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, 2016
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.
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Mutual Funds |
Nuveen Index Funds |
| Semi-Annual Report April 30, 2016 |
Share Class / Ticker Symbol | ||||||||||||||
Fund Name | Class A | Class C | Class R3 | Class I | ||||||||||
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Nuveen Equity Index Fund | FAEIX | 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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Life is Complex. | ||||||||||||
Nuveen makes things e-simple. | ||||||||||||
It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready. No more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish. | ||||||||||||
Free e-Reports right to your e-mail! | ||||||||||||
www.investordelivery.com If you receive your Nuveen Fund distributions and statements from your | ||||||||||||
or | www.nuveen.com/accountaccess If you receive your Nuveen Fund distributions and statements directly from Nuveen.
Must be preceded by or accompanied by a prospectus.
NOT FDIC INSURED MAY LOSE VALUE | |||||||||||
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Nuveen | 3 |
to Shareholders
Dear Shareholders,
The U.S. economy is now seven years into the recovery, but its pace remains stubbornly subpar compared to past recoveries. Economic data continues to be a mixed bag, as it has been throughout this expansion period. While the unemployment rate fell below its pre-recession level, a surprisingly weak jobs growth report in May was a disappointing sign, although not necessarily indicative of a lasting downtrend. Wages have grown slightly but not nearly enough to reinvigorate Americans’ buying power. The housing market has improved markedly but its contribution to the recovery has been lackluster. Deflationary pressures, including the dramatic slide in commodity prices, have kept inflation much lower for longer than many expected.
Furthermore, frail economies across the rest of the world have continued to cast a shadow over the U.S. Although the European Central Bank and Bank of Japan have been providing aggressive monetary stimulus, including adopting negative interest rates in both Europe and Japan, their economies continue to lag the U.S.’s recovery. China’s policy makers have also continued to manage its slowdown but investors are still worried about where the world’s second-largest economy might ultimately land. Additionally, global markets were surprised by the U.K.’s June 23, 2016 referendum vote to leave the European Union, known as “Brexit.” Heightened price volatility and negative sentiment are to be expected in the near term as markets readjust and await clarity on the Brexit process and its impact on the U.K., Europe and across the world.
Many of these ambiguities – both domestic and international – have kept the U.S. Federal Reserve (Fed) from raising short-term interest rates any further since December’s first and only increase thus far. While markets rallied on the widely held expectation that the Fed would defer any increases until June, the unusually weak May jobs report and the Brexit concerns compelled the Fed to again hold rates steady.
With global economic growth still looking fairly fragile, financial markets have become more volatile over the past year. Although sentiment has improved and conditions have generally recovered from the intense volatility seen in early 2016, we expect that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you’re concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
June 24, 2016
4 | Nuveen |
Comments
Nuveen Equity Index Fund
Nuveen Mid Cap Index Fund
Nuveen Small Cap Index Fund
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc. During this reporting period, David A. Friar and Michael N. Lindh, CFA and CPA, were the portfolio managers for the Funds. David has managed the Nuveen Equity Index Fund since 2000 and the Nuveen Mid Cap Index Fund and the Nuveen Small Cap Index Fund since 2001. Michael was named co-manager of all three Funds in 2014.
On the following pages, the portfolio managers discuss key investment strategies and the Funds’ performance for the six-month reporting period ended April 30, 2016.
Nuveen Equity Index Fund
How did the Fund perform during the six-month reporting period ended April 30, 2016?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2016. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV performed in line with the Lipper S&P 500® Index Objective Funds Classification Average, but underperformed the S&P 500® Index during the six-month reporting period.
What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?
The Fund’s investment objective is to replicate the return of the S&P 500® Index as closely as possible, with consideration given to turnover costs and fees. S&P/Dow Jones changes the index definition as often as weekly, deleting firms as they are acquired or when the membership committee determines that a firm is no longer representative of the index definition. Additionally, index weights are changed to reflect merger and acquisition activity or share issuance and repurchasing. These changes typically result in low turnover, well below 10% per year. 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 underperformed the S&P 500® Index during the six-month reporting period. The index experienced a divergence of approximately 19% between the returns of its top- and bottom-performing sectors during the period. The two best-performing sectors in the S&P 500® Index, telecommunication services and utilities, rose by double digits returning approximately 15% and 13%, respectively. At the same time, four sectors in the index fell into negative territory, led by information technology, which was down around 4%, and financials, which retreated approximately 2%.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Nuveen | 5 |
Portfolio Managers’ Comments (continued)
We also 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 relatively stable equity prices during the reporting period, there was no meaningful contribution to performance from these positions.
Nuveen Mid Cap Index Fund
How did the Fund perform during the six-month reporting period ended April 30, 2016?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2016. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV outperformed the Lipper Mid-Cap Core Funds Classification Average, but underperformed the S&P MidCap 400® Index for the six-month reporting period.
What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?
The Fund’s investment objective is to replicate the return of the S&P MidCap 400® Index as closely as possible, with consideration given to turnover costs and fees. S&P/Dow Jones changes the index definition as often as weekly, deleting firms as they are acquired or when the membership committee determines that a firm is no longer representative of the index definition. Additionally, index weights are changed to reflect merger and acquisition activity or share issuance and repurchasing. These changes typically result in low turnover, well below 20% per year. 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 underperformed the S&P MidCap 400® Index during the reporting period. The index experienced a divergence of approximately 22% between the returns of its top- and bottom-performing sectors during the period. The two best-performing sectors in the S&P MidCap 400® Index, utilities and materials, rose by double digits returning approximately 15% and 14%, respectively. At the same time, four sectors in the index fell into negative territory, led by energy, which was down around 7%, and information technology, which retreated approximately 5%.
We also 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 rising mid cap equity prices during the reporting period, these positions contributed positively to performance.
Nuveen Small Cap Index Fund
How did the Fund perform during the six-month reporting period ended April 30, 2016?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2016. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV underperformed both the Lipper Small-Cap Core Funds Classification Average and the Russell 2000® Index for the six-month reporting period.
What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?
The Fund’s investment objective is to replicate the return of the Russell 2000® Index as closely as possible, with consideration given to turnover costs and fees. Russell Investments reconstitutes this index near the end of June each year, generally selecting the stocks
6 | Nuveen |
that are numbered 1001 through 3000 of the largest eligible U.S. companies. (To reduce turnover expenses, companies near the 1000 breakpoint remain in their prior category.) Throughout the remainder of the year, the number of stocks in the index will vary as appropriate IPOs are added quarterly and stocks are removed because of merger and acquisition activity or delisting. Share changes due to issuance and repurchasing are adjusted monthly. These changes typically result in low turnover, well below 20% per year. The majority of changes are from successful firms that move up to the Russell 1000® Index. We believe the Fund’s objective can best be achieved by investing in approximately 90% to 100% of the issues included in the Russell 2000® Index, depending on the size of the Fund. During the 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 underperformed the Russell 2000® Index during the reporting period. The index experienced a divergence of approximately 24% between the returns of its top- and bottom-performing sectors during the reporting period. The best performing sector in the Russell 2000® Index, utilities, rose approximately 11%, followed by telecommunication services, which advanced 7%. At the same time, four sectors in the index fell into negative territory, led by energy, which was down around 13%, and health care, which retreated approximately 8%.
We also continued to invest in Russell 2000® 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 declining small cap equity prices during the reporting period, these positions contributed negatively to performance.
Nuveen | 7 |
Nuveen Equity Index Fund
Nuveen Mid Cap Index Fund
Nuveen Small Cap Index Fund
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.
8 | Nuveen |
and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown within this section of the report.
Returns quoted represent past performance, which is no guarantee of future results. 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 fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. 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, and assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for Class A Shares at net asset value (NAV) only.
The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the most recent prospectus. The expense ratios include management fees and other fees and expenses.
Nuveen | 9 |
Fund Performance and Expense Ratios (continued)
Nuveen Equity Index Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of April 30, 2016
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares | 0.13% | 0.60% | 10.35% | 6.34% | ||||||||||||
S&P 500® Index | 0.43% | 1.21% | 11.02% | 6.91% | ||||||||||||
Lipper S&P 500® Index Objective Funds Classification Average | 0.14% | 0.68% | 10.39% | 6.38% | ||||||||||||
Class C Shares | (0.25)% | (0.13)% | 9.52% | 5.55% | ||||||||||||
Class R3 Shares | 0.01% | 0.35% | 10.07% | 6.07% | ||||||||||||
Class I Shares | 0.25% | 0.86% | 10.62% | 6.60% |
Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares | 8.13% | 1.19% | 10.90% | 6.44% | ||||||||||||
Class C Shares | 7.78% | 0.46% | 10.08% | 5.65% | ||||||||||||
Class R3 Shares | 8.04% | 0.97% | 10.64% | 6.18% | ||||||||||||
Class I Shares | 8.31% | 1.48% | 11.19% | 6.71% |
Indexes and Lipper averages are not available for direct investment.
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 of purchase, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are 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
Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Gross Expense Ratios | 0.71% | 1.46% | 0.96% | 0.46% | ||||||||||||
Net Expense Ratios | 0.62% | 1.37% | 0.87% | 0.37% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2017, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.37% of the average daily net assets of any class of Fund shares. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.
10 | Nuveen |
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 section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of April 30, 2016
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares | 1.60% | (1.56)% | 8.52% | 7.17% | ||||||||||||
S&P MidCap 400® Index | 2.04% | (0.94)% | 9.20% | 7.76% | ||||||||||||
Lipper Mid-Cap Core Funds Classification Average | (0.41)% | (4.51)% | 7.45% | 5.98% | ||||||||||||
Class C Shares | 1.26% | (2.24)% | 7.73% | 6.38% | ||||||||||||
Class R3 Shares | 1.46% | (1.80)% | 8.26% | 6.90% | ||||||||||||
Class I Shares | 1.76% | (1.29)% | 8.80% | 7.43% |
Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares | 6.05% | (4.16)% | 8.87% | 7.18% | ||||||||||||
Class C Shares | 5.63% | (4.86)% | 8.04% | 6.39% | ||||||||||||
Class R3 Shares | 5.96% | (4.37)% | 8.60% | 6.91% | ||||||||||||
Class I Shares | 6.19% | (3.89)% | 9.14% | 7.45% |
Indexes and Lipper averages are not available for direct investment.
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 of purchase, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are 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
Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Gross Expense Ratios | 0.79% | 1.54% | 1.04% | 0.54% | ||||||||||||
Net Expense Ratios | 0.73% | 1.48% | 0.98% | 0.48% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2017, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.50% of the average daily net assets of any class of Fund shares. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.
Nuveen | 11 |
Fund Performance and Expense Ratios (continued)
Nuveen Small Cap Index Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of April 30, 2016
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares | (2.13)% | (6.48)% | 6.38% | 4.92% | ||||||||||||
Russell 2000® Index | (1.90)% | (5.94)% | 6.98% | 5.42% | ||||||||||||
Lipper Small-Cap Core Funds Classification Average | (1.14)% | (5.07)% | 6.60% | 5.30% | ||||||||||||
Class C Shares | (2.47)% | (7.17)% | 5.59% | 4.13% | ||||||||||||
Class R3 Shares | (2.25)% | (6.72)% | 6.12% | 4.66% | ||||||||||||
Class I Shares | (2.00)% | (6.22)% | 6.65% | 5.18% |
Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares | 1.77% | (10.26)% | 6.61% | 4.75% | ||||||||||||
Class C Shares | 1.41% | (10.90)% | 5.80% | 3.97% | ||||||||||||
Class R3 Shares | 1.68% | (10.46)% | 6.33% | 4.49% | ||||||||||||
Class I Shares | 1.88% | (10.07)% | 6.86% | 5.00% |
Indexes and Lipper averages are not available for direct investment.
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 of purchase, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are 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
Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Gross Expense Ratios | 1.00% | 1.75% | 1.25% | 0.74% | ||||||||||||
Net Expense Ratios | 0.81% | 1.56% | 1.06% | 0.56% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2017, so that total annual fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.58% of the average daily net assets of any class of Fund shares. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.
12 | Nuveen |
Summaries as of April 30, 2016
This data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Nuveen Equity Index Fund
Fund Allocation
(% of net assets)
Common Stocks | 95.3% | |||
Common Stock Rights | 0.0% | |||
Investments Purchased with Collateral from Securities Lending | 27.2% | |||
Money Market Funds | 4.4% | |||
U.S. Government and Agency Obligations | 0.4% | |||
Other Assets Less Liabilities | (27.3)% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Oil, Gas & Consumable Fuels | 5.9% | |||
Banks | 5.3% | |||
Pharmaceuticals | 5.3% | |||
Internet Software & Services | 4.0% | |||
Software | 3.9% | |||
IT Services | 3.6% | |||
Technology Hardware, Storage & Peripherals | 3.5% | |||
Biotechnology | 3.1% | |||
Media | 3.0% | |||
Real Estate Investment Trust | 2.8% | |||
Health Care Providers & Services | 2.6% | |||
Diversified Telecommunication Services | 2.6% | |||
Specialty Retail | 2.6% | |||
Semiconductors & Semiconductor Equipment | 2.5% | |||
Insurance | 2.5% | |||
Industrial Conglomerates | 2.5% | |||
Aerospace & Defense | 2.4% | |||
Beverages | 2.3% | |||
Health Care Equipment & Supplies | 2.2% | |||
Food & Staples Retailing | 2.2% | |||
Diversified Financial Services | 2.1% | |||
Chemicals | 2.0% | |||
Internet & Catalog Retail | 2.0% | |||
Electric Utilities | 1.9% | |||
Capital Markets | 1.9% | |||
Household Products | 1.8% | |||
Other | 18.8% | |||
Common Stock Rights | 0.0% | |||
Investment Purchased with Collateral from Securities Lending | 27.2% | |||
Money Market Funds | 4.4% | |||
U.S. Government and Agency Obligations | 0.4% | |||
Other Assets Less Liabilities | (27.3)% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Apple, Inc | 2.7% | |||
Microsoft Corporation | 2.1% | |||
Exxon Mobil Corporation | 1.9% | |||
Johnson & Johnson | 1.6% | |||
General Electric Company | 1.5% |
Nuveen | 13 |
Holding Summaries as of April 30, 2016 (continued)
Nuveen Mid Cap Index Fund
Fund Allocation
(% of net assets)
Common Stocks | 96.1% | |||
Common Stock Rights | 0.0% | |||
Investments Purchased with Collateral from Securities Lending | 34.3% | |||
Money Market Funds | 3.8% | |||
U.S. Government and Agency Obligations | 0.5% | |||
Other Assets Less Liabilities | (34.7)% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Real Estate Investment Trust | 9.4% | |||
Banks | 5.5% | |||
Insurance | 5.2% | |||
Machinery | 4.4% | |||
Software | 4.1% | |||
Electronic Equipment, Instruments & Components | 3.9% | |||
Health Care Equipment & Supplies | 3.6% | |||
Chemicals | 3.3% | |||
IT Services | 3.3% | |||
Food Products | 2.5% | |||
Electric Utilities | 2.3% | |||
Specialty Retail | 2.3% | |||
Health Care Providers & Services | 2.1% | |||
Hotels, Restaurants & Leisure | 2.1% | |||
Gas Utilities | 2.1% | |||
Oil, Gas & Consumable Fuels | 2.1% | |||
Commercial Services & Supplies | 2.0% | |||
Metals & Mining | 1.8% | |||
Aerospace & Defense | 1.8% | |||
Capital Markets | 1.8% | |||
Semiconductors & Semiconductor Equipment | 1.7% | |||
Energy Equipment & Services | 1.6% | |||
Containers & Packaging | 1.5% | |||
Household Durables | 1.5% | |||
Media | 1.5% | |||
Life Sciences Tools & Services | 1.5% | |||
Diversified Financial Services | 1.5% | |||
Other | 19.7% | |||
Common Stock Rights | 0.0% | |||
Investment Purchased with Collateral from Securities Lending | 34.3% | |||
Money Market Funds | 3.8% | |||
U.S. Government and Agency Obligations | 0.5% | |||
Other Assets Less Liabilities | (34.7)% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Acuity Brands Inc. | 0.7% | |||
Mettler-Toledo International Inc. | 0.6% | |||
LKQ Corporation | 0.6% | |||
Fortune Brands Home & Security | 0.6% | |||
Alaska Air Group, Inc. | 0.6% |
14 | Nuveen |
Nuveen Small Cap Index Fund
Fund Allocation
(% of net assets)
Common Stocks | 94.6% | |||
Exchange-Traded Funds | 0.0% | |||
Common Stock Rights | 0.0% | |||
Warrants | 0.0% | |||
Investments Purchased with Collateral from Securities Lending | 34.6% | |||
Money Market Funds | 5.0% | |||
U.S. Government and Agency Obligations | 0.3% | |||
Other Assets Less Liabilities | (34.5)% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Real Estate Investment Trust | 9.3% | |||
Banks | 9.0% | |||
Biotechnology | 4.4% | |||
Software | 4.3% | |||
Health Care Equipment & Supplies | 3.7% | |||
Hotels, Restaurants & Leisure | 3.1% | |||
Semiconductors & Semiconductor Equipment | 3.0% | |||
Machinery | 2.8% | |||
Electronic Equipment, Instruments & Components | 2.8% | |||
Specialty Retail | 2.7% | |||
Health Care Providers & Services | 2.6% | |||
IT Services | 2.3% | |||
Insurance | 2.2% | |||
Internet Software & Services | 2.2% | |||
Commercial Services & Supplies | 2.1% | |||
Thrifts & Mortgage Finance | 1.9% | |||
Chemicals | 1.9% | |||
Oil, Gas & Consumable Fuels | 1.9% | |||
Food Products | 1.8% | |||
Pharmaceuticals | 1.7% | |||
Media | 1.5% | |||
Communications Equipment | 1.5% | |||
Aerospace & Defense | 1.5% | |||
Gas Utilities | 1.4% | |||
Professional Services | 1.2% | |||
Household Durables | 1.2% | |||
Capital Markets | 1.2% | |||
Other | 19.4% | |||
Exchange-Traded Funds | 0.0% | |||
Common Stock Rights | 0.0% | |||
Warrants | 0.0% | |||
Investment Purchased with Collateral from Securities Lending | 34.6% | |||
Money Market Funds | 5.0% | |||
U.S. Government and Agency Obligations | 0.3% | |||
Other Assets Less Liabilities | (34.5)% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Steris PLC | 0.3% | |||
CubeSmart | 0.3% | |||
West Pharmaceutical Services Inc. | 0.3% | |||
Treehouse Foods Inc. | 0.3% | |||
Tyler Technologies Inc. | 0.3% |
Nuveen | 15 |
Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended April 30, 2016.
The beginning of the period is November 1, 2015.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on each 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 tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen Equity Index Fund
Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,001.30 | $ | 997.50 | $ | 1,000.10 | $ | 1,002.50 | ||||||||
Expenses Incurred During Period | $ | 3.09 | $ | 6.80 | $ | 4.33 | $ | 1.84 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,021.78 | $ | 1,018.05 | $ | 1,020.54 | $ | 1,023.02 | ||||||||
Expenses Incurred During Period | $ | 3.12 | $ | 6.87 | $ | 4.37 | $ | 1.86 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.62%, 1.37%, 0.87% and 0.37% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
16 | Nuveen |
Nuveen Mid Cap Index Fund
Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,016.00 | $ | 1,012.60 | $ | 1,014.60 | $ | 1,017.60 | ||||||||
Expenses Incurred During Period | $ | 3.66 | $ | 7.41 | $ | 4.91 | $ | 2.41 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,021.23 | $ | 1,017.50 | $ | 1,019.99 | $ | 1,022.48 | ||||||||
Expenses Incurred During Period | $ | 3.67 | $ | 7.42 | $ | 4.92 | $ | 2.41 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.73%, 1.48%, 0.98% and 0.48% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Nuveen Small Cap Index Fund
Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 978.70 | $ | 975.30 | $ | 977.50 | $ | 980.00 | ||||||||
Expenses Incurred During Period | $ | 3.98 | $ | 7.66 | $ | 5.21 | $ | 2.76 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,020.84 | $ | 1,017.11 | $ | 1,019.59 | $ | 1,022.08 | ||||||||
Expenses Incurred During Period | $ | 4.07 | $ | 7.82 | $ | 5.32 | $ | 2.82 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 0.81%, 1.56%, 1.06% and 0.56% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Nuveen | 17 |
Nuveen Equity Index Fund
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
LONG-TERM INVESMTENTS – 95.3% | ||||||||||||||
COMMON STOCKS – 95.3% | ||||||||||||||
Aerospace & Defense – 2.4% | ||||||||||||||
24,167 | Boeing Company, (2) | $ | 3,257,712 | |||||||||||
11,351 | General Dynamics Corporation | 1,595,043 | ||||||||||||
29,613 | Honeywell International Inc., (2) | 3,383,878 | ||||||||||||
3,019 | L-3 Communications Holdings, Inc. | 397,089 | ||||||||||||
10,191 | Lockheed Martin Corporation, (2) | 2,368,185 | ||||||||||||
7,021 | Northrop Grumman Corporation | 1,448,151 | ||||||||||||
11,602 | Raytheon Company | 1,465,913 | ||||||||||||
5,089 | Rockwell Collins, Inc. | 448,799 | ||||||||||||
10,522 | Textron Inc. | 406,991 | ||||||||||||
30,186 | United Technologies Corporation | 3,150,513 | ||||||||||||
Total Aerospace & Defense | 17,922,274 | |||||||||||||
Air Freight & Logistics – 0.7% | ||||||||||||||
5,690 | C.H. Robinson Worldwide, Inc. | 403,819 | ||||||||||||
7,067 | Expeditors International of Washington, Inc. | 350,594 | ||||||||||||
9,947 | FedEx Corporation | 1,642,349 | ||||||||||||
26,783 | United Parcel Service, Inc., Class B | 2,814,090 | ||||||||||||
Total Air Freight & Logistics | 5,210,852 | |||||||||||||
Airlines – 0.5% | ||||||||||||||
23,401 | American Airlines Group Inc. | 811,781 | ||||||||||||
30,211 | Delta Air Lines, Inc., (2) | 1,258,892 | ||||||||||||
24,760 | Southwest Airlines Co. | 1,104,544 | ||||||||||||
13,950 | United Continental Holdings Inc., (3) | 639,050 | ||||||||||||
Total Airlines | 3,814,267 | |||||||||||||
Auto Components – 0.3% | ||||||||||||||
8,484 | BorgWarner Inc., (2) | 304,745 | ||||||||||||
10,769 | Delphi Automotive PLC | 792,921 | ||||||||||||
10,363 | Goodyear Tire & Rubber Company | 300,216 | ||||||||||||
25,155 | Johnson Controls, Inc., (2) | 1,041,417 | ||||||||||||
Total Auto Components | 2,439,299 | |||||||||||||
Automobiles – 0.6% | ||||||||||||||
151,290 | Ford Motor Company | 2,051,492 | ||||||||||||
54,541 | General Motors Company | 1,734,404 | ||||||||||||
7,142 | Harley-Davidson, Inc., (2) | 341,602 | ||||||||||||
Total Automobiles | 4,127,498 |
18 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Banks – 5.3% | ||||||||||||||
400,690 | Bank of America Corporation | $ | 5,834,046 | |||||||||||
31,443 | BB&T Corporation, (2) | 1,112,453 | ||||||||||||
116,192 | Citigroup Inc. | 5,377,366 | ||||||||||||
8,058 | Citizens Financial Group Inc. | 184,125 | ||||||||||||
7,141 | Comerica Incorporated | 317,060 | ||||||||||||
34,253 | Fifth Third Bancorp. | 627,172 | ||||||||||||
32,229 | Huntington BancShares Inc. | 324,224 | ||||||||||||
142,427 | JP Morgan Chase & Co., (2) | 9,001,386 | ||||||||||||
33,744 | KeyCorp. | 414,714 | ||||||||||||
5,767 | M&T Bank Corporation, (2) | 682,351 | ||||||||||||
12,440 | People’s United Financial, Inc. | 192,820 | ||||||||||||
19,571 | PNC Financial Services Group, Inc., (2) | 1,717,942 | ||||||||||||
53,171 | Regions Financial Corporation | 498,744 | ||||||||||||
21,831 | SunTrust Banks, Inc. | 911,226 | ||||||||||||
63,373 | U.S. Bancorp, (2) | 2,705,393 | ||||||||||||
179,273 | Wells Fargo & Company | 8,960,065 | ||||||||||||
8,340 | Zions Bancorporation | 229,517 | ||||||||||||
Total Banks | 39,090,604 | |||||||||||||
Beverages – 2.3% | ||||||||||||||
3,900 | Brown-Forman Corporation, (2) | 375,648 | ||||||||||||
151,208 | Coca-Cola Company | 6,774,118 | ||||||||||||
8,117 | Coca-Cola Enterprises Inc., (2) | 425,980 | ||||||||||||
6,903 | Constellation Brands, Inc., Class A | 1,077,282 | ||||||||||||
7,661 | Dr. Pepper Snapple Group | 696,462 | ||||||||||||
7,172 | Molson Coors Brewing Company, Class B | 685,858 | ||||||||||||
5,828 | Monster Beverage Corporation, (2), (3) | 840,514 | ||||||||||||
55,020 | PepsiCo, Inc. | 5,664,859 | ||||||||||||
Total Beverages | 16,540,721 | |||||||||||||
Biotechnology – 3.1% | ||||||||||||||
62,524 | AbbVie Inc. | 3,813,964 | ||||||||||||
8,742 | Alexion Pharmaceuticals Inc., (2), (3) | 1,217,586 | ||||||||||||
29,186 | Amgen Inc. | 4,620,144 | ||||||||||||
23,547 | Baxalta Inc., (2) | 987,797 | ||||||||||||
8,485 | Biogen Inc., (3) | 2,333,290 | ||||||||||||
30,333 | Celgene Corporation, (2), (3) | 3,136,736 | ||||||||||||
53,042 | Gilead Sciences, Inc. | 4,678,835 | ||||||||||||
3,073 | Regeneron Pharmaceuticals, Inc., (2), (3) | 1,157,630 | ||||||||||||
9,818 | Vertex Pharmaceuticals Inc., (3) | 828,050 | ||||||||||||
Total Biotechnology | 22,774,032 |
Nuveen | 19 |
Nuveen Equity Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Building Products – 0.1% | ||||||||||||||
3,729 | Allegion PLC | $ | 244,063 | |||||||||||
12,958 | Masco Corporation | 397,940 | ||||||||||||
Total Building Products | 642,003 | |||||||||||||
Capital Markets – 1.9% | ||||||||||||||
2,178 | Affiliated Managers Group Inc., (3) | 370,957 | ||||||||||||
7,153 | Ameriprise Financial, Inc. | 685,973 | ||||||||||||
41,747 | Bank New York Mellon | 1,679,899 | ||||||||||||
4,899 | BlackRock Inc., (2) | 1,745,661 | ||||||||||||
48,046 | Charles Schwab Corporation | 1,364,987 | ||||||||||||
12,615 | E*Trade Group Inc., (2), (3) | 317,646 | ||||||||||||
14,489 | Franklin Resources, Inc. | 541,019 | ||||||||||||
15,243 | Goldman Sachs Group, Inc. | 2,501,529 | ||||||||||||
17,205 | Invesco LTD | 533,527 | ||||||||||||
4,125 | Legg Mason, Inc. | 132,454 | ||||||||||||
59,283 | Morgan Stanley | 1,604,198 | ||||||||||||
8,352 | Northern Trust Corporation | 593,660 | ||||||||||||
15,522 | State Street Corporation | 967,021 | ||||||||||||
9,630 | T. Rowe Price Group Inc. | 725,043 | ||||||||||||
Total Capital Markets | 13,763,574 | |||||||||||||
Chemicals – 2.0% | ||||||||||||||
7,532 | Air Products & Chemicals Inc., (2) | 1,098,843 | ||||||||||||
2,530 | Airgas, Inc. | 360,373 | ||||||||||||
9,353 | CF Industries Holdings, Inc. | 309,304 | ||||||||||||
43,350 | Dow Chemical Company | 2,280,644 | ||||||||||||
33,826 | E.I. Du Pont de Nemours and Company | 2,229,472 | ||||||||||||
5,966 | Eastman Chemical Company, (2) | 455,683 | ||||||||||||
10,338 | Ecolab Inc., (2) | 1,188,663 | ||||||||||||
5,363 | FMC Corporation | 232,003 | ||||||||||||
3,099 | International Flavors & Fragrances Inc., (2) | 370,238 | ||||||||||||
13,417 | LyondellBasell Industries NV | 1,109,183 | ||||||||||||
17,172 | Monsanto Company | 1,608,673 | ||||||||||||
13,125 | Mosaic Company, (2) | 367,369 | ||||||||||||
10,351 | PPG Industries, Inc. | 1,142,647 | ||||||||||||
11,076 | Praxair, Inc., (2) | 1,300,987 | ||||||||||||
3,043 | Sherwin-Williams Company | 874,284 | ||||||||||||
Total Chemicals | 14,928,366 | |||||||||||||
Commercial Services & Supplies – 0.4% | ||||||||||||||
6,820 | ADT Corporation, (2) | 286,304 | ||||||||||||
3,399 | Cintas Corporation | 305,162 |
20 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Commercial Services & Supplies (continued) | ||||||||||||||
7,433 | Pitney Bowes Inc. | $ | 155,870 | |||||||||||
9,234 | Republic Services, Inc. | 434,644 | ||||||||||||
3,405 | Stericycle Inc., (2), (3) | 325,382 | ||||||||||||
16,478 | Tyco International PLC | 634,733 | ||||||||||||
16,083 | Waste Management, Inc. | 945,520 | ||||||||||||
Total Commercial Services & Supplies | 3,087,615 | |||||||||||||
Communications Equipment – 0.9% | ||||||||||||||
194,252 | Cisco Systems, Inc., (2) | 5,339,987 | ||||||||||||
2,669 | F5 Networks, Inc., (2), (3) | 279,578 | ||||||||||||
4,578 | Harris Corporation | 366,286 | ||||||||||||
14,194 | Juniper Networks Inc. | 332,140 | ||||||||||||
6,156 | Motorola Solutions Inc. | 462,870 | ||||||||||||
Total Communications Equipment | 6,780,861 | |||||||||||||
Construction & Engineering – 0.1% | ||||||||||||||
5,391 | Fluor Corporation | 294,672 | ||||||||||||
4,968 | Jacobs Engineering Group, Inc., (3) | 221,473 | ||||||||||||
6,535 | Quanta Services Incorporated, (3) | 155,010 | ||||||||||||
Total Construction & Engineering | 671,155 | |||||||||||||
Construction Materials – 0.1% | ||||||||||||||
2,499 | Martin Marietta Materials | 422,906 | ||||||||||||
5,112 | Vulcan Materials Company | 550,205 | ||||||||||||
Total Construction Materials | 973,111 | |||||||||||||
Consumer Finance – 0.7% | ||||||||||||||
31,799 | American Express Company | 2,080,609 | ||||||||||||
20,465 | Capital One Financial Corporation, (2) | 1,481,461 | ||||||||||||
16,074 | Discover Financial Services | 904,484 | ||||||||||||
13,898 | Navient Corporation | 189,986 | ||||||||||||
23,362 | Synchrony Financial, (3) | 714,176 | ||||||||||||
Total Consumer Finance | 5,370,716 | |||||||||||||
Containers & Packaging – 0.3% | ||||||||||||||
3,670 | Avery Dennison Corporation | 266,479 | ||||||||||||
5,545 | Ball Corporation, (2) | 395,802 | ||||||||||||
15,955 | International Paper Company, (2) | 690,373 | ||||||||||||
6,451 | Owens-Illinois, Inc., (3) | 119,085 | ||||||||||||
7,605 | Sealed Air Corporation | 360,173 | ||||||||||||
9,850 | WestRock Company | 412,223 | ||||||||||||
Total Containers & Packaging | 2,244,135 |
Nuveen | 21 |
Nuveen Equity Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Distributors – 0.1% | ||||||||||||||
5,803 | Genuine Parts Company | $ | 556,914 | |||||||||||
Diversified Consumer Services – 0.0% | ||||||||||||||
9,157 | H & R Block Inc. | 185,338 | ||||||||||||
Diversified Financial Services – 2.1% | ||||||||||||||
72,704 | Berkshire Hathaway Inc., Class B, (3) | 10,576,978 | ||||||||||||
13,419 | CME Group, Inc. | 1,233,340 | ||||||||||||
4,435 | Intercontinental Exchange Group, Inc. | 1,064,533 | ||||||||||||
13,797 | Leucadia National Corporation, (2) | 230,134 | ||||||||||||
6,993 | Moody’s Corporation, (2) | 669,370 | ||||||||||||
5,009 | NASDAQ Stock Market, Inc. | 309,105 | ||||||||||||
10,295 | S&P Global, Inc. | 1,100,021 | ||||||||||||
Total Diversified Financial Services | 15,183,481 | |||||||||||||
Diversified Telecommunication Services – 2.6% | ||||||||||||||
238,700 | AT&T Inc. | 9,266,334 | ||||||||||||
21,154 | CenturyLink Inc., (2) | 654,716 | ||||||||||||
44,316 | Frontier Communications Corporation, (2) | 246,397 | ||||||||||||
12,147 | Level 3 Communications Inc., (2), (3) | 634,802 | ||||||||||||
157,787 | Verizon Communications Inc. | 8,037,670 | ||||||||||||
Total Diversified Telecommunication Services | 18,839,919 | |||||||||||||
Electric Utilities – 1.9% | ||||||||||||||
19,056 | American Electric Power Company, Inc. | 1,210,056 | ||||||||||||
26,527 | Duke Energy Corporation, (2) | 2,089,797 | ||||||||||||
12,643 | Edison International, (2) | 893,987 | ||||||||||||
6,927 | Entergy Corporation | 520,772 | ||||||||||||
12,308 | Eversource Energy, (2) | 694,664 | ||||||||||||
34,962 | Exelon Corporation | 1,226,817 | ||||||||||||
16,439 | FirstEnergy Corp. | 535,747 | ||||||||||||
17,874 | NextEra Energy Inc., (2) | 2,101,625 | ||||||||||||
19,124 | PG&E Corporation, (2) | 1,113,017 | ||||||||||||
4,447 | Pinnacle West Capital Corporation | 323,075 | ||||||||||||
26,149 | PPL Corporation | 984,248 | ||||||||||||
35,423 | Southern Company | 1,774,692 | ||||||||||||
19,695 | Xcel Energy, Inc., (2) | 788,391 | ||||||||||||
Total Electric Utilities | 14,256,888 | |||||||||||||
Electrical Equipment – 0.5% | ||||||||||||||
335 | Acuity Brands Inc. | 81,703 | ||||||||||||
9,141 | Ametek Inc. | 439,591 | ||||||||||||
17,808 | Eaton PLC | 1,126,712 |
22 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Electrical Equipment (continued) | ||||||||||||||
24,957 | Emerson Electric Company, (2) | $ | 1,363,401 | |||||||||||
5,381 | Rockwell Automation, Inc., (2) | 610,582 | ||||||||||||
Total Electrical Equipment | 3,621,989 | |||||||||||||
Electronic Equipment, Instruments & Components – 0.3% | ||||||||||||||
11,922 | Amphenol Corporation, Class A, (2) | 665,605 | ||||||||||||
43,185 | Corning Incorporated | 806,264 | ||||||||||||
5,338 | FLIR Systems Inc. | 161,261 | ||||||||||||
14,346 | TE Connectivity Limited | 853,300 | ||||||||||||
Total Electronic Equipment, Instruments & Components | 2,486,430 | |||||||||||||
Energy Equipment & Services – 1.1% | ||||||||||||||
16,992 | Baker Hughes Incorporated | 821,733 | ||||||||||||
2,587 | Diamond Offshore Drilling, Inc., (2) | 62,761 | ||||||||||||
8,806 | FMC Technologies Inc., (3) | 268,495 | ||||||||||||
33,309 | Halliburton Company, (2) | 1,375,995 | ||||||||||||
4,120 | Helmerich & Payne Inc. | 272,414 | ||||||||||||
14,583 | National-Oilwell Varco Inc., (2) | 525,571 | ||||||||||||
53,781 | Schlumberger Limited | 4,320,766 | ||||||||||||
13,281 | Transocean Inc., (2) | 147,153 | ||||||||||||
Total Energy Equipment & Services | 7,794,888 | |||||||||||||
Food & Staples Retailing – 2.2% | ||||||||||||||
17,065 | Costco Wholesale Corporation | 2,527,838 | ||||||||||||
42,576 | CVS Health Corporation, (2) | 4,278,888 | ||||||||||||
37,824 | Kroger Co., (2) | 1,338,591 | ||||||||||||
20,375 | Sysco Corporation | 938,676 | ||||||||||||
33,488 | Walgreens Boots Alliance Inc. | 2,654,929 | ||||||||||||
60,882 | Wal-Mart Stores, Inc. | 4,071,179 | ||||||||||||
12,596 | Whole Foods Market, Inc., (2) | 366,292 | ||||||||||||
Total Food & Staples Retailing | 16,176,393 | |||||||||||||
Food Products – 1.6% | ||||||||||||||
23,102 | Archer-Daniels-Midland Company, (2) | 922,694 | ||||||||||||
7,228 | Campbell Soup Company | 446,040 | ||||||||||||
16,847 | ConAgra Foods, Inc. | 750,702 | ||||||||||||
22,910 | General Mills, Inc., (2) | 1,405,299 | ||||||||||||
5,566 | Hershey Foods Corporation, (2) | 518,250 | ||||||||||||
11,398 | Hormel Foods Corporation | 439,393 | ||||||||||||
4,098 | JM Smucker Company | 520,364 | ||||||||||||
9,786 | Kellogg Company | 751,663 | ||||||||||||
23,073 | Kraft Heinz Company, (2) | 1,801,309 | ||||||||||||
4,476 | McCormick & Company, Incorporated, (2) | 419,759 |
Nuveen | 23 |
Nuveen Equity Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Food Products (continued) | ||||||||||||||
7,236 | Mead Johnson Nutrition Company, Class A Shares | $ | 630,617 | |||||||||||
60,880 | Mondelez International Inc. | 2,615,405 | ||||||||||||
12,127 | Tyson Foods, Inc., Class A, (2) | 798,199 | ||||||||||||
Total Food Products | 12,019,694 | |||||||||||||
Gas Utilities – 0.0% | ||||||||||||||
4,169 | AGL Resources Inc. | 274,570 | ||||||||||||
Health Care Equipment & Supplies – 2.2% | ||||||||||||||
57,170 | Abbott Laboratories, (2) | 2,223,913 | ||||||||||||
21,894 | Baxter International, Inc., (2) | 968,153 | ||||||||||||
8,438 | Becton, Dickinson and Company | 1,360,712 | ||||||||||||
53,934 | Boston Scientific Corporation, (2), (3) | 1,182,233 | ||||||||||||
2,978 | C. R. Bard, Inc. | 631,842 | ||||||||||||
5,611 | DENTSPLY SIRONA Inc. | 334,416 | ||||||||||||
8,630 | Edwards Lifesciences Corporation, (3) | 916,592 | ||||||||||||
2,329 | Hologic Inc., (3) | 78,231 | ||||||||||||
1,486 | Intuitive Surgical, Inc., (2), (3) | 930,771 | ||||||||||||
55,557 | Medtronic, PLC | 4,397,337 | ||||||||||||
11,306 | Saint Jude Medical Inc. | 861,517 | ||||||||||||
12,642 | Stryker Corporation, (2) | 1,378,104 | ||||||||||||
3,961 | Varian Medical Systems, Inc., (3) | 321,554 | ||||||||||||
6,856 | Zimmer Holdings, Inc. | 793,719 | ||||||||||||
Total Health Care Equipment & Supplies | 16,379,094 | |||||||||||||
Health Care Providers & Services – 2.6% | ||||||||||||||
13,990 | Aetna Inc., (2) | 1,570,657 | ||||||||||||
7,435 | AmerisourceBergen Corporation, (2) | 632,719 | ||||||||||||
10,498 | Anthem Inc., (2) | 1,477,803 | ||||||||||||
13,138 | Cardinal Health, Inc., (2) | 1,030,807 | ||||||||||||
2,591 | Centene Corporation, (3) | 160,538 | ||||||||||||
10,334 | CIGNA Corporation | 1,431,672 | ||||||||||||
6,430 | Davita Inc., (3) | 475,177 | ||||||||||||
24,556 | Express Scripts, Holding Company, (2), (3) | 1,810,514 | ||||||||||||
12,266 | HCA Holdings Inc., (3) | 988,885 | ||||||||||||
3,346 | Henry Schein Inc., (2), (3) | 564,470 | ||||||||||||
5,946 | Humana Inc. | 1,052,858 | ||||||||||||
3,709 | Laboratory Corporation of America Holdings, (3) | 464,812 | ||||||||||||
8,870 | McKesson HBOC Inc., (2) | 1,488,563 | ||||||||||||
3,484 | Patterson Companies, Inc. | 151,031 | ||||||||||||
5,760 | Quest Diagnostics Incorporated | 432,979 | ||||||||||||
37,114 | UnitedHealth Group Incorporated, (2) | 4,887,172 |
24 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Health Care Providers & Services (continued) | ||||||||||||||
3,682 | Universal Health Services, Inc., Class B | $ | 492,210 | |||||||||||
Total Health Care Providers & Services | 19,112,867 | |||||||||||||
Health Care Technology – 0.1% | ||||||||||||||
12,326 | Cerner Corporation, (2), (3) | 691,982 | ||||||||||||
Hotels, Restaurants & Leisure – 1.7% | ||||||||||||||
17,488 | Carnival Corporation | 857,786 | ||||||||||||
1,166 | Chipotle Mexican Grill, (2), (3) | 490,851 | ||||||||||||
4,576 | Darden Restaurants, Inc., (2) | 284,856 | ||||||||||||
7,377 | Marriott International, Inc., Class A, (2) | 517,054 | ||||||||||||
34,987 | McDonald’s Corporation, (2) | 4,425,506 | ||||||||||||
6,580 | Royal Caribbean Cruises Limited | 509,292 | ||||||||||||
57,358 | Starbucks Corporation | 3,225,240 | ||||||||||||
6,549 | Starwood Hotels & Resorts Worldwide, Inc. | 536,232 | ||||||||||||
4,366 | Wyndham Worldwide Corporation, (2) | 309,768 | ||||||||||||
3,260 | Wynn Resorts Ltd, (2) | 287,858 | ||||||||||||
15,860 | YUM! Brands, Inc. | 1,261,822 | ||||||||||||
Total Hotels, Restaurants & Leisure | 12,706,265 | |||||||||||||
Household Durables – 0.4% | ||||||||||||||
12,845 | D.R. Horton, Inc. | 386,121 | ||||||||||||
4,545 | Garmin Limited, (2) | 193,753 | ||||||||||||
2,761 | Harman International Industries Inc., (2) | 211,934 | ||||||||||||
5,265 | Leggett and Platt Inc. | 259,512 | ||||||||||||
7,043 | Lennar Corporation, Class A | 319,118 | ||||||||||||
2,468 | Mohawk Industries Inc., (2), (3) | 475,411 | ||||||||||||
10,747 | Newell Rubbermaid Inc., (2) | 489,418 | ||||||||||||
12,883 | PulteGroup Inc., (2) | 236,918 | ||||||||||||
2,997 | Whirlpool Corporation, (2) | 521,898 | ||||||||||||
Total Household Durables | 3,094,083 | |||||||||||||
Household Products – 1.8% | ||||||||||||||
3,626 | Church & Dwight Company Inc. | 336,130 | ||||||||||||
5,163 | Clorox Company, (2) | 646,562 | ||||||||||||
34,644 | Colgate-Palmolive Company | 2,456,952 | ||||||||||||
14,004 | Kimberly-Clark Corporation, (2) | 1,753,161 | ||||||||||||
102,933 | Procter & Gamble Company, (2) | 8,246,992 | ||||||||||||
Total Household Products | 13,439,797 | |||||||||||||
Independent Power & Renewable Electricity Producers – 0.1% | ||||||||||||||
25,602 | AES Corporation | 285,718 | ||||||||||||
14,672 | NRG Energy Inc. | 221,547 | ||||||||||||
Total Independent Power & Renewable Electricity Producers | 507,265 |
Nuveen | 25 |
Nuveen Equity Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Industrial Conglomerates – 2.5% | ||||||||||||||
23,478 | 3M Co., (2) | $ | 3,929,748 | |||||||||||
22,562 | Danaher Corporation, (2) | 2,182,874 | ||||||||||||
362,078 | General Electric Company, (2) | 11,133,898 | ||||||||||||
3,921 | Roper Technologies, Inc. | 690,449 | ||||||||||||
Total Industrial Conglomerates | 17,936,969 | |||||||||||||
Insurance – 2.5% | ||||||||||||||
17,960 | Ace Limited | 2,116,766 | ||||||||||||
16,299 | AFLAC Incorporated | 1,124,142 | ||||||||||||
14,680 | Allstate Corporation | 954,934 | ||||||||||||
44,605 | American International Group, Inc., (2) | 2,489,851 | ||||||||||||
11,239 | AON PLC | 1,181,444 | ||||||||||||
2,682 | Assurant Inc. | 226,817 | ||||||||||||
5,927 | Cincinnati Financial Corporation | 391,241 | ||||||||||||
15,393 | Hartford Financial Services Group, Inc. | 683,141 | ||||||||||||
9,350 | Lincoln National Corporation, (2) | 406,257 | ||||||||||||
10,392 | Loews Corporation, (2) | 412,355 | ||||||||||||
20,226 | Marsh & McLennan Companies, Inc., (2) | 1,277,272 | ||||||||||||
42,557 | MetLife, Inc. | 1,919,321 | ||||||||||||
10,525 | Principal Financial Group, Inc., (2) | 449,207 | ||||||||||||
22,578 | Progressive Corporation | 736,043 | ||||||||||||
17,308 | Prudential Financial, Inc., (2) | 1,343,793 | ||||||||||||
4,002 | Torchmark Corporation | 231,676 | ||||||||||||
11,446 | Travelers Companies, Inc., (2) | 1,257,915 | ||||||||||||
9,899 | Unum Group | 338,645 | ||||||||||||
4,115 | Willis Towers Watson PLC, (2) | 513,964 | ||||||||||||
11,601 | XL Capital Ltd, Class A | 379,701 | ||||||||||||
Total Insurance | 18,434,485 | |||||||||||||
Internet & Catalog Retail – 2.0% | ||||||||||||||
14,982 | Amazon.com, Inc., (3) | 9,881,977 | ||||||||||||
4,016 | Expedia, Inc., (2) | 464,932 | ||||||||||||
17,097 | NetFlix.com Inc., (2), (3) | 1,539,243 | ||||||||||||
1,955 | priceline.com Incorporated, (3) | �� | 2,626,855 | |||||||||||
4,531 | TripAdvisor Inc., (3) | 292,657 | ||||||||||||
Total Internet & Catalog Retail | 14,805,664 | |||||||||||||
Internet Software & Services – 4.0% | ||||||||||||||
6,859 | Akamai Technologies, Inc., (3) | 349,740 | ||||||||||||
11,354 | Alphabet Inc., Class A, (3) | 8,037,270 | ||||||||||||
11,532 | Alphabet Inc., Class C Shares, (3) | 7,991,791 | ||||||||||||
42,081 | eBay Inc., (3) | 1,028,039 |
26 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Internet Software & Services (continued) | ||||||||||||||
89,056 | Facebook Inc., Class A Shares, (3) | $ | 10,471,204 | |||||||||||
4,008 | VeriSign, Inc., (2), (3) | 346,291 | ||||||||||||
33,802 | Yahoo! Inc., (3) | 1,237,153 | ||||||||||||
Total Internet Software & Services | 29,461,488 | |||||||||||||
IT Services – 3.6% | ||||||||||||||
24,367 | Accenture Limited, (2) | 2,751,522 | ||||||||||||
2,300 | Alliance Data Systems Corporation, (2), (3) | 467,613 | ||||||||||||
17,631 | Automatic Data Processing, Inc., (2) | 1,559,286 | ||||||||||||
23,637 | Cognizant Technology Solutions Corporation, Class A, (2), (3) | 1,379,692 | ||||||||||||
5,552 | CSRA Inc. | 144,130 | ||||||||||||
10,714 | Fidelity National Information Services | 704,981 | ||||||||||||
8,652 | Fiserv, Inc., (2), (3) | 845,473 | ||||||||||||
2,460 | Global Payments Inc. | 177,563 | ||||||||||||
34,304 | International Business Machines Corporation (IBM) | 5,006,326 | ||||||||||||
38,051 | MasterCard, Inc. | 3,690,566 | ||||||||||||
12,465 | Paychex, Inc., (2) | 649,676 | ||||||||||||
43,177 | PayPal Holdings, Inc., (2), (3) | 1,691,675 | ||||||||||||
5,162 | Teradata Corporation, (2), (3) | 130,599 | ||||||||||||
6,539 | Total System Services Inc. | 334,404 | ||||||||||||
74,473 | Visa Inc., (2) | 5,752,295 | ||||||||||||
19,477 | Western Union Company, (2) | 389,540 | ||||||||||||
36,947 | Xerox Corporation | 354,691 | ||||||||||||
Total IT Services | 26,030,032 | |||||||||||||
Leisure Products – 0.1% | ||||||||||||||
4,512 | Hasbro, Inc. | 381,896 | ||||||||||||
13,589 | Mattel, Inc., (2) | 422,482 | ||||||||||||
Total Leisure Products | 804,378 | |||||||||||||
Life Sciences Tools & Services – 0.6% | ||||||||||||||
12,720 | Agilent Technologies, Inc. | 520,502 | ||||||||||||
5,909 | Illumina Inc., (2), (3) | 797,656 | ||||||||||||
4,551 | Perkinelmer Inc. | 229,461 | ||||||||||||
15,377 | Thermo Fisher Scientific, Inc. | 2,218,132 | ||||||||||||
3,301 | Waters Corporation, (3) | 429,658 | ||||||||||||
Total Life Sciences Tools & Services | 4,195,409 | |||||||||||||
Machinery – 1.3% | ||||||||||||||
22,598 | Caterpillar Inc. | 1,756,317 | ||||||||||||
6,292 | Cummins Inc., (2) | 736,353 | ||||||||||||
11,625 | Deere & Company, (2) | 977,779 | ||||||||||||
6,016 | Dover Corporation, (2) | 395,251 |
Nuveen | 27 |
Nuveen Equity Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Machinery (continued) | ||||||||||||||
5,014 | Flowserve Corporation, (2) | $ | 244,733 | |||||||||||
12,603 | Illinois Tool Works, Inc. | 1,317,266 | ||||||||||||
9,967 | Ingersoll Rand Company Limited, Class A | 653,237 | ||||||||||||
13,634 | PACCAR Inc., (2) | 803,179 | ||||||||||||
5,242 | Parker Hannifin Corporation | 608,177 | ||||||||||||
7,079 | Pentair Limited | 411,148 | ||||||||||||
2,254 | Snap-on Incorporated | 359,017 | ||||||||||||
5,911 | Stanley Black & Decker Inc. | 661,559 | ||||||||||||
6,927 | Xylem Inc. | 289,410 | ||||||||||||
Total Machinery | 9,213,426 | |||||||||||||
Media – 3.0% | ||||||||||||||
8,923 | Cablevision Systems Corporation | 297,939 | ||||||||||||
16,368 | CBS Corporation, Class B, (2) | 915,135 | ||||||||||||
94,412 | Comcast Corporation, Class A, (2) | 5,736,473 | ||||||||||||
5,992 | Discovery Communications Inc., Class A Shares, (2), (3) | 163,642 | ||||||||||||
9,236 | Discovery Communications Inc., Class C Shares, (3) | 247,340 | ||||||||||||
15,604 | Interpublic Group of Companies, Inc. | 357,956 | ||||||||||||
15,291 | News Corporation, Class A Shares | 189,914 | ||||||||||||
9,297 | Omnicom Group, Inc., (2) | 771,372 | ||||||||||||
3,781 | Scripps Networks Interactive, Class A Shares | 235,745 | ||||||||||||
8,527 | TEGNA Inc., (2) | 199,191 | ||||||||||||
10,993 | Time Warner Cable, Class A | 2,331,725 | ||||||||||||
30,662 | Time Warner Inc., (2) | 2,303,922 | ||||||||||||
43,440 | Twenty First Century Fox Inc., Class A Shares | 1,314,494 | ||||||||||||
16,732 | Twenty First Century Fox Inc., Class B Shares | 503,968 | ||||||||||||
13,445 | Viacom Inc., Class B, (2) | 549,901 | ||||||||||||
58,249 | Walt Disney Company, (2) | 6,014,792 | ||||||||||||
Total Media | 22,133,509 | |||||||||||||
Metals & Mining – 0.4% | ||||||||||||||
50,026 | Alcoa Inc. | 558,790 | ||||||||||||
45,403 | Freeport-McMoRan, Inc., (2) | 635,642 | ||||||||||||
21,231 | Newmont Mining Corporation | 742,448 | ||||||||||||
12,826 | Nucor Corporation, (2) | 638,478 | ||||||||||||
Total Metals & Mining | 2,575,358 | |||||||||||||
Multiline Retail – 0.6% | ||||||||||||||
11,290 | Dollar General Corporation | 924,764 | ||||||||||||
9,419 | Dollar Tree Stores Inc., (2), (3) | 750,788 | ||||||||||||
7,369 | Kohl’s Corporation, (2) | 326,447 | ||||||||||||
12,041 | Macy’s, Inc. | 476,703 |
28 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Multiline Retail (continued) | ||||||||||||||
5,590 | Nordstrom, Inc., (2) | $ | 285,817 | |||||||||||
23,370 | Target Corporation | 1,857,915 | ||||||||||||
Total Multiline Retail | 4,622,434 | |||||||||||||
Multi-Utilities – 1.1% | ||||||||||||||
9,415 | Ameren Corporation | 451,920 | ||||||||||||
17,268 | CenterPoint Energy, Inc., (2) | 370,399 | ||||||||||||
10,756 | CMS Energy Corporation | 437,554 | ||||||||||||
11,393 | Consolidated Edison, Inc., (2) | 849,918 | ||||||||||||
22,782 | Dominion Resources, Inc., (2) | 1,628,230 | ||||||||||||
6,965 | DTE Energy Company | 620,999 | ||||||||||||
12,757 | NiSource Inc. | 289,711 | ||||||||||||
19,652 | Public Service Enterprise Group Incorporated | 906,547 | ||||||||||||
5,545 | Scana Corporation, (2) | 380,886 | ||||||||||||
9,150 | Sempra Energy | 945,653 | ||||||||||||
9,138 | TECO Energy, Inc., (2) | 253,762 | ||||||||||||
12,249 | WEC Energy Group, Inc. | 713,014 | ||||||||||||
Total Multi-Utilities | 7,848,593 | |||||||||||||
Oil, Gas & Consumable Fuels – 5.9% | ||||||||||||||
19,731 | Anadarko Petroleum Corporation, (2) | 1,041,008 | ||||||||||||
14,681 | Apache Corporation, (2) | 798,646 | ||||||||||||
17,776 | Cabot Oil & Gas Corporation, (2) | 415,958 | ||||||||||||
22,842 | Chesapeake Energy Corporation, (2) | 156,925 | ||||||||||||
73,077 | Chevron Corporation, (2) | 7,467,008 | ||||||||||||
3,715 | Cimarex Energy Company | 404,489 | ||||||||||||
12,746 | Columbia Pipeline Group, Inc. | 326,553 | ||||||||||||
5,012 | Concho Resources Inc., (2), (3) | 582,244 | ||||||||||||
47,971 | ConocoPhillips, (2) | 2,292,534 | ||||||||||||
19,567 | Devon Energy Corporation | 678,584 | ||||||||||||
21,339 | EOG Resources, Inc., (2) | 1,763,028 | ||||||||||||
6,473 | EQT Corporation | 453,757 | ||||||||||||
161,150 | Exxon Mobil Corporation, (2) | 14,245,659 | ||||||||||||
9,677 | Hess Corporation, (2) | 576,943 | ||||||||||||
71,010 | Kinder Morgan, Inc. | 1,261,138 | ||||||||||||
34,203 | Marathon Oil Corporation | 481,920 | ||||||||||||
20,536 | Marathon Petroleum Corporation, (2) | 802,547 | ||||||||||||
6,275 | Murphy Oil Corporation, (2) | 224,269 | ||||||||||||
7,732 | Newfield Exploration Company, (2), (3) | 280,285 | ||||||||||||
16,641 | Noble Energy, Inc. | 600,907 | ||||||||||||
29,641 | Occidental Petroleum Corporation, (2) | 2,271,983 |
Nuveen | 29 |
Nuveen Equity Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||||
7,868 | ONEOK, Inc. | $ | 284,428 | |||||||||||
18,216 | Phillips 66, (2) | 1,495,716 | ||||||||||||
6,335 | Pioneer Natural Resources Company, (2) | 1,052,244 | ||||||||||||
6,580 | Range Resources Corporation, (2) | 290,244 | ||||||||||||
15,921 | Southwestern Energy Company, (2), (3) | 213,819 | ||||||||||||
26,943 | Spectra Energy Corporation | 842,508 | ||||||||||||
4,940 | Tesoro Corporation | 393,669 | ||||||||||||
18,253 | Valero Energy Corporation | 1,074,554 | ||||||||||||
27,379 | Williams Companies, Inc. | 530,879 | ||||||||||||
Total Oil, Gas & Consumable Fuels | 43,304,446 | |||||||||||||
Personal Products – 0.1% | ||||||||||||||
9,064 | Estee Lauder Companies Inc., Class A | 868,966 | ||||||||||||
Pharmaceuticals – 5.3% | ||||||||||||||
15,315 | Allergan PLC, (2), (3) | 3,316,616 | ||||||||||||
64,785 | Bristol-Myers Squibb Company, (2) | 4,676,181 | ||||||||||||
37,771 | Eli Lilly and Company | 2,852,844 | ||||||||||||
7,802 | Endo International PLC, (3) | �� | 210,654 | |||||||||||
107,078 | Johnson & Johnson, (2) | 12,001,301 | ||||||||||||
4,949 | Mallinckrodt PLC, (3) | 309,411 | ||||||||||||
107,695 | Merck & Company Inc., (2) | 5,905,994 | ||||||||||||
16,219 | Mylan NV, (3) | 676,494 | ||||||||||||
5,681 | Perrigo Company, (2) | 549,182 | ||||||||||||
234,700 | Pfizer Inc. | 7,677,037 | ||||||||||||
17,750 | Zoetis Incorporated | 834,783 | ||||||||||||
Total Pharmaceuticals | 39,010,497 | |||||||||||||
Professional Services – 0.3% | ||||||||||||||
4,607 | Equifax Inc. | 553,992 | ||||||||||||
14,042 | Nielsen Holdings PLC, (2) | 732,150 | ||||||||||||
5,089 | Robert Half International Inc. | 194,960 | ||||||||||||
6,221 | Verisk Analytics Inc., Class A Shares, (3) | 482,625 | ||||||||||||
Total Professional Services | 1,963,727 | |||||||||||||
Real Estate Investment Trust – 2.8% | ||||||||||||||
16,449 | American Tower Corporation, REIT | 1,725,171 | ||||||||||||
6,271 | Apartment Investment & Management Company, Class A | 251,216 | ||||||||||||
5,316 | AvalonBay Communities, Inc. | 939,816 | ||||||||||||
5,960 | Boston Properties, Inc. | 768,006 | ||||||||||||
12,952 | Crown Castle International Corporation | 1,125,270 | ||||||||||||
2,766 | Equinix Inc. | 913,748 | ||||||||||||
14,169 | Equity Residential | 964,484 |
30 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Real Estate Investment Trust (continued) | ||||||||||||||
1,855 | Essex Property Trust Inc. | $ | 408,935 | |||||||||||
4,983 | Extra Space Storage Inc. | 423,306 | ||||||||||||
2,801 | Federal Realty Investment Trust, (2) | 425,976 | ||||||||||||
23,234 | General Growth Properties Inc. | 651,249 | ||||||||||||
18,565 | Health Care Property Investors Inc. | 628,054 | ||||||||||||
30,143 | Host Hotels & Resorts Inc., (2) | 476,862 | ||||||||||||
7,699 | Iron Mountain Inc. | 281,244 | ||||||||||||
16,127 | Kimco Realty Corporation | 453,491 | ||||||||||||
4,919 | Macerich Company | 374,238 | ||||||||||||
20,364 | Prologis Inc. | 924,729 | ||||||||||||
5,715 | Public Storage, Inc. | 1,399,089 | ||||||||||||
9,834 | Realty Income Corporation | 582,173 | ||||||||||||
12,006 | Simon Property Group, Inc., (2) | 2,415,247 | ||||||||||||
4,109 | SL Green Realty Corporation | 431,774 | ||||||||||||
9,911 | UDR Inc. | 346,092 | ||||||||||||
13,282 | Ventas Inc., (2) | 825,078 | ||||||||||||
6,878 | Vornado Realty Trust | 658,431 | ||||||||||||
13,499 | Welltower Inc. | 937,101 | ||||||||||||
30,632 | Weyerhaeuser Company, (2) | 983,900 | ||||||||||||
Total Real Estate Investment Trust | 20,314,680 | |||||||||||||
Real Estate Management & Development – 0.0% | ||||||||||||||
11,829 | CBRE Group Inc., (3) | 350,493 | ||||||||||||
Road & Rail – 0.8% | ||||||||||||||
37,376 | CSX Corporation | 1,019,244 | ||||||||||||
3,458 | J.B. Hunt Transports Services Inc. | 286,599 | ||||||||||||
4,210 | Kansas City Southern Industries | 398,898 | ||||||||||||
11,571 | Norfolk Southern Corporation | 1,042,663 | ||||||||||||
2,141 | Ryder System, Inc. | 147,558 | ||||||||||||
32,845 | Union Pacific Corporation, (2) | 2,865,069 | ||||||||||||
Total Road & Rail | 5,760,031 | |||||||||||||
Semiconductors & Semiconductor Equipment – 2.5% | ||||||||||||||
12,031 | Analog Devices, Inc., (2) | 677,586 | ||||||||||||
43,879 | Applied Materials, Inc., (2) | 898,203 | ||||||||||||
13,853 | Broadcom Limited | 2,019,075 | ||||||||||||
3,038 | First Solar Inc., (3) | 169,642 | ||||||||||||
183,316 | Intel Corporation | 5,550,808 | ||||||||||||
6,040 | KLA-Tencor Corporation | 422,438 | ||||||||||||
6,166 | Lam Research Corporation, (2) | 471,082 | ||||||||||||
9,287 | Linear Technology Corporation, (2) | 413,086 |
Nuveen | 31 |
Nuveen Equity Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Semiconductors & Semiconductor Equipment (continued) | ||||||||||||||
8,556 | Microchip Technology Incorporated, (2) | $ | 415,736 | |||||||||||
41,319 | Micron Technology, Inc., (2), (3) | 444,179 | ||||||||||||
20,550 | NVIDIA Corporation, (2) | 730,142 | ||||||||||||
5,009 | Qorvo Inc., (3) | 225,555 | ||||||||||||
58,009 | QUALCOMM, Inc. | 2,930,615 | ||||||||||||
7,655 | Skyworks Solutions Inc., (2) | 511,507 | ||||||||||||
39,009 | Texas Instruments Incorporated | 2,225,073 | ||||||||||||
9,916 | Xilinx, Inc., (2) | 427,181 | ||||||||||||
Total Semiconductors & Semiconductor Equipment | 18,531,908 | |||||||||||||
Software – 3.9% | ||||||||||||||
19,680 | Activision Blizzard Inc. | 678,370 | ||||||||||||
19,338 | Adobe Systems Incorporated, (3) | 1,822,026 | ||||||||||||
8,744 | Autodesk, Inc., (2), (3) | 523,066 | ||||||||||||
11,483 | CA Technologies | 340,586 | ||||||||||||
5,975 | Citrix Systems, (3) | 488,994 | ||||||||||||
12,003 | Electronic Arts Inc., (2), (3) | 742,386 | ||||||||||||
9,966 | Intuit, Inc. | 1,005,470 | ||||||||||||
306,923 | Microsoft Corporation | 15,306,249 | ||||||||||||
122,272 | Oracle Corporation, (2) | 4,873,762 | ||||||||||||
7,087 | Red Hat, Inc., (3) | 519,973 | ||||||||||||
24,473 | Salesforce.com, Inc., (2), (3) | 1,855,053 | ||||||||||||
23,668 | Symantec Corporation, (2) | 393,954 | ||||||||||||
Total Software | 28,549,889 | |||||||||||||
Specialty Retail – 2.6% | ||||||||||||||
2,939 | Advance Auto Parts, Inc., (2) | 458,778 | ||||||||||||
1,921 | AutoNation Inc., (2), (3) | 97,299 | ||||||||||||
1,173 | AutoZone, Inc., (2), (3) | 897,615 | ||||||||||||
6,348 | Bed Bath and Beyond Inc. | 299,753 | ||||||||||||
10,933 | Best Buy Co., Inc. | 350,731 | ||||||||||||
7,596 | CarMax, Inc., (2), (3) | 402,208 | ||||||||||||
9,547 | Gap, Inc., (2) | 221,299 | ||||||||||||
49,201 | Home Depot, Inc., (2) | 6,587,522 | ||||||||||||
10,371 | L Brands Inc. | 811,946 | ||||||||||||
35,511 | Lowe’s Companies, Inc. | 2,699,546 | ||||||||||||
3,771 | O’Reilly Automotive Inc., (2), (3) | 990,566 | ||||||||||||
16,606 | Ross Stores, Inc., (2) | 942,889 | ||||||||||||
3,194 | Signet Jewelers Limited | 346,741 | ||||||||||||
25,827 | Staples, Inc. | 263,435 | ||||||||||||
4,502 | Tiffany & Co., (2) | 321,218 |
32 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Specialty Retail (continued) | ||||||||||||||
27,063 | TJX Companies, Inc. | $ | 2,051,917 | |||||||||||
4,622 | Tractor Supply Company | 437,519 | ||||||||||||
1,818 | Ulta Salon, Cosmetics & Fragrance, Inc., (2), (3) | 378,653 | ||||||||||||
3,805 | Urban Outfitters, Inc., (3) | 115,368 | ||||||||||||
Total Specialty Retail | 18,675,003 | |||||||||||||
Technology Hardware, Storage & Peripherals – 3.5% | ||||||||||||||
215,160 | Apple, Inc. | 20,169,093 | ||||||||||||
75,556 | EMC Corporation | 1,972,767 | ||||||||||||
66,611 | Hewlett Packard Enterprise Co | 1,109,739 | ||||||||||||
67,004 | HP Inc. | 822,139 | ||||||||||||
11,217 | NetApp, Inc. | 265,170 | ||||||||||||
7,800 | SanDisk Corporation | 586,014 | ||||||||||||
11,503 | Seagate Technology, (2) | 250,420 | ||||||||||||
9,032 | Western Digital Corporation, (2) | 369,093 | ||||||||||||
Total Technology Hardware, Storage & Peripherals | 25,544,435 | |||||||||||||
Textiles, Apparel & Luxury Goods – 0.9% | ||||||||||||||
11,102 | Coach, Inc., (2) | 447,078 | ||||||||||||
16,152 | Hanesbrands Inc. | 468,893 | ||||||||||||
6,962 | Michael Kors Holdings Limited, (3) | 359,657 | ||||||||||||
52,383 | Nike, Inc., Class B | 3,087,454 | ||||||||||||
3,109 | PVH Corporation | 297,220 | ||||||||||||
2,398 | Ralph Lauren Corporation | 223,518 | ||||||||||||
7,547 | Under Armour, Inc., (2), (3) | 331,615 | ||||||||||||
7,547 | Under Armour Inc., Class C Shares, (2), (3) | 307,918 | ||||||||||||
13,177 | VF Corporation, (2) | 830,810 | ||||||||||||
Total Textiles, Apparel & Luxury Goods | 6,354,163 | |||||||||||||
Tobacco – 1.7% | ||||||||||||||
75,978 | Altria Group, Inc. | 4,764,580 | ||||||||||||
60,124 | Philip Morris International, (2) | 5,899,367 | ||||||||||||
32,125 | Reynolds American Inc., (2) | 1,593,435 | ||||||||||||
Total Tobacco | 12,257,382 | |||||||||||||
Trading Companies & Distributors – 0.2% | ||||||||||||||
11,197 | Fastenal Company, (2) | 523,908 | ||||||||||||
3,827 | United Rentals Inc., (3) | 256,141 | ||||||||||||
2,204 | W.W. Grainger, Inc. | 516,882 | ||||||||||||
Total Trading Companies & Distributors | 1,296,931 | |||||||||||||
Water Utilities – 0.1% | ||||||||||||||
7,217 | American Water Works Company | 525,109 | ||||||||||||
Total Common Stocks (cost $265,279,328) | 699,078,345 |
Nuveen | 33 |
Nuveen Equity Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||||||||
COMMON STOCK RIGHTS – 0.0% | ||||||||||||||||||||
10,067 | Safeway Incorporated, (4) | $ | 1,711 | |||||||||||||||||
10,067 | Safeway Incorporated, (4) | 101 | ||||||||||||||||||
Total Common Stock Rights (cost $ – ) | 1,812 | |||||||||||||||||||
Total Long-Term Investments (cost $265,279,328) |
| 699,080,157 | ||||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 27.2% |
| |||||||||||||||||||
Money Market Funds – 27.2% | ||||||||||||||||||||
199,380,294 | Mount Vernon Securities Lending Prime Portfolio, 0.524%, (5), (6) | $ | 199,380,294 | |||||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $199,380,294) |
| 199,380,294 | ||||||||||||||||||
Shares/ Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (7) | Value | |||||||||||||||
SHORT-TERM INVESTMENTS – 4.8% | ||||||||||||||||||||
Money Market Funds – 4.4% | ||||||||||||||||||||
32,635,984 | First American Treasury Obligations Fund, Class Z | 0.174% (5) | N/A | N/A | $ | 32,635,984 | ||||||||||||||
U.S. Government and Agency Obligations – 0.4% | ||||||||||||||||||||
$ | 3,000 | U.S Treasury Bills, (8) | 0.000% | 9/15/16 | AAA | 2,997,072 | ||||||||||||||
Total Short-Term Investments (cost $35,632,987) |
| 35,633,056 | ||||||||||||||||||
Total Investments (cost $500,292,609) – 127.3% |
| 934,093,507 | ||||||||||||||||||
Other Assets Less Liabilities – (27.3)% (9) | (200,460,914 | ) | ||||||||||||||||||
Net Assets – 100% | $ | 733,632,593 |
Investments in Derivatives as of April 30, 2016
Futures Contracts outstanding:
Description | Contract Position | Number of Contracts | Contract Expiration | Notional Amount at Value | Variation Margin Receivable/ (Payable) | Unrealized Appreciation | ||||||||||||||||||
S&P 500® Index | Long | 67 | 6/16 | $ | 34,489,925 | $ | (232,837 | ) | $ | 222,478 |
34 | Nuveen |
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 the securities out on loan as of the end of the reporting period was $193,979,449. |
(3) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
(4) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements 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 100% 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, Note 3 – Portfolio Securities and Investments in Derivatives, 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/R are not rated by any of these national rating agencies. |
(8) | Investment, or portion of investment, segregated as collateral for investments in derivatives. |
(9) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of the cash collateral at broker and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. |
N/A | Not Applicable |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
Nuveen | 35 |
Nuveen Mid Cap Index Fund
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
LONG-TERM INVESTMENTS – 96.1% | ||||||||||||||
COMMON STOCKS – 96.1% | ||||||||||||||
Aerospace & Defense – 1.8% | ||||||||||||||
39,964 | BE Aerospace Inc., (2) | $ | 1,943,449 | |||||||||||
14,163 | Curtiss Wright Corporation | 1,084,603 | ||||||||||||
12,914 | Esterline Technologies Corporation, (3) | 886,675 | ||||||||||||
19,837 | Huntington Ingalls Industries Inc. | 2,871,802 | ||||||||||||
19,982 | KLX Inc., (3) | 673,793 | ||||||||||||
23,737 | Orbital ATK, Inc. | 2,065,119 | ||||||||||||
9,863 | Teledyne Technologies Inc., (3) | 916,766 | ||||||||||||
20,220 | Triumph Group Inc., (2) | 731,560 | ||||||||||||
Total Aerospace & Defense | 11,173,767 | |||||||||||||
Airlines – 1.0% | ||||||||||||||
51,341 | Alaska Air Group, Inc., (2) | 3,615,945 | ||||||||||||
125,552 | JetBlue Airways Corporation, (2), (3) | 2,484,674 | ||||||||||||
Total Airlines | 6,100,619 | |||||||||||||
Auto Components – 0.4% | ||||||||||||||
46,504 | Dana Holding Corporation, (2) | 601,297 | ||||||||||||
117,874 | Gentex Corporation, (2) | 1,890,699 | ||||||||||||
Total Auto Components | 2,491,996 | |||||||||||||
Automobiles – 0.2% | ||||||||||||||
18,086 | Thor Industries, Inc. | 1,157,866 | ||||||||||||
Banks – 5.5% | ||||||||||||||
65,082 | Associated Banc-Corp., (2) | 1,187,096 | ||||||||||||
34,136 | BancorpSouth Inc. | 801,855 | ||||||||||||
17,947 | Bank of Hawaii Corporation, (2) | 1,227,754 | ||||||||||||
32,968 | Bank of the Ozarks, Inc., (2) | 1,361,578 | ||||||||||||
29,910 | Cathay General Bancorp. | 912,853 | ||||||||||||
36,030 | Commerce Bancshares Inc., (2) | 1,686,925 | ||||||||||||
21,597 | Cullen/Frost Bankers, Inc., (2) | 1,381,992 | ||||||||||||
57,920 | East West Bancorp Inc. | 2,171,421 | ||||||||||||
48,665 | F.N.B. Corporation PA, (2) | 643,351 | ||||||||||||
95,564 | First Horizon National Corporation | 1,345,541 | ||||||||||||
142,966 | First Niagara Financial Group Inc. | 1,509,721 | ||||||||||||
66,791 | FirstMerit Corporation | 1,480,089 | ||||||||||||
76,330 | Fulton Financial Corporation, (2) | 1,067,857 | ||||||||||||
33,236 | Hancock Holding Company, (2) | 863,139 |
36 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Banks (continued) | ||||||||||||||
22,992 | International Bancshares Corporation, (2) | $ | 602,160 | |||||||||||
38,710 | Pacwest Bancorp. | 1,547,626 | ||||||||||||
31,740 | Privatebancorp, Inc. | 1,320,701 | ||||||||||||
24,224 | Prosperity Bancshares, Inc., (2) | 1,278,300 | ||||||||||||
20,196 | Signature Bank, (3) | 2,783,615 | ||||||||||||
20,129 | SVB Financial Group, (3) | 2,099,052 | ||||||||||||
56,138 | Synovus Financial Corp. | 1,749,247 | ||||||||||||
67,305 | TCF Financial Corporation | 918,040 | ||||||||||||
27,240 | Trustmark Corporation, (2) | 667,652 | ||||||||||||
82,960 | Umpqua Holdings Corporation, (2) | 1,313,257 | ||||||||||||
80,975 | Valley National Bancorp., (2) | 766,024 | ||||||||||||
36,481 | Webster Financial Corporation | 1,336,664 | ||||||||||||
Total Banks | 34,023,510 | |||||||||||||
Beverages – 0.1% | ||||||||||||||
3,632 | Boston Beer Company, (2), (3) | 566,883 | ||||||||||||
Biotechnology – 0.3% | ||||||||||||||
18,497 | United Therapeutics Corporation, (2), (3) | 1,945,884 | ||||||||||||
Building Products – 1.3% | ||||||||||||||
67,073 | Fortune Brands Home & Security, (2) | 3,716,513 | ||||||||||||
16,078 | Lennox International Inc., (2) | 2,169,726 | ||||||||||||
30,742 | Smith AO Corporation | 2,373,897 | ||||||||||||
Total Building Products | 8,260,136 | |||||||||||||
Capital Markets – 1.8% | ||||||||||||||
48,763 | Eaton Vance Corporation, (2) | 1,683,786 | ||||||||||||
38,208 | Federated Investors Inc. | 1,207,373 | ||||||||||||
60,651 | Janus Capital Group Inc., (2) | 885,505 | ||||||||||||
50,145 | Raymond James Financial Inc. | 2,616,065 | ||||||||||||
53,181 | SEI Investments Company, (2) | 2,556,942 | ||||||||||||
24,641 | Stifel Financial Corporation, (3) | 810,935 | ||||||||||||
34,425 | Waddell & Reed Financial, Inc., Class A, (2) | 700,205 | ||||||||||||
46,556 | WisdomTree Investments Inc., (2) | 506,995 | ||||||||||||
Total Capital Markets | 10,967,806 | |||||||||||||
Chemicals – 3.3% | ||||||||||||||
44,899 | Albemarle Corporation, (2) | 2,970,518 | ||||||||||||
25,514 | Ashland Inc. | 2,847,362 | ||||||||||||
24,225 | Cabot Corporation | 1,181,938 | ||||||||||||
13,928 | Minerals Technologies Inc. | 834,287 | ||||||||||||
4,036 | NewMarket Corporation | 1,638,858 | ||||||||||||
66,435 | Olin Corporation, (2) | 1,447,619 |
Nuveen | 37 |
Nuveen Mid Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Chemicals (continued) | ||||||||||||||
38,020 | PolyOne Corporation, (2) | $ | 1,367,960 | |||||||||||
53,822 | RPM International, Inc. | 2,719,626 | ||||||||||||
17,575 | Scotts Miracle Gro Company | 1,243,959 | ||||||||||||
18,130 | Sensient Technologies Corporation | 1,219,243 | ||||||||||||
29,312 | Valspar Corporation, (2) | 3,127,297 | ||||||||||||
Total Chemicals | 20,598,667 | |||||||||||||
Commercial Services & Supplies – 2.0% | ||||||||||||||
22,336 | Clean Harbors, Inc., (2), (3) | 1,103,398 | ||||||||||||
40,828 | Copart Inc., (3) | 1,749,072 | ||||||||||||
20,219 | Deluxe Corporation | 1,269,349 | ||||||||||||
18,218 | HNI Corporation, (2) | 796,491 | ||||||||||||
23,929 | Miller (Herman) Inc. | 721,938 | ||||||||||||
12,823 | MSA Safety Inc. | 616,658 | ||||||||||||
80,624 | R.R. Donnelley & Sons Company, (2) | 1,402,858 | ||||||||||||
38,928 | Rollins Inc. | �� | 1,045,995 | |||||||||||
50,066 | Waste Connections Inc. | 3,368,440 | ||||||||||||
Total Commercial Services & Supplies | 12,074,199 | |||||||||||||
Communications Equipment – 1.1% | ||||||||||||||
71,947 | Arris International PLC, (3) | 1,638,233 | ||||||||||||
46,863 | Ciena Corporation, (2), (3) | 788,704 | ||||||||||||
14,802 | Interdigital Inc. | 843,418 | ||||||||||||
37,611 | NetScout Systems, Inc., (3) | 837,221 | ||||||||||||
16,071 | Plantronics Inc. | 617,930 | ||||||||||||
55,802 | Polycom Inc., (3) | 666,834 | ||||||||||||
17,889 | ViaSat, Inc., (3) | 1,372,086 | ||||||||||||
Total Communications Equipment | 6,764,426 | |||||||||||||
Construction & Engineering – 0.8% | ||||||||||||||
60,190 | AECOM, (2), (3) | 1,955,573 | ||||||||||||
14,689 | Granite Construction Inc. | 654,983 | ||||||||||||
59,455 | KBR Inc. | 925,120 | ||||||||||||
9,667 | Valmont Industries, Inc., (2) | 1,357,053 | ||||||||||||
Total Construction & Engineering | 4,892,729 | |||||||||||||
Construction Materials – 0.2% | ||||||||||||||
20,215 | Eagle Materials Inc., (2) | 1,498,336 | ||||||||||||
Consumer Finance – 0.2% | ||||||||||||||
170,772 | SLM Corporation | 1,156,126 | ||||||||||||
Containers & Packaging – 1.5% | ||||||||||||||
26,438 | AptarGroup Inc. | 2,009,288 |
38 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Containers & Packaging (continued) | ||||||||||||||
31,959 | Bemis Company, Inc., (2) | $ | 1,603,703 | |||||||||||
12,325 | Greif Inc. | 427,678 | ||||||||||||
39,714 | Packaging Corp. of America, (2) | 2,576,644 | ||||||||||||
17,563 | Silgan Holdings, Inc. | 891,147 | ||||||||||||
41,221 | Sonoco Products Company | 1,932,853 | ||||||||||||
Total Containers & Packaging | 9,441,313 | |||||||||||||
Distributors – 0.9% | ||||||||||||||
121,930 | LKQ Corporation, (3) | 3,907,855 | ||||||||||||
17,193 | Pool Corporation | 1,502,840 | ||||||||||||
Total Distributors | 5,410,695 | |||||||||||||
Diversified Consumer Services – 0.7% | ||||||||||||||
23,083 | Devry Education Group Inc., (2) | 400,490 | ||||||||||||
1,775 | Graham Holdings Company | 845,859 | ||||||||||||
78,787 | Service Corporation International | 2,101,249 | ||||||||||||
25,380 | Sothebys Holdings Inc., (2) | 691,351 | ||||||||||||
Total Diversified Consumer Services | 4,038,949 | |||||||||||||
Diversified Financial Services – 1.5% | ||||||||||||||
34,731 | CBOE Holdings Inc., (2) | 2,151,933 | ||||||||||||
15,701 | FactSet Research Systems Inc. | 2,366,926 | ||||||||||||
15,006 | Marketaxess | 1,842,137 | ||||||||||||
37,051 | MSCI Inc., Class A Shares | 2,813,653 | ||||||||||||
Total Diversified Financial Services | 9,174,649 | |||||||||||||
Electric Utilities – 2.3% | ||||||||||||||
44,810 | Alliant Energy Corporation | 3,160,001 | ||||||||||||
62,100 | Great Plains Energy Incorporated | 1,939,383 | ||||||||||||
40,990 | Hawaiian Electric Industries | 1,339,963 | ||||||||||||
20,320 | IDACORP, INC | 1,477,874 | ||||||||||||
80,438 | OGE Energy Corp., (2) | 2,380,160 | ||||||||||||
32,174 | PNM Resources Inc. | 1,019,272 | ||||||||||||
57,292 | Westar Energy Inc. | 2,956,840 | ||||||||||||
Total Electric Utilities | 14,273,493 | |||||||||||||
Electrical Equipment – 1.3% | ||||||||||||||
17,454 | Acuity Brands Inc., (2) | 4,256,853 | ||||||||||||
21,752 | Hubbell Inc. | 2,300,492 | ||||||||||||
18,228 | Regal-Beloit Corporation | 1,174,248 | ||||||||||||
Total Electrical Equipment | 7,731,593 | |||||||||||||
Electronic Equipment, Instruments & Components – 3.9% | ||||||||||||||
39,010 | Arrow Electronics, Inc., (3) | 2,422,521 | ||||||||||||
55,904 | Avnet Inc. | 2,298,772 |
Nuveen | 39 |
Nuveen Mid Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Electronic Equipment, Instruments & Components (continued) | ||||||||||||||
17,612 | Belden Inc. | $ | 1,112,022 | |||||||||||
31,769 | Cognex Corporation | 1,128,753 | ||||||||||||
17,068 | FEI Company, (2) | 1,519,393 | ||||||||||||
62,691 | Ingram Micro, Inc., Class A | 2,191,050 | ||||||||||||
14,324 | IPG Photonics Corporation, (2), (3) | 1,241,461 | ||||||||||||
64,892 | Jabil Circuit Inc., (2) | 1,126,525 | ||||||||||||
58,774 | Keysight Technologies, Inc., (3) | 1,532,826 | ||||||||||||
34,346 | Knowles Corporation, (2), (3) | 459,206 | ||||||||||||
39,739 | National Instruments Corporation | 1,095,604 | ||||||||||||
11,603 | SYNNEX Corporation, (2) | 958,060 | ||||||||||||
15,445 | Tech Data Corporation, (2), (3) | 1,060,917 | ||||||||||||
105,376 | Trimble Navigation Limited, (3) | 2,523,755 | ||||||||||||
45,128 | VeriFone Holdings Inc., (3) | 1,284,343 | ||||||||||||
54,793 | Vishay Intertechnology Inc., (2) | 666,283 | ||||||||||||
20,393 | Zebra Technologies Corporation, Class A, (2), (3) | 1,275,786 | ||||||||||||
Total Electronic Equipment, Instruments & Components | 23,897,277 | |||||||||||||
Energy Equipment & Services – 1.6% | ||||||||||||||
16,432 | Dril Quip Inc., (3) | 1,065,122 | ||||||||||||
108,572 | Ensco PLC, (2) | 1,298,521 | ||||||||||||
118,547 | Nabors Industries Inc., (2) | 1,161,761 | ||||||||||||
96,255 | Noble Corporation PLC, (2) | 1,080,944 | ||||||||||||
40,523 | Oceaneering International Inc. | 1,485,168 | ||||||||||||
21,329 | Oil States International Inc., (2), (3) | 738,837 | ||||||||||||
58,365 | Patterson-UTI Energy, Inc., (2) | 1,152,709 | ||||||||||||
49,522 | Rowan Companies Inc., (2) | 931,509 | ||||||||||||
63,254 | Superior Energy Services, Inc., (2) | 1,066,462 | ||||||||||||
Total Energy Equipment & Services | 9,981,033 | |||||||||||||
Food & Staples Retailing – 0.7% | ||||||||||||||
15,502 | Casey’s General Stores, Inc., (2) | 1,736,224 | ||||||||||||
58,493 | Sprouts Farmers Market Inc., (2), (3) | 1,641,899 | ||||||||||||
105,649 | SUPERVALU INC., (2) | 531,414 | ||||||||||||
20,044 | United Natural Foods Inc., (3) | 714,969 | ||||||||||||
Total Food & Staples Retailing | 4,624,506 | |||||||||||||
Food Products – 2.5% | ||||||||||||||
37,756 | Dean Foods Company, (2) | 650,536 | ||||||||||||
70,997 | �� | Flowers Foods Inc., (2) | 1,360,303 | |||||||||||
40,484 | Hain Celestial Group Inc., (2), (3) | 1,694,660 | ||||||||||||
28,685 | Ingredion Inc. | 3,301,357 | ||||||||||||
7,841 | Lancaster Colony Corporation | 913,477 |
40 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Food Products (continued) | ||||||||||||||
24,209 | Post Holdings Inc., (2), (3) | $ | 1,739,175 | |||||||||||
23,515 | Snyder’s Lance Inc., (2) | 751,775 | ||||||||||||
9,013 | Tootsie Roll Industries Inc., (2) | 321,223 | ||||||||||||
22,147 | Treehouse Foods Inc., (2), (3) | 1,957,795 | ||||||||||||
70,235 | WhiteWave Foods Company, (3) | 2,824,149 | ||||||||||||
Total Food Products | 15,514,450 | |||||||||||||
Gas Utilities – 2.1% | ||||||||||||||
40,468 | Atmos Energy Corporation | 2,935,953 | ||||||||||||
33,934 | National Fuel Gas Company, (2) | 1,883,337 | ||||||||||||
25,763 | New Jersey Resources Corporation, (2) | 919,224 | ||||||||||||
20,994 | One Gas Inc. | 1,227,519 | ||||||||||||
70,747 | Questar Corporation, (2) | 1,773,627 | ||||||||||||
66,264 | UGI Corporation | 2,666,463 | ||||||||||||
20,965 | WGL Holdings Inc. | 1,423,314 | ||||||||||||
Total Gas Utilities | 12,829,437 | |||||||||||||
Health Care Equipment & Supplies – 3.6% | ||||||||||||||
15,788 | Abiomed, Inc., (3) | 1,533,646 | ||||||||||||
29,018 | Align Technology, Inc., (2), (3) | 2,094,809 | ||||||||||||
19,364 | Cooper Companies, Inc., (2) | 2,964,241 | ||||||||||||
18,629 | Halyard Health Inc., (3) | 524,593 | ||||||||||||
23,191 | Hill Rom Holdings Inc. | 1,121,285 | ||||||||||||
38,100 | Idexx Labs Inc., (2), (3) | 3,213,735 | ||||||||||||
16,862 | Livanova PLC, (3) | 889,133 | ||||||||||||
56,683 | ResMed Inc., (2) | 3,162,911 | ||||||||||||
34,537 | Steris PLC, (2) | 2,440,730 | ||||||||||||
15,953 | Teleflex Inc., (2) | 2,485,158 | ||||||||||||
25,101 | West Pharmaceutical Services Inc., (2) | 1,787,191 | ||||||||||||
Total Health Care Equipment & Supplies | 22,217,432 | |||||||||||||
Health Care Providers & Services – 2.1% | ||||||||||||||
21,709 | AmSurg Corporation, (2), (3) | 1,757,995 | ||||||||||||
46,557 | Community Health Systems, Inc., (3) | 888,308 | ||||||||||||
18,390 | Lifepoint Health Inc., (3) | 1,242,428 | ||||||||||||
37,826 | Medax Inc., (2), (3) | 2,696,616 | ||||||||||||
16,026 | Molina Healthcare Inc., (2), (3) | 829,506 | ||||||||||||
25,485 | Owens and Minor Inc., (2) | 927,399 | ||||||||||||
39,790 | Tenet Healthcare Corporation, (2), (3) | 1,260,945 | ||||||||||||
32,333 | VCA Antech, Inc., (3) | 2,036,009 | ||||||||||||
17,721 | Wellcare Health Plans Inc., (2), (3) | 1,594,713 | ||||||||||||
Total Health Care Providers & Services | 13,233,919 |
Nuveen | 41 |
Nuveen Mid Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Health Care Technology – 0.2% | ||||||||||||||
76,054 | Allscripts Healthcare Solutions Inc., (2), (3) | $ | 1,019,124 | |||||||||||
Hotels, Restaurants & Leisure – 2.1% | ||||||||||||||
25,089 | Brinker International Inc., (2) | 1,162,122 | ||||||||||||
7,312 | Buffalo Wild Wings, Inc., (2), (3) | 977,322 | ||||||||||||
9,589 | CBRL Group Inc., (2) | 1,403,925 | ||||||||||||
17,061 | Cheesecake Factory Inc. | 870,282 | ||||||||||||
19,936 | Dominos Pizza Inc., (2) | 2,409,864 | ||||||||||||
35,654 | Dunkin Brands Group Inc., (2) | 1,657,911 | ||||||||||||
11,274 | Intl Speedway Corporation | 377,566 | ||||||||||||
14,885 | Jack in the Box Inc., (2) | 1,005,482 | ||||||||||||
9,541 | Panera Bread Company, (2), (3) | 2,046,449 | ||||||||||||
94,869 | The Wendy’s Company, (2) | 1,030,277 | ||||||||||||
Total Hotels, Restaurants & Leisure | 12,941,200 | |||||||||||||
Household Durables – 1.5% | ||||||||||||||
30,676 | CalAtlantic Group Inc. | 992,982 | ||||||||||||
36,339 | KB Home, (2) | 493,120 | ||||||||||||
15,777 | MDC Holdings Inc., (2) | 388,272 | ||||||||||||
1,475 | NVR Inc., (3) | 2,450,403 | ||||||||||||
24,558 | Tempur Sealy International, Inc., (2), (3) | 1,489,934 | ||||||||||||
62,492 | Toll Brothers Inc., (3) | 1,706,032 | ||||||||||||
58,898 | Tri Pointe Group, Incorporated, (2), (3) | 683,217 | ||||||||||||
20,524 | Tupperware Corporation, (2) | 1,191,829 | ||||||||||||
Total Household Durables | 9,395,789 | |||||||||||||
Household Products – 0.2% | ||||||||||||||
24,911 | Energizer Holdings, Inc. | 1,083,379 | ||||||||||||
Independent Power & Renewable Electricity Producers – 0.1% | ||||||||||||||
33,375 | Talen Energy Corporation, (3) | 389,153 | ||||||||||||
Industrial Conglomerates – 0.4% | ||||||||||||||
25,887 | Carlisle Companies Inc. | 2,637,885 | ||||||||||||
Insurance – 5.2% | ||||||||||||||
6,538 | Alleghany Corporation, (3) | 3,408,129 | ||||||||||||
28,928 | American Financial Group Inc. | 1,999,214 | ||||||||||||
63,456 | Arthur J. Gallagher & Co. | 2,921,514 | ||||||||||||
26,433 | Aspen Insurance Holdings Limited | 1,225,170 | ||||||||||||
48,019 | Brown & Brown Inc., (2) | 1,685,947 | ||||||||||||
80,145 | CNO Financial Group Inc., (2) | 1,472,264 | ||||||||||||
17,367 | Endurance Specialty Holdings Limited | 1,111,141 | ||||||||||||
18,550 | Everest Reinsurance Group Ltd | 3,429,895 |
42 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Insurance (continued) | ||||||||||||||
43,155 | First American Corporation, (2) | $ | 1,554,443 | |||||||||||
200,163 | Genworth Financial Inc., Class A, (3) | 686,559 | ||||||||||||
17,796 | Hanover Insurance Group Inc. | 1,526,185 | ||||||||||||
20,946 | Kemper Corporation | 648,488 | ||||||||||||
14,657 | Mercury General Corporation | 775,355 | ||||||||||||
97,875 | Old Republic International Corporation | 1,809,709 | ||||||||||||
21,981 | Primerica Inc., (2) | 1,089,378 | ||||||||||||
28,133 | Reinsurance Group of America Inc. | 2,678,824 | ||||||||||||
16,378 | RenaisasnceRE Holdings, Limited | 1,816,484 | ||||||||||||
42,760 | WR Berkley Corporation | 2,394,560 | ||||||||||||
Total Insurance | 32,233,259 | |||||||||||||
Internet & Catalog Retail – 0.1% | ||||||||||||||
13,878 | Hosting Site Network, Inc. | 735,950 | ||||||||||||
Internet Software & Services – 0.6% | ||||||||||||||
19,099 | ComScore Inc., (3) | 584,811 | ||||||||||||
18,548 | J2 Global Inc., (2) | 1,178,169 | ||||||||||||
47,058 | Rackspace Hosting Inc., (3) | 1,076,216 | ||||||||||||
15,125 | WebMD Health Corporation, Class A, (2), (3) | 948,943 | ||||||||||||
Total Internet Software & Services | 3,788,139 | |||||||||||||
IT Services – 3.3% | ||||||||||||||
31,085 | Acxiom Corporation, (3) | 682,937 | ||||||||||||
48,742 | Broadridge Financial Solutions, Inc. | 2,916,721 | ||||||||||||
47,120 | Computer Sciences Corporation, (2) | 1,561,086 | ||||||||||||
40,988 | Convergys Corporation, (2) | 1,086,182 | ||||||||||||
37,097 | CoreLogic Inc. | 1,316,202 | ||||||||||||
11,596 | DST Systems Inc. | 1,399,405 | ||||||||||||
34,071 | Gartner Inc., (3) | 2,969,969 | ||||||||||||
32,047 | Henry Jack and Associates Inc., (2) | 2,596,768 | ||||||||||||
25,726 | Leidos Holdings Inc., (2) | 1,276,267 | ||||||||||||
26,383 | Maximus Inc., (2) | 1,395,661 | ||||||||||||
22,658 | NeuStar, Inc., (2), (3) | 532,236 | ||||||||||||
16,476 | Science Applications International Corporation, (2) | 874,711 | ||||||||||||
15,653 | WEX Inc., (3) | 1,479,052 | ||||||||||||
Total IT Services | 20,087,197 | |||||||||||||
Leisure Products – 0.9% | ||||||||||||||
37,454 | Brunswick Corporation | 1,798,916 | ||||||||||||
25,091 | Polaris Industries Inc., (2) | 2,455,907 | ||||||||||||
26,105 | Vista Outdoor Inc., (3) | 1,252,518 | ||||||||||||
�� | Total Leisure Products | 5,507,341 |
Nuveen | 43 |
Nuveen Mid Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Life Sciences Tools & Services – 1.5% | ||||||||||||||
8,149 | Bio-Rad Laboratories Inc., (3) | $ | 1,155,936 | |||||||||||
13,448 | Bio-Techne Corporation | 1,253,085 | ||||||||||||
19,537 | Charles River Laboratories International, Inc., (3) | 1,548,698 | ||||||||||||
10,987 | Mettler-Toledo International Inc., (3) | 3,932,795 | ||||||||||||
22,030 | Parexel International Corporation, (2), (3) | 1,346,033 | ||||||||||||
Total Life Sciences Tools & Services | 9,236,547 | |||||||||||||
Machinery – 4.4% | ||||||||||||||
29,487 | AGCO Corporation, (2) | 1,576,670 | ||||||||||||
20,365 | CLARCOR, Inc., (2) | 1,196,851 | ||||||||||||
19,965 | Crane Company | 1,109,455 | ||||||||||||
53,124 | Donaldson Company, Inc., (2) | 1,736,092 | ||||||||||||
22,418 | Graco Inc. | 1,757,347 | ||||||||||||
30,680 | IDEX Corporation | 2,512,692 | ||||||||||||
37,040 | ITT Industries, Inc. | 1,421,225 | ||||||||||||
39,221 | Joy Global Inc., (2) | 835,407 | ||||||||||||
31,735 | Kennametal Inc. | 741,964 | ||||||||||||
26,438 | Lincoln Electric Holdings Inc., (2) | 1,656,869 | ||||||||||||
24,173 | Nordson Corporation | 1,854,794 | ||||||||||||
29,363 | Oshkosh Truck Corporation, (2) | 1,434,383 | ||||||||||||
44,553 | Terex Corporation | 1,064,371 | ||||||||||||
30,969 | Timken Company | 1,103,425 | ||||||||||||
16,715 | Toro Company | 1,445,012 | ||||||||||||
62,574 | Trinity Industries Inc., (2) | 1,220,819 | ||||||||||||
37,780 | Wabtec Corporation, (2) | 3,133,095 | ||||||||||||
23,835 | Woodward Governor Company, (2) | 1,292,095 | ||||||||||||
Total Machinery | 27,092,566 | |||||||||||||
Marine – 0.2% | ||||||||||||||
23,018 | Kirby Corporation, (2), (3) | 1,469,009 | ||||||||||||
Media – 1.5% | ||||||||||||||
23,873 | AMC Networks Inc., Class A Shares, (2), (3) | 1,557,236 | ||||||||||||
1,774 | Cable One, Inc. | 814,195 | ||||||||||||
42,058 | Cinemark Holdings Inc. | 1,457,310 | ||||||||||||
29,059 | Dreamworks Animation SKG Inc., (2), (3) | 1,160,035 | ||||||||||||
18,915 | John Wiley and Sons Inc., Class A | 937,995 | ||||||||||||
57,485 | Live Nation Inc., (2) (3) | 1,234,778 | ||||||||||||
14,948 | Meredith Corporation | 766,982 | ||||||||||||
50,986 | New York Times, Class A | 653,641 | ||||||||||||
45,071 | Time Inc. | 662,544 | ||||||||||||
Total Media | 9,244,716 |
44 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Metals & Mining – 1.8% | ||||||||||||||
43,488 | Allegheny Technologies, Inc., (2) | $ | 710,594 | |||||||||||
19,695 | Carpenter Technology Inc., (2) | 697,400 | ||||||||||||
47,560 | Commercial Metals Company, (2) | 852,275 | ||||||||||||
13,545 | Compass Minerals International, Inc., (2) | 1,015,333 | ||||||||||||
28,723 | Reliance Steel & Aluminum Company | 2,124,640 | ||||||||||||
26,244 | Royal Gold, Inc., (2) | 1,643,399 | ||||||||||||
96,647 | Steel Dynamics Inc. | 2,436,471 | ||||||||||||
58,448 | United States Steel Corporation | 1,116,941 | ||||||||||||
18,547 | Worthington Industries, Inc. | 700,149 | ||||||||||||
Total Metals & Mining | 11,297,202 | |||||||||||||
Multiline Retail – 0.3% | ||||||||||||||
19,868 | Big Lots, Inc., (2) | 911,146 | ||||||||||||
123,108 | J.C. Penney Company, Inc., (2) | 1,142,442 | ||||||||||||
Total Multiline Retail | 2,053,588 | |||||||||||||
Multi-Utilities – 0.7% | ||||||||||||||
20,562 | Black Hills Corporation, (2) | 1,245,852 | ||||||||||||
77,395 | MDU Resources Group Inc. | 1,552,544 | ||||||||||||
33,310 | Vectren Corporation | 1,627,194 | ||||||||||||
Total Multi-Utilities | 4,425,590 | |||||||||||||
Oil, Gas & Consumable Fuels – 2.1% | ||||||||||||||
91,376 | CONSOL Energy Inc. | 1,375,209 | ||||||||||||
156,435 | Denbury Resources Inc., (2) | 603,839 | ||||||||||||
34,203 | Energen Corporation, (2) | 1,453,285 | ||||||||||||
49,191 | Gulfport Energy Corporation, (3) | 1,539,678 | ||||||||||||
75,076 | HollyFrontier Company, (2) | 2,672,706 | ||||||||||||
68,035 | QEP Resources Inc. | 1,219,868 | ||||||||||||
27,086 | SM Energy Company, (2) | 844,000 | ||||||||||||
28,145 | Western Refining Inc., (2) | 753,160 | ||||||||||||
28,379 | World Fuel Services Corporation | 1,326,151 | ||||||||||||
93,958 | WPX Energy Inc., (2), (3) | 907,634 | ||||||||||||
Total Oil, Gas & Consumable Fuels | 12,695,530 | |||||||||||||
Paper & Forest Products – 0.3% | ||||||||||||||
26,244 | Domtar Corporation | 1,014,068 | ||||||||||||
57,007 | Louisiana-Pacific Corporation, (2), (3) | 969,119 | ||||||||||||
Total Paper & Forest Products | 1,983,187 | |||||||||||||
Personal Products – 0.5% | ||||||||||||||
173,242 | Avon Products, Inc. | 815,970 | ||||||||||||
24,911 | Edgewell Personal Care Co | 2,044,446 | ||||||||||||
Total Personal Products | 2,860,416 |
Nuveen | 45 |
Nuveen Mid Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Pharmaceuticals – 0.5% | ||||||||||||||
32,471 | Akorn, Inc., (2), (3) | $ | 826,387 | |||||||||||
39,209 | Catalent, Inc., (3) | 1,157,842 | ||||||||||||
18,900 | Prestige Brands Holdings Inc., (3) | 1,073,142 | ||||||||||||
Total Pharmaceuticals | 3,057,371 | |||||||||||||
Professional Services – 0.6% | ||||||||||||||
13,653 | CEB Inc. | 842,254 | ||||||||||||
16,502 | FTI Consulting Inc., (2), (3) | 665,031 | ||||||||||||
29,516 | Manpower Inc. | 2,273,617 | ||||||||||||
Total Professional Services | 3,780,902 | |||||||||||||
Real Estate Investment Trust – 9.4% | ||||||||||||||
28,940 | Alexandria Real Estate Equities Inc. | 2,689,973 | ||||||||||||
46,254 | American Campus Communities Inc., (2) | 2,069,867 | ||||||||||||
34,878 | Camden Property Trust | 2,815,701 | ||||||||||||
33,227 | Care Capital Properties, Inc. | 886,164 | ||||||||||||
48,822 | Communications Sales & Leasing, Inc. | 1,134,135 | ||||||||||||
35,386 | Corporate Office Properties | 908,712 | ||||||||||||
47,003 | Corrections Corporation of America, (2) | 1,429,831 | ||||||||||||
35,608 | DCT Industrial Trust Inc. | 1,437,495 | ||||||||||||
56,524 | Douglas Emmett Inc. | 1,834,204 | ||||||||||||
139,957 | Duke Realty Corporation | 3,060,860 | ||||||||||||
24,169 | Entertainment Properties Trust, (2) | 1,592,254 | ||||||||||||
36,552 | Equity One Inc., (2) | 1,034,422 | ||||||||||||
44,803 | First Industrial Realty Trust, Inc. | 1,027,781 | ||||||||||||
39,018 | Healthcare Realty Trust, Inc. | 1,181,465 | ||||||||||||
38,641 | Highwoods Properties, Inc. | 1,805,694 | ||||||||||||
60,484 | Hospitality Properties Trust | 1,547,786 | ||||||||||||
37,358 | Kilroy Realty Corporation | 2,421,172 | ||||||||||||
32,988 | Lamar Advertising Company | 2,046,576 | ||||||||||||
45,195 | LaSalle Hotel Properties, (2) | 1,080,161 | ||||||||||||
59,658 | Liberty Property Trust | 2,082,064 | ||||||||||||
35,811 | Mack-Cali Realty Corporation, (2) | 915,329 | ||||||||||||
30,298 | Mid-America Apartment Communities, (2) | 2,899,822 | ||||||||||||
55,195 | National Retail Properties, Inc., (2) | 2,415,333 | ||||||||||||
66,721 | Omega Healthcare Investors Inc., (2) | 2,253,168 | ||||||||||||
21,778 | Post Properties, Inc. | 1,249,186 | ||||||||||||
16,396 | Potlatch Corporation, (2) | 577,467 | ||||||||||||
51,082 | Rayonier Inc. | 1,260,704 | ||||||||||||
37,298 | Regency Centers Corporation, (2) | 2,748,863 | ||||||||||||
94,418 | Senior Housing Properties Trust | 1,659,868 |
46 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Real Estate Investment Trust (continued) | ||||||||||||||
15,593 | Sovran Self Storage Inc. | $ | 1,656,288 | |||||||||||
38,405 | Tanger Factory Outlet Centers | 1,347,247 | ||||||||||||
24,150 | Taubman Centers Inc. | 1,677,218 | ||||||||||||
37,431 | Urban Edge Properties | 970,960 | ||||||||||||
45,397 | Weingarten Realty Trust, (2) | 1,676,057 | ||||||||||||
76,444 | WP GLIMCHER, Inc. | 801,898 | ||||||||||||
Total Real Estate Investment Trust | 58,195,725 | |||||||||||||
Real Estate Management & Development – 0.5% | ||||||||||||||
18,623 | Alexander & Baldwin Inc., (2) | 712,144 | ||||||||||||
18,000 | Jones Lang LaSalle Inc. | 2,073,060 | ||||||||||||
Total Real Estate Management & Development | 2,785,204 | |||||||||||||
Road & Rail – 0.8% | ||||||||||||||
23,062 | Genesee & Wyoming Inc., (2), (3) | 1,501,567 | ||||||||||||
18,068 | Landstar System, (2) | 1,184,357 | ||||||||||||
28,192 | Old Dominion Freight Line, (2), (3) | 1,862,082 | ||||||||||||
17,344 | Werner Enterprises, Inc. | 439,497 | ||||||||||||
Total Road & Rail | 4,987,503 | |||||||||||||
Semiconductors & Semiconductor Equipment – 1.7% | ||||||||||||||
261,638 | Advanced Micro Devices, Inc., (2), (3) | 928,815 | ||||||||||||
41,254 | Cree, Inc., (2), (3) | 1,011,136 | ||||||||||||
132,849 | Cypress Semiconductor Corporation, (2) | 1,199,626 | ||||||||||||
45,464 | Fairchild Semiconductor International Inc., Class A, (3) | 909,280 | ||||||||||||
57,253 | Integrated Device Technology, Inc., (3) | 1,103,838 | ||||||||||||
52,016 | Intersil Holding Corporation, Class A | 608,067 | �� | |||||||||||
37,403 | Microsemi Corporation, (2), (3) | 1,263,847 | ||||||||||||
16,148 | Silicon Laboratories Inc., (3) | 755,726 | ||||||||||||
14,652 | Synaptics, Inc., (2), (3) | 1,048,351 | ||||||||||||
82,674 | Teradyne Inc., (2) | 1,563,365 | ||||||||||||
Total Semiconductors & Semiconductor Equipment | 10,392,051 | |||||||||||||
Software – 4.1% | ||||||||||||||
46,389 | ACI Worldwide, Inc., (3) | 927,316 | ||||||||||||
37,429 | Ansys Inc., (2), (3) | 3,397,430 | ||||||||||||
116,942 | Cadence Design Systems, Inc., (2), (3) | 2,711,885 | ||||||||||||
64,410 | CDK Global Inc., (2) | 3,063,984 | ||||||||||||
17,917 | CommVault Systems, Inc., (3) | 784,227 | ||||||||||||
12,743 | Fair Isaac Corporation | 1,359,806 | ||||||||||||
55,330 | Fortinet Inc., (2), (3) | 1,798,778 | ||||||||||||
29,493 | Manhattan Associates Inc., (2), (3) | 1,785,506 | ||||||||||||
39,112 | Mentor Graphics Corporation | 780,676 |
Nuveen | 47 |
Nuveen Mid Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Software (continued) | ||||||||||||||
47,914 | Parametric Technology Corporation, (3) | $ | 1,746,944 | |||||||||||
62,501 | Synopsys Inc., (3) | 2,970,048 | ||||||||||||
13,477 | Tyler Technologies Inc., (2), (3) | 1,973,168 | ||||||||||||
11,450 | Ultimate Software Group, Inc., (2), (3) | 2,250,956 | ||||||||||||
Total Software | 25,550,724 | |||||||||||||
Specialty Retail – 2.3% | ||||||||||||||
26,507 | Aaron Rents Inc. | 694,748 | ||||||||||||
26,945 | Abercrombie & Fitch Co., Class A, (2) | 720,240 | ||||||||||||
69,104 | American Eagle Outfitters, Inc., (2) | 988,878 | ||||||||||||
64,679 | Ascena Retail Group Inc., (2), (3) | 569,822 | ||||||||||||
18,934 | Cabela’s Incorporated, (2), (3) | 987,408 | ||||||||||||
58,829 | Chico’s FAS, Inc., (2) | 741,834 | ||||||||||||
30,545 | CST Brands Inc. | 1,153,685 | ||||||||||||
36,117 | Dick’s Sporting Goods Inc. | 1,673,662 | ||||||||||||
42,210 | GameStop Corporation, (2) | 1,384,488 | ||||||||||||
24,103 | Guess Inc. | 442,290 | ||||||||||||
15,707 | Murphy USA Inc., (3) | 901,896 | ||||||||||||
196,559 | Office Depot, Inc., (3) | 1,155,767 | ||||||||||||
11,507 | Restoration Hardware Holdings Incorporated, (2), (3) | 497,908 | ||||||||||||
33,526 | Williams-Sonoma Inc. | 1,970,658 | ||||||||||||
Total Specialty Retail | 13,883,284 | |||||||||||||
Technology Hardware, Storage & Peripherals – 0.6% | ||||||||||||||
41,665 | 3D Systems Corporation, (2), (3) | 737,054 | ||||||||||||
26,092 | Diebold Inc., (2) | 685,437 | ||||||||||||
25,150 | Lexmark International, Inc., Class A | 970,790 | ||||||||||||
49,546 | NCR Corporation, (3) | 1,441,293 | ||||||||||||
Total Technology Hardware, Storage & Peripherals | 3,834,574 | |||||||||||||
Textiles, Apparel & Luxury Goods – 1.1% | ||||||||||||||
21,689 | Carter’s Inc. | 2,313,566 | ||||||||||||
13,751 | Deckers Outdoor Corporation, (2), (3) | 794,945 | ||||||||||||
11,131 | Fossil Group Inc., (2), (3) | 450,806 | ||||||||||||
51,116 | Kate Spade & Company, (2), (3) | 1,315,215 | ||||||||||||
52,296 | Skechers USA Inc., (2), (3) | 1,728,383 | ||||||||||||
Total Textiles, Apparel & Luxury Goods | 6,602,915 | |||||||||||||
Thrifts & Mortgage Finance – 0.6% | ||||||||||||||
195,124 | New York Community Bancorp Inc., (2) | 2,932,714 | ||||||||||||
40,929 | Washington Federal Inc. | 994,165 | ||||||||||||
Total Thrifts & Mortgage Finance | 3,926,879 |
48 | Nuveen |
Shares | Description (1) | Value | ||||||||||||||||||
Trading Companies & Distributors – 0.7% | ||||||||||||||||||||
18,597 | GATX Corporation, (2) | $ | 854,346 | |||||||||||||||||
19,131 | MSC Industrial Direct Inc., Class A | 1,482,653 | ||||||||||||||||||
43,336 | NOW Inc., (2), (3) | 782,648 | ||||||||||||||||||
10,308 | Watsco Inc. | 1,386,117 | ||||||||||||||||||
Total Trading Companies & Distributors | 4,505,764 | |||||||||||||||||||
Water Utilities – 0.4% | ||||||||||||||||||||
71,520 | Aqua America Inc., (2) | 2,264,323 | ||||||||||||||||||
Wireless Telecommunication Services – 0.2% | ||||||||||||||||||||
39,973 | Telephone and Data Systems Inc. | 1,182,002 | ||||||||||||||||||
Total Common Stocks (cost $454,456,479) | 593,167,684 | |||||||||||||||||||
Shares | Description (1) | Value | ||||||||||||||||||
COMMON STOCK RIGHTS – 0.0% | ||||||||||||||||||||
100,634 | Community Health Systems Inc. | $ | 604 | |||||||||||||||||
Total Common Stock Rights (cost $ – ) | 604 | |||||||||||||||||||
Total Long-Term Investments (cost $454,456,479) |
| 593,168,288 | ||||||||||||||||||
Shares | Description (1) | Value | �� | |||||||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 34.3% |
| |||||||||||||||||||
Money Market Funds – 34.3% | ||||||||||||||||||||
211,968,009 | Mount Vernon Securities Lending Prime Portfolio, 0.524%, (4), (5) | $ | 211,968,009 | |||||||||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $211,968,009) |
| 211,968,009 | ||||||||||||||||||
Shares/ Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (6) | Value | |||||||||||||||
SHORT-TERM INVESTMENTS – 4.3% | ||||||||||||||||||||
Money Market Funds – 3.8% | ||||||||||||||||||||
23,446,022 | First American Treasury Obligations Fund, Class Z | 0.174% (4) | N/A | N/A | $ | 23,446,022 | ||||||||||||||
U.S. Government and Agency Obligations – 0.5% | ||||||||||||||||||||
$ | 3,000 | U.S. Treasury Bills, (7) | 0.000% | 9/15/16 | AAA | 2,997,072 | ||||||||||||||
Total Short-Term Investments (cost $26,443,025) |
| 26,443,094 | ||||||||||||||||||
Total Investments (cost $692,867,513) – 134.7% |
| 831,579,391 | ||||||||||||||||||
Other Assets Less Liabilities – (34.7)% (8) | (214,171,693 | ) | ||||||||||||||||||
Net Assets – 100% | $ | 617,407,698 |
Nuveen | 49 |
Nuveen Mid Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Investments in Derivatives as of April 30,2016
Futures Contracts Outstanding:
Description | Contract Position | Number of Contracts | Contract Expiration | Notional Amount at Value | Variation Margin Receivable/ (Payable) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
S&P MidCap 400® E-Mini Index | Long | 168 | 6/16 | $ | 24,499,440 | $ | (147,840 | ) | $ | 540,130 |
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 the securities out on loan as of the end of the reporting period was $205,562,980. |
(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 100% 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, Note 3 – Portfolio Securities and Investments in Derivatives, 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. |
(8) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of the cash collateral at broker and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. |
N/A | Not Applicable |
See accompanying notes to financial statements.
50 | Nuveen |
Nuveen Small Cap Index Fund
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
LONG-TERM INVESTMENTS – 94.6% | ||||||||||||||
COMMON STOCKS – 94.6% | ||||||||||||||
Aerospace & Defense – 1.5% | ||||||||||||||
2,295 | AAR Corporation | $ | 55,172 | |||||||||||
4,049 | Aerojet Rocketdyne Holdings Inc., (2) | 73,368 | ||||||||||||
1,276 | Aerovironment, Inc., (2) | 36,851 | ||||||||||||
478 | American Science & Engineering Inc. | 13,695 | ||||||||||||
1,425 | Astronics Corporation, (2) | 52,654 | ||||||||||||
1,401 | Cubic Corporation | 58,240 | ||||||||||||
2,880 | Curtiss Wright Corporation | 220,550 | ||||||||||||
4,162 | DigitalGlobe Inc., (2) | 92,230 | ||||||||||||
842 | Ducommon Inc. | 13,396 | ||||||||||||
1,275 | Engility Holdings Inc., (2) | 25,079 | ||||||||||||
1,911 | Esterline Technologies Corporation, (2) | 131,209 | ||||||||||||
1,245 | Heico Corporation | 76,331 | ||||||||||||
2,582 | Heico Corporation | 132,147 | ||||||||||||
2,167 | Keyw Holding Corporation, (2), (3) | 14,931 | ||||||||||||
3,411 | KLX Inc., (2), (3) | 115,019 | ||||||||||||
2,927 | Kratos Defense & Security Solutions Inc., (2) | 15,542 | ||||||||||||
2,588 | Mercury Computer Systems Inc., (2) | 54,400 | ||||||||||||
2,373 | Moog Inc., Class A Shares, (2) | 115,945 | ||||||||||||
313 | National Presto Industries Inc. | 27,290 | ||||||||||||
640 | Sparton Corporation, (2) | 13,734 | ||||||||||||
3,457 | Taser International, Inc., (2), (3) | 63,125 | ||||||||||||
2,286 | Teledyne Technologies Inc., (2) | 212,484 | ||||||||||||
681 | Vectrus, Inc., (2) | 14,682 | ||||||||||||
Total Aerospace & Defense | 1,628,074 | |||||||||||||
Air Freight & Logistics – 0.4% | ||||||||||||||
3,414 | Air Transport Services Group Inc., (2) | 48,103 | ||||||||||||
1,617 | Atlas Air Worldwide Holdings Inc., (2) | 64,583 | ||||||||||||
1,916 | Echo Global Logistics, Inc., (2) | 44,777 | ||||||||||||
2,003 | Forward Air Corporation | 91,297 | ||||||||||||
2,333 | Hub Group, Inc., (2) | 89,867 | ||||||||||||
567 | Park Ohio Holdings Corporation | 14,430 | ||||||||||||
2,001 | Radiant Logistics, Inc., (2) | 7,884 | ||||||||||||
4,626 | XPO Logistics, Incorporated, (2), (3) | 139,428 | ||||||||||||
Total Air Freight & Logistics | 500,369 | |||||||||||||
Airlines – 0.4% | ||||||||||||||
868 | Allegiant Travel Company | 139,375 |
Nuveen | 51 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Airlines (continued) | ||||||||||||||
3,091 | Hawaiian Holdings Inc., (2) | $ | 130,038 | |||||||||||
3,500 | Skywest Inc. | 82,250 | ||||||||||||
1,423 | Virgin America Inc., (2), (3) | 79,247 | ||||||||||||
Total Airlines | 430,910 | |||||||||||||
Auto Components – 1.0% | ||||||||||||||
4,904 | American Axle and Manufacturing Holdings Inc. | 76,061 | ||||||||||||
3,724 | Cooper Tire & Rubber | 128,627 | ||||||||||||
879 | Cooper-Standard Holdings Inc., (2) | 67,780 | ||||||||||||
9,919 | Dana Holding Corporation, (3) | 128,253 | ||||||||||||
1,729 | Dorman Products, Inc., (2), (3) | 93,003 | ||||||||||||
1,561 | Drew Industries Inc. | 101,200 | ||||||||||||
2,055 | Federal Mogul Corporation, Class A Shares, (2) | 18,988 | ||||||||||||
821 | Fox Factory Holding Corporation, (2) | 14,212 | ||||||||||||
2,322 | Gentherm Inc., (2), (3) | 85,310 | ||||||||||||
1,227 | Horizon Global Corporation, (2) | 15,055 | ||||||||||||
775 | Metaldyne Performance Group Inc. | 12,346 | ||||||||||||
3,097 | Modine Manufacturing Company | 33,479 | ||||||||||||
1,161 | Motorcar Parts of America, Inc., (2) | 37,233 | ||||||||||||
1,289 | Standard Motor Products Inc. | 45,772 | ||||||||||||
1,991 | Stoneridge Inc., (2) | 28,392 | ||||||||||||
231 | Strattec Security Corporation | 12,220 | ||||||||||||
1,515 | Superior Industries International Inc. | 39,572 | ||||||||||||
3,738 | Tenneco Inc., (2), (3) | 199,235 | ||||||||||||
1,430 | Tower International Inc. | 32,819 | ||||||||||||
Total Auto Components | 1,169,557 | |||||||||||||
Automobiles – 0.0% | ||||||||||||||
1,741 | Winnebago Industries Inc. | 37,675 | ||||||||||||
Banks – 9.0% | ||||||||||||||
1,059 | 1st Source Corporation | 36,472 | ||||||||||||
377 | Access National Corporation | 7,412 | ||||||||||||
613 | American National Bankshares, Inc. | 16,385 | ||||||||||||
1,951 | Ameris Bancorp. | 61,261 | ||||||||||||
602 | Ames National Corporation | 15,526 | ||||||||||||
391 | Arrow Financial Corporation | 11,011 | ||||||||||||
2,846 | Banc of California Inc. | 57,916 | ||||||||||||
471 | BancFirst Corporation | 29,376 | ||||||||||||
1,943 | Banco Latinoamericano de Exportaciones S.A | 50,246 | ||||||||||||
2,181 | Bancorp, Inc., (2) | 12,366 | ||||||||||||
6,245 | BancorpSouth Inc. | 146,695 |
52 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Banks (continued) | ||||||||||||||
386 | Bank of Marin Bancorp California | $ | 18,922 | |||||||||||
5,043 | Bank of the Ozarks, Inc., (3) | 208,276 | ||||||||||||
1,356 | Banner Corporation | 58,010 | ||||||||||||
441 | Bar Harbor Bankshares | 15,303 | ||||||||||||
5,144 | BBCN Bancorp Inc. | 80,349 | ||||||||||||
— | (4) | BB&T Corporation | 13 | |||||||||||
1,910 | Berkshire Hills Bancorp, Inc. | 51,837 | ||||||||||||
1,813 | Blue Hills Bancorp, Inc. | 26,434 | ||||||||||||
1,934 | BNC Bancorp., (3) | 43,244 | ||||||||||||
5,371 | Boston Private Financial Holdings Inc., (3) | 65,634 | ||||||||||||
931 | Bridge Bancorp Inc. | 28,340 | ||||||||||||
4,530 | Brookline Bancorp, Inc. | 51,551 | ||||||||||||
1,086 | Bryn Mawr Bank | 30,864 | ||||||||||||
481 | Camden National Corporation | 20,928 | ||||||||||||
1,364 | Capital Bank Financial Corporation, Class A Shares | 41,234 | ||||||||||||
728 | Capital City Bank | 10,789 | ||||||||||||
2,079 | Cardinal Financial Corporation | 46,008 | ||||||||||||
2,196 | Cascade Bancorp., (2) | 13,286 | ||||||||||||
5,169 | Cathay General Bancorp., (3) | 157,758 | ||||||||||||
2,939 | Centerstate Banks of Florida, Inc. | 47,876 | ||||||||||||
1,487 | Central Pacific Financial Corporation | 34,707 | ||||||||||||
221 | Century Bancorp, Inc. | 9,393 | ||||||||||||
2,180 | Chemical Financial Corporation, (3) | 83,843 | ||||||||||||
788 | Citizens & Northern Corporation | 15,910 | ||||||||||||
983 | City Holding Company | 48,285 | ||||||||||||
931 | CNB Financial Corporation | 16,656 | ||||||||||||
2,347 | Cobiz, Inc. | 28,422 | ||||||||||||
3,731 | Columbia Banking Systems Inc. | 110,027 | ||||||||||||
2,765 | Community Bank System Inc. | 109,411 | ||||||||||||
1,012 | Community Trust Bancorp, Inc. | 36,300 | ||||||||||||
876 | CommunityOne Bancorp., (2) | 11,563 | ||||||||||||
1,358 | ConnectOne Bancorp, Inc. | 23,371 | ||||||||||||
1,060 | CU Bancorp., (2) | 24,422 | ||||||||||||
1,811 | Customers Bancorp Inc., (2) | 47,050 | ||||||||||||
6,872 | CVB Financial, (3) | 118,061 | ||||||||||||
2,026 | Eagle Bancorp, Inc., (2), (3) | 102,718 | ||||||||||||
604 | Enterprise Bancorp, Inc. | 14,575 | ||||||||||||
1,290 | Enterprise Financial Services Corporation | 35,307 | ||||||||||||
13,118 | F.N.B. Corporation PA, (3) | 173,420 |
Nuveen | 53 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Banks (continued) | ||||||||||||||
485 | Farmers Capital Bank Corporation | $ | 13,633 | |||||||||||
1,809 | FCB Financial Holdings, Inc., Class A Shares, (2) | 63,225 | ||||||||||||
1,221 | Fidelity Southern Corporation | 19,731 | ||||||||||||
917 | Financial Institutions, Inc. | 25,676 | ||||||||||||
695 | First Bancorp Maine | 13,796 | ||||||||||||
1,277 | First Bancorp of North Carolina, Inc. | 26,051 | ||||||||||||
8,409 | First Bancorp of Puerto Rico, (2) | 32,795 | ||||||||||||
1,559 | First Busey Corporation | 31,866 | ||||||||||||
561 | First Business Financial Services, Inc. | 14,199 | ||||||||||||
499 | First Citizens Bancshares Inc. | 127,245 | ||||||||||||
6,026 | First Commonwealth Financial Corporation | 55,319 | ||||||||||||
1,021 | First Community Bancshares, Inc. | 21,247 | ||||||||||||
1,038 | First Connecticut Bancorp. | 17,885 | ||||||||||||
3,990 | First Financial Bancorp. | 77,805 | ||||||||||||
4,148 | First Financial Bankshares, Inc., (3) | 134,312 | ||||||||||||
714 | First Financial Corporation | 25,297 | ||||||||||||
1,272 | First Interstate BancSystem Inc., Montana | 34,471 | ||||||||||||
2,620 | First Merchants Corporation | 67,203 | ||||||||||||
5,043 | First Midwest Bancorp, Inc. | 93,195 | ||||||||||||
986 | First NBC Bank Holding Company, (2) | 21,436 | ||||||||||||
792 | First of Long Island Corporation | 24,243 | ||||||||||||
10,723 | FirstMerit Corporation | 237,622 | ||||||||||||
1,992 | Flushing Financial Corporation | 39,740 | ||||||||||||
387 | Franklin Financial Network, Inc., (2) | 11,742 | ||||||||||||
11,428 | Fulton Financial Corporation, (3) | 159,878 | ||||||||||||
897 | German American Bancorp, Inc. | 28,910 | ||||||||||||
4,885 | Glacier Bancorp, Inc., (3) | 126,473 | ||||||||||||
711 | Great Southern Bancorp. | 26,918 | ||||||||||||
2,672 | Great Western Bancorp Inc. | 84,221 | ||||||||||||
1,014 | Green Bancorp, Inc., (2) | 8,274 | ||||||||||||
1,005 | Guaranty Bancorp. | 16,502 | ||||||||||||
2,812 | Hampton Roads Bankshares, Inc., (2) | 4,949 | ||||||||||||
5,037 | Hancock Holding Company, (3) | 130,811 | ||||||||||||
2,065 | Hanmi Financial Corporation | 47,743 | ||||||||||||
1,235 | Heartland Financial USA, Inc. | 41,385 | ||||||||||||
1,614 | Heritage Commerce Corporation | 16,850 | ||||||||||||
1,955 | Heritage Financial Corporation | 36,070 | ||||||||||||
1,681 | Heritage Oaks Bancorp | 14,036 | ||||||||||||
4,977 | Hilltop Holdings Inc., (2) | 98,843 |
54 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Banks (continued) | ||||||||||||||
3,693 | Home Bancshares, Inc. | $ | 158,762 | |||||||||||
1,238 | HomeTrust Bancshares Inc., (2) | 22,965 | ||||||||||||
724 | Horizon Bancorp. | 17,666 | ||||||||||||
2,437 | IberiaBank Corporation, (3) | 143,759 | ||||||||||||
1,692 | Independent Bank Corporation | 79,575 | ||||||||||||
1,397 | Independent Bank Corporation | 21,165 | ||||||||||||
709 | Independent Bank Group Inc. | 25,949 | ||||||||||||
3,502 | International Bancshares Corporation, (3) | 91,717 | ||||||||||||
18,820 | Investors Bancorp, Inc., (3) | 217,371 | ||||||||||||
2,568 | Lakeland Bancorp, Inc. | 28,479 | ||||||||||||
1,074 | Lakeland Financial Corporation | 50,789 | ||||||||||||
3,079 | LegacyTexas Financial Group Inc. | 75,928 | ||||||||||||
325 | Live Oak Bancshares Inc. | 5,116 | ||||||||||||
1,698 | Mainsource Financial Group | 37,101 | ||||||||||||
4,858 | MB Financial, Inc. | 168,864 | ||||||||||||
1,092 | Mercantile Bank Corporation | 26,339 | ||||||||||||
338 | Merchants Bancshares, Inc. | 10,289 | ||||||||||||
510 | MidWestOne Financial Group Inc. | 14,464 | ||||||||||||
1,941 | National Bank Holdings Corporation | 38,801 | ||||||||||||
470 | National Bankshares, Inc. | 16,915 | ||||||||||||
390 | National Commerce Corporation, (2) | 9,333 | ||||||||||||
2,848 | NBT Bancorp, Inc., (3) | 80,712 | ||||||||||||
3,019 | OFG Bancorp. | 26,658 | ||||||||||||
7,565 | Old National Bancorp., (3) | 101,371 | ||||||||||||
2,179 | Old Second Bancorp, Inc. | 15,602 | ||||||||||||
705 | Opus Bank | 25,465 | ||||||||||||
1,387 | Pacific Continental Corporation | 23,107 | ||||||||||||
1,767 | Pacific Premier Bancorp, Inc., (2) | 41,100 | ||||||||||||
959 | Park National Corporation, (3) | 88,036 | ||||||||||||
3,125 | Park Sterling Bank Inc. | 22,813 | ||||||||||||
937 | Peapack Gladstone Financial Corporation | 17,934 | ||||||||||||
324 | Penns Woods Bancorp, Inc. | 13,485 | ||||||||||||
900 | Peoples Bancorp, Inc. | 19,341 | ||||||||||||
489 | Peoples Financial Services Corporation | 19,276 | ||||||||||||
194 | Peoples Utah Bancorp. | 3,189 | ||||||||||||
2,321 | Pinnacle Financial Partners, Inc. | 114,124 | ||||||||||||
756 | Preferred Bank Los Angeles | 24,011 | ||||||||||||
5,085 | Privatebancorp, Inc. | 211,587 | ||||||||||||
4,530 | Prosperity Bancshares, Inc., (3) | 239,048 |
Nuveen | 55 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Banks (continued) | ||||||||||||||
755 | QCR Holdings, Inc. | $ | 19,456 | |||||||||||
2,599 | Renasant Corporation | 89,250 | ||||||||||||
642 | Republic Bancorp, Inc. | 17,533 | ||||||||||||
2,250 | S&T Bancorp, Inc. | 57,758 | ||||||||||||
1,595 | Sandy Spring Bancorp, Inc. | 45,601 | ||||||||||||
1,222 | Seacoast Banking Corporation of Florida, (2) | 19,827 | ||||||||||||
1,441 | ServisFirst Bancshares Inc., (3) | 71,012 | ||||||||||||
799 | Sierra Bancorp. | 14,070 | ||||||||||||
1,930 | Simmons First National Corporation | 90,131 | ||||||||||||
1,564 | South State Corporation | 109,449 | ||||||||||||
1,715 | Southside Bancshares, Inc. | 50,095 | ||||||||||||
1,230 | Southwest Bancorp, Inc. | 19,742 | ||||||||||||
2,312 | State Bank Financial Corporation | 48,275 | ||||||||||||
7,754 | Sterling Bancorp., (3) | 126,700 | ||||||||||||
720 | Stonegate Bank | 22,680 | ||||||||||||
758 | Suffolk Bancorp. | 18,184 | ||||||||||||
620 | Sun Bancorp, Inc., (2) | 13,324 | ||||||||||||
1,002 | SY Bancorp, Inc. | 40,521 | ||||||||||||
3,290 | Talmer Bancorp Inc., Class A | 63,826 | ||||||||||||
2,961 | Texas Capital BancShares, Inc., (2), (3) | 135,673 | ||||||||||||
968 | Tompkins Financial Corporation | 63,249 | ||||||||||||
2,945 | Towne Bank | 61,845 | ||||||||||||
1,334 | Trico Bancshares | 35,911 | ||||||||||||
1,375 | Tristate Capital Holdings Inc., (2) | 18,370 | ||||||||||||
960 | Triumph Bancorp Inc., (2) | 15,254 | ||||||||||||
4,369 | Trustmark Corporation, (3) | 107,084 | ||||||||||||
2,546 | UMB Financial Corporation, (3) | 141,939 | ||||||||||||
14,264 | Umpqua Holdings Corporation, (3) | 225,799 | ||||||||||||
2,917 | Union Bankshares Corporation | 77,038 | ||||||||||||
4,491 | United Bankshares, Inc., (3) | 173,757 | ||||||||||||
3,446 | United Community Banks, Inc. | 69,368 | ||||||||||||
1,259 | Univest Corporation of Pennsylvania | 24,853 | ||||||||||||
15,038 | Valley National Bancorp., (3) | 142,259 | ||||||||||||
958 | Washington Trust Bancorp, Inc. | 35,092 | ||||||||||||
5,871 | Webster Financial Corporation, (3) | 215,113 | ||||||||||||
2,486 | WesBanco, Inc. | 79,875 | ||||||||||||
1,086 | West Bancorp, Inc. | 20,254 | ||||||||||||
1,652 | Westamerica Bancorp., (3) | 80,485 | ||||||||||||
5,562 | Western Alliance Bancorporation, (2), (3) | 203,458 |
56 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Banks (continued) | ||||||||||||||
4,564 | Wilshire Bancorp, Inc. | $ | 49,154 | |||||||||||
3,066 | Wintrust Financial Corporation, (3) | 159,493 | ||||||||||||
2,790 | Yadkin Financial Inc. | 69,806 | ||||||||||||
Total Banks | 10,067,129 | |||||||||||||
Beverages – 0.2% | ||||||||||||||
587 | Boston Beer Company, (2), (3) | 91,619 | ||||||||||||
4,925 | Castle Brands, Inc., (2) | 4,400 | ||||||||||||
302 | Coca-Cola Bottling Company Consolidated | 48,130 | ||||||||||||
693 | Craft Brewers Alliance Inc., (2) | 5,904 | ||||||||||||
685 | MGI Ingredients, Inc., (3) | 18,098 | ||||||||||||
774 | National Beverage Corporation, (2) | 36,177 | ||||||||||||
Total Beverages | 204,328 | |||||||||||||
Biotechnology – 4.4% | ||||||||||||||
765 | Abeona Therapeutics Inc., (2) | 2,081 | ||||||||||||
5,449 | Acadia Pharmaceuticals, Inc., (2), (3) | 176,003 | ||||||||||||
1,583 | Acceleron Pharma Inc., (2) | 47,411 | ||||||||||||
7,603 | Achillion Pharmaceuticals, Inc., (2) | 65,006 | ||||||||||||
2,768 | Acorda Therapeutics, Inc., (2), (3) | 71,553 | ||||||||||||
768 | Adamas Pharmaceuticals Inc., (2) | 12,964 | ||||||||||||
565 | Aduro Biotech, Inc., (2) | 7,317 | ||||||||||||
1,961 | Advaxis Inc., (2), (3) | 15,178 | ||||||||||||
1,264 | Adverum Biotechnologies Inc., (2) | 7,129 | ||||||||||||
1,622 | �� | Aegerion Pharmaceuticals Inc., (2) | 4,623 | |||||||||||
989 | Affimed NV, (2), (3) | 4,005 | ||||||||||||
4,941 | Agenus Inc., (2) | 17,392 | ||||||||||||
753 | Aimmune Therapeutics Inc., (2) | 9,751 | ||||||||||||
2,072 | Akebia Therapeutics Inc., (2) | 19,456 | ||||||||||||
1,750 | Alder Biopharmaceuticals Inc., (2), (3) | 46,463 | ||||||||||||
2,231 | AMAG Pharmaceuticals Inc., (2), (3) | 59,166 | ||||||||||||
7,496 | Amicus Therapeutics, Inc., (2) | 55,995 | ||||||||||||
2,651 | Anacor Pharmaceuticals Inc., (2), (3) | 166,324 | ||||||||||||
2,565 | Anthera Pharmaceuticals Inc., (2) | 9,491 | ||||||||||||
568 | Applied Genetic Technologies Corporation, (2) | 8,923 | ||||||||||||
1,434 | Ardelyx, Inc., (2) | 11,486 | ||||||||||||
15,654 | Arena Pharmaceuticals, Inc., (2), (3) | 26,925 | ||||||||||||
10,827 | Ariad Pharmaceuticals, Inc., (2), (3) | 77,738 | ||||||||||||
9,123 | Array Biopharma, Inc., (2) | 29,102 | ||||||||||||
3,847 | Arrowhead Pharmaceuticals, Incorporated, (2), (3) | 22,274 | ||||||||||||
772 | Asterias Biotherapeutics, Inc., (2) | 3,312 |
Nuveen | 57 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Biotechnology (continued) | ||||||||||||||
1,090 | Atara Biotherapeutics Inc., (2) | $ | 19,631 | |||||||||||
446 | aTyr Pharma, Inc., (2) | 1,588 | ||||||||||||
300 | AveXis, Incorporated, (2) | 7,500 | ||||||||||||
915 | Axovant Sciences Limited, (2) | 11,895 | ||||||||||||
534 | Bellicum Pharmaceuticals, Inc., (2) | 5,415 | ||||||||||||
4,912 | BioCryst Pharmaceuticals, Inc., (2) | 16,013 | ||||||||||||
319 | BioSpecifics Technologies Corporation, (2) | 11,344 | ||||||||||||
3,821 | BioTime Inc., (2), (3) | 11,157 | ||||||||||||
605 | Blueprint Medicines Corporation, (2) | 9,184 | ||||||||||||
762 | Calithera Biosciences, Inc., (2) | 4,061 | ||||||||||||
1,285 | Cara Therapeutics Inc., (2) | 7,839 | ||||||||||||
332 | Catabasis Pharmaceuticals Inc., (2) | 1,464 | ||||||||||||
4,872 | Catalyst Pharmaceutical Partners, Inc., (2) | 3,313 | ||||||||||||
6,369 | Celldex Therapeutics, Inc., (2), (3) | 25,476 | ||||||||||||
667 | Cellular Biomedicine Group, Inc., (2), (3) | 11,519 | ||||||||||||
4,643 | Cepheid, Inc., (2) | 132,511 | ||||||||||||
1,810 | ChemoCentryx Inc., (2) | 4,344 | ||||||||||||
473 | Chiasma Inc., (2), (3) | 1,594 | ||||||||||||
2,952 | Chimerix Inc., (2) | 17,653 | ||||||||||||
311 | Cidara Therapeutics, Inc., (2) | 4,161 | ||||||||||||
1,799 | Clovis Oncology Inc., (2) | 25,024 | ||||||||||||
1,525 | Coherus Biosciences Inc., (2) | 28,716 | ||||||||||||
994 | Concert Pharmaceuticals Inc., (2) | 13,856 | ||||||||||||
2,297 | CorMedix Inc., (2), (3) | 9,601 | ||||||||||||
15,044 | CTI BioPharma Corp., (2) | 7,576 | ||||||||||||
7,193 | Curis, Inc., (2) | 14,386 | ||||||||||||
2,244 | Cytokinetics, Inc., (2) | 18,266 | ||||||||||||
495 | Cytomx Therapeutics Inc., (2) | 6,395 | ||||||||||||
4,281 | CytRx Corporation, (2), (3) | 13,956 | ||||||||||||
1,023 | Dicerna Pharmaceuticals Inc., (2) | 4,726 | ||||||||||||
398 | Dimension Therapeutics Inc., (2) | 2,830 | ||||||||||||
2,371 | Dynavax Technologies Corporation, (2) | 38,908 | ||||||||||||
554 | Eagle Pharmaceuticals Inc., (2), (3) | 20,974 | ||||||||||||
543 | Edge Therapeutics Inc., (2) | 4,469 | ||||||||||||
438 | Editas Medicine, Incorporated, (2), (3) | 14,476 | ||||||||||||
1,964 | Emergent BioSolutions, Inc., (2) | 75,653 | ||||||||||||
1,035 | Enanta Pharmaceuticals Inc., (2), (3) | 30,222 | ||||||||||||
2,601 | Epizyme Inc., (2) | 27,102 | ||||||||||||
848 | Esperion Therapeutics Inc., (2), (3) | 13,899 |
58 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Biotechnology (continued) | ||||||||||||||
6,204 | EXACT Sciences Corporation, (2) | $ | 43,552 | |||||||||||
14,580 | Exelixis, Inc., (2) | 67,214 | ||||||||||||
1,817 | Fibrocell Science Inc., (2) | 5,015 | ||||||||||||
3,094 | FibroGen, Inc., (2) | 55,692 | ||||||||||||
1,465 | Five Prime Therapeutics Inc., (2), (3) | 69,719 | ||||||||||||
899 | Flexion Therapeutics Inc., (2) | 9,350 | ||||||||||||
770 | Foundation Medicine Inc., (2) | 12,282 | ||||||||||||
11,572 | Galena Biopharma Inc., (2), (3) | 15,969 | ||||||||||||
1,396 | Genocea Biosciences Inc., (2) | 6,142 | ||||||||||||
1,151 | Genomic Health, Inc., (2) | 30,248 | ||||||||||||
10,224 | Geron Corporation, (2), (3) | 30,161 | ||||||||||||
446 | Global Blood Therapeutics Inc., (2) | 8,996 | ||||||||||||
6,860 | Halozyme Therapeutics, Inc., (2), (3) | 72,373 | ||||||||||||
1,891 | Heron Therapeutics Inc., (2), (3) | 40,543 | ||||||||||||
5,527 | Idera Pharmaceuticals, Inc., (2), (3) | 9,175 | ||||||||||||
1,388 | Ignyta, Inc., (2) | 9,605 | ||||||||||||
766 | Immune Design Corporation, (2) | 10,448 | ||||||||||||
5,574 | Immunogen, Inc., (2) | 38,182 | ||||||||||||
6,239 | Immunomedics, Inc., (2), (3) | 22,148 | ||||||||||||
3,172 | Infinity Pharmaceuticals, Inc., (2) | 18,398 | ||||||||||||
4,645 | Inovio Pharmaceuticals Inc., (2), (3) | 48,680 | ||||||||||||
3,978 | Insmed Incorporated, (2), (3) | 48,333 | ||||||||||||
1,521 | Insys Therapeutics Inc., (2), (3) | 22,039 | ||||||||||||
495 | Invitae Corporation, (2) | 4,722 | ||||||||||||
8,145 | Ironwood Pharmaceuticals Inc., (2) | 85,115 | ||||||||||||
1,493 | Karyopharm Therapeutics Inc., (2) | 13,885 | ||||||||||||
6,700 | Keryx Biopharmaceuticals, Inc., (2), (3) | 36,448 | ||||||||||||
2,094 | Kite Pharma Inc., (2), (3) | 96,910 | ||||||||||||
890 | La Jolla Pharmaceutical Company, (2) | 16,474 | ||||||||||||
2,687 | Lexicon Genetics, Inc., (2), (3) | 37,107 | ||||||||||||
1,134 | Ligand Pharmaceuticals, Inc., (2), (3) | 137,067 | ||||||||||||
2,913 | Lion Biotechnologies Inc., (2) | 16,517 | ||||||||||||
590 | Loxo Oncology Inc., (2) | 13,600 | ||||||||||||
2,036 | MacroGenics Inc., (2) | 41,860 | ||||||||||||
15,958 | MannKind Corporation, (2), (3) | 21,543 | ||||||||||||
1,436 | Medgenics Inc., (2) | 6,850 | ||||||||||||
7,475 | Merrimack Pharmaceuticals, Incorporated, (2), (3) | 52,923 | ||||||||||||
7,026 | MiMedx Group Inc., (2), (3) | 52,906 | ||||||||||||
742 | Mirati Therapeutics, Inc., (2) | 15,374 |
Nuveen | 59 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Biotechnology (continued) | ||||||||||||||
3,951 | Momenta Pharmaceuticals, Inc., (2) | $ | 37,574 | |||||||||||
4,491 | Myriad Genetics Inc., (2), (3) | 161,676 | ||||||||||||
450 | NantikWest Inc., (2) | 3,731 | ||||||||||||
677 | Natera, Inc., (2) | 6,648 | ||||||||||||
9,748 | Navidea Biopharmaceuticals Incorporated, (2), (3) | 13,452 | ||||||||||||
5,529 | Neurocrine Biosciences Inc., (2), (3) | 252,012 | ||||||||||||
1,346 | NewLink Genetics Corporation, (2) | 21,819 | ||||||||||||
370 | Nivalis Therapeutics Inc., (2) | 1,565 | ||||||||||||
3,171 | Northwest Biotherapeutics, Inc., (2) | 4,439 | ||||||||||||
17,334 | Novavax, Inc., (2), (3) | 90,830 | ||||||||||||
209 | Oncocyte Corp., (2) | 1,085 | ||||||||||||
1,093 | Oncomed Pharmaceuticals Inc., (2) | 13,553 | ||||||||||||
6,139 | Oncothyreon Inc., (2) | 7,981 | ||||||||||||
1,532 | Ophthotech Corporation, (2), (3) | 71,606 | ||||||||||||
5,882 | Organovo Holdings Inc., (2), (3) | 15,999 | ||||||||||||
1,234 | Osiris Therapeutics, Inc., (2), (3) | 6,923 | ||||||||||||
1,187 | Otonomy, Inc., (2) | 16,927 | ||||||||||||
1,517 | OvaScience Inc., (2), (3) | 12,712 | ||||||||||||
10,613 | PDL Biopahrma Inc. | 40,011 | ||||||||||||
13,687 | Peregrine Pharmaceuticals, Inc., Reg S, (2) | 4,847 | ||||||||||||
1,055 | Pfenex Inc., (2) | 8,609 | ||||||||||||
3,228 | Portola Pharmaceuticals Inc., (2) | 76,697 | ||||||||||||
4,504 | Progenics Pharmaceuticals, Inc., (2) | 23,916 | ||||||||||||
498 | Proteon Therapeutics, Inc., (2) | 4,860 | ||||||||||||
2,184 | Prothena Corporation PLC, (2), (3) | 94,327 | ||||||||||||
2,189 | PTC Therapeutics Inc., (2), (3) | 16,242 | ||||||||||||
2,136 | Radius Health Inc., (2), (3) | 76,042 | ||||||||||||
5,204 | Raptor Pharmaceuticals Corporation, (2) | 25,552 | ||||||||||||
469 | REGENXBIO Inc., (2) | 4,887 | ||||||||||||
1,829 | Regulus Therapeutics Incorporated, (2) | 10,681 | ||||||||||||
2,124 | Repligen Corporation, (2) | 56,583 | ||||||||||||
2,262 | Retrophin Inc., (2) | 31,170 | ||||||||||||
5,701 | Rigel Pharmaceuticals, Inc., (2) | 16,134 | ||||||||||||
1,006 | Sage Therapeutics, Inc., (2) | 37,916 | ||||||||||||
4,501 | Sangamo Biosciences, Inc., (2) | 28,356 | ||||||||||||
2,895 | Sarepta Therapeutics Inc., (2), (3) | 41,080 | ||||||||||||
554 | Seres Therapeutics Inc., (2), (3) | 16,354 | ||||||||||||
1,835 | Sorrento Therapeutics, Inc., (2) | 12,588 | ||||||||||||
574 | Spark Therapeutics, Inc., (2) | 20,601 |
60 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Biotechnology (continued) | ||||||||||||||
4,332 | Spectrum Pharmaceuticals, Inc., (2) | $ | 30,714 | |||||||||||
1,059 | Stemline Therapeutics Inc., (2) | 5,825 | ||||||||||||
6,471 | Synergy Pharmaceuticals Inc., (2) | 20,319 | ||||||||||||
6,121 | Synta Pharmaceuticals Corporation, (2) | 2,448 | ||||||||||||
672 | T2 Biosystems, Inc., (2) | 6,162 | ||||||||||||
1,504 | Tesaro Inc., (2), (3) | 62,326 | ||||||||||||
2,444 | TG Therapeutics Inc., (2) | 22,265 | ||||||||||||
4,327 | Threshold Pharmaceuticals, Inc., (2) | 1,903 | ||||||||||||
138 | Tobira Therapeutics Inc., (2) | 1,086 | ||||||||||||
642 | Tokai Pharmaceuticals, Inc., (2), (3) | 4,706 | ||||||||||||
2,056 | Trevena Inc., (2) | 16,016 | ||||||||||||
1,914 | Trovagene, Inc., (2) | 7,694 | ||||||||||||
2,485 | Ultragenyx Pharmaceutical Inc., (2), (3) | 168,036 | ||||||||||||
2,704 | Vanda Pharmaceuticals, Inc., (2) | 24,066 | ||||||||||||
2,180 | Verastem Inc., (2) | 3,597 | ||||||||||||
1,454 | Versartis Inc., (2) | 13,173 | ||||||||||||
1,100 | Vitae Pharmaceuticals, Inc., (2) | 7,909 | ||||||||||||
1,375 | Vital Therapies Inc., (2) | 11,784 | ||||||||||||
408 | Voyager Therapeutics Inc., (2) | 4,753 | ||||||||||||
454 | vTv Therapeutics Inc., Class A Shares, (2) | 2,860 | ||||||||||||
260 | XBiotech Inc., (2) | 3,315 | ||||||||||||
1,839 | Xencor Inc., (2) | 22,528 | ||||||||||||
5,895 | XOMA Limited, (2) | 4,826 | ||||||||||||
1,066 | Zafgen Inc., (2) | 6,790 | ||||||||||||
7,418 | ZIOPHARM Oncology, Inc., (2), (3) | 58,305 | ||||||||||||
Total Biotechnology | 4,900,721 | |||||||||||||
Building Products – 1.0% | ||||||||||||||
2,648 | Aaon, Inc. | 70,225 | ||||||||||||
2,175 | Advanced Drainage Systems, Inc., (3) | 50,286 | ||||||||||||
831 | American Woodmark Company | 60,530 | ||||||||||||
1,889 | Apogee Enterprises, Inc. | 78,280 | ||||||||||||
3,279 | Builders FirstSource, Inc., (2) | 36,364 | ||||||||||||
1,919 | Continental Building Products Inc., (2) | 37,632 | ||||||||||||
2,002 | Gibraltar Industries Inc. | 52,953 | ||||||||||||
2,087 | Griffon Corporation | 32,995 | ||||||||||||
1,193 | Insteel Industries, Inc. | 34,585 | ||||||||||||
1,953 | Masonite International Corporation, (2), (3) | 132,140 | ||||||||||||
1,754 | NCI Building Systems Inc., (2) | 25,854 | ||||||||||||
625 | Nortek Inc., (2) | 29,475 |
Nuveen | 61 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Building Products (continued) | ||||||||||||||
823 | Patrick Industries, Inc., (2) | $ | 37,735 | |||||||||||
3,089 | PGT, Inc., (2) | 32,342 | ||||||||||||
1,483 | Ply Gem Holdings Inc., (2) | 21,726 | ||||||||||||
2,191 | Quanex Building Products Corporation | 41,278 | ||||||||||||
2,723 | Simpson Manufacturing Company Inc. | 102,385 | ||||||||||||
1,931 | Trex Company Inc., (2) | 91,626 | ||||||||||||
1,301 | Universal Forest Products Inc. | 99,722 | ||||||||||||
Total Building Products | 1,068,133 | |||||||||||||
Capital Markets – 1.2% | ||||||||||||||
1,478 | Arlington Asset Investment Corporation | 19,125 | ||||||||||||
64 | Ashford Inc., (2) | 2,912 | ||||||||||||
408 | Associated Capital Corp. | 12,432 | ||||||||||||
11,851 | BGC Partners Inc., Class A | 107,607 | ||||||||||||
1,312 | Cohen & Steers Inc. | 51,522 | ||||||||||||
6,833 | Cowen Group, Inc., Class A, (2), (3) | 23,813 | ||||||||||||
193 | Diamond Hill Investment Group, Inc. | 33,825 | ||||||||||||
2,239 | Evercore Partners Inc., (3) | 115,622 | ||||||||||||
3,354 | Financial Engines Inc., (3) | 108,032 | ||||||||||||
409 | GAMCO Investors Inc. | 16,184 | ||||||||||||
1,895 | Greenhill & Co Inc. | 41,728 | ||||||||||||
2,447 | HFF Inc., Class A Shares, (2) | 77,888 | ||||||||||||
780 | Houlihan Lokey Inc. | 19,664 | ||||||||||||
972 | INTL FCStone Inc., (2) | 26,536 | ||||||||||||
2,214 | Investment Technology Group | 43,217 | ||||||||||||
9,496 | Janus Capital Group Inc., (3) | 138,642 | ||||||||||||
2,199 | KCG Holdings Inc., Class A Shares, (2) | 30,126 | ||||||||||||
7,739 | Ladenburg Thalmann Financial Services Inc., (2) | 20,741 | ||||||||||||
464 | Medley Management Inc., Class A Shares | 3,035 | ||||||||||||
1,137 | Moelis & Company | 31,961 | ||||||||||||
1,668 | OM Asset Management PLC | 22,385 | ||||||||||||
670 | Oppenheimer Holdings Inc., Class A | 10,238 | ||||||||||||
861 | Piper Jaffray Companies, (2) | 35,912 | ||||||||||||
852 | Pzena Investments Management, Inc. | 7,719 | ||||||||||||
1,339 | Safeguard Scientifics Inc., (2) | 18,478 | ||||||||||||
4,390 | Stifel Financial Corporation, (2) | 144,475 | ||||||||||||
1,229 | Virtu Financial, Inc., Class A Shares | 25,625 | ||||||||||||
418 | Virtus Investment Partners Inc. | 32,696 | ||||||||||||
499 | Westwood Holding Group Inc. | 28,717 | ||||||||||||
7,379 | WisdomTree Investments Inc., (3) | 80,357 |
62 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Capital Markets (continued) | ||||||||||||||
269 | ZAIS Group Holdings, Inc., (2) | $ | 737 | |||||||||||
Total Capital Markets | 1,331,951 | |||||||||||||
Chemicals – 1.9% | ||||||||||||||
1,894 | A Schulman, Inc. | 52,824 | ||||||||||||
1,884 | American Vanguard Corp. | 31,180 | ||||||||||||
4,543 | Axiall Corporation | 106,988 | ||||||||||||
2,011 | Balchem Corporation | 123,395 | ||||||||||||
3,409 | Calgon Carbon Corporation | 55,874 | ||||||||||||
448 | Chase Corporation, Common Stock | 25,218 | ||||||||||||
4,345 | Chemtura Corporation, (2) | 121,008 | ||||||||||||
519 | Core Molding Technologies, Inc., (2) | 6,088 | ||||||||||||
4,485 | Ferro Corporation | 57,139 | ||||||||||||
3,460 | Flotek Industries Inc., (2) | 32,697 | ||||||||||||
1,578 | FutureFuel Corporation | 17,737 | ||||||||||||
3,245 | H.B. Fuller Company | 145,116 | ||||||||||||
687 | Hawkins Inc. | 26,882 | ||||||||||||
1,272 | Innophos Holdings, Inc. | 47,013 | ||||||||||||
1,331 | Innospec, Inc. | 64,367 | ||||||||||||
3,805 | Interpid Potash Inc., (2) | 4,870 | ||||||||||||
625 | KMG Chemicals, Inc. | 14,806 | ||||||||||||
1,328 | Koppers Holdings Inc. | 33,373 | ||||||||||||
2,027 | Kraton Performance Polymers Inc., (2) | 46,033 | ||||||||||||
1,420 | Kronos Worldwide Inc. | 9,443 | ||||||||||||
1,277 | LSB Industries Inc., (2) | 16,805 | ||||||||||||
2,246 | Minerals Technologies Inc. | 134,535 | ||||||||||||
10,670 | Olin Corporation, (3) | 232,499 | ||||||||||||
3,030 | OMNOVA Solutions Inc., (2) | 21,665 | ||||||||||||
5,769 | PolyOne Corporation, (3) | 207,569 | ||||||||||||
862 | Quaker Chemical Corporation | 76,770 | ||||||||||||
2,629 | Rayonier Advanced Materials Inc. | 26,947 | ||||||||||||
2,834 | Senomyx, Inc., (2) | 6,943 | ||||||||||||
3,022 | Sensient Technologies Corporation | 203,229 | ||||||||||||
1,247 | Stepan Company | 76,429 | ||||||||||||
5,178 | TerraVia Holdings Inc., (2), (3) | 12,117 | ||||||||||||
1,307 | Trecora Resources, (2) | 14,965 | ||||||||||||
1,620 | Tredegar Corporation | 25,855 | ||||||||||||
741 | Trinseo SA, (2), (3) | 31,707 | ||||||||||||
4,113 | Tronox Limited, Class A, (3) | 29,943 | ||||||||||||
1,413 | Valhi Inc. | 2,784 | ||||||||||||
Total Chemicals | 2,142,813 |
Nuveen | 63 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Commercial Services & Supplies – 2.1% | ||||||||||||||
3,399 | ABM Industries Inc. | $ | 109,346 | |||||||||||
7,109 | Acco Brands Corporation, (2) | 67,820 | ||||||||||||
1,401 | American Ecology Corporation | 63,087 | ||||||||||||
2,639 | ARC Document Solutions, (2) | 10,873 | ||||||||||||
3,090 | Brady Corporation | 81,854 | ||||||||||||
3,145 | Brinks Company | 106,427 | ||||||||||||
2,681 | Casella Waste Systems, Inc., (2) | 19,196 | ||||||||||||
1,467 | CECO Environmental Corporation | 9,682 | ||||||||||||
7,630 | Civeo Corporation, (2) | 11,598 | ||||||||||||
3,230 | Deluxe Corporation, (3) | 202,779 | ||||||||||||
1,670 | Ennis Inc. | 32,632 | ||||||||||||
2,478 | Essendant Inc. | 76,298 | ||||||||||||
1,293 | G&K Services, Inc. | 91,350 | ||||||||||||
4,624 | Healthcare Services Group, Inc., (3) | 175,018 | ||||||||||||
825 | Heritage-Crystal Clean, Inc., (2) | 8,580 | ||||||||||||
2,877 | HNI Corporation, (3) | 125,782 | ||||||||||||
2,401 | Innerworkings, Inc., (2) | 19,616 | ||||||||||||
4,274 | Interface, Inc. | 72,743 | ||||||||||||
2,221 | Kimball International Inc., Class B | 25,852 | ||||||||||||
3,156 | Knoll Inc. | 73,693 | ||||||||||||
2,131 | Matthews International Corporation | 112,176 | ||||||||||||
1,545 | McGrath Rentcorp. | 37,667 | ||||||||||||
3,859 | Miller (Herman) Inc. | 116,426 | ||||||||||||
2,964 | Mobile Mini, Inc. | 95,589 | ||||||||||||
1,895 | MSA Safety Inc. | 91,131 | ||||||||||||
816 | Multi Color Corporation | 48,821 | ||||||||||||
562 | NL Industries Inc. | 1,725 | ||||||||||||
1,947 | Quad Graphics Inc. | 24,435 | ||||||||||||
1,084 | SP Plus Corporation, (2) | 24,152 | ||||||||||||
5,386 | Steelcase Inc. | 82,190 | ||||||||||||
1,869 | Team, Inc., (2) | 53,696 | ||||||||||||
3,897 | Tetra Tech, Inc. | 114,572 | ||||||||||||
1,105 | TRC Companies, (2) | 9,459 | ||||||||||||
697 | UniFirst Corporation | 75,541 | ||||||||||||
1,298 | Viad Corporation | 38,616 | ||||||||||||
269 | VSE Corporation | 16,689 | ||||||||||||
3,375 | West Corporation | 72,326 | ||||||||||||
Total Commercial Services & Supplies | 2,399,437 |
64 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Communications Equipment – 1.5% | ||||||||||||||
3,229 | ADTRAN, Inc. | $ | 62,384 | |||||||||||
1,581 | Aerohive Networks Inc., (2) | 9,170 | ||||||||||||
837 | Alliance Fiber | 15,501 | ||||||||||||
1,098 | Applied Optoelectronics Inc., (2) | 12,298 | ||||||||||||
670 | Bel Fuse, Inc., Class B | 11,162 | ||||||||||||
993 | Black Box Corporation | 14,518 | ||||||||||||
2,343 | CalAmp Corporation, (2) | 35,075 | ||||||||||||
2,687 | Calix Inc., (2) | 18,621 | ||||||||||||
7,981 | Ciena Corporation, (2), (3) | 134,320 | ||||||||||||
729 | Clearfield Inc., (2) | 13,530 | ||||||||||||
1,052 | Comtech Telecom Corporation | 25,458 | ||||||||||||
1,613 | Digi International, Inc., (2) | 17,049 | ||||||||||||
1,264 | EMCORE Corporation, (2) | 7,205 | ||||||||||||
6,471 | Extreme Networks Inc., (2) | 22,713 | ||||||||||||
6,721 | Finisar Corporation, (2) | 110,628 | ||||||||||||
4,916 | Harmonic Inc., (2), (3) | 17,009 | ||||||||||||
8,608 | Infinera Corporation, (2), (3) | 102,349 | ||||||||||||
2,333 | Interdigital Inc. | 132,934 | ||||||||||||
3,922 | IXIA, (2) | 39,691 | ||||||||||||
1,088 | KVH Industries, Inc., (2) | 10,619 | ||||||||||||
2,079 | Netgear, Inc., (2) | 88,150 | ||||||||||||
5,952 | NetScout Systems, Inc., (2) | 132,492 | ||||||||||||
2,787 | Novatel Wireless, (2) | 4,264 | ||||||||||||
6,324 | Oclaro Inc., (2), (3) | 31,936 | ||||||||||||
2,278 | Plantronics Inc. | 87,589 | ||||||||||||
8,734 | Polycom Inc., (2) | 104,371 | ||||||||||||
4,873 | Ruckus Wireless Incorporated, (2) | 66,955 | ||||||||||||
4,175 | ShoreTel, Inc., (2) | 25,551 | ||||||||||||
3,198 | Sonus Networks, Inc., (2) | 26,415 | ||||||||||||
1,867 | Ubiquiti Networks Inc., (3) | 66,503 | ||||||||||||
2,762 | ViaSat, Inc., (2), (3) | 211,845 | ||||||||||||
Total Communications Equipment | 1,658,305 | |||||||||||||
Construction & Engineering – 0.8% | ||||||||||||||
2,372 | Aegion Corporation, (2) | 50,358 | ||||||||||||
1,630 | Ameresco Inc., Class A Shares, (2) | 7,286 | ||||||||||||
838 | Argan, Inc. | 28,643 | ||||||||||||
2,412 | Comfort Systems USA Inc. | 71,130 | ||||||||||||
2,205 | Dycom Industries Inc., (2), (3) | 155,673 | ||||||||||||
4,054 | Emcor Group Inc., (3) | 196,538 |
Nuveen | 65 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Construction & Engineering (continued) | ||||||||||||||
2,545 | Granite Construction Inc. | $ | 113,482 | |||||||||||
3,907 | Great Lakes Dredge & Dock Corporation | 17,855 | ||||||||||||
1,783 | HC2 Holdings, Inc., (2) | 6,882 | ||||||||||||
4,318 | MasTec Inc., (2), (3) | 97,846 | ||||||||||||
1,256 | MYR Group Inc., (2) | 32,041 | ||||||||||||
605 | Northwest Pipe Company, (2) | 6,528 | ||||||||||||
378 | NV5 Holdings Inc., (2) | 9,386 | ||||||||||||
1,808 | Orion Marine Group Inc., (2) | 10,559 | ||||||||||||
2,508 | Primoris Services Corporation | 58,662 | ||||||||||||
2,667 | Tutor Perini Corporation, (2) | 42,192 | ||||||||||||
Total Construction & Engineering | 905,061 | |||||||||||||
Construction Materials – 0.2% | ||||||||||||||
4,769 | Headwater Inc., (2), (3) | 95,428 | ||||||||||||
2,053 | Summit Materials, Inc., Class A Shares, (2) | 42,908 | ||||||||||||
44 | United States Lime & Minerals, Inc. | 2,357 | ||||||||||||
944 | US Concrete, Inc., (2) | 58,301 | ||||||||||||
Total Construction Materials | 198,994 | |||||||||||||
Consumer Finance – 0.4% | ||||||||||||||
1,643 | Cash America International, Inc. | 60,725 | ||||||||||||
1,684 | Encore Capital Group, Inc., (2), (3) | 47,405 | ||||||||||||
1,766 | Enova International, Inc., (2) | 15,558 | ||||||||||||
3,348 | EZCORP, Inc., (2) | 16,573 | ||||||||||||
1,824 | First Cash Financial Services, Inc. | 83,412 | ||||||||||||
2,968 | Green Dot Corporation, Class A Shares, (2) | 65,979 | ||||||||||||
932 | JG Wentworth Company, (2) | 1,072 | ||||||||||||
1,440 | Nelnet Inc. | 60,350 | ||||||||||||
3,126 | PRA Group Inc., (2), (3) | 103,721 | ||||||||||||
698 | Regional Management Corporation, (2) | 11,531 | ||||||||||||
458 | World Acceptance Corporation, (2), (3) | 19,873 | ||||||||||||
Total Consumer Finance | 486,199 | |||||||||||||
Containers & Packaging – 0.4% | ||||||||||||||
269 | AEP Industries, Inc. | 16,578 | ||||||||||||
7,721 | Berry Plastics Corporation, (2), (3) | 278,110 | ||||||||||||
1,992 | Greif Inc. | 69,122 | ||||||||||||
1,349 | Multi Packaging Solutions International Limited, (2) | 22,420 | ||||||||||||
1,653 | Myers Industries, Inc. | 22,282 | ||||||||||||
Total Containers & Packaging | 408,512 | |||||||||||||
Distributors – 0.3% | ||||||||||||||
1,344 | Audiovox Corporation, (2) | 6,035 |
66 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Distributors (continued) | ||||||||||||||
1,494 | Core-Mark Holding Company, Inc. | $ | 122,000 | |||||||||||
934 | Fenix Parts, Inc., (2) | 4,707 | ||||||||||||
2,815 | Pool Corporation | 246,059 | ||||||||||||
445 | Weyco Group, Inc. | 12,478 | ||||||||||||
Total Distributors | 391,279 | |||||||||||||
Diversified Consumer Services – 1.0% | ||||||||||||||
1,701 | 2U Inc., (2), (3) | 47,679 | ||||||||||||
1,052 | American Public Education Inc., (2) | 24,364 | ||||||||||||
6,101 | Apollo Group, Inc., (2) | 47,588 | ||||||||||||
861 | Ascent Media Corporation, (2) | 12,975 | ||||||||||||
1,092 | Bridgepoint Education Inc., (2) | 10,418 | ||||||||||||
2,417 | Bright Horizons Family Solutions Inc., (2), (3) | 158,604 | ||||||||||||
962 | Cambium Learning Group Inc., (2) | 4,377 | ||||||||||||
790 | Capella Education Company | 43,695 | ||||||||||||
4,390 | Career Education Corporation, (2) | 23,443 | ||||||||||||
985 | Carriage Services Inc. | 24,064 | ||||||||||||
4,936 | Chegg Inc., (2) | 22,409 | ||||||||||||
462 | Collectors Universe, Inc. | 8,034 | ||||||||||||
4,121 | Devry Education Group Inc., (3) | 71,499 | ||||||||||||
3,038 | Grand Canyon Education Inc., (2), (3) | 132,852 | ||||||||||||
7,988 | Houghton Mifflin Harcourt Company, (2) | 163,834 | ||||||||||||
2,185 | K12, Inc., (2) | 26,854 | ||||||||||||
295 | Liberty Tax Inc., Class A Shares | 3,525 | ||||||||||||
6,103 | LifeLock, Incorporated, (2), (3) | 71,039 | ||||||||||||
2,328 | Regis Corporation | 31,824 | ||||||||||||
3,586 | Sothebys Holdings Inc., (3) | 97,683 | ||||||||||||
709 | Strayer Education Inc. | 35,195 | ||||||||||||
1,433 | Universal Technical Institute Inc. | 5,660 | ||||||||||||
1,786 | Weight Watcher’s International Inc., (3) | 23,129 | ||||||||||||
Total Diversified Consumer Services | 1,090,744 | |||||||||||||
Diversified Financial Services – 0.4% | ||||||||||||||
45 | BBX Capital Corporation, (2) | 694 | ||||||||||||
4,646 | FNFV Group, (2) | 50,037 | ||||||||||||
2,088 | Gain Capital Holdings Inc. | 14,303 | ||||||||||||
2,414 | Marketaxess | 296,343 | ||||||||||||
562 | Marlin Business Services Corporation | 8,312 | ||||||||||||
1,563 | Newstar Financial, Inc., (2) | 15,036 | ||||||||||||
784 | On Deck Capital, Inc., (2) | 6,766 | ||||||||||||
1,488 | PICO Holdings, Inc., (2) | 14,776 |
Nuveen | 67 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Diversified Financial Services (continued) | ||||||||||||||
1,013 | Resource America Inc. | $ | 6,402 | |||||||||||
1,937 | Tiptree Financial Inc., Class A | 10,712 | ||||||||||||
Total Diversified Financial Services | 423,381 | |||||||||||||
Diversified Telecommunication Services – 0.7% | ||||||||||||||
5,701 | 8X8, Inc., (2), (3) | 64,649 | ||||||||||||
664 | Atlantic Tele-Network, Inc. | 47,748 | ||||||||||||
13,563 | Cincinnati Bell Inc., (2) | 51,811 | ||||||||||||
2,979 | Cogent Communications Group, Inc., (3) | 115,287 | ||||||||||||
3,267 | Consolidated Communications Holdings, Inc., (3) | 77,232 | ||||||||||||
1,349 | FairPoint Communications Inc., (2), (3) | 17,888 | ||||||||||||
2,261 | General Communication, Inc., (2) | 38,211 | ||||||||||||
30,792 | Globalstar, Inc., (2), (3) | 60,044 | ||||||||||||
742 | Hawaiian Telcom Holdco Inc., (2) | 17,088 | ||||||||||||
1,082 | IDT Corporation | 16,598 | ||||||||||||
2,170 | Inteliquent Incn | 36,000 | ||||||||||||
1,903 | Intelsat SA, (2), (3) | 7,517 | ||||||||||||
5,313 | Iridium Communications Inc., (2), (3) | 42,876 | ||||||||||||
1,459 | Lumos Networks Corporation | 18,602 | ||||||||||||
3,454 | Orbcomm, Inc., (2), (3) | 34,229 | ||||||||||||
839 | pdvWireless Inc., (2), (3) | 33,879 | ||||||||||||
604 | Straight Path Communications Inc., Class B Shares, (2), (3) | 22,106 | ||||||||||||
12,007 | Vonage Holdings Corporation, (2) | 56,073 | ||||||||||||
5,919 | Windstream Holdings Inc., (3) | 51,377 | ||||||||||||
Total Diversified Telecommunication Services | 809,215 | |||||||||||||
Electric Utilities – 1.1% | ||||||||||||||
3,153 | ALLETE Inc. | 177,167 | ||||||||||||
2,613 | El Paso Electric Company | 117,846 | ||||||||||||
2,820 | Empire District Electric Company | 94,949 | ||||||||||||
926 | Genie Energy Limited, Class B Shares | 6,825 | ||||||||||||
3,257 | IDACORP, INC, (3) | 236,882 | ||||||||||||
2,243 | MGE Energy, Inc. | 111,814 | ||||||||||||
2,424 | Otter Tail Power Corporation | 70,102 | ||||||||||||
5,151 | PNM Resources Inc., (3) | 163,184 | ||||||||||||
5,740 | Portland General Electric Company, (3) | 227,993 | ||||||||||||
213 | Spark Energy, Inc. | 5,491 | ||||||||||||
Total Electric Utilities | 1,212,253 | |||||||||||||
Electrical Equipment – 0.6% | ||||||||||||||
423 | Allied Motion | 9,116 | ||||||||||||
1,667 | AZZ Inc. | 91,552 |
68 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Electrical Equipment (continued) | ||||||||||||||
1,341 | Encore Wire Corporation | $ | 51,293 | |||||||||||
2,876 | EnerSys | 167,872 | ||||||||||||
1,868 | Enphase Energy Incorporated, (2), (3) | 4,689 | ||||||||||||
1,484 | Fuelcell Energy Inc., (2) | 8,845 | ||||||||||||
4,473 | Generac Holdings Inc., (2), (3) | 170,511 | ||||||||||||
3,161 | General Cable Corporation, (3) | 49,438 | ||||||||||||
1,400 | LSI Industries, Inc. | 17,710 | ||||||||||||
11,217 | Plug Power Inc., (2), (3) | 23,107 | ||||||||||||
588 | Powell Industries Inc. | 18,299 | ||||||||||||
300 | Power Solutions International Inc., (2) | 3,885 | ||||||||||||
1,451 | PowerSecure International, Inc., (2) | 27,163 | ||||||||||||
172 | Preformed Line Products Company | 7,219 | ||||||||||||
1,157 | Sunrun Inc., (2), (3) | 9,117 | ||||||||||||
2,075 | Thermon Group Holdings Inc., (2) | 38,886 | ||||||||||||
1,064 | Vicor Corporation | 10,204 | ||||||||||||
Total Electrical Equipment | 708,906 | |||||||||||||
Electronic Equipment, Instruments & Components – 2.8% | ||||||||||||||
1,090 | Agilysys Inc. | 11,641 | ||||||||||||
1,846 | Anixter International Inc., (2), (3) | 115,006 | ||||||||||||
2,988 | AVX Group | 39,501 | ||||||||||||
937 | Badger Meter Inc. | 66,836 | ||||||||||||
2,758 | Belden Inc. | 174,140 | ||||||||||||
3,389 | Benchmark Electronics Inc., (2) | 65,814 | ||||||||||||
2,721 | Checkpoint Systems Inc., (2) | 27,537 | ||||||||||||
1,542 | Coherent Inc., (2) | 144,023 | ||||||||||||
1,410 | Control4 Corporation, (2) | 10,448 | ||||||||||||
2,147 | CTS Corporation | 35,576 | ||||||||||||
2,486 | Daktronics Inc. | 21,628 | ||||||||||||
1,145 | DTS, Inc., (2) | 24,984 | ||||||||||||
1,129 | Electro Rent Corporation | 11,301 | ||||||||||||
330 | ePlus, Inc., (2) | 26,529 | ||||||||||||
2,292 | Fabrinet, (2) | 73,275 | ||||||||||||
1,124 | FARO Technologies, Inc., (2) | 32,641 | ||||||||||||
2,687 | FEI Company, (3) | 239,197 | ||||||||||||
3,391 | II VI Inc., (2) | 70,770 | ||||||||||||
2,506 | Insight Enterprises Inc., (2) | 61,923 | ||||||||||||
5,011 | InvenSense Incorporated, (2), (3) | 38,484 | ||||||||||||
2,486 | Itron Inc., (2) | 102,224 | ||||||||||||
1,886 | Kimball Electronics Inc., (2) | 20,633 |
Nuveen | 69 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Electronic Equipment, Instruments & Components (continued) | ||||||||||||||
5,644 | Knowles Corporation, (2), (3) | $ | 75,460 | |||||||||||
1,459 | Littelfuse Inc. | 169,944 | ||||||||||||
187 | Mesa Laboratories, Inc. | 18,846 | ||||||||||||
2,481 | Methode Electronics, Inc. | 73,760 | ||||||||||||
964 | MTS Systems Corporation | 54,196 | ||||||||||||
588 | Multi Fineline Electronix, Inc., (2) | 13,524 | ||||||||||||
2,576 | Newport Corporation | 59,222 | ||||||||||||
2,331 | Novanta, Inc., (2) | 33,916 | ||||||||||||
1,281 | OSI Systems Inc., (2) | 65,190 | ||||||||||||
1,318 | Park Electrochemical Corporation | 21,497 | ||||||||||||
691 | PC Connection, Inc. | 16,425 | ||||||||||||
2,173 | Plexus Corporation, (2) | 90,744 | ||||||||||||
5,357 | QLogic Corporation, (2) | 70,123 | ||||||||||||
1,821 | Rofin Sinar Technologies Inc., (2) | 58,618 | ||||||||||||
1,204 | Rogers Corporation, (2) | 69,061 | ||||||||||||
5,070 | Sanmina-SCI Corporation, (2) | 119,905 | ||||||||||||
1,730 | ScanSource, Inc., (2) | 70,376 | ||||||||||||
1,860 | SYNNEX Corporation, (3) | 153,580 | ||||||||||||
765 | Systemax Inc., (2) | 6,923 | ||||||||||||
2,369 | Tech Data Corporation, (2), (3) | 162,727 | ||||||||||||
3,818 | TTM Technologies, Inc., (2) | 24,893 | ||||||||||||
2,600 | Universal Display Corporation, (2), (3) | 151,606 | ||||||||||||
8,759 | Vishay Intertechnology Inc., (3) | 106,509 | ||||||||||||
815 | Vishay Precision Group Inc., (2) | 12,192 | ||||||||||||
Total Electronic Equipment, Instruments & Components | 3,113,348 | |||||||||||||
Energy Equipment & Services – 0.9% | ||||||||||||||
4,490 | Archrock Inc. | 44,227 | ||||||||||||
3,705 | Atwood Oceanics Inc., (3) | 35,790 | ||||||||||||
2,758 | Basic Energy Services, Inc., (2), (3) | 8,826 | ||||||||||||
2,253 | Bristow Group Inc. | 51,639 | ||||||||||||
3,821 | C&J Energy Services Inc., (2) | 5,540 | ||||||||||||
1,269 | Carbo Ceramics Inc., (3) | 18,845 | ||||||||||||
1,331 | ERA Group Incorporated, (2) | 12,684 | ||||||||||||
2,244 | Exterran Corp., (2) | 34,333 | ||||||||||||
4,333 | Fairmount Santrol Holdings Inc., (2) | 17,332 | ||||||||||||
3,837 | Forum Energy Technologies Incorporated, (2) | 64,231 | ||||||||||||
850 | Geospace Technologies Corporation, (2) | 13,906 | ||||||||||||
1,657 | Gulfmark Offshore Inc., (3) | 11,234 | ||||||||||||
6,849 | Helix Energy Solutions Group, (2), (3) | 59,107 |
70 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Energy Equipment & Services (continued) | ||||||||||||||
2,069 | Hornbeck Offshore Services Inc., (2) | $ | 24,290 | |||||||||||
1,071 | Independence Contract Drilling Inc., (2) | 4,263 | ||||||||||||
668 | ION Geophysical Corporation, (2) | 6,119 | ||||||||||||
8,605 | Key Energy Services Inc., (2) | 4,551 | ||||||||||||
1,729 | Matrix Service Company, (2) | 32,574 | ||||||||||||
15,432 | McDermott International Inc., (2), (3) | 70,061 | ||||||||||||
824 | Natural Gas Services Group, (2) | 18,944 | ||||||||||||
5,439 | Newpark Resources Inc., (2) | 25,400 | ||||||||||||
1,282 | Nordic American Offshore Limited | 7,295 | ||||||||||||
435 | North Atlantic Drilling Limited | 1,644 | ||||||||||||
3,337 | Oil States International Inc., (2), (3) | 115,594 | ||||||||||||
7,908 | Parker Drilling Company, (2) | 24,198 | ||||||||||||
811 | PHI Inc. Non-Voting, (2) | 18,183 | ||||||||||||
4,165 | Pioneer Energy Services Corporation, (2) | 12,953 | ||||||||||||
781 | RigNet, Inc., (2) | 13,355 | ||||||||||||
1,007 | SeaCor Smit Inc., (2) | 59,181 | ||||||||||||
3,635 | Seventy Seven Energy Inc., (2) | 693 | ||||||||||||
2,517 | Tesco Corporation | 23,811 | ||||||||||||
5,150 | TETRA Technologies, (2) | 37,080 | ||||||||||||
3,041 | Tidewater Inc. | 26,639 | ||||||||||||
3,259 | Unit Corporation, (2) | 41,259 | ||||||||||||
4,103 | US Silica Holdings Inc., (3) | 104,832 | ||||||||||||
Total Energy Equipment & Services | 1,050,613 | |||||||||||||
Food & Staples Retailing – 0.8% | ||||||||||||||
1,836 | Andersons, Inc. | 61,524 | ||||||||||||
2,498 | Casey’s General Stores, Inc., (3) | 279,776 | ||||||||||||
1,489 | Fairway Group Holdings Inc., (2) | 321 | ||||||||||||
863 | Ingles Markets, Inc. | 31,128 | ||||||||||||
581 | Natural Grocers by Vitamin Cottage Incorporated, (2) | 7,762 | ||||||||||||
1,078 | Performance Food Group Company, (2) | 27,899 | ||||||||||||
1,258 | PriceSmart, Inc., (3) | 108,867 | ||||||||||||
1,570 | Smart & Final Stores, Inc., (2) | 24,994 | ||||||||||||
2,433 | SpartanNash Co | 67,394 | ||||||||||||
16,930 | SUPERVALU INC., (3) | 85,158 | ||||||||||||
1,220 | The Chef’s Warehouse Inc., (2) | 23,509 | ||||||||||||
3,238 | United Natural Foods Inc., (2) | 115,499 | ||||||||||||
463 | Village Super Market, Inc. | 11,297 | ||||||||||||
712 | Weis Markets Inc. | 32,410 | ||||||||||||
Total Food & Staples Retailing | 877,538 |
Nuveen | 71 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Food Products – 1.8% | ||||||||||||||
226 | Alico Inc. | $ | 6,534 | |||||||||||
970 | Amplify Snack Brands, Inc., (2) | 14,948 | ||||||||||||
601 | Arcadia Biosciences Inc., (2) | 1,292 | ||||||||||||
3,927 | B&G Foods Inc., (3) | 161,832 | ||||||||||||
953 | Calavo Growers, Inc., (3) | 54,483 | ||||||||||||
2,026 | Cal-Maine Foods, Inc., (3) | 102,840 | ||||||||||||
10,685 | Darling International Inc., (2), (3) | 154,826 | ||||||||||||
6,102 | Dean Foods Company, (3) | 105,137 | ||||||||||||
503 | Farmer Brothers Company | 15,196 | ||||||||||||
2,155 | Fresh Del Monte Produce Inc. | 93,225 | ||||||||||||
1,343 | Freshpet, Inc., (2), (3) | 11,120 | ||||||||||||
1,171 | Inventure Group, (2) | 8,384 | ||||||||||||
937 | J&K Snack Foods Corporation | 94,759 | ||||||||||||
537 | John B Sanfillippo & Son, Inc. | 29,712 | ||||||||||||
1,192 | Lancaster Colony Corporation | 138,868 | ||||||||||||
1,742 | Landec Corporation, (2) | 19,598 | ||||||||||||
338 | Lifeway Foods, Inc. | 3,279 | ||||||||||||
834 | Limoneira Company, (3) | 14,920 | ||||||||||||
1,404 | Omega Protein Corporation, (2) | 26,100 | ||||||||||||
3,983 | Post Holdings Inc., (2), (3) | 286,139 | ||||||||||||
1,449 | Sanderson Farms Inc., (3) | �� | 132,931 | |||||||||||
17 | Seaboard Corporation | 51,051 | ||||||||||||
507 | Seneca Foods Corporation, (2) | 16,523 | ||||||||||||
4,480 | Snyders Lance Inc. | 143,226 | ||||||||||||
1,278 | Tootsie Roll Industries Inc., (3) | 45,548 | ||||||||||||
3,648 | Treehouse Foods Inc., (2), (3) | 322,483 | ||||||||||||
Total Food Products | 2,054,954 | |||||||||||||
Gas Utilities – 1.4% | ||||||||||||||
985 | Chesapeake Utilities Corporation | 58,627 | ||||||||||||
5,534 | New Jersey Resources Corporation, (3) | 197,453 | ||||||||||||
1,767 | Northwest Natural Gas Company | 91,071 | ||||||||||||
3,401 | One Gas Inc. | 198,856 | ||||||||||||
4,710 | Piedmont Natural Gas Company, (3) | 281,658 | ||||||||||||
4,425 | South Jersey Industries Inc. | 123,502 | ||||||||||||
3,029 | Southwest Gas Corporation | 196,612 | ||||||||||||
2,802 | Spire, Inc. | 179,216 | ||||||||||||
3,216 | WGL Holdings Inc. | 218,334 | ||||||||||||
Total Gas Utilities | 1,545,329 |
72 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Health Care Equipment & Supplies – 3.7% | ||||||||||||||
1,457 | Abaxis, Inc. | $ | 66,031 | |||||||||||
2,700 | Abiomed, Inc., (2), (3) | 262,278 | ||||||||||||
5,109 | Accuray, Inc., (2) | 27,384 | ||||||||||||
803 | Analogic Corporation | 63,429 | ||||||||||||
1,632 | AngioDynamics, Inc., (2) | 19,992 | ||||||||||||
945 | Anika Therapeutics, Inc., (2) | 43,149 | ||||||||||||
10,008 | Antares Pharma Inc., (2) | 11,009 | ||||||||||||
1,835 | AtriCure, Inc., (2), (3) | 29,177 | ||||||||||||
92 | ATRION Corporation | 36,552 | ||||||||||||
2,222 | Cantel Medical Corporation | 148,852 | ||||||||||||
2,051 | Cardiovascular Systems, Inc., (2), (3) | 28,673 | ||||||||||||
6,167 | Cerus Corporation, (2) | 38,605 | ||||||||||||
669 | ConforMIS Inc., (2), (3) | 8,289 | ||||||||||||
1,785 | Conmed Corporation | 73,935 | ||||||||||||
1,664 | Corindus Vascular Robotics, Inc., (2) | 1,747 | ||||||||||||
1,648 | CryoLife Inc. | 20,435 | ||||||||||||
837 | Cutera, Inc., (2) | 9,759 | ||||||||||||
1,434 | Cynosure, Inc., (2) | 70,180 | ||||||||||||
424 | EndoChoice Holdings Inc., (2) | 2,340 | ||||||||||||
4,754 | Endologix, Inc., (2), (3) | 53,292 | ||||||||||||
366 | Entellus Medical, Inc., (2), (3) | 5,322 | ||||||||||||
659 | Exactech, Inc., (2) | 14,986 | ||||||||||||
2,726 | Genmark Diagnostics Inc., (2), (3) | 16,111 | ||||||||||||
446 | Glaukos Corporation, (2) | 8,403 | ||||||||||||
4,438 | Globus Medical Inc., Class A, (2), (3) | 111,128 | ||||||||||||
1,651 | Greatbatch, Inc., (2) | 57,455 | ||||||||||||
3,343 | Haemonetics Corporation, (2) | 108,413 | ||||||||||||
3,009 | Halyard Health Inc., (2) | 84,733 | ||||||||||||
1,117 | Heartware International Inc., (2), (3) | 37,263 | ||||||||||||
914 | ICU Medical, Inc., (2) | 90,797 | ||||||||||||
1,017 | Inogen Inc., (2) | 49,691 | ||||||||||||
3,671 | Insulet Corporation, (2), (3) | 122,244 | ||||||||||||
1,833 | Integra Lifesciences Holdings Corporation, (2) | 129,813 | ||||||||||||
2,094 | Invacare Corporation | 23,537 | ||||||||||||
2,063 | InVivo Therapeutics Holdings Corporation, (2), (3) | 12,378 | ||||||||||||
297 | Invuity Inc., (2) | 2,020 | ||||||||||||
208 | iRadimed Corporation, (2), (3) | 3,405 | ||||||||||||
1,139 | K2M Group Holdings Inc., (2), (3) | 18,520 | ||||||||||||
904 | Lantheus Holdings Inc., (2) | 1,862 |
Nuveen | 73 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Health Care Equipment & Supplies (continued) | ||||||||||||||
1,637 | LDR Holding Corporation, (2) | $ | 44,117 | |||||||||||
769 | LeMaitre Vascular, Inc. | 12,750 | ||||||||||||
2,869 | Livanova PLC, (2), (3) | 151,282 | ||||||||||||
2,828 | Masimo Corporation, (2) | 122,594 | ||||||||||||
2,698 | Meridian Bioscience, Inc., (3) | 51,559 | ||||||||||||
2,848 | Merit Medical Systems, Inc., (2) | 57,672 | ||||||||||||
2,132 | Natus Medical, Inc., (2) | 67,947 | ||||||||||||
2,395 | Neogen Corporation, (2) | 113,140 | ||||||||||||
1,077 | Nevro Corporation, (2), (3) | 72,428 | ||||||||||||
545 | Novocure Limited, (2) | 7,031 | ||||||||||||
3,128 | NuVasive, Inc., (2) | 165,596 | ||||||||||||
576 | Nuvectra Corporation, (2) | 4,841 | ||||||||||||
4,090 | Nxstage Medical, Inc., (2) | 65,931 | ||||||||||||
3,649 | OraSure Technologies, Inc., (2) | 26,200 | ||||||||||||
1,213 | Orthofix International NV, (2) | 53,081 | ||||||||||||
1,290 | Oxford Immunotec Global PLC, (2) | 13,493 | ||||||||||||
298 | Penumbra Inc., (2) | 16,241 | ||||||||||||
1,741 | Quidel Corporation, (2), (3) | 30,119 | ||||||||||||
3,251 | Rockwell Medical Technologies, Inc., (2), (3) | 30,072 | ||||||||||||
3,886 | RTI Biologics Inc., (2) | 15,505 | ||||||||||||
552 | SeaSpine Holdings Corporation, (2) | 8,236 | ||||||||||||
764 | Second Sight Medical Products, Inc., (2) | 3,614 | ||||||||||||
547 | Sientra, Inc., (2) | 4,442 | ||||||||||||
2,741 | Spectranetics Corporation, (2) | 46,597 | ||||||||||||
2,512 | STAAR Surgical Company, (2) | 19,368 | ||||||||||||
5,509 | Steris PLC, (3) | 389,321 | ||||||||||||
841 | Surmodics Inc., (2) | 16,921 | ||||||||||||
1,142 | Tandem Diabetes Care Inc., (2) | 12,710 | ||||||||||||
3,076 | TransEnterix Inc., (2) | 4,614 | ||||||||||||
8,565 | Unilife Corporation, (2) | 4,710 | ||||||||||||
242 | Utah Medical Products, Inc. | 16,190 | ||||||||||||
1,117 | Vascular Solutions, Inc., (2) | 39,039 | ||||||||||||
871 | Veracyte Inc., (2) | 5,052 | ||||||||||||
4,653 | West Pharmaceutical Services Inc., (3) | 331,294 | ||||||||||||
5,772 | Wright Medical Group, Inc., (2) | 108,398 | ||||||||||||
2,084 | Zeltiq Aesthetics Inc., (2) | 62,312 | ||||||||||||
Total Health Care Equipment & Supplies | 4,107,606 | |||||||||||||
Health Care Providers & Services – 2.6% | ||||||||||||||
514 | AAC Holdings, Inc., (2), (3) | 10,583 |
74 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Health Care Providers & Services (continued) | ||||||||||||||
1,884 | Aceto Corporation, (3) | $ | 42,258 | |||||||||||
437 | Addus HomeCare Corporation, (2) | 8,085 | ||||||||||||
400 | Adeptus Health Inc., Class A Shares, (2), (3) | 27,248 | ||||||||||||
2,540 | Air Methods Corporation, (2), (3) | 93,929 | ||||||||||||
416 | Alliance Imaging Inc., (2) | 2,991 | ||||||||||||
464 | Almost Family, Inc., (2) | 19,493 | ||||||||||||
1,825 | Amedisys, Inc., (2), (3) | 93,969 | ||||||||||||
3,076 | AMN Healthcare Services Inc., (2) | 109,229 | ||||||||||||
3,489 | AmSurg Corporation, (2), (3) | 282,539 | ||||||||||||
4,439 | Bioscrip, Inc., (2), (3) | 11,719 | ||||||||||||
1,750 | BioTelemetry Inc., (2) | 27,527 | ||||||||||||
1,906 | Capital Senior Living Corporation, (2) | 38,234 | ||||||||||||
1,080 | Chemed Corporation | 140,162 | ||||||||||||
756 | Civitas Solutions Inc., (2) | 15,150 | ||||||||||||
557 | Corvel Corporation, (2) | 25,176 | ||||||||||||
2,081 | Cross Country Healthcare, Inc., (2) | 25,867 | ||||||||||||
2,339 | Diplomat Pharmacy, Inc., (2), (3) | 70,848 | ||||||||||||
3,292 | Ensign Group Inc. | 74,268 | ||||||||||||
2,674 | ExamWorks Group Inc., (2), (3) | 96,398 | ||||||||||||
2,795 | Five Star Quality Care Inc., (2) | 6,820 | ||||||||||||
2,712 | Genesis Healthcare Inc., (2) | 6,834 | ||||||||||||
2,345 | HealthEquity, Inc., (2) | 58,977 | ||||||||||||
5,918 | HealthSouth Corporation, (3) | 245,360 | ||||||||||||
2,008 | Healthways Inc., (2) | 23,393 | ||||||||||||
5,398 | Kindred Healthcare Inc. | 79,674 | ||||||||||||
619 | Landauer Inc. | 21,504 | ||||||||||||
842 | LHC Group, Inc., (2) | 33,966 | ||||||||||||
1,615 | Magellan Health Services, Inc., (2) | 113,793 | ||||||||||||
2,508 | Molina Healthcare Inc., (2), (3) | 129,814 | ||||||||||||
651 | National Healthcare Corporation | 41,957 | ||||||||||||
634 | National Research Corporation | 9,123 | ||||||||||||
2,067 | Nobilis Health Corporation, (2), (3) | 8,723 | ||||||||||||
3,818 | Owens and Minor Inc., (3) | 138,937 | ||||||||||||
1,966 | Pharmerica Corporation, (2) | 46,476 | ||||||||||||
820 | Providence Service Corporation, (2) | 40,869 | ||||||||||||
2,536 | RadNet, Inc., (2) | 12,807 | ||||||||||||
7,114 | Select Medical Corporation, (3) | 95,185 | ||||||||||||
1,023 | Surgery Partners Inc., (2) | 16,665 | ||||||||||||
1,391 | Surgical Care Affiliates Inc., (2) | 67,255 |
Nuveen | 75 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Health Care Providers & Services (continued) | ||||||||||||||
4,658 | Team Health Holdings Inc., (2), (3) | $ | 194,844 | |||||||||||
613 | Teladoc, Inc., (2), (3) | 7,448 | ||||||||||||
1,563 | Triple-S Management Corporation, Class B Shares, (2) | 40,701 | ||||||||||||
3,201 | Universal American Corporation, (2) | 23,815 | ||||||||||||
801 | US Physical Therapy, Inc. | 39,938 | ||||||||||||
2,849 | Wellcare Health Plans Inc., (2), (3) | 256,382 | ||||||||||||
Total Health Care Providers & Services | 2,976,933 | |||||||||||||
Health Care Technology – 0.5% | ||||||||||||||
2,181 | Castlight Health Inc., Class B, (2) | 7,852 | ||||||||||||
732 | Computer Programs and Systems, Inc., (3) | 37,574 | ||||||||||||
513 | Connecture, Inc., (2) | 1,185 | ||||||||||||
855 | Evolent Health Inc., (2) | 10,269 | ||||||||||||
1,633 | Healthstream, Inc., (2) | 36,938 | ||||||||||||
5,432 | HMS Holdings Corporation, (2) | 91,746 | ||||||||||||
588 | Imprivata Inc., (2), (3) | 7,127 | ||||||||||||
3,575 | Medidata Solutions, Inc., (2) | 155,977 | ||||||||||||
2,345 | Omnicell, Inc., (2) | 74,712 | ||||||||||||
661 | Press Ganey Holdings, Inc., (2) | 20,141 | ||||||||||||
3,231 | Quality Systems Inc., (3) | 45,492 | ||||||||||||
1,664 | Vocera Communications Incorporated, (2) | 19,502 | ||||||||||||
Total Health Care Technology | 508,515 | |||||||||||||
Hotels, Restaurants & Leisure – 3.1% | ||||||||||||||
6,266 | Belmond Limited, Class A, (2) | 57,397 | ||||||||||||
108 | Biglari Holdings Inc., (2) | 40,386 | ||||||||||||
1,276 | BJ’s Restaurants, Inc., (2) | 56,910 | ||||||||||||
7,553 | Bloomin Brands | 141,241 | ||||||||||||
1,281 | Bob Evans Farms | 58,337 | ||||||||||||
536 | Bojangles’, Inc., (2) | 9,450 | ||||||||||||
5,160 | Boyd Gaming Corporation, (2), (3) | 96,182 | ||||||||||||
1,125 | Bravo Brio Restaurant Group, (2) | 8,291 | ||||||||||||
1,229 | Buffalo Wild Wings, Inc., (2) | 164,268 | ||||||||||||
2,989 | Caesars Acquisition Company, Class A, (2) | 22,627 | ||||||||||||
3,754 | Caesar’s Entertainment Corporation, (2) | 25,640 | ||||||||||||
2,296 | Carrols Restaurant Group, Inc., (2) | 31,937 | ||||||||||||
1,241 | CBRL Group Inc., (3) | 181,695 | ||||||||||||
3,153 | Cheesecake Factory Inc. | 160,835 | ||||||||||||
823 | Churchill Downs Inc. | 110,430 | ||||||||||||
1,064 | Chuy’s Holdings Inc., (2) | 32,495 | ||||||||||||
2,841 | ClubCorp Holdings Inc. | 37,927 |
76 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Hotels, Restaurants & Leisure (continued) | ||||||||||||||
1,473 | Dave & Buster’s Entertainment Inc., (2) | $ | 57,005 | |||||||||||
1,526 | Del Friscos Restaurant Group, (2) | 24,309 | ||||||||||||
4,980 | Denny’s Corporation, (2) | 49,252 | ||||||||||||
2,693 | Diamond Resorts International Inc., (2), (3) | 57,119 | ||||||||||||
912 | DineEquity Inc. | 78,432 | ||||||||||||
870 | El Pollo Loco Holdings, Inc., (2), (3) | 11,475 | ||||||||||||
1,823 | Eldorado Resorts Inc., (2) | 23,900 | ||||||||||||
209 | Empire Resorts, Inc., (2), (3) | 3,476 | ||||||||||||
1,734 | Fiesta Restaurant Group, (2) | 55,679 | ||||||||||||
743 | Habit Restaurants Inc., Class A Shares, (2) | 12,445 | ||||||||||||
2,532 | Interval Leisure Group Inc., (3) | 35,752 | ||||||||||||
1,805 | Intl Speedway Corporation | 60,449 | ||||||||||||
1,024 | Intrawest Resorts Holdings Inc., (2) | 8,847 | ||||||||||||
1,429 | Isle of Capri Casinos, (2) | 21,292 | ||||||||||||
894 | J Alexanders Holdings Inc., (2) | 9,208 | ||||||||||||
2,243 | Jack in the Box Inc., Term Loan, (3) | 151,515 | ||||||||||||
843 | Jamba, Inc., (2), (3) | 10,951 | ||||||||||||
547 | Kona Grill, Inc., (2) | 7,286 | ||||||||||||
4,195 | Krispy Kreme Doughnuts Inc., (2) | 73,035 | ||||||||||||
6,055 | La Quinta Holdings Inc., (2) | 77,322 | ||||||||||||
1,188 | Marcus Corporation | 22,988 | ||||||||||||
1,520 | Marriott Vacations World | 95,213 | ||||||||||||
656 | Monarch Casino & Resort, Inc., (2) | 12,464 | ||||||||||||
2,220 | Morgans Hotel Group Company, (2) | 3,308 | ||||||||||||
771 | Noodles & Company, (2) | 8,597 | ||||||||||||
1,775 | Papa John’s International, Inc., (3) | 100,447 | ||||||||||||
588 | Papa Murphy’s Holdings Inc., (2), (3) | 7,385 | ||||||||||||
5,161 | Penn National Gaming, Inc., (2) | 83,247 | ||||||||||||
3,915 | Pinnacle Entertainment Inc., (2) | 43,222 | ||||||||||||
1,004 | Planet Fitness Inc., (2), (3) | 15,421 | ||||||||||||
1,498 | Popeye’s Louisiana Kitchen Inc., (2) | 80,532 | ||||||||||||
1,237 | Potbelly Corporation, (2) | 17,627 | ||||||||||||
914 | Red Robin Gourmet Burgers, Inc., (2) | 59,282 | ||||||||||||
4,206 | Ruby Tuesday, Inc., (2) | 18,506 | ||||||||||||
2,258 | Ruth’s Chris Steak House, Inc. | 35,857 | ||||||||||||
3,402 | Scientific Games Corporation, (2), (3) | 33,748 | ||||||||||||
4,421 | Seaworld Entertainment, (3) | 88,111 | ||||||||||||
371 | Shake Shack Inc., Class A Shares, (2), (3) | 13,549 | ||||||||||||
3,176 | Sonic Corporation | 109,159 |
Nuveen | 77 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Hotels, Restaurants & Leisure (continued) | ||||||||||||||
756 | Speedway Motorsports Inc. | $ | 13,245 | |||||||||||
4,527 | Texas Roadhouse, Inc., (3) | 184,339 | ||||||||||||
2,350 | Vail Resorts, Inc., (3) | 304,654 | ||||||||||||
431 | Wingstop Inc., (2) | 10,749 | ||||||||||||
1,249 | Zoe’s Kitchen Inc., (2), (3) | 46,825 | ||||||||||||
Total Hotels, Restaurants & Leisure | 3,473,272 | |||||||||||||
Household Durables – 1.2% | ||||||||||||||
696 | Bassett Furniture, Inc. | 20,539 | ||||||||||||
2,322 | Beazer Homes USA, Inc., (2) | 19,087 | ||||||||||||
4,976 | CalAtlantic Group Inc., (3) | 161,073 | ||||||||||||
574 | Cavco Industries, Inc., (2) | 50,334 | ||||||||||||
984 | Century Communities, Inc., (2) | 16,964 | ||||||||||||
706 | CSS Industries Inc. | 19,740 | ||||||||||||
1,644 | Ethan Allen Interiors Inc. | 55,962 | ||||||||||||
380 | Flexsteel Industries, Inc. | 15,538 | ||||||||||||
1,465 | Green Brick Partners, Inc., (2) | 10,797 | ||||||||||||
1,843 | Helen of Troy Limited, (2) | 183,434 | ||||||||||||
733 | Hooker Furniture Corporation | 18,178 | ||||||||||||
8,484 | Hovnanian Enterprises Inc., (2) | 14,168 | ||||||||||||
1,471 | Installed Building Products Inc., (2) | 39,099 | ||||||||||||
1,923 | Irobot Corporation, (2), (3) | 71,882 | ||||||||||||
4,875 | KB Home, (3) | 66,154 | ||||||||||||
3,311 | La Z Boy Inc. | 85,656 | ||||||||||||
904 | LGI Homes Inc., (2), (3) | 25,321 | ||||||||||||
1,412 | Libbey Inc. | 26,263 | ||||||||||||
730 | Lifetime Brands, Inc. | 12,607 | ||||||||||||
1,585 | M/I Homes, Inc., (2), (3) | 31,859 | ||||||||||||
2,527 | MDC Holdings Inc., (3) | 62,189 | ||||||||||||
2,565 | Meritage Corporation, (2) | 87,287 | ||||||||||||
267 | Nacco Industries Inc. | 15,892 | ||||||||||||
787 | New Home Company Inc., (2) | 8,759 | ||||||||||||
1,502 | Skullcandy Inc., (2) | 5,122 | ||||||||||||
2,102 | Taylor Morrison, (2), (3) | 30,269 | ||||||||||||
10,454 | Tri Pointe Group, Incorporated, (2), (3) | 121,266 | ||||||||||||
937 | Univeral Electronics Inc., (2) | 62,226 | ||||||||||||
998 | WCI Communities Inc., (2) | 15,948 | ||||||||||||
1,261 | William Lyon Homes Inc., Class A Shares, (2), (3) | 17,780 | ||||||||||||
1,867 | Zagg Inc., (2), (3) | 14,955 | ||||||||||||
Total Household Durables | 1,386,348 |
78 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Household Products – 0.2% | ||||||||||||||
2,735 | Central Garden & Pet Company, (2) | $ | 44,553 | |||||||||||
5,085 | HRG Group, Inc., (2) | 73,224 | ||||||||||||
317 | Oil Dri Corporation | 10,575 | ||||||||||||
463 | Orchids Paper Products Company | �� | 14,200 | |||||||||||
942 | WD 40 Company | 96,367 | ||||||||||||
Total Household Products | 238,919 | |||||||||||||
Independent Power & Renewable Electricity Producers – 0.5% | ||||||||||||||
3,172 | Abengoa Yield PLC, (3) | 57,191 | ||||||||||||
7,884 | Atlantic Power Corporation | 20,971 | ||||||||||||
7,796 | Dynegy Inc., (2) | 137,443 | ||||||||||||
2,453 | NRG Yield Inc., Class A Shares | 37,114 | ||||||||||||
4,060 | NRG Yield, Inc., Class C Shares | 65,691 | ||||||||||||
2,406 | Ormat Technologies Inc. | 104,420 | ||||||||||||
3,606 | Pattern Energy Group Inc. | 75,726 | ||||||||||||
5,396 | Talen Energy Corporation, (2) | 62,917 | ||||||||||||
2,780 | TerraForm Global Inc., Class A Shares | 8,090 | ||||||||||||
1,468 | Vivint Solar Inc., (2) | 4,903 | ||||||||||||
Total Independent Power & Renewable Electricity Producers | 574,466 | |||||||||||||
Industrial Conglomerates – 0.0% | ||||||||||||||
1,886 | Raven Industries, Inc. | 30,346 | ||||||||||||
Insurance – 2.2% | ||||||||||||||
2,910 | Ambac Financial Group, Inc., (2) | 47,229 | ||||||||||||
5,268 | American Equity Investment Life Holding Company, (3) | 73,752 | ||||||||||||
1,227 | Amerisafe, Inc. | 66,111 | ||||||||||||
1,806 | Argo Group International Holdings Inc. | 99,276 | ||||||||||||
671 | Atlas Financial Holdings Inc., (2) | 11,789 | ||||||||||||
514 | Baldwin & Lyons, Class B | 12,562 | ||||||||||||
3,325 | Citizens Inc., (2), (3) | 27,099 | ||||||||||||
12,027 | CNO Financial Group Inc., (3) | 220,936 | ||||||||||||
2,188 | Crawford & Co | 14,747 | ||||||||||||
524 | Donegal Group, Inc., B | 8,022 | ||||||||||||
1,159 | eHealth, Inc., (2) | 12,969 | ||||||||||||
507 | EMC Insurance Group Inc. | 13,415 | ||||||||||||
2,063 | Employers Holdings, Inc. | 61,271 | ||||||||||||
498 | Enstar Group, Limited, (2), (3) | 78,903 | ||||||||||||
621 | FBL Financial Group Inc. | 37,552 | ||||||||||||
917 | Federated National Holding Company | 17,469 | ||||||||||||
624 | Fidelity & Guaranty Life | 16,499 | ||||||||||||
7,011 | First American Corporation, (3) | 252,536 |
Nuveen | 79 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Insurance (continued) | ||||||||||||||
563 | Global Indemnity PLC, (2) | $ | 17,706 | |||||||||||
1,871 | Greenlight Capital Re, Ltd, (2), (3) | 40,283 | ||||||||||||
915 | Hallmark Financial Services, Inc., (2) | 10,330 | ||||||||||||
554 | HCI Group Inc., (3) | 16,598 | ||||||||||||
1,597 | Heritage Insurance Holdings, Inc. | 21,224 | ||||||||||||
2,661 | Horace Mann Educators Corporation | 82,757 | ||||||||||||
457 | Independence Holding Company | 7,024 | ||||||||||||
742 | Infinity Property and Casualty Corporation | 59,479 | ||||||||||||
711 | James River Group Holdings, Limited | 22,013 | ||||||||||||
2,812 | Kemper Corporation | 87,060 | ||||||||||||
3,272 | Maiden Holdings, Ltd | 40,017 | ||||||||||||
7,592 | MBIA Inc., (2) | 59,218 | ||||||||||||
2,593 | National General Holdings Corporation | 52,353 | ||||||||||||
462 | National Interstate Corporation | 14,225 | ||||||||||||
144 | National Western Life Group Inc. | 31,205 | ||||||||||||
685 | Navigators Group, Inc., (2) | 56,588 | ||||||||||||
1,469 | OneBeacon Insurance Group Limited, Class A | 18,216 | ||||||||||||
563 | Patriot National Inc., (2) | 4,684 | ||||||||||||
3,128 | Primerica Inc., (3) | 155,024 | ||||||||||||
2,793 | RLI Corporation | 173,669 | ||||||||||||
977 | Safety Insurance Group, Inc. | 55,308 | ||||||||||||
3,683 | Selective Insurance Group Inc. | 127,837 | ||||||||||||
969 | State Auto Financial Corporation | 19,874 | ||||||||||||
2,026 | State National Companies Inc. | 22,853 | ||||||||||||
1,484 | Stewart Information Services Corporation | 51,673 | ||||||||||||
5,458 | Third Point Reinsurance Limited, (2), (3) | 62,112 | ||||||||||||
1,056 | Trupanion Inc., (2), (3) | 13,168 | ||||||||||||
1,309 | United Fire Group Inc. | 58,669 | ||||||||||||
1,109 | United Insurance Holdings Corporation | 18,088 | ||||||||||||
2,169 | Universal Insurance Holdings Inc., (3) | 38,196 | ||||||||||||
Total Insurance | 2,509,588 | |||||||||||||
Internet & Catalog Retail – 0.5% | ||||||||||||||
1,617 | 1-800-Flowers, (2) | 12,693 | ||||||||||||
768 | Blue Nile Inc., (2) | 19,799 | ||||||||||||
495 | Duluth Holdings Inc., (2) | 11,776 | ||||||||||||
1,292 | Etsy, Inc., (2) | 11,344 | ||||||||||||
3,273 | EVINE Live Inc., (2) | 5,040 | ||||||||||||
1,180 | FTD Companies Inc., (2), (3) | 32,816 | ||||||||||||
2,103 | Hosting Site Network, Inc. | 111,522 |
80 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Internet & Catalog Retail (continued) | ||||||||||||||
1,063 | Lands’ End Inc., (2), (3) | $ | 25,863 | |||||||||||
4,837 | Liberty TripAdvisor Holdings Inc., (2) | 106,704 | ||||||||||||
1,870 | Nutri System Inc. | 41,177 | ||||||||||||
776 | Overstock.com, Inc., (2) | 11,322 | ||||||||||||
1,074 | PetMed Express, Inc., (3) | 19,654 | ||||||||||||
2,276 | Shutterfly, Inc., (2), (3) | 104,650 | ||||||||||||
1,297 | Wayfair Inc., Class A Shares, (2), (3) | 48,962 | ||||||||||||
Total Internet & Catalog Retail | 563,322 | |||||||||||||
Internet Software & Services – 2.2% | ||||||||||||||
2,626 | Actua Corporation, (2) | 24,894 | ||||||||||||
545 | Alarm Com Holdings Inc., (2), (3) | 12,431 | ||||||||||||
1,196 | Amber Road Inc., (2) | 5,872 | ||||||||||||
2,833 | Angie’s List, (2), (3) | 24,789 | ||||||||||||
346 | Apigee Corp., (2) | 3,356 | ||||||||||||
381 | Appfolio Inc., Class A Shares, (2), (3) | 4,778 | ||||||||||||
4,023 | Bankrate Inc., (2) | 36,770 | ||||||||||||
3,876 | Bazaarvoice Inc., (2) | 12,985 | ||||||||||||
509 | BenefitFocus Inc., (2), (3) | 19,291 | ||||||||||||
2,646 | Blucora Inc., (2) | 21,194 | ||||||||||||
835 | Box, Inc., Class A Shares, (2), (3) | 10,797 | ||||||||||||
2,104 | Brightcove Inc., (2) | 12,729 | ||||||||||||
1,172 | Carbonite Inc., (2) | 8,837 | ||||||||||||
1,239 | CareCom Inc., (2) | 9,218 | ||||||||||||
1,401 | ChannelAdvisor Corporation, (2) | 17,456 | ||||||||||||
2,122 | Cimpress NV, (2), (3) | 186,460 | ||||||||||||
3,170 | ComScore Inc., (2) | 97,065 | ||||||||||||
3,489 | Cornerstone OnDemand Inc., (2) | 119,847 | ||||||||||||
1,512 | Cvent Inc., (2) | 53,449 | ||||||||||||
2,160 | Demandware Incorporated, (2), (3) | 99,533 | ||||||||||||
2,716 | DHI Group Inc., (2) | 19,311 | ||||||||||||
6,667 | Earthlink Holdings Corporation | 38,735 | ||||||||||||
3,790 | Endurance International Group Holdings Inc., (2) | 40,591 | ||||||||||||
2,505 | Envestnet Inc., (2), (3) | 78,607 | ||||||||||||
1,462 | Everyday Health Inc., (2) | 8,480 | ||||||||||||
1,607 | Five9, Inc., (2) | 14,865 | ||||||||||||
3,633 | Gogo Inc., (2) | 38,473 | ||||||||||||
4,862 | GrubHub Inc., (2), (3) | 127,482 | ||||||||||||
1,582 | GTT Communications Inc., (2) | 25,280 | ||||||||||||
555 | Hortonworks Inc., (2) | 6,421 |
Nuveen | 81 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Internet Software & Services (continued) | ||||||||||||||
3,976 | inContact, Inc., (2) | $ | 37,017 | |||||||||||
327 | Instructure Inc., (2) | 6,586 | ||||||||||||
3,724 | Internap Network Services Corporation, (2) | 8,491 | ||||||||||||
2,599 | Intralinks Holdings Inc., (2) | 23,157 | ||||||||||||
3,118 | J2 Global Inc., (3) | 198,055 | ||||||||||||
3,936 | Limelight Networks Inc., (2) | 6,888 | ||||||||||||
1,558 | Liquidity Services, Inc., (2) | 8,694 | ||||||||||||
3,690 | Liveperson, Inc., (2) | 22,325 | ||||||||||||
1,593 | LogMeIn Inc., (2) | 95,102 | ||||||||||||
2,106 | Marchex, Inc. | 8,951 | ||||||||||||
2,042 | Marin Software Inc., (2) | 5,228 | ||||||||||||
2,357 | Marketo Inc., (2) | 51,830 | ||||||||||||
127 | MaxPoint Interactive, Inc., (2), (3) | 1,020 | ||||||||||||
462 | MINDBODY, Inc., Class A Shares, (2), (3) | 6,288 | ||||||||||||
5,885 | Monster Worldwide Inc., (2) | 18,832 | ||||||||||||
373 | New Relic, Inc., (2), (3) | 9,616 | ||||||||||||
4,239 | NIC, Incorporated | 75,073 | ||||||||||||
1,690 | OPOWER Inc., (2), (3) | 13,351 | ||||||||||||
1,259 | Q2 Holdings Inc., (2) | 30,103 | ||||||||||||
3,948 | Quotient Technology Inc., (2), (3) | 45,876 | ||||||||||||
2,411 | QuinStreet, Inc., (2) | 8,487 | ||||||||||||
1,499 | RealNetworks Inc., (2) | 6,835 | ||||||||||||
550 | Reis, Inc. | 13,844 | ||||||||||||
2,268 | RetailMeNot Inc., (2) | 19,119 | ||||||||||||
1,788 | Rocket Fuel Inc., (2) | 5,114 | ||||||||||||
1,785 | SciQuest Inc., (2) | 24,669 | ||||||||||||
1,269 | Shutterstock Incorporated, (2), (3) | 52,054 | ||||||||||||
1,069 | SPS Commerce Inc., (2) | 54,444 | ||||||||||||
923 | Stamps.com Inc., (2), (3) | 76,018 | ||||||||||||
1,286 | TechTarget Inc., (2) | 9,979 | ||||||||||||
472 | Travelzoo Inc., (2) | 3,601 | ||||||||||||
3,164 | TrueCar Inc., (2), (3) | 21,642 | ||||||||||||
950 | United Online, Inc. | 10,289 | ||||||||||||
2,834 | Web.com, Inc., (2) | 56,652 | ||||||||||||
2,445 | WebMD Health Corporation, Class A, (2), (3) | 153,399 | ||||||||||||
1,210 | Wix.com Limited, (2) | 29,911 | ||||||||||||
499 | Xactly Corp., (2) | 4,022 | ||||||||||||
1,711 | XO Group, Incorporated, (2) | 30,216 | ||||||||||||
Total Internet Software & Services | 2,432,774 |
82 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
IT Services – 2.3% | ||||||||||||||
5,056 | Acxiom Corporation, (2) | $ | 111,080 | |||||||||||
3,511 | Blackhawk Network Holdings Inc., (2) | 112,808 | ||||||||||||
1,564 | CACI International Inc., (2) | 150,379 | ||||||||||||
2,903 | Cardtronics Inc., (2) | 114,436 | ||||||||||||
742 | Cass Information Systems, Inc. | 36,707 | ||||||||||||
5,098 | Ciber, Inc., (2) | 11,827 | ||||||||||||
6,391 | Convergys Corporation, (3) | 169,361 | ||||||||||||
2,118 | CSG Systems International Inc. | 93,997 | ||||||||||||
1,252 | Datalink Corporation, (2) | 10,054 | ||||||||||||
3,163 | EPAM Systems Inc., (2), (3) | 230,678 | ||||||||||||
3,355 | Euronet Worldwide, Inc., (2) | 258,670 | ||||||||||||
4,256 | Everi Holdings Inc., (2) | 7,150 | ||||||||||||
4,254 | Evertec Inc. | 57,301 | ||||||||||||
2,154 | Exlservice Holdings, Inc., (2) | 104,232 | ||||||||||||
649 | Forrester Research, Inc. | 21,819 | ||||||||||||
1 | Global Payments, Inc. | 59 | ||||||||||||
1,548 | Hackett Group, Inc. | 23,034 | ||||||||||||
4,161 | Lionbridge Technologies, Inc., (2) | 20,763 | ||||||||||||
1,186 | Luxoft Holding Inc., (2), (3) | 68,563 | ||||||||||||
1,568 | ManTech International Corporation, Class A | 52,998 | ||||||||||||
4,261 | Maximus Inc., (3) | 225,407 | ||||||||||||
1,982 | Moneygram International Inc., (2) | 12,189 | ||||||||||||
3,581 | NeuStar, Inc., (2), (3) | 84,118 | ||||||||||||
2,292 | Perficient, Inc., (2) | 47,857 | ||||||||||||
780 | PFSweb, Inc., (2) | 10,998 | ||||||||||||
2,977 | Science Applications International Corporation, (3) | 158,049 | ||||||||||||
3,809 | ServiceSource International Inc., (2) | 15,350 | ||||||||||||
2,521 | Sykes Enterprises Inc., (2) | 73,487 | ||||||||||||
2,029 | Syntel Inc., (3) | 86,293 | ||||||||||||
1,051 | TeleTech Holdings, Inc. | 29,207 | ||||||||||||
6,826 | Travelport Worldwide Limited | 95,223 | ||||||||||||
3,229 | Unisys Corporation, (2) | 24,896 | ||||||||||||
1,918 | Virtusa Corporation, (2) | 68,166 | ||||||||||||
Total IT Services | 2,587,156 | |||||||||||||
Leisure Products – 0.3% | ||||||||||||||
878 | Arctic Cat, Inc., (3) | 14,601 | ||||||||||||
1,453 | Black Diamond Group Inc., (2) | 6,175 | ||||||||||||
5,048 | Callaway Golf Company | 47,148 | ||||||||||||
646 | Escalade, Inc. | 7,707 |
Nuveen | 83 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Leisure Products (continued) | ||||||||||||||
1,065 | JAKKS Pacific Inc. | $ | 7,988 | |||||||||||
328 | Johnson Outdoors, Inc. | 7,915 | ||||||||||||
1,154 | Malibu Boats Inc., Class A, (2) | 20,310 | ||||||||||||
691 | Marine Products Corporation | 5,659 | ||||||||||||
472 | MCBC Holdings, Inc., (2) | 6,334 | ||||||||||||
2,030 | Nautilus Group, Inc., (2) | 35,809 | ||||||||||||
3,072 | Performance Sports Group Limited, (2) | 11,397 | ||||||||||||
3,478 | Smith & Wesson Holding Corporation, (2), (3) | 75,925 | ||||||||||||
1,208 | Sturm, Ruger, & Company, (3) | 77,348 | ||||||||||||
Total Leisure Products | 324,316 | |||||||||||||
Life Sciences Tools & Services – 0.6% | ||||||||||||||
1,594 | Accelerate Diagnostics Inc., (2), (3) | 20,005 | ||||||||||||
1,614 | Albany Molecular Research Inc., (2), (3) | 24,291 | ||||||||||||
2,025 | Cambrex Corporation, (2) | 97,686 | ||||||||||||
1,862 | Fluidigm Corporation, (2) | 17,838 | ||||||||||||
2,267 | Harvard Bioscience, Inc., (2) | 6,733 | ||||||||||||
838 | INC Research Holdings Inc., Class A Shares, (2) | 40,333 | ||||||||||||
2,783 | Luminex Corporation, (2) | 55,938 | ||||||||||||
868 | NanoString Technologies, Inc., (2) | 13,819 | ||||||||||||
3,463 | NeoGenomics Inc., (2), (3) | 28,189 | ||||||||||||
4,504 | Pacific Biosciences of California Inc., (2) | 43,464 | ||||||||||||
3,388 | Parexel International Corporation, (2) | 207,007 | ||||||||||||
1,286 | PRA Health Sciences, Inc., (2), (3) | 61,021 | ||||||||||||
7,638 | Sequenom, Inc., (2), (3) | 9,777 | ||||||||||||
Total Life Sciences Tools & Services | 626,101 | |||||||||||||
Machinery – 2.8% | ||||||||||||||
2,985 | Accuride Corporation, (2) | 4,836 | ||||||||||||
3,852 | Actuant Corporation | 102,887 | ||||||||||||
553 | Alamo Group Inc. | 31,211 | ||||||||||||
1,831 | Albany International Corporation, Class A | 73,771 | ||||||||||||
1,708 | Altra Industrial Motion, Inc., (3) | 49,020 | ||||||||||||
569 | American Railcar Industries, (3) | 23,335 | ||||||||||||
1,226 | Astec Industries Inc. | 59,338 | ||||||||||||
3,544 | Barnes Group Inc. | 115,145 | ||||||||||||
2,885 | Briggs & Stratton Corporation | 61,075 | ||||||||||||
1,975 | Chart Industries, Inc., (2) | 50,837 | ||||||||||||
1,110 | CIRCOR International Inc. | 62,659 | ||||||||||||
3,245 | CLARCOR, Inc., (3) | 190,709 | ||||||||||||
1,297 | Columbus McKinnon Corporation NY | 21,413 |
84 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Machinery (continued) | ||||||||||||||
1,998 | Commercial Vehicle Group Inc., (2) | $ | 5,135 | |||||||||||
1,447 | Douglas Dynamics Inc. | 33,151 | ||||||||||||
1,477 | EnPro Industries Inc. | 86,523 | ||||||||||||
1,688 | ESCO Technologies Inc. | 64,954 | ||||||||||||
769 | ExOne Company, (2) | 10,166 | ||||||||||||
4,044 | Federal Signal Corporation | 55,362 | ||||||||||||
3,081 | Franklin Electric Company, Inc. | 97,329 | ||||||||||||
797 | Freightcar America Inc. | 13,669 | ||||||||||||
1,389 | Global Brass & Copper Holdings Inc. | 37,642 | ||||||||||||
1,410 | Gorman-Rupp Company, (3) | 39,889 | ||||||||||||
655 | Graham Corporation | 12,124 | ||||||||||||
1,706 | Greenbrier Companies Inc., (3) | 51,163 | ||||||||||||
5,426 | Harsco Corporation | 38,470 | ||||||||||||
4,070 | Hillenbrand Inc. | 123,362 | ||||||||||||
423 | Hurco Companies, Inc. | 13,697 | ||||||||||||
613 | Hyster-Yale Materials Handling Inc. | 37,546 | ||||||||||||
1,891 | John Bean Technologies Corporation | 98,597 | ||||||||||||
709 | Kadant Inc. | 33,571 | ||||||||||||
672 | LB Foster Company | 13,225 | ||||||||||||
721 | Lindsay Manufacturing Company, (3) | 55,128 | ||||||||||||
1,101 | Lydall Inc., (2) | 40,506 | ||||||||||||
6,187 | Meritor Inc., (2) | 52,590 | ||||||||||||
732 | Midwest Air Group Inc. | 15,562 | ||||||||||||
887 | Milacron Holdings Corporation, (2) | 15,194 | ||||||||||||
3,684 | Mueller Industries Inc. | 116,267 | ||||||||||||
10,405 | Mueller Water Products Inc., (3) | 111,854 | ||||||||||||
3,455 | Navistar International Corporation, (2) | 52,136 | ||||||||||||
1,735 | NN, Incorporated, (3) | 26,094 | ||||||||||||
187 | OmegaFlex, Inc. | 6,160 | ||||||||||||
1,507 | Proto Labs Incorporated, (2), (3) | 90,164 | ||||||||||||
1,513 | RBC Bearings Inc., (2), (3) | 110,903 | ||||||||||||
6,585 | Rexnord Corporation, (2) | 143,553 | ||||||||||||
826 | Standex International Corporation | 63,346 | ||||||||||||
1,469 | Sun Hydraulics Corporation | 51,973 | ||||||||||||
1,190 | Tennant Company | 63,558 | ||||||||||||
3,071 | Titan International Inc., (3) | 20,361 | ||||||||||||
2,930 | TriMas Corporation, (2) | 53,033 | ||||||||||||
540 | Twin Disc, Inc. | 7,155 | ||||||||||||
4,392 | Wabash National Corporation, (2) | 62,586 |
Nuveen | 85 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Machinery (continued) | ||||||||||||||
1,821 | Watts Water Technologies, Inc. | $ | 101,739 | |||||||||||
4,004 | Woodward Governor Company, (3) | 217,057 | ||||||||||||
783 | Xerium Technologies, (2) | 4,142 | ||||||||||||
Total Machinery | 3,192,872 | |||||||||||||
Marine – 0.1% | ||||||||||||||
1,643 | Eagle Bulk Shipping Inc., (2) | 1,355 | ||||||||||||
4,751 | Golden Ocean Group Limited, (2) | 4,119 | ||||||||||||
2,811 | Matson Incorporated | 109,292 | ||||||||||||
5,786 | Navios Maritime Holdings Inc., (3) | 6,770 | ||||||||||||
3,139 | Safe Bulkers Inc. | 3,892 | ||||||||||||
2,889 | Scorpio Bulkers Inc., (2) | 11,123 | ||||||||||||
1,781 | Ultrapetrol Limited, (2) | 497 | ||||||||||||
Total Marine | 137,048 | |||||||||||||
Media – 1.5% | ||||||||||||||
1,371 | AMC Entertainment Holdings Inc. | 38,635 | ||||||||||||
1,584 | Carmike Cinemas, Inc., (2) | 47,504 | ||||||||||||
4,992 | Central European Media Enterprises Limited, (2) | 13,279 | ||||||||||||
2,344 | Crown Media Holdings, Inc., (2) | 11,884 | ||||||||||||
9,223 | Cumulus Media, Inc., (2) | 3,427 | ||||||||||||
70 | Daily Journal Corporation, (2) | 13,748 | ||||||||||||
4,912 | Dreamworks Animation SKG Inc., (2), (3) | 196,087 | ||||||||||||
3,824 | E.W. Scripps Company, Class A, (3) | 58,048 | ||||||||||||
1,721 | Entercom Communications Corporation, (2) | 19,516 | ||||||||||||
4,122 | Entravision Communications Corporation | 32,770 | ||||||||||||
1,829 | Eros International PLC, (2), (3) | 24,472 | ||||||||||||
2,997 | Global Eagle Acquisition Corporation, (2) | 24,006 | ||||||||||||
4,277 | Gray Television Inc., (3) | 54,959 | ||||||||||||
3,267 | Harte-Hanks Inc. | 5,946 | ||||||||||||
144 | Hemisphere Media Group Inc., (2) | 1,722 | ||||||||||||
3,906 | Imax Corporation, (2), (3) | 124,992 | ||||||||||||
847 | Loral Space & Communications, Inc., (2) | 31,068 | ||||||||||||
2,809 | MDC Partners, Inc., (3) | 56,854 | ||||||||||||
6,198 | Media General Inc. | 107,411 | ||||||||||||
2,377 | Meredith Corporation | 121,964 | ||||||||||||
3,976 | National CineMedia, Inc. | 56,459 | ||||||||||||
2,889 | New Media Investment Group Inc. | 46,368 | ||||||||||||
8,893 | New York Times, Class A | 114,008 | ||||||||||||
2,024 | Nexstar Broadcasting Group, Inc., (3) | 103,892 | ||||||||||||
1,070 | Reading International Inc., A, (2) | 13,878 |
86 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Media (continued) | ||||||||||||||
246 | Saga Communications Inc. Class A Shares | $ | 10,344 | |||||||||||
1,724 | Scholastic Corporation | 62,719 | ||||||||||||
4,285 | Sinclair Broadcast Group, Series A | 137,420 | ||||||||||||
1,457 | Sizmek Inc., (2) | 3,861 | ||||||||||||
442 | T2 Biosystems, Inc., (2) | 4,703 | ||||||||||||
7,083 | Time Inc. | 104,120 | ||||||||||||
1,782 | Tribune Publishing Company | 20,190 | ||||||||||||
1,947 | World Wrestling Entertainment Inc., (3) | 32,398 | ||||||||||||
Total Media | 1,698,652 | |||||||||||||
Metals & Mining – 1.0% | ||||||||||||||
11,499 | AK Steel Holding Corporation, (3) | 53,815 | ||||||||||||
3,029 | Carpenter Technology Inc., (3) | 107,257 | ||||||||||||
3,187 | Century Aluminum Company, (2) | 28,109 | ||||||||||||
11,649 | Cliffs Natural Resources Inc., (3) | 61,390 | ||||||||||||
8,793 | Coeur d’Alene Mines Corporation, (2) | 71,223 | ||||||||||||
7,485 | Commercial Metals Company, (3) | 134,131 | ||||||||||||
4,203 | Ferroglobe PLC | 42,829 | ||||||||||||
170 | Handy & Harman Limited, (2) | 4,663 | ||||||||||||
804 | Haynes International Inc. | 30,174 | ||||||||||||
23,695 | Hecla Mining Company | 102,125 | ||||||||||||
1,089 | Kaiser Aluminum Corporation | 103,270 | ||||||||||||
1,304 | Materion Corporation | 37,803 | ||||||||||||
588 | Olympic Steel Inc. | 13,301 | ||||||||||||
1,583 | Real Industry, Inc., (2) | 13,994 | ||||||||||||
708 | Ryerson Holding Corporation, (2) | 6,287 | ||||||||||||
1,712 | Schnitzer Steel Industries, Inc. | 35,301 | ||||||||||||
7,805 | Stillwater Mining Company, (2), (3) | 95,221 | ||||||||||||
4,219 | SunCoke Energy Inc. | 31,347 | ||||||||||||
2,581 | TimkenSteel Corporation | 32,882 | ||||||||||||
3,105 | Worthington Industries, Inc. | 117,214 | ||||||||||||
Total Metals & Mining | 1,122,336 | |||||||||||||
Multiline Retail – 0.2% | ||||||||||||||
3,206 | Big Lots, Inc., (3) | 147,027 | ||||||||||||
2,517 | Freds Inc. | 36,924 | ||||||||||||
663 | Ollie’s Bargain Outlet Holdings, Inc., (2) | 17,536 | ||||||||||||
2,984 | Tuesday Morning Corporation, (2) | 25,901 | ||||||||||||
Total Multiline Retail | 227,388 | |||||||||||||
Multi-Utilities – 0.5% | ||||||||||||||
4,027 | Avista Corporation | 161,362 |
Nuveen | 87 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Multi-Utilities (continued) | ||||||||||||||
3,310 | Black Hills Corporation, (3) | $ | 200,553 | |||||||||||
2,921 | Northwestern Corporation | 166,030 | ||||||||||||
903 | Unitil Corp. | 35,687 | ||||||||||||
Total Multi-Utilities | 563,632 | |||||||||||||
Oil, Gas & Consumable Fuels – 1.9% | ||||||||||||||
6,073 | Abraxas Petroleum Corporation, (2) | 9,231 | ||||||||||||
145 | Adams Resources and Energy, Incorporated | 5,836 | ||||||||||||
2,020 | Alon USA Energy, Inc. | 21,210 | ||||||||||||
2,337 | Approach Resources Inc., (2) | 6,847 | ||||||||||||
1,159 | Ardmore Shipping Corporation | 10,837 | ||||||||||||
3,237 | Bill Barrett Corporation, (2) | 25,767 | ||||||||||||
3,217 | Bonanza Creek Energy Inc., (2), (3) | 12,482 | ||||||||||||
7,646 | Callon Petroleum Company Del, (2), (3) | 80,359 | ||||||||||||
3,771 | Carrizo Oil & Gas, Inc., (2) | 133,380 | ||||||||||||
382 | Clayton Williams Energy, (2), (3) | 6,926 | ||||||||||||
4,954 | Clean Energy Fuels Corporation, (2), (3) | 14,168 | ||||||||||||
3,948 | Cloud Peak Energy Inc., (2) | 8,725 | ||||||||||||
1,126 | Contango Oil & Gas Company, (2) | 14,165 | ||||||||||||
3,710 | Delek US Holdings Inc., (3) | 58,952 | ||||||||||||
6,005 | DHT Maritime Inc. | 34,469 | ||||||||||||
1,619 | Dorian LPG Limited, (2) | 16,449 | ||||||||||||
3,107 | Eclipse Resources Corporation, (2) | 7,550 | ||||||||||||
3,324 | Energy Fuels, Inc., (2) | 7,811 | ||||||||||||
898 | Erin Energy Corporation, (2), (3) | 1,796 | ||||||||||||
1,412 | Evolution Petroleum Corporation | 7,822 | ||||||||||||
10,211 | Exco Resources Inc., (3) | 15,521 | ||||||||||||
3,087 | Frontline Limited, (3) | 25,437 | ||||||||||||
2,820 | GasLog Limited | 36,124 | ||||||||||||
5,248 | Gastar Exploration Inc., (2) | 10,444 | ||||||||||||
1,091 | Gener8 Maritime Inc., (2) | 7,888 | ||||||||||||
2,455 | Green Plains Renewable Energy, Inc. | 44,436 | ||||||||||||
4,750 | Halcon Resources Corporation, (2) | 5,795 | ||||||||||||
672 | Hallador Energy Company | 3,138 | ||||||||||||
61 | Isramco, Inc., (2) | 5,683 | ||||||||||||
1,873 | Jones Energy Inc., Class A, (2) | 8,990 | ||||||||||||
5,171 | Matador Resources Company, (2), (3) | 111,435 | ||||||||||||
5,304 | Navios Maritime Acquisition Corporation | 10,237 | ||||||||||||
5,767 | Nordic American Tanker Shipping Ltd, (3) | 88,869 | ||||||||||||
3,985 | Northern Oil and Gas Inc., (2), (3) | 21,758 |
88 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||||||||
11,682 | Oasis Petroleum Inc., (2) | $ | 113,199 | |||||||||||
2,060 | Pacific Ethanol, Inc., (2) | 9,744 | ||||||||||||
1,069 | Panhandle Oil and Gas Inc. | 20,193 | ||||||||||||
1,035 | Par Petroleum Corporation, (2) | 19,779 | ||||||||||||
7,274 | Parsley Energy Inc. Class A Shares, (2), (3) | 170,357 | ||||||||||||
2,987 | PDC Energy Inc., (2), (3) | 187,554 | ||||||||||||
2,842 | Renewable Energy Group Inc., (2) | 27,624 | ||||||||||||
3,111 | Rex Energy Inc., (2), (3) | 3,142 | ||||||||||||
376 | Rex Stores Corporation, (2), (3) | 20,443 | ||||||||||||
1,564 | Ring Energy Inc., (2) | 11,261 | ||||||||||||
4,246 | RSP Permian Inc., (2), (3) | 129,970 | ||||||||||||
3,411 | Sanchez Energy Corporation, (2) | 30,665 | ||||||||||||
11,565 | Scorpio Tankers Inc. | 72,397 | ||||||||||||
2,839 | SemGroup Corporation, A Shares | 87,044 | ||||||||||||
3,835 | Ship Financial International Limited | 58,177 | ||||||||||||
3,874 | Stone Energy Corporation, (2) | 3,797 | ||||||||||||
9,106 | Synergy Resources Corporation, (2), (3) | 65,745 | ||||||||||||
6,150 | Teekay Tankers Limited, Class A Shares | 24,231 | ||||||||||||
1,826 | TransAtlantic Petroleum Limited, (2) | 1,990 | ||||||||||||
3,018 | Triangle Petroleum Corporation, (2) | 1,355 | ||||||||||||
9,908 | Ultra Petroleum Corporation, (2), (3) | 3,093 | ||||||||||||
7,204 | Uranium Energy Corporation, (2), (3) | 5,841 | ||||||||||||
2,264 | W&T Offshore Inc. | 5,456 | ||||||||||||
4,601 | Western Refining Inc., (3) | 123,123 | ||||||||||||
1,158 | Westmoreland Coal Company, (2) | 8,257 | ||||||||||||
Total Oil, Gas, & Consumable Fuels | 2,084,974 | |||||||||||||
Paper & Forest Products – 0.5% | ||||||||||||||
2,556 | Boise Cascade Company, (2) | 53,344 | ||||||||||||
1,150 | Clearwater Paper Corporation, (2) | 68,701 | ||||||||||||
683 | Deltic Timber Corporation | 42,687 | ||||||||||||
2,797 | Glatfelter | 64,135 | ||||||||||||
5,508 | KapStone Paper and Packaging Corp., (3) | 87,522 | ||||||||||||
9,213 | Louisiana-Pacific Corporation, (2), (3) | 156,621 | ||||||||||||
1,082 | Neenah Paper, Inc. | 70,427 | ||||||||||||
1,554 | Rentech, Inc., (2) | 5,392 | ||||||||||||
1,970 | Schweitzer-Mauduit International Inc. | 67,748 | ||||||||||||
Total Paper & Forest Products | 616,577 | |||||||||||||
Personal Products – 0.2% | ||||||||||||||
1,688 | Elizabeth Arden, Inc., (2), (3) | 17,268 |
Nuveen | 89 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Personal Products (continued) | ||||||||||||||
1,098 | Inter Parfums, Inc. | $ | 33,621 | |||||||||||
702 | Medifast, Inc. | 22,134 | ||||||||||||
471 | Natural Health Trends Corporation, (3) | 17,045 | ||||||||||||
717 | Nature’s Sunshine Products | 6,869 | ||||||||||||
431 | Nutraceutical International Corporation, (2) | 10,167 | ||||||||||||
779 | Revlon Inc., (2) | 28,379 | ||||||||||||
1,442 | Synutra International Inc., (2) | 7,297 | ||||||||||||
342 | USANA Health Sciences, Inc., (2), (3) | 40,506 | ||||||||||||
Total Personal Products | 183,286 | |||||||||||||
Pharmaceuticals – 1.7% | ||||||||||||||
371 | Aclaris Therapeutics Inc., (2) | 6,856 | ||||||||||||
1,326 | Aerie Pharmaceuticals Inc., (2), (3) | 21,030 | ||||||||||||
868 | Agile Therapeutics, Inc., (2) | 5,026 | ||||||||||||
2,034 | Alimera Sciences, Inc., (2), (3) | 4,515 | ||||||||||||
2,054 | Amphastar Pharmaceuticals, Inc., (2), (3) | 25,264 | ||||||||||||
510 | ANI Pharmaceuticals Inc., (2) | 23,190 | ||||||||||||
3,438 | Aralez Pharmaceuticals, Inc., (2) | 13,443 | ||||||||||||
1,916 | Aratana Therapeutics Inc., (2) | 11,515 | ||||||||||||
928 | Assembly Biosciences Inc., (2) | 5,568 | ||||||||||||
2,993 | Biodelivery Sciences, Inc., (2), (3) | 10,116 | ||||||||||||
�� | 5,408 | Catalent, Inc., (2) | 159,698 | |||||||||||
2,273 | Cempra Inc., (2), (3) | 38,482 | ||||||||||||
493 | Collegium Pharmaceutical Inc., (2) | 9,397 | ||||||||||||
4,003 | Corcept Therapeutics, Inc., (2) | 19,094 | ||||||||||||
642 | Corium International, Inc., (2) | 2,876 | ||||||||||||
3,877 | DepoMed, Inc., (2), (3) | 67,382 | ||||||||||||
1,005 | Dermira, Inc., (2) | 25,416 | ||||||||||||
7,272 | Durect Corporation, (2) | 9,744 | ||||||||||||
2,428 | Endocyte Inc., (2) | 9,469 | ||||||||||||
351 | Flex Pharma Inc., (2) | 3,847 | ||||||||||||
1,462 | Foamix Pharmaceuticals Limited, (2) | 9,225 | ||||||||||||
368 | Heska Corporation, (2) | 11,261 | ||||||||||||
4,637 | Impax Laboratories Inc., (2) | 154,644 | ||||||||||||
5,507 | Innoviva, Inc., (3) | 67,956 | ||||||||||||
1,064 | Intersect ENT, Inc., (2), (3) | 21,333 | ||||||||||||
1,724 | Intra-Cellular Therapies Inc., (2) | 59,168 | ||||||||||||
1,715 | Lannett Company Inc., (2), (3) | 32,894 | ||||||||||||
4,284 | Medicines Company, (2), (3) | 152,468 | ||||||||||||
404 | MyoKardia Inc., (2) | 4,622 |
90 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Pharmaceuticals (continued) | ||||||||||||||
8,506 | Nektar Therapeutics, (2), (3) | $ | 133,374 | |||||||||||
373 | Neos Therapeutics Inc., (2) | 3,383 | ||||||||||||
971 | Ocular Therapeutix, Inc., (2) | 11,924 | ||||||||||||
2,447 | Omeros Corporation, (2) | 32,423 | ||||||||||||
6,618 | Orexigen Therapeutics Inc., (2) | 2,958 | ||||||||||||
2,356 | Pacira Pharmaceuticals, Inc., (2), (3) | 127,483 | ||||||||||||
789 | Paratek Pharmaceuticals, Inc., (2) | 10,746 | ||||||||||||
2,815 | Pernix Therapeutics Holdings, Incorporated, (2) | 2,112 | ||||||||||||
1,129 | Phibro Animal Health Corporation, Class A Shares | 23,415 | ||||||||||||
3,302 | Prestige Brands Holdings Inc., (2) | 187,488 | ||||||||||||
2,108 | Relypsa Inc., (2), (3) | 38,155 | ||||||||||||
1,185 | Revance Therapeutics Inc., (2) | 21,780 | ||||||||||||
1,266 | Sagent Pharmaceuticals Inc., (2) | 14,736 | ||||||||||||
3,207 | SciClone Pharmaceuticals, Inc., (2) | 42,332 | ||||||||||||
1,608 | Sucampo Pharmaceuticals, Inc., (2) | 17,334 | ||||||||||||
2,221 | Supernus Pharmaceuticals Incorporated, (2) | 38,112 | ||||||||||||
2,674 | Teligent, Inc., (2), (3) | 14,760 | ||||||||||||
2,336 | Tetraphase Pharmaceuticals Inc., (2) | 13,082 | ||||||||||||
9,301 | TherapeuticsMD, (2), (3) | 76,733 | ||||||||||||
1,846 | Theravance Biopharma Inc., (2) | 38,305 | ||||||||||||
6,714 | Vivus, Inc., (2), (3) | 11,078 | ||||||||||||
3,800 | Xenoport, Inc., (2) | 16,720 | ||||||||||||
1,596 | Zogenix Inc., (2) | 16,359 | ||||||||||||
223 | Zynerba Pharmaceuticals Inc., (2) | 1,817 | ||||||||||||
Total Pharmaceuticals | 1,882,108 | |||||||||||||
Professional Services – 1.2% | ||||||||||||||
3,301 | Acacia Research | 15,911 | ||||||||||||
483 | Barrett Business Services, Inc. | 14,978 | ||||||||||||
3,170 | CBIZ Inc., (2) | 32,271 | ||||||||||||
925 | CDI Corporation | 6,614 | ||||||||||||
2,164 | CEB Inc. | 133,497 | ||||||||||||
592 | CRA International, Inc., (2) | 12,846 | ||||||||||||
1,681 | Exponent, Inc. | 83,781 | ||||||||||||
758 | Franklin Covey Company, (2) | 12,484 | ||||||||||||
2,691 | FTI Consulting Inc., (2), (3) | 108,447 | ||||||||||||
844 | GP Strategies Corporation, (2) | 19,699 | ||||||||||||
1,185 | Heidrick & Struggles International, Inc. | 23,380 | ||||||||||||
2,323 | Hill International, Inc., (2) | 9,850 | ||||||||||||
1,394 | Huron Consulting Group, Inc., (2) | 77,520 |
Nuveen | 91 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Professional Services (continued) | ||||||||||||||
1,263 | ICF International, Inc., (2) | $ | 49,724 | |||||||||||
1,044 | Insperity Inc. | 55,092 | ||||||||||||
1,925 | Kelly Services, Inc. | 36,132 | ||||||||||||
1,594 | KForce Inc. | 30,302 | ||||||||||||
3,261 | Korn Ferry International | 88,504 | ||||||||||||
1,084 | Mistras Group Inc., (2) | 26,417 | ||||||||||||
3,119 | Navigant Consulting Inc., (2) | 49,779 | ||||||||||||
3,345 | On Assignment, Inc., (2) | 120,621 | ||||||||||||
12,699 | Pendrell Corporation, (2) | 6,539 | ||||||||||||
2,430 | Resources Connection, Inc. | 35,891 | ||||||||||||
3,511 | RPX Corporation, (2) | 38,902 | ||||||||||||
2,745 | The Advisory Board Company, (2) | 86,852 | ||||||||||||
2,661 | TriNet Group Inc., (2) | 44,226 | ||||||||||||
2,712 | TrueBlue Inc., (2) | 50,687 | ||||||||||||
617 | Volt Information Sciences Inc., (2) | 4,634 | ||||||||||||
2,311 | WageWorks, Incorporated, (2) | 124,470 | ||||||||||||
Total Professional Services | 1,400,050 | |||||||||||||
Real Estate Investment Trust – 9.3% | ||||||||||||||
4,448 | Acadia Realty Trust, (3) | 149,898 | ||||||||||||
1,836 | AG Mortgage Investment Trust Inc. | 24,584 | ||||||||||||
1,333 | Agree Realty Corporation | 51,694 | ||||||||||||
136 | Alexander’s Inc., (3) | 52,043 | ||||||||||||
3,699 | Altisource Residential Corporation | 42,982 | ||||||||||||
2,404 | American Assets Trust Inc. | 95,367 | ||||||||||||
3,080 | American Capital Mortgage Investment Corporation | 45,676 | ||||||||||||
6,399 | Anworth Mortgage Asset Corporation | 30,203 | ||||||||||||
3,779 | Apollo Commercial Real Estate Finance, Inc. | 60,199 | ||||||||||||
2,075 | Apollo Residential Mortgage Inc. | 28,137 | ||||||||||||
1,753 | Ares Commercial Real Estate Corporation | 21,036 | ||||||||||||
1,812 | Armada Hoffler Properties Inc. | 21,200 | ||||||||||||
2,373 | Armour Residential REIT Inc., (3) | 50,497 | ||||||||||||
1,771 | Ashford Hospitality Prime Inc. | 19,817 | ||||||||||||
6,139 | Ashford Hospitality Trust Inc. | 34,317 | ||||||||||||
1,276 | Bluerock Residential Growth REIT, Inc. | 13,959 | ||||||||||||
6,197 | Capstead Mortgage Corporation, (3) | 60,235 | ||||||||||||
3,774 | CareTrust REIT Inc. | 48,005 | ||||||||||||
2,557 | CatchMark Timber Trust Inc., Class A | 27,130 | ||||||||||||
5,499 | Cedar Shopping Centers Inc. | 38,053 | ||||||||||||
2,477 | Chatham Lodging Trust | 52,785 |
92 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Real Estate Investment Trust (continued) | ||||||||||||||
3,858 | Chesapeake Lodging Trust | $ | 95,023 | |||||||||||
7,225 | Colony Financial Inc. | 127,738 | ||||||||||||
2,468 | Colony Starwood Homes | 60,145 | ||||||||||||
1,574 | Coresite Realty Corporation | 117,940 | ||||||||||||
14,009 | Cousins Properties, Inc., (3) | 144,993 | ||||||||||||
11,374 | CubeSmart | 336,784 | ||||||||||||
4,732 | CyrusOne Inc. | 208,823 | ||||||||||||
10,228 | CYS Investments Inc., (3) | 82,949 | ||||||||||||
5,747 | DCT Industrial Trust Inc. | 232,006 | ||||||||||||
12,981 | DiamondRock Hospitality Company | 115,661 | ||||||||||||
4,518 | Dupont Fabros Technology Inc. | 179,907 | ||||||||||||
3,179 | Dynex Capital, Inc. | 20,664 | ||||||||||||
884 | Easterly Government Properties, Inc. | 16,310 | ||||||||||||
2,090 | EastGroup Properties Inc., (3) | 124,877 | ||||||||||||
4,089 | Education Realty Trust Inc., (3) | 162,620 | ||||||||||||
3,698 | Entertainment Properties Trust, (3) | 243,624 | ||||||||||||
5,167 | Equity One Inc., (3) | 146,226 | ||||||||||||
9,266 | FelCor Lodging Trust Inc. | 66,345 | ||||||||||||
7,563 | First Industrial Realty Trust, Inc., (3) | 173,495 | ||||||||||||
3,799 | First Potomac Realty Trust | 31,950 | ||||||||||||
5,817 | Franklin Street Properties Corporation | 61,777 | ||||||||||||
3,328 | Gaming and Leisure Properties Inc. | 109,117 | ||||||||||||
4,828 | Geo Group Inc. | 154,641 | ||||||||||||
1,653 | Getty Realty Corporation | 32,531 | ||||||||||||
1,428 | Gladstone Commercial Corporation | 24,033 | ||||||||||||
4,551 | Government Properties Income Trust, (3) | 86,105 | ||||||||||||
27,135 | Gramercy Property Trust, (3) | 229,833 | ||||||||||||
2,475 | Hannon Armstrong Sustainable Infrastructure Capital Inc. | 48,015 | ||||||||||||
6,260 | Hatteras Financial Corp. | 99,471 | ||||||||||||
6,397 | Healthcare Realty Trust, Inc. | 193,701 | ||||||||||||
2,978 | Hersha Hospitality Trust | 57,446 | ||||||||||||
6,082 | Highwoods Properties, Inc., (3) | 284,212 | ||||||||||||
4,815 | Hudson Pacific Properties Inc. | 140,839 | ||||||||||||
2,084 | Independence Realty Trust | 14,942 | ||||||||||||
7,334 | Invesco Mortgage Capital Inc. | 94,242 | ||||||||||||
7,928 | Investors Real Estate Trust | 47,727 | ||||||||||||
4,920 | iStar Inc., (2), (3) | 48,216 | ||||||||||||
5,406 | Kite Realty Group Trust, (3) | 147,205 | ||||||||||||
3,102 | Ladder Capital Corporation, (3) | 36,945 |
Nuveen | 93 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Real Estate Investment Trust (continued) | ||||||||||||||
7,305 | LaSalle Hotel Properties, (3) | $ | 174,589 | |||||||||||
13,287 | Lexington Corporate Properties Trust | 116,660 | ||||||||||||
2,407 | LTC Properties Inc. | 111,661 | ||||||||||||
5,764 | Mack-Cali Realty Corporation, (3) | 147,328 | ||||||||||||
15,129 | Medical Properties Trust Inc. | 201,367 | ||||||||||||
4,079 | Monmouth Real Estate Investment Corporation | 46,908 | ||||||||||||
10,769 | Monogram Residential Trust, Inc. | 109,090 | ||||||||||||
2,429 | National Health Investors Inc., (3) | 165,391 | ||||||||||||
1,551 | National Storage Affiliates Trust | 30,276 | ||||||||||||
14,902 | New Residential Investment | 180,314 | ||||||||||||
5,488 | New Senior Investment Group Inc. | 59,270 | ||||||||||||
7,074 | New York Mortgage Trust, Inc., (3) | 36,785 | ||||||||||||
10,507 | New York REIT, Inc. | 103,284 | ||||||||||||
1,225 | NexPoint Residential Trust, Inc. | 17,224 | ||||||||||||
810 | One Liberty Properties Inc. | 18,970 | ||||||||||||
1,407 | Orchid Island Capital Inc., (3) | 13,620 | ||||||||||||
5,473 | Parkway Properties Inc. | 90,031 | ||||||||||||
4,648 | Pebblebrook Hotel Trust, (3) | 128,471 | ||||||||||||
4,470 | Penn Real Estate Investment Trust | 102,542 | ||||||||||||
4,824 | PennyMac Mortgage Investment Trust | 65,558 | ||||||||||||
8,717 | Physicians Realty Trust | 158,039 | ||||||||||||
2,630 | Potlatch Corporation, (3) | 92,629 | ||||||||||||
1,506 | Preferred Apartment Communities Inc. | 18,584 | ||||||||||||
1,260 | PS Business Parks Inc., (3) | 120,658 | ||||||||||||
2,111 | QTS Realty Trust Inc., Class A Shares | 102,215 | ||||||||||||
6,462 | RAIT Investment Trust | 19,644 | ||||||||||||
5,118 | Ramco-Gershenson Properties Trust | 90,640 | ||||||||||||
4,996 | Redwood Trust Inc. | 64,748 | ||||||||||||
2,052 | Resource Capital Corporation | 24,378 | ||||||||||||
6,435 | Retail Opportunity Investments Corporation | 126,576 | ||||||||||||
4,244 | Rexford Industrial Realty Inc. | 79,660 | ||||||||||||
8,098 | RLJ Lodging Trust | 170,625 | ||||||||||||
2,367 | Rouse Properties Inc. | 43,718 | ||||||||||||
2,812 | Ryman Hospitalities Properties, (3) | 144,902 | ||||||||||||
4,212 | Sabra Health Care Real Estate Investment Trust Inc. | 88,831 | ||||||||||||
630 | Saul Centers Inc. | 33,503 | ||||||||||||
4,053 | Select Income REIT | 93,827 | ||||||||||||
2,351 | Silver Bay Realty Trust Corporation | 34,325 | ||||||||||||
2,545 | Sovran Self Storage Inc. | 270,330 |
94 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Real Estate Investment Trust (continued) | ||||||||||||||
4,184 | STAG Industrial Inc. | $ | 83,513 | |||||||||||
2,621 | STORE Capital Corporation | 67,281 | ||||||||||||
5,644 | Summit Hotel Properties Inc. | 64,342 | ||||||||||||
3,632 | Sun Communities Inc. | 246,504 | ||||||||||||
13,497 | Sunstone Hotel Investors Inc., (3) | 172,897 | ||||||||||||
2,782 | Terreno Realty Corporation | 63,346 | ||||||||||||
1,527 | UMH Properties Inc. | 14,965 | ||||||||||||
2,075 | United Development Funding IV, (3), (5) | 4,980 | ||||||||||||
808 | Universal Health Realty Income Trust | 44,117 | ||||||||||||
5,741 | Urban Edge Properties | 148,922 | ||||||||||||
1,801 | Urstadt Biddle Properties Inc. | 37,029 | ||||||||||||
4,406 | Washington Real Estate Investment Trust, (3) | 126,320 | ||||||||||||
2,711 | Western Asset Mortgage Capital Corporation, (3) | 27,029 | ||||||||||||
1,828 | Whitestone Real Estate Investment Trust | 24,550 | ||||||||||||
7,222 | Xenia Hotels & Resorts Inc. | 111,074 | ||||||||||||
Total Real Estate Investment Trust | 10,500,935 | |||||||||||||
Real Estate Management & Development – 0.4% | ||||||||||||||
3,159 | Alexander & Baldwin Inc., (3) | 120,800 | ||||||||||||
66 | Altisource Asset Management Corporation, (2) | 1,106 | ||||||||||||
894 | Altisource Portfolio Solutions SA, (2), (3) | 27,973 | ||||||||||||
787 | AV Homes Inc., (2) | 9,051 | ||||||||||||
283 | Consolidated Tomoka Land Company | 13,952 | ||||||||||||
2,175 | Forestar Real Estate Group Inc., (2) | 29,363 | ||||||||||||
546 | FRP Holdings Inc., (2) | 19,918 | ||||||||||||
6,001 | Kennedy-Wilson Holdings Inc., (3) | 129,682 | ||||||||||||
878 | Marcus & Millichap Inc., (2) | 22,020 | ||||||||||||
761 | ReMax Holdings Inc. | 28,005 | ||||||||||||
3,564 | St Joe Company, (2) | 60,053 | ||||||||||||
888 | Tejon Ranch Company, (2) | 19,998 | ||||||||||||
450 | The RMR Group Inc. | 11,214 | ||||||||||||
Total Real Estate Management & Development | 493,135 | |||||||||||||
Road & Rail – 0.5% | ||||||||||||||
1,761 | ArcBest Corporation | 33,617 | ||||||||||||
1,622 | Celadon Group, Inc. | 16,334 | ||||||||||||
794 | Covenant Transport, Inc., (2) | 15,809 | ||||||||||||
3,088 | Heartland Express, Inc. | 55,924 | ||||||||||||
4,045 | Knight Transportation Inc., (3) | 107,476 | ||||||||||||
1,548 | Marten Transport, Ltd. | 28,886 | ||||||||||||
216 | PAM Transportation Services, Inc., (2) | 5,337 |
Nuveen | 95 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Road & Rail (continued) | ||||||||||||||
1,906 | Roadrunner Transportation System Inc., (2) | $ | 22,529 | |||||||||||
1,623 | Saia, Inc., (2) | 46,937 | ||||||||||||
5,696 | Swift Transportation Company, (2), (3) | 94,668 | ||||||||||||
450 | Universal Truckload Services, Inc. | 6,417 | ||||||||||||
725 | USA Truck, Inc., (2) | 12,847 | ||||||||||||
2,869 | Werner Enterprises, Inc. | 72,700 | ||||||||||||
2,120 | YRC Worldwide Inc., (2) | 19,504 | ||||||||||||
Total Road & Rail | 538,985 | |||||||||||||
Semiconductors & Semiconductor Equipment – 3.0% | ||||||||||||||
2,644 | Advanced Energy Industries Inc., (2) | 85,533 | ||||||||||||
41,139 | Advanced Micro Devices, Inc., (2), (3) | 146,043 | ||||||||||||
1,239 | Alpha & Omega Semiconductor Limited, (2) | 16,095 | ||||||||||||
2,026 | Ambarella, Incorporated, (2), (3) | 83,269 | ||||||||||||
6,397 | Amkor Technology Inc., (2) | 36,527 | ||||||||||||
5,236 | Applied Micro Circuits Corporation, (2) | 32,673 | ||||||||||||
7,343 | Axcelis Technologies Inc., (2) | 21,001 | ||||||||||||
4,364 | Brooks Automation Inc. | 41,283 | ||||||||||||
1,599 | Cabot Microelectronics Corporation | 66,982 | ||||||||||||
880 | Cascade Microtech, Inc., (2) | 18,401 | ||||||||||||
3,577 | Cavium Networks Inc., (2), (3) | 176,596 | ||||||||||||
1,333 | CEVA, Inc., (2) | 30,739 | ||||||||||||
4,101 | Cirrus Logic Inc., (2), (3) | 148,046 | ||||||||||||
1,676 | Cohu Inc. | 19,375 | ||||||||||||
2,425 | Diodes Inc., (2) | 45,153 | ||||||||||||
1,446 | DSP Group Inc., (2) | 13,737 | ||||||||||||
9,070 | Entegris Inc., (2) | 120,540 | ||||||||||||
2,544 | Exar Corporation, (2) | 15,518 | ||||||||||||
7,536 | Fairchild Semiconductor International Inc., Class A, (2) | 150,720 | ||||||||||||
3,725 | FormFactor Inc., (2) | 28,683 | ||||||||||||
2,477 | Inphi Corporation, (2) | 73,493 | ||||||||||||
8,756 | Integrated Device Technology, Inc., (2) | 168,816 | ||||||||||||
8,526 | Intersil Holding Corporation, Class A | 99,669 | ||||||||||||
1,605 | IXYS Corporation | 17,334 | ||||||||||||
4,300 | Kopin Corporation, (2) | 7,138 | ||||||||||||
7,555 | Lattice Semiconductor Corporation, (2) | 42,081 | ||||||||||||
1,518 | MA-COM Technology Solutions Holdings Incorporated, (2), (3) | 62,071 | ||||||||||||
4,841 | Mattson Technology, Inc., (2) | 17,670 | ||||||||||||
3,554 | Maxlinear Inc., (2) | 59,529 | ||||||||||||
7,026 | Microsemi Corporation, (2), (3) | 237,409 |
96 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Semiconductors & Semiconductor Equipment (continued) | ||||||||||||||
3,414 | MKS Instruments Inc., (3) | $ | 122,426 | |||||||||||
2,557 | Monolithic Power Systems, Inc., (3) | 159,608 | ||||||||||||
1,551 | Nanometrics Inc., (2) | 27,701 | ||||||||||||
1,910 | NeoPhotonics Corporation, (2) | 22,901 | ||||||||||||
314 | NVE Corporation | 18,017 | ||||||||||||
1,746 | PDF Solutions, Inc., (2) | 23,484 | ||||||||||||
4,297 | Photronics Inc., (2) | 45,462 | ||||||||||||
1,903 | Power Integrations Inc. | 91,820 | ||||||||||||
7,468 | Rambus Inc., (2), (3) | 86,778 | ||||||||||||
2,066 | Rudolph Technologies, (2) | 28,655 | ||||||||||||
4,293 | Semtech Corporation, (2) | 92,901 | ||||||||||||
2,397 | Sigma Designs, Inc., (2) | 15,173 | ||||||||||||
2,763 | Silicon Laboratories Inc., (2) | 129,308 | ||||||||||||
2,383 | Synaptics, Inc., (2), (3) | 170,504 | ||||||||||||
3,403 | Tessera Technologies Inc. | 97,734 | ||||||||||||
1,991 | Ultra Clean Holdings, Inc., (2) | 11,329 | ||||||||||||
1,785 | Ultratech Stepper Inc., (2) | 38,717 | ||||||||||||
2,611 | Veeco Instruments Inc., (2) | 48,069 | ||||||||||||
3,529 | Xcerra Corporation, (2) | 20,821 | ||||||||||||
Total Semiconductors & Semiconductor Equipment | 3,333,532 | |||||||||||||
Software – 4.3% | ||||||||||||||
2,297 | A10 Networks Inc., (2) | 13,713 | ||||||||||||
7,550 | ACI Worldwide, Inc., (2), (3) | 150,924 | ||||||||||||
1,612 | American Software, Inc. | 14,734 | ||||||||||||
5,522 | Aspen Technology Inc., (2), (3) | 210,002 | ||||||||||||
2,650 | AVG Technologies NV, (2) | 52,470 | ||||||||||||
547 | Barracuda Networks Inc., (2), (3) | 9,638 | ||||||||||||
3,032 | Blackbaud, Inc. | 187,287 | ||||||||||||
2,647 | Bottomline Technologies, Inc., (2), (3) | 65,010 | ||||||||||||
1,885 | Broadsoft Inc., (2) | 73,826 | ||||||||||||
3,575 | Callidus Software, Inc., (2) | 65,422 | ||||||||||||
2,926 | CommVault Systems, Inc., (2), (3) | 128,071 | ||||||||||||
526 | Digimarc Corporation, (3) | 15,701 | ||||||||||||
3,602 | Digital Turbine Inc., (2) | 3,098 | ||||||||||||
1,734 | Ebix, Inc., (3) | 83,440 | ||||||||||||
1,902 | Ellie Mae Incorporated, (2), (3) | 159,007 | ||||||||||||
1,751 | EnerNOC, Inc., (2) | 11,942 | ||||||||||||
2,091 | EPIQ Systems, Inc. | 30,884 | ||||||||||||
2,009 | Fair Isaac Corporation | 214,380 |
Nuveen | 97 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Software (continued) | ||||||||||||||
2,472 | Fleetmatics Group Limited, (2) | $ | 89,610 | |||||||||||
1,768 | Gigamon Inc., (2) | 57,619 | ||||||||||||
988 | Globant S.A, (2), (3) | 35,064 | ||||||||||||
7,783 | Glu Mobile, Inc., (2) | 20,781 | ||||||||||||
1,232 | Guidance Software, Inc., (2) | 6,283 | ||||||||||||
4,538 | Guidewire Software Incorporated, (2), (3) | 258,530 | ||||||||||||
1,216 | HubSpot, Inc., (2), (3) | 53,857 | ||||||||||||
1,813 | Imperva Incorporated, (2), (3) | 84,268 | ||||||||||||
3,871 | Infoblox, Incorporated, (2), (3) | 64,762 | ||||||||||||
1,119 | Interactive Intelligence Group, (2) | 41,593 | ||||||||||||
3,019 | Jive Software Inc., (2) | 12,287 | ||||||||||||
4,771 | Manhattan Associates Inc., (2), (3) | 288,836 | ||||||||||||
5,956 | Mentor Graphics Corporation | 118,882 | ||||||||||||
600 | Microstrategy Inc., (2) | 107,592 | ||||||||||||
2,634 | MobileIron, Inc., (2) | 10,088 | ||||||||||||
1,353 | Model N Inc., (2) | 14,450 | ||||||||||||
2,590 | Monotype Imaging Holdings Inc. | 57,058 | ||||||||||||
689 | Park City Group Inc., (2) | 6,546 | ||||||||||||
2,040 | Paycom Software Inc., (2) | 77,948 | ||||||||||||
1,001 | Paylocity Holding Corporation, (2), (3) | 38,308 | ||||||||||||
2,312 | Pegasystems, Inc. | 61,014 | ||||||||||||
3,272 | Progress Software Corporation, (2) | 83,501 | ||||||||||||
2,550 | Proofpoint, Incorporated, (2), (3) | 148,563 | ||||||||||||
1,546 | PROS Holdings, Inc., (2) | 18,181 | ||||||||||||
490 | QAD Inc. A | 9,609 | ||||||||||||
5,907 | QLIK Technologies Inc., (2) | 181,877 | ||||||||||||
1,607 | Qualys Incorporated, (2), (3) | 40,464 | ||||||||||||
517 | Rapid7 Inc., (2), (3) | 6,473 | ||||||||||||
3,414 | RealPage Inc., (2), (3) | 75,074 | ||||||||||||
3,465 | RingCentral Inc., Class A, (2), (3) | 66,112 | ||||||||||||
5,344 | Rovi Corporation, (2) | 94,161 | ||||||||||||
1,544 | Sapiens International Corporation NV | 18,188 | ||||||||||||
2,156 | SeaChange International, Inc., (2) | 8,042 | ||||||||||||
2,356 | Silver Springs Networks Inc., (2) | 33,102 | ||||||||||||
2,507 | Synchronoss Technologies, Inc., (2) | 77,892 | ||||||||||||
5,471 | Take-Two Interactive Software, Inc., (2), (3) | 186,999 | ||||||||||||
2,523 | Tangoe Inc., (2) | 22,253 | ||||||||||||
1,828 | TeleNav Inc., (2) | 10,420 | ||||||||||||
1,279 | Textura Corporation, (2) | 33,753 |
98 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Software (continued) | ||||||||||||||
1,660 | The Rubicon Project Inc., (2) | $ | 32,154 | |||||||||||
6,280 | TiVo, Inc., (2) | 62,674 | ||||||||||||
1,033 | TubeMogul Inc., (2) | 13,388 | ||||||||||||
2,177 | Tyler Technologies Inc., (2), (3) | 318,735 | ||||||||||||
606 | Varonis Systems Inc., (2) | 11,605 | ||||||||||||
1,898 | Vasco Data Security International, Inc., (2), (3) | 32,892 | ||||||||||||
3,969 | Verint Systems Inc., (2) | 134,311 | ||||||||||||
2,928 | VirnetX Holding Corporation, (2), (3) | 13,147 | ||||||||||||
495 | Workiva Inc., (2) | 5,895 | ||||||||||||
1,467 | Xura Incorporated, (2) | 32,846 | ||||||||||||
3,640 | Zendesk Inc., (2), (3) | 82,264 | ||||||||||||
3,720 | Zix Corporation, (2) | 13,876 | ||||||||||||
Total Software | 4,863,376 | |||||||||||||
Specialty Retail – 2.7% | ||||||||||||||
4,498 | Abercrombie & Fitch Co., Class A, (3) | 120,232 | ||||||||||||
11,683 | American Eagle Outfitters, Inc., (3) | 167,184 | ||||||||||||
551 | America’s Car-Mart, Inc., (2) | 14,640 | ||||||||||||
1,642 | Asbury Automotive Group, Inc., (2) | 99,538 | ||||||||||||
11,100 | Ascena Retail Group Inc., (2), (3) | 97,791 | ||||||||||||
2,074 | Barnes & Noble Education, Inc., (2) | 19,413 | ||||||||||||
3,281 | Barnes & Noble Inc. | 38,552 | ||||||||||||
2,432 | bebe stores, Inc. | 1,369 | ||||||||||||
1,183 | Big 5 Sporting Goods Corporation | 14,302 | ||||||||||||
772 | Boot Barn Holdings, Inc., (2), (3) | 6,330 | ||||||||||||
1,831 | Buckle Inc., (3) | 52,989 | ||||||||||||
846 | Build-A-Bear-Workshop, Inc., (2) | 11,142 | ||||||||||||
4,613 | Burlington Store Inc., (2), (3) | 262,803 | ||||||||||||
2,833 | Caleres Inc. | 71,420 | ||||||||||||
1,702 | Cato Corporation | 62,276 | ||||||||||||
8,646 | Chico’s FAS, Inc., (3) | 109,026 | ||||||||||||
1,233 | Childrens Place Retail Stores Inc. | 96,063 | ||||||||||||
2,408 | Christopher & Banks Corporation | 6,261 | ||||||||||||
1,007 | Citi Trends, Inc. | 18,086 | ||||||||||||
1,570 | Conn’s, Inc., (2), (3) | 21,572 | ||||||||||||
1,120 | Container Store Group Inc., (2) | 7,952 | ||||||||||||
2,434 | Destination XL Group Inc., (2) | 13,071 | ||||||||||||
5,081 | Express Inc., (2), (3) | 92,373 | ||||||||||||
2,978 | Finish Line, Inc., (3) | 58,815 | ||||||||||||
3,523 | Five Below, Incorporated, (2), (3) | 146,909 |
Nuveen | 99 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Specialty Retail (continued) | ||||||||||||||
2,737 | Francescas Holdings Corporation, (2), (3) | $ | 45,434 | |||||||||||
1,429 | Genesco Inc., (2) | 98,858 | ||||||||||||
1,509 | Group 1 Automotive Inc. | 99,353 | ||||||||||||
4,004 | Guess Inc. | 73,473 | ||||||||||||
1,318 | Haverty Furniture Companies Inc. | 24,607 | ||||||||||||
1,226 | Hibbett Sporting Goods, Inc., (2), (3) | 44,259 | ||||||||||||
1,135 | Kirkland’s, Inc., (2) | 18,637 | ||||||||||||
1,472 | Lithia Motors Inc., (3) | 122,205 | ||||||||||||
1,752 | Lumber Liquidators Inc., (2), (3) | 26,122 | ||||||||||||
1,648 | Marinemax Inc., (2) | 31,328 | ||||||||||||
1,326 | Mattress Firm Holding Corporation, (2), (3) | 51,741 | ||||||||||||
2,058 | Monro Muffler Brake, Inc. | 142,455 | ||||||||||||
1,117 | Outerwall Inc., (3) | 46,143 | ||||||||||||
1,626 | Party City Holdco Inc., (2), (3) | 23,301 | ||||||||||||
5,667 | Pier 1 Imports, Inc., (3) | 39,046 | ||||||||||||
3,429 | Rent-A-Center Inc. | 50,406 | ||||||||||||
2,159 | Restoration Hardware Holdings Incorporated, (2), (3) | 93,420 | ||||||||||||
3,195 | Select Comfort Corporation, (2) | 78,853 | ||||||||||||
968 | Shoe Carnival, Inc. | 24,810 | ||||||||||||
1,926 | Sonic Automotive Inc. | 36,132 | ||||||||||||
1,162 | Sportsman’s Warehouse Holdings Inc., (2) | 13,224 | ||||||||||||
2,162 | Stage Stores Inc. | 15,912 | ||||||||||||
1,987 | Stein Mart, Inc. | 14,386 | ||||||||||||
3,125 | Tailored Brands, Inc. | 54,438 | ||||||||||||
1,753 | Tile Shop Holdings Inc., (2), (3) | 31,274 | ||||||||||||
763 | Tilly’s Inc., Class A Shares, (2) | 4,799 | ||||||||||||
1,571 | Vitamin Shoppe Inc., (2), (3) | 42,998 | ||||||||||||
1,162 | West Marine, Inc., (2) | 11,643 | ||||||||||||
138 | Winmark Corporation | 13,138 | ||||||||||||
1,286 | Zumiez, Inc., (2), (3) | 21,579 | ||||||||||||
Total Specialty Retail | 3,004,083 | |||||||||||||
Technology Hardware, Storage & Peripherals – 0.5% | ||||||||||||||
2,089 | Avid Technology Inc., (2) | 11,657 | ||||||||||||
1,168 | CPI Card Group Inc., (3) | 9,262 | ||||||||||||
2,640 | Cray, Inc., (2), (3) | 99,977 | ||||||||||||
4,194 | Diebold Inc., (3) | 110,176 | ||||||||||||
1,247 | Eastman Kodak Company, (2) | 14,740 | ||||||||||||
3,032 | Electronics For Imaging, (2), (3) | 120,795 | ||||||||||||
1,973 | Imation Corporation | 3,098 |
100 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Technology Hardware, Storage & Peripherals (continued) | ||||||||||||||
1,812 | Immersion Corporation, (2) | $ | 13,246 | |||||||||||
3,540 | Nimble Storage Inc., (2) | 26,125 | ||||||||||||
1,859 | Pure Storage Inc., Class A Shares, (2), (3) | 27,048 | ||||||||||||
13,931 | Quantum Corporation, (2) | 6,412 | ||||||||||||
2,359 | Silicon Graphics International Corporation, (2) | 10,568 | ||||||||||||
3,293 | Stratasys, Inc., (2), (3) | 80,580 | ||||||||||||
2,385 | Super Micro Computer Inc., (2) | 64,180 | ||||||||||||
6,217 | Violin Memory Inc., (2) | 2,195 | ||||||||||||
Total Technology Hardware, Storage & Peripherals | 600,059 | |||||||||||||
Textiles, Apparel & Luxury Goods – 0.9% | ||||||||||||||
579 | Cherokee Inc. | 9,056 | ||||||||||||
1,855 | Columbia Sportswear Company | 108,647 | ||||||||||||
4,722 | Crocs, Inc., (2) | 39,429 | ||||||||||||
680 | Culp Inc. | 17,843 | ||||||||||||
2,113 | Deckers Outdoor Corporation, (2), (3) | 122,153 | ||||||||||||
2,580 | G III Apparel Group, Limited, (2), (3) | 116,745 | ||||||||||||
3,088 | Iconix Brand Group, Inc., (2), (3) | 26,186 | ||||||||||||
1,037 | Movado Group Inc. | 29,254 | ||||||||||||
947 | Oxford Industries Inc. | 62,900 | ||||||||||||
790 | Perry Ellis International, Inc., (2) | 15,050 | ||||||||||||
2,429 | Sequential Brands Group Inc., (2) | 13,481 | ||||||||||||
3,639 | Steven Madden Limited, (2), (3) | 127,401 | ||||||||||||
480 | Superior Uniform Group Inc. | 9,130 | ||||||||||||
3,627 | Tumi Holdings Inc., (2), (3) | 96,768 | ||||||||||||
962 | Unifi Inc., (2) | 24,781 | ||||||||||||
1,376 | Vera Bradley Inc., (2), (3) | 24,135 | ||||||||||||
1,376 | Vince Holding Company, (2) | 8,504 | ||||||||||||
6,675 | Wolverine World Wide Inc. | 126,491 | ||||||||||||
Total Textiles, Apparel & Luxury Goods | 977,954 | |||||||||||||
Thrifts & Mortgage Finance – 1.9% | ||||||||||||||
495 | Anchor BanCorp Wisconsin Inc., (2) | 23,691 | ||||||||||||
5,819 | Astoria Financial Corporation | 87,518 | ||||||||||||
3,159 | Bank Mutual Corporation | 25,525 | ||||||||||||
1,189 | BankFinancial Corporation | 14,696 | ||||||||||||
985 | Bear State Financial Inc., (3) | 9,692 | ||||||||||||
5,350 | Beneficial Bancorp, Inc., (2) | 74,312 | ||||||||||||
3,972 | BofI Holdings, Inc., (2), (3) | 80,910 | ||||||||||||
524 | BSB Bancorp Inc., (2) | 12,455 | ||||||||||||
9,098 | Capitol Federal Financial Inc. | 120,912 |
Nuveen | 101 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Thrifts & Mortgage Finance (continued) | ||||||||||||||
985 | Charter Financial Corporation | $ | 12,342 | |||||||||||
1,662 | Clifton Bancorp Inc. | 24,731 | ||||||||||||
2,013 | Dime Community Bancshares, Inc. | 36,455 | ||||||||||||
3,594 | Essent Group Limited, (2) | 73,389 | ||||||||||||
6,258 | Everbank Financial Corporation | 94,371 | ||||||||||||
640 | Federal Agricultural Mortgage Corporation | 26,035 | ||||||||||||
599 | First Defiance Financial Corporation | 23,708 | ||||||||||||
1,330 | Flagstar Bancorp Inc., (2) | 31,481 | ||||||||||||
755 | Fox Chase Bancorp. | 14,881 | ||||||||||||
85 | Hingham Institution for Savings | 10,879 | ||||||||||||
1,495 | HomeStreet Inc. | 32,217 | ||||||||||||
583 | Impac Mortgage Holdings Inc., (2), (3) | 8,279 | ||||||||||||
6,049 | Kearny Financial Corporation | 76,338 | ||||||||||||
406 | LendingTree, Inc., (2), (3) | 36,325 | ||||||||||||
3,554 | Meridian Bancorp, Inc. | 51,959 | ||||||||||||
475 | Meta Financial Group, Inc. | 23,570 | ||||||||||||
21,966 | MGIC Investment Corporation, (2), (3) | 158,814 | ||||||||||||
2,392 | Nationstar Mortgage Holdings, Incorporated, (2) | 27,723 | ||||||||||||
3,222 | NMI Holdings Inc., Class A Shares, (2) | 20,266 | ||||||||||||
3,034 | Northfield Bancorp Inc. | 48,119 | ||||||||||||
6,565 | Northwest Bancshares Inc. | 92,041 | ||||||||||||
859 | OceanFirst Financial Corporation | 16,733 | ||||||||||||
6,948 | Ocwen Financial Corporation, (2) | 15,702 | ||||||||||||
2,846 | Oritani Financial Corporation | 49,321 | ||||||||||||
856 | PennyMac Financial Services Inc., (2) | 10,905 | ||||||||||||
2,872 | PHH Corporation, (2), (3) | 36,848 | ||||||||||||
4,245 | Provident Financial Services Inc. | 84,815 | ||||||||||||
11,721 | Radian Group Inc., (3) | 149,912 | ||||||||||||
1,153 | Stonegate Mortgage Corporation, (2) | 6,653 | ||||||||||||
552 | Territorial Bancorp Inc. | 14,479 | ||||||||||||
6,147 | TrustCo Bank Corporation NY | 39,402 | ||||||||||||
3,493 | United Community Financial Corporation | 20,748 | ||||||||||||
3,199 | United Financial Bancorp Inc. | 41,523 | ||||||||||||
1,712 | Walker & Dunlop Inc., (2) | 37,750 | ||||||||||||
2,301 | Walter Investment Management Corporation, (3) | 16,682 | ||||||||||||
6,133 | Washington Federal Inc. | 148,971 | ||||||||||||
1,747 | Waterstone Financial Inc. | 24,493 | ||||||||||||
1,962 | WSFS Financial Corporation, (3) | 66,983 | ||||||||||||
Total Thrifts & Mortgage Finance | 2,155,554 |
102 | Nuveen |
Shares | Description (1) | Value | ||||||||||||
Tobacco – 0.2% | ||||||||||||||
1,461 | Universal Corporation, (3) | $ | 79,698 | |||||||||||
5,548 | Vector Group Ltd. | 119,837 | ||||||||||||
Total Tobacco | 199,535 | |||||||||||||
Trading Companies & Distributors – 0.7% | ||||||||||||||
4,228 | Aircastle LTD, (3) | 91,748 | ||||||||||||
2,359 | Applied Industrial Technologies Inc. | 108,113 | ||||||||||||
3,210 | Beacon Roofing Supply Company, (2) | 137,163 | ||||||||||||
2,425 | BMC Stock Holdings Inc., (2) | 42,559 | ||||||||||||
1,051 | CAI International Inc., (2) | 10,741 | ||||||||||||
814 | DXP Enterprises, Inc., (2), (3) | 17,786 | ||||||||||||
2,115 | H&E Equipment Services, Inc. | 42,786 | ||||||||||||
1,497 | Kaman Corporation | 63,009 | ||||||||||||
393 | Lawson Products, Inc. | 7,699 | ||||||||||||
6,662 | MRC Global Inc., (2) | 93,135 | ||||||||||||
709 | Neff Corporation, Class A Shares, (2) | 6,062 | ||||||||||||
2,289 | Rush Enterprises, Class A, (2) | 45,070 | ||||||||||||
2,253 | TAL International Group Inc. | 38,526 | ||||||||||||
1,574 | Textainer Group Holdings Limited, (3) | 24,287 | ||||||||||||
1,121 | Titan Machinery, Inc., (2) | 14,573 | ||||||||||||
2,603 | Univar Inc., (2) | 45,292 | ||||||||||||
551 | Veritiv Corporation, (2) | 22,602 | ||||||||||||
Total Trading Companies & Distributors | 811,151 | |||||||||||||
Transportation Infrastructure – 0.1% | ||||||||||||||
3,991 | Wesco Aircraft Holdings Inc., (2) | 57,590 | ||||||||||||
Water Utilities – 0.3% | ||||||||||||||
2,443 | American States Water Co | 101,849 | ||||||||||||
530 | Artesian Resources Corporation | 14,305 | ||||||||||||
3,097 | California Water Service Group | 86,499 | ||||||||||||
722 | Connecticut Water Service, Inc. | 33,948 | ||||||||||||
952 | Consolidated Water Company, Limited | 13,223 | ||||||||||||
1,044 | Middlesex Water Company | 38,190 | ||||||||||||
1,024 | SJW Corporation | 35,236 | ||||||||||||
831 | York Water Company | 24,639 | ||||||||||||
Total Water Utilities | 347,889 | |||||||||||||
Wireless Telecommunication Services – 0.1% | ||||||||||||||
2,369 | Boingo Wireless Inc., (2) | 18,218 | ||||||||||||
1,124 | NTELOS Holdings Corporation | 10,397 | ||||||||||||
3,127 | Shenandoah Telecommunications Company | 89,714 |
Nuveen | 103 |
Nuveen Small Cap Index Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||
Wireless Telecommunication Services (continued) | ||||||||||||||
1,335 | Spok Holdings, Inc. | $ | 22,681 | |||||||||||
Total Wireless Telecommunication Services | 141,010 | |||||||||||||
Total Common Stocks (cost $78,483,854) | 106,289,101 | |||||||||||||
Shares | Description (1), (6) | Value | ||||||||||||
EXCHANGE-TRADED FUNDS – 0.0% | ||||||||||||||
772 | CorEnergy Infrastructure Trust Inc., (3) | $ | 16,436 | |||||||||||
Total Exchange-Traded Funds (cost $25,348) | 16,436 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
COMMON STOCK RIGHTS – 0.0% | ||||||||||||||
6,523 | Chelsea Therapeutics International Limited, (5) | $ | — | |||||||||||
692 | Clinical Data, Inc., (2), (5) | — | ||||||||||||
1,250 | Durata Therapeutics Inc., (3), (5) | — | ||||||||||||
10,356 | DYAX Corporation, (5) | 11,495 | ||||||||||||
604 | Enterprise Bancorp, Inc., (5) | 64 | ||||||||||||
4,499 | Leap Wireless International Inc., (5) | 11,337 | ||||||||||||
424 | Omthera Pharmaceuticals Inc., (5) | — | ||||||||||||
2,878 | Trius Therapeutics Inc., (5) | — | ||||||||||||
Total Common Stock Rights (cost $11,402) | 22,896 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
WARRANTS – 0.0% | ||||||||||||||
154 | Asterias Biotherapeutics Inc. | $ | 93 | |||||||||||
106 | Imperial Holdings, Inc., (5) | 16 | ||||||||||||
157 | Tejon Ranch Company, (5) | 2 | ||||||||||||
Total Warrants (cost $994) | 111 | |||||||||||||
Total Long-Term Investments (cost $78,521,598) | 106,328,544 | |||||||||||||
Shares | Description (1) | Value | ||||||||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 34.6% |
| |||||||||||||
Money Market Funds – 34.6% | ||||||||||||||
38,867,259 | Mount Vernon Securities Lending Prime Portfolio, 0.524%, (7), (8) | $ | 38,867,259 | |||||||||||
Total Investments Purchased with Collateral from Securities Lending (cost $38,867,259) | 38,867,259 |
104 | Nuveen |
Shares/ Principal | Description (1) | Coupon | Maturity | Ratings (9) | Value | |||||||||||||||
SHORT-TERM INVESTMENTS – 5.3% | ||||||||||||||||||||
Money Market Funds – 5.0% | ||||||||||||||||||||
5,648,073 | First American Treasury Obligations Fund, Class Z | 0.174% (8) | N/A | N/A | $ | 5,648,073 | ||||||||||||||
U.S. Government and Agency Obligations – 0.3% | ||||||||||||||||||||
$ | 275 | U.S Treasury Bills, (10) | 0.000% | 9/15/16 | AAA | 274,732 | ||||||||||||||
Total Short-Term Investments (cost $5,922,799) |
| 5,922,805 | ||||||||||||||||||
Total Investments (cost $123,311,656) – 134.5% |
| 151,118,608 | ||||||||||||||||||
Other Assets Less Liabilities – (34.5)% (11) | (38,767,791 | ) | ||||||||||||||||||
Net Assets – 100% | $ | 112,350,817 |
Investments in Derivatives as of April 30, 2016
Futures Contracts Outstanding:
Description | Contract Position | Number of Contracts | Contract Expiration | Notional Amount at Value | Variation Margin Receivable/ (Payable) | Unrealized Appreciation (Depreciation) | ||||||||||||||||||
Russell 2000® Mini Index | Long | 52 | 6/16 | $ | 5,863,520 | $ | (63,440 | ) | $ | 123,007 |
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 the securities out on loan as of the end of the reporting period was $37,429,347. |
(4) | Shares round to less than 1. |
(5) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
(6) | A copy of the most recent financial statements for these exchange-traded funds can be obtained from the Securities and Exchange Commission on its website at http://www.sec.gov. |
(7) | The rate shown is the annualized seven-day effective yield as of the end of the reporting period. |
(8) | 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 100% 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, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. |
(9) | 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. |
(10) | Investment, or portion of investment, segregated as collateral for investments in derivatives. |
(11) | Other assets less liabilities includes the unrealized appreciation (depreciation) of certain over-the-counter (“OTC”) derivatives as presented on the Statement of Assets and Liabilities. The unrealized appreciation (depreciation) of OTC-cleared and exchange-traded derivatives is recognized as part of the cash collateral at brokers and/or the receivable or payable for variation margin as presented on the Statement of Assets and Liabilities, when applicable. |
N/A | Not Applicable |
Reg S | Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are made outside the United States. |
REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
Nuveen | 105 |
Assets and Liabilities | April 30, 2016 (Unaudited) |
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Assets | ||||||||||||
Long-term investments, at value (cost $265,279,328, $454,456,479 and $78,521,598, respectively) | $ | 699,080,157 | $ | 593,168,288 | $ | 106,328,544 | ||||||
Investments purchased with collateral from securities lending, at value (cost approximates value) | 199,380,294 | 211,968,009 | 38,867,259 | |||||||||
Short-Term investments, at value (cost $35,632,987, $26,443,025 and $5,922,799, respectively) | 35,633,056 | 26,443,094 | 5,922,805 | |||||||||
Cash collateral at broker(1) | — | — | 47,200 | |||||||||
Receivable for: | ||||||||||||
Dividends | 741,463 | 313,047 | 41,428 | |||||||||
Due from Broker | 25,397 | 36,257 | 33,577 | |||||||||
Interest | 3,031 | 2,924 | 719 | |||||||||
Investments sold | — | — | 118,240 | |||||||||
Reclaims | 6,504 | — | — | |||||||||
Shares sold | 650,767 | 793,418 | 182,803 | |||||||||
Other assets | 46,860 | 42,354 | 21,241 | |||||||||
Total assets | 935,567,529 | 832,767,391 | 151,563,816 | |||||||||
Liabilities | ||||||||||||
Payable for: | ||||||||||||
Collateral from securities lending program | 199,380,294 | 211,968,009 | 38,867,259 | |||||||||
Investments purchased | 85,206 | 1,386,287 | — | |||||||||
Shares redeemed | 1,689,275 | 1,200,046 | 126,077 | |||||||||
Variation margin on futures contracts | 232,837 | 147,840 | 63,440 | |||||||||
Accrued expenses: | ||||||||||||
Directors fees | 30,877 | 21,984 | 179 | |||||||||
Management fees | 127,743 | 134,954 | 13,897 | |||||||||
12b-1 distribution and service fees | 93,555 | 143,301 | 26,852 | |||||||||
Other | 295,149 | 357,272 | 115,295 | |||||||||
Total liabilities | 201,934,936 | 215,359,693 | 39,212,999 | |||||||||
Net assets | $ | 733,632,593 | $ | 617,407,698 | $ | 112,350,817 | ||||||
Class A Shares | ||||||||||||
Net assets | $ | 184,183,508 | $ | 198,902,318 | $ | 35,820,781 | ||||||
Shares outstanding | 6,936,666 | 11,698,247 | 2,716,502 | |||||||||
Net asset value (“NAV”) and offering price per share | $ | 26.55 | $ | 17.00 | $ | 13.19 | ||||||
Class C Shares | ||||||||||||
Net assets | $ | 17,703,322 | $ | 20,762,012 | $ | 3,762,935 | ||||||
Shares outstanding | 675,192 | 1,271,705 | 300,344 | |||||||||
NAV and offering price per share | $ | 26.22 | $ | 16.33 | $ | 12.53 | ||||||
Class R3 Shares | ||||||||||||
Net assets | $ | 99,824,974 | $ | 209,269,986 | $ | 40,129,982 | ||||||
Shares outstanding | 3,758,104 | 12,476,051 | 3,130,774 | |||||||||
NAV and offering price per share | $ | 26.56 | $ | 16.77 | $ | 12.82 | ||||||
Class I Shares | ||||||||||||
Net assets | $ | 431,920,789 | $ | 188,473,382 | $ | 32,637,119 | ||||||
Shares outstanding | 16,272,279 | 11,052,058 | 2,469,595 | |||||||||
NAV and offering price per share | $ | 26.54 | $ | 17.05 | $ | 13.22 | ||||||
Net assets consist of: | ||||||||||||
Capital paid-in | $ | 262,980,242 | $ | 453,837,473 | $ | 85,537,953 | ||||||
Undistributed (Over-distribution of) net investment income | 1,643,626 | 2,042,217 | 223,612 | |||||||||
Accumulated net realized gain (loss) | 34,985,349 | 22,276,000 | (1,340,707 | ) | ||||||||
Net unrealized appreciation (depreciation) | 434,023,376 | 139,252,008 | 27,929,959 | |||||||||
Net assets | $ | 733,632,593 | $ | 617,407,698 | $ | 112,350,817 | ||||||
Authorized shares – per class | 2 billion | 2 billion | 2 billion | |||||||||
Par value per share | $ | 0.0001 | $ | 0.0001 | $ | 0.0001 |
(1) | Cash pledged to collateralize the net payment obligations for investments in derivatives is in addition to the Fund’s securities pledged as collateral as noted in the Portfolio of Investments. |
See accompanying notes to financial statements.
106 | Nuveen |
Operations | Six Months Ended April 30, 2016 (Unaudited) |
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Investment Income | ||||||||||||
Dividend and interest income (net of foreign tax withheld of $—, $— and $271, respectively) | $ | 7,860,296 | $ | 4,594,339 | $ | 770,497 | ||||||
Securities lending income, net | 115,644 | 215,099 | 176,263 | |||||||||
Total investment income | 7,975,940 | 4,809,438 | 946,760 | |||||||||
Expenses | ||||||||||||
Management fees | 1,013,946 | 925,717 | 193,860 | |||||||||
12b-1 service fees – Class A Shares | 226,784 | 242,082 | 47,280 | |||||||||
12b-1 distribution and service fees – Class C Shares | 85,498 | 94,677 | 16,227 | |||||||||
12b-1 distribution and service fees – Class R3 Shares | 253,064 | 508,710 | 101,938 | |||||||||
Shareholder servicing agent fees | 525,589 | 488,220 | 88,806 | |||||||||
Custodian fees | 50,668 | 40,931 | 65,110 | |||||||||
Directors fees | 10,210 | 8,380 | 1,650 | |||||||||
Licensing fees | 16,206 | 17,045 | 38,779 | |||||||||
Professional fees | 34,730 | 31,241 | 20,208 | |||||||||
Shareholder reporting expenses | 33,511 | 44,425 | 15,460 | |||||||||
Federal and state registration fees | 31,306 | 32,555 | 27,653 | |||||||||
Other expenses | 6,508 | 5,891 | 1,855 | |||||||||
Total expenses before fee waiver/expense reimbursement | 2,288,020 | 2,439,874 | 618,826 | |||||||||
Fee waiver/expense reimbursement | (370,638 | ) | (161,543 | ) | (126,201 | ) | ||||||
Net expenses | 1,917,382 | 2,278,331 | 492,625 | |||||||||
Net investment income (loss) | 6,058,558 | 2,531,107 | 454,135 | |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from: | ||||||||||||
Investments | 46,273,009 | 23,646,967 | (834,089 | ) | ||||||||
Futures contracts | (1,083,560 | ) | 51,612 | (72,464 | ) | |||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||
Investments | (51,058,371 | ) | (17,499,906 | ) | (3,016,742 | ) | ||||||
Futures contracts | (418,987 | ) | (263,913 | ) | 88,362 | |||||||
Net realized and unrealized gain (loss) | (6,287,909 | ) | 5,934,760 | (3,834,933 | ) | |||||||
Net increase (decrease) in net assets from operations | $ | (229,351 | ) | $ | 8,465,867 | $ | (3,380,798 | ) |
See accompanying notes to financial statements.
Nuveen | 107 |
Changes in Net Assets | (Unaudited) |
Equity Index | Mid Cap Index | |||||||||||||||||
Six Months Ended 4/30/16 | Year Ended 10/31/15 | Six Months Ended 4/30/16 | Year Ended 10/31/15 | |||||||||||||||
Operations | ||||||||||||||||||
Net investment income (loss) | $ | 6,058,558 | $ | 12,482,645 | $ | 2,531,107 | $ | 5,075,431 | ||||||||||
Net realized gain (loss) from: | ||||||||||||||||||
Investments | 46,273,009 | 53,316,491 | 23,646,967 | 47,671,172 | ||||||||||||||
Futures contracts | (1,083,560 | ) | (773,985 | ) | 51,612 | (2,125,431 | ) | |||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||
Investments | (51,058,371 | ) | (28,106,248 | ) | (17,499,906 | ) | (33,094,574 | ) | ||||||||||
Futures contracts | (418,987 | ) | 372,931 | (263,913 | ) | 890,732 | ||||||||||||
Net increase (decrease) in net assets from operations | (229,351 | ) | 37,291,834 | 8,465,867 | 18,417,330 | |||||||||||||
Distributions to Shareholders | ||||||||||||||||||
From net investment income: | ||||||||||||||||||
Class A Shares | (1,560,165 | ) | (2,738,996 | ) | (1,530,007 | ) | (1,853,365 | ) | ||||||||||
Class C Shares | (81,863 | ) | (97,002 | ) | — | (19,009 | ) | |||||||||||
Class R3 Shares | (746,932 | ) | (1,131,525 | ) | (1,009,636 | ) | (1,422,983 | ) | ||||||||||
Class I Shares | (4,238,414 | ) | (8,154,510 | ) | (1,961,658 | ) | (2,407,249 | ) | ||||||||||
From accumulated net realized gains: | ||||||||||||||||||
Class A Shares | (10,787,974 | ) | (9,192,119 | ) | (13,213,263 | ) | (9,630,727 | ) | ||||||||||
Class C Shares | (1,025,675 | ) | (655,527 | ) | (1,315,766 | ) | (694,689 | ) | ||||||||||
Class R3 Shares | (6,211,507 | ) | (4,022,116 | ) | (13,867,878 | ) | (10,517,244 | ) | ||||||||||
Class I Shares | (25,977,798 | ) | (24,548,328 | ) | (12,556,589 | ) | (9,847,361 | ) | ||||||||||
Decrease in net assets from distributions to shareholders | (50,630,328 | ) | (50,540,123 | ) | (45,454,797 | ) | (36,392,627 | ) | ||||||||||
Fund Share Transactions | ||||||||||||||||||
Proceeds from sale of shares | 63,706,575 | 146,699,781 | 55,570,979 | 141,016,955 | ||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 44,432,193 | 43,105,273 | 41,988,502 | 33,191,887 | ||||||||||||||
108,138,768 | 189,805,054 | 97,559,481 | 174,208,842 | |||||||||||||||
Cost of shares redeemed | (110,193,201 | ) | (218,320,680 | ) | (90,419,312 | ) | (171,596,895 | ) | ||||||||||
Net increase (decrease) in net assets from Fund share transactions | (2,054,433 | ) | (28,515,626 | ) | 7,140,169 | 2,611,947 | ||||||||||||
Net increase (decrease) in net assets | (52,914,112 | ) | (41,763,915 | ) | (29,848,761 | ) | (15,363,350 | ) | ||||||||||
Net assets at the beginning of period | 786,546,705 | 828,310,620 | 647,256,459 | 662,619,809 | ||||||||||||||
Net assets at the end of period | $ | 733,632,593 | $ | 786,546,705 | $ | 617,407,698 | $ | 647,256,459 | ||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 1,643,626 | $ | 2,212,442 | $ | 2,042,217 | $ | 4,012,411 |
See accompanying notes to financial statements.
108 | Nuveen |
Small Cap Index | ||||||||
Six Months Ended 4/30/16 | Year Ended 10/31/15 | |||||||
Operations | ||||||||
Net investment income (loss) | $ | 454,135 | $ | 1,029,913 | ||||
Net realized gain (loss) from: | ||||||||
Investments | (834,089 | ) | 6,035,615 | |||||
Futures contracts | (72,464 | ) | (133,511 | ) | ||||
Change in net unrealized appreciation (depreciation) of: | ||||||||
Investments | (3,016,742 | ) | (7,297,609 | ) | ||||
Futures contracts | 88,362 | (63,340 | ) | |||||
Net increase (decrease) in net assets from operations | (3,380,798 | ) | (428,932 | ) | ||||
Distributions to Shareholders | ||||||||
From net investment income: | ||||||||
Class A Shares | (346,442 | ) | (365,247 | ) | ||||
Class C Shares | (585 | ) | (2,919 | ) | ||||
Class R3 Shares | (249,715 | ) | (310,921 | ) | ||||
Class I Shares | (405,326 | ) | (520,976 | ) | ||||
From accumulated net realized gains: | ||||||||
Class A Shares | (1,687,506 | ) | (2,179,623 | ) | ||||
Class C Shares | (144,401 | ) | (139,573 | ) | ||||
Class R3 Shares | (1,880,550 | ) | (2,670,039 | ) | ||||
Class I Shares | (1,521,121 | ) | (2,441,130 | ) | ||||
Decrease in net assets from distributions to shareholders | (6,235,646 | ) | (8,630,428 | ) | ||||
Fund Share Transactions | ||||||||
Proceeds from sale of shares | 12,344,249 | 38,060,059 | ||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 5,867,426 | 7,920,049 | ||||||
18,211,675 | 45,980,108 | |||||||
Cost of shares redeemed | (29,234,581 | ) | (44,615,077 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions | (11,022,906 | ) | 1,365,031 | |||||
Net increase (decrease) in net assets | (20,639,350 | ) | (7,694,329 | ) | ||||
Net assets at the beginning of period | 132,990,167 | 140,684,496 | ||||||
Net assets at the end of period | $ | 112,350,817 | $ | 132,990,167 | ||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 223,612 | $ | 771,545 |
See accompanying notes to financial statements.
Nuveen | 109 |
Highlights (Unaudited)
Equity Index
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||
Class (Commencement Date) Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net | From Accumulated Net Realized | Total | Ending NAV | ||||||||||||||||||||||||||
Class A (12/92) |
| |||||||||||||||||||||||||||||||||
2016(e) | $ | 28.38 | $ | 0.20 | $ | (0.19 | ) | $ | 0.01 | $ | (0.22 | ) | $ | (1.62 | ) | $ | (1.84 | ) | $ | 26.55 | ||||||||||||||
2015 | 28.86 | 0.40 | 0.84 | 1.24 | (0.38 | ) | (1.34 | ) | (1.72 | ) | 28.38 | |||||||||||||||||||||||
2014 | 27.10 | 0.38 | 3.78 | 4.16 | (0.38 | ) | (2.02 | ) | (2.40 | ) | 28.86 | |||||||||||||||||||||||
2013 | 22.35 | 0.38 | 5.31 | 5.69 | (0.39 | ) | (0.55 | ) | (0.94 | ) | 27.10 | |||||||||||||||||||||||
2012 | 21.44 | 0.34 | 2.48 | 2.82 | (0.35 | ) | (1.56 | ) | (1.91 | ) | 22.35 | |||||||||||||||||||||||
2011 | 21.51 | 0.30 | 1.26 | 1.56 | (0.26 | ) | (1.37 | ) | (1.63 | ) | 21.44 | |||||||||||||||||||||||
Class C (2/99) |
| |||||||||||||||||||||||||||||||||
2016(e) | 28.05 | 0.10 | (0.19 | ) | (0.09 | ) | (0.12 | ) | (1.62 | ) | (1.74 | ) | 26.22 | |||||||||||||||||||||
2015 | 28.54 | 0.18 | 0.84 | 1.02 | (0.17 | ) | (1.34 | ) | (1.51 | ) | 28.05 | |||||||||||||||||||||||
2014 | 26.82 | 0.17 | 3.74 | 3.91 | (0.17 | ) | (2.02 | ) | (2.19 | ) | 28.54 | |||||||||||||||||||||||
2013 | 22.13 | 0.20 | 5.24 | 5.44 | (0.20 | ) | (0.55 | ) | (0.75 | ) | 26.82 | |||||||||||||||||||||||
2012 | 21.24 | 0.17 | 2.46 | 2.63 | (0.18 | ) | (1.56 | ) | (1.74 | ) | 22.13 | |||||||||||||||||||||||
2011 | 21.32 | 0.13 | 1.26 | 1.39 | (0.10 | ) | (1.37 | ) | (1.47 | ) | 21.24 | |||||||||||||||||||||||
Class R3 (9/01) |
| |||||||||||||||||||||||||||||||||
2016(e) | 28.39 | 0.17 | (0.19 | ) | (0.02 | ) | (0.19 | ) | (1.62 | ) | (1.81 | ) | 26.56 | |||||||||||||||||||||
2015 | 28.87 | 0.32 | 0.85 | 1.17 | (0.31 | ) | (1.34 | ) | (1.65 | ) | 28.39 | |||||||||||||||||||||||
2014 | 27.04 | 0.31 | 3.85 | 4.16 | (0.31 | ) | (2.02 | ) | (2.33 | ) | 28.87 | |||||||||||||||||||||||
2013 | 22.31 | 0.31 | 5.30 | 5.61 | (0.33 | ) | (0.55 | ) | (0.88 | ) | 27.04 | |||||||||||||||||||||||
2012 | 21.40 | 0.28 | 2.48 | 2.76 | (0.29 | ) | (1.56 | ) | (1.85 | ) | 22.31 | |||||||||||||||||||||||
2011 | 21.47 | 0.25 | 1.26 | 1.51 | (0.21 | ) | (1.37 | ) | (1.58 | ) | 21.40 | |||||||||||||||||||||||
Class I (2/94) |
| |||||||||||||||||||||||||||||||||
2016(e) | 28.37 | 0.24 | (0.19 | ) | 0.05 | (0.26 | ) | (1.62 | ) | (1.88 | ) | 26.54 | ||||||||||||||||||||||
2015 | 28.85 | 0.47 | 0.84 | 1.31 | (0.45 | ) | (1.34 | ) | (1.79 | ) | 28.37 | |||||||||||||||||||||||
2014 | 27.09 | 0.45 | 3.78 | 4.23 | (0.45 | ) | (2.02 | ) | (2.47 | ) | 28.85 | |||||||||||||||||||||||
2013 | 22.35 | 0.45 | 5.29 | 5.74 | (0.45 | ) | (0.55 | ) | (1.00 | ) | 27.09 | |||||||||||||||||||||||
2012 | 21.43 | 0.39 | 2.49 | 2.88 | (0.40 | ) | (1.56 | ) | (1.96 | ) | 22.35 | |||||||||||||||||||||||
2011 | 21.50 | 0.36 | 1.26 | 1.62 | (0.32 | ) | (1.37 | ) | (1.69 | ) | 21.43 |
110 | Nuveen |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | ||||||||||||||||||||||||
0.13 | % | $ | 184,184 | 0.72 | %* | 1.46 | %* | 0.62 | %* | 1.56 | %* | 1 | % | |||||||||||||||||
4.63 | 192,626 | 0.72 | 1.30 | 0.62 | 1.40 | 2 | ||||||||||||||||||||||||
16.55 | 203,668 | 0.73 | 1.27 | 0.62 | 1.38 | 2 | ||||||||||||||||||||||||
26.32 | 183,491 | 0.71 | 1.48 | 0.62 | 1.57 | 2 | ||||||||||||||||||||||||
14.51 | 143,664 | 0.69 | 1.49 | 0.62 | 1.56 | 1 | ||||||||||||||||||||||||
7.41 | 119,172 | 0.70 | 1.29 | 0.62 | 1.37 | 2 | ||||||||||||||||||||||||
(0.25 | ) | 17,703 | 1.47 | * | 0.70 | * | 1.37 | * | 0.81 | * | 1 | |||||||||||||||||||
3.84 | 17,002 | 1.47 | 0.54 | 1.37 | 0.64 | 2 | ||||||||||||||||||||||||
15.71 | 13,275 | 1.48 | 0.52 | 1.37 | 0.63 | 2 | ||||||||||||||||||||||||
25.35 | 10,752 | 1.46 | 0.72 | 1.37 | 0.82 | 2 | ||||||||||||||||||||||||
13.70 | 8,095 | 1.44 | 0.75 | 1.37 | 0.82 | 1 | ||||||||||||||||||||||||
6.61 | 8,261 | 1.45 | 0.55 | 1.37 | 0.62 | 2 | ||||||||||||||||||||||||
0.01 | 99,825 | 0.97 | * | 1.22 | * | 0.87 | * | 1.32 | * | 1 | ||||||||||||||||||||
4.37 | 108,691 | 0.97 | 1.03 | 0.87 | 1.14 | 2 | ||||||||||||||||||||||||
16.27 | 81,677 | 0.98 | 1.02 | 0.87 | 1.13 | 2 | ||||||||||||||||||||||||
25.96 | 61,823 | 0.97 | 1.19 | 0.87 | 1.29 | 2 | ||||||||||||||||||||||||
14.26 | 33,685 | 0.94 | 1.22 | 0.87 | 1.28 | 1 | ||||||||||||||||||||||||
7.15 | 14,218 | 0.95 | 1.06 | 0.87 | 1.13 | 2 | ||||||||||||||||||||||||
0.25 | 431,921 | 0.47 | * | 1.71 | * | 0.37 | * | 1.81 | * | 1 | ||||||||||||||||||||
4.90 | 468,228 | 0.47 | 1.55 | 0.37 | 1.66 | 2 | ||||||||||||||||||||||||
16.84 | 529,691 | 0.48 | 1.53 | 0.37 | 1.64 | 2 | ||||||||||||||||||||||||
26.59 | 531,131 | 0.46 | 1.76 | 0.37 | 1.85 | 2 | ||||||||||||||||||||||||
14.85 | 556,215 | 0.44 | 1.75 | 0.37 | 1.82 | 1 | ||||||||||||||||||||||||
7.68 | 597,030 | 0.45 | 1.55 | 0.37 | 1.63 | 2 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the six months ended April 30, 2016. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen | 111 |
Financial Highlights (Unaudited) (continued)
Mid Cap Index
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||
Class A (11/99) |
| |||||||||||||||||||||||||||||||||
2016(e) | $ | 18.05 | $ | 0.07 | $ | 0.15 | $ | 0.22 | $ | (0.12 | ) | $ | (1.15 | ) | $ | (1.27 | ) | $ | 17.00 | |||||||||||||||
2015 | 18.58 | 0.14 | 0.35 | 0.49 | (0.16 | ) | (0.86 | ) | (1.02 | ) | 18.05 | |||||||||||||||||||||||
2014 | 17.50 | 0.13 | 1.71 | 1.84 | (0.11 | ) | (0.65 | ) | (0.76 | ) | 18.58 | |||||||||||||||||||||||
2013 | 13.76 | 0.13 | 4.17 | 4.30 | (0.10 | ) | (0.46 | ) | (0.56 | ) | 17.50 | |||||||||||||||||||||||
2012 | 12.87 | 0.09 | 1.31 | 1.40 | (0.03 | ) | (0.48 | ) | (0.51 | ) | 13.76 | |||||||||||||||||||||||
2011 | 11.98 | 0.05 | 0.92 | 0.97 | (0.08 | ) | — | (0.08 | ) | 12.87 | ||||||||||||||||||||||||
Class C (9/01) |
| |||||||||||||||||||||||||||||||||
2016(e) | 17.32 | 0.01 | 0.15 | 0.16 | — | (1.15 | ) | (1.15 | ) | 16.33 | ||||||||||||||||||||||||
2015 | 17.86 | — | * | 0.34 | 0.34 | (0.02 | ) | (0.86 | ) | (0.88 | ) | 17.32 | ||||||||||||||||||||||
2014 | 16.87 | — | * | 1.64 | 1.64 | — | (0.65 | ) | (0.65 | ) | 17.86 | |||||||||||||||||||||||
2013 | 13.28 | 0.01 | 4.04 | 4.05 | — | (0.46 | ) | (0.46 | ) | 16.87 | ||||||||||||||||||||||||
2012 | 12.51 | (0.01 | ) | 1.26 | 1.25 | — | (0.48 | ) | (0.48 | ) | 13.28 | |||||||||||||||||||||||
2011 | 11.67 | (0.05 | ) | 0.89 | 0.84 | — | — | — | 12.51 | |||||||||||||||||||||||||
Class R3 (11/00) |
| |||||||||||||||||||||||||||||||||
2016(e) | 17.80 | 0.05 | 0.15 | 0.20 | (0.08 | ) | (1.15 | ) | (1.23 | ) | 16.77 | |||||||||||||||||||||||
2015 | 18.33 | 0.10 | 0.34 | 0.44 | (0.11 | ) | (0.86 | ) | (0.97 | ) | 17.80 | |||||||||||||||||||||||
2014 | 17.28 | 0.09 | 1.68 | 1.77 | (0.07 | ) | (0.65 | ) | (0.72 | ) | 18.33 | |||||||||||||||||||||||
2013 | 13.59 | 0.10 | 4.11 | 4.21 | (0.06 | ) | (0.46 | ) | (0.52 | ) | 17.28 | |||||||||||||||||||||||
2012 | 12.73 | 0.06 | 1.28 | 1.34 | — | (0.48 | ) | (0.48 | ) | 13.59 | ||||||||||||||||||||||||
2011 | 11.86 | 0.01 | 0.92 | 0.93 | (0.06 | ) | — | (0.06 | ) | 12.73 | ||||||||||||||||||||||||
Class I (11/99) |
| |||||||||||||||||||||||||||||||||
2016(e) | 18.12 | 0.09 | 0.16 | 0.25 | (0.17 | ) | (1.15 | ) | (1.32 | ) | 17.05 | |||||||||||||||||||||||
2015 | 18.65 | 0.19 | 0.34 | 0.53 | (0.20 | ) | (0.86 | ) | (1.06 | ) | 18.12 | |||||||||||||||||||||||
2014 | 17.57 | 0.18 | 1.70 | 1.88 | (0.15 | ) | (0.65 | ) | (0.80 | ) | 18.65 | |||||||||||||||||||||||
2013 | 13.81 | 0.18 | 4.17 | 4.35 | (0.13 | ) | (0.46 | ) | (0.59 | ) | 17.57 | |||||||||||||||||||||||
2012 | 12.92 | 0.12 | 1.32 | 1.44 | (0.07 | ) | (0.48 | ) | (0.55 | ) | 13.81 | |||||||||||||||||||||||
2011 | 12.03 | 0.08 | 0.91 | 0.99 | (0.10 | ) | — | (0.10 | ) | 12.92 |
112 | Nuveen |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | ||||||||||||||||||||||||
1.60 | % | $ | 198,902 | 0.78 | %** | 0.82 | %** | 0.73 | %** | 0.88 | %** | 7 | % | |||||||||||||||||
2.86 | 210,930 | 0.80 | 0.70 | 0.73 | 0.77 | 12 | ||||||||||||||||||||||||
10.94 | 210,964 | 0.80 | 0.66 | 0.73 | 0.73 | 10 | ||||||||||||||||||||||||
32.46 | 185,942 | 0.76 | 0.84 | 0.73 | 0.86 | 7 | ||||||||||||||||||||||||
11.48 | 104,467 | 0.80 | 0.61 | 0.74 | 0.67 | 7 | ||||||||||||||||||||||||
8.07 | 68,856 | 0.79 | 0.32 | 0.75 | 0.36 | 23 | ||||||||||||||||||||||||
1.26 | 20,762 | 1.53 | ** | 0.05 | ** | 1.48 | ** | 0.10 | ** | 7 | ||||||||||||||||||||
2.13 | 19,066 | 1.55 | (0.06 | ) | 1.48 | 0.02 | 12 | |||||||||||||||||||||||
10.10 | 13,810 | 1.55 | (0.09 | ) | 1.48 | (0.02 | ) | 10 | ||||||||||||||||||||||
31.51 | 10,925 | 1.51 | 0.07 | 1.48 | 0.10 | 7 | ||||||||||||||||||||||||
10.60 | 5,290 | 1.55 | (0.13 | ) | 1.49 | (0.07 | ) | 7 | ||||||||||||||||||||||
7.20 | 3,302 | 1.53 | (0.42 | ) | 1.50 | (0.39 | ) | 23 | ||||||||||||||||||||||
1.46 | 209,270 | 1.03 | ** | 0.57 | ** | 0.98 | ** | 0.62 | ** | 7 | ||||||||||||||||||||
2.64 | 217,248 | 1.05 | 0.45 | 0.98 | 0.52 | 12 | ||||||||||||||||||||||||
10.64 | 221,651 | 1.05 | 0.41 | 0.98 | 0.48 | 10 | ||||||||||||||||||||||||
32.16 | 186,673 | 1.01 | 0.60 | 0.98 | 0.62 | 7 | ||||||||||||||||||||||||
11.14 | 113,834 | 1.05 | 0.36 | 0.99 | 0.42 | 7 | ||||||||||||||||||||||||
7.83 | 65,060 | 1.04 | 0.07 | 1.00 | 0.11 | 23 | ||||||||||||||||||||||||
1.76 | 188,473 | 0.53 | ** | 1.07 | ** | 0.48 | ** | 1.13 | ** | 7 | ||||||||||||||||||||
3.11 | 200,012 | 0.55 | 0.95 | 0.48 | 1.03 | 12 | ||||||||||||||||||||||||
11.16 | 216,194 | 0.55 | 0.91 | 0.48 | 0.98 | 10 | ||||||||||||||||||||||||
32.82 | 223,102 | 0.51 | 1.12 | 0.48 | 1.14 | 7 | ||||||||||||||||||||||||
11.80 | 168,328 | 0.55 | 0.87 | 0.49 | 0.93 | 7 | ||||||||||||||||||||||||
8.23 | 170,174 | 0.53 | 0.59 | 0.50 | 0.63 | 23 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the six months ended April 30, 2016. |
* | Rounds to less than 0.01 per share. |
** | Annualized. |
See accompanying notes to financial statements.
Nuveen | 113 |
Financial Highlights (Unaudited) (continued)
Small Cap Index
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||
Class A (12/98) | ||||||||||||||||||||||||||||||||||
2016(e) | $ | 14.18 | $ | 0.05 | $ | (0.35 | ) | $ | (0.30 | ) | $ | (0.11 | ) | $ | (0.58 | ) | $ | (0.69 | ) | $ | 13.19 | |||||||||||||
2015 | 15.18 | 0.11 | (0.17 | ) | (0.06 | ) | (0.13 | ) | (0.81 | ) | (0.94 | ) | 14.18 | |||||||||||||||||||||
2014 | 14.99 | 0.10 | 0.98 | 1.08 | (0.12 | ) | (0.77 | ) | (0.89 | ) | 15.18 | |||||||||||||||||||||||
2013 | 11.59 | 0.14 | 3.79 | 3.93 | (0.08 | ) | (0.45 | ) | (0.53 | ) | 14.99 | |||||||||||||||||||||||
2012 | 10.43 | 0.08 | 1.11 | 1.19 | (0.03 | ) | — | (0.03 | ) | 11.59 | ||||||||||||||||||||||||
2011 | 9.89 | 0.05 | 0.55 | 0.60 | (0.06 | ) | — | (0.06 | ) | 10.43 | ||||||||||||||||||||||||
Class C (9/01) | ||||||||||||||||||||||||||||||||||
2016(e) | 13.44 | — | (0.33 | ) | (0.33 | ) | — | ** | (0.58 | ) | (0.58 | ) | 12.53 | |||||||||||||||||||||
2015 | 14.43 | — | ** | (0.16 | ) | (0.16 | ) | (0.02 | ) | (0.81 | ) | (0.83 | ) | 13.44 | ||||||||||||||||||||
2014 | 14.31 | (0.01 | ) | 0.91 | 0.90 | (0.01 | ) | (0.77 | ) | (0.78 | ) | 14.43 | ||||||||||||||||||||||
2013 | 11.08 | 0.03 | 3.65 | 3.68 | — | (0.45 | ) | (0.45 | ) | 14.31 | ||||||||||||||||||||||||
2012 | 10.02 | — | 1.06 | 1.06 | — | — | — | 11.08 | ||||||||||||||||||||||||||
2011 | 9.52 | (0.03 | ) | 0.53 | 0.50 | — | — | — | 10.02 | |||||||||||||||||||||||||
Class R3 (12/98) | ||||||||||||||||||||||||||||||||||
2016(e) | 13.78 | 0.04 | (0.35 | ) | (0.31 | ) | (0.07 | ) | (0.58 | ) | (0.65 | ) | 12.82 | |||||||||||||||||||||
2015 | 14.77 | 0.07 | (0.16 | ) | (0.09 | ) | (0.09 | ) | (0.81 | ) | (0.90 | ) | 13.78 | |||||||||||||||||||||
2014 | 14.62 | 0.07 | 0.93 | 1.00 | (0.08 | ) | (0.77 | ) | (0.85 | ) | 14.77 | |||||||||||||||||||||||
2013 | 11.31 | 0.10 | 3.72 | 3.82 | (0.06 | ) | (0.45 | ) | (0.51 | ) | 14.62 | |||||||||||||||||||||||
2012 | 10.18 | 0.05 | 1.08 | 1.13 | — | — | — | 11.31 | ||||||||||||||||||||||||||
2011 | 9.66 | 0.03 | 0.53 | 0.56 | (0.04 | ) | — | (0.04 | ) | 10.18 | ||||||||||||||||||||||||
Class I (12/98) | ||||||||||||||||||||||||||||||||||
2016(e) | 14.23 | 0.07 | (0.35 | ) | (0.28 | ) | (0.15 | ) | (0.58 | ) | (0.73 | ) | 13.22 | |||||||||||||||||||||
2015 | 15.23 | 0.15 | (0.17 | ) | (0.02 | ) | (0.17 | ) | (0.81 | ) | (0.98 | ) | 14.23 | |||||||||||||||||||||
2014 | 15.04 | 0.14 | 0.97 | 1.11 | (0.15 | ) | (0.77 | ) | (0.92 | ) | 15.23 | |||||||||||||||||||||||
2013 | 11.63 | 0.17 | 3.80 | 3.97 | (0.11 | ) | (0.45 | ) | (0.56 | ) | 15.04 | |||||||||||||||||||||||
2012 | 10.46 | 0.11 | 1.12 | 1.23 | (0.06 | ) | — | (0.06 | ) | 11.63 | ||||||||||||||||||||||||
2011 | 9.91 | 0.08 | 0.55 | 0.63 | (0.08 | ) | — | (0.08 | ) | 10.46 |
114 | Nuveen |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | ||||||||||||||||||||||||
(2.13 | )% | $ | 35,821 | 1.03 | %*** | 0.61 | %*** | 0.81 | %*** | 0.83 | %*** | 1 | % | |||||||||||||||||
(0.31 | ) | 43,050 | 1.01 | 0.56 | 0.81 | 0.75 | 14 | |||||||||||||||||||||||
7.54 | 42,411 | 1.03 | 0.49 | 0.81 | 0.71 | 12 | ||||||||||||||||||||||||
35.52 | 41,769 | 1.07 | 0.81 | 0.82 | 1.06 | 11 | ||||||||||||||||||||||||
11.44 | 28,640 | 1.27 | 0.28 | 0.83 | 0.72 | 20 | ||||||||||||||||||||||||
6.03 | 19,406 | 1.17 | 0.15 | 0.83 | 0.50 | 14 | ||||||||||||||||||||||||
(2.47 | ) | 3,763 | 1.78 | *** | (0.22 | )*** | 1.56 | *** | (0.00 | )*** | 1 | |||||||||||||||||||
(1.05 | ) | 3,225 | 1.76 | (0.20 | ) | 1.56 | (0.01 | ) | 14 | |||||||||||||||||||||
6.64 | 2,500 | 1.78 | (0.27 | ) | 1.56 | (0.05 | ) | 12 | ||||||||||||||||||||||
34.57 | 2,155 | 1.82 | — | * | 1.57 | 0.25 | 11 | |||||||||||||||||||||||
10.58 | 1,246 | 2.00 | (0.46 | ) | 1.58 | (0.03 | ) | 20 | ||||||||||||||||||||||
5.25 | 1,330 | 1.90 | (0.58 | ) | 1.58 | (0.26 | ) | 14 | ||||||||||||||||||||||
(2.25 | ) | 40,130 | 1.28 | *** | 0.34 | *** | 1.06 | *** | 0.56 | *** | 1 | |||||||||||||||||||
(0.52 | ) | 45,089 | 1.26 | 0.30 | 1.06 | 0.50 | 14 | |||||||||||||||||||||||
7.19 | 48,483 | 1.28 | 0.24 | 1.06 | 0.46 | 12 | ||||||||||||||||||||||||
35.24 | 41,350 | 1.32 | 0.49 | 1.07 | 0.74 | 11 | ||||||||||||||||||||||||
11.13 | 20,198 | 1.52 | 0.02 | 1.08 | 0.47 | 20 | ||||||||||||||||||||||||
5.79 | 11,824 | 1.44 | (0.12 | ) | 1.08 | 0.24 | 14 | |||||||||||||||||||||||
(2.00 | ) | 32,637 | 0.78 | *** | 0.85 | *** | 0.56 | *** | 1.07 | *** | 1 | |||||||||||||||||||
(0.06 | ) | 41,626 | 0.75 | 0.81 | 0.56 | 1.00 | 14 | |||||||||||||||||||||||
7.76 | 47,291 | 0.78 | 0.75 | 0.56 | 0.96 | 12 | ||||||||||||||||||||||||
35.82 | 48,694 | 0.82 | 1.05 | 0.57 | 1.30 | 11 | ||||||||||||||||||||||||
11.79 | 33,733 | 1.00 | 0.55 | 0.58 | 0.97 | 20 | ||||||||||||||||||||||||
6.33 | 40,135 | 0.90 | 0.42 | 0.58 | 0.75 | 14 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the six months ended April 30, 2016. |
* | Rounds to less than 0.01%. |
** | Rounds to less than 0.01 per share. |
*** | Annualized. |
See accompanying notes to financial statements.
Nuveen | 115 |
Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust and Fund Information
Nuveen Investment Funds, Inc. (the “Trust”), is an open-end management 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.
The end of the reporting period for the Funds is April 30, 2016, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2016 (the ”current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). Nuveen is an operating division of TIAA Global Asset Management. The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Equity Index’s investment objective is to provide investment results that correspond to the performance of the Standard & Poor’s 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. Small Cap Index’s investment objective is to provide investment results that correspond to the performance of the Russell® 2000 Index.
Under normal market conditions, each Fund invests at least 90% of the sum of its net assets and 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 makes 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
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes.
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. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
116 | Nuveen |
Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared and distributed to shareholders annually (except for Equity Index, which are declared and distributed to shareholders quarterly). Net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Share Classes and Sales Charges
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 (“NAV”) per share with no up-front sales charge. Class A Shares incur a 0.25% annual 12b-1 service fee. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class C Shares are subject to a contingent deferred sales charge (“CDSC”) of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a 0.25% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
Multiclass Operations and Allocations
Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and service fees.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
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.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. | |
Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 – | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
Nuveen | 117 |
Notes to Financial Statements (Unaudited) (continued)
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2. 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, which may represent a transfer from a Level 1 to a Level 2 security.
Exchange traded funds 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 NAVs on the valuation date and are generally classified as Level 1.
Prices of fixed-income securities are provided by an independent pricing service (“pricing service”) approved by the Funds’ Board of Directors (the ”Board”). 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. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Futures contracts are valued using the closing settlement price or, in the absence of such a price, the last traded price and 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 Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which 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 NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
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* | $ | 699,078,345 | $ | — | $ | — | $ | 699,078,345 | ||||||||
Common Stock Rights | — | — | 1,812 | *** | 1,812 | |||||||||||
Investments Purchased with Collateral from Securities Lending | 199,380,294 | — | — | 199,380,294 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 32,635,984 | — | — | 32,635,984 | ||||||||||||
U.S. Government and Agency Obligations | — | 2,997,072 | — | 2,997,072 | ||||||||||||
Investments in Derivatives: | ||||||||||||||||
Futures Contracts** | 222,478 | — | — | 222,478 | ||||||||||||
Total | $ | 931,317,101 | $ | 2,997,072 | $ | 1,812 | $ | 934,315,985 |
118 | Nuveen |
Mid Cap Index | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments: | ||||||||||||||||
Common Stocks* | $ | 593,167,684 | $ | — | $ | — | $ | 593,167,684 | ||||||||
Common Stock Rights | 604 | — | — | 604 | ||||||||||||
Investments Purchased with Collateral from Securities Lending | 211,968,009 | — | — | 211,968,009 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 23,446,022 | — | — | 23,446,022 | ||||||||||||
U.S. Government & Agency Obligations | — | 2,997,072 | — | 2,997,072 | ||||||||||||
Investments in Derivatives: | ||||||||||||||||
Futures Contracts** | 540,130 | — | — | 540,130 | ||||||||||||
Total | $ | 829,122,449 | $ | 2,997,072 | $ | — | $ | 832,119,521 | ||||||||
Small Cap Index | ||||||||||||||||
Long-Term Investments: | ||||||||||||||||
Common Stocks* | $ | 106,284,121 | $ | — | $ | 4,980 | *** | $ | 106,289,101 | |||||||
Exchange-Traded Funds | 16,436 | — | — | 16,436 | ||||||||||||
Common Stock Rights | — | — | 22,896 | *** | 22,896 | |||||||||||
Warrants | 93 | — | 18 | *** | 111 | |||||||||||
Investments Purchased with Collateral from Securities Lending | 38,867,259 | — | — | 38,867,259 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 5,648,073 | — | — | 5,648,073 | ||||||||||||
U.S. Government & Agency Obligations | — | 274,732 | — | 274,732 | ||||||||||||
Investments in Derivatives: | ||||||||||||||||
Futures Contracts** | 123,007 | — | — | 123,007 | ||||||||||||
Total | $ | 150,938,989 | $ | 274,732 | $ | 27,894 | $ | 151,241,615 |
* | 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. |
*** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. |
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
(i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
(ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely- traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
Nuveen | 119 |
Notes to Financial Statements (Unaudited) (continued)
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
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. When loaning securities, each Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Each Fund also has the ability to recall the securities on loan at any time.
Each Fund’s policy is to receive, at the inception of a loan, cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Payable for collateral from securities lending program” on the Statement of Assets and Liabilities. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending, at value” on the Statement of Assets and Liabilities. The market value of the securities loaned is determined at the close of each business day in order to determine the adequacy of the collateral. If the value of the securities on loan increases such that the level of collateralization falls below 100%, additional collateral is received from the borrower on the next business day, which is recognized as “Due from broker” on the Statement of Assets and Liabilities.
Securities out on loan are subject to termination at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the securities loaned. Generally, in the event the borrower defaults on its obligation to return the loaned securities, the Fund has the right to use the collateral to acquire identical securities. In the event the Fund is delayed or prevented from exercising its right to dispose of the collateral, there may be a loss to the Fund. Under each Fund’s securities lending agreement, however, the securities lending agent has indemnified the Fund against losses resulting from borrower default, except to the extent that those losses result from a decrease in the value of the collateral due to its investment by the Fund. The Fund bears the risk of loss with respect to the investment of collateral.
The Fund’s custodian, U.S. Bank National Association, serves as its securities lending agent. Each Fund pays the custodian a fee based on its proportional share of the custodian’s expense of operating its securities lending program. Income earned from the securities lending program is paid to the Fund, net of any fees paid. Income from securities lending, net of fees paid, is recognized as “Securities lending income, net” on the Statement of Operations.
The following table presents the securities out on loan for the Funds, and the collateral delivered related to those securities, as of the end of the reporting period.
Fund | Asset Class out on Loan | Long-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure | ||||||||||
Equity Index | Common Stocks | $ | 193,979,449 | $ | (193,979,449 | ) | $ | — | ||||||
Mid Cap Index | Common Stocks | 205,562,980 | (205,562,980 | ) | — | |||||||||
Small Cap Index | Common Stocks | 37,414,678 | (37,414,678 | ) | — | |||||||||
Exchange Traded Funds | 14,669 | (14,669 | ) | — | ||||||||||
Common Stock Rights | — | — | — | |||||||||||
Total | $ | 37,429,347 | $ | (37,429,347 | ) | $ | — |
* | As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan. Refer to the Fund’s Portfolio of Investments for details on the securities out on loan. |
Securities lending fees paid by each Fund during the current fiscal period were as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Securities lending fees paid | $ | 12,846 | $ | 28,006 | $ | 21,984 |
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Futures Contracts
Upon execution of a futures contract, a Fund is obligated to deposit cash or eligible securities, also known as “initial margin,” into an account at its clearing broker equal to a specified percentage of the contract amount. Cash held by the broker to cover initial margin requirements on open futures contracts, if any, is recognized as “Cash collateral at brokers” on the Statement of Assets and Liabilities. Investments in futures contracts obligate a Fund and the clearing broker to settle monies on a daily basis representing changes in the prior days “mark-to-market” of the open contracts. If a Fund has unrealized appreciation the clearing broker would credit the Fund’s account with an amount equal to appreciation and conversely if a Fund has unrealized depreciation the clearing broker would debit the Fund’s account with an amount equal to depreciation. These daily cash settlements are also known as “variation margin.” Variation margin is recognized as a receivable and/or payable for “Variation margin on futures contracts” on the Statement of Assets and Liabilities.
120 | Nuveen |
During the period the futures contract is open, changes in the value of the contract are recognized as an unrealized gain or loss by “marking-to-market” on a daily basis to reflect the changes in market value of the contract, which is recognized as a component of “Change in net unrealized appreciation (depreciation) of futures contracts” on the Statement of Operations. When the contract is closed or expired, the 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 current fiscal period, 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. These futures contracts are used as a means to efficiently gain exposure to a broad base of equity securities. The Funds’ holdings of futures, which were matched to the level of cash, were helpful in keeping the Funds fully invested, neither overexposed nor underexposed to equities, despite cash flows.
The average notional amount of futures contracts outstanding during the current fiscal period was as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Average notional amount of futures contracts outstanding* | $ | 22,685,175 | $ | 25,047,127 | $ | 3,887,087 |
* | The average notional amount is calculated based on the absolute aggregate notional of contracts outstanding at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period. |
The following table presents the fair value of all futures contracts held by the Funds as of the end of the reporting period, the location of these instruments on the Statement of Assets and Liabilities and the primary underlying risk exposure.
Location on the Statement of Assets and Liabilities | ||||||||||||||
Asset Derivatives | (Liability) Derivatives | |||||||||||||
Underlying Risk Exposure | Derivative Instrument | Location | Value | Location | Value | |||||||||
Equity Index | ||||||||||||||
Equity | Futures contracts | — | $ | — | Payable for variation margin on futures contracts* | $ | 222,478 | |||||||
Mid Cap Index | ||||||||||||||
Equity | Futures contracts | — | — | Payable for variation margin on futures contracts* | 540,130 | |||||||||
Small Cap Index | ||||||||||||||
Equity | Futures contracts | — | — | Payable for variation margin on futures contracts* | 123,007 |
* | Value represents unrealized appreciation (depreciation) of futures contracts as reported in the Fund’s Portfolio of Investments and not the asset and/or liability derivative location as described in the table above. |
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on futures contracts on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
Fund | Underlying Risk Exposure | Derivative Instrument | Net Realized Gain (Loss) from Futures Contracts | Change in Net Unrealized Appreciation (Depreciation) of Futures Contracts | ||||||||
Equity Index | Equity | Futures contracts | $ | (1,083,560 | ) | $ | (418,987 | ) | ||||
Mid Cap Index | Equity | Futures contracts | 51,612 | (263,913 | ) | |||||||
Small Cap Index | Equity | Futures contracts | (72,464 | ) | 88,362 |
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be
Nuveen | 121 |
Notes to Financial Statements (Unaudited) (continued)
required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
Six Months Ended 4/30/16 | Year Ended 10/31/15 | |||||||||||||||
Equity Index | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 470,220 | $ | 12,328,264 | 1,212,174 | $ | 34,121,252 | ||||||||||
Class C | 125,761 | 3,294,628 | 193,873 | 5,395,103 | ||||||||||||
Class R3 | 566,434 | 14,800,117 | 1,908,120 | 53,887,095 | ||||||||||||
Class I | 1,272,797 | 33,283,566 | 1,887,351 | 53,296,331 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 465,352 | 12,269,899 | 434,119 | 11,853,413 | ||||||||||||
Class C | 37,677 | 980,067 | 24,084 | 647,854 | ||||||||||||
Class R3 | 263,896 | 6,958,024 | 188,810 | 5,152,266 | ||||||||||||
Class I | 918,750 | 24,224,203 | 931,976 | 25,451,740 | ||||||||||||
4,120,887 | 108,138,768 | 6,780,507 | 189,805,054 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (785,730 | ) | (20,634,948 | ) | (1,915,955 | ) | (53,987,783 | ) | ||||||||
Class C | (94,403 | ) | (2,417,264 | ) | (77,013 | ) | (2,121,030 | ) | ||||||||
Class R3 | (900,268 | ) | (23,254,634 | ) | (1,097,819 | ) | (30,921,236 | ) | ||||||||
Class I | (2,421,787 | ) | (63,886,355 | ) | (4,674,020 | ) | (131,290,631 | ) | ||||||||
(4,202,188 | ) | (110,193,201 | ) | (7,764,807 | ) | (218,320,680 | ) | |||||||||
Net increase (decrease) | (81,301 | ) | $ | (2,054,433 | ) | (984,300 | ) | $ | (28,515,626 | ) | ||||||
Six Months Ended 4/30/16 | Year Ended 10/31/15 | |||||||||||||||
Mid Cap Index | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 1,048,222 | $ | 17,152,937 | 3,139,586 | $ | 57,778,779 | ||||||||||
Class C | 216,458 | 3,479,016 | 406,773 | 7,204,779 | ||||||||||||
Class R3 | 1,069,028 | 17,142,177 | 2,148,382 | 39,123,107 | ||||||||||||
Class I | 1,078,153 | 17,796,849 | 1,991,692 | 36,910,290 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 901,201 | 14,714,132 | 648,368 | 11,355,683 | ||||||||||||
Class C | 80,086 | 1,248,545 | 40,092 | 669,243 | ||||||||||||
Class R3 | 924,991 | 14,871,465 | 692,188 | 11,929,814 | ||||||||||||
Class I | 679,987 | 11,154,360 | 524,713 | 9,237,147 | ||||||||||||
5,998,126 | 97,559,481 | 9,591,794 | 174,208,842 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,937,940 | ) | (31,759,732 | ) | (3,456,224 | ) | (63,497,156 | ) | ||||||||
Class C | (125,860 | ) | (1,984,973 | ) | (118,923 | ) | (2,097,267 | ) | ||||||||
Class R3 | (1,725,398 | ) | (27,945,671 | ) | (2,723,885 | ) | (49,197,900 | ) | ||||||||
Class I | (1,741,692 | ) | (28,728,936 | ) | (3,071,661 | ) | (56,804,572 | ) | ||||||||
(5,530,890 | ) | (90,419,312 | ) | (9,370,693 | ) | (171,596,895 | ) | |||||||||
Net increase (decrease) | 467,236 | $ | 7,140,169 | 221,101 | $ | 2,611,947 |
122 | Nuveen |
Six Months Ended 4/30/16 | Year Ended 10/31/15 | |||||||||||||||
Small Cap Index | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 302,622 | $ | 3,873,673 | 996,304 | $ | 14,851,836 | ||||||||||
Class C | 66,386 | 829,877 | 82,412 | 1,146,424 | ||||||||||||
Class R3 | 320,604 | 4,041,836 | 850,411 | 12,243,536 | ||||||||||||
Class I | 280,670 | 3,598,863 | 661,394 | 9,818,263 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 151,998 | 2,018,328 | 179,793 | 2,527,081 | ||||||||||||
Class C | 11,093 | 139,006 | 9,884 | 130,829 | ||||||||||||
Class R3 | 165,441 | 2,130,265 | 218,581 | 2,980,871 | ||||||||||||
Class I | 118,549 | 1,579,827 | 161,444 | 2,281,268 | ||||||||||||
1,417,363 | 18,211,675 | 3,160,223 | 45,980,108 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (774,196 | ) | (10,013,594 | ) | (934,579 | ) | (13,847,561 | ) | ||||||||
Class C | (17,038 | ) | (210,645 | ) | (25,630 | ) | (356,749 | ) | ||||||||
Class R3 | (627,139 | ) | (7,739,789 | ) | (1,079,100 | ) | (15,525,187 | ) | ||||||||
Class I | (854,905 | ) | (11,270,553 | ) | (1,003,280 | ) | (14,885,580 | ) | ||||||||
(2,273,278 | ) | (29,234,581 | ) | (3,042,589 | ) | (44,615,077 | ) | |||||||||
Net increase (decrease) | (855,915 | ) | $ | (11,022,906 | ) | 117,634 | $ | 1,365,031 |
5. Investment Transactions
Long-term purchases and sales (excluding investments purchased with collateral from securities lending and derivative transactions) during the current fiscal period were as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Purchases | $ | 10,041,929 | $ | 38,951,080 | $ | 1,424,368 | ||||||
Sales | 74,927,403 | 49,987,986 | 16,159,141 |
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
As of April 30, 2016, 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 | $ | 509,790,381 | $ | 693,462,653 | $ | 123,647,485 | ||||||
Gross unrealized: | ||||||||||||
Appreciation | $ | 445,184,075 | $ | 173,993,911 | $ | 39,805,209 | ||||||
Depreciation | (20,880,949 | ) | (35,877,173 | ) | (12,334,086 | ) | ||||||
Net unrealized appreciation (depreciation) of investments | $ | 424,303,126 | $ | 138,116,738 | $ | 27,471,123 |
Nuveen | 123 |
Notes to Financial Statements (Unaudited) (continued)
Permanent differences, primarily due to distribution reallocations, federal taxes paid, foreign currency transactions, investments in passive foreign investment companies, real estate investment trust adjustments and tax equalization resulted in reclassifications among the Funds’ components of net assets as of October 31, 2015, the Funds’ last tax year end, as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Capital paid-in | $ | 6,612,859 | $ | 5,220,441 | $ | 613,449 | ||||||
Undistributed (Over-distribution of) net investment income | 80,385 | 180,085 | 55,685 | |||||||||
Accumulated net realized gain (loss) | (6,693,244 | ) | (5,400,526 | ) | (669,134 | ) |
The tax components of undistributed net ordinary income and net long-term capital gains as of October 31, 2015, the Funds’ last tax year end, were as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Undistributed net ordinary income1 | $ | 2,757,697 | $ | 4,292,554 | $ | 967,357 | ||||||
Undistributed net long-term capital gains | 43,400,773 | 40,680,583 | 4,996,967 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest and short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2015, was designated for purposes of the dividends paid deduction as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
Distributions from net ordinary income1 | $ | 13,683,153 | $ | 9,058,762 | $ | 2,215,354 | ||||||
Distributions from net long-term capital gains | 36,856,970 | 27,333,865 | 6,415,074 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
As of October 31, 2015, the Funds’ last tax year end, the Funds did not have any unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any.
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
Average Daily Net Assets | Equity Index | Mid Cap Index | Small Cap Index | |||||||||
For the first $125 million | 0.1000 | % | 0.1500 | % | 0.1500 | % | ||||||
For the next $125 million | 0.0875 | 0.1375 | 0.1375 | |||||||||
For the next $250 million | 0.0750 | 0.1250 | 0.1250 | |||||||||
For the next $500 million | 0.0625 | 0.1125 | 0.1125 | |||||||||
For the next $1 billion | 0.0500 | 0.1000 | 0.1000 | |||||||||
For net assets over $2 billion | 0.0250 | 0.0750 | 0.0750 |
124 | Nuveen |
The annual complex-level fee, payable monthly, for each Fund 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 | 0.2000 | % | ||
$56 billion | 0.1996 | |||
$57 billion | 0.1989 | |||
$60 billion | 0.1961 | |||
$63 billion | 0.1931 | |||
$66 billion | 0.1900 | |||
$71 billion | 0.1851 | |||
$76 billion | 0.1806 | |||
$80 billion | 0.1773 | |||
$91 billion | 0.1691 | |||
$125 billion | 0.1599 | |||
$200 billion | 0.1505 | |||
$250 billion | 0.1469 | |||
$300 billion | 0.1445 |
* | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by 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, 2016, the complex-level fee for each Fund was as follows: |
Fund | Complex-Level Fee | |||
Equity Index | 0.1998 | % | ||
Mid Cap Index | 0.1768 | |||
Small Cap Index | 0.1841 |
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of each Fund so that total annual Fund operating expenses, (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 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:
Fund | Expense Cap | Expense Cap Expiration Date | ||
Equity Index | 0.37% | February 28, 2017 | ||
Mid Cap Index | 0.50% | February 28, 2017 | ||
Small Cap Index | 0.58% | February 28, 2017 |
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 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.
Class A Shares are offered at their NAV per share with no up-front sales charge. During the current fiscal period, Nuveen Securities, LLC (the “Distributor”), a wholly owned subsidiary of Nuveen, received 12b-1 service fees in Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the current fiscal period, 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 | $ | 29,186 | $ | 34,158 | $ | 9,803 |
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
12b-1 fees retained | $ | 21,863 | $ | 30,110 | $ | 16,227 |
Nuveen | 125 |
Notes to Financial Statements (Unaudited) (continued)
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the current fiscal period as follows:
Equity Index | Mid Cap Index | Small Cap Index | ||||||||||
CDSC retained | $ | 1,610 | $ | 2,246 | $ | 172 |
8. Borrowing Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit (“Unsecured Credit Line”) under which outstanding balances would bear interest at a variable rate. Although the Funds participated in the Unsecured Credit Line, they did not have any outstanding balances during the current fiscal period.
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.53 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, including all of the Funds covered by this shareholder report, along with a number of Nuveen closed-end funds. The credit facility expires in July 2016 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.
9. Subsequent Events
Management fees
Effective June 30, 2016, the Adviser has agreed to waive fees and/or reimburse expenses for the Funds through February 28, 2018 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares as follows.
Fund | Expense Cap | |||
Equity Index | 0.34% | |||
Mid Cap Index | 0.41% | |||
Small Cap Index | 0.54% |
126 | Nuveen |
Fund Information
Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606
Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606
| Independent Registered PricewaterhouseCoopers LLP One North Wacker Drive Chicago, IL 60606
Custodian U.S. Bank National Association 1555 North RiverCenter Drive, Suite 302 Milwaukee, WI 53202 | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | Transfer Agent and Boston Financial Data Services, Inc. Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800)257-8787
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Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation. | ||||||||||||||
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Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov. | ||||||||||||||
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FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org. |
Nuveen | 127 |
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.
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.
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.
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.
Russell 1000® Index: An unmanaged index, considered representative of large-cap stocks. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 3000® Index measures the performance of the 3,000 largest companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. 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.
128 | Nuveen |
Notes
Nuveen | 129 |
Notes
130 | Nuveen |
Notes
Nuveen | 131 |
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Nuveen: | ||||||||||||||
Serving Investors for Generations | ||||||||||||||
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Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio. | ||||||||||||||
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Focused on meeting investor needs.
Nuveen helps secure the long-term goals of individual investors and the advisors who serve them. As an operating division of TIAA Global Asset Management, Nuveen provides access to investment expertise from leading asset managers and solutions across traditional and alternative asset classes. Built on more than a century of industry leadership, Nuveen’s teams of experts align with clients’ specific financial needs and goals, demonstrating commitment to advisors and investors through market perspectives and wealth management and portfolio advisory services. Nuveen manages more than $229 billion in assets as of March 31, 2016. | ||||||||||||||
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Find out how we can help you. To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mf | ||||||||||||||
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Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com |
MSA-FIDX-0416D 16853-INV-B-06/17
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Mutual Funds |
Nuveen Equity Funds |
| Semi-Annual Report April 30, 2016 |
Share Class / Ticker Symbol | ||||||||||||||||
Fund Name | Class A | Class C | Class R3 | Class R6 | Class I | |||||||||||
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Nuveen Dividend Value Fund | FFEIX | FFECX | FEISX | FFEFX | FAQIX | |||||||||||
Nuveen Mid Cap Value Fund | FASEX | FACSX | FMVSX | — | FSEIX | |||||||||||
Nuveen Small Cap Value Fund | FSCAX | FSCVX | FSVSX | — | FSCCX |
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Life is Complex. | ||||||||||||
Nuveen makes things e-simple. | ||||||||||||
It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready. No more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish. | ||||||||||||
Free e-Reports right to your e-mail! | ||||||||||||
www.investordelivery.com If you receive your Nuveen Fund distributions and statements from your | ||||||||||||
or | www.nuveen.com/accountaccess If you receive your Nuveen Fund distributions and statements directly from Nuveen.
Must be preceded by or accompanied by a prospectus.
NOT FDIC INSURED MAY LOSE VALUE | |||||||||||
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Nuveen | 3 |
to Shareholders
Dear Shareholders,
The U.S. economy is now seven years into the recovery, but its pace remains stubbornly subpar compared to past recoveries. Economic data continues to be a mixed bag, as it has been throughout this expansion period. While the unemployment rate fell below its pre-recession level, a surprisingly weak jobs growth report in May was a disappointing sign, although not necessarily indicative of a lasting downtrend. Wages have grown slightly but not nearly enough to reinvigorate Americans’ buying power. The housing market has improved markedly but its contribution to the recovery has been lackluster. Deflationary pressures, including the dramatic slide in commodity prices, have kept inflation much lower for longer than many expected.
Furthermore, frail economies across the rest of the world have continued to cast a shadow over the U.S. Although the European Central Bank and Bank of Japan have been providing aggressive monetary stimulus, including adopting negative interest rates in both Europe and Japan, their economies continue to lag the U.S.’s recovery. China’s policy makers have also continued to manage its slowdown but investors are still worried about where the world’s second-largest economy might ultimately land. Additionally, global markets were surprised by the U.K.’s June 23, 2016 referendum vote to leave the European Union, known as “Brexit.” Heightened price volatility and negative sentiment are to be expected in the near term as markets readjust and await clarity on the Brexit process and its impact on the U.K., Europe and across the world.
Many of these ambiguities – both domestic and international – have kept the U.S. Federal Reserve (Fed) from raising short-term interest rates any further since December’s first and only increase thus far. While markets rallied on the widely held expectation that the Fed would defer any increases until June, the unusually weak May jobs report and the Brexit concerns compelled the Fed to again hold rates steady.
With global economic growth still looking fairly fragile, financial markets have become more volatile over the past year. Although sentiment has improved and conditions have generally recovered from the intense volatility seen in early 2016, we expect that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you’re concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
June 24, 2016
4 | Nuveen |
Comments
Nuveen Dividend Value Fund
Nuveen Mid Cap Value Fund
Nuveen Small Cap Value Fund
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc.
David Chalupnik, CFA, is the lead portfolio manager of the Nuveen Dividend Value Fund. David is the Head of Equities for Nuveen Asset Management and took over management of the Fund in October 2015. Cori Johnson, CFA, and Derek Sadowsky, CFA, also continue to serve as portfolio managers for the Fund. Cori assumed portfolio management responsibilities in 1994 while Derek became a co-manager on the management team in 2011.
Karen Bowie, CFA, is the portfolio manager for the Nuveen Mid Cap Value Fund and the Nuveen Small Cap Value Fund. Karen assumed portfolio management responsibilities for the Nuveen Mid Cap Value Fund in 2012 and the Nuveen Small Cap Value Fund in 2006.
On the following pages, the portfolio management teams for the Funds discuss key investment strategies and the Funds’ performance for the six-month reporting period ended April 30, 2016.
Nuveen Dividend Value Fund
How did the Fund perform during the six-month reporting period ended April 30, 2016?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2016. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV) only. The Fund’s Class A Shares at NAV underperformed the Russell 1000® Value Index and the Lipper Equity Income Funds Classification Average during the six-month reporting period.
What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?
During the reporting period, we continued to implement the Fund’s disciplined investment strategy. We seek to achieve consistent, long-term outperformance with lower volatility by building and managing a portfolio diversified between sustainable and opportunistic holdings with a focus on what we believe are attractively valued companies with above average current income or dividend growth. We use an integrated, multi-perspective research and analysis approach that involves a team of portfolio managers, fundamental research analysts and quantitative analysts. The Fund’s holdings exhibit attractive valuations and identifiable catalysts that we believe will drive future stock appreciation. The Fund is also actively managed in an effort to minimize distributed capital gains and maximize after-tax returns using a typical investment horizon of at least two to three years. We adhere to portfolio guidelines to manage volatility and maintain diversification, generally selling a security if it no longer is expected to meet our dividend growth or price appreciation expectations or if we find a better alternative in the marketplace.
The equity market experienced heightened volatility during the reporting period as investors reacted to Chinese economic data suggesting further deceleration, rising high yield credit spreads and the impacts of weakness in oil prices. Additionally, heightened
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Nuveen | 5 |
Portfolio Managers’ Comments (continued)
political rhetoric and government scrutiny over pricing practices in the pharmaceutical industry drove an intense sell off among health care stocks across the capitalization spectrum. Equity markets sold off sharply in January and bottomed on February 11, 2016, before subsequently rising throughout the remainder of the reporting period as energy prices reversed from their continued downward pressure based on evidence of improving economic metrics and long-awaited signs of domestic oil production constraints. Markets were also likely boosted by additional Chinese economic stimulus measures and generally tepid global growth, which served to diminish the likelihood of Federal Reserve (Fed) rate increases in the coming months. As markets rallied off their lows, value-oriented stocks gained more ground, outperforming growth and momentum stocks during the reporting period. The Fund’s underperformance versus its benchmarks was mainly the result of stock selection in the financial sector, as well as an overweight position in consumer discretionary, the worst performing sector in the Russell 1000® Value Index during the reporting period. On the other hand, stock selection in the energy sector and an underweight to financials was beneficial to the Fund’s performance during the reporting period.
While the Fund’s underweight in financials boosted results since the sector underperformed the overall benchmark return during the reporting period, our stock selection in the sector more than offset the benefit from the underweight. Shares of financial companies dropped sharply at the beginning of 2016, particularly in the banking industry, as concerns surrounding global economic health, plunging oil prices and the uncertain future pace of Fed interest rate increases weighed heavily on the sector. In particular, our positions with high interest rate sensitivity or elevated capital markets exposure were negatively impacted as interest rates declined by almost 40 basis points and the Fed indicated it was likely to increase rates only two times in 2016, down from a previous expectation of three to four increases. The Fund’s holdings with large exposure to interest rates included Ameriprise Financial, Inc. and Bank of America Corporation, both of which underperformed during the reporting period. Also, our position in Citigroup Inc. was negatively affected by concerns about slowing equity market activity globally, which put downward pressure on its shares. Because we believed these holdings were already pricing in much of the risks and that their risk/reward scenarios were attractive, we maintained the three positions. On the other hand, we sold the Fund’s other financial holding that significantly underperformed, credit card company Capital One Financial Corporation. Its shares fell as investors grew concerned that higher-than-expected charge-offs would continue to grow in future quarters, especially as economic data in late 2015 and first quarter 2016 showed signs of weakening. Therefore, we exited our position in Capital One Financial and initiated a position in Discover Financial Services, which we believed had better credit standards and should continue to benefit from improving employment trends in the United States.
Our strong selections in energy stocks allowed the Fund to outperform in this sector, even though the energy sector trailed the market due to ongoing investor concerns regarding excess oil production globally. Positions in Pioneer Natural Resources Company, Hess Corporation and Chevron Corporation boosted the Fund’s results during the reporting period. Pioneer continues to benefit from its strong balance sheet, which allows it to continue to grow volumes in its core Permian Basin acreage. We also like that a large amount of Pioneer’s production is hedged for 2016 at prices higher than the oil futures curve is indicating. Hess performed well mainly because investors appreciated the strong assets the company possesses. We expect more positive news to come from the company’s exploration activities including the Gulf of Mexico and its Guyana well, which it is developing with Exxon Mobil. We also like that Hess strengthened its balance sheet by issuing common and preferred stock during the reporting period and believe the company is well positioned to outperform its peers in multiple oil price scenarios. Also, our overweight position in integrated producer Chevron generated positive results. The company was rewarded for aggressively cutting its capital spending plans for 2016 and reiterating its commitment to its large dividend.
On the other hand, the energy sector was home to one fairly significant detractor during the period. ConocoPhillips Company, the world’s largest independent exploration and production firm, underperformed as investors grew increasingly concerned that the company would need to eliminate its large dividend. We reduced the Fund’s position before ConocoPhillips announced in February that it was indeed trimming its dividend. After the announcement, we maintained our position because the shares continued to look inexpensive and we believed the dividend cut was the correct action to take, along with trimming capital spending. Shares have since rebounded off of February lows with the recovery in oil prices along with investor confidence in ConocoPhillips’ current balance sheet.
In the consumer discretionary sector, snowmobile and recreational vehicle manufacturer Polaris Industries Inc. saw its shares come under pressure after management warned of lower-than-expected sales due to unseasonably warm winter weather, the slowdown in the energy sector and international competition. Given that we expected headwinds of international competition and slowing end
6 | Nuveen |
market demand to continue, we decided to sell our shares of Polaris and look for better opportunities elsewhere. In addition, shares of Signet Jewelers Limited were negatively impacted by the company’s uptick in bad debt expenses, which resulted in investors becoming concerned about future growth prospects. While the stock recovered from its February lows, we decided to sell our shares as we believed upside was likely limited due to concerns about store traffic and increasing consumer bad debts. On a more positive note, the Fund saw favorable results from a position in toy manufacturer Mattel, Inc. The company benefited from better-than-expected quarterly results and the expectation that toys licensed to popular movies would continue to sell well. We are also encouraged by the restructuring initiatives that Mattel is taking to improve profitability and re-energize its Barbie brand.
The Fund’s results in the health care sector were modestly positive during the reporting period. Our position in UnitedHealth Group Incorporated, the largest of the U.S. health insurers, contributed to the outperformance. After experiencing some uncertainty in mid-2015, company management showed much more confidence after reporting fourth-quarter results. Medical cost trends were better than the company expected, while management’s outlook heading into 2016 was also more promising. These factors helped UnitedHealth’s shares to outperform many of its sector peers. However, other areas of the health care sector were weak during the reporting period, particularly pharmaceuticals and biotechnology. The pharma/biotech industries suffered broadly from a continuation of fears that the political environment was changing meaningfully with regard to drug pricing. The Fund’s position in Teva Pharmaceutical Industries Limited was weighed down by both this general industry overhang as well as the fact that the company was involved in a deal with Allergan to buy its generics business. The approval of the deal by U.S. antitrust regulators has been a rough road with the companies announcing a several-month delay as the Federal Trade Commission examines the acquisition more closely. We continue to believe the sale will go through and are maintaining this position.
In the technology sector, shares of Apple, Inc. fell fairly significantly during the reporting period. Lackluster sales of the company’s flagship iPhone product have pressured Apple’s stock over the past few quarters. However, we have maintained the Fund’s position because we believe Apple offers a solid risk/reward profile as its stock is trading at a significant discount to the market. At the same time, the company continues to have strong operating margins and return cash to shareholders, which we think may increase. Apple will also likely benefit from a new product cycle in late 2016 when it introduces the newest iPhone model.
The utilities sector was home to two strong performers for the Fund, NiSource Inc. and NextEra Energy Inc. NiSource reported favorably with expected earnings per share and dividend growth of 4-6% annually. After separating successfully from Columbia Pipeline Group in mid-2015, it remains one of the largest natural gas utility companies in the United States, emerging as a fully regulated, pure play natural gas and electric utility. Its core business strategy is expected to drive stable long-term earnings and dividend growth, supported by stable revenue streams, contemporary rate designs and approximately $30 billion in infrastructure investment opportunities spanning the next 20 years or more. NextEra Energy posted solid returns for the Fund during the period after reporting strong fiscal year 2015 results. The company continues to have one of the better growth profiles in utilities given its dominance in the renewable energy space, selling merchant power and additional pipeline contracts.
Nuveen Mid Cap Value Fund
How did the Fund perform during the six-month reporting period ended April 30, 2016?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2016. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV underperformed both the Russell Midcap® Value Index and the Lipper Mid-Cap Value Funds Classification Average during the six-month reporting period.
What strategies were used to manage the Fund during the reporting period and 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 $2.4 billion and $28.7 billion. During the reporting 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 or are expected to demonstrate improving fundamentals and have an identifiable catalyst that could close the gap between market value and our perception of fair value. We look for companies that
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Portfolio Managers’ Comments (continued)
generate strong free cash flow, which allows them to pay down debt, increase dividends, repurchase shares or engage in merger and acquisition (M&A) 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 sell a holding if the stock price reaches its target, the company’s fundamentals or competitive position significantly deteriorate or if a better alternative exists in the marketplace.
The equity market experienced heightened volatility during the period as investors reacted to Chinese economic data suggesting further deceleration, rising high yield credit spreads and the impacts of weakness in oil prices. Additionally, heightened political rhetoric and government scrutiny over pricing practices in the pharmaceutical industry drove an intense sell off among health care stocks across the capitalization spectrum. Equity markets sold off sharply in January and bottomed on February 11, 2016, before subsequently rising throughout the remainder of the reporting period as energy prices reversed from their continued downward pressure based on evidence of improving economic metrics and long-awaited signs of domestic oil production constraints. Markets were also likely boosted by additional Chinese economic stimulus measures and generally tepid global growth, which served to diminish the likelihood of Federal Reserve (Fed) rate increases in the coming months. As markets rallied off their lows, value-oriented stocks gained more ground, outperforming growth and momentum stocks during the reporting period. The Fund’s underperformance versus its benchmarks was mainly the result of stock selection in the consumer discretionary, financials, materials and information technology sectors. Overweight positions in consumer discretionary and health care, two of the worst performing sectors in the Russell Midcap® Value Index and an underweight in the strongly performing utilities sector, also weighed on returns. On the other hand, stock selection in the consumer staples, health care and industrials sectors aided the Fund’s performance during the reporting period.
In consumer discretionary, both stock selection and an overweight to the sector were a drag on the Fund’s relative results. Shares of Signet Jewelers Limited were negatively impacted by the company’s uptick in bad debt expenses, which resulted in investors becoming concerned about future growth prospects. Also, office supply chain Staples Inc. experienced significant headwinds after the U.S. Federal Trade Commission said it would challenge the company’s proposed takeover of Office Depot, causing its shares to fall significantly. Shares of Royal Caribbean Cruises Limited also struggled throughout January and February before rallying back somewhat. The cruise line operator provided lower-than-expected 2016 earnings guidance due in part to the negative impact of the strong dollar. Also, the company is facing significant headline risk as fears surrounding the Zika virus outbreak in the Caribbean are hurting the entire cruising industry.
Fund results were also hurt by multiple financial stocks during the reporting period due to the anticipated slowdown in Federal Reserve rate hikes, unease around the new Department of Labor regulations and the impact of energy credits, given more oil price declines. The Fund experienced underperformance from its position in financial and professional services firm Jones Lang LaSalle Inc., which specializes in commercial real estate services and investment management. The company’s shares have come under pressure amid signs of a slowdown in global real estate markets. In response to these concerns, shares have lost more than one-third of their value despite the company’s solid diversification, appealing valuation and strong track record. We believe a strong balance sheet, stable and high margins, recurring revenue streams and diversified operations make Jones Lang LaSalle Inc. a compelling investment; therefore, we continue to hold our position. The Fund was also hindered by financial services company E*Trade Group Inc. Despite reporting relatively strong earnings and providing a favorable outlook, E*Trade was one of many financial services firms that were punished during reporting period in light of the uncertainty regarding interest rates. Additional macro concerns, increasing competition and a slight taper in trading volumes have also weighed on investor sentiment. However, we believe E*Trade’s share decline was unwarranted because the company does not depend solely on interest rates for its earnings upside. Management seemed to share this view and was active in share repurchases during the reporting period. Also, rhetoric surrounding possible acquisitions has increased as E*Trade looks to increase scale and capitalize on customer deposits through banking. In addition, the Fund’s position in East West Bancorp Inc. was a significant detractor for the reporting period. The firm operates as a holding company for East West Bank, one of the largest independent banks that focuses on the Chinese-American community. Despite strong loan growth and good operating results at year-end, the company’s 2016 guidance was softer than expected. Management expects to deploy more technology capital expenditures and add additional talent in 2016 to ramp up future results. We continue to hold this position given management’s historically conservative guidance stance and the current attractive relative valuation of the East West Bancorp franchise.
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The materials sector detracted overall with the Fund’s position in paper and corrugated packaging producer WestRock Company weighing on results during the reporting period. Industry pricing for corrugated product and linerboard has been soft to stable, contributing to the stock’s volatility. In addition, weakness in WestRock’s specialty chemical business due to oilfield softness has offset the strength in the company’s consumer packaging business. We remain investors given this company’s strong free cash flow trends and attractive valuation. Conversely, Steel Dynamics Inc. was a relative bright spot in the materials group. Although heavy equipment, agricultural and energy markets were challenged, the automotive sector remained strong and the construction market continued to improve. Steel Dynamics’ management anticipated a significant increase in volume for its flat roll products, which account for approximately 60% of the company’s product mix, as customer inventories are now better aligned with consumption and import volumes have trended lower in comparison to 2015 levels. Steel Dynamics also announced an increase in its cash dividend for first quarter 2016.
Results were modestly negative in the information technology sector, where the Fund’s position in Xilinx Inc. fell short of expectations. The company is a leading designer of programmable semiconductors with key end markets including data centers and telecommunication firms. Xilinx’s stock was weak after management softened guidance and announced plans to boost research and development spending as the company prepares to position itself for the future. With better-than-expected results and the expectation that current investments should lift future results, we remained an investor in Xilinx at these price levels. In addition, we believe the company’s favorable market position puts it in an attractive position for future consolidation. Also, after turning in strong results for the Fund last year, leading video game developer and distributor Electronic Arts Inc. underperformed during this reporting period. We had previously reduced the Fund’s weight in Electronic Arts Inc. after its nice run-up in 2015, however, we still like our holding in this company. We believe Electronic Arts will continue to benefit from several secular growth trends including the new generation of gaming consoles and the increasing shift toward the digital delivery of games over the Internet.
As a whole, the consumer staples sector was the greatest contributor of relative performance. The Fund’s standout performer was Tyson Foods, Inc., the country’s largest processor and marketer of chicken, beef and pork. The company benefited from the downturn in oil prices and its promise to end the use of human antibiotics after 2015’s avian influenza outbreak. Tyson’s shares advanced strongly after the company reported record adjusted earnings and its fourth consecutive year of earnings-per-share growth, coupled with solid 2016 guidance, a dividend increase, share repurchase commitments and additional synergies that are expected to be realized from the Hillshire merger. We believe the company’s ability to introduce less commodity-oriented products and to find accretive tuck-in acquisitions could drive multiple expansion going forward.
Stock selection was favorable in the health care sector as well, particularly in the medical device area. For example, the Fund’s position in Boston Scientific Corporation, a medical device developer and manufacturer focused on cardiovascular treatments, performed well. The company gave a strong first-quarter 2016 report that topped consensus estimates in terms of both revenues and earnings due to a solid new lineup of products. Boston Scientific has recently received FDA approvals for a number of its catheter, stent and ventricular lead products. The company is also expanding its operating margins, which are substantially below those of its peers. The Fund also benefited from a position in Teleflex Inc., a diversified firm known for its strength in medical devices for a wide range of procedures in critical care and surgery, as well as aerospace and marine products. Teleflex has displayed better-than-expected topline results aided by organic strength during the launch of two new products. In addition, cost cutting and restructuring are aiding margin progression for the firm.
Stock selection was favorable in the utilities sector, but the benefits were offset by an underweight to this outperforming sector. The utilities sector advanced more than 13% compared to an approximately 3% return for the Russell Midcap® Value benchmark. In terms of individual holdings, our position in Alliant Energy Corporation was additive to the Fund’s performance. Alliant Energy, the holding company of Interstate Power and Light and Wisconsin Power and Light, has been one of the Fund’s consistent performers given its constructive regulatory environment. In addition, management continues to invest in the future allowing for favorable rate base expansion, which is resulting in better-than-industry average earnings and dividend growth prospects. The Fund also benefited from a position in NiSource Inc. after the company gave a favorable report with expected earnings per share and dividend growth of 4-6% annually. NiSource, which successfully separated from Columbia Pipeline Group in mid-2015, remains one of the largest natural gas utility companies in the United States, emerging as a fully-regulated, pure play natural gas and electric utility. Its core business strategy is expected to drive stable long-term earnings and dividend growth, supported by stable revenue streams, contemporary rate designs and approximately $30 billion in infrastructure investment opportunities spanning the next 20 years or more.
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Portfolio Managers’ Comments (continued)
Finally, the industrials sector was a source of strength for the Fund led by a position in Ingersoll Rand Company Limited, a global diversified industrial firm focused on climate products and industrial tools. The firm has been successful in expanding its climate control business, despite weakness in the industrial segment. Ingersoll-Rand is also continuing to benefit from better-than-expected growth in its HVAC commercial and residential orders in North America. We remain favorably disposed toward this firm, given its attractive valuation coupled with its leverage to growth markets.
Nuveen Small Cap Value Fund
How did the Fund perform during the six-month reporting period ended April 30, 2016?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2016. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV underperformed both the Russell 2000® Value Index and the Lipper Small-Cap Value Funds Classification Average during the six-month reporting period.
What strategies were used to manage the Fund during the reporting period and 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 $177 million to $4.3 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.
Small-cap equities encountered heightened volatility during the reporting period as investors reacted to Chinese economic data suggesting further deceleration, rising high yield credit spreads and the impacts of weakness in oil prices. Additionally, increased political rhetoric and government scrutiny over pricing practices in the pharmaceutical industry drove an intense sell off among health care stocks across the capitalization spectrum. However, in mid-February, energy prices reversed from continued downward pressure based on evidence of improving economic metrics, easing fears of a recession as well as long-awaited signs of domestic oil production constraints. After the February 11, 2016, market lows, small-cap value stocks subsequently recovered their losses for the reporting period, likely due to a combination of the rebound in oil prices, additional Chinese economic stimulus measures and generally tepid global growth that diminished the likelihood of Federal Reserve rate increases in the coming months. Value-oriented stocks gained more ground as markets began to rally, outperforming growth and momentum stocks for the reporting period. While the re-emergence of a “risk-on” market benefited the Fund in the final months of the reporting period, the rebound was not enough to offset its earlier underperformance of the benchmarks. The Fund’s shortfall was mainly the result of stock selection in the financial, industrials and information technology sectors. On the other hand, stock selection in the consumer discretionary and energy sectors was favorable.
The financial sector was the most noteworthy drag on relative results, mainly due to the Fund’s position in the annuity focused firm American Equity Investment Life Holding Company. The stock’s volatility was primarily because of industry noise regarding the Department of Labor’s fiduciary proposals and how they may or may not impact industry players. In addition, credit spread widening negatively impacted the perceived value of firms like American Equity Life, given its energy and material holdings. However, we remained holders because of the continued operating strength seen in annuity sales. The Fund also saw weak results from our holding in Banner Corporation, a regional bank focused in the Northwest U.S. markets of Washington and Oregon. Banner has been active at integrating key acquisitions as the company expands its territory and strives to achieve its profitability goals. Shares traded lower as heightened integration and system/platform conversion costs led to a softening of the firm’s earnings. However, first-quarter 2016 results displayed positive inflection signs for both organic loan growth and earnings; therefore, we maintained our position in Banner.
In the industrial sector, a position in commercial furniture manufacturer Steelcase Inc. hindered performance during the reporting period. The company’s fiscal third-quarter report continued to show some issues related to cost reduction initiatives in Europe and
10 | Nuveen |
also choppiness in its North American business. We believe the market unduly punished this stock, given the late-year timing of this report and the cautious North American outlook in the face of global macro concerns. However, we did decide to sell Steelcase as we wait for stronger signs that companies are executing more furniture purchases. Also, a position in executive search firm Korn Ferry International detracted during the reporting period, mainly due to worries that a potential U.K. exit from the eurozone would disrupt the company’s recently acquired Hay Group business. However, we believe the risk-versus-reward scenario for Korn Ferry is compelling and that the concerns are overdone at these levels. In addition, shares of staffing company TrueBlue Inc. fell during the period as the fits and starts of the broader economy periodically rippled through its business. Most noteworthy, TrueBlue’s largest client Amazon changed the scope of its contract for staffing needs in April, which will result in a fairly significant drop in revenue for the company. While shares were down sharply on the news, we continue to hold the Fund’s position. We believe TrueBlue’s overall business continues to be solid, despite some near-term impairment in its growth rate.
The information technology sector was home to several significant laggards for the Fund during the reporting period, but also featured some pockets of strength. The biggest detractor was our position in Plantronics Inc., a leading manufacturer of wireless and corded headsets primarily for the enterprise market. The company reported an inline December quarter, but offered guidance for the subsequent quarter that was below consensus on both topline and earnings per share. Plantronics also announced a restructuring program that the market assumed would be offset by negative topline progression. However, the company maintains a strong product lineup, has announced a cost reduction plan and will benefit if foreign exchange headwinds lessen. Therefore, we maintained our weighting in this name and added exposure during price weakness. We also saw weakness from a position in OSI Systems Inc., a leading manufacturer of scanning equipment used in airports and cargo as well as niche medical device products used in delivery and monitoring. The company reported weak fourth-quarter results and reduced expectations for 2016 because of poor execution on a new product launch in its health care segment and logistic delays that pushed out new international airport deployments within its security backlog. Given the corrective action taken by management and the secular tailwind of the checked baggage replacement cycle through 2020, we maintained our investment in OSI Systems. In addition, one of the Fund’s long-term investments, semiconductor manufacturer Cypress Semiconductor Corporation, underperformed during the reporting period. The earnings power established in late 2014 after the acquisition of Spansion was revised downward due to softer market conditions, causing the company to operate at lower factory utilization that originally planned. Based on the actions the company has taken to dramaticly improve its inventory levels, we remain invested in Cypress Semiconductor.
In the technology sector, the Fund benefited from a position in CSG Systems International Inc., which provides customer care and billing solutions to the cable and direct broadcast satellite industry in North America. During the reporting period, the company reported strong results above expectations as solid net subscriber growth drove favorable revenue growth, significant margin expansion and increased free cash flow. CSG Systems also announced an incremental $50 million as part of an accelerated share repurchase program. Given the company’s historically prudent capital allocation strategy, we anticipate that management will return excess capital to shareholders in the form of either share repurchases or dividends, while investing in selective organic growth opportunities. Also, the Fund was rewarded for its position in Perficient, Inc., a domestic-centric IT services company with a solid franchise serving the health care, financial services and retail verticals. After struggling in mid-2015 through a period of delayed bookings, management’s efforts to tweak the company’s go-to-market strategies started to pay off with evidence of strong bookings growth and quarterly earnings milestones and guidance. The prospects of an improved organic growth profile boosted Perficient’s stock price.
While the energy sector was the worst performing sector in the Russell 2000® Value Index, down more than 11% during the reporting period, our holdings collectively advanced. We saw particularly favorable results from our stock selection in the exploration and production (E&P) group, including a position in WPX Energy Inc., a repositioning story with core operations in both the Bakken and Delaware Basins. WPX Energy remains a deep-value name in the Fund’s portfolio that we believe has an abundance of company-specific catalysts that could potentially narrow the dramatic gap where the stock trades. The company continues to execute on non-core asset sales in order to reduce debt and achieve management’s transformational goal to a more balanced mix of oil and natural gas production by increasing exposure to oil plays like the Delaware Basin. After coming under pressure from falling oil prices and debt rating downgrades in the industry, WPX Energy’s shares rebounded due to the combination of the asset dispositions, improving operating results and rising oil prices. We also benefited from our focus on high quality, pure play Permian Basin names such as Callon Petroleum Company Del. This company was viewed as a safe haven and substantially outperformed the E&P group.
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Portfolio Managers’ Comments (continued)
In the consumer discretionary sector, the Fund also benefited from strong stock selection during the reporting period. Our position in youth apparel and accessories retailer Children’s Place Retail Stores Inc. was boosted by the company’s strong earnings report and higher-than-expected 2016 guidance. Our research continues to suggest a better promotional environment for Children’s Place, indicating ongoing progress in this margin improvement story. In addition, our holding in full-service restaurant chain Cracker Barrel Old Country Store Inc. outperformed. The company continues to display improving operating trends in its Old Country Store concept, while benefiting from favorable tailwinds in commodity costs. Conversely, a position in home décor and accessories retailer Kirkland’s Inc. was a modest laggard during the reporting period. Management reduced guidance heading into the close of the calendar year after the company increased promotions in an effort to boost traffic in its stores. However, we maintained our position in Kirkland’s given its attractive valuation and balance sheet.
The utilities sector was also modestly beneficial for the Fund performance overall, including strong results from a position in California Water Service Group, which saw its shares rise steadily. This San Jose-based company provides water utility services to more than 500,000 customers primarily in California. We purchased the stock in fourth quarter 2015 after a series of earnings retrenchments due to the impact of the state’s severe drought. Over the ensuing months, California Water started to show signs of recovering lost earnings that had resulted from mandated conservation measures. The company’s regulated rate adjust mechanisms have allowed for the decoupling of water volume impact on its regulated returns. Additionally, the company is in the midst of a general rate case that more proactively addresses the need for upgrades to the aging distribution infrastructure. Drought conditions have improved in northern California and we remain invested in the stock. Another successful position during the period was El Paso Electric Company, a regulated utility serving primarily parts of Texas and New Mexico. El Paso Electric continued to migrate through what we believed was a trough year in earnings due to a regulatory lag in getting its new gas-fired generation into its rate base. During the period, the stock reacted favorably to consistent organic customer growth and favorable commentary around the pending rate case in Texas.
The health care sector was a modest detractor, where strength from our position in AMN Healthcare Services Inc. was offset by weakness from Civitas Solutions Inc. AMN Healthcare, a service company that provides temporary staffing primarily for hospitals, benefited from strong overall industry demand as well as the broadening of its services to better serve customers. As a result, the company has experienced upside surprises in both topline and bottom-line performance. Meanwhile, health care services company Civitas Solutions, which is focused on behavioral health, reported solid results in February 2016 for its fiscal quarter ended December 2015 and maintained full-year guidance, however, the company faced two near-term headwinds. First, as mentioned earlier, health care was out of favor during the reporting period after leading the small-cap segment for the past few years as concerns in biotechnology and pharmaceuticals led investors to more broadly sell health care names and second, the “risk-off” environment pushed multiples down on more highly leveraged companies. We continued to be comfortable with Civitas Solutions’ business model and its leverage, adding to our position on weakness.
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Nuveen Dividend Value Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Dividends are not guaranteed. Prices of equity securities may decline significantly over short or extended periods of time. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as credit, derivatives, high yield securities, and interest rate risks, are described in detail in the Fund’s prospectus.
Nuveen Mid Cap Value Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Investments in mid-cap companies are subject to greater volatility than those of larger companies, but may be less volatile than investments in smaller companies. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as derivatives risk, are described in detail in the Fund’s prospectus.
Nuveen Small Cap Value Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Investments in smaller companies are subject to greater volatility than those of larger companies. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as derivatives risk, are described in detail in the Fund’s prospectus.
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and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown within this section of the report.
Returns quoted represent past performance, which is no guarantee of future results. 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 fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. 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, and assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for Class A Shares at net asset value (NAV) only.
The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the most recent prospectus. The expense ratios include management fees and other fees and expenses.
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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 section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of April 30, 2016
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 0.79% | (2.54)% | 8.30% | 6.61% | ||||||||||||
Class A Shares at maximum Offering Price | (4.99)% | (8.15)% | 7.03% | 5.98% | ||||||||||||
Russell 1000® Value Index | 1.93% | (0.40)% | 10.13% | 5.67% | ||||||||||||
S&P 500® Index | 0.43% | 1.21% | 11.02% | 6.91% | ||||||||||||
Lipper Equity Income Funds Classification Average | 1.52% | (1.47)% | 8.22% | 5.96% | ||||||||||||
Class C Shares | 0.41% | (3.22)% | 7.50% | 5.82% | ||||||||||||
Class R3 Shares | 0.66% | (2.80)% | 8.03% | 6.34% | ||||||||||||
Class I Shares | 0.92% | (2.30)% | 8.58% | 6.88% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class R6 Shares | 0.92% | (2.23)% | 9.26% |
Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 6.83% | (3.04)% | 8.57% | 6.58% | ||||||||||||
Class A Shares at maximum Offering Price | 0.71% | (8.64)% | 7.29% | 5.96% | ||||||||||||
Class C Shares | 6.44% | (3.72)% | 7.77% | 5.79% | ||||||||||||
Class R3 Shares | 6.72% | (3.30)% | 8.30% | 6.31% | ||||||||||||
Class I Shares | 6.91% | (2.81)% | 8.84% | 6.85% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class R6 Shares | 6.97% | (2.73)% | 8.89% |
Since inception returns for Class R6 Shares are from 2/28/13. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) equal to 1%, also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the 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
Share Class | ||||||||||||||||||||
Class A | Class C | Class R3 | Class R6 | Class I | ||||||||||||||||
Expense Ratios | 1.14% | 1.89% | 1.39% | 0.80% | 0.89% |
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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 section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of April 30, 2016
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 0.91% | (0.80)% | 7.58% | 5.34% | ||||||||||||
Class A Shares at maximum Offering Price | (4.90)% | (6.52)% | 6.31% | 4.72% | ||||||||||||
Russell Midcap® Value Index | 3.16% | (0.18)% | 10.45% | 7.35% | ||||||||||||
Lipper Mid-Cap Value Funds Classification Average | 1.10% | (3.16)% | 8.48% | 6.03% | ||||||||||||
Class C Shares | 0.51% | (1.56)% | 6.78% | 4.56% | ||||||||||||
Class R3 Shares | 0.78% | (1.04)% | 7.32% | 5.08% | ||||||||||||
Class I Shares | 1.03% | (0.57)% | 7.85% | 5.60% |
Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 6.37% | (3.97)% | 7.57% | 5.27% | ||||||||||||
Class A Shares at maximum Offering Price | 0.25% | (9.50)% | 6.31% | 4.65% | ||||||||||||
Class C Shares | 6.00% | (4.69)% | 6.77% | 4.48% | ||||||||||||
Class R3 Shares | 6.24% | (4.20)% | 7.31% | 5.01% | ||||||||||||
Class I Shares | 6.50% | (3.74)% | 7.84% | 5.53% |
Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) equal to 1%, also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the 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
Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Gross Expense Ratios | 1.40% | 2.15% | 1.65% | 1.15% | ||||||||||||
Net Expense Ratios | 1.30% | 2.05% | 1.55% | 1.05% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2017, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.05% of the average daily net assets of any class of Fund shares. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Board of Directors of the Fund.
Nuveen | 17 |
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 section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of April 30, 2016
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (0.54)% | 1.39% | 9.58% | 6.19% | ||||||||||||
Class A Shares at maximum Offering Price | (6.27)% | (4.42)% | 8.29% | 5.56% | ||||||||||||
Russell 2000® Value Index | 1.18% | (3.71)% | 6.77% | 4.61% | ||||||||||||
Lipper Small-Cap Value Funds Classification Average | 1.13% | (3.69)% | 6.71% | 5.39% | ||||||||||||
Class C Shares | (0.86)% | 0.72% | 8.77% | 5.41% | ||||||||||||
Class R3 Shares | (0.65)% | 1.11% | 9.30% | 5.94% | ||||||||||||
Class I Shares | (0.42)% | 1.65% | 9.84% | 6.45% |
Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 5.29% | (0.55)% | 9.93% | 6.21% | ||||||||||||
Class A Shares at maximum Offering Price | (0.75)% | (6.27)% | 8.63% | 5.58% | ||||||||||||
Class C Shares | 4.89% | (1.28)% | 9.11% | 5.42% | ||||||||||||
Class R3 Shares | 5.12% | (0.82)% | 9.65% | 5.95% | ||||||||||||
Class I Shares | 5.38% | (0.33)% | 10.19% | 6.47% |
Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) equal to 1%, also known as a back-end sales charge, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the 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
Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Expense Ratios | 1.51% | 2.26% | 1.76% | 1.26% |
18 | Nuveen |
Summaries as of April 30, 2016
This data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Nuveen Dividend Value Fund
Fund Allocation
(% of net assets)
Common Stocks | 99.6% | |||
Investments Purchased with Collateral from Securities Lending | 23.9% | |||
Money Market Funds | 0.5% | |||
Other Assets Less Liabilities | (24.0)% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Oil, Gas & Consumable Fuels | 14.4% | |||
Banks | 10.2% | |||
Pharmaceuticals | 8.4% | |||
Real Estate Investment Trust | 4.9% | |||
Software | 4.8% | |||
Diversified Telecommunication Services | 4.7% | |||
Communications Equipment | 4.5% | |||
Multiline Retail | 3.9% | |||
Chemicals | 3.5% | |||
Capital Markets | 3.2% | |||
Insurance | 3.0% | |||
Industrial Conglomerates | 2.7% | |||
Health Care Equipment & Supplies | 2.5% | |||
Multi-Utilities | 2.2% | |||
Health Care Providers & Services | 2.1% | |||
Technology Hardware, Storage & Peripherals | 2.1% | |||
Hotels, Restaurants & Leisure | 1.9% | |||
Electric Utilities | 1.9% | |||
Other | 18.7% | |||
Investments Purchased with Collateral from Securities Lending | 23.9% | |||
Money Market Funds | 0.5% | |||
Other Assets Less Liabilities | (24.0)% | |||
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets)
Chevron Corporation | 4.0% | |||
Microsoft Corporation | 3.5% | |||
Pfizer Inc. | 3.4% | |||
AT&T Inc. | 3.4% | |||
Bank of America Corporation | 3.3% |
Nuveen | 19 |
Holding Summaries (continued)
Nuveen Mid Cap Value Fund
Fund Allocation
(% of net assets)
Common Stocks | 99.2% | |||
Investments Purchased with | 26.4% | |||
Money Market Funds | 0.8% | |||
Other Assets Less Liabilities | (26.4)% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Real Estate Investment Trust | 10.8% | |||
Oil, Gas & Consumable Fuels | 7.8% | |||
Health Care Equipment & Supplies | 6.4% | |||
Multiline Retail | 6.2% | |||
Capital Markets | 5.5% | |||
Banks | 5.4% | |||
Specialty Retail | 5.3% | |||
Insurance | 4.9% | |||
Software | 4.7% | |||
Electronic Equipment, Instruments & Components | 4.2% | |||
Machinery | 4.1% | |||
Consumer Finance | 2.7% | |||
Hotels, Restaurants & Leisure | 2.6% | |||
Health Care Providers & Services | 2.3% | |||
Electric Utilities | 2.3% | |||
Leisure Equipment & Products | 2.3% | |||
Containers & Packaging | 2.3% | |||
Other | 19.4% | |||
Investments Purchased with Collateral from Securities Lending | 26.4% | |||
Money Market Funds | 0.8% | |||
Other Assets Less Liabilities | (26.4)% | |||
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets)
Edison International | 2.3% | |||
Western Alliance Bancorporation | 2.3% | |||
Pioneer Natural Resources Company | 2.1% | |||
Stanley Black & Decker Inc. | 2.0% | |||
Invesco LTD | 2.0% |
20 | Nuveen |
Nuveen Small Cap Value Fund
Fund Allocation
(% of net assets)
Common Stocks | 97.2% | |||
Investments Purchased with Collateral from Securities Lending | 30.4% | |||
Money Market Funds | 2.6% | |||
Other Assets Less Liabilities | (30.2)% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Banks | 15.1% | |||
Real Estate Investment Trust | 12.2% | |||
Insurance | 7.1% | |||
Electronic Equipment, Instruments & Components | 4.2% | |||
Electric Utilities | 4.0% | |||
Oil, Gas & Consumable Fuels | 3.9% | |||
Specialty Retail | 3.6% | |||
Chemicals | 3.5% | |||
Communications Equipment | 3.4% | |||
Construction & Engineering | 3.1% | |||
Health Care Providers & Services | 3.0% | |||
Machinery | 2.9% | |||
IT Services | 2.8% | |||
Thrifts & Mortgage Finance | 2.5% | |||
Commercial Services & Supplies | 2.4% | |||
Health Care Equipment & Supplies | 2.1% | |||
Household Durables | 2.0% | |||
Other | 19.4% | |||
Investments Purchased with Collateral from Securities Lending | 30.4% | |||
Money Market Funds | 2.6% | |||
Other Assets Less Liabilities | (30.2)% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Entertainment Properties Trust | 1.9% | |||
Sterling Bancorp | 1.8% | |||
Renasant Corporation | 1.8% | |||
Webster Financial Corporation | 1.8% | |||
CNO Financial Group Inc. | 1.8% |
Nuveen | 21 |
Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended April 30, 2016.
The beginning of the period is November 1, 2015.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,“ provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense 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 following 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
Share Class | ||||||||||||||||||||
Class A | Class C | Class R3 | Class R6 | Class I | ||||||||||||||||
Actual Performance | ||||||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value | $ | 1,007.90 | $ | 1,004.10 | $ | 1,006.60 | $ | 1,009.20 | $ | 1,009.20 | ||||||||||
Expenses Incurred During the Period | $ | 5.84 | $ | 9.57 | $ | 7.08 | $ | 4.10 | $ | 4.60 | ||||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value | $ | 1,019.05 | $ | 1,015.32 | $ | 1,017.80 | $ | 1,020.79 | $ | 1,020.29 | ||||||||||
Expenses Incurred During the Period | $ | 5.87 | $ | 9.62 | $ | 7.12 | $ | 4.12 | $ | 4.62 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.17%, 1.92%, 1.42%, 0.82% and 0.92% for Classes A, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
22 | Nuveen |
Nuveen Mid Cap Value Fund
Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,009.10 | $ | 1,005.10 | $ | 1,007.80 | $ | 1,010.30 | ||||||||
Expenses Incurred During the Period | $ | 6.49 | $ | 10.22 | $ | 7.74 | $ | 5.25 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,018.40 | $ | 1,014.67 | $ | 1,017.16 | $ | 1,019.64 | ||||||||
Expenses Incurred During the Period | $ | 6.52 | $ | 10.27 | $ | 7.77 | $ | 5.27 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.30%, 2.05%, 1.55% and 1.05% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Nuveen Small Cap Value Fund
Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 994.60 | $ | 991.40 | $ | 993.50 | $ | 995.80 | ||||||||
Expenses Incurred During the Period | $ | 6.74 | $ | 10.45 | $ | 7.98 | $ | 5.51 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,018.10 | $ | 1,014.37 | $ | 1,016.86 | $ | 1,019.34 | ||||||||
Expenses Incurred During the Period | $ | 6.82 | $ | 10.57 | $ | 8.07 | $ | 5.57 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.36%, 2.11%, 1.61% and 1.11% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period)
Nuveen | 23 |
Nuveen Dividend Value Fund
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 99.6% | ||||||||
COMMON STOCKS – 99.6% | ||||||||
Aerospace & Defense – 1.4% | ||||||||
115,057 | General Dynamics Corporation | $ | 16,167,810 | |||||
Banks – 10.2% | ||||||||
2,649,826 | Bank of America Corporation | 38,581,466 | ||||||
268,392 | BankUnited Inc., (2) | 9,259,524 | ||||||
638,069 | Citigroup Inc. | 29,529,833 | ||||||
292,027 | Home Bancshares, Inc. | 12,554,241 | ||||||
1,339,462 | Huntington BancShares Inc. | 13,474,988 | ||||||
365,703 | Pacwest Bancorp, (2) | 14,620,806 | ||||||
Total Banks | 118,020,858 | |||||||
Capital Markets – 3.2% | ||||||||
89,708 | Ameriprise Financial, Inc. | 8,602,997 | ||||||
514,905 | Invesco LTD | 15,967,204 | ||||||
450,023 | Morgan Stanley | 12,177,623 | ||||||
Total Capital Markets | 36,747,824 | |||||||
Chemicals – 3.5% | ||||||||
288,019 | Dow Chemical Company, (2) | 15,152,680 | ||||||
129,696 | PPG Industries, Inc. | 14,317,141 | ||||||
92,677 | Praxair, Inc. | 10,885,840 | ||||||
Total Chemicals | 40,355,661 | |||||||
Communications Equipment – 4.5% | ||||||||
1,169,036 | Cisco Systems, Inc., (2) | 32,136,799 | ||||||
380,388 | QUALCOMM, Inc. | 19,217,202 | ||||||
Total Communications Equipment | 51,354,001 | |||||||
Consumer Finance – 1.7% | ||||||||
341,129 | Discover Financial Services | 19,195,329 | ||||||
Containers & Packaging – 1.3% | ||||||||
369,923 | WestRock Company | 15,481,278 | ||||||
Diversified Financial Services – 1.1% | ||||||||
212,301 | NASDAQ Stock Market, Inc. | 13,101,095 | ||||||
Diversified Telecommunication Services – 4.7% | ||||||||
999,931 | AT&T Inc., (2) | 38,817,322 | ||||||
2,819,306 | Frontier Communications Corporation, (2) | 15,675,341 | ||||||
Total Diversified Telecommunication Services | 54,492,663 |
24 | Nuveen |
Shares | Description (1) | Value | ||||||
Electric Utilities – 1.9% | ||||||||
187,345 | NextEra Energy Inc., (2) | $ | 22,028,025 | |||||
Electrical Equipment – 1.5% | ||||||||
276,449 | Eaton PLC | 17,490,928 | ||||||
Electronic Equipment, Instruments & Components – 1.1% | ||||||||
362,231 | Maxim Integrated Products, Inc. | 12,938,891 | ||||||
Energy Equipment & Services – 1.0% | ||||||||
144,769 | Schlumberger Limited, (2) | 11,630,741 | ||||||
Food & Staples Retailing – 1.2% | ||||||||
134,032 | CVS Health Corporation | 13,470,216 | ||||||
Health Care Equipment & Supplies – 2.5% | ||||||||
360,084 | Medtronic, PLC | 28,500,649 | ||||||
Health Care Providers & Services – 2.1% | ||||||||
86,116 | CIGNA Corporation | 11,930,511 | ||||||
95,602 | UnitedHealth Group Incorporated, (2) | 12,588,871 | ||||||
Total Health Care Providers & Services | 24,519,382 | |||||||
Hotels, Restaurants & Leisure – 1.9% | ||||||||
416,716 | Hilton Worldwide Holdings Inc., (2) | 9,188,588 | ||||||
103,202 | McDonald’s Corporation, (2) | 13,054,021 | ||||||
Total Hotels, Restaurants & Leisure | 22,242,609 | |||||||
Industrial Conglomerates – 2.7% | ||||||||
1,028,933 | General Electric Company, (2) | 31,639,690 | ||||||
Insurance – 3.0% | ||||||||
543,485 | Hartford Financial Services Group, Inc., (2) | 24,119,864 | ||||||
587,114 | Old Republic International Corporation, (2) | 10,855,738 | ||||||
Total Insurance | 34,975,602 | |||||||
IT Services – 1.2% | ||||||||
202,400 | Fidelity National Information Services | 13,317,920 | ||||||
Leisure Equipment & Products – 1.2% | ||||||||
431,792 | Mattel, Inc., (2) | 13,424,413 | ||||||
Media – 1.1% | ||||||||
311,549 | Viacom Inc., Class B, (2) | 12,742,354 | ||||||
Multiline Retail – 3.9% | ||||||||
326,782 | CMS Energy Corporation | 13,293,492 | ||||||
181,568 | DTE Energy Company | 16,188,603 | ||||||
675,726 | NiSource Inc. | 15,345,737 | ||||||
Total Multiline Retail | 44,827,832 |
Nuveen | 25 |
Nuveen Dividend Value Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
Multi-Utilities – 2.2% | ||||||||
251,281 | Macy’s, Inc. | $ | 9,948,215 | |||||
188,263 | Target Corporation, (2) | 14,966,908 | ||||||
Total Multi-Utilities | 24,915,123 | |||||||
Oil, Gas & Consumable Fuels – 14.4% | ||||||||
372,473 | Anadarko Petroleum Corporation, (2) | 19,651,676 | ||||||
452,629 | Chevron Corporation, (2) | 46,249,631 | ||||||
157,706 | ConocoPhillips, (2) | 7,536,770 | ||||||
276,919 | Exxon Mobil Corporation | 24,479,640 | ||||||
186,550 | Hess Corporation, (2) | 11,122,111 | ||||||
294,102 | Occidental Petroleum Corporation, (2) | 22,542,918 | ||||||
153,409 | Pioneer Natural Resources Company, (2) | 25,481,235 | ||||||
153,005 | Valero Energy Corporation, (2) | 9,007,404 | ||||||
Total Oil, Gas & Consumable Fuels | 166,071,385 | |||||||
Personal Products – 1.1% | ||||||||
295,160 | Unilever PLC | 12,992,943 | ||||||
Pharmaceuticals – 8.4% | ||||||||
160,032 | AbbVie Inc. | 9,761,952 | ||||||
164,766 | GlaxoSmithKline PLC | 7,070,109 | ||||||
236,631 | Johnson & Johnson, (2) | 26,521,602 | ||||||
1,204,543 | Pfizer Inc. | 39,400,602 | ||||||
264,586 | Teva Pharmaceutical Industries Limited, Sponsored ADR | 14,406,708 | ||||||
Total Pharmaceuticals | 97,160,973 | |||||||
Real Estate Investment Trust – 4.9% | ||||||||
188,622 | Crown Castle International Corporation | 16,387,479 | ||||||
299,456 | Lamar Advertising Company, (2) | 18,578,250 | ||||||
93,071 | Mid-America Apartment Communities, (2) | 8,907,826 | ||||||
648,965 | Starwood Property Trust Inc., (2) | 12,563,962 | ||||||
Total Real Estate Investment Trust | 56,437,517 | |||||||
Road & Rail – 1.2% | ||||||||
513,796 | CSX Corporation, (2) | 14,011,217 | ||||||
Software – 4.8% | ||||||||
522,168 | CA Technologies | 15,487,503 | ||||||
809,398 | Microsoft Corporation | 40,364,678 | ||||||
Total Software | 55,852,181 | |||||||
Specialty Retail – 0.8% | ||||||||
302,625 | Best Buy Co., Inc., (2) | 9,708,210 | ||||||
Technology Hardware, Storage & Peripherals – 2.1% | ||||||||
130,708 | Apple, Inc. | 12,252,568 |
26 | Nuveen |
Shares | Description (1) | Value | ||||||
Technology Hardware, Storage & Peripherals (continued) | ||||||||
685,798 | Hewlett Packard Enterprise Co | $ | 11,425,395 | |||||
Total Technology Hardware, Storage & Peripherals | 23,677,963 | |||||||
Tobacco – 1.8% | ||||||||
334,662 | Altria Group, Inc., (2) | 20,986,654 | ||||||
Total Long-Term Investments (cost $889,256,410) | 1,150,479,937 | |||||||
Shares | Description (1) | Value | ||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 23.9% | ||||||||
MONEY MARKET FUNDS – 23.9% | ||||||||
276,601,019 | Mount Vernon Securities Lending Prime Portfolio, 0.524%, (3), (4) | $ | 276,601,019 | |||||
Total Investments Purchased with Collateral from Securities Lending (cost $276,601,019) | 276,601,019 | |||||||
Shares | Description (1) | Value | ||||||
SHORT-TERM INVESTMENTS – 0.5% | ||||||||
MONEY MARKET FUNDS – 0.5% | ||||||||
5,263,527 | First American Treasury Obligations Fund, Class Z, 0.174%, (3) | $ | 5,263,527 | |||||
Total Short-Term Investments (cost $5,263,527) | 5,263,527 | |||||||
Total Investments (cost $1,171,120,956) – 124.0% | 1,432,344,483 | |||||||
Other Assets Less Liabilities – (24.0)% | (277,141,383 | ) | ||||||
Net Assets – 100% | $ | 1,155,203,100 |
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 the securities out on loan as of the end of the reporting period was $268,979,319. |
(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 100% 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, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. |
ADR | American Depositary Receipt |
See accompanying notes to financial statements.
Nuveen | 27 |
Nuveen Mid Cap Value Fund
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 99.2% | ||||||||
COMMON STOCKS – 99.2% | ||||||||
Aerospace & Defense – 1.7% | ||||||||
13,448 | L-3 Communications Holdings, Inc. | $ | 1,768,815 | |||||
Banks – 5.4% | ||||||||
51,408 | East West Bancorp Inc. | 1,927,286 | ||||||
65,895 | Western Alliance Bancorporation, (2) | 2,410,439 | ||||||
50,128 | Zions Bancorporation, (2) | 1,379,523 | ||||||
Total Banks | 5,717,248 | |||||||
Building Products – 0.9% | ||||||||
20,889 | Owens Corning | 962,356 | ||||||
Capital Markets – 5.5% | ||||||||
83,345 | E*Trade Group Inc. | 2,098,627 | ||||||
70,175 | Invesco LTD | 2,176,127 | ||||||
29,983 | Raymond James Financial Inc. | 1,564,213 | ||||||
Total Capital Markets | 5,838,967 | |||||||
Chemicals – 1.1% | ||||||||
14,915 | Eastman Chemical Company, (2) | 1,139,208 | ||||||
Construction & Engineering – 0.5% | ||||||||
13,412 | Chicago Bridge & Iron Company N.V. | 539,833 | ||||||
Consumer Finance – 2.7% | ||||||||
26,068 | Discover Financial Services, (2) | 1,466,846 | ||||||
213,339 | SLM Corporation | 1,444,305 | ||||||
Total Consumer Finance | 2,911,151 | |||||||
Containers & Packaging – 2.3% | ||||||||
21,236 | Crown Holdings Inc. | 1,124,658 | ||||||
32,029 | WestRock Company | 1,340,414 | ||||||
Total Containers & Packaging | 2,465,072 | |||||||
Diversified Financial Services – 1.6% | ||||||||
27,151 | NASDAQ Stock Market, Inc. | 1,675,488 | ||||||
Diversified Telecommunication Services – 1.4% | ||||||||
276,796 | Frontier Communications Corporation, (2) | 1,538,986 | ||||||
Electric Utilities – 2.3% | ||||||||
35,106 | Edison International, (2) | 2,482,345 | ||||||
Electrical Equipment – 1.7% | ||||||||
17,314 | Hubbell Inc. | 1,831,129 |
28 | Nuveen |
Shares | Description (1) | Value | ||||||
Electronic Equipment, Instruments & Components – 4.2% | ||||||||
12,121 | Arrow Electronics, Inc. | $ | 752,714 | |||||
15,423 | Lam Research Corporation, (2) | 1,178,317 | ||||||
34,928 | Maxim Integrated Products, Inc. | 1,247,628 | ||||||
29,353 | Xilinx, Inc., (2) | 1,264,528 | ||||||
Total Electronic Equipment, Instruments & Components | 4,443,187 | |||||||
Energy Equipment & Services – 0.9% | ||||||||
98,436 | Nabors Industries Inc., (2) | 964,673 | ||||||
Food Products – 1.9% | ||||||||
31,270 | Tyson Foods, Inc., Class A, (2) | 2,058,191 | ||||||
Health Care Equipment & Supplies – 6.4% | ||||||||
98,059 | Boston Scientific Corporation, (2) | 2,149,453 | ||||||
30,152 | Hill Rom Holdings Inc. | 1,457,849 | ||||||
9,451 | Teleflex Inc., (2) | 1,472,277 | ||||||
14,766 | Zimmer Holdings, Inc. | 1,709,460 | ||||||
Total Health Care Equipment & Supplies | 6,789,039 | |||||||
Health Care Providers & Services – 2.3% | ||||||||
19,279 | Centene Corporation, (2) | 1,194,527 | ||||||
9,301 | CIGNA Corporation | 1,288,560 | ||||||
Total Health Care Providers & Services | 2,483,087 | |||||||
Hotels, Restaurants & Leisure – 2.6% | ||||||||
77,879 | MGM Resorts International Inc., (2), (3) | 1,658,823 | ||||||
14,577 | Royal Caribbean Cruises Limited | 1,128,260 | ||||||
Total Hotels, Restaurants & Leisure | 2,787,083 | |||||||
Household Durables – 1.6% | ||||||||
8,851 | Mohawk Industries Inc. | 1,704,968 | ||||||
Insurance – 4.9% | ||||||||
47,571 | Hartford Financial Services Group, Inc. | 2,111,201 | ||||||
85,895 | Old Republic International Corporation | 1,588,199 | ||||||
42,862 | Unum Group | 1,466,309 | ||||||
Total Insurance | 5,165,709 | |||||||
IT Services – 1.5% | ||||||||
23,429 | Fidelity National Information Services | 1,541,628 | ||||||
Leisure Equipment & Products – 2.3% | ||||||||
23,086 | Brunswick Corporation | 1,108,821 | ||||||
16,080 | Hasbro, Inc. | 1,361,011 | ||||||
Total Leisure Equipment & Products | 2,469,832 | |||||||
Life Sciences Tools & Services – 0.6% | ||||||||
16,407 | Agilent Technologies, Inc. | 671,374 |
Nuveen | 29 |
Nuveen Mid Cap Value Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
Machinery – 4.1% | ||||||||
25,678 | Ingersoll Rand Company Limited, Class A | $ | 1,682,936 | |||||
19,458 | Stanley Black & Decker Inc. | 2,177,739 | ||||||
20,674 | Terex Corporation | 493,902 | ||||||
Total Machinery | 4,354,577 | |||||||
Metals & Mining – 1.1% | ||||||||
46,367 | Steel Dynamics Inc. | 1,168,912 | ||||||
Multiline Retail – 6.2% | ||||||||
24,753 | Alliant Energy Corporation | 1,745,581 | ||||||
23,512 | DTE Energy Company | 2,096,330 | ||||||
72,197 | NiSource Inc. | 1,639,594 | ||||||
18,180 | WEC Energy Group, Inc. | 1,058,258 | ||||||
Total Multiline Retail | 6,539,763 | |||||||
Oil, Gas & Consumable Fuels – 7.8% | ||||||||
10,987 | Cimarex Energy Company | 1,196,265 | ||||||
23,436 | Gulfport Energy Corporation | 733,547 | ||||||
17,464 | Hess Corporation, (2) | 1,041,204 | ||||||
19,932 | HollyFrontier Company, (2) | 709,579 | ||||||
46,617 | Marathon Oil Corporation | 656,833 | ||||||
46,068 | Newfield Exploration Company | 1,669,965 | ||||||
13,480 | Pioneer Natural Resources Company, (2) | 2,239,028 | ||||||
Total Oil, Gas & Consumable Fuels | 8,246,421 | |||||||
Pharmaceuticals – 1.3% | ||||||||
28,527 | Medicines Company, (2) | 1,015,276 | ||||||
3,224 | Perrigo Company, (2) | 311,664 | ||||||
Total Pharmaceuticals | 1,326,940 | |||||||
Real Estate Investment Trust – 10.8% | ||||||||
10,775 | Boston Properties, Inc. | 1,388,467 | ||||||
95,810 | Developers Diversified Realty Corporation, (2) | 1,676,675 | ||||||
19,231 | Digital Realty Trust Inc. | 1,691,943 | ||||||
234,573 | MFA Mortgage Investments, Inc. | 1,620,900 | ||||||
25,114 | Post Properties, Inc. | 1,440,539 | ||||||
17,896 | Sovran Self Storage Inc. | 1,900,913 | ||||||
89,089 | Starwood Property Trust Inc. | 1,724,763 | ||||||
Total Real Estate Investment Trust | 11,444,200 | |||||||
Real Estate Management & Development – 0.9% | ||||||||
8,731 | Jones Lang LaSalle Inc. | 1,005,549 | ||||||
Software – 4.7% | ||||||||
37,423 | Activision Blizzard Inc. | 1,289,971 |
30 | Nuveen |
Shares | Description (1) | Value | ||||||
Software (continued) | ||||||||
49,354 | CA Technologies | $ | 1,463,839 | |||||
16,768 | Electronic Arts Inc. | 1,037,101 | ||||||
19,389 | Nice Systems Limited, Sponsored ADR | 1,237,988 | ||||||
Total Software | 5,028,899 | |||||||
Specialty Retail – 5.3% | ||||||||
49,657 | Best Buy Co., Inc., (2) | 1,592,997 | ||||||
23,649 | Foot Locker, Inc., (2) | 1,452,995 | ||||||
9,158 | Signet Jewelers Limited, (2) | 994,192 | ||||||
152,235 | Staples, Inc. | 1,552,797 | ||||||
Total Specialty Retail | 5,592,981 | |||||||
Thrifts & Mortgage Finance – 0.7% | ||||||||
38,000 | BofI Holdings, Inc., (2) | 774,060 | ||||||
Total Long-Term Investments (cost $99,389,245) | 105,431,671 | |||||||
Shares | Description (1) | Value | ||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 26.4% | ||||||||
MONEY MARKET FUNDS – 26.4% | ||||||||
28,078,960 | Mount Vernon Securities Lending Prime Portfolio, 0.524%, (4), (5) | $ | 28,078,960 | |||||
Total Investments Purchased with Collateral from Securities Lending (cost $28,078,960) | 28,078,960 | |||||||
Shares | Description (1) | Value | ||||||
SHORT-TERM INVESTMENTS – 0.8% | ||||||||
MONEY MARKET FUNDS – 0.8% | ||||||||
807,732 | First American Treasury Obligations Fund, Class Z, 0.174%, (4) | $ | 807,732 | |||||
Total Short-Term Investments (cost $807,732) | 807,732 | |||||||
Total Investments (cost $128,275,937) – 126.4% | 134,318,363 | |||||||
Other Assets Less Liabilities – (26.4)% | (28,020,304 | ) | ||||||
Net Assets – 100% | $ | 106,298,059 |
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 the securities out on loan as of the end of the reporting period was $27,473,027. |
(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 100% 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, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. |
ADR | American Depositary Receipt |
See accompanying notes to financial statements.
Nuveen | 31 |
Nuveen Small Cap Value Fund
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 97.2% | ||||||||
COMMON STOCKS – 97.2% | ||||||||
Aerospace & Defense – 1.1% | ||||||||
99,835 | BWX Technologies, Inc. | $ | 3,333,491 | |||||
Auto Components – 1.0% | ||||||||
221,057 | Dana Holding Corporation, (2) | 2,858,267 | ||||||
Automobiles – 0.5% | ||||||||
23,414 | Thor Industries, Inc. | 1,498,964 | ||||||
Banks – 15.1% | ||||||||
92,238 | Banner Corporation | 3,945,942 | ||||||
183,146 | Customers Bancorp Inc. | 4,758,133 | ||||||
111,663 | East West Bancorp Inc. | 4,186,246 | ||||||
115,435 | Heartland Financial USA, Inc., (2) | 3,868,227 | ||||||
84,665 | Opus Bank | 3,058,100 | ||||||
102,719 | Privatebancorp, Inc., (2) | 4,274,138 | ||||||
157,281 | Renasant Corporation | 5,401,029 | ||||||
331,655 | Sterling Bancorp, (2) | 5,419,243 | ||||||
146,258 | Webster Financial Corporation, (2) | 5,358,893 | ||||||
127,568 | Western Alliance Bancorporation, (2) | 4,666,437 | ||||||
Total Banks | 44,936,388 | |||||||
Capital Markets – 1.7% | ||||||||
72,384 | Evercore Partners Inc., (2) | 3,737,910 | ||||||
169,020 | Manning & Napier Inc. | 1,445,121 | ||||||
Total Capital Markets | 5,183,031 | |||||||
Chemicals – 3.5% | ||||||||
142,660 | Kraton Performance Polymers Inc. | 3,239,809 | ||||||
86,055 | Minerals Technologies Inc. | 5,154,694 | ||||||
143,672 | Orion Engineered Carbons SA | 2,043,016 | ||||||
Total Chemicals | 10,437,519 | |||||||
Commercial Services & Supplies – 2.4% | ||||||||
40,243 | G&K Services, Inc. | 2,843,168 | ||||||
173,273 | Quad Graphics Inc. | 2,174,576 | ||||||
102,328 | SP Plus Corporation | 2,279,868 | ||||||
Total Commercial Services & Supplies | 7,297,612 | |||||||
Communications Equipment – 3.4% | ||||||||
163,307 | Finisar Corporation, (2) | 2,688,033 | ||||||
60,884 | Netgear, Inc. | 2,581,482 |
32 | Nuveen |
Shares | Description (1) | Value | ||||||
Communications Equipment (continued) | ||||||||
129,300 | Plantronics Inc., (2) | $ | 4,971,585 | |||||
Total Communications Equipment | 10,241,100 | |||||||
Construction & Engineering – 3.1% | ||||||||
105,847 | Emcor Group Inc., (2) | 5,131,462 | ||||||
256,946 | Tutor Perini Corporation, (2) | 4,064,886 | ||||||
Total Construction & Engineering | 9,196,348 | |||||||
Electric Utilities – 4.0% | ||||||||
47,035 | Avangrid Inc. | 1,886,104 | ||||||
115,884 | El Paso Electric Company | 5,226,368 | ||||||
152,301 | PNM Resources Inc., (2) | 4,824,896 | ||||||
Total Electric Utilities | 11,937,368 | |||||||
Electrical Equipment – 1.5% | ||||||||
68,966 | Regal-Beloit Corporation | 4,442,790 | ||||||
Electronic Equipment, Instruments & Components – 4.2% | ||||||||
428,434 | Cypress Semiconductor Corporation, (2) | 3,868,759 | ||||||
102,974 | MKS Instruments Inc., (2) | 3,692,648 | ||||||
26,014 | OSI Systems Inc. | 1,323,853 | ||||||
297,734 | Vishay Intertechnology Inc., (2) | 3,620,445 | ||||||
Total Electronic Equipment, Instruments & Components | 12,505,705 | |||||||
Energy Equipment & Services – 0.6% | ||||||||
94,365 | Matrix Service Company | 1,777,837 | ||||||
Food & Staples Retailing – 0.9% | ||||||||
93,282 | SpartanNash Co | 2,583,911 | ||||||
Food Products – 1.2% | ||||||||
268,639 | SunOpta, Inc. | 1,445,278 | ||||||
24,078 | Treehouse Foods Inc., (2) | 2,128,495 | ||||||
Total Food Products | 3,573,773 | |||||||
Gas Utilities – 1.3% | ||||||||
61,867 | Spire, Inc. | 3,957,013 | ||||||
Health Care Equipment & Supplies – 2.1% | ||||||||
67,848 | Halyard Health Inc. | 1,910,600 | ||||||
150,409 | Nxstage Medical, Inc. | 2,424,593 | ||||||
26,115 | Steris PLC, (2) | 1,845,547 | ||||||
Total Health Care Equipment & Supplies | 6,180,740 | |||||||
Health Care Providers & Services – 3.0% | ||||||||
88,676 | AMN Healthcare Services Inc. | 3,148,884 | ||||||
196,499 | Civitas Solutions Inc. | 3,937,840 |
Nuveen | 33 |
Nuveen Small Cap Value Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
Health Care Providers & Services (continued) | ||||||||
57,743 | Landauer Inc., (2) | $ | 2,005,992 | |||||
Total Health Care Providers & Services | 9,092,716 | |||||||
Hotels, Restaurants & Leisure – 1.0% | ||||||||
19,886 | CBRL Group Inc., (2) | 2,911,509 | ||||||
Household Durables – 2.0% | ||||||||
72,249 | CalAtlantic Group Inc., (2) | 2,338,700 | ||||||
138,102 | La Z Boy Inc. | 3,572,699 | ||||||
Total Household Durables | 5,911,399 | |||||||
Insurance – 7.1% | ||||||||
255,833 | American Equity Investment Life Holding Company, (2) | 3,581,662 | ||||||
73,575 | Amerisafe, Inc. | 3,964,221 | ||||||
63,673 | Argo Group International Holdings Inc. | 3,500,105 | ||||||
288,840 | CNO Financial Group Inc., (2) | 5,305,991 | ||||||
157,842 | Horace Mann Educators Corporation | 4,908,886 | ||||||
Total Insurance | 21,260,865 | |||||||
IT Services – 2.8% | ||||||||
47,746 | CSG Systems International Inc., (2) | 2,118,967 | ||||||
162,401 | NeuStar, Inc., (2) | 3,814,800 | ||||||
121,226 | Perficient, Inc. | 2,531,199 | ||||||
Total IT Services | 8,464,966 | |||||||
Leisure Equipment & Products – 1.0% | ||||||||
59,057 | Brunswick Corporation | 2,836,508 | ||||||
Machinery – 2.9% | ||||||||
152,423 | Altra Industrial Motion, Inc., (2) | 4,374,540 | ||||||
284,025 | NN, Incorporated, (2) | 4,271,736 | ||||||
Total Machinery | 8,646,276 | |||||||
Media – 1.4% | ||||||||
83,849 | Meredith Corporation | 4,302,292 | ||||||
Metals & Mining – 1.1% | ||||||||
185,418 | Commercial Metals Company, (2) | 3,322,691 | ||||||
Oil, Gas & Consumable Fuels – 3.9% | ||||||||
385,906 | Callon Petroleum Company Del, (2) | 4,055,872 | ||||||
43,895 | PDC Energy Inc., (2) | 2,756,167 | ||||||
510,789 | WPX Energy Inc., (2) | 4,934,222 | ||||||
Total Oil, Gas & Consumable Fuels | 11,746,261 | |||||||
Professional Services – 1.4% | ||||||||
107,538 | Korn Ferry International | 2,918,581 |
34 | Nuveen |
Shares | Description (1) | Value | ||||||
Professional Services (continued) | ||||||||
69,838 | TrueBlue Inc. | $ | 1,305,272 | |||||
Total Professional Services | 4,223,853 | |||||||
Real Estate Investment Trust – 12.2% | ||||||||
321,237 | Brandywine Realty Trust | 4,802,493 | ||||||
86,742 | Entertainment Properties Trust, (2) | 5,714,563 | ||||||
81,429 | Highwoods Properties, Inc., (2) | 3,805,177 | ||||||
152,844 | Kite Realty Group Trust, (2) | 4,161,942 | ||||||
123,849 | LaSalle Hotel Properties, (2) | 2,959,991 | ||||||
648,119 | MFA Mortgage Investments, Inc., (2) | 4,478,502 | ||||||
296,115 | Monogram Residential Trust, Inc. | 2,999,645 | ||||||
29,084 | Sovran Self Storage Inc., (2) | 3,089,303 | ||||||
226,810 | STAG Industrial Inc., (2) | 4,527,128 | ||||||
Total Real Estate Investment Trust | 36,538,744 | |||||||
Software – 0.8% | ||||||||
122,916 | Mentor Graphics Corporation | 2,453,403 | ||||||
Specialty Retail – 3.6% | ||||||||
46,270 | Childrens Place Retail Stores Inc., (2) | 3,604,896 | ||||||
167,263 | Express Inc., (2) | 3,040,841 | ||||||
249,508 | Kirkland’s, Inc. | 4,096,921 | ||||||
Total Specialty Retail | 10,742,658 | |||||||
Technology Hardware, Storage & Peripherals – 1.2% | ||||||||
266,194 | QLogic Corporation | 3,484,479 | ||||||
Thrifts & Mortgage Finance – 2.5% | ||||||||
231,934 | Everbank Financial Corporation | 3,497,565 | ||||||
113,144 | WSFS Financial Corporation, (2) | 3,862,736 | ||||||
Total Thrifts & Mortgage Finance | 7,360,301 | |||||||
Water Utilities – 1.7% | ||||||||
177,313 | California Water Service Group, (2) | 4,952,352 | ||||||
Total Long-Term Investments (cost $269,653,796) | 290,193,130 | |||||||
Shares | Description (1) | Value | ||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 30.4% | ||||||||
MONEY MARKET FUNDS – 30.4% | ||||||||
90,655,890 | Mount Vernon Securities Lending Prime Portfolio, 0.524%, (3), (4) | $ | 90,655,890 | |||||
Total Investments Purchased with Collateral from Securities Lending (cost $90,655,890) | 90,655,890 |
Nuveen | 35 |
Nuveen Small Cap Value Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
SHORT-TERM INVESTMENTS – 2.6% | ||||||||
MONEY MARKET FUNDS – 2.6% | ||||||||
7,692,834 | First American Treasury Obligations Fund, Class Z, 0.174%, (3) | $ | 7,692,834 | |||||
Total Short-Term Investments (cost $7,692,834) | 7,692,834 | |||||||
Total Investments (cost $368,002,520) – 130.2% | 388,541,854 | |||||||
Other Assets Less Liabilities – (30.2)% | (90,023,718 | ) | ||||||
Net Assets – 100% | $ | 298,518,136 |
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 the securities out on loan as of the end of the reporting period was $87,861,876. |
(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 100% 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, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. |
See accompanying notes to financial statements.
36 | Nuveen |
Assets and Liabilities | April 30, 2016 (Unaudited) |
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
Assets | ||||||||||||
Long-term investments, at value (cost $889,256,410, $99,389,245 and $269,653,796, respectively) | $ | 1,150,479,937 | $ | 105,431,671 | $ | 290,193,130 | ||||||
Investments purchased with collateral from securities lending, at value (cost approximates value) | 276,601,019 | 28,078,960 | 90,655,890 | |||||||||
Short-term investments, at value (cost approximates value) | 5,263,527 | 807,732 | 7,692,834 | |||||||||
Receivable for: | ||||||||||||
Dividends | 1,027,411 | 70,825 | 131,041 | |||||||||
Due from broker | 33,923 | 4,990 | 20,884 | |||||||||
Interest | 417 | 82 | 1,112 | |||||||||
Investments sold | 98,209 | — | 3,686,717 | |||||||||
Reclaims | 21,993 | — | — | |||||||||
Shares sold | 945,057 | 183,624 | 4,082,740 | |||||||||
Other assets | 81,120 | 29,855 | 33,596 | |||||||||
Total assets | 1,434,552,613 | 134,607,739 | 396,497,944 | |||||||||
Liabilities | ||||||||||||
Payable for: | ||||||||||||
Collateral from securities lending program | 276,601,019 | 28,078,960 | 90,655,890 | |||||||||
Investments purchased | — | — | 5,793,713 | |||||||||
Shares redeemed | 1,369,092 | 80,600 | 1,148,427 | |||||||||
Accrued expenses: | ||||||||||||
12b-1 distribution and service fees | 106,597 | 15,049 | 34,764 | |||||||||
Management fees | 734,232 | 66,159 | 249,943 | |||||||||
Directors fees | 57,371 | 5,999 | 410 | |||||||||
Other | 481,202 | 62,913 | 96,661 | |||||||||
Total liabilities | 279,349,513 | 28,309,680 | 97,979,808 | |||||||||
Net assets | $ | 1,155,203,100 | $ | 106,298,059 | $ | 298,518,136 | ||||||
Class A Shares | ||||||||||||
Net assets | $ | 275,881,676 | $ | 35,373,427 | $ | 90,629,185 | ||||||
Shares outstanding | 18,928,790 | 1,025,295 | 4,641,468 | |||||||||
Net asset value (“NAV”) per share | $ | 14.57 | $ | 34.50 | $ | 19.53 | ||||||
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $ | 15.46 | $ | 36.60 | $ | 20.72 | ||||||
Class C Shares | ||||||||||||
Net assets | $ | 46,546,121 | $ | 6,860,576 | $ | 14,630,877 | ||||||
Shares outstanding | 3,239,455 | 208,327 | 873,930 | |||||||||
NAV and offering price per share | $ | 14.37 | $ | 32.93 | $ | 16.74 | ||||||
Class R3 Shares | ||||||||||||
Net assets | $ | 29,383,966 | $ | 5,622,937 | $ | 15,472,259 | ||||||
Shares outstanding | 2,020,961 | 164,142 | 809,247 | |||||||||
NAV and offering price per share | $ | 14.54 | $ | 34.26 | $ | 19.12 | ||||||
Class R6 Shares | ||||||||||||
Net assets | $ | 53,332,245 | — | — | ||||||||
Shares outstanding | 3,612,279 | — | — | |||||||||
NAV and offering price per share | $ | 14.76 | — | — | ||||||||
Class I Shares | ||||||||||||
Net assets | $ | 750,059,092 | $ | 58,441,119 | $ | 177,785,815 | ||||||
Shares outstanding | 50,949,390 | 1,689,838 | 8,811,851 | |||||||||
NAV and offering price per share | $ | 14.72 | $ | 34.58 | $ | 20.18 | ||||||
Net assets consist of: | ||||||||||||
Capital paid-in | $ | 808,104,520 | $ | 98,259,307 | $ | 275,158,145 | ||||||
Undistributed (Over-distribution of) net investment income | (2,837,950 | ) | 362,985 | 870,663 | ||||||||
Accumulated net realized gain (loss) | 88,713,003 | 1,633,341 | 1,949,994 | |||||||||
Net unrealized appreciation (depreciation) | 261,223,527 | 6,042,426 | 20,539,334 | |||||||||
Net assets | $ | 1,155,203,100 | $ | 106,298,059 | $ | 298,518,136 | ||||||
Authorized shares – per class | 2 billion | 2 billion | 2 billion | |||||||||
Par value per share | $ | 0.0001 | $ | 0.0001 | $ | 0.0001 |
See accompanying notes to financial statements.
Nuveen | 37 |
Operations | Six Months Ended April 30, 2016 (Unaudited) |
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
Investment Income | ||||||||||||
Dividend and interest income (net of foreign tax withheld of $63,221, $931 and $6,410, respectively) | $ | 15,774,180 | $ | 1,007,166 | $ | 2,252,817 | ||||||
Securities lending income, net | 145,196 | 24,421 | 68,760 | |||||||||
Total investment income | 15,919,376 | 1,031,587 | 2,321,577 | |||||||||
Expenses | ||||||||||||
Management fees | 4,632,635 | 476,165 | 968,388 | |||||||||
12b-1 service fees – Class A Shares | 348,848 | 42,223 | 83,721 | |||||||||
12b-1 distribution and service fees – Class C Shares | 236,672 | 33,399 | 45,688 | |||||||||
12b-1 distribution and service fees – Class R3 Shares | 88,973 | 14,347 | 35,012 | |||||||||
Shareholder servicing agent fees | 682,239 | 81,459 | 167,857 | |||||||||
Custodian fees | 60,187 | 7,840 | 12,796 | |||||||||
Directors fees | 16,821 | 1,525 | 3,150 | |||||||||
Professional fees | 53,262 | 17,045 | 18,977 | |||||||||
Shareholder reporting expenses | 57,504 | 14,229 | 23,622 | |||||||||
Federal and state registration fees | 43,372 | 26,681 | 31,130 | |||||||||
Other | 15,571 | 1,904 | 2,023 | |||||||||
Total expenses before fee waiver/expense reimbursement | 6,236,084 | 716,817 | 1,392,364 | |||||||||
Fee waiver/expense reimbursement | — | (71,205 | ) | — | ||||||||
Net expenses | 6,236,084 | 645,612 | 1,392,364 | |||||||||
Net investment income (loss) | 9,683,292 | 385,975 | 929,213 | |||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from investments and foreign currency | 95,404,436 | 1,749,045 | 1,979,238 | |||||||||
Change in net unrealized appreciation (depreciation) of investments and foreign currency | (101,693,742 | ) | (1,745,268 | ) | 1,686,272 | |||||||
Net realized and unrealized gain (loss) | (6,289,306 | ) | 3,777 | 3,665,510 | ||||||||
Net increase (decrease) in net assets from operations | $ | 3,393,986 | $ | 389,752 | $ | 4,594,723 |
See accompanying notes to financial statements.
38 | Nuveen |
Changes in Net Assets | (Unaudited) |
Dividend Value | ||||||||
Six Months Ended 4/30/16 | Year Ended | |||||||
Operations | ||||||||
Net investment income (loss) | $ | 9,683,292 | $ | 29,625,558 | ||||
Net realized gain (loss) from investments and foreign currency | 95,404,436 | 113,532,620 | ||||||
Change in net unrealized appreciation (depreciation) of investments and foreign currency | (101,693,742 | ) | (154,434,094 | ) | ||||
Net increase (decrease) in net assets from operations | 3,393,986 | (11,275,916 | ) | |||||
Distributions to Shareholders | ||||||||
From net investment income: | ||||||||
Class A Shares | (3,809,991 | ) | (7,171,529 | ) | ||||
Class C Shares | (461,450 | ) | (795,215 | ) | ||||
Class R3 Shares | (440,888 | ) | (845,243 | ) | ||||
Class R6 Shares | (789,651 | ) | (1,370,813 | ) | ||||
Class I Shares | (11,767,345 | ) | (24,645,360 | ) | ||||
From accumulated net realized gains: | ||||||||
Class A Shares | (21,268,193 | ) | (23,911,932 | ) | ||||
Class C Shares | (3,676,882 | ) | (4,268,650 | ) | ||||
Class R3 Shares | (2,990,313 | ) | (3,107,058 | ) | ||||
Class R6 Shares | (4,000,310 | ) | (3,832,324 | ) | ||||
Class I Shares | (61,767,745 | ) | (74,744,699 | ) | ||||
Decrease in net assets from distributions to shareholders | (110,972,768 | ) | (144,692,823 | ) | ||||
Fund Share Transactions | ||||||||
Proceeds from sale of shares | 76,087,344 | 176,433,011 | ||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 77,781,817 | 97,550,897 | ||||||
153,869,161 | 273,983,908 | |||||||
Cost of shares redeemed | (284,239,865 | ) | (451,688,334 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions | (130,370,704 | ) | (177,704,426 | ) | ||||
Net increase (decrease) in net assets | (237,949,486 | ) | (333,673,165 | ) | ||||
Net assets at the beginning of period | 1,393,152,586 | 1,726,825,751 | ||||||
Net assets at the end of period | $ | 1,155,203,100 | $ | 1,393,152,586 | ||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (2,837,950 | ) | $ | 4,748,083 |
See accompanying notes to financial statements.
Nuveen | 39 |
Statement of Changes in Net Assets (Unaudited) (continued)
Mid Cap Value | Small Cap Value | |||||||||||||||||
Six Months Ended 4/30/16 | Year Ended | Six Months Ended 4/30/16 | Year Ended | |||||||||||||||
Operations | ||||||||||||||||||
Net investment income (loss) | $ | 385,975 | $ | 476,452 | $ | 929,213 | $ | 572,818 | ||||||||||
Net realized gain (loss) from investments and foreign currency | 1,749,045 | 10,210,863 | 1,979,238 | 10,440,246 | ||||||||||||||
Change in net unrealized appreciation (depreciation) of investments and foreign currency | (1,745,268 | ) | (9,200,460 | ) | 1,686,272 | (433,839 | ) | |||||||||||
Net increase (decrease) in net assets from operations | 389,752 | 1,486,855 | 4,594,723 | 10,579,225 | ||||||||||||||
Distributions to Shareholders | ||||||||||||||||||
From net investment income: | ||||||||||||||||||
Class A Shares | (97,893 | ) | (332,351 | ) | (28,208 | ) | (170,384 | ) | ||||||||||
Class C Shares | — | (9,811 | ) | — | — | |||||||||||||
Class R3 Shares | (822 | ) | (50,129 | ) | — | (16,250 | ) | |||||||||||
Class R6 Shares | — | — | — | — | ||||||||||||||
Class I Shares | (341,527 | ) | (797,785 | ) | (375,766 | ) | (438,364 | ) | ||||||||||
From accumulated net realized gains: | ||||||||||||||||||
Class A Shares | (1,083,104 | ) | — | (853,791 | ) | — | ||||||||||||
Class C Shares | (228,180 | ) | — | (122,063 | ) | — | ||||||||||||
Class R3 Shares | (184,328 | ) | — | (230,598 | ) | — | ||||||||||||
Class R6 Shares | — | — | — | — | ||||||||||||||
Class I Shares | (1,968,065 | ) | — | (1,658,979 | ) | — | ||||||||||||
Decrease in net assets from distributions to shareholders | (3,903,919 | ) | (1,190,076 | ) | (3,269,405 | ) | (624,998 | ) | ||||||||||
Fund Share Transactions | ||||||||||||||||||
Proceeds from sale of shares | 3,488,765 | 8,431,067 | 182,352,331 | 46,357,629 | ||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 2,767,156 | 644,548 | 2,802,986 | 549,545 | ||||||||||||||
6,255,921 | 9,075,615 | 185,155,317 | 46,907,174 | |||||||||||||||
Cost of shares redeemed | (14,976,656 | ) | (23,144,338 | ) | (46,685,386 | ) | (28,935,630 | ) | ||||||||||
Net increase (decrease) in net assets from Fund share transactions | (8,720,735 | ) | (14,068,723 | ) | 138,469,931 | 17,971,544 | ||||||||||||
Net increase (decrease) in net assets | (12,234,902 | ) | (13,771,944 | ) | 139,795,249 | 27,925,771 | ||||||||||||
Net assets at the beginning of period | 118,532,961 | 132,304,905 | 158,722,887 | 130,797,116 | ||||||||||||||
Net assets at the end of period | $ | 106,298,059 | $ | 118,532,961 | $ | 298,518,136 | $ | 158,722,887 | ||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 362,985 | $ | 417,252 | $ | 870,663 | $ | 345,424 |
See accompanying notes to financial statements.
40 | Nuveen |
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Nuveen | 41 |
Highlights (Unaudited)
Dividend Value
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||
Class (Commencement Date) Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net | From Accumulated Net Realized | Total | Ending NAV | ||||||||||||||||||||||||||
Class A (12/92) |
| |||||||||||||||||||||||||||||||||
2016(f) | $ | 15.81 | $ | 0.10 | $ | (0.03 | ) | $ | 0.07 | $ | (0.19 | ) | $ | (1.12 | ) | $ | (1.31 | ) | $ | 14.57 | ||||||||||||||
2015 | 17.44 | 0.28 | (0.44 | ) | (0.16 | ) | (0.34 | ) | (1.13 | ) | (1.47 | ) | 15.81 | |||||||||||||||||||||
2014 | 17.79 | 0.37 | 1.36 | 1.73 | (0.38 | ) | (1.70 | ) | (2.08 | ) | 17.44 | |||||||||||||||||||||||
2013 | 14.60 | 0.30 | 3.59 | 3.89 | (0.30 | ) | (0.40 | ) | (0.70 | ) | 17.79 | |||||||||||||||||||||||
2012 | 13.05 | 0.27 | 1.59 | 1.86 | (0.31 | ) | — | (0.31 | ) | 14.60 | ||||||||||||||||||||||||
2011 | 12.42 | 0.27 | 0.63 | 0.90 | (0.27 | ) | — | (0.27 | ) | 13.05 | ||||||||||||||||||||||||
Class C (2/99) |
| |||||||||||||||||||||||||||||||||
2016(f) | 15.60 | 0.05 | (0.02 | ) | 0.03 | (0.14 | ) | (1.12 | ) | (1.26 | ) | 14.37 | ||||||||||||||||||||||
2015 | 17.23 | 0.16 | (0.44 | ) | (0.28 | ) | (0.22 | ) | (1.13 | ) | (1.35 | ) | 15.60 | |||||||||||||||||||||
2014 | 17.59 | 0.24 | 1.34 | 1.58 | (0.24 | ) | (1.70 | ) | (1.94 | ) | 17.23 | |||||||||||||||||||||||
2013 | 14.42 | 0.18 | 3.57 | 3.75 | (0.18 | ) | (0.40 | ) | (0.58 | ) | 17.59 | |||||||||||||||||||||||
2012 | 12.92 | 0.17 | 1.54 | 1.71 | (0.21 | ) | — | (0.21 | ) | 14.42 | ||||||||||||||||||||||||
2011 | 12.26 | 0.17 | 0.62 | 0.79 | (0.13 | ) | — | (0.13 | ) | 12.92 | ||||||||||||||||||||||||
Class R3 (9/01) |
| |||||||||||||||||||||||||||||||||
2016(f) | 15.77 | 0.09 | (0.03 | ) | 0.06 | (0.17 | ) | (1.12 | ) | (1.29 | ) | 14.54 | ||||||||||||||||||||||
2015 | 17.41 | 0.24 | (0.45 | ) | (0.21 | ) | (0.30 | ) | (1.13 | ) | (1.43 | ) | 15.77 | |||||||||||||||||||||
2014 | 17.75 | 0.33 | 1.36 | 1.69 | (0.33 | ) | (1.70 | ) | (2.03 | ) | 17.41 | |||||||||||||||||||||||
2013 | 14.58 | 0.26 | 3.57 | 3.83 | (0.26 | ) | (0.40 | ) | (0.66 | ) | 17.75 | |||||||||||||||||||||||
2012 | 13.03 | 0.24 | 1.59 | 1.83 | (0.28 | ) | — | (0.28 | ) | 14.58 | ||||||||||||||||||||||||
2011 | 12.41 | 0.23 | 0.63 | 0.86 | (0.24 | ) | — | (0.24 | ) | 13.03 | ||||||||||||||||||||||||
Class R6 (2/13) |
| |||||||||||||||||||||||||||||||||
2016(f) | 15.99 | 0.13 | (0.03 | ) | 0.10 | (0.21 | ) | (1.12 | ) | (1.33 | ) | 14.76 | ||||||||||||||||||||||
2015 | 17.62 | 0.34 | (0.45 | ) | (0.11 | ) | (0.39 | ) | (1.13 | ) | (1.52 | ) | 15.99 | |||||||||||||||||||||
2014 | 17.93 | 0.43 | 1.38 | 1.81 | (0.42 | ) | (1.70 | ) | (2.12 | ) | 17.62 | |||||||||||||||||||||||
2013(d) | 15.36 | 0.22 | 2.60 | 2.82 | (0.25 | ) | — | (0.25 | ) | 17.93 | ||||||||||||||||||||||||
Class I (8/94) |
| |||||||||||||||||||||||||||||||||
2016(f) | 15.95 | 0.12 | (0.02 | ) | 0.10 | (0.21 | ) | (1.12 | ) | (1.33 | ) | 14.72 | ||||||||||||||||||||||
2015 | 17.60 | 0.33 | (0.46 | ) | (0.13 | ) | (0.39 | ) | (1.13 | ) | (1.52 | ) | 15.95 | |||||||||||||||||||||
2014 | 17.93 | 0.42 | 1.37 | 1.79 | (0.42 | ) | (1.70 | ) | (2.12 | ) | 17.60 | |||||||||||||||||||||||
2013 | 14.72 | 0.35 | 3.61 | 3.96 | (0.35 | ) | (0.40 | ) | (0.75 | ) | 17.93 | |||||||||||||||||||||||
2012 | 13.16 | 0.31 | 1.60 | 1.91 | (0.35 | ) | — | (0.35 | ) | 14.72 | ||||||||||||||||||||||||
2011 | 12.53 | 0.31 | 0.64 | 0.95 | (0.32 | ) | — | (0.32 | ) | 13.16 |
42 | Nuveen |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
Ratios to Average Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(e) | ||||||||||||||||||||||||
0.79 | % | $ | 275,882 | 1.17 | %* | 1.43 | %* | 1.17 | %* | 1.43 | %* | 40 | % | |||||||||||||||||
(0.87 | ) | 310,055 | 1.15 | 1.72 | 1.15 | 1.72 | 53 | |||||||||||||||||||||||
10.78 | 371,703 | 1.15 | 2.19 | 1.15 | 2.19 | 27 | ||||||||||||||||||||||||
27.72 | 384,226 | 1.13 | 1.88 | 1.12 | 1.89 | 44 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
0.41 | 46,546 | 1.92 | * | 0.68 | * | 1.92 | * | 0.68 | * | | 40 | | ||||||||||||||||||
(1.59 | ) | 53,507 | 1.90 | 0.98 | 1.90 | 0.98 | 53 | |||||||||||||||||||||||
10.01 | 65,366 | 1.90 | 1.43 | 1.90 | 1.43 | 27 | ||||||||||||||||||||||||
26.95 | 59,753 | 1.88 | 1.09 | 1.87 | 1.10 | 44 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
0.66 | 29,384 | 1.42 | * | 1.31 | * | 1.42 | * | 1.31 | * | 40 | ||||||||||||||||||||
(1.12 | ) | 42,618 | 1.40 | 1.45 | 1.40 | 1.45 | 53 | |||||||||||||||||||||||
10.59 | 48,476 | 1.40 | 1.92 | 1.40 | 1.92 | 27 | ||||||||||||||||||||||||
27.30 | 38,589 | 1.38 | 1.61 | 1.37 | 1.62 | 44 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
0.92 | 53,332 | 0.82 | * | 1.77 | * | 0.82 | * | 1.77 | * | 40 | ||||||||||||||||||||
(0.51 | ) | 56,123 | 0.81 | 2.03 | 0.81 | 2.03 | 53 | |||||||||||||||||||||||
11.23 | 62,309 | 0.81 | 2.52 | 0.81 | 2.52 | 27 | ||||||||||||||||||||||||
18.52 | 67,620 | 0.80 | * | 1.98 | * | 0.80 | * | 1.98 | * | 44 | ||||||||||||||||||||
0.92 | 750,059 | 0.92 | * | 1.71 | * | 0.92 | * | 1.71 | * | 40 | ||||||||||||||||||||
(0.64 | ) | 930,850 | 0.90 | 1.99 | 0.90 | 1.99 | 53 | |||||||||||||||||||||||
11.11 | 1,178,972 | 0.90 | 2.42 | 0.90 | 2.42 | 27 | ||||||||||||||||||||||||
27.96 | 1,151,408 | 0.88 | 2.16 | 0.87 | 2.16 | 44 | ||||||||||||||||||||||||
14.65 | 1,072,335 | 0.91 | 2.23 | 0.91 | 2.23 | 24 | ||||||||||||||||||||||||
7.56 | 861,754 | 0.89 | 2.30 | 0.89 | 2.31 | 33 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | For the period February 28, 2013 (commencement of operations) through October 31, 2013. |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(f) | For the six months ended April 30, 2016. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen | 43 |
Financial Highlights (Unaudited) (continued)
Mid Cap Value
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated NetRealized Gains | Total | Ending NAV | ||||||||||||||||||||||||||
Class A (12/87) |
| |||||||||||||||||||||||||||||||||
2016(e) | $ | 35.39 | $ | 0.10 | $ | 0.16 | $ | 0.26 | $ | (0.09 | ) | $ | (1.06 | ) | $ | (1.15 | ) | $ | 34.50 | |||||||||||||||
2015 | 35.37 | 0.10 | 0.22 | 0.32 | (0.30 | ) | — | (0.30 | ) | 35.39 | ||||||||||||||||||||||||
2014 | 31.00 | 0.23 | 4.30 | 4.53 | (0.16 | ) | — | (0.16 | ) | 35.37 | ||||||||||||||||||||||||
2013 | 23.22 | 0.12 | 7.91 | 8.03 | (0.25 | ) | — | (0.25 | ) | 31.00 | ||||||||||||||||||||||||
2012 | 21.83 | 0.18 | 1.35 | 1.53 | (0.14 | ) | — | (0.14 | ) | 23.22 | ||||||||||||||||||||||||
2011 | 22.20 | 0.07 | (0.19 | ) | (0.12 | ) | (0.25 | ) | — | (0.25 | ) | 21.83 | ||||||||||||||||||||||
Class C (2/99) |
| |||||||||||||||||||||||||||||||||
2016(e) | 33.86 | (0.02 | ) | 0.15 | 0.13 | — | (1.06 | ) | (1.06 | ) | 32.93 | |||||||||||||||||||||||
2015 | 33.86 | (0.16 | ) | 0.20 | 0.04 | (0.04 | ) | — | (0.04 | ) | 33.86 | |||||||||||||||||||||||
2014 | 29.76 | (0.02 | ) | 4.12 | 4.10 | — | — | — | 33.86 | |||||||||||||||||||||||||
2013 | 22.29 | (0.08 | ) | 7.62 | 7.54 | (0.07 | ) | — | (0.07 | ) | 29.76 | |||||||||||||||||||||||
2012 | 20.99 | 0.01 | 1.29 | 1.30 | — | — | — | 22.29 | ||||||||||||||||||||||||||
2011 | 21.36 | (0.10 | ) | (0.18 | ) | (0.28 | ) | (0.09 | ) | — | (0.09 | ) | 20.99 | |||||||||||||||||||||
Class R3 (9/01) |
| |||||||||||||||||||||||||||||||||
2016(e) | 35.17 | 0.07 | 0.08 | 0.15 | — | (1.06 | ) | (1.06 | ) | 34.26 | ||||||||||||||||||||||||
2015 | 35.15 | 0.02 | 0.21 | 0.23 | (0.21 | ) | — | (0.21 | ) | 35.17 | ||||||||||||||||||||||||
2014 | 30.82 | 0.15 | 4.27 | 4.42 | (0.09 | ) | — | (0.09 | ) | 35.15 | ||||||||||||||||||||||||
2013 | 23.08 | 0.06 | 7.87 | 7.93 | (0.19 | ) | — | (0.19 | ) | 30.82 | ||||||||||||||||||||||||
2012 | 21.70 | 0.12 | 1.33 | 1.45 | (0.07 | ) | — | (0.07 | ) | 23.08 | ||||||||||||||||||||||||
2011 | 22.05 | 0.01 | (0.19 | ) | (0.18 | ) | (0.17 | ) | — | (0.17 | ) | 21.70 | ||||||||||||||||||||||
Class I (2/94) |
| |||||||||||||||||||||||||||||||||
2016(e) | 35.52 | 0.15 | 0.15 | 0.30 | (0.18 | ) | (1.06 | ) | (1.24 | ) | 34.58 | |||||||||||||||||||||||
2015 | 35.50 | 0.20 | 0.20 | 0.40 | (0.38 | ) | — | (0.38 | ) | 35.52 | ||||||||||||||||||||||||
2014 | 31.10 | 0.32 | 4.31 | 4.63 | (0.23 | ) | — | (0.23 | ) | 35.50 | ||||||||||||||||||||||||
2013 | 23.29 | 0.19 | 7.93 | 8.12 | (0.31 | ) | — | (0.31 | ) | 31.10 | ||||||||||||||||||||||||
2012 | 21.99 | 0.24 | 1.33 | 1.57 | (0.27 | ) | — | (0.27 | ) | 23.29 | ||||||||||||||||||||||||
2011 | 22.37 | 0.15 | (0.22 | ) | (0.07 | ) | (0.31 | ) | — | (0.31 | ) | 21.99 |
44 | Nuveen |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | ||||||||||||||||||||||||
0.91 | % | $ | 35,373 | 1.44 | %* | 0.51 | %* | 1.30 | %* | 0.64 | %* | 19 | % | |||||||||||||||||
0.89 | 36,378 | 1.41 | 0.20 | 1.32 | 0.29 | 111 | ||||||||||||||||||||||||
14.65 | 39,858 | 1.42 | 0.61 | 1.34 | 0.69 | 127 | ||||||||||||||||||||||||
34.93 | 35,719 | 1.39 | 0.40 | 1.33 | 0.45 | 118 | ||||||||||||||||||||||||
7.03 | 35,633 | 1.49 | 0.58 | 1.28 | 0.79 | 140 | ||||||||||||||||||||||||
(0.64 | ) | 52,334 | 1.33 | 0.27 | 1.31 | 0.30 | 123 | |||||||||||||||||||||||
0.51 | 6,861 | 2.19 | * | (0.24 | )* | 2.05 | * | (0.10 | )* | 19 | ||||||||||||||||||||
0.15 | 7,379 | 2.16 | (0.55 | ) | 2.07 | (0.46 | ) | 111 | ||||||||||||||||||||||
13.78 | 8,066 | 2.17 | (0.14 | ) | 2.09 | (0.06 | ) | 127 | ||||||||||||||||||||||
33.94 | 8,042 | 2.14 | (0.35 | ) | 2.08 | (0.29 | ) | 118 | ||||||||||||||||||||||
6.19 | 7,855 | 2.24 | (0.17 | ) | 2.02 | 0.05 | 140 | |||||||||||||||||||||||
(1.35 | ) | 8,957 | 2.08 | (0.48 | ) | 2.06 | (0.45 | ) | 123 | |||||||||||||||||||||
0.78 | 5,623 | 1.68 | * | 0.27 | * | 1.55 | * | 0.40 | * | 19 | ||||||||||||||||||||
0.65 | 6,942 | 1.66 | (0.04 | ) | 1.57 | 0.05 | 111 | |||||||||||||||||||||||
14.35 | 8,401 | 1.67 | 0.37 | 1.59 | 0.46 | 127 | ||||||||||||||||||||||||
34.63 | 8,401 | 1.64 | 0.16 | 1.58 | 0.22 | 118 | ||||||||||||||||||||||||
6.70 | 9,576 | 1.74 | 0.31 | 1.53 | 0.52 | 140 | ||||||||||||||||||||||||
(0.87 | ) | 15,310 | 1.58 | 0.03 | 1.56 | 0.06 | 123 | |||||||||||||||||||||||
1.03 | 58,441 | 1.18 | * | 0.77 | * | 1.05 | * | 0.91 | * | 19 | ||||||||||||||||||||
1.12 | 67,834 | 1.16 | 0.46 | 1.07 | 0.55 | 111 | ||||||||||||||||||||||||
14.95 | 75,981 | 1.17 | 0.86 | 1.09 | 0.94 | 127 | ||||||||||||||||||||||||
35.29 | 90,212 | 1.13 | 0.66 | 1.08 | 0.71 | 118 | ||||||||||||||||||||||||
7.23 | 106,276 | 1.24 | 0.82 | 1.03 | 1.03 | 140 | ||||||||||||||||||||||||
(0.42) | 151,409 | 1.07 | 0.65 | 1.06 | 0.65 | 123 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the six months ended April 30, 2016. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen | 45 |
Financial Highlights (Unaudited) (continued)
Small Cap Value
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||
Class A (8/94) |
| |||||||||||||||||||||||||||||||||
2016(e) | $ | 19.95 | $ | 0.07 | $ | (0.18 | ) | $ | (0.11 | ) | $ | (0.01 | ) | $ | (0.30 | ) | $ | (0.31 | ) | $ | 19.53 | |||||||||||||
2015 | 18.55 | 0.07 | 1.40 | 1.47 | (0.07 | ) | — | (0.07 | ) | 19.95 | ||||||||||||||||||||||||
2014 | 16.98 | 0.05 | 1.58 | 1.63 | (0.06 | ) | — | (0.06 | ) | 18.55 | ||||||||||||||||||||||||
2013 | 12.63 | 0.06 | 4.34 | 4.40 | (0.05 | ) | — | (0.05 | ) | 16.98 | ||||||||||||||||||||||||
2012 | 11.30 | 0.05 | 1.28 | 1.33 | — | — | — | 12.63 | ||||||||||||||||||||||||||
2011 | 10.26 | (0.05 | ) | 1.09 | 1.04 | — | — | — | 11.30 | |||||||||||||||||||||||||
Class C (2/99) |
| |||||||||||||||||||||||||||||||||
2016(e) | 17.20 | — | (0.16 | ) | (0.16 | ) | — | (0.30 | ) | (0.30 | ) | 16.74 | ||||||||||||||||||||||
2015 | 16.06 | (0.07 | ) | 1.21 | 1.14 | — | — | — | 17.20 | |||||||||||||||||||||||||
2014 | 14.76 | (0.07 | ) | 1.37 | 1.30 | — | — | — | 16.06 | |||||||||||||||||||||||||
2013 | 11.02 | (0.05 | ) | 3.79 | 3.74 | — | — | — | 14.76 | |||||||||||||||||||||||||
2012 | 9.93 | (0.04 | ) | 1.13 | 1.09 | — | — | — | 11.02 | |||||||||||||||||||||||||
2011 | 9.08 | (0.12 | ) | 0.97 | 0.85 | — | — | — | 9.93 | |||||||||||||||||||||||||
Class R3 (9/01) |
| |||||||||||||||||||||||||||||||||
2016(e) | 19.56 | 0.05 | (0.19 | ) | (0.14 | ) | — | (0.30 | ) | (0.30 | ) | 19.12 | ||||||||||||||||||||||
2015 | 18.19 | 0.02 | 1.38 | 1.40 | (0.03 | ) | — | (0.03 | ) | 19.56 | ||||||||||||||||||||||||
2014 | 16.65 | 0.01 | 1.55 | 1.56 | (0.02 | ) | — | (0.02 | ) | 18.19 | ||||||||||||||||||||||||
2013 | 12.39 | 0.01 | 4.27 | 4.28 | (0.02 | ) | — | (0.02 | ) | 16.65 | ||||||||||||||||||||||||
2012 | 11.11 | 0.02 | 1.26 | 1.28 | — | — | — | 12.39 | ||||||||||||||||||||||||||
2011 | 10.11 | (0.07 | ) | 1.07 | 1.00 | — | — | — | 11.11 | |||||||||||||||||||||||||
Class I (8/94) |
| |||||||||||||||||||||||||||||||||
2016(e) | 20.63 | 0.09 | (0.18 | ) | (0.09 | ) | (0.06 | ) | (0.30 | ) | (0.36 | ) | 20.18 | |||||||||||||||||||||
2015 | 19.18 | 0.12 | 1.45 | 1.57 | (0.12 | ) | — | (0.12 | ) | 20.63 | ||||||||||||||||||||||||
2014 | 17.55 | 0.10 | 1.63 | 1.73 | (0.10 | ) | — | (0.10 | ) | 19.18 | ||||||||||||||||||||||||
2013 | 13.06 | 0.10 | 4.48 | 4.58 | (0.09 | ) | — | (0.09 | ) | 17.55 | ||||||||||||||||||||||||
2012 | 11.65 | 0.08 | 1.33 | 1.41 | — | — | — | 13.06 | ||||||||||||||||||||||||||
2011 | 10.55 | (0.02 | ) | 1.12 | 1.10 | — | — | — | 11.65 |
46 | Nuveen |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | ||||||||||||||||||||||||
(0.54 | )% | $ | 90,629 | 1.36 | %* | 0.73 | %* | 1.36 | %* | 0.73 | %* | 19 | % | |||||||||||||||||
7.95 | 48,656 | 1.40 | 0.32 | 1.39 | 0.34 | 49 | ||||||||||||||||||||||||
9.61 | 44,739 | 1.47 | 0.25 | 1.43 | 0.28 | 55 | ||||||||||||||||||||||||
34.98 | 45,225 | 1.47 | 0.37 | 1.46 | 0.38 | 56 | ||||||||||||||||||||||||
11.77 | 32,208 | 1.58 | 0.26 | 1.46 | 0.39 | 46 | ||||||||||||||||||||||||
10.14 | 31,814 | 1.48 | (0.41 | ) | 1.46 | (0.40 | ) | 41 | ||||||||||||||||||||||
(0.86 | ) | 14,631 | 2.11 | * | (0.04 | )* | 2.11 | * | (0.04 | )* | 19 | |||||||||||||||||||
7.10 | 4,507 | 2.15 | (0.44 | ) | 2.14 | (0.42 | ) | 49 | ||||||||||||||||||||||
8.81 | 3,008 | 2.21 | (0.51 | ) | 2.18 | (0.48 | ) | 55 | ||||||||||||||||||||||
33.94 | 3,297 | 2.22 | (0.43 | ) | 2.20 | (0.42 | ) | 56 | ||||||||||||||||||||||
10.98 | 1,367 | 2.34 | (0.47 | ) | 2.21 | (0.34 | ) | 46 | ||||||||||||||||||||||
9.36 | 1,498 | 2.23 | (1.18 | ) | 2.21 | (1.18 | ) | 41 | ||||||||||||||||||||||
(0.65 | ) | 15,472 | 1.61 | * | 0.53 | * | 1.61 | * | 0.53 | * | 19 | |||||||||||||||||||
7.62 | 14,516 | 1.65 | 0.07 | 1.64 | 0.09 | 49 | ||||||||||||||||||||||||
9.38 | 11,530 | 1.72 | 0.01 | 1.68 | 0.04 | 55 | ||||||||||||||||||||||||
34.59 | 8,549 | 1.72 | 0.06 | 1.71 | 0.07 | 56 | ||||||||||||||||||||||||
11.52 | 2,653 | 1.83 | 0.01 | 1.71 | 0.14 | 46 | ||||||||||||||||||||||||
9.89 | 2,246 | 1.73 | (0.66 | ) | 1.71 | (0.65 | ) | 41 | ||||||||||||||||||||||
(0.42 | ) | 177,786 | 1.11 | * | 0.99 | * | 1.11 | * | 0.99 | * | 19 | |||||||||||||||||||
8.22 | 91,044 | 1.15 | 0.58 | 1.14 | 0.59 | 49 | ||||||||||||||||||||||||
9.89 | 71,521 | 1.22 | 0.51 | 1.18 | 0.54 | 55 | ||||||||||||||||||||||||
35.34 | 48,281 | 1.22 | 0.64 | 1.21 | 0.65 | 56 | ||||||||||||||||||||||||
12.02 | 41,444 | 1.34 | 0.53 | 1.21 | 0.66 | 46 | ||||||||||||||||||||||||
10.43 | 48,596 | 1.21 | (0.16 | ) | 1.21 | (0.16 | ) | 41 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the six months ended April 30, 2016. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen | 47 |
Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust and Fund Information
Nuveen Investment Funds, Inc. (the “Trust”), is an open-end management 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.
The end of the reporting period for the Funds is April 30, 2016, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2016 (the “current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). Nuveen is an operating division of TIAA Global Asset Management. The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Dividend Value’s investment objective is long-term growth of capital and income. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities. In selecting securities, the Sub-Adviser will invest in companies that it believes have the ability to pay above average dividends and finance expected growth and are trading at attractive valuations. The 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 securities in pursuit of both long-term growth of capital and income. The securities’ conversion features provide long-term growth potential, while interest payments on the securities provide income. The Fund may invest in convertible securities without regard to their ratings, and therefore may hold convertible securities which are rated lower than investment grade.
Mid Cap Value’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in common stocks of mid-capitalization companies. Mid-capitalization companies are defined as companies that have market capitalizations within the market capitalization range of the companies in the Russell Midcap® Index on the last business day of the month in which its most recent reconstitution was completed. Reconstitution of the index currently is completed in June of each year. On June 30, 2015, the range was $1.6 billion to $28.1 billion. In selecting stocks, the Sub-Adviser invests in companies that it believes are under-valued 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 the sum of its net assets and the amount of any borrowings for investment purposes in common stocks of small-capitalization companies. Small capitalization companies are defined as companies that have market capitalizations within the market capitalization range of the companies in the Russell 2000® Index on the last business day of the month in which its most recent reconstitution was completed. Reconstitution of the index currently is completed in June of each year. On June 30, 2015, the range was $103 million to $4.7 billion.
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.
48 | Nuveen |
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes.
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. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared and distributed to shareholders annually (except for Dividend Value, which are declared and distributed to shareholders annually). Net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Share Classes and Sales Charges
Class A Shares are generally sold with an up-front sales charge and incur a 0.25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) equal to 1% if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a 0.25% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6 Shares and Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
Multiclass Operations and Allocations
Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and service fees.
Sub-transfer agent fees, which are recognized as a component of “Shareholder servicing agent fees” on the Statement of Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative net assets.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Indemnifications
Under each Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to 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 each Trust that have not yet occurred. However, eache Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
Nuveen | 49 |
Notes to Financial Statements (Unaudited) (continued)
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. | |
Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 – | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2. 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 NAVs on the valuation date and are generally classified as Level 1.
Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Funds’ shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares. 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’ NAV is determined, or if under the Funds’ procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Funds’ Board of Directors (the “Board”). 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 (the “Board”) and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which 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 NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant.
50 | Nuveen |
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 Board and/or its appointee.
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 | $ | 1,150,479,937 | $ | — | $ | — | $ | 1,150,479,937 | ||||||||
Investments Purchased with Collateral from Securities Lending | 276,601,019 | — | — | 276,601,019 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 5,263,527 | — | — | 5,263,527 | ||||||||||||
Total | $ | 1,432,344,483 | $ | — | $ | — | $ | 1,432,344,483 | ||||||||
Mid Cap Value | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 105,431,671 | $ | — | $ | — | $ | 105,431,671 | ||||||||
Investments Purchased with Collateral from Securities Lending | 28,078,960 | — | — | 28,078,960 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 807,732 | — | — | 807,732 | ||||||||||||
Total | $ | 134,318,363 | $ | — | $ | — | $ | 134,318,363 | ||||||||
Small Cap Value | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 290,193,130 | $ | — | $ | — | $ | 290,193,130 | ||||||||
Investments Purchased with Collateral from Securities Lending | 90,655,890 | — | — | 90,655,890 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 7,692,834 | — | — | 7,692,834 | ||||||||||||
Total | $ | 388,541,854 | $ | — | $ | — | $ | 388,541,854 |
* | Refer to the Fund’s Portfolio of Investments for industry classifications. |
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
(i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
(ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
Nuveen | 51 |
Notes to Financial Statements (Unaudited) (continued)
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Foreign Currency Transactions
To the extent that a Fund may invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Fund 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 Fund’s 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 (i) foreign currency, (ii) investments, (iii) investments in derivatives and (iv) other assets and liabilities 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 (i) investments and (ii) other assets and liabilities 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 investments in derivatives are recognized as a component of the respective derivative’s related “Change in net unrealized appreciation (depreciation)” on the Statement of Operations, when applicable.
Securities Lending
In order to generate additional income, the Funds 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. When loaning securities, each Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Each Fund also has the ability to recall the securities on loan at any time.
Each Fund’s policy is to receive, at the inception of a loan, cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Payable for collateral from securities lending program” on the Statement of Assets and Liabilities. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending, at value” on the Statement of Assets and Liabilities. The market value of the securities loaned is determined at the close of each business day in order to determine the adequacy of the collateral. If the value of the securities on loan increases such that the level of collateralization falls below 100%, additional collateral is received from the borrower on the next business day, which is recognized as “Due from broker” on the Statement of Assets and Liabilities.
Securities out on loan are subject to termination at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the securities loaned. Generally, in the event the borrower defaults on its obligation to return the loaned securities, the Fund has the right to use the collateral to acquire identical securities. In the event the Fund is delayed or prevented from exercising its right to dispose of the collateral, there may be a loss to the Fund. Under each Fund’s securities lending agreement, however, the securities lending agent has indemnified the Fund against losses resulting from borrower default, except to the extent that those losses result from a decrease in the value of the collateral due to its investment by the Fund. The Fund bears the risk of loss with respect to the investment of collateral.
The Funds’ custodian, U.S. Bank National Association, serves as their securities lending agent. Each Fund pays the custodian a fee based on its proportional share of the custodian’s expense of operating its securities lending program. Income earned from the securities lending program is paid to the Fund, net of any fees paid. Income from securities lending, net of fees paid, is recognized as “Securities lending income, net” on the Statement of Operations.
The following table presents the securities out on loan for the Funds, and the collateral delivered related to those securities, as of the end of the reporting period.
Fund | Asset Class out on Loan | Long-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure | ||||||||||
Dividend Value | Common Stocks | $ | 268,979,319 | $ | (268,979,319 | ) | $ | — | ||||||
Mid Cap Value | Common Stocks | 27,473,027 | (27,473,027 | ) | — | |||||||||
Small Cap Value | Common Stocks | 87,861,876 | (87,861,876 | ) | — |
* | As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan. Refer to the Fund’s Portfolio of Investments for details on the securities out on loan. |
52 | Nuveen |
Securities lending fees paid by each Fund during the current fiscal period were as follows:
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
Securities lending fees paid | $ | 13,542 | $ | 2,627 | $ | 8,840 |
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
Six Months Ended 4/30/16 | Year Ended 10/31/15 | |||||||||||||||
Dividend Value | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 985,752 | $ | 13,978,124 | 2,424,656 | $ | 39,498,173 | ||||||||||
Class C | 202,159 | 2,855,415 | 309,435 | 5,036,236 | ||||||||||||
Class R3 | 301,574 | 4,264,652 | 734,617 | 11,943,772 | ||||||||||||
Class R6 | 93,381 | 1,416,759 | 315,607 | 5,276,030 | ||||||||||||
Class I | 3,823,459 | 53,572,394 | 6,957,058 | 114,678,800 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 1,593,807 | 22,833,779 | 1,810,421 | 28,853,242 | ||||||||||||
Class C | 249,049 | 3,514,272 | 265,889 | 4,176,547 | ||||||||||||
Class R3 | 221,027 | 3,158,077 | 232,274 | 3,692,283 | ||||||||||||
Class R6 | 308,268 | 4,471,504 | 293,862 | 4,731,582 | ||||||||||||
Class I | 3,026,107 | 43,804,185 | 3,487,027 | 56,097,243 | ||||||||||||
10,804,583 | 153,869,161 | 16,830,846 | 273,983,908 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (3,268,240 | ) | (47,118,297 | ) | (5,926,661 | ) | (96,466,967 | ) | ||||||||
Class C | (642,054 | ) | (9,124,312 | ) | (939,209 | ) | (15,092,734 | ) | ||||||||
Class R3 | (1,204,068 | ) | (16,505,058 | ) | (1,049,386 | ) | (17,076,854 | ) | ||||||||
Class R6 | (299,670 | ) | (4,344,878 | ) | (635,972 | ) | (10,727,069 | ) | ||||||||
Class I | (14,249,790 | ) | (207,147,320 | ) | (19,092,966 | ) | (312,324,710 | ) | ||||||||
(19,663,822 | ) | (284,239,865 | ) | (27,644,194 | ) | (451,688,334 | ) | |||||||||
Net increase (decrease) | (8,859,239 | ) | $ | (130,370,704 | ) | (10,813,348 | ) | $ | (177,704,426 | ) |
Nuveen | 53 |
Notes to Financial Statements (Unaudited) (continued)
Six Months Ended 4/30/16 | Year Ended 10/31/15 | |||||||||||||||
Mid Cap Value | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 42,972 | $ | 1,416,053 | 80,414 | $ | 2,851,498 | ||||||||||
Class C | 8,048 | 255,969 | 13,059 | 447,157 | ||||||||||||
Class R3 | 12,729 | 419,475 | 32,371 | 1,151,229 | ||||||||||||
Class I | 42,366 | 1,397,268 | 111,344 | 3,981,183 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 35,337 | 1,169,184 | 9,129 | 328,561 | ||||||||||||
Class C | 6,783 | 214,011 | 261 | 9,039 | ||||||||||||
Class R3 | 5,991 | 185,150 | 1,330 | 47,658 | ||||||||||||
Class I | 36,092 | 1,198,811 | 7,192 | 259,290 | ||||||||||||
190,318 | 6,255,921 | 255,100 | 9,075,615 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (80,851 | ) | (2,679,053 | ) | (188,525 | ) | (6,729,568 | ) | ||||||||
Class C | (24,403 | ) | (764,151 | ) | (33,626 | ) | (1,156,437 | ) | ||||||||
Class R3 | (51,957 | ) | (1,735,220 | ) | (75,285 | ) | (2,671,845 | ) | ||||||||
Class I | (298,181 | ) | (9,798,232 | ) | (349,402 | ) | (12,586,488 | ) | ||||||||
(455,392 | ) | (14,976,656 | ) | (646,838 | ) | (23,144,338 | ) | |||||||||
Net increase (decrease) | (265,074 | ) | $ | (8,720,735 | ) | (391,738 | ) | $ | (14,068,723 | ) | ||||||
Six Months Ended 4/30/16 | Year Ended 10/31/15 | |||||||||||||||
Small Cap Value | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 2,811,985 | $ | 52,269,127 | 463,591 | $ | 9,062,521 | ||||||||||
Class C | 676,147 | 10,968,089 | 113,427 | 1,912,427 | ||||||||||||
Class R3 | 282,757 | 5,246,612 | 318,020 | 6,035,655 | ||||||||||||
Class I | 5,851,982 | 113,868,503 | 1,452,674 | 29,347,026 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 45,329 | 867,466 | 8,762 | 167,348 | ||||||||||||
Class C | 6,551 | 107,706 | — | — | ||||||||||||
Class R3 | 11,698 | 219,226 | 836 | 15,678 | ||||||||||||
Class I | 81,103 | 1,608,588 | 18,596 | 366,519 | ||||||||||||
9,767,552 | 185,155,317 | 2,375,906 | 46,907,174 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (654,611 | ) | (12,049,611 | ) | (445,277 | ) | (8,535,603 | ) | ||||||||
Class C | (70,720 | ) | (1,128,769 | ) | (38,815 | ) | (646,389 | ) | ||||||||
Class R3 | (227,383 | ) | (4,193,901 | ) | (210,587 | ) | (3,994,821 | ) | ||||||||
Class I | (1,533,983 | ) | (29,313,105 | ) | (787,140 | ) | (15,758,817 | ) | ||||||||
(2,486,697 | ) | (46,685,386 | ) | (1,481,819 | ) | (28,935,630 | ) | |||||||||
Net increase (decrease) | 7,280,855 | $ | 138,469,931 | 894,087 | $ | 17,971,544 |
5. Investment Transactions
Long-term purchases and sales (excluding investments purchased with collateral from securities lending) during the current fiscal period were as follows:
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
Purchases | $ | 489,378,443 | $ | 20,748,405 | $ | 176,632,335 | ||||||
Sales | 720,354,283 | 32,313,342 | 42,164,812 |
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
54 | Nuveen |
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
As of April 30, 2016, 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 | $ | 1,173,058,262 | $ | 128,393,438 | $ | 368,036,407 | ||||||
Gross unrealized: | ||||||||||||
Appreciation | $ | 266,824,463 | $ | 11,274,155 | $ | 27,553,444 | ||||||
Depreciation | (7,538,242 | ) | (5,349,230 | ) | (7,047,997 | ) | ||||||
Net unrealized appreciation (depreciation) of investments | $ | 259,286,221 | $ | 5,924,925 | $ | 20,505,447 |
Permanent differences, primarily due to the federal taxes paid, foreign currency transactions, real estate investment trust adjustments, tax equalization, investments in partnerships, deemed dividend due to corporate actions and tax basis earnings and profits adjustments, resulted in reclassifications among the Funds’ components of net assets as of October 31, 2015, the Funds’ last tax year end, as follows:
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
Capital paid-in | $ | 9,675,997 | $ | 122,987 | $ | 53,751 | ||||||
Undistributed (Over-distribution of) net investment income | 7,538,648 | (1 | ) | 140 | ||||||||
Accumulated net realized gain (loss) | (17,214,645 | ) | (122,986 | ) | (53,891 | ) |
The tax components of undistributed net ordinary income and net long-term capital gains as of October 31, 2015, the Funds’ last tax year end, were as follows:
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
Undistributed net ordinary income1 | $ | 4,828,860 | $ | 435,441 | $ | 356,381 | ||||||
Undistributed net long-term capital gains | 93,084,750 | 3,465,463 | 2,861,604 |
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, 2015, was designated for purposes of the dividends paid deduction as follows:
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
Distributions from net ordinary income2 | $ | 34,828,160 | $ | 1,190,076 | $ | 624,998 | ||||||
Distributions from net long-term capital gains | 109,864,663 | — | — |
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 gain, if any. |
As of October 31, 2015, the Funds’ last tax year end, the following Fund 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 shown in the following table. The losses not subject to expiration will be utilized first by the Fund.
Dividend Value3 | ||||
Expiration: | ||||
October 31, 2016 | $ | 4,135,445 | ||
Not subject to expiration | — | |||
Total | $ | 4,135,445 |
3 | A portion of Dividend Value’s capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulation. |
During the Funds’ last tax year ended October 31, 2015, the Funds utilized capital loss carrforwards as follows:
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
Utilized capital loss carryforwards | $ | 4,135,445 | $ | 6,496,564 | $ | 7,516,774 |
Nuveen | 55 |
Notes to Financial Statements (Unaudited) (continued)
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Advisor is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
Average Daily Net Assets | Dividend Value | Mid Cap Value | Small Cap Value | |||||||||
For the first $125 million | 0.6000 | % | 0.7000 | % | 0.7000 | % | ||||||
For the next $125 million | 0.5875 | 0.6875 | 0.6875 | |||||||||
For the next $250 million | 0.5750 | 0.6750 | 0.6750 | |||||||||
For the next $500 million | 0.5625 | 0.6625 | 0.6625 | |||||||||
For the next $1 billion | 0.5500 | 0.6500 | 0.6500 | |||||||||
For net assets over $2 billion | 0.5250 | 0.6250 | 0.6250 |
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 | 0.2000 | % | ||
$56 billion | 0.1996 | |||
$57 billion | 0.1989 | |||
$60 billion | 0.1961 | |||
$63 billion | 0.1931 | |||
$66 billion | 0.1900 | |||
$71 billion | 0.1851 | |||
$76 billion | 0.1806 | |||
$80 billion | 0.1773 | |||
$91 billion | 0.1691 | |||
$125 billion | 0.1599 | |||
$200 billion | 0.1505 | |||
$250 billion | 0.1469 | |||
$300 billion | 0.1445 |
* | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by 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, 2016, the complex-level fee rate for each Fund was as follows: |
Fund | Complex-Level Fee | |||
Dividend Value | 0.1965 | % | ||
Mid Cap Value | 0.1998 | |||
Small Cap Value | 0.1746 |
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of the following Funds so that total annual Fund operating expenses (exclud-ing 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of port-folio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time peri-ods stated in the following table.
Fund | Expense Cap | Expense Cap Expiration Date | ||||
Mid Cap Value | 1.05 | % | February 28, 2017 | |||
Small Cap Value | 1.15 | February 28, 2017 |
56 | Nuveen |
The Trust pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board of Trustees has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
During the current fiscal period, Nuveen Securities, LLC, (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
Sales charges collected | $ | 80,243 | $ | 16,110 | $ | 102,100 | ||||||
Paid to financial intermediaries | 70,732 | 14,182 | 89,883 |
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for pro-viding services to shareholders relating to their investments.
During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
Commission advances | $ | 14,951 | $ | 2,667 | $ | 106,885 |
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the current fiscal period ended, the Distributor retained such 12b-1 fees as follows:
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
12b-1 fees retained | $ | 11,772 | $ | 1,609 | $ | 45,687 |
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:
Dividend Value | Mid Cap Value | Small Cap Value | ||||||||||
CDSC retained | $ | 1,593 | $ | 133 | $ | 2,502 |
8. Borrowing Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit (“Unsecured Credit Line”) under which outstanding balances would bear interest at a variable rate. Although the Funds participated in the Unsecured Credit Line, they did not have any outstanding balances during the current fiscal period.
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.53 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, including all of the Funds covered by this shareholder report, along with a number of Nuveen closed-end funds. The credit facility expires in July 2016 unless extended or renewed. The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.
Nuveen | 57 |
Notes to Financial Statements (Unaudited) (continued)
9. Subsequent Events
Class R6 Shares
Effective June 30, 2016, Small Cap Value will begin offering Class R6 Shares as further described in the Fund’s most recent prospectus.
Management Fees
Effective June 30, 2016, the annual fund-level fee for the following Funds, payable monthly, will be calculated according to the following schedule:
Average Daily Net Assets | Dividend Value | Mid Cap Value | Small Cap Value | |||||||||
For the first $125 million | 0.5000 | % | 0.6000 | % | 0.6500 | % | ||||||
For the next $125 million | 0.4875 | 0.5875 | 0.6375 | |||||||||
For the next $250 million | 0.4750 | 0.5750 | 0.6250 | |||||||||
For the next $500 million | 0.4625 | 0.5625 | 0.6125 | |||||||||
For the next $1 billion | 0.4500 | 0.5500 | 0.6000 | |||||||||
For net assets over $2 billion | 0.4250 | 0.5250 | 0.5750 |
Effective June 30, 2016, the Adviser has agreed to waive fees and/or reimburse expenses through February 28, 2018 for Mid Cap Value and Small Cap Value so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses, do not exceed 0.92% and 1.02%, respectively of the average daily net assets of any class of the Fund’s shares. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for the Class R6 Shares will be less than the expense limitation.
58 | Nuveen |
Fund Information
Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606
Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606
| Independent Registered PricewaterhouseCoopers LLP One North Wacker Drive Chicago, IL 60606
Custodian U.S. Bank National Association 1555 North RiverCenter Drive, Suite 302 Milwaukee, WI 53202 | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | Transfer Agent and Boston Financial Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787 |
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Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation. | ||||||||||||||
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Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov. | ||||||||||||||
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FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org. |
Nuveen | 59 |
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.
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.
MSCI EAFE Index: The MSCI (Morgan Stanley Capital International) EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization weighted index designed to measure developed market equity performance, excluding the U.S. and Canada. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
MSCI Emerging Markets Index: A free-float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.
Russell 1000® Index: An unmanaged index, considered representative of large-cap stocks. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Russell 1000® Value Index: An index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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 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 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.
60 | Nuveen |
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. Index returns assume reinvestment of distributions, but do not include the effects of 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.
Nuveen | 61 |
Notes
62 | Nuveen |
Notes
Nuveen | 63 |
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Nuveen: | ||||||||||||||
Serving Investors for Generations | ||||||||||||||
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Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio. | ||||||||||||||
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Focused on meeting investor needs.
Nuveen helps secure the long-term goals of individual investors and the advisors who serve them. As an operating division of TIAA Global Asset Management, Nuveen provides access to investment expertise from leading asset managers and solutions across traditional and alternative asset classes. Built on more than a century of industry leadership, Nuveen’s teams of experts align with clients’ specific financial needs and goals, demonstrating commitment to advisors and investors through market perspectives and wealth management and portfolio advisory services. Nuveen manages more than $229 billion in assets as of March 31, 2016. | ||||||||||||||
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Find out how we can help you. To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at: www.nuveen.com/mf | ||||||||||||||
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Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com |
MSA-FSTK-0416P 16851-INV-B-06/17
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Mutual Funds |
Nuveen Equity Funds |
| Semi-Annual Report April 30, 2016 |
Share Class / Ticker Symbol | ||||||||||||||||
Fund Name | Class A | Class C | Class R3 | Class R6 | Class I | |||||||||||
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Nuveen Large Cap Growth Opportunities Fund | FRGWX | FAWCX | FLCYX | FLCFX | FIGWX | |||||||||||
Nuveen Mid Cap Growth Opportunities Fund | FRSLX | FMECX | FMEYX | FMEFX | FISGX | |||||||||||
Nuveen Small Cap Growth Opportunities Fund | FRMPX | FMPCX | FMPYX | — | FIMPX |
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Life is Complex. | ||||||||||||
Nuveen makes things e-simple. | ||||||||||||
It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready. No more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish. | ||||||||||||
Free e-Reports right to your e-mail! | ||||||||||||
www.investordelivery.com If you receive your Nuveen Fund distributions and statements from your | ||||||||||||
or | www.nuveen.com/accountaccess If you receive your Nuveen Fund distributions and statements directly from Nuveen.
Must be preceded by or accompanied by a prospectus.
NOT FDIC INSURED MAY LOSE VALUE | |||||||||||
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Nuveen | 3 |
to Shareholders
Dear Shareholders,
The U.S. economy is now seven years into the recovery, but its pace remains stubbornly subpar compared to past recoveries. Economic data continues to be a mixed bag, as it has been throughout this expansion period. While the unemployment rate fell below its pre-recession level, a surprisingly weak jobs growth report in May was a disappointing sign, although not necessarily indicative of a lasting downtrend. Wages have grown slightly but not nearly enough to reinvigorate Americans’ buying power. The housing market has improved markedly but its contribution to the recovery has been lackluster. Deflationary pressures, including the dramatic slide in commodity prices, have kept inflation much lower for longer than many expected.
Furthermore, frail economies across the rest of the world have continued to cast a shadow over the U.S. Although the European Central Bank and Bank of Japan have been providing aggressive monetary stimulus, including adopting negative interest rates in both Europe and Japan, their economies continue to lag the U.S.’s recovery. China’s policy makers have also continued to manage its slowdown but investors are still worried about where the world’s second-largest economy might ultimately land. Additionally, global markets were surprised by the U.K.’s June 23, 2016 referendum vote to leave the European Union, known as “Brexit.” Heightened price volatility and negative sentiment are to be expected in the near term as markets readjust and await clarity on the Brexit process and its impact on the U.K., Europe and across the world.
Many of these ambiguities – both domestic and international – have kept the U.S. Federal Reserve (Fed) from raising short-term interest rates any further since December’s first and only increase thus far. While markets rallied on the widely held expectation that the Fed would defer any increases until June, the unusually weak May jobs report and the Brexit concerns compelled the Fed to again hold rates steady.
With global economic growth still looking fairly fragile, financial markets have become more volatile over the past year. Although sentiment has improved and conditions have generally recovered from the intense volatility seen in early 2016, we expect that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you’re concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
June 24, 2016
4 | Nuveen |
Comments
Nuveen Large Cap Growth Opportunities Fund
Nuveen Mid Cap Growth Opportunities Fund
Nuveen Small Cap Growth Opportunities Fund
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc.
David Chalupnik, CFA, is the lead portfolio manager of the Nuveen Large Cap Growth Opportunities Fund. David is the Head of Equities for Nuveen Asset Management and took over management of the Fund in October 2015. Harold (Hal) Goldstein, and Scott Mullinix, CFA, also continue to serve as portfolio managers for the Fund. Hal and Scott assumed portfolio management responsibilities in 2002 and 2006, respectively.
James (Jim) Diedrich, CFA, leads the Nuveen Mid Cap Growth Opportunities Fund in conjunction with co-managers Hal and Scott. Jim assumed portfolio management responsibilities in 2006. Hal and Scott have been on the management team of the Fund since 2005 and 2006, respectively.
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 discuss key investment strategies and the Funds’ performance for the six-month reporting period ended April 30, 2016.
Nuveen Large Cap Growth Opportunities Fund
How did the Fund perform during the six-month reporting period ended April 30, 2016?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2016. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV underperformed both the Russell 1000® Growth Index and the Lipper Large-Cap Growth Funds Classification Average during the six-month reporting period.
What strategies were used to manage the Fund during the reporting period and 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. Although we made individual position changes during the reporting period, our underlying investment strategy remained consistent.
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Nuveen | 5 |
Portfolio Managers’ Comments (continued)
The equity market experienced heightened volatility during the reporting period as investors reacted to Chinese economic data suggesting further deceleration, rising high yield credit spreads and the impacts of oil price weakness. As we entered 2016, the investment community increasingly worried that the world global economic environment was weakening meaningfully, almost on the verge of collapse. Equity markets dropped sharply in January as investors continued to run to safety as they had in late 2015; however, unlike last year, investors turned away from our favorite growth stocks that had performed so strongly in an environment where earnings growth was scarce. During this reporting period, the safer, big dividend-paying stocks performed well, particularly in the consumer staples and utilities sectors. However, the so-called FANGs (i.e., the most popular and strongest performing technology stocks – Facebook, Amazon, Netflix and Google) and other high quality growth stocks sold off significantly amidst a broad market sell-off. The backdrop shifted abruptly in mid-February as the dollar started weakening, energy prices started rising and the Federal Reserve said it wasn’t going to tighten as quickly and forcefully. Investors started to believe that the global economic environment was not going to collapse and the market began to rise off its February 11, 2016 bottom. This led the lowest quality, most cyclical and most risky areas of the market to surge from oversold levels.
The leading detractor in Fund performance during the reporting period was stock selection, particularly in the information technology, health care, industrials and consumer staples sectors. Underweight positions in two of the stronger performing sectors in the Russell 1000® Growth benchmark, telecommunication services and consumer staples, also hindered results. On the other hand, stock selection in the energy sector was beneficial to the Fund’s performance during this reporting period.
Stock selection in information technology was the most noteworthy drag on relative results, including a position in LinkedIn Corporation, the world’s largest online networking site for workplace professionals. When the company reported fourth quarter earnings in January, management guided toward a much slower growth trajectory than we had anticipated for the coming year, causing us to sell the stock. After turning in strong results for the Fund last year, leading video game developer and distributor Electronic Arts Inc. underperformed during the reporting period as well. We had previously reduced the Fund’s weight in the name after its nice run-up in 2015; however, we still like and own this company. We believe Electronic Arts may likely continue to benefit from several secular growth trends including the new generation of gaming consoles and the increasing shift toward the digital delivery of games over the Internet.
Health care was one of the worst performing sectors in the Russell 1000® Growth Index during the reporting period, particularly pharmaceuticals and biotechnology, whereas medical technology and health care services held up better. The biotech/pharma industries suffered broadly from a continuation of fears that the political environment was changing meaningfully with regard to drug pricing. In addition, the ongoing saga at Valeant Pharmaceuticals (not a Fund holding), continued to unravel during the reporting period as the company faced allegations of fraud and its CEO was admitted to the hospital. These events caused Valeant’s shares to sell-off sharply and cast a dark cloud over other specialty pharmaceutical companies as well as firms involved in merger and acquisition deals. Two of our Fund holdings, Allergan PLC and Teva Pharmaceutical Industries Limited, were weighed down by both the general industry overhang and the fact that they are involved in a merger deal. Allergan is selling its generics business to Teva Pharmaceutical; however, the companies announced that there would be a delay for a couple of months as the Federal Trade Commission examines the deal more closely. We continue to believe the sale will go through and are maintaining these positions. On the other hand, our position in medical device developer and manufacturer Boston Scientific Corporation held up much better in the uncertain environment. During the reporting period, the company gave a strong first quarter 2016 report that topped consensus estimates in terms of both revenues and earnings due to a solid new lineup of products. Boston Scientific has recently received FDA approvals for a number of its catheter, stent and ventricular lead products. The company is also expanding its operating margins, which are substantially below those of its peers.
The main detractor in the industrials sector was the Fund’s position in Delta Air Lines Inc. Shares of Delta and the rest of the airline industry were pressured by fare price competition, which resulted in negative passenger unit revenue, otherwise known as PRASM. Some of the industry competition is due to lower fuel costs and some is because of aggressive expansion by smaller carriers in select markets. However, the market focuses on PRASM as an indicator of airline companies’ pricing power and stability of earnings. Because we are unsure if this issue will resolve itself in the near term, we have sold the Fund’s Delta position. At the same time, we continue to hold Southwest Airlines Co., which we believe would be the first airline to show positive PRASM if the competitive backdrop improves.
6 | Nuveen |
In the consumer staples sector, most of the shortfall resulted from the Fund’s lack of exposure to several of the more stable, large index constituents that performed well such as Coca-Cola Company, Philip Morris International Inc. and Altria Group Inc. However, the Fund did experience favorable results from its position in Estee Lauder Companies Inc., the manufacturer and marketer of a variety of skin care, makeup, fragrance and hair care products. The company benefited as the global beauty market continued to grow at above-average rates with cosmetics and anti-aging products in high demand. With its stable brands that are relevant across demographics and countries, as well as strong execution by its management team, Estee Lauder was able to achieve strong volume growth and increase its margins meaningfully in a difficult market environment.
Within the energy sector, a position in exploration and production company Pioneer Natural Resources Company benefited Fund performance. After taking a hit in December and January, Pioneer’s shares appreciated strongly throughout the rest of the reporting period due to an earnings beat, positive guidance and continued well outperformance. We believe the company has the potential to post favorable growth over the next few years, given its prime acreage position in the Permian Basin and strong production potential.
Results were mixed in the consumer discretionary sector, where we saw favorable performance from several holdings that was offset by weakness from another. On the positive side of the equation, a position in Ulta Salon, Cosmetics & Fragrance Inc. was a source of strength for the Fund. The company owns a chain of stores that offer cosmetics, skincare items, fragrances and haircare products for both women and men. Ulta reported same store sales that were some of the strongest in retailing in the first quarter. We continue to like this company’s fundamentals and its management team. Also, a position in consumer products provider Jarden Corporation performed well during the reporting period. The company announced that it would be acquired by Newell Rubbermaid in a deal worth roughly $16 billion, creating a consumer products powerhouse. Jarden’s stock price responded by climbing to the price target proposed by the merger. We have sold our position in the Fund.
Nuveen Mid Cap Growth Opportunities Fund
How did the Fund perform during the six-month reporting period ended April 30, 2016?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2016. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV underperformed both the Russell Midcap® Growth Index and the Lipper Multi-Cap Growth Funds Classification Average during the six-month reporting period.
What strategies were used to manage the Fund during the reporting period and 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 $2.4 billion and $28.7 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 equity market experienced heightened volatility during the reporting period as investors reacted to Chinese economic data suggesting further deceleration. As we entered 2016, the investment community increasingly worried that the world global economic environment was weakening meaningfully, almost on the verge of collapse. Equity markets dropped sharply in January as investors continued to run to safety as they had in late 2015; however, unlike last year, investors turned away from our favorite growth stocks that had performed so strongly in an environment where earnings growth was scarce. During this reporting period, the safer, big dividend paying stocks performed well, particularly in the consumer staples and utilities sectors. However, the so-called FANGs (i.e., the most popular and strongest performing technology stocks – Facebook, Amazon, Netflix and Google) and other high quality growth stocks sold off significantly amidst a broad market sell-off. The backdrop shifted abruptly in mid-February as the dollar started weakening, energy prices started rising and the Federal Reserve said it wasn’t going to tighten as quickly and forcefully. Investors started to believe that the global economic environment was not going to collapse and the market began to rise off its February 11, 2016 bottom. This led the lowest quality, most cyclical and most risky areas of the market to surge from oversold levels.
Nuveen | 7 |
Portfolio Managers’ Comments (continued)
The leading detractor in the Fund during the reporting period was stock selection, particularly in the consumer discretionary, health care and information technology sectors. On the other hand, stock selection in the energy sector was beneficial to the Fund’s performance.
Stock selection in consumer discretionary was the most noteworthy drag on the Fund’s relative results. The most significant laggard was Advance Auto Parts, Inc., the largest U.S. distributor of automotive parts with more than 5,300 retail stores that sell a broad assortment of parts, maintenance items and accessories to consumers and professional installers. After advancing significantly through early November, Advance Auto Parts gave up all of its gains and then some after announcing disappointing third-quarter results and a CEO change. The third-quarter weakness was caused by more disruptions related to the company’s integration of General Parts than anticipated, specifically, slowing commercial sales growth. After the company’s new CEO offered weak forward looking guidance, we sold this stock. We also saw weak results from Lions Gate Entertainment Corp., which produces and distributes movies and TV shows aimed at the pop culture youth, urban and horror categories with franchises such as The Hunger Games and Divergent and TV shows such as Orange Is the New Black. During the reporting period, Lions Gate missed expectations as the production budget for Mockingjay Part 2 and the timing of TV deliveries impacted results. The sell-off intensified after management warned of a second reduction in its three-year guidance. We sold the stock after it rebounded somewhat in March because we decided the investments that Lions Gate is making into content are not paying off, meaning the company is unlikely to beat consensus estimates this year. Shares of Signet Jewelers Limited were negatively impacted by the company’s uptick in bad debt expenses, which resulted in investors becoming concerned about future growth prospects. While the stock recovered from its February lows, we decided to sell our shares as we believed upside was likely limited due to concerns about store traffic and increasing consumer bad debts. Finally, shares of Chipotle Mexican Grill Inc. fell dramatically after food safety issues related to an E. coli outbreak caused a significant decline in traffic, comparable store sales and revenues. In addition, added expenses related to fixing the company’s food supply and preparation processes led to declines in future earnings-per-share estimates, causing us to sell the stock.
Offsetting some of the weakness in consumer discretionary was our position in consumer products provider Jarden Corporation, which performed well during the reporting period. The company announced that it would be acquired by Newell Rubbermaid in a deal worth roughly $16 billion, creating a consumer products powerhouse. Jarden’s stock price responded by climbing to the price target proposed by the merger. We decided to sell our position after the stock became fully valued in our opinion. Also, our position in arts and crafts specialty retailer Michaels Cos Inc. outperformed during the period. The company reported better-than-expected results for fourth quarter 2015 plus solid 2016 guidance, which speaks to the consistency of its business model. Investors cheered these strong results during first quarter’s very volatile equity market. Despite Michaels’ defensive growth, solid management team and strong margins, its valuation remains inexpensive.
Health care was one of the worst performing sectors in the Russell Midcap® Growth Index during the reporting period, particularly pharmaceuticals and biotechnology, whereas medical technology and health care services held up better. The biotech/pharma industries suffered broadly from a continuation of fears that the political environment was changing meaningfully with regard to drug pricing. The Fund was hindered by its overweight position in health care, as well as several holdings that meaningfully underperformed. Shares of Irish-domiciled biotechnology company Alkermes Plc sold off sharply during the reporting period. The company is focused on the development and commercialization of novel therapies for central nervous system indications. We were excited about the growth prospects for Alkermes, which already has two approved products, a royalty-generating technology platform and three late-stage development candidates that may address large opportunities in depression, schizophrenia and multiple sclerosis. However, during the reporting period, the company reported disappointing Phase III trial data from its program for depression, which caught investors by surprise after Phase II results were strong. We sold out of Alkermes because the success of this drug and its large potential market were a significant part of our growth thesis. Also, shares of Pacira Pharmaceuticals, Inc., a developer and marketer of the post-surgical pain injection Exparel, were weak along with the broad pharmaceutical sell-off, despite the fact that the company exceeded consensus product sales projections for the fourth quarter. We continue to maintain our position because we believe Exparel will be approved for other indications, while generic competition for this product is unlikely given the manufacturing complexities. In addition, our position in Accelerate Diagnostics Inc. detracted from performance. Shares were down even more than the broad health care sector sell-off because this is an emerging diagnostics firm with little revenue to date. However, we continue to like and own Accelerate, which is developing a faster system for antimicrobial susceptibility testing (AST). Accelerate’s platform should have a large potential market given the growing problem of antibiotic-resistant bacteria, the overuse of
8 | Nuveen |
antibiotics and growing rates of hospital-acquired infections. With an experienced management team and an attractive governmental tailwind, we believe that the company is well positioned to execute a successful commercial launch of its AST System later this year.
On the other hand, the health care sector was home to a handful of bright spots, including continued strength from our position in Abiomed, Inc., the manufacturer of the Impella percutaneous ventricular assist device used to provide circulatory support for patients experiencing severe cardiovascular issues. The company was a standout performer among its medical device peers after its temporary circulatory support pumps received an earlier-than-expected label expansion to include cardiogenic shock, which drove shares higher and made management’s guidance for revenue growth that much more achievable. Importantly, the company is still benefiting from its high risk percutaneous coronary intervention label, a market where management estimates that Abiomed has less than 10% penetration, as well as pipeline developments and international market opportunities over the intermediate term. Also, our position in medical device developer and manufacturer Boston Scientific Corporation held up much better in the uncertain environment. During the reporting period, the company gave a strong first-quarter 2016 report that topped consensus estimates in terms of both revenues and earnings due to a solid new lineup of products. Boston Scientific has recently received FDA approvals for a number of its catheter, stent and ventricular lead products. The company is also expanding its operating margins, which are substantially below those of its peers.
Stock selection was also favorable in the energy sector where the Fund’s defensive positioning in Parsley Energy Inc., a high quality, oil-producing company, worked to its benefit after the stocks of energy producers with questionable balance sheets and service companies came under intense pressure as crude oil prices marked new lows. Shares of Parsley Energy, with its operations in the prolific Permian Basin in Texas, advanced strongly due to solid production reports and opportunistic acreage acquisitions.
In the information technology sector, several of the Fund’s holdings underperformed. The first was Fitbit Inc., the leading provider of fitness tracker devices with more than 85% market share and global distribution across 50 countries. Although the company reported a large beat in revenues and earnings per share (EPS) as expected, its first-quarter 2016 guidance disappointed. Fitbit cited product transition timing and higher upfront product ramp and marketing costs. We sold this stock because EPS will be relatively flat in 2016 versus 2015 and we believe it will be more difficult for the company to beat consensus estimates over time. Also, we saw underperformance from a position in LinkedIn Corporation, the world’s largest online networking site for workplace professionals. When the company reported fourth-quarter earnings in January, management guided toward a much slower growth trajectory than we had anticipated for the coming year, causing us to sell the stock. In addition, shares of Tableau Software Inc. fell sharply during the reporting period. The company is a leading data visualization software vendor that brings business analytics to the masses by delivering an intuitive tool that does not require a high level of technical skill to create even the most complex presentations. During the reporting period, Tableau Software reported a surprisingly abrupt deceleration in fourth-quarter licenses, which resulted in lower 2016 guidance from management. We sold the Fund’s position because it is unlikely that this company will significantly beat estimates or that investors will assign a high multiple to future estimates.
Nuveen Small Cap Growth Opportunities Fund
How did the Fund perform during the six-month reporting period ended April 30, 2016?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2016. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV underperformed both the Russell 2000® Growth Index and the Lipper Small-Cap Growth Funds Classification Average during the six-month reporting 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 equity securities of smaller-sized companies with market capitalizations within the market capitalization range of the companies in the Russell 2000® Index on the last business day of the month in which its most recent reconstitution was completed. As of June 30, 2015, the range was $177 million to $4.3 billion. 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
Nuveen | 9 |
Portfolio Managers’ Comments (continued)
expansion when particular investment catalysts become evident in the marketplace. The Fund’s portfolio typically features investments in high quality companies with attractive or improving margin profiles, generally healthy balance sheets and prospects for above-average revenue and earnings growth.
Small-cap equities encountered heightened volatility during the reporting period as investors reacted to Chinese economic data suggesting further deceleration, rising high yield credit spreads and the impacts of weakness in oil prices. Additionally, increased political rhetoric and government scrutiny over pricing practices in the pharmaceutical industry drove an intense sell-off among health care stocks across the capitalization spectrum. However, in mid-February, energy prices reversed from continued downward pressure based on evidence of improving economic metrics, easing fears of a recession as well as long-awaited signs of domestic oil production constraints. After the February 11, 2016 market lows, small-cap growth stocks subsequently recovered some of their losses for the reporting period, likely due to a combination of the rebound in oil prices, additional Chinese economic stimulus measures and generally tepid global growth that diminished the likelihood of Federal Reserve rate increases in the coming months. Value-oriented stocks gained more ground as markets began to rally, outperforming growth and momentum stocks for the reporting period. Both the Fund and its benchmarks produced negative returns in this environment, with the Fund modestly underperforming due to stock selection in the health care and consumer staples sectors. On the other hand, stock selection was favorable in the energy, consumer discretionary and industrials sectors during the reporting period.
The performance of the Fund’s health care holdings was decidedly negative during the reporting period as investors reacted to the heightened government scrutiny on drug pricing, uncertainties created ahead of the presidential election, several high profile accounting issues and shortfalls among larger drug companies that had a ripple effect for small-cap health care stocks. At the macro level, health care was the second worst performing sector in the Russell 2000® Growth Index behind energy during the reporting period. While the Fund benefited from its underweight in the biotechnology and pharmaceutical subgroups, its substantial overweight in medical technology was overwhelmingly negative. ConforMIS Inc., an innovative manufacturer of customized, 3D-printed knee implants, was among the underperformers in this group as its shares traded sharply lower. A report raised unsubstantiated concerns over the company’s safety record and financing, while management also issued what we believed was overly conservative guidance for 2016 because of a minor tools recall that had already been addressed. Also, the Fund saw weak results from Team Health Holdings Inc., a provider of hospital-based staffing and administrative services in areas such as emergency medicine and anesthesiology. Just before the reporting period began, Team Health’s shares advanced on news of a takeover bid by AmSurg, which the company subsequently rejected in early November. The stock retraced its gains and then fell further on a debt downgrade by Moody’s following Team Health’s completed acquisition of IPC Healthcare Inc. We sold our position in Team Health Holdings, Inc. The Fund also held a modest sized position in OncoMed Pharmaceuticals Inc., a developer of antibodies that target cancer stem cells. Its shares fell significantly when management provided a negative update on a pancreatic cancer program that cast doubt on the company’s pipeline and spurred financing concerns. These issues led us to exit the position.
However, the health care sector was home to a handful of bright spots, including continued strength from our position in Abiomed, Inc., the manufacturer of the Impella percutaneous ventricular assist device used to provide circulatory support for patients experiencing severe cardiovascular issues. The company was a standout performer among its medical device peers after its temporary circulatory support pumps received an earlier-than-expected label expansion to include cardiogenic shock, which drove shares higher and made management’s guidance for revenue growth in fiscal 2017 that much more achievable. Importantly, the company is still benefiting from its high risk percutaneous coronary intervention label, a market where management estimates that Abiomed has less than 10% penetration, as well as pipeline developments and international market opportunities over the intermediate term. Also, shares of home health care and hospice services provider Amedisys Inc. advanced strongly during the reporting period. The company reported quarterly results that were in line with investors’ expectations and reinforced the notion that volume growth in both divisions remained strong. Amedisys is well positioned in a secular growth area where favorable demographics and health care policy initiatives will direct patients to the highest quality and lowest cost setting for care.
In the consumer staples sector, the only detractor of note was Natural Grocers by Vitamin Cottage Inc., a specialty food retailer leveraged to the natural and organic food industry. While the company has continued to grow its store base by 20% annually, comparable store sales have decelerated materially over the past several quarters and have fallen short of expectations. Natural Grocers’ most recent quarterly results were disappointing and the company subsequently lowered its outlook for the remainder of the year. We had assumed that a variety of sales initiatives would have enabled Natural Grocers to reverse the decelerating trend, which has not been the case. Because it may take several more quarters to see improved sales results, we exited the name following last quarter’s results.
10 | Nuveen |
On the positive side of the equation, stock selection was favorable in the energy sector where we focused the Fund’s exposure in high quality, pure play names in the exploration and production industry from the prolific Permian Basin in Texas. This worked to our benefit as stocks of energy producers with questionable balance sheets as well as service companies came under intense pressure as crude oil prices marked new lows. For example, shares of Parsley Energy Inc. advanced strongly due to solid production reports and opportunistic acreage acquisitions.
In the consumer discretionary sector, the Fund benefited from its position in Thor Industries Inc., a manufacturer of recreational vehicles (RVs) with the leading market share in the towable segment and the second highest share in the motorized segment. During the reporting period, Thor’s results came in ahead of expectations in part due to better revenues and materially improved margins. The company’s improved margins have been driven by a better product mix, lower material costs, increased labor efficiencies and lower warranty costs. Following Thor’s most recent results, we did trim the Fund’s position, but continue to view the company as a high quality cyclical growth company leveraged to a later-cycle big ticket purchase. Also, Texas Roadhouse, Inc., a full-service casual dining company, benefited after reporting fourth-quarter results that were modestly ahead of expectations. These results, coupled with positive commentary on same-store sales trends and a favorable outlook for beef prices, which make up half of the company’s food costs, helped propel the stock during the reporting period. We also initiated a position in Tile Shop Holdings Inc., a specialty retailer of natural and manufactured tiles in the home improvement industry, which aided the Fund’s results. The company posted better-than-expected third-quarter results and raised 2015 financial guidance. With an apparent acceleration in the period, near-term estimates appear achievable. We also continue to favor Tile Shop for its strong position in the home improvement industry, which we believe should help the company generate solid unit growth and improving profitability. On the negative side of the discretionary sector, however, the Fund’s position in luxury home furnishings retailer Restoration Hardware Holdings Inc. was negatively impacted when the company materially missed fourth-quarter expectations and its own guidance. The miss was primarily due to supply chain constraints from at least two of its vendors who could not keep up with written orders for the company’s new product line. We sold our position in Restoration Hardware Holdings Inc.
Three industrial stocks were outperformers during the reporting period including strong gains from engineering and construction firm MasTec Inc. The company began moving past a difficult 2015 when telecommunications and pipeline customers pulled back on capital expenditures in light of difficult end market conditions. During the reporting period, investors appeared to be focusing on the company’s return to growth in 2016 as its oil and gas backlog grew and wireless spending appeared to be showing signs of life. We also saw strength from shares of Generac Holdings Inc., a leading manufacturer of portable and permanent standby power generators. The company, which has faced headwinds in the oil and gas markets, seemed to be benefiting from residential adoption of standby power generators. Generac has appropriately cut costs and appears positioned to generate strong margins and free cash flow, particularly in a normal power outage and hurricane environment. In addition, the Fund’s position in Continental Building Products Inc., the fifth largest producer of wallboard in the U.S., boosted results. The company is benefiting from increased residential construction and remodeling activity in the United States. On the other hand, a position in executive search firm Korn Ferry International detracted during the reporting period. The stock has underperformed over the past six months mainly due to concerns that a potential U.K. exit from the eurozone would disrupt the company’s recently acquired Hay Group business. However, we believe the risk-versus-reward scenario for Korn Ferry is compelling and that the concerns are overdone at these levels.
Results were mixed, but modestly negative in information technology, where we saw weak results from several holdings that offset strength from others. On the positive side of the equation, semiconductor firm Semtech Corporation generated strong performance on better-than-expected revenues and earnings, driven by stabilization in the Chinese market. Also, the Fund was rewarded for its position in Perficient, Inc., a domestic-centric IT services company with a solid franchise serving the health care, financial services and retail verticals. After struggling in mid-2015 through a period of delayed bookings, management’s efforts to tweak the company’s go-to-market strategies started to pay off with evidence of very strong bookings growth and quarterly earnings milestones and guidance. The prospects of an improved organic growth profile boosted Perficient’s stock price. Finally, shares of BroadSoft Inc. advanced strongly in light of strong execution by the company. BroadSoft provides software that enables telecommunication carriers, cable operators and enterprises to convert from using legacy private branch exchange (PBX) phone systems to the newer unified communications services. Investors have rewarded BroadSoft’s stock in part due to the company’s addition of seven large service providers that are using its software to transform their old legacy systems to the newer Internet protocol-based unified communications.
Nuveen | 11 |
Portfolio Managers’ Comments (continued)
Offsetting these strong results in technology, shares of ARRIS International plc, a leading manufacturer of telecommunication equipment used in the delivery of broadcast and Internet services, fell after the FCC announced plans to force cable companies to allow consumers to buy their own set-top boxes, in contrast to the current rental market. While consumers can do this today, widespread purchasing and utilization of set-top boxes would create provisioning and support issues for cable companies, who would need to better develop their retail channels. Another detractor was our position in Plantronics Inc., a leading manufacturer of wireless and corded headsets primarily for the enterprise market. The company reported an inline December quarter, but offered guidance for the subsequent quarter that was below consensus on both topline and earnings per share. Plantronics also announced a restructuring program that the market assumed would be offset by negative topline progression. However, the company maintains a very strong product lineup, has announced a cost reduction plan and will benefit if foreign exchange headwinds lessen. We also saw weakness from a position in OSI Systems Inc., a leading manufacturer of scanning equipment used in airports and cargo as well as niche medical device products used in delivery and monitoring. The company reported weak fourth-quarter results and reduced expectations for 2016 because of poor execution on a new product launch in its health care segment and logistic delays that pushed out new international airport deployments within its security backlog. Although OSI Systems has a solid opportunity to secure business in Europe as the European Union’s airports are mandated to upgrade security systems by 2020, we have exited the position, as we are concerned the timing may take longer than currently expected by investors.
12 | Nuveen |
Nuveen Large Cap Growth Opportunities Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee that the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. These and other risk considerations, such as derivatives, investment focus (growth style), and non-U.S./emerging markets risks, are described in detail in the Fund’s prospectus.
Nuveen Mid Cap Growth Opportunities Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee that the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Investments in mid-cap companies are subject to greater volatility than those of larger companies, but may be less volatile than investments in smaller companies. These and other risk considerations, such as derivatives, investment focus (growth style), and non-U.S./emerging markets risks, are described in detail in the Fund’s prospectus.
Nuveen Small Cap Growth Opportunities Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee that the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Investments in smaller companies are subject to greater volatility than those of larger companies. These and other risk considerations, such as derivatives, investment focus (growth style), and non-U.S./emerging markets risks, are described in detail in the Fund’s prospectus.
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14 | Nuveen |
and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown within this section of the report.
Returns quoted represent past performance, which is no guarantee of future results. 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 fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. 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, and assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for Class A Shares at net asset value (NAV) only.
The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the most recent prospectus. The expense ratios include management fees and other fees and expenses.
Nuveen | 15 |
Fund Performance and Expense Ratios (continued)
Nuveen Large Cap Growth Opportunities Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of April 30, 2016
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (4.69)% | (0.23)% | 8.49% | 7.27% | ||||||||||||
Class A Shares at maximum Offering Price | (10.17)% | (5.97)% | 7.22% | 6.63% | ||||||||||||
Russell 1000® Growth Index | (1.37)% | 1.07% | 11.44% | 8.20% | ||||||||||||
Lipper Large-Cap Growth Funds Classification Average | (4.05)% | (1.87)% | 9.70% | 6.82% | ||||||||||||
Class C Shares | (5.05)% | (1.00)% | 7.68% | 6.47% | ||||||||||||
Class R3 Shares | (4.82)% | (0.51)% | 8.21% | 6.99% | ||||||||||||
Class I Shares | (4.60)% | 0.00% | 8.76% | 7.53% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class R6 Shares | (4.56)% | 0.08% | 12.06% |
Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 4.50% | (0.02)% | 9.27% | 7.38% | ||||||||||||
Class A Shares at maximum Offering Price | (1.52)% | (5.77)% | 7.99% | 6.75% | ||||||||||||
Class C Shares | 4.10% | (0.75)% | 8.46% | 6.58% | ||||||||||||
Class R3 Shares | 4.36% | (0.29)% | 8.99% | 7.11% | ||||||||||||
Class I Shares | 4.64% | 0.24% | 9.54% | 7.65% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class R6 Shares | 4.68% | 0.33% | 12.68% |
Since inception returns for Class R6 Shares are from 2/28/13. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, equal to 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the 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
Share Class | ||||||||||||||||||||
Class A | Class C | Class R3 | Class R6 | Class I | ||||||||||||||||
Expense Ratios | 1.24% | 1.99% | 1.49% | 0.90% | 0.99% |
16 | Nuveen |
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 section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of April 30, 2016
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (6.63)% | (10.04)% | 6.31% | 5.99% | ||||||||||||
Class A Shares at maximum Offering Price | (12.01)% | (15.21)% | 5.05% | 5.36% | ||||||||||||
Russell Midcap® Growth Index | (1.54)% | (4.13)% | 9.20% | 7.38% | ||||||||||||
Lipper Multi-Cap Growth Funds Classification Average | (4.03)% | (4.27)% | 8.41% | 6.36% | ||||||||||||
Class C Shares | (6.96)% | (10.69)% | 5.52% | 5.20% | ||||||||||||
Class R3 Shares | (6.74)% | (10.26)% | 6.04% | 5.73% | ||||||||||||
Class I Shares | (6.52)% | (9.81)% | 6.57% | 6.25% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class R6 Shares | (6.44)% | (9.67)% | 9.31% |
Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (2.76)% | (10.93)% | 7.11% | 6.11% | ||||||||||||
Class A Shares at maximum Offering Price | (8.35)% | (16.04)% | 5.84% | 5.48% | ||||||||||||
Class C Shares | (3.14)% | (11.60)% | 6.31% | 5.32% | ||||||||||||
Class R3 Shares | (2.90)% | (11.16)% | 6.84% | 5.85% | ||||||||||||
Class I Shares | (2.65)% | (10.72)% | 7.37% | 6.37% |
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class R6 Shares | (2.57)% | (10.58)% | 9.63% |
Since inception returns for Class R6 Shares are from 2/28/13. Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, equal to 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the 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
Share Class | ||||||||||||||||||||
Class A | Class C | Class R3 | Class R6 | Class I | ||||||||||||||||
Expense Ratios | 1.29% | 2.04% | 1.54% | 0.91% | 1.04% |
Nuveen | 17 |
Fund Performance and Expense Ratios (continued)
Nuveen Small Cap Growth Opportunities Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of Terms used within this section.
Fund Performance
Average Annual Total Returns as of April 30, 2016
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (5.42)% | (10.01)% | 5.66% | 5.12% | ||||||||||||
Class A Shares at maximum Offering Price | (10.87)% | (15.17)% | 4.41% | 4.49% | ||||||||||||
Russell 2000® Growth Index | (4.96)% | (8.27)% | 7.15% | 6.14% | ||||||||||||
Lipper Small-Cap Growth Funds Classification Average | (4.99)% | (8.68)% | 5.89% | 5.40% | ||||||||||||
Class C Shares | (5.78)% | (10.68)% | 4.87% | 4.33% | ||||||||||||
Class R3 Shares | (5.61)% | (10.29)% | 5.39% | 4.85% | ||||||||||||
Class I Shares | (5.33)% | (9.79)% | 5.92% | 5.38% |
Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (1.00)% | (13.34)% | 6.18% | 4.90% | ||||||||||||
Class A Shares at maximum Offering Price | (6.71)% | (18.31)% | 4.93% | 4.28% | ||||||||||||
Class C Shares | (1.42)% | (14.04)% | 5.38% | 4.12% | ||||||||||||
Class R3 Shares | (1.21)% | (13.58)% | 5.90% | 4.63% | ||||||||||||
Class I Shares | (0.92)% | (13.15)% | 6.44% | 5.16% |
Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, equal to 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the 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
Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Gross Expense Ratios | 1.50% | 2.25% | 1.75% | 1.25% | ||||||||||||
Net Expense Ratios | 1.47% | 2.22% | 1.72% | 1.22% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through February 28, 2017, so that total annual fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.22% of the average daily net assets of any class of Fund shares. Fee waivers and/or expense reimbursements will not be terminated prior to that time without the approval of the Fund’s Board of Directors.
18 | Nuveen |
Summaries as of April 30, 2016
This data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Nuveen Large Cap Growth Opportunities Fund
Fund Allocation (% of net assets)
Common Stocks | 99.3% | |||
Investments Purchased with Collateral from Securities Lending | 21.4% | |||
Money Market Funds | 0.1% | |||
Other Assets Less Liabilities | (20.8)% | |||
Net Assets | 100% |
Portfolio Composition (% of net assets)
Software | 9.9% | |||
Internet Software & Services | 9.3% | |||
IT Services | 6.9% | |||
Internet & Catalog Retail | 6.8% | |||
Specialty Retail | 6.4% | |||
Hotels, Restaurants & Leisure | 6.0% | |||
Food & Staples Retailing | 5.4% | |||
Pharmaceuticals | 5.3% | |||
Media | 5.1% | |||
Technology Hardware, Storage & Peripherals | 4.6% | |||
Health Care Equipment & Supplies | 3.4% | |||
Biotechnology | 3.4% | |||
Chemicals | 3.3% | |||
Aerospace & Defense | 3.3% | |||
Health Care Providers & Services | 2.8% | |||
Other | 17.4% | |||
Investments Purchased with Collateral from Securities Lending | 21.4% | |||
Money Market Funds | 0.1% | |||
Other Assets Less Liabilities | (20.8)% | |||
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets)
Alphabet Inc., Class A | 5.7% | |||
Amazon.com, Inc. | 4.6% | |||
Apple, Inc. | 4.6% | |||
Facebook Inc., Class A Shares | 3.6% | |||
Visa Inc. | 3.3% |
Nuveen | 19 |
Holding Summaries (continued)
Nuveen Mid Cap Growth Opportunities Fund
Fund Allocation (% of net assets)
Common Stocks | 99.2% | |||
Investments Purchased with Collateral from Securities Lending | 34.3% | |||
Other Assets Less Liabilities | (33.5)% | |||
Net Assets | 100% |
Portfolio Composition (% of net assets)
Specialty Retail | 8.6% | |||
Software | 8.5% | |||
Diversified Financial Services | 7.2% | |||
Health Care Equipment & Supplies | 6.6% | |||
IT Services | 6.5% | |||
Chemicals | 4.8% | |||
Electronic Equipment, Instruments & Components | 4.0% | |||
Media | 3.8% | |||
Beverages | 3.6% | |||
Health Care Providers & Services | 3.5% | |||
Aerospace & Defense | 3.0% | |||
Hotels, Restaurants & Leisure | 2.9% | |||
Household Durables | 2.9% | |||
Machinery | 2.7% | |||
Communications Equipment | 2.6% | |||
Pharmaceuticals | 2.5% | |||
Life Sciences Tools & Services | 2.3% | |||
Real Estate Investment Trust | 2.2% | |||
Internet & Catalog Retail | 2.1% | |||
Other | 18.9% | |||
Investments Purchased with Collateral from Securities Lending | 34.3% | |||
Other Assets Less Liabilities | (33.5)% | |||
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets)
Sherwin-Williams Company | 2.4% | |||
Crown Castle International Corporation | 2.2% | |||
Fidelity National Information Services | 2.1% | |||
S&P Global, Inc. | 2.1% | |||
Constellation Brands, Inc., Class A | 1.9% |
20 | Nuveen |
Nuveen Small Cap Growth Opportunities Fund
Fund Allocation (% of net assets)
Common Stocks | 95.8% | |||
Investments Purchased with Collateral from Securities Lending | 47.6% | |||
Money Market Funds | 3.6% | |||
Other Assets Less Liabilities | (47.0)% | |||
Net Assets | 100% |
Portfolio Composition (% of net assets)
Health Care Equipment & Supplies | 10.2% | |||
Software | 9.9% | |||
Electronic Equipment, Instruments & Components | 7.1% | |||
Biotechnology | 6.5% | |||
IT Services | 5.8% | |||
Hotels, Restaurants & Leisure | 5.5% | |||
Internet Software & Services | 5.5% | |||
Machinery | 4.2% | |||
Health Care Providers & Services | 3.7% | |||
Real Estate Investment Trust | 2.8% | |||
Communications Equipment | 2.7% | |||
Textiles, Apparel & Luxury Goods | 2.6% | |||
Specialty Retail | 2.5% | |||
Commercial Services & Supplies | 2.3% | |||
Banks | 2.2% | |||
Oil, Gas & Consumable Fuels | 2.1% | |||
Pharmaceuticals | 1.9% | |||
Other | 18.3% | |||
Investments Purchased with Collateral from Securities Lending | 47.6% | |||
Money Market Funds | 3.6% | |||
Other Assets Less Liabilities | (47.0)% | |||
Net Assets | 100% |
Top Five Common Stock Holdings (% of net assets)
Nxstage Medical, Inc. | 1.9% | |||
CommVault Systems, Inc. | 1.7% | |||
Abiomed, Inc. | 1.7% | |||
Continental Building Products Inc. | 1.7% | |||
Generac Holdings Inc. | 1.7% |
Nuveen | 21 |
Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended April 30, 2016.
The beginning of the period is November 1, 2015.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense 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 following 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
Share Class | ||||||||||||||||||||
Class A | Class C | Class R3 | Class R6 | Class I | ||||||||||||||||
Actual Performance | ||||||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value | $ | 953.10 | $ | 949.50 | $ | 951.80 | $ | 954.40 | $ | 954.00 | ||||||||||
Expenses Incurred During the Period | $ | 6.17 | $ | 9.79 | $ | 7.38 | $ | 4.47 | $ | 4.96 | ||||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value | $ | 1,018.55 | $ | 1,014.82 | $ | 1,017.30 | $ | 1,020.29 | $ | 1,019.79 | ||||||||||
Expenses Incurred During the Period | $ | 6.37 | $ | 10.12 | $ | 7.62 | $ | 4.62 | $ | 5.12 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.27%, 2.02%, 1.52%, 0.92% and 1.02% for Classes A, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
22 | Nuveen |
Nuveen Mid Cap Growth Opportunities Fund
Share Class | ||||||||||||||||||||
Class A | Class C | Class R3 | Class R6 | Class I | ||||||||||||||||
Actual Performance | ||||||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value | $ | 933.70 | $ | 930.40 | $ | 932.60 | $ | 935.60 | $ | 934.80 | ||||||||||
Expenses Incurred During the Period | $ | 6.35 | $ | 9.94 | $ | 7.50 | $ | 4.43 | $ | 5.15 | ||||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value | $ | 1,018.30 | $ | 1,014.57 | $ | 1,017.11 | $ | 1,020.29 | $ | 1,019.54 | ||||||||||
Expenses Incurred During the Period | $ | 6.62 | $ | 10.37 | $ | 7.82 | $ | 4.62 | $ | 5.37 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.32%, 2.07%, 1.56%, 0.92% and 1.07% for Classes A, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Nuveen Small Cap Growth Opportunities Fund
Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 945.80 | $ | 942.20 | $ | 943.90 | $ | 946.70 | ||||||||
Expenses Incurred During the Period | $ | 7.11 | $ | 10.72 | $ | 8.31 | $ | 5.90 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,017.55 | $ | 1,013.82 | $ | 1,016.31 | $ | 1,018.80 | ||||||||
Expenses Incurred During the Period | $ | 7.37 | $ | 11.12 | $ | 8.62 | $ | 6.12 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.47%, 2.22%, 1.72 and 1.22% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Nuveen | 23 |
Nuveen Large Cap Growth Opportunities Fund
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 99.3% | ||||||||
COMMON STOCKS – 99.3% | ||||||||
Aerospace & Defense – 3.3% | ||||||||
45,199 | Honeywell International Inc. | $ | 5,164,890 | |||||
30,245 | Lockheed Martin Corporation, (2) | 7,028,333 | ||||||
Total Aerospace & Defense | 12,193,223 | |||||||
Airlines – 0.8% | ||||||||
66,752 | Southwest Airlines Co. | 2,977,807 | ||||||
Beverages – 1.8% | ||||||||
43,941 | Constellation Brands, Inc., Class A | 6,857,432 | ||||||
Biotechnology – 3.4% | ||||||||
26,724 | Alexion Pharmaceuticals Inc., (2) | 3,722,119 | ||||||
17,982 | Amgen Inc. | 2,846,550 | ||||||
12,218 | Biogen Inc. | 3,359,828 | ||||||
30,066 | Gilead Sciences, Inc. | 2,652,122 | ||||||
Total Biotechnology | 12,580,619 | |||||||
Capital Markets – 0.9% | ||||||||
35,947 | Ameriprise Financial, Inc. | 3,447,317 | ||||||
Chemicals – 3.3% | ||||||||
45,798 | Ecolab Inc., (2) | 5,265,854 | ||||||
24,476 | Sherwin-Williams Company | 7,032,200 | ||||||
Total Chemicals | 12,298,054 | |||||||
Communications Equipment – 0.8% | ||||||||
19,340 | Palo Alto Networks, Incorporated, (2), (3) | 2,917,826 | ||||||
Diversified Financial Services – 0.6% | ||||||||
30,627 | MSCI Inc., Class A Shares | 2,325,814 | ||||||
Electronic Equipment, Instruments & Components – 0.8% | ||||||||
40,714 | Lam Research Corporation, (2) | 3,110,550 | ||||||
Food & Staples Retailing – 5.4% | ||||||||
47,117 | Costco Wholesale Corporation | 6,979,441 | ||||||
76,761 | CVS Health Corporation, (2) | 7,714,481 | ||||||
153,784 | Kroger Co., (2) | 5,442,416 | ||||||
Total Food & Staples Retailing | 20,136,338 | |||||||
Health Care Equipment & Supplies – 3.4% | ||||||||
310,462 | Boston Scientific Corporation, (2) | 6,805,327 |
24 | Nuveen |
Shares | Description (1) | Value | ||||||
Health Care Equipment & Supplies (continued) | ||||||||
75,127 | Medtronic, PLC | $ | 5,946,302 | |||||
Total Health Care Equipment & Supplies | 12,751,629 | |||||||
Health Care Providers & Services – 2.8% | ||||||||
50,886 | Centene Corporation, (2) | 3,152,896 | ||||||
31,367 | CIGNA Corporation | 4,345,584 | ||||||
17,558 | McKesson HBOC Inc. | 2,946,584 | ||||||
Total Health Care Providers & Services | 10,445,064 | |||||||
Hotels, Restaurants & Leisure – 6.0% | ||||||||
168,494 | Hilton Worldwide Holdings Inc. | 3,715,293 | ||||||
64,059 | McDonald’s Corporation, (2) | 8,102,823 | ||||||
38,994 | Royal Caribbean Cruises Limited, (2) | 3,018,135 | ||||||
133,840 | Starbucks Corporation | 7,525,823 | ||||||
Total Hotels, Restaurants & Leisure | 22,362,074 | |||||||
Household Durables – 1.1% | ||||||||
22,434 | Mohawk Industries Inc., (2) | 4,321,461 | ||||||
Industrial Conglomerates – 2.3% | ||||||||
50,605 | 3M Co., (2) | 8,470,265 | ||||||
Internet & Catalog Retail – 6.8% | ||||||||
26,407 | Amazon.com, Inc. | 17,417,793 | ||||||
5,882 | priceline.com Incorporated, (2) | 7,903,408 | ||||||
Total Internet & Catalog Retail | 25,321,201 | |||||||
Internet Software & Services – 9.3% | ||||||||
30,381 | Alphabet Inc., Class A | 21,506,102 | ||||||
113,498 | Facebook Inc., Class A Shares | 13,345,095 | ||||||
Total Internet Software & Services | 34,851,197 | |||||||
IT Services – 6.9% | ||||||||
16,450 | Alliance Data Systems Corporation | 3,344,449 | ||||||
107,149 | MasterCard, Inc. | 10,392,382 | ||||||
159,057 | Visa Inc., (2) | 12,285,563 | ||||||
Total IT Services | 26,022,394 | |||||||
Life Sciences Tools & Services – 1.0% | ||||||||
25,171 | Thermo Fisher Scientific, Inc., (2) | 3,630,917 | ||||||
Machinery – 0.8% | ||||||||
19,982 | Snap-on Incorporated | 3,182,733 | ||||||
Media – 5.1% | ||||||||
139,097 | Comcast Corporation, Class A | 8,451,534 | ||||||
103,863 | Walt Disney Company | 10,724,893 | ||||||
Total Media | 19,176,427 |
Nuveen | 25 |
Nuveen Large Cap Growth Opportunities Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
Multi-Utilities – 1.2% | ||||||||
57,822 | Dollar Tree Stores Inc., (2) | $ | 4,608,992 | |||||
Oil, Gas & Consumable Fuels – 0.6% | ||||||||
14,738 | Pioneer Natural Resources Company, (2) | 2,447,982 | ||||||
Personal Products – 1.5% | ||||||||
56,999 | Estee Lauder Companies Inc., Class A | 5,464,494 | ||||||
Pharmaceuticals – 5.3% | ||||||||
122,442 | AbbVie Inc. | 7,468,962 | ||||||
18,905 | Allergan PLC | 4,094,067 | ||||||
65,308 | Bristol-Myers Squibb Company, (2) | 4,713,932 | ||||||
67,425 | Teva Pharmaceutical Industries Limited, Sponsored ADR | 3,671,291 | ||||||
Total Pharmaceuticals | 19,948,252 | |||||||
Professional Services – 0.9% | ||||||||
65,567 | Nielsen Holdings PLC, (2) | 3,418,663 | ||||||
Software – 9.9% | ||||||||
88,517 | Activision Blizzard Inc. | 3,051,181 | ||||||
49,817 | Adobe Systems Incorporated | 4,693,758 | ||||||
97,128 | Electronic Arts Inc., (2) | 6,007,367 | ||||||
221,312 | Microsoft Corporation | 11,036,829 | ||||||
46,567 | Red Hat, Inc. | 3,416,621 | ||||||
63,746 | Salesforce.com, Inc., (2) | 4,831,947 | ||||||
29,696 | ServiceNow Inc., (2), (3) | 2,122,670 | ||||||
39,320 | Splunk Inc., (2), (3) | 2,043,853 | ||||||
Total Software | 37,204,226 | |||||||
Specialty Retail – 6.4% | ||||||||
87,735 | Home Depot, Inc., (2) | 11,746,839 | ||||||
22,424 | O’Reilly Automotive Inc., (2) | 5,890,337 | ||||||
30,051 | Ulta Salon, Cosmetics & Fragrance, Inc., (2) | 6,259,022 | ||||||
Total Specialty Retail | 23,896,198 | |||||||
Technology Hardware, Storage & Peripherals – 4.6% | ||||||||
184,645 | Apple, Inc. | 17,308,622 | ||||||
Textiles, Apparel & Luxury Goods – 2.3% | ||||||||
146,565 | Nike, Inc., Class B, (2) | 8,638,541 | ||||||
Total Long-Term Investments (cost $257,470,872) | 372,316,312 |
26 | Nuveen |
Shares | Description (1) | Value | ||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 21.4% | ||||||||
MONEY MARKET FUNDS – 21.4% | ||||||||
80,191,188 | Mount Vernon Securities Lending Prime Portfolio, 0.524%, (4), (5) | $ | 80,191,188 | |||||
Total Investments Purchased with Collateral from Securities Lending (cost $80,191,188) | 80,191,188 | |||||||
Shares | Description (1) | Value | ||||||
SHORT-TERM INVESTMENTS – 0.1% | ||||||||
MONEY MARKET FUNDS – 0.1% | ||||||||
357,048 | First American Treasury Obligations Fund, Class Z, 0.174%, (4) | $ | 357,048 | |||||
Total Short-Term Investments (cost $357,048) | 357,048 | |||||||
Total Investments (cost $338,019,108) – 120.8% | 452,864,548 | |||||||
Other Assets Less Liabilities – (20.8)% | (78,050,223 | ) | ||||||
Net Assets – 100% | $ | 374,814,325 |
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 the securities out on loan as of the end of the reporting period was $78,319,357. |
(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 100% 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, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. |
ADR | American Depositary Receipt |
See accompanying notes to financial statements.
Nuveen | 27 |
Nuveen Mid Cap Growth Opportunities Fund
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 99.2% | ||||||||
COMMON STOCKS – 99.2% | ||||||||
Aerospace & Defense – 3.0% | ||||||||
154,907 | Rockwell Collins, Inc. | $ | 13,661,248 | |||||
67,087 | TransDigm Group Inc., (2), (3) | 15,287,115 | ||||||
Total Aerospace & Defense | 28,948,363 | |||||||
Airlines – 1.8% | ||||||||
118,690 | Alaska Air Group, Inc., (3) | 8,359,337 | ||||||
222,427 | Delta Air Lines, Inc., (3) | 9,268,533 | ||||||
Total Airlines | 17,627,870 | |||||||
Auto Components – 1.4% | ||||||||
191,458 | Delphi Automotive PLC | 14,097,053 | ||||||
Banks – 0.8% | ||||||||
221,906 | Western Alliance Bancorporation, (2), (3) | 8,117,322 | ||||||
Beverages – 3.6% | ||||||||
117,994 | Constellation Brands, Inc., Class A | 18,414,144 | ||||||
115,265 | Monster Beverage Corporation, (3) | 16,623,518 | ||||||
Total Beverages | 35,037,662 | |||||||
Biotechnology – 0.5% | ||||||||
59,298 | Vertex Pharmaceuticals Inc. | 5,001,193 | ||||||
Building Products – 1.7% | ||||||||
540,892 | Masco Corporation | 16,610,793 | ||||||
Capital Markets – 1.7% | ||||||||
170,815 | Ameriprise Financial, Inc. | 16,381,159 | ||||||
Chemicals – 4.8% | ||||||||
93,406 | PPG Industries, Inc. | 10,311,088 | ||||||
81,019 | Sherwin-Williams Company | 23,277,569 | ||||||
172,941 | WR Grace & Company | 13,261,116 | ||||||
Total Chemicals | 46,849,773 | |||||||
Commercial Services & Supplies – 1.6% | ||||||||
403,804 | KAR Auction Services Inc. | 15,183,030 | ||||||
Communications Equipment – 2.6% | ||||||||
160,748 | Harris Corporation | 12,861,447 | ||||||
83,448 | Palo Alto Networks, Incorporated, (3) | 12,589,800 | ||||||
Total Communications Equipment | 25,451,247 |
28 | Nuveen |
Shares | Description (1) | Value | ||||||
Diversified Consumer Services – 1.1% | ||||||||
886,525 | LifeLock, Incorporated, (2), (3) | $ | 10,319,151 | |||||
Diversified Financial Services – 7.2% | ||||||||
203,911 | CBOE Holdings Inc., (3) | 12,634,326 | ||||||
64,221 | Intercontinental Exchange Group, Inc. | 15,414,967 | ||||||
170,546 | MSCI Inc., Class A Shares, (3) | 12,951,263 | ||||||
147,957 | NASDAQ Stock Market, Inc. | 9,130,426 | ||||||
190,323 | S&P Global, Inc. | 20,336,012 | ||||||
Total Diversified Financial Services | 70,466,994 | |||||||
Electrical Equipment – 1.6% | ||||||||
63,412 | Acuity Brands Inc., (3) | 15,465,553 | ||||||
Electronic Equipment, Instruments & Components – 4.0% | ||||||||
298,297 | Amphenol Corporation, Class A, (3) | 16,653,921 | ||||||
144,418 | Lam Research Corporation, (3) | 11,033,535 | ||||||
123,882 | MA-COM Technology Solutions Holdings Incorporated, (2) | 5,065,535 | ||||||
175,483 | Microsemi Corporation, (2) | 5,929,571 | ||||||
Total Electronic Equipment, Instruments & Components | 38,682,562 | |||||||
Food Products – 0.9% | ||||||||
133,822 | Tyson Foods, Inc., Class A, (3) | 8,808,164 | ||||||
Health Care Equipment & Supplies – 6.6% | ||||||||
89,337 | Abiomed, Inc., (2), (3) | 8,678,196 | ||||||
549,630 | Boston Scientific Corporation, (3) | 12,047,890 | ||||||
64,358 | C. R. Bard, Inc. | 13,654,837 | ||||||
132,631 | DexCom, Inc., (2) | 8,538,784 | ||||||
130,184 | Hill Rom Holdings Inc. | 6,294,396 | ||||||
441,024 | Hologic Inc. | 14,813,996 | ||||||
Total Health Care Equipment & Supplies | 64,028,099 | |||||||
Health Care Providers & Services – 3.5% | ||||||||
169,710 | Acadia Healthcare Company Inc., (2), (3) | 10,723,975 | ||||||
257,144 | Centene Corporation, (3) | 15,932,642 | ||||||
55,682 | CIGNA Corporation | 7,714,184 | ||||||
Total Health Care Providers & Services | 34,370,801 | |||||||
Hotels, Restaurants & Leisure – 2.9% | ||||||||
211,268 | Marriott International, Inc., Class A, (3) | 14,807,774 | ||||||
154,981 | Wynn Resorts Ltd, (3) | �� | 13,684,822 | |||||
Total Hotels, Restaurants & Leisure | 28,492,596 | |||||||
Household Durables – 2.9% | ||||||||
418,711 | D.R. Horton, Inc., (3) | 12,586,453 |
Nuveen | 29 |
Nuveen Mid Cap Growth Opportunities Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
Household Durables (continued) | ||||||||
80,058 | Mohawk Industries Inc. | $ | 15,421,572 | |||||
Total Household Durables | 28,008,025 | |||||||
Internet & Catalog Retail – 2.1% | ||||||||
130,286 | Expedia, Inc., (3) | 15,083,210 | ||||||
4,253 | priceline.com Incorporated, (3) | 5,714,586 | ||||||
Total Internet & Catalog Retail | 20,797,796 | |||||||
IT Services – 6.5% | ||||||||
68,958 | Alliance Data Systems Corporation | 14,019,851 | ||||||
65,319 | EPAM Systems Inc., (2), (3) | 4,763,715 | ||||||
318,110 | Fidelity National Information Services | 20,931,638 | ||||||
149,643 | Gartner Inc., (2), (3) | 13,044,380 | ||||||
368,535 | Genpact Limited, (2) | 10,278,441 | ||||||
Total IT Services | 63,038,025 | |||||||
Life Sciences Tools & Services – 2.3% | ||||||||
546,214 | Accelerate Diagnostics Inc., (2) | 6,854,986 | ||||||
219,595 | Quintiles Transnational Corporation, (2) | 15,167,426 | ||||||
Total Life Sciences Tools & Services | 22,022,412 | |||||||
Machinery – 2.7% | ||||||||
96,610 | Snap-on Incorporated | 15,388,041 | ||||||
99,621 | Stanley Black & Decker Inc. | 11,149,582 | ||||||
Total Machinery | 26,537,623 | |||||||
Media – 3.8% | ||||||||
436,011 | Discovery Communications Inc., Class A Shares, (3) | 11,907,460 | ||||||
189,428 | Liberty Broadband Corporation, Class A Shares, (2) | 10,858,013 | ||||||
3,595,980 | Sirius XM Holdings Inc., (2), (3) | 14,204,121 | ||||||
Total Media | 36,969,594 | |||||||
Multi-Utilities – 1.0% | ||||||||
121,087 | Dollar Tree Stores Inc., (3) | 9,651,845 | ||||||
Oil, Gas & Consumable Fuels – 1.1% | ||||||||
474,561 | Parsley Energy Inc. Class A Shares, (3) | 11,114,219 | ||||||
Pharmaceuticals – 2.5% | ||||||||
120,332 | Mallinckrodt PLC, (3) | 7,523,157 | ||||||
253,079 | Medicines Company, (3) | 9,007,082 | ||||||
141,204 | Pacira Pharmaceuticals, Inc., (2), (3) | 7,640,548 | ||||||
Total Pharmaceuticals | 24,170,787 | |||||||
Professional Services – 1.5% | ||||||||
123,207 | Equifax Inc. | 14,815,642 |
30 | Nuveen |
Shares | Description (1) | Value | ||||||
Real Estate Investment Trust – 2.2% | ||||||||
248,836 | Crown Castle International Corporation | $ | 21,618,872 | |||||
Software – 8.5% | ||||||||
312,950 | Activision Blizzard Inc., (3) | 10,787,387 | ||||||
175,064 | Cyberark Software Limited, (2), (3) | 7,149,614 | ||||||
262,559 | Electronic Arts Inc. | 16,239,274 | ||||||
124,763 | Intuit, Inc. | 12,587,339 | ||||||
113,672 | Proofpoint, Incorporated, (2), (3) | 6,622,531 | ||||||
181,984 | Red Hat, Inc. | 13,352,166 | ||||||
149,709 | ServiceNow Inc., (3) | 10,701,199 | ||||||
96,700 | Splunk Inc., (3) | 5,026,466 | ||||||
Total Software | 82,465,976 | |||||||
Specialty Retail – 8.6% | ||||||||
91,836 | Advance Auto Parts, Inc., (3) | 14,335,600 | ||||||
221,810 | Foot Locker, Inc., (3) | 13,628,007 | ||||||
385,047 | Michaels Cos Inc., (2), (3) | 10,946,886 | ||||||
64,824 | O’Reilly Automotive Inc., (3) | 17,027,968 | ||||||
275,444 | Ross Stores, Inc., (3) | 15,639,710 | ||||||
60,896 | Ulta Salon, Cosmetics & Fragrance, Inc., (3) | 12,683,419 | ||||||
Total Specialty Retail | 84,261,590 | |||||||
Thrifts & Mortgage Finance – 1.4% | ||||||||
672,648 | BofI Holdings, Inc., (2), (3) | 13,701,840 | ||||||
Wireless Telecommunication Services – 0.8% | ||||||||
76,037 | SBA Communications Corporation, (2), (3) | 7,834,852 | ||||||
Total Long-Term Investments (cost $856,002,622) | 966,948,483 | |||||||
Shares | Description (1) | Value | ||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 34.3% | ||||||||
MONEY MARKET FUNDS – 34.3% | ||||||||
334,587,795 | Mount Vernon Securities Lending Prime Portfolio, 0.524%, (4), (5) | $ | 334,587,795 | |||||
Total Investments Purchased with Collateral from Securities Lending (cost $334,587,795) | 334,587,795 | |||||||
Total Investments (cost $1,190,590,417) – 133.5% | 1,301,536,278 | |||||||
Other Assets Less Liabilities – (33.5)% | (326,386,820 | ) | ||||||
Net Assets – 100% | $ | 975,149,458 |
Nuveen | 31 |
Nuveen Mid Cap Growth Opportunities Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
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 the securities out on loan as of the end of the reporting period was $327,387,056. |
(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 100% 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, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. |
See accompanying notes to financial statements.
32 | Nuveen |
Nuveen Small Cap Growth Opportunities Fund
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 95.8% | ||||||||
COMMON STOCKS – 95.8% | ||||||||
Auto Components – 1.4% | ||||||||
22,552 | Tenneco Inc., (2), (3) | $ | 1,202,022 | |||||
Automobiles – 1.3% | ||||||||
18,321 | Thor Industries, Inc. | 1,172,910 | ||||||
Banks – 2.2% | ||||||||
30,328 | Cathay General Bancorp, (3) | 925,611 | ||||||
27,556 | Western Alliance Bancorporation, (3) | 1,007,998 | ||||||
Total Banks | 1,933,609 | |||||||
Biotechnology – 6.5% | ||||||||
8,672 | Anacor Pharmaceuticals Inc., (2), (3) | 544,081 | ||||||
25,715 | Cepheid, Inc., (2) | 733,906 | ||||||
18,517 | Emergent BioSolutions, Inc., (2) | 713,275 | ||||||
12,666 | Five Prime Therapeutics Inc., (2), (3) | 602,775 | ||||||
27,376 | Insmed Incorporated, (2), (3) | 332,618 | ||||||
8,838 | Kite Pharma Inc., (2), (3) | 409,023 | ||||||
17,848 | Neurocrine Biosciences Inc., (2), (3) | 813,512 | ||||||
10,310 | Prothena Corporation PLC, (2), (3) | 445,289 | ||||||
10,474 | Sage Therapeutics, Inc., (2) | 394,765 | ||||||
3,700 | Tesaro Inc., (2), (3) | 153,328 | ||||||
8,753 | Ultragenyx Pharmaceutical Inc., (2), (3) | 591,878 | ||||||
Total Biotechnology | 5,734,450 | |||||||
Building Products – 1.7% | ||||||||
75,356 | Continental Building Products Inc., (2) | 1,477,731 | ||||||
Capital Markets – 1.1% | ||||||||
19,068 | Evercore Partners Inc., (3) | 984,672 | ||||||
Chemicals – 1.4% | ||||||||
34,017 | PolyOne Corporation, (3) | 1,223,932 | ||||||
Commercial Services & Supplies – 2.3% | ||||||||
22,684 | HNI Corporation, (3) | 991,745 | ||||||
59,262 | Interface, Inc. | 1,008,639 | ||||||
Total Commercial Services & Supplies | 2,000,384 | |||||||
Communications Equipment – 2.7% | ||||||||
61,329 | ARRIS International PLC | 1,396,461 | ||||||
25,573 | Plantronics Inc. | 983,282 | ||||||
Total Communications Equipment | 2,379,743 |
Nuveen | 33 |
Nuveen Small Cap Growth Opportunities Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
Construction & Engineering – 1.4% | ||||||||
55,062 | MasTec Inc., (2), (3) | $ | 1,247,705 | |||||
Containers & Packaging – 1.0% | ||||||||
25,168 | Berry Plastics Corporation, (2), (3) | 906,551 | ||||||
Distributors – 1.0% | ||||||||
9,789 | Pool Corporation | 855,657 | ||||||
Diversified Telecommunication Services – 1.4% | ||||||||
31,434 | Cogent Communications Group, Inc., (3) | 1,216,496 | ||||||
Electrical Equipment – 1.7% | ||||||||
38,237 | Generac Holdings Inc., (2), (3) | 1,457,594 | ||||||
Electronic Equipment, Instruments & Components – 7.1% | ||||||||
43,140 | Integrated Device Technology, Inc. | 831,739 | ||||||
28,497 | Mellanox Technologies, Limited, (2) | 1,232,495 | ||||||
31,280 | MKS Instruments Inc., (3) | 1,121,701 | ||||||
35,124 | National Instruments Corporation | 968,369 | ||||||
39,217 | Semtech Corporation, (2) | 848,656 | ||||||
66,067 | Teradyne Inc. | 1,249,327 | ||||||
Total Electronic Equipment, Instruments & Components | 6,252,287 | |||||||
Food Products – 1.5% | ||||||||
14,754 | Treehouse Foods Inc., (3) | 1,304,254 | ||||||
Health Care Equipment & Supplies – 10.2% | ||||||||
15,582 | Abiomed, Inc., (3) | 1,513,635 | ||||||
78,601 | AtriCure, Inc., (2), (3) | 1,249,756 | ||||||
95,376 | ConforMIS Inc., (2), (3) | 1,181,709 | ||||||
14,480 | DexCom, Inc. | 932,222 | ||||||
75,526 | K2M Group Holdings Inc., (2), (3) | 1,228,053 | ||||||
101,978 | Nxstage Medical, Inc., (2) | 1,643,885 | ||||||
41,052 | Zeltiq Aesthetics Inc., (2), (3) | 1,227,454 | ||||||
Total Health Care Equipment & Supplies | 8,976,714 | |||||||
Health Care Providers & Services – 3.7% | ||||||||
23,259 | Amedisys, Inc., (2), (3) | 1,197,606 | ||||||
21,033 | Molina Healthcare Inc., (3) | 1,088,668 | ||||||
79,238 | Teladoc, Inc., (2), (3) | 962,742 | ||||||
Total Health Care Providers & Services | 3,249,016 | |||||||
Hotels, Restaurants & Leisure – 5.5% | ||||||||
30,920 | BJ’s Restaurants, Inc., (2) | 1,379,032 | ||||||
8,706 | Buffalo Wild Wings, Inc., (3) | 1,163,644 | ||||||
19,772 | Jack in the Box Inc., Term Loan, (3) | 1,335,599 |
34 | Nuveen |
Shares | Description (1) | Value | ||||||
Hotels, Restaurants & Leisure (continued) | ||||||||
23,881 | Texas Roadhouse, Inc., (3) | $ | 972,434 | |||||
Total Hotels, Restaurants & Leisure | 4,850,709 | |||||||
Internet Software & Services – 5.5% | ||||||||
39,956 | Envestnet Inc., (2), (3) | 1,253,819 | ||||||
21,357 | LogMeIn Inc., (2) | 1,275,013 | ||||||
42,234 | Marketo Inc., (2) | 928,726 | ||||||
26,714 | SPS Commerce Inc., (2) | 1,360,544 | ||||||
Total Internet Software & Services | 4,818,102 | |||||||
IT Services – 5.8% | ||||||||
28,641 | CSG Systems International Inc. | 1,271,088 | ||||||
15,219 | Euronet Worldwide, Inc., (2) | 1,173,385 | ||||||
67,487 | Perficient, Inc., (2) | 1,409,128 | ||||||
38,725 | WNS Holdings Limited, (2) | 1,227,195 | ||||||
Total IT Services | 5,080,796 | |||||||
Leisure Equipment & Products – 1.6% | ||||||||
28,919 | Brunswick Corporation | 1,388,979 | ||||||
Machinery – 4.2% | ||||||||
20,046 | CLARCOR, Inc. | 1,178,103 | ||||||
32,471 | ESCO Technologies Inc. | 1,249,484 | ||||||
84,036 | NN, Incorporated, (3) | 1,263,902 | ||||||
Total Machinery | 3,691,489 | |||||||
Oil, Gas & Consumable Fuels – 2.1% | ||||||||
40,565 | Parsley Energy Inc. Class A Shares, (3) | 950,032 | ||||||
29,680 | RSP Permian Inc., (2), (3) | 908,505 | ||||||
Total Oil, Gas & Consumable Fuels | 1,858,537 | |||||||
Pharmaceuticals – 1.9% | ||||||||
11,208 | Intra-Cellular Therapies Inc., (2) | 384,659 | ||||||
23,714 | Pacira Pharmaceuticals, Inc., (3) | 1,283,164 | ||||||
Total Pharmaceuticals | 1,667,823 | |||||||
Professional Services – 1.8% | ||||||||
40,074 | Korn Ferry International | 1,087,608 | ||||||
28,156 | TrueBlue Inc., (2) | 526,236 | ||||||
Total Professional Services | 1,613,844 | |||||||
Real Estate Investment Trust – 2.8% | ||||||||
12,565 | PS Business Parks Inc., (3) | 1,203,224 | ||||||
11,764 | Sovran Self Storage Inc., (3) | 1,249,572 | ||||||
Total Real Estate Investment Trust | 2,452,796 |
Nuveen | 35 |
Nuveen Small Cap Growth Opportunities Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
Software – 9.9% | ||||||||
31,421 | BroadSoft Inc., (2) | $ | 1,230,603 | |||||
28,506 | Cadence Design Systems, Inc., (3) | 661,054 | ||||||
34,905 | CommVault Systems, Inc., (3) | 1,527,792 | ||||||
54,376 | Pegasystems, Inc. | 1,434,983 | ||||||
20,987 | Proofpoint, Incorporated, (3) | 1,222,703 | ||||||
11,940 | QLIK Technologies Inc., (2) | 367,633 | ||||||
27,674 | Synchronoss Technologies, Inc., (2) | 859,831 | ||||||
9,460 | Tyler Technologies Inc., (3) | 1,385,038 | ||||||
591,081 | VideoPropulsion Inc., (2), (4) | — | ||||||
Total Software | 8,689,637 | |||||||
Specialty Retail – 2.5% | ||||||||
71,142 | Express Inc., (2), (3) | 1,293,361 | ||||||
49,807 | Tile Shop Holdings Inc., (2), (3) | 888,557 | ||||||
Total Specialty Retail | 2,181,918 | |||||||
Textiles, Apparel & Luxury Goods – 2.6% | ||||||||
17,851 | Deckers Outdoor Corporation, (3) | 1,031,967 | ||||||
34,218 | Steven Madden Limited, (2), (3) | 1,197,972 | ||||||
Total Textiles, Apparel & Luxury Goods | 2,229,939 | |||||||
Total Long-Term Investments (cost $77,183,513) | 84,100,296 | |||||||
Shares | Description (1) | Value | ||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 47.6% | ||||||||
MONEY MARKET FUNDS – 47.6% | ||||||||
41,726,042 | Mount Vernon Securities Lending Prime Portfolio, 0.524%, (5), (6) | $ | 41,726,042 | |||||
Total Investments Purchased with Collateral from Securities Lending (cost $41,726,042) | 41,726,042 | |||||||
Shares | Description (1) | Value | ||||||
SHORT-TERM INVESTMENTS – 3.6% | ||||||||
MONEY MARKET FUNDS – 3.6% | ||||||||
3,151,284 | First American Treasury Obligations Fund, Class Z, 0.174%, (5) | $ | 3,151,284 | |||||
Total Short-Term Investments (cost $3,151,284) | 3,151,284 | |||||||
Total Investments (cost $122,060,839) – 147.0% | 128,977,622 | |||||||
Other Assets Less Liabilities – (47.0)% | (41,246,061 | ) | ||||||
Net Assets – 100% | $ | 87,731,561 |
36 | Nuveen |
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 the securities out on loan as of the end of the reporting period was $39,930,470. |
(4) | Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements 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 100% 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, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. |
See accompanying notes to financial statements.
Nuveen | 37 |
Assets and Liabilities | April 30, 2016 (Unaudited) |
Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||||||||
Assets | ||||||||||||
Long-term investments, at value (cost $257,470,872, $856,002,622 and $77,183,513, respectively) | $ | 372,316,312 | $ | 966,948,483 | $ | 84,100,296 | ||||||
Investments purchased with collateral from securities lending, at value (cost approximates value) | 80,191,188 | 334,587,795 | 41,726,042 | |||||||||
Short-term investments, at value (cost approximates value) | 357,048 | — | 3,151,284 | |||||||||
Receivable for: | ||||||||||||
Dividends | 196,561 | 160,359 | — | |||||||||
Due from broker | 13,042 | 65,869 | 18,031 | |||||||||
Interest | 181 | 1,217 | 375 | |||||||||
Investments sold | 6,211,849 | 11,237,644 | 2,274,808 | |||||||||
Shares sold | 225,765 | 10,804,938 | 27,495 | |||||||||
Other assets | 52,621 | 73,172 | 25,085 | |||||||||
Total assets | 459,564,567 | 1,323,879,477 | 131,323,416 | |||||||||
Liabilities | ||||||||||||
Cash overdraft | — | 3,662,949 | — | |||||||||
Payable for: | ||||||||||||
Collateral from securities lending program | 80,191,188 | 334,587,795 | 41,726,042 | |||||||||
Investments purchased | 3,723,313 | 7,460,060 | 1,717,170 | |||||||||
Shares redeemed | 353,638 | 1,682,117 | 23,664 | |||||||||
Accrued expenses: | ||||||||||||
Directors fees | 21,192 | 47,200 | 137 | |||||||||
Management fees | 266,704 | 717,626 | 68,836 | |||||||||
12b-1 distribution and service fees | 35,015 | 107,375 | 8,443 | |||||||||
Other | 159,192 | 464,897 | 47,563 | |||||||||
Total liabilities | 84,750,242 | 348,730,019 | 43,591,855 | |||||||||
Net assets | $ | 374,814,325 | $ | 975,149,458 | $ | 87,731,561 | ||||||
Class A Shares | ||||||||||||
Net assets | $ | 102,851,792 | $ | 307,101,200 | $ | 30,089,618 | ||||||
Shares outstanding | 3,544,403 | 8,768,325 | 1,630,268 | |||||||||
Net asset value (“NAV”) per share | $ | 29.02 | $ | 35.02 | $ | 18.46 | ||||||
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $ | 30.79 | $ | 37.16 | $ | 19.59 | ||||||
Class C Shares | ||||||||||||
Net assets | $ | 13,114,455 | $ | 18,434,034 | $ | 2,064,067 | ||||||
Shares outstanding | 542,813 | 658,335 | 138,359 | |||||||||
NAV and offering price per share | $ | 24.16 | $ | 28.00 | $ | 14.92 | ||||||
Class R3 Shares | ||||||||||||
Net assets | $ | 6,045,584 | $ | 60,184,447 | $ | 1,252,108 | ||||||
Shares outstanding | 217,686 | 1,813,741 | 71,087 | |||||||||
NAV and offering price per share | $ | 27.77 | $ | 33.18 | $ | 17.61 | ||||||
Class R6 Shares | ||||||||||||
Net assets | $ | 16,964,121 | $ | 29,333,603 | — | |||||||
Shares outstanding | 536,447 | 719,134 | — | |||||||||
NAV and offering price per share | $ | 31.62 | $ | 40.79 | — | |||||||
Class I Shares | ||||||||||||
Net assets | $ | 235,838,373 | $ | 560,096,174 | $ | 54,325,768 | ||||||
Shares outstanding | 7,488,798 | 13,801,085 | 2,555,663 | |||||||||
NAV and offering price per share | $ | 31.49 | $ | 40.58 | $ | 21.26 | ||||||
Net assets consist of: | ||||||||||||
Capital paid-in | $ | 253,181,357 | $ | 880,416,460 | $ | 85,500,294 | ||||||
Undistributed (Over-distribution of) net investment income | (420,069 | ) | (8,790,977 | ) | (127,203 | ) | ||||||
Accumulated net realized gain (loss) | 7,207,597 | (7,421,886 | ) | (4,558,313 | ) | |||||||
Net unrealized appreciation (depreciation) | 114,845,440 | 110,945,861 | 6,916,783 | |||||||||
Net assets | $ | 374,814,325 | $ | 975,149,458 | $ | 87,731,561 | ||||||
Authorized shares – per class | 2 billion | 2 billion | 2 billion | |||||||||
Par value per share | $ | 0.0001 | $ | 0.0001 | $ | 0.0001 |
See accompanying notes to financial statements.
38 | Nuveen |
Operations | Six Months Ended April 30, 2016 (Unaudited) |
Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||||||||
Investment Income | ||||||||||||
Dividend and interest income (net of foreign tax withheld of $8,170, $15,069 and $—, respectively) | $ | 2,096,247 | $ | 3,463,049 | $ | 244,524 | ||||||
Securities lending income, net | 59,415 | 713,144 | 221,948 | |||||||||
Total investment income | 2,155,662 | 4,176,193 | 466,472 | |||||||||
Expenses | ||||||||||||
Management fees | 1,708,338 | 4,564,891 | 444,318 | |||||||||
12b-1 service fees — Class A Shares | 133,374 | 412,373 | 38,115 | |||||||||
12b-1 distribution and service fees — Class C Shares | 68,204 | 96,698 | 10,331 | |||||||||
12b-1 distribution and service fees — Class R3 Shares | 16,514 | 138,516 | 3,221 | |||||||||
Shareholder servicing agent fees | 232,753 | 807,854 | 63,713 | |||||||||
Custodian fees | 22,905 | 54,145 | 7,069 | |||||||||
Directors Fees | 5,725 | 14,703 | 1,268 | |||||||||
Professional fees | 25,495 | 47,339 | 15,260 | |||||||||
Shareholder reporting expenses | 33,000 | 47,090 | 10,368 | |||||||||
Federal and state registration fees | 34,960 | 41,629 | 27,047 | |||||||||
Other | 6,232 | 15,845 | 1,726 | |||||||||
Total expenses before fee waiver/expense reimbursement | 2,287,500 | 6,241,083 | 622,436 | |||||||||
Fee waiver/expense reimbursement | — | — | (28,761 | ) | ||||||||
Net expenses | 2,287,500 | 6,241,083 | 593,675 | |||||||||
Net investment income (loss) | (131,838 | ) | (2,064,890 | ) | (127,203 | ) | ||||||
Realized and Unrealized Gain (Loss) | ||||||||||||
Net realized gain (loss) from investments | 10,943,009 | (599,583 | ) | (4,234,274 | ) | |||||||
Change in net unrealized appreciation (depreciation) of investments | (31,392,890 | ) | (76,272,375 | ) | (912,421 | ) | ||||||
Net realized and unrealized gain (loss) | (20,449,881 | ) | (76,871,958 | ) | (5,146,695 | ) | ||||||
Net increase (decrease) in net assets from operations | $ | (20,581,719 | ) | $ | (78,936,848 | ) | $ | (5,273,898 | ) |
See accompanying notes to financial statements.
Nuveen | 39 |
Changes in Net Assets | (Unaudited) |
Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||||||||||||||||||||||||
Six Months Ended 4/30/16 | Year Ended 10/31/15 | Six Months Ended 4/30/16 | Year Ended | Six Months Ended 4/30/16 | Year Ended | |||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||
Net investment income (loss) | $ | (131,838 | ) | $ | (153,886 | ) | $ | (2,064,890 | ) | $ | (7,547,050 | ) | $ | (127,203 | ) | $ | (884,764 | ) | ||||||||||
Net realized gain (loss) from investments | 10,943,009 | 81,224,898 | (599,583 | ) | 93,276,543 | (4,234,274 | ) | 9,729,822 | ||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments | (31,392,890 | ) | (25,402,229 | ) | (76,272,375 | ) | (37,039,615 | ) | (912,421 | ) | (8,261,028 | ) | ||||||||||||||||
Net increase (decrease) in net assets from operations | (20,581,719 | ) | 55,668,783 | (78,936,848 | ) | 48,689,878 | (5,273,898 | ) | 584,030 | |||||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||||||
Class A Shares | (1,326,762 | ) | — | — | — | — | — | |||||||||||||||||||||
Class C Shares | (44,124 | ) | — | — | — | — | — | |||||||||||||||||||||
Class R3 Shares | (69,770 | ) | — | — | — | — | — | |||||||||||||||||||||
Class R6 Shares | (252,750 | ) | — | — | — | — | — | |||||||||||||||||||||
Class I Shares | (4,043,340 | ) | — | — | — | — | — | |||||||||||||||||||||
From accumulated net realized gains: | ||||||||||||||||||||||||||||
Class A Shares | (20,516,896 | ) | (23,403,600 | ) | (29,764,786 | ) | (63,095,209 | ) | (3,119,388 | ) | (4,471,368 | ) | ||||||||||||||||
Class C Shares | (3,078,627 | ) | (2,680,855 | ) | (2,169,779 | ) | (4,791,958 | ) | (257,365 | ) | (319,340 | ) | ||||||||||||||||
Class R3 Shares | (1,454,143 | ) | (1,555,935 | ) | (5,269,991 | ) | (11,403,833 | ) | (141,730 | ) | (245,744 | ) | ||||||||||||||||
Class R6 Shares | (3,020,951 | ) | (3,364,017 | ) | (2,160,039 | ) | (2,495,372 | ) | — | — | ||||||||||||||||||
Class I Shares | (50,204,420 | ) | (58,751,935 | ) | (50,466,827 | ) | (123,471,077 | ) | (5,003,863 | ) | (6,745,694 | ) | ||||||||||||||||
Decrease in net assets from distributions to shareholders | (84,011,783 | ) | (89,756,342 | ) | (89,831,422 | ) | (205,257,449 | ) | (8,522,346 | ) | (11,782,146 | ) | ||||||||||||||||
Fund Share Transactions | ||||||||||||||||||||||||||||
Proceeds from sale of shares | 29,591,475 | 43,245,242 | 112,702,439 | 219,634,570 | 5,072,022 | 16,031,783 | ||||||||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 60,048,952 | 63,521,406 | 81,262,369 | 180,877,868 | 7,074,848 | 9,392,517 | ||||||||||||||||||||||
89,640,427 | 106,766,648 | 193,964,808 | 400,512,438 | 12,146,870 | 25,424,300 | |||||||||||||||||||||||
Cost of shares redeemed | (76,948,728 | ) | (171,182,954 | ) | (254,318,333 | ) | (330,668,906 | ) | (10,661,794 | ) | (20,387,721 | ) | ||||||||||||||||
Net increase (decrease) in net assets from Fund share transactions | 12,691,699 | (64,416,306 | ) | (60,353,525 | ) | 69,843,532 | 1,485,076 | 5,036,579 | ||||||||||||||||||||
Net increase (decrease) in net assets | (91,901,803 | ) | (98,503,865 | ) | (229,121,795 | ) | (86,724,039 | ) | (12,311,168 | ) | (6,161,537 | ) | ||||||||||||||||
Net assets at the beginning of period | 466,716,128 | 565,219,993 | 1,204,271,253 | 1,290,995,292 | 100,042,729 | 106,204,266 | ||||||||||||||||||||||
Net assets at the end of period | $ | 374,814,325 | $ | 466,716,128 | $ | 975,149,458 | $ | 1,204,271,253 | $ | 87,731,561 | $ | 100,042,729 | ||||||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | (420,069 | ) | $ | 5,448,515 | $ | (8,790,977 | ) | $ | (6,726,087 | ) | $ | (127,203 | ) | $ | — |
See accompanying notes to financial statements.
40 | Nuveen |
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Nuveen | 41 |
Highlights (Unaudited)
Large Cap Growth Opportunities
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||
Class A (1/95) | ||||||||||||||||||||||||||||||||||
2016(f) | $ | 37.55 | $ | (0.03 | ) | $ | (1.42 | ) | $ | (1.45 | ) | $ | (0.36 | ) | $ | (6.72 | ) | $ | (7.08 | ) | $ | 29.02 | ||||||||||||
2015 | 40.48 | (0.05 | ) | 3.99 | 3.94 | — | (6.87 | ) | (6.87 | ) | 37.55 | |||||||||||||||||||||||
2014 | 43.26 | (0.16 | ) | 4.12 | 3.96 | — | (6.74 | ) | (6.74 | ) | 40.48 | |||||||||||||||||||||||
2013 | 34.09 | (0.05 | ) | 9.63 | 9.58 | — | (0.41 | ) | (0.41 | ) | 43.26 | |||||||||||||||||||||||
2012 | 32.92 | (0.13 | ) | 2.46 | 2.33 | — | (1.16 | ) | (1.16 | ) | 34.09 | |||||||||||||||||||||||
2011 | 30.24 | (0.15 | ) | 2.83 | 2.68 | — | — | — | 32.92 | |||||||||||||||||||||||||
Class C (9/01) | ||||||||||||||||||||||||||||||||||
2016(f) | 32.27 | (0.12 | ) | (1.19 | ) | (1.31 | ) | (0.08 | ) | (6.72 | ) | (6.80 | ) | 24.16 | ||||||||||||||||||||
2015 | 35.97 | (0.30 | ) | 3.47 | 3.17 | — | (6.87 | ) | (6.87 | ) | 32.27 | |||||||||||||||||||||||
2014 | 39.42 | (0.40 | ) | 3.69 | 3.29 | — | (6.74 | ) | (6.74 | ) | 35.97 | |||||||||||||||||||||||
2013 | 31.34 | (0.31 | ) | 8.80 | 8.49 | — | (0.41 | ) | (0.41 | ) | 39.42 | |||||||||||||||||||||||
2012 | 30.57 | (0.35 | ) | 2.28 | 1.93 | — | (1.16 | ) | (1.16 | ) | 31.34 | |||||||||||||||||||||||
2011 | 28.30 | (0.37 | ) | 2.64 | 2.27 | — | — | — | 30.57 | |||||||||||||||||||||||||
Class R3 (11/00) | ||||||||||||||||||||||||||||||||||
2016(f) | 36.18 | (0.07 | ) | (1.36 | ) | (1.43 | ) | (0.26 | ) | (6.72 | ) | (6.98 | ) | 27.77 | ||||||||||||||||||||
2015 | 39.33 | (0.17 | ) | 3.89 | 3.72 | — | (6.87 | ) | (6.87 | ) | 36.18 | |||||||||||||||||||||||
2014 | 42.32 | (0.25 | ) | �� | 4.00 | 3.75 | — | (6.74 | ) | (6.74 | ) | 39.33 | ||||||||||||||||||||||
2013 | 33.44 | (0.14 | ) | 9.43 | 9.29 | — | (0.41 | ) | (0.41 | ) | 42.32 | |||||||||||||||||||||||
2012 | 32.39 | (0.22 | ) | 2.43 | 2.21 | — | (1.16 | ) | (1.16 | ) | 33.44 | |||||||||||||||||||||||
2011 | 29.83 | (0.23 | ) | 2.79 | 2.56 | — | — | — | 32.39 | |||||||||||||||||||||||||
Class R6 (2/13) | ||||||||||||||||||||||||||||||||||
2016(f) | 40.35 | 0.02 | (1.54 | ) | (1.52 | ) | (0.49 | ) | (6.72 | ) | (7.21 | ) | 31.62 | |||||||||||||||||||||
2015 | 42.85 | 0.07 | 4.30 | 4.37 | — | (6.87 | ) | (6.87 | ) | 40.35 | ||||||||||||||||||||||||
2014 | 45.27 | (0.02 | ) | 4.34 | 4.32 | — | (6.74 | ) | (6.74 | ) | 42.85 | |||||||||||||||||||||||
2013(d) | 37.47 | (0.02 | ) | 7.82 | 7.80 | — | — | — | 45.27 | |||||||||||||||||||||||||
Class I (12/92) | ||||||||||||||||||||||||||||||||||
2016(f) | 40.23 | 0.01 | (1.55 | ) | (1.54 | ) | (0.48 | ) | (6.72 | ) | (7.20 | ) | 31.49 | |||||||||||||||||||||
2015 | 42.78 | 0.02 | 4.30 | 4.32 | — | (6.87 | ) | (6.87 | ) | 40.23 | ||||||||||||||||||||||||
2014 | 45.24 | (0.06 | ) | 4.34 | 4.28 | — | (6.74 | ) | (6.74 | ) | 42.78 | |||||||||||||||||||||||
2013 | 35.55 | 0.06 | 10.04 | 10.10 | — | (0.41 | ) | (0.41 | ) | 45.24 | ||||||||||||||||||||||||
2012 | 34.19 | (0.04 | ) | 2.56 | 2.52 | — | (1.16 | ) | (1.16 | ) | 35.55 | |||||||||||||||||||||||
2011 | 31.33 | (0.06 | ) | 2.92 | 2.86 | — | — | — | 34.19 |
42 | Nuveen |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(e) | ||||||||||||||||||||||||
(4.69 | )% | $ | 102,852 | 1.27 | %* | (0.22 | )%* | 1.27 | %* | (0.22 | )%* | 28 | % | |||||||||||||||||
11.75 | 117,688 | 1.25 | (0.13 | ) | 1.25 | (0.13 | ) | 79 | ||||||||||||||||||||||
10.50 | 143,891 | 1.25 | (0.40 | ) | 1.25 | (0.40 | ) | 66 | ||||||||||||||||||||||
28.39 | 165,791 | 1.24 | (0.14 | ) | 1.24 | (0.14 | ) | 72 | ||||||||||||||||||||||
7.66 | 134,788 | 1.26 | (0.42 | ) | 1.23 | (0.39 | ) | 73 | ||||||||||||||||||||||
8.86 | 84,875 | 1.20 | (0.46 | ) | 1.20 | (0.46 | ) | 88 | ||||||||||||||||||||||
(5.05 | ) | 13,114 | 2.02 | * | (0.97 | )* | 2.02 | * | (0.97 | )* | 28 | |||||||||||||||||||
10.92 | 14,575 | 2.00 | (0.95 | ) | 2.00 | (0.95 | ) | 79 | ||||||||||||||||||||||
9.73 | 14,462 | 2.00 | (1.15 | ) | 2.00 | (1.15 | ) | 66 | ||||||||||||||||||||||
27.43 | 14,963 | 1.99 | (0.89 | ) | 1.99 | (0.89 | ) | 72 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
(4.82 | ) | 6,046 | 1.52 | * | (0.47 | )* | 1.52 | * | (0.47 | )* | 28 | |||||||||||||||||||
11.47 | 7,996 | 1.50 | (0.48 | ) | 1.50 | (0.48 | ) | 79 | ||||||||||||||||||||||
10.22 | 8,724 | 1.50 | (0.64 | ) | 1.50 | (0.64 | ) | 66 | ||||||||||||||||||||||
28.07 | 11,320 | 1.49 | (0.39 | ) | 1.49 | (0.39 | ) | 72 | ||||||||||||||||||||||
7.40 | 9,658 | 1.51 | (0.70 | ) | 1.48 | (0.67 | ) | 73 | ||||||||||||||||||||||
8.58 | 3,431 | 1.45 | (0.72 | ) | 1.45 | (0.72 | ) | 88 | ||||||||||||||||||||||
(4.56 | ) | 16,964 | 0.92 | * | 0.13 | * | 0.92 | * | 0.13 | * | 28 | |||||||||||||||||||
12.14 | 18,632 | 0.91 | 0.17 | 0.91 | 0.17 | 79 | ||||||||||||||||||||||||
10.90 | 22,672 | 0.90 | (0.05 | ) | 0.90 | (0.05 | ) | 66 | ||||||||||||||||||||||
20.82 | 28,966 | 0.91 | * | (0.06 | )* | 0.91 | * | (0.06 | )* | 72 | ||||||||||||||||||||
(4.60 | ) | 235,838 | 1.02 | * | 0.04 | * | 1.02 | * | 0.04 | * | 28 | |||||||||||||||||||
12.05 | 307,826 | 1.00 | 0.05 | 1.00 | 0.05 | 79 | ||||||||||||||||||||||||
10.78 | 375,471 | 1.00 | (0.15 | ) | 1.00 | (0.15 | ) | 66 | ||||||||||||||||||||||
28.69 | 403,480 | 0.99 | 0.14 | 0.99 | 0.14 | 72 | ||||||||||||||||||||||||
7.94 | 418,144 | 1.01 | (0.13 | ) | 0.98 | (0.11 | ) | 73 | ||||||||||||||||||||||
9.13 | 435,619 | 0.95 | (0.17 | ) | 0.95 | (0.17 | ) | 88 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | For the period February 28, 2013 (commencement of operations) through October 31, 2013. |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(f) | For the six months ended April 30, 2016. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen | 43 |
Financial Highlights (Unaudited) (continued)
Mid Cap Growth Opportunities
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||
Class A (1/95) | ||||||||||||||||||||||||||||||||||
2016(f) | $ | 40.91 | $ | (0.09 | ) | $ | (2.46 | ) | $ | (2.55 | ) | $ | — | $ | (3.34 | ) | $ | (3.34 | ) | $ | 35.02 | |||||||||||||
2015 | 47.67 | (0.31 | ) | 1.72 | 1.41 | — | (8.17 | ) | (8.17 | ) | 40.91 | |||||||||||||||||||||||
2014 | 51.11 | (0.38 | ) | 6.09 | 5.71 | — | (9.15 | ) | (9.15 | ) | 47.67 | |||||||||||||||||||||||
2013 | 42.38 | (0.17 | ) | 12.05 | 11.88 | — | (3.15 | ) | (3.15 | ) | 51.11 | |||||||||||||||||||||||
2012 | 41.36 | (0.16 | ) | 2.77 | 2.61 | — | (1.59 | ) | (1.59 | ) | 42.38 | |||||||||||||||||||||||
2011 | 37.26 | (0.22 | ) | 4.32 | 4.10 | — | — | — | 41.36 | |||||||||||||||||||||||||
Class C (9/01) | ||||||||||||||||||||||||||||||||||
2016(f) | 33.50 | (0.18 | ) | (1.98 | ) | (2.16 | ) | — | (3.34 | ) | (3.34 | ) | 28.00 | |||||||||||||||||||||
2015 | 40.77 | (0.52 | ) | 1.42 | 0.90 | — | (8.17 | ) | (8.17 | ) | 33.50 | |||||||||||||||||||||||
2014 | 45.29 | (0.63 | ) | 5.26 | 4.63 | — | (9.15 | ) | (9.15 | ) | 40.77 | |||||||||||||||||||||||
2013 | 38.17 | (0.45 | ) | 10.72 | 10.27 | — | (3.15 | ) | (3.15 | ) | 45.29 | |||||||||||||||||||||||
2012 | 37.70 | (0.43 | ) | 2.49 | 2.06 | — | (1.59 | ) | (1.59 | ) | 38.17 | |||||||||||||||||||||||
2011 | 34.21 | (0.49 | ) | 3.98 | 3.49 | — | — | — | 37.70 | |||||||||||||||||||||||||
Class R3 (12/00) | ||||||||||||||||||||||||||||||||||
2016(f) | 38.98 | (0.13 | ) | (2.33 | ) | (2.46 | ) | — | (3.34 | ) | (3.34 | ) | 33.18 | |||||||||||||||||||||
2015 | 45.90 | (0.40 | ) | 1.65 | 1.25 | — | (8.17 | ) | (8.17 | ) | 38.98 | |||||||||||||||||||||||
2014 | 49.65 | (0.49 | ) | 5.89 | 5.40 | — | (9.15 | ) | (9.15 | ) | 45.90 | |||||||||||||||||||||||
2013 | 41.35 | (0.27 | ) | 11.72 | 11.45 | — | (3.15 | ) | (3.15 | ) | 49.65 | |||||||||||||||||||||||
2012 | 40.50 | (0.27 | ) | 2.71 | 2.44 | — | (1.59 | ) | (1.59 | ) | 41.35 | |||||||||||||||||||||||
2011 | 36.58 | (0.31 | ) | 4.23 | 3.92 | — | — | — | 40.50 | |||||||||||||||||||||||||
Class R6 (2/13) | ||||||||||||||||||||||||||||||||||
2016(f) | 47.00 | (0.03 | ) | (2.84 | ) | (2.87 | ) | — | (3.34 | ) | (3.34 | ) | 40.79 | |||||||||||||||||||||
2015 | 53.36 | (0.16 | ) | 1.97 | 1.81 | — | (8.17 | ) | (8.17 | ) | 47.00 | |||||||||||||||||||||||
2014 | 55.97 | (0.23 | ) | 6.77 | 6.54 | — | (9.15 | ) | (9.15 | ) | 53.36 | |||||||||||||||||||||||
2013(d) | 46.61 | (0.05 | ) | 9.41 | 9.36 | — | — | — | 55.97 | |||||||||||||||||||||||||
Class I (12/89) | ||||||||||||||||||||||||||||||||||
2016(f) | 46.81 | (0.06 | ) | (2.83 | ) | (2.89 | ) | — | (3.34 | ) | (3.34 | ) | 40.58 | |||||||||||||||||||||
2015 | 53.24 | (0.23 | ) | 1.97 | 1.74 | — | (8.17 | ) | (8.17 | ) | 46.81 | |||||||||||||||||||||||
2014 | 55.93 | (0.29 | ) | 6.75 | 6.46 | — | (9.15 | ) | (9.15 | ) | 53.24 | |||||||||||||||||||||||
2013 | 45.97 | (0.06 | ) | 13.17 | 13.11 | — | (3.15 | ) | (3.15 | ) | 55.93 | |||||||||||||||||||||||
2012 | 44.62 | (0.06 | ) | 3.00 | 2.94 | — | (1.59 | ) | (1.59 | ) | 45.97 | |||||||||||||||||||||||
2011 | 40.09 | (0.10 | ) | 4.63 | 4.53 | — | — | — | 44.62 |
44 | Nuveen |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(e) | ||||||||||||||||||||||||
(6.63 | )% | $ | 307,101 | 1.32 | %* | (0.53 | )%* | 1.32 | %* | (0.53 | )%* | 46 | % | |||||||||||||||||
3.68 | 365,394 | 1.30 | (0.72 | ) | 1.30 | (0.72 | ) | 118 | ||||||||||||||||||||||
12.89 | 371,601 | 1.30 | (0.81 | ) | 1.30 | (0.81 | ) | 106 | ||||||||||||||||||||||
30.27 | 355,086 | 1.30 | (0.38 | ) | 1.29 | (0.38 | ) | 108 | ||||||||||||||||||||||
6.88 | 306,507 | 1.30 | (0.42 | ) | 1.27 | (0.39 | ) | 113 | ||||||||||||||||||||||
11.00 | 289,038 | 1.26 | (0.53 | ) | 1.26 | (0.53 | ) | 114 | ||||||||||||||||||||||
(6.96 | ) | 18,434 | 2.07 | * | (1.28 | )* | 2.07 | * | (1.28 | )* | 46 | |||||||||||||||||||
2.91 | 22,284 | 2.05 | (1.47 | ) | 2.05 | (1.47 | ) | 118 | ||||||||||||||||||||||
12.01 | 24,304 | 2.05 | (1.56 | ) | 2.05 | (1.56 | ) | 106 | ||||||||||||||||||||||
29.33 | 22,181 | 2.05 | (1.14 | ) | 2.04 | (1.13 | ) | 108 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
(6.74 | ) | 60,184 | 1.56 | * | (0.78 | )* | 1.56 | * | (0.78 | )* | 46 | |||||||||||||||||||
3.43 | 54,866 | 1.55 | (0.98 | ) | 1.55 | (0.98 | ) | 118 | ||||||||||||||||||||||
12.59 | 64,262 | 1.55 | (1.10 | ) | 1.55 | (1.10 | ) | 106 | ||||||||||||||||||||||
29.97 | 47,168 | 1.55 | (0.63 | ) | 1.54 | (0.63 | ) | 108 | ||||||||||||||||||||||
6.59 | 38,869 | 1.55 | (0.67 | ) | 1.52 | (0.64 | ) | 113 | ||||||||||||||||||||||
10.72 | 34,929 | 1.51 | (0.77 | ) | 1.51 | (0.77 | ) | 114 | ||||||||||||||||||||||
(6.44 | ) | 29,334 | 0.92 | * | (0.14 | )* | 0.92 | * | (0.14 | )* | 46 | |||||||||||||||||||
4.09 | 31,167 | 0.92 | (0.33 | ) | 0.92 | (0.33 | ) | 118 | ||||||||||||||||||||||
13.31 | 16,192 | 0.92 | (0.44 | ) | 0.92 | (0.44 | ) | 106 | ||||||||||||||||||||||
20.12 | 25,874 | 0.92 | * | (0.14 | )* | 0.92 | * | (0.14 | )* | 108 | ||||||||||||||||||||
(6.52 | ) | 560,096 | 1.07 | * | (0.27 | )* | 1.07 | * | (0.27 | )* | 46 | |||||||||||||||||||
3.95 | 730,560 | 1.05 | (0.47 | ) | 1.05 | (0.47 | ) | 118 | ||||||||||||||||||||||
13.15 | 814,636 | 1.05 | (0.56 | ) | 1.05 | (0.56 | ) | 106 | ||||||||||||||||||||||
30.60 | 776,915 | 1.05 | (0.13 | ) | 1.04 | (0.12 | ) | 108 | ||||||||||||||||||||||
7.13 | 744,480 | 1.05 | (0.17 | ) | 1.02 | (0.14 | ) | 113 | ||||||||||||||||||||||
11.30 | 728,843 | 1.01 | (0.21 | ) | 1.01 | (0.21 | ) | 114 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | For the period February 28, 2013 (commencement of operations) through October 31, 2013. |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(f) | For the six months ended April 30, 2016. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen | 45 |
Financial Highlights (Unaudited) (continued)
Small Cap Growth Opportunities
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||
Class A (8/95) |
| |||||||||||||||||||||||||||||||||
2016(e) | $ | 21.57 | $ | (0.04 | ) | $ | (1.05 | ) | $ | (1.09 | ) | $ | — | $ | (2.02 | ) | $ | (2.02 | ) | $ | 18.46 | |||||||||||||
2015 | 24.41 | (0.22 | ) | 0.33 | 0.11 | — | (2.95 | ) | (2.95 | ) | 21.57 | |||||||||||||||||||||||
2014 | 27.13 | (0.26 | ) | 2.35 | 2.09 | — | (4.81 | ) | (4.81 | ) | 24.41 | |||||||||||||||||||||||
2013 | 21.25 | (0.26 | ) | 7.93 | 7.67 | — | (1.79 | ) | (1.79 | ) | 27.13 | |||||||||||||||||||||||
2012 | 20.41 | (0.21 | ) | 1.35 | 1.14 | — | (0.30 | ) | (0.30 | ) | 21.25 | |||||||||||||||||||||||
2011 | 19.04 | (0.24 | ) | 1.61 | 1.37 | — | — | — | 20.41 | |||||||||||||||||||||||||
Class C (9/01) |
| |||||||||||||||||||||||||||||||||
2016(e) | 17.89 | (0.09 | ) | (0.86 | ) | (0.95 | ) | — | (2.02 | ) | (2.02 | ) | 14.92 | |||||||||||||||||||||
2015 | 20.89 | (0.33 | ) | 0.28 | (0.05 | ) | — | (2.95 | ) | (2.95 | ) | 17.89 | ||||||||||||||||||||||
2014 | 24.05 | (0.38 | ) | 2.03 | 1.65 | — | (4.81 | ) | (4.81 | ) | 20.89 | |||||||||||||||||||||||
2013 | 19.17 | (0.38 | ) | 7.05 | 6.67 | — | (1.79 | ) | (1.79 | ) | 24.05 | |||||||||||||||||||||||
2012 | 18.58 | (0.34 | ) | 1.23 | 0.89 | — | (0.30 | ) | (0.30 | ) | 19.17 | |||||||||||||||||||||||
2011 | 17.46 | (0.36 | ) | 1.48 | 1.12 | — | — | — | 18.58 | |||||||||||||||||||||||||
Class R3 (12/00) |
| |||||||||||||||||||||||||||||||||
2016(e) | 20.71 | (0.06 | ) | (1.02 | ) | (1.08 | ) | — | (2.02 | ) | (2.02 | ) | 17.61 | |||||||||||||||||||||
2015 | 23.60 | (0.27 | ) | 0.33 | 0.06 | — | (2.95 | ) | (2.95 | ) | 20.71 | |||||||||||||||||||||||
2014 | 26.45 | (0.31 | ) | 2.27 | 1.96 | — | (4.81 | ) | (4.81 | ) | 23.60 | |||||||||||||||||||||||
2013 | 20.81 | (0.30 | ) | 7.73 | 7.43 | — | (1.79 | ) | (1.79 | ) | 26.45 | |||||||||||||||||||||||
2012 | 20.04 | (0.26 | ) | 1.33 | 1.07 | — | (0.30 | ) | (0.30 | ) | 20.81 | |||||||||||||||||||||||
2011 | 18.74 | (0.29 | ) | 1.59 | 1.30 | — | — | — | 20.04 | |||||||||||||||||||||||||
Class I (8/95) |
| |||||||||||||||||||||||||||||||||
2016(e) | 24.51 | (0.02 | ) | (1.21 | ) | (1.23 | ) | — | (2.02 | ) | (2.02 | ) | 21.26 | |||||||||||||||||||||
2015 | 27.26 | (0.19 | ) | 0.39 | 0.20 | — | (2.95 | ) | (2.95 | ) | 24.51 | |||||||||||||||||||||||
2014 | 29.68 | (0.23 | ) | 2.62 | 2.39 | — | (4.81 | ) | (4.81 | ) | 27.26 | |||||||||||||||||||||||
2013 | 23.03 | (0.21 | ) | 8.65 | 8.44 | — | (1.79 | ) | (1.79 | ) | 29.68 | |||||||||||||||||||||||
2012 | 22.04 | (0.17 | ) | 1.46 | 1.29 | — | (0.30 | ) | (0.30 | ) | 23.03 | |||||||||||||||||||||||
2011 | 20.51 | (0.19 | ) | 1.72 | 1.53 | — | — | — | 22.04 |
46 | Nuveen |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | ||||||||||||||||||||||||
(5.42 | )% | $ | 30,090 | 1.53 | %* | (0.48 | )%* | 1.47 | %* | (0.42 | )%* | 49 | % | |||||||||||||||||
0.72 | 33,922 | 1.50 | (1.00 | ) | 1.47 | (0.97 | ) | 128 | ||||||||||||||||||||||
9.07 | 38,990 | 1.57 | (1.19 | ) | 1.47 | (1.09 | ) | 125 | ||||||||||||||||||||||
39.22 | 40,965 | 1.55 | (1.17 | ) | 1.46 | (1.09 | ) | 119 | ||||||||||||||||||||||
5.73 | 35,306 | 1.72 | (1.21 | ) | 1.47 | (0.97 | ) | 118 | ||||||||||||||||||||||
7.20 | 36,188 | 1.54 | (1.19 | ) | 1.47 | (1.12 | ) | 118 | ||||||||||||||||||||||
(5.78 | ) | 2,064 | 2.29 | * | (1.23 | )* | 2.22 | * | (1.17 | )* | 49 | |||||||||||||||||||
(0.03 | ) | 2,278 | 2.25 | (1.75 | ) | 2.22 | (1.72 | ) | 128 | |||||||||||||||||||||
8.26 | 2,250 | 2.32 | (1.94 | ) | 2.22 | (1.84 | ) | 125 | ||||||||||||||||||||||
38.17 | 2,350 | 2.30 | (1.91 | ) | 2.22 | (1.83 | ) | 119 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
(5.61 | ) | 1,252 | 1.78 | * | (0.73 | )* | 1.72 | * | (0.67 | )* | 49 | |||||||||||||||||||
0.50 | 1,439 | 1.75 | (1.26 | ) | 1.72 | (1.23 | ) | 128 | ||||||||||||||||||||||
8.77 | 2,077 | 1.82 | (1.44 | ) | 1.72 | (1.34 | ) | 125 | ||||||||||||||||||||||
38.86 | 1,941 | 1.80 | (1.40 | ) | 1.72 | (1.32 | ) | 119 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
(5.33 | ) | 54,326 | 1.28 | * | (0.23 | )* | 1.22 | * | (0.17 | )* | 49 | |||||||||||||||||||
1.00 | 62,403 | 1.25 | (0.75 | ) | 1.22 | (0.71 | ) | 128 | ||||||||||||||||||||||
9.34 | 62,887 | 1.32 | (0.94 | ) | 1.22 | (0.84 | ) | 125 | ||||||||||||||||||||||
39.55 | 48,141 | 1.30 | (0.90 | ) | 1.22 | (0.82 | ) | 119 | ||||||||||||||||||||||
5.99 | 48,111 | 1.47 | (0.96 | ) | 1.22 | (0.72 | ) | 118 | ||||||||||||||||||||||
7.46 | 63,866 | 1.31 | (0.94 | ) | 1.22 | (0.84 | ) | 118 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the six months ended April 30, 2016. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen | 47 |
Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust and Fund 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.
The end of the reporting period for the Funds is April 30, 2016, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2016 (the “current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). Nuveen is an operating division of TIAA Global Asset Management. The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Large Cap Growth Opportunities’ investment objective is long-term growth of capital. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes, in common stocks of large-capitalization companies, defined as companies that have market capitalizations of $5 billion or greater.
Mid Cap Growth Opportunities’ investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in common stocks of mid-capitalization companies. Mid-capitalization companies are defined as companies that have market capitalizations within the market capitalization range of the companies in the Russell Midcap® Index on the last business day of the month in which its most recent reconstitution was completed. Reconstitution of the index currently is completed in June of each year. On June 30, 2015, the range was $1.6 billion to $28.1 billion.
Small Cap Growth Opportunities’ investment objective is growth of capital. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes, in common stocks of small-capitalization companies. Small capitalization companies are defined as companies that have market capitalizations within the market capitalization range of the companies in the Russell 2000 Index on the last business day of the month in which its most recent reconstitution was completed. Reconstitution of the index currently is completed in June of each year. On June 30, 2015, the range was $103 million to $4.7 billion.
Each Fund may invest up to 15% of its total assets in non-dollar denominated equity securities of non-U.S. issuers. In addition, each Fund may invest up to 25% of its assets, collectively, in non-dollar denominated equity securities of non-U.S. issuers and in dollar-denominated equity securities of non-U.S. issuers that are either listed on a U.S. stock exchange or represented by depositary receipts that may or may not be sponsored by a domestic bank. Up to 15% of each Fund’s total assets may be invested in equity securities of emerging market issuers. Each Fund may utilize options, futures contracts, options on futures contracts and forward foreign currency exchanges contracts (“derivatives”). Each Fund may use these derivatives to manage market or business risk, enhance each Fund’s return, or hedge against adverse movements in currency exchange rates.
The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes.
48 | Nuveen |
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. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared and distributed to shareholders annually. Net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Share Classes and Sales Charges
Class A Shares are generally sold with an up-front sales charge and incur a 0.25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) equal to 1% if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a 0.25% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6 Shares and Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
Multiclass Operations and Allocations
Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and service fees.
Sub-transfer agent fees, which are recognized as a component of “Shareholder servicing agent fees” on the Statement of Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative net assets.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
The Indemnifications
Under each Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to 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 each Trust that have not yet occurred. However, each Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset any exposure to a specific counterparty as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
Nuveen | 49 |
Notes to Financial Statements (Unaudited) (continued)
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. | |
Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 – | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2. 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, which may represent a transfer from a Level 1 to a Level 2 security.
Investments in investment companies are valued at their respective NAVs on the valuation date and 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 (the “Board”) and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which 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 NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the the Board and/or its appointee.
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 | $ | 372,316,312 | $ | — | $ | — | $ | 372,316,312 | ||||||||
Investments Purchased with Collateral from Securities Lending | 80,191,188 | — | — | 80,191,188 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 357,048 | — | — | 357,048 | ||||||||||||
Total | $ | 452,864,548 | $ | — | $ | — | $ | 452,864,548 | ||||||||
Mid Cap Growth Opportunities | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 966,948,483 | $ | — | $ | — | $ | 966,948,483 | ||||||||
Investments Purchased with Collateral from Securities Lending | 334,587,795 | — | — | 334,587,795 | ||||||||||||
Total | $ | 1,301,536,278 | $ | — | $ | — | $ | 1,301,536,278 |
50 | Nuveen |
Small Cap Growth Opportunities | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 84,100,296 | $ | — | $ | — | ** | $ | 84,100,296 | |||||||
Investments Purchased with Collateral from Securities Lending | 41,726,042 | — | — | 41,726,042 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 3,151,284 | — | — | 3,151,284 | ||||||||||||
Total | $ | 128,977,622 | $ | — | $ | — | ** | $ | 128,977,622 |
* | Refer to Fund’s Portfolio of Investments for industry classifications. |
** | Value equals zero as of the end of the reporting period. Refer to the Fund’s Portfolio of Investments for security classified as Level 3. |
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of independent pricing services for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
(i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
(ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely- traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
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. When loaning securities, each Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. Each Fund also has the ability to recall the securities on loan at any time.
Each Fund’s policy is to receive, at the inception of a loan, cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Payable for collateral from securities lending program” on the Statement of Assets and Liabilities. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending, at value” on the Statement of Assets and Liabilities. The market value of the securities loaned is determined at the close of each business day in order to determine the adequacy of the collateral. If the value of the securities on loan increases such that the level of collateralization falls below 100%, additional collateral is received from the borrower on the next business day, which is recognized as “Due from broker” on the Statement of Assets and Liabilities.
Securities out on loan are subject to termination at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the securities loaned. Generally, in the event the borrower defaults on its obligation to return the loaned securities, the Fund has the right to use the collateral to acquire identical securities. In the event the Fund is delayed or prevented from exercising its right to dispose of the collateral, there may be a loss to the Fund. Under each Fund’s securities lending agreement, however, the securities lending agent has indemnified the Fund against losses resulting from borrower default, except to the extent that those losses result from a decrease in the value of the collateral due to its investment by the Fund. The Fund bears the risk of loss with respect to the investment of collateral.
Nuveen | 51 |
Notes to Financial Statements (Unaudited) (continued)
The Funds’ custodian, U.S. Bank National Association, serves as its securities lending agent. Each Fund pays the custodian a fee based on its proportional share of the custodian’s expense of operating its securities lending program. Income earned from the securities lending program is paid to the Fund, net of any fees paid. Income from securities lending, net of fees paid, is recognized as “Securities lending income, net” on the Statement of Operations.
The following table presents the securities out on loan for the Funds, and the collateral delivered related to those securities, as of the end of the reporting period.
Fund | Asset Class out on Loan | Long-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure | ||||||||||
Large Cap Growth Opportunities | Common Stocks | $ | 78,319,357 | $ | (78,319,357 | ) | $ | — | ||||||
Mid Cap Growth Opportunities | Common Stocks | 327,387,056 | (327,387,056 | ) | — | |||||||||
Small Cap Growth Opportunities | Common Stocks | 39,930,470 | (39,930,470 | ) | — |
* | As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan. Refer to the Fund’s Portfolio of Investments for details on the securities out on loan. |
Securities lending fees paid by each Fund during the current fiscal period were as follows:
Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||||||||
Securities lending fees paid | $ | 5,516 | $ | 80,807 | $ | 26,617 |
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the predetermined threshold amount.
52 | Nuveen |
4. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
Six Months Ended 4/30/16 | Year Ended 10/31/15 | |||||||||||||||
Large Cap Growth Opportunities | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 189,823 | $ | 5,738,492 | 293,385 | $ | 10,733,704 | ||||||||||
Class C | 83,147 | 2,174,103 | 95,594 | 2,942,818 | ||||||||||||
Class R3 | 26,920 | 779,976 | 62,194 | 2,236,858 | ||||||||||||
Class R6 | 17,504 | 551,002 | 23,033 | 865,090 | ||||||||||||
Class I | 589,132 | 20,347,902 | 687,823 | 26,466,772 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 698,514 | 21,462,783 | 686,565 | 23,054,856 | ||||||||||||
Class C | 91,518 | 2,328,427 | 63,421 | 1,842,376 | ||||||||||||
Class R3 | 48,358 | 1,419,840 | 45,621 | 1,479,480 | ||||||||||||
Class R6 | 91,507 | 3,068,118 | 87,371 | 3,142,735 | ||||||||||||
Class I | 951,156 | 31,769,784 | 947,393 | 34,001,959 | ||||||||||||
2,787,579 | 89,640,427 | 2,992,400 | 106,766,648 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (477,912 | ) | (14,768,045 | ) | (1,400,857 | ) | (51,235,903 | ) | ||||||||
Class C | (83,482 | ) | (2,125,432 | ) | (109,400 | ) | (3,417,208 | ) | ||||||||
Class R3 | (78,561 | ) | (2,182,147 | ) | (108,635 | ) | (3,786,733 | ) | ||||||||
Class R6 | (34,348 | ) | (1,228,209 | ) | (177,680 | ) | (7,112,374 | ) | ||||||||
Class I | (1,703,854 | ) | (56,644,895 | ) | (2,760,177 | ) | (105,630,736 | ) | ||||||||
(2,378,157 | ) | (76,948,728 | ) | (4,556,749 | ) | (171,182,954 | ) | |||||||||
Net increase (decrease) | 409,422 | $ | 12,691,699 | (1,564,349 | ) | $ | (64,416,306 | ) | ||||||||
Six Months Ended 4/30/16 | Year Ended 10/31/15 | |||||||||||||||
Mid Cap Growth Opportunities | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 1,001,890 | $ | 35,812,712 | 1,685,601 | $ | 71,861,448 | ||||||||||
Class C | 38,007 | 1,109,385 | 96,491 | 3,326,130 | ||||||||||||
Class R3 | 827,385 | 28,215,410 | 483,013 | 19,544,907 | ||||||||||||
Class R6 | 165,615 | 6,738,057 | 714,512 | 34,158,123 | ||||||||||||
Class I | 998,596 | 40,826,875 | 1,868,955 | 90,743,962 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 792,841 | 29,200,332 | 1,578,073 | 61,923,572 | ||||||||||||
Class C | 66,705 | 1,969,787 | 126,736 | 4,099,904 | ||||||||||||
Class R3 | 149,955 | 5,236,446 | 302,689 | 11,344,768 | ||||||||||||
Class R6 | 49,885 | 2,136,595 | 53,391 | 2,398,848 | ||||||||||||
Class I | 1,001,858 | 42,719,209 | 2,256,936 | 101,110,776 | ||||||||||||
5,092,737 | 193,964,808 | 9,166,397 | 400,512,438 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,958,648 | ) | (69,678,630 | ) | (2,127,432 | ) | (89,836,493 | ) | ||||||||
Class C | (111,534 | ) | (3,261,335 | ) | (154,133 | ) | (5,431,709 | ) | ||||||||
Class R3 | (571,169 | ) | (19,015,397 | ) | (778,132 | ) | (30,838,598 | ) | ||||||||
Class R6 | (159,561 | ) | (6,620,991 | ) | (408,175 | ) | (20,301,930 | ) | ||||||||
Class I | (3,807,657 | ) | (155,741,980 | ) | (3,818,895 | ) | (184,260,176 | ) | ||||||||
(6,608,569 | ) | (254,318,333 | ) | (7,286,767 | ) | (330,668,906 | ) | |||||||||
Net increase (decrease) | (1,515,832 | ) | $ | (60,353,525 | ) | 1,879,630 | $ | 69,843,532 |
Nuveen | 53 |
Notes to Financial Statements (Unaudited) (continued)
Six Months Ended 4/30/16 | Year Ended 10/31/15 | |||||||||||||||
Small Cap Growth Opportunities | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 50,548 | $ | 922,330 | 74,804 | $ | 1,732,493 | ||||||||||
Class C | 10,863 | 152,717 | 39,382 | 746,413 | ||||||||||||
Class R3 | 17,053 | 316,801 | 31,859 | 697,321 | ||||||||||||
Class I | 173,011 | 3,680,174 | 483,063 | 12,855,556 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 156,382 | 3,021,303 | 204,286 | 4,310,437 | ||||||||||||
Class C | 15,927 | 249,421 | 17,461 | 307,657 | ||||||||||||
Class R3 | 7,678 | 141,728 | 12,106 | 245,744 | ||||||||||||
Class I | 164,750 | 3,662,396 | 189,325 | 4,528,679 | ||||||||||||
596,212 | 12,146,870 | 1,052,286 | 25,424,300 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (148,980 | ) | (2,794,852 | ) | (303,868 | ) | (7,042,087 | ) | ||||||||
Class C | (15,770 | ) | (235,427 | ) | (37,225 | ) | (712,570 | ) | ||||||||
Class R3 | (23,140 | ) | (425,113 | ) | (62,478 | ) | (1,388,398 | ) | ||||||||
Class I | (328,182 | ) | (7,206,402 | ) | (432,828 | ) | (11,244,666 | ) | ||||||||
(516,072 | ) | (10,661,794 | ) | (836,399 | ) | (20,387,721 | ) | |||||||||
Net increase (decrease) | 80,140 | $ | 1,485,076 | 215,887 | $ | 5,036,579 |
5. Investment Transactions
Long-term purchases and sales (excluding investments purchased with collateral from securities lending) during the current fiscal period were as follows:
Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||||||||
Purchases | $ | 116,800,943 | $ | 488,613,374 | $ | 42,847,401 | ||||||
Sales | 190,856,819 | 639,908,821 | 49,351,168 |
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
As of April 30, 2016, 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 | $ | 341,741,962 | $ | 1,197,744,097 | $ | 122,379,546 | ||||||
Gross unrealized: | ||||||||||||
Appreciation | $ | 117,176,807 | $ | 126,416,662 | $ | 11,159,703 | ||||||
Depreciation | (6,054,221 | ) | (22,624,481 | ) | (4,561,627 | ) | ||||||
Net unrealized appreciation (depreciation) of investments | $ | 111,122,586 | $ | 103,792,181 | $ | 6,598,076 |
54 | Nuveen |
Permanent differences, primarily due to net operating losses, tax equalization, deemed dividend due to corporate actions investment from partnerships and investments in passive foreign investment companies, resulted in reclassifications among the Funds’ components of net assets as of October 31, 2015, the Funds’ last tax year end, as follows:
Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||||||||
Capital paid-in | $ | 518,465 | $ | 5,046,667 | $ | (11 | ) | |||||
Undistributed (Over-distribution of) net investment income | 5,631,740 | 869,455 | 884,764 | |||||||||
Accumulated net realized gain (loss) | (6,150,205 | ) | (5,916,122 | ) | (884,753 | ) |
The tax components of undistributed net ordinary income and net long-term capital gains as of October 31, 2015, the Funds’ last tax year end, were as follows:
Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||||||||
Undistributed net ordinary income1 | $ | 5,482,108 | $ | — | $ | 1,802,696 | ||||||
Undistributed net long-term capital gains | 78,262,468 | 89,825,330 | 6,714,307 |
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, 2015, 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 income1 | $ | 4,222,148 | $ | 39,080,850 | $ | 3,544,233 | ||||||
Distributions from net long-term capital gains | 85,534,194 | 166,176,599 | 8,237,913 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
As of October 31, 2015, the Funds’ last tax year end, the Funds did not have any unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any.
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Advisor is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual Fund-level fee for each Fund, payable monthly, is calculated according to the following schedule:
Average Daily Net Assets | Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |||||||||
For the first $125 million | 0.6500 | % | 0.7000 | % | 0.8000 | % | ||||||
For the next $125 million | 0.6375 | 0.6875 | 0.7875 | |||||||||
For the next $250 million | 0.6250 | 0.6750 | 0.7750 | |||||||||
For the next $500 million | 0.6125 | 0.6625 | 0.7625 | |||||||||
For the next $1 billion | 0.6000 | 0.6500 | 0.7500 | |||||||||
For net assets over $2 billion | 0.5750 | 0.6250 | 0.7250 |
Nuveen | 55 |
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 | 0.2000 | % | ||
$56 billion | 0.1996 | |||
$57 billion | 0.1989 | |||
$60 billion | 0.1961 | |||
$63 billion | 0.1931 | |||
$66 billion | 0.1900 | |||
$71 billion | 0.1851 | |||
$76 billion | 0.1806 | |||
$80 billion | 0.1773 | |||
$91 billion | 0.1691 | |||
$125 billion | 0.1599 | |||
$200 billion | 0.1505 | |||
$250 billion | 0.1469 | |||
$300 billion | 0.1445 |
* | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by 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, 2016, the complex-level fee rate for each Fund was as follows: |
Fund | Complex-Level Fee | |||
Large Cap Growth Opportunities | 0.1998 | % | ||
Mid Cap Growth Opportunities | 0.1998 | |||
Small Cap Growth Opportunities | 0.1998 |
The Adviser has contractually agreed to waive fees and/or reimburse expenses (“Expense Cap”) of Small Cap Growth Opportunities so that total annual Fund operating expenses, (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 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.
Fund | Expense Cap | Expense Cap Expiration Date | ||||
Small Cap Growth Opportunities | 1.22 | % | February 28, 2017 |
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 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 current fiscal period, Nuveen Securities, LLC, (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||||||||
Sales charges collected | $ | 34,923 | $ | 40,917 | $ | 5,257 | ||||||
Paid to financial intermediaries | 30,926 | 35,960 | 4,728 |
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||||||||
Commission advances | $ | 10,270 | $ | 5,265 | $ | 2,493 |
56 | Nuveen |
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the current fiscal period ended, 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 | $ | 9,398 | $ | 6,985 | $ | 1,871 |
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:
Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | ||||||||||
CDSC retained | $ | 1,249 | $ | 802 | $ | 20 |
8. Borrowings Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit (“Unsecured Credit Line”) under which outstanding balances would bear interest at a variable rate. On December 31, 2015 (the only date utilized during the current fiscal period), Mid Cap Growth Opportunities borrowed $723,550 from the Unsecured Credit Line at an annualized interest rate of 1.68% on its outstanding balance. The remaining Funds in this report did not draw on this Unsecured Credit Line during the current fiscal period.
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.53 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, including all of the Funds covered by this shareholder report, along with a number of Nuveen closed-end funds.
The credit facility expires in July 2016 unless extended or renewed. The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.
9. Subsequent Events
Class R6 Shares
Effective June 30, 2016, Small Cap Growth Opportunities will begin offering Class R6 Shares as further described in the Fund’s most recent prospectus.
Management Fees
Effective June 30, 2016, the annual fund-level fee for the Funds, payable monthly, will be calculated according to the following schedule:
Average Daily Net Assets | Large Cap Growth Opportunities | Mid Cap Growth Opportunities | Small Cap Growth Opportunities | |||||||||
For the first $125 million | 0.5000 | % | 0.6000 | % | 0.6500 | % | ||||||
For the next $125 million | 0.5475 | 0.5875 | 0.6375 | |||||||||
For the next $250 million | 0.4750 | 0.5750 | 0.6250 | |||||||||
For the next $500 million | 0.4625 | 0.5625 | 0.6125 | |||||||||
For the next $1 billion | 0.4500 | 0.5500 | 0.6000 | |||||||||
For net assets over $2 billion | 0.4250 | 0.5250 | 0.5750 |
Nuveen | 57 |
Notes to Financial Statements (Unaudited) (continued)
Effective June 30, 2016, the Adviser has agreed to waive fees and/or reimburse expenses for the Funds through February 28, 2018 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares as follows. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for the Class R6 Shares will be less than the expense limitation.
Fund | Expense Cap | |||
Large Cap Growth Opportunities | 0.89 | % | ||
Mid Cap Growth Opportunities | 0.92 | |||
Small Cap Growth Opportunities | 1.09 |
58 | Nuveen |
Fund Information
Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606
Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 | Independent Registered PricewaterhouseCoopers LLP One North Wacker Drive Chicago, IL 60606
Custodian U.S. Bank National Association 1555 North RiverCenter Drive, Suite 302 Milwaukee, WI 53202 | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | Transfer Agent and Boston Financial Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787 |
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Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation. | ||||||||||||||
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Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov. | ||||||||||||||
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FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org. |
Nuveen | 59 |
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.
Lipper Large-Cap Growth Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Large-Cap Growth Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions but do not reflect any applicable sales charges.
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 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) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.
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 1000® Index: An unmanaged index, considered representative of large-cap stocks. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 3000® Index measures the performance of the 3,000 largest companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. 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.
60 | Nuveen |
Glossary of Terms Used in this Report (continued)
S&P 500® Index: An unmanaged index generally considered representative of the U.S. stock market. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
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.
Nuveen | 61 |
Notes
62 | Nuveen |
Notes
Nuveen | 63 |
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Nuveen: | ||||||||||||||
Serving Investors for Generations | ||||||||||||||
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Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio. | ||||||||||||||
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MSA-FCGO-0416P 16849-INV-B-06/17
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Mutual Funds |
Nuveen Equity Funds
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| Semi-Annual Report April 30, 2016 |
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Fund Name | Class A | Class C | Class R3 | Class I | ||||||||||
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Nuveen Large Cap Select Fund | FLRAX | FLYCX | — | FLRYX | ||||||||||
Nuveen Small Cap Select Fund | EMGRX | FHMCX | ASEIX | ARSTX |
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Nuveen | 3 |
to Shareholders
Dear Shareholders,
The U.S. economy is now seven years into the recovery, but its pace remains stubbornly subpar compared to past recoveries. Economic data continues to be a mixed bag, as it has been throughout this expansion period. While the unemployment rate fell below its pre-recession level, a surprisingly weak jobs growth report in May was a disappointing sign, although not necessarily indicative of a lasting downtrend. Wages have grown slightly but not nearly enough to reinvigorate Americans’ buying power. The housing market has improved markedly but its contribution to the recovery has been lackluster. Deflationary pressures, including the dramatic slide in commodity prices, have kept inflation much lower for longer than many expected.
Furthermore, frail economies across the rest of the world have continued to cast a shadow over the U.S. Although the European Central Bank and Bank of Japan have been providing aggressive monetary stimulus, including adopting negative interest rates in both Europe and Japan, their economies continue to lag the U.S.’s recovery. China’s policy makers have also continued to manage its slowdown but investors are still worried about where the world’s second-largest economy might ultimately land. Additionally, global markets were surprised by the U.K.’s June 23, 2016 referendum vote to leave the European Union, known as “Brexit.” Heightened price volatility and negative sentiment are to be expected in the near term as markets readjust and await clarity on the Brexit process and its impact on the U.K., Europe and across the world.
Many of these ambiguities – both domestic and international – have kept the U.S. Federal Reserve (Fed) from raising short-term interest rates any further since December’s first and only increase thus far. While markets rallied on the widely held expectation that the Fed would defer any increases until June, the unusually weak May jobs report and the Brexit concerns compelled the Fed to again hold rates steady.
With global economic growth still looking fairly fragile, financial markets have become more volatile over the past year. Although sentiment has improved and conditions have generally recovered from the intense volatility seen in early 2016, we expect that turbulence remains on the horizon for the time being. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you’re concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor.
On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
June 24, 2016
4 | Nuveen |
Comments
Nuveen Large Cap Select Fund
Nuveen Small Cap Select Fund
These Funds feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen Investments, Inc.
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 joined the management team for the Fund in 2004.
Mark Traster, CFA, and Gregory Ryan, CFA, are the portfolio managers for the Nuveen Small Cap Select Fund. Mark assumed portfolio manager responsibilities in 2008 and Greg joined the portfolio management team for the Fund in 2013.
On the following pages, the portfolio management teams for the Funds discuss key investment strategies and the Funds’ performance for the six-month reporting period ended April 30, 2016.
Nuveen Large Cap Select Fund
How did the Fund perform during the six-month reporting period ended April 30, 2016?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2016. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV) only. The Fund’s Class A Shares at NAV underperformed the S&P 500® Index and the Lipper Large-Cap Core Funds Classification Average during the six-month reporting period.
What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?
The Fund pursues 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. During the reporting period, we continued to employ 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 to drive future performance. Our process focuses on constructing a portfolio that we believe offers the best opportunity to achieve superior, risk-adjusted returns over the long term. Throughout the reporting period, the Fund remained cyclically oriented with the most significant change in positioning coming from an approximately 5% increase in its industrial sector weight. We reduced positioning across the board in health care, bringing the Fund to an underweight relative to the benchmark, while also moving to further underweight consumer staples. At the same time, we added several positions in energy, bringing that sector to an overweight position relative to the S&P 500® Index.
The equity market experienced heightened volatility during the reporting period as investors reacted to Chinese economic data suggesting further deceleration, rising high yield credit spreads and the impacts of weakness in oil prices. Additionally, heightened political rhetoric and government scrutiny over pricing practices in the pharmaceutical industry drove an intense sell-off among health care stocks across the capitalization spectrum. Equity markets sold off sharply in January and bottomed on February 11, 2016, before subsequently rising throughout the remainder of the reporting period as energy prices reversed from their continued downward pressure based on evidence of improving economic metrics and long-awaited signs of domestic oil production constraints. Markets were also
Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio managers as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Funds disclaim any obligation to update publicly or revise any forward-looking statements or views expressed herein.
Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.
Nuveen | 5 |
Portfolio Managers’ Comments (continued)
likely boosted by additional Chinese economic stimulus measures and generally tepid global growth, which served to diminish the likelihood of Federal Reserve (Fed) rate increases in the coming months. As markets rallied off their lows, value oriented stocks gained more ground, outperforming growth and momentum stocks during the reporting period. The Fund’s underperformance versus its benchmarks was mainly the result of stock selection in the financial, information technology and consumer discretionary sectors. A lack of exposure to telecommunication services, the top performing sector in the S&P 500® Index over this time frame, as well as an underweight position in consumer staples also detracted. On the other hand, stock selection in the energy, consumer staples and industrial sectors was beneficial to the Fund’s performance during this reporting period.
The financial sector was the largest detractor of relative performance for the Fund. Shares of financial companies dropped sharply at the beginning of 2016, particularly in the banking industry, as concerns surrounding global economic health, plunging oil prices and the uncertain future pace of Fed interest rate increases weighed heavily on the sector. In particular, our positions with high interest rate sensitivity or elevated capital markets exposure were negatively impacted as interest rates declined by almost 40 basis points and the Fed indicated it was likely to increase rates only two times in 2016, down from a previous expectation of three to four increases. Our position in Citigroup Inc. was negatively affected by concerns about slowing equity market activity globally, which put downward pressure on its shares. Also, two other Fund holdings, Ameriprise Financial Inc. and E*TRADE Financial Corporation, suffered from their greater interest rate exposure. Additional macro concerns, increasing competition and a slight taper in trading volumes also weighed on investor sentiment. In terms of the latter two, we thought their share declines were unwarranted because these companies do not depend solely on interest rates for earnings upside. We believed all three holdings were already pricing in much of the risks and that their risk/reward scenarios were attractive; therefore, we maintained the positions.
In the technology sector, shares of Apple, Inc. fell fairly significantly during the reporting period. Lackluster sales of the company’s flagship iPhone product have pressured Apple’s stock over the past few quarters. However, we have maintained the Fund’s position because we believe Apple offers a solid risk/reward profile as its stock is trading at a significant discount to the market. At the same time, the company continues to have strong operating margins and return cash to shareholders. Apple will also likely benefit from a new product cycle in late 2016 when it introduces the newest iPhone model. In addition, the Fund’s position in Xilinx Inc. fell short of expectations. The company is a leading designer of programmable semiconductors with key end markets including data centers and telecommunication firms. Xilinx’s stock was weak after management softened guidance and announced plans to boost research and development spending as the company prepares to position itself to be a share taker in the future. With better-than-expected results and the expectation that current investments should lift future results, we remained an investor in Xilinx at these price levels.
In the consumer discretionary sector, shares of priceline.com Incorporated dropped sharply throughout the first half of the reporting period as Wall Street soured on the online travel industry. The industry is facing increased competition from companies such as Airbnb, Inc., which led to several analyst downgrades on lower earnings expectations for priceline.com going forward. We sold our shares, but decided to reestablish a position in priceline.com after the reporting period ended. Also, our position in Signet Jewelers Limited was negatively impacted by the company’s uptick in bad debt expenses, which resulted in investors becoming concerned about future growth prospects. While the stock recovered from its February lows, we decided to sell our shares as we believed upside was likely limited due to concerns about store traffic and increasing consumer bad debts. Shares of Royal Caribbean Cruises Limited also struggled throughout January and February before rallying back somewhat. The cruise line operator provided lower-than-expected 2016 earnings guidance due in part to the negative impact of the strong dollar. In addition, the company is facing significant headline risk as fears surrounding the Zika virus outbreak in the Caribbean are hurting the entire cruising industry. We decided to sell Royal Caribbean because its margins and revenue trends may have peaked after the company’s strong results over the past two years, which could lead to more muted stock performance going forward.
Stock selection was favorable in the energy sector where we focused the Fund’s exposure in high quality names from the exploration and production (E&P) industry in the prolific Permian Basin in Texas. This worked to our benefit as stocks of energy producers with questionable balance sheets as well as service companies came under intense pressure as crude oil prices marked new lows. For example, shares of Parsley Energy Inc. advanced significantly due to strong fourth-quarter results, which were driven by solid production reports and opportunistic acreage acquisitions. The stock remains a compelling position for the Fund with oil prices improving, combined with the company’s strong asset base and low financial leverage. Another E&P firm, Pioneer Natural Resources Company, benefited the Fund as well. After taking a hit in December and January, Pioneer’s shares appreciated strongly throughout the rest of the reporting period due to
6 | Nuveen |
an earnings beat, positive guidance and continued well outperformance. We believe this company has the potential to post favorable growth over the next few years, given its prime acreage position in the Permian Basin and strong production potential.
In consumer staples sector, the Fund’s standout performer was Tyson Foods, Inc., the country’s largest processor and marketer of chicken, beef and pork. The company benefited from the downturn in oil prices and its promise to end the use of human antibiotics after 2015’s avian influenza outbreak. Tyson’s shares advanced strongly after the company reported record adjusted earnings and its fourth consecutive year of earnings-per-share growth, coupled with solid 2016 guidance, a dividend increase, share repurchase commitments and additional synergies that are expected to be realized from the Hillshire merger.
Also offsetting some of the weakness in the consumer discretionary sector was our position in consumer products provider Jarden Corporation, which performed well during the reporting period. The company announced that it would be acquired by Newell Rubbermaid in a deal worth roughly $16 billion, creating a consumer products powerhouse. Jarden’s stock price responded by climbing to the price target proposed by the merger. We decided to sell our position after the stock became fully valued in our opinion. Also, our position in Target Corporation boosted Fund performance. Investors cheered a variety of drivers that should benefit earnings going forward, including improved weather conditions (after a warmer-than-normal winter), better labor statistics and corporate restructurings. Target continues to revamp operations to improve its cost structure and rejuvenate sales via higher-margin private label brands.
In the industrials sector, the Fund’s position in Eaton Corporation Plc produced strong results during the reporting period despite the company’s conservative expectations for 2016 and demand weakness across the sector. Eaton’s management continues to focus on restructuring, which is already resulting in margin benefits. This restructuring is expected to save between $120 million to $180 million per year until 2018. The company’s capital return program is also anticipated to reach $2.3 billion in share repurchases over the next three years and a dividend yield of around 4%. On the other hand, shares of Delta Air Lines, Inc. and the rest of the airline industry were pressured by fare price competition, which resulted in negative passenger unit revenue, otherwise known as PRASM. Some of the industry competition is due to lower fuel costs and some is because of aggressive expansion by smaller carriers in select markets. While the market focuses on PRASM as an indicator of airline companies’ pricing power and stability of earnings, we continue to like the prospects for Delta and held our position.
Results were flat in the health care sector, where strength from our position in Allergan plc was offset by weakness from Alexion Pharmaceuticals Inc. Allergan, which has been a meaningful consolidator within the specialty pharmaceutical industry, was the subject of much market speculation last fall regarding some sort of large transaction with Pfizer, which drove the stock price higher. During the fourth quarter, a deal with Pfizer was announced; however, we reduced our weight in Allergan following the news because the transaction would require a long regulatory review process. In April, the two companies announced they were scrapping the merger after the U.S. changed regulations to dissuade companies from domiciling overseas to lessen corporate taxes. Shares of Alexion Pharmaceuticals were sold off significantly along with the rest of the biotechnology industry. The company reported a strong fiscal year 2015, but initial guidance for 2016 was dampened by foreign exchange headwinds and a slowdown in revenues from its flagship Soliris product. Although we reduced the Fund’s exposure to Alexion, we believe the company’s long-term growth outlook remains on positive trajectory and continue to hold the stock.
While the utilities sector detracted modestly from performance due to the Fund’s underweight, our position in NextEra Energy Inc. posted solid return numbers during the reporting period after reporting strong fiscal year 2015 results. The company continues to have one of the better growth profiles in utilities given its dominance in the renewable space, selling merchant power and additional pipeline contracts.
Finally, the Fund had very little exposure to the defensive, high dividend paying telecommunication services sector. During the reporting period, this lack of exposure to the sector and to large benchmark weights AT&T Inc. and Verizon Communications Inc. worked to its disadvantage due to the fact that telecommunications was the strongest performing sector in the benchmark.
Nuveen | 7 |
Portfolio Managers’ Comments (continued)
Nuveen Small Cap Select Fund
How did the Fund perform during the six-month reporting period ended April 30, 2016?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2016. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV) only. The Fund’s Class A Shares at NAV underperformed both the Russell 2000® Index and the Lipper Small-Cap Core Funds Classification Average during the six-month reporting period.
What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?
The Fund seeks to provide long-term capital appreciation by investing at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes primarily in the common stocks of small-capitalization companies with market capitalizations of $177 million to $4.3 billion at the time of purchase. During this reporting period, we continued to execute on our strategy of investing in well run small-cap companies that we believe offer good value in order to generate competitive returns for the Fund. We continued to tap into our firm’s strong fundamental research capabilities in order to find what we believe to be the best ideas within the small-cap universe. These companies exhibit strong cash flows and attractive valuations, plus have identifiable, near-term catalysts that could be realized over the next 12-24 months.
Small-cap equities encountered heightened volatility during the reporting period as investors reacted to Chinese economic data suggesting further deceleration, rising high yield credit spreads and the impacts of weakness in oil prices. Additionally, increased political rhetoric and government scrutiny over pricing practices in the pharmaceutical industry drove an intense sell-off among health care stocks across the capitalization spectrum. However, in mid-February, energy prices reversed from continued downward pressure based on evidence of improving economic metrics, easing fears of a recession as well as long-awaited signs of domestic oil production constraints. After the February 11, 2016, market lows, small-cap stocks subsequently recovered most of their losses for the reporting period, likely due to a combination of the rebound in oil prices, additional Chinese economic stimulus measures and generally tepid global growth that diminished the likelihood of Federal Reserve rate increases in the coming months. Value oriented stocks gained more ground as markets began to rally, outperforming growth and momentum stocks for the reporting period. Both the Fund and its benchmarks produced negative returns in this environment, with the Fund modestly underperforming due to stock selection in the financial and consumer staples sectors. Stock selection was favorable in the consumer discretionary, industrial, energy and information technology sectors during the reporting period.
The financial sector was the most noteworthy drag on relative results, mainly due to our position in annuity focused firm American Equity Investment Life Holding Company. The stock’s volatility was primarily the result of industry talk regarding the Department of Labor’s fiduciary proposals and how these may or may not impact industry players. In addition, credit spread widening negatively impacted the perceived value of firms like American Equity Life, given its energy and material holdings. However, we remained holders because of the continued operating strength seen in annuity sales. Offsetting some of the weakness, we did see favorable results from EPR Properties, a diversified real estate investment trust (REIT) focused on family entertainment centers, theaters and charter/private school locations. Company management has been successful at achieving above average returns from its properties. In addition, gaming licensing approval trends have been positive with regard to EPR Properties’ casino and resort project in New York.
In the consumer staples sector, the only detractor of note during the reporting period was Natural Grocers by Vitamin Cottage Inc., a specialty food retailer leveraged to the natural and organic food industry. While the company has continued to grow its store base by 20% annually, comparable store sales have decelerated materially over the past several quarters and have fallen short of expectations. Natural Grocers’ most recent quarterly results were disappointing and the company subsequently lowered its outlook for the remainder of the year. We had assumed that a variety of sales initiatives would have enabled Natural Grocers to reverse the decelerating trend, which has not been the case. Because it may take several more quarters to see improved sales results, we exited our holding following last quarter’s results.
The Fund benefited from strong stock selection in the consumer discretionary sector during the reporting period, including a position in Ethan Allen Interiors Inc., a manufacturer and specialty retailer of home furnishings. Following a modestly disappointing fiscal
8 | Nuveen |
first-quarter report in September 2015, company management reported better-than-expected results for both the second and third fiscal quarters. Ethan Allen has embarked on a significant new product introduction cycle where more than 70% of its product line will be new, versus the historical level of around 10-15%. Coupled with the company’s seemingly more promotional message, this strategy appears to be successful, driving better revenue and profit growth. We view Ethan Allen as a high quality, but mature company within a cyclical industry that is still in recovery. Therefore, we trimmed our position following the third-quarter report. Also, Texas Roadhouse Inc., a full-service casual dining company, benefited after reporting fourth-quarter results that were modestly ahead of expectations. These results, coupled with positive commentary on same-store sales trends and a favorable outlook for beef prices, which make up half of the company’s food costs, helped propel the stock during the reporting period. In addition, the Fund experienced positive results from its position in Capella Education Company, a for-profit online education company catering to working adults seeking mostly advanced degrees. Following disappointing fourth-quarter guidance from management in October, expectations and valuation for Capella Education were quite low. The company reported first-quarter results in April that were materially above expectations, driven largely by better profit margins and essentially inline guidance for the second quarter. Shortly after, Capella Education announced two small, but interesting acquisitions that should help accelerate revenue growth this year and in the future. The discretionary sector was also home to one laggard of note, home décor and accessories retailer Kirkland’s Inc. Earlier in the reporting period, third-quarter results were modestly below expectations as traffic slowed. More importantly, however, management reduced guidance heading into the close of the calendar year after the company increased promotions in an effort to boost store traffic. We maintained our position in Kirkland’s because we believed the sell-off was overdone, while we saw a compelling valuation for a company that we believe should experience low double-digit revenue growth and modest margin expansion. We also like Kirkland’s for its positioning as a beneficiary of increased housing related spending.
Two industrial sector stocks were strong outperformers, including solid gains from engineering and construction firm MasTec Inc., which had lagged in the previous reporting period. The company began moving past a difficult 2015 when telecommunications and pipeline customers pulled back on capital expenditures in light of difficult end market conditions. However, during this reporting period, investors appeared to be focusing on the company’s return to growth in 2016 as its oil and gas backlog grew 165% to more than $2 billion and wireless spending appeared to be showing signs of life. We also saw strength from shares of Generac Holdings Inc., a leading manufacturer of portable and permanent standby power generators. The company, which has faced headwinds in the oil and gas markets, seemed to be benefiting from residential adoption of standby power generators. Generac has appropriately cut costs and appears positioned to generate strong margins and free cash flow, particularly in a normal power outage and hurricane environment. On the other hand, a position in executive search firm Korn Ferry International detracted during the reporting period. The stock has underperformed during the reporting period mainly due to concerns that a potential U.K. exit from the eurozone would disrupt the company’s recently acquired Hay Group business. However, we believe the risk-versus-reward scenario for Korn Ferry is compelling and that the concerns are overdone at these levels.
While energy was the worst performing sector in the Russell 2000® Index, our holdings collectively advanced. We saw particularly favorable results from our stock selection in the exploration and production (E&P) industry, where we focused the Fund’s exposure in high quality, pure play Permian Basin names such as Callon Petroleum Company. This company was viewed as a safe haven and substantially outperformed the energy sector and the E&P group.
The Fund’s results in the health care sector were a mixed during the reporting period. At the macro level, health care was the second worst performing sector in the Russell 2000® Index behind energy during the reporting period. As is typical for the Fund, we were underweight in the health care space, particularly biotechnology, which doesn’t tend to align well with our investment style. The Fund benefited from this underweight as well as a successful position in HealthSouth Corporation, a leader in inpatient rehabilitation facilities. The company produced strong operating results over the past two quarters due to solid management execution, including recent acquisitions and same-store revenue growth. Volume and revenue growth are driving strong free cash flow generation, which is being used for debt reduction, share repurchases and further merger and acquisition activity. We expect this operating momentum to continue as recent acquisitions enhance HealthSouth’s ability to grow. Unfortunately, several other health care holdings traded lower, including ConforMIS Inc., an innovative manufacturer of customized, 3D-printed knee implants. A report raised unsubstantiated concerns over the company’s safety record and financing, while management also issued what we believed was overly conservative guidance for 2016 because of a minor tools recall that had already been addressed. Also, shares of Teladoc Inc., the first mover and market leader of telemedicine providers, were weak heading into the expiration of the company’s initial public offering lock-up period despite a strong fourth-quarter earnings release. The release included increased guidance and news of a
Nuveen | 9 |
Portfolio Managers’ Comments (continued)
successful selling season as the market focused on upstart competitors and the sustainability of its per-member/per-month fee structure, which is used to generate awareness among beneficiaries to drive utilization. In addition, the Fund saw weak results from Team Health Holdings Inc., a provider of hospital-based staffing and administrative services in areas such as emergency medicine and anesthesiology. Just before this reporting period began, Team Health’s shares advanced on news of a takeover bid by AmSurg, which the company subsequently rejected in early November. The stock retraced its gains and then fell further on a debt downgrade by Moody’s following Team Health’s completed acquisition of IPC Healthcare Inc.
Results were favorable overall in the information technology sector. The Fund benefited from a position in CSG Systems International Inc., which provides customer care and billing solutions to the cable and direct broadcast satellite industry in North America. During the reporting period, the company reported strong results above expectations as solid net subscriber growth drove favorable revenue growth, significant margin expansion and increased free cash flow. CSG Systems also announced an incremental $50 million as part of an accelerated share repurchase program. Shares of BroadSoft Inc. advanced strongly during the reporting period in light of strong execution by the company. BroadSoft provides software that enables telecommunication carriers, cable operators and enterprises to convert from using legacy private branch exchange (PBX) phone systems to the newer unified communications services. Investors have rewarded BroadSoft’s stock in part due to the company’s addition of seven large service providers that are using its software to transform their old legacy systems to the newer Internet protocol-based unified communications.
The technology sector was also home to several laggards, including our position in Plantronics Inc., a leading manufacturer of wireless and corded headsets primarily for the enterprise market. The company reported an inline December quarter, but offered guidance for the subsequent quarter that was below consensus on both topline and earnings per share. Plantronics also announced a restructuring program that the market assumed would be offset by negative topline progression. However, the company maintains a strong product lineup, has announced a cost reduction plan and will benefit if foreign exchange headwinds lessen. Therefore, we maintained our position and added exposure during price weakness. Shares of business intelligence software provider Qlik Technologies Inc. were also under pressure during the reporting period. The company underperformed in the midst of the broader sell-off in growth software, coupled with concerns that new entrants within the business intelligence industry would slow Qlik’s growth. We decided to exit this position in early February.
10 | Nuveen |
Nuveen Large Cap Select Fund
Mutual fund investing involves risk; principal loss is possible. 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 Small Cap Select Fund
Mutual fund investing involves risk; principal loss is possible. 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.
Nuveen | 11 |
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12 | Nuveen |
and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown within this section of the report.
Returns quoted represent past performance, which is no guarantee of future results. 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 fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. 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, and assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for Class A Shares at net asset value (NAV) only.
The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the most recent prospectus. The expense ratios include management fees and other fees and expense.
Nuveen | 13 |
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 section. Refer to the Glossary of Terms Used in this Report for definitions of term used within this section.
Fund Performance
Average Annual Total Returns as of April 30, 2016
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (2.29)% | (4.25)% | 8.48% | 5.07% | ||||||||||||
Class A Shares at maximum Offering Price | (7.93)% | (9.74)% | 7.20% | 4.45% | ||||||||||||
S&P 500® Index | 0.43% | 1.21% | 11.02% | 6.91% | ||||||||||||
Lipper Large-Cap Core Funds Classification Average | (0.79)% | (1.30)% | 9.30% | 5.93% | ||||||||||||
Class C Shares | (2.64)% | (4.95)% | 7.67% | 4.26% | ||||||||||||
Class I Shares | (2.17)% | (4.02)% | 8.75% | 5.33% |
Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 4.86% | (4.99)% | 8.61% | 5.28% | ||||||||||||
Class A Shares at maximum Offering Price | (1.15)% | (10.48)% | 7.33% | 4.66% | ||||||||||||
Class C Shares | 4.41% | (5.74)% | 7.80% | 4.45% | ||||||||||||
Class I Shares | 4.93% | (4.81)% | 8.89% | 5.53% |
Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) equal to 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the 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
Share Class | ||||||||||||
Class A | Class C | Class I | ||||||||||
Expense Ratios | 1.23% | 1.98% | 0.98% |
14 | Nuveen |
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 section. Refer to the Glossary of Terms Used in this Report for definitions of term used within this section.
Fund Performance
Average Annual Total Returns as of April 30, 2016
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | (2.28)% | (4.45)% | 6.15% | 4.89% | ||||||||||||
Class A Shares at maximum Offering Price | (7.88)% | (9.97)% | 4.91% | 4.27% | ||||||||||||
Russell 2000® Index | (1.90)% | (5.94)% | 6.98% | 5.42% | ||||||||||||
Lipper Small-Cap Core Funds Classification Average | (1.14)% | (5.07)% | 6.60% | 5.30% | ||||||||||||
Class C Shares | (2.64)% | (5.27)% | 5.35% | 4.10% | ||||||||||||
Class R3 Shares | (2.32)% | (4.71)% | 5.89% | 4.63% | ||||||||||||
Class I Shares | (2.08)% | (4.22)% | 6.43% | 5.16% |
Average Annual Total Returns as of March 31, 2016 (Most Recent Calendar Quarter)
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 2.60% | (8.84)% | 6.42% | 4.75% | ||||||||||||
Class A Shares at maximum Offering Price | (3.32)% | (14.11)% | 5.18% | 4.13% | ||||||||||||
Class C Shares | 2.12% | (9.52)% | 5.61% | 3.96% | ||||||||||||
Class R3 Shares | 2.44% | (9.00)% | 6.16% | 4.48% | ||||||||||||
Class I Shares | 2.63% | (8.64)% | 6.67% | 5.00% |
Indexes and Lipper averages are not available for direct investment.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) equal to 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the 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
Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Expense Ratios | 1.51% | 2.26% | 1.76% | 1.26% |
Nuveen | 15 |
Summaries as of April 30, 2016
This data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Nuveen Large Cap Select Fund
Fund Allocation
(% of net assets)
Common Stocks | 98.7% | |||
Investments Purchased with Collateral from Securities Lending | 26.4% | |||
Money Market Funds | 3.4% | |||
Other Assets Less Liabilities | (28.5)% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Software | 8.0% | |||
Oil, Gas & Consumable Fuels | 7.6% | |||
Banks | 5.8% | |||
Capital Markets | 5.6% | |||
Technology Hardware, Storage & Peripherals | 5.5% | |||
Chemicals | 5.2% | |||
Internet Software & Services | 5.0% | |||
Biotechnology | 3.9% | |||
Machinery | 3.8% | |||
Pharmaceuticals | 3.4% | |||
Health Care Equipment & Supplies | 3.3% | |||
Media | 3.2% | |||
Electrical Equipment | 3.2% | |||
Health Care Providers & Services | 2.5% | |||
Specialty Retail | 2.5% | |||
Hotels, Restaurants & Leisure | 2.1% | |||
Consumer Finance | 2.1% | |||
IT Services | 2.1% | |||
Semiconductors & Semiconductor Equipment | 2.1% | |||
Containers & Packaging | 1.9% | |||
Other | 19.9% | |||
Investments Purchased with Collateral from Securities Lending | 26.4% | |||
Money Market Funds | 3.4% | |||
Other Assets Less Liabilities | (28.5)% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Microsoft Corporation | 4.7% | |||
Apple, Inc. | 4.4% | |||
Alphabet Inc., Class A | 3.3% | |||
Bank of America Corporation | 3.0% | |||
JP Morgan Chase & Co. | 2.8% |
16 | Nuveen |
Nuveen Small Cap Select Fund
Fund Allocation
(% of net assets)
Common Stocks | 98.2% | |||
Investments Purchased with Collateral from Securities Lending | 39.1% | |||
Money Market Funds | 1.0% | |||
Other Assets Less Liabilities | (38.3)% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Banks | 10.1% | |||
Real Estate Investment Trust | 7.5% | |||
Software | 5.6% | |||
Insurance | 5.5% | |||
Health Care Equipment & Supplies | 5.3% | |||
Machinery | 4.1% | |||
Health Care Providers & Services | 4.0% | |||
Semiconductors & Semiconductor Equipment | 4.0% | |||
Hotels, Restaurants & Leisure | 3.5% | |||
Specialty Retail | 3.4% | |||
Electrical Equipment | 3.3% | |||
Oil, Gas & Consumable Fuels | 2.7% | |||
Biotechnology | 2.7% | |||
IT Services | 2.6% | |||
Textiles, Apparel & Luxury Goods | 2.6% | |||
Communications Equipment | 2.3% | |||
Chemicals | 2.3% | |||
Commercial Services & Supplies | 2.3% | |||
Internet Software & Services | 2.2% | |||
Food Products | 2.2% | |||
Construction & Engineering | 1.7% | |||
Other | 18.3% | |||
Investments Purchased with Collateral from Securities Lending | 39.1% | |||
Money Market Funds | 1.0% | |||
Other Assets Less Liabilities | (38.3)% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Regal-Beloit Corporation | 1.8% | |||
HealthSouth Corporation | 1.8% | |||
MasTec Inc. | 1.7% | |||
Continental Building Products Inc. | 1.6% | |||
Callon Petroleum Company Del | 1.6% |
Nuveen | 17 |
Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended April 30, 2016.
The beginning of the period is November 1, 2015.
The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.
The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on each 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
Share Class | ||||||||||||
Class A | Class C | Class I | ||||||||||
Actual Performance | ||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||
Ending Account Value | $ | 977.10 | $ | 973.60 | $ | 978.30 | ||||||
Expenses Incurred During the Period | $ | 6.19 | $ | 9.86 | $ | 4.97 | ||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||
Ending Account Value | $ | 1,018.60 | $ | 1,014.87 | $ | 1,019.84 | ||||||
Expenses Incurred During the Period | $ | 6.32 | $ | 10.07 | $ | 5.07 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.26%, 2.01% and 1.01% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
18 | Nuveen |
Nuveen Small Cap Select Fund
Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 977.20 | �� | $ | 973.60 | $ | 976.80 | $ | 979.20 | |||||||
Expenses Incurred During the Period | $ | 7.23 | $ | 10.89 | $ | 8.45 | $ | 6.00 | ||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,017.55 | $ | 1,013.82 | $ | 1,016.31 | $ | 1,018.80 | ||||||||
Expenses Incurred During the Period | $ | 7.37 | $ | 11.12 | $ | 8.62 | $ | 6.12 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.47%, 2.22%, 1.72% and 1.22% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Nuveen | 19 |
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 98.7% | ||||||||
COMMON STOCKS – 98.7% | ||||||||
Aerospace & Defense – 1.4% | ||||||||
2,364 | Lockheed Martin Corporation, (2) | $ | 549,346 | |||||
Air Freight & Logistics – 1.6% | ||||||||
5,871 | United Parcel Service, Inc., Class B, (2) | 616,866 | ||||||
Airlines – 1.4% | ||||||||
13,400 | Delta Air Lines, Inc., (2) | 558,378 | ||||||
Automobiles – 1.5% | ||||||||
43,853 | Ford Motor Company | 594,647 | ||||||
Banks – 5.8% | ||||||||
80,598 | Bank of America Corporation | 1,173,507 | ||||||
17,256 | JP Morgan Chase & Co., (2) | 1,090,579 | ||||||
Total Banks | 2,264,086 | |||||||
Biotechnology – 3.9% | ||||||||
10,423 | AbbVie Inc. | 635,803 | ||||||
3,360 | Alexion Pharmaceuticals Inc., (2), (3) | 467,981 | ||||||
5,023 | Gilead Sciences, Inc. | 443,079 | ||||||
Total Biotechnology | 1,546,863 | |||||||
Building Products – 0.9% | ||||||||
11,690 | Masco Corporation | 359,000 | ||||||
Capital Markets – 5.6% | ||||||||
4,161 | Ameriprise Financial, Inc. | 399,040 | ||||||
25,932 | E*Trade Group Inc., (2), (3) | 652,968 | ||||||
15,147 | Invesco LTD | 469,708 | ||||||
25,751 | Morgan Stanley | 696,822 | ||||||
Total Capital Markets | 2,218,538 | |||||||
Chemicals – 5.2% | ||||||||
13,929 | Dow Chemical Company, (2) | 732,805 | ||||||
2,877 | Eastman Chemical Company, (2) | 219,745 | ||||||
7,642 | PPG Industries, Inc. | 843,600 | ||||||
806 | Sherwin-Williams Company | 231,572 | ||||||
Total Chemicals | 2,027,722 | |||||||
Communications Equipment – 1.8% | ||||||||
25,522 | Cisco Systems, Inc., (2) | 701,600 |
20 | Nuveen |
Shares | Description (1) | Value | ||||||
Consumer Finance – 2.1% | ||||||||
14,473 | Discover Financial Services, (2) | $ | 814,396 | |||||
Containers & Packaging – 1.9% | ||||||||
7,872 | Crown Holdings Inc., (2), (3) | 416,901 | ||||||
7,636 | WestRock Company | 319,567 | ||||||
Total Containers & Packaging | 736,468 | |||||||
Diversified Financial Services – 1.4% | ||||||||
9,174 | NASDAQ Stock Market, Inc. | 566,128 | ||||||
Electrical Equipment – 3.2% | ||||||||
13,024 | Eaton PLC | 824,028 | ||||||
4,008 | Hubbell Inc. | 423,886 | ||||||
Total Electrical Equipment | 1,247,914 | |||||||
Energy Equipment & Services – 0.5% | ||||||||
2,470 | Schlumberger Limited, (2) | 198,440 | ||||||
Food Products – 1.6% | ||||||||
9,603 | Tyson Foods, Inc., Class A, (2) | 632,069 | ||||||
Health Care Equipment & Supplies – 3.3% | ||||||||
28,156 | Boston Scientific Corporation, (2), (3) | 617,180 | ||||||
8,518 | Medtronic, PLC | 674,200 | ||||||
Total Health Care Equipment & Supplies | 1,291,380 | |||||||
Health Care Providers & Services – 2.5% | ||||||||
3,737 | Aetna Inc. | 419,553 | ||||||
4,065 | CIGNA Corporation | 563,165 | ||||||
Total Health Care Providers & Services | 982,718 | |||||||
Hotels, Restaurants & Leisure – 2.1% | ||||||||
6,680 | Carnival Corporation | 327,654 | ||||||
23,349 | Hilton Worldwide Holdings Inc. | 514,845 | ||||||
Total Hotels, Restaurants & Leisure | 842,499 | |||||||
Household Durables – 1.1% | ||||||||
2,164 | Mohawk Industries Inc., (3) | 416,851 | ||||||
Insurance – 1.6% | ||||||||
13,815 | Hartford Financial Services Group, Inc. | 613,110 | ||||||
Internet & Catalog Retail – 1.2% | ||||||||
707 | Amazon.com, Inc., (3) | 466,330 | ||||||
Internet Software & Services – 5.0% | ||||||||
1,858 | Alphabet Inc., Class A, (3) | 1,315,241 | ||||||
5,720 | Facebook Inc., Class A Shares, (3) | 672,558 | ||||||
Total Internet Software & Services | 1,987,799 |
Nuveen | 21 |
Nuveen Large Cap Select Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
IT Services – 2.1% | ||||||||
8,370 | MasterCard, Inc. | $ | 811,806 | |||||
Leisure Products – 1.3% | ||||||||
10,448 | Brunswick Corporation | 501,817 | ||||||
Machinery – 3.8% | ||||||||
4,989 | Deere & Company, (2) | 419,625 | ||||||
6,840 | Ingersoll Rand Company Limited, Class A | 448,294 | ||||||
5,774 | Stanley Black & Decker Inc. | 646,226 | ||||||
Total Machinery | 1,514,145 | |||||||
Media – 3.2% | ||||||||
13,623 | Comcast Corporation, Class A | 827,733 | ||||||
11,035 | Viacom Inc., Class B | 451,332 | ||||||
Total Media | 1,279,065 | |||||||
Multiline Retail – 1.3% | ||||||||
6,248 | Target Corporation, (2) | 496,716 | ||||||
Oil, Gas & Consumable Fuels – 7.6% | ||||||||
4,060 | Concho Resources Inc., (2), (3) | 471,650 | ||||||
6,994 | Exxon Mobil Corporation, (2) | 618,270 | ||||||
9,913 | Newfield Exploration Company, (3) | 359,346 | ||||||
5,605 | Occidental Petroleum Corporation, (2) | 429,623 | ||||||
20,194 | Parsley Energy Inc. Class A Shares, (2), (3) | 472,943 | ||||||
3,916 | Pioneer Natural Resources Company, (2) | 650,448 | ||||||
Total Oil, Gas & Consumable Fuels | 3,002,280 | |||||||
Pharmaceuticals – 3.4% | ||||||||
7,040 | Medicines Company, (2), (3) | 250,554 | ||||||
22,388 | Pfizer Inc. | 732,311 | ||||||
6,437 | Teva Pharmaceutical Industries Limited, Sponsored ADR | 350,495 | ||||||
Total Pharmaceuticals | 1,333,360 | |||||||
Road & Rail – 1.3% | ||||||||
18,327 | CSX Corporation | 499,777 | ||||||
Semiconductors & Semiconductor Equipment – 2.1% | ||||||||
10,822 | Maxim Integrated Products, Inc. | 386,562 | ||||||
9,813 | Xilinx, Inc. | 422,744 | ||||||
Total Semiconductors & Semiconductor Equipment | 809,306 | |||||||
Software – 8.0% | ||||||||
4,374 | Adobe Systems Incorporated, (3) | 412,118 | ||||||
6,810 | Electronic Arts Inc., (3) | 421,199 | ||||||
37,046 | Microsoft Corporation | 1,847,484 | ||||||
6,084 | Salesforce.com, Inc., (2), (3) | 461,167 | ||||||
Total Software | 3,141,968 |
22 | Nuveen |
Shares | Description (1) | Value | ||||||
Specialty Retail – 2.5% | ||||||||
13,060 | Best Buy Co., Inc., (2) | $ | 418,965 | |||||
7,366 | Lowe’s Companies, Inc., (2) | 559,963 | ||||||
Total Specialty Retail | 978,928 | |||||||
Technology Hardware, Storage & Peripherals – 5.5% | ||||||||
18,601 | Apple, Inc. | 1,743,658 | ||||||
25,920 | Hewlett Packard Enterprise Co | 431,827 | ||||||
Total Technology Hardware, Storage & Peripherals | 2,175,485 | |||||||
Total Long-Term Investments (cost $37,098,987) | 38,777,801 | |||||||
Shares | Description (1) | Value | ||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 26.4% | ||||||||
Money Market Funds – 26.4% | ||||||||
10,381,709 | Mount Vernon Securities Lending Prime Portfolio, 0.524%, (4), (5) | $ | 10,381,709 | |||||
Total Investments Purchased with Collateral from Securities Lending (cost $10,381,709) | 10,381,709 | |||||||
Shares | Description (1) | Value | ||||||
SHORT-TERM INVESTMENTS – 3.4% | ||||||||
Money Market Funds – 3.4% | ||||||||
1,342,438 | First American Treasury Obligations Fund, Class Z, 0.174%, (4) | $ | 1,342,438 | |||||
Total Short-Term Investments (cost $1,342,438) | 1,342,438 | |||||||
Total Investments (cost $48,823,134) – 128.5% | 50,501,948 | |||||||
Other Assets Less Liabilities – (28.5)% | (11,205,752) | |||||||
Net Assets – 100% | $ | 39,296,196 |
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 the securities out on loan as of the end of the reporting period was $10,127,738. |
(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 100% 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, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. |
ADR | American Depositary Receipt. |
See accompanying notes to financial statements.
Nuveen | 23 |
Nuveen Small Cap Select Fund
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 98.2% | ||||||||
COMMON STOCKS – 98.2% | ||||||||
Auto Components – 1.3% | ||||||||
34,328 | Tenneco Inc., (2), (3) | $ | 1,829,682 | |||||
Banks – 10.1% | ||||||||
36,700 | Banner Corporation | 1,570,026 | ||||||
70,357 | Customers Bancorp Inc., (3) | 1,827,875 | ||||||
39,230 | East West Bancorp Inc. | 1,470,733 | ||||||
64,040 | Glacier Bancorp, Inc. | 1,657,996 | ||||||
35,100 | Privatebancorp, Inc., (2) | 1,460,511 | ||||||
58,215 | Renasant Corporation | 1,999,103 | ||||||
51,535 | Webster Financial Corporation | 1,888,242 | ||||||
54,265 | Western Alliance Bancorporation, (2), (3) | 1,985,014 | ||||||
Total Banks | 13,859,500 | |||||||
Biotechnology – 2.7% | ||||||||
3,425 | Anacor Pharmaceuticals Inc., (2), (3) | 214,885 | ||||||
23,630 | Cepheid, Inc., (3) | 674,400 | ||||||
24,097 | Emergent BioSolutions, Inc., (3) | 928,216 | ||||||
5,451 | Kite Pharma Inc., (2), (3) | 252,272 | ||||||
7,015 | Neurocrine Biosciences Inc., (2), (3) | 319,744 | ||||||
8,844 | Radius Health Inc., (2), (3) | 314,846 | ||||||
9,152 | Sage Therapeutics, Inc., (2), (3) | 344,939 | ||||||
6,144 | Tesaro Inc., (2), (3) | 254,607 | ||||||
5,198 | Ultragenyx Pharmaceutical Inc., (2), (3) | 351,489 | ||||||
Total Biotechnology | 3,655,398 | |||||||
Building Products – 1.6% | ||||||||
113,968 | Continental Building Products Inc., (3) | 2,234,912 | ||||||
Capital Markets – 1.2% | ||||||||
31,752 | Evercore Partners Inc., (2) | 1,639,673 | ||||||
Chemicals – 2.3% | ||||||||
63,124 | Kraton Performance Polymers Inc., (3) | 1,433,546 | ||||||
47,043 | PolyOne Corporation, (2) | 1,692,607 | ||||||
Total Chemicals | 3,126,153 | |||||||
Commercial Services & Supplies – 2.3% | ||||||||
35,384 | HNI Corporation, (2) | 1,546,988 | ||||||
92,712 | Interface, Inc. | 1,577,958 | ||||||
Total Commercial Services & Supplies | 3,124,946 |
24 | Nuveen |
Shares | Description (1) | Value | ||||||
Communications Equipment – 2.3% | ||||||||
33,026 | Netgear, Inc., (3) | $ | 1,400,302 | |||||
46,947 | Plantronics Inc., (2) | 1,805,112 | ||||||
Total Communications Equipment | 3,205,414 | |||||||
Construction & Engineering – 1.7% | ||||||||
102,301 | MasTec Inc., (2), (3) | 2,318,141 | ||||||
Containers & Packaging – 1.2% | ||||||||
47,213 | Berry Plastics Corporation, (2), (3) | 1,700,612 | ||||||
Diversified Consumer Services – 1.0% | ||||||||
25,565 | Capella Education Company, (2) | 1,414,000 | ||||||
Electric Utilities – 1.3% | ||||||||
55,917 | PNM Resources Inc. | 1,771,451 | ||||||
Electrical Equipment – 3.3% | ||||||||
52,969 | Generac Holdings Inc., (2), (3) | 2,019,178 | ||||||
38,361 | Regal-Beloit Corporation | 2,471,219 | ||||||
Total Electrical Equipment | 4,490,397 | |||||||
Electronic Equipment, Instruments & Components – 1.2% | ||||||||
134,438 | Vishay Intertechnology Inc., (2) | 1,634,766 | ||||||
Energy Equipment & Services – 1.0% | ||||||||
70,518 | Matrix Service Company, (3) | 1,328,559 | ||||||
Food Products – 2.2% | ||||||||
270,497 | SunOpta, Inc., (2), (3) | 1,455,274 | ||||||
17,341 | Treehouse Foods Inc., (2), (3) | 1,532,944 | ||||||
Total Food Products | 2,988,218 | |||||||
Gas Utilities – 1.1% | ||||||||
23,183 | Spire, Inc. | 1,482,785 | ||||||
Health Care Equipment & Supplies – 5.3% | ||||||||
9,744 | Abiomed, Inc., (2), (3) | 946,532 | ||||||
88,668 | ConforMIS Inc., (2), (3) | 1,098,597 | ||||||
22,333 | Integra Lifesciences Holdings Corporation, (3) | 1,581,623 | ||||||
30,462 | K2M Group Holdings Inc., (2), (3) | 495,312 | ||||||
120,577 | Nxstage Medical, Inc., (3) | 1,943,701 | ||||||
40,433 | Zeltiq Aesthetics Inc, (2), (3) | 1,208,947 | ||||||
Total Health Care Equipment & Supplies | 7,274,712 | |||||||
Health Care Providers & Services – 4.0% | ||||||||
16,925 | Amedisys, Inc., (2), (3) | 871,468 | ||||||
61,381 | Civitas Solutions Inc., (3) | 1,230,075 | ||||||
58,813 | HealthSouth Corporation, (2) | 2,438,387 |
Nuveen | 25 |
Nuveen Small Cap Select Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
Health Care Providers & Services (continued) | ||||||||
74,353 | Teladoc, Inc., (2), (3) | $ | 903,389 | |||||
Total Health Care Providers & Services | 5,443,319 | |||||||
Hotels, Restaurants & Leisure – 3.5% | ||||||||
13,850 | Buffalo Wild Wings, Inc., (2), (3) | 1,851,191 | ||||||
28,501 | Jack in the Box Inc., Term Loan, (2) | 1,925,243 | ||||||
15,956 | Red Robin Gourmet Burgers, Inc., (3) | 1,034,906 | ||||||
Total Hotels, Restaurants & Leisure | 4,811,340 | |||||||
Household Durables – 1.3% | ||||||||
53,814 | Ethan Allen Interiors Inc., (2) | 1,831,829 | ||||||
Insurance – 5.5% | ||||||||
139,231 | American Equity Investment Life Holding Company, (2) | 1,949,234 | ||||||
29,432 | Amerisafe, Inc. | 1,585,796 | ||||||
111,377 | CNO Financial Group Inc., (2) | 2,045,995 | ||||||
62,823 | Horace Mann Educators Corporation | 1,953,795 | ||||||
Total Insurance | 7,534,820 | |||||||
Internet Software & Services – 2.2% | ||||||||
45,484 | Cornerstone OnDemand Inc., (3) | 1,562,375 | ||||||
61,465 | Q2 Holdings Inc., (3) | 1,469,628 | ||||||
Total Internet Software & Services | 3,032,003 | |||||||
IT Services – 2.6% | ||||||||
37,560 | CSG Systems International Inc., (2) | 1,666,913 | ||||||
78,150 | NeuStar, Inc., (2), (3) | 1,835,744 | ||||||
Total IT Services | 3,502,657 | |||||||
Leisure Products – 1.6% | ||||||||
45,294 | Brunswick Corporation | 2,175,471 | ||||||
Life Sciences Tools & Services – 0.8% | ||||||||
23,367 | Cambrex Corporation, (3) | 1,127,224 | ||||||
Machinery – 4.1% | ||||||||
29,478 | CLARCOR, Inc., (2) | 1,732,422 | ||||||
50,734 | ESCO Technologies Inc. | 1,952,244 | ||||||
125,262 | NN, Incorporated, (2) | 1,883,940 | ||||||
Total Machinery | 5,568,606 | |||||||
Oil, Gas & Consumable Fuels – 2.7% | ||||||||
208,314 | Callon Petroleum Company Del, (2), (3) | 2,189,380 | ||||||
43,015 | Carrizo Oil & Gas, Inc., (2), (3) | 1,521,441 | ||||||
Total Oil, Gas & Consumable Fuels | 3,710,821 | |||||||
Pharmaceuticals – 0.3% | ||||||||
6,360 | Intra-Cellular Therapies Inc., (2), (3) | 218,275 |
26 | Nuveen |
Shares | Description (1) | Value | ||||||
Pharmaceuticals (continued) | ||||||||
4,255 | Pacira Pharmaceuticals, Inc., (2), (3) | $ | 230,238 | |||||
Total Pharmaceuticals | 448,513 | |||||||
Professional Services – 1.1% | ||||||||
54,219 | Korn Ferry International | 1,471,504 | ||||||
Real Estate Investment Trust – 7.5% | ||||||||
28,562 | Entertainment Properties Trust | 1,881,665 | ||||||
26,186 | Highwoods Properties, Inc., (2) | 1,223,672 | ||||||
48,761 | Kite Realty Group Trust | 1,327,762 | ||||||
43,156 | LaSalle Hotel Properties, (2) | 1,031,428 | ||||||
278,328 | MFA Mortgage Investments, Inc., (2) | 1,923,246 | ||||||
12,080 | Sovran Self Storage Inc. | 1,283,138 | ||||||
82,661 | STAG Industrial Inc. | 1,649,914 | ||||||
Total Real Estate Investment Trust | 10,320,825 | |||||||
Semiconductors & Semiconductor Equipment – 4.0% | ||||||||
186,265 | Cypress Semiconductor Corporation, (2) | 1,681,973 | ||||||
28,200 | Integrated Device Technology, Inc., (3) | 543,696 | ||||||
37,116 | Mellanox Technologies, Limited, (3) | 1,605,267 | ||||||
44,569 | MKS Instruments Inc., (2) | 1,598,244 | ||||||
Total Semiconductors & Semiconductor Equipment | 5,429,180 | |||||||
Software – 5.6% | ||||||||
41,542 | Broadsoft Inc., (2), (3) | 1,626,992 | ||||||
41,432 | CommVault Systems, Inc., (2), (3) | 1,813,479 | ||||||
17,361 | Fleetmatics Group Limited, (2), (3) | 629,336 | ||||||
26,326 | Proofpoint, Incorporated, (2), (3) | 1,533,753 | ||||||
66,943 | Synchronoss Technologies, Inc., (3) | 2,079,919 | ||||||
Total Software | 7,683,479 | |||||||
Specialty Retail – 3.4% | ||||||||
70,063 | Express Inc., (2), (3) | 1,273,745 | ||||||
44,774 | Hibbett Sporting Goods, Inc., (2), (3) | 1,616,341 | ||||||
105,137 | Kirkland’s, Inc., (3) | 1,726,350 | ||||||
Total Specialty Retail | 4,616,436 | |||||||
Textiles, Apparel & Luxury Goods – 2.6% | ||||||||
28,563 | Deckers Outdoor Corporation, (2), (3) | 1,651,227 | ||||||
52,608 | Steven Madden Limited, (2), (3) | 1,841,806 | ||||||
Total Textiles, Apparel & Luxury Goods | 3,493,033 | |||||||
Thrifts & Mortgage Finance – 1.1% | ||||||||
96,756 | Everbank Financial Corporation | 1,459,080 |
Nuveen | 27 |
Nuveen Small Cap Select Fund (continued)
Portfolio of Investments | April 30, 2016 (Unaudited) |
Shares | Description (1) | Value | ||||||
Water Utilities – 1.2% | ||||||||
57,747 | California Water Service Group | $ | 1,612,874 | |||||
Total Long-Term Investments (cost $119,535,702) | 134,352,333 | |||||||
Shares | Description (1) | Value | ||||||
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 39.1% | ||||||||
Money Market Funds – 39.1% | ||||||||
53,481,378 | Mount Vernon Securities Lending Prime Portfolio, 0.524%, (4), (5) | $ | 53,481,378 | |||||
Total Investments Purchased with Collateral from Securities Lending (cost $53,481,378) | 53,481,378 | |||||||
Shares | Description (1) | Value | ||||||
SHORT-TERM INVESTMENTS – 1.0% | ||||||||
Money Market Funds – 1.0% | ||||||||
1,389,552 | First American Treasury Obligations Fund, Class Z, 0.174%, (4) | $ | 1,389,552 | |||||
Total Short-Term Investments (cost $1,389,552) | 1,389,552 | |||||||
Total Investments (cost $174,406,632) – 138.3% | 189,223,263 | |||||||
Other Assets Less Liabilities – (38.3)% | (52,371,795) | |||||||
Net Assets – 100% | $ | 136,851,468 |
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 the securities out on loan as of the end of the reporting period was $51,632,004. |
(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 100% 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, Note 3 – Portfolio Securities and Investments in Derivatives, Securities Lending for more information. |
See accompanying notes to financial statements.
28 | Nuveen |
Assets and Liabilities | April 30, 2016 (Unaudited) |
Large Cap Select | Small Cap Select | |||||||
Assets | ||||||||
Long-term investments, at value (cost $37,098,987 and $119,535,702, respectively) | $ | 38,777,801 | $ | 134,352,333 | ||||
Investments purchased with collateral from securities lending, at value (cost approximates value) | 10,381,709 | 53,481,378 | ||||||
Short-term investments, at value (cost approximates value) | 1,342,438 | 1,389,552 | ||||||
Receivables for: | ||||||||
Dividends | 28,325 | 31,016 | ||||||
Due from broker | 1,400 | 24,051 | ||||||
Interest | 101 | 240 | ||||||
Investments sold | 633,301 | 2,270,487 | ||||||
Reclaims | 1,717 | — | ||||||
Shares sold | 2,617 | 50,395 | ||||||
Other assets | 19,235 | 36,113 | ||||||
Total assets | 51,188,644 | 191,635,565 | ||||||
Liabilities | ||||||||
Payables for: | ||||||||
Collateral from securities lending program | 10,381,709 | 53,481,378 | ||||||
Investments purchased | 1,462,880 | 860,320 | ||||||
Shares redeemed | — | 194,103 | ||||||
Accrued expenses: | ||||||||
Directors fees | 65 | 221 | ||||||
Management fees | 30,436 | 101,044 | ||||||
12b-1 distribution and service fees | 2,593 | 22,095 | ||||||
Other | 14,765 | 124,936 | ||||||
Total liabilities | 11,892,448 | 54,784,097 | ||||||
Net assets | $ | 39,296,196 | $ | 136,851,468 | ||||
Class A Shares | ||||||||
Net assets | $ | 7,527,079 | $ | 68,585,061 | ||||
Shares outstanding | 375,085 | 7,927,584 | ||||||
Net asset value (“NAV”) per share | $ | 20.07 | $ | 8.65 | ||||
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $ | 21.29 | $ | 9.18 | ||||
Class C Shares | ||||||||
Net assets | $ | 1,102,891 | $ | 6,785,659 | ||||
Shares outstanding | 58,676 | 1,074,666 | ||||||
NAV and offering price per share | $ | 18.80 | $ | 6.31 | ||||
Class R3 Shares | ||||||||
Net assets | $ | — | $ | 5,995,153 | ||||
Shares outstanding | — | 746,942 | ||||||
NAV and offering price per share | $ | — | $ | 8.03 | ||||
Class I Shares | ||||||||
Net assets | $ | 30,666,226 | $ | 55,485,595 | ||||
Shares outstanding | 1,517,355 | 5,261,158 | ||||||
NAV and offering price per share | $ | 20.21 | $ | 10.55 | ||||
Net assets consist of: | ||||||||
Capital paid-in | $ | 91,001,509 | $ | 118,829,833 | ||||
Undistributed (Over-distribution of) net investment income | 100,511 | 237,528 | ||||||
Accumulated net realized gain (loss) | (53,484,638 | ) | 2,967,476 | |||||
Net unrealized appreciation (depreciation) | 1,678,814 | 14,816,631 | ||||||
Net assets | $ | 39,296,196 | $ | 136,851,468 | ||||
Authorized shares – per class | 2 billion | 2 billion | ||||||
Par value per share | $ | 0.0001 | $ | 0.0001 |
See accompanying notes to financial statements.
Nuveen | 29 |
Operations | Six Months Ended April 30, 2016 (Unaudited) |
Large Cap Select | Small Cap Select | |||||||
Investment Income | ||||||||
Dividend and interest income (net of foreign tax withheld of $703 and $—, respectively) | $ | 329,184 | $ | 986,802 | ||||
Securities lending income, net | 6,272 | 304,798 | ||||||
Total investment income | 335,456 | 1,291,600 | ||||||
Expenses | ||||||||
Management fees | 153,405 | 653,672 | ||||||
12b-1 service fees – Class A Shares | 9,260 | 88,223 | ||||||
12b-1 distribution and service fees – Class C Shares | 7,008 | 34,242 | ||||||
12b-1 distribution and service fees – Class R3 Shares | — | 16,711 | ||||||
Shareholder servicing agent fees | 8,046 | 145,975 | ||||||
Custodian fees | 4,492 | 9,954 | ||||||
Directors fees | 626 | 2,071 | ||||||
Professional fees | 14,176 | 18,508 | ||||||
Shareholder reporting expenses | 3,474 | 25,926 | ||||||
Federal and state registration fees | 20,200 | 27,541 | ||||||
Other | 2,125 | 3,051 | ||||||
Total expenses | 222,812 | 1,025,874 | ||||||
Net investment income (loss) | 112,644 | 265,726 | ||||||
Realized and Unrealized Gain (Loss) | ||||||||
Net realized gain (loss) from investments | 309,826 | 4,754,346 | ||||||
Change in net unrealized appreciation (depreciation) of investments | (1,571,024 | ) | (9,267,311 | ) | ||||
Net realized and unrealized gain (loss) | (1,261,198 | ) | (4,512,965 | ) | ||||
Net increase (decrease) in net assets from operations | $ | (1,148,554 | ) | $ | (4,247,239 | ) |
See accompanying notes to financial statements.
30 | Nuveen |
Changes in Net Assets | (Unaudited) |
Large Cap Select | Small Cap Select | |||||||||||||||||
Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||||||||||||
Operations | ||||||||||||||||||
Net investment income (loss) | $ | 112,644 | $ | 254,629 | $ | 265,726 | $ | (102,045 | ) | |||||||||
Net realized gain (loss) from investments | 309,826 | 3,227,610 | 4,754,346 | 35,032,905 | ||||||||||||||
Change in net unrealized appreciation (depreciation) of investments | (1,571,024 | ) | (2,149,683 | ) | (9,267,311 | ) | (24,021,705 | ) | ||||||||||
Net increase (decrease) in net assets from operations | (1,148,554 | ) | 1,332,556 | (4,247,239 | ) | 10,909,155 | ||||||||||||
Distributions to Shareholders | ||||||||||||||||||
From net investment income: | ||||||||||||||||||
Class A Shares | (18,734 | ) | (26,786 | ) | — | — | ||||||||||||
Class C Shares | — | — | — | — | ||||||||||||||
Class R3 Shares | — | — | — | — | ||||||||||||||
Class I Shares | (171,209 | ) | (231,222 | ) | — | — | ||||||||||||
From accumulated net realized gains: | ||||||||||||||||||
Class A Shares | — | — | (15,055,213 | ) | (25,790,799 | ) | ||||||||||||
Class C Shares | — | — | (1,864,296 | ) | (2,732,315 | ) | ||||||||||||
Class R3 Shares | — | — | (1,548,159 | ) | (2,665,298 | ) | ||||||||||||
Class I Shares | — | — | (10,869,213 | ) | (30,829,009 | ) | ||||||||||||
Decrease in net assets from distributions to shareholders | (189,943 | ) | (258,008 | ) | (29,336,881 | ) | (62,017,421 | ) | ||||||||||
Fund Share Transactions | ||||||||||||||||||
Proceeds from sale of shares | 3,835,646 | 2,758,955 | 6,360,775 | 29,500,410 | ||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 126,784 | 178,501 | 27,114,416 | 55,704,100 | ||||||||||||||
3,962,430 | 2,937,456 | 33,475,191 | 85,204,510 | |||||||||||||||
Cost of shares redeemed | (6,009,499 | ) | (9,475,431 | ) | (57,020,492 | ) | (117,686,278 | ) | ||||||||||
Net increase (decrease) in net assets from Fund share transactions | (2,047,069 | ) | (6,537,975 | ) | (23,545,301 | ) | (32,481,768 | ) | ||||||||||
Net increase (decrease) in net assets | (3,385,566 | ) | (5,463,427 | ) | (57,129,421 | ) | (83,590,034 | ) | ||||||||||
Net assets at the beginning of period | 42,681,762 | 48,145,189 | 193,980,889 | 277,570,923 | ||||||||||||||
Net assets at the end of period | $ | 39,296,196 | $ | 42,681,762 | $ | 136,851,468 | $ | 193,980,889 | ||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 100,511 | $ | 177,810 | $ | 237,528 | $ | (28,198 | ) |
See accompanying notes to financial statements.
Nuveen | 31 |
Highlights (Unaudited)
Large Cap Select
Selected data for a share outstanding throughout the period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||
Class A (1/03) |
| |||||||||||||||||||||||||||||||||
2016(e) | $ | 20.59 | $ | 0.04 | $ | (0.51 | ) | $ | (0.47 | ) | $ | (0.05 | ) | $ | — | $ | (0.05 | ) | $ | 20.07 | ||||||||||||||
2015 | 20.13 | 0.08 | 0.46 | 0.54 | (0.08 | ) | — | (0.08 | ) | 20.59 | ||||||||||||||||||||||||
2014 | 17.65 | 0.05 | 2.48 | 2.53 | (0.05 | ) | — | (0.05 | ) | 20.13 | ||||||||||||||||||||||||
2013 | 13.42 | 0.07 | 4.22 | 4.29 | (0.06 | ) | — | (0.06 | ) | 17.65 | ||||||||||||||||||||||||
2012 | 11.73 | 0.03 | 1.66 | 1.69 | — | — | — | 13.42 | ||||||||||||||||||||||||||
2011 | 11.65 | (0.02 | ) | 0.10 | 0.08 | — | — | — | 11.73 | |||||||||||||||||||||||||
Class C (1/03) |
| |||||||||||||||||||||||||||||||||
2016(e) | 19.31 | (0.03 | ) | (0.48 | ) | (0.51 | ) | — | — | — | 18.80 | |||||||||||||||||||||||
2015 | 18.96 | (0.07 | ) | 0.42 | 0.35 | — | — | — | 19.31 | |||||||||||||||||||||||||
2014 | 16.70 | (0.09 | ) | 2.35 | 2.26 | — | — | — | 18.96 | |||||||||||||||||||||||||
2013 | 12.73 | (0.05 | ) | 4.02 | 3.97 | — | — | — | 16.70 | |||||||||||||||||||||||||
2012 | 11.21 | (0.06 | ) | 1.58 | 1.52 | — | — | — | 12.73 | |||||||||||||||||||||||||
2011 | 11.22 | (0.11 | ) | 0.10 | (0.01 | ) | — | — | — | 11.21 | ||||||||||||||||||||||||
Class I (1/03) |
| |||||||||||||||||||||||||||||||||
2016(e) | 20.76 | 0.06 | (0.51 | ) | (0.45 | ) | (0.10 | ) | — | (0.10 | ) | 20.21 | ||||||||||||||||||||||
2015 | 20.30 | 0.13 | 0.46 | 0.59 | (0.13 | ) | — | (0.13 | ) | 20.76 | ||||||||||||||||||||||||
2014 | 17.79 | 0.09 | 2.51 | 2.60 | (0.09 | ) | — | (0.09 | ) | 20.30 | ||||||||||||||||||||||||
2013 | 13.52 | 0.11 | 4.26 | 4.37 | (0.10 | ) | — | (0.10 | ) | 17.79 | ||||||||||||||||||||||||
2012 | 11.80 | 0.07 | 1.66 | 1.73 | (0.01 | ) | — | (0.01 | ) | 13.52 | ||||||||||||||||||||||||
2011 | 11.71 | 0.01 | 0.10 | 0.11 | (0.02 | ) | — | (0.02 | ) | 11.80 |
32 | Nuveen |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | ||||||||||||||||||||||||
(2.29 | )% | $ | 7,527 | 1.26 | %* | 0.37 | %* | 1.26 | %* | 0.37 | %* | 54 | % | |||||||||||||||||
2.66 | 7,383 | 1.25 | 0.36 | 1.25 | 0.36 | 124 | ||||||||||||||||||||||||
14.35 | 6,511 | 1.31 | 0.23 | 1.30 | 0.24 | 154 | ||||||||||||||||||||||||
32.14 | 4,625 | 1.33 | 0.43 | 1.33 | 0.43 | 117 | ||||||||||||||||||||||||
14.41 | 2,924 | 1.43 | 0.26 | 1.43 | 0.26 | 127 | ||||||||||||||||||||||||
0.69 | 2,938 | 1.20 | (0.18 | ) | 1.20 | (0.18 | ) | 139 | ||||||||||||||||||||||
(2.64 | ) | 1,103 | 2.01 | * | (0.38 | )* | 2.01 | * | (0.38 | )* | 54 | |||||||||||||||||||
1.85 | 684 | 2.00 | (0.38 | ) | 2.00 | (0.38 | ) | 124 | ||||||||||||||||||||||
13.53 | 683 | 2.07 | (0.53 | ) | 2.05 | (0.51 | ) | 154 | ||||||||||||||||||||||
31.08 | 518 | 2.07 | (0.34 | ) | 2.07 | (0.34 | ) | 117 | ||||||||||||||||||||||
13.65 | 195 | 2.18 | (0.49 | ) | 2.18 | (0.49 | ) | 127 | ||||||||||||||||||||||
(0.09 | ) | 183 | 1.95 | (0.90 | ) | 1.95 | (0.90 | ) | 139 | |||||||||||||||||||||
(2.17 | ) | 30,666 | 1.01 | * | 0.63 | * | 1.01 | * | 0.63 | * | 54 | |||||||||||||||||||
2.88 | 34,615 | 1.00 | 0.63 | 1.00 | 0.63 | 124 | ||||||||||||||||||||||||
14.66 | 40,952 | 1.06 | 0.48 | 1.05 | 0.49 | 154 | ||||||||||||||||||||||||
32.43 | 34,444 | 1.08 | 0.72 | 1.08 | 0.72 | 117 | ||||||||||||||||||||||||
14.79 | 34,554 | 1.18 | 0.54 | 1.18 | 0.54 | 127 | ||||||||||||||||||||||||
0.89 | 58,314 | 0.95 | 0.07 | 0.95 | 0.07 | 139 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the six months ended April 30, 2016. |
* | Annualized. |
See accompanying notes to financial statements.
Nuveen | 33 |
Financial Highlights (Unaudited) (continued)
Small Cap Select
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||
Class (Commencement Date) Year Ended October 31, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||
Class A (5/92) |
| |||||||||||||||||||||||||||||||||
2016(e) | $ | 11.01 | $ | 0.01 | $ | (0.26 | ) | $ | (0.25 | ) | $ | — | $ | (2.11 | ) | $ | (2.11 | ) | $ | 8.65 | ||||||||||||||
2015 | 14.48 | (0.02 | ) | 0.37 | 0.35 | — | (3.82 | ) | (3.82 | ) | 11.01 | |||||||||||||||||||||||
2014 | 15.02 | (0.05 | ) | 0.87 | 0.82 | (0.02 | ) | (1.34 | ) | (1.36 | ) | 14.48 | ||||||||||||||||||||||
2013 | 13.54 | — | * | 3.63 | 3.63 | — | (2.15 | ) | (2.15 | ) | 15.02 | |||||||||||||||||||||||
2012 | 12.44 | (0.05 | ) | 1.45 | 1.40 | — | (0.30 | ) | (0.30 | ) | 13.54 | |||||||||||||||||||||||
2011 | 11.72 | (0.09 | ) | 0.81 | 0.72 | — | — | — | 12.44 | |||||||||||||||||||||||||
Class C (9/01) |
| |||||||||||||||||||||||||||||||||
2016(e) | 8.64 | (0.01 | ) | (0.21 | ) | (0.22 | ) | — | (2.11 | ) | (2.11 | ) | 6.31 | |||||||||||||||||||||
2015 | 12.28 | (0.08 | ) | 0.26 | 0.18 | — | (3.82 | ) | (3.82 | ) | 8.64 | |||||||||||||||||||||||
2014 | 13.00 | (0.14 | ) | 0.76 | 0.62 | — | (1.34 | ) | (1.34 | ) | 12.28 | |||||||||||||||||||||||
2013 | 12.09 | (0.09 | ) | 3.15 | 3.06 | — | (2.15 | ) | (2.15 | ) | 13.00 | |||||||||||||||||||||||
2012 | 11.22 | (0.13 | ) | 1.30 | 1.17 | — | (0.30 | ) | (0.30 | ) | 12.09 | |||||||||||||||||||||||
2011 | 10.65 | (0.17 | ) | 0.74 | 0.57 | — | — | — | 11.22 | |||||||||||||||||||||||||
Class R3 (1/94) |
| |||||||||||||||||||||||||||||||||
2016(e) | 10.38 | — | * | (0.24 | ) | (0.24 | ) | — | (2.11 | ) | (2.11 | ) | 8.03 | |||||||||||||||||||||
2015 | 13.91 | (0.04 | ) | 0.33 | 0.29 | — | (3.82 | ) | (3.82 | ) | 10.38 | |||||||||||||||||||||||
2014 | 14.49 | (0.08 | ) | 0.84 | 0.76 | — | (1.34 | ) | (1.34 | ) | 13.91 | |||||||||||||||||||||||
2013 | 13.17 | (0.03 | ) | 3.50 | 3.47 | — | (2.15 | ) | (2.15 | ) | 14.49 | |||||||||||||||||||||||
2012 | 12.13 | (0.08 | ) | 1.42 | 1.34 | — | (0.30 | ) | (0.30 | ) | 13.17 | |||||||||||||||||||||||
2011 | 11.46 | (0.12 | ) | 0.79 | 0.67 | — | — | — | 12.13 | |||||||||||||||||||||||||
Class I (5/92) |
| |||||||||||||||||||||||||||||||||
2016(e) | 12.93 | 0.03 | (0.30 | ) | (0.27 | ) | — | (2.11 | ) | (2.11 | ) | 10.55 | ||||||||||||||||||||||
2015 | 16.30 | 0.02 | 0.43 | 0.45 | — | (3.82 | ) | (3.82 | ) | 12.93 | ||||||||||||||||||||||||
2014 | 16.73 | (0.02 | ) | 0.99 | 0.97 | (0.06 | ) | (1.34 | ) | (1.40 | ) | 16.30 | ||||||||||||||||||||||
2013 | 14.82 | 0.04 | 4.02 | 4.06 | — | (2.15 | ) | (2.15 | ) | 16.73 | ||||||||||||||||||||||||
2012 | 13.54 | (0.02 | ) | 1.60 | 1.58 | — | (0.30 | ) | (0.30 | ) | 14.82 | |||||||||||||||||||||||
2011 | 12.73 | (0.06 | ) | 0.87 | 0.81 | — | — | — | 13.54 |
34 | Nuveen |
Ratios/Supplemental Data | ||||||||||||||||||||||||||||||
Ratios to Average Net Assets Before Waiver/Reimbursement | Ratios to Average Net Assets After Waiver/Reimbursement(c) | |||||||||||||||||||||||||||||
Total Return(b) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(d) | ||||||||||||||||||||||||
(2.28 | )% | $ | 68,585 | 1.47 | %*** | 0.31 | %*** | 1.47 | %*** | 0.31 | %*** | 30 | % | |||||||||||||||||
4.08 | 82,080 | 1.42 | (0.14 | ) | 1.42 | (0.14 | ) | 75 | ||||||||||||||||||||||
5.98 | 100,733 | 1.43 | (0.37 | ) | 1.43 | (0.37 | ) | 90 | ||||||||||||||||||||||
31.74 | 161,488 | 1.34 | (0.01 | ) | 1.33 | — | ** | 78 | ||||||||||||||||||||||
11.62 | 155,624 | 1.36 | (0.49 | ) | 1.28 | (0.41 | ) | 71 | ||||||||||||||||||||||
6.14 | 275,994 | 1.34 | (0.74 | ) | 1.30 | (0.70 | ) | 69 | ||||||||||||||||||||||
(2.64 | ) | 6,786 | 2.22 | *** | (0.44 | )*** | 2.22 | *** | (0.44 | )*** | 30 | |||||||||||||||||||
3.19 | 8,036 | 2.17 | (0.88 | ) | 2.17 | (0.88 | ) | 75 | ||||||||||||||||||||||
5.28 | 8,976 | 2.19 | (1.12 | ) | 2.19 | (1.12 | ) | 90 | ||||||||||||||||||||||
30.67 | 10,331 | 2.09 | (0.75 | ) | 2.08 | (0.74 | ) | 78 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||
(2.32 | ) | 5,995 | 1.72 | *** | 0.08 | *** | 1.72 | *** | 0.08 | *** | 30 | |||||||||||||||||||
3.75 | 7,794 | 1.67 | (0.38 | ) | 1.67 | (0.38 | ) | 75 | ||||||||||||||||||||||
5.75 | 11,570 | 1.68 | (0.61 | ) | 1.68 | (0.61 | ) | 90 | ||||||||||||||||||||||
31.37 | 19,673 | 1.59 | (0.25 | ) | 1.58 | (0.25 | ) | 78 | ||||||||||||||||||||||
11.42 | 18,386 | 1.61 | (0.69 | ) | 1.53 | (0.61 | ) | 71 | ||||||||||||||||||||||
5.85 | 20,044 | 1.60 | (1.00 | ) | 1.55 | (0.95 | ) | 69 | ||||||||||||||||||||||
(2.08 | ) | 55,486 | 1.22 | *** | 0.55 | *** | 1.22 | *** | 0.55 | *** | 30 | |||||||||||||||||||
4.29 | 96,071 | 1.17 | 0.11 | 1.17 | 0.11 | 75 | ||||||||||||||||||||||||
6.23 | 156,292 | 1.18 | (0.11 | ) | 1.18 | (0.11 | ) | 90 | ||||||||||||||||||||||
32.02 | 283,064 | 1.09 | 0.24 | 1.08 | 0.25 | 78 | ||||||||||||||||||||||||
12.01 | 261,760 | 1.11 | (0.19 | ) | 1.03 | (0.11 | ) | 71 | ||||||||||||||||||||||
6.36 | 273,983 | 1.09 | (0.49 | ) | 1.05 | (0.45 | ) | 69 |
(a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. |
(b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. |
(c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | For the six months ended April 30, 2016. |
* | Rounds to less than $0.01 per share. |
** | Rounds to less than 0.01%. |
*** | Annualized. |
See accompanying notes to financial statements.
Nuveen | 35 |
Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust and Fund Information
Nuveen Investment Funds, Inc. (the “Trust”), is an open-end management 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”) 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.
The end of the reporting period for the Funds is April 30, 2016, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2016 (the “current fiscal period”).
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a wholly-owned subsidiary of Nuveen Investments, Inc. (“Nuveen”). Nuveen is an operating division of TIAA Global Asset Management. The Adviser is responsible for each Fund’s overall investment strategy and asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.
Investment Objectives and Principal Investment Strategies
Large Cap Select’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in common stocks of large-capitalization companies, defined as companies that have market capitalizations of $5 billion or greater.
Small Cap Select’s investment objective is capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in common stocks of small-capitalization companies. Small capitalization companies are defined as companies that have market capitalizations within the market capitalization range of the companies in the Russell 2000 Index on the last business day of the month in which its most recent reconstitution was completed. Reconstitution of the index currently is completed in June of each year. On June 30, 2015, the range was $103 million to $4.7 billion.
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 also may utilize 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.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services-Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes.
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.
36 | Nuveen |
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income are declared and distributed to shareholders annually. Net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Share Classes and Sales Charges
Class A Shares are generally sold with an up-front sales charge and incur a 0.25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) equal to 1% if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a 0.25% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
Multiclass Operations and Allocations
Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and service fees.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
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.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market
Nuveen | 37 |
Notes to Financial Statements (Unaudited) (continued)
participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. | |
Level 2 – | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
Level 3 – | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2. 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, which may represent a transfer from a Level 1 to a Level 2 security.
Investments in investment companies are valued at their respective NAVs on the valuation date and 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 (the “Board”) and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which 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 NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
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 | $ | 38,777,801 | $ | — | $ | — | $ | 38,777,801 | ||||||||
Investments Purchased with Collateral from Securities Lending | 10,381,709 | — | — | 10,381,709 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 1,342,438 | — | — | 1,342,438 | ||||||||||||
Total | $ | 50,501,948 | $ | — | $ | — | $ | 50,501,948 | ||||||||
Small Cap Select | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 134,352,333 | $ | — | $ | — | $ | 134,352,333 | ||||||||
Investments Purchased with Collateral from Securities Lending | 53,481,378 | — | — | 53,481,378 | ||||||||||||
Short-Term Investments: | ||||||||||||||||
Money Market Funds | 1,389,552 | — | — | 1,389,552 | ||||||||||||
Total | $ | 189,223,263 | $ | — | $ | — | $ | 189,223,263 |
* | Refer to the Fund’s Portfolio of Investments for industry classifications. |
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as
38 | Nuveen |
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, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
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. When loaning securities, the Funds retain the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The Funds also have the ability to recall the securities on loan at any time.
Each Fund’s policy is to receive, at the inception of a loan, cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Payable for collateral from securities lending program” on the Statement of Assets and Liabilities. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending, at value” on the Statement of Assets and Liabilities. The market value of the securities loaned is determined at the close of each business day in order to determine the adequacy of the collateral. If the value of the securities on loan increases such that the level of collateralization falls below 100%, additional collateral is received from the borrower on the next business day, which is recognized as “Due from broker” on the Statement of Assets and Liabilities.
Securities out on loan are subject to termination at any time at the option of the borrower or the Funds. Upon termination, the borrower is required to return to the Funds securities identical to the securities loaned. Generally, in the event the borrower defaults on its obligation to return the loaned securities, the Funds have the right to use the collateral to acquire identical securities. In the event the Funds are delayed or prevented from exercising its right to dispose of the collateral, there may be a loss to the Funds. Under the Funds’ securities lending agreement, however, the securities lending agent has indemnified the Funds against losses resulting from borrower default, except to the extent that those losses result from a decrease in the value of the collateral due to its investment by the Funds. The Funds bear the risk of loss with respect to the investment of collateral.
The Funds’ custodian, U.S. Bank National Association, serves as their securities lending agent. Each Fund pays the custodian a fee based on its proportional share of the custodian’s expense of operating its securities lending program. Income earned from the securities lending program is paid to the Funds, net of any fees paid. Income from securities lending, net of fees paid, is recognized as “Securities lending income, net” on the Statement of Operations.
The following table presents the securities out on loan for the Funds and the collateral delivered related to those securities as of the end of the reporting period.
Fund | Asset Class out on Loan | Long-Term Investments, at Value | Collateral Pledged (From) Counterparty* | Net Exposure | ||||||||||
Large Cap Select | Common Stocks | $ | 10,127,738 | $ | (10,127,738 | ) | $ | — | ||||||
Small Cap Select | Common Stocks | 51,632,004 | (51,632,004 | ) | — |
* | As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan. Refer to the Fund’s Portfolio of Investments for details on the securities out on loan. |
Nuveen | 39 |
Notes to Financial Statements (Unaudited) (continued)
Securities lending fees paid by each Fund during the current fiscal period were as follows:
Large Cap Select | Small Cap Select | |||||||
Securities lending fees paid | $ | 588 | $ | 36,727 |
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
Six Months Ended 4/30/16 | Year Ended 10/31/15 | |||||||||||||||
Large Cap Select | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 42,725 | $ | 884,789 | 81,389 | $ | 1,696,526 | ||||||||||
Class C | 74,858 | 1,423,871 | 22,172 | 431,699 | ||||||||||||
Class I | 75,176 | 1,526,986 | 29,957 | 630,730 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 782 | 15,924 | 1,196 | 24,872 | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class I | 5,413 | 110,860 | 7,340 | 153,629 | ||||||||||||
198,954 | 3,962,430 | 142,054 | 2,937,456 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (26,981 | ) | (546,131 | ) | (47,387 | ) | (994,200 | ) | ||||||||
Class C | (51,582 | ) | (935,186 | ) | (22,793 | ) | (432,615 | ) | ||||||||
Class I | (230,304 | ) | (4,528,182 | ) | (387,520 | ) | (8,048,616 | ) | ||||||||
(308,867 | ) | (6,009,499 | ) | (457,700 | ) | (9,475,431 | ) | |||||||||
Net increase (decrease) | (109,913 | ) | $ | (2,047,069 | ) | (315,646 | ) | $ | (6,537,975 | ) |
40 | Nuveen |
Six Months Ended 4/30/16 | Year Ended 10/31/15 | |||||||||||||||
Small Cap Select | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 297,277 | $ | 2,523,187 | 1,193,375 | $ | 13,818,203 | ||||||||||
Class C | 35,871 | 216,570 | 53,958 | 483,464 | ||||||||||||
Class R3 | 82,541 | 663,673 | 178,413 | 1,929,280 | ||||||||||||
Class I | 285,339 | 2,957,345 | 978,280 | 13,269,463 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 1,724,098 | 14,930,690 | 2,472,811 | 25,593,597 | ||||||||||||
Class C | 279,101 | 1,769,503 | 318,086 | 2,601,946 | ||||||||||||
Class R3 | 192,470 | 1,547,457 | 272,307 | 2,663,158 | ||||||||||||
Class I | 840,452 | 8,866,766 | 2,048,260 | 24,845,399 | ||||||||||||
3,737,149 | 33,475,191 | 7,515,490 | 85,204,510 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (1,549,448 | ) | (13,694,340 | ) | (3,164,926 | ) | (36,453,448 | ) | ||||||||
Class C | (170,071 | ) | (1,170,194 | ) | (173,411 | ) | (1,585,350 | ) | ||||||||
Class R3 | (278,829 | ) | (2,224,536 | ) | (531,855 | ) | (6,042,343 | ) | ||||||||
Class I | (3,292,718 | ) | (39,931,422 | ) | (5,184,892 | ) | (73,605,137 | ) | ||||||||
(5,291,066 | ) | (57,020,492 | ) | (9,055,084 | ) | (117,686,278 | ) | |||||||||
Net increase (decrease) | (1,553,917 | ) | $ | (23,545,301 | ) | (1,539,594 | ) | $ | (32,481,768 | ) |
5. Investment Transactions
Long-term purchases and sales (excluding investments purchased with collateral from securities lending) during the current fiscal period were as follows:
Large Cap Select | Small Cap Select | |||||||
Purchases | $ | 22,172,786 | $ | 44,855,654 | ||||
Sales | 24,738,162 | 96,831,758 |
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
As of April 30, 2016, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
Large Cap Select | Small Cap Select | |||||||
Cost of investments | $ | 48,827,874 | $ | 176,174,492 | ||||
Gross unrealized: | ||||||||
Appreciation | $ | 2,387,704 | $ | 20,099,822 | ||||
Depreciation | (713,630 | ) | (7,051,051 | ) | ||||
Net unrealized appreciation (depreciation) of investments | $ | 1,674,074 | $ | 13,048,771 |
Nuveen | 41 |
Notes to Financial Statements (Unaudited) (continued)
Permanent differences, primarily due to federal taxes paid, net operating losses, real estate investment trust adjustments and tax equalization, resulted in reclassifications among the Funds’ components of net assets as of October 31, 2015, the Funds’ last tax year end, as follows:
Large Cap Select | Small Cap Select | |||||||
Capital paid-in | $ | (12 | ) | $ | 5,346,378 | |||
Undistributed (Over-distribution of) net investment income | (1 | ) | 99,994 | |||||
Accumulated net realized gain (loss) | 13 | (5,446,372 | ) |
The tax components of undistributed net ordinary income and net long-term capital gains as of October 31, 2015, the Funds’ last tax year end, were as follows:
Large Cap Select | Small Cap Select | |||||||
Undistributed net ordinary income1 | $ | 188,757 | $ | 7,983,746 | ||||
Undistributed net long-term capital gains | — | 21,334,114 |
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, 2015, was designated for purposes of the dividends paid deduction as follows:
Large Cap Select | Small Cap Select | |||||||
Distributions from net ordinary income1 | $ | 258,008 | $ | 15,050,248 | ||||
Distributions from net long-term capital gains | — | 46,967,173 |
1 | Net ordinary income consists of net taxable income derived from dividends, interest and net short-term capital gains, if any. |
As of October 31, 2015, the Funds’ last tax year end, the following Fund 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 shown in the following table. The losses not subject to expiration will be utilized first by the Fund.
Large Cap Select | ||||
Expiration: | ||||
October 31, 2017 | $ | 53,789,735 | ||
Not subject to expiration | — | |||
Total | $ | 53,789,735 |
During the Funds’ last tax year ended October 31, 2015, Large Cap Select utilized $3,211,284 of its capital loss carryforward.
7. Management Fees and Other Transactions with Affiliates
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual Fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
Average Daily Net Assets | Large Cap Select | Small Cap Select | ||||||
For the first $125 million | 0.5500 | % | 0.7000 | % | ||||
For the next $125 million | 0.5375 | 0.6875 | ||||||
For the next $250 million | 0.5250 | 0.6750 | ||||||
For the next $500 million | 0.5125 | 0.6625 | ||||||
For the next $1 billion | 0.5000 | 0.6500 | ||||||
For net assets over $2 billion | 0.4750 | 0.6250 |
42 | Nuveen |
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 | 0.2000 | % | ||
$56 billion | 0.1996 | |||
$57 billion | 0.1989 | |||
$60 billion | 0.1961 | |||
$63 billion | 0.1931 | |||
$66 billion | 0.1900 | |||
$71 billion | 0.1851 | |||
$76 billion | 0.1806 | |||
$80 billion | 0.1773 | |||
$91 billion | 0.1691 | |||
$125 billion | 0.1599 | |||
$200 billion | 0.1505 | |||
$250 billion | 0.1469 | |||
$300 billion | 0.1445 |
* | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by 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, 2016, the complex-level fee for each Fund was as follows: |
Fund | Complex-Level Fee | |||
Large Cap Select | 0.1998 | % | ||
Small Cap Select | 0.1998 |
The Adviser has agreed to waive fees and/or reimburse expenses of Large Cap Select through February 28, 2017 so that total annual fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.05% of the average daily net assets of any class of Fund shares.
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 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 current fiscal period, Nuveen Securities, LLC (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
Large Cap Select | Small Cap Select | |||||||
Sales charges collected | $ | 4,127 | $ | 10,070 | ||||
Paid to financial intermediaries | 4,093 | 8,871 |
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
Large Cap Select | Small Cap Select | |||||||
Commission advances | $ | 4,698 | $ | 624 |
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:
Large Cap Select | Small Cap Select | |||||||
12b-1 fees retained | $ | 2,102 | $ | 34,242 |
Nuveen | 43 |
Notes to Financial Statements (Unaudited) (continued)
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:
Large Cap Select | Small Cap Select | |||||||
CDSC retained | $ | 599 | $ | 42 |
8. Borrowing Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit (“Unsecured Credit Line”) under which outstanding balances would bear interest at a variable rate. Although the Funds participated in the Unsecured Credit Line, they did not have any outstanding balances during the current fiscal period.
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.53 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, including all of the Funds covered by this shareholder report, along with a number of Nuveen closed-end funds. The credit facility expires in July 2016 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.
9. Subsequent Events
Management Fees
Effective June 30, 2016, the annual fund-level fee for the Funds, payable monthly, will be calculated according to the following schedule:
Average Daily Net Assets | Large Cap Select | Small Cap Select | ||||||
For the first $125 million | 0.5000 | % | 0.6500 | % | ||||
For the next $125 million | 0.4875 | 0.6375 | ||||||
For the next $250 million | 0.4750 | 0.6250 | ||||||
For the next $500 million | 0.4625 | 0.6125 | ||||||
For the next $1 billion | 0.4500 | 0.6000 | ||||||
For net assets over $2 billion | 0.4250 | 0.5750 |
Effective June 30, 2016, the Adviser has agreed to waive fees and/or reimburse expenses through February 28, 2018 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the percentages of the average daily net assets of any class of the Fund shares as follows.
Fund | Expense Cap | |||
Large Cap Select | 0.89 | % | ||
Small Cap Select | 1.15 |
44 | Nuveen |
Fund Information
Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606
Sub-Adviser Nuveen Asset Management, LLC 333 West Wacker Drive Chicago, IL 60606 | Independent Registered PricewaterhouseCoopers LLP One North Wacker Drive Chicago, IL 60606
Custodian U.S. Bank National Association 1555 North Rivercenter Drive, Suite 302 Milwaukee, WI 53202 | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | Transfer Agent and Boston Financial Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787 |
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Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at (800) SEC-0330 for room hours and operation. | ||||||||||||||
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Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov. | ||||||||||||||
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FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org. |
Nuveen | 45 |
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.
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 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.
MSCI Emerging Markets Index: An unmanaged index considered representative of stocks of developing countries. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.
Russell 1000® Index: An unmanaged index, considered representative of large-cap stocks. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 3000® Index measures the performance of the 3,000 largest companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. 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.
46 | Nuveen |
Notes
Nuveen | 47 |
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Nuveen: | ||||||||||||||
Serving Investors for Generations | ||||||||||||||
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Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio. | ||||||||||||||
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Focused on meeting investor needs.
Nuveen helps secure the long-term goals of individual investors and the advisors who serve them. As an operating division of TIAA Global Asset Management, Nuveen provides access to investment expertise from leading asset managers and solutions across traditional and alternative asset classes. Built on more than a century of industry leadership, Nuveen’s teams of experts align with clients’ specific financial needs and goals, demonstrating commitment to advisors and investors through market perspectives and wealth management and portfolio advisory services. Nuveen manages more than $229 billion in assets as of March 31, 2016. | ||||||||||||||
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Find out how we can help you. To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
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Learn more about Nuveen Funds at: www.nuveen.com/mf | ||||||||||||||
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Distributed by Nuveen Securities, LLC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com |
MSA-FSLCT-0416P 16850-INV-B-06/17
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 7, 2016
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 7, 2016
By | (Signature and Title) | /s/ Stephen D. Foy | ||||
Stephen D. Foy Vice President and Controller (principal financial officer) |
Date: July 7, 2016