Certified Semi-annual Shareholder Report for Management Investment Companies (n-csrs)

Item 1. Reports to Stockholders.

Mutual Funds

Chairman’s Letter

to Shareholders

Portfolio Manager’s

Comments

Nuveen Santa Barbara Dividend Growth Fund

Nuveen Santa Barbara Global Dividend Growth Fund

Nuveen Santa Barbara International Dividend Growth Fund

All of these Funds are managed by Santa Barbara Asset Management (SBAM), an affiliate of Nuveen Investments, Inc. James R. Boothe, CFA, serves as portfolio manager for all three Funds and has managed the Funds since their inception. Here he discusses key investment strategies and performance of the Funds for the six-month reporting period ended January 31, 2014.

How did the Funds perform during the six-month reporting period ended January 31, 2014?

The tables in the Fund Performance and Expense Ratios section of this report provide Class A Share total returns for the Funds for the six-month, one-year, five-year and since inception periods ended January 31, 2014. Each Fund’s Class A Share total returns at net asset value (NAV) are compared with the performance of a 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 January 31, 2014? How did these strategies influence performance?

Nuveen Santa Barbara Dividend Growth Fund

The Fund’s Class A Shares at NAV for the Nuveen Santa Barbara Dividend Growth Fund outperformed its Lipper classification average, but underperformed the S&P 500 ^® Index for the six-month reporting period ended January 31, 2014.

Santa Barbara’s investment philosophy for this Fund is to provide the opportunity for an attractive total return comprised of dividends and long-term capital appreciation by focusing on mid- to large-capitalization companies that have the potential for high dividend income and dividend growth. The portfolio is structured with three key elements in mind: 1) a target dividend yield higher than that of the S&P 500 ^® Index, 2) lower volatility than the S&P 500 ^® Index, 3) and a focus on companies with growing dividends.

The security selection process is based on bottom-up fundamental analysis. Initially, companies are screened based on their dividend yields to identify potential candidates for investment. The fundamental research is then geared to identify those companies that appear positioned to grow their dividends over time. We strive to balance the portfolio across different sector and industry groups. However, due to the overarching focus on dividend paying securities, it is common for the portfolio to have the greatest exposure to industries with traditionally higher dividend yields, such as the utility, financial and energy sectors.

Stock selection contributed to the Fund’s relative performance, particularly in the utilities sector. Nonetheless, negative allocation effects, especially in the information technology and industrials sectors, were the primary driver of

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 manager 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.

Portfolio Manager’s Comments (continued)

underperformance. An underweight to the information technology sector was a drag on performance as the S&P 500 ^® Index was led by strongly performing technology companies, though the effects were mitigated by positive stock selection within the sector. An underweight to the industrials sector was similarly detrimental, as the sector was another top contributor to market returns.

Several holdings positively contributed to the Fund’s relative performance; including natural gas utility ONEOK, Inc. The company has experienced fairly steady appreciation since announcing a restructuring plan that was well-received by investors. VF Corporation, a diversified apparel company, also contributed to performance. During the reporting period, VF Corporation benefited from reported earnings that surpassed analyst expectations. Cable provider Time Warner Cable was another relative contributor, on investor expectations that the company was being acquired or merged with a competitor. These expectations were met after the close of the reporting period, when Comcast Holding Corporation announced in February (subsequent to the close of this reporting period) that it intended to purchase the company.

Several holdings detracted from the Fund’s relative performance, including offshore drilling firm Seadrill Limited. The company was affected by investor concerns regarding near-term excess capacity in ultra deepwater drilling rigs. Philip Morris International was an additional detractor from the Fund’s relative performance. The tobacco company has exhibited somewhat weak earnings growth recently on volume declines. Energy company Kinder Morgan, Inc. was another top relative detractor, its performance was challenged after being negatively featured in a widely read investment newsletter.

The Bank of New York Mellon Corporation (BNY Mellon) was a new position initiated during the reporting period. We view BNY Mellon as a high quality, stable business with approximately 80% of its revenues derived from fees instead of loans. We believe BNY Mellon is well-positioned within its industry and has significant competitive advantages in several of its businesses due to its scale and sophistication.

The Fund also established a new position in diversified managed health care company UnitedHealth Group Incorporated. We believe UnitedHealth Group is the best positioned among its managed care peers to weather the massive changes coming to the health insurance system. We also find value in its diversifying non-insurance businesses such as health care consulting, health care technology and pharmacy benefit management.

The Fund exited a position in Yum! Brands Inc. , a quick service restaurant operator, during the reporting period. The company, which offers its products under the KFC, Pizza Hut and Taco Bell brands, has struggled with notable same store sales declines in China due to health controversies. Accordingly, we decided to redeploy capital to other opportunities that we found more compelling.

The Fund also eliminated tobacco company Lorillard Inc. Following a report from an FDA advisory committee on the negative effects of menthol cigarettes, many industry watchers believe these products could face greater restrictions in the U.S. As Lorillard receives approximately 90% of its sales from menthol products, we no longer find the risk/reward profile for the company compelling.

Nuveen Santa Barbara Global Dividend Growth Fund

The Fund’s Class A Shares at NAV underperformed both the MSCI World Index and its Lipper classification average for the six-month reporting period ended January 31, 2014.

The Fund seeks capital appreciation by investing in companies with the potential for earnings growth. Secondarily, the strategy has an income component by limiting investments to companies that not only pay dividends, but are

committed to growing them. This two-part philosophy of earnings growth combined with dividend growth is based on the belief that even growth companies should return capital in the form of dividends. Dividends are a sign of capital discipline, financial well being and business sustainability, three hallmarks of a high quality company. The income produced by dividends is a necessary adjunct to a sound capital appreciation strategy because it may limit volatility and potentially become a meaningful contributor to total return over time.

Marginally positive sector allocation effects contributed to the Fund’s relative performance, particularly in the telecommunication services sector. This factor was overwhelmed by negative stock selection in the same sector, however, making it the primary driver of underperformance. Negative stock selection within the health care sector was also detrimental. Positive selections in the consumer discretionary sector helped to mitigate some overall underperformance.

Several holdings positively contributed to the Fund’s relative performance, including Vodafone Group PLC, a British multi-national telecom firm. During the reporting period, the company experienced notable stock price gains related to the sale of U.S. mobile network operator Verizon Wireless to joint venture partner Verizon Communications Inc. Also contributing was U.S. natural gas utility ONEOK, Inc. The company has experienced fairly steady appreciation since announcing a restructuring plan that was well received by investors. Safran SA, a French aerospace and defense company, was another relative contributor. The company experienced an increase in civil aerospace revenues that was well received by investors.

Those holdings that detracted from the Fund’s relative performance included offshore drilling firm Seadrill Limited. The company was affected by investor concerns regarding near-term excess capacity in ultra deepwater drilling rigs. Energy company Kinder Morgan, Inc. was another top relative detractor, its performance was challenged after being negatively featured in a widely read investment newspaper. We continued to own shares of Kinder Morgan, Inc.

Insurance firm Swiss Re AG was a new position initiated during the reporting period. We believe Swiss Re is poised for long-term recovery following major challenges during the global financial crisis. With improved financial strength ratings partly due to increased excess capital, and a more stable pricing environment, we think the company’s goal of dividend growth out to 2015 seems attainable.

The Fund also established a new position in multi-national energy company Chevron Corporation. We view Chevron as a high quality company with an above market yield and strong balance sheet. With multiple opportunities for improved returns and a fairly low payout ratio, we believe Chevron has ample room for dividend hikes.

The Fund exited a position in Telstra Corporation Limited, Australia’s incumbent telecom firm. We believe the company’s weak revenue and earnings growth may not be sustained, especially since the company’s strong mobile performance may not be enough to offset its shrinking fixed line business. We also eliminated People’s United Financial, Inc. during the reporting period. The company has failed to live up to estimates for capital deployment, despite having a healthy excess of capital when originally purchased. This capital was instead designated for stock buybacks, leading to less ability to leverage future growth compared to peers. Accordingly, we decided to exit our position in favor of other opportunities we believe are more attractive.

Nuveen Santa Barbara International Dividend Growth Fund

The Nuveen Santa Barbara International Dividend Growth Fund Class A Shares at NAV underperformed both the MSCI EAFE Index and its Lipper classification average during the six-month reporting period ended January 31, 2014.

Portfolio Manager’s Comments (continued)

The Fund’s portfolio focuses on global equity securities of companies that have potential for dividend income and dividend growth in an effort to provide an attractive total return comprised of dividends and long-term capital appreciation. Under normal market conditions, the Fund invests at least 80% of its net assets in dividend paying equity securities, which include preferred securities. Also, under normal market conditions, the Fund invests at least 80% of its net assets in non-U.S. securities. Although the Fund will concentrate its investments in developed markets, it may invest up to 10% of its net assets in companies located in emerging market countries. The Fund may invest in small-, mid- and large-cap companies.

The Fund invests in global, dividend-paying companies. The Fund’s portfolio is structured with three key elements in mind: maintaining an aggregate dividend yield higher than that of the MSCI EAFE Index; seeking lower volatility than the MSCI EAFE Index; and investing in companies with a track record of increasing their dividends.

Marginally negative sector allocation effects detracted from the Fund’s relative performance, particularly in the energy sector. Nonetheless, negative stock selections, especially in the financials and materials sectors, were the primary driver of underperformance. Positive selections in the consumer discretionary and utilities sectors helped to mitigate some overall underperformance.

Those holdings that positively contributed to the Fund’s relative performance included Safran SA, a French aerospace and defense company. During the reporting period, the company experienced an increase in civil aerospace revenues that was well received by investors. Also contributing to performance was the Spanish electric utility Red Electrica Corporacion SA. The company has been recovering from lows reached during a time of the great pessimism toward European utilities. Communications company WPP Group PLC was another relative contributor. The company benefitted from relatively strong organic growth and the addition of several new clients.

Those holdings that detracted from the Fund’s relative performance, included food products company Groupe Danone. The company struggled through product recalls and revenue declines. Offshore drilling firm Seadrill Limited was another top relative detractor. The company was affected by investor concerns regarding near-term excess capacity in ultra deepwater drilling rigs. Dutch brewing company Heineken NV, also a top relative detractor, faced headwinds in emerging markets which created a drag on the company’s stock price.

New positions initiated during the reporting period include Nielsen Holdings NV, a global information and measurement company. With a monopoly in its U.S. business and with rising emerging markets exposure, we believe Nielsen Holdings is well positioned for revenue growth.

The Fund also established a new position in Japanese financial firm Mitsubishi UFJ Financial Group, Inc. The company provides a variety of financial and investment services including commercial banking, trust banking, international finance and asset management services. We believe major Japanese banks like Mitsubishi UFJ look compelling due to currently favorable macroeconomic conditions.

Positions that were eliminated during the reporting period include the German dialysis service and supply company Fresenius Medical Care AG & Co. KGaA ADR. A majority of the company’s revenue comes from the U.S. Medicare and Medicaid programs. These programs recently proposed reimbursement rates that were much lower than consensus expectations, a result of the U.S. health care reform environment. Given this and potential eroding margins and operational underperformance compared to industry peers, we decided to exit our position in Fresenius. We also eliminated Japanese imaging and optical products company Canon Inc. The growth of mobile technology has pressured the company’s core office machine and camera markets. This has lowered the opportunity for increases in dividends and share repurchases.

Risk

Considerations

Nuveen Santa Barbara Dividend Growth Fund

Mutual fund investing involves risk; principal loss is possible. Dividend-paying stocks, such as those held by the Fund, are subject to market risk, concentration or sector risk, preferred security risk, and common stock risk. Smaller company stocks are subject to greater volatility. Foreign investments involve additional risks including currency fluctuations, political and economic instability, and lack of liquidity.

Nuveen Santa Barbara Global Dividend Growth Fund

Mutual fund investing involves risk; principal loss is possible. Dividend-paying stocks, such as those held by the Fund, are subject to market risk, concentration or sector risk, preferred security risk, and equity securities risk. Small- or mid-cap stocks are subject to greater volatility. Foreign investments involve additional risks including currency fluctuations, political and economic instability, and lack of liquidity. These risks are magnified in emerging markets.

Nuveen Santa Barbara International Dividend Growth Fund

Mutual fund investing involves risk; principal loss is possible. Dividend-paying stocks, such as those held by the Fund, are subject to market risk, concentration or sector risk, preferred security risk, and equity securities risk. Small- or mid-cap stocks are subject to greater volatility. Foreign investments involve additional risks including currency fluctuations, political and economic instability, and lack of liquidity. These risks are magnified in emerging markets.

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Fund Performance

and Expense Ratios

The Fund Performance and Expense Ratios for each Fund are shown on the following four pages.

Returns quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance shown. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Returns may reflect a contractual agreement between certain Funds and the investment adviser to waive certain fees and expenses; see Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information. In addition, returns may reflect a voluntary expense limitation by the Funds’ investment adviser that may be modified or discontinued at any time without notice. For the most recent month-end performance visit www.nuveen.com or call (800) 257-8787.

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

Comparative index and Lipper return information is provided for the Funds’ Class A Shares at net asset value (NAV) only.

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

Fund Performance and Expense Ratios (continued)

Nuveen Santa Barbara Dividend Growth Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class B Shares have a CDSC that begins at 5% for redemptions during the first year and declines periodically until after six years when the charge becomes 0%. Class B Shares automatically convert to Class A Shares eight years after purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class R6 Shares have no sales charge and are available only to certain limited categories of investors as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

Expense Ratios as of Most Recent Prospectus

Fund Performance and Expense Ratios (continued)

Nuveen Santa Barbara Global Dividend Growth Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through November 30, 2014, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.20% of the average daily net assets of any class of Fund shares. The expense limitation expiring November 30, 2014, may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.

Nuveen Santa Barbara International Dividend Growth Fund

Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this page.

Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC), also known as a back-end sales charge, if redeemed within twelve months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.

The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through November 30, 2014, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.20% of the average daily net assets of any class of Fund shares. The expense limitation expiring November 30, 2014, may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.

Holding

Summaries January 31, 2014

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.