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Nuveen Dividend Growth Fund |
Ticker |
30 |
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This summary prospectus is designed to provide investors with key Fund information in a clear and concise format. Before you |
Investment
Objective
The investment objective of the Fund is to seek an attractive total return comprised of income from dividends and
long-term capital appreciation.
Fees and Expenses of the
Fund
The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You
may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen Mutual Funds. More information about these and other discounts, as well as eligibility
requirements for each share class, is available from your financial advisor and in “How You Can Buy and Sell Shares” on page 17 of the Fund’s prospectus and “Purchase and Redemption of Fund Shares” on page S-56 of the
Fund’s statement of additional information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in the appendix to the Fund’s prospectus
entitled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”
The
tables and examples below do not reflect any commissions that shareholders may be required to pay directly to their financial intermediaries when buying or selling Class I
shares.
Shareholder
Fees
(fees paid directly from your investment)
|
Class A |
Class C |
Class R6 |
Class I |
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|
Maximum Sales Charge (Load) Imposed on Purchases |
5.75% |
None |
None |
None |
||||||
|
Maximum |
None |
1.00% |
None |
None |
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|
Maximum Sales Charge (Load) Imposed on Reinvested Dividends |
None |
None |
None |
None |
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|
Exchange Fee |
None |
None |
None |
None |
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|
Annual Low Balance Account Fee (for accounts under $1,000)2 |
$15 |
$15 |
None |
$15 |
1
Annual Fund Operating
Expenses
(expenses that you pay each year as a percentage of the value of your investment)
|
Class A |
Class C |
Class R6 |
Class I |
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|
Management |
0.59 |
% |
0.59 |
% |
0.59 |
% |
0.59 |
% |
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|
Distribution and/or Service (12b-1) Fees |
0.25 |
% |
1.00 |
% |
0.00 |
% |
0.00 |
% |
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|
Other |
0.08 |
% |
0.08 |
% |
0.03 |
% |
0.08 |
% |
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|
Total |
0.92 |
% |
1.67 |
% |
0.62 |
% |
0.67 |
% |
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1 The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase.
2 Fee applies to the following types of accounts under $1,000 held directly with the Fund: individual retirement accounts (IRAs), Coverdell
Education Savings Accounts and accounts established pursuant to the Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act
(UGMA).
Example
The
following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or
do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these
assumptions your costs would be:
|
Class A |
Class C |
Class R6 |
Class I |
|||||||||||||||
|
1 |
$ |
663 |
$ |
170 |
$ |
63 |
$ |
68 |
||||||||||
|
3 Years |
$ |
851 |
$ |
526 |
$ |
199 |
$ |
214 |
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|
5 Years |
$ |
1,055 |
$ |
907 |
$ |
346 |
$ |
373 |
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|
10 Years |
$ |
1,641 |
$ |
1,976 |
$ |
774 |
$ |
835 |
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Portfolio
Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns
over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses
or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 17% of the average value of its portfolio.
Principal Investment Strategies
Under normal market conditions, the Fund invests at least 80% of its net assets in dividend-paying common stocks and
preferred securities. Companies in certain economic sectors of the market have historically provided higher dividend yields than companies in other sectors and industries. As a result, given the Fund’s focus on dividend-paying securities, the
Fund may, from time to time, have a greater exposure to these higher dividend-yield sectors and industries than the broad equity
market.
The Fund may invest in small-, mid- and large-cap companies. The Fund may invest up to 25% of its net assets in non-
U.S. equity securities that are U.S. dollar-denominated.
Principal Risks
The value of your investment in this Fund will change daily. You could lose money by investing in the Fund. An investment
in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The principal risks of investing in the Fund listed below are presented alphabetically to facilitate
your ability to find particular risks and compare them with the risks of other funds. The significance of any specific risk to an investment in the Fund will vary over time depending on the composition of the Fund’s portfolio, market
conditions and other factors. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it
appears.
Active Management Risk—The Fund’s sub-adviser actively manages the Fund’s investments. Consequently, the Fund is subject to the risk
that the investment techniques and risk analyses employed by the Fund’s sub-adviser may not produce the desired results. This could cause the Fund to lose value or its investment results to lag relevant benchmarks or other funds with similar
objectives.
Currency Risk—Even though the non-U.S. securities held by the Fund are traded in U.S. dollars, their prices are typically indirectly
influenced by currency fluctuations. Changes in currency exchange rates may affect the Fund’s net asset value, the value of dividends and interest earned, and gains or losses realized on the sale of securities.
2
Cybersecurity Risk—Cybersecurity risk is the risk of an unauthorized breach and access to Fund assets, customer data (including private
shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, its investment adviser or sub-adviser, custodian, transfer agent, distributor or other service provider, a financial intermediary or the
issuers of securities held by the Fund to suffer a data breach, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund, its service providers or the issuers of securities held
by the Fund may adversely impact the Fund or its shareholders. Additionally, a cybersecurity breach could affect the issuers in which the Fund invests, which may cause the Fund’s investments to lose
value.
Dividend-Paying Security Risk—The Fund’s investment in dividend-paying securities could cause the Fund to underperform similar funds that invest
without consideration of a company’s track record of paying dividends. Securities of companies with a history of paying dividends may not participate in a broad market advance to the same degree as most other securities, and a sharp rise in
interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. There is no guarantee that the issuers of the securities held by the Fund will declare dividends in the future or that, if declared, they
will remain at their current levels or increase over time.
Equity Security Risk—Equity securities in the Fund’s portfolio, including common stocks and preferred securities, may decline
significantly in price over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, company, industry, or sector of the market. Holders
of common stock generally are subject to more risks than holders of preferred securities because the status of common stockholders upon the bankruptcy of the issuer is subordinated to that of preferred security holders. Given the Fund’s focus on
dividend-paying securities, the Fund may, from time to time, have a greater exposure to higher dividend-yield sectors and industries than the broad equity market which would make the Fund more vulnerable to adverse developments affecting such
sectors or industries.
Foreign Investment Risk—Non-U.S. issuers or U.S. issuers with significant non-U.S. operations may be subject to risks in addition to those of
issuers located in or that principally operate in the United States as a result of, among other things, political, social and economic developments abroad, as well as armed conflicts and different legal, regulatory and tax environments. Foreign
investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent the Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be
more susceptible to adverse conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and
less stringent accounting, corporate governance, financial reporting and disclosure standards.
Information Technology Sector Risk—The Fund currently invests a significant portion of its assets in the information technology sector, although this may
change over time. The information technology sector can be significantly affected by changes in, among other things, the supply and demand for specific products and services, the pace of technological development and product obsolescence, market
competition, government regulation, and patent and intellectual property rights.
Market Risk—The market value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably and for short or
extended periods of time, due to the particular circumstances of individual issuers or due to general conditions impacting issuers more broadly. Global economies and financial markets have become highly interconnected, and thus economic, market or
political conditions or events in one country or region might adversely impact the value of the Fund’s investments whether or not the Fund invests in such country or region. Events such as war, terrorism, natural and environmental disasters
and the spread of infectious illnesses or other public health emergencies may have a severe negative impact on the global economy, could cause financial markets to experience extreme volatility and losses, and could result in the disruption of
trading and the reduction of liquidity in many instruments. Additionally, as inflation increases, the value of the Fund’s assets can
decline.
Preferred Security Risk—Preferred securities generally are subordinated to bonds and other debt instruments in a company’s capital
structure and therefore will be subject to greater credit risk than those debt instruments. In addition, preferred securities are subject to other risks, such as having no or limited voting rights, being subject to special redemption rights, having
distributions deferred or skipped, having floating interest rates or dividends, which may result in a decline in value in a falling interest rate environment, having fixed interest rates or dividends, which may result in a decline in value in a
rising interest rate environment, having limited liquidity, changing or unfavorable tax treatments and possibly being issued by companies in heavily regulated
industries.
Small- and Mid-Cap Company Risk—Securities of small-cap companies involve substantial risk. Prices of small-cap securities may be subject to more abrupt
or erratic movements, and to wider fluctuations and lower liquidity, than security
3
prices of larger, more established companies or broader market averages in general. It may be difficult
to sell small-cap securities at the desired time and price. While mid-cap securities may be slightly less volatile than small-cap securities, they still involve similar
risks.
Fund
Performance
The following bar chart and table provide some indication of the potential risks of investing in the Fund. The
Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.nuveen.com/performance or by calling (800)
257-8787.
The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares.
The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.
|
Class A Annual Total |
*Class A year-to-date
total return as of September 30, 2023 was 3.31%. The performance of the other share classes will differ due to their different expense
structures.
During the ten-year period ended December 31, 2022, the Fund’s highest and lowest quarterly returns were
15.03%
and -19.12%, respectively, for the quarters ended June 30, 2020 and March 31,
2020.
The table below shows the variability of the Fund’s average annual returns and how they compare over the
time periods indicated with those of a broad measure of market performance and an index of funds with similar investment objectives. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and
do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Your own actual after-tax returns will depend on your specific tax situation and may differ
from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as IRAs or employer-sponsored retirement
plans.
Both the bar chart and the table assume that all distributions have been reinvested. Performance reflects fee
waivers, if any, in effect during the periods presented. If any such waivers had not been in place, returns would have been reduced.
4
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|
|
|
|
|
Average Annual Total Returns |
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|
|
|
|
|
|
for the Periods Ended |
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|
|
|
|
|
|
December |
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|
|
|
Inception |
1 |
5 |
10 |
Since |
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|
Class A (return before taxes) |
|
3/28/06 |
|
|
(14.93 |
)% |
|
8.24 |
% |
|
10.53 |
% |
|
N/A |
|
|
|
Class A (return after taxes on |
|
|
|
|
(15.61 |
)% |
|
6.92 |
% |
|
9.37 |
% |
|
N/A |
|
|
|
Class A (return after taxes on distributions and sale of Fund shares) |
|
|
|
|
(8.36 |
)% |
|
6.31 |
% |
|
8.42 |
% |
|
N/A |
|
|
|
Class C (return before taxes) |
|
3/28/06 |
|
|
(10.42 |
)% |
|
8.71 |
% |
|
10.52 |
% |
|
N/A |
|
|
|
Class R6 (return before taxes) |
|
3/25/13 |
|
|
(9.48 |
)% |
|
9.88 |
% |
|
N/A |
|
|
10.97 |
% |
|
|
Class |
|
3/28/06 |
|
|
(9.53 |
)% |
|
9.81 |
% |
|
11.46 |
% |
|
N/A |
|
|
|
S&P 500® Index1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(reflects no deduction for fees, expenses or taxes) |
|
|
|
|
(18.11 |
)% |
|
9.42 |
% |
|
12.56 |
% |
|
11.85 |
% |
|
|
Lipper Equity Income Funds Category Average2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(reflects no deduction for taxes or sales |
|
|
|
|
(7.36 |
)% |
|
6.99 |
% |
|
9.90 |
% |
|
9.05 |
% |
|
|
1 |
An index generally considered representative of the U.S. equity market. The |
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|
2 |
Represents the average annualized total return for all reporting funds in the |
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Management
Investment
Adviser
Nuveen Fund Advisors,
LLC
Sub-Adviser
Nuveen
Asset Management, LLC
Portfolio Managers
|
Name |
Title |
Portfolio Manager of Fund Since |
|
David A. Chalupnik, CFA |
Senior Managing Director |
June 2019 |
|
David S. Park, CFA |
Managing Director |
June |
Purchase and Sale of Fund
Shares
You may purchase, redeem or exchange shares of the Fund on any business day through a financial advisor or other
financial intermediary. The Fund’s initial and subsequent investment minimums generally are as follows, although certain financial intermediaries may impose their own investment minimums and the Fund may reduce or waive the minimums in some
cases:
|
Class A and Class C |
Class R6 |
Class I |
|
|
Eligibility |
$3,000 • $2,500 for Traditional/ • $2,000 for Coverdell • $250 for accounts opened through fee-based programs. • No minimum for retirement plans. |
Available $1 million • $100,000 for clients of financial intermediaries who charge such clients an ongoing fee for advisory, investment, consulting or • No minimum for certain qualified retirement plans and certain other categories of eligible investors as described in the |
Available $100,000 for all accounts • $250 for clients of financial intermediaries and family offices that have accounts holding Class I shares with an aggregate value • No minimum for eligible retirement plans and certain other categories of eligible investors as described in the |
|
Minimum |
$100 |
No |
No |
5
Tax
Information
The Fund’s distributions are taxable and will generally be taxed as ordinary income or capital gains,
unless you are investing through a tax-deferred account, such as an IRA or 401(k) plan (in which case you may be taxed upon withdrawal of your investment from such
account).
Payments to Broker-Dealers and Other Financial
Intermediaries
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank or
financial advisor), the Fund, its distributor or its investment adviser may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial
intermediary and your salesperson to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary’s website for more information.
6
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