4Q|2015

NON-TRADITIONAL STRATEGY

Nuveen Equity Long/Short Fund

A |NELAX

C |NELCX

I |NELIX

An Active Equity Approach to Managing Downside Risk

For many investors, finding the right balance between managing risk and generating
growth is critical to investment success. The Nuveen Equity Long/Short Fund is
designed to meet this challenge by dynamically investing in companies projected to
outperform the market (long positions) as well as underperform (short positions).

Finding Multiple Sources

of Risk and Return

Taking Active Management

to its Fullest Potential

A History of Attractive
Performance Versus Peers

Long positions can benefit when companies are

well positioned for growth, and short positions
may produce outperformance when share
prices are falling. Combining both into a single
U.S. large-cap portfolio may also provide risk
management benefits.

The portfolio management team draws on more

than 70 years of combined investing experience,
relying on both rigorous, on-the-ground
fundamental research and quantitative models
to select securities. The team also continually
assesses equity markets to actively manage net
exposure to themarket.

The Fund is designed to participate in

the upside when markets rise while also
guarding against the downside when
markets fall. Over time, this approach has
helped the Fund outperform the majority
of other long/short funds.

BENEFIT: May diversify an investors equity

holdings, help manage downside risk and
increase return potential

BENEFIT: Addresses market changes through

vigilant stock selection

BENEFIT: Flexibility to capture excess

returns and provide the potential for
risk-adjusted returns

overall morningstar rating

Among 203 Long/Short Equity funds; based on risk-adjusted return as of 12/31/15

Class A Shares

Class I Shares

The Fund Has Demonstrated a History of Outperformance vs. Peers

Class I Shares Average Annualized Total Returns and Morningstar Percentile Rankings (Since Inception December 31, 2015)
Nuveen Equity Long/Short Fund Morningstar Long/Short Equity Category Average
12.91%

Rated Among the

Top Performers in Its
Morningstar Category:

11.13%
8.83%
5.42%

4.45%

0.29%

3.83%

3 Year

-2.02%
1 Year

1 Year

3 Years

5 Years

Returns quoted represent past performance which is no guarantee of future

performance. Investment returns and principal value will fluctuate so that when shares are
redeemed, they may be worth more or less than their original cost. Due to market conditions,
current performance may be higher or lower than the data shown. Returns without sales
charge do not reflect the imposition of the maximum sales charge, which would reduce
returns. Fund returns assume reinvestment of dividends and capital gains. For current
month-end performance information, call 800.257.8787.
Class I Shares have no sales charge, and availability may be limited to particular
programs, plans, categories of investors and minimum investment amounts.
For the period ended December 31, 2015, Morningstar rated this Funds I and A
shares, for the overall, three- and five-year periods. The Class I shares received 4,
NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

Since Inception (12/30/08)

5 Year

34%
5%
9%

5, and 4 stars and the Class A shares received 4, 5, and 4 stars among 203, 203 and
104 Long/Short Equity Funds, respectively (derived from a weighted average of the
funds three-, five-, and 10-year [if applicable] risk-adjusted return measures and
Morningstar Ratings metrics). These ratings are for Class I and A shares only; other
classes may have different performance characteristics.
Before investing, carefully consider the investment objectives, risks, charges and
expenses. For this and other information that should be read carefully, please
request a prospectus or summary prospectus from your financial advisor or Nuveen
Investments at 800.257.8787 or visit nuveen.com. Past performance does not
guarantee future results.
nuveen.com

Nuveen Equity Long/Short Fund

As of 12/31/15

A|NELAX I|NELIX

Objective: Long-term capital appreciation with modest correlation to U.S. equities

MAY ALSO ADDRESS:2

Interest Rate Risk

ROLE IN PORTFOLIO:
Growth

Portfolio Management
Robert C. Doll, CFA

Tony Burger, CFA

Scott Tonneson, CFA

36 years investment
experience
Managed Fund
since 2013

22 years investment
experience
Managed Fund
since 2013

22 years investment
experience
Managed Fund
since 2013

Top 5 Long Positions1

Fund Weight (%)

Apple, Inc.
Microsoft Corp.
Johnson & Johnson
JPMorgan Chase & Co.
Wells Fargo & Co.

3.3
2.0
1.9
1.9
1.8

Sector Allocation1

Long

Short

Net

Top 5 Short Positions1

Information Technology
Financials
Industrials
Consumer Discretionary
Health Care
Telecommunication Services
Energy
Materials
Utilities
Consumer Staples

29.7
20.3
28.5
29.8
18.8
3.0
4.9
10.0
3.9
7.4

-11.3
-2.7
-12.2
-14.6
-5.6
0.0
-5.2
-10.3
-4.4
-8.1

18.4
17.6
16.3
15.2
13.2
3.0
-0.3
-0.3
-0.5
-0.7

Albemarle Corp.
SunPower Corp.
Wynn Resorts Ltd.
3M Co.
Aon Plc

NUVEEN EQUITY
LONG/SHORT FUND
Russell 1000 Index

A | NELAX
I | NELIX

1
Year

12/30/08
12/30/08

0.06
0.29
0.92

Without Sales Charge

3
5
Years
Years

12.63
12.91
15.01

8.56
8.83
12.44

-0.9
-0.9
-0.9
-0.8
-0.8

Portfolio Exposures1

Fund Weight (%)

Gross Long
Gross Short
Total Gross (long + short)
Total Net (long - short)

156.3
74.5
230.8
81.8

Since
Inception

1
Year

With Sales Charge

3
5
Years
Years

10.86
11.13
15.37

-5.69

10.43

7.29

Expense Ratios
Since
Inception

9.92

Gross

Net

3.77
3.53

3.53
3.28

Calendar Year Returns

2009

2010

2011

2012

2013

2014

2015

Class A without sales charge

Class I
Russell 1000 Index

20.09
20.38
28.43

11.12
11.41
16.10

-4.76
-4.55
1.50

10.83
11.11
16.42

31.37
31.73
33.11

8.69
8.95
13.24

0.06
0.29
0.92

Class A shares have a 5.75% maximum sales charge. Class I shares have no sales
charge and may be purchased by specified classes of investors. Returns assume
reinvestment of dividends and capital gains.
Expense ratios are based on management and distribution fees as of the Funds most recent
fiscal year end. Management Fees have been restated to reflect current contractual fees. Other
expenses include Dividends on Securities Sold Short Expense and Prime Broker Expense, which
are incurred in connection with the Funds short sales of securities. The net expense ratio reflects
a contractual commitment by the Funds investment adviser to waive fees and reimburse
expenses through December 31, 2016. Absent the waiver and reimbursement, expenses would
be higher and total returns would be less.
1 As a percentage of the Funds total net assets. Totals may not add up to 100% due to rounding. Positions
are subject to change. The positions listed are not recommendations to buy or sell. 2 Goal classifications
represent common investor concerns when evaluating portfolio needs, are provided for informational
purposes only, and are not intended to be relied upon as investment advice or recommendations. There is
no guarantee a Funds strategy will be successful.
Investment performance reflects applicable fee waivers. Without such waivers, total returns would be
reduced and ratings could be lower. For funds with at least a three-year history, a Morningstar Rating is
based on a risk-adjusted return measure (including the effects of sales charges, loads, and redemption fees)
with emphasis on downward variations and consistent performance. The top 10% of funds in each category
receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars, and the bottom 10%
1 star. Each share class is counted as a fraction of one fund within this scale and rated separately. 2016
Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar
and/or its content providers; (2) may not be copied or distributed;and (3) is not warranted to be accurate,
complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or
losses arising from any use of this information. A percentile rank (%) is a percentage value between 1 and
100 percent assigned to each fund in its respective category. The top percentile (1) is designated as betterperforming whereas the bottom percentile (100) is the worst performing.

GLOSSARY

Gross Exposure provides an indication of the total gross value of the Funds market investment exposure
reflecting a summation of the absolute value of all long and short positions in the portfolio across asset class
investment categories. This is an indication of the scale of the Funds total investment positions regardless
of direction. Net Exposure provides an indication of the Funds directional exposure to the market at period
end and reflects the value of the portfolios long positions minus the short positions across asset class
investment categories. This is an indication of the Funds sensitivity to market movements. Long is the
buying of a security with the expectation that the asset will rise in value. Short is a security position created
by selling borrowed securities in anticipation of a market decline. The Russell 1000 Index that measures
the performance of the large cap segment of the U.S. equity universe which includes approximately 1000
of the largest securities based on a contribution of their market cap and current index measurement. The
Morningstar Peer Group consists of all funds in the Morningstar Long/Short Equity Category.

A WORD ON RISK
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the
Funds 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 Funds returns. In addition, the use of short sales
will increase the Funds 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 Funds prospectus.
The Fund features portfolio management by Nuveen Asset Management, LLC a registered investment adviser
and an affiliate of Nuveen Securities, LLC.
Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc.

Nuveen Investments|333 West Wacker Drive|Chicago, IL 60606|800.752.8700|nuveen.com

MEF-ELSE-1215D13029-INV-Q-04/16

Average Annualized Total Returns

Inception
Date

Fund Weight (%)