N-CSRS 1 d359669dncsrs.htm NUVEEN INVESTMENT TRUST Nuveen Investment Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07619

Nuveen Investment Trust

(Exact name of registrant as specified in charter)

 

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Kathleen L. Prudhomme

Vice President and Secretary

901 Marquette Avenue Minneapolis, Minnesota 55402

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917-7700

Date of fiscal year end: August 31

Date of reporting period: February 28, 2017

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.


     LOGO
Mutual Funds   

 

      
     Nuveen Equity Funds

 

 

       

 

       

 

 

Semi-Annual Report  February 28, 2017

 

              Share Class / Ticker Symbol     
    Fund Name        Class A    Class C    Class R3    Class R6    Class I    

 

 

Nuveen Large Cap Value Fund

       NNGAX    NNGCX    NMMTX    NNGFX    NNGRX    
 

Nuveen Large Cap Core Fund

       NLACX    NLCDX       NLCFX    NLCIX    
 

Nuveen Large Cap Growth Fund

       NLAGX    NLCGX       NLAFX    NLIGX    
 

Nuveen Concentrated Core Fund

       NCADX    NCAEX       NCARX    NCAFX    
 

Nuveen Core Dividend Fund

       NCDAX    NCCDX          NCDIX    
 

Nuveen Growth Fund

       NSAGX    NSRCX    NBGRX       NSRGX    
 

Nuveen Large Cap Core Plus Fund

       NLAPX    NLPCX          NLPIX    
 

Nuveen Equity Long/Short Fund

       NELAX    NELCX          NELIX    
 

Nuveen Equity Market Neutral Fund

       NMAEX    NMECX          NIMEX    


 

 

     

 

           
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Table

of Contents

 

Chairman’s Letter to Shareholders

     4  

Portfolio Managers’ Comments

     5  

Risk Considerations

     15  

Fund Performance and Expense Ratios

     17  

Holding Summaries

     32  

Expense Examples

     41  

Portfolios of Investments

     45  

Statement of Assets and Liabilities

     100  

Statement of Operations

     102  

Statement of Changes in Net Assets

     104  

Statement of Cash Flows

     109  

Financial Highlights

     110  

Notes to Financial Statements

     128  

Additional Fund Information

     142  

Glossary of Terms Used in this Report

     143  

 

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Chairman’s Letter

to Shareholders

 

LOGO

Dear Shareholders,

Whether politics or the economy will prevail over the financial markets this year has been a much-analyzed question. After the U.S. presidential election, stocks rallied to new all-time highs, bonds tumbled, and business and consumer sentiment grew pointedly optimistic. But, to what extent the White House can translate rhetoric into stronger economic and corporate earnings growth remains to be seen. Stock prices have experienced upward momentum driven by positive economic news, interest rates are rising in light of the next anticipated Federal Reserve (Fed) rate hikes and inflation is ticking higher.

The Trump administration’s early policy decisions have caused the markets to reassess their outlooks, cooling the stock market rally and stabilizing bond prices. The White House’s pro-growth agenda of tax reform, infrastructure spending and deregulation remains on the table, but there is growing recognition that it may look different than Wall Street had initially expected.

Nevertheless, there is a case for optimism. The jobs recovery, firming wages, the housing market and confidence measures are supportive of continued expansion in the economy. The Fed enacted its second and third interest rate hikes in December 2016 and March 2017, respectively, a vote of confidence that its employment and inflation targets are on track. Economies outside the U.S. have strengthened in recent months, possibly heralding the beginnings of a global synchronized recovery. Furthermore, the populist/nationalist undercurrent that helped deliver President Trump’s win and the U.K.’s decision to leave the European Union (or “Brexit”) remained in the minority in the Dutch general election in March, easing the political uncertainty surrounding France and Germany’s elections later this year.

In the meantime, the markets will be focused on economic sentiment surveys along with “hard” data such as consumer and business spending to gauge the economy’s progress. With the Fed now firmly in tightening mode, rate moves that are more aggressive than expected could spook the markets and potentially stifle economic growth. On the political economic front, President Trump’s other signature platform plank, protectionism, is arguably anti-growth. We expect some churning in the markets as these issues sort themselves out.

Market volatility readings have been remarkably low of late, but conditions can change quickly. As market conditions evolve, Nuveen remains committed to rigorously assessing opportunities and risks. 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,

 

LOGO

William J. Schneider

Chairman of the Board

April 24, 2017

 

 

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Portfolio Managers’

Comments

 

Nuveen Large Cap Value Fund

Nuveen Large Cap Core Fund

Nuveen Large Cap Growth Fund

Nuveen Concentrated Core Fund

Nuveen Core Dividend Fund

Nuveen Growth Fund

Nuveen Large Cap Core Plus Fund

Nuveen Equity Long/Short Fund

Nuveen Equity Market Neutral Fund

These Funds are part of the Nuveen Large Cap Equity Series and feature portfolio management by Nuveen Asset Management, LLC, an affiliate of Nuveen, LLC. Robert C. Doll, CFA, a senior portfolio manager and chief equity strategist at Nuveen Asset Management and Scott M. Tonneson, CFA, serve as portfolio managers for the Nuveen Large Cap Equity Series. Anthony R. Burger, CFA, director of quantitative equity research, served as a portfolio manager for the Nuveen Equity Long/Short Fund.

Effective April 13, 2017 (subsequent to the close of this reporting period), Anthony R. Burger is no longer a portfolio manager for the Nuveen Equity Long/Short Fund. Robert C. Doll and Scott M. Tonneson continue to serve as portfolio managers for the Fund.

Additionally, during April 2017 (subsequent to the close of this reporting period), the Funds’ Board of Trustees approved the reorganizations of Nuveen Core Dividend Fund, Nuveen Large Cap Core Plus Fund and Nuveen Large Cap Growth Opportunities Fund into Nuveen Large Cap Value Fund, Nuveen Large Cap Core Fund and Nuveen Large Cap Growth Fund, respectively. In order for the reorganizations to occur, they must be approved by the shareholders of Nuveen Core Dividend Fund, Nuveen Large Cap Core Plus Fund and Nuveen Large Cap Growth Opportunities Fund.

On the following pages, the management team discusses key investment strategies and the Funds’ performance for the six-month reporting period ended February 28, 2017.

How did the Funds perform during the six-month reporting period ended February 28, 2017?

The tables in the Fund Performance and Expense Ratios section of this report provide total return performance information for the Funds for the six-month, one-year, five-year, ten-year and/or since inception periods ended February 28, 2017. Each Fund’s Class A Share total returns at net asset value (NAV) are compared with the performance of their corresponding market index and Lipper classification average. A more detailed account of each Fund’s performance is provided later in this report.

What strategies were used to manage the Funds during the six-month reporting period ended February 28, 2017 and how did these strategies influence performance?

Nuveen Large Cap Value Fund

The Fund’s Class A Shares at NAV outperformed both the Russell 1000® Value Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2017.

 

 

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 Nuveen Large Cap Value Fund seeks long-term capital appreciation by investing primarily in large-capitalization stocks of U.S. companies. The investment team selects securities using the same disciplined approach used with all of the Funds in the Large Cap Equity Series, balancing fundamental analysis with quantitative techniques. We start with the securities found in the Russell 1000® Value Index, which are primarily large-cap value companies and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from Nuveen Asset Management’s team of sector specific analysts, using our industry perspectives to select holdings. Our goal is to invest primarily in companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above market returns over time.

During the reporting period, the Fund outperformed due to widespread strength among its style tilts, stock selections and sector weights. Security selection was particularly strong in the industrials, information technology, telecommunication services and materials sectors. In terms of styles, the Fund’s performance was rewarded for overweight positions in stocks that exhibited more volatility, stocks with lower price/earnings (P/E) ratios and stocks with relatively smaller market caps within the large-cap universe. The Fund also benefited from underweight positions in energy and real estate investment trusts (REITs), two of the weaker performing sectors in the index during the reporting period.

The top performing position in the Fund was Brocade Communications Systems Inc., a technology company that makes routers, switches and other computer networking products. In late October 2016, chip maker Broadcom offered to acquire Brocade Communications in an all-cash offer that represented a hefty premium. Also, shares of Bank of America Corporation surged during the reporting period following Donald Trump’s surprise presidential win after being under pressure earlier in 2016. During the campaign, he promised to stimulate economic growth in the U.S. through a combination of higher infrastructure spending, less regulation and tax cuts. Stocks in the financial sector, particularly the nation’s largest banks, reacted favorably since these initiatives would likely result in more economic growth, which will increase demand for loans and other financial services and higher inflation, which should translate into higher rates and wider profit margins from loans. In the materials sector, a position in steel producer Steel Dynamics Inc. was a standout performer for the Fund. The company was already benefiting from tightened pricing in the steel industry because import volume has fallen 30% year-over-year. However, shares rallied sharply following President Trump’s victory because of his vow to spend a significant amount on U.S. infrastructure improvements, while also taking a tougher stance on imports, which should bode well for U.S. steel prices.

The Fund turned in strong results during the reporting period but had a few detractors. Stock selection was somewhat challenging in the consumer staples and consumer discretionary sectors. A preference for stocks with more leverage, as measured by a higher debt/equity ratio, was also a drag on results.

In the consumer discretionary sector, shares of Urban Outfitters, Inc. dropped sharply during the reporting period after the specialty apparel and accessories retailer reported weak quarterly sales for the third quarter. Shares of mailing and shipping solutions provider Pitney Bowes Inc. fell sharply at the end of October 2016 and again at the end of January 2017 after posting disappointing third- and fourth-quarter revenue declines, falling short of analysts’ estimates across the board. The company offers a full suite of equipment, supplies, software and services for end-to-end mailing solutions. Investors seemed particularly disappointed with the company’s weak 2017 guidance, which management mainly attributed to weakness in its Software Solutions segment. Pitney Bowes’ shares have been on a downward trajectory since mid-2014, having never fully recovered from the recession. Shares of Tyson Foods, Inc., the country’s largest processor and marketer of chicken, beef and pork, took a step back after strong performance earlier in 2016. The company reported disappointing quarterly earnings that fell significantly short of analysts’ estimates.

Nuveen Large Cap Core Fund

The Fund’s Class A Shares at NAV outperformed both the Russell 1000® Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2017.

The Nuveen Large Cap Core Fund seeks long-term capital appreciation by investing primarily in stocks of well-run companies. The investment team selects securities using the same disciplined approach used with all of the Funds in the Large Cap Equity Series, balancing fundamental analysis with quantitative techniques. We start with the securities found in the Russell 1000® Index, which are primarily large-cap companies, and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental

 

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overlay from Nuveen Asset Management’s team of sector specific analysts, using our industry perspectives to select holdings. Our goal is to invest primarily in companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above market returns over time.

During the reporting period, the Fund outperformed due to strong stock selection and beneficial style tilts. Security selection was particularly favorable in the industrials, information technology, telecommunication services and materials sectors. In terms of styles, the Fund’s performance was rewarded for overweight positions in stocks that exhibited more volatility, stocks with lower price/earnings (P/E) ratios and stocks with relatively smaller market caps within the large-cap universe. The Fund also benefited from an underweight position in real estate investment trusts (REITs), the weakest performing sector in the index during the reporting period.

The top performing position in the Fund during the reporting period was Brocade Communications Systems Inc., a technology company that makes routers, switches and other computer networking products. In late October 2016, chip maker Broadcom offered to acquire Brocade Communications in an all-cash offer that represented a hefty premium. The Fund also benefited from a position in United Rentals Inc., which rents out equipment such as forklifts, trucks and diggers for a wide variety of construction projects. Shares advanced strongly during the reporting period based on a combination of post-election hopes for increased infrastructure spending and the company’s solid fourth-quarter earnings. In addition, the Fund’s performance was boosted by a position in computer hardware, software and electronics company NCR Corporation, which specializes in self-serve kiosks, point-of-sale terminals, automated teller machines (ATMs) and other transaction related technologies. During the reporting period, NCR’s shares advanced following two solid quarterly earnings reports.

Stock selection was somewhat challenging in the consumer discretionary and consumer staples sectors, while an underweight position in financials, the top performing sector in the index, was a headwind. A preference for stocks with more leverage, as measured by a higher debt/equity ratio, was also a drag on results.

In the consumer discretionary sector, shares of Urban Outfitters, Inc. dropped sharply during the reporting period after the specialty apparel and accessories retailer reported weak quarterly sales for the third quarter. In the health care sector, pharmaceutical and medical supplies distributor McKesson HBOC Inc. detracted during the reporting period. McKesson, along with other top pharmaceutical distribution companies, continued to be weighed down by political pressures surrounding the pharmaceutical supply chain and drug pricing concerns. Toward the end of October 2016, shares plunged after the company reported disappointing quarterly results that were shy of analysts’ consensus forecasts and downbeat future guidance. In consumer staples, shares of Tyson Foods Inc., the country’s largest processor and marketer of chicken, beef and pork, took a step back after strong performance earlier in 2016. The company reported disappointing quarterly earnings that fell significantly short of analysts’ estimates.

Nuveen Large Cap Growth Fund

The Fund’s Class A Shares at NAV outperformed both the Russell 1000® Growth Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2017.

The Nuveen Large Cap Growth Fund seeks long-term capital appreciation by investing primarily in stocks of well-run companies that exhibit above-average growth potential. The investment team selects securities using the same disciplined approach used with all of the Funds in the Large Cap Equity Series, balancing fundamental analysis with quantitative techniques. We start with the securities found in the Russell 1000® Growth Index, which are primarily large-cap growth-oriented companies, and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from Nuveen Asset Management’s team of sector specific analysts, using our industry perspectives to select holdings. Our goal is to invest primarily in companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above market returns over time.

During the reporting period, the Fund produced strong results due to solid stock selection and beneficial style tilts. Security selection was particularly favorable in the industrials, information technology and materials sectors. In terms of styles, the Fund’s performance was rewarded for overweight positions in stocks with lower price/earnings (P/E) ratios, stocks that exhibited more volatility and stocks with relatively smaller market caps within the large-cap universe.

 

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Portfolio Managers’ Comments (continued)

 

The top performing position in the Fund during the reporting period was steel producer Steel Dynamics Inc. from the materials sector. The company was already benefiting from tightened pricing in the steel industry because import volume has fallen 30% year-over-year. However, shares rallied sharply following Donald Trump’s victory because of his vow to spend a significant amount on U.S. infrastructure improvements, while also taking a tougher stance on imports, which should bode well for U.S. steel prices. The next two contributors were in the industrials sector, led by United Airlines’ parent company United Continental Holdings Inc., which saw its shares advance despite posting relatively in-line third-quarter results. Investors instead chose to focus on the company’s mid-November Investor Day where management outlined plans to improve profit margins, grow capacity at a prudent pace and maintain a strong balance sheet. Investors applauded the tone set at the Investor Day, causing United’s stock price to rise. Aerospace and defense company Boeing Company was also a standout for the Fund. Despite investors’ fears, Boeing’s shares reacted favorably after the company delivered a strong third-quarter report with earnings, revenues and cash flow generation exceeding expectations. In January 2017, Boeing’s shares surged following the company’s fourth-quarter earnings report, which showed that profits again beat analysts’ estimates.

Stock selection was challenging in the consumer discretionary sector, while an underweight position in information technology, the top performing sector in the index, was a headwind. A preference for stocks with more leverage, as measured by a higher debt/equity ratio, was also a drag on results.

The Fund’s two most significant detractors were found in the consumer discretionary sector. Shares of mattress manufacturer Tempur Sealy International Inc. sold off sharply in late September 2016 after the company reported third-quarter sales that were below expectations. Shares of Urban Outfitters Inc. also fell sharply during the reporting period after the specialty apparel and accessories retailer reported weak quarterly sales for the third quarter. In the health care sector, pharmaceutical and medical supplies distributor McKesson HBOC Inc. detracted during the reporting period. McKesson, along with other top pharmaceutical distribution companies, continued to be weighed down by political pressures surrounding the pharmaceutical supply chain and drug pricing concerns. Toward the end of October 2016, shares plunged after the company reported disappointing quarterly results that were shy of analysts’ consensus forecasts and downbeat future guidance.

Nuveen Concentrated Core Fund

The Fund’s Class A Shares at NAV outperformed both the Russell 1000® Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2017.

The Nuveen Concentrated Core Fund seeks long-term capital appreciation by investing in a highly concentrated portfolio of approximately 20 stocks of well-run companies that the investment team believes are attractive. The team selects securities using the same disciplined approach used with all of the Funds in the Large Cap Equity Series, balancing fundamental analysis with quantitative techniques. We start with the securities found in the Russell 1000® Index, which are primarily large-cap companies, and use a multifactor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from Nuveen Asset Management’s team of sector specific analysts, using our industry perspectives to select holdings. Our goal is to invest primarily in companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above market returns over time.

During the reporting period, the Fund produced strong results due to solid stock selection and beneficial style tilts. Security selection was particularly favorable in the industrials, telecommunication services, information technology and consumer staples sectors. In terms of styles, the Fund’s performance was rewarded for overweight positions in stocks with lower price/earnings (P/E) ratios and stocks that exhibited more volatility. The Fund also benefited from a lack of exposure to real estate investment trusts (REITs), the weakest performing sector in the index during the reporting period.

The Fund’s top two performers were found in the industrials sector, led by a position in Delta Air Lines Inc. After a period of subpar traffic trends, Delta’s metrics and management guidance for the fourth quarter started to show improvement. This news, combined with lower fuel costs, better non-ticket revenue and positive traffic commentary post-election helped propel this attractively valued stock throughout the reporting period. Aerospace and defense company Boeing Company was also a standout for the Fund. Despite investors’ fears, Boeing’s shares reacted favorably after the company delivered a strong third-quarter report with earnings, revenues and cash flow generation exceeding expectations. In January 2017, Boeing’s shares surged following the company’s fourth-quarter

 

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earnings report, which showed that profits again beat analysts’ estimates. In the telecommunication sector, shares of major wireless network operator T-Mobile US Inc. performed well during the reporting period. The company’s third-quarter results topped investor expectations after T-Mobile continued to show growth in post-paid phone net additions and better-than-expected ARPU (average revenue per user), while also providing upbeat guidance for the coming quarters. In addition, the stock appeared to benefit after the election from the assumption that the regulatory environment would lead to future industry consolidation.

Although the Fund turned in favorable results during the reporting period, stock selection was challenging in the health care and consumer discretionary sectors. Sector allocation also detracted because of an overweight position in health care and an underweight in the top performing financial sector. In addition, we favored stocks with more currency sensitivity, which hurt performance because these stocks underperformed.

In the health care sector, pharmaceutical and medical supplies distributor McKesson HBOC Inc. detracted during the reporting period. McKesson, along with other top pharmaceutical distribution companies, continued to be weighed down by political pressures surrounding the pharmaceutical supply chain and drug pricing concerns. Toward the end of October 2016, shares plunged after the company reported disappointing quarterly results that were shy of analysts’ consensus forecasts and downbeat future guidance. In consumer discretionary, a position in big box discount retailer Target Corporation detracted after its shares were on a downward trajectory during the final three months of the reporting period. In January 2017, the company reported weaker-than-expected holiday sales, which its CEO attributed to “rapidly changing consumer behavior” as more shoppers shifted to online purchases and away from stores. Shares of biotechnology firm Gilead Sciences Inc. were under pressure throughout the reporting period after the company faced dismal news on multiple fronts. Sales of the company’s core hepatitis C drugs dropped by several billion dollars in 2016 and the trend has continued into 2017. Gilead lost a major legal battle in December when a federal jury ordered the company to pay Merck more than $2.5 billion in lost royalties related to one of its hepatitis C medicines, the largest patent infringement payout in U.S. history.

Nuveen Core Dividend Fund

The Fund’s Class A Shares at NAV underperformed both the Russell 1000® Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2017.

The Nuveen Core Dividend Fund seeks to provide total return from dividend income and long-term capital appreciation by investing primarily in dividend-paying equity securities. The investment team selects securities using the same disciplined approach used with all of the Funds in the Large Cap Equity Series, balancing fundamental analysis with quantitative techniques. We start with the securities found in the Russell 1000® Index, which are primarily large-cap companies and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from Nuveen Asset Management’s team of sector specific analysts, using our industry perspectives to select holdings. Our goal is to invest primarily in companies that pay dividends, have the potential to increase their dividends, and that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above market returns over time.

During the reporting period, the Fund underperformed mainly due to sector allocations, including an underweight position in financials, the top performing sector in the index, and an overweight in real estate investment trusts (REITs), the worst performing sector. Security selection was also weak in the consumer discretionary and financial sectors. A preference for stocks with more leverage, as measured by a higher debt/equity ratio, was also a drag on results.

The Fund’s leading detractor was its underweight position in Bank of America Corporation throughout the reporting period. The company’s shares surged following Donald Trump’s surprise presidential win after being under pressure earlier in 2016. Stocks in the financial sector, particularly the nation’s largest banks, reacted favorably since these initiatives would likely result in more economic growth, which will increase demand for loans and other financial services and higher inflation, which should translate into higher rates and wider profit margins from loans. In the health care sector, pharmaceutical and medical supplies distributor McKesson HBOC Inc. detracted during the reporting period. McKesson, along with other top pharmaceutical distribution companies, continued to be weighed down by political pressures surrounding the pharmaceutical supply chain and drug pricing concerns. Toward the end of October 2016, shares plunged after the company reported disappointing quarterly results that were shy of analysts’ consensus forecasts and downbeat future guidance. The Fund also saw weak results from Macerich Company, a REIT focused on mall ownership.

 

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Portfolio Managers’ Comments (continued)

 

The entire mall sector has come under pressure of late as investors question how these companies will fare due to recent weakness seen among brick and mortar retailers in the face of rising e-commerce competition. During the reporting period, mall-based retailer J.C. Penney announced plans to close up to 140 stores, while sales trends among some other prominent traditional retailers remained sluggish.

On the positive side, the Fund benefited from an underweight position and stock selection in the energy sector. The Fund was also rewarded from several successful style tilts, including overweight positions in stocks with lower price/earnings (P/E) ratios, stocks that exhibited more volatility and stocks with relatively smaller market caps within the large-cap universe.

The Fund’s leading contributor during the reporting period was a position in CoreCivic, Inc., formerly the Corrections Corporation of America until later October 2016. The company has previously been known for running for-profit prisons and detention centers, but rebranded during the reporting period as part of a multi-year strategy to become a broader government solutions provider. Prior to the election, investors were worried about pending federal contract renewals. However, after Donald Trump’s victory, investors bid up CoreCivic’s stock price because of significantly reduced risk for the company’s prison REIT business model. In the financial sector, a position in Assured Guaranty Limited was also beneficial. The company provides municipal bond insurance and financial guarantees for infrastructure and structured financings. Investors were pleasantly surprised by the company’s strong third-quarter results reported in November, which showed higher premiums, lower losses and a lower tax rate than expected. Aerospace and defense company Boeing Company was also a standout for the Fund. Despite investors’ fears, Boeing’s shares reacted favorably after the company delivered a strong third-quarter report with earnings, revenues and cash flow generation exceeding expectations. In January 2017, Boeing’s shares surged following the company’s fourth-quarter earnings report, which showed that profits again beat analysts’ estimates.

Nuveen Growth Fund

The Fund’s Class A Shares at NAV outperformed the comparative Lipper classification average, but underperformed the Russell 1000® Growth Index during the six-month reporting period ended February 28, 2017.

The Nuveen Growth Fund seeks long-term capital appreciation by investing primarily in stocks of well-run companies that exhibit above average growth potential combined with durable and stable earnings streams. The Fund may invest up to 25% of its net assets in non-U.S. equity securities. The team selects securities using the same disciplined approach used with all of the Funds in the Large Cap Equity Series, balancing fundamental analysis with quantitative techniques. We begin with the securities found in the Russell 1000® Growth Index, which are primarily large-cap growth-oriented companies and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from Nuveen Asset Management’s team of sector specific analysts, using our industry perspectives to select growth oriented holdings. Our goal is to invest primarily in companies that exhibit stable and consistent earnings growth, defendable competitive advantages, strong management and low dependence on capital markets. We believe that buying such companies at reasonable prices can provide above market returns over time.

During the reporting period, the Fund produced mixed results, outperforming its Lipper peer group, but falling short of the Russell benchmark. On the positive side, the Fund benefited from solid stock selection in the industrials and materials sectors. In terms of styles, the Fund’s performance was rewarded for overweight positions in stocks with lower price/earnings (P/E) ratios.

Regarding individual holdings, aerospace and defense company Boeing Company was a standout for the Fund. Despite investors’ fears, Boeing’s shares reacted favorably after the company delivered a strong third-quarter report with earnings, revenues and cash flow generation exceeding expectations. In January 2017, Boeing’s shares surged following the company’s fourth-quarter earnings report, which showed that profits again beat analysts’ estimates. Also, a position in Eagle Materials Inc., a building materials company focused on wallboard, concrete and other aggregates, performed well for the Fund during the reporting period. Following the November 2016 U.S. elections, Eagle Materials’ shares rose with the prospects of increased infrastructure spending and a potential bottoming for the oil and gas supplies segment. In addition, health insurance company Anthem Inc. performed well for the Fund during the reporting period. Prior to the U.S. elections, many health care stocks were under pressure as investors heard politicians talk tough about drug pricing and driving down overall health care costs. However, following the election, investors turned far more positive on the sector.

 

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The Fund underperformed the Russell benchmark mainly due to security selection in the consumer discretionary and information technology sectors. An underweight position in information technology, the top performing sector in the index, was also a headwind. In terms of styles, the Fund’s tilt away from stocks that exhibited more volatility hindered results.

In consumer staples, shares of Tyson Foods, Inc., the country’s largest processor and marketer of chicken, beef and pork, took a step back after strong performance earlier in 2016. The company reported disappointing quarterly earnings that fell significantly short of analysts’ estimates. In the health care sector, pharmaceutical and medical supplies distributor McKesson HBOC Inc. detracted during the reporting period. McKesson, along with other top pharmaceutical distribution companies, continued to be weighed down by political pressures surrounding the pharmaceutical supply chain and drug pricing concerns. Toward the end of October 2016, shares plunged after the company reported disappointing quarterly results that were shy of analysts’ consensus forecasts and downbeat future guidance. In consumer discretionary, shares of Urban Outfitters Inc. dropped sharply during the reporting period after the specialty apparel and accessories retailer reported weak quarterly sales for the third quarter.

Nuveen Large Cap Core Plus Fund

The Fund’s Class A Shares at NAV outperformed both the Russell 1000® Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2017.

The Nuveen Large Cap Core Plus Fund seeks long-term capital appreciation by investing in both long and short positions primarily of large-capitalization stocks from U.S. companies. The investment team selects securities using the same disciplined approach used with all of the Funds in the Large Cap Equity Series, balancing fundamental analysis with quantitative techniques. We start with the securities found in the Russell 1000® Index, which are primarily large-cap companies, and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from Nuveen Asset Management’s team of sector specific analysts, using our industry perspectives to select holdings. Our goal is to invest in long positions of companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above market returns over time. At the same time, the management team will typically take short positions in companies that it expects to underperform. The team expects the Fund to maintain approximately 100% net long exposure to the equity market (long 130% market value versus short 30% market value); however, the long and short positions will vary in size as market conditions change.

During the reporting period, the Fund outperformed due to widespread strength among its stock selections, style tilts and sector weights. Security selection was strong among both long and short positions, particularly in the industrials, information technology, materials, telecommunication services and energy sectors. In terms of styles, the Fund’s performance was rewarded for overweight positions in stocks with lower price/earnings (P/E) ratios, stocks that exhibited more volatility and stocks with relatively smaller market caps within the large-cap universe. The Fund also benefited from an underweight position in real estate investment trusts (REITs) and a net short position in energy, two of the weaker performing sectors in the index during the reporting period.

In the materials sector, a long position in steel producer Steel Dynamics Inc. was a standout performer for the Fund. The company was already benefiting from improved pricing in the steel industry because imports have fallen 30% year-over-year. However, shares rallied sharply following Donald Trump’s victory because of his vow to spend a significant amount on U.S. infrastructure improvements, while also taking a tougher stance on imports, which should bode well for U.S. steel prices. Also, a long position in Apple, Inc. proved beneficial after shares hit an all-time high during the reporting period. While initial expectations were low for the iPhone 7 launch, news of stronger-than-expected sales in December 2016 and the corresponding higher margins on this product release had investors bidding up the stock.

In terms of successful short positions, shares of athletic apparel and footwear maker Under Armour, Inc. fell throughout the reporting period. Under Armour’s enviable growth trajectory began to lose some steam due to growing competition in the athletic apparel segment. Also, a short position in Acadia Healthcare Company Inc. proved beneficial during the reporting period. The company runs treatment facilities and programs for various mental health issues as well as drug and alcohol addiction. Acadia Healthcare’s management pre-announced disappointing third-quarter results, which showed revenue growth slowing in both the U.S. and U.K. markets. With regulatory approvals for new facilities taking longer than expected, investors took a step back for much of the reporting period and the stock price declined.

 

NUVEEN     11  


Portfolio Managers’ Comments (continued)

 

The Fund turned in strong results during the reporting period but had a few detractors. Stock selection was somewhat challenging in the consumer discretionary and consumer staples sectors, while an underweight position in financials, the top performing sector in the index, was a headwind. A preference for stocks with more leverage, as measured by a higher debt/equity ratio, was also a drag on results.

In the consumer discretionary sector, a long position in Urban Outfitters Inc. detracted. Shares dropped sharply during the reporting period after the specialty apparel and accessories retailer reported weak quarterly sales for the third quarter. In the health care sector, pharmaceutical and medical supplies distributor McKesson HBOC Inc. detracted during the reporting period. McKesson, along with other top pharmaceutical distribution companies, continued to be weighed down by political pressures surrounding the pharmaceutical supply chain and drug pricing concerns. Toward the end of October 2016, shares plunged after the company reported disappointing quarterly results that were shy of analysts’ consensus forecasts and downbeat future guidance.

The Fund’s top detractor in its short portfolio was web streaming giant Netflix.com Inc., which saw its shares jump sharply in October 2016 after reporting blockbuster third-quarter earnings and significantly raising fourth-quarter guidance. A short position in Southern Copper Corporation, a mining company with operations in Peru, Mexico, Argentina, Chile and Ecuador, detracted after copper prices rose throughout the reporting period. Prices have been pushed higher by production issues at the world’s two largest copper mines, which have raised concerns about supply.

Nuveen Equity Long/Short Fund

The Fund’s Class A Shares at NAV outperformed both the Russell 1000® Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2017.

The Nuveen Equity Long/Short Fund seeks long-term capital appreciation with moderate correlation to the U.S. equity market by investing in long and short positions primarily of large-capitalization stocks from U.S. companies. The team selects securities using the same disciplined approach used with all of the Funds in the Large Cap Equity Series, balancing fundamental analysis with quantitative techniques. We start with the securities found in the Russell 1000® Index, which are primarily large-cap companies and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from Nuveen Asset Management’s team of sector specific analysts, using our industry perspectives to select holdings. Our goal is to invest in long positions of companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above market returns over time. At the same time, the management team will typically take short positions in companies that it expects to underperform. The team expects the Fund to maintain a net long exposure to the equity market (long market value minus short market value) that is greater than the zero percent exposure of a “market neutral” fund, but less than the 100% exposure provided by a fund that invests only in long positions. The goal of this strategy is to allow the Fund to benefit from a rising market, although to a lesser extent than a “long-only” fund, while maintaining some protection in a falling market with the Fund’s short positions, which are selected based on the management team’s belief that they will trail the broader market.

During the reporting period, the Fund outperformed due to widespread strength among its stock selections and style tilts. Security selection was strong among both long and short positions, particularly in the industrials, information technology, health care, financials, telecommunication services and energy sectors. In terms of styles, the Fund’s performance was rewarded for overweight positions in stocks with lower price/earnings (P/E) ratios, stocks that exhibited more volatility and stocks with relatively smaller market caps within the large-cap universe. The Fund also benefited from a net short position in real estate investment trusts (REITs), the weakest performing sector in the index during the reporting period.

The Fund benefited from a long position in United Rentals Inc., which rents out equipment such as forklifts, trucks and diggers for a wide variety of construction projects. Shares advanced strongly during the reporting period based on a combination of post-election hopes for increased infrastructure spending and the company’s solid fourth-quarter earnings. Also, a long position in SLM Corporation, commonly referred to as Sallie Mae, proved beneficial during the reporting period. The company’s primary businesses include originating, servicing and collecting education loans and providing college savings tools. Following the November 2016 elections, shares soared as investors pinned their hopes on the belief that the Trump administration will likely establish a friendlier regulatory environment for student lenders.

 

  12      NUVEEN


In terms of successful short positions, shares of athletic apparel and footwear maker Under Armour Inc. fell throughout the reporting period. Under Armour’s enviable growth trajectory began to lose some steam due to growing competition in the athletic apparel segment. Also, a short position in Acadia Healthcare Company Inc. proved beneficial during the reporting period. The company runs treatment facilities and programs for various mental health issues as well as drug and alcohol addiction. Acadia Healthcare’s management pre-announced disappointing third-quarter results, which showed revenue growth slowing in both the U.S. and U.K. markets. With regulatory approvals for new facilities taking longer than expected, investors took a step back for much of the reporting period and the stock price declined.

The Fund’s two most significant underperformers in its long portfolio were found in the consumer discretionary sector. After surging through mid-September 2016, shares of mattress manufacturer Tempur Sealy International Inc. sold off sharply in late September after the company reported third-quarter sales that were below expectations. Shares of Urban Outfitters Inc. also fell sharply during the reporting period after the specialty apparel and accessories retailer reported weak quarterly sales for the third quarter.

The Fund’s top detractor in its short portfolio was Southern Copper Corporation, a mining company with operations in Peru, Mexico, Argentina, Chile and Ecuador, which benefited from rising copper prices throughout the reporting period. Prices have been pushed higher by production issues at the world’s two largest copper mines, which have raised concerns about supply. A short position in web streaming giant Netflix Inc. also detracted. Shares jumped sharply in October after the company reported blockbuster third-quarter earnings and significantly raised fourth-quarter guidance.

Nuveen Equity Market Neutral Fund

The Fund’s Class A Shares at NAV outperformed both the BofA/Merrill Lynch 3-Month Treasury Bill Index and the comparative Lipper classification average during the six-month reporting period ended February 28, 2017.

The Nuveen Equity Market Neutral Fund seeks long-term capital appreciation independent of the equity market’s direction by investing in long and short positions primarily of large-capitalization stocks from U.S. companies. The team selects securities using the same disciplined approach used with all of the Funds in the Large Cap Equity Series, balancing fundamental analysis with quantitative techniques. We start with the securities found in the Russell 1000® Index, which are primarily large-cap companies, and use a multi-factor quantitative ranking process to identify potential holdings. We then apply a fundamental overlay from Nuveen Asset Management’s team of sector specific analysts, using our industry perspectives to select holdings. Our goal is to invest in long positions of companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above market returns over time. At the same time, the management team will typically take short positions in companies that it expects to underperform. The goal of this strategy is that, over time, the stock market exposure of the combined long and short positions will be minimized, producing a net return due primarily to stock selection, rather than stock market movements. Over longer periods of time, the Fund’s net exposure could fluctuate between net long 40% and net short 20%; however, under somewhat normal conditions, the Fund will carry a net long exposure slightly above zero percent (long market value versus short market value).

During the reporting period, the Fund outperformed due to widespread strength among positions in its long portfolio, particularly in the industrials, information technology, energy, materials, health care, financials and telecommunication services sectors. In terms of styles, the Fund’s performance was rewarded for overweight positions in stocks with lower price/earnings (P/E) ratios and stocks that exhibited more volatility.

In the energy sector, a long position in oil and gas exploration and production company Whiting Petroleum Corporation was a standout performer for the Fund. After struggling for most of the summer, shares of Whiting Petroleum advanced strongly during the reporting period. The company started to show some positive momentum in production growth in its high quality Bakken shale wells. This improvement, coupled with an agreement by the Organization of the Petroleum Exporting Countries (OPEC) to curtail production for the first time in eight years, led to much improved sentiment toward Whiting Petroleum and many other energy related stocks. In the materials sector, a long position in steel producer Steel Dynamics Inc. proved beneficial for the Fund. The company was already benefiting from tightened pricing in the steel industry because import volume has fallen 30% year-over-year. However, shares rallied sharply following Donald Trump’s victory because of his vow to spend a significant amount on U.S. infrastructure improvements, while also taking a tougher stance on imports, which should bode well for U.S. steel prices.

 

NUVEEN     13  


Portfolio Managers’ Comments (continued)

 

In terms of successful short positions, shares of athletic apparel and footwear maker Under Armour Inc. fell throughout the reporting period. Under Armour’s enviable growth trajectory began to lose some steam due to growing competition in the athletic apparel segment. Also, a short position in Acadia Healthcare Company Inc. proved beneficial during the reporting period. The company runs treatment facilities and programs for various mental health issues as well as drug and alcohol addiction. Acadia Healthcare’s management pre-announced disappointing third-quarter results, which showed revenue growth slowing in both the U.S. and U.K. markets. With regulatory approvals for new facilities taking longer than expected, investors took a step back for much of the reporting period and the stock price declined.

The Fund turned in strong results during the reporting period but had a few detractors of note. Stock selection was challenging in its short portfolio, particularly in the consumer staples, consumer discretionary and utilities sectors.

The Fund’s top detractor in its short portfolio was Southern Copper Corporation, a mining company with operations in Peru, Mexico, Argentina, Chile and Ecuador, which benefited from rising copper prices throughout the reporting period. Prices have been pushed higher by production issues at the world’s two largest copper mines, which have raised concerns about supply. A short position in web-streaming giant Netflix Inc. also detracted. Shares jumped sharply in October after the company reported blockbuster third-quarter earnings and significantly raised fourth-quarter guidance.

The two most significant detractors among the Fund’s long positions were found in the consumer discretionary sector. After surging through mid-September, shares of mattress manufacturer Tempur Sealy International Inc. sold off sharply in late September after the company reported third-quarter sales that were below expectations. Also, the Fund’s results were hindered by a long position in media holding company Gannett Company, Inc., the largest U.S. newspaper publisher as measured by total daily circulation, including small- and mid-market daily papers in more than 30 states and its flagship USA Today publication. During the reporting period, Gannett’s shares reacted negatively to reports that the company was preparing a higher takeover bid for Tronc, the publisher of the Los Angeles Times and Chicago Tribune previously known as Tribune Publishing, financing for the Tronc takeover eventually fell through in November 2016 and shares dropped precipitously.

 

  14      NUVEEN


Risk Considerations

 

Nuveen Large Cap Value Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. These and other risk considerations, such as futures contract, large cap stock, and value stock risks, are described in detail in the Fund’s prospectus.

Nuveen Large Cap Core Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved, including income from dividends. The value of equity securities may decline significantly over short or extended periods of time. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as futures contract and large cap stock risks, are included in the Fund’s prospectus.

Nuveen Large Cap Growth Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee that the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. These and other risk considerations, such as futures contract, growth stock, and large cap stock risks, are described in detail in the Fund’s prospectus.

Nuveen Concentrated Core Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. The value of equity securities may decline significantly over short or extended periods of time. The Fund is non-diversified, meaning it may invest a larger portion of its assets in the securities of a limited number of issuers and may be more sensitive to any single economic, business, political or regulatory occurrence than a diversified fund. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as futures contract and large cap stock risks, are included in the Fund’s prospectus.

Nuveen Core Dividend Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved, including income from dividends. The value of equity securities may decline significantly over short or extended periods of time. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as futures contract and large cap stock risks, are included in the Fund’s prospectus.

Nuveen Growth Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee that the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. These and other risk considerations, such as currency, growth stock, large cap stock, and non-U.S. investment risks, are described in detail in the Fund’s prospectus.

 

NUVEEN     15  


Risk Considerations (continued)

 

Nuveen Large Cap Core Plus Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may change significantly over short or extended periods of time. The Fund sells securities that it has borrowed but does not own (“short sales”), which is a speculative technique. The Fund will suffer a loss when the price of a security that it holds long decreases or the price of a security that it has sold short increases. Losses on short sales arise from increases in the value of the security sold short, and therefore are theoretically unlimited. Because the Fund invests in both long and short equity positions, the Fund has overall exposure to changes in value of equity securities that is far greater than its net asset value. This may magnify gains and losses and increase the volatility of the Fund’s returns. In addition, the use of short sales will increase the Fund’s expenses. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as frequent trading, futures contract and large cap stock risks, are included in the Fund’s prospectus.

Nuveen Equity Long/Short Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may change significantly over short or extended periods of time. The Fund sells securities that it has borrowed but does not own (“short sales”), which is a speculative technique. The Fund will suffer a loss when the price of a security that it holds long decreases or the price of a security that it has sold short increases. Losses on short sales arise from increases in the value of the security sold short, and therefore are theoretically unlimited. Because the Fund invests in both long and short equity positions, the Fund has overall exposure to changes in value of equity securities that is far greater than its net asset value. This may magnify gains and losses and increase the volatility of the Fund’s returns. In addition, the use of short sales will increase the Fund’s expenses. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as frequent trading, futures contract, and large cap stock risks, are included in the Fund’s prospectus.

Nuveen Equity Market Neutral Fund

Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may change significantly over short or extended periods of time. The Fund sells securities that it has borrowed but does not own (“short sales”), which is a speculative technique. The Fund will suffer a loss when the price of a security that it holds long decreases or the price of a security that it has sold short increases. Because the Fund attempts to generate returns that are primarily due to stock selection (long and short), rather than the returns of the stock market, performance will be more dependent on the portfolio manager acumen than is the case for other equity funds. Losses on short sales arise from increases in the value of the security sold short, and therefore are theoretically unlimited. Because the Fund invests in both long and short equity positions, the Fund has overall exposure to changes in value of equity securities that is far greater than its net asset value. This may magnify gains and losses and increase the volatility of the Fund’s returns. In addition, the use of short sales will increase the Fund’s expenses. More information on these risks considerations, as well as information on other risks to which the Fund is subject, such as frequent trading, futures contract and large cap stock risks, are included in the Fund’s prospectus.

 

  16      NUVEEN


Fund Performance

and Expense Ratios

 

The Fund Performance and Expense Ratios for each Fund are shown within this section of the report.

Returns quoted represent past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are not annualized. Returns at net asset value (NAV) would be lower if the sales charge were included. Returns assume reinvestment of dividends and capital gains. For performance, current to the most recent month-end visit nuveen.com or call (800) 257-8787.

Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Returns may reflect fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information.

Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees, and assume reinvestment of dividends and capital gains.

Comparative index and Lipper return information is provided for Class A Shares at NAV only.

The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the most recent prospectus. The expense ratios include management fees and other fees and expenses.

 

NUVEEN     17  


Fund Performance and Expense Ratios (continued)

Nuveen Large Cap Value Fund

 

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of February 28, 2017

 

       Cumulative        Average Annual  
        6-Months        1-Year        5-Year        10-Year  

Class A Shares at NAV

       15.05%          32.54%          13.05%          6.60%  

Class A Shares at maximum Offering Price

       8.42%          24.94%          11.72%          5.97%  

Russell 1000® Value Index

       11.07%          29.13%          14.02%          6.20%  

Lipper Multi-Cap Value Funds Classification Average

       11.79%          28.29%          12.29%          5.78%  

Class C Shares

       14.65%          31.55%          12.22%          5.81%  

Class I Shares

       15.17%          32.81%          13.34%          6.86%  

 

       Cumulative        Average Annual  
        6-Months        1-Year        5-Year        Since
Inception
 

Class R3 Shares

       14.93%          32.22%          12.77%          8.15%  

 

       Cumulative        Cumulative  
        6-Months        Since
Inception
 

Class R6 Shares

       15.27%          21.76%  

Average Annual Total Returns as of March 31, 2017 (Most Recent Calendar Quarter)

 

       Cumulative        Average Annual  
        6-Month        1-Year        5-Year        10-Year  

Class A Shares at NAV

       12.29%          19.24%          12.01%          6.16%  

Class A Shares at maximum Offering Price

       5.84%          12.39%          10.69%          5.53%  

Class C Shares

       11.88%          18.40%          11.17%          5.37%  

Class I Shares

       12.47%          19.55%          12.29%          6.42%  

 

       Cumulative        Average Annual  
        6-Month        1-Year        5-Year        Since
Inception
 

Class R3 Shares

       12.15%          18.94%          11.73%          7.81%  

 

       Cumulative        Cumulative  
        6-Month        Since
Inception
 

Class R6 Shares

       12.51%          19.32%  

Since inception returns for Class R3 Shares and Class R6 Shares are from 8/04/08 and 6/30/16, respectively. Performance prior to June 24, 2013, reflects the Fund’s performance under the management of multiple sub-advisers using investment strategies that differed significantly from those currently in place. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the 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 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.

 

  18      NUVEEN


Expense Ratios as of Most Recent Prospectus

 

       Share Class  
        Class A        Class C        Class R3        Class R6        Class I  

Expense Ratios

       1.04%          1.79%          1.29%          0.73%          0.79%  

Class R6 Shares were established on June 30, 2016. Accordingly, other expenses are estimated for the current fiscal year.

 

NUVEEN     19  


Fund Performance and Expense Ratios (continued)

Nuveen Large Cap Core Fund

 

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of February 28, 2017

 

       Cumulative        Average Annual  
        6-Months        1-Year        Since
Inception
 

Class A Shares at NAV

       12.46%          24.94%          13.85%  

Class A Shares at maximum Offering Price

       6.00%          17.76%          12.04%  

Russell 1000® Index

       10.10%          25.53%          12.69%  

Lipper Multi-Cap Core Funds Classification Average

       9.43%          23.46%          10.58%  

Class C Shares

       12.02%          24.04%          12.99%  

Class I Shares

       12.55%          25.21%          14.11%  

 

       Cumulative        Cumulative  
        6-Months        Since
Inception
 

Class R6 Shares

       12.63%          19.80%  

Average Annual Total Returns as of March 31, 2017 (Most Recent Calendar Quarter)

 

       Cumulative        Average Annual  
        6-Month        1-Year        Since
Inception
 

Class A Shares at NAV

       11.17%          16.15%          13.23%  

Class A Shares at maximum Offering Price

       4.78%          9.47%          11.47%  

Class C Shares

       10.77%          15.31%          12.39%  

Class I Shares

       11.33%          16.48%          13.51%  

 

       Cumulative        Cumulative  
        6-Month        Since
Inception
 

Class R6 Shares

       11.37%          18.76%  

Since inception returns for Class A, Class C and Class I Shares are from 6/17/13. Since inception returns for Class R6 Shares are from 6/30/16. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R6 Shares have no sales charge and are available only to certain limited categories as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

 

  20      NUVEEN


Expense Ratios as of Most Recent Prospectus

 

       Share Class  
        Class A        Class C        Class R6        Class I  

Gross Expense Ratios

       1.07%          1.82%          0.76%          0.82%  

Net Expense Ratios

       1.01%          1.76%          0.70%          0.76%  

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through December 31, 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 0.80% of the average daily net assets of any class of Fund shares. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for the Class R6 Shares will be less than the expense limitation. The expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. Class R6 Shares were established on June 30, 2016. Accordingly, other expenses are estimated for the current fiscal year.

 

NUVEEN     21  


Fund Performance and Expense Ratios (continued)

Nuveen Large Cap Growth Fund

 

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of February 28, 2017

 

       Cumulative        Average Annual  
        6-Months        1-Year        Since
Inception
 

Class A Shares at NAV

       11.80%          22.90%          13.25%  

Class A Shares at maximum Offering Price

       5.37%          15.84%          11.45%  

Russell 1000® Growth Index

       9.15%          22.15%          13.71%  

Lipper Multi-Cap Core Funds Classification Average

       9.43%          23.46%          10.58%  

Class C Shares

       11.39%          21.97%          12.41%  

Class I Shares

       11.96%          23.22%          13.53%  

 

       Cumulative        Cumulative  
        6-Months        Since
Inception
 

Class R6 Shares

       11.97%          18.71%  

Average Annual Total Returns as of March 31, 2017 (Most Recent Calendar Quarter)

 

       Cumulative        Average Annual  
        6-Month        1-Year        Since
Inception
 

Class A Shares at NAV

       11.13%          16.13%          12.88%  

Class A Shares at maximum Offering Price

       4.74%          9.45%          11.13%  

Class C Shares

       10.71%          15.22%          12.03%  

Class I Shares

       11.29%          16.38%          13.15%  

 

       Cumulative        Cumulative  
        6-Month        Since
Inception
 

Class R6 Shares

       11.30%          18.50%  

Since inception returns for Class A, Class C and Class I Shares are from 6/17/13. Since inception returns for Class R6 Shares are from 6/30/16. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R6 Shares have no sales charge and are available only to certain limited categories as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

 

  22      NUVEEN


Expense Ratios as of Most Recent Prospectus

 

       Share Class  
        Class A        Class C        Class R6        Class I  

Gross Expense Ratios

       1.17%          1.93%          0.84%          0.93%  

Net Expense Ratios

       1.02%          1.77%          0.68%          0.77%  

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through December 31, 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 0.81% of the average daily net assets of any class of Fund shares. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for the Class R6 Shares will be less than the expense limitation. The expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. Class R6 Shares were established on June 30, 2016. Accordingly, other expenses are estimated for the current fiscal year.

 

NUVEEN     23  


Fund Performance and Expense Ratios (continued)

Nuveen Concentrated Core Fund

 

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of February 28, 2017

 

       Cumulative        Average Annual  
        6-Months        1-Year        Since
Inception
 

Class A Shares at NAV

       11.59%          20.75%          12.20%  

Class A Shares at maximum Offering Price

       5.18%          13.81%          10.42%  

Russell 1000® Index

       10.10%          25.53%          12.69%  

Lipper Large-Cap Core Funds Classification Average

       9.33%          23.17%          10.88%  

Class C Shares

       11.18%          19.87%          11.36%  

Class I Shares

       11.68%          21.03%          12.46%  

 

       Cumulative        Cumulative  
        6-Months        Since
Inception
 

Class R6 Shares

       11.75%          15.30%  

Average Annual Total Returns as of March 31, 2017 (Most Recent Calendar Quarter)

 

       Cumulative        Average Annual  
        6-Month        1-Year        Since
Inception
 

Class A Shares at NAV

       10.66%          12.00%          11.50%  

Class A Shares at maximum Offering Price

       4.29%          5.56%          9.77%  

Class C Shares

       10.24%          11.16%          10.66%  

Class I Shares

       10.78%          12.26%          11.76%  

 

       Cumulative        Cumulative  
        6-Month        Since
Inception
 

Class R6 Shares

       10.81%          13.75%  

Since inception returns for Class A, Class C and Class I Shares are from 6/17/13. Since inception returns for Class R6 Shares are from 6/30/16. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R6 Shares have no sales charge and are available only to certain limited categories as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

 

  24      NUVEEN


Expense Ratios as of Most Recent Prospectus

 

       Share Class  
        Class A        Class C        Class R6        Class I  

Gross Expense Ratios

       1.23%          1.98%          0.86%          0.97%  

Net Expense Ratios

       1.07%          1.82%          0.71%          0.82%  

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through December 31, 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 0.86% of the average daily net assets of any class of Fund shares. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expenses for the Class R6 Shares will be less than the expense limitation. The expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. Class R6 Shares were established on June 30, 2016. Accordingly, other expenses are estimated for the current fiscal year.

 

NUVEEN     25  


Fund Performance and Expense Ratios (continued)

Nuveen Core Dividend Fund

 

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of February 28, 2017

 

       Cumulative        Average Annual  
        6-Months        1-Year        Since
Inception
 

Class A Shares at NAV

       7.90%          20.08%          10.95%  

Class A Shares at maximum Offering Price

       1.70%          13.18%          9.19%  

Russell 1000® Index

      
10.10%
 
       25.53%          12.69%  

Lipper Equity Income Funds Classification Average

       8.54%          22.88%          9.41%  

Class C Shares

       7.52%          19.15%          10.11%  

Class I Shares

       8.08%          20.37%          11.22%  

Average Annual Total Returns as of March 31, 2017 (Most Recent Calendar Quarter)

 

       Cumulative        Average Annual  
        6-Month        1-Year        Since
Inception
 

Class A Shares at NAV

       7.17%          10.43%          10.54%  

Class A Shares at maximum Offering Price

       1.01%          4.08%          8.82%  

Class C Shares

       6.74%          9.58%          9.70%  

Class I Shares

       7.35%          10.75%          10.81%  

Since inception returns are from 6/17/13. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the 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  

Gross Expense Ratios

       1.29%          2.04%          1.04%  

Net Expense Ratios

       1.02%          1.77%          0.77%  

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through December 31, 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 0.81% of the average daily net assets of any class of Fund shares. The expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.

 

  26      NUVEEN


Fund Performance and Expense Ratios (continued)

Nuveen Growth Fund

 

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of February 28, 2017

 

       Cumulative        Average Annual  
        6-Months        1-Year        5-Year        10-Year  

Class A Shares at NAV

       7.62%          18.76%          11.74%          6.33%  

Class A Shares at maximum Offering Price

       1.43%          11.93%          10.43%          5.70%  

Russell 1000® Growth Index

       9.15%          22.15%          13.79%          9.07%  

Lipper Large-Cap Growth Funds Classification Average

       7.35%          19.85%          12.15%          7.89%  

Class C Shares

       7.21%          17.85%          10.92%          5.53%  

Class I Shares

       7.72%          19.03%          12.03%          6.60%  

 

       Cumulative        Average Annual  
        6-Months        1-Year        5-Year        Since
Inception
 

Class R3 Shares

       7.50%          18.45%          11.47%          15.50%  

Average Annual Total Returns as of March 31, 2017 (Most Recent Calendar Quarter)

 

       Cumulative        Average Annual  
        6-Month        1-Year        5-Year        10-Year  

Class A Shares at NAV

       7.34%          11.11%          11.13%          6.23%  

Class A Shares at maximum Offering Price

      
1.16%
 
       4.71%          9.82%          5.61%  

Class C Shares

       6.95%          10.28%          10.31%          5.44%  

Class I Shares

       7.49%          11.35%          11.41%          6.50%  

 

       Cumulative        Average Annual  
        6-Month        1-Year        5-Year        Since
Inception
 

Class R3 Shares

       7.22%          10.81%          10.86%          15.25%  

Since inception returns for Class R3 Shares are from 3/03/09. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the 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.

 

NUVEEN     27  


Fund Performance and Expense Ratios (continued)

Nuveen Growth Fund

 

Expense Ratios as of Most Recent Prospectus

 

       Share Class  
        Class A        Class C        Class R3        Class I  

Gross Expense Ratios

       1.31%          2.06%          1.56%          1.06%  

Net Expense Ratios

       1.02%          1.77%          1.27%          0.77%  

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through December 31, 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 0.81% (1.40% after December 31, 2018) of the average daily net assets of any class of Fund shares. The expense limitation expiring December 31, 2018 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. The expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders of the Fund.

 

  28      NUVEEN


Fund Performance and Expense Ratios (continued)

Nuveen Large Cap Core Plus Fund

 

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of February 28, 2017

 

       Cumulative        Average Annual  
        6-Months        1-Year        Since
Inception
 

Class A Shares at NAV

       13.91%          24.00%          13.43%  

Class A Shares at maximum Offering Price

       7.36%          16.87%          11.63%  

Russell 1000® Index

       10.10%          25.53%          12.69%  

Lipper Alternative Active Extension Funds Classification Average

       10.96%          22.75%          12.05%  

Class C Shares

       13.49%          23.07%          12.60%  

Class I Shares

       14.04%          24.32%          13.72%  

Average Annual Total Returns as of March 31, 2017 (Most Recent Calendar Quarter)

 

       Cumulative        Average Annual  
        6-Month        1-Year        Since
Inception
 

Class A Shares at NAV

       12.20%          15.03%          12.72%  

Class A Shares at maximum Offering Price

       5.75%          8.41%          10.97%  

Class C Shares

       11.80%          14.12%          11.90%  

Class I Shares

       12.37%          15.28%          13.01%  

Since inception returns are from 6/17/13. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the 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  

Gross Expense Ratios

       2.51%          3.25%          2.24%  

Net Expense Ratios

       2.29%          3.04%          2.03%  

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through December 31, 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 (including prime broker fees and charges on short sales), dividend expense on securities sold short, and extraordinary expenses) do not exceed 1.25% of the average daily net assets of any class of Fund shares. The expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.

 

NUVEEN     29  


Fund Performance and Expense Ratios (continued)

Nuveen Equity Long/Short Fund

 

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of February 28, 2017

 

       Cumulative        Average Annual  
        6-Months        1-Year        5-Year        Since
Inception
 

Class A Shares at NAV

       13.80%          20.57%          9.19%          10.57%  

Class A Shares at maximum Offering Price

       7.25%          13.63%          7.90%          9.77%  

Russell 1000® Index

       10.10%          25.53%          13.94%          15.45%  

Lipper Alternative Long/Short Equity Funds Classification Average

       4.83%          10.00%          4.73%          6.91%  

Class C Shares

       13.35%          19.65%          8.36%          9.74%  

Class I Shares

       13.95%          20.89%          9.46%          10.85%  

Average Annual Total Returns as of March 31, 2017 (Most Recent Calendar Quarter)

 

       Cumulative        Average Annual  
        6-Month        1-Year        5-Year        Since
Inception
 

Class A Shares at NAV

       13.10%          14.36%          8.59%          10.43%  

Class A Shares at maximum Offering Price

       6.59%          7.77%          7.31%          9.64%  

Class C Shares

       12.68%          13.50%          7.77%          9.60%  

Class I Shares

       13.26%          14.67%          8.87%          10.71%  

Since inception returns are from 12/30/08. Performance prior to March 1, 2013, reflects the Fund’s performance under the management of a sub-adviser using investment strategies that differed significantly from those currently in place. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the 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  

Gross Expense Ratios

       3.78%          4.53%          3.52%  

Net Expense Ratios

       3.58%          4.34%          3.33%  

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through December 31, 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 (including prime broker fees and charges on short sales), dividend expense on securities sold short and extraordinary expenses) do not exceed 1.40% of the average daily net assets of any class of Fund shares. The expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.

 

  30      NUVEEN


Fund Performance and Expense Ratios (continued)

Nuveen Equity Market Neutral Fund

 

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to Glossary of Terms Used in this Report for definitions of terms used within this section.

Fund Performance

Average Annual Total Returns as of February 28, 2017

 

       Cumulative        Average Annual  
        6-Months        1-Year        Since
Inception
 

Class A Shares at NAV

       5.73%          4.00%          4.50%  

Class A Shares at maximum Offering Price

       (0.35)%          (1.98)%          2.85%  

BofA/Merrill Lynch 3-Month U.S. Treasury Bill Index

       0.22%          0.39%          0.15%  

Lipper Alternative Equity Market Neutral Funds Classification Average

       2.10%          1.50%          1.56%  

Class C Shares

       5.30%          3.20%          3.73%  

Class I Shares

       5.87%          4.29%          4.77%  

Average Annual Total Returns as of March 31, 2017 (Most Recent Calendar Quarter)

 

       Cumulative        Average Annual  
        6-Month        1-Year        Since
Inception
 

Class A Shares at NAV

       5.24%          1.61%          4.16%  

Class A Shares at maximum Offering Price

       (0.81)%          (4.23)%          2.54%  

Class C Shares

       4.85%          0.92%          3.40%  

Class I Shares

       5.34%          1.87%          4.42%  

Since inception returns are from 6/17/13. Indexes and Lipper averages are not available for direct investment.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the 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  

Gross Expense Ratios

       3.29%          4.06%          3.06%  

Net Expense Ratios

       3.10%          3.87%          2.87%  

The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through December 31, 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 (including prime broker fees and charges on short sales), dividend expense on securities sold short and extraordinary expenses) do not exceed 1.40% of the average daily net assets of any class of Fund shares. The expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.

 

NUVEEN     31  


Holding

Summaries as of February 28, 2017

 

This data relates to the securities held in each Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.

Nuveen Large Cap Value Fund

 

Fund Allocation

(% of net assets)

 

Common Stocks

       99.7%  

Repurchase Agreements

       0.3%  

Other Assets Less Liabilities

       0.0%  

Net Assets

       100%  

Portfolio Composition

(% of net assets)

 

Banks

       13.5%  

Capital Markets

       7.3%  

Health Care Providers & Services

       5.8%  

Machinery

       5.6%  

Technology Hardware, Storage & Peripherals

       4.6%  

Food & Staples Retailing

       4.6%  

Specialty Retail

       3.9%  

Airlines

       3.4%  

Metals & Mining

       3.1%  

Multiline Retail

       2.9%  

Automobiles

       2.9%  

Communication Equipment

       2.5%  

Consumer Finance

       2.4%  

Energy Equipment & Services

       2.4%  

Diversified Telecommunication Services

       2.3%  

Wireless Telecommunication Services

       2.3%  

Aerospace & Defense

       2.1%  

Electronic Equipment & Instruments

       2.0%  

Construction & Engineering

       2.0%  

Hotels, Restaurants & Leisure

       1.8%  

Insurance

       1.8%  

Mortgage Real Estate Investments Trusts

       1.6%  

Other

       18.9%  

Repurchase Agreements

       0.3%  

Other Assets Less Liabilities

       0.0%  

Net Assets

       100%  

Top Five Common Stock Holdings

(% of net assets)

 

JPMorgan Chase & Co.

       3.9%  

Bank of America Corporation

       3.3%  

Cisco Systems, Inc.

       2.5%  

Wal-Mart Stores, Inc.

       2.0%  

Goldman Sachs Group, Inc.

       1.9%  
 

 

  32      NUVEEN


Nuveen Large Cap Core Fund

 

Fund Allocation

(% of net assets)

 

Common Stocks

       99.8%  

Other Assets Less Liabilities

       0.2%  

Net Assets

       100%  

Portfolio Composition

(% of net assets)

 

Specialty Retail

       7.3%  

Health Care Providers & Services

       6.8%  

Technology Hardware, Storage & Peripherals

       6.4%  

Capital Markets

       5.8%  

Biotechnology

       5.7%  

Banks

       4.8%  

Hotels, Restaurants & Leisure

       4.5%  

Software

       4.1%  

Food & Staples Retailing

       3.9%  

Airlines

       3.1%  

Media

       2.9%  

Multiline Retail

       2.6%  

Communications Equipment

       2.5%  

IT Services

       2.5%  

Aerospace & Defense

       2.4%  

Automobiles

       2.4%  

Wireless Telecommunication Services

       2.3%  

Machinery

       2.3%  

Metals & Mining

       2.1%  

Electronic Equipment, Instruments & Components

       2.0%  

Auto Components

       2.0%  

Construction & Engineering

       1.8%  

Other

       19.5%  

Other Assets Less Liabilities

       0.2%  

Net Assets

       100%  

Top Five Common Stock Holdings

(% of net assets)

 

Apple, Inc.

       4.3%  

Bank of America Corporation

       2.1%  

Cisco Systems, Inc.

       1.6%  

Amgen Inc.

       1.6%  

MasterCard, Inc.

       1.5%  
 

 

NUVEEN     33  


Holding Summaries as of February 28, 2017 (continued)

 

Nuveen Large Cap Growth Fund

 

Fund Allocation

(% of net assets)

 

Common Stocks

       99.6%  

Other Assets Less Liabilities

       0.4%  

Net Assets

       100%  

Portfolio Composition

(% of net assets)

 

Software

       8.7%  

Health Care Providers & Services

       8.5%  

Media

       8.0%  

Technology Hardware, Storage & Peripherals

       7.9%  

Biotechnology

       7.5%  

Specialty Retail

       7.4%  

Hotels, Restaurants & Leisure

       6.1%  

Aerospace & Defense

       5.2%  

IT Services

       3.5%  

Multiline Retail

       3.3%  

Internet Software & Services

       3.1%  

Capital Markets

       3.1%  

Food & Staples Retailing

       2.8%  

Airlines

       2.1%  

Auto Components

       2.1%  

Diversified Telecommunication Services

       1.3%  

Other

       19.0%  

Other Assets Less Liabilities

       0.4%  

Net Assets

       100%  

Top Five Common Stock Holdings

(% of net assets)

 

Apple, Inc.

       6.9%  

Microsoft Corporation

       3.3%  

Alphabet Inc., Class A

       2.4%  

Home Depot, Inc.

       2.4%  

UnitedHealth Group Incorporated

       2.4%  
 

 

  34      NUVEEN


Nuveen Concentrated Core Fund

 

Fund Allocation

(% of net assets)

 

Common Stocks

       99.0%  

Other Assets Less Liabilities

       1.0%  

Net Assets

       100%  

Portfolio Composition

(% of net assets)

 

Biotechnology

       15.3%  

Health Care Providers & Services

       10.6%  

Technology Hardware, Storage & Peripherals

       10.4%  

Media

       10.2%  

Wireless Telecommunication Services

       10.0%  

Banks

       5.5%  

Software

       5.3%  

Food & Staples Retailing

       5.3%  

Aerospace & Defense

       5.3%  

Automobiles

       5.0%  

Hotels, Restaurants & Leisure

       5.0%  

IT Services

       5.0%  

Other

       6.1%  

Other Assets Less Liabilities

       1.0%  

Net Assets

       100%  

Top Five Common Stock Holdings

(% of net assets)

 

Bank of America Corporation

       5.5%  

Biogen Inc.

       5.4%  

HP Inc.

       5.4%  

McKesson HBOC Inc.

       5.4%  

VMware Inc.

       5.3%  
 

 

NUVEEN     35  


Holding Summaries as of February 28, 2017 (continued)

 

Nuveen Core Dividend Fund

 

Fund Allocation

(% of net assets)

 

Common Stocks

       99.8%  

Other Assets Less Liabilities

       0.2%  

Net Assets

       100%  

Portfolio Composition

(% of net assets)

 

Equity Real Estate Investment Trusts

       11.1%  

Capital Markets

       8.4%  

Health Care Providers & Services

       6.4%  

Technology Hardware, Storage & Peripherals

       5.8%  

Media

       5.6%  

Hotels, Restaurants & Leisure

       4.7%  

Food & Staples Retailing

       4.6%  

Biotechnology

       4.5%  

Specialty Retail

       4.1%  

Airlines

       3.3%  

Software

       3.1%  

Machinery

       3.0%  

Containers & Packaging

       3.0%  

IT Services

       2.5%  

Multiline Retail

       2.5%  

Metals & Mining

       2.5%  

Automobiles

       2.4%  

Mortgage Real Estate Investment Trusts

       2.1%  

Communications Equipment

       1.8%  

Other

       18.4%  

Other Assets Less Liabilities

       0.2%  

Net Assets

       100%  

Top Five Common Stock Holdings

(% of net assets)

 

Apple, Inc.

       4.4%  

Microsoft Corporation

       3.1%  

Cisco Systems, Inc.

       1.8%  

Home Depot, Inc.

       1.8%  

UnitedHealth Group Incorporated

       1.7%  
 

 

  36      NUVEEN


Nuveen Growth Fund

 

Fund Allocation

(% of net assets)

 

Common Stocks

       99.6%  

Other Assets Less Liabilities

       0.4%  

Net Assets

       100%  

Portfolio Composition

(% of net assets)

 

Health Care Providers & Services

       14.4%  

IT Services

       9.7%  

Specialty Retail

       8.9%  

Media

       8.4%  

Biotechnology

       6.7%  

Beverages

       5.9%  

Software

       5.9%  

Hotels, Restaurants & Leisure

       5.8%  

Technology Hardware, Storage & Peripherals

       5.0%  

Aerospace & Defense

       4.3%  

Food & Staples Retailing

       4.0%  

Internet Software & Services

       3.7%  

Other

       16.9%  

Other Assets Less Liabilities

       0.4%  

Net Assets

       100%  

Top Five Common Stock Holdings

(% of net assets)

 

Apple, Inc.

       5.0%  

Home Depot, Inc.

       4.7%  

MasterCard, Inc.

       4.0%  

UnitedHealth Group Incorporated

       3.9%  

Alphabet Inc., Class A

       3.7%  
 

 

NUVEEN     37  


Holding Summaries as of February 28, 2017 (continued)

 

Nuveen Large Cap Core Plus Fund

 

Fund Allocation

(% of net assets)

 

Long-Term Investments

          

Common Stocks

       130.0%  

Total Long Exposure

       130.0%  

Securities Sold Short

    

Common Stocks

       (30.2)%  

Total Short Exposure

       (30.2)%  

Other Assets Less Liabilities

       0.2%  

Net Assets

       100%  

Top Five Holdings

(Long Exposure)

(% of net assets)

 

Apple, Inc.

       5.7%  

Bank of America Corporation

       2.8%  

Cisco Systems, Inc.

       2.3%  

Amgen Inc.

       2.1%  

Home Depot, Inc.

       2.1%  

Top Five Holdings

(Short Exposure)

(% of net assets)

 

Mohawk Industries Inc. 

       (0.3)%  

PG&E Corporation

       (0.3)%  

DENTSPLY SIRONA Inc.

       (0.3)%  

American Water Works Company

       (0.3)%  

Dominion Resources, Inc.

       (0.3)%  

Portfolio Composition –

Long Exposure

(% of net assets)

 

Health Care Providers & Services

       9.2%  

Specialty Retail

       9.0%  

Technology Hardware, Storage & Peripherals

       8.5%  

Biotechnology

       7.7%  

Capital Markets

       7.2%  

Banks

       5.9%  

Software

       5.6%  

Food & Staples Retailing

       5.4%  

Hotels, Restaurants & Leisure

       5.4%  

Media

       4.5%  

Airlines

       4.1%  

Electronic Equipment, Instruments & Components

       3.8%  

Multiline Retail

       3.6%  

Communications Equipment

       3.6%  

IT Services

       3.2%  

Automobiles

       3.2%  

Aerospace & Defense

       2.9%  

Machinery

       2.8%  

Wireless Telecommunication Services

       2.7%  

Auto Components

       2.6%  

Construction & Engineering

       2.5%  

Diversified Telecommunication Services

       2.4%  

Metals & Mining

       2.2%  

Energy Equipment & Services

       1.9%  

Internet Software & Services

       1.8%  

Other

       18.3%  

Total

       130.0%  

Portfolio Composition –

Short Exposure

(% of net assets)

 

Oil, Gas & Consumable Fuels

       (3.8)%  

Chemicals

       (1.6)%  

Beverages

       (1.6)%  

Food Products

       (1.5)%  

Health Care Equipment & Supplies

       (1.4)%  

Electric Utilities

       (1.3)%  

Software

       (1.2)%  

Specialty Retail

       (1.0)%  

Household Durables

       (1.0)%  

Multi-Utilities

       (0.9)%  

Household Products

       (0.9)%  

Insurance

       (0.9)%  

Internet and Direct Marketing Retail

       (0.9)%  

Energy Equipment & Services

       (0.9)%  

Pharmaceuticals

       (0.8)%  

Other

       (10.5)%  

Total

       (30.2)%  
 

 

  38      NUVEEN


Nuveen Equity Long/Short Fund

 

Fund Allocation

(% of net assets)

 

Long-Term Investments

          

Common Stocks

       148.2%  

Total Long Exposure

       148.2%  

Repurchase Agreements

       0.4%  

Total Investments

       148.6%  

Securities Sold Short

    

Common Stocks

       (79.5)%  

Total Short Exposure

       (79.5)%  

Other Assets Less Liabilities

       30.9%  

Net Assets

       100%  

Top Five Holdings

(Long Exposure)

(% of net assets)

 

Apple, Inc.

       3.4%  

Microsoft Corporation

       2.7%  

JPMorgan Chase & Co.

       2.2%  

Bank of America Corporation

       1.9%  

AT&T Inc.

       1.8%  

Top Five Holdings

(Short Exposure)

(% of net assets)

 

DENTSPLY SIRONA Inc.

       (0.8)%  

American Water Works Company

       (0.8)%  

Aqua America Inc.

       (0.8)%  

SS&C Technologies Holdings Inc.

       (0.8)%  

PG&E Corporation

       (0.8)%  

Portfolio Composition –

Long Exposure

(% of net assets)

 

Banks

       9.3%  

Health Care Providers & Services

       8.9%  

Biotechnology

       7.9%  

Software

       7.4%  

Machinery

       7.1%  

Media

       6.7%  

Specialty Retail

       6.7%  

Food & Staples Retailing

       6.0%  

Technology Hardware, Storage & Peripherals

       5.9%  

Hotels, Restaurants & Leisure

       5.8%  

Chemicals

       4.8%  

Insurance

       4.2%  

Communications Equipment

       4.1%  

Equity Real Estate Investment Trusts

       4.0%  

Capital Markets

       3.7%  

Containers & Packaging

       3.7%  

Trading Companies & Distributors

       3.6%  

Food Products

       3.4%  

Oil, Gas & Consumable Fuels

       3.1%  

IT Services

       2.9%  

Aerospace & Defense

       2.8%  

Energy Equipment & Services

       2.4%  

Wireless Telecommunication Services

       2.4%  

Semiconductors & Semiconductor Equipment

       2.3%  

Metals & Mining

       2.3%  

Diversified Telecommunication Services

       2.2%  

Construction & Engineering

       2.2%  

Airlines

       2.2%  

Electric Utilities

       1.9%  

Other

       18.3%  

Total

       148.2%  

Portfolio Composition –

Short Exposure

(% of net assets)

 

Oil, Gas & Consumable Fuels

       (6.9)%  

Chemicals

       (5.3)%  

Software

       (5.0)%  

Equity Real Estate Investment Trusts

       (3.6)%  

Food Products

       (3.5)%  

Textiles, Apparel & Luxury Goods

       (3.3)%  

Specialty Retail

       (3.2)%  

Health Care Equipment & Supplies

       (3.1)%  

Insurance

       (3.0)%  

Electric Utilities

       (2.9)%  

Beverages

       (2.4)%  

Internet & Catalog Retail

       (2.3)%  

Energy Equipment & Services

       (2.1)%  

Capital Markets

       (2.0)%  

Water Utilities

       (1.7)%  

Multi-Utilities

       (1.6)%  

Biotechnology

       (1.6)%  

Personal Products

       (1.4)%  

Internet Software & Services

       (1.4)%  

Household Products

       (1.4)%  

Pharmaceuticals

       (1.4)%  

Life Sciences Tools & Services

       (1.4)%  

Other

       (19.0)%  

Total

       (79.5)%  
 

 

NUVEEN     39  


Holding Summaries as of February 28, 2017 (continued)

 

Nuveen Equity Market Neutral Fund

 

Fund Allocation

(% of net assets)

 

Long-Term Investments

          

Common Stocks

       99.2%  

Total Long Exposure

       99.2%  

Repurchase Agreements

       1.5%  

Total Investments

       100.7%  

Securities Sold Short

    

Common Stocks

       (91.9)%  

Total Short Exposure

       (91.9)%  

Other Assets Less Liabilities

       91.2%  

Net Assets

       100%  

Top Five Holdings

(Long Exposure)

(% of net assets)

 

Dominos Pizza Inc.

       1.1%  

Burlington Store Inc.

       1.1%  

Biogen Inc.

       1.1%  

Gilead Sciences, Inc.

       1.1%  

Booz Allen Hamilton Holding

       1.1%  

Top Five Holdings

(Short Exposure)

(% of net assets)

 

DENTSPLY SIRONA Inc.

       (1.1)%  

American Water Works Company

       (1.0)%  

Dominion Resources, Inc.

       (1.0)%  

Lennar Corporation, Class A

       (1.0)%  

Mohawk Industries Inc.

       (1.0)%  

Portfolio Composition –

Long Exposure

(% of net assets)

 

Specialty Retail

       6.0%  

Media

       6.0%  

Hotels, Restaurants & Leisure

       5.8%  

Capital Markets

       5.6%  

Health Care Providers & Services

       5.1%  

Biotechnology

       4.4%  

Machinery

       3.8%  

Software

       3.6%  

Technology Hardware, Storage & Peripherals

       3.2%  

Aerospace & Defense

       3.1%  

Airlines

       3.0%  

Containers & Packaging

       3.0%  

Food & Staples Retailing

       3.0%  

Automobiles

       2.9%  

Electronic Equipment, Instruments & Components

       2.8%  

Wireless Telecommunication Services

       2.8%  

Multiline Retail

       2.7%  

Energy Equipment & Services

       2.5%  

Oil, Gas & Consumable Fuels

       2.4%  

IT Services

       2.0%  

Communications Equipment

       2.0%  

Real Estate Management & Development

       2.0%  

Auto Components

       2.0%  

Other

       19.5%  

Total

       99.2%  

Portfolio Composition –

Short Exposure

(% of net assets)

 

Oil, Gas & Consumable Fuels

       (7.5)%  

Chemicals

       (6.6)%  

Electric Utilities

       (4.7)%  

Software

       (4.5)%  

Textiles, Apparel & Luxury Goods

       (4.1)%  

Health Care Equipment & Supplies

       (3.6)%  

Beverages

       (3.6)%  

Specialty Retail

       (3.4)%  

Household Durables

       (3.0)%  

Food Products

       (3.0)%  

Equity Real Estate Investment Trusts

       (2.8)%  

Insurance

       (2.7)%  

Energy Equipment & Services

       (2.7)%  

Internet and Direct Marketing Retail

       (2.7)%  

Life Sciences Tools & Services

       (2.2)%  

Household Products

       (2.1)%  

Water Utilities

       (2.1)%  

Hotels, Restaurants & Leisure

       (1.9)%  

Capital Markets

       (1.9)%  

Tobacco

       (1.8)%  

Personal Products

       (1.7)%  

Semiconductors & Semiconductor Equipment

       (1.6)%  

Pharmaceuticals

       (1.3)%  

Biotechnology

       (1.3)%  

Other

       (19.1)%  

Total

       (91.9)%  
 

 

 

 

  40      NUVEEN


Expense

Examples

 

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended February 28, 2017.

The beginning of the period is September 1, 2016.

The information under “Actual Performance,” together with the amount you invested, allows you to estimate actual expenses incurred over the reporting period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.60) and multiply the result by the cost shown for your share class, in the row entitled “Expenses Incurred During Period” to estimate the expenses incurred on your account during this period.

The information under “Hypothetical Performance,” provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the 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 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

     $ 1,150.50        $ 1,146.50        $ 1,149.30        $ 1,152.70        $ 1,151.70  

Expenses Incurred During Period

     $ 5.55        $ 9.53        $ 6.87        $ 3.90        $ 4.21  
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

     $ 1,019.64        $ 1,015.92        $ 1,018.40        $ 1,021.17        $ 1,020.88  

Expenses Incurred During Period

     $ 5.21        $ 8.95        $ 6.46        $ 3.66        $ 3.96  

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.04%, 1.79%, 1.29%, 0.73% and 0.79% for Classes A, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

 

NUVEEN     41  


Expense Examples (continued)

 

Nuveen Large Cap Core Fund

 

       Share Class  
        Class A        Class C        Class R6        Class I  

Actual Performance

                                           

Beginning Account Value

     $ 1,000.00        $ 1,000.00        $ 1,000.00        $ 1,000.00  

Ending Account Value

     $ 1,124.60        $ 1,120.20        $ 1,126.30        $ 1,125.50  

Expenses Incurred During Period

     $ 5.32        $ 9.25        $ 3.64        $ 4.01  

Hypothetical Performance

(5% annualized return before expenses)

                                           

Beginning Account Value

     $ 1,000.00        $ 1,000.00        $ 1,000.00        $ 1,000.00  

Ending Account Value

     $ 1,019.79        $ 1,016.07        $ 1,021.37        $ 1,021.03  

Expenses Incurred During Period

     $ 5.06        $ 8.80        $ 3.46        $ 3.81  

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.01%, 1.76%, 0.69% and 0.76% for Classes A, C, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Large Cap Growth Fund

 

       Share Class  
        Class A        Class C        Class R6        Class I  

Actual Performance

                                           

Beginning Account Value

     $ 1,000.00        $ 1,000.00        $ 1,000.00        $ 1,000.00  

Ending Account Value

     $ 1,118.00        $ 1,113.90        $ 1,119.70        $ 1,119.60  

Expenses Incurred During Period

     $ 5.36        $ 9.28        $ 3.63        $ 4.05  

Hypothetical Performance

(5% annualized return before expenses)

                                           

Beginning Account Value

     $ 1,000.00        $ 1,000.00        $ 1,000.00        $ 1,000.00  

Ending Account Value

     $ 1,019.74        $ 1,016.02        $ 1,021.22        $ 1,020.98  

Expenses Incurred During Period

     $ 5.11        $ 8.85        $ 3.46        $ 3.86  

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.02%, 1.77%, 0.72% and 0.77% for Classes A, C, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Concentrated Core Fund

 

       Share Class  
        Class A        Class C        Class R6        Class I  

Actual Performance

                                           

Beginning Account Value

     $ 1,000.00        $ 1,000.00        $ 1,000.00        $ 1,000.00  

Ending Account Value

     $ 1,115.90        $ 1,111.80        $ 1,117.50        $ 1,116.80  

Expenses Incurred During Period

     $ 5.67        $ 9.58        $ 3.62        $ 4.36  

Hypothetical Performance

(5% annualized return before expenses)

                                           

Beginning Account Value

     $ 1,000.00        $ 1,000.00        $ 1,000.00        $ 1,000.00  

Ending Account Value

     $ 1,019.44        $ 1,015.72        $ 1,021.22        $ 1,020.68  

Expenses Incurred During Period

     $ 5.41        $ 9.15        $ 3.46        $ 4.16  

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.08%, 1.83%, 0.72% and 0.83% for Classes A, C, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

 

  42      NUVEEN


Nuveen Core Dividend Fund

 

       Share Class  
        Class A        Class C        Class I  

Actual Performance

                                

Beginning Account Value

     $ 1,000.00        $ 1,000.00        $ 1,000.00  

Ending Account Value

     $ 1,079.00        $ 1,075.20        $ 1,080.80  

Expenses Incurred During the Period

     $ 5.26        $ 9.11        $ 3.97  

Hypothetical Performance

(5% annualized return before expenses)

                                

Beginning Account Value

     $ 1,000.00        $ 1,000.00        $ 1,000.00  

Ending Account Value

     $ 1,019.74        $ 1,016.02        $ 1,020.98  

Expenses Incurred During the Period

     $ 5.11        $ 8.85        $ 3.86  

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.02%, 1.77% and 0.77% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Growth Fund

 

       Share Class  
        Class A        Class C        Class R3        Class I  

Actual Performance

                                           

Beginning Account Value

     $ 1,000.00        $ 1,000.00        $ 1,000.00        $ 1,000.00  

Ending Account Value

     $ 1,076.20        $ 1,072.10        $ 1,075.00        $ 1,077.20  

Expenses Incurred During the Period

     $ 5.25        $ 9.09        $ 6.53        $ 3.97  

Hypothetical Performance

(5% annualized return before expenses)

                                           

Beginning Account Value

     $ 1,000.00        $ 1,000.00        $ 1,000.00        $ 1,000.00  

Ending Account Value

     $ 1,019.74        $ 1,016.02        $ 1,018.50        $ 1,020.98  

Expenses Incurred During the Period

     $ 5.11        $ 8.85        $ 6.36        $ 3.86  

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.02%, 1.77%, 1.27% and 0.77% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Large Cap Core Plus Fund

 

       Share Class  
        Class A        Class C        Class I  

Actual Performance

                                

Beginning Account Value

     $ 1,000.00        $ 1,000.00        $ 1,000.00  

Ending Account Value

     $ 1,139.10        $ 1,134.90        $ 1,140.40  

Expenses Incurred During the Period

     $ 12.09        $ 16.04        $ 10.77  

Hypothetical Performance

(5% annualized return before expenses)

                                

Beginning Account Value

     $ 1,000.00        $ 1,000.00        $ 1,000.00  

Ending Account Value

     $ 1,013.49        $ 1,009.77        $ 1,014.73  

Expenses Incurred During the Period

     $ 11.38        $ 15.10        $ 10.14  

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 2.28%, 3.03% and 2.03% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

 

NUVEEN     43  


Expense Examples (continued)

 

Nuveen Equity Long/Short Fund

 

       Share Class  
        Class A        Class C        Class I  

Actual Performance

                                

Beginning Account Value

     $ 1,000.00        $ 1,000.00        $ 1,000.00  

Ending Account Value

     $ 1,138.00        $ 1,133.50        $ 1,139.50  

Expenses Incurred During the Period

     $ 18.50        $ 22.38        $ 17.24  

Hypothetical Performance

(5% annualized return before expenses)

                                

Beginning Account Value

     $ 1,000.00        $ 1,000.00        $ 1,000.00  

Ending Account Value

     $ 1,007.49        $ 1,003.82        $ 1,008.68  

Expenses Incurred During the Period

     $ 17.37        $ 21.02        $ 16.19  

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 3.49%, 4.23% and 3.25% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Nuveen Equity Market Neutral Fund

 

       Share Class  
        Class A        Class C        Class I  

Actual Performance

                                

Beginning Account Value

     $ 1,000.00        $ 1,000.00        $ 1,000.00  

Ending Account Value

     $ 1,057.30        $ 1,053.00        $ 1,058.70  

Expenses Incurred During the Period

     $ 16.63        $ 20.46        $ 15.42  

Hypothetical Performance

(5% annualized return before expenses)

                                

Beginning Account Value

     $ 1,000.00        $ 1,000.00        $ 1,000.00  

Ending Account Value

     $ 1,008.63        $ 1,004.86        $ 1,009.82  

Expenses Incurred During the Period

     $ 16.24        $ 19.98        $ 15.05  

For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 3.26%, 4.02% and 3.02% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

 

  44      NUVEEN


Nuveen Large-Cap Value Fund

Portfolio of Investments   February 28, 2017 (Unaudited)

 

Shares     Description (1)                 Value  
 

LONG-TERM INVESTMENTS – 99.7%

     
 

COMMON STOCKS – 99.7%

     
      Aerospace & Defense – 2.1%                  
  21,000    

Huntington Ingalls Industries Inc.

      $ 4,588,500  
  74,000    

Spirit AeroSystems Holdings Inc.

                    4,559,140  
 

Total Aerospace & Defense

                    9,147,640  
      Airlines – 3.4%                  
  44,000    

Copa Holdings SA

        4,685,560  
  96,000    

Delta Air Lines, Inc.

        4,793,280  
  74,000    

United Continental Holdings Inc., (2)

                    5,482,660  
 

Total Airlines

                    14,961,500  
      Auto Components – 1.0%                  
  32,000    

Lear Corporation

                    4,543,680  
      Automobiles – 2.9%                  
  505,000    

Ford Motor Company

        6,327,650  
  176,000    

General Motors Company

                    6,483,840  
 

Total Automobiles

                    12,811,490  
      Banks – 13.5%                  
  588,000    

Bank of America Corporation

        14,511,840  
  115,000    

Citigroup Inc.

        6,878,150  
  190,000    

JPMorgan Chase & Co.

        17,217,800  
  55,000    

PNC Financial Services Group, Inc.

        6,997,650  
  104,000    

Popular Inc.

        4,582,240  
  151,000    

Regions Financial Corporation

        2,305,770  
  94,000    

SunTrust Banks, Inc.

        5,592,060  
  26,000    

Wells Fargo & Company

                    1,504,880  
 

Total Banks

                    59,590,390  
      Biotechnology – 0.9%                  
  23,000    

Amgen Inc.

                    4,060,190  
      Building Products – 1.1%                  
  80,000    

Owens Corning

                    4,679,200  
      Capital Markets – 7.3%                  
  134,000    

Bank New York Mellon

        6,316,760  
  33,000    

Goldman Sachs Group, Inc.

        8,185,980  
  1,000    

Moody’s Corporation

        111,370  
  156,000    

Morgan Stanley

        7,124,520  
  63,000    

Raymond James Financial Inc.

        4,949,280  

 

NUVEEN     45  


Nuveen Large-Cap Value Fund (continued)

 

Portfolio of Investments   February 28, 2017 (Unaudited)

 

Shares     Description (1)                 Value  
      Capital Markets (continued)                  
  69,000    

State Street Corporation

                  $ 5,499,990  
 

Total Capital Markets

                    32,187,900  
      Chemicals – 1.0%                  
  75,000    

Cabot Corporation

                    4,348,500  
      Commercial Services & Supplies – 1.5%                  
  197,000    

Pitney Bowes Inc.

        2,687,080  
  239,000    

R.R. Donnelley & Sons Company

                    4,008,030  
 

Total Commercial Services & Supplies

                    6,695,110  
      Communication Equipment – 2.5%                  
  327,000    

Cisco Systems, Inc.

                    11,176,860  
      Construction & Engineering – 2.0%                  
  127,000    

Chicago Bridge & Iron Company N.V.

        4,263,390  
  79,000    

Jacobs Engineering Group, Inc.

                    4,456,390  
 

Total Construction & Engineering

                    8,719,780  
      Consumer Finance – 2.4%                  
  67,000    

Capital One Financial Corporation

        6,288,620  
  60,000    

Discover Financial Services

                    4,268,400  
 

Total Consumer Finance

                    10,557,020  
      Containers & Packaging – 1.2%                  
  8,000    

International Paper Company

        421,600  
  95,000    

WestRock Company

                    5,103,400  
 

Total Containers & Packaging

                    5,525,000  
      Diversified Financial Services – 0.8%                  
  21,000    

Berkshire Hathaway Inc., Class B, (2)

                    3,599,820  
      Diversified Telecommunication Services – 2.3%                  
  38,000    

AT&T Inc.

        1,588,020  
  187,000    

CenturyLink Inc.

        4,536,620  
  208,000    

Intelsat SA, (2)

        1,035,840  
  404,000    

Windstream Holdings Inc.

                    3,017,880  
 

Total Diversified Telecommunication Services

                    10,178,360  
      Electrical Equipment – 1.1%                  
  63,000    

Regal-Beloit Corporation

                    4,690,350  
      Electronic Equipment & Instruments – 2.0%                  
  64,000    

Arrow Electronics, Inc., (2)

        4,620,800  
  170,000    

Jabil Circuit Inc.

                    4,336,700  
 

Total Electronic Equipment & Instruments

                    8,957,500  

 

  46      NUVEEN


Shares     Description (1)                 Value  
      Energy Equipment & Services – 2.4%                  
  174,000    

Atwood Oceanics Inc.

      $ 1,828,740  
  214,000    

Rowan Companies Inc.

        3,877,680  
  522,000    

Seadrill Limited

        913,500  
  282,000    

Transocean Inc.

                    3,897,240  
 

Total Energy Equipment & Services

                    10,517,160  
      Food & Staples Retailing – 4.6%                  
  57,000    

CVS Health Corporation

        4,593,060  
  79,000    

Walgreens Boots Alliance Inc.

        6,824,020  
  123,000    

Wal-Mart Stores, Inc.

                    8,724,390  
 

Total Food & Staples Retailing

                    20,141,470  
      Food Products – 1.1%                  
  78,000    

Tyson Foods, Inc., Class A

                    4,879,680  
      Health Care Providers & Services – 5.8%                  
  45,000    

Aetna Inc.

        5,794,200  
  35,000    

Anthem Inc.

        5,768,700  
  57,000    

Cardinal Health, Inc.

        4,638,090  
  67,000    

Express Scripts, Holding Company, (2)

        4,733,550  
  32,000    

Wellcare Health Plans Inc., (2)

                    4,518,400  
 

Total Health Care Providers & Services

                    25,452,940  
      Hotels, Restaurants & Leisure – 1.8%                  
  82,000    

Hyatt Hotels Corporation, Class A, (2)

        4,209,880  
  147,000    

International Game Technology PLC

                    3,969,000  
 

Total Hotels, Restaurants & Leisure

                    8,178,880  
      Independent Power & Renewable Electricity Producers – 0.1%                  
  40,000    

AES Corporation

                    460,800  
      Insurance – 1.8%                  
  46,000    

Assured Guaranty Limited

        1,891,060  
  56,000    

Prudential Financial, Inc.

                    6,190,240  
 

Total Insurance

                    8,081,300  
      IT Services – 1.0%                  
  125,000    

Booz Allen Hamilton Holding

                    4,471,250  
      Machinery – 5.6%                  
  80,000    

Allision Transmission Holdings Inc.

        2,878,400  
  34,000    

Cummins Inc.

        5,048,660  
  62,000    

Ingersoll Rand Company Limited, Class A

        4,920,320  
  138,000    

Joy Global Inc.

        3,890,220  
  57,000    

Oshkosh Truck Corporation

        3,869,730  

 

NUVEEN     47  


Nuveen Large-Cap Value Fund (continued)

 

Portfolio of Investments   February 28, 2017 (Unaudited)

 

Shares     Description (1)                 Value  
      Machinery (continued)                  
  97,000    

Timken Company

                  $ 4,287,400  
 

Total Machinery

                    24,894,730  
      Media – 1.6%                  
  163,000    

Discovery Communications Inc., Class A Shares, (2)

        4,687,880  
  252,000    

Gannett Company, Inc.

                    2,197,440  
 

Total Media

                    6,885,320  
      Metals & Mining – 3.1%                  
  80,000    

Nucor Corporation

        5,005,600  
  52,000    

Reliance Steel & Aluminum Company

        4,401,800  
  123,000    

Steel Dynamics Inc.

                    4,501,800  
 

Total Metals & Mining

                    13,909,200  
      Mortgage Real Estate Investment Trust – 1.6%                  
  259,000    

Chimera Investments Corporation

        4,983,160  
  243,000    

Two Harbors Investment Corporation

                    2,259,900  
 

Total Mortgage Real Estate Investment Trust

                    7,243,060  
      Multiline Retail – 2.9%                  
  70,000    

Big Lots, Inc.

        3,593,800  
  99,000    

Kohl’s Corporation

        4,219,380  
  88,000    

Target Corporation

                    5,171,760  
 

Total Multiline Retail

                    12,984,940  
      Oil, Gas & Consumable Fuels – 1.1%                  
  57,000    

Exxon Mobil Corporation

                    4,635,240  
      Personal Products – 0.7%                  
  62,000    

Nu Skin Enterprises, Inc., Class A

                    3,071,480  
      Pharmaceuticals – 0.4%                  
  16,000    

Johnson & Johnson

                    1,955,360  
      Professional Services – 1.0%                  
  46,000    

Manpower Inc.

                    4,463,840  
      Road & Rail – 0.2%                  
  8,000    

Norfolk Southern Corporation

                    968,240  
      Semiconductors & Semiconductor Equipment – 1.1%                  
  48,000    

Intel Corporation

        1,737,600  
  104,000    

Teradyne Inc.

                    2,957,760  
 

Total Semiconductors & Semiconductor Equipment

                    4,695,360  
      Software – 1.0%                  
  51,000    

VMware Inc., (2)

                    4,584,390  

 

  48      NUVEEN


Shares     Description (1)                 Value  
      Specialty Retail – 3.9%                  
  111,000    

Best Buy Co., Inc.

      $ 4,898,430  
  198,000    

Gap, Inc.

        4,914,360  
  465,000    

Staples, Inc.

        4,180,350  
  129,000    

Urban Outfitters, Inc., (2)

                    3,357,870  
 

Total Specialty Retail

                    17,351,010  
      Technology Hardware, Storage & Peripherals – 4.6%                  
  51,000    

Apple, Inc.

        6,986,490  
  320,000    

HP Inc.

        5,558,400  
  97,000    

NCR Corporation, (2)

        4,662,790  
  399,000    

Xerox Corporation

                    2,968,560  
 

Total Technology Hardware, Storage & Peripherals

                    20,176,240  
      Trading Companies & Distributors – 1.0%                  
  65,000    

WESCO International Inc., (2)

                    4,517,500  
      Wireless Telecommunication Services – 2.3%                  
  538,000    

Sprint Corporation, (2)

        4,739,780  
  17,000    

Telephone and Data Systems Inc.

        459,510  
  77,000    

T-Mobile US Inc., (2)

                    4,814,810  
 

Total Wireless Telecommunication Services

                    10,014,100  
 

Total Long-Term Investments (cost $385,124,019)

                    440,963,780  
Principal
Amount (000)
    Description (1)   Coupon     Maturity     Value  
 

SHORT-TERM INVESTMENTS – 0.3%

     
      REPURCHASE AGREEMENTS – 0.3%                  
$ 1,381    

Repurchase Agreement with Fixed Income Clearing Corporation, dated 2/28/17, repurchase price $1,380,986, collateralized by $1,260,000 U.S. Treasury Bonds, 3.625%, due 2/15/44, value $1,413,576

    0.030%       3/01/17     $ 1,380,985  
 

Total Short-Term Investments (cost $1,380,985)

                    1,380,985  
 

Total Investments (cost $386,505,004) – 100.0%

                    442,344,765  
 

Other Assets Less Liabilities – 0.0%

                    119,126  
 

Net Assets – 100%

                  $ 442,463,891  

 

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.