (2) | | | | | | | | | 1,061,022 | |
| | | | | |
| | 18,794 | | | Medicis Pharmaceutical Corporation | | | | | | | | | 815,848 | |
| | | | Total Pharmaceuticals | | | | | | | | | 1,876,870 | |
| | | | Professional Services – 0.7% | | | | | | | | | | |
| | | | | |
| | 10,586 | | | Corporate Executive Board Company | | | | | | | | | 475,947 | |
| | | | | |
| | 13,261 | | | FTI Consulting Inc., (2) | | | | | | | | | 344,256 | |
| | | | | |
| | 25,333 | | | Manpower Inc. | | | | | | | | | 961,134 | |
| | | | | |
| | 15,727 | | | Towers Watson & Company, Class A Shares | | | | | | | | | 844,697 | |
| | | | Total Professional Services | | | | | | | | | 2,626,034 | |
| | | | Real Estate Investment Trust – 8.8% | | | | | | | | | | |
| | | | | |
| | 19,612 | | | Alexandria Real Estate Equities Inc., (3) | | | | | | | | | 1,381,273 | |
| | | | | |
| | 29,238 | | | American Campus Communities Inc. | | | | | | | | | 1,324,774 | |
| | | | | |
| | 48,699 | | | BioMed Realty Trust Inc., (3) | | | | | | | | | 931,125 | |
| | | | | |
| | 24,229 | | | BRE Properties, Inc., (3) | | | | | | | | | 1,171,472 | |
| | | | | |
| | 25,362 | | | Camden Property Trust | | | | | | | | | 1,664,508 | |
| | | | | |
| | 22,757 | | | Corporate Office Properties, (3) | | | | | | | | | 567,787 | |
| | | | | |
| | 84,171 | | | Duke Realty Corporation, (3) | | | | | | | | | 1,218,796 | |
| | | | | |
| | 18,852 | | | Equity One Inc. | | | | | | | | | 394,007 | |
| | | | | |
| | 11,124 | | | Essex Property Trust Inc., (3) | | | | | | | | | 1,668,600 | |
| | | | | |
| | 20,191 | | | Federal Realty Investment Trust, (3) | | | | | | | | | 2,177,196 | |
| | | | | |
| | 23,352 | | | Highwoods Properties, Inc. | | | | | | | | | 753,102 | |
| | | | | |
| | 15,372 | | | Home Properties New York, Inc. | | | | | | | | | 934,464 | |
| | | | | |
| | 39,030 | | | Hospitality Properties Trust | | | | | | | | | 902,374 | |
| | | | | |
| | 37,066 | | | Liberty Property Trust, (3) | | | | | | | | | 1,301,758 | |
| | | | | |
| | 41,875 | | | Macerich Company | | | | | | | | | 2,386,875 | |
| | | | | |
| | 27,741 | | | Mack Cali Realty Corporation | | | | | | | | | 720,989 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Real Estate Investment Trust (continued) | | | | | | | | | | |
| | | | | |
| | 33,807 | | | National Retail Properties, Inc., (3) | | | | | | | | $ | 1,071,006 | |
| | | | | |
| | 33,422 | | | Omega Healthcare Investors Inc., (3) | | | | | | | | | 766,701 | |
| | | | | |
| | 12,741 | | | Potlatch Corporation, (3) | | | | | | | | | 490,274 | |
| | | | | |
| | 38,452 | | | Rayonier Inc., (3) | | | | | | | | | 1,884,533 | |
| | | | | |
| | 42,143 | | | Realty Income Corporation, (3) | | | | | | | | | 1,654,956 | |
| | | | | |
| | 28,408 | | | Regency Centers Corporation, (3) | | | | | | | | | 1,364,152 | |
| | | | | |
| | 55,178 | | | Senior Housing Properties Trust | | | | | | | | | 1,212,812 | |
| | | | | |
| | 28,315 | | | SL Green Realty Corporation, (3) | | | | | | | | | 2,132,120 | |
| | | | | |
| | 19,611 | | | Taubman Centers Inc. | | | | | | | | | 1,540,444 | |
| | | | | |
| | 79,117 | | | UDR Inc. | | | | | | | | | 1,920,170 | |
| | | | | |
| | 38,285 | | | Weingarten Realty Trust, (3) | | | | | | | | | 1,033,695 | |
| | | | Total Real Estate Investment Trust | | | | | | | | | 34,569,963 | |
| | | | Real Estate Management & Development – 0.4% | | | | | | | | | | |
| | | | | |
| | 13,330 | | | Alexander & Baldwin Inc., (2) | | | | | | | | | 385,637 | |
| | | | | |
| | 13,819 | | | Jones Lang LaSalle Inc. | | | | | | | | | 1,074,289 | |
| | | | Total Real Estate Management & Development | | | | | | | | | 1,459,926 | |
| | | | Road & Rail – 1.7% | | | | | | | | | | |
| | | | | |
| | 17,631 | | | Con Way, Inc., (3) | | | | | | | | | 513,238 | |
| | | | | |
| | 10,234 | | | Genesee & Wyoming Inc., (2) | | | | | | | | | 741,658 | |
| | | | | |
| | 28,480 | | | J.B. Hunt Transports Serives Inc., (3) | | | | | | | | | 1,671,776 | |
| | | | | |
| | 34,745 | | | Kansas City Southern Industries | | | | | | | | | 2,795,583 | |
| | | | | |
| | 14,831 | | | Landstar System | | | | | | | | | 751,190 | |
| | | | | |
| | 14,019 | | | Werner Enterprises, Inc., (3) | | | | | | | | | 324,680 | |
| | | | Total Road & Rail | | | | | | | | | 6,798,125 | |
| | | | Semiconductors & Equipment – 1.7% | | | | | | | | | | |
| | | | | |
| | 140,188 | | | Atmel Corporation, (2) | | | | | | | | | 653,977 | |
| | | | | |
| | 36,527 | | | Cree, Inc., (2), (3) | | | | | | | | | 1,107,864 | |
| | | | | |
| | 43,443 | | | Cypress Semiconductor Corporation, (2) | | | | | | | | | 430,520 | |
| | | | | |
| | 40,210 | | | Fairchild Semiconductor International Inc., Class A, (2) | | | | | | | | | 472,870 | |
| | | | | |
| | 44,944 | | | Integrated Device Technology, Inc., (2), (3) | | | | | | | | | 244,495 | |
| | | | | |
| | 21,857 | | | International Rectifier Corporation, (2), (3) | | | | | | | | | 338,565 | |
| | | | | |
| | 40,260 | | | Intersil Holding Corporation, Class A | | | | | | | | | 283,833 | |
| | | | | |
| | 72,914 | | | MEMC Electronic Materials, (2) | | | | | | | | | 183,743 | |
| | | | | |
| | 87,865 | | | RF Micro Devices, Inc., (2) | | | | | | | | | 387,485 | |
| | | | | |
| | 20,166 | | | Semtech Corporation, (2), (3) | | | | | | | | | 503,545 | |
| | | | | |
| | 13,545 | | | Silicon Laboratories Inc., (2) | | | | | | | | | 547,489 | |
| | | | | |
| | 59,911 | | | Skyworks Solutions Inc., (2) | | | | | | | | | 1,401,917 | |
| | | | Total Semiconductors & Equipment | | | | | | | | | 6,556,303 | |
| | | | Software – 4.0% | | | | | | | | | | |
| | | | | |
| | 12,559 | | | ACI Worldwide, Inc., (2), (3) | | | | | | | | | 491,057 | |
| | | | | |
| | 10,082 | | | Advent Software Inc., (2), (3) | | | | | | | | | 218,779 | |
| | | | | |
| | 29,425 | | | Ansys Inc., (2), (3) | | | | | | | | | 2,085,644 | |
| | | | | |
| | 86,759 | | | Cadence Design Systems, Inc., (2), (3) | | | | | | | | | 1,098,369 | |
| | | | | |
| | 68,804 | | | Compuware Corporation, (2) | | | | | | | | | 595,843 | |
| | | | | |
| | 14,880 | | | Concur Technologies, Inc., (3) | | | | | | | | | 985,502 | |
Portfolio of Investments
Nuveen Mid Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Software (continued) | | | | | | | | | | |
| | | | | |
| | 14,189 | | | FactSet Research Systems Inc., (3) | | | | | | | | $ | 1,284,814 | |
| | | | | |
| | 10,831 | | | Fair Isaac Corporation | | | | | | | | | 504,725 | |
| | | | | |
| | 34,198 | | | Informatica Corporation, (2) | | | | | | | | | 928,134 | |
| | | | | |
| | 29,466 | | | Mentor Graphics Corporation, (2) | | | | | | | | | 457,312 | |
| | | | | |
| | 25,380 | | | Micros Systems, Inc., (2) | | | | | | | | | 1,151,998 | |
| | | | | |
| | 37,720 | | | Parametric Technology Corporation, (2) | | | | | | | | | 761,190 | |
| | | | | |
| | 35,056 | | | Rovi Corporation, (2) | | | | | | | | | 474,308 | |
| | | | | |
| | 17,374 | | | Solarwinds, Inc., (2) | | | | | | | | | 878,951 | |
| | | | | |
| | 21,951 | | | Solera Holdings Inc. | | | | | | | | | 1,027,526 | |
| | | | | |
| | 46,465 | | | Synopsys Inc., (2) | | | | | | | | | 1,496,173 | |
| | | | | |
| | 52,108 | | | Tibco Software Inc., (2) | | | | | | | | | 1,313,643 | |
| | | | Total Software | | | | | | | | | 15,753,968 | |
| | | | Specialty Retail – 4.2% | | | | | | | | | | |
| | | | | |
| | 24,023 | | | Aaron Rents Inc. | | | | | | | | | 740,629 | |
| | | | | |
| | 23,223 | | | Advance Auto Parts, Inc. | | | | | | | | | 1,647,440 | |
| | | | | |
| | 25,672 | | | Aeropostale, Inc., (2) | | | | | | | | | 306,780 | |
| | | | | |
| | 56,866 | | | American Eagle Outfitters, Inc. | | | | | | | | | 1,186,793 | |
| | | | | |
| | 15,412 | | | Ann Inc., (2), (3) | | | | | | | | | 541,886 | |
| | | | | |
| | 42,802 | | | Ascena Retail Group Inc., (2) | | | | | | | | | 847,480 | |
| | | | | |
| | 12,930 | | | Barnes & Noble Inc., (2), (3) | | | | | | | | | 217,741 | |
| | | | | |
| | 13,839 | | | Cabela’s Incorporated, (2) | | | | | | | | | 620,126 | |
| | | | | |
| | 52,971 | | | Chico’s FAS, Inc. | | | | | | | | | 985,261 | |
| | | | | |
| | 29,854 | | | Dick’s Sporting Goods Inc., (3) | | | | | | | | | 1,492,700 | |
| | | | | |
| | 47,882 | | | Foot Locker, Inc. | | | | | | | | | 1,604,047 | |
| | | | | |
| | 20,463 | | | Guess Inc., (3) | | | | | | | | | 507,073 | |
| | | | | |
| | 89,660 | | | Office Depot, Inc., (2), (3) | | | | | | | | | 222,357 | |
| | | | | |
| | 18,768 | | | Rent-A-Center Inc. | | | | | | | | | 625,537 | |
| | | | | |
| | 26,738 | | | Signet Jewelers Limited | | | | | | | | | 1,383,959 | |
| | | | | |
| | 22,761 | | | Tractor Supply Company | | | | | | | | | 2,190,519 | |
| | | | | |
| | 29,568 | | | Williams-Sonoma Inc. | | | | | | | | | 1,366,929 | |
| | | | Total Specialty Retail | | | | | | | | | 16,487,257 | |
| | | | Textiles, Apparel & Luxury Goods – 1.7% | | | | | | | | | | |
| | | | | |
| | 16,099 | | | Carter’s Inc., (3) | | | | | | | | | 870,312 | |
| | | | | |
| | 12,156 | | | Deckers Outdoor Corporation, (2), (3) | | | | | | | | | 348,026 | |
| | | | | |
| | 30,819 | | | Hanesbrands Inc., (2), (3) | | | | | | | | | 1,031,512 | |
| | | | | |
| | 22,237 | | | PVH Corporation | | | | | | | | | 2,445,848 | |
| | | | | |
| | 22,738 | | | Under Armour, Inc., (2), (3) | | | | | | | | | 1,188,288 | |
| | | | | |
| | 12,964 | | | Warnaco Group, Inc., (2) | | | | | | | | | 914,999 | |
| | | | Total Textiles, Apparel & Luxury Goods | | | | | | | | | 6,798,985 | |
| | | | Thrifts & Mortgage Finance – 0.7% | | | | | | | | | | |
| | | | | |
| | 26,434 | | | Astoria Financial Corporation, (3) | | | | | | | | | 265,133 | |
| | | | | |
| | 138,366 | | | New York Community Bancorp Inc., (3) | | | | | | | | | 1,917,753 | |
| | | | | |
| | 33,761 | | | Washington Federal Inc. | | | | | | | | | 566,510 | |
| | | | Total Thrifts & Mortgage Finance | | | | | | | | | 2,749,396 | |
| | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | | | | Value | |
| | | | | | | | | | | | | | | | | | | | |
| | | | Tobacco – 0.1% | | | | | | | | | | | | | | | | |
| | | | | |
| | 7,291 | | | Universal Corporation, (3) | | | | | | | | | | | | | | $ | 361,342 | |
| | | | Trading Companies & Distributors – 0.9% | | | | | | | | | | | | | | | | |
| | | | | |
| | 14,785 | | | GATX Corporation | | | | | | | | | | | | | | | 612,986 | |
| | | | | |
| | 14,592 | | | MSC Industrial Direct Inc., Class A, (3) | | | | | | | | | | | | | | | 1,088,563 | |
| | | | | |
| | 27,395 | | | United Rentals Inc., (2) | | | | | | | | | | | | | | | 1,113,881 | |
| | | | | |
| | 9,237 | | | Watsco Inc., (3) | | | | | | | | | | | | | | | 631,349 | |
| | | | Total Trading Companies & Distributors | | | | | | | | | | | | | | | 3,446,779 | |
| | | | Water Utilities – 0.3% | | | | | | | | | | | | | | | | |
| | | | | |
| | 43,941 | | | Aqua America Inc., (3) | | | | | | | | | | | | | | | 1,115,662 | |
| | | | Wireless Telecommunication Services – 0.2% | | | | | | | | | | | | | | | | |
| | | | | |
| | 30,516 | | | Telephone and Data Systems Inc. | | | | | | | | | | | | | | | 758,933 | |
| | | | Total Common Stocks (cost $310,650,668) | | | | | | | | | | | | | | | 363,463,741 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | | | | Value | |
| | | | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 23.8% | | | | | | | | | |
| | | | | |
| | | | Money Market Fund – 23.8% | | | | | | | | | | | | | | | | |
| | | | | |
| | 93,435,950 | | | Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5) | | | | | | | | | | | | | | $ | 93,435,950 | |
| | | | Total Investments Purchased with Collateral from Securities Lending (cost $93,435,950) | | | | | | | | 93,435,950 | |
| | | | | |
Shares/
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Ratings (6) | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 7.0% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 6.4% | | | | | | | | | | | | | | | | |
| | | | | |
| | 24,874,414 | | | First American Treasury Obligations Fund, Class Z | | | 0.004% | (4) | | | N/A | | | | N/A | | | $ | 24,874,414 | |
| | | | U.S. Government and Agency Obligations – 0.6% | | | | | | | | | | | | | | | | |
| | | | | |
| $ | 2,350 | | | U.S. Treasury Bills, (7) | | | 0.000% | | | | 2/21/13 | | | | N/R | | | | 2,349,142 | |
| | | | Total Short-Term Investments (cost $27,223,610) | | | | | | | | | | | | | | | 27,223,556 | |
| | | | Total Investments (cost $431,310,228) – 123.5% | | | | | | | | | | | | | | | 484,123,247 | |
| | | | Other Assets Less Liabilities – (23.5)% (8) | | | | | | | | | | | | | | | (92,204,154) | |
| | | | Net Assets – 100% | | | | | | | | | | | | | | $ | 391,919,093 | |
Investments in Derivatives at October 31, 2012
Futures Contracts outstanding:
| | | | | | | | | | | | | | | | | | | | |
| Type | | Contract
Position | | | Number of
Contracts | | | Contract
Expiration | | | Notional
Value | | | Unrealized
Appreciation
(Depreciation) | |
S&P MidCap 400 E-Mini Index | | | Long | | | | 279 | | | | 12/12 | | | $ | 27,288,990 | | | $ | (750,125 | ) |
Portfolio of Investments
Nuveen Mid Cap Index Fund (continued)
October 31, 2012
| | | | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry subclassifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
| | (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| | (2) | | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| | (3) | | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan at the end of the reporting period was $90,363,659. |
| | (4) | | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
| | (5) | | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
| | (6) | | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| | (7) | | Investment, or portion of investment, segregated as collateral for investments in derivatives. |
| | (8) | | Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at the end of the reporting period. |
See accompanying notes to financial statements.
Portfolio of Investments
Nuveen Small Cap Index Fund
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | COMMON STOCKS – 91.3% | | | | | | | | | | |
| | | | | |
| | | | Aerospace & Defense – 1.5% | | | | | | | | | | |
| | | | | |
| | 2,632 | | | AAR Corporation | | | | | | | | $ | 39,717 | |
| | | | | |
| | 1,087 | | | AeroVironment, Inc., (2) | | | | | | | | | 23,903 | |
| | | | | |
| | 583 | | | American Science & Engineering Inc. | | | | | | | | | 37,067 | |
| | | | | |
| | 2,112 | | | API Technologies Corporation, (2) | | | | | | | | | 5,576 | |
| | | | | |
| | 789 | | | Astronics Corporation, (2) | | | | | | | | | 18,313 | |
| | | | | |
| | 103 | | | Astronics Corporation, Class B, (2) | | | | | | | | | 2,351 | |
| | | | | |
| | 1,600 | | | Ceradyne, Inc. | | | | | | | | | 55,936 | |
| | | | | |
| | 434 | | | CPI Aerostructures, Inc., (2) | | | | | | | | | 4,778 | |
| | | | | |
| | 1,039 | | | Cubic Corporation | | | | | | | | | 50,703 | |
| | | | | |
| | 3,064 | | | Curtiss-Wright Corporation | | | | | | | | | 94,586 | |
| | | | | |
| | 2,362 | | | DigitalGlobe Inc., (2), (3) | | | | | | | | | 61,270 | |
| | | | | |
| | 2,002 | | | Esterline Technologies Corporation, (2) | | | | | | | | | 115,696 | |
| | | | | |
| | 3,899 | | | GenCorp Inc., (2), (3) | | | | | | | | | 34,389 | |
| | | | | |
| | 1,033 | | | GeoEye, Inc., (2) | | | | | | | | | 32,405 | |
| | | | | |
| | 3,441 | | | Heico Corporation, (3) | | | | | | | | | 132,926 | |
| | | | | |
| | 6,504 | | | Hexcel Corporation, (2) | | | | | | | | | 166,242 | |
| | | | | |
| | 1,623 | | | KEYW Holding Corporation, (2) | | | | | | | | | 19,703 | |
| | | | | |
| | 2,621 | | | Kratos Defense & Security Solutions Inc., (2), (3) | | | | | | | | | 14,442 | |
| | | | | |
| | 588 | | | LMI Aerospace, Inc., (2) | | | | | | | | | 11,807 | |
| | | | | |
| | 2,917 | | | Moog Inc., Class A Shares, (2) | | | | | | | | | 107,958 | |
| | | | | |
| | 308 | | | National Presto Industries Inc., (3) | | | | | | | | | 22,900 | |
| | | | | |
| | 3,852 | | | Orbital Sciences Corporation, (2), (3) | | | | | | | | | 51,617 | |
| | | | | |
| | 164 | | | SIFCO Industries, Incorporated | | | | | | | | | 2,747 | |
| | | | | |
| | 691 | | | Sypris Solutions, Inc. | | | | | | | | | 4,353 | |
| | | | | |
| | 3,572 | | | Taser International, Inc., (2) | | | | | | | | | 27,897 | |
| | | | | |
| | 2,374 | | | Teledyne Technologies Inc., (2) | | | | | | | | | 152,007 | |
| | | | Total Aerospace & Defense | | | | | | | | | 1,291,289 | |
| | | | Air Freight & Logistics – 0.4% | | | | | | | | | | |
| | | | | |
| | 3,459 | | | Air Transport Services Group Inc., (2) | | | | | | | | | 13,317 | |
| | | | | |
| | 1,725 | | | Atlas Air Worldwide Holdings Inc., (2), (3) | | | | | | | | | 94,858 | |
| | | | | |
| | 965 | | | Echo Global Logistics, Inc., (2) | | | | | | | | | 16,222 | |
| | | | | |
| | 1,887 | | | Forward Air Corporation | | | | | | | | | 62,969 | |
| | | | | |
| | 2,365 | | | Hub Group, Inc., (2) | | | | | | | | | 73,339 | |
| | | | | |
| | 2,249 | | | Pacer International, Inc., (2) | | | | | | | | | 8,051 | |
| | | | | |
| | 566 | | | Park Ohio Holdings Corporation, (2) | | | | | | | | | 12,520 | |
| | | | | |
| | 1,152 | | | XPO Logistics, Incorporated, (2), (3) | | | | | | | | | 15,817 | |
| | | | Total Air Freight & Logistics | | | | | | | | | 297,093 | |
| | | | Airlines – 0.7% | | | | | | | | | | |
| | | | | |
| | 4,604 | | | Alaska Air Group, Inc., (2) | | | | | | | | | 176,057 | |
| | | | | |
| | 906 | | | Allegiant Travel Company, (2) | | | | | | | | | 65,902 | |
| | | | | |
| | 3,238 | | | Hawaiian Holdings Inc., (2), (3) | | | | | | | | | 19,201 | |
| | | | | |
| | 15,339 | | | JetBlue Airways Corporation, (2), (3) | | | | | | | | | 81,143 | |
| | | | | |
| | 3,097 | | | Republic Airways Holdings, Inc., (2) | | | | | | | | | 14,463 | |
| | | | | |
| | 3,397 | | | SkyWest Inc. | | | | | | | | | 37,197 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Airlines (continued) | | | | | | | | | | |
| | | | | |
| | 2,716 | | | Spirit Airline Holdings, (2) | | | | | | | | $ | 47,666 | |
| | | | | |
| | 10,602 | | | US Airways Group Inc., (2), (3) | | | | | | | | | 129,132 | |
| | | | Total Airlines | | | | | | | | | 570,761 | |
| | | | Auto Components – 0.8% | | | | | | | | | | |
| | | | | |
| | 4,355 | | | American Axle and Manufacturing Holdings Inc., (2) | | | | | | | | | 47,339 | |
| | | | | |
| | 4,070 | | | Cooper Tire & Rubber, (3) | | | | | | | | | 81,929 | |
| | | | | |
| | 9,645 | | | Dana Holding Corporation | | | | | | | | | 126,928 | |
| | | | | |
| | 1,599 | | | Dorman Products, Inc., (2), (3) | | | | | | | | | 48,849 | |
| | | | | |
| | 1,257 | | | Drew Industries Inc., (2) | | | | | | | | | 39,809 | |
| | | | | |
| | 5,112 | | | Exide Technologies, (2) | | | | | | | | | 15,592 | |
| | | | | |
| | 1,208 | | | Federal-Mogul Corporation, Class A Shares, (2) | | | | | | | | | 9,108 | |
| | | | | |
| | 1,070 | | | Fuel Systems Solutions, Inc., (2) | | | | | | | | | 17,409 | |
| | | | | |
| | 1,929 | | | Gentherm Inc., (2), (3) | | | | | | | | | 23,187 | |
| | | | | |
| | 3,051 | | | Modine Manufacturing Company, (2) | | | | | | | | | 20,747 | |
| | | | | |
| | 380 | | | Shiloh Industries, Inc., (2) | | | | | | | | | 4,324 | |
| | | | | |
| | 2,646 | | | Spartan Motors, Inc. | | | | | | | | | 12,436 | |
| | | | | |
| | 1,296 | | | Standard Motor Products Inc. | | | | | | | | | 24,339 | |
| | | | | |
| | 1,829 | | | Stoneridge Inc., (2) | | | | | | | | | 9,090 | |
| | | | | |
| | 1,503 | | | Superior Industries International Inc. | | | | | | | | | 25,686 | |
| | | | | |
| | 3,964 | | | Tenneco Inc., (2) | | | | | | | | | 121,100 | |
| | | | | |
| | 423 | | | Tower International Inc., (2) | | | | | | | | | 2,995 | |
| | | | Total Auto Components | | | | | | | | | 630,867 | |
| | | | Automobiles – 0.0% | | | | | | | | | | |
| | | | | |
| | 1,908 | | | Winnebago Industries Inc., (2) | | | | | | | | | 24,041 | |
| | | | Beverages – 0.1% | | | | | | | | | | |
| | | | | |
| | 527 | | | Boston Beer Company, (2), (3) | | | | | | | | | 56,695 | |
| | | | | |
| | 4,672 | | | Central European Distribution Corporation, (2) | | | | | | | | | 12,054 | |
| | | | | |
| | 265 | | | Coca-Cola Bottling Company Consolidated | | | | | | | | | 18,216 | |
| | | | | |
| | 668 | | | Craft Brewers Alliance Inc., (2) | | | | | | | | | 5,063 | |
| | | | | |
| | 666 | | | National Beverage Corporation, (2) | | | | | | | | | 9,903 | |
| | | | Total Beverages | | | | | | | | | 101,931 | |
| | | | Biotechnology – 3.4% | | | | | | | | | | |
| | | | | |
| | 3,886 | | | Achillion Pharmaceuticals, Inc., (2) | | | | | | | | | 36,684 | |
| | | | | |
| | 2,619 | | | Acorda Therapeutics, Inc., (2) | | | | | | | | | 62,725 | |
| | | | | |
| | 1,632 | | | Aegerion Pharmaceuticals Inc., (2), (3) | | | | | | | | | 36,687 | |
| | | | | |
| | 2,359 | | | Affymax, Inc., (2) | | | | | | | | | 53,762 | |
| | | | | |
| | 1,599 | | | Agenus Inc., (2) | | | | | | | | | 7,148 | |
| | | | | |
| | 7,996 | | | Alkermes Inc., (2), (3) | | | | | | | | | 148,166 | |
| | | | | |
| | 3,027 | | | Alnylam Pharmaceuticals, Inc., (2) | | | | | | | | | 48,947 | |
| | | | | |
| | 1,360 | | | AMAG Pharmaceuticals, Inc., (2) | | | | | | | | | 21,053 | |
| | | | | |
| | 1,969 | | | Amicus Therapeutics, Inc., (2) | | | | | | | | | 9,983 | |
| | | | | |
| | 784 | | | Anacor Pharmaceuticals Inc., (2), (3) | | | | | | | | | 4,508 | |
| | | | | |
| | 14,168 | | | Arena Pharmaceuticals, Inc., (2), (3) | | | | | | | | | 112,069 | |
| | | | | |
| | 3,979 | | | ArQule Inc., (2) | | | | | | | | | 9,987 | |
| | | | | |
| | 5,822 | | | Array Biopharma, Inc., (2) | | | | | | | | | 24,103 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Biotechnology (continued) | | | | | | | | | | |
| | | | | |
| | 6,080 | | | Astex Pharmaceuticals Inc., (2) | | | | | | | | $ | 14,470 | |
| | | | | |
| | 2,542 | | | Aveo Pharmaceuticals Inc., (2), (3) | | | | | | | | | 19,395 | |
| | | | | |
| | 3,211 | | | BioCryst Pharaceuticals, Inc., (2) | | | | | | | | | 9,344 | |
| | | | | |
| | 318 | | | BioSpecifics Technologies Corporation, (2) | | | | | | | | | 5,088 | |
| | | | | |
| | 1,991 | | | BioTime Inc., (2), (3) | | | | | | | | | 7,586 | |
| | | | | |
| | 3,835 | | | Celldex Therapeutics, Inc., (2) | | | | | | | | | 21,131 | |
| | | | | |
| | 4,285 | | | Cepheid, Inc., (2), (3) | | | | | | | | | 129,878 | |
| | | | | |
| | 354 | | | ChemoCentryx Inc., (2) | | | | | | | | | 3,997 | |
| | | | | |
| | 892 | | | Clovis Oncology Inc., (2), (3) | | | | | | | | | 19,240 | |
| | | | | |
| | 1,709 | | | Codexis Inc., (2) | | | | | | | | | 4,443 | |
| | | | | |
| | 1,157 | | | Coronado Biosciences Inc., (2) | | | | | | | | | 6,132 | |
| | | | | |
| | 4,136 | | | Cubist Pharmaceuticals Inc., (2), (3) | | | | | | | | | 177,434 | |
| | | | | |
| | 5,161 | | | Curis, Inc., (3) | | | | | | | | | 19,663 | |
| | | | | |
| | 3,569 | | | Cytori Therapeutics, Inc., (2), (3) | | | | | | | | | 13,170 | |
| | | | | |
| | 10,057 | | | Dendreon Corporation, (2), (3) | | | | | | | | | 38,217 | |
| | | | | |
| | 2,832 | | | Discovery Labs, Inc., (2) | | | | | | | | | 6,825 | |
| | | | | |
| | 565 | | | Durata Therapeutics Inc., (2) | | | | | | | | | 4,497 | |
| | | | | |
| | 1,569 | | | DUSA Pharmaceuticals, Inc. | | | | | | | | | 10,763 | |
| | | | | |
| | 6,452 | | | Dyax Corporation, (2) | | | | | | | | | 19,356 | |
| | | | | |
| | 11,373 | | | Dynavax Technologies Corporation, (2) | | | | | | | | | 47,084 | |
| | | | | |
| | 1,691 | | | Emergent BioSolutions, Inc., (2) | | | | | | | | | 22,473 | |
| | | | | |
| | 2,758 | | | Enzon Inc., (2) | | | | | | | | | 18,120 | |
| | | | | |
| | 4,160 | | | EXACT Sciences Corporation, (2) | | | | | | | | | 39,354 | |
| | | | | |
| | 11,977 | | | Exelixis, Inc., (2), (3) | | | | | | | | | 56,891 | |
| | | | | |
| | 1,093 | | | Genomic Health, Inc., (2), (3) | | | | | | | | | 34,156 | |
| | | | | |
| | 8,626 | | | Geron Corporation, (2), (3) | | | | | | | | | 11,473 | |
| | | | | |
| | 1,727 | | | GTX, Inc., (2) | | | | | | | | | 6,925 | |
| | | | | |
| | 5,860 | | | Halozyme Therapeutics, Inc., (2) | | | | | | | | | 30,999 | |
| | | | | |
| | 231 | | | Hyperion Therapeutics Inc., (2) | | | | | | | | | 2,562 | |
| | | | | |
| | 5,887 | | | Idenix Pharmaceuticals Inc., (2) | | | | | | | | | 20,958 | |
| | | | | |
| | 3,340 | | | ImmunoCellular Therapeutics, Ltd, (2) | | | | | | | | | 5,979 | |
| | | | | |
| | 5,451 | | | ImmunoGen, Inc., (2), (3) | | | | | | | | | 60,397 | |
| | | | | |
| | 4,226 | | | Immunomedics, Inc., (2), (3) | | | | | | | | | 13,988 | |
| | | | | |
| | 1,579 | | | Infinity Pharmaceuticals, Inc., (2) | | | | | | | | | 35,354 | |
| | | | | |
| | 4,271 | | | Intermune, Inc., (2), (3) | | | | | | | | | 33,954 | |
| | | | | |
| | 4,909 | | | Ironwood Pharmacauticals Inc., (2), (3) | | | | | | | | | 57,092 | |
| | | | | |
| | 6,542 | | | ISIS Pharmaceuticals, Inc., (2), (3) | | | | | | | | | 56,588 | |
| | | | | |
| | 4,650 | | | Keryx Biopharmaceuticals, Inc., (2), (3) | | | | | | | | | 11,579 | |
| | | | | |
| | 13,815 | | | Lexicon Genetics, Inc., (2) | | | | | | | | | 28,597 | |
| | | | | |
| | 1,261 | | | Ligand Pharmceuticals, Inc., (2) | | | | | | | | | 19,445 | |
| | | | | |
| | 7,366 | | | MannKind Corporation, (2), (3) | | | | | | | | | 13,922 | |
| | | | | |
| | 1,806 | | | Maxygen, Inc., (2) | | | | | | | | | 4,407 | |
| | | | | |
| | 993 | | | Merrimack Pharmaceuticals, Inc., (2), (3) | | | | | | | | | 6,137 | |
| | | | | |
| | 3,059 | | | Momenta Pharmaceuticals, Inc., (2), (3) | | | | | | | | | 38,788 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Biotechnology (continued) | | | | | | | | | | |
| | | | | |
| | 4,330 | | | Neurocrine Biosciences Inc., (2) | | | | | | | | $ | 31,739 | |
| | | | | |
| | 828 | | | NewLink Genetics Corporation, (2), (3) | | | | | | | | | 11,418 | |
| | | | | |
| | 7,568 | | | Novavax, Inc., (2) | | | | | | | | | 15,893 | |
| | | | | |
| | 5,626 | | | NPS Pharmaceuticals, Inc., (2) | | | | | | | | | 51,984 | |
| | | | | |
| | 933 | | | OncoGeneX Pharmacuetical Inc., (2) | | | | | | | | | 11,569 | |
| | | | | |
| | 3,731 | | | Oncothyreon Inc., (2), (3) | | | | | | | | | 18,953 | |
| | | | | |
| | 6,996 | | | Opko Health Inc., (2), (3) | | | | | | | | | 29,943 | |
| | | | | |
| | 3,940 | | | Orexigen Therapeutics, Inc., (2) | | | | | | | | | 21,000 | |
| | | | | |
| | 1,072 | | | Osiris Therapeutics, Inc., (2), (3) | | | | | | | | | 11,256 | |
| | | | | |
| | 9,135 | | | PDL Biopahrma Inc., (3) | | | | | | | | | 68,056 | |
| | | | | |
| | 3,553 | | | Pharmacyclics, Inc., (2), (3) | | | | | | | | | 216,982 | |
| | | | | |
| | 1,974 | | | Progenics Pharmaceuticals, Inc., (2) | | | | | | | | | 5,626 | |
| | | | | |
| | 3,190 | | | Raptor Pharmaceuticals Corporation, (2), (3) | | | | | | | | | 14,834 | |
| | | | | |
| | 2,014 | | | Repligen Corporation, (2) | | | | | | | | | 10,271 | |
| | | | | |
| | 5,572 | | | Rigel Pharmaceuticals, Inc., (2) | | | | | | | | | 49,647 | |
| | | | | |
| | 3,435 | | | Sangamo Biosciences, Inc., (2) | | | | | | | | | 19,099 | |
| | | | | |
| | 6,200 | | | Seattle Genetics, Inc., (2), (3) | | | | | | | | | 155,992 | |
| | | | | |
| | 2,296 | | | SIGA Technologies, Inc., (2), (3) | | | | | | | | | 6,658 | |
| | | | | |
| | 3,887 | | | Spectrum Pharmaceuticals, Inc., (2), (3) | | | | | | | | | 43,379 | |
| | | | | |
| | 1,828 | | | Sunesis Pharmaceuticals, Inc., (2) | | | | | | | | | 7,879 | |
| | | | | |
| | 682 | | | Synageva BioPharma Corporation, (2), (3) | | | | | | | | | 28,835 | |
| | | | | |
| | 2,684 | | | Synergy Pharmaceuticals Inc., (2) | | | | | | | | | 10,629 | |
| | | | | |
| | 2,425 | | | Synta Pharmaceuticals Corporation, (2), (3) | | | | | | | | | 19,085 | |
| | | | | |
| | 1,771 | | | Targacept, Inc., (2) | | | | | | | | | 7,226 | |
| | | | | |
| | 299 | | | Tesaro Inc., (2) | | | | | | | | | 4,862 | |
| | | | | |
| | 4,128 | | | Theravance Inc., (2), (3) | | | | | | | | | 92,921 | |
| | | | | |
| | 2,937 | | | Threshold Pharmaceuticals, Inc., (2), (3) | | | | | | | | | 12,071 | |
| | | | | |
| | 1,623 | | | Trius Therapeutics, Inc., (2) | | | | | | | | | 8,894 | |
| | | | | |
| | 1,806 | | | Vanda Pharmaceuticals, Inc., (2) | | | | | | | | | 6,122 | |
| | | | | |
| | 404 | | | Verastem Inc., (2), (3) | | | | | | | | | 3,208 | |
| | | | | |
| | 5,473 | | | Vical, Inc., (2), (3) | | | | | | | | | 18,663 | |
| | | | | |
| | 5,320 | | | XOMA Ltd., (2), (3) | | | | | | | | | 14,577 | |
| | | | | |
| | 4,306 | | | ZIOPHARM Oncology, Inc., (2), (3) | | | | | | | | | 20,281 | |
| | | | Total Biotechnology | | | | | | | | | 2,833,225 | |
| | | | Building Products – 0.9% | | | | | | | | | | |
| | | | | |
| | 1,207 | | | AAON, Inc. | | | | | | | | | 25,323 | |
| | | | | |
| | 1,317 | | | Ameresco Inc., Class A Shares, (2) | | | | | | | | | 14,566 | |
| | | | | |
| | 603 | | | American Woodmark Company | | | | | | | | | 13,869 | |
| | | | | |
| | 1,848 | | | Apogee Enterprises, Inc. | | | | | | | | | 37,644 | |
| | | | | |
| | 2,923 | | | Builders FirstSource, Inc., (2) | | | | | | | | | 16,106 | |
| | | | | |
| | 1,994 | | | Gibraltar Industries Inc., (2) | | | | | | | | | 24,845 | |
| | | | | |
| | 3,064 | | | Griffon Corporation | | | | | | | | | 31,100 | |
| | | | | |
| | 1,132 | | | Insteel Industries, Inc. | | | | | | | | | 13,131 | |
| | | | | |
| | 1,268 | | | NCI Building Systems Inc., (2) | | | | | | | | | 14,214 | |
| | | | | |
| | 506 | | | Nortek Inc., (2) | | | | | | | | | 30,112 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Building Products (continued) | | | | | | | | | | |
| | | | | |
| | 258 | | | Patrick Industries, Inc., (2) | | | | | | | | $ | 4,559 | |
| | | | | |
| | 1,276 | | | PGT, Inc., (2) | | | | | | | | | 5,512 | |
| | | | | |
| | 2,436 | | | Quanex Building Products Corporation | | | | | | | | | 48,160 | |
| | | | | |
| | 2,672 | | | Simpson Manufacturing Company Inc. | | | | | | | | | 81,389 | |
| | | | | |
| | 2,543 | | | A.O. Smith Corporation | | | | | | | | | 154,538 | |
| | | | | |
| | 1,000 | | | Trex Company Inc., (2) | | | | | | | | | 34,940 | |
| | | | | |
| | 1,287 | | | Universal Forest Products Inc. | | | | | | | | | 49,550 | |
| | | | | |
| | 4,838 | | | USG Corporation, (2), (3) | | | | | | | | | 129,223 | |
| | | | Total Building Products | | | | | | | | | 728,781 | |
| | | | Capital Markets – 2.2% | | | | | | | | | | |
| | | | | |
| | 13,251 | | | Apollo Investment Corporation | | | | | | | | | 105,345 | |
| | | | | |
| | 719 | | | Arlington Asset Investment Corporation | | | | | | | | | 15,998 | |
| | | | | |
| | 2,010 | | | Artio Global Investors Inc. | | | | | | | | | 4,784 | |
| | | | | |
| | 6,429 | | | BGC Partners Inc., Class A | | | | | | | | | 30,088 | |
| | | | | |
| | 4,804 | | | Blackrock Kelso Capital Corporation, (3) | | | | | | | | | 48,088 | |
| | | | | |
| | 1,257 | | | Calamos Asset Management, Inc. Class A, (3) | | | | | | | | | 13,576 | |
| | | | | |
| | 195 | | | Capital Southwest Corporation | | | | | | | | | 21,011 | |
| | | | | |
| | 419 | | | CIFC Corporation, (2) | | | | | | | | | 2,828 | |
| | | | | |
| | 1,206 | | | Cohen & Steers Inc., (3) | | | | | | | | | 33,756 | |
| | | | | |
| | 5,714 | | | Cowen Group, Inc, Class A, (2), (3) | | | | | | | | | 14,514 | |
| | | | | |
| | 175 | | | Diamond Hill Investment Group, Inc., (2) | | | | | | | | | 13,472 | |
| | | | | |
| | 2,037 | | | Duff & Phelps Corporation, Class A | | | | | | | | | 25,320 | |
| | | | | |
| | 1,040 | | | Epoch Holding Corporation | | | | | | | | | 22,797 | |
| | | | | |
| | 1,868 | | | Evercore Partners Inc., (3) | | | | | | | | | 52,117 | |
| | | | | |
| | 2,620 | | | FBR Capital Markets Corporation, (2) | | | | | | | | | 7,808 | |
| | | | | |
| | 616 | | | Fidus Investment Corporation | | | | | | | | | 10,349 | |
| | | | | |
| | 5,947 | | | Fifth Street Finance Corporation | | | | | | | | | 64,882 | |
| | | | | |
| | 3,026 | | | Financial Engines Inc., (3) | | | | | | | | | 72,654 | |
| | | | | |
| | 1,540 | | | FXCM Inc, Class A Shares | | | | | | | | | 13,860 | |
| | | | | |
| | 441 | | | GAMCO Investors Inc. | | | | | | | | | 21,609 | |
| | | | | |
| | 4,540 | | | GFI Group, Inc. | | | | | | | | | 14,346 | |
| | | | | |
| | 1,352 | | | Gladstone Capital Corporation, (3) | | | | | | | | | 12,033 | |
| | | | | |
| | 1,704 | | | Gladstone Investment Corporation | | | | | | | | | 12,610 | |
| | | | | |
| | 1,031 | | | Golub Capital BDC Inc., (3) | | | | | | | | | 16,115 | |
| | | | | |
| | 1,898 | | | Greenhill & Co Inc. | | | | | | | | | 90,573 | |
| | | | | |
| | 1,261 | | | GSV Capital Corporation, (2) | | | | | | | | | 9,823 | |
| | | | | |
| | 1,992 | | | Harris & Harris Group, Inc., (2) | | | | | | | | | 6,833 | |
| | | | | |
| | 3,453 | | | Hercules Technology Growth Capital, Inc. | | | | | | | | | 37,292 | |
| | | | | |
| | 2,131 | | | HFF Inc., Class A Shares, (2), (3) | | | | | | | | | 29,685 | |
| | | | | |
| | 511 | | | Horizon Technology Finance Corporation | | | | | | | | | 8,334 | |
| | | | | |
| | 2,383 | | | ICG Group Inc., (2) | | | | | | | | | 24,974 | |
| | | | | |
| | 899 | | | INTL FCStone Inc., (2), (3) | | | | | | | | | 16,658 | |
| | | | | |
| | 2,650 | | | Investment Technology Group, (2) | | | | | | | | | 22,366 | |
| | | | | |
| | 1,045 | | | JMP Group Inc. | | | | | | | | | 5,789 | |
| | | | | |
| | 2,269 | | | KBW Inc., (3) | | | | | | | | | 36,871 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Capital Markets (continued) | | | | | | | | | | |
| | | | | |
| | 1,422 | | | KCAP Financial Incorporated, (3) | | | | | | | | $ | 12,898 | |
| | | | | |
| | 11,873 | | | Knight Trading Group Inc., (2), (3) | | | | | | | | | 31,226 | |
| | | | | |
| | 6,838 | | | Ladenburg Thalmann Financial Services Inc., (2) | | | | | | | | | 8,889 | |
| | | | | |
| | 1,827 | | | Main Street Capital Corporation, (3) | | | | | | | | | 54,865 | |
| | | | | |
| | 887 | | | Manning & Napier Inc., (3) | | | | | | | | | 11,540 | |
| | | | | |
| | 5,014 | | | MCG Capital Corporation | | | | | | | | | 23,365 | |
| | | | | |
| | 1,168 | | | Medallion Financial Corporation | | | | | | | | | 14,612 | |
| | | | | |
| | 1,433 | | | Medley Capital Corporation | | | | | | | | | 20,635 | |
| | | | | |
| | 1,542 | | | MVC Capital Inc. | | | | | | | | | 19,059 | |
| | | | | |
| | 778 | | | New Mountain Finance Corporation | | | �� | | | | | | 11,662 | |
| | | | | |
| | 1,390 | | | NGP Capital Resources Company | | | | | | | | | 10,189 | |
| | | | | |
| | 662 | | | Oppenheimer Holdings Inc., Class A | | | | | | | | | 10,777 | |
| | | | | |
| | 4,281 | | | PennantPark Investment Corporation | | | | | | | | | 47,091 | |
| | | | | |
| | 1,068 | | | Piper Jaffray Companies, (2) | | | | | | | | | 28,676 | |
| | | | | |
| | 9,694 | | | Prospect Capital Corporation, (3) | | | | | | | | | 114,777 | |
| | | | | |
| | 624 | | | Pzena Investments Management, Inc. | | | | | | | | | 3,519 | |
| | | | | |
| | 1,357 | | | Safeguard Scientifics Inc., (2) | | | | | | | | | 21,508 | |
| | | | | |
| | 2,526 | | | Solar Capital Limited | | | | | | | | | 57,593 | |
| | | | | |
| | 620 | | | Solar Senior Capital Limited | | | | | | | | | 10,887 | |
| | | | | |
| | 3,506 | | | Stifel Financial Corporation, (2) | | | | | | | | | 111,140 | |
| | | | | |
| | 1,872 | | | SWS Group Inc., (2) | | | | | | | | | 10,652 | |
| | | | | |
| | 375 | | | TCP Capital Corporation | | | | | | | | | 5,749 | |
| | | | | |
| | 2,696 | | | Technology Investment Capital Corporation | | | | | | | | | 27,984 | |
| | | | | |
| | 983 | | | THL Credit Inc. | | | | | | | | | 14,027 | |
| | | | | |
| | 1,781 | | | Triangle Capital Corporation, (3) | | | | | | | | | 46,359 | |
| | | | | |
| | 424 | | | Virtus Investment Partners Inc., (2) | | | | | | | | | 40,704 | |
| | | | | |
| | 2,335 | | | Walter Investment Management Corporation, (2), (3) | | | | | | | | | 112,851 | |
| | | | | |
| | 435 | | | Westwood Holding Group Inc. | | | | | | | | | 16,887 | |
| | | | | |
| | 3,825 | | | WisdomTree Investments Inc., (2) | | | | | | | | | 24,518 | |
| | | | Total Capital Markets | | | | | | | | | 1,863,797 | |
| | | | Chemicals – 1.9% | | | | | | | | | | |
| | | | | |
| | 1,982 | | | A Schulman, Inc., (3) | | | | | | | | | 50,858 | |
| | | | | |
| | 588 | | | ADA-ES, Inc., (2) | | | | | | | | | 11,460 | |
| | | | | |
| | 1,818 | | | American Vanguard Corp. | | | | | | | | | 64,957 | |
| | | | | |
| | 1,304 | | | Arabian American Development Company, (2), (3) | | | | | | | | | 11,136 | |
| | | | | |
| | 1,912 | | | Balchem Corporation | | | | | | | | | 66,595 | |
| | | | | |
| | 3,718 | | | Calgon Carbon Corporation, (2) | | | | | | | | | 46,066 | |
| | | | | |
| | 412 | | | Chase Corporation, Common Stock | | | | | | | | | 7,593 | |
| | | | | |
| | 6,444 | | | Chemtura Corporation, (2) | | | | | | | | | 102,653 | |
| | | | | |
| | 5,654 | | | Ferro Corporation, (2) | | | | | | | | | 14,870 | |
| | | | | |
| | 3,231 | | | Flotek Industries Inc., (2), (3) | | | | | | | | | 35,896 | |
| | | | | |
| | 1,260 | | | FutureFuel Corporation | | | | | | | | | 14,855 | |
| | | | | |
| | 2,237 | | | Georgia Gulf Corporation | | | | | | | | | 79,167 | |
| | | | | |
| | 517 | | | GSE Holdings Inc., (2) | | | | | | | | | 4,115 | |
| | | | | |
| | 3,259 | | | H.B. Fuller Company, (3) | | | | | | | | | 99,074 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Chemicals (continued) | | | | | | | | | | |
| | | | | |
| | 598 | | | Hawkins Inc | | | | | | | | $ | 23,382 | |
| | | | | |
| | 1,424 | | | Innophos Holdings, Inc. | | | | | | | | | 67,854 | |
| | | | | |
| | 1,523 | | | Innospec, Inc., (2) | | | | | | | | | 49,315 | |
| | | | | |
| | 509 | | | KMG Chemicals, Inc., (3) | | | | | | | | | 8,694 | |
| | | | | |
| | 1,356 | | | Koppers Holdings Inc. | | | | | | | | | 48,409 | |
| | | | | |
| | 2,106 | | | Kraton Performance Polymers Inc., (2) | | | | | | | | | 45,953 | |
| | | | | |
| | 1,695 | | | Landec Corporation, (2) | | | | | | | | | 18,340 | |
| | | | | |
| | 1,225 | | | LSB Industries Inc., (2) | | | | | | | | | 49,331 | |
| | | | | |
| | 1,173 | | | Minerals Technologies Inc., (3) | | | | | | | | | 84,057 | |
| | | | | |
| | 5,230 | | | Olin Corporation | | | | | | | | | 108,470 | |
| | | | | |
| | 2,115 | | | OM Group Inc., (2) | | | | | | | | | 42,786 | |
| | | | | |
| | 3,017 | | | OMNOVA Solutions Inc., (2) | | | | | | | | | 23,653 | |
| | | | | |
| | 6,001 | | | PolyOne Corporation | | | | | | | | | 113,599 | |
| | | | | |
| | 845 | | | Quaker Chemical Corporation | | | | | | | | | 44,777 | |
| | | | | |
| | 3,216 | | | Sensient Technologies Corporation | | | | | | | | | 116,998 | |
| | | | | |
| | 1,983 | | | Sparetech Corporation, (2) | | | | | | | | | 16,974 | |
| | | | | |
| | 548 | | | Stepan Company | | | | | | | | | 52,498 | |
| | | | | |
| | 853 | | | TPC Group Inc., (2), (3) | | | | | | | | | 38,368 | |
| | | | | |
| | 1,577 | | | Tredegar Corporation | | | | | | | | | 26,762 | |
| | | | | |
| | 1,410 | | | Zep, Inc. | | | | | | | | | 20,205 | |
| | | | | |
| | 1,784 | | | Zoltek Companies, Inc., (2) | | | | | | | | | 12,220 | |
| | | | Total Chemicals | | | | | | | | | 1,621,940 | |
| | | | Commercial Banks – 6.0% | | | | | | | | | | |
| | | | | |
| | 978 | | | 1st Source Corporation | | | | | | | | | 21,721 | |
| | | | | |
| | 1,951 | | | 1st United Bancorp Inc., (2) | | | | | | | | | 11,726 | |
| | | | | |
| | 483 | | | Access National Corporation, (3) | | | | | | | | | 6,371 | |
| | | | | |
| | 304 | | | Alliance Financial Corporation | | | | | | | | | 13,765 | |
| | | | | |
| | 511 | | | American National Bankshares, Inc. | | | | | | | | | 10,726 | |
| | | | | |
| | 1,526 | | | Ameris Bancorp., (2), (3) | | | | | | | | | 16,282 | |
| | | | | |
| | 532 | | | Ames National Corporation | | | | | | | | | 10,523 | |
| | | | | |
| | 665 | | | Arrow Financial Corporation, (3) | | | | | | | | | 16,226 | |
| | | | | |
| | 411 | | | BancFirst Corporation | | | | | | | | | 18,068 | |
| | | | | |
| | 1,846 | | | Banco Latinoamericano de Exportaciones S.A. | | | | | | | | | 41,535 | |
| | | | | |
| | 1,880 | | | Bancorp, Inc., (2) | | | | | | | | | 21,376 | |
| | | | | |
| | 6,068 | | | BancorpSouth Inc. | | | | | | | | | 85,862 | |
| | | | | |
| | 370 | | | Bank of Kentucky Financial Corporation | | | | | | | | | 9,302 | |
| | | | | |
| | 341 | | | Bank of Marin Bancorp California | | | | | | | | | 12,730 | |
| | | | | |
| | 1,907 | | | Bank of the Ozarks, Inc. | | | | | | | | | 62,435 | |
| | | | | |
| | 1,256 | | | Banner Corporation | | | | | | | | | 36,411 | |
| | | | | |
| | 254 | | | Bar Harbor Bankshares | | | | | | | | | 9,007 | |
| | | | | |
| | 5,093 | | | BBCN Bancorp Inc., (2) | | | | | | | | | 60,759 | |
| | | | | |
| | 280 | | | Berkshire Bancorp, Inc. | | | | | | | | | 2,330 | |
| | | | | |
| | 5,104 | | | Boston Private Financial Holdings Inc., (3) | | | | | | | | | 47,059 | |
| | | | | |
| | 561 | | | Bridge Bancorp Inc., (2) | | | | | | | | | 11,220 | |
| | | | | |
| | 588 | | | Bridge Capital Holdings | | | | | | | | | 8,791 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Commercial Banks (continued) | | | | | | | | | | |
| | | | | |
| | 733 | | | Bryn Mawr Bank | | | | | | | | $ | 16,595 | |
| | | | | |
| | 536 | | | BSB Bancorp Inc., (2) | | | | | | | | | 6,909 | |
| | | | | |
| | 209 | | | C & F Financial, Inc. | | | | | | | | | 8,203 | |
| | | | | |
| | 493 | | | Camden National Corporation | | | | | | | | | 17,206 | |
| | | | | |
| | 733 | | | Capital City Bank, (2) | | | | | | | | | 7,440 | |
| | | | | |
| | 1,909 | | | Cardinal Financial Corporation | | | | | | | | | 30,487 | |
| | | | | |
| | 385 | | | Cascade Bancorp., (2) | | | | | | | | | 1,917 | |
| | | | | |
| | 5,141 | | | Cathay General Bancorp. | | | | | | | | | 90,944 | |
| | | | | |
| | 776 | | | Center Bancorp, Inc. | | | | | | | | | 8,839 | |
| | | | | |
| | 1,930 | | | Centerstate Banks of Florida, Inc. | | | | | | | | | 16,733 | |
| | | | | |
| | 1,412 | | | Central Pacific Financial Corporation, (2) | | | | | | | | | 20,290 | |
| | | | | |
| | 222 | | | Century Bancorp, Inc. | | | | | | | | | 7,262 | |
| | | | | |
| | 1,763 | | | Chemical Financial Corporation | | | | | | | | | 41,466 | |
| | | | | |
| | 782 | | | Citizens & Northern Corporation | | | | | | | | | 14,522 | |
| | | | | |
| | 2,615 | | | Citizens Republic Bancorp., (2) | | | | | | | | | 47,436 | |
| | | | | |
| | 979 | | | City Holding Company, (3) | | | | | | | | | 34,382 | |
| | | | | |
| | 812 | | | CNB Financial Corporation | | | | | | | | | 13,950 | |
| | | | | |
| | 2,278 | | | Cobiz, Inc. | | | | | | | | | 16,242 | |
| | | | | |
| | 2,591 | | | Columbia Banking Systems Inc. | | | | | | | | | 45,887 | |
| | | | | |
| | 2,500 | | | Community Bank System Inc. | | | | | | | | | 68,975 | |
| | | | | |
| | 912 | | | Community Trust Bancorp, Inc. | | | | | | | | | 30,935 | |
| | | | | |
| | 178 | | | Crescent Financial Corporation, (2) | | | | | | | | | 771 | |
| | | | | |
| | 5,739 | | | CVB Financial | | | | | | | | | 62,096 | |
| | | | | |
| | 1,195 | | | Eagle Bancorp, Inc., (2) | | | | | | | | | 24,928 | |
| | | | | |
| | 375 | | | Enterprise Bancorp, Inc. | | | | | | | | | 6,401 | |
| | | | | |
| | 1,165 | | | Enterprise Financial Services Corporation | | | | | | | | | 16,310 | |
| | | | | |
| | 9,114 | | | F.N.B. Corporation PA | | | | | | | | | 97,793 | |
| | | | | |
| | 1,227 | | | Farmers National Banc Corporation, (3) | | | | | | | | | 7,595 | |
| | | | | |
| | 629 | | | Fidelity Southern Corporation, (2) | | | | | | | | | 6,160 | |
| | | | | |
| | 903 | | | Financial Institutions, Inc. | | | | | | | | | 17,193 | |
| | | | | |
| | 564 | | | First Bancorp Maine | | | | | | | | | 9,295 | |
| | | | | |
| | 971 | | | First Bancorp of North Carolina, Inc. | | | | | | | | | 10,147 | |
| | | | | |
| | 4,591 | | | First Bancorp of Puerto Rico, (2) | | | | | | | | | 19,466 | |
| | | | | |
| | 4,951 | | | First Busey Corporation | | | | | | | | | 23,369 | |
| | | | | |
| | 1,465 | | | First California Financial Group, Inc., (2) | | | | | | | | | 9,889 | |
| | | | | |
| | 6,872 | | | First Commonwealth Financial Corporation, (3) | | | | | | | | | 45,012 | |
| | | | | |
| | 1,157 | | | First Community Bancshares, Inc. | | | | | | | | | 17,332 | |
| | | | | |
| | 1,149 | | | First Connecticut Bancorp. | | | | | | | | | 15,730 | |
| | | | | |
| | 3,822 | | | First Financial Bancorp. | | | | | | | | | 60,005 | |
| | | | | |
| | 2,019 | | | First Financial Bankshares, Inc., (3) | | | | | | | | | 73,148 | |
| | | | | |
| | 715 | | | First Financial Corporation | | | | | | | | | 21,872 | |
| | | | | |
| | 1,061 | | | First Interstate BancSystem Inc. | | | | | | | | | 15,947 | |
| | | | | |
| | 1,869 | | | First Merchants Corporation | | | | | | | | | 27,493 | |
| | | | | |
| | 4,895 | | | First Midwest Bancorp, Inc. | | | | | | | | | 60,551 | |
| | | | | |
| | 491 | | | First of Long Island Corporation | | | | | | | | | 14,725 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Commercial Banks (continued) | | | | | | | | | | |
| | | | | |
| | 7,162 | | | FirstMerit Corporation, (3) | | | | | | | | $ | 99,265 | |
| | | | | |
| | 653 | | | FNB United Corporation, (2), (3) | | | | | | | | | 7,816 | |
| | | | | |
| | 809 | | | German American Bancorp, Inc. | | | | | | | | | 18,243 | |
| | | | | |
| | 4,698 | | | Glacier Bancorp, Inc. | | | | | | | | | 68,121 | |
| | | | | |
| | 653 | | | Great Southern Bancorp. | | | | | | | | | 18,526 | |
| | | | | |
| | 801 | | | Green Bankshares, (4) | | | | | | | | | — | |
| | | | | |
| | 4,974 | | | Guaranty Bancorp., (2) | | | | | | | | | 9,102 | |
| | | | | |
| | 4,982 | | | Hancock Holding Company | | | | | | | | | 157,381 | |
| | | | | |
| | 2,023 | | | Hanmi Financial Corporation, (2) | | | | | | | | | 25,105 | |
| | | | | |
| | 948 | | | Heartland Financial USA, Inc., (3) | | | | | | | | | 27,208 | |
| | | | | |
| | 1,339 | | | Heritage Commerce Coporation, (2) | | | | | | | | | 8,824 | |
| | | | | |
| | 1,005 | | | Heritage Financial Corporation | | | | | | | | | 13,899 | |
| | | | | |
| | 1,312 | | | Heritage Oaks Bancorp, (2) | | | | | | | | | 7,137 | |
| | | | | |
| | 1,440 | | | Home Bancshares, Inc. | | | | | | | | | 49,882 | |
| | | | | |
| | 1,383 | | | HomeTrust Bancshares Inc., (2) | | | | | | | | | 18,878 | |
| | | | | |
| | 283 | | | Horizon Bancorp. | | | | | | | | | 8,207 | |
| | | | | |
| | 1,002 | | | Hudson Valley Holding Corporation | | | | | | | | | 16,142 | |
| | | | | |
| | 1,897 | | | IBERIABANK Corporation | | | | | | | | | 94,452 | |
| | | | | |
| | 1,378 | | | Independent Bank Corporation, (3) | | | | | | | | | 40,665 | |
| | | | | |
| | 3,478 | | | International Bancshares Corporation | | | | | | | | | 63,126 | |
| | | | | |
| | 2,974 | | | Investors Bancorp, Inc. | | | | | | | | | 53,502 | |
| | | | | |
| | 1,935 | | | Lakeland Bancorp, Inc. | | | | | | | | | 19,215 | |
| | | | | |
| | 1,040 | | | Lakeland Financial Corporation | | | | | | | | | 27,758 | |
| | | | | |
| | 1,293 | | | Mainsource Financial Group | | | | | | | | | 16,188 | |
| | | | | |
| | 3,570 | | | MB Financial, Inc. | | | | | | | | | 72,328 | |
| | | | | |
| | 562 | | | Mercantile Bank Corporation, (3) | | | | | | | | | 9,290 | |
| | | | | |
| | 333 | | | Merchants Bancshares, Inc. | | | | | | | | | 9,750 | |
| | | | | |
| | 890 | | | Metro Bancorp, Inc., (2) | | | | | | | | | 11,552 | |
| | | | | |
| | 1,033 | | | Metrocorp Bancshares, Inc., (2) | | | | | | | | | 10,475 | |
| | | | | |
| | 350 | | | Middleburg Financial Corporation | | | | | | | | | 5,901 | |
| | | | | |
| | 545 | | | Midsouth Bancorp Inc. | | | | | | | | | 8,448 | |
| | | | | |
| | 444 | | | MidWestOne Financial Group Inc. | | | | | | | | | 8,969 | |
| | | | | |
| | 445 | | | National Bankshares, Inc. | | | | | | | | | 14,018 | |
| | | | | |
| | 8,065 | | | National Penn Bancshares, Inc. | | | | | | | | | 72,020 | |
| | | | | |
| | 2,212 | | | NBT Bancorp, Inc. | | | | | | | | | 47,049 | |
| | | | | |
| | 422 | | | Northrim Bancorp, Inc. | | | | | | | | | 9,508 | |
| | | | | |
| | 6,548 | | | Old National Bancorp. | | | | | | | | | 80,344 | |
| | | | | |
| | 720 | | | OmniAmerican Bancorp Inc., (2) | | | | | | | | | 16,481 | |
| | | | | |
| | 2,716 | | | Oriental Financial Group Inc., (3) | | | | | | | | | 31,994 | |
| | | | | |
| | 273 | | | Pacific Capital Bancorp., (2) | | | | | | | | | 12,533 | |
| | | | | |
| | 1,183 | | | Pacific Continental Corporation | | | | | | | | | 10,990 | |
| | | | | |
| | 697 | | | Pacific Mercantile Bancorp., (2) | | | | | | | | | 4,997 | |
| | | | | |
| | 1,982 | | | Pacwest Bancorp. | | | | | | | | | 44,595 | |
| | | | | |
| | 829 | | | Park National Corporation, (3) | | | | | | | | | 55,170 | |
| | | | | |
| | 2,911 | | | Park Sterling Bank Inc., (2) | | | | | | | | | 14,555 | |
| | | | | |
| | 579 | | | Peapack Gladstone Financial Corporation | | | | | | | | | 8,969 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Commercial Banks (continued) | | | | | | | | | | |
| | | | | |
| | 250 | | | Penns Woods Bancorp, Inc. | | | | | | | | $ | 10,133 | |
| | | | | |
| | 697 | | | Peoples Bancorp, Inc. | | | | | | | | | 14,846 | |
| | | | | |
| | 2,260 | | | Pinnacle Financial Partners, Inc., (2) | | | | | | | | | 44,183 | |
| | | | | |
| | 767 | | | Preferred Bank Los Angeles, (2) | | | | | | | | | 10,899 | |
| | | | | |
| | 3,944 | | | PrivateBancorp, Inc. | | | | | | | | | 63,735 | |
| | | | | |
| | 3,100 | | | Prosperity Bancshares, Inc. | | | | | | | | | 129,766 | |
| | | | | |
| | 1,609 | | | Renasant Corporation, (3) | | | | | | | | | 29,622 | |
| | | | | |
| | 636 | | | Republic Bancorp, Inc. | | | | | | | | | 13,750 | |
| | | | | |
| | 1,888 | | | S&T Bancorp, Inc., (3) | | | | | | | | | 33,172 | |
| | | | | |
| | 1,547 | | | Sandy Spring Bancorp, Inc. | | | | | | | | | 29,579 | |
| | | | | |
| | 984 | | | SCBT Financial Corporation | | | | | | | | | 39,045 | |
| | | | | |
| | 4,656 | | | Seacoast Banking Corporation of Florida, (2) | | | | | | | | | 7,450 | |
| | | | | |
| | 763 | | | Sierra Bancorp. | | | | | | | | | 8,584 | |
| | | | | |
| | 1,113 | | | Simmons First National Corporation | | | | | | | | | 27,703 | |
| | | | | |
| | 1,109 | | | Southside Bancshares, Inc. | | | | | | | | | 22,635 | |
| | | | | |
| | 1,248 | | | Southwest Bancorp, Inc., (2) | | | | | | | | | 13,466 | |
| | | | | |
| | 2,031 | | | State Bank Financial Corporation | | | | | | | | | 30,810 | |
| | | | | |
| | 1,476 | | | StellarOne Corporation | | | | | | | | | 20,251 | |
| | | | | |
| | 1,987 | | | Sterling Bancorp | | | | | | | | | 18,976 | |
| | | | | |
| | 1,748 | | | Sterling Financial Corporation | | | | | | | | | 37,162 | |
| | | | | |
| | 629 | | | Suffolk Bancorp., (2) | | | | | | | | | 9,448 | |
| | | | | |
| | 2,556 | | | Sun Bancorp, Inc., (2) | | | | | | | | | 7,898 | |
| | | | | |
| | 12,268 | | | Susquehanna Bancshares Inc. | | | | | | | | | 127,219 | |
| | | | | |
| | 722 | | | S.Y. Bancorp, Inc. | | | | | | | | | 17,025 | |
| | | | | |
| | 1,064 | | | Taylor Capital Group, Inc., (2), (3) | | | | | | | | | 19,876 | |
| | | | | |
| | 2,622 | | | Texas Capital Bancshares, Inc., (2), (3) | | | | | | | | | 124,466 | |
| | | | | |
| | 681 | | | Tompkins Financial Corporation, (3) | | | | | | | | | 27,567 | |
| | | | | |
| | 1,720 | | | Towne Bank | | | | | | | | | 26,780 | |
| | | | | |
| | 1,043 | | | TriCo Bancshares | | | | | | | | | 17,522 | |
| | | | | |
| | 4,229 | | | Trustmark Corporation, (3) | | | | | | | | | 99,255 | |
| | | | | |
| | 2,109 | | | UMB Financial Corporation, (3) | | | | | | | | | 93,914 | |
| | | | | |
| | 7,365 | | | Umpqua Holdings Corporation, (3) | | | | | | | | | 89,043 | |
| | | | | |
| | 1,301 | | | Union First Market Bankshares Corporation | | | | | | | | | 20,426 | |
| | | | | |
| | 3,283 | | | United Bankshares, Inc., (3) | | | | | | | | | 78,234 | |
| | | | | |
| | 2,725 | | | United Community Banks, Inc., (2), (3) | | | | | | | | | 23,708 | |
| | | | | |
| | 1,077 | | | Univest Corporation of Pennsylvania | | | | | | | | | 18,223 | |
| | | | | |
| | 1,751 | | | Virginia Commerce Bancorp, Inc., (2) | | | | | | | | | 16,039 | |
| | | | | |
| | 985 | | | Washington Banking Company | | | | | | | | | 13,465 | |
| | | | | |
| | 915 | | | Washington Trust Bancorp, Inc., (3) | | | | | | | | | 24,696 | |
| | | | | |
| | 4,711 | | | Webster Financial Corporation | | | | | | | | | 103,642 | |
| | | | | |
| | 1,484 | | | WesBanco, Inc. | | | | | | | | | 32,648 | |
| | | | | |
| | 999 | | | West Bancorp, Inc. | | | | | | | | | 10,899 | |
| | | | | |
| | 1,238 | | | West Coast Bancorp. | | | | | | | | | 27,261 | |
| | | | | |
| | 1,730 | | | Westamerica Bancorp., (3) | | | | | | | | | 76,328 | |
| | | | | |
| | 4,567 | | | Western Alliance Bancorporation, (2), (3) | | | | | | | | | 46,857 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Commercial Banks (continued) | | | | | | | | | | |
| | | | | |
| | 4,038 | | | Wilshire Bancorp, Inc., (2), (3) | | | | | | | | $ | 26,287 | |
| | | | | |
| | 2,371 | | | Wintrust Financial Corporation, (3) | | | | | | | | | 87,608 | |
| | | | Total Commercial Banks | | | | | | | | | 5,044,752 | |
| | | | Commercial Services & Supplies – 2.3% | | | | | | | | | | |
| | | | | |
| | 3,510 | | | ABM Industries Inc. | | | | | | | | | 66,690 | |
| | | | | |
| | 7,379 | | | Acco Brands Corporation, (2), (3) | | | | | | | | | 53,424 | |
| | | | | |
| | 1,168 | | | Acorn Energy Inc., (3) | | | | | | | | | 9,940 | |
| | | | | |
| | 1,177 | | | American Ecology Corporation | | | | | | | | | 27,930 | |
| | | | | |
| | 2,380 | | | American Reprographics Co, (2) | | | | | | | | | 9,115 | |
| | | | | |
| | 1,036 | | | Asset Acceptance Capital Corporation, (2) | | | | | | | | | 6,610 | |
| | | | | |
| | 722 | | | Asta Funding, Inc. | | | | | | | | | 6,772 | |
| | | | | |
| | 616 | | | AT Cross Company, Class A Shares, (2) | | | | | | | | | 5,834 | |
| | | | | |
| | 3,086 | | | Brinks Company | | | | | | | | | 81,193 | |
| | | | | |
| | 2,444 | | | Casella Waste Systems, Inc., (2) | | | | | | | | | 11,194 | |
| | | | | |
| | 469 | | | CECO Environmental Corporation | | | | | | | | | 4,151 | |
| | | | | |
| | 3,537 | | | Cenveo Inc., (2) | | | | | | | | | 7,109 | |
| | | | | |
| | 73 | | | CompX International Inc. | | | | | | | | | 1,024 | |
| | | | | |
| | 542 | | | Consolidated Graphics Inc., (2) | | | | | | | | | 15,994 | |
| | | | | |
| | 662 | | | Courier Corporation | | | | | | | | | 7,977 | |
| | | | | |
| | 3,304 | | | Deluxe Corporation | | | | | | | | | 104,109 | |
| | | | | |
| | 1,431 | | | Encore Capital Group, Inc., (2) | | | | | | | | | 41,499 | |
| | | | | |
| | 5,128 | | | EnergySolutions Inc., (2) | | | | | | | | | 14,666 | |
| | | | | |
| | 1,610 | | | EnerNOC, Inc., (2) | | | | | | | | | 19,835 | |
| | | | | |
| | 1,674 | | | Ennis Inc. | | | | | | | | | 25,612 | |
| | | | | |
| | 1,203 | | | G&K Services, Inc. | | | | | | | | | 38,797 | |
| | | | | |
| | 4,168 | | | Geo Group Inc., (2) | | | | | | | | | 115,537 | |
| | | | | |
| | 4,265 | | | Healthcare Services Group, Inc., (3) | | | | | | | | | 101,934 | |
| | | | | |
| | 502 | | | Heritage-Crystal Clean, Inc., (2) | | | | | | | | | 8,885 | |
| | | | | |
| | 3,809 | | | Herman Miller Inc. | | | | | | | | | 73,857 | |
| | | | | |
| | 2,974 | | | HNI Corporation, (3) | | | | | | | | | 81,844 | |
| | | | | |
| | 2,074 | | | Innerworkings, Inc., (2), (3) | | | | | | | | | 29,907 | |
| | | | | |
| | 3,825 | | | Interface, Inc. | | | | | | | | | 54,736 | |
| | | | | |
| | 622 | | | Intersections, Inc. | | | | | | | | | 5,778 | |
| | | | | |
| | 2,128 | | | Kimball International Inc., Class B | | | | | | | | | 25,408 | |
| | | | | |
| | 3,130 | | | Knoll Inc. | | | | | | | | | 45,041 | |
| | | | | |
| | 1,617 | | | McGrath Rentcorp. | | | | | | | | | 42,462 | |
| | | | | |
| | 2,579 | | | Metalico Inc., (2) | | | | | | | | | 5,493 | |
| | | | | |
| | 1,802 | | | Mine Safety Appliances Company | | | | | | | | | 69,557 | |
| | | | | |
| | 2,496 | | | Mobile Mini, Inc., (2), (3) | | | | | | | | | 43,480 | |
| | | | | |
| | 881 | | | Multi Color Corporation | | | | | | | | | 20,016 | |
| | | | | |
| | 428 | | | NL Industries Inc. | | | | | | | | | 4,353 | |
| | | | | |
| | 587 | | | Performant Financial Corporation, (2) | | | | | | | | | 5,794 | |
| | | | | |
| | 1,100 | | | Porfolio Recovery Associates, Inc., (2) | | | | | | | | | 115,115 | |
| | | | | |
| | 1,622 | | | Quad Graphics Inc., (3) | | | | | | | | | 29,731 | |
| | | | | |
| | 758 | | | Schawk Inc. | | | | | | | | | 9,354 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Commercial Services & Supplies (continued) | | | | | | | | | | |
| | | | | |
| | 1,017 | | | Standard Parking Corporation, (2), (3) | | | | | | | | $ | 23,238 | |
| | | | | |
| | 5,110 | | | Steelcase Inc. | | | | | | | | | 51,151 | |
| | | | | |
| | 7,356 | | | Swisher Hygiene Inc., (2), (3) | | | | | | | | | 10,887 | |
| | | | | |
| | 2,549 | | | Sykes Enterprises Inc., (2) | | | | | | | | | 34,717 | |
| | | | | |
| | 1,300 | | | Team, Inc., (2) | | | | | | | | | 42,614 | |
| | | | | |
| | 4,005 | | | Tetra Tech, Inc., (2), (3) | | | | | | | | | 103,890 | |
| | | | | |
| | 827 | | | TMS International Corporation, Class A Shares, (2) | | | | | | | | | 8,667 | |
| | | | | |
| | 1,138 | | | TRC Companies, (2) | | | | | | | | | 8,205 | |
| | | | | |
| | 910 | | | UniFirst Corporation | | | | | | | | | 63,309 | |
| | | | | |
| | 2,741 | | | United Stationers, Inc. | | | | | | | | | 79,544 | |
| | | | | |
| | 1,310 | | | Viad Corporation | | | | | | | | | 27,785 | |
| | | | Total Commercial Services & Supplies | | | | | | | | | 1,901,764 | |
| | | | Communications Equipment – 1.8% | | | | | | | | | | |
| | | | | |
| | 4,155 | | | ADTRAN, Inc., (3) | | | | | | | | | 70,178 | |
| | | | | |
| | 176 | | | Ambient Corporation, (2), (3) | | | | | | | | | 676 | |
| | | | | |
| | 972 | | | Anaren Microwave Inc., (2) | | | | | | | | | 17,525 | |
| | | | | |
| | 7,386 | | | Arris Group Inc., (2) | | | | | | | | | 101,484 | |
| | | | | |
| | 7,303 | | | Aruba Networks, Inc., (2), (3) | | | | | | | | | 132,696 | |
| | | | | |
| | 4,002 | | | Aviat Networks Inc., (2) | | | | | | | | | 9,125 | |
| | | | | |
| | 749 | | | Aware Inc., (2) | | | | | | | | | 4,561 | |
| | | | | |
| | 676 | | | Bel Fuse, Inc., Class B | | | | | | | | | 11,195 | |
| | | | | |
| | 1,154 | | | Black Box Corporation | | | | | | | | | 25,296 | |
| | | | | |
| | 1,875 | | | CalAmp Corporation, (2) | | | | | | | | | 16,650 | |
| | | | | |
| | 2,564 | | | Calix Inc., (2) | | | | | | | | | 17,051 | |
| | | | | |
| | 6,475 | | | Ciena Corporation, (2), (3) | | | | | | | | | 80,355 | |
| | | | | |
| | 1,308 | | | Comtech Telecom Corporation, (3) | | | | | | | | | 32,922 | |
| | | | | |
| | 1,683 | | | Digi International, Inc., (2) | | | | | | | | | 15,854 | |
| | | | | |
| | 5,669 | | | Emulex Corporation, (2) | | | | | | | | | 39,456 | |
| | | | | |
| | 6,149 | | | Extreme Networks Inc., (2) | | | | | | | | | 20,046 | |
| | | | | |
| | 5,962 | | | Finisar Corporation, (2), (3) | | | | | | | | | 68,682 | |
| | | | | |
| | 1,505 | | | Globecom Systems, Inc., (2) | | | | | | | | | 16,329 | |
| | | | | |
| | 7,679 | | | Harmonic Inc., (2) | | | | | | | | | 33,327 | |
| | | | | |
| | 7,166 | | | Infinera Corporation, (2), (3) | | | | | | | | | 35,257 | |
| | | | | |
| | 2,915 | | | Interdigital Inc., (3) | | | | | | | | | 111,032 | |
| | | | | |
| | 2,754 | | | Ixia, (2), (3) | | | | | | | | | 38,584 | |
| | | | | |
| | 955 | | | KVH Industries, Inc., (2) | | | | | | | | | 13,198 | |
| | | | | |
| | 717 | | | Loral Space & Communications, Inc., (2) | | | | | | | | | 56,399 | |
| | | | | |
| | 2,481 | | | Netgear, Inc., (2), (3) | | | | | | | | | 88,100 | |
| | | | | |
| | 653 | | | Numerex Corporation, (2) | | | | | | | | | 7,496 | |
| | | | | |
| | 4,772 | | | Oclaro Inc., (2), (3) | | | | | | | | | 9,401 | |
| | | | | |
| | 1,255 | | | Oplink Communications, Inc., (2) | | | | | | | | | 18,649 | |
| | | | | |
| | 4,955 | | | Parkervision, Inc., (2), (3) | | | | | | | | | 7,730 | |
| | | | | |
| | 1,206 | | | PC Tel, Inc. | | | | | | | | | 7,863 | |
| | | | | |
| | 2,795 | | | Plantronics Inc., (3) | | | | | | | | | 90,670 | |
| | | | | |
| | 1,258 | | | Procera Networks Inc., (2) | | | | | | | | | 28,494 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Communications Equipment (continued) | | | | | | | | | | |
| | | | | |
| | 3,149 | | | ShoreTel, Inc., (2) | | | | | | | | $ | 13,950 | |
| | | | | |
| | 13,893 | | | Sonus Networks, Inc., (2) | | | | | | | | | 25,841 | |
| | | | | |
| | 1,284 | | | Sycamore Networks, Inc., (2) | | | | | | | | | 7,422 | |
| | | | | |
| | 2,779 | | | Symmetricom Inc., (2) | | | | | | | | | 17,091 | |
| | | | | |
| | 23,916 | | | Tellabs Inc. | | | | | | | | | 69,835 | |
| | | | | |
| | 1,082 | | | Telular Corporation | | | | | | | | | 10,809 | |
| | | | | |
| | 352 | | | Tessco Technologies Inc. | | | | | | | | | 7,322 | |
| | | | | |
| | 684 | | | Ubiquiti Networks Inc., (2), (3) | | | | | | | | | 8,071 | |
| | | | | |
| | 2,450 | | | ViaSat, Inc., (2), (3) | | | | | | | | | 95,158 | |
| | | | | |
| | 3,411 | | | Westell Technologies Inc., Class A, (2) | | | | | | | | | 6,958 | |
| | | | Total Communications Equipment | | | | | | | | | 1,488,738 | |
| | | | Computers & Peripherals – 0.7% | | | | | | | | | | |
| | | | | |
| | 3,057 | | | 3D Systems Corporation, (2), (3) | | | | | | | | | 132,980 | |
| | | | | |
| | 1,949 | | | Avid Technology Inc., (2) | | | | | | | | | 11,441 | |
| | | | | |
| | 2,418 | | | Cray, Inc., (2) | | | | | | | | | 29,427 | |
| | | | | |
| | 996 | | | Datalink Corporation, (2) | | | | | | | | | 8,107 | |
| | | | | |
| | 3,031 | | | Electronics For Imaging, (2) | | | | | | | | | 52,618 | |
| | | | | |
| | 2,018 | | | Imation Corporation, (2) | | | | | | | | | 9,222 | |
| | | | | |
| | 1,833 | | | Immersion Corporation, (2) | | | | | | | | | 7,919 | |
| | | | | |
| | 3,917 | | | Intermec Inc, (2) | | | | | | | | | 26,557 | |
| | | | | |
| | 1,519 | | | Intevac, Inc., (2) | | | | | | | | | 7,595 | |
| | | | | |
| | 4,397 | | | OCZ Technology Group Inc., (2), (3) | | | | | | | | | 5,936 | |
| | | | | |
| | 6,364 | | | QLogic Corporation, (2) | | | | | | | | | 59,694 | |
| | | | | |
| | 15,301 | | | Quantum Corporation, (2), (3) | | | | | | | | | 16,066 | |
| | | | | |
| | 2,086 | | | Silicon Graphics International Corporation, (2), (3) | | | | | | | | | 16,104 | |
| | | | | |
| | 2,363 | | | STEC Inc., (2) | | | | | | | | | 13,871 | |
| | | | | |
| | 1,390 | | | Stratasys, Inc., (2) | | | | | | | | | 92,671 | |
| | | | | |
| | 1,902 | | | Super Micro Computer Inc., (2), (3) | | | | | | | | | 15,045 | |
| | | | | |
| | 2,200 | | | Synaptics, Inc., (2) | | | | | | | | | 50,952 | |
| | | | Total Computers & Peripherals | | | | | | | | | 556,205 | |
| | | | Construction & Engineering – 0.8% | | | | | | | | | | |
| | | | | |
| | 2,563 | | | Aegion Corporation, (2) | | | | | | | | | 47,339 | |
| | | | | |
| | 643 | | | Argan, Inc., (2) | | | | | | | | | 11,439 | |
| | | | | |
| | 2,435 | | | Comfort Systems USA Inc. | | | | | | | | | 26,542 | |
| | | | | |
| | 2,263 | | | Dycom Industries Inc., (2) | | | | | | | | | 32,225 | |
| | | | | |
| | 4,358 | | | Emcor Group Inc. | | | | | | | | | 140,153 | |
| | | | | |
| | 2,432 | | | Furmanite Corporation, (2) | | | | | | | | | 12,282 | |
| | | | | |
| | 2,483 | | | Granite Construction Inc. | | | | | | | | | 75,011 | |
| | | | | |
| | 3,861 | | | Great Lakes Dredge & Dock Corporation | | | | | | | | | 30,695 | |
| | | | | |
| | 1,261 | | | Layne Christensen Company, (2) | | | | | | | | | 28,108 | |
| | | | | |
| | 3,806 | | | MasTec Inc., (2), (3) | | | | | | | | | 85,863 | |
| | | | | |
| | 566 | | | Michael Baker Corporation | | | | | | | | | 12,797 | |
| | | | | |
| | 1,339 | | | MYR Group Inc., (2) | | | | | | | | | 28,360 | |
| | | | | |
| | 598 | | | Northwest Pipe Company, (2) | | | | | | | | | 13,742 | |
| | | | | |
| | 1,736 | | | Orion Marine Group Inc., (2) | | | | | | | | | 11,614 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Construction & Engineering (continued) | | | | | | | | | | |
| | | | | |
| | 1,124 | | | Pike Electric Corporation, (2) | | | | | | | | $ | 10,240 | |
| | | | | |
| | 1,954 | | | Primoris Services Corporation | | | | | | | | | 27,297 | |
| | | | | |
| | 1,058 | | | Sterling Construction Company, Inc., (2) | | | | | | | | | 9,416 | |
| | | | | |
| | 2,332 | | | Tutor Perini Corporation, (2) | | | | | | | | | 23,646 | |
| | | | Total Construction & Engineering | | | | | | | | | 626,769 | |
| | | | Construction Materials – 0.3% | | | | | | | | | | |
| | | | | |
| | 3,193 | | | Eagle Materials Inc. | | | | | | | | | 169,133 | |
| | | | | |
| | 3,989 | | | Headwater Inc., (2) | | | | | | | | | 28,681 | |
| | | | | |
| | 1,463 | | | Texas Industries Inc., (3) | | | | | | | | | 63,099 | |
| | | | | |
| | 166 | | | United States Lime & Minerals, Inc., (2) | | | | | | | | | 7,272 | |
| | | | Total Construction Materials | | | | | | | | | 268,185 | |
| | | | Consumer Finance – 0.5% | | | | | | | | | | |
| | | | | |
| | 1,889 | | | Cash America International, Inc., (3) | | | | | | | | | 73,841 | |
| | | | | |
| | 462 | | | Credit Acceptance Corporation, (2) | | | | | | | | | 37,722 | |
| | | | | |
| | 2,793 | | | DFC Global Corporation, (2), (3) | | | | | | | | | 47,062 | |
| | | | | |
| | 3,016 | | | EZCORP, Inc., (2) | | | | | | | | | 59,295 | |
| | | | | |
| | 1,959 | | | First Cash Financial Services, Inc., (2) | | | | | | | | | 87,489 | |
| | | | | |
| | 3,543 | | | First Marblehead Corporation, (2) | | | | | | | | | 3,330 | |
| | | | | |
| | 1,567 | | | Green Dot Corporation, Class A Shares, (2), (3) | | | | | | | | | 15,968 | |
| | | | | |
| | 1,657 | | | Nelnet, Inc. | | | | | | | | | 40,447 | |
| | | | | |
| | 2,028 | | | NetSpend Holdings, Inc., (2), (3) | | | | | | | | | 21,720 | |
| | | | | |
| | 624 | | | Nicholas Financial, Inc. | | | | | | | | | 8,118 | |
| | | | | |
| | 315 | | | Regional Management Corporation, (2) | | | | | | | | | 5,506 | |
| | | | | |
| | 718 | | | World Acceptance Corporation, (3), (2) | | | | | | | | | 47,934 | |
| | | | Total Consumer Finance | | | | | | | | | 448,432 | |
| | | | Containers & Packaging – 0.2% | | | | | | | | | | |
| | | | | |
| | 276 | | | AEP Industries, Inc., (2) | | | | | | | | | 17,645 | |
| | | | | |
| | 6,563 | | | Boise Inc., (2) | | | | | | | | | 55,064 | |
| | | | | |
| | 10,937 | | | Graphic Packaging Holding Company, (2) | | | | | | | | | 64,747 | |
| | | | | |
| | 2,188 | | | Myers Industries, Inc. | | | | | | | | | 32,448 | |
| | | | | |
| | 358 | | | UFP Technologies, Inc. | | | | | | | | | 5,943 | |
| | | | Total Containers & Packaging | | | | | | | | | 175,847 | |
| | | | Distributors – 0.2% | | | | | | | | | | |
| | | | | |
| | 1,191 | | | Audiovox Corporation, (2) | | | | | | | | | 7,408 | |
| | | | | |
| | 732 | | | Core-Mark Holding Company, Inc. | | | | | | | | | 35,041 | |
| | | | | |
| | 3,095 | | | Pool Corporation, (3) | | | | | | | | | 130,361 | |
| | | | | |
| | 460 | | | Weyco Group, Inc. | | | | | | | | | 10,801 | |
| | | | Total Distributors | | | | | | | | | 183,611 | |
| | | | Diversified Consumer Services – 1.0% | | | | | | | | | | |
| | | | | |
| | 1,149 | | | American Public Education Inc., (2), (3) | | | | | | | | | 41,858 | |
| | | | | |
| | 926 | | | Ascent Media Corporation, (2) | | | | | | | | | 55,051 | |
| | | | | |
| | 1,148 | | | Bridgepoint Education Inc., (2) | | | | | | | | | 11,480 | |
| | | | | |
| | 929 | | | Capella Education Company, (2) | | | | | | | | | 29,003 | |
| | | | | |
| | 3,380 | | | Career Education Corporation, (2) | | | | | | | | | 11,492 | |
| | | | | |
| | 1,035 | | | Carriage Services Inc. | | | | | | | | | 11,002 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Diversified Consumer Services (continued) | | | | | | | | | | |
| | | | | |
| | 2,044 | | | Coinstar Inc., (2), (3) | | | | | | | | $ | 95,945 | |
| | | | | |
| | 349 | | | Collectors Universe, Inc. | | | | | | | | | 4,188 | |
| | | | | |
| | 5,113 | | | Corinthian Colleges Inc., (2) | | | | | | | | | 13,958 | |
| | | | | |
| | 1,741 | | | Education Management Corporation, (2), (3) | | | | | | | | | 5,536 | |
| | | | | |
| | 2,610 | | | Grand Canyon Education Inc., (2) | | | | | | | | | 56,794 | |
| | | | | |
| | 3,817 | | | Hillenbrand Inc. | | | | | | | | | 78,134 | |
| | | | | |
| | 1,743 | | | K12, Inc., (2), (3) | | | | | | | | | 35,679 | |
| | | | | |
| | 1,490 | | | Lincoln Educational Services Corporation | | | | | | | | | 5,528 | |
| | | | | |
| | 764 | | | Mac-Gray Corporation | | | | | | | | | 9,932 | |
| | | | | |
| | 1,896 | | | Matthews International Corporation | | | | | | | | | 54,548 | |
| | | | | |
| | 660 | | | National American University Holdings Inc. | | | | | | | | | 2,706 | |
| | | | | |
| | 3,711 | | | Regis Corporation, (3) | | | | | | | | | 61,825 | |
| | | | | |
| | 4,340 | | | Sothebys Holdings, Inc., (3) | | | | | | | | | 135,104 | |
| | | | | |
| | 965 | | | Steiner Leisure Limited, (2) | | | | | | | | | 42,383 | |
| | | | | |
| | 5,062 | | | Stewart Enterprises Class A | | | | | | | | | 39,332 | |
| | | | | |
| | 786 | | | Strayer Education Inc., (3) | | | | | | | | | 45,164 | |
| | | | | |
| | 1,447 | | | Universal Technical Institute Inc. | | | | | | | | | 18,551 | |
| | | | Total Diversified Consumer Services | | | | | | | | | 865,193 | |
| | | | Diversified Financial Services – 0.3% | | | | | | | | | | |
| | | | | |
| | 131 | | | California First National Bancorp. | | | | | | | | | 2,393 | |
| | | | | |
| | 432 | | | Gain Capital Holdings Inc. | | | | | | | | | 1,987 | |
| | | | | |
| | 2,384 | | | MarketAxess | | | | | | | | | 74,476 | |
| | | | | |
| | 557 | | | Marlin Business Services Corporation | | | | | | | | | 12,583 | |
| | | | | |
| | 554 | | | MicroFinancial Incorporated | | | | | | | | | 4,366 | |
| | | | | |
| | 1,753 | | | Newstar Financial, Inc., (2) | | | | | | | | | 21,913 | |
| | | | | |
| | 3,699 | | | PHH Corporation, (2) | | | | | | | | | 76,976 | |
| | | | | |
| | 1,459 | | | PICO Holdings, Inc., (2) | | | | | | | | | 32,302 | |
| | | | | |
| | 784 | | | Resource America Inc. | | | | | | | | | 5,300 | |
| | | | Total Diversified Financial Services | | | | | | | | | 232,296 | |
| | | | Diversified Telecommunication Services – 0.5% | | | | | | | | | | |
| | | | | |
| | 4,617 | | | 8x8, Inc., (2) | | | | | | | | | 30,241 | |
| | | | | |
| | 603 | | | Atlantic Tele-Network, Inc. | | | | | | | | | 24,988 | |
| | | | | |
| | 1,795 | | | Cbeyond Inc., (2) | | | | | | | | | 13,750 | |
| | | | | |
| | 12,773 | | | Cincinnati Bell Inc., (2) | | | | | | | | | 66,547 | |
| | | | | |
| | 2,954 | | | Cogent Communications Group, Inc., (2) | | | | | | | | | 64,131 | |
| | | | | |
| | 2,495 | | | Consolidated Communications Holdings, Inc., (3) | | | | | | | | | 38,523 | |
| | | | | |
| | 1,386 | | | FairPoint Communications Inc., (2), (3) | | | | | | | | | 10,173 | |
| | | | | |
| | 2,663 | | | General Communication, Inc., (2) | | | | | | | | | 23,275 | |
| | | | | |
| | 670 | | | Hawaiian Telcom Holdco Inc., (2) | | | | | | | | | 11,437 | |
| | | | | |
| | 858 | | | Hickory Tech Corporation | | | | | | | | | 9,138 | |
| | | | | |
| | 988 | | | IDT Corporation | | | | | | | | | 9,999 | |
| | | | | |
| | 2,254 | | | inContact, Inc., (2) | | | | | | | | | 12,983 | |
| | | | | |
| | 3,247 | | | Iridium Communications Inc., (2), (3) | | | | | | | | | 23,995 | |
| | | | | |
| | 966 | | | Lumos Networks Corporation | | | | | | | | | 7,602 | |
| | | | | |
| | 2,019 | | | Neutral Tandem Inc., (2) | | | | | | | | | 9,328 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Diversified Telecommunication Services (continued) | | | | | | | | | | |
| | | | | |
| | 2,335 | | | ORBCOMM, Inc., (2) | | | | | | | | $ | 8,173 | |
| | | | | |
| | 3,356 | | | Premiere Global Services, Inc., (2) | | | | | | | | | 28,526 | |
| | | | | |
| | 795 | | | Primus Telecommunications Group Inc., (2), (3) | | | | | | | | | 11,631 | |
| | | | | |
| | 3,101 | | | TowerStream Corporation, (2), (3) | | | | | | | | | 10,916 | |
| | | | | |
| | 985 | | | VocalTec Communications Limited | | | | | | | | | 20,045 | |
| | | | | |
| | 10,393 | | | Vonage Holdings Corporation, (2) | | | | | | | | | 23,592 | |
| | | | Total Diversified Telecommunication Services | | | | | | | | | 458,993 | |
| | | | Electric Utilities – 1.4% | | | | | | | | | | |
| | | | | |
| | 2,490 | | | ALLETE, Inc. | | | | | | | | | 103,634 | |
| | | | | |
| | 3,980 | | | Cleco Corporation | | | | | | | | | 171,737 | |
| | | | | |
| | 2,706 | | | El Paso Electric Company | | | | | | | | | 91,977 | |
| | | | | |
| | 2,685 | | | Empire District Electric Company | | | | | | | | | 58,291 | |
| | | | | |
| | 3,185 | | | IDACORP, Inc. | | | | | | | | | 142,433 | |
| | | | | |
| | 1,485 | | | MGE Energy, Inc. | | | | | | | | | 78,170 | |
| | | | | |
| | 2,316 | | | Otter Tail Power Corporation | | | | | | | | | 55,885 | |
| | | | | |
| | 5,117 | | | PNM Resources Inc., (3) | | | | | | | | | 113,393 | |
| | | | | |
| | 4,839 | | | Portland General Electric Company | | | | | | | | | 132,589 | |
| | | | | |
| | 3,246 | | | UIL Holdings Corporation, (3) | | | | | | | | | 117,408 | |
| | | | | |
| | 898 | | | Unitil Corp. | | | | | | | | | 23,878 | |
| | | | | |
| | 2,627 | | | UNS Energy Corporation | | | | | | | | | 112,015 | |
| | | | Total Electric Utilities | | | | | | | | | 1,201,410 | |
| | | | Electrical Equipment – 1.1% | | | | | | | | | | |
| | | | | |
| | 6,993 | | | A123 Systems Inc., (2), (3) | | | | | | | | | 1,006 | |
| | | | | |
| | 2,783 | | | Acuity Brands Inc., (3) | | | | | | | | | 180,060 | |
| | | | | |
| | 2,869 | | | American Superconductor Corporation, (2), (3) | | | | | | | | | 10,300 | |
| | | | | |
| | 1,650 | | | AZZ Incorporated | | | | | | | | | 65,076 | |
| | | | | |
| | 3,043 | | | Belden Inc. | | | | | | | | | 108,939 | |
| | | | | |
| | 3,204 | | | Brady Corporation | | | | | | | | | 98,555 | |
| | | | | |
| | 19,496 | | | Capstone Turbine Corporation, (2) | | | | | | | | | 19,496 | |
| | | | | |
| | 568 | | | Coleman Cable Inc. | | | | | | | | | 5,390 | |
| | | | | |
| | 1,225 | | | Encore Wire Corporation | | | | | | | | | 37,804 | |
| | | | | |
| | 3,132 | | | EnerSys, (2) | | | | | | | | | 107,991 | |
| | | | | |
| | 518 | | | Enphase Energy Incorporated, (2) | | | | | | | | | 1,901 | |
| | | | | |
| | 1,531 | | | Franklin Electric Company, Inc. | | | | | | | | | 88,706 | |
| | | | | |
| | 10,337 | | | Fuelcell Energy Inc., (2) | | | | | | | | | 9,619 | |
| | | | | |
| | 1,616 | | | Generac Holdings Inc., (2) | | | | | | | | | 54,944 | |
| | | | | |
| | 1,123 | | | Global Power Equipment Group Inc. | | | | | | | | | 18,979 | |
| | | | | |
| | 3,433 | | | II-VI Inc., (2) | | | | | | | | | 56,679 | |
| | | | | |
| | 1,251 | | | LSI Industries, Inc., (3) | | | | | | | | | 8,482 | |
| | | | | |
| | 566 | | | Powell Industries Inc., (2) | | | | | | | | | 22,515 | |
| | | | | |
| | 156 | | | Preformed Line Products Company | | | | | | | | | 8,404 | |
| | | | | |
| | 961 | | | Thermon Group Holdings Inc., (2) | | | | | | | | | 23,871 | |
| | | | | |
| | 1,258 | | | Vicor Corporation, (2) | | | | | | | | | 8,026 | |
| | | | Total Electrical Equipment | | | | | | | | | 936,743 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Electronic Equipment & Instruments – 2.1% | | | | | | | | | | |
| | | | | |
| | 1,275 | | | Aeroflex Holding Corporation, (2) | | | | | | | | $ | 8,109 | |
| | | | | |
| | 1,105 | | | Agilysys Inc., (2) | | | | | | | | | 9,028 | |
| | | | | |
| | 1,862 | | | Anixter International Inc., (2), (3) | | | | | | | | | 109,150 | |
| | | | | |
| | 395 | | | Audience Incorporated | | | | | | | | | 2,972 | |
| | | | | |
| | 968 | | | Badger Meter Inc., (3) | | | | | | | | | 41,469 | |
| | | | | |
| | 3,902 | | | Benchmark Electronics Inc., (2) | | | | | | | | | 57,828 | |
| | | | | |
| | 2,640 | | | Checkpoint Systems Inc. | | | | | | | | | 21,437 | |
| | | | | |
| | 2,798 | | | Cognex Corporation, (3) | | | | | | | | | 102,015 | |
| | | | | |
| | 1,516 | | | Coherent Inc., (2) | | | | | | | | | 69,205 | |
| | | | | |
| | 2,206 | | | CTS Corporation | | | | | | | | | 18,266 | |
| | | | | |
| | 2,358 | | | Daktronics Inc. | | | | | | | | | 20,680 | |
| | | | | |
| | 1,222 | | | DTS, Inc., (2) | | | | | | | | | 25,638 | |
| | | | | |
| | 2,479 | | | Echelon Corporation, (2) | | | | | | | | | 8,205 | |
| | | | | |
| | 1,207 | | | Electro Rent Corporation | | | | | | | | | 18,974 | |
| | | | | |
| | 1,497 | | | Electro Scientific Industries Inc. | | | | | | | | | 15,988 | |
| | | | | |
| | 1,440 | | | Fabrinet, (2), (3) | | | | | | | | | 13,867 | |
| | | | | |
| | 1,105 | | | FARO Technologies, Inc., (2) | | | | | | | | | 44,421 | |
| | | | | |
| | 2,486 | | | FEI Company, (3) | | | | | | | | | 136,854 | |
| | | | | |
| | 1,905 | | | GSI Group, Inc., (2) | | | | | | | | | 14,802 | |
| | | | | |
| | 2,900 | | | Insight Enterprises Inc., (2) | | | | | | | | | 46,893 | |
| | | | | |
| | 2,378 | | | InvenSense Incorporated, (2), (3) | | | | | | | | | 26,634 | |
| | | | | |
| | 2,931 | | | Kemet Corporation, (2) | | | | | | | | | 13,307 | |
| | | | | |
| | 683 | | | Key Tronic Corporation, (2) | | | | | | | | | 7,752 | |
| | | | | |
| | 1,415 | | | Littelfuse Inc. | | | | | | | | | 75,844 | |
| | | | | |
| | 1,902 | | | Maxwell Technologies, Inc., (2) | | | | | | | | | 12,382 | |
| | | | | |
| | 986 | | | Measurement Specialties, Inc., (2) | | | | | | | | | 32,153 | |
| | | | | |
| | 2,021 | | | Mercury Computer Systems Inc., (2) | | | | | | | | | 16,562 | |
| | | | | |
| | 169 | | | Mesa Laboratories, Inc. | | | | | | | | | 8,242 | |
| | | | | |
| | 2,373 | | | Methode Electronics, Inc. | | | | | | | | | 24,015 | |
| | | | | |
| | 1,049 | | | MTS Systems Corporation | | | | | | | | | 52,880 | |
| | | | | |
| | 581 | | | Multi Fineline Electronix, Inc., (2) | | | | | | | | | 12,282 | |
| | | | | |
| | 1,468 | | | Neonode Incorporated, (2) | | | | | | | | | 5,564 | |
| | | | | |
| | 2,495 | | | Newport Corporation, (2) | | | | | | | | | 26,996 | |
| | | | | |
| | 1,296 | | | OSI Systems Inc., (2) | | | | | | | | | 102,708 | |
| | | | | |
| | 1,331 | | | Park Electrochemical Corporation | | | | | | | | | 33,035 | |
| | | | | |
| | 597 | | | PC Connection, Inc., (2) | | | | | | | | | 6,143 | |
| | | | | |
| | 2,284 | | | Plexus Corporation, (2) | | | | | | | | | 61,462 | |
| | | | | |
| | 4,374 | | | Power One Inc, (2) | | | | | | | | | 17,627 | |
| | | | | |
| | 1,494 | | | Radisys Corporation, (2) | | | | | | | | | 4,243 | |
| | | | | |
| | 2,872 | | | RealD Inc., (2), (3) | | | | | | | | | 26,853 | |
| | | | | |
| | 858 | | | Richardson Electronics Limited | | | | | | | | | 9,996 | |
| | | | | |
| | 1,864 | | | Rofin Sinar Technologies Inc., (2) | | | | | | | | | 33,943 | |
| | | | | |
| | 1,026 | | | Rogers Corporation, (2) | | | | | | | | | 40,435 | |
| | | | | |
| | 5,322 | | | Sanmina-SCI Corporation | | | | | | | | | 47,313 | |
| | | | | |
| | 1,801 | | | ScanSource, Inc., (2) | | | | | | | | | 52,679 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Electronic Equipment & Instruments (continued) | | | | | | | | | | |
| | | | | |
| | 1,717 | | | SYNNEX Corporation, (2), (3) | | | | | | | | $ | 55,614 | |
| | | | | |
| | 3,472 | | | TTM Technologies, Inc., (2), (3) | | | | | | | | | 31,248 | |
| | | | | |
| | 2,594 | | | Universal Display Corporation, (2), (3) | | | | | | | | | 85,031 | |
| | | | | |
| | 252 | | | Viasystems Group, Inc., (2) | | | | | | | | | 3,858 | |
| | | | | |
| | 791 | | | Vishay Precision Group Inc., (2) | | | | | | | | | 10,323 | |
| | | | | |
| | 1,064 | | | Zygo Corporation, (2) | | | | | | | | | 19,812 | |
| | | | Total Electronic Equipment & Instruments | | | | | | | | | 1,742,737 | |
| | | | Energy Equipment & Services – 1.7% | | | | | | | | | | |
| | | | | |
| | 2,015 | | | Basic Energy Services, Inc., (2), (3) | | | | | | | | | 20,936 | |
| | | | | |
| | 561 | | | Bolt Technology Corporation | | | | | | | | | 8,078 | |
| | | | | |
| | 2,333 | | | Bristow Group Inc. | | | | | | | | | 116,463 | |
| | | | | |
| | 2,912 | | | C&J Energy Services Inc., (2) | | | | | | | | | 56,435 | |
| | | | | |
| | 6,277 | | | Cal Dive International Inc., (2), (3) | | | | | | | | | 7,909 | |
| | | | | |
| | 518 | | | Dawson Geophysical Company, (2) | | | | | | | | | 12,375 | |
| | | | | |
| | 2,624 | | | Dril Quip Inc., (2), (3) | | | | | | | | | 181,738 | |
| | | | | |
| | 4,234 | | | Exterran Holdings, Inc., (2) | | | | | | | | | 84,595 | |
| | | | | |
| | 963 | | | Forbes Energy Services Limited, (2) | | | | | | | | | 2,754 | |
| | | | | |
| | 1,448 | | | Forum Energy Technologies Incorporated, (2) | | | | | | | | | 32,305 | |
| | | | | |
| | 832 | | | Geospace Technologies Corporation, (2) | | | | | | | | | 53,855 | |
| | | | | |
| | 1,268 | | | Global Geophysical Services Inc., (2) | | | | | | | | | 5,858 | |
| | | | | |
| | 1,094 | | | Gulf Island Fabrication, Inc., (3) | | | | | | | | | 25,961 | |
| | | | | |
| | 1,752 | | | Gulfmark Offshore Inc. | | | | | | | | | 56,625 | |
| | | | | |
| | 8,737 | | | Heckmann Corporation, (2), (3) | | | | | | | | | 30,580 | |
| | | | | |
| | 6,899 | | | Helix Energy Solutions Group, (2) | | | | | | | | | 119,284 | |
| | | | | |
| | 10,349 | | | Hercules Offshore Inc., (2) | | | | | | | | | 49,261 | |
| | | | | |
| | 2,306 | | | Hornbeck Offshore Services Inc., (2) | | | | | | | | | 79,880 | |
| | | | | |
| | 8,617 | | | ION Geophysical Corporation, (2) | | | | | | | | | 55,666 | |
| | | | | |
| | 9,862 | | | Key Energy Services Inc., (2) | | | | | | | | | 64,497 | |
| | | | | |
| | 2,194 | | | Lufkin Industries Inc., (3) | | | | | | | | | 109,722 | |
| | | | | |
| | 1,698 | | | Matrix Service Company, (2) | | | | | | | | | 17,812 | |
| | | | | |
| | 830 | | | Mitcham Industries, Inc., (2) | | | | | | | | | 11,247 | |
| | | | | |
| | 804 | | | Natural Gas Services Group, (2) | | | | | | | | | 12,751 | |
| | | | | |
| | 5,870 | | | Newpark Resources Inc., (2), (3) | | | | | | | | | 39,857 | |
| | | | | |
| | 7,680 | | | Parker Drilling Company, (2) | | | | | | | | | 33,254 | |
| | | | | |
| | 851 | | | PHI Inc, (2) | | | | | | | | | 26,628 | |
| | | | | |
| | 4,041 | | | Pioneer Energy Services Corporation, (2) | | | | | | | | | 26,671 | |
| | | | | |
| | 805 | | | RigNet, Inc., (2) | | | | | | | | | 14,949 | |
| | | | | |
| | 1,981 | | | Tesco Corporation, (2) | | | | | | | | | 17,453 | |
| | | | | |
| | 5,066 | | | TETRA Technologies, (2) | | | | | | | | | 27,103 | |
| | | | | |
| | 951 | | | TGC Industries Inc. | | | | | | | | | 6,999 | |
| | | | | |
| | 973 | | | Union Drilling, Inc., (2) | | | | | | | | | 6,315 | |
| | | | | |
| | 12,505 | | | Vantage Drilling Company, (2), (3) | | | | | | | | | 23,009 | |
| | | | | |
| | 2,541 | | | Willbros Group Inc., (2) | | | | | | | | | 12,985 | |
| | | | Total Energy Equipment & Services | | | | | | | | | 1,451,810 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Food & Staples Retailing – 1.0% | | | | | | | | | | |
| | | | | |
| | 1,195 | | | Andersons, Inc. | | | | | | | | $ | 46,940 | |
| | | | | |
| | 6 | | | Arden Group, Inc. | | | | | | | | | 591 | |
| | | | | |
| | 2,439 | | | Casey’s General Stores, Inc. | | | | | | | | | 125,730 | |
| | | | | |
| | 2,884 | | | Harris Teeter Supermarkets Incorporated, (3) | | | | | | | | | 108,006 | |
| | | | | |
| | 810 | | | Ingles Markets, Inc. | | | | | | | | | 13,122 | |
| | | | | |
| | 778 | | | Nash Finch Company | | | | | | | | | 14,961 | |
| | | | | |
| | 466 | | | Natural Grocers by Vitamin Cottage Incorporated, (2), (3) | | | | | | | | | 9,450 | |
| | | | | |
| | 1,477 | | | Pantry, Inc., (2) | | | | | | | | | 19,592 | |
| | | | | |
| | 1,142 | | | PriceSmart, Inc., (3) | | | | | | | | | 94,775 | |
| | | | | |
| | 43,097 | | | Rite Aid Corporation, (2) | | | | | | | | | 49,993 | |
| | | | | |
| | 1,305 | | | Roundy’s Inc. | | | | | | | | | 6,838 | |
| | | | | |
| | 1,419 | | | Spartan Stores, Inc. | | | | | | | | | 20,377 | |
| | | | | |
| | 13,861 | | | SUPERVALU INC., (2), (3) | | | | | | | | | 43,108 | |
| | | | | |
| | 731 | | | Susser Holdings Corporation, (2) | | | | | | | | | 26,272 | |
| | | | | |
| | 719 | | | The Chef’s Warehouse Inc., (2), (3) | | | | | | | | | 11,101 | |
| | | | | |
| | 3,107 | | | United Natural Foods Inc., (2) | | | | | | | | | 165,417 | |
| | | | | |
| | 550 | | | Village Super Market, Inc. | | | | | | | | | 20,169 | |
| | | | | |
| | 618 | | | Weis Markets Inc. | | | | | | | | | 25,437 | |
| | | | Total Food & Staples Retailing | | | | | | | | | 801,879 | |
| | | | Food Products – 1.5% | | | | | | | | | | |
| | | | | |
| | 205 | | | Alico Inc. | | | | | | | | | 6,435 | |
| | | | | |
| | 326 | | | Annie’s Incorporated, (2) | | | | | | | | | 12,877 | |
| | | | | |
| | 3,191 | | | B&G Foods Inc. | | | | | | | | | 96,592 | |
| | | | | |
| | 761 | | | Calavo Growers, Inc., (3) | | | | | | | | | 17,967 | |
| | | | | |
| | 944 | | | Cal-Maine Foods, Inc., (3) | | | | | | | | | 40,715 | |
| | | | | |
| | 3,001 | | | Chiquita Brands International Inc., (2) | | | | | | | | | 21,637 | |
| | | | | |
| | 7,680 | | | Darling International Inc., (2) | | | | | | | | | 126,950 | |
| | | | | |
| | 1,415 | | | Diamond Foods Inc., (3) | | | | | | | | | 26,206 | |
| | | | | |
| | 2,305 | | | Dole Food Company Inc., (2), (3) | | | | | | | | | 29,020 | |
| | | | | |
| | 436 | | | Farmer Brothers Company, (2) | | | | | | | | | 4,242 | |
| | | | | |
| | 2,345 | | | Fresh Del Monte Produce Inc. | | | | | | | | | 59,024 | |
| | | | | |
| | 160 | | | Griffin Land & Nurseries, Inc. | | | | | | | | | 4,152 | |
| | | | | |
| | 2,406 | | | Hain Celestial Group Inc., (2), (3) | | | | | | | | | 139,067 | |
| | | | | |
| | 853 | | | Inventure Group, (2) | | | | | | | | | 5,084 | |
| | | | | |
| | 966 | | | J&K Snack Foods Corporation | | | | | | | | | 55,323 | |
| | | | | |
| | 519 | | | John B. Sanfillippo & Son, Inc. | | | | | | | | | 8,730 | |
| | | | | |
| | 1,137 | | | Lancaster Colony Corporation, (3) | | | | | | | | | 82,751 | |
| | | | | |
| | 294 | | | Lifeway Foods, Inc. | | | | | | | | | 2,752 | |
| | | | | |
| | 502 | | | Limoneira Company | | | | | | | | | 11,280 | |
| | | | | |
| | 1,243 | | | Omega Protein Corporation, (2) | | | | | | | | | 8,092 | |
| | | | | |
| | 3,940 | | | Pilgrim’s Pride Corporation, (2), (3) | | | | | | | | | 22,182 | |
| | | | | |
| | 1,803 | | | Post Holdings Inc., (2) | | | | | | | | | 56,885 | |
| | | | | |
| | 1,500 | | | Sanderson Farms Inc. | | | | | | | | | 67,935 | |
| | | | | |
| | 593 | | | Seneca Foods Corporation, (2) | | | | | | | | | 16,951 | |
| | | | | |
| | 3,852 | | | Smart Balance Inc., (2), (3) | | | | | | | | | 45,839 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Food Products (continued) | | | | | | | | | | |
| | | | | |
| | 3,035 | | | Snyders Lance Inc. | | | | | | | | $ | 76,907 | |
| | | | | |
| | 1,614 | | | Tootsie Roll Industries Inc., (3) | | | | | | | | | 43,013 | |
| | | | | |
| | 2,282 | | | Treehouse Foods Inc., (2), (3) | | | | | | | | | 122,201 | |
| | | | | |
| | 794 | | | Westway Group, Inc., (2) | | | | | | | | | 5,010 | |
| | | | Total Food Products | | | | | | | | | 1,215,819 | |
| | | | Gas Utilities – 1.0% | | | | | | | | | | |
| | | | | |
| | 614 | | | Chesapeake Utilities Corporation | | | | | | | | | 28,840 | |
| | | | | |
| | 444 | | | Delta Natural Gas Company, Inc. | | | | | | | | | 8,729 | |
| | | | | |
| | 1,458 | | | Laclede Group Inc. | | | | | | | | | 60,711 | |
| | | | | |
| | 2,623 | | | New Jersey Resources Corporation | | | | | | | | | 116,619 | |
| | | | | |
| | 1,713 | | | Northwest Natural Gas Company, (3) | | | | | | | | | 79,706 | |
| | | | | |
| | 4,612 | | | Piedmont Natural Gas Company, (3) | | | | | | | | | 146,984 | |
| | | | | |
| | 1,924 | | | South Jersey Industries Inc. | | | | | | | | | 97,335 | |
| | | | | |
| | 3,012 | | | Southwest Gas Corporation, (3) | | | | | | | | | 130,932 | |
| | | | | |
| | 3,291 | | | WGL Holdings Inc. | | | | | | | | | 130,883 | |
| | | | Total Gas Utilities | | | | | | | | | 800,739 | |
| | | | Health Care Equipment & Supplies – 2.9% | | | | | | | | | | |
| | | | | |
| | 1,446 | | | Abaxis, Inc., (2) | | | | | | | | | 53,184 | |
| | | | | |
| | 2,183 | | | Abiomed, Inc., (2), (3) | | | | | | | | | 43,267 | |
| | | | | |
| | 4,657 | | | Accuray, Inc., (2), (3) | | | | | | | | | 32,413 | |
| | | | | |
| | 4,692 | | | Align Technology, Inc., (2), (3) | | | | | | | | | 124,713 | |
| | | | | |
| | 3,571 | | | Alphatec Holdings, Inc., (2) | | | | | | | | | 6,142 | |
| | | | | |
| | 807 | | | Analogic Corporation | | | | | | | | | 59,444 | |
| | | | | |
| | 1,605 | | | AngioDynamics, Inc., (2) | | | | | | | | | 17,222 | |
| | | | | |
| | 769 | | | Anika Therapeutics, Inc., (2) | | | | | | | | | 8,620 | |
| | | | | |
| | 6,987 | | | Antares Pharma Inc., (2), (3) | | | | | | | | | 26,620 | |
| | | | | |
| | 1,806 | | | Arthrocare Corporation, (2) | | | | | | | | | 54,324 | |
| | | | | |
| | 952 | | | AtriCure, Inc., (2) | | | | | | | | | 6,112 | |
| | | | | |
| | 102 | | | Atrion Corporation | | | | | | | | | 20,730 | |
| | | | | |
| | 1,385 | | | Cantel Medical Corporation | | | | | | | | | 36,024 | |
| | | | | |
| | 1,095 | | | Cardiovascular Systems, Inc., (3) | | | | | | | | | 12,790 | |
| | | | | |
| | 3,553 | | | Cerus Corporation, (2), (3) | | | | | | | | | 11,050 | |
| | | | | |
| | 2,049 | | | Conceptus Inc., (2), (3) | | | | | | | | | 38,603 | |
| | | | | |
| | 1,819 | | | Conmed Corporation | | | | | | | | | 50,314 | |
| | | | | |
| | 1,794 | | | CryoLife Inc. | | | | | | | | | 11,105 | |
| | | | | |
| | 1,821 | | | Cyberonics, (2) | | | | | | | | | 84,221 | |
| | | | | |
| | 622 | | | Cynosure, Inc., (2) | | | | | | | | | 16,383 | |
| | | | | |
| | 605 | | | Derma Sciences Inc., (2) | | | | | | | | | 6,830 | |
| | | | | |
| | 4,477 | | | DexCom, Inc., (2), (3) | | | | | | | | | 58,649 | |
| | | | | |
| | 3,613 | | | Endologix, Inc., (2) | | | | | | | | | 48,631 | |
| | | | | |
| | 1,655 | | | EnteroMedics, Inc., (2) | | | | | | | | | 4,982 | |
| | | | | |
| | 546 | | | Exactech, Inc., (2) | | | | | | | | | 9,118 | |
| | | | | |
| | 626 | | | Globus Medical Inc, Class A, (2), (3) | | | | | | | | | 10,742 | |
| | | | | |
| | 1,498 | | | Greatbatch, Inc., (2) | | | | | | | | | 32,926 | |
| | | | | |
| | 1,651 | | | Haemonetics Corporation, (2) | | | | | | | | | 134,887 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Health Care Equipment & Supplies (continued) | | | | | | | | | | |
| | | | | |
| | 3,582 | | | Hansen Medical, Inc., (2), (3) | | | | | | | | $ | 8,131 | |
| | | | | |
| | 924 | | | Heartware International Inc., (2), (3) | | | | | | | | | 77,598 | |
| | | | | |
| | 772 | | | ICU Medical, Inc., (2), (3) | | | | | | | | | 45,803 | |
| | | | | |
| | 3,121 | | | Insulet Corporation, (2) | | | | | | | | | 66,196 | |
| | | | | |
| | 1,273 | | | Integra Lifesciences Holdings Corporation, (2), (3) | | | | | | | | | 48,692 | |
| | | | | |
| | 2,078 | | | Invacare Corporation | | | | | | | | | 28,365 | |
| | | | | |
| | 1,144 | | | IRIS International, Inc., (2) | | | | | | | | | 22,297 | |
| | | | | |
| | 2,361 | | | Mako Surgical Corporation, (2), (3) | | | | | | | | | 35,769 | |
| | | | | |
| | 3,375 | | | Masimo Corporation, (2), (3) | | | | | | | | | 74,149 | |
| | | | | |
| | 2,694 | | | Meridian Bioscience, Inc., (3) | | | | | | | | | 53,207 | |
| | | | | |
| | 2,746 | | | Merit Medical Systems, Inc., (2) | | | | | | | | | 39,652 | |
| | | | | |
| | 1,924 | | | Natus Medical, Inc., (2) | | | | | | | | | 21,741 | |
| | | | | |
| | 6,302 | | | Navidea Biopharmaceuticals Incorporated, (2), (3) | | | | | | | | | 17,646 | |
| | | | | |
| | 1,489 | | | Neogen Corporation, (2), (3) | | | | | | | | | 63,714 | |
| | | | | |
| | 2,820 | | | NuVasive, Inc., (2) | | | | | | | | | 40,664 | |
| | | | | |
| | 3,215 | | | Nxstage Medical, Inc., (2) | | | | | | | | | 36,008 | |
| | | | | |
| | 3,541 | | | OraSure Technologies, Inc., (2) | | | | | | | | | 32,081 | |
| | | | | |
| | 1,223 | | | Orthofix International NV, (2) | | | | | | | | | 48,504 | |
| | | | | |
| | 1,275 | | | Palomar Medical Technologies, Inc., (2) | | | | | | | | | 11,003 | |
| | | | | |
| | 855 | | | PhotoMedex, Inc., (2), (3) | | | | | | | | | 11,380 | |
| | | | | |
| | 1,830 | | | Quidel Corporation, (2), (3) | | | | | | | | | 32,080 | |
| | | | | |
| | 692 | | | Rochester Medical Corporation, (2) | | | | | | | | | 7,259 | |
| | | | | |
| | 1,362 | | | Rockwell Medical Technologies, Inc., (3) | | | | | | | | | 9,793 | |
| | | | | |
| | 3,647 | | | RTI Biologics Inc., (2) | | | | | | | | | 14,807 | |
| | | | | |
| | 4,475 | | | Solta Medical Inc., (2) | | | | | | | | | 13,201 | |
| | | | | |
| | 2,239 | | | Spectranetics Corporation, (2) | | | | | | | | | 32,600 | |
| | | | | |
| | 2,371 | | | STAAR Surgical Company, (2) | | | | | | | | | 15,269 | |
| | | | | |
| | 3,804 | | | Steris Corporation, (3) | | | | | | | | | 135,460 | |
| | | | | |
| | 980 | | | Surmodics Inc., (2) | | | | | | | | | 17,620 | |
| | | | | |
| | 2,395 | | | Symmetry Medical, Inc., (2) | | | | | | | | | 21,938 | |
| | | | | |
| | 987 | | | Tornier, Inc., (2) | | | | | | | | | 16,878 | |
| | | | | |
| | 5,249 | | | Unilife Corporation, (2), (3) | | | | | | | | | 14,382 | |
| | | | | |
| | 214 | | | Utah Medical Products, Inc. | | | | | | | | | 7,280 | |
| | | | | |
| | 1,089 | | | Vascular Solutions, Inc., (2) | | | | | | | | | 16,411 | |
| | | | | |
| | 3,481 | | | Volcano Corporation, (2), (3) | | | | | | | | | 99,626 | |
| | | | | |
| | 2,212 | | | West Pharmaceutical Services Inc. | | | | | | | | | 119,160 | |
| | | | | |
| | 2,568 | | | Wright Medical Group, Inc., (2), (3) | | | | | | | | | 52,182 | |
| | | | | |
| | 362 | | | Young Innovations, Inc. | | | | | | | | | 12,362 | |
| | | | | |
| | 1,106 | | | Zeltiq Aesthetics Inc, (2), (3) | | | | | | | | | 6,437 | |
| | | | Total Health Care Equipment & Supplies | | | | | | | | | 2,447,391 | |
| | | | Health Care Providers & Services – 2.6% | | | | | | | | | | |
| | | | | |
| | 1,503 | | | Acadia Healthcare Company Inc., (2) | | | | | | | | | 30,917 | |
| | | | | |
| | 3,679 | | | Accretive Health Inc., (2), (3) | | | | | | | | | 43,375 | |
| | | | | |
| | 838 | | | Air Methods Corporation, (2) | | | | | | | | | 91,870 | |
| | | | | |
| | 528 | | | Almost Family, Inc., (2) | | | | | | | | | 10,945 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Health Care Providers & Services (continued) | | | | | | | | | | |
| | | | | |
| | 1,967 | | | Amedisys, Inc., (2), (3) | | | | | | | | $ | 21,716 | |
| | | | | |
| | 2,667 | | | AMN Healthcare Services Inc., (2) | | | | | | | | | 26,457 | |
| | | | | |
| | 2,008 | | | AmSurg Corporation, (2) | | | | | | | | | 57,268 | |
| | | | | |
| | 1,256 | | | Assisted Living Concepts Inc. | | | | | | | | | 9,935 | |
| | | | | |
| | 1,606 | | | Bio-Reference Laboratories, Inc., (2), (3) | | | | | | | | | 44,583 | |
| | | | | |
| | 2,868 | | | Bioscrip, Inc., (2) | | | | | | | | | 26,414 | |
| | | | | |
| | 1,838 | | | Capital Senior Living Corporation, (2), (3) | | | | | | | | | 29,555 | |
| | | | | |
| | 3,361 | | | Centene Corporation, (2) | | | | | | | | | 127,651 | |
| | | | | |
| | 1,278 | | | Chemed Corporation | | | | | | | | | 85,946 | |
| | | | | |
| | 754 | | | Chindex International, Inc., (2) | | | | | | | | | 7,819 | |
| | | | | |
| | 358 | | | Corvel Corporation, (2) | | | | | | | | | 15,226 | |
| | | | | |
| | 1,784 | | | Cross Country Healthcare, Inc., (2) | | | | | | | | | 7,850 | |
| | | | | |
| | 2,006 | | | Emeritus Corporation, (2) | | | | | | | | | 45,035 | |
| | | | | |
| | 1,048 | | | Ensign Group Inc. | | | | | | | | | 30,560 | |
| | | | | |
| | 1,910 | | | ExamWorks Group Inc., (2) | | | | | | | | | 26,778 | |
| | | | | |
| | 2,780 | | | Five Star Quality Care Inc., (2) | | | | | | | | | 14,623 | |
| | | | | |
| | 1,989 | | | Gentiva Health Services, Inc., (2) | | | | | | | | | 18,697 | |
| | | | | |
| | 2,229 | | | Hanger Orthopedic Group Inc., (2) | | | | | | | | | 56,505 | |
| | | | | |
| | 6,217 | | | HealthSouth Corporation, (2), (3) | | | | | | | | | 137,582 | |
| | | | | |
| | 2,183 | | | Healthways Inc., (2) | | | | | | | | | 21,241 | |
| | | | | |
| | 5,614 | | | HMS Holdings Corporation, (2), (3) | | | | | | | | | 129,627 | |
| | | | | |
| | 1,052 | | | IPC The Hospitalist Company, Inc., (2), (3) | | | | | | | | | 36,283 | |
| | | | | |
| | 3,455 | | | Kindred Healthcare Inc., (2) | | | | | | | | | 33,859 | |
| | | | | |
| | 605 | | | Landauer Inc. | | | | | | | | | 35,060 | |
| | | | | |
| | 1,014 | | | LHC Group, Inc., (2) | | | | | | | | | 17,765 | |
| | | | | |
| | 1,830 | | | Magellan Health Services, Inc., (2) | | | | | | | | | 91,775 | |
| | | | | |
| | 2,883 | | | Metropolitan Health Networks Inc., (2) | | | | | | | | | 31,511 | |
| | | | | |
| | 1,956 | | | Molina Healthcare Inc., (2) | | | | | | | | | 49,037 | |
| | | | | |
| | 784 | | | MWI Veterinary Supply, Inc., (2) | | | | | | | | | 82,336 | |
| | | | | |
| | 657 | | | National Healthcare Corporation | | | | | | | | | 31,286 | |
| | | | | |
| | 164 | | | National Research Corporation | | | | | | | | | 8,312 | |
| | | | | |
| | 4,095 | | | Owens and Minor Inc., (3) | | | | | | | | | 116,585 | |
| | | | | |
| | 654 | | | PDI Inc., (2) | | | | | | | | | 4,480 | |
| | | | | |
| | 1,887 | | | Pharmerica Corporation, (2) | | | | | | | | | 23,059 | |
| | | | | |
| | 833 | | | Providence Service Corporation, (2) | | | | | | | | | 8,497 | |
| | | | | |
| | 3,328 | | | PSS World Medical Inc., (2), (3) | | | | | | | | | 95,247 | |
| | | | | |
| | 2,875 | | | Select Medical Corporation, (2) | | | | | | | | | 30,446 | |
| | | | | |
| | 1,244 | | | Skilled Healthcare Group Inc., (2) | | | | | | | | | 9,666 | |
| | | | | |
| | 1,668 | | | Sun Healthcare Group Inc., (2) | | | | | | | | | 14,111 | |
| | | | | |
| | 3,800 | | | Sunrise Assisted Living Inc., (2) | | | | | | | | | 54,682 | |
| | | | | |
| | 1,854 | | | Team Health Holdings Inc., (2) | | | | | | | | | 49,335 | |
| | | | | |
| | 1,270 | | | Triple-S Management Corporation, Class B Shares, (2) | | | | | | | | | 22,911 | |
| | | | | |
| | 2,453 | | | Universal American Corporation, (2) | | | | | | | | | 22,175 | |
| | | | | |
| | 758 | | | U.S. Physical Therapy, Inc. | | | | | | | | | 20,239 | |
| | | | | |
| | 2,076 | | | Vanguard Health Systems Inc., (2) | | | | | | | | | 20,096 | |
| | | | | |
| | 2,814 | | | Wellcare Health Plans Inc., (2) | | | | | | | | | 133,946 | |
| | | | Total Health Care Providers & Services | | | | | | | | | 2,160,874 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Health Care Technology – 0.6% | | | | | | | | | | |
| | | | | |
| | 2,341 | | | AthenaHealth Inc., (2), (3) | | | | | | | | $ | 150,503 | |
| | | | | |
| | 711 | | | Computer Programs and Systems, Inc. | | | | | | | | | 34,704 | |
| | | | | |
| | 1,217 | | | Epocrates Inc., (2) | | | | | | | | | 11,902 | |
| | | | | |
| | 516 | | | Greenway Medical Technologies, Inc., (2) | | | | | | | | | 8,560 | |
| | | | | |
| | 1,276 | | | Healthstream, Inc., (2) | | | | | | | | | 32,589 | |
| | | | | |
| | 3,809 | | | MedAssets Inc., (2) | | | | | | | | | 67,534 | |
| | | | | |
| | 1,452 | | | Medidata Solutions, Inc., (2) | | | | | | | | | 61,013 | |
| | | | | |
| | 233 | | | Mediware Information Systems, Inc., (2) | | | | | | | | | 5,112 | |
| | | | | |
| | 3,854 | | | Merge Healthcare Incorporated, (2), (3) | | | | | | | | | 13,142 | |
| | | | | |
| | 2,194 | | | Omnicell, Inc., (2) | | | | | | | | | 31,989 | |
| | | | | |
| | 2,582 | | | Quality Systems Inc., (3) | | | | | | | | | 45,056 | |
| | | | | |
| | 438 | | | Vocera Communications Incorporated, (2) | | | | | | | | | 11,778 | |
| | | | Total Health Care Technology | | | | | | | | | 473,882 | |
| | | | Hotels, Restaurants & Leisure – 2.9% | | | | | | | | | | |
| | | | | |
| | 1,591 | | | AFC Enterprises, Inc., (2) | | | | | | | | | 40,284 | |
| | | | | |
| | 2,153 | | | Ameristar Casinos, Inc. | | | | | | | | | 39,292 | |
| | | | | |
| | 71 | | | Biglari Holdings Inc., (2) | | | | | | | | | 25,106 | |
| | | | | |
| | 1,545 | | | BJ’s Restaurants, Inc., (2), (3) | | | | | | | | | 51,062 | |
| | | | | |
| | 1,201 | | | Bloomin’ Brands, (2) | | | | | | | | | 16,418 | |
| | | | | |
| | 935 | | | Bluegreen Corporation, (2) | | | | | | | | | 5,545 | |
| | | | | |
| | 1,948 | | | Bob Evans Farms | | | | | | | | | 74,160 | |
| | | | | |
| | 3,630 | | | Boyd Gaming Corporation, (2) | | | | | | | | | 22,397 | |
| | | | | |
| | 1,276 | | | Bravo Brio Restaurant Group, (2) | | | | | | | | | 16,843 | |
| | | | | |
| | 1,178 | | | Buffalo Wild Wings, Inc., (2), (3) | | | | | | | | | 89,469 | |
| | | | | |
| | 2,362 | | | Caesar’s Entertainment Corporation, (2), (3) | | | | | | | | | 13,676 | |
| | | | | |
| | 1,378 | | | Caribou Coffee Company, Inc., (2), (3) | | | | | | | | | 16,495 | |
| | | | | |
| | 996 | | | Carrols Restaurant Group, Inc., (2) | | | | | | | | | 6,394 | |
| | | | | |
| | 1,257 | | | CBRL Group Inc., (3) | | | | | | | | | 80,008 | |
| | | | | |
| | 1,275 | | | CEC Entertainment Inc. | | | | | | | | | 39,525 | |
| | | | | |
| | 3,710 | | | Cheesecake Factory Inc., (3) | | | | | | | | | 122,653 | |
| | | | | |
| | 850 | | | Churchill Downs Inc. | | | | | | | | | 55,531 | |
| | | | | |
| | 439 | | | Chuy’s Holdings Inc., (2) | | | | | | | | | 10,725 | |
| | | | | |
| | 378 | | | Del Friscos Restaurant Group, (2) | | | | | | | | | 5,594 | |
| | | | | |
| | 6,355 | | | Denny’s Corporation, (2) | | | | | | | | | 29,233 | |
| | | | | |
| | 994 | | | DineEquity Inc., (2), (3) | | | | | | | | | 62,324 | |
| | | | | |
| | 3,740 | | | Dominos Pizza Inc., (2) | | | | | | | | | 151,919 | |
| | | | | |
| | 382 | | | Einstein Noah Restaurant Group | | | | | | | | | 5,894 | |
| | | | | |
| | 1,055 | | | Fiesta Restaurant Group, (2) | | | | | | | | | 13,947 | |
| | | | | |
| | 205 | | | Frisch’s Restaurants Inc. | | | | | | | | | 3,665 | |
| | | | | |
| | 433 | | | Ignite Restaurant Group, Incorporated, (2) | | | | | | | | | 4,962 | |
| | | | | |
| | 2,585 | | | Interval Leisure Group Inc. | | | | | | | | | 49,270 | |
| | | | | |
| | 1,893 | | | International Speedway Corporation | | | | | | | | | 48,272 | |
| | | | | |
| | 1,900 | | | Isle of Capri Casinos, (2) | | | | | | | | | 11,552 | |
| | | | | |
| | 2,826 | | | Jack in the Box Inc., (2) | | | | | | | | | 73,504 | |
| | | | | |
| | 4,398 | | | Jamba, Inc., (2) | | | | | | | | | 9,632 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Hotels, Restaurants & Leisure (continued) | | | | | | | | | | |
| | | | | |
| | 3,886 | | | Krispy Kreme Doughnuts Inc., (2) | | | | | | | | $ | 28,873 | |
| | | | | |
| | 2,800 | | | Life Time Fitness Inc., (2), (3) | | | | | | | | | 125,692 | |
| | | | | |
| | 1,209 | | | Luby’s Inc., (2) | | | | | | | | | 7,726 | |
| | | | | |
| | 1,310 | | | Marcus Corporation | | | | | | | | | 14,279 | |
| | | | | |
| | 1,737 | | | Marriott Vacations World, (2) | | | | | | | | | 68,334 | |
| | | | | |
| | 572 | | | Monarch Casino & Resort, Inc., (2) | | | | | | | | | 5,217 | |
| | | | | |
| | 1,523 | | | Morgans Hotel Group Company, (2) | | | | | | | | | 9,823 | |
| | | | | |
| | 1,476 | | | MTR Gaming Group, Inc., (2) | | | | | | | | | 5,151 | |
| | | | | |
| | 1,788 | | | Multimedia Games, Inc., (2) | | | | | | | | | 28,429 | |
| | | | | |
| | 174 | | | Nathan’s Famous, Inc., (2) | | | | | | | | | 4,822 | |
| | | | | |
| | 6,324 | | | Orient Express Hotels Limited, (2) | | | | | | | | | 74,181 | |
| | | | | |
| | 1,199 | | | Papa John’s International, Inc., (2), (3) | | | | | | | | | 63,931 | |
| | | | | |
| | 4,084 | | | Pinnacle Entertainment Inc., (2) | | | | | | | | | 52,112 | |
| | | | | |
| | 1,678 | | | Premier Exhibitions, Inc., (2) | | | | | | | | | 4,598 | |
| | | | | |
| | 942 | | | Red Lions Hotels Corporation, (2) | | | | | | | | | 6,208 | |
| | | | | |
| | 925 | | | Red Robin Gourmet Burgers, Inc., (2) | | | | | | | | | 30,895 | |
| | | | | |
| | 4,182 | | | Ruby Tuesday, Inc., (2), (3) | | | | | | | | | 30,194 | |
| | | | | |
| | 2,261 | | | Ruth’s Chris Steak House, Inc., (2) | | | | | | | | | 15,036 | |
| | | | | |
| | 2,028 | | | Ryman Hospitalities Properties | | | | | | | | | 79,112 | |
| | | | | |
| | 3,738 | | | Scientific Games Corporation, (2) | | | | | | | | | 30,764 | |
| | | | | |
| | 3,588 | | | Shuffle Master Inc., (2), (3) | | | | | | | | | 50,698 | |
| | | | | |
| | 2,490 | | | Six Flags Entertainment Corporation | | | | | | | | | 142,204 | |
| | | | | |
| | 3,970 | | | Sonic Corporation, (2), (3) | | | | | | | | | 39,581 | |
| | | | | |
| | 758 | | | Speedway Motorsports Inc. | | | | | | | | | 12,355 | |
| | | | | |
| | 4,043 | | | Texas Roadhouse, Inc., (3) | | | | | | | | | 65,820 | |
| | | | | |
| | 1,515 | | | Town Sports International, (2) | | | | | | | | | 19,089 | |
| | | | | |
| | 2,313 | | | Vail Resorts, Inc. | | | | | | | | | 131,332 | |
| | | | | |
| | 3,597 | | | WMS Industries Inc., (2) | | | | | | | | | 59,099 | |
| | | | Total Hotels, Restaurants & Leisure | | | | | | | | | 2,400,906 | |
| | | | Household Durables – 1.1% | | | | | | | | | | |
| | | | | |
| | 2,067 | | | American Greetings Corporation, (3) | | | | | | | | | 35,490 | |
| | | | | |
| | 857 | | | Bassett Furniture, Inc. | | | | | | | | | 9,830 | |
| | | | | |
| | 1,608 | | | Beazer Homes USA, Inc., (2), (3) | | | | | | | | | 26,516 | |
| | | | | |
| | 666 | | | Blyth Inc., (3) | | | | | | | | | 15,211 | |
| | | | | |
| | 439 | | | Cavco Industries, Inc., (2) | | | | | | | | | 21,221 | |
| | | | | |
| | 636 | | | CSS Industries Inc. | | | | | | | | | 12,784 | |
| | | | | |
| | 1,581 | | | Ethan Allen Interiors Inc., (3) | | | | | | | | | 46,497 | |
| | | | | |
| | 294 | | | Flexsteel Industries, Inc. | | | | | | | | | 5,918 | |
| | | | | |
| | 2,071 | | | Helen of Troy Limited, (2) | | | | | | | | | 62,586 | |
| | | | | |
| | 705 | | | Hooker Furniture Corporation | | | | | | | | | 9,616 | |
| | | | | |
| | 6,517 | | | Hovnanian Enterprises Inc., (2), (3) | | | | | | | | | 28,023 | |
| | | | | |
| | 1,794 | | | iRobot Corporation, (2), (3) | | | | | | | | | 32,238 | |
| | | | | |
| | 5,037 | | | KB Home, (3) | | | | | | | | | 80,491 | |
| | | | | |
| | 3,378 | | | La-Z-Boy Inc. | | | | | | | | | 54,791 | |
| | | | | |
| | 1,340 | | | Libbey Inc., (2) | | | | | | | | | 24,053 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Household Durables (continued) | | | | | | | | | | |
| | | | | |
| | 631 | | | Lifetime Brands, Inc. | | | | | | | | $ | 7,004 | |
| | | | | |
| | 1,397 | | | M/I Homes, Inc., (2) | | | | | | | | | 31,083 | |
| | | | | |
| | 2,497 | | | MDC Holdings Inc. | | | | | | | | | 95,485 | |
| | | | | |
| | 1,999 | | | Meritage Corporation, (2) | | | | | | | | | 73,923 | |
| | | | | |
| | 374 | | | Nacco Industries Inc. | | | | | | | | | 18,939 | |
| | | | | |
| | 2,913 | | | Ryland Group Inc., (3) | | | | | | | | | 98,663 | |
| | | | | |
| | 3,278 | | | Sealy Corporation, (2), (3) | | | | | | | | | 7,310 | |
| | | | | |
| | 1,056 | | | Skullcandy Inc., (2), (3) | | | | | | | | | 12,788 | |
| | | | | |
| | 7,556 | | | Standard Pacific Corporation, (2), (3) | | | | | | | | | 52,136 | |
| | | | | |
| | 1,182 | | | Univeral Electronics Inc., (2) | | | | | | | | | 20,283 | |
| | | | | |
| | 1,664 | | | Zagg Inc., (2) | | | | | | | | | 11,948 | |
| | | | Total Household Durables | | | | | | | | | 894,827 | |
| | | | Household Products – 0.2% | | | | | | | | | | |
| | | | | |
| | 2,693 | | | Central Garden & Pet Company, (2) | | | | | | | | | 30,350 | |
| | | | | |
| | 2,690 | | | Harbinger Group Inc., (2) | | | | | | | | | 23,538 | |
| | | | | |
| | 320 | | | Oil-Dri Corporation | | | | | | | | | 7,168 | |
| | | | | |
| | 376 | | | Orchids Paper Products Company | | | | | | | | | 7,215 | |
| | | | | |
| | 1,500 | | | Spectrum Brands Inc. | | | | | | | | | 68,235 | |
| | | | | |
| | 962 | | | WD-40 Company | | | | | | | | | 46,041 | |
| | | | Total Household Products | | | | | | | | | 182,547 | |
| | | | Independent Power Producers & Energy Traders – 0.3% | | | | | | | | | | |
| | | | | |
| | 1,591 | | | American DG Energy Inc. | | | | | | | | | 4,009 | |
| | | | | |
| | 7,427 | | | Atlantic Power Corporation | | | | | | | | | 111,554 | |
| | | | | |
| | 988 | | | Genie Energy Limited, Class B Shares | | | | | | | | | 6,926 | |
| | | | | |
| | 50,474 | | | GenOn Energy Inc., (2) | | | | | | | | | 129,718 | |
| | | | | |
| | 1,153 | | | Ormat Technologies Inc. | | | | | | | | | 21,942 | |
| | | | Total Independent Power Producers & Energy Traders | | | | | | | | | 274,149 | |
| | | | Industrial Conglomerates – 0.2% | | | | | | | | | | |
| | | | | |
| | 2,366 | | | Raven Industries, Inc. | | | | | | | | | 64,568 | |
| | | | | |
| | 20 | | | Seaboard Corproation | | | | | | | | | 45,627 | |
| | | | | |
| | 824 | | | Standex International Corporation | | | | | | | | | 38,102 | |
| | | | Total Industrial Conglomerates | | | | | | | | | 148,297 | |
| | | | Insurance – 2.4% | | | | | | | | | | |
| | | | | |
| | 5,830 | | | Alterra Capital Holdings Limited | | | | | | | | | 142,427 | |
| | | | | |
| | 3,914 | | | American Equity Investment Life Holding Company, (3) | | | | | | | | | 45,050 | |
| | | | | |
| | 671 | | | American Safety Insurance Holdings, (2) | | | | | | | | | 11,313 | |
| | | | | |
| | 1,181 | | | Amerisafe, Inc., (2) | | | | | | | | | 31,001 | |
| | | | | |
| | 1,703 | | | Amtrust Financial Services, Inc., (3) | | | | | | | | | 41,213 | |
| | | | | |
| | 1,763 | | | Argo Group International Holdings Inc. | | | | | | | | | 60,647 | |
| | | | | |
| | 538 | | | Baldwin & Lyons, Class B | | | | | | | | | 13,100 | |
| | | | | |
| | 2,542 | | | Citizens Inc., (2) | | | | | | | | | 25,903 | |
| | | | | |
| | 14,764 | | | CNO Financial Group Inc., (3) | | | | | | | | | 141,439 | |
| | | | | |
| | 1,657 | | | Crawford & Co | | | | | | | | | 9,130 | |
| | | | | |
| | 498 | | | Donegal Group, Inc., Class B | | | | | | | | | 6,454 | |
| | | | | |
| | 434 | | | Eastern Insurance Holdings, Inc. | | | | | | | | | 7,300 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Insurance (continued) | | | | | | | | | | |
| | | | | |
| | 1,288 | | | eHealth, Inc., (2) | | | | | | | | $ | 27,950 | |
| | | | | |
| | 296 | | | EMC Insurance Group Inc. | | | | | | | | | 6,624 | |
| | | | | |
| | 2,241 | | | Employers Holdings, Inc. | | | | | | | | | 40,898 | |
| | | | | |
| | 552 | | | Enstar Group, Limited, (2) | | | | | | | | | 55,200 | |
| | | | | |
| | 902 | | | FBL Financial Group Inc. | | | | | | | | | 30,785 | |
| | | | | |
| | 6,758 | | | First American Corporation, (3) | | | | | | | | | 153,745 | |
| | | | | |
| | 3,367 | | | Flagstone Reinsurance Holdings SA | | | | | | | | | 29,764 | |
| | | | | |
| | 376 | | | Fortegra Financial Corp, (2) | | | | | | | | | 3,339 | |
| | | | | |
| | 826 | | | Global Indemnity PLC, (2) | | | | | | | | | 18,321 | |
| | | | | |
| | 1,801 | | | Greenlight Capital Re, Ltd, (2) | | | | | | | | | 46,016 | |
| | | | | |
| | 931 | | | Hallmark Financial Services, Inc., (2) | | | | | | | | | 7,104 | |
| | | | | |
| | 2,560 | | | Hilltop Holdings Inc., (2) | | | | | | | | | 34,790 | |
| | | | | |
| | 468 | | | Homeowners Choice Inc. | | | | | | | | | 10,390 | |
| | | | | |
| | 2,563 | | | Horace Mann Educators Corporation | | | | | | | | | 49,235 | |
| | | | | |
| | 521 | | | Independence Holding Company | | | | | | | | | 4,554 | |
| | | | | |
| | 797 | | | Infinity Property and Casualty Corporation | | | | | | | | | 45,517 | |
| | | | | |
| | 80 | | | Investors Title Company | | | | | | | | | 5,248 | |
| | | | | |
| | 274 | | | Kansas City Life Insurance Company | | | | | | | | | 9,957 | |
| | | | | |
| | 3,248 | | | Maiden Holdings, Ltd | | | | | | | | | 27,446 | |
| | | | | |
| | 3,422 | | | Meadowbrook Insurance Group, Inc. | | | | | | | | | 19,232 | |
| | | | | |
| | 3,271 | | | Montpelier Re Holdings Limited | | | | | | | | | 74,808 | |
| | | | | |
| | 2,659 | | | National Financial Partners Corp., (2), (3) | | | | | | | | | 48,793 | |
| | | | | |
| | 443 | | | National Interstate Corporation | | | | | | | | | 11,496 | |
| | | | | |
| | 143 | | | National Western Life Insurance Company | | | | | | | | | 20,073 | |
| | | | | |
| | 693 | | | Navigators Group, Inc., (2) | | | | | | | | | 36,784 | |
| | | | | |
| | 1,426 | | | OneBeacon Insurance Group Limited, Class A | | | | | | | | | 19,251 | |
| | | | | |
| | 396 | | | Phoenix Companies Inc., (2) | | | | | | | | | 11,935 | |
| | | | | |
| | 2,142 | | | Platinum Underwriters Holdings Limited | | | | | | | | | 95,105 | |
| | | | | |
| | 1,519 | | | Presidential Life Corporation | | | | | | | | | 21,236 | |
| | | | | |
| | 3,073 | | | Primerica Inc. | | | | | | | | | 86,843 | |
| | | | | |
| | 1,272 | | | RLI Corporation, (3) | | | | | | | | | 86,725 | |
| | | | | |
| | 731 | | | Safety Insurance Group, Inc. | | | | | | | | | 33,882 | |
| | | | | |
| | 1,286 | | | Seabright Insurance Holdings Inc. | | | | | | | | | 14,107 | |
| | | | | |
| | 3,470 | | | Selective Insurance Group Inc. | | | | | | | | | 64,160 | |
| | | | | |
| | 940 | | | State Auto Financial Corporation | | | | | | | | | 15,172 | |
| | | | | |
| | 1,168 | | | Stewart Information Services Corporation, (3) | | | | | | | | | 27,238 | |
| | | | | |
| | 5,056 | | | Symetra Financial Corporation | | | | | | | | | 60,419 | |
| | | | | |
| | 2,369 | | | Tower Group Inc., (3) | | | | | | | | | 42,689 | |
| | | | | |
| | 1,383 | | | United Fire Group Inc. | | | | | | | | | 32,874 | |
| | | | | |
| | 1,204 | | | Universal Insurance Holdings Inc. | | | | | | | | | 4,756 | |
| | | | Total Insurance | | | | | | | | | 1,969,438 | |
| | | | Internet & Catalog Retail – 0.4% | | | | | | | | | | |
| | | | | |
| | 1,670 | | | 1-800-Flowers, (2) | | | | | | | | | 6,062 | |
| | | | | |
| | 901 | | | Blue Nile Inc., (2), (3) | | | | | | | | | 34,031 | |
| | | | | |
| | 299 | | | CafePress, Incorporated, (2) | | | | | | | | | 1,773 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Internet & Catalog Retail (continued) | | | | | | | | | | |
| | | | | |
| | 282 | | | Geeknet Inc., (2) | | | | | | | | $ | 5,124 | |
| | | | | |
| | 2,542 | | | Hosting Site Network, Inc. | | | | | | | | | 132,235 | |
| | | | | |
| | 229 | | | Kayak Software Corporation, (2) | | | | | | | | | 7,587 | |
| | | | | |
| | 1,667 | | | Nutri System Inc. | | | | | | | | | 16,053 | |
| | | | | |
| | 1,503 | | | Orbitz Worldwide Inc., (2) | | | | | | | | | 3,712 | |
| | | | | |
| | 744 | | | Overstock.com, Inc., (2), (3) | | | | | | | | | 11,220 | |
| | | | | |
| | 1,220 | | | PetMed Express, Inc., (3) | | | | | | | | | 13,298 | |
| | | | | |
| | 2,336 | | | Shutterfly, Inc., (2), (3) | | | | | | | | | 70,687 | |
| | | | | |
| | 950 | | | U.S. Auto Parts Network, Inc., (2) | | | | | | | | | 2,841 | |
| | | | | |
| | 1,442 | | | Vitacost.com, Inc., (2) | | | | | | | | | 9,229 | |
| | | | Total Internet & Catalog Retail | | | | | | | | | 313,852 | |
| | | | Internet Software & Services – 2.2% | | | | | | | | | | |
| | | | | |
| | 2,536 | | | Active Network Inc., (2), (3) | | | | | | | | | 22,469 | |
| | | | | |
| | 1,890 | | | Ancestry.com Inc., (2), (3) | | | | | | | | | 59,724 | |
| | | | | |
| | 2,323 | | | Angie’s List, (2) | | | | | | | | | 26,575 | |
| | | | | |
| | 3,017 | | | Bankrate Inc., (2), (3) | | | | | | | | | 32,372 | |
| | | | | |
| | 678 | | | Bazaarvoice Inc., (2), (3) | | | | | | | | | 8,651 | |
| | | | | |
| | 2,534 | | | Blucora Inc., (2) | | | | | | | | | 44,472 | |
| | | | | |
| | 369 | | | Brightcove Inc., (2) | | | | | | | | | 4,657 | |
| | | | | |
| | 736 | | | Carbonite Inc., (2), (3) | | | | | | | | | 5,689 | |
| | | | | |
| | 2,276 | | | ComScore Inc., (2) | | | | | | | | | 32,251 | |
| | | | | |
| | 1,987 | | | Constant Contact Inc., (2) | | | | | | | | | 24,520 | |
| | | | | |
| | 2,198 | | | Cornerstone OnDemand Inc., (2) | | | | | | | | | 61,522 | |
| | | | | |
| | 1,831 | | | CoStar Group, Inc., (2) | | | | | | | | | 151,790 | |
| | | | | |
| | 2,772 | | | DealerTrack Holdings, Inc., (2) | | | | | | | | | 75,759 | |
| | | | | |
| | 1,956 | | | Demand Media Inc., (2) | | | | | | | | | 16,685 | |
| | | | | |
| | 426 | | | Demandware Incorporated, (2) | | | | | | | | | 12,648 | |
| | | | | |
| | 3,112 | | | Dice Holdings Inc., (3) | | | | | | | | | 27,479 | |
| | | | | |
| | 2,398 | | | Digital River, Inc., (2) | | | | | | | | | 34,387 | |
| | | | | |
| | 306 | | | E2open Inc., (2) | | | | | | | | | 5,355 | |
| | | | | |
| | 7,068 | | | Earthlink, Inc. | | | | | | | | | 44,811 | |
| | | | | |
| | 1,231 | | | Envestnet Inc., (2) | | | | | | | | | 17,209 | |
| | | | | |
| | 637 | | | ExactTarget Inc., (2) | | | | | | | | | 14,855 | |
| | | | | |
| | 3,358 | | | Internap Network Services Corporation, (2) | | | | | | | | | 23,002 | |
| | | | | |
| | 2,381 | | | Intralinks Holdings INc., (2) | | | | | | | | | 13,310 | |
| | | | | |
| | 3,391 | | | IPass, Inc., (2) | | | | | | | | | 6,579 | |
| | | | | |
| | 2,778 | | | J2 Global Inc., (3) | | | | | | | | | 83,451 | |
| | | | | |
| | 1,026 | | | Keynote Systems, Inc. | | | | | | | | | 14,662 | |
| | | | | |
| | 3,944 | | | KIT Digital Inc., (2), (3) | | | | | | | | | 10,964 | |
| | | | | |
| | 4,072 | | | Limelight Networks Inc., (2) | | | | | | | | | 8,592 | |
| | | | | |
| | 1,539 | | | Liquidity Services, Inc., (2), (3) | | | | | | | | | 63,453 | |
| | | | | |
| | 3,594 | | | Liveperson, Inc., (2) | | | | | | | | | 56,390 | |
| | | | | |
| | 1,442 | | | LogMeIn Inc., (2), (3) | | | | | | | | | 35,589 | |
| | | | | |
| | 1,480 | | | Marchex, Inc. | | | | | | | | | 6,053 | |
| | | | | |
| | 1,440 | | | Market Leader, Inc., (2) | | | | | | | | | 9,792 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Internet Software & Services (continued) | | | | | | | | | | |
| | | | | |
| | 1,208 | | | MeetMe Incorporated, (2), (3) | | | | | | | | $ | 5,110 | |
| | | | | |
| | 745 | | | Millennial Media Incorporated, (2), (3) | | | | | | | | | 11,942 | |
| | | | | |
| | 7,918 | | | Monster Worldwide Inc., (2), (3) | | | | | | | | | 49,250 | |
| | | | | |
| | 2,550 | | | Move, Inc., (2) | | | | | | | | | 21,140 | |
| | | | | |
| | 4,111 | | | NIC, Incorporated, (2) | | | | | | | | | 58,787 | |
| | | | | |
| | 1,513 | | | Open Solutions Inc., (2) | | | | | | | | | 71,066 | |
| | | | | |
| | 2,086 | | | Perficient, Inc., (2) | | | | | | | | | 23,718 | |
| | | | | |
| | 2,135 | | | QuinStreet, Inc., (2) | | | | | | | | | 13,066 | |
| | | | | |
| | 1,355 | | | RealNetworks Inc., (2) | | | | | | | | | 10,257 | |
| | | | | |
| | 2,333 | | | Responsys Inc., (2) | | | | | | | | | 20,857 | |
| | | | | |
| | 1,947 | | | Saba Software, Inc., (2) | | | | | | | | | 19,626 | |
| | | | | |
| | 1,167 | | | SciQuest Inc., (2) | | | | | | | | | 17,715 | |
| | | | | |
| | 750 | | | Spark Networks, Incorporated | | | | | | | | | 4,920 | |
| | | | | |
| | 809 | | | SPS Commerce Inc., (2), (3) | | | | | | | | | 29,326 | |
| | | | | |
| | 925 | | | Stamps.com Inc., (2) | | | | | | | | | 25,456 | |
| | | | | |
| | 3,181 | | | Support.com, Inc., (2) | | | | | | | | | 14,760 | |
| | | | | |
| | 440 | | | Synacor Inc., (2) | | | | | | | | | 2,411 | |
| | | | | |
| | 938 | | | TechTarget Inc., (2) | | | | | | | | | 4,484 | |
| | | | | |
| | 466 | | | Travelzoo Inc., (2) | | | | | | | | | 8,318 | |
| | | | | |
| | 5,696 | | | United Online, Inc. | | | | | | | | | 30,531 | |
| | | | | |
| | 5,667 | | | Unwired Planet Inc,, (2) | | | | | | | | | 7,990 | |
| | | | | |
| | 4,907 | | | ValueClick, Inc., (2) | | | | | | | | | 81,800 | |
| | | | | |
| | 2,281 | | | VistaPrint N.V., (2), (3) | | | | | | | | | 69,502 | |
| | | | | |
| | 1,348 | | | Vocus, Inc., (2), (3) | | | | | | | | | 23,927 | |
| | | | | |
| | 2,290 | | | Web.com, Inc., (2), (3) | | | | | | | | | 36,136 | |
| | | | | |
| | 3,309 | | | WebMD Health Corporation, Class A, (2), (3) | | | | | | | | | 49,337 | |
| | | | | |
| | 1,841 | | | XO Group, Incorporated, (2) | | | | | | | | | 14,820 | |
| | | | | |
| | 550 | | | Yelp Incorporated, (2) | | | | | | | | | 13,255 | |
| | | | | |
| | 4,266 | | | Zix Corporation, (2) | | | | | | | | | 12,371 | |
| | | | Total Internet Software & Services | | | | | | | | | 1,807,595 | |
| | | | IT Services – 1.8% | | | | | | | | | | |
| | | | | |
| | 5,214 | | | Acxiom Corporation, (2) | | | | | | | | | 95,156 | |
| | | | | |
| | 1,482 | | | CACI International Inc., (2), (3) | | | | | | | | | 74,737 | |
| | | | | |
| | 2,882 | | | Cardtronics Inc., (2) | | | | | | | | | 81,878 | |
| | | | | |
| | 595 | | | Cass Information Systems, Inc. | | | | | | | | | 24,972 | |
| | | | | |
| | 4,757 | | | Ciber, Inc., (2) | | | | | | | | | 14,842 | |
| | | | | |
| | 972 | | | Computer Task Group, Inc., (2) | | | | | | | | | 18,128 | |
| | | | | |
| | 7,619 | | | Convergys Corporation | | | | | | | | | 128,075 | |
| | | | | |
| | 2,223 | | | CSG Systems International Inc., (2) | | | | | | | | | 45,816 | |
| | | | | |
| | 317 | | | EPAM Systems Inc., (2) | | | | | | | | | 5,700 | |
| | | | | |
| | 3,290 | | | Euronet Worldwide, Inc., (2), (3) | | | | | | | | | 66,754 | |
| | | | | |
| | 1,526 | | | Exlservice Holdings, Inc., (2), (3) | | | | | | | | | 45,231 | |
| | | | | |
| | 851 | | | Forrester Research, Inc., (3) | | | | | | | | | 24,628 | |
| | | | | |
| | 4,295 | | | Global Cash Access Holdings, Inc., (2) | | | | | | | | | 30,280 | |
| | | | | |
| | 1,604 | | | Hackett Group, Inc. | | | | | | | | | 6,240 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | IT Services (continued) | | | | | | | | | | |
| | | | | |
| | 2,477 | | | Heartland Payment Systems Inc. | | | | | | | | $ | 64,600 | |
| | | | | |
| | 2,100 | | | Higher One Holdings Incn, (2) | | | | | | | | | 26,523 | |
| | | | | |
| | 2,099 | | | iGATE Corporation, (2) | | | | | | | | | 33,689 | |
| | | | | |
| | 1,449 | | | Innodata Isogen, Inc., (2) | | | | | | | | | 5,202 | |
| | | | | |
| | 3,958 | | | Lionbridge Technologies, Inc., (2) | | | | | | | | | 12,547 | |
| | | | | |
| | 1,498 | | | ManTech International Corporation, Class A, (3) | | | | | | | | | 34,409 | |
| | | | | |
| | 664 | | | Mattersight Corporation, (2) | | | | | | | | | 3,672 | |
| | | | | |
| | 2,229 | | | Maximus Inc. | | | | | | | | | 122,996 | |
| | | | | |
| | 2,813 | | | ModusLink Global Solutions Inc., (2) | | | | | | | | | 8,242 | |
| | | | | |
| | 1,402 | | | Moneygram International Inc., (2) | | | | | | | | | 21,787 | |
| | | | | |
| | 1,367 | | | PRG-Schultz International Inc., (2) | | | | | | | | | 10,690 | |
| | | | | |
| | 8,044 | | | Sapient Corporation, (2), (3) | | | | | | | | | 82,692 | |
| | | | | |
| | 3,242 | | | ServiceSource International Inc., (2) | | | | | | | | | 29,210 | |
| | | | | |
| | 989 | | | Syntel Inc. | | | | | | | | | 58,954 | |
| | | | | |
| | 1,629 | | | TeleTech Holdings, Inc., (2) | | | | | | | | | 27,432 | |
| | | | | |
| | 1,637 | | | TNS Inc., (2) | | | | | | | | | 23,442 | |
| | | | | |
| | 2,862 | | | Unisys Corporation | | | | | | | | | 48,797 | |
| | | | | |
| | 1,216 | | | Virtusa Corporation, (2) | | | | | | | | | 20,867 | |
| | | | | |
| | 2,482 | | | Wright Express Corporation, (2), (3) | | | | | | | | | 183,122 | |
| | | | Total IT Services | | | | | | | | | 1,481,310 | |
| | | | Leisure Equipment & Products – 0.4% | | | | | | | | | | |
| | | | | |
| | 826 | | | Arctic Cat, Inc., (2) | | | | | | | | | 29,959 | |
| | | | | |
| | 1,370 | | | Black Diamond Group Inc., (2) | | | | | | | | | 13,015 | |
| | | | | |
| | 5,833 | | | Brunswick Corporation, (3) | | | | | | | | | 137,600 | |
| | | | | |
| | 4,246 | | | Callaway Golf Company, (3) | | | | | | | | | 23,183 | |
| | | | | |
| | 1,700 | | | JAKKS Pacific Inc., (3) | | | | | | | | | 21,947 | |
| | | | | |
| | 369 | | | Johnson Outdoors, Inc., (2) | | | | | | | | | 7,199 | |
| | | | | |
| | 3,296 | | | LeapFrog Enterprises Inc., (2) | | | | | | | | | 29,137 | |
| | | | | |
| | 704 | | | Marine Products Corporation | | | | | | | | | 4,175 | |
| | | | | |
| | 4,238 | | | Smith & Wesson Holding Corporation, (2), (3) | | | | | | | | | 40,685 | |
| | | | | |
| | 450 | | | Steinway Musical Instrument Inc., (2) | | | | | | | | | 10,863 | |
| | | | | |
| | 1,250 | | | Sturm, Ruger & Company, (3) | | | | | | | | | 59,038 | |
| | | | Total Leisure Equipment & Products | | | | | | | | | 376,801 | |
| | | | Life Sciences Tools & Services – 0.3% | | | | | | | | | | |
| | | | | |
| | 4,612 | | | Affymetrix, Inc., (2), (3) | | | | | | | | | 14,620 | |
| | | | | |
| | 703 | | | BG Medicine Inc., (2) | | | | | | | | | 1,617 | |
| | | | | |
| | 1,891 | | | Cambrex Corporation, (2) | | | | | | | | | 22,843 | |
| | | | | |
| | 1,588 | | | Fluidigm Corporation, (2) | | | | | | | | | 23,963 | |
| | | | | |
| | 516 | | | Furiex Pharmaceuticals Inc., (2) | | | | | | | | | 9,892 | |
| | | | | |
| | 1,618 | | | Harvard Bioscience, Inc., (2) | | | | | | | | | 6,504 | |
| | | | | |
| | 2,723 | | | Luminex Corporation, (2) | | | | | | | | | 43,786 | |
| | | | | |
| | 2,422 | | | Pacific Biosciences of California, Inc., (2), (3) | | | | | | | | | 3,149 | |
| | | | | |
| | 3,911 | | | Parexel International Corporation, (2) | | | | | | | | | 120,029 | |
| | | | | |
| | 7,481 | | | Sequenom, Inc., (2), (3) | | | | | | | | | 23,266 | |
| | | | Total Life Sciences Tools & Services | | | | | | | | | 269,669 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Machinery – 3.0% | | | | | | | | | | |
| | | | | |
| | 3,091 | | | Accuride Corporation, (2) | | | | | | | | $ | 8,253 | |
| | | | | |
| | 4,760 | | | Actuant Corporation, (3) | | | | | | | | | 134,422 | |
| | | | | |
| | 467 | | | Alamo Group Inc. | | | | | | | | | 15,645 | |
| | | | | |
| | 1,804 | | | Albany International Corporation, Class A | | | | | | | | | 39,634 | |
| | | | | |
| | 1,760 | | | Altra Industrial Motion, Inc., (3) | | | | | | | | | 31,715 | |
| | | | | |
| | 626 | | | American Railcar Industries, (2) | | | | | | | | | 18,392 | |
| | | | | |
| | 548 | | | Ampco-Pittsburgh Corporation | | | | | | | | | 9,678 | |
| | | | | |
| | 1,311 | | | Astecx Industries Inc., (2) | | | | | | | | | 37,757 | |
| | | | | |
| | 3,543 | | | Barnes Group Inc., (2) | | | | | | | | | 81,064 | |
| | | | | |
| | 3,197 | | | Blount International Inc., (2) | | | | | | | | | 42,296 | |
| | | | | |
| | 3,241 | | | Briggs & Stratton Corporation | | | | | | | | | 64,010 | |
| | | | | |
| | 602 | | | Cascade Corporation | | | | | | | | | 39,124 | |
| | | | | |
| | 1,952 | | | Chart Industries, Inc., (2), (3) | | | | | | | | | 138,182 | |
| | | | | |
| | 1,137 | | | CIRCOR International Inc. | | | | | | | | | 39,215 | |
| | | | | |
| | 3,240 | | | CLARCOR, Inc. | | | | | | | | | 146,578 | |
| | | | | |
| | 1,267 | | | Columbus McKinnon Corporation, (2) | | | | | | | | | 18,967 | |
| | | | | |
| | 1,850 | | | Commercial Vehicle Group Inc., (2) | | | | | | | | | 14,042 | |
| | | | | |
| | 1,446 | | | Douglas Dynamics Inc. | | | | | | | | | 21,965 | |
| | | | | |
| | 881 | | | Dynamic Material Corporation | | | | | | | | | 11,823 | |
| | | | | |
| | 406 | | | Eastern Company | | | | | | | | | 6,496 | |
| | | | | |
| | 2,941 | | | Energy Recovery, Inc., (2) | | | | | | | | | 8,735 | |
| | | | | |
| | 1,329 | | | EnPro Industries Inc., (2) | | | | | | | | | 48,588 | |
| | | | | |
| | 1,710 | | | ESCO Technologies Inc. | | | | | | | | | 64,022 | |
| | | | | |
| | 4,062 | | | Federal Signal Corporation, (2) | | | | | | | | | 23,438 | |
| | | | | |
| | 3,126 | | | Flow International Corporation, (2) | | | | | | | | | 10,378 | |
| | | | | |
| | 768 | | | Freightcar America Inc. | | | | | | | | | 14,784 | |
| | | | | |
| | 978 | | | Gorman-Rupp Company, (3) | | | | | | | | | 26,406 | |
| | | | | |
| | 650 | | | Graham Corporation | | | | | | | | | 11,681 | |
| | | | | |
| | 1,492 | | | Greenbrier Companies Inc., (3) | | | | | | | | | 25,976 | |
| | | | | |
| | 762 | | | Hardinge, Inc. | | | | | | | | | 7,910 | |
| | | | | |
| | 414 | | | Hurco Companies, Inc., (2), (3) | | | | | | | | | 9,514 | |
| | | | | |
| | 374 | | | Hyster-Yale Materials Handling Inc., Class A, (5) | | | | | | | | | 15,364 | |
| | | | | |
| | 374 | | | Hyster-Yale Materials Handling Inc., Class B, (3) | | | | | | | | | 15,364 | |
| | | | | |
| | 1,890 | | | John Bean Technologies Corporation | | | | | | | | | 29,144 | |
| | | | | |
| | 790 | | | Kadant Inc., (2) | | | | | | | | | 19,189 | |
| | | | | |
| | 2,094 | | | Kaydon Corporation | | | | | | | | | 46,822 | |
| | | | | |
| | 579 | | | LB Foster Company | | | | | | | | | 19,113 | |
| | | | | |
| | 830 | | | Lindsay Manufacturing Company | | | | | | | | | 63,387 | |
| | | | | |
| | 1,102 | | | Lydall Inc. | | | | | | | | | 14,227 | |
| | | | | |
| | 6,302 | | | Meritor Inc., (2), (3) | | | | | | | | | 27,855 | |
| | | | | |
| | 941 | | | Met-Pro Corp. | | | | | | | | | 8,544 | |
| | | | | |
| | 1,222 | | | Middleby Corporation, (2), (3) | | | | | | | | | 152,689 | |
| | | | | |
| | 720 | | | Midwest Air Group Inc. | | | | | | | | | 11,052 | |
| | | | | |
| | 1,295 | | | Mueller Industries Inc. | | | | | | | | | 56,721 | |
| | | | | |
| | 10,232 | | | Mueller Water Products Inc. | | | | | | | | | 53,309 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Machinery (continued) | | | | | | | | | | |
| | | | | |
| | 1,111 | | | NN, Incorporated, (2) | | | | | | | | $ | 9,199 | |
| | | | | |
| | 178 | | | OmegaFlex, Inc., (2) | | | | | | | | | 2,225 | |
| | | | | |
| | 1,356 | | | Peerless Manufacturing Company, (2) | | | | | | | | | 8,814 | |
| | | | | |
| | 327 | | | Proto Labs Incorporated, (2), (3) | | | | | | | | | 11,347 | |
| | | | | |
| | 1,449 | | | RBC Bearings Inc., (2) | | | | | | | | | 71,957 | |
| | | | | |
| | 1,881 | | | Rexnord Corporation, (2) | | | | | | | | | 34,084 | |
| | | | | |
| | 2,533 | | | Robbins & Myers, Inc. | | | | | | | | | 150,156 | |
| | | | | |
| | 762 | | | Sauer-Danfoss, Inc. | | | | | | | | | 30,526 | |
| | | | | |
| | 1,349 | | | Sun Hydraulics Corporation | | | | | | | | | 35,937 | |
| | | | | |
| | 1,229 | | | Tennant Company, (3) | | | | | | | | | 45,989 | |
| | | | | |
| | 3,118 | | | Titan International Inc., (3) | | | | | | | | | 65,416 | |
| | | | | |
| | 2,104 | | | TriMas Corporation, (2) | | | | | | | | | 52,768 | |
| | | | | |
| | 556 | | | Twin Disc, Inc. | | | | | | | | | 8,429 | |
| | | | | |
| | 4,462 | | | Wabash National Corporation, (2) | | | | | | | | | 28,155 | |
| | | | | |
| | 1,933 | | | Watts Water Technologies, Inc. | | | | | | | | | 77,765 | |
| | | | | |
| | 4,515 | | | Woodward Governor Company, (3) | | | | | | | | | 151,253 | |
| | | | Total Machinery | | | | | | | | | 2,487,490 | |
| | | | Marine – 0.0% | | | | | | | | | | |
| | | | | |
| | 2,040 | | | Genco Shipping and Trading Limited, (2) | | | | | | | | | 6,202 | |
| | | | | |
| | 349 | | | International Shipholding Corp. | | | | | | | | | 5,835 | |
| | | | | |
| | 1,155 | | | Rand Logistics, Inc., (2) | | | | | | | | | 7,484 | |
| | | | Total Marine | | | | | | | | | 19,521 | |
| | | | Media – 1.1% | | | | | | | | | | |
| | | | | |
| | 1,744 | | | Arbitron Inc. | | | | | | | | | 63,412 | |
| | | | | |
| | 288 | | | Beasley Broadcast Group, Inc. | | | | | | | | | 1,400 | |
| | | | | |
| | 6,109 | | | Belo Corp. | | | | | | | | | 45,695 | |
| | | | | |
| | 1,157 | | | Carmike Cinemas, Inc., (2) | | | | | | | | | 15,758 | |
| | | | | |
| | 2,397 | | | Central European Media Enterprises Limited, (2) | | | | | | | | | 12,848 | |
| | | | | |
| | 2,242 | | | Crown Media Holdings, Inc., (2) | | | | | | | | | 3,901 | |
| | | | | |
| | 4,038 | | | Cumulus Media, Inc., (2), (3) | | | | | | | | | 9,933 | |
| | | | | |
| | 64 | | | Daily Journal Corporation, (2) | | | | | | | | | 6,049 | |
| | | | | |
| | 323 | | | Dial Global Inc., (2) | | | | | | | | | 788 | |
| | | | | |
| | 1,800 | | | Digital Generation Inc., (2), (3) | | | | | | | | | 16,740 | |
| | | | | |
| | 2,025 | | | E.W. Scripps Company, Class A, (2) | | | | | | | | | 21,485 | |
| | | | | |
| | 1,596 | | | Entercom Communications Corporation, (2), (3) | | | | | | | | | 10,390 | |
| | | | | |
| | 3,385 | | | Entravision Communications Corporation, (2) | | | | | | | | | 4,570 | |
| | | | | |
| | 579 | | | Fisher Communications, Inc. | | | | | | | | | 14,614 | |
| | | | | |
| | 1,232 | | | Global Sources, Limited, (2) | | | | | | | | | 7,047 | |
| | | | | |
| | 2,843 | | | Harte-Hanks Inc. | | | | | | | | | 15,836 | |
| | | | | |
| | 2,806 | | | Journal Communications Inc., (2) | | | | | | | | | 15,742 | |
| | | | | |
| | 1,990 | | | LIN TV Corporation, (2) | | | | | | | | | 11,164 | |
| | | | | |
| | 5,540 | | | Lions Gate Entertainment Corporation, Equity, (2) | | | | | | | | | 92,407 | |
| | | | | |
| | 9,068 | | | Live Nation Inc., (2), (3) | | | | | | | | | 82,972 | |
| | | | | |
| | 1,749 | | | Martha Stewart Living Omnimedia Inc., (2) | | | | | | | | | 5,055 | |
| | | | | |
| | 3,785 | | | McClatchy Company, (3) | | | | | | | | | 10,787 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Media (continued) | | | | | | | | | | |
| | | | | |
| | 1,610 | | | MDC Partners, Inc. | | | | | | | | $ | 18,209 | |
| | | | | |
| | 2,334 | | | Meredith Corporation, (3) | | | | | | | | | 78,119 | |
| | | | | |
| | 3,662 | | | National CineMedia, Inc. | | | | | | | | | 56,615 | |
| | | | | |
| | 8,813 | | | New York Times, Class A, (2), (3) | | | | | | | | | 72,090 | |
| | | | | |
| | 739 | | | Nexstar Broadcasting Group, Inc., (2) | | | | | | | | | 8,033 | |
| | | | | |
| | 886 | | | Outdoor Channel Holdings, Inc., (2) | | | | | | | | | 6,432 | |
| | | | | |
| | 641 | | | ReachLocal Inc., (2), (3) | | | | | | | | | 7,910 | |
| | | | | |
| | 1,093 | | | Reading International Inc., A, (2) | | | | | | | | | 6,613 | |
| | | | | |
| | 610 | | | Rentrak Corporation, (2) | | | | | | | | | 10,364 | |
| | | | | |
| | 231 | | | Saga Communications Inc Class A Shares, (2) | | | | | | | | | 9,799 | |
| | | | | |
| | 661 | | | Salem Communications Corporation | | | | | | | | | 3,940 | |
| | | | | |
| | 1,707 | | | Scholastic Corporation, (3) | | | | | | | | | 56,314 | |
| | | | | |
| | 3,292 | | | Sinclair Broadcast Group, Series A | | | | | | | | | 41,479 | |
| | | | | |
| | 2,598 | | | Valassis Communications Inc., (3) | | | | | | | | | 67,600 | |
| | | | | |
| | 86 | | | Value Line, Inc., (3) | | | | | | | | | 857 | |
| | | | | |
| | 1,600 | | | World Wrestling Entertainment Inc. | | | | | | | | | 12,944 | |
| | | | Total Media | | | | | | | | | 925,911 | |
| | | | Metals & Mining – 1.5% | | | | | | | | | | |
| | | | | |
| | 7,220 | | | AK Steel Holding Corporation | | | | | | | | | 36,389 | |
| | | | | |
| | 1,074 | | | AM Castle & Company, (2), (3) | | | | | | | | | 13,049 | |
| | | | | |
| | 1,648 | | | AMCOL International Corp. | | | | | | | | | 52,044 | |
| | | | | |
| | 2,124 | | | Apex Silver Mines Limited, (2), (3) | | | | | | | | | 9,282 | |
| | | | | |
| | 3,361 | | | Century Aluminum Company, (2) | | | | | | | | | 24,031 | |
| | | | | |
| | 5,752 | | | Coeur d’Alene Mines Corporation, (2), (3) | | | | | | | | | 177,794 | |
| | | | | |
| | 4,332 | | | General Moly, Inc., (2), (3) | | | | | | | | | 16,028 | |
| | | | | |
| | 4,050 | | | Globe Specialty Metals Inc. | | | | | | | | | 60,872 | |
| | | | | |
| | 3,418 | | | Gold Reserve Inc., Class A, (2), (3) | | | | | | | | | 11,074 | |
| | | | | |
| | 1,950 | | | Gold Resource Corp., (3) | | | | | | | | | 32,604 | |
| | | | | |
| | 16,612 | | | Golden Star Resources Ltd, (2), (3) | | | | | | | | | 33,224 | |
| | | | | |
| | 376 | | | Handy & Harman Limited, (2) | | | | | | | | | 5,591 | |
| | | | | |
| | 802 | | | Haynes International Inc. | | | | | | | | | 40,645 | |
| | | | | |
| | 18,633 | | | Hecla Mining Company, (3) | | | | | | | | | 122,605 | |
| | | | | |
| | 2,861 | | | Horsehead Holding Corp., (2) | | | | | | | | | 25,892 | |
| | | | | |
| | 1,260 | | | Kaiser Aluminum Corporation | | | | | | | | | 76,331 | |
| | | | | |
| | 1,312 | | | Materion Corporation | | | | | | | | | 27,486 | |
| | | | | |
| | 12,877 | | | McEwen Mining Inc., (2) | | | | | | | | | 62,582 | |
| | | | | |
| | 745 | | | Metals USA Holdings Corporation | | | | | | | | | 10,862 | |
| | | | | |
| | 8,311 | | | Midway Gold Corporation, (2), (3) | | | | | | | | | 14,129 | |
| | | | | |
| | 2,176 | | | Noranda Aluminum Hodlings Corporation | | | | | | | | | 13,339 | |
| | | | | |
| | 587 | | | Olympic Steel Inc. | | | | | | | | | 10,566 | |
| | | | | |
| | 8,529 | | | Paramount Gold and Silver Corporation, (2), (3) | | | | | | | | | 22,687 | |
| | | | | |
| | 1,609 | | | Revett Minerals Incorporated, (2) | | | | | | | | | 5,760 | |
| | | | | |
| | 1,979 | | | RTI International Metals, Inc., (2) | | | | | | | | | 45,101 | |
| | | | | |
| | 1,648 | | | Schnitzer Steel Industries, Inc. | | | | | | | | | 46,984 | |
| | | | | |
| | 7,559 | | | Stillwater Mining Company, (2) | | | | | | | | | 78,689 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Metals & Mining (continued) | | | | | | | | | | |
| | | | | |
| | 4,539 | | | SunCoke Energy Inc., (2) | | | | | | | | $ | 72,942 | |
| | | | | |
| | 3,510 | | | United States Antimony Corporation, (2), (3) | | | | | | | | | 7,160 | |
| | | | | |
| | 456 | | | Universal Stainless & Alloy Products, Inc., (2) | | | | | | | | | 15,686 | |
| | | | | |
| | 756 | | | U.S. Silica Holdings Inc., (2), (3) | | | | | | | | | 9,677 | |
| | | | | |
| | 4,033 | | | Vista Gold Corporation, (2), (3) | | | | | | | | | 13,430 | |
| | | | | |
| | 3,453 | | | Worthington Industries, Inc. | | | | | | | | | 74,654 | |
| | | | Total Metals & Mining | | | | | | | | | 1,269,189 | |
| | | | Multiline Retail – 0.2% | | | | | | | | | | |
| | | | | |
| | 827 | | | Bon-Ton Stores, Inc. | | | | | | | | | 10,156 | |
| | | | | |
| | 2,379 | | | Freds Inc. | | | | | | | | | 32,235 | |
| | | | | |
| | 553 | | | Gordmans Stores Inc., (2) | | | | | | | | | 8,328 | |
| | | | | |
| | 7,409 | | | Saks Inc., (2), (3) | | | | | | | | | 76,165 | |
| | | | | |
| | 2,769 | | | Tuesday Morning Corporation, (2) | | | | | | | | | 16,531 | |
| | | | Total Multiline Retail | | | | | | | | | 143,415 | |
| | | | Multi-Utilities – 0.4% | | | | | | | | | | |
| | | | | |
| | 3,831 | | | Avista Corporation | | | | | | | | | 97,384 | |
| | | | | |
| | 2,880 | | | Black Hills Corporation | | | | | | | | | 103,018 | |
| | | | | |
| | 999 | | | CH Energy Group Inc. | | | | | | | | | 64,965 | |
| | | | | |
| | 2,376 | | | Northwestern Corporation, (3) | | | | | | | | | 85,085 | |
| | | | Total Multi-Utilities | | | | | | | | | 350,452 | |
| | | | Oil, Gas & Consumable Fuels – 3.7% | | | | | | | | | | |
| | | | | |
| | 5,391 | | | Abraxas Petroleum Corporation, (2), (3) | | | | | | | | | 11,159 | |
| | | | | |
| | 138 | | | Adams Resources and Energy, Incorporated | | | | | | | | | 4,198 | |
| | | | | |
| | 666 | | | Alon USA Energy, Inc. | | | | | | | | | 8,745 | |
| | | | | |
| | 1,976 | | | Amyris Inc., (2), (3) | | | | | | | | | 5,078 | |
| | | | | |
| | 597 | | | Apco Oil and Gas International Inc., (2) | | | | | | | | | 7,588 | |
| | | | | |
| | 2,174 | | | Approach Resources Inc., (2), (3) | | | | | | | | | 53,546 | |
| | | | | |
| | 13,862 | | | Arch Coal Inc., (3) | | | | | | | | | 110,342 | |
| | | | | |
| | 3,420 | | | Berry Petroleum Company, (3) | | | | | | | | | 131,704 | |
| | | | | |
| | 3,142 | | | Bill Barrett Corporation, (2), (3) | | | | | | | | | 71,983 | |
| | | | | |
| | 626 | | | Bonanza Creek Energy Inc., (2), (3) | | | | | | | | | 15,506 | |
| | | | | |
| | 6,829 | | | BPZ Resources, Inc., (2), (3) | | | | | | | | | 19,668 | |
| | | | | |
| | 2,575 | | | Callon Petroleum Company, (2) | | | | | | | | | 14,729 | |
| | | | | |
| | 2,585 | | | Carrizo Oil & Gas, Inc., (2) | | | | | | | | | 69,330 | |
| | | | | |
| | 369 | | | Ceres Inc., (2) | | | | | | | | | 1,945 | |
| | | | | |
| | 385 | | | Clayton Williams Energy, (2), (3) | | | | | | | | | 16,305 | |
| | | | | |
| | 4,315 | | | Clean Energy Fuels Corporation, (2), (3) | | | | | | | | | 49,407 | |
| | | | | |
| | 3,917 | | | Cloud Peak Energy Inc., (2) | | | | | | | | | 82,649 | |
| | | | | |
| | 3,143 | | | Comstock Resources Inc., (2), (3) | | | | | | | | | 53,808 | |
| | | | | |
| | 833 | | | Contango Oil & Gas Company, (2) | | | | | | | | | 40,950 | |
| | | | | |
| | 1,402 | | | Crimson Exploration Inc., (2) | | | | | | | | | 5,075 | |
| | | | | |
| | 2,436 | | | Crosstex Energy, Inc. | | | | | | | | | 33,324 | |
| | | | | |
| | 1,066 | | | CVTR Energy Inc., (2) | | | | | | | | | 39,176 | |
| | | | | |
| | 1,111 | | | Delek US Holdings Inc., (3) | | | | | | | | | 28,608 | |
| | | | | |
| | 1,048 | | | Emerald Oil Inc., (2) | | | | | | | | | 5,659 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Oil, Gas & Consumable Fuels (continued) | | | | | | | | | | |
| | | | | |
| | 3,043 | | | Endeavour International Corporation, (2), (3) | | | | | | | | $ | 22,092 | |
| | | | | |
| | 5,151 | | | Energy XXI Limited Bermuda, (3) | | | | | | | | | 170,498 | |
| | | | | |
| | 1,860 | | | EPL Oil & Gas Inc., (2) | | | | | | | | | 40,250 | |
| | | | | |
| | 1,080 | | | Evolution Petroleum Corporation, (2) | | | | | | | | | 8,856 | |
| | | | | |
| | 7,692 | | | Forest Oil Corporation, (2), (3) | | | | | | | | | 58,305 | |
| | | | | |
| | 3,368 | | | Frontline Limited, (2), (3) | | | | | | | | | 10,677 | |
| | | | | |
| | 3,456 | | | FX Energy, Inc., (2) | | | | | | | | | 16,692 | |
| | | | | |
| | 1,535 | | | GasLog Limited, (3) | | | | | | | | | 17,714 | |
| | | | | |
| | 3,852 | | | Gastar Exploration Limited, (2) | | | | | | | | | 4,314 | |
| | | | | |
| | 1,995 | | | Gevo Inc., (2) | | | | | | | | | 4,030 | |
| | | | | |
| | 1,697 | | | Goodrich Petroleum Corporation, (2), (3) | | | | | | | | | 20,924 | |
| | | | | |
| | 1,629 | | | Green Plains Renewable Energy, Inc., (2) | | | | | | | | | 12,592 | |
| | | | | |
| | 3,634 | | | Gulfport Energy Corporation, (2) | | | | | | | | | 120,576 | |
| | | | | |
| | 7,274 | | | Halcon Resources Corporation, (2) | | | | | | | | | 47,063 | |
| | | | | |
| | 428 | | | Hallador Energy Company, (2) | | | | | | | | | 4,194 | |
| | | | | |
| | 2,441 | | | Harvest Natural Resources Inc., (2) | | | | | | | | | 21,310 | |
| | | | | |
| | 69 | | | Isramco, Inc., (2) | | | | | | | | | 6,950 | |
| | | | | |
| | 1,724 | | | Kior Inc., Class A Shares, (2) | | | | | | | | | 11,378 | |
| | | | | |
| | 1,595 | | | Knightsbridge Tankers Limited | | | | | | | | | 10,160 | |
| | | | | |
| | 17,211 | | | Kodiak Oil & Gas Corporation, (2), (3) | | | | | | | | | 159,030 | |
| | | | | |
| | 9,622 | | | Magnum Hunter Resources Corporation, (2), (3) | | | | | | | | | 36,756 | |
| | | | | |
| | 888 | | | Matador Resources Company, (2) | | | | | | | | | 7,841 | |
| | | | | |
| | 6,627 | | | McMoran Exploration Corporation, (2), (3) | | | | | | | | | 79,060 | |
| | | | | |
| | 1,568 | | | Midstates Petroleum Company Incorporated, (2) | | | | | | | | | 9,675 | |
| | | | | |
| | 1,995 | | | Miller Energy Resources Inc., (2), (3) | | | | | | | | | 9,017 | |
| | | | | |
| | 3,399 | | | Nordic American Tanker Shipping Ltd, (3) | | | | | | | | | 28,552 | |
| | | | | |
| | 4,148 | | | Northern Oil and Gas Inc., (2), (3) | | | | | | | | | 62,884 | |
| | | | | |
| | 5,218 | | | Oasis Petroleum Inc., (2), (3) | | | | | | | | | 153,253 | |
| | | | | |
| | 1,710 | | | Overseas Shipholding Group Inc., (3) | | | | | | | | | 1,915 | |
| | | | | |
| | 451 | | | Panhandle Oil and Gas Inc. | | | | | | | | | 12,213 | |
| | | | | |
| | 1,954 | | | PDC Energy Inc., (2), (3) | | | | | | | | | 59,148 | |
| | | | | |
| | 3,600 | | | Penn Virginia Corporation | | | | | | | | | 16,272 | |
| | | | | |
| | 3,695 | | | Petroquest Energy Inc., (2) | | | | | | | | | 22,540 | |
| | | | | |
| | 7,670 | | | Quicksilver Resources Inc., (2) | | | | | | | �� | | 29,683 | |
| | | | | |
| | 211 | | | Renewable Energy Group Inc., (2) | | | | | | | | | 1,040 | |
| | | | | |
| | 14,925 | | | Rentech, Inc., (2) | | | | | | | | | 38,507 | |
| | | | | |
| | 3,152 | | | Resolute Energy Corporation, (2), (3) | | | | | | | | | 27,990 | |
| | | | | |
| | 2,819 | | | Rex Energy Inc., (2), (3) | | | | | | | | | 37,324 | |
| | | | | |
| | 396 | | | Rex Stores Corporation, (2) | | | | | | | | | 6,974 | |
| | | | | |
| | 3,455 | | | Rosetta Resources, Inc., (2) | | | | | | | | | 159,068 | |
| | | | | |
| | 756 | | | Sanchez Energy Corporation, (2) | | | | | | | | | 13,653 | |
| | | | | |
| | 1,329 | | | Saratoga Resources Inc., (2) | | | | | | | | | 6,592 | |
| | | | | |
| | 2,458 | | | Scorpio Tankers Inc., (2) | | | | | | | | | 13,396 | |
| | | | | |
| | 2,604 | | | SemGroup Corporation, A Shares, (2) | | | | | | | | | 100,619 | |
| | | | | |
| | 3,180 | | | Ship Financial International Limited | | | | | | | | | 48,908 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Oil, Gas & Consumable Fuels (continued) | | | | | | | | | | |
| | | | | |
| | 2,137 | | | Solazyme Inc., (2) | | | | | | | | $ | 17,310 | |
| | | | | |
| | 3,230 | | | Stone Energy Corporation, (2), (3) | | | | | | | | | 76,196 | |
| | | | | |
| | 2,798 | | | Swift Energy Company, (2) | | | | | | | | | 46,755 | |
| | | | | |
| | 2,555 | | | Synergy Resources Corporation, (2) | | | | | | | | | 10,859 | |
| | | | | |
| | 1,894 | | | Targa Resources Corporation | | | | | | | | | 96,461 | |
| | | | | |
| | 4,114 | | | Teekay Tankers Limited, Class A Shares, (3) | | | | | | | | | 14,152 | |
| | | | | |
| | 2,890 | | | Triangle Petroleum Corporation, (2), (3) | | | | | | | | | 18,467 | |
| | | | | |
| | 4,309 | | | Uranerz Energy Corporation, (2), (3) | | | | | | | | | 7,153 | |
| | | | | |
| | 5,535 | | | Uranium Energy Corporation, (2), (3) | | | | | | | | | 13,063 | |
| | | | | |
| | 3,777 | | | VAALCO Energy Inc., (2) | | | | | | | | | 30,858 | |
| | | | | |
| | 2,268 | | | W&T Offshore Inc., (3) | | | | | | | | | 38,443 | |
| | | | | |
| | 4,683 | | | Warren Resources Inc., (2) | | | | | | | | | 13,347 | |
| | | | | |
| | 3,522 | | | Western Refining Inc. | | | | | | | | | 87,592 | |
| | | | | |
| | 710 | | | Westmoreland Coal Company, (2) | | | | | | | | | 7,299 | |
| | | | | |
| | 1,620 | | | ZaZa Energy Corporation, (2) | | | | | | | | | 2,349 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | 3,111,271 | |
| | | | Paper & Forest Products – 0.7% | | | | | | | | | | |
| | | | | |
| | 2,573 | | | Buckeye Technologies Inc. | | | | | | | | | 67,413 | |
| | | | | |
| | 1,527 | | | Clearwater Paper Corporation, (2) | | | | | | | | | 60,378 | |
| | | | | |
| | 711 | | | Deltic Timber Corporation, (3) | | | | | | | | | 48,248 | |
| | | | | |
| | 2,803 | | | Glatfelter, (3) | | | | | | | | | 49,921 | |
| | | | | |
| | 2,639 | | | KapStone Paper and Packaging Corp., (2) | | | | | | | | | 57,979 | |
| | | | | |
| | 8,981 | | | Louisiana-Pacific Corporation, (2), (3) | | | | | | | | | 141,810 | |
| | | | | |
| | 1,034 | | | Neenah Paper, Inc. | | | | | | | | | 26,781 | |
| | | | | |
| | 5,290 | | | Resolute Forest Products, (2), (3) | | | | | | | | | 64,538 | |
| | | | | |
| | 2,070 | | | Schweitzer-Mauduit International Inc. | | | | | | | | | 72,512 | |
| | | | | |
| | 3,159 | | | Wausau Paper Corp. | | | | | | | | | 26,125 | |
| | | | Total Paper & Forest Products | | | | | | | | | 615,705 | |
| | | | Personal Products – 0.3% | | | | | | | | | | |
| | | | | |
| | 1,645 | | | Elizabeth Arden, Inc., (2), (3) | | | | | | | | | 77,611 | |
| | | | | |
| | 1,250 | | | Female Health Company | | | | | | | | | 8,750 | |
| | | | | |
| | 1,034 | | | Inter Parfums, Inc. | | | | | | | | | 18,881 | |
| | | | | |
| | 905 | | | Medifast, Inc., (2) | | | | | | | | | 23,096 | |
| | | | | |
| | 718 | | | Nature’s Sunshine Products, (3) | | | | | | | | | 12,342 | |
| | | | | |
| | 591 | | | Nutraceutical International Corporation, (2) | | | | | | | | | 9,373 | |
| | | | | |
| | 3,231 | | | Prestige Brands Holdings Inc., (2) | | | | | | | | | 56,187 | |
| | | | | |
| | 738 | | | Revlon Inc., (2) | | | | | | | | | 11,365 | |
| | | | | |
| | 872 | | | Schiff Nutrition International Inc. | | | | | | | | | 29,508 | |
| | | | | |
| | 1,112 | | | Synutra International Inc., (2) | | | | | | | | | 4,659 | |
| | | | | |
| | 387 | | | USANA Health Sciences, Inc., (2), (3) | | | | | | | | | 16,695 | |
| | | | Total Personal Products | | | | | | | | | 268,467 | |
| | | | Pharmaceuticals – 1.6% | | | | | | | | | | |
| | | | | |
| | 791 | | | Acura Pharmaceutical Inc., (2) | | | | | | | | | 1,194 | |
| | | | | |
| | 3,714 | | | Akorn, Inc., (2) | | | | | | | | | 44,605 | |
| | | | | |
| | 1,678 | | | Ampio Pharmaceuticals Inc., (2), (3) | | | | | | | | | 6,712 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Pharmaceuticals (continued) | | | | | | | | | | |
| | | | | |
| | 3,160 | | | Auxilium Pharmaceuticals, Inc., (2) | | | | | | | | $ | 64,717 | |
| | | | | |
| | 8,861 | | | Avanir Pharmaceuticals, (2), (3) | | | | | | | | | 25,342 | |
| | | | | |
| | 1,390 | | | BioDelivery Sciences, Inc., (2) | | | | | | | | | 7,103 | |
| | | | | |
| | 3,928 | | | Cadence Pharmaceuticals, Inc., (2), (3) | | | | | | | | | 13,905 | |
| | | | | |
| | 271 | | | Cempra Inc., (2) | | | | | | | | | 1,818 | |
| | | | | |
| | 3,166 | | | Corcept Therapeutics, Inc., (2) | | | | | | | | | 7,915 | |
| | | | | |
| | 561 | | | Cornerstone Therapeutics Inc., (2) | | | | | | | | | 2,743 | |
| | | | | |
| | 776 | | | Cumberland Pharmaceuticals Inc., (2) | | | | | | | | | 4,555 | |
| | | | | |
| | 3,639 | | | DepoMed, Inc., (2) | | | | | | | | | 20,560 | |
| | | | | |
| | 1,934 | | | Endocyte Inc., (2) | | | | | | | | | 18,508 | |
| | | | | |
| | 699 | | | Hi-Tech Pharmacal Company, Inc., (2), (3) | | | | | | | | | 21,914 | |
| | | | | |
| | 2,314 | | | Horizon Pharma Inc., (2) | | | | | | | | | 5,970 | |
| | | | | |
| | 4,376 | | | Impax Laboratories Inc., (2), (3) | | | | | | | | | 92,990 | |
| | | | | |
| | 4,270 | | | Indevus Pharmaceuticals Inc., (4) | | | | | | | | | — | |
| | | | | |
| | 2,713 | | | Jazz Pharmaceuticals, Inc., (2), (3) | | | | | | | | | 145,769 | |
| | | | | |
| | 1,043 | | | Lannett Company Inc., (2) | | | | | | | | | 4,600 | |
| | | | | |
| | 1,838 | | | MAP Pharmaceuticals, Inc., (2), (3) | | | | | | | | | 28,342 | |
| | | | | |
| | 3,601 | | | Medicines Company, (2) | | | | | | | | | 78,934 | |
| | | | | |
| | 3,753 | | | Medicis Pharmaceutical Corporation, (3) | | | | | | | | | 162,918 | |
| | | | | |
| | 7,329 | | | Nektar Therapautics, (2), (3) | | | | | | | | | 65,961 | |
| | | | | |
| | 1,191 | | | Obagi Medical Products, Inc., (2) | | | | | | | | | 14,685 | |
| | | | | |
| | 1,687 | | | Omeros Corporation, (2), (3) | | | | | | | | | 15,858 | |
| | | | | |
| | 3,073 | | | Optimer Pharmaceuticals, Inc., (2) | | | | | | | | | 29,316 | |
| | | | | |
| | 1,204 | | | Pacira Pharmaceuticals, Inc., (2), (3) | | | | | | | | | 19,120 | |
| | | | | |
| | 2,370 | | | Pain Therapeutics, Inc., (2), (3) | | | | | | | | | 11,068 | |
| | | | | |
| | 594 | | | Pernix Therapeutics Holdings, Incorporated, (2) | | | | | | | | | 4,681 | |
| | | | | |
| | 1,737 | | | Pozen Inc., (2) | | | | | | | | | 10,405 | |
| | | | | |
| | 3,510 | | | Questcor Pharmaceuticals Inc., (3) | | | | | | | | | 89,435 | |
| | | | | |
| | 1,109 | | | Repros Therapeutics, Inc., (2), (3) | | | | | | | | | 15,992 | |
| | | | | |
| | 612 | | | Sagent Pharmaceuticals Inc., (2) | | | | | | | | | 9,229 | |
| | | | | |
| | 3,575 | | | Santarus, Inc., (2) | | | | | | | | | 32,640 | |
| | | | | |
| | 3,709 | | | SciClone Pharmaceuticals, Inc., (2), (3) | | | | | | | | | 20,437 | |
| | | | | |
| | 815 | | | Sucampo Pharmaceuticals, Inc., (2) | | | | | | | | | 4,067 | |
| | | | | |
| | 220 | | | Supernus Pharmaceuticals Incorporated, (2) | | | | | | | | | 2,523 | |
| | | | | |
| | 824 | | | Transcept Pharmaceuticals Inc., (2) | | | | | | | | | 4,194 | |
| | | | | |
| | 816 | | | Ventrus Biosciences Inc., (2) | | | | | | | | | 2,562 | |
| | | | | |
| | 4,545 | | | ViroPharma, Inc., (2), (3) | | | | | | | | | 114,761 | |
| | | | | |
| | 6,511 | | | Vivus, Inc., (2), (3) | | | | | | | | | 97,014 | |
| | | | | |
| | 2,807 | | | Xenoport, Inc., (2) | | | | | | | | | 23,102 | |
| | | | | |
| | 3,562 | | | Zogenix Inc., (2), (3) | | | | | | | | | 8,691 | |
| | | | Total Pharmaceuticals | | | | | | | | | 1,356,855 | |
| | | | Professional Services – 1.1% | | | | | | | | | | |
| | | | | |
| | 3,245 | | | Acacia Research, (2) | | | | | | | | | 84,273 | |
| | | | | |
| | 488 | | | Barrett Business Services, Inc. | | | | | | | | | 14,557 | |
| | | | | |
| | 2,532 | | | CBIZ Inc., (2), (3) | | | | | | | | | 13,977 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Professional Services (continued) | | | | | | | | | | |
| | | | | |
| | 895 | | | CDI Corporation | | | | | | | | $ | 15,385 | |
| | | | | |
| | 2,218 | | | Corporate Executive Board Company | | | | | | | | | 99,721 | |
| | | | | |
| | 696 | | | CRA International, Inc., (2) | | | | | | | | | 11,651 | |
| | | | | |
| | 1,952 | | | Dolan Media Company, (2) | | | | | | | | | 9,038 | |
| | | | | |
| | 795 | | | Exponent, Inc., (2) | | | | | | | | | 43,709 | |
| | | | | |
| | 904 | | | Franklin Covey Company, (2) | | | | | | | | | 10,866 | |
| | | | | |
| | 2,702 | | | FTI Consulting Inc., (2) | | | | | | | | | 70,144 | |
| | | | | |
| | 953 | | | GP Strategies Corporation, (2) | | | | | | | | | 18,345 | |
| | | | | |
| | 1,175 | | | Heidrick & Struggles International, Inc. | | | | | | | | | 13,912 | |
| | | | | |
| | 1,611 | | | Hill International, Inc., (2) | | | | | | | | | 5,461 | |
| | | | | |
| | 2,172 | | | Hudson Global Inc., (2) | | | | | | | | | 8,775 | |
| | | | | |
| | 1,498 | | | Huron Consulting Group, Inc., (2), (3) | | | | | | | | | 43,217 | |
| | | | | |
| | 1,264 | | | ICF International, Inc., (2) | | | | | | | | | 23,194 | |
| | | | | |
| | 1,471 | | | Insperity Inc. | | | | | | | | | 38,408 | |
| | | | | |
| | 1,712 | | | Kelly Services, Inc., (3) | | | | | | | | | 22,752 | |
| | | | | |
| | 1,907 | | | Kforce Inc., (2) | | | | | | | | | 21,263 | |
| | | | | |
| | 3,123 | | | Korn Ferry International, (2) | | | | | | | | | 41,817 | |
| | | | | |
| | 1,021 | | | Mistras Group Inc., (2) | | | | | | | | | 22,554 | |
| | | | | |
| | 3,313 | | | Navigant Consulting Inc., (2) | | | | | | | | | 34,422 | |
| | | | | |
| | 4,782 | | | Odyssey Marine Exploration Inc., (2), (3) | | | | | | | | | 13,820 | |
| | | | | |
| | 2,804 | | | On Assignment, Inc., (2) | | | | | | | | | 53,500 | |
| | | | | |
| | 10,113 | | | Pendrell Corporation, (2) | | | | | | | | | 12,034 | |
| | | | | |
| | 2,782 | | | Resources Connection, Inc. | | | | | | | | | 34,330 | |
| | | | | |
| | 1,381 | | | RPX Corporation, (2) | | | | | | | | | 14,542 | |
| | | | | |
| | 2,242 | | | The Advisory Board Company, (2), (3) | | | | | | | | | 106,495 | |
| | | | | |
| | 2,638 | | | TrueBlue Inc., (2), (3) | | | | | | | | | 34,426 | |
| | | | | |
| | 265 | | | VSE Corporation | | | | | | | | | 6,267 | |
| | | | | |
| | 425 | | | WageWorks, Incorporated, (2) | | | | | | | | | 8,241 | |
| | | | Total Professional Services | | | | | | | | | 951,096 | |
| | | | Real Estate Investment Trust – 7.3% | | | | | | | | | | |
| | | | | |
| | 3,011 | | | Acadia Realty Trust, (3) | | | | | | | | | 77,322 | |
| | | | | |
| | 10,349 | | | Adams Resources & Energy, Incorporated | | | | | | | | | 116,633 | |
| | | | | |
| | 1,483 | | | AG Mortgage Investment Trust Inc. | | | | | | | | | 35,518 | |
| | | | | |
| | 729 | | | Agree Realty Corporation | | | | | | | | | 18,400 | |
| | | | | |
| | 137 | | | Alexander’s Inc., (3) | | | | | | | | | 60,823 | |
| | | | | |
| | 2,159 | | | American Assets Trust Inc | | | | | | | | | 58,660 | |
| | | | | |
| | 2,368 | | | American Capital Mortgage Investment Corporation, (3) | | | | | | | | | 59,034 | |
| | | | | |
| | 267 | | | AmREIT Inc., Class B Shares | | | | | | | | | 4,349 | |
| | | | | |
| | 8,959 | | | Anworth Mortgage Asset Corporation | | | | | | | | | 55,008 | |
| | | | | |
| | 1,530 | | | Apollo Commercial Real Estate Finance, Inc. | | | | | | | | | 25,872 | |
| | | | | |
| | 1,396 | | | Apollo Residential Mortgage Inc. | | | | | | | | | 30,949 | |
| | | | | |
| | 502 | | | Ares Commercial Real Estate Corporation, (3) | | | | | | | | | 8,474 | |
| | | | | |
| | 19,438 | | | Armour Residential REIT Inc. | | | | | | | | | 139,954 | |
| | | | | |
| | 3,485 | | | Ashford Hospitality Trust Inc. | | | | | | | | | 29,936 | |
| | | | | |
| | 3,234 | | | Associated Estates Realty Corp. | | | | | | | | | 48,478 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Real Estate Investment Trust (continued) | | | | | | | | | | |
| | | | | |
| | 2,286 | | | Campus Crest Communities Inc. | | | | | | | | $ | 25,352 | |
| | | | | |
| | 4,373 | | | CapLease Inc. | | | | | | | | | 22,433 | |
| | | | | |
| | 6,445 | | | Capstead Mortgage Corporation | | | | | | | | | 79,402 | |
| | | | | |
| | 3,915 | | | Cedar Shopping Centers Inc. | | | | | | | | | 20,710 | |
| | | | | |
| | 889 | | | Chatham Lodging Trust | | | | | | | | | 11,513 | |
| | | | | |
| | 2,588 | | | Chesapeake Lodging Trust | | | | | | | | | 48,784 | |
| | | | | |
| | 5,742 | | | Colonial Properties Trust, (3) | | | | | | | | | 124,199 | |
| | | | | |
| | 2,557 | | | Colony Financial Inc., (3) | | | | | | | | | 51,166 | |
| | | | | |
| | 1,342 | | | Coresite Realty Corporation | | | | | | | | | 30,504 | |
| | | | | |
| | 5,860 | | | Cousins Properties, Inc. | | | | | | | | | 49,283 | |
| | | | | |
| | 4,374 | | | Crexus Investment Corporation | | | | | | | | | 49,208 | |
| | | | | |
| | 8,045 | | | CubeSmart, (3) | | | | | | | | | 105,550 | |
| | | | | |
| | 10,844 | | | CYS Investments Inc. | | | | | | | | | 145,526 | |
| | | | | |
| | 16,131 | | | DCT Industrial Trust Inc., (3) | | | | | | | | | 104,045 | |
| | | | | |
| | 12,280 | | | DiamondRock Hospitality Company, (3) | | | | | | | | | 104,134 | |
| | | | | |
| | 4,005 | | | Dupont Fabros Technology Inc., (3) | | | | | | | | | 85,947 | |
| | | | | |
| | 3,549 | | | Dynex Capital, Inc. | | | | | | | | | 35,206 | |
| | | | | |
| | 1,860 | | | EastGroup Properties Inc., (3) | | | | | | | | | 96,832 | |
| | | | | |
| | 7,385 | | | Education Realty Trust Inc., (3) | | | | | | | | | 77,764 | |
| | | | | |
| | 3,057 | | | Entertainment Properties Trust | | | | | | | | | 135,884 | |
| | | | | |
| | 3,582 | | | Equity One Inc., (3) | | | | | | | | | 74,864 | |
| | | | | |
| | 2,198 | | | Excel Trust Inc. | | | | | | | | | 27,035 | |
| | | | | |
| | 8,112 | | | FelCor Lodging Trust Inc., (2) | | | | | | | | | 35,693 | |
| | | | | |
| | 6,424 | | | First Industrial Realty Trust, Inc., (2), (3) | | | | | | | | | 85,760 | |
| | | | | |
| | 3,329 | | | First Potomac Realty Trust | | | | | | | | | 39,648 | |
| | | | | |
| | 4,734 | | | Franklin Street Properties Corporation | | | | | | | | | 54,015 | |
| | | | | |
| | 1,659 | | | Getty Realty Corporation, (3) | | | | | | | | | 30,376 | |
| | | | | |
| | 1,119 | | | Gladstone Commercial Corporation, (3) | | | | | | | | | 20,623 | |
| | | | | |
| | 9,107 | | | Glimcher Realty Trust | | | | | | | | | 97,172 | |
| | | | | |
| | 2,803 | | | Government Properties Income Trust, (3) | | | | | | | | | 62,199 | |
| | | | | |
| | 2,998 | | | Gramercy Capital Corporation, (2) | | | | | | | | | 8,724 | |
| | | | | |
| | 78 | | | Gyrodyne Company of America, Inc., (2) | | | | | | | | | 8,329 | |
| | | | | |
| | 5,697 | | | Healthcare Realty Trust, Inc. | | | | | | | | | 133,823 | |
| | | | | |
| | 11,231 | | | Hersha Hospitality Trust, (3) | | | | | | | | | 51,326 | |
| | | | | |
| | 4,827 | | | Highwoods Properties, Inc. | | | | | | | | | 155,671 | |
| | | | | |
| | 2,341 | | | Hudson Pacific Properties Inc., (3) | | | | | | | | | 44,409 | |
| | | | | |
| | 4,955 | | | Inland Real Estate Corporation | | | | | | | | | 40,482 | |
| | | | | |
| | 7,537 | | | Invesco Mortgage Capital Inc. | | | | | | | | | 161,518 | |
| | | | | |
| | 5,594 | | | Investors Real Estate Trust | | | | | | | | | 47,101 | |
| | | | | |
| | 5,510 | | | iStar Financial Inc., (2) | | | | | | | | | 48,102 | |
| | | | | |
| | 4,282 | | | Kite Realty Group Trust | | | | | | | | | 23,423 | |
| | | | | |
| | 5,592 | | | LaSalle Hotel Properties, (3) | | | | | | | | | 133,872 | |
| | | | | |
| | 8,631 | | | Lexington Corporate Properties Trust, (3) | | | | | | | | | 81,908 | |
| | | | | |
| | 1,986 | | | LTC Properties Inc., (3) | | | | | | | | | 65,558 | |
| | | | | |
| | 8,854 | | | Medical Properties Trust Inc., (3) | | | | | | | | | 101,644 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Real Estate Investment Trust (continued) | | | | | | | | | | |
| | | | | |
| | 1,189 | | | Mission West Properties Inc. | | | | | | | | $ | 9,845 | |
| | | | | |
| | 2,627 | | | Monmouth Real Estate Investment Corporation | | | | | | | | | 29,160 | |
| | | | | |
| | 1,566 | | | National Health Investors Inc. | | | | | | | | | 83,640 | |
| | | | | |
| | 3,239 | | | New York Mortgage Trust, Inc. | | | | | | | | | 22,187 | |
| | | | | |
| | 8,710 | | | Northstar Realty Finance Corporation, (3) | | | | | | | | | 57,225 | |
| | | | | |
| | 6,909 | | | Omega Healthcare Investors Inc., (3) | | | | | | | | | 158,492 | |
| | | | | |
| | 759 | | | One Liberty Properties Inc. | | | | | | | | | 14,338 | |
| | | | | |
| | 1,411 | | | Parkway Properties Inc. | | | | | | | | | 19,429 | |
| | | | | |
| | 3,751 | | | Pebblebrook Hotel Trust | | | | | | | | | 79,596 | |
| | | | | |
| | 3,654 | | | Penn Real Estate Investment Trust | | | | | | | | | 60,401 | |
| | | | | |
| | 3,849 | | | PennyMac Mortgage Investment Trust | | | | | | | | | 97,919 | |
| | | | | |
| | 2,614 | | | Potlatch Corporation, (3) | | | | | | | | | 100,587 | |
| | | | | |
| | 1,195 | | | PS Business Parks Inc., (3) | | | | | | | | | 76,635 | |
| | | | | |
| | 3,258 | | | RAIT Investment Trust, (3) | | | | | | | | | 18,180 | |
| | | | | |
| | 3,000 | | | Ramco-Gershenson Properties Trust, (3) | | | | | | | | | 38,880 | |
| | | | | |
| | 5,162 | | | Redwood Trust Inc., (3) | | | | | | | | | 80,476 | |
| | | | | |
| | 6,503 | | | Resource Capital Corporation | | | | | | | | | 38,108 | |
| | | | | |
| | 3,095 | | | Retail Opportunity Investments Corporation, (3) | | | | | | | | | 39,183 | |
| | | | | |
| | 6,968 | | | RLJ Lodging Trust | | | | | | | | | 124,170 | |
| | | | | |
| | 1,446 | | | Rouse Properties Inc., (3) | | | | | | | | | 21,777 | |
| | | | | |
| | 2,419 | | | Sabra Health Care Real Estate Investment Trust Inc. | | | | | | | | | 53,750 | |
| | | | | |
| | 494 | | | Saul Centers Inc., (3) | | | | | | | | | 21,375 | |
| | | | | |
| | 601 | | | Select Income REIT | | | | | | | | | 14,851 | |
| | | | | |
| | 1,893 | | | Sovran Self Storage Inc. | | | | | | | | | 109,415 | |
| | | | | |
| | 2,034 | | | STAG Industrial Inc. | | | | | | | | | 35,229 | |
| | | | | |
| | 8,839 | | | Starwood Property Trust Inc. | | | | | | | | | 202,590 | |
| | | | | |
| | 12,084 | | | Strategic Hotels & Resorts Inc., (2) | | | | | | | | | 66,341 | |
| | | | | |
| | 2,783 | | | Summit Hotel Properties Inc. | | | | | | | | | 22,988 | |
| | | | | |
| | 1,941 | | | Sun Communities Inc., (3) | | | | | | | | | 81,483 | |
| | | | | |
| | 8,938 | | | Sunstone Hotel Investors Inc., (2), (3) | | | | | | | | | 88,307 | |
| | | | | |
| | 856 | | | Terreno Realty Corporation | | | | | | | | | 13,063 | |
| | | | | |
| | 18,251 | | | Two Harbors Investment Corporation | | | | | | | | | 217,713 | |
| | | | | |
| | 860 | | | UMH Properties Inc. | | | | | | | | | 9,039 | |
| | | | | |
| | 762 | | | Universal Health Realty Income Trust, (3) | | | | | | | | | 37,673 | |
| | | | | |
| | 1,481 | | | Urstadt Biddle Properties Inc. | | | | | | | | | 28,050 | |
| | | | | |
| | 4,236 | | | Washington Real Estate Investment Trust, (3) | | | | | | | | | 108,908 | |
| | | | | |
| | 1,220 | | | Western Asset Mortgage Capital Corporation | | | | | | | | | 26,169 | |
| | | | | |
| | 905 | | | Whitestone Real Estate Investment Trust | | | | | | | | | 12,190 | |
| | | | | |
| | 1,905 | | | Winthrop Realty Trust, Inc. | | | | | | | | | 20,841 | |
| | | | Total Real Estate Investment Trust | | | | | | | | | 6,146,330 | |
| | | | Real Estate Management & Development – 0.2% | | | | | | | | | | |
| | | | | |
| | 645 | | | AV Homes Inc., (2) | | | | | | | | | 9,482 | |
| | | | | |
| | 270 | | | Consolidated-Tomoka Land Company | | | | | | | | | 8,861 | |
| | | | | |
| | 2,276 | | | Forestar Real Estate Group Inc., (2) | | | | | | | | | 36,439 | |
| | | | | |
| | 2,819 | | | Kennedy-Wilson Holdings Inc. | | | | | | | | | 40,030 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Real Estate Management & Development (continued) | | | | | | | | | | |
| | | | | |
| | 835 | | | Tejon Ranch Company, (2) | | | | | | | | $ | 25,000 | |
| | | | | |
| | 2,103 | | | Thomas Properties Group, Inc. | | | | | | | | | 11,230 | |
| | | | | |
| | 244 | | | Zillow Inc, (2), (3) | | | | | | | | | 9,116 | |
| | | | Total Real Estate Management & Development | | | | | | | | | 140,158 | |
| | | | Road & Rail – 1.2% | | | | | | | | | | |
| | | | | |
| | 565 | | | AMERCO, (2) | | | | | | | | | 65,280 | |
| | | | | |
| | 1,663 | | | Arkansas Best Corporation | | | | | | | | | 13,387 | |
| | | | | |
| | 6,932 | | | Avis Budget Group Inc., (2) | | | | | | | | | 114,586 | |
| | | | | |
| | 1,288 | | | Celadon Group, Inc. | | | | | | | | | 22,025 | |
| | | | | |
| | 1,858 | | | Dollas Thrifty Automotive Group Inc., (2) | | | | | | | | | 143,066 | |
| | | | | |
| | 2,897 | | | Genesee & Wyoming Inc., (2), (3) | | | | | | | | | 209,946 | |
| | | | | |
| | 3,240 | | | Heartland Express, Inc., (3) | | | | | | | | | 45,198 | |
| | | | | |
| | 3,919 | | | Knight Transportation Inc. | | | | | | | | | 59,255 | |
| | | | | |
| | 998 | | | Marten Transport, Ltd. | | | | | | | | | 18,463 | |
| | | | | |
| | 4,572 | | | Old Dominion Frght Line, (2) | | | | | | | | | 153,345 | |
| | | | | |
| | 397 | | | Patriot Transportation Holding, Inc., (2) | | | | | | | | | 11,116 | |
| | | | | |
| | 1,396 | | | Quality Distribution, Inc., (2) | | | | | | | | | 12,006 | |
| | | | | |
| | 838 | | | Roadrunner Transportation System Inc., (2) | | | | | | | | | 14,606 | |
| | | | | |
| | 1,046 | | | Saia, Inc., (2) | | | | | | | | | 23,640 | |
| | | | | |
| | 5,157 | | | Swift Transportation Company, (2) | | | | | | | | | 50,281 | |
| | | | | |
| | 353 | | | Universal Truckload Services, Inc., (2) | | | | | | | | | 5,592 | |
| | | | | |
| | 2,815 | | | Werner Enterprises, Inc. | | | | | | | | | 65,195 | |
| | | | | |
| | 1,755 | | | Zipcar Inc, (2), (3) | | | | | | | | | 11,004 | |
| | | | Total Road & Rail | | | | | | | | | 1,037,991 | |
| | | | Semiconductors & Equipment – 3.1% | | | | | | | | | | |
| | | | | |
| | 2,798 | | | Advanced Energy Industriess Inc., (2) | | | | | | | | | 33,044 | |
| | | | | |
| | 1,122 | | | Alpha & Omega Semiconductor Limited, (2) | | | | | | | | | 9,559 | |
| | | | | |
| | 6,032 | | | Amkor Technology Inc., (2), (3) | | | | | | | | | 26,058 | |
| | | | | |
| | 4,600 | | | Anadigics Inc., (2) | | | | | | | | | 6,716 | |
| | | | | |
| | 4,070 | | | Applied Micro Circuits Corporation, (2) | | | | | | | | | 23,606 | |
| | | | | |
| | 2,033 | | | ATMI Inc., (2) | | | | | | | | | 40,152 | |
| | | | | |
| | 7,029 | | | Axcelis Technologies Inc., (2) | | | | | | | | | 6,442 | |
| | | | | |
| | 2,110 | | | AXT Inc., (2) | | | | | | | | | 6,773 | |
| | | | | |
| | 4,249 | | | Brooks Automation Inc. | | | | | | | | | 30,678 | |
| | | | | |
| | 1,539 | | | Cabot Microelectronics Corporation, (2) | | | | | | | | | 45,862 | |
| | | | | |
| | 3,247 | | | Cavium Networks Inc., (2), (3) | | | | | | | | | 107,735 | |
| | | | | |
| | 1,516 | | | CEVA, Inc., (2) | | | | | | | | | 22,967 | |
| | | | | |
| | 4,213 | | | Cirrus Logic, Inc., (2) | | | | | | | | | 171,722 | |
| | | | | |
| | 1,545 | | | Cohu Inc. | | | | | | | | | 13,596 | |
| | | | | |
| | 425 | | | CSR PLC | | | | | | | | | 9,673 | |
| | | | | |
| | 1,960 | | | Cymer, Inc., (2), (3) | | | | | | | | | 156,192 | |
| | | | | |
| | 2,319 | | | Diodes Inc., (2) | | | | | | | | | 35,156 | |
| | | | | |
| | 1,504 | | | DSP Group Inc., (2) | | | | | | | | | 8,272 | |
| | | | | |
| | 8,965 | | | Entegris Inc., (2) | | | | | | | | | 73,603 | |
| | | | | |
| | 5,747 | | | Entropic Communications Inc., (2), (3) | | | | | | | | | 27,643 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Semiconductors & Equipment (continued) | | | | | | | | | | |
| | | | | |
| | 2,107 | | | Exar Corporation, (2) | | | | | | | | $ | 18,015 | |
| | | | | |
| | 3,933 | | | First Solar Inc., (2), (3) | | | | | | | | | 95,611 | |
| | | | | |
| | 3,255 | | | FormFactor Inc., (2) | | | | | | | | | 14,843 | |
| | | | | |
| | 1,296 | | | GSI Technology Inc., (2) | | | | | | | | | 7,245 | |
| | | | | |
| | 8,089 | | | GT Advanced Technologies, Inc., (2), (3) | | | | | | | | | 35,106 | |
| | | | | |
| | 2,014 | | | Hittite Microwave Corporation, (2), (3) | | | | | | | | | 114,073 | |
| | | | | |
| | 1,527 | | | Inphi Corporation, (2) | | | | | | | | | 12,781 | |
| | | | | |
| | 9,521 | | | Integrated Device Technology, Inc., (2), (3) | | | | | | | | | 51,794 | |
| | | | | |
| | 1,783 | | | Integrated Silicon Solution, (2) | | | | | | | | | 15,245 | |
| | | | | |
| | 904 | | | Intermolecular Inc, (2) | | | | | | | | | 6,337 | |
| | | | | |
| | 4,518 | | | International Rectifier Corporation, (2), (3) | | | | | | | | | 69,984 | |
| | | | | |
| | 8,323 | | | Intersil Holding Corporation, Class A | | | | | | | | | 58,677 | |
| | | | | |
| | 1,552 | | | IXYS Corporation | | | | | | | | | 14,775 | |
| | | | | |
| | 4,359 | | | Kopin Corporation, (2) | | | | | | | | | 16,390 | |
| | | | | |
| | 7,568 | | | Lattice Semiconductor Corporation, (2) | | | | | | | | | 29,364 | |
| | | | | |
| | 3,178 | | | LTX-Credence Corporation, (2) | | | | | | | | | 17,701 | |
| | | | | |
| | 396 | | | M/A-COM Technology Solutions Holdings Incorporated, (2) | | | | | | | | | 4,946 | |
| | | | | |
| | 3,818 | | | Mattson Technology, Inc., (2), (3) | | | | | | | | | 3,427 | |
| | | | | |
| | 1,447 | | | Maxlinear Inc., (2) | | | | | | | | | 8,219 | |
| | | | | |
| | 15,074 | | | MEMC Electronic Materials, (2) | | | | | | | | | 37,986 | |
| | | | | |
| | 3,239 | | | Micrel, Incorporated | | | | | | | | | 31,386 | |
| | | | | |
| | 5,802 | | | Microsemi Corporation, (2) | | | | | | | | | 111,398 | |
| | | | | |
| | 2,360 | | | Mindspeed Technologies, Inc., (2) | | | | | | | | | 8,048 | |
| | | | | |
| | 3,375 | | | MIPS Technologies, Inc., (2) | | | | | | | | | 23,591 | |
| | | | | |
| | 3,432 | | | MKS Instruments Inc., (3) | | | | | | | | | 81,098 | |
| | | | | |
| | 1,925 | | | Monolithic Power Systems, Inc., (2) | | | | | | | | | 37,403 | |
| | | | | |
| | 2,097 | | | MoSys, Inc., (2) | | | | | | | | | 8,472 | |
| | | | | |
| | 1,533 | | | Nanometrics Inc., (2) | | | | | | | | | 21,094 | |
| | | | | |
| | 1,277 | | | NeoPhotonics Corporation, (2) | | | | | | | | | 6,704 | |
| | | | | |
| | 306 | | | NVE Corporation, (2), (3) | | | | | | | | | 15,851 | |
| | | | | |
| | 3,423 | | | Omnivision Technologies, Inc., (2), (3) | | | | | | | | | 48,949 | |
| | | | | |
| | 1,576 | | | PDF Solutions, Inc., (2) | | | | | | | | | 20,866 | |
| | | | | |
| | 413 | | | Peregrine Semiconductor Corporation, (2) | | | | | | | | | 7,314 | |
| | | | | |
| | 1,608 | | | Pericom Semiconductor Corporation, (2) | | | | | | | | | 12,430 | |
| | | | | |
| | 3,943 | | | Photronics Inc., (2), (3) | | | | | | | | | 19,281 | |
| | | | | |
| | 2,861 | | | PLX Technologies Inc., (2) | | | | | | | | | 12,388 | |
| | | | | |
| | 1,778 | | | Power Integrations Inc. | | | | | | | | | 52,593 | |
| | | | | |
| | 2,876 | | | Quicklogic Corporation, (2), (3) | | | | | | | | | 7,535 | |
| | | | | |
| | 7,210 | | | Rambus Inc., (2), (3) | | | | | | | | | 34,896 | |
| | | | | |
| | 18,164 | | | RF Micro Devices, Inc., (2) | | | | | | | | | 80,103 | |
| | | | | |
| | 1,127 | | | Rubicon Technology Inc., (2) | | | | | | | | | 9,794 | |
| | | | | |
| | 2,099 | | | Rudolph Technologies, (2) | | | | | | | | | 19,961 | |
| | | | | |
| | 4,192 | | | Semtech Corporation, (2), (3) | | | | | | | | | 104,674 | |
| | | | | |
| | 2,043 | | | Sigma Designs, Inc., (2) | | | | | | | | | 12,135 | |
| | | | | |
| | 5,437 | | | Silicon Image, Inc., (2) | | | | | | | | | 23,923 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Semiconductors & Equipment (continued) | | | | | | | | | | |
| | | | | |
| | 3,233 | | | Spansion Inc., Class A, (2) | | | | | | | | $ | 35,854 | |
| | | | | |
| | 1,942 | | | STR Holdings Inc., (2) | | | | | | | | | 4,175 | |
| | | | | |
| | 2,597 | | | SunPower Corporation, (2), (3) | | | | | | | | | 11,193 | |
| | | | | |
| | 616 | | | Supertex Inc., (2) | | | | | | | | | 11,772 | |
| | | | | |
| | 3,390 | | | Tessera Technologies Inc. | | | | | | | | | 48,036 | |
| | | | | |
| | 11,006 | | | TriQuint Semiconductor, Inc., (2) | | | | | | | | | 51,728 | |
| | | | | |
| | 1,521 | | | Ultra Clean Holdings, Inc., (2) | | | | | | | | | 7,042 | |
| | | | | |
| | 1,711 | | | Ultratech Stepper Inc., (2) | | | | | | | | | 52,887 | |
| | | | | |
| | 2,538 | | | Veeco Instruments Inc., (2), (3) | | | | | | | | | 77,917 | |
| | | | | |
| | 1,578 | | | Volterra Semiconductor Corporation, (2) | | | | | | | | | 28,672 | |
| | | | Total Semiconductors & Equipment | | | | | | | | | 2,629,131 | |
| | | | Software – 3.6% | | | | | | | | | | |
| | | | | |
| | 3,558 | | | Accelrys, Inc., (2) | | | | | | | | | 31,844 | |
| | | | | |
| | 2,597 | | | ACI Worldwide, Inc., (2), (3) | | | | | | | | | 101,543 | |
| | | | | |
| | 3,218 | | | Actuate Corporation, (2) | | | | | | | | | 17,152 | |
| | | | | |
| | 2,108 | | | Advent Software Inc., (2) | | | | | | | | | 45,744 | |
| | | | | |
| | 1,531 | | | American Software, Inc. | | | | | | | | | 12,539 | |
| | | | | |
| | 6,111 | | | Aspen Technology Inc. | | | | | | | | | 151,431 | |
| | | | | |
| | 522 | | | AVG Technologies NV | | | | | | | | | 5,476 | |
| | | | | |
| | 2,948 | | | Blackbaud, Inc. | | | | | | | | | 70,074 | |
| | | | | |
| | 2,308 | | | Bottomline Technologies, Inc., (2) | | | | | | | | | 54,007 | |
| | | | | |
| | 1,795 | | | Broadsoft Inc., (2), (3) | | | | | | | | | 68,605 | |
| | | | | |
| | 2,264 | | | Callidus Software, Inc., (2), (3) | | | | | | | | | 10,505 | |
| | | | | |
| | 2,917 | | | CommVault Systems, Inc., (2), (3) | | | | | | | | | 182,225 | |
| | | | | |
| | 14,306 | | | Comverse Technology, Inc., (2) | | | | | | | | | 94,277 | |
| | | | | |
| | 464 | | | Digimarc Corporation | | | | | | | | | 9,113 | |
| | | | | |
| | 1,852 | | | Ebix, Inc., (3) | | | | | | | | | 40,355 | |
| | | | | |
| | 1,643 | | | Ellie Mae Incorporated, (2) | | | | | | | | | 41,075 | |
| | | | | |
| | 604 | | | Eloqua Inc., (2) | | | | | | | | | 14,091 | |
| | | | | |
| | 506 | | | Envivio, Incorporated, (2) | | | | | | | | | 1,088 | |
| | | | | |
| | 2,017 | | | EPIQ Systems, Inc. | | | | | | | | | 24,628 | |
| | | | | |
| | 259 | | | ePlus, Inc., (2) | | | | | | | | | 9,264 | |
| | | | | |
| | 408 | | | Exa Corporation, (2) | | | | | | | | | 5,043 | |
| | | | | |
| | 2,294 | | | Fair Isaac Corporation | | | | | | | | | 106,900 | |
| | | | | |
| | 2,067 | | | Falconstore Software, Inc., (2) | | | | | | | | | 4,589 | |
| | | | | |
| | 3,531 | | | Glu Mobile, Inc., (2), (3) | | | | | | | | | 11,193 | |
| | | | | |
| | 934 | | | Guidance Software, Inc., (2) | | | | | | | | | 11,376 | |
| | | | | |
| | 1,265 | | | Guidewire Software Incorporated, (2) | | | | | | | | | 38,760 | |
| | | | | |
| | 636 | | | Imperva Incorporated, (2), (3) | | | | | | | | | 20,053 | |
| | | | | |
| | 507 | | | Infoblox, Incorporated, (2) | | | | | | | | | 8,421 | |
| | | | | |
| | 916 | | | Interactive Intelligence Group, (2) | | | | | | | | | 29,046 | |
| | | | | |
| | 2,780 | | | JDA Software Group, (2) | | | | | | | | | 106,029 | |
| | | | | |
| | 1,057 | | | Jive Software Inc., (2) | | | | | | | | | 11,838 | |
| | | | | |
| | 1,786 | | | Kenexa Corporation | | | | | | | | | 82,085 | |
| | | | | |
| | 1,312 | | | Manhattan Associates Inc., (2) | | | | | | | | | 78,720 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Software (continued) | | | | | | | | | | |
| | | | | |
| | 6,186 | | | Mentor Graphics Corporation, (2) | | | | | | | | $ | 96,007 | |
| | | | | |
| | 556 | | | Microstrategy Inc., (2) | | | | | | | | | 52,525 | |
| | | | | |
| | 2,390 | | | Monotype Imaging Holdings Inc., (2) | | | | | | | | | 36,591 | |
| | | | | |
| | 2,400 | | | NetScout Systems, Inc., (2) | | | | | | | | | 59,352 | |
| | | | | |
| | 976 | | | OPNET Technologies, Inc., (3) | | | | | | | | | 41,412 | |
| | | | | |
| | 7,809 | | | Parametric Technology Corporation, (2) | | | | | | | | | 157,586 | |
| | | | | |
| | 1,122 | | | Pegasystems, Inc. | | | | | | | | | 26,333 | |
| | | | | |
| | 864 | | | Pervasive Software, Inc., (2) | | | | | | | | | 7,413 | |
| | | | | |
| | 4,021 | | | Progress Software Corporation, (2) | | | | | | | | | 79,294 | |
| | | | | |
| | 413 | | | Proofpoint, Incorporated, (2), (3) | | | | | | | | | 5,456 | |
| | | | | |
| | 1,427 | | | PROS Holdings, Inc., (2) | | | | | | | | | 27,584 | |
| | | | | |
| | 422 | | | QAD, Inc., Class A, (2) | | | | | | | | | 5,161 | |
| | | | | |
| | 5,575 | | | QLIK Technologies Inc., (2) | | | | | | | | | 102,636 | |
| | | | | |
| | 2,341 | | | RealPage Inc., (2), (3) | | | | | | | | | 51,104 | |
| | | | | |
| | 705 | | | Rosetta Stone Inc., (2) | | | | | | | | | 8,256 | |
| | | | | |
| | 891 | | | Sapiens International Corporation N.V. | | | | | | | | | 3,074 | |
| | | | | |
| | 1,866 | | | SeaChange International, Inc., (2) | | | | | | | | | 16,887 | |
| | | | | |
| | 1,931 | | | Sourcefire Inc., (2), (3) | | | | | | | | | 82,627 | |
| | | | | |
| | 2,213 | | | SS&C Technologies Holdings Inc., (2) | | | | | | | | | 53,178 | |
| | | | | |
| | 1,805 | | | Synchronoss Technologies, Inc., (2), (3) | | | | | | | | | 36,984 | |
| | | | | |
| | 5,106 | | | Take-Two Interactive Software, Inc., (2) | | | | | | | | | 56,932 | |
| | | | | |
| | 1,948 | | | Tangoe Inc., (2) | | | | | | | | | 25,168 | |
| | | | | |
| | 1,059 | | | TeleNav Inc., (2) | | | | | | | | | 7,455 | |
| | | | | |
| | 8,144 | | | TiVo, Inc., (2) | | | | | | | | | 82,662 | |
| | | | | |
| | 1,909 | | | Tyler Technologies Inc., (2) | | | | | | | | | 91,269 | |
| | | | | |
| | 1,739 | | | Ultimate Software Group, Inc., (2), (3) | | | | | | | | | 176,265 | |
| | | | | |
| | 1,840 | | | Vasco Data Security International, Inc., (2) | | | | | | | | | 13,027 | |
| | | | | |
| | 1,424 | | | Verint Systems Inc., (2) | | | | | | | | | 38,832 | |
| | | | | |
| | 2,741 | | | VirnetX Holding Corporation, (2), (3) | | | | | | | | | 82,367 | |
| | | | | |
| | 2,422 | | | Websense Inc., (2) | | | | | | | | | 32,019 | |
| | | | Total Software | | | | | | | | | 3,054,545 | |
| | | | Specialty Retail – 3.3% | | | | | | | | | | |
| | | | | |
| | 5,307 | | | Aeropostale, Inc., (2) | | | | | | | | | 63,419 | |
| | | | | |
| | 550 | | | America’s Car-Mart, Inc., (2) | | | | | | | | | 23,023 | |
| | | | | |
| | 3,187 | | | Ann Inc., (2), (3) | | | | | | | | | 112,055 | |
| | | | | |
| | 1,876 | | | Asbury Automotive Group, Inc., (2), (3) | | | | | | | | | 59,507 | |
| | | | | |
| | 1,865 | | | Barnes & Noble Inc., (3) | | | | | | | | | 31,407 | |
| | | | | |
| | 2,448 | | | bebe stores, inc. | | | | | | | | | 9,914 | |
| | | | | |
| | 1,413 | | | Big 5 Sporting Goods Corporation | | | | | | | | | 12,618 | |
| | | | | |
| | 1,057 | | | Body Central Corporation, (2) | | | | | | | | | 10,559 | |
| | | | | |
| | 2,799 | | | Brown Shoe Inc., (3) | | | | | | | | | 44,168 | |
| | | | | |
| | 1,812 | | | Buckle Inc., (3) | | | | | | | | | 81,848 | |
| | | | | |
| | 3,047 | | | Cabela’s Incorporated, (2) | | | | | | | | | 136,536 | |
| | | | | |
| | 2,708 | | | Casual Male Retail Group Inc., (2) | | | | | | | | | 10,453 | |
| | | | | |
| | 1,769 | | | Cato Corporation | | | | | | | | | 50,204 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Specialty Retail (continued) | | | | | | | | | | |
| | | | | |
| | 1,620 | | | Children’s Place Retail Stores Inc., (2), (3) | | | | | | | | $ | 94,657 | |
| | | | | |
| | 963 | | | Citi Trends, Inc., (2) | | | | | | | | | 11,826 | |
| | | | | |
| | 1,019 | | | Conn’s, Inc., (2), (3) | | | | | | | | | 25,811 | |
| | | | | |
| | 872 | | | Destination Maternity Corporation | | | | | | | | | 16,533 | |
| | | | | |
| | 5,842 | | | Express Inc., (2) | | | | | | | | | 65,021 | |
| | | | | |
| | 3,330 | | | Finish Line, Inc. | | | | | | | | | 69,281 | |
| | | | | |
| | 722 | | | Five Below, Incorporated, (2) | | | | | | | | | 23,927 | |
| | | | | |
| | 2,272 | | | Francesca’s Holdings Corporation, (2), (3) | | | | | | | | | 67,092 | |
| | | | | |
| | 1,599 | | | Genesco Inc., (2) | | | | | | | | | 91,623 | |
| | | | | |
| | 1,460 | | | Group 1 Automotive Inc., (3) | | | | | | | | | 90,535 | |
| | | | | |
| | 1,207 | | | Haverty Furniture Companies Inc. | | | | | | | | | 18,117 | |
| | | | | |
| | 1,083 | | | hhgregg Inc., (2), (3) | | | | | | | | | 6,541 | |
| | | | | |
| | 1,760 | | | Hibbett Sporting Goods, Inc., (2), (3) | | | | | | | | | 95,022 | |
| | | | | |
| | 2,714 | | | Hot Topic, Inc. | | | | | | | | | 23,340 | |
| | | | | |
| | 1,774 | | | Jos. A. Bank Clothiers, Inc., (2), (3) | | | | | | | | | 83,005 | |
| | | | | |
| | 1,077 | | | Kirkland’s, Inc., (2) | | | | | | | | | 10,328 | |
| | | | | |
| | 1,417 | | | Lithia Motors Inc. | | | | | | | | | 48,461 | |
| | | | | |
| | 1,799 | | | Lumber Liquidators Inc., (2), (3) | | | | | | | | | 100,420 | |
| | | | | |
| | 1,492 | | | MarineMax Inc., (2) | | | | | | | | | 12,279 | |
| | | | | |
| | 719 | | | Mattress Firm Holding Corporation, (2), (3) | | | | | | | | | 23,015 | |
| | | | | |
| | 3,307 | | | Men’s Wearhouse Inc., (3) | | | | | | | | | 108,437 | |
| | | | | |
| | 2,017 | | | Monro Muffler Brake, Inc., (3) | | | | | | | | | 68,417 | |
| | | | | |
| | 1,748 | | | New York & Company Inc., (2) | | | | | | | | | 5,891 | |
| | | | | |
| | 18,535 | | | Office Depot, Inc., (2), (3) | | | | | | | | | 45,967 | |
| | | | | |
| | 5,656 | | | OfficeMax Inc. | | | | | | | | | 41,572 | |
| | | | | |
| | 124 | | | Orchard Supply Hardware Stores Corporation, (2), (3) | | | | | | | | | 1,540 | |
| | | | | |
| | 2,868 | | | Penske Auto Group, Inc. | | | | | | | | | 87,761 | |
| | | | | |
| | 3,382 | | | Pep Boys – Manny, Moe & Jack | | | | | | | | | 33,786 | |
| | | | | |
| | 331 | | | Perfumania Holdings, Inc., (2) | | | | | | | | | 1,883 | |
| | | | | |
| | 6,343 | | | Pier 1 Imports, Inc. | | | | | | | | | 129,397 | |
| | | | | |
| | 6,493 | | | RadioShack Corporation, (3) | | | | | | | | | 14,544 | |
| | | | | |
| | 3,775 | | | Rent-A-Center Inc., (3) | | | | | | | | | 125,821 | |
| | | | | |
| | 1,011 | | | rue21, Inc., (2) | | | | | | | | | 30,441 | |
| | | | | |
| | 3,750 | | | Select Comfort Corporation, (2) | | | | | | | | | 104,363 | |
| | | | | |
| | 932 | | | Shoe Carnival, Inc. | | | | | | | | | 21,790 | |
| | | | | |
| | 2,633 | | | Sonic Automotive Inc., (3) | | | | | | | | | 51,080 | |
| | | | | |
| | 1,998 | | | Stage Stores Inc. | | | | | | | | | 48,951 | |
| | | | | |
| | 1,764 | | | Stein Mart, Inc. | | | | | | | | | 13,865 | |
| | | | | |
| | 694 | | | Systemax Inc., (2) | | | | | | | | | 7,592 | |
| | | | | |
| | 572 | | | Teavana Holdings Inc., (2) | | | | | | | | | 6,035 | |
| | | | | |
| | 600 | | | Tilly’s Inc, Class A Shares, (2) | | | | | | | | | 9,684 | |
| | | | | |
| | 1,923 | | | Vitamin Shoppe Inc., (2), (3) | | | | | | | | | 110,073 | |
| | | | | |
| | 950 | | | West Marine, Inc., (2) | | | | | | | | | 9,823 | |
| | | | | |
| | 5,815 | | | Wet Seal Inc., (2) | | | | | | | | | 16,631 | |
| | | | | |
| | 142 | | | Winmark Corporation | | | | | | | | | 7,566 | |
| | | | | |
| | 1,431 | | | Zumiez, Inc., (2), (3) | | | | | | | | | 36,219 | |
| | | | Total Specialty Retail | | | | | | | | | 2,761,674 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Textiles, Apparel & Luxury Goods – 1.4% | | | | | | | | | | |
| | | | | |
| | 546 | | | Cherokee Inc. | | | | | | | | $ | 7,868 | |
| | | | | |
| | 779 | | | Columbia Sportswear Company, (3) | | | | | | | | | 43,936 | |
| | | | | |
| | 5,873 | | | Crocs, Inc., (2) | | | | | | | | | 74,000 | |
| | | | | |
| | 570 | | | Culp, Inc. | | | | | | | | | 7,205 | |
| | | | | |
| | 456 | | | Delta Apparel Inc., (2) | | | | | | | | | 6,904 | |
| | | | | |
| | 7,100 | | | Fifth & Pacific Companies Inc., (2) | | | | | | | | | 77,958 | |
| | | | | |
| | 1,084 | | | G-III Apparel Group, Limited, (2), (3) | | | | | | | | | 40,065 | |
| | | | | |
| | 4,686 | | | Iconix Brand Group, Inc., (2) | | | | | | | | | 86,738 | |
| | | | | |
| | 5,362 | | | Jones Apparel Group Inc. | | | | | | | | | 63,325 | |
| | | | | |
| | 1,682 | | | K Swiss, Inc. | | | | | | | | | 3,835 | |
| | | | | |
| | 1,504 | | | Maidenform Brands Inc., (2) | | | | | | | | | 28,140 | |
| | | | | |
| | 1,149 | | | Movado Group Inc. | | | | | | | | | 36,412 | |
| | | | | |
| | 914 | | | Oxford Industries Inc. | | | | | | | | | 50,709 | |
| | | | | |
| | 783 | | | Perry Ellis International, Inc., (2) | | | | | | | | | 16,161 | |
| | | | | |
| | 8,525 | | | Quicksilver Inc., (2) | | | | | | | | | 27,280 | |
| | | | | |
| | 572 | | | R.G. Barry Corporation | | | | | | | | | 8,717 | |
| | | | | |
| | 2,472 | | | Skechers USA Inc., (2) | | | | | | | | | 41,035 | |
| | | | | |
| | 2,564 | | | Steven Madden Limited, (2) | | | | | | | | | 110,047 | |
| | | | | |
| | 1,685 | | | True Religion Apparel, Inc. | | | | | | | | | 43,220 | |
| | | | | |
| | 1,409 | | | Tumi Holdings Inc., (2) | | | | | | | | | 31,562 | |
| | | | | |
| | 918 | | | Unifi Inc., (2) | | | | | | | | | 12,880 | |
| | | | | |
| | 1,315 | | | Vera Bradley Inc., (2), (3) | | | | | | | | | 39,200 | |
| | | | | |
| | 2,680 | | | Warnaco Group, Inc., (2) | | | | | | | | | 189,154 | |
| | | | | |
| | 3,188 | | | Wolverine World Wide Inc., (3) | | | | | | | | | 133,482 | |
| | | | Total Textiles, Apparel & Luxury Goods | | | | | | | | | 1,179,833 | |
| | | | Thrifts & Mortgage Finance – 1.6% | | | | | | | | | | |
| | | | | |
| | 5,587 | | | Astoria Financial Corporation, (3) | | | | | | | | | 56,038 | |
| | | | | |
| | 2,955 | | | Bank Mutual Corporation | | | | | | | | | 13,327 | |
| | | | | |
| | 1,303 | | | BankFinancial Corporation | | | | | | | | | 10,463 | |
| | | | | |
| | 2,137 | | | Beneficial Mutual Bancorp Inc., (2) | | | | | | | | | 20,259 | |
| | | | | |
| | 1,612 | | | Berkshire Hills Bancorp, Inc. | | | | | | | | | 37,850 | |
| | | | | |
| | 648 | | | BOFL Holdings, Inc., (2) | | | | | | | | | 18,222 | |
| | | | | |
| | 4,147 | | | Brookline Bancorp, Inc. | | | | | | | | | 35,167 | |
| | | | | |
| | 738 | | | Cape Bancorp Inc. | | | | | | | | | 6,539 | |
| | | | | |
| | 399 | | | Charter Financial Corporation | | | | | | | | | 3,898 | |
| | | | | |
| | 550 | | | Clifton Savings Bancorp, Inc. | | | | | | | | | 6,083 | |
| | | | | |
| | 1,999 | | | Dime Community Bancshares, Inc. | | | | | | | | | 28,986 | |
| | | | | |
| | 8,390 | | | Doral Financial Group, (2) | | | | | | | | | 7,970 | |
| | | | | |
| | 801 | | | ESB Financial Corporation, (3) | | | | | | | | | 10,805 | |
| | | | | |
| | 656 | | | ESSA Bancorp Inc. | | | | | | | | | 6,612 | |
| | | | | |
| | 1,458 | | | Everbank Financial Corporation, (3) | | | | | | | | | 22,220 | |
| | | | | |
| | 632 | | | Federal Agricultural Mortgage Corporation | | | | | | | | | 17,803 | |
| | | | | |
| | 624 | | | First Defiance Financial Corporation | | | | | | | | | 11,045 | |
| | | | | |
| | 226 | | | First Federal Bancshares of Arkansas, Inc., (2) | | | | | | | | | 2,271 | |
| | | | | |
| | 1,062 | | | First Financial Holdings, Inc. | | | | | | | | | 14,974 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Thrifts & Mortgage Finance (continued) | | | | | | | | | | |
| | | | | |
| | 1,046 | | | First Financial Northwest Inc., (2) | | | | | | | | $ | 8,263 | |
| | | | | |
| | 693 | | | First Pactrust Bancorp, Inc. | | | | | | | | | 8,150 | |
| | | | | |
| | 2,016 | | | Flushing Financial Corporation, (3) | | | | | | | | | 31,349 | |
| | | | | |
| | 879 | | | Fox Chase Bancorp. | | | | | | | | | 13,677 | |
| | | | | |
| | 803 | | | Franklin Financial Corporation, (2) | | | | | | | | | 13,836 | |
| | | | | |
| | 567 | | | Heritage Financial Group | | | | | | | | | 7,586 | |
| | | | | |
| | 83 | | | Hingham Institution for Savings | | | | | | | | | 5,640 | |
| | | | | |
| | 447 | | | Home Bancorp Inc., (2) | | | | | | | | | 8,453 | |
| | | | | |
| | 1,024 | | | Home Federal Bancorp, Inc. | | | | | | | | | 11,694 | |
| | | | | |
| | 1,894 | | | Home Loan Servicing Solutions Limited, (3) | | | | | | | | | 36,744 | |
| | | | | |
| | 284 | | | HomeStreet Inc., (2) | | | | | | | | | 12,718 | |
| | | | | |
| | 592 | | | Kaiser Federal Financial Group Inc., (2) | | | | | | | | | 9,135 | |
| | | | | |
| | 771 | | | Kearny Financial Corporation | | | | | | | | | 7,286 | |
| | | | | |
| | 509 | | | Meridian Interstate Bancorp, Inc., (2) | | | | | | | | | 8,597 | |
| | | | | |
| | 12,310 | | | MGIC Investment Corporation, (2) | | | | | | | | | 21,173 | |
| | | | | |
| | 273 | | | NASB Financial, Inc. | | | | | | | | | 6,252 | |
| | | | | |
| | 1,251 | | | Nationstar Mortgage Holdings, Incorporated, (2), (3) | | | | | | | | | 45,199 | |
| | | | | |
| | 987 | | | Northfield Bancorp Inc. | | | | | | | | | 16,029 | |
| | | | | |
| | 6,258 | | | Northwest Bancshares Inc. | | | | | | | | | 74,470 | |
| | | | | |
| | 858 | | | OceanFirst Financial Corporation | | | | | | | | | 11,961 | |
| | | | | |
| | 7,018 | | | Ocwen Financial Corporation, (2), (3) | | | | | | | | | 270,684 | |
| | | | | |
| | 2,749 | | | Oritani Financial Corporation | | | | | | | | | 42,005 | |
| | | | | |
| | 398 | | | Peoples Federal Bancshares, Inc. | | | | | | | | | 6,786 | |
| | | | | |
| | 635 | | | Provident Financial Holdings, Inc. | | | | | | | | | 9,379 | |
| | | | | |
| | 3,885 | | | Provident Financial Services Inc., (3) | | | | | | | | | 58,275 | |
| | | | | |
| | 2,583 | | | Provident New York Bancorp. | | | | | | | | | 23,583 | |
| | | | | |
| | 8,705 | | | Radian Group Inc., (3) | | | | | | | | | 40,826 | |
| | | | | |
| | 1,799 | | | Rockville Financial Inc., (2) | | | | | | | | | 23,909 | |
| | | | | |
| | 483 | | | Roma Financial Corporation | | | | | | | | | 4,255 | |
| | | | | |
| | 691 | | | SI Financial Group, Inc. | | | | | | | | | 7,601 | |
| | | | | |
| | 710 | | | Territorial Bancorp Inc. | | | | | | | | | 16,046 | |
| | | | | |
| | 394 | | | Tree.com Inc., (2) | | | | | | | | | 5,693 | |
| | | | | |
| | 5,975 | | | TrustCo Bank Corporation NY | | | | | | | | | 33,341 | |
| | | | | |
| | 932 | | | United Financial Bancorp. | | | | | | | | | 14,325 | |
| | | | | |
| | 2,016 | | | ViewPoint Financial Group | | | | | | | | | 41,933 | |
| | | | | |
| | 621 | | | Walker & Dunlop Inc., (2) | | | | | | | | | 10,315 | |
| | | | | |
| | 478 | | | Waterstone Financial Inc., (2) | | | | | | | | | 2,581 | |
| | | | | |
| | 1,623 | | | Westfield Financial Inc. | | | | | | | | | 11,832 | |
| | | | | |
| | 497 | | | WSFS Financial Corporation | | | | | | | | | 21,050 | |
| | | | Total Thrifts & Mortgage Finance | | | | | | | | | 1,333,163 | |
| | | | Tobacco – 0.2% | | | | | | | | | | |
| | | | | |
| | 5,708 | | | Alliance One International, Inc., (2) | | | | | | | | | 17,352 | |
| | | | | |
| | 9,516 | | | Star Scientific, Inc., (2), (3) | | | | | | | | | 28,833 | |
| | | | | |
| | 1,375 | | | Universal Corporation, (3) | | | | | | | | | 68,145 | |
| | | | | |
| | 3,414 | | | Vector Group Ltd. | | | | | | | | | 56,194 | |
| | | | Total Tobacco | | | | | | | | | 170,524 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | |
| | | | Trading Companies & Distributors – 0.9% | | | | | | | | | | |
| | | | | |
| | 1,752 | | | Aceto Corporation | | | | | | | | $ | 17,555 | |
| | | | | |
| | 3,836 | | | Aircastle LTD | | | | | | | | | 42,695 | |
| | | | | |
| | 2,723 | | | Applied Industrial Technologies Inc., (3) | | | | | | | | | 110,527 | |
| | | | | |
| | 3,061 | | | Beacon Roofing Supply Company, (2), (3) | | | | | | | | | 98,993 | |
| | | | | |
| | 1,577 | | | Bluelinx Holdings Inc., (2) | | | | | | | | | 3,327 | |
| | | | | |
| | 838 | | | CAI International Inc., (2) | | | | | | | | | 18,570 | |
| | | | | |
| | 574 | | | DXP Enterprises, Inc., (2) | | | | | | | | | 28,258 | |
| | | | | |
| | 978 | | | Edgen Group Incorporated, (2) | | | | | | | | | 7,443 | |
| | | | | |
| | 1,875 | | | H&E Equipment Services, Inc., (2) | | | | | | | | | 28,538 | |
| | | | | |
| | 1,142 | | | Houston Wire & Cable Company | | | | | | | | | 12,642 | |
| | | | | |
| | 1,723 | | | Kaman Corporation | | | | | | | | | 64,096 | |
| | | | | |
| | 2,081 | | | Rush Enterprises, Class A, (2) | | | | | | | | | 39,539 | |
| | | | | |
| | 709 | | | SeaCube Container Leasing Limited | | | | | | | | | 13,131 | |
| | | | | |
| | 1,908 | | | TAL International Group Inc., (3) | | | | | | | | | 65,139 | |
| | | | | |
| | 904 | | | Textainer Group Holdings Limited | | | | | | | | | 27,301 | |
| | | | | |
| | 1,154 | | | Titan Machinery, Inc., (2), (3) | | | | | | | | | 27,292 | |
| | | | | |
| | 1,920 | | | Watsco Inc., (3) | | | | | | | | | 131,232 | |
| | | | | |
| | 355 | | | Willis Lease Finance Corporation, (2) | | | | | | | | | 5,048 | |
| | | | Total Trading Companies & Distributors | | | | | | | | | 741,326 | |
| | | | Transportation Infrastructure – 0.0% | | | | | | | | | | |
| | | | | |
| | 1,349 | | | Wesco Aircraft Holdings Inc., (2) | | | | | | | | | 18,009 | |
| | | | Water Utilities – 0.2% | | | | | | | | | | |
| | | | | |
| | 1,182 | | | American States Water Co | | | | | | | | | 52,032 | |
| | | | | |
| | 487 | | | Artesian Resources Corporation | | | | | | | | | 11,206 | |
| | | | | |
| | 847 | | | Cadiz, Inc., (2), (3) | | | | | | | | | 7,284 | |
| | | | | |
| | 2,683 | | | California Water Service Group | | | | | | | | | 49,421 | |
| | | | | |
| | 566 | | | Connecticut Water Service, Inc. | | | | | | | | | 17,337 | |
| | | | | |
| | 935 | | | Consolidated Water Company, Limited | | | | | | | | | 7,340 | |
| | | | | |
| | 1,001 | | | Middlesex Water Company | | | | | | | | | 19,359 | |
| | | | | |
| | 905 | | | SJW Corp. | | | | | | | | | 21,937 | |
| | | | | |
| | 817 | | | York Water Company | | | | | | | | | 14,191 | |
| | | | Total Water Utilities | | | | | | | | | 200,107 | |
| | | | Wireless Telecommunication Services – 0.1% | | | | | | | | | | |
| | | | | |
| | 1,032 | | | Boingo Wireless, Inc., (2) | | | | | | | | | 7,554 | |
| | | | | |
| | 3,697 | | | Leap Wireless International, Inc., (2), (3) | | | | | | | | | 19,742 | |
| | | | | |
| | 966 | | | nTelos Holdings Corporation | | | | | | | | | 14,732 | |
| | | | | |
| | 1,557 | | | Shenandoah Telecommunications Company | | | | | | | | | 24,476 | |
| | | | | |
| | 1,420 | | | USA Mobility Inc. | | | | | | | | | 15,691 | |
| | | | Total Wireless Telecommunication Services | | | | | | | | | 82,195 | |
| | | | Total Common Stocks (cost $63,519,443) | | | | | | | | | 76,561,543 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | EXCHANGE-TRADED FUNDS – 0.0% | | | | | | | | | | |
| | | | | |
| | 558 | | | Firsthand Technology Value Fund, Incorporated | | | | | | | | $ | 10,011 | |
| | | | Total Exchange-Traded Funds (cost $10,046) | | | | | | | | | 10,011 | |
Portfolio of Investments
Nuveen Small Cap Index Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | | | | Value | |
| | | | | | | | | | | | | | | | | | | | |
| | | | COMMON STOCK RIGHTS – 0.0% | | | | | | | | | | | | | | | | |
| | | | | |
| | 5,063 | | | Allos Threapeutics CVR, (4) | | | | | | | | | | | | | | $ | — | |
| | | | | |
| | 692 | | | Clinical Data, Inc., (4) | | | | | | | | | | | | | | | — | |
| | | | | |
| | 1493 | | | Gerber Scientific, (4) | | | | | | | | | | | | | | | — | |
| | | | Total Common Stock Rights (cost $0) | | | | | | | | | | | | | | | — | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | | | | Value | |
| | | | WARRANTS – 0.0% | | | | | | | | | | | | | | | | |
| | | | | |
| | 644 | | | Magnum Hunter Resources Corporation Warrants, (4) | | | | | | | | | | | | | | $ | 10 | |
| | | | Total Warrants (cost $0) | | | | | | | | | | | | | | | 10 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | | | | Value | |
| | | | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 30.7% | | | | | | | | | |
| | | | | |
| | | | Money Market Fund – 30.7% | | | | | | | | | | | | | | | | |
| | | | | |
| | 25,733,390 | | | Mount Vernon Securities Lending Prime Portfolio, 0.295%, (6), (7) | | | | | | | | | | | | | | $ | 25,733,390 | |
| | | | Total Investments Purchased with Collateral from Securities Lending (cost $25,733,390) | | | | 25,733,390 | |
| | | | | |
Shares/
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Ratings (8) | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 8.0% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 7.2% | | | | | | | | | | | | | | | | |
| | | | | |
| | 6,055,479 | | | First American Treasury Obligations Fund, Class Z | | | 0.004% | (6) | | | N/A | | | | N/A | | | $ | 6,055,479 | |
| | | | U.S. Government and Agency Obligations – 0.8% | | | | | | | | | | | | | | | | |
| | | | | |
| $ | 620 | | | U.S. Treasury Bills, (9) | | | 0.000% | | | | 2/21/13 | | | | N/R | | | | 619,774 | |
| | | | Total Short-Term Investments (cost $6,675,267) | | | | | | | | | | | | | | | 6,675,253 | |
| | | | Total Investments (cost $95,938,146) – 130.0% | | | | | | | | | | | | | | | 108,980,207 | |
| | | | Other Assets Less Liabilities – (30.0)% (10) | | | | | | | | | | | | | | | (25,162,783) | |
| | | | Net Assets – 100% | | | | | | | | | | | | | | $ | 83,817,424 | |
Investments in Derivatives at October 31, 2012
Futures Contracts outstanding:
| | | | | | | | | | | | | | | | | | | | |
| Type | | Contract
Position | | | Number of
Contracts | | | Contract
Expiration | | | Notional
Value | | | Unrealized
Appreciation
(Depreciation) | |
Russell 2000 Mini Index | | | Long | | | | 81 | | | | 12/12 | | | $ | 6,612,030 | | | $ | (253,265 | ) |
| | | | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry subclassifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
| | (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| | (2) | | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| | (3) | | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan at the end of the reporting period was $24,548,515. |
| | (4) | | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
| | (5) | | 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. |
| | (6) | | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
| | (7) | | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
| | (8) | | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| | (9) | | Investment, or portion of investment, segregated as collateral for investments in derivatives. |
| | (10) | | Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as noted within Investments in Derivatives at the end of the reporting period. |
| | REIT | | Real Estate Investment Trust |
See accompanying notes to financial statements.
Statement of Assets & Liabilities
October 31, 2012
| | | | | | | | | | | | |
| | | Equity Index | | | Mid Cap Index | | | Small Cap
Index | |
Assets | | | | | | | | | | | | |
Investments, at value (cost $402,913,278, $337,874,278,
and $70,204,756, respectively) | | $ | 746,586,332 | | | $ | 390,687,297 | | | $ | 83,246,817 | |
Investments purchased with collateral from securities lending (at cost, which approximates value) | | | 94,369,055 | | | | 93,435,950 | | | | 25,733,390 | |
Cash | | | 230,689 | | | | 239,527 | | | | 132,363 | |
Receivables: | | | | | | | | | | | | |
Dividends | | | 867,615 | | | | 164,261 | | | | 31,674 | |
Due from broker | | | 16,179 | | | | 32,087 | | | | 18,363 | |
Investments sold | | | — | | | | — | | | | 32,009 | |
Reclaims | | | 815 | | | | — | | | | — | |
Shares sold | | | 849,737 | | | | 2,469,299 | | | | 767,736 | |
Variation margin on futures contracts | | | — | | | | 142,290 | | | | 35,640 | |
Other assets | | | 9,346 | | | | 4,153 | | | | 56 | |
Total assets | | | 842,929,768 | | | | 487,174,864 | | | | 109,998,048 | |
Liabilities | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Collateral from securities lending program | | | 94,369,055 | | | | 93,435,950 | | | | 25,733,390 | |
Investments purchased | | | — | | | | — | | | | 210,405 | |
Shares redeemed | | | 3,801,130 | | | | 1,462,151 | | | | 118,144 | |
Variation margin on futures contracts | | | 10,870 | | | | — | | | | — | |
Accrued expenses: | | | | | | | | | | | | |
Management fees | | | 262,676 | | | | 92,245 | | | | 4,926 | |
Directors fees | | | 13,918 | | | | 6,506 | | | | 677 | |
12b-1 distribution and service fees | | | 54,901 | | | | 75,853 | | | | 15,875 | |
Other | | | 147,483 | | | | 183,066 | | | | 97,207 | |
Total liabilities | | | 98,660,033 | | | | 95,255,771 | | | | 26,180,624 | |
Net assets | | $ | 744,269,735 | | | $ | 391,919,093 | | | $ | 83,817,424 | |
Class A Shares | | | | | | | | | | | | |
Net assets | | $ | 143,663,503 | | | $ | 104,466,783 | | | $ | 28,639,545 | |
Shares outstanding | | | 6,426,750 | | | | 7,593,197 | | | | 2,470,259 | |
Net asset value and offering price per share | | $ | 22.35 | | | $ | 13.76 | | | $ | 11.59 | |
Class B Shares | | | | | | | | | | | | |
Net assets | | $ | 2,611,155 | | | | N/A | | | | N/A | |
Shares outstanding | | | 118,874 | | | | N/A | | | | N/A | |
Net asset value and offering price per share | | $ | 21.97 | | | | N/A | | | | N/A | |
Class C Shares | | | | | | | | | | | | |
Net assets | | $ | 8,094,987 | | | $ | 5,290,443 | | | $ | 1,246,415 | |
Shares outstanding | | | 365,792 | | | | 398,275 | | | | 112,459 | |
Net asset value and offering price per share | | $ | 22.13 | | | $ | 13.28 | | | $ | 11.08 | |
Class R3 Shares | | | | | | | | | | | | |
Net assets | | $ | 33,685,317 | | | $ | 113,834,356 | | | $ | 20,198,039 | |
Shares outstanding | | | 1,510,040 | | | | 8,375,853 | | | | 1,785,205 | |
Net asset value and offering price per share | | $ | 22.31 | | | $ | 13.59 | | | $ | 11.31 | |
Class I Shares | | | | | | | | | | | | |
Net assets | | $ | 556,214,773 | | | $ | 168,327,511 | | | $ | 33,733,425 | |
Shares outstanding | | | 24,889,416 | | | | 12,192,645 | | | | 2,901,317 | |
Net asset value and offering price per share | | $ | 22.35 | | | $ | 13.81 | | | $ | 11.63 | |
Net assets consist of: | | | | | | | | | | | | |
Capital paid-in | | $ | 395,354,440 | | | $ | 324,889,590 | | | $ | 67,303,984 | |
Undistributed (Over-distribution of) net investment income | | | 1,668,887 | | | | 2,251,442 | | | | 493,288 | |
Accumulated net realized gain (loss) | | | 3,988,657 | | | | 12,715,167 | | | | 3,231,356 | |
Net unrealized appreciation (depreciation) | | | 343,257,751 | | | | 52,062,894 | | | | 12,788,796 | |
Net assets | | $ | 744,269,735 | | | $ | 391,919,093 | | | $ | 83,817,424 | |
Authorized shares per share class | | $ | 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. |
See accompanying notes to financial statements.
Statement of Operations
Year Ended October 31, 2012
| | | | | | | | | | | | |
| | | Equity
Index | | | Mid Cap
Index | | | Small Cap
Index | |
Investment Income | | | | | | | | | | | | |
Dividend and interest income | | $ | 16,024,090 | | | $ | 4,673,924 | | | $ | 995,280 | |
Securities lending income, net | | | 246,714 | | | | 321,429 | | | | 213,084 | |
Total investment income | | | 16,270,804 | | | | 4,995,353 | | | | 1,208,364 | |
Expenses | | | | | | | | | | | | |
Management fees | | | 2,062,485 | | | | 1,160,956 | | | | 269,776 | |
12b-1 service fees – Class A | | | 333,032 | | | | 229,762 | | | | 62,312 | |
12b-1 distribution and service fees – Class B | | | 32,762 | | | | N/A | | | | N/A | |
12b-1 distribution and service fees – Class C | | | 82,583 | | | | 40,193 | | | | 12,759 | |
12b-1 distribution and service fees – Class R3 | | | 127,510 | | | | 466,134 | | | | 83,519 | |
Shareholder servicing agent fees and expenses | | | 753,798 | | | | 465,502 | | | | 125,756 | |
Custodian’s fees and expenses | | | 151,222 | | | | 85,796 | | | | 142,575 | |
Directors fees and expenses | | | 21,528 | | | | 10,310 | | | | 2,408 | |
Professional fees | | | 68,885 | | | | 28,890 | | | | 10,804 | |
Shareholder reporting expenses | | | 88,780 | | | | 86,462 | | | | 37,424 | |
Federal and state registration fees | | | 66,444 | | | | 64,516 | | | | 51,475 | |
Other expenses | | | 66,477 | | | | 39,092 | | | | 148,740 | |
Total expenses before expense reimbursement | | | 3,855,506 | | | | 2,677,613 | | | | 947,548 | |
Expense reimbursement | | | (527,292 | ) | | | (208,407 | ) | | | (339,342 | ) |
Net expenses | | | 3,328,214 | | | | 2,469,206 | | | | 608,206 | |
Net investment income (loss) | | | 12,942,590 | | | | 2,526,147 | | | | 600,158 | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments | | | 16,407,263 | | | | 11,219,823 | | | | 3,352,368 | |
Futures contracts | | | 4,945,104 | | | | 4,173,352 | | | | 1,249,190 | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | |
Investments | | | 68,394,043 | | | | 20,950,190 | | | | 3,790,158 | |
Futures contracts | | | (1,675,496 | ) | | | (2,256,395 | ) | | | (681,440 | ) |
Net realized and unrealized gain (loss) | | | 88,070,914 | | | | 34,086,970 | | | | 7,710,276 | |
Net increase (decrease) in net assets from operations | | $ | 101,013,504 | | | $ | 36,613,117 | | | $ | 8,310,434 | |
| N/A | - Mid Cap Index and Small Cap Index do not offer Class B Shares. |
See accompanying notes to financial statements.
Statement of Changes in Net Assets
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Equity Index | | | Mid Cap Index | | | Small Cap Index | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
Operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 12,942,590 | | | $ | 13,093,288 | | | $ | 2,526,147 | | | $ | 1,434,382 | | | $ | 600,158 | | | $ | 447,200 | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | 16,407,263 | | | | 58,398,975 | | | | 11,219,823 | | | | 13,741,841 | | | | 3,352,368 | | | | 4,825,288 | |
Redemptions in-kind | | | — | | | | — | | | | — | | | | 12,782,287 | | | | — | | | | — | |
Futures contracts | | | 4,945,104 | | | | 5,310,055 | | | | 4,173,352 | | | | (64,670 | ) | | | 1,249,190 | | | | 122,307 | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | 68,394,043 | | | | (3,757,384 | ) | | | 20,950,190 | | | | (7,925,562 | ) | | | 3,790,158 | | | | (1,255,772 | ) |
Futures contracts | | | (1,675,496 | ) | | | (1,852,673 | ) | | | (2,256,395 | ) | | | 652,897 | | | | (681,440 | ) | | | 142,782 | |
Net increase (decrease) in net assets from operations | | | 101,013,504 | | | | 71,192,261 | | | | 36,613,117 | | | | 20,621,175 | | | | 8,310,434 | | | | 4,281,805 | |
Distributions to Shareholders | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income: | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (2,153,086 | ) | | | (1,489,537 | ) | | | (147,244 | ) | | | (255,665 | ) | | | (58,683 | ) | | | (79,811 | ) |
Class B | | | (28,382 | ) | | | (24,352 | ) | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class C | | | (71,530 | ) | | | (40,098 | ) | | | — | | | | — | | | | — | | | | — | |
Class R3 | | | (344,372 | ) | | | (139,184 | ) | | | — | | | | (147,814 | ) | | | (3,152 | ) | | | (21,831 | ) |
Class I | | | (10,616,129 | ) | | | (9,731,593 | ) | | | (846,639 | ) | | | (1,447,609 | ) | | | (200,814 | ) | | | (383,837 | ) |
From accumulated net realized gains: | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (8,608,834 | ) | | | (7,600,953 | ) | | | (2,675,890 | ) | | | — | | | | — | | | | — | |
Class B | | | (285,612 | ) | | | (448,229 | ) | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class C | | | (609,468 | ) | | | (542,775 | ) | | | (124,428 | ) | | | — | | | | — | | | | — | |
Class R3 | | | (1,132,075 | ) | | | (993,813 | ) | | | (2,645,479 | ) | | | — | | | | — | | | | — | |
Class I | | | (42,337,058 | ) | | | (46,368,020 | ) | | | (6,112,513 | ) | | | — | | | | — | | | | — | |
Decrease in net assets from distributions to shareholders | | | (66,186,546 | ) | | | (67,378,554 | ) | | | (12,552,193 | ) | | | (1,851,088 | ) | | | (262,649 | ) | | | (485,479 | ) |
Fund Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 134,469,795 | | | | 107,954,328 | | | | 159,926,037 | | | | 151,236,153 | | | | 31,082,624 | | | | 31,404,088 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | | | 49,279,398 | | | | 47,057,562 | | | | 9,375,784 | | | | 994,125 | | | | 162,716 | | | | 265,209 | |
| | | 183,749,193 | | | | 155,011,890 | | | | 169,301,821 | | | | 152,230,278 | | | | 31,245,340 | | | | 31,669,297 | |
Cost of redemptions in-kind | | | — | | | | — | | | | — | | | | (35,014,943 | ) | | | — | | | | — | |
Cost of shares redeemed | | | (217,214,717 | ) | | | (313,869,062 | ) | | | (108,835,689 | ) | | | (97,192,823 | ) | | | (28,170,780 | ) | | | (29,056,893 | ) |
Net increase (decrease) in net assets from Fund share transactions | | | (33,465,524 | ) | | | (158,857,172 | ) | | | 60,466,132 | | | | 20,022,512 | | | | 3,074,560 | | | | 2,612,404 | |
Net increase (decrease) in net assets | | | 1,361,434 | | | | (155,043,465 | ) | | | 84,527,056 | | | | 38,792,599 | | | | 11,122,345 | | | | 6,408,730 | |
Net assets at the beginning of period | | | 742,908,301 | | | | 897,951,766 | | | | 307,392,037 | | | | 268,599,438 | | | | 72,695,079 | | | | 66,286,349 | |
Net assets at the end of period | | $ | 744,269,735 | | | $ | 742,908,301 | | | $ | 391,919,093 | | | $ | 307,392,037 | | | $ | 83,817,424 | | | $ | 72,695,079 | |
Undistributed (Over-distribution of) net investment income at the end of period | | $ | 1,668,887 | | | $ | 2,136,039 | | | $ | 2,251,442 | | | $ | 885,629 | | | $ | 493,288 | | | $ | 255,816 | |
| N/A | - Mid Cap Index and Small Cap Index do not offer Class B Shares. |
See accompanying notes to financial statements.
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Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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) | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | $ | 21.44 | | | $ | .34 | | | $ | 2.48 | | | $ | 2.82 | | | $ | (.35 | ) | | $ | (1.56 | ) | | $ | (1.91 | ) | | $ | 22.35 | |
2011 | | | 21.51 | | | | .30 | | | | 1.26 | | | | 1.56 | | | | (.26 | ) | | | (1.37 | ) | | | (1.63 | ) | | | 21.44 | |
2010 | | | 18.86 | | | | .29 | | | | 2.70 | | | | 2.99 | | | | (.30 | ) | | | (.04 | ) | | | (.34 | ) | | | 21.51 | |
2009 | | | 17.61 | | | | .34 | | | | 1.27 | | | | 1.61 | | | | (.36 | ) | | | — | | | | (.36 | ) | | | 18.86 | |
2008 | | | 28.67 | | | | .42 | | | | (10.57 | ) | | | (10.15 | ) | | | (.38 | ) | | | (.53 | ) | | | (.91 | ) | | | 17.61 | |
Class B (8/94) | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 21.10 | | | | .18 | | | | 2.43 | | | | 2.61 | | | | (.18 | ) | | | (1.56 | ) | | | (1.74 | ) | | | 21.97 | |
2011 | | | 21.19 | | | | .14 | | | | 1.24 | | | | 1.38 | | | | (.10 | ) | | | (1.37 | ) | | | (1.47 | ) | | | 21.10 | |
2010 | | | 18.58 | | | | .13 | | | | 2.66 | | | | 2.79 | | | | (.14 | ) | | | (.04 | ) | | | (.18 | ) | | | 21.19 | |
2009 | | | 17.35 | | | | .22 | | | | 1.25 | | | | 1.47 | | | | (.24 | ) | | | — | | | | (.24 | ) | | | 18.58 | |
2008 | | | 28.27 | | | | .24 | | | | (10.42 | ) | | | (10.18 | ) | | | (.21 | ) | | | (.53 | ) | | | (.74 | ) | | | 17.35 | |
Class C (2/99) | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 21.24 | | | | .17 | | | | 2.46 | | | | 2.63 | | | | (.18 | ) | | | (1.56 | ) | | | (1.74 | ) | | | 22.13 | |
2011 | | | 21.32 | | | | .13 | | | | 1.26 | | | | 1.39 | | | | (.10 | ) | | | (1.37 | ) | | | (1.47 | ) | | | 21.24 | |
2010 | | | 18.70 | | | | .13 | | | | 2.67 | | | | 2.80 | | | | (.14 | ) | | | (.04 | ) | | | (.18 | ) | | | 21.32 | |
2009 | | | 17.46 | | | | .21 | | | | 1.26 | | | | 1.47 | | | | (.23 | ) | | | — | | | | (.23 | ) | | | 18.70 | |
2008 | | | 28.45 | | | | .24 | | | | (10.48 | ) | | | (10.24 | ) | | | (.22 | ) | | | (.53 | ) | | | (.75 | ) | | | 17.46 | |
Class R3 (9/01) | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 21.40 | | | | .28 | | | | 2.48 | | | | 2.76 | | | | (.29 | ) | | | (1.56 | ) | | | (1.85 | ) | | | 22.31 | |
2011 | | | 21.47 | | | | .25 | | | | 1.26 | | | | 1.51 | | | | (.21 | ) | | | (1.37 | ) | | | (1.58 | ) | | | 21.40 | |
2010 | | | 18.83 | | | | .23 | | | | 2.70 | | | | 2.93 | | | | (.25 | ) | | | (.04 | ) | | | (.29 | ) | | | 21.47 | |
2009 | | | 17.58 | | | | .29 | | | | 1.28 | | | | 1.57 | | | | (.32 | ) | | | — | | | | (.32 | ) | | | 18.83 | |
2008 | | | 28.63 | | | | .35 | | | | (10.54 | ) | | | (10.19 | ) | | | (.33 | ) | | | (.53 | ) | | | (.86 | ) | | | 17.58 | |
Class I (2/94) | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 21.43 | | | | .39 | | | | 2.49 | | | | 2.88 | | | | (.40 | ) | | | (1.56 | ) | | | (1.96 | ) | | | 22.35 | |
2011 | | | 21.50 | | | | .36 | | | | 1.26 | | | | 1.62 | | | | (.32 | ) | | | (1.37 | ) | | | (1.69 | ) | | | 21.43 | |
2010 | | | 18.86 | | | | .34 | | | | 2.69 | | | | 3.03 | | | | (.35 | ) | | | (.04 | ) | | | (.39 | ) | | | 21.50 | |
2009 | | | 17.61 | | | | .38 | | | | 1.27 | | | | 1.65 | | | | (.40 | ) | | | — | | | | (.40 | ) | | | 18.86 | |
2008 | | | 28.66 | | | | .48 | | | | (10.56 | ) | | | (10.08 | ) | | | (.44 | ) | | | (.53 | ) | | | (.97 | ) | | | 17.61 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | |
| | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.51 | % | | $ | 143,664 | | | | .69 | % | | | 1.49 | % | | | .62 | % | | | 1.56 | % | | | 1 | % |
| | 7.41 | | | | 119,172 | | | | .70 | | | | 1.29 | | | | .62 | | | | 1.37 | | | | 2 | |
| | 15.94 | | | | 119,761 | | | | .79 | | | | 1.23 | | | | .61 | | | | 1.41 | | | | 4 | |
| | 9.51 | | | | 115,213 | | | | .79 | | | | 1.86 | | | | .62 | | | | 2.03 | | | | 10 | |
| | (36.35 | ) | | | 114,654 | | | | .78 | | | | 1.58 | | | | .62 | | | | 1.74 | | | | 4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.69 | | | | 2,611 | | | | 1.44 | | | | .76 | | | | 1.37 | | | | .84 | | | | 1 | |
| | 6.60 | | | | 4,227 | | | | 1.45 | | | | .55 | | | | 1.37 | | | | .63 | | | | 2 | |
| | 15.07 | | | | 7,351 | | | | 1.54 | | | | .49 | | | | 1.36 | | | | .67 | | | | 4 | |
| | 8.69 | | | | 9,822 | | | | 1.54 | | | | 1.16 | | | | 1.37 | | | | 1.33 | | | | 10 | |
| | (36.82 | ) | | | 12,856 | | | | 1.53 | | | | .83 | | | | 1.37 | | | | .99 | | | | 4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.70 | | | | 8,095 | | | | 1.44 | | | | .75 | | | | 1.37 | | | | .82 | | | | 1 | |
| | 6.61 | | | | 8,261 | | | | 1.45 | | | | .55 | | | | 1.37 | | | | .62 | | | | 2 | |
| | 15.05 | | | | 8,651 | | | | 1.54 | | | | .48 | | | | 1.36 | | | | .66 | | | | 4 | |
| | 8.69 | | | | 8,661 | | | | 1.54 | | | | 1.14 | | | | 1.37 | | | | 1.31 | | | | 10 | |
| | (36.83 | ) | | | 9,784 | | | | 1.53 | | | | .83 | | | | 1.37 | | | | .99 | | | | 4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.26 | | | | 33,685 | | | | .94 | | | | 1.22 | | | | .87 | | | | 1.28 | | | | 1 | |
| | 7.15 | | | | 14,218 | | | | .95 | | | | 1.06 | | | | .87 | | | | 1.13 | | | | 2 | |
| | 15.63 | | | | 12,979 | | | | 1.04 | | | | .97 | | | | .86 | | | | 1.15 | | | | 4 | |
| | 9.27 | | | | 10,915 | | | | 1.04 | | | | 1.56 | | | | .87 | | | | 1.73 | | | | 10 | |
| | (36.51 | ) | | | 9,463 | | | | 1.03 | | | | 1.33 | | | | .87 | | | | 1.49 | | | | 4 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.85 | | | | 556,215 | | | | .44 | | | | 1.75 | | | | .37 | | | | 1.82 | | | | 1 | |
| | 7.68 | | | | 597,030 | | | | .45 | | | | 1.55 | | | | .37 | | | | 1.63 | | | | 2 | |
| | 16.18 | | | | 749,210 | | | | .54 | | | | 1.48 | | | | .36 | | | | 1.66 | | | | 4 | |
| | 9.78 | | | | 827,145 | | | | .54 | | | | 2.14 | | | | .37 | | | | 2.31 | | | | 10 | |
| | (36.18 | ) | | | 954,582 | | | | .53 | | | | 1.83 | | | | .37 | | | | 1.99 | | | | 4 | |
| (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. |
See accompanying notes to financial statements.
Financial Highlights (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected data for a share outstanding throughout each period: | | | | | | | | | | | | | | | | |
| | | | | | |
| Class (Commencement Date) | | | | | | | | | | | | | | | | | | | |
| | | | | | Investment Operations | | | Less Distributions | | | | |
| | | |
| MID CAP 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 (11/99) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | $ | 12.87 | | | $ | .09 | | | $ | 1.31 | | | $ | 1.40 | | | $ | (.03 | ) | | $ | (.48 | ) | | $ | (.51 | ) | | $ | 13.76 | |
2011 | | | 11.98 | | | | .05 | | | | .92 | | | | .97 | | | | (.08 | ) | | | — | | | | (.08 | ) | | | 12.87 | |
2010 | | | 9.52 | | | | .09 | | | | 2.45 | | | | 2.54 | | | | (.08 | ) | | | — | | | | (.08 | ) | | | 11.98 | |
2009 | | | 8.83 | | | | .09 | | | | 1.27 | | | | 1.36 | | | | (.07 | ) | | | (.60 | ) | | | (.67 | ) | | | 9.52 | |
2008 | | | 15.69 | | | | .13 | | | | (5.30 | ) | | | (5.17 | ) | | | (.10 | ) | | | (1.59 | ) | | | (1.69 | ) | | | 8.83 | |
Class C (9/01) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 12.51 | | | | (.01 | ) | | | 1.26 | | | | 1.25 | | | | — | | | | (.48 | ) | | | (.48 | ) | | | 13.28 | |
2011 | | | 11.67 | | | | (.05 | ) | | | .89 | | | | .84 | | | | — | | | | — | | | | — | | | | 12.51 | |
2010 | | | 9.28 | | | | .01 | | | | 2.39 | | | | 2.40 | | | | (.01 | ) | | | — | | | | (.01 | ) | | | 11.67 | |
2009 | | | 8.64 | | | | .04 | | | | 1.23 | | | | 1.27 | | | | (.03 | ) | | | (.60 | ) | | | (.63 | ) | | | 9.28 | |
2008 | | | 15.41 | | | | .04 | | | | (5.19 | ) | | | (5.15 | ) | | | (.03 | ) | | | (1.59 | ) | | | (1.62 | ) | | | 8.64 | |
Class R3 (11/00) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 12.73 | | | | .06 | | | | 1.28 | | | | 1.34 | | | | — | | | | (.48 | ) | | | (.48 | ) | | | 13.59 | |
2011 | | | 11.86 | | | | .01 | | | | .92 | | | | .93 | | | | (.06 | ) | | | — | | | | (.06 | ) | | | 12.73 | |
2010 | | | 9.43 | | | | .06 | | | | 2.43 | | | | 2.49 | | | | (.06 | ) | | | — | | | | (.06 | ) | | | 11.86 | |
2009 | | | 8.76 | | | | .07 | | | | 1.26 | | | | 1.33 | | | | (.06 | ) | | | (.60 | ) | | | (.66 | ) | | | 9.43 | |
2008 | | | 15.60 | | | | .10 | | | | (5.27 | ) | | | (5.17 | ) | | | (.08 | ) | | | (1.59 | ) | | | (1.67 | ) | | | 8.76 | |
Class I (11/99) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 12.92 | | | | .12 | | | | 1.32 | | | | 1.44 | | | | (.07 | ) | | | (.48 | ) | | | (.55 | ) | | | 13.81 | |
2011 | | | 12.03 | | | | .08 | | | | .91 | | | | .99 | | | | (.10 | ) | | | — | | | | (.10 | ) | | | 12.92 | |
2010 | | | 9.55 | | | | .12 | | | | 2.46 | | | | 2.58 | | | | (.10 | ) | | | — | | | | (.10 | ) | | | 12.03 | |
2009 | | | 8.84 | | | | .12 | | | | 1.27 | | | | 1.39 | | | | (.08 | ) | | | (.60 | ) | | | (.68 | ) | | | 9.55 | |
2008 | | | 15.70 | | | | .17 | | | | (5.31 | ) | | | (5.14 | ) | | | (.13 | ) | | | (1.59 | ) | | | (1.72 | ) | | | 8.84 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | |
| | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.48 | % | | $ | 104,467 | | | | .80 | % | | | .61 | % | | | .74 | % | | | .67 | % | | | 7 | % |
| | 8.07 | | | | 68,856 | | | | .79 | | | | .32 | | | | .75 | | | | .36 | | | | 23 | |
| | 26.79 | | | | 36,499 | | | | .86 | | | | .70 | | | | .74 | | | | .82 | | | | 8 | |
| | 17.53 | | | | 22,766 | | | | .92 | | | | .98 | | | | .75 | | | | 1.15 | | | | 18 | |
| | (36.46 | ) | | | 11,374 | | | | .84 | | | | .94 | | | | .74 | | | | 1.04 | | | | 15 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.60 | | | | 5,290 | | | | 1.55 | | | | (.13 | ) | | | 1.49 | | | | (.07 | ) | | | 7 | |
| | 7.20 | | | | 3,302 | | | | 1.53 | | | | (.42 | ) | | | 1.50 | | | | (.39 | ) | | | 23 | |
| | 25.86 | | | | 3,100 | | | | 1.61 | | | | (.05 | ) | | | 1.49 | | | | .07 | | | | 8 | |
| | 16.68 | | | | 2,766 | | | | 1.67 | | | | .31 | | | | 1.50 | | | | .48 | | | | 18 | |
| | (36.91 | ) | | | 3,101 | | | | 1.58 | | | | .20 | | | | 1.48 | | | | .30 | | | | 15 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.14 | | | | 113,834 | | | | 1.05 | | | | .36 | | | | .99 | | | | .42 | | | | 7 | |
| | 7.83 | | | | 65,060 | | | | 1.04 | | | | .07 | | | | 1.00 | | | | .11 | | | | 23 | |
| | 26.48 | | | | 26,458 | | | | 1.11 | | | | .44 | | | | .99 | | | | .56 | | | | 8 | |
| | 17.29 | | | | 12,212 | | | | 1.17 | | | | .72 | | | | 1.00 | | | | .89 | | | | 18 | |
| | (36.66 | ) | | | 8,157 | | | | 1.10 | | | | .70 | | | | 1.00 | | | | .80 | | | | 15 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.80 | | | | 168,328 | | | | .55 | | | | .87 | | | | .49 | | | | .93 | | | | 7 | |
| | 8.23 | | | | 170,174 | | | | .53 | | | | .59 | | | | .50 | | | | .63 | | | | 23 | |
| | 27.13 | | | | 202,542 | | | | .61 | | | | .95 | | | | .49 | | | | 1.07 | | | | 8 | |
| | 17.92 | | | | 163,432 | | | | .67 | | | | 1.30 | | | | .50 | | | | 1.47 | | | | 18 | |
| | (36.31 | ) | | | 177,038 | | | | .59 | | | | 1.19 | | | | .49 | | | | 1.29 | | | | 15 | |
| (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. |
See accompanying notes to financial statements.
Financial Highlights (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected data for a share outstanding throughout each period: | | | | | | | | | | | | | | | | |
| | | | | | |
| Class (Commencement Date) | | | | | | | | | | | | | | | | | | | |
| | | | | | Investment Operations | | | Less Distributions | | | | |
| | | | | |
| SMALL CAP 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 (12/98) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | $ | 10.43 | | | $ | .08 | | | $ | 1.11 | | | $ | 1.19 | | | $ | (.03 | ) | | $ | — | | | $ | (.03 | ) | | $ | 11.59 | |
2011 | | | 9.89 | | | | .05 | | | | .55 | | | | .60 | | | | (.06 | ) | | | — | | | | (.06 | ) | | | 10.43 | |
2010 | | | 7.90 | | | | .05 | | | | 1.99 | | | | 2.04 | | | | (.05 | ) | | | — | | | | (.05 | ) | | | 9.89 | |
2009 | | | 8.91 | | | | .06 | | | | .27 | | | | .33 | | | | (.07 | ) | | | (1.27 | ) | | | (1.34 | ) | | | 7.90 | |
2008 | | | 15.37 | | | | .13 | | | | (4.88 | ) | | | (4.75 | ) | | | (.10 | ) | | | (1.61 | ) | | | (1.71 | ) | | | 8.91 | |
Class C (9/01) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 10.02 | | | | — | | | | 1.06 | | | | 1.06 | | | | — | | | | — | | | | — | | | | 11.08 | |
2011 | | | 9.52 | | | | (.03 | ) | | | .53 | | | | .50 | | | | — | | | | — | | | | — | | | | 10.02 | |
2010 | | | 7.62 | | | | (.02 | ) | | | 1.92 | | | | 1.90 | | | | — | | | | — | | | | — | | | | 9.52 | |
2009 | | | 8.66 | | | | .01 | | | | .26 | | | | .27 | | | | (.04 | ) | | | (1.27 | ) | | | (1.31 | ) | | | 7.62 | |
2008 | | | 15.02 | | | | .04 | | | | (4.76 | ) | | | (4.72 | ) | | | (.03 | ) | | | (1.61 | ) | | | (1.64 | ) | | | 8.66 | |
Class R3 (12/98) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 10.18 | | | | .05 | | | | 1.08 | | | | 1.13 | | | | — | | | | — | | | | — | | | | 11.31 | |
2011 | | | 9.66 | | | | .03 | | | | .53 | | | | .56 | | | | (.04 | ) | | | — | | | | (.04 | ) | | | 10.18 | |
2010 | | | 7.73 | | | | .03 | | | | 1.94 | | | | 1.97 | | | | (.04 | ) | | | — | | | | (.04 | ) | | | 9.66 | |
2009 | | | 8.76 | | | | .04 | | | | .26 | | | | .30 | | | | (.06 | ) | | | (1.27 | ) | | | (1.33 | ) | | | 7.73 | |
2008 | | | 15.16 | | | | .10 | | | | (4.81 | ) | | | (4.71 | ) | | | (.08 | ) | | | (1.61 | ) | | | (1.69 | ) | | | 8.76 | |
Class I (12/98) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 10.46 | | | | .11 | | | | 1.12 | | | | 1.23 | | | | (.06 | ) | | | — | | | | (.06 | ) | | | 11.63 | |
2011 | | | 9.91 | | | | .08 | | | | .55 | | | | .63 | | | | (.08 | ) | | | — | | | | (.08 | ) | | | 10.46 | |
2010 | | | 7.91 | | | | .07 | | | | 2.00 | | | | 2.07 | | | | (.07 | ) | | | — | | | | (.07 | ) | | | 9.91 | |
2009 | | | 8.92 | | | | .09 | | | | .25 | | | | .34 | | | | (.08 | ) | | | (1.27 | ) | | | (1.35 | ) | | | 7.91 | |
2008 | | | 15.37 | | | | .16 | | | | (4.88 | ) | | | (4.72 | ) | | | (.12 | ) | | | (1.61 | ) | | | (1.73 | ) | | | 8.92 | |
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| | | | |
| | | | | | | | | | | | | | |
| | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.44 | % | | $ | 28,640 | | | | 1.27 | % | | | .28 | % | | | .83 | % | | | .72 | % | | | 20 | % |
| | 6.03 | | | | 19,406 | | | | 1.17 | | | | .15 | | | | .83 | | | | .50 | | | | 14 | |
| | 25.91 | | | | 12,667 | | | | 1.49 | | | | (.15 | ) | | | .79 | | | | .55 | | | | 12 | |
| | 6.34 | | | | 8,591 | | | | 1.66 | | | | .03 | | | | .82 | | | | .87 | | | | 22 | |
| | (34.15 | ) | | | 6,043 | | | | 1.31 | | | | .60 | | | | .82 | | | | 1.09 | | | | 19 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.58 | | | | 1,246 | | | | 2.00 | | | | (.46 | ) | | | 1.58 | | | | (.03 | ) | | | 20 | |
| | 5.25 | | | | 1,330 | | | | 1.90 | | | | (.58 | ) | | | 1.58 | | | | (.26 | ) | | | 14 | |
| | 24.93 | | | | 1,645 | | | | 2.24 | | | | (.90 | ) | | | 1.54 | | | | (.20 | ) | | | 12 | |
| | 5.60 | | | | 1,380 | | | | 2.41 | | | | (.67 | ) | | | 1.57 | | | | .17 | | | | 22 | |
| | (34.67 | ) | | | 1,531 | | | | 2.06 | | | | (.15 | ) | | | 1.57 | | | | .34 | | | | 19 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.13 | | | | 20,198 | | | | 1.52 | | | | .02 | | | | 1.08 | | | | .47 | | | | 20 | |
| | 5.79 | | | | 11,824 | | | | 1.44 | | | | (.12 | ) | | | 1.08 | | | | .24 | | | | 14 | |
| | 25.55 | | | | 4,795 | | | | 1.74 | | | | (.40 | ) | | | 1.04 | | | | .30 | | | | 12 | |
| | 6.08 | | | | 2,512 | | | | 1.91 | | | | (.29 | ) | | | 1.07 | | | | .55 | | | | 22 | |
| | (34.33 | ) | | | 1,121 | | | | 1.57 | | | | .38 | | | | 1.08 | | | | .87 | | | | 19 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.79 | | | | 33,733 | | | | 1.00 | | | | .55 | | | | .58 | | | | .97 | | | | 20 | |
| | 6.33 | | | | 40,135 | | | | .90 | | | | .42 | | | | .58 | | | | .75 | | | | 14 | |
| | 26.22 | | | | 47,179 | | | | 1.24 | | | | .10 | | | | .54 | | | | .80 | | | | 12 | |
| | 6.50 | | | | 43,179 | | | | 1.41 | | | | .35 | | | | .57 | | | | 1.19 | | | | 22 | |
| | (33.95 | ) | | | 54,932 | | | | 1.06 | | | | .84 | | | | .57 | | | | 1.33 | | | | 19 | |
| (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. |
See accompanying notes to financial statements.
Notes to Financial Statements
1. General Information and Significant Accounting Policies
General Information
Nuveen Investment Funds, Inc. (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Equity Index Fund (“Equity Index”), Nuveen Mid Cap Index Fund (“Mid Cap Index”) and Nuveen Small Cap Index Fund (“Small Cap Index”) (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was incorporated in the state of Maryland on August 20, 1987.
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® 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 (Russell 2000 Index).
Under normal market conditions, 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 its corresponding index. Each Fund also may invest in stock index futures contracts, options on stock indices and options on stock index futures (“derivatives”) on its corresponding index. Each Fund may make these investments to maintain the liquidity needed to meet redemption requests, to increase the level of Fund assets devoted to replicating the composition of its corresponding index and to reduce transaction costs.
The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
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 and are generally classified as Level 2. Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange (“NYSE”). These securities may represent a transfer from a Level 1 to a Level 2 security.
Investments in investment companies are valued at their respective net asset values on the valuation date. Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. These investment vehicles are generally classified as Level 1.
Prices of fixed-income securities are provided by a pricing service approved by the Funds’ Board of Directors. These securities are generally classified as Level 2. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity provided by Nuveen Fund Advisors, Inc. (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s 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.
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 (“RICs”). 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 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.
Mid Cap Index and Small Cap Index receive distributions from holdings in Real Estate Investment Trusts (“REITs”). Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the REIT shareholder. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. The actual character of distributions to Fund shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund shareholder may represent a return of capital.
Flexible Sales Charge Program
The Funds only issue Class A Shares for purchase by certain retirement plans and by qualifying clients of investment advisers, financial planners or other financial intermediaries that charge periodic or asset-based fees for their services. Class A Shares are offered to those investors at their net asset value per share with no up-front sales charge. Equity Index will issue Class B shares upon the exchange of Class B Shares from another Nuveen mutual fund or for purposes of dividend reinvestment, but Class B Shares are not available for new accounts or for additional investment into existing accounts. Class B Shares incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class B Shares are subject to a contingent deferred sales charge (“CDSC”) of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .25% annual 12b-1 distribution and a .25% annual service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
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 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.
Notes to Financial Statements (continued)
During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the value of the contract on the closing date and value of the contract when originally entered into, which is recognized as a component of “Net realized gain (loss) from futures contracts” on the Statement of Operations.
Risks of investments in futures contracts include the possible adverse movement in the price of the securities or indices underlying the contracts, the possibility that there may not be a liquid secondary market for the contracts and/or that a change in the value of the contract may not correlate with a change in the value of the underlying securities or indices.
During the fiscal year ended October 31, 2012, each Fund continued to invest in index futures contracts to convert cash into the equivalent of its corresponding index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. Index futures contracts are used as a means to efficiently gain exposure to a broad base of equity securities.
The average number of futures contracts outstanding during the fiscal year ended October 31, 2012, were as follows:
| | | | | | | | | | | | |
| | | Equity
Index | | | Mid Cap
Index | | | Small Cap
Index | |
Average number of futures contracts outstanding* | | | 86 | | | | 270 | | | | 68 | |
| * | The average number of outstanding 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 clearinghouse, 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 12b-1 distribution fees and shareholder service fees, are recorded to the specific class.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Securities Lending
In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program” on the Statement of Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 102%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.
The Funds’ custodian serves as the securities lending agent for the Funds. Each Fund pays the custodian a fee based on the Fund’s proportional share of the custodian’s expense of operating its securities lending program. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending” on the Statement of Assets and Liabilities.
Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income, net.” Securities lending fees paid by each Fund during the fiscal year ended October 31, 2012, were as follows:
| | | | | | | | | | | | |
| | | Equity
Index | | | Mid Cap
Index | | | Small Cap
Index | |
Securities lending fees paid | | $ | 34,236 | | | $ | 47,689 | | | $ | 32,164 | |
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 for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a three-tiered hierarchy of valuation input levels.
| | |
| Level 1 – | | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| Level 2 – | | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3 – | | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
| | | | | | | | | | | | | | | | |
| Equity Index | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 731,257,686 | | | $ | — | | | $ | — | | | $ | 731,257,686 | |
Warrants | | | 111,704 | | | | — | | | | — | | | | 111,704 | |
Investments Purchased with Collateral from Securities Lending | | | 94,369,055 | | | | — | | | | — | | | | 94,369,055 | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 11,818,183 | | | | — | | | | — | | | | 11,818,183 | |
U.S. Government & Agency Obligations | | | — | | | | 3,398,759 | | | | — | | | | 3,398,759 | |
Derivatives: | | | | | | | | | | | | | | | | |
Futures Contracts** | | | (415,303 | ) | | | — | | | | — | | | | (415,303 | ) |
Total | | $ | 837,141,325 | | | $ | 3,398,759 | | | $ | — | | | $ | 840,540,084 | |
| | | | | | | | | | | | | | | | |
| Mid Cap Index | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 363,463,741 | | | $ | — | | | $ | — | | | $ | 363,463,741 | |
Investments Purchased with Collateral from Securities Lending | | | 93,435,950 | | | | — | | | | — | | | | 93,435,950 | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 24,874,414 | | | | — | | | | — | | | | 24,874,414 | |
U.S. Government & Agency Obligations | | | — | | | | 2,349,142 | | | | — | | | | 2,349,142 | |
Derivatives: | | | | | | | | | | | | | | | | |
Futures Contracts** | | | (750,125 | ) | | | — | | | | — | | | | (750,125 | ) |
Total | | $ | 481,023,980 | | | $ | 2,349,142 | | | $ | — | | | $ | 483,373,122 | |
| * | Refer to the Fund’s Portfolio of Investments for industry classifications and Common Stocks classified as Level 2, where applicable. |
| ** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | |
| Small Cap Index | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 76,546,179 | | | $ | 15,364 | | | $ | — | *** | | $ | 76,561,543 | |
Exchange-Traded Funds | | | 10,011 | | | | — | | | | — | | | | 10,011 | |
Rights | | | — | | | | — | | | | — | *** | | | — | *** |
Warrants | | | — | | | | — | | | | 10 | | | | 10 | |
Investments Purchased with Collateral from Securities Lending | | | 25,733,390 | | | | — | | | | — | | | | 25,733,390 | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 6,055,479 | | | | — | | | | — | | | | 6,055,479 | |
U.S. Government & Agency Obligations | | | — | | | | 619,774 | | | | — | | | | 619,774 | |
Derivatives: | | | | | | | | | | | | | | | | |
Futures Contracts** | | | (253,265 | ) | | | — | | | | — | | | | (253,265 | ) |
Total | | $ | 108,091,794 | | | $ | 635,138 | | | $ | 10 | | | $ | 108,726,942 | |
| * | Refer to the Fund’s Portfolio of Investments for industry classifications and Common Stocks classified as Level 2, where applicable. |
| ** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
| *** | Level 3 securities have a market value of zero. Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. |
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
3. 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 October 31, 2012, 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 Derivatives | | | Liability Derivatives | |
| | | Location | | Value | | | Location | | Value | |
Equity | | Futures
Contracts | | Receivable for variation margin
on futures contracts | | $ | — | | | Payable for variation margin
on futures contracts* | | $ | (415,303 | ) |
| * | Value represents cumulative gross unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the deposits with brokers, if any, or the receivable or payable for variation margin on futures contracts presented on the Statement of Assets and Liabilities. |
| | | | | | | | | | | | | | |
| Mid Cap Index | |
| | | | | Location on the Statement of Assets and Liabilities | |
Underlying Risk Exposure | | Derivative Instrument | | Asset Derivatives | | | Liability Derivatives | |
| | | Location | | Value | | | Location | | Value | |
Equity | | Futures
Contracts | | Receivable for variation margin
on futures contracts | | $ | — | | | Payable for variation margin
on futures contracts* | | $ | (750,125 | ) |
| | | | | | | | | | | | | | |
| Small Cap Index | |
| | | | | Location on the Statement of Assets and Liabilities | |
Underlying Risk Exposure | | Derivative Instrument | | Asset Derivatives | | | Liability Derivatives | |
| | | Location | | Value | | | Location | | Value | |
Equity | | Futures
Contracts | | Receivable for variation margin
on futures contracts | | $ | — | | | Payable for variation margin
on futures contracts* | | $ | (253,265 | ) |
| * | Value represents cumulative gross unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the deposits with brokers, if any, or the receivable or payable for variation margin on futures contracts presented on the Statement of Assets and Liabilities. |
The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the fiscal year ended October 31, 2012, 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 | | $ | 4,945,104 | | | $ | 4,173,352 | | | $ | 1,249,190 | |
| | | | | | | | | | | | |
| Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts | | Equity
Index | | | Mid Cap
Index | | | Small Cap
Index | |
Risk Exposure | | | | | | | | | | | | |
Equity | | | $(1,675,496) | | | $ | (2,256,395 | ) | | $ | (681,440 | ) |
4. Fund Shares
Transactions in Fund shares were as follows:
| | | | | | | | | | | | | | | | |
| | | Equity Index | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 1,565,578 | | | $ | 32,573,077 | | | | 816,626 | | | $ | 17,730,870 | |
Class B | | | 1,923 | | | | 40,697 | | | | 174 | | | | 3,737 | |
Class C | | | 32,367 | | | | 681,241 | | | | 37,219 | | | | 806,830 | |
Class R3 | | | 1,686,774 | | | | 34,626,244 | | | | 874,238 | | | | 18,843,033 | |
Class I | | | 3,126,028 | | | | 66,548,536 | | | | 3,253,969 | | | | 70,569,858 | |
Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 534,372 | | | | 10,534,883 | | | | 411,949 | | | | 8,776,775 | |
Class B | | | 16,221 | | | | 310,099 | | | | 22,005 | | | | 460,694 | |
Class C | | | 31,469 | | | | 607,252 | | | | 24,980 | | | | 526,634 | |
Class R3 | | | 74,656 | | | | 1,476,448 | | | | 53,292 | | | | 1,132,220 | |
Class I | | | 1,846,960 | | | | 36,350,716 | | | | 1,697,028 | | | | 36,161,240 | |
| | | | 8,916,348 | | | | 183,749,193 | | | | 7,191,480 | | | | 155,011,891 | |
Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (1,231,749 | ) | | | (25,949,515 | ) | | | (1,238,649 | ) | | | (27,109,684 | ) |
Class B | | | (99,634 | ) | | | (2,107,732 | ) | | | (168,827 | ) | | | (3,677,889 | ) |
Class C | | | (86,922 | ) | | | (1,829,888 | ) | | | (79,043 | ) | | | (1,706,016 | ) |
Class R3 | | | (915,878 | ) | | | (18,254,601 | ) | | | (867,703 | ) | | | (18,863,985 | ) |
Class I | | | (7,940,588 | ) | | | (169,072,981 | ) | | | (11,941,637 | ) | | | (262,511,489 | ) |
| | | | (10,274,771 | ) | | | (217,214,717 | ) | | | (14,295,859 | ) | | | (313,869,063 | ) |
Net increase (decrease) | | | (1,358,423 | ) | | $ | (33,465,524 | ) | | | (7,104,379 | ) | | $ | (158,857,172 | ) |
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | |
| | | Mid Cap Index | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 4,786,260 | | | $ | 61,327,454 | | | | 3,592,756 | | | $ | 47,969,185 | |
Class C | | | 184,279 | | | | 2,337,668 | | | | 77,394 | | | | 1,029,313 | |
Class R3 | | | 4,393,557 | | | | 56,768,086 | | | | 4,088,313 | | | | 53,833,459 | |
Class I | | | 2,969,633 | | | | 39,492,829 | | | | 3,630,449 | | | | 48,404,197 | |
Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 232,338 | | | | 2,749,626 | | | | 18,543 | | | | 243,472 | |
Class C | | | 9,633 | | | | 110,394 | | | | — | | | | — | |
Class R3 | | | 226,691 | | | | 2,645,480 | | | | 11,361 | | | | 147,814 | |
Class I | | | 324,664 | | | | 3,870,284 | | | | 45,808 | | | | 602,840 | |
| | | | 13,127,055 | | | | 169,301,821 | | | | 11,464,624 | | | | 152,230,280 | |
Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (2,775,392 | ) | | | (35,406,321 | ) | | | (1,306,952 | ) | | | (17,153,207 | ) |
Class C | | | (59,605 | ) | | | (772,002 | ) | | | (79,166 | ) | | | (1,002,954 | ) |
Class R3 | | | (1,356,907 | ) | | | (17,055,217 | ) | | | (1,217,533 | ) | | | (16,165,349 | ) |
Class I | | | (4,269,222 | ) | | | (55,602,149 | ) | | | (4,679,157 | ) | | | (62,871,313 | ) |
Class I – In-kind | | | — | | | | — | | | | (2,670,858 | ) | | | (35,014,943 | ) |
| | | | (8,461,126 | ) | | | (108,835,689 | ) | | | (9,953,666 | ) | | | (132,207,766 | ) |
Net increase (decrease) | | | 4,665,929 | | | $ | 60,466,132 | | | | 1,510,958 | | | $ | 20,022,514 | |
| | | | | | | | | | | | | | | | |
| | | Small Cap Index | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 1,247,414 | | | $ | 13,644,265 | | | | 1,149,404 | | | $ | 12,460,157 | |
Class C | | | 12,089 | | | | 129,838 | | | | 24,621 | | | | 265,641 | |
Class R3 | | | 1,082,989 | | | | 11,770,605 | | | | 1,009,181 | | | | 10,725,448 | |
Class I | | | 494,689 | | | | 5,537,916 | | | | 736,712 | | | | 7,952,841 | |
Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 5,536 | | | | 58,018 | | | | 7,019 | | | | 77,632 | |
Class C | | | — | | | | — | | | | — | | | | — | |
Class R3 | | | 308 | | | | 3,152 | | | | 2,020 | | | | 21,831 | |
Class I | | | 9,689 | | | | 101,546 | | | | 14,973 | | | | 165,746 | |
| | | | 2,852,714 | | | | 31,245,340 | | | | 2,943,930 | | | | 31,669,296 | |
Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (643,542 | ) | | | (7,181,134 | ) | | | (576,592 | ) | | | (6,078,774 | ) |
Class C | | | (32,384 | ) | | | (351,107 | ) | | | (64,662 | ) | | | (661,129 | ) |
Class R3 | | | (460,033 | ) | | | (4,983,290 | ) | | | (345,704 | ) | | | (3,647,858 | ) |
Class I | | | (1,440,057 | ) | | | (15,655,249 | ) | | | (1,673,238 | ) | | | (18,669,132 | ) |
| | | | (2,576,016 | ) | | | (28,170,780 | ) | | | (2,660,196 | ) | | | (29,056,893 | ) |
Net increase (decrease) | | | 276,698 | | | $ | 3,074,560 | | | | 283,734 | | | $ | 2,612,403 | |
Class B Shares that converted to Class A Shares (reflected as a component of Class A Shares sold and Class B Shares redeemed) during the fiscal year ended October 31, 2012 and the fiscal year October 31, 2011, were as follows:
| | | | | | | | |
| Fund | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
Equity Index | | | 119,955 | | | | 115,186 | |
5. Investment Transactions
Purchases and sales (excluding investments purchased with collateral from securities lending, short-term investments and derivative transactions) during the fiscal year ended October 31, 2012, were as follows:
| | | | | | | | | | | | |
| | | Equity
Index | | | Mid Cap
Index | | | Small Cap
Index | |
Purchases | | $ | 10,607,126 | | | $ | 85,684,344 | | | $ | 16,829,739 | |
Sales | | | 55,374,596 | | | | 24,001,959 | | | | 12,926,922 | |
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 October 31, 2012, 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 | | $ | 511,588,774 | | | $ | 432,680,524 | | | $ | 96,265,450 | |
Gross unrealized: | | | | | | | | | | | | |
Appreciation | | $ | 384,241,312 | | | $ | 79,993,249 | | | $ | 22,447,687 | |
Depreciation | | | (54,874,699 | ) | | | (28,550,526 | ) | | | (9,732,930 | ) |
Net unrealized appreciation (depreciation) of investments | | $ | 329,366,613 | | | $ | 51,442,723 | | | $ | 12,714,757 | |
Permanent differences, primarily due to tax equalization, distribution reclass and REIT adjustments, resulted in reclassifications among the Funds’ components of net assets at October 31, 2012, the Funds’ tax year-end, as follows:
| | | | | | | | | | | | |
| | | Equity
Index | | | Mid Cap
Index | | | Small Cap
Index | |
Capital paid-in | | $ | 1,851,845 | | | $ | 515,690 | | | $ | 49,523 | |
Undistributed (Over-distribution of) net investment income | | | (196,243 | ) | | | (166,451 | ) | | | (100,037 | ) |
Accumulated net realized gain (loss) | | | (1,655,602 | ) | | | (349,239 | ) | | | 50,514 | |
The tax components of undistributed net ordinary income and net long-term capital gains at October 31, 2012, the Funds’ tax year end, were as follows:
| | | | | | | | | | | | |
| | | Equity
Index | | | Mid Cap
Index | | | Small Cap
Index | |
Undistributed net ordinary income* | | $ | 3,112,246 | | | $ | 3,844,283 | | | $ | 523,884 | |
Undistributed net long-term capital gains | | | 16,461,320 | | | | 11,757,407 | | | | 3,283,290 | |
| * | 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’ tax years ended October 31, 2012 and October 31, 2011, was designated for purposes of the dividends paid deduction as follows:
| | | | | | | | | | | | |
| 2012 | | Equity
Index | | | Mid Cap
Index | | | Small Cap
Index | |
Distributions from net ordinary income* | | $ | 14,462,592 | | | $ | 1,386,875 | | | $ | 262,649 | |
Distributions from net long-term capital gains | | | 51,723,954 | | | | 11,165,318 | | | | — | |
| | | |
| 2011 | | Equity
Index | | | Mid Cap
Index | | | Small Cap
Index | |
Distributions from net ordinary income* | | $ | 14,500,272 | | | $ | 1,851,088 | | | $ | 485,479 | |
Distributions from net long-term capital gains | | | 52,878,282 | | | | — | | | | — | |
| * | Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
During the Funds’ tax year ended October 31, 2012, the following Fund utilized its capital loss carryforwards as follows:
| | | | |
| | | Small Cap
Index | |
Utilized capital loss carryforwards | | $ | 621,911 | |
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of RICs. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.
Notes to Financial Statements (continued)
The Act also contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.
During the Funds’ tax year ended October 31, 2012, there were no post-enactment capital losses generated by any of the Funds.
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
| | | | | | | | | | | | |
| Average Daily Net Assets | | Equity
Index Fund-Level Fee Rate | | | Mid Cap
Index Fund-Level Fee Rate | | | Small Cap
Index Fund-Level Fee Rate | |
For the first $125 million | | | .1000 | % | | | .1500 | % | | | .1500 | % |
For the next $125 million | | | .0875 | | | | .1375 | | | | .1375 | |
For the next $250 million | | | .0750 | | | | .1250 | | | | .1250 | |
For the next $500 million | | | .0625 | | | | .1125 | | | | .1125 | |
For the next $1 billion | | | .0500 | | | | .1000 | | | | .1000 | |
For net assets over $2 billion | | | .0250 | | | | .0750 | | | | .0750 | |
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:
| | | | |
| Complex-Level Asset Breakpoint Level* | | Effective Rate at Breakpoint Level | |
$55 billion | | | .2000 | % |
$56 billion | | | .1996 | |
$57 billion | | | .1989 | |
$60 billion | | | .1961 | |
$63 billion | | | .1931 | |
$66 billion | | | .1900 | |
$71 billion | | | .1851 | |
$76 billion | | | .1806 | |
$80 billion | | | .1773 | |
$91 billion | | | .1691 | |
$125 billion | | | .1599 | |
$200 billion | | | .1505 | |
$250 billion | | | .1469 | |
$300 billion | | | .1445 | |
| * | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by the TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of October 31, 2012, the complex-level fee rate for each Fund was as follows: |
| | | | |
| Fund | | Complex-Level Fee Rate | |
Equity Index | | | .1998 | % |
Mid Cap Index | | | .1878 | |
Small Cap Index | | | .1936 | |
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser will be compensated for its services to the Funds from the management fees paid to the Adviser.
The Adviser has contractually agreed to waive fees and/or reimburse expenses of each Fund so that total annual Fund operating expenses, after waivers and/or expense reimbursements and excluding any acquired fund fees and expenses, do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table:
| | | | | | | | | | | | |
| | | Equity
Index | | | Mid Cap
Index | | | Small Cap
Index | |
Class A Shares | | | .62 | % | | | .75 | % | | | .83 | % |
Class B Shares | | | 1.37 | | | | N/A | | | | N/A | |
Class C Shares | | | 1.37 | | | | 1.50 | | | | 1.58 | |
Class R3 Shares | | | .87 | | | | 1.00 | | | | 1.08 | |
Class I Shares | | | .37 | | | | .50 | | | | .58 | |
Expiration date | | | February 28, 2013 | | | | February 28, 2013 | | | | February 28, 2013 | |
N/A – Mid Cap Index and Small Cap Index do not offer Class B Shares.
The Adviser may also voluntarily reimburse expenses from time to time in any of the Funds. Voluntary reimbursements may be terminated at any time at the Adviser’s discretion.
The Trust pays no compensation directly to those of its directors who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board of Directors has adopted a deferred compensation plan for independent directors that enable directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Class A Shares are offered at their net asset value per share with no up-front sales charge. During the fiscal year ended October 31, 2012, Nuveen Securities, LLC (the “Distributor”), a wholly owned subsidiary of Nuveen, received 12b-1 service fees in Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the fiscal year ended October 31, 2012, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
| | | | | | | | | | | | |
| | | Equity
Index | | | Mid Cap
Index | | | Small Cap
Index | |
Commission advances (Unaudited) | | $ | 4,913 | | | $ | 5,595 | | | $ | 1,223 | |
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class B and C Shares during the first year following a purchase were retained by the Distributor. During the fiscal year ended October 31, 2012, the Distributor retained such 12b-1 fees as follows:
| | | | | | | | | | | | |
| | | Equity
Index | | | Mid Cap
Index | | | Small Cap
Index | |
12b-1 fees retained (Unaudited) | | $ | 37,670 | | | $ | 7,536 | | | $ | 4,025 | |
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the fiscal year ended October 31, 2012, as follows:
| | | | | | | | | | | | |
| | | Equity
Index | | | Mid Cap
Index | | | Small Cap
Index | |
CDSC retained (Unaudited) | | $ | 2,679 | | | $ | 608 | | | $ | — | |
8. New Accounting Pronouncements
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11 (“ASU No. 2011-11”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statement of Assets and Liabilities. This information will enable users of the entity’s financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.
Trustees and Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is currently set at ten. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
The Funds’ Statement of Additional Information (“SAI”) includes more information about the trustees. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds’ website at www.nuveen.com.
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (1) | | Principal Occupation(s) Including other Directorships During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Trustee |
| | |
| Independent Trustees: | | | | |
Robert P. Bremner 8/22/40 333 W. Wacker Drive Chicago, IL 60606 | | Chairman of the Board and Trustee | | 1996 | | Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute. | | 217 |
Jack B. Evans 10/22/48 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 1999 | | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | | 217 |
William C. Hunter 3/6/48 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2004 | | Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at George Washington University. | | 217 |
David J. Kundert 10/28/42 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2005 | | Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation. | | 217 |
William J. Schneider 9/24/44 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 1996 | | Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council; member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank. | | 217 |
Judith M. Stockdale 12/29/47 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 1997 | | Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | | 217 |
Carole E. Stone 6/28/47 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2007 | | Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007). | | 217 |
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (1) | | Principal Occupation(s) During Past Five Years | | Number of Portfolios in Fund Complex Overseen by Trustee |
Virginia L. Stringer 8/16/44 333 West Wacker Drive Chicago, IL 60606 | | Trustee | | 2011 | | Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010). | | 217 |
Terence J. Toth 9/29/59 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2008 | | Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008); Mather Foundation Board (since 2012) and a member of its investment committee; formerly, member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). | | 217 |
| | |
| Interested Trustee: | | | | |
John P. Amboian (2) 6/14/61 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2008 | | Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc. | | 217 |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
| | |
| Officers of the Funds: | | | | |
Gifford R. Zimmerman 9/9/56 333 W. Wacker Drive Chicago, IL 60606 | | Chief Administrative Officer | | 1988 | | Managing Director (since 2002), Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2006) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst. | | 217 |
Margo L. Cook 4/11/64 333 W. Wacker Drive Chicago, IL 60606 | | Vice President | | 2009 | | Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011) previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst. | | 217 |
Trustees and Officers (Unaudited) (continued)
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
Lorna C. Ferguson 10/24/45 333 W. Wacker Drive Chicago, IL 60606 | | Vice President | | 1998 | | Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004). | | 217 |
Stephen D. Foy 5/31/54 333 W. Wacker Drive Chicago, IL 60606 | | Vice President and Controller | | 1998 | | Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant. | | 217 |
Scott S. Grace 8/20/70 333 W. Wacker Drive Chicago, IL 60606 | | Vice President and Treasurer | | 2009 | | Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation. | | 217 |
Walter M. Kelly 2/24/70 333 W. Wacker Drive Chicago, IL 60606 | | Chief Compliance Officer and Vice President | | 2003 | | Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc; Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC. | | 217 |
Tina M. Lazar 8/27/61 333 W. Wacker Drive Chicago, IL 60606 | | Vice President | | 2002 | | Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc. | | 217 |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) Including other Directorships During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
Kevin J. McCarthy 3/26/66 333 W. Wacker Drive Chicago, IL 60606 | | Vice President and Secretary | | 2007 | | Managing Director and Assistant Secretary (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007). | | 217 |
Kathleen L. Prudhomme 3/30/53 901 Marquette Avenue Minneapolis, MN 55402 | | Vice President and Assistant Secretary | | 2011 | | Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010). | | 217 |
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) Including other Directorships During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
Jeffery M. Wilson 3/13/56 333 West Wacker Drive Chicago, IL 60606 | | Vice President | | 2011 | | Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010). | | 100 |
| (1) | Trustees serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the trustee was first elected or appointed to any fund in the Nuveen Fund Complex. |
| (2) | Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds. |
| (3) | Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen Fund Complex. |
Annual Investment Management Agreement Approval Process
(Unaudited)
The Board of Directors (each, a “Board” and each Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, Inc. (the “Advisor”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Advisor and Nuveen Asset Management, LLC (the “Sub-Advisor”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 21-23, 2012 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.
In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (the Advisor and the Sub-Advisor are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 18-19, 2012, to review the Funds’ investment performance and consider an analysis provided by the Advisor of the Sub-Advisor which generally evaluated the Sub-Advisor’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.
The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and the Sub-Advisor. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and reports on compliance, regulatory matters and risk management. The Board also meets with key investment personnel managing the Fund portfolios during the year. In October 2011, the Board also created two new standing committees (the Open-end Fund Committee and the Closed-end Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive issues and business practices of open-end and closed-end funds.
In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. Further, an ad hoc committee of the Board visited the then-current transfer agents of the Nuveen funds in 2011 and the audit committee of the Board visited the various pricing agents for the Nuveen funds in January 2012.
The Board considers factors and information that are relevant to its annual consideration of the renewal of the Advisory Agreements at the meetings held throughout the year. Accordingly, the Board considers the information provided and knowledge gained at these meetings when performing its annual review of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.
The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
A. Nature, Extent and Quality of Services
In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Advisor and its affiliates, the commitment of the Advisor to provide high quality service to the Funds, their overall confidence in the Advisor’s integrity and the Advisor’s
responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.
In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisor generally provides the portfolio investment management services to the Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Advisor’s investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Advisor’s execution of its oversight responsibilities over the Sub-Advisor. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures.
In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management. In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the open-end fund product line. These initiatives included efforts to eliminate product overlap through mergers or liquidations; commencement of various new funds; elimination of insurance mandates for various funds; updates in investment policies or guidelines for several funds; and reductions in management fees and expense caps for certain funds.
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
B. The Investment Performance of the Funds and Fund Advisers
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data compiled by Nuveen that was provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks (i.e., benchmarks derived from multiple recognized benchmarks).
The Board reviewed reports, including a comprehensive analysis of the Funds’ performance and the applicable investment team. In this regard, the Board reviewed each Fund’s total return information compared to the returns of its Performance Peer Group and recognized and/or customized benchmarks for the quarter, one-, three- and five-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012.
In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period. In addition, although the performance below reflects the performance results for the time periods ending as of the most recent calendar year end (unless otherwise indicated), the Board also recognized that selecting a different ending time period may derive different results. Furthermore, while the Board is cognizant of the relevant performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and recognized that the objectives, investment parameters and guidelines of peers and/or benchmarks may differ to some extent, thereby resulting in differences in performance results. Nevertheless, with respect to any Nuveen funds that the Board considers to have underperformed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.
In considering the results of the comparisons for the Funds, the Independent Board Members observed, among other things, that the Nuveen Mid Cap Index Fund and the Nuveen Equity Index Fund (the “Equity Index Fund”) had each demonstrated generally favorable performance in comparison to peers, performing in the first or second quartile over various periods, while the Nuveen Small Cap Index Fund had satisfactory performance compared to its peers, performing in the third quartile over various periods.
Annual Investment Management Agreement Approval Process
(Unaudited) (continued)
Based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.
C. Fees, Expenses and Profitability
1. Fees and Expenses
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; and the timing of information used may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.
In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the overwhelming majority of the Nuveen funds were at, close to or below their Peer Group or Peer Universe (if no separate Peer Group) average based on the net total expense ratio.
The Independent Board Members observed that the Equity Index Fund had a net expense ratio higher than its peer average, but a net management fee in line with its peer average, while each of the other Funds had net management fees and a net expense ratio (including fee waivers and expense reimbursements, if any) below their respective peer averages.
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
The Independent Board Members further reviewed information regarding the nature of services and range of fees offered by the Advisor to other clients, including separately managed accounts (both retail and institutional accounts), collective trusts, foreign investment funds offered by Nuveen and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other Nuveen funds, funds of other sponsors (if any), and other clients (such as retail and/or institutional managed accounts).
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2011. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).
In reviewing profitability, the Independent Board Members recognized the Advisor’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel in compliance, risk management, and product development as well as its ability to allocate resources to various areas of the Advisor as the need arises. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided.
With respect to sub-advisers affiliated with Nuveen, including the Sub-Advisor, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Advisor’s level of profitability was reasonable in light of the services provided.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase.
In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc., the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.
E. Indirect Benefits
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered, among other things, any sales charges, distribution fees and shareholder services fees received and retained by the Funds’ principal underwriter, an affiliate of the Advisor, which includes fees received pursuant to any 12b-1 plan. The Independent Board Members, therefore, considered the 12b-1 fees retained by Nuveen during the last calendar year.
In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that each Fund Adviser has the authority to pay a higher commission in return for brokerage and research services if it determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and may benefit from such soft dollar arrangements. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by a Fund Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Fund Adviser to manage the Fund. The Independent Board Members noted that the Fund Advisers’ profitability may be somewhat lower if they did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.
Annual Investment Management Agreement Approval Process
(Unaudited) (continued)
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
Notes
Notes
Notes
Glossary of Terms Used in this Report
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested distributions and capital gains, if any) over the time period being considered.
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
Lipper S&P 500® Index Objective Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper S&P 500® Index Objective Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
Lipper Mid-Cap Core Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Mid-Cap Core Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
Lipper Small-Cap Core Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Small-Cap Core Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
Russell 2000® Index: An index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P 500® Index: An unmanaged index generally considered representative of the U.S. stock market. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P MidCap 400® Index: An unmanaged, market value-weighted index of 400 mid-cap companies. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the Fund’s dividends paid deduction.
Additional Fund Information
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
PricewaterhouseCoopers LLP
Chicago, IL
Custodian
U.S. Bank National Association
St. Paul, MN
Transfer Agent and Shareholder Services
Boston Financial
Data Services, Inc.
Nuveen Investor Services
P.O. Box 8530
Boston, MA 02266-8530
(800) 257-8787
Distribution Information: The Funds hereby designate their percentages of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction (“DRD”) for corporations and their percentages as qualified dividend income (“QDI”) for individuals under Section 1 (h)(11) of the Internal Revenue Code as shown in the accompanying table. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.
| | | | | | | | |
| Fund | | % of DRD | | | % of QDI | |
Nuveen Equity Index | | | 100 | % | | | 100 | % |
Nuveen Mid Cap Index | | | 100 | % | | | 100 | % |
Nuveen Small Cap Index | | | 100 | % | | | 100 | % |
Long Term Capital Gain Distributions: The following Funds designate as a long term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amounts shown in the accompanying table or, if greater, the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2012:
| | | | |
| Fund | | Long Term
Capital Gain
Dividend | |
Nuveen Equity Index Fund | | $ | 53,316,650 | |
Nuveen Mid Cap Index Fund | | | 11,653,500 | |
Quarterly Portfolio of Investments and Proxy Voting information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how each Fund 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 each Fund 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:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $220 billion as of September 30, 2012.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mf
| | |
Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com | | |
MAN-FIDX-1012D
Mutual Funds
Nuveen Equity Funds
For investors seeking the potential for long-term capital appreciation.
Annual Report
October 31, 2012
| | | | | | | | | | |
| | | Share Class / Ticker Symbol |
| | | | | |
| Fund Name | | Class A | | Class B | | Class C | | Class R3 | | Class I |
Nuveen Dividend Value Fund | | FFEIX | | FAEBX | | FFECX | | FEISX | | FAQIX |
Nuveen Mid Cap Value Fund | | FASEX | | FAESX | | FACSX | | FMVSX | | FSEIX |
Nuveen Small Cap Value Fund | | FSCAX | | — | | FSCVX | | FSVSX | | FSCCX |
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| | | | | | |
| Must be preceded by or accompanied by a prospectus. | | NOT FDIC INSURED | | MAY LOSE VALUE | | NO BANK GUARANTEE |
Table of Contents
Chairman’s
Letter to Shareholders
Dear Shareholders,
Investors have many reasons to remain cautious. The challenges in the Euro area continue to cast a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. Despite strong action by the European Central Bank, member nations appear unwilling to surrender sufficient sovereignty to unify the Euro area financial system or strengthen its banks. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time is running out.
In the U.S., the extended period of increasing corporate earnings that enabled the equity markets to withstand the downward pressures coming from weakening job creation and slower economic growth appears to be coming to an end. The Fed remains committed to low interest rates and announced a third phase of quantitative easing (QE3) scheduled to continue until mid-2015. The recent election results have removed a major element of uncertainty in the U.S. political picture, but it remains to be seen whether the outcome will reduce the highly partisan atmosphere in Congress and enable progress on the many pressing fiscal and budgetary issues that must be resolved in the coming months.
During the last twelve months, U.S. investors have experienced a solid recovery in the domestic equity markets with increasing volatility as the “fiscal cliff” approaches. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen Fund on your behalf.
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
December 20, 2012
Portfolio Managers’ Comments
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments.
Effective February 29, 2012, the Nuveen Equity Income Fund’s name changed to the Nuveen Dividend Value Fund. There have been no changes in the Fund’s investment objectives or policies. Cori Johnson, CFA, Gerald Bren, CFA, and Derek Sadowsky are the portfolio managers for the Fund. Cori, who has 31 years of investment experience, assumed portfolio management responsibilities in 1996. Gerald, with 40 years of investment experience, has been a manager on this Fund since 1994. During the Fund’s fiscal year, Gerald announced that he will retire from Nuveen Asset Management on December 31, 2012. Derek, who has 14 years of investment experience, became a co-manager on the Nuveen Dividend Value Fund management team in February of 2012. In addition, the Board of Directors and shareholders of the Nuveen Large Cap Value Fund approved the reorganization of that Fund into the Nuveen Dividend Value Fund, which became effective after the close of business on October 12, 2012.
Effective April 10, 2012, Karen Bowie, CFA, and David Chalupnik, CFA, were named co-portfolio managers of the Nuveen Mid Cap Value Fund. Karen and David each have 28 years of investment experience. There have been no changes in the Nuveen Mid Cap Value Fund’s investment objectives or policies.
Karen Bowie is also the portfolio manager for the Nuveen Small Cap Value Fund. She assumed portfolio management responsibilities for the Fund in 2006.
On the following pages, the portfolio management teams for the Funds examine economic and equity market conditions, key investment strategies and the Funds’ performance for the twelve-month period ended October 31, 2012.
What factors affected the U.S. economy and the equity market environments during the twelve-month reporting period ended October 31, 2012?
During this period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. In the third quarter 2012, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.7%, up from 1.3% in the second quarter, marking 13 consecutive quarters of positive growth. The Consumer Price Index (CPI) rose 2.2% year-over-year as of October 2012, while the core CPI (which excludes food and energy) increased 2.0% during the period, staying just within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. As of November 2012, (subsequent to this reporting period), the national unemployment rate was 7.7%, the lowest unemployment rate since December 2008 and below the 8.7% level recorded in November 2011. The slight decrease in unemployment rate from 7.9% in October 2012
was primarily due to workers who are no longer counted as part of the workforce. The housing market, long a major weak spot in the economic recovery, showed signs of a turnaround as existing home sales and residential construction indicators improved and home prices rose modestly. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, the average home price rose 3.0% for the twelve months ended September 2012 (the most recent data available at the time this report was prepared). This marked the largest annual percentage gain for the index since July 2010, although housing prices continued to be off approximately 30% from their mid-2006 peak.
The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by continuing to hold the benchmark fed funds rate at the record low level of zero to 0.25% set in December 2008. Subsequent to the reporting period, the central bank decided during its December 2012 meeting to keep the fed funds rate at “exceptionally low levels” until either the unemployment rate reaches 6.5% or expected inflation goes above 2.5%. The Fed also affirmed its decision, announced in September 2012, to purchase $40 billion of mortgage-backed securities each month in an effort to stimulate the housing market. In addition to this new, open-ended stimulus program, the Fed plans to continue its program to extend the average maturity of its holdings of U.S. Treasury securities through the end of December 2012. The goals of these actions, which together will increase the Fed’s holdings of longer term securities by approximately $85 billion a month through the end of the year, are to put downward pressure on longer term interest rates, make broader financial conditions more accommodative and support a stronger economic recovery as well as continued progress toward the Fed’s mandates of maximum employment and price stability. However, the outlook for the U.S. economy remained clouded by uncertainty regarding the impending “fiscal cliff”, the combination of tax increases and spending cuts scheduled to take effect beginning in January 2013, and the potential impact on the economy.
Domestic and international equity markets were buffeted by concerns about the tepid U.S. economic recovery, the seemingly unending European debt crisis and a broader slowdown in global growth, particularly in China. In addition to the bold monetary policy moves made by the Fed, the European Central Bank (ECB) pledged to do “whatever it takes” to preserve the euro. The ECB unveiled the Outright Monetary Transactions plan, a conditional yet unlimited bond purchase program designed to ensure that financing is available to European governments who are willing to agree to certain fiscal and structural measures.
As these combined actions helped reduce fears, U.S. and overseas equity markets surprised many investors by rallying steadily later in the period. Broad U.S. stock market indexes approached their all-time highs, posting strong double-digit returns for the period as a whole. Large-cap U.S. stocks led the market with a 15.21% one-year return as measured by the S&P 500® Index, reaching a level not seen since May of 2008. Domestic small- and mid-cap stocks also produced strong returns of 12.08% and 12.15% during the fiscal year period, as measured by the Russell 2000® and the Russell Midcap® Indexes, respectively. Across all market cap segments, the best-performing areas of the U.S. equity market during the year included the health care, financial and consumer discretionary sectors. Energy was the biggest laggard across the board, while technology stocks also underperformed, particularly in the smaller capitalization ranges. Meanwhile, the steps
taken in Europe to reduce financial risk helped overseas markets recover some of their losses from the summer months. Developed markets fared better than emerging markets, posting a 12-month return of 5.15% according to the MSCI EAFE Index, which tracks the performance of stocks from markets in Europe, Australasia and the Far East. Emerging markets never fully recovered after their dramatic sell-off in 2011, ending the fiscal year period with a 2.63% return, as measured by the MSCI Emerging Markets Index.
Nuveen Dividend Value Fund
How did the Fund perform during the twelve-month period ended October 31, 2012?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper classification average, but underperformed the Russell 1000® Value Index and S&P 500® Index during the twelve-month period. Effective February 29, 2012, the Fund’s primary benchmark, the S&P 500® Index, was changed to the Russell 1000® Value Index to better reflect the Fund’s value-oriented approach and focus on dividend paying companies. There have been no changes in the way the Fund is managed.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
During the reporting period, we continued to implement the Fund’s disciplined investment strategy. We seek to achieve consistent, long-term outperformance with lower volatility by building and managing a portfolio diversified between core and opportunistic holdings with a focus on what we believe are attractively valued companies with above average current income or dividend growth. We use an integrated, multi-perspective research and analysis approach that involves a team of portfolio managers, fundamental research analysts and quantitative analysts. The Fund’s holdings exhibit attractive valuations and identifiable catalysts that we believe will drive future stock appreciation. The Fund is also actively managed in an effort to minimize distributed capital gains and maximize after-tax returns using a typical investment horizon of at least two to three years. We adhere to portfolio guidelines to manage volatility and maintain diversification, generally selling a security if it no longer is expected to meet our dividend growth or price appreciation expectations or if we find a better alternative in the marketplace.
The Fund’s performance was enhanced by stock selection in information technology and consumer staples and an underweight in utilities. In technology, Seagate Technology, a maker of hard disk drives, benefited from increased industry consolidation and supply outages at a competitor due to flooding in Thailand. We anticipate industry dynamics to remain positive as only two major competitors remain, down from five just two years ago, which could drive valuations higher. MasterCard, Inc. continued to perform well as demand for paperless transactions continued to grow, leading to strong earnings growth. We expect this favorable trend to continue as 85% of the world still conducts transactions via cash. The Fund also benefited from not owning companies with direct exposure to the personal computer market, such as Dell Inc. and Hewlett-Packard Co., which continued to
see a secular decline as tablets and ultrabooks increased their market share. In consumer staples, the Fund’s results were positively impacted by our holding in Kimberly-Clark Corporation, a household products company. Kimberly-Clark benefited from demand for diapers in the emerging markets and incontinence products in the aging developed markets. Fund performance also benefited from our position in Philip Morris International, the global tobacco company, which continued to benefit from emerging market demand for tobacco products. Finally, the Fund’s underweight position in utilities added to performance as these companies have been expensive as compared to historical metrics and lagged the overall market’s performance.
The Fund underperformed the Russell 1000® Value Index and S&P 500® Index over this period primarily due to unfavorable security selection in the telecommunications, industrial, health care and material sectors. In telecommunications, the Fund’s position in wireline cable provider Windstream Corporation was particularly weak. The company reported continued revenue and earnings declines as it lost market share to wireless competitors and investors grew concerned that long-term cash generation would not be supportive of its dividend. However, we continued to own Windstream as we believed that reduced capital requirements in 2013 would allow the company to maintain adequate liquidity. In industrial, the Fund’s holdings in Emerson Electric Company and United Technologies Corporation contributed negatively to performance. Emerson, an electrical equipment manufacturer, was hindered by slowing growth in emerging markets and a lack of developed market growth due to the economic crisis in Europe. We continue to own Emerson as we believe long-term growth prospects in emerging markets are still in place and European weakness is likely near the bottom. United Technologies, an aerospace and defense company, was negatively impacted by several factors: slowing construction in China which affected its Otis elevator business; a slowdown in aerospace parts demand, especially from Europe; and the overhang from leverage incurred in the Goodrich acquisition. We also continued to hold onto United Technologies as we believe the Goodrich acquisition will result in significant synergies and more stable earnings going forward, resulting in a higher valuation. Health care performance was negatively impacted by our stock selection in pharmaceutical companies as the Fund did not hold a large enough position in Merck & Company, Inc., which benefited from a strong pipeline and its new management’s focus on unlocking shareholder value. In addition, health maintenance organization Humana Inc. fell short of expectations. The company faced medical cost increases as more people are getting back to work and using health care services. We sold the Fund’s position in Humana during the fiscal year. Finally in materials, the Fund’s positions in Potash Corporation of Saskatchewan and E.I. DuPont de Nemours and Company were detrimental to relative results. Potash, a global fertilizer company, was negatively impacted by lackluster demand for fertilizer products globally, which pressured pricing. Also across the materials sector, the higher beta chemical companies outperformed the more diversified firms during the fiscal year. This trend negatively impacted DuPont as its more diversified portfolio did not provide the same type of leverage, leading the company to underperform the sector. Although we sold the Fund’s position in Potash, we continued to own DuPont as we view its shares as attractively valued given the growth potential of its agricultural seed and chemical businesses. In addition, we believe the pending sale of the company’s performance coatings business could improve future operating margins.
Nuveen Mid Cap Value Fund
How did the Fund perform during the twelve-month period ended October 31, 2012?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed both the Russell Midcap® Value Index and the Lipper classification average during the twelve-month period.
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 our perception of fair value. We look for companies that generate strong free cash flow, which allows them to pay down debt, increase dividends, repurchase shares or engage in merger and acquisition activities. At the same time, we identify a short- or long-term catalyst we can track and monitor over time that could potentially propel each stock to realize its value. Generally, we sold a holding if the stock price reached its target, the company’s fundamentals or competitive position significantly deteriorated or if a better alternative existed in the marketplace.
The Fund fell short of the Russell benchmark and Lipper average returns primarily due to stock selection in the technology and health care sectors. However, elsewhere in the portfolio, we did experience several bright spots in terms of sector weights and stock selection. The best-performing area in the Fund was utilities, both in terms of stock selection and an underweight position, as utilities underperformed the broad benchmark during the fiscal year period. The Fund benefited from strong performance by American Water Works Company, one of only two public water utilities in the U.S. with a presence in more than 30 states and two Canadian provinces. As water became a more valuable asset, the company experienced strong earnings growth for a utility as it grew and made operations more efficient through acquisitions. We eventually sold American Water Works because it hit our price target during the period. Also, NV Energy Inc., a Nevada-based electric utility, performed well for the Fund. NV Energy beat earnings expectations as it benefited from strong cash generation and limited near-term regulatory risk. Another electric utility outperformer was restructuring story Edison International, which had been under pressure for some time due to its ownership of several older coal-fired power plants subject to onerous EPA regulations. During the period, Edison filed bankruptcy for the assets, effectively removing these money-losing operations from its balance sheet. Edison is left with a pure regulated utility, which was the catalyst for its strong stock advance. Performance was also aided by our security selection in the housing-related area of the consumer discretionary sector. Two of the Fund’s standouts included appliance
manufacturer Whirlpool Corporation and home builder D.R. Horton, Inc. Both companies benefited as a number of positive housing indicators were released as the period progressed. We continue to own Whirlpool and D.R. Horton.
Technology was the Fund’s worst-performing sector as several hardware and software holdings turned in negative relative results. On the hardware side, telecommunications equipment provider Polycom Inc. saw its share price fall after the company did not meet earnings expectations. Investors began to fear the company was losing market share to various other competitors that offer less expensive options. In terms of software, shares of electronics payment provider VeriFone Holdings Inc. underperformed after its revenue growth in the summer quarter did not hit expectations. The company is experiencing increased competition from mobile payment providers, which is negatively impacting growth expectations. While mobile payments are a small piece of the electronics payment industry, they are becoming more visible and growing. We sold the Fund’s positions in both Polycom and VeriFone during the period. The health care sector also detracted from relative results as the Fund’s holdings in health maintenance organizations (HMOs) and specialty pharmaceuticals did not meet expectations. In particular, HMO Humana underperformed because of medical cost increases as more people are getting back to work and using health care services. We sold the Fund’s position in Humana during the fiscal year. Also, some of the Fund’s specialty pharmaceutical holdings such as Warner Chilcott and Endo Pharmaceuticals Holdings Inc. declined during the period due to the lack of catalysts. Although both Warner and Endo still generate a significant amount of cash, they have older drugs with low visibility to their pipelines. We had anticipated that both firms would be acquired by competitors during the period. Although Warner hired an investment banker, the company found no buyers and instead instituted a significant share buyback. Therefore we sold the Fund’s position, but continued to hold the Endo position. Detractors outweighed contributors in the financial sector. The Fund experienced strong performance from its holdings in capital markets and diversified financial names, which were aided by good core operating results. However, our underweight position in the strongly performing sector, along with a few select laggards, caused the Fund to underperform. More specifically, our underexposure to the insurance sector was detrimental as well as exposure to Unum Group, a diversified insurance firm. Low interest rates and concerns regarding product sales detracted from Unum’s performance. In addition, large regional bank Comerica Incorporated faced continued credit pressures and concerns regarding the timing of recovery for its key Michigan and California markets.
Nuveen Small Cap Value Fund
How did the Fund perform during the twelve-month period ended October 31, 2012?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper classification average, but underperformed the Russell 2000® Value Index during the twelve-month period.
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 reporting period, we continued to focus on building a well-diversified portfolio of small-cap stocks from companies with strengthening balance sheets and free cash flow characteristics. We also continued to target companies with sound business models and strong competitive advantages that we believe can gain market share opportunistically in the current environment. We remained committed to our approach of investing in quality companies that are trading at a discount to both intrinsic and relative value metrics.
The overall market backdrop for the small-cap asset class was favorable during the reporting period. The strongest performing segments of the market included those areas with the greatest exposure to the strengthening domestic economy. The Fund outperformed its Lipper peers due to strong stock selection in the health care, construction & engineering, consumer discretionary, and financial sectors. In health care, the Fund was rewarded for its position in ICU Medical, Inc. a medical technology firm focused on products used in vascular systems. The company continued to exceed performance expectations as a result of new product launches with solid operational execution. We eliminated the Fund’s position in ICU Medical in September 2012 as its stock price exceeded our target while lacking any near-term catalysts to warrant continued ownership. The Fund also benefited from ownership of Hanger Orthopedic Group Inc., the leading orthopedic and prosthetic service provider. After facing difficulties in 2011, the company exceeded operating milestones this year through solid execution in conjunction with accretive acquisition metrics. In the construction & engineering sector, Fund results were aided by Emcor Group Inc., a specialty construction and facility services company with 90% domestic market exposure. The firm demonstrated positive operating leverage in a moderately improving commercial construction environment, highlighting the earnings power potential of its business model that came in above market expectations. In consumer discretionary, leading distributor of brand name beauty products to salon professionals Sally Beauty Holdings Inc. continued to deliver strong revenue and profit results through the successful growth of its platform across diverse customers and geographies. We eliminated the Fund’s position in Sally Beauty as the stock achieved our valuation and catalyst milestones. Group 1 Automotive Inc., a leading U.S. auto dealership owner with current expansion into the United Kingdom, is another consumer discretionary holding that performed well. The company continued to benefit from the improvement in domestic light vehicle sales while increasing its large exposure to Toyota Motor and luxury brands. In the financial sector, Heartland Financial USA Inc., a regional bank with primary market exposure in Middle America, outperformed during the fiscal period. The company benefited from better-than-expected credit and operating metrics throughout the year as well as the further catalysts of improving funding costs. Heartland Financial also continued to grow both its small business and mortgage portfolios and remains one of the Fund’s top five common stock holdings.
Stock selection within the technology and energy sectors were the primary drags on the Fund’s performance. In the technology sector, a global provider of radio frequency components RF Micro Devices was negatively impacted by a slowdown of phone sales in China. Based on our concerns regarding the company’s positioning in an increasingly competitive market, we eliminated this position from the Fund. International Rectifier Corporation was also detrimental to the Fund’s performance during the period. This power management semiconductor manufacturer, which serves a broad array of end markets and applications, was also negatively impacted by China’s economic slowdown in its industrial and appliance end markets. We continued to hold International Rectifier as the company has taken steps to reduce its manufacturing footprint and improve working capital management due to the prolonged downturn in the semiconductor environment. In the energy segment, Fund performance was hindered by Midstates Petroleum Company Incorporated, a producer of oil and natural gas with operations primarily located in central Louisiana and Oklahoma. The company, which went public in March 2012, was weighed down by lower-than-expected growth as a newly minted public company combined with a large post-IPO acquisition. We continued to own this attractively valued investment based on our confidence in the management team’s ability to demonstrate improved and more consistent operating performance going forward. Swift Energy Company, an oil and natural gas producer based primarily in Texas and Louisiana, did not perform as hoped for the Fund. The company had difficulty achieving production milestones from its oil properties after reducing spending on natural gas projects in response to an oversupplied natural gas market. Due to the lack of a positive catalyst, we eliminated Swift Energy from the Fund.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible.
Nuveen Dividend Value Fund
Equity investments such as those held by the Fund, are subject to market risk and derivatives risk; dividends are not guaranteed. 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. In addition, the Fund invests in debt or fixed income securities that are subject to credit risk and interest rate risk. Below investment grade or high yield debt securities are subject to heightened credit risk, liquidity risk and potential for default.
Nuveen Mid Cap Value Fund
Equity investments such as those held by the Fund, are subject to market risk, derivatives risk, value stock risk, and common stock risk. Investments in 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.
Nuveen Small Cap Value Fund
Equity investments such as those held by the Fund, are subject to market risk, derivatives risk, value stock risk, and common stock risk. Investments in small-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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Fund Performance and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown on the following six pages.
Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Returns may reflect a contractual agreement between certain Funds and the investment adviser to waive certain fees and expenses; see Notes to Financial Statements, Footnote 7 — Management Fees and Other Transactions with Affiliates for more information. In addition, returns may reflect a voluntary expense limitation by the Funds’ investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.
The expense ratios shown reflect the Funds’ total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the Funds’ most recent prospectus. The expense ratios include management fees and other fees and expenses.
Fund Performance and Expense Ratios (continued)
Nuveen Dividend Value Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of October 31, 2012
| | | | | | | | | | | | | | |
| | |
| | | | | Average Annual | |
| | | | |
| | | | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | | | 14.31% | | | | 1.58% | | | | 7.66% | |
Class A Shares at maximum Offering Price | | | | | 7.71% | | | | 0.39% | | | | 7.02% | |
Russell 1000® Value Index* | | | | | 16.89% | | | | -1.00% | | | | 7.34% | |
S&P 500® Index* | | | | | 15.21% | | | | 0.36% | | | | 6.91% | |
S&P 500® Dividend Only Stocks Index* | | | | | 15.22% | | | | 0.02% | | | | 6.48% | |
Lipper Equity Income Funds Classification Average* | | | | | 13.18% | | | | 0.65% | | | | 7.58% | |
| | | | |
Class B Shares w/o CDSC | | | | | 13.51% | | | | 0.83% | | | | 6.86% | |
Class B Shares w/CDSC | | | | | 8.51% | | | | 0.66% | | | | 6.86% | |
Class C Shares | | | | | 13.29% | | | | 0.79% | | | | 6.83% | |
Class R3 Shares | | | | | 14.13% | | | | 1.32% | | | | 7.42% | |
Class I Shares | | | | | 14.65% | | | | 1.85% | | | | 7.93% | |
Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)
| | | | | | | | | | | | | | |
| | |
| | | | | Average Annual | |
| | | | |
| | | | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | | | 27.55% | | | | 1.98% | | | | 8.37% | |
Class A Shares at maximum Offering Price | | | | | 20.19% | | | | 0.78% | | | | 7.74% | |
Class B Shares w/o CDSC | | | | | 26.58% | | | | 1.22% | | | | 7.56% | |
Class B Shares w/CDSC | | | | | 21.58% | | | | 1.04% | | | | 7.56% | |
Class C Shares | | | | | 26.51% | | | | 1.22% | | | | 7.55% | |
Class R3 Shares | | | | | 27.20% | | | | 1.70% | | | | 8.13% | |
Class I Shares | | | | | 27.84% | | | | 2.24% | | | | 8.64% | |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | |
| |
| | | Expense
Ratios | |
Class A Shares | | | 1.14% | |
Class B Shares | | | 1.89% | |
Class C Shares | | | 1.89% | |
Class R3 Shares | | | 1.39% | |
Class I Shares | | | 0.89% | |
| * | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Fund Performance and Expense Ratios (continued)
Nuveen Mid Cap Value Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of October 31, 2012
| | | | | | | | | | | | | | |
| | |
| | | | | Average Annual | |
| | | | |
| | | | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | | | 7.03% | | | | -1.41% | | | | 8.05% | |
Class A Shares at maximum Offering Price | | | | | 0.88% | | | | -2.57% | | | | 7.41% | |
Russell Midcap® Value Index* | | | | | 14.99% | | | | 1.68% | | | | 10.63% | |
Lipper Mid-Cap Value Funds Classification Average* | | | | | 12.60% | | | | 0.76% | | | | 9.06% | |
| | | | |
Class B Shares w/o CDSC | | | | | 6.19% | | | | -2.14% | | | | 7.25% | |
Class B Shares w/CDSC | | | | | 1.19% | | | | -2.32% | | | | 7.25% | |
Class C Shares | | | | | 6.19% | | | | -2.15% | | | | 7.24% | |
Class R3 Shares | | | | | 6.70% | | | | -1.66% | | | | 7.83% | |
Class I Shares | | | | | 7.23% | | | | -1.18% | | | | 8.31% | |
Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)
| | | | | | | | | | | | | | |
| | |
| | | | | Average Annual | |
| | | | |
| | | | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | | | 22.87% | | | | -0.80% | | | | 8.59% | |
Class A Shares at maximum Offering Price | | | | | 15.81% | | | | -1.97% | | | | 7.95% | |
Class B Shares w/o CDSC | | | | | 21.92% | | | | -1.54% | | | | 7.79% | |
Class B Shares w/CDSC | | | | | 16.92% | | | | -1.72% | | | | 7.79% | |
Class C Shares | | | | | 21.98% | | | | -1.54% | | | | 7.78% | |
Class R3 Shares | | | | | 22.54% | | | | -1.05% | | | | 8.37% | |
Class I Shares | | | | | 23.12% | | | | -0.57% | | | | 8.86% | |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
| | | | |
| Expense Ratios as of Most Recent Prospectus | |
| |
| | | Expense
Ratios | |
Class A Shares | | | 1.32% | |
Class B Shares | | | 2.07% | |
Class C Shares | | | 2.07% | |
Class R3 Shares | | | 1.57% | |
Class I Shares | | | 1.07% | |
| * | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Fund Performance and Expense Ratios (continued)
Nuveen Small Cap Value Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of October 31, 2012
| | | | | | | | | | | | | | |
| | |
| | | | | Average Annual | |
| | | | |
| | | | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | | | 11.77% | | | | 1.49% | | | | 9.18% | |
Class A Shares at maximum Offering Price | | | | | 5.34% | | | | 0.30% | | | | 8.54% | |
Russell 2000® Value Index* | | | | | 14.47% | | | | 0.87% | | | | 9.38% | |
Lipper Small-Cap Value Funds Classification Average* | | | | | 11.69% | | | | 1.57% | | | | 9.83% | |
| | | | |
Class C Shares | | | | | 10.98% | | | | 0.74% | | | | 8.37% | |
Class R3 Shares | | | | | 11.52% | | | | 1.25% | | | | 8.97% | |
Class I Shares | | | | | 12.02% | | | | 1.73% | | | | 9.44% | |
Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)
| | | | | | | | | | | | | | |
| | |
| | | | | Average Annual | |
| | | | |
| | | | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | | | 33.54% | | | | 2.28% | | | | 9.34% | |
Class A Shares at maximum Offering Price | | | | | 25.83% | | | | 1.07% | | | | 8.69% | |
Class C Shares | | | | | 32.74% | | | | 1.54% | | | | 8.53% | |
Class R3 Shares | | | | | 33.26% | | | | 2.04% | | | | 9.13% | |
Class I Shares | | | | | 33.97% | | | | 2.53% | | | | 9.60% | |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | |
| |
| | | Expense
Ratios | |
Class A Shares | | | 1.54% | |
Class C Shares | | | 2.29% | |
Class R3 Shares | | | 1.79% | |
Class I Shares | | | 1.29% | |
| * | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Holding Summaries as of October 31, 2012
This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.
Nuveen Dividend Value Fund
| | | | |
| Fund Allocation1 | |
| Common Stocks | | | 98.7% | |
| Short-Term Investments | | | 1.3% | |
| Other2,3 | | | (0.0)% | |
Nuveen Mid Cap Value Fund
| | | | |
| Fund Allocation1 | |
| Common Stocks | | | 99.6% | |
| Short-Term Investments | | | 0.7% | |
| Other2 | | | (0.3)% | |
| | | | |
Portfolio Composition1 | |
| Oil, Gas & Consumable Fuels | | | 13.3% | |
| Pharmaceuticals | | | 10.2% | |
| Diversified Financial Services | | | 6.4% | |
| Diversified Telecommunication Services | | | 5.4% | |
| Commercial Banks | | | 4.3% | |
| Hotels, Restaurants & Leisure | | | 4.1% | |
| Chemicals | | | 3.9% | |
| Insurance | | | 3.7% | |
| Real Estate Investment Trust | | | 3.5% | |
| Food Products | | | 3.4% | |
| Industrial Conglomerates | | | 3.1% | |
| Semiconductors & Equipment | | | 2.8% | |
| Electric Utilities | | | 2.7% | |
| Aerospace & Defense | | | 2.6% | |
| Tobacco | | | 2.6% | |
| Specialty Retail | | | 2.5% | |
| Consumer Finance | | | 2.4% | |
| Machinery | | | 2.3% | |
| Short-Term Investments | | | 1.3% | |
| Other4 | | | 19.5% | |
| | | | |
| Portfolio Composition1 | |
| Commercial Banks | | | 8.4% | |
| Real Estate Investment Trust | | | 7.3% | |
| Machinery | | | 7.2% | |
| Oil, Gas & Consumable Fuels | | | 6.2% | |
| Consumer Finance | | | 4.9% | |
| Insurance | | | 4.1% | |
| Specialty Retail | | | 4.1% | |
| Electric Utilities | | | 4.0% | |
| Household Durables | | | 3.8% | |
| Media | | | 3.4% | |
| Chemicals | | | 3.3% | |
| Capital Markets | | | 3.3% | |
| Semiconductors & Equipment | | | 2.9% | |
| Health Care Equipment & Supplies | | | 2.8% | |
| Independent Power Producers & Energy Traders | | | 2.6% | |
| Communications Equipment | | | 2.5% | |
| Energy Equipment & Services | | | 2.4% | |
| Hotels, Restaurants & Leisure | | | 2.4% | |
| Leisure Equipment & Products | | | 2.1% | |
| Software | | | 2.0% | |
| Short-Term Investments | | | 0.7% | |
| Other5 | | | 19.6% | |
| | | | |
| Top Five Common Stock Holdings1 | |
| Pfizer Inc. | | | 3.1% | |
| Chevron Corporation | | | 3.0% | |
| Verizon Communications Inc. | | | 3.0% | |
| Exxon Mobil Corporation | | | 2.6% | |
| Citigroup Inc. | | | 2.5% | |
| | | | |
| Top Five Common Stock Holdings1 | |
| SLM Corporation | | | 2.8% | |
| Eaton Corporation | | | 2.1% | |
| NV Energy Inc. | | | 2.1% | |
| Invesco LTD | | | 2.1% | |
| Discover Financial Services | | | 2.1% | |
| 1 | As a percentage of net assets. Holdings are subject to change. |
| 2 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments. |
| 3 | Rounds to less than (0.1)%. |
| 4 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 2.3% of net assets. |
| 5 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 2.0% of net assets. |
Nuveen Small Cap Value Fund
| | | | |
| Fund Allocation1 | |
| Common Stocks | | | 98.4% | |
| Short-Term Investments | | | 1.4% | |
| Other2 | | | 0.2% | |
| | | | |
| Portfolio Composition1 | |
| Commercial Banks | | | 10.8% | |
| Real Estate Investment Trust | | | 6.8% | |
| Insurance | | | 6.1% | |
| Oil, Gas & Consumable Fuels | | | 4.3% | |
| Specialty Retail | | | 4.3% | |
| Construction & Engineering | | | 4.0% | |
| Thrifts & Mortgage Finance | | | 3.9% | |
| Machinery | | | 3.9% | |
| Capital Markets | | | 3.5% | |
| Health Care Providers & Services | | | 3.5% | |
| Semiconductors & Equipment | | | 3.1% | |
| Commercial Services & Supplies | | | 3.0% | |
| Chemicals | | | 2.9% | |
| Electronic Equipment & Instruments | | | 2.9% | |
| Auto Components | | | 2.8% | |
| Energy Equipment & Services | | | 2.8% | |
| Electric Utilities | | | 2.1% | |
| Aerospace & Defense | | | 2.1% | |
| Gas Utilities | | | 2.1% | |
| Communications Equipment | | | 2.0% | |
| Internet Software & Services | | | 1.9% | |
| Short-Term Investments | | | 1.4% | |
| Other3 | | | 19.8% | |
| | | | |
| Top Five Common Stock Holdings1 | |
| CNO Financial Group Inc. | | | 2.1% | |
| Triumph Group Inc. | | | 2.1% | |
| Heartland Financial USA, Inc. | | | 2.1% | |
| Texas Capital BancShares, Inc. | | | 1.9% | |
| Emcor Group Inc. | | | 1.9% | |
| 1 | As a percentage of net assets. Holdings are subject to change. |
| 2 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments. |
| 3 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 1.9% of net assets. |
Expense Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the end of the period.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Dividend Value Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | 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 (5/01/12) | | $ | 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 (10/31/12) | | $ | 1,015.50 | | | $ | 1,012.60 | | | $ | 1,009.80 | | | $ | 1,014.30 | | | $ | 1,017.40 | | | | | $ | 1,019.36 | | | $ | 1,015.63 | | | $ | 1,015.58 | | | $ | 1,018.10 | | | $ | 1,020.61 | |
| Expenses Incurred During Period | | $ | 5.83 | | | $ | 9.56 | | | $ | 9.60 | | | $ | 7.09 | | | $ | 4.56 | | | | | $ | 5.84 | | | $ | 9.58 | | | $ | 9.63 | | | $ | 7.10 | | | $ | 4.57 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.15%, 1.89%, 1.90%, 1.40% and ..90% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
Nuveen Mid Cap Value 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 (5/01/12) | | $ | 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 (10/31/12) | | $ | 972.30 | | | $ | 968.40 | | | $ | 968.70 | | | $ | 971.00 | | | $ | 973.40 | | | | | $ | 1,018.75 | | | $ | 1,014.98 | | | $ | 1,014.98 | | | $ | 1,017.50 | | | $ | 1,020.01 | |
| Expenses Incurred During Period | | $ | 6.30 | | | $ | 9.99 | | | $ | 10.00 | | | $ | 7.53 | | | $ | 5.06 | | | | | $ | 6.44 | | | $ | 10.23 | | | $ | 10.23 | | | $ | 7.71 | | | $ | 5.18 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.27%, 2.02%, 2.02%, 1.52% and 1.02% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
Nuveen Small Cap Value 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 (5/01/12) | | $ | 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 (10/31/12) | | $ | 990.60 | | | $ | 987.50 | | | $ | 989.60 | | | $ | 991.60 | | | | | $ | 1,017.80 | | | $ | 1,014.03 | | | $ | 1,016.54 | | | $ | 1,019.05 | |
| Expenses Incurred During Period | | $ | 7.31 | | | $ | 11.04 | | | $ | 8.55 | | | $ | 6.06 | | | | | $ | 7.41 | | | $ | 11.19 | | | $ | 8.67 | | | $ | 6.14 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.46%, 2.21%, 1.71% and 1.21% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
Shareholder Meeting Report
A special meeting of shareholders was held in the offices of Nuveen Investments on October 5, 2012; at this meeting the shareholders were asked to approve an Agreement and Plan of Reorganization.
| | | | |
| | | Large Cap Value
Fund | |
To approve an Agreement and Plan of Reorganization | | | | |
For | | | 5,275,857 | |
Against | | | 60,641 | |
Abstain | | | 33,116 | |
Total | | | 5,369,614 | |
Report of
Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of
Nuveen Investment Funds Inc.:
In our opinion, the accompanying statement of assets and liabilities, including the portfolios of investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Dividend Value Fund (formerly Nuveen Equity Income Fund), Nuveen Mid Cap Value Fund and Nuveen Small Cap Value Fund (the “Funds”) at October 31, 2012, the results of each of their operations for the year then ended, and the change in each of their net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2012 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion. The financial statements of the Funds for the years ended October 31, 2011 and prior were audited by other independent auditors whose report dated December 28, 2011 expressed an unqualified opinion on those statements.
PRICEWATERHOUSECOOPERS LLP
Chicago, IL
December 28, 2012
Portfolio of Investments
Nuveen Dividend Value Fund
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | COMMON STOCKS – 98.7% | | | | | | | | | | |
| | | | | |
| | | | Aerospace & Defense – 2.6% | | | | | | | | | | |
| | | | | |
| | 147,485 | | | Boeing Company | | | | | | | | $ | 10,388,843 | |
| | | | | |
| | 140,826 | | | General Dynamics Corporation | | | | | | | | | 9,587,434 | |
| | | | | |
| | 217,450 | | | United Technologies Corporation | | | | | | | | | 16,995,892 | |
| | | | Total Aerospace & Defense | | | | | | | | | 36,972,169 | |
| | | | Air Freight & Logistics – 0.8% | | | | | | | | | | |
| | | | | |
| | 149,718 | | | United Parcel Service, Inc., Class B | | | | | | | | | 10,966,844 | |
| | | | Capital Markets – 1.7% | | | | | | | | | | |
| | | | | |
| | 518,900 | | | State Street Corporation | | | | | | | | | 23,127,373 | |
| | | | Chemicals – 3.9% | | | | | | | | | | |
| | | | | |
| | 452,697 | | | Dow Chemical Company, (2) | | | | | | | | | 13,264,022 | |
| | | | | |
| | 278,463 | | | E.I. Du Pont de Nemours and Company, (2) | | | | | | | | | 12,397,173 | |
| | | | | |
| | 144,042 | | | PPG Industries, Inc. | | | | | | | | | 16,864,437 | |
| | | | | |
| | 113,432 | | | Praxair, Inc. | | | | | | | | | 12,047,613 | |
| | | | Total Chemicals | | | | | | | | | 54,573,245 | |
| | | | Commercial Banks – 4.3% | | | | | | | | | | |
| | | | | |
| | 289,882 | | | BankUnited Inc. | | | | | | | | | 6,873,102 | |
| | | | | |
| | 221,188 | | | Community Bank System Inc. | | | | | | | | | 6,102,577 | |
| | | | | |
| | 960,721 | | | Fifth Third Bancorp. | | | | | | | | | 13,959,276 | |
| | | | | |
| | 136,572 | | | PNC Financial Services Group, Inc. | | | | | | | | | 7,947,125 | |
| | | | | |
| | 545,218 | | | SunTrust Banks, Inc., (2) | | | | | | | | | 14,829,930 | |
| | | | | |
| | 266,410 | | | Wintrust Financial Corporation, (2) | | | | | | | | | 9,843,850 | |
| | | | Total Commercial Banks | | | | | | | | | 59,555,860 | |
| | | | Communications Equipment – 1.0% | | | | | | | | | | |
| | | | | |
| | 232,768 | | | QUALCOMM, Inc. | | | | | | | | | 13,634,386 | |
| | | | Computers & Peripherals – 0.9% | | | | | | | | | | |
| | | | | |
| | 439,468 | | | Seagate Technology | | | | | | | | | 12,006,266 | |
| | | | Consumer Finance – 2.4% | | | | | | | | | | |
| | | | | |
| | 377,241 | | | Capital One Financial Corporation | | | | | | | | | 22,698,591 | |
| | | | | |
| | 608,679 | | | SLM Corporation | | | | | | | | | 10,700,577 | |
| | | | Total Consumer Finance | | | | | | | | | 33,399,168 | |
| | | | Diversified Financial Services – 6.4% | | | | | | | | | | |
| | | | | |
| | 3,675,084 | | | Bank of America Corporation | | | | | | | | | 34,251,783 | |
| | | | | |
| | 935,638 | | | Citigroup Inc. | | | | | | | | | 34,983,505 | |
| | | | | |
| | 481,255 | | | JPMorgan Chase & Co. | | | | | | | | | 20,058,708 | |
| | | | Total Diversified Financial Services | | | | | | | | | 89,293,996 | |
| | | | Diversified Telecommunication Services – 5.4% | | | | | | | | | | |
| | | | | |
| | 507,435 | | | CenturyLink Inc., (2) | | | | | | | | | 19,475,355 | |
| | | | | |
| | 931,867 | | | Verizon Communications Inc. | | | | | | | | | 41,598,543 | |
| | | | | |
| | 1,556,538 | | | Windstream Corporation, (2) | | | | | | | | | 14,849,373 | |
| | | | Total Diversified Telecommunication Services | | | | | | | | | 75,923,271 | |
| | | | Electric Utilities – 2.7% | | | | | | | | | | |
| | | | | |
| | 192,679 | | | Pinnacle West Capital Corporation | | | | | | | | | 10,206,207 | |
| | | | | |
| | 468,556 | | | PPL Corporation, (2) | | | | | | | | | 13,859,886 | |
| | | | | |
| | 457,748 | | | Westar Energy Inc. | | | | | | | | | 13,595,116 | |
| | | | Total Electric Utilities | | | | | | | | | 37,661,209 | |
Portfolio of Investments
Nuveen Dividend Value Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Electrical Equipment – 0.8% | | | | | | | | | | |
| | | | | |
| | 229,849 | | | Emerson Electric Company | | | | | | | | $ | 11,131,587 | |
| | | | Electronic Equipment & Instruments – 0.8% | | | | | | | | | | |
| | | | | |
| | 524,490 | | | Molex Inc. | | | | | | | | | 11,245,066 | |
| | | | Energy Equipment & Services – 1.7% | | | | | | | | | | |
| | | | | |
| | 386,068 | | | Exterran Partners, L.P, (2) | | | | | | | | | 8,678,809 | |
| | | | | |
| | 221,871 | | | Schlumberger Limited | | | | | | | | | 15,426,691 | |
| | | | Total Energy Equipment & Services | | | | | | | | | 24,105,500 | |
| | | | Food Products – 3.4% | | | | | | | | | | |
| | | | | |
| | 298,327 | | | ConAgra Foods, Inc. | | | | | | | | | 8,305,424 | |
| | | | | |
| | 157,178 | | | Kraft Foods Inc. | | | | | | | | | 7,148,455 | |
| | | | | |
| | 523,163 | | | Mondelez International Inc. | | | | | | | | | 13,884,746 | |
| | | | | |
| | 505,741 | | | Unilever PLC, ADR | | | | | | | | | 18,555,637 | |
| | | | Total Food Products | | | | | | | | | 47,894,262 | |
| | | | Health Care Equipment & Supplies – 1.1% | | | | | | | | | | |
| | | | | |
| | 289,896 | | | Covidien PLC | | | | | | | | | 15,929,785 | |
| | | | Health Care Providers & Services – 1.3% | | | | | | | | | | |
| | | | | |
| | 319,246 | | | UnitedHealth Group Incorporated | | | | | | | | | 17,877,776 | |
| | | | Hotels, Restaurants & Leisure – 4.1% | | | | | | | | | | |
| | | | | |
| | 506,073 | | | Carnival Corporation, ADR, (2) | | | | | | | | | 19,170,045 | |
| | | | | |
| | 139,680 | | | McDonald’s Corporation | | | | | | | | | 12,124,224 | |
| | | | | |
| | 279,270 | | | Starbucks Corporation | | | | | | | | | 12,818,493 | |
| | | | | |
| | 193,104 | | | YUM! Brands, Inc. | | | | | | | | | 13,538,521 | |
| | | | Total Hotels, Restaurants & Leisure | | | | | | | | | 57,651,283 | |
| | | | Household Durables – 1.2% | | | | | | | | | | |
| | | | | |
| | 175,742 | | | Whirlpool Corporation | | | | | | | | | 17,166,479 | |
| | | | Household Products – 1.1% | | | | | | | | | | |
| | | | | |
| | 180,479 | | | Kimberly-Clark Corporation | | | | | | | | | 15,060,973 | |
| | | | Industrial Conglomerates – 3.1% | | | | | | | | | | |
| | | | | |
| | 134,867 | | | 3M Co. | | | | | | | | | 11,814,349 | |
| | | | | |
| | 1,504,021 | | | General Electric Company | | | | | | | | | 31,674,682 | |
| | | | Total Industrial Conglomerates | | | | | | | | | 43,489,031 | |
| | | | Insurance – 3.7% | | | | | | | | | | |
| | | | | |
| | 421,320 | | | AFLAC Incorporated | | | | | | | | | 20,973,310 | |
| | | | | |
| | 797,934 | | | Old Republic International Corporation, (2) | | | | | | | | | 7,883,588 | |
| | | | | |
| | 412,340 | | | Prudential Financial, Inc. | | | | | | | | | 23,523,997 | |
| | | | Total Insurance | | | | | | | | | 52,380,895 | |
| | | | IT Services – 1.0% | | | | | | | | | | |
| | | | | |
| | 14,983 | | | MasterCard, Inc. | | | | | | | | | 6,906,114 | |
| | | | | |
| | 51,498 | | | Visa Inc. | | | | | | | �� | | 7,145,862 | |
| | | | Total IT Services | | | | | | | | | 14,051,976 | |
| | | | Leisure Equipment & Products – 1.0% | | | | | | | | | | |
| | | | | |
| | 395,491 | | | Hasbro, Inc. | | | | | | | | | 14,233,721 | |
| | | | Machinery – 2.3% | | | | | | | | | | |
| | | | | |
| | 358,137 | | | Eaton Corporation, (2) | | | | | | | | | 16,911,229 | |
| | | | | |
| | 309,114 | | | Ingersoll Rand Company Limited, Class A | | | | | | | | | 14,537,631 | |
| | | | Total Machinery | | | | | | | | | 31,448,860 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Media – 1.5% | | | | | | | | | | |
| | | | | |
| | 861,949 | | | Cinemark Holdings Inc., (2) | | | | | | | | $ | 21,281,521 | |
| | | | Metals & Mining – 1.0% | | | | | | | | | | |
| | | | | |
| | 546,893 | | | Allegheny Technologies, Inc. | | | | | | | | | 14,410,631 | |
| | | | Multi-Utilities – 1.1% | | | | | | | | | | |
| | | | | |
| | 573,627 | | | CenterPoint Energy, Inc. | | | | | | | | | 12,430,497 | |
| | | | | |
| | 120,714 | | | CMS Energy Corporation | | | | | | | | | 2,935,764 | |
| | | | Total Multi-Utilities | | | | | | | | | 15,366,261 | |
| | | | Oil, Gas & Consumable Fuels – 13.3% | | | | | | | | | | |
| | | | | |
| | 337,981 | | | Anadarko Petroleum Corporation | | | | | | | | | 23,256,473 | |
| | | | | |
| | 384,994 | | | Chevron Corporation | | | | | | | | | 42,430,189 | |
| | | | | |
| | 164,220 | | | ConocoPhillips | | | | | | | | | 9,500,127 | |
| | | | | |
| | 174,605 | | | Devon Energy Corporation | | | | | | | | | 10,163,757 | |
| | | | | |
| | 409,022 | | | Enbridge Energy Partners LP, (2) | | | | | | | | | 12,270,660 | |
| | | | | |
| | 406,302 | | | Exxon Mobil Corporation | | | | | | | | | 37,042,553 | |
| | | | | |
| | 380,674 | | | Marathon Oil Corporation | | | | | | | | | 11,443,060 | |
| | | | | |
| | 202,068 | | | Occidental Petroleum Corporation | | | | | | | | | 15,955,289 | |
| | | | | |
| | 82,110 | | | Phillips 66 | | | | | | | | | 3,872,308 | |
| | | | | |
| | 292,570 | | | Royal Dutch Shell PLC, Class A | | | | | | | | | 20,035,194 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | 185,969,610 | |
| | | | Pharmaceuticals – 10.2% | | | | | | | | | | |
| | | | | |
| | 347,979 | | | Abbott Laboratories | | | | | | | | | 22,799,584 | |
| | | | | |
| | 398,531 | | | Bristol-Myers Squibb Company | | | | | | | | | 13,251,156 | |
| | | | | |
| | 352,643 | | | GlaxoSmithKline PLC | | | | | | | | | 15,833,671 | |
| | | | | |
| | 289,625 | | | Johnson & Johnson, (2) | | | | | | | | | 20,511,243 | |
| | | | | |
| | 569,429 | | | Merck & Company Inc. | | | | | | | | | 25,983,045 | |
| | | | | |
| | 1,751,657 | | | Pfizer Inc. | | | | | | | | | 43,563,710 | |
| | | | Total Pharmaceuticals | | | | | | | | | 141,942,409 | |
| | | | Real Estate Investment Trust – 3.5% | | | | | | | | | | |
| | | | | |
| | 550,646 | | | Annaly Capital Management Inc., (2) | | | | | | | | | 8,887,426 | |
| | | | | |
| | 181,297 | | | Liberty Property Trust | | | | | | | | | 6,367,151 | |
| | | | | |
| | 113,910 | | | Mid-America Apartment Communities | | | | | | | | | 7,371,116 | |
| | | | | |
| | 229,519 | | | National Retail Properties, Inc. | | | | | | | | | 7,271,162 | |
| | | | | |
| | 754,017 | | | Redwood Trust Inc., (2) | | | | | | | | | 11,755,125 | |
| | | | | |
| | 103,454 | | | Ventas Inc., (2) | | | | | | | | | 6,545,535 | |
| | | | Total Real Estate Investment Trust | | | | | | | | | 48,197,515 | |
| | | | Semiconductors & Equipment – 2.8% | | | | | | | | | | |
| | | | | |
| | 919,654 | | | Intel Corporation | | | | | | | | | 19,887,518 | |
| | | | | |
| | 505,758 | | | Maxim Integrated Products, Inc. | | | | | | | | | 13,920,989 | |
| | | | | |
| | 207,493 | | | Texas Instruments Incorporated | | | | | | | | | 5,828,478 | |
| | | | Total Semiconductors & Equipment | | | | | | | | | 39,636,985 | |
| | | | Software – 1.2% | | | | | | | | | | |
| | | | | |
| | 589,664 | | | Microsoft Corporation | | | | | | | | | 16,826,062 | |
| | | | Specialty Retail – 2.5% | | | | | | | | | | |
| | | | | |
| | 906,460 | | | Best Buy Co., Inc., (2) | | | | | | | | | 13,787,257 | |
| | | | | |
| | 340,621 | | | Home Depot, Inc., (2) | | | | | | | | | 20,907,317 | |
| | | | Total Specialty Retail | | | | | | | | | 34,694,574 | |
Portfolio of Investments
Nuveen Dividend Value Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Tobacco – 2.6% | | | | | | | | | | |
| | | | | |
| | 409,621 | | | Altria Group, Inc. | | | | | | | | $ | 13,025,947 | |
| | | | | |
| | 269,624 | | | Philip Morris International | | | | | | | | | 23,877,900 | |
| | | | Total Tobacco | | | | | | | | | 36,903,847 | |
| | | | Wireless Telecommunication Services – 0.3% | | | | | | | | | | |
| | | | | |
| | 147,823 | | | Vodafone Group PLC, Sponsored ADR, (2) | | | | | | | | | 4,023,741 | |
| | | | Total Common Stocks (cost $1,064,947,304) | | | | | | | | | 1,380,034,137 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 13.0% | | | | | | | | | | |
| | | | | |
| | 182,078,171 | | | Mount Vernon Securities Lending Prime Portfolio, 0.295%, (3), (4) | | | | | | | | $ | 182,078,171 | |
| | | | Total Investments Purchased with Collateral from Securities Lending (cost $182,078,171) | | | | | | | | | 182,078,171 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 1.3% | | | | | | | | | | |
| | | | | |
| | 18,052,273 | | | First American Treasury Obligations Fund, Class Z, 0.004%, (3) | | | | | | | | $ | 18,052,273 | |
| | | | Total Short-Term Investments (cost $18,052,273) | | | | | | | | | 18,052,273 | |
| | | | Total Investments (cost $1,265,077,748) – 113.0% | | | | | | | | | 1,580,164,581 | |
| | | | Other Assets Less Liabilities – (13.0)% | | | | | | | | | (182,103,606) | |
| | | | Net Assets – 100% | | | | | | | | $ | 1,398,060,975 | |
| | | | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
| | (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| | (2) | | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan at the end of the reporting period was $176,150,012. |
| | (3) | | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
| | (4) | | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
| | ADR | | American Depositary Receipt. |
See accompanying notes to financial statements.
Portfolio of Investments
Nuveen Mid Cap Value Fund
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | COMMON STOCKS – 99.6% | | | | | | | | | | |
| | | | | |
| | | | Auto Components – 1.1% | | | | | | | | | | |
| | | | | |
| | 132,258 | | | Dana Holding Corporation, (2) | | | | | | | | $ | 1,740,515 | |
| | | | Capital Markets – 3.3% | | | | | | | | | | |
| | | | | |
| | 34,048 | | | Ameriprise Financial, Inc. | | | | | | | | | 1,987,382 | |
| | | | | |
| | 136,450 | | | Invesco LTD | | | | | | | | | 3,318,464 | |
| | | | Total Capital Markets | | | | | | | | | 5,305,846 | |
| | | | Chemicals – 3.3% | | | | | | | | | | |
| | | | | |
| | 13,498 | | | CF Industries Holdings, Inc. | | | | | | | | | 2,769,655 | |
| | | | | |
| | 37,427 | | | Cytec Industries, Inc. | | | | | | | | | 2,575,726 | |
| | | | Total Chemicals | | | | | | | | | 5,345,381 | |
| | | | Commercial Banks – 8.4% | | | | | | | | | | |
| | | | | |
| | 117,334 | | | East West Bancorp Inc. | | | | | | | | | 2,498,041 | |
| | | | | |
| | 207,542 | | | Fifth Third Bancorp. | | | | | | | | | 3,015,585 | |
| | | | | |
| | 115,729 | | | SunTrust Banks, Inc., (2) | | | | | | | | | 3,147,829 | |
| | | | | |
| | 113,298 | | | Webster Financial Corporation | | | | | | | | | 2,492,556 | |
| | | | | |
| | 65,705 | | | Wintrust Financial Corporation, (2) | | | | | | | | | 2,427,800 | |
| | | | Total Commercial Banks | | | | | | | | | 13,581,811 | |
| | | | Commercial Services & Supplies – 1.1% | | | | | | | | | | |
| | | | | |
| | 68,680 | | | Tetra Tech, Inc., (2), (3) | | | | | | | | | 1,781,559 | |
| | | | Communications Equipment – 2.5% | | | | | | | | | | |
| | | | | |
| | 42,930 | | | Motorola Solutions Inc. | | | | | | | | | 2,218,622 | |
| | | | | |
| | 53,536 | | | Plantronics Inc., (2) | | | | | | | | | 1,736,708 | |
| | | | Total Communications Equipment | | | | | | | | | 3,955,330 | |
| | | | Computers & Peripherals – 1.6% | | | | | | | | | | |
| | | | | |
| | 85,107 | | | Diebold Inc. | | | | | | | | | 2,531,933 | |
| | | | Consumer Finance – 4.9% | | | | | | | | | | |
| | | | | |
| | 80,715 | | | Discover Financial Services | | | | | | | | | 3,309,315 | |
| | | | | |
| | 259,231 | | | SLM Corporation | | | | | | | | | 4,557,281 | |
| | | | Total Consumer Finance | | | | | | | | | 7,866,596 | |
| | | | Containers & Packaging – 1.9% | | | | | | | | | | |
| | | | | |
| | 41,833 | | | Rock-Tenn Company | | | | | | | | | 3,061,757 | |
| | | | Diversified Consumer Services – 1.2% | | | | | | | | | | |
| | | | | |
| | 42,768 | | | Coinstar Inc., (2), (3) | | | | | | | | | 2,007,530 | |
| | | | Electric Utilities – 4.0% | | | | | | | | | | |
| | | | | |
| | 67,391 | | | Edison International | | | | | | | | | 3,163,334 | |
| | | | | |
| | 175,322 | | | NV Energy Inc. | | | | | | | | | 3,332,871 | |
| | | | Total Electric Utilities | | | | | | | | | 6,496,205 | |
| | | | Electrical Equipment – 1.5% | | | | | | | | | | |
| | | | | |
| | 83,541 | | | General Cable Corporation, (3) | | | | | | | | | 2,383,425 | |
| | | | Energy Equipment & Services – 2.4% | | | | | | | | | | |
| | | | | |
| | 34,661 | | | Cooper Cameron Corporation, (3) | | | | | | | | | 1,755,233 | |
| | | | | |
| | 28,969 | | | Oil States International Inc., (3) | | | | | | | | | 2,117,634 | |
| | | | Total Energy Equipment & Services | | | | | | | | | 3,872,867 | |
| | | | Food Products – 1.8% | | | | | | | | | | |
| | | | | |
| | 169,100 | | | Tyson Foods, Inc., Class A | | | | | | | | | 2,842,571 | |
Portfolio of Investments
Nuveen Mid Cap Value Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Health Care Equipment & Supplies – 2.8% | | | | | | | | | | |
| | | | | |
| | 88,887 | | | CareFusion Corporation, (3) | | | | | | | | $ | 2,360,839 | |
| | | | | |
| | 56,676 | | | Saint Jude Medical Inc. | | | | | | | | | 2,168,424 | |
| | | | Total Health Care Equipment & Supplies | | | | | | | | | 4,529,263 | |
| | | | Hotels, Restaurants & Leisure – 2.4% | | | | | | | | | | |
| | | | | |
| | 144,223 | | | International Game Technology | | | | | | | | | 1,851,823 | |
| | | | | |
| | 188,540 | | | MGM Resorts International Inc., (3) | | | | | | | | | 1,943,847 | |
| | | | Total Hotels, Restaurants & Leisure | | | | | | | | | 3,795,670 | |
| | | | Household Durables – 3.8% | | | | | | | | | | |
| | | | | |
| | 93,966 | | | D.R. Horton, Inc. | | | | | | | | | 1,969,527 | |
| | | | | |
| | 34,338 | | | Jarden Corporation | | | | | | | | | 1,710,032 | |
| | | | | |
| | 25,052 | | | Whirlpool Corporation | | | | | | | | | 2,447,079 | |
| | | | Total Household Durables | | | | | | | | | 6,126,638 | |
| | | | Independent Power Producers & Energy Traders – 2.6% | | | | | | | | | | |
| | | | | |
| | 129,246 | | | Calpine Corporation, (3) | | | | | | | | | 2,274,730 | |
| | | | | |
| | 87,297 | | | NRG Energy Inc., (2) | | | | | | | | | 1,882,123 | |
| | | | Total Independent Power Producers & Energy Traders | | | | | | | | | 4,156,853 | |
| | | | Insurance – 4.1% | | | | | | | | | | |
| | | | | |
| | 269,961 | | | CNO Financial Group Inc., (2) | | | | | | | | | 2,586,226 | |
| | | | | |
| | 50,291 | | | Marsh & McLennan Companies, Inc. | | | | | | | | | 1,711,403 | |
| | | | | |
| | 112,388 | | | Unum Group | | | | | | | | | 2,279,229 | |
| | | | Total Insurance | | | | | | | | | 6,576,858 | |
| | | | Leisure Equipment & Products – 2.1% | | | | | | | | | | |
| | | | | |
| | 70,096 | | | Brunswick Corporation, (2) | | | | | | | | | 1,653,565 | |
| | | | | |
| | 48,163 | | | Hasbro, Inc., (2) | | | | | | | | | 1,733,386 | |
| | | | Total Leisure Equipment & Products | | | | | | | | | 3,386,951 | |
| | | | Life Sciences Tools & Services – 1.2% | | | | | | | | | | |
| | | | | |
| | 54,094 | | | Agilent Technologies, Inc., (2) | | | | | | | | | 1,946,843 | |
| | | | Machinery – 7.2% | | | | | | | | | | |
| | | | | |
| | 62,459 | | | Crane Company | | | | | | | | | 2,622,029 | |
| | | | | |
| | 35,790 | | | Dover Corporation | | | | | | | | | 2,083,694 | |
| | | | | |
| | 72,525 | | | Eaton Corporation, (2) | | | | | | | | | 3,424,631 | |
| | | | | |
| | 47,058 | | | Ingersoll Rand Company Limited, Class A | | | | | | | | | 2,213,138 | |
| | | | | |
| | 19,404 | | | SPX Corporation | | | | | | | | | 1,330,920 | |
| | | | Total Machinery | | | | | | | | | 11,674,412 | |
| | | | Media – 3.4% | | | | | | | | | | |
| | | | | |
| | 72,360 | | | Cinemark Holdings Inc., (2) | | | | | | | | | 1,786,568 | |
| | | | | |
| | 145,823 | | | Interpublic Group Companies, Inc. | | | | | | | | | 1,472,812 | |
| | | | | |
| | 19,492 | | | Liberty Media Corporation, Liberty Capital Class A Tracking Stock, (3) | | | | | | | | | 2,176,672 | |
| | | | Total Media | | | | | | | | | 5,436,052 | |
| | | | Metals & Mining – 1.3% | | | | | | | | | | |
| | | | | |
| | 77,470 | | | Allegheny Technologies, Inc. | | | | | | | | | 2,041,335 | |
| | | | Multiline Retail – 1.1% | | | | | | | | | | |
| | | | | |
| | 48,424 | | | Macy’s, Inc. | | | | | | | | | 1,843,502 | |
| | | | Multi-Utilities – 1.1% | | | | | | | | | | |
| | | | | |
| | 74,371 | | | CMS Energy Corporation | | | | | | | | | 1,808,703 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Oil, Gas & Consumable Fuels – 6.2% | | | | | | | | | | |
| | | | | |
| | 63,729 | | | Bill Barrett Corporation, (2), (3) | | | | | | | | $ | 1,460,031 | |
| | | | | |
| | 46,048 | | | Cobalt International Energy, Inc., (3) | | | | | | | | | 958,259 | |
| | | | | |
| | 15,188 | | | Concho Resources Inc., (3) | | | | | | | | | 1,307,991 | |
| | | | | |
| | 15,827 | | | Noble Energy, Inc. | | | | | | | | | 1,503,723 | |
| | | | | |
| | 22,081 | | | Pioneer Natural Resources Company, (2) | | | | | | | | | 2,332,858 | |
| | | | | |
| | 67,505 | | | Plains Exploration & Production Company, (3) | | | | | | | | | 2,407,228 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | 9,970,090 | |
| | | | Personal Products – 1.2% | | | | | | | | | | |
| | | | | |
| | 39,632 | | | Nu Skin Enterprises, Inc., Class A, (2) | | | | | | | | | 1,875,783 | |
| | | | Pharmaceuticals – 1.7% | | | | | | | | | | |
| | | | | |
| | 47,020 | | | Endo Pharmaceuticals Holdings Inc., (3) | | | | | | | | | 1,347,593 | |
| | | | | |
| | 63,475 | | | Impax Laboratories Inc., (2), (3) | | | | | | | | | 1,348,844 | |
| | | | Total Pharmaceuticals | | | | | | | | | 2,696,437 | |
| | | | Professional Services – 0.9% | | | | | | | | | | |
| | | | | |
| | 110,868 | | | TrueBlue Inc., (3) | | | | | | | | | 1,446,827 | |
| | | | Real Estate Investment Trust – 7.3% | | | | | | | | | | |
| | | | | |
| | 140,918 | | | Developers Diversified Realty Corporation, (2) | | | | | | | | | 2,164,500 | |
| | | | | |
| | 164,099 | | | Host Hotels & Resorts Inc., (2) | | | | | | | | | 2,372,872 | |
| | | | | |
| | 106,532 | | | Kimco Realty Corporation, (2) | | | | | | | | | 2,079,505 | |
| | | | | |
| | 60,487 | | | Mack-Cali Realty Corporation | | | | | | | | | 1,572,057 | |
| | | | | |
| | 205,539 | | | MFA Mortgage Investments, Inc. | | | | | | | | | 1,679,254 | |
| | | | | |
| | 25,294 | | | SL Green Realty Corporation, (2) | | | | | | | | | 1,904,638 | |
| | | | Total Real Estate Investment Trust | | | | | | | | | 11,772,826 | |
| | | | Road & Rail – 1.2% | | | | | | | | | | |
| | | | | |
| | 204,141 | | | Swift Transportation Company, (3) | | | | | | | | | 1,990,375 | |
| | | | Semiconductors & Equipment – 2.9% | | | | | | | | | | |
| | | | | |
| | 80,999 | | | Maxim Integrated Products, Inc. | | | | | | | | | 2,229,497 | |
| | | | | |
| | 95,077 | | | Semtech Corporation, (2), (3) | | | | | | | | | 2,374,073 | |
| | | | Total Semiconductors & Equipment | | | | | | | | | 4,603,570 | |
| | | | Software – 2.0% | | | | | | | | | | |
| | | | | |
| | 40,586 | | | BMC Software, Inc., (3) | | | | | | | | | 1,651,850 | |
| | | | | |
| | 47,376 | | | Synopsys Inc., (3) | | | | | | | | | 1,525,507 | |
| | | | Total Software | | | | | | | | | 3,177,357 | |
| | | | Specialty Retail – 4.1% | | | | | | | | | | |
| | | | | |
| | 92,695 | | | Best Buy Co., Inc., (2) | | | | | | | | | 1,409,890 | |
| | | | | |
| | 61,150 | | | Foot Locker, Inc. | | | | | | | | | 2,048,525 | |
| | | | | |
| | 269,978 | | | Staples, Inc., (2) | | | | | | | | | 3,108,797 | |
| | | | Total Specialty Retail | | | | | | | | | 6,567,212 | |
| | | | Total Common Stocks (cost $154,930,883) | | | | | | | | | 160,196,883 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 28.2% | | | | | | | | | | |
| | | | | |
| | 45,404,778 | | | Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5) | | | | | | | | $ | 45,404,778 | |
| | | | Total Investments Purchased with Collateral from Securities Lending (cost $45,404,778) | | | | | | | | | 45,404,778 | |
Portfolio of Investments
Nuveen Mid Cap Value Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 0.7% | | | | | | | | | | |
| | | | | |
| | 1,122,625 | | | First American Treasury Obligations Fund, Class Z, 0.004%, (4) | | | | | | | | $ | 1,122,625 | |
| | | | Total Short-Term Investments (cost $1,122,625) | | | | | | | | | 1,122,625 | |
| | | | Total Investments (cost $201,458,286) – 128.5% | | | | | | | | | 206,724,286 | |
| | | | Other Assets Less Liabilities – (28.5)% | | | | | | | | | (45,816,468) | |
| | | | Net Assets – 100% | | | | | | | | $ | 160,907,818 | |
| | | | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
| | (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| | (2) | | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan at the end of the reporting period was $43,874,279. |
| | (3) | | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| | (4) | | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
| | (5) | | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
See accompanying notes to financial statements.
Portfolio of Investments
Nuveen Small Cap Value Fund
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | COMMON STOCKS – 98.4% | | | | | | | | | | |
| | | | | |
| | | | Aerospace & Defense – 2.1% | | | | | | | | | | |
| | | | | |
| | 24,828 | | | Triumph Group Inc. | | | | | | | | $ | 1,624,248 | |
| | | | Air Freight & Logistics – 1.3% | | | | | | | | | | |
| | | | | |
| | 18,441 | | | Atlas Air Worldwide Holdings Inc., (2), (3) | | | | | | | | | 1,014,071 | |
| | | | Auto Components – 2.8% | | | | | | | | | | |
| | | | | |
| | 60,411 | | | Cooper Tire & Rubber, (2) | | | | | | | | | 1,216,073 | |
| | | | | |
| | 75,684 | | | Dana Holding Corporation, (2) | | | | | | | | | 996,001 | |
| | | | Total Auto Components | | | | | | | | | 2,212,074 | |
| | | | Capital Markets – 3.5% | | | | | | | | | | |
| | | | | |
| | 93,121 | | | JMP Group Inc. | | | | | | | | | 515,890 | |
| | | | | |
| | 64,101 | | | Manning & Napier Inc., (2) | | | | | | | | | 833,954 | |
| | | | | |
| | 56,483 | | | New Mountain Finance Corporation | | | | | | | | | 846,680 | |
| | | | | |
| | 47,429 | | | Pennantpark Investment Corporation | | | | | | | | | 521,719 | |
| | | | Total Capital Markets | | | | | | | | | 2,718,243 | |
| | | | Chemicals – 2.9% | | | | | | | | | | |
| | | | | |
| | 28,300 | | | Kraton Performance Polymers Inc., (3) | | | | | | | | | 617,506 | |
| | | | | |
| | 17,222 | | | Minerals Technologies Inc., (2) | | | | | | | | | 1,234,129 | |
| | | | | |
| | 9,454 | | | Rockwood Holdings Inc. | | | | | | | | | 433,939 | |
| | | | Total Chemicals | | | | | | | | | 2,285,574 | |
| | | | Commercial Banks – 10.8% | | | | | | | | | | |
| | | | | |
| | 28,452 | | | Community Bank System Inc. | | | | | | | | | 784,991 | |
| | | | | |
| | 59,014 | | | East West Bancorp Inc. | | | | | | | | | 1,256,408 | |
| | | | | |
| | 55,596 | | | Heartland Financial USA, Inc., (2) | | | | | | | | | 1,595,605 | |
| | | | | |
| | 49,651 | | | Renasant Corporation, (2) | | | | | | | | | 914,075 | |
| | | | | |
| | 16,904 | | | SVB Financial Group, (3) | | | | | | | | | 956,597 | |
| | | | | |
| | 31,672 | | | Texas Capital BancShares, Inc., (2), (3) | | | | | | | | | 1,503,470 | |
| | | | | |
| | 62,852 | | | Webster Financial Corporation | | | | | | | | | 1,382,744 | |
| | | | Total Commercial Banks | | | | | | | | | 8,393,890 | |
| | | | Commercial Services & Supplies – 3.0% | | | | | | | | | | |
| | | | | |
| | 110,000 | | | Acco Brands Corporation, (3) | | | | | | | | | 796,400 | |
| | | | | |
| | 35,000 | | | Ennis Inc. | | | | | | | | | 535,500 | |
| | | | | |
| | 31,892 | | | G&K Services, Inc. | | | | | | | | | 1,028,517 | |
| | | | Total Commercial Services & Supplies | | | | | | | | | 2,360,417 | |
| | | | Communications Equipment – 2.0% | | | | | | | | | | |
| | | | | |
| | 25,000 | | | ADTRAN, Inc., (2) | | | | | | | | | 422,250 | |
| | | | | |
| | 69,259 | | | Infinera Corporation, (2), (3) | | | | | | | | | 340,754 | |
| | | | | |
| | 24,950 | | | Plantronics Inc., (2) | | | | | | | | | 809,378 | |
| | | | Total Communications Equipment | | | | | | | | | 1,572,382 | |
| | | | Computers & Peripherals – 1.1% | | | | | | | | | | |
| | | | | |
| | 68,000 | | | Cray, Inc., (3) | | | | | | | | | 827,560 | |
| | | | Construction & Engineering – 4.0% | | | | | | | | | | |
| | | | | |
| | 45,143 | | | Emcor Group Inc. | | | | | | | | | 1,451,799 | |
| | | | | |
| | 46,000 | | | MasTec Inc., (2), (3) | | | | | | | | | 1,037,760 | |
| | | | | |
| | 28,967 | | | MYR Group Inc., (3) | | | | | | | | | 613,521 | |
| | | | Total Construction & Engineering | | | | | | | | | 3,103,080 | |
Portfolio of Investments
Nuveen Small Cap Value Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Containers & Packaging – 0.5% | | | | | | | | | | |
| | | | | |
| | 10,893 | | | Packaging Corp. of America | | | | | | | | $ | 384,196 | |
| | | | Diversified Financial Services – 1.1% | | | | | | | | | | |
| | | | | |
| | 40,499 | | | PHH Corporation, (3) | | | | | | | | | 842,784 | |
| | | | Electric Utilities – 2.1% | | | | | | | | | | |
| | | | | |
| | 24,923 | | | El Paso Electric Company | | | | | | | | | 847,133 | |
| | | | | |
| | 22,351 | | | UIL Holdings Corporation, (2) | | | | | | | | | 808,436 | |
| | | | Total Electric Utilities | | | | | | | | | 1,655,569 | |
| | | | Electrical Equipment – 1.4% | | | | | | | | | | |
| | | | | |
| | 37,876 | | | General Cable Corporation, (3) | | | | | | | | | 1,080,602 | |
| | | | Electronic Equipment & Instruments – 2.9% | | | | | | | | | | |
| | | | | |
| | 9,315 | | | Rogers Corporation, (3) | | | | | | | | | 367,104 | |
| | | | | |
| | 34,686 | | | SYNNEX Corporation, (2), (3) | | | | | | | | | 1,123,480 | |
| | | | | |
| | 84,261 | | | TTM Technologies, Inc., (2), (3) | | | | | | | | | 758,349 | |
| | | | Total Electronic Equipment & Instruments | | | | | | | | | 2,248,933 | |
| | | | Energy Equipment & Services – 2.8% | | | | | | | | | | |
| | | | | |
| | 51,896 | | | Basic Energy Services, Inc., (2) | | | | | | | | | 539,199 | |
| | | | | |
| | 73,755 | | | Matrix Service Company, (3) | | | | | | | | | 773,690 | |
| | | | | |
| | 55,150 | | | Patterson-UTI Energy, Inc., (2) | | | | | | | | | 892,327 | |
| | | | Total Energy Equipment & Services | | | | | | | | | 2,205,216 | |
| | | | Food & Staples Retailing – 1.2% | | | | | | | | | | |
| | | | | |
| | 66,059 | | | Spartan Stores, Inc., (2) | | | | | | | | | 948,607 | |
| | | | Gas Utilities – 2.1% | | | | | | | | | | |
| | | | | |
| | 21,891 | | | Atmos Energy Corporation | | | | | | | | | 787,419 | |
| | | | | |
| | 19,066 | | | Southwest Gas Corporation | | | | | | | | | 828,799 | |
| | | | Total Gas Utilities | | | | | | | | | 1,616,218 | |
| | | | Health Care Equipment & Supplies – 1.0% | | | | | | | | | | |
| | | | | |
| | 27,367 | | | Conmed Corporation | | | | | | | | | 756,971 | |
| | | | Health Care Providers & Services – 3.5% | | | | | | | | | | |
| | | | | |
| | 61,897 | | | Bioscrip, Inc., (3) | | | | | | | | | 570,071 | |
| | | | | |
| | 33,784 | | | Hanger Orthopedic Group Inc., (3) | | | | | | | | | 856,424 | |
| | | | | |
| | 18,280 | | | Medax Inc., (3) | | | | | | | | | 1,260,954 | |
| | | | Total Health Care Providers & Services | | | | | | | | | 2,687,449 | |
| | | | Hotels, Restaurants & Leisure – 1.1% | | | | | | | | | | |
| | | | | |
| | 21,824 | | | Dominos Pizza Inc., (2) | | | | | | | | | 886,491 | |
| | | | Household Durables – 1.6% | | | | | | | | | | |
| | | | | |
| | 74,770 | | | La Z Boy Inc. | | | | | | | | | 1,212,769 | |
| | | | Insurance – 6.1% | | | | | | | | | | |
| | | | | |
| | 16,849 | | | Alterra Capital Holdings Limited | | | | | | | | | 411,621 | |
| | | | | |
| | 173,957 | | | CNO Financial Group Inc., (2) | | | | | | | | | 1,666,508 | |
| | | | | |
| | 63,086 | | | Horace Mann Educators Corporation | | | | | | | | | 1,211,882 | |
| | | | | |
| | 77,598 | | | National Financial Partners Corp., (2), (3) | | | | | | | | | 1,423,923 | |
| | | | Total Insurance | | | | | | | | | 4,713,934 | |
| | | | Internet Software & Services – 1.9% | | | | | | | | | | |
| | | | | |
| | 56,000 | | | Dice Holdings Inc., (2), (3) | | | | | | | | | 494,480 | |
| | | | | |
| | 87,790 | | | Perficient, Inc., (3) | | | | | | | | | 998,172 | |
| | | | Total Internet Software & Services | | | | | | | | | 1,492,652 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | IT Services – 0.8% | | | | | | | | | | |
| | | | | |
| | 12,842 | | | CACI International Inc., (2), (3) | | | | | | | | $ | 647,622 | |
| | | | Machinery – 3.9% | | | | | | | | | | |
| | | | | |
| | 32,230 | | | Actuant Corporation, (2) | | | | | | | | | 910,175 | |
| | | | | |
| | 61,176 | | | Altra Industrial Motion, Inc., (2) | | | | | | | | | 1,102,392 | |
| | | | | |
| | 40,000 | | | TriMas Corporation, (3) | | | | | | | | | 1,003,200 | |
| | | | Total Machinery | | | | | | | | | 3,015,767 | |
| | | | Media – 1.5% | | | | | | | | | | |
| | | | | |
| | 154,997 | | | Belo Corp. | | | | | | | | | 1,159,378 | |
| | | | Metals & Mining – 0.6% | | | | | | | | | | |
| | | | | |
| | 16,446 | | | Schnitzer Steel Industries, Inc., (2) | | | | | | | | | 468,875 | |
| | | | Oil, Gas & Consumable Fuels – 4.3% | | | | | | | | | | |
| | | | | |
| | 27,171 | | | Bill Barrett Corporation, (2), (3) | | | | | | | | | 622,488 | |
| | | | | |
| | 31,931 | | | Delek US Holdings Inc. | | | | | | | | | 822,223 | |
| | | | | |
| | 76,120 | | | Midstates Petroleum Company Incorporated, (3) | | | | | | | | | 469,660 | |
| | | | | |
| | 40,381 | | | Rex Energy Inc., (2), (3) | | | | | | | | | 534,644 | |
| | | | | |
| | 39,091 | | | Stone Energy Corporation, (3) | | | | | | | | | 922,157 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | 3,371,172 | |
| | | | Paper & Forest Products – 1.1% | | | | | | | | | | |
| | | | | |
| | 31,067 | | | Buckeye Technologies Inc. | | | | | | | | | 813,955 | |
| | | | Personal Products – 1.0% | | | | | | | | | | |
| | | | | |
| | 44,265 | | | Inter Parfums, Inc. | | | | | | | | | 808,279 | |
| | | | Pharmaceuticals – 0.7% | | | | | | | | | | |
| | | | | |
| | 26,776 | | | Impax Laboratories Inc., (2), (3) | | | | | | | | | 568,990 | |
| | | | Professional Services – 1.0% | | | | | | | | | | |
| | | | | |
| | 57,937 | | | TrueBlue Inc., (3) | | | | | | | | | 756,078 | |
| | | | Real Estate Investment Trust – 6.8% | | | | | | | | | | |
| | | | | |
| | 75,518 | | | Associated Estates Realty Corp. | | | | | | | | | 1,132,015 | |
| | | | | |
| | 105,381 | | | Brandywine Realty Trust, (2) | | | | | | | | | 1,222,420 | |
| | | | | |
| | 73,104 | | | CubeSmart, (2) | | | | | | | | | 959,124 | |
| | | | | |
| | 132,729 | | | DiamondRock Hospitality Company, (2) | | | | | | | | | 1,125,542 | |
| | | | | |
| | 99,473 | | | MFA Mortgage Investments, Inc. | | | | | | | | | 812,694 | |
| | | | Total Real Estate Investment Trust | | | | | | | | | 5,251,795 | |
| | | | Road & Rail – 0.8% | | | | | | | | | | |
| | | | | |
| | 34,413 | | | Celadon Group, Inc. | | | | | | | | | 588,462 | |
| | | | Semiconductors & Equipment – 3.1% | | | | | | | | | | |
| | | | | |
| | 167,710 | | | Integrated Device Technology, Inc., (2), (3) | | | | | | | | | 912,342 | |
| | | | | |
| | 44,435 | | | International Rectifier Corporation, (2), (3) | | | | | | | | | 688,298 | |
| | | | | |
| | 34,226 | | | MKS Instruments Inc., (2) | | | | | | | | | 808,760 | |
| | | | Total Semiconductors & Equipment | | | | | | | | | 2,409,400 | |
| | | | Specialty Retail – 4.3% | | | | | | | | | | |
| | | | | |
| | 40,000 | | | Finish Line, Inc. | | | | | | | | | 832,200 | |
| | | | | |
| | 19,000 | | | Group 1 Automotive Inc., (2) | | | | | | | | | 1,178,190 | |
| | | | | |
| | 21,372 | | | Mens Wearhouse Inc. | | | | | | | | | 700,788 | |
| | | | | |
| | 62,121 | | | West Marine, Inc., (2), (3) | | | | | | | | | 642,331 | |
| | | | Total Specialty Retail | | | | | | | | | 3,353,509 | |
Portfolio of Investments
Nuveen Small Cap Value Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Textiles, Apparel & Luxury Goods – 0.7% | | | | | | | | | | |
| | | | | |
| | 27,500 | | | Perry Ellis International, Inc., (3) | | | | | | | | $ | 567,601 | |
| | | | Thrifts & Mortgage Finance – 3.9% | | | | | | | | | | |
| | | | | |
| | 73,225 | | | Everbank Financial Corporation, (2) | | | | | | | | | 1,115,950 | |
| | | | | |
| | 71,004 | | | Flushing Financial Corporation, (2) | | | | | | | | | 1,104,113 | |
| | | | | |
| | 18,925 | | | WSFS Financial Corporation | | | | | | | | | 801,569 | |
| | | | Total Thrifts & Mortgage Finance | | | | | | | | | 3,021,632 | |
| | | | Wireless Telecommunication Services – 1.1% | | | | | | | | | | |
| | | | | |
| | 55,283 | | | NTELOS Holdings Corporation | | | | | | | | | 843,067 | |
| | | | Total Common Stocks (cost $69,288,100) | | | | | | | | | 76,489,512 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 34.3% | | | | | | | | | | |
| | | | | |
| | 26,608,251 | | | Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5) | | | | | | | | $ | 26,608,251 | |
| | | | Total Investments Purchased with Collateral from Securities Lending (cost $26,608,251) | | | | | | | | | 26,608,251 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 1.4% | | | | | | | | | | |
| | | | | |
| | 1,064,268 | | | First American Treasury Obligations Fund, Class Z, 0.004%, (4) | | | | | | | | $ | 1,064,268 | |
| | | | Total Short-Term Investments (cost $1,064,268) | | | | | | | | | 1,064,268 | |
| | | | Total Investments (cost $96,960,619) – 134.1% | | | | | | | | | 104,162,031 | |
| | | | Other Assets Less Liabilities – (34.1)% | | | | | | | | | (26,490,202) | |
| | | | Net Assets – 100% | | | | | | | | $ | 77,671,829 | |
| | | | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
| | (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| | (2) | | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan at the end of the reporting period was $25,732,099. |
| | (3) | | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| | (4) | | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
| | (5) | | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
See accompanying notes to financial statements.
Statement of Assets & Liabilities
October 31, 2012
| | | | | | | | | | | | |
| | | Dividend
Value | | | Mid Cap
Value | | | Small Cap
Value | |
Assets | | | | | | | | | | | | |
Investments, at value (cost $1,082,999,577, $156,053,508 and
$70,352,368, respectively) | | $ | 1,398,086,410 | | | $ | 161,319,508 | | | $ | 77,553,780 | |
Investments purchased with collateral from securities lending
(at cost, which approximates value) | | | 182,078,171 | | | | 45,404,778 | | | | 26,608,251 | |
Cash | | | — | | | | 32,354 | | | | 14,768 | |
Receivables: | | | | | | | | | | | | |
Dividends | | | 1,772,896 | | | | 69,426 | | | | 26,099 | |
Due from broker | | | 37,430 | | | | 6,756 | | | | 3,681 | |
Investments sold | | | — | | | | — | | | | 380,543 | |
Shares sold | | | 2,388,499 | | | | 147,816 | | | | 55,450 | |
Other assets | | | 13,970 | | | | 2,732 | | | | 31 | |
Total assets | | | 1,584,377,376 | | | | 206,983,370 | | | | 104,642,603 | |
Liabilities | | | | | | | | | | | | |
Cash overdraft | | | 417,304 | | | | — | | | | — | |
Payables: | | | | | | | | | | | | |
Collateral from securities lending program | | | 182,078,171 | | | | 45,404,778 | | | | 26,608,251 | |
Investments purchased | | | — | | | | — | | | | 130,324 | |
Shares redeemed | | | 2,269,684 | | | | 465,808 | | | | 107,091 | |
Accrued expenses: | | | | | | | | | | | | |
Directors fees | | | 22,615 | | | | 3,753 | | | | 653 | |
Management fees | | | 900,447 | | | | 72,844 | | | | 74,029 | |
12b-1 distribution and service fees | | | 94,170 | | | | 20,268 | | | | 9,163 | |
Other | | | 534,010 | | | | 108,101 | | | | 41,263 | |
Total liabilities | | | 186,316,401 | | | | 46,075,552 | | | | 26,970,774 | |
Net assets | | $ | 1,398,060,975 | | | $ | 160,907,818 | | | $ | 77,671,829 | |
Class A Shares | | | | | | | | | | | | |
Net assets | | $ | 273,317,195 | | | $ | 35,632,952 | | | $ | 32,207,982 | |
Shares outstanding | | | 18,716,491 | | | | 1,534,885 | | | | 2,549,804 | |
Net asset value per share | | $ | 14.60 | | | $ | 23.22 | | | $ | 12.63 | |
Offering price per share (net asset value per share plus
maximum sales charge of 5.75% of offering price) | | $ | 15.49 | | | $ | 24.64 | | | $ | 13.40 | |
Class B Shares | | | | | | | | | | | | |
Net assets | | $ | 1,524,961 | | | $ | 1,568,499 | | | | N/A | |
Shares outstanding | | | 105,422 | | | | 71,992 | | | | N/A | |
Net asset value and offering price per share | | $ | 14.47 | | | $ | 21.79 | | | | N/A | |
Class C Shares | | | | | | | | | | | | |
Net assets | | $ | 29,234,394 | | | $ | 7,854,558 | | | $ | 1,366,517 | |
Shares outstanding | | | 2,026,966 | | | | 352,450 | | | | 124,037 | |
Net asset value and offering price per share | | $ | 14.42 | | | $ | 22.29 | | | $ | 11.02 | |
Class R3 Shares | | | | | | | | | | | | |
Net assets | | $ | 21,649,117 | | | $ | 9,575,534 | | | $ | 2,653,118 | |
Shares outstanding | | | 1,485,051 | | | | 414,861 | | | | 214,155 | |
Net asset value and offering price per share | | $ | 14.58 | | | $ | 23.08 | | | $ | 12.39 | |
Class I Shares | | | | | | | | | | | | |
Net assets | | $ | 1,072,335,308 | | | $ | 106,276,275 | | | $ | 41,444,212 | |
Shares outstanding | | | 72,858,562 | | | | 4,562,892 | | | | 3,174,350 | |
Net asset value and offering price per share | | $ | 14.72 | | | $ | 23.29 | | | $ | 13.06 | |
Net assets consist of: | | | | | | | | | | | | |
Capital paid-in | | $ | 1,079,160,291 | | | $ | 210,022,917 | | | $ | 102,060,297 | |
Undistributed (Over-distribution of) net investment income | | | (39,460 | ) | | | 1,691,252 | | | | 362,724 | |
Accumulated net realized gain (loss) | | | 3,853,311 | | | | (56,072,351 | ) | | | (31,952,604 | ) |
Net unrealized appreciation (depreciation) | | | 315,086,833 | | | | 5,266,000 | | | | 7,201,412 | |
Net assets | | $ | 1,398,060,975 | | | $ | 160,907,818 | | | $ | 77,671,829 | |
Authorized shares per class | | | 2 billion | | | | 2 billion | | | | 2 billion | |
Par value per share | | $ | 0.0001 | | | $ | 0.0001 | | | $ | 0.0001 | |
| N/A – | Small Cap Value does not offer Class B Shares. |
See accompanying notes to financial statements.
Statement of Operations
Year Ended October 31, 2012
| | | | | | | | | | | | |
| | | Dividend Value | | | Mid Cap
Value | | | Small Cap
Value | |
Investment Income | | | | | | | | | | | | |
Dividend and interest income (net of foreign tax withheld of $283,929, $517 and $ –, respectively) | | $ | 37,010,204 | | | $ | 3,953,551 | | | $ | 1,500,954 | |
Securities lending income, net | | | 310,793 | | | | 84,028 | | | | 63,541 | |
Total investment income | | | 37,320,997 | | | | 4,037,579 | | | | 1,564,495 | |
Expenses | | | | | | | | | | | | |
Management fees | | | 9,085,008 | | | | 1,754,941 | | | | 756,864 | |
12b-1 service fees – Class A | | | 518,426 | | | | 104,179 | | | | 81,707 | |
12b-1 distribution and service fees – Class B | | | 21,229 | | | | 17,998 | | | | N/A | |
12b-1 distribution and service fees – Class C | | | 239,263 | | | | 85,681 | | | | 14,717 | |
12b-1 distribution and service fees – Class R3 | | | 81,368 | | | | 61,265 | | | | 12,320 | |
Shareholders servicing agent fees and expenses | | | 1,080,455 | | | | 488,306 | | | | 239,191 | |
Custodian’s fees and expenses | | | 190,814 | | | | 43,911 | | | | 25,704 | |
Directors fees and expenses | | | 33,769 | | | | 5,745 | | | | 2,572 | |
Professional fees | | | 85,268 | | | | 22,309 | | | | 11,908 | |
Shareholder reporting expenses | | | 131,053 | | | | 45,118 | | | | 27,652 | |
Federal and state registration fees | | | 94,327 | | | | 59,229 | | | | 53,269 | |
Reorganization expense | | | 77,000 | | | | — | | | | — | |
Other expenses | | | 38,428 | | | | 15,537 | | | | 9,383 | |
Total expenses before expense reimbursement | | | 11,676,408 | | | | 2,704,219 | | | | 1,235,287 | |
Expense reimbursement | | | — | | | | (426,012 | ) | | | (108,555 | ) |
Net expenses | | | 11,676,408 | | | | 2,278,207 | | | | 1,126,732 | |
Net investment income (loss) | | | 25,644,589 | | | | 1,759,372 | | | | 437,763 | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | |
Net realized gain (loss) from investments | | | 40,955,240 | | | | 9,505,619 | | | | 8,773,503 | |
Change in net unrealized appreciation (depreciation) of investments | | | 87,692,871 | | | | 3,105,284 | | | | 524,575 | |
Net realized and unrealized gain (loss) | | | 128,648,111 | | | | 12,610,903 | | | | 9,298,078 | |
Net increase (decrease) in net assets from operations | | $ | 154,292,700 | | | $ | 14,370,275 | | | $ | 9,735,841 | |
| N/A – | Small Cap Value does not offer Class B Shares. |
See accompanying notes to financial statements.
Statement of Changes in Net Assets
| | | | | | | | |
| | | Dividend Value | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | 25,644,589 | | | $ | 22,403,547 | |
Net realized gain (loss) from: | | | | | | | | |
Investments | | | 40,955,240 | | | | 5,603,569 | |
Redemptions in-kind | | | — | | | | — | |
Change in net unrealized appreciation (depreciation) of
investments | | | 87,692,871 | | | | 38,786,442 | |
Net increase (decrease) in net assets from operations | | | 154,292,700 | | | | 66,793,558 | |
Distributions to Shareholders | | | | | | | | |
From net investment income: | | | | | | | | |
Class A | | | (4,532,612 | ) | | | (3,311,206 | ) |
Class B | | | (33,355 | ) | | | (30,068 | ) |
Class C | | | (350,680 | ) | | | (155,136 | ) |
Class R3 | | | (321,277 | ) | | | (74,593 | ) |
Class I | | | (23,257,909 | ) | | | (19,550,217 | ) |
Decrease in net assets from distributions to shareholders | | | (28,495,833 | ) | | | (23,121,220 | ) |
Fund Share Transactions | | | | | | | | |
Fund reorganization | | | 137,390,211 | | | | — | |
Proceeds from sale of shares | | | 329,723,796 | | | | 441,406,794 | |
Proceeds from shares issued to shareholders due to
reinvestment of distributions | | | 13,538,292 | | | | 9,484,764 | |
| | | 480,652,299 | | | | 450,891,558 | |
Cost of shares redeemed | | | (280,917,888 | ) | | | (249,150,489 | ) |
Cost of redemptions in-kind | | | — | | | | — | |
Net increase (decrease) in net assets from Fund share
transactions | | | 199,734,411 | | | | 201,741,069 | |
Net increase (decrease) in net assets | | | 325,531,278 | | | | 245,413,407 | |
Net assets at the beginning of period | | | 1,072,529,697 | | | | 827,116,290 | |
Net assets at the end of period | | $ | 1,398,060,975 | | | $ | 1,072,529,697 | |
Undistributed (Over-distribution of) net investment income
at the end of period | | $ | (39,460 | ) | | $ | 1,991,288 | |
See accompanying notes to financial statements.
Statement of Changes in Net Assets (continued)
| | | | | | | | | | | | | | | | |
| | | Mid Cap Value | | | Small Cap Value | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,759,372 | | | $ | 1,667,039 | | | $ | 437,763 | | | $ | (290,831 | ) |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
Investments | | | 9,505,619 | | | | 42,262,542 | | | | 8,773,503 | | | | 10,390,805 | |
Redemptions in-kind | | | — | | | | 51,352,202 | | | | — | | | | 27,495,098 | |
Change in net unrealized appreciation (depreciation) of investments | | | 3,105,284 | | | | (76,035,365 | ) | | | 524,575 | | | | (17,603,366 | ) |
Net increase (decrease) in net assets from operations | | | 14,370,275 | | | | 19,246,418 | | | | 9,735,841 | | | | 19,991,706 | |
Distributions to Shareholders | | | | | | | | | | | | | | | | |
From net investment income: | | | | | | | | | | | | | | | | |
Class A | | | (268,737 | ) | | | (804,678 | ) | | | — | | | | — | |
Class B | | | — | | | | (9,710 | ) | | | N/A | | | | N/A | |
Class C | | | — | | | | (46,605 | ) | | | — | | | | — | |
Class R3 | | | (47,224 | ) | | | (141,534 | ) | | | — | | | | — | |
Class I | | | (1,688,085 | ) | | | (2,981,023 | ) | | | — | | | | — | |
Decrease in net assets from distributions to shareholders | | | (2,004,046 | ) | | | (3,983,550 | ) | | | — | | | | — | |
Fund Share Transactions | | | | | | | | | | | | | | | | |
Fund reorganization | | | — | | | | — | | | | — | | | | — | |
Proceeds from sale of shares | | | 22,235,804 | | | | 38,984,469 | | | | 16,610,022 | | | | 19,212,422 | |
Proceeds from shares issued to shareholders due to
reinvestment of distributions | | | 1,045,228 | | | | 2,082,155 | | | | — | | | | — | |
| | | 23,281,032 | | | | 41,066,624 | | | | 16,610,022 | | | | 19,212,422 | |
Cost of shares redeemed | | | (104,822,100 | ) | | | (145,839,650 | ) | | | (32,827,602 | ) | | | (44,281,152 | ) |
Cost of redemptions in-kind | | | — | | | | (261,914,439 | ) | | | — | | | | (127,930,138 | ) |
Net increase (decrease) in net assets from Fund share transactions | | | (81,541,068 | ) | | | (366,687,465 | ) | | | (16,217,580 | ) | | | (152,998,868 | ) |
Net increase (decrease) in net assets | | | (69,174,839 | ) | | | (351,424,597 | ) | | | (6,481,739 | ) | | | (133,007,162 | ) |
Net assets at the beginning of period | | | 230,082,657 | | | | 581,507,254 | | | | 84,153,568 | | | | 217,160,730 | |
Net assets at the end of period | | $ | 160,907,818 | | | $ | 230,082,657 | | | $ | 77,671,829 | | | $ | 84,153,568 | |
Undistributed (Over-distribution of) net investment income
at the end of period | | $ | 1,691,252 | | | $ | 1,501,306 | | | $ | 362,724 | | | $ | (10,957 | ) |
| N/A – | Small Cap Value does not offer Class B Shares. |
See accompanying notes to financial statements.
[THIS PAGE INTENTIONALLY LEFT BLANK]
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected data for a share outstanding throughout each period: | | | | | | | | | | | | | | | | |
| | | | | | | |
| Class (Commencement Date) | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | Investment Operations | | | Less Distributions | | | | |
| | | | | | | |
| DIVIDEND 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 (12/92) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | $ | 13.05 | | | $ | .27 | | | $ | 1.59 | | | $ | 1.86 | | | $ | (.31 | ) | | $ | — | | | $ | (.31 | ) | | $ | 14.60 | |
2011 | | | 12.42 | | | | .27 | | | | .63 | | | | .90 | | | | (.27 | ) | | | — | | | | (.27 | ) | | | 13.05 | |
2010 | | | 10.76 | | | | .34 | | | | 1.63 | | | | 1.97 | | | | (.31 | ) | | | — | | | | (.31 | ) | | | 12.42 | |
2009 | | | 10.09 | | | | .29 | | | | .71 | | | | 1.00 | | | | (.33 | ) | | | — | | | | (.33 | ) | | | 10.76 | |
2008 | | | 16.43 | | | | .33 | | | | (5.28 | ) | | | (4.95 | ) | | | (.29 | ) | | | (1.10 | ) | | | (1.39 | ) | | | 10.09 | |
Class B (8/94) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 12.93 | | | | .18 | | | | 1.57 | | | | 1.75 | | | | (.21 | ) | | | — | | | | (.21 | ) | | | 14.47 | |
2011 | | | 12.25 | | | | .17 | | | | .61 | | | | .78 | | | | (.10 | ) | | | — | | | | (.10 | ) | | | 12.93 | |
2010 | | | 10.61 | | | | .24 | | | | 1.61 | | | | 1.85 | | | | (.21 | ) | | | — | | | | (.21 | ) | | | 12.25 | |
2009 | | | 9.96 | | | | .22 | | | | .68 | | | | .90 | | | | (.25 | ) | | | — | | | | (.25 | ) | | | 10.61 | |
2008 | | | 16.23 | | | | .22 | | | | (5.19 | ) | | | (4.97 | ) | | | (.20 | ) | | | (1.10 | ) | | | (1.30 | ) | | | 9.96 | |
Class C (2/99) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 12.92 | | | | .17 | | | | 1.54 | | | | 1.71 | | | | (.21 | ) | | | — | | | | (.21 | ) | | | 14.42 | |
2011 | | | 12.26 | | | | .17 | | | | .62 | | | | .79 | | | | (.13 | ) | | | — | | | | (.13 | ) | | | 12.92 | |
2010 | | | 10.63 | | | | .26 | | | | 1.60 | | | | 1.86 | | | | (.23 | ) | | | — | | | | (.23 | ) | | | 12.26 | |
2009 | | | 9.98 | | | | .21 | | | | .69 | | | | .90 | | | | (.25 | ) | | | — | | | | (.25 | ) | | | 10.63 | |
2008 | | | 16.26 | | | | .22 | | | | (5.20 | ) | | | (4.98 | ) | | | (.20 | ) | | | (1.10 | ) | | | (1.30 | ) | | | 9.98 | |
Class R3 (9/01) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 13.03 | | | | .24 | | | | 1.59 | | | | 1.83 | | | | (.28 | ) | | | — | | | | (.28 | ) | | | 14.58 | |
2011 | | | 12.41 | | | | .23 | | | | .63 | | | | .86 | | | | (.24 | ) | | | — | | | | (.24 | ) | | | 13.03 | |
2010 | | | 10.76 | | | | .30 | | | | 1.64 | | | | 1.94 | | | | (.29 | ) | | | — | | | | (.29 | ) | | | 12.41 | |
2009 | | | 10.08 | | | | .28 | | | | .68 | | | | .96 | | | | (.28 | ) | | | — | | | | (.28 | ) | | | 10.76 | |
2008 | | | 16.41 | | | | .29 | | | | (5.26 | ) | | | (4.97 | ) | | | (.26 | ) | | | (1.10 | ) | | | (1.36 | ) | | | 10.08 | |
Class I (8/94) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 13.16 | | | | .31 | | | | 1.60 | | | | 1.91 | | | | (.35 | ) | | | — | | | | (.35 | ) | | | 14.72 | |
2011 | | | 12.53 | | | | .31 | | | | .64 | | | | .95 | | | | (.32 | ) | | | — | | | | (.32 | ) | | | 13.16 | |
2010 | | | 10.85 | | | | .37 | | | | 1.65 | | | | 2.02 | | | | (.34 | ) | | | — | | | | (.34 | ) | | | 12.53 | |
2009 | | | 10.18 | | | | .32 | | | | .70 | | | | 1.02 | | | | (.35 | ) | | | — | | | | (.35 | ) | | | 10.85 | |
2008 | | | 16.55 | | | | .36 | | | | (5.30 | ) | | | (4.94 | ) | | | (.33 | ) | | | (1.10 | ) | | | (1.43 | ) | | | 10.18 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.31 | % | | $ | 273,317 | | | | 1.16 | % | | | 1.95 | % | | | 1.16 | % | | | 1.95 | % | | | 24 | % |
| | 7.28 | | | | 176,954 | | | | 1.14 | | | | 2.05 | | | | 1.14 | | | | 2.05 | | | | 33 | |
| | 18.46 | | | | 125,226 | | | | 1.19 | | | | 2.87 | | | | 1.17 | | | | 2.89 | | | | 29 | |
| | 10.32 | | | | 100,059 | | | | 1.19 | | | | 3.00 | | | | 1.19 | | | | 3.00 | | | | 48 | |
| | (32.51 | ) | | | 100,824 | | | | 1.17 | | | | 2.45 | | | | 1.17 | | | | 2.45 | | | | 32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.51 | | | | 1,525 | | | | 1.91 | | | | 1.33 | | | | 1.91 | | | | 1.33 | | | | 24 | |
| | 6.45 | | | | 3,016 | | | | 1.89 | | | | 1.32 | | | | 1.89 | | | | 1.32 | | | | 33 | |
| | 17.59 | | | | 5,039 | | | | 1.94 | | | | 2.05 | | | | 1.92 | | | | 2.07 | | | | 29 | |
| | 9.41 | | | | 7,237 | | | | 1.94 | | | | 2.28 | | | | 1.94 | | | | 2.28 | | | | 48 | |
| | (32.95 | ) | | | 9,113 | | | | 1.92 | | | | 1.69 | | | | 1.92 | | | | 1.69 | | | | 32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.29 | | | | 29,234 | | | | 1.91 | | | | 1.21 | | | | 1.91 | | | | 1.21 | | | | 24 | |
| | 6.42 | | | | 18,714 | | | | 1.89 | | | | 1.31 | | | | 1.89 | | | | 1.31 | | | | 33 | |
| | 17.60 | | | | 11,107 | | | | 1.94 | | | | 2.20 | | | | 1.92 | | | | 2.22 | | | | 29 | |
| | 9.41 | | | | 4,921 | | | | 1.94 | | | | 2.23 | | | | 1.94 | | | | 2.23 | | | | 48 | |
| | (32.95 | ) | | | 4,625 | | | | 1.92 | | | | 1.69 | | | | 1.92 | | | | 1.69 | | | | 32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.13 | | | | 21,649 | | | | 1.41 | | | | 1.70 | | | | 1.41 | | | | 1.70 | | | | 24 | |
| | 6.93 | | | | 12,092 | | | | 1.41 | | | | 1.75 | | | | 1.41 | | | | 1.75 | | | | 33 | |
| | 18.16 | | | | 1,204 | | | | 1.41 | | | | 2.48 | | | | 1.39 | | | | 2.50 | | | | 29 | |
| | 9.92 | | | | 122 | | | | 1.45 | | | | 2.94 | | | | 1.45 | | | | 2.94 | | | | 48 | |
| | (32.64 | ) | | | 535 | | | | 1.42 | | | | 2.20 | | | | 1.42 | | | | 2.20 | | | | 32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.65 | | | | 1,072,335 | | | | .91 | | | | 2.23 | | | | .91 | | | | 2.23 | | | | 24 | |
| | 7.56 | | | | 861,754 | | | | .89 | | | | 2.30 | | | | .89 | | | | 2.31 | | | | 33 | |
| | 18.78 | | | | 684,540 | | | | .94 | | | | 3.12 | | | | .92 | | | | 3.10 | | | | 29 | |
| | 10.51 | | | | 570,690 | | | | .94 | | | | 3.25 | | | | .94 | | | | 3.25 | | | | 48 | |
| | (32.29 | ) | | | 574,162 | | | | .92 | | | | 2.70 | | | | .92 | | | | 2.70 | | | | 32 | |
| (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. |
See accompanying notes to financial statements.
Financial Highlights (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) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | $ | 21.83 | | | $ | .18 | | | $ | 1.35 | | | $ | 1.53 | | | $ | (.14 | ) | | $ | — | | | $ | (.14 | ) | | $ | 23.22 | |
2011 | | | 22.20 | | | | .07 | | | | (.19 | ) | | | (.12 | ) | | | (.25 | ) | | | — | | | | (.25 | ) | | | 21.83 | |
2010 | | | 18.28 | | | | .12 | | | | 4.00 | | | | 4.12 | | | | (.20 | ) | | | — | | | | (.20 | ) | | | 22.20 | |
2009 | | | 16.13 | | | | .24 | | | | 1.99 | | | | 2.23 | | | | (.08 | ) | | | — | | | | (.08 | ) | | | 18.28 | |
2008 | | | 27.83 | | | | .21 | | | | (9.92 | ) | | | (9.71 | ) | | | (.16 | ) | | | (1.83 | ) | | | (1.99 | ) | | | 16.13 | |
Class B (8/94) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 20.52 | | | | .01 | | | | 1.26 | | | | 1.27 | | | | — | | | | — | | | | — | | | | 21.79 | |
2011 | | | 20.87 | | | | (.10 | ) | | | (.18 | ) | | | (.28 | ) | | | (.07 | ) | | | — | | | | (.07 | ) | | | 20.52 | |
2010 | | | 17.21 | | | | (.04 | ) | | | 3.78 | | | | 3.74 | | | | (.08 | ) | | | — | | | | (.08 | ) | | | 20.87 | |
2009 | | | 15.22 | | | | .13 | | | | 1.87 | | | | 2.00 | | | | (.01 | ) | | | — | | | | (.01 | ) | | | 17.21 | |
2008 | | | 26.48 | | | | .03 | | | | (9.39 | ) | | | (9.36 | ) | | | (.07 | ) | | | (1.83 | ) | | | (1.90 | ) | | | 15.22 | |
Class C (2/99) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 20.99 | | | | .01 | | | | 1.29 | | | | 1.30 | | | | — | | | | — | | | | — | | | | 22.29 | |
2011 | | | 21.36 | | | | (.10 | ) | | | (.18 | ) | | | (.28 | ) | | | (.09 | ) | | | — | | | | (.09 | ) | | | 20.99 | |
2010 | | | 17.61 | | | | (.04 | ) | | | 3.86 | | | | 3.82 | | | | (.07 | ) | | | — | | | | (.07 | ) | | | 21.36 | |
2009 | | | 15.58 | | | | .12 | | | | 1.92 | | | | 2.04 | | | | (.01 | ) | | | — | | | | (.01 | ) | | | 17.61 | |
2008 | | | 27.05 | | | | .03 | | | | (9.60 | ) | | | (9.57 | ) | | | (.07 | ) | | | (1.83 | ) | | | (1.90 | ) | | | 15.58 | |
Class R3 (9/01) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 21.70 | | | | .12 | | | | 1.33 | | | | 1.45 | | | | (.07 | ) | | | — | | | | (.07 | ) | | | 23.08 | |
2011 | | | 22.05 | | | | .01 | | | | (.19 | ) | | | (.18 | ) | | | (.17 | ) | | | — | | | | (.17 | ) | | | 21.70 | |
2010 | | | 18.15 | | | | .06 | | | | 3.99 | | | | 4.05 | | | | (.15 | ) | | | — | | | | (.15 | ) | | | 22.05 | |
2009 | | | 16.04 | | | | .19 | | | | 1.98 | | | | 2.17 | | | | (.06 | ) | | | — | | | | (.06 | ) | | | 18.15 | |
2008 | | | 27.72 | | | | .15 | | | | (9.87 | ) | | | (9.72 | ) | | | (.13 | ) | | | (1.83 | ) | | | (1.96 | ) | | | 16.04 | |
Class I (2/94) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 21.99 | | | | .24 | | | | 1.33 | | | | 1.57 | | | | (.27 | ) | | | — | | | | (.27 | ) | | | 23.29 | |
2011 | | | 22.37 | | | | .15 | | | | (.22 | ) | | | (.07 | ) | | | (.31 | ) | | | — | | | | (.31 | ) | | | 21.99 | |
2010 | | | 18.42 | | | | .16 | | | | 4.05 | | | | 4.21 | | | | (.26 | ) | | | — | | | | (.26 | ) | | | 22.37 | |
2009 | | | 16.24 | | | | .28 | | | | 2.01 | | | | 2.29 | | | | (.11 | ) | | | — | | | | (.11 | ) | | | 18.42 | |
2008 | | | 27.98 | | | | .27 | | | | (9.99 | ) | | | (9.72 | ) | | | (.19 | ) | | | (1.83 | ) | | | (2.02 | ) | | | 16.24 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 7.03 | % | | $ | 35,633 | | | | 1.49 | % | | | .58 | % | | | 1.28 | % | | | .79 | % | | | 140 | % |
| | (.64 | ) | | | 52,334 | | | | 1.33 | | | | .27 | | | | 1.31 | | | | .30 | | | | 123 | |
| | 22.65 | | | | 76,667 | | | | 1.25 | | | | .58 | | | | 1.25 | | | | .58 | | | | 123 | |
| | 13.95 | | | | 130,222 | | | | 1.25 | | | | 1.52 | | | | 1.25 | | | | 1.52 | | | | 106 | |
| | (37.32 | ) | | | 124,275 | | | | 1.23 | | | | .90 | | | | 1.23 | | | | .90 | | | | 93 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 6.19 | | | | 1,568 | | | | 2.24 | | | | (.18 | ) | | | 2.02 | | | | .04 | | | | 140 | |
| | (1.35 | ) | | | 2,073 | | | | 2.08 | | | | (.48 | ) | | | 2.06 | | | | (.45 | ) | | | 123 | |
| | 21.77 | | | | 2,815 | | | | 2.00 | | �� | | (.20 | ) | | | 2.00 | | | | (.20 | ) | | | 123 | |
| | 13.13 | | | | 3,481 | | | | 1.98 | | | | .85 | | | | 1.98 | | | | .85 | | | | 106 | |
| | (37.82 | ) | | | 4,133 | | | | 1.98 | | | | .14 | | | | 1.98 | | | | .14 | | | | 93 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 6.19 | | | | 7,855 | | | | 2.24 | | | | (.17 | ) | | | 2.02 | | | | .05 | | | | 140 | |
| | (1.35 | ) | | | 8,957 | | | | 2.08 | | | | (.48 | ) | | | 2.06 | | | | (.45 | ) | | | 123 | |
| | 21.74 | | | | 11,564 | | | | 2.00 | | | | (.21 | ) | | | 2.00 | | | | (.21 | ) | | | 123 | |
| | 13.10 | | | | 12,040 | | | | 2.00 | | | | .80 | | | | 2.00 | | | | .80 | | | | 106 | |
| | (37.80 | ) | | | 13,154 | | | | 1.98 | | | | .14 | | | | 1.98 | | | | .14 | | | | 93 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 6.70 | | | | 9,576 | | | | 1.74 | | | | .31 | | | | 1.53 | | | | .52 | | | | 140 | |
| | (.87 | ) | | | 15,310 | | | | 1.58 | | | | .03 | | | | 1.56 | | | | .06 | | | | 123 | |
| | 22.40 | | | | 20,195 | | | | 1.50 | | | | .30 | | | | 1.50 | | | | .30 | | | | 123 | |
| | 13.63 | | | | 25,664 | | | | 1.50 | | | | 1.21 | | | | 1.50 | | | | 1.21 | | | | 106 | |
| | (37.47 | ) | | | 23,423 | | | | 1.49 | | | | .64 | | | | 1.49 | | | | .64 | | | | 93 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 7.23 | | | | 106,276 | | | | 1.24 | | | | .82 | | | | 1.03 | | | | 1.03 | | | | 140 | |
| | (.42 | ) | | | 151,409 | | | | 1.07 | | | | .65 | | | | 1.06 | | | | .65 | | | | 123 | |
| | 22.98 | | | | 470,266 | | | | 1.00 | | | | .78 | | | | 1.00 | | | | .78 | | | | 123 | |
| | 14.24 | | | | 440,968 | | | | 1.00 | | | | 1.76 | | | | 1.00 | | | | 1.76 | | | | 106 | |
| | (37.17 | ) | | | 415,486 | | | | .99 | | | | 1.14 | | | | .99 | | | | 1.14 | | | | 93 | |
| (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. |
See accompanying notes to financial statements.
Financial Highlights (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) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | $ | 11.30 | | | $ | .05 | | | $ | 1.28 | | | $ | 1.33 | | | $ | — | | | $ | — | | | $ | — | | | $ | 12.63 | |
2011 | | | 10.26 | | | | (.05 | ) | | | 1.09 | | | | 1.04 | | | | — | | | | — | | | | — | | | | 11.30 | |
2010 | | | 8.22 | | | | (.01 | ) | | | 2.07 | | | | 2.06 | | | | (.02 | ) | | | — | | | | (.02 | ) | | | 10.26 | |
2009 | | | 8.12 | | | | .03 | | | | .15 | | | | .18 | | | | (.08 | ) | | | — | | | | (.08 | ) | | | 8.22 | |
2008 | | | 13.52 | | | | .08 | | | | (3.97 | ) | | | (3.89 | ) | | | (.14 | ) | | | (1.37 | ) | | | (1.51 | ) | | | 8.12 | |
Class C (2/99) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 9.93 | | | | (.04 | ) | | | 1.13 | | | | 1.09 | | | | — | | | | — | | | | — | | | | 11.02 | |
2011 | | | 9.08 | | | | (.12 | ) | | | .97 | | | | .85 | | | | — | | | | — | | | | — | | | | 9.93 | |
2010 | | | 7.31 | | | | (.07 | ) | | | 1.84 | | | | 1.77 | | | | — | | | | — | | | | — | | | | 9.08 | |
2009 | | | 7.22 | | | | (.02 | ) | | | .13 | | | | .11 | | | | (.02 | ) | | | — | | | | (.02 | ) | | | 7.31 | |
2008 | | | 12.19 | | | | — | * | | | (3.54 | ) | | | (3.54 | ) | | | (.06 | ) | | | (1.37 | ) | | | (1.43 | ) | | | 7.22 | |
Class R3 (9/01) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 11.11 | | | | .02 | | | | 1.26 | | | | 1.28 | | | | — | | | | — | | | | — | | | | 12.39 | |
2011 | | | 10.11 | | | | (.07 | ) | | | 1.07 | | | | 1.00 | | | | — | | | | — | | | | — | | | | 11.11 | |
2010 | | | 8.10 | | | | (.03 | ) | | | 2.04 | | | | 2.01 | | | | — | | | | — | | | | — | | | | 10.11 | |
2009 | | | 8.00 | | | | .01 | | | | .15 | | | | .16 | | | | (.06 | ) | | | — | | | | (.06 | ) | | | 8.10 | |
2008 | | | 13.35 | | | | .05 | | | | (3.91 | ) | | | (3.86 | ) | | | (.12 | ) | | | (1.37 | ) | | | (1.49 | ) | | | 8.00 | |
Class I (8/94) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 11.65 | | | | .08 | | | | 1.33 | | | | 1.41 | | | | — | | | | — | | | | — | | | | 13.06 | |
2011 | | | 10.55 | | | | (.02 | ) | | | 1.12 | | | | 1.10 | | | | — | | | | — | | | | — | | | | 11.65 | |
2010 | | | 8.45 | | | | .01 | | | | 2.13 | | | | 2.14 | | | | (.04 | ) | | | — | | | | (.04 | ) | | | 10.55 | |
2009 | | | 8.36 | | | | .05 | | | | .15 | | | | .20 | | | | (.11 | ) | | | — | | | | (.11 | ) | | | 8.45 | |
2008 | | | 13.87 | | | | .11 | | | | (4.08 | ) | | | (3.97 | ) | | | (.17 | ) | | | (1.37 | ) | | | (1.54 | ) | | | 8.36 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | |
| | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.77 | % | | $ | 32,208 | | | | 1.58 | % | | | .26 | % | | | 1.46 | % | | | .39 | % | | | 46 | % |
| | 10.14 | | | | 31,814 | | | | 1.48 | | | | (.41 | ) | | | 1.46 | | | | (.40 | ) | | | 41 | |
| | 25.15 | | | | 32,332 | | | | 1.34 | | | | (.11 | ) | | | 1.34 | | | | (.11 | ) | | | 58 | |
| | 2.40 | | | | 29,026 | | | | 1.37 | | | | .46 | | | | 1.37 | | | | .46 | | | | 73 | |
| | (31.75 | ) | | | 28,344 | | | | 1.31 | | | | .75 | | | | 1.31 | | | | .75 | | | | 49 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.98 | | | | 1,367 | | | | 2.34 | | | | (.47 | ) | | | 2.21 | | | | (.34 | ) | | | 46 | |
| | 9.36 | | | | 1,498 | | | | 2.23 | | | | (1.18 | ) | | | 2.21 | | | | (1.18 | ) | | | 41 | |
| | 24.21 | | | | 1,843 | | | | 2.09 | | | | (.86 | ) | | | 2.09 | | | | (.86 | ) | | | 58 | |
| | 1.56 | | | | 2,080 | | | | 2.12 | | | | (.27 | ) | | | 2.12 | | | | (.27 | ) | | | 73 | |
| | (32.23 | ) | | | 2,373 | | | | 2.06 | | | | — | ** | | | 2.06 | | | | — | ** | | | 49 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.52 | | | | 2,653 | | | | 1.83 | | | | .01 | | | | 1.71 | | | | .14 | | | | 46 | |
| | 9.89 | | | | 2,246 | | | | 1.73 | | | | (.66 | ) | | | 1.71 | | | | (.65 | ) | | | 41 | |
| | 24.85 | | | | 2,111 | | | | 1.59 | | | | (.35 | ) | | | 1.59 | | | | (.35 | ) | | | 58 | |
| | 2.14 | | | | 2,327 | | | | 1.62 | | | | .19 | | | | 1.62 | | | | .19 | | | | 73 | |
| | (31.90 | ) | | | 2,159 | | | | 1.56 | | | | .50 | | | | 1.56 | | | | .50 | | | | 49 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.02 | | | | 41,444 | | | | 1.34 | | | | .53 | | | | 1.21 | | | | .66 | | | | 46 | |
| | 10.43 | | | | 48,596 | | | | 1.21 | | | | (.16 | ) | | | 1.21 | | | | (.16 | ) | | | 41 | |
| | 25.43 | | | | 180,875 | | | | 1.09 | | | | .14 | | | | 1.09 | | | | .14 | | | | 58 | |
| | 2.59 | | | | 149,515 | | | | 1.12 | | | | .72 | | | | 1.12 | | | | .72 | | | | 73 | |
| | (31.56 | ) | | | 158,112 | | | | 1.06 | | | | 1.00 | | | | 1.06 | | | | 1.00 | | | | 49 | |
| (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. |
| * | Rounds to less than $.01 per share. |
| ** | Rounds to less than .01%. |
See accompanying notes to financial statements.
Notes to Financial Statements
1. General Information and Significant Accounting Policies
General Information
Nuveen Investment Funds, Inc. (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Dividend Value Fund (“Dividend Value”) formerly known as Nuveen Equity Income Fund, Nuveen Mid Cap Value Fund (“Mid Cap Value”) and Nuveen Small Cap Value Fund (“Small Cap Value”) (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was incorporated in the State of Maryland on August 20, 1987.
Dividend Value’s investment objective is long-term growth of capital and income. Under normal market conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of companies that, in the opinion of Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of Nuveen Fund Advisors, Inc. (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), have the ability to pay above average dividends and finance expected growth, have strong management and are trading at attractive valuations. The Fund will attempt to maintain a dividend that will grow over time. As a result, higher-yielding equity securities will generally represent the core holdings of the Fund. However, the Fund also may invest in lower-yielding, higher-growth equity securities if the Sub-Adviser believes they will help balance the portfolio. The Fund’s equity securities include common stocks, convertible preferred stocks, and corporate debt securities that are convertible into common stocks. All such equity securities will provide current income at the time of purchase. The Fund invests in convertible debt securities in pursuit of both long-term growth of capital and income. The securities’ conversion features provide long-term growth potential, while interest payments on the securities provide income. The Fund may invest in convertible debt securities without regard to their ratings, and therefore may hold convertible debt securities which are rated lower than investment grade. Effective February 29, 2012, the Fund changes its name from Nuveen Equity Income Fund.
Mid Cap Value’s investment objective is capital appreciation. 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 mid-capitalization companies, defined as companies that have market capitalizations at the time of purchase within the market capitalization range of the companies in the Russell Midcap® Index immediately after its most recent reconstitution prior to such purchase. It is expected that reconstitution of the index will occur each year at the end of June. Immediately after the most recent reconstitution, the range was $520 million to $17.9 billion. In selecting stocks, the Sub-Adviser invests in companies that it believes are undervalued relative to other companies in the same industry or market, exhibit good or improving fundamentals, and exhibit an identifiable catalyst that could close the gap between market value and fair value over the next one to two years.
Small Cap Value’s investment objective is capital appreciation. 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 small-capitalization companies, defined as companies that have market capitalizations of less than $3 billion at the time of purchase. In selecting stocks, the Sub-Adviser invests in companies that it believes meet at least two of the following criteria:
| | • | | Undervalued relative to other companies in the same industry or market; |
| | • | | Good or improving fundamentals; and |
| | • | | An identifiable catalyst that could close the gap between market value and fair value over the next one to two years. |
Each Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of non-U.S. issuers. In addition, each Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of non-U.S. issuers and in dollar denominated equity securities of non-U.S. issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up to 15% of the Fund’s total assets may be invested in equity securities of emerging market issuers. Each Fund may utilize options, futures contracts, options on futures contracts and forward foreign currency exchange contracts (“derivatives”). Each Fund may use these derivatives to manage market or business risk, enhance each Fund’s return, or hedge against adverse movements in currency exchange rates.
The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
Investment 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 and are generally classified as Level 2. Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or the most recent bid price of the underlying non-U.S.-traded stock,
adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange (“NYSE”). These securities may represent a transfer from a Level 1 to a Level 2 security.
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.
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 (“RIC’s”). 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 at least annually for each Fund with the exception of Dividend Value, which declares and distributes dividends from net investment income to shareholders quarterly. Dividends from net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
The Funds may receive distributions from holdings in Real Estate Investment Trusts (“REITs”). Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the REIT shareholder. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. The actual character of distributions to Fund shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund shareholder may represent a return of capital.
Notes to Financial Statements (continued)
Flexible Sales Charge Program
Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Class B Shares were sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class B Shares are subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .25% annual 12b-1 distribution and a .25% annual service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
Derivative Financial Instruments
Each Fund is authorized to invest in certain derivative instruments, including foreign currency exchange contracts, futures, options and swap contracts. Although the Funds are authorized to invest in such derivative instruments, and may do so in the future, they did not make any such investments during the fiscal year ended October 31, 2012.
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 clearinghouse, 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 12b-1 distribution fees and shareholder service fees, are recorded to the specific class.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Securities Lending
In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks, or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program” on the Statement of Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 102%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.
The Funds’ custodian serves as the securities lending agent for the Funds. Each Fund pays the custodian a fee based on the Fund’s proportional share of the custodian’s expense of operating its securities lending program. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending” on the Statement of Assets and Liabilities.
Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income, net.” Securities lending fees paid by each Fund during the fiscal year ended October 31, 2012, were as follows:
| | | | | | | | | | | | |
| | | Dividend
Value | | | Mid Cap
Value | | | Small Cap
Value | |
Securities lending fees paid | | $ | 39,782 | | | $ | 10,965 | | | $ | 8,140 | |
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 for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| | |
| Level 1 – | | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| Level 2 – | | Prices are determined using other significant observable inputs, (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3 – | | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
| | | | | | | | | | | | | | | | |
| Dividend Value | �� | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 1,380,034,137 | | | $ | — | | | $ | — | | | $ | 1,380,034,137 | |
Investments Purchased with Collateral from Securities Lending | | | 182,078,171 | | | | — | | | | — | | | | 182,078,171 | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 18,052,273 | | | | — | | | | — | | | | 18,052,273 | |
Total | | $ | 1,580,164,581 | | | $ | — | | | $ | — | | | $ | 1,580,164,581 | |
| | | | |
| Mid Cap Value | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 160,196,883 | | | $ | — | | | $ | — | | | $ | 160,196,883 | |
Investments Purchased with Collateral from Securities Lending | | | 45,404,778 | | | | — | | | | — | | | | 45,404,778 | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 1,122,625 | | | | — | | | | — | | | | 1,122,625 | |
Total | | $ | 206,724,286 | | | $ | — | | | $ | — | | | $ | 206,724,286 | |
| | | | |
| Small Cap Value | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 76,489,512 | | | $ | — | | | $ | — | | | $ | 76,489,512 | |
Investments Purchased with Collateral from Securities Lending | | | 26,608,251 | | | | — | | | | — | | | | 26,608,251 | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 1,064,268 | | | | — | | | | — | | | | 1,064,268 | |
Total | | $ | 104,162,031 | | | $ | — | | | $ | — | | | $ | 104,162,031 | |
| * | Refer to the Fund’s Portfolio of Investments for industry classifications. |
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for
Notes to Financial Statements (continued)
investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
3. 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. The Funds did not invest in derivative instruments during the fiscal year ended October 31, 2012.
4. Fund Shares
Transactions in Fund shares were as follows:
| | | | | | | | | | | | | | | | |
| | | Dividend Value | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
Shares issued from reorganization(1): | | | | | | | | | | | | | | | | |
Class A | | | 2,866,093 | | | $ | 46,725,301 | | | | — | | | $ | — | |
Class C | | | 72,150 | | | | 1,152,063 | | | | — | | | | — | |
Class R3 | | | 21,533 | | | | 349,365 | | | | — | | | | — | |
Class I | | | 5,445,884 | | | | 89,163,482 | | | | — | | | | — | |
Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 5,674,770 | | | | 75,791,170 | | | | 6,608,005 | | | | 87,417,806 | |
Class B | | | 8,550 | | | | 118,690 | | | | 3,490 | | | | 47,078 | |
Class C | | | 746,162 | | | | 10,170,847 | | | | 709,239 | | | | 9,350,202 | |
Class R3 | | | 756,797 | | | | 10,690,622 | | | | 1,001,768 | | | | 12,618,814 | |
Class I | | | 17,004,678 | | | | 232,952,467 | | | | 25,218,507 | | | | 331,972,894 | |
Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | |
Class A | | | 299,861 | | | | 4,205,570 | | | | 232,425 | | | | 3,044,340 | |
Class B | | | 2,305 | | | | 31,580 | | | | 2,171 | | | | 28,844 | |
Class C | | | 22,044 | | | | 305,305 | | | | 10,006 | | | | 131,048 | |
Class R3 | | | 22,759 | | | | 319,502 | | | | 5,904 | | | | 74,585 | |
Class I | | | 612,741 | | | | 8,676,335 | | | | 466,773 | | | | 6,205,947 | |
| | | | 33,556,327 | | | | 480,652,299 | | | | 34,258,288 | | | | 450,891,558 | |
Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (3,678,945 | ) | | | (50,796,593 | ) | | | (3,368,560 | ) | | | (44,368,177 | ) |
Class B | | | (138,594 | ) | | | (1,919,513 | ) | | | (183,928 | ) | | | (2,428,779 | ) |
Class C | | | (262,178 | ) | | | (3,631,206 | ) | | | (176,678 | ) | | | (2,327,271 | ) |
Class R3 | | | (244,006 | ) | | | (3,402,933 | ) | | | (176,764 | ) | | | (2,358,157 | ) |
Class I | | | (15,711,730 | ) | | | (221,167,643 | ) | | | (14,801,249 | ) | | | (197,668,105 | ) |
| | | | (20,035,453 | ) | | | (280,917,888 | ) | | | (18,707,179 | ) | | | (249,150,489 | ) |
Net increase (decrease) | | | 13,520,874 | | | $ | 199,734,411 | | | | 15,551,109 | | | $ | 201,741,069 | |
| (1) | Refer to Footnote 8 – Fund Reorganization for further details. |
| | | | | | | | | | | | | | | | |
| | | Mid Cap Value | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 175,883 | | | $ | 3,966,504 | | | | 540,631 | | | $ | 12,712,823 | |
Class B | | | — | | | | — | | | | 309 | | | | 6,599 | |
Class C | | | 12,581 | | | | 251,535 | | | | 20,707 | | | | 482,019 | |
Class R3 | | | 122,017 | | | | 2,606,675 | | | | 238,587 | | | | 5,504,530 | |
Class I | | | 689,001 | | | | 15,411,090 | | | | 864,453 | | | | 20,278,498 | |
Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | |
Class A | | | 11,855 | | | | 260,482 | | | | 32,132 | | | | 764,424 | |
Class B | | | — | | | | — | | | | 406 | | | | 9,131 | |
Class C | | | — | | | | — | | | | 1,838 | | | | 42,309 | |
Class R3 | | | 2,157 | | | | 47,196 | | | | 5,967 | | | | 141,365 | |
Class I | | | 33,419 | | | | 737,550 | | | | 47,049 | | | | 1,124,926 | |
| | | | 1,046,913 | | | | 23,281,032 | | | | 1,752,079 | | | | 41,066,624 | |
Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (1,049,825 | ) | | | (23,506,293 | ) | | | (1,628,870 | ) | | | (37,492,081 | ) |
Class B | | | (29,021 | ) | | | (631,933 | ) | | | (34,585 | ) | | | (774,881 | ) |
Class C | | | (86,907 | ) | | | (1,881,579 | ) | | | (137,168 | ) | | | (3,110,928 | ) |
Class R3 | | | (414,919 | ) | | | (9,311,285 | ) | | | (454,863 | ) | | | (10,396,502 | ) |
Class I | | | (3,046,004 | ) | | | (69,491,010 | ) | | | (3,913,945 | ) | | | (94,065,258 | ) |
Class I-In-Kind | | | — | | | | — | | | | (11,137,781 | ) | | | (261,914,439 | ) |
| | | | (4,626,676 | ) | | | (104,822,100 | ) | | | (17,307,212 | ) | | | (407,754,089 | ) |
Net increase (decrease) | | | (3,579,763 | ) | | $ | (81,541,068 | ) | | | (15,555,133 | ) | | $ | (366,687,465 | ) |
| | | | | | | | | | | | | | | | |
| | | Small Cap Value | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 198,937 | | | $ | 2,422,979 | | | | 410,931 | | | $ | 4,808,143 | |
Class C | | | 26,365 | | | | 284,629 | | | | 25,221 | | | | 264,358 | |
Class R3 | | | 68,411 | | | | 810,255 | | | | 60,254 | | | | 689,608 | |
Class I | | | 1,054,781 | | | | 13,092,159 | | | | 1,124,872 | | | | 13,450,313 | |
Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | — | | | | — | |
Class C | | | — | | | | — | | | | — | | | | — | |
Class R3 | | | — | | | | — | | | | — | | | | — | |
Class I | | | — | | | | — | | | | — | | | | — | |
| | | | 1,348,494 | | | | 16,610,022 | | | | 1,621,278 | | | | 19,212,422 | |
Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (464,772 | ) | | | (5,674,047 | ) | | | (747,673 | ) | | | (8,799,625 | ) |
Class C | | | (53,180 | ) | | | (558,580 | ) | | | (77,338 | ) | | | (778,138 | ) |
Class R3 | | | (56,397 | ) | | | (678,920 | ) | | | (66,911 | ) | | | (777,156 | ) |
Class I | | | (2,051,716 | ) | | | (25,916,055 | ) | | | (2,666,164 | ) | | | (33,926,233 | ) |
Class I-In-Kind | | | — | | | | — | | | | (11,425,320 | ) | | | (127,930,138 | ) |
| | | | (2,626,065 | ) | | | (32,827,602 | ) | | | (14,983,406 | ) | | | (172,211,290 | ) |
Net increase (decrease) | | | (1,277,571 | ) | | $ | (16,217,580 | ) | | | (13,362,128 | ) | | $ | (152,998,868 | ) |
Class B Shares that converted to Class A Shares (recognized as a component of Class A Shares sold and Class B Shares redeemed) during the fiscal year ended October 31, 2012, and fiscal year ended October 31, 2011, were as follows:
| | | | | | | | |
| Fund | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
Dividend Value | | | 113,604 | | | | 111,573 | |
Mid Cap Value | | | 23,767 | | | | 18,251 | |
Notes to Financial Statements (continued)
5. Investment Transactions
Purchases and sales (excluding investments purchased with collateral from securities lending and short-term investments) during the fiscal year ended October 31, 2012, were as follows:
| | | | | | | | | | | | |
| | | Dividend
Value | | | Mid Cap
Value | | | Small Cap
Value | |
Purchases | | $ | 472,956,039 | | | $ | 272,703,297 | | | $ | 38,120,027 | |
Sales | | | 280,250,574 | | | | 353,035,765 | | | | 51,947,477 | |
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 October 31, 2012, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
| | | | | | | | | | | | |
| | | Dividend
Value | | | Mid Cap
Value | | | Small Cap
Value | |
Cost of investments | | $ | 1,266,078,027 | | | $ | 202,159,547 | | | $ | 96,960,622 | |
Gross unrealized: | | | | | | | | | | | | |
Appreciation | | $ | 328,968,804 | | | $ | 13,029,677 | | | $ | 11,602,987 | |
Depreciation | | | (14,882,250 | ) | | | (8,464,938 | ) | | | (4,401,578 | ) |
Net unrealized appreciation (depreciation) of investments | | $ | 314,086,554 | | | $ | 4,564,739 | | | $ | 7,201,409 | |
Permanent differences, primarily due to the federal taxes paid, tax equalization, REIT adjustments, investments in partnerships, nondeductible reorganization expense, reorganization adjustments and distribution character reclassifications, resulted in reclassifications among the Funds’ components of net assets at October 31, 2012, the Funds’ tax year end, as follows:
| | | | | | | | | | | | |
| | | Dividend
Value | | | Mid Cap
Value | | | Small Cap
Value | |
Capital paid-in | | $ | 34,503,208 | | | $ | 155,170 | | | $ | 204,112 | |
Undistributed (Over-distribution of) net investment income | | | 820,496 | | | | 434,619 | | | | (64,081 | ) |
Accumulated net realized gain (loss) | | | (35,323,704 | ) | | | (589,789 | ) | | | (140,031 | ) |
The tax components of undistributed net ordinary income and net long-term capital gains at October 31, 2012, the Funds’ tax year end, were as follows:
| | | | | | | | | | | | |
| | | Dividend
Value | | | Mid Cap
Value | | | Small Cap
Value | |
Undistributed net ordinary income* | | $ | — | | | $ | 1,705,871 | | | $ | 373,682 | |
Undistributed net long-term capital gains | | | 37,679,223 | | | | — | | | | — | |
| * | 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’ tax years ended October 31, 2012 and October 31, 2011, was designated for purposes of the dividends paid deduction as follows:
| | | | | | | | | | | | |
| 2012 | | Dividend
Value | | | Mid Cap
Value | | | Small Cap
Value | |
Distributions from net ordinary income* | | $ | 27,602,132 | | | $ | 2,004,046 | | | $ | — | |
Distributions from net long-term capital gains | | | 893,701 | | | | — | | | | — | |
| | | | | | | | | | | | |
| 2011 | | Dividend
Value | | | Mid Cap
Value | | | Small Cap
Value | |
Distributions from net ordinary income* | | $ | 23,121,220 | | | $ | 3,983,550 | | | $ | — | |
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 October 31, 2012, the Funds’ 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:
| | | | | | | | | | | | |
| | | Dividend*
Value | | | Mid Cap
Value | | | Small Cap
Value | |
Expiration: | | | | | | | | | | | | |
October 31, 2016 | | $ | 32,868,293 | | | $ | — | | | $ | — | |
October 31, 2017 | | | — | | | | 55,371,090 | | | | 31,952,601 | |
Total | | $ | 32,868,293 | | | $ | 55,371,090 | | | $ | 31,952,601 | |
| * | A portion of Dividend Value’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations. |
During the Funds’ tax year ended October 31, 2012, the Funds utilized their capital loss carryforwards as follows:
| | | | | | | | | | | | |
| | | Dividend
Value | | | Mid Cap
Value | | | Small Cap
Value | |
Utilized capital loss carryforwards | | $ | 1,501,503 | | | $ | 10,167,842 | | | $ | 8,837,587 | |
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of RICs. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.
The Act also contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.
During the Funds’ tax year ended October 31, 2012, there were no post-enactment capital losses generated by any of the Funds.
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
| | | | | | | | | | | | |
| Average Daily Net Assets | | Dividend
Value Fund-Level
Fee Rate | | | Mid Cap
Value Fund-Level
Fee Rate | | | Small
Cap Value Fund-Level
Fee Rate | |
For the first $125 million | | | .6000 | % | | | .7000 | % | | | .7000 | % |
For the next $125 million | | | .5875 | | | | .6875 | | | | .6875 | |
For the next $250 million | | | .5750 | | | | .6750 | | | | .6750 | |
For the next $500 million | | | .5625 | | | | .6625 | | | | .6625 | |
For the next $1 billion | | | .5500 | | | | .6500 | | | | .6500 | |
For net assets over $2 billion | | | .5250 | | | | .6250 | | | | .6250 | |
Notes to Financial Statements (continued)
The annual complex-level fee for each Fund, payable monthly, is determined by taking the complex-level free rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets”. The complex-level fee schedule for each Fund is as follows:
| | | | |
| Complex-Level Asset Breakpoint Level* | | Effective Rate at Breakpoint Level | |
$55 billion | | | .2000 | % |
$56 billion | | | .1996 | |
$57 billion | | | .1989 | |
$60 billion | | | .1961 | |
$63 billion | | | .1931 | |
$66 billion | | | .1900 | |
$71 billion | | | .1851 | |
$76 billion | | | .1806 | |
$80 billion | | | .1773 | |
$91 billion | | | .1691 | |
$125 billion | | | .1599 | |
$200 billion | | | .1505 | |
$250 billion | | | .1469 | |
$300 billion | | | .1445 | |
| * | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of October 31, 2012, the complex-level fee rate for each Fund was as follows: |
| | | | |
| Fund | | Complex-Level Fee Rate | |
Dividend Value | | | .1881 | % |
Mid Cap Value | | | .1998 | |
Small Cap Value | | | .1998 | |
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with the Sub-Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
The Adviser has contractually agreed to waive fees and/or reimburse expenses of Mid Cap Value and Small Cap Value so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed the percentages of the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table:
| | | | | | | | |
| | | Mid Cap
Value | | | Small Cap
Value | |
Class A Shares | | | 1.34 | % | | | 1.50 | % |
Class B Shares | | | 2.09 | | | | N/A | |
Class C Shares | | | 2.09 | | | | 2.25 | |
Class R3 Shares | | | 1.59 | | | | 1.75 | |
Class I Shares | | | 1.09 | | | | 1.25 | |
Expiration Date | | | February 28, 2013 | | | | February 28, 2013 | |
| N/A – | Small Cap Value does not offer Class B Shares. |
The Adviser has agreed to reimburse management fees across all share classes of Dividend Value through December 31, 2012, to the extent necessary to maintain Class I Share total annual operating expenses, not including any acquired fund fees and expenses, at the applicable percentage of daily net assets listed in the Maximum Expense Level row of the following table, provided that in no event will the Adviser be required to make any reimbursements that would result in an annualized net management fee of less than the applicable percentage of daily net assets listed in the Minimum Management Fee row of the following table.
| | | | |
| | | Dividend
Value | |
Maximum Expense Level | | | .95 | % |
Minimum Management Fee | | | .78 | |
The Adviser may also voluntarily reimburse expenses from time to time in any of the Funds. Voluntary reimbursements may be terminated at any time at the Adviser’s discretion.
The Trust pays no compensation directly to those of its directors who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board of Directors has adopted a deferred compensation plan for independent directors that enable directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
During the fiscal year ended October 31, 2012, Nuveen Securities, LLC (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
| | | | | | | | | | | | |
| | | Dividend
Value | | | Mid Cap
Value | | | Small Cap
Value | |
Sales charges collected (Unaudited) | | $ | 391,945 | | | $ | 14,637 | | | $ | 16,525 | |
Paid to financial intermediaries (Unaudited) | | | 344,452 | | | | 12,918 | | | | 14,392 | |
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the fiscal year ended October 31, 2012, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
| | | | | | | | | | | | |
| | | Dividend
Value | | | Mid Cap
Value | | | Small Cap
Value | |
Commission advances (Unaudited) | | $ | 100,265 | | | $ | 2,016 | | | $ | 1,710 | |
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class B Shares and C Shares during the first year following a purchase were retained by the Distributor. During the fiscal year ended October 31, 2012, the Distributor retained such 12b-1 fees as follows:
| | | | | | | | | | | | |
| | | Dividend
Value | | | Mid Cap
Value | | | Small Cap
Value | |
12b-1 fees retained (Unaudited) | | $ | 94,835 | | | $ | 16,015 | | | $ | 1,526 | |
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the fiscal year ended October 31, 2012, as follows:
| | | | | | | | | | | | |
| | | Dividend
Value | | | Mid Cap
Value | | | Small Cap
Value | |
CDSC retained (Unaudited) | | $ | 9,522 | | | $ | 1,115 | | | $ | 505 | |
8. Fund Reorganization
During the current fiscal period, the Nuveen Large Cap Value Fund (“Large Cap Value” or the “Acquired Fund”) was reorganized (the “Reorganization”) into Dividend Value (the “Acquiring Fund”).
The Adviser proposed the Reorganization of the Acquired Fund into the Acquiring Fund, as well as a number of other fund reorganizations between funds with similar investment objectives and policies, as part of an initiative to eliminate certain redundancies among the products it offers and in an effort to achieve certain operating efficiencies. The Acquired Fund’s Board of Directors determined that the Reorganization was in the best interest of the Acquired Fund and that the interests of existing shareholders will not be diluted as a result of the Reorganization.
A special meeting of the Acquired Fund’s shareholders was held on October 5, 2012, for the purpose of voting on the Reorganization, at which time, the Reorganization was approved. The Reorganization was consummated at the close of business on October 12, 2012.
Upon consummation of the Reorganization, the Acquired Fund transferred all of its assets and liabilities to the Acquiring Fund in exchange for the Acquiring Fund’s shares of equal value. The Acquiring Fund’s shares were then distributed to the Acquired Fund’s shareholders and the Acquired Fund was terminated. As a result of the Reorganization, the Acquired Fund’s shareholders became shareholders of the Acquiring Fund and the Acquired Fund’s shareholders received the Acquiring Fund’s shares with a total value equal to the total value of its Acquired Fund’s shares immediately prior to the closing of the Reorganization.
The Reorganization was structured to qualify as a tax-free reorganization under the Internal Revenue Code for federal income tax purposes, and the Acquired Fund’s shareholders will recognize no gain or loss for federal income tax purposes as a result of the Reorganization. Prior to the closing of the Reorganization, the Acquired Fund distributed all of its net investment income and capital gains, if any. Such a distribution may be taxable to the Acquired Fund’s shareholders for federal income tax purposes.
Notes to Financial Statements (continued)
The cost, fair value and net unrealized appreciation (depreciation) of the investments of the Acquired Fund as of the date of its Reorganization was as follows:
| | | | | | | | |
| | | | | | | Large Cap
Value | |
Cost of investments | | | | | | $ | 163,215,402 | |
Fair value of investments | | | | | | | 157,563,613 | |
Unrealized appreciation (depreciation) of investments | | | | | | | (5,651,789 | ) |
For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund were carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
For accounting and performance reporting purposes, the Acquiring Fund is the survivor. The shares outstanding, net assets and net asset value (“NAV”) per share immediately before and after the Reorganization are as follows:
| | | | | | | | | | | | |
| Acquired Fund – Prior to Reorganization | | Shares
Outstanding | | | Net
Assets | | | NAV per
Share | |
Large Cap Value(2) | | | | | | | | | | | | |
Class A Shares | | | 2,866,094 | | | $ | 46,725,301 | | | $ | 16.30 | |
Class C Shares | | | 72,150 | | | | 1,152,063 | | | | 15.97 | |
Class R3 Shares | | | 21,533 | | | | 349,364 | | | | 16.22 | |
Class I Shares | | | 5,445,884 | | | | 89,163,482 | | | | 16.37 | |
| | | |
| Acquiring Fund – Prior to Reorganization | | Shares
Outstanding | | | Net
Assets | | | NAV per
Share | |
Dividend Value | | | | | | | | | | | | |
Class A Shares | | | 15,582,917 | | | $ | 228,310,628 | | | $ | 14.65 | |
Class C Shares | | | 1,938,407 | | | | 28,106,396 | | | | 14.50 | |
Class R3 Shares | | | 1,432,885 | | | | 20,958,169 | | | | 14.63 | |
Class I Shares | | | 66,975,748 | | | | 988,773,332 | | | | 14.76 | |
| | | |
| Acquiring Fund – Post Reorganization | | Shares
Outstanding | | | Net
Assets | | | NAV per
Share | |
Dividend Value | | | | | | | | | | | | |
Class A Shares | | | 18,772,077 | | | $ | 275,035,929 | | | $ | 14.65 | |
Class C Shares | | | 2,017,861 | | | | 29,258,459 | | | | 14.50 | |
Class R3 Shares | | | 1,456,771 | | | | 21,307,533 | | | | 14.63 | |
Class I Shares | | | 73,015,311 | | | | 1,077,936,814 | | | | 14.76 | |
| (2) | Large Cap Value did not offer Class B Shares. |
The beginning of the current fiscal period for the Acquired Funds was November 1, 2011.
Assuming the Reorganization had been completed on November 1, 2011, the beginning of the Acquiring Fund’s current fiscal period, the pro forma results of operations for the fiscal year ended October 31, 2012, are as follows:
| | | | | | | | |
| | | | | | | Dividend
Value | |
Net investment income (loss) | | | | | | $ | 25,602,759 | |
Net realized and unrealized gains (losses) | | | | | | | 147,630,483 | |
Change in net assets resulting from operations | | | | | | | 173,233,242 | |
Because the combined investment portfolios for the Reorganization have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Statement of Operations since the Reorganization was consummated.
In connection with the Reorganization, the Acquiring Fund has established a reserve for certain associated costs and expenses. Such amounts are included as a component of “Accrued other expenses” on the Statement of Assets and Liabilities and “Reorganization expense” on the Statement of Operations.
9. New Accounting Pronouncements
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11 (“ASU No. 2011-11”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statement of Assets and Liabilities. This information will enable users of the entity’s financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.
Trustees and Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is currently set at ten. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
The Funds’ Statement of Additional Information (“SAI”) includes more information about the trustees. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds’ website at www.nuveen.com.
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (1) | | Principal Occupation(s) Including other Directorships During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Trustee |
| | |
| Independent Trustees: | | | | |
Robert P. Bremner 8/22/40 333 W. Wacker Drive Chicago, IL 60606 | | Chairman of the Board and Trustee | | 1996 | | Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute. | | 217 |
Jack B. Evans 10/22/48 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 1999 | | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | | 217 |
William C. Hunter 3/6/48 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2004 | | Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at George Washington University. | | 217 |
David J. Kundert 10/28/42 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2005 | | Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation. | | 217 |
William J. Schneider 9/24/44 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 1996 | | Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council; member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank. | | 217 |
Judith M. Stockdale 12/29/47 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 1997 | | Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | | 217 |
Carole E. Stone 6/28/47 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2007 | | Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007). | | 217 |
Trustees and Officers (Unaudited) (continued)
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (1) | | Principal Occupation(s) During Past Five Years | | Number of Portfolios in Fund Complex Overseen by Trustee |
Virginia L. Stringer 8/16/44 333 West Wacker Drive Chicago, IL 60606 | | Trustee | | 2011 | | Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010). | | 217 |
Terence J. Toth 9/29/59 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2008 | | Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008); Mather Foundation Board (since 2012) and a member of its investment committee; formerly, member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). | | 217 |
| | |
| Interested Trustee: | | | | |
John P. Amboian (2) 6/14/61 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2008 | | Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc. | | 217 |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
| | |
| Officers of the Funds: | | | | |
Gifford R. Zimmerman 9/9/56 333 W. Wacker Drive Chicago, IL 60606 | | Chief Administrative Officer | | 1988 | | Managing Director (since 2002), Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2006) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst. | | 217 |
Margo L. Cook 4/11/64 333 W. Wacker Drive Chicago, IL 60606 | | Vice President | | 2009 | | Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011) previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst. | | 217 |
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
Lorna C. Ferguson 10/24/45 333 W. Wacker Drive Chicago, IL 60606 | | Vice President | | 1998 | | Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004). | | 217 |
Stephen D. Foy 5/31/54 333 W. Wacker Drive Chicago, IL 60606 | | Vice President and Controller | | 1998 | | Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant. | | 217 |
Scott S. Grace 8/20/70 333 W. Wacker Drive Chicago, IL 60606 | | Vice President and Treasurer | | 2009 | | Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation. | | 217 |
Walter M. Kelly 2/24/70 333 W. Wacker Drive Chicago, IL 60606 | | Chief Compliance Officer and Vice President | | 2003 | | Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc; Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC. | | 217 |
Tina M. Lazar 8/27/61 333 W. Wacker Drive Chicago, IL 60606 | | Vice President | | 2002 | | Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc. | | 217 |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) Including other Directorships During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
Kevin J. McCarthy 3/26/66 333 W. Wacker Drive Chicago, IL 60606 | | Vice President and Secretary | | 2007 | | Managing Director and Assistant Secretary (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007). | | 217 |
Kathleen L. Prudhomme 3/30/53 901 Marquette Avenue Minneapolis, MN 55402 | | Vice President and Assistant Secretary | | 2011 | | Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010). | | 217 |
Trustees and Officers (Unaudited) (continued)
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) Including other Directorships During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
Jeffery M. Wilson 3/13/56 333 West Wacker Drive Chicago, IL 60606 | | Vice President | | 2011 | | Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010). | | 100 |
| (1) | Trustees serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the trustee was first elected or appointed to any fund in the Nuveen Fund Complex. |
| (2) | Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds. |
| (3) | Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen Fund Complex. |
Annual Investment Management Agreement Approval Process
(Unaudited)
The Board of Directors (each, a “Board” and each Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, Inc. (the “Advisor”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Advisor and Nuveen Asset Management, LLC (the “Sub-Advisor”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 21-23, 2012 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.
In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (the Advisor and the Sub-Advisor are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 18-19, 2012, to review the Funds’ investment performance and consider an analysis provided by the Advisor of the Sub-Advisor which generally evaluated the Sub-Advisor’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.
The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and the Sub-Advisor. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and reports on compliance, regulatory matters and risk management. The Board also meets with key investment personnel managing the Fund portfolios during the year. In October 2011, the Board also created two new standing committees (the Open-end Fund Committee and the Closed-end Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive issues and business practices of open-end and closed-end funds.
In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. Further, an ad hoc committee of the Board visited the then-current transfer agents of the Nuveen funds in 2011 and the audit committee of the Board visited the various pricing agents for the Nuveen funds in January 2012.
The Board considers factors and information that are relevant to its annual consideration of the renewal of the Advisory Agreements at the meetings held throughout the year. Accordingly, the Board considers the information provided and knowledge gained at these meetings when performing its annual review of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.
The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
A. Nature, Extent and Quality of Services
In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Advisor and its affiliates, the commitment of the Advisor to provide high quality service to the Funds, their overall confidence in the Advisor’s integrity and the Advisor’s
Annual Investment Management Agreement Approval Process
(Unaudited) (continued)
responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.
In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisor generally provides the portfolio investment management services to the Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Advisor’s investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Advisor’s execution of its oversight responsibilities over the Sub-Advisor. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures.
In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management. In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the open-end fund product line. These initiatives included efforts to eliminate product overlap through mergers or liquidations; commencement of various new funds; elimination of insurance mandates for various funds; updates in investment policies or guidelines for several funds; and reductions in management fees and expense caps for certain funds.
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
B. The Investment Performance of the Funds and Fund Advisers
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data compiled by Nuveen that was provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks (i.e., benchmarks derived from multiple recognized benchmarks).
The Board reviewed reports, including a comprehensive analysis of the Funds’ performance and the applicable investment team. In this regard, the Board reviewed each Fund’s total return information compared to the returns of its Performance Peer Group and recognized and/or customized benchmarks for the quarter, one-, three- and five-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012.
In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period. In addition, although the performance below reflects the performance results for the time periods ending as of the most recent calendar year end (unless otherwise indicated), the Board also recognized that selecting a different ending time period may derive different results. Furthermore, while the Board is cognizant of the relevant performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and recognized that the objectives, investment parameters and guidelines of peers and/or benchmarks may differ to some extent, thereby resulting in differences in performance results. Nevertheless, with respect to any Nuveen funds that the Board considers to have underperformed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.
In considering the results of the comparisons for the Funds, the Independent Board Members observed, among other things, that the Nuveen Dividend Value Fund (the “Dividend Value Fund”) and the Nuveen Small Cap Value Fund (the “Small Cap Value Fund”) had satisfactory performance compared to their respective peers, performing in the second or third quartile over various periods (except the Small Cap Value Fund performed in the first quartile for the one-year period). In addition, the Independent Board Members noted that the Nuveen Mid Cap Value Fund (the “Mid Cap Value Fund”) lagged its peers and/or benchmarks over various periods. With
respect to the Nuveen funds that have shown periods of underperformance, the Board considered the factors affecting performance and was satisfied with the process followed in seeking to address any performance issues in light of the fund’s investment strategy. In this regard, the Board noted, in particular, the portfolio management team changes for the Mid Cap Value Fund.
Based on their review, the Independent Board Members determined that, except as noted above, each Fund’s investment performance had been satisfactory.
C. Fees, Expenses and Profitability
1. Fees and Expenses
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; and the timing of information used may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.
In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the overwhelming majority of the Nuveen funds were at, close to or below their Peer Group or Peer Universe (if no separate Peer Group) average based on the net total expense ratio.
The Independent Board Members observed that the Mid Cap Value Fund had net management fees higher than its peer average, but a net expense ratio in line with its peer average, while the Small Cap Value Fund had a net expense ratio slightly higher than its peer average, but a net management fee in line with its peer average. Finally, the Independent Board Members observed that the Dividend Value Fund had net management fees and a net expense ratio (including fee waivers and expense reimbursements, if any) below or in line with its peer averages.
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
The Independent Board Members further reviewed information regarding the nature of services and range of fees offered by the Advisor to other clients, including separately managed accounts (both retail and institutional accounts), collective trusts, foreign investment funds offered by Nuveen and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other Nuveen funds, funds of other sponsors (if any), and other clients (such as retail and/or institutional managed accounts).
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2011. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement
Annual Investment Management Agreement Approval Process
(Unaudited) (continued)
commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).
In reviewing profitability, the Independent Board Members recognized the Advisor’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel in compliance, risk management, and product development as well as its ability to allocate resources to various areas of the Advisor as the need arises. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided.
With respect to sub-advisers affiliated with Nuveen, including the Sub-Advisor, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Advisor’s level of profitability was reasonable in light of the services provided.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase.
In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc., the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.
E. Indirect Benefits
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered, among other things, any sales charges, distribution fees and shareholder services fees received and retained by the Funds’ principal underwriter, an affiliate of the Advisor, which includes fees received pursuant to any 12b-1 plan. The Independent Board Members, therefore, considered the 12b-1 fees retained by Nuveen during the last calendar year.
In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that
each Fund Adviser has the authority to pay a higher commission in return for brokerage and research services if it determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and may benefit from such soft dollar arrangements. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by a Fund Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Fund Adviser to manage the Fund. The Independent Board Members noted that the Fund Advisers’ profitability may be somewhat lower if they did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
Glossary of Terms Used in this Report
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested distributions and capital gains, if any) over the time period being considered.
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
Lipper Equity Income Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Equity Income Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
Lipper Mid-Cap Value Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Mid-Cap Value Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
Lipper Small-Cap Value Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Small-Cap Value Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
Russell 1000® Value Index: An index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Russell 2000® Value Index: An index that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Russell Midcap® Value Index: An index that measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P 500® Index: An unmanaged index generally considered representative of the U.S. stock market. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P 500® Dividend Only Stocks Index: An unmanaged index that includes only the S&P 500® Index stocks that pay dividends. The index returns assume reinvestment of dividends, but do not reflect any applicable sales charges.
Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the Fund’s dividends paid deduction.
Additional Fund Information
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
PricewaterhouseCoopers LLP
Chicago, IL
Custodian
U.S. Bank National Association
St. Paul, MN
Transfer Agent and Shareholder Services
Boston Financial
Data Services, Inc.
Nuveen Investor Services
P.O. Box 8530
Boston, MA 02266-8530
(800) 257-8787
Distribution Information: The following Funds hereby designate their percentages of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction (“DRD”) for corporations and their percentages as qualified dividend income (“QDI”) for individuals under Section 1 (h)(11) of the Internal Revenue Code as shown in the accompanying table. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.
| | | | | | | | |
| Fund | | % of DRD | | | % of QDI | |
Nuveen Dividend Value Fund | | | 100 | % | | | 100 | % |
Nuveen Mid Cap Value Fund | | | 100 | % | | | 100 | % |
Long-Term Capital Gain Distributions: Nuveen Dividend Value Fund designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), $1,274,094, or, if greater, the amount necessary to reduce earnings and profits of the Fund related to net capital gain to zero for the tax year ended October 31, 2012.
Quarterly Portfolio of Investments and Proxy Voting information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how each Fund 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 each Fund 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:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $220 billion as of September 30, 2012.
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 | | |
MAN-FSTK-1012P
Mutual Funds
Nuveen Equity Funds
For investors seeking the potential for long-term capital appreciation.
Annual Report
October 31, 2012
| | | | | | | | |
| | | Share Class / Ticker Symbol |
| | | | |
| Fund Name | | Class A | | Class C | | Class R3 | | Class I |
Nuveen International Fund | | FAIAX | | FIACX | | ARQIX | | FAICX |
Nuveen International Select Fund | | ISACX | | ICCSX | | — | | ISYCX |
Nuveen Quantitative Enhanced Core Equity Fund | | FQCAX | | FQCCX | | — | | FQCYX |
Nuveen Tactical Market Opportunities Fund | | NTMAX | | NTMCX | | — | | FGTYX |
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| | | | | | |
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Table of Contents
Chairman’s
Letter to Shareholders
Dear Shareholders,
Investors have many reasons to remain cautious. The challenges in the Euro area continue to cast a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. Despite strong action by the European Central Bank, member nations appear unwilling to surrender sufficient sovereignty to unify the Euro area financial system or strengthen its banks. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time is running out.
In the U.S., the extended period of increasing corporate earnings that enabled the equity markets to withstand the downward pressures coming from weakening job creation and slower economic growth appears to be coming to an end. The Fed remains committed to low interest rates and announced a third phase of quantitative easing (QE3) scheduled to continue until mid-2015. The recent election results have removed a major element of uncertainty in the U.S. political picture, but it remains to be seen whether the outcome will reduce the highly partisan atmosphere in Congress and enable progress on the many pressing fiscal and budgetary issues that must be resolved in the coming months.
During the last twelve months, U.S. investors have experienced a solid recovery in the domestic equity markets with increasing volatility as the “fiscal cliff” approaches. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen Fund on your behalf.
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
December 20, 2012
Portfolio Managers’ Comments
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
The Nuveen International Fund is managed by a team of managers associated with three different sub-advisers: Nuveen Asset Management, LLC, an affiliate of Nuveen Investments; Altrinisic Global Advisors, LLC; and Hansberger Global Investors, Inc. The Nuveen International Select Fund is managed by a team of managers associated with four different sub-advisers: Nuveen Asset Management, LLC; Altrinsic Global Advisors, LLC; Hansberger Global Investors, Inc.; and Lazard Asset Management LLC. The Nuveen Quantitative Enhanced Core Equity Fund and the Nuveen Tactical Market Opportunities Fund are managed by a team of managers from Nuveen Asset Management, LLC.
The portfolio management teams for the Funds examine economic and equity market conditions, key investment strategies and the Funds’ performance for the twelve-month period ended October 31, 2012.
What factors affected the world economy and the domestic and international equity market environments during the twelve-month reporting period ended October 31, 2012?
During this period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. In the third quarter 2012, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.7%, up from 1.3% in the second quarter, marking 13 consecutive quarters of positive growth. The Consumer Price Index (CPI) rose 2.2% year-over-year as of October 2012, while the core CPI (which excludes food and energy) increased 2.0% during the period, staying just within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. As of November 2012, (subsequent to this reporting period), the national unemployment rate was 7.7%, the lowest unemployment rate since December 2008 and below the 8.7% level recorded in November 2011. The slight decrease in unemployment from 7.9% in October 2012 was primarily due to workers who are no longer counted as part of the workforce. The housing market, long a major weak spot in the economic recovery, showed signs of a turnaround as existing home sales and residential construction indicators improved and home prices rose modestly. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, the average home price rose 3.0% for the twelve months ended September 2012 (the most recent data available at the time this report was prepared). This marked the largest annual percentage gain for the index since July 2010, although housing prices continued to be off approximately 30% from their mid-2006 peak.
The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by continuing to hold the benchmark fed funds rate at the record low level of zero to 0.25% set in December 2008. Subsequent to the reporting period, the central bank decided during its December 2012 meeting to keep the fed funds rate at
“exceptionally low levels” until either the unemployment rate reaches 6.5% or expected inflation goes above 2.5%. The Fed also affirmed its decision, announced in September 2012, to purchase $40 billion of mortgage-backed securities each month in an effort to stimulate the housing market. In addition to this new, open-ended stimulus program, the Fed plans to continue its program to extend the average maturity of its holdings of U.S. Treasury securities through the end of December 2012. The goals of these actions, which together will increase the Fed’s holdings of longer term securities by approximately $85 billion a month through the end of the year, are to put downward pressure on longer term interest rates, make broader financial conditions more accommodative and support a stronger economic recovery as well as continued progress toward the Fed’s mandates of maximum employment and price stability. However, the outlook for the U.S. economy remained clouded by uncertainty regarding the impending fiscal cliff, the combination of tax increases and spending cuts scheduled to take effect beginning in January 2013, and the potential impact on the economy.
Domestic and international equity markets were buffeted by concerns about the tepid U.S. economic recovery, the seemingly unending European debt crisis and a broader slowdown in global growth, particularly in China. In addition to the bold monetary policy moves made by the Fed, the European Central Bank (ECB) pledged to do “whatever it takes” to preserve the euro. The ECB unveiled the Outright Monetary Transactions plan, a conditional yet unlimited bond purchase program designed to ensure that financing is available to European governments who are willing to agree to certain fiscal and structural measures.
As these combined actions helped reduce fears, U.S. and overseas equity markets surprised many investors by rallying steadily later in the period. Broad U.S. stock market indexes approached their all-time highs, posting strong double-digit returns for the period as a whole. Large-cap U.S. stocks led the market with a 15.21% one-year return as measured by the S&P 500® Index, reaching a level not seen since May of 2008. Domestic small- and mid-cap stocks also produced strong returns of 12.08% and 12.15% during the fiscal year period, as measured by the Russell 2000® and the Russell MidCap® Indexes, respectively. Across all market cap segments, the best-performing areas of the U.S. equity market during the year included the health care, financial and consumer discretionary sectors. Energy was the biggest laggard across the board, while technology stocks also underperformed, particularly in the smaller capitalization ranges.
Meanwhile, the steps taken in Europe to reduce financial risk helped overseas markets recover some of their losses from the summer months. Developed markets fared better than emerging markets, posting a twelve-month return of 5.15% according to the MSCI EAFE Index, which tracks the performance of stocks from markets in Europe, Australasia and the Far East. Emerging markets never fully recovered after their dramatic sell-off in 2011, ending the fiscal year period with a 2.63% return, as measured by the MSCI Emerging Markets Index.
Nuveen International Fund
How did the Fund perform during the twelve-month period ended October 31, 2012?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods
ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed the MSCI EAFE Index and the Lipper classification average over the twelve-month period.
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 the 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 value and developed markets growth styles, respectively. The Fund’s third sub-adviser, Nuveen Asset Management, LLC, selects stocks for the Fund in the infrastructure sector, and also maintains strategic oversight of the Fund (subject to the supervision of the Fund’s investment adviser, Nuveen Fund Advisors, Inc.) by allocating assets among the sub-advisers (including itself) and tactically adjusting the overall portfolio balance and country emphasis using index related investments.
The most significant boost to performance during the reporting period resulted from individual security selection by two of the Fund’s sub-advisers: Altrinsic Global Advisors and Hansberger Global Investors. Both of the managers beat their respective benchmarks in their portion of the Fund’s portfolio. In terms of individual outperformers, the Fund benefited from its ownership in Brazilian electrical utility CEMIG (Companhia Energética de Minas Gerais). The Fund booked its gain and began selling portions of its position in CEMIG over concern that government regulatory changes would hurt the company’s profits. Dutch brewing company Heineken, with steady growth in Western Europe and rapid growth in the Americas, was also a solid contributor to the portfolio. Additionally, Canadian fertilizer producer Agrium helped the Fund’s performance. Agrium’s revenues are heavily concentrated in the United States, where high food prices justified strong demand. However, these successes were partially offset by several underperforming stocks. For example, New Oriental — an educational services company that provides language and test prep courses in China — took a large hit when it announced that the U.S. Securities and Exchange Commission (SEC) was looking into its accounting practices. New Oriental’s stock price did not completely recover following news that the SEC had approved its accounting. Also detracting was Finnish technology company Nokia, which was surpassed as the top seller of mobile phones by Samsung. Nokia also failed to gain much consumer acceptance of new lines with Microsoft’s phone software.
During the period, the Fund’s regional and country specific weightings were a wash, as the positives and negatives offset each other. The Fund’s overall country positioning included a significant underweight to Europe, particularly the Southern eurozone nations, and a modest overweight in both North and South America. The Fund’s underweight in Europe was based on the region’s ongoing difficulties with debt overhang and the European Central Bank’s efforts to resolve them. However, European stocks performed better than anticipated during the fiscal year. While an underweight to Spain benefited results, the Fund’s underweight in France had more of a neutral effect and its underweight
in Germany hindered. Germany’s stock performance was relatively strong as money flowed into the country’s markets. Meanwhile in the Americas, the Fund was successfully positioned with an emphasis in Brazil as stock selection, as mentioned above, was strong in the country. In Asia, the Fund benefited from its selective overweight in Hong Kong and underweight to Japan during the period. In Japan, the Fund’s exposure was pulled back as the Bank of Japan has not actively tried to take actions to stimulate domestic demand; Japanese stocks subsequently produced negative returns overall for the one-year period. Finally, the Fund’s overweight position in Russia was not successful. For quite some time, the Fund favored Russia, a major exporter of both natural gas and oil, due to the thesis that energy will continue to be in high demand as developing economies grow. While Russian stocks were trading at remarkably low price-to-earnings multiples, the country’s stock market did not perform well this year.
Fund performance benefited from its currency exposures, which were offset by its increasingly conservative cash policy during the period. On the positive side, the use of futures to take advantage of currency price fluctuations was additive to the Fund’s performance. The Fund particularly benefited from foreign currency futures it held that reflected a positive outlook on the U.S. dollar and negative outlooks on the Australian dollar and euro. However midway through the period, the Fund had been positioned more conservatively by raising its cash level above the minimum necessary to accommodate ordinary transactions. This higher cash exposure of around 5% generally hindered the Fund’s performance given the rising markets that occurred in the second half of the year.
In addition to those mentioned above, the Fund continued to use other equity and currency futures contracts as an overlay strategy to adjust the exposures created by its multi-manager framework so that the overall Fund had the desired exposures to key markets. Long and short futures contracts were used to manage country and style exposures and implement various tactical market and hedging strategies. These contracts are used as a means to efficiently gain exposure to a broad base of securities. During the period, these positions had a negative impact on the Fund’s performance.
Nuveen International Select Fund
How did the Fund perform during the twelve-month period ended October 31, 2012?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and since inception periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed the MSCI All Country World Investable Market Index (ex U.S.) and the Lipper classification average over the twelve-month period.
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 the 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 value, developed markets growth or emerging market styles, respectively. The Fund’s fourth sub-adviser, Nuveen Asset Management, LLC, selects stocks for the Fund in the infrastructure sector, and also maintains strategic oversight of the Fund (subject to the supervision of the Fund’s investment adviser, Nuveen Fund Advisors, Inc.) by allocating assets among the sub-advisers (including itself) and tactically adjusting the overall portfolio balance and country emphasis using index related investments.
The most significant boost to performance during the reporting period resulted from individual security selection by three of the Fund’s sub-advisers: Altrinsic Global Advisors, Hansberger Global Investors and Lazard Asset Management. Each of the three managers beat their respective benchmarks in their portion of the Fund’s portfolio. In terms of individual outperformers, the Fund benefited from its ownership in Brazilian electrical utility CEMIG (Companhia Energética de Minas Gerais). The Fund booked its gain and began selling portions of the Fund’s position in CEMIG over concern that government regulatory changes would hurt the company’s profits. Shoprite Holdings, a major supermarket chain in South Africa, also advanced due to steady earnings growth, while the communications firm Telekomunikasi Indonesia notched solid earnings growth on steadily rising revenues. However, these successes were partially offset by generally weak performance in the financial sector, including: Banco do Brasil, the largest Brazilian and Latin American bank in terms of assets; Punjab National Bank, the third largest bank in India; and Shinhan Financial Group, a Korean financial services firm. Another significant financial holding that detracted from performance was Willis Group, the U.K.-based global insurance broker and re-insurer, whose earnings growth has disappointed.
During the period, the Fund’s regional and country specific weightings were a wash, as the positives and negatives offset each other. The Fund’s overall country positioning included a significant underweight to Europe, particularly the Southern eurozone nations; a modest overweight in both North and South America; and a notable overweight in developing Asia, excluding Japan. The Fund’s underweight in Europe was based on the region’s ongoing difficulties with debt overhang and the European Central Bank’s efforts to resolve them. However, European stocks performed better than anticipated during the fiscal year. While an underweight to Spain benefited results, the Fund’s underweight in France had more of a neutral effect and its underweight in Germany hindered. Germany’s stock performance was relatively strong as money flowed into the country’s markets. Also, the Fund’s emphasis on Brazil was successful as stock selection, as mentioned above, was strong in the country. In Asia, the Fund benefited from its selective overweight in Hong Kong and underweight to Japan during the period. In Japan, the Fund’s exposure was pulled back as the Bank of Japan has not actively tried to take actions to stimulate domestic demand; Japanese stocks subsequently produced negative returns overall for the one-year period. Meanwhile, the Fund’s emphasis on developing markets such as the Philippines, Thailand, Taiwan and Indonesia neither helped nor hindered performance as the export-oriented nature of this region caused it to be disproportionately hurt by the European slowdown. Finally, the Fund’s overweight position in Russia was not successful. For quite some time, the Fund favored Russia, a major exporter of both natural gas and oil, due to the thesis that energy will continue to be in high demand as developing
economies grow. While Russian stocks were trading at remarkably low price-to-earnings multiples, the country’s stock market did not perform well this year.
Fund performance benefited from its currency exposures, which were offset by its increasingly conservative cash policy during the period. On the positive side, the use of futures to take advantage of currency price fluctuations was additive to the Fund’s performance. The Fund particularly benefited from foreign currency futures it held that reflected a positive outlook on the U.S. dollar and negative outlooks on the Australian dollar and euro. However midway through the period, the Fund had been positioned more conservatively by raising its cash level above the minimum necessary to accommodate ordinary transactions. This higher cash exposure of around 5% generally hindered the Fund’s performance given the rising markets that occurred in the second half of the year.
In addition to those mentioned above, the Fund continued to use other equity and currency futures contracts as an overlay strategy to adjust the exposures created by its multi-manager framework so that the overall Fund had the desired exposures to key markets. Long and short futures contracts were used to manage country and style exposures and implement various tactical market and hedging strategies. These contracts are used as a means to efficiently gain exposure to a broad base of securities. During the period, these positions had a negative impact on the Fund’s performance.
Nuveen Quantitative Enhanced Core Equity Fund
How did the Fund perform during the twelve-month period ended October 31, 2012?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and since-inception periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed the S&P 500® Index and the Lipper classification average over the twelve-month period.
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 the companies in the S&P 500® Index. To select specific stocks, we use proprietary models that help establish quantitative links between economic and 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 these returns from a comprehensive list of investment factors. We then evaluate each stock in the investable universe to determine its sensitivity to each factor and estimate a potential contribution for each stock. Our goal is to build an optimized portfolio that targets high expected returns, while using the proprietary models and processes described above to maintain as tight a control as possible on overall risk.
During the fiscal year, we continued to take conservative shifts away from the S&P 500® Index on various measures, positioning the Fund in the sectors and styles that we expected to perform best in the anticipated economic climate. While several of our sector weights and style positions benefited the Fund’s returns, in aggregate, our strategies were not successful over the twelve-month period.
Among the Fund’s sector positions, our emphases on both financials and health care did aid results as these were two of the top performing segments in the S&P 500® Index. Not only did the Fund benefit from a significant overweight in financials, but also from our industry positioning within the sector. At the beginning of the fiscal year, our models led us to emphasize real estate investment trusts (REITs), which was the strongest performing area in the financial segment through mid-year. However in the summer months, we began to see indications that the sector was overvalued; therefore, we successfully shifted out of REITs and into large-cap banks. A stock specific example that benefited the Fund was an overweight for most of the period in American Capital Agency, an out-of-index REIT name that outpaced the strongly performing financial sector. We sold the Fund’s American Capital position in a well-timed move toward the end of the period.
Our overweight in the health care sector was also a strong positive, especially our emphasis on pharmaceuticals, equipment and medical services within the segment. Health care names, which mostly tracked the index throughout the fiscal year, produced solid gains in the final two months. Investors particularly favored pharmaceuticals during the period for their higher dividends and perceived ability to grow even if broader economic growth was tepid. Our models led us to overweight pharmaceutical giant Pfizer, which proved successful for the Fund.
Regarding styles, one of the Fund’s more beneficial strategies was our emphasis on stocks with higher earnings variability. In a period with generally positive earnings surprises, these stocks tended to post the strongest numbers. Also, our models led us to tilt the portfolio toward our earnings yield measure, emphasizing stocks with lower price-to-earnings ratios and higher book-to-price ratios. Throughout the fiscal year, these stocks tended to ratchet up more during the quarterly earnings cycles.
However, several sectors detracted from the Fund’s performance during the period, offsetting the above-mentioned areas of strength. In particular, the Fund was held back by its significant overweight in technology and stock selection within that sector. While several stocks in the technology sector experienced very strong results during the period, notably Apple, the sector as a whole underperformed the S&P 500® Index. Technology saw steep declines after Apple hit its high in late September, switching from being one of the most successful sectors to a laggard in the final six weeks of the fiscal year. Unfortunately, our portfolio emphasized holdings such as Google and HP, which performed below even the sector average. Google was hurt by flat earnings during the period, while HP saw a significant drop in personal computer sales as consumers rapidly switched to mobile devices and tablets. The energy sector, the worst performing area of the S&P 500® Index, was also an area of weakness for the Fund. Our models led us to overemphasize the energy resources industry within the sector, which sharply underperformed in May before recapturing some of the losses later in the period. In addition, the Fund’s slight overweight in utilities was not a success as this sector trailed
during the period. Utilities were relatively flat throughout the year, missing both the springtime run-up in the broad index, and its reversal by late May. However, the sector declined during August, well before concerns about eliminating the tax preference for dividends became more realistic.
In aggregate, four of our style approaches hindered performance during the quarter, which also weighed negatively on results. For example, on average we held slightly more volatile stocks in the Fund over the period based on relatively low and declining volatility readings and an improvement in consumer sentiment. Although higher volatility stocks have historically outperformed in a strongly advancing market, this style was out of favor during the period as many investors sought out steadier, lower volatility names. Second, we had believed we might see some rotation within the market based on the economy’s lackluster growth rate; therefore, we emphasized contrarian names in the Fund, while avoiding momentum stocks that had recently performed well. This style tilt did not benefit the Fund as momentum stocks continued to outperform. Additionally, our tilt toward companies at the smaller end of the S&P 500® Index capitalization range was a drag on results earlier in the period. Large-cap stocks were the top-performing capitalization segment, beating out their smaller sized counterparts over the fiscal year. Finally, the Fund’s underweight to financially levered names, those with high debt/equity ratios, was also not successful. These lower quality companies tended to outperform over the period as they took advantage of low interest rates to refinance or reissue debt.
Throughout the fiscal year, we also continued to invest 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 manage cash flow activity, minimize tracking error to the Fund’s benchmark index and for tactical portfolio management positioning. These contracts are used as a means to efficiently gain exposure to a broad base of equity securities. Due to generally higher equity prices during the period, these positions added marginally to performance.
Nuveen Tactical Market Opportunities Fund
How did the Fund perform during the twelve-month period ended October 31, 2012?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year and since-inception periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, but underperformed the Lipper classification average over the twelve-month period.
What strategies were used to manage the Fund during the reporting period? How did these strategies influence performance?
The Fund is an absolute return product designed to generate returns through tactical asset allocation positions that seeks to outperform the BofA Merrill Lynch 3-month U.S. Treasury Bill Index by 400 basis points over a reasonable period of time. To accomplish the Fund’s goal, we are able to invest in a variety of asset classes, long or short, throughout the world. We also may use other alternative asset classes, such as currencies
and commodities, and investment tools such as the VIX (S&P 500® Volatility Index) to take advantage of market opportunities, to further diversify the Fund or as part of our volatility management strategies. We focus on generating returns in the portfolio in three ways: income oriented positions, market directional positions and long and short relative value positions (spread trades) that produce returns through differential performance.
During this reporting period, the Fund’s portfolio focus was primarily on income and long/short equity exposure. As a result, the overall risk profile of the portfolio was lower than in previous periods. Given our view that valuations in both fixed income and equity markets were unattractive, we believed a lower net market directional positioning within the Fund’s portfolio was warranted. Although the Fund generated a positive return over the twelve-month reporting period, it would have benefited if we had maintained a higher net long equity market directional exposure during the equity market’s strong advance. Strong equity market performance was also the primary factor in the Fund’s shortfall versus its Lipper classification average.
Overall, our focus on income was the primary driver of the Fund’s outperformance relative to the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index during this period. Specifically, positions in domestic high yield, emerging market local currency bonds and National Association of Real Estate Investment Trusts (NAREIT) exchange-traded funds (ETFs) added significantly to returns. In addition to these ETFs, long positions in Australian 10-year bond futures and 30-year U.S. Treasuries were additive to performance. Spread trades such as long S&P 500® Index/short Russell 2000® Index, long Indian equities/short Mexican equities, long Australian equities/short Nasdaq and long Canadian equities/short Russell 2000® Index also contributed to the Fund’s outperformance of the index.
The primary detractors from performance included spread trades such as long Malaysian and emerging markets equities/short Thailand equities, long Brazilian equities/short Mexican equities and long China H Shares Index/short Hang Seng Index. In addition to these spread trades, we held a long position in VIX futures as a hedge against negative market events. While a long position in VIX futures can be very effective when negative market events occur, they can also reduce performance in a less volatile environment like we experienced during this period.
Because we continue to view the return outlook for both equities and fixed income as modest with significant downside risk, our tactical strategy remains focused on what we expect will be relatively stable income generating positions and relative value long/short positioning, with only modest directional exposure to select segments of the equity and fixed income markets. At the end of the reporting period, the Fund’s income positions included domestic high yield, emerging market local currency bonds and income producing equities on a global basis. We also held long positions in Australian 3-year and 10-year government bond futures relative to short positions in 5-year and 10-year U.S. Treasuries in order to capture the spread between the much higher-yielding Australian bonds and U.S. Treasuries. At period end, the Fund also had modest commodity and foreign exchange exposure.
In addition to those mentioned above, we continued to use other equity, interest rate and currency futures contracts as part of the management strategy for the Fund. Long and
short futures contracts were used to implement various absolute return, tactical market and hedging strategies. These contracts are used as a means to efficiently manage exposure to a broad base of securities. During the period, these positions contributed meaningfully to favorable performance. During the period, we also bought and sold equity call options to generate return.
Effective December 14, 2012, subsequent to the close of this reporting period, the Fund’s investment policies were updated to allow the Fund to invest directly in equity and debt securities in order to create custom baskets of securities designed to track the performance of a particular securities index within certain parameters. The Fund may now gain exposure to its asset classes (i) by investing in derivative instruments and ETFs, (ii) by creating custom baskets of securities, and (iii) by investing directly in U.S. Treasury obligations, non-U.S. government obligations that have an investment grade rating from at least one rating agency and money market funds.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible.
Nuveen International Fund/Nuveen International Select Fund
Equity investments such as those held by the Funds, are subject to market risk, additional expenses risk, common stock risk, small- and mid-cap stock risk, and multi-manager risk. Foreign investments involve additional risks, including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. The use of derivatives involves substantial financial risks and transaction costs. These risks are magnified in emerging markets.
Nuveen Quantitative Enhanced Core Equity Fund
There is no guarantee that the Fund’s proprietary quantitative strategy will be successful. Equity securities such as the common stocks held in the Fund’s portfolio are subject to market risk or the risk of decline. Foreign securities involve additional risks, including currency fluctuations, political and economic instability. The use of derivatives involves substantial financial risks and transaction costs. The Fund’s potential investment in other investment companies means shareholders bear their proportionate share of Fund expenses and indirectly, the expenses of other investment companies.
Nuveen Tactical Market Opportunities Fund
There is no guarantee that the Fund will achieve its investment objective and the portfolio manager’s asset allocation decisions may adversely affect fund performance. The Fund is exposed to the risks of the underlying derivative instruments, ETFs, U.S. Treasury bonds, foreign government bonds, commodities, and short-term securities that may be held in the Fund’s portfolio. These risks include market risk, frequent trading risk, liquidity risk, interest rate risk, and credit risk. The credit risk and liquidity risk is heightened for non-investment grade or high-yield securities. The use of derivatives involves substantial financial risks and transaction costs. Commodities may be highly volatile and foreign investments are subject to additional risks including currency fluctuations, and economic or political instability. These risks are magnified in emerging markets. In addition, the Fund will bear its proportionate share of any fees and expenses paid by the ETFs in which it invests.
Fund Performance and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown on the following eight pages.
Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Returns may reflect a contractual agreement between certain Funds and the investment adviser to waive certain fees and expenses; see Notes to Financial Statements, Footnote 7 — Management Fees and Other Transactions with Affiliates for more information. In addition, returns may reflect a voluntary expense limitation by the Funds’ investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.
The expense ratios shown reflect the Funds’ total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the Funds’ most recent prospectus. The expense ratios include management fees and other fees and expenses.
Fund Performance and Expense Ratios (continued)
Nuveen International Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of October 31, 2012
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 3.91% | | | | -5.31% | | | | 5.96% | |
Class A Shares at maximum Offering Price | | | -2.08% | | | | -6.43% | | | | 5.33% | |
MSCI EAFE Index* | | | 5.15% | | | | -5.35% | | | | 8.21% | |
Lipper International Large-Cap Growth Funds Classification Average* | | | 6.78% | | | | -4.94% | | | | 7.79% | |
| | | |
Class C Shares | | | 3.11% | | | | -6.03% | | | | 5.16% | |
Class R3 Shares | | | 3.69% | | | | -5.48% | | | | 5.69% | |
Class I Shares | | | 4.15% | | | | -5.12% | | | | 6.19% | |
Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 12.59% | | | | -4.74% | | | | 6.40% | |
Class A Shares at maximum Offering Price | | | 6.16% | | | | -5.86% | | | | 5.77% | |
Class C Shares | | | 11.70% | | | | -5.46% | | | | 5.61% | |
Class R3 Shares | | | 12.36% | | | | -4.92% | | | | 6.16% | |
Class I Shares | | | 12.64% | | | | -4.54% | | | | 6.65% | |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | |
| |
| | | Expense
Ratios | |
Class A Shares | | | 1.43% | |
Class C Shares | | | 2.18% | |
Class R3 Shares | | | 1.68% | |
Class I Shares | | | 1.18% | |
| * | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Fund Performance and Expense Ratios (continued)
Nuveen International Select Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of October 31, 2012
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | Since
Inception* | |
Class A Shares at NAV | | | 3.83% | | | | -4.49% | | | | -0.59% | |
Class A Shares at maximum Offering Price | | | -2.14% | | | | -5.61% | | | | -1.59% | |
MSCI All Country World Investable Market Index (ex U.S.)** | | | 4.55% | | | | -4.40% | | | | 0.01% | |
Lipper International Multi-Cap Growth Funds Classification Average** | | | 6.36% | | | | -5.36% | | | | -1.13% | |
| | | |
Class C Shares | | | 3.09% | | | | -5.20% | | | | -1.33% | |
Class I Shares | | | 4.12% | | | | -4.25% | | | | -0.34% | |
Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | Since
Inception* | |
Class A Shares at NAV | | | 13.31% | | | | -3.51% | | | | -0.61% | |
Class A Shares at maximum Offering Price | | | 6.85% | | | | -4.64% | | | | -1.63% | |
Class C Shares | | | 12.51% | | | | -4.21% | | | | -1.35% | |
Class I Shares | | | 13.61% | | | | -3.26% | | | | -0.36% | |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | |
| |
| | | Expense
Ratios | |
Class A Shares | | | 1.46% | |
Class C Shares | | | 2.21% | |
Class I Shares | | | 1.21% | |
| * | Since inception returns are from 12/21/06. |
| ** | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Fund Performance and Expense Ratios (continued)
Nuveen Quantitative Enhanced Core Equity Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of October 31, 2012
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | Since
Inception* | |
Class A Shares | | | 12.18% | | | | -0.98% | | | | 0.51% | |
S&P 500® Index** | | | 15.21% | | | | 0.36% | | | | 1.64% | |
Lipper Large-Cap Core Funds Classification Average** | | | 13.16% | | | | -0.63% | | | | 0.71% | |
| | | |
Class C Shares | | | 11.31% | | | | -1.71% | | | | -0.23% | |
Class I Shares | | | 12.44% | | | | -0.73% | | | | 0.76% | |
Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | Since
Inception* | |
Class A Shares | | | 27.39% | | | | -0.21% | | | | 0.98% | |
Class C Shares | | | 26.45% | | | | -0.94% | | | | 0.23% | |
Class I Shares | | | 27.71% | | | | 0.04% | | | | 1.23% | |
Class A Shares have no sales charge and are available only through fee-based programs and certain retirement plans. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | |
| | |
| | | Gross
Expense
Ratios | | | Net
Expense
Ratios | |
Class A Shares | | | 0.89% | | | | 0.71% | |
Class C Shares | | | 1.64% | | | | 1.46% | |
Class I Shares | | | 0.64% | | | | 0.46% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2013, so that total annual Fund operating expenses, after waivers and/or expense reimbursements 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/or expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.
| * | Since inception returns are from 7/31/07. |
| ** | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Fund Performance and Expense Ratios (continued)
Nuveen Tactical Market Opportunities Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of October 31, 2012
| | | | | | | | |
| |
| | | Average Annual | |
| | |
| | | 1-Year | | | Since
Inception* | |
Class A Shares at NAV | | | 2.45% | | | | 5.30% | |
Class A Shares at maximum Offering Price | | | -3.41% | | | | 3.12% | |
BofA Merrill Lynch 3-Month Treasury Bill Index** | | | 0.08% | | | | 0.11% | |
Lipper Flexible Portfolio Funds Classification Average** | | | 6.31% | | | | 6.63% | |
| | |
Class C Shares | | | 1.55% | | | | 4.46% | |
Class I Shares | | | 2.69% | | | | 5.58% | |
Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)
| | | | | | | | |
| |
| | | Average Annual | |
| | |
| | | 1-Year | | | Since
Inception* | |
Class A Shares at NAV | | | 3.46% | | | | 5.43% | |
Class A Shares at maximum Offering Price | | | -2.51% | | | | 3.19% | |
Class C Shares | | | 2.65% | | | | 4.64% | |
Class I Shares | | | 3.80% | | | | 5.76% | |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | |
| | |
| | | Gross
Expense
Ratios | | | Net
Expense
Ratios | |
Class A Shares | | | 1.66% | | | | 1.42% | |
Class C Shares | | | 2.41% | | | | 2.17% | |
Class I Shares | | | 1.41% | | | | 1.17% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2013, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding any acquired fund fees and expenses, do not exceed 1.20%, 1.95%, and 0.95%, for Class A, Class C and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.
| * | Since inception returns are from 12/30/09. Class I Share returns are actual. The returns for Class A and Class C Shares are actual for the periods since class inception on 2/24/11; returns prior to class inception are Class I Share returns adjusted for differences in sales charges and expense, which are primarily differences in distribution and service fees. |
| ** | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Holding Summaries as of October 31, 2012
This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.
Nuveen International Fund
Fund Allocation1
| | | | |
| Common Stocks | | | 79.3% | |
| Exchange-Traded Funds | | | 9.5% | |
| Short-Term Investments | | | 10.5% | |
| Other2 | | | 0.7% | |
Nuveen International Select Fund
Fund Allocation1
| | | | |
| Common Stocks | | | 83.1% | |
| Exchange-Traded Funds | | | 9.4% | |
| Short-Term Investments | | | 7.2% | |
| Other2 | | | 0.3% | |
| | | | |
| Portfolio Composition1 | | | |
| Oil, Gas & Consumable Fuels | | | 7.0% | |
| Commercial Banks | | | 5.7% | |
| Pharmaceuticals | | | 5.6% | |
| Insurance | | | 5.2% | |
| Metals & Mining | | | 5.0% | |
| Beverages | | | 3.8% | |
| Textiles, Apparel & Luxury Goods | | | 2.8% | |
| Automobiles | | | 2.7% | |
| Machinery | | | 2.7% | |
| Wireless Telecommunication Services | | | 2.5% | |
| Food Products | | | 2.5% | |
| Transportation Infrastructure | | | 2.1% | |
| Capital Markets | | | 2.0% | |
| Chemicals | | | 1.9% | |
| Energy Equipment & Services | | | 1.8% | |
| Industrial Conglomerates | | | 1.6% | |
| Multi-Utilities | | | 1.6% | |
| Semiconductors & Equipment | | | 1.5% | |
| Health Care Equipment & Supplies | | | 1.3% | |
| Electric Utilities | | | 1.3% | |
| Diversified Telecommunication Services | | | 1.3% | |
| Exchange-Traded Funds | | | 9.5% | |
| Short-Term Investments | | | 10.5% | |
| Other5 | | | 18.1% | |
| | | | |
| Portfolio Composition1 | | | |
| Commercial Banks | | | 11.4% | |
| Oil, Gas & Consumable Fuels | | | 7.1% | |
| Metals & Mining | | | 4.9% | |
| Wireless Telecommunication Services | | | 4.7% | |
| Insurance | | | 4.1% | |
| Pharmaceuticals | | | 3.4% | |
| Semiconductors & Equipment | | | 2.8% | |
| Beverages | | | 2.7% | |
| Machinery | | | 2.3% | |
| Transportation Infrastructure | | | 2.3% | |
| Food Products | | | 2.0% | |
| Automobiles | | | 1.9% | |
| Industrial Conglomerates | | | 1.9% | |
| Chemicals | | | 1.8% | |
| Food & Staples Retailing | | | 1.7% | |
| Diversified Telecommunication Services | | | 1.6% | |
| Tobacco | | | 1.5% | |
| Textiles, Apparel & Luxury Goods | | | 1.4% | |
| Internet Software & Services | | | 1.4% | |
| Multi-Utilities | | | 1.4% | |
| Exchange-Traded Funds | | | 9.4% | |
| Short-Term Investments | | | 7.2% | |
| Other5 | | | 20.0% | |
| | | | |
| Country Allocation1 | | | |
| United States | | | 14.4% | |
| United Kingdom | | | 13.9% | |
| Japan | | | 11.6% | |
| Switzerland | | | 9.2% | |
| Germany | | | 7.2% | |
| Canada | | | 6.3% | |
| France | | | 3.5% | |
| Hong Kong | | | 2.7% | |
| Australia | | | 2.7% | |
| Short-Term Investments3 | | | 10.5% | |
| Other4 | | | 18.0% | |
| | | | |
| Top Five Common Stock Holdings1 | |
| Roche Holding | | | 1.8% | |
| Diageo | | | 1.5% | |
| Nestle | | | 1.4% | |
| Adidas | | | 1.4% | |
| Standard Chartered | | | 1.1% | |
| | | | |
| Country Allocation1 | |
| United States | | | 13.5% | |
| United Kingdom | | | 8.4% | |
| Japan | | | 7.4% | |
| Switzerland | | | 5.8% | |
| South Korea | | | 5.2% | |
| Canada | | | 4.9% | |
| Germany | | | 4.6% | |
| Brazil | | | 4.5% | |
| South Africa | | | 3.9% | |
| Hong Kong | | | 3.6% | |
| China | | | 3.4% | |
| Russia | | | 2.6% | |
| France | | | 2.4% | |
| Turkey | | | 2.2% | |
| Australia | | | 2.2% | |
| Short-Term Investments3 | | | 7.2% | |
| Other4 | | | 18.2% | |
| | | | |
| Top Five Common Stock Holdings1 | |
| Roche Holding | | | 1.1% | |
| China Construction Bank, Class H | | | 1.0% | |
| Banco do Brasil | | | 1.0% | |
| Diageo | | | 1.0% | |
| Nestle | | | 0.9% | |
| 1 | As a percentage of net assets. Holdings are subject to change. |
| 2 | Other assets less liabilities. |
| 3 | Denominated in U.S. Dollars. |
| 4 | Includes other assets less liabilities and all countries less than 2.2% of net assets for Nuveen International Select Fund and all countries less than 2.7% of net assets for Nuveen International Fund. |
| 5 | Includes other assets less liabilities and all industries less than 1.4% of net assets for Nuveen International Select Fund and all industries less than 1.3% of net assets for Nuveen International Fund. |
Nuveen Quantitative Enhanced Core Equity Fund
Fund Allocation1
| | | | |
| Common Stocks | | | 93.5% | |
| Warrants2 | | | 0.0% | |
| Short-Term Investments | | | 6.6% | |
| Other3 | | | (0.1)% | |
| | | | |
| Portfolio Composition1 | | | |
| Oil, Gas & Consumable Fuels | | | 8.3% | |
| Pharmaceuticals | | | 8.0% | |
| Insurance | | | 8.0% | |
| IT Services | | | 6.1% | |
| Computers & Peripherals | | | 5.2% | |
| Diversified Telecommunication Services | | | 4.2% | |
| Software | | | 3.3% | |
| Industrial Conglomerates | | | 3.0% | |
| Aerospace & Defense | | | 2.8% | |
| Communications Equipment | | | 2.6% | |
| Diversified Financial Services | | | 2.6% | |
| Tobacco | | | 2.6% | |
| Media | | | 2.6% | |
| Real Estate Investment Trust | | | 2.4% | |
| Commercial Banks | | | 2.3% | |
| Health Care Equipment & Supplies | | | 2.3% | |
| Capital Markets | | | 2.1% | |
| Health Care Providers & Services | | | 2.1% | |
| Internet Software & Services | | | 1.9% | |
| Energy Equipment & Services | | | 1.8% | |
| Beverages | | | 1.6% | |
| Electronic Equipment & Instruments | | | 1.5% | |
| Household Products | | | 1.5% | |
| Short-Term Investments | | | 6.6% | |
| Other4 | | | 14.6% | |
| | | | |
| Top Five Common Stock Holdings1 | |
| Apple, Inc. | | | 4.2% | |
| Exxon Mobil Corporation | | | 3.9% | |
| AT&T Inc. | | | 2.6% | |
| Chevron Corporation | | | 2.5% | |
| Microsoft Corporation | | | 2.2% | |
| 1 | As a percentage of net assets. Holdings are subject to change. |
| 3 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments. |
| 4 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 1.5% of net assets. |
Holding Summaries (continued)
Nuveen Tactical Market Opportunities Fund
Fund Allocation1
| | | | |
| Exchange Traded Funds | | | 15.6% | |
| Sovereign Debt | | | 2.9% | |
| U.S. Government & Agency Obligations | | | 2.0% | |
| Short-Term Investments | | | 77.9% | |
| Other2 | | | 1.6% | |
Portfolio Allocations3,4
| | | | |
| Long Fixed Income | | | 36.6% | |
| Short Fixed Income | | | -30.1% | |
Net Fixed Income | | | 6.5% | |
| Long Equity | | | 17.7% | |
| Short Equity | | | -14.5% | |
Net Equity | | | 3.2% | |
| Long Commodity / Currency | | | 3.7% | |
| Short Commodity / Currency | | | -1.4% | |
Net Commodity / Currency | | | 2.3% | |
Total Exposure5
| | | | |
| Total Net Exposure | | | 12.0% | |
| Total Gross Exposure | | | 104.0% | |
Top 5 Long Positions4,6
| | | | |
| Australian 3-Year Bond Future | | | 14.1% | |
| Australian 10-Year Bond Future | | | 7.5% | |
| S&P 500 E-Mini Future | | | 6.2% | |
| Market Vectors Emerging Markets Local Currency Bond ETF | | | 3.9% | |
| Dollar Index Future | | | 3.2% | |
Top 5 Short Position4,6
| | | | |
| U.S. Treasury 10-Year Note Future | | | -14.5% | |
| U.S. Treasury 5-Year Note Future | | | -9.3% | |
| Russell 2000 Mini Index Future | | | -6.7% | |
| Euro-Schatz Future | | | -6.3% | |
| DAX Index Future | | | -2.6% | |
| 1 | Fund Allocation reports the percentage breakdown of the Fund’s cash investments as shown in the Fund’s Portfolio of Investments. Each category is computed as a percentage of the Fund’s net assets. |
| 2 | Other assets less liabilities. |
| 3 | Portfolio Allocations reflects the investment exposure of the Fund by asset class investment category, including both cash positions and futures (derivative) positions. The table reflects the market value of long-term cash investments and the notional value of both long and short futures contracts as presented in the Fund’s portfolio of investments as a percentage of total investments. |
| 4 | Percentages are calculated based upon the total market value of investments as presented in the Fund’s portfolio of investments. |
| 5 | Net exposure provides an indication of the Fund’s directional exposure to the market at period end and reflects the value of the portfolio’s long positions minus the short positions across asset class investment categories. This is an indication of the Fund’s sensitivity to market movements. Gross exposure provides an indication of the total gross value of the Fund’s market investment exposure reflecting a summation of the absolute value of all long and short positions in the portfolio across asset class investment categories. This is an indication of the scale of the Fund’s total investment positions regardless of direction. |
| 6 | The top 5 long and short positions reflect the market value of long-term cash investments and the notional value of futures contracts as presented in the Fund’s portfolio of investments as a percentage of total investments. |
Expense Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held 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 International Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual Performance | | Hypothetical Performance
(5% annualized return before expenses) | |
| | | A Shares | | | C Shares | | | R3 Shares | | | I Shares | | | | | A Shares | | | C Shares | | | R3 Shares | | | I Shares | |
| Beginning Account Value (5/01/12) | | $ | 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 (10/31/12) | | $ | 989.60 | | | $ | 985.70 | | | $ | 988.60 | | | $ | 990.80 | | | | | $ | 1,017.69 | | | $ | 1,013.96 | | | $ | 1,016.43 | | | $ | 1,018.95 | |
| Expenses Incurred During Period | | $ | 7.47 | | | $ | 11.16 | | | $ | 8.72 | | | $ | 6.22 | | | | | $ | 7.58 | | | $ | 11.32 | | | $ | 8.84 | | | $ | 6.31 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.49%, 2.23%, 1.74% and 1.24% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen International Select Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual Performance | | | | | Hypothetical Performance
(5% annualized return before expenses) | |
| | | A Shares | | | C Shares | | | I Shares | | | | | A Shares | | | C Shares | | | I Shares | |
| Beginning Account Value (5/01/12) | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
| Ending Account Value (10/31/12) | | $ | 995.60 | | | $ | 991.00 | | | $ | 996.70 | | | | | $ | 1,017.69 | | | $ | 1,013.96 | | | $ | 1,018.95 | |
| Expenses Incurred During Period | | $ | 7.49 | | | $ | 11.19 | | | $ | 6.24 | | | | | $ | 7.58 | | | $ | 11.32 | | | $ | 6.31 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.49%, 2.23% and 1.24% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen Quantitative Enhanced Core Equity Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual Performance | | | | | Hypothetical Performance
(5% annualized return before expenses) | |
| | | A Shares | | | C Shares | | | I Shares | | | | | A Shares | | | C Shares | | | I Shares | |
| Beginning Account Value (5/01/12) | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
| Ending Account Value (10/31/12) | | $ | 1,005.20 | | | $ | 1,001.30 | | | $ | 1,006.40 | | | | | $ | 1,021.68 | | | $ | 1,017.90 | | | $ | 1,022.94 | |
| Expenses Incurred During Period | | $ | 3.54 | | | $ | 7.31 | | | $ | 2.28 | | | | | $ | 3.57 | | | $ | 7.37 | | | $ | 2.29 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .70%, 1.45% and .45% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Expense Examples (continued)
Nuveen Tactical Market Opportunities Fund1
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual Performance | | | | | Hypothetical Performance
(5% annualized return before expenses) | |
| | | A Shares | | | C Shares | | | I Shares | | | | | A Shares | | | C Shares | | | I Shares | |
| Beginning Account Value (5/01/12) | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
| Ending Account Value (10/31/12) | | $ | 1,012.60 | | | $ | 1,008.10 | | | $ | 1,013.40 | | | | | $ | 1,019.31 | | | $ | 1,015.53 | | | $ | 1,020.59 | |
| Expenses Incurred During Period | | $ | 5.94 | | | $ | 9.72 | | | $ | 4.67 | | | | | $ | 5.96 | | | $ | 9.75 | | | $ | 4.69 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.17%, 1.92% and .92% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
| 1 | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of other funds in which the Fund invests. These underlying fees and expenses are not reflected in the expense ratios. Because these other funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. |
Report of
Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of
Nuveen Investment Funds, Inc.:
In our opinion, the accompanying statement of assets and liabilities, including the portfolios of investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen International Fund, Nuveen International Select Fund, Nuveen Quantitative Enhanced Core Equity Fund and Nuveen Tactical Market Opportunities Fund (the “Funds”) at October 31, 2012, the results of each of their operations for the year ended, and the change in each of their net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2012 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion. The financial statements of the Funds for the years ended October 31, 2011 and prior were audited by other independent auditors whose report dated December 28, 2011 expressed an unqualified opinion on those statements.
PRICEWATERHOUSECOOPERS LLP
Chicago, IL
December 28, 2012
Portfolio of Investments
Nuveen International Fund
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | COMMON STOCKS – 79.3% | | | | | | | | | | |
| | | | | |
| | | | Australia – 2.7% | | | | | | | | | | |
| | | | | |
| | 7,170 | | | APA Group | | | | | | | | $ | 38,405 | |
| | | | | |
| | 12,324 | | | Australian Infrastructure Fund | | | | | | | | | 37,995 | |
| | | | | |
| | 18,444 | | | DUET Group | | | | | | | | | 40,015 | |
| | | | | |
| | 190,631 | | | Incitec Pivot | | | | | | | | | 625,318 | |
| | | | | |
| | 7,306 | | | Macquarie Atlas Roads Group, (2) | | | | | | | | | 11,717 | |
| | | | | |
| | 19,641 | | | Newcrest Mining | | | | | | | | | 538,867 | |
| | | | | |
| | 19,646 | | | SP AusNet | | | | | | | | | 21,617 | |
| | | | | |
| | 34,130 | | | Spark Infrastructure Group | | | | | | | | | 59,875 | |
| | | | | |
| | 47,002 | | | Sydney Airport | | | | | | | | | 165,400 | |
| | | | | |
| | 44,186 | | | Transurban Group | | | | | | | | | 278,874 | |
| | | | | |
| | 12,184 | | | Woodside Petroleum | | | | | | | | | 435,080 | |
| | | | | |
| | 15,874 | | | WorleyParsons | | | | | | | | | 406,514 | |
| | | | Total Australia | | | | | | | | | 2,659,677 | |
| | | | Austria – 0.0% | | | | | | | | | | |
| | | | | |
| | 238 | | | Oesterreichische Post | | | | | | | | | 9,168 | |
| | | | Belgium – 0.8% | | | | | | | | | | |
| | | | | |
| | 9,314 | | | Anheuser-Busch InBev | | | | | | | | | 778,782 | |
| | | | | |
| | 266 | | | Elia System Operator | | | | | | | | | 10,869 | |
| | | | Total Belgium | | | | | | | | | 789,651 | |
| | | | Brazil – 0.6% | | | | | | | | | | |
| | | | | |
| | 389 | | | Companhia de Saneamento Basico do Estado de Sao Paulo, ADR | | | | | | | | | 32,680 | |
| | | | | |
| | 1,826 | | | Companhia de Saneamento de Minas Gerais | | | | | | | | | 43,100 | |
| | | | | |
| | 931 | | | Companhia Paranaense de Energia-Copel, ADR | | | | | | | | | 13,742 | |
| | | | | |
| | 2,972 | | | Energias do Brasil | | | | | | | | | 18,584 | |
| | | | | |
| | 19,992 | | | Itau Unibanco Holding, ADR | | | | | | | | | 291,483 | |
| | | | | |
| | 1,789 | | | Santos Brasil Participacoes | | | | | | | | | 25,720 | |
| | | | | |
| | 2,821 | | | Transmissora Alianca de Energia Eletrica SA | | | | | | | | | 93,059 | |
| | | | | |
| | 3,249 | | | Wilson Sons, BDR | | | | | | | | | 45,111 | |
| | | | Total Brazil | | | | | | | | | 563,479 | |
| | | | Canada – 6.3% | | | | | | | | | | |
| | | | | |
| | 6,415 | | | Agrium | | | | | | | | | 677,039 | |
| | | | | |
| | 411 | | | ATCO, Class I | | | | | | | | | 30,366 | |
| | | | | |
| | 10,849 | | | Bank of Nova Scotia | | | | | | | | | 589,969 | |
| | | | | |
| | 1,276 | | | Brookfield Renewable Energy | | | | | | | | | 37,817 | |
| | | | | |
| | 23,569 | | | Cameco | | | | | | | | | 456,060 | |
| | | | | |
| | 17,180 | | | Canadian Natural Resources | | | | | | | | | 517,765 | |
| | | | | |
| | 1,194 | | | Canadian Utilities, Class A | | | | | | | | | 80,098 | |
| | | | | |
| | 5,281 | | | Cenovus Energy | | | | | | | | | 186,283 | |
| | | | | |
| | 51 | | | Emera | | | | | | | | | 1,782 | |
| | | | | |
| | 10,679 | | | Enbridge | | | | | | | | | 424,704 | |
| | | | | |
| | 7 | | | Enbridge, Inc. | | | | | | | | | 279 | |
| | | | | |
| | 17,010 | | | EnCana | | | | | | | | | 383,204 | |
| | | | | |
| | 1,369 | | | Fortis | | | | | | | | | 46,289 | |
| | | | | |
| | 799 | | | Gibson Energy | | | | | | | | | 18,368 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Canada (continued) | | | | | | | | | | |
| | | | | |
| | 226 | | | Keyera | | | | | | | | $ | 10,970 | |
| | | | | |
| | 47,010 | | | Kinross Gold | | | | | | | | | 466,923 | |
| | | | | |
| | 80,372 | | | Lundin Mining, (2) | | | | | | | | | 418,457 | |
| | | | | |
| | 46,559 | | | Manulife Financial | | | | | | | | | 576,400 | |
| | | | | |
| | 14,860 | | | Suncor Energy | | | | | | | | | 499,593 | |
| | | | | |
| | 44,820 | | | Talisman Energy | | | | | | | | | 507,997 | |
| | | | | |
| | 1,351 | | | TransCanada | | | | | | | | | 61,106 | |
| | | | | |
| | 1,184 | | | Veresen | | | | | | | | | 15,281 | |
| | | | | |
| | 56 | | | Westshore Terminals Investment | | | | | | | | | 1,588 | |
| | | | | |
| | 10,617 | | | Yamana Gold | | | | | | | | | 214,570 | |
| | | | Total Canada | | | | | | | | | 6,222,908 | |
| | | | Chile – 0.1% | | | | | | | | | | |
| | | | | |
| | 27,084 | | | Aguas Andinas, Class A | | | | | | | | | 18,232 | |
| | | | | |
| | 26,230 | | | Empresa Electrica Del Norte Grande | | | | | | | | | 64,115 | |
| | | | | |
| | 347 | | | Empresa Nacional de Electricidad, ADR | | | | | | | | | 16,611 | |
| | | | Total Chile | | | | | | | | | 98,958 | |
| | | | China – 1.6% | | | | | | | | | | |
| | | | | |
| | 292,000 | | | Agile Property Holdings | | | | | | | | | 331,936 | |
| | | | | |
| | 6,766 | | | ENN Energy Holdings | | | | | | | | | 28,155 | |
| | | | | |
| | 595,000 | | | Industrial & Commercial Bank of China, Class H | | | | | | | | | 393,849 | |
| | | | | |
| | 40,706 | | | Jiangsu Expressway, Class H | | | | | | | | | 35,086 | |
| | | | | |
| | 55,500 | | | Ping An Insurance | | | | | | | | | 439,700 | |
| | | | | |
| | 10,000 | | | Tencent Holdings | | | | | | | | | 353,546 | |
| | | | Total China | | | | | | | | | 1,582,272 | |
| | | | Czech Republic – 0.0% | | | | | | | | | | |
| | | | | |
| | 279 | | | CEZ AS | | | | | | | | | 10,287 | |
| | | | Denmark – 0.6% | | | | | | | | | | |
| | | | | |
| | 3,734 | | | Novo Nordisk, Class B | | | | | | | | | 601,751 | |
| | | | France – 3.5% | | | | | | | | | | |
| | | | | |
| | 1,041 | | | Aeroports de Paris | | | | | | | | | 80,485 | |
| | | | | |
| | 8,783 | | | Alstom | | | | | | | | | 299,969 | |
| | | | | |
| | 47,549 | | | AXA | | | | | | | | | 755,896 | |
| | | | | |
| | 19,231 | | | Carrefour | | | | | | | | | 464,623 | |
| | | | | |
| | 2,910 | | | DANONE | | | | | | | | | 178,876 | |
| | | | | |
| | 9,113 | | | Groupe Eurotunnel | | | | | | | | | 69,288 | |
| | | | | |
| | 3,807 | | | L’Oreal | | | | | | | | | 484,905 | |
| | | | | |
| | 5,361 | | | Pernod Ricard SA | | | | | | | | | 576,944 | |
| | | | | |
| | 977 | | | Rubis | | | | | | | | | 59,594 | |
| | | | | |
| | 6,987 | | | Total SA | | | | | | | | | 351,560 | |
| | | | | |
| | 3,650 | | | Vinci | | | | | | | | | 161,537 | |
| | | | Total France | | | | | | | | | 3,483,677 | |
| | | | Germany – 7.2% | | | | | | | | | | |
| | | | | |
| | 15,733 | | | Adidas | | | | | | | | | 1,340,380 | |
| | | | | |
| | 29,700 | | | Aixtron | | | | | | | | | 391,114 | |
| | | | | |
| | 3,996 | | | Allianz | | | | | | | | | 495,460 | |
Portfolio of Investments
Nuveen International Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Germany (continued) | | | | | | | | | | |
| | | | | |
| | 9,249 | | | Bayer | | | | | | | | $ | 805,475 | |
| | | | | |
| | 11,290 | | | Daimler | | | | | | | | | 527,170 | |
| | | | | |
| | 16,320 | | | Deutsche Boerse | | | | | | | | | 883,351 | |
| | | | | |
| | 20,882 | | | E.ON | | | | | | | | | 474,468 | |
| | | | | |
| | 2,755 | | | Fraport Frankfurt Airport | | | | | | | | | 161,546 | |
| | | | | |
| | 1,073 | | | Hamburger Hafen und Logistik | | | | | | | | | 26,056 | |
| | | | | |
| | 7,520 | | | Henkel KGAA | | | | | | | | | 600,512 | |
| | | | | |
| | 7,662 | | | Siemens | | | | | | | | | 770,053 | |
| | | | | |
| | 16,531 | | | Symrise | | | | | | | | | 594,265 | |
| | | | Total Germany | | | | | | | | | 7,069,850 | |
| | | | Hong Kong – 2.7% | | | | | | | | | | |
| | | | | |
| | 3,748 | | | Beijing Enterprises Holdings | | | | | | | | | 24,205 | |
| | | | | |
| | 123,000 | | | Belle International Holdings | | | | | | | | | 229,175 | |
| | | | | |
| | 30,990 | | | Cheung Kong Holdings | | | | | | | | | 457,849 | |
| | | | | |
| | 43,802 | | | Cheung Kong Infrastructure Holdings | | | | | | | | | 256,593 | |
| | | | | |
| | 204,652 | | | China Everbright International | | | | | | | | | 105,362 | |
| | | | | |
| | 508,000 | | | China Longyuan Power, Class H | | | | | | | | | 331,017 | |
| | | | | |
| | 39,227 | | | China Merchants Holdings International | | | | | | | | | 130,081 | |
| | | | | |
| | 176,000 | | | China Resources Land | | | | | | | | | 401,959 | |
| | | | | |
| | 246,000 | | | China Unicom | | | | | | | | | 401,850 | |
| | | | | |
| | 4,925 | | | CLP Holdings | | | | | | | | | 42,005 | |
| | | | | |
| | 22,301 | | | COSCO Pacific | | | | | | | | | 32,919 | |
| | | | | |
| | 29,024 | | | Guangdong Investment | | | | | | | | | 23,743 | |
| | | | | |
| | 41,552 | | | Hong Kong & China Gas | | | | | | | | | 110,447 | |
| | | | | |
| | 13,084 | | | MTR Corp. | | | | | | | | | 51,154 | |
| | | | | |
| | 13,367 | | | NWS Holdings | | | | | | | | | 20,180 | |
| | | | | |
| | 1,800 | | | Power Assets Holdings | | | | | | | | | 15,306 | |
| | | | | |
| | 42,334 | | | Sinopec Kantons Holdings | | | | | | | | | 31,573 | |
| | | | Total Hong Kong | | | | | | | | | 2,665,418 | |
| | | | India – 0.4% | | | | | | | | | | |
| | | | | |
| | 865 | | | GAIL India, GDR | | | | | | | | | 35,240 | |
| | | | | |
| | 9,653 | | | HDFC Bank, ADR | | | | | | | | | 360,926 | |
| | | | | |
| | 15,164 | | | Power Grid | | | | | | | | | 32,135 | |
| | | | Total India | | | | | | | | | 428,301 | |
| | | | Ireland – 1.1% | | | | | | | | | | |
| | | | | |
| | 14,552 | | | Covidien | | | | | | | | | 799,632 | |
| | | | | |
| | 20,869 | | | WPP | | | | | | | | | 269,252 | |
| | | | Total Ireland | | | | | | | | | 1,068,884 | |
| | | | Israel – 1.0% | | | | | | | | | | |
| | | | | |
| | 15,683 | | | NICE Systems, ADR, (2) | | | | | | | | | 522,244 | |
| | | | | |
| | 12,338 | | | Teva Pharmaceutical Industries, ADR | | | | | | | | | 498,702 | |
| | | | Total Israel | | | | | | | | | 1,020,946 | |
| | | | Italy – 1.7% | | | | | | | | | | |
| | | | | |
| | 5,886 | | | Atlantia | | | | | | | | | 97,118 | |
| | | | | |
| | 17,558 | | | Eni | | | | | | | | | 403,038 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Italy (continued) | | | | | | | | | | |
| | | | | |
| | 10,426 | | | Hera | | | | | | | | $ | 17,568 | |
| | | | | |
| | 92,200 | | | Prada | | | | | | | | | 751,871 | |
| | | | | |
| | 8,346 | | | Saipem | | | | | | | | | 374,938 | |
| | | | Total Italy | | | | | | | | | 1,644,533 | |
| | | | Japan – 11.6% | | | | | | | | | | |
| | | | | |
| | 55,590 | | | AMADA | | | | | | | | | 282,024 | |
| | | | | |
| | 18,230 | | | Canon | | | | | | | | | 588,713 | |
| | | | | |
| | 203 | | | CyberAgent | | | | | | | | | 405,847 | |
| | | | | |
| | 96 | | | INPEX | | | | | | | | | 547,163 | |
| | | | | |
| | 4,195 | | | Japan Airport Terminal | | | | | | | | | 45,613 | |
| | | | | |
| | 6,386 | | | Kamigumi | | | | | | | | | 51,517 | |
| | | | | |
| | 30,300 | | | KOMATSU | | | | | | | | | 634,619 | |
| | | | | |
| | 42,675 | | | Mitsubishi | | | | | | | | | 761,767 | |
| | | | | |
| | 21,938 | | | Mitsui Sumitomo Insurance Group | | | | | | | | | 371,817 | |
| | | | | |
| | 3,648 | | | Nintendo | | | | | | | | | 469,766 | |
| | | | | |
| | 26,498 | | | NKSJ Holdings | | | | | | | | | 482,959 | |
| | | | | |
| | 71,600 | | | Rakuten | | | | | | | | | 643,978 | |
| | | | | |
| | 6,660 | | | SMC | | | | | | | | | 1,049,515 | |
| | | | | |
| | 13,100 | | | Softbank | | | | | | | | | 414,678 | |
| | | | | |
| | 8,625 | | | Sugi Holdings | | | | | | | | | 311,701 | |
| | | | | |
| | 209,558 | | | Sumitomo Mitsui Trust | | | | | | | | | 635,263 | |
| | | | | |
| | 39,290 | | | Suzuki Motor | | | | | | | | | 889,845 | |
| | | | | |
| | 11,700 | | | TERUMO | | | | | | | | | 504,171 | |
| | | | | |
| | 184,590 | | | The Bank of Yokohama | | | | | | | | | 848,610 | |
| | | | | |
| | 25,688 | | | THK Co. Ltd. | | | | | | | | | 427,007 | |
| | | | | |
| | 24,770 | | | Tokyo Gas | | | | | | | | | 131,250 | |
| | | | | |
| | 22,900 | | | Toyota Motor | | | | | | | | | 879,225 | |
| | | | Total Japan | | | | | | | | | 11,377,048 | |
| | | | Luxembourg – 0.5% | | | | | | | | | | |
| | | | | |
| | 6,166 | | | Millicom International Cellular | | | | | | | | | 532,666 | |
| | | | | |
| | 168 | | | SES | | | | | | | | | 4,649 | |
| | | | Total Luxembourg | | | | | | | | | 537,315 | |
| | | | Malaysia – 0.2% | | | | | | | | | | |
| | | | | |
| | 14 | | | Petronas Gas Berhad | | | | | | | | | 90 | |
| | | | | |
| | 64,050 | | | Sime Darby Berhad | | | | | | | | | 205,650 | |
| | | | Total Malaysia | | | | | | | | | 205,740 | |
| | | | Mexico – 0.0% | | | | | | | | | | |
| | | | | |
| | 404 | | | Grupo Aeroportuario del Sureste, ADR | | | | | | | | | 39,014 | |
| | | | Netherlands – 1.2% | | | | | | | | | | |
| | | | | |
| | 14,782 | | | Heineken | | | | | | | | | 911,325 | |
| | | | | |
| | 3,876 | | | Koninklijke Vopak | | | | | | | | | 269,831 | |
| | | | Total Netherlands | | | | | | | | | 1,181,156 | |
| | | | New Zealand – 0.2% | | | | | | | | | | |
| | | | | |
| | 43,709 | | | Auckland International Airport | | | | | | | | | 96,516 | |
| | | | | |
| | 4,800 | | | Infratil | | | | | | | | | 8,922 | |
Portfolio of Investments
Nuveen International Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | New Zealand (continued) | | | | | | | | | | |
| | | | | |
| | 7,320 | | | Port of Tauranga | | | | | | | | $ | 77,959 | |
| | | | | |
| | 1,335 | | | Vector | | | | | | | | | 2,986 | |
| | | | Total New Zealand | | | | | | | | | 186,383 | |
| | | | Norway – 1.3% | | | | | | | | | | |
| | | | | |
| | 2,633 | | | Hafslund, Class B | | | | | | | | | 21,244 | |
| | | | | |
| | 81,410 | | | Norsk Hydro | | | | | | | | | 366,547 | |
| | | | | |
| | 44,023 | | | Telenor ASA | | | | | | | | | 865,588 | |
| | | | Total Norway | | | | | | | | | 1,253,379 | |
| | | | Philippines – 0.2% | | | | | | | | | | |
| | | | | |
| | 80,867 | | | International Container Terminal Services | | | | | | | | | 139,375 | |
| | | | | |
| | 28,023 | | | Manila Water | | | | | | | | | 19,727 | |
| | | | | |
| | 218,321 | | | Metro Pacific Investments | | | | | | | | | 21,941 | |
| | | | Total Philippines | | | | | | | | | 181,043 | |
| | | | Poland – 0.0% | | | | | | | | | | |
| | | | | |
| | 2,291 | | | PGE SA | | | | | | | | | 12,414 | |
| | | | Singapore – 1.7% | | | | | | | | | | |
| | | | | |
| | 89,477 | | | CitySpring Infrastructure Trust | | | | | | | | | 32,642 | |
| | | | | |
| | 18,386 | | | ComfortDelGro | | | | | | | | | 25,473 | |
| | | | | |
| | 660,249 | | | Golden Agri-Resources | | | | | | | | | 338,298 | |
| | | | | |
| | 28,330 | | | Hyflux | | | | | | | | | 31,354 | |
| | | | | |
| | 52,000 | | | Oversea-Chinese Banking | | | | | | | | | 387,933 | |
| | | | | |
| | 29,145 | | | Parkway Life, REIT | | | | | | | | | 48,742 | |
| | | | | |
| | 134,540 | | | SembCorp Industries | | | | | | | | | 600,014 | |
| | | | | |
| | 16,463 | | | Singapore Airport Terminal Services | | | | | | | | | 37,655 | |
| | | | | |
| | 91,225 | | | Singapore Post | | | | | | | | | 85,257 | |
| | | | | |
| | 31,063 | | | SMRT Corp. Ltd. | | | | | | | | | 44,183 | |
| | | | Total Singapore | | | | | | | | | 1,631,551 | |
| | | | South Africa – 0.7% | | | | | | | | | | |
| | | | | |
| | 36,328 | | | MTN Group | | | | | | | | | 655,028 | |
| | | | South Korea – 0.9% | | | | | | | | | | |
| | | | | |
| | 1,932 | | | Hyundai Motor | | | | | | | | | 397,702 | |
| | | | | |
| | 754 | | | Samsung Electronics, GDR, (3) | | | | | | | | | 452,842 | |
| | | | Total South Korea | | | | | | | | | 850,544 | |
| | | | Spain – 0.8% | | | | | | | | | | |
| | | | | |
| | 5,815 | | | Abertis Infraestructuras | | | | | | | | | 87,581 | |
| | | | | |
| | 21,332 | | | Grifols, (2) | | | | | | | | | 739,896 | |
| | | | Total Spain | | | | | | | | | 827,477 | |
| | | | Sweden – 0.7% | | | | | | | | | | |
| | | | | |
| | 75,687 | | | Ericsson | | | | | | | | | 665,252 | |
| | | | Switzerland – 9.2% | | | | | | | | | | |
| | | | | |
| | 33,871 | | | ABB Ltd. REG | | | | | | | | | 610,282 | |
| | | | | |
| | 10,710 | | | Compagnie Financiere Richemont | | | | | | | | | 694,603 | |
| | | | | |
| | 26,978 | | | Credit Suisse Group | | | | | | | | | 625,422 | |
| | | | | |
| | 117 | | | Flughafen Zuerich | | | | | | | | | 50,064 | |
| | | | | |
| | 22,489 | | | Foster Wheeler, (2) | | | | | | | | | 500,830 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Switzerland (continued) | | | | | | | | | | |
| | | | | |
| | 8,921 | | | Holcim | | | | | | | | $ | 608,751 | |
| | | | | |
| | 22,132 | | | Nestle | | | | | | | | | 1,404,490 | |
| | | | | |
| | 14,045 | | | Noble | | | | | | | | | 530,058 | |
| | | | | |
| | 14,912 | | | Novartis | | | | | | | | | 897,474 | |
| | | | | |
| | 9,121 | | | Roche Holding | | | | | | | | | 1,754,076 | |
| | | | | |
| | 33,159 | | | UBS | | | | | | | | | 497,047 | |
| | | | | |
| | 52,826 | | | Xstrata | | | | | | | | | 834,669 | |
| | | | Total Switzerland | | | | | | | | | 9,007,766 | |
| | | | Taiwan – 0.7% | | | | | | | | | | |
| | | | | |
| | 41,650 | | | Hiwin Technologies | | | | | | | | | 268,043 | |
| | | | | |
| | 134,620 | | | Hon Hai Precision Industry | | | | | | | | | 408,756 | |
| | | | Total Taiwan | | | | | | | | | 676,799 | |
| | | | Turkey – 0.3% | | | | | | | | | | |
| | | | | |
| | 57,330 | | | Turkiye Garanti Bankasi | | | | | | | | | 273,777 | |
| | | | United Kingdom – 13.9% | | | | | | | | | | |
| | | | | |
| | 160,689 | | | Aberdeen Asset Management | | | | | | | | | 841,473 | |
| | | | | |
| | 30,787 | | | Anglo American | | | | | | | | | 945,466 | |
| | | | | |
| | 3,217 | | | Aon | | | | | | | | | 173,557 | |
| | | | | |
| | 54,826 | | | ARM Holdings | | | | | | | | | 588,366 | |
| | | | | |
| | 29,822 | | | BG Group | | | | | | | | | 552,241 | |
| | | | | |
| | 13,559 | | | BHP Billiton | | | | | | | | | 434,447 | |
| | | | | |
| | 11,979 | | | BP, ADR | | | | | | | | | 513,779 | |
| | | | | |
| | 20,737 | | | Centrica | | | | | | | | | 108,459 | |
| | | | | |
| | 52,398 | | | Diageo | | | | | | | | | 1,497,521 | |
| | | | | |
| | 40,729 | | | GlaxoSmithKline | | | | | | | | | 911,304 | |
| | | | | |
| | 15,451 | | | HSBC Holdings, ADR | | | | | | | | | 762,661 | |
| | | | | |
| | 5,662 | | | National Grid, ADR | | | | | | | | | 322,791 | |
| | | | | |
| | 9,331 | | | Pennon Group | | | | | | | | | 107,966 | |
| | | | | |
| | 71,514 | | | Prudential | | | | | | | | | 979,225 | |
| | | | | |
| | 9,140 | | | Reckitt Benckiser Group | | | | | | | | | 553,117 | |
| | | | | |
| | 56,127 | | | Rolls Royce Holdings | | | | | | | | | 773,969 | |
| | | | | |
| | 7,060 | | | Serco Group | | | | | | | | | 64,542 | |
| | | | | |
| | 3,117 | | | Severn Trent | | | | | | | | | 80,783 | |
| | | | | |
| | 4,204 | | | Stagecoach Group | | | | | | | | | 18,616 | |
| | | | | |
| | 45,477 | | | Standard Chartered | | | | | | | | | 1,074,049 | |
| | | | | |
| | 40,166 | | | Vedanta Resources | | | | | | | | | 735,040 | |
| | | | | |
| | 29,558 | | | Vodafone Group, ADR | | | | | | | | | 804,569 | |
| | | | | |
| | 24,394 | | | Willis Group Holdings | | | | | | | | | 821,346 | |
| | | | Total United Kingdom | | | | | | | | | 13,665,287 | |
| | | | United States – 4.9% | | | | | | | | | | |
| | | | | |
| | 5,055 | | | American Tower, Class A | | | | | | | | | 380,591 | |
| | | | | |
| | 2,772 | | | American Water Works | | | | | | | | | 101,843 | |
| | | | | |
| | 708 | | | Aqua America | | | | | | | | | 17,976 | |
| | | | | |
| | 1,735 | | | Atmos Energy | | | | | | | | | 62,408 | |
| | | | | |
| | 151 | | | Boardwalk Pipeline Partners | | | | | | | | | 4,027 | |
Portfolio of Investments
Nuveen International Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | United States (continued) | | | | | | | | | | |
| | | | | |
| | 1,998 | | | Brookfield Infrastructure Partners | | | | | | | | $ | 68,631 | |
| | | | | |
| | 7,705 | | | Bunge | | | | | | | | | 547,286 | |
| | | | | |
| | 676 | | | California Water Service Group | | | | | | | | | 12,452 | |
| | | | | |
| | 5,229 | | | CMS Energy | | | | | | | | | 127,169 | |
| | | | | |
| | 4,014 | | | Covanta Holding | | | | | | | | | 72,975 | |
| | | | | |
| | 1,113 | | | Crown Castle International, (2) | | | | | | | | | 74,293 | |
| | | | | |
| | 589 | | | Digital Realty Trust | | | | | | | | | 36,182 | |
| | | | | |
| | 2,375 | | | Dominion Resources | | | | | | | | | 125,353 | |
| | | | | |
| | 132 | | | Duke Energy | | | | | | | | | 8,671 | |
| | | | | |
| | 300 | | | Edison International | | | | | | | | | 14,082 | |
| | | | | |
| | 513 | | | Enbridge Energy Partners | | | | | | | | | 15,390 | |
| | | | | |
| | 1,983 | | | Enterprise Products Partners | | | | | | | | | 104,524 | |
| | | | | |
| | 272 | | | ITC Holdings | | | | | | | | | 21,657 | |
| | | | | |
| | 9,992 | | | Kinder Morgan | | | | | | | | | 346,822 | |
| | | | | |
| | 335 | | | Kinder Morgan Management | | | | | | | | | 25,045 | |
| | | | | |
| | 488 | | | Middlesex Water Company | | | | | | | | | 9,438 | |
| | | | | |
| | 1,321 | | | MPLX, (2) | | | | | | | | | 35,997 | |
| | | | | |
| | 1,490 | | | NextEra Energy | | | | | | | | | 104,389 | |
| | | | | |
| | 4,621 | | | NiSource | | | | | | | | | 117,697 | |
| | | | | |
| | 1,993 | | | Northeast Utilities | | | | | | | | | 78,325 | |
| | | | | |
| | 269 | | | Northwest Natural Gas | | | | | | | | | 12,517 | |
| | | | | |
| | 172 | | | OGE Energy | | | | | | | | | 9,904 | |
| | | | | |
| | 157 | | | Oiltanking Partners | | | | | | | | | 5,501 | |
| | | | | |
| | 214 | | | PG&E | | | | | | | | | 9,099 | |
| | | | | |
| | 6,766 | | | Philip Morris International | | | | | | | | | 599,197 | |
| | | | | |
| | 760 | | | Piedmont Natural Gas | | | | | | | | | 24,221 | |
| | | | | |
| | 396 | | | Pinnacle West Capital | | | | | | | | | 20,976 | |
| | | | | |
| | 277 | | | Portland General Electric | | | | | | | | | 7,590 | |
| | | | | |
| | 5,091 | | | Questar | | | | | | | | | 103,042 | |
| | | | | |
| | 121 | | | SBA Communications, Class A, (2) | | | | | | | | | 8,062 | |
| | | | | |
| | 6,806 | | | Schlumberger | | | | | | | | | 473,221 | |
| | | | | |
| | 390 | | | Sempra Energy | | | | | | | | | 27,203 | |
| | | | | |
| | 78 | | | SJW Corp. | | | | | | | | | 1,891 | |
| | | | | |
| | 263 | | | South Jersey Industries | | | | | | | | | 13,305 | |
| | | | | |
| | 1,628 | | | Southwest Gas | | | | | | | | | 70,769 | |
| | | | | |
| | 8,450 | | | Spectra Energy | | | | | | | | | 243,952 | |
| | | | | |
| | 597 | | | Standard Parking, (2) | | | | | | | | | 13,641 | |
| | | | | |
| | 741 | | | UIL Holdings | | | | | | | | | 26,802 | |
| | | | | |
| | 4,289 | | | Unitil | | | | | | | | | 114,045 | |
| | | | | |
| | 2,467 | | | Waste Connections | | | | | | | | | 80,992 | |
| | | | | |
| | 2,340 | | | Westar Energy | | | | | | | | | 69,498 | |
| | | | | |
| | 879 | | | Western Gas Partners | | | | | | | | | 44,811 | |
| | | | | |
| | 1,864 | | | WGL Holdings | | | | | | | | | 74,131 | |
| | | | | |
| | 3,739 | | | Williams | | | | | | | | | 130,828 | |
| | | | | |
| | 2,928 | | | Wisconsin Energy | | | | | | | | | 112,640 | |
| | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1)(7) | | | | | | | | | | | Value | |
| | | | United States (continued) | | | | | | | | | | | | | | | | |
| | | | | |
| | 948 | | | Xcel Energy | | | | | | | | | | | | | | $ | 26,782 | |
| | | | Total United States | | | | | | | | | | | | | | | 4,837,843 | |
| | | | Total Common Stocks (cost $72,739,506) | | | | | | | | | | | | | | | 77,984,576 | |
| | | | EXCHANGE-TRADED FUNDS – 9.5% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | United States – 9.5% | | | | | | | | | | | | | | | | |
| | | | | |
| | 2,568 | | | iShares MSCI EAFE Index Fund | | | | | | | | | | | | | | | 137,568 | |
| | | | | |
| | 237,640 | | | iShares MSCI Malaysia Index Fund | | | | | | | | | | | | | | | 3,559,847 | |
| | | | | |
| | 55,000 | | | iShares S&P Global Energy Sector Index Fund | | | | | | | | | | | | | | | 2,140,600 | |
| | | | | |
| | 31,478 | | | Market Vectors Agribusiness ETF | | | | | | | | | | | | | | | 1,614,192 | |
| | | | | |
| | 6,766 | | | Market Vectors Gold Miners ETF | | | | | | | | | | | | | | | 357,583 | |
| | | | | |
| | 40,000 | | | Utilities Select Sector SPDR Fund | | | | | | | | | | | | | | | 1,474,800 | |
| | | | | |
| | 843 | | | Vanguard MSCI Emerging Markets ETF | | | | | | | | | | | | | | | 34,976 | |
| | | | Total Exchange-Traded Funds (cost $9,517,717) | | | | | | | | | | | | | | | 9,319,566 | |
| | | | | |
Shares/
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 10.5% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 6.0% | | | | | | | | | | | | | | | | |
| | | | | |
| | 5,910,363 | | | State Street Institutional Liquid Reserves Fund | | | 0.190%, (5) | | | | N/A | | | | N/A | | | $ | 5,910,362 | |
| | | | U.S. Government and Agency Obligations – 4.5% | | | | | | | | | | | | | | | | |
| | | | | |
| $ | 700 | | | U.S. Treasury Bills, (6) | | | 0.113% | | | | 2/07/13 | | | | Aaa | | | | 699,786 | |
| | | | | |
| | 3,740 | | | U.S. Treasury Bills, (6) | | | 0.118% | | | | 2/21/13 | | | | Aaa | | | | 3,738,635 | |
| | | | | |
| $ | 4,440 | | | Total U.S. Government and Agency Obligations | | | | | | | | | | | | | | | 4,438,421 | |
| | | | Total Short-Term Investments (cost $10,348,863) | | | | | | | | | | | | | | | 10,348,783 | |
| | | | Total Investments (cost $92,606,086) – 99.3% | | | | | | | | | | | | | | | 97,652,924 | |
| | | | Other Assets Less Liabilities – 0.7% (8) | | | | | | | | | | | | | | | 665,983 | |
| | | | Net Assets – 100.0% | | | | | | | | | | | | | | $ | 98,318,907 | |
Portfolio of Investments
Nuveen International Fund (continued)
October 31, 2012
Investments in Derivatives at October 31, 2012
Futures Contracts outstanding:
| | | | | | | | | | | | | | | | | | | | |
| Type | | Contract
Position | | | Number of
Contracts | | | Contract
Expiration | | | Notional*
Value | | | Unrealized
Appreciation
(Depreciation) | |
Amsterdam Index | | | Long | | | | 33 | | | | 11/12 | | | $ | 2,818,721 | | | $ | (26,183 | ) |
British Pound Currency | | | Short | | | | (9 | ) | | | 12/12 | | | | (907,144 | ) | | | (1,725 | ) |
DAX Index | | | Short | | | | (2 | ) | | | 12/12 | | | | (471,213 | ) | | | 3,396 | |
E-Mini MSCI Singapore Index | | | Long | | | | 5 | | | | 11/12 | | | | 282,177 | | | | (1,422 | ) |
FTSE 100 Index | | | Long | | | | 100 | | | | 12/12 | | | | 9,301,725 | | | | (131,773 | ) |
FTSE JSE Top 40 | | | Short | | | | (93 | ) | | | 12/12 | | | | (3,557,439 | ) | | | (88,061 | ) |
H-Shares Index | | | Short | | | | (43 | ) | | | 11/12 | | | | (2,942,568 | ) | | | 18,642 | |
ISE 30 | | | Short | | | | (444 | ) | | | 12/12 | | | | (2,239,197 | ) | | | (48,704 | ) |
Kospi2 Index | | | Short | | | | (26 | ) | | | 12/12 | | | | (2,986,567 | ) | | | 64,834 | |
Mexican Bolsa Index | | | Short | | | | (31 | ) | | | 12/12 | | | | (986,962 | ) | | | (17,800 | ) |
NASDAQ 100 | | | Short | | | | (54 | ) | | | 12/12 | | | | (2,851,740 | ) | | | 222,264 | |
Nikkei 225 Index | | | Long | | | | 99 | | | | 12/12 | | | | 4,422,825 | | | | 81,226 | |
OMXS 30 Index | | | Long | | | | 258 | | | | 11/12 | | | | 4,088,076 | | | | (84,212 | ) |
S&P 500 Index | | | Long | | | | 3 | | | | 12/12 | | | | 1,055,100 | | | | (15,912 | ) |
S&P TSX 60 Index | | | Short | | | | (5 | ) | | | 12/12 | | | | (710,889 | ) | | | 3,616 | |
SGX S&P CNX Nifty | | | Short | | | | (115 | ) | | | 11/12 | | | | (1,297,085 | ) | | | 28,292 | |
SPI 200 | | | Long | | | | 37 | | | | 12/12 | | | | 4,324,745 | | | | 106,424 | |
| | | | | | | | | | | | | | | | | | | $ | 112,902 | |
| * | Total Notional Value of Long and Short positions were $26,293,369 and $18,950,804, respectively. |
| | | | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
| | (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| | (2) | | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| | (3) | | 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. |
| | (4) | | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| | (5) | | The rate shown is the annualized seven-day effective yield at the end of the reporting period. |
| | (6) | | Investment, or portion of investment, segregated as collateral for investments in derivatives. |
| | (7) | | A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
| | (8) | | Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivatives instruments as listed within Investments in Derivatives at October 31, 2012. |
| | ADR | | American Depositary Receipt |
| | BDR | | Brazilian Depositary Receipt |
| | GDR | | Global Depositary Receipt |
| | REIT | | Real Estate Investment Trust |
See accompanying notes to financial statements.
Portfolio of Investments
Nuveen International Select Fund
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | COMMON STOCKS – 83.1% | | | | | | | | | | |
| | | | | |
| | | | Argentina – 0.1% | | | | | | | | | | |
| | | | | |
| | 45,954 | | | YPF Sociedad Anonima | | | | | | | | $ | 513,306 | |
| | | | Australia – 2.2% | | | | | | | | | | |
| | | | | |
| | 28,294 | | | APA Group | | | | | | | | | 151,553 | |
| | | | | |
| | 48,618 | | | Australian Infrastructure Fund | | | | | | | | | 149,890 | |
| | | | | |
| | 32,379 | | | BHP Billiton | | | | | | | | | 1,151,183 | |
| | | | | |
| | 72,755 | | | DUET Group | | | | | | | | | 157,845 | |
| | | | | |
| | 591,544 | | | Incitec Pivot | | | | | | | | | 1,940,415 | |
| | | | | |
| | 28,822 | | | Macquarie Atlas Roads Group, (2) | | | | | | | | | 46,225 | |
| | | | | |
| | 47,721 | | | Newcrest Mining | | | | | | | | | 1,309,264 | |
| | | | | |
| | 77,503 | | | SP AusNet | | | | | | | | | 85,279 | |
| | | | | |
| | 134,680 | | | Spark Infrastructure Group | | | | | | | | | 236,271 | |
| | | | | |
| | 185,456 | | | Sydney Airport | | | | | | | | | 652,621 | |
| | | | | |
| | 174,316 | | | Transurban Group | | | | | | | | | 1,100,174 | |
| | | | | |
| | 40,376 | | | Woodside Petroleum | | | | | | | | | 1,441,790 | |
| | | | | |
| | 45,925 | | | WorleyParsons | | | | | | | | | 1,176,085 | |
| | | | Total Australia | | | | | | | | | 9,598,595 | |
| | | | Austria – 0.0% | | | | | | | | | | |
| | | | | |
| | 944 | | | Oesterreichische Post | | | | | | | | | 36,364 | |
| | | | Belgium – 0.4% | | | | | | | | | | |
| | | | | |
| | 17,780 | | | Anheuser-Busch InBev | | | | | | | | | 1,486,660 | |
| | | | | |
| | 1,049 | | | Elia System Operator | | | | | | | | | 42,863 | |
| | | | Total Belgium | | | | | | | | | 1,529,523 | |
| | | | Brazil – 4.5% | | | | | | | | | | |
| | | | | |
| | 392,743 | | | Banco do Brasil | | | | | | | | | 4,190,316 | |
| | | | | |
| | 124,248 | | | Cielo | | | | | | | | | 3,074,007 | |
| | | | | |
| | 42,300 | | | Companhia de Bebidas das Americas, ADR | | | | | | | | | 1,725,417 | |
| | | | | |
| | 200,500 | | | Companhia de Concessoes Rodoviarias | | | | | | | | | 1,763,093 | |
| | | | | |
| | 1,536 | | | Companhia de Saneamento Basico do Estado de Sao Paulo, ADR | | | | | | | | | 129,039 | |
| | | | | |
| | 7,204 | | | Companhia de Saneamento de Minas Gerais | | | | | | | | | 170,040 | |
| | | | | |
| | 4,487 | | | Companhia Energetica de Minas Gerais, ADR | | | | | | | | | 53,799 | |
| | | | | |
| | 3,672 | | | Companhia Paranaense de Energia-Copel, ADR | | | | | | | | | 54,199 | |
| | | | | |
| | 87,500 | | | Companhia Siderurgica Nacional, ADR | | | | | | | | | 476,000 | |
| | | | | |
| | 11,728 | | | Energias do Brasil | | | | | | | | | 73,334 | |
| | | | | |
| | 90,028 | | | Itau Unibanco Holding, ADR | | | | | | | | | 1,312,608 | |
| | | | | |
| | 65,600 | | | Natura Cosmeticos | | | | | | | | | 1,748,967 | |
| | | | | |
| | 7,056 | | | Santos Brasil Participacoes | | | | | | | | | 101,443 | |
| | | | | |
| | 103,995 | | | Souza Cruz | | | | | | | | | 1,356,868 | |
| | | | | |
| | 11,128 | | | Transmissora Alianca de Energia Eletrica SA | | | | | | | | | 367,089 | |
| | | | | |
| | 160,400 | | | Vale, ADR | | | | | | | | | 2,938,528 | |
| | | | | |
| | 12,818 | | | Wilson Sons, BDR | | | | | | | | | 177,971 | |
| | | | Total Brazil | | | | | | | | | 19,712,718 | |
| | | | Canada – 4.9% | | | | | | | | | | |
| | | | | |
| | 19,909 | | | Agrium | | | | | | | | | 2,101,196 | |
| | | | | |
| | 1,628 | | | ATCO, Class I | | | | | | | | | 120,280 | |
Portfolio of Investments
Nuveen International Select Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Canada (continued) | | | | | | | | | | |
| | | | | |
| | 25,621 | | | Bank of Nova Scotia | | | | | | | | $ | 1,393,270 | |
| | | | | |
| | 5,029 | | | Brookfield Renewable Energy | | | | | | | | | 149,045 | |
| | | | | |
| | 77,130 | | | Cameco | | | | | | | | | 1,492,466 | |
| | | | | |
| | 53,310 | | | Canadian Natural Resources | | | | | | | | | 1,606,639 | |
| | | | | |
| | 4,715 | | | Canadian Utilities, Class A | | | | | | | | | 316,300 | |
| | | | | |
| | 16,387 | | | Cenovus Energy | | | | | | | | | 578,037 | |
| | | | | |
| | 201 | | | Emera | | | | | | | | | 7,024 | |
| | | | | |
| | 42,144 | | | Enbridge | | | | | | | | | 1,676,067 | |
| | | | | |
| | 28 | | | Enbridge | | | | | | | | | 1,114 | |
| | | | | |
| | 52,787 | | | EnCana | | | | | | | | | 1,189,194 | |
| | | | | |
| | 38,800 | | | First Quantum Minerals | | | | | | | | | 872,150 | |
| | | | | |
| | 5,404 | | | Fortis | | | | | | | | | 182,721 | |
| | | | | |
| | 3,152 | | | Gibson Energy | | | | | | | | | 72,460 | |
| | | | | |
| | 892 | | | Keyera | | | | | | | | | 43,298 | |
| | | | | |
| | 145,880 | | | Kinross Gold | | | | | | | | | 1,448,941 | |
| | | | | |
| | 249,400 | | | Lundin Mining, (2) | | | | | | | | | 1,298,503 | |
| | | | | |
| | 114,670 | | | Manulife Financial | | | | | | | | | 1,419,615 | |
| | | | | |
| | 45,700 | | | Pacific Rubiales Energy | | | | | | | | | 1,074,837 | |
| | | | | |
| | 51,195 | | | Suncor Energy | | | | | | | | | 1,721,176 | |
| | | | | |
| | 139,080 | | | Talisman Energy | | | | | | | | | 1,576,356 | |
| | | | | |
| | 5,330 | | | TransCanada | | | | | | | | | 241,076 | |
| | | | | |
| | 4,669 | | | Veresen | | | | | | | | | 60,259 | |
| | | | | |
| | 231 | | | Westshore Terminals Investment | | | | | | | | | 6,550 | |
| | | | | |
| | 32,949 | | | Yamana Gold | | | | | | | | | 665,899 | |
| | | | Total Canada | | | | | | | | | 21,314,473 | |
| | | | Chile – 0.1% | | | | | | | | | | |
| | | | | |
| | 106,837 | | | Aguas Andinas, Class A | | | | | | | | | 71,918 | |
| | | | | |
| | 103,493 | | | Empresa Electrica Del Norte Grande | | | | | | | | | 252,973 | |
| | | | | |
| | 1,370 | | | Empresa Nacional de Electrcidad, ADR | | | | | | | | | 65,582 | |
| | | | Total Chile | | | | | | | | | 390,473 | |
| | | | China – 3.4% | | | | | | | | | | |
| | | | | |
| | 1,304,000 | | | Agile Property Holdings | | | | | | | | | 1,482,344 | |
| | | | | |
| | 13,300 | | | Baidu, ADR, (2) | | | | | | | | | 1,418,046 | |
| | | | | |
| | 6,005,350 | | | China Construction Bank, Class H | | | | | | | | | 4,525,293 | |
| | | | | |
| | 26,693 | | | ENN Energy Holdings | | | | | | | | | 111,077 | |
| | | | | |
| | 2,617,000 | | | Industrial & Commercial Bank of China, Class H | | | | | | | | | 1,732,274 | |
| | | | | |
| | 160,589 | | | Jiangsu Expressway, Class H | | | | | | | | | 138,416 | |
| | | | | |
| | 19,500 | | | NetEase.com, ADR, (2) | | | | | | | | | 1,053,000 | |
| | | | | |
| | 243,000 | | | Ping An Insurance | | | | | | | | | 1,925,175 | |
| | | | | |
| | 44,200 | | | Tencent Holdings | | | | | | | | | 1,562,674 | |
| | | | | |
| | 237,600 | | | Weichai Power, Class H | | | | | | | | | 841,558 | |
| | | | | |
| | 15,600 | | | Wynn Macau | | | | | | | | | 44,183 | |
| | | | Total China | | | | | | | | | 14,834,040 | |
| | | | Czech Republic – 0.0% | | | | | | | | | | |
| | | | | |
| | 1,099 | | | CEZ | | | | | | | | | 40,519 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Denmark – 0.3% | | | | | | | | | | |
| | | | | |
| | 8,052 | | | Novo Nordisk, Class B | | | | | | | | $ | 1,297,615 | |
| | | | Egypt – 0.7% | | | | | | | | | | |
| | | | | |
| | 187,516 | | | Commercial International Bank | | | | | | | | | 1,162,676 | |
| | | | | |
| | 10,883 | | | Eastern Tobacco | | | | | | | | | 163,641 | |
| | | | | |
| | 35,475 | | | Orascom Construction Industries, (2) | | | | | | | | | 1,498,568 | |
| | | | Total Egypt | | | | | | | | | 2,824,885 | |
| | | | France – 2.4% | | | | | | | | | | |
| | | | | |
| | 4,112 | | | Aeroports de Paris | | | | | | | | | 317,919 | |
| | | | | |
| | 27,250 | | | Alstom | | | | | | | | | 930,679 | |
| | | | | |
| | 114,144 | | | AXA | | | | | | | | | 1,814,569 | |
| | | | | |
| | 59,674 | | | Carrefour | | | | | | | | | 1,441,730 | |
| | | | | |
| | 9,030 | | | DANONE | | | | | | | | | 555,070 | |
| | | | | |
| | 35,958 | | | Groupe Eurotunnel SA | | | | | | | | | 273,395 | |
| | | | | |
| | 11,809 | | | L’Oreal | | | | | | | | | 1,504,135 | |
| | | | | |
| | 12,987 | | | Pernod Ricard SA | | | | | | | | | 1,397,644 | |
| | | | | |
| | 3,856 | | | Rubis | | | | | | | | | 235,202 | |
| | | | | |
| | 21,683 | | | Total SA | | | | | | | | | 1,091,007 | |
| | | | | |
| | 14,407 | | | Vinci | | | | | | | | | 637,608 | |
| | | | Total France | | | | | | | | | 10,198,958 | |
| | | | Germany – 4.6% | | | | | | | | | | |
| | | | | |
| | 36,803 | | | Adidas | | | | | | | | | 3,135,448 | |
| | | | | |
| | 67,963 | | | Aixtron | | | | | | | | | 894,992 | |
| | | | | |
| | 12,404 | | | Allianz | | | | | | | | | 1,537,960 | |
| | | | | |
| | 20,139 | | | Bayer | | | | | | | | | 1,753,862 | |
| | | | | |
| | 35,040 | | | Daimler | | | | | | | | | 1,636,142 | |
| | | | | |
| | 50,642 | | | Deutsche Boerse | | | | | | | | | 2,741,095 | |
| | | | | |
| | 65,314 | | | E.ON | | | | | | | | | 1,484,024 | |
| | | | | |
| | 10,872 | | | Fraport Frankfurt Airport | | | | | | | | | 637,507 | |
| | | | | |
| | 4,232 | | | Hamburger Hafen und Logistik | | | | | | | | | 102,767 | |
| | | | | |
| | 23,336 | | | Henkel KGAA | | | | | | | | | 1,863,504 | |
| | | | | |
| | 23,775 | | | Siemens | | | | | | | | | 2,389,456 | |
| | | | | |
| | 51,300 | | | Symrise | | | | | | | | | 1,844,159 | |
| | | | Total Germany | | | | | | | | | 20,020,916 | |
| | | | Hong Kong – 3.6% | | | | | | | | | | |
| | | | | |
| | 14,800 | | | Beijing Enterprises Holdings | | | | | | | | | 95,579 | |
| | | | | |
| | 540,000 | | | Belle International Holdings | | | | | | | | | 1,006,135 | |
| | | | | |
| | 96,983 | | | Cheung Kong Holdings | | | | | | | | | 1,432,836 | |
| | | | | |
| | 172,836 | | | Cheung Kong Infrastructure Holdings | | | | | | | | | 1,012,478 | |
| | | | | |
| | 807,343 | | | China Everbright International | | | | | | | | | 415,649 | |
| | | | | |
| | 2,203,000 | | | China Longyuan Power, Class H | | | | | | | | | 1,435,494 | |
| | | | | |
| | 154,776 | | | China Merchants Holdings International | | | | | | | | | 513,254 | |
| | | | | |
| | 48,611 | | | China Mobile Limited | | | | | | | | | 2,692,563 | |
| | | | | |
| | 782,000 | | | China Resources Land | | | | | | | | | 1,785,976 | |
| | | | | |
| | 1,068,000 | | | China Unicom | | | | | | | | | 1,744,618 | |
| | | | | |
| | 19,436 | | | CLP Holdings | | | | | | | | | 165,769 | |
| | | | | |
| | 655,000 | | | CNOOC Limited | | | | | | | | | 1,360,701 | |
Portfolio of Investments
Nuveen International Select Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Hong Kong (continued) | | | | | | | | | | |
| | | | | |
| | 87,994 | | | COSCO Pacific | | | | | | | | $ | 129,890 | |
| | | | | |
| | 114,505 | | | Guangdong Investment | | | | | | | | | 93,672 | |
| | | | | |
| | 163,960 | | | Hong Kong & China Gas | | | | | | | �� | | 435,813 | |
| | | | | |
| | 1,741,000 | | | Huabao International Holdings | | | | | | | | | 869,371 | |
| | | | | |
| | 51,614 | | | MTR Corp. | | | | | | | | | 201,793 | |
| | | | | |
| | 52,554 | | | NWS Holdings | | | | | | | | | 79,339 | |
| | | | | |
| | 7,104 | | | Power Assets Holdings | | | | | | | | | 60,407 | |
| | | | | |
| | 167,047 | | | Sinopec Kantons Holdings | | | | | | | | | 124,584 | |
| | | | Total Hong Kong | | | | | | | | | 15,655,921 | |
| | | | Hungary – 0.4% | | | | | | | | | | |
| | | | | |
| | 96,558 | | | OTP Bank | | | | | | | | | 1,832,734 | |
| | | | India – 2.0% | | | | | | | | | | |
| | | | | |
| | 137,031 | | | Bank of India | | | | | | | | | 704,323 | |
| | | | | |
| | 276,445 | | | Bharat Heavy Electricals | | | | | | | | | 1,155,216 | |
| | | | | |
| | 3,414 | | | GAIL India, GDR | | | | | | | | | 139,086 | |
| | | | | |
| | 42,457 | | | HDFC Bank, ADR | | | | | | | | | 1,587,467 | |
| | | | | |
| | 12,400 | | | Infosys Technologies – ADR | | | | | | | | | 538,408 | |
| | | | | |
| | 159,442 | | | Jindal Steel & Power | | | | | | | | | 1,151,023 | |
| | | | | |
| | 59,780 | | | Power Grid | | | | | | | | | 126,683 | |
| | | | | |
| | 124,207 | | | Punjab National Bank | | | | | | | | | 1,704,888 | |
| | | | | |
| | 56,061 | | | Tata Consultancy Services | | | | | | | | | 1,370,913 | |
| | | | Total India | | | | | | | | | 8,478,007 | |
| | | | Indonesia – 1.9% | | | | | | | | | | |
| | | | | |
| | 2,355,066 | | | Bank of Mandiri | | | | | | | | | 2,022,831 | |
| | | | | |
| | 698,300 | | | Semen Gresik Persero | | | | | | | | | 1,083,256 | |
| | | | | |
| | 287,700 | | | Tambang Batubara Bukit Asam | | | | | | | | | 479,250 | |
| | | | | |
| | 78,200 | | | Telekomunikasi Indonesia – ADR | | | | | | | | | 3,178,830 | |
| | | | | |
| | 739,019 | | | United Tractors | | | | | | | | | 1,623,458 | |
| | | | Total Indonesia | | | | | | | | | 8,387,625 | |
| | | | Ireland – 0.8% | | | | | | | | | | |
| | | | | |
| | 45,160 | | | Covidien | | | | | | | | | 2,481,542 | |
| | | | | |
| | 64,757 | | | WPP PLC | | | | | | | | | 835,497 | |
| | | | Total Ireland | | | | | | | | | 3,317,039 | |
| | | | Israel – 0.5% | | | | | | | | | | |
| | | | | |
| | 34,591 | | | NICE Systems, ADR, (2) | | | | | | | | | 1,151,880 | |
| | | | | |
| | 26,827 | | | Teva Pharmaceutical Industries, ADR | | | | | | | | | 1,084,347 | |
| | | | Total Israel | | | | | | | | | 2,236,227 | |
| | | | Italy – 1.0% | | | | | | | | | | |
| | | | | |
| | 23,218 | | | Atlantia | | | | | | | | | 383,095 | |
| | | | | |
| | 51,825 | | | Eni | | | | | | | | | 1,189,627 | |
| | | | | |
| | 41,085 | | | Hera | | | | | | | | | 69,228 | |
| | | | | |
| | 187,500 | | | Prada | | | | | | | | | 1,529,022 | |
| | | | | |
| | 23,301 | | | Saipem | | | | | | | | | 1,046,781 | |
| | | | Total Italy | | | | | | | | | 4,217,753 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Japan – 7.4% | | | | | | | | | | |
| | | | | |
| | 172,732 | | | AMADA | | | | | | | | $ | 876,318 | |
| | | | | |
| | 42,600 | | | Canon | | | | | | | | | 1,375,708 | |
| | | | | |
| | 550 | | | CyberAgent | | | | | | | | | 1,099,587 | |
| | | | | |
| | 297 | | | INPEX | | | | | | | | | 1,692,785 | |
| | | | | |
| | 16,549 | | | Japan Airport Terminal | | | | | | | | | 179,939 | |
| | | | | |
| | 25,193 | | | Kamigumi | | | | | | | | | 203,235 | |
| | | | | |
| | 64,100 | | | KOMATSU | | | | | | | | | 1,342,543 | |
| | | | | |
| | 132,487 | | | Mitsubishi | | | | | | | | | 2,364,950 | |
| | | | | |
| | 68,085 | | | Mitsui Sumitomo Insurance Group | | | | | | | | | 1,153,940 | |
| | | | | |
| | 11,316 | | | Nintendo | | | | | | | | | 1,457,203 | |
| | | | | |
| | 82,302 | | | NKSJ Holdings | | | | | | | | | 1,500,055 | |
| | | | | |
| | 141,700 | | | Rakuten | | | | | | | | | 1,274,466 | |
| | | | | |
| | 18,794 | | | SMC Corp. | | | | | | | | | 2,961,650 | |
| | | | | |
| | 35,300 | | | Softbank | | | | | | | | | 1,117,413 | |
| | | | | |
| | 26,783 | | | Sugi Holdings | | | | | | | | | 967,919 | |
| | | | | |
| | 650,669 | | | Sumitomo Mitsui Trust | | | | | | | | | 1,972,465 | |
| | | | | |
| | 121,980 | | | Suzuki Motor | | | | | | | | | 2,762,619 | |
| | | | | |
| | 23,500 | | | TERUMO | | | | | | | | | 1,012,652 | |
| | | | | |
| | 572,931 | | | The Bank of Yokohama | | | | | | | | | 2,633,918 | |
| | | | | |
| | 79,762 | | | THK Co. LTD | | | | | | | | | 1,325,870 | |
| | | | | |
| | 97,741 | | | Tokyo Gas | | | | | | | | | 517,906 | |
| | | | | |
| | 59,800 | | | Toyota Motor | | | | | | | | | 2,295,966 | |
| | | | Total Japan | | | | | | | | | 32,089,107 | |
| | | | Luxembourg – 0.4% | | | | | | | | | | |
| | | | | |
| | 13,032 | | | Millicom International Cellular | | | | | | | | | 1,125,803 | |
| | | | | |
| | 21,755 | | | Oriflame Cosmetics, SDR | | | | | | | | | 600,215 | |
| | | | | |
| | 662 | | | SES | | | | | | | | | 18,319 | |
| | | | Total Luxembourg | | | | | | | | | 1,744,337 | |
| | | | Malaysia – 0.4% | | | | | | | | | | |
| | | | | |
| | 52,700 | | | British American Tobacco | | | | | | | | | 1,094,139 | |
| | | | | |
| | 56 | | | Petronas Gas Berhad | | | | | | | | | 360 | |
| | | | | |
| | 198,780 | | | Sime Darby Berhad | | | | | | | | | 638,236 | |
| | | | Total Malaysia | | | | | | | | | 1,732,735 | |
| | | | Mexico – 1.3% | | | | | | | | | | |
| | | | | |
| | 71,000 | | | America Movil, Series L, ADR | | | | | | | | | 1,795,590 | |
| | | | | |
| | 1,595 | | | Grupo Aeroportuario del Sureste, ADR | | | | | | | | | 154,029 | |
| | | | | |
| | 493,017 | | | Grupo Mexico, Series B | | | | | | | | | 1,581,389 | |
| | | | | |
| | 55,900 | | | Grupo Televisa, ADR | | | | | | | | | 1,263,340 | |
| | | | | |
| | 437,100 | | | Kimberly-Clark de Mexico, Series A | | | | | | | | | 1,059,535 | |
| | | | Total Mexico | | | | | | | | | 5,853,883 | |
| | | | Netherlands – 0.9% | | | | | | | | | | |
| | | | | |
| | 45,873 | | | Heineken | | | | | | | | | 2,828,118 | |
| | | | | |
| | 15,298 | | | Koninklijke Vopak | | | | | | | | | 1,064,983 | |
| | | | Total Netherlands | | | | | | | | | 3,893,101 | |
Portfolio of Investments
Nuveen International Select Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | New Zealand – 0.2% | | | | | | | | | | |
| | | | | |
| | 172,417 | | | Auckland International Airport | | | | | | | | $ | 380,723 | |
| | | | | |
| | 18,947 | | | Infratil | | | | | | | | | 35,215 | |
| | | | | |
| | 28,877 | | | Port of Tauranga | | | | | | | | | 307,543 | |
| | | | | |
| | 5,250 | | | Vector | | | | | | | | | 11,744 | |
| | | | Total New Zealand | | | | | | | | | 735,225 | |
| | | | Norway – 0.8% | | | | | | | | | | |
| | | | | |
| | 10,469 | | | Hafslund, Class B | | | | | | | | | 84,467 | |
| | | | | |
| | 252,624 | | | Norsk Hydro | | | | | | | | | 1,137,435 | |
| | | | | |
| | 107,213 | | | Telenor ASA | | | | | | | | | 2,108,042 | |
| | | | Total Norway | | | | | | | | | 3,329,944 | |
| | | | Philippines – 0.8% | | | | | | | | | | |
| | | | | |
| | 319,101 | | | International Container Terminal Services | | | | | | | | | 549,974 | |
| | | | | |
| | 110,370 | | | Manila Water | | | | | | | | | 77,697 | |
| | | | | |
| | 860,808 | | | Metro Pacific Investments | | | | | | | | | 86,509 | |
| | | | | |
| | 42,600 | | | Philippine Long Distance Telephone, ADR | | | | | | | | | 2,706,378 | |
| | | | Total Philippines | | | | | | | | | 3,420,558 | |
| | | | Poland – 0.0% | | | | | | | | | | |
| | | | | |
| | 9,037 | | | PGE SA | | | | | | | | | 48,969 | |
| | | | Russia – 2.6% | | | | | | | | | | |
| | | | | |
| | 164,693 | | | Gazprom OAO, ADR, (2) | | | | | | | | | 1,504,471 | |
| | | | | |
| | 16,500 | | | LUKOIL, ADR | | | | | | | | | 997,425 | |
| | | | | |
| | 30,771 | | | Magnit, GDR, (2), (3) | | | | | | | | | 875,346 | |
| | | | | |
| | 132,550 | | | Mobile TeleSystems, ADR | | | | | | | | | 2,271,907 | |
| | | | | |
| | 1,356,308 | | | Sberbank | | | | | | | | | 3,973,982 | |
| | | | | |
| | 326,236 | | | TNK-BP Holding, (3) | | | | | | | | | 667,127 | |
| | | | | |
| | 23,624 | | | Uralkali, GDR, Class S | | | | | | | | | 925,588 | |
| | | | Total Russia | | | | | | | | | 11,215,846 | |
| | | | Singapore – 1.1% | | | | | | | | | | |
| | | | | |
| | 352,743 | | | CitySpring Infrastructure Trust | | | | | | | | | 128,686 | |
| | | | | |
| | 72,508 | | | ComfortDelGro | | | | | | | | | 100,458 | |
| | | | | |
| | 2,049,087 | | | Golden Agri-Resources | | | | | | | | | 1,049,909 | |
| | | | | |
| | 111,784 | | | Hyflux | | | | | | | | | 123,716 | |
| | | | | |
| | 140,000 | | | Oversea-Chinese Banking | | | | | | | | | 1,044,434 | |
| | | | | |
| | 114,969 | | | Parkway Life, REIT | | | | | | | | | 192,275 | |
| | | | | |
| | 348,484 | | | SembCorp Industries | | | | | | | | | 1,554,151 | |
| | | | | |
| | 64,958 | | | Singapore Airport Terminal Services | | | | | | | | | 148,576 | |
| | | | | |
| | 359,856 | | | Singapore Post | | | | | | | | | 336,314 | |
| | | | | |
| | 122,549 | | | SMRT Corp. Ltd. | | | | | | | | | 174,309 | |
| | | | Total Singapore | | | | | | | | | 4,852,828 | |
| | | | South Africa – 3.9% | | | | | | | | | | |
| | | | | |
| | 81,397 | | | Bidvest Group | | | | | | | | | 1,942,774 | |
| | | | | |
| | 112,730 | | | MTN Group | | | | | | | | | 2,032,628 | |
| | | | | |
| | 309,063 | | | Murray & Roberts Holdings | | | | | | | | | 800,223 | |
| | | | | |
| | 60,761 | | | Nedbank Group | | | | | | | | | 1,254,365 | |
| | | | | |
| | 261,492 | | | Pretoria Portland Cement | | | | | | | | | 874,288 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | South Africa (continued) | | | | | | | | | | |
| | | | | |
| | 255,520 | | | Sanlam | | | | | | | | $ | 1,141,355 | |
| | | | | |
| | 140,721 | | | Shoprite Holdings | | | | | | | | | 2,893,734 | |
| | | | | |
| | 79,221 | | | Standard Bank Group | | | | | | | | | 978,635 | |
| | | | | |
| | 38,170 | | | Tiger Brands | | | | | | | | | 1,213,248 | |
| | | | | |
| | 147,236 | | | Truworths International | | | | | | | | | 1,603,003 | |
| | | | | |
| | 82,449 | | | Vodacom Group | | | | | | | | | 1,039,331 | |
| | | | | |
| | 150,339 | | | Woolworths Holdings | | | | | | | | | 1,133,960 | |
| | | | Total South Africa | | | | | | | | | 16,907,544 | |
| | | | South Korea – 5.2% | | | | | | | | | | |
| | | | | |
| | 1,145 | | | Hite Jinro | | | | | | | | | 33,859 | |
| | | | | |
| | 8,395 | | | Hyundai Mobis | | | | | | | | | 2,139,932 | |
| | | | | |
| | 8,488 | | | Hyundai Motor | | | | | | | | | 1,747,255 | |
| | | | | |
| | 66,380 | | | KB Financial Group | | | | | | | | | 2,258,113 | |
| | | | | |
| | 258,002 | | | Korea Life Insurance | | | | | | | | | 1,819,215 | |
| | | | | |
| | 28,796 | | | KT&G | | | | | | | | | 2,194,157 | |
| | | | | |
| | 8,151 | | | NHN Corp. | | | | | | | | | 1,887,152 | |
| | | | | |
| | 3,062 | | | Samsung Electronics | | | | | | | | | 3,677,994 | |
| | | | | |
| | 3,276 | | | Samsung Electronics, GDR, (3) | | | | | | | | | 1,967,522 | |
| | | | | |
| | 91,666 | | | Shinhan Financial Group, ADR | | | | | | | | | 3,147,709 | |
| | | | | |
| | 43,557 | | | Woongjin Coway | | | | | | | | | 1,585,561 | |
| | | | Total South Korea | | | | | | | | | 22,458,469 | |
| | | | Spain – 0.4% | | | | | | | | | | |
| | | | | |
| | 22,952 | | | Abertis Infraestructuras | | | | | | | | | 345,685 | |
| | | | | |
| | 44,020 | | | Grifols, (2) | | | | | | | | | 1,526,824 | |
| | | | Total Spain | | | | | | | | | 1,872,509 | |
| | | | Sweden – 0.5% | | | | | | | | | | |
| | | | | |
| | 234,863 | | | Ericsson | | | | | | | | | 2,064,333 | |
| | | | Switzerland – 5.8% | | | | | | | | | | |
| | | | | |
| | 88,864 | | | ABB Ltd. Reg | | | | | | | | | 1,601,136 | |
| | | | | |
| | 22,363 | | | Compagnie Financiere Richemont | | | | | | | | | 1,450,365 | |
| | | | | |
| | 61,628 | | | Credit Suisse Group | | | | | | | | | 1,428,700 | |
| | | | | |
| | 465 | | | Flughafen Zuerich | | | | | | | | | 198,972 | |
| | | | | |
| | 69,783 | | | Foster Wheeler, (2) | | | | | | | | | 1,554,067 | |
| | | | | |
| | 22,418 | | | Holcim | | | | | | | | | 1,529,758 | |
| | | | | |
| | 63,108 | | | Nestle | | | | | | | | | 4,004,813 | |
| | | | | |
| | 43,580 | | | Noble | | | | | | | | | 1,644,709 | |
| | | | | |
| | 46,277 | | | Novartis | | | | | | | | | 2,785,167 | |
| | | | | |
| | 24,929 | | | Roche Holding | | | | | | | | | 4,794,141 | |
| | | | | |
| | 102,896 | | | UBS | | | | | | | | | 1,542,390 | |
| | | | | |
| | 154,281 | | | Xstrata | | | | | | | | | 2,437,693 | |
| | | | Total Switzerland | | | | | | | | | 24,971,911 | |
| | | | Taiwan – 2.1% | | | | | | | | | | |
| | | | | |
| | 164,850 | | | Hiwin Technologies | | | | | | | | | 1,060,909 | |
| | | | | |
| | 981,947 | | | Hon Hai Precision Industry | | | | | | | | | 2,981,556 | |
| | | | | |
| | 104,706 | | | HTC | | | | | | | | | 756,282 | |
| | | | | |
| | 95,150 | | | MediaTek | | | | | | | | | 1,056,951 | |
| | | | | |
| | 1,085,961 | | | Taiwan Semiconductor Manufacturing | | | | | | | | | 3,297,382 | |
| | | | Total Taiwan | | | | | | | | | 9,153,080 | |
Portfolio of Investments
Nuveen International Select Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Thailand – 0.8% | | | | | | | | | | |
| | | | | |
| | 774,800 | | | CP ALL, (3) | | | | | | | | $ | 1,004,839 | |
| | | | | |
| | 186,200 | | | PTT Exploration and Production Public Company, (3) | | | | | | | | | 1,008,457 | |
| | | | | |
| | 110,000 | | | Siam Cement | | | | | | | | | 1,492,985 | |
| | | | Total Thailand | | | | | | | | | 3,506,281 | |
| | | | Turkey – 2.2% | | | | | | | | | | |
| | | | | |
| | 342,169 | | | Akbank T.A.S. | | | | | | | | | 1,649,282 | |
| | | | | |
| | 341,027 | | | Koc Holding | | | | | | | | | 1,601,924 | |
| | | | | |
| | 170,200 | | | Turkcell Iletisim Hizmetleri, ADR, (2) | | | | | | | | | 2,585,338 | |
| | | | | |
| | 177,900 | | | Turkiye Garanti Bankasi | | | | | | | | | 849,553 | |
| | | | | |
| | 878,255 | | | Turkiye Is Bankasi, Class C | | | | | | | | | 2,988,762 | |
| | | | Total Turkey | | | | | | | | | 9,674,859 | |
| | | | United Kingdom – 8.4% | | | | | | | | | | |
| | | | | |
| | 361,544 | | | Aberdeen Asset Management | | | | | | | | | 1,893,282 | |
| | | | | |
| | 92,013 | | | Anglo American | | | | | | | | | 2,825,709 | |
| | | | | |
| | 9,982 | | | Aon | | | | | | | | | 538,529 | |
| | | | | |
| | 128,781 | | | ARM Holdings | | | | | | | | | 1,382,016 | |
| | | | | |
| | 97,023 | | | BG Group | | | | | | | | | 1,796,664 | |
| | | | | |
| | 37,171 | | | BP, ADR | | | | | | | | | 1,594,264 | |
| | | | | |
| | 81,826 | | | Centrica | | | | | | | | | 427,967 | |
| | | | | |
| | 144,363 | | | Diageo | | | | | | | | | 4,125,855 | |
| | | | | |
| | 126,385 | | | GlaxoSmithKline | | | | | | | | | 2,827,841 | |
| | | | | |
| | 33,595 | | | HSBC Holdings, ADR | | | | | | | | | 1,658,249 | |
| | | | | |
| | 22,340 | | | National Grid, ADR | | | | | | | | | 1,273,603 | |
| | | | | |
| | 36,881 | | | Pennon Group | | | | | | | | | 426,738 | |
| | | | | |
| | 157,663 | | | Prudential | | | | | | | | | 2,158,843 | |
| | | | | |
| | 20,901 | | | Reckitt Benckiser Group | | | | | | | | | 1,264,847 | |
| | | | | |
| | 138,756 | | | Rolls-Royce Group | | | | | | | | | 1,913,389 | |
| | | | | |
| | 27,861 | | | Serco Group | | | | | | | | | 254,704 | |
| | | | | |
| | 12,298 | | | Severn Trent | | | | | | | | | 318,728 | |
| | | | | |
| | 16,590 | | | Stagecoach Group | | | | | | | | | 73,463 | |
| | | | | |
| | 119,487 | | | Standard Chartered | | | | | | | | | 2,821,973 | |
| | | | | |
| | 108,817 | | | Vedanta Resources | | | | | | | | | 1,991,358 | |
| | | | | |
| | 91,723 | | | Vodafone Group, ADR | | | | | | | | | 2,496,700 | |
| | | | | |
| | 75,700 | | | Willis Group Holdings | | | | | | | | | 2,548,819 | |
| | | | Total United Kingdom | | | | | | | | | 36,613,541 | |
| | | | United States – 4.1% | | | | | | | | | | |
| | | | | |
| | 19,951 | | | American Tower, Class A | | | | | | | | | 1,502,111 | |
| | | | | |
| | 10,941 | | | American Water Works | | | | | | | | | 401,972 | |
| | | | | |
| | 2,791 | | | Aqua America | | | | | | | | | 70,863 | |
| | | | | |
| | 6,847 | | | Atmos Energy | | | | | | | | | 246,287 | |
| | | | | |
| | 595 | | | Boardwalk Pipeline Partners | | | | | | | | | 15,869 | |
| | | | | |
| | 7,888 | | | Brookfield Infrastructure Partners | | | | | | | | | 270,953 | |
| | | | | |
| | 23,910 | | | Bunge | | | | | | | | | 1,698,327 | |
| | | | | |
| | 2,672 | | | California Water Service Group | | | | | | | | | 49,218 | |
| | | | | |
| | 20,631 | | | CMS Energy | | | | | | | | | 501,746 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | United States (continued) | | | | | | | | | | |
| | | | | |
| | 15,836 | | | Covanta Holding | | | | | | | | $ | 287,898 | |
| | | | | |
| | 4,394 | | | Crown Castle International, (2) | | | | | | | | | 293,300 | |
| | | | | |
| | 2,325 | | | Digital Realty Trust Inc | | | | | | | | | 142,825 | |
| | | | | |
| | 9,372 | | | Dominion Resources | | | | | | | | | 494,654 | |
| | | | | |
| | 519 | | | Duke Energy | | | | | | | | | 34,093 | |
| | | | | |
| | 1,185 | | | Edison International | | | | | | | | | 55,624 | |
| | | | | |
| | 2,025 | | | Enbridge Energy Partners | | | | | | | | | 60,750 | |
| | | | | |
| | 7,830 | | | Enterprise Products Partners | | | | | | | | | 412,719 | |
| | | | | |
| | 1,072 | | | ITC Holdings | | | | | | | | | 85,353 | |
| | | | | |
| | 39,430 | | | Kinder Morgan | | | | | | | | | 1,368,615 | |
| | | | | |
| | 1,323 | | | Kinder Morgan Management | | | | | | | | | 98,815 | |
| | | | | |
| | 1,928 | | | Middlesex Water Company | | | | | | | | | 37,288 | |
| | | | | |
| | 5,216 | | | MPLX, (2) | | | | | | | | | 142,136 | |
| | | | | |
| | 5,881 | | | NextEra Energy | | | | | | | | | 412,023 | |
| | | | | |
| | 18,236 | | | NiSource | | | | | | | | | 464,471 | |
| | | | | |
| | 7,864 | | | Northeast Utilities | | | | | | | | | 309,055 | |
| | | | | |
| | 1,060 | | | Northwest Natural Gas | | | | | | | | | 49,322 | |
| | | | | |
| | 680 | | | OGE Energy | | | | | | | | | 39,154 | |
| | | | | |
| | 622 | | | Oiltanking Partners | | | | | | | | | 21,795 | |
| | | | | |
| | 846 | | | PG&E | | | | | | | | | 35,972 | |
| | | | | |
| | 20,999 | | | Philip Morris International | | | | | | | | | 1,859,671 | |
| | | | | |
| | 2,997 | | | Piedmont Natural Gas | | | | | | | | | 95,514 | |
| | | | | |
| | 1,564 | | | Pinnacle West Capital | | | | | | | | | 82,845 | |
| | | | | |
| | 1,095 | | | Portland General Electric | | | | | | | | | 30,003 | |
| | | | | |
| | 20,086 | | | Questar | | | | | | | | | 406,541 | |
| | | | | |
| | 477 | | | SBA Communications, Class A, (2) | | | | | | | | | 31,783 | |
| | | | | |
| | 21,120 | | | Schlumberger | | | | | | | | | 1,468,474 | |
| | | | | |
| | 1,542 | | | Sempra Energy | | | | | | | | | 107,555 | |
| | | | | |
| | 308 | | | SJW Corp | | | | | | | | | 7,466 | |
| | | | | |
| | 1,037 | | | South Jersey Industries | | | | | | | | | 52,462 | |
| | | | | |
| | 6,424 | | | Southwest Gas | | | | | | | | | 279,251 | |
| | | | | |
| | 33,335 | | | Spectra Energy | | | | | | | | | 962,381 | |
| | | | | |
| | 2,356 | | | Standard Parking, (2) | | | | | | | | | 53,835 | |
| | | | | |
| | 2,926 | | | UIL Holdings | | | | | | | | | 105,833 | |
| | | | | |
| | 16,914 | | | Unitil | | | | | | | | | 449,743 | |
| | | | | |
| | 9,738 | | | Waste Connections | | | | | | | | | 319,699 | |
| | | | | |
| | 9,234 | | | Westar Energy | | | | | | | | | 274,250 | |
| | | | | |
| | 3,465 | | | Western Gas Partners | | | | | | | | | 176,646 | |
| | | | | |
| | 7,358 | | | WGL Holdings | | | | | | | | | 292,628 | |
| | | | | |
| | 14,745 | | | Williams | | | | | | | | | 515,928 | |
| | | | | |
| | 11,555 | | | Wisconsin Energy Corp | | | | | | | | | 444,521 | |
| | | | | |
| | 3,741 | | | Xcel Energy | | | | | | | | | 105,683 | |
| | | | Total United States | | | | | | | | | 17,725,920 | |
| | | | Total Common Stocks (cost $335,838,158) | | | | | | | | | 360,302,671 | |
Portfolio of Investments
Nuveen International Select Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1)(7) | | | | | | | | | | | Value | |
| | | | EXCHANGE-TRADED FUNDS – 9.4% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | United States – 9.4% | | | | | | | | | | | | | | | | |
| | | | | |
| | 7,730 | | | iShares MSCI EAFE Index Fund | | | | | | | | | | | | | | $ | 414,096 | |
| | | | | |
| | 1,020,000 | | | iShares MSCI Malaysia Index Fund | | | | | | | | | | | | | | | 15,279,600 | |
| | | | | |
| | 190,000 | | | iShares S&P Global Energy Sector Index Fund | | | | | | | | | | | | | | | 7,394,800 | |
| | | | | |
| | 75,000 | | | Market Vectors Agribusiness ETF | | | | | | | | | | | | | | | 3,846,000 | |
| | | | | |
| | 45,000 | | | Market Vectors Gold Miners ETF | | | | | | | | | | | | | | | 2,378,250 | |
| | | | | |
| | 325,000 | | | Market Vectors Russia ETF | | | | | | | | | | | | | | | 9,048,000 | |
| | | | | |
| | 60,000 | | | Utilities Select Sector SPDR Fund | | | | | | | | | | | | | | | 2,212,200 | |
| | | | | |
| | 2,910 | | | Vanguard MSCI Emerging Markets ETF | | | | | | | | | | | | | | | 120,736 | |
| | | | Total Exchange-Traded Funds (cost $41,868,920) | | | | | | | | | | | | | | | 40,693,682 | |
| | | | | |
Shares/
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 7.2% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 4.0% | | | | | | | | | | | | | | | | |
| | | | | |
| | 17,339,361 | | | State Street Institutional Liquid Reserves Fund | | | 0.190%, (5) | | | | N/A | | | | N/A | | | $ | 17,339,361 | |
| | | | U.S. Government and Agency Obligations – 3.2% | | | | | | | | | | | | | | | | |
| | | | | |
| $ | 2,500 | | | U.S. Treasury Bills, (6) | | | 0.113% | | | | 2/07/13 | | | | Aaa | | | | 2,499,235 | |
| | | | | |
| | 11,250 | | | U.S. Treasury Bills, (6) | | | 0.118% | | | | 2/21/13 | | | | Aaa | | | | 11,245,894 | |
| | | | | |
| $ | 13,750 | | | Total U.S. Government and Agency Obligations | | | | | | | | | | | | | | | 13,745,129 | |
| | | | Total Short-Term Investments (cost $31,084,783) | | | | | | | | | | | | | | | 31,084,490 | |
| | | | Total Investments (cost $408,791,861) – 99.7% | | | | | | | | | | | | | | | 432,080,843 | |
| | | | Other Assets Less Liabilities – 0.3% (8) | | | | | | | | | | | | | | | 1,247,475 | |
| | | | Net Assets – 100.0% | | | | | | | | | | | | | | $ | 433,328,318 | |
Investments in Derivatives at October 31, 2012
Futures Contracts outstanding:
| | | | | | | | | | | | | | | | | | | | | | |
| Type | | Contract
Position | | | Number of
Contracts | | | Contract
Expiration | | | Notional*
Value | | | Unrealized
Appreciation
(Depreciation) | |
Amsterdam Index | | | Long | | | | 55 | | | | 11/12 | | | $ | 4,697,869 | | | $ | (43,639 | ) |
British Pound Currency | | | Short | | | | (9 | ) | | | 12/12 | | | | (907,144 | ) | | | (1,725 | ) |
DAX Index | | | Short | | | | (35 | ) | | | 12/12 | | | | (8,246,222 | ) | | | 79,069 | |
Dollar Index | | | Long | | | | 240 | | | | 12/12 | | | | 19,196,882 | | | | 146,762 | |
Euro FX Currency | | | Short | | | | (24 | ) | | | 12/12 | | | | (3,890,100 | ) | | | (18,850 | ) |
FTSE 100 Index | | | Long | | | | 411 | | | | 12/12 | | | | 38,230,090 | | | | (541,582 | ) |
FTSE JSE Top 40 | | | Short | | | | (481 | ) | | | 12/12 | | | | (18,399,228 | ) | | | (455,446 | ) |
H-Shares Index | | | Long | | | | 45 | | | | 11/12 | | | | 3,079,432 | | | | (16,038 | ) |
Kospi2 Index | | | Short | | | | (42 | ) | | | 12/12 | | | | (4,824,454 | ) | | | 104,731 | |
Mexican Bolsa Index | | | Short | | | | (169 | ) | | | 12/12 | | | | (5,380,535 | ) | | | (97,036 | ) |
MSCI Taiwan Index | | | Long | | | | 237 | | | | 11/12 | | | | 6,060,090 | | | | (59,764 | ) |
NASDAQ 100 | | | Short | | | | (373 | ) | | | 12/12 | | | | (19,698,130 | ) | | | 1,535,268 | |
Nikkei 225 Index | | | Long | | | | 304 | | | | 12/12 | | | | 13,581,200 | | | | 249,432 | |
OMXS 30 Index | | | Long | | | | 735 | | | | 11/12 | | | | 11,646,263 | | | | (239,906 | ) |
Russell 2000 Mini Index | | | Short | | | | (137 | ) | | | 12/12 | | | | (11,183,310 | ) | | | 487,926 | |
S&P 500 Index | | | Short | | | | (26 | ) | | | 12/12 | | | | (9,144,200 | ) | | | 283,946 | |
S&P TSX 60 Index | | | Long | | | | 159 | | | | 12/12 | | | | 22,606,258 | | | | (116,486 | ) |
SET50 Index | | | Short | | | | (100 | ) | | | 12/12 | | | | (2,871,452 | ) | | | 12,450 | |
SGX S&P CNX Nifty | | | Short | | | | (435 | ) | | | 11/12 | | | | (4,906,365 | ) | | | 107,010 | |
SPI 200 | | | Long | | | | 149 | | | | 12/12 | | | | 17,415,866 | | | | 428,568 | |
ISE 30 | | | Short | | | | (1,970 | ) | | | 12/12 | | | | (9,926,932 | ) | | | (216,099 | ) |
| | | | | | | | | | | | | | | $ | 37,135,878 | | | $ | 1,628,591 | |
| * | Total Notional Value of Long and Short positions were $136,513,950 and $99,378,072, respectively. |
| | | | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
| | (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| | (2) | | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| | (3) | | 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.
|
| | (4) | | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| | (5) | | The rate shown is the annualized seven-day effective yield at the end of the reporting period. |
| | (6) | | Investment, or portion of investment, segregated as collateral for investments in derivatives. |
| | (7) | | A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
| | (8) | | Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivatives instruments as listed within Investments in Derivatives at October 31, 2012. |
| | 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.
Portfolio of Investments
Nuveen Quantitative Enhanced Core Equity Fund
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | COMMON STOCKS – 93.5% | | | | | | | | | | |
| | | | | |
| | | | Aerospace & Defense – 2.8% | | | | | | | | | | |
| | | | | |
| | 12,635 | | | Exelis Inc. | | | | | | | | $ | 139,743 | |
| | | | | |
| | 7,963 | | | General Dynamics Corporation | | | | | | | | | 542,121 | |
| | | | | |
| | 7,172 | | | Honeywell International Inc. | | | | | | | | | 439,213 | |
| | | | | |
| | 2,000 | | | Lockheed Martin Corporation | | | | | | | | | 187,340 | |
| | | | | |
| | 2,776 | | | Northrop Grumman Corporation, (2) | | | | | | | | | 190,683 | |
| | | | | |
| | 4,705 | | | Raytheon Company | | | | | | | | | 266,115 | |
| | | | | |
| | 4,248 | | | United Technologies Corporation | | | | | | | | | 332,024 | |
| | | | Total Aerospace & Defense | | | | | | | | | 2,097,239 | |
| | | | Air Freight & Logistics – 0.3% | | | | | | | | | | |
| | | | | |
| | 3,101 | | | United Parcel Service, Inc., Class B | | | | | | | | | 227,148 | |
| | | | Auto Components – 0.4% | | | | | | | | | | |
| | | | | |
| | 13,037 | | | Johnson Controls, Inc. | | | | | | | | | 335,703 | |
| | | | Beverages – 1.6% | | | | | | | | | | |
| | | | | |
| | 20,690 | | | Coca-Cola Company | | | | | | | | | 769,254 | |
| | | | | |
| | 5,825 | | | PepsiCo, Inc. | | | | | | | | | 403,323 | |
| | | | Total Beverages | | | | | | | | | 1,172,577 | |
| | | | Biotechnology – 0.6% | | | | | | | | | | |
| | | | | |
| | 5,380 | | | Amgen Inc. | | | | | | | | | 465,612 | |
| | | | Capital Markets – 2.1% | | | | | | | | | | |
| | | | | |
| | 1,270 | | | Ameriprise Financial, Inc. | | | | | | | | | 74,130 | |
| | | | | |
| | 27,619 | | | Ares Capital Corporation | | | | | | | | | 482,228 | |
| | | | | |
| | 435 | | | BlackRock Inc. | | | | | | | | | 82,511 | |
| | | | | |
| | 342 | | | Franklin Resources, Inc. | | | | | | | | | 43,708 | |
| | | | | |
| | 2,065 | | | Goldman Sachs Group, Inc. | | | | | | | | | 252,735 | |
| | | | | |
| | 21,879 | | | Invesco LTD | | | | | | | | | 532,097 | |
| | | | | |
| | 1,950 | | | Morgan Stanley | | | | | | | | | 33,891 | |
| | | | | |
| | 899 | | | State Street Corporation | | | | | | | | | 40,068 | |
| | | | | |
| | 314 | | | T. Rowe Price Group Inc. | | | | | | | | | 20,391 | |
| | | | Total Capital Markets | | | | | | | | | 1,561,759 | |
| | | | Chemicals – 1.1% | | | | | | | | | | |
| | | | | |
| | 1,961 | | | Air Products & Chemicals Inc. | | | | | | | | | 152,036 | |
| | | | | |
| | 1,138 | | | Cabot Corporation | | | | | | | | | 40,695 | |
| | | | | |
| | 6,944 | | | Dow Chemical Company, (2) | | | | | | | | | 203,459 | |
| | | | | |
| | 6,696 | | | E.I. Du Pont de Nemours and Company, (2) | | | | | | | | | 298,106 | |
| | | | | |
| | 276 | | | Monsanto Company | | | | | | | | | 23,755 | |
| | | | | |
| | 902 | | | Praxair, Inc. | | | | | | | | | 95,801 | |
| | | | Total Chemicals | | | | | | | | | 813,852 | |
| | | | Commercial Banks – 2.3% | | | | | | | | | | |
| | | | | |
| | 5,256 | | | BB&T Corporation, (2) | | | | | | | | | 152,161 | |
| | | | | |
| | 5,872 | | | First Niagara Financial Group Inc. | | | | | | | | | 48,620 | |
| | | | | |
| | 637 | | | M&T Bank Corporation | | | | | | | | | 66,312 | |
| | | | | |
| | 4,885 | | | PNC Financial Services Group, Inc. | | | | | | | | | 284,258 | |
| | | | | |
| | 35,077 | | | Wells Fargo & Company | | | | | | | | | 1,181,744 | |
| | | | Total Commercial Banks | | | | | | | | | 1,733,095 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Commercial Services & Supplies – 0.7% | | | | | | | | | | |
| | | | | |
| | 2,277 | | | ADT Corporation | | | | | | | | $ | 94,518 | |
| | | | | |
| | 1,897 | | | Cintas Corporation | | | | | | | | | 79,314 | |
| | | | | |
| | 13,038 | | | Tyco International Ltd. | | | | | | | | | 350,331 | |
| | | | Total Commercial Services & Supplies | | | | | | | | | 524,163 | |
| | | | Communications Equipment – 2.6% | | | | | | | | | | |
| | | | | |
| | 50,261 | | | Cisco Systems, Inc. | | | | | | | | | 861,474 | |
| | | | | |
| | 3,636 | | | Harris Corporation | | | | | | | | | 166,456 | |
| | | | | |
| | 2,558 | | | Polycom Inc., (3) | | | | | | | | | 25,631 | |
| | | | | |
| | 15,181 | | | QUALCOMM, Inc. | | | | | | | | | 889,227 | |
| | | | Total Communications Equipment | | | | | | | | | 1,942,788 | |
| | | | Computers & Peripherals – 5.2% | | | | | | | | | | |
| | | | | |
| | 5,303 | | | Apple, Inc. | | | | | | | | | 3,155,815 | |
| | | | | |
| | 17,374 | | | Dell Inc. | | | | | | | | | 160,362 | |
| | | | | |
| | 12,197 | | | EMC Corporation, (3) | | | | | | | | | 297,851 | |
| | | | | |
| | 17,849 | | | Hewlett-Packard Company, (2) | | | | | | | | | 247,209 | |
| | | | Total Computers & Peripherals | | | | | | | | | 3,861,237 | |
| | | | Consumer Finance – 0.4% | | | | | | | | | | |
| | | | | |
| | 4,597 | | | American Express Company | | | | | | | | | 257,294 | |
| | | | | |
| | 318 | | | Discover Financial Services | | | | | | | | | 13,038 | |
| | | | Total Consumer Finance | | | | | | | | | 270,332 | |
| | | | Diversified Financial Services – 2.6% | | | | | | | | | | |
| | | | | |
| | 47,571 | | | Bank of America Corporation | | | | | | | | | 443,362 | |
| | | | | |
| | 6,198 | | | CME Group, Inc., (2) | | | | | | | | | 346,654 | |
| | | | | |
| | 26,711 | | | JPMorgan Chase & Co. | | | | | | | | | 1,113,314 | |
| | | | | |
| | 1,476 | | | New York Stock Exchange Euronext, (2) | | | | | | | | | 36,546 | |
| | | | Total Diversified Financial Services | | | | | | | | | 1,939,876 | |
| | | | Diversified Telecommunication Services – 4.2% | | | | | | | | | | |
| | | | | |
| | 56,146 | | | AT&T Inc., (2) | | | | | | | | | 1,942,090 | |
| | | | | |
| | 26,900 | | | Verizon Communications Inc., (2) | | | | | | | | | 1,200,816 | |
| | | | Total Diversified Telecommunication Services | | | | | | | | | 3,142,906 | |
| | | | Electric Utilities – 1.2% | | | | | | | | | | |
| | | | | |
| | 5,179 | | | Duke Energy Corporation, (2) | | | | | | | | | 340,209 | |
| | | | | |
| | 11,826 | | | Exelon Corporation | | | | | | | | | 423,134 | |
| | | | | |
| | 2,325 | | | Pinnacle West Capital Corporation | | | | | | | | | 123,155 | |
| | | | Total Electric Utilities | | | | | | | | | 886,498 | |
| | | | Electrical Equipment – 0.5% | | | | | | | | | | |
| | | | | |
| | 6,477 | | | Emerson Electric Company | | | | | | | | | 313,681 | |
| | | | | |
| | 566 | | | Roper Industries Inc., (2) | | | | | | | | | 61,790 | |
| | | | Total Electrical Equipment | | | | | | | | | 375,471 | |
| | | | Electronic Equipment & Instruments – 1.5% | | | | | | | | | | |
| | | | | |
| | 3,949 | | | Amphenol Corporation, Class A, (2) | | | | | | | | | 237,453 | |
| | | | | |
| | 37,896 | | | AVX Group | | | | | | | | | 372,897 | |
| | | | | |
| | 28,933 | | | Corning Incorporated | | | | | | | | | 339,963 | |
| | | | | |
| | 6,067 | | | FLIR Systems Inc. | | | | | | | | | 117,882 | |
| | | | | |
| | 2,718 | | | Ingram Micro, Inc., Class A, (3) | | | | | | | | | 41,314 | |
Portfolio of Investments
Nuveen Quantitative Enhanced Core Equity Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Electronic Equipment & Instruments (continued) | | | | | | | | | | |
| | | | | |
| | 2,548 | | | Jabil Circuit Inc. | | | | | | | | $ | 44,182 | |
| | | | Total Electronic Equipment & Instruments | | | | | | | | | 1,153,691 | |
| | | | Energy Equipment & Services – 1.8% | | | | | | | | | | |
| | | | | |
| | 3,448 | | | Baker Hughes Incorporated | | | | | | | | | 144,713 | |
| | | | | |
| | 2,162 | | | Ensco PLC, (2) | | | | | | | | | 125,007 | |
| | | | | |
| | 7,455 | | | Halliburton Company | | | | | | | | | 240,722 | |
| | | | | |
| | 2,517 | | | National-Oilwell Varco Inc. | | | | | | | | | 185,503 | |
| | | | | |
| | 303 | | | Noble Corporation, (3) | | | | | | | | | 11,435 | |
| | | | | |
| | 9,517 | | | Schlumberger Limited | | | | | | | | | 661,717 | |
| | | | Total Energy Equipment & Services | | | | | | | | | 1,369,097 | |
| | | | Food & Staples Retailing – 1.3% | | | | | | | | | | |
| | | | | |
| | 224 | | | Costco Wholesale Corporation | | | | | | | | | 22,048 | |
| | | | | |
| | 4,686 | | | CVS Caremark Corporation, (2) | | | | | | | | | 217,430 | |
| | | | | |
| | 2,520 | | | Walgreen Co. | | | | | | | | | 88,780 | |
| | | | | |
| | 8,296 | | | Wal-Mart Stores, Inc. | | | | | | | | | 622,366 | |
| | | | Total Food & Staples Retailing | | | | | | | | | 950,624 | |
| | | | Food Products – 0.7% | | | | | | | | | | |
| | | | | |
| | 7,740 | | | Archer-Daniels-Midland Company | | | | | | | | | 207,742 | |
| | | | | |
| | 2,413 | | | ConAgra Foods, Inc. | | | | | | | | | 67,178 | |
| | | | | |
| | 303 | | | General Mills, Inc. | | | | | | | | | 12,144 | |
| | | | | |
| | 1,751 | | | Kraft Foods Inc. | | | | | | | | | 79,635 | |
| | | | | |
| | 5,253 | | | Mondelez International Inc. | | | | | | | | | 139,415 | |
| | | | Total Food Products | | | | | | | | | 506,114 | |
| | | | Health Care Equipment & Supplies – 2.3% | | | | | | | | | | |
| | | | | |
| | 6,316 | | | Baxter International, Inc. | | | | | | | | | 395,571 | |
| | | | | |
| | 5,496 | | | Covidien PLC | | | | | | | | | 302,005 | |
| | | | | |
| | 12,515 | | | Medtronic, Inc. | | | | | | | | | 520,374 | |
| | | | | |
| | 3,248 | | | Saint Jude Medical Inc. | | | | | | | | | 124,268 | |
| | | | | |
| | 4,117 | | | Stryker Corporation | | | | | | | | | 216,554 | |
| | | | | |
| | 2,147 | | | Zimmer Holdings, Inc. | | | | | | | | | 137,859 | |
| | | | Total Health Care Equipment & Supplies | | | | | | | | | 1,696,631 | |
| | | | Health Care Providers & Services – 2.1% | | | | | | | | | | |
| | | | | |
| | 5,382 | | | Aetna Inc., (2) | | | | | | | | | 235,193 | |
| | | | | |
| | 5,307 | | | Cardinal Health, Inc. | | | | | | | | | 218,277 | |
| | | | | |
| | 852 | | | CIGNA Corporation | | | | | | | | | 43,452 | |
| | | | | |
| | 7,072 | | | HCA Holdings Inc., (3) | | | | | | | | | 200,916 | |
| | | | | |
| | 947 | | | Humana Inc. | | | | | | | | | 70,334 | |
| | | | | |
| | 1,367 | | | McKesson HBOC Inc. | | | | | | | | | 127,555 | |
| | | | | |
| | 2,085 | | | Patterson Companies, Inc. | | | | | | | | | 69,639 | |
| | | | | |
| | 6,027 | | | UnitedHealth Group Incorporated | | | | | | | | | 337,512 | |
| | | | | |
| | 4,001 | | | Wellpoint Inc., (2) | | | | | | | | | 245,181 | |
| | | | Total Health Care Providers & Services | | | | | | | | | 1,548,059 | |
| | | | Hotels, Restaurants & Leisure – 0.6% | | | | | | | | | | |
| | | | | |
| | 785 | | | Carnival Corporation, ADR | | | | | | | | | 29,736 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Hotels, Restaurants & Leisure (continued) | | | | | | | | | | |
| | | | | |
| | 4,628 | | | McDonald’s Corporation, (2) | | | | | | | | $ | 401,710 | |
| | | | Total Hotels, Restaurants & Leisure | | | | | | | | | 431,446 | |
| | | | Household Durables – 0.4% | | | | | | | | | | |
| | | | | |
| | 7,619 | | | Garmin Limited, (2) | | | | | | | | | 289,446 | |
| | | | Household Products – 1.5% | | | | | | | | | | |
| | | | | |
| | 15,917 | | | Procter & Gamble Company, (2) | | | | | | | | | 1,102,093 | |
| | | | Industrial Conglomerates – 3.0% | | | | | | | | | | |
| | | | | |
| | 5,094 | | | 3M Co. | | | | | | | | | 446,234 | |
| | | | | |
| | 6,063 | | | Danaher Corporation, (2) | | | | | | | | | 313,639 | |
| | | | | |
| | 70,150 | | | General Electric Company | | | | | | | | | 1,477,359 | |
| | | | Total Industrial Conglomerates | | | | | | | | | 2,237,232 | |
| | | | Insurance – 8.0% | | | | | | | | | | |
| | | | | |
| | 5,680 | | | Ace Limited | | | | | | | | | 446,732 | |
| | | | | |
| | 10,923 | | | AFLAC Incorporated | | | | | | | | | 543,747 | |
| | | | | |
| | 7,753 | | | American International Group, (3) | | | | | | | | | 270,812 | |
| | | | | |
| | 2,898 | | | American National Insurance Company, (2) | | | | | | | | | 211,728 | |
| | | | | |
| | 656 | | | AON PLC | | | | | | | | | 35,391 | |
| | | | | |
| | 10,245 | | | Berkshire Hathaway Inc., Class B, (3) | | | | | | | | | 884,656 | |
| | | | | |
| | 3,559 | | | CNA Financial Corporation | | | | | | | | | 104,563 | |
| | | | | |
| | 3,266 | | | Lincoln National Corporation, (2) | | | | | | | | | 80,964 | |
| | | | | |
| | 10,796 | | | Loews Corporation | | | | | | | | | 456,455 | |
| | | | | |
| | 5,773 | | | Marsh & McLennan Companies, Inc. | | | | | | | | | 196,455 | |
| | | | | |
| | 2,359 | | | Mercury General Corporation | | | | | | | | | 95,610 | |
| | | | | |
| | 14,497 | | | MetLife, Inc. | | | | | | | | | 514,499 | |
| | | | | |
| | 20,346 | | | Principal Financial Group, Inc. | | | | | | | | | 560,329 | |
| | | | | |
| | 5,480 | | | Protective Life Corporation | | | | | | | | | 149,604 | |
| | | | | |
| | 10,327 | | | Prudential Financial, Inc. | | | | | | | | | 589,155 | |
| | | | | |
| | 3,659 | | | Reinsurance Group of America Inc. | | | | | | | | | 193,634 | |
| | | | | |
| | 3,360 | | | Travelers Companies, Inc. | | | | | | | | | 238,358 | |
| | | | | |
| | 17,936 | | | Unum Group | | | | | | | | | 363,742 | |
| | | | Total Insurance | | | | | | | | | 5,936,434 | |
| | | | Internet & Catalog Retail – 0.4% | | | | | | | | | | |
| | | | | |
| | 1,155 | | | Amazon.com, Inc., (2), (3) | | | | | | | | | 268,907 | |
| | | | Internet Software & Services – 1.9% | | | | | | | | | | |
| | | | | |
| | 6,675 | | | eBay Inc., (3) | | | | | | | | | 322,336 | |
| | | | | |
| | 1,557 | | | Google Inc., Class A, (3) | | | | | | | | | 1,058,402 | |
| | | | | |
| | 378 | | | Yahoo! Inc., (3) | | | | | | | | | 6,354 | |
| | | | Total Internet Software & Services | | | | | | | | | 1,387,092 | |
| | | | IT Services – 6.1% | | | | | | | | | | |
| | | | | |
| | 8,000 | | | Accenture Limited | | | | | | | | | 539,280 | |
| | | | | |
| | 13,042 | | | Automatic Data Processing, Inc., (2) | | | | | | | | | 753,697 | |
| | | | | |
| | 8,961 | | | Broadridge Financial Solutions, Inc. | | | | | | | | | 205,655 | |
| | | | | |
| | 1,052 | | | Cognizant Technology Solutions Corporation, Class A, (3) | | | | | | | | | 70,116 | |
| | | | | |
| | 6,690 | | | Fidelity National Information Services | | | | | | | | | 219,900 | |
| | | | | |
| | 2,016 | | | Fiserv, Inc., (2), (3) | | | | | | | | | 151,079 | |
Portfolio of Investments
Nuveen Quantitative Enhanced Core Equity Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | IT Services (continued) | | | | | | | | | | |
| | | | | |
| | 14,332 | | | Genpact Limited, (2) | | | | | | | | $ | 252,387 | |
| | | | | |
| | 7,653 | | | International Business Machines Corporation (IBM), (2) | | | | | | | | | 1,488,738 | |
| | | | | |
| | 17,525 | | | Paychex, Inc. | | | | | | | | | 568,336 | |
| | | | | |
| | 6,032 | | | SAIC, Inc. | | | | | | | | | 66,292 | |
| | | | | |
| | 6,695 | | | Total System Services Inc. | | | | | | | | | 150,571 | |
| | | | | |
| | 3,339 | | | Western Union Company | | | | | | | | | 42,405 | |
| | | | Total IT Services | | | | | | | | | 4,508,456 | |
| | | | Leisure Equipment & Products – 0.1% | | | | | | | | | | |
| | | | | |
| | 1,890 | | | Mattel, Inc. | | | | | | | | | 69,514 | |
| | | | Life Sciences Tools & Services – 0.8% | | | | | | | | | | |
| | | | | |
| | 5,076 | | | Agilent Technologies, Inc., (2) | | | | | | | | | 182,685 | |
| | | | | |
| | 2,274 | | | PerkinElmer Inc., (2) | | | | | | | | | 70,335 | |
| | | | | |
| | 6,244 | | | Thermo Fisher Scientific, Inc. | | | | | | | | | 381,259 | |
| | | | Total Life Sciences Tools & Services | | | | | | | | | 634,279 | |
| | | | Machinery – 0.4% | | | | | | | | | | |
| | | | | |
| | 1,610 | | | Caterpillar Inc. | | | | | | | | | 136,544 | |
| | | | | |
| | 2,186 | | | Dover Corporation | | | | | | | | | 127,269 | |
| | | | | |
| | 563 | | | Eaton Corporation, (2) | | | | | | | | | 26,585 | |
| | | | | |
| | 948 | | | Timken Company | | | | | | | | | 37,437 | |
| | | | Total Machinery | | | | | | | | | 327,835 | |
| | | | Media – 2.6% | | | | | | | | | | |
| | | | | |
| | 19,171 | | | Comcast Corporation, Class A | | | | | | | | | 719,104 | |
| | | | | |
| | 6,366 | | | Interpublic Group Companies, Inc. | | | | | | | | | 64,297 | |
| | | | | |
| | 1,625 | | | McGraw-Hill Companies, Inc. | | | | | | | | | 89,830 | |
| | | | | |
| | 6,744 | | | News Corporation, Class A, (2) | | | | | | | | | 161,316 | |
| | | | | |
| | 4,342 | | | Omnicom Group, Inc. | | | | | | | | | 208,025 | |
| | | | | |
| | 2,503 | | | Thomson Corporation | | | | | | | | | 70,735 | |
| | | | | |
| | 3,498 | | | Time Warner Inc., (2) | | | | | | | | | 151,988 | |
| | | | | |
| | 1,389 | | | Viacom Inc., Class B | | | | | | | | | 71,214 | |
| | | | | |
| | 7,614 | | | Walt Disney Company, (2) | | | | | | | | | 373,619 | |
| | | | Total Media | | | | | | | | | 1,910,128 | |
| | | | Metals & Mining – 0.6% | | | | | | | | | | |
| | | | | |
| | 1,378 | | | Reliance Steel & Aluminum Company | | | | | | | | | 74,881 | |
| | | | | |
| | 9,917 | | | Southern Copper Corporation | | | | | | | | | 377,838 | |
| | | | Total Metals & Mining | | | | | | | | | 452,719 | |
| | | | Multiline Retail – 0.4% | | | | | | | | | | |
| | | | | |
| | 4,364 | | | Target Corporation | | | | | | | | | 278,205 | |
| | | | Multi-Utilities – 0.4% | | | | | | | | | | |
| | | | | |
| | 2,446 | | | DTE Energy Company | | | | | | | | | 151,897 | |
| | | | | |
| | 5,430 | | | Public Service Enterprise Group Incorporated | | | | | | | | | 173,977 | |
| | | | Total Multi-Utilities | | | | | | | | | 325,874 | |
| | | | Office Electronics – 0.3% | | | | | | | | | | |
| | | | | |
| | 33,440 | | | Xerox Corporation | | | | | | | | | 215,354 | |
| | | | Oil, Gas & Consumable Fuels – 8.3% | | | | | | | | | | |
| | | | | |
| | 16,796 | | | Chevron Corporation | | | | | | | | | 1,851,087 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Oil, Gas & Consumable Fuels (continued) | | | | | | | | | | |
| | | | | |
| | 10,329 | | | ConocoPhillips | | | | | | | | $ | 597,533 | |
| | | | | |
| | 32,214 | | | Exxon Mobil Corporation | | | | | | | | | 2,936,950 | |
| | | | | |
| | 3,906 | | | Marathon Oil Corporation | | | | | | | | | 117,414 | |
| | | | | |
| | 3,409 | | | Marathon Petroleum Corporation | | | | | | | | | 187,256 | |
| | | | | |
| | 5,851 | | | Occidental Petroleum Corporation | | | | | | | | | 461,995 | |
| | | | | |
| | 1,078 | | | Phillips 66 | | | | | | | | | 50,838 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | 6,203,073 | |
| | | | Pharmaceuticals – 8.0% | | | | | | | | | | |
| | | | | |
| | 15,584 | | | Abbott Laboratories | | | | | | | | | 1,021,064 | |
| | | | | |
| | 11,150 | | | Bristol-Myers Squibb Company | | | | | | | | | 370,738 | |
| | | | | |
| | 11,897 | | | Eli Lilly and Company | | | | | | | | | 578,551 | |
| | | | | |
| | 19,112 | | | Johnson & Johnson, (2) | | | | | | | | | 1,353,512 | |
| | | | | |
| | 22,611 | | | Merck & Company Inc., (2) | | | | | | | | | 1,031,740 | |
| | | | | |
| | 63,882 | | | Pfizer Inc. | | | | | | | | | 1,588,745 | |
| | | | Total Pharmaceuticals | | | | | | | | | 5,944,350 | |
| | | | Professional Services – 0.3% | | | | | | | | | | |
| | | | | |
| | 4,580 | | | Equifax Inc. | | | | | | | | | 229,183 | |
| | | | Real Estate Investment Trust – 2.4% | | | | | | | | | | |
| | | | | |
| | 28,536 | | | Annaly Capital Management Inc., (2) | | | | | | | | | 460,571 | |
| | | | | |
| | 11,894 | | | CommonWealth REIT | | | | | | | | | 163,067 | |
| | | | | |
| | 17,279 | | | Hatteras Financial Corp. | | | | | | | | | 471,198 | |
| | | | | |
| | 3,252 | | | Hospitality Properties Trust | | | | | | | | | 75,186 | |
| | | | | |
| | 78,774 | | | MFA Mortgage Investments, Inc. | | | | | | | | | 643,584 | |
| | | | Total Real Estate Investment Trust | | | | | | | | | 1,813,606 | |
| | | | Road & Rail – 0.2% | | | | | | | | | | |
| | | | | |
| | 1,373 | | | Ryder System, Inc. | | | | | | | | | 61,950 | |
| | | | | |
| | 460 | | | Union Pacific Corporation | | | | | | | | | 56,594 | |
| | | | Total Road & Rail | | | | | | | | | 118,544 | |
| | | | Semiconductors & Equipment – 0.7% | | | | | | | | | | |
| | | | | |
| | 22,619 | | | Intel Corporation | | | | | | | | | 489,136 | |
| | | | Software – 3.3% | | | | | | | | | | |
| | | | | |
| | 8,959 | | | CA Inc. | | | | | | | | | 201,757 | |
| | | | | |
| | 56,359 | | | Microsoft Corporation | | | | | | | | | 1,608,204 | |
| | | | | |
| | 20,909 | | | Oracle Corporation | | | | | | | | | 649,224 | |
| | | | Total Software | | | | | | | | | 2,459,185 | |
| | | | Specialty Retail – 1.1% | | | | | | | | | | |
| | | | | |
| | 10,060 | | | Home Depot, Inc. | | | | | | | | | 617,483 | |
| | | | | |
| | 6,176 | | | Lowe’s Companies, Inc. | | | | | | | | | 199,979 | |
| | | | | |
| | 96 | | | TJX Companies, Inc. | | | | | | | | | 3,996 | |
| | | | Total Specialty Retail | | | | | | | | | 821,458 | |
| | | | Thrifts & Mortgage Finance – 0.5% | | | | | | | | | | |
| | | | | |
| | 24,688 | | | New York Community Bancorp Inc. | | | | | | | | | 342,176 | |
| | | | Tobacco – 2.6% | | | | | | | | | | |
| | | | | |
| | 19,103 | | | Altria Group, Inc. | | | | | | | | | 607,475 | |
| | | | | |
| | 8,312 | | | Philip Morris International | | | | | | | | | 736,111 | |
Portfolio of Investments
Nuveen Quantitative Enhanced Core Equity Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | | | | Value | |
| | | | Tobacco (continued) | | | | | | | | | | | | | | | | |
| | | | | |
| | 13,747 | | | Reynolds American Inc., (2) | | | | | | | | | | | | | | $ | 572,425 | |
| | | | Total Tobacco | | | | | | | | | | | | | | | 1,916,011 | |
| | | | Wireless Telecommunication Services – 0.3% | | | | | | | | | | | | | | | | |
| | | | | |
| | 5,763 | | | Telephone and Data Systems Inc. | | | | | | | | | | | | | | | 143,326 | |
| | | | | |
| | 1,348 | | | United States Cellular Corporation, (3) | | | | | | | | | | | | | | | 49,864 | |
| | | | Total Wireless Telecommunication Services | | | | | | | | | | | | | | | 193,190 | |
| | | | Total Common Stocks (cost $61,370,588) | | | | | | | | | | | | | | | 69,479,398 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | | | | Value | |
| | | | WARRANTS – 0.0% | | | | | | | | | | | | | | | | |
| | | | | |
| | 2,465 | | | Kinder Morgan Inc., Uncovered Equity Options Warrant | | | | | | | | | | | | | | $ | 9,490 | |
| | | | Total Warrants (cost $4,696) | | | | | | | | | | | | | | | 9,490 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | | | | Value | |
| | | | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 20.3% | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 20.3% | | | | | | | | | | | | | | | | |
| | | | | |
| | 15,103,105 | | | Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5) | | | | | | | | | | | | | | $ | 15,103,105 | |
| | | | Total Investments Purchased with Collateral from Securities Lending (cost $15,103,105) | | | | | | | | 15,103,105 | |
| | | | | |
Shares/
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Ratings (6) | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 6.6% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 5.9% | | | | | | | | | | | | | | | | |
| | | | | |
| | 4,415,617 | | | First American Treasury Obligations Fund, Class Z | | | 0.004%, (4) | | | | N/A | | | | N/A | | | $ | 4,415,617 | |
| | | | U.S. Government and Agency Obligations – 0.7% | | | | | | | | | | | | | | | | |
| | | | | |
| $ | 500 | | | U.S. Treasury Bills (7) | | | 0.018% | | | | 2/21/13 | | | | Aaa | | | | 499,817 | |
| | | | Total Short-Term Investments (cost $4,915,422) | | | | | | | | | | | | | | | 4,915,434 | |
| | | | Total Investments (cost $81,393,811) – 120.4% | | | | | | | | | | | | | | | 89,507,427 | |
| | | | Other Assets Less Liabilities – (20.4)% (8) | | | | | | | | | | | | | | | (15,138,377) | |
| | | | Net Assets – 100% | | | | | | | | | | | | | | $ | 74,369,050 | |
Investments in Derivatives at October 31, 2012
Futures Contracts outstanding:
| | | | | | | | | | | | | | | | | | | | |
| Type | | Contract
Position | | | Number of
Contracts | | | Contract
Expiration | | | Notional
Value | | | Unrealized
Appreciation
(Depreciation) | |
S&P 500 Index | | | Long | | | | 12 | | | | 12/12 | | | $ | 4,220,400 | | | $ | (115,198 | ) |
| | | | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
| | (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| | (2) | | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan at the end of the reporting period was $14,586,883. |
| | (3) | | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| | (4) | | The rate shown is the annualized seven-day effective yield at the end of the reporting period. |
| | (5) | | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
| | (6) | | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| | (7) | | Investment, or portion of investment, segregated as collateral for investments in derivatives. |
| | (8) | | Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivatives instruments as listed within Investments in Derivatives at October 31, 2012. |
| | ADR | | American Depositary Receipt |
| | REIT | | Real Estate Investment Trust |
See accompanying notes to financial statements.
Portfolio of Investments
Nuveen Tactical Market Opportunities Fund
October 31, 2012
| | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1)(7) | | | | | | | | | | | Value | |
| | | | EXCHANGE-TRADED FUNDS – 15.6% | | | | | | | | | | | | | | | | |
| | | | | |
| | 377,000 | | | iShares FTSE NAREIT Mortgage Plus Capped Index Fund | | | | | | | | | | | | | | $ | 5,572,060 | |
| | | | | |
| | 42,000 | | | iShares MSCI Brazil Index Fund | | | | | | | | | | | | | | | 2,239,440 | |
| | | | | |
| | 132,000 | | | iShares MSCI Malaysia Index Fund | | | | | | | | | | | | | | | 1,977,360 | |
| | | | | |
| | 35,000 | | | iShares S&P GSCI Commodity-Indexed Trust, (8) | | | | | | | | | | | | | | | 1,135,400 | |
| | | | | |
| | 39,000 | | | iShares S&P Short Term National AMT-Free Municipal Bond Fund | | | | | | | | | | | | | | | 4,162,860 | |
| | | | | |
| | 392,000 | | | Market Vectors Emerging Markets Local Currency Bond ETF | | | | | | | | | | | | | | | 10,486,000 | |
| | | | | |
| | 51,000 | | | Market Vectors Gold Miners ETF | | | | | | | | | | | | | | | 2,695,350 | |
| | | | | |
| | 100,000 | | | Market Vectors Russia ETF | | | | | | | | | | | | | | | 2,784,000 | |
| | | | | |
| | 4,000 | | | PowerShares DB Gold Fund, (8) | | | | | | | | | | | | | | | 236,680 | |
| | | | | |
| | 86,000 | | | PowerShares Senior Loan Portfolio Fund | | | | | | | | | | | | | | | 2,136,240 | |
| | | | | |
| | 14,000 | | | SPDR S&P 500 ETF | | | | | | | | | | | | | | | 1,976,520 | |
| | | | | |
| | 109,000 | | | SPDR Barclays Capital High Yield Bond ETF | | | | | | | | | | | | | | | 4,395,970 | |
| | | | | |
| | 27,500 | | | SPDR S&P Emerging Markets Dividend ETF | | | | | | | | | | | | | | | 1,191,025 | |
| | | | | |
| | 30,000 | | | SPDR S&P International Dividend ETF | | | | | | | | | | | | | | | 1,361,700 | |
| | | | Total Exchange-Traded Funds (cost $41,135,700) | | | | | | | | | | | | | | | 42,350,605 | |
| | | | | |
Principal
Amount (000) (2) | | | Description (1) | | Coupon | | | Maturity | | | Ratings (3) | | | Value | |
| | | | SOVEREIGN DEBT – 2.9% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | Mexico – 2.9% | | | | | | | | | | | | | | | | |
| | | | | |
| | 750 | | | United Mexican States | | | 5.875% | | | | 1/15/14 | | | | Baa1 | | | $ | 793,125 | |
| | | | | |
| | 810 | MXN | | Mexican Bonos | | | 7.750% | | | | 11/13/42 | | | | A– | | | | 7,056,662 | |
| | | | Total Sovereign Debt (cost $7,889,290) | | | | | | | | | | | | | | | 7,849,787 | |
| | | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Ratings (3) | | | Value | |
| | | | U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 2.0% | | | | | | | | | | | | | |
| | | | | |
| $ | 4,000 | | | U.S. Treasury Bonds | | | 4.500% | | | | 8/15/39 | | | | Aaa | | | $ | 5,364,376 | |
| $ | 4,000 | | | Total U.S. Government and Agency Obligations (cost $4,297,802) | | | | | | | | | | | | | | | 5,364,376 | |
| | | | | |
Shares/
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Ratings (3) | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 77.9% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 58.1% | | | | | | | | | | | | | | | | |
| | | | | |
| | 157,150,939 | | | First American Treasury Obligations Fund, Class Z | | | 0.004%, (4) | | | | N/A | | | | N/A | | | $ | 157,150,939 | |
| | | | U.S. Government and Agency Obligations – 19.8% | | | | | | | | | | | | | | | | |
| | | | | |
| $ | 1,000 | | | U.S. Treasury Bills, (5) | | | 0.113% | | | | 2/07/13 | | | | Aaa | | | | 999,694 | |
| | | | | |
| | 6,600 | | | U.S. Treasury Bills, (5) | | | 0.118% | | | | 2/21/13 | | | | Aaa | | | | 6,597,591 | |
| | | | | |
| | 30,000 | | | U.S. Treasury Bills, (5) | | | 0.138% | | | | 4/11/13 | | | | Aaa | | | | 29,981,550 | |
| | | | | |
| | 16,000 | | | U.S. Treasury Bills, (5) | | | 0.143% | | | | 4/25/13 | | | | Aaa | | | | 15,988,736 | |
| | | | | |
| $ | 53,600 | | | Total U.S. Government and Agency Obligations | | | | | | | | | | | | | | | 53,567,571 | |
| | | | Total Short-Term Investments (cost $210,717,216) | | | | | | | | | | | | | | | 210,718,510 | |
| | | | Total Investments (cost $264,040,008) – 98.4% | | | | | | | | | | | | | | | 266,283,278 | |
| | | | Other Assets Less Liabilities – 1.6% (6) | | | | | | | | | | | | | | | 4,221,905 | |
| | | | Net Assets – 100% | | | | | | | | | | | | | | $ | 270,505,183 | |
Investments in Derivatives at October 31, 2012
Futures Contracts outstanding:
| | | | | | | | | | | | | | | | | | | | |
| Type | | Contract
Position | | | Number of
Contracts | | | Contract
Expiration | | | Notional*
Value | | | Unrealized
Appreciation
(Depreciation) | |
Amsterdam Index | | | Long | | | | 48 | | | | 11/12 | | | $ | 4,099,959 | | | $ | (38,084 | ) |
Australian 3-Year Bond | | | Long | | | | 372 | | | | 12/12 | | | | 37,638,674 | | | | 108,338 | |
Australian 10-Year Bond | | | Long | | | | 198 | | | | 12/12 | | | | 19,927,637 | | | | 545,045 | |
Australian Dollar Currency | | | Short | | | | (35 | ) | | | 12/12 | | | | (3,619,000 | ) | | | 41,505 | |
DAX Index | | | Short | | | | (29 | ) | | | 12/12 | | | | (6,832,584 | ) | | | 83,073 | |
Dollar Index | | | Long | | | | 105 | | | | 12/12 | | | | 8,398,636 | | | | 64,208 | |
E-Mini MSCI Emerging Markets Index | | | Long | | | | 81 | | | | 12/12 | | | | 4,009,500 | | | | (135,444 | ) |
Euro-Schatz | | | Short | | | | (116 | ) | | | 12/12 | | | | (16,644,027 | ) | | | 18,910 | |
FTSE 100 Index | | | Long | | | | 12 | | | | 12/12 | | | | 1,116,207 | | | | (15,813 | ) |
Hang Seng Index | | | Short | | | | (36 | ) | | | 11/12 | | | | (5,033,929 | ) | | | (24,828 | ) |
H-Shares Index | | | Long | | | | 67 | | | | 11/12 | | | | 4,584,932 | | | | (8,559 | ) |
Mexican Bolsa Index | | | Short | | | | (92 | ) | | | 12/12 | | | | (2,929,048 | ) | | | (52,824 | ) |
NASDAQ 100 E-Mini | | | Short | | | | (28 | ) | | | 12/12 | | | | (1,478,680 | ) | | | 115,248 | |
OMXS 30 Index | | | Long | | | | 150 | | | | 11/12 | | | | 2,376,788 | | | | (48,961 | ) |
Russell 2000 Mini Index | | | Short | | | | (220 | ) | | | 12/12 | | | | (17,958,600 | ) | | | 824,185 | |
S&P 500 E-Mini | | | Long | | | | 236 | | | | 12/12 | | | | 16,600,240 | | | | (548,080 | ) |
SET50 Index | | | Short | | | | (153 | ) | | | 12/12 | | | | (4,393,321 | ) | | | 19,048 | |
U.S. Treasury 5-Year Note | | | Short | | | | (200 | ) | | | 12/12 | | | | (24,850,000 | ) | | | 39,197 | |
U.S. Treasury 10-Year Note | | | Short | | | | (291 | ) | | | 12/12 | | | | (38,712,094 | ) | | | (237,203 | ) |
| | | | | | | | | | | | | | | $ | (23,698,710 | ) | | $ | 748,961 | |
| * | Total Notional Value of Long and Short positions were $98,752,573 and $122,451,283, respectively. |
| | (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| | (2) | | Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted. |
| | (3) | | Ratings (not covered by the report of independent registered public accounting firm): Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| | (4) | | The rate shown is the annualized seven-day effective yield at the end of the reporting period. |
| | (5) | | Investment, or portion of investment, segregated as collateral for investments in derivatives. |
| | (6) | | Other Assets Less Liabilities includes the Unrealized Appreciation (Depreciation) of derivative instruments as listed within Investments in Derivatives at October 31, 2012. |
| | (7) | | A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
| | (8) | | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| | SPDR | | Standard & Poor’s Depositary Receipts |
See accompanying notes to financial statements.
Statement of Assets & Liabilities
October 31, 2012
| | | | | | | | | | | | | | | | |
| | | International | | | International
Select | | | Quantitative Enhanced
Core Equity | | | Tactical Market
Opportunities | |
Assets | | | | | | | | | | | | | | | | |
Long-term investments, at value (cost $82,257,223, $377,707,078, $61,375,284 and $53,322,792, respectively) | | $ | 87,304,142 | | | $ | 400,996,353 | | | $ | 69,488,888 | | | $ | 55,564,768 | |
Investment purchased with collateral from securities lending (at cost, which approximates value) | | | — | | | | — | | | | 15,103,105 | | | | — | |
Short-term investments (cost $10,348,863, $31,084,783, $4,915,422 and $210,717,216, respectively) | | | 10,348,783 | | | | 31,084,490 | | | | 4,915,434 | | | | 210,718,510 | |
Cash denominated in foreign currencies (cost $6,594,748, $5,667,215, $– and $848,505, respectively) | | | 6,690,273 | | | | 5,704,917 | | | | — | | | | 849,689 | |
Cash | | | — | | | | — | | | | 3,099 | | | | — | |
Receivables: | | | | | | | | | | | | | | | | |
Deposits with brokers for open futures contracts | | | 800,000 | | | | 1,000,000 | | | | — | | | | 800,000 | |
Dividends | | | 153,029 | | | | 618,985 | | | | 125,873 | | | | — | |
Due from broker | | | 16 | | | | 9,222 | | | | — | | | | — | |
Interest | | | 1,188 | | | | 2,866 | | | | 2,545 | | | | 228,244 | |
Investments sold | | | 215,933 | | | | 1,095,146 | | | | — | | | | 2,683,730 | |
Reclaims | | | 220,824 | | | | 499,408 | | | | 391 | | | | — | |
Shares sold | | | 66,372 | | | | 270,499 | | | | 8,177 | | | | 1,353,942 | |
Variation margin on futures contracts | | | 87,000 | | | | 694,552 | | | | — | | | | 436,019 | |
Other assets | | | 3,506 | | | | 6,858 | | | | 32 | | | | 53 | |
Total assets | | | 105,891,066 | | | | 441,983,296 | | | | 89,647,544 | | | | 272,634,955 | |
Liabilities | | | | | | | | | | | | | | | | |
Cash overdraft | | | 6,708,064 | | | | 5,522,619 | | | | — | | | | 1,114,970 | |
Payables: | | | | | | | | | | | | | | | | |
Collateral from securities lending program | | | — | | | | — | | | | 15,103,105 | | | | — | |
Investments purchased | | | 105,112 | | | | 1,314,920 | | | | — | | | | — | |
Shares redeemed | | | 278,527 | | | | 399,180 | | | | 129,210 | | | | 185,054 | |
Variation margin on futures contracts | | | 226,745 | | | | 772,624 | | | | 2,400 | | | | 483,239 | |
Accrued expenses: | | | | | | | | | | | | | | | | |
Management fees | | | 90,526 | | | | 401,350 | | | | 25,301 | | | | 225,270 | |
Directors fees | | | 4,044 | | | | 9,221 | | | | 651 | | | | 1,884 | |
12b-1 distribution and service fees | | | 5,942 | | | | 1,412 | | | | 135 | | | | 25,237 | |
Other | | | 153,199 | | | | 233,652 | | | | 17,692 | | | | 94,118 | |
Total liabilities | | | 7,572,159 | | | | 8,654,978 | | | | 15,278,494 | | | | 2,129,772 | |
Net assets | | $ | 98,318,907 | | | $ | 433,328,318 | | | $ | 74,369,050 | | | $ | 270,505,183 | |
Class A Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 21,009,445 | | | $ | 4,060,142 | | | $ | 151,042 | | | $ | 59,751,441 | |
Shares outstanding | | | 2,202,096 | | | | 452,975 | | | | 6,457 | | | | 5,294,022 | |
Net asset value per share | | $ | 9.54 | | | $ | 8.96 | | | $ | 23.39 | | | $ | 11.29 | |
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price) | | $ | 10.12 | | | $ | 9.51 | | | $ | 23.39 | (1) | | $ | 11.98 | |
Class C Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 1,675,167 | | | $ | 644,183 | | | $ | 120,401 | | | $ | 15,044,740 | |
Shares outstanding | | | 187,082 | | | | 72,848 | | | | 5,190 | | | | 1,346,768 | |
Net asset value and offering price per share | | $ | 8.95 | | | $ | 8.84 | | | $ | 23.20 | | | $ | 11.17 | |
Class R3 Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 42,373 | | | | N/A | | | | N/A | | | | N/A | |
Shares outstanding | | | 4,443 | | | | N/A | | | | N/A | | | | N/A | |
Net asset value and offering price per share | | $ | 9.54 | | | | N/A | | | | N/A | | | | N/A | |
Class I Shares | | | | | | | | | | | | | | | | |
Net assets | | $ | 75,591,922 | | | $ | 428,623,993 | | | $ | 74,097,607 | | | $ | 195,709,002 | |
Shares outstanding | | | 7,821,632 | | | | 47,715,116 | | | | 3,158,655 | | | | 17,283,105 | |
Net asset value and offering price per share | | $ | 9.66 | | | $ | 8.98 | | | $ | 23.46 | | | $ | 11.32 | |
Net assets consist of: | | | | | | | | | | | | | | | | |
Capital paid-in | | $ | 103,641,500 | | | $ | 437,645,898 | | | $ | 60,341,398 | | | $ | 265,652,227 | |
Undistributed (Over-distribution of) net investment income | | | 941,794 | | | | 5,495,973 | | | | 1,736,962 | | | | 1,440,593 | |
Accumulated net realized gain (loss) | | | (11,504,805 | ) | | | (34,745,537 | ) | | | 4,292,272 | | | | 419,824 | |
Net unrealized appreciation (depreciation) | | | 5,240,418 | | | | 24,931,984 | | | | 7,998,418 | | | | 2,992,539 | |
Net assets | | $ | 98,318,907 | | | $ | 433,328,318 | | | $ | 74,369,050 | | | $ | 270,505,183 | |
Authorized shares – per class | | | 2 billion | | | | 2 billion | | | | 2 billion | | | | 2 billion | |
Par value per share | | $ | 0.0001 | | | $ | 0.0001 | | | $ | 0.0001 | | | $ | 0.0001 | |
| N/A – | Quantitative Enhanced Core Equity and Tactical Market Opportunities do not offer Class R3 Shares. After the close of business on June 13, 2012 International Select liquidated all of its Class R3 Shares. |
| (1) – | Quantitative Enhanced Core Equity does not have a maximum sales charge. |
See accompanying notes to financial statements.
Statement of Operations
Year Ended October 31, 2012
| | | | | | | | | | | | | | | | |
| | | International | | | International
Select | | | Quantitative
Enhanced
Core Equity | | | Tactical
Market
Opportunities | |
Investment Income | | | | | | | | | | | | | | | | |
Dividend and interest income (net of foreign tax withheld of $266,251, $1,243,144, $1,183 and $7,648, respectively) | | $ | 2,577,310 | | | $ | 11,926,441 | | | $ | 2,117,062 | | | $ | 2,371,790 | |
Securities lending income, net | | | — | | | | — | | | | 39,344 | | | | — | |
Total investment income | | | 2,577,310 | | | | 11,926,441 | | | | 2,156,406 | | | | 2,371,790 | |
Expenses | | | | | | | | | | | | | | | | |
Management fees | | | 1,243,565 | | | | 5,075,844 | | | | 453,074 | | | | 1,357,529 | |
12b-1 service fees – Class A | | | 53,238 | | | | 10,118 | | | | 343 | | | | 97,281 | |
12b-1 distribution and service fees – Class B(1) | | | 2,524 | | | | N/A | | | | N/A | | | | N/A | |
12b-1 distribution and service fees – Class C | | | 17,250 | | | | 6,834 | | | | 1,164 | | | | 79,873 | |
12b-1 distribution and service fees – Class R3(2) | | | 181 | | | | 39 | | | | N/A | | | | N/A | |
Shareholder servicing agent fees and expenses | | | 230,291 | | | | 426,095 | | | | 159,082 | | | | 114,440 | |
Custodian’s fees and expenses | | | 298,828 | | | | 621,872 | | | | 34,614 | | | | 35,177 | |
Directors fees and expenses | | | 2,735 | | | | 13,634 | | | | 2,712 | | | | 5,098 | |
Professional fees | | | 35,110 | | | | 51,242 | | | | 14,236 | | | | 14,633 | |
Shareholder reporting expenses | | | 90,377 | | | | 4,013 | | | | 1,240 | | | | 44,984 | |
Federal and state registration fees | | | 57,551 | | | | 56,893 | | | | 43,027 | | | | 81,851 | |
Other expenses | | | 78,390 | | | | 75,353 | | | | 8,676 | | | | 8,104 | |
Total expenses before expense reimbursement | | | 2,110,040 | | | | 6,341,937 | | | | 718,168 | | | | 1,838,970 | |
Expense reimbursement | | | (568,337 | ) | | | (239,458 | ) | | | (309,007 | ) | | | (28,783 | ) |
Net expenses | | | 1,541,703 | | | | 6,102,479 | | | | 409,161 | | | | 1,810,187 | |
Net investment income (loss) | | | 1,035,607 | | | | 5,823,962 | | | | 1,747,245 | | | | 561,603 | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
Investments and foreign currency | | | (10,013,310 | ) | | | (22,623,577 | ) | | | 4,607,241 | | | | 1,911,060 | |
Futures contracts | | | 487,259 | | | | (8,168,446 | ) | | | 763,216 | | | | (557,828 | ) |
Options written | | | — | | | | — | | | | — | | | | 60 | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
Investments and foreign currency | | | 12,274,110 | | | | 36,768,484 | | | | 4,085,174 | | | | 1,372,961 | |
Futures contracts | | | (1,315,087 | ) | | | 3,095,727 | | | | (187,020 | ) | | | 984,869 | |
Net realized and unrealized gain (loss) | | | 1,432,972 | | | | 9,072,188 | | | | 9,268,611 | | | | 3,711,122 | |
Net increase (decrease) in net assets from operations | | $ | 2,468,579 | | | $ | 14,896,150 | | | $ | 11,015,856 | | | $ | 4,272,725 | |
| N/A – | International Select 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) – | Class B Shares of International converted to Class A Shares at the close of business on February 15, 2012, and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds. |
| (2) – | After the close of business on June 13, 2012, International Select liquidated all of its Class R3 Shares. |
See accompanying notes to financial statements.
Statement of Changes in Net Assets
| | | | | | | | | | | | | | | | |
| | | International | | | International Select | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,035,607 | | | $ | 7,452,325 | | | $ | 5,823,962 | | | $ | 9,342,486 | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
Investments and foreign currency | | | (10,013,310 | ) | | | 79,229,286 | | | | (22,623,577 | ) | | | 51,311,264 | |
Futures contracts | | | 487,259 | | | | (3,656,977 | ) | | | (8,168,446 | ) | | | (10,916,532 | ) |
Options written | | | — | | | | — | | | | — | | | | — | |
Redemptions in-kind | | | — | | | | — | | | | — | | | | — | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
Investments and foreign currency | | | 12,274,110 | | | | (121,677,805 | ) | | | 36,768,484 | | | | (93,468,555 | ) |
Futures contracts | | | (1,315,087 | ) | | | 8,604,468 | | | | 3,095,727 | | | | 8,252,883 | |
Net increase (decrease) in net assets from operations | | | 2,468,579 | | | | (30,048,703 | ) | | | 14,896,150 | | | | (35,478,454 | )�� |
Distributions to Shareholders | | | | | | | | | | | | | | | | |
From net investment income: | | | | | | | | | | | | | | | | |
Class A | | | (953,197 | ) | | | (107,500 | ) | | | (50,326 | ) | | | (33,025 | ) |
Class B(1) | | | — | | | | — | | | | N/A | | | | N/A | |
Class C | | | (66,672 | ) | | | — | | | | (2,770 | ) | | | (740 | ) |
Class R3(1) | | | (685 | ) | | | (15 | ) | | | — | | | | — | |
Class I | | | (5,063,626 | ) | | | (4,195,268 | ) | | | (7,900,958 | ) | | | (6,454,548 | ) |
From accumulated net realized gains: | | | | | | | | | | | | | | | | |
Class A | | | (2,889,331 | ) | | | — | | | | (47,541 | ) | | | — | |
Class B(1) | | | — | | | | — | | | | N/A | | | | N/A | |
Class C | | | (265,665 | ) | | | — | | | | (7,969 | ) | | | — | |
Class R3(1) | | | (2,164 | ) | | | — | | | | — | | | | — | |
Class I | | | (15,999,350 | ) | | | — | | | | (6,195,076 | ) | | | — | |
Decrease in net assets from distributions to shareholders | | | (25,240,690 | ) | | | (4,302,783 | ) | | | (14,204,640 | ) | | | (6,488,313 | ) |
Fund Share Transactions | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 11,030,054 | | | | 9,534,322 | | | | 75,494,059 | | | | 100,109,897 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | | | 10,998,041 | | | | 3,103,920 | | | | 4,681,594 | | | | 1,537,568 | |
| | | 22,028,095 | | | | 12,638,242 | | | | 80,175,653 | | | | 101,647,465 | |
Cost of shares redeemed | | | (67,474,781 | ) | | | (495,221,106 | ) | | | (231,253,534 | ) | | | (330,484,054 | ) |
Cost of redemptions in-kind | | | — | | | | — | | | | — | | | | — | |
Net increase (decrease) in net assets from Fund share transactions | | | (45,446,686 | ) | | | (482,582,864 | ) | | | (151,077,881 | ) | | | (228,836,589 | ) |
Net increase (decrease) in net assets | | | (68,218,797 | ) | | | (516,934,350 | ) | | | (150,386,371 | ) | | | (270,803,356 | ) |
Net assets at the beginning of period | | | 166,537,704 | | | | 683,472,054 | | | | 583,714,689 | | | | 854,518,045 | |
Net assets at the end of period | | $ | 98,318,907 | | | $ | 166,537,704 | | | $ | 433,328,318 | | | $ | 583,714,689 | |
Undistributed (Over-distribution of) net investment income at the end of period | | $ | 941,794 | | | $ | 6,115,194 | | | $ | 5,495,973 | | | $ | 7,930,053 | |
See accompanying notes to financial statements.
| | | | | | | | | | | | | | | | |
| | | Quantitative
Enhanced Core Equity | | | Tactical
Market Opportunities | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
Operations | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,747,245 | | | $ | 2,921,001 | | | $ | 561,603 | | | $ | 388,017 | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | |
Investments and foreign currency | | | 4,607,241 | | | | 11,480,043 | | | | 1,911,060 | | | | 778,007 | |
Futures contracts | | | 763,216 | | | | 152,170 | | | | (557,828 | ) | | | 440,455 | |
Options written | | | — | | | | — | | | | 60 | | | | — | |
Redemptions in-kind | | | — | | | | 2,329,724 | | | | — | | | | — | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | |
Investments and foreign currency | | | 4,085,174 | | | | (4,839,582 | ) | | | 1,372,961 | | | | 753,994 | |
Futures contracts | | | (187,020 | ) | | | 71,822 | | | | 984,869 | | | | (201,998 | ) |
Net increase (decrease) in net assets from operations | | | 11,015,856 | | | | 12,115,178 | | | | 4,272,725 | | | | 2,158,475 | |
Distributions to Shareholders | | | | | | | | | | | | | | | | |
From net investment income: | | | | | | | | | | | | | | | | |
Class A(2) | | | (2,808 | ) | | | (2,341 | ) | | | (47,114 | ) | | | — | |
Class B | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class C(2) | | | (1,032 | ) | | | (946 | ) | | | — | | | | — | |
Class R3 | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class I | | | (1,931,314 | ) | | | (2,864,205 | ) | | | (353,238 | ) | | | (154,561 | ) |
From accumulated net realized gains: | | | | | | | | | | | | | | | | |
Class A(2) | | | (2,646 | ) | | | — | | | | (209,804 | ) | | | — | |
Class B | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class C(2) | | | (1,768 | ) | | | — | | | | (23,497 | ) | | | — | |
Class R3 | | | N/A | | | | N/A | | | | N/A | | | | N/A | |
Class I | | | (1,571,914 | ) | | | — | | | | (815,282 | ) | | | (47,469 | ) |
Decrease in net assets from distributions to shareholders | | | (3,511,482 | ) | | | (2,867,492 | ) | | | (1,448,935 | ) | | | (202,030 | ) |
Fund Share Transactions | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 3,709,154 | | | | 9,839,732 | | | | 254,776,661 | | | | 33,827,603 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | | | 1,379,059 | | | | 878,112 | | | | 1,316,662 | | | | 158,329 | |
| | | 5,088,213 | | | | 10,717,844 | | | | 256,093,323 | | | | 33,985,932 | |
Cost of shares redeemed | | | (46,229,594 | ) | | | (97,606,723 | ) | | | (41,304,739 | ) | | | (10,349,661 | ) |
Cost of redemptions in-kind | | | — | | | | (17,935,393 | ) | | | — | | | | — | |
Net increase (decrease) in net assets from Fund share transactions | | | (41,141,381 | ) | | | (104,824,272 | ) | | | 214,788,584 | | | | 23,636,271 | |
Net increase (decrease) in net assets | | | (33,637,007 | ) | | | (95,576,586 | ) | | | 217,612,374 | | | | 25,592,716 | |
Net assets at the beginning of period | | | 108,006,057 | | | | 203,582,643 | | | | 52,892,809 | | | | 27,300,093 | |
Net assets at the end of period | | $ | 74,369,050 | | | $ | 108,006,057 | | | $ | 270,505,183 | | | $ | 52,892,809 | |
Undistributed (Over-distribution of) net investment income at the end of period | | $ | 1,736,962 | | | $ | 1,945,047 | | | $ | 1,440,593 | | | $ | 293,168 | |
| N/A – | International Select 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) – | Class B Shares of International converted to Class A Shares at the close of business on February 15, 2012, and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds. After the close of business on June 13, 2012, International Select liquidated all of its Class R3 Shares. |
| (2) – | Tactical Market Opportunities did not offer Class A Shares and Class C Shares prior to February 24, 2011. |
See accompanying notes to financial statements.
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | $ | 11.12 | | | $ | .07 | | | $ | .16 | | | $ | .23 | | | $ | (.41 | ) | | $ | (1.40 | ) | | $ | (1.81 | ) | | $ | 9.54 | |
2011 | | | 11.62 | | | | .10 | | | | (.55 | ) | | | (.45 | ) | | | (.05 | ) | | | — | | | | (.05 | ) | | | 11.12 | |
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 | |
Class C (9/01) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 10.51 | | | | (.01 | ) | | | .16 | | | | .15 | | | | (.31 | ) | | | (1.40 | ) | | | (1.71 | ) | | | 8.95 | |
2011 | | | 11.03 | | | | .01 | | | | (.53 | ) | | | (.52 | ) | | | — | | | | — | | | | — | | | | 10.51 | |
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 | |
Class R3 (4/94) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 11.11 | | | | .05 | | | | .16 | | | | .21 | | | | (.38 | ) | | | (1.40 | ) | | | (1.78 | ) | | | 9.54 | |
2011 | | | 11.61 | | | | .07 | | | | (.54 | ) | | | (.47 | ) | | | (.03 | ) | | | — | | | | (.03 | ) | | | 11.11 | |
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 | |
Class I (4/94) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 11.25 | | | | .09 | | | | .17 | | | | .26 | | | | (.45 | ) | | | (1.40 | ) | | | (1.85 | ) | | | 9.66 | |
2011 | | | 11.78 | | | | .14 | | | | (.59 | ) | | | (.45 | ) | | | (.08 | ) | | | — | | | | (.08 | ) | | | 11.25 | |
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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | |
| | | | |
| | | | | | | | | | | | | | |
| | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3.91 | % | | $ | 21,009 | | | | 1.96 | % | | | .21 | % | | | 1.48 | % | | | .69 | % | | | 57 | % |
| | (3.93 | ) | | | 22,328 | | | | 1.46 | | | | .84 | | | | 1.46 | | | | .84 | | | | 72 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3.11 | | | | 1,675 | | | | 2.71 | | | | (.53 | ) | | | 2.23 | | | | (.06 | ) | | | 57 | |
| | (4.71 | ) | | | 1,987 | | | | 2.21 | | | | .10 | | | | 2.21 | | | | .10 | | | | 72 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3.69 | | | | 42 | | | | 2.23 | | | | .03 | | | | 1.73 | | | | .53 | | | | 57 | |
| | (4.10 | ) | | | 11 | | | | 1.68 | | | | .59 | | | | 1.68 | | | | .59 | | | | 72 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 4.15 | | | | 75,592 | | | | 1.71 | | | | .45 | | | | 1.23 | | | | .93 | | | | 57 | |
| | (3.90 | ) | | | 141,264 | | | | 1.21 | | | | 1.17 | | | | 1.21 | | | | 1.17 | | | | 72 | |
| | 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 | |
| (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. |
See accompanying notes to financial statements.
Financial Highlights (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) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | $ | 8.85 | | | $ | .08 | | | $ | .24 | | | $ | .32 | | | $ | (.11 | ) | | $ | (.10 | ) | | $ | (.21 | ) | | $ | 8.96 | |
2011 | | | 9.54 | | | | .09 | | | | (.72 | ) | | | (.63 | ) | | | (.06 | ) | | | — | | | | (.06 | ) | | | 8.85 | |
2010 | | | 8.48 | | | | .06 | | | | 1.02 | | | | 1.08 | | | | (.02 | ) | | | — | | | | (.02 | ) | | | 9.54 | |
2009 | | | 6.53 | | | | .07 | | | | 2.00 | | | | 2.07 | | | | (.12 | ) | | | — | | | | (.12 | ) | | | 8.48 | |
2008 | | | 12.15 | | | | .15 | | | | (5.52 | ) | | | (5.37 | ) | | | (.06 | ) | | | (.19 | ) | | | (.25 | ) | | | 6.53 | |
Class C (12/06) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 8.72 | | | | .02 | | | | .24 | | | | .26 | | | | (.04 | ) | | | (.10 | ) | | | (.14 | ) | | | 8.84 | |
2011 | | | 9.43 | | | | .02 | | | | (.72 | ) | | | (.70 | ) | | | (.01 | ) | | | — | | | | (.01 | ) | | | 8.72 | |
2010 | | | 8.42 | | | | .01 | | | | 1.00 | | | | 1.01 | | | | — | | | | — | | | | — | | | | 9.43 | |
2009 | | | 6.46 | | | | .03 | | | | 1.97 | | | | 2.00 | | | | (.04 | ) | | | — | | | | (.04 | ) | | | 8.42 | |
2008 | | | 12.07 | | | | .09 | | | | (5.48 | ) | | | (5.39 | ) | | | (.03 | ) | | | (.19 | ) | | | (.22 | ) | | | 6.46 | |
Class I (12/06) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 8.87 | | | | .10 | | | | .24 | | | | .34 | | | | (.13 | ) | | | (.10 | ) | | | (.23 | ) | | | 8.98 | |
2011 | | | 9.57 | | | | .12 | | | | (.74 | ) | | | (.62 | ) | | | (.08 | ) | | | — | | | | (.08 | ) | | | 8.87 | |
2010 | | | 8.49 | | | | .09 | | | | 1.02 | | | | 1.11 | | | | (.03 | ) | | | — | | | | (.03 | ) | | | 9.57 | |
2009 | | | 6.55 | | | | .08 | | | | 2.01 | | | | 2.09 | | | | (.15 | ) | | | — | | | | (.15 | ) | | | 8.49 | |
2008 | | | 12.17 | | | | .17 | | | | (5.52 | ) | | | (5.35 | ) | | | (.08 | ) | | | (.19 | ) | | | (.27 | ) | | | 6.55 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | |
| | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3.83 | % | | $ | 4,060 | | | | 1.53 | % | | | .88 | % | | | 1.48 | % | | | .93 | % | | | 49 | % |
| | (6.70 | ) | | | 4,388 | | | | 1.46 | | | | .96 | | | | 1.46 | | | | .96 | | | | 59 | |
| | 12.72 | | | | 5,530 | | | | 1.62 | | | | .56 | | | | 1.49 | | | | .69 | | | | 47 | |
| | 32.32 | | | | 3,029 | | | | 1.76 | | | | .77 | | | | 1.49 | | | | 1.04 | | | | 64 | |
| | (45.00 | ) | | | 1,904 | | | | 1.70 | | | | 1.31 | | | | 1.49 | | | | 1.52 | | | | 63 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 3.09 | | | | 644 | | | | 2.28 | | | | .15 | | | | 2.23 | | | | .20 | | | | 49 | |
| | (7.45 | ) | | | 717 | | | | 2.21 | | | | .21 | | | | 2.21 | | | | .21 | | | | 59 | |
| | 12.00 | | | | 816 | | | | 2.37 | | | | (.05 | ) | | | 2.24 | | | | .08 | | | | 47 | |
| | 31.43 | | | | 244 | | | | 2.51 | | | | .13 | | | | 2.24 | | | | .40 | | | | 64 | |
| | (45.39 | ) | | | 226 | | | | 2.45 | | | | .71 | | | | 2.24 | | | | .92 | | | | 63 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 4.12 | | | | 428,624 | | | | 1.28 | | | | 1.14 | | | | 1.23 | | | | 1.18 | | | | 49 | |
| | (6.60 | ) | | | 578,597 | | | | 1.21 | | | | 1.23 | | | | 1.21 | | | | 1.23 | | | | 59 | |
| | 13.14 | | | | 848,165 | | | | 1.37 | | | | .85 | | | | 1.24 | | | | .98 | | | | 47 | |
| | 32.68 | | | | 584,667 | | | | 1.51 | | | | .90 | | | | 1.24 | | | | 1.17 | | | | 64 | |
| | (44.86 | ) | | | 249,805 | | | | 1.45 | | | | 1.51 | | | | 1.24 | | | | 1.72 | | | | 63 | |
| (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. |
See accompanying notes to financial statements.
Financial Highlights (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) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | $ | 21.57 | | | $ | .38 | | | $ | 2.16 | | | $ | 2.54 | | | $ | (.37 | ) | | $ | (.35 | ) | | $ | (.72 | ) | | $ | 23.39 | |
2011 | | | 20.50 | | | | .31 | | | | 1.02 | | | | 1.33 | | | | (.26 | ) | | | — | | | | (.26 | ) | | | 21.57 | |
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 | |
Class C (7/07) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 21.40 | | | | .20 | | | | 2.15 | | | | 2.35 | | | | (.20 | ) | | | (.35 | ) | | | (.55 | ) | | | 23.20 | |
2011 | | | 20.50 | | | | .12 | | | | 1.06 | | | | 1.18 | | | | (.28 | ) | | | — | | | | (.28 | ) | | | 21.40 | |
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 | |
Class I (7/07) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 21.64 | | | | .44 | | | | 2.15 | | | | 2.59 | | | | (.42 | ) | | | (.35 | ) | | | (.77 | ) | | | 23.46 | |
2011 | | | 20.57 | | | | .37 | | | | 1.03 | | | | 1.40 | | | | (.33 | ) | | | — | | | | (.33 | ) | | | 21.64 | |
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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | |
| | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.18 | % | | $ | 151 | | | | 1.03 | % | | | 1.34 | % | | | .70 | % | | | 1.66 | % | | | 137 | % |
| | 6.50 | | | | 164 | | | | .86 | | | | 1.25 | | | | .70 | | | | 1.41 | | | | 159 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.31 | | | | 120 | | | | 1.79 | | | | .56 | | | | 1.45 | | | | .90 | | | | 137 | |
| | 5.76 | | | | 108 | | | | 1.61 | | | | .40 | | | | 1.45 | | | | .56 | | | | 159 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.44 | | | | 74,098 | | | | .79 | | | | 1.59 | | | | .45 | | | | 1.93 | | | | 137 | |
| | 6.79 | | | | 107,734 | | | | .63 | | | | 1.50 | | | | .45 | | | | 1.68 | | | | 159 | |
| | 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 | |
| (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. |
See accompanying notes to financial statements.
Financial Highlights (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) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | $ | 11.22 | | | $ | .02 | | | $ | .25 | | | $ | .27 | | | $ | (.03 | ) | | $ | (.17 | ) | | $ | (.20 | ) | | $ | 11.29 | |
2011(e) | | | 10.59 | | | | .04 | | | | .59 | | | | .63 | | | | — | | | | — | | | | — | | | | 11.22 | |
Class C (2/11) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 11.17 | | | | (.07 | ) | | | .24 | | | | .17 | | | | — | | | | (.17 | ) | | | (.17 | ) | | | 11.17 | |
2011(e) | | | 10.59 | | | | — | * | | | .58 | | | | .58 | | | | — | | | | — | | | | — | | | | 11.17 | |
Class I (12/09) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 11.25 | | | | .05 | | | | .25 | | | | .30 | | | | (.06 | ) | | | (.17 | ) | | | (.23 | ) | | | 11.32 | |
2011 | | | 10.62 | | | | .14 | | | | .59 | | | | .73 | | | | (.08 | ) | | | (.02 | ) | | | (.10 | ) | | | 11.25 | |
2010(f) | | | 10.00 | | | | .02 | | | | .60 | | | | .62 | | | | — | | | | — | | | | — | | | | 10.62 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | |
| | | | 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(g) | | | Net
Invest-
ment
Income
(Loss) | | | Expenses(g) | | | Net
Invest-
ment
Income
(Loss) | | | Portfolio
Turnover
Rate | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2.45% | | | $ | 59,751 | | | | 1.19 | % | | | .13 | % | | | 1.18 | % | | | .14 | % | | | 189 | % |
| | 5.95 | | | | 3,558 | | | | 1.67 | ** | | | .06 | ** | | | 1.19 | ** | | | 54 | ** | | | 177 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 1.55 | | | | 15,045 | | | | 1.93 | | | | (.65 | ) | | | 1.93 | | | | (.65 | ) | | | 189 | |
| | 5.48 | | | | 475 | | | | 2.31 | ** | | | (.37 | )** | | | 1.94 | ** | | | — | *** | | | 177 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 2.69 | | | | 195,709 | | | | .94 | | | | .41 | | | | .93 | | | | .43 | | | | 189 | |
| | 6.95 | | | | 48,860 | | | | 1.18 | | | | 1.01 | | | | .94 | | | | 1.25 | | | | 177 | |
| | 6.20 | | | | 27,300 | | | | 4.14 | ** | | | (1.83 | )** | | | .92 | ** | | | 1.39 | ** | | | 156 | |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
| (b) | 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. |
| (e) | For the period February 24, 2011 (commencement of operations) through October 31, 2011. |
| (f) | For the period December 30, 2009 (commencement of operations) through October 31, 2010. |
| (g) | In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the exchange-traded funds in which the Fund invests. These exchange-traded fund fees and expenses are not reflected in the expense ratios. Because the exchange-traded funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. |
| * | Rounds to less than $.01 per share. |
| *** | Annualized ratio rounds to less than .01%. |
See accompanying notes to financial statements.
Notes to Financial Statements
1. General Information and Significant Accounting Policies
General Information
Nuveen Investment Funds, Inc. (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen International Fund (“International”), Nuveen International Select Fund (“International Select”), Nuveen Quantitative Enhanced Core Equity Fund (“Quantitative Enhanced Core Equity”) and Nuveen Tactical Market Opportunities Fund (“Tactical Market Opportunities”) (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was incorporated in the state of Maryland on August 20, 1987.
International’s investment objective is long-term growth of capital. Under normal market conditions, the Fund invests primarily in equity securities of non-U.S. issuers that trade in U.S. or non-U.S. markets, depositary receipts representing shares of non-U.S. issuers, and exchange traded funds (“ETFs”) and other investment companies (“investment companies”) that provide exposure to non-U.S. issuers. Up to 15% of the Fund’s total assets may be invested in equity securities of emerging market issuers. Effective at the close of business on February 15, 2012, Class B Shares of International were converted to Class A Shares of the Fund and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds.
International Select’s investment objective is long-term growth of capital. Under normal market conditions, the Fund invests primarily in equity securities of non-U.S. issuers that trade in U.S. or non-U.S. markets, depositary receipts representing shares of foreign issuers, and ETFs and other investment companies that provide exposure to non-U.S. issuers. Effective June 6, 2012, Class R3 Shares of the Fund were closed to all new investments. After the close of business on June 13, 2012, the Fund liquidated all shareholder accounts invested in Class R3 Shares and distributed the proceeds of the liquidation.
International and International Select also may invest in options, futures contracts, options on futures contracts and forward foreign currency exchanges contracts (“derivatives”) to manage market or business risk, enhance its return or hedge against adverse movements in currency exchange rates.
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 equity securities that have market capitalization within the same range of market capitalization of companies in the S&P 500 Index. The Fund’s investments may include common stocks of non-U.S. issuers which are listed on a U.S. stock exchange. The Fund may also invest in exchange-traded funds in order to reduce cash balances in the fund and increase the level of fund assets exposed to common stocks. The Fund may also buy and sell stock index futures contracts to manage market or business risk or enhance the Fund’s return.
Tactical Market Opportunities’ investment objective is to earn a positive total return over a reasonable period of time, regardless of market conditions. Under normal market conditions, the Fund will seek to outperform the Merrill Lynch 3 Month Treasury Bill Index (the “Treasury Bill Index”) by 400 basis points, or 4%, on an annualized basis. The Fund seeks to outperform the Treasury Bill Index over a reasonable period of time, although there is no guarantee that it will be able to do so. The Fund seeks to achieve its objective by investing across the following asset classes: U.S. international and emerging market equity and debt securities (including high yield debt securities), commodities, currencies, high quality, short-term debt securities and money market funds. The Fund gains exposure to these asset classes by investing in derivative instruments and ETFs, except that the Fund invests directly in U.S. Treasury obligations, non-U.S. government obligations that have an investment grade rating from at least one rating agency and money market funds.
Tactical Market Opportunities will use derivative instruments such as options; futures contracts, including futures on equity and commodities indices, interest rate futures and currency futures; options on futures contracts; interest rate caps and floors; foreign currency contracts; options on foreign currencies; interest rate, total return, currency and credit default swaps; and options on the foregoing types of swap agreements. Derivatives may be entered into on established exchanges, either in the U.S. or in non-U.S. countries, or through privately negotiated transactions referred to as over-the-counter derivatives. In using derivatives, the Fund may take both long positions (the values of which move in the same direction as the prices of the underlying investment, pool of investments, index or currency) and short positions (the values of which move in the opposite direction from the price of the underlying investment, pool of investments, index or currency).
Investment Policy Changes
Effective December 14, 2012, Tactical Market Opportunities’ investment policies were updated to allow the Fund to invest directly in equity and debt securities in order to create custom baskets of securities. Tactical Market Opportunities may now gain exposure to the aforementioned asset classes (i) by investing in derivative instruments and ETFs (ii) by creating custom baskets of equity and debt securities, where each basket is designed to track the performance of a particular securities index (such as an industry, sector, country or region index) within certain parameters, and (iii) by investing directly in U.S. Treasury obligations, non-U.S. government obligations that have an investment grade rating from at least one rating agency and money market funds.
The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
Investment 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 and are generally classified as Level 2. Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price, or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange. These securities may represent a transfer from a Level 1 to a Level 2 security.
The ETFs in which the Funds invests are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1.
Investments in investment companies are valued at their respective net asset values on the valuation date. These investment vehicles are generally classified as Level 1.
Prices of fixed-income securities are provided by a pricing service approved by the Funds’ Board of Directors. These securities are generally classified as Level 2. The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer, or market activity provided by Nuveen Fund Advisors, Inc. (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). 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) are determined, or if under the Funds’ procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Funds’ Board of Directors. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
The value of exchange-traded options are based on the mean of the closing bid and ask prices. Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. Exchange-traded options and futures contracts are generally classified as Level 1. Options traded in the over-the counter market are valued using an evaluated mean price and are generally classified as Level 2.
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.
Notes to Financial Statements (continued)
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.
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 (“RICs”). 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 and net realized gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Flexible Sales Charge Program
Class A Shares are generally sold with an up-front sales charge, with the exception of Quantitative Enhanced Core Equity, and incur a .25% annual 12b-1 service fee. Class A Share purchases of the Funds for $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Quantitative Enhanced Core Equity only issues Class A Shares for purchase by certain retirement plans and by qualifying clients of investment advisers, financial planners or other financial intermediaries that charge periodic or asset-based fees for their services. Class A Shares of Quantitative Enhanced Core Equity are offered to those investors at their net asset value per share with no up-front sales charge. Class B Shares were sold without an up-front sales charge but incurred a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class B Shares are subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares automatically converted to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .25% annual 12b-1 distribution and a .25% annual service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
Foreign Currency Transactions
Each Fund is authorized to engage in foreign currency exchange transactions, including foreign currency exchange contracts, 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, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of a Fund and the amounts actually received.
The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments, foreign currency exchange contracts, futures, options purchased, options written and swap contracts, when applicable, are recognized as a component of “Net realized gain (loss) from investments and foreign currency,” on the Statement of Operations.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency,” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with foreign currency exchange contracts, futures, options purchased, options written and swap contracts are recognized as a component of “Change in net unrealized appreciation (depreciation) of foreign currency exchange contracts, futures, options purchased, options written and swap contracts, respectively” on the Statement of Operations, when applicable.
Futures Contracts
Each Fund may be 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 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, 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 fiscal year ended October 31, 2012, 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 each Fund overall had the desired exposures to key markets. These Funds’ long and short futures contracts were used to manage country and style exposures and 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, interest rate and foreign currency 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. All of the Funds used futures contracts as a means to efficiently gain exposure to a broad base of securities.
The average number of futures contracts outstanding during the fiscal year ended October 31, 2012, for each Fund, were as follows:
| | | | | | | | | | | | | | | | |
| | | International | | | International
Select | | | Quantitative
Enhanced
Core Equity | | | Tactical
Market
Opportunities | |
Average number of futures contracts outstanding* | | | 1,512 | | | | 5,138 | | | | 8 | | | | 1,312 | |
| * | The average number of outstanding 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.
Options Transactions
Each Fund may be 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 purchase and write (sell) call and put options on securities, futures, swaps (“swaptions”) or currencies in an attempt to manage such risk. The purchase of options and/or swaptions involves the risk of loss of all or a part of the cash paid for the options (the premium). The market risk associated with purchasing options and/or swaptions is limited to the premium paid. The counterparty credit risk of purchasing options and/or swaptions, however, needs also to take into account the current value of the option, as this is the performance expected from the counterparty. When a Fund purchases an option and/or swaption, an amount equal to the premium paid (the premium plus commission) is recognized as a component of “Options and/or Swaptions purchased, at value” on the Statement of Assets and Liabilities. When a Fund writes an option and swaption, an amount equal to the net premium received (the premium less commission) is recognized as a component of “Options and/or Swaptions written, at value” on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option and/or swaption until the option and/or swaption is exercised or expires or the Fund enters into a closing purchase transaction. The changes in the value of options and/or swaptions purchased during the fiscal period are recognized as a component
Notes to Financial Statements (continued)
of “Change in net unrealized appreciation (depreciation) of Options and/or Swaptions purchased” on the Statement of Operations. The changes in the value of options and/or swaptions written during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of Options and/or Swaptions written” on the Statement of Operations. When an option and/or swaption is exercised or expires or the Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of “Net realized gain (loss) from Options and/or Swaptions purchased and/or written” on the Statement of Operations. The Fund, as a writer of an option and/or swaption has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option and/or swaption. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.
During the fiscal year ended October 31, 2012, Tactical Market Opportunities wrote equity call options on the S&P 500 Index to generate return.
The average number of written options contracts outstanding during the fiscal year ended October 31, 2012, was as follows:
| | | | |
| | | Tactical Market
Opportunities | |
Average number of written options contracts outstanding* | | | — | ** |
| * | The average number of outstanding contracts is calculated based on the outstanding contracts at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
| ** | The Fund was not invested in written option contracts at the beginning or end of the current fiscal period. |
Refer to Footnote 3 – Derivative Instruments and Hedging Activities and Footnote 5 – Investment Transactions for further details on options contract 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 clearinghouse, 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 12b-1 distribution fees and shareholder service fees, are recorded to the specific class.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Securities Lending
In order to generate additional income, each Fund, except Tactical Market Opportunities, may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program” on the Statement of Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 102%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.
The Funds’ custodian serves as the securities lending agent for the Funds. Each Fund pays the custodian a fee based on the Fund’s proportional share of the custodian’s expense of operating its securities lending program. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending” on the Statement of Assets and Liabilities.
Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income, net.” Securities lending fees paid by each Fund during the fiscal year ended October 31, 2012, were as follows:
| | | | | | | | | | | | |
| | | International | | | International
Select | | | Quantitative
Enhanced
Core Equity | |
Securities lending fees paid | | $ | — | | | $ | — | | | $ | 5,203 | |
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 for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| | |
| Level 1 – | | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| Level 2 – | | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3 – | | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
| | | | | | | | | | | | | | | | |
| | | | |
| International | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 77,531,734 | | | $ | 452,842 | | | $ | — | | | $ | 77,984,576 | |
Exchange-Traded Funds | | | 9,319,566 | | | | — | | | | — | | | | 9,319,566 | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 5,910,362 | | | | — | | | | — | | | | 5,910,362 | |
U.S. Government and Agency Obligations | | | — | | | | 4,438,421 | | | | — | | | | 4,438,421 | |
Derivatives: | | | | | | | | | | | | | | | | |
Futures Contracts** | | | 112,902 | | | | — | | | | — | | | | 112,902 | |
Total | | $ | 92,874,563 | | | $ | 4,891,263 | | | $ | — | | | $ | 97,765,826 | |
| | | | |
| International Select | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 354,779,380 | | | $ | 5,523,291 | | | $ | — | | | $ | 360,302,671 | |
Exchange-Traded Funds | | | 40,693,682 | | | | — | | | | — | | | | 40,693,682 | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 17,339,361 | | | | — | | | | — | | | | 17,339,361 | |
U.S. Government and Agency Obligations | | | — | | | | 13,745,129 | | | | — | | | | 13,745,129 | |
Derivatives: | | | | | | | | | | | | | | | | |
Futures Contracts** | | | 1,628,591 | | | | — | | | | — | | | | 1,628,591 | |
Total | | $ | 414,441,014 | | | $ | 19,268,420 | | | $ | — | | | $ | 433,709,434 | |
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | |
| | | | |
| Quantitative Enhanced Core Equity | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 69,479,398 | | | $ | — | | | $ | — | | | $ | 69,479,398 | |
Warrants | | | 9,490 | | | | — | | | | — | | | | 9,490 | |
Investments Purchased with Collateral from Securities Lending | | | 15,103,105 | | | | — | | | | — | | | | 15,103,105 | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 4,415,617 | | | | — | | | | — | | | | 4,415,617 | |
U.S. Government and Agency Obligations | | | — | | | | 499,817 | | | | — | | | | 499,817 | |
Derivatives: | | | | | | | | | | | | | | | | |
Futures Contracts** | | | (115,198 | ) | | | — | | | | — | | | | (115,198 | ) |
Total | | $ | 88,892,412 | | | $ | 499,817 | | | $ | — | | | $ | 89,392,229 | |
| * | Refer to the Fund’s Portfolio of Investments for country classifications, industry classifications and breakdown of Common Stocks classified as Level 2, where applicable. |
| ** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
| | | | | | | | | | | | | | | | |
| Tactical Market Opportunities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments: | | | | | | | | | | | | | | | | |
Exchange-Traded Funds | | $ | 42,350,605 | | | $ | — | | | $ | — | | | $ | 42,350,605 | |
Sovereign Debt | | | — | | | | 7,849,787 | | | | — | | | | 7,849,787 | |
U.S. Government & Agency Obligations | | | — | | | | 5,364,376 | | | | — | | | | 5,364,376 | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 157,150,939 | | | | — | | | | — | | | | 157,150,939 | |
U.S. Government and Agency Obligations | | | — | | | | 53,567,571 | | | | — | | | | 53,567,571 | |
Derivatives: | | | | | | | | | | | | | | | | |
Futures Contracts* | | | 748,961 | | | | — | | | | — | | | | 748,961 | |
Total | | $ | 200,250,505 | | | $ | 66,781,734 | | | $ | — | | | $ | 267,032,239 | |
| * | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
3. 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 October 31, 2012, 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 Derivatives | | | Liability Derivatives | |
| | | Location | | Value | | | Location | | Value | |
Equity | | Futures
Contracts | | Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts* | | $ | 528,694 | | | Payable for variation margin on futures contracts* | | $ | (414,067 | ) |
Foreign Currency Exchange Rate | | Futures
Contracts | | — | | | — | | | Payable for variation margin on futures contracts* | | | (1,725 | ) |
Total | | | | | | $ | 528,694 | | | | | $ | (415,792 | ) |
| * | Value represents cumulative gross unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments, and not the deposits with brokers, if any, or receivable or the payable for variation margin presented on the Statement of Assets and Liabilities. |
| | | | | | | | | | | | | | |
| International Select | | | | | | | | | | | | |
| | | | | Location on the Statement of Assets and Liabilities | |
Underlying
Risk Exposure | | Derivative
Instrument | | Asset Derivatives | | | Liability Derivatives | |
| | | Location | | Value | | | Location | | Value | |
Equity | | Futures
Contracts | | Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts* | | $ | 3,435,162 | | | Payable for variation margin on futures contracts* | | $ | (1,785,996 | ) |
Foreign Currency Exchange Rate | | Futures
Contracts | | — | | | — | | | Deposits with brokers for open futures contracts and Payable for variation margin on futures contracts* | | | (20,575 | ) |
Total | | | | | | $ | 3,435,162 | | | | | $ | (1,806,571 | ) |
| | | | | | | | | | | | | | |
| Quantitative Enhanced Core Equity | | | | | | | | | | |
| | | | | Location on the Statement of Assets and Liabilities | |
Underlying
Risk Exposure | | Derivative
Instrument | | Asset Derivatives | | | Liability Derivatives | |
| | | Location | | Value | | | Location | | Value | |
Equity | | Futures
Contracts | | — | | $ | — | | | Payable for variation margin on futures contracts* | | $ | (115,198 | ) |
| | | | | | | | | | | | | | |
| Tactical Market Opportunities | | | | | | | | | | |
| | | | | Location on the Statement of Assets and Liabilities | |
Underlying
Risk Exposure | | Derivative
Instrument | | Asset Derivatives | | | Liability Derivatives | |
| | | Location | | Value | | | Location | | Value | |
Equity | | Futures
Contracts | | Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts* | | $ | 1,105,762 | | | Payable for variation margin on futures contracts* | | $ | (872,593 | ) |
Foreign Currency Exchange Rate | | Futures
Contracts | | Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts* | | | 41,505 | | | — | | | — | |
Interest Rate | | Futures
Contracts | | Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts* | | | 711,490 | | | Payable for variation margin on futures contracts* | | | (237,203 | ) |
Total | | | | | | $ | 1,858,757 | | | | | | (1,109,796 | ) |
| * | Value represents cumulative gross unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments, and not the deposits with brokers, if any, or receivable or the payable for variation margin 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 fiscal year ended October 31, 2012, on derivative instruments, as well as the primary risk exposure associated with each.
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | |
| Net Realized Gain (Loss) from Futures Contracts | | International | | | International
Select | | | Quantitative
Enhanced
Core Equity | | | Tactical
Market
Opportunities | |
Risk Exposure | | | | | | | | | | | | | | | | |
Equity | | $ | 532,386 | | | $ | (8,010,340 | ) | | $ | 763,216 | | | $ | (1,255,462 | ) |
Foreign Currency Exchange Rate | | | (45,127 | ) | | | (158,106 | ) | | | — | | | | (44,134 | ) |
Interest Rate | | | — | | | | — | | | | — | | | | 741,768 | |
Total | | $ | 487,259 | | | $ | (8,168,446 | ) | | $ | 763,216 | | | $ | (557,828 | ) |
| | | | |
| Net Realized Gain (Loss) from Options Written | | Tactical
Market
Opportunities | |
Risk Exposure | | | | |
Equity | | $ | 60 | |
| | | | | | | | | | | | | | | | |
Change in Net Unrealized Appreciation (Depreciation) of
Futures Contracts | | International | | | International
Select | | | Quantitative
Enhanced
Core Equity | | | Tactical
Market
Opportunities | |
Risk Exposure | | | | | | | | | | | | | | | | |
Equity | | $ | (1,313,362 | ) | | $ | 2,392,080 | | | $ | (187,020 | ) | | $ | 200,382 | |
Foreign Currency Exchange Rate | | | (1,725 | ) | | | 703,647 | | | | — | | | | 326,053 | |
Interest Rate | | | — | | | | — | | | | — | | | | 458,434 | |
Total | | $ | (1,315,087 | ) | | $ | 3,095,727 | | | $ | (187,020 | ) | | $ | 984,869 | |
4. Fund Shares
Transactions in Fund shares were as follows:
| | | | | | | | | | | | | | | | |
| | | International | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 281,592 | | | $ | 2,691,205 | | | | 155,847 | | | $ | 1,889,675 | |
Class B (1) | | | — | | | | — | | | | 708 | | | | 7,844 | |
Class C | | | 12,987 | | | | 116,739 | | | | 9,594 | | | | 107,941 | |
Class R3 | | | 3,799 | | | | 35,390 | | | | 420 | | | | 4,678 | |
Class I | | | 858,075 | | | | 8,186,720 | | | | 610,959 | | | | 7,524,184 | |
Shares issued to shareholders due to reinvestment of
distributions: | | | | | | | | | | | | | | | | |
Class A | | | 391,596 | | | | 3,481,910 | | | | 8,099 | | | | 98,570 | |
Class B (1) | | | 19,368 | | | | 153,859 | | | | — | | | | — | |
Class C | | | 38,018 | | | | 317,206 | | | | — | | | | — | |
Class R3 | | | 321 | | | | 2,849 | | | | 1 | | | | 15 | |
Class I | | | 779,190 | | | | 7,042,217 | | | | 244,138 | | | | 3,005,335 | |
| | | | 2,384,946 | | | | 22,028,095 | | | | 1,029,766 | | | | 12,638,242 | |
Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (479,579 | ) | | | (4,550,634 | ) | | | (452,448 | ) | | | (5,470,263 | ) |
Class B (1) | | | (113,441 | ) | | | (981,338 | ) | | | (48,241 | ) | | | (533,542 | ) |
Class C | | | (52,963 | ) | | | (455,926 | ) | | | (56,942 | ) | | | (628,677 | ) |
Class R3 | | | (643 | ) | | | (5,799 | ) | | | (8 | ) | | | (93 | ) |
Class I | | | (6,372,457 | ) | | | (61,481,084 | ) | | | (43,702,675 | ) | | | (488,588,531 | ) |
| | | | (7,019,083 | ) | | | (67,474,781 | ) | | | (44,260,314 | ) | | | (495,221,106 | ) |
Net increase (decrease) | | | (4,634,137 | ) | | $ | (45,446,686 | ) | | | (43,230,548 | ) | | $ | (482,582,864 | ) |
| (1) | Class B Shares of International converted to Class A Shares at the close of business on February 15, 2012 and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds. |
| | | | | | | | | | | | | | | | |
| | | International Select | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 66,016 | | | $ | 563,315 | | | | 128,323 | | | $ | 1,261,455 | |
Class C | | | 7,481 | | | | 64,823 | | | | 10,355 | | | | 102,343 | |
Class R3 (2) | | | — | | | | — | | | | 1,599 | | | | 15,960 | |
Class I | | | 8,648,794 | | | | 74,865,921 | | | | 10,212,001 | | | | 98,730,139 | |
Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 10,687 | | | | 86,950 | | | | 2,840 | | | | 28,114 | |
Class C | | | 1,333 | | | | 10,675 | | | | 71 | | | | 695 | |
Class R3 (2) | | | 35 | | | | 277 | | | | — | | | | — | |
Class I | | | 562,947 | | | | 4,583,692 | | | | 152,246 | | | | 1,508,759 | |
| | | | 9,297,293 | | | | 80,175,653 | | | | 10,507,435 | | | | 101,647,465 | |
Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (119,700 | ) | | | (1,027,486 | ) | | | (214,539 | ) | | | (2,113,176 | ) |
Class C | | | (18,141 | ) | | | (155,798 | ) | | | (14,772 | ) | | | (145,301 | ) |
Class R3 (2) | | | (1,554 | ) | | | (12,245 | ) | | | (787 | ) | | | (7,720 | ) |
Class I | | | (26,733,722 | ) | | | (230,058,005 | ) | | | (33,796,114 | ) | | | (328,217,857 | ) |
| | | | (26,873,117 | ) | | | (231,253,534 | ) | | | (34,026,212 | ) | | | (330,484,054 | ) |
Net increase (decrease) | | | (17,575,824 | ) | | $ | (151,077,881 | ) | | | (23,518,777 | ) | | $ | (228,836,589 | ) |
| (2) | After the close of business on June 13, 2012, International Select liquidated all of its Class R3 Shares. |
| | | | | | | | | | | | | | | | |
| | | Quantitative Enhanced Core Equity | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 1,743 | | | $ | 39,831 | | | | 2,166 | | | $ | 47,265 | |
Class C | | | — | | | | — | | | | 4,938 | | | | 108,004 | |
Class I | | | 172,921 | | | | 3,669,323 | | | | 440,684 | | | | 9,684,463 | |
Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 233 | | | | 4,850 | | | | 98 | | | | 2,118 | |
Class C | | | 136 | | | | 2,801 | | | | 44 | | | | 946 | |
Class I | | | 65,570 | | | | 1,371,408 | | | | 40,343 | | | | 875,048 | |
| | | | 240,603 | | | | 5,088,213 | | | | 488,273 | | | | 10,717,844 | |
Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (3,130 | ) | | | (68,825 | ) | | | (7,005 | ) | | | (152,739 | ) |
Class C | | | (16 | ) | | | (385 | ) | | | (589 | ) | | | (12,027 | ) |
Class I | | | (2,058,309 | ) | | | (46,160,384 | ) | | | (4,516,389 | ) | | | (97,441,957 | ) |
Class I —In-kind | | | — | | | | — | | | | (871,073 | ) | | | (17,935,393 | ) |
| | | | (2,061,455 | ) | | | (46,229,594 | ) | | | (5,395,056 | ) | | | (115,542,116 | ) |
Net increase (decrease) | | | (1,820,852 | ) | | $ | (41,141,381 | ) | | | (4,906,783 | ) | | $ | (104,824,272 | ) |
| | | | | | | | | | | | | | | | |
| | | Tactical Market Opportunities | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 6,181,689 | | | $ | 69,086,517 | | | | 330,236 | | | $ | 3,676,372 | |
Class C | | | 1,365,581 | | | | 15,153,881 | | | | 42,498 | | | | 468,794 | |
Class I | | | 15,233,105 | | | | 170,536,263 | | | | 2,709,930 | | | | 29,682,437 | |
Shares issued to shareholders due to reinvestment of
distributions: | | | | | | | | | | | | | | | | |
Class A | | | 20,431 | | | | 225,355 | | | | — | | | | — | |
Class C | | | 1,961 | | | | 21,516 | | | | — | | | | — | |
Class I | | | 96,689 | | | | 1,069,791 | | | | 15,144 | | | | 158,329 | |
| | | | 22,899,456 | | | | 256,093,323 | | | | 3,097,808 | | | | 33,985,932 | |
Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (1,225,187 | ) | | | (13,763,850 | ) | | | (13,147 | ) | | | (145,801 | ) |
Class C | | | (63,271 | ) | | | (694,273 | ) | | | — | | | | — | |
Class I | | | (2,388,710 | ) | | | (26,846,616 | ) | | | (954,155 | ) | | | (10,203,860 | ) |
| | | | (3,677,168 | ) | | | (41,304,739 | ) | | | (967,302 | ) | | | (10,349,661 | ) |
Net increase (decrease) | | | 19,222,288 | | | $ | 214,788,584 | | | | 2,130,506 | | | $ | 23,636,271 | |
Notes to Financial Statements (continued)
Class B Shares converted to Class A Shares (recognized as a component of Class A Shares sold and Class B Shares redeemed) during the fiscal years ended October 31, 2012 and October 31, 2011, were as follows:
| | | | | | | | |
| Fund | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
International | | | 15,542 | | | | 23,122 | |
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments and derivative transactions) during the fiscal year ended October 31, 2012, were as follows:
| | | | | | | | | | | | | | | | |
| | | International | | | International
Select | | | Quantitative
Enhanced
Core Equity | | | Tactical
Market
Opportunities | |
Purchases: | | | | | | | | | | | | | | | | |
Investment securities | | $ | 60,795,850 | | | $ | 217,311,521 | | | $ | 118,425,049 | | | $ | 102,969,346 | |
U.S. Government and agency obligations | | | — | | | | — | | | | — | | | | 35,757,250 | |
| | | | |
Sales and maturities: | | | | | | | | | | | | | | | | |
Investment securities | | | 128,443,543 | | | | 363,591,853 | | | | 163,338,975 | | | | 73,850,841 | |
U.S. Government and agency obligations | | | — | | | | — | | | | — | | | | 35,865,793 | |
Transactions in options written for Tactical Market Opportunities during the fiscal year ended October 31, 2012, were as follows:
| | | | | | | | |
| | | Tactical Market Opportunities | |
| | | Number of
Contracts | | | Premiums
Received | |
Outstanding, beginning of period | | | — | | | $ | — | |
Options written | | | 1 | | | | 104 | |
Options terminated in closing purchase transactions | | | (1 | ) | | | (104 | ) |
Options expired | | | — | | | | — | |
Outstanding, end of period | | | — | | | $ | — | |
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 October 31, 2012, the cost and unrealized appreciation (depreciation) of investments (excluding investments in derivatives), as determined on a federal income tax basis, were as follows:
| | | | | | | | | | | | | | | | |
| | | International | | | International
Select | | | Quantitative
Enhanced
Core Equity | | | Tactical
Market
Opportunities | |
Cost of investments | | $ | 94,795,081 | | | $ | 416,858,301 | | | $ | 81,665,391 | | | $ | 264,178,085 | |
Gross unrealized: | | | | | | | | | | | | | | | | |
Appreciation | | $ | 11,205,723 | | | $ | 52,082,583 | | | $ | 9,372,311 | | | $ | 2,809,937 | |
Depreciation | | | (8,347,879 | ) | | | (36,860,041 | ) | | | (1,530,275 | ) | | | (704,744 | ) |
Net unrealized appreciation (depreciation) of investments | | $ | 2,857,844 | | | $ | 15,222,542 | | | $ | 7,842,036 | | | $ | 2,105,193 | |
Permanent differences, primarily due to the foreign currency reclassifications, federal taxes paid, investments in partnerships, dividend reallocation adjustments, distribution character reclassifications and investments in passive foreign investment companies, resulted in reclassifications among the Funds’ components of net assets at October 31, 2012, the Funds’ tax year end, as follows:
| | | | | | | | | | | | | | | | |
| | | International | | | International
Select | | | Quantitative
Enhanced
Core Equity | | | Tactical
Market
Opportunities | |
Capital paid-in | | $ | 331,869 | | | $ | 59,754 | | | $ | 66,737 | | | $ | 123,173 | |
Undistributed (Over-distribution) of net investment income | | | (124,832 | ) | | | (303,989 | ) | | | (20,176 | ) | | | 986,172 | |
Accumulated net realized gain (loss) | | | (207,037 | ) | | | 244,235 | | | | (46,561 | ) | | | (1,109,345 | ) |
The tax components of undistributed net ordinary income and net long-term capital gains at October 31, 2012, the Funds’ tax year end, were as follows:
| | | | | | | | | | | | | | | | |
| | | International | | | International
Select | | | Quantitative
Enhanced
Core Equity | | | Tactical
Market
Opportunities | |
Undistributed net ordinary income* | | $ | 986,964 | | | $ | 5,694,041 | | | $ | 5,834,572 | | | $ | 2,043,810 | |
Undistributed net long-term capital gains | | | — | | | | — | | | | 356,711 | | | | 145,581 | |
| * | 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’ tax years ended October 31, 2012 and October 31, 2011, was designated for purposes of the dividends paid deduction as follows:
| | | | | | | | | | | | | | | | |
| 2012 | | International | | | International
Select | | | Quantitative
Enhanced
Core Equity | | | Tactical
Market
Opportunities | |
Distributions from net ordinary income* | | $ | 6,084,051 | | | $ | 7,954,055 | | | $ | 1,935,154 | | | $ | 1,164,302 | |
Distributions from net long-term capital gains** | | | 19,156,639 | | | | 6,250,585 | | | | 1,576,328 | | | | 284,633 | |
| | | | | | | | | | | | | | | | |
| 2011 | | International | | | International
Select | | | Quantitative
Enhanced
Core Equity | | | Tactical
Market
Opportunities | |
Distributions from net ordinary income* | | $ | 4,302,783 | | | $ | 6,488,314 | | | $ | 2,867,492 | | | $ | 202,030 | |
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. |
| ** | The Fund hereby designates as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852 (b)(3), the amount necessary to reduce earnings and profits of the Fund related to net capital gain to zero for the tax year ended October 31, 2012. |
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of RICs. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.
The Act also contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.
Capital losses incurred that will be carried forward under the provisions of the Act are as follows:
| | | | | | | | |
| | | International | | | International
Select | |
Post-enactment losses: | | | | | | | | |
Short-term | | $ | 4,561,218 | | | $ | 11,164,583 | |
Long-term | | | 4,627,227 | | | | 13,554,005 | |
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
| | | | | | | | | | | | | | | | |
| Average Daily Net Assets | | International
Fund-Level
Fee Rate | | | International
Select
Fund-Level
Fee Rate | | | Quantitative
Enhanced
Core Equity
Fund-Level
Fee Rate | | | Tactical
Market
Opportunities
Fund-Level
Fee Rate | |
For the first $125 million | | | .8500 | % | | | .8500 | % | | | .3000 | % | | | .6000 | % |
For the next $125 million | | | .8375 | | | | .8375 | | | | .2875 | | | | .5875 | |
For the next $250 million | | | .8250 | | | | .8250 | | | | .2750 | | | | .5750 | |
For the next $500 million | | | .8125 | | | | .8125 | | | | .2625 | | | | .5625 | |
For the next $1 billion | | | .8000 | | | | .8000 | | | | .2500 | | | | .5500 | |
For net assets over $2 billion | | | .7750 | | | | .7750 | | | | .2250 | | | | .5250 | |
Notes to Financial Statements (continued)
The annual complex-level fee for each Fund, payable monthly, is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets.” The complex-level fee schedule for each Fund is as follows:
| | | | |
| Complex-Level Asset Breakpoint Level* | | Effective Rate at Breakpoint Level | |
$55 billion | | | .2000 | % |
$56 billion | | | .1996 | |
$57 billion | | | .1989 | |
$60 billion | | | .1961 | |
$63 billion | | | .1931 | |
$66 billion | | | .1900 | |
$71 billion | | | .1851 | |
$76 billion | | | .1806 | |
$80 billion | | | .1773 | |
$91 billion | | | .1691 | |
$125 billion | | | .1599 | |
$200 billion | | | .1505 | |
$250 billion | | | .1469 | |
$300 billion | | | .1445 | |
| * | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to 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 the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of October 31, 2012, the complex-level fee rate for each of these Funds was as follows: |
| | | | |
| Fund | | Rate | |
International | | | .1998 | % |
International Select | | | .1998 | |
Quantitative Enhanced Core Equity | | | .1998 | |
Tactical Market Opportunities | | | .1713 | |
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC, a wholly-owned subsidiary of the Adviser, under which the Nuveen Assets Management, LLC manages the investment portfolios of the Funds. In addition to Nuveen Asset Management, LLC, Altrinsic Global Advisors, LLC (“Altrinsic”) and Hansberger Global Investors, Inc. (“HGI”) serve as sub-advisers for International, and Altrinsic, HGI and Lazard Asset Management LLC (“Lazard”) serve as sub-advisers for International Select. Nuveen Asset Management, Altrinsic, HIG and Lazard are collectively the “Sub-Advisers.” The Sub-Advisers will be compensated for their services to the Funds from the management fees paid to the Adviser.
The Adviser has contractually agreed to waive fees and/or reimburse expenses of each Fund so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed the percentage of the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table:
| | | | | | | | | | | | | | | | |
| | | International | | | International
Select | | | Quantitative
Enhanced
Core Equity | | | Tactical
Market
Opportunities | |
Class A Shares | | | 1.49 | % | | | 1.49 | % | | | .70 | % | | | 1.20 | % |
Class C Shares | | | 2.24 | | | | 2.24 | | | | 1.45 | | | | 1.95 | |
Class R3 Shares | | | 1.74 | | | | N/A | | | | N/A | | | | N/A | |
Class I Shares | | | 1.24 | | | | 1.24 | | | | .45 | | | | .95 | |
Expiration Date | | | February 28, 2013 | | | | February 28, 2013 | | | | February 28, 2013 | | | | February 28, 2013 | |
| N/A - | International Select, Quantitative Enhanced Core Equity and Tactical Market Opportunities do not offer Class R3 Shares. |
The Adviser may also voluntarily reimburse expenses from time to time in any of the Funds. Voluntary reimbursements may be terminated at anytime at the Adviser’s discretion.
The Trust pays no compensation directly to those of its directors who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board of Directors has adopted a deferred compensation plan for independent directors that enable directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
During the fiscal year ended October 31, 2012, Nuveen Securities, LLC. (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
| | | | | | | | | | | | | | | | |
| | | International | | | International
Select | | | Quantitative
Enhanced
Core Equity | | | Tactical
Market
Opportunities | |
Sales charges collected (Unaudited) | | $ | 15,113 | | | $ | 4,563 | | | | N/A | | | $ | 232,532 | |
Paid to financial intermediaries (Unaudited) | | $ | 13,208 | | | $ | 3,989 | | | | N/A | | | $ | 204,625 | |
N/A - Class A Shares of Quantitative Enhanced Core Equity are offered at their net asset value per share with no upfront sales charge.
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the fiscal year ended October 31, 2012, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
| | | | | | | | | | | | | | | | |
| | | International | | | International
Select | | | Quantitative
Enhanced
Core Equity | | | Tactical
Market
Opportunities | |
Commission advances (Unaudited) | | $ | 740 | | | $ | 596 | | | $ | — | | | $ | 142,549 | |
All 12b-1 service and distribution fees collected on Class B Shares and C Shares during the first year following a purchase were retained by the Distributor to compensate for commissions advanced to financial intermediaries. During the fiscal year ended October 31, 2012, the Distributor retained such 12b-1 fees as follows:
| | | | | | | | | | | | | | | | |
| | | International | | | International
Select | | | Quantitative
Enhanced
Core Equity | | | Tactical
Market
Opportunities | |
12b-1 fees retained (Unaudited) | | $ | 4,037 | | | $ | 508 | | | $ | 179 | | | $ | 75,122 | |
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the fiscal year ended October 31, 2012, as follows:
| | | | | | | | | | | | | | | | |
| | | International | | | International
Select | | | Quantitative
Enhanced
Core Equity | | | Tactical
Market
Opportunities | |
CDSC retained (Unaudited) | | $ | 677 | | | $ | 163 | | | $ | — | | | $ | 1,781 | |
8. New Accounting Pronouncements
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11 (“ASU No. 2011-11”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statement of Assets and Liabilities. This information will enable users of the entity’s financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.
Trustees and Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is currently set at ten. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
The Funds’ Statement of Additional Information (“SAI”) includes more information about the trustees. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds’ website at www.nuveen.com.
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (1) | | Principal Occupation(s) Including other Directorships During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Trustee |
| | |
| Independent Trustees: | | | | |
Robert P. Bremner 8/22/40 333 W. Wacker Drive Chicago, IL 60606 | | Chairman of the Board and Trustee | | 1996 | | Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute. | | 217 |
Jack B. Evans 10/22/48 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 1999 | | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | | 217 |
William C. Hunter 3/6/48 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2004 | | Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at George Washington University. | | 217 |
David J. Kundert 10/28/42 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2005 | | Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation. | | 217 |
William J. Schneider 9/24/44 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 1996 | | Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council; member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank. | | 217 |
Judith M. Stockdale 12/29/47 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 1997 | | Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | | 217 |
Carole E. Stone 6/28/47 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2007 | | Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007). | | 217 |
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (1) | | Principal Occupation(s) During Past Five Years | | Number of Portfolios in Fund Complex Overseen by Trustee |
Virginia L. Stringer 8/16/44 333 West Wacker Drive Chicago, IL 60606 | | Trustee | | 2011 | | Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010). | | 217 |
Terence J. Toth 9/29/59 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2008 | | Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008); Mather Foundation Board (since 2012) and a member of its investment committee; formerly, member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). | | 217 |
| | |
| Interested Trustee: | | | | |
John P. Amboian (2) 6/14/61 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2008 | | Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc. | | 217 |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
| | |
| Officers of the Funds: | | | | |
Gifford R. Zimmerman 9/9/56 333 W. Wacker Drive Chicago, IL 60606 | | Chief Administrative Officer | | 1988 | | Managing Director (since 2002), Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2006) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst. | | 217 |
Margo L. Cook 4/11/64 333 W. Wacker Drive Chicago, IL 60606 | | Vice President | | 2009 | | Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011) previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst. | | 217 |
Trustees and Officers (Unaudited) (continued)
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
Lorna C. Ferguson 10/24/45 333 W. Wacker Drive Chicago, IL 60606 | | Vice President | | 1998 | | Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004). | | 217 |
Stephen D. Foy 5/31/54 333 W. Wacker Drive Chicago, IL 60606 | | Vice President and Controller | | 1998 | | Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant. | | 217 |
Scott S. Grace 8/20/70 333 W. Wacker Drive Chicago, IL 60606 | | Vice President and Treasurer | | 2009 | | Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation. | | 217 |
Walter M. Kelly 2/24/70 333 W. Wacker Drive Chicago, IL 60606 | | Chief Compliance Officer and Vice President | | 2003 | | Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc; Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC. | | 217 |
Tina M. Lazar 8/27/61 333 W. Wacker Drive Chicago, IL 60606 | | Vice President | | 2002 | | Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc. | | 217 |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) Including other Directorships During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
Kevin J. McCarthy 3/26/66 333 W. Wacker Drive Chicago, IL 60606 | | Vice President and Secretary | | 2007 | | Managing Director and Assistant Secretary (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007). | | 217 |
Kathleen L. Prudhomme 3/30/53 901 Marquette Avenue Minneapolis, MN 55402 | | Vice President and Assistant Secretary | | 2011 | | Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010). | | 217 |
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) Including other Directorships During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
Jeffery M. Wilson 3/13/56 333 West Wacker Drive Chicago, IL 60606 | | Vice President | | 2011 | | Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010). | | 100 |
| (1) | Trustees serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the trustee was first elected or appointed to any fund in the Nuveen Fund Complex. |
| (2) | Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds. |
| (3) | Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen Fund Complex. |
Annual Investment Management Agreement Approval Process
(Unaudited)
The Board of Directors (each, a “Board” and each Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, Inc. (the “Advisor”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between (a) the Advisor and Nuveen Asset Management, LLC (“Nuveen Asset Management”), on behalf of each Fund, (b) the Advisor and Altrinsic Global Advisors, LLC (“Altrinsic”), on behalf of the Nuveen International Fund (the “International Fund”) and Nuveen International Select Fund (the “International Select Fund”), (c) the Advisor and Hansberger Global Investors, Inc. (“HGI”), on behalf of the International Fund and the International Select Fund, and (d) the Advisor and Lazard Asset Management LLC (“Lazard”), on behalf of the International Select Fund, and their periodic continuation. Nuveen Asset Management, Altrinsic, HGI and Lazard are each a “Sub-Advisor” and they are referred to collectively as the “Sub-Advisors.” Each Investment Management Agreement and Sub-Advisory Agreement is an “Advisory Agreement” and they are referred to collectively as the “Advisory Agreements.” Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 21-23, 2012 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.
In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisors (the Advisor and the Sub-Advisors are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 18-19, 2012, to review the Funds’ investment performance and consider an analysis provided by the Advisor of each Sub-Advisor which generally evaluated the respective Sub-Advisor’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund(s), and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.
The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and the Sub-Advisors. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and reports on compliance, regulatory matters and risk management. The Board also meets with key investment personnel managing the Fund portfolios during the year. In October 2011, the Board also created two new standing committees (the Open-end Fund Committee and the Closed-end Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive issues and business practices of open-end and closed-end funds.
In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. Further, an ad hoc committee of the Board visited the then-current transfer agents of the Nuveen funds in 2011 and the audit committee of the Board visited the various pricing agents for the Nuveen funds in January 2012.
The Board considers factors and information that are relevant to its annual consideration of the renewal of the Advisory Agreements at the meetings held throughout the year. Accordingly, the Board considers the information provided and knowledge gained at these meetings when performing its annual review of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.
The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
A. Nature, Extent and Quality of Services
In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Advisor and its affiliates, the commitment of the Advisor to provide high quality service to the applicable Funds, their overall confidence in the Advisor’s integrity and the Advisor’s responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.
In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisors generally provide the portfolio investment management services to the applicable Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, each applicable Sub-Advisor’s investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, each investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor(s) or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Advisor’s execution of its oversight responsibilities over the Sub-Advisors. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures.
In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management. In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the open-end fund product line. These initiatives included efforts to eliminate product overlap through mergers or liquidations; commencement of various new funds; elimination of insurance mandates for various funds; updates in investment policies or guidelines for several funds; and reductions in management fees and expense caps for certain funds.
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
B. The Investment Performance of the Funds and Fund Advisers
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data compiled by Nuveen that was provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks (i.e., benchmarks derived from multiple recognized benchmarks).
The Board reviewed reports, including a comprehensive analysis of the Funds’ performance and the applicable investment team. In this regard, the Board reviewed each Fund’s total return information compared to the returns of its Performance Peer Group and recognized and/or customized benchmarks for the quarter, one-, three- and five-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012 (or for the periods available for the Funds which did not exist for part of the foregoing time frame).
In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period. In addition, although the performance below reflects the performance results for the time periods ending as of the most recent calendar year end (unless otherwise indicated), the Board also recognized that selecting a different ending time period may derive different results. Furthermore, while the Board is cognizant of the relevant performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and recognized that the objectives, investment parameters and guidelines of peers and/or benchmarks may differ to some extent, thereby resulting in differences in performance results. Nevertheless, with respect to any Nuveen funds that the Board considers to have underperformed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.
Annual Investment Management Agreement Approval Process
(Unaudited) (continued)
In considering the results of the comparisons for the Funds, the Independent Board Members observed, among other things, that the Nuveen Quantitative Enhanced Core Equity Fund (the “Quantitative Enhanced Core Equity Fund”) and the International Select Fund had satisfactory performance compared to their respective peers, performing in the second or third quartile over various periods. They observed that the International Fund also had satisfactory performance, noting that although such Fund was in the fourth quartile for the three-year period, it was in the third quartile for the five-year period and the second quartile for the more recent one-year period. Finally, the Independent Board Members observed that the Nuveen Tactical Market Opportunities Fund (the “Tactical Market Opportunities Fund”) was relatively new with a shorter performance history available, thereby limiting the ability to make a meaningful assessment of performance.
Based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.
C. Fees, Expenses and Profitability
1. Fees and Expenses
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; and the timing of information used may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.
In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the overwhelming majority of the Nuveen funds were at, close to or below their Peer Group or Peer Universe (if no separate Peer Group) average based on the net total expense ratio.
The Independent Board Members observed that the International Fund and the International Select Fund had higher net management fees than their respective peer average and a slightly higher net expense ratio compared to their respective peer average, although the Board recognized the extension of the expense caps on these two Funds. In addition, they observed that the Quantitative Enhanced Core Equity Fund and the Tactical Market Opportunities Fund had net management fees and net expense ratios (including fee waivers and expense reimbursements, if any) below their respective peer averages.
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
The Independent Board Members further reviewed information regarding the nature of services and range of fees offered by the Advisor to other clients, including separately managed accounts (both retail and institutional accounts), collective trusts, foreign investment funds offered by Nuveen and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
In considering the fees of the Sub-Advisors, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisors charge for similar investment management services for other Nuveen funds (if any), funds of other sponsors (if any), and other clients (such as retail and/or institutional managed accounts), as applicable. The Independent Board Members noted that with respect to Altrinsic, HGI and Lazard (the Sub-Advisors that are unaffiliated with Nuveen), the respective sub-advisory fees were the result of arm’s-length negotiations.
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2011. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).
In reviewing profitability, the Independent Board Members recognized the Advisor’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel in compliance, risk management, and product development as well as its ability to allocate resources to various areas of the Advisor as the need arises. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided.
With respect to sub-advisers affiliated with Nuveen, including Nuveen Asset Management, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Similarly, with respect to Altrinsic, HGI and Lazard (the Sub-Advisors that are unaffiliated with Nuveen), the Independent Board Members also considered the Sub-Advisor’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities with the applicable Fund(s). Based on their review, the Independent Board Members were satisfied that each Sub-Advisor’s level of profitability was reasonable in light of the services provided.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase.
In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc., the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.
Annual Investment Management Agreement Approval Process
(Unaudited) (continued)
E. Indirect Benefits
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered, among other things, any sales charges, distribution fees and shareholder services fees received and retained by the Funds’ principal underwriter, an affiliate of the Advisor, which includes fees received pursuant to any 12b-1 plan. The Independent Board Members, therefore, considered the 12b-1 fees retained by Nuveen during the last calendar year.
In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that the Advisor and Nuveen Asset Management have the authority to pay a higher commission in return for brokerage and research services if they determine in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and may benefit from such soft dollar arrangements. In addition, the Independent Board Members considered that Altrinsic, HGI and Lazard may benefit from their soft dollar arrangements pursuant to which they receive research from brokers that execute the applicable Funds’ portfolio transactions. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by a Fund Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Fund Adviser to manage the Fund. The Independent Board Members noted that the Fund Advisers’ profitability may be somewhat lower if they did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
Notes
Notes
Notes
Glossary of Terms Used in this Report
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested distributions and capital gains, if any) over the time period being considered.
Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index: The Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged index that is comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Beta: A measure of the variability of the change in the share price for a fund in relation to a change in the value of the fund’s market benchmark. Securities with betas higher than 1.0 have been, and are expected to be, more volatile than the benchmark; securities with betas lower than 1.0 have been, and are expected to be, less volatile than the benchmark.
Futures Contracts: Exchange-traded, standardized agreements to buy or sell specific amounts of financial instruments or physical commodities at a specified time in the future.
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
Lipper International Large-Cap Growth Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper International Large-Cap Growth Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
Lipper International Multi-Cap Growth Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper International Multi-Cap Growth Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Large-Cap Core Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Large-Cap Core Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
Lipper Flexible Portfolio Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Flexible Portfolio Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
MSCI EAFE Index: The MSCI (Morgan Stanley Capital International) EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization weighted index designed to measure developed market equity performance, excluding the U.S. and Canada. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
MSCI All Country World Investable Market Index (ex U.S.): The MSCI (Morgan Stanley Capital International) All Country World Investable Market Index (ex U.S.) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The index consists of 45 country indexes comprising 24 developed and 21 emerging market countries. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
S&P 500® Index: An unmanaged index generally considered representative of the U.S. stock market. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the Fund’s dividends paid deduction.
Additional Fund Information
Fund Manager
Nuveen Fund Advisors, Inc.
333 West Wacker Drive
Chicago, IL 60606
Sub-Advisers
Nuveen Asset Management, LLC
333 West Wacker Drive
Chicago, IL 60606
Altrinsic Global Advisors, LLC
8 Sound Shore Drive
Greenwich, CT 06830
Hansberger Global Investors, Inc.
401 East Lasolas Blvd.
Suite 1700
Fort Lauderdale, FL 33301
Lazard Asset Management
30 Rockefeller Plaza
57th Floor
New York, NY 10112-6300
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Chicago, IL
Custodians
U.S. Bank National Association
St. Paul, MN
State Street Bank & Trust Company
Boston, MA
Transfer Agent and Shareholder Services
Boston Financial
Data Services, Inc.
Nuveen Investor Services
P.O. Box 8530
Boston, MA 02266-8530
(800) 257-8787
Distribution Information: The Funds hereby designate their percentages of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction (“DRD”) for corporation and their percentages as qualified dividend income (“QDI”) for individuals under Section 1 (h)(11) of the Internal Revenue Code as shown in the accompanying table. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.
| | | | | | | | |
| Fund | | % of DRD | | | % of QDI | |
Nuveen International Fund | | | 8.11% | | | | 100% | |
Nuveen International Select Fund | | | 5.98% | | | | 100% | |
Nuveen Quantitative Enhanced Core Equity Fund | | | 86.95% | | | | 88.38% | |
Nuveen Tactical Market Opportunities Fund | | | 0.00% | | | | 0.83% | |
Foreign Taxes: Nuveen International Fund and Nuveen International Select Fund paid qualifying foreign taxes of $222,135 and $1,131,492, respectively, and earned $1,951,987 and $10,525,578 of foreign source income, respectively, during the fiscal year ended October 31, 2012. Pursuant to Section 853 of the Internal Revenue Code, Nuveen International Fund and Nuveen International Select Fund hereby designate $0.02 and $0.02 per share as foreign taxes paid, respectively, and $0.19 and $0.22 per share as income earned from foreign sources, respectively, for the fiscal year ended October 31, 2012. The actual foreign tax credit distribution will be reported to shareholders on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.
Quarterly Portfolio of Investments and Proxy Voting information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how each Fund 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 each Fund 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:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $220 billion as of September 30, 2012.
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 | | |
MAN-FQTII-1012D
Mutual Funds
Nuveen Equity Funds
For investors seeking the potential for long-term capital appreciation.
Annual Report
October 31, 2012
| | | | | | | | | | |
| | | Share Class / Ticker Symbol |
| | | | | |
| Fund Name | | Class A | | Class B | | Class C | | Class R3 | | Class I |
Nuveen Large Cap Growth Opportunities Fund | | FRGWX | | FETBX | | FAWCX | | FLCYX | | FIGWX |
Nuveen Mid Cap Growth Opportunities Fund | | FRSLX | | FMQBX | | FMECX | | FMEYX | | FISGX |
Nuveen Small Cap Growth Opportunities Fund | | FRMPX | | FROBX | | FMPCX | | FMPYX | | FIMPX |
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Table of Contents
Chairman’s
Letter to Shareholders
Dear Shareholders,
Investors have many reasons to remain cautious. The challenges in the Euro area continue to cast a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. Despite strong action by the European Central Bank, member nations appear unwilling to surrender sufficient sovereignty to unify the Euro area financial system or strengthen its banks. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time is running out.
In the U.S., the extended period of increasing corporate earnings that enabled the equity markets to withstand the downward pressures coming from weakening job creation and slower economic growth appears to be coming to an end. The Fed remains committed to low interest rates and announced a third phase of quantitative easing (QE3) scheduled to continue until mid-2015. The recent election results have removed a major element of uncertainty in the U.S. political picture, but it remains to be seen whether the outcome will reduce the highly partisan atmosphere in Congress and enable progress on the many pressing fiscal and budgetary issues that must be resolved in the coming months.
During the last twelve months, U.S. investors have experienced a solid recovery in the domestic equity markets with increasing volatility as the “fiscal cliff” approaches. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen Fund on your behalf.
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
December 20, 2012
Portfolio Managers’ Comments
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments.
Harold (Hal) Goldstein, Scott Mullinix, CFA, and James (Jim) Diedrich, CFA, are the portfolio managers for the Nuveen Large Cap Growth Opportunities Fund. Hal, who has 30 years of investment experience, assumed portfolio management responsibilities in 2002. Scott and Jim, who have 23 and 28 years of experience, respectively, have been on the management team for the Fund since 2006.
Jim, Hal and Scott are also the portfolio managers for the Nuveen Mid Cap Growth Opportunities Fund. Jim and Scott assumed portfolio management responsibilities in 2006. Hal has been on the management team of the Fund since 2005.
Rob McDougall, CFA, and Jon Loth, CFA, are the portfolio managers for the Nuveen Small Cap Growth Opportunities Fund. Rob, who has 24 years of investment experience, assumed portfolio management responsibilities in 2004. Jon, with 18 years of investment experience, has been on the management team for the Fund since 2007.
On the following pages, the portfolio management teams for the Funds examine economic and equity market conditions, key investment strategies and the Funds’ performance for the twelve-month period ended October 31, 2012.
What factors affected the U.S. economy and the equity market environments during the twelve-month reporting period ended October 31, 2012?
During this period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. In the third quarter 2012, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.7%, up from 1.3% in the second quarter, marking 13 consecutive quarters of positive growth. The Consumer Price Index (CPI) rose 2.2% year-over-year as of October 2012, while the core CPI (which excludes food and energy) increased 2.0% during the period, staying just within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. As of November 2012 (subsequent to this reporting period), the national unemployment rate was 7.7%, the lowest unemployment rate since December 2008 and below the 8.7% level recorded in November 2011. The slight decrease in unemployment rate from 7.9% in October 2012 was primarily due to workers who are no longer counted as part of the workforce. The housing market, long a major weak spot in the economic recovery, showed signs of a turnaround as existing home sales and residential construction indicators improved and home prices rose modestly. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, the average home price rose 3.0% for the twelve months ended September 2012 (the most recent data available at the time this report was
prepared). This marked the largest annual percentage gain for the index since July 2010, although housing prices continued to be off approximately 30% from their mid-2006 peak.
The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by continuing to hold the benchmark fed funds rate at the record low level of zero to 0.25% set in December 2008. Subsequent to the reporting period, the central bank decided during its December 2012 meeting to keep the fed funds rate at “exceptionally low levels” until either the unemployment rate reaches 6.5% or expected inflation goes above 2.5%. The Fed also affirmed its decision, announced in September 2012, to purchase $40 billion of mortgage-backed securities each month in an effort to stimulate the housing market. In addition to this new, open-ended stimulus program, the Fed plans to continue its program to extend the average maturity of its holdings of U.S. Treasury securities through the end of December 2012. The goals of these actions, which together will increase the Fed’s holdings of longer term securities by approximately $85 billion a month through the end of the year, are to put downward pressure on longer term interest rates, make broader financial conditions more accommodative and support a stronger economic recovery as well as continued progress toward the Fed’s mandates of maximum employment and price stability. However, the outlook for the U.S. economy remained clouded by uncertainty regarding the impending “fiscal cliff”, the combination of tax increases and spending cuts scheduled to take effect beginning in January 2013, and the potential impact on the economy.
Domestic and international equity markets were buffeted by concerns about the tepid U.S. economic recovery, the seemingly unending European debt crisis and a broader slowdown in global growth, particularly in China. In addition to the bold monetary policy moves made by the Fed, the European Central Bank (ECB) pledged to do “whatever it takes” to preserve the euro. The ECB unveiled the Outright Monetary Transactions plan, a conditional yet unlimited bond purchase program designed to ensure that financing is available to European governments who are willing to agree to certain fiscal and structural measures.
As these combined actions helped reduce fears, U.S. and overseas equity markets surprised many investors by rallying steadily later in the period. Broad U.S. stock market indexes approached their all-time highs, posting strong double-digit returns for the period as a whole. Large-cap U.S. stocks led the market with a 15.21% one-year return as measured by the S&P 500® Index, reaching a level not seen since May of 2008. Domestic small- and mid-cap stocks also produced strong returns of 12.08% and 12.15% during the fiscal year period, as measured by the Russell 2000® and the Russell MidCap® Indexes, respectively. Across all market cap segments, the best-performing areas of the U.S. equity market during the year included the health care, financial and consumer discretionary sectors. Energy was the biggest laggard across the board, while technology stocks also underperformed, particularly in the smaller capitalization ranges. Meanwhile, the steps taken in Europe to reduce financial risk helped overseas markets recover some of their losses from the summer months. Developed markets fared better than emerging markets, posting a 12-month return of 5.15% according to the MSCI EAFE Index, which tracks the performance of stocks from markets in Europe, Australasia and the Far East. Emerging
markets never fully recovered after their dramatic sell-off in 2011, ending the fiscal year period with a 2.63% return, as measured by the MSCI Emerging Markets Index.
Nuveen Large Cap Growth Opportunities Fund
How did the Fund perform during the twelve-month period ended October 31, 2012?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed both the Russell 1000® Growth Index and the Lipper classification average during the twelve-month period.
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 that have market capitalizations of $3 billion or greater at the time of purchase. We start by identifying what we believe are exceptional growth companies with open-ended growth prospects, outstanding financial characteristics and solid management teams. From that highly selective group, we invest in companies where our expectations for earnings growth exceed consensus expectations. For each Fund holding, we develop a proprietary growth thesis. When the growth thesis is validated, we hold or buy more; however, when our growth thesis is not validated, we sell the holding. Although we made individual position changes during the reporting period, our underlying investment strategy remained consistent.
During the reporting period, the Fund’s performance benefited from strong stock selection in the technology, consumer staples, health care and financial sectors. Technology was the top-performing area in the Fund, led by the outstanding return of Apple, Inc., our largest holding. Apple’s product and geographic expansion allowed the company to gain meaningful and profitable market share in the computing devices market. Also, Visa Inc. and MasterCard Inc. rebounded from regulatory and cyclical issues. As these concerns subsided, investors refocused on favorable trends as global demand for paperless transactions continued to grow. With the majority of global transactions still being conducted with cash, we expect this secular growth driver to continue. The Fund was also rewarded for its ownership in two smaller, cloud computing-related companies: Rackspace Hosting Inc. and NetSuite Inc. Both firms produced strong revenue and earnings growth this year as companies shifted from on-premise hardware and software to the more economic, off-premise “cloud” technology. Rackspace is a market leader in hosting cloud-based technology services for small- and mid-sized business, while NetSuite sells application software to help companies run their business on the cloud. In consumer staples, the Fund was aided by several holdings that were well positioned from a secular standpoint and effectively executing on their opportunities. For example, Whole Foods Market, Inc., the leading retailer of natural and organic foods, continued to gain market share in the organic food retailing industry with plenty of growth potential going forward. We also saw strong results from TJX Companies, Inc., a leading retailer of
discount apparel and home fashions through stores such as T.J. Maxx and Marshalls. The company benefited from improving merchandising initiatives, more value-seeking consumers and some missteps by a large, traditional retail competitor. Restaurant company YUM! Brands, Inc., owner of Pizza Hut, KFC and Taco Bell, gained as its U.S. business remained stable and it effectively managed a softer economy in China. PetSmart Inc., the largest specialty retailer of pet products and services, reported strong earnings as it continued to enhance its merchandising initiatives and it bought back stock from shareholders. In health care, performance was enhanced by two fast-growing biotechnology and pharmaceutical holdings: Alexion Pharmaceuticals Inc. and Gilead Sciences, Inc. Alexion, which focuses on the discovery and development of biologics that target rare diseases, benefited as its leading product showed efficacy in treating a broader array of rare conditions. Gilead Sciences outperformed based on favorable data from its Hepatitis C clinical trials, along with its strong core HIV franchise. Finally, performance benefited from American Tower REIT Inc., a real estate investment trust (REIT) in the financial sector. This leading owner and operator of towers for the wireless and broadcast industries continued to benefit from the proliferation of smart phones and tablets and the resulting demand for mobile internet access.
The Fund’s stock picks in the industrials and consumer discretionary sectors were the greatest contributors to its shortfall versus the Russell benchmark and peers. Industrials company Joy Global, a manufacturer of equipment and aftermarket parts used in mining, underperformed due to its significant exposure to emerging market GDP growth and commodity prices. We sold Joy Global due to our negative outlook for these trends. Also Cummins Inc., a worldwide leader in high performance, environmentally friendly engines, was hurt by the same dynamics. We continued to hold Cummins as the company is gaining market share in the high horsepower engine market, which we believe will help it rebound when cyclical pressures subside. Two other aerospace-related names, Boeing Company and Precision Castparts Corporation, also hindered results as the most economically sensitive areas of the market fell short. Underperformance in consumer discretionary was relatively widespread, as investors moved away from more internationally-exposed companies and toward domestic-oriented names, particularly in the media and housing-related industries. Our consumer discretionary holdings, while not making any major missteps, were tilted toward better growth in international markets, including: high-end resort developer and operator Wynn Resorts; automotive industry parts supplier BorgWarner; premier jeweler Tiffany & Company; and luxury clothing and accessories companies Ralph Lauren and Coach, Inc. We sold Wynn Resorts because of market share losses in Macau and BorgWarner due to its exposure to European auto production and sales. We also sold Tiffany & Company and Coach due to slowdowns in their businesses. However, we reduced our Ralph Lauren position because we wanted to retain some exposure to long-term winners in retail. The Fund also suffered in the consumer discretionary sector from a lack of exposure to several stellar performers in the index, most notably Home Depot Inc. and media companies Comcast Corporation and Time Warner Inc. During the period, we made purchases to increase the Fund’s domestic exposure. Within media, we repurchased Discovery Communications Inc. and bought Walt Disney Company and DIRECTV in response to better advertising trends. We also added AutoZone Inc., a dominant player in the U.S. automotive parts business. We
believe its outlook is favorable based on three factors: the average age of cars in North America is at an all-time high; its commercial business selling parts to small repair shops is growing; and the company is redeploying capital to significant share buybacks. We also purchased eBay Inc., which is once again gaining share in the e-commerce world after making significant investments to improve the user experience for sellers and buyers. Its PayPal business also continues to grow rapidly as it benefits from the secular trend away from cash as a payment vehicle. Within industrials, we added transportation companies J.B. Hunt Transport Services Inc. and Kansas City Southern Industries, which we believe will benefit from an increase in intermodal shipping. We also made several additional sales based on the deterioration of our growth thesis or fundamental trends. We sold Dollar Tree Stores Inc. as its comparable-store sales decelerated below what we believe to be a healthy pace and Monster Beverage Corporation as the energy drink category began to be scrutinized for product safety. We also sold Mead Johnson Nutrition Company after increased competition led to a loss of market share in China’s baby formula market.
Nuveen Mid Cap Growth Opportunities Fund
How did the Fund perform during the twelve-month period ended October 31, 2012?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper classification average and underperformed the Russell Midcap® Growth Index during the twelve-month period.
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 between approximately $350 million and $14 billion at the time of purchase. We start by identifying what we believe are exceptional growth companies with open-ended growth prospects, outstanding financial characteristics and solid management teams. From that highly selective group, we invest in companies where our expectations for earnings growth exceed consensus expectations. For each Fund holding, we develop a proprietary growth thesis. When the growth thesis is validated, we hold or buy more; however, when our growth thesis is not validated, we sell the holding. Although we made individual position changes during the reporting period, our underlying investment strategy remained consistent.
The Fund’s performance benefited from strong stock selection in the technology, consumer staples and telecommunications services sectors. Although the technology sector was an underperformer in the index, the Fund experienced widespread success with our stock picks in the segment. Most of the Fund’s top tech winners were cloud computing-related, which proved beneficial as companies continued to shift from on-premise hardware and software to the more economic, off-premise cloud technology.
For example, the Fund owned Success Factors, a cloud-based human resources software company, which was bought out by SAP for a significant premium during in the period. We also briefly held a similar company, Taleo Corporation, which was bought out by Oracle Corporation. The Fund still owns another human resources software company, Cornerstone OnDemand Inc., which performed well during the period. Cornerstone experienced strong bookings growth as consolidation in the talent management industry improved the company’s competitive positioning. The Fund was also rewarded for its ownership in two smaller cloud computing-related companies, Rackspace Hosting Inc. and NetSuite Inc. Both companies produced strong revenue and earnings growth during the period. Rackspace is a market leader in hosting cloud-based technology services for small- and mid-sized business, while NetSuite sells application software to help companies run their business on the cloud. In addition, the Fund benefited from ownership in Equinix Inc., which manages the data centers where cloud companies operate. After Equinix outlined plans to become a REIT (Real Estate Investment Trust), we sold this stock as we believed its valuation was not likely to move higher. Finally, FleetCor Technologies Inc., a provider of customized payment solutions for small fleet operators in the U.S. and overseas, benefited from international expansion which helped it gain profitable market share. While these holdings benefited relative performance, the Fund was hurt by our increasingly overweight position in technology during the period, as this sector was the second worst performer in the index. In the consumer staples area, the Fund was aided by several holdings that were well positioned from a secular standpoint and effectively executed based on their opportunities. For example, Whole Foods Market, Inc., the leading retailer of natural and organic foods, continued to gain market share in the organic food retailing industry with plenty of growth potential going forward. Also, Estee Lauder Companies Inc., the global manufacturer of high end cosmetics, continued to gain from improved margins through operational cost savings. The company has reported earnings above consensus expectations over the past few years. We sold the Fund’s Estee Lauder position because its market capitalization of approximately $20 billion became too large for our mid-cap parameters. The most significant contributor to the Fund’s relative performance versus the index was a staples sector company we no longer hold, Green Mountain Coffee Roasters Inc., which fell dramatically during the fiscal year. In addition, the telecommunications services sector position in SBA Communications Corporation outperformed for the Fund. The company, which owns and operates wireless communication towers, showed consistent volume and made a favorable acquisition that added to earnings. SBA Communications continued to benefit from the proliferation of smart phones and tablets and the resulting demand for mobile internet access.
The Fund’s stock selection in the consumer discretionary and energy sectors were the greatest contributors to its shortfall versus the Russell benchmark. In consumer discretionary, underperformance was led by Deckers Outdoor, the maker of the popular Ugg sheepskin boots and Teva sandals. Our growth thesis was that Deckers would broaden its product line and expand internationally with more direct consumer stores. However, the company’s expansion plans were thwarted by a significant increase in sheepskin prices combined with lower sales due to last winter’s warm weather. Also, premier jeweler Tiffany & Company underperformed as its business fluctuated from strong sales to a broad-based slowdown across the U.S., Europe and China. Likewise, we
believed that watch, purse and accessory company Fossil Inc. was well positioned to grow sales and earnings globally through multi-channel distribution. However, the company reported revenue earlier in the year that was lower than management had guided, driven by a dramatic slowdown in Europe and South Korea. We sold Deckers, Tiffany and Fossil as all three of these holdings did not validate our growth theses. As a result, the Fund’s weighting in the consumer discretionary sector declined. In the energy sector, the worst-performing area of the index, the Fund’s main detractor was CARBO Ceramics. The company makes the ceramic proppant used in oil and gas drilling to enhance the recoverability of shale wells. As natural gas prices fell dramatically, natural gas drilling also declined and most of CARBO’s customers shifted to crude oil drilling. Not only was the company forced to move equipment, but also less of its product is used in crude drilling. We sold CARBO Ceramics since it was not consistent with our growth thesis surrounding increased shale drilling.
During the period, we shifted some of the Fund’s sector weights through the sales and purchases of several stocks. For example, we decreased the Fund’s energy weighting through the sale of the above-mentioned CARBO Ceramics along with FMC Technologies. FMC Technologies, which sells oil services products for deep sea drilling, had been a strong performer for the Fund. After we noticed many of its competitors were falling short of earnings expectations at mid-year, we anticipated FMC would as well. We sold FMC before its earnings were released and the stock did drop after the company’s earnings disappointed. Meanwhile, the Fund’s technology weight increased as we continued to favor new technology themes with our recent purchases. In addition to cloud computing, we also continued to emphasize the theme of internet security in our portfolio. For example, we purchased Palo Alto Networks Inc., a pioneer in next generation firewall protection. Health care-related technology and biotechnology also became larger parts of the Fund’s portfolio during the period. These segments continued to benefit from high growth rates, stimulative spending by the U.S. government and the fact that they are not macroeconomic driven. For example, we added AthenaHealth Inc., a cloud-based health care technology company, which focuses on helping physicians with electronic medical records, practice management and patient communication.
Nuveen Small Cap Growth Opportunities Fund
How did the Fund perform during the twelve-month period ended October 31, 2012?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed both the Russell 2000® Growth Index and the Lipper classification average during the twelve-month period.
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 companies with market capitalizations in the range of the benchmark Russell 2000® Growth Index. The investment process we employ seeks to exploit secular trends
that we believe will provide an investment tailwind to above-average growth, which should mute the effects of the business cycle over the longer term. Importantly, our process also emphasizes a valuation discipline aimed at finding attractive investment opportunities that should benefit from multiple expansion when particular investment catalysts become evident in the marketplace. The Fund’s portfolio typically features investments in high-quality companies with attractive or improving margin profiles, generally healthy balance sheets and prospects for above-average revenue and earnings growth.
The longer term track record of the Fund remains attractive even though the results for fiscal year 2012 trailed those of the benchmarks. As the world’s developed economies continued to have debt-related issues, European growth moderated considerably and growth in the Asian nations, most notably China, decelerated as well. Toward the end of the reporting period, U.S. markets remained squarely focused on Congress’ attempt to navigate the “fiscal cliff” of expiring tax cuts and scheduled fiscal spending reductions slated for January 2013. Given the uncertainties related to consumer spending and corporate expenditures on capital equipment, the Fund’s relative underperformance during the fiscal year was most notable among the information technology and consumer discretionary sectors.
Stock selection in the industrials sector was the most positive contributor to the Fund’s relative performance during the fiscal year. Results in this area were led by the portfolio’s position in United Rentals Inc., a major U.S. construction rental firm that benefited from a secular change in the industry in favor of increased rentals as a means of structural cost reduction. In addition to posting earnings results above investors’ expectations, the company also announced that it would acquire its biggest competitor to form the largest equipment rental organization in the U.S., which spurred a positive reaction in its stock price. Performance was also driven by a pair of companies with exposure to efficiency-driven capital expenditures by domestic utilities. ESCO Technologies Inc., an established smart grid leader with more than 15 million advanced metering infrastructure units placed among 400 utilities, was selected by SoCalGas to deploy its advanced metering infrastructure (AMI) solution to more than six million customers, which sent share prices higher. Additionally, the Fund held shares of MYR Group Inc., an electrical contractor specializing in transmission and distribution lines, which is a beneficiary of the secular trend in favor of improving the efficiency of the electrical grid as outlined in the Energy Policy Act of 2005. The Fund’s health care holdings also contributed positively to relative performance during the reporting period. Shares of AthenaHealth Inc., an internet-based health care information technology company focused on revenue cycle management and electronic medical records, rallied strongly on news that it had secured a major competitive win with a large publically-traded hospital company. Separately, shares of Salix Pharmaceuticals Limited, a specialty pharmaceutical firm focused on gastrointestinal disorders, reacted positively due to drug development for irritable bowel syndrome and another intestinal condition common with opiate use.
The largest detractor to the Fund’s relative performance during the reporting period was stock selection in the information technology sector, most notably in the telecommunications equipment area. In late 2011 and through most of 2012, Tier-1 U.S.
service providers reduced capital expenditures, significantly impacting share prices of three of the Fund’s equipment holdings: Acme Packet, the leading provider of session border controllers that enable equipment for voice-over-internet protocol; ADTRAN, Inc., a telecommunications equipment manufacturer with a concentration in network access equipment; and Fabrinet, an outsourced manufacturer of optical components. While we sold shares of Acme Packet on the basis of increasing pressure from larger competitors, the Fund continued to hold positions in the latter two names based on prospects for improved spending in 2013 among large carriers for their equipment categories. Selected consumer discretionary names also weighed on the Fund’s relative performance during the reporting period. Share prices of Hhgregg Inc., a fast-growing retailer of appliances and electronics, fell significantly in July 2012 as the company reduced its earnings guidance due to disappointing sales of larger-sized, high-definition TV offerings to online alternatives. This compromised our investment thesis, resulting in the sale of the position. Portfolio returns were also negatively impacted by our position in Crocs, Inc., the wholesaler and retailer of casual footwear. The company’s growth slowed in 2012 due to its European exposure and disappointing sell-through of recently introduced cold weather footwear. However, given the attractive valuation of the stock and the company’s growth profile, we continued to maintain the Fund’s position in Crocs.
While overall U.S. economic data has been mixed, we believe recent upticks in consumer spending, rising home prices and improved vehicle sales suggest reasons for optimism, particularly relative to international markets where economic deceleration is clearly evident. We are maintaining a balanced cyclical posture in the Fund’s portfolio, but believe that there could be opportunities among consumer discretionary groups such as specialty retail and restaurants that are unit growth stories and well positioned to deal with rising input costs. We are mindful that factors such as gas prices, food inflation and the government’s efforts to grapple with the fiscal cliff will be instrumental to improving consumer sentiment. The Federal Reserve’s announcement of a third round of monetary stimulus could provide support for the energy and information technology groups, two sectors that have outperformed following the prior two rounds of quantitative easing.
In the technology sector, the duration of the current contractionary cycle for manufacturers of semiconductors and semi-related equipment has lasted longer than historical norms and inventories appear lean. Accordingly, we are increasingly seeking out opportunities to invest in companies with strong fundamentals and attractive valuations in areas away from personal computer-related markets such as tablets, notebooks and wireless devices. Despite the poor stock price performance among many telecommunication equipment manufacturers over the past year, we are becoming more constructive on the group’s prospects given AT&T’s recently announced spending plans.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible.
Nuveen Large Cap Growth Opportunities Fund
Equity investments, such as those held by the Fund, are subject to market risk, active management risk, and growth stock risk. Foreign investments involve additional risks,
including currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. Diversification does not assure a profit or protect against a loss in a declining market. The use of derivatives involves additional risk and transaction costs.
Nuveen Mid Cap Growth Opportunities Fund
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. Investments in small- and mid-cap companies are subject to greater volatility. The use of derivatives involves additional risk and transaction costs. The Fund’s ability to invest in initial public offerings (IPOs) involves a higher degree of risk than more seasoned companies.
Nuveen Small Cap Growth Opportunities Fund
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. Investments in small- and mid-cap companies are subject to greater volatility. The use of derivatives involves additional risks and transactions costs. The Fund’s ability to invest in initial public offerings (IPOs) involves a higher degree of risk than more seasoned companies. Small cap stocks involve substantial risk.
Fund Performance and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown on the following six pages.
Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Returns may reflect a contractual agreement between certain Funds and the investment adviser to waive certain fees and expenses; see Notes to Financial Statements, Footnote 7 — Management Fees and Other Transactions with Affiliates for more information. In addition, returns may reflect a voluntary expense limitation by the Funds’ investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.
The expense ratios shown reflect the Funds’ total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the Funds’ most recent prospectus. The expense ratios include management fees and other fees and expenses.
Fund Performance and Expense Ratios (continued)
Nuveen Large Cap Growth Opportunities Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of October 31, 2012
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 7.66% | | | | 1.49% | | | | 6.68% | |
Class A Shares at maximum Offering Price | | | 1.46% | | | | 0.30% | | | | 6.05% | |
Russell 1000® Growth Index* | | | 13.02% | | | | 1.95% | | | | 7.15% | |
Lipper Multi-Cap Growth Funds Classification Average* | | | 9.36% | | | | -0.58% | | | | 7.54% | |
| | | |
Class B Shares w/o CDSC | | | 7.00% | | | | 0.75% | | | | 5.90% | |
Class B Shares w/CDSC | | | 2.00% | | | | 0.58% | | | | 5.90% | |
Class C Shares | | | 6.88% | | | | 0.73% | | | | 5.88% | |
Class R3 Shares | | | 7.40% | | | | 1.24% | | | | 6.46% | |
Class I Shares | | | 7.94% | | | | 1.75% | | | | 6.95% | |
Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 22.32% | | | | 2.89% | | | | 7.99% | |
Class A Shares at maximum Offering Price | | | 15.29% | | | | 1.68% | | | | 7.36% | |
Class B Shares w/o CDSC | | | 21.54% | | | | 2.14% | | | | 7.20% | |
Class B Shares w/CDSC | | | 16.54% | | | | 1.97% | | | | 7.20% | |
Class C Shares | | | 21.41% | | | | 2.13% | | | | 7.19% | |
Class R3 Shares | | | 22.03% | | | | 2.64% | | | | 7.77% | |
Class I Shares | | | 22.65% | | | | 3.15% | | | | 8.27% | |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plan clients of financial intermediaries. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | |
| | |
| |
| | | Expense
Ratios | |
Class A Shares | | | 1.21% | |
Class B Shares | | | 1.96% | |
Class C Shares | | | 1.96% | |
Class R3 Shares | | | 1.46% | |
Class I Shares | | | 0.96% | |
| * | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Fund Performance and Expense Ratios (continued)
Nuveen Mid Cap Growth Opportunities Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of October 31, 2012
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 6.88% | | | | 1.17% | | | | 9.90% | |
Class A Shares at maximum Offering Price | | | 0.74% | | | | -0.02% | | | | 9.25% | |
Russell Midcap® Growth Index* | | | 9.09% | | | | 1.55% | | | | 10.03% | |
Lipper Mid-Cap Growth Funds Classification Average* | | | 6.78% | | | | 0.00% | | | | 8.41% | |
| | | |
Class B Shares w/o CDSC | | | 6.08% | | | | 0.41% | | | | 9.08% | |
Class B Shares w/CDSC | | | 1.08% | | | | 0.24% | | | | 9.08% | |
Class C Shares | | | 6.06% | | | | 0.41% | | | | 9.08% | |
Class R3 Shares | | | 6.59% | | | | 0.92% | | | | 9.67% | |
Class I Shares | | | 7.13% | | | | 1.42% | | | | 10.18% | |
Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 25.22% | | | | 2.17% | | | | 10.98% | |
Class A Shares at maximum Offering Price | | | 18.02% | | | | 0.96% | | | | 10.33% | |
Class B Shares w/o CDSC | | | 24.26% | | | | 1.40% | | | | 10.16% | |
Class B Shares w/CDSC | | | 19.26% | | | | 1.23% | | | | 10.16% | |
Class C Shares | | | 24.26% | | | | 1.40% | | | | 10.16% | |
Class R3 Shares | | | 24.88% | | | | 1.91% | | | | 10.76% | |
Class I Shares | | | 25.51% | | | | 2.41% | | | | 11.27% | |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plan clients of financial intermediaries. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | |
| |
| | | Expense
Ratios | |
Class A Shares | | | 1.28% | |
Class B Shares | | | 2.03% | |
Class C Shares | | | 2.03% | |
Class R3 Shares | | | 1.53% | |
Class I Shares | | | 1.03% | |
| * | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Fund Performance and Expense Ratios (continued)
Nuveen Small Cap Growth Opportunities Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of October 31, 2012
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 5.73% | | | | 1.57% | | | | 8.95% | |
Class A Shares at maximum Offering Price | | | -0.37% | | | | 0.38% | | | | 8.31% | |
Russell 2000® Growth Index* | | | 9.70% | | | | 1.41% | | | | 9.66% | |
Lipper Small-Cap Growth Funds Classification Average* | | | 9.08% | | | | 0.48% | | | | 8.76% | |
| | | |
Class B Shares w/o CDSC | | | 4.95% | | | | 0.81% | | | | 8.14% | |
Class B Shares w/CDSC | | | -0.05% | | | | 0.63% | | | | 8.14% | |
Class C Shares | | | 4.93% | | | | 0.82% | | | | 8.15% | |
Class R3 Shares | | | 5.48% | | | | 1.32% | | | | 8.75% | |
Class I Shares | | | 5.99% | | | | 1.83% | | | | 9.22% | |
Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 30.22% | | | | 3.70% | | | | 10.42% | |
Class A Shares at maximum Offering Price | | | 22.73% | | | | 2.48% | | | | 9.76% | |
Class B Shares w/o CDSC | | | 29.24% | | | | 2.92% | | | | 9.59% | |
Class B Shares w/CDSC | | | 24.24% | | | | 2.74% | | | | 9.59% | |
Class C Shares | | | 29.26% | | | | 2.93% | | | | 9.60% | |
Class R3 Shares | | | 29.96% | | | | 3.45% | | | | 10.21% | |
Class I Shares | | | 30.56% | | | | 3.96% | | | | 10.69% | |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plan clients of financial intermediaries. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | |
| | |
| | | Gross
Expense
Ratios | | | Net
Expense
Ratios | |
Class A Shares | | | 1.54% | | | | 1.48% | |
Class B Shares | | | 2.29% | | | | 2.23% | |
Class C Shares | | | 2.29% | | | | 2.23% | |
Class R3 Shares | | | 1.79% | | | | 1.73% | |
Class I Shares | | | 1.29% | | | | 1.23% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2013, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 1.47%, 2.22%, 2.22%, 1.72% and 1.22% for Class A, Class B, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without with approval of the Fund’s Board of Directors.
| * | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Holding Summaries as of October 31, 2012
This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.
Nuveen Large Cap Growth Opportunities Fund
| | | | |
| Fund Allocation1 | |
| Common Stocks | | | 100.0% | |
| Short-Term Investments | | | 1.6% | |
| Other2 | | | (1.6)% | |
Nuveen Mid Cap Growth Opportunities Fund
| | | | |
| Fund Allocation1 | |
| Common Stocks | | | 98.3% | |
| Short-Term Investments | | | 1.6% | |
| Other2 | | | 0.1% | |
| | | | |
| Portfolio Composition1 | | | |
| IT Services | | | 13.7% | |
| Computers & Peripherals | | | 10.9% | |
| Internet Software & Services | | | 8.0% | |
| Specialty Retail | | | 6.2% | |
| Media | | | 4.5% | |
| Internet & Catalog Retail | | | 4.5% | |
| Food & Staples Retailing | | | 4.3% | |
| Health Care Providers & Services | | | 3.9% | |
| Pharmaceuticals | | | 3.1% | |
| Biotechnology | | | 3.0% | |
| Road & Rail | | | 2.9% | |
| Hotels, Restaurants & Leisure | | | 2.9% | |
| Textiles, Apparel & Luxury Goods | | | 2.7% | |
| Real Estate Investment Trust | | | 2.6% | |
| Health Care Equipment & Supplies | | | 2.5% | |
| Machinery | | | 2.4% | |
| Energy Equipment & Services | | | 2.4% | |
| Software | | | 2.3% | |
| Beverages | | | 2.2% | |
| Short-Term Investments | | | 1.6% | |
| Other3 | | | 13.4% | |
| | | | |
| Portfolio Composition1 | | | |
| Specialty Retail | | | 12.7% | |
| Software | | | 7.1% | |
| Biotechnology | | | 5.4% | |
| Machinery | | | 4.9% | |
| Electronic Equipment & Instruments | | | 3.8% | |
| Media | | | 3.8% | |
| Textiles, Apparel & Luxury Goods | | | 3.6% | |
| IT Services | | | 3.5% | |
| Electrical Equipment | | | 3.4% | |
| Internet Software & Services | | | 3.3% | |
| Chemicals | | | 3.2% | |
| Road & Rail | | | 3.1% | |
| Energy Equipment & Services | | | 3.0% | |
| Capital Markets | | | 2.9% | |
| Oil, Gas & Consumable Fuels | | | 2.7% | |
| Hotels, Restaurants & Leisure | | | 2.7% | |
| Health Care Equipment & Supplies | | | 2.6% | |
| Health Care Technology | | | 2.6% | |
| Trading Companies & Distributors | | | 2.5% | |
| Wireless Telecommunication Services | | | 2.2% | |
| Food & Staples Retailing | | | 2.2% | |
| Short-Term Investments | | | 1.6% | |
| Other3 | | | 17.2% | |
| | | | |
| Top Five Common Stock Holdings1 | |
Apple, Inc. | | | 10.3% | |
International Business Machines Corporation (IBM) | | | 4.8% | |
Google Inc., Class A | | | 3.5% | |
MasterCard, Inc. Class A | | | 3.1% | |
Amazon.com, Inc. | | | 2.7% | |
| | | | |
| Top Five Common Stock Holdings1 | | | |
SBA Communications Corporation | | | 2.2% | |
Cerner Corporation | | | 2.0% | |
TransDigm Group Inc. | | | 1.9% | |
PetSmart Inc. | | | 1.9% | |
Starwood Hotels & Resorts Worldwide, Inc. | | | 1.9% | |
| 1 | As a percentage of net assets. Holdings are subject to change. |
| 2 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments. |
| 3 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 2.2% of net assets. |
Nuveen Small Cap Growth Opportunities
Fund
| | | | |
| Fund Allocation1 | |
| Common Stocks | | | 96.3% | |
| Short-Term Investments | | | 4.0% | |
| Other2 | | | (0.3)% | |
| | | | |
| Portfolio Composition1 | | | |
| Specialty Retail | | | 6.9% | |
| Internet Software & Services | | | 6.8% | |
| Health Care Equipment & Supplies | | | 6.8% | |
| Biotechnology | | | 6.2% | |
| Communications Equipment | | | 5.8% | |
| Health Care Providers & Services | | | 4.6% | |
| Commercial Banks | | | 4.4% | |
| Software | | | 4.2% | |
| Oil, Gas & Consumable Fuels | | | 4.2% | |
| Semiconductors & Equipment | | | 3.6% | |
| Electronic Equipment & Instruments | | | 3.4% | |
| Hotels, Restaurants & Leisure | | | 3.4% | |
| Electrical Equipment | | | 3.2% | |
| Construction & Engineering | | | 3.1% | |
| Commercial Services & Supplies | | | 3.1% | |
| Machinery | | | 3.0% | |
| Capital Markets | | | 2.8% | |
| Energy Equipment & Services | | | 2.7% | |
| Chemicals | | | 2.7% | |
| Airlines | | | 2.0% | |
| Short-Term Investments | | | 4.0% | |
| Other3 | | | 13.1% | |
| | | | |
| Top Five Common Stock Holdings1 | | | |
Semtech Corporation | | | 2.1% | |
Ascena Retail Group Inc. | | | 2.1% | |
Alaska Air Group, Inc. | | | 2.0% | |
Energy XXI Limited Bermuda | | | 1.9% | |
Brunswick Corporation | | | 1.9% | |
| 1 | As a percentage of net assets. Holdings are subject to change. |
| 2 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments. |
| 3 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 2.0% of net assets. |
Expense Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the end of the period.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Large Cap Growth Opportunities Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual Performance | | | | | Hypothetical Performance
(5% annualized return before expenses) | |
| | | A Shares | | | B Shares | | | C Shares | | | R3 Shares | | | I Shares | | | | | A Shares | | | B Shares | | | C Shares | | | R3 Shares | | | I Shares | |
| Beginning Account Value (5/01/12) | | $ | 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 (10/31/12) | | $ | 949.60 | | | $ | 947.50 | | | $ | 946.00 | | | $ | 948.70 | | | $ | 951.10 | | | | | $ | 1,019.05 | | | $ | 1,015.28 | | | $ | 1,015.28 | | | $ | 1,017.80 | | | $ | 1,020.31 | |
| Expenses Incurred During Period | | $ | 5.93 | | | $ | 9.59 | | | $ | 9.59 | | | $ | 7.15 | | | $ | 4.71 | | | | | $ | 6.14 | | | $ | 9.93 | | | $ | 9.93 | | | $ | 7.41 | | | $ | 4.88 | |
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 0.96% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
Nuveen Mid Cap Growth Opportunities Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual Performance | | | | | Hypothetical Performance
(5% annualized return before expenses) | |
| | | A Shares | | | B Shares | | | C Shares | | | R3 Shares | | | I Shares | | | | | A Shares | | | B Shares | | | C Shares | | | R3 Shares | | | I Shares | |
| Beginning Account Value (5/01/12) | | $ | 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 (10/31/12) | | $ | 950.20 | | | $ | 946.50 | | | $ | 946.70 | | | $ | 948.80 | | | $ | 951.40 | | | | | $ | 1,018.80 | | | $ | 1,015.03 | | | $ | 1,015.03 | | | $ | 1,017.55 | | | $ | 1,022.06 | |
| Expenses Incurred During Period | | $ | 6.18 | | | $ | 9.83 | | | $ | 9.84 | | | $ | 7.40 | | | $ | 4.95 | | | | | $ | 6.39 | | | $ | 10.18 | | | $ | 10.18 | | | $ | 7.66 | | | $ | 5.13 | |
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 1.01% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
Nuveen Small Cap Growth Opportunities Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual Performance | | | | | Hypothetical Performance
(5% annualized return before expenses) | |
| | | A Shares | | | B Shares | | | C Shares | | | R3 Shares | | | I Shares | | | | | A Shares | | | B Shares | | | C Shares | | | R3 Shares | | | I Shares | |
| Beginning Account Value (5/01/12) | | $ | 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 (10/31/12) | | $ | 932.40 | | | $ | 929.30 | | | $ | 929.20 | | | $ | 931.50 | | | $ | 933.90 | | | | | $ | 1,017.75 | | | $ | 1,013.98 | | | $ | 1,013.98 | | | $ | 1,016.49 | | | $ | 1,019.00 | |
| Expenses Incurred During Period | | $ | 7.14 | | | $ | 10.77 | | | $ | 10.77 | | | $ | 8.35 | | | $ | 5.93 | | | | | $ | 7.46 | | | $ | 11.24 | | | $ | 11.24 | | | $ | 8.72 | | | $ | 6.19 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.47%, 2.22%, 2.22%, 1.72% and 1.22% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
Report of
Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of
Nuveen Investment Funds, Inc.:
In our opinion, the accompanying statement of assets and liabilities, including the portfolios of investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position Nuveen Large Cap Growth Opportunities Fund, Nuveen Mid Cap Growth Opportunities Fund and Nuveen Small Cap Growth Opportunities Fund (the “Funds”) at October 31, 2012, the results of each of their operations for the year ended, and the change in each of their net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2012 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion. The financial statements of the Funds for the years ended October 31, 2011 and prior were audited by other independent auditors whose report dated December 28, 2011 expressed an unqualified opinion on those statements.
PRICEWATERHOUSECOOPERS LLP
Chicago, IL
December 28, 2012
Portfolio of Investments
Nuveen Large Cap Growth Opportunities Fund
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | COMMON STOCKS – 100.0% | | | | | | | | | | |
| | | | | |
| | | | Aerospace & Defense – 1.8% | | | | | | | | | | |
| | | | | |
| | 71,903 | | | Boeing Company | | | | | | | | $ | 5,064,847 | |
| | | | | |
| | 29,470 | | | Precision Castparts Corporation | | | | | | | | | 5,100,373 | |
| | | | Total Aerospace & Defense | | | | | | | | | 10,165,220 | |
| | | | Beverages – 2.2% | | | | | | | | | | |
| | | | | |
| | 338,479 | | | Coca-Cola Company | | | | | | | | | 12,584,649 | |
| | | | Biotechnology – 3.0% | | | | | | | | | | |
| | | | | |
| | 75,143 | | | Alexion Pharmaceuticals Inc., (2) | | | | | | | | | 6,791,424 | |
| | | | | |
| | 153,668 | | | Gilead Sciences, Inc., (2) | | | | | | | | | 10,320,343 | |
| | | | Total Biotechnology | | | | | | | | | 17,111,767 | |
| | | | Chemicals – 1.6% | | | | | | | | | | |
| | | | | |
| | 109,444 | | | Monsanto Company | | | | | | | | | 9,419,845 | |
| | | | Communications Equipment – 1.9% | | | | | | | | | | |
| | | | | |
| | 187,911 | | | QUALCOMM, Inc. | | | | | | | | | 11,006,887 | |
| | | | Computers & Peripherals – 10.9% | | | | | | | | | | |
| | | | | |
| | 99,198 | | | Apple, Inc. | | | | | | | | | 59,032,730 | |
| | | | | |
| | 142,614 | | | EMC Corporation, (2) | | | | | | | | | 3,482,634 | |
| | | | Total Computers & Peripherals | | | | | | | | | 62,515,364 | |
| | | | Consumer Finance – 1.3% | | | | | | | | | | |
| | | | | |
| | 132,321 | | | American Express Company | | | | | | | | | 7,406,006 | |
| | | | Energy Equipment & Services – 2.4% | | | | | | | | | | |
| | | | | |
| | 100,857 | | | National-Oilwell Varco Inc. | | | | | | | | | 7,433,161 | |
| | | | | |
| | 88,374 | | | Schlumberger Limited | | | | | | | | | 6,144,644 | |
| | | | Total Energy Equipment & Services | | | | | | | | | 13,577,805 | |
| | | | Food & Staples Retailing – 4.3% | | | | | | | | | | |
| | | | | |
| | 109,668 | | | Costco Wholesale Corporation | | | | | | | | | 10,794,621 | |
| | | | | |
| | 147,027 | | | Whole Foods Market, Inc., (3) | | | | | | | | | 13,927,868 | |
| | | | Total Food & Staples Retailing | | | | | | | | | 24,722,489 | |
| | | | Health Care Equipment & Supplies – 2.5% | | | | | | | | | | |
| | | | | |
| | 81,224 | | | Idexx Labs Inc., (2), (3) | | | | | | | | | 7,813,749 | |
| | | | | |
| | 11,826 | | | Intuitive Surgical, Inc., (2) | | | | | | | | | 6,412,294 | |
| | | | Total Health Care Equipment & Supplies | | | | | | | | | 14,226,043 | |
| | | | Health Care Providers & Services – 3.9% | | | | | | | | | | |
| | | | | |
| | 226,903 | | | Express Scripts, Holding Company, (2) | | | | | | | | | 13,963,611 | |
| | | | | |
| | 90,922 | | | McKesson HBOC Inc. | | | | | | | | | 8,483,932 | |
| | | | Total Health Care Providers & Services | | | | | | | | | 22,447,543 | |
| | | | Health Care Technology – 1.2% | | | | | | | | | | |
| | | | | |
| | 92,966 | | | Cerner Corporation, (2), (3) | | | | | | | | | 7,083,080 | |
| | | | Hotels, Restaurants & Leisure – 2.9% | | | | | | | | | | |
| | | | | |
| | 162,178 | | | Starbucks Corporation | | | | | | | | | 7,443,970 | |
| | | | | |
| | 132,183 | | | YUM! Brands, Inc. | | | | | | | | | 9,267,350 | |
| | | | Total Hotels, Restaurants & Leisure | | | | | | | | | 16,711,320 | |
| | | | Industrial Conglomerates – 1.8% | | | | | | | | | | |
| | | | | |
| | 196,655 | | | Danaher Corporation, (3) | | | | | | | | | 10,172,963 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Internet & Catalog Retail – 4.5% | | | | | | | | | | |
| | | | | |
| | 66,944 | | | Amazon.com, Inc., (2), (3) | | | | | | | | $ | 15,585,902 | |
| | | | | |
| | 17,985 | | | priceline.com Incorporated, (2) | | | | | | | | | 10,319,253 | |
| | | | Total Internet & Catalog Retail | | | | | | | | | 25,905,155 | |
| | | | Internet Software & Services – 8.0% | | | | | | | | | | |
| | | | | |
| | 250,500 | | | eBay Inc., (2) | | | | | | | | | 12,096,645 | |
| | | | | |
| | 103,999 | | | Facebook Inc., Class A Shares, (2) | | | | | | | | | 2,195,939 | |
| | | | | |
| | 29,628 | | | Google Inc., Class A, (2) | | | | | | | | | 20,140,226 | |
| | | | | |
| | 46,385 | | | LinkedIn Corporation, Class A Shares, (2), (3) | | | | | | | | | 4,959,948 | |
| | | | | |
| | 105,082 | | | Rackspace Hosting Inc., (2), (3) | | | | | | | | | 6,692,673 | |
| | | | Total Internet Software & Services | | | | | | | | | 46,085,431 | |
| | | | IT Services – 13.7% | | | | | | | | | | |
| | | | | |
| | 165,605 | | | Accenture Limited, Class A | | | | | | | | | 11,163,433 | |
| | | | | |
| | 142,140 | | | International Business Machines Corporation (IBM), (3) | | | | | | | | | 27,650,494 | |
| | | | | |
| | 38,598 | | | MasterCard, Inc., Class A | | | | | | | | | 17,790,976 | |
| | | | | |
| | 97,778 | | | Teradata Corporation, (2) | | | | | | | | | 6,679,215 | |
| | | | | |
| | 110,213 | | | Visa Inc., Class A, (3) | | | | | | | | | 15,293,156 | |
| | | | Total IT Services | | | | | | | | | 78,577,274 | |
| | | | Life Sciences Tools & Services – 1.1% | | | | | | | | | | |
| | | | | |
| | 36,271 | | | Mettler-Toledo International Inc., (2) | | | | | | | | | 6,143,219 | |
| | | | Machinery – 2.4% | | | | | | | | | | |
| | | | | |
| | 93,769 | | | Cummins Inc. | | | | | | | | | 8,774,903 | |
| | | | | |
| | 102,513 | | | Graco Inc., (3) | | | | | | | | | 4,926,775 | |
| | | | Total Machinery | | | | | | | | | 13,701,678 | |
| | | | Media – 4.5% | | | | | | | | | | |
| | | | | |
| | 142,693 | | | DirecTV, (2) | | | | | | | | | 7,293,039 | |
| | | | | |
| | 101,965 | | | Discovery Communications Inc., Class A Shares, (2) | | | | | | | | | 6,017,974 | |
| | | | | |
| | 2,036,653 | | | Sirius XM Radio Inc., (2), (3) | | | | | | | | | 5,702,628 | |
| | | | | |
| | 143,783 | | | Walt Disney Company, (3) | | | | | | | | | 7,055,432 | |
| | | | Total Media | | | | | | | | | 26,069,073 | |
| | | | Oil, Gas & Consumable Fuels – 1.5% | | | | | | | | | | |
| | | | | |
| | 82,694 | | | Pioneer Natural Resources Company, (3) | | | | | | | | | 8,736,621 | |
| | | | Personal Products – 1.4% | | | | | | | | | | |
| | | | | |
| | 134,512 | | | Estee Lauder Companies Inc., Class A | | | | | | | | | 8,288,629 | |
| | | | Pharmaceuticals – 3.1% | | | | | | | | | | |
| | | | | |
| | 123,622 | | | Allergan, Inc. | | | | | | | | | 11,116,090 | |
| | | | | |
| | 56,611 | | | Perrigo Company, (3) | | | | | | | | | 6,510,831 | |
| | | | Total Pharmaceuticals | | | | | | | | | 17,626,921 | |
| | | | Real Estate Investment Trust – 2.6% | | | | | | | | | | |
| | | | | |
| | 201,679 | | | American Tower REIT Inc. | | | | | | | | | 15,184,412 | |
| | | | Road & Rail – 2.9% | | | | | | | | | | |
| | | | | |
| | 112,362 | | | J.B. Hunt Transports Serives Inc., (3) | | | | | | | | | 6,595,649 | |
| | | | | |
| | 125,736 | | | Kansas City Southern Industries | | | | | | | | | 10,116,719 | |
| | | | Total Road & Rail | | | | | | | | | 16,712,368 | |
| | | | Software – 2.3% | | | | | | | | | | |
| | | | | |
| | 86,126 | | | NetSuite Inc., (2), (3) | | | | | | | | | 5,469,862 | |
Portfolio of Investments
Nuveen Large Cap Growth Opportunities Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Software (continued) | | | | | | | | | | |
| | | | | |
| | 53,249 | | | Salesforce.com, Inc., (2), (3) | | | | | | | | $ | 7,773,289 | |
| | | | Total Software | | | | | | | | | 13,243,151 | |
| | | | Specialty Retail – 6.2% | | | | | | | | | | |
| | | | | |
| | 23,921 | | | AutoZone, Inc., (2), (3) | | | | | | | | | 8,970,375 | |
| | | | | |
| | 152,819 | | | GNC Holdings Inc., Class A, (3) | | | | | | | | | 5,909,511 | |
| | | | | |
| | 130,322 | | | PetSmart Inc. | | | | | | | | | 8,652,078 | |
| | | | | |
| | 226,255 | | | TJX Companies, Inc. | | | | | | | | | 9,418,996 | |
| | | | | |
| | 31,648 | | | Ulta Salon, Cosmetics & Fragrance, Inc., (2) | | | | | | | | | 2,918,579 | |
| | | | Total Specialty Retail | | | | | | | | | 35,869,539 | |
| | | | Textiles, Apparel & Luxury Goods – 2.7% | | | | | | | | | | |
| | | | | |
| | 78,730 | | | Lululemon Athletica Inc., (2), (3) | | | | | | | | | 5,433,157 | |
| | | | | |
| | 66,676 | | | Michael Kors Holdings Limited, (2) | | | | | | | | | 3,646,511 | |
| | | | | |
| | 43,432 | | | Ralph Lauren Corporation, Class A | | | | | | | | | 6,675,064 | |
| | | | Total Textiles, Apparel & Luxury Goods | | | | | | | | | 15,754,732 | |
| | | | Trading Companies & Distributors – 1.4% | | | | | | | | | | |
| | | | | |
| | 40,992 | | | W.W. Grainger, Inc. | | | | | | | | | 8,256,199 | |
| | | | Total Common Stocks (cost $427,905,261) | | | | | | | | | 575,305,383 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 22.5% | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 22.5% | | | | | | | | | | |
| | | | | |
| | 129,448,489 | | | Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5) | | | | | | | | $ | 129,448,489 | |
| | | | Total Investments Purchased with Collateral from Securities Lending (cost $129,448,489) | | | | | | | | | 129,448,489 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 1.6% | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 1.6% | | | | | | | | | | |
| | | | | |
| | 9,005,514 | | | First American Treasury Obligations Fund, Class Z, 0.004%, (4) | | | | | | | | $ | 9,005,514 | |
| | | | Total Short-Term Investments (cost $9,005,514) | | | | | | | | | 9,005,514 | |
| | | | Total Investments (cost $566,359,264) – 124.1% | | | | | | | | | 713,759,386 | |
| | | | Other Assets Less Liabilities – (24.1)% | | | | | | | | | (138,494,643) | |
| | | | Net Assets – 100% | | | | | | | | $ | 575,264,743 | |
| | | | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
| | (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| | (2) | | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| | (3) | | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan at the end of the reporting period was $125,911,957. |
| | (4) | | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
| | (5) | | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
See accompanying notes to financial statements.
Portfolio of Investments
Nuveen Mid Cap Growth Opportunities Fund
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | COMMON STOCKS – 98.3% | | | | | | | | | | |
| | | | | |
| | | | Aerospace & Defense – 1.9% | | | | | | | | | | |
| | | | | |
| | 161,906 | | | TransDigm Group Inc., (2) | | | | | | | | $ | 21,567,498 | |
| | | | Biotechnology – 5.4% | | | | | | | | | | |
| | | | | |
| | 228,592 | | | Alexion Pharmaceuticals Inc., (2), (3) | | | | | | | | | 20,660,145 | |
| | | | | |
| | 256,852 | | | Medivation, Inc., (2), (3) | | | | | | | | | 13,130,274 | |
| | | | | |
| | 128,651 | | | Onyx Pharmaceuticals Inc., (2), (3) | | | | | | | | | 10,081,092 | |
| | | | | |
| | 111,575 | | | Regeneron Pharmaceuticals, Inc., (2), (3) | | | | | | | | | 15,877,123 | |
| | | | Total Biotechnology | | | | | | | | | 59,748,634 | |
| | | | Capital Markets – 2.9% | | | | | | | | | | |
| | | | | |
| | 151,603 | | | Affiliated Managers Group Inc., (2) | | | | | | | | | 19,177,780 | |
| | | | | |
| | 193,748 | | | T. Rowe Price Group Inc. | | | | | | | | | 12,581,995 | |
| | | | Total Capital Markets | | | | | | | | | 31,759,775 | |
| | | | Chemicals – 3.2% | | | | | | | | | | |
| | | | | |
| | 187,236 | | | Airgas, Inc. | | | | | | | | | 16,658,387 | |
| | | | | |
| | 342,823 | | | FMC Corporation | | | | | | | | | 18,347,887 | |
| | | | Total Chemicals | | | | | | | | | 35,006,274 | |
| | | | Communications Equipment – 0.6% | | | | | | | | | | |
| | | | | |
| | 125,585 | | | Palo Alto Networks, Inc., (2), (3) | | | | | | | | | 6,904,663 | |
| | | | Computers & Peripherals – 0.6% | | | | | | | | | | |
| | | | | |
| | 285,920 | | | Fusion-io Inc., (2), (3) | | | | | | | | | 6,747,712 | |
| | | | Consumer Finance – 1.1% | | | | | | | | | | |
| | | | | |
| | 297,496 | | | Discover Financial Services | | | | | | | | | 12,197,336 | |
| | | | Electrical Equipment – 3.4% | | | | | | | | | | |
| | | | | |
| | 493,703 | | | Ametek Inc., (3) | | | | | | | | | 17,551,142 | |
| | | | | |
| | 181,207 | | | Roper Industries Inc., (3) | | | | | | | | | 19,782,368 | |
| | | | Total Electrical Equipment | | | | | | | | | 37,333,510 | |
| | | | Electronic Equipment & Instruments – 3.8% | | | | | | | | | | |
| | | | | |
| | 342,745 | | | Amphenol Corporation, Class A, (3) | | | | | | | | | 20,609,257 | |
| | | | | |
| | 186,246 | | | IPG Photonics Corporation, (2), (3) | | | | | | | | | 9,885,938 | |
| | | | | |
| | 256,041 | | | Trimble Navigation Limited, (2) | | | | | | | | | 12,080,014 | |
| | | | Total Electronic Equipment & Instruments | | | | | | | | | 42,575,209 | |
| | | | Energy Equipment & Services – 3.0% | | | | | | | | | | |
| | | | | |
| | 155,037 | | | Core Laboratories NV | | | | | | | | | 16,071,135 | |
| | | | | |
| | 336,244 | | | Oceaneering International Inc. | | | | | | | | | 17,595,649 | |
| | | | Total Energy Equipment & Services | | | | | | | | | 33,666,784 | |
| | | | Food & Staples Retailing – 2.2% | | | | | | | | | | |
| | | | | |
| | 172,385 | | | Fresh Market Inc., (2) | | | | | | | | | 9,775,953 | |
| | | | | |
| | 151,189 | | | Whole Foods Market, Inc. | | | | | | | | | 14,322,134 | |
| | | | Total Food & Staples Retailing | | | | | | | | | 24,098,087 | |
| | | | Food Products – 0.7% | | | | | | | | | | |
| | | | | |
| | 137,230 | | | Hain Celestial Group Inc., (2), (3) | | | | | | | | | 7,931,894 | |
| | | | Health Care Equipment & Supplies – 2.6% | | | | | | | | | | |
| | | | | |
| | 119,368 | | | Idexx Labs Inc., (2), (3) | | | | | | | | | 11,483,202 | |
| | | | | |
| | 436,244 | | | ResMed Inc., (3) | | | | | | | | | 17,423,585 | |
| | | | Total Health Care Equipment & Supplies | | | | | | | | | 28,906,787 | |
Portfolio of Investments
Nuveen Mid Cap Growth Opportunities Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Health Care Providers & Services – 1.1% | | | | | | | | | | |
| | | | | |
| | 259,788 | | | Catamaran Corporation, (2) | | | | | | | | $ | 12,251,602 | |
| | | | Health Care Technology – 2.6% | | | | | | | | | | |
| | | | | |
| | 104,811 | | | AthenaHealth Inc., (2), (3) | | | | | | | | | 6,738,299 | |
| | | | | |
| | 287,314 | | | Cerner Corporation, (2), (3) | | | | | | | | | 21,890,454 | |
| | | | Total Health Care Technology | | | | | | | | | 28,628,753 | |
| | | | Hotels, Restaurants & Leisure – 2.7% | | | | | | | | | | |
| | | | | |
| | 56,605 | | | Panera Bread Company, Class A, (2) | | | | | | | | | 9,545,867 | |
| | | | | |
| | 400,702 | | | Starwood Hotels & Resorts Worldwide, Inc., (3) | | | | | | | | | 20,776,399 | |
| | | | Total Hotels, Restaurants & Leisure | | | | | | | | | 30,322,266 | |
| | | | Internet & Catalog Retail – 0.8% | | | | | | | | | | |
| | | | | |
| | 14,875 | | | priceline.com Incorporated, (2) | | | | | | | | | 8,534,829 | |
| | | | Internet Software & Services – 3.3% | | | | | | | | | | |
| | | | | |
| | 315,212 | | | Cornerstone OnDemand Inc., (2) | | | | | | | | | 8,822,784 | |
| | | | | |
| | 129,085 | | | LinkedIn Corporation, Class A Shares, (2), (3) | | | | | | | | | 13,803,059 | |
| | | | | |
| | 214,409 | | | Rackspace Hosting Inc., (2), (3) | | | | | | | | | 13,655,709 | |
| | | | Total Internet Software & Services | | | | | | | | | 36,281,552 | |
| | | | IT Services – 3.5% | | | | | | | | | | |
| | | | | |
| | 215,598 | | | FleetCor Technologies Inc., (2), (3) | | | | | | | | | 10,221,501 | |
| | | | | |
| | 286,974 | | | Teradata Corporation, (2) | | | | | | | | | 19,603,194 | |
| | | | | |
| | 129,626 | | | Wright Express Corporation, (2), (3) | | | | | | | | | 9,563,806 | |
| | | | Total IT Services | | | | | | | | | 39,388,501 | |
| | | | Leisure Equipment & Products – 1.4% | | | | | | | | | | |
| | | | | |
| | 180,884 | | | Polaris Industries Inc., (3) | | | | | | | | | 15,284,698 | |
| | | | Machinery – 4.9% | | | | | | | | | | |
| | | | | |
| | 115,832 | | | Flowserve Corporation | | | | | | | | | 15,694,078 | |
| | | | | |
| | 216,587 | | | Graco Inc., (3) | | | | | | | | | 10,409,171 | |
| | | | | |
| | 198,602 | | | Nordson Corporation | | | | | | | | | 11,723,476 | |
| | | | | |
| | 205,486 | | | Wabtec Corporation | | | | | | | | | 16,829,303 | |
| | | | Total Machinery | | | | | | | | | 54,656,028 | |
| | | | Media – 3.8% | | | | | | | | | | |
| | | | | |
| | 194,335 | | | Discovery Communications inc., Class A Shares, (2) | | | | | | | | | 11,469,652 | |
| | | | | |
| | 221,986 | | | Scripps Networks Interactive, Class A Shares, (3) | | | | | | | | | 13,478,990 | |
| | | | | |
| | 6,146,315 | | | Sirius XM Radio Inc., (2), (3) | | | | | | | | | 17,209,682 | |
| | | | Total Media | | | | | | | | | 42,158,324 | |
| | | | Metals & Mining – 1.0% | | | | | | | | | | |
| | | | | |
| | 231,984 | | | Carpenter Technology Inc. | | | | | | | | | 11,276,742 | |
| | | | Multiline Retail – 0.9% | | | | | | | | | | |
| | | | | |
| | 262,062 | | | Dollar Tree Stores Inc., (2) | | | | | | | | | 10,448,412 | |
| | | | Oil, Gas & Consumable Fuels – 2.7% | | | | | | | | | | |
| | | | | |
| | 587,068 | | | Cobalt International Energy, Inc., (2) | | | | | | | | | 12,216,885 | |
| | | | | |
| | 171,788 | | | Pioneer Natural Resources Company, (3) | | | | | | | | | 18,149,402 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | 30,366,287 | |
| | | | Pharmaceuticals – 1.4% | | | | | | | | | | |
| | | | | |
| | 136,983 | | | Perrigo Company, (3) | | | | | | | | | 15,754,415 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Professional Services – 1.4% | | | | | | | | | | |
| | | | | |
| | 302,070 | | | Verisk Analytics Inc, Class A Shares, (2) | | | | | | | | $ | 15,405,570 | |
| | | | Real Estate Investment Trust – 1.5% | | | | | | | | | | |
| | | | | |
| | 269,904 | | | Digital Realty Trust Inc., (3) | | | | | | | | | 16,580,203 | |
| | | | Real Estate Management & Development – 0.9% | | | | | | | | | | |
| | | | | |
| | 254,959 | | | Zillow Inc, Class A, (2), (3) | | | | | | | | | 9,525,268 | |
| | | | Road & Rail – 3.1% | | | | | | | | | | |
| | | | | |
| | 325,214 | | | J.B. Hunt Transports Serives Inc., (3) | | | | | | | | | 19,090,062 | |
| | | | | |
| | 190,911 | | | Kansas City Southern Industries | | | | | | | | | 15,360,699 | |
| | | | Total Road & Rail | | | | | | | | | 34,450,761 | |
| | | | Semiconductors & Equipment – 1.8% | | | | | | | | | | |
| | | | | |
| | 426,053 | | | ARM Holdings PLC, (3) | | | | | | | | | 13,782,815 | |
| | | | | |
| | 74,818 | | | Mellanox Technologies, Limited, (2), (3) | | | | | | | | | 5,758,741 | |
| | | | Total Semiconductors & Equipment | | | | | | | | | 19,541,556 | |
| | | | Software – 7.1% | | | | | | | | | | |
| | | | | |
| | 244,103 | | | Ansys Inc., (2), (3) | | | | | | | | | 17,302,021 | |
| | | | | |
| | 125,790 | | | CommVault Systems, Inc., (2), (3) | | | | | | | | | 7,858,101 | |
| | | | | |
| | 253,670 | | | Micros Systems, Inc., (2) | | | | | | | | | 11,514,081 | |
| | | | | |
| | 155,897 | | | NetSuite Inc., (2), (3) | | | | | | | | | 9,901,018 | |
| | | | | |
| | 318,626 | | | Red Hat, Inc., (2) | | | | | | | | | 15,666,840 | |
| | | | | |
| | 317,858 | | | ServiceNow Inc., (2), (3) | | | | | | | | | 9,742,348 | |
| | | | | |
| | 240,379 | | | Splunk Inc., (2), (3) | | | | | | | | | 6,742,631 | |
| | | | Total Software | | | | | | | | | 78,727,040 | |
| | | | Specialty Retail – 12.7% | | | | | | | | | | |
| | | | | |
| | 51,952 | | | AutoZone, Inc., (2), (3) | | | | | | | | | 19,482,000 | |
| | | | | |
| | 251,585 | | | Bed Bath and Beyond Inc., (2), (3) | | | | | | | | | 14,511,423 | |
| | | | | |
| | 334,322 | | | Dick’s Sporting Goods Inc., (3) | | | | | | | | | 16,716,100 | |
| | | | | |
| | 534,761 | | | GNC Holdings Inc., Class A, (3) | | | | | | | | | 20,679,208 | |
| | | | | |
| | 323,281 | | | PetSmart Inc. | | | | | | | | | 21,462,626 | |
| | | | | |
| | 261,376 | | | Ross Stores, Inc. | | | | | | | | | 15,930,867 | |
| | | | | |
| | 203,262 | | | Ulta Salon, Cosmetics & Fragrance, Inc., (2) | | | | | | | | | 18,744,822 | |
| | | | | |
| | 367,935 | | | Urban Outfitters, Inc., (2), (3) | | | | | | | | | 13,157,356 | |
| | | | Total Specialty Retail | | | | | | | | | 140,684,402 | |
| | | | Textiles, Apparel & Luxury Goods – 3.6% | | | | | | | | | | |
| | | | | |
| | 92,840 | | | Lululemon Athletica Inc., (2), (3) | | | | | | | | | 6,406,888 | |
| | | | | |
| | 224,095 | | | Michael Kors Holdings Limited, (2) | | | | | | | | | 12,255,756 | |
| | | | | |
| | 79,873 | | | Ralph Lauren Corporation, Class A | | | | | | | | | 12,275,681 | |
| | | | | |
| | 175,402 | | | Under Armour, Inc., Class A, (2), (3) | | | | | | | | | 9,166,509 | |
| | | | Total Textiles, Apparel & Luxury Goods | | | | | | | | | 40,104,834 | |
| | | | Trading Companies & Distributors – 2.5% | | | | | | | | | | |
| | | | | |
| | 236,080 | | | MSC Industrial Direct Inc., Class A, (3) | | | | | | | | | 17,611,567 | |
| | | | | |
| | 52,695 | | | W.W. Grainger, Inc. | | | | | | | | | 10,613,300 | |
| | | | Total Trading Companies & Distributors | | | | | | | | | 28,224,867 | |
| | | | Wireless Telecommunication Services – 2.2% | | | | | | | | | | |
| | | | | |
| | 362,036 | | | SBA Communications Corporation, (2), (3) | | | | | | | | | 24,122,459 | |
| | | | Total Common Stocks (cost $897,943,092) | | | | | | | | | 1,091,163,532 | |
Portfolio of Investments
Nuveen Mid Cap Growth Opportunities Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 39.4% | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 39.4% | | | | | | | | | | |
| | | | | |
| | 437,237,097 | | | Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5) | | | | | | | | $ | 437,237,097 | |
| | | | Total Investments Purchased with Collateral from Securities Lending (cost $437,237,097) | | | | | | | | | 437,237,097 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 1.6% | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 1.6% | | | | | | | | | | |
| | | | | |
| | 18,568,578 | | | First American Treasury Obligations Fund, Class Z, 0.004%, (4) | | | | | | | | $ | 18,568,578 | |
| | | | Total Short-Term Investments (cost $18,568,578) | | | | | | | | | 18,568,578 | |
| | | | Total Investments (cost $1,353,748,767) – 139.3% | | | | | | | | | 1,546,969,207 | |
| | | | Other Assets Less Liabilities – (39.3)% | | | | | | | | | (436,662,780) | |
| | | | Net Assets – 100% | | | | | | | | $ | 1,110,306,427 | |
| | | | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
| | (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| | (2) | | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| | (3) | | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan at the end of the reporting period was $423,911,686. |
| | (4) | | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
| | (5) | | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
See accompanying notes to financial statements.
Portfolio of Investments
Nuveen Small Cap Growth Opportunities Fund
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | COMMON STOCKS – 96.3% | | | | | | | | | | |
| | | | | |
| | | | Aerospace & Defense – 1.3% | | | | | | | | | | |
| | | | | |
| | 84,187 | | | Orbital Sciences Corporation, (2), (3) | | | | | | | | $ | 1,128,106 | |
| | | | Air Freight & Logistics – 1.6% | | | | | | | | | | |
| | | | | |
| | 40,915 | | | Forward Air Corporation | | | | | | | | | 1,365,334 | |
| | | | Airlines – 2.0% | | | | | | | | | | |
| | | | | |
| | 46,694 | | | Alaska Air Group, Inc., (2) | | | | | | | | | 1,785,579 | |
| | | | Biotechnology – 6.2% | | | | | | | | | | |
| | | | | |
| | 66,933 | | | Alkermes Inc., (2), (3) | | | | | | | | | 1,240,268 | |
| | | | | |
| | 20,124 | | | Cepheid, Inc., (2), (3) | | | | | | | | | 609,958 | |
| | | | | |
| | 29,973 | | | Cubist Pharmaceuticals Inc., (2), (3) | | | | | | | | | 1,285,842 | |
| | | | | |
| | 37,240 | | | Immunogen, Inc., (2), (3) | | | | | | | | | 412,619 | |
| | | | | |
| | 38,076 | | | Incyte Pharmaceuticals Inc., (2), (3) | | | | | | | | | 607,693 | |
| | | | | |
| | 11,134 | | | Pharmacyclics, Inc., (2), (3) | | | | | | | | | 679,953 | |
| | | | | |
| | 26,732 | | | Theravance Inc., (2), (3) | | | | | | | | | 601,737 | |
| | | | Total Biotechnology | | | | | | | | | 5,438,070 | |
| | | | Capital Markets – 2.8% | | | | | | | | | | |
| | | | | |
| | 43,538 | | | Evercore Partners Inc., Class A, (3) | | | | | | | | | 1,214,710 | |
| | | | | |
| | 40,895 | | | Stifel Financial Corporation, (2), (3) | | | | | | | | | 1,296,372 | |
| | | | Total Capital Markets | | | | | | | | | 2,511,082 | |
| | | | Chemicals – 2.7% | | | | | | | | | | |
| | | | | |
| | 45,639 | | | H.B. Fuller Company, (3) | | | | | | | | | 1,387,426 | |
| | | | | |
| | 45,207 | | | Kraton Performance Polymers Inc., (2) | | | | | | | | | 986,417 | |
| | | | Total Chemicals | | | | | | | | | 2,373,843 | |
| | | | Commercial Banks – 4.4% | | | | | | | | | | |
| | | | | |
| | 69,484 | | | Cathay General Bancorp. | | | | | | | | | 1,229,172 | |
| | | | | |
| | 62,539 | | | East West Bancorp Inc. | | | | | | | | | 1,331,455 | |
| | | | | |
| | 38,067 | | | Home Bancshares, Inc. | | | | | | | | | 1,318,641 | |
| | | | Total Commercial Banks | | | | | | | | | 3,879,268 | |
| | | | Commercial Services & Supplies – 3.1% | | | | | | | | | | |
| | | | | |
| | 88,220 | | | Interface, Inc. | | | | | | | | | 1,262,428 | |
| | | | | |
| | 56,134 | | | Tetra Tech, Inc., (2), (3) | | | | | | | | | 1,456,116 | |
| | | | Total Commercial Services & Supplies | | | | | | | | | 2,718,544 | |
| | | | Communications Equipment – 5.8% | | | | | | | | | | |
| | | | | |
| | 85,614 | | | ADTRAN, Inc., (3) | | | | | | | | | 1,446,020 | |
| | | | | |
| | 68,546 | | | Aruba Networks, Inc., (2), (3) | | | | | | | | | 1,245,481 | |
| | | | | |
| | 81,187 | | | IXIA, (2), (3) | | | | | | | | | 1,137,430 | |
| | | | | |
| | 39,359 | | | Plantronics Inc., (3) | | | | | | | | | 1,276,806 | |
| | | | Total Communications Equipment | | | | | | | | | 5,105,737 | |
| | | | Construction & Engineering – 3.1% | | | | | | | | | | |
| | | | | |
| | 70,135 | | | MasTec Inc., (2), (3) | | | | | | | | | 1,582,246 | |
| | | | | |
| | 55,991 | | | MYR Group Inc., (2) | | | | | | | | | 1,185,889 | |
| | | | Total Construction & Engineering | | | | | | | | | 2,768,135 | |
| | | | Consumer Discretionary – 1.6% | | | | | | | | | | |
| | | | | |
| | 30,906 | | | Penske Auto Group, Inc., (3) | | | | | | | | | 945,724 | |
| | | | | |
| | 26,604 | | | Texas Roadhouse, Inc., (3) | | | | | | | | | 433,113 | |
| | | | Total Consumer Discretionary | | | | | | | | | 1,378,837 | |
Portfolio of Investments
Nuveen Small Cap Growth Opportunities Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Electrical Equipment – 3.2% | | | | | | | | | | |
| | | | | |
| | 23,221 | | | Acuity Brands Inc., (3) | | | | | | | | $ | 1,502,399 | |
| | | | | |
| | 45,813 | | | General Cable Corporation, (2) | | | | | | | | | 1,307,045 | |
| | | | Total Electrical Equipment | | | | | | | | | 2,809,444 | |
| | | | Electronic Equipment & Instruments – 3.4% | | | | | | | | | | |
| | | | | |
| | 75,205 | | | Fabrinet, (2), (3) | | | | | | | | | 724,224 | |
| | | | | |
| | 20,252 | | | IPG Photonics Corporation, (2), (3) | | | | | | | | | 1,074,976 | |
| | | | | |
| | 51,172 | | | National Instruments Corporation | | | | | | | | | 1,205,612 | |
| | | | Total Electronic Equipment & Instruments | | | | | | | | | 3,004,812 | |
| | | | Energy Equipment & Services – 2.7% | | | | | | | | | | |
| | | | | |
| | 20,072 | | | Dril Quip Inc., (2), (3) | | | | | | | | | 1,390,187 | |
| | | | | |
| | 19,810 | | | Lufkin Industries Inc., (3) | | | | | | | | | 990,698 | |
| | | | Total Energy Equipment & Services | | | | | | | | | 2,380,885 | |
| | | | Food Products – 1.6% | | | | | | | | | | |
| | | | | |
| | 26,728 | | | Treehouse Foods Inc., (2) | | | | | | | | | 1,431,284 | |
| | | | Health Care Equipment & Supplies – 6.8% | | | | | | | | | | |
| | | | | |
| | 44,475 | | | Align Technology, Inc., (2), (3) | | | | | | | | | 1,182,146 | |
| | | | | |
| | 19,847 | | | Haemonetics Corporation, (2) | | | | | | | | | 1,621,500 | |
| | | | | |
| | 13,756 | | | ICU Medical, Inc., (2), (3) | | | | | | | | | 816,143 | |
| | | | | |
| | 91,195 | | | NuVasive, Inc., (2), (3) | | | | | | | | | 1,315,032 | |
| | | | | |
| | 91,067 | | | Nxstage Medical, Inc., (2) | | | | | | | | | 1,019,950 | |
| | | | Total Health Care Equipment & Supplies | | | | | | | | | 5,954,771 | |
| | | | Health Care Providers & Services – 4.6% | | | | | | | | | | |
| | | | | |
| | 67,759 | | | HealthSouth Corporation, (2), (3) | | | | | | | | | 1,499,507 | |
| | | | | |
| | 62,523 | | | HMS Holdings Corporation, (2), (3) | | | | | | | | | 1,443,656 | |
| | | | | |
| | 33,556 | | | IPC The Hospitalist Company, Inc., (2), (3) | | | | | | | | | 1,157,346 | |
| | | | Total Health Care Providers & Services | | | | | | | | | 4,100,509 | |
| | | | Hotels, Restaurants & Leisure – 3.4% | | | | | | | | | | |
| | | | | |
| | 78,290 | | | Bravo Brio Restaurant Group, (2) | | | | | | | | | 1,033,428 | |
| | | | | |
| | 12,795 | | | Buffalo Wild Wings, Inc., (2), (3) | | | | | | | | | 971,780 | |
| | | | | |
| | 82,227 | | | Caribou Coffee Company, Inc., (2) | | | | | | | | | 984,257 | |
| | | | Total Hotels, Restaurants & Leisure | | | | | | | | | 2,989,465 | |
| | | | Internet Software & Services – 6.8% | | | | | | | | | | |
| | | | | |
| | 90,770 | | | Brightcove Inc., (2), (3) | | | | | | | | | 1,145,517 | |
| | | | | |
| | 81,166 | | | Constant Contact Inc., (2) | | | | | | | | | 1,001,588 | |
| | | | | |
| | 56,789 | | | DealerTrack Holdings, Inc., (2) | | | | | | | | | 1,552,043 | |
| | | | | |
| | 56,546 | | | ExactTarget Inc., (2) | | | | | | | | | 1,318,653 | |
| | | | | |
| | 84,171 | | | Perficient, Inc., (2) | | | | | | | | | 957,024 | |
| | | | Total Internet Software & Services | | | | | | | | | 5,974,825 | |
| | | | Leisure Equipment & Products – 1.9% | | | | | | | | | | |
| | | | | |
| | 69,554 | | | Brunswick Corporation, (3) | | | | | | | | | 1,640,779 | |
| | | | Machinery – 3.0% | | | | | | | | | | |
| | | | | |
| | 38,900 | | | Actuant Corporation, Class A | | | | | | | | | 1,098,536 | |
| | | | | |
| | 42,586 | | | ESCO Technologies Inc. | | | | | | | | | 1,594,420 | |
| | | | Total Machinery | | | | | | | | | 2,692,956 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Oil, Gas & Consumable Fuels – 4.2% | | | | | | | | | | |
| | | | | |
| | 50,480 | | | Energy XXI Limited Bermuda, (3) | | | | | | | | $ | 1,670,888 | |
| | | | | |
| | 114,011 | | | Midstates Petroleum Company Incorporated, (2) | | | | | | | | | 703,448 | |
| | | | | |
| | 45,053 | | | Oasis Petroleum Inc., (2), (3) | | | | | | | | | 1,323,207 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | 3,697,543 | |
| | | | Pharmaceuticals – 1.6% | | | | | | | | | | |
| | | | | |
| | 54,358 | | | Impax Laboratories Inc., (2), (3) | | | | | | | | | 1,155,108 | |
| | | | | |
| | 15,811 | | | Vivus, Inc., (2), (3) | | | | | | | | | 235,584 | |
| | | | Total Pharmaceuticals | | | | | | | | | 1,390,692 | |
| | | | Professional Services – 1.2% | | | | | | | | | | |
| | | | | |
| | 83,909 | | | TrueBlue Inc., (2), (3) | | | | | | | | | 1,095,012 | |
| | | | Road & Rail – 1.6% | | | | | | | | | | |
| | | | | |
| | 142,965 | | | Swift Transportation Company, Class A, (2) | | | | | | | | | 1,393,909 | |
| | | | Semiconductors & Equipment – 3.6% | | | | | | | | | | |
| | | | | |
| | 74,603 | | | Semtech Corporation, (2), (3) | | | | | | | | | 1,862,837 | |
| | | | | |
| | 32,633 | | | Silicon Laboratories Inc., (2) | | | | | | | | | 1,319,026 | |
| | | | Total Semiconductors & Equipment | | | | | | | | | 3,181,863 | |
| | | | Software – 4.2% | | | | | | | | | | |
| | | | | |
| | 61,935 | | | Advent Software Inc., (2), (3) | | | | | | | | | 1,343,990 | |
| | | | | |
| | 57,990 | | | Fortinet Inc., (2) | | | | | | | | | 1,123,266 | |
| | | | | |
| | 28,024 | | | Micros Systems, Inc., (2) | | | | | | | | | 1,272,009 | |
| | | | | |
| | 591,081 | | | VideoPropulsion Inc., (2), (4) | | | | | | | | | — | |
| | | | Total Software | | | | | | | | | 3,739,265 | |
| | | | Specialty Retail – 6.9% | | | | | | | | | | |
| | | | | |
| | 40,662 | | | Ann Inc., (2), (3) | | | | | | | | | 1,429,676 | |
| | | | | |
| | 92,898 | | | Ascena Retail Group Inc., (2) | | | | | | | | | 1,839,380 | |
| | | | | |
| | 47,222 | | | Mens Wearhouse Inc. | | | | | | | | | 1,548,409 | |
| | | | | |
| | 48,590 | | | Zumiez, Inc., (2), (3) | | | | | | | | | 1,229,814 | |
| | | | Total Specialty Retail | | | | | | | | | 6,047,279 | |
| | | | Textiles, Apparel & Luxury Goods – 1.0% | | | | | | | | | | |
| | | | | |
| | 67,400 | | | Crocs, Inc., (2) | | | | | | | | | 849,241 | |
| | | | Total Common Stocks (cost $78,594,200) | | | | | | | | | 84,827,069 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 37.0% | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 37.0% | | | | | | | | | | |
| | | | | |
| | 32,580,502 | | | Mount Vernon Securities Lending Prime Portfolio, 0.295%, (5), (6) | | | | | | | | $ | 32,580,502 | |
| | | | Total Investments Purchased with Collateral from Securities Lending (cost $32,580,502) | | | | | | | | | 32,580,502 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 4.0% | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 4.0% | | | | | | | | | | |
| | | | | |
| | 3,524,585 | | | First American Treasury Obligations Fund, Class Z, 0.004%, (5) | | | | | | | | $ | 3,524,585 | |
| | | | Total Short-Term Investments (cost $3,524,585) | | | | | | | | | 3,524,585 | |
| | | | Total Investments (cost $114,699,287) – 137.3% | | | | | | | | | 120,932,156 | |
| | | | Other Assets Less Liabilities – (37.3)% | | | | | | | | | (32,865,486) | |
| | | | Net Assets – 100% | | | | | | | | $ | 88,066,670 | |
Portfolio of Investments
Nuveen Small Cap Growth Opportunities Fund (continued)
October 31, 2012
| | | | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
| | (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| | (2) | | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| | (3) | | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan at the end of the reporting period was $30,825,010. |
| | (4) | | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment categorized as Level 3. See Notes to Financial Statements Footnote 1 – General Information and Significant Accounting Policies, Investment Valuation for more information. |
| | (5) | | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
| | (6) | | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
See accompanying notes to financial statements.
Statement of Assets & Liabilities
October 31, 2012
| | | | | | | | | | | | |
| | | Large Cap
Growth
Opportunities | | | Mid Cap
Growth
Opportunities | | | Small Cap
Growth
Opportunities | |
Assets | | | | | | | | | | | | |
Investments, at value (cost $436,910,775, $916,511,670 and $82,118,785, respectively) | | $ | 584,310,897 | | | $ | 1,109,732,110 | | | $ | 88,351,654 | |
Investments purchased with collateral from securities lending (at cost, which approximates value) | | | 129,448,489 | | | | 437,237,097 | | | | 32,580,502 | |
Cash | | | 20,024 | | | | 661,841 | | | | 1,977 | |
Receivables: | | | | | | | | | | | | |
Dividends | | | 263,783 | | �� | | 2,257,339 | | | | 10,612 | |
Due from broker | | | 17,296 | | | | 118,646 | | | | 7,342 | |
Interest | | | 26 | | | | 77 | | | | — | |
Investments sold | | | 14,730,130 | | | | — | | | | 223,892 | |
Shares sold | | | 1,231,972 | | | | 1,359,646 | | | | 50,010 | |
Other assets | | | 6,904 | | | | 13,618 | | | | 21 | |
Total assets | | | 730,029,521 | | | | 1,551,380,374 | | | | 121,226,010 | |
Liabilities | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Collateral from securities lending program | | | 129,448,489 | | | | 437,237,097 | | | | 32,580,502 | |
Investments purchased | | | 23,611,128 | | | | — | | | | 166,852 | |
Shares redeemed | | | 1,133,613 | | | | 2,571,919 | | | | 269,867 | |
Accrued expenses: | | | | | | | | | | | | |
Directors fees | | | 10,430 | | | | 20,406 | | | | 777 | |
12b-1 distribution and service fees | | | 44,414 | | | | 101,604 | | | | 10,902 | |
Management fees | | | 346,792 | | | | 766,525 | | | | 79,970 | |
Other | | | 169,912 | | | | 376,396 | | | | 50,470 | |
Total liabilities | | | 154,764,778 | | | | 441,073,947 | | | | 33,159,340 | |
Net assets | | $ | 575,264,743 | | | $ | 1,110,306,427 | | | $ | 88,066,670 | |
Class A Shares | | | | | | | | | | | | |
Net assets | | $ | 134,788,159 | | | $ | 306,507,436 | | | $ | 35,306,313 | |
Shares outstanding | | | 3,953,525 | | | | 7,232,867 | | | | 1,661,324 | |
Net asset value per share | | $ | 34.09 | | | $ | 42.38 | | | $ | 21.25 | |
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price) | | $ | 36.17 | | | $ | 44.97 | | | $ | 22.55 | |
Class B Shares | | | | | | | | | | | | |
Net assets | | $ | 1,480,840 | | | $ | 2,576,272 | | | $ | 687,129 | |
Shares outstanding | | | 48,312 | | | | 70,972 | | | | 37,609 | |
Net asset value and offering price per share | | $ | 30.65 | | | $ | 36.30 | | | $ | 18.27 | |
Class C Shares | | | | | | | | | | | | |
Net assets | | $ | 11,193,454 | | | $ | 17,873,880 | | | $ | 1,568,048 | |
Shares outstanding | | | 357,191 | | | | 468,265 | | | | 81,791 | |
Net asset value and offering price per share | | $ | 31.34 | | | $ | 38.17 | | | $ | 19.17 | |
Class R3 Shares | | | | | | | | | | | | |
Net assets | | $ | 9,658,169 | | | $ | 38,869,148 | | | $ | 2,394,540 | |
Shares outstanding | | | 288,790 | | | | 939,989 | | | | 115,063 | |
Net asset value and offering price per share | | $ | 33.44 | | | $ | 41.35 | | | $ | 20.81 | |
Class I Shares | | | | | | | | | | | | |
Net assets | | $ | 418,144,121 | | | $ | 744,479,691 | | | $ | 48,110,640 | |
Shares outstanding | | | 11,762,159 | | | | 16,195,687 | | | | 2,088,995 | |
Net asset value and offering price per share | | $ | 35.55 | | | $ | 45.97 | | | $ | 23.03 | |
Net assets consist of: | | | | | | | | | | | | |
Capital paid-in | | $ | 423,276,266 | | | $ | 843,542,091 | | | $ | 76,010,393 | |
Undistributed (Over-distribution of) net investment income | | | (1,108,090 | ) | | | (2,317,581 | ) | | | (10,690 | ) |
Accumulated net realized gain (loss) | | | 5,696,445 | | | | 75,861,477 | | | | 5,834,098 | |
Net unrealized appreciation (depreciation) | | | 147,400,122 | | | | 193,220,440 | | | | 6,232,869 | |
Net assets | | $ | 575,264,743 | | | $ | 1,110,306,427 | | | $ | 88,066,670 | |
Authorized shares – per class | | | 2 billion | | | | 2 billion | | | | 2 billion | |
Par value per share | | $ | 0.0001 | | | $ | 0.0001 | | | $ | 0.0001 | |
See accompanying notes to financial statements.
Statement of Operations
Year Ended October 31, 2012
| | | | | | | | | | | | |
| | | Large Cap
Growth
Opportunities | | | Mid Cap
Growth
Opportunities | | | Small Cap
Growth
Opportunities | |
Investment Income | | | | | | | | | | | | |
Dividend and interest income | | $ | 4,466,381 | | | $ | 8,652,424 | | | $ | 360,434 | |
Securities lending income, net | | | 450,450 | | | | 1,148,683 | | | | 141,493 | |
Total investment income | | | 4,916,831 | | | | 9,801,107 | | | | 501,927 | |
Expenses | | | | | | | | | | | | |
Management fees | | | 4,702,191 | | | | 9,614,483 | | | | 997,228 | |
12b-1 service fees – Class A | | | 283,170 | | | | 756,831 | | | | 93,790 | |
12b-1 distribution and service fees – Class B | | | 18,905 | | | | 33,040 | | | | 10,515 | |
12b-1 distribution and service fees – Class C | | | 102,167 | | | | 164,638 | | | | 16,189 | |
12b-1 distribution and service fees – Class R3 | | | 37,298 | | | | 192,925 | | | | 12,466 | |
Shareholders servicing agent fees and expenses | | | 697,816 | | | | 1,482,231 | | | | 322,999 | |
Custodian’s fees and expenses | | | 100,282 | | | | 179,400 | | | | 26,741 | |
Directors fees and expenses | | | 16,418 | | | | 31,878 | | | | 3,011 | |
Professional fees | | | 44,752 | | | | 84,449 | | | | 13,505 | |
Shareholder reporting expenses | | | 67,636 | | | | 115,634 | | | | 28,976 | |
Federal and state registration fees | | | 70,191 | | | | 76,103 | | | | 59,456 | |
Other expenses | | | 27,029 | | | | 50,732 | | | | 10,889 | |
Total expenses before expense reimbursement | | | 6,167,855 | | | | 12,782,344 | | | | 1,595,765 | |
Expense reimbursement | | | (157,519 | ) | | | (303,377 | ) | | | (246,288 | ) |
Net expenses | | | 6,010,336 | | | | 12,478,967 | | | | 1,349,477 | |
Net investment income (loss) | | | (1,093,505 | ) | | | (2,677,860 | ) | | | (847,550 | ) |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | |
Net realized gain (loss) from investments | | | 8,688,927 | | | | 76,780,307 | | | | 8,329,187 | |
Change in net unrealized appreciation (depreciation) of investments | | | 34,772,397 | | | | (1,595,420 | ) | | | (1,326,405 | ) |
Net realized and unrealized gain (loss) | | | 43,461,324 | | | | 75,184,887 | | | | 7,002,782 | |
Net increase (decrease) in net assets from operations | | $ | 42,367,819 | | | $ | 72,507,027 | | | $ | 6,155,232 | |
See accompanying notes to financial statements.
Statement of Changes in Net Assets
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Growth Opportunities | | | Mid Cap Growth Opportunities | | | Small Cap Growth Opportunities | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
Operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (1,093,505 | ) | | $ | (1,299,396 | ) | | $ | (2,677,860 | ) | | $ | (3,745,607 | ) | | $ | (847,550 | ) | | $ | (1,334,376 | ) |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | |
Investments and
foreign currency | | | 8,688,927 | | | | 60,485,177 | | | | 76,780,307 | | | | 138,057,126 | | | | 8,329,187 | | | | 16,904,730 | |
Futures contracts | | | — | | | | — | | | | — | | | | — | | | | — | | | | 662,007 | |
Redemptions in-kind | | | — | | | | 29,395,704 | | | | — | | | | 97,107,318 | | | | — | | | | 10,195,953 | |
Change in net unrealized appreciation (depreciation) of investments and
foreign currency | | | 34,772,397 | | | | (34,390,022 | ) | | | (1,595,420 | ) | | | (91,117,542 | ) | | | (1,326,405 | ) | | | (9,343,473 | ) |
Net increase (decrease) in net assets from operations | | | 42,367,819 | | | | 54,191,463 | | | | 72,507,027 | | | | 140,301,295 | | | | 6,155,232 | | | | 17,084,841 | |
Distributions to Shareholders | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income: | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Class B | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Class C | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Class R3 | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Class I | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
From accumulated net realized gains: | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | (3,267,944 | ) | | | — | | | | (10,990,297 | ) | | | — | | | | (522,866 | ) | | | — | |
Class B | | | (86,687 | ) | | | — | | | | (172,338 | ) | | | — | | | | (21,854 | ) | | | — | |
Class C | | | (329,271 | ) | | | — | | | | (618,790 | ) | | | — | | | | (24,581 | ) | | | — | |
Class R3 | | | (146,968 | ) | | | — | | | | (1,376,941 | ) | | | — | | | | (34,697 | ) | | | — | |
Class I | | | (14,243,083 | ) | | | — | | | | (25,461,450 | ) | | | — | | | | (807,347 | ) | | | — | |
Decrease in net assets from distributions to shareholders | | | (18,073,953 | ) | | | — | | | | (38,619,816 | ) | | | — | | | | (1,411,345 | ) | | | — | |
Fund Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 199,910,231 | | | | 117,946,299 | | | | 270,597,132 | | | | 279,657,651 | | | | 12,033,060 | | | | 29,550,383 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | | | 10,225,671 | | | | — | | | | 30,318,778 | | | | — | | | | 833,300 | | | | — | |
| | | 210,135,902 | | | | 117,946,299 | | | | 300,915,910 | | | | 279,657,651 | | | | 12,866,360 | | | | 29,550,383 | |
Cost of shares redeemed | | | (193,332,899 | ) | | | (172,879,927 | ) | | | (295,747,368 | ) | | | (348,970,454 | ) | | | (34,960,030 | ) | | | (81,538,615 | ) |
Cost of redemptions in-kind | | | — | | | | (86,539,024 | ) | | | — | | | | (320,656,806 | ) | | | — | | | | (46,264,595 | ) |
Net increase (decrease) in net assets from Fund share transactions | | | 16,803,003 | | | | (141,472,652 | ) | | | 5,168,542 | | | | (389,969,609 | ) | | | (22,093,670 | ) | | | (98,252,827 | ) |
Net increase (decrease) in net assets | | | 41,096,869 | | | | (87,281,189 | ) | | | 39,055,753 | | | | (249,668,314 | ) | | | (17,349,783 | ) | | | (81,167,986 | ) |
Net assets at the beginning of period | | | 534,167,874 | | | | 621,449,063 | | | | 1,071,250,674 | | | | 1,320,918,988 | | | | 105,416,453 | | | | 186,584,439 | |
Net assets at the end of period | | $ | 575,264,743 | | | $ | 534,167,874 | | | $ | 1,110,306,427 | | | $ | 1,071,250,674 | | | $ | 88,066,670 | | | $ | 105,416,453 | |
Undistributed (Over-distribution of) net investment income at the end of period | | $ | (1,108,090 | ) | | $ | (14,585 | ) | | $ | (2,317,581 | ) | | $ | (18,519 | ) | | $ | (10,690 | ) | | $ | (10,690 | ) |
See accompanying notes to financial statements.
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | $ | 32.92 | | | $ | (.13 | ) | | $ | 2.46 | | | $ | 2.33 | | | $ | — | | | $ | (1.16 | ) | | $ | (1.16 | ) | | $ | 34.09 | |
2011 | | | 30.24 | | | | (.15 | ) | | | 2.83 | | | | 2.68 | | | | — | | | | — | | | | — | | | | 32.92 | |
2010 | | | 24.23 | | | | (.09 | ) | | | 6.15 | | | | 6.06 | | | | (.05 | ) | | | — | | | | (.05 | ) | | | 30.24 | |
2009 | | | 21.52 | | | | .05 | | | | 2.68 | | | | 2.73 | | | | (.02 | ) | | | — | | | | (.02 | ) | | | 24.23 | |
2008 | | | 36.27 | | | | .02 | | | | (11.65 | ) | | | (11.63 | ) | | | — | | | | (3.12 | ) | | | (3.12 | ) | | | 21.52 | |
Class B (3/99) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 29.90 | | | | (.33 | ) | | | 2.24 | | | | 1.91 | | | | — | | | | (1.16 | ) | | | (1.16 | ) | | | 30.65 | |
2011 | | | 27.68 | | | | (.36 | ) | | | 2.58 | | | | 2.22 | | | | — | | | | — | | | | — | | | | 29.90 | |
2010 | | | 22.31 | | | | (.26 | ) | | | 5.63 | | | | 5.37 | | | | — | | | | — | | | | — | | | | 27.68 | |
2009 | | | 19.93 | | | | (.09 | ) | | | 2.47 | | | | 2.38 | | | | — | | | | — | | | | — | | | | 22.31 | |
2008 | | | 34.08 | | | | (.19 | ) | | | (10.84 | ) | | | (11.03 | ) | | | — | | | | (3.12 | ) | | | (3.12 | ) | | | 19.93 | |
Class C (9/01) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 30.57 | | | | (.35 | ) | | | 2.28 | | | | 1.93 | | | | — | | | | (1.16 | ) | | | (1.16 | ) | | | 31.34 | |
2011 | | | 28.30 | | | | (.37 | ) | | | 2.64 | | | | 2.27 | | | | — | | | | — | | | | — | | | | 30.57 | |
2010 | | | 22.81 | | | | (.27 | ) | | | 5.76 | | | | 5.49 | | | | — | | | | — | | | | — | | | | 28.30 | |
2009 | | | 20.38 | | | | (.10 | ) | | | 2.53 | | | | 2.43 | | | | — | | | | — | | | | — | | | | 22.81 | |
2008 | | | 34.77 | | | | (.19 | ) | | | (11.08 | ) | | | (11.27 | ) | | | — | | | | (3.12 | ) | | | (3.12 | ) | | | 20.38 | |
Class R3 (11/00) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 32.39 | | | | (.22 | ) | | | 2.43 | | | | 2.21 | | | | — | | | | (1.16 | ) | | | (1.16 | ) | | | 33.44 | |
2011 | | | 29.83 | | | | (.23 | ) | | | 2.79 | | | | 2.56 | | | | — | | | | — | | | | — | | | | 32.39 | |
2010 | | | 23.92 | | | | (.16 | ) | | | 6.07 | | | | 5.91 | | | | — | | | | — | | | | — | | | | 29.83 | |
2009 | | | 21.26 | | | | (.01 | ) | | | 2.67 | | | | 2.66 | | | | — | | | | — | | | | — | | | | 23.92 | |
2008 | | | 35.97 | | | | (.05 | ) | | | (11.54 | ) | | | (11.59 | ) | | | — | | | | (3.12 | ) | | | (3.12 | ) | | | 21.26 | |
Class I (12/92) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 34.19 | | | | (.04 | ) | | | 2.56 | | | | 2.52 | | | | — | | | | (1.16 | ) | | | (1.16 | ) | | | 35.55 | |
2011 | | | 31.33 | | | | (.06 | ) | | | 2.92 | | | | 2.86 | | | | — | | | | — | | | | — | | | | 34.19 | |
2010 | | | 25.09 | | | | (.03 | ) | | | 6.38 | | | | 6.35 | | | | (.11 | ) | | | — | | | | (.11 | ) | | | 31.33 | |
2009 | | | 22.31 | | | | .11 | | | | 2.77 | | | | 2.88 | | | | (.10 | ) | | | — | | | | (.10 | ) | | | 25.09 | |
2008 | | | 37.42 | | | | .10 | | | | (12.07 | ) | | | (11.97 | ) | | | (.02 | ) | | | (3.12 | ) | | | (3.14 | ) | | | 22.31 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 7.66 | % | | $ | 134,788 | | | | 1.26 | % | | | (.42 | )% | | | 1.23 | % | | | (.39 | )% | | | 73 | % |
| | 8.86 | | | | 84,875 | | | | 1.20 | | | | (.46 | ) | | | 1.20 | | | | (.46 | ) | | | 88 | |
| | 25.03 | | | | 66,409 | | | | 1.21 | | | | (.36 | ) | | | 1.20 | | | | (.35 | ) | | | 106 | |
| | 12.73 | | | | 56,963 | | | | 1.22 | | | | .24 | | | | 1.22 | | | | .24 | | | | 112 | |
| | (34.81 | ) | | | 53,430 | | | | 1.20 | | | | .07 | | | | 1.20 | | | | .07 | | | | 92 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 7.00 | | | | 1,481 | | | | 2.00 | | | | (1.10 | ) | | | 1.98 | | | | (1.07 | ) | | | 73 | |
| | 8.02 | | | | 2,411 | | | | 1.95 | | | | (1.19 | ) | | | 1.95 | | | | (1.19 | ) | | | 88 | |
| | 24.07 | | | | 3,473 | | | | 1.96 | | | | (1.07 | ) | | | 1.95 | | | | (1.06 | ) | | | 106 | |
| | 11.94 | | | | 4,749 | | | | 1.97 | | | | (.48 | ) | | | 1.97 | | | | (.48 | ) | | | 112 | |
| | (35.33 | ) | | | 5,907 | | | | 1.95 | | | | (.68 | ) | | | 1.95 | | | | (.68 | ) | | | 92 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 6.88 | | | | 11,193 | | | | 2.01 | | | | (1.16 | ) | | | 1.98 | | | | (1.14 | ) | | | 73 | |
| | 8.02 | | | | 7,832 | | | | 1.95 | | | | (1.21 | ) | | | 1.95 | | | | (1.21 | ) | | | 88 | |
| | 24.07 | | | | 4,220 | | | | 1.96 | | | | (1.09 | ) | | | 1.95 | | | | (1.08 | ) | | | 106 | |
| | 11.92 | | | | 4,509 | | | | 1.97 | | | | (.51 | ) | | | 1.97 | | | | (.51 | ) | | | 112 | |
| | (35.31 | ) | | | 4,368 | | | | 1.95 | | | | (.68 | ) | | | 1.95 | | | | (.68 | ) | | | 92 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 7.40 | | | | 9,658 | | | | 1.51 | | | | (.70 | ) | | | 1.48 | | | | (.67 | ) | | | 73 | |
| | 8.58 | | | | 3,431 | | | | 1.45 | | | | (.72 | ) | | | 1.45 | | | | (.72 | ) | | | 88 | |
| | 24.71 | | | | 742 | | | | 1.46 | | | | (.60 | ) | | | 1.45 | | | | (.59 | ) | | | 106 | |
| | 12.51 | | | | 667 | | | | 1.47 | | | | (.05 | ) | | | 1.47 | | | | (.05 | ) | | | 112 | |
| | (35.00 | ) | | | 454 | | | | 1.45 | | | | (.18 | ) | | | 1.45 | | | | (.18 | ) | | | 92 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 7.94 | | | | 418,144 | | | | 1.01 | | | | (.13 | ) | | | .98 | | | | (.11 | ) | | | 73 | |
| | 9.13 | | | | 435,619 | | | | .95 | | | | (.17 | ) | | | .95 | | | | (.17 | ) | | | 88 | |
| | 25.34 | | | | 546,605 | | | | .96 | | | | (.11 | ) | | | .95 | | | | (.10 | ) | | | 106 | |
| | 13.02 | | | | 482,222 | | | | .97 | | | | .48 | | | | .97 | | | | .48 | | | | 112 | |
| | (34.65 | ) | | | 417,337 | | | | .95 | | | | .32 | | | | .95 | | | | .32 | | | | 92 | |
| (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. |
See accompanying notes to financial statements.
Financial Highlights (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) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | $ | 41.36 | | | $ | (.16 | ) | | $ | 2.77 | | | $ | 2.61 | | | $ | — | | | $ | (1.59 | ) | | $ | (1.59 | ) | | $ | 42.38 | |
2011 | | | 37.26 | | | | (.22 | ) | | | 4.32 | | | | 4.10 | | | | — | | | | — | | | | — | | | | 41.36 | |
2010 | | | 28.83 | | | | (.18 | ) | | | 8.61 | | | | 8.43 | | | | — | | | | — | | | | — | | | | 37.26 | |
2009 | | | 23.88 | | | | (.08 | ) | | | 5.03 | | | | 4.95 | | | | — | | | | — | | | | — | | | | 28.83 | |
2008 | | | 46.57 | | | | (.16 | ) | | | (17.86 | ) | | | (18.02 | ) | | | — | | | | (4.67 | ) | | | (4.67 | ) | | | 23.88 | |
Class B (3/99) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 35.93 | | | | (.42 | ) | | | 2.38 | | | | 1.96 | | | | — | | | | (1.59 | ) | | | (1.59 | ) | | | 36.30 | |
2011 | | | 32.62 | | | | (.46 | ) | | | 3.77 | | | | 3.31 | | | | — | | | | — | | | | — | | | | 35.93 | |
2010 | | | 25.43 | | | | (.37 | ) | | | 7.56 | | | | 7.19 | | | | — | | | | — | | | | — | | | | 32.62 | |
2009 | | | 21.22 | | | | (.23 | ) | | | 4.44 | | | | 4.21 | | | | — | | | | — | | | | — | | | | 25.43 | |
2008 | | | 42.21 | | | | (.38 | ) | | | (15.94 | ) | | | (16.32 | ) | | | — | | | | (4.67 | ) | | | (4.67 | ) | | | 21.22 | |
Class C (9/01) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 37.70 | | | | (.43 | ) | | | 2.49 | | | | 2.06 | | | | — | | | | (1.59 | ) | | | (1.59 | ) | | | 38.17 | |
2011 | | | 34.21 | | | | (.49 | ) | | | 3.98 | | | | 3.49 | | | | — | | | | — | | | | — | | | | 37.70 | |
2010 | | | 26.67 | | | | (.39 | ) | | | 7.93 | | | | 7.54 | | | | — | | | | — | | | | — | | | | 34.21 | |
2009 | | | 22.26 | | | | (.24 | ) | | | 4.65 | | | | 4.41 | | | | — | | | | — | | | | — | | | | 26.67 | |
2008 | | | 44.03 | | | | (.40 | ) | | | (16.70 | ) | | | (17.10 | ) | | | — | | | | (4.67 | ) | | | (4.67 | ) | | | 22.26 | |
Class R3 (12/00) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 40.50 | | | | (.27 | ) | | | 2.71 | | | | 2.44 | | | | — | | | | (1.59 | ) | | | (1.59 | ) | | | 41.35 | |
2011 | | | 36.58 | | | | (.31 | ) | | | 4.23 | | | | 3.92 | | | | — | | | | — | | | | — | | | | 40.50 | |
2010 | | | 28.37 | | | | (.26 | ) | | | 8.47 | | | | 8.21 | | | | — | | | | — | | | | — | | | | 36.58 | |
2009 | | | 23.56 | | | | (.14 | ) | | | 4.95 | | | | 4.81 | | | | — | | | | — | | | | — | | | | 28.37 | |
2008 | | | 46.11 | | | | (.24 | ) | | | (17.64 | ) | | | (17.88 | ) | | | — | | | | (4.67 | ) | | | (4.67 | ) | | | 23.56 | |
Class I (12/89) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 44.62 | | | | (.06 | ) | | | 3.00 | | | | 2.94 | | | | — | | | | (1.59 | ) | | | (1.59 | ) | | | 45.97 | |
2011 | | | 40.09 | | | | (.10 | ) | | | 4.63 | | | | 4.53 | | | | — | | | | — | | | | — | | | | 44.62 | |
2010 | | | 30.94 | | | | (.11 | ) | | | 9.26 | | | | 9.15 | | | | — | | | | — | | | | — | | | | 40.09 | |
2009 | | | 25.57 | | | | (.02 | ) | | | 5.39 | | | | 5.37 | | | | — | | | | — | | | | — | | | | 30.94 | |
2008 | | | 49.40 | | | | (.07 | ) | | | (19.09 | ) | | | (19.16 | ) | | | — | | | | (4.67 | ) | | | (4.67 | ) | | | 25.57 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| |
| | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 6.88 | % | | $ | 306,507 | | | | 1.30 | % | | | (.42 | )% | | | 1.27 | % | | | (.39 | )% | | | 113 | % |
| | 11.00 | | | | 289,038 | | | | 1.26 | | | | (.53 | ) | | | 1.26 | | | | (.53 | ) | | | 114 | |
| | 29.24 | | | | 275,040 | | | | 1.23 | | | | (.57 | ) | | | 1.23 | | | | (.57 | ) | | | 114 | |
| | 20.73 | | | | 231,743 | | | | 1.23 | | | | (.33 | ) | | | 1.23 | | | | (.33 | ) | | | 123 | |
| | (42.75 | ) | | | 209,052 | | | | 1.22 | | | | (.43 | ) | | | 1.22 | | | | (.43 | ) | | | 113 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 6.08 | | | | 2,576 | | | | 2.05 | | | | (1.18 | ) | | | 2.02 | | | | (1.15 | ) | | | 113 | |
| | 10.15 | | | | 4,127 | | | | 2.01 | | | | (1.26 | ) | | | 2.01 | | | | (1.26 | ) | | | 114 | |
| | 28.27 | | | | 5,490 | | | | 1.98 | | | | (1.31 | ) | | | 1.98 | | | | (1.31 | ) | | | 114 | |
| | 19.84 | | | | 6,762 | | | | 1.98 | | | | (1.06 | ) | | | 1.98 | | | | (1.06 | ) | | | 123 | |
| | (43.18 | ) | | | 7,241 | | | | 1.97 | | | | (1.18 | ) | | | 1.97 | | | | (1.18 | ) | | | 113 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 6.06 | | | | 17,874 | | | | 2.05 | | | | (1.16 | ) | | | 2.02 | | | | (1.13 | ) | | | 113 | |
| | 10.20 | | | | 14,314 | | | | 2.01 | | | | (1.28 | ) | | | 2.01 | | | | (1.28 | ) | | | 114 | |
| | 28.27 | | | | 13,564 | | | | 1.98 | | | | (1.32 | ) | | | 1.98 | | | | (1.32 | ) | | | 114 | |
| | 19.81 | | | | 12,894 | | | | 1.98 | | | | (1.07 | ) | | | 1.98 | | | | (1.07 | ) | | | 123 | |
| | (43.16 | ) | | | 13,011 | | | | 1.97 | | | | (1.18 | ) | | | 1.97 | | | | (1.18 | ) | | | 113 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 6.59 | | | | 38,869 | | | | 1.55 | | | | (.67 | ) | | | 1.52 | | | | (.64 | ) | | | 113 | |
| | 10.72 | | | | 34,929 | | | | 1.51 | | | | (.77 | ) | | | 1.51 | | | | (.77 | ) | | | 114 | |
| | 28.94 | | | | 33,772 | | | | 1.48 | | | | (.82 | ) | | | 1.48 | | | | (.82 | ) | | | 114 | |
| | 20.42 | | | | 26,822 | | | | 1.48 | | | | (.59 | ) | | | 1.48 | | | | (.59 | ) | | | 123 | |
| | (42.88 | ) | | | 21,246 | | | | 1.47 | | | | (.69 | ) | | | 1.47 | | | | (.69 | ) | | | 113 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 7.13 | | | | 744,480 | | | | 1.05 | | | | (.17 | ) | | | 1.02 | | | | (.14 | ) | | | 113 | |
| | 11.30 | | | | 728,843 | | | | 1.01 | | | | (.21 | ) | | | 1.01 | | | | (.21 | ) | | | 114 | |
| | 29.57 | | | | 993,053 | | | | .98 | | | | (.31 | ) | | | .98 | | | | (.31 | ) | | | 114 | |
| | 21.00 | | | | 907,825 | | | | .98 | | | | (.09 | ) | | | .98 | | | | (.09 | ) | | | 123 | |
| | (42.59 | ) | | | 732,559 | | | | .97 | | | | (.18 | ) | | | .97 | | | | (.18 | ) | | | 113 | |
| (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. |
See accompanying notes to financial statements.
Financial Highlights (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) | | | | | | | | | | | | | | | | | | | | | |
2012 | | $ | 20.41 | | | $ | (.21 | ) | | $ | 1.35 | | | $ | 1.14 | | | $ | — | | | $ | (.30 | ) | | $ | (.30 | ) | | $ | 21.25 | |
2011 | | | 19.04 | | | | (.24 | ) | | | 1.61 | | | | 1.37 | | | | — | | | | — | | | | — | | | | 20.41 | |
2010 | | | 14.55 | | | | (.18 | ) | | | 4.67 | | | | 4.49 | | | | — | | | | — | | | | — | | | | 19.04 | |
2009 | | | 11.96 | | | | (.11 | ) | | | 2.70 | | | | 2.59 | | | | — | | | | — | | | | — | | | | 14.55 | |
2008 | | | 21.65 | | | | (.14 | ) | | | (7.97 | ) | | | (8.11 | ) | | | — | | | | (1.58 | ) | | | (1.58 | ) | | | 11.96 | |
Class B (3/99) | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 17.72 | | | | (.32 | ) | | | 1.17 | | | | .85 | | | | — | | | | (.30 | ) | | | (.30 | ) | | | 18.27 | |
2011 | | | 16.66 | | | | (.35 | ) | | | 1.41 | | | | 1.06 | | | | — | | | | — | | | | — | | | | 17.72 | |
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 | |
Class C (9/01) | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 18.58 | | | | (.34 | ) | | | 1.23 | | | | .89 | | | | — | | | | (.30 | ) | | | (.30 | ) | | | 19.17 | |
2011 | | | 17.46 | | | | (.36 | ) | | | 1.48 | | | | 1.12 | | | | — | | | | — | | | | — | | | | 18.58 | |
2010 | | | 13.44 | | | | (.28 | ) | | | 4.30 | | | | 4.02 | | | | — | | | | — | | | | — | | | | 17.46 | |
2009 | | | 11.13 | | | | (.19 | ) | | | 2.50 | | | | 2.31 | | | | — | | | | — | | | | — | | | | 13.44 | |
2008 | | | 20.41 | | | | (.24 | ) | | | (7.46 | ) | | | (7.70 | ) | | | — | | | | (1.58 | ) | | | (1.58 | ) | | | 11.13 | |
Class R3 (12/00) | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 20.04 | | | | (.26 | ) | | | 1.33 | | | | 1.07 | | | | — | | | | (.30 | ) | | | (.30 | ) | | | 20.81 | |
2011 | | | 18.74 | | | | (.29 | ) | | | 1.59 | | | | 1.30 | | | | — | | | | — | | | | — | | | | 20.04 | |
2010 | | | 14.36 | | | | (.22 | ) | | | 4.60 | | | | 4.38 | | | | — | | | | — | | | | — | | | | 18.74 | |
2009 | | | 11.83 | | | | (.16 | ) | | | 2.69 | | | | 2.53 | | | | — | | | | — | | | | — | | | | 14.36 | |
2008 | | | 21.49 | | | | (.17 | ) | | | (7.91 | ) | | | (8.08 | ) | | | — | | | | (1.58 | ) | | | (1.58 | ) | | | 11.83 | |
Class I (8/95) | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 22.04 | | | | (.17 | ) | | | 1.46 | | | | 1.29 | | | | — | | | | (.30 | ) | | | (.30 | ) | | | 23.03 | |
2011 | | | 20.51 | | | | (.19 | ) | | | 1.72 | | | | 1.53 | | | | — | | | | — | | | | — | | | | 22.04 | |
2010 | | | 15.63 | | | | (.15 | ) | | | 5.03 | | | | 4.88 | | | | — | | | | — | | | | — | | | | 20.51 | |
2009 | | | 12.81 | | | | (.09 | ) | | | 2.91 | | | | 2.82 | | | | — | | | | — | | | | — | | | | 15.63 | |
2008 | | | 23.03 | | | | (.10 | ) | | | (8.54 | ) | | | (8.64 | ) | | | — | | | | (1.58 | ) | | | (1.58 | ) | | | 12.81 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | |
| | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5.73 | % | | $ | 35,306 | | | | 1.72 | % | | | (1.21 | )% | | | 1.47 | % | | | (.97 | )% | | | 118 | % |
| | 7.20 | | | | 36,188 | | | | 1.54 | | | | (1.19 | ) | | | 1.47 | | | | (1.12 | ) | | | 118 | |
| | 30.86 | | | | 39,501 | | | | 1.68 | | | | (1.26 | ) | | | 1.47 | | | | (1.05 | ) | | | 142 | |
| | 21.66 | | | | 30,202 | | | | 1.79 | | | | (1.21 | ) | | | 1.47 | | | | (.89 | ) | | | 169 | |
| | (40.07 | ) | | | 29,022 | | | | 1.63 | | | | (.99 | ) | | | 1.46 | | | | (.82 | ) | | | 138 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 4.95 | | | | 687 | | | | 2.47 | | | | (1.97 | ) | | | 2.22 | | | | (1.72 | ) | | | 118 | |
| | 6.36 | | | | 1,482 | | | | 2.31 | | | | (1.95 | ) | | | 2.22 | | | | (1.86 | ) | | | 118 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 4.93 | | | | 1,568 | | | | 2.46 | | | | (1.96 | ) | | | 2.22 | | | | (1.72 | ) | | | 118 | |
| | 6.41 | | | | 1,546 | | | | 2.29 | | | | (1.94 | ) | | | 2.22 | | | | (1.87 | ) | | | 118 | |
| | 29.91 | | | | 1,596 | | | | 2.43 | | | | (2.01 | ) | | | 2.22 | | | | (1.80 | ) | | | 142 | |
| | 20.75 | | | | 1,341 | | | | 2.54 | | | | (1.98 | ) | | | 2.22 | | | | (1.66 | ) | | | 169 | |
| | (40.53 | ) | | | 1,104 | | | | 2.38 | | | | (1.73 | ) | | | 2.21 | | | | (1.56 | ) | | | 138 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5.48 | | | | 2,395 | | | | 1.96 | | | | (1.46 | ) | | | 1.72 | | | | (1.22 | ) | | | 118 | |
| | 6.94 | | | | 2,334 | | | | 1.79 | | | | (1.44 | ) | | | 1.72 | | | | (1.37 | ) | | | 118 | |
| | 30.50 | | | | 2,185 | | | | 1.93 | | | | (1.52 | ) | | | 1.72 | | | | (1.31 | ) | | | 142 | |
| | 21.39 | | | | 1,469 | | | | 2.04 | | | | (1.56 | ) | | | 1.72 | | | | (1.24 | ) | | | 169 | |
| | (40.24 | ) | | | 433 | | | | 1.89 | | | | (1.21 | ) | | | 1.72 | | | | (1.04 | ) | | | 138 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5.99 | | | | 48,111 | | | | 1.47 | | | | (.96 | ) | | | 1.22 | | | | (.72 | ) | | | 118 | |
| | 7.46 | | | | 63,866 | | | | 1.31 | | | | (.94 | ) | | | 1.22 | | | | (.84 | ) | | | 118 | |
| | 31.22 | | | | 141,215 | | | | 1.43 | | | | (1.01 | ) | | | 1.22 | | | | (.80 | ) | | | 142 | |
| | 22.01 | | | | 103,423 | | | | 1.54 | | | | (.99 | ) | | | 1.22 | | | | (.67 | ) | | | 169 | |
| | (39.97 | ) | | | 75,355 | | | | 1.39 | | | | (.73 | ) | | | 1.22 | | | | (.56 | ) | | | 138 | |
| (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. |
See accompanying notes to financial statements.
Notes to Financial Statements
1. General Information and Significant Accounting Policies
General Information
Nuveen Investment Funds, Inc. (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Large Cap Growth Opportunities Fund (“Large Cap Growth Opportunities”), Nuveen Mid Cap Growth Opportunities Fund (“Mid Cap Growth Opportunities”) and Nuveen Small Cap Growth Opportunities Fund (“Small Cap Growth Opportunities”), (each a “Fund” and collectively, the “Funds”), as diversified Funds, among others. The Trust was incorporated in the State of Maryland on August 20, 1987.
Large Cap Growth Opportunities’ investment objective is long-term growth of capital. 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, defined as companies that have market capitalizations of $5 billion or greater at the time of purchase.
Mid Cap Growth Opportunities’ investment objective is capital appreciation. 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 mid-capitalization companies, defined as companies that have market capitalizations at the time of purchase within the market capitalization range of the companies in the Russell Midcap® Index immediately after its most recent reconstitution prior to such purchase. It is expected that reconstitution of the index will occur each year at the end of June. Immediately after the most recent reconstitution, the range was $520 million to $17.9 billion. Under certain market conditions, the Fund may frequently invest in companies at the time of their initial public offering.
Small Cap Growth Opportunities’ investment objective is growth of capital. 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 small-capitalization companies, defined as companies that have market capitalizations of less than $3 billion at the time of purchase. Under certain market conditions, the Fund may frequently invest in companies at the time of their initial public offering.
Each Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of non-U.S. issuers. In addition, each Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of non-U.S. issuers and in dollar-denominated equity securities of non-U.S. issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up to 15% of each Fund’s total assets may be invested in equity securities of emerging market issuers. Each Fund may utilize options, futures contracts, options on futures contracts and forward foreign currency exchanges contracts (“derivatives”). Each Fund may use these derivatives to manage market or business risk, enhance each Fund’s return, or hedge against adverse movements in currency exchange rates.
The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
Investment 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 and are generally classified as Level 2. Prices of certain American Depositary 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 (“NYSE”). These securities may 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. Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. These investment vehicles 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 (“RICs”). 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 and net realized gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Flexible Sales Charge Program
Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Class B Shares were sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class B Shares are subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an upfront sales charge but incur a .25% annual 12b-1 distribution and a ..25% annual 12b-1 service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
Foreign Currency Transactions
Each Fund is authorized to engage in foreign currency exchange transactions, including foreign currency exchange contracts, 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, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains
Notes to Financial Statements (continued)
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 and derivatives are recognized as a component of “Net realized gain (loss) from investments and foreign currency,” on the Statement of Operations, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency,” on the Statement of Operations, when applicable.
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, 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 fiscal year ended October 31, 2012, none of the Funds invested in future contracts.
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 clearinghouse, 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 Nuveen Fund Advisors, Inc. (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), 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 12b-1 distribution fees and shareholder service fees, are recorded to the specific class.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Securities Lending
In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program” on the Statement of
Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 102%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.
The Funds’ custodian serves as the securities lending agent for the Funds. Each Fund pays the custodian a fee based on the Fund’s proportional share of the custodian’s expense of operating its securities lending program. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending” on the Statement of Assets and Liabilities.
Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income, net” Securities lending fees paid by each Fund during the fiscal year ended October 31, 2012, were as follows:
| | | | | | | | | | | | |
| | | |
| | | Large Cap
Growth
Opportunities | | | Mid Cap
Growth
Opportunities | | | Small Cap
Growth
Opportunities | |
Securities lending fees paid | | $ | 75,809 | | | $ | 184,129 | | | $ | 20,323 | |
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 for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| | |
| Level 1 – | | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| Level 2 – | | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3 – | | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
Notes to Financial Statements (continued)
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
| | | | | | | | | | | | | | | | |
| | | | |
| Large Cap Growth Opportunities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 575,305,383 | | | $ | — | | | $ | — | | | $ | 575,305,383 | |
Investments Purchased with Collateral from Securities Lending | | | 129,448,489 | | | | — | | | | — | | | | 129,448,489 | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 9,005,514 | | | | — | | | | — | | | | 9,005,514 | |
Total | | $ | 713,759,386 | | | $ | — | | | $ | — | | | $ | 713,759,386 | |
| | | | |
| Mid Cap Growth Opportunities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 1,091,163,532 | | | $ | — | | | $ | — | | | $ | 1,091,163,532 | |
Investments Purchased with Collateral from Securities Lending | | | 437,237,097 | | | | — | | | | — | | | | 437,237,097 | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 18,568,578 | | | | — | | | | — | | | | 18,568,578 | |
Total | | $ | 1,546,969,207 | | | $ | — | | | $ | — | | | $ | 1,546,969,207 | |
| | | | |
| Small Cap Growth Opportunities | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 84,827,069 | | | $ | — | | | $ | — | ** | | $ | 84,827,069 | |
Investments Purchased with Collateral from Securities Lending | | | 32,580,502 | | | | — | | | | — | | | | 32,580,502 | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 3,524,585 | | | | — | | | | — | | | | 3,524,585 | |
Total | | $ | 120,932,156 | | | $ | — | | | $ | — | ** | | $ | 120,932,156 | |
| * | Refer to the Fund’s Portfolio of Investments for industry classifications. |
| ** | Level 3 security has a market value of zero. Refer to the Fund’s Portfolio of Investments for security classified as Level 3. |
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
3. 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. The Funds did not invest in derivative instruments during the fiscal year ended October 31, 2012.
4. Fund Shares
Transactions in Fund shares were as follows:
| | | | | | | | | | | | | | | | |
| | | Large Cap Growth Opportunities | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 1,977,056 | | | $ | 67,022,340 | | | | 1,030,651 | | | $ | 34,137,022 | |
Class B | | | 2,060 | | | | 64,799 | | | | 5,871 | | | | 178,105 | |
Class C | | | 144,538 | | | | 4,470,537 | | | | 136,693 | | | | 4,197,857 | |
Class R3 | | | 243,928 | | | | 7,858,765 | | | | 97,634 | | | | 3,261,354 | |
Class I | | | 3,476,160 | | | | 120,493,790 | | | | 2,239,175 | | | | 76,171,961 | |
Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 105,705 | | | | 3,128,856 | | | | — | | | | — | |
Class B | | | 3,203 | | | | 85,704 | | | | — | | | | — | |
Class C | | | 8,270 | | | | 226,508 | | | | — | | | | — | |
Class R3 | | | 5,050 | | | | 146,968 | | | | — | | | | — | |
Class I | | | 215,508 | | | | 6,637,635 | | | | — | | | | — | |
| | | | 6,181,478 | | | | 210,135,902 | | | | 3,510,024 | | | | 117,946,299 | |
Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (707,801 | ) | | | (23,866,671 | ) | | | (648,075 | ) | | | (21,533,002 | ) |
Class B | | | (37,567 | ) | | | (1,150,978 | ) | | | (50,698 | ) | | | (1,544,574 | ) |
Class C | | | (51,770 | ) | | | (1,610,482 | ) | | | (29,628 | ) | | | (911,615 | ) |
Class R3 | | | (66,117 | ) | | | (2,157,862 | ) | | | (16,584 | ) | | | (534,485 | ) |
Class I | | | (4,672,394 | ) | | | (164,546,906 | ) | | | (4,263,570 | ) | | | (148,356,251 | ) |
Class I – In-Kind | | | — | | | | — | | | | (2,678,398 | ) | | | (86,539,024 | ) |
| | | | (5,535,649 | ) | | | (193,332,899 | ) | | | (7,686,953 | ) | | | (259,418,951 | ) |
Net increase (decrease) | | | 645,829 | | | $ | 16,803,003 | | | | (4,176,929 | ) | | $ | (141,472,652 | ) |
| |
| | | Mid Cap Growth Opportunities | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 1,876,175 | | | $ | 78,271,691 | | | | 1,758,690 | | | $ | 73,910,507 | |
Class B | | | 1,177 | | | | 41,138 | | | | 1,906 | | | | 68,527 | |
Class C | | | 137,723 | | | | 5,238,734 | | | | 70,600 | | | | 2,674,150 | |
Class R3 | | | 536,070 | | | | 21,615,530 | | | | 514,920 | | | | 21,199,623 | |
Class I | | | 3,677,764 | | | | 165,430,039 | | | | 3,994,324 | | | | 181,804,844 | |
Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 293,603 | | | | 10,810,446 | | | | — | | | | — | |
Class B | | | 5,239 | | | | 166,355 | | | | — | | | | — | |
Class C | | | 16,012 | | | | 534,474 | | | | — | | | | — | |
Class R3 | | | 38,238 | | | | 1,376,941 | | | | — | | | | — | |
Class I | | | 437,404 | | | | 17,430,562 | | | | — | | | | — | |
| | | | 7,019,405 | | | | 300,915,910 | | | | 6,340,440 | | | | 279,657,651 | |
Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (1,924,502 | ) | | | (80,454,417 | ) | | | (2,152,411 | ) | | | (91,460,035 | ) |
Class B | | | (50,297 | ) | | | (1,825,565 | ) | | | (55,374 | ) | | | (2,033,061 | ) |
Class C | | | (65,179 | ) | | | (2,450,815 | ) | | | (87,325 | ) | | | (3,307,929 | ) |
Class R3 | | | (496,726 | ) | | | (20,010,287 | ) | | | (575,859 | ) | | | (23,989,967 | ) |
Class I | | | (4,255,206 | ) | | | (191,006,284 | ) | | | (5,002,958 | ) | | | (228,179,462 | ) |
Class I – In-Kind | | | — | | | | — | | | | (7,424,395 | ) | | | (320,656,806 | ) |
| | | | (6,791,910 | ) | | | (295,747,368 | ) | | | (15,298,322 | ) | | | (669,627,260 | ) |
Net increase (decrease) | | | 227,495 | | | $ | 5,168,542 | | | | (8,957,882 | ) | | $ | (389,969,609 | ) |
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | |
| | | Small Cap Growth Opportunities | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 181,562 | | | $ | 3,953,207 | | | | 281,619 | | | $ | 6,049,377 | |
Class B | | | 271 | | | | 4,858 | | | | 2,154 | | | | 39,844 | |
Class C | | | 10,821 | | | | 213,237 | | | | 13,293 | | | | 264,550 | |
Class R3 | | | 40,793 | | | | 861,003 | | | | 61,642 | | | | 1,261,846 | |
Class I | | | 301,530 | | | | 7,000,755 | | | | 950,540 | | | | 21,934,766 | |
Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 25,561 | | | | 492,295 | | | | — | | | | — | |
Class B | | | 1,301 | | | | 21,675 | | | | — | | | | — | |
Class C | | | 1,334 | | | | 23,323 | | | | — | | | | — | |
Class R3 | | | 1,836 | | | | 34,697 | | | | — | | | | — | |
Class I | | | 12,551 | | | | 261,310 | | | | — | | | | — | |
| | | | 577,560 | | | | 12,866,360 | | | | 1,309,248 | | | | 29,550,383 | |
Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (318,800 | ) | | | (6,900,577 | ) | | | (583,516 | ) | | | (12,808,551 | ) |
Class B | | | (47,582 | ) | | | (893,732 | ) | | | (43,903 | ) | | | (811,714 | ) |
Class C | | | (13,576 | ) | | | (259,174 | ) | | | (21,496 | ) | | | (428,292 | ) |
Class R3 | | | (44,038 | ) | | | (923,620 | ) | | | (61,745 | ) | | | (1,292,506 | ) |
Class I | | | (1,123,082 | ) | | | (25,982,927 | ) | | | (2,956,187 | ) | | | (66,197,552 | ) |
Class I – In-Kind | | | — | | | | — | | | | (1,983,052 | ) | | | (46,264,595 | ) |
| | | | (1,547,078 | ) | | | (34,960,030 | ) | | | (5,649,899 | ) | | | (127,803,210 | ) |
Net increase (decrease) | | | (969,518 | ) | | $ | (22,093,670 | ) | | | (4,340,651 | ) | | $ | (98,252,827 | ) |
Class B Shares that converted to Class A Shares (recognized as a component of Class A Shares sold and Class B Shares redeemed) during the fiscal year ended October 31, 2012 and fiscal year ended October 31, 2011, were as follows:
| | | | | | | | |
| Fund | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
Large Cap Growth Opportunities | | | 50,367 | | | | 29,920 | |
Mid Cap Growth Opportunities | | | 36,727 | | | | 28,096 | |
Small Cap Growth Opportunities | | | 54,323 | | | | 33,211 | |
5. Investment Transactions
Purchases and sales (excluding investments purchased with collateral from securities lending and short-term investments) during the fiscal year ended October 31, 2012, were as follows:
| | | | | | | | | | | | |
| | | |
| | | Large Cap
Growth
Opportunities | | | Mid Cap
Growth
Opportunities | | | Small Cap
Growth
Opportunities | |
Purchases | | $ | 414,309,438 | | | $ | 1,239,320,946 | | | $ | 114,285,082 | |
Sales | | | 411,032,393 | | | | 1,290,155,589 | | | | 139,171,862 | |
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 October 31, 2012, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
| | | | | | | | | | | | |
| | | |
| | | Large Cap
Growth
Opportunities | | | Mid Cap
Growth
Opportunities | | | Small Cap
Growth
Opportunities | |
Cost of investments | | $ | 567,286,128 | | | $ | 1,355,238,083 | | | $ | 115,848,219 | |
Gross unrealized: | | | | | | | | | | | | |
Appreciation | | $ | 149,137,863 | | | $ | 210,133,760 | | | $ | 10,201,395 | |
Depreciation | | | (2,664,605 | ) | | | (18,402,636 | ) | | | (5,117,458 | ) |
Net unrealized appreciation (depreciation) of investments | | $ | 146,473,258 | | | $ | 191,731,124 | | | $ | 5,083,937 | |
Permanent differences, primarily due to net operating losses, tax equalization, real estate investment trust (“REIT”) adjustments and investments in partnerships, resulted in reclassifications among the Funds’ components of net assets at October 31, 2012, the Funds’ tax year end, as follows:
| | | | | | | | | | | | |
| | | |
| | | Large Cap
Growth
Opportunities | | | Mid Cap
Growth
Opportunities | | | Small Cap
Growth
Opportunities | |
Capital paid-in | | $ | 107,668 | | | $ | 335,586 | | | $ | 284,829 | |
Undistributed (Over-distribution of) net investment income | | | — | | | | 378,798 | | | | 847,550 | |
Accumulated net realized gain (loss) | | | (107,668 | ) | | | (714,384 | ) | | | (1,132,379 | ) |
The tax components of undistributed net ordinary income and net long-term capital gains at October 31, 2012, the Funds’ tax year end, were as follows:
| | | | | | | | | | | | |
| | | |
| | | Large Cap
Growth
Opportunities | | | Mid Cap
Growth
Opportunities | | | Small Cap
Growth
Opportunities | |
Undistributed net ordinary income* | | $ | — | | | $ | — | | | $ | 1,926,567 | |
Undistributed net long-term capital gains | | | 6,623,309 | | | | 77,350,795 | | | | 5,056,464 | |
| * | 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’ tax years ended October 31, 2012 and October 31, 2011, was designated for purposes of the dividends paid deduction as follows:
| | | | | | | | | | | | |
| 2012 | | Large Cap
Growth
Opportunities | | | Mid Cap
Growth
Opportunities | | | Small Cap
Growth
Opportunities | |
Distributions from net ordinary income* | | $ | — | | | $ | — | | | $ | — | |
Distributions from net long-term capital gains | | | 18,073,953 | | | | 38,619,816 | | | | 1,411,345 | |
| | | | | | | | | | | | |
| 2011 | | Large Cap
Growth
Opportunities | | | Mid Cap
Growth
Opportunities | | | Small Cap
Growth
Opportunities | |
Distributions from net ordinary income* | | $ | — | | | $ | — | | | $ | — | |
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. |
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of RICs. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.
The Act also contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.
Notes to Financial Statements (continued)
During the Funds’ tax year ended October 31, 2012, there were no post-enactment capital losses generated by any of the Funds.
The Funds have elected to defer losses incurred from November 1, 2011 through October 31, 2012, the Funds’ tax year end, in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. The following Funds have elected to defer losses as follows:
| | | | | | | | |
| | | Large Cap
Growth
Opportunities | | | Mid Cap
Growth
Opportunities | |
Post-October capital losses | | $ | — | | | $ | — | |
Late-Year ordinary losses | | | 1,088,806 | | | | 2,289,884 | |
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
| | | | | | | | | | | | |
| | | |
| Average Daily Net Assets | | Large Cap
Growth
Opportunities
Fund-Level
Fee Rate | | | Mid Cap
Growth
Opportunities
Fund-Level
Fee Rate | | | Small Cap
Growth
Opportunities
Fund-Level
Fee Rate | |
For the first $125 million | | | .6500 | % | | | .7000 | % | | | .8000 | % |
For the next $125 million | | | .6375 | | | | .6875 | | | | .7875 | |
For the next $250 million | | | .6250 | | | | .6750 | | | | .7750 | |
For the next $500 million | | | .6125 | | | | .6625 | | | | .7625 | |
For the next $1 billion | | | .6000 | | | | .6500 | | | | .7500 | |
For net assets over $2 billion | | | .5750 | | | | .6250 | | | | .7250 | |
The annual complex-level fee for each Fund, payable monthly, is calculated according to the following schedule:
| | | | |
| Complex-Level Asset Breakpoint Level* | | Effective Rate at Breakpoint Level | |
$55 billion | | | .2000 | % |
$56 billion | | | .1996 | |
$57 billion | | | .1989 | |
$60 billion | | | .1961 | |
$63 billion | | | .1931 | |
$66 billion | | | .1900 | |
$71 billion | | | .1851 | |
$76 billion | | | .1806 | |
$80 billion | | | .1773 | |
$91 billion | | | .1691 | |
$125 billion | | | .1599 | |
$200 billion | | | .1505 | |
$250 billion | | | .1469 | |
$300 billion | | | .1445 | |
| * | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to 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 the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of October 31, 2012, the complex-level fee rate for each Fund was as follows: |
| | | | |
| Fund | | Complex-Level Fee Rate | |
Large Cap Growth Opportunities | | | .1958 | % |
Mid Cap Growth Opportunities | | | .1962 | |
Small Cap Growth Opportunities | | | .1998 | |
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser will be compensated for its services to the Funds from the management fees paid to the Adviser.
The Adviser has contractually agreed to waive fees and/or reimburse expenses of Small Cap Growth Opportunities so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding any acquired fund fees and expenses, do not exceed the percentages of the average daily net assets of any class of Fund shares in the amounts and for the time period stated in the following table:
| | | | | | |
| | |
| | | | | Small Cap
Growth
Opportunities | |
Class A Shares | | | | | 1.47 | % |
Class B Shares | | | | | 2.22 | |
Class C Shares | | | | | 2.22 | |
Class R3 Shares | | | | | 1.72 | |
Class I Shares | | | | | 1.22 | |
Expiration date | | | | | February 28, 2013 | |
The Adviser has agreed to reimburse management fees across all share classes of Large Cap Growth Opportunities and Mid Cap Growth Opportunities through December 31, 2012, to the extent necessary to maintain Class I Share total annual operating expenses, not including any acquired fund fees and expenses, at the applicable percentage of daily net assets listed in the Maximum Expense Level row of the following table, provided that in no event will the Adviser be required to make any reimbursements that would result in an annualized net management fee of less than the applicable percentage of daily net assets listed in the Minimum Management Fee row of the following table.
| | | | | | | | |
| | | Large Cap
Growth
Opportunities | | | Mid Cap
Growth
Opportunities | |
Maximum Expense Level | | | .98 | % | | | .99 | % |
Minimum Management Fee | | | .80 | | | | .84 | |
The Adviser may also voluntarily reimburse expenses from time to time in any of the Funds. Voluntary reimbursements may be terminated at any time at the Adviser’s discretion.
The Trust pays no compensation directly to those of its directors who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board of Directors has adopted a deferred compensation plan for independent directors that enable directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
During the fiscal year ended October 31, 2012, Nuveen Securities, LLC (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
| | | | | | | | | | | | |
| | | Large Cap
Growth
Opportunities | | | Mid Cap
Growth
Opportunities | | | Small Cap
Growth
Opportunities | |
Sales charges collected (Unaudited) | | $ | 137,319 | | | $ | 142,215 | | | $ | 31,623 | |
Paid to financial intermediaries (Unaudited) | | | 121,611 | | | | 126,067 | | | | 27,649 | |
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the fiscal year ended October 31, 2012, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
| | | | | | | | | | | | |
| | | |
| | | Large Cap
Growth
Opportunities | | | Mid Cap
Growth
Opportunities | | | Small Cap
Growth
Opportunities | |
Commission advances (Unaudited) | | $ | 54,175 | | | $ | 59,241 | | | $ | 1,846 | |
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class B Shares and C Shares during the first year following a purchase were retained by the Distributor. During the fiscal year ended October 31, 2012, the Distributor retained such 12b-1 fees as follows:
| | | | | | | | | | | | |
| | | |
| | | Large Cap
Growth
Opportunities | | | Mid Cap
Growth
Opportunities | | | Small Cap
Growth
Opportunities | |
12b-1 fees retained (Unaudited) | | $ | 68,966 | | | $ | 71,394 | | | $ | 10,329 | |
Notes to Financial Statements (continued)
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the fiscal year ended October 31, 2012, as follows:
| | | | | | | | | | | | |
| | | |
| | | Large Cap
Growth
Opportunities | | | Mid Cap
Growth
Opportunities | | | Small Cap
Growth
Opportunities | |
CDSC retained (Unaudited) | | $ | 3,640 | | | $ | 6,120 | | | $ | 352 | |
8. New Accounting Pronouncements
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11 (“ASU No. 2011-11”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statement of Assets and Liabilities. This information will enable users of the entity’s financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.
Trustees and Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is currently set at ten. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
The Funds’ Statement of Additional Information (“SAI”) includes more information about the trustees. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds’ website at www.nuveen.com.
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (1) | | Principal Occupation(s) Including other Directorships During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Trustee |
| | |
| Independent Trustees: | | | | |
Robert P. Bremner 8/22/40 333 W. Wacker Drive Chicago, IL 60606 | | Chairman of the Board and Trustee | | 1996 | | Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute. | | 217 |
Jack B. Evans 10/22/48 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 1999 | | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | | 217 |
William C. Hunter 3/6/48 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2004 | | Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at George Washington University. | | 217 |
David J. Kundert 10/28/42 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2005 | | Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation. | | 217 |
William J. Schneider 9/24/44 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 1996 | | Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council; member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank. | | 217 |
Judith M. Stockdale 12/29/47 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 1997 | | Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | | 217 |
Carole E. Stone 6/28/47 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2007 | | Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007). | | 217 |
Trustees and Officers (Unaudited) (continued)
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (1) | | Principal Occupation(s) During Past Five Years | | Number of Portfolios in Fund Complex Overseen by Trustee |
Virginia L. Stringer 8/16/44 333 West Wacker Drive Chicago, IL 60606 | | Trustee | | 2011 | | Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010). | | 217 |
Terence J. Toth 9/29/59 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2008 | | Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008); Mather Foundation Board (since 2012) and a member of its investment committee; formerly, member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). | | 217 |
| | |
| Interested Trustee: | | | | |
John P. Amboian (2) 6/14/61 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2008 | | Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc. | | 217 |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
| | |
| Officers of the Funds: | | | | |
Gifford R. Zimmerman 9/9/56 333 W. Wacker Drive Chicago, IL 60606 | | Chief Administrative Officer | | 1988 | | Managing Director (since 2002), Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2006) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst. | | 217 |
Margo L. Cook 4/11/64 333 W. Wacker Drive Chicago, IL 60606 | | Vice President | | 2009 | | Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011) previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst. | | 217 |
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
Lorna C. Ferguson 10/24/45 333 W. Wacker Drive Chicago, IL 60606 | | Vice President | | 1998 | | Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004). | | 217 |
Stephen D. Foy 5/31/54 333 W. Wacker Drive Chicago, IL 60606 | | Vice President and Controller | | 1998 | | Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant. | | 217 |
Scott S. Grace 8/20/70 333 W. Wacker Drive Chicago, IL 60606 | | Vice President and Treasurer | | 2009 | | Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation. | | 217 |
Walter M. Kelly 2/24/70 333 W. Wacker Drive Chicago, IL 60606 | | Chief Compliance Officer and Vice President | | 2003 | | Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc; Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC. | | 217 |
Tina M. Lazar 8/27/61 333 W. Wacker Drive Chicago, IL 60606 | | Vice President | | 2002 | | Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc. | | 217 |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) Including other Directorships During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
Kevin J. McCarthy 3/26/66 333 W. Wacker Drive Chicago, IL 60606 | | Vice President and Secretary | | 2007 | | Managing Director and Assistant Secretary (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007). | | 217 |
Kathleen L. Prudhomme 3/30/53 901 Marquette Avenue Minneapolis, MN 55402 | | Vice President and Assistant Secretary | | 2011 | | Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010). | | 217 |
Trustees and Officers (Unaudited) (continued)
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) Including other Directorships During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
Jeffery M. Wilson 3/13/56 333 West Wacker Drive Chicago, IL 60606 | | Vice President | | 2011 | | Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010). | | 100 |
| (1) | Trustees serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the trustee was first elected or appointed to any fund in the Nuveen Fund Complex. |
| (2) | Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds. |
| (3) | Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen Fund Complex. |
Annual Investment Management Agreement Approval Process
(Unaudited)
The Board of Directors (each, a “Board” and each Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, Inc. (the “Advisor”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Advisor and Nuveen Asset Management, LLC (the “Sub-Advisor”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 21-23, 2012 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.
In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (the Advisor and the Sub-Advisor are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 18-19, 2012, to review the Funds’ investment performance and consider an analysis provided by the Advisor of the Sub-Advisor which generally evaluated the Sub-Advisor’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.
The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and the Sub-Advisor. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and reports on compliance, regulatory matters and risk management. The Board also meets with key investment personnel managing the Fund portfolios during the year. In October 2011, the Board also created two new standing committees (the Open-end Fund Committee and the Closed-end Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive issues and business practices of open-end and closed-end funds.
In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. Further, an ad hoc committee of the Board visited the then-current transfer agents of the Nuveen funds in 2011 and the audit committee of the Board visited the various pricing agents for the Nuveen funds in January 2012.
The Board considers factors and information that are relevant to its annual consideration of the renewal of the Advisory Agreements at the meetings held throughout the year. Accordingly, the Board considers the information provided and knowledge gained at these meetings when performing its annual review of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.
The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
A. Nature, Extent and Quality of Services
In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Advisor and its affiliates, the commitment of the Advisor to provide high quality service to the Funds, their overall confidence in the Advisor’s integrity and the Advisor’s
Annual Investment Management Agreement Approval Process
(Unaudited) (continued)
responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.
In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisor generally provides the portfolio investment management services to the Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Advisor’s investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Advisor’s execution of its oversight responsibilities over the Sub-Advisor. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures.
In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management. In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the open-end fund product line. These initiatives included efforts to eliminate product overlap through mergers or liquidations; commencement of various new funds; elimination of insurance mandates for various funds; updates in investment policies or guidelines for several funds; and reductions in management fees and expense caps for certain funds.
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
B. The Investment Performance of the Funds and Fund Advisers
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data compiled by Nuveen that was provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks (i.e., benchmarks derived from multiple recognized benchmarks).
The Board reviewed reports, including a comprehensive analysis of the Funds’ performance and the applicable investment team. In this regard, the Board reviewed each Fund’s total return information compared to the returns of its Performance Peer Group and recognized and/or customized benchmarks for the quarter, one-, three- and five-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012.
In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period. In addition, although the performance below reflects the performance results for the time periods ending as of the most recent calendar year end (unless otherwise indicated), the Board also recognized that selecting a different ending time period may derive different results. Furthermore, while the Board is cognizant of the relevant performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and recognized that the objectives, investment parameters and guidelines of peers and/or benchmarks may differ to some extent, thereby resulting in differences in performance results. Nevertheless, with respect to any Nuveen funds that the Board considers to have underperformed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.
In considering the results of the comparisons for the Funds, the Independent Board Members observed, among other things, that the Nuveen Mid Cap Growth Opportunities Fund had demonstrated generally favorable performance in comparison to peers, performing in the first or second quartile over various periods. In addition, the Independent Board Members noted that the Nuveen Large Cap Growth Opportunities Fund and the Nuveen Small Cap Growth Opportunities Fund lagged their respective peers somewhat in the short-term one-year period, but demonstrated more favorable performance in the longer three- and/or five-year periods, performing in the first or second quartile.
Based on their review, the Independent Board Members determined that each Fund’s investment performance had been satisfactory.
C. Fees, Expenses and Profitability
1. Fees and Expenses
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; and the timing of information used may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.
In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the overwhelming majority of the Nuveen funds were at, close to or below their Peer Group or Peer Universe (if no separate Peer Group) average based on the net total expense ratio.
The Independent Board Members observed that the Funds had slightly higher or higher net management fees than their respective peer averages, but net expense ratios below or in line with their respective peer averages.
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
The Independent Board Members further reviewed information regarding the nature of services and range of fees offered by the Advisor to other clients, including separately managed accounts (both retail and institutional accounts), collective trusts, foreign investment funds offered by Nuveen and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other Nuveen funds, funds of other sponsors (if any), and other clients (such as retail and/or institutional managed accounts).
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2011. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).
Annual Investment Management Agreement Approval Process
(Unaudited) (continued)
In reviewing profitability, the Independent Board Members recognized the Advisor’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel in compliance, risk management, and product development as well as its ability to allocate resources to various areas of the Advisor as the need arises. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided.
With respect to sub-advisers affiliated with Nuveen, including the Sub-Advisor, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Advisor’s level of profitability was reasonable in light of the services provided.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase.
In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc., the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.
E. Indirect Benefits
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered, among other things, any sales charges, distribution fees and shareholder services fees received and retained by the Funds’ principal underwriter, an affiliate of the Advisor, which includes fees received pursuant to any 12b-1 plan. The Independent Board Members, therefore, considered the 12b-1 fees retained by Nuveen during the last calendar year.
In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that each Fund Adviser has the authority to pay a higher commission in return for brokerage and research services if it determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and may benefit from such soft dollar arrangements. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by a Fund Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Fund Adviser to manage the Fund. The Independent Board Members noted that the Fund Advisers’ profitability may be somewhat lower if they did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
Glossary of Terms Used in this Report
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested distributions and capital gains, if any) over the time period being considered.
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
Lipper Mid-Cap Growth Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Mid-Cap Growth Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
Lipper Multi-Cap Growth Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Multi-Cap Growth Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
Lipper Small-Cap Growth Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Small-Cap Growth Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
Russell 1000® Growth Index: An index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Russell 2000® Growth Index: An index that measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Russell Midcap® Growth Index: An index that measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the Fund’s dividends paid deduction.
Additional Fund Information
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
PricewaterhouseCoopers
Chicago, IL
Custodian
U.S. Bank National Association
St. Paul, MN
Transfer Agent and Shareholder Services
Boston Financial
Data Services, Inc.
Nuveen Investor Services
P.O. Box 8530
Boston, MA 02266-8530
(800) 257-8787
Long-Term Capital Gain Distributions: The following Funds designate as a long term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amounts shown in the accompanying table or, if greater, the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended October 31, 2012:
| | | | |
| Fund | | Long Term
Capital Gain
Dividend | |
Nuveen Large Cap Growth Opportunities Fund | | $ | 18,073,953 | |
Nuveen Mid Cap Growth Opportunities Fund | | | 38,677,494 | |
Nuveen Small Cap Growth Opportunities Fund | | | 1,639,107 | |
Quarterly Portfolio of Investments and Proxy Voting information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how each Fund 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 each Fund 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:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $220 billion as of September 30, 2012.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mf
| | |
Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com | | |
MAN-FCGO-1012P
Mutual Funds
Nuveen Equity Funds
For investors seeking the potential for long-term capital appreciation.
Annual Report
October 31, 2012
| | | | | | | | | | |
| | | Share Class / Ticker Symbol |
| | | | | |
| Fund Name | | Class A | | Class B | | Class C | | Class R3 | | Class I |
Nuveen Large Cap Select Fund | | FLRAX | | — | | FLYCX | | FLSSX | | FLRYX |
Nuveen Mid Cap Select Fund | | FATAX | | — | | FTACX | | — | | FATCX |
Nuveen Small Cap Select Fund | | EMGRX | | ARSBX | | FHMCX | | ASEIX | | ARSTX |
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| | | | | | |
| Must be preceded by or accompanied by a prospectus. | | NOT FDIC INSURED | | MAY LOSE VALUE | | NO BANK GUARANTEE |
Table of Contents
Chairman’s
Letter to Shareholders
Dear Shareholders,
Investors have many reasons to remain cautious. The challenges in the Euro area continue to cast a shadow over global economies and financial markets. The political support for addressing fiscal issues is eroding as the economic and social impacts become more visible. Despite strong action by the European Central Bank, member nations appear unwilling to surrender sufficient sovereignty to unify the Euro area financial system or strengthen its banks. The gains made in reducing deficits, and the hard-won progress on winning popular acceptance of the need for economic austerity, are at risk. To their credit, European political leaders press on to find compromise solutions, but there is increasing concern that time is running out.
In the U.S., the extended period of increasing corporate earnings that enabled the equity markets to withstand the downward pressures coming from weakening job creation and slower economic growth appears to be coming to an end. The Fed remains committed to low interest rates and announced a third phase of quantitative easing (QE3) scheduled to continue until mid-2015. The recent election results have removed a major element of uncertainty in the U.S. political picture, but it remains to be seen whether the outcome will reduce the highly partisan atmosphere in Congress and enable progress on the many pressing fiscal and budgetary issues that must be resolved in the coming months.
During the last twelve months, U.S. investors have experienced a solid recovery in the domestic equity markets with increasing volatility as the “fiscal cliff” approaches. The experienced investment teams at Nuveen keep their eye on a longer time horizon and use their practiced investment disciplines to negotiate through market peaks and valleys to achieve long-term goals for investors. Experienced professionals pursue investments that will weather short-term volatility and at the same time, seek opportunities that are created by markets that overreact to negative developments. Monitoring this process is an important consideration for the Fund Board as it oversees your Nuveen Fund on your behalf.
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
December 20, 2012
Portfolio Managers’ Comments
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments.
David Chalupnik, CFA, and Tony Burger, CFA, are the portfolio managers for the Nuveen Large Cap Select Fund. David, who has 28 years of investment experience, assumed portfolio management responsibilities in 2003. Tony has 18 years of investment experience, and joined the management team for the Fund in 2004.
Tony and Scott Tonneson, CFA, are the portfolio managers for the Nuveen Mid Cap Select Fund. Tony assumed portfolio management responsibilities in 2005. Scott, who has 18 years of investment experience, joined the management team for the Fund in 2012.
Allen Steinkopf, CFA, and Mark Traster, CFA, are the portfolio managers for the Nuveen Small Cap Select Fund. Allen, who has 19 years of investment experience, assumed portfolio management responsibilities in 2004. Mark, with 20 years of investment experience, joined the management team for the Fund in 2008.
On the following pages, the portfolio management teams for the Funds examine economic and equity market conditions, key investment strategies and the Funds’ performance for the twelve-month period ended October 31, 2012.
What factors affected the U.S. economy and the equity market environments during the twelve-month reporting period ended October 31, 2012?
During this period, the U.S. economy’s progress toward recovery from recession continued at a moderate pace. In the third quarter 2012, the U.S. economy, as measured by the U.S. gross domestic product (GDP), grew at an annualized rate of 2.7%, up from 1.3% in the second quarter, marking 13 consecutive quarters of positive growth. The Consumer Price Index (CPI) rose 2.2% year-over-year as of October 2012, while the core CPI (which excludes food and energy) increased 2.0% during the period, staying just within the Fed’s unofficial objective of 2.0% or lower for this inflation measure. As of November 2012, (subsequent to this reporting period), the national unemployment rate was 7.7%, the lowest unemployment rate since December 2008 and below the 8.7% level recorded in November 2011. The slight decrease in unemployment rate from 7.9% in October 2012 was primarily due to workers who are no longer counted as part of the workforce. The housing market, long a major weak spot in the economic recovery, showed signs of a turnaround as existing home sales and residential construction indicators improved and home prices rose modestly. According to the S&P/Case-Shiller Index of 20 major metropolitan areas, the average home price rose 3.0% for the twelve months ended September 2012 (the most recent data available at the time this report was prepared). This
marked the largest annual percentage gain for the index since July 2010, although housing prices continued to be off approximately 30% from their mid-2006 peak.
The Federal Reserve (Fed) maintained its efforts to improve the overall economic environment by continuing to hold the benchmark fed funds rate at the record low level of zero to 0.25% set in December 2008. Subsequent to the reporting period, the central bank decided during its December 2012 meeting to keep the fed funds rate at “exceptionally low levels” until either the unemployment rate reaches 6.5% or expected inflation goes above 2.5%. The Fed also affirmed its decision, announced in September 2012, to purchase $40 billion of mortgage-backed securities each month in an effort to stimulate the housing market. In addition to this new, open-ended stimulus program, the Fed plans to continue its program to extend the average maturity of its holdings of U.S. Treasury securities through the end of December 2012. The goals of these actions, which together will increase the Fed’s holdings of longer term securities by approximately $85 billion a month through the end of the year, are to put downward pressure on longer term interest rates, make broader financial conditions more accommodative and support a stronger economic recovery as well as continued progress toward the Fed’s mandates of maximum employment and price stability. However, the outlook for the U.S. economy remained clouded by uncertainty regarding the impending “fiscal cliff”, the combination of tax increases and spending cuts scheduled to take effect beginning in January 2013, and the potential impact on the economy.
Domestic and international equity markets were buffeted by concerns about the tepid U.S. economic recovery, the seemingly unending European debt crisis and a broader slowdown in global growth, particularly in China. In addition to the bold monetary policy moves made by the Fed, the European Central Bank (ECB) pledged to do “whatever it takes” to preserve the euro. The ECB unveiled the Outright Monetary Transactions plan, a conditional yet unlimited bond purchase program designed to ensure that financing is available to European governments who are willing to agree to certain fiscal and structural measures.
As these combined actions helped reduce fears, U.S. and overseas equity markets surprised many investors by rallying steadily later in the period. Broad U.S. stock market indexes approached their all-time highs, posting strong double-digit returns for the period as a whole. Large-cap U.S. stocks led the market with a 15.21% one-year return as of October 31, 2012, as measured by the S&P 500® Index, reaching a level not seen since May of 2008. Domestic small- and mid-cap stocks also produced strong returns of 12.08% and 12.15% during the fiscal year period, as measured by the Russell 2000® and the Russell Midcap® Indexes, respectively. Across all market cap segments, the best-performing areas of the U.S. equity market during the year included the health care, financial and consumer discretionary sectors. Energy was the biggest laggard across the board, while technology stocks also underperformed, particularly in the smaller capitalization ranges. Meanwhile, the steps taken in Europe to reduce financial risk helped overseas markets recover some of their losses from the summer months. Developed markets fared better than emerging markets, posting a 12-month return of 5.15% according to the MSCI EAFE Index, which tracks the performance of stocks from markets in Europe, Australasia and the Far East. Emerging markets never fully recovered after their dramatic sell-off in 2011, ending the fiscal year period with a 2.63% return, as measured by the MSCI Emerging Markets Index.
Nuveen Large Cap Select Fund
How did the Fund perform during the twelve-month period ended October 31, 2012?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and since inception periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper classification average, but underperformed the S&P 500® Index during the twelve-month period.
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 reporting period, we continued to utilize our deep, rigorous research approach to find and invest in stocks that we believed had strong and/or improving fundamentals, attractive valuations and a catalyst for future positive relative price performance. We also continued to shift the portfolio to areas of the market that our research suggested were particularly attractive. Throughout most of this time frame, the portfolio emphasized domestic cyclical stocks and sectors that appeared to have solid fundamentals and attractive valuations in the face of a global growth slowdown. 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 stock market advanced overall during the reporting period and was led by the financials, consumer discretionary and telecommunications sectors. All three of these segments within the S&P 500® Index gained more than 20% over the reporting period. Meanwhile, the more global cyclical areas such as basic materials, energy and industrials were the worst performers in the benchmark. These areas were weighed down by global growth concerns and an emerging market slowdown. The Fund’s performance versus its Lipper peers benefited from its overweight to the strongly performing financial sector as well as stock selection in financials, technology and the housing-related area of consumer discretionary. However, the Fund underperformed the S&P 500® Index based on negative stock selection in the retail segment of consumer discretionary as well as the energy, technology software and health care sectors. The fiscal year was a difficult period for active managers in general as the market continued to be driven by macro events that positively and negatively impacted economic growth.
In financials, we were rewarded for increasing the Fund’s overweight during the period as the sector was the top performer in the S&P 500® Index. Financials benefited as their credit quality and capital improved, the situation in Europe appeared to stabilize and the stocks continued to sell at very low valuations versus their history and the market. Bank of America Corporation, a large diversified financial company that we bought later in the period, turned in particularly strong results. The company was attractive based on recent improvements to its capital and credit, its potential for significant cost-cutting
opportunities and its valuation, which was below tangible book value. Improving housing market conditions also helped propel the stock price during the period as the firm writes and owns a significant number of mortgages.
Stock selection in the technology hardware sector also provided strong performance for the Fund during the reporting period. Results benefited from our continued emphasis on companies focused on new technology such as smartphones and cloud computing and avoidance of old technology such as personal computers. In particular, Apple, Inc. performed exceptionally well and was also the Fund’s largest holding over the fiscal year. This leading manufacturer of smartphones, desktop and portable computing devices benefited from the introduction of its new iPad and the next generation iPhone. Apple’s product and geographic expansion allowed it to gain meaningful and profitable market share in the computing devices market. While the Fund remained overweight in Apple versus the S&P 500® Index at period end, we did sell some of its shares to realize profits. In addition, the Fund’s lack of ownership in personal computer-related stocks such as Dell Inc. and Hewlett-Packard Co. was beneficial. These larger weights in the index performed poorly as PCs continued to lose market share to tablets and smartphones.
Performance was also aided by our security selection in the housing-related area of consumer discretionary. Several of the Fund’s standouts included: home improvement retailer Home Depot, Inc.; appliance manufacturer Whirlpool Corporation; and home builder D.R. Horton. These companies benefited as a number of positive housing indicators were released as the period progressed. While we continue to own Home Depot and Whirlpool, we sold the Fund’s position in D.R. Horton as it attained our valuation target during the period.
Conversely, in the retail area of consumer discretionary, we owned two turnaround companies in the Fund that did not perform well. Electronics retailer Best Buy Company Inc. had been adjusting its business to offset competition from online retailers by closing underperforming stores, reformatting existing stores, introducing new mobile stores and improving pricing. However, its stock price was not rewarded for these changes during the fiscal year. Office supply store Staples, Inc. continued to be hindered by lower demand for its products in a slow growth environment for employment and small businesses. We sold our Best Buy position during the period. We continued to hold the Fund’s shares of Staples as we believe the company’s significant free cash flow will give it the financial wherewithal to improve the company’s standing going forward.
In the energy sector, the Fund experienced widespread weakness among its holdings, which generally exhibited superior production profiles relative to the industry. Concerns surrounding global growth and lower oil prices during the year led these stocks to underperform the more stable, integrated oil companies that the Fund did not own.
Although our technology hardware names performed well, our stock selection in the technology software and services sector was detrimental to relative performance during the reporting period. Shares of electronics payment provider VeriFone Holdings Inc. fell after its revenue growth in the summer quarter did not meet expectations. The company had increased competition from mobile payment providers, which is negatively impacting growth expectations. While mobile payments are a small piece of the electronics payment
industry, they are becoming more visible and growing. As a result, we sold the Fund’s position in VeriFone during the period. Also, the Fund did not own Microsoft Corporation, a large weight in the index, which performed reasonably well over this time frame with a variety of new products hitting the marketplace.
Finally, the health care sector detracted from relative results as the Fund’s holdings in health maintenance organizations (HMOs) fell short of expectations. In particular, Humana Inc. underperformed because of increased medical costs as more people are getting back to work and using health care services. We sold the Fund’s position in Humana during the fiscal year.
In the final months of the fiscal year, U.S. economic data was better than expected, including improvements in housing and employment and consumer confidence at a five-year high. It also appeared as if economic growth in China bottomed out toward the end of the reporting period and conditions there appeared to be improving. Therefore, we continued to maintain a cyclical positioning to the Fund’s portfolio with overweight positions in financials, consumer discretionary and basic materials. The Fund is underweight in the more stable areas of consumer staples, telecommunications and electric utilities.
Nuveen Mid Cap Select Fund
How did the Fund perform during the twelve-month period ended October 31, 2012?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) underperformed both the Russell Midcap® Index and the Lipper classification average during the twelve-month period.
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 $520 million and $17.9 billion. During the reporting 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 we believed 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.
During the reporting period, the U.S. economic picture generally improved and the unemployment rate declined. As the job and housing markets showed signs of improvement, the Fund benefited from overweight positions in consumer-sensitive
sectors like consumer discretionary, retail and housing while underweighting the more stable consumer areas like food products. The Fund posted strong gains from several of these consumer-related stocks including Foot Locker, Inc., Jarden Corporation and Whirlpool Corporation during the period. In the retail area, turnaround story Foot Locker, a leading athletic footwear and apparel retailer, benefited from good execution as it continued to beat its competition and gain market share. Jarden, a manufacturer of a variety of outdoor products and consumer goods, advanced as consumers increased their spending on leisure items. In addition, appliance manufacturer Whirlpool performed well as positive housing market indicators increased during the reporting period.
The Fund also experienced continued success from its overweight and strong stock selection within the small-cap market segment. For example, the Fund was rewarded for its position in CNO Financial Group Inc., which develops and administers a variety of retirement and health care-related insurance products to the middle market segment. CNO Financial’s stock price advanced during the period as the company continued to make progress with restructuring efforts. Also in the small-cap space, we purchased shares of Aruba Networks Inc. at a favorable price and its stock price subsequently rose in late summer after U.S. economic data started to show more improvement. Aruba Networks, a provider of cloud computing solutions for mobile devices, benefited from the continued rapid growth in the wireless market. We sold the Fund’s position in this stock as it attained our price target.
The Fund also benefitted from the quantitative influence in its portfolio construction process. Our focus on the most attractively ranked stocks according to our proprietary quantitative model and our underweight to the most unattractively ranked stocks enhanced Fund performance.
The Fund’s overweight and stock selection in the technology hardware and software sectors generally hurt relative results as these industries failed to participate fully in the market advance during the period. The market continued to move toward companies focused on new technology such as smartphones and cloud computing while avoiding old technology such as personal computers. In the telecommunications industry, equipment provider Polycom Inc. saw its share price fall after the company did not meet earnings expectations and investors feared it was losing market share to its largest competitor. Also, the timing of our ownership in Red Hat Inc. was detrimental to the Fund’s performance as the company’s growth potential did not expand after our purchase. Red Hat develops and supports cloud-based software solutions for enterprises.
Despite the market’s strong advance over the fiscal year, the Fund’s overweight position in higher beta stocks hindered results as these stocks generally underperformed. Holdings such as Vocus, Inc., an online software-as-a-service company, underperformed during the period. Although Vocus is in a growing segment, its share prices declined after it provided disappointing guidance while also announcing the strategic acquisition of iContact. Also, global financial trading firm Knight Capital Group Inc. had a stock price decline during the reporting period after a trading system malfunction.
In the final months of the fiscal year, U.S. economic data was better than expected, including improvements in housing and employment as well as consumer confidence at a five-year high. It also appeared as if economic growth in China bottomed out toward the
end of the reporting period and conditions there appeared to be improving. Given the economic uncertainty in the U.S. and Europe, we are keeping the Fund’s sector weights and beta close to its Russell benchmark and allowing stock selection to drive performance.
Nuveen Small Cap Select Fund
How did the Fund perform during the twelve-month period ended October 31, 2012?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the one-year, five-year and ten-year periods ended October 31, 2012. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper classification average, but underperformed the Russell 2000® Index during the twelve-month period.
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 we believe offer good value in order to generate competitive returns for the Fund. We also continued to keep the Fund well diversified, with its sector weightings very close to the weights in the Russell 2000® Index.
The Fund experienced widespread strength across all market sectors except for technology during the period, with particularly strong stock selection in industrials, consumer discretionary, consumer staples, health care and financials. In industrials, the share price of United Rentals Inc. made strong gains. The company rents light and heavy equipment to customers in the manufacturing and construction industries. After we purchased United Rentals at an attractive price in 2011, its business improved as companies opted to rent equipment instead of making capital equipment purchases during the uncertain economy. This positive secular trend, along with a merger with its largest competitor, propelled the stock price. We sold the Fund’s position in United Rentals as it reached our price target. The Fund also saw widespread strength in the machinery industry as a number of holdings executed well including: compressor and equipment producer Robbins & Myers, Inc.; hydraulic and electrical tools producer Actuant Corporation; utility power monitoring company ESCO Technologies Inc.; and power transmission and motion control products supplier Altra Industrial Motion, Inc. The Fund still holds its position in ESCO and Altra but sold the other positions based on valuation.
Outperformance in the consumer discretionary was led by hotel company Gaylord Entertainment Company, which runs several large properties that cater to businesses and conventions. After share prices declined in 2011 due to economic growth concerns, Gaylord’s stock price increased significantly as travel and entertainment bookings improved and the company’s profitability and efficiency increased. More recently, the company benefited from its reorganization as a REIT (Real Estate Investment Trust), which unlocked additional value for shareholders. This position was sold during the period. Also, several of the Fund’s apparel retailers performed well, including significant advances by
clothing conglomerate Ascena Retail Group Inc., women’s clothing retailer Ann Inc. and teen retailer Zumiez, Inc. Each of these companies offers a unique brand that is well targeted.
In consumer staples, the Fund benefited from its exposure to the consumer trend toward natural and organic foods. Share prices of Smart Balance Inc. rose over the period as its natural and organic products were well received by consumers. The company also broadened distribution to more major grocery store chains while it successfully diversified into gluten-free products. Similarly, Hain Celestial Group Inc., a more diversified natural and organic company, also advanced due to increasing consumer demand for its products. This position was sold during the period.
Favorable stock selection in health care was mostly driven by ZOLL Medical Corporation, which designs and manufactures cardiac resuscitation devices. The company continued to post strong operating performance as it successfully rolled out new products, resulting in its acquisition by a Japanese company for a significant premium. Also, medical device company Endologix, Inc. was a solid performer as it released a new stent that was well received by the marketplace. We sold the Fund’s position in Endologix after its stock price increased significantly.
Results were mixed in the financial sector. The Fund benefited from a fairly large position in Delphi Financial Group, Inc., a firm focused on employer’s compensation and life insurance, which was acquired by a Japanese insurance company for a significant premium. Unfortunately, the gains from this holding were partially offset by the Fund’s ownership in global financial trading firm Knight Capital Group Inc., which had a stock price decline during the reporting period after a trading system malfunction.
The technology sector provided disappointing results during the reporting period, leading to the Fund’s underperformance. The Fund was positioned for a better economic backdrop with an overweight in the semiconductor and hardware industries, the two areas that dramatically underperformed. In the economically sensitive semiconductor industry, we thought stocks looked well positioned to have a strong year given their compelling valuations. However, as economies slowed in the U.S., Europe and China, RF Micro Devices, Inc. and International Rectifier Corporation were negatively impacted. RF Micro, a global provider of radio frequency components serving the leading cell phone equipment manufacturers, declined due to a slowdown of phone sales in China. Based on our concerns regarding the company’s positioning in an increasingly competitive market, we eliminated this position. International Rectifier, a power management semiconductor manufacturer that serves a broad array of end markets and applications, also declined due to the slowdown in China. However, the Fund continued to hold International Rectifier as we believe the company has taken steps to effectively manage the prolonged downturn in the semiconductor environment. Elsewhere in technology, telecommunications service providers did not spend as we expected they would, leading to weakness among the Fund’s communication equipment vendors: Polycom Inc., ADTRAN, Inc. and Finisar Corporation. We sold Polycom, ADTRAN and Finisar as we believed these companies became less competitive in their product offerings. We added and later sold a different telecomm equipment vendor, JDS Uniphase Corporation. This company participates in the optical components part of the network and benefited from a broad uptick in capital expenditures.
We also utilized equity futures contracts as part of the management of the Fund. During the period, the Fund had purchased Russell 2000® e-mini index futures to efficiently gain market exposure to a broad base of equity securities in order to manage cash flow activity and minimized tracking error to the Fund’s benchmark index. These contracts were closed during the reporting period.
Risk Considerations
Mutual fund investing involves risk; principal loss is possible.
Nuveen Large Cap Select Fund
Equity investments, such as those held by the Fund, are subject to market risk, derivatives risk, and common stock risk. Foreign investments involve additional risks including currency fluctuations, political and economic instability, and lack of liquidity. These risks are magnified in emerging markets.
Nuveen Mid Cap Select Fund
Equity investments, such as those held by the Fund, are subject to market risk, derivatives risk, and common stock risk. Mid-cap stocks are subject to greater volatility. Foreign investments involve additional risks including currency fluctuations, political and economic instability, and lack of liquidity. These risks are magnified in emerging markets.
Nuveen Small Cap Select Fund
Equity investments, such as those held by the Fund, are subject to market risk, derivatives risk, IPO risk, and common stock risk. Small-cap stocks are subject to greater volatility and liquidity risks. Foreign investments involve additional risks including currency fluctuations, political and economic instability, and lack of liquidity. These risks are magnified in emerging markets.
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Fund Performance and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown on the following six pages.
Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
Returns may reflect a contractual agreement between certain Funds and the investment adviser to waive certain fees and expenses; see Notes to Financial Statements, Footnote 7 — Management Fees and Other Transactions with Affiliates for more information. In addition, returns may reflect a voluntary expense limitation by the Funds’ investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees. Fund returns assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.
The expense ratios shown reflect the Funds’ total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the Funds’ most recent prospectus. The expense ratios include management fees and other fees and expenses.
Fund Performance and Expense Ratios (continued)
Nuveen Large Cap Select Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of October 31, 2012
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | Since
Inception* | |
Class A Shares at NAV | | | 14.41% | | | | -1.57% | | | | 5.85% | |
Class A Shares at maximum Offering Price | | | 7.79% | | | | -2.73% | | | | 5.21% | |
S&P 500® Index** | | | 15.21% | | | | 0.36% | | | | 7.42% | |
Lipper Large-Cap Core Funds Classification Average** | | | 13.16% | | | | -0.63% | | | | 6.77% | |
| | | |
Class C Shares | | | 13.65% | | | | -2.34% | | | | 5.03% | |
Class R3 Shares | | | 14.15% | | | | -1.81% | | | | 5.60% | |
Class I Shares | | | 14.79% | | | | -1.31% | | | | 6.12% | |
Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | Since
Inception* | |
Class A Shares at NAV | | | 31.18% | | | | -0.95% | | | | 6.07% | |
Class A Shares at maximum Offering Price | | | 23.68% | | | | -2.11% | | | | 5.43% | |
Class C Shares | | | 30.18% | | | | -1.73% | | | | 5.25% | |
Class R3 Shares | | | 30.87% | | | | -1.18% | | | | 5.83% | |
Class I Shares | | | 31.53% | | | | -0.69% | | | | 6.34% | |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | |
| |
| | | Expense
Ratios | |
Class A Shares | | | 1.19% | |
Class C Shares | | | 1.94% | |
Class R3 Shares | | | 1.44% | |
Class I Shares | | | 0.94% | |
| * | Since inception returns are from 1/31/03. |
| ** | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Fund Performance and Expense Ratios (continued)
Nuveen Mid Cap Select Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of October 31, 2012
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 8.65% | | | | -0.59% | | | | 7.38% | |
Class A Shares at maximum Offering Price | | | 2.39% | | | | -1.76% | | | | 6.74% | |
Russell Midcap® Index* | | | 12.15% | | | | 1.70% | | | | 10.52% | |
Lipper Mid-Cap Core Funds Classification Average* | | | 10.32% | | | | 0.43% | | | | 8.61% | |
| | | |
Class C Shares | | | 7.93% | | | | -1.33% | | | | 6.59% | |
Class I Shares | | | 8.98% | | | | -0.35% | | | | 7.65% | |
Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 26.08% | | | | 0.04% | | | | 9.39% | |
Class A Shares at maximum Offering Price | | | 18.80% | | | | -1.13% | | | | 8.74% | |
Class C Shares | | | 25.10% | | | | -0.70% | | | | 8.58% | |
Class I Shares | | | 26.44% | | | | 0.31% | | | | 9.66% | |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | |
| | |
| | | Gross
Expense
Ratios | | | Net
Expense
Ratios | |
Class A Shares | | | 1.84% | | | | 1.41% | |
Class C Shares | | | 2.59% | | | | 2.16% | |
Class I Shares | | | 1.59% | | | | 1.16% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through February 28, 2013, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 1.41%, 2.16% and 1.16%, for Class A, Class C and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.
| * | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Fund Performance and Expense Ratios (continued)
Nuveen Small Cap Select Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.
Fund Performance
Average Annual Total Returns as of October 31, 2012
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 11.62% | | | | 1.13% | | | | 9.27% | |
Class A Shares at maximum Offering Price | | | 5.19% | | | | -0.06% | | | | 8.62% | |
Russell 2000® Index* | | | 12.08% | | | | 1.19% | | | | 9.58% | |
Lipper Small-Cap Core Funds Classification Average* | | | 10.44% | | | | 0.96% | | | | 9.26% | |
| | | |
Class B Shares w/o CDSC | | | 10.88% | | | | 0.39% | | | | 8.46% | |
Class B Shares w/CDSC | | | 5.88% | | | | 0.21% | | | | 8.46% | |
Class C Shares | | | 10.81% | | | | 0.38% | | | | 8.45% | |
Class R3 Shares | | | 11.42% | | | | 0.89% | | | | 9.05% | |
Class I Shares | | | 12.01% | | | | 1.39% | | | | 9.55% | |
Average Annual Total Returns as of September 30, 2012 (Most Recent Calendar Quarter)
| | | | | | | | | | | | |
| |
| | | Average Annual | |
| | | |
| | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 34.65% | | | | 2.49% | | | | 10.39% | |
Class A Shares at maximum Offering Price | | | 26.92% | | | | 1.28% | | | | 9.74% | |
Class B Shares w/o CDSC | | | 33.83% | | | | 1.73% | | | | 9.56% | |
Class B Shares w/CDSC | | | 28.83% | | | | 1.54% | | | | 9.56% | |
Class C Shares | | | 33.70% | | | | 1.73% | | | | 9.56% | |
Class R3 Shares | | | 34.49% | | | | 2.25% | | | | 10.17% | |
Class I Shares | | | 35.13% | | | | 2.76% | | | | 10.66% | |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are available to only certain retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | |
| |
| | | Expense
Ratios | |
Class A Shares | | | 1.32% | |
Class B Shares | | | 2.07% | |
Class C Shares | | | 2.07% | |
Class R3 Shares | | | 1.57% | |
Class I Shares | | | 1.07% | |
| * | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Growth of an Assumed $10,000 Investment as of October 31, 2012 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
Holding Summaries as of October 31, 2012
This data relates to the securities held in each Fund’s portfolio of investments. It should not be construed as a measure of performance for the Fund itself.
Nuveen Large Cap Select Fund
Fund Allocation1
| | | | |
| Common Stocks | | | 97.5% | |
| Short-Term Investments | | | 3.2% | |
| Other2 | | | (0.7)% | |
Nuveen Mid Cap Select Fund
Fund Allocation1
| | | | |
| Common Stocks | | | 97.5% | |
| Short-Term Investments | | | 3.0% | |
| Other2 | | | (0.5)% | |
| | | | |
| Portfolio Composition1 | |
| Diversified Financial Services | | | 8.8% | |
| Oil, Gas & Consumable Fuels | | | 7.6% | |
| Pharmaceuticals | | | 6.9% | |
| Machinery | | | 5.6% | |
| Commercial Banks | | | 4.8% | |
| Computers & Peripherals | | | 4.3% | |
| Chemicals | | | 4.1% | |
| Energy Equipment & Services | | | 4.0% | |
| Consumer Finance | | | 4.0% | |
| Specialty Retail | | | 3.9% | |
| Insurance | | | 3.0% | |
| Household Durables | | | 2.9% | |
| IT Services | | | 2.9% | |
| Multiline Retail | | | 2.7% | |
| Diversified Telecommunication Services | | | 2.5% | |
| Internet Software & Services | | | 2.5% | |
| Food Products | | | 2.2% | |
| Health Care Equipment & Supplies | | | 2.1% | |
| Electrical Equipment | | | 2.0% | |
| Short-Term Investments | | | 3.2% | |
| Other3 | | | 20.0% | |
| | | | |
| Portfolio Composition1 | |
| Specialty Retail | | | 7.1% | |
| Machinery | | | 6.5% | |
| Real Estate Investment Trust | | | 6.3% | |
| Chemicals | | | 5.7% | |
| Commercial Banks | | | 5.3% | |
| Consumer Finance | | | 5.0% | |
| Health Care Equipment & Supplies | | | 4.8% | |
| Insurance | | | 4.6% | |
| Software | | | 4.5% | |
| Oil, Gas & Consumable Fuels | | | 4.2% | |
| Electrical Equipment | | | 3.5% | |
| Semiconductors & Equipment | | | 3.1% | |
| Household Durables | | | 2.7% | |
| Biotechnology | | | 2.6% | |
| Electric Utilities | | | 2.5% | |
| Communications Equipment | | | 2.4% | |
| Energy Equipment & Services | | | 2.3% | |
| Commercial Services & Supplies | | | 2.3% | |
| Leisure Equipment & Products | | | 2.0% | |
| Gas Utilities | | | 2.0% | |
| Short-Term Investments | | | 3.0% | |
| Other3 | | | 17.6% | |
| | | | |
| Top Five Common Stock Holdings1 | |
| Apple, Inc. | | | 4.3% | |
| Pfizer Inc. | | | 3.4% | |
| Citigroup Inc. | | | 3.2% | |
| Bank of America Corporation | | | 2.9% | |
| JPMorgan Chase & Co. | | | 2.7% | |
| | | | |
| Top Five Common Stock Holdings1 | |
| SLM Corporation | | | 1.9% | |
| Maxim Integrated Products, Inc. | | | 1.8% | |
| Fifth Third Bancorp. | | | 1.7% | |
| Eaton Corporation | | | 1.6% | |
| Whirlpool Corporation | | | 1.6% | |
| 1 | As a percentage of net assets. Holdings are subject to change. |
| 2 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments. |
| 3 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 2.0% of net assets. |
Nuveen Small Cap Select Fund
| | | | |
| Fund Allocation1 | | | |
| Common Stocks | | | 98.4% | |
| Short-Term Investments | | | 1.6% | |
| Other2 | | | 0.0% | 3 |
| | | | |
| Portfolio Composition1 | |
| Capital Markets | | | 7.3% | |
| Real Estate Investment Trust | | | 5.6% | |
| Health Care Equipment & Supplies | | | 5.2% | |
| Hotels, Restaurants & Leisure | | | 5.0% | |
| Commercial Banks | �� | | 4.8% | |
| Semiconductors & Equipment | | | 4.5% | |
| Machinery | | | 4.0% | |
| Oil, Gas & Consumable Fuels | | | 3.9% | |
| Specialty Retail | | | 3.6% | |
| Energy Equipment & Services | | | 3.4% | |
| Software | | | 3.2% | |
| Internet Software & Services | | | 3.1% | |
| Textiles, Apparel & Luxury Goods | | | 3.1% | |
| Construction & Engineering | | | 2.8% | |
| Electrical Equipment | | | 2.8% | |
| Biotechnology | | | 2.8% | |
| Insurance | | | 2.5% | |
| Health Care Providers & Services | | | 2.4% | |
| Food & Staples Retailing | | | 2.4% | |
| Chemicals | | | 2.1% | |
| Gas Utilities | | | 2.1% | |
| Electronic Equipment & Instruments | | | 1.8% | |
| Leisure Equipment & Products | | | 1.8% | |
| Pharmaceuticals | | | 1.8% | |
| Short-Term Investments | | | 1.6% | |
| Other4 | | | 16.4% | |
| | | | |
| Top Five Common Stock Holdings1 | |
| Atmos Energy Corporation | | | 2.1% | |
| Brunswick Corporation | | | 1.8% | |
| Integrated Device Technology, Inc. | | | 1.7% | |
| Ascena Retail Group Inc. | | | 1.7% | |
| ESCO Technologies Inc. | | | 1.7% | |
| 1 | As a percentage of net assets. Holdings are subject to change. |
| 2 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments. |
| 4 | Other assets less liabilities, which includes investments purchased with collateral from securities lending as presented in the Fund’s Portfolio of Investments and all industries less than 1.8% of net assets. |
Expense Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held 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 Large Cap Select Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual Performance | | | | | Hypothetical Performance
(5% annualized return before expenses) | |
| | | A Shares | | | C Shares | | | R3 Shares | | | I Shares | | | | | A Shares | | | C Shares | | | R3 Shares | | | I Shares | |
| Beginning Account Value (5/01/12) | | $ | 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 (10/31/12) | | $ | 994.10 | | | $ | 991.40 | | | $ | 993.20 | | | $ | 996.30 | | | | | $ | 1,018.60 | | | $ | 1,014.87 | | | $ | 1,017.39 | | | $ | 1,019.96 | |
| Expenses Incurred During Period | | $ | 6.58 | | | $ | 10.29 | | | $ | 7.79 | | | $ | 5.23 | | | | | $ | 6.67 | | | $ | 10.41 | | | $ | 7.88 | | | $ | 5.30 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.31%, 2.05%, 1.55% and 1.04% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen Mid Cap Select Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual Performance | | | | | Hypothetical Performance
(5% annualized return before expenses) | |
| | | A Shares | | | C Shares | | | I Shares | | | | | A Shares | | | C Shares | | | I Shares | |
| Beginning Account Value (5/01/12) | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
| Ending Account Value (10/31/12) | | $ | 970.80 | | | $ | 968.00 | | | $ | 972.10 | | | | | $ | 1,018.05 | | | $ | 1,014.28 | | | $ | 1,019.30 | |
| Expenses Incurred During Period | | $ | 6.99 | | | $ | 10.69 | | | $ | 5.75 | | | | | $ | 7.15 | | | $ | 10.94 | | | $ | 5.89 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.41%, 2.16% and 1.16% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen Small Cap Select Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Actual Performance | | | | | Hypothetical Performance
(5% annualized return before expenses) | |
| | | A Shares | | | B Shares | | | C Shares | | | R3 Shares | | | I Shares | | | | | A Shares | | | B Shares | | | C Shares | | | R3 Shares | | | I Shares | |
| Beginning Account Value (5/01/12) | | $ | 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 (10/31/12) | | $ | 984.00 | | | $ | 981.30 | | | $ | 980.50 | | | $ | 982.80 | | | $ | 986.00 | | | | | $ | 1,018.80 | | | $ | 1,014.98 | | | $ | 1,014.98 | | | $ | 1,017.55 | | | $ | 1,020.06 | |
| Expenses Incurred During Period | | $ | 6.28 | | | $ | 10.06 | | | $ | 10.06 | | | $ | 7.53 | | | $ | 5.04 | | | | | $ | 6.55 | | | $ | 10.23 | | | $ | 10.23 | | | $ | 7.66 | | | $ | 5.13 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.26%, 2.02%, 2.02%, 1.51% and 1.01% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Report of
Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of
Nuveen Investment Funds Inc.:
In our opinion, the accompanying statement of assets and liabilities, including the portfolios of investments, and the related statements of operations, of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Nuveen Large Cap Select Fund, Nuveen Mid Cap Select Fund and Nuveen Small Cap Select Fund (the “Funds”) at October 31, 2012, the results of each of their operations for the year then ended, and the change in each of their net assets and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at October 31, 2012 by correspondence with the custodian and brokers, provides a reasonable basis for our opinion. The financial statements of the Funds for the years ended October 31, 2011 and prior were audited by other independent auditors whose report dated December 28, 2011 expressed an unqualified opinion on those statements.
PRICEWATERHOUSECOOPERS LLP
Chicago, IL
December 28, 2012
Portfolio of Investments
Nuveen Large Cap Select Fund
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | COMMON STOCKS – 97.5% | | | | | | | | | | |
| | | | | |
| | | | Aerospace & Defense – 1.7% | | | | | | | | | | |
| | | | | |
| | 9,291 | | | Boeing Company, (2) | | | | | | | | $ | 654,458 | |
| | | | Biotechnology – 1.7% | | | | | | | | | | |
| | | | | |
| | 9,561 | | | Gilead Sciences, Inc., (3) | | | | | | | | | 642,117 | |
| | | | Chemicals – 4.1% | | | | | | | | | | |
| | | | | |
| | 2,102 | | | CF Industries Holdings, Inc. | | | | | | | | | 431,309 | |
| | | | | |
| | 10,608 | | | LyondellBasell Industries NV | | | | | | | | | 566,361 | |
| | | | | |
| | 6,207 | | | Monsanto Company | | | | | | | | | 534,236 | |
| | | | Total Chemicals | | | | | | | | | 1,531,906 | |
| | | | Commercial Banks – 4.8% | | | | | | | | | | |
| | | | | |
| | 27,582 | | | Fifth Third Bancorp. | | | | | | | | | 400,766 | |
| | | | | |
| | 14,995 | | | SunTrust Banks, Inc., (2) | | | | | | | | | 407,864 | |
| | | | | |
| | 29,333 | | | Wells Fargo & Company | | | | | | | | | 988,229 | |
| | | | Total Commercial Banks | | | | | | | | | 1,796,859 | |
| | | | Communications Equipment – 1.5% | | | | | | | | | | |
| | | | | |
| | 11,035 | | | Motorola Solutions Inc. | | | | | | | | | 570,289 | |
| | | | Computers & Peripherals – 4.3% | | | | | | | | | | |
| | | | | |
| | 2,744 | | | Apple, Inc. | | | | | | | | | 1,632,954 | |
| | | | Consumer Finance – 4.0% | | | | | | | | | | |
| | | | | |
| | 14,542 | | | Capital One Financial Corporation | | | | | | | | | 874,992 | |
| | | | | |
| | 36,158 | | | SLM Corporation, (2) | | | | | | | | | 635,658 | |
| | | | Total Consumer Finance | | | | | | | | | 1,510,650 | |
| | | | Diversified Financial Services – 8.8% | | | | | | | | | | |
| | | | | |
| | 116,393 | | | Bank of America Corporation | | | | | | | | | 1,084,783 | |
| | | | | |
| | 31,972 | | | Citigroup Inc., (2) | | | | | | | | | 1,195,433 | |
| | | | | |
| | 24,875 | | | JPMorgan Chase & Co. | | | | | | | | | 1,036,790 | |
| | | | Total Diversified Financial Services | | | | | | | | | 3,317,006 | |
| | | | Diversified Telecommunication Services – 2.5% | | | | | | | | | | |
| | | | | |
| | 21,556 | | | Verizon Communications Inc., (2) | | | | | | | | | 962,260 | |
| | | | Electric Utilities – 1.2% | | | | | | | | | | |
| | | | | |
| | 9,706 | | | Edison International | | | | | | | | | 455,600 | |
| | | | Electrical Equipment – 2.0% | | | | | | | | | | |
| | | | | |
| | 15,574 | | | Emerson Electric Company | | | | | | | | | 754,249 | |
| | | | Energy Equipment & Services – 4.0% | | | | | | | | | | |
| | | | | |
| | 6,812 | | | Cooper Cameron Corporation, (3) | | | | | | | | | 344,960 | |
| | | | | |
| | 6,637 | | | National-Oilwell Varco Inc. | | | | | | | | | 489,147 | |
| | | | | |
| | 9,882 | | | Schlumberger Limited | | | | | | | | | 687,095 | |
| | | | Total Energy Equipment & Services | | | | | | | | | 1,521,202 | |
| | | | Food & Staples Retailing – 1.5% | | | | | | | | | | |
| | | | | |
| | 12,614 | | | CVS Caremark Corporation, (2) | | | | | | | | | 585,290 | |
| | | | Food Products – 2.2% | | | | | | | | | | |
| | | | | |
| | 6,632 | | | Kraft Foods Inc. | | | | | | | | | 301,623 | |
| | | | | |
| | 19,895 | | | Mondelez International Inc., Class A | | | | | | | | | 528,013 | |
| | | | Total Food Products | | | | | | | | | 829,636 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Health Care Equipment & Supplies – 2.1% | | | | | | | | | | |
| | | | | |
| | 8,454 | | | Covidien PLC | | | | | | | | $ | 464,547 | |
| | | | | |
| | 8,941 | | | Saint Jude Medical Inc. | | | | | | | | | 342,083 | |
| | | | Total Health Care Equipment & Supplies | | | | | | | | | 806,630 | |
| | | | Health Care Providers & Services – 1.6% | | | | | | | | | | |
| | | | | |
| | 10,723 | | | UnitedHealth Group Incorporated | | | | | | | | | 600,488 | |
| | | | Household Durables – 2.9% | | | | | | | | | | |
| | | | | |
| | 10,486 | | | Jarden Corporation | | | | | | | | | 522,203 | |
| | | | | |
| | 5,981 | | | Whirlpool Corporation, (2) | | | | | | | | | 584,224 | |
| | | | Total Household Durables | | | | | | | | | 1,106,427 | |
| | | | Industrial Conglomerates – 1.4% | | | | | | | | | | |
| | | | | |
| | 25,828 | | | General Electric Company | | | | | | | | | 543,938 | |
| | | | Insurance – 3.0% | | | | | | | | | | |
| | | | | |
| | 13,708 | | | Allstate Corporation | | | | | | | | | 548,046 | |
| | | | | |
| | 10,431 | | | Prudential Financial, Inc. | | | | | | | | | 595,089 | |
| | | | Total Insurance | | | | | | | | | 1,143,135 | |
| | | | Internet & Catalog Retail – 1.2% | | | | | | | | | | |
| | | | | |
| | 760 | | | priceline.com Incorporated, (3) | | | | | | | | | 436,065 | |
| | | | Internet Software & Services – 2.5% | | | | | | | | | | |
| | | | | |
| | 1,389 | | | Google Inc., Class A, (3) | | | | | | | | | 944,201 | |
| | | | IT Services – 2.9% | | | | | | | | | | |
| | | | | |
| | 1,419 | | | MasterCard, Inc., Class A | | | | | | | | | 654,060 | |
| | | | | |
| | 6,278 | | | Teradata Corporation, (3) | | | | | | | | | 428,850 | |
| | | | Total IT Services | | | | | | | | | 1,082,910 | |
| | | | Leisure Equipment & Products – 1.9% | | | | | | | | | | |
| | | | | |
| | 16,033 | | | Brunswick Corporation, (2) | | | | | | | | | 378,218 | |
| | | | | |
| | 3,998 | | | Polaris Industries Inc., (2) | | | | | | | | | 337,831 | |
| | | | Total Leisure Equipment & Products | | | | | | | | | 716,049 | |
| | | | Life Sciences Tools & Services – 1.3% | | | | | | | | | | |
| | | | | |
| | 13,880 | | | Agilent Technologies, Inc., (2) | | | | | | | | | 499,541 | |
| | | | Machinery – 5.6% | | | | | | | | | | |
| | | | | |
| | 7,207 | | | Dover Corporation, (2) | | | | | | | | | 419,592 | |
| | | | | |
| | 15,757 | | | Eaton Corporation, (2) | | | | | | | | | 744,046 | |
| | | | | |
| | 13,456 | | | Ingersoll Rand Company Limited, Class A | | | | | | | | | 632,836 | |
| | | | | |
| | 4,431 | | | SPX Corporation | | | | | | | | | 303,922 | |
| | | | Total Machinery | | | | | | | | | 2,100,396 | |
| | | | Media – 1.1% | | | | | | | | | | |
| | | | | |
| | 3,656 | | | Liberty Media Corporation, Liberty Capital Class A Tracking Stock, (3) | | | | | | | | | 408,266 | |
| | | | Metals & Mining – 1.4% | | | | | | | | | | |
| | | | | |
| | 13,897 | | | Freeport-McMoRan Copper & Gold, Inc. | | | | | | | | | 540,315 | |
| | | | Multiline Retail – 2.7% | | | | | | | | | | |
| | | | | |
| | 13,022 | | | Macy’s, Inc. | | | | | | | | | 495,748 | |
| | | | | |
| | 8,362 | | | Target Corporation | | | | | | | | | 533,077 | |
| | | | Total Multiline Retail | | | | | | | | | 1,028,825 | |
| | | | Oil, Gas & Consumable Fuels – 7.6% | | | | | | | | | | |
| | | | | |
| | 12,821 | | | Anadarko Petroleum Corporation | | | | | | | | | 882,213 | |
| | | | | |
| | 22,657 | | | Marathon Oil Corporation | | | | | | | | | 681,069 | |
Portfolio of Investments
Nuveen Large Cap Select Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Oil, Gas & Consumable Fuels (continued) | | | | | | | | | | |
| | | | | |
| | 8,361 | | | Occidental Petroleum Corporation | | | | | | | | $ | 660,185 | |
| | | | | |
| | 6,049 | | | Pioneer Natural Resources Company, (2) | | | | | | | | | 639,077 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | 2,862,544 | |
| | | | Paper & Forest Products – 1.1% | | | | | | | | | | |
| | | | | |
| | 11,198 | | | International Paper Company | | | | | | | | | 401,224 | |
| | | | Pharmaceuticals – 6.9% | | | | | | | | | | |
| | | | | |
| | 10,527 | | | GlaxoSmithKline PLC | | | | | | | | | 472,662 | |
| | | | | |
| | 18,289 | | | Merck & Company Inc. | | | | | | | | | 834,527 | |
| | | | | |
| | 51,967 | | | Pfizer Inc. | | | | | | | | | 1,292,419 | |
| | | | Total Pharmaceuticals | | | | | | | | | 2,599,608 | |
| | | | Semiconductors & Equipment – 1.4% | | | | | | | | | | |
| | | | | |
| | 18,710 | | | Maxim Integrated Products, Inc. | | | | | | | | | 514,993 | |
| | | | Software – 0.7% | | | | | | | | | | |
| | | | | |
| | 1,861 | | | Salesforce.com, Inc., (2), (3) | | | | | | | | | 271,669 | |
| | | | Specialty Retail – 3.9% | | | | | | | | | | |
| | | | | |
| | 11,320 | | | Foot Locker, Inc. | | | | | | | | | 379,220 | |
| | | | | |
| | 10,706 | | | Home Depot, Inc. | | | | | | | | | 657,133 | |
| | | | | |
| | 36,449 | | | Staples, Inc., (2) | | | | | | | | | 419,710 | |
| | | | Total Specialty Retail | | | | | | | | | 1,456,063 | |
| | | | Total Common Stocks (cost $33,480,333) | | | | | | | | | 36,827,763 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 19.0% | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 19.0% | | | | | | | | | | |
| | | | | |
| | 7,204,060 | | | Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5) | | | | | | | | $ | 7,204,060 | |
| | | | Total Investments Purchased with Collateral from Securities Lending (cost $7,204,060) | | | | | | | | | 7,204,060 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 3.2% | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 3.2% | | | | | | | | | | |
| | | | | |
| | 1,198,235 | | | First American Treasury Obligations Fund, Class Z, 0.004%, (4) | | | | | | | | $ | 1,198,235 | |
| | | | Total Short-Term Investments (cost $1,198,235) | | | | | | | | | 1,198,235 | |
| | | | Total Investments (cost $41,882,628) – 119.7% | | | | | | | | | 45,230,058 | |
| | | | Other Assets Less Liabilities – (19.7)% | | | | | | | | | (7,451,159) | |
| | | | Net Assets – 100% | | | | | | | | $ | 37,778,899 | |
| | | | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
| | (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| | (2) | | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan at the end of the reporting period was $7,077,605. |
| | (3) | | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| | (4) | | The rate shown is the annualized seven-day effective yield at the end of the reporting period. |
| | (5) | | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
See accompanying notes to financial statements.
Portfolio of Investments
Nuveen Mid Cap Select Fund
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | COMMON STOCKS – 97.5% | | | | | | | | | | |
| | | | | |
| | | | Aerospace & Defense – 0.8% | | | | | | | | | | |
| | | | | |
| | 2,976 | | | General Dynamics Corporation | | | | | | | | $ | 202,606 | |
| | | | Airlines – 1.1% | | | | | | | | | | |
| | | | | |
| | 6,979 | | | Alaska Air Group, Inc., (3) | | | | | | | | | 266,877 | |
| | | | Biotechnology – 2.6% | | | | | | | | | | |
| | | | | |
| | 2,174 | | | Alexion Pharmaceuticals Inc., (2), (3) | | | | | | | | | 196,486 | |
| | | | | |
| | 2,789 | | | Onyx Pharmaceuticals Inc., (2), (3) | | | | | | | | | 218,546 | |
| | | | | |
| | 1,677 | | | Regeneron Pharmaceuticals, Inc., (2), (3) | | | | | | | | | 238,637 | |
| | | | Total Biotechnology | | | | | | | | | 653,669 | |
| | | | Capital Markets – 1.0% | | | | | | | | | | |
| | | | | |
| | 10,511 | | | Invesco LTD | | | | | | | | | 255,628 | |
| | | | Chemicals – 5.7% | | | | | | | | | | |
| | | | | |
| | 1,564 | | | CF Industries Holdings, Inc. | | | | | | | | | 320,917 | |
| | | | | |
| | 4,292 | | | FMC Corporation | | | | | | | | | 229,708 | |
| | | | | |
| | 5,127 | | | LyondellBasell Industries NV | | | | | | | | | 273,731 | |
| | | | | |
| | 4,544 | | | Minerals Technologies Inc., (2) | | | | | | | | | 325,623 | |
| | | | | |
| | 2,560 | | | PPG Industries, Inc. | | | | | | | | | 299,725 | |
| | | | Total Chemicals | | | | | | | | | 1,449,704 | |
| | | | Commercial Banks – 5.3% | | | | | | | | | | |
| | | | | |
| | 12,659 | | | East West Bancorp Inc. | | | | | | | | | 269,510 | |
| | | | | |
| | 30,543 | | | Fifth Third Bancorp. | | | | | | | | | 443,790 | |
| | | | | |
| | 11,256 | | | SunTrust Banks, Inc., (2) | | | | | | | | | 306,163 | |
| | | | | |
| | 14,957 | | | Webster Financial Corporation | | | | | | | | | 329,054 | |
| | | | Total Commercial Banks | | | | | | | | | 1,348,517 | |
| | | | Commercial Services & Supplies – 2.3% | | | | | | | | | | |
| | | | | |
| | 7,792 | | | G&K Services, Inc., Class A | | | | | | | | | 251,292 | |
| | | | | |
| | 13,039 | | | Tetra Tech, Inc., (2), (3) | | | | | | | | | 338,232 | |
| | | | Total Commercial Services & Supplies | | | | | | | | | 589,524 | |
| | | | Communications Equipment – 2.4% | | | | | | | | | | |
| | | | | |
| | 5,505 | | | Motorola Solutions Inc. | | | | | | | | | 284,498 | |
| | | | | |
| | 9,718 | | | Plantronics Inc., (2) | | | | | | | | | 315,252 | |
| | | | Total Communications Equipment | | | | | | | | | 599,750 | |
| | | | Computers & Peripherals – 0.7% | | | | | | | | | | |
| | | | | |
| | 5,928 | | | Diebold Inc. | | | | | | | | | 176,358 | |
| | | | Consumer Finance – 5.0% | | | | | | | | | | |
| | | | | |
| | 6,563 | | | Capital One Financial Corporation | | | | | | | | | 394,896 | |
| | | | | |
| | 9,469 | | | Discover Financial Services | | | | | | | | | 388,229 | |
| | | | | |
| | 27,608 | | | SLM Corporation, (2) | | | | | | | | | 485,349 | |
| | | | Total Consumer Finance | | | | | | | | | 1,268,474 | |
| | | | Containers & Packaging – 0.9% | | | | | | | | | | |
| | | | | |
| | 6,342 | | | Packaging Corp. of America | | | | | | | | | 223,682 | |
| | | | Diversified Consumer Services – 0.6% | | | | | | | | | | |
| | | | | |
| | 3,419 | | | Coinstar Inc., (2), (3) | | | | | | | | | 160,488 | |
| | | | Diversified Telecommunication Services – 0.8% | | | | | | | | | | |
| | | | | |
| | 25,989 | | | Cbeyond Inc., (3) | | | | | | | | | 199,076 | |
Portfolio of Investments
Nuveen Mid Cap Select Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Electric Utilities – 2.5% | | | | | | | | | | |
| | | | | |
| | 7,782 | | | El Paso Electric Company, (2) | | | | | | | | $ | 264,510 | |
| | | | | |
| | 7,111 | | | Pinnacle West Capital Corporation, (2) | | | | | | | | | 376,670 | |
| | | | Total Electric Utilities | | | | | | | | | 641,180 | |
| | | | Electrical Equipment – 3.5% | | | | | | | | | | |
| | | | | |
| | 4,750 | | | Acuity Brands Inc. | | | | | | | | | 307,325 | |
| | | | | |
| | 9,018 | | | General Cable Corporation, (2), (3) | | | | | | | | | 257,284 | |
| | | | | |
| | 2,995 | | | Roper Industries Inc., (2) | | | | | | | | | 326,964 | |
| | | | Total Electrical Equipment | | | | | | | | | 891,573 | |
| | | | Electronic Equipment & Instruments – 1.0% | | | | | | | | | | |
| | | | | |
| | 4,258 | | | Amphenol Corporation, Class A, (2) | | | | | | | | | 256,034 | |
| | | | Energy Equipment & Services – 2.3% | | | | | | | | | | |
| | | | | |
| | 15,853 | | | Basic Energy Services, Inc., (2), (3) | | | | | | | | | 164,713 | |
| | | | | |
| | 26,415 | | | Key Energy Services Inc., (3) | | | | | | | | | 172,754 | |
| | | | | |
| | 3,477 | | | Oil States International Inc., (3) | | | | | | | | | 254,169 | |
| | | | Total Energy Equipment & Services | | | | | | | | | 591,636 | |
| | | | Food & Staples Retailing – 1.1% | | | | | | | | | | |
| | | | | |
| | 7,740 | | | Harris Teeter Supermarkets Incorporated | | | | | | | | | 289,863 | |
| | | | Gas Utilities – 2.0% | | | | | | | | | | |
| | | | | |
| | 7,981 | | | Atmos Energy Corporation | | | | | | | | | 287,077 | |
| | | | | |
| | 4,815 | | | Southwest Gas Corporation | | | | | | | | | 209,308 | |
| | | | Total Gas Utilities | | | | | | | | | 496,385 | |
| | | | Health Care Equipment & Supplies – 4.8% | | | | | | | | | | |
| | | | | |
| | 3,858 | | | Haemonetics Corporation, (3) | | | | | | | | | 315,199 | |
| | | | | |
| | 5,113 | | | ICU Medical, Inc., (2), (3) | | | | | | | | | 303,354 | |
| | | | | |
| | 2,927 | | | Idexx Labs Inc., (2), (3) | | | | | | | | | 281,577 | |
| | | | | |
| | 8,543 | | | Saint Jude Medical Inc. | | | | | | | | | 326,855 | |
| | | | Total Health Care Equipment & Supplies | | | | | | | | | 1,226,985 | |
| | | | Health Care Providers & Services – 1.3% | | | | | | | | | | |
| | | | | |
| | 3,510 | | | McKesson HBOC Inc. | | | | | | | | | 327,518 | |
| | | | Hotels, Restaurants & Leisure – 1.1% | | | | | | | | | | |
| | | | | |
| | 1,699 | | | Panera Bread Company, Class A, (3) | | | | | | | | | 286,519 | |
| | | | Household Durables – 2.7% | | | | | | | | | | |
| | | | | |
| | 5,374 | | | Jarden Corporation | | | | | | | | | 267,625 | |
| | | | | |
| | 4,247 | | | Whirlpool Corporation, (2) | | | | | | | | | 414,847 | |
| | | | Total Household Durables | | | | | | | | | 682,472 | |
| | | | Insurance – 4.6% | | | | | | | | | | |
| | | | | |
| | 6,222 | | | Allstate Corporation | | | | | | | | | 248,756 | |
| | | | | |
| | 30,236 | | | CNO Financial Group Inc., (2) | | | | | | | | | 289,661 | |
| | | | | |
| | 6,050 | | | Prudential Financial, Inc. | | | | | | | | | 345,153 | |
| | | | | |
| | 13,591 | | | Unum Group | | | | | | | | | 275,625 | |
| | | | Total Insurance | | | | | | | | | 1,159,195 | |
| | | | Internet Software & Services – 0.5% | | | | | | | | | | |
| | | | | |
| | 10,917 | | | Constant Contact Inc., (3) | | | | | | | | | 134,716 | |
| | | | Leisure Equipment & Products – 2.0% | | | | | | | | | | |
| | | | | |
| | 9,761 | | | Brunswick Corporation | | | | | | | | | 230,262 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Leisure Equipment & Products (continued) | | | | | | | | | | |
| | | | | |
| | 3,279 | | | Polaris Industries Inc., (2) | | | | | | | | $ | 277,076 | |
| | | | Total Leisure Equipment & Products | | | | | | | | | 507,338 | |
| | | | Life Sciences Tools & Services – 1.0% | | | | | | | | | | |
| | | | | |
| | 7,090 | | | Agilent Technologies, Inc., (2) | | | | | | | | | 255,169 | |
| | | | Machinery – 6.5% | | | | | | | | | | |
| | | | | |
| | 10,417 | | | Actuant Corporation, Class A, (2) | | | | | | | | | 294,176 | |
| | | | | |
| | 5,982 | | | Crane Company | | | | | | | | | 251,124 | |
| | | | | |
| | 4,910 | | | Dover Corporation, (2) | | | | | | | | | 285,860 | |
| | | | | |
| | 8,830 | | | Eaton Corporation, (2) | | | | | | | | | 416,953 | |
| | | | | |
| | 8,594 | | | Ingersoll Rand Company Limited, Class A | | | | | | | | | 404,176 | |
| | | | Total Machinery | | | | | | | | | 1,652,289 | |
| | | | Media – 1.5% | | | | | | | | | | |
| | | | | |
| | 23,315 | | | Belo Corp. | | | | | | | | | 174,396 | |
| | | | | |
| | 20,793 | | | Interpublic Group Companies, Inc. | | | | | | | | | 210,009 | |
| | | | Total Media | | | | | | | | | 384,405 | |
| | | | Multiline Retail – 1.3% | | | | | | | | | | |
| | | | | |
| | 8,398 | | | Macy’s, Inc. | | | | | | | | | 319,712 | |
| | | | Multi-Utilities – 0.9% | | | | | | | | | | |
| | | | | |
| | 11,117 | | | CenterPoint Energy, Inc., (2) | | | | | | | | | 240,905 | |
| | | | Oil, Gas & Consumable Fuels – 4.2% | | | | | | | | | | |
| | | | | |
| | 2,679 | | | Concho Resources Inc., (3) | | | | | | | | | 230,715 | |
| | | | | |
| | 9,050 | | | Energy XXI Limited Bermuda, (2) | | | | | | | | | 299,555 | |
| | | | | |
| | 9,294 | | | Marathon Oil Corporation | | | | | | | | | 279,378 | |
| | | | | |
| | 7,153 | | | Plains Exploration & Production Company, (3) | | | | | | | | | 255,076 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | 1,064,724 | |
| | | | Personal Products – 1.5% | | | | | | | | | | |
| | | | | |
| | 8,015 | | | Nu Skin Enterprises, Inc., Class A, (2) | | | | | | | | | 379,350 | |
| | | | Real Estate Investment Trust – 6.3% | | | | | | | | | | |
| | | | | |
| | 3,320 | | | Digital Realty Trust Inc. | | | | | | | | | 203,948 | |
| | | | | |
| | 12,016 | | | Invesco Mortgage Capital Inc. | | | | | | | | | 257,503 | |
| | | | | |
| | 8,433 | | | Liberty Property Trust, (2) | | | | | | | | | 296,167 | |
| | | | | |
| | 35,832 | | | MFA Mortgage Investments, Inc. | | | | | | | | | 292,747 | |
| | | | | |
| | 9,446 | | | National Retail Properties, Inc., (2) | | | | | | | | | 299,249 | |
| | | | | |
| | 3,856 | | | PS Business Parks Inc., (2) | | | | | | | | | 247,285 | |
| | | | Total Real Estate Investment Trust | | | | | | | | | 1,596,899 | |
| | | | Road & Rail – 1.0% | | | | | | | | | | |
| | | | | |
| | 25,714 | | | Swift Transportation Company, Class A, (3) | | | | | | | | | 250,712 | |
| | | | Semiconductors & Equipment – 3.1% | | | | | | | | | | |
| | | | | |
| | 61,733 | | | Integrated Device Technology, Inc., (2), (3) | | | | | | | | | 335,828 | |
| | | | | |
| | 16,210 | | | Maxim Integrated Products, Inc. | | | | | | | | | 446,180 | |
| | | | Total Semiconductors & Equipment | | | | | | | | | 782,008 | |
| | | | Software – 4.5% | | | | | | | | | | |
| | | | | |
| | 8,722 | | | BMC Software, Inc., (3) | | | | | | | | | 354,985 | |
| | | | | |
| | 3,229 | | | CommVault Systems, Inc., (3) | | | | | | | | | 201,716 | |
| | | | | |
| | 7,121 | | | Red Hat, Inc., (3) | | | | | | | | | 350,140 | |
Portfolio of Investments
Nuveen Mid Cap Select Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Software (continued) | | | | | | | | | | |
| | | | | |
| | 6,944 | | | Synopsys Inc., (3) | | | | | | | | $ | 223,597 | |
| | | | Total Software | | | | | | | | | 1,130,438 | |
| | | | Specialty Retail – 7.1% | | | | | | | | | | |
| | | | | |
| | 6,244 | | | Ann Inc., (2), (3) | | | | | | | | | 219,539 | |
| | | | | |
| | 13,587 | | | Ascena Retail Group Inc., (3) | | | | | | | | | 269,023 | |
| | | | | |
| | 11,959 | | | Foot Locker, Inc. | | | | | | | | | 400,626 | |
| | | | | |
| | 5,063 | | | GNC Holdings Inc., Class A, (2) | | | | | | | | | 195,785 | |
| | | | | |
| | 6,189 | | | PetSmart Inc. | | | | | | | | | 410,887 | |
| | | | | |
| | 27,616 | | | Staples, Inc., (2) | | | | | | | | | 317,997 | |
| | | | Total Specialty Retail | | | | | | | | | 1,813,857 | |
| | | | Total Common Stocks (cost $23,200,417) | | | | | | | | | 24,756,235 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 31.4% | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 31.4% | | | | | | | | | | |
| | | | | |
| | 7,962,828 | | | Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5) | | | | | | | | $ | 7,962,828 | |
| | | | Total Investments Purchased with Collateral from Securities Lending (cost $7,962,828) | | | | | | | | | 7,962,828 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 3.0% | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 3.0% | | | | | | | | | | |
| | | | | |
| | 752,457 | | | First American Treasury Obligations Fund, Class Z, 0.004%, (4) | | | | | | | | $ | 752,457 | |
| | | | Total Short-Term Investments (cost $752,457) | | | | | | | | | 752,457 | |
| | | | Total Investments (cost $31,915,702) – 131.9% | | | | | | | | | 33,471,520 | |
| | | | Other Assets Less Liabilities – (31.9)% | | | | | | | | | (8,093,586) | |
| | | | Net Assets – 100% | | | | | | | | $ | 25,377,934 | |
| | | | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
| | (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| | (2) | | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan at the end of the reporting period was $7,751,398. |
| | (3) | | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| | (4) | | The rate shown is the annualized seven-day effective yield at the end of the reporting period. |
| | (5) | | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
See accompanying notes to financial statements.
Portfolio of Investments
Nuveen Small Cap Select Fund
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | COMMON STOCKS – 98.4% | | | | | | | | | | |
| | | | | |
| | | | Aerospace & Defense – 1.5% | | | | | | | | | | |
| | | | | |
| | 491,881 | | | Orbital Sciences Corporation, (2), (3) | | | | | | | | $ | 6,591,205 | |
| | | | Airlines – 1.0% | | | | | | | | | | |
| | | | | |
| | 63,190 | | | Allegiant Travel Company, (3) | | | | | | | | | 4,596,441 | |
| | | | Biotechnology – 2.8% | | | | | | | | | | |
| | | | | |
| | 50,283 | | | Alkermes Inc., (2), (3) | | | | | | | | | 931,744 | |
| | | | | |
| | 86,136 | | | Arena Pharmaceuticals, Inc., (2), (3) | | | | | | | | | 681,336 | |
| | | | | |
| | 108,420 | | | Cepheid, Inc., (2), (3) | | | | | | | | | 3,286,210 | |
| | | | | |
| | 58,783 | | | Cubist Pharmaceuticals Inc., (2), (3) | | | | | | | | | 2,521,791 | |
| | | | | |
| | 35,925 | | | Immunogen, Inc., (2), (3) | | | | | | | | | 398,049 | |
| | | | | |
| | 30,516 | | | Ironwood Pharmaceuticals Inc., Class A, (2), (3) | | | | | | | | | 354,901 | |
| | | | | |
| | 38,643 | | | ISIS Pharmaceuticals, Inc., (2), (3) | | | | | | | | | 334,262 | |
| | | | | |
| | 21,649 | | | Pharmacyclics, Inc., (2), (3) | | | | | | | | | 1,322,104 | |
| | | | | |
| | 37,324 | | | Seattle Genetics, Inc., (2), (3) | | | | | | | | | 939,072 | |
| | | | | |
| | 70,232 | | | Theravance Inc., (2), (3) | | | | | | | | | 1,580,922 | |
| | | | Total Biotechnology | | | | | | | | | 12,350,391 | |
| | | | Capital Markets – 7.3% | | | | | | | | | | |
| | | | | |
| | 504,293 | | | Calamos Asset Management, Inc. Class A, (2) | | | | | | | | | 5,446,364 | |
| | | | | |
| | 233,923 | | | Evercore Partners Inc., Class A | | | | | | | | | 6,526,452 | |
| | | | | |
| | 330,055 | | | Medley Capital Corporation | | | | | | | | | 4,752,792 | |
| | | | | |
| | 438,413 | | | Pennantpark Investment Corporation | | | | | | | | | 4,822,543 | |
| | | | | |
| | 135,581 | | | Stifel Financial Corporation, (2), (3) | | | | | | | | | 4,297,918 | |
| | | | | |
| | 205,607 | | | Waddell & Reed Financial, Inc., Class A, (2) | | | | | | | | | 6,852,881 | |
| | | | Total Capital Markets | | | | | | | | | 32,698,950 | |
| | | | Chemicals – 2.1% | | | | | | | | | | |
| | | | | |
| | 205,409 | | | Kraton Performance Polymers Inc., (3) | | | | | | | | | 4,482,024 | |
| | | | | |
| | 71,181 | | | Minerals Technologies Inc., (2) | | | | | | | | | 5,100,830 | |
| | | | Total Chemicals | | | | | | | | | 9,582,854 | |
| | | | Commercial Banks – 4.8% | | | | | | | | | | |
| | | | | |
| | 363,044 | | | Associated Banc-Corp., (2) | | | | | | | | | 4,679,637 | |
| | | | | |
| | 316,249 | | | Cardinal Financial Corporation, (2) | | | | | | | | | 5,050,497 | |
| | | | | |
| | 202,332 | | | East West Bancorp Inc. | | | | | | | | | 4,307,648 | |
| | | | | |
| | 27,531 | | | Home Bancshares, Inc. | | | | | | | | | 953,674 | |
| | | | | |
| | 548,900 | | | Umpqua Holdings Corporation, (2) | | | | | | | | | 6,636,201 | |
| | | | Total Commercial Banks | | | | | | | | | 21,627,657 | |
| | | | Commercial Services & Supplies – 1.3% | | | | | | | | | | |
| | | | | |
| | 265,392 | | | Interface, Inc. | | | | | | | | | 3,797,760 | |
| | | | | |
| | 160,016 | | | Sykes Enterprises Inc., (3) | | | | | | | | | 2,179,418 | |
| | | | Total Commercial Services & Supplies | | | | | | | | | 5,977,178 | |
| | | | Computers & Peripherals – 0.4% | | | | | | | | | | |
| | | | | |
| | 208,153 | | | QLogic Corporation, (3) | | | | | | | | | 1,952,475 | |
| | | | Construction & Engineering – 2.8% | | | | | | | | | | |
| | | | | |
| | 301,529 | | | MasTec Inc., (2), (3) | | | | | | | | | 6,802,494 | |
| | | | | |
| | 273,932 | | | MYR Group Inc., (3) | | | | | | | | | 5,801,880 | |
| | | | Total Construction & Engineering | | | | | | | | | 12,604,374 | |
Portfolio of Investments
Nuveen Small Cap Select Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Containers & Packaging – 1.2% | | | | | | | | | | |
| | | | | |
| | 76,478 | | | Rock-Tenn Company, Class A | | | | | | | | $ | 5,597,425 | |
| | | | Diversified Consumer Services – 0.5% | | | | | | | | | | |
| | | | | |
| | 44,621 | | | Coinstar Inc., (2), (3) | | | | | | | | | 2,094,510 | |
| | | | Diversified Telecommunication Services – 1.5% | | | | | | | | | | |
| | | | | |
| | 858,049 | | | Cbeyond Inc., (3) | | | | | | | | | 6,572,655 | |
| | | | Electrical Equipment – 2.8% | | | | | | | | | | |
| | | | | |
| | 40,085 | | | Acuity Brands Inc. | | | | | | | | | 2,593,500 | |
| | | | | |
| | 195,515 | | | General Cable Corporation, (3) | | | | | | | | | 5,578,043 | |
| | | | | |
| | 65,491 | | | Regal-Beloit Corporation | | | | | | | | | 4,268,703 | |
| | | | Total Electrical Equipment | | | | | | | | | 12,440,246 | |
| | | | Electronic Equipment & Instruments – 1.8% | | | | | | | | | | |
| | | | | |
| | 534,502 | | | Newport Corporation, (3) | | | | | | | | | 5,783,312 | |
| | | | | |
| | 76,901 | | | ScanSource, Inc., (3) | | | | | | | | | 2,249,354 | |
| | | | Total Electronic Equipment & Instruments | | | | | | | | | 8,032,666 | |
| | | | Energy Equipment & Services – 3.4% | | | | | | | | | | |
| | | | | |
| | 149,525 | | | Atwood Oceanics Inc., (3) | | | | | | | | | 7,147,295 | |
| | | | | |
| | 884,549 | | | Key Energy Services Inc., (3) | | | | | | | | | 5,784,950 | |
| | | | | |
| | 526,338 | | | Parker Drilling Company, (2), (3) | | | | | | | | | 2,279,044 | |
| | | | Total Energy Equipment & Services | | | | | | | | | 15,211,289 | |
| | | | Food & Staples Retailing – 2.4% | | | | | | | | | | |
| | | | | |
| | 148,985 | | | Harris Teeter Supermarkets Incorporated | | | | | | | | | 5,579,488 | |
| | | | | |
| | 92,650 | | | Natural Grocers by Vitamin Cottage Incorporated, (2), (3) | | | | | | | | | 1,878,942 | |
| | | | | |
| | 203,416 | | | The Chef’s Warehouse Inc., (2), (3) | | | | | | | | | 3,140,743 | |
| | | | Total Food & Staples Retailing | | | | | | | | | 10,599,173 | |
| | | | Food Products – 1.5% | | | | | | | | | | |
| | | | | |
| | 363,020 | | | Smart Balance Inc., (2), (3) | | | | | | | | | 4,319,938 | |
| | | | | |
| | 47,162 | | | Treehouse Foods Inc., (2), (3) | | | | | | | | | 2,525,525 | |
| | | | Total Food Products | | | | | | | | | 6,845,463 | |
| | | | Gas Utilities – 2.1% | | | | | | | | | | |
| | | | | |
| | 261,111 | | | Atmos Energy Corporation | | | | | | | | | 9,392,163 | |
| | | | Health Care Equipment & Supplies – 5.2% | | | | | | | | | | |
| | | | | |
| | 148,066 | | | Align Technology, Inc., (2), (3) | | | | | | | | | 3,935,594 | |
| | | | | |
| | 36,935 | | | ICU Medical, Inc., (2), (3) | | | | | | | | | 2,191,354 | |
| | | | | |
| | 105,259 | | | Integra Lifesciences Holdings Corporation, (2), (3) | | | | | | | | | 4,026,157 | |
| | | | | |
| | 386,276 | | | Merit Medical Systems, Inc., (3) | | | | | | | | | 5,577,825 | |
| | | | | |
| | 31,793 | | | Sirona Dental Systems, Inc., (3) | | | | | | | | | 1,820,467 | |
| | | | | |
| | 167,787 | | | Thoratec Corporation, (3) | | | | | | | | | 5,989,996 | |
| | | | Total Health Care Equipment & Supplies | | | | | | | | | 23,541,393 | |
| | | | Health Care Providers & Services – 2.4% | | | | | | | | | | |
| | | | | |
| | 296,800 | | | HealthSouth Corporation, (2), (3) | | | | | | | | | 6,568,184 | |
| | | | | |
| | 63,946 | | | Mednax Inc., (3) | | | | | | | | | 4,410,995 | |
| | | | Total Health Care Providers & Services | | | | | | | | | 10,979,179 | |
| | | | Hotels, Restaurants & Leisure – 5.0% | | | | | | | | | | |
| | | | | |
| | 299,702 | | | Bravo Brio Restaurant Group, (2), (3) | | | | | | | | | 3,956,066 | |
| | | | | |
| | 176,409 | | | Caribou Coffee Company, Inc., (2), (3) | | | | | | | | | 2,111,616 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Hotels, Restaurants & Leisure (continued) | | | | | | | | | | |
| | | | | |
| | 164,693 | | | Life Time Fitness Inc., (2), (3) | | | | | | | | $ | 7,393,069 | |
| | | | | |
| | 10,832 | | | Panera Bread Company, Class A, (3) | | | | | | | | | 1,826,708 | |
| | | | | |
| | 519,972 | | | Ruby Tuesday, Inc., (2), (3) | | | | | | | | | 3,754,198 | |
| | | | | |
| | 212,439 | | | Texas Roadhouse, Inc., (2) | | | | | | | | | 3,458,507 | |
| | | | Total Hotels, Restaurants & Leisure | | | | | | | | | 22,500,164 | |
| | | | Insurance – 2.5% | | | | | | | | | | |
| | | | | |
| | 150,147 | | | First American Corporation | | | | | | | | | 3,415,844 | |
| | | | | |
| | 657,265 | | | Maiden Holdings, Ltd | | | | | | | | | 5,553,889 | |
| | | | | |
| | 50,019 | | | Platinum Underwriters Holdings Limited | | | | | | | | | 2,220,844 | |
| | | | Total Insurance | | | | | | | | | 11,190,577 | |
| | | | Internet Software & Services – 3.1% | | | | | | | | | | |
| | | | | |
| | 276,121 | | | Keynote Systems, Inc. | | | | | | | | | 3,945,769 | |
| | | | | |
| | 107,521 | | | LogMeIn Inc., (2), (3) | | | | | | | | | 2,653,618 | |
| | | | | |
| | 416,877 | | | Vocus, Inc., (2), (3) | | | | | | | | | 7,399,567 | |
| | | | Total Internet Software & Services | | | | | | | | | 13,998,954 | |
| | | | IT Services – 1.3% | | | | | | | | | | |
| | | | | |
| | 281,210 | | | Euronet Worldwide, Inc., (2), (3) | | | | | | | | | 5,705,751 | |
| | | | Leisure Equipment & Products – 1.8% | | | | | | | | | | |
| | | | | |
| | 337,946 | | | Brunswick Corporation, (2) | | | | | | | | | 7,972,146 | |
| | | | Machinery – 4.0% | | | | | | | | | | |
| | | | | |
| | 212,373 | | | Actuant Corporation, Class A | | | | | | | | | 5,997,414 | |
| | | | | |
| | 256,805 | | | Altra Industrial Motion, Inc. | | | | | | | | | 4,627,626 | |
| | | | | |
| | 198,071 | | | ESCO Technologies Inc., (2) | | | | | | | | | 7,415,778 | |
| | | | Total Machinery | | | | | | | | | 18,040,818 | |
| | | | Media – 0.7% | | | | | | | | | | |
| | | | | |
| | 241,177 | | | ReachLocal Inc., (2), (3) | | | | | | | | | 2,976,124 | |
| | | | Metals & Mining – 0.5% | | | | | | | | | | |
| | | | | |
| | 73,715 | | | Schnitzer Steel Industries, Inc., Class A, (2) | | | | | | | | | 2,101,615 | |
| | | | Oil, Gas & Consumable Fuels – 3.9% | | | | | | | | | | |
| | | | | |
| | 339,129 | | | Comstock Resources Inc., (2), (3) | | | | | | | | | 5,805,888 | |
| | | | | |
| | 183,145 | | | Energy XXI Limited Bermuda, (2) | | | | | | | | | 6,062,100 | |
| | | | | |
| | 439,529 | | | Goodrich Petroleum Corporation, (2), (3) | | | | | | | | | 5,419,393 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | 17,287,381 | |
| | | | Paper & Forest Products – 0.9% | | | | | | | | | | |
| | | | | |
| | 148,475 | | | Buckeye Technologies Inc. | | | | | | | | | 3,890,045 | |
| | | | Pharmaceuticals – 1.8% | | | | | | | | | | |
| | | | | |
| | 160,352 | | | Impax Laboratories Inc., (3) | | | | | | | | | 3,407,480 | |
| | | | | |
| | 100,283 | | | Salix Pharmaceuticals Limited, (3) | | | | | | | | | 3,915,048 | |
| | | | | |
| | 40,652 | | | Vivus, Inc., (2), (3) | | | | | | | | | 605,715 | |
| | | | Total Pharmaceuticals | | | | | | | | | 7,928,243 | |
| | | | Professional Services – 1.6% | | | | | | | | | | |
| | | | | |
| | 393,534 | | | CBIZ Inc., (2), (3) | | | | | | | | | 2,172,308 | |
| | | | | |
| | 377,399 | | | TrueBlue Inc., (2), (3) | | | | | | | | | 4,925,057 | |
| | | | Total Professional Services | | | | | | | | | 7,097,365 | |
Portfolio of Investments
Nuveen Small Cap Select Fund (continued)
October 31, 2012
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | Real Estate Investment Trust – 5.6% | | | | | | | | | | |
| | | | | |
| | 55,177 | | | EastGroup Properties Inc., (2) | | | | | | | | $ | 2,872,515 | |
| | | | | |
| | 286,624 | | | Invesco Mortgage Capital Inc. | | | | | | | | | 6,142,352 | |
| | | | | |
| | 463,145 | | | MFA Mortgage Investments, Inc. | | | | | | | | | 3,783,895 | |
| | | | | |
| | 175,705 | | | National Retail Properties, Inc., (2) | | | | | | | | | 5,566,334 | |
| | | | | |
| | 67,231 | | | PS Business Parks Inc., (2) | | | | | | | | | 4,311,524 | |
| | | | | |
| | 159,575 | | | Terreno Realty Corporation, (2) | | | | | | | | | 2,435,115 | |
| | | | Total Real Estate Investment Trust | | | | | | | | | 25,111,735 | |
| | | | Road & Rail – 1.3% | | | | | | | | | | |
| | | | | |
| | 208,756 | | | Con-Way, Inc., (2) | | | | | | | | | 6,076,887 | |
| | | | Semiconductors & Equipment – 4.5% | | | | | | | | | | |
| | | | | |
| | 1,408,613 | | | Integrated Device Technology, Inc., (2), (3) | | | | | | | | | 7,662,855 | |
| | | | | |
| | 348,261 | | | International Rectifier Corporation, (2), (3) | | | | | | | | | 5,394,563 | |
| | | | | |
| | 284,251 | | | Semtech Corporation, (2), (3) | | | | | | | | | 7,097,747 | |
| | | | Total Semiconductors & Equipment | | | | | | | | | 20,155,165 | |
| | | | Software – 3.2% | | | | | | | | | | |
| | | | | |
| | 257,714 | | | Fortinet Inc., (3) | | | | | | | | | 4,991,920 | |
| | | | | |
| | 63,180 | | | Guidewire Software Incorporated, (2), (3) | | | | | | | | | 1,935,835 | |
| | | | | |
| | 72,076 | | | Progress Software Corporation, (3) | | | | | | | | | 1,421,339 | |
| | | | | |
| | 1,151,559 | | | Smith Micro Software, Inc., (3) | | | | | | | | | 1,439,449 | |
| | | | | |
| | 100,666 | | | Synchronoss Technologies, Inc., (2), (3) | | | | | | | | | 2,062,646 | |
| | | | | |
| | 197,271 | | | Tangoe Inc., (3) | | | | | | | | | 2,548,741 | |
| | | | Total Software | | | | | | | | | 14,399,930 | |
| | | | Specialty Retail – 3.6% | | | | | | | | | | |
| | | | | |
| | 128,688 | | | Ann Inc., (2), (3) | | | | | | | | | 4,524,670 | |
| | | | | |
| | 374,972 | | | Ascena Retail Group Inc., (3) | | | | | | | | | 7,424,446 | |
| | | | | |
| | 164,128 | | | Zumiez, Inc., (2), (3) | | | | | | | | | 4,154,080 | |
| | | | Total Specialty Retail | | | | | | | | | 16,103,196 | |
| | | | Textiles, Apparel & Luxury Goods – 3.1% | | | | | | | | | | |
| | | | | |
| | 116,433 | | | Columbia Sportswear Company, (2) | | | | | | | | | 6,566,821 | |
| | | | | |
| | 195,985 | | | G III Apparel Group, Limited, (3) | | | | | | | | | 7,243,606 | |
| | | | Total Textiles, Apparel & Luxury Goods | | | | | | | | | 13,810,427 | |
| | | | Thrifts & Mortgage Finance – 1.2% | | | | | | | | | | |
| | | | | |
| | 344,477 | | | Everbank Financial Corporation, (2) | | | | | | | | | 5,249,829 | |
| | | | Total Common Stocks (cost $415,277,935) | | | | | | | | | 440,884,039 | |
| | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 32.8% | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 32.8% | | | | | | | | | | |
| | | | | |
| | 146,829,843 | | | Mount Vernon Securities Lending Prime Portfolio, 0.295%, (4), (5) | | | | | | | | $ | 146,829,843 | |
| | | | Total Investments Purchased with Collateral from Securities Lending (cost $146,829,843) | | | | | | | | | 146,829,843 | |
| | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | SHORT-TERM INVESTMENTS – 1.6% | | | | | | | | | | |
| | | | | |
| | | | Money Market Funds – 1.6% | | | | | | | | | | |
| | | | | |
| | 7,098,142 | | | First American Treasury Obligations Fund, Class Z, 0.004%, (4) | | | | | | | | $ | 7,098,142 | |
| | | | Total Short-Term Investments (cost $7,098,142) | | | | | | | | | 7,098,142 | |
| | | | Total Investments (cost $569,205,920) – 132.8% | | | | | | | | | 594,812,024 | |
| | | | Other Assets Less Liabilities – (32.8)% | | | | | | | | | (146,952,456) | |
| | | | Net Assets – 100% | | | | | | | | $ | 447,859,568 | |
| | | | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
| | (1) | | All percentages shown in the Portfolio of Investments are based on net assets. |
| | (2) | | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan at the end of the reporting period was $140,222,641. |
| | (3) | | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| | (4) | | The rate shown is the annualized seven-day effective yield at the end of the reporting period. |
| | (5) | | The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 102% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Footnote 1 – General Information and Significant Accounting Policies, Securities Lending for more information. |
See accompanying notes to financial statements.
Statement of Assets & Liabilities
October 31, 2012
| | | | | | | | | | | | |
| | | Large Cap
Select | | | Mid Cap
Select | | | Small Cap
Select | |
Assets | | | | | | | | | | | | |
Investments, at value (cost $34,678,568, $23,952,874 and $422,376,077, respectively) | | $ | 38,025,998 | | | $ | 25,508,692 | | | $ | 447,982,181 | |
Investments purchased with collateral from securities lending (at cost, which approximates value) | | | 7,204,060 | | | | 7,962,828 | | | | 146,829,843 | |
Cash | | | 36,158 | | | | 59 | | | | 91,010 | |
Receivables: | | | | | | | | | | | | |
Dividends | | | 16,377 | | | | 13,349 | | | | 126,016 | |
Due from broker | | | 819 | | | | 1,262 | | | | 29,657 | |
Investments sold | | | 1,952,935 | | | | — | | | | 410,362 | |
Shares sold | | | 9,660 | | | | 2,439 | | | | 516,427 | |
Other assets | | | 84 | | | | 101 | | | | 6,901 | |
Total assets | | | 47,246,091 | | | | 33,488,730 | | | | 595,992,397 | |
Liabilities | | | | | | | | | | | | |
Payables: | | | | | | | | | | | | |
Collateral from securities lending program | | | 7,204,060 | | | | 7,962,828 | | | | 146,829,843 | |
Investments purchased | | | 2,003,945 | | | | — | | | | — | |
Shares redeemed | | | 222,270 | | | | 95,735 | | | | 688,562 | |
Accrued expenses: | | | | | | | | | | | | |
Directors fees | | | 322 | | | | 212 | | | | 9,675 | |
Management fees | | | 24,694 | | | | 16,785 | | | | 299,660 | |
12b-1 distribution and service fees | | | 841 | | | | 3,761 | | | | 52,207 | |
Other | | | 11,060 | | | | 31,475 | | | | 252,882 | |
Total liabilities | | | 9,467,192 | | | | 8,110,796 | | | | 148,132,829 | |
Net assets | | $ | 37,778,899 | | | $ | 25,377,934 | | | $ | 447,859,568 | |
Class A Shares | | | | | | | | | | | | |
Net assets | | $ | 2,923,638 | | | $ | 10,862,434 | | | $ | 155,623,564 | |
Shares outstanding | | | 217,925 | | | | 1,054,488 | | | | 11,490,089 | |
Net asset value per share | | $ | 13.42 | | | $ | 10.30 | | | $ | 13.54 | |
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price) | | $ | 14.24 | | | $ | 10.93 | | | $ | 14.37 | |
Class B Shares | | | | | | | | | | | | |
Net assets | | | N/A | | | | N/A | | | $ | 2,031,571 | |
Shares outstanding | | | N/A | | | | N/A | | | | 193,728 | |
Net asset value and offering price per share | | | N/A | | | | N/A | | | $ | 10.49 | |
Class C Shares | | | | | | | | | | | | |
Net assets | | $ | 194,760 | | | $ | 1,710,252 | | | $ | 10,058,196 | |
Shares outstanding | | | 15,299 | | | | 182,183 | | | | 831,919 | |
Net asset value and offering price per share | | $ | 12.73 | | | $ | 9.39 | | | $ | 12.09 | |
Class R3 Shares | | | | | | | | | | | | |
Net assets | | $ | 106,419 | | | | N/A | | | $ | 18,386,217 | |
Shares outstanding | | | 8,046 | | | | N/A | | | | 1,396,142 | |
Net asset value and offering price per share | | $ | 13.23 | | | | N/A | | | $ | 13.17 | |
Class I Shares | | | | | | | | | | | | |
Net assets | | $ | 34,554,082 | | | $ | 12,805,248 | | | $ | 261,760,020 | |
Shares outstanding | | | 2,555,722 | | | | 1,185,800 | | | | 17,666,819 | |
Net asset value and offering price per share | | $ | 13.52 | | | $ | 10.80 | | | $ | 14.82 | |
Net assets consist of: | | | | | | | | | | | | |
Capital paid-in | | $ | 105,209,976 | | | $ | 44,161,403 | | | $ | 358,910,203 | |
Undistributed (Over-distribution of) net investment income | | | 167,190 | | | | 117,145 | | | | (18,982 | ) |
Accumulated net realized gain (loss) | | | (70,945,697 | ) | | | (20,456,432 | ) | | | 63,362,243 | |
Net unrealized appreciation (depreciation) | | | 3,347,430 | | | | 1,555,818 | | | | 25,606,104 | |
Net assets | | $ | 37,778,899 | | | $ | 25,377,934 | | | $ | 447,859,568 | |
Authorized shares – per class | | | 2 billion | | | | 2 billion | | | | 2 billion | |
Par value per share | | $ | 0.0001 | | | $ | 0.0001 | | | $ | 0.0001 | |
| N/A - | Large Cap Select does not offer Class B Shares and Mid Cap Select does not offer Class R3 Shares. Class B Shares of Mid Cap Select converted to Class A Shares at the close of business on February 15, 2012 and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds. |
See accompanying notes to financial statements.
Statement of Operations
Year Ended October 31, 2012
| | | | | | | | | | | | |
| | | Large Cap
Select | | | Mid Cap
Select | | | Small Cap
Select | |
Investment Income | | | | | | | | | | | | |
Dividend and interest income (net of foreign tax withheld of $1,865, $596 and $–, respectively) | | $ | 743,329 | | | $ | 477,508 | | | $ | 4,075,307 | |
Securities lending income, net | | | 18,593 | | | | 22,076 | | | | 582,563 | |
Total investment income | | | 761,922 | | | | 499,584 | | | | 4,657,870 | |
Expenses | | | | | | | | | | | | |
Management fees | | | 332,891 | | | | 249,307 | | | | 4,584,082 | |
12b-1 service fees – Class A | | | 7,413 | | | | 27,995 | | | | 521,432 | |
12b-1 distribution and service fees – Class B(1) | | | N/A | | | | 2,177 | | | | 24,850 | |
12b-1 distribution and service fees – Class C | | | 1,819 | | | | 17,480 | | | | 121,924 | |
12b-1 distribution and service fees – Class R3 | | | 535 | | | | N/A | | | | 96,427 | |
Shareholder servicing agent fees and expenses | | | 96,830 | | | | 115,248 | | | | 756,271 | |
Custodian’s fees and expenses | | | 22,367 | | | | 16,016 | | | | 86,987 | |
Directors fees and expenses | | | 1,409 | | | | 955 | | | | 14,930 | |
Professional fees | | | 10,002 | | | | 7,691 | | | | 47,386 | |
Shareholder reporting expenses | | | 4,248 | | | | 17,392 | | | | 169,682 | |
Federal and state registration fees | | | 49,820 | | | | 43,287 | | | | 71,059 | |
Other expenses | | | 7,448 | | | | 6,903 | | | | 29,486 | |
Total expenses before expense reimbursement | | | 534,782 | | | | 504,451 | | | | 6,524,516 | |
Expense reimbursement | | | (34 | ) | | | (135,661 | ) | | | (428,176 | ) |
Net expenses | | | 534,748 | | | | 368,790 | | | | 6,096,340 | |
Net investment income (loss) | | | 227,174 | | | | 130,794 | | | | (1,438,470 | ) |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | |
Investments | | | 5,458,240 | | | | 3,074,977 | | | | 72,006,971 | |
Futures contracts | | | — | | | | — | | | | 1,762,906 | |
Change in net unrealized appreciation (depreciation) of investments | | | 476,212 | | | | (840,405 | ) | | | (482,307 | ) |
Net realized and unrealized gain (loss) | | | 5,934,452 | | | | 2,234,572 | | | | 73,287,570 | |
Net increase (decrease) in net assets from operations | | $ | 6,161,626 | | | $ | 2,365,366 | | | $ | 71,849,100 | |
| N/A - | Large Cap Select does not offer Class B Shares and Mid Cap Select does not offer Class R3 Shares. |
| (1) | Class B Shares of Mid Cap Select converted to Class A Shares at the close of business on February 15, 2012 and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds. |
See accompanying notes to financial statements.
Statement of Changes in Net Assets
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Large Cap Select | | | Mid Cap Select | | | Small Cap Select | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
Operations | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 227,174 | | | $ | 58,871 | | | $ | 130,794 | | | $ | (148,459 | ) | | $ | (1,438,470 | ) | | $ | (4,233,152 | ) |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | |
Investments | | | 5,458,240 | | | | 17,580,711 | | | | 3,074,977 | | | | 3,660,893 | | | | 72,006,971 | | | | 112,701,639 | |
Futures contracts | | | — | | | | — | | | | — | | | | 253,183 | | | | 1,762,906 | | | | — | |
Redemptions in-kind | | | — | | | | 3,119,565 | | | | — | | | | — | | | | — | | | | 14,572,758 | |
Change in net unrealized appreciation (depreciation) of investments | | | 476,212 | | | | (16,096,080 | ) | | | (840,405 | ) | | | (2,658,745 | ) | | | (482,307 | ) | | | (67,223,592 | ) |
Net increase (decrease) in net assets from operations | | | 6,161,626 | | | | 4,663,067 | | | | 2,365,366 | | | | 1,106,872 | | | | 71,849,100 | | | | 55,817,653 | |
Distributions to Shareholders | | | | | | | | | | | | | | | | | | | | | | | | |
From net investment income: | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Class B(1) | | | N/A | | | | N/A | | | | — | | | | — | | | | — | | | | — | |
Class C | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Class R3 | | | — | | | | — | | | | N/A | | | | N/A | | | | — | | | | — | |
Class I | | | (49,038 | ) | | | (150,204 | ) | | | — | | | | — | | | | — | | | | — | |
From accumulated net realized gains: | | | | | | | | | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | — | | | | — | | | | (6,635,027 | ) | | | — | |
Class B(1) | | | N/A | | | | N/A | | | | — | | | | — | | | | (85,210 | ) | | | — | |
Class C | | | — | | | | — | | | | — | | | | — | | | | (355,958 | ) | | | — | |
Class R3 | | | — | | | | — | | | | N/A | | | | N/A | | | | (488,508 | ) | | | — | |
Class I | | | — | | | | — | | | | — | | | | — | | | | (5,892,281 | ) | | | — | |
Decrease in net assets from distributions to shareholders | | | (49,038 | ) | | | (150,204 | ) | | | — | | | | — | | | | (13,456,984 | ) | | | — | |
Fund Share Transactions | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 2,708,944 | | | | 4,582,330 | | | | 2,158,779 | | | | 2,536,394 | | | | 104,005,532 | | | | 188,172,315 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | | | 22,258 | | | | 73,066 | | | | — | | | | — | | | | 12,262,815 | | | | — | |
| | | 2,731,202 | | | | 4,655,396 | | | | 2,158,779 | | | | 2,536,394 | | | | 116,268,347 | | | | 188,172,315 | |
Cost of shares redeemed | | | (32,611,841 | ) | | | (66,857,732 | ) | | | (9,196,987 | ) | | | (12,697,979 | ) | | | (313,697,046 | ) | | | (386,973,091 | ) |
Cost of redemptions in-kind | | | — | | | | (15,345,963 | ) | | | — | | | | — | | | | — | | | | (49,354,066 | ) |
Net increase (decrease) in net assets from Fund share transactions | | | (29,880,639 | ) | | | (77,548,299 | ) | | | (7,038,208 | ) | | | (10,161,585 | ) | | | (197,428,699 | ) | | | (248,154,842 | ) |
Net increase (decrease) in net assets | | | (23,768,051 | ) | | | (73,035,436 | ) | | | (4,672,842 | ) | | | (9,054,713 | ) | | | (139,036,583 | ) | | | (192,337,189 | ) |
Net assets at the beginning of period | | | 61,546,950 | | | | 134,582,386 | | | | 30,050,776 | | | | 39,105,489 | | | | 586,896,151 | | | | 779,233,340 | |
Net assets at the end of period | | $ | 37,778,899 | | | $ | 61,546,950 | | | $ | 25,377,934 | | | $ | 30,050,776 | | | $ | 447,859,568 | | | $ | 586,896,151 | |
Undistributed (Over-distribution of) net investment income at the end of period | | $ | 167,190 | | | $ | (10,946 | ) | | $ | 117,145 | | | $ | (10,081 | ) | | $ | (18,982 | ) | | $ | (14,674 | ) |
| N/A - | Large Cap Select does not offer Class B Shares and Mid Cap Select does not offer Class R3 Shares. |
| (1) | Class B Shares of MidCap Select converted to Class A Shares at the close of business on February 15, 2012 and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds. |
See accompanying notes to financial statements.
[THIS PAGE INTENTIONALLY LEFT BLANK]
Financial Highlights
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | $ | 11.73 | | | $ | .03 | | | $ | 1.66 | | | $ | 1.69 | | | $ | — | | | $ | — | | | $ | — | | | $ | 13.42 | |
2011 | | | 11.65 | | | | (.02 | ) | | | .10 | | | | .08 | | | | — | | | | — | | | | — | | | | 11.73 | |
2010 | | | 9.80 | | | | (.01 | ) | | | 1.92 | | | | 1.91 | | | | (.06 | ) | | | — | | | | (.06 | ) | | | 11.65 | |
2009 | | | 8.83 | | | | .04 | | | | .97 | | | | 1.01 | | | | (.04 | ) | | | — | | | | (.04 | ) | | | 9.80 | |
2008 | | | 17.05 | | | | .06 | | | | (6.04 | ) | | | (5.98 | ) | | | (.04 | ) | | | (2.20 | ) | | | (2.24 | ) | | | 8.83 | |
Class C (1/03) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 11.21 | | | | (.06 | ) | | | 1.58 | | | | 1.52 | | | | — | | | | — | | | | — | | | | 12.73 | |
2011 | | | 11.22 | | | | (.11 | ) | | | .10 | | | | (.01 | ) | | | — | | | | — | | | | — | | | | 11.21 | |
2010 | | | 9.46 | | | | (.08 | ) | | | 1.84 | | | | 1.76 | | | | — | | | | — | | | | — | | | | 11.22 | |
2009 | | | 8.56 | | | | (.02 | ) | | | .93 | | | | .91 | | | | (.01 | ) | | | — | | | | (.01 | ) | | | 9.46 | |
2008 | | | 16.69 | | | | (.03 | ) | | | (5.90 | ) | | | (5.93 | ) | | | — | | | | (2.20 | ) | | | (2.20 | ) | | | 8.56 | |
Class R3 (1/03) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 11.59 | | | | — | * | | | 1.64 | | | | 1.64 | | | | — | | | | — | | | | — | | | | 13.23 | |
2011 | | | 11.54 | | | | (.05 | ) | | | .10 | | | | .05 | | | | — | | | | — | | | | — | | | | 11.59 | |
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 | |
Class I (1/03) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 11.80 | | | | .07 | | | | 1.66 | | | | 1.73 | | | | (.01 | ) | | | — | | | | (.01 | ) | | | 13.52 | |
2011 | | | 11.71 | | | | .01 | | | | .10 | | | | .11 | | | | (.02 | ) | | | — | | | | (.02 | ) | | | 11.80 | |
2010 | | | 9.85 | | | | .02 | | | | 1.92 | | | | 1.94 | | | | (.08 | ) | | | — | | | | (.08 | ) | | | 11.71 | |
2009 | | | 8.87 | | | | .07 | | | | .96 | | | | 1.03 | | | | (.05 | ) | | | — | | | | (.05 | ) | | | 9.85 | |
2008 | | | 17.10 | | | | .09 | | | | (6.05 | ) | | | (5.96 | ) | | | (.07 | ) | | | (2.20 | ) | | | (2.27 | ) | | | 8.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | |
| | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.41 | % | | $ | 2,924 | | | | 1.43 | % | | | .26 | % | | | 1.43 | % | | | .26 | % | | | 127 | % |
| | .69 | | | | 2,938 | | | | 1.20 | | | | (.18 | ) | | | 1.20 | | | | (.18 | ) | | | 139 | |
| | 19.49 | | | | 3,487 | | | | 1.32 | | | | (.06 | ) | | | 1.32 | | | | (.06 | ) | | | 140 | |
| | 11.54 | | | | 3,292 | | | | 1.29 | | | | .52 | | | | 1.29 | | | | .52 | | | | 185 | |
| | (39.81 | ) | | | 3,608 | | | | 1.21 | | | | .49 | | | | 1.21 | | | | .49 | | | | 210 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 13.65 | | | | 195 | | | | 2.18 | | | | (.49 | ) | | | 2.18 | | | | (.49 | ) | | | 127 | |
| | (.09 | ) | | | 183 | | | | 1.95 | | | | (.90 | ) | | | 1.95 | | | | (.90 | ) | | | 139 | |
| | 18.60 | | | | 175 | | | | 2.07 | | | | (.79 | ) | | | 2.07 | | | | (.79 | ) | | | 140 | |
| | 10.64 | | | | 186 | | | | 2.05 | | | | (.23 | ) | | | 2.05 | | | | (.23 | ) | | | 185 | |
| | (40.38 | ) | | | 180 | | | | 1.96 | | | | (.26 | ) | | | 1.96 | | | | (.26 | ) | | | 210 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.15 | | | | 106 | | | | 1.68 | | | | .02 | | | | 1.68 | | | | .02 | | | | 127 | |
| | .43 | | | | 112 | | | | 1.45 | | | | (.42 | ) | | | 1.45 | | | | (.42 | ) | | | 139 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14.79 | | | | 34,554 | | | | 1.18 | | | | .54 | | | | 1.18 | | | | .54 | | | | 127 | |
| | .89 | | | | 58,314 | | | | .95 | | | | .07 | | | | .95 | | | | .07 | | | | 139 | |
| | 19.75 | | | | 130,803 | | | | 1.07 | | | | .21 | | | | 1.07 | | | | .21 | | | | 140 | |
| | 11.81 | | | | 147,231 | | | | 1.04 | | | | .82 | | | | 1.04 | | | | .82 | | | | 185 | |
| | (39.63 | ) | | | 207,904 | | | | .96 | | | | .74 | | | | .96 | | | | .74 | | | | 210 | |
| (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. |
| * | Rounds to less than $.01 per share. |
See accompanying notes to financial statements.
Financial Highlights (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Selected data for a share outstanding throughout each period: | | | | |
| | | | | | |
| Class (Commencement Date) | | | | | | | | | | | | | | | | | | | |
| | | | | | Investment Operations | | | Less Distributions | | | | |
| | | | | | |
| MID CAP SELECT (e) | | | | | | | | | | | | | | | | | | | |
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) | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | $ | 9.48 | | | $ | .04 | | | $ | .78 | | | $ | .82 | | | $ | — | | | $ | — | | | $ | — | | | $ | 10.30 | |
2011 | | | 9.31 | | | | (.05 | ) | | | .22 | | | | .17 | | | | — | | | | — | | | | — | | | | 9.48 | |
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 | |
Class C (2/00) | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 8.70 | | | | (.03 | ) | | | .72 | | | | .69 | | | | — | | | | — | | | | — | | | | 9.39 | |
2011 | | | 8.61 | | | | (.11 | ) | | | .20 | | | | .09 | | | | — | | | | — | | | | — | | | | 8.70 | |
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 | |
Class I (4/94) | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 9.91 | | | | .07 | | | | .82 | | | | .89 | | | | — | | | | — | | | | — | | | | 10.80 | |
2011 | | | 9.71 | | | | (.02 | ) | | | .22 | | | | .20 | | | | — | | | | — | | | | — | | | | 9.91 | |
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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | |
| | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 8.65 | % | | $ | 10,862 | | | | 1.90 | % | | | (.10 | )% | | | 1.41 | % | | | .39 | % | | | 198 | % |
| | 1.83 | | | | 10,829 | | | | 1.97 | | | | (1.04 | ) | | | 1.41 | | | | (.48 | ) | | | 148 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 7.93 | | | | 1,710 | | | | 2.65 | | | | (.83 | ) | | | 2.16 | | | | (.35 | ) | | | 198 | |
| | 1.05 | | | | 1,771 | | | | 2.71 | | | | (1.78 | ) | | | 2.16 | | | | (1.22 | ) | | | 148 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 8.98 | | | | 12,805 | | | | 1.65 | | | | .15 | | | | 1.16 | | | | .64 | | | | 198 | |
| | 2.06 | | | | 16,646 | | | | 1.71 | | | | (.77 | ) | | | 1.16 | | | | (.23 | ) | | | 148 | |
| | 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 | |
| (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. |
| (e) | The financial highlights for the period from November 1, 2007 through May 3, 2009 are those of Small-Mid Cap Core Fund, which changed its principal investment strategies and changed its name to Mid Cap Select Fund on May 4, 2009. |
| * | Rounds to less than $.01 per share. |
See accompanying notes to financial statements.
Financial Highlights (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) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | $ | 12.44 | | | $ | (.05 | ) | | $ | 1.45 | | | $ | 1.40 | | | $ | — | | | $ | (.30 | ) | | $ | (.30 | ) | | $ | 13.54 | |
2011 | | | 11.72 | | | | (.09 | ) | | | .81 | | | | .72 | | | | — | | | | — | | | | — | | | | 12.44 | |
2010 | | | 9.53 | | | | (.05 | ) | | | 2.24 | | | | 2.19 | | | | — | | | | — | | | | — | | | | 11.72 | |
2009 | | | 8.27 | | | | (.01 | ) | | | 1.27 | | | | 1.26 | | | | — | | | | — | | | | — | | | | 9.53 | |
2008 | | | 14.06 | | | | (.02 | ) | | | (4.92 | ) | | | (4.94 | ) | | | — | | | | (.85 | ) | | | (.85 | ) | | | 8.27 | |
Class B (3/95) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 9.77 | | | | (.12 | ) | | | 1.14 | | | | 1.02 | | | | — | | | | (.30 | ) | | | (.30 | ) | | | 10.49 | |
2011 | | | 9.27 | | | | (.15 | ) | | | .65 | | | | .50 | | | | — | | | | — | | | | — | | | | 9.77 | |
2010 | | | 7.60 | | | | (.10 | ) | | | 1.77 | | | | 1.67 | | | | — | | | | — | | | | — | | | | 9.27 | |
2009 | | | 6.64 | | | | (.05 | ) | | | 1.01 | | | | .96 | | | | — | | | | — | | | | — | | | | 7.60 | |
2008 | | | 11.56 | | | | (.08 | ) | | | (3.99 | ) | | | (4.07 | ) | | | — | | | | (.85 | ) | | | (.85 | ) | | | 6.64 | |
Class C (9/01) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 11.22 | | | | (.13 | ) | | | 1.30 | | | | 1.17 | | | | — | | | | (.30 | ) | | | (.30 | ) | | | 12.09 | |
2011 | | | 10.65 | | | | (.17 | ) | | | .74 | | | | .57 | | | | — | | | | — | | | | — | | | | 11.22 | |
2010 | | | 8.73 | | | | (.12 | ) | | | 2.04 | | | | 1.92 | | | | — | | | | — | | | | — | | | | 10.65 | |
2009 | | | 7.63 | | | | (.06 | ) | | | 1.16 | | | | 1.10 | | | | — | | | | — | | | | — | | | | 8.73 | |
2008 | | | 13.13 | | | | (.09 | ) | | | (4.56 | ) | | | (4.65 | ) | | | — | | | | (.85 | ) | | | (.85 | ) | | | 7.63 | |
Class R3 (1/94) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 12.13 | | | | (.08 | ) | | | 1.42 | | | | 1.34 | | | | — | | | | (.30 | ) | | | (.30 | ) | | | 13.17 | |
2011 | | | 11.46 | | | | (.12 | ) | | | .79 | | | | .67 | | | | — | | | | — | | | | — | | | | 12.13 | |
2010 | | | 9.34 | | | | (.08 | ) | | | 2.20 | | | | 2.12 | | | | — | | | | — | | | | — | | | | 11.46 | |
2009 | | | 8.12 | | | | (.03 | ) | | | 1.25 | | | | 1.22 | | | | — | | | | — | | | | — | | | | 9.34 | |
2008 | | | 13.86 | | | | (.04 | ) | | | (4.85 | ) | | | (4.89 | ) | | | — | | | | (.85 | ) | | | (.85 | ) | | | 8.12 | |
Class I (5/92) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2012 | | | 13.54 | | | | (.02 | ) | | | 1.60 | | | | 1.58 | | | | — | | | | (.30 | ) | | | (.30 | ) | | | 14.82 | |
2011 | | | 12.73 | | | | (.06 | ) | | | .87 | | | | .81 | | | | — | | | | — | | | | — | | | | 13.54 | |
2010 | | | 10.33 | | | | (.03 | ) | | | 2.44 | | | | 2.41 | | | | (.01 | ) | | | — | | | | (.01 | ) | | | 12.73 | |
2009 | | | 8.94 | | | | .02 | | | | 1.37 | | | | 1.39 | | | | — | | | | — | | | | — | | | | 10.33 | |
2008 | | | 15.10 | | | | .01 | | | | (5.31 | ) | | | (5.30 | ) | | | (.01 | ) | | | (.85 | ) | | | (.86 | ) | | | 8.94 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | | | |
| | | | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.62 | % | | $ | 155,624 | | | | 1.36 | % | | | (.49 | )% | | | 1.28 | % | | | (.41 | )% | | | 71 | % |
| | 6.14 | | | | 275,994 | | | | 1.34 | | | | (.74 | ) | | | 1.30 | | | | (.70 | ) | | | 69 | |
| | 22.98 | | | | 339,826 | | | | 1.25 | | | | (.49 | ) | | | 1.24 | | | | (.48 | ) | | | 88 | |
| | 15.24 | | | | 295,348 | | | | 1.26 | | | | (.09 | ) | | | 1.26 | | | | (.09 | ) | | | 99 | |
| | (37.00 | ) | | | 166,698 | | | | 1.26 | | | | (.15 | ) | | | 1.26 | | | | (.15 | ) | | | 92 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.88 | | | | 2,032 | | | | 2.11 | | | | (1.21 | ) | | | 2.03 | | | | (1.13 | ) | | | 71 | |
| | 5.39 | | | | 2,866 | | | | 2.09 | | | | (1.51 | ) | | | 2.05 | | | | (1.45 | ) | | | 69 | |
| | 21.97 | | | | 3,925 | | | | 2.00 | | | | (1.23 | ) | | | 1.99 | | | | (1.22 | ) | | | 88 | |
| | 14.46 | | | | 5,511 | | | | 2.01 | | | | (.80 | ) | | | 2.01 | | | | (.80 | ) | | | 99 | |
| | (37.52 | ) | | | 6,249 | | | | 2.01 | | | | (.90 | ) | | | 2.01 | | | | (.90 | ) | | | 92 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.81 | | | | 10,058 | | | | 2.11 | | | | (1.21 | ) | | | 2.03 | | | | (1.13 | ) | | | 71 | |
| | 5.35 | | | | 14,009 | | | | 2.09 | | | | (1.50 | ) | | | 2.05 | | | | (1.45 | ) | | | 69 | |
| | 21.99 | | | | 17,393 | | | | 2.00 | | | | (1.24 | ) | | | 1.99 | | | | (1.23 | ) | | | 88 | |
| | 14.42 | | | | 16,938 | | | | 2.01 | | | | (.80 | ) | | | 2.01 | | | | (.80 | ) | | | 99 | |
| | (37.44 | ) | | | 17,062 | | | | 2.01 | | | | (.90 | ) | | | 2.01 | | | | (.90 | ) | | | 92 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.42 | | | | 18,386 | | | | 1.61 | | | | (.69 | ) | | | 1.53 | | | | (.61 | ) | | | 71 | |
| | 5.85 | | | | 20,044 | | | | 1.60 | | | | (1.00 | ) | | | 1.55 | | | | (.95 | ) | | | 69 | |
| | 22.70 | | | | 18,047 | | | | 1.50 | | | | (.72 | ) | | | 1.49 | | | | (.71 | ) | | | 88 | |
| | 15.02 | | | | 24,701 | | | | 1.51 | | | | (.31 | ) | | | 1.51 | | | | (.31 | ) | | | 99 | |
| | (37.19 | ) | | | 23,069 | | | | 1.51 | | | | (.40 | ) | | | 1.51 | | | | (.40 | ) | | | 92 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.01 | | | | 261,760 | | | | 1.11 | | | | (.19 | ) | | | 1.03 | | | | (.11 | ) | | | 71 | |
| | 6.36 | | | | 273,983 | | | | 1.09 | | | | (.49 | ) | | | 1.05 | | | | (.45 | ) | | | 69 | |
| | 23.30 | | | | 400,042 | | | | 1.00 | | | | (.24 | ) | | | .99 | | | | (.23 | ) | | | 88 | |
| | 15.55 | | | | 322,658 | | | | 1.01 | | | | .19 | | | | 1.01 | | | | .19 | | | | 99 | |
| | (36.86 | ) | | | 289,685 | | | | 1.01 | | | | .10 | | | | 1.01 | | | | .10 | | | | 92 | |
| (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. |
See accompanying notes to financial statements.
Notes to Financial Statements
1. General Information and Significant Accounting Policies
General Information
Nuveen Investment Funds, Inc. (the “Trust”), is an open-end investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of Nuveen Large Cap Select Fund (“Large Cap Select”), Nuveen Mid Cap Select Fund (“Mid Cap Select”) and Nuveen Small Cap Select Fund (“Small Cap Select”), (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was incorporated in the state of Maryland on August 20, 1987.
Large Cap Select’s investment objective is capital appreciation. 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, defined as companies that have market capitalizations of $5 billion or greater at the time of purchase.
Mid Cap Select’s investment objective is long-term growth of capital. 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 mid-capitalization companies, defined as companies that have market capitalizations at the time of purchase within the market capitalization range of the companies in the Russell Midcap® Index immediately after its most recent reconstitution prior to such purchase. It is expected that reconstitution of the index will occur each year at the end of June. Immediately after the most recent reconstitution, the range was $520 million to $17.9 billion.
Small Cap Select’s investment objective is capital appreciation. 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 small-capitalization companies, defined as companies that have market capitalizations of less than $3 billion at the time of purchase.
Each Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of non-U.S. issuers. Each Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of non-U.S. issuers and in dollar-denominated equity securities of non-U.S. issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up to 15% of each Fund’s total assets may be invested in equity securities of emerging market issuers. Each Fund also may invest in options, futures contracts, options on futures contracts and forward foreign currency exchanges contracts (“derivatives”) to manage market or business risk, enhance its return or hedge against adverse movements in currency exchange rates.
The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.
Effective at the close of business on February 15, 2012, Class B Shares of Mid Cap Select were converted to Class A Shares and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds.
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
Investment 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 and are generally classified as Level 2.
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.
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 (“RICs”). 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 and net realized gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
The Funds may receive distributions from holdings in Real Estate Investment Trusts (“REITs”). Distributions from REITs may be characterized as ordinary income, net capital gain, or a return of capital to the REIT shareholder. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. The actual character of distributions to Fund shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund shareholder may represent a return of capital.
Flexible Sales Charge Program
Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Class B Shares were sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class B Shares are subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a .25% annual 12b-1 distribution and a .25% annual 12b-1 service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
Foreign Currency Transactions
Each Fund is authorized to engage in foreign currency exchange transactions, including foreign currency exchange contracts, 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.
Notes to Financial Statements (continued)
The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of 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 and derivatives are recognized as a component of “Net realized gain (loss) from investments and foreign currency,” on the Statement of Operations, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency,” on the Statement of Operations, when applicable.
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 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, 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 fiscal year ended October 31, 2012, Small Cap Select invested in equity futures contracts as part of the management of the Fund. The Fund purchased Russell 2000 E-Mini Index futures to efficiently gain market exposure to a broad base of equity securities in order to manage cash flow activity and minimized tracking error to the Fund’s benchmark index.
The average number of futures contracts outstanding during the fiscal year ended October 31, 2012, were as follows:
| | | | |
| | | Small Cap
Select | |
Average number of futures contracts outstanding* | | | — | |
| * | The average number of outstanding 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. The Fund was not invested in futures contracts at the beginning or end of the current fiscal period. |
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 clearinghouse, 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 Nuveen Fund Advisors, Inc. (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), 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 12b-1 distribution fees and shareholder service fees, are recorded to the specific class.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Securities Lending
In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program” on the Statement of Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 102%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.
The Funds’ custodian serves as the securities lending agent for the Funds. Each Fund pays the custodian a fee based on the Fund’s proportional share of the custodian’s expense of operating its securities lending program. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending” on the Statement of Assets and Liabilities.
Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income, net.” Securities lending fees paid by each Fund during the fiscal year ended October 31, 2012, were as follows:
| | | | | | | | | | | | |
| | | |
| | | Large Cap
Select | | | Mid Cap
Select | | | Small Cap
Select | |
Securities lending fees paid | | $ | 2,450 | | | $ | 3,634 | | | $ | 90,318 | |
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 for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| | |
| Level 1 – | | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| Level 2 – | | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3 – | | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
Notes to Financial Statements (continued)
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
| | | | | | | | | | | | | | | | |
| Large Cap Select | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 36,827,763 | | | $ | — | | | $ | — | | | $ | 36,827,763 | |
Investments Purchased with Collateral from Securities Lending | | | 7,204,060 | | | | — | | | | — | | | | 7,204,060 | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 1,198,235 | | | | — | | | | — | | | | 1,198,235 | |
Total | | $ | 45,230,058 | | | $ | — | | | $ | — | | | $ | 45,230,058 | |
| | | | |
| Mid Cap Select | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 24,756,235 | | | $ | — | | | $ | — | | | $ | 24,756,235 | |
Investments Purchased with Collateral from Securities Lending | | | 7,962,828 | | | | — | | | | — | | | | 7,962,828 | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 752,457 | | | | — | | | | — | | | | 752,457 | |
Total | | $ | 33,471,520 | | | $ | — | | | $ | — | | | $ | 33,471,520 | |
| | | | |
| Small Cap Select | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 440,884,039 | | | $ | — | | | $ | — | | | $ | 440,884,039 | |
Investments Purchased with Collateral from Securities Lending | | | 146,829,843 | | | | — | | | | — | | | | 146,829,843 | |
Short-Term Investments: | | | | | | | | | | | | | | | | |
Money Market Funds | | | 7,098,142 | | | | — | | | | — | | | | 7,098,142 | |
Total | | $ | 594,812,024 | | | $ | — | | | $ | — | | | $ | 594,812,024 | |
| * | Refer to the Fund’s Portfolio of Investments for industry classifications. |
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making fair value determinations. Examples of possible methodologies include, but are not limited to, multiple of earnings; discount from market of a similar freely traded security; discounted cash-flow analysis; book value or a multiple thereof; risk premium/yield analysis; yield to maturity; and/or fundamental investment analysis. The Valuation Committee will also consider factors it deems relevant and appropriate in light of the facts and circumstances. Examples of possible factors include, but are not limited to, the type of security; the issuer’s financial statements; the purchase price of the security; the discount from market value of unrestricted securities of the same class at the time of purchase; analysts’ research and observations from financial institutions; information regarding any transactions or offers with respect to the security; the existence of merger proposals or tender offers affecting the security; the price and extent of public trading in similar securities of the issuer or comparable companies; and the existence of a shelf registration for restricted securities.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
3. 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. Small Cap Select invested in derivative instruments during the fiscal year ended October 31, 2012.
The following table presents the amount of net realized gain (loss) recognized for the fiscal year ended October 31, 2012, on derivative instruments, as well as the primary risk exposure associated with each.
| | | | |
| Net Realized Gain (Loss) from Futures Contracts | | Small Cap
Select | |
Risk Exposure | | | | |
Equity | | $ | 1,762,906 | |
4. Fund Shares
Transactions in Fund shares were as follows:
| | | | | | | | | | | | | | | | |
| | | Large Cap Select | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 25,332 | | | $ | 331,639 | | | | 48,975 | | | | 630,342 | |
Class C | | | 1,390 | | | | 17,576 | | | | 3,506 | | | | 44,297 | |
Class R3 | | | 1,045 | | | | 13,038 | | | | 929 | | | | 11,842 | |
Class I | | | 197,949 | | | | 2,346,691 | | | | 317,616 | | | | 3,895,849 | |
Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | — | | | | — | |
Class C | | | — | | | | — | | | | — | | | | — | |
Class R3 | | | — | | | | — | | | | — | | | | — | |
Class I | | | 1,891 | | | | 22,258 | | | | 5,718 | | | | 73,066 | |
| | | | 227,607 | | | | 2,731,202 | | | | 376,744 | | | | 4,655,396 | |
Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (57,942 | ) | | | (729,523 | ) | | | (97,791 | ) | | | (1,234,341 | ) |
Class C | | | (2,456 | ) | | | (29,802 | ) | | | (2,802 | ) | | | (33,700 | ) |
Class R3 | | | (2,655 | ) | | | (34,618 | ) | | | (1,428 | ) | | | (18,315 | ) |
Class I | | | (2,584,843 | ) | | | (31,817,898 | ) | | | (5,270,687 | ) | | | (65,571,376 | ) |
Class I – In-Kind | | | — | | | | — | | | | (1,284,181 | ) | | | (15,345,963 | ) |
| | | | (2,647,896 | ) | | | (32,611,841 | ) | | | (6,656,889 | ) | | | (82,203,695 | ) |
Net increase (decrease) | | | (2,420,289 | ) | | $ | (29,880,639 | ) | | | (6,280,145 | ) | | | (77,548,299 | ) |
| |
| | | Mid Cap Select | |
| | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 111,075 | | | $ | 1,129,105 | | | | 100,917 | | | | 1,030,004 | |
Class B(1) | | | — | | | | — | | | | 1,214 | | | | 10,402 | |
Class C | | | 15,425 | | | | 139,843 | | | | 6,959 | | | | 64,006 | |
Class I | | | 86,341 | | | | 889,831 | | | | 136,645 | | | | 1,431,982 | |
Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | — | | | | — | |
Class B(1) | | | — | | | | — | | | | — | | | | — | |
Class C | | | — | | | | — | | | | — | | | | — | |
Class I | | | — | | | | — | | | | — | | | | — | |
| | | | 212,841 | | | | 2,158,779 | | | | 245,735 | | | | 2,536,394 | |
Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (199,282 | ) | | | (2,003,131 | ) | | | (290,360 | ) | | | (2,916,390 | ) |
Class B(1) | | | (100,888 | ) | | | (862,888 | ) | | | (64,355 | ) | | | (547,919 | ) |
Class C | | | (36,782 | ) | | | (341,043 | ) | | | (74,184 | ) | | | (677,927 | ) |
Class I | | | (580,212 | ) | | | (5,989,925 | ) | | | (833,219 | ) | | | (8,555,743 | ) |
| | | | (917,164 | ) | | | (9,196,987 | ) | | | (1,262,118 | ) | | | (12,697,979 | ) |
Net increase (decrease) | | | (704,323 | ) | | $ | (7,038,208 | ) | | | (1,016,383 | ) | | | (10,161,585 | ) |
| (1) | Class B Shares of Mid Cap Select converted to Class A Shares at the close of business on February 15, 2012 and are no longer available for dividend reinvestment or through an exchange from other Nuveen mutual funds. |
Notes to Financial Statements (continued)
| | | | | | | | | | | | | | | | |
| | | Small Cap Select | |
| | | Year Ended
10/31/12 | | | Year Ended
10/30/11 | |
| | | Shares | | | Amount | | | Shares | | | Amount | |
Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 3,405,459 | | | $ | 44,581,140 | | | | 9,066,714 | | | $ | 118,699,201 | |
Class B | | | 55 | | | | 510 | | | | 829 | | | | 8,923 | |
Class C | | | 33,316 | | | | 400,508 | | | | 44,237 | | | | 520,442 | |
Class R3 | | | 362,918 | | | | 4,572,748 | | | | 732,709 | | | | 9,445,253 | |
Class I | | | 3,848,641 | | | | 54,450,626 | | | | 4,213,928 | | | | 59,498,496 | |
Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 555,168 | | | | 6,578,745 | | | | — | | | | — | |
Class B | | | 8,774 | | | | 81,068 | | | | — | | | | — | |
Class C | | | 31,587 | | | | 336,407 | | | | — | | | | — | |
Class R3 | | | 42,049 | | | | 485,669 | | | | — | | | | — | |
Class I | | | 369,469 | | | | 4,780,926 | | | | — | | | | — | |
| | | | 8,657,436 | | | | 116,268,347 | | | | 14,058,417 | | | | 188,172,315 | |
Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (14,663,335 | ) | | | (201,595,961 | ) | | | (15,876,132 | ) | | | (207,042,276 | ) |
Class B | | | (108,436 | ) | | | (1,128,129 | ) | | | (130,715 | ) | | | (1,343,789 | ) |
Class C | | | (482,065 | ) | | | (5,720,510 | ) | | | (428,685 | ) | | | (4,846,091 | ) |
Class R3 | | | (661,413 | ) | | | (8,291,187 | ) | | | (655,473 | ) | | | (8,328,827 | ) |
Class I | | | (6,784,819 | ) | | | (96,961,259 | ) | | | (11,942,604 | ) | | | (165,412,108 | ) |
Class I – In-Kind | | | — | | | | — | | | | (3,470,750 | ) | | | (49,354,066 | ) |
| | | | (22,700,068 | ) | | | (313,697,046 | ) | | | (32,504,359 | ) | | | (436,327,157 | ) |
Net increase (decrease) | | | (14,042,632 | ) | | $ | (197,428,699 | ) | | | (18,445,942 | ) | | $ | (248,154,842 | ) |
Class B Shares that converted to Class A Shares (recognized as a component of Class A Shares sold and Class B Shares redeemed) during the fiscal years ended October 31, 2012 and October 31, 2011, were as follows:
| | | | | | | | |
| Fund | | Year Ended
10/31/12 | | | Year Ended
10/31/11 | |
Mid Cap Select | | | 18,510 | | | | 42,682 | |
Small Cap Select | | | 83,248 | | | | 68,111 | |
5. Investment Transactions
Purchases and sales (excluding investments purchased with collateral from securities lending, short-term investments and derivative transactions, where applicable) during the fiscal year ended October 31, 2012, were as follows:
| | | | | | | | | | | | |
| | | |
| | | Large Cap
Select | | | Mid Cap
Select | | | Small Cap
Select | |
Purchases | | $ | 56,795,241 | | | $ | 54,056,007 | | | $ | 358,032,676 | |
Sales | | | 87,482,127 | | | | 61,049,141 | | | | 551,747,138 | |
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 October 31, 2012, the cost and unrealized appreciation (depreciation) of investments as determined on a federal income tax basis, were as follows:
| | | | | | | | | | | | |
| | | Large Cap
Select | | | Mid Cap
Select | | | Small Cap
Select | |
Cost of investments | | $ | 42,064,233 | | | $ | 31,989,489 | | | $ | 572,223,814 | |
Gross unrealized: | | | | | | | | | | | | |
Appreciation | | $ | 4,148,097 | | | $ | 2,311,473 | | | $ | 57,987,129 | |
Depreciation | | | (982,272 | ) | | | (829,442 | ) | | | (35,398,919 | ) |
Net unrealized appreciation (depreciation) of investments | | $ | 3,165,825 | | | $ | 1,482,031 | | | $ | 22,588,210 | |
Permanent differences, primarily due to net operating losses, tax equalization and REIT adjustments, resulted in reclassifications among the Funds’ components of net assets at October 31, 2012, the Funds’ tax year end, as follows:
| | | | | | | | | | | | |
| | | |
| | | Large Cap
Select | | | Mid Cap
Select | | | Small Cap
Select | |
Capital paid-in | | $ | (4,786 | ) | | $ | — | | | $ | 5,799,953 | |
Undistributed (Over-distribution of) net investment income | | | — | | | | (3,568 | ) | | | 1,434,162 | |
Accumulated net realized gain (loss) | | | 4,786 | | | | 3,568 | | | | (7,234,115 | ) |
The tax components of undistributed net ordinary income and net long-term capital gains at October 31, 2012, the Funds’ tax year end, were as follows:
| | | | | | | | | | | | |
| | | Large Cap
Select | | | Mid Cap
Select | | | Small Cap
Select | |
Undistributed net ordinary income* | | $ | 178,136 | | | $ | 127,226 | | | $ | 11,425,324 | |
Undistributed net long-term capital gains | | | — | | | | — | | | | 54,954,814 | |
| * | 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’ tax years ended October 31, 2012 and October 31, 2011, was designated for purposes of the dividends paid deduction as follows:
| | | | | | | | | | | | |
| 2012 | | Large Cap
Select | | | Mid Cap
Select | | | Small Cap
Select | |
Distributions from net ordinary income* | | $ | 49,038 | | | | — | | | $ | — | |
Distributions from net long-term capital gains | | | — | | | | — | | | | 13,456,984 | |
| | | | | | | | | | | | |
| 2011 | | Large Cap
Select | | | Mid Cap
Select | | | Small Cap
Select | |
Distributions from net ordinary income* | | $ | 150,204 | | | $ | — | | | $ | — | |
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 October 31, 2012, the Funds’ 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:
| | | | | | | | |
| | | Large Cap
Select | | | Mid Cap
Select | |
Expiration: | | | | | | | | |
October 31, 2016 | | $ | 16,448,599 | | | $ | 4,674,453 | |
October 31, 2017 | | | 54,315,490 | | | | 15,708,192 | |
Total | | $ | 70,764,089 | | | $ | 20,382,645 | |
During the Funds’ tax year ended October 31, 2012, the Funds utilized their capital loss carryforwards as follows:
| | | | | | | | |
| | | Large Cap
Select | | | Mid Cap
Select | |
Utilized capital loss carryforwards | | $ | 5,144,732 | | | $ | 3,145,376 | |
On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of RICs. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.
The Act also contains several provisions aimed at preserving the character of distributions made by a fiscal year RIC during the portion of its taxable year ending after October 31 or December 31, reducing the circumstances under which a RIC might be required to file amended Forms 1099 to restate previously reported distributions.
Notes to Financial Statements (continued)
During the Funds’ tax year ended October 31, 2012, there were no post-enactment capital losses generated by any of the Funds.
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
| | | | | | | | | | | | |
| | | |
| Average Daily Net Assets | | Large Cap
Select
Fund-Level
Fee Rate | | | Mid Cap
Select
Fund-Level
Fee Rate | | | Small Cap
Select
Fund-Level
Fee Rate | |
For the first $125 million | | | .5500 | % | | | .7000 | % | | | .7000 | % |
For the next $125 million | | | .5375 | | | | .6875 | | | | .6875 | |
For the next $250 million | | | .5250 | | | | .6750 | | | | .6750 | |
For the next $500 million | | | .5125 | | | | .6625 | | | | .6625 | |
For the next $1 billion | | | .5000 | | | | .6500 | | | | .6500 | |
For net assets over $2 billion | | | .4750 | | | | .6250 | | | | .6250 | |
The annual complex-level fee for each Fund, payable monthly, is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets.” The complex-level fee schedule for each Fund is as follows:
| | | | |
| Complex-Level Asset Breakpoint Level* | | Effective Rate at Breakpoint Level | |
$55 billion | | | .2000 | % |
$56 billion | | | .1996 | |
$57 billion | | | .1989 | |
$60 billion | | | .1961 | |
$63 billion | | | .1931 | |
$66 billion | | | .1900 | |
$71 billion | | | .1851 | |
$76 billion | | | .1806 | |
$80 billion | | | .1773 | |
$91 billion | | | .1691 | |
$125 billion | | | .1599 | |
$200 billion | | | .1505 | |
$250 billion | | | .1469 | |
$300 billion | | | .1445 | |
| * | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of October 31, 2012, the complex-level fee rate for each of these Funds was as follows: |
| | | | |
| Fund | | Complex-Level Fee Rate | |
Large Cap Select | | | .1998 | % |
Mid Cap Select | | | .1998 | |
Small Cap Select | | | .1998 | |
The management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Adviser is responsible for each Fund’s overall strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
The Adviser has contractually agreed to waive fees and/or reimburse expenses of Mid Cap Select so that total annual Fund operating expenses, (after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses) do not exceed the percentages of the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table:
| | | | |
| | | Mid Cap
Select | |
Class A Shares | | | 1.41 | % |
Class C Shares | | | 2.16 | |
Class I Shares | | | 1.16 | |
Expiration Date | | | February 28, 2013 | |
The Adviser has agreed to reimburse management fees across all share classes of Large Cap Select and Small Cap Select through December 31, 2012, to the extent necessary to maintain Class I Share total annual operating expenses, not including any acquired fund fees and expenses, at the applicable percentage of daily net assets listed in the Maximum Expense Level row of the following table, provided that in no event will the Adviser be required to make any reimbursements that would result in an annualized net management fee of less than the applicable percentage of daily net assets listed in the Minimum Management Fee row of the following table.
| | | | | | | | |
| | | Large Cap
Select | | | Small Cap
Select | |
Maximum Expense Level | | | 1.13 | % | | | 1.00 | % |
Minimum Management Fee | | | .75 | | | | .80 | |
The Adviser may also voluntarily reimburse expenses from time to time in any of the Funds. Voluntary reimbursements may be terminated at any time at the Adviser’s discretion.
The Trust pays no compensation directly to those of its directors who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board of Directors has adopted a deferred compensation plan for independent directors that enable directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
During the fiscal year ended October 31, 2012, Nuveen Securities, LLC (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
| | | | | | | | | | | | |
| | | Large Cap
Select | | | Mid Cap
Select | | | Small Cap
Select | |
Sales charges collected (Unaudited) | | $ | 2,242 | | | $ | 7,845 | | | $ | 35,204 | |
Paid to financial intermediaries (Unaudited) | | | 1,957 | | | | 6,855 | | | | 30,765 | |
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the fiscal year ended October 31, 2012, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
| | | | | | | | | | | | |
| | | Large Cap
Select | | | Mid Cap
Select | | | Small Cap
Select | |
Commission advances (Unaudited) | | $ | 147 | | | $ | 421 | | | $ | 3,065 | |
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class B Shares and Class C Shares during the first year following a purchase were retained by the Distributor. During the fiscal year ended October 31, 2012, the Distributor retained such 12b-1 fees as follows:
| | | | | | | | | | | | |
| | | Large Cap
Select | | | Mid Cap
Select | | | Small Cap
Select | |
12b-1 fees retained (Unaudited) | | $ | 122 | | | $ | 2,721 | | | $ | 25,494 | |
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the fiscal year ended October 31, 2012, as follows:
| | | | | | | | | | | | |
| | | Large Cap
Select | | | Mid Cap
Select | | | Small Cap
Select | |
CDSC retained (Unaudited) | | $ | 246 | | | $ | 459 | | | $ | 2,500 | |
Notes to Financial Statements (continued)
8. New Accounting Pronouncements
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In December 2011, the FASB issued Accounting Standards Update (“ASU”) No. 2011-11 (“ASU No. 2011-11”) to enhance disclosures about financial instruments and derivative instruments that are subject to offsetting (“netting”) on the Statement of Assets and Liabilities. This information will enable users of the entity’s financial statements to evaluate the effect or potential effect of netting arrangements on the entity’s financial position. ASU No. 2011-11 is effective prospectively during interim or annual periods beginning on or after January 1, 2013. At this time, management is evaluating the implications of this guidance and the impact it will have to the financial statements amounts and footnote disclosures, if any.
Trustees and Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of trustees of the Funds is currently set at ten. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
The Funds’ Statement of Additional Information (“SAI”) includes more information about the trustees. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds’ website at www.nuveen.com.
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (1) | | Principal Occupation(s) Including other Directorships During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Trustee |
| | |
| Independent Trustees: | | | | |
Robert P. Bremner 8/22/40 333 W. Wacker Drive Chicago, IL 60606 | | Chairman of the Board and Trustee | | 1996 | | Private Investor and Management Consultant; Treasurer and Director, Humanities Council of Washington, D.C.; Board Member, Independent Directors Council affiliated with the Investment Company Institute. | | 217 |
Jack B. Evans 10/22/48 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 1999 | | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; member of the Board of Regents for the State of Iowa University System; Director, Source Media Group; Life Trustee of Coe College and the Iowa College Foundation; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | | 217 |
William C. Hunter 3/6/48 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2004 | | Dean Emeritus (since June 30, 2012), formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; Director (since 2005), and President (since July 2012) Beta Gamma Sigma, Inc., The International Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at George Washington University. | | 217 |
David J. Kundert 10/28/42 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2005 | | Director, Northwestern Mutual Wealth Management Company; retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Member, Board of Regents, Luther College; member of the Wisconsin Bar Association; member of Board of Directors, Friends of Boerner Botanical Gardens; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation. | | 217 |
William J. Schneider 9/24/44 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 1996 | | Chairman of Miller-Valentine Partners Ltd., a real estate investment company; formerly, Senior Partner and Chief Operating Officer (retired 2004) of Miller-Valentine Group; member, University of Dayton Business School Advisory Council; member, Mid-America Health System Board; formerly, member and chair, Dayton Philharmonic Orchestra Association; formerly, member, Business Advisory Council, Cleveland Federal Reserve Bank. | | 217 |
Judith M. Stockdale 12/29/47 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 1997 | | Executive Director, Gaylord and Dorothy Donnelley Foundation (since 1994); prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | | 217 |
Carole E. Stone 6/28/47 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2007 | | Director, Chicago Board Options Exchange (since 2006); Director, C2 Options Exchange, Incorporated (since 2009); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010); formerly, Chair, New York Racing Association Oversight Board (2005-2007). | | 217 |
Trustees and Officers (Unaudited) (continued)
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (1) | | Principal Occupation(s) During Past Five Years | | Number of Portfolios in Fund Complex Overseen by Trustee |
Virginia L. Stringer 8/16/44 333 West Wacker Drive Chicago, IL 60606 | | Trustee | | 2011 | | Board Member, Mutual Fund Directors Forum; former governance consultant and non-profit board member; former Owner and President, Strategic Management Resources, Inc. a management consulting firm; former Member, Governing Board, Investment Company Institute’s Independent Directors Council; previously, held several executive positions in general management, marketing and human resources at IBM and The Pillsbury Company; Independent Director, First American Fund Complex (1987-2010) and Chair (1997-2010). | | 217 |
Terence J. Toth 9/29/59 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2008 | | Director, Legal & General Investment Management America, Inc. (since 2008); Managing Partner, Promus Capital (since 2008); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); member: Chicago Fellowship Board (since 2005), Catalyst Schools of Chicago Board (since 2008); Mather Foundation Board (since 2012) and a member of its investment committee; formerly, member: Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003-2007) and Northern Trust Hong Kong Board (1997-2004). | | 217 |
| | |
| Interested Trustee: | | | | |
John P. Amboian (2) 6/14/61 333 W. Wacker Drive Chicago, IL 60606 | | Trustee | | 2008 | | Chief Executive Officer and Chairman (since 2007) and Director (since 1999) of Nuveen Investments, Inc., formerly, President (1999-2007); Chief Executive Officer (since 2007) of Nuveen Investments Advisers Inc.; Director (since 1998) formerly, Chief Executive Officer (2007-2010) of Nuveen Fund Advisors, Inc. | | 217 |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
| | |
| Officers of the Funds: | | | | |
Gifford R. Zimmerman 9/9/56 333 W. Wacker Drive Chicago, IL 60606 | | Chief Administrative Officer | | 1988 | | Managing Director (since 2002), Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Managing Director, Associate General Counsel and Assistant Secretary of Symphony Asset Management LLC (since 2003); Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Nuveen Investments Advisers Inc. (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chief Administrative Officer and Chief Compliance Officer (since 2006) of Nuveen Commodities Asset Management, LLC; Chartered Financial Analyst. | | 217 |
Margo L. Cook 4/11/64 333 W. Wacker Drive Chicago, IL 60606 | | Vice President | | 2009 | | Executive Vice President (since 2008) of Nuveen Investments, Inc. and of Nuveen Fund Advisors, Inc. (since 2011); Managing Director – Investment Services of Nuveen Commodities Asset Management, LLC (since August 2011) previously, Head of Institutional Asset Management (2007-2008) of Bear Stearns Asset Management; Head of Institutional Asset Management (1986-2007) of Bank of NY Mellon; Chartered Financial Analyst. | | 217 |
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
Lorna C. Ferguson 10/24/45 333 W. Wacker Drive Chicago, IL 60606 | | Vice President | | 1998 | | Managing Director (since 2005) of Nuveen Fund Advisors, Inc. and Nuveen Securities, LLC (since 2004). | | 217 |
Stephen D. Foy 5/31/54 333 W. Wacker Drive Chicago, IL 60606 | | Vice President and Controller | | 1998 | | Senior Vice President (since 2010), formerly, Vice President (2005-2010) and Funds Controller of Nuveen Securities, LLC; Vice President of Nuveen Fund Advisors, Inc.; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Certified Public Accountant. | | 217 |
Scott S. Grace 8/20/70 333 W. Wacker Drive Chicago, IL 60606 | | Vice President and Treasurer | | 2009 | | Managing Director, Corporate Finance & Development, Treasurer (since 2009) of Nuveen Securities, LLC; Managing Director and Treasurer (since 2009) of Nuveen Fund Advisors, Inc., Nuveen Investments Advisers, Inc., Nuveen Investments Holdings Inc. and (since 2011) Nuveen Asset Management, LLC; Vice President and Treasurer of NWQ Investment Management Company, LLC, Tradewinds Global Investors, LLC, Symphony Asset Management LLC and Winslow Capital Management, LLC.; Vice President of Santa Barbara Asset Management, LLC; formerly, Treasurer (2006-2009), Senior Vice President (2008-2009), previously, Vice President (2006-2008) of Janus Capital Group, Inc.; formerly, Senior Associate in Morgan Stanley’s Global Financial Services Group (2000-2003); Chartered Accountant Designation. | | 217 |
Walter M. Kelly 2/24/70 333 W. Wacker Drive Chicago, IL 60606 | | Chief Compliance Officer and Vice President | | 2003 | | Senior Vice President (since 2008) and Assistant Secretary (since 2003) of Nuveen Fund Advisors, Inc; Senior Vice President (since 2008) of Nuveen Investments Holdings, Inc; formerly, Senior Vice President (2008-2011) of Nuveen Securities, LLC. | | 217 |
Tina M. Lazar 8/27/61 333 W. Wacker Drive Chicago, IL 60606 | | Vice President | | 2002 | | Senior Vice President (since 2010), formerly, Vice President (2005-2010) of Nuveen Fund Advisors, Inc. | | 217 |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) Including other Directorships During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
Kevin J. McCarthy 3/26/66 333 W. Wacker Drive Chicago, IL 60606 | | Vice President and Secretary | | 2007 | | Managing Director and Assistant Secretary (since 2008), formerly, Vice President (2007-2008), Nuveen Securities, LLC; Managing Director (since 2008), Assistant Secretary (since 2007) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director (since 2008), and Assistant Secretary, Nuveen Investment Holdings, Inc.; Vice President (since 2007) and Assistant Secretary of Nuveen Investments Advisers Inc., NWQ Investment Management Company, LLC, Tradewinds Global Investors LLC, NWQ Holdings, LLC, Symphony Asset Management LLC, Santa Barbara Asset Management, LLC, and of Winslow Capital Management, LLC. (since 2010); Vice President and Secretary (since 2010) of Nuveen Commodities Asset Management, LLC; prior thereto, Partner, Bell, Boyd & Lloyd LLP (1997-2007). | | 217 |
Kathleen L. Prudhomme 3/30/53 901 Marquette Avenue Minneapolis, MN 55402 | | Vice President and Assistant Secretary | | 2011 | | Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, Inc.; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004-2010). | | 217 |
Trustees and Officers (Unaudited) (continued)
| | | | | | | | |
Name, Birthdate and Address | | Position(s) Held with the Funds | | Year First Elected or Appointed (3) | | Principal Occupation(s) Including other Directorships During Past 5 Years | | Number of Portfolios in Fund Complex Overseen by Officer |
Jeffery M. Wilson 3/13/56 333 West Wacker Drive Chicago, IL 60606 | | Vice President | | 2011 | | Senior Vice President of Nuveen Securities, LLC (since 2011); formerly, Senior Vice President of FAF Advisors, Inc. (2000-2010). | | 100 |
| (1) | Trustees serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the trustee was first elected or appointed to any fund in the Nuveen Fund Complex. |
| (2) | Mr. Amboian is an interested trustee because of his position with Nuveen Investments, Inc. and certain of its subsidiaries, which are affiliates of the Nuveen Funds. |
| (3) | Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen Fund Complex. |
Annual Investment Management Agreement Approval Process
(Unaudited)
The Board of Directors (each, a “Board” and each Director, a “Board Member”) of the Funds, including the Board Members who are not parties to the Funds’ advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), is responsible for approving the advisory agreements (each, an “Investment Management Agreement”) between each Fund and Nuveen Fund Advisors, Inc. (the “Advisor”) and the sub-advisory agreements (each, a “Sub-Advisory Agreement”) between the Advisor and Nuveen Asset Management, LLC (the “Sub-Advisor”) (the Investment Management Agreements and the Sub-Advisory Agreements are referred to collectively as the “Advisory Agreements”) and their periodic continuation. Pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”), the Board is required to consider the continuation of the Advisory Agreements on an annual basis. Accordingly, at an in-person meeting held on May 21-23, 2012 (the “May Meeting”), the Board, including a majority of the Independent Board Members, considered and approved the continuation of the Advisory Agreements for the Funds for an additional one-year period.
In preparation for its considerations at the May Meeting, the Board requested and received extensive materials prepared in connection with the review of the Advisory Agreements. The materials provided a broad range of information regarding the Funds, the Advisor and the Sub-Advisor (the Advisor and the Sub-Advisor are collectively, the “Fund Advisers” and each, a “Fund Adviser”). As described in more detail below, the information provided included, among other things, a review of Fund performance, including Fund investment performance assessments against peer groups and appropriate benchmarks, a comparison of Fund fees and expenses relative to peers, a description and assessment of shareholder service levels for the Funds, a summary of the performance of certain service providers, a review of product initiatives and shareholder communications and an analysis of the Advisor’s profitability with comparisons to comparable peers in the managed fund business. As part of its annual review, the Board also held a separate meeting on April 18-19, 2012, to review the Funds’ investment performance and consider an analysis provided by the Advisor of the Sub-Advisor which generally evaluated the Sub-Advisor’s investment team, investment mandate, organizational structure and history, investment philosophy and process, performance of the applicable Fund, and significant changes to the foregoing. As a result of its review of the materials and discussions, the Board presented the Advisor with questions and the Advisor responded.
The materials and information prepared in connection with the annual review of the Advisory Agreements supplement the information and analysis provided to the Board during the year. In this regard, throughout the year, the Board, acting directly or through its committees, regularly reviews the performance and various services provided by the Advisor and the Sub-Advisor. The Board meets at least quarterly as well as at other times as the need arises. At its quarterly meetings, the Board reviews reports by the Advisor which include, among other things, Fund performance, a review of the investment teams and reports on compliance, regulatory matters and risk management. The Board also meets with key investment personnel managing the Fund portfolios during the year. In October 2011, the Board also created two new standing committees (the Open-end Fund Committee and the Closed-end Fund Committee) to assist the full Board in monitoring and gaining a deeper insight into the distinctive issues and business practices of open-end and closed-end funds.
In addition, the Board continues its program of seeking to have the Board Members or a subset thereof visit each sub-advisor to the Nuveen funds at least once over a multiple year rotation, meeting with key investment and business personnel. Further, an ad hoc committee of the Board visited the then-current transfer agents of the Nuveen funds in 2011 and the audit committee of the Board visited the various pricing agents for the Nuveen funds in January 2012.
The Board considers factors and information that are relevant to its annual consideration of the renewal of the Advisory Agreements at the meetings held throughout the year. Accordingly, the Board considers the information provided and knowledge gained at these meetings when performing its annual review of the Advisory Agreements. The Independent Board Members are assisted throughout the process by independent legal counsel who provided materials describing applicable law and the duties of directors or trustees in reviewing advisory contracts and met with the Independent Board Members in executive sessions without management present. In addition, it is important to recognize that the management arrangements for the Nuveen funds are the result of many years of review and discussion between the Independent Board Members and fund management and that the Board Members’ conclusions may be based, in part, on their consideration of fee arrangements and other factors developed in previous years.
The Board considered all factors it believed relevant with respect to each Fund, including among other factors: (a) the nature, extent and quality of the services provided by the Fund Advisers, (b) the investment performance of the Fund and Fund Advisers, (c) the advisory fees and costs of the services to be provided to the Fund and the profitability of the Fund Advisers, (d) the extent of any economies of scale, (e) any benefits derived by the Fund Advisers from the relationship with the Fund and (f) other factors. Each Board Member may have accorded different weight to the various factors in reaching his or her conclusions with respect to a Fund’s Advisory Agreements. The Independent Board Members did not identify any single factor as all important or controlling. The Independent Board Members’ considerations were instead based on a comprehensive consideration of all the information presented. The principal factors considered by the Board and its conclusions are described below.
A. Nature, Extent and Quality of Services
In considering renewal of the Advisory Agreements, the Independent Board Members considered the nature, extent and quality of the Fund Adviser’s services, including advisory services and the resulting Fund performance and administrative services. The Independent Board Members further considered the overall reputation and capabilities of the Advisor and its affiliates, the commitment of the Advisor to provide high quality service to the Funds, their overall confidence in the Advisor’s integrity and the Advisor’s
Annual Investment Management Agreement Approval Process
(Unaudited) (continued)
responsiveness to questions and concerns raised by them. The Independent Board Members reviewed materials outlining, among other things, the Fund Adviser’s organization and business; the types of services that the Fund Adviser or its affiliates provide to the Funds; the performance record of the applicable Fund (as described in further detail below); and any initiatives Nuveen had taken for the applicable fund product line.
In considering advisory services, the Board recognized that the Advisor provides various oversight, administrative, compliance and other services for the Funds and the Sub-Advisor generally provides the portfolio investment management services to the Funds. In reviewing the portfolio management services provided to each Fund, the Board reviewed the materials provided by the Nuveen Investment Services Oversight Team analyzing, among other things, the Sub-Advisor’s investment team and changes thereto, organization and history, assets under management, Fund objectives and mandate, the investment team’s philosophy and strategies in managing the Fund, developments affecting the Sub-Advisor or Fund and Fund performance. The Independent Board Members also reviewed portfolio manager compensation arrangements to evaluate each Fund Adviser’s ability to attract and retain high quality investment personnel, preserve stability, and reward performance but not provide an inappropriate incentive to take undue risks. In addition, the Board considered the Advisor’s execution of its oversight responsibilities over the Sub-Advisor. Given the importance of compliance, the Independent Board Members also considered Nuveen’s compliance program, including the report of the chief compliance officer regarding the Funds’ compliance policies and procedures; the resources dedicated to compliance; and the record of compliance with the policies and procedures.
In addition to advisory services, the Board considered the quality and extent of administrative and other non-investment advisory services the Advisor and its affiliates provide to the Funds, including product management, investment services (such as oversight of investment policies and procedures, risk management, and pricing), fund administration, oversight of service providers, shareholder services and communications, administration of Board relations, regulatory and portfolio compliance and legal support. The Board further recognized Nuveen’s additional investments in personnel, including in compliance and risk management. In reviewing the services provided, the Board also reviewed materials describing various notable initiatives and projects the Advisor performed in connection with the open-end fund product line. These initiatives included efforts to eliminate product overlap through mergers or liquidations; commencement of various new funds; elimination of insurance mandates for various funds; updates in investment policies or guidelines for several funds; and reductions in management fees and expense caps for certain funds.
Based on their review, the Independent Board Members found that, overall, the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement were satisfactory.
B. The Investment Performance of the Funds and Fund Advisers
The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund over various time periods. The Board reviewed, among other things, each Fund’s historic investment performance as well as information comparing the Fund’s performance information with that of other funds (the “Performance Peer Group”) based on data compiled by Nuveen that was provided by an independent provider of mutual fund data and with recognized and/or customized benchmarks (i.e., benchmarks derived from multiple recognized benchmarks).
The Board reviewed reports, including a comprehensive analysis of the Funds’ performance and the applicable investment team. In this regard, the Board reviewed each Fund’s total return information compared to the returns of its Performance Peer Group and recognized and/or customized benchmarks for the quarter, one-, three- and five-year periods ending December 31, 2011, as well as performance information reflecting the first quarter of 2012.
In reviewing performance comparison information, the Independent Board Members recognized that the usefulness of the comparisons of the performance of certain funds with the performance of their respective Performance Peer Group may be limited because the Performance Peer Group may not adequately represent the objectives and strategies of the applicable funds or may be limited in size or number. The Independent Board Members also noted that the investment experience of a particular shareholder in the Nuveen funds will vary depending on when such shareholder invests in the applicable fund, the class held (if multiple classes are offered in a fund) and the performance of the fund (or respective class) during that shareholder’s investment period. In addition, although the performance below reflects the performance results for the time periods ending as of the most recent calendar year end (unless otherwise indicated), the Board also recognized that selecting a different ending time period may derive different results. Furthermore, while the Board is cognizant of the relevant performance of a fund’s peer set and/or benchmark(s), the Board evaluated fund performance in light of the respective fund’s investment objectives, investment parameters and guidelines and recognized that the objectives, investment parameters and guidelines of peers and/or benchmarks may differ to some extent, thereby resulting in differences in performance results. Nevertheless, with respect to any Nuveen funds that the Board considers to have underperformed their peers and/or benchmarks from time to time, the Board monitors such funds closely and considers any steps necessary or appropriate to address such issues.
In considering the results of the comparisons for the Funds, the Independent Board Members observed, among other things, that the Nuveen Small Cap Select Fund had satisfactory performance compared to its peers, performing in the second or third quartile over various periods, while the Nuveen Mid Cap Select Fund (the “Mid Cap Fund”) and the Nuveen Large Cap Select Fund (the “Large Cap Fund”) lagged their respective peers and/or benchmarks over various periods (although the Large Cap Fund was in the second quartile for the three-year period and the first quartile for the first quarter of 2012). With respect to the Nuveen funds that have shown
periods of underperformance, the Board considered the factors affecting performance and was satisfied with the process followed in seeking to address any performance issues in light of the fund’s investment strategy. In this regard, the Board noted, in particular, the portfolio management team changes for the Mid Cap Fund.
Based on their review, the Independent Board Members determined that, except as noted above, each Fund’s investment performance had been satisfactory.
C. Fees, Expenses and Profitability
1. Fees and Expenses
The Board evaluated the management fees and expenses of each Fund reviewing, among other things, such Fund’s gross management fees, net management fees and net expense ratios in absolute terms as well as compared to the fee and expenses of a comparable universe of funds provided by an independent fund data provider (the “Peer Universe”) and to a more focused subset of funds in the Peer Universe (the “Peer Group”) and any expense limitations.
The Independent Board Members further reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group. In reviewing the comparisons of fee and expense information, the Independent Board Members took into account that in certain instances various factors such as: the limited size and particular composition of the Peer Universe or Peer Group (including the inclusion of other Nuveen funds in the peer set); expense anomalies; changes in the funds comprising the Peer Universe or Peer Group from year to year; levels of reimbursement or fee waivers; and the timing of information used may impact the comparative data, thereby limiting somewhat the ability to make a meaningful comparison with peers.
In reviewing the fee schedule for a Fund, the Independent Board Members also considered the fund-level and complex-wide breakpoint schedules (described in further detail below) and any fee waivers and reimbursements provided by Nuveen. In reviewing fees and expenses, the Board considered the expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were approximately 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. In reviewing the reports, the Board noted that the overwhelming majority of the Nuveen funds were at, close to or below their Peer Group or Peer Universe (if no separate Peer Group) average based on the net total expense ratio.
The Independent Board Members observed that the Funds had net management fees and net expense ratios (including fee waivers and expense reimbursements, if any) below or in line with their respective peer averages.
Based on their review of the fee and expense information provided, the Independent Board Members determined that each Fund’s management fees were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
The Independent Board Members further reviewed information regarding the nature of services and range of fees offered by the Advisor to other clients, including separately managed accounts (both retail and institutional accounts), collective trusts, foreign investment funds offered by Nuveen and funds that are not offered by Nuveen but are sub-advised by one of Nuveen’s investment management teams. In evaluating the comparisons of fees, the Independent Board Members noted that the fee rates charged to the Funds and other clients vary, among other things, because of the different services involved and the additional regulatory and compliance requirements associated with registered investment companies, such as the Funds. Accordingly, the Independent Board Members considered the differences in the product types, including, but not limited to, the services provided, the structure and operations, product distribution and costs thereof, portfolio investment policies, investor profiles, account sizes and regulatory requirements. The Independent Board Members noted, in particular, that the range of services provided to the Funds (as discussed above) is much more extensive than that provided to separately managed accounts. Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Independent Board Members believe such facts justify the different levels of fees.
In considering the fees of the Sub-Advisor, the Independent Board Members also considered the pricing schedule or fees that the Sub-Advisor charges for similar investment management services for other Nuveen funds, funds of other sponsors (if any), and other clients (such as retail and/or institutional managed accounts).
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members also considered the profitability of Nuveen for its advisory activities and its financial condition. The Independent Board Members reviewed the revenues and expenses of Nuveen’s advisory activities for the last two calendar years, the allocation methodology used in preparing the profitability data and an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2011. The Independent Board Members noted this information supplemented the profitability information requested and received during the year to help keep them apprised of developments affecting profitability (such as changes in fee waivers and expense reimbursement commitments). In this regard, the Independent Board Members noted that they have an Independent Board Member serve as a point person to review and keep them apprised of changes to the profitability analysis and/or methodologies during the year. The
Annual Investment Management Agreement Approval Process
(Unaudited) (continued)
Independent Board Members also considered Nuveen’s revenues for advisory activities, expenses, and profit margin compared to that of various unaffiliated management firms with comparable assets under management (based on asset size and asset composition).
In reviewing profitability, the Independent Board Members recognized the Advisor’s continued investment in its business to enhance its services, including capital improvements to investment technology, updated compliance systems, and additional personnel in compliance, risk management, and product development as well as its ability to allocate resources to various areas of the Advisor as the need arises. In addition, in evaluating profitability, the Independent Board Members also recognized the subjective nature of determining profitability which may be affected by numerous factors including the allocation of expenses. Further, the Independent Board Members recognized the difficulties in making comparisons as the profitability of other advisers generally is not publicly available and the profitability information that is available for certain advisers or management firms may not be representative of the industry and may be affected by, among other things, the adviser’s particular business mix, capital costs, types of funds managed and expense allocations. Notwithstanding the foregoing, the Independent Board Members reviewed Nuveen’s methodology and assumptions for allocating expenses across product lines to determine profitability. In reviewing profitability, the Independent Board Members recognized Nuveen’s investment in its fund business. Based on their review, the Independent Board Members concluded that the Advisor’s level of profitability for its advisory activities was reasonable in light of the services provided.
With respect to sub-advisers affiliated with Nuveen, including the Sub-Advisor, the Independent Board Members reviewed the sub-adviser’s revenues, expenses and profitability margins (pre- and post-tax) for its advisory activities and the methodology used for allocating expenses among the internal sub-advisers. Based on their review, the Independent Board Members were satisfied that the Sub-Advisor’s level of profitability was reasonable in light of the services provided.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser by the Funds as well as any indirect benefits (such as soft dollar arrangements, if any) the Fund Adviser and its affiliates receive, or are expected to receive, that are directly attributable to the management of the Funds, if any. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds. Based on their review of the overall fee arrangements of each Fund, the Independent Board Members determined that the advisory fees and expenses of the respective Fund were reasonable.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
With respect to economies of scale, the Independent Board Members have recognized the potential benefits resulting from the costs of a fund being spread over a larger asset base, although economies of scale are difficult to measure and predict with precision, particularly on a fund-by-fund basis. One method to help ensure the shareholders share in these benefits is to include breakpoints in the advisory fee schedule. Generally, management fees for funds in the Nuveen complex are comprised of a fund-level component and a complex-level component, subject to certain exceptions. Accordingly, the Independent Board Members reviewed and considered the applicable fund-level breakpoints in the advisory fee schedules that reduce advisory fees as asset levels increase.
In addition to fund-level advisory fee breakpoints, the Board also considered the Funds’ complex-wide fee arrangement. Pursuant to the complex-wide fee arrangement, the fees of the funds in the Nuveen complex are generally reduced as the assets in the fund complex reach certain levels. The complex-wide fee arrangement seeks to provide the benefits of economies of scale to fund shareholders when total fund complex assets increase, even if assets of a particular fund are unchanged or have decreased. The approach reflects the notion that some of Nuveen’s costs are attributable to services provided to all its funds in the complex and therefore all funds benefit if these costs are spread over a larger asset base. In addition, with the acquisition of the funds previously advised by FAF Advisors, Inc., the Board noted that a portion of such funds’ assets at the time of acquisition were deemed eligible to be included in the complex-wide fee calculation in order to deliver fee savings to shareholders in the combined complex and such funds were subject to differing complex-level fee rates.
Based on their review, the Independent Board Members concluded that the breakpoint schedules and complex-wide fee arrangement were acceptable and reflect economies of scale to be shared with shareholders when assets under management increase.
E. Indirect Benefits
In evaluating fees, the Independent Board Members received and considered information regarding potential “fall out” or ancillary benefits the respective Fund Adviser or its affiliates may receive as a result of its relationship with each Fund. In this regard, the Independent Board Members considered, among other things, any sales charges, distribution fees and shareholder services fees received and retained by the Funds’ principal underwriter, an affiliate of the Advisor, which includes fees received pursuant to any 12b-1 plan. The Independent Board Members, therefore, considered the 12b-1 fees retained by Nuveen during the last calendar year.
In addition to the above, the Independent Board Members considered whether the Fund Advisers received any benefits from soft dollar arrangements whereby a portion of the commissions paid by a Fund for brokerage may be used to acquire research that may be useful to the Fund Adviser in managing the assets of the Funds and other clients. The Independent Board Members recognized that each Fund Adviser has the authority to pay a higher commission in return for brokerage and research services if it determines in good faith that the commission paid is reasonable in relation to the value of the brokerage and research services provided and may benefit
from such soft dollar arrangements. Similarly, the Board recognized that the research received pursuant to soft dollar arrangements by a Fund Adviser may also benefit a Fund and shareholders to the extent the research enhances the ability of the Fund Adviser to manage the Fund. The Independent Board Members noted that the Fund Advisers’ profitability may be somewhat lower if they did not receive the research services pursuant to the soft dollar arrangements and had to acquire such services directly.
Based on their review, the Independent Board Members concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Independent Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, unanimously concluded that the terms of each Advisory Agreement are fair and reasonable, that the respective Fund Adviser’s fees are reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
Notes
Notes
Glossary of Terms Used in this Report
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested distributions and capital gains, if any) over the time period being considered.
Beta: A measure of the variability of the change in the share price for a fund in relation to a change in the value of the fund’s market benchmark. Securities with betas higher than 1.0 have been, and are expected to be, more volatile than the benchmark; securities with betas lower than 1.0 have been, and are expected to be, less volatile than the benchmark.
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
Lipper Large-Cap Core Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Large-Cap Core Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
Lipper Mid-Cap Core Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Mid-Cap Core Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
Lipper Small-Cap Core Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Small-Cap Core Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
Net Asset Value (NAV): The net market value of all securities held in a portfolio.
Net Asset Value (NAV) Per Share: The market value of one share of a mutual fund or closed-end fund. For a Fund, the NAV is calculated daily by taking the Fund’s total assets (securities, cash, and accrued earnings), subtracting the Fund’s liabilities, and dividing by the number of shares outstanding.
Russell 2000® Index: An index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Russell Midcap® Index: An index that measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership. The Russell Midcap represents approximately 31% of the total market capitalization of the Russell 1000 companies. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P 500® Index: An unmanaged index generally considered representative of the U.S. stock market. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the Fund’s dividends paid deduction.
Additional Fund Information
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
PricewaterhouseCoopers LLP
Chicago, IL
Custodian
U.S. Bank National Association
St. Paul, MN
Transfer Agent and Shareholder Services
Boston Financial
Data Services, Inc.
Nuveen Investor Services
P.O. Box 8530
Boston, MA 02266-8530
(800) 257-8787
Distribution Information: The following Fund hereby designates its percentages of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction (“DRD”) for corporations and its percentages as qualified dividend income (“QDI”) for individuals under Section 1 (h)(11) of the Internal Revenue Code as shown in the accompanying table. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end.
| | | | | | | | |
| Fund | | % of DRD | | | % of QDI | |
Nuveen Large Cap Select Fund | | | 100 | % | | | 100 | % |
Long-Term Capital Gain Distributions: Nuveen Small Cap Select Fund designated as a long-term capital gain dividend, pursuant to the Internal Revenue Code Section 852(b)(3), $19,094,723, or, if greater, the amount necessary to reduce earnings and profits of the Fund related to net capital gain to zero for the tax year ended October 31, 2012.
Quarterly Portfolio of Investments and Proxy Voting information: You may obtain (i) each Fund’s quarterly portfolio of investments, (ii) information regarding how each Fund 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 each Fund 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:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen Investments to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio.
Focused on meeting investor needs.
Nuveen Investments provides high-quality investment services designed to help secure the longterm goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates-Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $220 billion as of September 30, 2012.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mf
| | |
Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com | | |
MAN-FSLCT-1012P
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/mf. (To view the code, click on the Shareholder Resources drop down menu box, click on Fund Governance and then click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant’s Board of Trustees determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial expert is Carole E. Stone, who is “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
The following tables show the amount of fees that PricewaterhouseCoopers LLP, the Trust’s auditor, billed to the Trust during the Trust’s last full fiscal year ending October 31, 2012 and the amount that Ernst & Young LLP, the Trust’s previous auditor, billed to the Trust during the Trust’s full fiscal year ending October 31, 2011. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP and Ernst & Young LLP Provided to the Trust, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Trust waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Trust during the fiscal year in which the services are provided; (B) the Trust did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
SERVICES THAT THE TRUST’S AUDITOR BILLED TO THE TRUST
| | | | | | | | | | | | | | | | |
Fiscal Year Ended October 31, 2012 | | Audit Fees Billed
to Funds 1 | | | Audit-Related Fees
Billed to Funds 2 | | | Tax Fees
Billed to Funds 3 | | | All Other Fees
Billed to Funds 4 | |
Name of Series | | | | | | | | | | | | | | | | |
Dividend Value Fund | | | 16,667 | | | | 0 | | | | 0 | | | | 0 | |
Equity Index Fund | | | 14,613 | | | | 0 | | | | 0 | | | | 0 | |
International Fund | | | 15,193 | | | | 0 | | | | 48,020 | | | | 0 | |
International Select Fund | | | 17,078 | | | | 0 | | | | 31,145 | | | | 0 | |
Large Cap Growth Opportunities Fund | | | 13,850 | | | | 0 | | | | 0 | | | | 0 | |
Large Cap Select Fund | | | 11,411 | | | | 0 | | | | 0 | | | | 0 | |
Mid Cap Growth Opportunities Fund | | | 16,326 | | | | 0 | | | | 0 | | | | 0 | |
Mid Cap Index Fund | | | 12,776 | | | | 0 | | | | 0 | | | | 0 | |
Mid Cap Select Fund | | | 11,333 | | | | 0 | | | | 0 | | | | 0 | |
Mid Cap Value Fund | | | 12,186 | | | | 0 | | | | 0 | | | | 0 | |
Quantitative Enhanced Core Equity Fund | | | 11,643 | | | | 0 | | | | 0 | | | | 0 | |
Small Cap Growth Opportunities Fund | | | 11,695 | | | | 0 | | | | 0 | | | | 0 | |
Small Cap Index Fund | | | 11,552 | | | | 0 | | | | 0 | | | | 0 | |
Small Cap Select Fund | | | 14,065 | | | | 0 | | | | 0 | | | | 0 | |
Small Cap Value Fund | | | 11,620 | | | | 0 | | | | 0 | | | | 0 | |
Tactical Market Opportunities Fund | | | 11,916 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 213,924 | | | $ | 0 | | | $ | 79,165 | | | $ | 0 | |
| 1 | | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include leverage offerings as well as comfort letters for seed and shelf offerings. |
| 3 | | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; and capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to preferred stock, commercial paper and registration statements. |
| | | | | | | | | | | | | | | | |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit Fees Billed
to Funds | | | Audit-Related Fees
Billed to Funds | | | Tax Fees
Billed to Funds | | | All Other Fees
Billed to Funds | |
Name of Series | | | | | | | | | | | | | | | | |
Dividend Value Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Equity Index Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
International Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
International Select Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Large Cap Growth Opportunities Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Large Cap Select Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Mid Cap Growth Opportunities Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Mid Cap Index Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Mid Cap Select Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Mid Cap Value Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Quantitative Enhanced Core Equity Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Small Cap Growth Opportunities Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Small Cap Index Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Small Cap Select Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Small Cap Value Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Tactical Market Opportunities Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
| | | | |
Fiscal Year Ended October 31, 2011 | | Audit Fees Billed
to Funds 1 | | | Audit-Related Fees
Billed to Funds 2 | | | Tax Fees
Billed to Funds 3 | | | All Other Fees
Billed to Funds 4 | |
Name of Series | | | | | | | | | | | | | | | | |
Dividend Value Fund | | | 21,875 | | | | 0 | | | | 1,056 | | | | 0 | |
Equity Index Fund | | | 20,000 | | | | 0 | | | | 1,056 | | | | 0 | |
International Fund | | | 21,875 | | | | 0 | | | | 2,303 | | | | 0 | |
International Select Fund | | | 21,875 | | | | 0 | | | | 2,205 | | | | 0 | |
Large Cap Growth Opportunities Fund | | | 21,875 | | | | 0 | | | | 1,056 | | | | 0 | |
Large Cap Select Fund | | | 21,875 | | | | 0 | | | | 1,056 | | | | 0 | |
Mid Cap Growth Opportunities Fund | | | 21,875 | | | | 0 | | | | 1,056 | | | | 0 | |
Mid Cap Index Fund | | | 20,000 | | | | 0 | | | | 1,056 | | | | 0 | |
Mid Cap Select Fund | | | 21,875 | | | | 0 | | | | 1,056 | | | | 0 | |
Mid Cap Value Fund | | | 21,875 | | | | 0 | | | | 1,056 | | | | 0 | |
Quantitative Enhanced Core Equity Fund | | | 21,875 | | | | 0 | | | | 1,056 | | | | 0 | |
Small Cap Growth Opportunities Fund | | | 21,875 | | | | 0 | | | | 1,056 | | | | 0 | |
Small Cap Index Fund | | | 20,000 | | | | 0 | | | | 1,056 | | | | 0 | |
Small Cap Select Fund | | | 21,875 | | | | 0 | | | | 1,056 | | | | 0 | |
Small Cap Value Fund | | | 21,875 | | | | 0 | | | | 1,056 | | | | 0 | |
Tactical Market Opportunities Fund | | | 21,875 | | | | 0 | | | | 1,056 | | | | 0 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 344,375 | | | $ | 0 | | | $ | 19,292 | | | $ | 0 | |
| 1 | | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include leverage offerings as well as comfort letters for seed and shelf offerings. |
| 3 | | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; and capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to preferred stock, commercial paper and registration statements. |
| | | | | | | | | | | | | | | | |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit Fees Billed
to Funds | | | Audit-Related Fees
Billed to Funds | | | Tax Fees
Billed to Funds | | | All Other Fees
Billed to Funds | |
Name of Series | | | | | | | | | | | | | | | | |
Dividend Value Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Equity Index Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
International Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
International Select Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Large Cap Growth Opportunities Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Large Cap Select Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Mid Cap Growth Opportunities Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Mid Cap Index Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Mid Cap Select Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Mid Cap Value Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Quantitative Enhanced Core Equity Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Small Cap Growth Opportunities Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Small Cap Index Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Small Cap Select Fund | | | 0 | % | | | 0 | % | | �� | 0 | % | | | 0 | % |
Small Cap Value Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Tactical Market Opportunities Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
| | | | | | | | | | | | |
Fiscal Year Ended October 31, 2012 | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers | | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
Nuveen Investment Funds, Inc. | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers | | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
| | | 0 | % | | | 0 | % | | | 0 | % |
| | | |
Fiscal Year Ended October 31, 2011 | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers | | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
Nuveen Investment Funds, Inc. | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers | | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
| | | 0 | % | | | 0 | % | | | 0 | % |
| | | | | | | | | | | | | | | | |
Fiscal Year Ended October 31, 2012 | | Total Non-Audit Fees
Billed to Trust | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (engagements
related directly to the
operations and financial
reporting of the Trust) | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements) | | | Total | |
Name of Series | | | | | | | | | | | | | | | | |
Dividend Value Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Equity Index Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
International Fund | | | 48,020 | | | | 0 | | | | 0 | | | | 48,020 | |
International Select Fund | | | 31,145 | | | | 0 | | | | 0 | | | | 31,145 | |
Large Cap Growth Opportunities Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Large Cap Select Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Mid Cap Growth Opportunities Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Mid Cap Index Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Mid Cap Select Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Mid Cap Value Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Quantitative Enhanced Core Equity Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Small Cap Growth Opportunities Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Small Cap Index Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Small Cap Select Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Small Cap Value Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Tactical Market Opportunities Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 79,165 | | | $ | 0 | | | $ | 0 | | | $ | 79,165 | |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Funds in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
| | | | | | | | | | | | | | | | |
Fiscal Year Ended October 31, 2011 | | Total Non-Audit Fees
Billed to Trust | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (engagements
related directly to the
operations and financial
reporting of the Trust) | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements) | | | Total | |
Name of Series | | | | | | | | | | | | | | | | |
Dividend Value Fund | | | 1,056 | | | | 0 | | | | 0 | | | | 1,056 | |
Equity Index Fund | | | 1,056 | | | | 0 | | | | 0 | | | | 1,056 | |
International Fund | | | 2,303 | | | | 0 | | | | 0 | | | | 2,303 | |
International Select Fund | | | 2,205 | | | | 0 | | | | 0 | | | | 2,205 | |
Large Cap Growth Opportunities Fund | | | 1,056 | | | | 0 | | | | 0 | | | | 1,056 | |
Large Cap Select Fund | | | 1,056 | | | | 0 | | | | 0 | | | | 1,056 | |
Mid Cap Growth Opportunities Fund | | | 1,056 | | | | 0 | | | | 0 | | | | 1,056 | |
Mid Cap Index Fund | | | 1,056 | | | | 0 | | | | 0 | | | | 1,056 | |
Mid Cap Select Fund | | | 1,056 | | | | 0 | | | | 0 | | | | 1,056 | |
Mid Cap Value Fund | | | 1,056 | | | | 0 | | | | 0 | | | | 1,056 | |
Quantitative Enhanced Core Equity Fund | | | 1,056 | | | | 0 | | | | 0 | | | | 1,056 | |
Small Cap Growth Opportunities Fund | | | 1,056 | | | | 0 | | | | 0 | | | | 1,056 | |
Small Cap Index Fund | | | 1,056 | | | | 0 | | | | 0 | | | | 1,056 | |
Small Cap Select Fund | | | 1,056 | | | | 0 | | | | 0 | | | | 1,056 | |
Small Cap Value Fund | | | 1,056 | | | | 0 | | | | 0 | | | | 1,056 | |
Tactical Market Opportunities Fund | | | 1,056 | | | | 0 | | | | 0 | | | | 1,056 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 19,292 | | | $ | 0 | | | $ | 0 | | | $ | 19,292 | |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Funds in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Trust by the Trust’s independent accountants and (ii) all audit and non-audit services to be performed by the Trust’s independent accountants for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Trust. Regarding tax and research projects conducted by the independent accountants for the Trust and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
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. |
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 of Trustees 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 because the code is posted on registrant’s website at www.nuveen.com/mf and there were no amendments during the period covered by this report. (To view the code, click on the Shareholder Resources drop down menu box, click on Fund Governance and then Code of Conduct.) |
| |
| (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: January 7, 2013
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: January 7, 2013
| | |
| |
| By (Signature and Title) | | /s/ Stephen D. Foy |
| | Stephen D. Foy |
| | Vice President and Controller |
| | (principal financial officer) |
Date: January 7, 2013
