UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-05309
Nuveen Investment Funds, Inc.
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Kevin J. McCarthy
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: October 31
Date of reporting period: April 30, 2013
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.
Semi-Annual Report
April 30, 2013
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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Must be preceded by or accompanied by a prospectus. | NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
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Letter to Shareholders
Dear Shareholders,
After nine years of serving as lead director and independent chairman of the Nuveen Fund Board, my term of office is coming to an end. It has been a privilege to use this space to communicate with you on some of the broad economic trends in the U.S. and abroad and how they are impacting the investment environment in which your funds operate. In addition, I have enjoyed offering some perspective on how your Board views the various Nuveen investment teams as they apply their investment disciplines in that investment environment.
My term has coincided with a particularly challenging period for both mutual fund sponsors and investors. Since 2000 there have been three periods of unusually strong stock market growth and two major market declines. Recent years have been characterized by a search for yield in fixed income securities to compensate for an extended period of very low interest rates. Funds are investing more in foreign and emerging markets that require extensive research capabilities to overcome the more limited transparency and higher volatility in those markets. New fund concepts often incorporate derivative financial instruments that offer efficient ways to hedge investment risk or gain exposure to selected markets. Fund trading teams operate in many new domestic and international venues with quite different characteristics. Electronic trading and global communication networks mean that fund managers must be able to thrive in financial markets that react instantaneously to newsworthy events and are more interconnected than ever.
Nuveen has committed additional resources to respond to these changes in the fund industry environment. It has added IT and research resources to assemble and evaluate the increased flow of detailed information on economies, markets and individual companies. Based on its experience during the financial crisis of 2008-09, Nuveen has expanded its resources dedicated to valuing and trading portfolio securities with a particular focus on stressed financial market conditions. It has added systems and experienced risk management professionals to work with investment teams to better help evaluate whether their funds’ risk exposures are appropriate in view of the return targets. The investment teams have also reflected on recent experience to reaffirm or modify their investment disciplines. Finally, experienced professionals and IT resources have been added to address new regulatory requirements designed to better inform and protect investors. The Board has enthusiastically encouraged these initiatives.
The Nuveen Fund Board has always viewed itself as your representatives to assure that Nuveen brings together experienced people, proven technologies and effective processes designed to produce results that meet investor expectations. It is important to note that our activities are highlighted by the annual contract renewal process. Despite its somewhat formal language, I strongly encourage you to read the summary because it offers an insight into our oversight process. The report is included in the back of this or a subsequent shareholder report. The renewal process is very comprehensive and includes a number of evaluations and discussions between the Board and Nuveen during the year. The summary also describes what has been achieved across the Nuveen fund complex and at individual funds such as yours.
As I leave the chairmanship and resume my role as a member of the Board, please be assured that I and my fellow Board members will continue to hold your interests uppermost in our minds as we oversee the management of your funds and that we greatly appreciate your confidence in your Nuveen fund.
Very sincerely,
Robert P. Bremner
Chairman of the Board
June 21, 2013
4 | Nuveen Investments |
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
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 the Funds’ performance for the six-month period ended April 30, 2013.
Nuveen Equity Index Fund
How did the Fund perform during the six-month reporting period ended April 30, 2013?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2013. 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.
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 the reporting period, we held essentially all of the issues found in the index. In addition, we aggressively tracked and implemented the occasional changes to index member names, as well as changes to the relative weights in the index.
The Fund performed very similarly to the index during the reporting period. The top performing sectors in the index were consumer discretionary, health care and financials, which all advanced significantly. The three lowest performing sectors were information technology, energy and materials. 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. The Fund’s holdings of futures, which were matched to the level of cash, were helpful in keeping the Fund fully invested, neither overexposed nor underexposed to equities, despite cash flows. Due to generally higher equity prices during the period, these positions added mildly to performance.
Nuveen Investments | 5 |
Nuveen Mid Cap Index Fund
How did the Fund perform during the six-month reporting period ended April 30, 2013?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2013. 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.
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 reporting period, we held essentially all of the issues found in the index. In addition, we aggressively tracked and implemented the occasional changes to index member names, as well as changes to the relative weights in the index.
The Fund performed very similarly to the index during the reporting period. The top performing sectors in the index were consumer staples, health care and industrials, each advancing significantly. The three lowest performing sectors were telecommunications, materials and technology. Also during the period, we continued to invest in S&P MidCap 400® E-Mini Index futures to convert cash into the equivalent of an S&P MidCap 400® Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. These contracts are used as a means to efficiently gain exposure to a broad base of equity securities. The Fund’s holdings of futures, which were matched to the level of cash, were helpful in keeping the Fund fully invested, neither overexposed nor underexposed to equities, despite cash flows. Due to generally higher equity prices during the period, these positions added mildly to performance.
Nuveen Small Cap Index Fund
How did the Fund perform during the six-month reporting period ended April 30, 2013?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2013. 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.
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
6 | Nuveen Investments |
objective can best be achieved by investing in approximately 90% to 100% of the issues included in the Russell 2000® Index, depending on the size of the Fund. During the reporting period, we held essentially all of the issues found in the index. In addition, we aggressively tracked and implemented the occasional changes to index member names, as well as changes to the relative weights in the index.
The Fund performed very similarly to the index during the reporting period. The top performing sectors in the index were consumer discretionary, industrials and health care, which all advanced significantly. The three lowest performing sectors were materials, energy and utilities. Also during the period, we continued to invest in Russell 2000® E-Mini Index futures to convert cash into the equivalent of a Russell 2000® Index holding in order to manage cash flow activity and minimize tracking error to the Fund’s benchmark index. These contracts are used as a means to efficiently gain exposure to a broad base of equity securities. The Fund’s holdings of futures, which were matched to the level of cash, were helpful in keeping the Fund fully invested, neither overexposed nor underexposed to equities, despite cash flows. Due to generally higher equity prices during the period, these 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.
Nuveen Investments | 7 |
Fund Performance and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown on the following three 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.
8 | Nuveen Investments |
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 April 30, 2013
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares | 14.04% | 16.17% | 4.67% | 7.32% | ||||||||||||
S&P 500® Index* | 14.42% | 16.89% | 5.21% | 7.88% | ||||||||||||
Lipper S&P 500® Index Objective Funds Classification Average* | 14.05% | 16.21% | 4.63% | 7.36% | ||||||||||||
Class B Shares w/o CDSC | 13.62% | 15.33% | 3.90% | 6.51% | ||||||||||||
Class B Shares w/CDSC | 8.62% | 10.33% | 3.73% | 6.51% | ||||||||||||
Class C Shares | 13.61% | 15.32% | 3.90% | 6.52% | ||||||||||||
Class R3 Shares | 13.88% | 15.91% | 4.42% | 7.08% | ||||||||||||
Class I Shares | 14.18% | 16.51% | 4.94% | 7.59% |
Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares | 9.89% | 13.32% | 5.29% | 7.97% | ||||||||||||
Class B Shares w/o CDSC | 9.46% | 12.46% | 4.50% | 7.16% | ||||||||||||
Class B Shares w/CDSC | 4.46% | 7.46% | 4.33% | 7.16% | ||||||||||||
Class C Shares | 9.44% | 12.46% | 4.50% | 7.16% | ||||||||||||
Class R3 Shares | 9.73% | 13.02% | 5.03% | 7.73% | ||||||||||||
Class I Shares | 9.98% | 13.56% | 5.55% | 8.23% |
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 | 0.69% | 0.62% | ||||||
Class B Shares | 1.44% | 1.37% | ||||||
Class C Shares | 1.44% | 1.37% | ||||||
Class R3 Shares | 0.94% | 0.87% | ||||||
Class I Shares | 0.44% | 0.37% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2014, 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. |
Nuveen Investments | 9 |
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 April 30, 2013
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares | 18.76% | 18.08% | 7.85% | 11.11% | ||||||||||||
S&P MidCap 400® Index* | 19.23% | 18.84% | 8.37% | 11.73% | ||||||||||||
Lipper Mid-Cap Core Funds Classification Average* | 17.15% | 16.12% | 5.74% | 9.74% | ||||||||||||
Class C Shares | 18.34% | 17.19% | 7.03% | 10.28% | ||||||||||||
Class R3 Shares | 18.62% | 17.76% | 7.59% | 10.85% | ||||||||||||
Class I Shares | 18.84% | 18.31% | 8.10% | 11.37% |
Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares | 17.06% | 17.06% | 9.33% | 11.81% | ||||||||||||
Class C Shares | 16.65% | 16.22% | 8.51% | 10.97% | ||||||||||||
Class R3 Shares | 16.98% | 16.81% | 9.06% | 11.55% | ||||||||||||
Class I Shares | 17.30% | 17.46% | 9.61% | 12.10% |
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 | 0.82% | 0.76% | ||||||
Class C Shares | 1.57% | 1.51% | ||||||
Class R3 Shares | 1.07% | 1.01% | ||||||
Class I Shares | 0.57% | 0.51% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2014, 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. |
10 | Nuveen Investments |
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 April 30, 2013 | ||||||||||||||||
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares | 16.35% | 17.06% | 6.85% | 9.85% | ||||||||||||
Russell 2000® Index* | 16.58% | 17.69% | 7.27% | 10.47% | ||||||||||||
Lipper Small-Cap Core Funds Classification Average* | 15.74% | 15.47% | 6.81% | 10.27% | ||||||||||||
Class C Shares | 15.85% | 16.17% | 6.04% | 8.98% | ||||||||||||
Class R3 Shares | 16.19% | 16.81% | 6.57% | 9.57% | ||||||||||||
Class I Shares | 16.41% | 17.42% | 7.11% | 10.08% |
Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares | 14.14% | 15.70% | 7.80% | 10.88% | ||||||||||||
Class C Shares | 13.75% | 14.76% | 6.99% | 10.01% | ||||||||||||
Class R3 Shares | 14.12% | 15.41% | 7.53% | 10.61% | ||||||||||||
Class I Shares | 14.30% | 15.96% | 8.06% | 11.13% |
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 | 1.32% | 0.89% | ||||||
Class C Shares | 2.05% | 1.64% | ||||||
Class R3 Shares | 1.57% | 1.14% | ||||||
Class I Shares | 1.05% | 0.64% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2014, 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. |
Nuveen Investments | 11 |
Holding Summaries as of April 30, 2013
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 | 98.9% | |||
Warrants2 | 0.0% | |||
Short-Term Investments | 1.3% | |||
Other3 | (0.2)% |
Portfolio Composition1 | ||||
Oil, Gas & Consumable Fuels | 8.8% | |||
Pharmaceuticals | 6.0% | |||
Insurance | 4.1% | |||
Computers & Peripherals | 4.0% | |||
Diversified Financial Services | 3.7% | |||
IT Services | 3.7% | |||
Media | 3.6% | |||
Software | 3.5% | |||
Diversified Telecommunication Services | 2.8% | |||
Commercial Banks | 2.7% | |||
Beverages | 2.5% | |||
Chemicals | 2.5% | |||
Food & Staples Retailing | 2.4% | |||
Aerospace & Defense | 2.3% | |||
Industrial Conglomerates | 2.3% | |||
Specialty Retail | 2.3% | |||
Internet Software & Services | 2.2% | |||
Real Estate Investment Trust | 2.2% | |||
Household Products | 2.2% | |||
Health Care Equipment & Supplies | 2.1% | |||
Electric Utilities | 2.1% | |||
Capital Markets | 2.0% | |||
Semiconductors & Equipment | 2.0% | |||
Biotechnology | 2.0% | |||
Health Care Providers & Services | 1.9% | |||
Food Products | 1.9% | |||
Tobacco | 1.8% | |||
Short-Term Investments | 1.3% | |||
Other4 | 19.1% |
Top Five Common Stock Holdings1 | ||||
Apple, Inc. | 2.9% | |||
Exxon Mobil Corporation | 2.8% | |||
Microsoft Corporation | 1.7% | |||
Chevron Corporation | 1.7% | |||
Johnson & Johnson | 1.6% |
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. |
12 | Nuveen Investments |
Nuveen Mid Cap Index Fund
Fund Allocation1 | ||||
Common Stocks | 94.0% | |||
Short-Term Investments | 9.9% | |||
Other2 | (3.9)% |
Portfolio Composition1 | ||||
Real Estate Investment Trust | 10.4% | |||
Machinery | 5.0% | |||
Insurance | 4.7% | |||
Software | 4.1% | |||
Specialty Retail | 3.9% | |||
Commercial Banks | 3.6% | |||
IT Services | 3.1% | |||
Health Care Providers & Services | 2.9% | |||
Oil, Gas, & Consumable Fuels | 2.8% | |||
Chemicals | 2.7% | |||
Energy Equipment & Services | 2.7% | |||
Capital Markets | 2.3% | |||
Health Care Equipment & Supplies | 2.3% | |||
Household Durables | 2.2% | |||
Electric Utilities | 2.1% | |||
Food Products | 2.0% | |||
Road & Rail | 2.0% | |||
Electronic Equipment & Instruments | 1.9% | |||
Semiconductors & Equipment | 1.9% | |||
Commercial Services & Supplies | 1.6% | |||
Containers & Packaging | 1.6% | |||
Electrical Equipment | 1.6% | |||
Gas Utilities | 1.5% | |||
Internet Software & Services | 1.5% | |||
Short-Term Investments | 9.9% | |||
Other3 | 19.7% |
Top Five Common Stock Holdings1 | ||||
Vertex Pharmaceuticals Inc. | 1.2% | |||
Kansas City Southern Industries | 0.8% | |||
Equinix Inc. | 0.7% | |||
Hollyfrontier Corporation | 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 1.5% of net assets. |
Nuveen Investments | 13 |
Holding Summaries (continued) as of April 30, 2013
Nuveen Small Cap Index Fund
Fund Allocation1 | ||||
Common Stocks | 91.2% | |||
Exchange-Traded Funds2 | 0.0% | |||
Common Stock Rights3 | 0.0% | |||
Warrants2 | 0.0% | |||
Short-Term Investments | 9.0% | |||
Other4 | (0.2)% |
Portfolio Composition1 | ||||
Real Estate Investment Trust | 8.7% | |||
Commercial Banks | 5.7% | |||
Biotechnology | 3.9% | |||
Oil, Gas, & Consumable Fuels | 3.4% | |||
Software | 3.3% | |||
Specialty Retail | 3.2% | |||
Semiconductors & Equipment | 3.2% | |||
Hotels, Restaurants & Leisure | 3.0% | |||
Machinery | 2.8% | |||
Health Care Equipment & Supplies | 2.7% | |||
Insurance | 2.3% | |||
Health Care Providers & Services | 2.3% | |||
Capital Markets | 2.2% | |||
Internet Software & Services | 2.1% | |||
Chemicals | 2.1% | |||
Electronic Equipment & Instruments | 2.0% | |||
Energy Equipment & Services | 1.9% | |||
Commercial Services & Supplies | 1.9% | |||
IT Services | 1.7% | |||
Communications Equipment | 1.7% | |||
Thrifts & Mortgage Finance | 1.6% | |||
Aerospace & Defense | 1.5% | |||
Food Products | 1.5% | |||
Electric Utilities | 1.4% | |||
Pharmaceuticals | 1.4% | |||
Media | 1.3% | |||
Textiles Apparel & Luxury Goods | 1.3% | |||
Road & Rail | 1.2% | |||
Short-Term Investments | 9.0% | |||
Other5 | 19.7% |
Top Five Common Stock Holdings1 | ||||
Pharmacyclics, Inc. | 0.3% | |||
Starwood Hotels & Resorts Worldwide, Inc. | 0.3% | |||
Alaska Air Group, Inc. | 0.3% | |||
Two Harbors Investment Corporation | 0.3% | |||
Gulfport Energy Corporation | 0.3% |
1 | As a percentage of net assets. Holdings are subject to change. |
2 | Rounds to less than 0.1%. |
3 | Securities have a market value of zero. |
4 | 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. |
5 | 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 1.2% of net assets. |
14 | Nuveen Investments |
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held 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 (11/01/12) | $ | 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 (4/30/13) | $ | 1,140.40 | $ | 1,136.20 | $ | 1,136.10 | $ | 1,138.80 | $ | 1,141.80 | $ | 1,021.72 | $ | 1,018.00 | $ | 1,018.00 | $ | 1,020.48 | $ | 1,022.96 | ||||||||||||||||||||||
Expenses Incurred During Period | $ | 3.29 | $ | 7.26 | $ | 7.26 | $ | 4.61 | $ | 1.96 | $ | 3.11 | $ | 6.85 | $ | 6.85 | $ | 4.36 | $ | 1.86 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .62%, 1.37%, 1.37%, .87% and ..37% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Mid Cap Index Fund
Hypothetical Performance | ||||||||||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||||||||||
A Shares | C Shares | R3 Shares | I Shares | A Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||
Beginning Account Value (11/01/12) | $ | 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 (4/30/13) | $ | 1,187.60 | $ | 1,183.40 | $ | 1,186.20 | $ | 1,188.40 | $ | 1,021.17 | $ | 1,017.46 | $ | 1,019.93 | $ | 1,022.41 | ||||||||||||||||||
Expenses Incurred During Period | $ | 3.96 | $ | 8.01 | $ | 5.31 | $ | 2.60 | $ | 3.66 | $ | 7.40 | $ | 4.91 | $ | 2.41 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of .73%, 1.48%, .98% and .48% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Small Cap Index Fund
Hypothetical Performance | ||||||||||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||||||||||
A Shares | C Shares | R3 Shares | I Shares | A Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||
Beginning Account Value (11/01/12) | $ | 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 (4/30/13) | $ | 1,163.50 | $ | 1,158.50 | $ | 1,161.90 | $ | 1,164.10 | $ | 1,020.73 | $ | 1,017.01 | $ | 1,019.49 | $ | 1,021.97 | ||||||||||||||||||
Expenses Incurred During Period | $ | 4.40 | $ | 8.40 | $ | 5.74 | $ | 3.06 | $ | 4.11 | $ | 7.85 | $ | 5.36 | $ | 2.86 |
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 181/365 (to reflect the one-half year period).
Nuveen Investments | 15 |
Portfolio of Investments (Unaudited)
Nuveen Equity Index Fund
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
COMMON STOCKS – 98.9% | ||||||||||||||
Aerospace & Defense – 2.3% | ||||||||||||||
36,468 | Boeing Company | $ | 3,333,540 | |||||||||||
17,834 | General Dynamics Corporation | 1,319,003 | ||||||||||||
42,094 | Honeywell International Inc. | 3,095,593 | ||||||||||||
5,073 | L-3 Communications Holdings, Inc. | 412,181 | ||||||||||||
14,431 | Lockheed Martin Corporation | 1,429,968 | ||||||||||||
13,188 | Northrop Grumman Corporation | 998,859 | ||||||||||||
7,820 | Precision Castparts Corporation | 1,495,888 | ||||||||||||
17,725 | Raytheon Company | 1,087,961 | ||||||||||||
7,612 | Rockwell Collins, Inc. | 478,947 | ||||||||||||
15,143 | Textron Inc. | 389,932 | ||||||||||||
45,309 | United Technologies Corporation | 4,136,259 | ||||||||||||
Total Aerospace & Defense | 18,178,131 | |||||||||||||
Air Freight & Logistics – 0.7% | ||||||||||||||
8,661 | C.H. Robinson Worldwide, Inc., (2) | 514,377 | ||||||||||||
11,230 | Expeditors International of Washington, Inc. | 403,494 | ||||||||||||
15,680 | FedEx Corporation | 1,474,077 | ||||||||||||
38,448 | United Parcel Service, Inc., Class B | 3,300,376 | ||||||||||||
Total Air Freight & Logistics | 5,692,324 | |||||||||||||
Airlines – 0.1% | ||||||||||||||
39,654 | Southwest Airlines Co. | 543,260 | ||||||||||||
Auto Components – 0.3% | ||||||||||||||
6,288 | BorgWarner Inc., (3) | 491,533 | ||||||||||||
15,868 | Delphi Automotive PLC | 733,260 | ||||||||||||
13,836 | Goodyear Tire & Rubber Company, (3) | 172,881 | ||||||||||||
36,744 | Johnson Controls, Inc. | 1,286,407 | ||||||||||||
Total Auto Components | 2,684,081 | |||||||||||||
Automobiles – 0.4% | ||||||||||||||
204,870 | Ford Motor Company | 2,808,768 | ||||||||||||
12,157 | Harley-Davidson, Inc. | 664,380 | ||||||||||||
Total Automobiles | 3,473,148 | |||||||||||||
Beverages – 2.5% | ||||||||||||||
8,550 | Beam Inc. | 553,271 | ||||||||||||
8,145 | Brown-Forman Corporation | 574,223 | ||||||||||||
14,499 | Coca Cola Enterprises Inc. | 531,098 | ||||||||||||
207,265 | Coca-Cola Company | 8,773,527 | ||||||||||||
8,138 | Constellation Brands, Inc., Class A, (3) | 401,610 | ||||||||||||
11,183 | Dr. Pepper Snapple Group, (2) | 546,066 | ||||||||||||
8,375 | Molson Coors Brewing Company, Class B | 432,150 | ||||||||||||
8,012 | Monster Beverage Corporation, (3) | 451,877 | ||||||||||||
83,118 | PepsiCo, Inc. | 6,854,741 | ||||||||||||
Total Beverages | 19,118,563 | |||||||||||||
Biotechnology – 2.0% | ||||||||||||||
10,439 | Alexion Pharmaceuticals Inc., (3) | 1,023,022 | ||||||||||||
40,948 | Amgen Inc. | 4,267,191 |
16 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Biotechnology (continued) | ||||||||||||||
12,713 | Biogen Idec Inc., (3) | $ | 2,783,257 | |||||||||||
22,729 | Celgene Corporation, (3) | 2,683,613 | ||||||||||||
81,422 | Gilead Sciences, Inc., (3) | 4,123,210 | ||||||||||||
2,525 | Regeneron Pharmaceuticals, Inc., (3) | 543,229 | ||||||||||||
Total Biotechnology | 15,423,522 | |||||||||||||
Building Products – 0.0% | ||||||||||||||
19,188 | Masco Corporation | 373,015 | ||||||||||||
Capital Markets – 2.0% | ||||||||||||||
11,060 | Ameriprise Financial, Inc. | 824,302 | ||||||||||||
62,794 | Bank of New York Company, Inc. | 1,772,047 | ||||||||||||
6,669 | BlackRock Inc. | 1,777,289 | ||||||||||||
58,923 | Charles Schwab Corporation | 999,334 | ||||||||||||
14,925 | E*Trade Group Inc., (3) | 153,578 | ||||||||||||
7,415 | Franklin Resources, Inc. | 1,146,804 | ||||||||||||
23,737 | Goldman Sachs Group, Inc. | 3,467,264 | ||||||||||||
23,860 | Invesco LTD | 757,316 | ||||||||||||
6,298 | Legg Mason, Inc., (2) | 200,654 | ||||||||||||
74,261 | Morgan Stanley | 1,644,881 | ||||||||||||
11,725 | Northern Trust Corporation, (2) | 632,212 | ||||||||||||
24,975 | State Street Corporation | 1,460,288 | ||||||||||||
13,694 | T. Rowe Price Group Inc. | 992,815 | ||||||||||||
Total Capital Markets | 15,828,784 | |||||||||||||
Chemicals – 2.5% | ||||||||||||||
11,438 | Air Products & Chemicals Inc. | 994,648 | ||||||||||||
3,778 | Airgas, Inc. | 365,144 | �� | |||||||||||
3,379 | CF Industries Holdings, Inc. | 630,217 | ||||||||||||
64,440 | Dow Chemical Company, (2) | 2,185,160 | ||||||||||||
50,106 | E.I. Du Pont de Nemours and Company, (2) | 2,731,278 | ||||||||||||
8,363 | Eastman Chemical Company | 557,394 | ||||||||||||
14,082 | Ecolab Inc. | 1,191,619 | ||||||||||||
7,383 | FMC Corporation | 448,148 | ||||||||||||
4,498 | International Flavors & Fragrances Inc., (2) | 347,201 | ||||||||||||
20,398 | LyondellBasell Industries NV | 1,238,159 | ||||||||||||
28,727 | Monsanto Company | 3,068,618 | ||||||||||||
14,691 | Mosaic Company | 904,819 | ||||||||||||
8,116 | PPG Industries, Inc. | 1,194,188 | ||||||||||||
15,965 | Praxair, Inc. | 1,824,800 | ||||||||||||
4,598 | Sherwin-Williams Company | 841,940 | ||||||||||||
6,465 | Sigma-Aldrich Corporation, (2) | 508,731 | ||||||||||||
Total Chemicals | 19,032,064 | |||||||||||||
Commercial Banks – 2.7% | ||||||||||||||
37,594 | BB&T Corporation | 1,156,767 | ||||||||||||
10,228 | Comerica Incorporated, (2) | 370,765 | ||||||||||||
48,225 | Fifth Third Bancorp. | 821,272 | ||||||||||||
13,280 | First Horizon National Corporation, (2) | 138,112 |
Nuveen Investments | 17 |
Portfolio of Investments (Unaudited)
Nuveen Equity Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Commercial Banks (continued) | ||||||||||||||
45,968 | Huntington BancShares Inc. | $ | 329,591 | |||||||||||
50,168 | KeyCorp., (2) | 500,175 | ||||||||||||
6,535 | M&T Bank Corporation, (2) | 654,807 | ||||||||||||
28,417 | PNC Financial Services Group, Inc. | 1,928,946 | ||||||||||||
75,927 | Regions Financial Corporation | 644,620 | ||||||||||||
28,953 | SunTrust Banks, Inc. | 846,875 | ||||||||||||
101,040 | U.S. Bancorp | 3,362,611 | ||||||||||||
263,069 | Wells Fargo & Company | 9,991,361 | ||||||||||||
9,896 | Zions Bancorporation, (2) | 243,640 | ||||||||||||
Total Commercial Banks | 20,989,542 | |||||||||||||
Commercial Services & Supplies – 0.6% | ||||||||||||||
12,865 | ADT Corporation | 561,429 | ||||||||||||
5,352 | Avery Dennison Corporation | 221,840 | ||||||||||||
5,705 | Cintas Corporation | 255,983 | ||||||||||||
8,963 | Iron Mountain Inc., (2) | 339,339 | ||||||||||||
10,152 | Pitney Bowes Inc., (2) | 138,778 | ||||||||||||
16,069 | Republic Services, Inc. | 547,632 | ||||||||||||
4,555 | Stericycle Inc., (3) | 493,398 | ||||||||||||
25,731 | Tyco International Ltd. | 826,480 | ||||||||||||
23,431 | Waste Management, Inc., (2) | 960,202 | ||||||||||||
Total Commercial Services & Supplies | 4,345,081 | |||||||||||||
Communications Equipment – 1.8% | ||||||||||||||
285,287 | Cisco Systems, Inc. | 5,968,204 | ||||||||||||
4,248 | F5 Networks, Inc., (3) | 324,675 | ||||||||||||
6,807 | Harris Corporation | 314,483 | ||||||||||||
12,976 | JDS Uniphase Corporation, (3) | 175,176 | ||||||||||||
27,704 | Juniper Networks Inc., (2), (3) | 458,501 | ||||||||||||
15,072 | Motorola Solutions Inc. | 862,118 | ||||||||||||
91,564 | QUALCOMM, Inc. | 5,642,174 | ||||||||||||
Total Communications Equipment | 13,745,331 | |||||||||||||
Computers & Peripherals – 4.0% | ||||||||||||||
50,548 | Apple, Inc. | 22,380,127 | ||||||||||||
78,415 | Dell Inc. | 1,050,761 | ||||||||||||
113,199 | EMC Corporation, (3) | 2,539,054 | ||||||||||||
105,649 | Hewlett-Packard Company, (2) | 2,176,369 | ||||||||||||
19,251 | NetApp, Inc., (3) | 671,667 | ||||||||||||
12,992 | SanDisk Corporation, (3) | 681,300 | ||||||||||||
18,053 | Seagate Technology | 662,545 | ||||||||||||
11,780 | Western Digital Corporation | 651,198 | ||||||||||||
Total Computers & Peripherals | 30,813,021 | |||||||||||||
Construction & Engineering – 0.2% | ||||||||||||||
8,948 | Fluor Corporation | 509,857 | ||||||||||||
6,989 | Jacobs Engineering Group, Inc., (3) | 352,805 | ||||||||||||
11,453 | Quanta Services Incorporated, (3) | 314,728 | ||||||||||||
Total Construction & Engineering | 1,177,390 |
18 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Construction Materials – 0.0% | ||||||||||||||
6,963 | Vulcan Materials Company, (2) | $ | 347,314 | |||||||||||
Consumer Finance – 0.9% | ||||||||||||||
52,315 | American Express Company | 3,578,869 | ||||||||||||
30,482 | Capital One Financial Corporation | 1,761,250 | ||||||||||||
27,124 | Discover Financial Services | 1,186,404 | ||||||||||||
24,833 | SLM Corporation | 512,801 | ||||||||||||
Total Consumer Finance | 7,039,324 | |||||||||||||
Containers & Packaging – 0.2% | ||||||||||||||
8,268 | Ball Corporation | 364,784 | ||||||||||||
3,602 | Bemis Company, Inc., (2) | 141,739 | ||||||||||||
9,713 | MeadWestvaco Corporation | 334,904 | ||||||||||||
8,840 | Owens-Illinois, Inc., (3) | 232,315 | ||||||||||||
9,788 | Sealed Air Corporation | 216,511 | ||||||||||||
Total Containers & Packaging | 1,290,253 | |||||||||||||
Distributors – 0.1% | ||||||||||||||
8,336 | Genuine Parts Company | 636,287 | ||||||||||||
Diversified Consumer Services – 0.1% | ||||||||||||||
5,375 | Apollo Group, Inc., (2), (3) | 98,739 | ||||||||||||
15,709 | H & R Block Inc. | 435,768 | ||||||||||||
Total Diversified Consumer Services | 534,507 | |||||||||||||
Diversified Financial Services – 3.7% | ||||||||||||||
582,048 | Bank of America Corporation | 7,165,011 | ||||||||||||
163,794 | Citigroup Inc. | 7,642,628 | ||||||||||||
16,482 | CME Group, Inc. | 1,003,095 | ||||||||||||
3,908 | Intercontinental Exchange, Inc., (2), (3) | 636,730 | ||||||||||||
204,265 | JP Morgan Chase & Co. | 10,011,028 | ||||||||||||
10,645 | Leucadia National Corporation | 328,824 | ||||||||||||
14,921 | McGraw-Hill Companies, Inc. | 807,375 | ||||||||||||
10,420 | Moody’s Corporation, (2) | 634,057 | ||||||||||||
6,293 | NASDAQ Stock Market, Inc. | 185,518 | ||||||||||||
13,058 | New York Stock Exchange Euronext | 506,781 | ||||||||||||
Total Diversified Financial Services | 28,921,047 | |||||||||||||
Diversified Telecommunication Services – 2.8% | ||||||||||||||
302,276 | AT&T Inc. | 11,323,259 | ||||||||||||
33,604 | CenturyLink Inc., (2) | 1,262,502 | ||||||||||||
53,776 | Frontier Communications Corporation, (2) | 223,708 | ||||||||||||
153,353 | Verizon Communications Inc. | 8,267,260 | ||||||||||||
30,961 | Windstream Corporation | 263,788 | ||||||||||||
Total Diversified Telecommunication Services | 21,340,517 | |||||||||||||
Electric Utilities – 2.1% | ||||||||||||||
26,075 | American Electric Power Company, Inc. | 1,341,037 | ||||||||||||
37,842 | Duke Energy Corporation | 2,845,718 | ||||||||||||
17,507 | Edison International | 941,877 | ||||||||||||
9,551 | Entergy Corporation | 680,318 | ||||||||||||
45,903 | Exelon Corporation, (2) | 1,721,822 |
Nuveen Investments | 19 |
Portfolio of Investments (Unaudited)
Nuveen Equity Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Electric Utilities (continued) | ||||||||||||||
22,472 | FirstEnergy Corp. | $ | 1,047,195 | |||||||||||
22,741 | NextEra Energy Inc. | 1,865,444 | ||||||||||||
14,739 | Northeast Utilities | 668,119 | ||||||||||||
12,806 | Pepco Holdings, Inc. | 289,416 | ||||||||||||
5,894 | Pinnacle West Capital Corporation | 358,945 | ||||||||||||
32,629 | PPL Corporation, (2) | 1,089,156 | ||||||||||||
46,969 | Southern Company | 2,265,315 | ||||||||||||
26,201 | Xcel Energy, Inc. | 832,930 | ||||||||||||
Total Electric Utilities | 15,947,292 | |||||||||||||
Electrical Equipment – 0.6% | ||||||||||||||
23,205 | Eaton PLC | 1,425,019 | ||||||||||||
38,911 | Emerson Electric Company | 2,159,950 | ||||||||||||
7,485 | Rockwell Automation, Inc. | 634,578 | ||||||||||||
5,603 | Roper Industries Inc., (2) | 670,399 | ||||||||||||
Total Electrical Equipment | 4,889,946 | |||||||||||||
Electronic Equipment & Instruments – 0.4% | ||||||||||||||
8,616 | Amphenol Corporation, Class A, (2) | 650,680 | ||||||||||||
79,411 | Corning Incorporated | 1,151,460 | ||||||||||||
8,451 | FLIR Systems Inc. | 205,444 | ||||||||||||
10,769 | Jabil Circuit Inc. | 191,688 | ||||||||||||
7,424 | Molex Inc. | 204,680 | ||||||||||||
20,585 | TE Connectivity Limited | 896,477 | ||||||||||||
Total Electronic Equipment & Instruments | 3,300,429 | |||||||||||||
Energy Equipment & Services – 1.8% | ||||||||||||||
23,624 | Baker Hughes Incorporated | 1,072,293 | ||||||||||||
13,256 | Cooper Cameron Corporation, (3) | 815,907 | ||||||||||||
3,735 | Diamond Offshore Drilling, Inc. | 258,089 | ||||||||||||
12,456 | Ensco PLC | 718,462 | ||||||||||||
12,775 | FMC Technologies Inc., (3) | 693,683 | ||||||||||||
49,864 | Halliburton Company | 2,132,683 | ||||||||||||
5,681 | Helmerich & Payne Inc., (2) | 333,020 | ||||||||||||
15,604 | Nabors Industries Inc. | 230,783 | ||||||||||||
22,939 | National-Oilwell Varco Inc. | 1,496,082 | ||||||||||||
13,579 | Noble Corporation | 509,213 | ||||||||||||
6,673 | Rowan Companies Inc., (2), (3) | 217,073 | ||||||||||||
71,335 | Schlumberger Limited | 5,309,464 | ||||||||||||
Total Energy Equipment & Services | 13,786,752 | |||||||||||||
Food & Staples Retailing – 2.4% | ||||||||||||||
23,235 | Costco Wholesale Corporation | 2,519,371 | ||||||||||||
66,989 | CVS Caremark Corporation | 3,897,420 | ||||||||||||
27,608 | Kroger Co., (2) | 949,163 | ||||||||||||
12,773 | Safeway Inc. | 287,648 | ||||||||||||
31,584 | Sysco Corporation | 1,101,018 | ||||||||||||
46,162 | Walgreen Co. | 2,285,481 | ||||||||||||
89,876 | Wal-Mart Stores, Inc. | 6,985,163 | ||||||||||||
9,271 | Whole Foods Market, Inc. | 818,815 | ||||||||||||
Total Food & Staples Retailing | 18,844,079 |
20 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Food Products – 1.9% | ||||||||||||||
35,388 | Archer-Daniels-Midland Company | $ | 1,201,069 | |||||||||||
9,631 | Campbell Soup Company, (2) | 446,975 | ||||||||||||
21,899 | ConAgra Foods, Inc. | 774,568 | ||||||||||||
9,953 | Dean Foods Company, (3) | 190,500 | ||||||||||||
34,671 | General Mills, Inc. | 1,748,112 | ||||||||||||
17,230 | H.J. Heinz Company | 1,247,797 | ||||||||||||
8,035 | Hershey Foods Corporation | 716,401 | ||||||||||||
7,032 | Hormel Foods Corporation | 290,211 | ||||||||||||
5,828 | JM Smucker Company | 601,624 | ||||||||||||
13,288 | Kellogg Company | 864,252 | ||||||||||||
31,832 | Kraft Foods Inc. | 1,639,030 | ||||||||||||
7,120 | McCormick & Company, Inc., (2) | 512,213 | ||||||||||||
10,910 | Mead Johnson Nutrition Company, Class A Shares | 884,692 | ||||||||||||
95,489 | Mondelez International Inc. | 3,003,129 | ||||||||||||
15,422 | Tyson Foods, Inc., Class A, (2) | 379,844 | ||||||||||||
Total Food Products | 14,500,417 | |||||||||||||
Gas Utilities – 0.1% | ||||||||||||||
5,075 | AGL Resources Inc. | 222,539 | ||||||||||||
7,868 | ONEOK, Inc. | 404,100 | ||||||||||||
Total Gas Utilities | 626,639 | |||||||||||||
Health Care Equipment & Supplies – 2.1% | ||||||||||||||
84,936 | Abbott Laboratories | 3,135,837 | ||||||||||||
29,521 | Baxter International, Inc. | 2,062,632 | ||||||||||||
10,584 | Becton, Dickinson and Company | 998,071 | ||||||||||||
73,775 | Boston Scientific Corporation, (3) | 552,575 | ||||||||||||
4,114 | C. R. Bard, Inc. | 408,767 | ||||||||||||
11,925 | CareFusion Corporation, (3) | 398,772 | ||||||||||||
25,438 | Covidien PLC | 1,623,962 | ||||||||||||
7,627 | DENTSPLY International Inc. | 323,003 | ||||||||||||
6,202 | Edwards Lifesciences Corporation, (2), (3) | 395,626 | ||||||||||||
2,137 | Intuitive Surgical, Inc., (3) | 1,052,024 | ||||||||||||
54,344 | Medtronic, Inc. | 2,536,778 | ||||||||||||
16,559 | Saint Jude Medical Inc., (2) | 682,562 | ||||||||||||
15,526 | Stryker Corporation | 1,018,195 | ||||||||||||
5,878 | Varian Medical Systems, Inc., (2), (3) | 382,893 | ||||||||||||
9,323 | Zimmer Holdings, Inc. | 712,743 | ||||||||||||
Total Health Care Equipment & Supplies | 16,284,440 | |||||||||||||
Health Care Providers & Services – 1.9% | ||||||||||||||
17,979 | Aetna Inc. | 1,032,714 | ||||||||||||
12,653 | AmerisourceBergen Corporation | 684,780 | ||||||||||||
18,258 | Cardinal Health, Inc. | 807,369 | ||||||||||||
15,362 | CIGNA Corporation | 1,016,504 | ||||||||||||
7,228 | Coventry Health Care, Inc. | 358,147 | ||||||||||||
4,521 | Davita Inc., (3) | 536,417 | ||||||||||||
43,868 | Express Scripts, Holding Company, (3) | 2,604,443 |
Nuveen Investments | 21 |
Portfolio of Investments (Unaudited)
Nuveen Equity Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Health Care Providers & Services (continued) | ||||||||||||||
8,501 | Humana Inc. | $ | 630,009 | |||||||||||
5,083 | Laboratory Corporation of America Holdings, (2), (3) | 474,549 | ||||||||||||
12,683 | McKesson HBOC Inc. | 1,342,115 | ||||||||||||
4,494 | Patterson Companies, Inc. | 170,547 | ||||||||||||
8,541 | Quest Diagnostics Incorporated | 481,115 | ||||||||||||
5,829 | Tenet Healthcare Corporation, (3) | 264,403 | ||||||||||||
54,888 | UnitedHealth Group Incorporated | 3,289,438 | ||||||||||||
16,317 | Wellpoint Inc. | 1,189,836 | ||||||||||||
Total Health Care Providers & Services | 14,882,386 | |||||||||||||
Health Care Technology – 0.1% | ||||||||||||||
7,836 | Cerner Corporation, (2) (3) | 758,290 | ||||||||||||
Hotels, Restaurants & Leisure – 1.8% | ||||||||||||||
23,958 | Carnival Corporation, ADR | 826,791 | ||||||||||||
1,650 | Chipotle Mexican Grill, (2), (3) | 599,264 | ||||||||||||
6,910 | Darden Restaurants, Inc. | 356,763 | ||||||||||||
14,944 | International Game Technology | 253,301 | ||||||||||||
13,225 | Marriott International, Inc., Class A | 569,469 | ||||||||||||
53,947 | McDonald’s Corporation | 5,510,147 | ||||||||||||
39,956 | Starbucks Corporation | 2,430,923 | ||||||||||||
10,510 | Starwood Hotels & Resorts Worldwide, Inc. | 678,105 | ||||||||||||
7,538 | Wyndham Worldwide Corporation | 452,883 | ||||||||||||
4,270 | Wynn Resorts Ltd | 586,271 | ||||||||||||
24,277 | YUM! Brands, Inc. | 1,653,749 | ||||||||||||
Total Hotels, Restaurants & Leisure | 13,917,666 | |||||||||||||
Household Durables – 0.3% | ||||||||||||||
15,004 | D.R. Horton, Inc. | 391,304 | ||||||||||||
5,867 | Garmin Limited | 205,814 | ||||||||||||
3,757 | Harman International Industries Inc. | 167,975 | ||||||||||||
7,591 | Leggett and Platt Inc., (2) | 244,734 | ||||||||||||
8,820 | Lennar Corporation, Class A | 363,560 | ||||||||||||
15,453 | Newell Rubbermaid Inc. | 407,032 | ||||||||||||
18,268 | Pulte Corporation, (2), (3) | 383,445 | ||||||||||||
4,183 | Whirlpool Corporation | 478,033 | ||||||||||||
Total Household Durables | 2,641,897 | |||||||||||||
Household Products – 2.2% | ||||||||||||||
7,011 | Clorox Company | 604,699 | ||||||||||||
23,866 | Colgate-Palmolive Company | 2,849,839 | ||||||||||||
21,025 | Kimberly-Clark Corporation, (2) | 2,169,570 | ||||||||||||
146,920 | Procter & Gamble Company | 11,279,048 | ||||||||||||
Total Household Products | 16,903,156 | |||||||||||||
Independent Power Producers & Energy Traders – 0.1% | ||||||||||||||
34,737 | AES Corporation | 481,455 | ||||||||||||
12,749 | NRG Energy Inc. | 355,315 | ||||||||||||
Total Independent Power Producers & Energy Traders | 836,770 |
22 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Industrial Conglomerates – 2.3% | ||||||||||||||
34,205 | 3M Co. | $ | 3,581,606 | |||||||||||
31,266 | Danaher Corporation | 1,905,350 | ||||||||||||
563,470 | General Electric Company | 12,559,746 | ||||||||||||
Total Industrial Conglomerates | 18,046,702 | |||||||||||||
Insurance – 4.1% | ||||||||||||||
18,259 | Ace Limited | 1,627,607 | ||||||||||||
25,197 | AFLAC Incorporated | 1,371,725 | ||||||||||||
25,887 | Allstate Corporation | 1,275,194 | ||||||||||||
79,328 | American International Group, (3) | 3,285,766 | ||||||||||||
17,124 | AON PLC | 1,033,433 | ||||||||||||
4,012 | Assurant Inc. | 190,730 | ||||||||||||
98,014 | Berkshire Hathaway Inc., Class B, (3) | 10,420,848 | ||||||||||||
14,076 | Chubb Corporation | 1,239,673 | ||||||||||||
7,868 | Cincinnati Financial Corporation | 384,824 | ||||||||||||
26,429 | Genworth Financial Inc., Class A, (3) | 265,083 | ||||||||||||
23,444 | Hartford Financial Services Group, Inc. | 658,542 | ||||||||||||
14,777 | Lincoln National Corporation | 502,566 | ||||||||||||
16,708 | Loews Corporation | 746,346 | ||||||||||||
29,252 | Marsh & McLennan Companies, Inc. | 1,111,869 | ||||||||||||
58,627 | MetLife, Inc. | 2,285,867 | ||||||||||||
14,830 | Principal Financial Group, Inc., (2) | 535,363 | ||||||||||||
29,895 | Progressive Corporation | 756,045 | ||||||||||||
24,933 | Prudential Financial, Inc. | 1,506,452 | ||||||||||||
5,077 | Torchmark Corporation, (2) | 315,129 | ||||||||||||
20,496 | Travelers Companies, Inc. | 1,750,563 | ||||||||||||
14,783 | Unum Group | 412,298 | ||||||||||||
16,152 | XL Capital Ltd, Class A | 502,973 | ||||||||||||
Total Insurance | 32,178,896 | |||||||||||||
Internet & Catalog Retail – 1.0% | ||||||||||||||
19,471 | Amazon.com, Inc., (2), (3) | 4,941,935 | ||||||||||||
5,001 | Expedia, Inc. | 279,256 | ||||||||||||
2,853 | NetFlix.com Inc., (3) | 616,448 | ||||||||||||
2,680 | priceline.com Incorporated, (3) | 1,865,253 | ||||||||||||
5,889 | TripAdvisor Inc., (3) | 309,644 | ||||||||||||
Total Internet & Catalog Retail | 8,012,536 | |||||||||||||
Internet Software & Services – 2.2% | ||||||||||||||
9,537 | Akamai Technologies, Inc., (3) | 418,770 | ||||||||||||
62,578 | eBay Inc., (3) | 3,278,461 | ||||||||||||
14,302 | Google Inc., Class A, (3) | 11,793,000 | ||||||||||||
8,342 | VeriSign, Inc., (2), (3) | 384,316 | ||||||||||||
55,924 | Yahoo! Inc., (3) | 1,383,001 | ||||||||||||
Total Internet Software & Services | 17,257,548 | |||||||||||||
IT Services – 3.7% | ||||||||||||||
34,311 | Accenture Limited | 2,794,288 | ||||||||||||
26,087 | Automatic Data Processing, Inc. | 1,756,699 |
Nuveen Investments | 23 |
Portfolio of Investments (Unaudited)
Nuveen Equity Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
IT Services (continued) | ||||||||||||||
16,130 | Cognizant Technology Solutions Corporation, Class A, (3) | $ | 1,045,224 | |||||||||||
8,349 | Computer Sciences Corporation | 391,151 | ||||||||||||
12,678 | Fidelity National Information Services | 533,110 | ||||||||||||
7,173 | Fiserv, Inc., (2), (3) | 653,532 | ||||||||||||
57,072 | International Business Machines Corporation (IBM) | 11,559,363 | ||||||||||||
5,743 | MasterCard, Inc. | 3,175,477 | ||||||||||||
17,381 | Paychex, Inc., (2) | 632,842 | ||||||||||||
15,839 | SAIC, Inc., (2) | 236,635 | ||||||||||||
9,087 | Teradata Corporation, (3) | 464,073 | ||||||||||||
8,634 | Total System Services Inc. | 203,935 | ||||||||||||
28,013 | Visa Inc., (2) | 4,719,070 | ||||||||||||
32,057 | Western Union Company | 474,764 | ||||||||||||
Total IT Services | 28,640,163 | |||||||||||||
Leisure Equipment & Products – 0.1% | ||||||||||||||
6,485 | Hasbro, Inc. | 307,194 | ||||||||||||
18,545 | Mattel, Inc. | 846,765 | ||||||||||||
Total Leisure Equipment & Products | 1,153,959 | |||||||||||||
Life Sciences Tools & Services – 0.5% | ||||||||||||||
18,724 | Agilent Technologies, Inc. | 775,923 | ||||||||||||
9,246 | Life Technologies Corporation, (3) | 681,338 | ||||||||||||
6,168 | Perkinelmer Inc. | 189,049 | ||||||||||||
19,355 | Thermo Fisher Scientific, Inc. | 1,561,561 | ||||||||||||
4,672 | Waters Corporation, (3) | 431,693 | ||||||||||||
Total Life Sciences Tools & Services | 3,639,564 | |||||||||||||
Machinery – 1.7% | ||||||||||||||
35,139 | Caterpillar Inc., (2) | 2,975,219 | ||||||||||||
9,499 | Cummins Inc. | 1,010,599 | ||||||||||||
21,037 | Deere & Company, (2) | 1,878,604 | ||||||||||||
9,619 | Dover Corporation, (2) | 663,519 | ||||||||||||
2,686 | Flowserve Corporation | 424,710 | ||||||||||||
22,910 | Illinois Tool Works, Inc. | 1,479,070 | ||||||||||||
15,041 | Ingersoll Rand Company Limited, Class A | 809,206 | ||||||||||||
5,689 | Joy Global Inc. | 321,542 | ||||||||||||
18,969 | PACCAR Inc., (2) | 944,277 | ||||||||||||
5,969 | Pall Corporation | 398,192 | ||||||||||||
8,016 | Parker Hannifin Corporation | 709,977 | ||||||||||||
11,299 | Pentair Limited | 614,101 | ||||||||||||
3,128 | Snap-on Incorporated | 269,634 | ||||||||||||
9,069 | Stanley Black & Decker Inc., (2) | 678,452 | ||||||||||||
10,101 | Xylem Inc. | 280,303 | ||||||||||||
Total Machinery | 13,457,405 | |||||||||||||
Media – 3.6% | ||||||||||||||
10,913 | Cablevision Systems Corporation, (2) | 162,167 | ||||||||||||
31,751 | CBS Corporation, Class B | 1,453,561 | ||||||||||||
142,786 | Comcast Corporation, Class A | 5,897,062 |
24 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Media (continued) | ||||||||||||||
32,493 | DirecTV, (3) | $ | 1,837,804 | |||||||||||
12,835 | Discovery Communications inc., Class A Shares, (2), (3) | 1,011,655 | ||||||||||||
12,747 | Gannett Company Inc. | 256,980 | ||||||||||||
23,180 | Interpublic Group Companies, Inc. | 320,811 | ||||||||||||
108,343 | News Corporation, Class A | 3,355,383 | ||||||||||||
14,195 | Omnicom Group, Inc., (2) | 848,435 | ||||||||||||
4,671 | Scripps Networks Interactive, Class A Shares | 310,995 | ||||||||||||
16,386 | Time Warner Cable, Class A | 1,538,482 | ||||||||||||
50,878 | Time Warner Inc. | 3,041,471 | ||||||||||||
24,826 | Viacom Inc., Class B | 1,588,616 | ||||||||||||
95,224 | Walt Disney Company, (2) | 5,983,876 | ||||||||||||
110 | Washington Post Company | 48,767 | ||||||||||||
Total Media | 27,656,065 | |||||||||||||
Metals & Mining – 0.5% | ||||||||||||||
57,345 | Alcoa Inc. | 487,433 | ||||||||||||
5,767 | Allegheny Technologies, Inc., (2) | 155,594 | ||||||||||||
8,167 | Cliffs Natural Resources Inc., (2) | 174,284 | ||||||||||||
51,011 | Freeport-McMoRan Copper & Gold, Inc., (2) | 1,552,265 | ||||||||||||
26,598 | Newmont Mining Corporation | 861,775 | ||||||||||||
17,063 | Nucor Corporation | 744,288 | ||||||||||||
7,752 | United States Steel Corporation, (2) | 137,986 | ||||||||||||
Total Metals & Mining | 4,113,625 | |||||||||||||
Multiline Retail – 0.8% | ||||||||||||||
14,111 | Dollar General Corporation, (3) | 735,042 | ||||||||||||
12,208 | Dollar Tree Stores Inc., (3) | 580,612 | ||||||||||||
5,147 | Family Dollar Stores, Inc. | 315,871 | ||||||||||||
7,657 | J.C. Penney Company, Inc., (2) | 125,728 | ||||||||||||
11,370 | Kohl’s Corporation, (2) | 535,072 | ||||||||||||
21,239 | Macy’s, Inc. | 947,259 | ||||||||||||
8,547 | Nordstrom, Inc. | 483,675 | ||||||||||||
34,970 | Target Corporation | 2,467,483 | ||||||||||||
Total Multiline Retail | 6,190,742 | |||||||||||||
Multi-Utilities – 1.3% | ||||||||||||||
13,763 | Ameren Corporation | 498,909 | ||||||||||||
27,733 | CenterPoint Energy, Inc. | 684,450 | ||||||||||||
14,814 | CMS Energy Corporation | 443,531 | ||||||||||||
16,388 | Consolidated Edison, Inc. | 1,043,096 | ||||||||||||
31,532 | Dominion Resources, Inc. | 1,944,894 | ||||||||||||
9,247 | DTE Energy Company | 673,921 | ||||||||||||
4,359 | Integrys Energy Group, Inc., (2) | 268,340 | ||||||||||||
17,036 | NiSource Inc. | 523,516 | ||||||||||||
23,104 | PG&E Corporation | 1,119,158 | ||||||||||||
27,184 | Public Service Enterprise Group Incorporated | 995,206 | ||||||||||||
6,971 | Scana Corporation | 377,828 | ||||||||||||
12,085 | Sempra Energy | 1,001,242 |
Nuveen Investments | 25 |
Portfolio of Investments (Unaudited)
Nuveen Equity Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Multi-Utilities (continued) | ||||||||||||||
11,391 | TECO Energy, Inc., (2) | $ | 217,910 | |||||||||||
12,362 | Wisconsin Energy Corporation | 555,548 | ||||||||||||
Total Multi-Utilities | 10,347,549 | |||||||||||||
Office Electronics – 0.1% | ||||||||||||||
67,900 | Xerox Corporation | 582,582 | ||||||||||||
Oil, Gas & Consumable Fuels – 8.8% | ||||||||||||||
26,855 | Anadarko Petroleum Corporation | 2,276,230 | ||||||||||||
21,026 | Apache Corporation | 1,553,401 | ||||||||||||
11,276 | Cabot Oil & Gas Corporation | 767,332 | ||||||||||||
27,857 | Chesapeake Energy Corporation, (2) | 544,326 | ||||||||||||
105,167 | Chevron Corporation | 12,831,426 | ||||||||||||
65,227 | ConocoPhillips, (2) | 3,942,972 | ||||||||||||
12,240 | CONSOL Energy Inc. | 411,754 | ||||||||||||
20,794 | Denbury Resources Inc., (3) | 372,005 | ||||||||||||
20,239 | Devon Energy Corporation, (2) | 1,114,359 | ||||||||||||
14,556 | EOG Resources, Inc. | 1,763,605 | ||||||||||||
8,563 | EQT Corporation | 643,253 | ||||||||||||
244,992 | Exxon Mobil Corporation | 21,801,838 | ||||||||||||
15,967 | Hess Corporation | 1,152,498 | ||||||||||||
33,536 | Kinder Morgan, Inc. | 1,311,258 | ||||||||||||
37,958 | Marathon Oil Corporation | 1,240,088 | ||||||||||||
18,900 | Marathon Petroleum Corporation | 1,481,004 | ||||||||||||
9,920 | Murphy Oil Corporation, (2) | 615,933 | ||||||||||||
7,458 | Newfield Exploration Company, (3) | 162,510 | ||||||||||||
9,558 | Noble Energy, Inc. | 1,082,826 | ||||||||||||
43,534 | Occidental Petroleum Corporation | 3,885,845 | ||||||||||||
14,422 | Peabody Energy Corporation, (2) | 289,305 | ||||||||||||
33,626 | Phillips 66 | 2,049,505 | ||||||||||||
6,621 | Pioneer Natural Resources Company, (2) | 809,285 | ||||||||||||
9,571 | QEP Resources Inc. | 274,783 | ||||||||||||
8,799 | Range Resources Corporation | 646,902 | ||||||||||||
18,776 | Southwestern Energy Company, (3) | 702,598 | ||||||||||||
37,594 | Spectra Energy Corporation, (2) | 1,185,339 | ||||||||||||
7,546 | Tesoro Corporation | 402,956 | ||||||||||||
29,743 | Valero Energy Corporation | 1,199,238 | ||||||||||||
34,648 | Williams Companies, Inc. | 1,321,128 | ||||||||||||
11,549 | WPX Energy Inc., (2), (3) | 180,511 | ||||||||||||
Total Oil, Gas & Consumable Fuels | 68,016,013 | |||||||||||||
Paper & Forest Products – 0.2% | ||||||||||||||
25,021 | International Paper Company | 1,175,487 | ||||||||||||
Personal Products – 0.2% | ||||||||||||||
23,222 | Avon Products, Inc. | 537,822 | ||||||||||||
12,899 | Estee Lauder Companies Inc., Class A | 894,546 | ||||||||||||
Total Personal Products | 1,432,368 |
26 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Pharmaceuticals – 6.0% | ||||||||||||||
87,807 | AbbVie Inc. | $ | 4,043,512 | |||||||||||
6,864 | Actavis Inc., (3) | 725,731 | ||||||||||||
16,526 | Allergan, Inc. | 1,876,527 | ||||||||||||
88,698 | Bristol-Myers Squibb Company | 3,523,085 | ||||||||||||
53,809 | Eli Lilly and Company | 2,979,942 | ||||||||||||
12,579 | Forest Laboratories, Inc., (3) | 470,580 | ||||||||||||
8,878 | Hospira Inc., (2), (3) | 294,039 | ||||||||||||
148,910 | Johnson & Johnson, (2) | 12,691,599 | ||||||||||||
163,354 | Merck & Company Inc. | 7,677,638 | ||||||||||||
21,898 | Mylan Laboratories Inc., (3) | 637,451 | ||||||||||||
4,685 | Perrigo Company | 559,436 | ||||||||||||
387,502 | Pfizer Inc. | 11,264,683 | ||||||||||||
Total Pharmaceuticals | 46,744,223 | |||||||||||||
Professional Services – 0.1% | ||||||||||||||
2,395 | Dun and Bradstreet Inc., (2) | 211,838 | ||||||||||||
6,427 | Equifax Inc. | 393,332 | ||||||||||||
7,562 | Robert Half International Inc. | 248,185 | ||||||||||||
Total Professional Services | 853,355 | |||||||||||||
Real Estate Investment Trust – 2.2% | ||||||||||||||
21,243 | American Tower REIT Inc. | 1,784,200 | ||||||||||||
7,519 | Apartment Investment & Management Company, Class A | 233,916 | ||||||||||||
5,886 | AvalonBay Communities, Inc. | 783,073 | ||||||||||||
8,106 | Boston Properties, Inc., (2) | 887,040 | ||||||||||||
17,437 | Equity Residential | 1,012,392 | ||||||||||||
24,291 | Health Care Property Investors Inc. | 1,294,710 | ||||||||||||
13,953 | Health Care REIT, Inc. | 1,046,056 | ||||||||||||
38,943 | Host Hotels & Resorts Inc. | 711,489 | ||||||||||||
21,903 | Kimco Realty Corporation, (2) | 520,853 | ||||||||||||
9,244 | Plum Creek Timber Company | 476,436 | ||||||||||||
26,938 | Prologis Inc. | 1,130,049 | ||||||||||||
7,747 | Public Storage, Inc., (2) | 1,278,255 | ||||||||||||
16,622 | Simon Property Group, Inc. | 2,959,880 | ||||||||||||
14,485 | Ventas Inc., (2) | 1,153,441 | ||||||||||||
9,101 | Vornado Realty Trust, (2) | 796,884 | ||||||||||||
29,098 | Weyerhaeuser Company | 887,780 | ||||||||||||
Total Real Estate Investment Trust | 16,956,454 | |||||||||||||
Real Estate Management & Development – 0.1% | ||||||||||||||
16,896 | CBRE Group Inc., (3) | 409,221 | ||||||||||||
Road & Rail – 0.8% | ||||||||||||||
55,420 | CSX Corporation | 1,362,778 | ||||||||||||
16,982 | Norfolk Southern Corporation | 1,314,746 | ||||||||||||
2,746 | Ryder System, Inc. | 159,460 | ||||||||||||
25,276 | Union Pacific Corporation | 3,739,837 | ||||||||||||
Total Road & Rail | 6,576,821 |
Nuveen Investments | 27 |
Portfolio of Investments (Unaudited)
Nuveen Equity Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Semiconductors & Equipment – 2.0% | ||||||||||||||
34,414 | Advanced Micro Devices, Inc., (2), (3) | $ | 97,047 | |||||||||||
17,226 | Altera Corporation | 551,404 | ||||||||||||
16,194 | Analog Devices, Inc. | 712,374 | ||||||||||||
64,355 | Applied Materials, Inc. | 933,791 | ||||||||||||
28,032 | Broadcom Corporation, Class A | 1,009,152 | ||||||||||||
3,227 | First Solar Inc., (2), (3) | 150,249 | ||||||||||||
267,379 | Intel Corporation | 6,403,727 | ||||||||||||
8,947 | KLA-Tencor Corporation | 485,375 | ||||||||||||
8,059 | Lam Research Corporation, (3) | 372,487 | ||||||||||||
12,433 | Linear Technology Corporation | 453,805 | ||||||||||||
29,736 | LSI Logic Corporation, (3) | 194,473 | ||||||||||||
10,456 | Microchip Technology Incorporated, (2) | 380,808 | ||||||||||||
58,259 | Micron Technology, Inc., (3) | 548,800 | ||||||||||||
33,576 | NVIDIA Corporation | 462,342 | ||||||||||||
10,819 | Teradyne Inc., (2), (3) | 177,864 | ||||||||||||
60,225 | Texas Instruments Incorporated | 2,180,747 | ||||||||||||
14,020 | Xilinx, Inc. | 531,498 | ||||||||||||
Total Semiconductors & Equipment | 15,645,943 | |||||||||||||
Software – 3.5% | ||||||||||||||
26,602 | Adobe Systems Incorporated, (3) | 1,199,218 | ||||||||||||
12,075 | Autodesk, Inc., (3) | 475,514 | ||||||||||||
7,660 | BMC Software, Inc., (3) | 348,377 | ||||||||||||
18,016 | CA Inc. | 485,892 | ||||||||||||
10,032 | Citrix Systems, (3) | 623,689 | ||||||||||||
16,397 | Electronic Arts Inc., (3) | 288,751 | ||||||||||||
14,953 | Intuit, Inc. | 891,797 | ||||||||||||
407,024 | Microsoft Corporation | 13,472,494 | ||||||||||||
201,978 | Oracle Corporation | 6,620,839 | ||||||||||||
10,389 | Red Hat, Inc., (3) | 497,945 | ||||||||||||
28,320 | Salesforce.com, Inc., (3) | 1,164,235 | ||||||||||||
37,286 | Symantec Corporation, (3) | 906,050 | ||||||||||||
Total Software | 26,974,801 | |||||||||||||
Specialty Retail – 2.3% | ||||||||||||||
3,638 | Abercrombie & Fitch Co., Class A | 180,299 | ||||||||||||
2,093 | AutoNation Inc., (2), (3) | 95,252 | ||||||||||||
1,985 | AutoZone, Inc., (3) | 812,044 | ||||||||||||
12,315 | Bed Bath and Beyond Inc., (3) | 847,272 | ||||||||||||
14,352 | Best Buy Co., Inc. | 373,008 | ||||||||||||
12,296 | CarMax, Inc., (3) | 566,108 | ||||||||||||
6,934 | GameStop Corporation, (2) | 241,997 | ||||||||||||
15,972 | Gap, Inc. | 606,776 | ||||||||||||
80,341 | Home Depot, Inc. | 5,893,012 | ||||||||||||
12,861 | L Brands Inc. | 648,323 | ||||||||||||
60,433 | Lowe’s Companies, Inc. | 2,321,836 | ||||||||||||
6,159 | O’Reilly Automotive Inc., (3) | 660,984 |
28 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Specialty Retail (continued) | ||||||||||||||
5,775 | PetSmart Inc. | $ | 394,086 | |||||||||||
11,949 | Ross Stores, Inc. | 789,470 | ||||||||||||
36,210 | Staples, Inc., (2) | 479,420 | ||||||||||||
6,403 | Tiffany & Co., (2) | 471,773 | ||||||||||||
39,185 | TJX Companies, Inc. | 1,911,052 | ||||||||||||
6,144 | Urban Outfitters, Inc., (3) | 254,607 | ||||||||||||
Total Specialty Retail | 17,547,319 | |||||||||||||
Textiles, Apparel & Luxury Goods – 0.7% | ||||||||||||||
15,244 | Coach, Inc., (2) | 897,262 | ||||||||||||
2,605 | Fossil Inc., (3) | 255,603 | ||||||||||||
39,220 | Nike, Inc., Class B | 2,494,392 | ||||||||||||
3,109 | PVH Corporation | 358,810 | ||||||||||||
3,293 | Ralph Lauren Corporation | 597,943 | ||||||||||||
4,735 | VF Corporation | 843,872 | ||||||||||||
Total Textiles, Apparel & Luxury Goods | 5,447,882 | |||||||||||||
Thrifts & Mortgage Finance – 0.1% | ||||||||||||||
28,658 | Hudson City Bancorp, Inc. | 238,148 | ||||||||||||
17,363 | People’s United Financial, Inc. | 228,497 | ||||||||||||
Total Thrifts & Mortgage Finance | 466,645 | |||||||||||||
Tobacco – 1.8% | ||||||||||||||
108,816 | Altria Group, Inc. | 3,972,872 | ||||||||||||
20,865 | Lorillard Inc., (2) | 894,900 | ||||||||||||
88,962 | Philip Morris International | 8,503,878 | ||||||||||||
17,387 | Reynolds American Inc. | 824,492 | ||||||||||||
Total Tobacco | 14,196,142 | |||||||||||||
Trading Companies & Distributors – 0.2% | ||||||||||||||
14,490 | Fastenal Company | 710,735 | ||||||||||||
3,211 | W.W. Grainger, Inc. | 791,410 | ||||||||||||
Total Trading Companies & Distributors | 1,502,145 | |||||||||||||
Wireless Telecommunication Services – 0.3% | ||||||||||||||
15,713 | Crown Castle International Corporation, (3) | 1,209,896 | ||||||||||||
161,449 | Sprint Nextel Corporation, (2), (3) | 1,138,210 | ||||||||||||
Total Wireless Telecommunication Services | 2,348,106 | |||||||||||||
Total Common Stocks (cost $358,106,919) | 767,216,926 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
WARRANTS – 0.0% | ||||||||||||||
29,014 | Kinder Morgan Inc., Uncovered Equity Options Warrant | $ | 161,608 | |||||||||||
Total Warrants (cost $51,956) | 161,608 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 10.1% | ||||||||||||||
Money Market Funds – 10.1% | ||||||||||||||
78,793,025 | Mount Vernon Securities Lending Prime Portfolio, 0.214%, (4), (5) | $ | 78,793,025 | |||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $78,793,025) | 78,793,025 |
Nuveen Investments | 29 |
Portfolio of Investments (Unaudited)
Nuveen Equity Index Fund (continued)
April 30, 2013
Shares/ Pincipal Amount (000) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
SHORT-TERM INVESTMENTS – 1.3% | ||||||||||||||||||||
Money Market Funds – 0.9% | ||||||||||||||||||||
6,827,137 | First American Treasury Obligations Fund, Class Z, (4) | 0.000% | N/A | N/A | $ | 6,827,137 | ||||||||||||||
U.S. Government and Agency Obligations – 0.4% | ||||||||||||||||||||
$ | 3,000 | U.S. Treasury Bills, (7) | 0.000% | 8/22/13 | N/R | 2,999,481 | ||||||||||||||
Total Short-Term Investments (cost $9,825,936) | 9,826,618 | |||||||||||||||||||
Total Investments (cost $446,777,836) – 110.3% | 855,998,177 | |||||||||||||||||||
Other Assets Less Liabilities – (10.3)% | (80,081,186) | |||||||||||||||||||
Net Assets – 100% | $ | 775,916,991 |
Investments in Derivatives as of April 30, 2013
Futures Contracts oustanding:
Type | Contract Postion | Number of Contracts | Contract Expiration | Notional Amount at Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
S&P 500 Index | Long | 17 | 6/13 | $ | 6,766,850 | $ | 184,557 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by 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 as of the end of the reporting period was $76,572,877. |
(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: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(7) | Investment, or portion of investment, segregated as collateral for investments in derivatives. |
N/A | Not applicable. |
N/R | Not rated. |
ADR | American Depositary Receipt. |
REIT | Real Estate Investment Trust. |
See accompanying notes to financial statements.
30 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Index Fund
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
COMMON STOCKS – 94.0% | ||||||||||||||
Aerospace & Defense – 1.4% | ||||||||||||||
11,488 | Alliant Techsystems Inc. | $ | 854,248 | |||||||||||
36,716 | BE Aerospace Inc., (3) | 2,303,562 | ||||||||||||
10,863 | Esterline Technologies Corporation, (3) | 815,160 | ||||||||||||
66,008 | Exelis Inc. | 737,309 | ||||||||||||
17,389 | Huntington Ingalls Industries Inc. | 919,878 | ||||||||||||
17,568 | Triumph Group Inc., (2) | 1,403,683 | ||||||||||||
Total Aerospace & Defense | 7,033,840 | |||||||||||||
Air Freight & Logistics – 0.1% | ||||||||||||||
36,375 | UTI Worldwide, Inc. | 534,349 | ||||||||||||
Airlines – 0.4% | ||||||||||||||
24,658 | Alaska Air Group, Inc., (3) | 1,519,919 | ||||||||||||
78,731 | JetBlue Airways Corporation, (2), (3) | 542,457 | ||||||||||||
Total Airlines | 2,062,376 | |||||||||||||
Auto Components – 0.2% | ||||||||||||||
50,179 | Gentex Corporation, (2) | 1,129,028 | ||||||||||||
Automobiles – 0.1% | ||||||||||||||
15,410 | Thor Industries, Inc., (2) | 571,557 | ||||||||||||
Biotechnology – 1.4% | ||||||||||||||
16,615 | United Therapeutics Corporation, (2), (3) | 1,109,550 | ||||||||||||
76,483 | Vertex Pharmaceuticals Inc., (2), (3) | 5,875,424 | ||||||||||||
Total Biotechnology | 6,984,974 | |||||||||||||
Building Products – 0.6% | ||||||||||||||
57,566 | Fortune Brands Home & Security, (3) | 2,094,827 | ||||||||||||
16,100 | Lennox International Inc. | 998,200 | ||||||||||||
Total Building Products | 3,093,027 | |||||||||||||
Capital Markets – 2.3% | ||||||||||||||
18,430 | Affiliated Managers Group Inc., (3) | 2,869,182 | ||||||||||||
71,121 | Apollo Investment Corporation | 626,576 | ||||||||||||
42,222 | Eaton Vance Corporation, (2) | 1,683,813 | ||||||||||||
32,945 | Federated Investors Inc., (2) | 756,417 | ||||||||||||
9,181 | Greenhill & Co Inc. | 424,070 | ||||||||||||
66,731 | Janus Capital Group Inc., (2) | 595,241 | ||||||||||||
39,596 | Raymond James Financial Inc. | 1,640,066 | ||||||||||||
47,203 | SEI Investments Company | 1,352,838 | ||||||||||||
30,004 | Waddell & Reed Financial, Inc., Class A | 1,286,271 | ||||||||||||
Total Capital Markets | 11,234,474 | |||||||||||||
Chemicals – 2.7% | ||||||||||||||
31,140 | Albemarle Corporation | 1,907,325 | ||||||||||||
25,748 | Ashland Inc. | 2,193,987 | ||||||||||||
21,015 | Cabot Corporation | 789,323 | ||||||||||||
15,712 | Cytec Industries, Inc. | 1,144,776 | ||||||||||||
18,804 | Interpid Potash Inc. | 346,182 | ||||||||||||
12,294 | Minerals Technologies Inc. | 499,505 | ||||||||||||
3,763 | NewMarket Corporation, (2) | 1,011,118 |
Nuveen Investments | 31 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Chemicals (continued) | ||||||||||||||
28,105 | Olin Corporation, (2) | $ | 679,298 | |||||||||||
46,394 | RPM International, Inc. | 1,503,166 | ||||||||||||
13,701 | Scotts Miracle Gro Company, (2) | 621,340 | ||||||||||||
17,523 | Sensient Technologies Corporation | 689,530 | ||||||||||||
29,321 | Valspar Corporation | 1,871,266 | ||||||||||||
Total Chemicals | 13,256,816 | |||||||||||||
Commercial Banks – 3.6% | ||||||||||||||
58,889 | Associated Banc-Corp. | 840,346 | ||||||||||||
29,171 | BancorpSouth Inc., (2) | 466,736 | ||||||||||||
15,728 | Bank of Hawaii Corporation, (2) | 750,068 | ||||||||||||
25,684 | Cathay General Bancorp. | 506,232 | ||||||||||||
16,617 | City National Corporation, (2) | 950,991 | ||||||||||||
27,022 | Commerce Bancshares Inc., (2) | 1,083,852 | ||||||||||||
21,564 | Cullen/Frost Bankers, Inc., (2) | 1,302,681 | ||||||||||||
49,120 | East West Bancorp Inc. | 1,195,090 | ||||||||||||
123,596 | First Niagara Financial Group Inc. | 1,175,398 | ||||||||||||
57,890 | FirstMerit Corporation | 991,657 | ||||||||||||
69,560 | Fulton Financial Corporation | 769,334 | ||||||||||||
29,753 | Hancock Holding Company | 811,364 | ||||||||||||
22,348 | International Bancshares Corporation, (2) | 433,551 | ||||||||||||
15,585 | Prosperity Bancshares, Inc., (2) | 715,975 | ||||||||||||
16,185 | Signature Bank, (3) | 1,159,008 | ||||||||||||
15,689 | SVB Financial Group, (3) | 1,115,645 | ||||||||||||
275,996 | Synovus Financial Corp. | 742,429 | ||||||||||||
57,137 | TCF Financial Corporation, (2) | 831,343 | ||||||||||||
23,509 | Trustmark Corporation, (2) | 577,146 | ||||||||||||
69,773 | Valley National Bancorp., (2) | 627,259 | ||||||||||||
28,048 | Webster Financial Corporation | 655,482 | ||||||||||||
9,522 | Westamerica Bancorp., (2) | 413,160 | ||||||||||||
Total Commercial Banks | 18,114,747 | |||||||||||||
Commercial Services & Supplies – 1.6% | ||||||||||||||
16,744 | Brinks Company | 443,883 | ||||||||||||
18,528 | Clean Harbors, Inc., (3) | 1,055,540 | ||||||||||||
37,176 | Copart Inc., (3) | 1,310,454 | ||||||||||||
17,800 | Deluxe Corporation | 678,892 | ||||||||||||
15,758 | HNI Corporation | 542,548 | ||||||||||||
20,463 | Miller (Herman) Inc. | 513,417 | ||||||||||||
10,898 | Mine Safety Appliances Company | 523,104 | ||||||||||||
63,202 | R.R. Donnelley & Sons Company, (2) | 778,017 | ||||||||||||
23,078 | Rollins Inc. | 561,257 | ||||||||||||
43,230 | Waste Connections Inc. | 1,640,579 | ||||||||||||
Total Commercial Services & Supplies | 8,047,691 | |||||||||||||
Communications Equipment – 0.8% | ||||||||||||||
21,756 | ADTRAN, Inc., (2) | 456,876 | ||||||||||||
35,585 | Ciena Corporation, (3) | 532,352 |
32 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Communications Equipment (continued) | ||||||||||||||
14,423 | Interdigital Inc., (2) | $ | 640,525 | |||||||||||
14,932 | Plantronics Inc. | 654,320 | ||||||||||||
62,049 | Polycom Inc., (3) | 651,515 | ||||||||||||
57,266 | Riverbed Technology, Inc., (2), (3) | 850,973 | ||||||||||||
117,364 | Tellabs Inc. | 242,943 | ||||||||||||
Total Communications Equipment | 4,029,504 | |||||||||||||
Computers & Peripherals – 0.7% | ||||||||||||||
22,172 | Diebold Inc. | 649,418 | ||||||||||||
22,142 | Lexmark International, Inc., Class A, (2) | 671,124 | ||||||||||||
57,382 | NCR Corporation, (3) | 1,564,807 | ||||||||||||
31,864 | QLogic Corporation, (3) | 346,043 | ||||||||||||
Total Computers & Peripherals | 3,231,392 | |||||||||||||
Construction & Engineering – 0.8% | ||||||||||||||
36,718 | AECOM Technology Corporation, (2), (3) | 1,067,392 | ||||||||||||
12,491 | Granite Construction Inc. | 345,626 | ||||||||||||
51,745 | KBR Inc. | 1,556,490 | ||||||||||||
26,921 | URS Corporation | 1,182,370 | ||||||||||||
Total Construction & Engineering | 4,151,878 | |||||||||||||
Construction Materials – 0.6% | ||||||||||||||
16,437 | Eagle Materials Inc. | 1,113,607 | ||||||||||||
16,083 | Martin Marietta Materials, (2) | 1,624,222 | ||||||||||||
Total Construction Materials | 2,737,829 | |||||||||||||
Containers & Packaging – 1.6% | ||||||||||||||
23,210 | AptarGroup Inc. | 1,302,081 | ||||||||||||
10,650 | Greif Inc. | 513,011 | ||||||||||||
34,415 | Packaging Corp. of America | 1,636,777 | ||||||||||||
25,167 | Rock-Tenn Company | 2,520,223 | ||||||||||||
15,848 | Silgan Holdings, Inc. | 758,644 | ||||||||||||
35,405 | Sonoco Products Company | 1,240,591 | ||||||||||||
Total Containers & Packaging | 7,971,327 | |||||||||||||
Distributors – 0.5% | ||||||||||||||
104,590 | LKQ Corporation, (3) | 2,518,527 | ||||||||||||
Diversified Consumer Services – 0.7% | ||||||||||||||
19,930 | Devry, Inc., (2) | 558,239 | ||||||||||||
9,700 | Matthews International Corporation | 357,057 | ||||||||||||
19,840 | Regis Corporation, (2) | 372,000 | ||||||||||||
74,003 | Service Corporation International | 1,249,171 | ||||||||||||
23,806 | Sothebys Holdings Inc., (2) | 844,637 | ||||||||||||
3,981 | Strayer Education Inc., (2) | 188,540 | ||||||||||||
Total Diversified Consumer Services | 3,569,644 | |||||||||||||
Diversified Financial Services – 0.5% | ||||||||||||||
29,108 | CBOE Holdings Inc. | 1,092,423 | ||||||||||||
42,144 | MSCI Inc., Class A Shares, (3) | 1,437,110 | ||||||||||||
Total Diversified Financial Services | 2,529,533 | |||||||||||||
Diversified Telecommunication Services – 0.3% | ||||||||||||||
53,308 | TW Telecom Inc., (3) | 1,443,581 |
Nuveen Investments | 33 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Electric Utilities – 2.1% | ||||||||||||||
21,340 | Cleco Corporation | $ | 1,056,757 | |||||||||||
53,826 | Great Plains Energy Incorporated | 1,298,821 | ||||||||||||
34,388 | Hawaiian Electric Industries | 973,180 | ||||||||||||
17,577 | IDACORP, INC | 864,964 | ||||||||||||
82,404 | NV Energy Inc. | 1,782,399 | ||||||||||||
34,630 | OGE Energy Corp. | 2,508,251 | ||||||||||||
27,921 | PNM Resources Inc. | 670,383 | ||||||||||||
44,441 | Westar Energy Inc. | 1,553,657 | ||||||||||||
Total Electric Utilities | 10,708,412 | |||||||||||||
Electrical Equipment – 1.6% | ||||||||||||||
15,003 | Acuity Brands Inc., (2) | 1,094,619 | ||||||||||||
85,280 | Ametek Inc. | 3,471,749 | ||||||||||||
17,423 | General Cable Corporation, (3) | 600,745 | ||||||||||||
18,710 | Hubbell Incorporated, Class B | 1,795,412 | ||||||||||||
15,765 | Regal-Beloit Corporation | 1,239,444 | ||||||||||||
Total Electrical Equipment | 8,201,969 | |||||||||||||
Electronic Equipment & Instruments – 1.9% | ||||||||||||||
37,162 | Arrow Electronics, Inc., (3) | 1,457,865 | ||||||||||||
48,019 | Avnet Inc., (3) | 1,572,622 | ||||||||||||
52,751 | Ingram Micro, Inc., Class A, (3) | 939,495 | ||||||||||||
13,776 | Itron Inc., (3) | 546,218 | ||||||||||||
33,313 | National Instruments Corporation | 910,444 | ||||||||||||
13,236 | Tech Data Corporation, (3) | 618,518 | ||||||||||||
89,498 | Trimble Navigation Limited, (3) | 2,572,173 | ||||||||||||
46,243 | Vishay Intertechnology Inc., (2), (3) | 649,252 | ||||||||||||
Total Electronic Equipment & Instruments | 9,266,587 | |||||||||||||
Energy Equipment & Services – 2.7% | ||||||||||||||
20,019 | Atwood Oceanics Inc., (2), (3) | 981,932 | ||||||||||||
6,893 | Carbo Ceramics Inc., (2) | 486,990 | ||||||||||||
26,603 | Dresser Rand Group, Inc., (3) | 1,479,393 | ||||||||||||
12,782 | Dril Quip Inc., (3) | 1,069,981 | ||||||||||||
34,517 | Helix Energy Solutions Group, (3) | 795,272 | ||||||||||||
37,911 | Oceaneering International Inc. | 2,660,215 | ||||||||||||
19,235 | Oil States International Inc., (3) | 1,718,840 | ||||||||||||
51,152 | Patterson-UTI Energy, Inc., (2) | 1,078,796 | ||||||||||||
55,898 | Superior Energy Services, Inc., (3) | 1,542,226 | ||||||||||||
17,315 | Tidewater Inc., (2) | 908,172 | ||||||||||||
15,336 | Unit Corporation, (3) | 644,572 | ||||||||||||
Total Energy Equipment & Services | 13,366,389 | |||||||||||||
Food & Staples Retailing – 0.4% | ||||||||||||||
17,340 | Harris Teeter Supermarkets Incorporated, (2) | 724,639 | ||||||||||||
69,992 | SUPERVALU INC. | 408,753 | ||||||||||||
17,274 | United Natural Foods Inc., (3) | 862,664 | ||||||||||||
Total Food & Staples Retailing | 1,996,056 | |||||||||||||
Food Products – 2.0% | ||||||||||||||
40,237 | Flowers Foods Inc. | 1,325,407 |
34 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Food Products (continued) | ||||||||||||||
43,295 | Green Mountain Coffee Inc., (2), (3) | $ | 2,485,133 | |||||||||||
43,094 | Hillshire Brands Company | 1,547,506 | ||||||||||||
27,084 | Ingredion Inc. | 1,950,319 | ||||||||||||
6,798 | Lancaster Colony Corporation | 536,566 | ||||||||||||
11,452 | Post Holdings Inc., (3) | 501,483 | ||||||||||||
43,756 | Smithfield Foods, Inc., (3) | 1,120,154 | ||||||||||||
8,250 | Tootsie Roll Industries Inc., (2) | 257,648 | ||||||||||||
Total Food Products | 9,724,216 | |||||||||||||
Gas Utilities – 1.5% | ||||||||||||||
31,711 | Atmos Energy Corporation | 1,407,017 | ||||||||||||
29,267 | National Fuel Gas Company, (2) | 1,835,626 | ||||||||||||
61,378 | Questar Corporation | 1,558,387 | ||||||||||||
39,672 | UGI Corporation | 1,625,759 | ||||||||||||
18,111 | WGL Holdings Inc. | 837,090 | ||||||||||||
Total Gas Utilities | 7,263,879 | |||||||||||||
Health Care Equipment & Supplies – 2.3% | ||||||||||||||
16,933 | Cooper Companies, Inc., (2) | 1,869,403 | ||||||||||||
21,150 | Hill Rom Holdings Inc. | 720,581 | ||||||||||||
93,838 | Hologic Inc., (3) | 1,911,480 | ||||||||||||
19,132 | Idexx Labs Inc., (2), (3) | 1,682,851 | ||||||||||||
18,302 | Masimo Corporation, (2) | 367,138 | ||||||||||||
50,299 | ResMed Inc., (2) | 2,415,358 | ||||||||||||
20,494 | Steris Corporation | 852,345 | ||||||||||||
14,363 | Teleflex Inc. | 1,122,181 | ||||||||||||
19,596 | Thoratec Corporation, (3) | 709,375 | ||||||||||||
Total Health Care Equipment & Supplies | 11,650,712 | |||||||||||||
Health Care Providers & Services – 2.9% | ||||||||||||||
32,307 | Community Health Systems, Inc. | 1,472,230 | ||||||||||||
90,172 | Health Management Associates Inc., (3) | 1,036,076 | ||||||||||||
27,780 | Health Net Inc., (3) | 816,732 | ||||||||||||
30,697 | Henry Schein Inc., (3) | 2,775,009 | ||||||||||||
16,460 | Lifepoint Hospitals Inc., (3) | 790,080 | ||||||||||||
17,533 | Medax Inc., (3) | 1,555,703 | ||||||||||||
36,679 | Omnicare, Inc., (2) | 1,605,440 | ||||||||||||
22,184 | Owens and Minor Inc., (2) | 722,533 | ||||||||||||
31,174 | Universal Health Services, Inc., Class B | 2,075,877 | ||||||||||||
30,982 | VCA Antech, Inc., (3) | 746,666 | ||||||||||||
15,149 | Wellcare Health Plans Inc., (3) | 883,338 | ||||||||||||
Total Health Care Providers & Services | 14,479,684 | |||||||||||||
Health Care Technology – 0.3% | ||||||||||||||
60,385 | Allscripts Healthcare Solutions Inc., (3) | 835,728 | ||||||||||||
30,512 | HMS Holdings Corporation, (3) | 769,208 | ||||||||||||
Total Health Care Technology | 1,604,936 | |||||||||||||
Hotels, Restaurants & Leisure – 1.3% | ||||||||||||||
14,443 | Bally Technologies, Inc., (3) | 769,523 |
Nuveen Investments | 35 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Hotels, Restaurants & Leisure (continued) | ||||||||||||||
9,773 | Bob Evans Farms | $ | 423,562 | |||||||||||
24,812 | Brinker International Inc., (2) | 965,187 | ||||||||||||
17,061 | Cheesecake Factory Inc., (2) | 679,369 | ||||||||||||
8,951 | Intl Speedway Corporation | 294,219 | ||||||||||||
13,542 | Life Time Fitness Inc., (2), (3) | 625,370 | ||||||||||||
9,847 | Panera Bread Company, (2), (3) | 1,745,184 | ||||||||||||
18,465 | Scientific Games Corporation, (3) | 163,969 | ||||||||||||
98,705 | The Wendy’s Company, (2) | 561,631 | ||||||||||||
19,195 | WMS Industries Inc., (3) | 487,169 | ||||||||||||
Total Hotels, Restaurants & Leisure | 6,715,183 | |||||||||||||
Household Durables – 2.2% | ||||||||||||||
36,738 | Jarden Corporation, (3) | 1,653,577 | ||||||||||||
28,717 | KB Home | 647,281 | ||||||||||||
13,657 | MDC Holdings Inc. | 513,503 | ||||||||||||
20,413 | Mohawk Industries Inc., (3) | 2,263,393 | ||||||||||||
1,646 | NVR Inc., (3) | 1,695,380 | ||||||||||||
20,958 | Tempur Pedic International Inc., (2), (3) | 1,016,463 | ||||||||||||
52,745 | Toll Brothers Inc., (2), (3) | 1,809,681 | ||||||||||||
18,934 | Tupperware Corporation | 1,520,400 | ||||||||||||
Total Household Durables | 11,119,678 | |||||||||||||
Household Products – 1.0% | ||||||||||||||
47,848 | Church & Dwight Company Inc. | 3,057,009 | ||||||||||||
21,696 | Energizer Holdings Inc. | 2,095,617 | ||||||||||||
Total Household Products | 5,152,626 | |||||||||||||
Industrial Conglomerates – 0.3% | ||||||||||||||
22,249 | Carlisle Companies Inc. | 1,443,293 | ||||||||||||
Insurance – 4.7% | ||||||||||||||
5,912 | Alleghany Corporation, Term Loan, (3) | 2,327,791 | ||||||||||||
26,248 | American Financial Group Inc. | 1,266,991 | ||||||||||||
44,122 | Arthur J. Gallagher & Co. | 1,872,979 | ||||||||||||
23,677 | Aspen Insurance Holdings Limited, (2) | 904,225 | ||||||||||||
41,375 | Brown & Brown Inc. | 1,282,211 | ||||||||||||
17,644 | Everest Reinsurance Group Ltd | 2,381,764 | ||||||||||||
75,323 | Fidelity National Title Group Inc., Class A | 2,022,423 | ||||||||||||
37,699 | First American Corporation | 1,009,202 | ||||||||||||
15,650 | Hanover Insurance Group Inc. | 789,230 | ||||||||||||
35,263 | HCC Insurance Holdings Inc. | 1,502,204 | ||||||||||||
19,090 | Kemper Corporation | 608,207 | ||||||||||||
12,707 | Mercury General Corporation | 580,837 | ||||||||||||
84,593 | Old Republic International Corporation | 1,142,006 | ||||||||||||
16,034 | Primerica Inc. | 544,515 | ||||||||||||
27,392 | Protective Life Corporation, (2) | 1,042,540 | ||||||||||||
25,915 | Reinsurance Group of America Inc. | 1,620,983 | ||||||||||||
15,571 | StanCorp Financial Group Inc. | 672,356 | ||||||||||||
36,692 | WR Berkley Corporation | 1,593,167 | ||||||||||||
Total Insurance | 23,163,631 |
36 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Internet & Catalog Retail – 0.1% | ||||||||||||||
12,937 | Hosting Site Network, Inc. | �� | $ | 680,227 | ||||||||||
Internet Software & Services – 1.5% | ||||||||||||||
27,915 | AOL Inc. | 1,078,636 | ||||||||||||
17,108 | Equinix Inc., (2), (3) | 3,662,823 | ||||||||||||
40,955 | Monster Worldwide Inc., (2), (3) | 179,383 | ||||||||||||
38,695 | Rackspace Hosting Inc., (2), (3) | 1,865,099 | ||||||||||||
24,951 | ValueClick, Inc., (3) | 769,988 | ||||||||||||
Total Internet Software & Services | 7,555,929 | |||||||||||||
IT Services – 3.1% | ||||||||||||||
25,880 | Acxiom Corporation, (3) | 514,753 | ||||||||||||
17,227 | Alliance Data Systems Corporation, (2), (3) | 2,959,082 | ||||||||||||
42,715 | Broadridge Financial Solutions, Inc. | 1,075,564 | ||||||||||||
37,247 | Convergys Corporation | 633,944 | ||||||||||||
34,303 | CoreLogic Inc., (3) | 935,786 | ||||||||||||
10,552 | DST Systems Inc. | 729,671 | ||||||||||||
32,728 | Gartner Inc., (2), (3) | 1,893,315 | ||||||||||||
27,596 | Global Payments Inc. | 1,280,454 | ||||||||||||
30,205 | Henry Jack and Associates Inc. | 1,401,512 | ||||||||||||
29,766 | Lender Processing Services Inc. | 825,709 | ||||||||||||
8,311 | ManTech International Corporation, Class A, (2) | 221,821 | ||||||||||||
23,184 | NeuStar, Inc., (3) | 1,017,082 | ||||||||||||
37,846 | VeriFone Holdings Inc., (3) | 812,932 | ||||||||||||
13,567 | WEX Inc., (2), (3) | 1,028,107 | ||||||||||||
Total IT Services | 15,329,732 | |||||||||||||
Leisure Equipment & Products – 0.4% | ||||||||||||||
22,311 | Polaris Industries Inc., (2) | 1,922,985 | ||||||||||||
Life Sciences Tools & Services – 1.2% | ||||||||||||||
7,054 | Bio-Rad Laboratories Inc., (3) | 844,717 | ||||||||||||
16,890 | Charles River Laboratories International, Inc., (3) | 734,546 | ||||||||||||
19,320 | Covance, Inc., (3) | 1,440,499 | ||||||||||||
10,622 | Mettler-Toledo International Inc., (2), (3) | 2,219,573 | ||||||||||||
12,139 | Techne Corporation | 778,595 | ||||||||||||
Total Life Sciences Tools & Services | 6,017,930 | |||||||||||||
Machinery – 5.0% | ||||||||||||||
34,014 | AGCO Corporation | 1,811,246 | ||||||||||||
17,392 | CLARCOR, Inc. | 899,166 | ||||||||||||
16,886 | Crane Company | 908,973 | ||||||||||||
47,295 | Donaldson Company, Inc. | 1,720,592 | ||||||||||||
17,227 | Gardner Denver, Inc. | 1,293,575 | ||||||||||||
21,328 | Graco Inc. | 1,290,984 | ||||||||||||
28,271 | Harsco Corporation | 617,156 | ||||||||||||
28,928 | IDEX Corporation | 1,505,124 | ||||||||||||
32,354 | ITT Industries, Inc. | 892,970 | ||||||||||||
27,770 | Kennametal Inc. | 1,110,522 | ||||||||||||
29,076 | Lincoln Electric Holdings Inc. | 1,534,050 |
Nuveen Investments | 37 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Machinery (continued) | ||||||||||||||
19,897 | Nordson Corporation | $ | 1,382,643 | |||||||||||
30,624 | Oshkosh Truck Corporation, (3) | 1,202,298 | ||||||||||||
16,470 | SPX Corporation | 1,227,180 | ||||||||||||
38,804 | Terex Corporation, (2), (3) | 1,109,794 | ||||||||||||
27,912 | Timken Company | 1,467,334 | ||||||||||||
27,733 | Trinity Industries Inc. | 1,170,610 | ||||||||||||
8,231 | Valmont Industries, Inc. | 1,199,504 | ||||||||||||
16,728 | Wabtec Corporation | 1,755,436 | ||||||||||||
21,187 | Woodward Governor Company | 762,520 | ||||||||||||
Total Machinery | 24,861,677 | |||||||||||||
Marine – 0.4% | ||||||||||||||
19,883 | Kirby Corporation, (3) | 1,489,038 | ||||||||||||
14,959 | Matson Incorporated, (2) | 352,135 | ||||||||||||
Total Marine | 1,841,173 | |||||||||||||
Media – 1.2% | ||||||||||||||
20,302 | AMC Networks Inc., Class A Shares, (3) | 1,279,229 | ||||||||||||
35,862 | Cinemark Holdings Inc. | 1,107,777 | ||||||||||||
25,136 | Dreamworks Animation SKG Inc., (2), (3) | 484,622 | ||||||||||||
16,446 | John Wiley and Sons Inc., Class A | 627,744 | ||||||||||||
19,415 | Lamar Advertising Company, (3) | 909,010 | ||||||||||||
12,598 | Meredith Corporation, (2) | 489,054 | ||||||||||||
42,761 | New York Times, Class A, (2), (3) | 378,862 | ||||||||||||
9,309 | Scholastic Corporation, (2) | 255,532 | ||||||||||||
13,721 | Vallassis Communications Inc., (2) | 351,669 | ||||||||||||
Total Media | 5,883,499 | |||||||||||||
Metals & Mining – 1.4% | ||||||||||||||
15,516 | Carpenter Technology Inc., (2) | 697,599 | ||||||||||||
40,841 | Commercial Metals Company | 597,095 | ||||||||||||
11,665 | Compass Minerals International, Inc., (2) | 1,009,489 | ||||||||||||
26,732 | Reliance Steel & Aluminum Company | 1,739,451 | ||||||||||||
22,799 | Royal Gold, Inc., (2) | 1,267,168 | ||||||||||||
77,257 | Steel Dynamics Inc. | 1,161,945 | ||||||||||||
18,539 | Worthington Industries, Inc. | 596,585 | ||||||||||||
Total Metals & Mining | 7,069,332 | |||||||||||||
Multiline Retail – 0.2% | ||||||||||||||
20,294 | Big Lots, Inc., (3) | 739,107 | ||||||||||||
35,541 | Saks Inc., (2), (3) | 410,499 | ||||||||||||
Total Multiline Retail | 1,149,606 | |||||||||||||
Multi-Utilities – 1.1% | ||||||||||||||
38,906 | Alliant Energy Corporation | 2,081,860 | ||||||||||||
15,502 | Black Hills Corporation | 726,889 | ||||||||||||
66,193 | MDU Resources Group Inc. | 1,651,515 | ||||||||||||
28,816 | Vectren Corporation | 1,082,329 | ||||||||||||
Total Multi-Utilities | 5,542,593 | |||||||||||||
Office Electronics – 0.2% | ||||||||||||||
17,860 | Zebra Technologies Corporation, Class A, (3) | 833,169 |
38 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Oil, Gas & Consumable Fuels – 2.8% | ||||||||||||||
77,371 | Alpha Natural Resources Inc., (2), (3) | $ | 574,093 | |||||||||||
74,401 | Arch Coal Inc., (2) | 360,845 | ||||||||||||
16,869 | Bill Barrett Corporation, (2), (3) | 335,018 | ||||||||||||
30,289 | Cimarex Energy Company | 2,216,549 | ||||||||||||
25,317 | Energen Corporation, (2) | 1,200,532 | ||||||||||||
41,838 | Forest Oil Corporation, (3) | 175,301 | ||||||||||||
71,352 | HollyFrontier Company | 3,528,356 | ||||||||||||
45,220 | Plains Exploration & Production Company, (3) | 2,043,944 | ||||||||||||
41,831 | Quicksilver Resources Inc., (2), (3) | 105,414 | ||||||||||||
20,905 | Rosetta Resources, Inc., (2), (3) | 897,034 | ||||||||||||
23,207 | SM Energy Company | 1,415,627 | ||||||||||||
25,311 | World Fuel Services Corporation, (2) | 1,026,361 | ||||||||||||
Total Oil, Gas & Consumable Fuels | 13,879,074 | |||||||||||||
Paper & Forest Products – 0.3% | ||||||||||||||
12,191 | Domtar Corporation | 847,396 | ||||||||||||
48,828 | Louisiana-Pacific Corporation, (3) | 884,763 | ||||||||||||
Total Paper & Forest Products | 1,732,159 | |||||||||||||
Pharmaceuticals – 0.3% | ||||||||||||||
39,995 | Endo Pharmaceuticals Holdings Inc., (3) | 1,465,417 | ||||||||||||
Professional Services – 0.8% | ||||||||||||||
11,700 | Corporate Executive Board Company | 659,412 | ||||||||||||
14,316 | FTI Consulting Inc., (3) | 474,146 | ||||||||||||
26,944 | Manpower Inc. | 1,432,343 | ||||||||||||
19,785 | Towers Watson & Company, Class A Shares | 1,442,722 | ||||||||||||
Total Professional Services | 4,008,623 | |||||||||||||
Real Estate Investment Trust – 10.4% | ||||||||||||||
22,343 | Alexandria Real Estate Equities Inc. | 1,625,900 | ||||||||||||
36,316 | American Campus Communities Inc. | 1,621,146 | ||||||||||||
64,556 | BioMed Realty Trust Inc., (2) | 1,453,156 | ||||||||||||
26,971 | BRE Properties, Inc. | 1,361,496 | ||||||||||||
29,614 | Camden Property Trust, (2) | 2,142,277 | ||||||||||||
30,003 | Corporate Office Properties | 869,787 | ||||||||||||
35,140 | Corrections Corporation of America | 1,272,068 | ||||||||||||
112,756 | Duke Realty Corporation | 1,989,016 | ||||||||||||
21,672 | Equity One Inc., (2) | 552,419 | ||||||||||||
13,287 | Essex Property Trust Inc., (2) | 2,086,723 | ||||||||||||
36,102 | Extra Space Storage Inc. | 1,573,325 | ||||||||||||
21,555 | Federal Realty Investment Trust | 2,522,151 | ||||||||||||
28,237 | Highwoods Properties, Inc., (2) | 1,158,564 | ||||||||||||
18,064 | Home Properties New York, Inc., (2) | 1,164,405 | ||||||||||||
48,246 | Hospitality Properties Trust | 1,418,915 | ||||||||||||
26,264 | Kilroy Realty Corporation, (2) | 1,486,280 | ||||||||||||
41,915 | Liberty Property Trust | 1,801,926 | ||||||||||||
48,150 | Macerich Company, (2) | 3,372,908 | ||||||||||||
29,275 | Mack-Cali Realty Corporation | 812,967 |
Nuveen Investments | 39 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Real Estate Investment Trust (continued) | ||||||||||||||
40,598 | National Retail Properties, Inc. | $ | 1,610,929 | |||||||||||
39,600 | Omega Healthcare Investors Inc., (2) | 1,301,652 | ||||||||||||
14,160 | Potlatch Corporation | 670,476 | ||||||||||||
43,702 | Rayonier Inc., (2) | 2,596,773 | ||||||||||||
68,003 | Realty Income Corporation, (2) | 3,466,113 | ||||||||||||
31,687 | Regency Centers Corporation | 1,782,711 | ||||||||||||
65,920 | Senior Housing Properties Trust | 1,874,106 | ||||||||||||
31,993 | SL Green Realty Corporation, (2) | 2,901,765 | ||||||||||||
22,205 | Taubman Centers Inc. | 1,898,750 | ||||||||||||
87,697 | UDR Inc., (2) | 2,155,592 | ||||||||||||
39,186 | Weingarten Realty Trust, (2) | 1,335,067 | ||||||||||||
Total Real Estate Investment Trust | 51,879,363 | |||||||||||||
Real Estate Management & Development – 0.4% | ||||||||||||||
15,080 | Alexander & Baldwin Inc., (3) | 513,625 | ||||||||||||
15,442 | Jones Lang LaSalle Inc. | 1,529,067 | ||||||||||||
Total Real Estate Management & Development | 2,042,692 | |||||||||||||
Road & Rail – 2.0% | ||||||||||||||
19,630 | Con-Way, Inc. | 663,494 | ||||||||||||
17,323 | Genesee & Wyoming Inc., (3) | 1,475,920 | ||||||||||||
31,729 | J.B. Hunt Transports Serives Inc., (2) | 2,254,980 | ||||||||||||
38,614 | Kansas City Southern Industries, (2) | 4,211,629 | ||||||||||||
16,297 | Landstar System | 890,794 | ||||||||||||
15,666 | Werner Enterprises, Inc., (2) | 359,691 | ||||||||||||
Total Road & Rail | 9,856,508 | |||||||||||||
Semiconductors & Equipment – 1.9% | ||||||||||||||
154,006 | Atmel Corporation, (3) | 996,419 | ||||||||||||
40,890 | Cree, Inc., (2), (3) | 2,313,147 | ||||||||||||
47,079 | Cypress Semiconductor Corporation, (2) | 475,027 | ||||||||||||
44,529 | Fairchild Semiconductor International Inc., Class A, (2), (3) | 574,424 | ||||||||||||
51,042 | Integrated Device Technology, Inc., (3) | 362,909 | ||||||||||||
24,251 | International Rectifier Corporation, (2), (3) | 514,364 | ||||||||||||
44,280 | Intersil Holding Corporation, Class A, (2) | 343,613 | ||||||||||||
81,087 | MEMC Electronic Materials, (3) | 437,870 | ||||||||||||
98,004 | RF Micro Devices, Inc., (3) | 549,802 | ||||||||||||
23,210 | Semtech Corporation, (2), (3) | 744,345 | ||||||||||||
13,545 | Silicon Laboratories Inc., (3) | 537,872 | ||||||||||||
67,298 | Skyworks Solutions Inc., (3) | 1,485,267 | ||||||||||||
Total Semiconductors & Equipment | 9,335,059 | |||||||||||||
Software – 4.1% | ||||||||||||||
13,830 | ACI Worldwide, Inc., (3) | 650,148 | ||||||||||||
11,150 | Advent Software Inc., (3) | 323,796 | ||||||||||||
32,578 | Ansys Inc., (3) | 2,634,257 | ||||||||||||
98,749 | Cadence Design Systems, Inc., (2), (3) | 1,362,736 | ||||||||||||
15,048 | CommVault Systems, Inc., (3) | 1,106,630 | ||||||||||||
74,389 | Compuware Corporation, (3) | 892,668 |
40 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Software (continued) | ||||||||||||||
15,987 | Concur Technologies, Inc., (2), (3) | $ | 1,168,810 | |||||||||||
14,250 | FactSet Research Systems Inc., (2) | 1,340,498 | ||||||||||||
12,442 | Fair Isaac Corporation, (2) | 579,548 | ||||||||||||
37,802 | Informatica Corporation, (3) | 1,244,820 | ||||||||||||
33,118 | Mentor Graphics Corporation, (2) | 604,735 | ||||||||||||
27,812 | Micros Systems, Inc., (2), (3) | 1,179,507 | ||||||||||||
41,907 | Parametric Technology Corporation, (3) | 1,006,187 | ||||||||||||
36,443 | Rovi Corporation, (3) | 852,402 | ||||||||||||
21,549 | Solarwinds, Inc., (3) | 1,095,767 | ||||||||||||
24,148 | Solera Holdings Inc. | 1,390,442 | ||||||||||||
53,911 | Synopsys Inc., (3) | 1,917,614 | ||||||||||||
54,513 | Tibco Software Inc., (3) | 1,058,097 | ||||||||||||
Total Software | 20,408,662 | |||||||||||||
Specialty Retail – 3.9% | ||||||||||||||
24,700 | Aaron Rents Inc. | 709,137 | ||||||||||||
25,819 | Advance Auto Parts, Inc. | 2,165,698 | ||||||||||||
27,436 | Aeropostale, Inc., (2), (3) | 402,212 | ||||||||||||
63,168 | American Eagle Outfitters, Inc. | 1,228,618 | ||||||||||||
16,956 | Ann Inc., (2), (3) | 500,880 | ||||||||||||
44,493 | Ascena Retail Group Inc., (2), (3) | 823,121 | ||||||||||||
13,228 | Barnes & Noble Inc., (2), (3) | 239,824 | ||||||||||||
16,208 | Cabela’s Incorporated, (2), (3) | 1,040,554 | ||||||||||||
58,096 | Chico’s FAS, Inc. | 1,061,414 | ||||||||||||
34,396 | Dick’s Sporting Goods Inc., (2) | 1,654,448 | ||||||||||||
52,834 | Foot Locker, Inc. | 1,842,322 | ||||||||||||
21,498 | Guess Inc., (2) | 595,065 | ||||||||||||
100,182 | Office Depot, Inc., (2), (3) | 386,703 | ||||||||||||
20,405 | Rent-A-Center Inc. | 712,747 | ||||||||||||
28,389 | Signet Jewelers Limited, (2) | 1,951,176 | ||||||||||||
24,260 | Tractor Supply Company | 2,599,944 | ||||||||||||
30,244 | Williams-Sonoma Inc., (2) | 1,623,498 | ||||||||||||
Total Specialty Retail | 19,537,361 | |||||||||||||
Textiles, Apparel & Luxury Goods – 1.0% | ||||||||||||||
17,892 | Carter’s Inc., (3) | 1,169,958 | ||||||||||||
12,156 | Deckers Outdoor Corporation, (2), (3) | 670,039 | ||||||||||||
34,466 | Hanesbrands Inc., (2) | 1,728,815 | ||||||||||||
27,177 | Under Armour, Inc., (3) | 1,551,263 | ||||||||||||
Total Textiles, Apparel & Luxury Goods | 5,120,075 | |||||||||||||
Thrifts & Mortgage Finance – 0.6% | ||||||||||||||
28,784 | Astoria Financial Corporation, (2) | 276,039 | ||||||||||||
154,359 | New York Community Bancorp Inc., (2) | 2,091,564 | ||||||||||||
36,877 | Washington Federal Inc. | 633,178 | ||||||||||||
Total Thrifts & Mortgage Finance | 3,000,781 | |||||||||||||
Tobacco – 0.1% | ||||||||||||||
8,174 | Universal Corporation, (2) | 470,414 |
Nuveen Investments | 41 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||||||||
Trading Companies & Distributors – 1.0% | ||||||||||||||||||||
16,441 | GATX Corporation | $ | 837,667 | |||||||||||||||||
16,380 | MSC Industrial Direct Inc., Class A | 1,290,742 | ||||||||||||||||||
32,604 | United Rentals Inc., (2), (3) | 1,715,294 | ||||||||||||||||||
10,420 | Watsco Inc. | 879,239 | ||||||||||||||||||
Total Trading Companies & Distributors | 4,722,942 | |||||||||||||||||||
Water Utilities – 0.3% | ||||||||||||||||||||
49,197 | Aqua America Inc. | 1,561,021 | ||||||||||||||||||
Wireless Telecommunication Services – 0.2% | ||||||||||||||||||||
35,219 | Telephone and Data Systems Inc. | 790,314 | ||||||||||||||||||
Total Common Stocks (cost $355,139,770) | 468,601,662 | |||||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 24.2% |
| |||||||||||||||||||
Money Market Funds – 24.2% | ||||||||||||||||||||
120,542,433 | Mount Vernon Securities Lending Prime Portfolio, 0.214%, (4), (5) | $ | 120,542,433 | |||||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $120,542,433) |
| 120,542,433 | ||||||||||||||||||
Shares/ Pincipal Amount (000) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
SHORT-TERM INVESTMENTS – 9.9% | ||||||||||||||||||||
Money Market Funds – 9.5% | ||||||||||||||||||||
47,123,293 | First American Treasury Obligations Fund, Class Z, (4) | 0.000% | N/A | N/A | $ | 47,123,293 | ||||||||||||||
U.S. Government and Agency Obligations – 0.4% | ||||||||||||||||||||
$ | 2,000 | U.S. Treasury Bills, (7) | 0.000% | 8/22/13 | N/R | 1,999,654 | ||||||||||||||
Total Short-Term Investments (cost $49,122,492) | 49,122,947 | |||||||||||||||||||
Total Investments (cost $524,804,695) – 128.1% | 638,267,042 | |||||||||||||||||||
Other Assets Less Liabilities – (28.1)% | (139,926,597) | |||||||||||||||||||
Net Assets – 100% | $ | 498,340,445 |
Investments in Derivatives as of April 30, 2013
Futures Contracts oustanding:
Type | Contract Postion | Number of Contracts | Contract Expiration | Notional Amount at Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
S&P MidCap 400 Index E-Mini Index | Long | 253 | 6/13 | $ | 29,289,810 | $ | 787,510 |
42 | Nuveen Investments |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $117,910,791. |
(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: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
(7) | Investment, or portion of investment, segregated as collateral for investments in derivatives. |
N/A | Not applicable. |
N/R | Not rated. |
See accompanying notes to financial statements.
Nuveen Investments | 43 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
COMMON STOCKS – 91.2% | ||||||||||||||
Aerospace & Defense – 1.5% | ||||||||||||||
2,785 | AAR Corporation | $ | 49,740 | |||||||||||
1,198 | Aerovironment, Inc., (2), (3) | 23,193 | ||||||||||||
551 | American Science & Engineering Inc. | 35,528 | ||||||||||||
2,236 | API Technologies Corporation, (2) | 6,171 | ||||||||||||
835 | Astronics Corporation, (2) | 23,213 | ||||||||||||
458 | CPI Aerostructures, Incorporated, (2) | 4,218 | ||||||||||||
1,100 | Cubic Corporation | 47,267 | ||||||||||||
3,244 | Curtiss Wright Corporation | 106,533 | ||||||||||||
3,679 | DigitalGlobe Inc., (2) | 107,390 | ||||||||||||
2,119 | Esterline Technologies Corporation, (2) | 159,010 | ||||||||||||
4,127 | GenCorp Inc., (2), (3) | 53,940 | ||||||||||||
3,642 | Heico Corporation, (3) | 160,284 | ||||||||||||
6,884 | Hexcel Corporation, (2), (3) | 209,962 | ||||||||||||
1,718 | Keyw Holding Corporation, (2) | 23,348 | ||||||||||||
2,774 | Kratos Defence & Security Solutions Inc., (2) | 14,120 | ||||||||||||
622 | LMI Aerospace, Inc., (2) | 13,305 | ||||||||||||
3,128 | Moog Inc., CLass A Shares, (2) | 144,545 | ||||||||||||
332 | National Presto Industries Inc., (3) | 24,900 | ||||||||||||
4,077 | Orbital Sciences Corporation, (2) | 73,468 | ||||||||||||
164 | SIFCO Industries, Incorporated | 2,801 | ||||||||||||
731 | Sypris Solutions, Inc. | 2,339 | ||||||||||||
3,572 | Taser International, Inc., (2) | 31,469 | ||||||||||||
2,541 | Teledyne Technologies Inc., (2) | 190,727 | ||||||||||||
Total Aerospace & Defense | 1,507,471 | |||||||||||||
Air Freight & Logistics – 0.3% | ||||||||||||||
3,674 | Air Transport Servcies Group Inc., (2) | 21,199 | ||||||||||||
1,826 | Atlas Air Worldwide Holdings Inc., (2) | 68,292 | ||||||||||||
965 | Echo Global Logistics, Inc., (2) | 16,743 | ||||||||||||
2,010 | Forward Air Corporation | 74,149 | ||||||||||||
2,564 | Hub Group, Inc., (2) | 93,971 | ||||||||||||
2,992 | Pacer International, Inc., (2) | 17,024 | ||||||||||||
599 | Park Ohio Holdings Corporation, (2) | 22,031 | ||||||||||||
1,219 | XPO Logistics, Incorporated, (2), (3) | 19,882 | ||||||||||||
Total Air Freight & Logistics | 333,291 | |||||||||||||
Airlines – 0.9% | ||||||||||||||
4,885 | Alaska Air Group, Inc., (2) | 301,111 | ||||||||||||
1,026 | Allegiant Travel Company | 92,237 | ||||||||||||
3,530 | Hawaian Holdings Inc., (2) | 19,380 | ||||||||||||
16,154 | JetBlue Airways Corporation, (2), (3) | 111,301 | ||||||||||||
3,348 | Republic Airways Holdings, Inc., (2) | 37,464 | ||||||||||||
3,521 | Skywest Inc. | 50,386 | ||||||||||||
2,875 | Spirit Airline Holdings, (2) | 76,763 | ||||||||||||
11,222 | US Airways Group Inc., (2), (3) | 189,652 | ||||||||||||
Total Airlines | 878,294 |
44 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Auto Components – 0.8% | ||||||||||||||
4,610 | American Axle and Manufacturing Holdings Inc., (2) | $ | 61,636 | |||||||||||
4,308 | Cooper Tire & Rubber, (3) | 107,226 | ||||||||||||
10,209 | Dana Holding Corporation | 176,105 | ||||||||||||
1,692 | Dorman Products, Inc., (3) | 63,856 | ||||||||||||
1,331 | Drew Industries Inc. | 48,049 | ||||||||||||
5,421 | Exide Technologies, (2) | 4,592 | ||||||||||||
1,279 | Federal Mogul Corporation, Class A Shares, (2) | 9,567 | ||||||||||||
1,070 | Fuel Systems Solutions, Inc., (2) | 16,810 | ||||||||||||
2,042 | Gentherm Inc., (2) | 31,100 | ||||||||||||
3,722 | Modine Manufacturing Company, (2) | 34,019 | ||||||||||||
403 | Shiloh Industries, Inc. | 3,970 | ||||||||||||
2,646 | Spartan Motors, Inc. | 14,077 | ||||||||||||
1,372 | Standard Motor Products Inc. | 42,038 | ||||||||||||
1,936 | Stoneridge Inc., (2) | 14,656 | ||||||||||||
1,588 | Superior Industries International Inc. | 29,156 | ||||||||||||
4,196 | Tenneco Inc., (2), (3) | 162,259 | ||||||||||||
423 | Tower International Inc., (2) | 6,806 | ||||||||||||
Total Auto Components | 825,922 | |||||||||||||
Automobiles – 0.0% | ||||||||||||||
2,020 | Winnebago Industries Inc., (2) | 37,006 | ||||||||||||
Beverages – 0.1% | ||||||||||||||
538 | Boston Beer Company, (2), (3) | 91,094 | ||||||||||||
313 | Coca-Cola Bottling Company Consolidated | 19,250 | ||||||||||||
720 | Craft Brewers Alliance Inc., (2) | 5,414 | ||||||||||||
780 | National Beverage Corporation | 11,489 | ||||||||||||
Total Beverages | 127,247 | |||||||||||||
Biotechnology – 3.9% | ||||||||||||||
5,023 | Achillion Pharmaceuticals, Inc., (2), (3) | 37,873 | ||||||||||||
2,772 | Acorda Therapeutics, Inc., (2) | 109,688 | ||||||||||||
1,947 | Aegerion Pharmaceuticals Inc., (2), (3) | 81,852 | ||||||||||||
2,497 | Affymax, Inc., (2), (3) | 2,248 | ||||||||||||
1,692 | Agenus Inc., (2) | 8,223 | ||||||||||||
8,463 | Alkermes Inc., (2), (3) | 259,052 | ||||||||||||
3,802 | Alnylam Pharmaceuticals, Inc., (2), (3) | 91,058 | ||||||||||||
1,477 | AMAG Pharmaceuticals Inc., (2) | 32,568 | ||||||||||||
2,084 | Amicus Therapeutics, Inc., (2) | 6,773 | ||||||||||||
1,118 | Anacor Pharmaceuticals Inc., (2), (3) | 7,491 | ||||||||||||
14,988 | Arena Pharmaceuticals, Inc., (2), (3) | 123,501 | ||||||||||||
4,071 | ArQule Inc., (2) | 12,009 | ||||||||||||
8,028 | Array Biopharma, Inc., (2) | 47,767 | ||||||||||||
6,436 | Astex Pharmaceuticals Inc., (2) | 44,280 | ||||||||||||
3,171 | Aveo Pharmaceuticals Inc., (2), (3) | 16,204 | ||||||||||||
3,398 | BioCryst Pharaceuticals, Inc., (2), (3) | 6,830 | ||||||||||||
343 | BioSpecifics Technologies Corporation, (2) | 5,443 | ||||||||||||
2,337 | BioTime Inc., (2), (3) | 8,460 |
Nuveen Investments | 45 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Biotechnology (continued) | ||||||||||||||
5,572 | Celldex Therapeutics, Inc., (2) | $ | 72,715 | |||||||||||
4,536 | Cepheid, Inc., (2), (3) | 172,958 | ||||||||||||
354 | ChemoCentryx Inc., (2) | 4,400 | ||||||||||||
944 | Clovis Oncology Inc., (2) | 35,324 | ||||||||||||
1,810 | Codexis Inc., (2) | 4,054 | ||||||||||||
1,397 | Coronado Biosciences Inc., (2), (3) | 15,716 | ||||||||||||
4,378 | Cubist Pharmaceuticals Inc., (2), (3) | 201,038 | ||||||||||||
5,462 | Curis, Inc., (2), (3) | 20,483 | ||||||||||||
4,231 | Cytori Therapeutics, Inc., (2), (3) | 11,889 | ||||||||||||
10,646 | Dendreon Corporation, (2), (3) | 50,143 | ||||||||||||
2,998 | Discovery Labs, Inc., (2) | 5,067 | ||||||||||||
864 | Durata Therapeutics Inc., (2) | 6,290 | ||||||||||||
6,829 | Dyax Corporation, (2) | 18,780 | ||||||||||||
12,636 | Dynavax Technologies Corporation, (2) | 29,695 | ||||||||||||
1,691 | Emergent BioSolutions, Inc., (2) | 25,940 | ||||||||||||
2,758 | Enzon Inc. | 9,101 | ||||||||||||
4,401 | EXACT Sciences Corporation, (2) | 41,105 | ||||||||||||
12,671 | Exelixis, Inc., (2), (3) | 65,762 | ||||||||||||
1,093 | Genomic Health, Inc., (2), (3) | 33,183 | ||||||||||||
9,130 | Geron Corporation, (2) | 10,682 | ||||||||||||
1,828 | GTX, Inc., (2) | 8,445 | ||||||||||||
6,203 | Halozyme Therapeutics, Inc., (2), (3) | 37,466 | ||||||||||||
295 | Hyperion Therapeutics Inc., (2), (3) | 6,328 | ||||||||||||
6,228 | Idenix Pharmaceuticals Inc., (2), (3) | 23,044 | ||||||||||||
3,534 | ImmunoCellular Therapeutics, Limited, (2), (3) | 8,906 | ||||||||||||
5,768 | Immunogen, Inc., (2), (3) | 92,403 | ||||||||||||
4,983 | Immunomedics, Inc., (2), (3) | 12,756 | ||||||||||||
2,061 | Infinity Pharmaceuticals, Inc., (2) | 88,808 | ||||||||||||
325 | Intercept Pharmaceuticals Incorporated, (2), (3) | 11,066 | ||||||||||||
5,623 | Intermune, Inc., (2) | 52,463 | ||||||||||||
5,196 | Ironwood Pharmacauticals Inc., (2), (3) | 79,031 | ||||||||||||
6,926 | ISIS Pharmaceuticals, Inc., (2), (3) | 155,073 | ||||||||||||
606 | Kalobios Pharmaceuticals Inc., (2) | 3,636 | ||||||||||||
5,628 | Keryx Biopharmaceuticals, Inc., (2), (3) | 45,868 | ||||||||||||
349 | Kythera Biopharmaceuticals ,Incorporated, (2) | 8,551 | ||||||||||||
14,618 | Lexicon Genetics, Inc., (2) | 28,944 | ||||||||||||
1,261 | Ligand Pharmceuticals, Inc., (2) | 34,451 | ||||||||||||
420 | LipoScience Inc., (2) | 3,629 | ||||||||||||
9,303 | MannKind Corporation, (2), (3) | 36,747 | ||||||||||||
1,918 | Maxygen, Inc. | 4,603 | ||||||||||||
1,051 | Merrimack Pharmaceuticals, Incorporated, (2), (3) | 5,171 | ||||||||||||
3,238 | Momenta Pharmaceuticals, Inc., (2) | 39,892 | ||||||||||||
4,583 | Neurocrine Biosciences Inc., (2) | 52,888 | ||||||||||||
1,082 | NewLink Genetics Corporation, (2), (3) | 15,083 | ||||||||||||
8,968 | Novavax, Inc., (2) | 21,075 |
46 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Biotechnology (continued) | ||||||||||||||
5,955 | NPS Pharmaceuticals, Inc., (2), (3) | $ | 79,976 | |||||||||||
1,005 | OncoGenex Pharmacuetical Inc., (2), (3) | 10,181 | ||||||||||||
3,950 | Oncothyreon Inc., (2) | 9,915 | ||||||||||||
7,385 | Opko Health Inc., (2), (3) | 49,184 | ||||||||||||
5,694 | Orexigen Therapeutics Inc., (2), (3) | 34,620 | ||||||||||||
1,138 | Osiris Therapeutics, Inc., (2), (3) | 12,768 | ||||||||||||
9,669 | PDL Biopahrma Inc., (3) | 74,838 | ||||||||||||
3,962 | Pharmacyclics, Inc., (2), (3) | 322,903 | ||||||||||||
3,154 | Progenics Pharmaceuticals, Inc., (2) | 14,508 | ||||||||||||
3,577 | Raptor Pharmaceuticals Corporation, (2), (3) | 24,681 | ||||||||||||
895 | Regulus Therapeutics Incorporated, (2) | 6,283 | ||||||||||||
2,132 | Repligen Corporation, (2) | 19,103 | ||||||||||||
5,896 | Rigel Pharmaceuticals, Inc., (2) | 28,242 | ||||||||||||
3,636 | Sangamo Biosciences, Inc., (2), (3) | 37,014 | ||||||||||||
6,571 | Seattle Genetics, Inc., (2), (3) | 242,798 | ||||||||||||
2,430 | SIGA Technologies, Inc., (2), (3) | 8,019 | ||||||||||||
4,114 | Spectrum Pharmaceuticals, Inc. | 30,485 | ||||||||||||
2,047 | Sunesis Pharmaceuticals, Inc., (2) | 11,525 | ||||||||||||
778 | Synageva BioPharma Corporation, (2), (3) | 40,215 | ||||||||||||
3,594 | Synergy Pharmaceuticals Inc., (2), (3) | 18,869 | ||||||||||||
2,748 | Synta Pharmaceuticals Corporation, (2), (3) | 28,167 | ||||||||||||
1,882 | Targacept, Inc., (2) | 8,676 | ||||||||||||
299 | Tesaro Inc., (2), (3) | 8,225 | ||||||||||||
4,194 | Theravance Inc., (2), (3) | 141,548 | ||||||||||||
3,109 | Threshold Pharmaceuticals, Inc., (2), (3) | 14,985 | ||||||||||||
2,124 | Trius Therapeutics, Inc., (2) | 14,804 | ||||||||||||
1,952 | Vanda Pharmaceuticals, Inc., (2) | 9,487 | ||||||||||||
437 | Verastem Inc., (2) | 4,291 | ||||||||||||
5,473 | Vical, Inc., (2), (3) | 20,195 | ||||||||||||
5,629 | XOMA Limited, (2) | 19,702 | ||||||||||||
4,596 | ZIOPHARM Oncology, Inc., (2), (3) | 7,721 | ||||||||||||
Total Biotechnology | 3,965,900 | |||||||||||||
Building Products – 0.8% | ||||||||||||||
1,285 | Aaon, Inc. | 36,507 | ||||||||||||
669 | American Woodmark Company, (2) | 22,512 | ||||||||||||
1,956 | Apogee Enterprises, Inc., (3) | 49,839 | ||||||||||||
3,108 | Builders FirstSource, Inc., (2) | 19,239 | ||||||||||||
2,110 | Gibraltar Industries Inc., (2) | 39,457 | ||||||||||||
3,146 | Griffon Corporation | 32,404 | ||||||||||||
1,223 | Insteel Industries, Inc. | 20,277 | ||||||||||||
1,268 | NCI Building Systems Inc., (2) | 21,708 | ||||||||||||
536 | Nortek Inc., (2) | 38,517 | ||||||||||||
273 | Patrick Industries, Inc., (2) | 5,531 | ||||||||||||
1,351 | PGT, Inc., (2) | 10,403 | ||||||||||||
2,542 | Quanex Building Products Corporation | 41,358 |
Nuveen Investments | 47 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Building Products (continued) | ||||||||||||||
2,765 | Simpson Manufacturing Company Inc. | $ | 79,466 | |||||||||||
2,692 | Smith AO Corporation | 203,058 | ||||||||||||
1,032 | Trex Company Inc., (2) | 50,238 | ||||||||||||
1,362 | Universal Forest Products Inc. | 52,573 | ||||||||||||
5,121 | USG Corporation, (2) | 133,095 | ||||||||||||
Total Building Products | 856,182 | |||||||||||||
Capital Markets – 2.2% | ||||||||||||||
14,026 | Apollo Investment Corporation | 123,569 | ||||||||||||
990 | Arlington Asset Investment Corporation | 26,819 | ||||||||||||
2,134 | Artio Global Investors Inc. | 5,847 | ||||||||||||
6,805 | BGC Partners Inc., Class A | 38,925 | ||||||||||||
5,085 | BlackRock Kelso Capital Corporation, (3) | 50,596 | ||||||||||||
1,330 | Calamos Asset Management, Inc. Class A | 15,096 | ||||||||||||
206 | Capital Southwest Corporation, (3) | 24,244 | ||||||||||||
781 | CIFC Corporation, (2) | 6,115 | ||||||||||||
1,276 | Cohen & Steers Inc. | 50,415 | ||||||||||||
6,048 | Cowen Group, Inc, Class A, (2), (3) | 15,483 | ||||||||||||
185 | Diamond Hill Investment Group, Inc. | 13,965 | ||||||||||||
1,978 | Evercore Partners Inc. | 74,670 | ||||||||||||
655 | FBR Capital Markets Corporation, (2) | 13,644 | ||||||||||||
946 | Fidus Investment Corporation, (3) | 17,785 | ||||||||||||
8,272 | Fifth Street Finance Corporation | 91,323 | ||||||||||||
3,367 | Financial Engines Inc., (3) | 122,458 | ||||||||||||
1,629 | FXCM Inc, Class A Shares | 22,073 | ||||||||||||
441 | GAMCO Investors Inc. | 23,153 | ||||||||||||
4,769 | GFI Group, Inc. | 19,124 | ||||||||||||
1,452 | Gladstone Capital Corporation | 13,460 | ||||||||||||
1,803 | Gladstone Investment Corporation | 13,414 | ||||||||||||
1,276 | Golub Capital BDC Inc., (3) | 22,496 | ||||||||||||
2,009 | Greenhill & Co Inc. | 92,796 | ||||||||||||
1,335 | GSV Capital Corporporation, (2), (3) | 10,266 | ||||||||||||
2,144 | Harris & Harris Group, Inc., (2) | 7,075 | ||||||||||||
4,213 | Hercules Technology Growth Capital, Inc., (3) | 56,033 | ||||||||||||
2,255 | HFF Inc., Class A Shares | 47,242 | ||||||||||||
541 | Horizon Technology Finance Corporation | 7,947 | ||||||||||||
2,575 | ICG Group Inc., (2) | 30,565 | ||||||||||||
952 | INTL FCStone Inc., (2) | 16,298 | ||||||||||||
2,683 | Investment Technology Group, (2) | 29,218 | ||||||||||||
1,106 | JMP Group Inc. | 7,145 | ||||||||||||
1,942 | KCAP Financial Incorporated | 21,012 | ||||||||||||
12,560 | Knight Trading Group Inc., (2) | 44,462 | ||||||||||||
7,119 | Ladenburg Thalmann Financial Services Inc., (2) | 10,465 | ||||||||||||
2,115 | Main Street Capital Corporation, (3) | 63,577 | ||||||||||||
940 | Manning & Napier Inc. | 16,459 | ||||||||||||
5,014 | MCG Capital Corporation | 25,772 |
48 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Capital Markets (continued) | ||||||||||||||
1,168 | Medallion Financial Corporation | $ | 17,450 | |||||||||||
2,294 | Medley Capital Corporation | 35,741 | ||||||||||||
1,654 | MVC Capital Inc. | 21,485 | ||||||||||||
1,335 | New Mountain Finance Corporation | 20,345 | ||||||||||||
1,496 | NGP Capital Resources Company | 9,963 | ||||||||||||
460 | OFS Capital Corporation | 6,417 | ||||||||||||
711 | Oppenheimer Holdings Inc., Class A | 13,154 | ||||||||||||
4,529 | Pennantpark Investment Corporation, (3) | 52,989 | ||||||||||||
1,068 | Piper Jaffray Companies, (2) | 36,056 | ||||||||||||
13,854 | Prospect Capital Corporation | 152,810 | ||||||||||||
677 | Pzena Investments Management, Inc. | 4,292 | ||||||||||||
1,437 | Safeguard Scientifics Inc., (2) | 23,193 | ||||||||||||
3,093 | Solar Capital Limited | 74,015 | ||||||||||||
794 | Solar Senior Capital Limited | 15,221 | ||||||||||||
615 | Stellus Capital Investment Corporation, (3) | 9,410 | ||||||||||||
4,225 | Stifel Financial Corporation, (2), (3) | 136,130 | ||||||||||||
2,016 | SWS Group Inc., (2) | 11,471 | ||||||||||||
397 | TCP Capital Corporation | 6,221 | ||||||||||||
3,594 | Technology Investment Capital Corporation | 36,551 | ||||||||||||
1,041 | THL Credit Inc. | 16,011 | ||||||||||||
1,885 | Triangle Capital Corporation, (3) | 52,723 | ||||||||||||
424 | Virtus Investment Partners Inc., (2), (3) | 80,984 | ||||||||||||
2,470 | Walter Investment Management Corporation, (2) | 82,893 | ||||||||||||
460 | Westwood Holding Group Inc. | 20,102 | ||||||||||||
429 | WhiteHorse Finance Incorporated, (3) | 6,800 | ||||||||||||
4,049 | WisdomTree Investments Inc., (2) | 46,968 | ||||||||||||
Total Capital Markets | 2,280,401 | |||||||||||||
Chemicals – 2.1% | ||||||||||||||
2,040 | A Schulman, Inc. | 52,979 | ||||||||||||
623 | Ada-ES, Inc., (2), (3) | 17,201 | ||||||||||||
1,925 | American Vanguard Corp. | 55,517 | ||||||||||||
1,304 | Arabian American Development Company, (2) | 9,923 | ||||||||||||
4,805 | Axiall Corporation | 252,022 | ||||||||||||
2,023 | Balchem Corporation | 87,677 | ||||||||||||
3,726 | Calgon Carbon Corporation, (2) | 63,491 | ||||||||||||
442 | Chase Corporation, Common Stock | 8,575 | ||||||||||||
6,821 | Chemtura Corporation, (2) | 145,014 | ||||||||||||
5,985 | Ferro Corporation, (2) | 42,134 | ||||||||||||
3,420 | Flotek Industries Inc., (2), (3) | 54,857 | ||||||||||||
1,333 | FutureFuel Corporation | 16,329 | ||||||||||||
557 | GSE Holdings Inc., (2) | 4,178 | ||||||||||||
3,449 | H.B. Fuller Company | 130,717 | ||||||||||||
633 | Hawkins Inc., (3) | 23,541 | ||||||||||||
1,507 | Innophos Holdings, Inc. | 77,324 | ||||||||||||
1,594 | Innospec, Inc. | 70,152 |
Nuveen Investments | 49 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Chemicals (continued) | ||||||||||||||
539 | KMG Chemicals, Inc. | $ | 9,896 | |||||||||||
1,435 | Koppers Holdings Inc. | 63,011 | ||||||||||||
2,229 | Kraton Performance Polymers Inc., (2) | 50,621 | ||||||||||||
1,766 | Landec Corporation, (2) | 23,682 | ||||||||||||
1,298 | LSB Industries Inc., (2) | 42,393 | ||||||||||||
2,453 | Minerals Technologies Inc. | 99,665 | ||||||||||||
5,536 | Olin Corporation, (3) | 133,805 | ||||||||||||
2,239 | OM Group Inc., (2) | 54,788 | ||||||||||||
3,194 | OMNOVA Solutions Inc., (2) | 21,304 | ||||||||||||
6,868 | PolyOne Corporation | 154,736 | ||||||||||||
895 | Quaker Chemical Corporation | 55,239 | ||||||||||||
3,216 | Sensient Technologies Corporation | 126,550 | ||||||||||||
1,161 | Stepan Company, (3) | 66,107 | ||||||||||||
1,669 | Tredegar Corporation, (3) | 49,402 | ||||||||||||
1,534 | Zep Inc. | 23,317 | ||||||||||||
1,902 | Zoltek Companies, Inc., (2), (3) | 25,125 | ||||||||||||
Total Chemicals | 2,111,272 | |||||||||||||
Commercial Banks – 5.7% | ||||||||||||||
978 | 1st Source Corporation | 23,012 | ||||||||||||
2,065 | 1st United Bancorp Inc/North | 13,691 | ||||||||||||
511 | Access National Corporation | 6,423 | ||||||||||||
511 | American National Bankshares, Inc. | 11,104 | ||||||||||||
1,646 | Ameris Bancorp., (2), (3) | 22,830 | ||||||||||||
567 | Ames National Corporation | 11,142 | ||||||||||||
665 | Arrow Financial Corporation | 16,086 | ||||||||||||
411 | BancFirst Corporation | 17,196 | ||||||||||||
1,953 | Banco Latinoamericano de Exportaciones S.A | 44,314 | ||||||||||||
2,238 | Bancorp, Inc., (2) | 29,094 | ||||||||||||
6,529 | BancorpSouth Inc., (3) | 104,464 | ||||||||||||
370 | Bank of Kentucky Financial Corporation | 9,701 | ||||||||||||
370 | Bank of Marin Bancorp California | 14,652 | ||||||||||||
2,019 | Bank of the Ozarks, Inc., (3) | 82,638 | ||||||||||||
1,328 | Banner Corporation | 43,386 | ||||||||||||
254 | Bar Harbor Bankshares | 9,144 | ||||||||||||
5,391 | BBCN Bancorp Inc. | 69,436 | ||||||||||||
280 | Berkshire Bancorp, Inc. | 2,416 | ||||||||||||
5,402 | Boston Private Financial Holdings Inc., (3) | 52,075 | ||||||||||||
593 | Bridge Bancorp Inc. | 11,973 | ||||||||||||
643 | Bridge Capital Holdings, (2) | 9,375 | ||||||||||||
790 | Bryn Mawr Bank | 18,352 | ||||||||||||
536 | BSB Bancorp Inc., (2) | 7,370 | ||||||||||||
221 | C & F Financial, Inc., (3) | 8,884 | ||||||||||||
531 | Camden National Corporation | 17,730 | ||||||||||||
662 | Capital Bank Financial Corporation, Class A Shares, (2) | 11,830 | ||||||||||||
805 | Capital City Bank, (2) | 10,063 |
50 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Commercial Banks (continued) | ||||||||||||||
2,020 | Cardinal Financial Corporation | $ | 30,805 | |||||||||||
418 | Cascade Bancorp., (2) | 2,495 | ||||||||||||
5,441 | Cathay General Bancorp. | 107,242 | ||||||||||||
776 | Center Bancorp, Inc. | 9,040 | ||||||||||||
2,079 | Centerstate Banks of Florida, Inc. | 17,297 | ||||||||||||
1,494 | Central Pacific Financial Corporation, (2) | 25,159 | ||||||||||||
237 | Century Bancorp, Inc. | 8,053 | ||||||||||||
1,900 | Chemical Financial Corporation | 47,120 | ||||||||||||
844 | Citizens & Northern Corporation | 16,340 | ||||||||||||
979 | City Holding Company | 37,378 | ||||||||||||
859 | CNB Financial Corporation | 13,907 | ||||||||||||
2,412 | Cobiz, Inc. | 20,647 | ||||||||||||
3,518 | Columbia Banking Systems Inc. | 75,531 | ||||||||||||
2,727 | Community Bank System Inc., (3) | 78,101 | ||||||||||||
912 | Community Trust Bancorp, Inc. | 31,573 | ||||||||||||
120 | ConnectOne Bancorp Inc., (2) | 3,480 | ||||||||||||
178 | Crescent Financial Corporation, (2) | 735 | ||||||||||||
6,096 | CVB Financial | 66,264 | ||||||||||||
1,264 | Eagle Bancorp, Inc., (2) | 29,236 | ||||||||||||
410 | Enterprise Bancorp, Inc. | 6,609 | ||||||||||||
1,233 | Enterprise Financial Services Corporation | 17,731 | ||||||||||||
9,647 | F.N.B. Corporation PA | 109,879 | ||||||||||||
1,299 | Farmers National Banc Corporation | 8,573 | ||||||||||||
678 | Fidelity Southern Corporation, (2) | 8,069 | ||||||||||||
955 | Financial Institutions, Inc. | 18,269 | ||||||||||||
610 | First Bancorp Maine | 10,425 | ||||||||||||
1,214 | First Bancorp of North Carolina, Inc. | 15,794 | ||||||||||||
4,859 | First Bancorp of Puerto Rico, (2), (3) | 28,717 | ||||||||||||
5,143 | First Busey Corporation | 22,115 | ||||||||||||
1,551 | First California Financial Group, Inc., (2), (3) | 12,517 | ||||||||||||
7,272 | First Commonwealth Financial Corporation, (3) | 51,995 | ||||||||||||
1,224 | First Community Bancshares, Inc. | 18,984 | ||||||||||||
1,149 | First Connecticut Bancorp. | 17,051 | ||||||||||||
4,045 | First Financial Bancorp. | 62,172 | ||||||||||||
2,175 | First Financial Bankshares, Inc., (3) | 107,467 | ||||||||||||
772 | First Financial Corporation | 23,847 | ||||||||||||
1,143 | First Financial Holdings, Inc. | 22,906 | ||||||||||||
1,123 | First Interstate BancSystem Inc., Montana | 22,819 | ||||||||||||
1,978 | First Merchants Corporation | 32,103 | ||||||||||||
5,178 | First Midwest Bancorp, Inc. | 64,984 | ||||||||||||
534 | First of Long Island Corporation | 16,132 | ||||||||||||
11,372 | FirstMerit Corporation | 194,802 | ||||||||||||
691 | FNB United Corporation, (2), (3) | 5,183 | ||||||||||||
872 | German American Bancorp, Inc. | 18,591 | ||||||||||||
4,973 | Glacier Bancorp, Inc. | 91,752 |
Nuveen Investments | 51 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Commercial Banks (continued) | ||||||||||||||
704 | Great Southern Bancorp. | $ | 18,564 | |||||||||||
5,265 | Guaranty Bancorp., (2) | 11,162 | ||||||||||||
5,273 | Hancock Holding Company | 143,795 | ||||||||||||
2,176 | Hanmi Financial Corporation, (2) | 33,576 | ||||||||||||
1,004 | Heartland Financial USA, Inc. | 25,512 | ||||||||||||
1,433 | Heritage Commerce Coporation, (2) | 9,415 | ||||||||||||
1,069 | Heritage Financial Corporation | 14,913 | ||||||||||||
1,388 | Heritage Oaks Bancorp, (2) | 7,662 | ||||||||||||
1,524 | Home Bancshares, Inc. | 60,533 | ||||||||||||
1,462 | HomeTrust Bancshares Inc., (2) | 23,319 | ||||||||||||
450 | Horizon Bancorp. | 8,685 | ||||||||||||
1,073 | Hudson Valley Holding Corporation | 16,503 | ||||||||||||
2,040 | IberiaBank Corporation | 93,065 | ||||||||||||
1,535 | Independent Bank Corporation, (3) | 47,646 | ||||||||||||
3,681 | International Bancshares Corporation, (3) | 71,411 | ||||||||||||
2,974 | Investors Bancorp, Inc., (3) | 58,885 | ||||||||||||
2,047 | Lakeland Bancorp, Inc., (3) | 19,569 | ||||||||||||
1,128 | Lakeland Financial Corporation | 30,230 | ||||||||||||
1,397 | Mainsource Financial Group | 17,700 | ||||||||||||
3,779 | MB Financial, Inc., (3) | 93,568 | ||||||||||||
595 | Mercantile Bank Corporation | 9,942 | ||||||||||||
333 | Merchants Bancshares, Inc. | 10,103 | ||||||||||||
976 | Metro Bancorp, Inc., (2) | 17,324 | ||||||||||||
1,093 | Metrocorp Bancshares, Inc., (2) | 10,985 | ||||||||||||
350 | Middleburg Financial Corporation | 6,332 | ||||||||||||
577 | Midsouth Bancorp Inc. | 9,065 | ||||||||||||
470 | MidWestOne Financial Group Inc. | 11,233 | ||||||||||||
499 | National Bank Holdings Corporation | 9,012 | ||||||||||||
479 | National Bankshares, Inc. | 15,687 | ||||||||||||
8,531 | National Penn Bancshares, Inc. | 83,518 | ||||||||||||
2,930 | NBT Bancorp, Inc. | 59,333 | ||||||||||||
422 | Northrim Bancorp, Inc. | 9,191 | ||||||||||||
3,150 | OFG Bancorp., (3) | 50,621 | ||||||||||||
7,004 | Old National Bancorp. | 85,309 | ||||||||||||
720 | OmniAmerican Bancorp Inc., (2) | 17,928 | ||||||||||||
1,258 | Pacific Continental Corporation | 14,064 | ||||||||||||
737 | Pacific Mercantile Bancorp., (2) | 4,422 | ||||||||||||
2,097 | Pacwest Bancorp., (3) | 58,150 | ||||||||||||
783 | Park National Corporation | 53,542 | ||||||||||||
3,081 | Park Sterling Bank Inc., (2) | 17,654 | ||||||||||||
613 | Peapack Gladstone Financial Corporation, (3) | 8,938 | ||||||||||||
250 | Penns Woods Bancorp, Inc. | 10,230 | ||||||||||||
738 | Peoples Bancorp, Inc. | 15,040 | ||||||||||||
2,392 | Pinnacle Financial Partners, Inc., (2) | 58,054 | ||||||||||||
812 | Preferred Bank Los Angeles, (2) | 13,398 |
52 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Commercial Banks (continued) | ||||||||||||||
4,452 | Privatebancorp, Inc., (3) | $ | 85,389 | |||||||||||
3,274 | Prosperity Bancshares, Inc. | 150,408 | ||||||||||||
1,735 | Renasant Corporation | 39,593 | ||||||||||||
688 | Republic Bancorp, Inc. | 15,274 | ||||||||||||
1,998 | S&T Bancorp, Inc. | 37,702 | ||||||||||||
1,669 | Sandy Spring Bancorp, Inc. | 34,181 | ||||||||||||
1,146 | SCBT Financial Corporation, (3) | 54,744 | ||||||||||||
5,081 | Seacoast Banking Corporation of Florida, (2) | 10,873 | ||||||||||||
835 | Sierra Bancorp. | 10,788 | ||||||||||||
1,183 | Simmons First National Corporation | 29,007 | ||||||||||||
1,256 | Southside Bancshares, Inc. | 26,871 | ||||||||||||
1,344 | Southwest Bancorp, Inc., (2) | 17,768 | ||||||||||||
2,193 | State Bank Financial Corporation | 32,259 | ||||||||||||
1,595 | StellarOne Corporation | 23,909 | ||||||||||||
2,137 | Sterling Bancorp. | 24,105 | ||||||||||||
1,850 | Sterling Financial Corporation | 40,330 | ||||||||||||
672 | Suffolk Bancorp., (2) | 10,510 | ||||||||||||
2,753 | Sun Bancorp, Inc., (2) | 8,865 | ||||||||||||
12,985 | Susquehanna Bancshs Inc. | 151,535 | ||||||||||||
839 | SY Bancorp, Inc., (3) | 19,263 | ||||||||||||
1,126 | Taylor Capital Group, Inc., (2) | 16,496 | ||||||||||||
2,773 | Texas Capital BancShares, Inc., (2), (3) | 115,523 | ||||||||||||
759 | Tompkins Financial Corporation | 31,726 | ||||||||||||
1,820 | Towne Bank | 26,044 | ||||||||||||
1,104 | Trico Bancshares | 19,287 | ||||||||||||
4,477 | Trustmark Corporation, (3) | 109,910 | ||||||||||||
2,231 | UMB Financial Corporation | 112,309 | ||||||||||||
7,734 | Umpqua Holdings Corporation, (3) | 92,808 | ||||||||||||
1,400 | Union First Market Bankshares Corporation | 26,474 | ||||||||||||
3,475 | United Bankshares, Inc., (3) | 87,952 | ||||||||||||
2,884 | United Community Banks, Inc., (2) | 31,580 | ||||||||||||
1,159 | Univest Corporation of Pennsylvania | 20,317 | ||||||||||||
1,853 | Virginia Commerce Bancorp, Inc., (2) | 24,904 | ||||||||||||
1,066 | Washington Banking Company | 14,711 | ||||||||||||
995 | Washington Trust Bancorp, Inc. | 26,616 | ||||||||||||
4,986 | Webster Financial Corporation | 116,523 | ||||||||||||
1,761 | WesBanco, Inc. | 44,078 | ||||||||||||
1,081 | West Bancorp, Inc. | 11,653 | ||||||||||||
1,730 | Westamerica Bancorp., (3) | 75,065 | ||||||||||||
5,036 | Western Alliance Bancorporation, (2), (3) | 74,080 | ||||||||||||
4,272 | Wilshire Bancorp, Inc., (2), (3) | 27,298 | ||||||||||||
2,510 | Wintrust Financial Corporation, (3) | 90,009 | ||||||||||||
Total Commercial Banks | 5,791,795 | |||||||||||||
Commercial Services & Supplies – 1.9% | ||||||||||||||
3,715 | ABM Industries Inc. | 83,773 | ||||||||||||
7,811 | Acco Brands Corporation, (2) | 52,724 |
Nuveen Investments | 53 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Commercial Services & Supplies (continued) | ||||||||||||||
1,236 | Acorn Energy Inc., (2) | $ | 9,270 | |||||||||||
1,267 | American Ecology Corporation | 34,462 | ||||||||||||
2,526 | ARC Document Solutions, (2) | 8,108 | ||||||||||||
665 | AT Cross Company, Class A Shares, (2) | 8,392 | ||||||||||||
3,266 | Brinks Company | 86,582 | ||||||||||||
2,586 | Casella Waste Systems, Inc., (2) | 11,275 | ||||||||||||
496 | CECO Environmental Corporation | 5,759 | ||||||||||||
3,731 | Cenveo Inc., (2) | 7,611 | ||||||||||||
73 | CompX International Inc. | 913 | ||||||||||||
542 | Consolidated Graphics Inc., (2) | 19,333 | ||||||||||||
662 | Courier Corporation, (3) | 9,533 | ||||||||||||
3,525 | Deluxe Corporation | 134,444 | ||||||||||||
5,481 | EnergySolutions Inc., (2) | 22,637 | ||||||||||||
1,789 | EnerNOC, Inc., (2) | 31,343 | ||||||||||||
1,808 | Ennis Inc. | 27,789 | ||||||||||||
1,303 | G&K Services, Inc. | 61,228 | ||||||||||||
4,642 | Healthcare Services Group, Inc., (2) | 103,470 | ||||||||||||
532 | Heritage-Crystal Clean, Inc., (2) | 8,273 | ||||||||||||
3,148 | HNI Corporation | 108,386 | ||||||||||||
2,195 | Innerworkings, Inc., (2), (3) | 22,104 | ||||||||||||
4,222 | Interface, Inc. | 70,676 | ||||||||||||
622 | Intersections, Inc. | 5,946 | ||||||||||||
2,254 | Kimball International Inc., Class B | 20,714 | ||||||||||||
3,313 | Knoll Inc. | 51,550 | ||||||||||||
1,712 | McGrath Rentcorp. | 53,175 | ||||||||||||
2,772 | Metalico Inc., (2) | 4,130 | ||||||||||||
4,032 | Miller (Herman) Inc. | 101,163 | ||||||||||||
1,907 | Mine Safety Appliances Company | 91,536 | ||||||||||||
2,642 | Mobile Mini, Inc., (2) | 74,319 | ||||||||||||
926 | Multi Color Corporation | 23,946 | ||||||||||||
454 | NL Industries Inc. | 5,117 | ||||||||||||
622 | Performant Financial Corporation, (2) | 6,052 | ||||||||||||
1,742 | Quad Graphics Inc. | 36,408 | ||||||||||||
819 | Schawk Inc. | 8,337 | ||||||||||||
1,083 | Standard Parking Corporation, (2), (3) | 23,274 | ||||||||||||
5,258 | Steelcase Inc. | 66,777 | ||||||||||||
7,787 | Swisher Hygiene Inc., (2), (3) | 11,369 | ||||||||||||
1,376 | Team, Inc., (2) | 53,334 | ||||||||||||
4,384 | Tetra Tech, Inc., (2), (3) | 115,255 | ||||||||||||
890 | TMS International Corporation, Class A Shares | 12,852 | ||||||||||||
1,138 | TRC Companies, (2) | 6,874 | ||||||||||||
1,002 | UniFirst Corporation | 91,232 | ||||||||||||
2,811 | United Stationers, Inc. | 91,273 | ||||||||||||
1,401 | Viad Corporation | 36,496 | ||||||||||||
Total Commercial Services & Supplies | 1,919,214 |
54 | Nuveen Investments |
Shares | Description (1) | �� | Value | |||||||||||
Communications Equipment – 1.7% | ||||||||||||||
4,404 | ADTRAN, Inc., (3) | $ | 92,484 | |||||||||||
176 | Ambient Corporation, (2) | 350 | ||||||||||||
906 | Anaren Microwave Inc., (2) | 21,209 | ||||||||||||
7,814 | Arris Group Inc. | 129,009 | ||||||||||||
7,730 | Aruba Networks, Inc., (2), (3) | 173,848 | ||||||||||||
4,236 | Aviat Networks Inc., (2) | 13,555 | ||||||||||||
838 | Aware Inc. | 4,048 | ||||||||||||
733 | Bel Fuse, Inc., Class B | 10,790 | ||||||||||||
1,143 | Black Box Corporation | 24,826 | ||||||||||||
2,421 | CalAmp Corporation, (2) | 26,946 | ||||||||||||
2,714 | Calix Inc., (2) | 23,150 | ||||||||||||
6,854 | Ciena Corporation, (2) | 102,536 | ||||||||||||
1,170 | Comtech Telecom Corporation | 28,794 | ||||||||||||
1,781 | Digi International, Inc., (2) | 16,243 | ||||||||||||
6,000 | Emulex Corporation, (2) | 36,000 | ||||||||||||
6,509 | Extreme Networks Inc., (2) | 21,675 | ||||||||||||
6,310 | Finisar Corporation, (2), (3) | 81,020 | ||||||||||||
1,593 | Globecom Systems, Inc., (2) | 19,514 | ||||||||||||
8,127 | Harmonic Inc., (2) | 46,161 | ||||||||||||
7,974 | Infinera Corporation, (2), (3) | 67,141 | ||||||||||||
2,831 | Interdigital Inc., (3) | 125,725 | ||||||||||||
2,915 | IXIA, (2), (3) | 48,010 | ||||||||||||
1,020 | KVH Industries, Inc., (2) | 13,474 | ||||||||||||
2,626 | Netgear, Inc., (2) | 78,229 | ||||||||||||
804 | Numerex Corporation, (2) | 8,297 | ||||||||||||
5,048 | Oclaro Inc., (2) | 6,865 | ||||||||||||
1,318 | Oplink Communications, Inc., (2) | 21,642 | ||||||||||||
5,526 | Parkervision, Inc., (2), (3) | 22,049 | ||||||||||||
1,277 | PCTEL, Inc. | 8,518 | ||||||||||||
2,938 | Plantronics Inc. | 128,743 | ||||||||||||
1,419 | Procera Networks Inc., (2) | 15,737 | ||||||||||||
580 | Ruckus Wireless Incorporated, (2), (3) | 11,194 | ||||||||||||
3,333 | ShoreTel, Inc., (2) | 12,032 | ||||||||||||
14,705 | Sonus Networks, Inc., (2) | 30,881 | ||||||||||||
2,876 | Symmetricom Inc., (2) | 14,955 | ||||||||||||
25,315 | Tellabs Inc. | 52,402 | ||||||||||||
1,146 | Telular Corporation | 14,634 | ||||||||||||
372 | Tessco Technologies Inc. | 7,604 | ||||||||||||
724 | Ubiquiti Networks Inc. | 11,186 | ||||||||||||
2,593 | ViaSat, Inc., (2), (3) | 125,683 | ||||||||||||
3,411 | Westell Technologies Inc., Class A, (2) | 6,686 | ||||||||||||
Total Communications Equipment | 1,703,845 | |||||||||||||
Computers & Peripherals – 0.7% | ||||||||||||||
5,376 | 3D Systems Corporation, (2), (3) | 205,578 | ||||||||||||
2,063 | Avid Technology Inc., (2) | 13,595 | ||||||||||||
2,723 | Cray, Inc., (2) | 57,619 |
Nuveen Investments | 55 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Computers & Peripherals (continued) | ||||||||||||||
1,054 | Datalink Corporation, (2) | $ | 11,794 | |||||||||||
3,208 | Electronics For Imaging, (2) | �� | 85,718 | |||||||||||
2,136 | Imation Corporation, (2) | 7,860 | ||||||||||||
1,944 | Immersion Corporation, (2) | 20,587 | ||||||||||||
4,146 | Intermec Inc, (2) | 40,797 | ||||||||||||
1,608 | Intevac, Inc., (2) | 7,284 | ||||||||||||
4,655 | OCZ Technology Group Inc., (2), (3) | 6,098 | ||||||||||||
6,280 | QLogic Corporation, (2) | 68,201 | ||||||||||||
16,196 | Quantum Corporation, (2) | 23,160 | ||||||||||||
2,208 | Silicon Graphics International Corporation, (2) | 28,704 | ||||||||||||
2,451 | STEC Inc., (2) | 8,897 | ||||||||||||
2,014 | Super Micro Computer Inc., (2) | 19,375 | ||||||||||||
2,329 | Synaptics, Inc., (2) | 96,025 | ||||||||||||
Total Computers & Peripherals | 701,292 | |||||||||||||
Construction & Engineering – 0.8% | ||||||||||||||
2,714 | Aegion Corporation, (2) | 57,157 | ||||||||||||
1,394 | Ameresco Inc., Class A Shares, (2) | 10,274 | ||||||||||||
680 | Argan, Inc. | 12,036 | ||||||||||||
2,584 | Comfort Systems USA Inc. | 33,153 | ||||||||||||
2,324 | Dycom Industries Inc., (2) | 44,900 | ||||||||||||
4,613 | Emcor Group Inc. | 172,526 | ||||||||||||
2,576 | Furmanite Corporation, (2) | 16,358 | ||||||||||||
2,672 | Granite Construction Inc. | 73,934 | ||||||||||||
4,087 | Great Lakes Dredge & Dock Corporation | 28,282 | ||||||||||||
1,371 | Layne Christensen Company, (2), (3) | 28,010 | ||||||||||||
3,787 | MasTec Inc., (2), (3) | 105,279 | ||||||||||||
599 | Michael Baker Corporation | 14,586 | ||||||||||||
1,418 | MYR Group Inc., (2) | 32,330 | ||||||||||||
647 | Northwest Pipe Company, (2) | 17,657 | ||||||||||||
1,875 | Orion Marine Group Inc., (2) | 17,175 | ||||||||||||
1,190 | Pike Electric Corporation | 18,600 | ||||||||||||
2,068 | Primoris Services Corporation | 45,579 | ||||||||||||
1,129 | Sterling Construction Company, Inc., (2) | 11,425 | ||||||||||||
2,468 | Tutor Perini Corporation, (2), (3) | 40,574 | ||||||||||||
Total Construction & Engineering | 779,835 | |||||||||||||
Construction Materials – 0.4% | ||||||||||||||
3,379 | Eagle Materials Inc. | 228,927 | ||||||||||||
5,032 | Headwater Inc., (2) | 54,648 | ||||||||||||
1,560 | Texas Industries Inc., (2), (3) | 99,341 | ||||||||||||
120 | United States Lime & Minerals, Inc., (2) | 5,542 | ||||||||||||
Total Construction Materials | 388,458 | |||||||||||||
Consumer Finance – 0.7% | ||||||||||||||
1,096 | Asset Accceptance Capital Corporation, (2) | 7,091 | ||||||||||||
722 | Asta Funding, Inc. | 6,780 | ||||||||||||
2,031 | Cash America International, Inc., (3) | 88,613 | ||||||||||||
507 | Credit Acceptance Corporation, (2) | 50,867 |
56 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Consumer Finance (continued) | ||||||||||||||
3,040 | DFC Global Corporation, (2), (3) | $ | 41,040 | |||||||||||
1,515 | Encore Capital Group, Inc., (2), (3) | 43,162 | ||||||||||||
3,316 | EZCORP, Inc., (2) | 56,040 | ||||||||||||
1,864 | First Cash Financial Services, Inc., (2) | 95,940 | ||||||||||||
4,023 | First Marblehead Corporation, (2) | 4,948 | ||||||||||||
1,659 | Green Dot Corporation, Class A Shares, (2), (3) | 26,063 | ||||||||||||
1,657 | Nelnet Inc. | 56,338 | ||||||||||||
1,958 | Netspend Holdings, Inc., (2) | 31,250 | ||||||||||||
688 | Nicholas Financial, Inc., (3) | 10,059 | ||||||||||||
1,183 | Porfolio Recovery Associates, Inc., (2) | 145,213 | ||||||||||||
315 | Regional Management Corporation, (2) | 6,829 | ||||||||||||
671 | World Acceptance Corporation, (2), (3) | 59,625 | ||||||||||||
Total Consumer Finance | 729,858 | |||||||||||||
Containers & Packaging – 0.2% | ||||||||||||||
289 | AEP Industries, Inc., (2), (3) | 22,282 | ||||||||||||
2,033 | Berry Plastics Corporation, (2), (3) | 38,627 | ||||||||||||
6,979 | Boise Inc. | 55,762 | ||||||||||||
10,140 | Graphic Packaging Holding Company, (2) | 76,253 | ||||||||||||
2,316 | Myers Industries, Inc. | 34,323 | ||||||||||||
379 | UFP Technologies, Inc., (2) | 7,690 | ||||||||||||
Total Containers & Packaging | 234,937 | |||||||||||||
Distributors – 0.2% | ||||||||||||||
1,261 | Audiovox Corporation, (2) | 12,017 | ||||||||||||
790 | Core-Mark Holding Company, Inc. | 41,112 | ||||||||||||
3,283 | Pool Corporation, (3) | 160,933 | ||||||||||||
460 | Weyco Group, Inc. | 11,040 | ||||||||||||
Total Distributors | 225,102 | |||||||||||||
Diversified Consumer Services – 1.0% | ||||||||||||||
1,247 | American Public Education Inc., (2), (3) | 41,812 | ||||||||||||
983 | Ascent Media Corporation, (2) | 65,360 | ||||||||||||
1,204 | Bridgepoint Education Inc., (2) | 12,979 | ||||||||||||
815 | Bright Horizons Family Solutions Inc., (2) | 26,439 | ||||||||||||
879 | Capella Education Company, (2) | 31,134 | ||||||||||||
3,578 | Career Education Corporation, (2) | 7,836 | ||||||||||||
1,096 | Carriage Services Inc. | 19,169 | ||||||||||||
1,929 | Coinstar Inc., (2), (3) | 101,870 | ||||||||||||
349 | Collectors Universe, Inc., (3) | 4,157 | ||||||||||||
5,412 | Corinthian Colleges Inc., (2) | 10,824 | ||||||||||||
1,843 | Education Management Corporation, (2), (3) | 10,450 | ||||||||||||
2,762 | Grand Canyon Education Inc., (2) | 70,624 | ||||||||||||
3,812 | Hillenbrand Inc. | 95,796 | ||||||||||||
1,845 | K12, Inc., (2), (3) | 46,992 | ||||||||||||
1,248 | LifeLock, Incorporated, (2), (3) | 11,232 | ||||||||||||
1,577 | Lincoln Educational Services Corporation | 8,784 | ||||||||||||
822 | Mac-Gray Corporation | 10,645 | ||||||||||||
1,949 | Matthews International Corporation | 71,743 |
Nuveen Investments | 57 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Diversified Consumer Services (continued) | ||||||||||||||
698 | National American University Holdings Inc. | $ | 2,331 | |||||||||||
3,979 | Regis Corporation, (3) | 74,606 | ||||||||||||
4,682 | Sothebys Holdings Inc., (3) | 166,117 | ||||||||||||
1,055 | Steiner Leisure Limited, (2) | 51,094 | ||||||||||||
5,165 | Stewart Enterprises Class A, (3) | 46,020 | ||||||||||||
820 | Strayer Education Inc. | 38,835 | ||||||||||||
1,483 | Universal Technical Institute Inc. | 17,603 | ||||||||||||
Total Diversified Consumer Services | 1,044,452 | |||||||||||||
Diversified Financial Services – 0.3% | ||||||||||||||
157 | California First National Bancorp. | 2,499 | ||||||||||||
1,027 | Gain Capital Holdings Inc. | 5,063 | ||||||||||||
2,524 | Marketaxess | 106,816 | ||||||||||||
568 | Marlin Business Services Corporation | 13,763 | ||||||||||||
554 | MicroFinancial Incorporated | 4,482 | ||||||||||||
1,805 | Newstar Financial, Inc., (2) | 21,570 | ||||||||||||
3,915 | PHH Corporation, (2) | 82,528 | ||||||||||||
1,574 | PICO Holdings, Inc., (2) | 34,156 | ||||||||||||
830 | Resource America Inc. | 7,653 | ||||||||||||
Total Diversified Financial Services | 278,530 | |||||||||||||
Diversified Telecommunication Services – 0.5% | ||||||||||||||
4,887 | 8X8, Inc., (2) | 35,333 | ||||||||||||
623 | Atlantic Tele-Network, Inc. | 31,630 | ||||||||||||
1,877 | Cbeyond Inc., (2), (3) | 16,480 | ||||||||||||
13,633 | Cincinnati Bell Inc., (2) | 47,988 | ||||||||||||
3,237 | Cogent Communications Group, Inc. | 92,708 | ||||||||||||
2,767 | Consolidated Communications Holdings, Inc., (3) | 50,996 | ||||||||||||
1,429 | FairPoint Communications Inc., (2), (3) | 11,632 | ||||||||||||
2,663 | General Communication, Inc., (2), (3) | 25,858 | ||||||||||||
709 | Hawaiian Telcom Holdco Inc., (2), (3) | 17,137 | ||||||||||||
931 | Hickory Tech Corporation | 9,571 | ||||||||||||
1,046 | IDT Corporation | 15,470 | ||||||||||||
2,583 | inContact, Inc., (2), (3) | 20,922 | ||||||||||||
3,437 | Iridium Communications Inc., (2), (3) | 23,062 | ||||||||||||
1,051 | Lumos Networks Corporation | 14,178 | ||||||||||||
2,019 | Neutral Tandem Inc. | 6,017 | ||||||||||||
2,471 | Orbcomm, Inc., (2) | 11,688 | ||||||||||||
3,460 | Premiere Global Services, Inc., (2) | 38,856 | ||||||||||||
795 | Primus Telecommunications Group Inc. | 9,993 | ||||||||||||
3,911 | TowerStream Corporation, (2) | 9,386 | ||||||||||||
985 | VocalTec Communications Limited, (2), (3) | 16,282 | ||||||||||||
11,001 | Vonage Holdings Corporation, (2) | 33,553 | ||||||||||||
Total Diversified Telecommunication Services | 538,740 | |||||||||||||
Electric Utilities – 1.4% | ||||||||||||||
2,636 | ALLETE Inc | 135,359 | ||||||||||||
4,199 | Cleco Corporation | 207,934 | ||||||||||||
2,769 | El Paso Electric Company | 103,727 |
58 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Electric Utilities (continued) | ||||||||||||||
2,915 | Empire District Electric Company | $ | 67,249 | |||||||||||
3,463 | IDACORP, INC | 170,414 | ||||||||||||
1,598 | MGE Energy, Inc. | 89,248 | ||||||||||||
2,499 | Otter Tail Power Corporation | 77,969 | ||||||||||||
5,506 | PNM Resources Inc. | 132,199 | ||||||||||||
5,219 | Portland General Electric Company | 168,313 | ||||||||||||
3,501 | UIL Holdings Corporation | 145,782 | ||||||||||||
898 | Unitil Corp. | 27,218 | ||||||||||||
2,783 | UNS Energy Corporation | 141,822 | ||||||||||||
Total Electric Utilities | 1,467,234 | |||||||||||||
Electrical Equipment – 1.1% | ||||||||||||||
2,927 | Acuity Brands Inc., (2) | 213,554 | ||||||||||||
2,869 | American Superconductor Corporation, (2) | 7,201 | ||||||||||||
1,746 | AZZ Inc. | 73,838 | ||||||||||||
3,146 | Belden Inc. | 155,475 | ||||||||||||
3,391 | Brady Corporation | 114,887 | ||||||||||||
20,636 | Capstone Turbine Corporation, (2), (3) | 18,162 | ||||||||||||
601 | Coleman Cable Inc. | 9,015 | ||||||||||||
1,142 | Encore Wire Corporation | 37,401 | ||||||||||||
3,315 | EnerSys, (2) | 151,960 | ||||||||||||
549 | Enphase Energy Incorporated, (2), (3) | 3,865 | ||||||||||||
3,242 | Franklin Electric Company, Inc. | 104,944 | ||||||||||||
10,460 | Fuelcell Energy Inc., (2), (3) | 10,983 | ||||||||||||
1,710 | Generac Holdings Inc. | 61,440 | ||||||||||||
1,189 | Global Power Equipment Group Inc. | 19,619 | ||||||||||||
3,634 | II VI Inc., (2) | 56,218 | ||||||||||||
1,350 | LSI Industries, Inc., (3) | 9,504 | ||||||||||||
617 | Powell Industries Inc., (2) | 30,381 | ||||||||||||
162 | Preformed Line Products Company | 13,041 | ||||||||||||
914 | Solarcity Corporation, (2), (3) | 24,696 | ||||||||||||
1,017 | Thermon Group Holdings Inc., (2) | 19,933 | ||||||||||||
1,358 | Vicor Corporation, (2) | 7,292 | ||||||||||||
Total Electrical Equipment | 1,143,409 | |||||||||||||
Electronic Equipment & Instruments – 2.0% | ||||||||||||||
1,367 | Aeroflex Holding Corporation, (2) | 10,170 | ||||||||||||
1,105 | Agilysys Inc., (2) | 12,906 | ||||||||||||
1,949 | Anixter International Inc. | 139,821 | ||||||||||||
418 | Audience Incorporated, (2) | 6,182 | ||||||||||||
1,004 | Badger Meter Inc. | 43,855 | ||||||||||||
3,986 | Benchmark Electronics Inc., (2) | 71,110 | ||||||||||||
2,795 | Checkpoint Systems Inc., (2) | 32,338 | ||||||||||||
2,962 | Cognex Corporation | 117,591 | ||||||||||||
1,637 | Coherent Inc. | 91,557 | ||||||||||||
2,355 | CTS Corporation | 25,081 | ||||||||||||
2,496 | Daktronics Inc. | 24,935 | ||||||||||||
1,265 | DTS, Inc., (2) | 21,227 |
Nuveen Investments | 59 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Electronic Equipment & Instruments (continued) | ||||||||||||||
2,625 | Echelon Corporation, (2) | $ | 5,801 | |||||||||||
1,297 | Electro Rent Corporation | 21,491 | ||||||||||||
1,585 | Electro Scientific Industries Inc. | 17,086 | ||||||||||||
1,525 | Fabrinet | 20,938 | ||||||||||||
1,169 | FARO Technologies, Inc., (2) | 45,346 | ||||||||||||
2,622 | FEI Company, (3) | 167,493 | ||||||||||||
2,016 | GSI Group, Inc., (2) | 17,217 | ||||||||||||
3,069 | Insight Enterprises Inc., (2) | 55,610 | ||||||||||||
2,517 | InvenSense Incorporated, (2), (3) | 23,458 | ||||||||||||
3,102 | Kemet Corporation, (2) | 19,325 | ||||||||||||
724 | Key Tronic Corporation, (2) | 8,181 | ||||||||||||
1,497 | Littelfuse Inc. | 104,521 | ||||||||||||
2,014 | Maxwell Technologies, Inc., (2), (3) | 12,285 | ||||||||||||
1,044 | Measurement Specialties, Inc., (2) | 44,652 | ||||||||||||
2,140 | Mercury Computer Systems Inc., (2) | 16,542 | ||||||||||||
169 | Mesa Laboratories, Inc. | 8,342 | ||||||||||||
2,559 | Methode Electronics, Inc. | 36,798 | ||||||||||||
1,112 | MTS Systems Corporation | 67,776 | ||||||||||||
606 | Multi Fineline Electronix, Inc., (2) | 9,235 | ||||||||||||
1,554 | Neonode Incorporated, (2), (3) | 8,873 | ||||||||||||
2,641 | Newport Corporation, (2) | 40,011 | ||||||||||||
1,372 | OSI Systems Inc., (2) | 78,616 | ||||||||||||
1,437 | Park Electrochemical Corporation | 34,301 | ||||||||||||
597 | PC Connection, Inc. | 9,218 | ||||||||||||
2,418 | Plexus Corporation, (2) | 65,213 | ||||||||||||
4,637 | Power One Inc, (2) | 29,306 | ||||||||||||
1,582 | Radisys Corporation, (2) | 7,847 | ||||||||||||
2,864 | RealD Inc., (2) | 42,874 | ||||||||||||
858 | Richardson Electronics Limited | 10,064 | ||||||||||||
1,973 | Rofin Sinar Technologies Inc., (2), (3) | 49,128 | ||||||||||||
1,124 | Rogers Corporation, (2) | 47,927 | ||||||||||||
5,633 | Sanmina-SCI Corporation, (2) | 71,088 | ||||||||||||
1,906 | ScanSource, Inc., (2) | 55,217 | ||||||||||||
1,717 | SYNNEX Corporation, (2) | 59,408 | ||||||||||||
3,675 | TTM Technologies, Inc., (2) | 26,570 | ||||||||||||
2,745 | Universal Display Corporation, (2) | 86,303 | ||||||||||||
252 | Viasystems Group Inc., (2) | 3,205 | ||||||||||||
791 | Vishay Precision Group Inc., (2) | 11,335 | ||||||||||||
1,126 | Zygo Corporation, (2) | 16,845 | ||||||||||||
Total Electronic Equipment & Instruments | 2,052,219 | |||||||||||||
Energy Equipment & Services – 1.9% | ||||||||||||||
2,720 | Basic Energy Services, Inc., (2), (3) | 37,346 | ||||||||||||
593 | Bolt Technology Corporation | 9,488 | ||||||||||||
2,472 | Bristow Group Inc. | �� | 156,230 | |||||||||||
3,082 | C&J Energy Services Inc., (2) | 60,993 | ||||||||||||
6,644 | Cal Dive International Inc., (2), (3) | 11,095 |
60 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Energy Equipment & Services (continued) | ||||||||||||||
549 | Dawson Geophysical Company, (2) | $ | 16,876 | |||||||||||
2,778 | Dril Quip Inc., (2), (3) | 232,546 | ||||||||||||
4,482 | Exterran Holdings, Inc., (2), (3) | 118,414 | ||||||||||||
1,019 | Forbes Energy Services Limited, (2) | 3,842 | ||||||||||||
1,657 | Forum Energy Technologies Incorporated, (2) | 46,081 | ||||||||||||
881 | Geospace Technologies Corporation, (2) | 74,330 | ||||||||||||
1,343 | Global Geophysical Services Inc., (2) | 4,889 | ||||||||||||
994 | Gulf Island Fabrication, Inc. | 20,437 | ||||||||||||
1,854 | Gulfmark Offshore Inc. | 77,163 | ||||||||||||
9,728 | Heckmann Corporation, (2), (3) | 35,896 | ||||||||||||
7,302 | Helix Energy Solutions Group, (2) | 168,238 | ||||||||||||
10,954 | Hercules Offshore Inc., (2) | 80,731 | ||||||||||||
2,441 | Hornbeck Offshore Services Inc., (2), (3) | 109,650 | ||||||||||||
9,122 | ION Geophysical Corporation, (2) | 56,921 | ||||||||||||
10,735 | Key Energy Services Inc., (2) | 63,766 | ||||||||||||
2,323 | Lufkin Industries Inc. | 205,098 | ||||||||||||
1,779 | Matrix Service Company, (2) | 26,738 | ||||||||||||
879 | Mitcham Industries, Inc., (2) | 13,053 | ||||||||||||
851 | Natural Gas Services Group, (2) | 17,182 | ||||||||||||
6,214 | Newpark Resources Inc., (2), (3) | 65,247 | ||||||||||||
8,130 | Parker Drilling Company, (2) | 33,496 | ||||||||||||
900 | PHI Inc Non-Voting, (2) | 24,993 | ||||||||||||
4,277 | Pioneer Energy Services Corporation, (2) | 30,153 | ||||||||||||
852 | RigNet, Inc., (2) | 20,618 | ||||||||||||
2,097 | Tesco Corporation, (2) | 25,583 | ||||||||||||
5,362 | TETRA Technologies, (2) | 48,955 | ||||||||||||
1,057 | TGC Industries Inc. | 9,379 | ||||||||||||
13,237 | Vantage Drilling Company, (2), (3) | 22,371 | ||||||||||||
2,690 | Willbros Group Inc., (2) | 25,555 | ||||||||||||
Total Energy Equipment & Services | 1,953,353 | |||||||||||||
Food & Staples Retailing – 1.0% | ||||||||||||||
1,285 | Andersons, Inc., (3) | 70,058 | ||||||||||||
78 | Arden Group, Inc. | 7,714 | ||||||||||||
2,633 | Casey’s General Stores, Inc. | 152,477 | ||||||||||||
2,884 | Harris Teeter Supermarkets Incorporated, (3) | 120,522 | ||||||||||||
873 | Ingles Markets, Inc. | 18,612 | ||||||||||||
844 | Nash Finch Company | 17,344 | ||||||||||||
493 | Natural Grocers by Vitamin Cottage Incorporated, (2), (3) | 12,364 | ||||||||||||
1,616 | Pantry, Inc., (2) | 23,610 | ||||||||||||
1,191 | PriceSmart, Inc., (3) | 106,273 | ||||||||||||
45,618 | Rite Aid Corporation, (2) | 120,888 | ||||||||||||
1,383 | Roundys Inc. | 9,902 | ||||||||||||
1,498 | Spartan Stores, Inc., (3) | 25,136 | ||||||||||||
14,630 | SUPERVALU INC., (3) | 85,439 | ||||||||||||
774 | Susser Holdings Corporation, (2) | 41,154 | ||||||||||||
761 | The Chef’s Warehouse Inc., (2) | 13,995 |
Nuveen Investments | 61 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Food & Staples Retailing (continued) | ||||||||||||||
3,376 | United Natural Foods Inc., (2) | $ | 168,597 | |||||||||||
582 | Village Super Market, Inc. | 20,486 | ||||||||||||
618 | Weis Markets Inc. | 25,851 | ||||||||||||
Total Food & Staples Retailing | 1,040,422 | |||||||||||||
Food Products – 1.5% | ||||||||||||||
243 | Alico Inc. | 10,160 | ||||||||||||
345 | Annie’s Incorporated, (2), (3) | 13,038 | ||||||||||||
3,634 | B&G Foods Inc. | 112,145 | ||||||||||||
4,075 | Boulder Brands Inc., (2), (3) | 36,716 | ||||||||||||
822 | Calavo Growers, Inc., (3) | 23,312 | ||||||||||||
999 | Cal-Maine Foods, Inc. | 42,637 | ||||||||||||
3,175 | Chiquita Brands International Inc., (2), (3) | 27,400 | ||||||||||||
8,130 | Darling International Inc., (2) | 150,486 | ||||||||||||
1,529 | Diamond Foods Inc., (2) | 23,057 | ||||||||||||
2,478 | Dole Food Company Inc., (2) | 26,663 | ||||||||||||
470 | Farmer Brothers Company, (2), (3) | 7,121 | ||||||||||||
2,345 | Fresh Del Monte Produce Inc. | 59,586 | ||||||||||||
193 | Griffin Land & Nurseries, Inc. | 5,761 | ||||||||||||
2,547 | Hain Celestial Group Inc., (2), (3) | 166,192 | ||||||||||||
903 | Inventure Group, (2) | 6,917 | ||||||||||||
966 | J&K Snack Foods Corporation | 72,469 | ||||||||||||
549 | John B Sanfillippo & Son, Inc. | 11,518 | ||||||||||||
1,137 | Lancaster Colony Corporation | 89,743 | ||||||||||||
294 | Lifeway Foods, Inc. | 3,728 | ||||||||||||
666 | Limoneira Company | 12,408 | ||||||||||||
1,354 | Omega Protein Corporation, (2) | 12,606 | ||||||||||||
4,171 | Pilgrim’s Pride Corporation, (2) | 40,834 | ||||||||||||
1,814 | Post Holdings Inc., (2) | 79,435 | ||||||||||||
1,587 | Sanderson Farms Inc. | 97,220 | ||||||||||||
20 | Seaboard Corproation | 54,920 | ||||||||||||
593 | Seneca Foods Corporation, (2) | 19,326 | ||||||||||||
3,035 | Snyders Lance Inc. | 76,421 | ||||||||||||
1,662 | Tootsie Roll Industries Inc., (3) | 51,904 | ||||||||||||
2,486 | Treehouse Foods Inc., (2) | 158,383 | ||||||||||||
Total Food Products | 1,492,106 | |||||||||||||
Gas Utilities – 0.9% | ||||||||||||||
663 | Chesapeake Utilities Corporation | 35,378 | ||||||||||||
470 | Delta Natural Gas Company, Inc. | 10,190 | ||||||||||||
1,458 | Laclede Group Inc., (3) | 68,103 | ||||||||||||
2,872 | New Jersey Resources Corporation | 135,558 | ||||||||||||
1,852 | Northwest Natural Gas Company, (3) | 82,358 | ||||||||||||
5,220 | Piedmont Natural Gas Company, (3) | 179,725 | ||||||||||||
2,101 | South Jersey Industries Inc., (3) | 129,632 | ||||||||||||
3,154 | Southwest Gas Corporation | 159,813 | ||||||||||||
3,344 | WGL Holdings Inc. | 154,560 | ||||||||||||
Total Gas Utilities | 955,317 |
62 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Health Care Equipment & Supplies – 2.7% | ||||||||||||||
1,499 | Abaxis, Inc. | $ | 63,992 | |||||||||||
2,311 | Abiomed, Inc., (2), (3) | �� | 42,684 | |||||||||||
4,929 | Accuray, Inc., (2), (3) | 21,688 | ||||||||||||
4,967 | Align Technology, Inc., (2), (3) | 164,507 | ||||||||||||
3,779 | Alphatec Holdings, Inc., (2) | 7,142 | ||||||||||||
848 | Analogic Corporation | 67,399 | ||||||||||||
1,697 | AngioDynamics, Inc., (2) | 17,191 | ||||||||||||
814 | Anika Therapeutics, Inc., (2) | 10,867 | ||||||||||||
7,393 | Antares Pharma Inc., (2), (3) | 28,019 | ||||||||||||
1,911 | Arthrocare Corporation, (2) | 66,216 | ||||||||||||
1,244 | AtriCure, Inc., (2) | 10,375 | ||||||||||||
102 | ATRION Corporation | 20,440 | ||||||||||||
1,466 | Cantel Medical Corporation | 46,340 | ||||||||||||
1,159 | Cardiovascular Systems, Inc., (2) | 19,888 | ||||||||||||
4,462 | Cerus Corporation, (2), (3) | 23,738 | ||||||||||||
2,168 | Conceptus Inc., (2) | 67,230 | ||||||||||||
1,956 | Conmed Corporation, (3) | 61,281 | ||||||||||||
1,904 | CryoLife Inc. | 11,424 | ||||||||||||
1,903 | Cyberonics, (2), (3) | 82,628 | ||||||||||||
853 | Cynosure, Inc., (2) | 22,059 | ||||||||||||
801 | Derma Sciences Inc., (2) | 9,684 | ||||||||||||
4,739 | DexCom, Inc., (2) | 77,767 | ||||||||||||
3,824 | Endologix, Inc., (2) | 57,436 | ||||||||||||
2,494 | EnteroMedics, Inc., (2) | 2,394 | ||||||||||||
593 | Exactech, Inc., (2) | 10,971 | ||||||||||||
662 | Globus Medical Inc, Class A, (2), (3) | 10,076 | ||||||||||||
1,635 | Greatbatch, Inc., (2) | 45,682 | ||||||||||||
3,302 | Haemonetics Corporation, (2) | 127,127 | ||||||||||||
3,792 | Hansen Medical, Inc., (2), (3) | 7,432 | ||||||||||||
1,066 | Heartware International Inc., (2), (3) | 103,615 | ||||||||||||
865 | ICU Medical, Inc., (2) | 52,116 | ||||||||||||
3,611 | Insulet Corporation, (2), (3) | 91,142 | ||||||||||||
1,348 | Integra Lifesciences Holdings Corporation, (2) | 47,220 | ||||||||||||
2,200 | Invacare Corporation | 29,590 | ||||||||||||
2,723 | Mako Surgical Corporation, (2), (3) | 28,837 | ||||||||||||
3,451 | Masimo Corporation, (3) | 69,227 | ||||||||||||
2,851 | Meridian Bioscience, Inc. | 57,847 | ||||||||||||
2,906 | Merit Medical Systems, Inc., (2), (3) | 28,101 | ||||||||||||
2,036 | Natus Medical, Inc., (2) | 25,470 | ||||||||||||
7,385 | Navidea Biopharmaceuticals Incorporated, (2), (3) | 18,093 | ||||||||||||
1,557 | Neogen Corporation, (2) | 79,142 | ||||||||||||
2,985 | NuVasive, Inc., (2) | 62,595 | ||||||||||||
3,579 | Nxstage Medical, Inc., (2) | 39,977 | ||||||||||||
3,746 | OraSure Technologies, Inc., (2) | 16,707 | ||||||||||||
1,294 | Orthofix International NV, (2) | 41,926 | ||||||||||||
1,350 | Palomar Medical Technologies, Inc., (2) | 18,293 |
Nuveen Investments | 63 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Health Care Equipment & Supplies (continued) | ||||||||||||||
906 | PhotoMedex, Inc., (2) | $ | 14,768 | |||||||||||
1,948 | Quidel Corporation, (2), (3) | 43,479 | ||||||||||||
732 | Rochester Medical Corporation, (2) | 9,941 | ||||||||||||
1,786 | Rockwell Medical Technologies, Inc., (2) | 7,573 | ||||||||||||
3,860 | RTI Biologics Inc., (2) | 15,363 | ||||||||||||
4,734 | Solta Medical Inc., (2) | 9,231 | ||||||||||||
2,370 | Spectranetics Corporation, (2) | 44,201 | ||||||||||||
2,510 | STAAR Surgical Company, (2) | 17,520 | ||||||||||||
3,995 | Steris Corporation | 166,152 | ||||||||||||
980 | Surmodics Inc., (2) | 25,921 | ||||||||||||
2,535 | Symmetry Medical, Inc., (2) | 30,217 | ||||||||||||
1,102 | Tornier N.V, (2) | 20,045 | ||||||||||||
6,211 | Unilife Corporation, (2), (3) | 12,298 | ||||||||||||
214 | Utah Medical Products, Inc. | 9,487 | ||||||||||||
1,129 | Vascular Solutions, Inc., (2) | 17,962 | ||||||||||||
3,685 | Volcano Corporation, (2), (3) | 74,769 | ||||||||||||
2,341 | West Pharmaceutical Services Inc. | 149,496 | ||||||||||||
3,050 | Wright Medical Group, Inc., (2), (3) | 71,492 | ||||||||||||
1,170 | Zeltiq Aesthetics Inc, (2), (3) | 5,125 | ||||||||||||
Total Health Care Equipment & Supplies | 2,758,615 | |||||||||||||
Health Care Providers & Services – 2.3% | ||||||||||||||
1,864 | Acadia Healthcare Company Inc., (2) | 58,809 | ||||||||||||
3,895 | Accretive Health Inc., (2) | 41,053 | ||||||||||||
2,661 | Air Methods Corporation | 97,366 | ||||||||||||
570 | Almost Family, Inc. | 11,252 | ||||||||||||
2,082 | Amedisys, Inc., (2), (3) | 20,903 | ||||||||||||
3,069 | AMN Healthcare Services Inc., (2) | 42,137 | ||||||||||||
2,186 | AmSurg Corporation, (2) | 73,362 | ||||||||||||
1,339 | Assisted Living Concepts Inc. | 15,961 | ||||||||||||
1,700 | Bio-Reference Laboratories, Inc., (2) | 43,350 | ||||||||||||
3,454 | Bioscrip, Inc., (2) | 47,872 | ||||||||||||
1,946 | Capital Senior Living Corporation, (2) | 47,210 | ||||||||||||
3,558 | Centene Corporation, (2) | 164,380 | ||||||||||||
1,330 | Chemed Corporation, (3) | 108,555 | ||||||||||||
798 | Chindex International, Inc., (2) | 10,933 | ||||||||||||
358 | Corvel Corporation, (2) | 16,994 | ||||||||||||
1,879 | Cross Country Healthcare, Inc., (2) | 9,395 | ||||||||||||
2,231 | Emeritus Corporation, (2) | 57,337 | ||||||||||||
1,203 | Ensign Group Inc. | 41,949 | ||||||||||||
2,022 | ExamWorks Group Inc., (2), (3) | 36,598 | ||||||||||||
2,941 | Five Star Quality Care Inc., (2) | 13,911 | ||||||||||||
2,104 | Gentiva Health Services, Inc., (2) | 22,071 | ||||||||||||
2,359 | Hanger Orthopedic Group Inc., (2) | 71,690 | ||||||||||||
6,538 | HealthSouth Corporation, (2) | 179,795 | ||||||||||||
2,310 | Healthways Inc., (2) | 32,086 | ||||||||||||
1,146 | IPC The Hospitalist Company, Inc., (2) | 52,281 |
64 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Health Care Providers & Services (continued) | ||||||||||||||
3,657 | Kindred Healthcare Inc., (2) | $ | 38,362 | |||||||||||
653 | Landauer Inc. | 36,483 | ||||||||||||
1,014 | LHC Group, Inc., (2) | 22,024 | ||||||||||||
1,889 | Magellan Health Services, Inc., (2) | 96,641 | ||||||||||||
2,070 | Molina Healthcare Inc., (2), (3) | 68,724 | ||||||||||||
880 | MWI Veterinary Supply, Inc., (2) | 103,585 | ||||||||||||
728 | National Healthcare Corporation | 33,801 | ||||||||||||
164 | National Research Corporation | 9,832 | ||||||||||||
4,391 | Owens and Minor Inc., (3) | 143,015 | ||||||||||||
654 | PDI Inc., (2) | 2,989 | ||||||||||||
2,040 | Pharmerica Corporation, (2) | 26,296 | ||||||||||||
901 | Providence Service Corporation, (2) | 15,777 | ||||||||||||
2,875 | Select Medical Corporation | 23,719 | ||||||||||||
1,323 | Skilled Healthcare Group Inc., (2) | 9,314 | ||||||||||||
1,962 | Team Health Holdings Inc., (2) | 73,143 | ||||||||||||
1,341 | Triple-S Management Corporation, Class B Shares, (2) | 24,178 | ||||||||||||
2,597 | Universal American Corporation | 22,204 | ||||||||||||
813 | US Physical Therapy, Inc. | 19,398 | ||||||||||||
2,198 | Vanguard Health Systems Inc., (2) | 32,157 | ||||||||||||
2,979 | Wellcare Health Plans Inc., (2) | 173,705 | ||||||||||||
Total Health Care Providers & Services | 2,292,597 | |||||||||||||
Health Care Technology – 0.8% | ||||||||||||||
2,478 | AthenaHealth Inc., (2), (3) | 238,532 | ||||||||||||
711 | Computer Programs and Systems, Inc. | 37,299 | ||||||||||||
547 | Greenway Medical Technologies Inc., (2), (3) | 7,368 | ||||||||||||
1,350 | Healthstream, Inc., (2) | 30,996 | ||||||||||||
5,942 | HMS Holdings Corporation, (2), (3) | 149,798 | ||||||||||||
4,032 | MedAssets Inc., (2) | 75,519 | ||||||||||||
1,591 | Medidata Solutions, Inc., (2) | 105,579 | ||||||||||||
4,080 | Merge Healthcare Incorporated, (2) | 12,730 | ||||||||||||
2,322 | Omnicell, Inc., (2) | 41,842 | ||||||||||||
2,733 | Quality Systems Inc. | 48,839 | ||||||||||||
491 | Vocera Communications Incorporated, (2), (3) | 9,722 | ||||||||||||
Total Health Care Technology | 758,224 | |||||||||||||
Hotels, Restaurants & Leisure – 3.0% | ||||||||||||||
1,684 | AFC Enterprises, Inc., (2), (3) | 53,686 | ||||||||||||
2,278 | Ameristar Casinos, Inc. | 60,116 | ||||||||||||
83 | Biglari Holdings Inc., (2) | 32,144 | ||||||||||||
1,695 | BJ’s Restaurants, Inc., (2) | 58,139 | ||||||||||||
1,271 | Bloomin Brands, (2), (3) | 27,644 | ||||||||||||
2,015 | Bob Evans Farms, (3) | 87,330 | ||||||||||||
3,842 | Boyd Gaming Corporation, (2), (3) | 46,104 | ||||||||||||
1,351 | Bravo Brio Restaurant Group, (2) | 22,967 | ||||||||||||
1,284 | Buffalo Wild Wings, Inc., (2), (3) | 115,560 | ||||||||||||
2,547 | Caesar’s Entertainment Corporation, (2), (3) | 40,523 | ||||||||||||
1,054 | Carrols Restaurant Group, Inc., (2) | 5,007 |
Nuveen Investments | 65 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Hotels, Restaurants & Leisure (continued) | ||||||||||||||
1,331 | CBRL Group Inc. | $ | 110,127 | |||||||||||
1,275 | CEC Entertainment Inc. | 42,547 | ||||||||||||
3,733 | Cheesecake Factory Inc., (3) | 148,648 | ||||||||||||
900 | Churchill Downs Inc. | 68,814 | ||||||||||||
463 | Chuy’s Holdings Inc., (2) | 15,140 | ||||||||||||
400 | Del Friscos Restaurant Group, (2) | 6,764 | ||||||||||||
6,646 | Denny’s Corporation, (2) | 37,683 | ||||||||||||
1,058 | DineEquity Inc., (3) | 75,372 | ||||||||||||
4,003 | Dominos Pizza Inc. | 220,966 | ||||||||||||
425 | Einstein Noah Restaurant Group | 6,124 | ||||||||||||
1,117 | Fiesta Restaurant Group, (2) | 30,449 | ||||||||||||
205 | Frisch’s Restaurants Inc. | 3,346 | ||||||||||||
458 | Ignite Restaurant Group, Incorporated, (2) | 7,988 | ||||||||||||
2,681 | Interval Leisure Group Inc. | 51,100 | ||||||||||||
1,916 | Intl Speedway Corporation | 62,979 | ||||||||||||
1,900 | Isle of Capri Casinos, (2) | 14,554 | ||||||||||||
3,057 | Jack in the Box Inc., Term Loan, (2) | 109,593 | ||||||||||||
5,346 | Jamba, Inc., (2) | 14,220 | ||||||||||||
4,110 | Krispy Kreme Doughnuts Inc., (2) | 56,143 | ||||||||||||
2,964 | Life Time Fitness Inc., (2), (3) | 136,878 | ||||||||||||
1,383 | Luby’s Inc., (2) | 9,418 | ||||||||||||
1,260 | Marcus Corporation | 16,178 | ||||||||||||
1,839 | Marriott Vacations World, (2) | 83,638 | ||||||||||||
606 | Monarch Casino & Resort, Inc., (2) | 7,799 | ||||||||||||
1,523 | Morgans Hotel Group Company, (2) | 9,336 | ||||||||||||
1,675 | MTR Gaming Group, Inc., (2), (3) | 5,779 | ||||||||||||
1,892 | Multimedia Games, Inc., (2) | 46,657 | ||||||||||||
174 | Nathan’s Famous, Inc., (2) | 7,769 | ||||||||||||
6,693 | Orient Express Hotels Limited, (2) | 67,599 | ||||||||||||
1,168 | Papa John’s International, Inc., (2) | 73,584 | ||||||||||||
4,084 | Pinnacle Entertainment Inc., (2) | 77,841 | ||||||||||||
1,776 | Premier Exhibitions, Inc., (2) | 4,848 | ||||||||||||
942 | Red Lions Hotels Corporation, (2) | 6,151 | ||||||||||||
1,016 | Red Robin Gourmet Burgers, Inc., (2) | 49,144 | ||||||||||||
4,409 | Ruby Tuesday, Inc., (2) | 42,503 | ||||||||||||
2,436 | Ruth’s Chris Steak House, Inc., (2) | 24,141 | ||||||||||||
3,599 | Scientific Games Corporation, (2) | 31,959 | ||||||||||||
3,798 | Shuffle Master Inc., (2) | 60,008 | ||||||||||||
2,420 | Six Flags Entertainment Corporation | 176,345 | ||||||||||||
3,970 | Sonic Corporation, (2), (3) | 49,744 | ||||||||||||
805 | Speedway Motorsports Inc. | 14,514 | ||||||||||||
4,314 | Texas Roadhouse, Inc. | 101,379 | ||||||||||||
1,622 | Town Sports International | 16,334 | ||||||||||||
2,489 | Vail Resorts, Inc., (3) | 150,087 | ||||||||||||
3,807 | WMS Industries Inc., (2) | 96,622 | ||||||||||||
Total Hotels, Restaurants & Leisure | 2,998,032 |
66 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Household Durables – 1.1% | ||||||||||||||
2,186 | American Greetings Corporation | $ | 40,310 | |||||||||||
857 | Bassett Furniture, Inc. | 12,024 | ||||||||||||
1,702 | Beazer Homes USA, Inc., (2), (3) | 27,504 | ||||||||||||
717 | Blyth Inc., (3) | 11,816 | ||||||||||||
477 | Cavco Industries, Inc., (2) | 21,761 | ||||||||||||
673 | CSS Industries Inc. | 19,288 | ||||||||||||
1,673 | Ethan Allen Interiors Inc., (3) | 48,985 | ||||||||||||
311 | Flexsteel Industries, Inc. | 6,403 | ||||||||||||
2,192 | Helen of Troy Limited, (2) | 76,457 | ||||||||||||
747 | Hooker Furniture Corporation | 12,916 | ||||||||||||
7,279 | Hovnanian Enterprises Inc., (2), (3) | 39,671 | ||||||||||||
1,899 | Irobot Corporation, (2), (3) | 55,242 | ||||||||||||
5,709 | KB Home, (3) | 128,681 | ||||||||||||
3,576 | La Z Boy Inc., (3) | 64,583 | ||||||||||||
1,418 | Libbey Inc., (2) | 27,467 | ||||||||||||
669 | Lifetime Brands, Inc. | 9,032 | ||||||||||||
1,668 | M/I Homes, Inc., (2) | 41,033 | ||||||||||||
2,644 | MDC Holdings Inc. | 99,414 | ||||||||||||
2,115 | Meritage Corporation, (2), (3) | 103,191 | ||||||||||||
380 | Nacco Industries Inc. | 22,048 | ||||||||||||
3,083 | Ryland Group Inc., (3) | 138,920 | ||||||||||||
1,118 | Skullcandy Inc., (2) | 5,747 | ||||||||||||
7,994 | Standard Pacific Corporation, (2), (3) | 72,346 | ||||||||||||
1,088 | Tri Pointe Homes, Incorporated, (2), (3) | 20,672 | ||||||||||||
1,182 | Univeral Electronics Inc., (2) | 27,162 | ||||||||||||
1,761 | Zagg Inc., (2), (3) | 11,922 | ||||||||||||
Total Household Durables | 1,144,595 | |||||||||||||
Household Products – 0.2% | ||||||||||||||
2,693 | Central Garden & Pet Company, (2) | 23,698 | ||||||||||||
2,847 | Harbinger Group Inc., (2) | 25,737 | ||||||||||||
348 | Oil Dri Corporation | 9,573 | ||||||||||||
398 | Orchids Paper Products Company | 9,154 | ||||||||||||
1,588 | Spectrum Brands Inc., (3) | 88,928 | ||||||||||||
1,090 | WD 40 Company | 58,784 | ||||||||||||
Total Household Products | 215,874 | |||||||||||||
Independent Power Producers & Energy Traders – 0.1% | ||||||||||||||
1,778 | American DG Energy Inc., (2), (3) | 3,272 | ||||||||||||
8,250 | Atlantic Power Corporation | 38,775 | ||||||||||||
1,046 | Genie Energy Limited, Class B Shares | 11,276 | ||||||||||||
1,228 | Ormat Technologies Inc., (3) | 26,697 | ||||||||||||
Total Independent Power Producers & Energy Traders | 80,020 | |||||||||||||
Industrial Conglomerates – 0.1% | ||||||||||||||
2,505 | Raven Industries, Inc., (3) | 84,043 | ||||||||||||
Insurance – 2.3% | ||||||||||||||
5927 | Alterra Capital Holdings Limited | 192,924 | ||||||||||||
4,378 | American Equity Investment Life Holding Company, (3) | 66,721 |
Nuveen Investments | 67 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Insurance (continued) | ||||||||||||||
671 | American Safety Insurance Holdings, (2) | $ | 16,158 | |||||||||||
1,254 | Amerisafe, Inc. | 40,956 | ||||||||||||
1,855 | Amtrust Financial Services, Inc., (3) | 58,729 | ||||||||||||
1,763 | Argo Group International Holdings Inc. | 73,076 | ||||||||||||
631 | Baldwin & Lyons, Class B | 15,333 | ||||||||||||
2,691 | Citizens Inc., (2), (3) | 17,599 | ||||||||||||
13,904 | CNO Financial Group Inc., (3) | 157,393 | ||||||||||||
1,812 | Crawford & Co, (3) | 13,753 | ||||||||||||
498 | Donegal Group, Inc., B | 7,291 | ||||||||||||
434 | Eastern Insurance Holdings, Inc. | 8,085 | ||||||||||||
1,355 | eHealth, Inc., (2) | 28,374 | ||||||||||||
296 | EMC Insurance Group Inc. | 8,356 | ||||||||||||
2,186 | Employers Holdings, Inc. | 49,513 | ||||||||||||
584 | Enstar Group, Limited, (2) | 74,221 | ||||||||||||
902 | FBL Financial Group Inc. | 35,458 | ||||||||||||
7,339 | First American Corporation | 196,465 | ||||||||||||
376 | Fortegra Financial Corp, (2) | 3,027 | ||||||||||||
826 | Global Indemnity PLC, (2) | 18,412 | ||||||||||||
1,943 | Greenlight Capital Re, Ltd, (2) | 47,817 | ||||||||||||
986 | Hallmark Financial Services, Inc., (2) | 8,923 | ||||||||||||
306 | Health Insurance Innnovations Inc., (2) | 4,590 | ||||||||||||
2,743 | Hilltop Holdings Inc., (2) | 36,729 | ||||||||||||
581 | Homeowners Choice Inc., (3) | 15,420 | ||||||||||||
2,742 | Horace Mann Educators Corporation | 61,832 | ||||||||||||
565 | Independence Holding Company | 5,933 | ||||||||||||
797 | Infinity Property and Casualty Corporation | 45,222 | ||||||||||||
80 | Investors Title Company | 5,548 | ||||||||||||
286 | Kansas City Life Insurance Company | 10,325 | ||||||||||||
3,467 | Maiden Holdings, Ltd | 35,814 | ||||||||||||
3,491 | Meadowbrook Insurance Group, Inc. | 27,160 | ||||||||||||
3,462 | Montpelier Re Holdings Limited | 89,181 | ||||||||||||
2,807 | National Financial Partners Corp., (2), (3) | 71,129 | ||||||||||||
443 | National Interstate Corporation | 12,869 | ||||||||||||
151 | National Western Life Insurance Company | 27,576 | ||||||||||||
650 | Navigators Group, Inc., (2) | 37,622 | ||||||||||||
1,569 | OneBeacon Insurance Group Limited, Class A | 21,323 | ||||||||||||
402 | Phoenix Companies Inc., (2) | 11,702 | ||||||||||||
2,142 | Platinum Underwriters Holdings Limited | 121,559 | ||||||||||||
3,073 | Primerica Inc. | 104,359 | ||||||||||||
1,272 | RLI Corporation, (3) | 91,393 | ||||||||||||
877 | Safety Insurance Group, Inc. | 43,561 | ||||||||||||
3,788 | Selective Insurance Group Inc. | 88,753 | ||||||||||||
1,021 | State Auto Financial Corporation | 17,745 | ||||||||||||
1,379 | Stewart Information Services Corporation, (3) | 37,330 | ||||||||||||
5,616 | Symetra Financial Corporation | 76,546 |
68 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Insurance (continued) | ||||||||||||||
2,724 | Tower Group Inc. | $ | 51,538 | |||||||||||
1,383 | United Fire Group Inc. | 38,669 | ||||||||||||
1,291 | Universal Insurance Holdings Inc. | 7,720 | ||||||||||||
Total Insurance | 2,337,732 | |||||||||||||
Internet & Catalog Retail – 0.4% | ||||||||||||||
1,805 | 1-800-Flowers, (2) | 10,704 | ||||||||||||
859 | Blue Nile Inc., (2) | 28,029 | ||||||||||||
299 | CafePress, Incorporated, (2) | 1,725 | ||||||||||||
309 | Geeknet Inc., (2) | 4,042 | ||||||||||||
2,468 | Hosting Site Network, Inc. | 129,767 | ||||||||||||
241 | Kayak Software Corporation, (2) | 9,597 | ||||||||||||
1,964 | Nutri System Inc. | 15,908 | ||||||||||||
1,591 | Orbitz Worldwide Inc., (2) | 9,514 | ||||||||||||
807 | Overstock.com, Inc., (2) | 16,786 | ||||||||||||
1,405 | PetMed Express, Inc. | 17,563 | ||||||||||||
2,619 | Shutterfly, Inc., (2), (3) | 116,624 | ||||||||||||
950 | US Auto Parts Network, Inc., (2) | 1,188 | ||||||||||||
1,527 | Vitacost.com, Inc., (2), (3) | 11,880 | ||||||||||||
Total Internet & Catalog Retail | 373,327 | |||||||||||||
Internet Software & Services – 2.1% | ||||||||||||||
2,685 | Active Network Inc., (2), (3) | 13,506 | ||||||||||||
2,459 | Angie’s List, (2), (3) | 59,606 | ||||||||||||
3,194 | Bankrate Inc., (2) | 43,055 | ||||||||||||
678 | Bazaarvoice Inc., (2), (3) | 4,916 | ||||||||||||
2,768 | Blucora Inc., (2), (3) | 40,883 | ||||||||||||
410 | Brightcove Inc., (2) | 2,468 | ||||||||||||
779 | Carbonite Inc., (2) | 8,289 | ||||||||||||
2,443 | ComScore Inc., (2) | 39,503 | ||||||||||||
2,103 | Constant Contact Inc., (2) | 30,725 | ||||||||||||
2,326 | Cornerstone OnDemand Inc., (2) | 84,387 | ||||||||||||
1,949 | CoStar Group, Inc., (2) | 211,291 | ||||||||||||
2,934 | DealerTrack Technologies Inc., (2), (3) | 81,712 | ||||||||||||
2,070 | Demand Media Inc., (2) | 17,926 | ||||||||||||
451 | Demandware Incorporated, (2), (3) | 12,312 | ||||||||||||
3,112 | Dice Holdings Inc., (2) | 26,265 | ||||||||||||
2,551 | Digital River, Inc., (2) | 36,938 | ||||||||||||
306 | E2open Inc., (2) | 4,348 | ||||||||||||
7,068 | Earthlink, Inc. | 40,217 | ||||||||||||
1,435 | Envestnet Inc., (2) | 26,146 | ||||||||||||
674 | ExactTarget Inc., (2) | 13,197 | ||||||||||||
3,668 | Internap Network Services Corporation, (2) | 29,271 | ||||||||||||
2,521 | Intralinks Holdings INc., (2) | 14,420 | ||||||||||||
3,590 | IPass, Inc., (2) | 6,929 | ||||||||||||
2,856 | J2 Global Inc., (3) | 116,239 | ||||||||||||
1,086 | Keynote Systems, Inc. | 12,174 | ||||||||||||
4,072 | Limelight Networks Inc., (2) | 7,859 |
Nuveen Investments | 69 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Internet Software & Services (continued) | ||||||||||||||
1,629 | Liquidity Services, Inc., (2), (3) | $ | 53,594 | |||||||||||
3,804 | Liveperson, Inc., (2) | 48,767 | ||||||||||||
1,526 | LogMeIn Inc., (2) | 34,457 | ||||||||||||
1,567 | Marchex, Inc. | 6,472 | ||||||||||||
1,524 | Market Leader, Inc., (2) | 15,270 | ||||||||||||
1,279 | MeetMe Incorporated, (2), (3) | 2,468 | ||||||||||||
788 | Millennial Media Incorporated, (2) | 5,461 | ||||||||||||
8,381 | Monster Worldwide Inc., (2), (3) | 36,709 | ||||||||||||
2,715 | Move, Inc., (2) | 30,978 | ||||||||||||
4,456 | NIC, Incorporated | 75,039 | ||||||||||||
1,561 | Open Solutions Inc., (2) | 86,464 | ||||||||||||
2,208 | Perficient, Inc., (2) | 23,140 | ||||||||||||
2,260 | QuinStreet, Inc., (2), (3) | 14,780 | ||||||||||||
1,511 | RealNetworks Inc., (2) | 11,635 | ||||||||||||
2,470 | Responsys Inc., (2) | 19,192 | ||||||||||||
1,235 | SciQuest Inc., (2) | 28,232 | ||||||||||||
750 | Spark Networks, Incorporated, (2) | 5,115 | ||||||||||||
857 | SPS Commerce Inc., (2), (3) | 40,390 | ||||||||||||
925 | Stamps.com Inc., (2) | 31,302 | ||||||||||||
3,367 | Support.com, Inc., (2) | 13,434 | ||||||||||||
440 | Synacor Inc., (2) | 1,280 | ||||||||||||
1,067 | TechTarget Inc., (2) | 4,737 | ||||||||||||
494 | Travelzoo Inc., (2) | 12,612 | ||||||||||||
481 | Trulia Inc., (2) | 13,978 | ||||||||||||
6,264 | United Online, Inc. | 42,595 | ||||||||||||
5,999 | Unwired Planet Inc., (2) | 11,878 | ||||||||||||
5,191 | ValueClick, Inc., (2) | 160,194 | ||||||||||||
2,363 | VistaPrint NV, (2), (3) | 96,410 | ||||||||||||
1,426 | Vocus, Inc., (2) | 11,993 | ||||||||||||
2,424 | Web.com, Inc., (2), (3) | 42,178 | ||||||||||||
3,502 | WebMD Health Corporation, Class A, (2) | 84,573 | ||||||||||||
1,841 | XO Group, Incorporated, (2) | 20,730 | ||||||||||||
502 | Xoom Corporation, (2) | 9,267 | ||||||||||||
583 | Yelp Incorporated, (2) | 15,175 | ||||||||||||
244 | Zilow Inc, (2) | 14,355 | ||||||||||||
4,266 | Zix Corporation, (2) | 16,040 | ||||||||||||
Total Internet Software & Services | 2,125,476 | |||||||||||||
IT Services – 1.7% | ||||||||||||||
5,310 | Acxiom Corporation, (2) | 105,616 | ||||||||||||
1,482 | CACI International Inc., (2), (3) | 86,682 | ||||||||||||
3,050 | Cardtronics Inc., (2) | 85,431 | ||||||||||||
654 | Cass Information Systems, Inc. | 27,337 | ||||||||||||
5,035 | Ciber, Inc., (2) | 21,449 | ||||||||||||
1,057 | Computer Task Group, Inc. | 21,690 | ||||||||||||
7,544 | Convergys Corporation | 128,399 | ||||||||||||
2,348 | CSG Systems International Inc., (2) | 50,740 |
70 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
IT Services (continued) | ||||||||||||||
317 | EPAM Systems Inc., (2) | $ | 6,816 | |||||||||||
3,507 | Euronet Worldwide, Inc., (2) | 107,069 | ||||||||||||
1,615 | Exlservice Holdings, Inc., (2), (3) | 52,681 | ||||||||||||
798 | Forrester Research, Inc. | 28,608 | ||||||||||||
4,546 | Global Cash Access Holdings, Inc., (2) | 32,413 | ||||||||||||
1,698 | Hackett Group, Inc. | 8,286 | ||||||||||||
2,680 | Heartland Payment Systems Inc., (3) | 88,145 | ||||||||||||
1,893 | Higher One Holdings Incn, (2) | 18,665 | ||||||||||||
2,222 | IGATE Corporation, (2) | 37,085 | ||||||||||||
1,533 | Innodata Isogen, Inc., (2) | 5,028 | ||||||||||||
3,958 | Lionbridge Technologies, Inc., (2) | 13,536 | ||||||||||||
1,598 | ManTech International Corporation, Class A, (3) | 42,651 | ||||||||||||
664 | Mattersight Corporation, (2) | 3,108 | ||||||||||||
2,346 | Maximus Inc. | 186,953 | ||||||||||||
2,813 | ModusLink Global Solutions Inc., (2) | 7,876 | ||||||||||||
1,484 | Moneygram International Inc., (2) | 24,501 | ||||||||||||
1,610 | PRG-Schultz International Inc., (2) | 9,000 | ||||||||||||
8,515 | Sapient Corporation, (2) | 99,455 | ||||||||||||
3,432 | ServiceSource International Inc., (2), (3) | 21,965 | ||||||||||||
2,690 | Sykes Enterprises Inc., (2) | 41,399 | ||||||||||||
1,066 | Syntel Inc. | 67,339 | ||||||||||||
1,495 | TeleTech Holdings, Inc., (2) | 31,829 | ||||||||||||
3,030 | Unisys Corporation, (2) | 57,964 | ||||||||||||
1,288 | Virtusa Corporation, (2) | 28,606 | ||||||||||||
2,687 | WEX Inc., (2), (3) | 203,621 | ||||||||||||
Total IT Services | 1,751,943 | |||||||||||||
Leisure Equipment & Products – 0.5% | ||||||||||||||
875 | Arctic Cat, Inc., (2), (3) | 39,366 | ||||||||||||
1,450 | Black Diamond Group Inc., (2) | 14,210 | ||||||||||||
6,174 | Brunswick Corporation, (3) | 195,469 | ||||||||||||
4,495 | Callaway Golf Company, (3) | 30,117 | ||||||||||||
1,522 | JAKKS Pacific Inc., (3) | 16,605 | ||||||||||||
392 | Johnson Outdoors, Inc., (2) | 9,196 | ||||||||||||
3,488 | LeapFrog Enterprises Inc., (2), (3) | 31,183 | ||||||||||||
704 | Marine Products Corporation | 5,090 | ||||||||||||
4,486 | Smith & Wesson Holding Corporation, (2), (3) | 39,387 | ||||||||||||
477 | Steinway Musical Instrument Inc., (2) | 11,896 | ||||||||||||
1,323 | Sturm, Ruger, & Company, (3) | 67,830 | ||||||||||||
Total Leisure Equipment & Products | 460,349 | |||||||||||||
Life Sciences Tools & Services – 0.4% | ||||||||||||||
4,882 | Affymetrix, Inc., (2), (3) | 17,770 | ||||||||||||
1,020 | BG Medicine Inc., (2), (3) | 1,683 | ||||||||||||
2,048 | Cambrex Corporation, (2) | 25,580 | ||||||||||||
1,680 | Fluidigm Corporation, (2) | 28,291 | ||||||||||||
516 | Furiex Pharmaceuticals Inc., (2) | 17,518 | ||||||||||||
1,713 | Harvard Bioscience, Inc., (2) | 8,771 |
Nuveen Investments | 71 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Life Sciences Tools & Services (continued) | ||||||||||||||
2,883 | Luminex Corporation, (2) | $ | 47,944 | |||||||||||
2,804 | Pacific Biosciences of California Inc., (2) | 7,178 | ||||||||||||
4,139 | Parexel International Corporation, (2) | 169,492 | ||||||||||||
7,918 | Sequenom, Inc., (2), (3) | 29,851 | ||||||||||||
Total Life Sciences Tools & Services | 354,078 | |||||||||||||
Machinery – 2.8% | ||||||||||||||
3,272 | Accuride Corporation, (2) | 16,818 | ||||||||||||
5,036 | Actuant Corporation | 157,627 | ||||||||||||
478 | Alamo Group Inc. | 19,153 | ||||||||||||
1,909 | Albany International Corporation, Class A | 55,456 | ||||||||||||
1,863 | Altra Industrial Motion, Inc., (3) | 49,649 | ||||||||||||
654 | American Railcar Industries | 23,354 | ||||||||||||
589 | Ampco-Pittsburgh Corporation | 11,038 | ||||||||||||
1,388 | Astec Industries Inc. | 45,568 | ||||||||||||
3,750 | Barnes Group Inc. | 104,138 | ||||||||||||
3,384 | Blount International Inc., (2) | 47,004 | ||||||||||||
3,364 | Briggs & Stratton Corporation, (3) | 75,656 | ||||||||||||
2,066 | Chart Industries, Inc., (2) | 175,217 | ||||||||||||
1,203 | CIRCOR International Inc. | 56,938 | ||||||||||||
3,474 | CLARCOR, Inc. | 179,606 | ||||||||||||
1,786 | Columbus McKinnon Corporation NY, (2) | 33,541 | ||||||||||||
1,850 | Commercial Vehicle Group Inc., (2) | 12,969 | ||||||||||||
1,530 | Douglas Dynamics Inc. | 21,405 | ||||||||||||
933 | Dynamic Material Corporation | 14,816 | ||||||||||||
430 | Eastern Company | 7,194 | ||||||||||||
3,038 | Energy Recovery, Inc., (2) | 11,119 | ||||||||||||
1,423 | EnPro Industries Inc., (2), (3) | 70,125 | ||||||||||||
1,848 | ESCO Technologies Inc. | 66,473 | ||||||||||||
421 | ExOne Company, (2), (3) | 16,166 | ||||||||||||
4,299 | Federal Signal Corporation, (2) | 33,360 | ||||||||||||
3,309 | Flow International Corporation, (2), (3) | 12,111 | ||||||||||||
828 | Freightcar America Inc. | 17,289 | ||||||||||||
1,051 | Gorman-Rupp Company, (3) | 29,691 | ||||||||||||
688 | Graham Corporation | 16,718 | ||||||||||||
1,579 | Greenbrier Companies Inc., (2), (3) | 35,622 | ||||||||||||
806 | Hardinge, Inc., (3) | 10,881 | ||||||||||||
446 | Hurco Companies, Inc., (2) | 11,966 | ||||||||||||
761 | Hyster-Yale Materials Handling Inc. | 39,717 | ||||||||||||
2,000 | John Bean Technologies Corporation | 41,480 | ||||||||||||
807 | Kadant Inc. | 22,330 | ||||||||||||
2,215 | Kaydon Corporation | 52,806 | ||||||||||||
630 | LB Foster Company | 27,815 | ||||||||||||
879 | Lindsay Manufacturing Company | 67,525 | ||||||||||||
1,181 | Lydall Inc., (2) | 16,936 | ||||||||||||
6,670 | Meritor Inc., (2) | 38,686 | ||||||||||||
1,014 | Met-Pro Corp., (3) | 13,588 |
72 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Machinery (continued) | ||||||||||||||
1,294 | Middleby Corporation, (2) | $ | 193,557 | |||||||||||
764 | Midwest Air Group Inc. | 11,544 | ||||||||||||
1,370 | Mueller Industries Inc. | 70,939 | ||||||||||||
10,831 | Mueller Water Products Inc. | 64,120 | ||||||||||||
1,176 | NN, Incorporated, (2) | 10,596 | ||||||||||||
178 | OmegaFlex, Inc. | 2,398 | ||||||||||||
1,436 | Peerless Manufacturing Company, (2) | 8,271 | ||||||||||||
348 | Proto Labs Incorporated, (2) | 17,776 | ||||||||||||
1,534 | RBC Bearings Inc., (2) | 73,785 | ||||||||||||
1,991 | Rexnord Corporation, (2) | 36,276 | ||||||||||||
872 | Standex International Corporation | 46,129 | ||||||||||||
1,428 | Sun Hydraulics Corporation | 46,767 | ||||||||||||
1,302 | Tennant Company | 62,262 | ||||||||||||
3,696 | Titan International Inc., (3) | 82,458 | ||||||||||||
2,227 | TriMas Corporation, (2) | 67,924 | ||||||||||||
589 | Twin Disc, Inc. | 12,557 | ||||||||||||
4,723 | Wabash National Corporation, (2) | 44,538 | ||||||||||||
1,941 | Watts Water Technologies, Inc. | 91,343 | ||||||||||||
4,779 | Woodward Governor Company | 171,996 | ||||||||||||
Total Machinery | 2,874,787 | |||||||||||||
Marine – 0.0% | ||||||||||||||
2,160 | Genco Shipping and Trading Limited, (2), (3) | 3,694 | ||||||||||||
379 | International Shipholding Corp. | 6,845 | ||||||||||||
1,222 | Rand Logistics, Inc., (2) | 7,112 | ||||||||||||
Total Marine | 17,651 | |||||||||||||
Media – 1.3% | ||||||||||||||
1,829 | Arbitron Inc. | 85,396 | ||||||||||||
288 | Beasley Broadcast Group, Inc. | 1,881 | ||||||||||||
6,467 | Belo Corp. | 69,326 | ||||||||||||
1,225 | Carmike Cinemas, Inc., (2) | 21,511 | ||||||||||||
2,537 | Central European Media Enterprises Limited, (2), (3) | 9,387 | ||||||||||||
2,387 | Crown Media Holdings, Inc., (2) | 4,893 | ||||||||||||
4,272 | Cumulus Media, Inc., (2) | 13,628 | ||||||||||||
64 | Daily Journal Corporation, (2) | 6,755 | ||||||||||||
1,906 | Digital Generation Inc., (2), (3) | 12,770 | ||||||||||||
2,064 | E.W. Scripps Company, Class A, (2) | 28,669 | ||||||||||||
1,689 | Entercom Communications Corporation, (2) | 13,360 | ||||||||||||
5,790 | Entravision Communications Corporation | 22,349 | ||||||||||||
613 | Fisher Communications, Inc. | 25,390 | ||||||||||||
1,304 | Global Sources, Limited, (2) | 8,893 | ||||||||||||
3,078 | Harte-Hanks Inc. | 24,409 | ||||||||||||
2,806 | Journal Communications Inc., (2) | 19,109 | ||||||||||||
2,107 | LIN TV Corporation, (2) | 25,937 | ||||||||||||
5,498 | Lions Gate Entertainment Corporation, Equity, (2) | 136,405 | ||||||||||||
9,679 | Live Nation Inc., (2) | 122,246 | ||||||||||||
759 | Loral Space & Communications, Inc. | 46,694 |
Nuveen Investments | 73 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Media (continued) | ||||||||||||||
1,920 | Martha Stewart Living Omnimedia Inc., (2) | $ | 4,742 | |||||||||||
4,007 | McClatchy Company, (2), (3) | 9,256 | ||||||||||||
1,769 | MDC Partners, Inc. | 30,232 | ||||||||||||
2,503 | Meredith Corporation, (3) | 97,166 | ||||||||||||
3,876 | National CineMedia, Inc. | 62,946 | ||||||||||||
9,415 | New York Times, Class A, (2), (3) | 83,417 | ||||||||||||
783 | Nexstar Broadcasting Group, Inc. | 19,066 | ||||||||||||
886 | Outdoor Channel Holdings, Inc. | 7,753 | ||||||||||||
702 | ReachLocal Inc., (2), (3) | 11,702 | ||||||||||||
1,093 | Reading International Inc., A, (2) | 6,361 | ||||||||||||
610 | Rentrak Corporation, (2) | 13,810 | ||||||||||||
322 | Saga Comunications Inc Class A Shares | 14,825 | ||||||||||||
700 | Salem Communications Corporation | 6,426 | ||||||||||||
1,707 | Scholastic Corporation, (3) | 46,857 | ||||||||||||
357 | Shutterstock Incorporated, (2) | 14,887 | ||||||||||||
3,485 | Sinclair Broadcast Group, Series A | 93,398 | ||||||||||||
2,749 | Vallassis Communications Inc. | 70,457 | ||||||||||||
86 | Value Line, Inc., (3) | 805 | ||||||||||||
1,600 | World Wrestling Entertainment Inc., (3) | 14,688 | ||||||||||||
Total Media | 1,307,802 | |||||||||||||
Metals & Mining – 1.1% | ||||||||||||||
9,396 | AK Steel Holding Corporation, (3) | 31,477 | ||||||||||||
1,155 | AM Castle & Company, (2), (3) | 20,005 | ||||||||||||
1,744 | AMCOL International Corp. | 53,663 | ||||||||||||
3,558 | Century Aluminum Company, (2) | 29,033 | ||||||||||||
7,013 | Coeur d’Alene Mines Corporation, (2), (3) | 106,878 | ||||||||||||
4,635 | General Moly, Inc., (2) | 8,621 | ||||||||||||
4,249 | Globe Specialty Metals Inc. | 55,492 | ||||||||||||
2,063 | Gold Resource Corp., (3) | 21,125 | ||||||||||||
2,285 | Golden Minerals Co, (2), (3) | 4,159 | ||||||||||||
17,894 | Golden Star Resources Ltd, (2), (3) | 19,326 | ||||||||||||
376 | Handy & Harman Limited, (2) | 5,783 | ||||||||||||
849 | Haynes International Inc. | 41,270 | ||||||||||||
19,722 | Hecla Mining Company, (3) | 67,055 | ||||||||||||
3,029 | Horsehead Holding Corp., (2) | 32,410 | ||||||||||||
1,334 | Kaiser Aluminum Corporation | 84,042 | ||||||||||||
1,412 | Materion Corporation | 37,404 | ||||||||||||
16,307 | McEwen Mining Inc., (2), (3) | �� | 37,995 | |||||||||||
8,837 | Midway Gold Corporation, (2), (3) | 8,310 | ||||||||||||
2,303 | Noranda Aluminum Hodlings Corporation | 8,774 | ||||||||||||
630 | Olympic Steel Inc., (3) | 12,600 | ||||||||||||
9,027 | Paramount Gold and Silver Corporation, (2), (3) | 14,263 | ||||||||||||
1,762 | Revett Minerals Incorporated, (2) | 2,590 | ||||||||||||
2,095 | RTI International Metals, Inc., (2) | 60,797 | ||||||||||||
1,745 | Schnitzer Steel Industries, Inc. | 42,805 | ||||||||||||
8,001 | Stillwater Mining Company, (2), (3) | 99,532 |
74 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Metals & Mining (continued) | ||||||||||||||
4,840 | SunCoke Energy Inc., (2) | $ | 73,229 | |||||||||||
3,715 | United States Antimony Corporation, (2), (3) | 5,647 | ||||||||||||
473 | Universal Stainless & Alloy Products, Inc., (2) | 16,536 | ||||||||||||
813 | US Silica Holdings Inc., (3) | 16,610 | ||||||||||||
4,033 | Vista Gold Corporation, (2) | 6,775 | ||||||||||||
3,611 | Worthington Industries, Inc. | 116,202 | ||||||||||||
Total Metals & Mining | 1,140,408 | |||||||||||||
Multiline Retail – 0.2% | ||||||||||||||
875 | Bon-Ton Stores, Inc. | 13,423 | ||||||||||||
2,545 | Freds Inc., (3) | 36,215 | ||||||||||||
553 | Gordmans Stores Inc., (2) | 6,238 | ||||||||||||
7,161 | Saks Inc., (2), (3) | 82,710 | ||||||||||||
2,891 | Tuesday Morning Corporation, (2) | 23,446 | ||||||||||||
Total Multiline Retail | 162,032 | |||||||||||||
Multi-Utilities – 0.4% | ||||||||||||||
4,056 | Avista Corporation | 113,771 | ||||||||||||
3,048 | Black Hills Corporation, (3) | 142,921 | ||||||||||||
999 | CH Energy Group Inc. | 64,905 | ||||||||||||
2,515 | Northwestern Corporation | 108,195 | ||||||||||||
Total Multi-Utilities | 429,792 | |||||||||||||
Oil, Gas & Consumable Fuels – 3.4% | ||||||||||||||
5,707 | Abraxas Petroleum Corporation, (2), (3) | 12,784 | ||||||||||||
138 | Adams Resources and Energy, Incorporated | 6,857 | ||||||||||||
672 | Alon USA Energy, Inc. | 11,155 | ||||||||||||
2,091 | Amyris Inc., (2), (3) | 5,688 | ||||||||||||
631 | Apco Oil and Gas International Inc. | 6,379 | ||||||||||||
2,300 | Approach Resources Inc., (2), (3) | 54,556 | ||||||||||||
14,673 | Arch Coal Inc., (3) | 71,164 | ||||||||||||
3,620 | Berry Petroleum Company, (3) | 173,434 | ||||||||||||
3,326 | Bill Barrett Corporation, (2), (3) | 66,054 | ||||||||||||
685 | Bonanza Creek Energy Inc., (2) | 23,530 | ||||||||||||
7,229 | BPZ Resources, Inc., (2) | 15,470 | ||||||||||||
2,726 | Callon Petroleum Company Del, (2) | 9,759 | ||||||||||||
2,736 | Carrizo Oil & Gas, Inc., (2) | 66,266 | ||||||||||||
413 | Ceres Inc., (2) | 971 | ||||||||||||
407 | Clayton Williams Energy, (2) | 15,710 | ||||||||||||
4,568 | Clean Energy Fuels Corporation, (2), (3) | 60,252 | ||||||||||||
4,220 | Cloud Peak Energy Inc., (2) | 82,459 | ||||||||||||
3,327 | Comstock Resources Inc., (2) | 52,101 | ||||||||||||
882 | Contango Oil & Gas Company | 33,181 | ||||||||||||
1,469 | Crimson Exploration Inc., (2) | 4,510 | ||||||||||||
2,753 | Crosstex Energy, Inc., (2) | 50,683 | ||||||||||||
1,132 | CVTR Energy Inc. | 55,774 | ||||||||||||
1,176 | Delek US Holdings Inc. | 42,442 | ||||||||||||
993 | Diamondback Energy, (2), (3) | 26,076 | ||||||||||||
1,109 | Emerald Oil Inc., (2) | 7,131 |
Nuveen Investments | 75 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||||
3,219 | Endeavor International Corporation, (2), (3) | $ | 8,820 | |||||||||||
5,453 | Energy XXI Limited Bermuda, (3) | 124,001 | ||||||||||||
1,918 | EPL Oil & Gas Inc., (2) | 62,661 | ||||||||||||
1,144 | Evolution Petroleum Corporation, (2), (3) | 11,371 | ||||||||||||
8,142 | Forest Oil Corporation, (2) | 34,115 | ||||||||||||
3,562 | Frontline Limited, (2), (3) | 6,483 | ||||||||||||
3,658 | FX Energy, Inc., (2) | 14,047 | ||||||||||||
1,535 | GasLog Limited, (3) | 19,648 | ||||||||||||
4,077 | Gastar Exploration, Limited, (2) | 11,416 | ||||||||||||
1,995 | Gevo Inc., (2), (3) | 3,681 | ||||||||||||
1,796 | Goodrich Petroleum Corporation, (2), (3) | 23,420 | ||||||||||||
1,724 | Green Plains Renewable Energy, Inc., (2) | 21,567 | ||||||||||||
5,267 | Gulfport Energy Corporation, (2) | 274,885 | ||||||||||||
7,700 | Halcon Resources Corporation, (2), (3) | 50,358 | ||||||||||||
428 | Hallador Energy Company | 3,064 | ||||||||||||
2,726 | Harvest Natural Resources Inc., (2) | 8,941 | ||||||||||||
71 | Isramco, Inc., (2) | 6,486 | ||||||||||||
1,825 | Kior Inc., Class A Shares, (2), (3) | 8,888 | ||||||||||||
1,688 | Knightsbridge Tankers Limited | 11,563 | ||||||||||||
18,218 | Kodiak Oil & Gas Corporation, (2), (3) | 142,647 | ||||||||||||
10,185 | Magnum Hunter Resources Corporation, (2), (3) | 27,703 | ||||||||||||
975 | Matador Resources Company, (2), (3) | 9,623 | ||||||||||||
7,014 | McMoran Exploration Corporation, (2), (3) | 116,082 | ||||||||||||
1,660 | Midstates Petroleum Company Incorporated, (2) | 9,578 | ||||||||||||
2,140 | Miller Energy Resources Inc., (2), (3) | 8,132 | ||||||||||||
4,319 | Nordic American Tanker Shipping Ltd, (3) | 38,482 | ||||||||||||
4,391 | Northern Oil and Gas Inc., (2) | 56,600 | ||||||||||||
5,523 | Oasis Petroleum Inc., (2), (3) | 189,052 | ||||||||||||
482 | Panhandle Oil and Gas Inc. | 13,727 | ||||||||||||
2,068 | PDC Energy Inc., (2), (3) | 89,544 | ||||||||||||
3,808 | Penn Virginia Corporation, (3) | 15,346 | ||||||||||||
3,911 | Petroquest Energy Inc., (2) | 16,739 | ||||||||||||
8,119 | Quicksilver Resources Inc., (2), (3) | 20,460 | ||||||||||||
471 | Renewable Energy Group Inc., (2), (3) | 4,630 | ||||||||||||
15,789 | Rentech, Inc. | 32,683 | ||||||||||||
3,336 | Resolute Energy Corporation, (2), (3) | 30,758 | ||||||||||||
2,984 | Rex Energy Inc., (2), (3) | 47,953 | ||||||||||||
396 | Rex Stores Corporation, (2) | 7,401 | ||||||||||||
4,149 | Rosetta Resources, Inc., (2), (3) | 178,034 | ||||||||||||
801 | Sanchez Energy Corporation, (2), (3) | 14,506 | ||||||||||||
1,405 | Saratoga Resources Inc., (2), (3) | 3,175 | ||||||||||||
7,535 | Scorpio Tankers Inc. | 65,178 | ||||||||||||
2,604 | SemGroup Corporation, A Shares, (2) | 135,017 | ||||||||||||
3,364 | Ship Financial International Limited | 55,439 | ||||||||||||
2,262 | Solazyme Inc., (2), (3) | 20,584 | ||||||||||||
3,419 | Stone Energy Corporation, (2) | 67,457 |
76 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||||
2,961 | Swift Energy Company, (2), (3) | $ | 38,315 | |||||||||||
2,704 | Synergy Resources Corporation, (2) | 18,252 | ||||||||||||
2,004 | Targa Resources Corporation | 131,783 | ||||||||||||
4,354 | Teekay Tankers Limited, Class A Shares, (3) | 11,016 | ||||||||||||
3,059 | Triangle Petroleum Corporation, (2) | 16,794 | ||||||||||||
4,561 | Uranerz Energy Corporation, (2), (3) | 4,652 | ||||||||||||
5,857 | Uranium Energy Corporation, (2), (3) | 9,078 | ||||||||||||
3,998 | Vaalco Energy Inc., (2) | 26,867 | ||||||||||||
2,401 | W&T Offshore Inc., (3) | 28,044 | ||||||||||||
4,956 | Warren Resources Inc., (2) | 13,034 | ||||||||||||
3,730 | Western Refining Inc. | 115,294 | ||||||||||||
752 | Westmoreland Coal Company, (2) | 9,077 | ||||||||||||
1,715 | ZaZa Energy Corporation, (2), (3) | 2,178 | ||||||||||||
Total Oil, Gas & Consumable Fuels | 3,500,715 | |||||||||||||
Paper & Forest Products – 0.8% | ||||||||||||||
935 | Boise Cascade Company, (2) | 29,948 | ||||||||||||
2,724 | Buckeye Technologies Inc. | 102,395 | ||||||||||||
1,617 | Clearwater Paper Corporation, (2) | 74,414 | ||||||||||||
753 | Deltic Timber Corporation | 47,047 | ||||||||||||
2,956 | Glatfelter, (3) | 70,944 | ||||||||||||
2,793 | KapStone Paper and Packaging Corp. | 82,617 | ||||||||||||
9,507 | Louisiana-Pacific Corporation, (2) | 172,267 | ||||||||||||
1,094 | Neenah Paper, Inc. | 31,463 | ||||||||||||
5,599 | Resolute Forest Products, (2) | 81,913 | ||||||||||||
2,157 | Schweitzer-Mauduit International Inc. | 86,906 | ||||||||||||
3,159 | Wausau Paper Corp. | 32,159 | ||||||||||||
Total Paper & Forest Products | 812,073 | |||||||||||||
Personal Products – 0.3% | ||||||||||||||
1,741 | Elizabeth Arden, Inc., (2) | 71,294 | ||||||||||||
1,323 | Female Health Company | 10,147 | ||||||||||||
1,131 | Inter Parfums, Inc. | 32,765 | ||||||||||||
958 | Medifast, Inc., (2) | 25,100 | ||||||||||||
782 | Nature’s Sunshine Products, (3) | 11,441 | ||||||||||||
591 | Nutraceutical International Corporation | 10,916 | ||||||||||||
3,477 | Prestige Brands Holdings Inc., (2) | 93,705 | ||||||||||||
781 | Revlon Inc., (2) | 15,112 | ||||||||||||
10,073 | Star Scientific, Inc., (2), (3) | 12,491 | ||||||||||||
1,197 | Synutra International Inc., (2) | 5,782 | ||||||||||||
411 | USANA Health Sciences, Inc., (2), (3) | 23,189 | ||||||||||||
Total Personal Products | 311,942 | |||||||||||||
Pharmaceuticals – 1.4% | ||||||||||||||
791 | Acura Pharmaceutical Inc., (2), (3) | 1,938 | ||||||||||||
3,932 | Akorn, Inc., (2) | 59,177 | ||||||||||||
1,775 | Ampio Pharmaceuticals Inc., (2), (3) | 8,946 | ||||||||||||
3,345 | Auxilium Pharmaceuticals, Inc., (2), (3) | 49,941 | ||||||||||||
9,380 | Avanir Pharmaceuticals, (2) | 29,922 |
Nuveen Investments | 77 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Pharmaceuticals (continued) | ||||||||||||||
1,861 | Biodelivery Sciences, Inc., (2) | $ | 10,570 | |||||||||||
4,157 | Cadence Pharmaceuticals, Inc., (2) | 29,432 | ||||||||||||
271 | Cempra Inc., (2) | 1,867 | ||||||||||||
3,404 | Corcept Therapeutics, Inc., (2) | 6,025 | ||||||||||||
561 | Cornerstone Therapeutics Inc., (2) | 4,701 | ||||||||||||
776 | Cumberland Pharmaceuticals Inc., (2) | 3,632 | ||||||||||||
3,853 | DepoMed, Inc., (2) | 21,230 | ||||||||||||
2,047 | Endocyte Inc., (2) | 28,433 | ||||||||||||
740 | Hi Tech Pharmacal Company, Inc., (3) | 24,464 | ||||||||||||
2,665 | Horizon Pharma Inc., (2) | 6,396 | ||||||||||||
4,632 | Impax Laboratories Inc., (2) | 81,060 | ||||||||||||
2,871 | Jazz Pharmaceuticals, Inc., (2), (3) | 167,523 | ||||||||||||
1,104 | Lannett Company Inc., (2) | 12,817 | ||||||||||||
3,811 | Medicines Company, (2), (3) | 128,659 | ||||||||||||
7,922 | Nektar Therapautics, (2) | 85,874 | ||||||||||||
1,785 | Omeros Corporation, (2), (3) | 7,194 | ||||||||||||
3,253 | Optimer Pharmaceuticals, Inc., (2), (3) | 50,226 | ||||||||||||
1,275 | Pacira Pharmaceuticals, Inc., (2), (3) | 36,809 | ||||||||||||
2,626 | Pain Therapeutics, Inc., (3) | 10,819 | ||||||||||||
594 | Pernix Therapeutics Holdings, Incorporated, (2) | 2,269 | ||||||||||||
1,839 | Pozen Inc., (2) | 9,066 | ||||||||||||
3,716 | Questcor Pharmaceuticals Inc., (3) | 114,230 | ||||||||||||
1,289 | Repros Therapeutics, Inc., (2), (3) | 26,218 | ||||||||||||
648 | Sagent Pharmaceuticals Inc., (2) | 10,718 | ||||||||||||
3,784 | Santarus, Inc., (2) | 69,512 | ||||||||||||
3,926 | SciClone Pharmaceuticals, Inc., (2) | 18,570 | ||||||||||||
815 | Sucampo Pharmaceuticals, Inc., (2) | 7,751 | ||||||||||||
296 | Supernus Pharmaceuticals Incorporated, (2), (3) | 1,521 | ||||||||||||
872 | Transcept Pharmaceuticals Inc., (2) | 3,453 | ||||||||||||
1,356 | Ventrus Biosciences Inc., (2), (3) | 3,634 | ||||||||||||
4,556 | ViroPharma, Inc., (2), (3) | 124,151 | ||||||||||||
6,892 | Vivus, Inc., (2), (3) | 91,595 | ||||||||||||
2,969 | Xenoport, Inc., (2) | 18,437 | ||||||||||||
3,769 | Zogenix Inc., (2), (3) | 6,520 | ||||||||||||
Total Pharmaceuticals | 1,375,300 | |||||||||||||
Professional Services – 1.2% | ||||||||||||||
3,435 | Acacia Research | 81,822 | ||||||||||||
488 | Barrett Business Services, Inc. | 25,835 | ||||||||||||
2,626 | CBIZ Inc., (2), (3) | 17,043 | ||||||||||||
947 | CDI Corporation | 14,839 | ||||||||||||
2,317 | Corporate Executive Board Company | 130,586 | ||||||||||||
696 | CRA International, Inc., (2) | 12,834 | ||||||||||||
2,114 | Dolan Media Company, (2) | 3,657 | ||||||||||||
795 | Exponent, Inc. | 41,897 | ||||||||||||
957 | Franklin Covey Company, (2) | 13,475 | ||||||||||||
2,902 | FTI Consulting Inc., (2) | 96,114 |
78 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Professional Services (continued) | ||||||||||||||
1,021 | GP Strategies Corporation, (2) | $ | 22,513 | |||||||||||
1,244 | Heidrick & Struggles International, Inc. | 16,446 | ||||||||||||
1,611 | Hill International, Inc., (2) | 4,430 | ||||||||||||
2,299 | Hudson Global Inc., (2) | 7,587 | ||||||||||||
1,585 | Huron Consulting Group, Inc., (2), (3) | 66,221 | ||||||||||||
1,377 | ICF International, Inc., (2) | 37,330 | ||||||||||||
1,568 | Insperity Inc. | 43,324 | ||||||||||||
1,853 | Kelly Services, Inc., (3) | 31,538 | ||||||||||||
1,991 | KForce Inc. | 30,104 | ||||||||||||
3,306 | Korn Ferry International, (2) | 54,714 | ||||||||||||
1,080 | Mistras Group Inc., (2) | 20,466 | ||||||||||||
3,583 | Navigant Consulting Inc., (2) | 44,178 | ||||||||||||
5,352 | Odyssey Marine Exploration Inc., (2) | 15,788 | ||||||||||||
2,968 | On Assignment, Inc., (2) | 72,033 | ||||||||||||
13,284 | Pendrell Corporation, (2) | 22,450 | ||||||||||||
2,938 | Resources Connection, Inc. | 33,376 | ||||||||||||
1,463 | RPX Corporation, (2) | 19,619 | ||||||||||||
2,372 | The Advisory Board Company, (2), (3) | 116,584 | ||||||||||||
2,792 | TrueBlue Inc., (2), (3) | 57,850 | ||||||||||||
265 | VSE Corporation | 8,080 | ||||||||||||
484 | WageWorks, Incorporated, (2) | 12,395 | ||||||||||||
Total Professional Services | 1,175,128 | |||||||||||||
Real Estate Investment Trust – 8.7% | ||||||||||||||
3,502 | Acadia Realty Trust, (3) | 99,982 | ||||||||||||
1,762 | AG Mortgage Investment Trust Inc. | 45,583 | ||||||||||||
909 | Agree Realty Corporation | 27,334 | ||||||||||||
146 | Alexander’s Inc. | 44,967 | ||||||||||||
2,285 | American Assets Trust Inc | 77,142 | ||||||||||||
4,077 | American Capital Mortgage Investment Corporation | 108,285 | ||||||||||||
283 | AmREIT Inc., Class B Shares | 5,380 | ||||||||||||
9,962 | Anworth Mortgage Asset Corporation | 62,860 | ||||||||||||
2,163 | Apollo Commercial Real Estate Finance, Inc. | 38,372 | ||||||||||||
1,868 | Apollo Residential Mortgage Inc. | 41,582 | ||||||||||||
532 | Ares Commercial Real Estate Corporation | 8,954 | ||||||||||||
25,863 | Armour Residential REIT Inc. | 167,851 | ||||||||||||
3,689 | Ashford Hospitality Trust Inc. | 47,514 | ||||||||||||
3,421 | Associated Estates Realty Corp. | 61,133 | ||||||||||||
4,451 | Campus Crest Communities Inc. | 60,801 | ||||||||||||
6,139 | CapLease Inc. | 43,096 | ||||||||||||
6,820 | Capstead Mortgage Corporation | 90,570 | ||||||||||||
4,144 | Cedar Shopping Centers Inc. | 26,563 | ||||||||||||
1,203 | Chatham Lodging Trust | 22,027 | ||||||||||||
3,359 | Chesapeake Lodging Trust | 79,474 | ||||||||||||
6,077 | Colonial Properties Trust | 141,047 | ||||||||||||
4,411 | Colony Financial Inc. | 98,365 | ||||||||||||
1,342 | Coresite Realty Corporation, (3) | 48,554 |
Nuveen Investments | 79 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Real Estate Investment Trust (continued) | ||||||||||||||
7,040 | Cousins Properties, Inc. | $ | 76,877 | |||||||||||
4,630 | Crexus Investment Corporation | 60,329 | ||||||||||||
9,230 | CubeSmart, (3) | 162,171 | ||||||||||||
1,312 | CyrusOne Inc. | 31,475 | ||||||||||||
12,094 | CYS Investments Inc. | 150,328 | ||||||||||||
18,863 | DCT Industrial Trust Inc., (3) | 147,697 | ||||||||||||
12,992 | DiamondRock Hospitality Company | 129,660 | ||||||||||||
4,239 | Dupont Fabros Technology Inc., (3) | 106,568 | ||||||||||||
3,756 | Dynex Capital, Inc. | 40,377 | ||||||||||||
1,969 | EastGroup Properties Inc., (3) | 124,185 | ||||||||||||
7,813 | Education Realty Trust Inc. | 85,865 | ||||||||||||
3,236 | Entertainment Properties Trust | 182,963 | ||||||||||||
3,792 | Equity One Inc., (3) | 96,658 | ||||||||||||
3,244 | Excel Trust Inc. | 49,406 | ||||||||||||
8,587 | FelCor Lodging Trust Inc., (2) | 51,350 | ||||||||||||
7,426 | First Industrial Realty Trust, Inc. | 133,222 | ||||||||||||
3,524 | First Potomac Realty Trust | 56,384 | ||||||||||||
5,011 | Franklin Street Properties Corporation | 76,518 | ||||||||||||
4,916 | Geo Group Inc. | 184,104 | ||||||||||||
1,773 | Getty Realty Corporation, (3) | 37,960 | ||||||||||||
1,119 | Gladstone Commercial Corporation, (3) | 21,418 | ||||||||||||
9,640 | Glimcher Realty Trust, (3) | 120,886 | ||||||||||||
2,973 | Government Properties Income Trust | 77,447 | ||||||||||||
3,173 | Gramercy Proprty Trust Inc | 15,072 | ||||||||||||
78 | Gyrodyne Company of America, Inc. | 5,757 | ||||||||||||
6,028 | Healthcare Realty Trust, Inc. | 180,961 | ||||||||||||
11,888 | Hersha Hospitality Trust | 71,090 | ||||||||||||
5,428 | Highwoods Properties, Inc., (3) | 222,711 | ||||||||||||
2,976 | Hudson Pacific Properties Inc. | 67,883 | ||||||||||||
5,289 | Inland Real Estate Corporation | 59,871 | ||||||||||||
9,218 | Invesco Mortgage Capital Inc., (3) | 197,265 | ||||||||||||
6,765 | Investors Real Estate Trust | 65,823 | ||||||||||||
5,832 | iStar Financial Inc., (2), (3) | 68,118 | ||||||||||||
501 | Javelin Mortgage Investment Corporation | 10,090 | ||||||||||||
5,438 | Kite Realty Group Trust | 35,891 | ||||||||||||
6,595 | LaSalle Hotel Properties | 171,008 | ||||||||||||
10,554 | Lexington Corporate Properties Trust, (3) | 135,197 | ||||||||||||
2,102 | LTC Properties Inc., (3) | 97,743 | ||||||||||||
10,345 | Medical Properties Trust Inc. | 166,451 | ||||||||||||
2,781 | Monmouth Real Estate Investment Corporation | 29,590 | ||||||||||||
1,692 | National Health Investors Inc. | 112,078 | ||||||||||||
3,427 | New York Mortgage Trust, Inc. | 24,469 | ||||||||||||
13,387 | Northstar Realty Finance Corporation | 133,468 | ||||||||||||
7,745 | Omega Healthcare Investors Inc., (3) | 254,578 | ||||||||||||
793 | One Liberty Properties Inc. | 18,191 | ||||||||||||
1,828 | Parkway Properties Inc. | 33,324 |
80 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Real Estate Investment Trust (continued) | ||||||||||||||
4,201 | Pebblebrook Hotel Trust | $ | 114,099 | |||||||||||
3,867 | Penn Real Estate Investment Trust | 80,163 | ||||||||||||
4,072 | PennyMac Mortgage Investment Trust | 102,818 | ||||||||||||
2,788 | Potlatch Corporation | 132,012 | ||||||||||||
1,260 | PS Business Parks Inc. | 100,548 | ||||||||||||
4,832 | RAIT Investment Trust | 41,265 | ||||||||||||
4,118 | Ramco-Gershenson Properties Trust, (3) | 71,941 | ||||||||||||
5,464 | Redwood Trust Inc. | 124,688 | ||||||||||||
8,605 | Resource Capital Corporation | 56,707 | ||||||||||||
3,651 | Retail Opportunity Investments Corporation | 54,071 | ||||||||||||
8,416 | RLJ Lodging Trust | 193,905 | ||||||||||||
1,531 | Rouse Properties Inc., (3) | 29,012 | ||||||||||||
2,265 | Ryman Hospitalities Properties, (3) | 100,702 | ||||||||||||
2,561 | Sabra Health Care Real Estate Investment Trust Inc. | 76,369 | ||||||||||||
523 | Saul Centers Inc. | 23,430 | ||||||||||||
801 | Select Income REIT | 22,853 | ||||||||||||
2,262 | Silver Bay Realty Trust Corporation, (3) | 43,167 | ||||||||||||
2,099 | Sovran Self Storage Inc. | 143,991 | ||||||||||||
2,305 | Spirit Realty Capital, Incorporated | 49,627 | ||||||||||||
2,512 | STAG Industrial Inc. | 55,364 | ||||||||||||
11,481 | Starwood Property Trust Inc. | 315,613 | ||||||||||||
12,511 | Strategic Hotels & Resorts Inc., (2) | 100,964 | ||||||||||||
3,878 | Summit Hotel Properties Inc. | 38,741 | ||||||||||||
2,477 | Sun Communities Inc., (3) | 126,699 | ||||||||||||
11,207 | Sunstone Hotel Investors Inc., (2) | 139,079 | ||||||||||||
1,317 | Terreno Realty Corporation | 24,786 | ||||||||||||
24,750 | Two Harbors Investment Corporation | 296,505 | ||||||||||||
957 | UMH Properties Inc. | 10,575 | ||||||||||||
821 | Universal Health Realty Income Trust | 44,112 | ||||||||||||
1,716 | Urstadt Biddle Properties Inc. | 38,215 | ||||||||||||
4,584 | Washington Real Estate Investment Trust, (3) | 130,919 | ||||||||||||
1,291 | Western Asset Mortgage Capital Corporation, (3) | 28,918 | ||||||||||||
956 | Whitestone Real Estate Investment Trust, (3) | 15,774 | ||||||||||||
2,017 | Winthrop Realty Trust, Inc. | 25,636 | ||||||||||||
390 | ZAIS Financial Corporation, (2) | 8,057 | ||||||||||||
Total Real Estate Investment Trust | 8,789,238 | |||||||||||||
Real Estate Management & Development – 0.2% | ||||||||||||||
683 | AV Homes Inc., (2) | 8,818 | ||||||||||||
297 | Consolidated Tomoka Land Company | 11,051 | ||||||||||||
2,397 | Forestar Real Estate Group Inc., (2) | 51,631 | ||||||||||||
3,244 | Kennedy-Wilson Holdings Inc. | 53,948 | ||||||||||||
911 | Tejon Ranch Company, (2) | 26,583 | ||||||||||||
2,226 | Thomas Properties Group, Inc. | 11,330 | ||||||||||||
Total Real Estate Management & Development | 163,361 |
Nuveen Investments | 81 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Road & Rail – 1.2% | ||||||||||||||
599 | AMERCO | $ | 96,259 | |||||||||||
1,760 | Arkansas Best Corporation | 18,498 | ||||||||||||
7,338 | Avis Budget Group Inc., (2) | 211,628 | ||||||||||||
1,385 | Celadon Group, Inc. | 23,254 | ||||||||||||
3,064 | Genesee & Wyoming Inc., (2) | 261,053 | ||||||||||||
3,318 | Heartland Express, Inc. | 45,025 | ||||||||||||
3,998 | Knight Transportation Inc., (3) | 62,449 | ||||||||||||
1,077 | Marten Transport, Ltd. | 21,938 | ||||||||||||
4,925 | Old Dominion Frght Line, (2) | 189,613 | ||||||||||||
440 | Patriot Transportation Holding, Inc., (2) | 12,738 | ||||||||||||
1,477 | Quality Distribution, Inc., (2) | 11,757 | ||||||||||||
988 | Roadrunner Transportation System Inc., (2) | 22,240 | ||||||||||||
1,107 | Saia, Inc., (2) | 45,298 | ||||||||||||
5,460 | Swift Transportation Company, (2) | 76,549 | ||||||||||||
379 | Universal Truckload Services, Inc. | 9,566 | ||||||||||||
3,057 | Werner Enterprises, Inc., (3) | 70,189 | ||||||||||||
Total Road & Rail | 1,178,054 | |||||||||||||
Semiconductors & Equipment – 3.2% | ||||||||||||||
2,746 | Advanced Energy Industriess Inc., (2) | 46,627 | ||||||||||||
1,188 | Alpha & Omega Semiconductor Limited, (2) | 8,601 | ||||||||||||
417 | Ambarella, Incorporated, (2) | 5,713 | ||||||||||||
5,121 | Amkor Technology Inc., (2), (3) | 21,662 | ||||||||||||
5,647 | Anadigics Inc., (2) | 11,859 | ||||||||||||
4,515 | Applied Micro Circuits Corporation, (2) | 33,682 | ||||||||||||
2,206 | ATMI Inc., (2) | 47,981 | ||||||||||||
7,440 | Axcelis Technologies Inc., (2) | 9,672 | ||||||||||||
2,234 | AXT Inc., (2) | 6,412 | ||||||||||||
4,584 | Brooks Automation Inc. | 44,556 | ||||||||||||
1,629 | Cabot Microelectronics Corporation, (2) | 54,588 | ||||||||||||
3,437 | Cavium Networks Inc., (2), (3) | 108,094 | ||||||||||||
1,604 | CEVA, Inc., (2) | 24,477 | ||||||||||||
4,458 | Cirrus Logic Inc., (2) | 86,084 | ||||||||||||
1,685 | Cohu Inc. | 16,125 | ||||||||||||
2,138 | Cymer, Inc., (2) | 223,977 | ||||||||||||
2,454 | Diodes Inc., (2) | 49,718 | ||||||||||||
1,504 | DSP Group Inc., (2) | 12,137 | ||||||||||||
9,489 | Entegris Inc., (2) | 89,956 | ||||||||||||
6,083 | Entropic Communications Inc., (2), (3) | 25,792 | ||||||||||||
2,571 | Exar Corporation, (2) | 27,715 | ||||||||||||
4,163 | First Solar Inc., (2), (3) | 193,829 | ||||||||||||
3,430 | FormFactor Inc., (2) | 16,979 | ||||||||||||
1,425 | GSI Technology Inc., (2) | 8,892 | ||||||||||||
8,181 | GT Advanced Technologies, Inc., (2), (3) | 32,151 | ||||||||||||
2,142 | Hittite Microwave Corporation, (2) | 120,188 | ||||||||||||
1,617 | Inphi Corporation, (2) | 15,216 | ||||||||||||
9,835 | Integrated Device Technology, Inc., (2) | 69,927 |
82 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Semiconductors & Equipment (continued) | ||||||||||||||
1,888 | Integrated Silicon Solution, (2) | $ | 17,313 | |||||||||||
958 | Intermolecular Inc, (2) | 8,344 | ||||||||||||
4,783 | International Rectifier Corporation, (2), (3) | 101,447 | ||||||||||||
8,810 | Intersil Holding Corporation, Class A, (3) | 68,366 | ||||||||||||
1,696 | IXYS Corporation | 15,366 | ||||||||||||
4,619 | Kopin Corporation, (2) | 15,289 | ||||||||||||
8,155 | Lattice Semiconductor Corporation, (2) | 37,921 | ||||||||||||
3,388 | LTX-Credence Corporation, (2) | 19,989 | ||||||||||||
419 | MA-COM Technology Solutions Holdings Incorporated, (2) | 5,879 | ||||||||||||
4,042 | Mattson Technology, Inc., (2) | 6,225 | ||||||||||||
1,531 | Maxlinear Inc., (2) | 9,538 | ||||||||||||
15,955 | MEMC Electronic Materials, (2) | 86,157 | ||||||||||||
3,239 | Micrel, Incorporated, (3) | 32,584 | ||||||||||||
6,141 | Microsemi Corporation, (2) | 127,733 | ||||||||||||
2,498 | Mindspeed Technologies, Inc., (2), (3) | 5,720 | ||||||||||||
3,632 | MKS Instruments Inc. | 97,592 | ||||||||||||
2,110 | Monolithic Power Systems, Inc., (3) | 50,893 | ||||||||||||
2,325 | MoSys, Inc., (2) | 10,509 | ||||||||||||
1,623 | Nanometrics Inc., (2) | 22,771 | ||||||||||||
1,277 | NeoPhotonics Corporation, (2) | 7,036 | ||||||||||||
333 | NVE Corporation, (2), (3) | 17,672 | ||||||||||||
3,620 | Omnivision Technologies, Inc., (2) | 48,544 | ||||||||||||
1,668 | PDF Solutions, Inc., (2) | 28,539 | ||||||||||||
437 | Peregrine Semiconductor Corporation, (2) | 4,221 | ||||||||||||
1,608 | Pericom Semiconductor Corporation, (2) | 10,388 | ||||||||||||
4,174 | Photronics Inc., (2) | 32,933 | ||||||||||||
3,093 | PLX Technologies Inc., (2) | 14,444 | ||||||||||||
1,961 | Power Integrations Inc., (3) | 81,205 | ||||||||||||
3,043 | Quicklogic Corporation, (2) | 7,790 | ||||||||||||
7,632 | Rambus Inc., (2), (3) | 53,119 | ||||||||||||
19,227 | RF Micro Devices, Inc., (2) | 107,863 | ||||||||||||
1,177 | Rubicon Technology Inc., (2) | 8,722 | ||||||||||||
2,222 | Rudolph Technologies, (2) | 25,931 | ||||||||||||
4,529 | Semtech Corporation, (2), (3) | 145,245 | ||||||||||||
2,274 | Sigma Designs, Inc., (2) | 10,824 | ||||||||||||
5,755 | Silicon Image, Inc., (2) | 28,372 | ||||||||||||
3,334 | Spansion Inc., Class A, (2) | 43,309 | ||||||||||||
2,092 | STR Holdings Inc., (2) | 4,707 | ||||||||||||
2,749 | SunPower Corporation, (2), (3) | 37,359 | ||||||||||||
712 | Supertex Inc. | 15,009 | ||||||||||||
3,588 | Tessera Technologies Inc. | 73,088 | ||||||||||||
11,649 | TriQuint Semiconductor, Inc., (2) | 68,030 | ||||||||||||
1,926 | Ultra Clean Holdings, Inc., (2) | 12,057 | ||||||||||||
1,811 | Ultratech Stepper Inc., (2) | 53,370 | ||||||||||||
2,686 | Veeco Instruments Inc., (2) | 102,256 | ||||||||||||
1,754 | Volterra Semiconductor Corporation, (2) | 22,820 | ||||||||||||
Total Semiconductors & Equipment | 3,217,099 |
Nuveen Investments | 83 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Software – 3.3% | ||||||||||||||
3,837 | Accelrys, Inc., (2) | $ | 37,794 | |||||||||||
2,748 | ACI Worldwide, Inc., (2) | 129,183 | ||||||||||||
3,406 | Actuate Corporation, (2) | 20,913 | ||||||||||||
2,181 | Advent Software Inc., (2) | 63,336 | ||||||||||||
1,620 | American Software, Inc. | 13,462 | ||||||||||||
6,468 | Aspen Technology Inc., (2) | 197,145 | ||||||||||||
553 | AVG Technologies NV, (2), (3) | 9,025 | ||||||||||||
3,121 | Blackbaud, Inc. | 91,477 | ||||||||||||
2,513 | Bottomline Technologies, Inc., (2) | 65,841 | ||||||||||||
1,900 | Broadsoft Inc., (2), (3) | 48,564 | ||||||||||||
2,574 | Callidus Software, Inc., (2), (3) | 11,042 | ||||||||||||
3,088 | CommVault Systems, Inc., (2) | 227,092 | ||||||||||||
1,514 | Comverse Incorporated, (2) | 40,166 | ||||||||||||
491 | Digimarc Corporation | 10,773 | ||||||||||||
1,954 | Ebix, Inc., (3) | 36,364 | ||||||||||||
1,739 | Ellie Mae Incorporated, (2) | 45,249 | ||||||||||||
506 | Envivio, Incorporated, (2) | 810 | ||||||||||||
2,179 | EPIQ Systems, Inc. | 30,441 | ||||||||||||
274 | ePlus, Inc. | 12,462 | ||||||||||||
432 | Exa Corporation, (2) | 3,223 | ||||||||||||
2,370 | Fair Isaac Corporation, (3) | 110,395 | ||||||||||||
2,188 | Falconstore Software, Inc., (2) | 3,610 | ||||||||||||
621 | Fleetmatics Group Limited, (2) | 14,575 | ||||||||||||
3,737 | Glu Mobile, Inc., (2), (3) | 11,510 | ||||||||||||
988 | Guidance Software, Inc., (2) | 10,394 | ||||||||||||
1,414 | Guidewire Software Incorporated, (2) | 56,673 | ||||||||||||
673 | Imperva Incorporated, (2) | 26,234 | ||||||||||||
536 | Infoblox, Incorporated, (2) | 11,851 | ||||||||||||
1,015 | Interactive Intelligence Group, (2) | 42,051 | ||||||||||||
1,119 | Jive Software Inc., (2) | 15,207 | ||||||||||||
1,404 | Manhattan Associates Inc., (2), (3) | 98,575 | ||||||||||||
6,438 | Mentor Graphics Corporation, (3) | 117,558 | ||||||||||||
588 | Microstrategy Inc., (2) | 53,032 | ||||||||||||
2,528 | Monotype Imaging Holdings Inc. | 58,624 | ||||||||||||
2,539 | NetScout Systems, Inc., (2) | 57,915 | ||||||||||||
8,265 | Parametric Technology Corporation, (2) | 198,443 | ||||||||||||
1,188 | Pegasystems, Inc., (3) | 30,068 | ||||||||||||
4,344 | Progress Software Corporation, (2), (3) | 98,044 | ||||||||||||
437 | Proofpoint, Incorporated, (2) | 8,006 | ||||||||||||
1,510 | PROS Holdings, Inc., (2) | 39,139 | ||||||||||||
422 | QAD Inc A | 5,098 | ||||||||||||
5,901 | QLIK Technologies Inc., (2) | 153,485 | ||||||||||||
602 | Qualys Incorporated, (2) | 6,622 | ||||||||||||
2,478 | RealPage Inc., (2), (3) | 50,551 | ||||||||||||
739 | Rosetta Stone Inc., (2) | 12,511 | ||||||||||||
944 | Sapiens International Corporation NV, (3) | 5,466 |
84 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Software (continued) | ||||||||||||||
1,975 | SeaChange International, Inc., (2) | $ | 21,449 | |||||||||||
2,043 | Sourcefire Inc., (2) | 97,574 | ||||||||||||
2,342 | SS&C Technologies Holdings Inc., (2) | 71,876 | ||||||||||||
1,911 | Synchronoss Technologies, Inc., (2), (3) | 54,158 | ||||||||||||
5,405 | Take-Two Interactive Software, Inc., (2) | 82,480 | ||||||||||||
2,062 | Tangoe Inc., (2) | 26,517 | ||||||||||||
1,148 | TeleNav Inc., (2) | 6,016 | ||||||||||||
8,620 | TiVo, Inc., (2), (3) | 101,026 | ||||||||||||
2,081 | Tyler Technologies Inc., (2) | 131,602 | ||||||||||||
1,978 | Ultimate Software Group, Inc., (2), (3) | 191,055 | ||||||||||||
1,948 | Vasco Data Security International, Inc., (2) | 16,577 | ||||||||||||
2,696 | Verint Systems Inc., (2) | 89,076 | ||||||||||||
2,901 | VirnetX Holding Corporation, (2), (3) | 59,238 | ||||||||||||
2,573 | Websense Inc., (2) | 45,902 | ||||||||||||
Total Software | 3,384,545 | |||||||||||||
Specialty Retail – 3.2% | ||||||||||||||
5,617 | Aeropostale, Inc., (2), (3) | 82,345 | ||||||||||||
550 | America’s Car-Mart, Inc., (2) | 25,449 | ||||||||||||
3,373 | Ann Inc., (2) | 99,638 | ||||||||||||
1,925 | Asbury Automotive Group, Inc., (2) | 77,173 | ||||||||||||
1,959 | Barnes & Noble Inc., (2), (3) | 35,517 | ||||||||||||
2,553 | bebe stores, inc. | 14,450 | ||||||||||||
1,333 | Big 5 Sporting Goods Corporation | 22,394 | ||||||||||||
1,118 | Body Central Corporation, (2) | 11,381 | ||||||||||||
2,962 | Brown Shoe Inc. | 50,087 | ||||||||||||
1,917 | Buckle Inc., (3) | 93,070 | ||||||||||||
3,225 | Cabela’s Incorporated, (2), (3) | 207,045 | ||||||||||||
1,896 | Cato Corporation | 45,523 | ||||||||||||
1,677 | Childrens Place Retail Stores Inc., (2) | 82,039 | ||||||||||||
1,031 | Citi Trends, Inc., (2) | 12,135 | ||||||||||||
1,167 | Conn’s, Inc., (2) | 50,543 | ||||||||||||
924 | Destination Maternity Corporation | 21,945 | ||||||||||||
3,216 | Destination XL Group Inc., (2) | 16,016 | ||||||||||||
6,184 | Express Inc., (2) | 112,611 | ||||||||||||
3,513 | Finish Line, Inc. | 68,117 | ||||||||||||
764 | Five Below, Incorporated, (2), (3) | 27,496 | ||||||||||||
2,405 | Francescas Holdings Corporation, (2), (3) | 68,687 | ||||||||||||
1,692 | Genesco Inc., (2) | 104,143 | ||||||||||||
1,584 | Group 1 Automotive Inc., (3) | 95,800 | ||||||||||||
1,327 | Haverty Furniture Companies Inc. | 31,556 | ||||||||||||
1,083 | Hhgregg Inc., (2) | 14,631 | ||||||||||||
1,824 | Hibbett Sporting Goods, Inc., (2), (3) | 100,046 | ||||||||||||
2,915 | Hot Topic, Inc., (3) | 40,664 | ||||||||||||
1,924 | Joseph A Bank Clothiers, Inc., (2), (3) | 84,040 | ||||||||||||
1,077 | Kirkland’s, Inc., (2) | 12,989 | ||||||||||||
1,498 | Lithia Motors Inc. | 74,181 |
Nuveen Investments | 85 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Specialty Retail (continued) | ||||||||||||||
1,904 | Lumber Liquidators Inc., (2), (3) | $ | 156,052 | |||||||||||
1,492 | Marinemax Inc., (2) | 17,292 | ||||||||||||
761 | Mattress Firm Holding Corporation, (2), (3) | 29,162 | ||||||||||||
3,519 | Mens Wearhouse Inc. | 117,887 | ||||||||||||
2,135 | Monro Muffler Brake, Inc., (3) | 88,304 | ||||||||||||
1,894 | New York & Company Inc., (2) | 8,447 | ||||||||||||
19,620 | Office Depot, Inc., (2), (3) | 75,733 | ||||||||||||
5,985 | OfficeMax Inc., (3) | 68,887 | ||||||||||||
124 | Orchard Supply Hardware Stores Corporation, (2), (3) | 246 | ||||||||||||
2,934 | Penske Auto Group, Inc. | 90,719 | ||||||||||||
3,653 | Pep Boys – Manny, Moe & Jack, (2) | 42,375 | ||||||||||||
350 | Perfumania Holdings, Inc., (2) | 2,181 | ||||||||||||
6,714 | Pier 1 Imports, Inc., (3) | 155,832 | ||||||||||||
6,873 | RadioShack Corporation, (3) | 21,787 | ||||||||||||
4,107 | Rent-A-Center Inc., (3) | 143,458 | ||||||||||||
381 | Restoration Hardware Holdings Incorporated, (2), (3) | 14,840 | ||||||||||||
1,071 | rue21, Inc., (2) | 34,165 | ||||||||||||
3,922 | Select Comfort Corporation, (2), (3) | 83,225 | ||||||||||||
987 | Shoe Carnival, Inc. | 20,559 | ||||||||||||
2,951 | Sonic Automotive Inc. | 64,892 | ||||||||||||
2,119 | Stage Stores Inc. | 58,675 | ||||||||||||
1,888 | Stein Mart, Inc. | 14,934 | ||||||||||||
763 | Systemax Inc. | 6,989 | ||||||||||||
635 | Tilly’s Inc, Class A Shares, (2) | 9,169 | ||||||||||||
2,036 | Vitamin Shoppe Inc., (2), (3) | 100,069 | ||||||||||||
1,049 | West Marine, Inc., (2) | 12,410 | ||||||||||||
6,252 | Wet Seal Inc., (2) | 20,382 | ||||||||||||
142 | Winmark Corporation | 8,786 | ||||||||||||
1,514 | Zumiez, Inc., (2) | 43,861 | ||||||||||||
Total Specialty Retail | 3,293,029 | |||||||||||||
Textiles, Apparel & Luxury Goods – 1.3% | ||||||||||||||
579 | Cherokee Inc. | 7,544 | ||||||||||||
847 | Columbia Sportswear Company, (3) | 49,634 | ||||||||||||
6,216 | Crocs, Inc., (2) | 99,580 | ||||||||||||
603 | Culp Inc. | 9,793 | ||||||||||||
488 | Delta Apparel Inc., (2) | 6,529 | ||||||||||||
8,284 | Fifth & Pacific Companies Inc., (2) | 170,816 | ||||||||||||
1,148 | G III Apparel Group, Limited, (2), (3) | 46,678 | ||||||||||||
4,480 | Iconix Brand Group, Inc., (2) | 128,352 | ||||||||||||
5,677 | Jones Apparel Group Inc., (3) | 79,478 | ||||||||||||
1,826 | K Swiss, Inc. | 8,655 | ||||||||||||
1,627 | Maidenform Brands Inc., (2) | 29,286 | ||||||||||||
1,216 | Movado Group Inc. | 36,772 | ||||||||||||
968 | Oxford Industries Inc., (3) | 57,238 | ||||||||||||
819 | Perry Ellis International, Inc. | 14,390 | ||||||||||||
9,023 | Quiksilver Inc., (2) | 60,725 |
86 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Textiles, Apparel & Luxury Goods (continued) | ||||||||||||||
605 | R.G. Barry Corporation | $ | 8,343 | |||||||||||
2,617 | Skechers USA Inc., (2) | 54,381 | ||||||||||||
2,714 | Steven Madden Limited, (2) | 131,982 | ||||||||||||
1,783 | True Religion Apparel, Inc. | 48,248 | ||||||||||||
1,491 | Tumi Holdings Inc., (2) | 34,338 | ||||||||||||
972 | Unifi Inc., (2) | 18,954 | ||||||||||||
1,393 | Vera Bradley Inc., (2), (3) | 31,788 | ||||||||||||
3,363 | Wolverine World Wide Inc., (3) | 160,651 | ||||||||||||
Total Textiles, Apparel & Luxury Goods | 1,294,155 | |||||||||||||
Thrifts & Mortgage Finance – 1.6% | ||||||||||||||
6,022 | Astoria Financial Corporation, (3) | 57,751 | ||||||||||||
3,203 | Bank Mutual Corporation | 16,592 | ||||||||||||
1,457 | BankFinancial Corporation | 11,496 | ||||||||||||
2,137 | Beneficial Mutual Bancorp Inc., (2) | 18,271 | ||||||||||||
1,706 | Berkshire Hills Bancorp, Inc., (3) | 44,117 | ||||||||||||
768 | BofI Holdings, Inc., (2) | 31,319 | ||||||||||||
4,841 | Brookline Bancorp, Inc. | 40,664 | ||||||||||||
738 | Cape Bancorp Inc. | 6,649 | ||||||||||||
497 | Charter Financial Corporation | 5,054 | ||||||||||||
550 | Clifton Savings Bancorp, Inc. | 6,606 | ||||||||||||
2,173 | Dime Community Bancshares, Inc. | 31,009 | ||||||||||||
8,881 | Doral Financial Group, (2) | 6,689 | ||||||||||||
801 | ESB Financial Corporation, (3) | 11,214 | ||||||||||||
656 | ESSA Bancorp Inc. | 7,065 | ||||||||||||
1,458 | Everbank Financial Corporation, (3) | 23,328 | ||||||||||||
687 | Federal Agricultural Mortgage Corporation | 21,833 | ||||||||||||
672 | First Defiance Financial Corporation | 15,214 | ||||||||||||
226 | First Federal Bancshares of Arkansas, Inc., (2) | 2,190 | ||||||||||||
1,107 | First Financial Northwest Inc., (2) | 8,967 | ||||||||||||
734 | First Pactrust Bancorp, Inc. | 8,338 | ||||||||||||
2,137 | Flushing Financial Corporation, (3) | 32,440 | ||||||||||||
879 | Fox Chase Bancorp. | 14,864 | ||||||||||||
803 | Franklin Financial Corporation | 14,599 | ||||||||||||
567 | Heritage Financial Group | 8,386 | ||||||||||||
83 | Hingham Institution for Savings | 5,645 | ||||||||||||
447 | Home Bancorp Inc., (2), (3) | 8,091 | ||||||||||||
1,024 | Home Federal Bancorp, Inc. | 12,472 | ||||||||||||
3,659 | Home Loan Servicing Solutions Limited | 82,876 | ||||||||||||
603 | HomeStreet Inc. | 12,965 | ||||||||||||
592 | Kaiser Federal Financial Group Inc. | 8,880 | ||||||||||||
783 | Kearny Financial Corporation | 7,713 | ||||||||||||
509 | Meridian Interstate Bancorp, Inc., (2), (3) | 9,310 | ||||||||||||
21,772 | MGIC Investment Corporation, (2), (3) | 117,569 | ||||||||||||
289 | NASB Financial, Inc., (2) | 6,589 | ||||||||||||
1,325 | Nationstar Mortgage Holdings, Incorporated, (2), (3) | 48,720 | ||||||||||||
1,426 | Northfield Bancorp Inc. | 16,770 |
Nuveen Investments | 87 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Thrifts & Mortgage Finance (continued) | ||||||||||||||
6,746 | Northwest Bancshares Inc. | $ | 82,639 | |||||||||||
994 | OceanFirst Financial Corporation | 14,125 | ||||||||||||
7,429 | Ocwen Financial Corporation, (2), (3) | 271,753 | ||||||||||||
3,142 | Oritani Financial Corporation | 48,607 | ||||||||||||
398 | Peoples Federal Bancshares, Inc. | 7,427 | ||||||||||||
672 | Provident Financial Holdings, Inc. | 10,886 | ||||||||||||
3,885 | Provident Financial Services Inc. | 59,557 | ||||||||||||
2,732 | Provident New York Bancorp., (3) | 24,697 | ||||||||||||
11,941 | Radian Group Inc., (3) | 142,695 | ||||||||||||
1,976 | Rockville Financial Inc. | 25,688 | ||||||||||||
506 | Roma Financial Corporation | 8,612 | ||||||||||||
691 | SI Financial Group, Inc. | 8,016 | ||||||||||||
710 | Territorial Bancorp Inc. | 16,600 | ||||||||||||
417 | Tree.com Inc. | 8,536 | ||||||||||||
6,475 | TrustCo Bank Corporation NY | 34,706 | ||||||||||||
1,379 | United Financial Bancorp. | 20,423 | ||||||||||||
2,330 | ViewPoint Financial Group | 43,385 | ||||||||||||
786 | Walker & Dunlop Inc., (2) | 13,999 | ||||||||||||
505 | Waterstone Financial Inc., (2) | 4,035 | ||||||||||||
1,623 | Westfield Financial Inc. | 12,221 | ||||||||||||
526 | WSFS Financial Corporation | 25,742 | ||||||||||||
Total Thrifts & Mortgage Finance | 1,666,604 | |||||||||||||
Tobacco – 0.2% | ||||||||||||||
6,039 | Alliance One International, Inc., (2) | 22,646 | ||||||||||||
1,507 | Universal Corporation, (3) | 86,728 | ||||||||||||
3,414 | Vector Group Ltd. | 55,682 | ||||||||||||
Total Tobacco | 165,056 | |||||||||||||
Trading Companies & Distributors – 0.9% | ||||||||||||||
1,854 | Aceto Corporation | 19,282 | ||||||||||||
4,061 | Aircastle LTD | 56,692 | ||||||||||||
2,917 | Applied Industrial Technologies Inc. | 123,243 | ||||||||||||
3,240 | Beacon Roofing Supply Company, (2), (3) | 123,541 | ||||||||||||
2,937 | Bluelinx Holdings Inc., (2) | 8,547 | ||||||||||||
1,003 | CAI International Inc., (2) | 25,566 | ||||||||||||
608 | DXP Enterprises, Inc., (2) | 40,663 | ||||||||||||
1,035 | Edgen Group Incorporated, (2) | 7,090 | ||||||||||||
1,984 | H&E Equipment Services, Inc. | 40,394 | ||||||||||||
1,233 | Houston Wire & Cable Company | 16,793 | ||||||||||||
1,825 | Kaman Corporation | 61,667 | ||||||||||||
2,299 | Rush Enterprises, Class A, (2) | 52,624 | ||||||||||||
2,019 | TAL International Group Inc., (3) | 83,587 | ||||||||||||
956 | Textainer Group Holdings Limited, (3) | 36,969 | ||||||||||||
1,168 | Titan Machinery, Inc., (2) | 26,350 | ||||||||||||
2,032 | Watsco Inc. | 171,460 | ||||||||||||
376 | Willis Lease Finance Corporation, (2) | 5,335 | ||||||||||||
Total Trading Companies & Distributors | 899,803 |
88 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Transportation Infrastructure – 0.0% | ||||||||||||||
1,218 | Wesco Aircraft Holdings Inc., (2) | $ | 20,109 | |||||||||||
Water Utilities – 0.2% | ||||||||||||||
1,182 | American States Water Co | 65,577 | ||||||||||||
516 | Artesian Resources Corporation | 12,162 | ||||||||||||
897 | Cadiz, Inc., (2) | 5,283 | ||||||||||||
2,683 | California Water Service Group | 53,794 | ||||||||||||
746 | Connecticut Water Service, Inc. | 21,246 | ||||||||||||
1,007 | Consolidated Water Company, Limited | 10,040 | ||||||||||||
1,085 | Middlesex Water Company | 21,277 | ||||||||||||
972 | SJW Corporation | 24,650 | ||||||||||||
886 | York Water Company | 16,613 | ||||||||||||
Total Water Utilities | 230,642 | |||||||||||||
Wireless Telecommunication Services – 0.1% | ||||||||||||||
1,092 | Boingo Wireless Inc., (2) | 6,800 | ||||||||||||
3,723 | Leap Wireless International, Inc., (2), (3) | 21,293 | ||||||||||||
1,026 | NTELOS Holdings Corporation | 15,100 | ||||||||||||
1,648 | Shenandoah Telecommunications Company | 27,011 | ||||||||||||
1,530 | USA Mobility Inc. | 20,762 | ||||||||||||
Total Wireless Telecommunication Services | 90,966 | |||||||||||||
Total Common Stocks (cost $68,472,417) | 92,598,300 | |||||||||||||
Shares | Description (1), (9) | Value | ||||||||||||
EXCHANGE-TRADED FUNDS – 0.0% | ||||||||||||||
591 | Firsthand Technology Value Fund, Incorporated, (2) | $ | 10,992 | |||||||||||
Total Exchange-Traded Funds (cost $10,630) | 10,992 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
COMMON STOCK RIGHTS – 0.0% | ||||||||||||||
692 | Clinical Data, Inc., (4) | $ | — | |||||||||||
1,493 | Gerber Scientific, (4) | — | ||||||||||||
801 | Greene County Bankshares, Inc., (4) | — | ||||||||||||
4,270 | Invedus Pharmaceuticals Inc., (4) | — | ||||||||||||
Total Common Stock Rights (cost $0) | — | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
WARRANTS – 0.0% | ||||||||||||||
644 | Magnum Hunter Resources Corporation Warrants | $ | 90 | |||||||||||
Total Warrants (cost $0) | 90 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 27.3% | ||||||||||||||
Money Market Funds – 27.3% | ||||||||||||||
27,697,470 | Mount Vernon Securities Lending Prime Portfolio, 0.214%, (5), (6) | $ | 27,697,470 | |||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $27,697,470) | 27,697,470 |
Nuveen Investments | 89 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Index Fund (continued)
April 30, 2013
Shares/ Pincipal Amount (000) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||
SHORT-TERM INVESTMENTS – 9.0% | ||||||||||||||||||||
Money Market Funds – 8.4% | ||||||||||||||||||||
8,572,986 | First American Treasury Obligations Fund, Class Z, (5) | 0.000% | N/A | N/A | $ | 8,572,986 | ||||||||||||||
U.S. Government and Agency Obligations – 0.6% | ||||||||||||||||||||
$ | 600 | U.S. Treasury Bills, (8) | 0.000% | 8/22/13 | N/R | 599,896 | ||||||||||||||
Total Short-Term Investments (cost $9,172,746) | 9,172,882 | |||||||||||||||||||
Total Investments (cost $105,353,263) – 127.5% | 129,479,734 | |||||||||||||||||||
Other Assets Less Liabilities – (27.5)% | (27,921,746) | |||||||||||||||||||
Net Assets – 100% | $ | 101,557,988 |
Investments in Derivatives as of April 30, 2013
Futures Contracts oustanding:
Type | Contract Postion | Number of Contracts | Contract Expiration | Notional Amount at Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
Russell 2000 Mini Index | Long | 93 | 6/13 | $ | 8,789,430 | $ | 79,664 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by the Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
(3) | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $26,566,601. |
(4) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Directors. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements 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. |
(7) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/ are not rated by any of these national rating agencies. |
(8) | Investment, or portion of investment, segregated as collateral for investments in derivatives. |
(9) | A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained from the Securities and Exchange Commission on its website at http://www.sec.gov. |
N/A | Not applicable. |
N/R | Not rated. |
REIT | Real Estate Investment Trust. |
See accompanying notes to financial statements.
90 | Nuveen Investments |
Statement of Assets & Liabilities (Unaudited)
April 30, 2013
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Assets | ||||||||||||
Investments, at value (cost $367,984,811, $404,262,262 | $ | 777,205,152 | $ | 517,724,609 | 101,782,264 | |||||||
Investments purchased with collateral from securities lending (at cost, which approximates value) | 78,793,025 | 120,542,433 | 27,697,470 | |||||||||
Cash | 70,004 | 354,087 | 64,389 | |||||||||
Receivables: | ||||||||||||
Dividends | 698,936 | 429,325 | 35,665 | |||||||||
Due from broker | 9,942 | 20,429 | 21,431 | |||||||||
Investments sold | 209,392 | 5,389,191 | 87,104 | |||||||||
Reclaims | — | — | 52 | |||||||||
Shares sold | 1,430,065 | 1,340,094 | 301,232 | |||||||||
Variation margin on futures contracts | 21,926 | 454,863 | 54,150 | |||||||||
Other assets | 13,490 | 6,381 | 102 | |||||||||
Total assets | 858,451,932 | 646,261,412 | 130,043,859 | |||||||||
Liabilities | ||||||||||||
Payables: | ||||||||||||
Collateral from securities lending program | 78,793,025 | 120,542,433 | 27,697,470 | |||||||||
Investments purchased | — | 25,289,374 | 261,167 | |||||||||
Shares redeemed | 3,460,488 | 1,739,720 | 392,125 | |||||||||
Variation margin on futures contracts | — | — | 107 | |||||||||
Accrued expenses: | ||||||||||||
Directors fees | 16,478 | 8,370 | 687 | |||||||||
Management fees | 51,465 | 108,343 | 233 | |||||||||
12b-1 distribution and service fees | 60,373 | 94,563 | 18,666 | |||||||||
Other | 153,112 | 138,164 | 115,416 | |||||||||
Total liabilities | 82,534,941 | 147,920,967 | 28,485,871 | |||||||||
Net assets | $ | 775,916,991 | $ | 498,340,445 | $ | 101,557,988 | ||||||
Class A Shares | ||||||||||||
Net assets | $ | 165,981,427 | $ | 145,331,888 | $ | 32,428,495 | ||||||
Shares outstanding | 6,732,204 | 9,264,444 | 2,520,151 | |||||||||
Net asset value and offering price per share | $ | 24.65 | $ | 15.69 | $ | 12.87 | ||||||
Class B Shares | ||||||||||||
Net assets | $ | 2,200,531 | N/A | N/A | ||||||||
Shares outstanding | 90,874 | N/A | N/A | |||||||||
Net asset value and offering price per share | $ | 24.22 | N/A | N/A | ||||||||
Class C Shares | ||||||||||||
Net assets | $ | 9,215,654 | $ | 7,794,344 | $ | 1,715,721 | ||||||
Shares outstanding | 377,670 | 513,413 | 139,214 | |||||||||
Net asset value and offering price per share | $ | 24.40 | $ | 15.18 | $ | 12.32 | ||||||
Class R3 Shares | ||||||||||||
Net assets | $ | 45,453,474 | $ | 151,299,344 | $ | 27,464,042 | ||||||
Shares outstanding | 1,847,572 | 9,755,483 | 2,186,342 | |||||||||
Net asset value and offering price per share | $ | 24.60 | $ | 15.51 | $ | 12.56 | ||||||
Class I Shares | ||||||||||||
Net assets | $ | 553,065,905 | $ | 193,914,869 | $ | 39,949,730 | ||||||
Shares outstanding | 22,439,287 | 12,332,499 | 3,099,373 | |||||||||
Net asset value and offering price per share | $ | 24.65 | $ | 15.72 | $ | 12.89 | ||||||
Net assets consist of: | ||||||||||||
Capital paid-in | $ | 352,148,163 | $ | 371,974,918 | $ | 75,348,730 | ||||||
Undistributed (Over-distribution of) net investment income | 1,737,395 | 1,662,632 | 540,341 | |||||||||
Accumulated net realized gain (loss) | 12,626,535 | 10,453,038 | 1,462,782 | |||||||||
Net unrealized appreciation (depreciation) | 409,404,898 | 114,249,857 | 24,206,135 | |||||||||
Net assets | $ | 775,916,991 | $ | 498,340,445 | $ | 101,557,988 | ||||||
Authorized shares - per 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.
Nuveen Investments | 91 |
Statement of Operations (Unaudited)
Six Months Ended April 30, 2013
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Investment Income | ||||||||||||
Dividend and interest income | $ | 8,708,839 | $ | 3,862,033 | $ | 947,945 | ||||||
Securities lending income, net | 63,043 | 122,367 | 110,597 | |||||||||
Total investment income | 8,771,882 | 3,984,400 | 1,058,542 | |||||||||
Expenses | ||||||||||||
Management fees | 1,032,976 | 701,941 | 153,968 | |||||||||
12b-1 service fees – Class A | 190,189 | 151,694 | 37,296 | |||||||||
12b-1 distribution and service fees – Class B | 11,854 | N/A | N/A | |||||||||
12b-1 distribution and service fees – Class C | 42,130 | 30,732 | 7,266 | |||||||||
12b-1 distribution and service fees – Class R3 | 92,932 | 324,279 | 58,275 | |||||||||
Shareholder servicing agent fees and expenses | 447,200 | 223,248 | 47,817 | |||||||||
Custodian fees and expenses | 77,168 | 47,820 | 71,461 | |||||||||
Directors fees and expenses | 8,809 | 5,321 | 1,251 | |||||||||
Professional fees | 12,437 | 8,273 | 6,402 | |||||||||
Shareholder reporting expenses | 39,203 | 39,178 | 4,287 | |||||||||
Federal and state registration fees | 36,313 | 37,752 | 25,032 | |||||||||
Other expenses | 28,039 | 25,833 | 58,279 | |||||||||
Total expenses before fee waiver/expense reimbursement | 2,019,250 | 1,596,071 | 471,334 | |||||||||
Fee waiver/expense reimbursement | (302,151 | ) | (25,852 | ) | (110,225 | ) | ||||||
Net expenses | 1,717,099 | 1,570,219 | 361,109 | |||||||||
Net investment income (loss) | 7,054,783 | 2,414,181 | 697,433 | |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | 23,666,081 | 6,861,709 | 835,904 | |||||||||
Futures contracts | 2,851,524 | 4,169,926 | 641,177 | |||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||
Investments | 65,547,287 | 60,649,328 | 11,084,410 | |||||||||
Futures contracts | 599,860 | 1,537,635 | 332,929 | |||||||||
Net realized and unrealized gain (loss) | 92,664,752 | 73,218,598 | 12,894,420 | |||||||||
Net increase (decrease) in net assets from operations | $ | 99,719,535 | $ | 75,632,779 | $ | 13,591,853 |
N/A | – Mid Cap Index and Small Cap Index do not offer Class B Shares. |
See accompanying notes to financial statements.
92 | Nuveen Investments |
Statement of Changes in Net Assets (Unaudited)
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income (loss) | $ | 7,054,783 | $ | 12,942,590 | $ | 2,414,181 | $ | 2,526,147 | $ | 697,433 | $ | 600,158 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||
Investments | 23,666,081 | 16,407,263 | 6,861,709 | 11,219,823 | 835,904 | 3,352,368 | ||||||||||||||||||
Futures contracts | 2,851,524 | 4,945,104 | 4,169,926 | 4,173,352 | 641,177 | 1,249,190 | ||||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||||||
Investments | 65,547,287 | 68,394,043 | 60,649,328 | 20,950,190 | 11,084,410 | 3,790,158 | ||||||||||||||||||
Futures contracts | 599,860 | (1,675,496 | ) | 1,537,635 | (2,256,395 | ) | 332,929 | (681,440 | ) | |||||||||||||||
Net increase (decrease) in net assets from operations | 99,719,535 | 101,013,504 | 75,632,779 | 36,613,117 | 13,591,853 | 8,310,434 | ||||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||
Class A | (1,308,140 | ) | (2,153,086 | ) | (790,895 | ) | (147,244 | ) | (217,739 | ) | (58,683 | ) | ||||||||||||
Class B | (11,732 | ) | (28,382 | ) | N/A | N/A | N/A | N/A | ||||||||||||||||
Class C | (41,090 | ) | (71,530 | ) | — | — | — | — | ||||||||||||||||
Class R3 | (273,306 | ) | (344,372 | ) | (568,168 | ) | — | (103,961 | ) | (3,152 | ) | |||||||||||||
Class I | (5,352,007 | ) | (10,616,129 | ) | (1,643,928 | ) | (846,639 | ) | (328,680 | ) | (200,814 | ) | ||||||||||||
From accumulated net realized gains: | ||||||||||||||||||||||||
Class A | (3,515,075 | ) | (8,608,834 | ) | (3,562,725 | ) | (2,675,890 | ) | (1,103,621 | ) | — | |||||||||||||
Class B | (60,618 | ) | (285,612 | ) | N/A | N/A | N/A | N/A | ||||||||||||||||
Class C | (199,974 | ) | (609,468 | ) | (186,176 | ) | (124,428 | ) | (50,808 | ) | — | |||||||||||||
Class R3 | (810,497 | ) | (1,132,075 | ) | (3,920,755 | ) | (2,645,479 | ) | (813,668 | ) | — | |||||||||||||
Class I | (13,293,563 | ) | (42,337,058 | ) | (5,623,073 | ) | (6,112,513 | ) | (1,276,552 | ) | — | |||||||||||||
Decrease in net assets from distributions to shareholders | (24,866,002 | ) | (66,186,546 | ) | (16,295,720 | ) | (12,552,193 | ) | (3,895,029 | ) | (262,649 | ) | ||||||||||||
Fund Share Transactions | ||||||||||||||||||||||||
Proceeds from sale of shares | 65,987,870 | 134,469,795 | 96,789,483 | 159,926,037 | 21,916,186 | 31,082,624 | ||||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 19,609,826 | 49,279,398 | 13,377,172 | 9,375,784 | 3,120,918 | 162,716 | ||||||||||||||||||
85,597,696 | 183,749,193 | 110,166,655 | 169,301,821 | 25,037,104 | 31,245,340 | |||||||||||||||||||
Cost of shares redeemed | (128,803,973 | ) | (217,214,717 | ) | (63,082,362 | ) | (108,835,689 | ) | (16,993,364 | ) | (28,170,780 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | (43,206,277 | ) | (33,465,524 | ) | 47,084,293 | 60,466,132 | 8,043,740 | 3,074,560 | ||||||||||||||||
Net increase (decrease) in net assets | 31,647,256 | 1,361,434 | 106,421,352 | 84,527,056 | 17,740,564 | 11,122,345 | ||||||||||||||||||
Net assets at the beginning of period | 744,269,735 | 742,908,301 | 391,919,093 | 307,392,037 | 83,817,424 | 72,695,079 | ||||||||||||||||||
Net assets at the end of period | $ | 775,916,991 | $ | 744,269,735 | $ | 498,340,445 | $ | 391,919,093 | $ | 101,557,988 | $ | 83,817,424 | ||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 1,737,395 | $ | 1,668,887 | $ | 1,662,632 | $ | 2,251,442 | $ | 540,341 | $ | 493,288 |
N/A | – Mid Cap Index and Small Cap Index do not offer Class B Shares. |
See accompanying notes to financial statements.
Nuveen Investments | 93 |
Financial Highlights (Unaudited)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
EQUITY INDEX | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net | From Accum- ulated Net Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (12/92) |
| |||||||||||||||||||||||||||||||
2013(d) | $ | 22.35 | $ | .20 | $ | 2.85 | $ | 3.05 | $ | (.20 | ) | $ | (.55 | ) | $ | (.75 | ) | $ | 24.65 | |||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 21.97 | .11 | 2.80 | 2.91 | (.11 | ) | (.55 | ) | (.66 | ) | 24.22 | |||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 22.13 | .11 | 2.82 | 2.93 | (.11 | ) | (.55 | ) | (.66 | ) | 24.40 | |||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 22.31 | .16 | 2.85 | 3.01 | (.17 | ) | (.55 | ) | (.72 | ) | 24.60 | |||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 22.35 | .23 | 2.85 | 3.08 | (.23 | ) | (.55 | ) | (.78 | ) | 24.65 | |||||||||||||||||||||
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 |
94 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
14.04 | % | $ | 165,981 | .70 | %* | 1.63 | %* | .62 | %* | 1.71 | %* | 1 | % | |||||||||||||
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 | |||||||||||||||||||
13.62 | 2,201 | 1.45 | * | .94 | * | 1.37 | * | 1.01 | * | 1 | ||||||||||||||||
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 | |||||||||||||||||||
13.61 | 9,216 | 1.45 | * | .88 | * | 1.37 | * | .96 | * | 1 | ||||||||||||||||
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 | |||||||||||||||||||
13.88 | 45,453 | .96 | * | 1.34 | * | .87 | * | 1.43 | * | 1 | ||||||||||||||||
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 | |||||||||||||||||||
14.18 | 553,066 | .45 | * | 1.91 | * | .37 | * | 1.99 | * | 1 | ||||||||||||||||
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) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | For the six months ended April 30, 2013. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 95 |
Financial Highlights (Unaudited) (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 | From Net Invest- ment Income | From Accum- ulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (11/99) | ||||||||||||||||||||||||||||||||
2013(d) | $ | 13.76 | $ | .08 | $ | 2.41 | $ | 2.49 | $ | (.10 | ) | $ | (.46 | ) | $ | (.56 | ) | $ | 15.69 | |||||||||||||
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) | ||||||||||||||||||||||||||||||||
2013(d) | 13.28 | .02 | 2.34 | 2.36 | — | (.46 | ) | (.46 | ) | 15.18 | ||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||
2013(d) | 13.59 | .06 | 2.38 | 2.44 | (.06 | ) | (.46 | ) | (.52 | ) | 15.51 | |||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||
2013(d) | 13.81 | .10 | 2.40 | 2.50 | (.13 | ) | (.46 | ) | (.59 | ) | 15.72 | |||||||||||||||||||||
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 |
96 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net ment | Expenses | ment | Portfolio Turnover Rate | ||||||||||||||||||||
18.76 | % | $ | 145,332 | .75 | %* | 1.06 | %* | .73 | %* | 1.07 | %* | 3 | % | |||||||||||||
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 | |||||||||||||||||||
18.34 | 7,794 | 1.50 | * | .30 | * | 1.48 | * | .32 | * | 3 | ||||||||||||||||
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 | |||||||||||||||||||
18.62 | 151,299 | 1.00 | * | .82 | * | .98 | * | .83 | * | 3 | ||||||||||||||||
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 | |||||||||||||||||||
18.84 | 193,915 | .50 | * | 1.33 | * | .48 | * | 1.34 | * | 3 | ||||||||||||||||
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) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | For the six months ended April 30, 2013. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 97 |
Financial Highlights (Unaudited) (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 ment | Net Realized/ Unrealized Gain (Loss) | Total | From ment | From Accum- ulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (12/98) | ||||||||||||||||||||||||||||||||
2013(d) | $ | 11.59 | $ | .09 | $ | 1.72 | $ | 1.81 | $ | (.08 | ) | $ | (.45 | ) | $ | (.53 | ) | $ | 12.87 | |||||||||||||
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) | ||||||||||||||||||||||||||||||||
2013(d) | 11.08 | .04 | 1.65 | 1.69 | — | (.45 | ) | (.45 | ) | 12.32 | ||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||
2013(d) | 11.31 | .07 | 1.69 | 1.76 | (.06 | ) | (.45 | ) | (.51 | ) | 12.56 | |||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||
2013(d) | 11.63 | .11 | 1.71 | 1.82 | (.11 | ) | (.45 | ) | (.56 | ) | 12.89 | |||||||||||||||||||||
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 Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net ment | Expenses | ment | Portfolio Turnover Rate | ||||||||||||||||||||
16.35 | % | $ | 32,428 | 1.06 | %* | 1.31 | %* | .82 | %* | 1.55 | %* | 2 | % | |||||||||||||
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 | |||||||||||||||||||
15.85 | 1,716 | 1.82 | * | .47 | * | 1.57 | * | .71 | * | 2 | ||||||||||||||||
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 | ||||||||||||||||||
16.19 | 27,464 | 1.32 | * | .98 | * | 1.07 | * | 1.23 | * | 2 | ||||||||||||||||
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 | |||||||||||||||||||
16.41 | 39,950 | .82 | * | 1.53 | * | .57 | * | 1.77 | * | 2 | ||||||||||||||||
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) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | For the six months ended April 30, 2013. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 99 |
Notes to Financial Statements (Unaudited)
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.
On December 31, 2012, the Fund’s investment adviser converted from a Delaware corporation to a Delaware limited liability company. As a result, Nuveen Fund Advisors, Inc., a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisors, LLC (the “Adviser”). There were no changes to the identities or roles of any personnel as a result of the change.
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. These securities may represent a transfer from a Level 1 to a Level 2 security.
Exchange Traded Funds in which the Funds may invest are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1.
Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price. These investment vehicles 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 the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a
100 | Nuveen Investments |
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.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Legal fee refund presented on the Statement of Operations reflects a refund of workout expenditures paid in a prior reporting period, when applicable.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Dividends and Distributions to Shareholders
Dividends from net investment income are declared and distributed to shareholders annually for Mid Cap Index and Small Cap Index and 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.
Share Classes and Sales Charges
The Funds only issue Class A Shares for purchase by certain retirement plans and by qualifying clients of investment advisers, financial planners or other financial intermediaries that charge periodic or asset-based fees for their services. Class A Shares are offered to those investors at their net asset value 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
Nuveen Investments | 101 |
Notes to Financial Statements (Unaudited) (continued)
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
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 six months ended April 30, 2013, 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 notional amount of futures contracts outstanding during the six months ended April 30, 2013, were as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Average national amount of futures contracts outstanding* | 17,226,506 | 28,454,268 | 7,024,475 |
* | The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
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.
102 | Nuveen Investments |
Securities Lending
In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program” on the Statement of Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 102%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.
The Funds’ custodian serves as the securities lending agent for the Funds. Each Fund pays the custodian a fee based on the Fund’s proportional share of the custodian’s expense of operating its securities lending program. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending” 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 six months ended April 30, 2013, were as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Securities lending fees paid | $ | 6,986 | $ | 19,442 | $ | 19,937 |
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 | $ | 767,216,926 | $ | — | $ | — | $ | 767,216,926 | ||||||||
Warrants | 161,608 | — | — | 161,608 | ||||||||||||
Investments Purchased with Collateral from Securities Lending | 78,793,025 | — | — | 78,793,025 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 6,827,137 | — | — | 6,827,137 | ||||||||||||
U.S. Government and Agency Obligations | — | 2,999,481 | — | 2,999,481 | ||||||||||||
Derivatives: | ||||||||||||||||
Futures Contracts** | 184,557 | — | — | 184,557 | ||||||||||||
Total | $ | 853,183,253 | $ | 2,999,481 | $ | — | $ | 856,182,734 |
* | Refer to the Fund’s Portfolio of Investments for industry classifications. |
** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
Nuveen Investments | 103 |
Notes to Financial Statements (Unaudited) (continued)
Mid Cap Index | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 468,601,662 | $ | — | $ | — | $ | 468,601,662 | ||||||||
Investments Purchased with Collateral from Securities Lending | 120,542,433 | — | — | 120,542,433 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 47,123,293 | — | — | 47,123,293 | ||||||||||||
U.S. Government & Agency Obligations | — | 1,999,654 | — | 1,999,654 | ||||||||||||
Derivatives: | ||||||||||||||||
Futures Contracts** | 787,510 | — | — | 787,510 | ||||||||||||
Total | $ | 637,054,898 | $ | 1,999,654 | $ | — | $ | 639,054,552 | ||||||||
Small Cap Index | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 92,598,300 | $ | — | $ | — | $ | 92,598,300 | ||||||||
Exchange-Traded Funds | 10,992 | — | — | 10,992 | ||||||||||||
Common Stock Rights | — | — | — | *** | — | |||||||||||
Warrants | 90 | — | — | 90 | ||||||||||||
Investments Purchased with Collateral from Securities Lending | 27,697,470 | — | — | 27,697,470 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 8,572,986 | — | — | 8,572,986 | ||||||||||||
U.S. Government & Agency Obligations | — | 599,896 | — | 599,896 | ||||||||||||
Derivatives: | ||||||||||||||||
Futures Contracts** | 79,664 | — | — | 79,664 | ||||||||||||
Total | $ | 128,959,502 | $ | 599,896 | $ | — | $ | 129,559,398 |
* | Refer to the Fund’s Portfolio of Investments for industry classifications. |
** | Represents net unrealized appreciation (depreciation) as reported in the Fund’s Portfolio of Investments. |
*** | 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 a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
(i.) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
(ii.) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
3. 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.
104 | Nuveen Investments |
The following tables present the fair value of all derivative instruments held by the Funds as of April 30, 2013, 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* | $ | 184,557 | Payable for variation margin on futures contracts* | $ | — |
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* | $ | 787,510 | Payable for variation margin on futures contracts* | $ | — |
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* | $ | 79,664 | Payable for variation margin on futures contracts* | $ | — |
* | Value represents unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the deposits with brokers, if any, or the receivable or payable for variation margin on futures contracts presented on the Statement of Assets and Liabilities. |
The following tables present the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized for the six months ended April 30, 2013, 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 | $ | 2,851,524 | $ | 4,169,926 | $ | 641,177 |
Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts | Equity Index | Mid Cap Index | Small Cap Index | |||||||||
Risk Exposure | ||||||||||||
Equity | $ | 599,860 | $ | 1,537,635 | $ | 332,929 |
Nuveen Investments | 105 |
Notes to Financial Statements (Unaudited) (continued)
4. Fund Shares
Transactions in Fund shares were as follows:
Equity Index | ||||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 844,475 | $ | 19,305,283 | 1,565,578 | $ | 32,573,077 | ||||||||||
Class B – exchanges | 28 | 601 | 1,923 | 40,697 | ||||||||||||
Class C | 23,482 | 542,359 | 32,367 | 681,241 | ||||||||||||
Class R3 | 608,101 | 14,130,694 | 1,686,774 | 34,626,244 | ||||||||||||
Class I | 1,388,810 | 32,008,933 | 3,126,028 | 66,548,536 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 215,566 | 4,766,055 | 534,372 | 10,534,883 | ||||||||||||
Class B | 3,313 | 71,484 | 16,221 | 310,099 | ||||||||||||
Class C | 9,882 | 215,006 | 31,469 | 607,252 | ||||||||||||
Class R3 | 49,163 | 1,083,769 | 74,656 | 1,476,448 | ||||||||||||
Class I | 609,669 | 13,473,512 | 1,846,960 | 36,350,716 | ||||||||||||
3,752,489 | 85,597,696 | 8,916,348 | 183,749,193 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (754,587 | ) | (17,386,848 | ) | (1,231,749 | ) | (25,949,515 | ) | ||||||||
Class B | (31,341 | ) | (711,553 | ) | (99,634 | ) | (2,107,732 | ) | ||||||||
Class C | (21,486 | ) | (492,212 | ) | (86,922 | ) | (1,829,888 | ) | ||||||||
Class R3 | (319,732 | ) | (7,328,856 | ) | (915,878 | ) | (18,254,601 | ) | ||||||||
Class I | (4,448,608 | ) | (102,884,504 | ) | (7,940,588 | ) | (169,072,981 | ) | ||||||||
(5,575,754 | ) | (128,803,973 | ) | (10,274,771 | ) | (217,214,717 | ) | |||||||||
Net increase (decrease) | (1,823,265 | ) | $ | (43,206,277 | ) | (1,358,423 | ) | $ | (33,465,524 | ) | ||||||
Mid Cap Index | ||||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 2,546,983 | $ | 37,310,616 | 4,786,260 | $ | 61,327,454 | ||||||||||
Class C | 121,063 | 1,750,482 | 184,279 | 2,337,668 | ||||||||||||
Class R3 | 1,953,371 | 28,346,619 | 4,393,557 | 56,768,086 | ||||||||||||
Class I | 2,017,574 | 29,381,766 | 2,969,633 | 39,492,829 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 314,110 | 4,274,744 | 232,338 | 2,749,626 | ||||||||||||
Class C | 13,313 | 174,797 | 9,633 | 110,394 | ||||||||||||
Class R3 | 333,843 | 4,488,924 | 226,691 | 2,645,480 | ||||||||||||
Class I | 324,941 | 4,438,707 | 324,664 | 3,870,284 | ||||||||||||
7,625,198 | 110,166,655 | 13,127,055 | 169,301,821 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,189,846 | ) | (17,219,376 | ) | (2,775,392 | ) | (35,406,321 | ) | ||||||||
Class C | (19,238 | ) | (271,043 | ) | (59,605 | ) | (772,002 | ) | ||||||||
Class R3 | (907,584 | ) | (13,034,722 | ) | (1,356,907 | ) | (17,055,217 | ) | ||||||||
Class I | (2,202,661 | ) | (32,557,221 | ) | (4,269,222 | ) | (55,602,149 | ) | ||||||||
(4,319,329 | ) | (63,082,362 | ) | (8,461,126 | ) | (108,835,689 | ) | |||||||||
Net increase (decrease) | 3,305,869 | $ | 47,084,293 | 4,665,929 | $ | 60,466,132 |
106 | Nuveen Investments |
Small Cap Index | ||||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 594,390 | $ | 7,277,226 | 1,247,414 | $ | 13,644,265 | ||||||||||
Class C | 28,309 | 329,749 | 12,089 | 129,838 | ||||||||||||
Class R3 | 668,754 | 7,971,603 | 1,082,989 | 11,770,605 | ||||||||||||
Class I | 507,701 | 6,337,608 | 494,689 | 5,537,916 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 116,899 | 1,314,518 | 5,536 | 58,018 | ||||||||||||
Class C | 4,541 | 48,638 | — | — | ||||||||||||
Class R3 | 83,750 | 917,629 | 308 | 3,152 | ||||||||||||
Class I | 74,480 | 840,133 | 9,689 | 101,546 | ||||||||||||
2,078,824 | 25,037,104 | 2,852,714 | 31,245,340 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (661,397 | ) | (8,040,420 | ) | (643,542 | ) | (7,181,134 | ) | ||||||||
Class C | (6,095 | ) | (70,463 | ) | (32,384 | ) | (351,107 | ) | ||||||||
Class R3 | (351,367 | ) | (4,179,821 | ) | (460,033 | ) | (4,983,290 | ) | ||||||||
Class I | (384,125 | ) | (4,702,660 | ) | (1,440,057 | ) | (15,655,249 | ) | ||||||||
(1,402,984 | ) | (16,993,364 | ) | (2,576,016 | ) | (28,170,780 | ) | |||||||||
Net increase (decrease) | 675,840 | $ | 8,043,740 | 276,698 | $ | 3,074,560 |
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 six months ended April 30, 2013 and the fiscal year October 31, 2012, were as follows:
Fund | Six Months Ended 4/30/13 | Year Ended 10/31/12 | ||||||
Equity Index | 13,381 | 119,955 |
5. Investment Transactions
Purchases and sales (excluding investments purchased with collateral from securities lending, short-term investments and derivative transactions) during the six months ended April 30, 2013, were as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Purchases | $ | 7,174,267 | $ | 54,678,094 | $ | 7,332,994 | ||||||
Sales | 60,334,814 | 11,299,916 | 1,306,316 |
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.
As of April 30, 2013, 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 | $ | 461,086,951 | $ | 526,174,992 | $ | 105,680,566 | ||||||
Gross unrealized: | ||||||||||||
Appreciation | $ | 434,938,513 | $ | 131,519,142 | $ | 31,662,105 | ||||||
Depreciation | (40,027,287 | ) | (19,427,092 | ) | (7,862,937 | ) | ||||||
Net unrealized appreciation (depreciation) of investments | $ | 394,911,226 | $ | 112,092,050 | $ | 23,799,168 |
Nuveen Investments | 107 |
Notes to Financial Statements (Unaudited) (continued)
Permanent differences, primarily due to tax equalization, distribution reclass and REIT adjustments, resulted in reclassifications among the Funds’ components of net assets as of October 31, 2012, the Funds’ last 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 as of October 31, 2012, the Funds’ last 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’ last tax year ended October 31, 2012, was designated for purposes of the dividends paid deduction as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Distributions from net ordinary income* | $ | 14,462,592 | $ | 1,386,875 | $ | 262,649 | ||||||
Distributions from net long-term capital gains | 51,723,954 | 11,165,318 | — |
* | Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
During the Funds’ last tax year ended October 31, 2012, the following Fund utilized its capital loss carryforwards as follows:
Small Cap Index | ||||
Utilized capital loss carryforwards | $ | 621,911 |
Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by a Fund after December 31, 2010, will not be subject to expiration. During the Funds’ last tax year ended October 31, 2012, there were no post-enactment capital losses generated 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 Fund-Level Fee Rate | Mid Cap Fund-Level Fee Rate | Small Cap 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 |
108 | Nuveen Investments |
The annual complex-level fee for each Fund, payable monthly, is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets.” The complex level fee schedule for each Fund is as follows:
Complex-Level Asset Breakpoint Level* | Effective Rate at Breakpoint Level | |||
$55 billion | .2000 | % | ||
$56 billion | .1996 | |||
$57 billion | .1989 | |||
$60 billion | .1961 | |||
$63 billion | .1931 | |||
$66 billion | .1900 | |||
$71 billion | .1851 | |||
$76 billion | .1806 | |||
$80 billion | .1773 | |||
$91 billion | .1691 | |||
$125 billion | .1599 | |||
$200 billion | .1505 | |||
$250 billion | .1469 | |||
$300 billion | .1445 |
* | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to 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 April 30, 2013, the complex-level fee rate for each Fund was as follows: |
Fund | Rate | |||
Equity Index | .2000 | % | ||
Mid Cap Index | .1821 | |||
Small Cap Index | .1880 |
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 percentages of the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Class A Shares | .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, 2014 | February 28, 2014 | February 28, 2014 |
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 six months ended April 30, 2013, 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.
Nuveen Investments | 109 |
Notes to Financial Statements (Unaudited) (continued)
During the six months ended April 30, 2013, 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 | $ | 3,371 | $ | 12,596 | $ | 3,118 |
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 six months ended April 30, 2013, the Distributor retained such 12b-1 fees as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
12b-1 fees retained | $ | 12,488 | $ | 4,686 | $ | 1,165 |
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the six months ended April 30, 2013, as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
CDSC retained | $ | 1,090 | $ | 615 | $ | 192 |
8. New Accounting Pronouncements
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In January 2013, Accounting Standards Update (“ASU”) 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact to the financial statements and footnote disclosures, if any.
110 | Nuveen Investments |
Notes
Nuveen Investments | 111 |
Notes
112 | Nuveen Investments |
Notes
Nuveen Investments | 113 |
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.
E-Mini Index Futures: An electronically traded futures contract on the Chicago Mercantile Exchange that represents a portion of the normal futures contracts. E-mini contracts are available on a wide range of indexes such as the Nasdaq 100, S&P 500, S&P MidCap 400 and Russell 2000.
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 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 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 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 Index 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.
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Fund Manager
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
Sub-Adviser
Nuveen Asset Management, LLC
333 West Wacker Drive
Chicago, IL 60606
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Chicago, IL
Custodian
U.S. Bank National Association
Milwaukee, WI
Transfer Agent and Shareholder Services
Boston Financial
Data Services, Inc.
Nuveen Investor Services
P.O. Box 8530
Boston, MA 02266-8530
(800) 257-8787
Quarterly Form N-Q Portfolio of Investments Information
Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC -0330 for room hours and operation.
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
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.
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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 $224 billion as of March 31, 2013.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com |
MSA-FIDX-0413D
Mutual Funds
Nuveen Equity Funds
For investors seeking the potential for long-term capital appreciation.
Semi-Annual Report
April 30, 2013
Share Class / Ticker Symbol | ||||||||||||
Fund Name | Class A | Class B | Class C | Class R3 | Class R6 | Class I | ||||||
Nuveen Dividend Value Fund | FFEIX | FAEBX | FFECX | FEISX | FFEIX | FAQIX | ||||||
Nuveen Mid Cap Value Fund | FASEX | FAESX | FACSX | FMVSX | — | FSEIX | ||||||
Nuveen Small Cap Value Fund | FSCAX | — | FSCVX | FSVSX | — | FSCCX |
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Letter to Shareholders
Dear Shareholders,
After nine years of serving as lead director and independent chairman of the Nuveen Fund Board, my term of office is coming to an end. It has been a privilege to use this space to communicate with you on some of the broad economic trends in the U.S. and abroad and how they are impacting the investment environment in which your funds operate. In addition, I have enjoyed offering some perspective on how your Board views the various Nuveen investment teams as they apply their investment disciplines in that investment environment.
My term has coincided with a particularly challenging period for both mutual fund sponsors and investors. Since 2000 there have been three periods of unusually strong stock market growth and two major market declines. Recent years have been characterized by a search for yield in fixed income securities to compensate for an extended period of very low interest rates. Funds are investing more in foreign and emerging markets that require extensive research capabilities to overcome the more limited transparency and higher volatility in those markets. New fund concepts often incorporate derivative financial instruments that offer efficient ways to hedge investment risk or gain exposure to selected markets. Fund trading teams operate in many new domestic and international venues with quite different characteristics. Electronic trading and global communication networks mean that fund managers must be able to thrive in financial markets that react instantaneously to newsworthy events and are more interconnected than ever.
Nuveen has committed additional resources to respond to these changes in the fund industry environment. It has added IT and research resources to assemble and evaluate the increased flow of detailed information on economies, markets and individual companies. Based on its experience during the financial crisis of 2008-09, Nuveen has expanded its resources dedicated to valuing and trading portfolio securities with a particular focus on stressed financial market conditions. It has added systems and experienced risk management professionals to work with investment teams to better help evaluate whether their funds’ risk exposures are appropriate in view of the return targets. The investment teams have also reflected on recent experience to reaffirm or modify their investment disciplines. Finally, experienced professionals and IT resources have been added to address new regulatory requirements designed to better inform and protect investors. The Board has enthusiastically encouraged these initiatives.
The Nuveen Fund Board has always viewed itself as your representatives to assure that Nuveen brings together experienced people, proven technologies and effective processes designed to produce results that meet investor expectations. It is important to note that our activities are highlighted by the annual contract renewal process. Despite its somewhat formal language, I strongly encourage you to read the summary because it offers an insight into our oversight process. The report is included in the back of this or a subsequent shareholder report. The renewal process is very comprehensive and includes a number of evaluations and discussions between the Board and Nuveen during the year. The summary also describes what has been achieved across the Nuveen fund complex and at individual funds such as yours.
As I leave the chairmanship and resume my role as a member of the Board, please be assured that I and my fellow Board members will continue to hold your interests uppermost in our minds as we oversee the management of your funds and that we greatly appreciate your confidence in your Nuveen fund.
Very sincerely,
Robert P. Bremner
Chairman of the Board
June 21, 2013
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Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments.
Cori Johnson, CFA, and Derek Sadowsky are the portfolio managers for the Nuveen Dividend Value Fund. Cori assumed portfolio management responsibilities in 1996. Derek became a co-manager on the Nuveen Dividend Value Fund management team in 2012. Gerald Bren, a third portfolio manager who has been a manager on this Fund since 1994, retired from Nuveen Asset Management on December 31, 2012.
Karen Bowie, CFA, and David Chalupnik, CFA, are co-portfolio managers of the Nuveen Mid Cap Value Fund. They assumed portfolio management responsibilities for the Fund in 2012.
Karen Bowie is also the portfolio manager for the Nuveen Small Cap Value Fund. She assumed portfolio management responsibilities for the Fund in 2006.
On the following pages, the portfolio management teams for the Funds examine key investment strategies and the Funds’ performance for the six-month period ended April 30, 2013.
Nuveen Dividend Value Fund
How did the Fund perform during the six-month period ended April 30, 2013?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2013. The Fund’s Class A Shares at net asset value (NAV) outperformed both the S&P 500® Index and the Lipper classification average, but underperformed the Russell 1000® Value Index over the six-month period. Prior to February 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?
Over the six-month 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
Nuveen Investments | 5 |
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 underperformed the Russell 1000® Value Index over this period mainly because of unfavorable security selection in the technology and health care sectors. Technology was the Fund’s greatest source of underperformance versus the benchmark, primarily because of what we didn’t own. For example, the Fund had no exposure to personal computer and printer maker Hewlett-Packard Co., which advanced significantly over the period as its most recent quarterly earnings and revenue topped projections. Also, an underweight in network equipment manufacturer Cisco Systems was detrimental as this stock outperformed due to better than expected revenue and earnings growth. Although the health care sector was a negative contributor, none of the Fund’s holdings stood out as significant underperformers. Results did suffer slightly from an overweight in pharmaceutical company Merck & Co. Inc., which fell short within the strongly performing health care sector. However, we continued to hold onto Merck because the company has the ability to further restructure its business by selling off non-core businesses, while investors are also undervaluing its drug pipeline.
Results were flat in the financial sector, where several strongly performing stocks were countered by a few underperformers. On the positive side, an out-of-index position in REIT Redwood Trust Inc. was beneficial. The company experienced a resurgence in packaging and selling jumbo mortgage-backed securities due to the housing market recovery. An overweight in Bank of America Corp. was helpful as its shares advanced again on the heels of the company’s strong performance in 2012. Bank of America benefited from having several litigation issues behind them, the improving residential housing loan market and expectations that cost-cutting results would start positively impacting the bottom line. Also, the Fund’s overweight position in banking firm State Street Corp. aided results as its shares rose steadily throughout the period. State Street reported improving first-quarter profits as the strong stock market environment lifted the value of assets it oversees. These financial successes were offset by weakness in Morgan Stanley and Capital One Financial Corp. The Fund had an overweight position in Morgan Stanley, which underperformed in the second half of the period as profits fell short of analysts’ estimates. Shares of Capital One Financial Corp., best known for its credit card business, fell throughout the period. Capital One reported weak fourth-quarter results as it tried to convince investors that two recent acquisitions would be financially beneficial. The company also had to pay a large fine to settle federal charges of underreporting millions in auto loan losses during the financial crisis. We continued to hold Morgan Stanley as we believe the integration of Morgan Stanley Smith Barney will be accretive to future earnings, which is not currently reflected in the valuation. Management has also laid out a plan to drive down expenses and reduce risk in the company’s fixed-income portfolio. In addition, we continued to own Capital One as its valuation is very compelling
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and its onetime charges are likely behind the company. We believe the improving economy should allow Capital One to continue to take less charge-offs for bad loans which will help improve earnings, along with accretion from the two acquisitions.
Fund performance was helped primarily by favorable security selection in the energy, materials, consumer staples, consumer discretionary and utilities sectors. The energy sector was the best performing area for the Fund on a relative basis. In particular, the Fund benefited from a significant underweight versus the index in the world’s largest publicly traded oil company, Exxon Mobil Corp. We de-emphasized this stock due to concerns surrounding the company’s declining production growth on a year-over-year basis. Although Exxon Mobil does produce substantial free cash flow, the company is using it to buy back shares instead of conducting more M&A activity to help its production situation. We sold out this position during the reporting period. The Fund also saw strong results from its position in Anadarko Petroleum Corp., an exploration and production firm that is very efficient at growing production. The company excels at finding oil and natural gas and then profitably selling down its assets. Anadarko Petroleum continued to benefit from several large discoveries in the deep waters of the Gulf of Mexico and onshore in Colorado, as well as selling down some of its assets in Mozambique.
In the metals and mining segment of the materials sector, our Fund’s lack of exposure to the world’s second largest gold producer, Newmont Mining Company, was beneficial during the period. Newmont’s stock price dropped precipitously as the company struggled due to declining gold production and higher costs. Meanwhile, in the chemicals area of materials, the Fund was rewarded for a position in coatings and specialty products company PPG Industries Inc., a holding not found in the index. PPG Industries benefited from the divestment of its commodity chemical business resulting in a more focused company with less volatile cash flows. We believe the subsequent acquisition of AkzoNobel’s North American architectural coatings business should also be accretive to future earnings.
Stock selection proved strong in consumer staples where the Fund’s weight was in line with the index. The Fund’s best performing staples holding was national drug retailer Walgreen Co. Its stock price advanced significantly as the company benefited from several catalysts including: the resolution of its long-standing dispute with drug benefits provider Express Scripts Inc.; a somewhat bad flu season; and the announcement of an attractive new drug distribution deal with AmerisourceBergen Corporation. Fund results were also positively impacted by our lack of exposure to Proctor & Gamble Co., which turned in results significantly below the overall sector in the index. A position in Kimberly-Clark Corporation, a household products company, aided results as the company reported double-digit growth in net income for the first quarter and raised its guidance. Kimberly-Clark continued to see increased sales of diapers in the emerging markets along with volume growth for its tissue business in North America. In addition, the Fund benefited from owning ConAgra Foods Inc., a large packaged food company. We liked ConAgra because it generated significant free cash flow and was very inexpensive when we purchased it. In 2013, the company made an accretive acquisition of Ralcorp Holdings Inc., a private label food manufacturer, which is resulting in greater synergies than expected.
Elsewhere in the portfolio, our significant overweight in specialty electronics retailer Best Buy Co. Inc. added positive attribution. Best Buy’s stock price advanced during the period
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as investors grew confident that the firm’s turnaround plan was being well-executed, which should result in improved margins going forward. The plan includes a strategic move to feature Samsung products in a new “store within a store” format, the closure of underperforming stores and competitive pricing. Results were also favorable in the utilities sector, where the Fund’s underweight and stock selection within electric utilities proved beneficial.
Nuveen Mid Cap Value Fund
How did the Fund perform during the six-month period ended April 30, 2013?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2013. The Fund’s Class A Shares at net asset value (NAV) underperformed the Russell Midcap® Value Index and the Lipper classification average during the six-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 $699 million and $19.2 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. These companies demonstrated improving fundamentals and 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 mid-cap segment of the stock market advanced strongly during the six-month reporting period, turning in results above larger-cap equities, as measured by the S&P 500® Index. While the Fund produced attractive absolute returns during the period, it underperformed the Russell Midcap® Value benchmark and the Lipper peer average due to both stock selection and sector weights. On a sector basis, Fund results were hindered by an overweight stance in technology, which was one of the worst performing sectors. An underweight in health care was also detrimental, as that area of the market was an outperformer. In addition, the Fund experienced unfavorable stock selection in the health care, technology and materials sectors. An approximately 1% weighting in cash was also a drag on results in the strongly advancing stock market. Results were mixed in the financial sector, where the Fund was significantly underweight versus the benchmark. Elsewhere in the portfolio, we did experience several bright spots. The best performing area in the Fund was consumer discretionary both in terms of stock selection and a significant
8 | Nuveen Investments |
overweight in this strongly performing sector. Also, security selection in the utilities and consumer staples sectors aided results.
In consumer discretionary, the Fund benefited from maintaining its position in Best Buy Co. Inc. throughout the period. This leading electronics retailer, which had underperformed for the Fund in 2012, saw its stock advance significantly over the six months. Best Buy benefited from a solid turnaround plan unveiled by its new management team, which included a strategic move to feature Samsung products in a new “store within a store” format, the closure of underperforming stores and competitive pricing. Another consumer discretionary holding, boat and marine engine manufacturer Brunswick Corporation, maintained its strong run. Brunswick continued to be rewarded for the significant cost cutting efforts it made during the financial crisis and its tremendous operating leverage. Also, the company’s results were supported by improvements in housing and employment data, which led to stronger consumer demand for big-ticket items. We did decide to sell Brunswick at the end of the period based on the Fund’s large gain in the position and our concerns about a U.S. economic slowdown. The Fund also benefited from its position in Jarden Corporation, a highly diversified consumer products company that manufactures items ranging from camping and ski equipment to small appliances. Jarden’s management team continued to execute well, generating significant free cash flow for the company that it used to make small acquisitions and to consistently buy back company shares. Finally, the Fund experienced strong returns from its position in the attractively valued women’s apparel retailer Express Inc. after the company beat fourth-quarter earnings. Express saw an improvement in demand as its management focused on securing better pricing and offering more key fashion items to its customers.
In utilities, the Fund’s position in independent power producer NRG Energy Inc. performed well. NRG Energy continued to generate an increasing amount of free cash flow in the deregulated power market, which it used for debt reduction, acquisitions and dividend payments. Meanwhile, in consumer staples, the Fund benefited from its position in Tyson Foods Inc., a leading global producer of chicken, beef and pork products. Tyson Foods showed solid gains during this reporting period after selling off in 2012 due to concerns about drought conditions. Several favorable industry trends are helping the company improve its volumes and margins this year including: the closure of one of its competitor’s large beef processing plants that accounted for about 4% of industry volume; Japan’s recent approval of virtually all beef imports from the United States, which the country had banned since the mad cow outbreak in December 2003; the recent outbreak of the bird flu in China, which is improving demand for its chicken products; and expectations for lower grain input costs.
The financial sector turned in mixed results, but in aggregate the sector detracted slightly. The Fund benefited from its underweight position in real estate investment trusts (REITs) coupled with favorable stock selection in the REIT, insurance and capital markets industries. While REITs as a whole underperformed the broader market, our holding in MFA Mortgage Investments, Inc. advanced based on strong book value growth as its non-agency securities rose in value due to favorable real estate pricing trends in California. In addition, we saw strength from Unum Group, which is a large employee benefit and disability insurance provider. Unum’s results were aided by improving trends in its U.S.,
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U.K. and long-term care business lines. In capital markets, global asset management firm Invesco LTD benefited from an increase in assets under management as investor flows grew more than expected. Invesco also experienced strength in its exchange-traded fund, alternative asset class and global business lines. On the negative side, regional banks and diversified financials did not work well during the period. Regional banks underperformed as investors grew concerned about loan growth for mortgage lenders. Refinancing trends appeared to be turning down while margin pressures remained for banks in the face of low interest rates. For example, Southeast-based SunTrust Banks, Inc. underperformed as loan growth remained dismal, non-interest income faced pressure from lower-than-expected mortgage production income and investment banking was weak. Chicago-based Wintrust Financial Corporation also fell short as loan growth was below expectations due to lower mortgage origination volume. While we sold SunTrust during the period, we continued to hold Wintrust as its valuation remained attractive and results began picking up in the Chicago market. In the consumer finance segment, diversified financials were also weak. Discover Financial Services, a direct banking and payment services company, underperformed based on concerns that higher personal taxes would limit consumer spending. The company is also likely to see higher expenses this year as it upgrades technology to support the launch of a variety of new products. We are sticking with Discover Financial given its strong balance sheet, high level of free cash flow generation and growth prospects with its new products.
Stock selection in health care was the most significant drag on results during the semi-annual reporting period. Specifically, the Fund was hurt by its position in specialty pharmaceutical firm Impax Laboratories Inc. We originally purchased Impax Laboratories because its valuation was very attractive, it was generating significant free cash flow and it had a number of new drugs in the pipeline. Although it had already received an FDA warning letter about one of its manufacturing facilities, we believed this issue would be quickly resolved. Subsequent to our purchase, the company received a second FDA letter addressing new manufacturing issues, which further delayed the approval of one of its new drugs to treat Parkinson’s disease. A similar story unfolded for another holding, medical device maker St. Jude Medical Inc. Its stock also came under pressure after the company received an FDA warning letter about quality control concerns surrounding the production of a key component in its implantable cardiac defibrillators. The resolution we anticipated from the FDA in January did not materialize, creating more uncertainty about a potential recall. We sold both Impax Laboratories and St. Jude out of the Fund based on these unresolved issues.
In technology, the Fund’s industry exposures did not work well during the period as we were underweight in semiconductor, semiconductor equipment and other deep value, commodity like technology companies, which performed very well. After we increased the Fund’s weight in the semiconductor segment, these stocks subsequently underperformed later in the period as concerns over global economic growth grew.
In materials, the Fund owned Rock-Tenn Company, a highly levered containerboard and packaging firm. The company did not execute as well as expected after its acquisition of another leading maker of containerboard and corrugated boxes and we sold it during the period. However, Rock-Tenn subsequently performed better as it benefited from
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favorable industry fundamentals including an improving pricing environment and low inventory. As a replacement, we added a position in another similar company, International Paper, which is much higher quality with less leverage. We anticipate that International Paper will benefit down the road from some of the same favorable industry trends that boosted Rock-Tenn. The Fund also had a position in CF Industries Holdings, Inc., a large fertilizer company that previously performed very well as it benefited from last year’s drought conditions. CF Industries gave back some of its gains during the period as this spring’s wet weather conditions have led to less demand for fertilizer, combined with a tougher pricing environment and greater supply. However, we continue to own this stock due to its very attractive valuation and significant free cash flow. We also believe CF Industries will benefit from cheap natural gas prices in the United States.
Nuveen Small Cap Value Fund
How did the Fund perform during the six-month period ended April 30, 2013?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2013. The Fund’s Class A Shares at net asset value (NAV) outperformed the Russell 2000® Value Index and the Lipper classification average during the six-month period.
What strategies were used to manage the Fund during the 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 remained favorable during the reporting period. The strongest performing segments of the market continued to include those areas with the greatest exposure to the strengthening domestic economy, driven by the improving housing market and, consequently, improved consumer sentiment. Conversely, cyclical sectors with more commodity price sensitivity such as energy and materials lagged. Market concerns continued to be centered on lack of financial stability in southern Europe and a slowing economy in China.
The Fund enjoyed solid relative contribution from six of ten sectors. In particular, we saw positive results from holdings in the technology, materials, health care, utilities, consumer staples and industrial sectors. From a sector allocation basis, the Fund’s overweight in the consumer discretionary and industrial sectors and underweight in the utility sector also proved beneficial. As a testimony to an emphasis on intrinsic value in our stock selection
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process, the Fund enjoyed two “take outs” during the period. National Financial Partners Corp., a leading provider of life insurance, wealth management and advisory services, was acquired by private equity. Additionally, Buckeye Technologies Inc., a leading producer of specialty cellulose materials, was acquired by privately held Georgia-Pacific LLC. From a top down perspective, the primary detractors were holdings in the consumer discretionary and financial services sectors as well as a net drag from the Fund’s 1.5% cash allocation in a very strong market.
In technology, the Fund was rewarded for its position in Infinera Corporation, a provider of digital optical network equipment to telecommunications carriers and cable companies on a global scale. The company was able to exceed market expectations on top-line growth via share gains from an advantaged product suite for the next generation infrastructure upgrade cycle. In the materials sector, Fund results were driven by the aforementioned investment in Buckeye Technologies as well as being underweight in the metals and mining industry. Broadly speaking, metals and mining stocks were negatively impacted by slowing Chinese demand and overstocked inventory conditions. In health care, the Fund’s investment in BioScrip Inc., a specialty pharmacy and home health care service provider, continued to be a profitable investment for the Fund. The company reported an accelerating topline trend augmented with strategic acquisitions while at the same time delivering margin expansion. The Fund also enjoyed very strong performance from consumer staples holding Inter Parfums Inc., a leading provider of fragrance products for both North American and European markets. Inter Parfums’ management team was able to overcome macro concerns by delivering solid quarterly reports, introducing a strong product pipeline for 2013 and increasing the dividend by 50% as part of the company’s strategy to return cash from a previous asset sale to shareholders.
Outperformance in utilities was driven by an underweight in the sector as well as an emphasis on natural gas distribution business models such as Atmos Energy Corporation, a Texas based regulated natural gas distribution and transmission holding company with rate base in Texas, Louisiana, Mississippi, Kentucky and Colorado. Atmos Energy benefited from the supportive regulatory backdrop surrounding the demand for natural gas infrastructure due to our country’s supply, as well as a favorable interest rate environment. Finally, a strong contributor to the industrial sector’s outperformance was the Fund’s investment in TrueBlue Inc., a leading North American provider of temporary staffing services for the skilled trade labor segments. The company delivered better than expected fundamentals via solid performance from its Boeing relationship, augmented with an improving residential construction market leading to potential margin expansion. Additionally, TrueBlue should continue to benefit from efficiency gains from small acquisitions, incremental demand from an improving economy and increased demand for temporary staffing solutions due to health care reform.
The Fund’s primary detractors were found in the consumer discretionary and financial services sectors. Although an overweight in the strongly performing consumer discretionary sector proved beneficial, this was offset by the Fund’s investment in Perry Ellis International Inc. This brand designer of apparel, accessories and fragrances had a weaker than anticipated fourth quarter report due to inventory management changes from its mid-tier department store channel. Because we viewed this as a temporary
12 | Nuveen Investments |
setback, we retained the Fund’s investment in Perry Ellis. Within the financial services sector, success from the earlier mentioned National Financial Partners acquisition was overshadowed by relative weakness from regional bank investments such as Heartland Financial USA, Inc. and Texas Capital Bancshares Inc. In both cases, investors increasingly doubted the ability of mortgage-dependent business models to grow earning assets as the duration of the mortgage refinance wave started to wane. We view both of these financial institutions as valuable franchises in their respective markets and remain invested. The energy sector was flat for the period as strength in our service investments was offset by an exploration and production investment. Within energy services, the Fund benefited from an investment in Matrix Service Company, an energy centric engineering and construction firm with operations in the United States and western Canada. Matrix Service’s management team continued to build out a strong backlog of projects tied to demand for energy and petrochemical infrastructure. Offsetting this performance was the Fund’s investment in Energy XXI Ltd., an offshore Gulf of Mexico producer of oil and gas hydrocarbons. Investor growth expectations were recalibrated downward due to project delays and infrastructure bottlenecks. However, the underlying potential value of the company’s asset base and the management team’s renewed focus on organic growth kept us invested in Energy XXI.
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.
Nuveen Investments | 13 |
Fund Performance and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown on the following three 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.
14 | Nuveen Investments |
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 April 30, 2013
Cumulative | Average Annual | |||||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||||
Class A Shares at NAV | 15.18% | 16.97% | 6.26% | 8.68% | ||||||||||||||
Class A Shares at maximum Offering Price | 8.57% | 10.22% | 5.01% | 8.04% | ||||||||||||||
Russell 1000® Value Index* | 16.31% | 21.80% | 4.17% | 8.42% | ||||||||||||||
S&P 500® Index* | 14.42% | 16.89% | 5.21% | 7.88% | ||||||||||||||
Lipper Equity Income Funds Classification Average* | 14.08% | 17.00% | 5.17% | 8.65% | ||||||||||||||
Class B Shares w/o CDSC | 14.68% | 16.12% | 5.46% | 7.86% | ||||||||||||||
Class B Shares w/CDSC | 9.68% | 11.12% | 5.30% | 7.86% | ||||||||||||||
Class C Shares | 14.93% | 16.06% | 5.46% | 7.86% | ||||||||||||||
Class R3 Shares | 14.99% | 16.64% | 5.97% | 8.41% | ||||||||||||||
Class I Shares | 15.28% | 17.29% | 6.52% | 8.95% |
Cumulative | ||||
Since Inception** | ||||
Class R6 Shares | 6.77% |
Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||||
Class A Shares at NAV | 11.87% | 13.92% | 6.55% | 9.31% | ||||||||||||||
Class A Shares at maximum Offering Price | 5.47% | 7.35% | 5.29% | 8.66% | ||||||||||||||
Class B Shares w/o CDSC | 11.42% | 13.05% | 5.73% | 8.49% | ||||||||||||||
Class B Shares w/CDSC | 6.42% | 8.05% | 5.57% | 8.49% | ||||||||||||||
Class C Shares | 11.43% | 13.07% | 5.75% | 8.48% | ||||||||||||||
Class R3 Shares | 11.76% | 13.59% | 6.27% | 9.05% | ||||||||||||||
Class I Shares | 12.00% | 14.18% | 6.81% | 9.57% |
Cumulative | ||||
Since Inception** | ||||
Class R6 Shares | 4.16% |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class R6 Shares have no sales charge and are available only to certain limited categories of investors as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
Expense Ratios | ||||
Class A Shares | 1.15% | |||
Class B Shares | 1.90% | |||
Class C Shares | 1.90% | |||
Class R3 Shares | 1.40% | |||
Class R6 Shares | 0.85% | |||
Class I Shares | 0.90% |
* | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
** | Since inception return for Class R6 Shares is from 2/28/13. |
Nuveen Investments | 15 |
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 April 30, 2013
Cumulative | Average Annual | |||||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||||
Class A Shares at NAV | 17.74% | 14.47% | 3.69% | 9.31% | ||||||||||||||
Class A Shares at maximum Offering Price | 10.95% | 7.88% | 2.47% | 8.66% | ||||||||||||||
Russell Midcap® Value Index* | 19.89% | 23.66% | 7.49% | 11.88% | ||||||||||||||
Lipper Mid-Cap Value Funds Classification Average* | 18.78% | 19.96% | 6.50% | 10.38% | ||||||||||||||
Class B Shares w/o CDSC | 17.31% | 13.61% | 2.92% | 8.50% | ||||||||||||||
Class B Shares w/CDSC | 12.31% | 8.61% | 2.75% | 8.50% | ||||||||||||||
Class C Shares | 17.29% | 13.62% | 2.92% | 8.49% | ||||||||||||||
Class R3 Shares | 17.59% | 14.18% | 3.43% | 9.07% | ||||||||||||||
Class I Shares | 17.89% | 14.76% | 3.94% | 9.58% |
Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||||
Class A Shares at NAV | 16.16% | 13.56% | 4.87% | 10.04% | ||||||||||||||
Class A Shares at maximum Offering Price | 9.49% | 7.01% | 3.64% | 9.39% | ||||||||||||||
Class B Shares w/o CDSC | 15.74% | 12.74% | 4.10% | 9.22% | ||||||||||||||
Class B Shares w/CDSC | 10.74% | 7.74% | 3.93% | 9.22% | ||||||||||||||
Class C Shares | 15.70% | 12.67% | 4.09% | 9.22% | ||||||||||||||
Class R3 Shares | 16.00% | 13.26% | 4.62% | 9.80% | ||||||||||||||
Class I Shares | 16.32% | 13.85% | 5.13% | 10.31% |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus | ||||||||
Gross Expense Ratios | Net Expense Ratios | |||||||
Class A Shares | 1.47% | 1.34% | ||||||
Class B Shares | 2.22% | 2.09% | ||||||
Class C Shares | 2.22% | 2.09% | ||||||
Class R3 Shares | 1.72% | 1.59% | ||||||
Class I Shares | 1.22% | 1.09% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2014, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 1.34%, 2.09%, 2.09%, 1.59% and 1.09% for Class A, Class B, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.
* | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
16 | Nuveen Investments |
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 April 30, 2013
Cumulative | Average Annual | |||||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||||
Class A Shares at NAV | 17.09% | 15.99% | 7.33% | 10.26% | ||||||||||||||
Class A Shares at maximum Offering Price | 10.36% | 9.30% | �� | 6.07% | 9.61% | |||||||||||||
Russell 2000® Value Index* | 16.58% | 19.71% | 6.60% | 10.28% | ||||||||||||||
Lipper Small-Cap Value Funds Classification Average* | 16.93% | 17.57% | 7.42% | 10.77% | ||||||||||||||
Class C Shares | 16.61% | 15.14% | 6.54% | 9.44% | ||||||||||||||
Class R3 Shares | 16.97% | 15.75% | 7.08% | 10.05% | ||||||||||||||
Class I Shares | 17.30% | 16.32% | 7.58% | 10.53% |
Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||||
Class A Shares at NAV | 15.39% | 15.03% | 8.24% | 11.18% | ||||||||||||||
Class A Shares at maximum Offering Price | 8.79% | 8.39% | 6.96% | 10.53% | ||||||||||||||
Class C Shares | 14.87% | 14.16% | 7.41% | 10.35% | ||||||||||||||
Class R3 Shares | 15.23% | 14.78% | 7.97% | 10.95% | ||||||||||||||
Class I Shares | 15.56% | 15.39% | 8.49% | 11.45% |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
Gross Expense Ratios | Net Expense Ratios | |||||||
Class A Shares | 1.57% | 1.51% | ||||||
Class C Shares | 2.33% | 2.26% | ||||||
Class R3 Shares | 1.82% | 1.76% | ||||||
Class I Shares | 1.33% | 1.26% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2014, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 1.50%, 2.25%, 1.75% and 1.25% for Class A, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.
* | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Nuveen Investments | 17 |
Holding Summaries as of April 30, 2013
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 | 98.9% | |||
Short-Term Investments | 1.0% | |||
Other2 | 0.1% |
Nuveen Mid Cap Value Fund
Fund Allocation1 | ||||
Common Stocks | 97.7% | |||
Short-Term Investments | 1.3% | |||
Other2 | 1.0% |
Portfolio Composition1 | ||||
Oil, Gas & Consumable Fuels | 13.3% | |||
Pharmaceuticals | 10.2% | |||
Diversified Financial Services | 7.2% | |||
Diversified Telecommunication Services | 4.5% | |||
Real Estate Investment Trust | 3.9% | |||
Chemicals | 3.5% | |||
Insurance | 3.5% | |||
Commercial Banks | 3.4% | |||
Industrial Conglomerates | 3.3% | |||
Capital Markets | 3.2% | |||
Specialty Retail | 3.1% | |||
Food Products | 3.0% | |||
Hotels, Restaurants & Leisure | 2.9% | |||
Electric Utilities | 2.7% | |||
Electrical Equipment | 2.6% | |||
Semiconductors & Equipment | 2.5% | |||
Leisure Equipment & Products | 2.4% | |||
Software | 2.3% | |||
Machinery | 2.3% | |||
Short-Term Investments | 1.0% | |||
Other3 | 19.2% |
Portfolio Composition1 | ||||
Real Estate Investment Trust | 9.3% | |||
Oil, Gas & Consumable Fuels | 6.5% | |||
Electric Utilities | 6.3% | |||
Food Products | 5.7% | |||
Insurance | 4.7% | |||
Software | 4.6% | |||
Commercial Banks | 4.6% | |||
Consumer Finance | 4.5% | |||
Health Care Providers & Services | 4.1% | |||
Machinery | 3.4% | |||
Specialty Retail | 3.0% | |||
Semiconductors & Equipment | 2.9% | |||
Household Durables | 2.6% | |||
Electrical Equipment | 2.5% | |||
Chemicals | 2.4% | |||
Capital Markets | 2.1% | |||
Communications Equipment | 2.1% | |||
Internet Software & Services | 2.1% | |||
Independent Power Producers & Energy Traders | 2.0% | |||
Media | 1.8% | |||
Health Care Equipment & Supplies | 1.7% | |||
Short-Term Investments | 1.3% | |||
Other4 | 19.8% |
Top Five Common Stock Holdings1 | ||||
Pfizer Inc. | 4.2% | |||
General Electric Company | 3.3% | |||
Citigroup Inc. | 3.0% | |||
Chevron Corporation | 3.0% | |||
Bank of America Corporation | 2.7% |
Top Five Common Stock Holdings1 | ||||
SLM Corporation | 3.4% | |||
ConAgra Foods, Inc. | 2.5% | |||
Edison International | 2.3% | |||
Invesco LTD | 2.1% | |||
AOL Inc. | 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 | 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. |
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 1.7% of net assets. |
18 | Nuveen Investments |
Nuveen Small Cap Value Fund
Fund Allocation1 | ||||
Common Stocks | 97.4% | |||
Short-Term Investments | 2.4% | |||
Other2 | 0.2% |
Portfolio Composition1 | ||||
Commercial Banks | 9.7% | |||
Real Estate Investment Trust | 8.4% | |||
Insurance | 6.3% | |||
Capital Markets | 4.4% | |||
Health Care Providers & Services | 4.1% | |||
Semiconductors & Equipment | 3.5% | |||
Machinery | 3.4% | |||
Energy Equipment & Services | 3.3% | |||
Thrifts & Mortgage Finance | 3.2% | |||
Construction & Engineering | 3.2% | |||
Specialty Retail | 3.1% | |||
Communications Equipment | 2.9% | |||
Internet Software & Services | 2.8% | |||
Commercial Services & Supplies | 2.7% | |||
Electric Utilities | 2.6% | |||
Chemicals | 2.5% | |||
Gas Utilities | 2.5% | |||
Household Durables | 2.5% | |||
Oil, Gas & Consumable Fuels | 2.4% | |||
Auto Components | 2.4% | |||
Electronic Equipment & Instruments | 2.3% | |||
Short-Term Investments | 2.4% | |||
Other3 | 19.4% |
Top Five Common Stock Holdings1 | ||||
National Financial Partners Corp. | 2.0% | |||
Emcor Group Inc. | 1.9% | |||
Belo Corp. | 1.9% | |||
G&K Services, Inc. | 1.7% | |||
La Z Boy 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. |
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 2.3% of net assets. |
Nuveen Investments | 19 |
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Since the expense examples for Class R6 Shares of Nuveen Dividend Value Fund reflect only the first 61 days of the Class’s operations, they may not provide a meaningful understanding of the Class’s ongoing expenses.
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 | R6 Shares | I Shares | A Shares | B Shares | C Shares | R3 Shares | R6 Shares | I Shares | |||||||||||||||||||||||||||||||||||||||
Beginning Account Value (11/01/12) | $ | 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 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||||||||||
Ending Account Value (4/30/13) | $ | 1,151.80 | $ | 1,146.80 | $ | 1,149.30 | $ | 1,149.90 | $ | 1,067.70 | $ | 1,152.80 | $ | 1,019.24 | $ | 1,015.52 | $ | 1,015.52 | $ | 1,017.95 | $ | 1,006.97 | $ | 1,020.48 | ||||||||||||||||||||||||||
Expenses Incurred During Period | $ | 5.98 | $ | 9.95 | $ | 9.97 | $ | 7.36 | $ | 1.43 | $ | 4.64 | $ | 5.61 | $ | 9.35 | $ | 9.35 | $ | 6.90 | $ | 1.39 | $ | 4.36 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.12%, 1.87%, 1.87%, 1.38% and ..87% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). For Class R6, expenses are equal to the Fund’s annualized net expense ratio of 0.83%, multiplied by the average account value over the period, multiplied by 61/365 (to reflect 61 days in the period since class commencement of operations).
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 (11/01/12) | $ | 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 (4/30/13) | $ | 1,177.40 | $ | 1,173.10 | $ | 1,172.90 | $ | 1,175.90 | $ | 1,178.90 | $ | 1,018.25 | $ | 1,014.53 | $ | 1,014.53 | $ | 1,017.01 | $ | 1,019.49 | ||||||||||||||||||||||
Expenses Incurred During Period | $ | 7.13 | $ | 11.15 | $ | 11.15 | $ | 8.47 | $ | 5.78 | $ | 6.61 | $ | 10.34 | $ | 10.34 | $ | 7.85 | $ | 5.36 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.32%, 2.07%, 2.07%, 1.57% and 1.07% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Small Cap Value Fund
Hypothetical Performance | ||||||||||||||||||||||||||||||||||
Actual Performance | (5% annualized return before expenses) | |||||||||||||||||||||||||||||||||
A Shares | C Shares | R3 Shares | I Shares | A Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||
Beginning Account Value (11/01/12) | $ | 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 (4/30/13) | $ | 1,170.90 | $ | 1,166.10 | $ | 1,169.70 | $ | 1,173.00 | $ | 1,017.46 | $ | 1,013.74 | $ | 1,016.17 | $ | 1,018.70 | ||||||||||||||||||
Expenses Incurred During Period | $ | 7.97 | $ | 11.98 | $ | 9.36 | $ | 6.63 | $ | 7.40 | $ | 11.13 | $ | 8.70 | $ | 6.16 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.48%, 2.23%, 1.74% and 1.23% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
20 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Dividend Value Fund
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
COMMON STOCKS – 98.9% | ||||||||||||||
Aerospace & Defense – 1.6% | ||||||||||||||
138,013 | General Dynamics Corporation | $ | 10,207,441 | |||||||||||
167,311 | United Technologies Corporation | 15,273,821 | ||||||||||||
Total Aerospace & Defense | 25,481,262 | |||||||||||||
Capital Markets – 3.2% | ||||||||||||||
937,871 | Morgan Stanley | 20,773,843 | ||||||||||||
508,529 | State Street Corporation | 29,733,691 | ||||||||||||
Total Capital Markets | 50,507,534 | |||||||||||||
Chemicals – 3.5% | ||||||||||||||
443,650 | Dow Chemical Company, (2) | 15,044,172 | ||||||||||||
176,433 | LyondellBasell Industries NV | 10,709,483 | ||||||||||||
111,352 | PPG Industries, Inc. | 16,384,333 | ||||||||||||
111,166 | Praxair, Inc. | 12,706,274 | ||||||||||||
Total Chemicals | 54,844,262 | |||||||||||||
Commercial Banks – 3.4% | ||||||||||||||
284,090 | BankUnited Inc. | 7,201,682 | ||||||||||||
216,769 | Community Bank System Inc., (2) | 6,208,264 | ||||||||||||
926,666 | Fifth Third Bancorp. | 15,781,122 | ||||||||||||
133,844 | PNC Financial Services Group, Inc. | 9,085,331 | ||||||||||||
531,093 | SunTrust Banks, Inc. | 15,534,470 | ||||||||||||
Total Commercial Banks | 53,810,869 | |||||||||||||
Communications Equipment – 1.5% | ||||||||||||||
1,155,759 | Cisco Systems, Inc. | 24,178,478 | ||||||||||||
Computers & Peripherals – 0.8% | ||||||||||||||
324,601 | Seagate Technology | 11,912,857 | ||||||||||||
Consumer Finance – 2.2% | ||||||||||||||
369,702 | Capital One Financial Corporation | 21,361,382 | ||||||||||||
596,516 | SLM Corporation | 12,318,055 | ||||||||||||
Total Consumer Finance | 33,679,437 | |||||||||||||
Diversified Financial Services – 7.2% | ||||||||||||||
3,483,512 | Bank of America Corporation | 42,882,033 | ||||||||||||
1,006,543 | Citigroup Inc. | 46,965,296 | ||||||||||||
471,638 | JPMorgan Chase & Co. | 23,114,978 | ||||||||||||
Total Diversified Financial Services | 112,962,307 | |||||||||||||
Diversified Telecommunication Services – 4.5% | ||||||||||||||
497,295 | CenturyLink Inc., (2) | 18,683,373 | ||||||||||||
711,178 | Verizon Communications Inc. | 38,339,606 | ||||||||||||
1,525,436 | Windstream Corporation, (2) | 12,996,715 | ||||||||||||
Total Diversified Telecommunication Services | 70,019,694 | |||||||||||||
Electric Utilities – 2.7% | ||||||||||||||
188,831 | Pinnacle West Capital Corporation | 11,499,808 | ||||||||||||
459,192 | PPL Corporation, (2) | 15,327,829 | ||||||||||||
448,600 | Westar Energy Inc. | 15,683,056 | ||||||||||||
Total Electric Utilities | 42,510,693 |
Nuveen Investments | 21 |
Portfolio of Investments (Unaudited)
Nuveen Dividend Value Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Electrical Equipment – 2.6% | ||||||||||||||
350,981 | Eaton PLC | $ | 21,553,743 | |||||||||||
225,258 | Emerson Electric Company | 12,504,072 | ||||||||||||
84,061 | Rockwell Automation, Inc. | 7,126,692 | ||||||||||||
Total Electrical Equipment | 41,184,507 | |||||||||||||
Electronic Equipment & Instruments – 0.5% | ||||||||||||||
316,121 | Molex Inc. | 7,368,781 | ||||||||||||
Energy Equipment & Services – 1.4% | ||||||||||||||
187,896 | Exterran Partners, L.P. | 5,317,457 | ||||||||||||
217,438 | Schlumberger Limited | 16,183,910 | ||||||||||||
Total Energy Equipment & Services | 21,501,367 | |||||||||||||
Food & Staples Retailing – 1.2% | ||||||||||||||
368,921 | Walgreen Co. | 18,265,279 | ||||||||||||
Food Products – 3.0% | ||||||||||||||
399,490 | ConAgra Foods, Inc. | 14,129,961 | ||||||||||||
512,708 | Mondelez International Inc. | 16,124,667 | ||||||||||||
370,767 | Unilever PLC, ADR | 15,750,182 | ||||||||||||
Total Food Products | 46,004,810 | |||||||||||||
Health Care Equipment & Supplies – 1.2% | ||||||||||||||
284,103 | Covidien PLC | 18,137,136 | ||||||||||||
Health Care Providers & Services – 1.2% | ||||||||||||||
312,866 | UnitedHealth Group Incorporated | 18,750,059 | ||||||||||||
Hotels, Restaurants & Leisure – 2.9% | ||||||||||||||
422,195 | Carnival Corporation, ADR | 14,569,949 | ||||||||||||
136,890 | McDonald’s Corporation | 13,981,945 | ||||||||||||
273,689 | Starbucks Corporation | 16,651,239 | ||||||||||||
Total Hotels, Restaurants & Leisure | 45,203,133 | |||||||||||||
Household Durables – 0.8% | ||||||||||||||
105,755 | Whirlpool Corporation | 12,085,681 | ||||||||||||
Household Products – 0.8% | ||||||||||||||
114,383 | Kimberly-Clark Corporation, (2) | 11,803,182 | ||||||||||||
Industrial Conglomerates – 3.3% | ||||||||||||||
2,329,669 | General Electric Company | 51,928,322 | ||||||||||||
Insurance – 3.5% | ||||||||||||||
272,372 | Lincoln National Corporation | 9,263,372 | ||||||||||||
781,987 | Old Republic International Corporation | 10,556,825 | ||||||||||||
404,099 | Prudential Financial, Inc. | 24,415,662 | ||||||||||||
367,301 | Unum Group | 10,244,024 | ||||||||||||
Total Insurance | 54,479,883 | |||||||||||||
Leisure Equipment & Products – 2.4% | ||||||||||||||
387,588 | Hasbro, Inc. | 18,360,044 | ||||||||||||
219,452 | Polaris Industries Inc. | 18,914,568 | ||||||||||||
Total Leisure Equipment & Products | 37,274,612 | |||||||||||||
Machinery – 2.3% | ||||||||||||||
168,151 | Crane Company | 9,051,568 | ||||||||||||
197,004 | Dover Corporation, (2) | 13,589,336 | ||||||||||||
452,366 | Xylem Inc. | 12,553,157 | ||||||||||||
Total Machinery | 35,194,061 |
22 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Media – 0.8% | ||||||||||||||
421,678 | Cinemark Holdings Inc. | $ | 13,025,633 | |||||||||||
Metals & Mining – 1.3% | ||||||||||||||
376,105 | Allegheny Technologies, Inc., (2) | 10,147,313 | ||||||||||||
216,178 | Rio Tinto PLC, Sponsored ADR, (2) | 9,957,159 | ||||||||||||
Total Metals & Mining | 20,104,472 | |||||||||||||
Multi-Utilities – 1.0% | ||||||||||||||
546,836 | CMS Energy Corporation | 16,372,270 | ||||||||||||
Oil, Gas & Consumable Fuels – 13.3% | ||||||||||||||
331,227 | Anadarko Petroleum Corporation | 28,074,801 | ||||||||||||
377,300 | Chevron Corporation | 46,034,373 | ||||||||||||
160,939 | ConocoPhillips | 9,728,763 | ||||||||||||
208,302 | Devon Energy Corporation | 11,469,108 | ||||||||||||
400,848 | Enbridge Energy Partners LP, (2) | 11,945,270 | ||||||||||||
197,994 | Golar LNG, Limited | 6,616,959 | ||||||||||||
373,067 | Marathon Oil Corporation | 12,188,099 | ||||||||||||
330,705 | Occidental Petroleum Corporation | 29,518,728 | ||||||||||||
394,813 | Royal Dutch Shell PLC, Class A, (2) | 26,835,440 | ||||||||||||
523,234 | Spectra Energy Corporation, (2) | 16,497,568 | ||||||||||||
143,758 | Williams Partners LP | 7,856,375 | ||||||||||||
Total Oil, Gas & Consumable Fuels | 206,765,484 | |||||||||||||
Pharmaceuticals – 10.2% | ||||||||||||||
254,432 | AstraZeneca PLC, Sponsored ADR, (2) | 13,210,109 | ||||||||||||
408,016 | GlaxoSmithKline PLC | 21,069,946 | ||||||||||||
283,838 | Johnson & Johnson, (2) | 24,191,513 | ||||||||||||
716,532 | Merck & Company Inc. | 33,677,004 | ||||||||||||
2,275,891 | Pfizer Inc. | 66,160,150 | ||||||||||||
Total Pharmaceuticals | 158,308,722 | |||||||||||||
Real Estate Investment Trust – 3.9% | ||||||||||||||
539,640 | Annaly Capital Management Inc., (2) | 8,601,862 | ||||||||||||
177,676 | Liberty Property Trust | 7,638,291 | ||||||||||||
111,635 | Mid-America Apartment Communities | 7,672,674 | ||||||||||||
224,933 | National Retail Properties, Inc. | 8,925,341 | ||||||||||||
559,967 | Redwood Trust Inc. | 12,778,447 | ||||||||||||
284,030 | Starwood Property Trust Inc. | 7,807,985 | ||||||||||||
101,388 | Ventas Inc., (2) | 8,073,525 | ||||||||||||
Total Real Estate Investment Trust | 61,498,125 | |||||||||||||
Semiconductors & Equipment – 2.5% | ||||||||||||||
901,275 | Intel Corporation | 21,585,536 | ||||||||||||
344,671 | Maxim Integrated Products, Inc. | 10,660,674 | ||||||||||||
203,348 | Texas Instruments Incorporated | 7,363,231 | ||||||||||||
Total Semiconductors & Equipment | 39,609,441 | |||||||||||||
Software – 2.3% | ||||||||||||||
622,623 | CA Inc. | 16,792,142 | ||||||||||||
577,880 | Microsoft Corporation | 19,127,828 | ||||||||||||
Total Software | 35,919,970 |
Nuveen Investments | 23 |
Portfolio of Investments (Unaudited)
Nuveen Dividend Value Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Specialty Retail – 3.1% | ||||||||||||||
888,345 | Best Buy Co., Inc. | $ | 23,088,087 | |||||||||||
294,427 | Lowe’s Companies, Inc. | 11,311,885 | ||||||||||||
1,047,008 | Staples, Inc., (2) | 13,862,386 | ||||||||||||
Total Specialty Retail | 48,262,358 | |||||||||||||
Tobacco – 1.9% | ||||||||||||||
401,435 | Altria Group, Inc. | 14,656,392 | ||||||||||||
155,265 | Philip Morris International | 14,841,781 | ||||||||||||
Total Tobacco | 29,498,173 | |||||||||||||
Wireless Telecommunication Services – 0.9% | ||||||||||||||
440,249 | Vodafone Group PLC, Sponsored ADR | 13,467,217 | ||||||||||||
Total Common Stocks (cost $1,157,764,866) | 1,541,920,071 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 11.3% | ||||||||||||||
Money Market Funds – 11.3% | ||||||||||||||
176,472,818 | Mount Vernon Securities Lending Prime Portfolio, 0.214%, (3), (4) | $ | 176,472,818 | |||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $176,472,818) | 176,472,818 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 1.0% | ||||||||||||||
Money Market Funds – 1.0% | ||||||||||||||
16,020,923 | First American Treasury Obligations Fund, Class Z, 0.000%, (3) | $ | 16,020,923 | |||||||||||
Total Short-Term Investments (cost $16,020,923) | 16,020,923 | |||||||||||||
Total Investments (cost $1,350,258,607) – 111.2% | 1,734,413,812 | |||||||||||||
Other Assets Less Liabilities – (11.2)% | (174,972,871) | |||||||||||||
Net Assets – 100% | $ | 1,559,440,941 |
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 as of the end of the reporting period was $171,044,985. |
(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.
24 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Value Fund
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
COMMON STOCKS – 97.7% | ||||||||||||||
Aerospace & Defense – 1.1% | ||||||||||||||
20,487 | Alliant Techsystems Inc. | $ | 1,523,413 | |||||||||||
Airlines – 1.2% | ||||||||||||||
99,939 | Delta Air Lines, Inc., (2) | 1,712,954 | ||||||||||||
Auto Components – 1.0% | ||||||||||||||
78,539 | Dana Holding Corporation, (3) | 1,354,798 | ||||||||||||
Building Products – 0.8% | ||||||||||||||
56,839 | Masco Corporation | 1,104,950 | ||||||||||||
Capital Markets – 2.1% | ||||||||||||||
93,357 | Invesco LTD | 2,963,151 | ||||||||||||
Chemicals – 2.4% | ||||||||||||||
9,061 | CF Industries Holdings, Inc. | 1,689,967 | ||||||||||||
77,164 | Chemtura Corporation, (2) | 1,640,507 | ||||||||||||
Total Chemicals | 3,330,474 | |||||||||||||
Commercial Banks – 4.6% | ||||||||||||||
92,175 | East West Bancorp Inc. | 2,242,618 | ||||||||||||
161,567 | Fifth Third Bancorp. | 2,751,486 | ||||||||||||
38,516 | Wintrust Financial Corporation, (3) | 1,381,184 | ||||||||||||
Total Commercial Banks | 6,375,288 | |||||||||||||
Commercial Services & Supplies – 0.8% | ||||||||||||||
42,718 | Tetra Tech, Inc., (2), (3) | 1,123,056 | ||||||||||||
Communications Equipment – 2.1% | ||||||||||||||
33,313 | Motorola Solutions Inc. | 1,905,504 | ||||||||||||
22,732 | Plantronics Inc. | 996,116 | ||||||||||||
Total Communications Equipment | 2,901,620 | |||||||||||||
Construction & Engineering – 1.2% | ||||||||||||||
55,996 | KBR Inc. | 1,684,360 | ||||||||||||
Consumer Finance – 4.5% | ||||||||||||||
36,232 | Discover Financial Services | 1,584,788 | ||||||||||||
229,833 | SLM Corporation, (3) | 4,746,051 | ||||||||||||
Total Consumer Finance | 6,330,839 | |||||||||||||
Diversified Consumer Services – 1.0% | ||||||||||||||
26,834 | Coinstar Inc., (2), (3) | 1,417,104 | ||||||||||||
Electric Utilities – 6.3% | ||||||||||||||
58,498 | Edison International | 3,147,192 | ||||||||||||
128,105 | NV Energy Inc. | 2,770,911 | ||||||||||||
46,760 | Pinnacle West Capital Corporation | 2,847,684 | ||||||||||||
Total Electric Utilities | 8,765,787 | |||||||||||||
Electrical Equipment – 2.5% | ||||||||||||||
35,195 | Eaton PLC | 2,161,325 | ||||||||||||
16,266 | Rockwell Automation, Inc. | 1,379,031 | ||||||||||||
Total Electrical Equipment | 3,540,356 | |||||||||||||
Energy Equipment & Services – 1.0% | ||||||||||||||
22,582 | Cooper Cameron Corporation, (2) | 1,389,922 |
Nuveen Investments | 25 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Value Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Food Products – 5.7% | ||||||||||||||
100,027 | ConAgra Foods, Inc. | $ | 3,537,955 | |||||||||||
72,003 | Pinnacle Foods Inc., (2) | 1,718,712 | ||||||||||||
109,271 | Tyson Foods, Inc., Class A, (3) | 2,691,345 | ||||||||||||
Total Food Products | 7,948,012 | |||||||||||||
Health Care Equipment & Supplies – 1.7% | ||||||||||||||
69,988 | CareFusion Corporation, (2) | 2,340,399 | ||||||||||||
Health Care Providers & Services – 4.1% | ||||||||||||||
37,698 | CIGNA Corporation | 2,494,477 | ||||||||||||
33,112 | Omnicare, Inc. | 1,449,312 | ||||||||||||
26,362 | Universal Health Services, Inc., Class B | 1,755,446 | ||||||||||||
Total Health Care Providers & Services | 5,699,235 | |||||||||||||
Hotels, Restaurants & Leisure – 1.3% | ||||||||||||||
48,820 | Royal Caribbean Cruises Limited, (3) | 1,783,395 | ||||||||||||
Household Durables – 2.6% | ||||||||||||||
37,576 | Jarden Corporation, (2) | 1,691,296 | ||||||||||||
17,314 | Whirlpool Corporation | 1,978,644 | ||||||||||||
Total Household Durables | 3,669,940 | |||||||||||||
Independent Power Producers & Energy Traders – 2.0% | ||||||||||||||
101,687 | NRG Energy Inc. | 2,834,017 | ||||||||||||
Insurance – 4.7% | ||||||||||||||
144,953 | CNO Financial Group Inc., (3) | 1,640,868 | ||||||||||||
63,563 | Lincoln National Corporation | 2,161,778 | ||||||||||||
99,642 | Unum Group | 2,779,015 | ||||||||||||
Total Insurance | 6,581,661 | |||||||||||||
Internet Software & Services – 2.1% | ||||||||||||||
74,376 | AOL Inc. | 2,873,889 | ||||||||||||
Leisure Equipment & Products – 1.0% | ||||||||||||||
16,228 | Polaris Industries Inc., (3) | 1,398,691 | ||||||||||||
Life Sciences Tools & Services – 1.0% | ||||||||||||||
33,183 | Agilent Technologies, Inc. | 1,375,104 | ||||||||||||
Machinery – 3.4% | ||||||||||||||
29,890 | Crane Company | 1,608,979 | ||||||||||||
27,789 | Dover Corporation, (3) | 1,916,885 | ||||||||||||
42,234 | Terex Corporation, (2), (3) | 1,207,892 | ||||||||||||
Total Machinery | 4,733,756 | |||||||||||||
Media – 1.8% | ||||||||||||||
22,117 | Liberty Media Corporation, Liberty Capital Class A Tracking Stock, (2) | 2,540,801 | ||||||||||||
Metals & Mining – 0.7% | ||||||||||||||
23,257 | Nucor Corporation | 1,014,470 | ||||||||||||
Multiline Retail – 1.1% | ||||||||||||||
34,176 | Macy’s, Inc. | 1,524,250 | ||||||||||||
Oil, Gas & Consumable Fuels – 6.5% | ||||||||||||||
41,087 | Cobalt International Energy, Inc., (2), (3) | 1,147,971 | ||||||||||||
11,425 | Concho Resources Inc., (2) | 984,035 | ||||||||||||
27,430 | HollyFrontier Company | 1,356,414 |
26 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||||
14,033 | Noble Energy, Inc. | $ | 1,589,799 | |||||||||||
38,186 | Southwestern Energy Company, (2) | 1,428,920 | ||||||||||||
28,781 | Tesoro Corporation | 1,536,905 | ||||||||||||
51,055 | Ultra Petroleum Corporation, (2), (3) | 1,092,577 | ||||||||||||
Total Oil, Gas & Consumable Fuels | 9,136,621 | |||||||||||||
Paper & Forest Products – 1.4% | ||||||||||||||
41,401 | International Paper Company | 1,945,019 | ||||||||||||
Personal Products – 1.3% | ||||||||||||||
35,138 | Nu Skin Enterprises, Inc., Class A, (3) | 1,782,551 | ||||||||||||
Pharmaceuticals – 1.1% | ||||||||||||||
45,450 | Zoetis Incorporated | 1,500,759 | ||||||||||||
Real Estate Investment Trust – 9.3% | ||||||||||||||
141,042 | Developers Diversified Realty Corporation, (3) | 2,586,710 | ||||||||||||
145,489 | Host Hotels & Resorts Inc. | 2,658,084 | ||||||||||||
94,450 | Kimco Realty Corporation, (3) | 2,246,021 | ||||||||||||
190,459 | MFA Mortgage Investments, Inc. | 1,765,555 | ||||||||||||
22,425 | SL Green Realty Corporation, (3) | 2,033,948 | ||||||||||||
64,039 | Starwood Property Trust Inc. | 1,760,432 | ||||||||||||
Total Real Estate Investment Trust | 13,050,750 | |||||||||||||
Road & Rail – 0.8% | ||||||||||||||
79,718 | Swift Transportation Company, (2) | 1,117,646 | ||||||||||||
Semiconductors & Equipment – 2.9% | ||||||||||||||
51,876 | Maxim Integrated Products, Inc. | 1,604,525 | ||||||||||||
38,070 | Semtech Corporation, (2) | 1,220,905 | ||||||||||||
55,832 | Skyworks Solutions Inc., (2) | 1,232,211 | ||||||||||||
Total Semiconductors & Equipment | 4,057,641 | |||||||||||||
Software – 4.6% | ||||||||||||||
77,386 | CA Inc. | 2,087,100 | ||||||||||||
104,082 | Symantec Corporation, (2) | 2,529,193 | ||||||||||||
50,800 | Synopsys Inc., (2) | 1,806,955 | ||||||||||||
Total Software | 6,423,248 | |||||||||||||
Specialty Retail – 3.0% | ||||||||||||||
68,284 | Best Buy Co., Inc., (3) | 1,774,701 | ||||||||||||
41,663 | Express Inc., (2) | 758,683 | ||||||||||||
47,369 | Foot Locker, Inc. | 1,651,756 | ||||||||||||
Total Specialty Retail | 4,185,140 | |||||||||||||
Water Utilities – 1.0% | ||||||||||||||
31,969 | American Water Works Company | 1,338,862 | ||||||||||||
Total Common Stocks (cost $119,373,005) | 136,373,929 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 17.6% | ||||||||||||||
Money Market Funds – 17.6% | ||||||||||||||
24,607,575 | Mount Vernon Securities Lending Prime Portfolio, 0.214%, (4), (5) | $ | 24,607,575 | |||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $24,607,575) | 24,607,575 |
Nuveen Investments | 27 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Value Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 1.3% | ||||||||||||||
Money Market Funds – 1.3% | ||||||||||||||
1,858,023 | First American Treasury Obligations Fund, Class Z, 0.000%, (4) | $ | 1,858,023 | |||||||||||
Total Short-Term Investments (cost $1,858,023) | 1,858,023 | |||||||||||||
Total Investments (cost $145,838,603) – 116.6% | 162,839,527 | |||||||||||||
Other Assets Less Liabilities – (16.6)% | (23,179,223) | |||||||||||||
Net Assets – 100% | $ | 139,660,304 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
(3) | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $24,056,466. |
(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.
28 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Value Fund
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
COMMON STOCKS – 97.4% | ||||||||||||||
Aerospace & Defense – 1.7% | ||||||||||||||
18,000 | Triumph Group Inc., (2) | $ | 1,438,200 | |||||||||||
Auto Components – 2.4% | ||||||||||||||
30,399 | Cooper Tire & Rubber | 756,631 | ||||||||||||
75,684 | Dana Holding Corporation, (2) | 1,305,549 | ||||||||||||
Total Auto Components | 2,062,180 | |||||||||||||
Capital Markets – 4.4% | ||||||||||||||
93,121 | JMP Group Inc. | 601,562 | ||||||||||||
64,101 | Manning & Napier Inc. | 1,122,409 | ||||||||||||
76,483 | New Mountain Finance Corporation | 1,165,601 | ||||||||||||
82,552 | Pennantpark Investment Corporation, (2) | 965,858 | ||||||||||||
Total Capital Markets | 3,855,430 | |||||||||||||
Chemicals – 2.5% | ||||||||||||||
19,900 | Kraton Performance Polymers Inc., (3) | 451,929 | ||||||||||||
30,000 | Minerals Technologies Inc. | 1,218,900 | ||||||||||||
7,800 | Rockwood Holdings Inc. | 506,142 | ||||||||||||
Total Chemicals | 2,176,971 | |||||||||||||
Commercial Banks – 9.7% | ||||||||||||||
28,452 | Community Bank System Inc., (2) | 814,865 | ||||||||||||
59,014 | East West Bancorp Inc. | 1,435,811 | ||||||||||||
55,596 | Heartland Financial USA, Inc. | 1,412,694 | ||||||||||||
49,651 | Renasant Corporation, (2) | 1,133,036 | ||||||||||||
12,500 | SVB Financial Group, (3) | 888,875 | ||||||||||||
35,000 | Texas Capital BancShares, Inc., (2), (3) | 1,458,100 | ||||||||||||
54,000 | Webster Financial Corporation | 1,261,980 | ||||||||||||
Total Commercial Banks | 8,405,361 | |||||||||||||
Commercial Services & Supplies – 2.7% | ||||||||||||||
131,000 | Acco Brands Corporation, (3) | 884,250 | ||||||||||||
31,892 | G&K Services, Inc. | 1,498,605 | ||||||||||||
Total Commercial Services & Supplies | 2,382,855 | |||||||||||||
Communications Equipment – 2.9% | ||||||||||||||
25,000 | ADTRAN, Inc., (2) | 525,000 | ||||||||||||
109,259 | Infinera Corporation, (2), (3) | 919,961 | ||||||||||||
24,950 | Plantronics Inc., (2) | 1,093,309 | ||||||||||||
Total Communications Equipment | 2,538,270 | |||||||||||||
Computers & Peripherals – 0.6% | ||||||||||||||
23,000 | Cray, Inc., (3) | 486,680 | ||||||||||||
Construction & Engineering – 3.2% | ||||||||||||||
45,143 | Emcor Group Inc. | 1,688,348 | ||||||||||||
46,500 | MYR Group Inc., (3) | 1,060,200 | ||||||||||||
Total Construction & Engineering | 2,748,548 | |||||||||||||
Diversified Financial Services – 1.2% | ||||||||||||||
50,000 | PHH Corporation, (3) | 1,054,000 | ||||||||||||
Diversified Telecommunication Services – 1.0% | ||||||||||||||
80,000 | Premiere Global Services, Inc., (3) | 898,400 |
Nuveen Investments | 29 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Value Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Electric Utilities – 2.6% | ||||||||||||||
24,923 | El Paso Electric Company | $ | 933,616 | |||||||||||
31,650 | UIL Holdings Corporation, (2) | 1,317,906 | ||||||||||||
Total Electric Utilities | 2,251,522 | |||||||||||||
Electrical Equipment – 2.2% | ||||||||||||||
40,000 | Babcock & Wilcox Company | 1,088,000 | ||||||||||||
25,000 | General Cable Corporation, (3) | 862,000 | ||||||||||||
Total Electrical Equipment | 1,950,000 | |||||||||||||
Electronic Equipment & Instruments – 2.3% | ||||||||||||||
27,000 | SYNNEX Corporation, (2), (3) | 934,200 | ||||||||||||
78,500 | Vishay Intertechnology Inc., (2), (3) | 1,102,140 | ||||||||||||
Total Electronic Equipment & Instruments | 2,036,340 | |||||||||||||
Energy Equipment & Services – 3.3% | ||||||||||||||
48,000 | Basic Energy Services, Inc., (2), (3) | 659,040 | ||||||||||||
91,255 | Matrix Service Company, (3) | 1,371,563 | ||||||||||||
39,682 | Patterson-UTI Energy, Inc., (2) | 836,893 | ||||||||||||
Total Energy Equipment & Services | 2,867,496 | |||||||||||||
Food & Staples Retailing – 0.9% | ||||||||||||||
46,000 | Spartan Stores, Inc., (2) | 771,880 | ||||||||||||
Gas Utilities – 2.5% | ||||||||||||||
19,000 | Atmos Energy Corporation | 843,030 | ||||||||||||
26,116 | Southwest Gas Corporation | 1,323,298 | ||||||||||||
Total Gas Utilities | 2,166,328 | |||||||||||||
Health Care Equipment & Supplies – 1.0% | ||||||||||||||
27,367 | Conmed Corporation, (2) | 857,408 | ||||||||||||
Health Care Providers & Services – 4.1% | ||||||||||||||
45,000 | Bioscrip, Inc., (3) | 623,700 | ||||||||||||
33,784 | Hanger Orthopedic Group Inc., (3) | 1,026,696 | ||||||||||||
14,500 | Medax Inc., (2), (3) | 1,286,585 | ||||||||||||
27,325 | US Physical Therapy, Inc. | 651,975 | ||||||||||||
Total Health Care Providers & Services | 3,588,956 | |||||||||||||
Hotels, Restaurants & Leisure – 2.1% | ||||||||||||||
27,000 | Bob Evans Farms, (2) | 1,170,180 | ||||||||||||
11,600 | Dominos Pizza Inc., (2) | 640,320 | ||||||||||||
Total Hotels, Restaurants & Leisure | 1,810,500 | |||||||||||||
Household Durables – 2.5% | ||||||||||||||
81,270 | La Z Boy Inc. | 1,467,736 | ||||||||||||
36,000 | Tri Pointe Homes, Incorporated, (2), (3) | 684,000 | ||||||||||||
Total Household Durables | 2,151,736 | |||||||||||||
Insurance – 6.3% | ||||||||||||||
69,500 | American Equity Investment Life Holding Company, (2) | 1,059,180 | ||||||||||||
110,804 | CNO Financial Group Inc., (2) | 1,254,301 | ||||||||||||
63,086 | Horace Mann Educators Corporation | 1,422,589 | ||||||||||||
67,598 | National Financial Partners Corp., (2), (3) | 1,712,933 | ||||||||||||
Total Insurance | 5,449,003 |
30 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Internet Software & Services – 2.8% | ||||||||||||||
95,900 | Dice Holdings Inc., (3) | $ | 809,396 | |||||||||||
87,790 | Perficient, Inc., (3) | 920,039 | ||||||||||||
22,033 | ValueClick, Inc., (3) | 679,938 | ||||||||||||
Total Internet Software & Services | 2,409,373 | |||||||||||||
Leisure Equipment & Products – 0.6% | ||||||||||||||
60,000 | LeapFrog Enterprises Inc., (2), (3) | 536,400 | ||||||||||||
Machinery – 3.4% | ||||||||||||||
20,374 | Actuant Corporation | 637,706 | ||||||||||||
40,000 | Altra Industrial Motion, Inc., (2) | 1,066,000 | ||||||||||||
40,000 | TriMas Corporation, (3) | 1,220,000 | ||||||||||||
Total Machinery | 2,923,706 | |||||||||||||
Media – 1.9% | ||||||||||||||
154,997 | Belo Corp. | 1,661,568 | ||||||||||||
Metals & Mining – 1.1% | ||||||||||||||
9,250 | Kaiser Aluminum Corporation | 582,750 | ||||||||||||
16,446 | Schnitzer Steel Industries, Inc. | 403,420 | ||||||||||||
Total Metals & Mining | 986,170 | |||||||||||||
Oil, Gas & Consumable Fuels – 2.4% | ||||||||||||||
34,800 | Bill Barrett Corporation, (2), (3) | 691,128 | ||||||||||||
29,300 | Energy XXI Limited Bermuda, (2) | 666,282 | ||||||||||||
47,547 | Rex Energy Inc., (2), (3) | 764,080 | ||||||||||||
Total Oil, Gas & Consumable Fuels | 2,121,490 | |||||||||||||
Paper & Forest Products – 1.3% | ||||||||||||||
31,067 | Buckeye Technologies Inc. | 1,167,809 | ||||||||||||
Personal Products – 0.7% | ||||||||||||||
20,000 | Inter Parfums, Inc. | 579,400 | ||||||||||||
Professional Services – 1.0% | ||||||||||||||
42,000 | TrueBlue Inc., (2), (3) | 870,240 | ||||||||||||
Real Estate Investment Trust – 8.4% | ||||||||||||||
50,000 | Associated Estates Realty Corp. | 893,500 | ||||||||||||
88,000 | Brandywine Realty Trust, (2) | 1,313,840 | ||||||||||||
73,104 | CubeSmart, (2) | 1,284,437 | ||||||||||||
17,700 | Entertainment Properties Trust | 1,000,758 | ||||||||||||
35,508 | LaSalle Hotel Properties, (2) | 920,722 | ||||||||||||
63,600 | Medical Properties Trust Inc. | 1,023,324 | ||||||||||||
90,000 | MFA Mortgage Investments, Inc. | 834,300 | ||||||||||||
Total Real Estate Investment Trust | 7,270,881 | |||||||||||||
Road & Rail – 0.9% | ||||||||||||||
45,000 | Celadon Group, Inc. | 755,550 | ||||||||||||
Semiconductors & Equipment – 3.5% | ||||||||||||||
186,710 | Integrated Device Technology, Inc., (3) | 1,327,508 | ||||||||||||
39,435 | International Rectifier Corporation, (2), (3) | 836,416 | ||||||||||||
34,226 | MKS Instruments Inc., (2) | 919,653 | ||||||||||||
Total Semiconductors & Equipment | 3,083,577 |
Nuveen Investments | 31 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Value Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Specialty Retail – 3.1% | ||||||||||||||
15,000 | Genesco Inc., (3) | $ | 923,250 | |||||||||||
10,000 | Group 1 Automotive Inc., (2) | 604,800 | ||||||||||||
12,501 | Mens Wearhouse Inc. | 418,784 | ||||||||||||
62,121 | West Marine, Inc., (2), (3) | 734,891 | ||||||||||||
Total Specialty Retail | 2,681,725 | |||||||||||||
Textiles, Apparel & Luxury Goods – 1.0% | ||||||||||||||
51,000 | Perry Ellis International, Inc. | 896,070 | ||||||||||||
Thrifts & Mortgage Finance – 3.2% | ||||||||||||||
87,500 | Everbank Financial Corporation, (2) | 1,400,000 | ||||||||||||
39,000 | Flushing Financial Corporation, (2) | 592,020 | ||||||||||||
16,500 | WSFS Financial Corporation | 807,511 | ||||||||||||
Total Thrifts & Mortgage Finance | 2,799,531 | |||||||||||||
Total Common Stocks (cost $67,422,972) | 84,691,554 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 31.2% | ||||||||||||||
Money Market Funds – 31.2% | ||||||||||||||
27,163,893 | Mount Vernon Securities Lending Prime Portfolio, 0.214%, (4), (5) | $ | 27,163,893 | |||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $27,163,893) | 27,163,893 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 2.4% | ||||||||||||||
Money Market Funds – 2.4% | ||||||||||||||
2,043,343 | First American Treasury Obligations Fund, Class Z, 0.000%, (4) | $ | 2,043,343 | |||||||||||
Total Short-Term Investments (cost $2,043,343) | 2,043,343 | |||||||||||||
Total Investments (cost $96,630,208) – 131.0% | 113,898,790 | |||||||||||||
Other Assets Less Liabilities – (31.0)% | (26,939,311) | |||||||||||||
Net Assets – 100% | $ | 86,959,479 |
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 as of the end of the reporting period was $26,147,783. |
(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.
32 | Nuveen Investments |
Statement of Assets & Liabilities (Unaudited)
April 30, 2013
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
Assets | ||||||||||||
Investments, at value (cost $1,173,785,789, $121,231,028 and | $ | 1,557,940,994 | $ | 138,231,952 | $ | 86,734,897 | ||||||
Investments purchased with collateral from securities lending | 176,472,818 | 24,607,575 | 27,163,893 | |||||||||
Receivables: | ||||||||||||
Dividends | 1,332,709 | 122,537 | 38,294 | |||||||||
Due from broker | 36,293 | 30,109 | 2,912 | |||||||||
Investments sold | — | 1,894,487 | 267,533 | |||||||||
Shares sold | 3,068,882 | 35,753 | 219,898 | |||||||||
Other assets | 21,653 | 3,670 | 112 | |||||||||
Total assets | 1,738,873,349 | 164,926,083 | 114,427,539 | |||||||||
Liabilities | ||||||||||||
Payables: | ||||||||||||
Collateral from securities lending program | 176,472,818 | 24,607,575 | 27,163,893 | |||||||||
Investments purchased | — | — | 119,365 | |||||||||
Shares redeemed | 1,338,411 | 456,896 | 61,550 | |||||||||
Accrued expenses: | ||||||||||||
Management fees | 945,075 | 114,135 | 78,019 | |||||||||
Directors fees | 27,725 | 4,159 | 598 | |||||||||
12b-1 distribution and service fees | 105,959 | 18,326 | 11,166 | |||||||||
Other | 542,420 | 64,688 | 33,469 | |||||||||
Total liabilities | 179,432,408 | 25,265,779 | 27,468,060 | |||||||||
Net assets | $ | 1,559,440,941 | $ | 139,660,304 | $ | 86,959,479 | ||||||
Class A Shares | ||||||||||||
Net assets | $ | 317,295,062 | $ | 36,971,166 | $ | 37,209,858 | ||||||
Shares outstanding | 19,595,377 | 1,366,880 | 2,525,936 | |||||||||
Net asset value per share | $ | 16.19 | $ | 27.05 | $ | 14.73 | ||||||
Offering price per share (net asset value per share plus | $ | 17.18 | $ | 28.70 | $ | 15.63 | ||||||
Class B Shares | ||||||||||||
Net assets | $ | 1,313,673 | $ | 1,311,970 | N/A | |||||||
Shares outstanding | 81,937 | 51,496 | N/A | |||||||||
Net asset value and offering price per share | $ | 16.03 | $ | 25.48 | N/A | |||||||
Class C Shares | ||||||||||||
Net assets | $ | 37,336,378 | $ | 7,441,285 | $ | 2,162,108 | ||||||
Shares outstanding | 2,331,596 | 285,543 | 168,227 | |||||||||
Net asset value and offering price per share | $ | 16.01 | $ | 26.06 | $ | 12.85 | ||||||
Class R3 Shares | ||||||||||||
Net assets | $ | 29,547,656 | $ | 8,676,703 | $ | 5,664,276 | ||||||
Shares outstanding | 1,828,236 | 322,255 | 391,553 | |||||||||
Net asset value and offering price per share | $ | 16.16 | $ | 26.92 | $ | 14.47 | ||||||
Class R6 Shares(1) | ||||||||||||
Net assets | $ | 59,229,718 | N/A | N/A | ||||||||
Shares outstanding | 3,629,686 | N/A | N/A | |||||||||
Net asset value, offering and redemption price per share | $ | 16.32 | N/A | N/A | ||||||||
Class I Shares | ||||||||||||
Net assets | $ | 1,114,718,454 | $ | 85,259,180 | $ | 41,923,237 | ||||||
Shares outstanding | 68,298,092 | 3,145,879 | 2,756,732 | |||||||||
Net asset value and offering price per share | $ | 16.32 | $ | 27.10 | $ | 15.21 | ||||||
Net assets consist of: | ||||||||||||
Capital paid-in | $ | 1,085,776,961 | $ | 166,124,305 | $ | 98,687,244 | ||||||
Undistributed (Over-distribution of) net investment income | (131,933 | ) | 533,323 | 237,368 | ||||||||
Accumulated net realized gain (loss) | 89,640,708 | (43,998,248 | ) | (29,233,715 | ) | |||||||
Net unrealized appreciation (depreciation) | 384,155,205 | 17,000,924 | 17,268,582 | |||||||||
Net assets | $ | 1,559,440,941 | $ | 139,660,304 | $ | 86,959,479 | ||||||
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. Mid Cap Value and Small Cap Value do not offer Class R6 Shares. |
(1) – | Class R6 Shares were established and commenced operations on February 28, 2013. |
See accompanying notes to financial statements.
Nuveen Investments | 33 |
Statement of Operations (Unaudited)
Six Months Ended April 30, 2013
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
Investment Income | ||||||||||||
Dividend and interest income (net of foreign tax withheld of $148,857, $ – and $ –, respectively) | $ | 22,483,427 | $ | 1,303,502 | $ | 813,001 | ||||||
Securities lending income, net | 420,660 | 105,423 | 19,632 | |||||||||
Total investment income | 22,904,087 | 1,408,925 | 832,633 | |||||||||
Expenses | ||||||||||||
Management fees | 5,457,980 | 662,069 | 365,565 | |||||||||
12b-1 service fees – Class A | 360,034 | 45,114 | 41,869 | |||||||||
12b-1 distribution and service fees – Class B | 7,059 | 7,376 | N/A | |||||||||
12b-1 distribution and service fees – Class C | 161,982 | 38,559 | 7,810 | |||||||||
12b-1 distribution and service fees – Class R3 | 62,948 | 23,434 | 10,590 | |||||||||
Shareholder servicing agent fees and expenses | 545,540 | 81,818 | 72,787 | |||||||||
Custodian fees and expenses | 122,323 | 22,023 | 12,695 | |||||||||
Directors fees and expenses | 17,220 | 1,861 | 1,132 | |||||||||
Professional fees | 38,857 | 14,475 | 12,684 | |||||||||
Shareholder reporting expenses | 73,061 | 13,239 | 8,813 | |||||||||
Federal and state registration fees | 62,489 | 30,765 | 24,867 | |||||||||
Other expenses | 12,173 | 2,748 | 1,918 | |||||||||
Total expenses before fee waiver/expense reimbursement | 6,921,666 | 943,481 | 560,730 | |||||||||
Fee waiver/expense reimbursement | — | (42,306 | ) | (1,797 | ) | |||||||
Net expenses | 6,921,666 | 901,175 | 558,933 | |||||||||
Net investment income (loss) | 15,982,421 | 507,750 | 273,700 | |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from investments | 123,739,619 | 12,074,103 | 2,718,889 | |||||||||
Change in net unrealized appreciation (depreciation) of investments | 69,068,372 | 11,734,924 | 10,067,170 | |||||||||
Net realized and unrealized gain (loss) | 192,807,991 | 23,809,027 | 12,786,059 | |||||||||
Net increase (decrease) in net assets from operations | $ | 208,790,412 | $ | 24,316,777 | $ | 13,059,759 |
N/A – | Small Cap Value does not offer Class B Shares. |
See accompanying notes to financial statements.
34 | Nuveen Investments |
Statement of Changes in Net Assets (Unaudited)
Dividend Value | ||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||
Operations | ||||||||
Net investment income (loss) | $ | 15,982,421 | $ | 25,644,589 | ||||
Net realized gain (loss) from investments | 123,739,619 | 40,955,240 | ||||||
Change in net unrealized appreciation (depreciation) of | 69,068,372 | 87,692,871 | ||||||
Net increase (decrease) in net assets from operations | 208,790,412 | 154,292,700 | ||||||
Distributions to Shareholders | ||||||||
From net investment income: | ||||||||
Class A | (2,937,133 | ) | (4,532,612 | ) | ||||
Class B | (9,276 | ) | (33,355 | ) | ||||
Class C | (211,848 | ) | (350,680 | ) | ||||
Class R3 | (228,351 | ) | (321,277 | ) | ||||
Class R6(1) | (287,992 | ) | — | |||||
Class I | (12,400,294 | ) | (23,257,909 | ) | ||||
From accumulated net realized gains: | ||||||||
Class A | (7,596,475 | ) | — | |||||
Class B | (39,707 | ) | — | |||||
Class C | (834,161 | ) | — | |||||
Class R3 | (623,435 | ) | — | |||||
Class R6(1) | — | — | ||||||
Class I | (28,858,444 | ) | — | |||||
Decrease in net assets from distributions to shareholders | (54,027,116 | ) | (28,495,833 | ) | ||||
Fund Share Transactions | ||||||||
Fund reorganization | — | 137,390,211 | ||||||
Proceeds from sale of shares | 216,906,719 | 329,723,796 | ||||||
Proceeds from shares issued to shareholders due to | 33,054,090 | 13,538,292 | ||||||
249,960,809 | 480,652,299 | |||||||
Cost of shares redeemed | (243,344,139 | ) | (280,917,888 | ) | ||||
Net increase (decrease) in net assets from Fund share | 6,616,670 | 199,734,411 | ||||||
Net increase (decrease) in net assets | 161,379,966 | 325,531,278 | ||||||
Net assets at the beginning of period | 1,398,060,975 | 1,072,529,697 | ||||||
Net assets at the end of period | $ | 1,559,440,941 | $ | 1,398,060,975 | ||||
Undistributed (Over-distribution of) net investment income | $ | (131,933 | ) | $ | (39,460 | ) |
(1) | Class R6 Shares were established and commenced operations on February 28, 2013. |
See accompanying notes to financial statements.
Nuveen Investments | 35 |
Statement of Changes in Net Assets (Unaudited) (continued)
Mid Cap Value | Small Cap Value | |||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 507,750 | $ | 1,759,372 | $ | 273,700 | $ | 437,763 | ||||||||
Net realized gain (loss) from investments | 12,074,103 | 9,505,619 | 2,718,889 | 8,773,503 | ||||||||||||
Change in net unrealized appreciation (depreciation) of investments | 11,734,924 | 3,105,284 | 10,067,170 | 524,575 | ||||||||||||
Net increase (decrease) in net assets from operations | 24,316,777 | 14,370,275 | 13,059,759 | 9,735,841 | ||||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income: | ||||||||||||||||
Class A | (366,544 | ) | (268,737 | ) | (126,553 | ) | — | |||||||||
Class B | (4,764 | ) | — | N/A | N/A | |||||||||||
Class C | (24,117 | ) | — | — | — | |||||||||||
Class R3 | (75,223 | ) | (47,224 | ) | (5,043 | ) | — | |||||||||
Class R6 | N/A | N/A | N/A | N/A | ||||||||||||
Class I | (1,195,031 | ) | (1,688,085 | ) | (267,460 | ) | — | |||||||||
From accumulated net realized gains: | ||||||||||||||||
Class A | — | — | — | — | ||||||||||||
Class B | — | — | N/A | N/A | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3 | — | — | — | — | ||||||||||||
Class R6 | N/A | N/A | N/A | N/A | ||||||||||||
Class I | — | — | — | — | ||||||||||||
Decrease in net assets from distributions to shareholders | (1,665,679 | ) | (2,004,046 | ) | (399,056 | ) | — | |||||||||
Fund Share Transactions | ||||||||||||||||
Fund reorganization | — | — | — | — | ||||||||||||
Proceeds from sale of shares | 7,451,193 | 22,235,804 | 12,047,583 | 16,610,022 | ||||||||||||
Proceeds from shares issued to shareholders due to | 958,067 | 1,045,228 | 311,768 | — | ||||||||||||
8,409,260 | 23,281,032 | 12,359,351 | 16,610,022 | |||||||||||||
Cost of shares redeemed | (52,307,872 | ) | (104,822,100 | ) | (15,732,404 | ) | (32,827,602 | ) | ||||||||
Net increase (decrease) in net assets from Fund share transactions | (43,898,612 | ) | (81,541,068 | ) | (3,373,053 | ) | (16,217,580 | ) | ||||||||
Net increase (decrease) in net assets | (21,247,514 | ) | (69,174,839 | ) | 9,287,650 | (6,481,739 | ) | |||||||||
Net assets at the beginning of period | 160,907,818 | 230,082,657 | 77,671,829 | 84,153,568 | ||||||||||||
Net assets at the end of period | $ | 139,660,304 | $ | 160,907,818 | $ | 86,959,479 | $ | 77,671,829 | ||||||||
Undistributed (Over-distribution of) net investment income | $ | 533,323 | $ | 1,691,252 | $ | 237,368 | $ | 362,724 |
N/A – | Small Cap Value does not offer Class B Shares. Mid Cap Value and Small Cap Value do not offer Class R6 Shares. |
See accompanying notes to financial statements.
36 | Nuveen Investments |
[THIS PAGE INTENTIONALLY LEFT BLANK]
Nuveen Investments | 37 |
Financial Highlights (Unaudited)
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 | From Net | From Accumulated Net Realized | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (12/92) |
| |||||||||||||||||||||||||||||||
2013(e) | $ | 14.60 | $ | .15 | $ | 1.99 | $ | 2.14 | $ | (.15 | ) | $ | (.40 | ) | $ | (.55 | ) | $ | 16.19 | |||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(e) | 14.47 | .10 | 1.96 | 2.06 | (.10 | ) | (.40 | ) | (.50 | ) | 16.03 | |||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(e) | 14.42 | .09 | 2.00 | 2.09 | (.10 | ) | (.40 | ) | (.50 | ) | 16.01 | |||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(e) | 14.58 | .13 | 1.98 | 2.11 | (.13 | ) | (.40 | ) | (.53 | ) | 16.16 | |||||||||||||||||||||
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 R6 (2/13) |
| |||||||||||||||||||||||||||||||
2013(d) | 15.36 | .04 | 1.00 | 1.04 | (.08 | ) | — | (.08 | ) | 16.32 | ||||||||||||||||||||||
Class I (8/94) |
| |||||||||||||||||||||||||||||||
2013(e) | 14.72 | .17 | 2.00 | 2.17 | (.17 | ) | (.40 | ) | (.57 | ) | 16.32 | |||||||||||||||||||||
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 |
38 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
15.18 | % | $ | 317,295 | 1.12 | %* | 2.03 | %* | 1.12 | %* | 2.03 | %* | 29 | % | |||||||||||||
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 | |||||||||||||||||||
14.68 | 1,314 | 1.87 | * | 1.32 | * | 1.87 | * | 1.32 | * | 29 | ||||||||||||||||
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 | |||||||||||||||||||
14.93 | 37,336 | 1.87 | * | 1.26 | * | 1.87 | * | 1.26 | * | 29 | ||||||||||||||||
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 | |||||||||||||||||||
14.99 | 29,548 | 1.38 | * | 1.75 | * | 1.38 | * | 1.75 | * | 29 | ||||||||||||||||
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 | |||||||||||||||||||
6.77 | 59,230 | .83 | * | 1.60 | * | .83 | * | 1.60 | * | 29 | ||||||||||||||||
15.28 | 1,114,718 | .87 | * | 2.30 | * | .87 | * | 2.30 | * | 29 | ||||||||||||||||
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) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | For the period February 28, 2013 (commencement of operations) through April 30, 2013. |
(e) | For the six months ended April 30, 2013. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 39 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
MID CAP VALUE | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Invest- ment Income | From Accumulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (12/87) |
| |||||||||||||||||||||||||||||||
2013(d) | $ | 23.22 | $ | .07 | $ | 4.01 | $ | 4.08 | $ | (.25 | ) | $ | — | $ | (.25 | ) | $ | 27.05 | ||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 21.79 | (.02 | ) | 3.78 | 3.76 | (.07 | ) | — | (.07 | ) | 25.48 | |||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 22.29 | (.02 | ) | 3.86 | 3.84 | (.07 | ) | — | (.07 | ) | 26.06 | |||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 23.08 | .04 | 3.99 | 4.03 | (.19 | ) | — | (.19 | ) | 26.92 | ||||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 23.29 | .11 | 4.01 | 4.12 | (.31 | ) | — | (.31 | ) | 27.10 | ||||||||||||||||||||||
2012 | 21.99 | .24 | 1.33 | 1.57 | (.27 | ) | — | (.27 | ) | 23.29 | ||||||||||||||||||||||
2011 | 22.37 | .15 | (.22 | ) | (.07 | ) | (.31 | ) | — | (.31 | ) | 21.99 | ||||||||||||||||||||
2010 | 18.42 | .16 | 4.05 | 4.21 | (.26 | ) | — | (.26 | ) | 22.37 | ||||||||||||||||||||||
2009 | 16.24 | .28 | 2.01 | 2.29 | (.11 | ) | — | (.11 | ) | 18.42 | ||||||||||||||||||||||
2008 | 27.98 | .27 | (9.99 | ) | (9.72 | ) | (.19 | ) | (1.83 | ) | (2.02 | ) | 16.24 |
40 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
17.74 | % | $ | 36,971 | 1.37 | %* | .54 | %* | 1.32 | %* | .59 | * | 58 | % | |||||||||||||
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 | |||||||||||||||||||
17.31 | 1,312 | 2.13 | * | (.21 | )* | 2.07 | * | (.15 | )* | 58 | ||||||||||||||||
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 | |||||||||||||||||||
17.29 | 7,441 | 2.13 | * | (.22 | )* | 2.07 | * | (.16 | )* | 58 | ||||||||||||||||
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 | |||||||||||||||||||
17.59 | 8,677 | 1.63 | * | .29 | * | 1.57 | * | .35 | * | 58 | ||||||||||||||||
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 | |||||||||||||||||||
17.89 | 85,259 | 1.12 | * | .79 | * | 1.07 | * | .84 | * | 58 | ||||||||||||||||
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) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | For the six months ended April 30, 2013. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 41 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
SMALL CAP VALUE | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Invest- ment Income | From Accumulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (8/94) |
| |||||||||||||||||||||||||||||||
2013(d) | $ | 12.63 | $ | .04 | $ | 2.11 | $ | 2.15 | $ | (.05 | ) | $ | — | $ | (.05 | ) | $ | 14.73 | ||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 11.02 | (.01 | ) | 1.84 | 1.83 | — | — | — | 12.85 | |||||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 12.39 | .02 | 2.08 | 2.10 | (.02 | ) | — | (.02 | ) | 14.47 | ||||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 13.06 | .06 | 2.18 | 2.24 | (.09 | ) | — | (.09 | ) | 15.21 | ||||||||||||||||||||||
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 |
42 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
17.09 | % | $ | 37,210 | 1.48 | %*** | .56 | %*** | 1.48 | %*** | .57 | %*** | 21 | % | |||||||||||||
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 | |||||||||||||||||||
16.61 | 2,162 | 2.24 | *** | (.23 | )*** | 2.23 | *** | (.23 | )*** | 21 | ||||||||||||||||
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 | |||||||||||||||||
16.97 | 5,664 | 1.75 | *** | .22 | *** | 1.74 | *** | .23 | *** | 21 | ||||||||||||||||
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 | |||||||||||||||||||
17.30 | 41,923 | 1.23 | *** | .83 | *** | 1.23 | *** | .84 | *** | 21 | ||||||||||||||||
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) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | For the six months ended April 30, 2013. |
* | Rounds to less than $.01 per share. |
** | Rounds to less than .01%. |
*** | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 43 |
Notes to Financial Statements (Unaudited)
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”), 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.
On December 31, 2012, the Funds’ investment adviser converted from a Delaware Corporation to a Delaware limited liability company. As a result, Nuveen Fund Advisors, Inc., a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisors, LLC (the “Adviser”). There were no changes to the identities or roles of any personnel as a result of the change.
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. In selecting securities, Nuveen Asset Management, LLC (the “Sub-Adviser”), a wholly-owned subsidiary of the Adviser, will invest in companies that it believes have the ability to pay above average dividends and finance expected growth and are trading at attractive valuations. The Fund will attempt to maintain a dividend that will grow over time. As a result, higher-yielding equity securities will generally represent the core holdings of the Fund. However, the Fund also may invest in lower-yielding, higher-growth equity securities if the Sub-Adviser believes they will help balance the portfolio. The Fund’s equity securities include common stocks, convertible preferred stocks, and corporate debt securities that are convertible into common stocks. All such equity securities will provide current income at the time of purchase. The Fund invests in convertible debt securities in pursuit of both long-term growth of capital and income. The securities’ conversion features provide long-term growth potential, while interest payments on the securities provide income. The Fund may invest in convertible debt securities without regard to their ratings, and therefore may hold convertible debt securities which are rated lower than investment grade.
Mid Cap Value’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of 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 $699 million to $19.2 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.
Class R6 Shares
On February 28, 2013, Dividend Value began offering Class R6 Shares. In connection with this offering certain limited categories of investors of Class I Shares, as defined in the Funds’ prospectus, were exchanged to Class R6 Shares.
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with 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
44 | Nuveen Investments |
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”), which 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.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Legal fee refund presented on the Statement of Operations reflects a refund of workout expenditures paid in a prior reporting period, when applicable.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Dividends and Distributions to Shareholders
Dividends from net investment income are declared and distributed to shareholders 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.
Nuveen Investments | 45 |
Notes to Financial Statements (Unaudited) (continued)
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.
Share Classes and Sales Charges
Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Dividend Value and Mid Cap Value 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 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 R6 Shares and Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
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 ris k 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 are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and shareholder service fees. Sub-transfer agent fees, which are recognized as a component of “Shareholder servicing fees and expenses” on the Statement of Operations, which are prorated among the classes based on relative net assets, are not charged to Class R6 Shares.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
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 six months ended April 30, 2013, were as follows:
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
Securities lending fees paid | $ | 54,746 | $ | 19,378 | $ | 2,164 |
46 | Nuveen Investments |
Indemnifications
Under the Trust’s organizational documents, their 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 | $ | 1,541,920,071 | $ | — | $ | — | $ | 1,541,920,071 | ||||||||
Investments Purchased with Collateral from Securities Lending | 176,472,818 | — | — | 176,472,818 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 16,020,923 | — | — | 16,020,923 | ||||||||||||
Total | $ | 1,734,413,812 | $ | — | $ | — | $ | 1,734,413,812 | ||||||||
Mid Cap Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 136,373,929 | $ | — | $ | — | $ | 136,373,929 | ||||||||
Investments Purchased with Collateral from Securities Lending | 24,607,575 | — | — | 24,607,575 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 1,858,023 | — | — | 1,858,023 | ||||||||||||
Total | $ | 162,839,527 | $ | — | $ | — | $ | 162,839,527 | ||||||||
Small Cap Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 84,691,554 | $ | — | $ | — | $ | 84,691,554 | ||||||||
Investments Purchased with Collateral from Securities Lending | 27,163,893 | — | — | 27,163,893 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 2,043,343 | — | — | 2,043,343 | ||||||||||||
Total | $ | 113,898,790 | $ | — | $ | — | $ | 113,898,790 |
* | 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
Nuveen Investments | 47 |
Notes to Financial Statements (Unaudited) (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 a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
(i.) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
(ii.) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
3. Derivative Instruments and Hedging Activities
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the six months ended April 30, 2013.
4. Fund Shares
Transactions in Fund shares were as follows:
Dividend Value | ||||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares issued from reorganization: | ||||||||||||||||
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 | 2,482,750 | 37,742,053 | 5,674,770 | 75,791,170 | ||||||||||||
Class B | 3,047 | 45,430 | 8,550 | 118,690 | ||||||||||||
Class C | 405,871 | 6,163,798 | 746,162 | 10,170,847 | ||||||||||||
Class R3 | 557,919 | 8,412,274 | 756,797 | 10,690,622 | ||||||||||||
Class R6 – exchange of Class I Shares | 3,668,683 | 56,350,962 | N/A | N/A | ||||||||||||
Class I | 7,127,153 | 108,192,202 | 17,004,678 | 232,952,467 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: |
| |||||||||||||||
Class A | 679,929 | 9,849,593 | 299,861 | 4,205,570 | ||||||||||||
Class B | 3,202 | 45,683 | 2,305 | 31,580 | ||||||||||||
Class C | 64,588 | 921,113 | 22,044 | 305,305 | ||||||||||||
Class R3 | 56,600 | 817,457 | 22,759 | 319,502 | ||||||||||||
Class R6 | 18,090 | 287,992 | N/A | N/A | ||||||||||||
Class I | 1,449,210 | 21,132,252 | 612,741 | 8,676,335 | ||||||||||||
16,517,042 | 249,960,809 | 33,556,327 | 480,652,299 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (2,283,793 | ) | (34,321,162 | ) | (3,678,945 | ) | (50,796,593 | ) | ||||||||
Class B | (29,734 | ) | (445,192 | ) | (138,594 | ) | (1,919,513 | ) | ||||||||
Class C | (165,829 | ) | (2,491,514 | ) | (262,178 | ) | (3,631,206 | ) | ||||||||
Class R3 | (271,334 | ) | (4,095,062 | ) | (244,006 | ) | (3,402,933 | ) | ||||||||
Class R6 | (57,087 | ) | (900,000 | ) | N/A | N/A | ||||||||||
Class I | (9,468,150 | ) | (144,740,247 | ) | (15,711,730 | ) | (221,167,643 | ) | ||||||||
Class I – exchange to Class R6 Shares | (3,668,683 | ) | (56,350,962 | ) | — | — | ||||||||||
(15,944,610 | ) | (243,344,139 | ) | (20,035,453 | ) | (280,917,888 | ) | |||||||||
Net increase (decrease) | 572,432 | $ | 6,616,670 | 13,520,874 | $ | 199,734,411 |
N/A – | Class R6 Shares were established and commenced operations on February 28, 2013. |
48 | Nuveen Investments |
Mid Cap Value | ||||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 110,009 | $ | 2,781,347 | 175,883 | $ | 3,966,504 | ||||||||||
Class B | 149 | 3,585 | — | — | ||||||||||||
Class C | 17,842 | 452,839 | 12,581 | 251,535 | ||||||||||||
Class R3 | 35,196 | 891,343 | 122,017 | 2,606,675 | ||||||||||||
Class I | 133,420 | 3,322,079 | 689,001 | 15,411,090 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 15,342 | 357,321 | 11,855 | 260,482 | ||||||||||||
Class B | 210 | 4,622 | — | — | ||||||||||||
Class C | 1,012 | 22,773 | — | — | ||||||||||||
Class R3 | 3,235 | 75,055 | 2,157 | 47,196 | ||||||||||||
Class I | 21,368 | 498,296 | 33,419 | 737,550 | ||||||||||||
337,783 | 8,409,260 | 1,046,913 | 23,281,032 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (293,356 | ) | (7,404,828 | ) | (1,049,825 | ) | (23,506,293 | ) | ||||||||
Class B | (20,855 | ) | (499,543 | ) | (29,021 | ) | (631,933 | ) | ||||||||
Class C | (85,761 | ) | (2,107,619 | ) | (86,907 | ) | (1,881,579 | ) | ||||||||
Class R3 | (131,037 | ) | (3,333,618 | ) | (414,919 | ) | (9,311,285 | ) | ||||||||
Class I | (1,571,801 | ) | (38,962,264 | ) | (3,046,004 | ) | (69,491,010 | ) | ||||||||
(2,102,810 | ) | (52,307,872 | ) | (4,626,676 | ) | (104,822,100 | ) | |||||||||
Net increase (decrease) | (1,765,027 | ) | $ | (43,898,612 | ) | (3,579,763 | ) | $ | (81,541,068 | ) |
Small Cap Value | ||||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 235,871 | $ | 3,298,775 | 198,937 | $ | 2,422,979 | ||||||||||
Class C | 48,654 | 614,318 | 26,365 | 284,629 | ||||||||||||
Class R3 | 245,611 | 3,305,883 | 68,411 | 810,255 | ||||||||||||
Class I | 345,342 | 4,828,607 | 1,054,781 | 13,092,159 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 9,682 | 124,510 | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3 | 397 | 5,021 | — | — | ||||||||||||
Class I | 13,743 | 182,237 | — | — | ||||||||||||
899,300 | 12,359,351 | 1,348,494 | 16,610,022 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (269,421 | ) | (3,668,996 | ) | (464,772 | ) | (5,674,047 | ) | ||||||||
Class C | (4,464 | ) | (51,137 | ) | (53,180 | ) | (558,580 | ) | ||||||||
Class R3 | (68,610 | ) | (953,191 | ) | (56,397 | ) | (678,920 | ) | ||||||||
Class I | (776,703 | ) | (11,059,080 | ) | (2,051,716 | ) | (25,916,055 | ) | ||||||||
(1,119,198 | ) | (15,732,404 | ) | (2,626,065 | ) | (32,827,602 | ) | |||||||||
Net increase (decrease) | (219,898 | ) | $ | (3,373,053 | ) | (1,277,571 | ) | $ | (16,217,580 | ) |
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 six months ended April 30, 2013, and fiscal year ended October 31, 2012, were as follows:
Fund | Six Months Ended 4/30/13 | Year Ended 10/31/12 | ||||||
Dividend Value | 8,251 | 113,604 | ||||||
Mid Cap Value | 2,305 | 23,767 |
Nuveen Investments | 49 |
Notes to Financial Statements (Unaudited) (continued)
5. Investment Transactions
Purchases and sales (excluding investments purchased with collateral from securities lending and short-term investments) during the six months ended April 30, 2013, were as follows:
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
Purchases | $ | 412,023,884 | $ | 86,172,242 | $ | 17,375,551 | ||||||
Sales | 441,473,296 | 133,725,487 | 21,869,229 |
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.
As of April 30, 2013, 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 | $ | 1,351,258,886 | $ | 146,539,864 | $ | 96,630,211 | ||||||
Gross unrealized: | ||||||||||||
Appreciation | $ | 395,313,590 | $ | 18,019,745 | $ | 19,360,103 | ||||||
Depreciation | (12,158,664 | ) | (1,720,082 | ) | (2,091,524 | ) | ||||||
Net unrealized appreciation (depreciation) of investments | $ | 383,154,926 | $ | 16,299,663 | $ | 17,268,579 |
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 as of October 31, 2012, the Funds’ last 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 as of October 31, 2012, the Funds’ last tax year end, were as follows:
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
Undistributed net ordinary income1 | $ | — | $ | 1,705,871 | $ | 373,682 | ||||||
Undistributed net long-term capital gains | 37,679,223 | — | — |
1 | Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2012, was designated for purposes of the dividends paid deduction as follows:
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
Distributions from net ordinary income2 | $ | 27,602,132 | $ | 2,004,046 | $ | — | ||||||
Distributions from net long-term capital gains | 893,701 | — | — |
2 | 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. |
50 | Nuveen Investments |
As of October 31, 2012, the Funds’ last tax year end, the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
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’ last 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 |
Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Funds after December 31, 2010, will not be subject to expiration. During the Funds’ last 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 Fund-Level | Mid Cap Fund-Level | Small Fund-Level | |||||||||
For the first $125 million | .6000 | % | .7000 | % | .7000 | % | ||||||
For the next $125 million | .5875 | .6875 | .6875 | |||||||||
For the next $250 million | .5750 | .6750 | .6750 | |||||||||
For the next $500 million | .5625 | .6625 | .6625 | |||||||||
For the next $1 billion | .5500 | .6500 | .6500 | |||||||||
For net assets over $2 billion | .5250 | .6250 | .6250 |
Nuveen Investments | 51 |
Notes to Financial Statements (Unaudited) (continued)
The annual complex-level fee for each Fund, payable monthly, is determined by taking the complex-level free rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets”. The complex-level fee schedule for each Fund is as follows:
Complex-Level Asset Breakpoint Level* | Effective Rate at Breakpoint Level | |||
$55 billion | .2000 | % | ||
$56 billion | .1996 | |||
$57 billion | .1989 | |||
$60 billion | .1961 | |||
$63 billion | .1931 | |||
$66 billion | .1900 | |||
$71 billion | .1851 | |||
$76 billion | .1806 | |||
$80 billion | .1773 | |||
$91 billion | .1691 | |||
$125 billion | .1599 | |||
$200 billion | .1505 | |||
$250 billion | .1469 | |||
$300 billion | .1445 |
* | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to 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 April 30, 2013, the complex-level fee rate for each Fund was as follows: |
Fund | Complex-Level Fee Rate | |||
Dividend Value | .1851 | % | ||
Mid Cap Value | .2000 | |||
Small Cap Value | .2000 |
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 other Fund 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, 2014 | February 28, 2014 |
N/A – | Small Cap Value does not offer Class B Shares. |
The Adviser 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 |
52 | Nuveen Investments |
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 enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
During the six months ended April 30, 2013, 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 | $ | 200,591 | $ | 8,204 | $ | 8,509 | ||||||
Paid to financial intermediaries | 176,621 | 7,176 | 7,605 |
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the six months ended April 30, 2013, 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 | $ | 53,379 | $ | 687 | $ | 4,118 |
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class B Shares and C Shares during the first year following a purchase were retained by the Distributor. During the six months ended April 30, 2013, the Distributor retained such 12b-1 fees as follows:
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
12b-1 fees retained | $ | 45,240 | $ | 6,482 | $ | 1,446 |
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the six months ended April 30, 2013, as follows:
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
CDSC retained | $ | 2,257 | $ | 754 | $ | 4 |
8. New Accounting Pronouncements
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In January 2013, Accounting Standards Update (“ASU”) 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact to the financial statements and footnote disclosures, if any.
Nuveen Investments | 53 |
Glossary of Terms Used in this Report
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested distributions and capital gains, if any) over the time period being considered.
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
Lipper Equity Income Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Equity Income Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
Lipper Mid-Cap Value Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Mid-Cap Value Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
Lipper Small-Cap Value Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Small-Cap Value Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
Market Capitalization: The market capitalization of a company is equal to the number of the company’s common shares outstanding multiplied by the current price of the company’s stock.
Net Asset Value (NAV): 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.
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.
54 | Nuveen Investments |
Fund Manager
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
Sub-Adviser
Nuveen Asset Management, LLC
333 West Wacker Drive
Chicago, IL 60606
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Chicago, IL
Custodian
U.S. Bank National Association
Milwaukee, WI
Transfer Agent and Shareholder Services
Boston Financial
Data Services, Inc.
Nuveen Investor Services
P.O. Box 8530
Boston, MA 02266-8530
(800) 257-8787
Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC -0330 for room hours and operation.
Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
Nuveen Investments | 55 |
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 $224 billion as of March 31, 2013.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com |
MSA-FSTK-0413P
Mutual Funds
Nuveen Equity Funds
For investors seeking the potential for long-term capital appreciation.
Semi-Annual Report
April 30, 2013
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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91 |
Letter to Shareholders
Dear Shareholders,
After nine years of serving as lead director and independent chairman of the Nuveen Fund Board, my term of office is coming to an end. It has been a privilege to use this space to communicate with you on some of the broad economic trends in the U.S. and abroad and how they are impacting the investment environment in which your funds operate. In addition, I have enjoyed offering some perspective on how your Board views the various Nuveen investment teams as they apply their investment disciplines in that investment environment.
My term has coincided with a particularly challenging period for both mutual fund sponsors and investors. Since 2000 there have been three periods of unusually strong stock market growth and two major market declines. Recent years have been characterized by a search for yield in fixed income securities to compensate for an extended period of very low interest rates. Funds are investing more in foreign and emerging markets that require extensive research capabilities to overcome the more limited transparency and higher volatility in those markets. New fund concepts often incorporate derivative financial instruments that offer efficient ways to hedge investment risk or gain exposure to selected markets. Fund trading teams operate in many new domestic and international venues with quite different characteristics. Electronic trading and global communication networks mean that fund managers must be able to thrive in financial markets that react instantaneously to newsworthy events and are more interconnected than ever.
Nuveen has committed additional resources to respond to these changes in the fund industry environment. It has added IT and research resources to assemble and evaluate the increased flow of detailed information on economies, markets and individual companies. Based on its experience during the financial crisis of 2008-09, Nuveen has expanded its resources dedicated to valuing and trading portfolio securities with a particular focus on stressed financial market conditions. It has added systems and experienced risk management professionals to work with investment teams to better help evaluate whether their funds’ risk exposures are appropriate in view of the return targets. The investment teams have also reflected on recent experience to reaffirm or modify their investment disciplines. Finally, experienced professionals and IT resources have been added to address new regulatory requirements designed to better inform and protect investors. The Board has enthusiastically encouraged these initiatives.
The Nuveen Fund Board has always viewed itself as your representatives to assure that Nuveen brings together experienced people, proven technologies and effective processes designed to produce results that meet investor expectations. It is important to note that our activities are highlighted by the annual contract renewal process. Despite its somewhat formal language, I strongly encourage you to read the summary because it offers an insight into our oversight process. The report is included in the back of this or a subsequent shareholder report. The renewal process is very comprehensive and includes a number of evaluations and discussions between the Board and Nuveen during the year. The summary also describes what has been achieved across the Nuveen fund complex and at individual funds such as yours.
As I leave the chairmanship and resume my role as a member of the Board, please be assured that I and my fellow Board members will continue to hold your interests uppermost in our minds as we oversee the management of your funds and that we greatly appreciate your confidence in your Nuveen fund.
Very sincerely,
Robert P. Bremner
Chairman of the Board
June 21, 2013
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Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Approved Fund Reorganization
During April 2013, the Board of Directors/Trustees of Nuveen Investment Funds, Inc. (“NIF”) and Nuveen Investment Trust II (“NIT II”) approved the reorganization of Nuveen Quantitative Enhanced Core Equity Fund, a series of NIF, into Nuveen Symphony Low Volatility Equity Fund (formerly Nuveen Symphony Optimized Alpha Fund), a series of NIT II.
During June 2013, subsequent to the close of this reporting period, the Board of Directors of NIF approved the reorganization of Nuveen International Fund into Nuveen International Select Fund. Each Fund is a series of NIF.
Nuveen Quantitative Enhanced Core Equity Fund and Nuveen International Fund are referred to individually as an “Acquired Fund” and collectively as the “Acquired Funds.” Nuveen Symphony Low Volatility Fund and Nuveen International Select are referred to individually as an “Acquiring Fund” and collectively as the “Acquiring Funds.”
In the case of each reorganization, in order for the reorganization to occur, it must be approved by the shareholders of the Acquired Fund. If the Acquired Fund’s shareholders approve the reorganization, the Acquired Fund will transfer all of its assets and liabilities to the Acquiring Fund in exchange for Acquiring Fund shares of equal value. Shares of the Acquiring Fund will then be distributed to shareholders of the Acquired Fund and the Acquired Fund will be terminated. As a result of these transactions, shareholders of the Acquired Fund will become shareholders of the Acquiring Fund and will cease to be shareholders of the Acquired Fund. Each Acquired Fund shareholder will receive Acquiring Fund shares with a total value equal to the total value of that shareholder’s Acquired Fund shares immediately prior to the closing of the reorganization.
For each Acquired Fund, a special meeting of Acquired Fund shareholders will be held for the purpose of voting on the reorganization. This meeting is expected to be held in late September 2013 for Nuveen Quantitative Enhanced Core Equity Fund and in late October 2013 for Nuveen International Fund. In each case, if the required approval is obtained, it is anticipated that the reorganization will be consummated shortly after the special shareholder meeting. Further information regarding the proposed reorganizations will be contained in proxy materials that are expected to be sent to Nuveen Quantitative Enhanced Core Equity Fund shareholders in late August 2013 to Nuveen International Fund shareholders in late September 2013.
Each Acquired Fund will continue sales and redemptions of its shares as described in the prospectus until shortly before its reorganization. However, holders of shares purchased after the record date set for the Acquired Fund’s special meeting of shareholders will not be entitled to vote those shares at the special meeting.
Nuveen International Fund
Nuveen International Select Fund
Nuveen Quantitative Enhanced Core Equity Fund
Nuveen Tactical Market Opportunities Fund
During this period, the Nuveen International Fund was managed by a team of managers associated with three different sub-advisers: Nuveen Asset Management, LLC, an affiliate of
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Nuveen Investments; Altrinisic Global Advisors, LLC; and Hansberger Global Investors, Inc. The Nuveen International Select Fund was 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.
Effective after the close of business on June 21, 2013 (subsequent to the close of this reporting period), the board of Directors for Nuveen Investment Funds, Inc. approved the removal of Hansberger Global Investors, Inc. as an investment sub-adviser to both the Nuveen International Fund and the Nuveen International Select Fund. The assets managed by Hansberger Global Investors Inc. will be reallocated to Nuveen Asset Management, LLC, one of the existing sub-advisers to the Funds. Altrinsic Global Advisors, LLC, remains a sub-adviser to both Funds and Lazard Asset Management LLC also remains a sub-adviser to the International Select Fund. As part of this reallocation, Tracy Stouffer, CFA, and Jay Rosenberg have been named as portfolio managers of both Funds, effective June 24, 2013. Tracy is a senior vice president and portfolio manager for Nuveen Asset Management, LLC. Jay is a managing director and portfolio manager for Nuveen Asset Management, LLC. The Funds’ investment objectives, principal investment strategies and principal risks are not expected to change.
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.
Effective January 1, 2013, the Nuveen Tactical Market Opportunities Fund is subject to regulation as a commodity pool under the Commodity Exchange Act, and the Adviser, Nuveen Fund Advisors, LLC, has registered with the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator. The CFTC has proposed amendments to its rules which, upon their compliance dates, will subject the Fund and its Adviser to additional disclosure, reporting and recordkeeping rules, compliance with which is likely to increase the Fund’s expenses.
On the following pages, the portfolio management teams for the four Funds examine key investment strategies and the Funds’ performance for the six-month reporting period ended April 30, 2013.
Nuveen International Fund
How did the Fund perform during the six-month reporting period ended April 30, 2013?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2013. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper classification average and underperformed the MSCI EAFE Index.
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
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companies that provide exposure to foreign issuers. During this reporting period, two of the Fund’s sub-advisers, Altrinsic Global Advisors, LLC and Hansberger Global Investors, Inc., selected 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, selected stocks for the Fund in the infrastructure sector, and also maintained strategic oversight of the Fund (subject to the supervision of the Fund’s investment adviser, Nuveen Fund Advisors, Inc.). Nuveen Asset Management’s oversight role includes allocating assets among the sub-advisers (including itself) and tactically adjusting the overall portfolio balance and country emphasis using index related investments.
In aggregate, stock selection was not successful during the period and accounted for much of the Fund’s shortfall versus the MSCI EAFE Index. For example, shares fell significantly for one of the world’s largest electronics contract manufacturers: Hon Hai Precision Industry Co., Ltd. This Taiwanese company, which assembles a huge share of the world’s electronic devices including iPhones and iPads through its Foxconn unit, saw revenues drop as several firms’ sales declined. (Apple accounts for approximately 40% of the company’s production.) Also, Mitsubishi Corp., a general trading company with a broad array of business groups, saw profits shrink dramatically in its metals unit. This business unit, Mitsubishi’s biggest earner last year, was hurt by a decline in iron ore and coal prices due to China’s economic slowdown as well as strikes at Australian mines. Fund results were also hindered by a position in Korean auto producer Hyundai Motor Company Ltd. Hyundai Motor faced headwinds from a weak auto sales forecast and a strengthening won, which will weigh on profits. A strengthening won undermines Korean exporters because it cuts the value of overseas earnings. For similar reasons, shares of Hyundai Glovis Co. Ltd. (the logistics and distribution unit of Hyundai Motor Group) dropped during the period. Meanwhile, major Australian bank Westpac Banking Corp. advanced significantly throughout the six-month reporting period. The Fund’s lack of exposure to Westpac Banking, which is in the MSCI EAFE Index, hurt results.
Several of the Fund’s themes aided performance during the six-month reporting period, helping it to outperform the Lipper peer group. The most notable benefit was our well-timed shift from being dramatically underweight in Japan to a slight overweight. We used futures contracts to increase Japanese exposure because the Fund was underweight to Japan in terms of individual stocks owned by the sub-advisers. The Fund’s benefit was twofold as the Nikkei Index rose rather sharply, while the yen, to which the futures have very little exposure, fell; therefore, the Fund got all the benefit of Japanese equity exposure without the drag from the yen. The Japanese bull market began in the fourth quarter of 2012 with the arrival of the new LDP administration led by Prime Minister Shinzo Abe. He articulated three bold new policies to the market designed to re-invigorate Japan’s weak economy including: a strong dose of quantitative easing, a commitment to fiscal easing and a commitment to reverse the historical effects of deflation. Widespread optimism for “Abenomics” led to a massive rally in the Japanese equity market, while at the same time dramatically reducing the value of the yen.
In terms of other country weights, the Fund was aided by our ongoing underweight to equity markets in the Eurozone nations. We maintained this underweight as Europe remained a dramatically weakened economy with many countries experiencing the longest and/or deepest recessions on record. The United Kingdom narrowly dodged a triple-dip recession as the country continues to be plagued by its heavy reliance on an
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overcommitted financial industry, which is still trying to find its footing under new regulations brought about by the 2008 crisis. In addition, an overweight in more conservative European utility stocks was beneficial as these companies are paying higher dividends and are less susceptible to market volatility.
Elsewhere around the globe, the Fund’s underweight to India was helpful. India’s stock market continues to struggle as heavy government interference in the economy makes it difficult for businesses to be profitable and expand. Another successful strategy was our underweight in South Africa, where high inflation and ongoing labor disputes have sapped the nation’s productivity. However, some of this successful underweight was offset by unfavorable stock selection within South Africa. Also, the Fund’s overweight in Brazil, due to the sub-advisers’ individual holdings, was detrimental during the period. We would have liked to remove some of the economic exposure to Brazil’s general economic conditions (especially its commodity and export oriented dependencies) that accompanies the specific companies the Fund holds; however, Brazilian futures contracts are not available for investment. World commodity prices experienced sharp price drops during the period based on the slowing global economy, particularly declining growth in China. Likewise, the Fund’s slight overweight in Russia, a major exporter of both natural gas and oil, was a negative contributor. We have favored Russia for quite some time based on the thesis that energy will continue to be in high demand as developing economies grow. However, Russian stock market returns were not favorable as its economy remains heavily dependent on these energy exports, which fell in price during the period.
Across the portfolio, the Fund’s performance benefited from several successful foreign currency exposures. Notable contributors included foreign currency futures that reflected positive outlooks on the British pound and Russian ruble and negative outlooks on the weakening Japanese yen, Australian dollar and European euro.
The Fund did experience favorable security selection in emerging markets. Two of the Fund’s most successful emerging market positions were found in the technology sector and directly benefited from the mobile computing revolution. The most significant tech contributor was a holding not found in the benchmark: South Korea-based Samsung Electronics, GDR, the maker of a wide variety of consumer electronic products. Samsung Electronics recently posted record quarterly profits, mainly driven by growing sales of its smartphones. The company has been able to successfully displace its biggest rival Apple Inc. in the smartphone market by offering a broader range of models at multiple price points, tapping into a larger share of emerging market consumers. The Fund also benefited from a position in U.K.-based ARM Holdings, which is part of the benchmark index. ARM Holdings, the designer and licensor of the chips that power the majority of smartphones and tablets, also reported strong quarterly revenue and earnings growth fueled by licensing and record royalty revenue. Outside of the emerging markets, shares of Japanese firm Sumitomo Mitsui Trust Holdings, Inc. also advanced strongly during the period. This holding company, which is engaged in a wide variety of trust, banking, credit card, leasing and real estate businesses, gained after it announced plans to pay back all of its public bailout funds to the Japanese government.
In terms of sector and industry exposure, a modest overweight in technology was our most beneficial sector weight, while underweights in consumer discretionary, health care and financial stocks were detrimental to performance. However, the Fund benefited from
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our overall avoidance of the materials and mining industries, which saw weak returns over the period. For example, the Fund did not own a significant weight in one of the MSCI EAFE Index’s larger positions, BHP Billiton Limited, one of Australia’s biggest coal and iron mining companies. As one of China’s biggest suppliers of coal and iron ore, BHP Billiton’s stock price took a hit as China’s growth continued to slow to its lowest rate in more than a decade, while metal and coal prices fell by double digits in the past year. Although we did avoid metals and mining stocks for the most part during the reporting period, the Fund had a position in a Gold Miners Index ETF that slightly hindered results. However, we sold the Gold Miners position in early March before the price of gold plummeted significantly.
In addition to those mentioned previously, 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 derivative positions contributed meaningfully to performance.
Nuveen International Select Fund
How did the Fund perform during the six-month reporting period ended April 30, 2013?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and since inception periods ended April 30, 2013. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper classification average and performed in line with the MSCI All Country World Investable Market Index (ex U.S.).
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. During this reporting period, three of the Fund’s sub-advisers, Altrinsic Global Advisors, LLC, Hansberger Global Investors, Inc., and Lazard Asset Management LLC, selected 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, selected stocks for the Fund in the infrastructure sector, and also maintained strategic oversight of the Fund (subject to the supervision of the Fund’s investment adviser, Nuveen Fund Advisors, Inc.). Nuveen Asset Management’s oversight role includes allocating assets among the sub-advisers (including itself) and tactically adjusting the overall portfolio balance and country emphasis using index related investments.
Several of the Fund’s themes aided performance during the six-month reporting period, helping it to outperform the Lipper peer group. The most notable benefit was our well-timed shift from being dramatically underweight in Japan to a slight overweight. We used futures contracts to increase Japanese exposure because the Fund was underweight
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to Japan in terms of individual stocks owned by the sub-advisers. The Fund’s benefit was two-fold as the Nikkei Index rose rather sharply, while the yen, to which the futures have very little exposure, fell; therefore, the Fund got all the benefit of Japanese equity exposure without the drag from the yen. The Japanese bull market began in the fourth quarter of 2012 with the arrival of the new LDP administration led by Prime Minister Shinzo Abe. He articulated three bold new policies to the market designed to re-invigorate Japan’s weak economy including: a strong dose of quantitative easing, a commitment to fiscal easing and a commitment to reverse the historical effects of deflation. Widespread optimism for “Abenomics” led to a massive rally in the Japanese equity market, while at the same time dramatically reducing the value of the yen.
In terms of other country weights, the Fund was aided by our ongoing underweight to equity markets in the Eurozone nations. We maintained this underweight as Europe remained a dramatically weakened economy with many countries experiencing the longest and/or deepest recessions on record. Specifically in Europe, the Fund benefited from our emphasis on countries in the Northern half of the continent and a significant underweight to France as well as the United Kingdom. The U.K. narrowly dodged a triple-dip recession as the country continues to be plagued by its heavy reliance on an overcommitted financial industry, which is still trying to find its footing under new regulations brought about by the 2008 crisis. In addition, an overweight in more conservative European utility stocks was beneficial as these companies are paying higher dividends and are less susceptible to market volatility.
Elsewhere around the globe, the Fund’s underweight to India was helpful. India’s stock market continues to struggle as heavy government interference in the economy makes it difficult for businesses to be profitable and expand. Another successful strategy was our underweight in South Africa, where high inflation and ongoing labor disputes have sapped the nation’s productivity. However, some of this successful underweight was offset by unfavorable stock selection within South Africa. Also, the Fund’s overweight in Brazil, due to individual holdings, was detrimental during the period. We would have liked to remove some of the economic exposure to Brazil’s general economic conditions (especially its commodity- and export-oriented dependencies) that accompanies the specific companies the Fund holds; however, Brazilian futures contracts are not available for investment. World commodity prices experienced sharp price drops during the period based on the slowing global economy, particularly declining growth in China. Likewise, the Fund’s slight overweight in Russia, a major exporter of both natural gas and oil, was a negative contributor. We have favored Russia for quite some time based on the thesis that energy will continue to be in high demand as developing economies grow. However, Russian stock market returns were not favorable as its economy remains heavily dependent on these energy exports, which fell in price during the period.
Across the portfolio, the Fund’s performance benefited from several successful foreign currency exposures. Notable contributors included foreign currency futures that reflected positive outlooks on the British pound and Russian ruble and negative outlooks on the weakening Japanese yen, Australian dollar and European euro.
In aggregate, stock selection was not successful during the period. For example, shares fell significantly for one of the world’s largest electronics contract manufacturers: Hon Hai Precision Industry Co., Ltd. This Taiwanese company, which assembles a huge share of
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the world’s electronic devices including iPhones and iPads through its Foxconn unit, saw revenues drop as several firms’ sales declined. (Apple accounts for approximately 40% of the company’s production.) Also, Mitsubishi Corp., a general trading company with a broad array of business groups, saw profits shrink dramatically in its metals unit. This business unit, Mitsubishi’s biggest earner last year, was hurt by a decline in iron ore and coal prices due to China’s economic slowdown as well as strikes at Australian mines. Shares of Latin America’s largest telecommunications provider, America Movil SAB de CV, fell steadily in 2013. The company, which provides telecommunications services primarily in the United States, Latin America and the Caribbean, has been hurt by weak results and the threat of new Mexican regulations that could materially affect its business. In addition, Fund holding Baidu Inc., China’s leading online search provider, underperformed. After surging initially during the period, shares of Baidu retreated due to several factors including: slower growth; increased competition in the online advertising industry from newer players; and low market share in the mobile search market. Meanwhile, major Australian bank Westpac Banking Corp. advanced significantly throughout the six months. The Fund’s lack of exposure to Westpac Banking, which is in the MSCI All Country World Investable Market Index (ex U.S.), hurt results.
On the other hand, the Fund did experience favorable security selection in emerging markets. Three of the Fund’s most successful emerging market positions were found in the technology sector and directly benefited from the mobile computing revolution. The most significant tech contributor was a holding not found in the benchmark: South Korea-based Samsung Electronics, GDR, the maker of a wide variety of consumer electronic products. Samsung Electronics recently posted record quarterly profits, mainly driven by growing sales of its smartphones. The company has been able to successfully displace its biggest rival Apple Inc. in the smartphone market by offering a broader range of models at multiple price points, tapping into a larger share of emerging market consumers. The Fund also benefited from a position in U.K.-based ARM Holdings, which is part of the benchmark index. ARM Holdings, the designer and licensor of the chips that power the majority of smartphones and tablets, also reported strong quarterly revenue and earnings growth fueled by licensing and record royalty revenue. Results were aided by a position in Taiwan Semiconductor Manufacturing, a producer of integrated circuits used in mobile computing and other communication devices. The company benefited from its guidance for strong second-quarter sales as demand for Chinese-made mobile devices surged. Also, Brazilian credit card processing company Cielo performed well as it announced better-than-expected results. OTP Bank, a Hungarian firm, rebounded amid expectations of improved macroeconomic conditions in Hungary. Finally, shares of COWAY Co., Ltd., a South Korean manufacturer of water and air purifiers and air conditioners, performed strongly due to expectations of favorable results following recent price increases and the management team’s focus on cost control. Outside of the emerging markets, shares of Japanese firm Sumitomo Mitsui Trust Holdings, Inc. also advanced strongly during the period. This holding company, which is engaged in a wide variety of trust, banking, credit card, leasing and real estate businesses, gained after it announced plans to pay back all of its public bailout funds to the Japanese government.
In terms of sector and industry exposure, an underweight stance in materials was by far the Fund’s most successful sector theme during the period, while a corresponding overweight in the energy sector offset the positive effects. Additionally, underweights in
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consumer discretionary, health care and financial stocks were detrimental to performance. However, the Fund benefited from our overall avoidance of the materials and mining industries, which saw weak returns over the period. For example, the Fund did not own a significant weight in one of the MSCI All Country World Investible Market Index’s larger positions, BHP Billiton Limited, one of Australia’s biggest coal and iron mining companies. As one of China’s biggest suppliers of coal and iron ore, BHP Billiton’s stock price took a hit as China’s growth continued to slow to its lowest rate in more than a decade, while metal and coal prices fell by double digits in the past year. Although we did avoid metals and mining stocks for the most part during the reporting period, the Fund had a position in a Gold Miners Index ETF that slightly hindered results. However, we sold the Gold Miners position in early March before the price of gold plummeted significantly.
In addition to those mentioned previously, 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 derivative positions contributed meaningfully to performance.
Nuveen Quantitative Enhanced Core Equity Fund
How did the Fund perform during the six-month reporting period ended April 30, 2013?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and since inception periods ended April 30, 2013. The Fund’s Class A Shares at net asset value (NAV) performed in line with both the S&P 500® Index and the Lipper classification average.
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.
Throughout the reporting period, 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
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we expected to perform best in the anticipated economic climate. During this time frame, the Fund’s relative performance benefited from favorable sector weights as well as several style postures. However, in aggregate, the remaining style positions and individual stock picks were slight drags on its six-month results.
Selective over and underweights by sector were the largest positive contributor to the Fund’s performance throughout the period. In particular, the Fund benefited from its most significant sector bet that we’ve carried for some time: a relatively aggressive overweight in the financial sector. After maintaining this overweight during the first few months of the period, the Fund was also rewarded as we subsequently pared back this exposure toward the end of the six months. Within the financial sector, excess returns were generated by an ongoing emphasis on real estate investment trusts (REITS), especially early in the period, as well as investment banks, insurance companies and other financial services companies. These firms continued to benefit from better-than-expected global economic readings, especially U.S. housing and employment data, as investors became more comfortable with their balance sheets and loan growth potential. Six-month results were also aided by our well-timed emphasis on stocks within the utility sector, especially early in the period. The primary reason we emphasized utility stocks was because of our tilt toward value-oriented stocks and companies with dividend yields. Utilities typically offer some of the highest yields found in the market. In addition, the Fund benefited as we cut back its strong overweight to the technology sector during the period after emphasizing this sector for many months. Technology ended the period as the worst performing segment in the S&P 500® Index. While our sector weights in aggregate significantly benefited results, we experienced one pocket of modest underperformance from the Fund’s slight underweight in health care stocks. The health care sector was one of the strongest areas in the index during the period.
In terms of various style postures, we correctly anticipated that the Federal Reserve’s accommodative policies would continue to boost the stock market, which led us to tactically position the Fund with a higher risk profile than the market. This manifested itself in a slightly higher average beta for the Fund versus the benchmark throughout the period, which benefited performance in the market’s strong advance. Our models also led us to place more emphasis on value-oriented stocks, with value being defined as a higher ratio of book value to market value. We believed companies with more attractive valuations would perform better in a period of generalized uncertainty. Also, our value bias was based on the fact that these stocks have historically outpaced growth stocks in the first calendar quarter of each year. In addition, as mentioned earlier, we were emphasizing utility stocks which tend to be more value-oriented. The Fund was rewarded for this stance as value stocks did indeed outperform growth stocks over the period. Our final successful style posture involved an emphasis on stocks of companies that are more highly leveraged, as measured by a higher debt-to-equity ratio. This positioning was beneficial as the cost of borrowing remained inexpensive throughout this time frame.
Despite the above mentioned areas of strength, several other style postures as well as stock selection detracted from performance during the period, leading the Fund to produce in-line results. For example, we shifted the Fund to an overweight and then subsequently an underweight stance in stocks that produce dividend yields at the wrong
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times. During the first half of the period, investors abandoned yield-paying stocks either to avoid paying higher taxes or to move toward a higher risk orientation in their portfolios. However, in the second half of this period, dividend payers returned to favor. Likewise, our timing was off in terms of the Fund’s market capitalization bias. The Fund’s portfolio was mostly tilted toward companies at the larger end of the S&P 500® Index capitalization range, when a smaller cap tilt would have been more beneficial. Small- and mid-sized stocks outpaced their large-capitalization counterparts over the six-month period.
In terms of security selection, the Fund’s results were hindered by several ill-timed moves within the technology and financial sectors. We began the period with an overweight in Apple Inc., which in hindsight had already peaked in price during September. Apple went on to fall in value by almost one-third throughout most of the period, bottoming in the middle of April. Investors began to question Apple’s growth prospects as the company lost market share within the smartphone industry for the first time. As part of our efforts to trim the Fund’s technology exposure, we cut back its Apple weight; however, we unfortunately made this move near the stock’s bottom. In addition, we made inopportune moves in our Microsoft Corporation exposure during the period. We held an overweight in this stock early on as it declined based on investors’ disappointing response to its new Windows 8 and Windows phone products. After we cut back the Fund’s weight, Microsoft’s stock experienced a run-up starting in early April as investors apparently concluded that it had perhaps been oversold. Finally, in financials, we started the period with an overweight to Loews Corporation, an insurance, energy and hotel conglomerate. After underperforming during the first weeks of the period, we lowered the Fund’s exposure. Loews’ stock subsequently performed well as profits rose due to higher investment income and lower catastrophe losses at its largest holding, commercial property and casualty insurer CNA Financial Corp.
The Fund benefited from several other health care and energy holdings that offset these areas of weakness. For example, the Fund’s overweight in hospital operator Community Health Systems Inc. contributed strongly. The company benefited from solid results including an increase in first-quarter earnings. Also, hospital stocks were buoyed by signs that hospitals will receive more Medicare and Medicaid reimbursements for inpatient care under the new Affordable Care Act than many analysts had expected. Within the energy sector, overweights to Phillips 66, a large U.S. independent refiner, and Chevron Corporation, a California-based energy giant, were successful positions for the Fund. Phillips 66, which was spun off by ConocoPhillips about a year ago, saw its stock price advance as earnings soared amid stronger margins at its refining and chemicals businesses. Refiners generally outperformed other energy firms during the period because of an increased supply of less expensive, easier-to-refine domestic oil. Chevron’s stock rose strongly during the period as the company continued to produce consistent earnings and cash flow and significantly increased its dividend. Chevron is also benefiting from its natural gas and oil discoveries off the shore of Australia and in the Gulf of Mexico.
Throughout the period, 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 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 derivative positions added marginally to performance.
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Nuveen Tactical Market Opportunities Fund
How did the Fund perform during the six-month reporting period ended April 30, 2013?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year and since inception periods ended April 30, 2013. 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.
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. While the Fund has historically not owned individual securities except for investment-grade government bonds, its investment policies were updated during the period to allow us 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. We believe this added capability will help increase liquidity and reduce costs. The Fund may now gain exposure to its asset classes by: investing in derivative instruments and exchange-traded funds (ETFs); creating custom baskets of securities; and investing directly in U.S. Treasury obligations, non-U.S. government obligations that have an investment grade rating from at least one rating agency and money market funds.
Despite the Fund generating a positive return for the six-month period, the magnitude of the return was disappointing in the context of strong U.S. equity performance over the same time frame. When looking at the performance of various markets overall for the period, the best performing indices consisted of markets that had already discussed and/or were engaged in aggressive monetary policy action such as the United States, Japan and the United Kingdom. For example, the S&P 500® Index gained 14.42% during the six-month period, while Japan’s Nikkei Index advanced 56.59% and London’s FTSE 100 Index rose 13.49%. Emerging market countries that rely heavily on global growth, such as Brazil, Russia, India and China, showed weak results. In aggregate, emerging markets gained 5.29% over the six-month period as measured by the MSCI Emerging Markets Index. Additionally, the Barclays U.S. Aggregate Bond Index, a broad-based measure of the U.S. bond market, rose only slightly by 0.90% over the six months, while the Barclays Global Aggregate Bond Index fell -1.07%. The Goldman Sachs Commodity Index (GSCI) declined -3.42% over the six-month time frame as commodity prices dropped
Nuveen Investments | 15 |
significantly. This disparity of returns among global asset classes highlights how a global multi-asset class portfolio would lag the best performing markets.
During the six-month reporting period, the greatest positive contributions to the Fund’s performance resulted from its long positions in the S&P 500® Index, 30-year Mexican bonds, FTSE NAREIT Mortgage (REM) ETF, Nikkei Index futures and U.S. dollar futures. The Fund’s S&P 500® Index and REM positions benefited from strong domestic stock market performance over the period, driven by aggressive monetary policy and the removal of risks such as the fiscal cliff and sequestration issues. Mexican bonds also experienced strong results as their fundamental backdrop improved due to a central bank rate cut and upgrades of Mexico’s credit by rating agencies. The Fund’s long position in Nikkei futures contracts added significantly, which was primarily driven by the further stimulus announced by the Bank of Japan. Our long position in the U.S. Dollar Index (DXY) and resulting shorts in other currencies like the European euro and the Japanese yen worked out well for the Fund, particularly in the final three months of the reporting period. We held the long position due to our view that the United States was a little further along in its quantitative easing process, which led to upward pressure on the dollar. Meanwhile other areas of the world, particularly Japan, were just starting to get very aggressive with central bank activity and quantitative easing, leading to downward pressure on those currencies.
As mentioned previously, the strongest performing markets over the period included U.S., Japanese and U.K. equities. Positioning the Fund to favor the rest of the world over the United States earlier in the period was a headwind to performance. Although the Fund generated a positive return over the six-month reporting period and outperformed the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index, more significant directional exposure to U.S., Japanese and U.K. equities would have helped the Fund keep pace with its Lipper peers. More specifically, the Fund’s short position on the Russell 2000 Index was the biggest detractor during the period as small-cap stocks outperformed other asset classes. (Short positions benefit when prices are falling, while long positions benefit when prices are rising.) The Russell 2000 Index short was held as part of a long/short spread trade with the S&P 500® Index. Likewise, short positions on both the Mexican Bolsa Index and the Thailand SET50 Index were detrimental to Fund results. These short positions were also held as part of spread trades (long Brazil/short Mexico and long Malaysia/short Thailand). Mexican and Thai stock markets advanced strongly during the six months, while Brazil only had a modestly positive return and Malaysia was flat.
During the period, we made tactical changes to increase the Fund’s active risk by taking more market directional exposure to the U.S. and Japanese equity markets via the S&P 500® and Nikkei Indexes. In particular, we believed the Fund’s sizeable position in the Nikkei Index would benefit from additional quantitative easing moves in Japan. At the same time in the U.S. market, we took off the Fund’s short Russell 2000 Index exposure. As a result of these moves, the Fund’s net equity exposure increased, which began to enhance the Fund’s performance in the month of April 2013.
On the fixed income side, we rotated out of U.S. high yield credit toward other developed markets with much higher yields and better credit outlooks. In particular, we increased the Fund’s overall exposure to Australian bond futures. Additionally, while the
16 | Nuveen Investments |
Fund already held the above-mentioned Mexican 30-year bond positions, we added positions in Mexican 10-year bonds due to the improving fundamentals in the country, including the rating agency upgrades and higher yields. We also positioned the Fund for a flattening U.S. yield curve by increasing long exposure to 30-year Treasuries, while simultaneously increasing its short positions in 5-year and 10-year Treasuries.
In addition to those mentioned previously, we continued to use other equity, interest rate and currency futures contracts to implement various absolute return, tactical market and hedging strategies for the Fund. We also bought and sold equity call options to generate return and maintained very modest commodity exposure during the period. Overall, these positions contributed meaningfully to performance.
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.
Nuveen Investments | 17 |
Fund Performance and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown on the following four 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.
18 | Nuveen Investments |
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 April 30, 2013
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 15.58% | 14.38% | -1.08% | 7.66% | ||||||||||||
Class A Shares at maximum Offering Price | 8.95% | 7.78% | -2.25% | 7.02% | ||||||||||||
MSCI EAFE Index* | 17.18% | 19.96% | -0.44% | 9.72% | ||||||||||||
Lipper International Large-Cap Growth Funds Classification Average* | 12.57% | 13.60% | -0.66% | 9.06% | ||||||||||||
Class C Shares | 15.16% | 13.51% | -1.82% | 6.84% | ||||||||||||
Class R3 Shares | 15.41% | 14.09% | -1.26% | 7.37% | ||||||||||||
Class I Shares | 15.78% | 14.71% | -0.86% | 7.91% |
Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 12.02% | 8.81% | -0.59% | 8.22% | ||||||||||||
Class A Shares at maximum Offering Price | 5.58% | 2.53% | -1.77% | 7.59% | ||||||||||||
Class C Shares | 11.60% | 7.97% | -1.34% | 7.42% | ||||||||||||
Class R3 Shares | 11.86% | 8.44% | -0.78% | 7.94% | ||||||||||||
Class I Shares | 12.15% | 8.98% | -0.39% | 8.46% |
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
Gross Expense Ratios | Net Expense Ratios | |||||||
Class A Shares | 1.99% | 1.53% | ||||||
Class C Shares | 2.74% | 2.28% | ||||||
Class R3 Shares | 2.26% | 1.78% | ||||||
Class I Shares | 1.74% | 1.28% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2014, so that total annual fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 1.49%, 2.24%, 1.74%, and 1.24% for Class A, Class C, Class R3 and Class I Shares, respectively. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.
* | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
Nuveen Investments | 19 |
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 April 30, 2013
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception* | |||||||||||||
Class A Shares at NAV | 13.25% | 12.75% | -0.32% | 1.43% | ||||||||||||
Class A Shares at maximum Offering Price | 6.70% | 6.26% | -1.49% | 0.49% | ||||||||||||
MSCI All Country World Investable Market Index (ex U.S.)** | 13.25% | 14.71% | 0.01% | 1.99% | ||||||||||||
Lipper International Multi-Cap Growth Funds Classification Average** | 12.71% | 13.36% | -0.58% | 0.90% | ||||||||||||
Class C Shares | 12.84% | 11.83% | -1.06% | 0.67% | ||||||||||||
Class I Shares | 13.38% | 13.00% | -0.07% | 1.68% |
Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception* | |||||||||||||
Class A Shares at NAV | 9.76% | 7.13% | 0.22% | 0.92% | ||||||||||||
Class A Shares at maximum Offering Price | 3.41% | 0.96% | -0.95% | -0.03% | ||||||||||||
Class C Shares | 9.32% | 6.43% | -0.53% | 0.17% | ||||||||||||
Class I Shares | 9.89% | 7.49% | 0.47% | 1.17% |
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 | 1.57% | 1.53% | ||||||
Class C Shares | 2.32% | 2.28% | ||||||
Class I Shares | 1.32% | 1.28% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2014, so that total annual fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 1.49%, 2.24% and 1.24% 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.
* | 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. |
20 | Nuveen Investments |
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 April 30, 2013
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception* | |||||||||||||
Class A Shares | 14.32% | 14.91% | 3.86% | 2.83% | ||||||||||||
S&P 500® Index** | 14.42% | 16.89% | 5.21% | 3.90% | ||||||||||||
Lipper Large-Cap Core Funds Classification Average** | 14.17% | 15.80% | 4.21% | 3.12% | ||||||||||||
Class C Shares | 13.85% | 14.00% | 3.08% | 2.07% | ||||||||||||
Class I Shares | 14.45% | 15.18% | 4.13% | 3.09% |
Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception* | |||||||||||||
Class A Shares | 9.55% | 11.64% | 4.40% | 2.53% | ||||||||||||
Class C Shares | 9.16% | 10.83% | 3.64% | 1.77% | ||||||||||||
Class I Shares | 9.72% | 11.91% | 4.67% | 2.79% |
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 | 1.04% | 0.72% | ||||||
Class C Shares | 1.80% | 1.47% | ||||||
Class I Shares | 0.80% | 0.47% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2014, so that total annual Fund operating expenses, after fee waivers and/or expense reimbursements and excluding acquired fund fees and expenses, do not exceed 0.70%, 1.45%, and 0.45% 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.
* | 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. |
Nuveen Investments | 21 |
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 April 30, 2013*
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception** | ||||||||||
Class A Shares at NAV | 1.46% | 2.74% | 4.95% | |||||||||
Class A Shares at maximum Offering Price | -4.38% | -3.17% | 3.10% | |||||||||
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index*** | 0.06% | 0.12% | 0.11% | |||||||||
Lipper Flexible Portfolio Funds Classification Average*** | 5.07% | 6.67% | 7.49% | |||||||||
Class C Shares | 1.08% | 1.90% | 4.12% | |||||||||
Class I Shares | 1.63% | 2.99% | 5.24% |
Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception* | ||||||||||
Class A Shares at NAV | -0.06% | 1.66% | 4.56% | |||||||||
Class A Shares at maximum Offering Price | -5.82% | -4.22% | 2.67% | |||||||||
Class C Shares | -0.54% | 0.82% | 3.74% | |||||||||
Class I Shares | 0.02% | 1.91% | 4.86% |
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 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 | 1.34% | |||
Class C Shares | 2.08% | |||
Class I Shares | 1.09% |
* | The Fund is an absolute return product designed to generate returns through tactical asset allocation positions that seeks to outperform the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index by 400 basis points over a reasonable period of time. |
** | Since inception returns are from 12/30/09. Class I Share returns are actual. The returns for Class A and Class C Shares are actual for the periods since class inception on 2/24/11; returns prior to class inception are Class I Share returns adjusted for differences in sales charges and expense, which are primarily differences in distribution and service fees. |
*** | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
22 | Nuveen Investments |
Holding Summaries as of April 30, 2013
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 | 90.6% | |||
Exchange-Traded Funds | 1.1% | |||
Short-Term Investments | 7.0% | |||
Other2 | 1.3% |
Portfolio Composition1 | ||||
Oil, Gas & Consumable Fuels | 6.9% | |||
Insurance | 6.8% | |||
Commercial Banks | 6.5% | |||
Pharmaceuticals | 6.1% | |||
Machinery | 4.1% | |||
Metals & Mining | 3.9% | |||
Beverages | 3.7% | |||
Textiles, Apparel & Luxury Goods | 3.6% | |||
Automobiles | 3.1% | |||
Wireless Telecommunication Services | 3.0% | |||
Food Products | 2.9% | |||
Transportation Infrastructure | 2.6% | |||
Industrial Conglomerates | 2.0% | |||
Capital Markets | 1.9% | |||
Electric Utilities | 1.8% | |||
Energy Equipment & Services | 1.8% | |||
Health Care Equipment & Supplies | 1.7% | |||
Chemicals | 1.7% | |||
Semiconductors & Equipment | 1.6% | |||
Diversified Financial Services | 1.5% | |||
Food & Staples Retailing | 1.4% | |||
Household Products | 1.3% | |||
Biotechnology | 1.3% | |||
Real Estate Management & Development | 1.3% | |||
Multi-Utilities | 1.3% | |||
Exchange-Traded Funds | 1.1% | |||
Short-Term Investments | 7.0% | |||
Other5 | 18.1% |
Country Allocation1 | ||||
Japan | 15.6% | |||
United Kingdom | 15.0% | |||
Switzerland | 10.1% | |||
Germany | 9.1% | |||
United States | 5.9% | |||
Canada | 5.8% | |||
France | 4.1% | |||
Hong Kong | 3.3% | |||
Singapore | 2.7% | |||
Australia | 2.2% | |||
Short-Term Investments3 | 7.0% | |||
Other4 | 19.2% |
Top Five Common Stock Holdings1 | ||||
Roche Holding | 2.3% | |||
SMC Corp. | 1.7% | |||
Diageo | 1.7% | |||
Nestle | 1.7% | |||
Adidas | 1.4% |
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. |
5 | Includes other assets less liabilities and all industries less than 1.3% of net assets. |
Nuveen Investments | 23 |
Holding Summaries (continued)
Nuveen International Select Fund
Fund Allocation1
Common Stocks | 78.0% | |||
Exchange-Traded Funds | 4.5% | |||
Short-Term Investments | 17.2% | |||
Other2 | 0.3% |
Portfolio Composition1 | ||||
Commercial Banks | 9.6% | |||
Oil, Gas & Consumable Fuels | 6.1% | |||
Insurance | 4.9% | |||
Wireless Telecommunication Services | 4.2% | |||
Pharmaceuticals | 3.4% | |||
Metals & Mining | 3.1% | |||
Machinery | 2.6% | |||
Semiconductors & Equipment | 2.5% | |||
Transportation Infrastructure | 2.4% | |||
Beverages | 2.3% | |||
Automobiles | 2.1% | |||
Food Products | 1.9% | |||
Industrial Conglomerates | 1.8% | |||
Textiles, Apparel & Luxury Goods | 1.7% | |||
Electric Utilities | 1.5% | |||
Diversified Telecommunication Services | 1.5% | |||
Chemicals | 1.3% | |||
Food & Staples Retailing | 1.3% | |||
Internet Software & Services | 1.3% | |||
Personal Products | 1.2% | |||
Tobacco | 1.2% | |||
IT Services | 1.1% | |||
Energy Equipment & Services | 1.1% | |||
Exchange-Traded Funds | 4.5% | |||
Short-Term Investments | 17.2% | |||
Other5 | 18.2% |
Country Allocation1 | ||||
Japan | 8.7% | |||
United Kingdom | 8.4% | |||
United States | 8.2% | |||
Switzerland | 5.8% | |||
Germany | 5.2% | |||
South Korea | 4.3% | |||
Brazil | 4.2% | |||
Canada | 4.0% | |||
Hong Kong | 3.7% | |||
South Africa | 2.9% | |||
China | 2.8% | |||
France | 2.5% | |||
Russia | 2.0% | |||
Australia | 2.0% | |||
Short-Term Investments3 | 17.2% | |||
Other4 | 18.1% |
Top Five Common Stock Holdings1 | ||||
Roche Holding | 1.2% | |||
Nestle | 1.0% | |||
Diageo | 0.9% | |||
SMC Corp. | 0.9% | |||
Cielo | 0.8% |
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 2.0% of net assets. |
5 | Includes other assets less liabilities and all industries less than 1.1% of net assets. |
24 | Nuveen Investments |
Nuveen Quantitative Enhanced Core Equity Fund
Fund Allocation1
Common Stocks | 98.7% | |||
Warrants2 | 0.0% | |||
Short-Term Investments | 1.3% | |||
Other2,3 | 0.0% |
Portfolio Composition1 | ||||
Oil, Gas & Consumable Fuels | 8.5% | |||
Food Products | 5.9% | |||
Internet Software & Services | 4.8% | |||
Diversified Financial Services | 4.1% | |||
Media | 3.8% | |||
Insurance | 3.7% | |||
Computers & Peripherals | 3.4% | |||
Electric Utilities | 3.3% | |||
Beverages | 3.2% | |||
Pharmaceuticals | 3.2% | |||
Commercial Banks | 3.1% | |||
Software | 2.5% | |||
Food & Staples Retailing | 2.5% | |||
Internet & Catalog Retail | 2.3% | |||
Industrial Conglomerates | 2.3% | |||
Diversified Telecommunication Services | 2.3% | |||
IT Services | 2.2% | |||
Health Care Providers & Services | 2.2% | |||
Real Estate Investment Trust | 2.1% | |||
Tobacco | 2.1% | |||
Independent Power Producers & Energy Traders | 2.0% | |||
Semiconductors & Equipment | 2.0% | |||
Household Products | 1.8% | |||
Wireless Telecommunication Services | 1.8% | |||
Biotechnology | 1.6% | |||
Health Care Equipment & Supplies | 1.6% | |||
Communications Equipment | 1.6% | |||
Short-Term Investments | 1.3% | |||
Other4 | 18.8% |
Top Five Common Stock Holdings1 | ||||
Apple, Inc. | 3.0% | |||
Exxon Mobil Corporation | 2.3% | |||
Google Inc., Class A | 2.1% | |||
Philip Morris International | 2.0% | |||
General Electric Company | 1.8% |
1 | As a percentage of net assets. Holdings are subject to change. |
2 | Rounds to 0.0%. |
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 1.6% of net assets. |
Nuveen Investments | 25 |
Holding Summaries (continued)
Nuveen Tactical Market Opportunities Fund
Fund Allocation1
Common Stocks | 0.5% | |||
Exchange Traded Funds | 20.7% | |||
Sovereign Debt | 4.4% | |||
U.S. Government & Agency Obligations | 5.1% | |||
Short-Term Investments | 68.6% | |||
Other2 | 0.7% |
Portfolio Allocations3,4
Long Fixed Income | 49.2% | |||
Short Fixed Income | -27.6% | |||
Net Fixed Income | 21.6% | |||
Long Equity | 25.9% | |||
Short Equity | -6.6% | |||
Net Equity | 19.3% | |||
Long Commodity / Currency | 10.7% | |||
Short Commodity / Currency | -1.9% | |||
Net Commodity / Currency | 8.8% |
Total Exposure5
Total Net Exposure | 49.7% | |||
Total Gross Exposure | 121.9% |
Top 5 Long Positions4,6
Australian 3-Year Bond Future | 13.5% | |||
Australian 10-Year Bond Future | 11.0% | |||
Dollar Index Future | 8.7% | |||
U.S. Treasury Bonds | 5.1% | |||
Nikkei 225 Index Future | 5.1% |
Top 5 Short Position4,6
U.S. Treasury 5-Year Note Future | -22.5% | |||
U.S. Treasury 10-Year Note Future | -5.1% | |||
FTSE JSE Top 40 Future | -3.3% | |||
DAX Index Future | -1.8% | |||
Australian Dollar Currency Future | -1.4% |
Top Five Common Stock Holdings7
National Grid PLC | 0.1% | |||
E.ON | 0.1% | |||
Centrica PLC | 0.1% | |||
GDF Suez | 0.1% | |||
Iberdrola S.A. | 0.1% |
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. |
7 | As a percentage of net assets. Holdings are subject to change. |
26 | Nuveen Investments |
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the end of the period.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen International Fund
Actual Performance | Hypothetical Performance (5% annualized return before expenses) | |||||||||||||||||||||||||||||||||
A Shares | C Shares | R3 Shares | I Shares | A Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||
Beginning Account Value (11/01/12) | $ | 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 (4/30/13) | $ | 1,155.80 | $ | 1,151.60 | $ | 1,157.80 | $ | 1,154.10 | $ | 1,017.41 | $ | 1,013.69 | $ | 1,016.17 | $ | 1,018.65 | ||||||||||||||||||
Expenses Incurred During Period | $ | 7.96 | $ | 11.95 | $ | 9.31 | $ | 6.62 | $ | 7.45 | $ | 11.18 | $ | 8.70 | $ | 6.21 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.49%, 2.24%, 1.74% and 1.24% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen International Select Fund
Actual Performance | Hypothetical Performance (5% annualized return before expenses) | |||||||||||||||||||||||||
A Shares | C Shares | I Shares | A Shares | C Shares | I Shares | |||||||||||||||||||||
Beginning Account Value (11/01/12) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||
Ending Account Value (4/30/13) | $ | 1,132.50 | $ | 1,128.40 | $ | 1,133.80 | $ | 1,017.50 | $ | 1,013.74 | $ | 1,018.70 | ||||||||||||||
Expenses Incurred During Period | $ | 7.77 | $ | 11.77 | $ | 6.51 | $ | 7.35 | $ | 11.13 | $ | 6.16 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.47%, 2.23% and 1.23% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen 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 (11/01/12) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||
Ending Account Value (4/30/13) | $ | 1,143.20 | $ | 1,138.50 | $ | 1,144.50 | $ | 1,021.32 | $ | 1,017.60 | $ | 1,022.56 | ||||||||||||||
Expenses Incurred During Period | $ | 3.72 | $ | 7.69 | $ | 2.39 | $ | 3.51 | $ | 7.25 | $ | 2.26 |
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 181/365 (to reflect the one-half year period).
Nuveen Investments | 27 |
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 (11/01/12) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||
Ending Account Value (4/30/13) | $ | 1,014.60 | $ | 1,010.80 | $ | 1,016.30 | $ | 1,018.99 | $ | 1,015.27 | $ | 1,020.23 | ||||||||||||||
Expenses Incurred During Period | $ | 5.84 | $ | 9.57 | $ | 4.60 | $ | 5.86 | $ | 9.59 | $ | 4.61 |
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 181/365 (to reflect the one-half year period).
1 | In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of other funds in which the Fund invests. These underlying fees and expenses are not reflected in the expense ratios. Because these other funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. |
28 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen International Fund
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
COMMON STOCKS – 90.6% | ||||||||||||||
Australia – 2.2% | ||||||||||||||
1,285 | Agl Energy | $ | 21,141 | |||||||||||
12,226 | Aurizon Holdings | 52,600 | ||||||||||||
10,445 | DUET Group | 26,638 | ||||||||||||
2,314 | Envestra | 2,519 | ||||||||||||
185,341 | Incitec Pivot | 555,293 | ||||||||||||
7,306 | Macquarie Atlas Roads Group | 12,725 | ||||||||||||
584 | SP AusNet | 760 | ||||||||||||
82,626 | Spark Infrastructure Group | 153,328 | ||||||||||||
49,584 | Sydney Airport, (2) | 177,857 | ||||||||||||
34,319 | Transurban Group | 242,645 | ||||||||||||
12,184 | Woodside Petroleum | 474,426 | ||||||||||||
17,444 | WorleyParsons | 411,777 | ||||||||||||
Total Australia | 2,131,709 | |||||||||||||
Austria – 0.0% | ||||||||||||||
682 | Oesterreichische Post | 30,223 | ||||||||||||
Belgium – 0.7% | ||||||||||||||
6,338 | Anheuser-Busch InBev | 603,059 | ||||||||||||
290 | Elia System Operator | 12,787 | ||||||||||||
Total Belgium | 615,846 | |||||||||||||
Bermuda – 0.4% | ||||||||||||||
371,277 | Biosensors Intl Gp, (2) | 361,722 | ||||||||||||
Brazil – 0.9% | ||||||||||||||
2,178 | Alupar Invest SA, (2) | 19,682 | ||||||||||||
9,695 | Companhia de Concessoes Rodoviarias | 94,830 | ||||||||||||
6,306 | Companhia de Saneamento Basico do Estado de Sao Paulo, ADR | 90,176 | ||||||||||||
2,260 | Companhia de Saneamento de Minas Gerais | 52,073 | ||||||||||||
4,710 | EcoRodovias Infraestructura e Logistica | 40,773 | ||||||||||||
2,005 | Energias do Brasil | 12,236 | ||||||||||||
21,915 | Itau Unibanco Holding, ADR | 368,829 | ||||||||||||
7,675 | Transmissora Alianca de Energia Eletrica SA, (2) | 88,498 | ||||||||||||
7,801 | Wilson Sons, BDR | 107,613 | ||||||||||||
Total Brazil | 874,710 | |||||||||||||
Canada – 5.8% | ||||||||||||||
3,865 | Agrium | 354,305 | ||||||||||||
391 | AltaGas, (2) | 14,570 | ||||||||||||
10,849 | Bank of Nova Scotia | 625,336 | ||||||||||||
828 | Brookfield Renewable Energy, (2) | 25,782 | ||||||||||||
23,111 | Cameco | 450,896 | ||||||||||||
16,700 | Canadian Natural Resources, (2) | 489,836 | ||||||||||||
5,131 | Cenovus Energy, (2) | 153,556 | ||||||||||||
2,337 | Emera, (2) | 85,598 | ||||||||||||
8,981 | Enbridge, Inc. | 427,496 | ||||||||||||
16,540 | EnCana | 304,876 | ||||||||||||
3,314 | Fortis | 114,968 |
Nuveen Investments | 29 |
Portfolio of Investments (Unaudited)
Nuveen International Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Canada (continued) | ||||||||||||||
9,170 | Gibson Energy, (2) | $ | 238,932 | |||||||||||
45,700 | Kinross Gold, (2) | 249,038 | ||||||||||||
53,012 | Lundin Mining, (2) | 208,375 | ||||||||||||
48,899 | Manulife Financial | 722,727 | ||||||||||||
59,980 | Talisman Energy, (2) | 719,200 | ||||||||||||
3,842 | TransCanada | 190,217 | ||||||||||||
10,327 | Yamana Gold | 127,022 | ||||||||||||
Total Canada | 5,502,730 | |||||||||||||
Chile – 0.2% | ||||||||||||||
43,038 | Aguas Andinas, Class A | 34,270 | ||||||||||||
20,380 | Empresa Electrica Del Norte Grande | 42,539 | ||||||||||||
681 | Empresa Nacional de Electrcidad, ADR | 36,304 | ||||||||||||
4,799 | Enersis, ADR | 90,605 | ||||||||||||
Total Chile | 203,718 | |||||||||||||
China – 1.7% | ||||||||||||||
274,000 | Agile Property Holdings | 354,498 | ||||||||||||
9,707 | ENN Energy Holdings | 56,164 | ||||||||||||
499,000 | Industrial & Commercial Bank of China, Class H | 351,094 | ||||||||||||
23,026 | Jiangsu Expressway, Class H | 25,221 | ||||||||||||
49,000 | Ping An Insurance | 388,014 | ||||||||||||
12,800 | Tencent Holdings | 439,084 | ||||||||||||
Total China | 1,614,075 | |||||||||||||
Czech Republic – 0.0% | ||||||||||||||
509 | CEZ AS | 14,732 | ||||||||||||
Denmark – 1.3% | ||||||||||||||
4,197 | Novo Nordisk, Class B | 736,186 | ||||||||||||
14,518 | Novozymes A/S – Class B | 501,364 | ||||||||||||
Total Denmark | 1,237,550 | |||||||||||||
France – 4.1% | ||||||||||||||
629 | Aeroports de Paris | 56,933 | ||||||||||||
33,719 | AXA | 631,235 | ||||||||||||
18,701 | Carrefour | 554,137 | ||||||||||||
10,770 | DANONE | 822,788 | ||||||||||||
15,200 | Groupe Eurotunnel | 127,252 | ||||||||||||
3,697 | L’Oreal | 659,231 | ||||||||||||
4,883 | Pernod Ricard SA | 604,483 | ||||||||||||
833 | Rubis | 53,518 | ||||||||||||
6,787 | Total SA | 342,063 | ||||||||||||
2,077 | Vinci | 100,003 | ||||||||||||
Total France | 3,951,643 | |||||||||||||
Germany – 9.1% | ||||||||||||||
13,139 | Adidas | 1,372,161 | ||||||||||||
34,626 | Aixtron | 493,856 | ||||||||||||
3,886 | Allianz | 573,435 | ||||||||||||
8,043 | Bayer | 839,117 |
30 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Germany (continued) | ||||||||||||||
10,980 | Daimler | $ | 607,542 | |||||||||||
15,870 | Deutsche Boerse | 990,660 | ||||||||||||
26,622 | E.ON | 482,424 | ||||||||||||
2,703 | Fraport Frankfurt Airport | 161,540 | ||||||||||||
4,295 | Fresenius SE & Co KGaA | 538,593 | ||||||||||||
792 | Hamburger Hafen und Logistik | 17,043 | ||||||||||||
7,310 | Henkel KGAA | 689,287 | ||||||||||||
3,433 | Hugo Boss Ag | 399,484 | ||||||||||||
7,452 | Siemens | 778,243 | ||||||||||||
16,071 | Symrise | 685,737 | ||||||||||||
Total Germany | 8,629,122 | |||||||||||||
Great Britain – 1.1% | ||||||||||||||
11,264 | Carnival | 405,929 | ||||||||||||
8,115 | Reckitt Benckiser | 591,951 | ||||||||||||
Total Great Britain | 997,880 | |||||||||||||
Hong Kong – 3.3% | ||||||||||||||
135,000 | AIA Group Ltd., 144A | 599,312 | ||||||||||||
9,370 | Beijing Enterprises Holdings | 70,093 | ||||||||||||
135,478 | Beijing Enterprises Water Group | 41,027 | ||||||||||||
188,000 | Belle International Holdings | 306,705 | ||||||||||||
22,651 | Cheung Kong Holdings | 340,926 | ||||||||||||
10,732 | Cheung Kong Infrastructure Holdings | 77,861 | ||||||||||||
81,111 | China Everbright International | 62,609 | ||||||||||||
365,000 | China Longyuan Power, Class H | 334,420 | ||||||||||||
31,643 | China Merchants Holdings International | 100,106 | ||||||||||||
3,782 | China Resources Gas Group | 10,600 | ||||||||||||
272,000 | China Unicom | 390,467 | ||||||||||||
14,400 | CLP Holdings | 126,925 | ||||||||||||
68,794 | COSCO Pacific | 91,133 | ||||||||||||
41,220 | Guangdong Investment | 39,891 | ||||||||||||
37,000 | Hengan International Group | 382,390 | ||||||||||||
46,338 | Hong Kong & China Gas | 139,429 | ||||||||||||
14,659 | MTR Corp. | 60,448 | ||||||||||||
280 | NWS Holdings | 500 | ||||||||||||
3,414 | Sinopec Kantons Holdings | 3,093 | ||||||||||||
10,622 | Towngas China | 10,211 | ||||||||||||
Total Hong Kong | 3,188,146 | |||||||||||||
India – 0.5% | ||||||||||||||
907 | GAIL India, GDR | 35,799 | ||||||||||||
10,137 | HDFC Bank, ADR | 430,214 | ||||||||||||
10,351 | Power Grid | 21,557 | ||||||||||||
Total India | 487,570 | |||||||||||||
Ireland – 0.8% | ||||||||||||||
12,522 | Covidien | 799,404 | ||||||||||||
Israel – 0.6% | ||||||||||||||
15,683 | NICE Systems, ADR, (2) | 556,276 |
Nuveen Investments | 31 |
Portfolio of Investments (Unaudited)
Nuveen International Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Italy – 1.1% | ||||||||||||||
2,944 | Atlantia | $ | 52,612 | |||||||||||
7,699 | Hera | 15,665 | ||||||||||||
100,800 | Prada | 908,611 | ||||||||||||
163 | SIAS | 1,475 | ||||||||||||
8,195 | Snam Rete Gas | 40,299 | ||||||||||||
56 | Terna-Rete Elettrica Nationale | 262 | ||||||||||||
Total Italy | 1,018,924 | |||||||||||||
Japan – 15.6% | ||||||||||||||
54,590 | AMADA | 436,787 | ||||||||||||
16,130 | Canon | 578,287 | ||||||||||||
230 | CyberAgent | 449,926 | ||||||||||||
94 | INPEX | 453,198 | ||||||||||||
1,388 | Japan Airport Terminal | 21,414 | ||||||||||||
3,427 | Japan Exchange Gp | 420,443 | ||||||||||||
37,800 | KOMATSU | 1,031,032 | ||||||||||||
44,763 | Mitsubishi Corp. | 802,644 | ||||||||||||
26,617 | Mitsui Sumitomo Insurance Group | 712,353 | ||||||||||||
3,548 | Nintendo | 393,070 | ||||||||||||
25,798 | NKSJ Holdings | 653,121 | ||||||||||||
80,800 | Rakuten | 861,170 | ||||||||||||
12,800 | Seven & I Holdings | 491,070 | ||||||||||||
8,260 | SMC Corp. | 1,653,102 | ||||||||||||
23,000 | Softbank | 1,138,380 | ||||||||||||
8,425 | Sugi Holdings | 323,656 | ||||||||||||
181,647 | Sumitomo Mitsui Trust Holdings | 911,170 | ||||||||||||
38,290 | Suzuki Motor | 981,160 | ||||||||||||
179,590 | The Bank of Yokohama | 1,090,601 | ||||||||||||
24,988 | THK Co. Ltd. | 524,701 | ||||||||||||
16,600 | Toyota Motor | 960,394 | ||||||||||||
Total Japan | 14,887,679 | |||||||||||||
Luxembourg – 0.1% | ||||||||||||||
1,421 | SES | 44,371 | ||||||||||||
Malaysia – 0.3% | ||||||||||||||
7,011 | Petronas Gas Berhad | 45,442 | ||||||||||||
62,350 | Sime Darby Berhad | 193,454 | ||||||||||||
Total Malaysia | 238,896 | |||||||||||||
Mexico – 0.4% | ||||||||||||||
1,484 | Grupo Aeroportuario del Sureste, ADR | 184,179 | ||||||||||||
6,678 | Grupo Televisa, ADR | 169,087 | �� | |||||||||||
14,498 | Infraestructura En, (2) | 49,539 | ||||||||||||
Total Mexico | 402,805 | |||||||||||||
Netherlands – 1.6% | ||||||||||||||
6,425 | Gemalto, (2) | 524,946 | ||||||||||||
9,860 | Heineken | 696,263 | ||||||||||||
5,401 | Koninklijke Vopak | 299,166 | ||||||||||||
Total Netherlands | 1,520,375 |
32 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
New Zealand – 0.3% | ||||||||||||||
63,582 | Auckland International Airport | $ | 168,947 | |||||||||||
24,810 | Infratil | 49,018 | ||||||||||||
6,970 | Port of Tauranga | 92,602 | ||||||||||||
1,335 | Vector | 3,181 | ||||||||||||
Total New Zealand | 313,748 | |||||||||||||
Norway – 1.2% | ||||||||||||||
1,553 | Hafslund, Class B | 12,954 | ||||||||||||
79,150 | Norsk Hydro, (2) | 370,597 | ||||||||||||
32,435 | Telenor ASA | 728,965 | ||||||||||||
Total Norway | 1,112,516 | |||||||||||||
Philippines – 0.2% | ||||||||||||||
67,529 | International Container Terminal Services | 150,939 | ||||||||||||
29,433 | Manila Water | 28,568 | ||||||||||||
312,404 | Metro Pacific Investments | 46,223 | ||||||||||||
Total Philippines | 225,730 | |||||||||||||
Singapore – 2.7% | ||||||||||||||
89,527 | CitySpring Infrastructure Trust | 35,979 | ||||||||||||
13,097 | ComfortDelGro | 21,107 | ||||||||||||
255,000 | Global Logistic Pr | 571,405 | ||||||||||||
642,249 | Golden Agri-Resources | 276,359 | ||||||||||||
89,666 | Hutchison Port Holdings Trust | 74,423 | ||||||||||||
27,677 | Hyflux | 30,785 | ||||||||||||
52,000 | Oversea-Chinese Banking | 458,066 | ||||||||||||
26,211 | Parkway Life, REIT | 56,819 | ||||||||||||
224,019 | SembCorp Industries | 907,571 | ||||||||||||
26,705 | Singapore Airport Terminal Services | 68,296 | ||||||||||||
82,264 | Singapore Post | 86,158 | ||||||||||||
20,156 | SMRT Corp. Ltd. | 24,219 | ||||||||||||
Total Singapore | 2,611,187 | |||||||||||||
South Africa – 0.7% | ||||||||||||||
35,318 | MTN Group | 636,736 | ||||||||||||
South Korea – 0.9% | ||||||||||||||
2,347 | Hyundai Motor Company Ltd. | 425,158 | ||||||||||||
632 | Samsung Electronics, GDR, 144A, (2), (3) | 436,139 | ||||||||||||
Total South Korea | 861,297 | |||||||||||||
Spain – 0.9% | ||||||||||||||
820 | Abertis Infraestructuras | 15,313 | ||||||||||||
3,687 | Ferrovial | 61,011 | ||||||||||||
19,209 | Grifols, (2) | 770,809 | ||||||||||||
Total Spain | 847,133 | |||||||||||||
Sweden – 1.4% | ||||||||||||||
29,415 | Elekta AB – Class B | 452,273 | ||||||||||||
73,587 | Ericsson | 918,553 | ||||||||||||
Total Sweden | 1,370,826 |
Nuveen Investments | 33 |
Portfolio of Investments (Unaudited)
Nuveen International Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Switzerland – 10.1% | ||||||||||||||
31,969 | ABB Ltd. REG | $ | 723,755 | |||||||||||
9,427 | Compagnie Financiere Richemont | 761,419 | ||||||||||||
27,636 | Credit Suisse Group | 766,247 | ||||||||||||
162 | Flughafen Zuerich | 78,796 | ||||||||||||
17,279 | Foster Wheeler, (2) | 364,587 | ||||||||||||
5,625 | Holcim | 438,300 | ||||||||||||
22,994 | Nestle | 1,642,075 | ||||||||||||
19,595 | Noble | 734,813 | ||||||||||||
14,502 | Novartis | 1,076,966 | ||||||||||||
8,621 | Roche Holding | 2,154,786 | ||||||||||||
32,239 | UBS | 575,573 | ||||||||||||
23,609 | Xstrata | 353,345 | ||||||||||||
Total Switzerland | 9,670,662 | |||||||||||||
Taiwan – 0.6% | ||||||||||||||
34,650 | Hiwin Technologies | 244,213 | ||||||||||||
115,620 | Hon Hai Precision Industry Co., Ltd. | 298,531 | ||||||||||||
Total Taiwan | 542,744 | |||||||||||||
United Kingdom – 15.0% | ||||||||||||||
70,578 | Aberdeen Asset Management | 491,920 | ||||||||||||
38,071 | Anglo American | 925,503 | ||||||||||||
4,817 | Aon | 290,706 | ||||||||||||
36,013 | ARM Holdings | 557,170 | ||||||||||||
54,244 | BG Group | 913,799 | ||||||||||||
23,441 | BHP Billiton Limited | 652,140 | ||||||||||||
11,649 | BP, ADR | 507,896 | ||||||||||||
18,781 | Centrica | 108,234 | ||||||||||||
53,945 | Diageo | 1,645,743 | ||||||||||||
39,599 | GlaxoSmithKline | 1,021,392 | ||||||||||||
13,786 | HSBC Holdings, ADR | 756,300 | ||||||||||||
5,315 | National Grid, ADR | 338,991 | ||||||||||||
644 | Pennon Group | 6,857 | ||||||||||||
58,810 | Prudential | 1,009,445 | ||||||||||||
44,254 | Rolls-Royce Holdings, (2) | 776,784 | ||||||||||||
5,266,226 | Rolls-Royce Holdings, (2) | 8,180 | ||||||||||||
1,179 | Serco Group | 11,327 | ||||||||||||
27 | SSE | 653 | ||||||||||||
14,132 | Stagecoach Group | 67,502 | ||||||||||||
46,957 | Standard Chartered | 1,179,450 | ||||||||||||
1,218 | United Utilities Group | 14,010 | ||||||||||||
46,854 | Vedanta Resources | 879,918 | ||||||||||||
28,738 | Vodafone Group, ADR | 879,095 | ||||||||||||
23,714 | Willis Group Holdings | 940,972 | ||||||||||||
20,289 | WPP PLC | 335,329 | ||||||||||||
Total United Kingdom | 14,319,316 |
34 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
United States – 4.8% | ||||||||||||||
376 | Access Midstream Partners L P Unit | $ | 15,518 | |||||||||||
4,751 | American Tower, Class A | 399,036 | ||||||||||||
4,458 | American Water Works | 186,701 | ||||||||||||
1,933 | Brookfield Infrastructure Partners | 74,710 | ||||||||||||
2,978 | California Water Service Group | 59,709 | ||||||||||||
3,975 | CenterPoint Energy | 98,103 | ||||||||||||
23 | Chesapeake Utilities | 1,227 | ||||||||||||
1,609 | CMS Energy | 48,173 | ||||||||||||
3,013 | Connecticut Water Service | 85,810 | ||||||||||||
482 | Corrections Corporation of America | 17,448 | ||||||||||||
3,097 | Covanta Holding | 61,940 | ||||||||||||
406 | Crown Castle International, (2) | 31,262 | ||||||||||||
1,064 | Dominion Resources | 65,628 | ||||||||||||
1,820 | Duke Energy | 136,864 | ||||||||||||
211 | Edison International | 11,352 | ||||||||||||
749 | Holly Energy Partners LP | 29,436 | ||||||||||||
397 | ITC Holdings | 36,611 | ||||||||||||
6,891 | Kinder Morgan | 269,438 | ||||||||||||
99 | Kinder Morgan Energy Partners | 8,757 | ||||||||||||
383 | Magellan Midstream Partners Lp Com Unit Rp Lp | 20,310 | ||||||||||||
457 | Middlesex Water Company | 8,962 | ||||||||||||
956 | NextEra Energy | 78,421 | ||||||||||||
4,974 | Northeast Utilities | 225,471 | ||||||||||||
215 | Northwest Natural Gas | 9,561 | ||||||||||||
482 | OGE Energy | 34,911 | ||||||||||||
94 | Oiltanking Partners | 4,724 | ||||||||||||
6,576 | Philip Morris International | 628,600 | ||||||||||||
5,366 | Piedmont Natural Gas | 184,751 | ||||||||||||
1,791 | PPL | 59,784 | ||||||||||||
274 | Questar | 6,957 | ||||||||||||
1,937 | SBA Communications, Class A, (2) | 153,004 | ||||||||||||
7,806 | Schlumberger | 581,001 | ||||||||||||
484 | Sempra Energy | 40,099 | ||||||||||||
546 | SJW Corp. | 13,847 | ||||||||||||
1,065 | Southern | 51,365 | ||||||||||||
905 | Southwest Gas | 45,856 | ||||||||||||
2,068 | Spectra Energy | 65,204 | ||||||||||||
2,361 | Spectra Energy Partners | 89,576 | ||||||||||||
3,738 | Standard Parking, (2) | 80,330 | ||||||||||||
2,648 | Unitil | 80,260 | ||||||||||||
964 | Waste Connections | 36,584 | ||||||||||||
655 | Westar Energy | 22,899 | ||||||||||||
1,128 | Western Gas Partners | 68,199 | ||||||||||||
131 | WGL Holdings | 6,054 | ||||||||||||
7,283 | Williams | 277,700 |
Nuveen Investments | 35 |
Portfolio of Investments (Unaudited)
Nuveen International Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||||||||
United States (continued) | ||||||||||||||||||||
338 | Wisconsin Energy | $ | 15,190 | |||||||||||||||||
Total United States | 4,527,343 | |||||||||||||||||||
Total Common Stocks (cost $73,555,177) | 86,349,344 | |||||||||||||||||||
Shares | Description (1),(6) | Value | ||||||||||||||||||
EXCHANGE-TRADED FUNDS – 1.1% | ||||||||||||||||||||
United States – 1.1% | ||||||||||||||||||||
19,978 | Market Vectors Agribusiness ETF | $ | 1,084,006 | |||||||||||||||||
Total Exchange-Traded Funds (cost $1,140,350) | 1,084,006 | |||||||||||||||||||
Shares/ Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
SHORT-TERM INVESTMENTS – 7.0% | ||||||||||||||||||||
Money Market Funds – 4.2% | ||||||||||||||||||||
4,004,512 | State Street Institutional Liquid Reserves Fund | 0.110% | , (5) | N/A | N/A | $ | 4,004,512 | |||||||||||||
U.S. Government and Agency Obligations – 2.8% | ||||||||||||||||||||
$ | 700 | U.S. Treasury Bills, (7) | 0.048% | 7/25/13 | Aaa | 699,918 | ||||||||||||||
2,000 | U.S. Treasury Bills, (7) | 0.058% | 8/22/13 | Aaa | 1,999,654 | |||||||||||||||
$ | 2,700 | Total U.S. Government and Agency Obligations | 2,699,572 | |||||||||||||||||
Total Short-Term Investments (cost $6,703,553) | 6,704,084 | |||||||||||||||||||
Total Investments (cost $81,399,080) – 98.7% | 94,137,434 | |||||||||||||||||||
Other Assets Less Liabilities – 1.3% | 1,206,792 | |||||||||||||||||||
Net Assets – 100% | $ | 95,344,226 |
Investments in Derivatives as of April 30, 2013
Futures Contracts outstanding:
Type | Contract Position | Number of Contracts | Contract Expiration | Notional Amount at Value* | Unrealized Appreciation (Depreciation) | |||||||||||||||
Amsterdam Index | Long | 23 | 5/13 | $ | 2,104,842 | $ | 71,056 | |||||||||||||
British Pound Currency | Short | (9 | ) | 6/13 | (873,337 | ) | (35,194 | ) | ||||||||||||
Euro FX Currency | Short | (6 | ) | 6/13 | (987,450 | ) | (25,867 | ) | ||||||||||||
Euro STOXX 50 | Long | 49 | 6/13 | 1,722,321 | 13,408 | |||||||||||||||
FTSE 100 Index | Long | 47 | 6/13 | 4,660,430 | (26,032 | ) | ||||||||||||||
FTSE JSE Top 40 | Short | (118 | ) | 6/13 | (4,504,606 | ) | 233,672 | |||||||||||||
Hang Seng Index | Short | (7 | ) | 5/13 | (1,019,491 | ) | (31,251 | ) | ||||||||||||
H-Shares Index | Short | (43 | ) | 5/13 | (3,010,773 | ) | (94,634 | ) | ||||||||||||
Mexican Bolsa Index | Long | 16 | 6/13 | 556,745 | (24,364 | ) | ||||||||||||||
MSCI Sing Index | Long | 5 | 5/13 | 308,679 | 10,769 | |||||||||||||||
NASDAQ 100 | Short | (21 | ) | 6/13 | (1,209,600 | ) | (34,923 | ) | ||||||||||||
Nikkei 225 Index | Long | 116 | 6/13 | 8,067,800 | 1,169,908 | |||||||||||||||
OMXS 30 Index | Long | 95 | 5/13 | 1,757,508 | 65,228 | |||||||||||||||
S&P TSX 60 Index | Short | (19 | ) | 6/13 | (2,675,031 | ) | (40,995 | ) | ||||||||||||
SGX S&P CNX Nifty | Short | (144 | ) | 5/13 | (1,705,968 | ) | (27,360 | ) | ||||||||||||
SPI 200 | Long | 26 | 6/13 | 3,482,480 | 71,992 | |||||||||||||||
STOXX 600 Utilities | Long | 86 | 6/13 | 1,496,135 | 39,743 | |||||||||||||||
$ | 8,170,684 | $ | 1,335,156 |
* | The aggregate Notional Amount at Value of Long and Short positions were $24,156,940 and $15,986,256, respectively. |
36 | Nuveen Investments |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
(3) | 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: 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. |
(5) | The rate shown is the annualized seven-day effective yield at the end of the reporting period. |
(6) | 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. |
(7) | Investment, or portion of investment, segregated as collateral for investments in derivatives. |
N/A | Not applicable. |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
ADR | American Depositary Receipt |
BDR | Brazilian Depositary Receipt |
ETF | Exchange-Traded Fund |
GDR | Global Depositary Receipt |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
Nuveen Investments | 37 |
Portfolio of Investments (Unaudited)
Nuveen International Select Fund
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
COMMON STOCKS – 78.0% | ||||||||||||||
Argentina – 0.1% | ||||||||||||||
33,554 | YPF Sociedad Anonima | $ | 444,591 | |||||||||||
Australia – 2.0% | ||||||||||||||
5,087 | Agl Energy | 83,693 | ||||||||||||
48,363 | Aurizon Holdings | 208,072 | ||||||||||||
51,886 | BHP Billiton Limited | 1,758,939 | ||||||||||||
41,312 | DUET Group | 105,357 | ||||||||||||
9,154 | Envestra | 9,964 | ||||||||||||
564,444 | Incitec Pivot | 1,691,108 | ||||||||||||
28,822 | Macquarie Atlas Roads Group | 50,198 | ||||||||||||
2,309 | SP AusNet | 3,004 | ||||||||||||
326,777 | Spark Infrastructure Group | 606,397 | ||||||||||||
196,133 | Sydney Airport, (2) | 703,525 | ||||||||||||
135,742 | Transurban Group | 959,735 | ||||||||||||
40,376 | Woodside Petroleum | 1,572,178 | ||||||||||||
49,431 | WorleyParsons | 1,166,850 | ||||||||||||
Total Australia | 8,919,020 | |||||||||||||
Austria – 0.0% | ||||||||||||||
2,700 | Oesterreichische Post | 119,652 | ||||||||||||
Belgium – 0.3% | ||||||||||||||
12,922 | Anheuser-Busch InBev | 1,229,524 | ||||||||||||
1,144 | Elia System Operator | 50,441 | ||||||||||||
Total Belgium | 1,279,965 | |||||||||||||
Bermuda – 0.2% | ||||||||||||||
1,132,226 | Biosensors Intl Gp, (2) | 1,103,086 | ||||||||||||
Brazil – 4.2% | ||||||||||||||
8,618 | Alupar Invest Sa, (2) | 77,878 | ||||||||||||
286,443 | Banco do Brasil | 3,607,829 | ||||||||||||
157,400 | Bb Seguridade Part, (2) | 1,335,825 | ||||||||||||
139,603 | Cielo | 3,679,956 | ||||||||||||
30,800 | Companhia de Bebidas das Americas, ADR | 1,294,216 | ||||||||||||
184,553 | Companhia de Concessoes Rodoviarias | 1,805,174 | ||||||||||||
24,951 | Companhia de Saneamento Basico do Estado de Sao Paulo, ADR | 356,799 | ||||||||||||
8,938 | Companhia de Saneamento de Minas Gerais | 205,944 | ||||||||||||
18,636 | EcoRodovias Infraestructura e Logistica | 161,327 | ||||||||||||
7,934 | Energias do Brasil | 48,419 | ||||||||||||
98,439 | Itau Unibanco Holding, ADR | 1,656,728 | ||||||||||||
44,400 | Natura Cosmeticos | 1,112,691 | ||||||||||||
75,795 | Souza Cruz | 1,164,911 | ||||||||||||
30,361 | Transmissora Alianca de Energia Eletrica SA, (2) | 350,083 | ||||||||||||
117,000 | Vale, ADR | 1,999,530 | ||||||||||||
30,858 | Wilson Sons, BDR | 425,681 | ||||||||||||
Total Brazil | 19,282,991 | |||||||||||||
Canada – 4.0% | ||||||||||||||
11,789 | Agrium | 1,080,698 | ||||||||||||
1,550 | AltaGas, (2) | 57,757 |
38 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Canada (continued) | ||||||||||||||
25,621 | Bank of Nova Scotia | $ | 1,476,794 | |||||||||||
3,281 | Brookfield Renewable Energy, (2) | 102,164 | ||||||||||||
75,061 | Cameco | 1,464,440 | ||||||||||||
50,870 | Canadian Natural Resources, (2) | 1,492,092 | ||||||||||||
15,637 | Cenovus Energy, (2) | 467,969 | ||||||||||||
9,241 | Emera, (2) | 338,471 | ||||||||||||
35,523 | Enbridge | 1,690,895 | ||||||||||||
50,367 | EnCana | 928,399 | ||||||||||||
8,900 | First Quantum Minerals | 155,393 | ||||||||||||
13,109 | Fortis | 454,772 | ||||||||||||
36,281 | Gibson Energy, (2) | 945,334 | ||||||||||||
139,190 | Kinross Gold, (2) | 758,502 | ||||||||||||
161,640 | Lundin Mining, (2) | 635,361 | ||||||||||||
131,567 | Manulife Financial | 1,944,560 | ||||||||||||
55,400 | Pacific Rubiales Energy, (2) | 1,171,294 | ||||||||||||
182,660 | Talisman Energy, (2) | 2,190,216 | ||||||||||||
15,191 | TransCanada | 752,106 | ||||||||||||
31,439 | Yamana Gold | 386,700 | ||||||||||||
Total Canada | 18,493,917 | |||||||||||||
Cayman Islands – 0.6% | ||||||||||||||
18,100 | Baidu, ADR, (2) | 1,553,885 | ||||||||||||
415,600 | Wynn Macau | 1,261,236 | ||||||||||||
Total Cayman Islands | 2,815,121 | |||||||||||||
Chile – 0.2% | ||||||||||||||
170,246 | Aguas Andinas, Class A | 135,561 | ||||||||||||
80,619 | Empresa Electrica Del Norte Grande | 168,274 | ||||||||||||
2,696 | Empresa Nacional de Electrcidad, ADR | 143,724 | ||||||||||||
18,984 | Enersis, ADR | 358,418 | ||||||||||||
Total Chile | 805,977 | |||||||||||||
China – 2.8% | ||||||||||||||
1,092,000 | Agile Property Holdings | 1,412,818 | ||||||||||||
4,380,350 | China Construction Bank, Class H | 3,669,037 | ||||||||||||
38,389 | ENN Energy Holdings | 222,118 | ||||||||||||
2,185,000 | Industrial & Commercial Bank of China, Class H | 1,537,354 | ||||||||||||
90,998 | Jiangsu Expressway, Class H | 99,674 | ||||||||||||
18,400 | NetEase.com, ADR | 1,037,576 | ||||||||||||
243,000 | Ping An Insurance | 1,924,235 | ||||||||||||
62,000 | Tencent Holdings | 2,126,815 | ||||||||||||
172,600 | Weichai Power, Class H | 601,642 | ||||||||||||
Total China | 12,631,269 | |||||||||||||
Czech Republic – 0.0% | ||||||||||||||
2,010 | CEZ | 58,175 | ||||||||||||
Denmark – 0.6% | ||||||||||||||
9,069 | Novo Nordisk, Class B | 1,590,772 | ||||||||||||
34,555 | Novozymes A/S – Class B | 1,193,320 | ||||||||||||
Total Denmark | 2,784,092 |
Nuveen Investments | 39 |
Portfolio of Investments (Unaudited)
Nuveen International Select Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Egypt – 0.4% | ||||||||||||||
164,725 | Commercial International Bank | $ | 716,554 | |||||||||||
3,113 | Eastern Tobacco | 43,991 | ||||||||||||
31,163 | Orascom Construction Industries, (2) | 1,049,051 | ||||||||||||
Total Egypt | 1,809,596 | |||||||||||||
France – 2.5% | ||||||||||||||
2,491 | Aeroports de Paris | 225,470 | ||||||||||||
82,772 | AXA | 1,549,529 | ||||||||||||
56,944 | Carrefour | 1,687,330 | ||||||||||||
32,830 | DANONE | 2,508,090 | ||||||||||||
60,128 | Groupe Eurotunnel | 503,383 | ||||||||||||
11,269 | L’Oreal | 2,009,433 | ||||||||||||
11,035 | Pernod Ricard SA | 1,366,060 | ||||||||||||
3,296 | Rubis | 211,760 | ||||||||||||
20,683 | Total SA | 1,042,417 | ||||||||||||
8,217 | Vinci | 395,630 | ||||||||||||
Total France | 11,499,102 | |||||||||||||
Germany – 5.2% | ||||||||||||||
32,231 | Adidas | 3,366,018 | ||||||||||||
86,782 | Aixtron | 1,237,735 | ||||||||||||
11,834 | Allianz | 1,746,276 | ||||||||||||
16,290 | Bayer | 1,699,516 | ||||||||||||
33,430 | Daimler | 1,849,738 | ||||||||||||
48,322 | Deutsche Boerse | 3,016,426 | ||||||||||||
84,420 | E.ON | 1,529,795 | ||||||||||||
10,693 | Fraport Frankfurt Airport | 639,048 | ||||||||||||
10,109 | Fresenius SE & Co KGaA | 1,267,669 | ||||||||||||
3,137 | Hamburger Hafen und Logistik | 67,505 | ||||||||||||
22,266 | Henkel KGAA | 2,099,542 | ||||||||||||
8,055 | Hugo Boss Ag | 937,326 | ||||||||||||
22,685 | Siemens | 2,369,089 | ||||||||||||
48,950 | Symrise | 2,088,657 | ||||||||||||
Total Germany | 23,914,340 | |||||||||||||
Great Britain – 0.3% | ||||||||||||||
18,615 | Reckitt Benckiser | 1,357,877 | ||||||||||||
Hong Kong – 3.7% | ||||||||||||||
319,800 | AIA Group Ltd., 144A | 1,419,703 | ||||||||||||
37,068 | Beijing Enterprises Holdings | 277,288 | ||||||||||||
535,902 | Beijing Enterprises Water Group | 162,287 | ||||||||||||
849,000 | Belle International Holdings | 1,385,069 | ||||||||||||
69,088 | Cheung Kong Holdings | 1,039,861 | ||||||||||||
42,440 | Cheung Kong Infrastructure Holdings | 307,903 | ||||||||||||
320,792 | China Everbright International | 247,617 | ||||||||||||
1,802,000 | China Longyuan Power, Class H | 1,651,027 | ||||||||||||
125,128 | China Merchants Holdings International | 395,855 | ||||||||||||
43,511 | China Mobile Limited | 2,403,548 |
40 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Hong Kong (continued) | ||||||||||||||
14,963 | China Resources Gas Group | $ | 41,938 | |||||||||||
1,412,000 | China Unicom | 2,026,981 | ||||||||||||
56,951 | CLP Holdings | 501,981 | ||||||||||||
646,000 | CNOOC Limited | 1,205,399 | ||||||||||||
272,113 | COSCO Pacific | 360,473 | ||||||||||||
163,010 | Guangdong Investment | 157,755 | ||||||||||||
186,500 | Hengan International Group | 1,927,450 | ||||||||||||
183,259 | Hong Kong & China Gas | 551,419 | ||||||||||||
1,270,000 | Huabao International Holdings | 582,618 | ||||||||||||
57,987 | MTR Corp. | 239,117 | ||||||||||||
1,103 | NWS Holdings | 1,970 | ||||||||||||
13,497 | Sinopec Kantons Holdings | 12,227 | ||||||||||||
42,015 | Towngas China | 40,390 | ||||||||||||
Total Hong Kong | 16,939,876 | |||||||||||||
Hungary – 0.3% | ||||||||||||||
70,430 | OTP Bank | 1,467,706 | ||||||||||||
India – 1.6% | ||||||||||||||
99,950 | Bank of India | 608,512 | ||||||||||||
201,640 | Bharat Heavy Electricals | 721,413 | ||||||||||||
3,589 | GAIL India, GDR | 141,658 | ||||||||||||
51,537 | HDFC Bank, ADR | 2,187,230 | ||||||||||||
116,297 | Jindal Steel & Power | 657,415 | ||||||||||||
40,912 | Power Grid | 85,203 | ||||||||||||
90,597 | Punjab National Bank | 1,291,312 | ||||||||||||
60,338 | Tata Consultancy Services | 1,543,757 | ||||||||||||
Total India | 7,236,500 | |||||||||||||
Indonesia – 1.5% | ||||||||||||||
1,718,065 | Bank of Mandiri | 1,855,457 | ||||||||||||
454,300 | Semen Gresik Persero | 859,771 | ||||||||||||
136,700 | Tambang Batubara Bukit Asam | 214,418 | ||||||||||||
57,100 | Telekomunikasi Indonesia, ADR | 2,733,377 | ||||||||||||
539,019 | United Tractors | 984,067 | ||||||||||||
Total Indonesia | 6,647,090 | |||||||||||||
Ireland – 0.5% | ||||||||||||||
38,200 | Covidien | 2,438,688 | ||||||||||||
Israel – 0.3% | ||||||||||||||
34,591 | NICE Systems, ADR , (2) | 1,226,943 | ||||||||||||
Italy – 0.5% | ||||||||||||||
11,650 | Atlantia | 208,197 | ||||||||||||
30,425 | Hera | 61,905 | ||||||||||||
205,700 | Prada | 1,854,180 | ||||||||||||
32,410 | Snam Rete Gas | 159,376 | ||||||||||||
645 | Societa Iniziative Autostradali e Servizi | 5,836 | ||||||||||||
223 | Terna-Rete Elettrica Nationale | 1,044 | ||||||||||||
Total Italy | 2,290,538 |
Nuveen Investments | 41 |
Portfolio of Investments (Unaudited)
Nuveen International Select Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Japan – 8.7% | ||||||||||||||
164,732 | AMADA | $ | 1,318,059 | |||||||||||
38,300 | Canon | 1,373,119 | ||||||||||||
589 | CyberAgent | 1,152,201 | ||||||||||||
287 | INPEX | 1,383,700 | ||||||||||||
5,491 | Japan Airport Terminal | 84,715 | ||||||||||||
10,442 | Japan Exchange Gp | 1,281,082 | ||||||||||||
81,500 | KOMATSU | 2,222,993 | ||||||||||||
136,142 | Mitsubishi Corp. | 2,441,157 | ||||||||||||
81,163 | Mitsui Sumitomo Insurance Group | 2,172,173 | ||||||||||||
10,816 | Nintendo | 1,198,264 | ||||||||||||
78,502 | NKSJ Holdings | 1,987,413 | ||||||||||||
163,100 | Rakuten | 1,738,328 | ||||||||||||
20,794 | SMC Corp. | 4,161,573 | ||||||||||||
58,300 | Softbank | 2,885,546 | ||||||||||||
25,583 | Sugi Holdings | 982,801 | ||||||||||||
553,944 | Sumitomo Mitsui Trust Holdings | 2,778,670 | ||||||||||||
116,380 | Suzuki Motor | 2,982,174 | ||||||||||||
546,931 | The Bank of Yokohama | 3,321,364 | ||||||||||||
76,062 | THK Co. LTD | 1,597,158 | ||||||||||||
46,300 | Toyota Motor | 2,678,689 | ||||||||||||
Total Japan | 39,741,179 | |||||||||||||
Luxembourg – 0.2% | ||||||||||||||
15,868 | Oriflame Cosmetics, SDR | 574,632 | ||||||||||||
5,623 | SES | 175,578 | ||||||||||||
Total Luxembourg | 750,210 | |||||||||||||
Malaysia – 0.3% | ||||||||||||||
38,500 | British American Tobacco | 801,256 | ||||||||||||
27,691 | Petronas Gas Berhad | 179,480 | ||||||||||||
189,680 | Sime Darby Berhad | 588,522 | ||||||||||||
Total Malaysia | 1,569,258 | |||||||||||||
Mexico – 1.1% | ||||||||||||||
36,800 | America Movil SAB de CV, ADR | 786,784 | ||||||||||||
5,872 | Grupo Aeroportuario del Sureste, ADR | 728,774 | ||||||||||||
264,216 | Grupo Mexico, Series B | 948,517 | ||||||||||||
47,827 | Grupo Televisa, ADR | 1,210,980 | ||||||||||||
57,348 | Infraestructura En, (2) | 195,957 | ||||||||||||
318,800 | Kimberly-Clark de Mexico, Series A | 1,116,376 | ||||||||||||
Total Mexico | 4,987,388 | |||||||||||||
Netherlands – 1.0% | ||||||||||||||
15,107 | Gemalto, (2) | 1,234,296 | ||||||||||||
30,081 | Heineken | 2,124,166 | ||||||||||||
21,369 | Koninklijke Vopak | 1,183,649 | ||||||||||||
Total Netherlands | 4,542,111 | |||||||||||||
New Zealand – 0.3% | ||||||||||||||
251,511 | Auckland International Airport | 668,304 | ||||||||||||
98,143 | Infratil | 193,904 |
42 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
New Zealand (continued) | ||||||||||||||
27,574 | Port of Tauranga | $ | 366,342 | |||||||||||
5,250 | Vector | 12,510 | ||||||||||||
Total New Zealand | 1,241,060 | |||||||||||||
Norway – 0.7% | ||||||||||||||
6,146 | Hafslund, Class B | 51,266 | ||||||||||||
241,044 | Norsk Hydro, (2) | 1,128,620 | ||||||||||||
88,600 | Telenor ASA | 1,991,253 | ||||||||||||
Total Norway | 3,171,139 | |||||||||||||
Philippines – 0.6% | ||||||||||||||
267,106 | International Container Terminal Services | 597,030 | ||||||||||||
116,033 | Manila Water | 112,622 | ||||||||||||
1,235,296 | Metro Pacific Investments | 182,773 | ||||||||||||
27,800 | Philippine Long Distance Telephone, ADR | 2,042,466 | ||||||||||||
Total Philippines | 2,934,891 | |||||||||||||
Russia – 2.0% | ||||||||||||||
159,373 | Gazprom OAO, ADR, (2) | 1,264,625 | ||||||||||||
12,036 | LUKOIL, ADR | 763,082 | ||||||||||||
16,971 | Magnit, GDR, (2), (3) | 727,896 | ||||||||||||
113,150 | Mobile TeleSystems, ADR | 2,342,205 | ||||||||||||
989,296 | Sberbank, (2) | 3,141,015 | ||||||||||||
237,958 | TNK-BP Holding, (2) | 356,937 | ||||||||||||
17,224 | Uralkali, GDR, Class S, (2) | 623,337 | ||||||||||||
Total Russia | 9,219,097 | |||||||||||||
Singapore – 1.5% | ||||||||||||||
353,768 | CitySpring Infrastructure Trust | 142,174 | ||||||||||||
51,770 | ComfortDelGro | 83,432 | ||||||||||||
590,000 | Global Logistic Pr | 1,322,075 | ||||||||||||
1,955,087 | Golden Agri-Resources | 841,273 | ||||||||||||
354,571 | Hutchison Port Holdings Trust | 294,294 | ||||||||||||
109,263 | Hyflux | 121,531 | ||||||||||||
140,000 | Oversea-Chinese Banking | 1,233,255 | ||||||||||||
103,680 | Parkway Life, REIT | 224,751 | ||||||||||||
512,099 | SembCorp Industries | 2,074,672 | ||||||||||||
105,619 | Singapore Airport Terminal Services | 270,114 | ||||||||||||
325,290 | Singapore Post | 340,687 | ||||||||||||
79,729 | SMRT Corp. Ltd. | 95,802 | ||||||||||||
Total Singapore | 7,044,060 | |||||||||||||
South Africa – 2.9% | ||||||||||||||
59,371 | Bidvest Group | 1,543,970 | ||||||||||||
26,847 | Imperial Holdings | 594,472 | ||||||||||||
107,560 | MTN Group | 1,939,161 | ||||||||||||
107,471 | Murray & Roberts Holdings, (2) | 263,122 | ||||||||||||
44,319 | Nedbank Group | 941,540 | ||||||||||||
190,734 | Pretoria Portland Cement | 697,384 | ||||||||||||
186,377 | Sanlam | 955,199 |
Nuveen Investments | 43 |
Portfolio of Investments (Unaudited)
Nuveen International Select Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
South Africa (continued) | ||||||||||||||
102,643 | Shoprite Holdings | $ | 1,945,567 | |||||||||||
58,967 | Standard Bank Group | 736,636 | ||||||||||||
27,842 | Tiger Brands | 865,992 | ||||||||||||
75,854 | Truworths International | 753,933 | ||||||||||||
81,989 | Vodacom Group | 961,282 | ||||||||||||
109,657 | Woolworths Holdings | 854,673 | ||||||||||||
Total South Africa | 13,052,931 | |||||||||||||
South Korea – 4.3% | ||||||||||||||
27,277 | COWAY Co., Ltd. | 1,382,054 | ||||||||||||
8,896 | Hyundai Glovis Co. Ltd. | 1,494,379 | ||||||||||||
7,412 | Hyundai Mobis | 1,682,557 | ||||||||||||
10,966 | Hyundai Motor Company Ltd. | 1,986,486 | ||||||||||||
48,430 | KB Financial Group | 1,583,111 | ||||||||||||
188,192 | Korea Life Insurance | 1,144,907 | ||||||||||||
22,117 | KT&G | 1,592,553 | ||||||||||||
4,942 | NHN Corp., (2) | 1,328,277 | ||||||||||||
3,031 | Samsung Electronics, GDR, 144A, (2), (3) | 2,091,673 | ||||||||||||
2,233 | Samsung Electronics, GDR, 144A | 3,081,958 | ||||||||||||
66,896 | Shinhan Financial Group, ADR | 2,314,299 | ||||||||||||
Total South Korea | 19,682,254 | |||||||||||||
Spain – 0.4% | ||||||||||||||
3,249 | Abertis Infraestructuras | 60,673 | ||||||||||||
14,585 | Ferrovial | 241,345 | ||||||||||||
38,543 | Grifols, (2) | 1,546,633 | ||||||||||||
Total Spain | 1,848,651 | |||||||||||||
Sweden – 0.9% | ||||||||||||||
71,862 | Elekta AB – Class B | 1,104,921 | ||||||||||||
224,103 | Ericsson | 2,797,376 | ||||||||||||
Total Sweden | 3,902,297 | |||||||||||||
Switzerland – 5.8% | ||||||||||||||
79,606 | ABB Ltd. Reg | 1,802,222 | ||||||||||||
19,397 | Compagnie Financiere Richemont | 1,566,697 | ||||||||||||
63,131 | Credit Suisse Group | 1,750,398 | ||||||||||||
645 | Flughafen Zuerich | 313,725 | ||||||||||||
52,703 | Foster Wheeler, (2) | 1,112,033 | ||||||||||||
15,301 | Holcim | 1,192,254 | ||||||||||||
64,030 | Nestle | 4,572,588 | ||||||||||||
59,680 | Noble | 2,238,000 | ||||||||||||
44,157 | Novartis | 3,279,244 | ||||||||||||
22,604 | Roche Holding | 5,649,784 | ||||||||||||
98,176 | UBS | 1,752,766 | ||||||||||||
71,891 | Xstrata | 1,075,958 | ||||||||||||
Total Switzerland | 26,305,669 | |||||||||||||
Taiwan – 1.5% | ||||||||||||||
164,850 | Hiwin Technologies | 1,161,860 | ||||||||||||
783,947 | Hon Hai Precision Industry Co., Ltd. | 2,024,152 |
44 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Taiwan (continued) | ||||||||||||||
70,149 | MediaTek | $ | 855,708 | |||||||||||
791,961 | Taiwan Semiconductor Manufacturing | 2,938,458 | ||||||||||||
Total Taiwan | 6,980,178 | |||||||||||||
Thailand – 0.6% | ||||||||||||||
498,400 | CP ALL | 721,704 | ||||||||||||
168,877 | PTT Exploration and Production Public Company, (3) | 886,101 | ||||||||||||
73,400 | Siam Cement | 1,235,421 | ||||||||||||
Total Thailand | 2,843,226 | |||||||||||||
Turkey – 1.3% | ||||||||||||||
249,579 | Akbank T.A.S. | 1,311,412 | ||||||||||||
248,746 | Koc Holding | 1,505,449 | ||||||||||||
77,600 | Turkcell Iletisim Hizmetleri, ADR, (2) | 1,212,112 | ||||||||||||
504,895 | Turkiye Is Bankasi, Class C | 1,948,890 | ||||||||||||
Total Turkey | 5,977,863 | |||||||||||||
United Kingdom – 8.4% | ||||||||||||||
177,389 | Aberdeen Asset Management | 1,236,380 | ||||||||||||
102,113 | Anglo American | 2,482,359 | ||||||||||||
14,702 | Aon | 887,266 | ||||||||||||
81,681 | ARM Holdings | 1,263,716 | ||||||||||||
146,502 | BG Group | 2,467,984 | ||||||||||||
35,471 | BP, ADR | 1,546,536 | ||||||||||||
74,286 | Centrica | 428,105 | ||||||||||||
140,523 | Diageo | 4,287,046 | ||||||||||||
120,595 | GlaxoSmithKline | 3,110,552 | ||||||||||||
27,899 | HSBC Holdings, ADR | 1,530,539 | ||||||||||||
35,303 | MegaFon OAO, GDR, (2), (3) | 1,076,407 | ||||||||||||
21,027 | National Grid, ADR | 1,341,102 | ||||||||||||
2,548 | Pennon Group | �� | 27,132 | |||||||||||
140,171 | Prudential | 2,405,967 | ||||||||||||
104,511 | Rolls-Royce Group, (2) | 1,834,466 | ||||||||||||
12,436,809 | Rolls-Royce Group, (2) | 19,319 | ||||||||||||
4,662 | Serco Group | 44,790 | ||||||||||||
110 | SSE | 2,660 | ||||||||||||
55,893 | Stagecoach Group | 266,976 | ||||||||||||
125,934 | Standard Chartered | 3,163,168 | ||||||||||||
4,817 | United Utilities Group | 55,408 | ||||||||||||
122,832 | Vedanta Resources | 2,306,785 | ||||||||||||
87,523 | Vodafone Group, ADR | 2,677,329 | ||||||||||||
72,230 | Willis Group Holdings | 2,866,086 | ||||||||||||
61,787 | WPP PLC | 1,021,193 | ||||||||||||
Total United Kingdom | 38,349,271 | |||||||||||||
United States – 3.7% | ||||||||||||||
1,491 | Access Midstream Partners L P Unit | 61,534 | ||||||||||||
18,794 | American Tower, Class A | 1,578,508 | ||||||||||||
17,636 | American Water Works | 738,596 |
Nuveen Investments | 45 |
Portfolio of Investments (Unaudited)
Nuveen International Select Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
United States (continued) | ||||||||||||||
7,654 | Brookfield Infrastructure Partners | $ | 295,827 | |||||||||||
11,781 | California Water Service Group | 236,209 | ||||||||||||
15,724 | CenterPoint Energy | 388,068 | ||||||||||||
92 | Chesapeake Utilities | 4,909 | ||||||||||||
6,365 | CMS Energy | 190,568 | ||||||||||||
11,910 | Connecticut Water Service | 339,197 | ||||||||||||
1,907 | Corrections Corporation of America | 69,033 | ||||||||||||
12,254 | Covanta Holding | 245,080 | ||||||||||||
1,610 | Crown Castle International, (2) | 123,970 | ||||||||||||
4,212 | Dominion Resources | 259,796 | ||||||||||||
7,199 | Duke Energy | 541,365 | ||||||||||||
832 | Edison International | 44,762 | ||||||||||||
2,964 | Holly Energy Partners LP | 116,485 | ||||||||||||
1,572 | ITC Holdings | 144,970 | ||||||||||||
27,263 | Kinder Morgan | 1,065,983 | ||||||||||||
392 | Kinder Morgan Energy Partners | 34,672 | ||||||||||||
1,515 | Magellan Midstream Partners Lp Com Unit Rp Lp | 80,340 | ||||||||||||
1,804 | Middlesex Water Company | 35,376 | ||||||||||||
3,781 | NextEra Energy | 310,155 | ||||||||||||
19,680 | Northeast Utilities | 892,094 | ||||||||||||
846 | Northwest Natural Gas | 37,622 | ||||||||||||
1,908 | OGE Energy | 138,196 | ||||||||||||
374 | Oiltanking Partners | 18,794 | ||||||||||||
20,029 | Philip Morris International | 1,914,572 | ||||||||||||
21,226 | Piedmont Natural Gas | 730,811 | ||||||||||||
7,083 | PPL | 236,431 | ||||||||||||
1,085 | Questar | 27,548 | ||||||||||||
7,666 | SBA Communications, Class A , (2) | 605,537 | ||||||||||||
23,780 | Schlumberger | 1,769,945 | ||||||||||||
1,915 | Sempra Energy | 158,658 | ||||||||||||
2,159 | SJW Corp. | 54,752 | ||||||||||||
4,215 | Southern | 203,289 | ||||||||||||
3,585 | Southwest Gas | 181,652 | ||||||||||||
8,180 | Spectra Energy | 257,915 | ||||||||||||
9,337 | Spectra Energy Partners | 354,246 | ||||||||||||
14,779 | Standard Parking, (2) | 317,601 | ||||||||||||
10,476 | Unitil | 317,528 | ||||||||||||
3,817 | Waste Connections | 144,855 | ||||||||||||
2,594 | Westar Energy | 90,686 | ||||||||||||
4,464 | Western Gas Partners | 269,893 | ||||||||||||
518 | WGL Holdings | 23,942 | ||||||||||||
28,806 | Williams | 1,098,373 | ||||||||||||
1,337 | Wisconsin Energy Corp. | 60,086 | ||||||||||||
Total United States | 16,810,429 | |||||||||||||
Total Common Stocks (cost $303,493,085) | 356,519,274 |
46 | Nuveen Investments |
Shares | Description (1), (6) | Value | ||||||||||||||||||
EXCHANGE-TRADED FUNDS – 4.5% | ||||||||||||||||||||
United States – 4.5% | ||||||||||||||||||||
50,000 | Global X FTSE Columbia 20 ETF | $ | 1,010,000 | |||||||||||||||||
520,000 | iShares MSCI Malaysia Index Fund | 8,226,400 | ||||||||||||||||||
190,000 | iShares S&P Global Energy Sector Index Fund | 7,598,100 | ||||||||||||||||||
75,000 | Market Vectors Agribusiness ETF | 4,069,500 | ||||||||||||||||||
Total Exchange-Traded Funds (cost $20,029,421) | 20,904,000 | |||||||||||||||||||
Shares/ Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (4) | Value | |||||||||||||||
SHORT-TERM INVESTMENTS – 17.2% | ||||||||||||||||||||
Money Market Funds – 14.5% | ||||||||||||||||||||
66,029,169 | State Street Institutional Liquid Reserves Fund | 0.110% | , (5) | N/A | N/A | $ | 66,029,169 | |||||||||||||
U.S. Government and Agency Obligations – 2.7% | ||||||||||||||||||||
$ | 2,500 | U.S. Treasury Bills, (7) | 0.048% | 7/25/13 | Aaa | 2,499,705 | ||||||||||||||
10,000 | U.S. Treasury Bills, (7) | 0.058% | 8/22/13 | Aaa | 9,998,270 | |||||||||||||||
$ | 12,500 | Total U.S. Government and Agency Obligations | 12,497,975 | |||||||||||||||||
Total Short-Term Investments (cost $78,524,600) | 78,527,144 | |||||||||||||||||||
Total Investments (cost $402,047,106) – 99.7% | 455,950,418 | |||||||||||||||||||
Other Assets Less Liabilities – 0.3% | 1,171,156 | |||||||||||||||||||
Net Assets – 100% | $ | 457,121,574 |
Investments in Derivatives as of April 30, 2013
Futures Contracts outstanding:
Type | Contract Position | Number of Contracts | Contract Expiration | Notional Amount at Value* | Unrealized Appreciation (Depreciation) | |||||||||||||||
Amsterdam Index | Long | 55 | 5/13 | $ | 5,033,319 | $ | 169,916 | |||||||||||||
BIST 30 Index | Short | (749 | ) | 6/13 | (4,417,126 | ) | (54,994 | ) | ||||||||||||
British Pound Currency | Short | (9 | ) | 6/13 | (873,337 | ) | (35,194 | ) | ||||||||||||
Euro FX Currency | Short | (12 | ) | 6/13 | (1,974,900 | ) | (51,734 | ) | ||||||||||||
Euro STOXX 50 | Long | 548 | 6/13 | 19,261,876 | 149,967 | |||||||||||||||
FTSE 100 Index | Long | 190 | 6/13 | 18,840,036 | (105,231 | ) | ||||||||||||||
FTSE JSE Top 40 | Short | (581 | ) | 6/13 | (22,179,457 | ) | 1,150,540 | |||||||||||||
Hang Seng Index | Short | (31 | ) | 5/13 | (4,514,887 | ) | (138,399 | ) | ||||||||||||
Kospi2 Index | Short | (38 | ) | 6/13 | (4,436,439 | ) | (9,679 | ) | ||||||||||||
Mexican Bolsa Index | Long | 131 | 6/13 | 4,558,346 | (192,211 | ) | ||||||||||||||
MSCI Taiwan Index | Long | 118 | 5/13 | 3,451,500 | 65,429 | |||||||||||||||
NASDAQ 100 E-Mini | Short | (70 | ) | 6/13 | (4,032,000 | ) | (116,410 | ) | ||||||||||||
Nikkei 225 Index | Long | 613 | 6/13 | 42,634,150 | 6,157,138 | |||||||||||||||
OMXS 30 Index | Long | 233 | 5/13 | 4,310,521 | 159,981 | |||||||||||||||
Russell 2000 Mini Index | Short | (54 | ) | 6/13 | (5,103,540 | ) | (39,393 | ) | ||||||||||||
S&P TSX 60 Index | Long | 44 | 6/13 | 6,194,809 | (235,742 | ) | ||||||||||||||
SGX S&P CNX Nifty | Short | (642 | ) | 5/13 | (7,605,774 | ) | (121,980 | ) | ||||||||||||
SPI 200 | Long | 96 | 6/13 | 12,858,387 | 265,816 | |||||||||||||||
STOXX 600 Utilities | Long | 1,397 | 6/13 | 24,303,491 | 1,266,554 | |||||||||||||||
$ | 86,308,975 | $ | 8,284,374 |
* | The aggregate Notional Amount at Value of Long and Short positions were $141,446,435 and $55,137,460, respectively. |
Nuveen Investments | 47 |
Portfolio of Investments (Unaudited)
Nuveen International Select Fund (continued)
April 30, 2013
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: 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. |
(5) | The rate shown is the annualized seven-day effective yield at the end of the reporting period. |
(6) | 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. |
(7) | Investment, or portion of investment, segregated as collateral for investments in derivatives. |
N/A | Not applicable. |
144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
ADR | American Depositary Receipt |
BDR | Brazilian Depositary Receipt |
ETF | Exchange-Traded Fund |
GDR | Global Depositary Receipt |
REIT | Real Estate Investment Trust |
SDR | Swedish Depositary Receipt |
See accompanying notes to financial statements.
48 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Quantitative Enhanced Core Equity Fund
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
COMMON STOCKS – 98.7% | ||||||||||||||
Aerospace & Defense – 1.3% | ||||||||||||||
1,592 | General Dynamics Corporation | $ | 117,744 | |||||||||||
3,046 | Huntington Ingalls Industries Inc. | 161,133 | ||||||||||||
2,030 | L-3 Communications Holdings, Inc., (2) | 164,938 | ||||||||||||
282 | Northrop Grumman Corporation | 21,359 | ||||||||||||
2,208 | Spirit AeroSystems Holdings Inc., (3) | 44,138 | ||||||||||||
1,351 | Textron Inc. | 34,788 | ||||||||||||
363 | TransDigm Group Inc. | 53,288 | ||||||||||||
3,241 | United Technologies Corporation | 295,871 | ||||||||||||
Total Aerospace & Defense | 893,259 | |||||||||||||
Air Freight & Logistics – 0.1% | ||||||||||||||
542 | United Parcel Service, Inc., Class B | 46,525 | ||||||||||||
Airlines – 1.1% | ||||||||||||||
13,128 | Delta Air Lines, Inc., (3) | 225,014 | ||||||||||||
9,076 | Southwest Airlines Co. | 124,341 | ||||||||||||
12,976 | United Continental Holdings Inc., (2), (3) | 419,125 | ||||||||||||
Total Airlines | 768,480 | |||||||||||||
Auto Components – 0.4% | ||||||||||||||
2,073 | Allison Transmission Holdings Inc., (2) | 47,285 | ||||||||||||
7,616 | Goodyear Tire & Rubber Company, (3) | 95,162 | ||||||||||||
1,890 | Johnson Controls, Inc. | 66,169 | ||||||||||||
1,149 | Visteon Corporation, (3) | 67,550 | ||||||||||||
Total Auto Components | 276,166 | |||||||||||||
Automobiles – 0.7% | ||||||||||||||
30,323 | Ford Motor Company | 415,728 | ||||||||||||
2,503 | General Motors Company, (3) | 77,193 | ||||||||||||
Total Automobiles | 492,921 | |||||||||||||
Beverages – 3.2% | ||||||||||||||
1,832 | Beam Inc. | 118,549 | ||||||||||||
1,294 | Coca-Cola Enterprises Inc. | 47,399 | ||||||||||||
23,095 | Coca-Cola Company | 977,611 | ||||||||||||
2,577 | Dr. Pepper Snapple Group, (2) | 125,835 | ||||||||||||
1,966 | Monster Beverage Corporation, (3) | 110,882 | ||||||||||||
9,819 | PepsiCo, Inc. | 809,773 | ||||||||||||
Total Beverages | 2,190,049 | |||||||||||||
Biotechnology – 1.6% | ||||||||||||||
4,232 | Amgen Inc. | 441,017 | ||||||||||||
1,135 | Biogen Idec Inc., (3) | 248,486 | ||||||||||||
1,581 | BioMarin Pharmaceutical Inc., (3) | 103,714 | ||||||||||||
1,659 | Celgene Corporation, (3) | 195,878 | ||||||||||||
2,702 | Gilead Sciences, Inc., (2), (3) | 136,829 | ||||||||||||
Total Biotechnology | 1,125,924 | |||||||||||||
Capital Markets – 0.8% | ||||||||||||||
1,973 | Bank of New York Company, Inc. | 55,678 | ||||||||||||
2,119 | Goldman Sachs Group, Inc. | 309,522 | ||||||||||||
8,204 | Morgan Stanley | 181,719 | ||||||||||||
Total Capital Markets | 546,919 |
Nuveen Investments | 49 |
Portfolio of Investments (Unaudited)
Nuveen Quantitative Enhanced Core Equity Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Chemicals – 0.1% | ||||||||||||||
1,027 | LyondellBasell Industries NV | $ | 62,339 | |||||||||||
287 | Praxair, Inc. | 32,804 | ||||||||||||
Total Chemicals | 95,143 | |||||||||||||
Commercial Banks – 3.1% | ||||||||||||||
5,492 | Associated Banc-Corp. | 78,371 | ||||||||||||
12,023 | CIT Group Inc., (3) | 511,098 | ||||||||||||
1,680 | First Citizens Bancshs Inc. | 313,186 | ||||||||||||
36,368 | KeyCorp., (2) | 362,589 | ||||||||||||
1,470 | PNC Financial Services Group, Inc. | 99,784 | ||||||||||||
6,776 | Regions Financial Corporation | 57,528 | ||||||||||||
2,584 | SunTrust Banks, Inc. | 75,582 | ||||||||||||
12,815 | Synovus Financial Corp. | 34,472 | ||||||||||||
15,611 | �� | Wells Fargo & Company | 592,906 | |||||||||||
Total Commercial Banks | 2,125,516 | |||||||||||||
Commercial Services & Supplies – 1.3% | ||||||||||||||
3,797 | Avery Dennison Corporation | 157,386 | ||||||||||||
1,623 | KAR Auction Services Inc. | 36,307 | ||||||||||||
6,224 | Stericycle Inc., (3) | 674,184 | ||||||||||||
325 | Waste Management, Inc., (2) | 13,319 | ||||||||||||
Total Commercial Services & Supplies | 881,196 | |||||||||||||
Communications Equipment – 1.6% | ||||||||||||||
17,470 | Cisco Systems, Inc. | 365,472 | ||||||||||||
7,114 | Echostar Holding Corporation, Class A, (3) | 279,367 | ||||||||||||
7,162 | QUALCOMM, Inc. | 441,322 | ||||||||||||
Total Communications Equipment | 1,086,161 | |||||||||||||
Computers & Peripherals – 3.4% | ||||||||||||||
4,665 | Apple, Inc. | 2,065,429 | ||||||||||||
4,009 | EMC Corporation, (3) | 89,922 | ||||||||||||
8,045 | Hewlett-Packard Company, (2) | 165,727 | ||||||||||||
1,159 | SanDisk Corporation, (3) | 60,778 | ||||||||||||
Total Computers & Peripherals | 2,381,856 | |||||||||||||
Construction Materials – 0.1% | ||||||||||||||
1,475 | Vulcan Materials Company | 73,573 | ||||||||||||
Consumer Finance – 1.0% | ||||||||||||||
4,597 | American Express Company | 314,481 | ||||||||||||
4,544 | Capital One Financial Corporation | 262,552 | ||||||||||||
318 | Discover Financial Services | 13,909 | ||||||||||||
3,828 | SLM Corporation, (2) | 79,048 | ||||||||||||
Total Consumer Finance | 669,990 | |||||||||||||
Containers & Packaging – 1.0% | ||||||||||||||
8,471 | Crown Holdings Inc., (3) | 361,542 | ||||||||||||
9,710 | Owens-Illinois, Inc., (3) | 255,179 | ||||||||||||
1,186 | Silgan Holdings, Inc. | 56,774 | ||||||||||||
Total Containers & Packaging | 673,495 |
50 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Diversified Financial Services – 4.1% | ||||||||||||||
54,151 | Bank of America Corporation | $ | 666,599 | |||||||||||
20,994 | Citigroup Inc. | 979,580 | ||||||||||||
16,896 | JPMorgan Chase & Co. | 828,073 | ||||||||||||
10,509 | Leucadia National Corporation | 324,623 | ||||||||||||
Total Diversified Financial Services | 2,798,875 | |||||||||||||
Diversified Telecommunication Services – 2.3% | ||||||||||||||
23,570 | AT&T Inc. | 882,932 | ||||||||||||
9,935 | Level 3 Communications Inc., (2), (3) | 199,992 | ||||||||||||
3,105 | TW Telecom Inc., (3) | 84,083 | ||||||||||||
7,714 | Verizon Communications Inc. | 415,862 | ||||||||||||
Total Diversified Telecommunication Services | 1,582,869 | |||||||||||||
Electric Utilities – 3.3% | ||||||||||||||
3,646 | American Electric Power Company, Inc. | 187,514 | ||||||||||||
5,179 | Duke Energy Corporation | 389,461 | ||||||||||||
19,371 | Edison International | 1,042,160 | ||||||||||||
3,114 | Entergy Corporation | 221,810 | ||||||||||||
4,033 | FirstEnergy Corp. | 187,938 | ||||||||||||
3,094 | NextEra Energy Inc. | 253,801 | ||||||||||||
Total Electric Utilities | 2,282,684 | |||||||||||||
Electronic Equipment & Instruments – 0.9% | ||||||||||||||
1,976 | Arrow Electronics, Inc., (3) | 77,518 | ||||||||||||
3,093 | Avnet Inc., (3) | 101,296 | ||||||||||||
3,926 | Corning Incorporated | 56,927 | ||||||||||||
2,213 | Ingram Micro, Inc., Class A, (3) | 39,414 | ||||||||||||
2,616 | Itron Inc., (3) | 103,724 | ||||||||||||
4,946 | TE Connectivity Limited | 215,398 | ||||||||||||
Total Electronic Equipment & Instruments | 594,277 | |||||||||||||
Energy Equipment & Services – 0.7% | ||||||||||||||
2,600 | ERA Group Incorporated, (3) | 59,410 | ||||||||||||
5,356 | Nabors Industries Inc. | 79,215 | ||||||||||||
248 | National-Oilwell Varco Inc. | 16,175 | ||||||||||||
3,240 | Schlumberger Limited | 241,153 | ||||||||||||
1,574 | SeaCor Smit Inc., (2) | 113,501 | ||||||||||||
Total Energy Equipment & Services | 509,454 | |||||||||||||
Food & Staples Retailing – 2.5% | ||||||||||||||
11,009 | CVS Caremark Corporation | 640,504 | ||||||||||||
4,391 | Kroger Co., (2) | 150,963 | ||||||||||||
925 | Sysco Corporation | 32,246 | ||||||||||||
1,249 | Walgreen Co. | 61,838 | ||||||||||||
10,482 | Wal-Mart Stores, Inc. | 814,661 | ||||||||||||
Total Food & Staples Retailing | 1,700,212 | |||||||||||||
Food Products – 5.9% | ||||||||||||||
13,826 | Archer-Daniels-Midland Company | 469,254 | ||||||||||||
2,579 | Bunge Limited | 186,230 | ||||||||||||
3,550 | ConAgra Foods, Inc. | 125,564 |
Nuveen Investments | 51 |
Portfolio of Investments (Unaudited)
Nuveen Quantitative Enhanced Core Equity Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Food Products (continued) | ||||||||||||||
20,107 | Dean Foods Company, (3) | $ | 384,848 | |||||||||||
5,809 | General Mills, Inc. | 292,890 | ||||||||||||
3,379 | Hershey Foods Corporation | 301,272 | ||||||||||||
11,749 | Hillshire Brands Company | 421,907 | ||||||||||||
1,672 | Ingredion Inc. | 120,401 | ||||||||||||
10,454 | Kellogg Company | 679,928 | ||||||||||||
3,142 | Kraft Foods Inc. | 161,782 | ||||||||||||
4,015 | Mead Johnson Nutrition Company, Class A Shares | 325,576 | ||||||||||||
15,104 | Mondelez International Inc. | 475,021 | ||||||||||||
5,908 | Smithfield Foods, Inc., (3) | 151,245 | ||||||||||||
Total Food Products | 4,095,918 | |||||||||||||
Health Care Equipment & Supplies – 1.6% | ||||||||||||||
8,334 | Abbott Laboratories | 307,691 | ||||||||||||
8,461 | Alere Inc., (2), (3) | 217,278 | ||||||||||||
6,585 | Boston Scientific Corporation, (3) | 49,322 | ||||||||||||
872 | Covidien PLC | 55,668 | ||||||||||||
4,147 | Hill Rom Holdings Inc. | 141,288 | ||||||||||||
5,434 | Hologic Inc., (3) | 110,691 | ||||||||||||
4,850 | Medtronic, Inc. | 226,398 | ||||||||||||
Total Health Care Equipment & Supplies | 1,108,336 | |||||||||||||
Health Care Providers & Services – 2.2% | ||||||||||||||
1,506 | Brookdale Senior Living Inc., (3) | 38,840 | ||||||||||||
852 | CIGNA Corporation | 56,377 | ||||||||||||
2,574 | Community Health Systems Inc. | 117,297 | ||||||||||||
1,204 | Davita Inc., (3) | 142,855 | ||||||||||||
4,608 | Express Scripts, Holding Company, (3) | 273,577 | ||||||||||||
2,095 | Health Net Inc., (3) | 61,593 | ||||||||||||
357 | Humana Inc. | 26,457 | ||||||||||||
1,090 | Laboratory Corporation of America Holdings, (3) | 101,762 | ||||||||||||
2,322 | Lifepoint Hospitals Inc., (3) | 111,456 | ||||||||||||
763 | Quest Diagnostics Incorporated | 42,980 | ||||||||||||
6,533 | UnitedHealth Group Incorporated | 391,523 | ||||||||||||
2,112 | Wellpoint Inc. | 154,007 | ||||||||||||
Total Health Care Providers & Services | 1,518,724 | |||||||||||||
Hotels, Restaurants & Leisure – 1.1% | ||||||||||||||
4,046 | McDonald’s Corporation | 413,258 | ||||||||||||
13,689 | MGM Resorts International Inc., (3) | 193,289 | ||||||||||||
22,826 | The Wendy’s Company, (2) | 129,880 | ||||||||||||
161 | YUM! Brands, Inc. | 10,967 | ||||||||||||
Total Hotels, Restaurants & Leisure | 747,394 | |||||||||||||
Household Products – 1.8% | ||||||||||||||
1,386 | Clorox Company | 119,543 | ||||||||||||
14,717 | Procter & Gamble Company | 1,129,824 | ||||||||||||
Total Household Products | 1,249,367 |
52 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Independent Power Producers & Energy Traders – 2.0% | ||||||||||||||
49,009 | AES Corporation | $ | 679,265 | |||||||||||
27,218 | Calpine Corporation, (3) | 591,447 | ||||||||||||
4,496 | NRG Energy Inc. | 125,304 | ||||||||||||
Total Independent Power Producers & Energy Traders | 1,396,016 | |||||||||||||
Industrial Conglomerates – 2.3% | ||||||||||||||
102 | 3M Co. | 10,680 | ||||||||||||
6,063 | Danaher Corporation | 369,479 | ||||||||||||
54,703 | General Electric Company | 1,219,330 | ||||||||||||
Total Industrial Conglomerates | 1,599,489 | |||||||||||||
Insurance – 3.7% | ||||||||||||||
349 | Alleghany Corporation, Term Loan, (3) | 137,415 | ||||||||||||
8,156 | American International Group, (3) | 337,822 | ||||||||||||
8,748 | Berkshire Hathaway Inc., Class B, (3) | 930,087 | ||||||||||||
1,708 | CNA Financial Corp. | 57,577 | ||||||||||||
6,999 | Genworth Financial Inc., Class A, (3) | 70,200 | ||||||||||||
10,800 | Loews Corporation | 482,436 | ||||||||||||
621 | MetLife, Inc. | 24,213 | ||||||||||||
830 | White Mountain Insurance Group | 479,997 | ||||||||||||
Total Insurance | 2,519,747 | |||||||||||||
Internet & Catalog Retail – 2.3% | ||||||||||||||
2,192 | Amazon.com, Inc., (3) | 556,352 | ||||||||||||
987 | Expedia, Inc. | 55,114 | ||||||||||||
21,616 | Groupon Inc., (2), (3) | 131,858 | ||||||||||||
12,546 | Liberty Interactive Corporation, Class A Shares, (3) | 267,104 | ||||||||||||
2,789 | Liberty Ventures, (3) | 204,908 | ||||||||||||
356 | priceline.com Incorporated, (3) | 247,772 | ||||||||||||
2,673 | TripAdvisor Inc., (3) | 140,546 | ||||||||||||
Total Internet & Catalog Retail | 1,603,654 | |||||||||||||
Internet Software & Services – 4.8% | ||||||||||||||
4,390 | Akamai Technologies, Inc., (2), (3) | 192,765 | ||||||||||||
6,849 | eBay Inc., (3) | 358,819 | ||||||||||||
743 | Facebook Inc., Class A Shares, (3) | 20,626 | ||||||||||||
1,789 | Google Inc., Class A, (3) | 1,475,156 | ||||||||||||
10,098 | IAC/InterActiveCorp. | 475,313 | ||||||||||||
8,497 | VeriSign, Inc., (2), (3) | 391,457 | ||||||||||||
14,968 | Yahoo! Inc., (3) | 370,159 | ||||||||||||
Total Internet Software & Services | 3,284,295 | |||||||||||||
IT Services – 2.2% | ||||||||||||||
15,650 | Booz Allen Hamilton Holding, (2) | 237,724 | ||||||||||||
2,131 | Fiserv, Inc., (2), (3) | 194,155 | ||||||||||||
5,444 | International Business Machines Corporation (IBM) | 1,102,628 | ||||||||||||
Total IT Services | 1,534,507 | |||||||||||||
Life Sciences Tools & Services – 0.7% | ||||||||||||||
1,133 | Bio-Rad Laboratories Inc., (3) | 135,677 | ||||||||||||
3,498 | Charles River Laboratories International, Inc., (3) | 152,128 |
Nuveen Investments | 53 |
Portfolio of Investments (Unaudited)
Nuveen Quantitative Enhanced Core Equity Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Life Sciences Tools & Services (continued) | ||||||||||||||
1,973 | Techne Corporation | $ | 126,548 | |||||||||||
986 | Thermo Fisher Scientific, Inc. | 79,550 | ||||||||||||
Total Life Sciences Tools & Services | 493,903 | |||||||||||||
Machinery – 0.6% | ||||||||||||||
1,698 | Caterpillar Inc., (2) | 143,770 | ||||||||||||
2,004 | CNH Global N.V. | 82,425 | ||||||||||||
363 | Deere & Company, (2) | 32,416 | ||||||||||||
4,364 | Navistar International Corporation, (3) | 144,536 | ||||||||||||
Total Machinery | 403,147 | |||||||||||||
Media – 3.8% | ||||||||||||||
1,531 | AMC Networks Inc., Class A Shares, (3) | 96,468 | ||||||||||||
10,640 | Cablevision Systems Corporation, (2) | 158,110 | ||||||||||||
3,822 | Charter Communications, Inc., Class A, (2), (3) | 385,028 | ||||||||||||
19,254 | Clear Channel Outdoor Holdings Inc., Class A, (3) | 139,206 | ||||||||||||
8,638 | Comcast Corporation, Class A | 356,749 | ||||||||||||
7,369 | DirecTV, (3) | 416,791 | ||||||||||||
1,881 | Echostar Communications Corporation, Variable Prepaid Forward | 73,716 | ||||||||||||
1,467 | News Corporation, Class A | 45,433 | ||||||||||||
668 | Time Warner Cable, Class A | 62,719 | ||||||||||||
6,104 | Time Warner Inc. | 364,897 | ||||||||||||
2,514 | Viacom Inc., Class B | 160,871 | ||||||||||||
5,697 | Walt Disney Company, (2) | 357,999 | ||||||||||||
Total Media | 2,617,987 | |||||||||||||
Metals & Mining – 0.6% | ||||||||||||||
11,372 | Alcoa Inc. | 96,662 | ||||||||||||
4,553 | Freeport-McMoRan Copper & Gold, Inc., (2) | 138,548 | ||||||||||||
5,673 | Newmont Mining Corporation | 183,805 | ||||||||||||
Total Metals & Mining | 419,015 | |||||||||||||
Multiline Retail – 0.7% | ||||||||||||||
4,115 | J.C. Penney Company, Inc., (2) | 67,568 | ||||||||||||
1,291 | Macy’s, Inc. | 57,579 | ||||||||||||
2,174 | Sears Holding Corporation, (2), (3) | 111,613 | ||||||||||||
3,985 | Target Corporation | 281,182 | ||||||||||||
Total Multiline Retail | 517,942 | |||||||||||||
Multi-Utilities – 0.4% | ||||||||||||||
1,163 | Ameren Corporation | 42,159 | ||||||||||||
2,446 | DTE Energy Company, (2) | 178,264 | ||||||||||||
2,426 | Public Service Enterprise Group Incorporated | 88,816 | ||||||||||||
Total Multi-Utilities | 309,239 | |||||||||||||
Oil, Gas & Consumable Fuels – 8.5% | ||||||||||||||
5,197 | Anadarko Petroleum Corporation | 440,498 | ||||||||||||
4,163 | Apache Corporation | 307,562 | ||||||||||||
7,885 | Cheniere Energy Inc., (3) | 224,565 | ||||||||||||
4,010 | Chesapeake Energy Corporation, (2) | 78,355 | ||||||||||||
6,614 | Chevron Corporation | 806,974 |
54 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||||
762 | Cimarex Energy Company | $ | 55,763 | |||||||||||
4,747 | ConocoPhillips, (2) | 286,956 | ||||||||||||
7,960 | Devon Energy Corporation, (2) | 438,278 | ||||||||||||
18,161 | Exxon Mobil Corporation | 1,616,147 | ||||||||||||
301 | Hess Corporation | 21,726 | ||||||||||||
9,191 | Kinder Morgan, Inc. | 359,368 | ||||||||||||
4,750 | Kosmos Energy Inc., (3) | 52,203 | ||||||||||||
8,038 | Laredo Petroleum Holdings Inc., (2), (3) | 138,254 | ||||||||||||
3,906 | Marathon Oil Corporation | 127,609 | ||||||||||||
3,352 | Newfield Exploration Company, (3) | 73,040 | ||||||||||||
3,886 | Occidental Petroleum Corporation | 346,864 | ||||||||||||
2,533 | Peabody Energy Corporation, (2) | 50,812 | ||||||||||||
1,551 | Plains Exploration & Production Company, (3) | 70,105 | ||||||||||||
2,162 | QEP Resources Inc. | 62,071 | ||||||||||||
9,509 | SandRidge Energy Inc., (2), (3) | 48,876 | ||||||||||||
3,755 | Teekay Shipping Corporation | 133,678 | ||||||||||||
9,856 | WPX Energy Inc., (2), (3) | 154,049 | ||||||||||||
Total Oil, Gas & Consumable Fuels | 5,893,753 | |||||||||||||
Pharmaceuticals – 3.2% | ||||||||||||||
1,135 | Allergan, Inc. | 128,879 | ||||||||||||
2,984 | Forest Laboratories, Inc., (3) | 111,631 | ||||||||||||
2,000 | Hospira Inc., (2), (3) | 66,240 | ||||||||||||
7,583 | Johnson & Johnson, (2) | 646,299 | ||||||||||||
9,170 | Merck & Company Inc. | 430,990 | ||||||||||||
4,000 | Mylan Laboratories Inc., (3) | 116,440 | ||||||||||||
424 | Perrigo Company | 50,630 | ||||||||||||
21,826 | Pfizer Inc. | 634,482 | ||||||||||||
Total Pharmaceuticals | 2,185,591 | |||||||||||||
Professional Services – 0.4% | ||||||||||||||
1,370 | Nielsen Holdings BV | 47,429 | ||||||||||||
3,997 | Verisk Analytics Inc, Class A Shares, (3) | 244,976 | ||||||||||||
Total Professional Services | 292,405 | |||||||||||||
Real Estate Investment Trust – 2.1% | ||||||||||||||
12,174 | Apartment Investment & Management Company, Class A | 378,733 | ||||||||||||
5,493 | Corporate Office Properties | 159,242 | ||||||||||||
4,329 | Duke Realty Corporation | 76,364 | ||||||||||||
3,811 | Equity Residential | 221,267 | ||||||||||||
1,510 | SL Green Realty Corporation, (2) | 136,957 | ||||||||||||
5,295 | Taubman Centers Inc. | 452,775 | ||||||||||||
Total Real Estate Investment Trust | 1,425,338 | |||||||||||||
Real Estate Management & Development – 1.2% | ||||||||||||||
5,616 | Alexander & Baldwin Inc., (3) | 191,281 | ||||||||||||
1,447 | CBRE Group Inc., (3) | 35,046 | ||||||||||||
8,740 | Forest City Enterprises, Inc., (2), (3) | 163,176 | ||||||||||||
9,149 | Realogy Holdings Corporation, (3) | 439,152 | ||||||||||||
Total Real Estate Management & Development | 828,655 |
Nuveen Investments | 55 |
Portfolio of Investments (Unaudited)
Nuveen Quantitative Enhanced Core Equity Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Road & Rail – 0.1% | ||||||||||||||
460 | Union Pacific Corporation | $ | 68,062 | |||||||||||
Semiconductors & Equipment – 2.0% | ||||||||||||||
97,585 | Advanced Micro Devices, Inc., (2), (3) | 275,190 | ||||||||||||
10,234 | Cypress Semiconductor Corporation, (2) | 103,261 | ||||||||||||
20,861 | Freescale Semiconductor, Inc., (2), (3) | 322,928 | ||||||||||||
17,625 | Intel Corporation | 422,119 | ||||||||||||
13,510 | Micron Technology, Inc., (3) | 127,264 | ||||||||||||
6,112 | NVIDIA Corporation | 84,162 | ||||||||||||
5,803 | ON Semiconductor Corporation, (3) | 45,612 | ||||||||||||
Total Semiconductors & Equipment | 1,380,536 | |||||||||||||
Software – 2.5% | ||||||||||||||
377 | Adobe Systems Incorporated, (3) | 16,995 | ||||||||||||
29,072 | Microsoft Corporation | 962,283 | ||||||||||||
16,550 | Oracle Corporation | 542,509 | ||||||||||||
2,631 | Rovi Corporation, (3) | 61,539 | ||||||||||||
1,488 | Workday Inc., Class A, (2), (3) | 93,223 | ||||||||||||
10,784 | Zynga Inc., (2), (3) | 34,401 | ||||||||||||
Total Software | 1,710,950 | |||||||||||||
Specialty Retail – 1.4% | ||||||||||||||
1,459 | AutoNation Inc., (2), (3) | 66,399 | ||||||||||||
523 | AutoZone, Inc., (3) | 213,954 | ||||||||||||
6,403 | Home Depot, Inc. | 469,660 | ||||||||||||
1,148 | L Brands Inc., (2) | 57,871 | ||||||||||||
4,724 | Sally Beauty Holdings Inc., (3) | 142,003 | ||||||||||||
Total Specialty Retail | 949,887 | |||||||||||||
Thrifts & Mortgage Finance – 1.3% | ||||||||||||||
23,119 | Capitol Federal Financial Inc. | 273,729 | ||||||||||||
29,946 | TFS Financial Corporation, (3) | 325,513 | ||||||||||||
17,200 | Washington Federal Inc. | 295,324 | ||||||||||||
Total Thrifts & Mortgage Finance | 894,566 | |||||||||||||
Tobacco – 2.1% | ||||||||||||||
901 | Altria Group, Inc. | 32,896 | ||||||||||||
14,538 | Philip Morris International | 1,389,687 | ||||||||||||
Total Tobacco | 1,422,583 | |||||||||||||
Trading Companies & Distributors – 0.4% | ||||||||||||||
5,065 | Air Lease Corporation, (2) | 139,338 | ||||||||||||
3,881 | MRC Global Inc., (3) | 116,236 | ||||||||||||
Total Trading Companies & Distributors | 255,574 | |||||||||||||
Water Utilities – 0.4% | ||||||||||||||
6,985 | American Water Works Company | 292,532 | ||||||||||||
Wireless Telecommunication Services – 1.8% | ||||||||||||||
9,525 | Clearwire Corporation, (3) | 32,004 | ||||||||||||
4,341 | Crown Castle International Corporation, (3) | 334,257 | ||||||||||||
2,062 | SBA Communications Corporation, (2), (3) | 162,877 | ||||||||||||
47,931 | Sprint Nextel Corporation, (2), (3) | 337,914 |
56 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||||||||
Wireless Telecommunication Services (continued) | ||||||||||||||||||||
3,942 | Telephone and Data Systems Inc. | $ | 88,458 | |||||||||||||||||
6,977 | United States Cellular Corporation, (2), (3) | 268,192 | ||||||||||||||||||
Total Wireless Telecommunication Services | 1,223,702 | |||||||||||||||||||
Total Common Stocks (cost $57,063,854) | 68,038,358 | |||||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||
WARRANTS – 0.0% | ||||||||||||||||||||
2,465 | Kinder Morgan Inc., Uncovered Equity Options Warrant | $ | 13,730 | |||||||||||||||||
Total Warrants (cost $4,696) | 13,730 | |||||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 13.0% |
| |||||||||||||||||||
Money Market Funds – 13.0% | ||||||||||||||||||||
8,999,305 | Mount Vernon Securities Lending Prime Portfolio, 0.214%, (4), (5) | $ | 8,999,305 | |||||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $8,999,305) |
| 8,999,305 | ||||||||||||||||||
Shares/ Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
SHORT-TERM INVESTMENTS – 1.3% | ||||||||||||||||||||
Money Market Funds – 1.0% | ||||||||||||||||||||
686,724 | First American Treasury Obligations Fund, Class Z | 0.000% | , (4) | N/A | N/A | $ | 686,724 | |||||||||||||
U.S. Government and Agency Obligations – 0.3% |
| |||||||||||||||||||
$ | 200 | U.S. Treasury Bills, (7) | 0.058% | 8/22/13 | Aaa | 199,966 | ||||||||||||||
Total Short-Term Investments (cost $886,662) | 886,690 | |||||||||||||||||||
Total Investments (cost $66,954,517) – 113.0% | 77,938,083 | |||||||||||||||||||
Other Assets Less Liabilities – (13.0)% | (8,990,450) | |||||||||||||||||||
Net Assets – 100% | $ | 68,947,633 |
Investments in Derivatives as of April 30, 2013
Futures Contracts outstanding:
Type | Contract Position | Number of Contracts | Contract Expiration | Notional Amount at Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
S&P 500 Index | Long | 2 | 6/13 | $ | 796,100 | $ | 24,242 |
Nuveen Investments | 57 |
Portfolio of Investments (Unaudited)
Nuveen Quantitative Enhanced Core Equity Fund (continued)
April 30, 2013
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 $8,652,577. |
(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: 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. |
(7) | Investment, or portion of investment, segregated as collateral for investments in derivatives. |
N/A | Not Applicable. |
See accompanying notes to financial statements.
58 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Tactical Market Opportunities Fund
April 30, 2013
Shares | Description (1) | Value | ||||||||||||||||||
COMMON STOCKS – 0.5% | ||||||||||||||||||||
Electric Utilities – 0.2% | ||||||||||||||||||||
1,000 | EDP – Energias de Portugal, S.A., Sponsored ADR | $ | 34,290 | |||||||||||||||||
35,000 | Enel SpA | 135,330 | ||||||||||||||||||
3,000 | Fortum Oyj | 55,746 | ||||||||||||||||||
7,000 | Iberdrola S.A. | 150,990 | ||||||||||||||||||
5,000 | Scottish and Southern Energy PLC | 121,700 | ||||||||||||||||||
Total Electric Utilities | 498,056 | |||||||||||||||||||
Gas Utilities – 0.0% | ||||||||||||||||||||
5,000 | Snam Rete Gas SpA, (10) | 48,700 | ||||||||||||||||||
Multi-Utilities – 0.3% | ||||||||||||||||||||
7,000 | Centrica PLC | 161,770 | ||||||||||||||||||
10,000 | E.ON | 182,000 | ||||||||||||||||||
7,000 | GDF Suez | 151,130 | ||||||||||||||||||
4,000 | National Grid PLC | 255,120 | ||||||||||||||||||
3,000 | RWE AG, Sponsored ADR | 107,970 | ||||||||||||||||||
Total Multi-Utilities | 857,990 | |||||||||||||||||||
Total Common Stocks (cost $1,356,319) | 1,404,746 | |||||||||||||||||||
Shares | Description (1),(2) | Value | ||||||||||||||||||
EXCHANGE-TRADED FUNDS – 20.7% | ||||||||||||||||||||
330,000 | iShares FTSE NAREIT Mortgage Plus Capped Index Fund | $ | 5,194,200 | |||||||||||||||||
22,000 | iShares J.P. Morgan USD Emerging Markets Bond Fund | 2,670,800 | ||||||||||||||||||
50,000 | iShares MSCI Pacific ex-Japan Index Fund | 2,580,000 | ||||||||||||||||||
22,000 | iShares S&P Global Infrastructure Index Fund | 855,360 | ||||||||||||||||||
79,000 | iShares S&P GSCI Commodity-Indexed Trust, (3) | 2,471,910 | ||||||||||||||||||
22,000 | iShares S&P National AMT-Free Municipal Bond Fund | 2,460,700 | ||||||||||||||||||
54,000 | iShares S&P Short Term National AMT-Free Municipal Bond Fund | 5,736,420 | ||||||||||||||||||
414,052 | Market Vectors Emerging Markets Local Currency Bond ETF | 11,423,695 | ||||||||||||||||||
239,000 | Market Vectors High-Yield Municipal Index ETF | 7,920,460 | ||||||||||||||||||
90,000 | Market Vectors Russia ETF | 2,406,600 | ||||||||||||||||||
4,000 | PowerShares DB Gold Fund, (3) | 200,800 | ||||||||||||||||||
330,000 | PowerShares Financial Preferred Portfolio Fund | 6,167,700 | ||||||||||||||||||
107,000 | PowerShares Senior Loan Portfolio Fund | 2,695,330 | ||||||||||||||||||
27,500 | SPDR S&P Emerging Markets Dividend ETF | 1,252,075 | ||||||||||||||||||
Total Exchange-Traded Funds (cost $52,381,624) | 54,036,050 | |||||||||||||||||||
Principal Amount (000) (4) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
SOVEREIGN DEBT – 4.4% | ||||||||||||||||||||
Mexico – 4.4% | ||||||||||||||||||||
24,000 | MXN | Mexican Bonos | 6.500% | 6/09/22 | A– | $ | 2,272,091 | |||||||||||||
740 | MXN | Mexican Bonos | 7.750% | 11/13/42 | A– | 8,275,813 | ||||||||||||||
750 | United Mexican States | 5.875% | 1/15/14 | Baa1 | 774,000 | |||||||||||||||
Total Sovereign Debt (cost $9,212,108) | 11,321,904 |
Nuveen Investments | 59 |
Portfolio of Investments (Unaudited)
Nuveen Tactical Market Opportunities Fund (continued)
April 30, 2013
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 5.1% |
| |||||||||||||||||||
$ | 10,000 | U.S. Treasury Bonds | 4.500% | 8/15/39 | Aaa | $ | 13,275,000 | |||||||||||||
$ | 10,000 | Total U.S. Government and Agency Obligations (cost $11,946,029) |
| 13,275,000 | ||||||||||||||||
Shares/ Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
SHORT-TERM INVESTMENTS – 68.6% | ||||||||||||||||||||
Money Market Funds – 16.6% | ||||||||||||||||||||
43,211,789 | First American Treasury Obligations Fund, Class Z | 0.000% | , (6) | N/A | N/A | $ | 43,211,789 | |||||||||||||
U.S. Government and Agency Obligations – 52.0% |
| |||||||||||||||||||
$ | 16,000 | U.S. Treasury Bills, (7) | 0.033% | 5/09/13 | Aaa | 15,999,872 | ||||||||||||||
16,000 | U.S. Treasury Bills, (7) | 0.033% | 5/23/13 | Aaa | 15,999,728 | |||||||||||||||
16,000 | U.S. Treasury Bills, (7) | 0.018% | 6/06/13 | Aaa | 15,999,680 | |||||||||||||||
16,000 | U.S. Treasury Bills, (7) | 0.023% | 6/20/13 | Aaa | 15,999,504 | |||||||||||||||
16,000 | U.S. Treasury Bills, (7) | 0.018% | 6/27/13 | Aaa | 15,999,424 | |||||||||||||||
16,000 | U.S. Treasury Bills, (7) | 0.043% | 7/18/13 | Aaa | 15,998,448 | |||||||||||||||
1,000 | U.S. Treasury Bills, (7) | 0.048% | 7/25/13 | Aaa | 999,882 | |||||||||||||||
16,000 | U.S. Treasury Bills, (7) | 0.048% | 8/01/13 | Aaa | 15,997,952 | |||||||||||||||
6,600 | U.S. Treasury Bills, (7) | 0.058% | 8/22/13 | Aaa | 6,598,859 | |||||||||||||||
16,000 | U.S. Treasury Bills, (7) | 0.078% | 10/10/13 | Aaa | 15,994,416 | |||||||||||||||
$ | 135,600 | Total U.S. Government and Agency Obligations | 135,587,765 | |||||||||||||||||
Total Short-Term Investments (cost $178,786,487) |
| 178,799,554 | ||||||||||||||||||
Total Investments (cost $253,682,567) – 99.3% | 258,837,254 | |||||||||||||||||||
Other Assets Less Liabilities – 0.7% (8) | 1,718,920 | |||||||||||||||||||
Net Assets – 100% | $ | 260,556,174 |
Investments in Derivatives as of April 30, 2013
Put Options Purchased outstanding:
Number of Contracts | Type | Notional Amount (9) | Expiration Date | Strike Price | Value (8) | |||||||||||||
100 | S&P 500 Index Put Option | $ | 15,500,000 | 5/18/13 | $ | 1,550 | $ | 48,000 | ||||||||||
100 | Total Put Options Purchased (premiums paid $169,300) | $ | 15,500,000 | $ | 48,000 |
Futures Contracts outstanding:
Type | Contract Position | Number of Contracts | Contract Expiration | Notional Amount at Value* | Unrealized Appreciation (Depreciation) | |||||||||||||||
Amsterdam Index | Long | 48 | 5/13 | $ | 4,392,715 | $ | 148,290 | |||||||||||||
Australian 3-Year Bond | Long | 347 | 6/13 | 35,056,137 | 478,472 | |||||||||||||||
Australian 10-Year Bond | Long | 284 | 6/13 | 28,533,962 | 1,429,161 | |||||||||||||||
Australian Dollar Currency | Short | (36 | ) | 6/13 | (3,717,000 | ) | 34,770 | |||||||||||||
DAX Index | Short | (18 | ) | 6/13 | (4,694,204 | ) | 38,760 | |||||||||||||
Dollar Index | Long | 275 | 6/13 | 22,496,928 | (291,915 | ) | ||||||||||||||
E-Mini MSCI Emerging Markets Index | Long | 81 | 6/13 | 4,211,595 | (64,571 | ) | ||||||||||||||
Euro FX Currency | Short | (8 | ) | 6/13 | (1,316,600 | ) | (13,183 | ) | ||||||||||||
FTSE/JSE Top 40 | Short | (226 | ) | 6/13 | (8,627,465 | ) | 447,542 | |||||||||||||
Mexican Bolsa Index | Long | 371 | 6/13 | 12,909,515 | (564,950 | ) | ||||||||||||||
Mexican Peso | Long | 66 | 6/13 | 2,708,475 | 78,925 | |||||||||||||||
Nikkei 225 Index | Long | 190 | 6/13 | 13,214,500 | 1,226,966 |
60 | Nuveen Investments |
Investments in Derivatives as of April 30, 2013 (continued)
Futures Contracts outstanding (continued):
Type | Contract Position | Number of Contracts | Contract Expiration | Notional Amount at Value* | Unrealized Appreciation (Depreciation) | |||||||||||||||
Russell 2000 Mini Index | Short | (39 | ) | 6/13 | $ | (3,685,890 | ) | $ | (28,459 | ) | ||||||||||
S&P 500 E-Mini | Long | 141 | 6/13 | 11,225,010 | 293,964 | |||||||||||||||
STOXX 600 Telecommunications | Long | 250 | 6/13 | 3,984,776 | 186,848 | |||||||||||||||
STOXX 600 Utilities | Long | 200 | 6/13 | 3,479,383 | 260,451 | |||||||||||||||
U.S. Treasury 5-Year Note | Short | (467 | ) | 6/13 | (58,207,172 | ) | (379,489 | ) | ||||||||||||
U.S. Treasury 10-Year Note | Short | (99 | ) | 6/13 | (13,202,578 | ) | (167,307 | ) | ||||||||||||
$ | 48,762,087 | $ | 3,114,275 |
* | The aggregate Notional Amount at Value of Long and Short positions were $142,212,996 and $93,450,909, respectively. |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
(3) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
(4) | Principal Amount (000) denominated in U.S. Dollars, unless otherwise noted. |
(5) | Ratings: Using the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. |
(6) | The rate shown is the annualized seven-day effective yield at the end of the reporting period. |
(7) | Investment, or portion of investment, segregated as collateral for investments in derivatives. |
(8) | Other Assets Less Liabilities includes the Value of certain derivative instruments as listed within Investments in Derivatives as of the end of the reporting period. |
(9) | For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Strike Price by 100. |
(10) | 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. |
N/A | Not applicable. |
ADR | American Depositary Receipt |
ETF | Exchange-Traded Fund |
MXN | Mexican Peso |
SPDR | Standard & Poor’s Depositary Receipts |
See accompanying notes to financial statements.
Nuveen Investments | 61 |
Statement of Assets & Liabilities (Unaudited)
April 30, 2013
International | International Select | Quantitative Enhanced | Tactical Market | |||||||||||||
Assets | ||||||||||||||||
Long-term investments, at value (cost $74,695,527, $323,522,506, $57,068,550 and $74,896,080, respectively) | $ | 87,433,350 | $ | 377,423,274 | $ | 68,052,088 | $ | 80,037,700 | ||||||||
Investment purchased with collateral from securities lending (at cost, which approximates value) | — | — | 8,999,305 | — | ||||||||||||
Short-term investments, at value (cost $6,703,553, $78,524,600, $886,662 and $178,786,487, respectively) | 6,704,084 | 78,527,144 | 886,690 | 178,799,554 | ||||||||||||
Cash denominated in foreign currencies, at value (cost $6,575,062, $6,961,941, $– and $3,454,149, respectively) | 6,605,143 | 7,036,977 | — | 3,480,220 | ||||||||||||
Cash | — | — | 7,038 | — | ||||||||||||
Options purchased, at value (premiums paid $–, $–, $– and $169,300, respectively) | — | — | — | 48,000 | ||||||||||||
Receivables: | ||||||||||||||||
Deposits with brokers for open futures contracts | 800,000 | 1,000,000 | — | 800,000 | ||||||||||||
Dividends | 327,706 | 1,035,383 | 43,527 | 9,195 | ||||||||||||
Due from broker | — | 10,370 | 1,837 | — | ||||||||||||
Interest | 400 | 7,290 | — | 326,497 | ||||||||||||
Investments sold | 362,787 | 2,284,464 | — | — | ||||||||||||
Reclaims | 224,881 | 408,699 | — | 915 | ||||||||||||
Shares sold | 3,069 | 55,755 | — | 580,107 | ||||||||||||
Variation margin on futures contracts | 85,971 | 479,859 | 2,000 | 562,915 | ||||||||||||
Other assets | 4,342 | 10,187 | 129 | 1,196 | ||||||||||||
Total assets | 102,551,733 | 468,279,402 | 77,992,614 | 264,646,299 | ||||||||||||
Liabilities | ||||||||||||||||
Cash overdraft | 6,536,497 | 7,219,591 | — | 3,226,000 | ||||||||||||
Payables: | ||||||||||||||||
Collateral from securities lending program | — | — | 8,999,305 | — | ||||||||||||
Investments purchased | 402,329 | 2,945,863 | — | — | ||||||||||||
Shares redeemed | 12,343 | 29,456 | 16,475 | 361,548 | ||||||||||||
Variation margin on futures contracts | 112,086 | 424,096 | — | 217,775 | ||||||||||||
Accrued expenses: | ||||||||||||||||
Directors fees | 4,517 | 10,991 | 555 | 2,274 | ||||||||||||
Management fees | 54,626 | 379,578 | 14,329 | 199,208 | ||||||||||||
12b-1 distribution and service fees | 5,724 | 1,358 | 145 | 23,019 | ||||||||||||
Other | 79,385 | 146,895 | 14,172 | 60,301 | ||||||||||||
Total liabilities | 7,207,507 | 11,157,828 | 9,044,981 | 4,090,125 | ||||||||||||
Net assets | $ | 95,344,226 | $ | 457,121,574 | $ | 68,947,633 | $ | 260,556,174 | ||||||||
Class A Shares | ||||||||||||||||
Net assets | $ | 21,188,423 | $ | 3,674,572 | $ | 161,818 | $ | 50,897,309 | ||||||||
Shares outstanding | 1,938,333 | 366,191 | 6,632 | 4,484,071 | ||||||||||||
Net asset value per share | $ | 10.93 | $ | 10.03 | $ | 24.40 | $ | 11.35 | ||||||||
Offering price per share (net asset value per share plus maximum sales charge of 5.75% of offering price) | $ | 11.60 | $ | 10.64 | $ | 24.40 | (1) | $ | 12.04 | |||||||
Class C Shares | ||||||||||||||||
Net assets | $ | 1,796,699 | $ | 783,731 | $ | 137,106 | $ | 14,431,988 | ||||||||
Shares outstanding | 174,522 | 78,903 | 5,646 | 1,281,360 | ||||||||||||
Net asset value and offering price per share | $ | 10.29 | $ | 9.93 | $ | 24.28 | $ | 11.26 | ||||||||
Class R3 Shares | ||||||||||||||||
Net assets | $ | 44,718 | N/A | N/A | N/A | |||||||||||
Shares outstanding | 4,088 | N/A | N/A | N/A | ||||||||||||
Net asset value and offering price per share | $ | 10.94 | N/A | N/A | N/A | |||||||||||
Class I Shares | ||||||||||||||||
Net assets | $ | 72,314,386 | $ | 452,663,271 | $ | 68,648,709 | $ | 195,226,877 | ||||||||
Shares outstanding | 6,537,788 | 45,065,933 | 2,809,274 | 17,168,176 | ||||||||||||
Net asset value and offering price per share | $ | 11.06 | $ | 10.04 | $ | 24.44 | $ | 11.37 | ||||||||
Net assets consist of: | ||||||||||||||||
Capital paid-in | $ | 87,804,973 | $ | 412,359,688 | $ | 52,108,618 | $ | 254,670,150 | ||||||||
Undistributed (Over-distribution of) net investment income | 361,151 | 1,435,176 | 439,991 | (491,743 | ) | |||||||||||
Accumulated net realized gain (loss) | (6,914,638 | ) | (18,921,269 | ) | 5,391,216 | (1,807,469 | ) | |||||||||
Net unrealized appreciation (depreciation) | 14,092,740 | 62,247,979 | 11,007,808 | 8,185,236 | ||||||||||||
Net assets | $ | 95,344,226 | $ | 457,121,574 | $ | 68,947,633 | $ | 260,556,174 | ||||||||
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 | – International Select, Quantitative Enhanced Core Equity and Tactical Market Opportunities do not offer Class R3 Shares. |
(1) | – Quantitative Enhanced Core Equity does not have a maximum sales charge. |
See accompanying notes to financial statements.
62 | Nuveen Investments |
Statement of Operations (Unaudited)
Six Months Ended April 30, 2013
International | International Select | Quantitative Enhanced Core Equity | Tactical Market Opportunities | |||||||||||||
Investment Income | ||||||||||||||||
Dividend and interest income (net of foreign tax withheld of $103,610, $461,116, $5,257 and $2,673, respectively) | $ | 1,035,422 | $ | 4,582,097 | $ | 843,021 | $ | 1,554,283 | ||||||||
Securities lending income, net | — | — | 5,568 | — | ||||||||||||
Total investment income | 1,035,422 | 4,582,097 | 848,589 | 1,554,283 | ||||||||||||
Expenses | ||||||||||||||||
Management fees | 495,991 | 2,240,935 | 172,819 | 989,204 | ||||||||||||
12b-1 service fees – Class A | 26,211 | 4,578 | 189 | 70,013 | ||||||||||||
12b-1 distribution and service fees – Class C | 8,510 | 3,472 | 630 | 76,108 | ||||||||||||
12b-1 distribution and service fees – Class R3 | 107 | N/A | N/A | N/A | ||||||||||||
Shareholder servicing agent fees and expenses | 62,593 | 35,641 | 14,032 | 91,725 | ||||||||||||
Custodian fees and expenses | 110,765 | 298,793 | 11,565 | 27,127 | ||||||||||||
Directors fees and expenses | 1,273 | 5,185 | 1,036 | 3,165 | ||||||||||||
Professional fees | 8,082 | 9,446 | 6,153 | 10,693 | ||||||||||||
Shareholder reporting expenses | 5,422 | 2,401 | 336 | 74,121 | ||||||||||||
Federal and state registration fees | 26,080 | 23,825 | 20,299 | 27,562 | ||||||||||||
Other expenses | 32,213 | 35,334 | 5,794 | 9,215 | ||||||||||||
Total expenses before fee waiver/expense reimbursement | 777,247 | 2,659,610 | 232,853 | 1,378,933 | ||||||||||||
Fee waiver/expense reimbursement | (156,663 | ) | — | (76,495 | ) | (39,548 | ) | |||||||||
Net expenses | 620,584 | 2,659,610 | 156,358 | 1,339,385 | ||||||||||||
Net investment income (loss) | 414,838 | 1,922,487 | 692,231 | 214,898 | ||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 1,517,611 | 4,282,036 | 5,573,521 | 697,866 | ||||||||||||
Futures contracts | 3,072,556 | 11,542,995 | (27,484 | ) | (2,079,974 | ) | ||||||||||
Options purchased | — | — | — | (62,300 | ) | |||||||||||
Options written | — | — | — | (71,872 | ) | |||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | 7,630,068 | 30,660,212 | 2,869,950 | 2,948,683 | ||||||||||||
Futures contracts | 1,222,254 | 6,655,783 | 139,440 | 2,365,314 | ||||||||||||
Options purchased | — | — | — | (121,300 | ) | |||||||||||
Net realized and unrealized gain (loss) | 13,442,489 | 53,141,026 | 8,555,427 | 3,676,417 | ||||||||||||
Net increase (decrease) in net assets from operations | $ | 13,857,327 | $ | 55,063,513 | $ | 9,247,658 | $ | 3,891,315 |
N/A | – International Select, Quantitative Enhanced Core Equity and Tactical Market Opportunities do not offer Class R3 Shares. |
See accompanying notes to financial statements.
Nuveen Investments | 63 |
Statement of Changes in Net Assets (Unaudited)
International | International Select | |||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 414,838 | $ | 1,035,607 | $ | 1,922,487 | $ | 5,823,962 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 1,517,611 | (10,013,310 | ) | 4,282,036 | (22,623,577 | ) | ||||||||||
Futures contracts | 3,072,556 | 487,259 | 11,542,995 | (8,168,446 | ) | |||||||||||
Options purchased | — | — | — | — | ||||||||||||
Options written | — | — | — | — | ||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | 7,630,068 | 12,274,110 | 30,660,212 | 36,768,484 | ||||||||||||
Futures contracts | 1,222,254 | (1,315,087 | ) | 6,655,783 | 3,095,727 | |||||||||||
Options purchased | — | — | — | — | ||||||||||||
Net increase (decrease) in net assets from operations | 13,857,327 | 2,468,579 | 55,063,513 | 14,896,150 | ||||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income: | ||||||||||||||||
Class A | (181,353 | ) | (953,197 | ) | (46,712 | ) | (50,326 | ) | ||||||||
Class C | (2,730 | ) | (66,672 | ) | (3,027 | ) | (2,770 | ) | ||||||||
Class R3 | (282 | ) | (685 | ) | N/A | — | ||||||||||
Class I | (811,116 | ) | (5,063,626 | ) | (5,933,545 | ) | (7,900,958 | ) | ||||||||
From accumulated net realized gains: | ||||||||||||||||
Class A | — | (2,889,331 | ) | — | (47,541 | ) | ||||||||||
Class C | — | (265,665 | ) | — | (7,969 | ) | ||||||||||
Class R3 | — | (2,164 | ) | N/A | — | |||||||||||
Class I | — | (15,999,350 | ) | — | (6,195,076 | ) | ||||||||||
Decrease in net assets from distributions to shareholders | (995,481 | ) | (25,240,690 | ) | (5,983,284 | ) | (14,204,640 | ) | ||||||||
Fund Share Transactions | ||||||||||||||||
Proceeds from sale of shares | 2,791,586 | 11,030,054 | 28,332,425 | 75,494,059 | ||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 334,875 | 10,998,041 | 1,792,578 | 4,681,594 | ||||||||||||
3,126,461 | 22,028,095 | 30,125,003 | 80,175,653 | |||||||||||||
Cost of shares redeemed | (18,962,988 | ) | (67,474,781 | ) | (55,411,976 | ) | (231,253,534 | ) | ||||||||
Net increase (decrease) in net assets from Fund share transactions | (15,836,527 | ) | (45,446,686 | ) | (25,286,973 | ) | (151,077,881 | ) | ||||||||
Net increase (decrease) in net assets | (2,974,681 | ) | (68,218,797 | ) | 23,793,256 | (150,386,371 | ) | |||||||||
Net assets at the beginning of period | 98,318,907 | 166,537,704 | 433,328,318 | 583,714,689 | ||||||||||||
Net assets at the end of period | $ | 95,344,226 | $ | 98,318,907 | $ | 457,121,574 | $ | 433,328,318 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 361,151 | $ | 941,794 | $ | 1,435,176 | $ | 5,495,973 |
N/A – | International Select does not offer Class R3 Shares. After the close of business on June 30, 2012, International Select liquidated all of its Class R3 Shares. |
See accompanying notes to financial statements.
64 | Nuveen Investments |
Quantitative Enhanced Core Equity | Tactical Market Opportunities | |||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||
Operations | ||||||||||||||||
Net investment income (loss) | $ | 692,231 | $ | 1,747,245 | $ | 214,898 | $ | 561,603 | ||||||||
Net realized gain (loss) from: | ||||||||||||||||
Investments and foreign currency | 5,573,521 | 4,607,241 | 697,866 | 1,911,060 | ||||||||||||
Futures contracts | (27,484 | ) | 763,216 | (2,079,974 | ) | (557,828 | ) | |||||||||
Options purchased | — | — | (62,300 | ) | — | |||||||||||
Options written | — | — | (71,872 | ) | 60 | |||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||
Investments and foreign currency | 2,869,950 | 4,085,174 | 2,948,683 | 1,372,961 | ||||||||||||
Futures contracts | 139,440 | (187,020 | ) | 2,365,314 | 984,869 | |||||||||||
Options purchased | — | — | (121,300 | ) | — | |||||||||||
Net increase (decrease) in net assets from operations | 9,247,658 | 11,015,856 | 3,891,315 | 4,272,725 | ||||||||||||
Distributions to Shareholders | ||||||||||||||||
From net investment income: | ||||||||||||||||
Class A | (3,574 | ) | (2,808 | ) | (397,964 | ) | (47,114 | ) | ||||||||
Class C | (2,286 | ) | (1,032 | ) | — | — | ||||||||||
Class R3 | N/A | N/A | N/A | N/A | ||||||||||||
Class I | (1,983,342 | ) | (1,931,314 | ) | (1,749,270 | ) | (353,238 | ) | ||||||||
From accumulated net realized gains: | ||||||||||||||||
Class A | (8,465 | ) | (2,646 | ) | (154,299 | ) | (209,804 | ) | ||||||||
Class C | (7,594 | ) | (1,768 | ) | (42,778 | ) | (23,497 | ) | ||||||||
Class R3 | N/A | N/A | N/A | N/A | ||||||||||||
Class I | (4,431,034 | ) | (1,571,914 | ) | (512,252 | ) | (815,282 | ) | ||||||||
Decrease in net assets from distributions to shareholders | (6,436,295 | ) | (3,511,482 | ) | (2,856,563 | ) | (1,448,935 | ) | ||||||||
Fund Share Transactions | ||||||||||||||||
Proceeds from sale of shares | 277,289 | 3,709,154 | 55,073,107 | 254,776,661 | ||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 3,349,623 | 1,379,059 | 2,771,372 | 1,316,662 | ||||||||||||
3,626,912 | 5,088,213 | 57,844,479 | 256,093,323 | |||||||||||||
Cost of shares redeemed | (11,859,692 | ) | (46,229,594 | ) | (68,828,240 | ) | (41,304,739 | ) | ||||||||
Net increase (decrease) in net assets from Fund share transactions | (8,232,780 | ) | (41,141,381 | ) | (10,983,761 | ) | 214,788,584 | |||||||||
Net increase (decrease) in net assets | (5,421,417 | ) | (33,637,007 | ) | (9,949,009 | ) | 217,612,374 | |||||||||
Net assets at the beginning of period | 74,369,050 | 108,006,057 | 270,505,183 | 52,892,809 | ||||||||||||
Net assets at the end of period | $ | 68,947,633 | $ | 74,369,050 | $ | 260,556,174 | $ | 270,505,183 | ||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 439,991 | $ | 1,736,962 | $ | (491,743 | ) | $ | 1,440,593 |
N/A – | Quantitative Enhanced Core Equity and Tactical Market Opportunities do not offer Class R3 Shares. |
See accompanying notes to financial statements.
Nuveen Investments | 65 |
Financial Highlights (Unaudited)
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 | From Net Invest- ment Income | From Accum- ulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (5/94) | ||||||||||||||||||||||||||||||||
2013(d) | $ | 9.54 | $ | .04 | $ | 1.44 | $ | 1.48 | $ | (.09 | ) | $ | — | $ | (.09 | ) | $ | 10.93 | ||||||||||||||
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) | ||||||||||||||||||||||||||||||||
2013(d) | 8.95 | — | ** | 1.35 | 1.35 | (.01 | ) | — | (.01 | ) | 10.29 | |||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||
2013(d) | 9.54 | .02 | 1.44 | 1.46 | (.06 | ) | — | (.06 | ) | 10.94 | ||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||
2013(d) | 9.66 | .05 | 1.46 | 1.51 | (.11 | ) | — | (.11 | ) | 11.06 | ||||||||||||||||||||||
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 |
66 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
15.58 | % | $ | 21,188 | 1.82 | %* | .36 | %* | 1.49 | %* | .70 | %* | 25 | % | |||||||||||||
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 | |||||||||||||||||||
15.16 | 1,797 | 2.58 | * | (.36 | )* | 2.24 | * | (.03 | )* | 25 | ||||||||||||||||
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 | |||||||||||||||||||
15.41 | 45 | 2.07 | * | .13 | * | 1.74 | * | .46 | * | 25 | ||||||||||||||||
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 | |||||||||||||||||||
15.78 | 72,314 | 1.57 | * | .62 | * | 1.24 | * | .95 | * | 25 | ||||||||||||||||
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) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | For the six months ended April 30, 2013. |
* | Annualized. |
** | Rounds to less than $.01 per share. |
See accompanying notes to financial statements.
Nuveen Investments | 67 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
INTERNATIONAL SELECT | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Invest- ment Income | From Accum- ulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (12/06) | ||||||||||||||||||||||||||||||||
2013(d) | $ | 8.96 | $ | .03 | $ | 1.15 | $ | 1.18 | $ | (.11 | ) | $ | — | $ | (.11 | ) | $ | 10.03 | ||||||||||||||
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) | ||||||||||||||||||||||||||||||||
2013(d) | 8.84 | — | ** | 1.13 | 1.13 | (.04 | ) | — | (.04 | ) | 9.93 | |||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||
2013(d) | 8.98 | .04 | 1.15 | 1.19 | (.13 | ) | — | (.13 | ) | 10.04 | ||||||||||||||||||||||
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 |
68 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
13.25 | % | $ | 3,675 | 1.47 | %* | .63 | %* | 1.47 | %* | .63 | %* | 21 | % | |||||||||||||
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 | |||||||||||||||||||
12.84 | 784 | 2.23 | * | (.08 | )* | 2.23 | * | (.08 | )* | 21 | ||||||||||||||||
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 | |||||||||||||||||||
13.38 | 452,663 | 1.23 | * | .89 | * | 1.23 | * | .89 | * | 21 | ||||||||||||||||
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) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | For the six months ended April 30, 2013. |
* | Annualized. |
** | Rounds to less than $.01 per share. |
See accompanying notes to financial statements.
Nuveen Investments | 69 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
QUANTITATIVE ENHANCED CORE EQUITY | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Invest- ment Income | From Accum- ulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (7/07) | ||||||||||||||||||||||||||||||||
2013(d) | $ | 23.39 | $ | .19 | $ | 2.87 | $ | 3.06 | $ | (.59 | ) | $ | (1.46 | ) | $ | (2.05 | ) | $ | 24.40 | |||||||||||||
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) | ||||||||||||||||||||||||||||||||
2013(d) | 23.20 | .11 | 2.84 | 2.95 | (.41 | ) | (1.46 | ) | (1.87 | ) | 24.28 | |||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||
2013(d) | 23.46 | .23 | 2.86 | 3.09 | (.65 | ) | (1.46 | ) | (2.11 | ) | 24.44 | |||||||||||||||||||||
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 |
70 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
14.32 | % | $ | 162 | .92 | %* | 1.48 | %* | .70 | %* | 1.70 | %* | 73 | % | |||||||||||||
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 | |||||||||||||||||||
13.85 | 137 | 1.67 | * | .73 | * | 1.45 | * | .95 | * | 73 | ||||||||||||||||
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 | |||||||||||||||||||
14.45 | 68,649 | .67 | * | 1.78 | * | .45 | * | 2.00 | * | 73 | ||||||||||||||||
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) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | For the six months ended April 30, 2013. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 71 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
TACTICAL MARKET OPPORTUNITIES | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Invest- ment Income | From Accum- ulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (2/11) | ||||||||||||||||||||||||||||||||
2013(g) | $ | 11.29 | $ | — | * | $ | .16 | $ | .16 | $ | (.07 | ) | $ | (.03 | ) | $ | (.10 | ) | $ | 11.35 | ||||||||||||
2012 | 11.22 | .02 | .25 | .27 | (.03 | ) | (.17 | ) | (.20 | ) | 11.29 | |||||||||||||||||||||
2011(d) | 10.59 | .04 | .59 | .63 | — | — | — | 11.22 | ||||||||||||||||||||||||
Class C (2/11) | ||||||||||||||||||||||||||||||||
2013(g) | 11.17 | (.04 | ) | .16 | .12 | — | (.03 | ) | (.03 | ) | 11.26 | |||||||||||||||||||||
2012 | 11.17 | (.07 | ) | .24 | .17 | — | (.17 | ) | (.17 | ) | 11.17 | |||||||||||||||||||||
2011(d) | 10.59 | — | * | .58 | .58 | — | — | — | 11.17 | |||||||||||||||||||||||
Class I (12/09) | ||||||||||||||||||||||||||||||||
2013(g) | 11.32 | .02 | .16 | .18 | (.10 | ) | (.03 | ) | (.13 | ) | 11.37 | |||||||||||||||||||||
2012 | 11.25 | .05 | .25 | .30 | (.06 | ) | (.17 | ) | (.23 | ) | 11.32 | |||||||||||||||||||||
2011 | 10.62 | .14 | .59 | .73 | (.08 | ) | (.02 | ) | (.10 | ) | 11.25 | |||||||||||||||||||||
2010(e) | 10.00 | .02 | .60 | .62 | — | — | — | 10.62 |
72 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||
Total Return(b) | Ending Net Assets | Expenses(f) | Net Invest- ment Income (Loss) | Expenses(f) | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
1.46 | % | $ | 50,897 | 1.20 | %** | — | %*** | 1.17 | %** | .02 | %** | 68 | % | |||||||||||||
2.45 | 59,751 | 1.19 | .13 | 1.18 | .14 | 189 | ||||||||||||||||||||
5.95 | 3,558 | 1.67 | ** | .06 | ** | 1.19 | ** | 54 | ** | 177 | ||||||||||||||||
1.08 | 14,432 | 1.95 | ** | (.75 | )** | 1.92 | ** | (.72 | )** | 68 | ||||||||||||||||
1.55 | 15,045 | 1.93 | (.65 | ) | 1.93 | (.65 | ) | 189 | ||||||||||||||||||
5.48 | 475 | 2.31 | ** | (.37 | )** | 1.94 | ** | — | *** | 177 | ||||||||||||||||
1.63 | 195,227 | .95 | ** | .25 | ** | .92 | ** | .28 | ** | 68 | ||||||||||||||||
2.69 | 195,709 | .94 | .41 | .93 | .43 | 189 | ||||||||||||||||||||
6.95 | 48,860 | 1.18 | 1.01 | .94 | 1.25 | 177 | ||||||||||||||||||||
6.20 | 27,300 | 4.14 | ** | (1.83 | )** | .92 | ** | 1.39 | ** | 156 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | For the period February 24, 2011 (commencement of operations) through October 31, 2011. |
(e) | For the period December 30, 2009 (commencement of operations) through October 31, 2010. |
(f) | In addition to the fees and expenses which the Fund bears directly; the Fund indirectly bears a pro rata share of the fees and expenses of the exchange-traded funds in which the Fund invests. These exchange-traded fund fees and expenses are not reflected in the expense ratios. Because the exchange-traded funds have varied expenses and fee levels and the Fund may own different proportions at different times, the amount of fees and expenses incurred indirectly by the Fund will vary. |
(g) | For the six months ended April 30, 2013. |
* | Rounds to less than $.01 per share. |
** | Annualized. |
*** | Annualized ratio rounds to less than .01%. |
See accompanying notes to financial statements.
Nuveen Investments | 73 |
Notes to Financial Statements (Unaudited)
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.
On December 31, 2012, the Funds’ investment adviser converted from a Delaware corporation to a Delaware limited liability company. As a result, Nuveen Fund Advisors, Inc., a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisors, LLC (the “Adviser”). There were no changes to the identities or roles of any personnel as a result of the change.
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.
International Select’s investment objective is long-term growth of capital. Under normal market conditions, the Fund invests primarily in equity securities of non-U.S. issuers that trade in U.S. or non-U.S. markets, depositary receipts representing shares of non-U.S. issuers, and ETFs and other investment companies that provide exposure to non-U.S. issuers.
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 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, and by investing directly in U.S. Treasury obligations, non-U.S. government obligations that have an investment grade rating from at least one rating agency and money market funds.
Tactical Market Opportunities 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.
74 | Nuveen Investments |
Approved Fund Reorganizations
During April 2013, the Board of Directors/Trustees of Nuveen Investment Funds, Inc. (“NIF”) and Nuveen Investment Trust II (“NIT II”) approved the reorganization of Quantitative Enhanced Core Equity, a series of NIF, into Nuveen Symphony Low Volatility Equity Fund (formerly Nuveen Symphony Optimized Alpha Fund), a series of NIT II.
During June 2013, subsequent to the close of this reporting period, the Board of Directors of NIF approved the reorganization of International into International Select. Each Fund is a series of NIF.
Quantitative Enhanced Core Equity and International are referred to individually as an “Acquired Fund” and collectively as the “Acquired Funds.” Nuveen Symphony Low Volatility Fund and International Select are referred to individually as an “Acquiring Fund” and collectively as the “Acquiring Funds.”
In the case of each reorganization, in order for the reorganization to occur, it must be approved by the shareholders of the Acquired Fund. If the Acquired Fund’s shareholders approve the reorganization, the Acquired Fund will transfer all of its assets and liabilities to the Acquiring Fund in exchange for Acquiring Fund shares of equal value. Shares of the Acquiring Fund will then be distributed to shareholders of the Acquired Fund and the Acquired Fund will be terminated. As a result of these transactions, shareholders of the Acquired Fund will become shareholders of the Acquiring Fund and will cease to be shareholders of the Acquired Fund. Each Acquired Fund shareholder will receive Acquiring Fund shares with a total value equal to the total value of that shareholder’s Acquired Fund shares immediately prior to the closing of the reorganization.
For each Acquired Fund, a special meeting of Acquired Fund shareholders will be held for the purpose of voting on the reorganization. This meeting is expected to be held in late September 2013 for Quantitative Enhanced Core Equity and in late October 2013 for International. In each case, if the required approval is obtained, it is anticipated that the reorganization will be consummated shortly after the special shareholder meeting. Further information regarding the proposed reorganizations will be contained in proxy materials that are expected to be sent to Quantitative Enhanced Core Equity shareholders in late August 2013 to International Fund shareholders in late September 2013.
Each Acquired Fund will continue sales and redemptions of its shares as described in the prospectus until shortly before its reorganization. However, holders of shares purchased after the record date set for the Acquired Fund’s special meeting of shareholders will not be entitled to vote those shares at the special meeting.
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 the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that the Funds’ net asset values (“NAV”) are determined, or if under the Funds’ procedures, the closing price of a foreign security
Nuveen Investments | 75 |
Notes to Financial Statements (Unaudited) (continued)
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.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes.
Investment Income
Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes is recorded on an accrual basis. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments, net of lending agent fees.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Legal fee refund presented on the Statement of Operations reflects a refund of workout expenditures paid in a prior reporting period, when applicable.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Dividends and Distributions to Shareholders
Dividends from net investment income 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.
76 | Nuveen Investments |
Share Classes and Sales Charges
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 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 forward 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, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency,” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with forward foreign currency exchange contracts, futures, options purchased, options written and swap contracts are recognized as a component of “Change in net unrealized appreciation (depreciation) of foreign currency exchange contracts, futures, options purchased, options written and swap contracts, respectively” on the Statement of Operations, when applicable.
Futures Contracts
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 six months ended April 30, 2013, 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
Nuveen Investments | 77 |
Notes to Financial Statements (Unaudited) (continued)
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 notional amount of futures contracts outstanding during the six months ended April 30, 2013, were as follows:
International | International Select | Quantitative Enhanced Core Equity | Tactical Market Opportunities | |||||||||||||
Average notional amount of futures contracts outstanding* | 43,741,393 | 219,294,796 | 1,796,608 | 184,722,064 |
* | The average notional amount is calculated based on the absolute aggregate value of outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
Refer to Footnote 3 – Derivative Instruments and Hedging Activities for further details on futures contracts activity.
Options Transactions
The purchase of options and/or swaptions involves the risk of loss of all or a part of the cash paid for the options (the premium). The market risk associated with purchasing options and/or swaptions is limited to the premium paid. The counterparty credit risk of purchasing options 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 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 six months ended April 30, 2013, Tactical Market Opportunities invested in equity options, which were used as part of the management of the Fund. This Fund’s option contracts were used to implement various absolute return, tactical market and hedging strategies.
The average notional amount of purchased options contracts outstanding and written options contracts outstanding during the six months ended April 30, 2013, was as follows:
Tactical Market Opportunities | ||||
Average notional amount of purchased options contract outstanding* | $ | 5,166,667 | ||
Average notional amount of written options contracts outstanding* | 3,467,900 |
* | The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal year and at the end of each fiscal quarter within the current fiscal year. |
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,
78 | Nuveen Investments |
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 the following Fund during the six months ended April 30, 2013, were as follows:
Quantitative Enhanced Core Equity | ||||
Securities lending fees paid | $ | 717 |
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.
Nuveen Investments | 79 |
Notes to Financial Statements (Unaudited) (continued)
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 | $ | 85,913,205 | $ | 436,139 | $ | — | $ | 86,349,344 | ||||||||
Exchange-Traded Funds | 1,084,006 | — | — | 1,084,006 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 4,004,512 | — | — | 4,004,512 | ||||||||||||
U.S. Government and Agency Obligations | — | 2,699,572 | — | 2,699,572 | ||||||||||||
Derivatives: | ||||||||||||||||
Futures Contracts** | 1,335,156 | — | — | 1,335,156 | ||||||||||||
Total | $ | 92,336,879 | $ | 3,135,711 | $ | — | $ | 95,472,590 | ||||||||
International Select | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 351,737,197 | $ | 4,782,077 | $ | — | $ | 356,519,274 | ||||||||
Exchange-Traded Funds | 20,904,000 | — | — | 20,904,000 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 66,029,169 | — | — | 66,029,169 | ||||||||||||
U.S. Government and Agency Obligations | — | 12,497,975 | — | 12,497,975 | ||||||||||||
Derivatives: | ||||||||||||||||
Futures Contracts** | 8,284,374 | — | — | 8,284,374 | ||||||||||||
Total | $ | 446,954,740 | $ | 17,280,052 | $ | — | $ | 464,234,792 | ||||||||
Quantitative Enhanced Core Equity | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 68,038,358 | $ | — | $ | — | $ | 68,038,358 | ||||||||
Warrants | 13,730 | — | — | 13,730 | ||||||||||||
Investments Purchased with Collateral from Securities Lending | 8,999,305 | — | — | 8,999,305 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 686,724 | — | — | 686,724 | ||||||||||||
U.S. Government and Agency Obligations | — | 199,966 | — | 199,966 | ||||||||||||
Derivatives: | ||||||||||||||||
Futures Contracts** | 24,242 | — | — | 24,242 | ||||||||||||
Total | $ | 77,762,359 | $ | 199,966 | $ | — | $ | 77,962,325 | ||||||||
Tactical Market Opportunities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 1,356,046 | $ | 48,700 | $ | — | $ | 1,404,746 | ||||||||
Exchange-Traded Funds | 54,036,050 | — | — | 54,036,050 | ||||||||||||
Sovereign Debt | — | 11,321,904 | — | 11,321,904 | ||||||||||||
U.S. Government & Agency Obligations | — | 13,275,000 | — | 13,275,000 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 43,211,789 | — | — | 43,211,789 | ||||||||||||
U.S. Government and Agency Obligations | — | 135,587,765 | — | 135,587,765 | ||||||||||||
Derivatives: | ||||||||||||||||
Put Options Purchased | 48,000 | — | — | 48,000 | ||||||||||||
Futures Contracts** | 3,114,275 | — | — | 3,114,275 | ||||||||||||
Total | $ | 101,766,160 | $ | 160,233,369 | $ | — | $ | 261,999,529 |
* | 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. |
80 | Nuveen Investments |
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
(i.) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
(ii.) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
3. Derivative Instruments and Hedging Activities
The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. For additional information on the derivative instruments in which each Fund was invested during and at the end of the reporting period, refer to the Portfolios of Investments, Financial Statements and Footnote 1 – General Information and Significant Accounting Policies.
The following tables present the fair value of all derivative instruments held by the Funds as of April 30, 2013, 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* | $ | 1,675,776 | Payable for variation margin on futures contracts* | $ | (279,559 | ) | ||||||
Foreign Currency Exchange Rate | Futures Contracts | — | — | Payable for variation margin on futures contracts* | (61,061 | ) | ||||||||
Total | $ | 1,675,776 | $ | (340,620 | ) |
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* | $ | 9,385,341 | Payable for variation margin on futures contracts* | $ | (1,014,039 | ) | ||||||
Foreign Currency Exchange Rate | Futures Contracts | — | — | Deposits with brokers for open futures contracts and Payable for variation margin on futures contracts* | (86,928 | ) | ||||||||
Total | $ | 9,385,341 | $ | (1,100,967 | ) |
* | Value represents cumulative 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. |
Nuveen Investments | 81 |
Notes to Financial Statements (Unaudited) (continued)
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 | Receivable for variation margin on futures contracts* | $ | 24,242 | — | $ | — |
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* | $ | 2,602,821 | Payable for variation margin on futures contracts* | $ | (949,895 | ) | ||||||
Foreign Currency Exchange Rate | Futures Contracts | Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts* | 113,695 | Payable for variation margin on futures contracts* | (13,183 | ) | ||||||||
Interest Rate | Futures Contracts | Deposits with brokers for open futures contracts and Receivable for variation margin on futures contracts* | 1,907,633 | Payable for variation margin on futures contracts* | (546,796 | ) | ||||||||
Equity | Options | Options purchased, at value | 48,000 | — | — | |||||||||
Total | $ | 4,672,149 | $ | (1,509,874 | ) |
* | Value represents unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments, and not the deposits with brokers, if any, or 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 six months ended April 30, 2013, on derivative instruments, as well as the primary risk exposure associated with each.
Net Realized Gain (Loss) from Futures Contracts | International | International Select | Quantitative Enhanced Core Equity | Tactical Market Opportunities | ||||||||||||
Risk Exposure | ||||||||||||||||
Equity | $ | 3,006,078 | $ | 11,522,266 | $ | (27,484 | ) | $ | (1,254,952 | ) | ||||||
Foreign Currency Exchange Rate | 66,478 | 20,729 | — | 177,624 | ||||||||||||
Interest Rate | — | — | — | (1,002,646 | ) | |||||||||||
Total | $ | 3,072,556 | $ | 11,542,995 | $ | (27,484 | ) | $ | (2,079,974 | ) |
Net Realized Gain (Loss) from Options Purchased | Tactical Market Opportunities | |||
Risk Exposure | ||||
Equity | $ | (62,300 | ) |
Net Realized Gain (Loss) from Options Written | Tactical Market Opportunities | |||
Risk Exposure | ||||
Equity | $ | (71,872 | ) |
Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts | International | International Select | Quantitative Enhanced Core Equity | Tactical Market Opportunities | ||||||||||||
Risk Exposure | ||||||||||||||||
Equity | $ | 1,281,590 | $ | 6,722,136 | $ | 139,440 | $ | 1,419,757 | ||||||||
Foreign Currency Exchange Rate | (59,336 | ) | (66,353 | ) | — | 59,007 | ||||||||||
Interest Rate | — | — | — | 886,550 | ||||||||||||
Total | $ | 1,222,254 | $ | 6,655,783 | $ | 139,440 | $ | 2,365,314 |
82 | Nuveen Investments |
Change in Net Unrealized Appreciation (Depreciation) of Options Purchased | Tactical Market Opportunities | |||
Risk Exposure | ||||
Equity | $ | (121,300 | ) |
4. Fund Shares
Transactions in Fund shares were as follows:
International | ||||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 57,386 | $ | 588,166 | 281,592 | $ | 2,691,205 | ||||||||||
Class B | N/A | N/A | — | — | ||||||||||||
Class C | 4,546 | 43,569 | 12,987 | 116,739 | ||||||||||||
Class R3 | 1,630 | 16,567 | 3,799 | 35,390 | ||||||||||||
Class I | 210,590 | 2,143,284 | 858,075 | 8,186,720 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 18,137 | 177,384 | 391,596 | 3,481,910 | ||||||||||||
Class B | N/A | N/A | 19,368 | 153,859 | ||||||||||||
Class C | 273 | 2,516 | 38,018 | 317,206 | ||||||||||||
Class R3 | 29 | 282 | 321 | 2,849 | ||||||||||||
Class I | 15,641 | 154,693 | 779,190 | 7,042,217 | ||||||||||||
308,232 | 3,126,461 | 2,384,946 | 22,028,095 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (339,286 | ) | (3,463,352 | ) | (479,579 | ) | (4,550,634 | ) | ||||||||
Class B | N/A | N/A | (113,441 | ) | (981,338 | ) | ||||||||||
Class C | (17,379 | ) | (164,842 | ) | (52,963 | ) | (455,926 | ) | ||||||||
Class R3 | (2,014 | ) | (20,635 | ) | (643 | ) | (5,799 | ) | ||||||||
Class I | (1,510,075 | ) | (15,314,159 | ) | (6,372,457 | ) | (61,481,084 | ) | ||||||||
(1,868,754 | ) | (18,962,988 | ) | (7,019,083 | ) | (67,474,781 | ) | |||||||||
Net increase (decrease) | (1,560,522 | ) | $ | (15,836,527 | ) | (4,634,137 | ) | $ | (45,446,686 | ) |
N/A – | International does not offer Class B Shares. 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 | ||||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 54,621 | $ | 523,920 | 66,016 | $ | 563,315 | ||||||||||
Class C | 6,758 | 64,308 | 7,481 | 64,823 | ||||||||||||
Class R3 | N/A | N/A | — | — | ||||||||||||
Class I | 2,918,793 | 27,744,197 | 8,648,794 | 74,865,921 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 4,487 | 41,369 | 10,687 | 86,950 | ||||||||||||
Class C | 324 | 2,968 | 1,333 | 10,675 | ||||||||||||
Class R3 | N/A | N/A | 35 | 277 | ||||||||||||
Class I | 189,614 | 1,748,241 | 562,947 | 4,583,692 | ||||||||||||
3,174,597 | 30,125,003 | 9,297,293 | 80,175,653 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (145,892 | ) | (1,377,374 | ) | (119,700 | ) | (1,027,486 | ) | ||||||||
Class C | (1,027 | ) | (9,920 | ) | (18,141 | ) | (155,798 | ) | ||||||||
Class R3 | N/A | N/A | (1,554 | ) | (12,245 | ) | ||||||||||
Class I | (5,757,590 | ) | (54,024,682 | ) | (26,733,722 | ) | (230,058,005 | ) | ||||||||
(5,904,509 | ) | (55,411,976 | ) | (26,873,117 | ) | (231,253,534 | ) | |||||||||
Net increase (decrease) | (2,729,912 | ) | $ | (25,286,973 | ) | (17,575,824 | ) | $ | (151,077,881 | ) |
N/A – | International select does not offer Class R3 Shares. After the close of business on June 13, 2012, International Select liquidated all of its Class R3 Shares. |
Nuveen Investments | 83 |
Notes to Financial Statements (Unaudited) (continued)
Quantitative Enhanced Core Equity | ||||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 1,934 | $ | 44,641 | 1,743 | $ | 39,831 | ||||||||||
Class C | — | — | — | — | ||||||||||||
Class I | 10,209 | 232,648 | 172,921 | 3,669,323 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 473 | 10,309 | 233 | 4,850 | ||||||||||||
Class C | 456 | 9,880 | 136 | 2,801 | ||||||||||||
Class I | 152,545 | 3,329,434 | 65,570 | 1,371,408 | ||||||||||||
165,617 | 3,626,912 | 240,603 | 5,088,213 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (2,232 | ) | (52,002 | ) | (3,130 | ) | (68,825 | ) | ||||||||
Class C | — | — | (16 | ) | (385 | ) | ||||||||||
Class I | (512,135 | ) | (11,807,690 | ) | (2,058,309 | ) | (46,160,384 | ) | ||||||||
(514,367 | ) | (11,859,692 | ) | (2,061,455 | ) | (46,229,594 | ) | |||||||||
Net increase (decrease) | (348,750 | ) | $ | (8,232,780 | ) | (1,820,852 | ) | $ | (41,141,381 | ) |
Tactical Market Opportunities | ||||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 1,279,531 | $ | 14,330,834 | 6,181,689 | $ | 69,086,517 | ||||||||||
Class C | 309,601 | 3,441,112 | 1,365,581 | 15,153,881 | ||||||||||||
Class I | 3,323,966 | 37,301,161 | 15,233,105 | 170,536,263 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 48,593 | 542,276 | 20,431 | 225,355 | ||||||||||||
Class C | 3,683 | 40,811 | 1,961 | 21,516 | ||||||||||||
Class I | 195,863 | 2,188,285 | 96,689 | 1,069,791 | ||||||||||||
5,161,237 | 57,844,479 | 22,899,456 | 256,093,323 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (2,138,075 | ) | (23,907,060 | ) | (1,225,187 | ) | (13,763,850 | ) | ||||||||
Class C | (378,692 | ) | (4,217,481 | ) | (63,271 | ) | (694,273 | ) | ||||||||
Class I | (3,634,758 | ) | (40,703,699 | ) | (2,388,710 | ) | (26,846,616 | ) | ||||||||
(6,151,525 | ) | (68,828,240 | ) | (3,677,168 | ) | (41,304,739 | ) | |||||||||
Net increase (decrease) | (990,288 | ) | $ | (10,983,761 | ) | 19,222,288 | $ | 214,788,584 |
Class B Shares converted to Class A Shares (recognized as a component of Class A Shares sold and Class B Shares redeemed) during the six months ended April 30, 2013 and October 31, 2012, as follows:
Fund | Six Months Ended 4/30/13 | Year Ended 10/31/12 | ||||||
International | — | 15,542 |
5. Investment Transactions
Purchases and sales (including maturities but excluding short-term investments and derivative transactions) during the six months ended April 30, 2013, were as follows:
International | International Select | Quantitative Enhanced Core Equity | Tactical Market Opportunities | |||||||||||||
Purchases: | ||||||||||||||||
Investment securities | $ | 21,935,385 | $ | 81,642,996 | $ | 49,533,993 | $ | 55,777,127 | ||||||||
U.S. Government and agency obligations | — | — | — | 12,640,301 | ||||||||||||
Sales and maturities: | ||||||||||||||||
Investment securities | 30,943,205 | 140,450,704 | 59,412,677 | 42,580,749 | ||||||||||||
U.S. Government and agency obligations | — | — | — | 4,927,648 |
84 | Nuveen Investments |
Transactions on options written for Tactical Market Opportunities during the six months ended April 30, 2013, were as follows:
Tactical Market Opportunities | ||||||||
Number of contracts | Premiums Received | |||||||
Outstanding, beginning of period | — | $ | — | |||||
Options written | 4,850 | 32,238 | ||||||
Options terminated in closing purchase transactions | — | — | ||||||
Options expired | (4,850 | ) | (32,238 | ) | ||||
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.
As of April 30, 2013, 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 | $ | 83,588,687 | $ | 410,115,019 | $ | 67,226,097 | $ | 253,820,644 | ||||||||
Gross unrealized: | ||||||||||||||||
Appreciation | $ | 17,175,470 | $ | 71,146,346 | $ | 11,418,154 | $ | 5,487,903 | ||||||||
Depreciation | (6,626,723 | ) | (25,310,947 | ) | (706,168 | ) | (471,293 | ) | ||||||||
Net unrealized appreciation (depreciation) of investments | $ | 10,548,747 | $ | 45,835,399 | $ | 10,711,986 | $ | 5,016,610 |
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 as of October 31, 2012, the Funds’ last 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 as of October 31, 2012, the Funds’ last 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’ last tax year ended October 31, 2012, was designated for purposes of the dividends paid deduction as follows:
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 |
* | 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. |
Nuveen Investments | 85 |
Notes to Financial Statements (Unaudited) (continued)
Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Funds after December 31, 2010, will not be subject to expiration. During the Funds’ last tax year ended October 31, 2012, the following Funds generated post-enactment capital losses 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 |
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 April 30, 2013, the complex-level fee rate for each of these Funds was as follows: |
Fund | Rate | |||
International | .2000 | % | ||
International Select | .2000 | |||
Quantitative Enhanced Core Equity | .2000 | |||
Tactical Market Opportunities | .1686 |
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
86 | Nuveen Investments |
agreements with Nuveen Asset Management, LLC ("NAM"), a wholly-owned subsidiary of the Adviser, under which NAM serves as a sub-adviser to the Funds. In addition to NAM, 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. NAM, 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. Effective as of the close of business on June 21, 2013, which is subsequent to the close of the reporting period, HGI no longer serves as a sub-adviser to International and International Select, and all assets managed by HGI were reallocated to NAM.
The Adviser has contractually agreed to waive fees and/or reimburse other Fund 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, 2014 | February 28, 2014 | February 28, 2014 | February 28, 2014 |
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 six months ended April 30, 2013, 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 | $ | 5,240 | $ | 2,475 | N/A | $ | 92,268 | |||||||||
Paid to financial intermediaries | $ | 4,603 | $ | 2,219 | N/A | $ | 86,038 |
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 six months ended April 30, 2013, 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 | $ | 175 | $ | 64 | $ | — | $ | 71,770 |
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the six months ended April 30, 2013, the Distributor retained such 12b-1 fees as follows:
International | International Select | Quantitative Enhanced Core Equity | Tactical Market Opportunities | |||||||||||||
12b-1 fees retained | $ | 794 | $ | 221 | $ | — | $ | 57,772 |
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
Nuveen Investments | 87 |
Notes to Financial Statements (Unaudited) (continued)
The Distributor also collected and retained CDSC on share redemptions during the six months ended April 30, 2013, as follows:
International | International Select | Quantitative Enhanced Core Equity | Tactical Market Opportunities | |||||||||||||
CDSC retained | $ | 55 | $ | — | $ | — | $ | 3,619 |
8. New Accounting Pronouncements
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In January 2013, Accounting Standards Update (“ASU”) 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact to the financial statements and footnote disclosures, if any.
88 | Nuveen Investments |
Notes
Nuveen Investments | 89 |
Glossary of Terms Used in this Report
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested distributions and capital gains, if any) over the time period being considered.
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index: The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index is an unmanaged index that is comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Beta: A measure of the variability of the change in the share price for a fund in relation to a change in the value of the fund’s market benchmark. Securities with betas higher than 1.0 have been, and are expected to be, more volatile than the benchmark; securities with betas lower than 1.0 have been, and are expected to be, less volatile than the benchmark.
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.
90 | Nuveen Investments |
Fund Manager
Nuveen Fund Advisors, LLC
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
Milwaukee, WI
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
Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC -0330 for room hours and operation.
Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
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 | 91 |
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 $224 billion as of March 31, 2013.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com |
MSA-FQTII-0413D
Mutual Funds
Nuveen Equity Funds
For investors seeking the potential for long-term capital appreciation.
Semi-Annual Report
April 30, 2013
Share Class / Ticker Symbol | ||||||||||||
Fund Name | Class A | Class B | Class C | Class R3 | Class R6 | Class I | ||||||
Nuveen Large Cap Growth Opportunities Fund | FRGWX | FETBX | FAWCX | FLCYX | FLCFX | FIGWX | ||||||
Nuveen Mid Cap Growth Opportunities Fund | FRSLX | FMQBX | FMECX | FMEYX | FMEFX | FISGX | ||||||
Nuveen Small Cap Growth Opportunities Fund | FRMPX | FROBX | FMPCX | FMPYX | — | FIMPX |
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Letter to Shareholders
Dear Shareholders
After nine years of serving as lead director and independent chairman of the Nuveen Fund Board, my term of office is coming to an end. It has been a privilege to use this space to communicate with you on some of the broad economic trends in the U.S. and abroad and how they are impacting the investment environment in which your funds operate. In addition, I have enjoyed offering some perspective on how your Board views the various Nuveen investment teams as they apply their investment disciplines in that investment environment.
My term has coincided with a particularly challenging period for both mutual fund sponsors and investors. Since 2000 there have been three periods of unusually strong stock market growth and two major market declines. Recent years have been characterized by a search for yield in fixed income securities to compensate for an extended period of very low interest rates. Funds are investing more in foreign and emerging markets that require extensive research capabilities to overcome the more limited transparency and higher volatility in those markets. New fund concepts often incorporate derivative financial instruments that offer efficient ways to hedge investment risk or gain exposure to selected markets. Fund trading teams operate in many new domestic and international venues with quite different characteristics. Electronic trading and global communication networks mean that fund managers must be able to thrive in financial markets that react instantaneously to newsworthy events and are more interconnected than ever.
Nuveen has committed additional resources to respond to these changes in the fund industry environment. It has added IT and research resources to assemble and evaluate the increased flow of detailed information on economies, markets and individual companies. Based on its experience during the financial crisis of 2008-09, Nuveen has expanded its resources dedicated to valuing and trading portfolio securities with a particular focus on stressed financial market conditions. It has added systems and experienced risk management professionals to work with investment teams to better help evaluate whether their funds’ risk exposures are appropriate in view of the return targets. The investment teams have also reflected on recent experience to reaffirm or modify their investment disciplines. Finally, experienced professionals and IT resources have been added to address new regulatory requirements designed to better inform and protect investors. The Board has enthusiastically encouraged these initiatives.
The Nuveen Fund Board has always viewed itself as your representatives to assure that Nuveen brings together experienced people, proven technologies and effective processes designed to produce results that meet investor expectations. It is important to note that our activities are highlighted by the annual contract renewal process. Despite its somewhat formal language, I strongly encourage you to read the summary because it offers an insight into our oversight process. The report is included in the back of this or a subsequent shareholder report. The renewal process is very comprehensive and includes a number of evaluations and discussions between the Board and Nuveen during the year. The summary also describes what has been achieved across the Nuveen fund complex and at individual funds such as yours.
As I leave the chairmanship and resume my role as a member of the Board, please be assured that I and my fellow Board members will continue to hold your interests uppermost in our minds as we oversee the management of your funds and that we greatly appreciate your confidence in your Nuveen fund.
Very sincerely,
Robert P. Bremner
Chairman of the Board
June 21, 2013
4 | Nuveen Investments |
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
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 assumed portfolio management responsibilities in 2002. Scott and Jim have been on the management team for the Fund since 2006.
Jim, Hal and Scott are also the portfolio managers for the Nuveen Mid Cap Growth Opportunities Fund. Jim and Scott assumed portfolio management responsibilities in 2006. Hal has been on the management team of the Fund since 2005.
Rob McDougall, CFA, and Jon Loth, CFA, are the portfolio managers for the Nuveen Small Cap Growth Opportunities Fund. Rob assumed portfolio management responsibilities in 2004. Jon has been on the management team for the Fund since 2007.
On the following pages, the portfolio management teams for the Funds examine key investment strategies and the Funds’ performance for the six-month period ended April 30, 2013.
Nuveen Large Cap Growth Opportunities Fund
How did the Fund perform during the six-month period ended April 30, 2013?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2013. The Fund’s Class A Shares at net asset value (NAV) underperformed the Russell 1000® Growth Index and the Lipper classification average during the six-month 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 $5 billion or greater at the time of purchase. We start by identifying what we believe are exceptional growth companies with open-ended growth prospects, outstanding financial characteristics and solid management teams. From that highly selective group, we invest in companies where our expectations for earnings growth exceed consensus expectations. For each Fund holding, we develop a proprietary growth thesis. When the growth thesis is validated, we hold or buy more; however, when our growth thesis is not validated, we sell the holding.
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Although we made individual position changes during the reporting period, our underlying investment strategy remained consistent.
Stock selection in the health care sector proved especially challenging during the period and was the greatest contributor to the Fund’s shortfall versus the Russell benchmark and its peers. The Fund’s overweight in this strongly performing sector did offset some of the underperformance due to stock selection. Three holdings in particular struggled: Express Scripts Holding Company, the nation’s leading prescription benefit manager; IDEXX Laboratories Inc., a manufacturer and distributor of various diagnostic tools and technology solutions to improve veterinary care and food and water safety; and Intuitive Surgical, Inc., a manufacturer of robotic surgical systems. After completing a major merger with its closest rival, Express Scripts saw its stock price drop precipitously at the beginning of this period as the company provided preliminary 2013 guidance that was unfavorable. We continued to hold onto Express Scripts and its stock price steadily rose throughout the reporting period. IDEXX Laboratories, which has historically been a consistent growth company, changed the way it distributed its products and, as a result, had to alter its sales force. The resulting drop in its organic growth rate caused investors to call its valuation into question. Because we couldn’t forecast when the sales force adjustment would resolve itself, we sold the Fund’s position in IDEXX Laboratories. Additionally, the stock price of Intuitive Surgical came under pressure during the period. Investors grew concerned about its future growth rate as studies questioned the effectiveness and cost savings of the robotic surgery alternative versus the traditional surgical approach. We sold Intuitive Surgical as our growth thesis surrounding the company was violated. The Fund did experience one bright spot in health care, however, via its position in Gilead Sciences, Inc., a fast growing biotechnology and pharmaceutical company. Gilead Sciences’ stock price went up dramatically during the period as investors began to recognize the potential opportunity set from its new Hepatitis C area, combined with its strong core HIV business.
Elsewhere in the portfolio, several holdings that had previously contributed meaningfully to performance gave back some of their long-term gains during this period. In the consumer staples sector, Whole Foods Market, Inc., the leading retailer of natural and organic foods, underperformed due to concerns about its sales and margin trends. We continued to hold this stock as we believed our growth thesis surrounding both the company and the organic food retailing industry remained intact. After the period ended, our optimism was validated as the company announced favorable quarterly earnings and its stock price hit new highs. In the consumer discretionary sector, shares of restaurant company YUM! Brands, Inc. stumbled as the company faced allegations in December regarding the quality of chicken supplied to its Chinese KFC restaurants. The rumors shook consumer confidence about the food offered at KFC and caused a steep drop in sales for the company’s largest division. Although food safety regulators in China ultimately cleared YUM! Brands of wrongdoing, we sold the stock as we could not forecast when, or if, this division of the company could improve sales. In technology, Apple Inc. was a detractor during the period as this leading high-end smartphone and tablet company lost market share within the smartphone industry for the first time. Apple’s stock price corrected sharply as investors debated its short- and long-term margin and growth trends. We lowered the Fund’s Apple exposure to an underweight during the period.
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During the six-month period, stock selection in technology was the Fund’s greatest area of strength, which is particularly noteworthy because technology was the only sector in the Russell benchmark that underperformed in a meaningful way. The Fund’s standout performers tended to be emerging growth companies within the technology space. Strong results were led by a position in LinkedIn, Inc., the leading online social network for the world’s professionals to manage and share their work-related identities. The company continued to exhibit stellar growth as its network rapidly approached 200 million members, while it also became an increasingly important resource for both job seekers and talent management professionals. LinkedIn’s earnings have outpaced consensus expectations as the company’s monetization of its business has been stronger than expected and it benefits from international expansion and strong advertising revenues. The Fund was also rewarded for its ownership in NetSuite Inc., a company that sells application software to help other firms run their businesses using cloud-based technology. NetSuite continued to produce strong revenue and earnings growth during the period as companies increasingly shifted from on premise hardware and software to the more economic, off-premise cloud technology. The company is also benefiting from an expansion of its core product line, which is helping to increase its reach within enterprises.
In industrials, Kansas City Southern Industries performed exceptionally well for the Fund during the period as it benefited from strong earnings growth and improving profitability. This fast-growing railroad company owns an unparalleled network of cross-border assets connecting the United States to Mexico. In the financial sector, Moody’s Corporation, which conducts due diligence and independently rates fixed income securities, also aided Fund performance. We made a well-timed purchase of Moody’s early in the period when its stock price was under pressure as the rating industry faced regulatory and legal scrutiny related to failed securities. We believed the market was discounting a far worse outcome for this well managed, exceptional growth company with a very solid business model. After our purchase, Moody’s stock price subsequently rose throughout the period.
We made several sales based on the deterioration of our growth thesis or fundamental trends. Our biggest portfolio change during the period involved a reduction in its technology exposure to an underweight, which is an unusual stance for this Fund. In addition to lowering the Apple weight, we also sold QUALCOMM, Inc., International Business Machines Corp., EMC Corporation and Teradata Corporation. We believe QUALCOMM’s growth rate is vulnerable due to a shift toward lower cost smartphones as the rate of growth for emerging market phone sales will likely exceed developed market sales. The common theme among the other companies is concern over future growth rates as the technology industry moves from fixed computing (personal computers) to mobile computing (smartphones and tablets) and from on premise to off premise hardware and software.
At the same time, the largest increase in the Fund was a shift to an overweight position in the financial sector. Here we purchased four names that we view as “best in class” within their respective industries. As mentioned earlier, we bought rating agency Moody’s as well as investment banking company Goldman Sachs Group Inc., commercial banking firm JPMorgan Chase & Co., and online investing company Charles Schwab Corporation.
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Nuveen Mid Cap Growth Opportunities Fund
How did the Fund perform during the six-month period ended April 30, 2013?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2013. The Fund’s Class A Shares at net asset value (NAV) underperformed the Lipper classification average and Russell Midcap® Growth Index during the six-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 $699 million and $19.2 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 stock selection in the consumer discretionary and consumer staples sectors accounted for much of its shortfall versus the Russell benchmark and Lipper peers. The greatest challenges were found in consumer discretionary, where five companies hindered Fund results. Two holdings, PetSmart Inc. and GNC Holdings Inc., were hurt by same-store and comp-store sales that came in lighter than expected, which were likely attributable to Hurricane Sandy. We trimmed the Fund’s position in PetSmart, the largest specialty retailer of products and services for pets; however, we didn’t sell it completely because we believe the longer term drivers for improving earnings are still in place. We maintained the Fund’s position in GNC, the operator of general nutrition stores, because the company continued to produce strong earnings and raised its stock buyback guidance during the period. Another underperformer in the discretionary space was one of the Fund’s larger holdings, Ulta Salon, Cosmetics & Fragrance, Inc., a leading beauty retailer for cosmetics, fragrances, haircare and skincare products. Although Ulta’s earnings and comp-store sales have been fairly strong, two of its top management team members have resigned in the past year. We sold on news of the second departure as a strong management team is part of our “exceptional growth company” mandate. The Fund also experienced weakness from retailer Dick’s Sporting Goods Inc. as it sold off over fears of lower sales due to weather-related issues. The company significantly reduced its inventory of cold weather merchandise in the peak selling month of December due to warmer conditions, but was not able to fully capture sales in January when more typical winter conditions returned. We continue to like Dick’s long-term prospects and have held onto the stock. The final factor in consumer discretionary was not owning Netflix Inc., the
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leading internet television network. Although Netflix is not a large weight in the index, its stock price advanced dramatically during the six-month period.
In consumer staples, the Fund saw poor results from specialty grocer Fresh Market Inc., which offers a small store format focused on high quality perishable and organic food. After the company’s fourth quarter results missed on almost every metric, and it dramatically lowered guidance, we sold the Fund’s position. Also, Whole Foods Market, Inc., the leading retailer of natural and organic foods, underperformed due to concerns about its sales and margin trends. We continued to hold this stock as we believed our growth thesis surrounding both the company and the organic food retailing industry remained intact. After the period ended, our optimism was validated as the company announced favorable quarterly earnings and its stock price hit new highs.
During the six-month period, stock selection in technology was the Fund’s greatest area of strength, which is particularly noteworthy because technology was the only sector in the Russell benchmark that underperformed in a meaningful way. Favorable results were led by a position in LinkedIn, Inc., the leading online social network for the world’s professionals to manage and share their work-related identities. The company continued to exhibit strong growth as its network rapidly approached 200 million members, while it also became an increasingly important resource for both job seekers and talent management professionals. LinkedIn’s earnings have outpaced consensus expectations as the company’s monetization of its business has been stronger than expected and it benefits from international expansion and strong advertising revenues. The Fund was also rewarded for ownership of FleetCor Technologies Inc., a provider of customized payment solutions for small fleet operators in the U.S. and overseas. The company’s execution has been stellar as it continues to increase usage of its payment cards and expand internationally. Its subsequent increase in profitable market share has led to upward revisions in earnings estimates. Additionally, Fund results were aided by a position in ARM Holdings Inc., a leading developer of microprocessor intellectual property in the semiconductor industry. The company’s designs are used in a wide variety of advanced digital products, particularly those that require long battery life and low power usage like smartphones and tablets. Therefore, the firm has benefited from the exponential growth in the mobile device market as well as its increasing market share.
During the period, we shifted some of the Fund’s sector weights through the sales and purchases of several stocks. Our biggest portfolio change involved a steady reduction in its technology weight, with the Fund now at its lowest overweight versus the index in quite some time. For example, we eliminated Rackspace Hosting Inc., a cloud hosting company, due to technology platform change disruptions. We also sold Teradata Corporation, a provider of data management and analytical tools. Although Teradata remains well positioned, the industry is experiencing a slowdown driven by the macro environment and possibly increased competition. Additionally, we eliminated the Fund’s position in Trimble Navigation Limited, which designs and distributes advanced global positioning systems used primarily in the construction, agricultural and fleet management businesses. Although Trimble Navigation has contributed favorably to the Fund’s performance, we don’t believe the company’s earnings have kept pace with its price and therefore sold based on valuation concerns.
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We invested the proceeds from these sales into holdings within the financial and industrial sectors. In financials, we purchased Moody’s Corporation, which conducts due diligence and independently rates fixed income securities. We made a well-timed purchase of Moody’s early in the period when its stock price was under pressure as the entire rating industry faced regulatory and legal scrutiny related to failed securities. We believed the market was discounting a far worse outcome for this well-managed, exceptional growth company with a very solid business model. After our purchase, Moody’s stock price subsequently rose throughout the period. We also bought TD Ameritrade Holding Corp., a leading discount brokerage company that has consistently gained market share over the years. We believe this company continues to have plenty of additional growth potential, especially when the Federal Reserve ends its quantitative easing campaign and interest rates rise from current levels. The Fund also has a modest overweight in the industrial sector where we are finding companies that are performing well despite the economic slowdown. For example, we added a position in Ryanair Ltd., the leading low-cost airline company in Europe. Its long-term growth outlook became more certain after negotiating a large aircraft order with favorable terms. We also purchased Chicago Bridge & Iron Company, an engineering and construction firm focused on the petrochemical refinery segment. The company is benefiting from an increase in new order activity for construction projects as well as an accretive acquisition of another engineering and construction firm. Finally, we bought a position in WABCO Holdings Inc., which manufactures and sells braking, stability, suspension and transmission control systems primarily for commercial vehicles. WABCO’s stock had previously been under pressure because the company’s products are highly exposed to European markets. We purchased the stock because WABCO is gaining market share in a difficult industry and producing free cash flow that exceeds the average company in the index.
Nuveen Small Cap Growth Opportunities Fund
How did the Fund perform during the six-month period ended April 30, 2013?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2013. The Fund’s Class A Shares at net asset value (NAV) outperformed the Lipper classification average and underperformed the Russell 2000® Growth Index during the six-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 of less than $3 billion at the time of purchase. The investment process employed in the management of the Fund seeks to exploit secular growth trends that we believe will provide an investment tailwind to above-average growth that should transcend the business cycle over the longer term. Importantly, our process also emphasizes a valuation discipline designed to find attractive investment opportunities that should benefit from multiple expansion when particular investment catalysts become evident in the marketplace. The Fund’s portfolio typically
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features investments in high quality companies with attractive or improving margin profiles, generally healthy balance sheets and prospects for above-average revenue and earnings growth.
Small-cap equities provided robust returns during the first half of the Fund’s fiscal year as investors responded to the continued accommodative monetary backdrop provided by the Federal Reserve. The Fed’s program appears to be achieving its desired impact on the domestic economy with improved consumer confidence, increased activity in the homebuilding sector and encouraging signs in the labor market. During this reporting period, the Fund trailed its benchmark index as price momentum, in contrast to expected growth and security valuation, was the style factor most closely associated with higher excess returns. Importantly, we believe that, in general, the fundamentals of the companies held in the Fund compare very favorably to those in the small-cap growth investment universe as demonstrated by the overall constructive period of earnings updates recorded for the first quarter of 2013.
The most significant detractor to the Fund’s relative performance during the reporting period was stock selection in the information technology sector, most notably among internet and software-related issues. Shares of LogMeIn Inc., the market’s leading remote connection and troubleshooting provider for cloud-based services, fell significantly after the company posted solid fourth quarter 2012 results, but guided to revenue growth for calendar 2013 that was considerably below investors’ expectations. The Fund’s position in Fortinet Inc., a leading provider of network security hardware appliances, was also negatively impacted as the company pre-released disappointing first quarter results due to a shift in carrier spending behavior, macroeconomic weakness in Latin America and Europe and disruptions associated with a product transition. Additionally, shares of MICROS Systems, Inc. a provider of point-of-sale management systems for the hospitality and restaurant industries, reported first quarter results that were below consensus estimates given the weak macroeconomic environment’s impact on customer investment decisions. However, MICROS Systems’ management did report the signing of several new chains and continued to work on a mobile point-of-sale application. The Fund currently maintains investment holdings in the latter two names given the strong secular trends in these areas.
The Fund’s consumer discretionary holdings also performed poorly during the period, most notably in the specialty retail category. The common theme among the four stocks that weighed on performance was modest Christmas sell-through and a difficult start to 2013 due, in part, to the re-initiation of former payroll tax rates and the IRS delay in processing income tax returns relative to last year. The impacted companies included Zumiez Inc., The Men’s Wearhouse Inc., Ann Inc. and Ascena Retail Group. The latter two remain holdings of the Fund based on their attractive valuations and prospects for relative improvement.
Stock selection in the industrials sector was the most positive contributor to the Fund’s relative performance during the reporting period. The strongest contributor to performance in this sector was Alaska Air Group, Inc., a regional air carrier that continued to maintain the best operating metrics in the industry in terms of return on invested capital, operating margin and balance sheet strength. Alaska Air has executed well
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against its plan and recently announced it would be initiating a stock buy-back. This news, coupled with increased bag fees and a better fuel hedge strategy, is keeping our outlook positive for this stock. Performance was also driven by the Fund’s holdings of TrueBlue Inc., a primarily domestic provider of temporary blue-collar staffing services for small- to medium-sized businesses. The company reported accelerating revenue trends during the first quarter of 2013 due, in part, to increases in construction activity, which are having a positive impact on gross margins. Additionally, the Fund held shares of Swift Transportation, a leading transportation company that provides truckload services, rail intermodal and freight brokerage. The company reported strong tonnage growth accompanied with better asset utilization that drove significant upside to reported earnings. We continued to like Swift Transportation as the company drives operating performance, improving returns and continued deleveraging of the balance sheet.
The Fund’s health care sector holdings also contributed positively to relative performance over the past six months. Shares of biotechnology concern Alkermes plc rose sharply in response to the company’s announcement of positive clinical data in the area of treatment resistant depression, a market of potentially four million patients. In addition to its substantial royalty portfolio, Alkermes now has a portfolio of three potentially important neurologic assets that could provide attractive partnering opportunities. Also, the Fund’s position in NuVasive, Inc., a manufacturer of minimally invasive spinal implants, performed well. The company reported an exceptionally strong recovery in the fourth quarter of 2012 from distribution and reimbursement issues that created headwinds earlier in the year.
Lastly, in the consumer staples group, the Fund held shares of Nu Skin Enterprises Inc., a developer and worldwide distributor of anti-aging personal care products and nutritional supplements. Investor scrutiny of the multi-level marketing industry created a very attractive investment opportunity here. Nu Skin has since reported strong quarterly results and raised guidance for 2013 on the heels of a new weight management product to be launched in the second half of the year.
Given the strong returns provided by the U.S. equity markets over the past six months, we believe the potential exists for a modest correction, particularly considering uncertainties associated with the budget in Washington, continued economic weakness and austerity measures in Europe and seasonal factors that tend to mute performance during the summer months. Accordingly, we have tilted the Fund’s portfolio somewhat in favor of names with lower volatility and increasingly domestic revenue streams. We are also redoubling our efforts to explore attractive secular investment themes that will provide incremental revenue growth potential in a low to moderate growth environment.
In the information technology sector, we have already shifted away from the more cyclical groups such as semiconductors and communications equipment toward companies providing software as a service solutions. Among financials, we remain close to the benchmark weight in the group, but are moving from companies with capital markets exposure toward those with U.S. real estate exposure. We are considering reducing the Fund’s energy holdings and are evaluating opportunities among North American service providers that may be in the early stages of a cyclical improvement and where valuations appear attractive. We have also increased the Fund’s exposure to health care stocks given
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their generally domestic orientation; however, we are mindful that the implementation phase of the Affordable Care Act heading into 2014 could lead to disruptions among service providers that are not yet evident in the marketplace. In the industrial sector, we entered the year with a considerable overweight position, primarily in the transportation and cyclical groups, but we are considering paring this exposure given recent concerns over growth in a number of international economies. We continue to favor transportation-related stocks given their exposure to the domestic consumer and strong fundamentals. Lastly, we are becoming more constructive on the consumer discretionary sector now that anxiety related to unseasonably cold weather, difficult comparisons and payroll tax increases seem to be generally reflected in valuations. Our preference is currently to increase the Fund’s exposure to the domestic economy given the resilience of the U.S. consumer.
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.
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Fund Performance and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown on the following three 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.
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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 April 30, 2013
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 10.34% | 4.78% | 5.53% | 7.62% | ||||||||||||
Class A Shares at maximum Offering Price | 4.00% | -1.24% | 4.29% | 6.99% | ||||||||||||
Russell 1000® Growth Index* | 13.71% | 12.60% | 6.66% | 8.08% | ||||||||||||
Lipper Multi-Cap Growth Funds Classification Average* | 13.39% | 10.67% | 4.62% | 4.61% | ||||||||||||
Class B Shares w/o CDSC | 9.93% | 4.16% | 4.76% | 6.84% | ||||||||||||
Class B Shares w/CDSC | 4.93% | -0.84% | 4.60% | 6.84% | ||||||||||||
Class C Shares | 9.94% | 4.00% | 4.74% | 6.82% | ||||||||||||
Class R3 Shares | 10.21% | 4.55% | 5.27% | 7.39% | ||||||||||||
Class I Shares | 10.45% | 5.05% | 5.79% | 7.89% |
Cumulative | ||||
Since Inception** | ||||
Class R6 Shares | 3.66% |
Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 4.93% | 3.56% | 6.62% | 8.23% | ||||||||||||
Class A Shares at maximum Offering Price | -1.11% | -2.40% | 5.36% | 7.59% | ||||||||||||
Class B Shares w/o CDSC | 4.57% | 2.93% | 5.85% | 7.44% | ||||||||||||
Class B Shares w/CDSC | -0.43% | -2.07% | 5.69% | 7.44% | ||||||||||||
Class C Shares | 4.56% | 2.80% | 5.83% | 7.43% | ||||||||||||
Class R3 Shares | 4.83% | 3.34% | 6.36% | 8.00% | ||||||||||||
Class I Shares | 5.08% | 3.82% | 6.89% | 8.50% |
Cumulative | ||||
Since Inception** | ||||
Class R6 Shares | 2.70% |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class R6 Shares have no sales charge and are available only to certain limited categories of investors as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
Expense Ratios | ||||
Class A Shares | 1.25% | |||
Class B Shares | 1.99% | |||
Class C Shares | 2.00% | |||
Class R3 Shares | 1.50% | |||
Class R6 Shares | 0.94% | |||
Class I Shares | 1.00% |
* | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
** | Since inception returns for Class R6 Shares are from 2/28/13. |
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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 April 30, 2013
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | | 12.34% | | 6.75% | 5.86% | 10.75% | ||||||||||
Class A Shares at maximum Offering Price | 5.87% | 0.61% | 4.62% | 10.10% | ||||||||||||
Russell Midcap® Growth Index* | 17.75% | 14.42% | 6.79% | 10.96% | ||||||||||||
Lipper Mid-Cap Growth Funds Classification Average* | 14.80% | 10.51% | 5.39% | 9.63% | ||||||||||||
Class B Shares w/o CDSC | 11.92% | 5.94% | 5.07% | 9.93% | ||||||||||||
Class B Shares w/CDSC | 6.92% | 1.10% | 4.91% | 9.93% | ||||||||||||
Class C Shares | 11.94% | 5.98% | 5.08% | 9.93% | ||||||||||||
Class R3 Shares | 12.20% | 6.46% | 5.60% | 10.52% | ||||||||||||
Class I Shares | 12.49% | 7.02% | 6.13% | 11.04% |
Cumulative | ||||
Since Inception** | ||||
Class R6 Shares | 3.39% |
Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 6.69% | 6.45% | 7.18% | 11.22% | ||||||||||||
Class A Shares at maximum Offering Price | 0.55% | 0.32% | 5.92% | 10.56% | ||||||||||||
Class B Shares w/o CDSC | 6.28% | 5.64% | 6.37% | 10.39% | ||||||||||||
Class B Shares w/CDSC | 1.42% | 0.81% | 6.22% | 10.39% | ||||||||||||
Class C Shares | 6.30% | 5.66% | 6.38% | 10.39% | ||||||||||||
Class R3 Shares | 6.57% | 6.17% | 6.91% | 10.99% | ||||||||||||
Class I Shares | 6.84% | 6.73% | 7.45% | 11.50% |
Cumulative | ||||
Since Inception** | ||||
Class R6 Shares | 2.47% |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class R6 Shares have no sales charge and are available only to certain limited categories of investors as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
Expense Ratios | ||||
Class A Shares | 1.30% | |||
Class B Shares | 2.05% | |||
Class C Shares | 2.05% | |||
Class R3 Shares | 1.55% | |||
Class R6 Shares | 0.96% | |||
Class I Shares | 1.05% |
* | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
** | Since Inception returns for Class R6 Shares are from 2/28/13. |
16 | Nuveen Investments |
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 April 30, 2013
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 15.41% | 7.61% | 7.93% | 9.45% | ||||||||||||
Class A Shares at maximum Offering Price | 8.75% | 1.42% | 6.66% | 8.80% | ||||||||||||
Russell 2000® Growth Index* | 16.60% | 15.67% | 7.81% | 10.53% | ||||||||||||
Lipper Small-Cap Growth Funds Classification Average* | 13.72% | 11.29% | 6.82% | 9.82% | ||||||||||||
Class B Shares w/o CDSC | 14.99% | 6.86% | 7.14% | 8.63% | ||||||||||||
Class B Shares w/CDSC | 9.99% | 2.04% | 6.98% | 8.63% | ||||||||||||
Class C Shares | 15.02% | 6.88% | 7.15% | 8.64% | ||||||||||||
Class R3 Shares | 15.24% | 7.35% | 7.66% | 9.23% | ||||||||||||
Class I Shares | 15.57% | 7.94% | 8.22% | 9.72% |
Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 11.06% | 8.48% | 10.02% | 10.98% | ||||||||||||
Class A Shares at maximum Offering Price | 4.66% | 2.24% | 8.72% | 10.33% | ||||||||||||
Class B Shares w/o CDSC | 10.63% | 7.66% | 9.19% | 10.15% | ||||||||||||
Class B Shares w/CDSC | 5.64% | 2.80% | 9.05% | 10.15% | ||||||||||||
Class C Shares | 10.62% | 7.62% | 9.19% | 10.15% | ||||||||||||
Class R3 Shares | 10.87% | 8.20% | 9.75% | 10.75% | ||||||||||||
Class I Shares | 11.19% | 8.76% | 10.29% | 11.25% |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class 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 | 1.70% | 1.47% | ||||||
Class B Shares | 2.45% | 2.22% | ||||||
Class C Shares | 2.44% | 2.22% | ||||||
Class R3 Shares | 1.94% | 1.72% | ||||||
Class I Shares | 1.45% | 1.22% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2014, 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. |
Nuveen Investments | 17 |
Holding Summaries as of April 30, 2013
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 | 99.9% | |||
Short-Term Investments | 0.3% | |||
Other2 | (0.2)% |
Nuveen Mid Cap Growth Opportunities Fund
Fund Allocation1 | ||||
Common Stocks | 99.5% | |||
Short-Term Investments | 0.1% | |||
Other2 | 0.4% |
Portfolio Composition1 | ||||
IT Services | 8.1% | |||
Internet Software & Services | 7.5% | |||
Media | 5.1% | |||
Specialty Retail | 5.0% | |||
Biotechnology | 4.9% | |||
Pharmaceuticals | 4.8% | |||
Computers & Peripherals | 4.6% | |||
Food & Staples Retailing | 4.4% | |||
Road & Rail | 4.0% | |||
Software | 3.6% | |||
Internet & Catalog Retail | 3.4% | |||
Tobacco | 3.0% | |||
Chemicals | 2.9% | |||
Hotels, Restaurants & Leisure | 2.7% | |||
Machinery | 2.7% | |||
Health Care Providers & Services | 2.7% | |||
Oil, Gas & Consumable Fuels | 2.6% | |||
Real Estate Investment Trust | 2.6% | |||
Diversified Financial Services | 2.4% | |||
Aerospace & Defense | 2.1% | |||
Industrial Conglomerates | 2.0% | |||
Short-Term Investments | 0.3% | |||
Other3 | 18.6% |
Portfolio Composition1 | ||||
Specialty Retail | 9.5% | |||
Software | 7.8% | |||
Capital Markets | 5.1% | |||
Hotels, Restaurants & Leisure | 5.0% | |||
Machinery | 4.8% | |||
Chemicals | 4.7% | |||
Electrical Equipment | 4.6% | |||
Media | 4.4% | |||
Road & Rail | 4.3% | |||
Biotechnology | 4.0% | |||
Energy Equipment & Services | 3.8% | |||
Health Care Technology | 3.7% | |||
Internet Software & Services | 3.4% | |||
Textiles, Apparel & Luxury Goods | 3.4% | |||
Health Care Equipment & Supplies | 3.3% | |||
Oil, Gas & Consumable Fuels | 2.9% | |||
Electronic Equipment & Instruments | 2.2% | |||
Health Care Providers & Services | 2.1% | |||
Wireless Telecommunication Services | 2.1% | |||
IT Services | 2.1% | |||
Short-Term Investments | 0.1% | |||
Other4 | 16.7% |
Top Five Common Stock Holdings1 | ||||
Apple, Inc. | 4.6% | |||
Google Inc., Class A | 4.0% | |||
Visa Inc., Class A | 3.0% | |||
Philip Morris International | 3.0% | |||
MasterCard, Inc., Class A | 3.0% |
Top Five Common Stock Holdings1 | ||||
Cerner Corporation | 2.3% | |||
Amphenol Corporation, Class A | 2.2% | |||
SBA Communications Corporation | 2.1% | |||
AutoZone, Inc. | 2.1% | |||
LinkedIn Corporation, Class A Shares | 2.0% |
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. |
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 2.1% of net assets. |
18 | Nuveen Investments |
Nuveen Small Cap Growth Opportunities
Fund
Fund Allocation1 | ||||
Common Stocks | 97.5% | |||
Short-Term Investments | 3.8% | |||
Other2 | (1.3)% |
Portfolio Composition1 | ||||
Biotechnology | 9.8% | |||
Health Care Equipment & Supplies | 7.9% | |||
Specialty Retail | 5.4% | |||
Software | 4.9% | |||
Communications Equipment | 4.7% | |||
Semiconductors & Equipment | 4.7% | |||
Commercial Banks | 4.6% | |||
Food Products | 3.2% | |||
Aerospace & Defense | 3.2% | |||
Oil, Gas & Consumable Fuels | 3.1% | |||
Leisure Equipment & Products | 2.8% | |||
Electrical Equipment | 2.7% | |||
Internet Software & Services | 2.7% | |||
Chemicals | 2.7% | |||
Hotels, Restaurants & Leisure | 2.6% | |||
Machinery | 2.6% | |||
Construction & Engineering | 2.6% | |||
Pharmaceuticals | 2.5% | |||
Health Care Providers & Services | 2.3% | |||
Commercial Services & Supplies | 2.2% | |||
Short-Term Investments | 3.8% | |||
Other3 | 19.0% |
Top Five Common Stock Holdings1 | ||||
Skyworks Solutions Inc. | 2.3% | |||
Treehouse Foods Inc. | 1.9% | |||
Plantronics Inc. | 1.8% | |||
Alaska Air Group, Inc. | 1.8% | |||
East West Bancorp Inc. | 1.8% |
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 Investments | 19 |
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. Since the expense examples for Class R6 Shares of Nuveen Large Cap Growth Opportunities Fund and Nuveen Mid Cap Growth Opportunities Fund reflect only the first 61 days of the Class’s operations, they may not provide a meaningful understanding of the Class’s ongoing expenses.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the end of the period.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Large Cap Growth Opportunities Fund
Actual Performance | Hypothetical Performance (5% annualized return before expenses) | |||||||||||||||||||||||||||||||||||||||||||||||||
A Shares | B Shares | C Shares | R3 Shares | R6 Shares | I Shares | A Shares | B Shares | C Shares | R3 Shares | R6 Shares | I Shares | |||||||||||||||||||||||||||||||||||||||
Beginning Account Value (11/01/12) | $ | 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 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||||||||||
Ending Account Value (4/30/13) | $ | 1,103.40 | $ | 1,099.30 | $ | 1,099.40 | $ | 1,102.10 | $ | 1,036.60 | $ | 1,104.53 | $ | 1,018.74 | $ | 1,015.03 | $ | 1,015.03 | $ | 1,017.55 | $ | 1,006.75 | $ | 1,019.98 | ||||||||||||||||||||||||||
Expenses Incurred During Period | $ | 6.36 | $ | 10.25 | $ | 10.25 | $ | 7.61 | $ | 1.63 | $ | 5.06 | $ | 6.11 | $ | 9.84 | $ | 9.84 | $ | 7.30 | $ | 1.61 | $ | 4.86 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.22%, 1.97%, 1.97%, 1.46% and 0.97% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). For Class R6, expenses are equal to the Fund’s annualized net expense ratio of 0.96%, multiplied by the average account value over the period, multiplied by 61/365 (to reflect 61 days in the period since class commencement of operations).
Nuveen Mid Cap Growth Opportunities Fund
Actual Performance | Hypothetical Performance (5% annualized return before expenses) | |||||||||||||||||||||||||||||||||||||||||||||||||
A Shares | B Shares | C Shares | R3 Shares | R6 Shares | I Shares | A Shares | B Shares | C Shares | R3 Shares | R6 Shares | I Shares | |||||||||||||||||||||||||||||||||||||||
Beginning Account Value (11/01/12) | $ | 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 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||||||||||||||
Ending Account Value (4/30/13) | $ | 1,123.40 | $ | 1,119.20 | $ | 1,119.40 | $ | 1,122.00 | $ | 1,033.90 | $ | 1,124.90 | $ | 1,018.45 | $ | 1,014.73 | $ | 1,014.68 | $ | 1,017.21 | $ | 1,006.77 | $ | 1,019.69 | ||||||||||||||||||||||||||
Expenses Incurred During Period | $ | 6.74 | $ | 10.67 | $ | 10.72 | $ | 8.05 | $ | 1.61 | $ | 5.43 | $ | 6.41 | $ | 10.14 | $ | 10.19 | $ | 7.65 | $ | 1.59 | $ | 5.16 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.28%, 2.03%, 2.04%, 1.53% and 1.03% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). For Class R6, expenses are equal to the Fund’s annualized net expense ratio of 0.95%, multiplied by the average account value over the period, multiplied by 61/365 (to reflect 61 days in the period since class commencement of operations).
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 (11/01/12) | $ | 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 (4/30/13) | $ | 1,154.10 | $ | 1,149.90 | $ | 1,150.20 | $ | 1,152.40 | $ | 1,155.70 | $ | 1,017.50 | $ | 1,013.79 | $ | 1,013.79 | $ | 1,016.27 | $ | 1,018.74 | ||||||||||||||||||||||
Expenses Incurred During Period | $ | 7.85 | $ | 11.83 | $ | 11.84 | $ | 9.18 | $ | 6.52 | $ | 7.35 | $ | 11.08 | $ | 11.08 | $ | 8.60 | $ | 6.11 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.47%, 2.22%, 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 181/365 (to reflect the one-half year period).
20 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Large Cap Growth Opportunities Fund
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
COMMON STOCKS – 99.9% | ||||||||||||||
Aerospace & Defense – 2.1% | ||||||||||||||
35,765 | Precision Castparts Corporation | $ | 6,841,487 | |||||||||||
61,017 | United Technologies Corporation | 5,570,242 | ||||||||||||
Total Aerospace & Defense | 12,411,729 | |||||||||||||
Airlines – 1.0% | ||||||||||||||
136,435 | Ryanair Holdings PLC | 5,913,093 | ||||||||||||
Auto Components – 1.0% | ||||||||||||||
74,860 | BorgWarner Inc., (2) | 5,851,806 | ||||||||||||
Biotechnology – 4.9% | ||||||||||||||
13,008 | Biogen Idec Inc., (2) | 2,847,841 | ||||||||||||
94,495 | Celgene Corporation, (2) | 11,157,025 | ||||||||||||
293,632 | Gilead Sciences, Inc., (2), (3) | 14,869,524 | ||||||||||||
Total Biotechnology | 28,874,390 | |||||||||||||
Capital Markets – 1.8% | ||||||||||||||
257,658 | Charles Schwab Corporation, (3) | 4,369,880 | ||||||||||||
40,564 | Goldman Sachs Group, Inc. | 5,925,183 | ||||||||||||
Total Capital Markets | 10,295,063 | |||||||||||||
Chemicals – 2.9% | ||||||||||||||
104,564 | Monsanto Company | 11,169,526 | ||||||||||||
40,691 | PPG Industries, Inc., (3) | 5,987,274 | ||||||||||||
Total Chemicals | 17,156,800 | |||||||||||||
Computers & Peripherals – 4.6% | ||||||||||||||
60,140 | Apple, Inc. | 26,626,985 | ||||||||||||
Consumer Finance – 1.5% | ||||||||||||||
126,421 | American Express Company | 8,648,461 | ||||||||||||
Diversified Financial Services – 2.4% | ||||||||||||||
119,293 | JPMorgan Chase & Co. | 5,846,550 | ||||||||||||
137,785 | Moody’s Corporation, (3) | 8,384,217 | ||||||||||||
Total Diversified Financial Services | 14,230,767 | |||||||||||||
Diversified Telecommunication Services – 1.5% | ||||||||||||||
166,077 | Verizon Communications Inc. | 8,953,211 | ||||||||||||
Electrical Equipment – 1.0% | ||||||||||||||
65,929 | Rockwell Automation, Inc. | 5,589,459 | ||||||||||||
Energy Equipment & Services – 0.9% | ||||||||||||||
71,050 | Oceaneering International Inc. | 4,985,579 | ||||||||||||
Food & Staples Retailing – 4.4% | ||||||||||||||
104,779 | Costco Wholesale Corporation | 11,361,187 | ||||||||||||
109,892 | Wal-Mart Stores, Inc. | 8,540,806 | ||||||||||||
66,763 | Whole Foods Market, Inc. | 5,896,508 | ||||||||||||
Total Food & Staples Retailing | 25,798,501 | |||||||||||||
Food Products – 1.3% | ||||||||||||||
243,446 | Mondelez International Inc. | 7,656,377 | ||||||||||||
Health Care Providers & Services – 2.7% | ||||||||||||||
137,276 | Express Scripts, Holding Company, (2) | 8,150,076 | ||||||||||||
70,840 | McKesson HBOC Inc. | 7,496,289 | ||||||||||||
Total Health Care Providers & Services | 15,646,365 |
Nuveen Investments | 21 |
Portfolio of Investments (Unaudited)
Nuveen Large Cap Growth Opportunities Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Health Care Technology – 1.3% | ||||||||||||||
76,077 | Cerner Corporation, (2), (3) | $ | 7,361,971 | |||||||||||
Hotels, Restaurants & Leisure – 2.7% | ||||||||||||||
117,744 | Las Vegas Sands | 6,623,100 | ||||||||||||
154,946 | Starbucks Corporation | 9,426,915 | ||||||||||||
Total Hotels, Restaurants & Leisure | 16,050,015 | |||||||||||||
Industrial Conglomerates – 2.0% | ||||||||||||||
187,886 | Danaher Corporation | 11,449,773 | ||||||||||||
Internet & Catalog Retail – 3.4% | ||||||||||||||
44,112 | Amazon.com, Inc., (2) | 11,196,067 | ||||||||||||
12,273 | priceline.com Incorporated, (2) | 8,541,885 | ||||||||||||
Total Internet & Catalog Retail | 19,737,952 | |||||||||||||
Internet Software & Services – 7.5% | ||||||||||||||
254,840 | eBay Inc., (2) | 13,351,068 | ||||||||||||
28,307 | Google Inc., Class A, (2) | 23,341,103 | ||||||||||||
36,182 | LinkedIn Corporation, Class A Shares, (2), (3) | 6,950,200 | ||||||||||||
Total Internet Software & Services | 43,642,371 | |||||||||||||
IT Services – 8.1% | ||||||||||||||
150,488 | Accenture Limited, Class A | 12,255,743 | ||||||||||||
31,259 | MasterCard, Inc., Class A | 17,284,039 | ||||||||||||
105,298 | Visa Inc., Class A | 17,738,501 | ||||||||||||
Total IT Services | 47,278,283 | |||||||||||||
Leisure Equipment & Products – 0.7% | ||||||||||||||
50,774 | Polaris Industries Inc. | 4,376,211 | ||||||||||||
Life Sciences Tools & Services – 1.0% | ||||||||||||||
29,274 | Mettler-Toledo International Inc., (2), (3) | 6,117,095 | ||||||||||||
Machinery – 2.7% | ||||||||||||||
94,388 | Cummins Inc. | 10,041,939 | ||||||||||||
97,942 | Graco Inc. | 5,928,429 | ||||||||||||
Total Machinery | 15,970,368 | |||||||||||||
Media – 5.1% | ||||||||||||||
136,330 | DirecTV, (2) | 7,710,825 | ||||||||||||
97,419 | Discovery Communications Inc., Class A Shares, (2), (3) | 7,678,566 | ||||||||||||
1,756,906 | Sirius XM Radio Inc., (3) | 5,709,945 | ||||||||||||
137,372 | Walt Disney Company, (3) | 8,632,456 | ||||||||||||
Total Media | 29,731,792 | |||||||||||||
Oil, Gas & Consumable Fuels – 2.6% | ||||||||||||||
73,021 | Cabot Oil & Gas Corporation | 4,969,079 | ||||||||||||
57,865 | Continental Resources Inc., (2) | 4,624,571 | ||||||||||||
45,745 | Pioneer Natural Resources Company, (3) | 5,591,411 | ||||||||||||
Total Oil, Gas & Consumable Fuels | 15,185,061 | |||||||||||||
Personal Products – 1.5% | ||||||||||||||
128,514 | Estee Lauder Companies Inc., Class A | 8,912,446 | ||||||||||||
Pharmaceuticals – 4.8% | ||||||||||||||
100,647 | Allergan, Inc., (3) | 11,428,467 | ||||||||||||
280,065 | Bristol-Myers Squibb Company | 11,124,182 |
22 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Pharmaceuticals (continued) | ||||||||||||||
187,400 | Pfizer Inc. | $ | 5,447,718 | |||||||||||
Total Pharmaceuticals | 28,000,367 | |||||||||||||
Real Estate Investment Trust – 2.6% | ||||||||||||||
179,713 | American Tower REIT Inc. | 15,094,095 | ||||||||||||
Road & Rail – 4.0% | ||||||||||||||
214,723 | Hertz Global Holdings Inc., (2), (3) | 5,170,530 | ||||||||||||
125,028 | J.B. Hunt Transports Serives Inc., (3) | 8,885,740 | ||||||||||||
87,358 | Kansas City Southern Industries, (3) | 9,528,137 | ||||||||||||
Total Road & Rail | 23,584,407 | |||||||||||||
Semiconductors & Equipment – 1.2% | ||||||||||||||
153,756 | ARM Holdings PLC, (3) | 7,188,093 | ||||||||||||
Software – 3.6% | ||||||||||||||
63,781 | NetSuite Inc., (2), (3) | 5,610,177 | ||||||||||||
248,572 | Salesforce.com, Inc., (2), (3) | 10,218,795 | ||||||||||||
82,478 | Workday Inc., Class A, (2), (3) | 5,167,247 | ||||||||||||
Total Software | 20,996,219 | |||||||||||||
Specialty Retail – 5.0% | ||||||||||||||
18,986 | AutoZone, Inc., (2) | 7,766,983 | ||||||||||||
141,834 | CarMax, Inc., (2) | 6,530,037 | ||||||||||||
155,739 | Gap, Inc. | 5,916,525 | ||||||||||||
179,989 | TJX Companies, Inc. | 8,778,064 | ||||||||||||
Total Specialty Retail | 28,991,609 | |||||||||||||
Textiles, Apparel & Luxury Goods – 1.4% | ||||||||||||||
46,661 | Ralph Lauren Corporation, Class A, (3) | 8,472,704 | ||||||||||||
Tobacco – 3.0% | ||||||||||||||
181,904 | Philip Morris International | 17,388,203 | ||||||||||||
Trading Companies & Distributors – 1.7% | ||||||||||||||
39,164 | W.W. Grainger, Inc., (3) | 9,652,751 | ||||||||||||
Total Common Stocks (cost $423,377,624) | 583,820,372 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 15.8% | ||||||||||||||
Money Market Funds – 15.8% | ||||||||||||||
92,312,826 | Mount Vernon Securities Lending Prime Portfolio, 0.214%, (4), (5) | $ | 92,312,826 | |||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $92,312,826) | 92,312,826 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 0.3% | ||||||||||||||
Money Market Funds – 0.3% | ||||||||||||||
1,768,903 | First American Treasury Obligations Fund, Class Z, 0.000%, (4) | $ | 1,768,903 | |||||||||||
Total Short-Term Investments (cost $1,768,903) | 1,768,903 | |||||||||||||
Total Investments (cost $517,459,353) – 116.0% | 677,902,101 | |||||||||||||
Other Assets Less Liabilities – (16.0)% | (93,483,098) | |||||||||||||
Net Assets – 100% | $ | 584,419,003 |
Nuveen Investments | 23 |
Portfolio of Investments (Unaudited)
Nuveen Large Cap Growth Opportunities Fund (continued)
April 30, 2013
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
(3) | Investment, or portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $89,290,638. |
(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.
24 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Growth Opportunities Fund
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
COMMON STOCKS – 99.5% | ||||||||||||||
Aerospace & Defense – 1.3% | ||||||||||||||
189,056 | Triumph Group Inc., (2) | $ | 15,105,574 | |||||||||||
Airlines – 1.2% | ||||||||||||||
312,086 | Ryanair Holdings PLC, (2) | 13,525,807 | ||||||||||||
Auto Components – 1.2% | ||||||||||||||
180,197 | BorgWarner Inc., (3) | 14,085,999 | ||||||||||||
Biotechnology – 4.0% | ||||||||||||||
181,468 | Medivation, Inc., (2), (3) | 9,565,178 | ||||||||||||
177,372 | Onyx Pharmaceuticals Inc., (3) | 16,814,866 | ||||||||||||
91,871 | Regeneron Pharmaceuticals, Inc., (2), (3) | 19,765,127 | ||||||||||||
Total Biotechnology | 46,145,171 | |||||||||||||
Capital Markets – 5.1% | ||||||||||||||
122,741 | Affiliated Managers Group Inc., (3) | 19,108,319 | ||||||||||||
214,221 | Evercore Partners Inc. | 8,086,843 | ||||||||||||
176,819 | Raymond James Financial Inc. | 7,323,843 | ||||||||||||
256,024 | T. Rowe Price Group Inc. | 18,561,740 | ||||||||||||
294,129 | TD Ameritrade Holding Corporation | 5,856,108 | ||||||||||||
Total Capital Markets | 58,936,853 | |||||||||||||
Chemicals – 4.7% | ||||||||||||||
147,283 | Airgas, Inc. | 14,234,902 | ||||||||||||
274,402 | FMC Corporation | 16,656,201 | ||||||||||||
154,504 | PPG Industries, Inc. | 22,733,719 | ||||||||||||
Total Chemicals | 53,624,822 | |||||||||||||
Communications Equipment – 0.9% | ||||||||||||||
184,174 | Palo Alto Networks, Inc., (3) | 9,963,813 | ||||||||||||
Construction & Engineering – 1.0% | ||||||||||||||
212,837 | Chicago Bridge & Iron Company N.V., (2) | 11,448,502 | ||||||||||||
Consumer Finance – 0.8% | ||||||||||||||
203,595 | Discover Financial Services | 8,905,245 | ||||||||||||
Diversified Financial Services – 1.3% | ||||||||||||||
254,047 | Moody’s Corporation | 15,458,760 | ||||||||||||
Electrical Equipment – 4.6% | ||||||||||||||
466,883 | Ametek Inc. | 19,006,807 | ||||||||||||
190,787 | Rockwell Automation, Inc. | 16,174,922 | ||||||||||||
153,442 | Roper Industries Inc., (2) | 18,359,335 | ||||||||||||
Total Electrical Equipment | 53,541,064 | |||||||||||||
Electronic Equipment & Instruments – 2.2% | ||||||||||||||
332,451 | Amphenol Corporation, Class A, (2) | 25,106,700 | ||||||||||||
Energy Equipment & Services – 3.8% | ||||||||||||||
288,842 | Cooper Cameron Corporation, (3) | 17,778,225 | ||||||||||||
58,884 | Core Laboratories NV, (2) | 8,525,226 | ||||||||||||
247,099 | Oceaneering International Inc. | 17,338,937 | ||||||||||||
Total Energy Equipment & Services | 43,642,388 | |||||||||||||
Food & Staples Retailing – 1.3% | ||||||||||||||
165,170 | Whole Foods Market, Inc. | 14,587,814 |
Nuveen Investments | 25 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Growth Opportunities Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Food Products – 1.3% | ||||||||||||||
189,945 | Mead Johnson Nutrition Company, Class A Shares | $ | 15,402,640 | |||||||||||
Health Care Equipment & Supplies – 3.3% | ||||||||||||||
233,654 | Cyberonics, (2), (3) | 10,145,257 | ||||||||||||
114,899 | Idexx Labs Inc., (2), (3) | 10,106,516 | ||||||||||||
372,433 | ResMed Inc., (2) | 17,884,233 | ||||||||||||
Total Health Care Equipment & Supplies | 38,136,006 | |||||||||||||
Health Care Providers & Services – 2.1% | ||||||||||||||
199,878 | Catamaran Corporation, (3) | 11,538,957 | ||||||||||||
141,755 | Henry Schein Inc., (3) | 12,814,652 | ||||||||||||
Total Health Care Providers & Services | 24,353,609 | |||||||||||||
Health Care Technology – 3.7% | ||||||||||||||
103,093 | AthenaHealth Inc., (2), (3) | 9,923,732 | ||||||||||||
278,683 | Cerner Corporation, (2), (3) | 26,968,154 | ||||||||||||
89,779 | Edwards Lifesciences Corporation, (2), (3) | 5,727,002 | ||||||||||||
Total Health Care Technology | 42,618,888 | |||||||||||||
Hotels, Restaurants & Leisure – 5.0% | ||||||||||||||
78,674 | Panera Bread Company, Class A, (2), (3) | 13,943,393 | ||||||||||||
227,176 | Starwood Hotels & Resorts Worldwide, Inc. | 14,657,396 | ||||||||||||
191,754 | Wyndham Worldwide Corporation | 11,520,580 | ||||||||||||
128,688 | Wynn Resorts Ltd | 17,668,862 | ||||||||||||
Total Hotels, Restaurants & Leisure | 57,790,231 | |||||||||||||
Internet & Catalog Retail – 0.9% | ||||||||||||||
14,429 | priceline.com Incorporated, (3) | 10,042,440 | ||||||||||||
Internet Software & Services – 3.4% | ||||||||||||||
74,997 | Equinix Inc., (2), (3) | 16,056,858 | ||||||||||||
122,710 | LinkedIn Corporation, Class A Shares, (2), (3) | 23,571,364 | ||||||||||||
Total Internet Software & Services | 39,628,222 | |||||||||||||
IT Services – 2.1% | ||||||||||||||
111,733 | FleetCor Technologies Inc., (3) | 8,592,268 | ||||||||||||
211,045 | Gartner Inc., (3) | 12,208,953 | ||||||||||||
114,169 | InterXion Holdings NV | 2,857,650 | ||||||||||||
Total IT Services | 23,658,871 | |||||||||||||
Leisure Equipment & Products – 1.2% | ||||||||||||||
161,186 | Polaris Industries Inc., (2) | 13,892,621 | ||||||||||||
Machinery – 4.8% | ||||||||||||||
94,742 | Flowserve Corporation | 14,980,605 | ||||||||||||
49,516 | Valmont Industries, Inc. | 7,215,967 | ||||||||||||
197,595 | WABCO Holdings Inc., (3) | 14,272,287 | ||||||||||||
178,157 | Wabtec Corporation | 18,695,796 | ||||||||||||
Total Machinery | 55,164,655 | |||||||||||||
Media – 4.4% | ||||||||||||||
141,688 | Discovery Communications Inc., Class A Shares, (2), (3) | 11,167,848 | ||||||||||||
257,115 | Liberty Global Inc, Class A Shares, (2), (3) | 18,607,413 | ||||||||||||
6,545,355 | Sirius XM Radio Inc., (2) | 21,272,404 | ||||||||||||
Total Media | 51,047,665 |
26 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Oil, Gas & Consumable Fuels – 2.9% | ||||||||||||||
214,922 | Cabot Oil & Gas Corporation | $ | 14,625,442 | |||||||||||
360,037 | Cobalt International Energy, Inc., (3) | 10,059,434 | ||||||||||||
102,987 | Continental Resources Inc., (2), (3) | 8,230,721 | ||||||||||||
Total Oil, Gas & Consumable Fuels | 32,915,597 | |||||||||||||
Personal Products – 0.6% | ||||||||||||||
140,424 | Nu Skin Enterprises, Inc., Class A, (2) | 7,123,710 | ||||||||||||
Professional Services – 1.9% | ||||||||||||||
348,927 | Verisk Analytics Inc, Class A Shares, (3) | 21,385,736 | ||||||||||||
Road & Rail – 4.3% | ||||||||||||||
542,816 | Hertz Global Holdings Inc., (2), (3) | 13,071,009 | ||||||||||||
254,405 | J.B. Hunt Transports Serives Inc., (2) | 18,080,563 | ||||||||||||
163,802 | Kansas City Southern Industries, (2) | 17,865,884 | ||||||||||||
Total Road & Rail | 49,017,456 | |||||||||||||
Semiconductors & Equipment – 1.4% | ||||||||||||||
349,331 | ARM Holdings PLC, (2) | 16,331,224 | ||||||||||||
Software – 7.8% | ||||||||||||||
202,458 | Ansys Inc., (3) | 16,370,754 | ||||||||||||
270,417 | Aspen Technology Inc., (3) | 8,242,310 | ||||||||||||
112,247 | CommVault Systems, Inc., (3) | 8,254,644 | ||||||||||||
112,378 | NetSuite Inc., (2), (3) | 9,884,769 | ||||||||||||
229,867 | Red Hat, Inc., (3) | 11,017,525 | ||||||||||||
162,889 | ServiceNow Inc., (3) | 6,671,933 | ||||||||||||
273,255 | Splunk Inc., (3) | 11,148,804 | ||||||||||||
257,545 | Synopsys Inc., (3) | 9,160,876 | ||||||||||||
149,382 | Workday Inc., Class A, (2), (3) | 9,358,782 | ||||||||||||
Total Software | 90,110,397 | |||||||||||||
Specialty Retail – 9.5% | ||||||||||||||
58,254 | AutoZone, Inc., (3) | 23,831,129 | ||||||||||||
324,281 | Dick’s Sporting Goods Inc., (2) | 15,597,916 | ||||||||||||
242,007 | Gap, Inc. | 9,193,846 | ||||||||||||
312,289 | GNC Holdings Inc., Class A, (2) | 14,156,060 | ||||||||||||
133,698 | PetSmart Inc. | 9,123,552 | ||||||||||||
300,900 | Ross Stores, Inc. | 19,880,463 | ||||||||||||
435,543 | Urban Outfitters, Inc., (3) | 18,048,902 | ||||||||||||
Total Specialty Retail | 109,831,868 | |||||||||||||
Textiles, Apparel & Luxury Goods – 3.4% | ||||||||||||||
206,672 | Michael Kors Holdings Limited, (3) | 11,767,904 | ||||||||||||
68,820 | PVH Corporation | 7,942,516 | ||||||||||||
108,270 | Ralph Lauren Corporation, Class A | 19,659,667 | ||||||||||||
Total Textiles, Apparel & Luxury Goods | 39,370,087 | |||||||||||||
Wireless Telecommunication Services – 2.1% | ||||||||||||||
306,522 | SBA Communications Corporation, (2), (3) | 24,212,173 | ||||||||||||
Total Common Stocks (cost $904,479,479) | 1,146,112,608 |
Nuveen Investments | 27 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Growth Opportunities Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 30.3% | ||||||||||||||
Money Market Funds – 30.3% | ||||||||||||||
349,119,769 | Mount Vernon Securities Lending Prime Portfolio, 0.214%, (4), (5) | $ | 349,119,769 | |||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $349,119,769) | 349,119,769 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 0.1% | ||||||||||||||
Money Market Funds – 0.1% | ||||||||||||||
1,534,624 | First American Treasury Obligations Fund, Class Z, 0.000%, (4) | $ | 1,534,624 | |||||||||||
Total Short-Term Investments (cost $1,534,624) | 1,534,624 | |||||||||||||
Total Investments (cost $1,255,133,872) – 129.9% | 1,496,767,001 | |||||||||||||
Other Assets Less Liabilities – (29.9)% | (344,292,854) | |||||||||||||
Net Assets – 100% | $ | 1,152,474,147 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Investment, or portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $337,380,202. |
(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.
28 | Nuveen Investments |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Growth Opportunities Fund
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
COMMON STOCKS – 97.5% | ||||||||||||||
Aerospace & Defense – 3.2% | ||||||||||||||
45,631 | Hexcel Corporation, (2), (3) | $ | 1,391,746 | |||||||||||
69,644 | Orbital Sciences Corporation, (2), (3) | 1,254,985 | ||||||||||||
Total Aerospace & Defense | 2,646,731 | |||||||||||||
Air Freight & Logistics – 1.4% | ||||||||||||||
30,422 | Forward Air Corporation | 1,122,268 | ||||||||||||
Airlines – 1.8% | ||||||||||||||
24,057 | Alaska Air Group, Inc., (2) | 1,482,873 | ||||||||||||
Auto Components – 1.6% | ||||||||||||||
34,099 | Tenneco Inc., (2), (3) | 1,318,608 | ||||||||||||
Biotechnology – 9.8% | ||||||||||||||
59,747 | Achillion Pharmaceuticals, Inc., (2) | 450,492 | ||||||||||||
40,952 | Alkermes Inc., (2) | 1,253,541 | ||||||||||||
28,479 | Cepheid, Inc., (2), (3) | 1,085,904 | ||||||||||||
28,509 | Cubist Pharmaceuticals Inc., (2), (3) | 1,309,133 | ||||||||||||
26,136 | Immunogen, Inc., (2), (3) | 418,699 | ||||||||||||
44,202 | Incyte Pharmaceuticals Inc., (2), (3) | 979,074 | ||||||||||||
43,877 | Myriad Genentics Inc., (2) | 1,221,974 | ||||||||||||
11,922 | Pharmacyclics, Inc., (2), (3) | 971,643 | ||||||||||||
13,506 | Theravance Inc., (2), (3) | 455,828 | ||||||||||||
Total Biotechnology | 8,146,288 | |||||||||||||
Capital Markets – 1.2% | ||||||||||||||
30,815 | Stifel Financial Corporation, (2), (3) | 992,859 | ||||||||||||
Chemicals – 2.7% | ||||||||||||||
36,598 | H.B. Fuller Company | 1,387,064 | ||||||||||||
36,682 | Kraton Performance Polymers Inc., (2) | 833,048 | ||||||||||||
Total Chemicals | 2,220,112 | |||||||||||||
Commercial Banks – 4.6% | ||||||||||||||
55,529 | Cathay General Bancorp. | 1,094,477 | ||||||||||||
60,182 | East West Bancorp Inc. | 1,464,228 | ||||||||||||
32,647 | Home Bancshares, Inc. | 1,296,739 | ||||||||||||
Total Commercial Banks | 3,855,444 | |||||||||||||
Commercial Services & Supplies – 2.2% | ||||||||||||||
42,934 | Interface, Inc. | 718,715 | ||||||||||||
43,630 | Tetra Tech, Inc., (2), (3) | 1,147,033 | ||||||||||||
Total Commercial Services & Supplies | 1,865,748 | |||||||||||||
Communications Equipment – 4.7% | ||||||||||||||
44,376 | Aruba Networks, Inc., (2), (3) | 998,016 | ||||||||||||
83,422 | IXIA, (2), (3) | 1,373,960 | ||||||||||||
34,778 | Plantronics Inc. | 1,523,972 | ||||||||||||
Total Communications Equipment | 3,895,948 | |||||||||||||
Construction & Engineering – 2.6% | ||||||||||||||
46,419 | MasTec Inc., (2), (3) | 1,290,448 | ||||||||||||
37,024 | MYR Group Inc., (2) | 844,147 | ||||||||||||
Total Construction & Engineering | 2,134,595 |
Nuveen Investments | 29 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Growth Opportunities Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Diversified Consumer Services – 1.0% | ||||||||||||||
32,462 | Grand Canyon Education Inc., (2) | $ | 830,053 | |||||||||||
Electrical Equipment – 2.7% | ||||||||||||||
19,278 | Acuity Brands Inc., (3) | 1,406,523 | ||||||||||||
42,495 | Thermon Group Holdings Inc., (2) | 832,902 | ||||||||||||
Total Electrical Equipment | 2,239,425 | |||||||||||||
Electronic Equipment & Instruments – 1.0% | ||||||||||||||
29,909 | National Instruments Corporation | 817,413 | ||||||||||||
Energy Equipment & Services – 1.7% | ||||||||||||||
16,843 | Dril Quip Inc., (2), (3) | 1,409,928 | ||||||||||||
Food Products – 3.2% | ||||||||||||||
27,849 | Annie’s Incorporated, (2), (3) | 1,052,414 | ||||||||||||
25,287 | Treehouse Foods Inc., (2) | 1,611,035 | ||||||||||||
Total Food Products | 2,663,449 | |||||||||||||
Health Care Equipment & Supplies – 7.9% | ||||||||||||||
37,554 | Align Technology, Inc., (2), (3) | 1,243,788 | ||||||||||||
32,282 | Haemonetics Corporation, (2) | 1,242,857 | ||||||||||||
19,419 | ICU Medical, Inc., (2) | 1,169,995 | ||||||||||||
43,594 | NuVasive, Inc., (2) | 914,166 | ||||||||||||
96,903 | Nxstage Medical, Inc., (2) | 1,082,407 | ||||||||||||
39,104 | Quidel Corporation, (2) | 872,801 | ||||||||||||
Total Health Care Equipment & Supplies | 6,526,014 | |||||||||||||
Health Care Providers & Services – 2.3% | ||||||||||||||
37,136 | HealthSouth Corporation, (2) | 1,021,240 | ||||||||||||
19,515 | IPC The Hospitalist Company, Inc., (2) | 890,274 | ||||||||||||
Total Health Care Providers & Services | 1,911,514 | |||||||||||||
Health Care Technology – 1.5% | ||||||||||||||
49,387 | HMS Holdings Corporation, (2), (3) | 1,245,046 | ||||||||||||
Hotels, Restaurants & Leisure – 2.6% | ||||||||||||||
55,517 | Bravo Brio Restaurant Group, (2) | 943,789 | ||||||||||||
13,529 | Buffalo Wild Wings, Inc., (2), (3) | 1,217,610 | ||||||||||||
Total Hotels, Restaurants & Leisure | 2,161,399 | |||||||||||||
Household Durables – 2.0% | ||||||||||||||
46,844 | La-Z-Boy Inc. | 846,003 | ||||||||||||
42,572 | Tri Pointe Homes, Incorporated, (2), (3) | 808,868 | ||||||||||||
Total Household Durables | 1,654,871 | |||||||||||||
Internet Software & Services – 2.7% | ||||||||||||||
46,537 | DealerTrack Technologies Inc., (2), (3) | 1,296,055 | ||||||||||||
89,322 | Perficient, Inc., (2) | 936,095 | ||||||||||||
Total Internet Software & Services | 2,232,150 | |||||||||||||
Leisure Equipment & Products – 2.8% | ||||||||||||||
20,512 | Arctic Cat, Inc., (2), (3) | 922,835 | ||||||||||||
44,898 | Brunswick Corporation, (3) | 1,421,471 | ||||||||||||
Total Leisure Equipment & Products | 2,344,306 | |||||||||||||
Machinery – 2.6% | ||||||||||||||
33,192 | Actuant Corporation, Class A | 1,038,910 |
30 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Machinery (continued) | ||||||||||||||
30,694 | ESCO Technologies Inc. | $ | 1,104,063 | |||||||||||
Total Machinery | 2,142,973 | |||||||||||||
Oil, Gas & Consumable Fuels – 3.1% | ||||||||||||||
56,237 | Energy XXI Limited Bermuda | 1,278,829 | ||||||||||||
37,574 | Oasis Petroleum Inc., (2), (3) | 1,286,158 | ||||||||||||
Total Oil, Gas & Consumable Fuels | 2,564,987 | |||||||||||||
Personal Products – 1.5% | ||||||||||||||
25,308 | Nu Skin Enterprises, Inc., Class A, (3) | 1,283,875 | ||||||||||||
Pharmaceuticals – 2.5% | ||||||||||||||
19,594 | Jazz Pharmaceuticals, Inc., (2), (3) | 1,143,310 | ||||||||||||
17,831 | Salix Pharmaceuticals Limited, (2) | 932,383 | ||||||||||||
Total Pharmaceuticals | 2,075,693 | |||||||||||||
Professional Services – 0.9% | ||||||||||||||
37,720 | TrueBlue Inc., (2), (3) | 781,558 | ||||||||||||
Real Estate Investment Trust – 2.1% | ||||||||||||||
51,617 | Medical Properties Trust Inc. | 830,518 | ||||||||||||
26,528 | Omega Healthcare Investors Inc., (3) | 871,975 | ||||||||||||
Total Real Estate Investment Trust | 1,702,493 | |||||||||||||
Road & Rail – 1.3% | ||||||||||||||
78,268 | Swift Transportation Company, Class A, (2), (3) | 1,097,317 | ||||||||||||
Semiconductors & Equipment – 4.7% | ||||||||||||||
26,499 | Semtech Corporation, (2), (3) | 849,823 | ||||||||||||
27,489 | Silicon Laboratories Inc., (2) | 1,091,588 | ||||||||||||
88,002 | Skyworks Solutions Inc., (2), (3) | 1,942,204 | ||||||||||||
Total Semiconductors & Equipment | 3,883,615 | |||||||||||||
Software – 4.9% | ||||||||||||||
30,494 | Aspen Technology Inc., (2) | 929,457 | ||||||||||||
64,141 | Fortinet Inc., (2) | 1,151,972 | ||||||||||||
23,990 | Micros Systems, Inc., (2), (3) | 1,017,416 | ||||||||||||
9,681 | Ultimate Software Group, Inc., (2), (3) | 935,088 | ||||||||||||
591,081 | VideoPropulsion Inc., (2), (4) | — | ||||||||||||
Total Software | 4,033,933 | |||||||||||||
Specialty Retail – 5.4% | ||||||||||||||
38,677 | Ann Inc., (2) | 1,142,519 | ||||||||||||
58,035 | Ascena Retail Group Inc., (2), (3) | 1,073,648 | ||||||||||||
67,367 | Express Inc., (2) | 1,226,753 | ||||||||||||
17,074 | Genesco Inc., (2) | 1,050,905 | ||||||||||||
Total Specialty Retail | 4,493,825 | |||||||||||||
Textiles, Apparel & Luxury Goods – 1.3% | ||||||||||||||
22,481 | Wolverine World Wide Inc., (3) | 1,073,917 | ||||||||||||
Total Common Stocks (cost $67,641,664) | 80,851,228 |
Nuveen Investments | 31 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Growth Opportunities Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 38.3% | ||||||||||||||
Money Market Funds – 38.3% | ||||||||||||||
31,806,219 | Mount Vernon Securities Lending Prime Portfolio, 0.214%, (5), (6) | $ | 31,806,219 | |||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $31,806,219) | 31,806,219 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 3.8% | ||||||||||||||
Money Market Funds – 3.8% | ||||||||||||||
3,110,155 | First American Treasury Obligations Fund, Class Z, 0.000%, (5) | $ | 3,110,155 | |||||||||||
Total Short-Term Investments (cost $3,110,155) | 3,110,155 | |||||||||||||
Total Investments (cost $102,558,038) – 139.6% | 115,767,602 | |||||||||||||
Other Assets Less Liabilities – (39.6)% | (32,819,001) | |||||||||||||
Net Assets – 100% | $ | 82,948,601 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
(3) | Investment, or portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $30,713,239. |
(4) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board of Trustees. For fair value measurement disclosure purposes, investment classified 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.
32 | Nuveen Investments |
Statement of Assets & Liabilities (Unaudited)
April 30, 2013
Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||||||||
Assets | ||||||||||||
Investments, at value (cost $425,146,527, $906,014,103 and $70,751,819, respectively) | $ | 585,589,275 | $ | 1,147,647,232 | $ | 83,961,383 | ||||||
Investments purchased with collateral from securities lending (at cost, which approximates value) | 92,312,826 | 349,119,769 | 31,806,219 | |||||||||
Receivables: | ||||||||||||
Dividends | 211,569 | 89,363 | 30,100 | |||||||||
Due from broker | 9,883 | 36,423 | 9,929 | |||||||||
Investments sold | 4,458,560 | 12,425,560 | 1,424,407 | |||||||||
Shares sold | 411,656 | 643,047 | 314,654 | |||||||||
Other assets | 10,063 | 19,776 | 134 | |||||||||
Total assets | 683,003,832 | 1,509,981,170 | 117,546,826 | |||||||||
Liabilities | ||||||||||||
Payables: | ||||||||||||
Collateral from securities lending program | 92,312,826 | 349,119,769 | 31,806,219 | |||||||||
Investments purchased | 4,688,641 | 4,827,052 | 1,683,732 | |||||||||
Shares redeemed | 967,064 | 2,205,144 | 995,638 | |||||||||
Accrued expenses: | ||||||||||||
Directors fees | 12,330 | 24,235 | 628 | |||||||||
12b-1 distribution and service fees | 45,282 | 99,920 | 9,732 | |||||||||
Management fees | 393,043 | 809,302 | 68,024 | |||||||||
Other | 165,643 | 421,601 | 34,252 | |||||||||
Total liabilities | 98,584,829 | 357,507,023 | 34,598,225 | |||||||||
Net assets | $ | 584,419,003 | $ | 1,152,474,147 | $ | 82,948,601 | ||||||
Class A Shares | ||||||||||||
Net assets | $ | 146,902,910 | $ | 325,146,721 | $ | 35,710,470 | ||||||
Shares outstanding | 3,951,514 | 7,374,718 | 1,587,885 | |||||||||
Net asset value per share | $ | 37.18 | $ | 44.09 | $ | 22.49 | ||||||
Offering price per share (net asset value per share plus maximum | $ | 39.45 | $ | 46.78 | $ | 23.86 | ||||||
Class B Shares | ||||||||||||
Net assets | $ | 1,220,368 | $ | 2,110,228 | $ | 563,452 | ||||||
Shares outstanding | 36,699 | 56,850 | 29,694 | |||||||||
Net asset value and offering price per share | $ | 33.25 | $ | 37.12 | $ | 18.98 | ||||||
Class C Shares | ||||||||||||
Net assets | $ | 13,321,322 | $ | 19,178,791 | $ | 1,693,985 | ||||||
Shares outstanding | 391,701 | 489,078 | 84,647 | |||||||||
Net asset value and offering price per share | $ | 34.01 | $ | 39.21 | $ | 20.01 | ||||||
Class R3 Shares | ||||||||||||
Net assets | $ | 9,344,599 | $ | 41,145,869 | $ | 1,436,290 | ||||||
Shares outstanding | 256,622 | 959,509 | 65,439 | |||||||||
Net asset value and offering price per share | $ | 36.41 | $ | 42.88 | $ | 21.95 | ||||||
Class R6 Shares(1) | ||||||||||||
Net assets | $ | 22,982,371 | $ | 10,238,920 | N/A | |||||||
Shares outstanding | 591,770 | 212,472 | N/A | |||||||||
Net asset value and offering price per share | $ | 38.84 | $ | 48.19 | N/A | |||||||
Class I Shares | ||||||||||||
Net assets | $ | 390,647,433 | $ | 754,653,618 | $ | 43,544,404 | ||||||
Shares outstanding | 10,059,936 | 15,661,828 | 1,772,085 | |||||||||
Net asset value and offering price per share | $ | 38.83 | $ | 48.18 | $ | 24.57 | ||||||
Net assets consist of: | ||||||||||||
Capital paid-in | $ | 381,319,795 | $ | 831,173,978 | $ | 65,017,666 | ||||||
Undistributed (Over-distribution of) net investment income | (454,859 | ) | (3,430,733 | ) | (400,013 | ) | ||||||
Accumulated net realized gain (loss) | 43,111,319 | 83,097,773 | 5,121,384 | |||||||||
Net unrealized appreciation (depreciation) | 160,442,748 | 241,633,129 | 13,209,564 | |||||||||
Net assets | $ | 584,419,003 | $ | 1,152,474,147 | $ | 82,948,601 | ||||||
Authorized shares – per class | 2 billion | 2 billion | 2 billion | |||||||||
Par value per share | $ | 0.0001 | $ | 0.0001 | $ | 0.0001 |
N/A | – Small Cap Growth Opportunities does not offer Class R6 Shares. |
(1) | – Class R6 Shares were established and commenced operations on February 28, 2013. |
See accompanying notes to financial statements.
Nuveen Investments | 33 |
Statement of Operations (Unaudited)
Six Months Ended April 30, 2013
Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||||||||
Investment Income | ||||||||||||
Dividend and interest income (net of foreign tax withheld of $648, $10,931 and $—, respectively) | $ | 3,648,523 | $ | 4,972,458 | $ | 168,622 | ||||||
Securities lending income, net | 72,087 | 311,746 | 36,408 | |||||||||
Total investment income | 3,720,610 | 5,284,204 | 205,030 | |||||||||
Expenses | ||||||||||||
Management fees | 2,382,886 | 4,858,621 | 436,551 | |||||||||
12b-1 service fees – Class A | 174,499 | 390,930 | 45,278 | |||||||||
12b-1 distribution and service fees – Class B | 6,893 | 11,994 | 3,010 | |||||||||
12b-1 distribution and service fees – Class C | 61,953 | 91,551 | 8,314 | |||||||||
12b-1 distribution and service fees – Class R3 | 24,394 | 99,614 | 5,214 | |||||||||
Shareholder servicing agent fees and expenses | 245,008 | 738,938 | 59,488 | |||||||||
Custodian fees and expenses | 52,972 | 93,600 | 13,004 | |||||||||
Directors fees and expenses | 6,805 | 13,093 | 1,182 | |||||||||
Professional fees | 24,117 | 35,159 | 14,049 | |||||||||
Shareholder reporting expenses | 30,494 | 42,168 | 8,537 | |||||||||
Federal and state registration fees | 51,442 | 52,872 | 31,567 | |||||||||
Other expenses | 5,916 | 9,836 | 2,224 | |||||||||
Total expenses before fee waiver/expense reimbursement | 3,067,379 | 6,438,376 | 628,418 | |||||||||
Fee waiver/expense reimbursement | — | (41,020 | ) | (34,065 | ) | |||||||
Net expenses | 3,067,379 | 6,397,356 | 594,353 | |||||||||
Net investment income (loss) | 653,231 | (1,113,152 | ) | (389,323 | ) | |||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from investments | 43,992,468 | 84,587,091 | 6,217,203 | |||||||||
Change in net unrealized appreciation (depreciation) of investments | 13,042,626 | 48,412,689 | 6,976,695 | |||||||||
Net realized and unrealized gain (loss) | 57,035,094 | 132,999,780 | 13,193,898 | |||||||||
Net increase (decrease) in net assets from operations | $ | 57,688,325 | $ | 131,886,628 | $ | 12,804,575 |
See accompanying notes to financial statements.
34 | Nuveen Investments |
Statement of Changes in Net Assets (Unaudited)
Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||||||||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | Six Months Ended 4/30/13 | Year Ended 10/31/12 | Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income (loss) | $ | 653,231 | $ | (1,093,505 | ) | $ | (1,113,152 | ) | $ | (2,677,860 | ) | $ | (389,323 | ) | $ | (847,550 | ) | |||||||
Net realized gain (loss) from investments and | 43,992,468 | 8,688,927 | 84,587,091 | 76,780,307 | 6,217,203 | 8,329,187 | ||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments and | 13,042,626 | 34,772,397 | 48,412,689 | (1,595,420 | ) | 6,976,695 | (1,326,405 | ) | ||||||||||||||||
Net increase (decrease) in net assets from operations | 57,688,325 | 42,367,819 | 131,886,628 | 72,507,027 | 12,804,575 | 6,155,232 | ||||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||
Class A | — | — | — | — | — | — | ||||||||||||||||||
Class B | — | �� | — | — | — | — | — | |||||||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||||||||
Class R3 | — | — | — | — | — | — | ||||||||||||||||||
Class R6(1) | — | — | — | — | N/A | N/A | ||||||||||||||||||
Class I | — | — | — | — | — | — | ||||||||||||||||||
From accumulated net realized gains: | ||||||||||||||||||||||||
Class A | (1,591,399 | ) | (3,267,944 | ) | (22,356,020 | ) | (10,990,297 | ) | (2,910,523 | ) | (522,866 | ) | ||||||||||||
Class B | (18,638 | ) | (86,687 | ) | (215,259 | ) | (172,338 | ) | (56,611 | ) | (21,854 | ) | ||||||||||||
Class C | (155,108 | ) | (329,271 | ) | (1,457,568 | ) | (618,790 | ) | (141,702 | ) | (24,581 | ) | ||||||||||||
Class R3 | (117,432 | ) | (146,968 | ) | (2,936,652 | ) | (1,376,941 | ) | (179,503 | ) | (34,697 | ) | ||||||||||||
Class R6(1) | — | — | — | — | N/A | N/A | ||||||||||||||||||
Class I | (4,695,017 | ) | (14,243,083 | ) | (50,385,296 | ) | (25,461,450 | ) | (3,641,578 | ) | (807,347 | ) | ||||||||||||
Decrease in net assets from distributions to shareholders | (6,577,594 | ) | (18,073,953 | ) | (77,350,795 | ) | (38,619,816 | ) | (6,929,917 | ) | (1,411,345 | ) | ||||||||||||
Fund Share Transactions | ||||||||||||||||||||||||
Proceeds from sale of shares | 75,409,854 | 199,910,231 | 88,268,992 | 270,597,132 | 6,318,201 | 12,033,060 | ||||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 4,260,865 | 10,225,671 | 63,480,998 | 30,318,778 | 4,581,429 | 833,300 | ||||||||||||||||||
79,670,719 | 210,135,902 | 151,749,990 | 300,915,910 | 10,899,630 | 12,866,360 | |||||||||||||||||||
Cost of shares redeemed | (121,627,190 | ) | (193,332,899 | ) | (164,118,103 | ) | (295,747,368 | ) | (21,892,357 | ) | (34,960,030 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | (41,956,471 | ) | 16,803,003 | (12,368,113 | ) | 5,168,542 | (10,992,727 | ) | (22,093,670 | ) | ||||||||||||||
Net increase (decrease) in net assets | 9,154,260 | 41,096,869 | 42,167,720 | 39,055,753 | (5,118,069 | ) | (17,349,783 | ) | ||||||||||||||||
Net assets at the beginning of period | 575,264,743 | 534,167,874 | 1,110,306,427 | 1,071,250,674 | 88,066,670 | 105,416,453 | ||||||||||||||||||
Net assets at the end of period | $ | 584,419,003 | $ | 575,264,743 | $ | 1,152,474,147 | $ | 1,110,306,427 | $ | 82,948,601 | $ | 88,066,670 | ||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (454,859 | ) | $ | (1,108,090 | ) | $ | (3,430,733 | ) | $ | (2,317,581 | ) | $ | (400,013 | ) | $ | (10,690 | ) |
N/A | – Small Cap Growth Opportunities does not offer Class R6 Shares. |
(1) | – Class R6 Shares were established and commenced operations on February 28, 2013. |
See accompanying notes to financial statements.
Nuveen Investments | 35 |
Financial Highlights (Unaudited)
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 | From Net Invest- ment Income | From Accumulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (1/95) |
| |||||||||||||||||||||||||||||||
2013(d) | $ | 34.09 | $ | .01 | $ | 3.49 | $ | 3.50 | $ | — | $ | (.41 | ) | $ | (.41 | ) | $ | 37.18 | ||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 30.65 | (.10 | ) | 3.11 | 3.01 | — | (.41 | ) | (.41 | ) | 33.25 | |||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 31.34 | (.11 | ) | 3.19 | 3.08 | — | (.41 | ) | (.41 | ) | 34.01 | |||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 33.44 | (.03 | ) | 3.41 | 3.38 | — | (.41 | ) | (.41 | ) | 36.41 | |||||||||||||||||||||
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 R6 (2/13) |
| |||||||||||||||||||||||||||||||
2013(e) | 37.47 | (.03 | ) | 1.40 | 1.37 | — | — | — | 38.84 | |||||||||||||||||||||||
Class I (12/92) |
| |||||||||||||||||||||||||||||||
2013(d) | 35.55 | .06 | 3.63 | 3.69 | — | (.41 | ) | (.41 | ) | 38.83 | ||||||||||||||||||||||
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 |
36 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
10.34 | % | $ | 146,903 | 1.22 | %* | .05 | %* | 1.22 | %* | .05 | %* | 38 | % | |||||||||||||
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 | |||||||||||||||||||
9.93 | 1,220 | 1.97 | * | (.66 | )* | 1.97 | * | (.66 | )* | 38 | ||||||||||||||||
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 | |||||||||||||||||
9.94 | 13,321 | 1.97 | * | (.71 | )* | 1.97 | * | (.71 | )* | 38 | ||||||||||||||||
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 | |||||||||||||||||
10.21 | 9,345 | 1.46 | * | (.18 | )* | 1.46 | * | (.18 | )* | 38 | ||||||||||||||||
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 | |||||||||||||||||
3.66 | 22,982 | .96 | * | (.40 | )* | .96 | * | (.40 | )* | 38 | ||||||||||||||||
10.45 | 390,647 | .97 | * | .34 | * | .97 | * | .34 | * | 38 | ||||||||||||||||
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) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | For the six months ended April 30, 2013. |
(e) | For the period February 28, 2013 (commencement of operations) through April 30, 2013. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 37 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
MID CAP GROWTH OPPORTUNITIES | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Invest- ment Income | From Accumulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (1/95) |
| |||||||||||||||||||||||||||||||
2013(d) | $ | 42.38 | $ | (.07 | ) | $ | 4.93 | $ | 4.86 | $ | — | $ | (3.15 | ) | $ | (3.15 | ) | $ | 44.09 | |||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 36.30 | (.19 | ) | 4.16 | 3.97 | — | (3.15 | ) | (3.15 | ) | 37.12 | |||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 38.17 | (.21 | ) | 4.40 | 4.19 | — | (3.15 | ) | (3.15 | ) | 39.21 | |||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 41.35 | (.12 | ) | 4.80 | 4.68 | — | (3.15 | ) | (3.15 | ) | 42.88 | |||||||||||||||||||||
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 R6 (2/13) |
| |||||||||||||||||||||||||||||||
2013(e) | 46.61 | (.04 | ) | 1.62 | 1.58 | — | — | — | 48.19 | |||||||||||||||||||||||
Class I (12/89) |
| |||||||||||||||||||||||||||||||
2013(d) | 45.97 | (.02 | ) | 5.38 | 5.36 | — | (3.15 | ) | (3.15 | ) | 48.18 | |||||||||||||||||||||
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 |
38 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
12.34 | % | $ | 325,147 | 1.29 | %* | (.36 | )%* | 1.28 | %* | (.35 | )%* | 52 | % | |||||||||||||
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 | |||||||||||||||||
11.92 | 2,110 | 2.04 | * | (1.07 | )* | 2.03 | * | (1.06 | )* | 52 | ||||||||||||||||
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 | |||||||||||||||||
11.94 | 19,179 | 2.04 | * | (1.11 | )* | 2.04 | * | (1.10 | )* | 52 | ||||||||||||||||
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 | |||||||||||||||||
12.20 | 41,146 | 1.54 | * | (.60 | )* | 1.53 | * | (.60 | )* | 52 | ||||||||||||||||
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 | |||||||||||||||||
3.39 | 10,239 | .95 | * | (.51 | )* | .95 | * | (.51 | )* | 52 | ||||||||||||||||
12.49 | 754,654 | 1.04 | * | (.09 | )* | 1.03 | * | (.09 | )* | 52 | ||||||||||||||||
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) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | For the six months ended April 30, 2013. |
(e) | For the period February 28, 2013 (commencement of operations) through April 30, 2013. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 39 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
SMALL CAP GROWTH OPPORTUNITIES | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Invest- ment Income | From Accumulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (8/95) |
| |||||||||||||||||||||||||||||||
2013(d) | $ | 21.25 | $ | (.11 | ) | $ | 3.14 | $ | 3.03 | $ | — | $ | (1.79 | ) | $ | (1.79 | ) | $ | 22.49 | |||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 18.27 | (.16 | ) | 2.66 | 2.50 | — | (1.79 | ) | (1.79 | ) | 18.98 | |||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 19.17 | (.17 | ) | 2.80 | 2.63 | — | (1.79 | ) | (1.79 | ) | 20.01 | |||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 20.81 | (.13 | ) | 3.06 | 2.93 | — | (1.79 | ) | (1.79 | ) | 21.95 | |||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 23.03 | (.09 | ) | 3.42 | 3.33 | — | (1.79 | ) | (1.79 | ) | 24.57 | |||||||||||||||||||||
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 |
40 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
15.41 | % | $ | 35,710 | 1.55 | %* | (1.08 | )%* | 1.47 | %* | (1.00 | )%* | 57 | % | |||||||||||||
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 | |||||||||||||||||
14.99 | 563 | 2.30 | * | (1.83 | )* | 2.22 | * | (1.75 | )* | 57 | ||||||||||||||||
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 | |||||||||||||||||
15.02 | 1,694 | 2.30 | * | (1.83 | )* | 2.22 | * | (1.75 | )* | 57 | ||||||||||||||||
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 | |||||||||||||||||
15.24 | 1,436 | 1.80 | * | (1.33 | )* | 1.72 | * | (1.26 | )* | 57 | ||||||||||||||||
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 | |||||||||||||||||
15.57 | 43,544 | 1.30 | * | (.83 | )* | 1.22 | * | (.75 | )* | 57 | ||||||||||||||||
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) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | For the six months ended April 30, 2013. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 41 |
Notes to Financial Statements (Unaudited)
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.
On December 31, 2012, the Funds’ investment adviser converted from a Delaware corporation to a Delaware limited liability company. As a result, Nuveen Fund Advisors, Inc., a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisors, LLC (the “Adviser”). There were no changes to the identities or roles of any personnel as a result of the change.
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 $699 million to $19.2 billion.
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.
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.
Class R6 Shares
On February 26, 2013, Large Cap Growth Opportunities and Mid Cap Growth Opportunities began offering Class R6 Shares. In connection with this offering certain limited categories of investors of Class I Shares, as defined in the Funds’ prospectus, were exchanged to Class R6 Shares.
Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with 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.
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.
42 | Nuveen Investments |
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Funds’ Board of Directors or its designee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s net asset value (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Funds’ Board of Directors or its designee.
Refer to Footnote 2 – Fair Value Measurements for further details on the leveling of securities held by the Funds as of the end of the reporting period.
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes.
Investment Income
Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income is recorded on an accrual basis. Securities lending income is comprised of fees earned from borrowers and income earned on cash collateral investments, net of lending agent fees.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Dividends and Distributions to Shareholders
Dividends from net investment income and net realized gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Share Classes and Sales Charges
Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. The Funds 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 were sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class B Shares are subject to a CDSC of up to 5% depending upon the length of time the shares are held by the investor (CDSC is reduced to 0% at the end of six years). Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares are sold without an up-front sales charge but incur a .75% annual 12b-1 distribution fee and a .25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an upfront sales charge but incur a .25% annual 12b-1 distribution and a .25% annual 12b-1 service fee. Class R6 Shares and Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
Foreign Currency Transactions
Each Fund is authorized to engage in foreign currency exchange transactions, including forward 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
Nuveen Investments | 43 |
Notes to Financial Statements (Unaudited) (continued)
currency other than U.S. dollars, the Funds will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Funds’ investments denominated in that currency will lose value because their currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.
The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received.
The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with other assets and liabilities on investments and derivatives are recognized as a component of “Net realized gain (loss) from investments 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.
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 are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and shareholder service fees. Sub-transfer agent fees, which are recognized as a component of “Shareholder servicing fees and expenses” on the Statement of Operations, which are prorated among the classes based on relative net assets, are not charged to Class R6 Shares.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
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.
44 | Nuveen Investments |
Income from securities lending, net of fees paid, is recognized on the Statement of Operations as “Securities lending income, net” Securities lending fees paid by each Fund during the six months ended April 30, 2013, were as follows:
Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||||||||
Securities lending fees paid | $ | 5,775 | $ | 45,412 | $ | 5,894 |
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:
Large Cap Growth Opportunities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 583,820,372 | $ | — | $ | — | $ | 583,820,372 | ||||||||
Investments Purchased with Collateral from Securities Lending | 92,312,826 | — | — | 92,312,826 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 1,768,903 | — | — | 1,768,903 | ||||||||||||
Total | $ | 677,902,101 | $ | — | $ | — | $ | 677,902,101 | ||||||||
Mid Cap Growth Opportunities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 1,146,112,608 | $ | — | $ | — | $ | 1,146,112,608 | ||||||||
Investments Purchased with Collateral from Securities Lending | 349,119,769 | — | — | 349,119,769 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 1,534,624 | — | — | 1,534,624 | ||||||||||||
Total | $ | 1,496,767,001 | $ | — | $ | — | $ | 1,496,767,001 |
* | Refer to the Fund’s Portfolio of Investments for industry classifications. |
Nuveen Investments | 45 |
Notes to Financial Statements (Unaudited) (continued)
Small Cap Growth Opportunities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 80,851,228 | $ | — | $ | — | ** | $ | 80,851,228 | |||||||
Investments Purchased with Collateral from Securities Lending | 31,806,219 | — | — | 31,806,219 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 3,110,155 | — | — | 3,110,155 | ||||||||||||
Total | $ | 115,767,602 | $ | — | $ | — | ** | $ | 115,767,602 |
* | 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 a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
(i.) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
(ii.) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and /or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
3. Derivative Instruments and Hedging Activities
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the six months ended April 30, 2013.
46 | Nuveen Investments |
4. Fund Shares
Transactions in Fund shares were as follows:
Large Cap Growth Opportunities | ||||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 472,284 | $ | 16,660,703 | 1,977,056 | $ | 67,022,340 | ||||||||||
Class B – exchanges | 891 | 28,447 | 2,060 | 64,799 | ||||||||||||
Class C | 111,056 | 3,589,645 | 144,538 | 4,470,537 | ||||||||||||
Class R3 | 54,921 | 1,900,453 | 243,928 | 7,858,765 | ||||||||||||
Class R6(1) – exchanges of Class I Shares | 591,770 | 22,173,634 | — | — | ||||||||||||
Class I | 849,023 | 31,056,972 | 3,476,160 | 120,493,790 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 44,624 | 1,507,852 | 105,705 | 3,128,856 | ||||||||||||
Class B | 607 | 18,394 | 3,203 | 85,704 | ||||||||||||
Class C | 3,158 | 97,877 | 8,270 | 226,508 | ||||||||||||
Class R3 | 3,455 | 114,428 | 5,050 | 146,968 | ||||||||||||
Class R6(1) | — | — | — | — | ||||||||||||
Class I | 71,535 | 2,522,314 | 215,508 | 6,637,635 | ||||||||||||
2,203,324 | 79,670,719 | 6,181,478 | 210,135,902 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (518,919 | ) | (18,363,543 | ) | (707,801 | ) | (23,866,671 | ) | ||||||||
Class B | (13,111 | ) | (420,481 | ) | (37,567 | ) | (1,150,978 | ) | ||||||||
Class C | (79,704 | ) | (2,604,351 | ) | (51,770 | ) | (1,610,482 | ) | ||||||||
Class R3 | (90,544 | ) | (3,166,040 | ) | (66,117 | ) | (2,157,862 | ) | ||||||||
Class R6(1) | — | — | — | — | ||||||||||||
Class I | (2,622,781 | ) | (97,072,775 | ) | (4,672,394 | ) | (164,546,906 | ) | ||||||||
(3,325,059 | ) | (121,627,190 | ) | (5,535,649 | ) | (193,332,899 | ) | |||||||||
Net increase (decrease) | (1,121,735 | ) | $ | (41,956,471 | ) | 645,829 | $ | 16,803,003 | ||||||||
Mid Cap Growth Opportunities | ||||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 517,139 | $ | 21,853,734 | 1,876,175 | $ | 78,271,691 | ||||||||||
Class B – exchanges | 56 | 2,000 | 1,177 | 41,138 | ||||||||||||
Class C | 32,715 | 1,211,834 | 137,723 | 5,238,734 | ||||||||||||
Class R3 | 119,158 | 4,883,312 | 536,070 | 21,615,530 | ||||||||||||
Class R6(1) – exchanges of Class I Shares | 216,748 | 10,101,758 | — | — | ||||||||||||
Class I | 1,088,585 | 50,216,354 | 3,677,764 | 165,430,039 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 560,975 | 22,119,255 | 293,603 | 10,810,446 | ||||||||||||
Class B | 6,290 | 209,390 | 5,239 | 166,355 | ||||||||||||
Class C | 35,529 | 1,249,541 | 16,012 | 534,474 | ||||||||||||
Class R3 | 76,412 | 2,933,461 | 38,238 | 1,376,941 | ||||||||||||
Class R6(1) | — | — | — | — | ||||||||||||
Class I | 858,554 | 36,969,351 | 437,404 | 17,430,562 | ||||||||||||
3,512,161 | 151,749,990 | 7,019,405 | 300,915,910 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (936,263 | ) | (39,614,913 | ) | (1,924,502 | ) | (80,454,417 | ) | ||||||||
Class B | (20,468 | ) | (736,889 | ) | (50,297 | ) | (1,825,565 | ) | ||||||||
Class C | (47,431 | ) | (1,783,138 | ) | (65,179 | ) | (2,450,815 | ) | ||||||||
Class R3 | (176,050 | ) | (7,233,325 | ) | (496,726 | ) | (20,010,287 | ) | ||||||||
Class R6(1) | (4,276 | ) | (200,000 | ) | — | — | ||||||||||
Class I | (2,480,998 | ) | (114,549,838 | ) | (4,255,206 | ) | (191,006,284 | ) | ||||||||
(3,665,486 | ) | (164,118,103 | ) | (6,791,910 | ) | (295,747,368 | ) | |||||||||
Net increase (decrease) | (153,325 | ) | $ | (12,368,113 | ) | 227,495 | $ | 5,168,542 |
(1) | Class R6 Shares were established and commenced operations on February 28, 2013. |
Nuveen Investments | 47 |
Notes to Financial Statements (Unaudited) (continued)
Small Cap Growth Opportunities | ||||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 73,258 | $ | 1,595,389 | 181,562 | $ | 3,953,207 | ||||||||||
Class B – exchanges | — | — | 271 | 4,858 | ||||||||||||
Class C | 13,434 | 260,252 | 10,821 | 213,237 | ||||||||||||
Class R3 | 18,513 | 387,133 | 40,793 | 861,003 | ||||||||||||
Class I | 172,463 | 4,075,427 | 301,530 | 7,000,755 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 139,900 | 2,770,011 | 25,561 | 492,295 | ||||||||||||
Class B | 3,380 | 56,611 | 1,301 | 21,675 | ||||||||||||
Class C | 7,501 | 132,547 | 1,334 | 23,323 | ||||||||||||
Class R3 | 9,277 | 179,503 | 1,836 | 34,697 | ||||||||||||
Class I | 66,763 | 1,442,757 | 12,551 | 261,310 | ||||||||||||
504,489 | 10,899,630 | 577,560 | 12,866,360 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (286,597 | ) | (6,304,956 | ) | (318,800 | ) | (6,900,577 | ) | ||||||||
Class B | (11,295 | ) | (209,017 | ) | (47,582 | ) | (893,732 | ) | ||||||||
Class C | (18,079 | ) | (353,917 | ) | (13,576 | ) | (259,174 | ) | ||||||||
Class R3 | (77,414 | ) | (1,680,300 | ) | (44,038 | ) | (923,620 | ) | ||||||||
Class I | (556,136 | ) | (13,344,167 | ) | (1,123,082 | ) | (25,982,927 | ) | ||||||||
(949,521 | ) | (21,892,357 | ) | (1,547,078 | ) | (34,960,030 | ) | |||||||||
Net increase (decrease) | (445,032 | ) | $ | (10,992,727 | ) | (969,518 | ) | $ | (22,093,670 | ) |
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 six months ended April 30, 2013 and fiscal year ended October 31, 2012, were as follows:
Fund | Six Months Ended 4/30/13 | Year Ended 10/31/12 | ||||||
Large Cap Growth Opportunities | 4,358 | 50,367 | ||||||
Mid Cap Growth Opportunities | 3,683 | 36,727 | ||||||
Small Cap Growth Opportunities | 2,442 | 54,323 |
5. Investment Transactions
Purchases and sales (excluding investments purchased with collateral from securities lending and short-term investments) during the six months ended April 30, 2013, were as follows:
Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||||||||
Purchases | $ | 220,544,616 | $ | 584,430,674 | $ | 48,552,098 | ||||||
Sales | 268,975,022 | 661,979,349 | 65,365,303 |
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.
48 | Nuveen Investments |
As of April 30, 2013, 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 | $ | 518,386,218 | $ | 1,256,623,188 | $ | 103,706,970 | ||||||
Gross unrealized: | ||||||||||||
Appreciation | $ | 162,091,380 | $ | 250,508,686 | $ | 14,327,947 | ||||||
Depreciation | (2,575,497 | ) | (10,364,873 | ) | (2,267,315 | ) | ||||||
Net unrealized appreciation (depreciation) of investments | $ | 159,515,883 | $ | 240,143,813 | $ | 12,060,632 |
Permanent differences, primarily due to net operating losses, tax equalization, REIT adjustments and investments in partnerships, resulted in reclassifications among the Funds’ components of net assets as of October 31, 2012, the Funds’ last 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 as of October 31, 2012, the Funds’ last tax year end, were as follows:
Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||||||||
Undistributed net ordinary income* | $ | — | $ | — | $ | 1,926,567 | ||||||
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’ last tax year ended October 31, 2012, was designated for purposes of the dividends paid deduction as follows:
Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||||||||
Distributions from net ordinary income* | $ | — | $ | — | $ | — | ||||||
Distributions from net long-term capital gains | 18,073,953 | 38,619,816 | 1,411,345 |
* | 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. |
Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by a Fund after December 31, 2010, will not be subject to expiration. During the Funds’ last 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’ last tax year end, in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The following Funds have elected to defer losses as follows:
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 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.
Nuveen Investments | 49 |
Notes to Financial Statements (Unaudited) (continued)
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 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 April 30, 2013, the complex-level fee rate for each Fund was as follows: |
Fund | Complex-Level Fee Rate | |||
Large Cap Growth Opportunities | .1949 | % | ||
Mid Cap Growth Opportunities | .1949 | |||
Small Cap Growth Opportunities | .2000 |
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 other Fund 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, 2014 |
50 | Nuveen Investments |
The Adviser 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 six months ended April 30, 2013, 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 | $ | 56,161 | $ | 70,628 | $ | 15,584 | ||||||
Paid to financial intermediaries | 50,658 | 61,977 | 13,678 |
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the six months ended April 30, 2013, 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 | $ | 37,193 | $ | 9,550 | $ | 2,332 |
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class B Shares and C Shares during the first year following a purchase were retained by the Distributor. During the six months ended April 30, 2013, 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 | $ | 23,615 | $ | 26,357 | $ | 3,885 |
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the six months ended April 30, 2013, as follows:
Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||||||||
CDSC retained | $ | 6,395 | $ | 1,325 | $ | 82 |
Nuveen Investments | 51 |
Notes to Financial Statements (Unaudited) (continued)
8. New Accounting Pronouncement
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In January 2013, Accounting Standards Update (“ASU”) 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact to the financial statements and footnote disclosures, if any.
52 | Nuveen Investments |
Notes
Nuveen Investments | 53 |
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.
Market Capitalization: The market capitalization of a company is equal to the number of the company’s common shares outstanding multiplied by the current price of the company’s stock.
Net Asset Value (NAV): 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.
54 | Nuveen Investments |
Fund Manager
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
Sub-Adviser
Nuveen Asset Management, LLC
333 West Wacker Drive
Chicago, IL 60606
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
Independent Registered Public Accounting Firm
PricewaterhouseCoopers
Chicago, IL
Custodian
U.S. Bank National Association
Milwaukee, WI
Transfer Agent and Shareholder Services
Boston Financial
Data Services, Inc.
Nuveen Investor Services
P.O. Box 8530
Boston, MA 02266-8530
(800) 257-8787
Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC -0330 for room hours and operation.
Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
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 | 55 |
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 $224 billion as of March 31, 2013.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com |
MSA-FCGO-0413P
Mutual Funds
Nuveen Equity Funds
For investors seeking the potential for long-term capital appreciation.
Semi-Annual Report
April 30, 2013
Share Class / Ticker Symbol | ||||||||||
Fund Name | Class A | Class B | Class C | Class R3 | Class I | |||||
Nuveen Large Cap Select Fund | FLRAX | — | FLYCX | — | FLRYX | |||||
Nuveen Mid Cap Select Fund | FATAX | — | FTACX | — | FATCX | |||||
Nuveen Small Cap Select Fund | EMGRX | ARSBX | FHMCX | ASEIX | ARSTX |
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Letter to Shareholders
Dear Shareholders,
After nine years of serving as lead director and independent chairman of the Nuveen Fund Board, my term of office is coming to an end. It has been a privilege to use this space to communicate with you on some of the broad economic trends in the U.S. and abroad and how they are impacting the investment environment in which your funds operate. In addition, I have enjoyed offering some perspective on how your Board views the various Nuveen investment teams as they apply their investment disciplines in that investment environment.
My term has coincided with a particularly challenging period for both mutual fund sponsors and investors. Since 2000 there have been three periods of unusually strong stock market growth and two major market declines. Recent years have been characterized by a search for yield in fixed income securities to compensate for an extended period of very low interest rates. Funds are investing more in foreign and emerging markets that require extensive research capabilities to overcome the more limited transparency and higher volatility in those markets. New fund concepts often incorporate derivative financial instruments that offer efficient ways to hedge investment risk or gain exposure to selected markets. Fund trading teams operate in many new domestic and international venues with quite different characteristics. Electronic trading and global communication networks mean that fund managers must be able to thrive in financial markets that react instantaneously to newsworthy events and are more interconnected than ever.
Nuveen has committed additional resources to respond to these changes in the fund industry environment. It has added IT and research resources to assemble and evaluate the increased flow of detailed information on economies, markets and individual companies. Based on its experience during the financial crisis of 2008-09, Nuveen has expanded its resources dedicated to valuing and trading portfolio securities with a particular focus on stressed financial market conditions. It has added systems and experienced risk management professionals to work with investment teams to better help evaluate whether their funds’ risk exposures are appropriate in view of the return targets. The investment teams have also reflected on recent experience to reaffirm or modify their investment disciplines. Finally, experienced professionals and IT resources have been added to address new regulatory requirements designed to better inform and protect investors. The Board has enthusiastically encouraged these initiatives.
The Nuveen Fund Board has always viewed itself as your representatives to assure that Nuveen brings together experienced people, proven technologies and effective processes designed to produce results that meet investor expectations. It is important to note that our activities are highlighted by the annual contract renewal process. Despite its somewhat formal language, I strongly encourage you to read the summary because it offers an insight into our oversight process. The report is included in the back of this or a subsequent shareholder report. The renewal process is very comprehensive and includes a number of evaluations and discussions between the Board and Nuveen during the year. The summary also describes what has been achieved across the Nuveen fund complex and at individual funds such as yours.
As I leave the chairmanship and resume my role as a member of the Board, please be assured that I and my fellow Board members will continue to hold your interests uppermost in our minds as we oversee the management of your funds and that we greatly appreciate your confidence in your Nuveen fund.
Very sincerely,
Robert P. Bremner
Chairman of the Board
June 21, 2013
4 | Nuveen Investments |
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Approved Fund Reorganization
The Board of Directors/Trustees of Nuveen Investment Funds, Inc. (“NIF”) and Nuveen Investment Trust II (“NIT II”) has approved the reorganization of Nuveen Mid Cap Select Fund (the “Acquired Fund”), a series of NIF, into Nuveen Symphony Mid-Cap Core Fund (the “Acquiring Fund”) a series of NIT II.
In order for the reorganization to occur, it must be approved by the shareholders of the Acquired Fund.
If the Acquired Fund’s shareholders approve the reorganization, the Acquired Fund will transfer all of its assets and liabilities to the Acquiring Fund in exchange for Acquiring Fund shares of equal value. These Acquiring Fund shares will then be distributed to Acquired Fund shareholders and the Acquired Fund will be terminated. As a result of these transactions, Acquired Fund shareholders will become shareholders of the Acquiring Fund and will cease to be shareholders of the Acquired Fund. Each Acquired Fund shareholder will receive Acquiring Fund shares with a total value equal to the total value of that shareholder’s Acquired Fund shares immediately prior to the closing of the reorganization.
A special meeting of the Acquired Fund’s shareholders for the purpose of voting on the reorganization is expected to be held in late September 2013. If the required approval is obtained, it is anticipated that the reorganization will be consummated shortly after the special shareholder meeting. Further information regarding the proposed reorganization will be contained in proxy materials that are expected to be sent to shareholders of the Acquired Fund in late August 2013.
The Acquired Fund will continue sales and redemptions of its shares as described in the prospectus until shortly before its reorganization. However, holders of shares purchased after the record date set for the Acquired Fund’s special meeting of shareholders will not be entitled to vote those shares at the special meeting.
Nuveen Large Cap Select Fund
Nuveen Mid Cap Select Fund
Nuveen Small Cap Select Fund
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 assumed portfolio management responsibilities in 2003 and Tony 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 and Scott 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 assumed portfolio management responsibilities in 2004 and Mark joined the management team for the Fund in 2008.
Nuveen Investments | 5 |
On the following pages, the portfolio management teams for the Funds examine key investment strategies and the Funds’ performance for the six-month period ended April 30, 2013.
Nuveen Large Cap Select Fund
How did the Fund perform during the six-month reporting period ended April 30, 2013?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2013. The Fund’s Class A Shares at net asset value (NAV) outperformed the S&P 500® Index and the Lipper classification average over the six-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 Fund’s portfolio to areas of the market that our research suggested were particularly attractive. Throughout most of this time frame, the Fund 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 strongly during the reporting period led by the consumer discretionary, health care and financial sectors, while the worst performing segments of the benchmark were information technology and energy. The Fund’s outperformance of the S&P 500® Index and its Lipper peers resulted from both favorable stock selection and sector weights. On a sector basis, Fund results were aided by overweight positions in the three strongest performing sectors: consumer discretionary, health care and financial, as well as an underweight stance in technology. The Fund also experienced widespread strong stock selection during the period, particularly in the energy, industrials, consumer staples and consumer discretionary sectors. The only areas that were detrimental to Fund returns were its weighting in cash during a strongly advancing stock market and security selection in the health care sector.
The energy sector was the best performing area for the Fund on a relative basis. In particular, the Fund benefited from not owning Exxon Mobil Corp., which is a large weight in the index. We didn’t own this stock due to concerns surrounding the company’s declining production growth on a year-over-year basis. Although Exxon Mobil does produce substantial free cash flow, the company is using it to buy back shares instead of conducting more M&A activity to help its production situation. The Fund also saw strong results from its position in Anadarko Petroleum Corp., an exploration and production firm
6 | Nuveen Investments |
that is very efficient at growing production. The company excels at finding oil and natural gas and then profitably selling down its assets. Anadarko Petroleum continued to benefit from several large discoveries in the deep waters of the Gulf of Mexico and onshore in Colorado, as well as selling down some of its assets in Mozambique.
In the industrials sector, the Fund’s outperformance was driven by several positions including Eaton Corporation PLC, a leading provider of electrical, hydraulic and mechanical power solutions. During the fourth quarter of 2012, Eaton closed on its acquisition of competitor Cooper Industries PLC, which is already proving to be a very accretive deal in terms of both revenue generating and cost saving synergies. The acquisition is also leading to a more highly valued combined entity. In addition, the Fund benefited from a position in electrical products conglomerate Emerson Electric Company during the period. Emerson Electric continued to be rewarded for executing well as it recently embarked on a value enhancing strategy. Part of the strategy includes divesting out of its non-core embedded computing and power business, which makes computers, motherboards and chips that are mounted to other devices, due to sustained weakness in this area. At the same time, the company has announced plans to make acquisitions in its core business area. Finally, in industrials, we held onto the Fund’s position in Boeing Company throughout its recent troubles with its lithium ion battery on the company’s flagship Dreamliner airplane. Although Boeing’s stock took a hit after the new passenger jet was grounded by the FAA, we believed the company would quickly resolve the problem. Toward the end of the period, the FAA approved the new battery design and Boeing benefited from increased demand and production of the Dreamliner, which is generating significant free cash flow. While we continued to own both Boeing and Eaton, we sold Emerson Electric toward the end of the period as we believed its stock price had reached fair valuation.
In consumer staples, the Fund benefited from very strong stock selection as all four companies we held in the sector outperformed during the period. The best performing name for the Fund in consumer staples was national drug retailer Walgreen Co. Its stock price advanced significantly as the company benefited from several catalysts including: the resolution of its longstanding dispute with drug benefits provider Express Scripts Inc.; a somewhat bad flu season; and the announcement of an attractive new drug distribution deal with AmerisourceBergen Corporation. The Fund also benefited from its position in Tyson Foods Inc., a leading global producer of chicken, beef and pork products. Tyson Foods showed solid gains during this reporting period after selling off in 2012 due to concerns about drought conditions. Several favorable industry trends are helping the company improve its volumes and margins this year including: the closure of one of its competitor’s large beef processing plants that accounted for about 4% of industry volume; Japan’s recent approval of virtually all beef imports from the United States, which the country had banned since the mad cow outbreak in December 2003; the recent outbreak of the bird flu in China, which is improving demand for its chicken products; and expectations for lower grain input costs. In addition, the Fund benefited from owning ConAgra Foods Inc., a large packaged food company. We liked ConAgra because it generated significant free cash flow and was very inexpensive when we purchased it. In 2013, the company made an accretive acquisition of Ralcorp Holdings Inc., a private label food manufacturer, which is resulting in greater synergies than expected.
Nuveen Investments | 7 |
Three of the Fund’s holdings in the consumer discretionary sector also outperformed. Our ownership of Best Buy Co. Inc. worked well for the Fund. We re-established a position in this leading electronics retailer, which had underperformed for the Fund in 2012, and its stock subsequently advanced during the period. Best Buy benefited from a solid turnaround plan unveiled by its new management team, which included a strategic move to feature Samsung products in a new “store within a store” format, the closure of underperforming stores and competitive pricing. Another consumer discretionary holding, boat and marine engine manufacturer Brunswick Corporation, maintained its strong run. Brunswick continued to be rewarded for its significant cost cutting efforts during the financial crisis and tremendous operating leverage. Also, the company’s results were supported by improvements in housing and employment data, which led to stronger consumer demand for big ticket items. We did decide to sell Brunswick at the end of the period based on the Fund’s large gain in the position and our concerns about a U.S. economic slowdown. The Fund also benefited from its position in Jarden Corporation, a highly diversified consumer products company that manufactures items ranging from camping and ski equipment to small appliances. Jarden’s management team continued to execute well, generating significant free cash flow for the company which it used to make small acquisitions and also to consistently buy back company shares.
The Fund experienced widespread strength during the period and saw very few pockets of underperformance. The only sector where the Fund lagged on a relative basis was health care, mostly due to its position in UnitedHealth Group Incorporated, a health maintenance organization (HMO). The company fell short of expectations as cost increases and pricing concerns as well as uncertainty surrounding the Affordable Care Act weighed on the stock. While we believe UnitedHealth is a solid, well managed company, we decided to sell it after the period ended because of the uncertainty around the Affordable Care Act and other industry dynamics. Also, our cash position of slightly less than 1% of net assets in a strongly advancing market environment was a drag on the Fund’s return.
Toward the end of this semi-annual reporting period, U.S. and global economic data started to show signs of slowing. Therefore, we positioned the Fund with underweights to the more global growth oriented areas of energy and industrials and neutral in materials. However, we continued to maintain an overweight position in consumer discretionary as we believe the U.S. consumer will hold up better due to improvements in U.S. housing, employment and stock market data. We also moved to an overweight position in the health care sector, as we are finding many good, stable names at attractive valuations. The Fund remains underweight in utilities, which is an expensive stable sector, and consumer staples. It is also slightly underweight in financials, particularly banks and real estate investment trusts (REITs), as fundamentals remain fairly mixed in terms of earnings growth. Although capital and credit quality have improved for financial firms, demand for loans is sluggish and net interest margins are compressed because the rates that companies can charge are so low. We increased the Fund’s technology weight during the period as many of these names are very inexpensive, but also are generating significant cash flows. In technology, we continued to seek out companies with new products in the pipeline that can reignite their growth.
8 | Nuveen Investments |
Nuveen Mid Cap Select Fund
How did the Fund perform during the six-month reporting period ended April 30, 2013?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2013. The Fund’s Class A Shares at net asset value (NAV) underperformed the Russell Mid Cap® Index and the Lipper classification average over the six-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 $600 million and $20.4 billion, the range of the Russell Mid Cap® Index during this period. 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.
The mid-cap segment of the stock market advanced strongly during the reporting period, turning in results above larger-cap equities. While the Fund produced attractive absolute returns during the six-month period, it underperformed the Russell Mid Cap® Index and the Lipper peer average due primarily to stock selection. In terms of negative contributors, two of the Fund’s more significant sector bets hurt results during the period. The Fund was positioned with an underweight in consumer staples, which ended up being one of the top performing sectors in the index. Likewise, the Fund had an overweight stance in materials, which was the worst performing sector in the benchmark over the six months.
The Fund’s biggest detractor was Energy XXI Ltd., an exploration and production company that sold off significantly during a period when the energy sector was up more than 10%. Although Energy XXI has historically been a solid performer for the Fund, its latest production numbers have come in short of expectations. While the company has been successful extracting oil from assets it recently purchased from Exxon Mobil, its pipeline infrastructure can’t transport the product fast enough. We continue to own Energy XXI in the Fund because we believe the company will be able to solve its infrastructure issues. Performance was also hindered by a position in specialty pharmaceutical firm Impax Laboratories Inc. We originally purchased Impax Laboratories because its valuation was very attractive, it was generating significant free cash flow and it had a number of new drugs in the pipeline. Although it had already received an FDA warning letter about one of its manufacturing facilities, we believed this issue would be quickly resolved. Subsequent to our purchase, the company received a second FDA letter
Nuveen Investments | 9 |
addressing new manufacturing issues, which further delayed the approval of one of its new drugs to treat Parkinson’s disease. Also, one of the Fund’s specialty retail holdings, Ann Inc., which sells apparel, shoes and accessories under the Ann Taylor and LOFT brand names, performed poorly during the period. Ann was negatively impacted by a modest Christmas sell through and a difficult start to 2013 due, in part, to the reinitiation of former payroll tax rates and the IRS delay in processing income tax returns relative to last year. We sold out of the Fund’s positions in both Impax Laboratories and Ann. Another laggard was IDEXX Laboratories Inc., a manufacturer and distributor of various diagnostic tools and technology solutions to improve veterinary care and food and water safety. IDEXX Laboratories, which has historically been a consistent growth company, changed the way it distributed its products and, as a result, had to alter its sales force. The resulting drop in its organic growth rate caused investors to call its valuation into question. Because we couldn’t forecast when the sales force adjustment would resolve itself, we sold the Fund’s position in IDEXX Laboratories. Finally, performance suffered from a position in CF Industries Holdings, Inc., a large fertilizer company that had previously performed very well as it benefited from last year’s drought conditions. CF Industries gave back some of its gains during the period as this spring’s wet weather conditions have led to less demand for fertilizer, combined with a tougher pricing environment and greater supply. We continue to own this stock due to its attractive valuation and significant free cash flow. We also believe CF Industries will benefit from low natural gas prices in the United States.
Despite the Fund’s underperformance, several of the Fund’s themes were successful including an overweight to smaller-cap names within the benchmark range. For example, small-cap industrial holding Alaska Air Group, Inc. aided the Fund’s results during the six-month period. This regional air carrier continued to maintain the best operating metrics in the industry in terms of return on invested capital, operating margin and balance sheet strength. Alaska Air has executed well against its plan and recently announced it would be initiating a stock buyback. This news, coupled with increased bag fees and a better fuel hedge strategy, is keeping our outlook positive for this stock. Another beneficial smaller-cap industrial name was Swift Transportation Company, which operates broad based transportation services including truckload carriers and rail intermodal services across North America. The company benefited from increased demand for intermodal shipping, which transports freight in special double stacked containers using multiple methods such as railroads, ships and trucks without any direct handling of the freight. Over the period, Swift experienced strong earnings growth, improving profitability and solid stock price performance as a result. Boat and marine engine manufacturer Brunswick Corporation was also a positive contributor to results at the lower end of the Fund’s capitalization range. Brunswick continued to be rewarded for its significant cost cutting efforts during the financial crisis and its tremendous operating leverage. In addition, the company’s results were supported by improvements in housing and employment data, which led to stronger consumer demand for big ticket items. We did decide to sell Brunswick at the end of the period based on the Fund’s large gain in the position and our concerns about a U.S. economic slowdown.
During the market’s strong advance over the six-month period, the Fund’s tilt toward higher beta stocks also helped results as these stocks generally outperformed. For
10 | Nuveen Investments |
example, in the energy sector, shares of Plains Exploration & Production Co. advanced significantly. The company engages in the exploration and production of oil and natural gas from onshore and offshore properties in the United States. Plains Exploration & Production received a buyout offer from the world’s leading copper producer, Freeport-McMoRan Copper & Gold Inc., in December 2012 that helped propel the stock.
Elsewhere in the Fund, performance was aided by a position in Tyson Foods Inc., a leading global producer of chicken, beef and pork products. Tyson Foods showed solid gains during this reporting period after selling off in 2012 due to concerns about drought conditions. Several favorable industry trends are helping the company improve its volumes and margins this year including: the closure of one of its competitor’s large beef processing plants that accounted for about 4% of industry volume; Japan’s recent approval of virtually all beef imports from the United States, which the country had banned since the mad cow outbreak in December 2003; the recent outbreak of the bird flu in China, which is improving demand for its chicken products; and expectations for lower grain input costs.
Toward the end of the reporting period, U.S. and global economic data started to show signs of slowing. Therefore, we positioned the Fund with underweights to the more global growth oriented areas, particularly energy. We continued to maintain a modest overweight in consumer discretionary, and especially the retail industry, as we believe the U.S. consumer will hold up better due to improvements in U.S. housing, employment and stock market data. We also moved the Fund to an overweight position in the health care sector as we were finding many good, stable names at attractive valuations. Within the financial sector, the Fund is slightly underweight in banks, where fundamentals remain fairly mixed in terms of earnings growth, but overweight in financial diversifieds as consumers’ balance sheets continue to improve. We are keeping the Fund’s smaller-cap tilt in place and maintaining our strategy’s heavy influence on our quantitative model, which is currently leading us to favor more attractively valued names within the Russell benchmark. Our focus continues to be on selecting stocks with strong or improving fundamentals, attractive valuations relative to their history or the market and identifiable catalysts that should allow us to realize their value.
Nuveen Small Cap Select Fund
How did the Fund perform during the six-month reporting period ended April 30, 2013?
The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2013. The Fund’s Class A Shares at net asset value (NAV) underperformed the Russell 2000® Index and the Lipper classification average over the six-month period.
What strategies were used to manage the Fund during the 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
Nuveen Investments | 11 |
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.
Small-cap stocks produced very strong results during the reporting period, outperforming large-cap equities, as measured by the S&P 500® Index. While the Fund produced attractive absolute returns, it underperformed the Russell 2000® Index and the Lipper peer average due primarily to stock selection.
The Fund’s biggest detractors were found in the energy sector. Fund holding Energy XXI Ltd., an exploration and production company, sold off significantly during a period when the energy sector overall was up by more than 10%. Although Energy XXI has historically been a solid performer for the Fund, its latest production numbers have come in short of expectations. While the company has been successful extracting oil from assets it recently purchased from Exxon Mobil, its pipeline infrastructure can’t transport the product fast enough. We continue to own Energy XXI in the Fund because we believe the company will be able to solve its infrastructure issues. Also, late in 2012, North America’s onshore oil services industry was hit hard as natural gas prices declined precipitously and drilling dried up as well. With valuations at very low levels, we bought positions in two service providers: Key Energy Services Inc. and Parker Drilling Company. Both of these companies subsequently struggled as the rest of the oil and gas services sector rallied due to a rise in natural gas prices and strong oil prices. Key Energy, in particular, was hindered by specific issues surrounding its assets in Mexico. The Mexican government abruptly decided to change the focus of its country’s drilling activity to its Southern end, away from Key Energy’s equipment. We continued to hold both Parker Drilling and Keys Energy in the Fund; however, we are re-evaluating the investment thesis on both of these ideas as well as the energy sector as a whole.
The Fund also underperformed in the health care sector on a relative basis. The shortfall was primarily due to its underweight in biotechnology, an industry that advanced even more than the strongly performing health care sector overall. In addition, we had two unsuccessful stock picks during the period. The Fund owned a position in Merit Medical Systems, Inc., a small company that makes disposable medical products primarily for hospitals. Unlike most companies, Merit Medical chose not to pass on the new Affordable Care Act device tax to its customers in an effort to be more competitive. As a result, the company had to lower its guidance and its stock price fell significantly. We continued to hold Merit Medical as we believe this is a temporary setback for a well managed company. Also, the Fund was hurt by its position in specialty pharmaceutical firm Impax Laboratories Inc. We originally purchased Impax Laboratories because its valuation was very attractive, it was generating significant free cash flow and it had a number of new drugs in the pipeline. Although it had already received an FDA warning letter about one of its manufacturing facilities, we believed this issue would be quickly resolved. Subsequent to our purchase, the company received a second FDA letter addressing new manufacturing issues, which further delayed the approval of one of its new drugs to treat Parkinson’s disease. We sold out of Impax Laboratories based on this news.
Despite the Fund’s underperformance, the Fund did experience a number of strong small-cap performers during the six months. The Fund’s best results were found in the materials
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sector as two of our holdings benefited from industry consolidation and an improved pricing environment. Paper and specialty fiber company Buckeye Technologies Inc. advanced significantly during the six-month period after Georgia-Pacific LLC announced that it would acquire the firm. The Fund also owned containerboard and packaging firm Rock-Tenn Company, which began to reap rewards from its Smurfit-Stone acquisition from the previous year. Rock-Tenn also benefited from favorable industry fundamentals such as improved pricing, higher demand and lower inventory.
Elsewhere in the Fund, specialty retailer Tile Shop Holdings, Inc. advanced dramatically after we added it to the portfolio in November. Tile Shop, which offers top notch tile products in its well formatted stores, benefited from increasing sales due to the pickup in both the housing market and the economy overall. We continue to own this stock, but did trim the Fund’s weight due to its strong returns. In industrials, temporary blue collar staffing company TrueBlue Inc. showed solid results as the economy and the construction industry improved. However, we did end up trimming the Fund’s position in TrueBlue toward the end of the period due to valuation and risk management. While utilities don’t typically have a big presence in this portfolio, we did benefit from ownership in Atmos Energy Corporation, a regulated gas utility in Texas. Atmos Energy’s stock price advanced during the period as the company continued to experience volume growth and pay out an attractive dividend. We took some profits in Atmos Energy and lowered the Fund’s exposure as its valuation appeared somewhat stretched.
Results were mixed in the technology sector, where the Fund’s semiconductor holdings performed very well, including International Rectifier Corp., Semtech Corporation and Integrated Device Technology Inc. After the highly cyclical semiconductor segment sold off strongly last year, the tide started to turn during this period. Integrated Device Technology benefited from better traction for its flash card controller product sold to wireless telecommunication providers. The other two companies were aided by a revival in demand for electronic equipment. Semtech has significant exposure to the telecommunications end market, while International Rectifier has more industrial and automotive computer exposure. Also in technology, Euronet Worldwide, Inc. advanced significantly over this six-month time frame as the company continued to post strong earnings. Euronet, which owns cash machines and other electronic payment systems primarily in Europe, benefited as European banks tried to raise capital by selling their cash machines. Elsewhere in technology, several of the Fund’s holdings in the software as a service (SaaS) segment fell short. For example, online SaaS marketing company Vocus continued to struggle during the period. While Vocus remains in a growing segment and has a solid offering, the company is taking longer to gain traction with its product line after last year’s strategic acquisition. Shares continued to decline after its profitability dropped further. Two other holdings in the SaaS industry, Keynote Systems Inc. and LogMeIn Inc. also disappointed. Keynote Systems, a provider of on demand testing and monitoring products that help improve mobile communications and internet performance, saw its margins come in as execution for its main product was not very strong. Shares of LogMeIn, the market’s leading remote connection and troubleshooting provider for cloud based services, fell significantly after the company posted solid fourth quarter 2012 results, but guided to revenue growth for calendar 2013 that was considerably below investors’ expectations. We continued to hold onto Vocus as we believe it has a quality
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product that is hitting the market at the right time. Although Vocus has struggled as of late, we believe its transition period is over and the company will show improved execution and results going forward. However, we sold LogMeIn out of the Fund.
The Fund’s financial exposure underperformed slightly, mostly due to our underweight position in a sector that advanced more than 17% over this time frame; however, individual stock selection was strong. Within the sector and our Fund, the insurance industry led the way. Fund positions such as Maiden Holdings Ltd., Tower Group Companies and First American Financial Corporation aided results. Insurance related stocks had been selling below book value as people worried about the payouts needed to cover recent catastrophes such as Hurricane Sandy. However, these stocks performed well after claims were not as bad as some worst case scenarios had predicted, while the most recent pricing and renewal cycles were strong. Also in financials, the Fund gained from its ownership in investment bank Evercore Partners Inc. and asset manager Waddell & Reed Financial Inc. Evercore benefited from a significant fourth quarter increase in mergers and acquisitions and other corporate deals as the U.S. economy showed signs of improvement. Waddell & Reed saw strong flows into its mutual funds as performance was favorable and the economy picked up steam.
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 three 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.
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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 April 30, 2013
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 15.30% | 14.61% | 3.36% | 6.66% | ||||||||||||
Class A Shares at maximum Offering Price | 8.66% | 8.05% | 2.14% | 6.03% | ||||||||||||
S&P 500® Index* | 14.42% | 16.89% | 5.21% | 7.88% | ||||||||||||
Lipper Large-Cap Core Funds Classification Average* | 14.17% | 15.80% | 4.21% | 7.37% | ||||||||||||
Class C Shares | 14.84% | 13.85% | 2.59% | 5.84% | ||||||||||||
Class I Shares | 15.38% | 14.96% | 3.61% | 6.93% |
Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 12.49% | 12.74% | 4.45% | 7.25% | ||||||||||||
Class A Shares at maximum Offering Price | 6.03% | 6.25% | 3.22% | 6.62% | ||||||||||||
Class C Shares | 12.06% | 11.88% | 3.67% | 6.43% | ||||||||||||
Class I Shares | 12.60% | 12.93% | 4.70% | 7.53% |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class 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 | 1.41% | |||
Class C Shares | 2.16% | |||
Class I Shares | 1.16% |
* | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
16 | Nuveen Investments |
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 April 30, 2013
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 15.06% | 11.70% | 4.22% | 8.05% | ||||||||||||
Class A Shares at maximum Offering Price | 8.43% | 5.25% | 2.99% | 7.42% | ||||||||||||
Russell Midcap® Index* | 18.90% | 19.20% | 7.24% | 11.63% | ||||||||||||
Lipper Mid-Cap Core Funds Classification Average* | 17.15% | 16.12% | 5.74% | 9.74% | ||||||||||||
Class C Shares | 14.59% | 10.93% | 3.43% | 7.24% | ||||||||||||
Class I Shares | 15.13% | 11.92% | 4.45% | 8.30% |
Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 12.59% | 10.17% | 4.91% | 8.79% | ||||||||||||
Class A Shares at maximum Offering Price | 6.12% | �� | 3.88% | 3.68% | 8.31% | |||||||||||
Class C Shares | 12.12% | 9.38% | 4.14% | 8.15% | ||||||||||||
Class I Shares | 12.67% | 10.46% | 5.17% | 9.23% |
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 other Fund expenses through February 28, 2014, 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. |
Nuveen Investments | 17 |
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 April 30, 2013
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 12.71% | 10.91% | 7.33% | 10.04% | ||||||||||||
Class A Shares at maximum Offering Price | 6.20% | 4.53% | 6.06% | 9.40% | ||||||||||||
Russell 2000® Index* | 16.58% | 17.69% | 7.27% | 10.47% | ||||||||||||
Lipper Small-Cap Core Funds Classification Average* | 15.74% | 15.47% | 6.81% | 10.27% | ||||||||||||
Class B Shares w/o CDSC | 12.24% | 10.14% | 6.54% | 9.22% | ||||||||||||
Class B Shares w/CDSC | 7.78% | 5.76% | 6.38% | 9.22% | ||||||||||||
Class C Shares | 12.28% | 10.09% | 6.52% | 9.23% | ||||||||||||
Class R3 Shares | 12.51% | 10.58% | 7.06% | 9.80% | ||||||||||||
Class I Shares | 12.78% | 11.20% | 7.59% | 10.32% |
Average Annual Total Returns as of March 31, 2013 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 11.47% | 10.06% | 8.91% | 11.00% | ||||||||||||
Class A Shares at maximum Offering Price | 5.10% | 3.70% | 7.63% | 10.34% | ||||||||||||
Class B Shares w/o CDSC | 10.96% | 9.15% | 8.10% | 10.17% | ||||||||||||
Class B Shares w/CDSC | 6.55% | 4.81% | 7.95% | 10.17% | ||||||||||||
Class C Shares | 11.04% | 9.29% | 8.11% | 10.17% | ||||||||||||
Class R3 Shares | 11.35% | 9.81% | 8.66% | 10.77% | ||||||||||||
Class I Shares | 11.62% | 10.39% | 9.20% | 11.28% |
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
Expense Ratios | ||||
Class A Shares | 1.36% | |||
Class B Shares | 2.11% | |||
Class C Shares | 2.11% | |||
Class R3 Shares | 1.61% | |||
Class I Shares | 1.11% |
* | Refer to the Glossary of Terms Used in this Report for definitions. Indexes and Lipper averages are not available for direct investment. |
18 | Nuveen Investments |
Holding Summaries as of April 30, 2013
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
Portfolio Allocation1
Common Stocks | 98.2% | |||
Short-Term Investments | 0.0% | 2 | ||
Other3 | 1.8% |
Nuveen Mid Cap Select Fund
Portfolio Allocation1
Common Stocks | 99.3% | |||
Short-Term Investments | 0.8% | |||
Other3 | (0.1)% |
Portfolio Composition1 | ||||
Pharmaceuticals | 7.4% | |||
Oil, Gas & Consumable Fuels | 7.0% | |||
Diversified Financial Services | 6.9% | |||
Food Products | 5.6% | |||
Software | 5.2% | |||
Internet Software & Services | 4.7% | |||
Insurance | 4.2% | |||
Biotechnology | 3.8% | |||
Communications Equipment | 3.7% | |||
Chemicals | 3.6% | |||
Diversified Telecommunication Services | 3.5% | |||
Electric Utilities | 3.4% | |||
Specialty Retail | 3.4% | |||
Health Care Providers & Services | 3.3% | |||
Aerospace & Defense | 3.1% | |||
Health Care Equipment & Supplies | 2.8% | |||
Electrical Equipment | 2.4% | |||
Energy Equipment & Services | 2.2% | |||
Food & Staples Retailing | 2.2% | |||
Household Durables | 2.1% | |||
Semiconductors & Equipment | 2.1% | |||
Short-Term Investments | 0.0% | 2 | ||
Other4 | 17.4% |
Portfolio Composition1 | ||||
Real Estate Investment Trust | 6.9% | |||
Biotechnology | 5.1% | |||
Electric Utilities | 4.9% | |||
Electrical Equipment | 4.6% | |||
Insurance | 4.5% | |||
Chemicals | 4.3% | |||
Specialty Retail | 3.9% | |||
Consumer Finance | 3.8% | |||
Food Products | 3.8% | |||
Software | 3.7% | |||
Oil, Gas & Consumable Fuels | 3.5% | |||
Machinery | 3.5% | |||
Semiconductors & Equipment | 3.4% | |||
Household Durables | 2.7% | |||
Commercial Banks | 2.3% | |||
Health Care Providers & Services | 2.3% | |||
Capital Markets | 2.3% | |||
Communications Equipment | 2.2% | |||
Health Care Equipment & Supplies | 2.1% | |||
Personal Products | 1.7% | |||
Gas Utilities | 1.5% | |||
Paper & Forest Products | 1.5% | |||
Internet Software & Services | 1.4% | |||
Airlines | 1.4% | |||
IT Services | 1.4% | |||
Energy Equipment & Services | 1.4% | |||
Short-Term Investments | 0.8% | |||
Other5 | 19.1% |
Top Five Common Stock Holdings1 | ||||
Verizon Communication, Inc. | 3.5% | |||
Pfizer Inc. | 3.0% | |||
Google Inc., Class A | 3.0% | |||
Citigroup Inc. | 2.8% | |||
Edison International | 2.5% |
Top Five Common Stock Holdings1 | ||||
Tyson Foods Inc., Class A | 1.7% | |||
Nu Skin Enterprises Inc., Class A | 1.7% | |||
SLM Corporation | 1.6% | |||
Edison International | 1.6% | |||
Rockwell Automation Inc. | 1.6% | |||
1 | As a percentage of net assets. Holdings are subject to change. |
2 | Rounds to 0.0%. |
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 2.1% 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 1.4%. |
Nuveen Investments | 19 |
Holding Summaries (continued)
Nuveen Small Cap Select Fund
Portfolio Allocation1 | ||||
Common Stocks | 96.9% | |||
Short-Term Investments | 3.7% | |||
Other2 | (0.6)% |
Portfolio Composition1 | ||||
Real Estate Investment Trust | 6.7% | |||
Capital Markets | 6.4% | |||
Specialty Retail | 5.5% | |||
Machinery | 4.9% | |||
Health Care Equipment & Supplies | 4.9% | |||
Semiconductors & Equipment | 4.7% | |||
Commercial Banks | 4.4% | |||
Insurance | 4.0% | |||
Food & Staples Retailing | 3.2% | |||
Energy Equipment & Services | 3.1% | |||
Oil, Gas & Consumable Fuels | 2.9% | |||
Construction & Engineering | 2.9% | |||
Biotechnology | 2.8% | |||
IT Services | 2.8% | |||
Software | 2.6% | |||
Health Care Providers & Services | 2.3% | |||
Household Durables | 2.0% | |||
Food Products | 2.0% | |||
Hotels, Restaurants & Leisure | 2.0% | |||
Gas Utilities | 1.9% | |||
Professional Services | 1.8% | |||
Textiles, Apparel & Luxury Goods | 1.8% | |||
Thrifts & Mortgage Finance | 1.6% | |||
Short-Term Investments | 3.8% | |||
Other3 | 19.0% |
Top Five Common Stock Holdings1 | ||||
Waddell & Reed Financial Inc., Class A | 2.0% | |||
Euronet Worldwide Inc. | 1.9% | |||
Atmos Energy Corporation | 1.9% | |||
G III Apparel Group, Limited | 1.8% | |||
International Rectifier 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 1.6% of net assets. |
20 | Nuveen Investments |
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the end of the period.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on the respective Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other Funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Large Cap Select Fund
Actual Performance | Hypothetical Performance (5% annualized return before expenses) | |||||||||||||||||||||||||
A Shares | C Shares | I Shares | A Shares | C Shares | I Shares | |||||||||||||||||||||
Beginning Account Value (11/01/12) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||
Ending Account Value (4/30/13) | $ | 1,153.00 | $ | 1,148.40 | $ | 1,153.80 | $ | 1,018.15 | $ | 1,014.43 | $ | 1,019.39 | ||||||||||||||
Expenses Incurred During Period | $ | 7.15 | $ | 11.13 | $ | 5.82 | $ | 6.71 | $ | 10.44 | $ | 5.46 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.34%, 2.09% and 1.09% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen 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 (11/01/12) | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||||||
Ending Account Value (4/30/13) | $ | 1,150.60 | $ | 1,145.90 | $ | 1,151.30 | $ | 1,017.80 | $ | 1,014.08 | $ | 1,019.04 | ||||||||||||||
Expenses Incurred During Period | $ | 7.52 | $ | 11.49 | $ | 6.19 | $ | 7.05 | $ | 10.79 | $ | 5.81 |
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 181/365 (to reflect the one-half year period).
Nuveen Small Cap Select Fund
Actual Performance | Hypothetical Performance (5% annualized return before expenses) | |||||||||||||||||||||||||||||||||||||||||
A Shares | B Shares | C Shares | R3 Shares | I Shares | A Shares | B Shares | C Shares | R3 Shares | I Shares | |||||||||||||||||||||||||||||||||
Beginning Account Value (11/01/12) | $ | 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 (4/30/13) | $ | 1,127.10 | $ | 1,122.40 | $ | 1,122.80 | $ | 1,125.10 | $ | 1,127.80 | $ | 1,018.25 | $ | 1,014.53 | $ | 1,014.53 | $ | 1,017.01 | $ | 1,019.49 | ||||||||||||||||||||||
Expenses Incurred During Period | $ | 6.96 | $ | 10.89 | $ | 10.90 | $ | 8.27 | $ | 5.65 | $ | 6.61 | $ | 10.34 | $ | 10.34 | $ | 7.85 | $ | 5.36 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.32%, 2.07%, 2.07%, 1.57% and 1.07% for Classes A, B, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen Investments | 21 |
Portfolio of Investments (Unaudited)
Nuveen Large Cap Select Fund
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
COMMON STOCKS – 98.2% | ||||||||||||||
Aerospace & Defense – 3.1% | ||||||||||||||
6,649 | Boeing Company | $ | 607,785 | |||||||||||
6,117 | United Technologies Corporation | 558,421 | ||||||||||||
Total Aerospace & Defense | 1,166,206 | |||||||||||||
Auto Components – 0.9% | ||||||||||||||
4,159 | BorgWarner Inc., (2) | 325,109 | ||||||||||||
Biotechnology – 3.8% | ||||||||||||||
4,946 | Celgene Corporation, (2) | 583,974 | ||||||||||||
16,267 | Gilead Sciences, Inc., (2), (3) | 823,761 | ||||||||||||
Total Biotechnology | 1,407,735 | |||||||||||||
Building Products – 1.0% | ||||||||||||||
18,662 | Masco Corporation | 362,789 | ||||||||||||
Capital Markets – 0.7% | ||||||||||||||
12,278 | Morgan Stanley, (3) | 271,958 | ||||||||||||
Chemicals – 3.6% | ||||||||||||||
1,439 | CF Industries Holding, Inc. | 268,388 | ||||||||||||
7,255 | LyondellBasell Industries NV | 440,379 | ||||||||||||
6,115 | Monsanto Company | 653,204 | ||||||||||||
Total Chemicals | 1,361,971 | |||||||||||||
Commercial Banks – 1.9% | ||||||||||||||
18,413 | Wells Fargo & Company | 699,326 | ||||||||||||
Communications Equipment – 3.7% | ||||||||||||||
41,145 | Cisco Systems, Inc. | 860,753 | ||||||||||||
8,940 | Motorola Solutions Inc. | 511,368 | ||||||||||||
Total Communications Equipment | 1,372,121 | |||||||||||||
Consumer Finance – 2.0% | ||||||||||||||
35,621 | SLM Corporation, (3) | 735,574 | ||||||||||||
Diversified Financial Services – 6.9% | ||||||||||||||
51,407 | Bank of America Corporation | 632,820 | ||||||||||||
22,333 | Citigroup Inc. | 1,042,058 | ||||||||||||
18,337 | JPMorgan Chase & Co. | 898,696 | ||||||||||||
Total Diversified Financial Services | 2,573,574 | |||||||||||||
Diversified Telecommunication Services – 3.5% | ||||||||||||||
24,076 | Verizon Communications Inc. | 1,297,937 | ||||||||||||
Electric Utilities – 3.4% | ||||||||||||||
17,258 | Edison International | 928,480 | ||||||||||||
15,090 | NV Energy Inc. | 326,397 | ||||||||||||
Total Electric Utilities | 1,254,877 | |||||||||||||
Electrical Equipment – 2.4% | ||||||||||||||
7,739 | Eaton Corporation PLC | 475,252 | ||||||||||||
5,138 | Rockwell Automation, Inc. | 435,600 | ||||||||||||
Total Electrical Equipment | 910,852 | |||||||||||||
Energy Equipment & Services – 2.2% | ||||||||||||||
6,710 | Cooper Cameron Corporation, (2) | 413,001 | ||||||||||||
9,621 | Halliburton Company | 411,490 | ||||||||||||
Total Energy Equipment & Services | 824,491 |
22 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Food & Staples Retailing – 2.2% | ||||||||||||||
16,535 | Walgreen Co. | $ | 818,648 | |||||||||||
Food Products – 5.6% | ||||||||||||||
22,200 | ConAgra Foods, Inc. | 785,214 | ||||||||||||
25,681 | Mondelez International Inc., Class A | 807,667 | ||||||||||||
20,913 | Tyson Foods, Inc., Class A | 515,087 | ||||||||||||
Total Food Products | 2,107,968 | |||||||||||||
Health Care Equipment & Supplies – 2.8% | ||||||||||||||
6,400 | Becton, Dickinson and Company | 603,520 | ||||||||||||
7,149 | Covidien PLC | 456,392 | ||||||||||||
Total Health Care Equipment & Supplies | 1,059,912 | |||||||||||||
Health Care Providers & Services – 3.3% | ||||||||||||||
8,356 | CIGNA Corporation | 552,917 | ||||||||||||
11,217 | UnitedHealth Group Incorporated | 672,235 | ||||||||||||
Total Health Care Providers & Services | 1,225,152 | |||||||||||||
Household Durables – 2.1% | ||||||||||||||
8,734 | Jarden Corporation, (2) | 393,117 | ||||||||||||
3,489 | Whirlpool Corporation | 398,723 | ||||||||||||
Total Household Durables | 791,840 | |||||||||||||
Insurance – 4.2% | ||||||||||||||
13,505 | Allstate Corporation | 665,256 | ||||||||||||
12,192 | Lincoln National Corporation | 414,650 | ||||||||||||
7,828 | Prudential Financial, Inc. | 472,968 | ||||||||||||
Total Insurance | 1,552,874 | |||||||||||||
Internet & Catalog Retail – 1.2% | ||||||||||||||
632 | priceline.com Incorporated, (2) | 439,866 | ||||||||||||
Internet Software & Services – 4.7% | ||||||||||||||
16,591 | AOL Inc. | 641,076 | ||||||||||||
1,369 | Google Inc., Class A, (2) | 1,128,836 | ||||||||||||
Total Internet Software & Services | 1,769,912 | |||||||||||||
IT Services – 1.5% | ||||||||||||||
981 | MasterCard, Inc., Class A | 542,424 | ||||||||||||
Leisure Equipment & Products – 1.0% | ||||||||||||||
4,529 | Polaris Industries Inc. | 390,355 | ||||||||||||
Life Sciences Tools & Services – 1.0% | ||||||||||||||
9,019 | Agilent Technologies, Inc. | 373,747 | ||||||||||||
Machinery – 1.0% | ||||||||||||||
5,549 | Dover Corporation, (3) | 382,770 | ||||||||||||
Media – 1.1% | ||||||||||||||
3,601 | Liberty Media Corporation, (2) | 413,683 | ||||||||||||
Multiline Retail – 1.2% | ||||||||||||||
10,062 | Macy’s, Inc. | 448,765 | ||||||||||||
Oil, Gas & Consumable Fuels – 7.0% | ||||||||||||||
6,835 | Anadarko Petroleum Corporation | 579,335 | ||||||||||||
6,456 | Chevron Corporation | 787,697 | ||||||||||||
7,698 | Devon Energy Corporation, (3) | 423,852 |
Nuveen Investments | 23 |
Portfolio of Investments (Unaudited)
Nuveen Large Cap Select Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||||
13,274 | Marathon Oil Corporation | $ | 433,662 | |||||||||||
4,426 | Occidental Petroleum Corporation | 395,065 | ||||||||||||
Total Oil, Gas & Consumable Fuels | 2,619,611 | |||||||||||||
Paper & Forest Products – 1.1% | ||||||||||||||
9,045 | International Paper Company | 424,934 | ||||||||||||
Pharmaceuticals – 7.4% | ||||||||||||||
8,138 | GlaxoSmithKline PLC, (3) | 420,246 | ||||||||||||
17,739 | Merck & Company Inc. | 833,733 | ||||||||||||
39,111 | Pfizer Inc. | 1,136,957 | ||||||||||||
11,139 | Zoetis Incorporated | 367,810 | ||||||||||||
Total Pharmaceuticals | 2,758,746 | |||||||||||||
Semiconductors & Equipment – 2.1% | ||||||||||||||
12,526 | Maxim Integrated Products, Inc. | 387,429 | ||||||||||||
17,662 | Skyworks Solutions Inc., (2), (3) | 389,800 | ||||||||||||
Total Semiconductors & Equipment | 777,229 | |||||||||||||
Software – 5.2% | ||||||||||||||
27,381 | CA Inc. | 738,466 | ||||||||||||
21,570 | Oracle Corporation | 707,065 | ||||||||||||
20,977 | Symantec Corporation, (2) | 509,741 | ||||||||||||
Total Software | 1,955,272 | |||||||||||||
Specialty Retail – 3.4% | ||||||||||||||
12,097 | Best Buy Co., Inc., (3) | 314,401 | ||||||||||||
11,152 | Foot Locker, Inc. | 388,870 | ||||||||||||
14,350 | Lowe’s Companies, Inc. | 551,326 | ||||||||||||
Total Specialty Retail | 1,254,597 | |||||||||||||
Totol Common Stocks (cost $31,282,028) | 36,672,825 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 9.1% | ||||||||||||||
Money Market Funds – 9.1% | ||||||||||||||
3,370,739 | Mount Vernon Securities Lending Prime Portfolio, 0.214%, (4), (5) | $ | 3,370,739 | |||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $3,370,739) | 3,370,739 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 0.0% | ||||||||||||||
Money Market Funds – 0.0% | ||||||||||||||
12,798 | First American Treasury Obligations Fund, Class Z, 0.000%, (4) | $ | 12,798 | |||||||||||
Total Short-Term Investments (cost $12,798) | 12,798 | |||||||||||||
Total Investments (cost $34,665,565) – 107.3% | 40,056,362 | |||||||||||||
Other Assets Less Liabilities – (7.3)% | (2,714,602) | |||||||||||||
Net Assets – 100% | $ | 37,341,760 |
24 | Nuveen Investments |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
(3) | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $3,298,304. |
(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.
Nuveen Investments | 25 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Select Fund
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
COMMON STOCKS – 99.3% | ||||||||||||||
Airlines – 1.4% | ||||||||||||||
6,254 | Alaska Air Group, Inc., (2) | $ | 385,497 | |||||||||||
Auto Components – 1.0% | ||||||||||||||
3,257 | BorgWarner Inc., (2) | 254,600 | ||||||||||||
Biotechnology – 5.1% | ||||||||||||||
7,950 | Alkermes Inc., (2), (3) | 243,350 | ||||||||||||
4,026 | Cubist Pharmaceuticals Inc., (2) | 184,874 | ||||||||||||
9,680 | Myriad Genentics Inc., (2) | 269,588 | ||||||||||||
3,671 | Onyx Pharmaceuticals Inc., (2) | 348,011 | ||||||||||||
1,525 | Regeneron Pharmaceuticals, Inc., (2), (3) | 328,089 | ||||||||||||
Total Biotechnology | 1,373,912 | |||||||||||||
Building Products – 1.0% | ||||||||||||||
13,514 | Masco Corporation | 262,712 | ||||||||||||
Capital Markets – 2.3% | ||||||||||||||
1,784 | Affiliated Managers Group Inc., (2) | 277,733 | ||||||||||||
7,765 | Waddell & Reed Financial, Inc., Class A | 332,886 | ||||||||||||
Total Capital Markets | 610,619 | |||||||||||||
Chemicals – 4.3% | ||||||||||||||
2,444 | Airgas, Inc. | 236,213 | ||||||||||||
1,564 | CF Industries Holdings, Inc. | 291,702 | ||||||||||||
4,047 | LyondellBasell Industries NV | 245,653 | ||||||||||||
2,560 | PPG Industries, Inc., (3) | 376,678 | ||||||||||||
Total Chemicals | 1,150,246 | |||||||||||||
Commercial Banks – 2.3% | ||||||||||||||
20,491 | Fifth Third Bancorp. | 348,962 | ||||||||||||
9,355 | SunTrust Banks, Inc. | 273,634 | ||||||||||||
Total Commercial Banks | 622,596 | |||||||||||||
Commercial Services & Supplies – 0.9% | ||||||||||||||
9,141 | Tetra Tech, Inc., (2) | 240,317 | ||||||||||||
Communications Equipment – 2.2% | ||||||||||||||
4,130 | Motorola Solutions Inc. | 236,236 | ||||||||||||
7,926 | Plantronics Inc. | 347,317 | ||||||||||||
Total Communications Equipment | 583,553 | |||||||||||||
Construction & Engineering – 1.2% | ||||||||||||||
8,648 | Emcor Group Inc. | 323,435 | ||||||||||||
Consumer Finance – 3.8% | ||||||||||||||
4995 | Capital One Financial Corporation | 288,611 | ||||||||||||
6,707 | Discover Financial Services | 293,364 | ||||||||||||
21,415 | SLM Corporation | 442,220 | ||||||||||||
Total Consumer Finance | 1,024,195 | |||||||||||||
Containers & Packaging – 1.1% | ||||||||||||||
2,909 | Rock-Tenn Company | 291,307 | ||||||||||||
Diversified Consumer Services – 1.1% | ||||||||||||||
5,521 | Coinstar Inc., (2), (3) | 291,564 |
26 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Diversified Financial Services – 1.2% | ||||||||||||||
5,439 | Moody’s Corporation, (3) | $ | 330,963 | |||||||||||
Diversified Telecommunication Services – 0.8% | ||||||||||||||
5,511 | CenturyLink Inc. | 207,048 | ||||||||||||
Electric Utilities – 4.9% | ||||||||||||||
8,054 | Edison International | 433,305 | ||||||||||||
7,782 | El Paso Electric Company | 291,514 | ||||||||||||
5,581 | Pinnacle West Capital Corporation | 339,883 | ||||||||||||
7,435 | Westar Energy Inc. | 259,928 | ||||||||||||
Total Electric Utilities | 1,324,630 | |||||||||||||
Electrical Equipment – 4.6% | ||||||||||||||
7,425 | Babcock & Wilcox Company | 201,960 | ||||||||||||
5,510 | Eaton Corporation PLC | 338,369 | ||||||||||||
5,058 | Rockwell Automation, Inc. | 428,817 | ||||||||||||
2,133 | Roper Industries Inc., (3) | 255,213 | ||||||||||||
Total Electrical Equipment | 1,224,359 | |||||||||||||
Electronic Equipment & Instruments – 1.3% | ||||||||||||||
4,745 | Amphenol Corporation, Class A | 358,342 | ||||||||||||
Energy Equipment & Services – 1.4% | ||||||||||||||
21,524 | Key Energy Services Inc., (2) | 127,853 | ||||||||||||
3,446 | Oceaneering International Inc. | 241,806 | ||||||||||||
Total Energy Equipment & Services | 369,659 | |||||||||||||
Food Products – 3.8% | ||||||||||||||
3,831 | Mead Johnson Nutrition Company, Class A Shares | 310,656 | ||||||||||||
3,894 | Treehouse Foods Inc., (2) | 248,087 | ||||||||||||
18,694 | Tyson Foods, Inc., Class A | 460,433 | ||||||||||||
Total Food Products | 1,019,176 | |||||||||||||
Gas Utilities – 1.5% | ||||||||||||||
3,655 | Atmos Energy Corporation | 162,172 | ||||||||||||
4,815 | Southwest Gas Corporation, (3) | 243,976 | ||||||||||||
Total Gas Utilities | 406,148 | |||||||||||||
Health Care Equipment & Supplies – 2.1% | ||||||||||||||
5,113 | ICU Medical, Inc., (2) | 308,058 | ||||||||||||
2,927 | Idexx Labs Inc., (2), (3) | 257,459 | ||||||||||||
Total Health Care Equipment & Supplies | 565,517 | |||||||||||||
Health Care Providers & Services – 2.3% | ||||||||||||||
8,918 | HealthSouth Corporation, (2) | 245,245 | ||||||||||||
3,510 | McKesson HBOC Inc. | 371,428 | ||||||||||||
Total Health Care Providers & Services | 616,673 | |||||||||||||
Health Care Technology – 0.6% | ||||||||||||||
6,823 | HMS Holdings Corporation, (2), (3) | 172,008 | ||||||||||||
Hotels, Restaurants & Leisure – 1.1% | ||||||||||||||
1,699 | Panera Bread Company, Class A, (2), (3) | 301,114 | ||||||||||||
Household Durables – 2.7% | ||||||||||||||
7035 | Jarden Corporation | 316,645 | ||||||||||||
3,672 | Whirlpool Corporation | 419,636 | ||||||||||||
Total Household Durables | 736,281 |
Nuveen Investments | 27 |
Portfolio of Investments (Unaudited)
Nuveen Mid Cap Select Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Insurance – 4.5% | ||||||||||||||
6,222 | Allstate Corporation | $ | 306,496 | |||||||||||
23,520 | CNO Financial Group Inc., (3) | 266,246 | ||||||||||||
9,602 | Lincoln National Corporation | 326,564 | ||||||||||||
11,221 | Unum Group | 312,954 | ||||||||||||
Total Insurance | 1,212,260 | |||||||||||||
Internet Software & Services – 1.4% | ||||||||||||||
10,044 | AOL Inc. | 388,100 | ||||||||||||
IT Services – 1.4% | ||||||||||||||
12,587 | Euronet Worldwide, Inc., (2), (3) | 384,281 | ||||||||||||
Leisure Equipment & Products – 1.1% | ||||||||||||||
3,369 | Polaris Industries Inc. | 290,374 | ||||||||||||
Life Sciences Tools & Services – 1.0% | ||||||||||||||
6,559 | Agilent Technologies, Inc. | 271,805 | ||||||||||||
Machinery – 3.5% | ||||||||||||||
8,593 | Actuant Corporation, Class A, (3) | 268,961 | ||||||||||||
5,982 | Crane Company | 322,011 | ||||||||||||
4,910 | Dover Corporation, (3) | 338,692 | ||||||||||||
Total Machinery | 929,664 | |||||||||||||
Media – 1.0% | ||||||||||||||
2,268 | Liberty Media Corporation, (2) | 260,548 | ||||||||||||
Multiline Retail – 1.2% | ||||||||||||||
7,232 | Macy’s, Inc. | 322,547 | ||||||||||||
Oil, Gas & Consumable Fuels – 3.5% | ||||||||||||||
11,107 | Energy XXI Ltd., (3) | 252,573 | ||||||||||||
6,608 | HollyFrontier Company | 326,766 | ||||||||||||
10,906 | Marathon Oil Corporation | 356,299 | ||||||||||||
Total Oil, Gas & Consumable Fuels | 935,638 | |||||||||||||
Paper & Forest Products – 1.5% | ||||||||||||||
8,620 | International Paper Company | 404,968 | ||||||||||||
Personal Products – 1.7% | ||||||||||||||
8,740 | Nu Skin Enterprises, Inc., Class A, (3) | 443,380 | ||||||||||||
Pharmaceuticals – 0.9% | ||||||||||||||
4,665 | Salix Pharmaceuticals Limited, (2) | 243,933 | ||||||||||||
Real Estate Investment Trust – 6.9% | ||||||||||||||
3320 | Digital Realty Trust, Inc. | 234,126 | ||||||||||||
12,016 | Invesco Mortgage Capital Inc., (3) | 257,142 | ||||||||||||
8,433 | Liberty Property Trust, (3) | 362,535 | ||||||||||||
16,004 | Medical Properties Trust Inc. | 257,504 | ||||||||||||
3,532 | Mid-America Apartment Communities | 242,754 | ||||||||||||
3,856 | PS Business Parks Inc., (3) | 307,709 | ||||||||||||
7,030 | Starwood Property Trust Inc. | 193,255 | ||||||||||||
Total Real Estate Investment Trust | 1,855,025 | |||||||||||||
Road & Rail – 0.7% | ||||||||||||||
14,100 | Swift Transportation Company, Class A, (2), (3) | 197,682 |
28 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Semiconductors & Equipment – 3.4% | ||||||||||||||
29,688 | Integrated Device Technology, Inc., (2) | $ | 211,082 | |||||||||||
13,658 | Maxim Integrated Products, Inc. | 422,442 | ||||||||||||
12,352 | Skyworks Solutions Inc., (2), (3) | 272,609 | ||||||||||||
Total Semiconductors & Equipment | 906,133 | |||||||||||||
Software – 3.7% | ||||||||||||||
13,182 | CA Inc. | 355,519 | ||||||||||||
15,625 | Symantec Corporation, (2) | 379,688 | ||||||||||||
6,944 | Synopsys Inc., (2) | 246,998 | ||||||||||||
Total Software | 982,205 | |||||||||||||
Specialty Retail – 3.9% | ||||||||||||||
9,503 | Foot Locker, Inc. | 331,370 | ||||||||||||
5,879 | PetSmart Inc. | 401,180 | ||||||||||||
23,417 | Staples, Inc., (3) | 310,041 | ||||||||||||
Total Specialty Retail | 1,042,591 | |||||||||||||
Textiles, Apparel & Luxury Goods – 1.0% | ||||||||||||||
1,500 | Ralph Lauren Corporation | 272,370 | ||||||||||||
Thrifts & Mortgage Finance – 1.0% | ||||||||||||||
16,219 | Everbank Financial Corporation, (3) | 259,504 | ||||||||||||
Total Common Stock (cost $23,321,258) | 26,649,479 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 20.8% | ||||||||||||||
Money Market Funds – 20.8% | ||||||||||||||
5,578,100 | Mount Vernon Securities Lending Prime Portfolio, 0.214%, (4), (5) | $ | 5,578,100 | |||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $5,578,100) | 5,578,100 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 0.8% | ||||||||||||||
Money Market Funds – 0.8% | ||||||||||||||
212,496 | First American Treasury Obligations Fund, Class Z, 0.000%, (4) | $ | 212,496 | |||||||||||
Total Short-Term Investments (cost $212,496) | 212,496 | |||||||||||||
Total Investments (cost $29,111,854) 120.9% | 32,440,075 | |||||||||||||
Other Assets Less Liabilities – (20.9)% | (5,606,167) | |||||||||||||
Net Assets – 100% | $ | 26,833,908 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
(3) | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $5,418,684. |
(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.
Nuveen Investments | 29 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Select Fund
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
COMMON STOCKS – 96.9% | ||||||||||||||
Aerospace & Defense – 1.2% | ||||||||||||||
306,230 | Orbital Sciences Corporation, (2) | $ | 5,518,265 | |||||||||||
Airlines – 0.9% | ||||||||||||||
47,706 | Allegiant Travel Company | 4,288,769 | ||||||||||||
Auto Components – 0.8% | ||||||||||||||
247,880 | Gentherm Inc., (2) | 3,775,212 | ||||||||||||
Biotechnology – 2.8% | ||||||||||||||
41,730 | Alkermes Inc., (2) | 1,277,355 | ||||||||||||
71,545 | Arena Pharmaceuticals, Inc., (2), (3) | 589,531 | ||||||||||||
60,493 | Cepheid, Inc., (2), (3) | 2,306,598 | ||||||||||||
58,290 | Cubist Pharmaceuticals Inc., (2), (3) | 2,676,677 | ||||||||||||
27,723 | Immunogen, Inc., (2), (3) | 444,122 | ||||||||||||
36,170 | ISIS Pharmaceuticals, Inc., (2), (3) | 809,846 | ||||||||||||
18,894 | Pharmacyclics, Inc., (2), (3) | 1,539,861 | ||||||||||||
31,563 | Seattle Genetics, Inc., (2), (3) | 1,166,253 | ||||||||||||
48,024 | Theravance Inc., (2), (3) | 1,620,810 | ||||||||||||
Total Biotechnology | 12,431,053 | |||||||||||||
Capital Markets – 6.4% | ||||||||||||||
126,107 | Evercore Partners Inc., Class A | 4,760,539 | ||||||||||||
445,660 | Medley Capital Corporation | 6,943,383 | ||||||||||||
505,936 | Pennantpark Investment Corporation, (3) | 5,919,451 | ||||||||||||
67,441 | Stifel Financial Corporation, (2), (3) | 2,172,949 | ||||||||||||
204,779 | Waddell & Reed Financial, Inc., Class A | 8,778,876 | ||||||||||||
Total Capital Markets | 28,575,198 | |||||||||||||
Chemicals – 1.4% | ||||||||||||||
297,882 | Chemtura Corporation, (2) | 6,332,971 | ||||||||||||
Commercial Banks – 4.4% | ||||||||||||||
188,690 | Associated Banc-Corp. | 2,692,606 | ||||||||||||
315,048 | Cardinal Financial Corporation | 4,804,482 | ||||||||||||
249,193 | East West Bancorp Inc. | 6,062,866 | ||||||||||||
131,069 | Texas Capital BancShares, Inc., (2), (3) | 5,460,335 | ||||||||||||
72,484 | Umpqua Holdings Corporation, (3) | 869,808 | ||||||||||||
Total Commercial Banks | 19,890,097 | |||||||||||||
Commercial Services & Supplies – 0.7% | ||||||||||||||
319,383 | Innerworkings, Inc., (2), (3) | 3,216,187 | ||||||||||||
Communications Equipment – 1.3% | ||||||||||||||
425,977 | JDS Uniphase Corporation, (2) | 5,750,690 | ||||||||||||
Computers & Peripherals – 0.8% | ||||||||||||||
332,270 | QLogic Corporation, (2) | 3,608,452 | ||||||||||||
Construction & Engineering – 2.9% | ||||||||||||||
250,354 | MasTec Inc., (2), (3) | 6,959,841 | ||||||||||||
265,880 | MYR Group Inc., (2) | 6,062,064 | ||||||||||||
Total Construction & Engineering | 13,021,905 | |||||||||||||
Containers & Packaging – 1.0% | ||||||||||||||
44,288 | Rock-Tenn Company, Class A | 4,435,000 |
30 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Diversified Telecommunication Services – 1.5% | ||||||||||||||
760,645 | Cbeyond Inc., (2) | $ | 6,678,463 | |||||||||||
Electrical Equipment – 1.3% | ||||||||||||||
73,229 | Regal-Beloit Corporation | 5,757,264 | ||||||||||||
Electronic Equipment & Instruments – 1.0% | ||||||||||||||
297,645 | Newport Corporation, (2) | 4,509,322 | ||||||||||||
Energy Equipment & Services – 3.1% | ||||||||||||||
94,620 | Atwood Oceanics Inc., (2), (3) | 4,641,111 | ||||||||||||
823,588 | Key Energy Services Inc., (2) | 4,892,113 | ||||||||||||
1,031,696 | Parker Drilling Company, (2) | 4,250,588 | ||||||||||||
Total Energy Equipment & Services | 13,783,812 | |||||||||||||
Food & Staples Retailing – 3.2% | ||||||||||||||
133,960 | Harris Teeter Supermarkets Incorporated, (3) | 5,598,188 | ||||||||||||
180,881 | Natural Grocers by Vitamin Cottage Incorporated, (2), (3) | 4,536,495 | ||||||||||||
224,829 | The Chef’s Warehouse Inc., (2), (3) | 4,134,605 | ||||||||||||
Total Food & Staples Retailing | 14,269,288 | |||||||||||||
Food Products – 2.0% | ||||||||||||||
410,710 | Boulder Brands Inc., (2), (3) | 3,700,497 | ||||||||||||
80,495 | Treehouse Foods Inc., (2) | 5,128,336 | ||||||||||||
Total Food Products | 8,828,833 | |||||||||||||
Gas Utilities – 1.9% | ||||||||||||||
188,168 | Atmos Energy Corporation | 8,349,014 | ||||||||||||
Health Care Equipment & Supplies – 4.9% | ||||||||||||||
187,208 | Align Technology, Inc., (2), (3) | 6,200,329 | ||||||||||||
118,352 | Integra Lifesciences Holdings Corporation, (2), (3) | 4,145,871 | ||||||||||||
568,065 | Merit Medical Systems, Inc., (2), (3) | 5,493,189 | ||||||||||||
166,379 | Thoratec Corporation, (2) | 6,022,920 | ||||||||||||
Total Health Care Equipment & Supplies | 21,862,309 | |||||||||||||
Health Care Providers & Services – 2.3% | ||||||||||||||
238,155 | HealthSouth Corporation, (2) | 6,549,263 | ||||||||||||
40,938 | Medax Inc., (2) | 3,632,429 | ||||||||||||
Total Health Care Providers & Services | 10,181,692 | |||||||||||||
Hotels, Restaurants & Leisure – 2.0% | ||||||||||||||
137,167 | Life Time Fitness Inc., (2), (3) | 6,334,372 | ||||||||||||
104,766 | Texas Roadhouse, Inc. | 2,462,001 | ||||||||||||
Total Hotels, Restaurants & Leisure | 8,796,373 | |||||||||||||
Household Durables – 2.0% | ||||||||||||||
124,046 | La Z Boy Inc. | 2,240,271 | ||||||||||||
31,335 | Meritage Corporation, (2) | 1,528,835 | ||||||||||||
277,185 | Tri Pointe Homes, Incorporated, (2), (3) | 5,266,515 | ||||||||||||
Total Household Durables | 9,035,621 | |||||||||||||
Insurance – 4.0% | ||||||||||||||
150,130 | First American Financial Corporation | 4,018,980 | ||||||||||||
651,748 | Maiden Holdings, Ltd | 6,732,557 | ||||||||||||
372,173 | Tower Group Companies, (3) | 7,041,513 | ||||||||||||
Total Insurance | 17,793,050 |
Nuveen Investments | 31 |
Portfolio of Investments (Unaudited)
Nuveen Small Cap Select Fund (continued)
April 30, 2013
Shares | Description (1) | Value | ||||||||||||
Internet Software & Services – 1.4% | ||||||||||||||
163,859 | Keynote Systems, Inc. | $ | 1,836,859 | |||||||||||
554,646 | Vocus, Inc., (2) | 4,664,573 | ||||||||||||
Total Internet Software & Services | 6,501,432 | |||||||||||||
IT Services – 2.8% | ||||||||||||||
278,850 | Euronet Worldwide, Inc., (2) | 8,513,291 | ||||||||||||
253,412 | Sykes Enterprises Inc., (2) | 3,900,011 | ||||||||||||
Total IT Services | 12,413,302 | |||||||||||||
Leisure Equipment & Products – 0.9% | ||||||||||||||
131,929 | Brunswick Corporation, (3) | 4,176,872 | ||||||||||||
Machinery – 4.9% | ||||||||||||||
203,470 | Actuant Corporation, Class A | 6,368,611 | ||||||||||||
139,770 | Altra Industrial Motion, Inc., (3) | 3,724,871 | ||||||||||||
166,982 | ESCO Technologies Inc., (3) | 6,006,343 | ||||||||||||
274,310 | Titan International Inc., (3) | 6,119,856 | ||||||||||||
Total Machinery | 22,219,681 | |||||||||||||
Media – 0.9% | ||||||||||||||
242,535 | ReachLocal Inc., (2), (3) | 4,043,058 | ||||||||||||
Metals & Mining – 0.8% | ||||||||||||||
179,942 | US Silica Holdings Inc. | 3,676,215 | ||||||||||||
Oil, Gas & Consumable Fuels – 2.9% | ||||||||||||||
264,135 | Energy XXI Ltd., (3) | 6,006,430 | ||||||||||||
542,259 | Goodrich Petroleum Corporation, (2), (3) | 7,071,057 | ||||||||||||
Total Oil, Gas & Consumable Fuels | 13,077,487 | |||||||||||||
Paper & Forest Products – 1.5% | ||||||||||||||
175,623 | Buckeye Technologies Inc. | 6,601,669 | ||||||||||||
Pharmaceuticals – 1.0% | ||||||||||||||
90,539 | Salix Pharmaceuticals Limited, (2) | 4,734,284 | ||||||||||||
Professional Services – 1.8% | ||||||||||||||
348,335 | CBIZ Inc., (2), (3) | 2,260,694 | ||||||||||||
272,632 | TrueBlue Inc., (2), (3) | 5,648,935 | ||||||||||||
Total Professional Services | 7,909,629 | |||||||||||||
Real Estate Investment Trust – 6.7% | ||||||||||||||
54,714 | EastGroup Properties Inc., (3) | 3,450,812 | ||||||||||||
262,774 | Invesco Mortgage Capital Inc. | 5,623,364 | ||||||||||||
211,378 | Medical Properties Trust Inc. | 3,401,072 | ||||||||||||
265,687 | MFA Mortgage Investments, Inc. | 2,462,918 | ||||||||||||
174,886 | National Retail Properties, Inc., (3) | 6,939,476 | ||||||||||||
66,667 | PS Business Parks Inc. | 5,320,027 | ||||||||||||
158,236 | Terreno Realty Corporation | 2,978,002 | ||||||||||||
Total Real Estate Investment Trust | 30,175,671 | |||||||||||||
Road & Rail – 1.3% | ||||||||||||||
167,200 | Con-Way, Inc. | 5,651,360 | ||||||||||||
Semiconductors & Equipment – 4.7% | ||||||||||||||
957,686 | Integrated Device Technology, Inc., (2) | 6,809,147 | ||||||||||||
346,697 | International Rectifier Corporation, (2), (3) | 7,353,443 |
32 | Nuveen Investments |
Shares | Description (1) | Value | ||||||||||||
Semiconductors & Equipment (continued) | ||||||||||||||
210,661 | Semtech Corporation, (2) | $ | 6,755,898 | |||||||||||
Total Semiconductors & Equipment | 20,918,488 | |||||||||||||
Software – 2.6% | ||||||||||||||
187,570 | Fortinet Inc., (2) | 3,368,757 | ||||||||||||
62,650 | Guidewire Software Incorporated, (2) | 2,511,012 | ||||||||||||
854,249 | Smith Micro Software, Inc., (2) | 1,195,949 | ||||||||||||
158,961 | Synchronoss Technologies, Inc., (2), (3) | 4,504,955 | ||||||||||||
Total Software | 11,580,673 | |||||||||||||
Specialty Retail – 5.5% | ||||||||||||||
149,889 | Ann Inc., (2) | 4,427,721 | ||||||||||||
371,825 | Ascena Retail Group Inc., (2), (3) | 6,878,763 | ||||||||||||
254,802 | Kirkland’s, Inc., (2) | 3,072,912 | ||||||||||||
223,022 | Tile Shop Holdings Inc., (2) | 5,530,946 | ||||||||||||
158,422 | Zumiez, Inc., (2), (3) | 4,589,485 | ||||||||||||
Total Specialty Retail | 24,499,827 | |||||||||||||
Textiles, Apparel & Luxury Goods – 1.8% | ||||||||||||||
194,340 | G III Apparel Group, Limited, (2), (3) | 7,901,863 | ||||||||||||
Thrifts & Mortgage Finance – 1.6% | ||||||||||||||
448,638 | Everbank Financial Corporation, (3) | 7,178,208 | ||||||||||||
Total Common Stock (cost $366,087,179) | 433,948,559 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 20.5% | ||||||||||||||
Money Market Funds – 20.5% | ||||||||||||||
91,784,197 | Mount Vernon Securities Lending Prime Portfolio, 0.214%, (4), (5) | $ | 91,784,197 | |||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $91,784,197) | 91,784,197 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 3.7% | ||||||||||||||
Money Market Funds – 3.7% | ||||||||||||||
17,002,897 | First American Treasury Obligations Fund, Class Z, 0.000%, (4) | $ | 17,002,897 | |||||||||||
Total Short-Term Investments (cost $17,002,897) | 17,002,897 | |||||||||||||
Total Investments (474,874,273) – 121.1% | 542,735,653 | |||||||||||||
Other Assets Less Liabilities – (21.1)% | (94,695,380) | |||||||||||||
Net Assets – 100% | $ | 448,040,273 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report which may combine industry sub-classifications into sectors for reporting ease. |
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
(3) | Investment, or a portion of investment, is out on loan for securities lending. The total value of securities out on loan as of the end of the reporting period was $88,116,655. |
(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.
Nuveen Investments | 33 |
Statement of Assets & Liabilities (Unaudited)
April 30, 2013
Large Cap Select | Mid Cap Select | Small Cap Select | ||||||||||
Assets | ||||||||||||
Investments, at value (cost $31,294,826, $23,533,754 and $383,090,076, respectively) | 36,685,623 | 26,861,975 | 450,951,456 | |||||||||
Investment purchased with collateral from securities lending (at cost, which approximates value) | 3,370,739 | 5,578,100 | 91,784,197 | |||||||||
Receivables: | ||||||||||||
Dividends | 16,948 | 13,585 | 184,694 | |||||||||
Due from broker | 464 | 5,530 | 21,798 | |||||||||
Investments sold | 662,289 | — | 3,148,554 | |||||||||
Shares sold | 154 | 15,883 | 656,342 | |||||||||
Other assets | 1,429 | 38 | 9,572 | |||||||||
Total assets | 40,737,646 | 32,475,111 | 546,756,613 | |||||||||
Liabilities | ||||||||||||
Payables: | ||||||||||||
Collateral from securities lending program | 3,370,739 | 5,578,100 | 91,784,197 | |||||||||
Investments purchased | — | — | 4,788,008 | |||||||||
Shares redeemed | 948 | 21,438 | 1,523,287 | |||||||||
Accrued expenses: | ||||||||||||
Directors fees | 263 | 214 | 11,254 | |||||||||
Management fees | 22,993 | 12,006 | 324,214 | |||||||||
12b-1 distribution and service fees | 943 | 3,658 | 48,540 | |||||||||
Other | — | 25,787 | 236,840 | |||||||||
Total liabilities | 3,395,886 | 5,641,203 | 98,716,340 | |||||||||
Net assets | $ | 37,341,760 | $ | 26,833,908 | $ | 448,040,273 | ||||||
Class A Shares | ||||||||||||
Net assets | $ | 3,613,765 | $ | 11,086,365 | $ | 156,037,182 | ||||||
Shares outstanding | 234,679 | 940,612 | 12,142,687 | |||||||||
Net asset value and redemption price per share | $ | 15.40 | $ | 11.79 | $ | 12.85 | ||||||
Offering price per share (net asset value per share plus maximum sales charge of 5.75 of offering price) | $ | 16.34 | $ | 12.51 | $ | 13.63 | ||||||
Class B Shares | ||||||||||||
Net assets | N/A | N/A | $ | 1,675,633 | ||||||||
Shares outstanding | N/A | N/A | 178,863 | |||||||||
Net asset value and offering price per share | N/A | N/A | $ | 9.37 | ||||||||
Class C Shares | ||||||||||||
Net assets | $ | 264,634 | $ | 1,802,435 | $ | 9,858,752 | ||||||
Shares outstanding | 18,093 | 167,566 | 882,710 | |||||||||
Net asset value and offering price per share | $ | 14.63 | $ | 10.76 | $ | 11.17 | ||||||
Class R3 Shares | ||||||||||||
Net assets | N/A | N/A | $ | 17,518,494 | ||||||||
Shares outstanding | N/A | N/A | 1,411,390 | |||||||||
Net asset value and offering price per share | N/A | N/A | $ | 12.41 | ||||||||
Class I Shares | ||||||||||||
Net assets | $ | 33,463,361 | $ | 13,945,108 | $ | 262,950,212 | ||||||
Shares outstanding | 2,158,761 | 1,129,995 | 18,385,692 | |||||||||
Net asset value and offering price per share | $ | 15.50 | $ | 12.34 | $ | 14.30 | ||||||
Net assets consist of: | ||||||||||||
Capital paid-in | $ | 99,624,715 | $ | 42,148,894 | $ | 371,154,082 | ||||||
Undistributed (Over-distribution of) net investment income | 74,580 | 65,176 | 616,783 | |||||||||
Accumulated net realized gain (loss) | (67,748,332 | ) | (18,708,383 | ) | 8,408,028 | |||||||
Net unrealized appreciation (depreciation) | 5,390,797 | 3,328,221 | 67,861,380 | |||||||||
Net assets | $ | 37,341,760 | $ | 26,833,908 | $ | 448,040,273 | ||||||
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 and Mid Cap Select do not offer Class B and Class R3 Shares. At the close of business on March 4, 2013, Large Cap Select liquidated all of its Class R3 Shares. |
See accompanying notes to financial statements.
34 | Nuveen Investments |
Statement of Operations (Unaudited)
Six Months Ended April 30, 2013
Large Cap Select | Mid Cap Select | Small Cap Select | ||||||||||
Investment Income | ||||||||||||
Dividend and interest income (net of foreign tax withheld of $5,556, $2,665 and $–, respectively) | $ | 359,876 | $ | 248,010 | $ | 3,163,320 | ||||||
Securities lending income, net | 4,727 | 20,859 | 180,257 | |||||||||
Total investment income | 364,603 | 268,869 | 3,343,577 | |||||||||
Expenses | ||||||||||||
Management fees | 140,030 | 115,562 | 1,988,934 | |||||||||
12b-1 service fees – Class A | 4,094 | 13,635 | 194,018 | |||||||||
12b-1 distribution and service fees – Class B | N/A | N/A | 9,359 | |||||||||
12b-1 distribution and service fees – Class C | 1,084 | 8,658 | 49,378 | |||||||||
12b-1 distribution and service fees – Class R3(1) | 184 | N/A | 45,574 | |||||||||
Shareholder servicing agent fees and expenses | 12,548 | 35,136 | 325,022 | |||||||||
Custodian fees and expenses | 8,781 | 8,098 | 42,068 | |||||||||
Directors fees and expenses | 609 | 509 | 5,396 | |||||||||
Professional fees | 6,079 | 6,042 | 7,869 | |||||||||
Shareholder reporting expenses | 3,757 | 21,520 | 30,864 | |||||||||
Federal and state registration fees | 24,670 | 19,945 | 34,914 | |||||||||
Other expenses | 6,650 | 6,736 | 17,953 | |||||||||
Total expenses before fee waiver/expense reimbursement | 208,486 | 235,841 | 2,751,349 | |||||||||
Fee waiver/expense reimbursement | — | (64,600 | ) | (43,537 | ) | |||||||
Net expenses | 208,486 | 171,241 | 2,707,812 | |||||||||
Net investment income (loss) | 156,117 | 97,628 | 635,765 | |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from Investments | 3,197,366 | 1,748,049 | 11,606,367 | |||||||||
Change in net unrealized appreciation (depreciation) of investments | 2,043,367 | 1,772,403 | 42,255,276 | |||||||||
Net realized and unrealized gain (loss) | 5,240,733 | 3,520,452 | 53,861,643 | |||||||||
Net increase (decrease) in net assets from operations | $ | 5,396,850 | $ | 3,618,080 | $ | 54,497,408 |
N/A - | Large Cap Select does not offer Class B Shares and Mid Cap Select does not offer Class B and Class R3 Shares. |
(1) - | At the close of business on March 4, 2013, Large Cap Select liquidated all of its Class R3 Shares. |
See accompanying notes to financial statements.
Nuveen Investments | 35 |
Statement of Changes in Net Assets (Unaudited)
Large Cap Select | Mid Cap Select | Small Cap Select | ||||||||||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | Six Months Ended 4/30/13 | Year Ended 10/31/12 | Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income (loss) | $ | 156,117 | $ | 227,174 | $ | 97,628 | $ | 130,794 | $ | 635,765 | $ | (1,438,470 | ) | |||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||
Investments | 3,197,366 | 5,458,240 | 1,748,049 | 3,074,977 | 11,606,367 | 72,006,971 | ||||||||||||||||||
Futures contracts | — | — | — | — | — | 1,762,906 | ||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments | 2,043,367 | 476,212 | 1,772,403 | (840,405 | ) | 42,255,276 | (482,307 | ) | ||||||||||||||||
Net increase (decrease) in net assets from operations | 5,396,850 | 6,161,626 | 3,618,080 | 2,365,366 | 54,497,408 | 71,849,100 | ||||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||
Class A | (14,322 | ) | — | (55,176 | ) | — | — | — | ||||||||||||||||
Class B | N/A | N/A | N/A | — | — | — | ||||||||||||||||||
Class C | — | — | — | — | — | — | ||||||||||||||||||
Class R3(1) | (251 | ) | — | N/A | N/A | — | — | |||||||||||||||||
Class I | (234,154 | ) | (49,038 | ) | (94,421 | ) | — | — | — | |||||||||||||||
From accumulated net realized gains: | ||||||||||||||||||||||||
Class A | — | — | — | — | (24,007,903 | ) | (6,635,027 | ) | ||||||||||||||||
Class B | N/A | N/A | N/A | — | (393,486 | ) | (85,210 | ) | ||||||||||||||||
Class C | — | — | — | — | (1,721,258 | ) | (355,958 | ) | ||||||||||||||||
Class R3(1) | — | — | N/A | N/A | (2,881,156 | ) | (488,508 | ) | ||||||||||||||||
Class I | — | — | — | — | (37,556,779 | ) | (5,892,281 | ) | ||||||||||||||||
Decrease in net assets from distributions to shareholders | (248,727 | ) | (49,038 | ) | (149,597 | ) | — | (66,560,582 | ) | (13,456,984 | ) | |||||||||||||
Fund Share Transactions | ||||||||||||||||||||||||
Proceeds from sale of shares | 1,079,054 | 2,708,944 | 985,431 | 2,158,779 | 42,984,272 | 104,005,532 | ||||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 132,143 | 22,258 | 72,384 | — | 59,872,466 | 12,262,815 | ||||||||||||||||||
1,211,197 | 2,731,202 | 1,057,815 | 2,158,779 | 102,856,738 | 116,268,347 | |||||||||||||||||||
Cost of shares redeemed | (6,796,459 | ) | (32,611,841 | ) | (3,070,324 | ) | (9,196,987 | ) | (90,612,859 | ) | (313,697,046 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | (5,585,262 | ) | (29,880,639 | ) | (2,012,509 | ) | (7,038,208 | ) | 12,243,879 | (197,428,699 | ) | |||||||||||||
Net increase (decrease) in net assets | (437,139 | ) | (23,768,051 | ) | 1,455,974 | (4,672,842 | ) | 180,705 | (139,036,583 | ) | ||||||||||||||
Net assets at the beginning of period | 37,778,899 | 61,546,950 | 25,377,934 | 30,050,776 | 447,859,568 | 586,896,151 | ||||||||||||||||||
Net assets at the end of period | $ | 37,341,760 | $ | 37,778,899 | $ | 26,833,908 | $ | 25,377,934 | $ | 448,040,273 | $ | 447,859,568 | ||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 74,580 | $ | 167,190 | $ | 65,176 | $ | 117,145 | $ | 616,783 | $ | (18,982 | ) |
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. |
(1) | At the close of business on March 4, 2013, Large Cap Select liquidated all of its Class R3 Shares. |
See accompanying notes to financial statements.
36 | Nuveen Investments |
[THIS PAGE INTENTIONALLY LEFT BLANK]
Nuveen Investments | 37 |
Financial Highlights (Unaudited)
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 | From Net Invest- ment Income | From Accumulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (1/03) |
| |||||||||||||||||||||||||||||||
2013(d) | $ | 13.42 | $ | .04 | $ | 2.00 | $ | 2.04 | $ | (.06 | ) | $ | — | $ | (.06 | ) | $ | 15.40 | ||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 12.73 | (.01 | ) | 1.91 | 1.90 | — | — | — | 14.63 | |||||||||||||||||||||||
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 I (1/03) |
| |||||||||||||||||||||||||||||||
2013(d) | 13.52 | .06 | 2.02 | 2.08 | (.10 | ) | — | (.10 | ) | 15.50 | ||||||||||||||||||||||
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 |
38 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
15.30 | % | $ | 3,614 | 1.34 | %* | .56 | %* | 1.34 | %* | .56 | %* | 50 | % | |||||||||||||
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 | |||||||||||||||||||
14.84 | 265 | 2.09 | * | (.19 | )* | 2.09 | * | (.19 | )* | 50 | ||||||||||||||||
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 | |||||||||||||||||
15.38 | 33,463 | 1.09 | * | .87 | * | 1.09 | * | .87 | * | 50 | ||||||||||||||||
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) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | For the six months ended April 30, 2013. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 39 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
MID CAP SELECT (d) | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Invest- ment Income | From Accumulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (4/94) |
| |||||||||||||||||||||||||||||||
2013(e) | $ | 10.30 | $ | .04 | $ | 1.50 | $ | 1.54 | $ | (.05 | ) | $ | — | $ | (.05 | ) | $ | 11.79 | ||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(e) | 9.39 | — | 1.37 | 1.37 | — | — | — | 10.76 | ||||||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(e) | 10.80 | .05 | 1.57 | 1.62 | (.08 | ) | — | (.08 | ) | 12.34 | ||||||||||||||||||||||
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 |
40 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
15.06 | % | $ | 11,086 | 1.91 | %** | .18 | %** | 1.41 | %** | .68 | %** | 57 | % | |||||||||||||
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 | |||||||||||||||||
14.59 | 1,802 | 2.66 | ** | (.57 | )** | 2.16 | ** | (.07 | )** | 57 | ||||||||||||||||
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 | |||||||||||||||||
15.13 | 13,945 | 1.66 | ** | .43 | ** | 1.16 | ** | .93 | ** | 57 | ||||||||||||||||
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) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | 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. |
(e) | For the six months ended April 30, 2013. |
* | Rounds to less than $.01 per share. |
** | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 41 |
Financial Highlights (Unaudited) (continued)
Selected data for a share outstanding throughout each period: | ||||||||||||||||||||||||||||||||
Class (Commencement Date) | ||||||||||||||||||||||||||||||||
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||
SMALL CAP SELECT | ||||||||||||||||||||||||||||||||
Year Ended October 31, | Beginning Net Asset Value | Net Invest- ment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Invest- ment Income | From Accumulated Net Realized Gains | Total | Ending Net Asset Value | ||||||||||||||||||||||||
Class A (5/92) |
| |||||||||||||||||||||||||||||||
2013(d) | $ | 13.54 | $ | .01 | $ | 1.45 | $ | 1.46 | $ | — | $ | (2.15 | ) | $ | (2.15 | ) | $ | 12.85 | ||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 10.49 | (.03 | ) | 1.06 | 1.03 | — | (2.15 | ) | (2.15 | ) | 9.37 | |||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 12.09 | (.03 | ) | 1.26 | 1.23 | — | (2.15 | ) | (2.15 | ) | 11.17 | |||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 13.17 | (.01 | ) | 1.40 | 1.39 | — | (2.15 | ) | (2.15 | ) | 12.41 | |||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||
2013(d) | 14.82 | .03 | 1.60 | 1.63 | — | (2.15 | ) | (2.15 | ) | 14.30 | ||||||||||||||||||||||
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 |
42 | Nuveen Investments |
Ratios/Supplemental Data | ||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Invest- ment Income (Loss) | Expenses | Net Invest- ment Income (Loss) | Portfolio Turnover Rate | ||||||||||||||||||||
12.71 | % | $ | 156,037 | 1.34 | %* | .15 | %* | 1.32 | %* | .17 | %* | 30 | % | |||||||||||||
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 | |||||||||||||||||
12.24 | 1,676 | 2.09 | * | (.59 | )* | 2.07 | * | (.56 | )* | 30 | ||||||||||||||||
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 | |||||||||||||||||
12.28 | 9,859 | 2.09 | * | (.60 | )* | 2.07 | * | (.58 | )* | 30 | ||||||||||||||||
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 | |||||||||||||||||
12.51 | 17,518 | 1.59 | * | (.10 | )* | 1.57 | * | (.08 | )* | 30 | ||||||||||||||||
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 | |||||||||||||||||
12.78 | 262,950 | 1.09 | * | .39 | * | 1.07 | * | .41 | * | 30 | ||||||||||||||||
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) | 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. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | For the six months ended April 30, 2013. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen Investments | 43 |
Notes to Financial Statements (Unaudited)
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.
On December 31, 2012, the Funds’ investment adviser converted from a Delaware corporation to a Delaware limited liability company. As a result, Nuveen Fund Advisors, Inc., a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”), changed its name to Nuveen Fund Advisors, LLC (the “Adviser”). There were no changes to the identities or roles of any personnel as a result of the change.
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. At the close of business on March 4, 2013, the Fund liquidated all of its Class R3 Shares, and are no longer offered for sale.
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 $699 million to $19.2 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.
Fund Reorganizations
The Board of Directors/Trustees of the Trust and Nuveen Investment Trust II (“NIT II”) has approved the reorganization of the Nuveen Mid Cap Select Fund (the “Acquired Fund”) into Nuveen Symphony Mid-Cap Core Fund (the “Acquiring Fund”), a series of NIT II.
In order for the Reorganization to occur, it must be approved by the shareholders of the Acquired Fund. A special meeting of the Acquired Fund’s shareholders for the purpose of voting on the Reorganization is expected to be held in September 2013. If the required shareholder approval is obtained, it is anticipated that the Reorganization will be consummated shortly after the special shareholder meeting. Upon shareholder approval of the Reorganization, the Acquired Fund will transfer all of its assets and liabilities to the Acquiring Fund in exchange for Acquiring Fund shares of equal value. These Acquiring Fund shares will then be distributed to the shareholders of the Acquired Fund and the Acquired Fund will be terminated. As a result of the Reorganization, shareholders of the Acquired Fund will become shareholders of the Acquiring Fund. The shareholders of the Acquired Fund will receive Acquiring Fund shares with a total value equal to the total value of their Acquired Fund shares immediately prior to the closing of the Reorganization. Further information regarding the proposed Reorganization of the Acquired Fund will be contained in proxy materials that are expected to be sent to the Acquired Fund’s shareholders in August 2013.
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.
44 | Nuveen Investments |
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 Trustees 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.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment, or to pursue other claims or legal actions on behalf of Fund shareholders. Legal fee refund presented on the Statement of Operations reflects a refund of workout expenditures paid in a prior reporting period, when applicable.
Income Taxes
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
Dividends and Distributions to Shareholders
Dividends from net investment income 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.
Nuveen Investments | 45 |
Notes to Financial Statements (Unaudited) (continued)
Share Classes and Sales Charges
Class A Shares are generally sold with an up-front sales charge and incur a .25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) if redeemed within twelve months of purchase. Small Cap Select 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 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.
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.
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.
46 | Nuveen Investments |
Securities Lending
In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. Each Fund’s policy is to receive cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Collateral from securities lending program” on the Statement of Assets and Liabilities. The adequacy of the collateral is monitored on a daily basis. If the value of the securities on loan increases, such that the level of collateralization falls below 102%, additional collateral is received from the borrower, which is recognized as “Due from broker” on the Statement of Assets and Liabilities, when applicable. As with other extensions of credit, there may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the security fail financially.
The Funds’ custodian serves as the securities lending agent for the Funds. Each Fund pays the custodian a fee based on the Fund’s proportional share of the custodian’s expense of operating its securities lending program. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending” 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 six months ended April 30, 2013, were as follows:
Large Cap Select | Mid Cap Select | Small Cap Select | ||||||||||
Securities lending fees paid | $ | 552 | $ | 3,460 | $ | 26,647 |
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:
Large Cap Select | Level 1 | Level 2 | Level��3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 36,672,825 | $ | — | $ | — | $ | 36,672,825 | ||||||||
Investments Purchased with Collateral from Securities Lending | 3,370,739 | — | — | 3,370,739 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 12,798 | — | — | 12,798 | ||||||||||||
Total | $ | 40,056,362 | $ | — | $ | — | $ | 40,056,362 |
Nuveen Investments | 47 |
Notes to Financial Statements (Unaudited) (continued)
Mid Cap Select | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 26,649,479 | $ | — | $ | — | $ | 26,649,479 | ||||||||
Investments Purchased with Collateral from Securities Lending | 5,578,100 | — | — | 5,578,100 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 212,496 | — | — | 212,496 | ||||||||||||
Total | $ | 32,440,075 | $ | — | $ | — | $ | 32,440,075 | ||||||||
Small Cap Select | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 433,948,559 | $ | — | $ | — | $ | 433,948,559 | ||||||||
Investments Purchased with Collateral from Securities Lending | 91,784,197 | — | — | 91,784,197 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 17,002,897 | — | — | 17,002,897 | ||||||||||||
Total | $ | 542,735,653 | $ | — | $ | — | $ | 542,735,653 |
* | Refer to the Fund’s Portfolio of Investments for industry classifications. |
The Nuveen funds’ Board of Directors/Trustees is responsible for the valuation process and has delegated the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board of Directors/Trustees, is responsible for making fair value determinations, evaluating the effectiveness of the funds’ pricing policies, and reporting to the Board of Directors/Trustees. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
(i.) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
(ii.) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board of Directors/Trustees, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board of Directors/Trustees.
3. Derivative Instruments and Hedging Activities
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes. Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the six months ended April 30, 2013.
48 | Nuveen Investments |
4. Fund Shares
Transactions in Fund shares were as follows:
Large Cap Select | ||||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 34,517 | $ | 484,221 | 25,332 | $ | 331,639 | ||||||||||
Class C | 2,996 | 42,986 | 1,390 | 17,576 | ||||||||||||
Class R3(1) | 1,190 | 16,638 | 1,045 | 13,038 | ||||||||||||
Class I | 37,217 | 535,209 | 197,949 | 2,346,691 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 1,055 | 14,175 | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3(1) | 19 | 251 | — | — | ||||||||||||
Class I | 8,707 | 117,717 | 1,891 | 22,258 | ||||||||||||
85,701 | 1,211,197 | 227,607 | 2,731,202 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (18,818 | ) | (262,298 | ) | (57,942 | ) | (729,523 | ) | ||||||||
Class C | (202 | ) | (2,715 | ) | (2,456 | ) | (29,802 | ) | ||||||||
Class R3(1) | (9,255 | ) | (133,842 | ) | (2,655 | ) | (34,618 | ) | ||||||||
Class I | (442,885 | ) | (6,397,604 | ) | (2,584,843 | ) | (31,817,898 | ) | ||||||||
(471,160 | ) | (6,796,459 | ) | (2,647,896 | ) | (32,611,841 | ) | |||||||||
Net increase (decrease) | (385,459 | ) | $ | (5,585,262 | ) | (2,420,289 | ) | $ | (29,880,639 | ) | ||||||
Mid Cap Select | ||||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 19,936 | $ | 223,068 | 111,075 | $ | 1,129,105 | ||||||||||
Class B(2) | — | — | — | — | ||||||||||||
Class C | 1,590 | 16,374 | 15,425 | 139,843 | ||||||||||||
Class I | 62,542 | 745,989 | 86,341 | 889,831 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 4,933 | 51,301 | — | — | ||||||||||||
Class B(2) | — | — | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class I | 1,938 | 21,083 | — | — | ||||||||||||
90,939 | 1,057,815 | 212,841 | 2,158,779 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (138,745 | ) | (1,541,709 | ) | (199,282 | ) | (2,003,131 | ) | ||||||||
Class B(2) | — | — | (100,888 | ) | (862,888 | ) | ||||||||||
Class C | (16,207 | ) | (160,306 | ) | (36,782 | ) | (341,043 | ) | ||||||||
Class I | (120,285 | ) | (1,368,309 | ) | (580,212 | ) | (5,989,925 | ) | ||||||||
(275,237 | ) | (3,070,324 | ) | (917,164 | ) | (9,196,987 | ) | |||||||||
Net increase (decrease) | (184,298 | ) | $ | (2,012,509 | ) | (704,323 | ) | $ | (7,038,208 | ) |
(1) | After the close of business on March 4, 2013, Large Cap Select liquidated all of its Class R3 Shares. |
(2) | 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. |
Nuveen Investments | 49 |
Notes to Financial Statements (Unaudited) (continued)
Small Cap Select | ||||||||||||||||
Six Months Ended 4/30/13 | Year Ended 10/31/12 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 1,146,143 | $ | 14,550,424 | 3,405,459 | $ | 44,581,140 | ||||||||||
Class B – exchanges | 408 | 3,424 | 55 | 510 | ||||||||||||
Class C | 21,071 | 225,482 | 33,316 | 400,508 | ||||||||||||
Class R3 | 232,828 | 2,850,285 | 362,918 | 4,572,748 | ||||||||||||
Class I | 1,809,118 | 25,354,657 | 3,848,641 | 54,450,626 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 2,079,011 | 23,825,468 | 555,168 | 6,578,745 | ||||||||||||
Class B | 45,369 | 380,192 | 8,774 | 81,068 | ||||||||||||
Class C | 163,836 | 1,636,719 | 31,587 | 336,407 | ||||||||||||
Class R3 | 260,032 | 2,881,156 | 42,049 | 485,669 | ||||||||||||
Class I | 2,444,971 | 31,148,931 | 369,469 | 4,780,926 | ||||||||||||
8,202,787 | 102,856,738 | 8,657,436 | 116,268,347 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (2,572,556 | ) | (32,521,685 | ) | (14,663,335 | ) | (201,595,961 | ) | ||||||||
Class B | (60,642 | ) | (568,569 | ) | (108,436 | ) | (1,128,129 | ) | ||||||||
Class C | (134,116 | ) | (1,485,151 | ) | (482,065 | ) | (5,720,510 | ) | ||||||||
Class R3 | (477,612 | ) | (5,925,688 | ) | (661,413 | ) | (8,291,187 | ) | ||||||||
Class I | (3,535,216 | ) | (50,111,766 | ) | (6,784,819 | ) | (96,961,259 | ) | ||||||||
(6,780,142 | ) | (90,612,859 | ) | (22,700,068 | ) | (313,697,046 | ) | |||||||||
Net increase (decrease) | 1,422,645 | $ | 12,243,879 | (14,042,632 | ) | $ | (197,428,699 | ) |
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 six months ended April 30, 2013 and fiscal year ended October 31, 2012, were as follows:
Fund | Six Months Ended 4/30/13 | Year Ended 10/31/12 | ||||||
Mid Cap Select | — | 18,510 | ||||||
Small Cap Select | 9,639 | 83,248 |
5. Investment Transactions
Purchases and sales (excluding investments purchased with collateral from securities lending and short-term investments, where applicable) during the six months ended April 30, 2013, were as follows:
Large Cap Select | Mid Cap Select | Small Cap Select | ||||||||||
Purchases | $ | 18,484,350 | $ | 14,705,928 | $ | 131,069,641 | ||||||
Sales | 23,870,189 | 16,259,156 | 191,194,345 |
6. Income Tax Information
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the net asset values of the Funds.
At April 30, 2013, 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 | $ | 34,847,170 | $ | 29,185,641 | $ | 477,892,167 | ||||||
Gross unrealized: | ||||||||||||
Appreciation | $ | 5,554,058 | $ | 3,644,315 | $ | 86,578,996 | ||||||
Depreciation | (344,866 | ) | (389,881 | ) | (21,735,510 | ) | ||||||
Net unrealized appreciation (depreciation) of investments | $ | 5,209,192 | $ | 3,254,434 | $ | 64,843,486 |
50 | Nuveen Investments |
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’ last 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’ last 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’ last tax year ended October 31, 2012, was designated for purposes of the dividends paid deduction as follows:
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 |
* | 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’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as follows:
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’ last 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 |
Under the Regulated Investment Company Modernization Act of 2010, capital losses incurred by the Funds after December 31, 2010, will not be subject to expiration. During the Funds’ last tax year ended October 31, 2012, there were no post-enactment capital losses generated.
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 |
Nuveen Investments | 51 |
Notes to Financial Statements (Unaudited) (continued)
The annual complex-level fee for each Fund, payable monthly, is determined by taking the complex-level fee rate, which is based on the aggregate amount of “eligible assets” of all Nuveen funds as set forth in the schedule below, and making, as appropriate, an upward adjustment to that rate based upon the percentage of the particular fund’s assets that are not “eligible assets.” The complex-level fee schedule for each Fund is as follows:
Complex-Level Asset Breakpoint Level* | Effective Rate at Breakpoint Level | |||
$55 billion | .2000 | % | ||
$56 billion | .1996 | |||
$57 billion | .1989 | |||
$60 billion | .1961 | |||
$63 billion | .1931 | |||
$66 billion | .1900 | |||
$71 billion | .1851 | |||
$76 billion | .1806 | |||
$80 billion | .1773 | |||
$91 billion | .1691 | |||
$125 billion | .1599 | |||
$200 billion | .1505 | |||
$250 billion | .1469 | |||
$300 billion | .1445 |
* | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen Funds. Eligible assets do not include assets attributable to investments in other Nuveen Funds or assets in excess of $2 billion added to the Nuveen Fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to 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 April 30, 2013, the complex-level fee rate for each of these Funds was as follows: |
Fund | Complex-Level Fee Rate | |||
Large Cap Select | .2000 | % | ||
Mid Cap Select | .2000 | |||
Small Cap Select | .2000 |
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 other Fund 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, 2014 |
The Adviser 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.
52 | Nuveen Investments |
The Trust pays no compensation directly to those of its directors who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board of Directors has adopted a deferred compensation plan for independent directors that enable directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
During the six months ended April 30, 2013, 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 | $ | 6,916 | $ | 21,025 | $ | 3,226 | ||||||
Paid to financial intermediaries | 6,118 | 18,352 | 2,864 |
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the six months ended April 30, 2013, 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 | $ | 67 | $ | 143 | $ | 1,264 |
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class B Shares and Class C Shares during the first year following a purchase were retained by the Distributor. During the six months ended April 30, 2013, the Distributor retained such 12b-1 fees as follows:
Large Cap Select | Mid Cap Select | Small Cap Select | ||||||||||
12b-1 fees retained | $ | 87 | $ | 383 | $ | 8,670 |
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the six months ended April 30, 2013, as follows:
Large Cap Select | Mid Cap Select | Small Cap Select | ||||||||||
CDSC retained | $ | 3 | $ | 194 | $ | 519 |
8. New Accounting Pronouncement
Financial Accounting Standards Board (“FASB”) Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities
In January 2013, Accounting Standards Update (“ASU”) 2013-01, Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities, replaced ASU 2011-11, Disclosures about Offsetting Assets and Liabilities. ASU 2013-01 is effective for fiscal years beginning on or after January 1, 2013. ASU 2011-11 was intended to enhance disclosure requirements on the offsetting of financial assets and liabilities. ASU 2013-01 limits the scope of the new balance sheet offsetting disclosures to derivatives, repurchase agreements and securities lending transactions to the extent that they are (1) offset in the financial statements or (2) subject to an enforceable master netting arrangement or similar agreement. Management is currently evaluating the application of ASU 2013-01 and its impact to the financial statements and footnote disclosures, if any.
Nuveen Investments | 53 |
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.
Market Capitalization: The market capitalization of a company is equal to the number of the company’s common shares outstanding multiplied by the current price of the company’s stock.
Net Asset Value (NAV): 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.
54 | Nuveen Investments |
Fund Manager
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
Sub-Adviser
Nuveen Asset Management, LLC
333 West Wacker Drive
Chicago, IL 60606
Legal Counsel
Chapman and Cutler LLP
Chicago, IL
Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Chicago, IL
Custodian
U.S. Bank National Association
Milwaukee, WI
Transfer Agent and Shareholder Services
Boston Financial
Data Services, Inc.
Nuveen Investor Services
P.O. Box 8530
Boston, MA 02266-8530
(800) 257-8787
Quarterly Form N-Q Portfolio of Investments Information Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation.
Nuveen Funds’ Proxy Voting Information You may obtain (i) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen Investments toll free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each Fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen Investments toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
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 | 55 |
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 $224 billion as of March 31, 2013.
Find out how we can help you.
To learn more about how the products and services of Nuveen Investments may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen Investments, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mf
Distributed by Nuveen Securities, LLC 333 West Wacker Drive Chicago, IL 60606 www.nuveen.com |
MSA-FSLCT-0413P
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this registrant.
Item 6. Schedule of Investments.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to this registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Exhibits.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Investment Funds, Inc.
By | (Signature and Title) | /s/ Kevin J. McCarthy | ||||
Kevin J. McCarthy Vice President and Secretary |
Date: July 1, 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: July 1, 2013
By | (Signature and Title) | /s/ Stephen D. Foy | ||||
Stephen D. Foy Vice President and Controller (principal financial officer) |
Date: July 1, 2013