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: June 30
Date of reporting period: December 31, 2016
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
Item 1. Reports to Stockholders.
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| Mutual Funds | |
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| | | | | | | Semi-Annual Report December 31, 2016 |
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| | | Fund Name | | | | Class A | | Class C | | Class R3 | | Class R6 | | Class I | | |
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| | Nuveen NWQ Global All-Cap Fund | | | | NGEAX | | NGECX | | — | | — | | NGEIX | | |
| | Nuveen NWQ Global Equity Income Fund | | | | NQGAX | | NQGCX | | NQGRX | | — | | NQGIX | | |
| | Nuveen NWQ Multi-Cap Value Fund | | | | NQVAX | | NQVCX | | NMCTX | | — | | NQVRX | | |
| | Nuveen NWQ Large-Cap Value Fund | | | | NQCAX | | NQCCX | | NQCQX | | — | | NQCRX | | |
| | Nuveen NWQ Small/Mid-Cap Value Fund | | | | NSMAX | | NSMCX | | NWQRX | | NWQFX | | NSMRX | | |
| | Nuveen NWQ Small-Cap Value Fund | | | | NSCAX | | NSCCX | | NSCQX | | NSCFX | | NSCRX | | |
| | Nuveen Tradewinds Value Opportunities Fund | | | | NVOAX | | NVOCX | | NTVTX | | — | | NVORX | | |
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Table
of Contents
Chairman’s Letter
to Shareholders
Dear Shareholders,
The past year saw a striking shift in the markets’ tone. The start of 2016 was beset by China’s economic woes, growing recession fears in the U.S. and oil prices sinking to lows not seen in more than a decade. World stock markets plunged, while bonds and other safe-haven assets rallied. But, by the end of the year, optimism had taken root. Economic outlooks were more upbeat, commodity prices stabilized, equity markets rebounded and bonds retreated. Despite the initial shocks of the Brexit referendum in the U.K. and Donald Trump’s win in the U.S. presidential election, and the uncertainties posed by the implications of these votes, sentiment continued to swing toward the positive as 2016 ended.
In between the year’s turbulent start and exuberant end, markets were soothed by improving economic data out of China, as the government’s stimulus measures appeared to be working, and a recovery in the energy and commodity-related sectors. The U.S. Federal Reserve backed off its more aggressive projections from the beginning of the year, only raising the fed funds rate once during the year, in December. The central banks in Europe and Japan maintained their accommodative stances. Global economic growth remained lackluster overall, as the pace of U.S. growth remained consistently mediocre. China appeared to moderate its slowdown and low growth in Europe and Japan persisted.
Will 2017 be the year of accelerating global growth and rising inflation that the markets are expecting? President Trump’s business-friendly, pro-growth agenda has been well received by the markets, but the policy details and the timeline have yet to take shape. Furthermore, there could be potential downside risks if “Trumponomics” were to trigger a steeper rise in inflation or a trade war. Outside the U.S., political dynamics in Europe are also in flux this year, with Brexit negotiations ongoing and elections in Germany, France and the Netherlands, and possibly a snap election in Italy.
Given the slate of policy unknowns and the range of possible outcomes, we believe volatility will remain a fixture this year. In this environment, Nuveen remains committed to both managing downside risks and seeking upside potential. If you’re concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
February 23, 2017
Portfolio Managers’
Comments
Nuveen NWQ Global All-Cap Fund
Nuveen NWQ Global Equity Income Fund
Nuveen NWQ Multi-Cap Value Fund
Nuveen NWQ Large-Cap Value Fund
Nuveen NWQ Small/Mid-Cap Value Fund
Nuveen NWQ Small-Cap Value Fund
Nuveen Tradewinds Value Opportunities Fund
The Funds feature portfolio management by NWQ Investment Management Company, LLC (NWQ), an affiliate of Nuveen, LLC (Nuveen). Jon Bosse is the Chief Investment Officer of NWQ and manages the Nuveen NWQ Multi-Cap Value and Large-Cap Value Funds. Phyllis Thomas, CFA, and Andy Hwang manage the Nuveen NWQ Small/Mid-Cap Value and Small-Cap Value Funds. Gregg Tenser, CFA, and James T. Stephenson, CFA, manage the Nuveen NWQ Global All-Cap Fund. James T. Stephenson, CFA, and Thomas J. Ray, CFA, manage the Nuveen NWQ Global Equity Income Fund and James T. Stephenson, CFA and Thomas J. Ray, CFA, serve as portfolio managers of the Nuveen Tradewinds Value Opportunities Fund.
During May 2016, the Board of Trustees approved the reorganization of Nuveen Global Equity Income Fund (JGV), Nuveen Tradewinds Global All-Cap Fund and Nuveen Tradewinds Value Opportunities Fund into the Nuveen NWQ Global Equity Income Fund. During September 2016 shareholders of JGV approved the reorganization and prior to the open of business on October 17, 2016, the assets of JGV were merged into Class A shares of Nuveen NWQ Global Equity Income Fund. In order for the remaining reorganizations to occur, they must be approved by the shareholders of Nuveen Tradewinds Global All-Cap Fund and the Nuveen Tradewinds Value Opportunities Fund.
Effective August 1, 2016, James T. Stephenson and Thomas J. Ray became Nuveen Tradewinds Value Opportunities Fund’s sole portfolio managers.
Here the portfolio managers review their management strategies and the performance of the Funds for the six-month reporting period ended December 31, 2016.
How did the Funds perform during the six-month reporting period ended December 31, 2016?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Funds for the six-month, one-year, five-year, ten-year and/or since inception periods ended December 31, 2016. 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 December 31, 2016 and how did these strategies influence performance?
Nuveen NWQ Global All-Cap Fund
The Nuveen NWQ Global All-Cap Fund’s Class A Shares at NAV outperformed the MSCI World Index and comparative Lipper classification average and during the six-month reporting period ended December 31, 2016.
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.
Portfolio Managers’ Comments (continued)
The Fund is designed to provide investors with long-term capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities. The Fund may invest in securities of issuers located anywhere in the world. Under normal market conditions, the Fund invests at least 40% of its net assets in non-U.S. securities and invests in securities of companies representing at least three different countries (one of which may be the U.S.). The Fund may invest up to 20% of its net assets in securities of companies located in emerging markets. The Fund may invest in equity securities issued by companies of any market capitalization, including small- and mid-capitalization companies. The Fund may also utilize derivatives, including currency options, currency futures and options on such futures, and currency forwards.
During the reporting period, technology, consumer discretionary and financial services were the top performing sectors. Conversely, adverse stock selection in the health care, consumer staples and telecommunication services were key detractors. Geographically, performance benefitted from superior stock selection in the U.S., followed by Germany and Belgium. Investments in Israel, Sweden and the U.K. lagged and were a headwind for the Fund’s overall return for the reporting period.
Several individual holdings contributed to performance, including Microsemi Corporation, Coherent Inc., and Western Alliance Bancorporation. The positive performance of Microsemi was in part a follow-through from the company’s Analyst Day in September 2016, when management raised its operating margin target to 35% from the 30% set at its previous Analyst Day in March 2015. We believe that significant free cash flow should be generated as the company moves toward its target. Performance also was bolstered by rumors that Microsemi might be targeted for acquisition. Either way, with all indicators continuing to suggest that the company is executing according to plan. Coherent was again another positive contributor to portfolio performance. The company ended a banner 2016 by completing its acquisition of Rofin Sinar, which Coherent expects will further bolster its product portfolio given its fiber laser offering, as well as improve its margins with $30 million of cost synergies. Lastly, Western Alliance beat earnings estimates in the third quarter. Financials (particularly banks) began to outperform in the third quarter as 10-year interest rates moved higher. The group also reacted positively to the results of the U.S. presidential election as investors grew optimistic about the prospect of a Republican administration and Congress enacting lower corporate tax rates, looser regulation of financial firms and other pro-growth policy initiatives that should benefit Western Alliance along with the broader U.S. banking sector. Additionally, the Federal Reserve raised the target level of short-term interest rates at its December 2016 meeting and reiterated its outlook for higher interest rates going forward. Higher rates would be a tailwind for Western Alliance’s earnings and the market is discounting higher expected earnings in the stock.
Several holdings detracted from performance, including Impax Laboratories, Teva Pharmaceutical Industries Limited and TreeHouse Foods Inc. Impax Labs was the largest detractor from portfolio performance during the reporting period. While U.S. specialty pharmaceuticals proved to be an extremely difficult place to invest in 2016, with the subsector falling more than 40%, Impax compounded the difficulties in numerous ways. The company missed earnings estimates due to weak performance in its base generics business, where a major product came under increased competitive pricing and volume pressure. Teva Pharmaceutical also detracted from portfolio performance led by a multitude of negative factors. Indeed, the entire generic sector was negatively affected. The company’s third quarter earnings report was not well received, as management had to lower guidance it had issued upon the closure of Teva’s $40.5 billion purchase of Allergan’s generic assets just a few months prior, and it became more than apparent that Teva had significantly overpaid for the business, leaving the company highly levered and even more exposed to an extremely weak generic drug environment. That said, the company appears to be well positioned for 2018 and beyond as earnings deterioration should abate, allowing a recovery process to begin. TreeHouse Foods, a private label food and beverage manufacturer, missed third quarter earnings estimates, cut its profit forecast and announced it would close one of its plants.
Nuveen NWQ Global Equity Income Fund
The Nuveen NWQ Global Equity Income Fund’s Class A Shares at NAV outperformed its comparative Lipper classification average, but underperformed the MSCI World Index during the six-month reporting period ended December 31, 2016.
The Fund is designed to provide long-term capital appreciation and high current income. The Fund will generally focus its investments on income producing securities. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities. Up to 20% of the Fund’s net assets may be invested in debt securities, including corporate debt securities and U.S. government and agency debt securities. The Fund may invest up to 10% of its net assets in below investment grade debt securities, commonly referred to as “high yield” securities or “junk” bonds. The Fund may invest in securities of issuers located anywhere in the world. Under normal market conditions, the Fund invests at least
40% of its net assets in non-U.S. securities and invests in securities of companies representing at least three different countries (one of which may be the United States). The Fund may invest up to 20% of its net assets in securities of companies located in emerging markets. The Fund may invest in equity securities issued by companies of any market capitalization, including small and medium market capitalization companies. The Fund may also utilize derivatives, including currency options, currency futures and options on such futures and currency forwards.
Geographically, performance benefitted from superior stock selection in the U.S. and Belgium, as well as greater exposure to Germany. Investments in the U.K., Israel, and France lagged and were a headwind for the Fund’s overall return for the reporting period. From a sector perspective, our investments in industrials, real estate and financials were positive. Conversely, adverse stock selection in the technology, telecommunication services and health care sectors were key detractors.
Several individual holdings contributed to performance, including Unum Group. The company provides disability insurance products in the U.S. and the U.K. The accident and health insurer’s two largest operating segments, Unum U.S. and Colonial Life, reported increased operating income and better than expected third quarter results, despite some weakness in its U.K. segment. The company is also expected to significantly benefit from rising interest rates and potential U.S. tax reform. Citigroup Inc. also positively contributed to performance as U.S. bank stocks reacted positively to the results of the U.S. presidential election as investors grew optimistic about the prospect of a Republican administration and Congress enacting lower corporate tax rates, looser regulation of financial firms and other pro-growth policy initiatives, which will benefit the company and its banking peers. Additionally, the Federal Reserve raised the target level of short-term interest rates at its December 2016 meeting and reiterated its outlook for higher interest rates going forward. Higher rates would be a tailwind for bank earnings and the market appears to have begun discounting higher expected earnings in the stocks. Lastly, Copa Holdings S.A. contributed to performance. Copa rebounded strongly in 2016 as both Latin American economies and their underlying currencies strengthened significantly in the second half of the reporting period. After bottoming at mid-single digit margins in the second quarter of 2016, the company capped off 2016 with an operating margin guide of 15-17% for 2017, to which the stock reacted positively.
During the second quarter of 2016, we initiated a position in a structured note issued by Bank of America that provided direct equity exposure to DISH Network while receiving a 10% annualized coupon generated from writing a call option on DISH stock. This structured note was one of the Fund’s top performers during this quarter as the underlying DISH stock rallied while the Broadcast Incentive Spectrum auction continued to progress. The mark-to-market of spectrum valuation in the current auction implies a significantly higher equity value for DISH, while we also believe a failed auction would be positive for DISH, adding to the scarcity value of spectrum in the market. We also got notification of Comcast’s election to authorize their mobile MVNO (mobile virtual network operator) in the quarter, which will run off of Verizon’s network. The note expired very close to our strike price, while being able to clip an attractive coupon.
Several individual holdings detracted from portfolio performance, including Teva Pharmaceutical Industries Limited due to a multitude of negative factors. Indeed, the entire generic sector was negatively affected. The company’s third quarter earnings report was not well received, as management had to lower guidance it had issued upon the closure of Teva’s $40.5 billion purchase of Allergan’s generic assets just a few months prior, and it became more than apparent that Teva had significantly overpaid for the business, leaving the company highly levered and even more exposed to an extremely weak generic drug environment. We believe there will be further margin pressure in the generics space and Teva also faces potential generic competition for its lead drug, Copaxone, which could create additional pressure to cash flows in 2017. That said, the company appears to be well positioned for 2018 and beyond as earnings deterioration should abate, allowing a recovery process to begin. French utility holding Veolia Environment S.A. also detracted from performance as third quarter earnings came in below expectations. Revenues contracted slightly versus expectations of an expansion as lower power prices and currency headwinds muted growth. Going forward we believe the market will focus more on free cash flow, which is only marginally impacted by these factors. Lastly, consumer staples sector holding Imperial Brands PLC detracted from performance. Shares of the British tobacco company sold off as a result of the decline in the British pound after the U.K. voted to leave the European Union.
Portfolio Managers’ Comments (continued)
The Fund wrote covered call options on individual stocks, while investing in these same stocks, to enhance returns while foregoing some upside potential. The effect of these activities on performance was negligible during the period and all covered call options were sold off or expired during the reporting period.
Nuveen NWQ Multi-Cap Value Fund
Class A Shares at NAV for the Nuveen NWQ Multi-Cap Value Fund outperformed the Russell 3000® Value Index and its Lipper classification average for the six-month reporting period ended December 31, 2016.
The Fund seeks long-term capital appreciation by investing in equity securities of companies with small, medium and large market capitalizations that are selected on an opportunistic basis. Generally, we look for undervalued companies where catalysts exist that may help unlock value or improve profitability. Such catalysts can be new management, improving fundamentals, renewed management focus, industry consolidation or company restructuring.
Favorable stock selection in the financial services and producer durables sectors contributed positively to performance relative to the benchmark. Minimal exposure to the weak utility sector also contributed. The Fund’s consumer discretionary, energy and materials sector holdings detracted relative to the Russell 3000® Value Index.
Several investments contributed to the Fund’s performance, including our technology holding Coherent Inc. The company ended a banner 2016 by completing its acquisition of Rofin Sinar, which Coherent expects will further bolster its product portfolio given its fiber laser offering, as well as improve its margins with $30 million of cost synergies.
Our investments in financial services sectors holdings Citigroup Inc. and Unum Group also helped performance. Financials (particularly banks) began to outperform in the third quarter as 10-year interest rates moved higher. The group also reacted positively to the results of the U.S. presidential election as investors grew optimistic about the prospect of a Republican administration and Congress enacting lower corporate tax rates, looser regulation of financial firms and other pro-growth policy initiatives, which will benefit the broader U.S. banking sector. Additionally, the Federal Reserve raised the target level of short-term interest rates at its December 2016 meeting and reiterated its outlook for higher interest rates going forward. Higher rates would be a tailwind for bank earnings, and the market appears to have begun discounting higher expected earnings in the stocks. Unum Group also contributed to performance during the reporting period. The company provides disability insurance products in the U.S. and the U.K. The accident and health insurer’s two largest operating segments, Unum U.S. and Colonial Life, reported increased operating income and better than expected third quarter results, despite some weakness in its U.K. segment. The company is also expected to significantly benefit from rising interest rates and potential U.S. tax reform.
Several holdings detracted from performance, including TreeHouse Foods Inc., Teva Pharmaceutical Industries Limited and Impax Laboratories Inc. TreeHouse Foods, a private label food and beverage manufacturer, missed third quarter earnings estimates, cut its profit forecast and announced it would close one of its plants. In the health care sector, Impax Laboratories was the largest detractor from portfolio performance during the reporting period. The company missed earnings expectations and lowered guidance for the year.
Several issues contributed to the decline in Teva Pharmaceutical. Indeed, the entire generic sector was negatively affected. The company’s third quarter earnings report was not well received as management had to lower guidance it had issued upon the closure of Teva’s $40.5 billion purchase of Allergan’s generic assets just a few months prior and it became more than apparent that Teva had significantly overpaid for the business, leaving the company highly levered and even more exposed to an extremely weak generic drug environment. We believe there will be further margin pressure in the generics space and Teva also faces potential generic competition for its lead drug, Copaxone, which could create additional pressure to cash flows in 2017. We had reduced our position in Teva continually throughout the reporting period and exited our position completely in December 2016 in favor of establishing a new position in Allergan. The Allergan for Teva swap has worked exceptionally well thus far.
Nuveen NWQ Large-Cap Value Fund
The Nuveen NWQ Large-Cap Value Fund’s Class A Shares at NAV outperformed both the Russell 1000® Value Index and the comparative Lipper classification average for the six-month reporting period ended December 31, 2016.
The Fund seeks long-term capital appreciation by investing in equity securities of companies with large market capitalizations that are selected on an opportunistic basis. Generally, we look for undervalued companies where catalysts exist that may help unlock value or improve profitability. Such catalysts can be new management, improving fundamentals, renewed management focus, industry consolidation or company restructuring.
The Fund’s results relative to the Russell 1000® Value Index benchmark benefited from favorable stock selection in the financial services sector and less exposure to the weak utility and health care sectors. Offsetting these gains was the underperformance of our energy, technology and consumer discretionary sector holdings.
Our investments in the financial services sector were the top contributors for the reporting period. Citigroup Inc. and JPMorgan Chase & Co. were the top contributors in the sector. Financials (particularly banks) began to outperform in the third quarter as 10-year interest rates moved higher. The group also reacted positively to the results of the U.S. presidential election as investors grew optimistic about the prospect of a Republican administration and Congress enacting lower corporate tax rates, looser regulation of financial firms and other pro-growth policy initiatives, which will benefit both companies along with their banking peers. Additionally, the Federal Reserve raised the target level of short-term interest rates at its December 2016 meeting and reiterated its outlook for higher interest rates going forward. Higher rates would be a tailwind for bank earnings and the market appears to have begun discounting higher expected earnings in the stocks. Unum Group also contributed to performance during the reporting period. The company provides disability insurance products in the U.S. and the U.K. The accident and health insurer’s two largest operating segments, Unum U.S. and Colonial Life, reported increased operating income and better than expected third quarter results, despite some weakness in its U.K. segment. The company is also expected to significantly benefit from rising interest rates and potential U.S. tax reform.
Several holdings detracted from performance, including Teva Pharmacteucial Industries Limited, EQT Corporation and Viacom Inc. Teva Pharmaceutical detracted due to a multitude of negative factors. Indeed, the entire generic sector was negatively affected. The company’s third quarter earnings report was not well received, as management had to lower guidance it had issued upon the closure of Teva’s $40.5 billion purchase of Allergan’s generic assets just a few months prior, and it became more than apparent that Teva had significantly overpaid for the business, leaving the company highly levered and even more exposed to an extremely weak generic drug environment. We believe there will be further margin pressure in the generics space and Teva also faces potential generic competition for its lead drug, Copaxone, which could create additional pressure to cash flows in 2017. We had reduced our position in Teva continually throughout the reporting period and exited our position completely in December 2016 in favor of establishing a new position in Allergan. The Allergan for Teva swap has worked exceptionally well thus far.
Our energy sector holding, EQT Corporation also detracted from performance. Due to its exploration and production operations, EQT’s profit is influenced by commodity price fluctuations. Low realizations affected the company’s revenues and earnings, which declined sharply from previous levels. The company offers an extremely compelling set of assets and an exceptionally strong balance sheet.
Finally, consumer discretionary holding, Viacom Inc. detracted from performance. Viacom’s stock declined due to ongoing advertising weakness driven by poor ratings at their key networks, which was exacerbated by an overall difficult advertising environment. The stock also suffered when National Amusements decided not to pursue a merger of CBS and Viacom. With clear visibility in affiliate revenues through 2017 and new management tasked with a turnaround of their underperforming networks, we find Viacom’s valuation compelling at current levels.
During the reporting period, the Fund wrote a call option on a stock and covered that position shortly afterwards resulting in a negligible impact to performance.
Portfolio Managers’ Comments (continued)
Nuveen NWQ Small/Mid-Cap Value Fund
The Nuveen NWQ Small/Mid-Cap Value Fund’s Class A Shares at NAV outperformed the comparative Lipper classification average and the Russell 2500® Value Index for the six-month reporting period ended December 31, 2016.
The Fund continued to follow its disciplined investment approach, which seeks long-term capital appreciation by investing in equity securities of companies with small-to-medium market capitalizations selected using an analyst-driven, value-oriented process. We look for undervalued companies where catalysts exist to unlock value or improve profitability. Such catalysts can be new management, improving fundamentals, renewed management focus, industry consolidation, or company restructuring.
For the six-month reporting period, strong stock selection in all sectors contributed positively to the Fund’s performance, with the exception of the utilities sector.
Several investments contributed to the Fund’s performance, including the technology sector holdings of Coherent Inc. and Lattice Semiconductor Corporation. Laser equipment manufacturer, Coherent, Inc. ended a banner 2016 by completing its acquisition of Rofin Sinar, which Coherent expects will further bolster its product portfolio given its fiber laser offering, as well as improve its margins with $30 million of cost synergies. The company’s position in OLED (organic light-emitting diode) process equipment remains dominant and has high visibility for the near future. Additionally, cost reductions and a leveraging of its sales force and research and development efforts may enhance returns. Lattice Semiconductor Corporation was the subject of a $1.3 billion acquisition bid by Canyon Bridge Capital Partners, a newly formed private equity firm backed by Chinese funding, the latest deal in the consolidating chip sector. Lastly, the consumer staple sector holding of John B. Sanfilippo & Son, Inc., a processor, packager, marketer, and distributor of nut- and dried fruit-based products that are sold under a variety of private brands, reported strong financial performance and announced a $2.50 per share special cash dividend during the reporting period.
Several individual holdings detracted from performance including consumer staples sector holding TreeHouse Foods Inc., a private-label food and beverage leader focused on customer brands and custom products. The company missed third quarter earnings estimates, cut its profit forecast, and announced it would close one of its plants. Also detracting was financial services sector holding Ramco-Gershenson Properties Trust, a fully-integrated real estate investment trust (REIT) that owns and manages a portfolio of shopping centers primarily located in large metropolitan markets in the central U.S. Like other income-producing assets, REITs sold off with Treasury yields as markets reacted to the election of Donald Trump. Lastly, utilities sector holding NiSource Inc. detracted from performance as utility stocks were pressured with the prospect of a rising interest rate environment. The company provides domestically-produced supplies of natural gas to residential, commercial and industrial customers via nearly 60,000 miles of pipeline and related facilities in Indiana, Kentucky, Maryland, Massachusetts, Ohio, Pennsylvania and Virginia.
Nuveen NWQ Small-Cap Value Fund
The Nuveen NWQ Small-Cap Value Fund’s Class A Shares at NAV outperformed its Lipper classification average, but underperformed the Russell 2000® Value Index for the six-month reporting period ended December 31, 2016.
The Fund continued to follow its disciplined investment approach, which seeks long-term capital appreciation by investing in equity securities of companies with small market capitalizations selected using an analyst-driven, value-oriented process. We look for undervalued companies where catalysts exist to unlock value or improve profitability. Such catalysts can be new management, improving fundamentals, renewed management focus, industry consolidation, or company restructuring.
Positive stock selection in all sectors helped performance, with the exception of the utilities sector.
Several investments contributed to the Fund’s performance, including technology sector holdings Coherent Inc. and Lattice Semiconductor Corporation. Laser equipment manufacturer Coherent, Inc. ended a banner 2016 by completing its acquisition of Rofin Sinar, which Coherent expects will further bolster its product portfolio given its fiber laser offering, as well as improve its margins with $30 million of cost synergies. . The company’s position in OLED (organic light-emitting diode) process equipment remains dominant and has high visibility for the near future. Additionally, cost reductions and a leveraging of its sales force and research and development efforts may enhance returns. Lattice Semiconductor Corporation was the subject of a $1.3 billion acquisition bid by Canyon Bridge Capital Partners, a newly formed private equity firm backed by Chinese funding, the latest deal in the consolidating
chip sector. Lastly, consumer discretionary sector holding Hooker Furniture Corporation contributed to performance as a recent acquisition continued to perform well.
Several individual holdings detracted from performance including the consumer staples sector holding TreeHouse Foods Inc., a private-label food and beverage leader focused on customer brands and custom products. The company missed third quarter earnings estimates, cut its profit forecast and announced it would close one of its plants. Health care sector holding Impax Laboratories Inc. declined after the company missed earnings expectations and lowered guidance for the year. Financial services sector holding Ramco-Gershenson Properties Trust, a fully-integrated real estate investment trust (REIT) that owns and manages a portfolio of shopping centers primarily located in large metropolitan markets in the central U.S. Like other income-producing assets, REITs sold off with Treasury yields as markets reacted to the election of Donald Trump.
Nuveen Tradewinds Value Opportunities Fund
The Nuveen Tradewinds Value Opportunities Fund’s Class A Shares at NAV underperformed the Lipper classification average and the Russell 3000® Value Index for the six-month reporting period ended December 31, 2016.
The Fund seeks long-term capital appreciation by investing in equity securities of companies with varying market capitalizations, which may include small-, mid- and large-capitalization companies. We opportunistically seek to identify under-valued companies considering absolute valuation and security pricing in the context of industry and market conditions. Our disciplined, value-oriented investment strategy focuses on rigorous financial statements and valuation analysis, qualitative factors and portfolio downside protection. The Fund invests primarily in U.S. equity securities, but it may invest up to 35% of its net assets in non- U.S. equity securities, including up to 15% of its net assets in equity securities of companies located in emerging market countries.
The Fund’s underperformance relative to the benchmark was driven by adverse stock selection in the health care, utility and technology sectors. Underperformance was limited by favorable exposure in the consumer staples and producer durables sectors.
Our investments in the financial services sector were the top contributors for the reporting period, including Citigroup Inc. and Unum Group. Financials (particularly banks) began to outperform in the third quarter as 10-year interest rates moved higher. The group also reacted positively to the results of the U.S. presidential election as investors grew optimistic about the prospect of a Republican administration and Congress enacting lower corporate tax rates, looser regulation of financial firms and other pro-growth policy initiatives, which will benefit the broader U.S. banking sector. Additionally, the Federal Reserve raised the target level of short-term interest rates at its December 2016 meeting and reiterated its outlook for higher interest rates going forward. Higher rates would be a tailwind for bank earnings and the market appears to have begun discounting higher expected earnings in the stocks. Unum Group also contributed to performance during the reporting period. The company provides of disability insurance products in the U.S. and the U.K. The accident and health insurer’s two largest operating segments, Unum U.S. and Colonial Life, reported increased operating income and better than expected third quarter results, despite some weakness in its U.K. segment. The company is also expected to significantly benefit from rising interest rates and potential U.S. tax reform. Lastly, CSX Corporation positively contributed to performance. The international transportation company beat third quarter earnings expectations. CSX had suffered from the steep oil pricing declines, but the stock has recovered as have oil prices as well as other commodities have rebounded.
Individual positions that detracted from performance included health care sector holdings AstraZeneca PLC and Teva Pharmaceutical Industries. AstraZenca’s stock was weak as concerns about pharmaceutical pricing continued to pressure the industry during the fourth quarter. Further, the company had to put a temporary clinical hold on one of its immuno-oncology trials in head and neck cancer due to breakthrough bleeding (the hold was subsequently lifted). Lastly, the company’s third quarter 2016 results were somewhat below expectations as AstraZeneca’s largest drug, Crestor, went off patent. We continue to believe the company offers compelling risk/reward from these levels as its pipeline of new drugs come online in the next couple of years. Teva Pharmaceutical also detracted from portfolio performance led by a multitude of negative factors. Indeed, the entire generic sector was negatively affected. The company’s third quarter earnings report was not well received as management had to lower guidance it had issued upon the closure of Teva’s $40.5 billion purchase of Allergan’s generic assets just a few months prior, and it became more than apparent that Teva had significantly overpaid for the business, leaving the company highly levered and even more exposed to an extremely weak generic drug environment. We believe there will be further margin pressure in the generics space and Teva also faces potential generic competition for its lead drug, Copaxone, which could create additional pressure to cash flows in 2017. That
Portfolio Managers’ Comments (continued)
said, the company appears to be well positioned for 2018 and beyond as earnings deterioration should abate, allowing a recovery process to begin. Finally, French utility holding Veolia Environment S.A. detracted from performance as third quarter earnings came in below expectations. Revenues contracted slightly versus expectations of an expansion as lower power prices and currency headwinds muted growth. Going forward we believe the market will focus more on free cash flow, which is only marginally impacted by these factors.
Risk Considerations
Risk Considerations
Nuveen NWQ Global All-Cap Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Investments in smaller companies are subject to greater volatility than those of larger companies. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as currency and value stock risks, are described in detail in the Fund’s prospectus.
Nuveen NWQ Global Equity Income 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. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as credit, derivatives, high yield securities, and interest rate risks, are described in detail in the Fund’s prospectus.
Nuveen NWQ Multi-Cap Value Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Investments in smaller companies are subject to greater volatility than those of larger companies. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as currency and value stock risks, are described in detail in the Fund’s prospectus.
Nuveen NWQ 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. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as currency, large cap stock, and value stock risks, are described in detail in the Fund’s prospectus.
Nuveen NWQ Small/Mid-Cap Value Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Investments in smaller companies are subject to greater volatility than those of larger companies. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as currency and value stock risks, are described in detail in the Fund’s prospectus.
Nuveen NWQ Small-Cap Value Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Investments in smaller companies are subject to greater volatility than those of larger companies. Non-U.S. investments involve risks such as currency fluctuation,
Risk Considerations (continued)
political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as currency and value stock risks, are described in detail in the Fund’s prospectus.
Nuveen Tradewinds Value Opportunities Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Investments in smaller companies are subject to greater volatility than those of larger companies. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as currency and value stock risks, are described in detail in the Fund’s prospectus.
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. 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.
Fund Performance and Expense Ratios (continued)
Nuveen NWQ Global All-Cap Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of December 31, 2016
| | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | Since
Inception | |
Class A Shares at NAV | | | 8.80% | | | | 3.67% | | | | 1.83% | |
Class A Shares at maximum Offering Price | | | 2.54% | | | | (2.29)% | | | | (0.34)% | |
MSCI World Index | | | 6.81% | | | | 7.51% | | | | 3.45% | |
Lipper Global Multi-Cap Value Funds Classification Average | | | 8.63% | | | | 9.03% | | | | 1.66% | |
| | | |
Class C Shares | | | 8.35% | | | | 2.89% | | | | 1.06% | |
Class I Shares | | | 8.95% | | | | 3.91% | | | | 2.08% | |
Since inception returns are from 4/01/14. 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. If 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 | | | 11.35% | | | | 11.54% | | | | 10.39% | |
Net Expense Ratios | | | 1.11% | | | | 1.86% | | | | 0.86% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through October 31, 2017 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.90% 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 NWQ Global Equity Income Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of December 31, 2016
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | Since
Inception | |
Class A Shares at NAV | | | 4.95% | | | | 2.80% | | | | 9.48% | | | | 8.57% | |
Class A Shares at maximum Offering Price | | | (1.08)% | | | | (3.11)% | | | | 8.19% | | | | 7.69% | |
MSCI World Index | | | 6.81% | | | | 7.51% | | | | 10.41% | | | | 8.53% | |
Lipper Global Equity Income Funds Classification Average | | | 2.80% | | | | 7.28% | | | | 7.54% | | | | 6.90% | |
| | | | |
Class C Shares | | | 4.53% | | | | 2.04% | | | | 8.66% | | | | 7.76% | |
Class R3 Shares* | | | 4.79% | | | | 2.55% | | | | 9.20% | | | | 8.30% | |
Class I Shares | | | 5.08% | | | | 3.06% | | | | 9.76% | | | | 8.84% | |
Since inception returns are from 9/15/09. Indexes and Lipper averages are not available for direct investment.
Performance prior to December 13, 2013, reflects the Fund’s performance using investment strategies that differed significantly from those currently in place.
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 will only be available for purchase by eligible retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R3* | | | Class I | |
Gross Expense Ratios | | | 3.73% | | | | 4.69% | | | | 4.18% | | | | 1.29% | |
Net Expense Ratios | | | 1.11% | | | | 1.86% | | | | 1.36% | | | | 0.86% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through October 31, 2017 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.90% 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.
| * | Effective July 8, 2016, Class R3 Shares became available to the public. |
Fund Performance and Expense Ratios (continued)
Nuveen NWQ Multi-Cap Value Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of December 31, 2016
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 12.73% | | | | 14.36% | | | | 9.79% | | | | 1.63% | |
Class A Shares at maximum Offering Price | | | 6.24% | | | | 7.77% | | | | 8.50% | | | | 1.03% | |
Russell 3000® Value Index | | | 11.40% | | | | 18.40% | | | | 14.81% | | | | 5.76% | |
Lipper Multi-Cap Value Funds Classification Average | | | 11.98% | | | | 15.81% | | | | 13.36% | | | | 5.46% | |
| | | | |
Class C Shares | | | 12.29% | | | | 13.51% | | | | 8.96% | | | | 0.87% | |
Class I Shares | | | 12.88% | | | | 14.65% | | | | 10.07% | | | | 1.89% | |
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | Since
Inception | |
Class R3 Shares | | | 12.56% | | | | 14.06% | | | | 9.50% | | | | 5.19% | |
Since inception returns for Class R3 Shares are from 8/04/08. Index 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.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R3 | | | Class I | |
Gross Expense Ratios | | | 1.26% | | | | 2.01% | | | | 1.51% | | | | 1.01% | |
Net Expense Ratios | | | 1.15% | | | | 1.90% | | | | 1.40% | | | | 0.90% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through October 31, 2017 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.94% 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 NWQ 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 the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of December 31, 2016
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 12.65% | | | | 13.12% | | | | 9.85% | | | | 3.03% | |
Class A Shares at maximum Offering Price | | | 6.22% | | | | 6.64% | | | | 8.56% | | | | 2.43% | |
Russell 1000® Value Index | | | 10.39% | | | | 17.34% | | | | 14.80% | | | | 5.72% | |
Lipper Multi-Cap Value Funds Classification Average | | | 11.98% | | | | 15.81% | | | | 13.36% | | | | 5.46% | |
| | | | |
Class C Shares | | | 12.16% | | | | 12.33% | | | | 9.04% | | | | 2.27% | |
Class I Shares | | | 12.73% | | | | 13.51% | | | | 10.14% | | | | 3.30% | |
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | Since
Inception | |
Class R3 Shares | | | 12.49% | | | | 12.81% | | | | 9.58% | | | | 7.81% | |
Since inception returns for Class R3 Shares are from 9/29/09. 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. If Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the one-year total return. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R3 | | | Class I | |
Expense Ratios | | | 1.14% | | | | 1.89% | | | | 1.39% | | | | 0.89% | |
Fund Performance and Expense Ratios (continued)
Nuveen NWQ Small/Mid-Cap Value Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of December 31, 2016
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 18.00% | | | | 20.21% | | | | 11.20% | | | | 5.14% | |
Class A Shares at maximum Offering Price | | | 11.23% | | | | 13.31% | | | | 9.89% | | | | 4.52% | |
Russell 2500® Value Index | | | 16.09% | | | | 25.20% | | | | 15.04% | | | | 6.94% | |
Lipper Small-Cap Core Funds Classification Average | | | 17.01% | | | | 20.56% | | | | 13.46% | | | | 6.88% | |
| | | | |
Class C Shares | | | 17.53% | | | | 19.29% | | | | 10.37% | | | | 4.34% | |
Class I Shares | | | 18.15% | | | | 20.47% | | | | 11.49% | | | | 5.28% | |
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | Since
Inception | |
Class R3 Shares | | | 17.85% | | | | 19.89% | | | | 10.92% | | | | 12.57% | |
Class R6 Shares | | | 18.25% | | | | N/A | | | | N/A | | | | 18.25% | |
Since inception returns for Class R3 Shares and Class R6 Shares are from 9/29/09 and 6/30/16, respectively. 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 of investors as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R3 | | | Class R6 | | | Class I | |
Gross Expense Ratios | | | 1.42% | | | | 2.17% | | | | 1.68% | | | | 1.02% | | | | 1.17% | |
Net Expense Ratios | | | 1.31% | | | | 2.06% | | | | 1.56% | | | | 0.91% | | | | 1.06% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2017 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.10% (1.45% after October 31, 2017) 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 expiring October 31, 2017 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 the shareholders of the Fund.
Nuveen NWQ Small-Cap Value Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of December 31, 2016
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 19.38% | | | | 21.34% | | | | 15.60% | | | | 6.61% | |
Class A Shares at maximum Offering Price | | | 12.51% | | | | 14.35% | | | | 14.23% | | | | 5.98% | |
Russell 2000® Value Index | | | 24.19% | | | | 31.74% | | | | 15.07% | | | | 6.26% | |
Lipper Small-Cap Core Funds Classification Average | | | 17.01% | | | | 20.56% | | | | 13.46% | | | | 6.88% | |
| | | | |
Class C Shares | | | 18.91% | | | | 20.43% | | | | 14.73% | | | | 5.82% | |
Class I Shares | | | 19.55% | | | | 21.67% | | | | 15.89% | | | | 6.89% | |
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | Since
Inception | |
Class R3 Shares | | | 19.23% | | | | 21.06% | | | | 15.31% | | | | 14.96% | |
Class R6 Shares | | | 19.67% | | | | 21.87% | | | | N/A | | | | 13.92% | |
Since inception returns for Class R3 Shares and Class R6 Shares are from 9/29/09 and 2/15/13, respectively. 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 of investors as described in the prospectus. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R3 | | | Class R6 | | | Class I | |
Expense Ratios | | | 1.28% | | | | 2.03% | | | | 1.54% | | | | 0.88% | | | | 1.03% | |
Fund Performance and Expense Ratios (continued)
Nuveen Tradewinds Value Opportunities Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of December 31, 2016
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | 10-Year | |
Class A Shares at NAV | | | 5.70% | | | | 8.94% | | | | 8.75% | | | | 7.27% | |
Class A Shares at maximum Offering Price | | | (0.37)% | | | | 2.67% | | | | 7.47% | | | | 6.63% | |
Russell 3000® Value Index | | | 11.40% | | | | 18.40% | | | | 14.81% | | | | 5.76% | |
Lipper Global Multi-Cap Value Funds Classification Average | | | 8.63% | | | | 9.03% | | | | 8.74% | | | | 3.59% | |
| | | | |
Class C Shares | | | 5.32% | | | | 8.14% | | | | 7.93% | | | | 6.46% | |
Class I Shares | | | 5.83% | | | | 9.24% | | | | 9.02% | | | | 7.53% | |
| | | | | | | | | | | | | | | | |
| | | Cumulative | | | Average Annual | |
| | | 6-Month | | | 1-Year | | | 5-Year | | | Since
Inception | |
Class R3 Shares | | | 5.55% | | | | 8.68% | | | | 8.47% | | | | 7.93% | |
Since inception returns for Class R3 Shares are from 8/04/08. 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.
Expense Ratios as of Most Recent Prospectus
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R3 | | | Class I | |
Gross Expense Ratios | | | 1.18% | | | | 1.93% | | | | 1.43% | | | | 0.93% | |
Net Expense Ratios | | | 1.15% | | | | 1.90% | | | | 1.40% | | | | 0.90% | |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through October 31, 2017 so that total annual fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.94% (1.50% after October 31, 2017) of the average daily net assets of any class of Fund shares. The expense limitation expiring October 31, 2017 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 the shareholders of the Fund.
Holding
Summaries as of December 31, 2016
This data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Nuveen NWQ Global All-Cap Fund
Fund Allocation
(% of net assets)
| | | | |
Common Stocks | | | 100.1% | |
Other Assets Less Liabilities | | | (0.1)% | |
Net Assets | | | 100% | |
Top Five Common Stock Holdings
(% of net assets)
| | | | |
Cheniere Energy Inc. | | | 3.9% | |
Bio-Rad Laboratories Inc. | | | 3.4% | |
Luxoft Holding Inc. | | | 3.0% | |
ING Groep N.V. | | | 2.8% | |
CIT Group Inc. | | | 2.8% | |
Portfolio Composition
(% of net assets)
| | | | |
Banks | | | 12.5% | |
Pharmaceuticals | | | 9.7% | |
Chemicals | | | 6.5% | |
Semiconductors & Semiconductor Equipment | | | 6.2% | |
Oil, Gas & Consumable Fuels | | | 6.0% | |
Insurance | | | 5.4% | |
Industrial Conglomerates | | | 4.7% | |
Food Products | | | 4.4% | |
Life Sciences Tools & Services | | | 3.9% | |
Household Durables | | | 3.7% | |
Food & Staples Retailing | | | 3.7% | |
Diversified Telecommunication Services | | | 3.5% | |
Media | | | 3.1% | |
IT Services | | | 3.0% | |
Electronic Equipment, Instruments & Components | | | 2.6% | |
Auto Components | | | 2.4% | |
Other | | | 18.8% | |
Other Assets Less Liabilities | | | (0.1)% | |
Net Assets | | | 100% | |
Country Allocation1
(% of net assets)
| | | | |
United States | | | 46.4% | |
Japan | | | 10.6% | |
United Kingdom | | | 9.1% | |
Germany | | | 6.5% | |
Netherlands | | | 5.2% | |
Switzerland | | | 5.0% | |
France | | | 3.5% | |
Spain | | | 2.5% | |
Belgium | | | 2.4% | |
Norway | | | 2.3% | |
South Korea | | | 2.1% | |
Other | | | 4.5% | |
Other Assets Less Liabilities | | | (0.1)% | |
Net Assets | | | 100% | |
| 1 | Includes 2.1% (as a percentage of net assets) in emerging market countries. |
Holding Summaries as of December 31, 2016 (continued)
Nuveen NWQ Global Equity Income Fund
Fund Allocation
(% of net assets)
| | | | |
Common Stocks | | | 88.9% | |
Convertible Preferred Securities | | | 7.6% | |
Corporate Bonds | | | 0.4% | |
$25 Par (or similar) Retail Preferred | | | 1.0% | |
$1,000 Par (or similar) Institutional Preferred | | | 1.5% | |
Warrants | | | 0.7% | |
Other Assets Less Liabilities | | | (0.1)% | |
Net Assets | | | 100% | |
Top Five Common Stock Holdings
(% of net assets)
| | | | |
GlaxoSmithKline PLC | | | 3.6% | |
Oracle Corporation | | | 3.5% | |
Nippon Telegraph and Telephone Corporation, ADR | | | 3.3% | |
Unum Group | | | 3.1% | |
Citigroup Inc. | | | 2.9% | |
Portfolio Composition
(% of net assets)
| | | | |
Banks | | | 12.7% | |
Insurance | | | 11.5% | |
Pharmaceuticals | | | 10.6% | |
Media | | | 6.0% | |
Diversified Telecommunication Services | | | 5.8% | |
Software | | | 5.5% | |
Capital Markets | | | 5.5% | |
Industrial Conglomerates | | | 3.8% | |
Air Freight & Logistics | | | 3.7% | |
Chemicals | | | 3.3% | |
Electric Utilities | | | 3.1% | |
Oil, Gas & Consumable Fuels | | | 2.9% | |
Multi-Utilities | | | 2.8% | |
Communications Equipment | | | 2.6% | |
Tobacco | | | 2.6% | |
Other | | | 17.7% | |
Other Assets Less Liabilities | | | (0.1)% | |
Net Assets | | | 100% | |
Country Allocation1
(% of net assets)
| | | | |
United States | | | 46.9% | |
Germany | | | 11.8% | |
United Kingdom | | | 9.6% | |
Switzerland | | | 6.0% | |
Japan | | | 4.6% | |
Netherlands | | | 4.2% | |
France | | | 3.9% | |
Israel | | | 3.2% | |
Norway | | | 2.2% | |
Belgium | | | 1.7% | |
Australia | | | 1.3% | |
Other | | | 4.7% | |
Other Assets Less Liabilities | | | (0.1)% | |
Net Assets | | | 100% | |
| 1 | Includes 0.3% (as a percentage of net assets) in emerging market countries. |
Nuveen NWQ Multi-Cap Value Fund
Fund Allocation
(% of net assets)
| | | | |
Common Stocks | | | 99.6% | |
Repurchase Agreements | | | 0.7% | |
Other Assets Less Liabilities | | | (0.3)% | |
Net Assets | | | 100% | |
Portfolio Composition
(% of net assets)
| | | | |
Oil, Gas & Consumable Fuels | | | 14.2% | |
Banks | | | 14.0% | |
Insurance | | | 10.0% | |
Pharmaceuticals | | | 5.1% | |
Software | | | 4.5% | |
Communication Equipment | | | 4.1% | |
Media | | | 4.1% | |
Electronic Equipment, Instruments & Components | | | 4.0% | |
Machinery | | | 3.8% | |
Consumer Finance | | | 3.3% | |
Specialty Retail | | | 3.3% | |
Mortgage Real Estate Investment Trusts | | | 2.9% | |
Airlines | | | 2.7% | |
Automobiles | | | 2.6% | |
Life Sciences Tools & Services | | | 2.6% | |
Other | | | 18.4% | |
Repurchase Agreements | | | 0.7% | |
Other Assets Less Liabilities | | | (0.3)% | |
Net Assets | | | 100% | |
Top Five Common Stock Holdings
(% of net assets)
| | | | |
Citigroup Inc. | | | 4.2% | |
CIT Group Inc. | | | 3.6% | |
Discover Financial Services | | | 3.3% | |
EQT Corporation | | | 3.3% | |
JPMorgan Chase & Co. | | | 3.1% | |
Holding Summaries as of December 31, 2016 (continued)
Nuveen NWQ Large-Cap Value Fund
Fund Allocation
(% of net assets)
| | | | |
Common Stocks | | | 99.4% | |
Repurchase Agreements | | | 1.2% | |
Other Assets Less Liabilities | | | (0.6)% | |
Net Assets | | | 100% | |
Portfolio Composition
(% of net assets)
| | | | |
Banks | | | 14.9% | |
Oil, Gas & Consumable Fuels | | | 14.2% | |
Insurance | | | 10.1% | |
Software | | | 6.9% | |
Consumer Finance | | | 6.7% | |
Media | | | 6.4% | |
Pharmaceuticals | | | 5.1% | |
Industrial Conglomerates | | | 4.4% | |
Multiline Retail | | | 3.4% | |
Airlines | | | 2.8% | |
Automobiles | | | 2.6% | |
Aerospace & Defense | | | 2.0% | |
Other | | | 19.9% | |
Repurchase Agreements | | | 1.2% | |
Other Assets Less Liabilities | | | (0.6)% | |
Net Assets | | | 100% | |
Top Five Common Stock Holdings
(% of net assets)
| | | | |
Citigroup Inc. | | | 4.2% | |
Oracle Corporation | | | 3.7% | |
Discover Financial Services | | | 3.7% | |
EQT Corporation | | | 3.4% | |
JPMorgan Chase & Co. | | | 3.3% | |
Nuveen NWQ Small/Mid-Cap Value Fund
Fund Allocation
(% of net assets)
| | | | |
Common Stocks | | | 88.6% | |
Repurchase Agreements | | | 3.8% | |
Other Assets Less Liabilities | | | 7.6% | |
Net Assets | | | 100% | |
Portfolio Composition
(% of net assets)
| | | | |
Banks | | | 15.9% | |
Household Durables | | | 8.2% | |
Semiconductors & Semiconductor Equipment | | | 6.7% | |
Oil, Gas & Consumable Fuels | | | 6.6% | |
Communication Equipment | | | 5.0% | |
Life Sciences Tools & Services | | | 4.5% | |
Insurance | | | 4.4% | |
Equity Real Estate Investment Trusts | | | 4.1% | |
Food Products | | | 4.1% | |
Paper & Forest Products | | | 3.3% | |
Specialty Retail | | | 2.8% | |
Machinery | | | 2.6% | |
Electronic Equipment, Instruments & Components | | | 2.3% | |
Other | | | 18.1% | |
Repurchase Agreements | | | 3.8% | |
Other Assets Less Liabilities | | | 7.6% | |
Net Assets | | | 100% | |
Top Five Common Stock Holdings
(% of net assets)
| | | | |
Bio-Rad Laboratories Inc. | | | 3.7% | |
Mitel Networks Corporation | | | 3.6% | |
Haverty Furniture Companies Inc. | | | 2.8% | |
Lattice Semiconductor Corporation | | | 2.8% | |
Newfield Exploration Company | | | 2.6% | |
Holding Summaries as of December 31, 2016 (continued)
Nuveen NWQ Small-Cap Value Fund
Fund Allocation
(% of net assets)
| | | | |
Common Stocks | | | 95.0% | |
Repurchase Agreements | | | 4.3% | |
Other Assets Less Liabilities | | | 0.7% | |
Net Assets | | | 100% | |
Portfolio Composition
(% of net assets)
| | | | |
Banks | | | 21.0% | |
Semiconductors & Semiconductor Equipment | | | 7.8% | |
Household Durables | | | 7.3% | |
Food Products | | | 7.1% | |
Electronic Equipment, Instruments & Components | | | 5.1% | |
Equity Real Estate Investment Trusts | | | 4.6% | |
Paper & Forest Products | | | 4.4% | |
Oil, Gas & Consumable Fuels | | | 4.0% | |
Communication Equipment | | | 3.8% | |
Technology Hardware, Storage & Peripherals | | | 3.7% | |
Health Care Equipment & Supplies | | | 2.6% | |
Electrical Equipment | | | 2.5% | |
Real Estate Management & Development | | | 2.4% | |
Other | | | 18.7% | |
Repurchase Agreements | | | 4.3% | |
Other Assets Less Liabilities | | | 0.7% | |
Net Assets | | | 100% | |
Top Five Common Stock Holdings
(% of net assets)
| | | | |
Mitel Networks Corporation | | | 3.8% | |
Western Alliance Bancorporation | | | 3.7% | |
Lattice Semiconductor Corporation | | | 2.9% | |
Entegris Inc. | | | 2.9% | |
Capital Bank Financial Corporation, Class A Shares | | | 2.7% | |
Nuveen Tradewinds Value Opportunities Fund
Fund Allocation
(% of net assets)
| | | | |
Common Stocks | | | 91.2% | |
Convertible Preferred Securities | | | 5.5% | |
$25 Par (or similar) Retail Preferred | | | 0.7% | |
$1,000 Par (or similar) Institutional Preferred | | | 2.0% | |
Repurchase Agreements | | | 1.5% | |
Other Assets Less Liabilities | | | (0.9)% | |
Net Assets | | | 100% | |
Portfolio Composition
(% of net assets)
| | | | |
Banks | | | 12.5% | |
Insurance | | | 10.5% | |
Pharmaceuticals | | | 9.6% | |
Diversified Telecommunication Services | | | 5.6% | |
Electric Utilities | | | 5.4% | |
Software | | | 5.3% | |
Oil, Gas & Consumable Fuels | | | 5.0% | |
Industrial Conglomerates | | | 5.0% | |
Media | | | 5.0% | |
Road & Rail | | | 4.1% | |
Capital Markets | | | 3.4% | |
Chemicals | | | 3.1% | |
Air Freight & Logistics | | | 2.5% | |
Food & Staples Retailing | | | 2.4% | |
Other | | | 20.0% | |
Repurchase Agreements | | | 1.5% | |
Other Assets Less Liabilities | | | (0.9)% | |
Net Assets | | | 100% | |
Top Five Common Stock Holdings
(% of net assets)
| | | | |
Citigroup Inc. | | | 4.5% | |
General Electric Company | | | 3.4% | |
Oracle Corporation | | | 3.2% | |
Unum Group | | | 3.2% | |
CSX Corporation | | | 2.8% | |
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 December 31, 2016.
The beginning of the period is July 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 ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expense you incurred for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the following tables are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds or share classes. In addition, if these transaction costs were included, your costs would have been higher.
Nuveen NWQ Global All-Cap 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 | | $ | 1,088.00 | | | $ | 1,083.50 | | | $ | 1,089.50 | |
Expenses Incurred During Period | | $ | 5.84 | | | $ | 9.77 | | | $ | 4.53 | |
Hypothetical Performance (5% annualized return before expenses) | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,019.61 | | | $ | 1,015.83 | | | $ | 1,020.87 | |
Expenses Incurred During Period | | $ | 5.65 | | | $ | 9.45 | | | $ | 4.38 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.11%, 1.86% and 0.86% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen NWQ Global Equity Income 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 | | $ | 1,049.50 | | | $ | 1,045.30 | | | $ | 1,047.90 | | | $ | 1,050.80 | |
Expenses Incurred During Period | | $ | 5.73 | | | $ | 9.59 | | | $ | 7.02 | | | $ | 4.45 | |
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 | | $ | 1,019.61 | | | $ | 1,015.83 | | | $ | 1,018.35 | | | $ | 1,020.87 | |
Expenses Incurred During Period | | $ | 5.65 | | | $ | 9.45 | | | $ | 6.92 | | | $ | 4.38 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.11%, 1.86%, 1.36% and 0.86% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
| * | Effective July 8, 2016, Class R3 became available to the public. |
Nuveen NWQ Multi-Cap Value Fund
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R3 | | | Class I | |
Actual Performance | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,127.30 | | | $ | 1,122.90 | | | $ | 1,125.60 | | | $ | 1,128.80 | |
Expenses Incurred During Period | | $ | 6.17 | | | $ | 10.17 | | | $ | 7.50 | | | $ | 4.83 | |
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 | | $ | 1,019.41 | | | $ | 1,015.63 | | | $ | 1,018.15 | | | $ | 1,020.67 | |
Expenses Incurred During Period | | $ | 5.85 | | | $ | 9.65 | | | $ | 7.12 | | | $ | 4.58 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.15%, 1.90%, 1.40% and 0.90% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen NWQ Large-Cap Value Fund
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R3 | | | Class I | |
Actual Performance | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,126.50 | | | $ | 1,121.60 | | | $ | 1,124.90 | | | $ | 1,127.30 | |
Expenses Incurred During Period | | $ | 6.38 | | | $ | 10.37 | | | $ | 7.71 | | | $ | 5.04 | |
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 | | $ | 1,019.21 | | | $ | 1,015.43 | | | $ | 1,017.95 | | | $ | 1,020.47 | |
Expenses Incurred During Period | | $ | 6.06 | | | $ | 9.86 | | | $ | 7.32 | | | $ | 4.79 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.19%, 1.94%, 1.44% and 0.94% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Expense Examples (continued)
Nuveen NWQ Small/Mid-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 | | $ | 1,180.00 | | | $ | 1,175.30 | | | $ | 1,178.50 | | | $ | 1,182.50 | | | $ | 1,181.50 | |
Expenses Incurred During Period | | $ | 7.20 | | | $ | 11.29 | | | $ | 8.57 | | | $ | 5.01 | | | $ | 5.83 | |
Hypothetical Performance (5% annualized return before expenses) | | | | | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,018.60 | | | $ | 1,014.82 | | | $ | 1,017.34 | | | $ | 1,020.62 | | | $ | 1,019.86 | |
Expenses Incurred During Period | | $ | 6.67 | | | $ | 10.46 | | | $ | 7.93 | | | $ | 4.63 | | | $ | 5.40 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.31%, 2.06%, 1.56%, 0.91% and 1.06% for Classes A, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen NWQ Small-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 | | $ | 1,193.80 | | | $ | 1,189.10 | | | $ | 1,192.30 | | | $ | 1,196.70 | | | $ | 1,195.50 | |
Expenses Incurred During Period | | $ | 7.30 | | | $ | 11.42 | | | $ | 8.68 | | | $ | 4.76 | | | $ | 5.92 | |
Hypothetical Performance (5% annualized return before expenses) | | | | | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,018.55 | | | $ | 1,014.77 | | | $ | 1,017.29 | | | $ | 1,020.87 | | | $ | 1,019.81 | |
Expenses Incurred During Period | | $ | 6.72 | | | $ | 10.51 | | | $ | 7.98 | | | $ | 4.38 | | | $ | 5.45 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.32%, 2.07%, 1.57%, 0.86% and 1.07% for Classes A, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen Tradewinds Value Opportunities Fund
| | | | | | | | | | | | | | | | |
| | | Share Class | |
| | | Class A | | | Class C | | | Class R3 | | | Class I | |
Actual Performance | | | | | | | | | | | | | | | | |
Beginning Account Value | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | | | $ | 1,000.00 | |
Ending Account Value | | $ | 1,057.00 | | | $ | 1,053.20 | | | $ | 1,055.50 | | | $ | 1,058.30 | |
Expenses Incurred During Period | | $ | 5.96 | | | $ | 9.83 | | | $ | 7.25 | | | $ | 4.67 | |
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 | | $ | 1,019.41 | | | $ | 1,015.63 | | | $ | 1,018.15 | | | $ | 1,020.67 | |
Expenses Incurred During Period | | $ | 5.85 | | | $ | 9.65 | | | $ | 7.12 | | | $ | 4.58 | |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.15%, 1.90%, 1.40% and 0.90% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen NWQ Global All-Cap Fund
| | |
| Portfolio of Investments | | December 31, 2016 (Unaudited) |
| | | | | | | | |
| Shares | | | Description (1) | | Value | |
| | |
| | | | LONG-TERM INVESTMENTS – 100.1% | | | | |
| | |
| | | | COMMON STOCKS – 100.1% | | | | |
| | |
| | | | Auto Components – 2.4% | | | |
| | |
| | 7,790 | | | GKN PLC, (2) | | $ | 31,751 | |
| | |
| | | | Banks – 12.5% | | | |
| | |
| | 845 | | | CIT Group Inc. | | | 36,065 | |
| | |
| | 520 | | | Citigroup Inc. | | | 30,904 | |
| | |
| | 2,620 | | | ING Groep N.V., (2) | | | 36,886 | |
| | |
| | 505 | | | Privatebancorp, Inc. | | | 27,366 | |
| | |
| | 630 | | | Western Alliance Bancorporation, (3) | | | 30,687 | |
| | | | Total Banks | | | 161,908 | |
| | |
| | | | Beverages – 1.9% | | | |
| | |
| | 3,440 | | | Britvic PLC, (2) | | | 24,019 | |
| | |
| | | | Capital Markets – 2.2% | | | |
| | |
| | 1,860 | | | UBS Group AG | | | 29,146 | |
| | |
| | | | Chemicals – 6.5% | | | |
| | |
| | 127 | | | LG Chem Limited, (2) | | | 27,387 | |
| | |
| | 977 | | | Nissan Chemical Industries Limited, (2) | | | 32,567 | |
| | |
| | 316 | | | Nitto Denko Corporation, (2) | | | 24,193 | |
| | | | Total Chemicals | | | 84,147 | |
| | |
| | | | Communications Equipment – 1.1% | | | |
| | |
| | 2,530 | | | Ericsson LM, Class B Shares, (2) | | | 14,828 | |
| | |
| | | | Containers & Packaging – 1.6% | | | |
| | |
| | 4,130 | | | DS Smith PLC, (2) | | | 20,739 | |
| | |
| | | | Diversified Telecommunication Services – 3.5% | | | |
| | |
| | 705 | | | Nippon Telegraph and Telephone Corporation, ADR, (2) | | | 29,677 | |
| | |
| | 1,140 | | | Telefonica Brasil SA, (2) | | | 15,405 | |
| | | | Total Diversified Telecommunication Services | | | 45,082 | |
| | |
| | | | Electric Utilities – 1.4% | | | |
| | |
| | 6,085 | | | EDP – Energias de Portugal, S.A., (2) | | | 18,520 | |
| | |
| | | | Electronic Equipment, Instruments & Components – 2.6% | | | |
| | |
| | 250 | | | Coherent Inc., (3) | | | 34,346 | |
| | |
| | | | Food & Staples Retailing – 3.7% | | | |
| | |
| | 968 | | | Carrefour SA, (2) | | | 23,306 | |
| | |
| | 305 | | | CVS Health Corporation | | | 24,068 | |
| | | | Total Food & Staples Retailing | | | 47,374 | |
Nuveen NWQ Global All-Cap Fund (continued)
| | |
| Portfolio of Investments | | December 31, 2016 (Unaudited) |
| | | | | | | | |
| Shares | | | Description (1) | | Value | |
| | |
| | | | Food Products – 4.4% | | | |
| | |
| | 3,340 | | | Orkla ASA, (2) | | $ | 30,223 | |
| | |
| | 363 | | | TreeHouse Foods Inc., (3) | | | 26,205 | |
| | | | Total Food Products | | | 56,428 | |
| | |
| | | | Household Durables – 3.7% | | | |
| | |
| | 1,365 | | | Sekisui House, Ltd., (2) | | | 22,679 | |
| | |
| | 1,335 | | | Taylor Morrison, (3) | | | 25,712 | |
| | | | Total Household Durables | | | 48,391 | |
| | |
| | | | Industrial Conglomerates – 4.7% | | | |
| | |
| | 1,010 | | | Koninklijke Philips Electronics NV, (2) | | | 30,878 | |
| | |
| | 249 | | | Siemens AG, Sponsored ADR, (2) | | | 30,488 | |
| | | | Total Industrial Conglomerates | | | 61,366 | |
| | |
| | | | Insurance – 5.4% | | | |
| | |
| | 792 | | | Ageas, (2) | | | 31,305 | |
| | |
| | 205 | | | AON PLC | | | 22,864 | |
| | |
| | 165 | | | Swiss Re AG, (2) | | | 15,611 | |
| | | | Total Insurance | | | 69,780 | |
| | |
| | | | IT Services – 3.0% | | | |
| | |
| | 685 | | | Luxoft Holding Inc., (3) | | | 38,497 | |
| | |
| | | | Life Sciences Tools & Services – 3.9% | | | |
| | |
| | 245 | | | Bio-Rad Laboratories Inc., (3) | | | 44,659 | |
| | |
| | 200 | | | Patheon N.V, (3) | | | 5,742 | |
| | | | Total Life Sciences Tools & Services | | | 50,401 | |
| | |
| | | | Machinery – 2.4% | | | |
| | |
| | 392 | | | Duerr AG, (2) | | | 31,431 | |
| | |
| | | | Media – 3.1% | | | |
| | |
| | 245 | | | Time Warner Inc. | | | 23,650 | |
| | |
| | 470 | | | Viacom Inc., Class B | | | 16,497 | |
| | | | Total Media | | | 40,147 | |
| | |
| | | | Multiline Retail – 1.1% | | | |
| | |
| | 190 | | | Target Corporation | | | 13,724 | |
| | |
| | | | Multi-Utilities – 1.7% | | | |
| | |
| | 1,300 | | | Veolia Environment S.A., ADR, (2) | | | 22,089 | |
| | |
| | | | Oil, Gas & Consumable Fuels – 6.0% | | | |
| | |
| | 1,210 | | | Cheniere Energy Inc., (3) | | | 50,130 | |
| | |
| | 415 | | | EQT Corporation | | | 27,141 | |
| | | | Total Oil, Gas & Consumable Fuels | | | 77,271 | |
| | | | | | | | |
| Shares | | | Description (1) | | Value | |
| | |
| | | | Pharmaceuticals – 9.7% | | | |
| | |
| | 1,060 | | | Almirall SA, (2), (3) | | $ | 16,444 | |
| | |
| | 1,285 | | | GlaxoSmithKline PLC, (2) | | | 24,683 | |
| | |
| | 865 | | | Impax Laboratories Inc., (3) | | | 11,461 | |
| | |
| | 635 | | | Otsuka Holdings Company KK, (2) | | | 27,661 | |
| | |
| | 86 | | | Roche Holdings AG, Sponsored ADR, (2) | | | 19,604 | |
| | |
| | 708 | | | Teva Pharmaceutical Industries Limited, Sponsored ADR, (2) | | | 25,493 | |
| | | | Total Pharmaceuticals | | | 125,346 | |
| | |
| | | | Semiconductors & Semiconductor Equipment – 6.2% | | | |
| | |
| | 1,305 | | | Infineon Technologies AG, (2) | | | 22,573 | |
| | |
| | 655 | | | Microsemi Corporation, (3) | | | 35,350 | |
| | |
| | 910 | | | Teradyne Inc. | | | 23,114 | |
| | | | Total Semiconductors & Semiconductor Equipment | | | 81,037 | |
| | |
| | | | Software – 2.0% | | | |
| | |
| | 685 | | | Oracle Corporation | | | 26,338 | |
| | |
| | | | Technology Hardware, Storage & Peripherals – 2.1% | | | |
| | |
| | 610 | | | Electronics For Imaging, (3) | | | 26,755 | |
| | |
| | | | Tobacco – 1.3% | | | |
| | |
| | 390 | | | Imperial Brands PLC, (2) | | | 16,996 | |
| | | | Total Long-Term Investments (cost $1,202,777) | | | 1,297,857 | |
| | | | Other Assets Less Liabilities – (0.1)% | | | (1,937 | ) |
| | | | Net Assets – 100% | | $ | 1,295,920 | |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| (3) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
Nuveen NWQ Global Equity Income Fund
| | |
| Portfolio of Investments | | December 31, 2016 (Unaudited) |
| | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | | | | Value | |
| | | | | |
| | | | LONG-TERM INVESTMENTS – 100.1% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | COMMON STOCKS – 88.9% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | Air Freight & Logistics – 3.7% | | | | | | | | | | | | |
| | | | | |
| | 116,500 | | | Deutsche Post AG, (2) | | | | | | | | | | | | | | $ | 3,820,622 | |
| | | | | |
| | 12,100 | | | United Parcel Service, Inc., Class B | | | | | | | | | | | | | | | 1,387,144 | |
| | | | Total Air Freight & Logistics | | | | | | | | | | | | | | | 5,207,766 | |
| | | | | |
| | | | Automobiles – 1.5% | | | | | | | | | | | | |
| | | | | |
| | 28,500 | | | Daimler AG, (2) | | | | | | | | | | | | | | | 2,115,144 | |
| | | | | |
| | | | Banks – 10.0% | | | | | | | | | | | | |
| | | | | |
| | 6,394,000 | | | Bank of Ireland, (2), (3) | | | | | | | | | | | | | | | 1,576,950 | |
| | | | | |
| | 51,400 | | | CIT Group Inc. | | | | | | | | | | | | | | | 2,193,752 | |
| | | | | |
| | 69,500 | | | Citigroup Inc. | | | | | | | | | | | | | | | 4,130,385 | |
| | | | | |
| | 243,000 | | | ING Groep N.V., (2) | | | | | | | | | | | | | | | 3,421,136 | |
| | | | | |
| | 30,500 | | | JPMorgan Chase & Co. | | | | | | | | | | | | | | | 2,631,845 | |
| | | | Total Banks | | | | | | | | | | | | | | | 13,954,068 | |
| | | | | |
| | | | Capital Markets – 5.4% | | | | | | | | | | | | |
| | | | | |
| | 128,500 | | | Ares Capital Corporation | | | | | | | | | | | | | | | 2,118,965 | |
| | | | | |
| | 38,000 | | | Deutsche Boerse AG, (2), (3) | | | | | | | | | | | | | | | 3,092,273 | |
| | | | | |
| | 155,500 | | | UBS Group AG, (2) | | | | | | | | | | | | | | | 2,431,312 | |
| | | | Total Capital Markets | | | | | | | | | | | | | | | 7,642,550 | |
| | | | | |
| | | | Chemicals – 3.3% | | | | | | | | | | | | |
| | | | | |
| | 210,000 | | | CVR Partners LP | | | | | | | | | | | | | | | 1,262,100 | |
| | | | | |
| | 59,000 | | | Dow Chemical Company | | | | | | | | | | | | | | | 3,375,980 | |
| | | | Total Chemicals | | | | | | | | | | | | | | | 4,638,080 | |
| |
| | | | Communications Equipment – 2.6% | |
| | | | | |
| | 64,500 | | | Cisco Systems, Inc. | | | | | | | | | | | | | | | 1,949,190 | |
| | | | | |
| | 300,000 | | | Ericsson LM, Class B Shares, (2) | | | | | | | | | | | | | | | 1,758,291 | |
| | | | Total Communications Equipment | | | | | | | | | | | | | | | 3,707,481 | |
| | | | | |
| | | | Diversified Financial Services – 1.3% | | | | | | | | | | | | |
| | | | | |
| | 230,000 | | | Challenger Limited, (2) | | | | | | | | | | | | | | | 1,858,379 | |
| | | | | |
| | | | Diversified Telecommunication Services – 4.6% | | | | | | | | | | | | |
| | | | | |
| | 109,000 | | | Nippon Telegraph and Telephone Corporation, ADR, (2) | | | | | | | | | | | | | | | 4,588,370 | |
| | | | | |
| | 135,000 | | | Telefonica Brasil SA, (2) | | | | | | | | | | | | | | | 1,824,294 | |
| | | | Total Diversified Telecommunication Services | | | | | | | | | | | | | | | 6,412,664 | |
| | | | | |
| | | | Electric Utilities – 1.2% | | | | | | | | | | | | |
| | | | | |
| | 540,000 | | | EDP – Energias de Portugal, S.A., (2) | | | | | | | | | | | | | | | 1,643,515 | |
| | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | | | | Value | |
| |
| | | | Electrical Equipment – 1.1% | |
| | | | | |
| | 22,700 | | | Eaton PLC | | | | | | | | | | | | | | $ | 1,522,943 | |
| | | | | |
| | | | Equity Real Estate Investment Trusts – 1.8% | | | | | | | | | | | | |
| | | | | |
| | 33,500 | | | Apartment Investment & Management Company, Class A | | | | | | | | | | | | | | | 1,522,575 | |
| | | | | |
| | 66,000 | | | Paramount Group Inc. | | | | | | | | | | | | | | | 1,055,340 | |
| | | | Total Equity Real Estate Investment Trusts | | | | | | | | | | | | | | | 2,577,915 | |
| |
| | | | Food & Staples Retailing – 2.4% | |
| | | | | |
| | 42,500 | | | CVS Health Corporation | | | | | | | | | | | | | | | 3,353,675 | |
| | | | | |
| | | | Food Products – 2.2% | | | | | | | | | | | | |
| | | | | |
| | 335,000 | | | Orkla ASA, (2) | | | | | | | | | | | | | | | 3,031,324 | |
| | | | | |
| | | | Hotels, Restaurants & Leisure – 0.7% | | | | | | | | | | | | |
| | | | | |
| | 16,400 | | | Cedar Fair LP | | | | | | | | | | | | | | | 1,052,880 | |
| |
| | | | Household Durables – 1.3% | |
| | | | | |
| | 108,000 | | | Sekisui House, Ltd., (2) | | | | | | | | | | | | | | | 1,794,344 | |
| |
| | | | Industrial Conglomerates – 3.8% | |
| | | | | |
| | 46,000 | | | General Electric Company | | | | | | | | | | | | | | | 1,453,600 | |
| | | | | |
| | 79,000 | | | Koninklijke Philips Electronics NV, (2) | | | | | | | | | | | | | | | 2,415,182 | |
| | | | | |
| | 12,300 | | | Siemens AG, Sponsored ADR, (2) | | | | | | | | | | | | | | | 1,506,011 | |
| | | | Total Industrial Conglomerates | | | | | | | | | | | | | | | 5,374,793 | |
| | | | | |
| | | | Insurance – 10.8% | | | | | | | | | | | | |
| | | | | |
| | 62,000 | | | Ageas, (2) | | | | | | | | | | | | | | | 2,450,661 | |
| | | | | |
| | 17,200 | | | Allianz AG ORD Shares, (2) | | | | | | | | | | | | | | | 2,838,652 | |
| | | | | |
| | 38,400 | | | CNA Financial Corporation | | | | | | | | | | | | | | | 1,593,600 | |
| | | | | |
| | 40,800 | | | Swiss Re AG, (2) | | | | | | | | | | | | | | | 3,860,204 | |
| | | | | |
| | 99,500 | | | Unum Group | | | | | | | | | | | | | | | 4,371,035 | |
| | | | Total Insurance | | | | | | | | | | | | | | | 15,114,152 | |
| | | | | |
| | | | Media – 6.0% | | | | | | | | | | | | |
| | | | | |
| | 75,000 | | | Interpublic Group of Companies, Inc. | | | | | | | | | | | | | | | 1,755,750 | |
| | | | | |
| | 67,100 | | | National CineMedia, Inc. | | | | | | | | | | | | | | | 988,383 | |
| | | | | |
| | 37,000 | | | ProSiebenSat.1 Media AG, (2) | | | | | | | | | | | | | | | 1,424,203 | |
| | | | | |
| | 25,600 | | | Time Warner Inc. | | | | | | | | | | | | | | | 2,471,168 | |
| | | | | |
| | 50,000 | | | Viacom Inc., Class B | | | | | | | | | | | | | | | 1,755,000 | |
| | | | Total Media | | | | | | | | | | | | | | | 8,394,504 | |
| | | | | |
| | | | Mortgage Real Estate Investment Trusts – 1.2% | | | | | | | | | | | | |
| | | | | |
| | 80,000 | | | Colony Financial Inc. | | | | | | | | | | | | | | | 1,620,000 | |
| | | | | |
| | | | Multi-Utilities – 2.8% | | | | | | | | | | | | |
| | | | | |
| | 231,500 | | | Veolia Environment S.A., ADR, (2) | | | | | | | | | | | | | | | 3,933,614 | |
Nuveen NWQ Global Equity Income Fund (continued)
| | |
| Portfolio of Investments | | December 31, 2016 (Unaudited) |
| | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | | | | Value | |
| | | | | |
| | | | Oil, Gas & Consumable Fuels – 2.9% | | | | | | | | | | | | |
| | | | | |
| | 29,000 | | | Phillips 66 | | | | | | | | | | | | | | $ | 2,505,890 | |
| | | | | |
| | 31,000 | | | Total SA, (2) | | | | | | | | | | | | | | | 1,590,055 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | | | | 4,095,945 | |
| | | | | |
| | | | Pharmaceuticals – 7.4% | | | | | | | | | | | | |
| | | | | |
| | 116,600 | | | AstraZeneca PLC, Sponsored ADR | | | | | | | | | | | | | | | 3,185,512 | |
| | | | | |
| | 261,500 | | | GlaxoSmithKline PLC, (2) | | | | | | | | | | | | | | | 5,023,016 | |
| | | | | |
| | 9,300 | | | Roche Holdings AG, Sponsored ADR, (2) | | | | | | | | | | | | | | | 2,119,959 | |
| | | | Total Pharmaceuticals | | | | | | | | | | | | | | | 10,328,487 | |
| | | | | |
| | | | Road & Rail – 1.2% | | | | | | | | | | | | |
| | | | | |
| | 16,800 | | | Union Pacific Corporation | | | | | | | | | | | | | | | 1,741,824 | |
| | | | | |
| | | | Semiconductors & Semiconductor Equipment – 1.3% | | | | | | | | | | | | |
| | | | | |
| | 102,000 | | | Infineon Technologies AG, (2) | | | | | | | | | | | | | | | 1,764,342 | |
| | | | | |
| | | | Software – 5.5% | | | | | | | | | | | | |
| | | | | |
| | 44,400 | | | Microsoft Corporation | | | | | | | | | | | | | | | 2,759,017 | |
| | | | | |
| | 128,000 | | | Oracle Corporation | | | | | | | | | | | | | | | 4,921,600 | |
| | | | Total Software | | | | | | | | | | | | | | | 7,680,617 | |
| | | | | |
| | | | Textiles, Apparel & Luxury Goods – 0.0% | | | | | | | | | | | | |
| | | | | |
| | 2,506,000 | | | Chnia Hongxing Sports Limited, (4) | | | | | | | | | | | | | | | 2 | |
| | | | | |
| | | | Tobacco – 2.6% | | | | | | | | | | | | |
| | | | | |
| | 84,400 | | | Imperial Brands PLC, (2) | | | | | | | | | | | | | | | 3,678,197 | |
| | | | | |
| | | | Water Utilities – 0.3% | | | | | | | | | | | | |
| | | | | |
| | 3,975,000 | | | Sound Global Limited, (3), (4) | | | | | | | | | | | | | | | 381,891 | |
| | | | Total Common Stocks (cost $121,009,755) | | | | | | | | | | | | | | | 124,621,096 | |
| | | | | |
| Shares | | | Description (1) | | Coupon | | | | | | Ratings (5) | | | Value | |
| | | | | |
| | | | CONVERTIBLE PREFERRED SECURITIES – 7.6% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | Banks – 1.9% | | | | | | | | | | | | |
| | | | | |
| | 1,600 | | | Bank of America Corporation | | | 7.250% | | | | | | | | BB+ | | | $ | 1,866,880 | |
| | | | | |
| | 700 | | | Wells Fargo & Company | | | 7.500% | | | | | | | | BBB | | | | 833,000 | |
| | | | Total Banks | | | | | | | | | | | | | | | 2,699,880 | |
| | | | | |
| | | | Diversified Telecommunication Services – 1.3% | | | | | | | | | | | | |
| | | | | |
| | 25,000 | | | Frontier Communications Corporation | | | 11.125% | | | | | | | | N/R | | | | 1,777,000 | |
| | | | | |
| | | | Electric Utilities – 1.2% | | | | | | | | | | | | |
| | | | | |
| | 34,000 | | | Great Plains Energy Inc. | | | 7.000% | | | | | | | | N/R | | | | 1,720,400 | |
| | | | | |
| | | | Pharmaceuticals – 3.2% | | | | | | | | | | | | |
| | | | | |
| | 7,000 | | | Teva Pharmaceutical Industries Limited, (2) | | | 7.000% | | | | | | | | N/R | | | | 4,531,100 | |
| | | | Total Convertible Preferred Securities (cost $12,455,610) | | | | | | | | | | | | | | | 10,728,380 | |
| | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Ratings (5) | | | Value | |
| | | |
| | | | CORPORATE BONDS – 0.4% | | | | | | | | | |
| | | | | |
| | | | Banks – 0.4% | | | | | | | | | | | | |
| | | | | |
| $ | 505 | | | Bank of America Corporation | | | 6.300% | | | | 12/29/49 | | | | BB+ | | | $ | 527,725 | |
| $ | 505 | | | Total Corporate Bonds (cost $511,613) | | | | | | | | | | | | | | | 527,725 | |
| | | | | |
| Shares | | | Description (1) | | Coupon | | | | | | Ratings (5) | | | Value | |
| | | | | |
| | | | $25 PAR (OR SIMILAR) RETAIL PREFERRED – 1.0% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | Insurance – 0.7% | | | | | | | | | | | | |
| | | | | |
| | 39,000 | | | National General Holding Company | | | 7.625% | | | | | | | | N/R | | | $ | 976,950 | |
| | | | | |
| | | | Wireless Telecommunication Services – 0.3% | | | | | | | | | | | | |
| | | | | |
| | 15,500 | | | United States Cellular Corporation | | | 7.250% | | | | | | | | Ba1 | | | | 393,855 | |
| | | | Total $25 Par (or similar) Retail Preferred (cost $1,369,359) | | | | | | | | | | | | | | | 1,370,805 | |
| | | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Ratings (5) | | | Value | |
| | | | | |
| | | | $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 1.5% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | Banks – 0.4% | | | | | | | | | | | | |
| | | | | |
| $ | 550 | | | Citigroup Inc. | | | 5.950% | | | | N/A (6) | | | | BB+ | | | $ | 558,223 | |
| | | | | |
| | | | Electric Utilities – 0.7% | | | | | | | | | | | | |
| | | | | |
| | 900 | | | Emera, Inc. | | | 6.750% | | | | 6/15/76 | | | | BBB– | | | | 963,000 | |
| | | | | |
| | | | Food Products – 0.4% | | | | | | | | | | | | |
| | | | | |
| | 30 | | | Land O’ Lakes Incorporated, 144A | | | 8.000% | | | | N/A (6) | | | | BB | | | | 30,600 | |
| | | | | |
| | 524 | | | Land O’ Lakes Incorporated, 144A | | | 8.000% | | | | N/A (6) | | | | BB | | | | 534,479 | |
| | 554 | | | Total Food Products | | | | | | | | | | | | | | | 565,079 | |
| $ | 2,004 | | | Total $1,000 Par (or similar) Institutional Preferred (cost $2,061,882) | | | | | | | | | | | | | | | 2,086,302 | |
| | | | | |
Principal
Amount (000) | | | Description (1) | | | | | | | | | | | Value | |
| | | | | |
| | | | WARRANTS – 0.7% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | Financials – 0.7% | | | | | | | | | | | | |
| | | | | |
| $ | 18 | | | Merrill Lynch International Company CV, 144A | | | | | | | | | | | | | | $ | 975,576 | |
| $ | 18 | | | Total Warrants (cost $999,589) | | | | | | | | | | | | | | | 975,576 | |
| | | | Total Long-Term Investments (cost $138,407,808) | | | | | | | | | | | | | | | 140,309,884 | |
| | | | Other Assets Less Liabilities – (0.1)% | | | | | | | | | | | | | | | (197,962) | |
| | | | Net Assets – 100% | | | | | | | | | | | | | | $ | 140,111,922 | |
Nuveen NWQ Global Equity Income Fund (continued)
| | |
| Portfolio of Investments | | December 31, 2016 (Unaudited) |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| (3) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| (4) | Investment valued at fair value using methods determined in good faith by, or at the discretion of the Board. For fair value measurement disclosure purposes, investment classified as Level 3. |
| (5) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (6) | Perpetual security. Maturity date is not applicable. |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
Nuveen NWQ Multi-Cap Value Fund
| | |
| Portfolio of Investments | | December 31, 2016 (Unaudited) |
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | LONG-TERM INVESTMENTS – 99.6% | | | | | | | | | | | | |
| | | | |
| | | | COMMON STOCKS – 99.6% | | | | | | | | | | | | |
| | | | |
| | | | Airlines – 2.7% | | | | | | | | | |
| | | | |
| | 54,000 | | | Southwest Airlines Co. | | | | | | | | | | $ | 2,691,360 | |
| | | | |
| | | | Automobiles – 2.6% | | | | | | | | | |
| | | | |
| | 74,500 | | | General Motors Company | | | | | | | | | | | 2,595,580 | |
| | | | |
| | | | Banks – 14.0% | | | | | | | | | |
| | | | |
| | 63,000 | | | Bank of America Corporation | | | | | | | | | | | 1,392,300 | |
| | | | |
| | 83,000 | | | CIT Group Inc. | | | | | | | | | | | 3,542,440 | |
| | | | |
| | 71,000 | | | Citigroup Inc. | | | | | | | | | | | 4,219,530 | |
| | | | |
| | 36,100 | | | JPMorgan Chase & Co. | | | | | | | | | | | 3,115,069 | |
| | | | |
| | 30,500 | | | Privatebancorp, Inc. | | | | | | | | | | | 1,652,795 | |
| | | | Total Banks | | | | | | | | | | | 13,922,134 | |
| | | | |
| | | | Capital Markets – 1.7% | | | | | | | | | |
| | | | |
| | 129,108 | | | FBR Capital Markets Corporation | | | | | | | | | | | 1,678,404 | |
| | | | |
| | | | Communication Equipment – 4.1% | | | | | | | | | |
| | | | |
| | 68,800 | | | Arris International PLC, (2) | | | | | | | | | | | 2,072,944 | |
| | | | |
| | 300,000 | | | Mitel Networks Corporation, (2) | | | | | | | | | | | 2,040,000 | |
| | | | Total Communication Equipment | | | | | | | | | | | 4,112,944 | |
| | | | |
| | | | Consumer Finance – 3.3% | | | | | | | | | |
| | | | |
| | 45,900 | | | Discover Financial Services | | | | | | | | | | | 3,308,931 | |
| | | | |
| | | | Electric Utilities – 0.7% | | | | | | | | | |
| | | | |
| | 10,000 | | | Edison International | | | | | | | | | | | 719,900 | |
| | | | |
| | | | Electronic Equipment, Instruments & Components – 4.0% | | | | | | | | | |
| | | | |
| | 18,600 | | | Coherent Inc., (2) | | | | | | | | | | | 2,555,361 | |
| | | | |
| | 82,900 | | | VeriFone Holdings Inc., (2) | | | | | | | | | | | 1,469,817 | |
| | | | Total Electronic Equipment, Instruments & Components | | | | | | | | | | | 4,025,178 | |
| | | | |
| | | | Equity Real Estate Investment Trusts – 2.6% | | | | | | | | | |
| | | | |
| | 63,200 | | | Brandywine Realty Trust | | | | | | | | | | | 1,043,432 | |
| | | | |
| | 136,000 | | | MedEquities Realty Trust, Inc. | | | | | | | | | | | 1,509,600 | |
| | | | Total Equity Real Estate Investment Trusts | | | | | | | | | | | 2,553,032 | |
| | | | |
| | | | Food Products – 1.7% | | | | | | | | | |
| | | | |
| | 30,000 | | | Aryzta AG, ADR, (3) | | | | | | | | | | | 660,000 | |
| | | | |
| | 14,300 | | | TreeHouse Foods Inc., (2) | | | | | | | | | | | 1,032,317 | |
| | | | Total Food Products | | | | | | | | | | | 1,692,317 | |
Nuveen NWQ Multi-Cap Value Fund (continued)
| | |
| Portfolio of Investments | | December 31, 2016 (Unaudited) |
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Health Care Providers & Services – 1.0% | | | | | | | | | |
| | | | |
| | 7,720 | | | CIGNA Corporation | | | | | | | | | | $ | 1,029,771 | |
| | | | |
| | | | Hotels, Restaurants & Leisure – 1.2% | | | | | | | | | |
| | | | |
| | 63,900 | | | Bloomin Brands | | | | | | | | | | | 1,152,117 | |
| | | | |
| | | | Independent Power & Renewable Electricity Producers – 1.6% | | | | | | | | | |
| | | | |
| | 137,600 | | | Calpine Corporation, (2) | | | | | | | | | | | 1,572,768 | |
| | | | |
| | | | Industrial Conglomerates – 2.1% | | | | | | | | | |
| | | | |
| | 68,900 | | | Philips Electronics | | | | | | | | | | | 2,106,273 | |
| | | | |
| | | | Insurance – 10.0% | | | | | | | | | |
| | | | |
| | 24,500 | | | AON PLC | | | | | | | | | | | 2,732,485 | |
| | | | |
| | 44,850 | | | CNA Financial Corporation | | | | | | | | | | | 1,861,275 | |
| | | | |
| | 9,900 | | | Reinsurance Group of America Inc. | | | | | | | | | | | 1,245,717 | |
| | | | |
| | 69,300 | | | Unum Group | | | | | | | | | | | 3,044,349 | |
| | | | |
| | 30,000 | | | XL Group Limited | | | | | | | | | | | 1,117,800 | |
| | | | Total Insurance | | | | | | | | | | | 10,001,626 | |
| | | | |
| | | | Life Sciences Tools & Services – 2.6% | | | | | | | | | |
| | | | |
| | 14,200 | | | Bio-Rad Laboratories Inc., (2) | | | | | | | | | | | 2,588,376 | |
| | | | |
| | | | Machinery – 3.8% | | | | | | | | | |
| | | | |
| | 21,910 | | | Ingersoll Rand Company Limited, Class A | | | | | | | | | | | 1,644,126 | |
| | | | |
| | 66,500 | | | Terex Corporation | | | | | | | | | | | 2,096,745 | |
| | | | Total Machinery | | | | | | | | | | | 3,740,871 | |
| | | | |
| | | | Media – 4.1% | | | | | | | | | |
| | | | |
| | 65,000 | | | Interpublic Group of Companies, Inc. | | | | | | | | | | | 1,521,650 | |
| | | | |
| | 72,200 | | | Viacom Inc., Class B | | | | | | | | | | | 2,534,220 | |
| | | | Total Media | | | | | | | | | | | 4,055,870 | |
| | | | |
| | | | Mortgage Real Estate Investment Trusts – 2.9% | | | | | | | | | |
| | | | |
| | 97,000 | | | Colony Financial Inc. | | | | | | | | | | | 1,964,250 | |
| | | | |
| | 56,700 | | | PennyMac Mortgage Investment Trust | | | | | | | | | | | 928,179 | |
| | | | Total Mortgage Real Estate Investment Trusts | | | | | | | | | | | 2,892,429 | |
| | | | |
| | | | Multiline Retail – 1.6% | | | | | | | | | |
| | | | |
| | 22,400 | | | Target Corporation | | | | | | | | | | | 1,617,952 | |
| | | | |
| | | | Oil, Gas & Consumable Fuels – 14.2% | | | | | | | | | |
| | | | |
| | 69,000 | | | Cheniere Energy Inc., (2) | | | | | | | | | | | 2,858,670 | |
| | | | |
| | 50,500 | | | EQT Corporation | | | | | | | | | | | 3,302,700 | |
| | | | |
| | 49,000 | | | Hess Corporation | | | | | | | | | | | 3,052,210 | |
| | | | |
| | 26,500 | | | Occidental Petroleum Corporation | | | | | | | | | | | 1,887,595 | |
| | | | |
| | 15,000 | | | Phillips 66 | | | | | | | | | | | 1,296,150 | |
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Oil, Gas & Consumable Fuels (continued) | | | | | | | | | |
| | | | |
| | 52,000 | | | Suncor Energy, Inc. | | | | | | | | | | $ | 1,699,880 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | 14,097,205 | |
| | | | |
| | | | Pharmaceuticals – 5.1% | | | | | | | | | |
| | | | |
| | 7,900 | | | Allergan PLC | | | | | | | | | | | 1,659,079 | |
| | | | |
| | 37,800 | | | GlaxoSmithKline PLC, Sponsored ADR | | | | | | | | | | | 1,455,678 | |
| | | | |
| | 54,200 | | | Impax Laboratories Inc., (2) | | | | | | | | | | | 718,150 | |
| | | | |
| | 38,700 | | | Pfizer Inc. | | | | | | | | | | | 1,256,976 | |
| | | | Total Pharmaceuticals | | | | | | | | | | | 5,089,883 | |
| | | | |
| | | | Semiconductors & Semiconductor Equipment – 2.2% | | | | | | | | | |
| | | | |
| | 85,700 | | | Teradyne Inc. | | | | | | | | | | | 2,176,780 | |
| | | | |
| | | | Software – 4.5% | | | | | | | | | |
| | | | |
| | 79,900 | | | Oracle Corporation | | | | | | | | | | | 3,072,155 | |
| | | | |
| | 59,500 | | | Symantec Corporation | | | | | | | | | | | 1,421,455 | |
| | | | Total Software | | | | | | | | | | | 4,493,610 | |
| | | | |
| | | | Specialty Retail – 3.3% | | | | | | | | | |
| | | | |
| | 7,300 | | | Advance Auto Parts, Inc. | | | | | | | | | | | 1,234,576 | |
| | | | |
| | 80,000 | | | GameStop Corporation | | | | | | | | | | | 2,020,800 | |
| | | | Total Specialty Retail | | | | | | | | | | | 3,255,376 | |
| | | | |
| | | | Technology Hardware, Storage & Peripherals – 2.0% | | | | | | | | | |
| | | | |
| | 45,800 | | | Electronics For Imaging, (2) | | | | | | | | | | | 2,008,788 | |
| | | | Total Long-Term Investments (cost $83,216,107) | | | | | | | | | | | 99,179,475 | |
| | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Value | |
| | | | |
| | | | SHORT-TERM INVESTMENTS – 0.7% | | | | | | | | | | | | |
| | | | |
| | | | REPURCHASE AGREEMENTS – 0.7% | | | | | | | | | |
| | | | |
| $ | 699 | | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/16, repurchase price $698,591, collateralized by $735,000 U.S. Treasury Notes, 1.125%, due 7/31/21, value $712,685 | | | 0.030% | | | | 1/03/17 | | | $ | 698,589 | |
| | | | Total Short-Term Investments (cost $698,589) | | | | | | | | | | | 698,589 | |
| | | | Total Investments (cost $83,914,696) – 100.3% | | | | | | | | | | | 99,878,064 | |
| | | | Other Assets Less Liabilities – (0.3)% | | | | | | | | | | | (320,398 | ) |
| | | | Net Assets – 100% | | | | | | | | | | $ | 99,557,666 | |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| (3) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
Nuveen NWQ Large-Cap Value Fund
| | |
| Portfolio of Investments | | December 31, 2016 (Unaudited) |
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | LONG-TERM INVESTMENTS – 99.4% | | | | | | | | | | | | |
| | | | |
| | | | COMMON STOCKS – 99.4% | | | | | | | | | | | | |
| | | | |
| | | | Aerospace & Defense – 2.0% | | | | | | | | | |
| | | | |
| | 13,830 | | | Raytheon Company | | | | | | | | | | $ | 1,963,860 | |
| | | | |
| | | | Airlines – 2.8% | | | | | | | | | |
| | | | |
| | 54,260 | | | Southwest Airlines Co. | | | | | | | | | | | 2,704,318 | |
| | | | |
| | | | Automobiles – 2.6% | | | | | | | | | |
| | | | |
| | 72,000 | | | General Motors Company | | | | | | | | | | | 2,508,480 | |
| | | | |
| | | | Banks – 14.9% | | | | | | | | | |
| | | | |
| | 71,000 | | | CIT Group Inc. | | | | | | | | | | | 3,030,280 | |
| | | | |
| | 69,285 | | | Citigroup Inc. | | | | | | | | | | | 4,117,608 | |
| | | | |
| | 92,000 | | | ING Groep N.V., Sponsored ADR | | | | | | | | | | | 1,297,200 | |
| | | | |
| | 37,835 | | | JPMorgan Chase & Co. | | | | | | | | | | | 3,264,782 | |
| | | | |
| | 11,300 | | | PNC Financial Services Group, Inc. | | | | | | | | | | | 1,321,648 | |
| | | | |
| | 27,500 | | | Wells Fargo & Company | | | | | | | | | | | 1,515,525 | |
| | | | Total Banks | | | | | | | | | | | 14,547,043 | |
| | | | |
| | | | Capital Markets – 1.8% | | | | | | | | | |
| | | | |
| | 22,700 | | | State Street Corporation | | | | | | | | | | | 1,764,244 | |
| | | | |
| | | | Chemicals – 1.3% | | | | | | | | | |
| | | | |
| | 22,300 | | | Dow Chemical Company | | | | | | | | | | | 1,276,006 | |
| | | | |
| | | | Consumer Finance – 6.7% | | | | | | | | | |
| | | | |
| | 49,900 | | | Discover Financial Services | | | | | | | | | | | 3,597,291 | |
| | | | |
| | 82,300 | | | Synchrony Financial | | | | | | | | | | | 2,985,021 | |
| | | | Total Consumer Finance | | | | | | | | | | | 6,582,312 | |
| | | | |
| | | | Electric Utilities – 0.9% | | | | | | | | | |
| | | | |
| | 12,300 | | | Edison International | | | | | | | | | | | 885,477 | |
| | | | |
| | | | Food & Staples Retailing – 1.6% | | | | | | | | | |
| | | | |
| | 19,500 | | | CVS Health Corporation | | | | | | | | | | | 1,538,745 | |
| | | | |
| | | | Health Care Providers & Services – 1.3% | | | | | | | | | |
| | | | |
| | 9,000 | | | Anthem Inc. | | | | | | | | | | | 1,293,930 | |
| | | | |
| | | | Independent Power & Renewable Electricity Producers – 1.7% | | | | | | | | | |
| | | | |
| | 144,100 | | | Calpine Corporation, (2) | | | | | | | | | | | 1,647,063 | |
| | | | |
| | | | Industrial Conglomerates – 4.4% | | | | | | | | | |
| | | | |
| | 64,330 | | | General Electric Company | | | | | | | | | | | 2,032,828 | |
| | | | |
| | 73,000 | | | Philips Electronics | | | | | | | | | | | 2,231,610 | |
| | | | Total Industrial Conglomerates | | | | | | | | | | | 4,264,438 | |
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | | | |
| | | | |
| | | | Insurance – 10.1% | | | | | | | | | |
| | | | |
| | 23,505 | | | AON PLC | | | | | | | | | | $ | 2,621,513 | |
| | | | |
| | 53,680 | | | MetLife, Inc. | | | | | | | | | | | 2,892,815 | |
| | | | |
| | 74,310 | | | Unum Group | | | | | | | | | | | 3,264,438 | |
| | | | |
| | 30,000 | | | XL Group Limited | | | | | | | | | | | 1,117,800 | |
| | | �� | Total Insurance | | | | | | | | | | | 9,896,566 | |
| | | | |
| | | | Internet Software & Services – 1.9% | | | | | | | | | |
| | | | |
| | 2,340 | | | Alphabet Inc., Class A, (2) | | | | | | | | | | | 1,854,333 | |
| | | | |
| | | | IT Services – 1.2% | | | | | | | | | |
| | | | |
| | 30,000 | | | PayPal Holdings, Inc., (2) | | | | | | | | | | | 1,184,100 | |
| | | | |
| | | | Life Sciences Tools & Services – 0.7% | | | | | | | | | |
| | | | |
| | 4,000 | | | Bio-Rad Laboratories Inc., (2) | | | | | | | | | | | 729,120 | |
| | | | |
| | | | Machinery – 1.8% | | | | | | | | | |
| | | | |
| | 23,370 | | | Ingersoll Rand Company Limited, Class A | | | | | | | | | | | 1,753,685 | |
| | | | |
| | | | Media – 6.4% | | | | | | | | | |
| | | | |
| | 68,630 | | | Interpublic Group of Companies, Inc. | | | | | | | | | | | 1,606,628 | |
| | | | |
| | 21,000 | | | Time Warner Inc. | | | | | | | | | | | 2,027,130 | |
| | | | |
| | 74,800 | | | Viacom Inc., Class B | | | | | | | | | | | 2,625,480 | |
| | | | Total Media | | | | | | | | | | | 6,259,238 | |
| | | | |
| | | | Multiline Retail – 3.4% | | | | | | | | | |
| | | | |
| | 48,400 | | | Macy’s, Inc. | | | | | | | | | | | 1,733,204 | |
| | | | |
| | 22,000 | | | Target Corporation | | | | | | | | | | | 1,589,060 | |
| | | | Total Multiline Retail | | | | | | | | | | | 3,322,264 | |
| | |
| | | | Oil, Gas & Consumable Fuels – 14.2% | | | | |
| | | | |
| | 76,600 | | | Cheniere Energy Inc., (2) | | | | | | | | | | | 3,173,538 | |
| | | | |
| | 50,500 | | | EQT Corporation | | | | | | | | | | | 3,302,700 | |
| | | | |
| | 31,500 | | | Hess Corporation | | | | | | | | | | | 1,962,135 | |
| | | | |
| | 30,300 | | | Occidental Petroleum Corporation | | | | | | | | | | | 2,158,269 | |
| | | | |
| | 16,000 | | | Phillips 66 | | | | | | | | | | | 1,382,560 | |
| | | | |
| | 59,000 | | | Suncor Energy, Inc. | | | | | | | | | | | 1,928,710 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | 13,907,912 | |
| | |
| | | | Pharmaceuticals – 5.1% | | | | |
| | | | |
| | 8,100 | | | Allergan PLC | | | | | | | | | | | 1,701,081 | |
| | | | |
| | 32,900 | | | GlaxoSmithKline PLC, Sponsored ADR | | | | | | | | | | | 1,266,979 | |
| | | | |
| | 62,500 | | | Pfizer Inc. | | | | | | | | | | | 2,030,000 | |
| | | | Total Pharmaceuticals | | | | | | | | | | | 4,998,060 | |
| | |
| | | | Road & Rail – 1.9% | | | | |
| | | | |
| | 17,500 | | | Union Pacific Corporation | | | | | | | | | | | 1,814,400 | |
Nuveen NWQ Large-Cap Value Fund (continued)
| | |
| Portfolio of Investments | | December 31, 2016 (Unaudited) |
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | | | | | | | | | | | | | |
| | |
| | | | Semiconductors & Semiconductor Equipment – 1.7% | | | | |
| | | | |
| | 63,635 | | | Teradyne Inc. | | | | | | | | | | $ | 1,616,329 | |
| | |
| | | | Software – 6.9% | | | | |
| | | | |
| | 19,000 | | | Microsoft Corporation | | | | | | | | | | | 1,180,660 | |
| | | | |
| | 94,855 | | | Oracle Corporation | | | | | | | | | | | 3,647,175 | |
| | | | |
| | 82,200 | | | Symantec Corporation | | | | | | | | | | | 1,963,758 | |
| | | | Total Software | | | | | | | | | | | 6,791,593 | |
| | |
| | | | Specialty Retail – 1.3% | | | | |
| | | | |
| | 7,600 | | | Advance Auto Parts, Inc. | | | | | | | | | | | 1,285,312 | |
| | |
| | | | Tobacco – 0.8% | | | | |
| | | | |
| | 8,820 | | | Philip Morris International | | | | | | | | | | | 806,942 | |
| | | | Total Long-Term Investments (cost $65,493,514) | | | | | | | | | | | 97,195,770 | |
| | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Value | |
| | |
| | | | SHORT-TERM INVESTMENTS – 1.2% | | | | | |
| | |
| | | | REPURCHASE AGREEMENTS – 1.2% | | | | |
| | | | |
| $ | 1,152 | | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/16, repurchase price $1,151,632, collateralized by $1,215,000 U.S. Treasury Notes, 1.125%, due 7/31/21, value $1,178,111 | | | 0.030% | | | | 1/03/17 | | | $ | 1,151,628 | |
| | | | Total Short-Term Investments (cost $1,151,628) | | | | | | | | | | | 1,151,628 | |
| | | | Total Investments (cost $66,645,142) – 100.6% | | | | | | | | | | | 98,347,398 | |
| | | | Other Assets Less Liabilities – (0.6)% | | | | (586,839 | ) |
| | | | Net Assets – 100% | | | | | | | | | | $ | 97,760,559 | |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
Nuveen NWQ Small/Mid-Cap Value Fund
| | |
| Portfolio of Investments | | December 31, 2016 (Unaudited) |
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | LONG-TERM INVESTMENTS – 88.6% | | | | | | | | | | | | |
| | | | |
| | | | COMMON STOCKS – 88.6% | | | | | | | | | | | | |
| | | | |
| | | | Aerospace & Defense – 1.8% | | | | | | | | | |
| | | | |
| | 13,517 | | | Orbital ATK, Inc. | | | | | | | | | | $ | 1,185,846 | |
| | | | |
| | | | Automobiles – 0.9% | | | | | | | | | |
| | | | |
| | 10,170 | | | Harley-Davidson, Inc. | | | | | | | | | | | 593,318 | |
| | | | |
| | | | Banks – 15.9% | | | | | | | | | |
| | | | |
| | 26,815 | | | Ameris Bancorp. | | | | | | | | | | | 1,169,134 | |
| | | | |
| | 29,270 | | | Capital Bank Financial Corporation, Class A Shares | | | | | | | | | | | 1,148,848 | |
| | | | |
| | 21,495 | | | CIT Group Inc. | | | | | | | | | | | 917,407 | |
| | | | |
| | 41,235 | | | Heritage Financial Corporation | | | | | | | | | | | 1,061,801 | |
| | | | |
| | 29,890 | | | Pacwest Bancorp. | | | | | | | | | | | 1,627,212 | |
| | | | |
| | 22,930 | | | Privatebancorp, Inc. | | | | | | | | | | | 1,242,577 | |
| | | | |
| | 1,720 | | | SVB Financial Group, (2) | | | | | | | | | | | 295,255 | |
| | | | |
| | 3,765 | | | Texas Capital BancShares, Inc., (2) | | | | | | | | | | | 295,176 | |
| | | | |
| | 30,605 | | | The Bank of NT Butterfield and Son Limited | | | | | | | | | | | 962,221 | |
| | | | |
| | 31,010 | | | Western Alliance Bancorporation, (2) | | | | | | | | | | | 1,510,497 | |
| | | | Total Banks | | | | | | | | | | | 10,230,128 | |
| | | | |
| | | | Building Products – 0.8% | | | | | | | | | |
| | | | |
| | 9,200 | | | Apogee Enterprises, Inc. | | | | | | | | | | | 492,752 | |
| | | | |
| | | | Communication Equipment – 5.0% | | | | | | | | | |
| | | | |
| | 19,680 | | | Arris International PLC, (2) | | | | | | | | | | | 592,958 | |
| | | | |
| | 7,627 | | | Lumentum Holdings Inc., (2) | | | | | | | | | | | 294,784 | |
| | | | |
| | 341,630 | | | Mitel Networks Corporation, (2) | | | | | | | | | | | 2,323,084 | |
| | | | Total Communication Equipment | | | | | | | | | | | 3,210,826 | |
| | | | |
| | | | Containers & Packaging – 0.7% | | | | | | | | | |
| | | | |
| | 6,525 | | | Avery Dennison Corporation | | | | | | | | | | | 458,186 | |
| | | | |
| | | | Electric Utilities – 0.8% | | | | | | | | | |
| | | | |
| | 19,370 | | | Great Plains Energy Incorporated | | | | | | | | | | | 529,770 | |
| | | | |
| | | | Electrical Equipment – 2.2% | | | | | | | | | |
| | | | |
| | 18,480 | | | EnerSys | | | | | | | | | | | 1,443,288 | |
| | | | |
| | | | Electronic Equipment, Instruments & Components – 2.3% | | | | | | | | | |
| | | | |
| | 10,710 | | | Coherent Inc., (2) | | | | | | | | | | | 1,471,393 | |
Nuveen NWQ Small/Mid-Cap Value Fund (continued)
| | |
| Portfolio of Investments | | December 31, 2016 (Unaudited) |
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Equity Real Estate Investment Trusts – 4.1% | | | | | | | | | |
| | | | |
| | 73,639 | | | Brandywine Realty Trust | | | | | | | | | | $ | 1,215,780 | |
| | | | |
| | 86,465 | | | Ramco-Gershenson Properties Trust | | | | | | | | | | | 1,433,590 | |
| | | | Total Equity Real Estate Investment Trusts | | | | | | | | | | | 2,649,370 | |
| | | | |
| | | | Food Products – 4.1% | | | | | | | | | |
| | | | |
| | 16,368 | | | John B Sanfilippo & Son, Inc. | | | | | | | | | | | 1,152,144 | |
| | | | |
| | 20,305 | | | TreeHouse Foods Inc., (2) | | | | | | | | | | | 1,465,818 | |
| | | | Total Food Products | | | | | | | | | | | 2,617,962 | |
| | | | |
| | | | Gas Utilities – 0.5% | | | | | | | | | |
| | | | |
| | 3,960 | | | Atmos Energy Corporation | | | | | | | | | | | 293,634 | |
| | | | |
| | | | Household Durables – 8.2% | | | | | | | | | |
| | | | |
| | 37,492 | | | La Z Boy Inc. | | | | | | | | | | | 1,164,127 | |
| | | | |
| | 73,405 | | | Taylor Morrison, (2) | | | | | | | | | | | 1,413,780 | |
| | | | |
| | 131,660 | | | Tri Pointe Group, Incorporated, (2) | | | | | | | | | | | 1,511,457 | |
| | | | |
| | 18,725 | | | Univeral Electronics Inc., (2) | | | | | | | | | | | 1,208,699 | |
| | | | Total Household Durables | | | | | | | | | | | 5,298,063 | |
| | | | |
| | | | Insurance – 4.4% | | | | | | | | | |
| | | | |
| | 23,315 | | | Axis Capital Holdings Limited | | | | | | | | | | | 1,521,770 | |
| | | | |
| | 6,025 | | | Reinsurance Group of America Inc. | | | | | | | | | | | 758,126 | |
| | | | |
| | 14,610 | | | XL Group Limited | | | | | | | | | | | 544,369 | |
| | | | Total Insurance | | | | | | | | | | | 2,824,265 | |
| | | | |
| | | | IT Services – 0.9% | | | | | | | | | |
| | | | |
| | 8,025 | | | Euronet Worldwide, Inc., (2) | | | | | | | | | | | 581,251 | |
| | | | |
| | | | Life Sciences Tools & Services – 4.5% | | | | | | | | | |
| | | | |
| | 12,905 | | | Bio-Rad Laboratories Inc., (2) | | | | | | | | | | | 2,352,323 | |
| | | | |
| | 25,390 | | | Bruker Biosciences Corporation | | | | | | | | | | | 537,760 | |
| | | | Total Life Sciences Tools & Services | | | | | | | | | | | 2,890,083 | |
| | | | |
| | | | Machinery – 2.6% | | | | | | | | | |
| | | | |
| | 23,980 | | | Albany International Corporation, Class A | | | | | | | | | | | 1,110,274 | |
| | | | |
| | 8,550 | | | Woodward Governor Company | | | | | | | | | | | 590,378 | |
| | | | Total Machinery | | | | | | | | | | | 1,700,652 | |
| | | | |
| | | | Metals & Mining – 2.2% | | | | | | | | | |
| | | | |
| | 35,295 | | | Materion Corporation | | | | | | | | | | | 1,397,682 | |
| | | | |
| | | | Multiline Retail – 1.7% | | | | | | | | | |
| | | | |
| | 57,735 | | | Freds Inc. | | | | | | | | | | | 1,071,562 | |
| | | | |
| | | | Oil, Gas & Consumable Fuels – 6.6% | | | | | | | | | |
| | | | |
| | 41,480 | | | Newfield Exploration Company, (2) | | | | | | | | | | | 1,679,940 | |
| | | | |
| | 19,585 | | | PDC Energy Inc., (2) | | | | | | | | | | | 1,421,479 | |
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Oil, Gas & Consumable Fuels (continued) | | | | | | | | | |
| | | | |
| | 128,310 | | | Synergy Resources Corporation, (2) | | | | | | | | | | $ | 1,143,242 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | 4,244,661 | |
| | | | |
| | | | Paper & Forest Products – 3.3% | | | | | | | | | |
| | | | |
| | 40,050 | | | Boise Cascade Company, (2) | | | | | | | | | | | 901,125 | |
| | | | |
| | 7,575 | | | Deltic Timber Corporation | | | | | | | | | | | 583,805 | |
| | | | |
| | 26,180 | | | Glatfelter | | | | | | | | | | | 625,440 | |
| | | | Total Paper & Forest Products | | | | | | | | | | | 2,110,370 | |
| | | | |
| | | | Personal Products – 1.1% | | | | | | | | | |
| | | | |
| | 20,868 | | | Inter Parfums, Inc. | | | | | | | | | | | 683,427 | |
| | | | |
| | | | Real Estate Management & Development – 2.0% | | | | | | | | | |
| | | | |
| | 98,220 | | | Forestar Real Estate Group Inc., (2) | | | | | | | | | | | 1,306,326 | |
| | | | |
| | | | Road & Rail – 0.3% | | | | | | | | | |
| | | | |
| | 8,530 | | | Marten Transport, Ltd. | | | | | | | | | | | 198,749 | |
| | | | |
| | | | Semiconductors & Semiconductor Equipment – 6.7% | | | | | | | | | |
| | | | |
| | 243,375 | | | Lattice Semiconductor Corporation, (2) | | | | | | | | | | | 1,791,240 | |
| | | | |
| | 14,745 | | | Microsemi Corporation, (2) | | | | | | | | | | | 795,787 | |
| | | | |
| | 16,050 | | | Qorvo Inc., (2) | | | | | | | | | | | 846,316 | |
| | | | |
| | 34,445 | | | Teradyne Inc. | | | | | | | | | | | 874,903 | |
| | | | Total Semiconductors & Semiconductor Equipment | | | | | | | | | | | 4,308,246 | |
| | | | |
| | | | Specialty Retail – 2.8% | | | | | | | | | |
| | | | |
| | 75,820 | | | Haverty Furniture Companies Inc. | | | | | | | | | | | 1,796,933 | |
| | | | |
| | | | Technology Hardware, Storage & Peripherals – 2.2% | | | | | | | | | |
| | | | |
| | 32,630 | | | Electronics For Imaging, (2) | | | | | | | | | | | 1,431,151 | |
| | | | Total Long-Term Investments (cost $46,005,130) | | | | | | | | | | | 57,019,894 | |
| | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Value | |
| | | | |
| | | | SHORT-TERM INVESTMENTS – 3.8% | | | | | | | | | | | | |
| | | | |
| | | | REPURCHASE AGREEMENTS – 3.8% | | | | | | | | | |
| | | | |
| $ | 2,452 | | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/16, repurchase price $2,452,468, collateralized by $2,580,000 U.S. Treasury Notes, 1.125%, due 7/31/21, value $2,501,669 | | | 0.030% | | | | 1/03/17 | | | $ | 2,452,460 | |
| | | | Total Short-Term Investments (cost $2,452,460) | | | | | | | | | | | 2,452,460 | |
| | | | Total Investments (cost $48,457,590) – 92.4% | | | | | | | | | | | 59,472,354 | |
| | | | Other Assets Less Liabilities – 7.6% | | | | | | | | | | | 4,858,379 | |
| | | | Net Assets – 100% | | | | | | | | | | $ | 64,330,733 | |
Nuveen NWQ Small/Mid-Cap Value Fund (continued)
| | |
| Portfolio of Investments | | December 31, 2016 (Unaudited) |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
See accompanying notes to financial statements.
Nuveen NWQ Small-Cap Value Fund
| | |
| Portfolio of Investments | | December 31, 2016 (Unaudited) |
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | LONG-TERM INVESTMENTS – 95.0% | | | | | | | | | | | | |
| | | | |
| | | | COMMON STOCKS – 95.0% | | | | | | | | | | | | |
| | | | |
| | | | Aerospace & Defense – 2.1% | | | | | | | | | |
| | | | |
| | 173,320 | | | Orbital ATK, Inc. | | | | | | | | | | $ | 15,205,364 | |
| | | | |
| | | | Apparel, Accessories & Luxury Goods – 0.7% | | | | | | | | | |
| | | | |
| | 1,173,740 | | | Vince Holding Company, (2) | | | | | | | | | | | 4,753,647 | |
| | | | |
| | | | Auto Components – 2.0% | | | | | | | | | |
| | | | |
| | 804,164 | | | Stoneridge Inc., (2) | | | | | | | | | | | 14,225,661 | |
| | | | |
| | | | Banks – 21.0% | | | | | | | | | |
| | | | |
| | 339,745 | | | Ameris Bancorp. | | | | | | | | | | | 14,812,882 | |
| | | | |
| | 139,015 | | | Banner Corporation | | | | | | | | | | | 7,758,427 | |
| | | | |
| | 492,810 | | | Capital Bank Financial Corporation, Class A Shares | | | | | | | | | | | 19,342,793 | |
| | | | |
| | 525,660 | | | Heritage Financial Corporation | | | | | | | | | | | 13,535,745 | |
| | | | |
| | 245,465 | | | Hilltop Holdings Inc. | | | | | | | | | | | 7,314,857 | |
| | | | |
| | 170,960 | | | Hope Bancorp Inc. | | | | | | | | | | | 3,742,314 | |
| | | | |
| | 349,715 | | | Pacwest Bancorp. | | | | | | | | | | | 19,038,485 | |
| | | | |
| | 273,455 | | | Privatebancorp, Inc. | | | | | | | | | | | 14,818,526 | |
| | | | |
| | 47,805 | | | Texas Capital BancShares, Inc., (2) | | | | | | | | | | | 3,747,912 | |
| | | | |
| | 604,082 | | | The Bank of NT Butterfield and Son Limited | | | | | | | | | | | 18,992,338 | |
| | | | |
| | 547,440 | | | Western Alliance Bancorporation, (2) | | | | | | | | | | | 26,665,802 | |
| | | | Total Banks | | | | | | | | | | | 149,770,081 | |
| | | | |
| | | | Building Products – 0.8% | | | | | | | | | |
| | | | |
| | 108,340 | | | Apogee Enterprises, Inc. | | | | | | | | | | | 5,802,690 | |
| | | | |
| | | | Communication Equipment – 3.8% | | | | | | | | | |
| | | | |
| | 3,977,610 | | | Mitel Networks Corporation, (2) | | | | | | | | | | | 27,047,748 | |
| | | | |
| | | | Electric Utilities – 0.5% | | | | | | | | | |
| | | | |
| | 109,220 | | | PNM Resources Inc. | | | | | | | | | | | 3,746,246 | |
| | | | |
| | | | Electrical Equipment – 2.5% | | | | | | | | | |
| | | | |
| | 223,960 | | | EnerSys | | | | | | | | | | | 17,491,276 | |
| | | | |
| | | | Electronic Equipment, Instruments & Components – 5.1% | | | | | | | | | |
| | | | |
| | 132,685 | | | Coherent Inc., (2) | | | | | | | | | | | 18,228,929 | |
| | | | |
| | 67,136 | | | Kimball Electronics Inc., (2) | | | | | | | | | | | 1,221,875 | |
| | | | |
| | 799,758 | | | Novanta, Inc., (2) | | | | | | | | | | | 16,794,918 | |
| | | | Total Electronic Equipment, Instruments & Components | | | | | | | | | | | 36,245,722 | |
| | | | |
| | | | Equity Real Estate Investment Trusts – 4.6% | | | | | | | | | |
| | | | |
| | 896,051 | | | Brandywine Realty Trust | | | | | | | | | | | 14,793,802 | |
Nuveen NWQ Small-Cap Value Fund (continued)
| | |
| Portfolio of Investments | | December 31, 2016 (Unaudited) |
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Equity Real Estate Investment Trusts (continued) | | | | | | | | | |
| | | | |
| | 1,104,090 | | | Ramco-Gershenson Properties Trust | | | | | | | | | | $ | 18,305,812 | |
| | | | Total Equity Real Estate Investment Trusts | | | | | | | | | | | 33,099,614 | |
| | | | |
| | | | Food Products – 7.1% | | | | | | | | | |
| | | | |
| | 207,651 | | | John B Sanfilippo & Son, Inc. | | | | | | | | | | | 14,616,554 | |
| | | | |
| | 1,311,122 | | | Landec Corporation, (2) | | | | | | | | | | | 18,093,484 | |
| | | | |
| | 248,035 | | | TreeHouse Foods Inc., (2) | | | | | | | | | | | 17,905,647 | |
| | | | Total Food Products | | | | | | | | | | | 50,615,685 | |
| | | | |
| | | | Health Care Equipment & Supplies – 2.6% | | | | | | | | | |
| | | | |
| | 220,685 | | | Analogic Corporation | | | | | | | | | | | 18,305,821 | |
| | | | |
| | | | Household Durables – 7.3% | | | | | | | | | |
| | | | |
| | 499,479 | | | Hooker Furniture Corporation | | | | | | | | | | | 18,955,228 | |
| | | | |
| | 847,689 | | | Taylor Morrison, (2) | | | | | | | | | | | 16,326,490 | |
| | | | |
| | 1,461,780 | | | Tri Pointe Group, Incorporated, (2) | | | | | | | | | | | 16,781,234 | |
| | | | Total Household Durables | | | | | | | | | | | 52,062,952 | |
| | | | |
| | | | IT Services – 1.0% | | | | | | | | | |
| | | | |
| | 97,911 | | | Euronet Worldwide, Inc., (2) | | | | | | | | | | | 7,091,694 | |
| | | | |
| | | | Machinery – 1.7% | | | | | | | | | |
| | | | |
| | 267,525 | | | Albany International Corporation, Class A | | | | | | | | | | | 12,386,408 | |
| | | | |
| | | | Metals & Mining – 2.4% | | | | | | | | | |
| | | | |
| | 426,290 | | | Materion Corporation | | | | | | | | | | | 16,881,084 | |
| | | | |
| | | | Multiline Retail – 1.7% | | | | | | | | | |
| | | | |
| | 670,315 | | | Freds Inc. | | | | | | | | | | | 12,441,046 | |
| | | | |
| | | | Oil, Gas & Consumable Fuels – 4.0% | | | | | | | | | |
| | | | |
| | 208,870 | | | PDC Energy Inc., (2) | | | | | | | | | | | 15,159,785 | |
| | | | |
| | 1,475,490 | | | Synergy Resources Corporation, (2) | | | | | | | | | | | 13,146,616 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | 28,306,401 | |
| | | | |
| | | | Paper & Forest Products – 4.4% | | | | | | | | | |
| | | | |
| | 455,235 | | | Boise Cascade Company, (2) | | | | | | | | | | | 10,242,788 | |
| | | | |
| | 84,545 | | | Deltic Timber Corporation | | | | | | | | | | | 6,515,883 | |
| | | | |
| | 318,809 | | | Glatfelter | | | | | | | | | | | 7,616,347 | |
| | | | |
| | 181,675 | | | Louisiana-Pacific Corporation, (2) | | | | | | | | | | | 3,439,108 | |
| | | | |
| | 40,661 | | | Neenah Paper, Inc. | | | | | | | | | | | 3,464,317 | |
| | | | Total Paper & Forest Products | | | | | | | | | | | 31,278,443 | |
| | | | |
| | | | Personal Products – 1.2% | | | | | | | | | |
| | | | |
| | 254,629 | | | Inter Parfums, Inc. | | | | | | | | | | | 8,339,100 | |
| | | | |
| | | | Pharmaceuticals – 0.5% | | | | | | | | | |
| | | | |
| | 279,080 | | | Impax Laboratories Inc., (2) | | | | | | | | | | | 3,697,810 | |
| | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | Value | |
| | | | |
| | | | Professional Services – 1.3% | | | | | | | | | |
| | | | |
| | 320,438 | | | GP Strategies Corporation, (2) | | | | | | | | | | $ | 9,164,527 | |
| | | | |
| | | | Real Estate Management & Development – 2.4% | | | | | | | | | |
| | | | |
| | 1,275,925 | | | Forestar Real Estate Group Inc., (2) | | | | | | | | | | | 16,969,803 | |
| | | | |
| | | | Road & Rail – 0.3% | | | | | | | | | |
| | | | |
| | 108,079 | | | Marten Transport, Ltd. | | | | | | | | | | | 2,518,241 | |
| | | | |
| | | | Semiconductors & Semiconductor Equipment – 7.8% | | | | | | | | | |
| | | | |
| | 1,142,585 | | | Entegris Inc., (2) | | | | | | | | | | | 20,452,272 | |
| | | | |
| | 613,565 | | | Integrated Device Technology, Inc., (2) | | | | | | | | | | | 14,455,591 | |
| | | | |
| | 2,833,364 | | | Lattice Semiconductor Corporation, (2) | | | | | | | | | | | 20,853,559 | |
| | | | Total Semiconductors & Semiconductor Equipment | | | | | | | | | | | 55,761,422 | |
| | | | |
| | | | Specialty Retail – 0.9% | | | | | | | | | |
| | | | |
| | 282,740 | | | Select Comfort Corporation, (2) | | | | | | | | | | | 6,395,579 | |
| | | | |
| | | | Technology Hardware, Storage & Peripherals – 3.7% | | | | | | | | | |
| | | | |
| | 487,230 | | | Cray, Inc., (2) | | | | | | | | | | | 10,085,660 | |
| | | | |
| | 365,150 | | | Electronics For Imaging, (2) | | | | | | | | | | | 16,015,478 | |
| | | | Total Technology Hardware, Storage & Peripherals | | | | | | | | | | | 26,101,138 | |
| | | | |
| | | | Thrifts & Mortgage Finance – 1.6% | | | | | | | | | |
| | | | |
| | 359,420 | | | HomeStreet Inc. | | | | | | | | | | | 11,357,672 | |
| | | | Total Long-Term Investments (cost $541,128,512) | | | | | | | | | | | 677,062,875 | |
| | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Value | |
| | | | |
| | | | SHORT-TERM INVESTMENTS – 4.3% | | | | | | | | | | | | |
| | | | |
| | | | REPURCHASE AGREEMENTS – 4.3% | | | | | | | | | |
| | | | |
| $ | 30,504 | | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/16, repurchase price $30,504,116, collateralized by $32,090,000 U.S. Treasury Notes, 1.125%, due 7/31/21, value $31,115,716 | | | 0.030% | | | | 1/03/17 | | | $ | 30,504,014 | |
| | | | Total Short-Term Investments (cost $30,504,014) | | | | | | | | | | | 30,504,014 | |
| | | | Total Investments (cost $571,632,526) – 99.3% | | | | | | | | | | | 707,566,889 | |
| | | | Other Assets Less Liabilities – 0.7% | | | | | | | | | | | 5,032,863 | |
| | | | Net Assets – 100% | | | | | | | | | | $ | 712,599,752 | |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
See accompanying notes to financial statements.
Nuveen Tradewinds Value Opportunities Fund
| | |
| Portfolio of Investments | | December 31, 2016 (Unaudited) |
| | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | | | | Value | |
| | | | | |
| | | | LONG-TERM INVESTMENTS – 99.4% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | COMMON STOCKS – 91.2% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | Air Freight & Logistics – 2.5% | | | | | | | | | | | | |
| | | | | |
| | 93,900 | | | Deutsche Post AG, (2) | | | | | | | | | | | | | | $ | 3,079,454 | |
| | | | | |
| | 18,100 | | | United Parcel Service, Inc., Class B | | | | | | | | | | | | | | | 2,074,984 | |
| | | | Total Air Freight & Logistics | | | | | | | | | | | | | | | 5,154,438 | |
| | | | | |
| | | | Automobiles – 0.8% | | | | | | | | | | | | |
| | | | | |
| | 23,000 | | | Daimler AG, (2) | | | | | | | | | | | | | | | 1,706,958 | |
| | | | | |
| | | | Banks – 9.9% | | | | | | | | | | | | |
| | | | | |
| | 4,822,000 | | | Bank of Ireland, (2), (3) | | | | | | | | | | | | | | | 1,189,248 | |
| | | | | |
| | 72,800 | | | CIT Group Inc. | | | | | | | | | | | | | | | 3,107,104 | |
| | | | | |
| | 156,100 | | | Citigroup Inc. | | | | | | | | | | | | | | | 9,277,022 | |
| | | | | |
| | 200,100 | | | ING Groep N.V., (2) | | | | | | | | | | | | | | | 2,817,158 | |
| | | | | |
| | 46,400 | | | JPMorgan Chase & Co. | | | | | | | | | | | | | | | 4,003,856 | |
| | | | Total Banks | | | | | | | | | | | | | | | 20,394,388 | |
| | | | | |
| | | | Capital Markets – 3.4% | | | | | | | | | | | | |
| | | | | |
| | 182,300 | | | Ares Capital Corporation | | | | | | | | | | | | | | | 3,006,127 | |
| | | | | |
| | 30,500 | | | Deutsche Boerse AG, (2), (3) | | | | | | | | | | | | | | | 2,481,956 | |
| | | | | |
| | 93,100 | | | UBS Group AG, (2) | | | | | | | | | | | | | | | 1,455,660 | |
| | | | Total Capital Markets | | | | | | | | | | | | | | | 6,943,743 | |
| | | | | |
| | | | Chemicals – 3.1% | | | | | | | | | | | | |
| | | | | |
| | 235,600 | | | CVR Partners LP | | | | | | | | | | | | | | | 1,415,956 | |
| | | | | |
| | 87,900 | | | Dow Chemical Company | | | | | | | | | | | | | | | 5,029,638 | |
| | | | Total Chemicals | | | | | | | | | | | | | | | 6,445,594 | |
| | | | | |
| | | | Communication Equipment – 2.0% | | | | | | | | | | | | |
| | | | | |
| | 97,900 | | | Cisco Systems, Inc. | | | | | | | | | | | | | | | 2,958,538 | |
| | | | | |
| | 207,000 | | | Ericsson LM, Class B Shares, (2) | | | | | | | | | | | | | | | 1,213,221 | |
| | | | Total Communication Equipment | | | | | | | | | | | | | | | 4,171,759 | |
| | | | | |
| | | | Diversified Financial Services – 0.7% | | | | | | | | | | | | |
| | | | | |
| | 187,800 | | | Challenger Limited, (2) | | | | | | | | | | | | | | | 1,517,407 | |
| | | | | |
| | | | Diversified Telecommunication Services – 4.7% | | | | | | | | | | | | |
| | | | | |
| | 97,800 | | | CenturyLink Inc. | | | | | | | | | | | | | | | 2,325,684 | |
| | | | | |
| | 88,600 | | | Nippon Telegraph and Telephone Corporation, ADR, (2) | | | | | | | | | | | | | | | 3,729,629 | |
| | | | | |
| | 96,500 | | | Telefonica Brasil SA, (2) | | | | | | | | | | | | | | | 1,304,032 | |
| | | | | |
| | 45,556 | | | Verizon Communications Inc. | | | | | | | | | | | | | | | 2,431,779 | |
| | | | Total Diversified Telecommunication Services | | | | | | | | | | | | | | | 9,791,124 | |
| | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | | | | Value | |
| | | | | |
| | | | Electric Utilities – 3.9% | | | | | | | | | | | | |
| | | | | |
| | 31,137 | | | Edison International | | | | | | | | | | | | | | $ | 2,241,553 | |
| | | | | |
| | 498,700 | | | EDP – Energias de Portugal, S.A., (2) | | | | | | | | | | | | | | | 1,517,816 | |
| | | | | |
| | 118,300 | | | Exelon Corporation | | | | | | | | | | | | | | | 4,198,467 | |
| | | | Total Electric Utilities | | | | | | | | | | | | | | | 7,957,836 | |
| | | | | |
| | | | Electrical Equipment – 1.1% | | | | | | | | | | | | |
| | | | | |
| | 33,800 | | | Eaton PLC | | | | | | | | | | | | | | | 2,267,642 | |
| | | | | |
| | | | Energy Equipment & Services – 1.4% | | | | | | | | | | | | |
| | | | | |
| | 35,400 | | | Schlumberger Limited | | | | | | | | | | | | | | | 2,971,830 | |
| | | | | |
| | | | Equity Real Estate Investment Trusts – 1.9% | | | | | | | | | | | | |
| | | | | |
| | 52,100 | | | Apartment Investment & Management Company, Class A | | | | | | | | | | | | | | | 2,367,945 | |
| | | | | |
| | 101,200 | | | Paramount Group Inc. | | | | | | | | | | | | | | | 1,618,188 | |
| | | | Total Equity Real Estate Investment Trusts | | | | | | | | | | | | | | | 3,986,133 | |
| | | | | |
| | | | Food & Staples Retailing – 2.4% | | | | | | | | | | | | |
| | | | | |
| | 63,950 | | | CVS Health Corporation | | | | | | | | | | | | | | | 5,046,295 | |
| | | | | |
| | | | Food Products – 1.3% | | | | | | | | | | | | |
| | | | | |
| | 285,100 | | | Orkla ASA, (2) | | | | | | | | | | | | | | | 2,579,792 | |
| | | | | |
| | | | Hotels, Restaurants & Leisure – 0.8% | | | | | | | | | | | | |
| | | | | |
| | 26,900 | | | Cedar Fair LP | | | | | | | | | | | | | | | 1,726,980 | |
| | | | | |
| | | | Household Durables – 0.7% | | | | | | | | | | | | |
| | | | | |
| | 92,000 | | | Sekisui House, Ltd., (2) | | | | | | | | | | | | | | | 1,528,515 | |
| | | | | |
| | | | Industrial Conglomerates – 5.0% | | | | | | | | | | | | |
| | | | | |
| | 222,700 | | | General Electric Company | | | | | | | | | | | | | | | 7,037,320 | |
| | | | | |
| | 66,000 | | | Koninklijke Philips Electronics NV, (2) | | | | | | | | | | | | | | | 2,017,747 | |
| | | | | |
| | 10,700 | | | Siemens AG, Sponsored ADR, (2) | | | | | | | | | | | | | | | 1,310,107 | |
| | | | Total Industrial Conglomerates | | | | | | | | | | | | | | | 10,365,174 | |
| | | | | |
| | | | Insurance – 10.5% | | | | | | | | | | | | |
| | | | | |
| | 51,100 | | | Ageas, (2) | | | | | | | | | | | | | | | 2,019,819 | |
| | | | | |
| | 14,300 | | | Allianz AG ORD Shares, (2) | | | | | | | | | | | | | | | 2,360,042 | |
| | | | | |
| | 87,500 | | | American International Group, Inc. | | | | | | | | | | | | | | | 5,714,625 | |
| | | | | |
| | 51,700 | | | CNA Financial Corporation | | | | | | | | | | | | | | | 2,145,550 | |
| | | | | |
| | 31,100 | | | Swiss Re AG, (2) | | | | | | | | | | | | | | | 2,942,459 | |
| | | | | |
| | 150,500 | | | Unum Group | | | | | | | | | | | | | | | 6,611,465 | |
| | | | Total Insurance | | | | | | | | | | | | | | | 21,793,960 | |
| | | | | |
| | | | Internet Software & Services – 2.0% | | | | | | | | | | | | |
| | | | | |
| | 5,200 | | | Alphabet Inc., Class C Shares, (3) | | | | | | | | | | | | | | | 4,013,464 | |
Nuveen Tradewinds Value Opportunities Fund (continued)
| | |
| Portfolio of Investments | | December 31, 2016 (Unaudited) |
| | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | | | | | | | | | | Value | |
| | | | | |
| | | | Media – 5.0% | | | | | | | | | | | | |
| | | | | |
| | 154,800 | | | Interpublic Group of Companies, Inc. | | | | | | | | | | | | | | $ | 3,623,868 | |
| | | | | |
| | 102,500 | | | National CineMedia, Inc. | | | | | | | | | | | | | | | 1,509,825 | |
| | | | | |
| | 33,900 | | | ProSiebenSat.1 Media AG, (2) | | | | | | | | | | | | | | | 1,304,878 | |
| | | | | |
| | 39,200 | | | Time Warner Inc. | | | | | | | | | | | | | | | 3,783,976 | |
| | | | Total Media | | | | | | | | | | | | | | | 10,222,547 | |
| | | | | |
| | | | Mortgage Real Estate Investment Trusts – 1.2% | | | | | | | | | | | | |
| | | | | |
| | 116,500 | | | Colony Financial Inc. | | | | | | | | | | | | | | | 2,359,125 | |
| | | | | |
| | | | Multi-Utilities – 1.1% | | | | | | | | | | | | |
| | | | | |
| | 137,100 | | | Veolia Environment S.A., ADR, (2) | | | | | | | | | | | | | | | 2,329,583 | |
| | | | | |
| | | | Oil, Gas & Consumable Fuels – 5.0% | | | | | | | | | | | | |
| | | | | |
| | 59,600 | | | Exxon Mobil Corporation | | | | | | | | | | | | | | | 5,379,496 | |
| | | | | |
| | 43,500 | | | Phillips 66 | | | | | | | | | | | | | | | 3,758,835 | |
| | | | | |
| | 24,000 | | | Total SA, (2) | | | | | | | | | | | | | | | 1,231,010 | |
| | | | Total Oil, Gas & Consumable Fuels | | | | | | | | | | | | | | | 10,369,341 | |
| | | | | |
| | | | Pharmaceuticals – 7.1% | | | | | | | | | | | | |
| | | | | |
| | 100,400 | | | AstraZeneca PLC, Sponsored ADR | | | | | | | | | | | | | | | 2,742,928 | |
| | | | | |
| | 206,700 | | | GlaxoSmithKline PLC, (2) | | | | | | | | | | | | | | | 3,970,394 | |
| | | | | |
| | 164,200 | | | Pfizer Inc. | | | | | | | | | | | | | | | 5,333,216 | |
| | | | | |
| �� | 11,100 | | | Roche Holdings AG, Sponsored ADR, (2) | | | | | | | | | | | | | | | 2,530,274 | |
| | | | Total Pharmaceuticals | | | | | | | | | | | | | | | 14,576,812 | |
| | | | | |
| | | | Road & Rail – 4.1% | | | | | | | | | | | | |
| | | | | |
| | 160,300 | | | CSX Corporation | | | | | | | | | | | | | | | 5,759,579 | |
| | | | | |
| | 25,600 | | | Union Pacific Corporation | | | | | | | | | | | | | | | 2,654,208 | |
| | | | Total Road & Rail | | | | | | | | | | | | | | | 8,413,787 | |
| | | | | |
| | | | Semiconductors & Semiconductor Equipment – 0.8% | | | | | | | | | | | | |
| | | | | |
| | 91,400 | | | Infineon Technologies AG, (2) | | | | | | | | | | | | | | | 1,580,989 | |
| | | | | |
| | | | Software – 5.3% | | | | | | | | | | | | |
| | | | | |
| | 69,100 | | | Microsoft Corporation | | | | | | | | | | | | | | | 4,293,874 | |
| | | | | |
| | 174,604 | | | Oracle Corporation | | | | | | | | | | | | | | | 6,713,525 | |
| | | | Total Software | | | | | | | | | | | | | | | 11,007,399 | |
| | | | | |
| | | | Technology Hardware, Storage & Peripherals – 2.1% | | | | | | | | | | | | |
| | | | | |
| | 37,700 | | | Apple, Inc. | | | | | | | | | | | | | | | 4,366,414 | |
| | | | | |
| | | | Tobacco – 1.4% | | | | | | | | | | | | |
| | | | | |
| | 66,400 | | | Imperial Brands PLC, (2) | | | | | | | | | | | | | | | 2,893,747 | |
| | | | Total Common Stocks (cost $169,125,542) | | | | | | | | | | | | | | | 188,482,776 | |
| | | | | | | | | | | | | | | | | | | | |
| Shares | | | Description (1) | | Coupon | | | | | | Ratings (4) | | | Value | |
| | | | | |
| | | | CONVERTIBLE PREFERRED SECURITIES – 5.5% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | Banks – 1.2% | | | | | | | | | | | | |
| | | | | |
| | 1,145 | | | Bank of America Corporation | | | 7.250% | | | | | | | | BB+ | | | $ | 1,335,985 | |
| | | | | |
| | 1,050 | | | Wells Fargo & Company | | | 7.500% | | | | | | | | BBB | | | | 1,249,500 | |
| | | | Total Banks | | | | | | | | | | | | | | | 2,585,485 | |
| | | | | |
| | | | Diversified Telecommunication Services – 0.9% | | | | | | | | | | | | |
| | | | | |
| | 25,000 | | | Frontier Communications Corporation | | | 11.125% | | | | | | | | N/R | | | | 1,777,000 | |
| | | | | |
| | | | Electric Utilities – 0.8% | | | | | | | | | | | | |
| | | | | |
| | 34,970 | | | Great Plains Energy Inc. | | | 7.000% | | | | | | | | N/R | | | | 1,769,482 | |
| | | | | |
| | | | Pharmaceuticals – 2.6% | | | | | | | | | | | | |
| | | | | |
| | 8,185 | | | Teva Pharmaceutical Industries Limited, (2) | | | 7.000% | | | | | | | | N/R | | | | 5,298,151 | |
| | | | Total Convertible Preferred Securities (cost $13,882,360) | | | | | | | | | | | | | | | 11,430,118 | |
| | | | | |
| Shares | | | Description (1) | | Coupon | | | | | | Ratings (4) | | | Value | |
| | | | | |
| | | | $25 PAR (OR SIMILAR) RETAIL PREFERRED – 0.7% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | Consumer Finance – 0.7% | | | | | | | | | | | | |
| | | | | |
| | 55,500 | | | GMAC Capital Trust I | | | 8.125% | | | | | | | | B+ | | | | 1,409,700 | |
| | | | Total $25 Par (or similar) Retail Preferred (cost $1,411,365) | | | | | | | | | | | | | | | 1,409,700 | |
| | | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | Ratings (4) | | | Value | |
| | | | | |
| | | | $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 2.0% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | Banks – 1.3% | | | | | | | | | | | | |
| | | | | |
| $ | 1,304 | | | Bank of America Corporation | | | 6.500% | | | | N/A (5) | | | | BB+ | | | $ | 1,362,680 | |
| | | | | |
| | 1,400 | | | Citigroup Inc. | | | 5.800% | | | | N/A (5) | | | | BB+ | | | | 1,412,250 | |
| | 2,704 | | | Total Banks | | | | | | | | | | | | | | | 2,774,930 | |
| | | | | |
| | | | Electric Utilities – 0.7% | | | | | | | | | | | | |
| | | | | |
| | 1,300 | | | Emera, Inc. | | | 6.750% | | | | 6/15/76 | | | | BBB– | | | | 1,391,000 | |
| $ | 4,004 | | | Total $1,000 Par (or similar) Institutional Preferred (cost $4,232,240) | | | | | | | | | | | | | | | 4,165,930 | |
| | | | Total Long-Term Investments (cost $188,651,507) | | | | | | | | | | | | | | | 205,488,524 | |
Nuveen Tradewinds Value Opportunities Fund (continued)
| | |
| Portfolio of Investments | | December 31, 2016 (Unaudited) |
| | | | | | | | | | | | | | | | | | | | |
Principal
Amount (000) | | | Description (1) | | Coupon | | | Maturity | | | | | | Value | |
| | | | | |
| | | | SHORT-TERM INVESTMENTS – 1.5% | | | | | | | | | | | | | | | | |
| | | | | |
| | | | REPURCHASE AGREEMENTS – 1.5% | | | | | | | | | | | | |
| | | | | |
| $ | 3,210 | | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/30/16, repurchase price 3,209,881, collateralized by:
$1,870,000 U.S. Treasury Notes, 1.125%, due 7/31/21, value $1,813,225;
$235,000 U.S. Treasury Notes, 2.125%, due 6/30/22, value $237,785;
$705,000 U.S. Treasury Notes, 0.375%, due 7/15/25, value $712,655;
$150,000 U.S. Treasury Notes, 1.625%, due 2/15/26, value $140,488;
$205,000 U.S. Treasury Bonds, 2.750%, due 8/15/42, value $194,567;
$40,000 U.S. Treasury Bonds, 3.750%, due 11/15/43, value $45,277;
$130,000 U.S. Treasury Bonds, 3.125%, due 8/15/44, value $132,300 | | | 0.030% | | | | 1/03/17 | | | | | | | $ | 3,209,870 | |
| | | | Total Short-Term Investments (cost $3,209,870) | | | | | | | | | | | | | | | 3,209,870 | |
| | | | Total Investments (cost $191,861,377) – 100.9% | | | | | | | | | | | | | | | 208,698,394 | |
| | | | Other Assets Less Liabilities – (0.9)% | | | | | | | | | | | | | | | (1,874,613) | |
| | | | Net Assets – 100% | | | | | | | | | | | | | | $ | 206,823,781 | |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. |
| (2) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| (3) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
| (4) | For financial reporting purposes, the ratings disclosed are the highest of Standard & Poor’s Group (“Standard & Poor’s”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch, Inc. (“Fitch”) rating. This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Ratings below BBB by Standard & Poor’s, Baa by Moody’s or BBB by Fitch are considered to be below investment grade. Holdings designated N/R are not rated by any of these national rating agencies. |
| (5) | Perpetual security. Maturity date is not applicable. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
Statement of
| | | | |
| | Assets and Liabilities | | December 31, 2016 (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | NWQ
Global
All-Cap | | | NWQ
Global
Equity Income | | | NWQ
Multi-Cap
Value | | | NWQ
Large-Cap
Value | | | NWQ
Small/Mid-Cap
Value | | | NWQ
Small-Cap
Value | | | Tradewinds
Value
Opportunities | |
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long-term investments, at value (cost $1,202,777, $138,407,808, $83,216,107, $65,493,514, $46,005,130, $541,128,512, and $188,651,507, respectively) | | $ | 1,297,857 | | | $ | 140,309,884 | | | $ | 99,179,475 | | | $ | 97,195,770 | | | $ | 57,019,894 | | | $ | 677,062,875 | | | $ | 205,488,524 | |
Short-term investments, at value (cost approximates value) | | | — | | | | — | | | | 698,589 | | | | 1,151,628 | | | | 2,452,460 | | | | 30,504,014 | | | | 3,209,870 | |
Cash denominated in foreign currencies (cost $4,155, $67,550, $—, $—, $—, $— and $44,062, respectively) | | | 4,181 | | | | 67,373 | | | | — | | | | — | | | | — | | | | — | | | | 44,271 | |
Cash | | | 5,699 | | | | 1,111,110 | | | | 8,764 | | | | 9,349 | | | | — | | | | — | | | | — | |
Receivable for: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Dividends | | | 1,955 | | | | 222,024 | | | | 128,841 | | | | 123,253 | | | | 43,618 | | | | 407,109 | | | | 277,748 | |
Interest | | | — | | | | 26,842 | | | | — | | | | — | | | | — | | | | 51 | | | | 30,291 | |
Investments sold | | | 6,205 | | | | 643,023 | | | | — | | | | — | | | | 4,807,684 | | | | 4,530,600 | | | | 792,507 | |
Reclaims | | | 797 | | | | 154,093 | | | | 7,834 | | | | 18,827 | | | | — | | | | — | | | | 110,699 | |
Reimbursement from Adviser | | | 17,569 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
Shares sold | | | — | | | | 40,815 | | | | 50,114 | | | | 259,429 | | | | 214,325 | | | | 3,047,094 | | | | 610,388 | |
Other assets | | | 14,381 | | | | 44,083 | | | | 86,307 | | | | 64,695 | | | | 32,380 | | | | 56,169 | | | | 117,503 | |
Total assets | | | 1,348,644 | | | | 142,619,247 | | | | 100,159,924 | | | | 98,822,951 | | | | 64,570,361 | | | | 715,607,912 | | | | 210,681,801 | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Payable for: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments purchased | | | 5,367 | | | | 1,215,735 | | | | 234,311 | | | | 211,893 | | | | 67,028 | | | | 392,730 | | | | 1,204,110 | |
Shares redeemed | | | — | | | | 928,309 | | | | 151,192 | | | | 671,232 | | | | 73,658 | | | | 1,592,405 | | | | 2,198,078 | |
Accrued expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Custodian fees | | | 30,572 | | | | 87,193 | | | | 20,596 | | | | 14,795 | | | | 12,242 | | | | 31,663 | | | | 29,128 | |
Management fees | | | — | | | | 9,302 | | | | 50,944 | | | | 56,666 | | | | 34,512 | | | | 474,455 | | | | 109,141 | |
Professional fees | | | 9,869 | | | | 9,304 | | | | 11,209 | | | | 13,406 | | | | 8,868 | | | | 31,007 | | | | 19,582 | |
Reorganization expenses | | | — | | | | 154,700 | | | | — | | | | — | | | | — | | | | — | | | | — | |
Shareholder reporting expenses | | | 5,476 | | | | 28,593 | | | | 17,682 | | | | 19,175 | | | | 7,498 | | | | 78,075 | | | | 42,571 | |
Shareholder servicing agent fees | | | 190 | | | | 11,469 | | | | 29,162 | | | | 35,004 | | | | 30,487 | | | | 343,233 | | | | 87,553 | |
Trustees fees | | | 7 | | | | 31,588 | | | | 57,831 | | | | 32,654 | | | | 300 | | | | 16,451 | | | | 95,118 | |
12b-1 distribution and service fees | | | 110 | | | | 19,644 | | | | 29,188 | | | | 7,310 | | | | 5,003 | | | | 47,100 | | | | 72,139 | |
Other | | | 1,133 | | | | 11,488 | | | | 143 | | | | 257 | | | | 32 | | | | 1,041 | | | | 600 | |
Total liabilities | | | 52,724 | | | | 2,507,325 | | | | 602,258 | | | | 1,062,392 | | | | 239,628 | | | | 3,008,160 | | | | 3,858,020 | |
Net assets | | $ | 1,295,920 | | | $ | 140,111,922 | | | $ | 99,557,666 | | | $ | 97,760,559 | | | $ | 64,330,733 | | | $ | 712,599,752 | | | $ | 206,823,781 | |
See accompanying notes to financial statements.
Statement of Assets and Liabilities (Unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | NWQ
Global
All-Cap | | | NWQ
Global
Equity Income | | | NWQ
Multi-Cap
Value | | | NWQ
Large-Cap
Value | | | NWQ
Small/Mid-Cap
Value | | | NWQ
Small-Cap
Value | | | Tradewinds
Value
Opportunities | |
Class A Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets | | $ | 298,267 | | | $ | 87,160,154 | | | $ | 27,947,137 | | | $ | 8,276,528 | | | $ | 10,694,314 | | | $ | 98,274,436 | | | $ | 71,666,223 | |
Shares outstanding | | | 14,551 | | | | 3,420,901 | | | | 1,046,904 | | | | 1,115,343 | | | | 326,251 | | | | 2,011,216 | | | | 2,538,817 | |
Net asset value (“NAV”) per share | | $ | 20.50 | | | $ | 25.48 | | | $ | 26.70 | | | $ | 7.42 | | | $ | 32.78 | | | $ | 48.86 | | | $ | 28.23 | |
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | | $ | 21.75 | | | $ | 27.03 | | | $ | 28.33 | | | $ | 7.87 | | | $ | 34.78 | | | $ | 51.84 | | | $ | 29.95 | |
Class C Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets | | $ | 55,934 | | | $ | 386,271 | | | $ | 27,070,015 | | | $ | 6,207,051 | | | $ | 3,188,757 | | | $ | 26,176,542 | | | $ | 65,300,939 | |
Shares outstanding | | | 2,739 | | | | 15,194 | | | | 1,072,579 | | | | 917,079 | | | | 104,988 | | | | 583,365 | | | | 2,401,149 | |
NAV and offering price per share | | $ | 20.42 | | | $ | 25.42 | | | $ | 25.24 | | | $ | 6.77 | | | $ | 30.37 | | | $ | 44.87 | | | $ | 27.20 | |
Class R3 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets | | | — | | | $ | 317,921 | | | $ | 410,929 | | | $ | 69,937 | | | $ | 828,202 | | | $ | 8,959,220 | | | $ | 1,640,202 | |
Shares outstanding | | | — | | | | 12,500 | | | | 15,541 | | | | 9,504 | | | | 25,921 | | | | 185,594 | | | | 58,021 | |
NAV and offering price per share | | | — | | | $ | 25.43 | | | $ | 26.44 | | | $ | 7.36 | | | $ | 31.95 | | | $ | 48.27 | | | $ | 28.27 | |
Class R6 Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets | | | — | | | | — | | | | — | | | | — | | | $ | 29,559 | | | $ | 11,259,240 | | | | — | |
Shares outstanding | | | — | | | | — | | | | — | | | | — | | | | 891 | | | | 224,015 | | | | — | |
NAV and offering price per share | | | — | | | | — | | | | — | | | | — | | | $ | 33.17 | | | $ | 50.26 | | | | — | |
Class I Shares | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net assets | | $ | 941,719 | | | $ | 52,247,576 | | | $ | 44,129,585 | | | $ | 83,207,043 | | | $ | 49,589,901 | | | $ | 567,930,314 | | | $ | 68,216,417 | |
Shares outstanding | | | 45,961 | | | | 2,049,827 | | | | 1,645,344 | | | | 11,184,657 | | | | 1,496,229 | | | | 11,365,639 | | | | 2,404,944 | |
NAV and offering price per share | | $ | 20.49 | | | $ | 25.49 | | | $ | 26.82 | | | $ | 7.44 | | | $ | 33.14 | | | $ | 49.97 | | | $ | 28.37 | |
Net assets consist of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital paid-in | | $ | 1,301,298 | | | $ | 140,399,177 | | | $ | 282,080,298 | | | $ | 60,063,372 | | | $ | 69,884,332 | | | $ | 562,889,357 | | | $ | 185,302,711 | |
Undistributed (Over-distribution of) net investment income | | | 1,056 | | | | 234,861 | | | | 324,750 | | | | (11,018 | ) | | | 193,461 | | | | (140,377 | ) | | | 197,220 | |
Accumulated net realized gain (loss) | | | (101,478 | ) | | | (2,406,228 | ) | | | (198,810,750 | ) | | | 6,005,949 | | | | (16,761,824 | ) | | | 13,916,409 | | | | 4,487,346 | |
Net unrealized appreciation (depreciation) | | | 95,044 | | | | 1,884,112 | | | | 15,963,368 | | | | 31,702,256 | | | | 11,014,764 | | | | 135,934,363 | | | | 16,836,504 | |
Net assets | | $ | 1,295,920 | | | $ | 140,111,922 | | | $ | 99,557,666 | | | $ | 97,760,559 | | | $ | 64,330,733 | | | $ | 712,599,752 | | | $ | 206,823,781 | |
Authorized shares – per class | | | Unlimited | | | | Unlimited | | | | Unlimited | | | | Unlimited | | | | Unlimited | | | | Unlimited | | | | Unlimited | |
Par value per share | | $ | 0.01 | | | $ | 0.01 | | | $ | 0.01 | | | $ | 0.01 | | | $ | 0.01 | | | $ | 0.01 | | | $ | 0.01 | |
See accompanying notes to financial statements.
Statement of
| | | | |
| | Operations | | Six Months Ended December 31, 2016 (Unaudited) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | NWQ
Global
All-Cap | | | NWQ
Global
Equity Income | | | NWQ
Multi-Cap
Value | | | NWQ
Large-Cap
Value | | | NWQ
Small/Mid-Cap
Value | | | NWQ
Small-Cap
Value | | | Tradewinds
Value
Opportunities | |
Investment Income (net of foreign tax withheld of $541, $43,675, $7,734, $8,800, $—, $—, $47,550, respectively) | | $ | 7,594 | | | $ | 1,421,926 | | | $ | 996,910 | | | $ | 1,059,780 | | | $ | 507,766 | | | $ | 4,459,209 | | | $ | 3,103,583 | |
Expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Management fees | | | 4,525 | | | | 363,067 | | | | 351,418 | | | | 347,197 | | | | 206,131 | | | | 2,603,145 | | | | 804,545 | |
12b-1 service fees – Class A Shares | | | 373 | | | | 62,473 | | | | 34,663 | | | | 11,285 | | | | 10,527 | | | | 119,198 | | | | 95,377 | |
12b-1 distribution and service fees – Class C Shares | | | 274 | | | | 1,932 | | | | 133,623 | | | | 30,819 | | | | 14,497 | | | | 128,782 | | | | 350,555 | |
12b-1 distribution and service fees – Class R3 Shares | | | — | | | | 794 | | | | 904 | | | | 166 | | | | 1,804 | | | | 21,005 | | | | 5,014 | |
Shareholder servicing agent fees | | | 365 | | | | 17,607 | | | | 63,869 | | | | 61,298 | | | | 46,770 | | | | 686,367 | | | | 171,380 | |
Custodian fees | | | 26,222 | | | | 51,774 | | | | 20,807 | | | | 18,396 | | | | 17,245 | | | | 44,376 | | | | 18,663 | |
Trustees fees | | | 17 | | | | 2,149 | | | | 1,371 | | | | 1,555 | | | | 749 | | | | 9,101 | | | | 9,654 | |
Professional fees | | | 25,397 | | | | 69,903 | | | | 11,167 | | | | 13,502 | | | | 9,425 | | | | 31,730 | | | | 22,200 | |
Shareholder reporting expenses | | | 6,049 | | | | 29,995 | | | | 14,301 | | | | 13,297 | | | | 6,328 | | | | 70,865 | | | | 50,341 | |
Federal and state registration fees | | | 21,158 | | | | 31,900 | | | | 31,259 | | | | 31,396 | | | | 30,582 | | | | 47,326 | | | | 28,737 | |
Reorganization expenses | | | — | | | | 2,671 | | | | — | | | | — | | | | — | | | | — | | | | — | |
Other | | | 3,019 | | | | 6,025 | | | | 4,344 | | | | 4,937 | | | | 3,226 | | | | 15,208 | | | | 9,874 | |
Total expenses before fee waiver/expense reimbursement | | | 87,399 | | | | 640,290 | | | | 667,726 | | | | 533,848 | | | | 347,284 | | | | 3,777,103 | | | | 1,566,340 | |
Fee waiver/expense reimbursement | | | (81,272 | ) | | | (133,032 | ) | | | (52,950 | ) | | | — | | | | (32,979 | ) | | | — | | | | (90,693 | ) |
Net expenses | | | 6,127 | | | | 507,258 | | | | 614,776 | | | | 533,848 | | | | 314,305 | | | | 3,777,103 | | | | 1,475,647 | |
Net investment income (loss) | | | 1,467 | | | | 914,668 | | | | 382,134 | | | | 525,932 | | | | 193,461 | | | | 682,106 | | | | 1,627,936 | |
Realized and Unrealized Gain (Loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments and foreign currency | | | 5,681 | | | | (2,316,145 | ) | | | 5,001,384 | | | | 9,697,064 | | | | 2,751,503 | | | | 35,212,971 | | | | 11,825,864 | |
Options written | | | — | | | | 11,687 | | | | — | | | | 47,687 | | | | — | | | | — | | | | — | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Investments and foreign currency | | | 98,690 | | | | 2,070,688 | | | | 6,264,997 | | | | 2,306,014 | | | | 5,974,620 | | | | 80,765,494 | | | | (373,912 | ) |
Options written | | | — | | | | (177 | ) | | | — | | | | — | | | | — | | | | — | | | | — | |
Net realized and unrealized gain (loss) | | | 104,371 | | | | (233,947 | ) | | | 11,266,381 | | | | 12,050,765 | | | | 8,726,123 | | | | 115,978,465 | | | | 11,451,952 | |
Net increase (decrease) in net assets from operations | | $ | 105,838 | | | $ | 680,721 | | | $ | 11,648,515 | | | $ | 12,576,697 | | | $ | 8,919,584 | | | $ | 116,660,571 | | | $ | 13,079,888 | |
See accompanying notes to financial statements.
Statement of
| | | | |
| | Changes in Net Assets | | (Unaudited) |
| | | | | | | | | | | | | | | | | | | | |
| | | NWQ Global All-Cap | | | | | | NWQ Global Equity Income | |
| | | Six Months Ended
12/31/16 | | | Year Ended
6/30/16 | | | | | | Six Months Ended
12/31/16 | | | Year Ended
6/30/16 | |
Operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 1,467 | | | $ | 14,029 | | | | | | | $ | 914,668 | | | $ | 917,069 | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | |
Investments and foreign currency | | | 5,681 | | | | (107,310 | ) | | | | | | | (2,316,145 | ) | | | (142,692 | ) |
Options written | | | — | | | | — | | | | | | | | 11,687 | | | | 10,282 | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | | |
Investments and foreign currency | | | 98,690 | | | | (59,468 | ) | | | | | | | 2,070,688 | | | | (457,675 | ) |
Options written | | | — | | | | — | | | | | | | | (177 | ) | | | 151 | |
Net increase (decrease) in net assets from operations | | | 105,838 | | | | (152,749 | ) | | | | | | | 680,721 | | | | 327,135 | |
Distributions to Shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income: | | | | | | | | | | | | | | | | | | | | |
Class A | | | (2,323 | ) | | | (678 | ) | | | | | | | (254,447 | ) | | | (30,569 | ) |
Class C | | | (39 | ) | | | — | | | | | | | | (1,601 | ) | | | (5,588 | ) |
Class R3 | | | — | | | | — | | | | | | | | (2,500 | ) | | | (5,701 | ) |
Class R6 | | | — | | | | — | | | | | | | | — | | | | — | |
Class I | | | (9,636 | ) | | | (8,627 | ) | | | | | | | (472,628 | ) | | | (782,998 | ) |
From accumulated net realized gains: | | | | | | | | | | | | | | | | | | | | |
Class A | | | — | | | | (709 | ) | | | | | | | (4,255 | ) | | | (11,472 | ) |
Class C | | | — | | | | (247 | ) | | | | | | | (18 | ) | | | (3,568 | ) |
Class R3 | | | — | | | | — | | | | | | | | (15 | ) | | | (2,868 | ) |
Class R6 | | | — | | | | — | | | | | | | | — | | | | — | |
Class I | | | — | | | | (6,057 | ) | | | | | | | (2,469 | ) | | | (17,401 | ) |
Decrease in net assets from distributions to shareholders | | | (11,998 | ) | | | (16,318 | ) | | | | | | | (737,933 | ) | | | (860,165 | ) |
Fund Share Transactions | | | | | | | | | | | | | | | | | | | | |
Fund Reorganization(1) | | | — | | | | — | | | | | | | | 223,960,676 | | | | — | |
Proceeds from sale of shares | | | 31,194 | | | | 622,106 | | | | | | | | 6,404,514 | | | | 50,179,127 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | | | 2,124 | | | | 5,374 | | | | | | | | 261,861 | | | | 76,948 | |
| | | 33,318 | | | | 627,480 | | | | | | | | 230,627,051 | | | | 50,256,075 | |
Cost of shares redeemed | | | (22,708 | ) | | | (702,672 | ) | | | | | | | (142,286,366 | ) | | | (615,383 | ) |
Net increase (decrease) in net assets from Fund share transactions | | | 10,610 | | | | (75,192 | ) | | | | | | | 88,340,685 | | | | 49,640,692 | |
Net increase (decrease) in net assets | | | 104,450 | | | | (244,259 | ) | | | | | | | 88,283,473 | | | | 49,107,662 | |
Net assets at the beginning of period | | | 1,191,470 | | | | 1,435,729 | | | | | | | | 51,828,449 | | | | 2,720,787 | |
Net assets at the end of period | | $ | 1,295,920 | | | $ | 1,191,470 | | | | | | | $ | 140,111,922 | | | $ | 51,828,449 | |
Undistributed (Over-distribution of) net investment income at the end of period | | $ | 1,056 | | | $ | 11,587 | | | | | | | $ | 234,861 | | | $ | 51,369 | |
| (1) | Refer to Note 1 – General Information and Significant Accounting Policies, Fund Reorganizations and Note 9 – Fund Reorganization for further details. |
See accompanying notes to financial statements.
| | | | | | | | | | | | | | | | | | | | |
| | | NWQ Multi-Cap Value | | | | | | NWQ Large-Cap Value | |
| | | Six Months Ended
12/31/16 | | | Year Ended
6/30/16 | | | | | | Six Months Ended
12/31/16 | | | Year Ended
6/30/16 | |
Operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 382,134 | | | $ | 699,037 | | | | | | | $ | 525,932 | | | $ | 1,882,598 | |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | |
Investments and foreign currency | | | 5,001,384 | | | | 4,209,394 | | | | | | | | 9,697,064 | | | | 12,644,420 | |
Options written | | | — | | | | — | | | | | | | | 47,687 | | | | — | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | | |
Investments and foreign currency | | | 6,264,997 | | | | (13,030,802 | ) | | | | | | | 2,306,014 | | | | (24,637,206 | ) |
Options written | | | — | | | | — | | | | | | | | — | | | | — | |
Net increase (decrease) in net assets from operations | | | 11,648,515 | | | | (8,122,371 | ) | | | | | | | 12,576,697 | | | | (10,110,188 | ) |
Distributions to Shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income: | | | | | | | | | | | | | | | | | | | | |
Class A | | | (219,461 | ) | | | (225,348 | ) | | | | | | | (110,515 | ) | | | (270,432 | ) |
Class C | | | (28,314 | ) | | | — | | | | | | | | (37,627 | ) | | | (57,465 | ) |
Class R3 | | | (2,284 | ) | | | (1,102 | ) | | | | | | | (761 | ) | | | (975 | ) |
Class R6 | | | — | | | | — | | | | | | | | — | | | | — | |
Class I | | | (445,535 | ) | | | (465,217 | ) | | | | | | | (1,313,646 | ) | | | (2,819,910 | ) |
From accumulated net realized gains: | | | | | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | | | | | (753,846 | ) | | | (5,292,035 | ) |
Class C | | | — | | | | — | | | | | | | | (586,900 | ) | | | (2,797,669 | ) |
Class R3 | | | — | | | | — | | | | | | | | (5,861 | ) | | | (22,431 | ) |
Class R6 | | | — | | | | — | | | | | | | | — | | | | — | |
Class I | | | — | | | | — | | | | | | | | (7,061,406 | ) | | | (45,418,273 | ) |
Decrease in net assets from distributions to shareholders | | | (695,594 | ) | | | (691,667 | ) | | | | | | | (9,870,562 | ) | | | (56,679,190 | ) |
Fund Share Transactions | | | | | | | | | | | | | | | | | | | | |
Fund Reorganization | | | — | | | | — | | | | | | | | — | | | | — | |
Proceeds from sale of shares | | | 3,725,660 | | | | 8,129,850 | | | | | | | | 7,295,018 | | | | 36,083,140 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | | | 635,347 | | | | 630,632 | | | | | | | | 9,719,910 | | | | 55,656,255 | |
| | | 4,361,007 | | | | 8,760,482 | | | | | | | | 17,014,928 | | | | 91,739,395 | |
Cost of shares redeemed | | | (12,558,382 | ) | | | (22,648,491 | ) | | | | | | | (31,827,985 | ) | | | (107,947,896 | ) |
Net increase (decrease) in net assets from Fund share transactions | | | (8,197,375 | ) | | | (13,888,009 | ) | | | | | | | (14,813,057 | ) | | | (16,208,501 | ) |
Net increase (decrease) in net assets | | | 2,755,546 | | | | (22,702,047 | ) | | | | | | | (12,106,922 | ) | | | (82,997,879 | ) |
Net assets at the beginning of period | | | 96,802,120 | | | | 119,504,167 | | | | | | | | 109,867,481 | | | | 192,865,360 | |
Net assets at the end of period | | $ | 99,557,666 | | | $ | 96,802,120 | | | | | | | $ | 97,760,559 | | | $ | 109,867,481 | |
Undistributed (Over-distribution of) net investment income at the end of period | | $ | 324,750 | | | $ | 638,210 | | | | | | | $ | (11,018 | ) | | $ | 925,599 | |
See accompanying notes to financial statements.
Statement of Changes in Net Assets (Unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | |
| | | NWQ Small/Mid-Cap Value | | | | | | NWQ Small-Cap Value | |
| | | Six Months Ended
12/31/16 | | | Year Ended
6/30/16 | | | | | | Six Months Ended
12/31/16 | | | Year Ended
6/30/16 | |
Operations | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 193,461 | | | $ | (37,843 | ) | | | | | | $ | 682,106 | | | $ | (1,699,537 | ) |
Net realized gain (loss) from: | | | | | | | | | | | | | | | | | | | | |
Investments and foreign currency | | | 2,751,503 | | | | 856,283 | | | | | | | | 35,212,971 | | | | 557,512 | |
Options written | | | — | | | | — | | | | | | | | — | | | | — | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | | |
Investments and foreign currency | | | 5,974,620 | | | | (2,414,632 | ) | | | | | | | 80,765,494 | | | | (26,291,317 | ) |
Options written | | | — | | | | — | | | | | | | | — | | | | — | |
Net increase (decrease) in net assets from operations | | | 8,919,584 | | | | (1,596,192 | ) | | | | | | | 116,660,571 | | | | (27,433,342 | ) |
Distributions to Shareholders | | | | | | | | | | | | | | | | | | | | |
From net investment income: | | | | | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | | | | | — | | | | — | |
Class C | | | — | | | | — | | | | | | | | — | | | | — | |
Class R3 | | | — | | | | — | | | | | | | | — | | | | — | |
Class R6 | | | — | | | | — | | | | | | | | — | | | | — | |
Class I | | | — | | | | — | | | | | | | | — | | | | — | |
From accumulated net realized gains: | | | | | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | | | | | (2,681,275 | ) | | | (153,739 | ) |
Class C | | | — | | | | — | | | | | | | | (776,193 | ) | | | (44,639 | ) |
Class R3 | | | — | | | | — | | | | | | | | (257,714 | ) | | | (12,103 | ) |
Class R6 | | | — | | | | — | | | | | | | | (293,734 | ) | | | (12,635 | ) |
Class I | | | — | | | | — | | | | | | | | (15,030,335 | ) | | | (647,063 | ) |
Decrease in net assets from distributions to shareholders | | | — | | | | — | | | | | | | | (19,039,251 | ) | | | (870,179 | ) |
Fund Share Transactions | | | | | | | | | | | | | | | | | | | | |
Fund Reorganization | | | — | | | | — | | | | | | | | — | | | | — | |
Proceeds from sale of shares | | | 11,404,357 | | | | 16,034,513 | | | | | | | | 99,989,880 | | | | 211,644,184 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | | | — | | | | — | | | | | | | | 17,939,441 | | | | 808,182 | |
| | | 11,404,357 | | | | 16,034,513 | | | | | | | | 117,929,321 | | | | 212,452,366 | |
Cost of shares redeemed | | | (9,718,336 | ) | | | (16,983,697 | ) | | | | | | | (102,430,455 | ) | | | (194,174,520 | ) |
Net increase (decrease) in net assets from Fund share transactions | | | 1,686,021 | | | | (949,184 | ) | | | | | | | 15,498,866 | | | | 18,277,846 | |
Net increase (decrease) in net assets | | | 10,605,605 | | | | (2,545,376 | ) | | | | | | | 113,120,186 | | | | (10,025,675 | ) |
Net assets at the beginning of period | | | 53,725,128 | | | | 56,270,504 | | | | | | | | 599,479,566 | | | | 609,505,241 | |
Net assets at the end of period | | $ | 64,330,733 | | | $ | 53,725,128 | | | | | | | $ | 712,599,752 | | | $ | 599,479,566 | |
Undistributed (Over-distribution of) net investment income at the end of period | | $ | 193,461 | | | $ | — | | | | | | | $ | (140,377) | | | $ | (822,483 | ) |
See accompanying notes to financial statements.
| | | | | | | | |
| | | Tradewinds Value Opportunities | |
| | | Six Months Ended
12/31/16 | | | Year Ended
6/30/16 | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | 1,627,936 | | | $ | 3,893,860 | |
Net realized gain (loss) from: | | | | | | | | |
Investments and foreign currency | | | 11,825,864 | | | | 20,030,636 | |
Options written | | | — | | | | — | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | |
Investments and foreign currency | | | (373,912 | ) | | | (21,087,552 | ) |
Options written | | | — | | | | — | |
Net increase (decrease) in net assets from operations | | | 13,079,888 | | | | 2,836,944 | |
Distributions to Shareholders | | | | | | | | |
From net investment income: | | | | | | | | |
Class A | | | (1,782,131 | ) | | | (661,034 | ) |
Class C | | | (1,106,411 | ) | | | — | |
Class R3 | | | (35,786 | ) | | | (10,279 | ) |
Class R6 | | | — | | | | — | |
Class I | | | (1,863,361 | ) | | | (1,165,675 | ) |
From accumulated net realized gains: | | | | | | | | |
Class A | | | (6,891,375 | ) | | | (8,052,802 | ) |
Class C | | | (6,589,893 | ) | | | (7,450,264 | ) |
Class R3 | | | (154,058 | ) | | | (196,327 | ) |
Class R6 | | | — | | | | — | |
Class I | | | (6,694,147 | ) | | | (10,279,261 | ) |
Decrease in net assets from distributions to shareholders | | | (25,117,162 | ) | | | (27,815,642 | ) |
Fund Share Transactions | | | | | | | | |
Fund Reorganization | | | — | | | | — | |
Proceeds from sale of shares | | | 11,097,703 | | | | 18,532,444 | |
Proceeds from shares issued to shareholders due to reinvestment of distributions | | | 22,097,210 | | | | 24,700,212 | |
| | | 33,194,913 | | | | 43,232,656 | |
Cost of shares redeemed | | | (74,666,139 | ) | | | (100,141,386 | ) |
Net increase (decrease) in net assets from Fund share transactions | | | (41,471,226 | ) | | | (56,908,730 | ) |
Net increase (decrease) in net assets | | | (53,508,500 | ) | | | (81,887,428 | ) |
Net assets at the beginning of period | | | 260,332,281 | | | | 342,219,709 | |
Net assets at the end of period | | $ | 206,823,781 | | | $ | 260,332,281 | |
Undistributed (Over-distribution of) net investment income at the end of period | | $ | 197,220 | | | $ | 3,356,973 | |
See accompanying notes to financial statements.
Financial
Highlights (Unaudited)
NWQ Global All-Cap
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) Year Ended June 30, | | Beginning
NAV | | | Net
Investment
Income
(Loss)(a) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | | | | From
Net
Investment
Income | | | From
Accumulated
Net Realized
Gains | | | Total | | | Ending
NAV | |
Class A (4/14) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(f) | | $ | 18.99 | | | $ | 0.01 | | | $ | 1.66 | | | $ | 1.67 | | | | | | | $ | (0.16 | ) | | $ | — | | | $ | (0.16 | ) | | $ | 20.50 | |
2016 | | | 21.37 | | | | 0.24 | | | | (2.44 | ) | | | (2.20 | ) | | | | | | | (0.09 | ) | | | (0.09 | ) | | | (0.18 | ) | | | 18.99 | |
2015 | | | 20.67 | | | | 0.15 | | | | 0.73 | | | | 0.88 | | | | | | | | (0.12 | ) | | | (0.06 | ) | | | (0.18 | ) | | | 21.37 | |
2014(d) | | | 20.00 | | | | 0.10 | | | | 0.57 | | | | 0.67 | | | | | | | | — | | | | — | | | | — | | | | 20.67 | |
Class C (4/14) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(f) | | | 18.86 | | | | (0.07 | ) | | | 1.64 | | | | 1.57 | | | | | | | | (0.01 | ) | | | — | | | | (0.01 | ) | | | 20.42 | |
2016 | | | 21.30 | | | | 0.01 | | | | (2.36 | ) | | | (2.35 | ) | | | | | | | — | | | | (0.09 | ) | | | (0.09 | ) | | | 18.86 | |
2015 | | | 20.63 | | | | (0.03 | ) | | | 0.76 | | | | 0.73 | | | | | | | | — | | | | (0.06 | ) | | | (0.06 | ) | | | 21.30 | |
2014(d) | | | 20.00 | | | | 0.06 | | | | 0.57 | | | | 0.63 | | | | | | | | — | | | | — | | | | — | | | | 20.63 | |
Class I (4/14) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(f) | | | 19.00 | | | | 0.03 | | | | 1.67 | | | | 1.70 | | | | | | | | (0.21 | ) | | | — | | | | (0.21 | ) | | | 20.49 | |
2016 | | | 21.39 | | | | 0.20 | | | | (2.36 | ) | | | (2.16 | ) | | | | | | | (0.14 | ) | | | (0.09 | ) | | | (0.23 | ) | | | 19.00 | |
2015 | | | 20.68 | | | | 0.19 | | | | 0.75 | | | | 0.94 | | | | | | | | (0.17 | ) | | | (0.06 | ) | | | (0.23 | ) | | | 21.39 | |
2014(d) | | | 20.00 | | | | 0.11 | | | | 0.57 | | | | 0.68 | | | | | | | | — | | | | — | | | | — | | | | 20.68 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Ratios/Supplemental Data | |
| | | | | | | | | | Ratios to Average
Net Assets Before
Waiver/Reimbursement | | | | | | Ratios to Average
Net Assets After
Waiver/Reimbursement(c) | | | | |
| | | | | | | | |
Total
Return(b) | | | Ending
Net
Assets
(000) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | Portfolio
Turnover
Rate(e) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 8.80 | % | | $ | 298 | | | | | | | | 13.86 | %* | | | (12.67 | )%* | | | | | | | 1.11 | %* | | | 0.08 | %* | | | 21 | % |
| | (10.40 | ) | | | 285 | | | | | | | | 11.45 | | | | (9.02 | ) | | | | | | | 1.20 | | | | 1.23 | | | | 78 | |
| | 4.32 | | | | 109 | | | | | | | | 9.64 | | | | (7.68 | ) | | | | | | | 1.21 | | | | 0.74 | | | | 42 | |
| | 3.35 | | | | 52 | | | | | | | | 9.90 | * | | | (6.70 | )* | | | | | | | 1.22 | * | | | 1.98 | * | | | 11 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 8.35 | | | | 56 | | | | | | | | 14.62 | * | | | (13.43 | )* | | | | | | | 1.86 | * | | | (0.67 | )* | | | 21 | |
| | (11.05 | ) | | | 52 | | | | | | | | 11.63 | | | | (9.63 | ) | | | | | | | 1.96 | | | | 0.05 | | | | 78 | |
| | 3.55 | | | | 155 | | | | | | | | 10.30 | | | | (8.46 | ) | | | | | | | 1.96 | | | | (0.13 | ) | | | 42 | |
| | 3.15 | | | | 52 | | | | | | | | 10.64 | * | | | (7.45 | )* | | | | | | | 1.97 | * | | | 1.22 | * | | | 11 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 8.95 | | | | 942 | | | | | | | | 13.63 | * | | | (12.44 | )* | | | | | | | 0.86 | * | | | 0.33 | * | | | 21 | |
| | (10.16 | ) | | | 855 | | | | | | | | 10.49 | | | | (8.50 | ) | | | | | | | 0.96 | | | | 1.02 | | | | 78 | |
| | 4.58 | | | | 1,171 | | | | | | | | 9.15 | | | | (7.25 | ) | | | | | | | 0.96 | | | | 0.94 | | | | 42 | |
| | 3.40 | | | | 931 | | | | | | | | 9.64 | * | | | (6.45 | )* | | | | | | | 0.97 | * | | | 2.23 | * | | | 11 | |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. | |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. | |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. | |
| (d) | For the period April 1, 2014 (commencement of operations) through June 30, 2014. | |
| (e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. | |
| (f) | For the six months ended December 31, 2016. | |
See accompanying notes to financial statements.
Financial Highlights (Unaudited) (continued)
NWQ Global Equity Income
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) Year Ended June 30, | | Beginning
NAV | | | Net
Investment
Income
(Loss)(a) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | | | | From
Net
Investment
Income | | | From
Accumulated
Net Realized
Gains | | | Total | | | Ending
NAV | |
Class A (9/09) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(e) | | $ | 24.47 | | | $ | 0.18 | | | $ | 1.03 | | | $ | 1.21 | | | | | | | $ | (0.20 | ) | | $ | — | ** | | $ | (0.20 | ) | | $ | 25.48 | |
2016 | | | 26.50 | | | | 0.75 | | | | (2.04 | ) | | | (1.29 | ) | | | | | | | (0.51 | ) | | | (0.23 | ) | | | (0.74 | ) | | | 24.47 | |
2015 | | | 28.09 | | | | 0.65 | | | | (0.39 | ) | | | 0.26 | | | | | | | | (0.55 | ) | | | (1.30 | ) | | | (1.85 | ) | | | 26.50 | |
2014 | | | 24.08 | | | | 0.69 | | | | 4.60 | | | | 5.29 | | | | | | | | (0.67 | ) | | | (0.61 | ) | | | (1.28 | ) | | | 28.09 | |
2013 | | | 20.20 | | | | 0.36 | | | | 3.92 | | | | 4.28 | | | | | | | | (0.36 | ) | | | (0.04 | ) | | | (0.40 | ) | | | 24.08 | |
2012 | | | 23.57 | | | | 0.39 | | | | (1.40 | ) | | | (1.01 | ) | | | | | | | (0.39 | ) | | | (1.97 | ) | | | (2.36 | ) | | | 20.20 | |
Class C (9/09) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(e) | | | 24.42 | | | | 0.15 | | | | 0.96 | | | | 1.11 | | | | | | | | (0.11 | ) | | | — | ** | | | (0.11 | ) | | | 25.42 | |
2016 | | | 26.48 | | | | 0.51 | | | | (1.98 | ) | | | (1.47 | ) | | | | | | | (0.36 | ) | | | (0.23 | ) | | | (0.59 | ) | | | 24.42 | |
2015 | | | 28.07 | | | | 0.38 | | | | (0.32 | ) | | | 0.06 | | | | | | | | (0.35 | ) | | | (1.30 | ) | | | (1.65 | ) | | | 26.48 | |
2014 | | | 24.07 | | | | 0.49 | | | | 4.59 | | | | 5.08 | | | | | | | | (0.47 | ) | | | (0.61 | ) | | | (1.08 | ) | | | 28.07 | |
2013 | | | 20.19 | | | | 0.19 | | | | 3.92 | | | | 4.11 | | | | | | | | (0.19 | ) | | | (0.04 | ) | | | (0.23 | ) | | | 24.07 | |
2012 | | | 23.56 | | | | 0.23 | | | | (1.40 | ) | | | (1.17 | ) | | | | | | | (0.23 | ) | | | (1.97 | ) | | | (2.20 | ) | | | 20.19 | |
Class R3 (9/09) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(e) | | | 24.46 | | | | 0.21 | | | | 0.96 | | | | 1.17 | | | | | | | | (0.20 | ) | | | — | ** | | | (0.20 | ) | | | 25.43 | |
2016 | | | 26.49 | | | | 0.64 | | | | (1.98 | ) | | | (1.34 | ) | | | | | | | (0.46 | ) | | | (0.23 | ) | | | (0.69 | ) | | | 24.46 | |
2015 | | | 28.09 | | | | 0.50 | | | | (0.32 | ) | | | 0.18 | | | | | | | | (0.48 | ) | | | (1.30 | ) | | | (1.78 | ) | | | 26.49 | |
2014 | | | 24.08 | | | | 0.63 | | | | 4.59 | | | | 5.22 | | | | | | | | (0.60 | ) | | | (0.61 | ) | | | (1.21 | ) | | | 28.09 | |
2013 | | | 20.20 | | | | 0.31 | | | | 3.91 | | | | 4.22 | | | | | | | | (0.30 | ) | | | (0.04 | ) | | | (0.34 | ) | | | 24.08 | |
2012 | | | 23.57 | | | | 0.33 | | | | (1.39 | ) | | | (1.06 | ) | | | | | | | (0.34 | ) | | | (1.97 | ) | | | (2.31 | ) | | | 20.20 | |
Class I (9/09) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(e) | | | 24.48 | | | | 0.28 | | | | 0.96 | | | | 1.24 | | | | | | | | (0.23 | ) | | | — | ** | | | (0.23 | ) | | | 25.49 | |
2016 | | | 26.51 | | | | 1.25 | | | | (2.48 | ) | | | (1.23 | ) | | | | | | | (0.57 | ) | | | (0.23 | ) | | | (0.80 | ) | | | 24.48 | |
2015 | | | 28.10 | | | | 0.68 | | | | (0.35 | ) | | | 0.33 | | | | | | | | (0.62 | ) | | | (1.30 | ) | | | (1.92 | ) | | | 26.51 | |
2014 | | | 24.08 | | | | 0.89 | | | | 4.48 | | | | 5.37 | | | | | | | | (0.74 | ) | | | (0.61 | ) | | | (1.35 | ) | | | 28.10 | |
2013 | | | 20.21 | | | | 0.42 | | | | 3.90 | | | | 4.32 | | | | | | | | (0.41 | ) | | | (0.04 | ) | | | (0.45 | ) | | | 24.08 | |
2012 | | | 23.57 | | | | 0.44 | | | | (1.39 | ) | | | (0.95 | ) | | | | | | | (0.44 | ) | | | (1.97 | ) | | | (2.41 | ) | | | 20.21 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Ratios/Supplemental Data | |
| | | | | | | | | | Ratios to Average
Net Assets Before
Waiver/Reimbursement | | | | | | Ratios to Average
Net Assets After
Waiver/Reimbursement(c) | | | | |
| | | | | | | | |
Total
Return(b) | | | Ending
Net
Assets
(000) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | Portfolio
Turnover
Rate(d) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 4.95 | % | | $ | 87,160 | | | | | | | | 1.39 | %* | | | 1.12 | %* | | | | | | | 1.11 | %* | | | 1.40 | %* | | | 82 | % |
| | (4.88 | ) | | | 1,599 | | | | | | | | 3.83 | | | | 0.36 | | | | | | | | 1.20 | | | | 2.98 | | | | 51 | |
| | 1.27 | | | | 918 | | | | | | | | 6.33 | | | | (2.72 | ) | | | | | | | 1.21 | | | | 2.40 | | | | 27 | |
| | 22.28 | | | | 351 | | | | | | | | 4.86 | | | | (1.12 | ) | | | | | | | 1.16 | | | | 2.58 | | | | 49 | |
| | 21.33 | | | | 301 | | | | | | | | 5.17 | | | | (2.42 | ) | | | | | | | 1.12 | | | | 1.63 | | | | 44 | |
| | (3.57 | ) | | | 253 | | | | | | | | 4.16 | | | | (1.19 | ) | | | | | | | 1.13 | | | | 1.85 | | | | 32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 4.53 | | | | 386 | | | | | | | | 2.10 | * | | | 0.92 | * | | | | | | | 1.86 | * | | | 1.16 | * | | | 82 | |
| | (5.57 | ) | | | 382 | | | | | | | | 4.78 | | | | (0.81 | ) | | | | | | | 1.96 | | | | 2.01 | | | | 51 | |
| | 0.51 | | | | 413 | | | | | | | | 6.83 | | | | (3.46 | ) | | | | | | | 1.96 | | | | 1.40 | | | | 27 | |
| | 21.36 | | | | 351 | | | | | | | | 5.61 | | | | (1.87 | ) | | | | | | | 1.91 | | | | 1.83 | | | | 49 | |
| | 20.45 | | | | 301 | | | | | | | | 5.92 | | | | (3.17 | ) | | | | | | | 1.87 | | | | 0.88 | | | | 44 | |
| | (4.30 | ) | | | 252 | | | | | | | | 4.91 | | | | (1.94 | ) | | | | | | | 1.88 | | | | 1.09 | | | | 32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 4.79 | | | | 318 | | | | | | | | 1.60 | * | | | 1.42 | * | | | | | | | 1.36 | * | | | 1.66 | * | | | 82 | |
| | (5.09 | ) | | | 306 | | | | | | | | 4.27 | | | | (0.30 | ) | | | | | | | 1.46 | | | | 2.52 | | | | 51 | |
| | 0.98 | | | | 331 | | | | | | | | 6.31 | | | | (3.01 | ) | | | | | | | 1.46 | | | | 1.84 | | | | 27 | |
| | 21.99 | | | | 351 | | | | | | | | 5.11 | | | | (1.34 | ) | | | | | | | 1.41 | | | | 2.37 | | | | 49 | |
| | 21.04 | | | | 301 | | | | | | | | 5.42 | | | | (2.67 | ) | | | | | | | 1.37 | | | | 1.38 | | | | 44 | |
| | (3.81 | ) | | | 253 | | | | | | | | 4.42 | | | | (1.45 | ) | | | | | | | 1.38 | | | | 1.59 | | | | 32 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5.08 | | | | 52,248 | | | | | | | | 1.10 | * | | | 1.92 | * | | | | | | | 0.86 | * | | | 2.16 | * | | | 82 | |
| | (4.64 | ) | | | 49,542 | | | | | | | | 1.37 | | | | 4.68 | | | | | | | | 0.94 | | | | 5.12 | | | | 51 | |
| | 1.53 | | | | 1,059 | | | | | | | | 5.88 | | | | (2.40 | ) | | | | | | | 0.96 | | | | 2.51 | | | | 27 | |
| | 22.63 | | | | 645 | | | | | | | | 4.79 | | | | (0.55 | ) | | | | | | | 0.92 | | | | 3.31 | | | | 49 | |
| | 21.57 | | | | 301 | | | | | | | | 4.92 | | | | (2.17 | ) | | | | | | | 0.87 | | | | 1.88 | | | | 44 | |
| | (3.28 | ) | | | 253 | | | | | | | | 3.91 | | | | (0.94 | ) | | | | | | | 0.88 | | | | 2.10 | | | | 32 | |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. | |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. Performance prior to December 13, 2013, reflects the Fund’s performance using investment strategies that differed significantly from those currently in place. | |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. | |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. | |
| (e) | For the six months ended December 31, 2016. | |
| ** | Rounds to less than $0.01 per share. | |
See accompanying notes to financial statements.
Financial Highlights (Unaudited) (continued)
NWQ Multi-Cap Value
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) Year Ended June 30, | | Beginning
NAV | | | Net
Investment
Income
(Loss)(a) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | | | | From
Net
Investment
Income | | | From
Accumulated
Net Realized
Gains | | | Total | | | Ending
NAV | |
Class A (12/02) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(e) | | $ | 23.86 | | | $ | 0.11 | | | $ | 2.94 | | | $ | 3.05 | | | | | | | $ | (0.21 | ) | | $ | — | | | $ | (0.21 | ) | | $ | 26.70 | |
2016 | | | 25.75 | | | | 0.19 | | | | (1.90 | ) | | | (1.71 | ) | | | | | | | (0.18 | ) | | | — | | | | (0.18 | ) | | | 23.86 | |
2015 | | | 26.97 | | | | 0.16 | | | | (1.20 | ) | | | (1.04 | ) | | | | | | | (0.18 | ) | | | — | | | | (0.18 | ) | | | 25.75 | |
2014 | | | 22.36 | | | | 0.10 | | | | 4.60 | | | | 4.70 | | | | | | | | (0.09 | ) | | | — | | | | (0.09 | ) | | | 26.97 | |
2013 | | | 18.29 | | | | 0.11 | | | | 4.04 | | | | 4.15 | | | | | | | | (0.08 | ) | | | — | | | | (0.08 | ) | | | 22.36 | |
2012 | | | 19.11 | | | | 0.04 | | | | (0.86 | ) | | | (0.82 | ) | | | | | | | — | | | | — | | | | — | | | | 18.29 | |
Class C (12/02) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(e) | | | 22.49 | | | | 0.01 | | | | 2.77 | | | | 2.78 | | | | | | | | (0.03 | ) | | | — | | | | (0.03 | ) | | | 25.24 | |
2016 | | | 24.27 | | | | 0.01 | | | | (1.79 | ) | | | (1.78 | ) | | | | | | | — | | | | — | | | | — | | | | 22.49 | |
2015 | | | 25.43 | | | | (0.03 | ) | | | (1.13 | ) | | | (1.16 | ) | | | | | | | — | | | | — | | | | — | | | | 24.27 | |
2014 | | | 21.17 | | | | (0.07 | ) | | | 4.33 | | | | 4.26 | | | | | | | | — | | | | — | | | | — | | | | 25.43 | |
2013 | | | 17.38 | | | | (0.04 | ) | | | 3.83 | | | | 3.79 | | | | | | | | — | | | | — | | | | — | | | | 21.17 | |
2012 | | | 18.29 | | | | (0.09 | ) | | | (0.82 | ) | | | (0.91 | ) | | | | | | | — | | | | — | | | | — | | | | 17.38 | |
Class R3 (8/08) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(e) | | | 23.61 | | | | 0.08 | | | | 2.90 | | | | 2.98 | | | | | | | | (0.15 | ) | | | — | | | | (0.15 | ) | | | 26.44 | |
2016 | | | 25.48 | | | | 0.13 | | | | (1.88 | ) | | | (1.75 | ) | | | | | | | (0.12 | ) | | | — | | | | (0.12 | ) | | | 23.61 | |
2015 | | | 26.68 | | | | 0.09 | | | | (1.18 | ) | | | (1.09 | ) | | | | | | | (0.11 | ) | | | — | | | | (0.11 | ) | | | 25.48 | |
2014 | | | 22.13 | | | | 0.05 | | | | 4.53 | | | | 4.58 | | | | | | | | (0.03 | ) | | | — | | | | (0.03 | ) | | | 26.68 | |
2013 | | | 18.11 | | | | 0.06 | | | | 4.00 | | | | 4.06 | | | | | | | | (0.04 | ) | | | — | | | | (0.04 | ) | | | 22.13 | |
2012 | | | 18.96 | | | | — | * | | | (0.85 | ) | | | (0.85 | ) | | | | | | | — | | | | — | | | | — | | | | 18.11 | |
Class I (11/97) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(e) | | | 24.00 | | | | 0.14 | | | | 2.95 | | | | 3.09 | | | | | | | | (0.27 | ) | | | — | | | | (0.27 | ) | | | 26.82 | |
2016 | | | 25.90 | | | | 0.25 | | | | (1.90 | ) | | | (1.65 | ) | | | | | | | (0.25 | ) | | | — | | | | (0.25 | ) | | | 24.00 | |
2015 | | | 27.13 | | | | 0.22 | | | | (1.21 | ) | | | (0.99 | ) | | | | | | | (0.24 | ) | | | — | | | | (0.24 | ) | | | 25.90 | |
2014 | | | 22.48 | | | | 0.18 | | | | 4.62 | | | | 4.80 | | | | | | | | (0.15 | ) | | | — | | | | (0.15 | ) | | | 27.13 | |
2013 | | | 18.40 | | | | 0.16 | | | | 4.05 | | | | 4.21 | | | | | | | | (0.13 | ) | | | — | | | | (0.13 | ) | | | 22.48 | |
2012 | | | 19.17 | | | | 0.07 | | | | (0.84 | ) | | | (0.77 | ) | | | | | | | — | | | | — | | | | — | | | | 18.40 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Ratios/Supplemental Data | |
| | | | | | | | | | Ratios to Average
Net Assets Before
Waiver/Reimbursement | | | | | | Ratios to Average
Net Assets After
Waiver/Reimbursement(d) | | | | | | | |
| | | | | | | | | |
Total
Return(b) | | | Ending
Net
Assets
(000) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | | | | Portfolio
Turnover
Rate(c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.73 | % | | $ | 27,947 | | | | | | | | 1.26 | %** | | | 0.76 | %** | | | | | | | 1.15 | %** | | | 0.86 | %** | | | | | | | 26 | % |
| | (6.58 | ) | | | 26,863 | | | | | | | | 1.34 | | | | 0.78 | | | | | | | | 1.34 | | | | 0.78 | | | | | | | | 28 | |
| | (3.87 | ) | | | 33,973 | | | | | | | | 1.30 | | | | 0.61 | | | | | | | | 1.30 | | | | 0.61 | | | | | | | | 42 | |
| | 21.04 | | | | 47,369 | | | | | | | | 1.28 | | | | 0.42 | | | | | | | | 1.28 | | | | 0.42 | | | | | | | | 37 | |
| | 22.78 | | | | 42,362 | | | | | | | | 1.31 | | | | 0.55 | | | | | | | | 1.31 | | | | 0.55 | | | | | | | | 22 | |
| | (4.29 | ) | | | 42,089 | | | | | | | | 1.32 | | | | 0.20 | | | | | | | | 1.32 | | | | 0.20 | | | | | | | | 37 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.29 | | | | 27,070 | | | | | | | | 2.01 | ** | | | 0.01 | ** | | | | | | | 1.90 | ** | | | 0.12 | ** | | | | | | | 26 | |
| | (7.25 | ) | | | 26,462 | | | | | | | | 2.09 | | | | 0.03 | | | | | | | | 2.09 | | | | 0.03 | | | | | | | | 28 | |
| | (4.60 | ) | | | 35,688 | | | | | | | | 2.06 | | | | (0.13 | ) | | | | | | | 2.06 | | | | (0.13 | ) | | | | | | | 42 | |
| | 20.12 | | | | 46,827 | | | | | | | | 2.03 | | | | (0.30 | ) | | | | | | | 2.03 | | | | (0.30 | ) | | | | | | | 37 | |
| | 21.81 | | | | 45,408 | | | | | | | | 2.06 | | | | (0.20 | ) | | | | | | | 2.06 | | | | (0.20 | ) | | | | | | | 22 | |
| | (4.98 | ) | | | 51,646 | | | | | | | | 2.06 | | | | (0.54 | ) | | | | | | | 2.06 | | | | (0.54 | ) | | | | | | | 37 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.56 | | | | 411 | | | | | | | | 1.51 | ** | | | 0.52 | ** | | | | | | | 1.40 | ** | | | 0.63 | ** | | | | | | | 26 | |
| | (6.79 | ) | | | 206 | | | | | | | | 1.59 | | | | 0.54 | | | | | | | | 1.59 | | | | 0.54 | | | | | | | | 28 | |
| | (4.12 | ) | | | 179 | | | | | | | | 1.55 | | | | 0.34 | | | | | | | | 1.55 | | | | 0.34 | | | | | | | | 42 | |
| | 20.72 | | | | 256 | | | | | | | | 1.53 | | | | 0.21 | | | | | | | | 1.53 | | | | 0.21 | | | | | | | | 37 | |
| | 22.43 | | | | 204 | | | | | | | | 1.56 | | | | 0.30 | | | | | | | | 1.56 | | | | 0.30 | | | | | | | | 22 | |
| | (4.48 | ) | | | 153 | | | | | | | | 1.57 | | | | (0.01 | ) | | | | | | | 1.57 | | | | (0.01 | ) | | | | | | | 37 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.88 | | | | 44,130 | | | | | | | | 1.01 | ** | | | 1.01 | ** | | | | | | | 0.90 | ** | | | 1.12 | ** | | | | | | | 26 | |
| | (6.37 | ) | | | 43,271 | | | | | | | | 1.09 | | | | 1.02 | | | | | | | | 1.09 | | | | 1.02 | | | | | | | | 28 | |
| | (3.64 | ) | | | 49,665 | | | | | | | | 1.05 | | | | 0.86 | | | | | | | | 1.05 | | | | 0.86 | | | | | | | | 42 | |
| | 21.38 | | | | 71,721 | | | | | | | | 1.03 | | | | 0.71 | | | | | | | | 1.03 | | | | 0.71 | | | | | | | | 37 | |
| | 23.01 | | | | 60,074 | | | | | | | | 1.06 | | | | 0.79 | | | | | | | | 1.06 | | | | 0.79 | | | | | | | | 22 | |
| | (4.02 | ) | | | 67,250 | | | | | | | | 1.07 | | | | 0.41 | | | | | | | | 1.07 | | | | 0.41 | | | | | | | | 37 | |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. | |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. | |
| (c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. | |
| (d) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. | |
| (e) | For the six months ended December 31, 2016. | |
| * | Rounds to less than $0.01 per share. | |
See accompanying notes to financial statements.
Financial Highlights (Unaudited) (continued)
NWQ Large-Cap Value
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) Year Ended June 30, | | Beginning
NAV | | | Net
Investment
Income
(Loss)(a) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | | | | From
Net
Investment
Income | | | From
Accumulated
Net Realized
Gains | | | Total | | | Ending
NAV | |
Class A (12/06) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(e) | | $ | 7.27 | | | $ | 0.03 | | | $ | 0.90 | | | $ | 0.93 | | | | | | | $ | (0.10 | ) | | $ | (0.68 | ) | | $ | (0.78 | ) | | $ | 7.42 | |
2016 | | | 12.38 | | | | 0.11 | | | | (0.82 | ) | | | (0.71 | ) | | | | | | | (0.15 | ) | | | (4.25 | ) | | | (4.40 | ) | | | 7.27 | |
2015 | | | 23.73 | | | | 0.16 | | | | (0.67 | ) | | | (0.51 | ) | | | | | | | (0.38 | ) | | | (10.46 | ) | | | (10.84 | ) | | | 12.38 | |
2014 | | | 20.32 | | | | 0.19 | | | | 3.79 | | | | 3.98 | | | | | | | | (0.16 | ) | | | (0.41 | ) | | | (0.57 | ) | | | 23.73 | |
2013 | | | 16.84 | | | | 0.17 | | | | 3.51 | | | | 3.68 | | | | | | | | (0.15 | ) | | | (0.05 | ) | | | (0.20 | ) | | | 20.32 | |
2012 | | | 18.56 | | | | 0.14 | | | | (1.64 | ) | | | (1.50 | ) | | | | | | | (0.01 | ) | | | (0.21 | ) | | | (0.22 | ) | | | 16.84 | |
Class C (12/06) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(e) | | | 6.66 | | | | — | | | | 0.83 | | | | 0.83 | | | | | | | | (0.04 | ) | | | (0.68 | ) | | | (0.72 | ) | | | 6.77 | |
2016 | | | 11.71 | | | | 0.03 | | | | (0.78 | ) | | | (0.75 | ) | | | | | | | (0.05 | ) | | | (4.25 | ) | | | (4.30 | ) | | | 6.66 | |
2015 | | | 23.01 | | | | 0.03 | | | | (0.66 | ) | | | (0.63 | ) | | | | | | | (0.21 | ) | | | (10.46 | ) | | | (10.67 | ) | | | 11.71 | |
2014 | | | 19.73 | | | | 0.02 | | | | 3.67 | | | | 3.69 | | | | | | | | — | | | | (0.41 | ) | | | (0.41 | ) | | | 23.01 | |
2013 | | | 16.36 | | | | 0.03 | | | | 3.41 | | | | 3.44 | | | | | | | | (0.02 | ) | | | (0.05 | ) | | | (0.07 | ) | | | 19.73 | |
2012 | | | 18.15 | | | | 0.01 | | | | (1.59 | ) | | | (1.58 | ) | | | | | | | — | | | | (0.21 | ) | | | (0.21 | ) | | | 16.36 | |
Class R3 (9/09) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(e) | | | 7.21 | | | | 0.02 | | | | 0.89 | | | | 0.91 | | | | | | | | (0.08 | ) | | | (0.68 | ) | | | (0.76 | ) | | | 7.36 | |
2016 | | | 12.30 | | | | 0.08 | | | | (0.80 | ) | | | (0.72 | ) | | | | | | | (0.12 | ) | | | (4.25 | ) | | | (4.37 | ) | | | 7.21 | |
2015 | | | 23.64 | | | | 0.12 | | | | (0.68 | ) | | | (0.56 | ) | | | | | | | (0.32 | ) | | | (10.46 | ) | | | (10.78 | ) | | | 12.30 | |
2014 | | | 20.25 | | | | 0.13 | | | | 3.78 | | | | 3.91 | | | | | | | | (0.11 | ) | | | (0.41 | ) | | | (0.52 | ) | | | 23.64 | |
2013 | | | 16.79 | | | | 0.12 | | | | 3.49 | | | | 3.61 | | | | | | | | (0.10 | ) | | | (0.05 | ) | | | (0.15 | ) | | | 20.25 | |
2012 | | | 18.53 | | | | 0.09 | | | | (1.62 | ) | | | (1.53 | ) | | | | | | | — | | | | (0.21 | ) | | | (0.21 | ) | | | 16.79 | |
Class I (12/06) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(e) | | | 7.29 | | | | 0.04 | | | | 0.91 | | | | 0.95 | | | | | | | | (0.12 | ) | | | (0.68 | ) | | | (0.80 | ) | | | 7.44 | |
2016 | | | 12.41 | | | | 0.13 | | | | (0.82 | ) | | | (0.69 | ) | | | | | | | (0.18 | ) | | | (4.25 | ) | | | (4.43 | ) | | | 7.29 | |
2015 | | | 23.77 | | | | 0.20 | | | | (0.66 | ) | | | (0.46 | ) | | | | | | | (0.44 | ) | | | (10.46 | ) | | | (10.90 | ) | | | 12.41 | |
2014 | | | 20.35 | | | | 0.24 | | | | 3.80 | | | | 4.04 | | | | | | | | (0.21 | ) | | | (0.41 | ) | | | (0.62 | ) | | | 23.77 | |
2013 | | | 16.87 | | | | 0.21 | | | | 3.51 | | | | 3.72 | | | | | | | | (0.19 | ) | | | (0.05 | ) | | | (0.24 | ) | | | 20.35 | |
2012 | | | 18.59 | | | | 0.22 | | | | (1.67 | ) | | | (1.45 | ) | | | | | | | (0.06 | ) | | | (0.21 | ) | | | (0.27 | ) | | | 16.87 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Ratios/Supplemental Data | |
| | | | | | | | | |
Ratios to Average
Net Assets(d) | | | | | | | |
| | | | | | |
Total
Return(b) | | | Ending
Net
Assets
(000) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | | | | Portfolio
Turnover
Rate(c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.65 | % | | $ | 8,277 | | | | | | | | 1.19 | %* | | | 0.84 | %* | | | | | | | 24 | % |
| | (5.68 | ) | | | 10,249 | | | | | | | | 1.19 | | | | 1.17 | | | | | | | | 32 | |
| | 0.68 | | | | 15,522 | | | | | | | | 1.17 | | | | 0.86 | | | | | | | | 26 | |
| | 19.80 | | | | 66,452 | | | | | | | | 1.08 | | | | 0.85 | | | | | | | | 45 | |
| | 22.04 | | | | 55,055 | | | | | | | | 1.07 | | | | 0.91 | | | | | | | | 16 | |
| | (7.99 | ) | | | 39,940 | | | | | | | | 1.11 | | | | 0.84 | | | | | | | | 35 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.16 | | | | 6,207 | | | | | | | | 1.94 | * | | | 0.08 | * | | | | | | | 24 | |
| | (6.31 | ) | | | 6,009 | | | | | | | | 1.94 | | | | 0.42 | | | | | | | | 32 | |
| | (0.04 | ) | | | 8,219 | | | | | | | | 1.92 | | | | 0.20 | | | | | | | | 26 | |
| | 18.90 | | | | 11,857 | | | | | | | | 1.83 | | | | 0.11 | | | | | | | | 45 | |
| | 21.08 | | | | 8,053 | | | | | | | | 1.82 | | | | 0.15 | | | | | | | | 16 | |
| | (8.64 | ) | | | 6,903 | | | | | | | | 1.86 | | | | 0.04 | | | | | | | | 35 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.49 | | | | 70 | | | | | | | | 1.44 | * | | | 0.58 | * | | | | | | | 24 | |
| | (5.85 | ) | | | 62 | | | | | | | | 1.44 | | | | 0.93 | | | | | | | | 32 | |
| | 0.40 | | | | 66 | | | | | | | | 1.42 | | | | 0.75 | | | | | | | | 26 | |
| | 19.50 | | | | 64 | | | | | | | | 1.33 | | | | 0.59 | | | | | | | | 45 | |
| | 21.68 | | | | 53 | | | | | | | | 1.32 | | | | 0.64 | | | | | | | | 16 | |
| | (8.19 | ) | | | 55 | | | | | | | | 1.36 | | | | 0.55 | | | | | | | | 35 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12.73 | | | | 83,207 | | | | | | | | 0.94 | * | | | 1.08 | * | | | | | | | 24 | |
| | (5.37 | ) | | | 93,548 | | | | | | | | 0.94 | | | | 1.40 | | | | | | | | 32 | |
| | 0.96 | | | | 169,058 | | | | | | | | 0.92 | | | | 1.11 | | | | | | | | 26 | |
| | 20.10 | | | | 642,177 | | | | | | | | 0.83 | | | | 1.06 | | | | | | | | 45 | |
| | 22.31 | | | | 1,225,884 | | | | | | | | 0.82 | | | | 1.15 | | | | | | | | 16 | |
| | (7.73 | ) | | | 1,061,400 | | | | | | | | 0.85 | | | | 1.29 | | | | | | | | 35 | |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. | |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. | |
| (c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. | |
| (d) | The Fund has a fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver and/or expense reimbursement during the periods presented herein. | |
| (e) | For the six months ended December 31, 2016. | |
See accompanying notes to financial statements.
Financial Highlights (Unaudited) (continued)
NWQ Small/Mid-Cap Value
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) Year Ended June 30, | | Beginning
NAV | | | Net
Investment
Income
(Loss)(a) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | | | | From
Net
Investment
Income | | | From
Accumulated
Net Realized
Gains | | | Total | | | Ending
NAV | |
Class A (12/06) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(f) | | $ | 27.78 | | | $ | 0.08 | | | $ | 4.92 | | | $ | 5.00 | | | | | | | $ | — | | | $ | — | | | $ | — | | | $ | 32.78 | |
2016 | | | 28.80 | | | | (0.06 | ) | | | (0.96 | ) | | | (1.02 | ) | | | | | | | — | | | | — | | | | — | | | | 27.78 | |
2015 | | | 29.98 | | | | (0.11 | ) | | | (1.07 | ) | | | (1.18 | ) | | | | | | | — | | | | — | | | | — | | | | 28.80 | |
2014 | | | 24.50 | | | | (0.12 | ) | | | 5.60 | | | | 5.48 | | | | | | | | — | | | | — | | | | — | | | | 29.98 | |
2013 | | | 19.63 | | | | (0.04 | ) | | | 4.91 | | | | 4.87 | | | | | | | | — | | | | — | | | | — | | | | 24.50 | |
2012 | | | 19.91 | | | | (0.09 | ) | | | (0.19 | ) | | | (0.28 | ) | | | | | | | — | | | | — | | | | — | | | | 19.63 | |
Class C (12/06) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(f) | | | 25.84 | | | | (0.03 | ) | | | 4.56 | | | | 4.53 | | | | | | | | — | | | | — | | | | — | | | | 30.37 | |
2016 | | | 26.98 | | | | (0.25 | ) | | | (0.89 | ) | | | (1.14 | ) | | | | | | | — | | | | — | | | | — | | | | 25.84 | |
2015 | | | 28.30 | | | | (0.32 | ) | | | (1.00 | ) | | | (1.32 | ) | | | | | | | — | | | | — | | | | — | | | | 26.98 | |
2014 | | | 23.30 | | | | (0.33 | ) | | | 5.33 | | | | 5.00 | | | | | | | | — | | | | — | | | | — | | | | 28.30 | |
2013 | | | 18.81 | | | | (0.20 | ) | | | 4.69 | | | | 4.49 | | | | | | | | — | | | | — | | | | — | | | | 23.30 | |
2012 | | | 19.22 | | | | (0.23 | ) | | | (0.18 | ) | | | (0.41 | ) | | | | | | | — | | | | — | | | | — | | | | 18.81 | |
Class R3 (9/09) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(f) | | | 27.11 | | | | 0.05 | | | | 4.79 | | | | 4.84 | | | | | | | | — | | | | — | | | | — | | | | 31.95 | |
2016 | | | 28.17 | | | | (0.12 | ) | | | (0.94 | ) | | | (1.06 | ) | | | | | | | — | | | | — | | | | — | | | | 27.11 | |
2015 | | | 29.41 | | | | (0.20 | ) | | | (1.04 | ) | | | (1.24 | ) | | | | | | | — | | | | — | | | | — | | | | 28.17 | |
2014 | | | 24.09 | | | | (0.20 | ) | | | 5.52 | | | | 5.32 | | | | | | | | — | | | | — | | | | — | | | | 29.41 | |
2013 | | | 19.36 | | | | (0.09 | ) | | | 4.82 | | | | 4.73 | | | | | | | | — | | | | — | | | | — | | | | 24.09 | |
2012 | | | 19.68 | | | | (0.13 | ) | | | (0.19 | ) | | | (0.32 | ) | | | | | | | — | | | | — | | | | — | | | | 19.36 | |
Class R6 (6/16) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(f) | | | 28.05 | | | | 0.15 | | | | 4.97 | | | | 5.12 | | | | | | | | — | | | | — | | | | — | | | | 33.17 | |
2016(e) | | | 28.05 | | | | — | | | | — | | | | — | | | | | | | | — | | | | — | | | | — | | | | 28.05 | |
Class I (12/06) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(f) | | | 28.05 | | | | 0.12 | | | | 4.97 | | | | 5.09 | | | | | | | | — | | | | — | | | | — | | | | 33.14 | |
2016 | | | 29.01 | | | | — | * | | | (0.96 | ) | | | (0.96 | ) | | | | | | | — | | | | — | | | | — | | | | 28.05 | |
2015 | | | 30.12 | | | | (0.05 | ) | | | (1.06 | ) | | | (1.11 | ) | | | | | | | — | | | | — | | | | — | | | | 29.01 | |
2014 | | | 24.55 | | | | (0.06 | ) | | | 5.63 | | | | 5.57 | | | | | | | | — | | | | — | | | | — | | | | 30.12 | |
2013 | | | 19.62 | | | | 0.01 | | | | 4.92 | | | | 4.93 | | | | | | | | — | | | | — | | | | — | | | | 24.55 | |
2012 | | | 19.85 | | | | (0.04 | ) | | | (0.19 | ) | | | (0.23 | ) | | | | | | | — | | | | — | | | | — | | | | 19.62 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Ratios/Supplemental Data | |
| | | | | | | | | | Ratios to Average
Net Assets Before
Waiver/Reimbursement | | | | | | Ratios to Average
Net Assets After
Waiver/Reimbursement(c) | | | | |
| | | | | | | | |
Total
Return(b) | | | Ending
Net
Assets
(000) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | Portfolio
Turnover
Rate(d) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 18.00 | % | | $ | 10,694 | | | | | | | | 1.43 | %** | | | 0.42 | %** | | | | | | | 1.31 | %** | | | 0.54 | %** | | | 47 | % |
| | (3.54 | ) | | | 9,699 | | | | | | | | 1.42 | | | | (0.34 | ) | | | | | | | 1.31 | | | | (0.23 | ) | | | 49 | |
| | (3.90 | ) | | | 7,008 | | | | | | | | 1.36 | | | | (0.42 | ) | | | | | | | 1.31 | | | | (0.37 | ) | | | 68 | |
| | 22.33 | | | | 8,882 | | | | | | | | 1.31 | | | | (0.45 | ) | | | | | | | 1.31 | | | | (0.45 | ) | | | 48 | |
| | 24.81 | | | | 5,066 | | | | | | | | 1.32 | | | | (0.21 | ) | | | | | | | 1.32 | | | | (0.20 | ) | | | 49 | |
| | (1.41 | ) | | | 4,671 | | | | | | | | 1.58 | | | | (0.72 | ) | | | | | | | 1.33 | | | | (0.46 | ) | | | 54 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 17.53 | | | | 3,189 | | | | | | | | 2.18 | ** | | | (0.32 | )** | | | | | | | 2.06 | ** | | | (0.19 | )** | | | 47 | |
| | (4.26 | ) | | | 2,724 | | | | | | | | 2.17 | | | | (1.09 | ) | | | | | | | 2.06 | | | | (0.98 | ) | | | 49 | |
| | (4.63 | ) | | | 3,167 | | | | | | | | 2.11 | | | | (1.22 | ) | | | | | | | 2.06 | | | | (1.17 | ) | | | 68 | |
| | 21.46 | | | | 3,432 | | | | | | | | 2.05 | | | | (1.24 | ) | | | | | | | 2.05 | | | | (1.24 | ) | | | 48 | |
| | 23.87 | | | | 2,245 | | | | | | | | 2.07 | | | | (0.96 | ) | | | | | | | 2.07 | | | | (0.96 | ) | | | 49 | |
| | (2.13 | ) | | | 1,928 | | | | | | | | 2.36 | | | | (1.49 | ) | | | | | | | 2.08 | | | | (1.21 | ) | | | 54 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 17.85 | | | | 828 | | | | | | | | 1.68 | ** | | | 0.20 | ** | | | | | | | 1.56 | ** | | | 0.32 | ** | | | 47 | |
| | (3.76 | ) | | | 653 | | | | | | | | 1.68 | | | | (0.57 | ) | | | | | | | 1.56 | | | | (0.46 | ) | | | 49 | |
| | (4.18 | ) | | | 421 | | | | | | | | 1.60 | | | | (0.75 | ) | | | | | | | 1.56 | | | | (0.71 | ) | | | 68 | |
| | 22.04 | | | | 769 | | | | | | | | 1.56 | | | | (0.73 | ) | | | | | | | 1.56 | | | | (0.73 | ) | | | 48 | |
| | 24.43 | | | | 470 | | | | | | | | 1.58 | | | | (0.44 | ) | | | | | | | 1.57 | | | | (0.43 | ) | | | 49 | |
| | (1.63 | ) | | | 202 | | | | | | | | 1.87 | | | | (1.00 | ) | | | | | | | 1.58 | | | | (0.70 | ) | | | 54 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 18.25 | | | | 30 | | | | | | | | 1.04 | ** | | | 0.83 | ** | | | | | | | 0.91 | ** | | | 0.96 | ** | | | 47 | |
| | — | | | | 25 | | | | | | | | — | | | | — | | | | | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 18.15 | | | | 49,590 | | | | | | | | 1.18 | ** | | | 0.70 | ** | | | | | | | 1.06 | ** | | | 0.82 | ** | | | 47 | |
| | (3.31 | ) | | | 40,624 | | | | | | | | 1.17 | | | | (0.09 | ) | | | | | | | 1.06 | | | | 0.02 | | | | 49 | |
| | (3.65 | ) | | | 45,675 | | | | | | | | 1.11 | | | | (0.22 | ) | | | | | | | 1.06 | | | | (0.17 | ) | | | 68 | |
| | 22.65 | | | | 53,251 | | | | | | | | 1.05 | | | | (0.23 | ) | | | | | | | 1.05 | | | | (0.23 | ) | | | 48 | |
| | 25.13 | | | | 31,172 | | | | | | | | 1.09 | | | | 0.04 | | | | | | | | 1.07 | | | | 0.06 | | | | 49 | |
| | (1.16 | ) | | | 15,150 | | | | | | | | 1.34 | | | | (0.47 | ) | | | | | | | 1.08 | | | | (0.20 | ) | | | 54 | |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. | |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. | |
| (c) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. | |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. | |
| (e) | Class R6 Shares commenced operations at the close of business on June 30, 2016. | |
| (f) | For the six months ended December 31, 2016. | |
| * | Rounds to less than $0.01 per share. | |
See accompanying notes to financial statements.
Financial Highlights (Unaudited) (continued)
NWQ Small-Cap Value
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Investment Operations | | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) Year Ended June 30, | | Beginning
NAV | | | Net
Investment
Income
(Loss)(a) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | | | | From
Net
Investment
Income | | | From
Accumulated
Net Realized
Gains | | | Total | | | Ending
NAV | |
Class A (12/04) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(f) | | $ | 42.06 | | | $ | 0.01 | | | $ | 8.15 | | | $ | 8.16 | | | | | | | $ | — | | | $ | (1.36 | ) | | $ | (1.36 | ) | | $ | 48.86 | |
2016 | | | 44.06 | | | | (0.19 | ) | | | (1.75 | ) | | | (1.94 | ) | | | | | | | — | | | | (0.06 | ) | | �� | (0.06 | ) | | | 42.06 | |
2015 | | | 42.62 | | | | (0.30 | ) | | | 1.74 | | | | 1.44 | | | | | | | | — | | | | — | | | | — | | | | 44.06 | |
2014 | | | 33.14 | | | | (0.29 | ) | | | 9.77 | | | | 9.48 | | | | | | | | — | | | | — | | | | — | | | | 42.62 | |
2013 | | | 26.01 | | | | (0.12 | ) | | | 7.25 | | | | 7.13 | | | | | | | | — | | | | — | | | | — | | | | 33.14 | |
2012 | | | 25.22 | | | | (0.17 | ) | | | 0.96 | | | | 0.79 | | | | | | | | — | | | | — | | | | — | | | | 26.01 | |
Class C (12/04) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(f) | | | 38.87 | | | | (0.15 | ) | | | 7.51 | | | | 7.36 | | | | | | | | — | | | | (1.36 | ) | | | (1.36 | ) | | | 44.87 | |
2016 | | | 41.03 | | | | (0.46 | ) | | | (1.64 | ) | | | (2.10 | ) | | | | | | | — | | | | (0.06 | ) | | | (0.06 | ) | | | 38.87 | |
2015 | | | 39.98 | | | | (0.59 | ) | | | 1.64 | | | | 1.05 | | | | | | | | — | | | | — | | | | — | | | | 41.03 | |
2014 | | | 31.33 | | | | (0.55 | ) | | | 9.20 | | | | 8.65 | | | | | | | | — | | | | — | | | | — | | | | 39.98 | |
2013 | | | 24.77 | | | | (0.31 | ) | | | 6.87 | | | | 6.56 | | | | | | | | — | | | | — | | | | — | | | | 31.33 | |
2012 | | | 24.20 | | | | (0.34 | ) | | | 0.91 | | | | 0.57 | | | | | | | | — | | | | — | | | | — | | | | 24.77 | |
Class R3 (9/09) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(f) | | | 41.62 | | | | (0.05 | ) | | | 8.06 | | | | 8.01 | | | | | | | | — | | | | (1.36 | ) | | | (1.36 | ) | | | 48.27 | |
2016 | | | 43.71 | | | | (0.28 | ) | | | (1.75 | ) | | | (2.03 | ) | | | | | | | — | | | | (0.06 | ) | | | (0.06 | ) | | | 41.62 | |
2015 | | | 42.38 | | | | (0.41 | ) | | | 1.74 | | | | 1.33 | | | | | | | | — | | | | — | | | | — | | | | 43.71 | |
2014 | | | 33.04 | | | | (0.40 | ) | | | 9.74 | | | | 9.34 | | | | | | | | — | | | | — | | | | — | | | | 42.38 | |
2013 | | | 25.99 | | | | (0.24 | ) | | | 7.29 | | | | 7.05 | | | | | | | | — | | | | — | | | | — | | | | 33.04 | |
2012 | | | 25.26 | �� | | | (0.23 | ) | | | 0.96 | | | | 0.73 | | | | | | | | — | | | | — | | | | — | | | | 25.99 | |
Class R6 (2/13) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(f) | | | 43.13 | | | | 0.12 | | | | 8.37 | | | | 8.49 | | | | | | | | — | | | | (1.36 | ) | | | (1.36 | ) | | | 50.26 | |
2016 | | | 45.00 | | | | — | * | | | (1.81 | ) | | | (1.81 | ) | | | | | | | — | | | | (0.06 | ) | | | (0.06 | ) | | | 43.13 | |
2015 | | | 43.35 | | | | (0.14 | ) | | | 1.79 | | | | 1.65 | | | | | | | | — | | | | — | | | | — | | | | 45.00 | |
2014 | | | 33.60 | | | | (0.16 | ) | | | 9.91 | | | | 9.75 | | | | | | | | — | | | | — | | | | — | | | | 43.35 | |
2013(c) | | | 31.19 | | | | (0.10 | ) | | | 2.51 | | | | 2.41 | | | | | | | | — | | | | — | | | | — | | | | 33.60 | |
Class I (12/04) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(f) | | | 42.93 | | | | 0.07 | | | | 8.33 | | | | 8.40 | | | | | | | | — | | | | (1.36 | ) | | | (1.36 | ) | | | 49.97 | |
2016 | | | 44.86 | | | | (0.09 | ) | | | (1.78 | ) | | | (1.87 | ) | | | | | | | — | | | | (0.06 | ) | | | (0.06 | ) | | | 42.93 | |
2015 | | | 43.28 | | | | (0.21 | ) | | | 1.79 | | | | 1.58 | | | | | | | | — | | | | — | | | | — | | | | 44.86 | |
2014 | | | 33.58 | | | | (0.20 | ) | | | 9.90 | | | | 9.70 | | | | | | | | — | | | | — | | | | — | | | | 43.28 | |
2013 | | | 26.29 | | | | (0.04 | ) | | | 7.33 | | | | 7.29 | | | | | | | | — | | | | — | | | | — | | | | 33.58 | |
2012 | | | 25.42 | | | | (0.11 | ) | | | 0.98 | | | | 0.87 | | | | | | | | — | | | | — | | | | — | | | | 26.29 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Ratios/Supplemental Data | |
| | | | | | | | | | Ratios to Average
Net Assets(e) | | | | | | | |
| | | | | | |
Total
Return(b) | | | Ending
Net
Assets
(000) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | | | | Portfolio
Turnover
Rate(d) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 19.38 | % | | $ | 98,274 | | | | | | | | 1.32 | %** | | | 0.04 | %** | | | | | | | 30 | % |
| | (4.37 | ) | | | 90,656 | | | | | | | | 1.38 | | | | (0.46 | ) | | | | | | | 39 | |
| | 3.38 | | | | 122,575 | | | | | | | | 1.42 | | | | (0.71 | ) | | | | | | | 38 | |
| | 28.61 | | | | 51,477 | | | | | | | | 1.36 | | | | (0.73 | ) | | | | | | | 49 | |
| | 27.41 | | | | 10,229 | | | | | | | | 1.38 | | | | (0.40 | ) | | | | | | | 41 | |
| | 3.09 | | | | 7,107 | | | | | | | | 1.45 | | | | (0.68 | ) | | | | | | | 44 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 18.91 | | | | 26,177 | | | | | | | | 2.07 | ** | | | (0.72 | )** | | | | | | | 30 | |
| | (5.08 | ) | | | 24,886 | | | | | | | | 2.13 | | | | (1.20 | ) | | | | | | | 39 | |
| | 2.63 | | | | 29,732 | | | | | | | | 2.17 | | | | (1.47 | ) | | | | | | | 38 | |
| | 27.61 | | | | 18,004 | | | | | | | | 2.11 | | | | (1.50 | ) | | | | | | | 49 | |
| | 26.48 | | | | 5,739 | | | | | | | | 2.12 | | | | (1.12 | ) | | | | | | | 41 | |
| | 2.36 | | | | 4,308 | | | | | | | | 2.19 | | | | (1.43 | ) | | | | | | | 44 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 19.23 | | | | 8,959 | | | | | | | | 1.57 | ** | | | (0.21 | )** | | | | | | | 30 | |
| | (4.61 | ) | | | 7,532 | | | | | | | | 1.64 | | | | (0.69 | ) | | | | | | | 39 | |
| | 3.14 | | | | 6,500 | | | | | | | | 1.67 | | | | (0.96 | ) | | | | | | | 38 | |
| | 28.27 | | | | 2,632 | | | | | | | | 1.61 | | | | (1.01 | ) | | | | | | | 49 | |
| | 27.13 | | | | 715 | | | | | | | | 1.68 | | | | (0.78 | ) | | | | | | | 41 | |
| | 2.85 | | | | 72 | | | | | | | | 1.69 | | | | (0.93 | ) | | | | | | | 44 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 19.67 | | | | 11,259 | | | | | | | | 0.86 | ** | | | 0.50 | ** | | | | | | | 30 | |
| | (3.99 | ) | | | 8,584 | | | | | | | | 0.98 | | | | 0.01 | | | | | | | | 39 | |
| | 3.81 | | | | 3,625 | | | | | | | | 1.01 | | | | (0.33 | ) | | | | | | | 38 | |
| | 29.02 | | | | 3,138 | | | | | | | | 1.02 | | | | (0.42 | ) | | | | | | | 49 | |
| | 7.73 | | | | 2,092 | | | | | | | | 1.10 | ** | | | (0.82 | )** | | | | | | | 41 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 19.55 | | | | 567,930 | | | | | | | | 1.07 | ** | | | 0.29 | ** | | | | | | | 30 | |
| | (4.13 | ) | | | 467,821 | | | | | | | | 1.13 | | | | (0.20 | ) | | | | | | | 39 | |
| | 3.65 | | | | 447,072 | | | | | | | | 1.17 | | | | (0.47 | ) | | | | | | | 38 | |
| | 28.89 | | | | 252,554 | | | | | | | | 1.11 | | | | (0.50 | ) | | | | | | | 49 | |
| | 27.73 | | | | 136,659 | | | | | | | | 1.12 | | | | (0.14 | ) | | | | | | | 41 | |
| | 3.38 | | | | 91,213 | | | | | | | | 1.19 | | | | (0.43 | ) | | | | | | | 44 | |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. | |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. | |
| (c) | For the period February 15, 2013 (commencement of operations) through June 30, 2013. | |
| (d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. | |
| (e) | The Fund has a fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver and/or expense reimbursement during the periods presented herein. | |
| (f) | For the six months ended December 31, 2016. | |
| * | Rounds to less than $0.01 per share. | |
See accompanying notes to financial statements.
Financial Highlights (Unaudited) (continued)
Tradewinds Value Opportunities
Selected data for a share outstanding throughout each period:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | |
| | | | | | Investment Operations
| | | | | | Less Distributions | | | | |
| | | | | | | | | |
Class (Commencement Date) Year Ended June 30, | | Beginning
NAV | | | Net
Investment
Income
(Loss)(a) | | | Net
Realized/
Unrealized
Gain (Loss) | | | Total | | | | | | From
Net
Investment
Income | | | From
Accumulated
Net Realized
Gains | | | Total | | | Ending
NAV | |
Class A (12/04) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(e) | | $ | 30.22 | | | $ | 0.25 | | | $ | 1.47 | | | $ | 1.72 | | | | | | | $ | (0.71 | ) | | $ | (3.00 | ) | | $ | (3.71 | ) | | $ | 28.23 | |
2016 | | | 32.69 | | | | 0.44 | | | | 0.07 | | | | 0.51 | | | | | | | | (0.21 | ) | | | (2.77 | ) | | | (2.98 | ) | | | 30.22 | |
2015 | | | 38.88 | | | | 0.20 | | | | 0.24 | | | | 0.44 | | | | | | | | (0.35 | ) | | | (6.28 | ) | | | (6.63 | ) | | | 32.69 | |
2014 | | | 32.96 | | | | 0.36 | | | | 6.97 | | | | 7.33 | | | | | | | | (0.37 | ) | | | (1.04 | ) | | | (1.41 | ) | | | 38.88 | |
2013 | | | 28.51 | | | | 0.18 | | | | 5.40 | | | | 5.58 | | | | | | | | (1.13 | ) | | | — | | | | (1.13 | ) | | | 32.96 | |
2012 | | | 35.58 | | | | 0.34 | | | | (4.64 | ) | | | (4.30 | ) | | | | | | | (0.75 | ) | | | (2.02 | ) | | | (2.77 | ) | | | 28.51 | |
Class C (12/04) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(e) | | | 29.12 | | | | 0.13 | | | | 1.41 | | | | 1.54 | | | | | | | | (0.46 | ) | | | (3.00 | ) | | | (3.46 | ) | | | 27.20 | |
2016 | | | 31.62 | | | | 0.20 | | | | 0.07 | | | | 0.27 | | | | | | | | — | | | | (2.77 | ) | | | (2.77 | ) | | | 29.12 | |
2015 | | | 37.81 | | | | (0.05 | ) | | | 0.21 | | | | 0.16 | | | | | | | | (0.07 | ) | | | (6.28 | ) | | | (6.35 | ) | | | 31.62 | |
2014 | | | 32.10 | | | | 0.10 | | | | 6.76 | | | | 6.86 | | | | | | | | (0.11 | ) | | | (1.04 | ) | | | (1.15 | ) | | | 37.81 | |
2013 | | | 27.76 | | | | (0.04 | ) | | | 5.26 | | | | 5.22 | | | | | | | | (0.88 | ) | | | — | | | | (0.88 | ) | | | 32.10 | |
2012 | | | 34.68 | | | | 0.13 | | | | (4.55 | ) | | | (4.42 | ) | | | | | | | (0.48 | ) | | | (2.02 | ) | | | (2.50 | ) | | | 27.76 | |
Class R3 (8/08) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(e) | | | 30.23 | | | | 0.20 | | | | 1.47 | | | | 1.67 | | | | | | | | (0.63 | ) | | | (3.00 | ) | | | (3.63 | ) | | | 28.27 | |
2016 | | | 32.69 | | | | 0.35 | | | | 0.09 | | | | 0.44 | | | | | | | | (0.13 | ) | | | (2.77 | ) | | | (2.90 | ) | | | 30.23 | |
2015 | | | 38.87 | | | | 0.13 | | | | 0.23 | | | | 0.36 | | | | | | | | (0.26 | ) | | | (6.28 | ) | | | (6.54 | ) | | | 32.69 | |
2014 | | | 32.96 | | | | 0.28 | | | | 6.95 | | | | 7.23 | | | | | | | | (0.28 | ) | | | (1.04 | ) | | | (1.32 | ) | | | 38.87 | |
2013 | | | 28.51 | | | | 0.12 | | | | 5.39 | | | | 5.51 | | | | | | | | (1.06 | ) | | | — | | | | (1.06 | ) | | | 32.96 | |
2012 | | | 35.57 | | | | 0.30 | | | | (4.67 | ) | | | (4.37 | ) | | | | | | | (0.67 | ) | | | (2.02 | ) | | | (2.69 | ) | | | 28.51 | |
Class I (12/04) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2017(e) | | | 30.39 | | | | 0.28 | | | | 1.49 | | | | 1.77 | | | | | | | | (0.79 | ) | | | (3.00 | ) | | | (3.79 | ) | | | 28.37 | |
2016 | | | 32.85 | | | | 0.52 | | | | 0.09 | | | | 0.61 | | | | | | | | (0.30 | ) | | | (2.77 | ) | | | (3.07 | ) | | | 30.39 | |
2015 | | | 39.04 | | | | 0.31 | | | | 0.23 | | | | 0.54 | | | | | | | | (0.45 | ) | | | (6.28 | ) | | | (6.73 | ) | | | 32.85 | |
2014 | | | 33.09 | | | | 0.45 | | | | 6.99 | | | | 7.44 | | | | | | | | (0.45 | ) | | | (1.04 | ) | | | (1.49 | ) | | | 39.04 | |
2013 | | | 28.62 | | | | 0.26 | | | | 5.42 | | | | 5.68 | | | | | | | | (1.21 | ) | | | — | | | | (1.21 | ) | | | 33.09 | |
2012 | | | 35.72 | | | | 0.42 | | | | (4.66 | ) | | | (4.24 | ) | | | | | | | (0.84 | ) | | | (2.02 | ) | | | (2.86 | ) | | | 28.62 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Ratios/Supplemental Data | |
| | | | | | | | | | Ratios to Average
Net Assets Before
Waiver/Reimbursement | | | | | | Ratios to Average
Net Assets After
Waiver/Reimbursement(d) | | | | | | | |
| | | | | | | | | |
Total
Return(b) | | | Ending
Net
Assets
(000) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | | | | Expenses | | | Net
Investment
Income
(Loss) | | | | | | Portfolio
Turnover
Rate(c) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5.70 | % | | $ | 71,666 | | | | | | | | 1.23 | %* | | | 1.53 | %* | | | | | | | 1.15 | %* | | | 1.61 | %* | | | | | | | 71 | % |
| | 1.92 | | | | 80,120 | | | | | | | | 1.25 | | | | 1.44 | | | | | | | | 1.25 | | | | 1.44 | | | | | | | | 71 | |
| | 2.02 | | | | 107,063 | | | | | | | | 1.27 | | | | 0.57 | | | | | | | | 1.27 | | | | 0.57 | | | | | | | | 101 | |
| | 22.67 | | | | 225,212 | | | | | | | | 1.25 | | | | 1.01 | | | | | | | | 1.25 | | | | 1.01 | | | | | | | | 107 | |
| | 20.08 | | | | 244,827 | | | | | | | | 1.35 | | | | 0.60 | | | | | | | | 1.35 | | | | 0.60 | | | | | | | | 84 | |
| | (12.46 | ) | | | 492,397 | | | | | | | | 1.17 | | | | 1.05 | | | | | | | | 1.17 | | | | 1.05 | | | | | | | | 97 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5.32 | | | | 65,301 | | | | | | | | 1.98 | * | | | 0.78 | * | | | | | | | 1.90 | * | | | 0.86 | * | | | | | | | 71 | |
| | 1.17 | | | | 72,822 | | | | | | | | 2.00 | | | | 0.69 | | | | | | | | 2.00 | | | | 0.69 | | | | | | | | 71 | |
| | 1.25 | | | | 93,716 | | | | | | | | 2.03 | | | | (0.14 | ) | | | | | | | 2.03 | | | | (0.14 | ) | | | | | | | 101 | |
| | 21.75 | | | | 124,326 | | | | | | | | 2.00 | | | | 0.27 | | | | | | | | 2.00 | | | | 0.27 | | | | | | | | 107 | |
| | 19.15 | | | | 130,098 | | | | | | | | 2.09 | | | | (0.13 | ) | | | | | | | 2.09 | | | | (0.13 | ) | | | | | | | 84 | |
| | (13.11 | ) | | | 224,079 | | | | | | | | 1.91 | | | | 0.40 | | | | | | | | 1.91 | | | | 0.40 | | | | | | | | 97 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5.55 | | | | 1,640 | | | | | | | | 1.48 | * | | | 1.24 | * | | | | | | | 1.40 | * | | | 1.32 | * | | | | | | | 71 | |
| | 1.69 | | | | 2,267 | | | | | | | | 1.50 | | | | 1.16 | | | | | | | | 1.50 | | | | 1.16 | | | | | | | | 71 | |
| | 1.78 | | | | 3,536 | | | | | | | | 1.53 | | | | 0.37 | | | | | | | | 1.53 | | | | 0.37 | | | | | | | | 101 | |
| | 22.36 | | | | 4,800 | | | | | | | | 1.50 | | | | 0.78 | | | | | | | | 1.50 | | | | 0.78 | | | | | | | | 107 | |
| | 19.77 | | | | 4,503 | | | | | | | | 1.58 | | | | 0.38 | | | | | | | | 1.58 | | | | 0.38 | | | | | | | | 84 | |
| | (12.67 | ) | | | 6,298 | | | | | | | | 1.40 | | | | 0.93 | | | | | | | | 1.40 | | | | 0.93 | | | | | | | | 97 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 5.83 | | | | 68,216 | | | | | | | | 0.98 | * | | | 1.68 | * | | | | | | | 0.90 | * | | | 1.76 | * | | | | | | | 71 | |
| | 2.21 | | | | 105,123 | | | | | | | | 1.00 | | | | 1.69 | | | | | | | | 1.00 | | | | 1.69 | | | | | | | | 71 | |
| | 2.27 | | | | 137,904 | | | | | | | | 1.03 | | | | 0.88 | | | | | | | | 1.03 | | | | 0.88 | | | | | | | | 101 | |
| | 22.95 | | | | 140,424 | | | | | | | | 0.99 | | | | 1.25 | | | | | | | | 0.99 | | �� | | 1.25 | | | | | | | | 107 | |
| | 20.39 | | | | 176,899 | | | | | | | | 1.09 | | | | 0.84 | | | | | | | | 1.09 | | | | 0.84 | | | | | | | | 84 | |
| | (12.27 | ) | | | 400,383 | | | | | | | | 0.92 | | | | 1.28 | | | | | | | | 0.92 | | | | 1.28 | | | | | | | | 97 | |
| (a) | Per share Net Investment Income (Loss) is calculated using the average daily shares method. | |
| (b) | Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized. | |
| (c) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. | |
| (d) | After fee waiver and/or expense reimbursement from the Adviser, where applicable. | |
| (e) | For the six months ended December 31, 2016. | |
See accompanying notes to financial statements.
Notes to
Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust and Fund Information
The Nuveen Investment Trust (the “Trust”), is an open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of the Nuveen NWQ Global All-Cap Fund (“NWQ Global All-Cap”), Nuveen NWQ Global Equity Income Fund (“NWQ Global Equity Income”), Nuveen NWQ Multi-Cap Value Fund (“NWQ Multi-Cap Value”), Nuveen NWQ Large-Cap Value Fund (“NWQ Large-Cap Value”), Nuveen NWQ Small/Mid-Cap Value Fund (“NWQ Small/Mid-Cap Value”), Nuveen NWQ Small-Cap Value Fund (“NWQ Small-Cap Value”) and Nuveen Tradewinds Value Opportunities Fund (“Tradewinds Value Opportunities”) (each a “Fund” and collectively, the “Funds”), as diversified funds, among others. The Trust was organized as a Massachusetts business trust in 1996.
The end of the reporting period for the Funds is December 31, 2016, and the period covered by these Notes to Financial Statements is the six months ended December 31, 2016 (the “current fiscal period”).
Effective August 1, 2016, NWQ Global All-Cap changed its name from Nuveen NWQ Global Equity Fund.
Investment Adviser
The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with NWQ Investment Management Company, LLC (“NWQ”), for NWQ Global All-Cap, NWQ Global Equity Income, NWQ Multi-Cap Value, NWQ Large-Cap Value, NWQ Small/Mid-Cap Value and NWQ Small-Cap Value under which NWQ manages the investment portfolios of the Funds. For the period July 1, 2016 through July 31, 2016, the Adviser entered into a sub-advisory agreement with Tradewinds Global Investors, LLC (“Tradewinds”) for Tradewinds Value Opportunities, under which Tradewinds managed the investment portfolio of the Fund. Effective August 1, 2016, the Adviser entered into a sub-advisory agreement with NWQ under which NWQ manages the investment portfolio of the Fund and the Fund’s sub-advisory agreement with Tradewinds was terminated.
Investment Objectives
NWQ Global All-Cap’s, NWQ Multi-Cap Value’s, NWQ Large-Cap Value’s, NWQ Small/Mid-Cap Value’s, NWQ Small-Cap Value’s and Tradewinds Value Opportunities’ investment objectives are to provide investors with long-term capital appreciation. NWQ Global Equity Income’s investment objective is to provide high current income and long-term capital appreciation.
The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.
Fund Reorganizations
In May 2016 the Nuveen funds’ Board of Trustees approved the reorganizations of three Funds, two of them open-end funds – Tradewinds Value Opportunities and Nuveen Tradewinds Global All-Cap Fund – and the closed-end Nuveen Global Equity Income Fund (NYSE: JGV) (each an “Acquired Fund” and together the “Acquired Funds”) into NWQ Global Equity Income (the “Acquiring Fund”), a series of Nuveen Investment Trust which is advised by the Adviser and NWQ. In order for the reorganization to occur for an Acquired Fund, it must be approved by the shareholders of that Fund. There is no requirement for a given reorganization to occur that shareholders of the other Acquired Funds approve the reorganization. Therefore, it is possible that the reorganization could occur between the Acquiring Fund and only one or two of the Acquired Funds.
The Reorganization was approved by the shareholders of JGV at a special meeting on September 16, 2016 and prior to the open of business on October 17, 2016, JGV was reorganized into NWQ Global Equity Income (the “Reorganization”).
For accounting and performance reporting purposes, the Acquiring Fund is the survivor.
Upon the closing of the Reorganization, the Acquired Fund transferred all of its assets and liabilities to the Acquiring Fund in exchange for Acquiring Fund Class A Shares of equal value. Shares of the Acquiring Fund were then distributed to shareholders of the Acquired Fund and the Acquired Fund was terminated. As a result of this Reorganization, shareholders of the Acquired Fund became shareholders of the Acquiring Fund. The shareholders of the Acquired Fund received Acquiring Fund shares with a total value equal to the total value of their Acquired Fund shares immediately prior to the closing of the Reorganization. Details of the Reorganization are further described in Note 9 – Fund Reorganization.
Significant Accounting Policies
Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946 “Financial Services – Investment Companies.” The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Investment Transactions
Investment transactions are recorded on a trade date basis. Realized gains and losses from investment transactions are determined on the specific identification method, which is the same basis used for federal income tax purposes. Investments purchased on a when-issued/delayed delivery basis may have extended settlement periods. Any investments so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments.
As of the end of the reporting period, the Funds did not have any outstanding when-issued/delayed delivery purchase commitments.
Investment Income
Dividend income is recorded on the ex-dividend date or, for foreign securities, when information is available. Interest income, which reflects the amortization of premiums and includes accretion of discounts for financial reporting purposes, is recorded on an accrual basis. Interest income also reflects paydown gains and losses, if any.
Professional Fees
Professional fees presented on the Statement of Operations consist of legal fees incurred in the normal course of operations, audit fees, tax consulting fees and, in some cases, workout expenditures. Workout expenditures are incurred in an attempt to protect or enhance an investment or to pursue other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in prior reporting period, such amounts will be recognized as “Legal fee refund” on the Statement of Operations.
Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared and distributed to shareholders of the Funds (except for NWQ Global Equity Income) at least annually. Dividends from net investment income, if any, are declared and distributed to shareholders of NWQ Global Equity Income at least quarterly. Net realized capital gains from investment transactions, if any, are declared and distributed to shareholders at least annually. Furthermore, capital gains are distributed only to the extent they exceed available capital loss carryforwards.
Distributions to shareholders are recorded on the ex-dividend date. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Share Classes and Sales Charges
Class A Shares are generally sold with an up-front sales charge and incur a 0.25% annual 12b-1 service fee. Class A Share purchases of $1 million or more are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) of 1% if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class R3 Shares are sold without an up-front sales charge but incur a 0.25% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6 Shares and Class I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
Effective July 8, 2016, Class R3 Shares of NWQ Global Equity Income became available to the public.
Multiclass Operations and Allocations
Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares are recorded to the specific class. Currently, the only expenses that are allocated on a class-specific basis are 12b-1 distribution and service fees.
Sub-transfer agent fees and similar fees, which are recognized as a component of “Shareholder servicing agent fees” on the Statement of Operations, are not charged to Class R6 Shares and are prorated among the classes based on the relative net assets.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Indemnifications
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Notes to Financial Statements (Unaudited) (continued)
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivative Association, Inc. (“ISDA”) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds’ investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 3 – Portfolio Securities and Investments in Derivatives.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the current fiscal period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
| | |
| Level 1 – | | Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities. |
| Level 2 – | | Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3 – | | Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments). |
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the NASDAQ National Market (“NASDAQ”) are valued at the NASDAQ Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or NASDAQ for which there were no transactions on a given day or securities not listed on a securities exchange or NASDAQ are valued at the quoted bid price and are generally classified as Level 2. Prices of certain American Depositary Receipts (“ADR”) held by the Funds that trade in the United States are valued based on the last traded price, official closing price or the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange (“NYSE”), which may represent a transfer from a Level 1 to a Level 2 security.
Prices of fixed-income securities are provided by an independent pricing service (“pricing service”) approved by the Funds’ Board of Trustees (the “Board”). The pricing service establishes a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2. In pricing certain securities, particularly less liquid and lower quality securities, the pricing service may consider information about a security, its issuer or market activity, provided by the Adviser. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
The value of exchange-traded options are based on the mean of the closing bid and ask prices and are generally classified as Level 1. Options traded in the over-the-counter market are valued using an evaluated mean price and are generally classified as Level 2.
Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.
Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from pricing services. As a result, the NAV of the Funds’ shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares. If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that the Fund’s NAV is determined, or if under the Fund’s
procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Board. These securities are generally classified as Level 2 or Level 3 depending on the priority of the significant inputs.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
| | | | | | | | | | | | | | | | |
| NWQ Global All-Cap | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 630,421 | | | $ | 667,436 | ** | | $ | — | | | $ | 1,297,857 | |
| | | | |
| NWQ Global Equity Income | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 58,679,153 | | | $ | 65,560,050 | ** | | $ | 381,893 | *** | | $ | 124,621,096 | |
Convertible Preferred Securities | | | 6,197,280 | | | | 4,531,100 | ** | | | — | | | | 10,728,380 | |
Corporate Bonds | | | — | | | | 527,725 | | | | — | | | | 527,725 | |
$25 Par (or similar) Retail Preferred | | | 1,370,805 | | | | — | | | | — | | | | 1,370,805 | |
$1,000 Par (or similar) Institutional Preferred | | | — | | | | 2,086,302 | | | | — | | | | 2,086,302 | |
Warrants | | | — | | | | 975,576 | | | | — | | | | 975,576 | |
| Total | | $ | 66,247,238 | | | $ | 73,680,753 | | | $ | 381,893 | | | $ | 140,309,884 | |
| | | | |
| NWQ Multi-Cap Value | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 98,519,475 | | | $ | 660,000 | ** | | $ | — | | | $ | 99,179,475 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | — | | | | 698,589 | | | | — | | | | 698,589 | |
| Total | | $ | 98,519,475 | | | $ | 1,358,589 | | | | — | | | $ | 99,878,064 | |
| | | | |
| NWQ Large-Cap Value | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 97,195,770 | | | $ | — | | | $ | — | | | $ | 97,195,770 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | — | | | | 1,151,628 | | | | — | | | | 1,151,628 | |
| Total | | $ | 97,195,770 | | | $ | 1,151,628 | | | | — | | | $ | 98,347,398 | |
| | | | |
| NWQ Small/Mid-Cap Value | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 57,019,894 | | | $ | — | | | $ | — | | | $ | 57,019,894 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | — | | | | 2,452,460 | | | | — | | | | 2,452,460 | |
| Total | | $ | 57,019,894 | | | $ | 2,452,460 | | | $ | — | | | $ | 59,472,354 | |
Notes to Financial Statements (Unaudited) (continued)
| | | | | | | | | | | | | | | | |
| NWQ Small-Cap Value | | Level 1 | | | Level 2 | | | Level 3 | | | Total | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 677,062,875 | | | $ | — | | | $ | — | | | $ | 677,062,875 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | — | | | | 30,504,014 | | | | — | | | | 30,504,014 | |
| Total | | $ | 677,062,875 | | | $ | 30,504,014 | | | $ | — | | | $ | 707,566,889 | |
| | | | |
| Tradewinds Value Opportunities | | | | | | | | | | | | |
| Long-Term Investments*: | | | | | | | | | | | | | | | | |
Common Stocks | | $ | 135,870,881 | | | $ | 52,611,895 | ** | | $ | — | | | $ | 188,482,776 | |
Convertible Preferred Securities | | | 6,131,967 | | | | 5,298,151 | ** | | | — | | | | 11,430,118 | |
$25 Par (or similar) Retail Preferred | | | 1,409,700 | | | | — | | | | — | | | | 1,409,700 | |
$1,000 Par (or similar) Institutional Preferred | | | — | | | | 4,165,930 | | | | — | | | | 4,165,930 | |
| Short-Term Investments: | | | | | | | | | | | | | | | | |
Repurchase Agreements | | | — | | | | 3,209,870 | | | | — | | | | 3,209,870 | |
| Total | | $ | 143,412,548 | | | $ | 65,285,846 | | | $ | — | | | $ | 208,698,394 | |
| * | Refer to the Fund’s Portfolio of Investments for industry classifications. |
| ** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 2. |
| *** | Refer to the Fund’s Portfolio of Investments for securities classified as Level 3. |
The table below presents the transfers in and out of the three valuation levels for the following Funds as of the end of the reporting period when compared to the valuation levels as of the end of the previous fiscal year. Changes in valuation inputs or methodologies may result in transfers into or out of an assigned level within the fair value hierarchy. Transfers in or out of levels are generally due to the availability of publicly available information and to the significance or extent the Adviser determines that the valuation inputs or methodologies may impact the valuation of those securities.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Level 1 | | | | | | Level 2 | | | | | | Level 3 | |
| | | Transfers In | | | (Transfers Out) | | | | | | Transfers In | | | (Transfers Out) | | | | | | Transfers In | | | (Transfers Out) | |
NWQ Global All-Cap | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock | | $ | — | | | $ | (15,405 | ) | | | | | | $ | 15,405 | | | $ | — | | | | | | | $ | — | | | $ | — | |
NWQ Global Equity Income | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock | | $ | — | | | $ | (1,824,294 | ) | | | | | | $ | 1,824,294 | | | $ | — | | | | | | | $ | — | | | $ | — | |
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of the pricing service for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
| | (i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
| | (ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Foreign Currency Transactions
To the extent that a Fund may invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Fund will be subject to currency risk, which is the risk that an increase in the U.S. dollar relative to the foreign currency will reduce returns or portfolio value. Generally, when the U.S. dollar rises in value against a foreign currency, the Fund’s investments denominated in that currency will lose value because its currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.
As of the end of the reporting period, the following Funds’ investments in non-U.S. securities were as follows:
| | | | | | | | |
| NWQ Global All-Cap | | Value | | | % of
Net Assets | |
| Country: | | | | | | | | |
Japan | | $ | 136,777 | | | | 10.6 | % |
United Kingdom | | | 118,188 | | | | 9.1 | |
Germany | | | 84,492 | | | | 6.5 | |
Netherlands | | | 67,764 | | | | 5.2 | |
Switzerland | | | 64,361 | | | | 5.0 | |
France | | | 45,395 | | | | 3.5 | |
Spain | | | 31,849 | | | | 2.5 | |
Belgium | | | 31,305 | | | | 2.4 | |
Norway | | | 30,223 | | | | 2.3 | |
South Korea | | | 27,387 | | | | 2.1 | |
Other | | | 58,841 | | | | 4.5 | |
| Total non-U.S. securities | | $ | 696,582 | | | | 53.7 | % |
| | |
| NWQ Global Equity Income | | | | | | |
| Country: | | | | | | | | |
Germany | | $ | 16,561,247 | | | | 11.8 | % |
United Kingdom | | | 13,463,675 | | | | 9.6 | |
Switzerland | | | 8,411,475 | | | | 6.0 | |
Japan | | | 6,382,714 | | | | 4.6 | |
Netherlands | | | 5,836,318 | | | | 4.2 | |
France | | | 5,523,669 | | | | 3.9 | |
Israel | | | 4,531,100 | | | | 3.2 | |
Norway | | | 3,031,324 | | | | 2.2 | |
Belgium | | | 2,450,661 | | | | 1.7 | |
Australia | | | 1,858,379 | | | | 1.3 | |
Other | | | 6,570,993 | | | | 4.7 | |
| Total non-U.S. securities | | $ | 74,621,555 | | | | 53.2 | % |
The books and records of the Funds are maintained in U.S. dollars. Foreign currencies, assets and liabilities are translated into U.S. dollars at 4:00 p.m. Eastern Time. Investment transactions, income and expenses are translated on the respective dates of such transactions. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions and the difference between the amounts of interest and dividends recorded on the books of a Fund and the amounts actually received.
The realized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) foreign currency, (ii) investments, (iii) investments in derivatives and (iv) other assets and liabilities are recognized as a component of “Net realized gain (loss) from investments and foreign currency,” on the Statement of Operations, when applicable.
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with (i) investments and (ii) other assets and liabilities are recognized as a component of “Change in net unrealized appreciation (depreciation) of investments and foreign currency” on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange rates associated with investments in derivatives are recognized as a component of the respective derivative’s related “Change in net unrealized appreciation (depreciation)” on the Statement of Operations, when applicable.
Notes to Financial Statements (Unaudited) (continued)
Repurchase Agreements
In connection with transactions in repurchase agreements, it is each Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.
The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.
| | | | | | | | | | | | | | |
| Fund | | Counterparty | | Short-Term
Investments, at Value | | | Collateral
Pledged (From)
Counterparty* | | | Net
Exposure | |
| NWQ Multi-Cap Value | | Fixed Income Clearing Corporation | | $ | 698,589 | | | $ | 698,589 | | | $ | — | |
| NWQ Large-Cap Value | | Fixed Income Clearing Corporation | | | 1,151,628 | | | | 1,151,628 | | | | — | |
| NWQ Small/Mid-Cap Value | | Fixed Income Clearing Corporation | | | 2,452,460 | | | | 2,452,460 | | | | — | |
| NWQ Small-Cap Value | | Fixed Income Clearing Corporation | | | 30,504,014 | | | | 30,504,014 | | | | — | |
| Tradewinds Value Opportunities | | Fixed Income Clearing Corporation | | | 3,209,870 | | | | 3,209,870 | | | | — | |
| * | As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the repurchase agreements. Refer to the Fund’s Portfolio of Investments for details on the repurchase agreements. |
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Options Transactions
When a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recognized as a component of “Options written, at value” on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option until the option is exercised or expires or a Fund enters into a closing purchase transaction. The changes in the value of options written during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of options written” on the Statement of Operations. When an option is exercised or expires or the Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of “Net realized gain (loss) from options written” on the Statement of Operations. The Fund, as writer of an option has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.
During the current fiscal period, NWQ Global Equity Income wrote covered call options on individual stocks, while investing in those same stocks, to enhance returns while foregoing some upside potential. During the current fiscal period, NWQ Large-Cap Value also wrote a call option on an individual stock, and covered that position shortly afterwards.
The average notional amount of outstanding options written during the current fiscal period was as follows:
| | | | | | | | |
| | | NWQ Global Equity Income | | | NWQ Large-Cap Value** | |
| Average notional amount of outstanding options written* | | $ | (304,667 | ) | | $ | — | |
| * | The average notional amount is calculated based on the outstanding notional at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period. |
| ** | NWQ Large-Cap Value did not write any call options at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period. |
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on options written on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
| | | | | | | | | | | | |
| Fund | | Underlying
Risk Exposure | | Derivative
Instrument | | Net Realized Gain (Loss) from
Options Written | | | Change in Net Unrealized
Appreciation (Depreciation) of
Options Written | |
| NWQ Global Equity Income | | Equity price | | Options written | | $ | 11,687 | | | $ | (177 | ) |
| NWQ Large-Cap Value | | Equity price | | Options written | | | 47,687 | | | | — | |
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
4. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
| | | | | | | | | | | | | | | | |
| | | Six Months Ended
12/31/16 | | | Year Ended
6/30/16 | |
| NWQ Global All-Cap | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 607 | | | $ | 12,171 | | | | 10,296 | | | $ | 199,440 | |
Class C | | | — | | | | — | | | | — | | | | — | |
Class I | | | 951 | | | | 19,023 | | | | 20,942 | | | | 422,666 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 94 | | | | 1,924 | | | | 47 | | | | 947 | |
Class C | | | — | | | | — | | | | 1 | | | | 21 | |
Class I | | | 10 | | | | 200 | | | | 220 | | | | 4,406 | |
| | | | 1,662 | | | | 33,318 | | | | 31,506 | | | | 627,480 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (1,135 | ) | | | (22,708 | ) | | | (460 | ) | | | (9,263 | ) |
Class C | | | — | | | | — | | | | (4,558 | ) | | | (96,399 | ) |
Class I | | | — | | | | — | | | | (30,929 | ) | | | (597,010 | ) |
| | | | (1,135 | ) | | | (22,708 | ) | | | (35,947 | ) | | | (702,672 | ) |
| Net increase (decrease) | | | 527 | | | $ | 10,610 | | | | (4,441 | ) | | $ | (75,192 | ) |
| | |
| | | Six Months Ended
12/31/16 | | | Year Ended
6/30/16 | |
| NWQ Global Equity Income | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares issued in the Reorganization(1) | | | | | | | | | | | | | | | | |
Class A | | | 8,997,688 | | | $ | 223,960,676 | | | | — | | | $ | — | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 42,804 | | | | 5,340,207 | | | | 36,645 | | | | 927,099 | |
Class C | | | — | | | | — | | | | 2,762 | | | | 69,495 | |
Class R3 | | | 1 | | | | 26 | | | | — | | | | — | |
Class I | | | 42,686 | | | | 1,064,281 | | | | 1,997,332 | | | | 49,182,533 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 9,425 | | | | 240,051 | | | | 1,238 | | | | 30,679 | |
Class C | | | 6 | | | | 153 | | | | 53 | | | | 1,315 | |
Class R3 | | | — | | | | — | | | | — | | | | — | |
Class I | | | 850 | | | | 21,657 | | | | 1,817 | | | | 44,954 | |
| | | | 9,093,460 | | | | 230,627,051 | | | | 2,039,847 | | | | 50,256,075 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (5,694,367 | ) | | | (141,827,340 | ) | | | (7,160 | ) | | | (170,337 | ) |
Class C | | | (447 | ) | | | (11,205 | ) | | | (2,777 | ) | | | (65,172 | ) |
Class R3 | | | (1 | ) | | | (25 | ) | | | — | | | | — | |
Class I | | | (17,607 | ) | | | (447,796 | ) | | | (15,210 | ) | | | (379,874 | ) |
| | | | (5,712,422 | ) | | | (142,286,366 | ) | | | (25,147 | ) | | | (615,383 | ) |
| Net increase (decrease) | | | 3,381,038 | | | $ | 88,340,685 | | | | 2,014,700 | | | $ | 49,640,692 | |
| (1) | Refer to Note 9 – Fund Reorganization for further details. |
Notes to Financial Statements (Unaudited) (continued)
| | | | | | | | | | | | | | | | |
| | | Six Months Ended
12/31/16 | | | Year Ended
6/30/16 | |
| NWQ Multi-Cap Value | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 32,300 | | | $ | 828,546 | | | | 39,738 | | | $ | 951,507 | |
Class C | | | 19,848 | | | | 496,806 | | | | 37,259 | | | | 851,968 | |
Class R3 | | | 7,005 | | | | 173,155 | | | | 4,056 | | | | 94,021 | |
Class I | | | 86,600 | | | | 2,227,153 | | | | 259,969 | | | | 6,232,354 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 7,470 | | | | 199,920 | | | | 8,652 | | | | 205,402 | |
Class C | | | 964 | | | | 24,386 | | | | — | | | | — | |
Class R3 | | | 31 | | | | 813 | | | | 28 | | | | 651 | |
Class I | | | 15,256 | | | | 410,228 | | | | 17,802 | | | | 424,579 | |
| | | | 169,474 | | | | 4,361,007 | | | | 367,504 | | | | 8,760,482 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (118,516 | ) | | | (2,999,678 | ) | | | (242,081 | ) | | | (5,741,951 | ) |
Class C | | | (124,599 | ) | | | (2,959,736 | ) | | | (331,515 | ) | | | (7,458,247 | ) |
Class R3 | | | (221 | ) | | | (5,568 | ) | | | (2,378 | ) | | | (55,617 | ) |
Class I | | | (259,381 | ) | | | (6,593,400 | ) | | | (392,374 | ) | | | (9,392,676 | ) |
| | | | (502,717 | ) | | | (12,558,382 | ) | | | (968,348 | ) | | | (22,648,491 | ) |
| Net increase (decrease) | | | (333,243 | ) | | $ | (8,197,375 | ) | | | (600,844 | ) | | $ | (13,888,009 | ) |
| | |
| | | Six Months Ended
12/31/16 | | | Year Ended
6/30/16 | |
| NWQ Large-Cap Value | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 227,773 | | | $ | 1,806,366 | | | | 396,683 | | | $ | 3,857,234 | |
Class C | | | 46,773 | | | | 335,162 | | | | 200,465 | | | | 1,675,419 | |
Class R3 | | | 73 | | | | 541 | | | | 221 | | | | 1,994 | |
Class I | | | 671,176 | | | | 5,152,949 | | | | 3,068,571 | | | | 30,548,493 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 108,481 | | | | 825,021 | | | | 722,383 | | | | 5,335,244 | |
Class C | | | 86,687 | | | | 598,374 | | | | 400,308 | | | | 2,689,990 | |
Class R3 | | | 879 | | | | 6,622 | | | | 3,193 | | | | 23,329 | |
Class I | | | 1,086,784 | | | | 8,289,893 | | | | 6,405,546 | | | | 47,607,692 | |
| | | | 2,228,626 | | | | 17,014,928 | | | | 11,197,370 | | | | 91,739,395 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (630,936 | ) | | | (4,826,344 | ) | | | (963,057 | ) | | | (7,982,684 | ) |
Class C | | | (118,337 | ) | | | (817,163 | ) | | | (400,999 | ) | | | (3,171,382 | ) |
Class R3 | | | (54 | ) | | | (399 | ) | | | (165 | ) | | | (1,874 | ) |
Class I | | | (3,401,720 | ) | | | (26,184,079 | ) | | | (10,270,475 | ) | | | (96,791,956 | ) |
| | | | (4,151,047 | ) | | | (31,827,985 | ) | | | (11,634,696 | ) | | | (107,947,896 | ) |
| Net increase (decrease) | | | (1,922,421 | ) | | $ | (14,813,057 | ) | | | (437,326 | ) | | $ | (16,208,501 | ) |
| | | | | | | | | | | | | | | | |
| | | Six Months Ended
12/31/16 | | | Year Ended
6/30/16 | |
| NWQ Small/Mid-Cap Value | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 84,275 | | | $ | 2,777,592 | | | | 207,455 | | | $ | 5,512,334 | |
Class C | | | 11,674 | | | | 330,578 | | | | 23,911 | | | | 612,329 | |
Class R3 | | | 3,053 | | | | 91,357 | | | | 10,290 | | | | 261,755 | |
Class R6* | | | — | | | | — | | | | 891 | | | | 25,000 | |
Class I | | | 260,447 | | | | 8,204,830 | | | | 355,376 | | | | 9,623,095 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | — | | | | — | | | | — | | | | — | |
Class C | | | — | | | | — | | | | — | | | | — | |
Class R3 | | | — | | | | — | | | | — | | | | — | |
Class R6* | | | — | | | | — | | | | — | | | | — | |
Class I | | | — | | | | — | | | | — | | | | — | |
| | | | 359,449 | | | | 11,404,357 | | | | 597,923 | | | | 16,034,513 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (107,186 | ) | | | (3,144,875 | ) | | | (101,644 | ) | | | (2,772,010 | ) |
Class C | | | (12,128 | ) | | | (329,221 | ) | | | (35,845 | ) | | | (893,839 | ) |
Class R3 | | | (1,224 | ) | | | (35,482 | ) | | | (1,135 | ) | | | (28,126 | ) |
Class R6* | | | — | | | | — | | | | — | | | | — | |
Class I | | | (212,421 | ) | | | (6,208,758 | ) | | | (481,771 | ) | | | (13,289,722 | ) |
| | | | (332,959 | ) | | | (9,718,336 | ) | | | (620,395 | ) | | | (16,983,697 | ) |
| Net increase (decrease) | | | 26,490 | | | | 1,686,021 | | | | (22,472 | ) | | $ | (949,184 | ) |
* Class R6 Shares commenced operations at close of business on June 30, 2016. | |
| | |
| | | Six Months Ended
12/31/16 | | | Year Ended
6/30/16 | |
| NWQ Small-Cap Value | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 317,294 | | | $ | 14,297,055 | | | | 633,923 | | | $ | 25,809,239 | |
Class C | | | 33,054 | | | | 1,429,623 | | | | 106,842 | | | | 4,072,934 | |
Class R3 | | | 33,457 | | | | 1,522,239 | | | | 92,707 | | | | 3,752,617 | |
Class R6 | | | 39,249 | | | | 1,848,300 | | | | 186,143 | | | | 7,564,561 | |
Class I | | | 1,715,182 | | | | 80,892,663 | | | | 4,069,142 | | | | 170,444,833 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 46,298 | | | | 2,248,249 | | | | 3,201 | | | | 131,604 | |
Class C | | | 15,188 | | | | 677,528 | | | | 1,005 | | | | 38,345 | |
Class R3 | | | 1,735 | | | | 83,227 | | | | 103 | | | | 4,193 | |
Class R6 | | | 5,860 | | | | 292,648 | | | | 299 | | | | 12,584 | |
Class I | | | 294,819 | | | | 14,637,789 | | | | 14,829 | | | | 621,456 | |
| | | | 2,502,136 | | | | 117,929,321 | | | | 5,108,194 | | | | 212,452,366 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (507,631 | ) | | | (23,333,514 | ) | | | (1,263,572 | ) | | | (51,343,312 | ) |
Class C | | | (105,185 | ) | | | (4,460,295 | ) | | | (192,236 | ) | | | (7,257,596 | ) |
Class R3 | | | (30,573 | ) | | | (1,416,090 | ) | | | (60,551 | ) | | | (2,453,416 | ) |
Class R6 | | | (20,095 | ) | | | (940,246 | ) | | | (67,988 | ) | | | (2,908,893 | ) |
Class I | | | (1,540,434 | ) | | | (72,280,310 | ) | | | (3,153,074 | ) | | | (130,211,303 | ) |
| | | | (2,203,918 | ) | | | (102,430,455 | ) | | | (4,737,421 | ) | | | (194,174,520 | ) |
| Net increase (decrease) | | | 298,218 | | | | 15,498,866 | | | | 370,773 | | | $ | 18,277,846 | |
Notes to Financial Statements (Unaudited) (continued)
| | | | | | | | | | | | | | | | |
| | | Six Months Ended
12/31/16 | | | Year Ended
6/30/16 | |
| Tradewinds Value Opportunities | | Shares | | | Amount | | | Shares | | | Amount | |
| Shares sold: | | | | | | | | | | | | | | | | |
Class A | | | 126,107 | | | $ | 3,746,874 | | | | 221,673 | | | $ | 6,644,590 | |
Class C | | | 39,925 | | | | 1,118,367 | | | | 61,134 | | | | 1,760,008 | |
Class R3 | | | 8,384 | | | | 249,694 | | | | 18,793 | | | | 555,264 | |
Class I | | | 196,859 | | | | 5,982,768 | | | | 315,891 | | | | 9,572,582 | |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | | | | | | | | | | | | |
Class A | | | 262,106 | | | | 7,527,915 | | | | 254,895 | | | | 7,466,314 | |
Class C | | | 245,410 | | | | 6,756,259 | | | | 231,751 | | | | 6,516,850 | |
Class R3 | | | 2,939 | | | | 84,405 | | | | 4,142 | | | | 121,139 | |
Class I | | | 267,351 | | | | 7,728,631 | | | | 359,290 | | | | 10,595,909 | |
| | | | 1,149,081 | | | | 33,194,913 | | | | 1,467,569 | | | | 43,232,656 | |
| Shares redeemed: | | | | | | | | | | | | | | | | |
Class A | | | (500,524 | ) | | | (15,278,263 | ) | | | (1,100,926 | ) | | | (33,348,594 | ) |
Class C | | | (384,534 | ) | | | (11,295,967 | ) | | | (756,221 | ) | | | (22,017,293 | ) |
Class R3 | | | (28,314 | ) | | | (871,802 | ) | | | (56,102 | ) | | | (1,751,760 | ) |
Class I | | | (1,518,565 | ) | | | (47,220,107 | ) | | | (1,413,289 | ) | | | (43,023,739 | ) |
| | | | (2,431,937 | ) | | | (74,666,139 | ) | | | (3,326,538 | ) | | | (100,141,386 | ) |
| Net increase (decrease) | | | (1,282,856 | ) | | $ | (41,471,226 | ) | | | (1,858,969 | ) | | $ | (56,908,730 | ) |
5. Investment Transactions
Long-term purchases and sales (excluding derivative transactions, where applicable) during the current fiscal period were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | NWQ Global
All-Cap | | | NWQ Global
Equity Income | | | NWQ Multi-Cap
Value | | | NWQ Large-Cap
Value | | | NWQ Small/Mid-Cap
Value | | | NWQ Small-Cap
Value | | | Tradewinds Value
Opportunities | |
| Purchases | | $ | 301,072 | | | $ | 82,615,317 | | | $ | 25,007,357 | | | $ | 24,392,634 | | | $ | 24,168,085 | | | $ | 183,461,796 | | | $ | 157,640,133 | |
| Sales | | | 263,666 | | | | 210,779,581 | | | | 33,382,902 | | | | 45,522,441 | | | | 26,567,147 | | | | 191,183,252 | | | | 213,583,646 | |
Transactions in options written during the current fiscal period, were as follows:
| | | | | | | | | | | | | | | | |
| | | NWQ Global
Equity Income | | | NWQ Large-Cap
Value | |
| | | Number of
Contracts | | | Premiums
Received | | | Number of
Contracts | | | Premiums
Received | |
| Options outstanding, beginning of period | | | 253 | | | $ | 7,272 | | | | — | | | $ | — | |
| Options written | | | 115 | | | | 9,831 | | | | 150 | | | | 49,193 | |
| Options terminated in closing purchase transactions | | | (66 | ) | | | (7,022 | ) | | | (150 | ) | | | (49,193 | ) |
| Options expired | | | (302 | ) | | | (10,081 | ) | | | — | | | | — | |
| Options outstanding, end of period | | | — | | | $ | — | | | | — | | | $ | — | |
6. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
As of December 31, 2016, the cost and unrealized appreciation (depreciation) of investments, as determined on a federal income tax basis, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | NWQ Global
All-Cap | | | NWQ Global
Equity Income | | | NWQ Multi-Cap
Value | | | NWQ Large-Cap
Value | | | NWQ Small/Mid-Cap
Value | | | NWQ Small-Cap
Value | | | Tradewinds
Value
Opportunities | |
| Cost of investments | | $ | 1,232,819 | | | $ | 138,518,088 | | | $ | 83,956,459 | | | $ | 66,803,296 | | | $ | 49,370,017 | | | $ | 574,126,475 | | | $ | 192,240,556 | |
| Gross unrealized: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Appreciation | | $ | 187,618 | | | $ | 11,031,486 | | | $ | 20,746,033 | | | $ | 31,842,672 | | | $ | 11,949,996 | | | $ | 157,090,522 | | | $ | 25,297,293 | |
Depreciation | | | (122,580 | ) | | | (9,239,690 | ) | | | (4,824,428 | ) | | | (298,570 | ) | | | (1,847,659 | ) | | | (23,650,108 | ) | | | (8,839,455 | ) |
| Net unrealized appreciation (depreciation) | | $ | 65,038 | | | $ | 1,791,796 | | | $ | 15,921,605 | | | $ | 31,544,102 | | | $ | 10,102,337 | | | $ | 133,440,414 | | | $ | 16,457,838 | |
Permanent differences, primarily due to net operating losses, foreign currency transactions, tax equalization, investments in partnerships, distribution reallocations, investments in passive foreign investment companies, and expiration of capital loss carryforwards, resulted in reclassifications among the Funds’ components of net assets as of June 30, 2016, the Funds’ last tax year end, as follows:
| | | | | | | | | | | | | | | | |
| | | NWQ Global
All-Cap | | | NWQ Global
Equity Income | | | NWQ Multi-Cap
Value | | | NWQ Large-Cap
Value | |
| Capital paid-in | | $ | — | | | $ | (36 | ) | | $ | — | | | $ | 2,895,998 | |
| Undistributed (Over-distribution of) net investment income | | | (287 | ) | | | (39,164 | ) | | | (210 | ) | | | (1,927 | ) |
| Accumulated net realized gain (loss) | | | 287 | | | | 39,200 | | | | 210 | | | | (2,894,071 | ) |
| | | | | | | | | | | | |
| | | |
| | | NWQ Small/Mid-Cap
Value | | | NWQ Small-Cap
Value | | | Tradewinds Value
Opportunities | |
| Capital paid-in | | $ | (52,423 | ) | | $ | (877,054 | ) | | $ | 1,700,000 | |
| Undistributed (Over-distribution of) net investment income | | | 49,765 | | | | 877,054 | | | | 50,850 | |
| Accumulated net realized gain (loss) | | | 2,658 | | | | — | | | | (1,750,850 | ) |
The tax components of undistributed net ordinary income and net long-term capital gains as of June 30, 2016, the Funds’ last tax year end, were as follows:
| | | | | | | | | | | | | | | | |
| | | NWQ Global
All-Cap | | | NWQ Global
Equity Income | | | NWQ Multi-Cap
Value | | | NWQ Large-Cap
Value | |
| Undistributed net ordinary income1 | | $ | 11,587 | | | $ | 822,125 | | | $ | 694,903 | | | $ | 925,599 | |
| Undistributed net long-term capital gains | | | — | | | | 6,920 | | | | — | | | | 4,827,365 | |
| | | | | | | | | | | | |
| | | |
| | | NWQ Small/Mid-Cap
Value | | | NWQ Small-Cap
Value | | | Tradewinds Value
Opportunities | |
| Undistributed net ordinary income1 | | $ | — | | | $ | — | | | $ | 3,756,082 | |
| Undistributed net long-term capital gains | | | — | | | | 217,057 | | | | 13,060,398 | |
| 1 | Undistributed net ordinary income (on a tax basis) for NWQ Global Equity Income has not been reduced for the dividend declared on June 30, 2016 and paid on July 1, 2016. Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ last tax year ended June 30, 2016 was designated for purposes of the dividends paid deduction as follows:
| | | | | | | | | | | | | | | | |
| | | NWQ Global
All-Cap | | | NWQ Global
Equity Income | | | NWQ Multi-Cap
Value | | | NWQ Large-Cap
Value | |
| Distributions from net ordinary income1 | | $ | 9,808 | | | $ | 90,640 | | | $ | 691,667 | | | $ | 5,303,870 | |
| Distributions from net long-term capital gains | | | 6,510 | | | | 35,419 | | | | — | | | | 51,375,320 | |
| | | | | | | | | | | | |
| | | |
| | | NWQ Small/Mid-Cap
Value | | | NWQ Small-Cap
Value | | | Tradewinds Value
Opportunities | |
| Distributions from net ordinary income1 | | $ | — | | | $ | — | | | $ | 7,272,069 | |
| Distributions from net long-term capital gains | | | — | | | | 870,179 | | | | 20,543,573 | |
| 1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
Notes to Financial Statements (Unaudited) (continued)
As of June 30, 2016, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.
| | | | | | | | | | | | |
| | | NWQ Global
All-Cap | | | NWQ Multi-Cap
Value | | | NWQ Small/Mid-Cap
Value | |
| Expiration: | | | | | | | | | | | | |
June 30, 2017 | | $ | — | | | $ | 103,154,576 | | | $ | 17,762,104 | |
June 30, 2018 | | | — | | | | 100,615,795 | | | | 838,796 | |
| Not subject to expiration | | | 77,117 | | | | — | | | | — | |
| Total | | $ | 77,117 | | | $ | 203,770,371 | | | $ | 18,600,900 | |
As of June 30, 2016, the Funds’ last tax year end, $2,658 of NWQ Small/Mid-Cap Value’s capital loss carryforward expired.
During the Funds’ last tax year ended June 30, 2016, the following Funds utilized capital loss carryforwards as follows:
| | | | | | | | | | | | |
| | | NWQ Multi-Cap
Value
| | | NWQ Small/Mid-Cap
Value
| | | NWQ Small-Cap
Value
| |
| Utilized capital loss carryforwards | | $ | 2,019,239 | | | $ | 511,770 | | | $ | 859,026 | |
The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. The following Fund has elected to defer losses as follows:
| | | | |
| | | NWQ Small-Cap
Value | |
| Post-October capital losses3 | | $ | — | |
| Late-year ordinary losses4 | | | 822,483 | |
| 3 | Capital losses incurred from November 1, 2015 through June 30, 2016, the Funds' last tax year end. |
| 4 | Ordinary losses incurred from January 1, 2016 through June 30, 2016 and/or specified losses incurred from November 1, 2015 through June 30, 2016. |
7. Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and general office facilities. NWQ and Tradewinds is/was compensated for their services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual Fund-level fee, payable monthly, for each Fund, is calculated according to the following schedule:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Average Daily Net Assets | | NWQ
Global
All-Cap | | | NWQ
Global
Equity Income | | | NWQ
Multi-Cap
Value | | | NWQ
Large-Cap
Value | | | NWQ Small/Mid-Cap
Value | | | NWQ Small-Cap
Value | | | Tradewinds Value
Opportunities | |
| For the first $125 million | | | 0.5500 | % | | | 0.5500 | % | | | 0.5500 | % | | | 0.5000 | % | | | 0.6000 | % | | | 0.6500 | % | | | 0.5500 | % |
| For the next $125 million | | | 0.5375 | | | | 0.5375 | | | | 0.5375 | | | | 0.4875 | | | | 0.5875 | | | | 0.6375 | | | | 0.5375 | |
| For the next $250 million | | | 0.5250 | | | | 0.5250 | | | | 0.5250 | | | | 0.4750 | | | | 0.5750 | | | | 0.6250 | | | | 0.5250 | |
| For the next $500 million | | | 0.5125 | | | | 0.5125 | | | | 0.5125 | | | | 0.4625 | | | | 0.5625 | | | | 0.6125 | | | | 0.5125 | |
| For the next $1 billion | | | 0.5000 | | | | 0.5000 | | | | 0.5000 | | | | 0.4500 | | | | 0.5500 | | | | 0.6000 | | | | 0.5000 | |
| For net assets over $2 billion | | | 0.4750 | | | | 0.4750 | | | | 0.4750 | | | | 0.4250 | | | | 0.5250 | | | | 0.5750 | | | | 0.4750 | |
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:
| | | | |
| Complex-Level Asset Breakpoint Level* | | Effective Rate at Breakpoint Level | |
| $55 billion | | | 0.2000 | % |
| $56 billion | | | 0.1996 | |
| $57 billion | | | 0.1989 | |
| $60 billion | | | 0.1961 | |
| $63 billion | | | 0.1931 | |
| $66 billion | | | 0.1900 | |
| $71 billion | | | 0.1851 | |
| $76 billion | | | 0.1806 | |
| $80 billion | | | 0.1773 | |
| $91 billion | | | 0.1691 | |
| $125 billion | | | 0.1599 | |
| $200 billion | | | 0.1505 | |
| $250 billion | | | 0.1469 | |
| $300 billion | | | 0.1445 | |
| * | The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of December 31, 2016, the complex-level fee for each Fund was 0.1625%. |
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of each Fund so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table. However because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual Fund operating expense for the Class R6 Shares will be less than the expense limitation. The expense limitation expiring October 31, 2017 may be terminated or modified prior to that date only with the approval of the Board of Trustees. The expense limitation in effect thereafter may be terminated or modified only with the approval of the shareholders of each Fund.
| | | | | | | | | | |
| Fund | | Temporary
Expense Cap | | | Temporary
Expense Cap
Expiration Date | | Permanent
Expense Cap | |
NWQ Global All-Cap | | | 0.90 | % | | October 31, 2017 | | | N/A | |
NWQ Global Equity Income | | | 0.90 | | | October 31, 2017 | | | N/A | |
NWQ Multi-Cap Value | | | 0.94 | | | October 31, 2017 | | | N/A | |
NWQ Large-Cap Value | | | N/A | | | N/A | | | 1.35 | % |
NWQ Small/Mid-Cap Value | | | 1.10 | | | October 31, 2017 | | | 1.45 | |
NWQ Small-Cap Value | | | N/A | | | N/A | | | 1.50 | |
Tradewinds Value Opportunities | | | 0.94 | | | October 31, 2017 | | | 1.50 | |
N/A – Not applicable.
Other Transactions with Affiliates
The Trust pays no compensation directly to those of its trustees who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
During the current fiscal period, Nuveen Securities, LLC (the “Distributor”), a wholly-owned subsidiary of Nuveen, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:
| | | | | | | | | | | | | | | | |
| | | NWQ Global
All-Cap | | | NWQ Global
Equity Income | | | NWQ Multi-Cap
Value | | | NWQ Large-Cap
Value | |
| Sales charges collected | | $ | 191 | | | $ | 4,768 | | | $ | 2,930 | | | $ | 5,904 | |
| Paid to financial intermediaries | | | 165 | | | | 4,318 | | | | 2,549 | | | | 5,180 | |
| | | | | | | | | | | | |
| | | NWQ Small/Mid-Cap
Value | | | NWQ Small-Cap
Value | | | Tradewinds Value
Opportunities | |
| Sales charges collected | | $ | 2,403 | | | $ | 34,912 | | | $ | 3,284 | |
| Paid to financial intermediaries | | | 2,104 | | | | 33,181 | | | | 2,856 | |
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
Notes to Financial Statements (Unaudited) (continued)
During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as follows:
| | | | | | | | | | | | | | | | |
| | | NWQ Global
All-Cap | | | NWQ Global
Equity Income | | | NWQ Multi-Cap
Value | | | NWQ Large-Cap
Value | |
| Commission advances | | $ | 5,510 | | | $ | 700 | | | $ | 168 | | | $ | 1,238 | |
| | | | | | | | | | | | |
| | | NWQ Small/Mid-Cap
Value | | | NWQ Small-Cap
Value | | | Tradewinds Value
Opportunities | |
| Commission advances | | $ | 2,128 | | | $ | 111,973 | | | $ | 1,652 | |
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:
| | | | | | | | | | | | | | | | |
| | | NWQ Global
All-Cap | | | NWQ Global
Equity Income | | | NWQ Multi-Cap
Value | | | NWQ Large-Cap
Value | |
| 12b-1 fees retained | | $ | 250 | | | $ | 1,805 | | | $ | 2,215 | | | $ | 3,412 | |
| | | | | | | | | | | | |
| | | NWQ Small/Mid-Cap
Value | | | NWQ Small-Cap
Value | | | Tradewinds Value
Opportunities | |
| 12b-1 fees retained | | $ | 2,177 | | | $ | 17,658 | | | $ | 2,555 | |
The remaining 12b-1 fees charged to the Funds were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.
The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:
| | | | | | | | | | | | | | | | |
| | | NWQ Global
All-Cap | | | NWQ Global
Equity Income | | | NWQ Multi-Cap
Value | | | NWQ Large-Cap
Value | |
| CDSC retained | | $ | — | | | $ | — | | | $ | 57 | | | $ | 106 | |
| | | | | | | | | | | | |
| | | NWQ Small/Mid-Cap Value | | | NWQ Small-Cap
Value | | | Tradewinds Value
Opportunities | |
| CDSC retained | | $ | 150 | | | $ | 2,340 | | | $ | 224 | |
As of the end of the reporting period, Nuveen owned shares of the following Funds:
| | | | | | | | | | | | | | | | | | | | |
| | | NWQ
Global
All-Cap | | | NWQ Global
Equity
Income | | | NWQ
Large-Cap
Value | | | NWQ Small/
Mid-Cap
Value | | | NWQ
Small-Cap
Value | |
| Class A Shares | | | 2,500 | | | | 12,500 | | | | — | | | | — | | | | — | |
| Class C Shares | | | 2,500 | | | | 12,500 | | | | — | | | | — | | | | — | |
| Class R3 Shares | | | — | | | | 12,500 | | | | 9,125 | | | | 2,186 | | | | 1,583 | |
| Class R6 Shares | | | — | | | | — | | | | — | | | | 891 | | | | 802 | |
| Class I Shares | | | 45,000 | | | | 254,631 | | | | — | | | | — | | | | — | |
8. Borrowing Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Funds participated in an unsecured bank line of credit (“Unsecured Credit Line”) under which outstanding balances would bear interest at a variable rate. On December 31, 2016, NWQ Global All-Cap borrowed $1,131 from the Unsecured Credit Line at an annualized interest rate of 2.02%. None of the other Funds participated in the Unsecured Credit Line during the current fiscal period.
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $2.5 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. A large portion of this facility’s capacity (and its associated costs as described below) is currently dedicated for use by a small number of Participating Funds, which does not include any of the Funds covered by this shareholder report. The remaining capacity under the facility (and the corresponding portion of the facility’s annual costs) is separately dedicated to most of the other open-end funds in the Nuveen fund family, including all of the Funds covered by this shareholder report, along with a number of Nuveen closed-end funds. The credit facility expires in July 2017 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.25% per annum or (b) the Fed Funds rate plus 1.25% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.
9. Fund Reorganization
The Reorganization as previously described in Note 1 – General Information and Significant Accounting Policies, Fund Reorganizations, was structured to qualify as a tax-free reorganization under the Internal Revenue Code for the federal income tax purposes, and the Acquired Fund’s shareholder will recognize no gain or loss for federal income tax purposes as a result. Prior to the closing of the Reorganization, the Acquired Fund distributed all of its net investment income and capital gains, if any. Such distribution may be taxable to the Acquired Fund’s shareholders for federal income tax purposes.
Investments of the Acquired Fund
The cost, fair value and net unrealized appreciation (depreciation) of the investments of the Acquired Fund as of the date of the Reorganization were as follows:
| | | | |
| | | JGV | |
| Cost of investments | | $ | 350,885,335 | |
| Fair value of investments | | | 345,394,974 | |
| Net unrealized appreciation (depreciation) of investments | | | (5,490,361 | ) |
For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.
Share Transactions
For accounting and performance reporting purposes, the Acquiring Fund is the survivor. The shares outstanding, net assets and NAV per share immediately prior to and after the Reorganization are as follows:
| | | | |
| Acquired Fund – Prior to Reorganization | | JGV | |
| Shares outstanding | | | 18,776,509 | |
| Net assets | | $ | 223,960,676 | |
| NAV per share outstanding | | $ | 11.93 | |
| | | | | | | | | | | | |
| Acquiring Fund – Prior to the Reorganization | | Shares
Outstanding | | | Net Assets | | | NAV
per share | |
| Class A | | | 36,014 | | | $ | 896,414 | | | $ | 24.89 | |
| Class C | | | 15,194 | | | | 377,211 | | | | 24.83 | |
| Class R3 | | | 12,500 | | | | 310,909 | | | | 24.87 | |
| Class I | | | 2,029,355 | | | | 50,532,819 | | | | 24.90 | |
| | | |
| Acquiring Fund – After the Reorganization | | Shares
Outstanding | | | Net Assets | | | NAV
per share | |
| Class A | | | 9,033,702 | | | $ | 224,857,090 | | | $ | 24.89 | |
| Class C | | | 15,194 | | | | 377,211 | | | | 24.83 | |
| Class R3 | | | 12,500 | | | | 310,909 | | | | 24.87 | |
| Class I | | | 2,029,355 | | | | 50,532,819 | | | | 24.90 | |
Pro Forma Results of Operations
The beginning of the Acquired Fund’s current fiscal period was January 1, 2016. Assuming the Reorganization had been completed on July 1, 2016, the beginning of the Acquiring Fund’s current fiscal period, the pro forma results of operations for the current fiscal period are as follows:
| | | | |
| Pro Forma Results | | NWQ Global
All-Cap | |
| Net investment income (loss) | | $ | 4,575,419 | |
| Net realized and unrealized gains (losses) | | | 1,496,871 | |
| Change in net assets resulting from operations | | $ | 6,072,290 | |
Notes to Financial Statements (Unaudited) (continued)
Because the combined investment portfolios for the Reorganization have been managed as a single integrated portfolio since the Reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Statement of Operations for the Acquiring Fund since the Reorganization was consummated.
Cost and Expenses
In connection with the Reorganization, the Acquiring Fund incurred certain associated costs and expenses. Such amounts were included as a component of “Accrued reorganization expenses” on the Statement of Assets and Liabilities and “Reorganization expenses” on the Statement of Operations.
Additional
Fund Information
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| | Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606 Sub-Adviser NWQ Investment Management
Company, LLC 2049 Century Park East, 16th Floor Los Angeles, CA 90067 | | Independent Registered
Public Accounting Firm PricewaterhouseCoopers LLP One North Wacker Drive Chicago, IL 60606 Custodian State Street Bank & Trust
Company One Lincoln Street Boston, MA 02111 | | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | | Transfer Agent and
Shareholder Services Boston Financial Data Services Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787 | | | | |
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| | Quarterly Form N-Q Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-Q. You may obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov or in person at the SEC’s Public Reference Room in Washington, D.C. Call the SEC toll-free at
(800) SEC-0330 for room hours and operation. | | |
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| | Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at
(800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov. | | |
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| | FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org. | | |
Glossary of Terms
Used in this Report
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Lipper Global Equity Income Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Global Equity Income Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Global Multi-Cap Value Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Global Multi-Cap Value Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Multi-Cap Value Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Multi-Cap Value Funds Classification. The Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Small-Cap Core Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Small-Cap Core Funds Classification. The Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Morgan Stanley Capital International (MSCI) World Index: A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the U.K. and the U.S. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.
Russell 1000® Value Index: An index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
Russell 2000® Value Index: An index that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
Russell 2500® Value Index: An index that measures the performance of the 2,500 smallest companies in the Russell 3000® Index, which represents approximately 20% of the total market capitalization of the Russell 3000® Index. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
Russell 3000® Value Index: An index that measures the performance of those Russell 3000 companies with lower price-to-book ratios and higher forecasted growth values. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the fund’s dividends paid deduction.
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| | Nuveen: | | |
| | | | Serving Investors for Generations | | |
| | |
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| | | |
| | | | Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality equity and fixed-income solutions designed to be integral components of a well-diversified core portfolio. | | |
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| | | | | | Focused on meeting investor needs. Nuveen helps secure the long-term goals of individual investors and the advisors who serve them, providing access to investment expertise from leading asset managers and solutions across traditional and alternative asset classes. Built on more than a century of industry leadership, Nuveen’s teams of experts align with clients’ specific financial needs and goals, demonstrating commitment to advisors and investors through market perspectives and wealth management and portfolio advisory services. Nuveen manages $236 billion in assets as of December 31, 2016. | | |
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| | | | | | Find out how we can help you. To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money. Learn more about Nuveen Funds at: www.nuveen.com/mf | | |
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| | Securities offered through Nuveen Securities, LLC, Member FINRA and SIPC | 333 West Wacker Drive Chicago, IL 60606 | www.nuveen.com/mf | | |
MSA-NWQ-1216D 23214-INV-B-03/18
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this registrant.
Item 6. Schedule of Investments.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to this registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
Item 11. Controls and Procedures.
| (a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Exhibits.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Investment Trust
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| By | | (Signature and Title) | | /s/ Kathleen L. Prudhomme | | |
| | | | Kathleen L. Prudhomme Vice President and Secretary | | |
Date: March 9, 2017
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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| By | | (Signature and Title) | | /s/ Greg A. Bottjer | | |
| | | | Greg A. Bottjer Chief Administrative Officer (principal executive officer) | | |
Date: March 9, 2017
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| By | | (Signature and Title) | | /s/ Stephen D. Foy | | |
| | | | Stephen D. Foy Vice President and Controller (principal financial officer) | | |
Date: March 9, 2017
