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: June 30, 2017
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
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| Mutual Funds |
| Nuveen Equity Funds |
| Annual Report June 30, 2017 |
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| Fund Name | Class A | Class C | Class R3 | Class R6 | Class I | Class T | ||||||||||||
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Nuveen NWQ Global All-Cap Fund | NGEAX | NGECX | — | — | NGEIX | NGETX | ||||||||||||
Nuveen NWQ Global Equity Income Fund | NQGAX | NQGCX | NQGRX | — | NQGIX | NQGTX | ||||||||||||
Nuveen NWQ International Value Fund | NAIGX | NCIGX | NTITX | — | NGRRX | NAITX | ||||||||||||
Nuveen NWQ Multi-Cap Value Fund | NQVAX | NQVCX | NMCTX | — | NQVRX | NQVTX | ||||||||||||
Nuveen NWQ Large-Cap Value Fund | NQCAX | NQCCX | NQCQX | — | NQCRX | NQCTX | ||||||||||||
Nuveen NWQ Small/Mid-Cap Value Fund | NSMAX | NSMCX | NWQRX | NWQFX | NSMRX | NWQUX | ||||||||||||
Nuveen NWQ Small-Cap Value Fund | NSCAX | NSCCX | NSCQX | NSCFX | NSCRX | NSCTX | ||||||||||||
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to Shareholders
Dear Shareholders,
Some of the key assumptions driving the markets higher at the beginning of 2017 have recently come into question. Following the collapse of the health care reform bill in the Senate, progress on the rest of the White House’s pro-growth fiscal agenda, including tax reform and large infrastructure projects, is expected to be delayed. Economic growth projections, in turn, have been lowered, and with inflation recently waning, the markets are expecting fewer rate hikes from the Federal Reserve (Fed) than the Fed itself had predicted. Yet, asset prices continued to rise.
Investors have largely looked beyond policy disappointments and focused instead on the healthy profits reported by U.S. companies during the first two quarters of 2017. U.S. growth has remained slow and steady, European growth has surprised to the upside and concern that China would decelerate too rapidly has eased, further contributing to an optimistic tone in the markets. Additionally, political risk in Europe has moderated, with the election of mainstream candidates in the Dutch and French elections earlier this year.
The remainder of the year could bring challenges to this benign macro environment. The debt ceiling looms, with a vote needed from Congress to raise or suspend the nation’s borrowing limit before the Treasury is unable to pay its bills in full or on time (likely in early October). The mechanics of the U.K.’s separation from the European Union remain to be seen, as “Brexit” negotiations develop. A tightening of financial conditions in China or a more aggressive-than-expected policy action from the Fed, European Central Bank or Bank of Japan could also turn into headwinds.
Market volatility readings have been remarkably low lately, but conditions can change quickly. As market conditions evolve, Nuveen remains committed to rigorously assessing opportunities and risks. If you’re concerned about how resilient your investment portfolio might be, we encourage you to talk to your financial advisor. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
August 23, 2017
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Comments
Nuveen NWQ Global All Cap Fund
Nuveen NWQ Global Equity Income Fund
Nuveen NWQ International Value 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
The Funds feature portfolio management by NWQ Investment Management Company, LLC (NWQ), an affiliate of Nuveen, LLC (Nuveen). Jon D. Bosse, CFA, 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 Peter Boardman serves as portfolio manager of the Nuveen NWQ International Value 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. The reorganization was approved by the shareholders of Nuveen Tradewinds Value Opportunities Fund and Nuveen Tradewinds Global All-Cap Fund during March 2016 and after the close of business on March 24, 2017, the reorganization of Nuveen Tradewinds Value Opportunities Fund and Nuveen Tradewinds Global All-Cap Fund into Nuveen NWQ Global Equity Income Fund was completed.
Below, the team discusses the economic and financial markets, key investment strategies and performance of the Funds for the twelve-month and/or eleven-month abbreviated annual reporting period ended June 30, 2017.
What factors affected the U.S. economy and financial markets during the twelve-month and/or eleven-month abbreviated annual reporting period ended June 30, 2017?
During the twelve-month reporting period, the U.S. economy continued to grow moderately, now ranking the current expansion as the third-longest since World War II, according to the National Bureau of Economic Research. The second half of 2016 saw a short-term boost in economic activity, driven by a one-time jump in exports during the third quarter, but the economy resumed a below-trend pace thereafter. The Bureau of Economic Analysis reported an annual growth rate of 2.6% for the U.S. economy in the second quarter of 2017, as measured by the “advance” estimate of real gross domestic product (GDP), which is the value of goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes. By comparison, the annual GDP growth rate in the first quarter of 2017 was 1.2%.
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy or sell securities, and is not provided in a fiduciary. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives or circumstances and in consultation with his or her advisors.
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.
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Portfolio Managers’ Comments (continued)
Despite the slowdown in early 2017, other data pointed to positive momentum as the labor market continued to tighten, manufacturing improved and consumer and business confidence surveys reflected optimism about the economy’s prospects. As reported by the Bureau of Labor Statistics, the unemployment rate fell to 4.4% in June 2017 from 4.9% in June 2016 and job gains averaged around 181,000 per month for the past twelve months. The Consumer Price Index (CPI) increased 1.6% over the twelve-month reporting period ended June 30, 2017 on a seasonally adjusted basis, as reported by the Bureau of Labor Statistics. The core CPI (which excludes food and energy) increased 1.7% during the same period, slightly below the Federal Reserve’s (Fed) unofficial longer term inflation objective of 2.0%. The housing market also continued to improve, with historically low mortgage rates and low inventory driving home prices higher. The S&P CoreLogic Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 5.6% annual gain in May 2017 (most recent data available at the time this report was prepared). The 10-City and 20-City Composites reported year-over-year increases of 4.9% and 5.7%, respectively.
The U.S. economic outlook struck a more optimistic tone, prompting the Fed’s policy making committee to raise its main benchmark interest rate in December 2016, March 2017 and June 2017. These moves were widely expected by the markets and, while the Fed acknowledged in its June 2017 statement that inflation has remained unexpectedly low, an additional increase is anticipated later in 2017 as the Fed seeks to gradually “normalize” interest rates. Also after the June 2017 meeting, the Fed revealed its plan to begin shrinking its balance sheets by allowing a small amount of maturing Treasury and mortgage securities to roll off without reinvestment. The timing of this is less certain, however, as it depends on whether the economy performs in line with the Fed’s expectations.
Politics also dominated the headlines in this reporting period with two major electoral surprises: the U.K.’s vote to leave the European Union and Donald Trump’s win in the U.S. presidential race. Market volatility increased as markets digested the initial shocks, but generally recovered and, in the case of the “Trump rally,” U.S. equities experienced significant gains. Investors also closely watched elections across Europe. To the markets’ relief, more mainstream candidates were elected in the Dutch and French elections in the spring of 2017. However, Britain’s June 2017 snap election unexpectedly overturned the Conservative Party’s majority in Parliament, which increased uncertainties about the Brexit negotiation process. Additionally, in the U.S., legislative delays with health care reform made President Trump’s plans for tax cuts and other fiscal stimulus look less likely to happen this year.
Earlier in the reporting period, macroeconomic uncertainty driven by the economic trouble in emerging economies, falling commodity prices, uncertainty around the Fed’s hiking cycle, culminating with the November 2016 U.S. election all contributed to the significant volatility in both equity and credit markets. Common equity and high yield bonds generated total return of 15.53% as measured by the Russell 1000® Value Index and 15.53% for the BofA/Merrill Lynch U.S. High Yield Index. Global equities performed well returning 18.20% as measured by the MSCI World Index. The preferred market rebounded after a difficult fourth quarter in 2016, with a 5.86% return as measured by the BofA/Merrill Lynch Preferred Securities Fixed Rate Index.
How did the Funds perform during the twelve-month and/or eleven-month abbreviated annual reporting period ended June 30, 2017?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Funds for the one-year and/or 11-month, five-year, ten-year and/or since inception periods ended June 30, 2017. Each Fund’s Class A Share total returns at net asset value (NAV) are compared with the performance of their corresponding market index and Lipper classification average. A more detailed account of each Fund’s performance is provided later in this report.
What strategies were used to manage the Funds during the twelve-month and/or eleven-month abbreviated annual reporting period ended June 30, 2017 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 twelve-month reporting period ended June 30, 2017.
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
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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.
Geographically, performance benefitted from stock selection in the U.S., Germany and the Netherlands. Investments in Israel, Japan and Sweden lagged and were a headwind for the Fund’s overall return for the reporting period. We no longer continue to hold our investments in Sweden. From a sector perspective, our investments in the financial, technology and industrials sectors were positive, led by overall sector allocation and stock selection, particularly within the financial sector. Conversely, adverse stock selection in the health care and consumer staples sectors were key detractors.
Several investments contributed meaningfully to the Fund’s performance, including 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. Also positively contributing to performance was information technology holding Microsemi Corporation. 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, all indicators are continuing to suggest that the company is executing according to plan. Lastly, positively contributing to performance was health care holding Bio-Rad Laboratories Inc., a global provider of life science research and clinical diagnostic products. The company reported solid earnings during the reporting period.
Several holdings detracted from performance, including health care holdings Impax Laboratories and Teva Pharmaceutical Industries Limited. Impax Laboratories was the largest detractor from portfolio performance during the reporting period. The company missed earnings expectations and lowered guidance for the year. Teva detracted due to a multitude of negative factors. The company’s third quarter 2016 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 have sold our holdings in both Impax Laboratories and Teva Pharmaceutical Industries Limited. Finally, energy holding Newfield Exploration Company detracted from performance. Energy stocks underperformed during the reporting period. The stocks were hurt by the decline in oil prices despite members of the Organization of the Petroleum Exporting Countries (OPEC) agreeing to keep production cuts in place.
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 twelve-month reporting period ended June 30, 2017.
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.
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Portfolio Managers’ Comments (continued)
Geographically, performance benefitted from superior stock selection in the U.S. and Netherlands, 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 the financial, industrials and energy sectors were positive. Conversely, adverse stock selection in the consumer discretionary, materials and health care sectors were key detractors.
Several individual holdings contributed to performance. The top three performers were all in the financial sector, including Unum Group, Citigroup Inc. and ING Groep N.V. Unum Group 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. The Fed raised the target level of short-term interest rates three times during the reporting period and reiterated its outlook for higher interest rates going forward. 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 lower corporate tax rates, looser regulation of financial firms, and other pro-growth policy initiatives that should benefit the company and its banking peers. Additionally, in late-June the CCAR (Comprehensive Capital Analysis and Review) results were announced and capital returns across the board beat high expectations. Citigroup will be returning 125% of its earnings to shareholders in the next four quarters, with a major increase in its share repurchases and a 100% dividend increase. Lastly, Dutch multi-national banking and financial services corporation, ING Groep N.V. reported strong fourth quarter 2016 results, which contributed to performance.
Several individual holdings detracted from portfolio performance, including Teva Pharmaceutical Industries Limited due to a multitude of negative factors. The company’s third quarter 2016 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. 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. The company appears to be well positioned for 2018 and beyond as earnings deterioration should abate, allowing a recovery process to begin. Our investment in the preferred stock of telecommunication services holding, Frontier Communications Corporation, also detracted from performance. The company recently acquired assets from Verizon in California, Texas and Florida and the integration has gone worse than expected. We eliminated the position during the reporting period. Lastly, materials sector holding CVR Partners detracted from performance. CVR is a Master Limited Partnership that formed to own, operate and grow its nitrogen fertilizer business. Though we saw a rebound in ammonia pricing during the reporting period, this rally was short-lived due to ramping competitive capacity and a delayed planting season that allowed more product to make its way into the Midwest in time for application. We expect ammonia pricing to remain near trough levels before rebounding in 2018 and beyond.
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 International Value Fund
The Fund’s Class A Shares at NAV underperformed the MSCI EAFE Index and the Lipper classification average for the eleven-month abbreviated annual reporting period ended June 30, 2017.
Our investment strategy remained focused on seeking companies with strong franchises whose shares were trading at a significant discount to what we believed to be their intrinsic value. Under normal market conditions, the Fund invests primarily in non-U.S. equity securities issued in developed countries, but it may invest up to 20% of its net assets in equity securities of companies located in emerging market countries. No more than 35% of the Fund’s net assets may be invested in equity securities of companies located in a single non-U.S. country. The Fund’s investment strategy is not designed to track the performance of any specific benchmark. However, for reporting purposes we use benchmarks for comparison.
The financials, real estate, and information technology sectors were the leading contributors to performance on a relative basis, led by overall sector allocations within the financials sector. The materials, industrials and consumer discretionary sectors were the primary detractors from relative performance, mostly driven by underperforming selections within those respective sectors. On a
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regional basis, U.S. equities and emerging markets contributed to relative results while overall selections in continental Europe and the Middle East detracted.
Several individual holdings contributed to relative performance including, financials sector holdings ING Groep N.V., which engages in the provision banking, investments, life and non-life insurance, as one of the larger positions, was also the top individual contributor to absolute results. In the company’s first quarter’s earnings release, they maintained their earnings guidance and we believe they will be one of the better performing names among its peers. Also positively contributing was industrial sector holding ManpowerGroup Inc. ManpowerGroup, a multi-national human resource consulting firm, rallied during the reporting period. We eliminated the position from the Fund as valuations for the company reached our estimated targets and invested the proceeds. Lastly, information technology sector holding Rohm Company Limited contributed to performance. The company is engaged in the manufacture and sale of electronic components. The company overcame difficulties through stabilization of earnings expectations and attendant investor optimism. Currently, we find the company is valued at a discount to book value and also at a discount to enterprise-value-to-sales.
Several individual holdings detracted from relative performance including health care sector holding Teva Pharmaceuticals Industries Limited. Teva Pharmaceutical’s stock performance was influenced by several negative factors. 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. 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 believe the company is well positioned for 2018 and beyond as earnings deterioration should abate, allowing a recovery process to begin. Consumer staples holding, Toyota Motors Corporation detracted from performance. Toyota came under pressure as a direct response to the significantly stronger Japanese yen. With greater than 75% of all revenues coming from overseas the currency has a major impact on reported sales and profitability. In addition the continued rhetoric regarding the border adjustment tax, and other anti-trade measures in the U.S. (Toyota’s largest market) affected returns as did increasing concern that the U.S. auto market has finally reached saturation point. Lastly, detracting from performance was information technology holding Ericsson LM. The Swedish telecom equipment maker reported weak earnings and cut its dividend 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 twelve-month reporting period ended June 30, 2017.
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 particularly in the financial services, technology 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 health care sector holdings detracted relative to the Russell 3000® Value Index.
Several investments contributed meaningfully to the Fund’s performance, including 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. In the financial services sector, our investments in Unum Group and Citigroup Inc. also helped drive performance. Financials 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 will benefit the broader U.S. banking sector. Unum Group 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. The Fed raised the target level of short-term interest rates three times during the reporting period and reiterated its outlook for higher interest rates going forward. Citigroup Inc. also positively contributed to performance as the CCAR
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Portfolio Managers’ Comments (continued)
(Comprehensive Capital Analysis and Review) results were announced in late-June and capital returns across the board beat high expectations. Citigroup will be returning 125% of its earnings to shareholders in the next four quarters, with a major increase in its share repurchases and a 100% dividend increase.
Several holdings detracted from performance, including health care holdings Impax Laboratories and Teva Pharmaceutical Industries Limited. Impax Laboratories was the largest detractor from portfolio performance during the reporting period. The company missed earnings expectations and lowered guidance for the year. We no longer hold our position in Impax Laboratories. Several issues contributed to the decline in Teva Pharmaceutical. The company’s third quarter 2016 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 significantly reduced our position in Teva continually throughout the reporting period at extremely attractive prices and exited our position completely in December 2016 in favor of establishing a new position in Allergan. Finally, energy holding EQT Corporation 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, therefore we continue to hold EQT.
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 twelve-month reporting period ended June 30, 2017.
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 particularly in the financial services, producer durables and technology sectors. Offsetting these gains was the underperformance of our consumer discretionary, energy and health care sector holdings.
Our investments in the financial services sector were the top contributors for the reporting period. Citigroup Inc., Unum Group and JPMorgan Chase & Co. were the top contributors in the sector. Financials 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 will benefit the broader U.S. banking sector. Citigroup Inc. also benefitted as the CCAR (Comprehensive Capital Analysis and Review) results were announced in late-June and capital returns across the board beat high expectations. Citigroup will be returning 125% of its earnings to shareholders in the next four quarters, with a major increase in its share repurchases and a 100% dividend increase. Unum Group 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. The Fed raised the target level of short-term interest rates three times during the reporting period and reiterated its outlook for higher interest rates going forward.
Several holdings detracted from performance, including energy holdings EQT Corporation and Hess Corporation. 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, therefore we continue to hold EQT. During the reporting period, Hess Corporation slightly lowered production guidance. Investors seem impatient waiting for upcoming catalysts that include further delineation on its significant offshore find in Guyana (partnered with Exxon) and production start-ups Stampede (Gulf of Mexico, 2017) and North Malay
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(Malaysia, 2018). Lastly, health care sector holding Teva Pharmaceutical Industries Limited detracted due to a multitude of negative factors. The company’s third quarter 2016 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 significantly reduced our position in Teva continually throughout the reporting period at extremely attractive prices and exited our position completely in December 2016 in favor of establishing a new position in Allergan.
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.
Nuveen NWQ Small/Mid-Cap Value Fund
The Nuveen NWQ Small/Mid-Cap Value Fund’s Class A Shares at NAV outperformed the Russell 2500® Value Index, but underperformed the comparative Lipper classification average for the twelve-month reporting period ended June 30, 2017.
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 twelve-month reporting period, strong stock selection in technology, financial services and health care sectors contributed positively to the Fund’s performance. Stock selection in the energy, producer durables and utilities sectors detracted from performance. Our cash position was also a drag on performance.
Several investments contributed to the Fund’s performance, including the technology sector holding of 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. Also positively contributing to performance was health care holding Bio-Rad Laboratories Inc., a global provider of life science research and clinical diagnostic products. The company reported solid earnings during the reporting period. Lastly, the consumer staple sector holding of John B. Sanfilippo & Son, Inc., a processor, packager and distributor of nut- and dried fruit-based products 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 energy holdings Newfield Exploration Company and PDC Energy Inc. Energy stocks underperformed during the reporting period. The stocks were hurt by the decline in oil prices despite members of the Organization of the Petroleum Exporting Countries (OPEC) agreeing to keep production cuts in place. Lastly, financial services sector holding Ramco-Gershenson Properties Trust detracted from performance. The fully-integrated real estate investment trust (REIT) 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 U.S. election.
Nuveen NWQ Small-Cap Value Fund
The Nuveen NWQ Small-Cap Value Fund’s Class A Shares at NAV underperformed its Lipper classification average and the Russell 2000® Value Index for the twelve-month reporting period ended June 30, 2017.
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 technology and materials and processing sectors helped performance, while stock selection in energy and health care sectors detracted from performance. Our cash position was also a drag on performance.
| NUVEEN | 11 |
Portfolio Managers’ Comments (continued)
Several investments contributed to the Fund’s performance, including technology sector holdings Coherent Inc. and Novanta, Inc. Coherent Inc. ended a banner 2016 by completing its acquisition of Rofin Sinar, which it expects will further bolster its product portfolio given its fiber laser offering, as well as improve its margins with $30 million of cost synergies. Also positively contributing was Novanta, Inc. Novanta is a leading supplier of core technology solutions for the health care and advanced industrial original equipment manufacturers (OEM). During the reporting period, the company beat earnings and revenues estimates. 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 energy holdings Carrizo Oil & Gas Inc. and PDC Energy Inc. Energy stocks underperformed during the reporting period. The stocks were hurt by the decline in oil prices despite members of the Organization of the Petroleum Exporting Countries (OPEC) agreeing to keep production cuts in place. We sold our holdings in both Carrizo Oil & Gas and PDC Energy Inc. Lastly, financial services sector holding Ramco-Gershenson Properties Trust detracted from performance. The fully-integrated real estate investment trust (REIT) 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 U.S. election.
| 12 | NUVEEN |
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 International 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, smaller company, and value stock 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 | 13 |
Risk Considerations (continued)
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, 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.
| 14 | NUVEEN |
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.
| NUVEEN | 15 |
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 June 30, 2017
| Average Annual | ||||||||
| 1-Year | Since Inception | |||||||
Class A Shares at NAV | 23.50% | 5.58% | ||||||
Class A Shares at maximum Offering Price | 16.40% | 3.68% | ||||||
MSCI World Index | 18.20% | 6.18% | ||||||
Lipper Global Multi-Cap Value Funds Classification Average | 18.58% | 5.71% | ||||||
Class C Shares | 22.51% | 4.78% | ||||||
Class I Shares | 23.83% | 5.85% | ||||||
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. 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, 2018 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.90% 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.
| 16 | NUVEEN |
Growth of an Assumed $10,000 Investment as of June 30, 2017 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| NUVEEN | 17 |
Fund Performance and Expense Ratios (continued)
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 June 30, 2017
| Average Annual | ||||||||||||
| 1-Year | 5-Year | Since Inception | ||||||||||
Class A Shares at NAV | 15.75% | 10.59% | 9.37% | |||||||||
Class A Shares at maximum Offering Price | 9.09% | 9.29% | 8.54% | |||||||||
MSCI World Index | 18.20% | 11.38% | 9.38% | |||||||||
Lipper Global Equity Income Funds Classification Average | 11.91% | 8.67% | 7.80% | |||||||||
Class C Shares | 14.87% | 9.77% | 8.55% | |||||||||
Class R3 Shares* | 15.48% | 10.32% | 9.10% | |||||||||
Class I Shares | 16.03% | 10.86% | 9.64% | |||||||||
| Cumulative | ||||
| Since Inception | ||||
Class T Shares** | 1.74% | |||
Class T Shares at maximum Offering Price** | (0.80)% | |||
Since inception returns for Class A Shares, Class C Shares, Class R3 Shares and Class I Shares, and for the comparative index and Lipper classification average are from 9/15/09; since inception returns for Class T Shares are from 5/31/17. 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. Class T Shares have a maximum 2.50% sales charge (Offering Price).
Expense Ratios as of Most Recent Prospectus
| Share Class | ||||||||||||||||||||
| Class A | Class C | Class R3* | Class I | Class T** | ||||||||||||||||
Gross Expense Ratios | 3.73% | 4.69% | 4.18% | 1.29% | 1.79% | |||||||||||||||
Net Expense Ratios | 1.11% | 1.86% | 1.36% | 0.86% | 1.11% | |||||||||||||||
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through October 31, 2018 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.90% 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. |
| ** | Class T Shares are not available for public offering. |
| 18 | NUVEEN |
Growth of an Assumed $10,000 Investment as of June 30, 2017 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| NUVEEN | 19 |
Fund Performance and Expense Ratios (continued)
Nuveen NWQ International Value Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of June 30, 2017
| Cumulative | Average Annual | |||||||||||||||
| 11-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 14.24% | 18.01% | 7.19% | 0.92% | ||||||||||||
Class A Shares at maximum Offering Price | 7.65% | 11.24% | 5.93% | 0.32% | ||||||||||||
MSCI EAFE Index | 14.47% | 20.27% | 8.69% | 1.03% | ||||||||||||
Lipper International Multi-Cap Value Funds Classification Average | 16.72% | 22.04% | 7.81% | 0.11% | ||||||||||||
Class C Shares | 13.47% | 17.12% | 6.38% | 0.16% | ||||||||||||
Class I Shares | 14.51% | 18.27% | 7.46% | 1.17% | ||||||||||||
| Cumulative | Average Annual | |||||||||||||||
| 11-Month | 1-Year | 5-Year | Since Inception | |||||||||||||
Class R3 Shares | 13.97% | 17.71% | 6.91% | 1.47% | ||||||||||||
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 | 1.22% | 1.97% | 1.47% | 0.97% | ||||||||||||
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 November 30, 2018 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.94% 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.
| 20 | NUVEEN |
Growth of an Assumed $10,000 Investment as of June 30, 2017 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| NUVEEN | 21 |
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 June 30, 2017
| Average Annual | ||||||||||||
| 1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 23.08% | 10.44% | 1.90% | |||||||||
Class A Shares at maximum Offering Price | 15.99% | 9.13% | 1.30% | |||||||||
Russell 3000® Value Index | 16.21% | 13.89% | 5.59% | |||||||||
Lipper Multi-Cap Value Funds Classification Average | 17.87% | 13.03% | 5.15% | |||||||||
Class C Shares | 22.17% | 9.60% | 1.14% | |||||||||
Class I Shares | 23.45% | 10.71% | 2.16% | |||||||||
| Average Annual | ||||||||||||
| 1-Year | 5-Year | Since Inception | ||||||||||
Class R3 Shares | 22.78% | 10.15% | 5.92% | |||||||||
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, 2018 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.94% 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.
| 22 | NUVEEN |
Growth of an Assumed $10,000 Investment as of June 30, 2017 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| NUVEEN | 23 |
Fund Performance and Expense Ratios (continued)
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 June 30, 2017
| Average Annual | ||||||||||||
| 1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 19.64% | 10.68% | 2.99% | |||||||||
Class A Shares at maximum Offering Price | 12.81% | 9.38% | 2.38% | |||||||||
Russell 1000® Value Index | 15.53% | 13.94% | 5.57% | |||||||||
Lipper Multi-Cap Value Funds Classification Average | 17.87% | 13.03% | 5.15% | |||||||||
Class C Shares | 18.62% | 9.85% | 2.22% | |||||||||
Class I Shares | 19.85% | 10.96% | 3.25% | |||||||||
| Average Annual | ||||||||||||
| 1-Year | 5-Year | Since Inception | ||||||||||
Class R3 Shares | 19.22% | 10.38% | 8.10% | |||||||||
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. 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 | 1.14% | 1.89% | 1.39% | 0.89% | ||||||||||||
Net Expense Ratios | 1.00% | 1.75% | 1.25% | 0.75% | ||||||||||||
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse other Fund expenses through July 31, 2019 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 0.79% (1.35% after July 31, 2019) of the average daily net assets of any class of Fund shares. The expense limitation expiring July 31, 2019 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. The expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders of the Fund.
| 24 | NUVEEN |
Growth of an Assumed $10,000 Investment as of June 30, 2017 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| NUVEEN | 25 |
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 June 30, 2017
| Average Annual | ||||||||||||
| 1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 19.62% | 11.10% | 4.51% | |||||||||
Class A Shares at maximum Offering Price | 12.76% | 9.79% | 3.90% | |||||||||
Russell 2500® Value Index | 18.36% | 13.69% | 6.52% | |||||||||
Lipper Small-Cap Core Funds Classification Average | 20.88% | 12.85% | 6.36% | |||||||||
Class C Shares | 18.73% | 10.28% | 3.73% | |||||||||
Class I Shares | 19.96% | 11.39% | 4.65% | |||||||||
| Average Annual | ||||||||||||
| 1-Year | 5-Year | Since Inception | ||||||||||
Class R3 Shares | 19.33% | 10.81% | 11.90% | |||||||||
Class R6 Shares | 20.14% | N/A | 20.14% | |||||||||
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, 2018 so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.10% (1.45% after October 31, 2018) 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, 2018 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. The expense limitation in effect thereafter may be terminated or modified only with the approval of the shareholders of the Fund.
| N/A | – Not Applicable |
| 26 | NUVEEN |
Growth of an Assumed $10,000 Investment as of June 30, 2017– Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| NUVEEN | 27 |
Fund Performance and Expense Ratios (continued)
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 June 30, 2017
| Average Annual | ||||||||||||
| 1-Year | 5-Year | 10-Year | ||||||||||
Class A Shares at NAV | 20.12% | 14.24% | 5.64% | |||||||||
Class A Shares at maximum Offering Price | 13.20% | 12.89% | 5.01% | |||||||||
Russell 2000® Value Index | 24.86% | 13.39% | 5.92% | |||||||||
Lipper Small-Cap Core Funds Classification Average | 20.88% | 12.85% | 6.36% | |||||||||
Class C Shares | 19.21% | 13.39% | 4.86% | |||||||||
Class I Shares | 20.43% | 14.52% | 5.90% | |||||||||
| Average Annual | ||||||||||||
| 1-Year | 5-Year | Since Inception | ||||||||||
Class R3 Shares | 19.82% | 13.96% | 14.02% | |||||||||
Class R6 Shares | 20.64% | N/A | 12.46% | |||||||||
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% | |||||||||||||||
| N/A | – Not Applicable |
| 28 | NUVEEN |
Growth of an Assumed $10,000 Investment as of June 30, 2017 – Class A Shares
The graphs do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares.
| NUVEEN | 29 |
Summaries as of June 30, 2017
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 | 99.9% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Cheniere Energy Inc. | 2.8% | |||
Takeda Chemical Industries | 2.8% | |||
Coherent Inc. | 2.8% | |||
Aurelius AG | 2.7% | |||
Durr AG | 2.7% |
Portfolio Composition
(% of net assets)
Banks | 16.2% | |||
Pharmaceuticals | 8.8% | |||
Chemicals | 8.0% | |||
Semiconductors & Semiconductor Equipment | 7.9% | |||
Oil, Gas & Consumable Fuels | 6.8% | |||
Capital Markets | 4.9% | |||
Household Durables | 4.4% | |||
Industrial Conglomerates | 3.8% | |||
Food Products | 3.4% | |||
Diversified Telecommunication Services | 3.1% | |||
Electronic Equipment, Instruments & Components | 2.8% | |||
Machinery | 2.7% | |||
Life Sciences Tools & Services | 2.6% | |||
Food & Staples Retailing | 2.6% | |||
Insurance | 2.5% | |||
Other | 19.4% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% |
Country Allocation1
(% of net assets)
United States | 42.2% | |||
Japan | 11.3% | |||
Germany | 9.7% | |||
United Kingdom | 9.0% | |||
Spain | 4.3% | |||
Ireland | 4.1% | |||
Switzerland | 3.7% | |||
Netherlands | 3.2% | |||
Belgium | 2.5% | |||
South Korea | 2.2% | |||
Other | 7.7% | |||
Other Assets less liabilities | 0.1% | |||
Net Assets | 100% |
| 1 | Includes 4.2% (as a percentage of net assets) in emerging market countries. |
| 30 | NUVEEN |
Nuveen NWQ Global Equity Income Fund
Fund Allocation
(% of net assets)
Common Stocks | 94.3% | |||
Convertible Preferred Securities | 3.2% | |||
$25 Par (or similar) Retail Preferred | 0.4% | |||
$1,000 Par (or similar) Institutional Preferred | 1.6% | |||
Other Assets Less Liabilities | 0.5% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Oracle Corporation | 4.2% | |||
GlaxoSmithKline PLC | 3.6% | |||
Dow Chemical Company | 3.5% | |||
Veolia Enviornment S.A. | 3.2% | |||
Citigroup Inc. | 3.1% |
Portfolio Composition
(% of net assets)
Banks | 16.7% | |||
Insurance | 10.5% | |||
Pharmaceuticals | 9.1% | |||
Software | 6.1% | |||
Capital Markets | 5.8% | |||
Oil, Gas & Consumable Fuels | 4.8% | |||
Chemicals | 4.0% | |||
Diversified Telecommunication Services | 4.0% | |||
Industrial Conglomerates | 3.4% | |||
Multi-Utilities | 3.2% | |||
Semiconductors & Semiconductor Equipment | 3.0% | |||
Tobacco | 2.8% | |||
Food Products | 2.8% | |||
Air Freight & Logistics | 2.8% | |||
Electric Utilities | 2.7% | |||
Other | 17.8% | |||
Other Assets Less Liabilities | 0.5% | |||
Net Assets | 100% |
Country Allocation1
(% of net assets)
United States | 42.4% | |||
Germany | 11.2% | |||
United Kingdom | 8.6% | |||
Japan | 6.0% | |||
Netherlands | 5.2% | |||
Ireland | 4.6% | |||
France | 4.4% | |||
Switzerland | 3.4% | |||
Bermuda | 3.0% | |||
Spain | 2.3% | |||
Other | 8.4% | |||
Other Assets Less Liabilities | 0.5% | |||
Net Assets | 100% |
| 1 | Includes 3.0% (as a percentage of net assets) in emerging market countries. |
| NUVEEN | 31 |
Holding Summaries as of June 30, 2017 (continued)
Nuveen NWQ International Value Fund
Fund Allocation
(% of net assets)
Common Stocks | 95.1% | |||
Repurchase Agreements | 5.0% | |||
Other Assets Less Liabilities | (0.1)% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Nippon Telegraph and Telephone Corporation | 2.7% | |||
ING Groep N.V. | 2.7% | |||
SK Telecom Company Limited, Sponsored ADR | 2.6% | |||
UBS Group AG | 2.6% | |||
Royal Bank of Scotland Group PLC | 2.5% |
Portfolio Composition
(% of net assets)
Banks | 12.7% | |||
Insurance | 8.2% | |||
Pharmaceuticals | 6.7% | |||
Food & Staples Retailing | 5.9% | |||
Diversified Telecommunication Services | 4.5% | |||
Oil, Gas & Consumable Fuels | 4.2% | |||
Commercial Services & Supplies | 3.9% | |||
Capital Markets | 3.7% | |||
Automobiles | 3.6% | |||
Professional Services | 3.2% | |||
Tobacco | 3.1% | |||
Energy Equipment & Services | 3.0% | |||
Industrial Conglomerates | 2.9% | |||
Aerospace & Defense | 2.9% | |||
Real Estate Management & Development | 2.7% | |||
Wireless Telecommunication Services | 2.6% | |||
Technology Hardware, Storage & Peripherals | 2.5% | |||
Other | 18.8% | |||
Repurchase Agreements | 5.0% | |||
Other Assets Less Liabilities | (0.1)% | |||
Net Assets | 100% |
Country Allocation1
(% of net assets)
Japan | 22.5% | |||
Netherlands | 11.8% | |||
United States | 9.3% | |||
France | 7.7% | |||
United Kingdom | 6.0% | |||
Germany | 6.0% | |||
Switzerland | 5.5% | |||
South Korea | 4.9% | |||
Denmark | 4.1% | |||
Belgium | 3.7% | |||
Other | 18.6% | |||
Other Assets Less Liabilities | (0.1)% | |||
Net Assets | 100% |
| 1 | Includes 7.2% (as a percentage of net assets) in emerging market countries. |
| 32 | NUVEEN |
Nuveen NWQ Multi-Cap Value Fund
Fund Allocation
(% of net assets)
Common Stocks | 99.1% | |||
Repurchase Agreements | 0.9% | |||
Other Assets Less Liabilities | (0.0)% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Banks | 16.4% | |||
Oil, Gas & Consumable Fuels | 16.1% | |||
Insurance | 7.8% | |||
Communications Equipment | 5.8% | |||
Consumer Finance | 4.6% | |||
Equity Real Estate Investment Trusts | 4.3% | |||
Semiconductors & Semiconductor Equipment | 4.3% | |||
Pharmaceuticals | 3.9% | |||
Software | 3.9% | |||
Electronic Equipment, Instruments & Components | 3.8% | |||
Machinery | 3.6% | |||
Airlines | 3.4% | |||
Media | 2.6% | |||
Other | 18.6% | |||
Repurchase Agreements | 0.9% | |||
Other Assets Less Liabilities | (0.0)% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Citigroup Inc. | 4.3% | |||
CIT Group Inc. | 4.0% | |||
Oracle Corporation | 3.9% | |||
EQT Corporation | 3.3% | |||
JPMorgan Chase & Co. | 3.0% |
| NUVEEN | 33 |
Holding Summaries as of June 30, 2017 (continued)
Nuveen NWQ Large-Cap Value Fund
Fund Allocation
(% of net assets)
Common Stocks | 99.8% | |||
Repurchase Agreements | 3.0% | |||
Other Assets Less Liabilities | (2.8)% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Banks | 18.1% | |||
Oil, Gas & Consumable Fuels | 13.8% | |||
Insurance | 9.0% | |||
Consumer Finance | 5.5% | |||
Software | 5.5% | |||
Pharmaceuticals | 4.1% | |||
Media | 3.8% | |||
Airlines | 3.5% | |||
Industrial Conglomerates | 3.2% | |||
Beverages | 2.6% | |||
Automobiles | 2.5% | |||
Chemicals | 2.4% | |||
Multiline Retail | 2.4% | |||
Capital Markets | 2.3% | |||
Independent Power & Renewable Electricity Producers | 2.2% | |||
Other | 18.9% | |||
Repurchase Agreements | 3.0% | |||
Other Assets Less Liabilities | (2.8)% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Citigroup Inc. | 4.9% | |||
Oracle Corporation | 4.4% | |||
CIT Group Inc. | 4.1% | |||
EQT Corporation | 3.5% | |||
JPMorgan Chase & Co. | 3.3% |
| 34 | NUVEEN |
Nuveen NWQ Small/Mid-Cap Value Fund
Fund Allocation
(% of net assets)
Common Stocks | 98.5% | |||
Repurchase Agreements | 1.7% | |||
Other Assets Less Liabilities | (0.2)% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Banks | 18.3% | |||
Semiconductors & Semiconductor Equipment | 9.7% | |||
Oil, Gas & Consumable Fuels | 9.4% | |||
Household Durables | 7.1% | |||
Communications Equipment | 6.5% | |||
Food Products | 5.6% | |||
Insurance | 5.2% | |||
Machinery | 3.9% | |||
Paper & Forest Products | 3.8% | |||
Equity Real Estate Investment Trusts | 3.4% | |||
Life Sciences Tools & Services | 3.1% | |||
Specialty Retail | 3.1% | |||
Other | 19.4% | |||
Repurchase Agreements | 1.7% | |||
Other Assets Less Liabilities | (0.2)% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Mitel Networks Corporation | 4.2% | |||
Treehouse Foods Inc. | 3.6% | |||
The Bank of NT Butterfield and Son Limited | 3.4% | |||
Tri Pointe Group, Incorporated | 3.2% | |||
Bio-Rad Labratories Inc. | 3.1% |
| NUVEEN | 35 |
Holding Summaries as of June 30, 2017 (continued)
Nuveen NWQ Small-Cap Value Fund
Fund Allocation
(% of net assets)
Common Stocks | 84.7% | |||
Exchange-Traded Funds | 9.2% | |||
Repurchase Agreements | 5.8% | |||
Other Assets Less Liabilities | 0.3% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Banks | 20.1% | |||
Semiconductors & Semiconductor Equipment | 9.3% | |||
Food Products | 8.5% | |||
Household Durables | 8.1% | |||
Paper & Forest Products | 5.7% | |||
Electronic Equipment, Instruments & Components | 5.1% | |||
Communications Equipment | 4.1% | |||
Machinery | 2.9% | |||
Aerospace & Defense | 2.4% | |||
Other | 18.5% | |||
Exchange-Traded Funds | 9.2% | |||
Repurchase Agreements | 5.8% | |||
Other Assets Less Liabilities | 0.3% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Mitel Networks Corporation | 4.1% | |||
Western Alliance Bancorporation | 3.8% | |||
Treehouse Foods Inc. | 3.5% | |||
The Bank of NT Butterfield and Son Limited | 3.3% | |||
Tri Pointe Group, Incorporated | 3.2% |
| 36 | NUVEEN |
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. Since the expense examples for Class T Shares of Nuveen NWQ Global Equity Income Fund reflect only the first 31 days of the Class’s operations, they may not provide a meaningful understanding of the Class’s ongoing expenses.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended June 30, 2017.
The beginning of the period is January 1, 2017.
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 | $ | 1,135.10 | $ | 1,130.80 | $ | 1,136.70 | ||||||
Expenses Incurred During Period | $ | 5.88 | $ | 9.83 | $ | 4.56 | ||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||
Ending Account Value | $ | 1,019.29 | $ | 1,015.57 | $ | 1,020.53 | ||||||
Expenses Incurred During Period | $ | 5.56 | $ | 9.30 | $ | 4.31 | ||||||
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 181/365 (to reflect the one-half year period).
| NUVEEN | 37 |
Expense Examples (continued)
Nuveen NWQ Global Equity Income Fund
| Share Class | ||||||||||||||||||||
| Class A | Class C | Class R3 | Class I | Class T* | ||||||||||||||||
Actual Performance | ||||||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value | $ | 1,102.80 | $ | 1,098.90 | $ | 1,102.00 | $ | 1,104.20 | $ | 1,017.40 | ||||||||||
Expenses Incurred During Period | $ | 5.74 | $ | 9.68 | $ | 7.09 | $ | 4.49 | $ | 0.92 | ||||||||||
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 | $ | 1,019.34 | $ | 1,015.57 | $ | 1,018.05 | $ | 1,020.53 | $ | 1,003.20 | ||||||||||
Expenses Incurred During Period | $ | 5.51 | $ | 9.30 | $ | 6.80 | $ | 4.31 | $ | 0.91 | ||||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.10%, 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 181/365 (to reflect the one-half year period). For Class T expenses are equal to the Fund’s annualized net expense ratio of 1.11% multiplied by the average account value over the period, multiplied by 31/365 (to reflect 31 days in the period since class commencement of operations).
| * | Class T Shares are not available for public offering. |
Nuveen NWQ International Value Fund
| Share Class | ||||||||||||||||
| A Shares | C Shares | R3 Shares | I Shares | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,115.00 | $ | 1,110.60 | $ | 1,113.70 | $ | 1,116.40 | ||||||||
Expenses Incurred During the Period | $ | 6.03 | $ | 9.94 | $ | 7.34 | $ | 4.72 | ||||||||
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 | $ | 1,019.09 | $ | 1,015.37 | $ | 1,017.85 | $ | 1,020.33 | ||||||||
Expenses Incurred During the Period | $ | 5.76 | $ | 9.49 | $ | 7.00 | $ | 4.51 | ||||||||
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 181/365 (to reflect the one-half year period).
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 | $ | 1,091.80 | $ | 1,088.00 | $ | 1,090.80 | $ | 1,093.60 | ||||||||
Expenses Incurred During Period | $ | 5.96 | $ | 9.84 | $ | 7.26 | $ | 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 | $ | 1,019.09 | $ | 1,015.37 | $ | 1,017.85 | $ | 1,020.33 | ||||||||
Expenses Incurred During Period | $ | 5.76 | $ | 9.49 | $ | 7.00 | $ | 4.51 | ||||||||
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 181/365 (to reflect the one-half year period).
| 38 | NUVEEN |
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 | $ | 1,062.00 | $ | 1,057.60 | $ | 1,059.80 | $ | 1,063.20 | ||||||||
Expenses Incurred During Period | $ | 5.93 | $ | 9.74 | $ | 7.20 | $ | 4.66 | ||||||||
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 | $ | 1,019.04 | $ | 1,015.32 | $ | 1,017.80 | $ | 1,020.28 | ||||||||
Expenses Incurred During Period | $ | 5.81 | $ | 9.54 | $ | 7.05 | $ | 4.56 | ||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.16%, 1.91%, 1.41% and 0.91% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen 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 | $ | 1,013.70 | $ | 1,010.20 | $ | 1,012.50 | $ | 1,016.00 | $ | 1,015.40 | ||||||||||
Expenses Incurred During Period | $ | 6.54 | $ | 10.27 | $ | 7.78 | $ | 4.50 | $ | 5.30 | ||||||||||
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 | $ | 1,018.30 | $ | 1,014.58 | $ | 1,017.06 | $ | 1,020.33 | $ | 1,019.54 | ||||||||||
Expenses Incurred During Period | $ | 6.56 | $ | 10.29 | $ | 7.80 | $ | 4.51 | $ | 5.31 | ||||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.31%, 2.06%, 1.56%, 0.90% and 1.06% for Classes A, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Nuveen 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 | $ | 1,006.10 | $ | 1,002.50 | $ | 1,005.00 | $ | 1,008.20 | $ | 1,007.40 | ||||||||||
Expenses Incurred During Period | $ | 6.37 | $ | 10.08 | $ | 7.61 | $ | 4.28 | $ | 5.13 | ||||||||||
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 | $ | 1,018.45 | $ | 1,014.73 | $ | 1,017.21 | $ | 1,020.53 | $ | 1,019.69 | ||||||||||
Expenses Incurred During Period | $ | 6.41 | $ | 10.14 | $ | 7.65 | $ | 4.31 | $ | 5.16 | ||||||||||
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.28%, 2.03%, 1.53%, 0.86% and 1.03% for Classes A, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
| NUVEEN | 39 |
Independent Registered Public Accounting Firm
To the Board of Trustees of Nuveen Investment Trust and Nuveen Investment Trust II and Shareholders of
Nuveen NWQ Global All-Cap Fund
Nuveen NWQ Global Equity Income Fund
Nuveen NWQ International Value Fund
Nuveen NWQ Multi-Cap Value Fund
Nuveen NWQ Large-Cap Value Fund
Nuveen NWQ Small/Mid-Cap Value Fund and
Nuveen NWQ Small-Cap Value Fund:
In our opinion, the accompanying statements of assets and liabilities, including the portfolios of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of 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, and Nuveen NWQ Small-Cap Value Fund (separate portfolios of Nuveen Investment Trust), as of June 30, 2017, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period then ended and the financial highlights for each of the periods presented, and of Nuveen NWQ International Value Fund (a portfolio of Nuveen Investment Trust II) as of June 30, 2017, the results of its operations for the period from August 1, 2016 to June 30, 2017 and the year ended July 31, 2016, the changes in its net assets for the period from August 1, 2016 to June 30, 2017 and each of the two years in the period ended July 31, 2016, and the financial highlights for each of the periods presented (hereafter referred to as the “Funds”) in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities as of June 30, 2017 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
PricewaterhouseCoopers LLP
Chicago, IL
August 25, 2017
| 40 | NUVEEN |
Nuveen NWQ Global All-Cap Fund
| Portfolio of Investments | June 30, 2017 |
| Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 99.9% | ||||||||
COMMON STOCKS – 99.9% | ||||||||
| Auto Components – 2.3% | ||||||||
| 9,085 | GKN PLC, (2) | $ | 38,589 | |||||
| Banks – 16.2% | ||||||||
| 6,300 | Allied Irish Banks | 35,618 | ||||||
| 121,235 | Bank of Ireland, (2), (3) | 31,871 | ||||||
| 880 | CIT Group Inc. | 42,856 | ||||||
| 560 | Citigroup Inc. | 37,453 | ||||||
| 1,655 | ING Groep N.V., (2) | 28,570 | ||||||
| 985 | The Bank of NT Butterfield and Son Limited | 33,589 | ||||||
| 25,400 | Unicaja Banco, (3) | 33,942 | ||||||
| 480 | Western Alliance Bancorporation, (3) | 23,616 | ||||||
Total Banks | 267,515 | |||||||
| Capital Markets – 4.9% | ||||||||
| 840 | Aurelius AG, (2) | 45,143 | ||||||
| 2,115 | UBS Group AG | 35,913 | ||||||
Total Capital Markets | 81,056 | |||||||
| Chemicals – 8.0% | ||||||||
| 595 | Dow Chemical Company | 37,527 | ||||||
| 143 | LG Chem Limited, (2) | 36,390 | ||||||
| 977 | Nissan Chemical Industries Limited, (2) | 32,375 | ||||||
| 316 | Nitto Denko Corporation, (2) | 26,096 | ||||||
Total Chemicals | 132,388 | |||||||
| Containers & Packaging – 1.6% | ||||||||
| 4,130 | DS Smith PLC, (2) | 25,490 | ||||||
| Diversified Telecommunication Services – 3.1% | ||||||||
| 705 | Nippon Telegraph and Telephone Corporation, ADR, (2) | 33,279 | ||||||
| 1,270 | Telefonica Brasil SA | 17,212 | ||||||
Total Diversified Telecommunication Services | 50,491 | |||||||
| Electronic Equipment, Instruments & Components – 2.8% | ||||||||
| 204 | Coherent Inc., (3) | 45,898 | ||||||
| Equity Real Estate Investment Trusts – 1.8% | ||||||||
| 2,085 | Colony Northstar, Inc. | 29,378 | ||||||
| Food & Staples Retailing – 2.6% | ||||||||
| 192 | CVS Health Corporation | 15,448 | ||||||
| 12,455 | Tesco PLC, (2) | 27,421 | ||||||
Total Food & Staples Retailing | 42,869 | |||||||
| NUVEEN | 41 |
Nuveen NWQ Global All-Cap Fund (continued)
| Portfolio of Investments | June 30, 2017 |
| Shares | Description (1) | Value | ||||||
| Food Products – 3.4% | ||||||||
| 3,495 | Orkla ASA, (2) | $ | 35,523 | |||||
| 250 | Treehouse Foods Inc., (3) | 20,423 | ||||||
Total Food Products | 55,946 | |||||||
| Household Durables – 4.4% | ||||||||
| 1,365 | Sekisui House, Ltd., (2) | 24,124 | ||||||
| 1,005 | Taylor Morrison, (3) | 24,130 | ||||||
| 1,905 | Tri Pointe Group, Incorporated, (3) | 25,127 | ||||||
Total Household Durables | 73,381 | |||||||
| Industrial Conglomerates – 3.8% | ||||||||
| 675 | Koninklijke Philips Electronics NV, (2) | 24,029 | ||||||
| 279 | Siemens AG, Sponsored ADR, (2) | 38,378 | ||||||
Total Industrial Conglomerates | 62,407 | |||||||
| Insurance – 2.5% | ||||||||
| 1,041 | Ageas, (2) | 41,922 | ||||||
| IT Services – 2.5% | ||||||||
| 685 | Luxoft Holding Inc., (3) | 41,682 | ||||||
| Life Sciences Tools & Services – 2.6% | ||||||||
| 162 | Bio-Rad Laboratories Inc., (3) | 36,662 | ||||||
| 200 | Patheon N.V., (3) | 6,976 | ||||||
Total Life Sciences Tools & Services | 43,638 | |||||||
| Machinery – 2.7% | ||||||||
| 376 | Durr AG, (2) | 44,749 | ||||||
| Media – 2.4% | ||||||||
| 215 | Time Warner Inc. | 21,588 | ||||||
| 530 | Viacom Inc., Class B | 17,792 | ||||||
Total Media | 39,380 | |||||||
| Multi-Utilities – 1.8% | ||||||||
| 1,430 | Veolia Environment S.A., ADR, (2) | 30,254 | ||||||
| Oil, Gas & Consumable Fuels – 6.8% | ||||||||
| 960 | Cheniere Energy Inc. | 46,759 | ||||||
| 740 | EQT Corporation | 43,357 | ||||||
| 810 | Newfield Exploration Company, (3) | 23,053 | ||||||
Total Oil, Gas & Consumable Fuels | 113,169 | |||||||
| Pharmaceuticals – 8.8% | ||||||||
| 1,210 | Almirall SA | 19,707 | ||||||
| 1,415 | GlaxoSmithKline PLC, (2) | 30,121 | ||||||
| 590 | Otsuka Holdings Company KK, (2) | 25,190 | ||||||
| 42 | NUVEEN |
| Shares | Description (1) | Value | ||||||
| Pharmaceuticals (continued) | ||||||||
| 99 | Roche Holdings AG, Sponsored ADR, (2) | $ | 25,296 | |||||
| 905 | Takeda Chemical Industries, (2) | 45,946 | ||||||
Total Pharmaceuticals | 146,260 | |||||||
| Semiconductors & Semiconductor Equipment – 7.9% | ||||||||
| 1,860 | Cypress Semiconductor Corporation | 25,389 | ||||||
| 1,485 | Infineon Technologies AG, (2) | 31,542 | ||||||
| 665 | Mellanox Technologies, Limited, (3) | 28,795 | ||||||
| 365 | Microsemi Corporation, (3) | 17,082 | ||||||
| 950 | Teradyne Inc. | 28,529 | ||||||
Total Semiconductors & Semiconductor Equipment | 131,337 | |||||||
| Software – 2.2% | ||||||||
| 720 | Oracle Corporation | 36,101 | ||||||
| Specialty Retail – 1.4% | ||||||||
| 200 | Advance Auto Parts, Inc. | 23,318 | ||||||
| Technology Hardware, Storage & Peripherals – 1.7% | ||||||||
| 600 | Electronics For Imaging, (3) | 28,428 | ||||||
| Tobacco – 1.7% | ||||||||
| 606 | Imperial Brands PLC, (2) | 27,232 | ||||||
Total Long-Term Investments (cost $1,400,237) | 1,652,878 | |||||||
Other Assets Less Liabilities – 0.1% | 2,148 | |||||||
Net Assets – 100% | $ | 1,655,026 | ||||||
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 | 43 |
Nuveen NWQ Global Equity Income Fund
| Portfolio of Investments | June 30, 2017 |
| Shares | Description (1) | Value | ||||||||||||||||||
LONG-TERM INVESTMENTS – 99.5% | ||||||||||||||||||||
COMMON STOCKS – 94.3% | ||||||||||||||||||||
| Air Freight & Logistics – 2.7% | ||||||||||||||||||||
| 240,000 | Deutsche Post AG, (2) | $ | 9,009,179 | |||||||||||||||||
| Automobiles – 1.4% | ||||||||||||||||||||
| 64,600 | Daimler AG, (2) | 4,685,350 | ||||||||||||||||||
| Banks – 16.7% | ||||||||||||||||||||
| 1,800,000 | Allied Irish Banks | 10,176,553 | ||||||||||||||||||
| 18,800,000 | Bank of Ireland, (2), (3) | 4,942,220 | ||||||||||||||||||
| 160,000 | CIT Group Inc. | 7,792,000 | ||||||||||||||||||
| 154,000 | Citigroup Inc. | 10,299,520 | ||||||||||||||||||
| 425,000 | ING Groep N.V., (2) | 7,336,672 | ||||||||||||||||||
| 64,000 | JPMorgan Chase & Co. | 5,849,600 | ||||||||||||||||||
| 145,000 | The Bank of NT Butterfield and Son Limited | 4,944,500 | ||||||||||||||||||
| 2,501,000 | Unicaja Banco, (3) | 3,342,124 | ||||||||||||||||||
Total Banks | 54,683,189 | |||||||||||||||||||
| Building Products – 1.5% | ||||||||||||||||||||
| 110,000 | Johnson Controls International PLC | 4,769,600 | ||||||||||||||||||
| Capital Markets – 5.8% | ||||||||||||||||||||
| 250,000 | Ares Capital Corporation | 4,095,000 | ||||||||||||||||||
| 76,500 | Aurelius AG, (2) | 4,111,252 | ||||||||||||||||||
| 46,500 | Deutsche Borse AG, (2) | 4,911,799 | ||||||||||||||||||
| 355,000 | UBS Group AG, (2) | 6,037,088 | ||||||||||||||||||
Total Capital Markets | 19,155,139 | |||||||||||||||||||
| Chemicals – 4.0% | ||||||||||||||||||||
| 525,000 | CVR Partners LP | 1,832,250 | ||||||||||||||||||
| 180,000 | Dow Chemical Company | 11,352,600 | ||||||||||||||||||
Total Chemicals | 13,184,850 | |||||||||||||||||||
| Communications Equipment – 1.1% | ||||||||||||||||||||
| 119,000 | Cisco Systems, Inc. | 3,724,700 | ||||||||||||||||||
| Diversified Financial Services – 1.5% | ||||||||||||||||||||
| 470,000 | Challenger Limited, (2) | 4,820,076 | ||||||||||||||||||
| Diversified Telecommunication Services – 4.0% | ||||||||||||||||||||
| 186,000 | Nippon Telegraph and Telephone Corporation, ADR, (2) | 8,779,957 | ||||||||||||||||||
| 320,000 | Telefonica Brasil SA | 4,336,986 | ||||||||||||||||||
Total Diversified Telecommunication Services | 13,116,943 | |||||||||||||||||||
| 44 | NUVEEN |
| Shares | Description (1) | Value | ||||||||||||||||||
| Electrical Equipment – 1.2% | ||||||||||||||||||||
| 48,600 | Eaton PLC | $ | 3,782,538 | |||||||||||||||||
| Equity Real Estate Investment Trusts – 2.6% | ||||||||||||||||||||
| 395,000 | Colony Northstar, Inc. | 5,565,550 | ||||||||||||||||||
| 40,000 | Life Storage, Inc. | 2,964,000 | ||||||||||||||||||
Total Equity Real Estate Investment Trusts | 8,529,550 | |||||||||||||||||||
| Food & Staples Retailing – 1.4% | ||||||||||||||||||||
| 57,000 | CVS Health Corporation | 4,586,220 | ||||||||||||||||||
| Food Products – 2.0% | ||||||||||||||||||||
| 645,000 | Orkla ASA, (2) | 6,555,787 | ||||||||||||||||||
| Household Durables – 1.8% | ||||||||||||||||||||
| 335,000 | Sekisui House, Ltd., (2) | 5,920,654 | ||||||||||||||||||
| Industrial Conglomerates – 3.4% | ||||||||||||||||||||
| 105,000 | General Electric Company | 2,836,050 | ||||||||||||||||||
| 133,400 | Koninklijke Philips Electronics NV, (2) | 4,748,863 | ||||||||||||||||||
| 26,300 | Siemens AG, Sponsored ADR, (2) | 3,617,668 | ||||||||||||||||||
Total Industrial Conglomerates | 11,202,581 | |||||||||||||||||||
| Insurance – 10.2% | ||||||||||||||||||||
| 155,000 | Ageas, (2) | 6,242,028 | ||||||||||||||||||
| 29,000 | Allianz AG ORD Shares, (2) | 5,722,917 | ||||||||||||||||||
| 82,000 | CNA Financial Corporation | 3,997,500 | ||||||||||||||||||
| 140,000 | NN Group NV, (2) | 4,967,623 | ||||||||||||||||||
| 36,000 | RenaissanceRe Holdings, Limited | 5,005,800 | ||||||||||||||||||
| 158,200 | Unum Group | 7,376,866 | ||||||||||||||||||
Total Insurance | 33,312,734 | |||||||||||||||||||
| Media – 1.7% | ||||||||||||||||||||
| 230,000 | National CineMedia, Inc. | 1,706,600 | ||||||||||||||||||
| 118,000 | Viacom Inc., Class B | 3,961,260 | ||||||||||||||||||
Total Media | 5,667,860 | |||||||||||||||||||
| Multi-Utilities – 3.2% | ||||||||||||||||||||
| 495,000 | Veolia Environment S.A., ADR, (2) | 10,472,498 | ||||||||||||||||||
| Oil, Gas & Consumable Fuels – 4.8% | ||||||||||||||||||||
| 38,700 | Chevron Corporation | 4,037,571 | ||||||||||||||||||
| 290,000 | Enterprise Products Partnership LP | 7,853,200 | ||||||||||||||||||
| 78,000 | Total SA, (2) | 3,872,464 | ||||||||||||||||||
Total Oil, Gas & Consumable Fuels | 15,763,235 | |||||||||||||||||||
| Pharmaceuticals – 7.9% | ||||||||||||||||||||
| 117,000 | AstraZeneca PLC, Sponsored ADR | 3,988,530 | ||||||||||||||||||
| 550,000 | GlaxoSmithKline PLC, (2) | 11,707,987 | ||||||||||||||||||
| NUVEEN | 45 |
Nuveen NWQ Global Equity Income Fund (continued)
| Portfolio of Investments | June 30, 2017 |
| Shares | Description (1) | Value | ||||||||||||||||||
| Pharmaceuticals (continued) | ||||||||||||||||||||
| 20,000 | Roche Holdings AG, Sponsored ADR, (2) | $ | 5,110,297 | |||||||||||||||||
| 100,000 | Takeda Chemical Industries, (2) | 5,076,896 | ||||||||||||||||||
Total Pharmaceuticals | 25,883,710 | |||||||||||||||||||
| Real Estate Management & Development – 1.0% | ||||||||||||||||||||
| 1,900,000 | Sino Land Company Limited, (2) | 3,112,927 | ||||||||||||||||||
| Road & Rail – 1.5% | ||||||||||||||||||||
| 44,000 | Union Pacific Corporation | 4,792,040 | ||||||||||||||||||
| Semiconductors & Semiconductor Equipment – 3.0% | ||||||||||||||||||||
| 387,500 | Cypress Semiconductor Corporation | 5,289,375 | ||||||||||||||||||
| 220,000 | Infineon Technologies AG, (2) | 4,672,923 | ||||||||||||||||||
Total Semiconductors & Semiconductor Equipment | 9,962,298 | |||||||||||||||||||
| Software – 6.1% | ||||||||||||||||||||
| 92,000 | Microsoft Corporation | 6,341,560 | ||||||||||||||||||
| 275,000 | Oracle Corporation | 13,788,500 | ||||||||||||||||||
Total Software | 20,130,060 | |||||||||||||||||||
| Specialty Retail – 1.0% | ||||||||||||||||||||
| 831,600 | Kingfisher plc, (2) | 3,257,304 | ||||||||||||||||||
| Textiles, Apparel & Luxury Goods – 0.0% | ||||||||||||||||||||
| 34,456,000 | China Hongxing Sports Limited, (4) | 25 | ||||||||||||||||||
| Tobacco – 2.8% | ||||||||||||||||||||
| 206,000 | Imperial Brands PLC, (2) | 9,257,047 | ||||||||||||||||||
Total Common Stocks (cost $279,596,901) | 309,338,094 | |||||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||||
CONVERTIBLE PREFERRED SECURITIES – 3.2% | �� | |||||||||||||||||||
| Electric Utilities – 2.0% | ||||||||||||||||||||
| 120,000 | Great Plains Energy Inc. | 7.000% | N/R | $ | 6,364,800 | |||||||||||||||
| Pharmaceuticals – 1.2% | ||||||||||||||||||||
| 6,640 | Teva Pharmaceutical Industries Limited, (2) | 7.000% | N/R | 3,916,936 | ||||||||||||||||
Total Convertible Preferred Securities (cost $11,022,752) | 10,281,736 | |||||||||||||||||||
| Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL PREFERRED – 0.4% | ||||||||||||||||||||
| Insurance – 0.3% | ||||||||||||||||||||
| 39,000 | National General Holding Company | 7.625% | N/R | $ | 999,570 | |||||||||||||||
| Wireless Telecommunication Services – 0.1% | ||||||||||||||||||||
| 15,500 | United States Cellular Corporation | 7.250% | Ba1 | 409,200 | ||||||||||||||||
Total $25 Par (or similar) Retail Preferred (cost $1,369,359) | 1,408,770 | |||||||||||||||||||
| 46 | NUVEEN |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 1.6% |
| |||||||||||||||||||
| Electric Utilities – 0.8% | ||||||||||||||||||||
| $ | 2,200 | Emera, Inc. | 6.750% | 6/15/76 | BBB– | $ | 2,486,000 | |||||||||||||
| Food Products – 0.8% | ||||||||||||||||||||
| 554 | Land O’ Lakes Incorporated, 144A | 8.000% | N/A (6) | BB | 608,015 | |||||||||||||||
| 1,884 | Land O’ Lakes Incorporated, 144A | 7.250% | N/A (6) | BB | 2,013,525 | |||||||||||||||
| 2,438 | Total Food Products | 2,621,540 | ||||||||||||||||||
| $ | 4,638 | Total $1,000 Par (or similar) Institutional Preferred (cost $4,812,875) | �� | 5,107,540 | ||||||||||||||||
Total Long-Term Investments (cost $296,801,887) | 326,136,140 | |||||||||||||||||||
Other Assets Less Liabilities – 0.5% | 1,782,229 | |||||||||||||||||||
Net Assets – 100% | $ | 327,918,369 | ||||||||||||||||||
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. See Notes to Financial Statements, Note 2 – Investment Valuation and Fair Value Measurements for more information. |
| (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. Ratings are not covered by the report of independent registered public accounting firm. |
| (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 | 47 |
Nuveen NWQ International Value Fund
| Portfolio of Investments | June 30, 2017 |
| Shares | Description (1) | Value | ||||||||||||||
LONG-TERM INVESTMENTS – 95.1% | ||||||||||||||||
COMMON STOCKS – 95.1% | ||||||||||||||||
| Aerospace & Defense – 2.9% | ||||||||||||||||
| 881,100 | Embraer Aircraft Corporation | $ | 4,023,980 | |||||||||||||
| 41,279 | Thales SA, (2) | 4,442,621 | ||||||||||||||
Total Aerospace & Defense | 8,466,601 | |||||||||||||||
| Automobiles – 3.6% | ||||||||||||||||
| 37,986 | Hyundai Motor Company, (2) | 3,752,064 | ||||||||||||||
| 65,008 | Toyota Motor Corporation, Sponsored ADR | 6,827,140 | ||||||||||||||
Total Automobiles | 10,579,204 | |||||||||||||||
| Banks – 12.7% | ||||||||||||||||
| 1,107,800 | Allied Irish Banks | 6,263,103 | ||||||||||||||
| 17,446,154 | Bank of Ireland, (2), (3) | 4,586,315 | ||||||||||||||
| 462,050 | ING Groep N.V., (2) | 7,976,257 | ||||||||||||||
| 473,600 | Oversea-Chinese Banking Corporation Limited, (2) | 3,709,870 | ||||||||||||||
| 2,301,055 | Royal Bank of Scotland Group PLC, (2), (3) | 7,424,791 | ||||||||||||||
| 162,400 | Sumitomo Mitsui Trust Holdings, (2) | 5,833,289 | ||||||||||||||
| 1,450,500 | Unicaja Banco, (3) | 1,938,325 | ||||||||||||||
Total Banks | 37,731,950 | |||||||||||||||
| Beverages – 1.0% | ||||||||||||||||
| 149,915 | Refresco Group N.V., (2) | 3,058,081 | ||||||||||||||
| Capital Markets – 3.7% | ||||||||||||||||
| 62,400 | Aurelius AG, (2) | 3,353,492 | ||||||||||||||
| 452,931 | UBS Group AG | 7,690,768 | ||||||||||||||
Total Capital Markets | 11,044,260 | |||||||||||||||
| Chemicals – 2.2% | ||||||||||||||||
| 89,559 | Koninklijke DSM NV, (2) | 6,513,849 | ||||||||||||||
| Commercial Services & Supplies – 3.9% | ||||||||||||||||
| 392,000 | Dai Nippon Printing Co., Ltd., (2) | 4,366,860 | ||||||||||||||
| 183,393 | ISS AS, (2) | 7,203,887 | ||||||||||||||
Total Commercial Services & Supplies | 11,570,747 | |||||||||||||||
| Communications Equipment – 1.5% | ||||||||||||||||
| 607,410 | Ericsson LM Telefonaktiebolaget, Sponsored ADR | 4,355,130 | ||||||||||||||
| Diversified Financial Services – 1.5% | ||||||||||||||||
| 45,603 | Groupe Bruxelles Lambert SA, (2) | 4,389,431 | ||||||||||||||
| 48 | NUVEEN |
| Shares | Description (1) | Value | ||||||||||||||
| Diversified Telecommunication Services – 4.5% | ||||||||||||||||
| 171,296 | Nippon Telegraph and Telephone Corporation, ADR | $ | 8,071,468 | |||||||||||||
| 316,828 | Telenor ASA, (2) | 5,256,252 | ||||||||||||||
Total Diversified Telecommunication Services | 13,327,720 | |||||||||||||||
| Electrical Equipment – 1.9% | ||||||||||||||||
| 114,800 | Mabuchi Motor Company Limited, (2) | 5,738,028 | ||||||||||||||
| Electronic Equipment, Instruments & Components – 1.5% | ||||||||||||||||
| 265,974 | Flextronics International Limited, (3) | 4,338,036 | ||||||||||||||
| Energy Equipment & Services – 3.0% | ||||||||||||||||
| 669,787 | Aker Solutions ASA, (2), (3) | 3,030,509 | ||||||||||||||
| 378,540 | Tenaris SA, (2) | 5,910,421 | ||||||||||||||
Total Energy Equipment & Services | 8,940,930 | |||||||||||||||
| Food & Staples Retailing – 5.9% | ||||||||||||||||
| 292,569 | Carrefour SA, (2) | 7,396,706 | ||||||||||||||
| 98,800 | Seven & I Holdings Co. Ltd, (2) | 4,076,926 | ||||||||||||||
| 2,753,446 | Tesco PLC, (2), (3) | 6,062,068 | ||||||||||||||
Total Food & Staples Retailing | 17,535,700 | |||||||||||||||
| Household Durables – 2.5% | ||||||||||||||||
| 232,200 | Panasonic Corporation, (2) | 3,163,785 | ||||||||||||||
| 244,200 | Sekisui House, Ltd., (2) | 4,315,892 | ||||||||||||||
Total Household Durables | 7,479,677 | |||||||||||||||
| Industrial Conglomerates – 2.9% | ||||||||||||||||
| 1,966,700 | Alfa S.A. | 2,790,414 | ||||||||||||||
| 41,784 | Siemens AG, (2) | 5,747,554 | ||||||||||||||
Total Industrial Conglomerates | 8,537,968 | |||||||||||||||
| Insurance – 8.2% | ||||||||||||||||
| 166,033 | Ageas, (2) | 6,686,340 | ||||||||||||||
| 22,209 | Allianz AG ORD Shares, (2) | 4,382,768 | ||||||||||||||
| 90,007 | Axis Capital Holdings Limited | 5,819,853 | ||||||||||||||
| 218,800 | MS&AD Insurance Group Holdings, Inc., (2) | 7,379,833 | ||||||||||||||
Total Insurance | 24,268,794 | |||||||||||||||
| IT Services – 0.9% | ||||||||||||||||
| 45,903 | Luxoft Holding Inc., (3) | 2,793,198 | ||||||||||||||
| Media – 1.5% | ||||||||||||||||
| 58,664 | Publicis Groupe, (2) | 4,372,404 | ||||||||||||||
| Oil, Gas & Consumable Fuels – 4.2% | ||||||||||||||||
| 251,504 | Cameco Corporation | 2,288,686 | ||||||||||||||
| 134,205 | Canadian Natural Resources Limited | 3,870,472 | ||||||||||||||
| 117,892 | Royal Dutch Shell PLC, Class B Shares, Sponsored ADR | 6,416,862 | ||||||||||||||
Total Oil, Gas & Consumable Fuels | 12,576,020 | |||||||||||||||
| NUVEEN | 49 |
Nuveen NWQ International Value Fund (continued)
| Portfolio of Investments | June 30, 2017 |
| Shares | Description (1) | Value | ||||||||||||||
| Pharmaceuticals – 6.7% | ||||||||||||||||
| 206,316 | GlaxoSmithKline PLC, (2) | $ | 4,391,900 | |||||||||||||
| 15,990 | Roche Holdings AG, (2) | 4,085,682 | ||||||||||||||
| 68,368 | Sanofi, (2) | 6,551,015 | ||||||||||||||
| 142,106 | Teva Pharmaceutical Industries Limited, Sponsored ADR | 4,720,761 | ||||||||||||||
Total Pharmaceuticals | 19,749,358 | |||||||||||||||
| Professional Services – 3.2% | ||||||||||||||||
| 58,300 | Adecco Group, (2) | 4,441,418 | ||||||||||||||
| 117,941 | Wolters Kluwer NV, (2) | 4,988,070 | ||||||||||||||
Total Professional Services | 9,429,488 | |||||||||||||||
| Real Estate Management & Development – 2.7% | ||||||||||||||||
| 663,100 | City Developments Limited, (2) | 5,165,290 | ||||||||||||||
| 490,996 | Henderson Land Development Company Limited, (2) | 2,737,751 | ||||||||||||||
Total Real Estate Management & Development | 7,903,041 | |||||||||||||||
| Semiconductors & Semiconductor Equipment – 1.3% | ||||||||||||||||
| 48,300 | Rohm Company Limited, (2) | 3,723,996 | ||||||||||||||
| Software – 1.5% | ||||||||||||||||
| 41,450 | SAP SE, (2) | 4,338,627 | ||||||||||||||
| Technology Hardware, Storage & Peripherals – 2.5% | ||||||||||||||||
| 121,800 | Fujifilm Holdings Corporation, (2) | 4,391,798 | ||||||||||||||
| 1,924 | Samsung Electronics Company Limited, (2) | 3,137,078 | ||||||||||||||
Total Technology Hardware, Storage & Peripherals | 7,528,876 | |||||||||||||||
| Textiles, Apparel & Luxury Goods – 1.5% | ||||||||||||||||
| 330,000 | Wacoal Holdings Corporation, (2) | 4,468,712 | ||||||||||||||
| Tobacco – 3.1% | ||||||||||||||||
| 120,900 | Japan Tobacco Inc., (2) | 4,249,402 | ||||||||||||||
| 310,625 | Scandinavian Tobacco Group A/S | 5,057,524 | ||||||||||||||
Total Tobacco | 9,306,926 | |||||||||||||||
| Wireless Telecommunication Services – 2.6% | ||||||||||||||||
| 302,923 | SK Telecom Company Limited, Sponsored ADR | 7,776,033 | ||||||||||||||
Total Long-Term Investments (cost $231,023,231) | 281,842,785 | |||||||||||||||
| 50 | NUVEEN |
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 5.0% | ||||||||||||||||
| REPURCHASE AGREEMENTS – 5.0% | ||||||||||||||||
| $ | 14,724 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/17, | 0.120% | 7/03/17 | $ | 14,724,370 | ||||||||||
Total Short-Term Investments (cost $14,724,370) | 14,724,370 | |||||||||||||||
Total Investments (cost $245,747,601) – 100.1% | 296,567,155 | |||||||||||||||
Other Assets Less Liabilities – (0.1)% | (181,346 | ) | ||||||||||||||
Net Assets – 100% | $ | 296,385,809 | ||||||||||||||
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 | 51 |
Nuveen NWQ Multi-Cap Value Fund
| Portfolio of Investments | June 30, 2017 |
| Shares | Description (1) | Value | ||||||||||||||
LONG-TERM INVESTMENTS – 99.1% | ||||||||||||||||
COMMON STOCKS – 99.1% | ||||||||||||||||
| Airlines – 3.4% | ||||||||||||||||
| 21,300 | Delta Air Lines, Inc. | $ | 1,144,662 | |||||||||||||
| 33,300 | Southwest Airlines Co. | 2,069,262 | ||||||||||||||
Total Airlines | 3,213,924 | |||||||||||||||
| Automobiles – 2.3% | ||||||||||||||||
| 63,300 | General Motors Company | 2,211,069 | ||||||||||||||
| Banks – 16.4% | ||||||||||||||||
| 54,000 | Bank of America Corporation | 1,310,040 | ||||||||||||||
| 128,000 | Bank of Ireland, ADR, (2), (3) | 1,678,886 | ||||||||||||||
| 78,000 | CIT Group Inc. | 3,798,600 | ||||||||||||||
| 61,500 | Citigroup Inc. | 4,113,120 | ||||||||||||||
| 31,100 | JPMorgan Chase & Co. | 2,842,540 | ||||||||||||||
| 56,500 | The Bank of NT Butterfield and Son Limited | 1,926,650 | ||||||||||||||
Total Banks | 15,669,836 | |||||||||||||||
| Capital Markets – 1.7% | ||||||||||||||||
| 85,730 | B. Riley Financial, Inc. | 1,590,292 | ||||||||||||||
| Communication Equipment – 5.8% | ||||||||||||||||
| 60,000 | Arris International PLC, (3) | 1,681,200 | ||||||||||||||
| 294,900 | Mitel Networks Corporation, (3) | 2,167,515 | ||||||||||||||
| 25,020 | ViaSat, Inc., (3) | 1,656,324 | ||||||||||||||
Total Communication Equipment | 5,505,039 | |||||||||||||||
| Consumer Finance – 4.6% | ||||||||||||||||
| 45,400 | Discover Financial Services | 2,823,426 | ||||||||||||||
| 52,000 | Synchrony Financial | 1,550,640 | ||||||||||||||
Total Consumer Finance | 4,374,066 | |||||||||||||||
| Electronic Equipment, Instruments & Components – 3.8% | ||||||||||||||||
| 11,980 | Coherent Inc., (3) | 2,695,380 | ||||||||||||||
| 51,400 | VeriFone Holdings Inc., (3) | 930,340 | ||||||||||||||
Total Electronic Equipment & Instruments | 3,625,720 | |||||||||||||||
| Equity Real Estate Investment Trusts – 4.3% | ||||||||||||||||
| 180,200 | Colony Northstar, Inc. | 2,539,018 | ||||||||||||||
| 128,500 | MedEquities Realty Trust, Inc. | 1,621,670 | ||||||||||||||
Total Equity Real Estate Investment Trusts | 4,160,688 | |||||||||||||||
| Health Care Providers & Services – 1.1% | ||||||||||||||||
| 6,420 | CIGNA Corporation | 1,074,644 | ||||||||||||||
| 52 | NUVEEN |
| Shares | Description (1) | Value | ||||||||||||||
| Hotels, Restaurants & Leisure – 1.2% | ||||||||||||||||
| 55,400 | Bloomin Brands | $ | 1,176,142 | |||||||||||||
| Independent Power & Renewable Electricity Producers – 2.1% | ||||||||||||||||
| 150,000 | Calpine Corporation, (3) | 2,029,500 | ||||||||||||||
| Industrial Conglomerates – 2.2% | ||||||||||||||||
| 58,400 | Philips Electronics | 2,091,888 | ||||||||||||||
| Insurance – 7.8% | ||||||||||||||||
| 14,540 | AON PLC | 1,933,093 | ||||||||||||||
| 40,900 | Loews Corporation | 1,914,529 | ||||||||||||||
| 8,700 | RenaissanceRe Holdings, Limited | 1,209,735 | ||||||||||||||
| 51,513 | Unum Group | 2,402,051 | ||||||||||||||
Total Insurance | 7,459,408 | |||||||||||||||
| Life Sciences Tools & Services – 2.6% | ||||||||||||||||
| 10,800 | Bio-Rad Laboratories Inc., (3) | 2,444,148 | ||||||||||||||
| Machinery – 3.6% | ||||||||||||||||
| 18,410 | Ingersoll Rand Company Limited, Class A | 1,682,490 | ||||||||||||||
| 46,500 | Terex Corporation | 1,743,750 | ||||||||||||||
Total Machinery | 3,426,240 | |||||||||||||||
| Media – 2.6% | ||||||||||||||||
| 38,300 | Interpublic Group of Companies, Inc. | 942,180 | ||||||||||||||
| 45,000 | Viacom Inc., Class B | 1,510,650 | ||||||||||||||
Total Media | 2,452,830 | |||||||||||||||
| Mortgage Real Estate Investment Trusts – 1.0% | ||||||||||||||||
| 53,200 | PennyMac Mortgage Investment Trust | 973,028 | ||||||||||||||
| Multiline Retail – 1.2% | ||||||||||||||||
| 22,400 | Target Corporation | 1,171,296 | ||||||||||||||
| Oil, Gas & Consumable Fuels – 16.1% | ||||||||||||||||
| 99,500 | Carrizo Oil & Gas, Inc., (3) | 1,733,290 | ||||||||||||||
| 56,400 | Cheniere Energy Inc., (3) | 2,747,244 | ||||||||||||||
| 53,705 | EQT Corporation | 3,146,576 | ||||||||||||||
| 58,800 | Hess Corporation | 2,579,556 | ||||||||||||||
| 49,100 | Newfield Exploration Company, (3) | 1,397,386 | ||||||||||||||
| 22,500 | Occidental Petroleum Corporation | 1,347,075 | ||||||||||||||
| 15,000 | Phillips 66 | 1,240,350 | ||||||||||||||
| 42,500 | Suncor Energy, Inc. | 1,241,000 | ||||||||||||||
Total Oil, Gas & Consumable Fuels | 15,432,477 | |||||||||||||||
| Pharmaceuticals – 3.9% | ||||||||||||||||
| 4,850 | Allergan PLC | 1,178,987 | ||||||||||||||
| 37,800 | GlaxoSmithKline PLC, Sponsored ADR | 1,629,936 | ||||||||||||||
| NUVEEN | 53 |
Nuveen NWQ Multi-Cap Value Fund (continued)
| Portfolio of Investments | June 30, 2017 |
| Shares | Description (1) | Value | ||||||||||||||
| Pharmaceuticals (continued) | ||||||||||||||||
| 28,300 | Pfizer Inc. | $ | 950,597 | |||||||||||||
Total Pharmaceuticals | 3,759,520 | |||||||||||||||
| Semiconductors & Semiconductor Equipment – 4.3% | ||||||||||||||||
| 45,000 | Teradyne Inc. | 1,351,350 | ||||||||||||||
| 88,500 | Cypress Semiconductor Corporation | 1,208,025 | ||||||||||||||
| 35,000 | Mellanox Technologies, Limited, (3) | 1,515,500 | ||||||||||||||
Total Semiconductor & Semiconductor Equipment | 4,074,875 | |||||||||||||||
| Software – 3.9% | ||||||||||||||||
| 74,900 | Oracle Corporation | 3,755,486 | ||||||||||||||
| Specialty Retail – 1.3% | ||||||||||||||||
| 11,060 | Advance Auto Parts, Inc. | 1,289,485 | ||||||||||||||
| Technology Hardware, Storage & Peripherals – 1.9% | ||||||||||||||||
| 38,400 | Electronics For Imaging, (3) | 1,819,392 | ||||||||||||||
Total Long-Term Investments (cost $79,583,599) | 94,780,993 | |||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 0.9% | ||||||||||||||||
| REPURCHASE AGREEMENTS – 0.9% | ||||||||||||||||
| $ | 853 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/17, | 0.120% | 7/03/17 | $ | 852,926 | ||||||||||
Total Short-Term Investments (cost $852,926) | 852,926 | |||||||||||||||
Total Investments (cost $80,436,525) – 100.0% | 95,633,919 | |||||||||||||||
Other Assets Less Liabilities – (0.0)% | (15,271 | ) | ||||||||||||||
Net Assets – 100% | $ | 95,618,648 | ||||||||||||||
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.
| 54 | NUVEEN |
Nuveen NWQ Large-Cap Value Fund
| Portfolio of Investments | June 30, 2017 |
| Shares | Description (1) | Value | ||||||||||||||
LONG-TERM INVESTMENTS – 99.8% | ||||||||||||||||
COMMON STOCKS – 99.8% | ||||||||||||||||
| Aerospace & Defense – 2.0% | ||||||||||||||||
| 10,830 | Raytheon Company | $ | 1,748,828 | |||||||||||||
| Airlines – 3.5% | ||||||||||||||||
| 19,885 | Delta Air Lines, Inc. | 1,068,620 | ||||||||||||||
| 32,020 | Southwest Airlines Co. | 1,989,723 | ||||||||||||||
Total Airlines | 3,058,343 | |||||||||||||||
| Automobiles – 2.5% | ||||||||||||||||
| 61,000 | General Motors Company | 2,130,730 | ||||||||||||||
| Banks – 18.1% | ||||||||||||||||
| 116,900 | Bank of Ireland, ADR, (2), (3) | 1,533,295 | ||||||||||||||
| 72,000 | CIT Group Inc. | 3,506,400 | ||||||||||||||
| 63,785 | Citigroup Inc. | 4,265,942 | ||||||||||||||
| 74,000 | ING Groep N.V., Sponsored ADR | 1,286,860 | ||||||||||||||
| 30,835 | JPMorgan Chase & Co. | 2,818,319 | ||||||||||||||
| 7,680 | PNC Financial Services Group, Inc. | 959,002 | ||||||||||||||
| 23,000 | Wells Fargo & Company | 1,274,430 | ||||||||||||||
Total Banks | 15,644,248 | |||||||||||||||
| Beverages – 2.6% | ||||||||||||||||
| 49,460 | Coca-Cola Company | 2,218,281 | ||||||||||||||
| Capital Markets – 2.3% | ||||||||||||||||
| 22,700 | State Street Corporation | 2,036,871 | ||||||||||||||
| Chemicals – 2.4% | ||||||||||||||||
| 32,800 | Dow Chemical Company | 2,068,696 | ||||||||||||||
| Communication Equipment – 0.9% | ||||||||||||||||
| 12,450 | ViaSat, Inc., (3) | 824,190 | ||||||||||||||
| Consumer Finance – 5.5% | ||||||||||||||||
| 38,500 | Discover Financial Services | 2,394,315 | ||||||||||||||
| 79,500 | Synchrony Financial | 2,370,690 | ||||||||||||||
Total Consumer Finance | 4,765,005 | |||||||||||||||
| Equity Real Estate Investment Trusts – 1.9% | ||||||||||||||||
| 120,400 | Colony Northstar, Inc. | 1,696,436 | ||||||||||||||
| Food & Staples Retailing – 1.5% | ||||||||||||||||
| 16,100 | CVS Health Corporation | 1,295,406 | ||||||||||||||
| NUVEEN | 55 |
Nuveen NWQ Large-Cap Value Fund (continued)
| Portfolio of Investments | June 30, 2017 |
| Shares | Description (1) | Value | ||||||||||||||
| Health Care Providers & Services – 1.7% | ||||||||||||||||
| 8,000 | Anthem Inc. | $ | 1,505,040 | |||||||||||||
| Independent Power & Renewable Electricity Producers – 2.2% | ||||||||||||||||
| 141,400 | Calpine Corporation, (3) | 1,913,142 | ||||||||||||||
| Industrial Conglomerates – 3.2% | ||||||||||||||||
| 22,830 | General Electric Company | 616,638 | ||||||||||||||
| 60,000 | Philips Electronics | 2,149,200 | ||||||||||||||
Total Industrial Conglomerates | 2,765,838 | |||||||||||||||
| Insurance – 9.0% | ||||||||||||||||
| 17,965 | AON PLC | 2,388,447 | ||||||||||||||
| 35,180 | MetLife, Inc. | 1,932,789 | ||||||||||||||
| 8,000 | RenaissanceRe Holdings, Limited | 1,112,400 | ||||||||||||||
| 50,860 | Unum Group | 2,371,602 | ||||||||||||||
Total Insurance | 7,805,238 | |||||||||||||||
| Internet Software & Services – 1.8% | ||||||||||||||||
| 1,690 | Alphabet Inc., Class A, (3) | 1,571,159 | ||||||||||||||
| IT Services – 1.4% | ||||||||||||||||
| 22,500 | PayPal Holdings, Inc., (3) | 1,207,575 | ||||||||||||||
| Life Sciences Tools & Services – 0.9% | ||||||||||||||||
| 3,300 | Bio-Rad Laboratories Inc., (3) | 746,823 | ||||||||||||||
| Machinery – 2.1% | ||||||||||||||||
| 19,870 | Ingersoll Rand Company Limited, Class A | 1,815,919 | ||||||||||||||
| Media – 3.8% | ||||||||||||||||
| 42,240 | Interpublic Group of Companies, Inc. | 1,039,104 | ||||||||||||||
| 9,000 | Time Warner Inc. | 903,690 | ||||||||||||||
| 39,300 | Viacom Inc., Class B | 1,319,301 | ||||||||||||||
Total Media | 3,262,095 | |||||||||||||||
| Multiline Retail – 2.4% | ||||||||||||||||
| 27,600 | Kohl’s Corporation | 1,068,517 | ||||||||||||||
| 19,000 | Target Corporation | 993,510 | ||||||||||||||
Total Multiline Retail | 2,062,027 | |||||||||||||||
| Oil, Gas & Consumable Fuels – 13.8% | ||||||||||||||||
| 91,300 | Carrizo Oil & Gas, Inc., (3) | 1,590,446 | ||||||||||||||
| 55,840 | Cheniere Energy Inc., (3) | 2,719,966 | ||||||||||||||
| 51,050 | EQT Corporation | 2,991,020 | ||||||||||||||
| 55,600 | Hess Corporation | 2,439,172 | ||||||||||||||
| 13,500 | Phillips 66 | 1,116,315 | ||||||||||||||
| 37,000 | Suncor Energy, Inc. | 1,080,400 | ||||||||||||||
Total Oil, Gas & Consumable Fuels | 11,937,319 | |||||||||||||||
| 56 | NUVEEN |
| Shares | Description (1) | Value | ||||||||||||||
| Pharmaceuticals – 4.1% | ||||||||||||||||
| 4,600 | Allergan PLC | $ | 1,118,214 | |||||||||||||
| 33,900 | GlaxoSmithKline PLC, Sponsored ADR | 1,461,768 | ||||||||||||||
| 28,900 | Pfizer Inc. | 970,751 | ||||||||||||||
Total Pharmaceuticals | 3,550,733 | |||||||||||||||
| Road & Rail – 1.8% | ||||||||||||||||
| 14,000 | Union Pacific Corporation | 1,524,740 | ||||||||||||||
| Semiconductors & Semiconductor Equipment – 1.5% | ||||||||||||||||
| 42,935 | Teradyne Inc. | 1,289,338 | ||||||||||||||
| Software – 5.5% | ||||||||||||||||
| 13,500 | Microsoft Corporation | 930,555 | ||||||||||||||
| 75,855 | Oracle Corporation | 3,803,370 | ||||||||||||||
Total Software | 4,733,925 | |||||||||||||||
| Specialty Retail – 1.4% | ||||||||||||||||
| 5,500 | O’Reilly Automotive Inc., (3) | 1,191,354 | ||||||||||||||
Total Long-Term Investments (cost $57,948,748) | 86,369,299 | |||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 3.0% | ||||||||||||||||
| REPURCHASE AGREEMENTS – 3.0% | ||||||||||||||||
| $ | 2,577 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/17, | 0.120% | 7/03/17 | $ | 2,576,598 | ||||||||||
Total Short-Term Investments (cost $2,576,598) | 2,576,598 | |||||||||||||||
Total Investments (cost $60,525,346) – 102.8% | 88,945,897 | |||||||||||||||
Other Assets Less Liabilities – (2.8)% | (2,394,086 | ) | ||||||||||||||
Net Assets – 100% | $ | 86,551,811 | ||||||||||||||
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 | 57 |
Nuveen NWQ Small/Mid-Cap Value Fund
| Portfolio of Investments | June 30, 2017 |
| Shares | Description (1) | Value | ||||||||||||||
LONG-TERM INVESTMENTS – 98.5% | ||||||||||||||||
COMMON STOCKS – 98.5% | ||||||||||||||||
| Aerospace & Defense – 2.3% | ||||||||||||||||
| 13,872 | Orbital ATK, Inc. | $ | 1,364,450 | |||||||||||||
| Automobiles – 2.1% | ||||||||||||||||
| 23,475 | Harley-Davidson, Inc. | 1,268,120 | ||||||||||||||
| Banks – 18.3% | ||||||||||||||||
| 27,745 | Ameris Bancorp. | 1,337,309 | ||||||||||||||
| 34,230 | Capital Bank Financial Corporation, Class A Shares | 1,304,163 | ||||||||||||||
| 29,160 | CIT Group Inc. | 1,420,092 | ||||||||||||||
| 33,405 | Heritage Financial Corporation | 885,233 | ||||||||||||||
| 30,375 | Pacwest Bancorp. | 1,418,513 | ||||||||||||||
| 1,740 | SVB Financial Group, (2) | 305,875 | ||||||||||||||
| 8,110 | Texas Capital BancShares, Inc., (2) | 627,714 | ||||||||||||||
| 59,245 | The Bank of NT Butterfield and Son Limited | 2,020,255 | ||||||||||||||
| 33,675 | Western Alliance Bancorporation, (2) | 1,656,810 | ||||||||||||||
Total Banks | 10,975,964 | |||||||||||||||
| Building Products – 1.0% | ||||||||||||||||
| 11,010 | Apogee Enterprises, Inc. | 625,808 | ||||||||||||||
| Chemicals – 1.5% | ||||||||||||||||
| 13,915 | Innospec, Inc. | 912,128 | ||||||||||||||
| Communication Equipment – 6.5% | ||||||||||||||||
| 13,600 | Arris International PLC, (2) | 381,072 | ||||||||||||||
| 5,657 | Lumentum Holdings Inc., (2) | 322,732 | ||||||||||||||
| 344,500 | Mitel Networks Corporation, (2) | 2,532,075 | ||||||||||||||
| 8,785 | ViaSat, Inc., (2) | 581,567 | ||||||||||||||
Total Communication Equipment | 3,817,446 | |||||||||||||||
| Electrical Equipment – 1.9% | ||||||||||||||||
| 15,950 | EnerSys | 1,155,578 | ||||||||||||||
| Electronic Equipment, Instruments & Components – 2.7% | ||||||||||||||||
| 7,300 | Coherent Inc., (2) | 1,642,427 | ||||||||||||||
| Equity Real Estate Investment Trusts – 3.4% | ||||||||||||||||
| 52,580 | Brandywine Realty Trust | 921,727 | ||||||||||||||
| 90,040 | Ramco-Gershenson Properties Trust | 1,161,516 | ||||||||||||||
Total Equity Real Estate Investment Trusts | 2,083,243 | |||||||||||||||
| 58 | NUVEEN |
| Shares | Description (1) | Value | ||||||||||||||
| Food Products – 5.6% | ||||||||||||||||
| 19,468 | John B Sanfillippo & Son, Inc. | $ | 1,228,625 | |||||||||||||
| 26,145 | Treehouse Foods Inc., (2) | 2,135,785 | ||||||||||||||
Total Food Products | 3,364,410 | |||||||||||||||
| Household Durables – 7.1% | ||||||||||||||||
| 9,952 | La Z Boy Inc. | 323,440 | ||||||||||||||
| 48,900 | Taylor Morrison, (2) | 1,174,089 | ||||||||||||||
| 144,490 | Tri Pointe Group, Incorporated, (2) | 1,905,823 | ||||||||||||||
| 12,835 | Universal Electronics Inc., (2) | 858,020 | ||||||||||||||
Total Household Durables | 4,261,372 | |||||||||||||||
| Insurance – 5.2% | ||||||||||||||||
| 23,500 | Axis Capital Holdings Limited | 1,519,510 | ||||||||||||||
| 6,910 | Reinsurance Group of America Inc. | 887,175 | ||||||||||||||
| 16,200 | XL Group Limited | 709,560 | ||||||||||||||
Total Insurance | 3,116,245 | |||||||||||||||
| IT Services – 1.2% | ||||||||||||||||
| 8,090 | Euronet Worldwide, Inc., (2) | 706,823 | ||||||||||||||
| Life Sciences Tools & Services – 3.1% | ||||||||||||||||
| 8,350 | Bio-Rad Laboratories Inc., (2) | 1,889,689 | ||||||||||||||
| Machinery – 3.9% | ||||||||||||||||
| 32,900 | Albany International Corporation, Class A | 1,756,860 | ||||||||||||||
| 8,245 | Woodward Governor Company | 557,197 | ||||||||||||||
Total Machinery | 2,314,057 | |||||||||||||||
| Metals & Mining – 3.0% | ||||||||||||||||
| 32,390 | Materion Corporation | 1,211,386 | ||||||||||||||
| 8,500 | Reliance Steel & Aluminum Company | 618,885 | ||||||||||||||
Total Metals & Mining | 1,830,271 | |||||||||||||||
| Multiline Retail – 1.2% | ||||||||||||||||
| 80,780 | Freds Inc. | 745,599 | ||||||||||||||
| Oil, Gas & Consumable Fuels – 9.4% | ||||||||||||||||
| 75,355 | Carrizo Oil & Gas, Inc., (2) | 1,312,684 | ||||||||||||||
| 12,585 | Energen Corporation, (2) | 621,321 | ||||||||||||||
| 22,115 | EQT Corporation | 1,295,718 | ||||||||||||||
| 42,555 | Newfield Exploration Company, (2) | 1,211,115 | ||||||||||||||
| 13,920 | PDC Energy Inc., (2) | 600,091 | ||||||||||||||
| 93,495 | SRC Energy Incorporated, (2) | 629,221 | ||||||||||||||
Total Oil, Gas & Consumable Fuels | 5,670,150 | |||||||||||||||
| Paper & Forest Products – 3.8% | ||||||||||||||||
| 38,985 | Boise Cascade Company, (2) | 1,185,144 | ||||||||||||||
| NUVEEN | 59 |
Nuveen NWQ Small/Mid-Cap Value Fund (continued)
| Portfolio of Investments | June 30, 2017 |
| Shares | Description (1) | Value | ||||||||||||||
| Paper & Forest Products (continued) | ||||||||||||||||
| 8,255 | Deltic Timber Corporation | $ | 616,318 | |||||||||||||
| 23,505 | Glatfelter | 459,288 | ||||||||||||||
Total Paper & Forest Products | 2,260,750 | |||||||||||||||
| Semiconductors & Semiconductor Equipment – 9.7% | ||||||||||||||||
| 31,595 | Teradyne Inc. | 948,798 | ||||||||||||||
| 52,040 | Cypress Semiconductor Corporation | 710,346 | ||||||||||||||
| 246,020 | Lattice Semiconductor Corporation, (2) | 1,638,493 | ||||||||||||||
| 24,960 | Mellanox Technologies, Limited, (2) | 1,080,768 | ||||||||||||||
| 12,405 | Microsemi Corporation, (2) | 580,554 | ||||||||||||||
| 13,770 | Qorvo Inc., (2) | 871,916 | ||||||||||||||
Total Semiconductors & Semiconductor Equipment | 5,830,875 | |||||||||||||||
| Specialty Retail – 3.1% | ||||||||||||||||
| 73,535 | Haverty Furniture Companies Inc. | 1,845,729 | ||||||||||||||
| Technology Hardware, Storage & Peripherals – 2.5% | ||||||||||||||||
| 31,260 | Electronics For Imaging, (2) | 1,481,099 | ||||||||||||||
Total Long-Term Investments (cost $48,726,460) | 59,162,233 | |||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||
| SHORT-TERM INVESTMENTS – 1.7% | ||||||||||||||||
| REPURCHASE AGREEMENTS – 1.7% | ||||||||||||||||
| $ | 1,023 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/17, | 0.120% | 7/03/17 | $ | 1,023,322 | ||||||||||
Total Short-Term Investments (cost $1,023,322) | 1,023,322 | |||||||||||||||
Total Investments (cost $49,749,782) – 100.2% | 60,185,555 | |||||||||||||||
Other Assets Less Liabilities – (0.2)% | (134,409 | ) | ||||||||||||||
Net Assets – 100% | $ | 60,051,146 | ||||||||||||||
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.
| 60 | NUVEEN |
Nuveen NWQ Small-Cap Value Fund
| Portfolio of Investments | June 30, 2017 |
| Shares | Description (1) | Value | ||||||||||||||
LONG-TERM INVESTMENTS – 93.9% | ||||||||||||||||
COMMON STOCKS – 84.7% | ||||||||||||||||
| Aerospace & Defense – 2.4% | ||||||||||||||||
| 173,320 | Orbital ATK, Inc. | $ | 17,047,755 | |||||||||||||
| Auto Components – 1.7% | ||||||||||||||||
| 790,564 | Stoneridge Inc., (2) | 12,182,591 | ||||||||||||||
| Banks – 20.1% | ||||||||||||||||
| 339,745 | Ameris Bancorp. | 16,375,709 | ||||||||||||||
| 139,015 | Banner Corporation | 7,855,738 | ||||||||||||||
| 407,870 | Capital Bank Financial Corporation, Class A Shares | 15,539,847 | ||||||||||||||
| 401,715 | Heritage Financial Corporation | 10,645,448 | ||||||||||||||
| 316,595 | Hilltop Holdings Inc. | 8,297,955 | ||||||||||||||
| 597,875 | Hope Bancorp Inc. | 11,150,369 | ||||||||||||||
| 349,715 | Pacwest Bancorp. | 16,331,691 | ||||||||||||||
| 91,725 | Texas Capital BancShares, Inc., (2) | 7,099,515 | ||||||||||||||
| 686,712 | The Bank of NT Butterfield and Son Limited | 23,416,879 | ||||||||||||||
| 547,440 | Western Alliance Bancorporation, (2) | 26,934,048 | ||||||||||||||
Total Banks | 143,647,199 | |||||||||||||||
| Building Products – 1.1% | ||||||||||||||||
| 139,690 | Apogee Enterprises, Inc. | 7,939,980 | ||||||||||||||
| Communication Equipment – 4.1% | ||||||||||||||||
| 3,999,035 | Mitel Networks Corporation, (2) | 29,392,907 | ||||||||||||||
| Electrical Equipment – 2.3% | ||||||||||||||||
| 223,960 | EnerSys | 16,225,902 | ||||||||||||||
| Electronic Equipment, Instruments & Components – 5.1% | ||||||||||||||||
| 86,195 | Coherent Inc., (2) | 19,393,013 | ||||||||||||||
| 476,353 | Novanta, Inc., (2) | 17,148,708 | ||||||||||||||
Total Electronic Equipment, Instruments & Components | 36,541,721 | |||||||||||||||
| Equity Real Estate Investment Trusts – 1.6% | ||||||||||||||||
| 646,425 | Brandywine Realty Trust | 11,331,830 | ||||||||||||||
| Food Products – 8.5% | ||||||||||||||||
| 226,777 | John B Sanfillippo & Son, Inc. | 14,311,896 | ||||||||||||||
| 1,441,807 | Landec Corporation, (2) | 21,410,834 | ||||||||||||||
| 307,520 | Treehouse Foods Inc., (2) | 25,121,309 | ||||||||||||||
Total Food Products | 60,844,039 | |||||||||||||||
| NUVEEN | 61 |
Nuveen NWQ Small-Cap Value Fund (continued)
| Portfolio of Investments | June 30, 2017 |
| Shares | Description (1) | Value | ||||||||||||||
| Health Care Equipment & Supplies – 1.0% | ||||||||||||||||
| 115,005 | Livanova PLC, (2) | $ | 7,039,456 | |||||||||||||
| Household Durables – 8.1% | ||||||||||||||||
| 499,006 | Hooker Furniture Corporation | 20,534,097 | ||||||||||||||
| 577,410 | Taylor Morrison, (2) | 13,863,614 | ||||||||||||||
| 1,744,655 | Tri Pointe Group, Incorporated, (2) | 23,011,999 | ||||||||||||||
Total Household Durables | 57,409,710 | |||||||||||||||
| IT Services – 1.1% | ||||||||||||||||
| 86,341 | Euronet Worldwide, Inc., (2) | 7,543,613 | ||||||||||||||
| Machinery – 2.9% | ||||||||||||||||
| 386,005 | Albany International Corporation, Class A | 20,612,667 | ||||||||||||||
| Metals & Mining – 2.0% | ||||||||||||||||
| 374,052 | Materion Corporation | 13,989,545 | ||||||||||||||
| Multiline Retail – 1.2% | ||||||||||||||||
| 958,905 | Freds Inc. | 8,850,693 | ||||||||||||||
| Paper & Forest Products – 5.7% | ||||||||||||||||
| 588,862 | Boise Cascade Company, (2) | 17,901,405 | ||||||||||||||
| 84,545 | Deltic Timber Corporation | 6,312,130 | ||||||||||||||
| 318,809 | Glatfelter | 6,229,528 | ||||||||||||||
| 181,675 | Louisiana-Pacific Corporation, (2) | 4,380,184 | ||||||||||||||
| 70,079 | Neenah Paper, Inc. | 5,623,840 | ||||||||||||||
Total Paper & Forest Products | 40,447,087 | |||||||||||||||
| Personal Products – 0.4% | ||||||||||||||||
| 76,419 | Inter Parfums, Inc. | 2,800,756 | ||||||||||||||
| Professional Services – 1.7% | ||||||||||||||||
| 456,218 | GP Strategies Corporation, (2) | 12,044,155 | ||||||||||||||
| Semiconductors & Semiconductor Equipment – 9.3% | ||||||||||||||||
| 812,700 | Entegris Inc., (2) | 17,838,765 | ||||||||||||||
| 613,565 | Integrated Device Technology, Inc., (2) | 15,823,841 | ||||||||||||||
| 2,833,364 | Lattice Semiconductor Corporation, (2) | 18,870,204 | ||||||||||||||
| 314,140 | Mellanox Technologies, Limited, (2) | 13,602,262 | ||||||||||||||
Total Semiconductors & Semiconductor Equipment | 66,135,072 | |||||||||||||||
| Technology Hardware, Storage & Peripherals – 2.4% | ||||||||||||||||
| 359,775 | Electronics For Imaging, (2) | 17,046,140 | ||||||||||||||
| Thrifts & Mortgage Finance – 2.0% | ||||||||||||||||
| 523,060 | HomeStreet Inc., (2) | 14,475,686 | ||||||||||||||
Total Common Stocks (cost $449,374,173) | 603,548,504 | |||||||||||||||
| 62 | NUVEEN |
| Shares | Description (1), (3) | Value | ||||||||||||||
| EXCHANGE-TRADED FUNDS – 9.2% | ||||||||||||||||
| 94,814 | Energy Select Sector SPDR Fund | $ | 6,155,325 | |||||||||||||
| 200,490 | iShares Russell 2000 Value ETF | 23,832,246 | ||||||||||||||
| 1,124,335 | SPDR S&P Oil & Gas Exploration & Production ETF | 35,888,773 | ||||||||||||||
Total Exchange-Traded Funds (cost $64,930,707) | 65,876,344 | |||||||||||||||
Total Long-Term Investments (cost $514,304,880) | 669,424,848 | |||||||||||||||
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||
SHORT-TERM INVESTMENTS – 5.8% | ||||||||||||||||
| REPURCHASE AGREEMENTS – 5.8% | ||||||||||||||||
| $ | 41,765 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 6/30/17, | 0.120% | 7/03/17 | $ | 41,765,158 | ||||||||||
Total Short-Term Investments (cost $41,765,158) | 41,765,158 | |||||||||||||||
Total Investments (cost $556,070,038) – 99.7% | 711,190,006 | |||||||||||||||
Other Assets Less Liabilities – 0.3% | 1,880,647 | |||||||||||||||
Net Assets – 100% | $ | 713,070,653 | ||||||||||||||
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) | A copy of the most recent financial statements for these exchange traded funds can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov. |
See accompanying notes to financial statements.
| NUVEEN | 63 |
| Assets and Liabilities | June 30, 2017 |
NWQ | NWQ Global | NWQ | NWQ | NWQ | NWQ | NWQ | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Long-term investments, at value (cost $1,400,237, $296,801,887, $231,023,231, $79,583,599, $57,948,748, $48,726,460, and $514,304,880, respectively) | $ | 1,652,878 | $ | 326,136,140 | $ | 281,842,785 | $ | 94,780,993 | $ | 86,369,299 | $ | 59,162,233 | $ | 669,424,848 | ||||||||||||||
Short-term investments, at value (cost approximates value) | — | — | 14,724,370 | 852,926 | 2,576,598 | 1,023,322 | 41,765,158 | |||||||||||||||||||||
Cash denominated in foreign currencies (cost $597, $71,411, $63,819, $—, $—, $— and $—, respectively) | 597 | 71,546 | 62,996 | — | — | — | — | |||||||||||||||||||||
Cash | 53,665 | 2,190,646 | — | 7,764 | 423,748 | — | — | |||||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||||||
Dividends | 2,667 | 647,637 | 887,214 | 103,711 | 131,863 | 45,886 | 396,932 | |||||||||||||||||||||
Interest | — | 14,640 | 49 | 3 | 9 | 3 | 139 | |||||||||||||||||||||
Investments sold | — | 3,349,125 | — | 1,600,272 | 2,691,119 | 406,616 | 32,792,741 | |||||||||||||||||||||
Reclaims | 2,192 | 788,394 | 522,340 | 7,834 | 18,827 | — | — | |||||||||||||||||||||
Shares sold | — | 148,042 | 731,305 | 11,355 | 175,704 | 106,671 | 2,201,290 | |||||||||||||||||||||
Other assets | 21,332 | 285,665 | 103,715 | 64,870 | 43,406 | 20,233 | 57,194 | |||||||||||||||||||||
Total assets | 1,733,331 | 333,631,835 | 298,874,774 | 97,429,728 | 92,430,573 | 60,764,964 | 746,638,302 | |||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Payable for: | ||||||||||||||||||||||||||||
Dividends | — | 322,863 | — | — | — | — | — | |||||||||||||||||||||
Investments purchased | 32,489 | 3,215,794 | 1,822,357 | 1,452,700 | 3,945,772 | 540,322 | 32,202,695 | |||||||||||||||||||||
Shares redeemed | — | 1,168,293 | 235,520 | 148,092 | 1,789,316 | 74,539 | 424,879 | |||||||||||||||||||||
Accrued expenses: | ||||||||||||||||||||||||||||
Custodian fees | 10,328 | 73,547 | 33,506 | 10,783 | 10,866 | 11,734 | 27,665 | |||||||||||||||||||||
Management fees | 11,735 | 231,230 | 106,260 | 61,914 | 43,609 | 31,117 | 463,574 | |||||||||||||||||||||
Professional fees | 20,150 | 55,065 | 27,137 | 17,687 | 17,894 | 16,044 | 40,785 | |||||||||||||||||||||
Reorganization expenses | — | 163,308 | — | — | — | — | — | |||||||||||||||||||||
Shareholder reporting expenses | 3,210 | 61,935 | 55,588 | 13,846 | 12,905 | 6,480 | 66,596 | |||||||||||||||||||||
Shareholder servicing agent fees | 193 | 115,279 | 109,070 | 24,299 | 21,628 | 28,636 | 277,314 | |||||||||||||||||||||
Trustees fees | 18 | 172,917 | 83,060 | 55,626 | 30,467 | 841 | 22,260 | |||||||||||||||||||||
12b-1 distribution and service fees | 177 | 99,650 | 16,158 | 26,024 | 6,179 | 4,058 | 39,970 | |||||||||||||||||||||
Other | 5 | 33,585 | 309 | 109 | 126 | 47 | 1,911 | |||||||||||||||||||||
Total liabilities | 78,305 | 5,713,466 | 2,488,965 | 1,811,080 | 5,878,762 | 713,818 | 33,567,649 | |||||||||||||||||||||
Net assets | $ | 1,655,026 | $ | 327,918,369 | $ | 296,385,809 | $ | 95,618,648 | $ | 86,551,811 | $ | 60,051,146 | $ | 713,070,653 | ||||||||||||||
See accompanying notes to financial statements.
| 64 | NUVEEN |
NWQ | NWQ | NWQ | NWQ | NWQ | NWQ | NWQ | ||||||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||||||
Net assets | $ | 474,199 | $ | 152,605,719 | $ | 28,489,544 | $ | 30,954,532 | $ | 6,472,673 | $ | 5,528,541 | $ | 82,558,562 | ||||||||||||||
Shares outstanding | 20,379 | 5,581,201 | 1,143,763 | 1,061,743 | 821,593 | 166,363 | 1,679,352 | |||||||||||||||||||||
Net asset value (“NAV”) per share | $ | 23.27 | $ | 27.34 | $ | 24.91 | $ | 29.15 | $ | 7.88 | $ | 33.23 | $ | 49.16 | ||||||||||||||
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $ | 24.69 | $ | 29.01 | $ | 26.43 | $ | 30.93 | $ | 8.36 | $ | 35.26 | $ | 52.16 | ||||||||||||||
Class C Shares | ||||||||||||||||||||||||||||
Net assets | $ | 96,290 | $ | 81,439,864 | $ | 11,688,165 | $ | 23,652,302 | $ | 5,651,986 | $ | 3,077,775 | $ | 23,250,544 | ||||||||||||||
Shares outstanding | 4,170 | 2,984,907 | 493,089 | 861,297 | 789,459 | 100,318 | 516,940 | |||||||||||||||||||||
NAV and offering price per share | $ | 23.09 | $ | 27.28 | $ | 23.70 | $ | 27.46 | $ | 7.16 | $ | 30.68 | $ | 44.98 | ||||||||||||||
Class R3 Shares | ||||||||||||||||||||||||||||
Net assets | $ | — | $ | 1,925,933 | $ | 1,094,795 | $ | 317,697 | $ | 75,019 | $ | 874,493 | $ | 7,944,996 | ||||||||||||||
Shares outstanding | — | 70,560 | 43,645 | 11,016 | 9,614 | 27,028 | 163,793 | |||||||||||||||||||||
NAV and offering price per share | $ | — | $ | 27.30 | $ | 25.08 | $ | 28.84 | $ | 7.80 | $ | 32.35 | $ | 48.51 | ||||||||||||||
Class R6 Shares | ||||||||||||||||||||||||||||
Net assets | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,820,173 | $ | 9,283,870 | ||||||||||||||
Shares outstanding | — | — | — | — | — | 172,727 | 183,208 | |||||||||||||||||||||
NAV and offering price per share | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 33.70 | $ | 50.67 | ||||||||||||||
Class I Shares | ||||||||||||||||||||||||||||
Net assets | $ | 1,084,537 | $ | 91,921,721 | $ | 255,113,305 | $ | 40,694,117 | $ | 74,352,133 | $ | 44,750,163 | $ | 590,032,681 | ||||||||||||||
Shares outstanding | 46,573 | 3,360,818 | 10,191,301 | 1,387,544 | 9,402,278 | 1,330,056 | 11,721,729 | |||||||||||||||||||||
NAV and offering price per share | $ | 23.29 | $ | 27.35 | $ | 25.03 | $ | 29.33 | $ | 7.91 | $ | 33.65 | $ | 50.34 | ||||||||||||||
Class T Shares(1) | ||||||||||||||||||||||||||||
Net assets | $ | — | $ | 25,132 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Shares outstanding | — | 919 | — | — | — | — | — | |||||||||||||||||||||
NAV per share | $ | — | $ | 27.35 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Offering price per share (NAV per share plus maximum sales charge of 2.50% of offering price) | $ | — | $ | 28.05 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Net assets consist of: | ||||||||||||||||||||||||||||
Capital paid-in | $ | 1,478,548 | $ | 547,042,010 | $ | 514,922,592 | $ | 179,599,546 | $ | 45,911,432 | $ | 51,115,271 | $ | 560,233,631 | ||||||||||||||
Undistributed (Over-distribution of) net investment income | 34,795 | 533,575 | 4,531,103 | 1,440,396 | 486,962 | 92,478 | (1,554,779 | ) | ||||||||||||||||||||
Accumulated net realized gain (loss) | (110,996 | ) | (248,992,338 | ) | (273,905,866 | ) | (100,618,688 | ) | 11,732,866 | (1,592,376 | ) | (728,167 | ) | |||||||||||||||
Net unrealized appreciation (depreciation) | 252,679 | 29,335,122 | 50,837,980 | 15,197,394 | 28,420,551 | 10,435,773 | 155,119,968 | |||||||||||||||||||||
Net assets | $ | 1,655,026 | $ | 327,918,369 | $ | 296,385,809 | $ | 95,618,648 | $ | 86,551,811 | $ | 60,051,146 | $ | 713,070,653 | ||||||||||||||
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 | ||||||||||||||
| (1) | Class T Shares are not available for public offering. |
See accompanying notes to financial statements.
| NUVEEN | 65 |
| Operations | Year Ended June 30, 2017 |
NWQ | NWQ | NWQ International Value | NWQ | NWQ | NWQ | NWQ Small-Cap Value | ||||||||||||||||||||||||||
| Eleven Months Ended 6/30/17 | Year Ended 7/31/16 | |||||||||||||||||||||||||||||||
Investment Income (net of foreign tax withheld of $2,781, $644,806, $764,073, $843,633, $19,518, $24,754, $— and $—, respectively) | $ | 48,588 | $ | 8,162,958 | $ | 6,933,129 | $ | 8,692,838 | $ | 2,720,054 | $ | 2,010,837 | $ | 774,225 | $ | 6,371,015 | ||||||||||||||||
Expenses | ||||||||||||||||||||||||||||||||
Management fees | 9,734 | 1,197,573 | 1,517,988 | 2,102,816 | 697,653 | 647,141 | 455,482 | 5,415,589 | ||||||||||||||||||||||||
12b-1 service fees – Class A Shares | 843 | 211,834 | 63,054 | 82,232 | 70,275 | 21,633 | 20,169 | 231,472 | ||||||||||||||||||||||||
12b-1 distribution and service fees – Class C Shares | 623 | 218,002 | 131,424 | 182,362 | 265,583 | 58,487 | 30,320 | 253,562 | ||||||||||||||||||||||||
12b-1 distribution and service fees – Class R3 Shares | — | 3,602 | 5,405 | 6,380 | 1,905 | 345 | 3,956 | 43,054 | ||||||||||||||||||||||||
12b-1 distribution and service fees – Class T Shares(1) | — | 5 | — | — | — | — | — | — | ||||||||||||||||||||||||
Shareholder servicing agent fees | 2,303 | 170,226 | 317,457 | 287,591 | 127,250 | 105,702 | 106,869 | 1,304,423 | ||||||||||||||||||||||||
Custodian fees | 21,100 | 98,193 | 64,807 | 138,117 | 24,392 | 27,841 | 31,207 | 75,173 | ||||||||||||||||||||||||
Trustees fees | 38 | 4,301 | 6,363 | 12,088 | 2,841 | 2,860 | 1,798 | 20,168 | ||||||||||||||||||||||||
Professional fees | 39,253 | 123,289 | 102,042 | 60,755 | 24,045 | 26,480 | 21,223 | 75,418 | ||||||||||||||||||||||||
Shareholder reporting expenses | 15,925 | 120,512 | 109,504 | 82,801 | 30,585 | 25,298 | 14,822 | 140,432 | ||||||||||||||||||||||||
Federal and state registration fees | 49,173 | 76,264 | 63,523 | 54,517 | 63,477 | 65,159 | 65,945 | 101,624 | ||||||||||||||||||||||||
Reorganization expenses | — | 2,671 | — | — | — | — | — | — | ||||||||||||||||||||||||
Other | 6,411 | 18,702 | 10,111 | 13,582 | 9,823 | 10,414 | 8,489 | 29,314 | ||||||||||||||||||||||||
Total expenses before fee waiver/expense reimbursement | 145,403 | 2,245,174 | 2,391,678 | 3,023,241 | 1,317,829 | 991,360 | 760,280 | 7,690,229 | ||||||||||||||||||||||||
Fee waiver/expense reimbursement | (132,148 | ) | (350,192 | ) | (250,538 | ) | (31,662 | ) | (95,576 | ) | (4,969 | ) | (73,274 | ) | — | |||||||||||||||||
Net expenses | 13,255 | 1,894,982 | 2,141,140 | 2,991,579 | 1,222,253 | 986,391 | 687,006 | 7,690,229 | ||||||||||||||||||||||||
Net investment income (loss) | 35,333 | 6,267,976 | 4,791,989 | 5,701,259 | 1,497,801 | 1,024,446 | 87,219 | (1,319,214 | ) | |||||||||||||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||||||||||
Investments and foreign currency | (3,964 | ) | 3,291,840 | 3,571,365 | 6,283,958 | 13,258,240 | 18,038,466 | 4,575,184 | 23,000,763 | |||||||||||||||||||||||
Options written | — | 27,975 | — | — | — | 47,687 | — | — | ||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||||||||||||||
Investments and foreign currency | 256,325 | 19,388,241 | 23,611,993 | (35,780,031 | ) | 5,499,023 | (975,691 | ) | 5,395,629 | 99,951,099 | ||||||||||||||||||||||
Options written | — | (177 | ) | — | — | — | — | — | — | |||||||||||||||||||||||
Net realized and unrealized gain (loss) | 252,361 | 22,707,879 | 27,183,358 | (29,496,073 | ) | 18,757,263 | 17,110,462 | 9,970,813 | 122,951,862 | |||||||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | 287,694 | $ | 28,975,855 | $ | 31,975,347 | ($ | 23,794,814 | ) | $ | 20,255,064 | $ | 18,134,908 | $ | 10,058,032 | $ | 121,632,648 | |||||||||||||||
| (1) | Class T Shares are not available for public offering. Class T Shares commenced operations on May 31, 2017. |
See accompanying notes to financial statements.
| 66 | NUVEEN |
| Changes in Net Assets |
| NWQ Global All-Cap | NWQ Global Equity Income | NWQ International Value Fund | ||||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended 6/30/16 | Eleven Months Ended 6/30/2017 | Year Ended 7/31/16 | Year Ended 7/31/15 | ||||||||||||||||||||||||||||||
Operations | �� | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 35,333 | $ | 14,029 | $ | 6,267,976 | $ | 917,069 | $ | 4,791,989 | $ | 5,701,259 | $ | 3,082,054 | ||||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||||||||||||||
Investments and foreign currency | (3,964 | ) | (107,310 | ) | 3,291,840 | (142,692 | ) | 3,571,365 | 6,283,958 | (18,341,070 | ) | |||||||||||||||||||||||||
Options written | — | — | 27,975 | 10,282 | — | — | — | |||||||||||||||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||||||||||||||||||
Investments and foreign currency | 256,325 | (59,468 | ) | 19,388,241 | (457,675 | ) | 23,611,993 | (35,780,031 | ) | 11,458,265 | ||||||||||||||||||||||||||
Options written | — | — | (177 | ) | 151 | — | — | — | ||||||||||||||||||||||||||||
Net increase (decrease) in net assets from operations | 287,694 | (152,749 | ) | 28,975,855 | 327,135 | 31,975,347 | (23,794,814 | ) | (3,800,751 | ) | ||||||||||||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||||||||||||||
Class A | (2,323 | ) | (678 | ) | (3,236,890 | ) | (30,569 | ) | (502,074 | ) | (469,255 | ) | (1,458,326 | ) | ||||||||||||||||||||||
Class C | (38 | ) | — | (798,444 | ) | (5,588 | ) | (162,884 | ) | (115,850 | ) | (731,951 | ) | |||||||||||||||||||||||
Class R3 | — | — | (28,497 | ) | (5,701 | ) | (18,421 | ) | (14,657 | ) | (61,417 | ) | ||||||||||||||||||||||||
Class R6 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Class I | (9,637 | ) | (8,627 | ) | (2,505,626 | ) | (782,998 | ) | (3,511,140 | ) | (3,331,433 | ) | (10,460,378 | ) | ||||||||||||||||||||||
Class T(1) | — | — | (298 | ) | — | — | — | — | ||||||||||||||||||||||||||||
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 | ) | — | — | — | ||||||||||||||||||||||||||
Class T(1) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Decrease in net assets from distributions to shareholders | (11,998 | ) | (16,318 | ) | (6,576,512 | ) | (860,165 | ) | (4,194,519 | ) | (3,931,195 | ) | (12,712,072 | ) | ||||||||||||||||||||||
Fund Share Transactions | ||||||||||||||||||||||||||||||||||||
Fund Reorganization(2) | — | — | 480,357,013 | — | — | — | — | |||||||||||||||||||||||||||||
Proceeds from sale of shares | 209,844 | 622,106 | 12,918,819 | 50,179,127 | 107,774,490 | 36,102,158 | 138,277,339 | |||||||||||||||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 2,124 | 5,374 | 4,852,688 | 76,948 | 3,985,619 | 3,710,458 | 11,873,879 | |||||||||||||||||||||||||||||
| 211,968 | 627,480 | 498,128,520 | 50,256,075 | 111,760,109 | 39,812,616 | 150,151,218 | ||||||||||||||||||||||||||||||
Cost of shares redeemed | (24,108 | ) | (702,672 | ) | (244,437,943 | ) | (615,383 | ) | (71,441,266 | ) | (69,876,235 | ) | (205,912,811 | ) | ||||||||||||||||||||||
Net increase (decrease) in net assets from Fund share transactions | 187,860 | (75,192 | ) | 253,690,577 | 49,640,692 | 40,318,843 | (30,063,619 | ) | (55,761,593 | ) | ||||||||||||||||||||||||||
Net increase (decrease) in net assets | 463,556 | (244,259 | ) | 276,089,920 | 49,107,662 | 68,099,671 | (57,789,628 | ) | (72,274,416 | ) | ||||||||||||||||||||||||||
Net assets at the beginning of period | 1,191,470 | 1,435,729 | 51,828,449 | 2,720,787 | 228,286,138 | 286,075,766 | 358,350,182 | |||||||||||||||||||||||||||||
Net assets at the end of period | $ | 1,655,026 | $ | 1,191,470 | $ | 327,918,369 | $ | 51,828,449 | $ | 296,385,809 | $ | 228,286,138 | $ | 286,075,766 | ||||||||||||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 34,795 | $ | 11,587 | $ | 533,575 | $ | 51,369 | $ | 4,531,103 | $ | 4,004,801 | $ | 2,268,050 | ||||||||||||||||||||||
| (1) | Class T Shares are not available for public offering. Class T Shares commenced operations on May 31, 2017. |
| (2) | 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.
| NUVEEN | 67 |
Statement of Changes in Net Assets (continued)
NWQ Multi-Cap Value | NWQ Large-Cap Value | |||||||||||||||||||
| Year Ended 6/30/17 | Year Ended 6/30/16 | Year Ended 6/30/17 | Year Ended 6/30/16 | |||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 1,497,801 | $ | 699,037 | $ | 1,024,446 | $ | 1,882,598 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments and foreign currency | 13,258,240 | 4,209,394 | 18,038,466 | 12,644,420 | ||||||||||||||||
Options written | — | — | 47,687 | — | ||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments and foreign currency | 5,499,023 | (13,030,802 | ) | (975,691 | ) | (24,637,206 | ) | |||||||||||||
Options written | — | — | — | — | ||||||||||||||||
Net increase (decrease) in net assets from operations | 20,255,064 | (8,122,371 | ) | 18,134,908 | (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 | (2,283 | ) | (1,102 | ) | (761 | ) | (975 | ) | ||||||||||||
Class R6 | — | — | — | — | ||||||||||||||||
Class I | (445,536 | ) | (465,217 | ) | (1,313,646 | ) | (2,819,910 | ) | ||||||||||||
Class T | — | — | — | — | ||||||||||||||||
From accumulated net realized gains: | ||||||||||||||||||||
Class A | — | — | (753,847 | ) | (5,292,035 | ) | ||||||||||||||
Class C | — | — | (586,900 | ) | (2,797,669 | ) | ||||||||||||||
Class R3 | — | — | (5,861 | ) | (22,431 | ) | ||||||||||||||
Class R6 | — | — | — | — | ||||||||||||||||
Class I | — | — | (7,061,405 | ) | (45,418,273 | ) | ||||||||||||||
Class T | — | — | — | — | ||||||||||||||||
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 | 9,440,236 | 8,129,850 | 10,625,608 | 36,083,140 | ||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 635,347 | 630,632 | 9,719,910 | 55,656,255 | ||||||||||||||||
| 10,075,583 | 8,760,482 | 20,345,518 | 91,739,395 | |||||||||||||||||
Cost of shares redeemed | (30,818,525 | ) | (22,648,491 | ) | (51,925,534 | ) | (107,947,896 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | (20,742,942 | ) | (13,888,009 | ) | (31,580,016 | ) | (16,208,501 | ) | ||||||||||||
Net increase (decrease) in net assets | (1,183,472 | ) | (22,702,047 | ) | (23,315,670 | ) | (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 | $ | 95,618,648 | $ | 96,802,120 | $ | 86,551,811 | $ | 109,867,481 | ||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 1,440,396 | $ | 638,210 | $ | 486,962 | $ | 925,599 | ||||||||||||
See accompanying notes to financial statements.
| 68 | NUVEEN |
| NWQ Small/Mid-Cap Value | NWQ Small-Cap Value | |||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 87,219 | $ | (37,843 | ) | $ | (1,319,214 | ) | $ | (1,699,537 | ) | |||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments and foreign currency | 4,575,184 | 856,283 | 23,000,763 | 557,512 | ||||||||||||||||
Options written | — | — | — | — | ||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments and foreign currency | 5,395,629 | (2,414,632 | ) | 99,951,099 | (26,291,317 | ) | ||||||||||||||
Options written | — | — | — | — | ||||||||||||||||
Net increase (decrease) in net assets from operations | 10,058,032 | (1,596,192 | ) | 121,632,648 | (27,433,342 | ) | ||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||
From net investment income: | ||||||||||||||||||||
Class A | — | — | — | — | ||||||||||||||||
Class C | — | — | — | — | ||||||||||||||||
Class R3 | — | — | — | — | ||||||||||||||||
Class R6 | — | — | — | — | ||||||||||||||||
Class I | — | — | — | — | ||||||||||||||||
Class T | — | — | — | — | ||||||||||||||||
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 | — | — | (293,735 | ) | (12,635 | ) | ||||||||||||||
Class I | — | — | (15,030,334 | ) | (647,063 | ) | ||||||||||||||
Class T | — | — | — | — | ||||||||||||||||
Decrease in net assets from distributions to shareholders | — | — | (19,039,251 | ) | (870,179 | ) | ||||||||||||||
Fund Share Transactions | ||||||||||||||||||||
Fund Reorganization | — | — | — | — | ||||||||||||||||
Proceeds from sale of shares | 28,845,608 | 16,034,513 | 204,302,241 | 211,644,184 | ||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | — | — | 17,939,441 | 808,182 | ||||||||||||||||
| 28,845,608 | 16,034,513 | 222,241,682 | 212,452,366 | |||||||||||||||||
Cost of shares redeemed | (32,577,622 | ) | (16,983,697 | ) | (211,243,992 | ) | (194,174,520 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | (3,732,014 | ) | (949,184 | ) | 10,997,690 | 18,277,846 | ||||||||||||||
Net increase (decrease) in net assets | 6,326,018 | (2,545,376 | ) | 113,591,087 | (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 | $ | 60,051,146 | $ | 53,725,128 | $ | 713,070,653 | $ | 599,479,566 | ||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 92,478 | $ | — | $ | (1,554,779 | ) | $ | (822,483 | ) | ||||||||||
See accompanying notes to financial statements.
| NUVEEN | 69 |
Highlights
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 | $ | 18.99 | $ | 0.52 | $ | 3.92 | $ | 4.44 | $ | (0.16 | ) | $ | — | $ | (0.16 | ) | $ | 23.27 | ||||||||||||||||||
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 | 18.86 | 0.36 | 3.88 | 4.24 | (0.01 | ) | — | (0.01 | ) | 23.09 | ||||||||||||||||||||||||||
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 | 19.00 | 0.57 | 3.93 | 4.50 | (0.21 | ) | — | (0.21 | ) | 23.29 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
| 70 | NUVEEN |
| 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) | ||||||||||||||||||||||||||||
| 23.50 | % | $ | 474 | 10.41 | % | (6.86 | )% | 1.11 | % | 2.44 | % | 46 | % | |||||||||||||||||||||
| (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 | ||||||||||||||||||||||||
| 22.51 | 96 | 10.99 | (7.42 | ) | 1.86 | 1.71 | 46 | |||||||||||||||||||||||||||
| (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 | ||||||||||||||||||||||||
| 23.83 | 1,085 | 10.67 | (7.13 | ) | 0.86 | 2.69 | 46 | |||||||||||||||||||||||||||
| (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. |
| * | Annualized. |
See accompanying notes to financial statements.
| NUVEEN | 71 |
Financial Highlights (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 | $ | 24.47 | $ | 0.94 | $ | 2.87 | $ | 3.81 | $ | (0.94 | ) | $ | — | ** | $ | (0.94 | ) | $ | 27.34 | |||||||||||||||||
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 | |||||||||||||||||||||||||
Class C (9/09) | ||||||||||||||||||||||||||||||||||||
2017 | 24.42 | 1.18 | 2.42 | 3.60 | (0.74 | ) | — | ** | (0.74 | ) | 27.28 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Class R3 (9/09) | ||||||||||||||||||||||||||||||||||||
2017 | 24.46 | 1.05 | 2.69 | 3.74 | (0.90 | ) | — | ** | (0.90 | ) | 27.30 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Class I (9/09) | ||||||||||||||||||||||||||||||||||||
2017 | 24.48 | 0.94 | 2.93 | 3.87 | (1.00 | ) | — | ** | (1.00 | ) | 27.35 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Class T (06/17)(e) | ||||||||||||||||||||||||||||||||||||
2017(f) | 27.21 | 0.06 | 0.40 | 0.46 | (0.32 | ) | — | (0.32 | ) | 27.35 | ||||||||||||||||||||||||||
| 72 | NUVEEN |
| 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) | ||||||||||||||||||||||||||||
| 15.75 | % | $ | 152,606 | 1.33 | % | 3.36 | % | 1.11 | % | 3.58 | % | 86 | % | |||||||||||||||||||||
| (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 | |||||||||||||||||||||||||||
| 14.87 | 81,440 | 2.03 | 4.24 | 1.86 | 4.41 | 86 | ||||||||||||||||||||||||||||
| (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 | |||||||||||||||||||||||||||
| 15.48 | 1,926 | 1.55 | 3.77 | 1.36 | 3.96 | 86 | ||||||||||||||||||||||||||||
| (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 | |||||||||||||||||||||||||||
| 16.03 | 91,922 | 1.07 | 3.41 | 0.86 | 3.62 | 86 | ||||||||||||||||||||||||||||
| (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 | |||||||||||||||||||||||||||
| 1.74 | 25 | 1.11 | * | 2.70 | * | 1.11 | * | 2.70 | * | 86 | ||||||||||||||||||||||||
| (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) | Class T Shares are not available for public offering. |
| (f) | For the period May 31, 2017 (commencement of operations) through June 30, 2017. |
| * | Annualized. |
| ** | Rounds to less than $0.01 per share. |
See accompanying notes to financial statements.
| NUVEEN | 73 |
Financial Highlights (continued)
NWQ International Value
Selected data for a share outstanding throughout each period:
| Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||
Class | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Redemption Fees(a)(b) | Ending NAV | |||||||||||||||||||||||||||||||
Class A (12/99) | ||||||||||||||||||||||||||||||||||||||||
Year Ended 6/30: | ||||||||||||||||||||||||||||||||||||||||
2017(f) | $ | 22.22 | $ | 0.40 | $ | 2.71 | $ | 3.11 | $ | (0.42 | ) | $ | — | $ | (0.42 | ) | $ | — | $ | 24.91 | ||||||||||||||||||||
Year Ended 7/31: | ||||||||||||||||||||||||||||||||||||||||
2016 | 24.59 | 0.47 | (2.53 | ) | (2.06 | ) | (0.31 | ) | — | (0.31 | ) | — | 22.22 | |||||||||||||||||||||||||||
2015 | 25.67 | 0.20 | (0.35 | ) | (0.15 | ) | (0.93 | ) | — | (0.93 | ) | — | 24.59 | |||||||||||||||||||||||||||
2014 | 22.74 | 0.50 | 2.98 | 3.48 | (0.55 | ) | — | (0.55 | ) | — | 25.67 | |||||||||||||||||||||||||||||
2013 | 20.27 | 0.32 | 2.96 | 3.28 | (0.81 | ) | — | (0.81 | ) | — | 22.74 | |||||||||||||||||||||||||||||
2012 | 25.63 | 0.36 | (5.30 | ) | (4.94 | ) | (0.42 | ) | — | (0.42 | ) | — | ** | 20.27 | ||||||||||||||||||||||||||
Class C (12/99) | ||||||||||||||||||||||||||||||||||||||||
Year Ended 6/30: | ||||||||||||||||||||||||||||||||||||||||
2017(f) | 21.13 | 0.21 | 2.61 | 2.82 | (0.25 | ) | — | (0.25 | ) | — | 23.70 | |||||||||||||||||||||||||||||
Year Ended 7/31: | ||||||||||||||||||||||||||||||||||||||||
2016 | 23.39 | 0.28 | (2.41 | ) | (2.13 | ) | (0.13 | ) | — | (0.13 | ) | — | 21.13 | |||||||||||||||||||||||||||
2015 | 24.40 | 0.03 | (0.33 | ) | (0.30 | ) | (0.71 | ) | — | (0.71 | ) | — | 23.39 | |||||||||||||||||||||||||||
2014 | 21.63 | 0.29 | 2.84 | 3.13 | (0.36 | ) | — | (0.36 | ) | — | 24.40 | |||||||||||||||||||||||||||||
2013 | 19.27 | 0.15 | 2.83 | 2.98 | (0.62 | ) | — | (0.62 | ) | — | 21.63 | |||||||||||||||||||||||||||||
2012 | 24.35 | 0.18 | (5.04 | ) | (4.86 | ) | (0.22 | ) | — | (0.22 | ) | — | ** | 19.27 | ||||||||||||||||||||||||||
Class R3 (8/08) | ||||||||||||||||||||||||||||||||||||||||
Year Ended 6/30: | ||||||||||||||||||||||||||||||||||||||||
2017(f) | 22.37 | 0.36 | 2.72 | 3.08 | (0.37 | ) | — | (0.37 | ) | — | 25.08 | |||||||||||||||||||||||||||||
Year Ended 7/31: | ||||||||||||||||||||||||||||||||||||||||
2016 | 24.76 | 0.42 | (2.55 | ) | (2.13 | ) | (0.26 | ) | — | (0.26 | ) | — | 22.37 | |||||||||||||||||||||||||||
2015 | 25.84 | 0.14 | (0.35 | ) | (0.21 | ) | (0.87 | ) | — | (0.87 | ) | — | 24.76 | |||||||||||||||||||||||||||
2014 | 22.90 | 0.43 | 3.00 | 3.43 | (0.49 | ) | — | (0.49 | ) | — | 25.84 | |||||||||||||||||||||||||||||
2013 | 20.41 | 0.29 | 2.97 | 3.26 | (0.77 | ) | — | (0.77 | ) | — | 22.90 | |||||||||||||||||||||||||||||
2012 | 25.81 | 0.35 | (5.39 | ) | (5.04 | ) | (0.36 | ) | — | (0.36 | ) | — | ** | 20.41 | ||||||||||||||||||||||||||
Class I (12/99) | ||||||||||||||||||||||||||||||||||||||||
Year Ended 6/30: | ||||||||||||||||||||||||||||||||||||||||
2017(f) | 22.33 | 0.50 | 2.68 | 3.18 | (0.48 | ) | — | (0.48 | ) | — | 25.03 | |||||||||||||||||||||||||||||
Year Ended 7/31: | ||||||||||||||||||||||||||||||||||||||||
2016 | 24.72 | 0.53 | (2.54 | ) | (2.01 | ) | (0.38 | ) | — | (0.38 | ) | — | 22.33 | |||||||||||||||||||||||||||
2015 | 25.82 | 0.27 | (0.37 | ) | (0.10 | ) | (1.00 | ) | — | (1.00 | ) | — | 24.72 | |||||||||||||||||||||||||||
2014 | 22.87 | 0.57 | 2.99 | 3.56 | (0.61 | ) | — | (0.61 | ) | — | 25.82 | |||||||||||||||||||||||||||||
2013 | 20.38 | 0.36 | 3.00 | 3.36 | (0.87 | ) | — | (0.87 | ) | — | 22.87 | |||||||||||||||||||||||||||||
2012 | 25.78 | 0.43 | (5.34 | ) | (4.91 | ) | (0.49 | ) | — | (0.49 | ) | — | ** | 20.38 | ||||||||||||||||||||||||||
| 74 | NUVEEN |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||
Ratios to Average Waiver/Reimbursement | Ratios to Average Waiver/Reimbursement(d) | |||||||||||||||||||||||||||||||||
| Total Return(c) | Ending Net Assets (000) | Expenses | Net Investment Income (Loss) | Expenses | Net Investment Income (Loss) | Portfolio Turnover Rate(e) | ||||||||||||||||||||||||||||
| 14.24 | $ | 28,490 | 1.27 | %* | 1.78 | %* | 1.15 | %* | 1.90 | %* | 23 | % | ||||||||||||||||||||||
| (8.38 | ) | 30,998 | 1.34 | 2.10 | 1.33 | 2.11 | 20 | |||||||||||||||||||||||||||
| (0.20 | ) | 37,581 | 1.35 | 0.81 | N/A | N/A | 30 | |||||||||||||||||||||||||||
| 15.35 | 151,078 | 1.42 | 2.01 | N/A | N/A | 24 | ||||||||||||||||||||||||||||
| 16.56 | 169,858 | 1.39 | 1.49 | N/A | N/A | 31 | ||||||||||||||||||||||||||||
| (19.38 | ) | 237,548 | 1.35 | 1.60 | N/A | N/A | 26 | |||||||||||||||||||||||||||
| 13.47 | 11,688 | 2.02 | * | 0.95 | * | 1.90 | * | 1.06 | * | 23 | ||||||||||||||||||||||||
| (9.11 | ) | 16,182 | 2.09 | 1.32 | 2.08 | 1.33 | 20 | |||||||||||||||||||||||||||
| (0.95 | ) | 22,173 | 2.11 | 0.12 | N/A | N/A | 30 | |||||||||||||||||||||||||||
| 14.49 | 27,876 | 2.16 | 1.23 | N/A | N/A | 24 | ||||||||||||||||||||||||||||
| 15.75 | 31,437 | 2.14 | 0.72 | N/A | N/A | 31 | ||||||||||||||||||||||||||||
| (20.03 | ) | 45,932 | 2.10 | 0.87 | N/A | N/A | 26 | |||||||||||||||||||||||||||
| 13.97 | 1,095 | 1.51 | * | 1.59 | * | 1.40 | * | 1.70 | * | 23 | ||||||||||||||||||||||||
| (8.63 | ) | 1,398 | 1.59 | 1.85 | 1.58 | 1.86 | 20 | |||||||||||||||||||||||||||
| (0.44 | ) | 1,352 | 1.61 | 0.59 | N/A | N/A | 30 | |||||||||||||||||||||||||||
| 15.04 | 1,888 | 1.67 | 1.71 | N/A | N/A | 24 | ||||||||||||||||||||||||||||
| 16.29 | 3,204 | 1.64 | 1.34 | N/A | N/A | 31 | ||||||||||||||||||||||||||||
| (19.62 | ) | 3,319 | 1.62 | 1.58 | N/A | N/A | 26 | |||||||||||||||||||||||||||
| 14.51 | 255,113 | 1.02 | * | 2.25 | * | 0.90 | * | 2.36 | * | 23 | ||||||||||||||||||||||||
| (8.17 | ) | 179,707 | 1.09 | 2.37 | 1.08 | 2.38 | 20 | |||||||||||||||||||||||||||
| 0.02 | 224,970 | 1.11 | 1.12 | N/A | N/A | 30 | ||||||||||||||||||||||||||||
| 15.63 | 177,508 | 1.16 | 2.27 | N/A | N/A | 24 | ||||||||||||||||||||||||||||
| 16.89 | 169,589 | 1.14 | 1.67 | N/A | N/A | 31 | ||||||||||||||||||||||||||||
| (19.18) | 356,908 | 1.10 | 1.93 | N/A | N/A | 26 | ||||||||||||||||||||||||||||
| (a) | Per share Net Investment Income (Loss) and Redemption Fees are calculated using the average daily shares method. |
| (b) | Effective March 30, 2012, the Fund no longer imposes a redemption fee on shares that were redeemed or exchanged within 30 days of acquisition. |
| (c) | 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. |
| (d) | After fee waiver and/or expense reimbursement from the Adviser, when applicable. |
| (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 eleven months ended June 30, 2017. |
| * | Annualized. |
| ** | Rounds to less than $0.01 per share. |
| N/A | For the periods presented herein, Fund did not have a contractual reimbursement agreement with the Adviser prior to June 30, 2016. |
See accompanying notes to financial statements.
| NUVEEN | 75 |
Financial Highlights (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 | $ | 23.86 | $ | 0.46 | $ | 5.04 | $ | 5.50 | $ | (0.21 | ) | $ | — | $ | (0.21 | ) | $ | 29.15 | ||||||||||||||||||
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 | ||||||||||||||||||||||||||
Class C (12/02) | ||||||||||||||||||||||||||||||||||||
2017 | 22.49 | 0.20 | 4.80 | 5.00 | (0.03 | ) | — | (0.03 | ) | 27.46 | ||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Class R3 (8/08) | ||||||||||||||||||||||||||||||||||||
2017 | 23.61 | 0.33 | 5.05 | 5.38 | (0.15 | ) | — | (0.15 | ) | 28.84 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Class I (11/97) | ||||||||||||||||||||||||||||||||||||
2017 | 24.00 | 0.49 | 5.11 | 5.60 | (0.27 | ) | — | (0.27 | ) | 29.33 | ||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
| 76 | NUVEEN |
| 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) | ||||||||||||||||||||||||||||||||
| 23.08 | % | $ | 30,955 | 1.25 | % | 1.64 | % | 1.15 | % | 1.74 | % | 46 | % | |||||||||||||||||||||||||
| (6.58 | ) | 26,863 | 1.34 | 0.78 | 1.34 | 0.78 | 28 | |||||||||||||||||||||||||||||||
| (3.87 | ) | 33,973 | 1.30 | 0.61 | N/A | N/A | 42 | |||||||||||||||||||||||||||||||
| 21.04 | 47,369 | 1.28 | 0.42 | N/A | N/A | 37 | ||||||||||||||||||||||||||||||||
| 22.78 | 42,362 | 1.31 | 0.55 | N/A | N/A | 22 | ||||||||||||||||||||||||||||||||
| 22.17 | 23,652 | 2.00 | 0.70 | 1.90 | 0.80 | 46 | ||||||||||||||||||||||||||||||||
| (7.25 | ) | 26,462 | 2.09 | 0.03 | 2.09 | 0.03 | 28 | |||||||||||||||||||||||||||||||
| (4.60 | ) | 35,688 | 2.06 | (0.13 | ) | N/A | N/A | 42 | ||||||||||||||||||||||||||||||
| 20.12 | 46,827 | 2.03 | (0.30 | ) | N/A | N/A | 37 | |||||||||||||||||||||||||||||||
| 21.81 | 45,408 | 2.06 | (0.20 | ) | N/A | N/A | 22 | |||||||||||||||||||||||||||||||
| 22.78 | 318 | 1.50 | 1.14 | 1.40 | 1.25 | 46 | ||||||||||||||||||||||||||||||||
| (6.79 | ) | 206 | 1.59 | 0.54 | 1.59 | 0.54 | 28 | |||||||||||||||||||||||||||||||
| (4.12 | ) | 179 | 1.55 | 0.34 | N/A | N/A | 42 | |||||||||||||||||||||||||||||||
| 20.72 | 256 | 1.53 | 0.21 | N/A | N/A | 37 | ||||||||||||||||||||||||||||||||
| 22.43 | 204 | 1.56 | 0.30 | N/A | N/A | 22 | ||||||||||||||||||||||||||||||||
| 23.45 | 40,694 | 1.00 | 1.74 | 0.90 | 1.84 | 46 | ||||||||||||||||||||||||||||||||
| (6.37 | ) | 43,271 | 1.09 | 1.02 | 1.09 | 1.02 | 28 | |||||||||||||||||||||||||||||||
| (3.64 | ) | 49,665 | 1.05 | 0.86 | N/A | N/A | 42 | |||||||||||||||||||||||||||||||
| 21.38 | 71,721 | 1.03 | 0.71 | N/A | N/A | 37 | ||||||||||||||||||||||||||||||||
| 23.01 | 60,074 | 1.06 | 0.79 | N/A | N/A | 22 | ||||||||||||||||||||||||||||||||
| (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. |
| N/A | For the periods presented herein, Fund did not have a contractual reimbursement agreement with the Adviser prior to June 30, 2016. |
See accompanying notes to financial statements.
| NUVEEN | 77 |
Financial Highlights (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 (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Net Realized | Total | Ending NAV | ||||||||||||||||||||||||||||
Class A (12/06) | ||||||||||||||||||||||||||||||||||||
2017 | $ | 7.27 | $ | 0.07 | $ | 1.32 | $ | 1.39 | $ | (0.10 | ) | $ | (0.68 | ) | $ | (0.78 | ) | $ | 7.88 | |||||||||||||||||
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 | |||||||||||||||||||||||||
Class C (12/06) | ||||||||||||||||||||||||||||||||||||
2017 | 6.66 | 0.01 | 1.21 | 1.22 | (0.04 | ) | (0.68 | ) | (0.72 | ) | 7.16 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Class R3 (9/09) | ||||||||||||||||||||||||||||||||||||
2017 | 7.21 | 0.05 | 1.30 | 1.35 | (0.08 | ) | (0.68 | ) | (0.76 | ) | 7.80 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Class I (12/06) | ||||||||||||||||||||||||||||||||||||
2017 | 7.29 | 0.09 | 1.33 | 1.42 | (0.12 | ) | (0.68 | ) | (0.80 | ) | 7.91 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
| 78 | NUVEEN |
| Ratios/Supplemental Data | ||||||||||||||||||||||||||||||||||
| Ratios to Average Net Assets Before Waiver/Reimbursement(d) | 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) | ||||||||||||||||||||||||||||
| 19.64 | % | $ | 6,473 | 1.18 | % | 0.88 | % | 1.18 | % | 0.88 | % | 46 | % | |||||||||||||||||||||
| (5.68 | ) | 10,249 | 1.19 | 1.17 | N/A | N/A | 32 | |||||||||||||||||||||||||||
| 0.68 | 15,522 | 1.17 | 0.86 | N/A | N/A | 26 | ||||||||||||||||||||||||||||
| 19.80 | 66,452 | 1.08 | 0.85 | N/A | N/A | 45 | ||||||||||||||||||||||||||||
| 22.04 | 55,055 | 1.07 | 0.91 | N/A | N/A | 16 | ||||||||||||||||||||||||||||
| 18.62 | 5,652 | 1.93 | 0.13 | 1.93 | 0.13 | 46 | ||||||||||||||||||||||||||||
| (6.31 | ) | 6,009 | 1.94 | 0.42 | N/A | N/A | 32 | |||||||||||||||||||||||||||
| (0.04 | ) | 8,219 | 1.92 | 0.20 | N/A | N/A | 26 | |||||||||||||||||||||||||||
| 18.90 | 11,857 | 1.83 | 0.11 | N/A | N/A | 45 | ||||||||||||||||||||||||||||
| 21.08 | 8,053 | 1.82 | 0.15 | N/A | N/A | 16 | ||||||||||||||||||||||||||||
| 19.22 | 75 | 1.43 | 0.64 | 1.42 | 0.65 | 46 | ||||||||||||||||||||||||||||
| (5.85 | ) | 62 | 1.44 | 0.93 | N/A | N/A | 32 | |||||||||||||||||||||||||||
| 0.40 | 66 | 1.42 | 0.75 | N/A | N/A | 26 | ||||||||||||||||||||||||||||
| 19.50 | 64 | 1.33 | 0.59 | N/A | N/A | 45 | ||||||||||||||||||||||||||||
| 21.68 | 53 | 1.32 | 0.64 | N/A | N/A | 16 | ||||||||||||||||||||||||||||
| 19.85 | 74,352 | 0.93 | 1.12 | 0.93 | 1.12 | 46 | ||||||||||||||||||||||||||||
| (5.37 | ) | 93,548 | 0.94 | 1.40 | N/A | N/A | 32 | |||||||||||||||||||||||||||
| 0.96 | 169,058 | 0.92 | 1.11 | N/A | N/A | 26 | ||||||||||||||||||||||||||||
| 20.10 | 642,177 | 0.83 | 1.06 | N/A | N/A | 45 | ||||||||||||||||||||||||||||
| 22.31 | 1,225,884 | 0.82 | 1.15 | N/A | N/A | 16 | ||||||||||||||||||||||||||||
| (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. |
| N/A | For the periods presented herein, Fund did not have a contractual reimbursement agreement with the advisor prior to May 31, 2017. |
See accompanying notes to financial statements.
| NUVEEN | 79 |
Financial Highlights (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 | $ | 27.78 | $ | 0.01 | $ | 5.44 | $ | 5.45 | $ | — | $ | — | $ | — | $ | 33.23 | ||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Class C (12/06) |
| |||||||||||||||||||||||||||||||||||
2017 | 25.84 | (0.22 | ) | 5.06 | 4.84 | — | — | — | 30.68 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Class R3 (9/09) |
| |||||||||||||||||||||||||||||||||||
2017 | 27.11 | (0.08 | ) | 5.32 | 5.24 | — | — | — | 32.35 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Class R6 (6/16) |
| |||||||||||||||||||||||||||||||||||
2017 | 28.05 | (0.08 | ) | 5.73 | 5.65 | — | — | — | 33.70 | |||||||||||||||||||||||||||
2016(e) | 28.05 | — | — | — | — | — | — | 28.05 | ||||||||||||||||||||||||||||
Class I (12/06) |
| |||||||||||||||||||||||||||||||||||
2017 | 28.05 | 0.08 | 5.52 | 5.60 | — | — | — | 33.65 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
| 80 | NUVEEN |
| 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) | ||||||||||||||||||||||||||||
| 19.62 | % | $ | 5,529 | 1.43 | % | (0.08 | )% | 1.31 | % | 0.03 | % | 88 | % | |||||||||||||||||||||
| (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 | ||||||||||||||||||||||||||
| 18.73 | 3,078 | 2.18 | (0.87 | ) | 2.06 | (0.74 | ) | 88 | ||||||||||||||||||||||||||
| (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 | ||||||||||||||||||||||||||
| 19.33 | 874 | 1.68 | (0.39 | ) | 1.56 | (0.26 | ) | 88 | ||||||||||||||||||||||||||
| (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 | ||||||||||||||||||||||||||
| 20.14 | 5,820 | 1.05 | (0.39 | ) | 0.90 | (0.24 | ) | 88 | ||||||||||||||||||||||||||
| — | 25 | — | — | — | — | — | ||||||||||||||||||||||||||||
| 19.96 | 44,750 | 1.18 | 0.12 | 1.06 | 0.24 | 88 | ||||||||||||||||||||||||||||
| (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 | ||||||||||||||||||||||||||||
| (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. |
| * | Rounds to less than $0.01 per share. |
See accompanying notes to financial statements.
| NUVEEN | 81 |
Financial Highlights (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 | $ | 42.06 | $ | (0.16 | ) | $ | 8.62 | $ | 8.46 | $ | — | $ | (1.36 | ) | $ | (1.36 | ) | $ | 49.16 | |||||||||||||||||
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 | |||||||||||||||||||||||||||
Class C (12/04) |
| |||||||||||||||||||||||||||||||||||
2017 | 38.87 | (0.48 | ) | 7.95 | 7.47 | — | (1.36 | ) | (1.36 | ) | 44.98 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Class R3 (9/09) |
| |||||||||||||||||||||||||||||||||||
2017 | 41.62 | (0.29 | ) | 8.54 | 8.25 | — | (1.36 | ) | (1.36 | ) | 48.51 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Class R6 (2/13) |
| |||||||||||||||||||||||||||||||||||
2017 | 43.13 | 0.04 | 8.86 | 8.90 | — | (1.36 | ) | (1.36 | ) | 50.67 | ||||||||||||||||||||||||||
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 | 42.93 | (0.06 | ) | 8.83 | 8.77 | — | (1.36 | ) | (1.36 | ) | 50.34 | |||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
| 82 | NUVEEN |
| 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) | ||||||||||||||||||||||
| 20.12 | % | $ | 82,559 | 1.30 | % | (0.34 | )% | 57 | % | |||||||||||||||||
| (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 | |||||||||||||||||||||
| 19.21 | 23,251 | 2.05 | (1.10 | ) | 57 | |||||||||||||||||||||
| (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 | |||||||||||||||||||||
| 19.82 | 7,945 | 1.55 | (0.61 | ) | 57 | |||||||||||||||||||||
| (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 | |||||||||||||||||||||
| 20.64 | 9,284 | 0.86 | 0.09 | 57 | ||||||||||||||||||||||
| (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 | ||||||||||||||||||||
| 20.43 | 590,033 | 1.05 | (0.12 | ) | 57 | |||||||||||||||||||||
| (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 | |||||||||||||||||||||
| (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. |
| * | Rounds to less than $0.01 per share. |
| ** | Annualized. |
See accompanying notes to financial statements.
| NUVEEN | 83 |
Financial Statements
1. General Information and Significant Accounting Policies
General Information
Trust and Fund Information
The Nuveen Investment Trust and Nuveen Investment Trust II (each a “Trust” and collectively, the “Trusts”), are open-end management investment companies registered under the Investment Company Act of 1940, as amended. Nuveen Investment 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”) and Nuveen NWQ Small-Cap Value Fund (“NWQ Small-Cap Value”), among others, and Nuveen Investment Trust II is comprised of Nuveen NWQ International Value Fund (NWQ International Value), among others (each a “Fund” and collectively, the “Funds”), as diversified funds. Nuveen Investment Trust and Nuveen Investment Trust II were each organized as Massachusetts business trusts in 1996 and 1997, respectively.
Effective June 30, 2017, NWQ International Value’s fiscal year end changed from July 31 to June 30 as previously approved by the Fund’s Board of Trustees (the ”Board”).
Effective August 1, 2016, NWQ Global All-Cap changed its name from Nuveen NWQ Global Equity Fund and NWQ International Value changed its name from Nuveen Tradewinds International Value Fund.
The end of the reporting period for the Funds is June 30, 2017, and the period covered by these Notes to Financial Statements is the fiscal year ended June 30, 2017 (eleven months ended June 30, 2017 for NWQ International Value) (the “current fiscal period”).
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”), an affiliate of Nuveen, under which NWQ manages the investment portfolios of the Funds.
Investment Objectives
NWQ Global All-Cap’s, NWQ International Value’s, NWQ Multi-Cap Value’s, NWQ Large-Cap Value’s, NWQ Small/Mid-Cap Value’s, and NWQ Small-Cap Value’s investment objectives are to provide investors with long-term capital appreciation. NWQ Global Equity Income’s investment objective is to provide investors with high current income and long-term capital appreciation.
Each Fund’s most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.
Fund Reorganizations
In May 2016 the Board approved the reorganizations of three Funds, two of them open-end funds – Nuveen Tradewinds Value Opportunities Fund (“Tradewinds Value Opportunities”) and Nuveen Tradewinds Global All-Cap Fund (“Tradewinds Global All-Cap”) – 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 (each a “Reorganization”, and collectively the “Reorganizations”).
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 was also approved by the shareholders of Tradewinds Value Opportunities and Tradewinds Global All-Cap during March 2017 and after the close of business on March 24, 2017, the Reorganizations of Tradewinds Value Opportunities and Tradewinds Global All-Cap into NWQ Global Equity Income was completed.
For accounting and performance reporting purposes, the Acquiring Fund is the survivor.
Upon the closing of the Reorganizations, the Acquired Funds transferred all of its assets and liabilities to the Acquiring Fund in exchange for Acquiring Fund Shares of equal value. Shares of the Acquiring Fund were then distributed to shareholders of the Acquired Funds and the Acquired Funds were terminated. As a result of this Reorganizations, shareholders of the Acquired Funds became shareholders of the Acquiring Fund. The shareholders of the Acquired Funds received Acquiring Fund shares with a total value equal to the total value of their Acquired Fund shares immediately prior to the closing of each Reorganization. Details of the Reorganizations are further described in Note 9 – Fund Reorganizations.
| 84 | NUVEEN |
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. Class T Shares are generally sold with an up-front sales charge and incur a 0.25% annual 12b-1 service fee.
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 other 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.
Compensation
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.
| NUVEEN | 85 |
Notes to Financial Statements (continued)
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.
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, when applicable, 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 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.
Exchange-traded funds 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.
| 86 | NUVEEN |
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 observability 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 | $ | 903,348 | $ | 749,530 | ** | $ | — | $ | 1,652,878 | |||||||
| NWQ Global Equity Income | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 160,388,593 | $ | 148,949,476 | ** | $ | 25 | *** | $ | 309,338,094 | ||||||
Convertible Preferred Securities | 6,364,800 | 3,916,936 | ** | — | 10,281,736 | |||||||||||
$25 Par (or similar) Retail Preferred | 1,408,770 | — | — | 1,408,770 | ||||||||||||
$1,000 Par (or similar) Institutional Preferred | — | 5,107,540 | — | 5,107,540 | ||||||||||||
| Total | $ | 168,162,163 | $ | 157,973,952 | $ | 25 | $ | 326,136,140 | ||||||||
| NWQ International Value | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 85,041,753 | $ | 196,801,032 | ** | $ | — | $ | 281,842,785 | |||||||
| Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 14,724,370 | — | 14,724,370 | ||||||||||||
| Total | $ | 85,041,753 | $ | 211,525,402 | $ | — | $ | 296,567,155 | ||||||||
| NWQ Multi-Cap Value | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 93,102,107 | $ | 1,678,886 | ** | $ | — | $ | 94,780,993 | |||||||
| Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 852,926 | — | 852,926 | ||||||||||||
| Total | $ | 93,102,107 | $ | 2,531,812 | — | $ | 95,633,919 | |||||||||
| NUVEEN | 87 |
Notes to Financial Statements (continued)
| NWQ Large-Cap Value | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 84,836,004 | $ | 1,533,295 | ** | $ | — | $ | 86,369,299 | |||||||
| Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 2,576,598 | — | 2,576,598 | ||||||||||||
| Total | $ | 84,836,004 | $ | 4,109,893 | — | $ | 88,945,897 | |||||||||
NWQ Small/Mid-Cap Value | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 59,162,233 | $ | — | $ | — | $ | 59,162,233 | ||||||||
| Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 1,023,322 | — | 1,023,322 | ||||||||||||
| Total | $ | 59,162,233 | $ | 1,023,322 | $ | — | $ | 60,185,555 | ||||||||
| NWQ Small-Cap Value | ||||||||||||||||
| Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 603,548,504 | $ | — | $ | — | $ | 603,548,504 | ||||||||
Exchange-Traded Funds | 65,876,344 | — | — | 65,876,344 | ||||||||||||
| Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 41,765,158 | — | 41,765,158 | ||||||||||||
| Total | $ | 669,424,848 | $ | 41,765,158 | $ | — | $ | 711,190,006 | ||||||||
| * | 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 | $ | 19,707 | $ | — | $ | — | $ | (19,707 | ) | $ | — | $ | — | |||||||||||||||||||
NWQ International Value | ||||||||||||||||||||||||||||||||
Common Stock | $ | — | $ | (184,419,807 | ) | $ | 184,419,807 | $ | — | $ | — | $ | — | |||||||||||||||||||
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.
| 88 | NUVEEN |
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 | $ | 187,010 | 11.3 | % | ||||
Germany | 159,811 | 9.7 | ||||||
United Kingdom | 148,854 | 9.0 | ||||||
Spain | 70,862 | 4.3 | ||||||
Ireland | 67,489 | 4.1 | ||||||
Switzerland | 61,209 | 3.7 | ||||||
Netherlands | 52,599 | 3.2 | ||||||
Belgium | 41,922 | 2.5 | ||||||
South Korea | 36,390 | 2.2 | ||||||
Other | 128,160 | 7.7 | ||||||
| Total non-U.S. securities | $ | 954,306 | 57.7 | % | ||||
| NWQ Global Equity Income | ||||||||
| Country: | ||||||||
Germany | $ | 36,731,088 | 11.2 | % | ||||
United Kingdom | 28,210,867 | 8.6 | ||||||
Japan | 19,777,508 | 6.0 | ||||||
Netherlands | 17,053,158 | 5.2 | ||||||
Ireland | 15,118,773 | 4.6 | ||||||
France | 14,344,962 | 4.4 | ||||||
Switzerland | 11,147,385 | 3.4 | ||||||
Bermuda | 9,950,300 | 3.0 | ||||||
Spain | 7,679,110 | 2.3 | ||||||
Other | 27,133,779 | 8.4 | ||||||
| Total non-U.S. securities | $ | 187,146,930 | 57.1 | % | ||||
| NWQ International Value | ||||||||
| Country: | ||||||||
Japan | $ | 66,607,130 | 22.5 | % | ||||
Netherlands | 34,863,539 | 11.8 | ||||||
France | 22,762,745 | 7.7 | ||||||
United Kingdom | 17,878,760 | 6.0 | ||||||
Germany | 17,822,439 | 6.0 | ||||||
Switzerland | 16,217,869 | 5.5 | ||||||
South Korea | 14,665,176 | 4.9 | ||||||
Denmark | 12,261,411 | 4.1 | ||||||
Belgium | 11,075,771 | 3.7 | ||||||
Other | 54,736,859 | 18.6 | ||||||
| Total non-U.S. securities | $ | 268,891,699 | 90.8 | % | ||||
| NUVEEN | 89 |
Notes to Financial Statements (continued)
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.
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 International Value | Fixed Income Clearing Corporation | $ | 14,724,370 | $ | (14,724,370 | ) | $ | — | ||||||
| NWQ Multi-Cap Value | Fixed Income Clearing Corporation | 852,926 | (852,926 | ) | — | |||||||||
| NWQ Large-Cap Value | Fixed Income Clearing Corporation | 2,576,598 | (2,576,598 | ) | — | |||||||||
| NWQ Small/Mid-Cap Value | Fixed Income Clearing Corporation | 1,023,322 | (1,023,322 | ) | — | |||||||||
| NWQ Small-Cap Value | Fixed Income Clearing Corporation | 41,765,158 | (41,765,158 | ) | — | |||||||||
| * | 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* | $ | (182,800 | ) | $ | — | |||
| * | 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. |
| 90 | NUVEEN |
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 | $ | 27,975 | $ | (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
The Funds have an effective registration statement on file with the Securities and Exchange Commission (“SEC”) to issue Class T Shares, which were not yet available for public offering at the time this report was issued.
NWQ Global Equity Income issued Class T Shares during the period; however, these Shares were also not available for public offering.
Transactions in Fund shares during the current and prior fiscal period were as follows:
| Year Ended 6/30/17 | Year Ended 6/30/16 | |||||||||||||||
| NWQ Global All-Cap | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 6,499 | $ | 144,547 | 10,296 | $ | 199,440 | ||||||||||
Class C | 1,431 | 32,512 | — | — | ||||||||||||
Class I | 1,563 | 32,785 | 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 | ||||||||||||
| 9,597 | 211,968 | 31,506 | 627,480 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (1,199 | ) | (24,108 | ) | (460 | ) | (9,263 | ) | ||||||||
Class C | — | — | (4,558 | ) | (96,399 | ) | ||||||||||
Class I | — | — | (30,929 | ) | (597,010 | ) | ||||||||||
| (1,199 | ) | (24,108 | ) | (35,947 | ) | (702,672 | ) | |||||||||
| Net increase (decrease) | 8,398 | $ | 187,860 | (4,441 | ) | $ | (75,192 | ) | ||||||||
| NUVEEN | 91 |
Notes to Financial Statements (continued)
| Year Ended 6/30/17 | Year Ended 6/30/16 | |||||||||||||||||||||||
| NWQ Global Equity Income | Shares | Amount | Shares | Amount | ||||||||||||||||||||
| Shares issued in the Reorganization(1) | ||||||||||||||||||||||||
Class A | 12,102,245 | $ | 305,316,766 | — | $ | — | ||||||||||||||||||
Class C | 3,198,374 | 83,642,916 | — | — | ||||||||||||||||||||
Class R3 | 68,376 | 1,788,738 | — | — | ||||||||||||||||||||
Class I | 3,418,327 | 89,608,593 | — | — | ||||||||||||||||||||
Class T | — | — | — | — | ||||||||||||||||||||
| Shares sold: | ||||||||||||||||||||||||
Class A | 93,830 | 2,445,753 | 36,645 | 927,099 | ||||||||||||||||||||
Class C | 1,552 | 44,659 | 2,762 | 69,495 | ||||||||||||||||||||
Class R3 | 3,868 | 104,703 | — | — | ||||||||||||||||||||
Class I | 385,367 | 10,298,704 | 1,997,332 | 49,182,533 | ||||||||||||||||||||
Class T | 919 | 25,000 | — | — | ||||||||||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||||||||||
Class A | 111,908 | 2,988,324 | 1,238 | 30,679 | ||||||||||||||||||||
Class C | 25,891 | 706,238 | 53 | 1,315 | ||||||||||||||||||||
Class R3 | 375 | 10,228 | — | — | ||||||||||||||||||||
Class I | 42,170 | 1,147,898 | 1,817 | 44,954 | ||||||||||||||||||||
Class T | — | — | — | — | ||||||||||||||||||||
| 19,453,202 | 498,128,520 | 2,039,847 | 50,256,075 | |||||||||||||||||||||
| Shares redeemed: | ||||||||||||||||||||||||
Class A | (6,792,133 | ) | (170,913,684 | ) | (7,160 | ) | (170,337 | ) | ||||||||||||||||
Class C | (256,545 | ) | (6,876,558 | ) | (2,777 | ) | (65,172 | ) | ||||||||||||||||
Class R3 | (14,559 | ) | (383,853 | ) | — | — | ||||||||||||||||||
Class I | (2,508,944 | ) | (66,263,848 | ) | (15,210 | ) | (379,874 | ) | ||||||||||||||||
Class T | — | — | — | — | ||||||||||||||||||||
| (9,572,181 | ) | (244,437,943 | ) | (25,147 | ) | (615,383 | ) | |||||||||||||||||
| Net increase (decrease) | 9,881,021 | $ | 253,690,577 | 2,014,700 | $ | 49,640,692 | ||||||||||||||||||
| Eleven Months Ended 6/30/17 | Year Ended 6/30/16 | Year Ended 6/30/15 | ||||||||||||||||||||||
| NWQ International Value | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||
| Shares sold | ||||||||||||||||||||||||
Class A | 268,637 | $ | 6,385,694 | 253,721 | $ | 5,665,765 | 250,044 | $ | 6,017,642 | |||||||||||||||
Class C | 19,361 | 441,754 | 32,205 | 686,208 | 40,967 | 937,806 | ||||||||||||||||||
Class R3 | 12,427 | 290,150 | 26,617 | 587,536 | 20,743 | 495,632 | ||||||||||||||||||
Class I | 4,196,580 | 100,656,892 | 1,318,041 | 29,162,649 | 5,110,343 | 130,826,259 | ||||||||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||||||||||
Class A | 18,963 | 422,304 | 17,674 | 398,190 | 55,587 | 1,235,135 | ||||||||||||||||||
Class C | 5,738 | 122,039 | 3,997 | 86,019 | 25,435 | 539,723 | ||||||||||||||||||
Class R3 | 507 | 11,387 | 431 | 9,802 | 2,042 | 45,757 | ||||||||||||||||||
Class I | 153,463 | 3,429,889 | 142,257 | 3,216,447 | 450,616 | 10,053,264 | ||||||||||||||||||
| 4,675,676 | 111,760,109 | 1,794,943 | 39,812,616 | 5,955,777 | 150,151,218 | |||||||||||||||||||
| Shares redeemed: | ||||||||||||||||||||||||
Class A | (539,062 | ) | (12,430,909 | ) | (404,427 | ) | (8,918,931 | ) | (4,662,949 | ) | (119,938,393 | ) | ||||||||||||
Class C | (297,745 | ) | (6,684,808 | ) | (218,621 | ) | (4,619,890 | ) | (260,838 | ) | (5,905,751 | ) | ||||||||||||
Class R3 | (31,780 | ) | (742,753 | ) | (19,146 | ) | (423,100 | ) | (41,262 | ) | (975,342 | ) | ||||||||||||
Class I | (2,205,832 | ) | (51,582,796 | ) | (2,513,986 | ) | (55,914,314 | ) | (3,336,156 | ) | (79,093,325 | ) | ||||||||||||
| (3,074,419 | ) | (71,441,266 | ) | (3,156,180 | ) | (69,876,235 | ) | (8,301,205 | ) | (205,912,811 | ) | |||||||||||||
| Net increase (decrease) | 1,601,257 | $ | 40,318,843 | (1,361,237 | ) | $ | (30,063,619 | ) | (2,345,428 | ) | $ | (55,761,593 | ) | |||||||||||
| (1) | Refer to Note 9 – Fund Reorganization for further details. |
| 92 | NUVEEN |
| Year Ended 6/30/17 | Year Ended 6/30/16 | |||||||||||||||
| NWQ Multi-Cap Value | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 134,330 | $ | 3,737,175 | 39,738 | $ | 951,507 | ||||||||||
Class C | 27,213 | 690,844 | 37,259 | 851,968 | ||||||||||||
Class R3 | 7,940 | 198,648 | 4,056 | 94,021 | ||||||||||||
Class I | 178,302 | 4,813,569 | 259,969 | 6,232,354 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 7,471 | 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 | ||||||||||||
| 371,507 | 10,075,583 | 367,504 | 8,760,482 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (205,708 | ) | (5,440,684 | ) | (242,081 | ) | (5,741,951 | ) | ||||||||
Class C | (343,246 | ) | (8,799,833 | ) | (331,515 | ) | (7,458,247 | ) | ||||||||
Class R3 | (5,681 | ) | (158,416 | ) | (2,378 | ) | (55,617 | ) | ||||||||
Class I | (608,883 | ) | (16,419,592 | ) | (392,374 | ) | (9,392,676 | ) | ||||||||
| (1,163,518 | ) | (30,818,525 | ) | (968,348 | ) | (22,648,491 | ) | |||||||||
| Net increase (decrease) | (792,011 | ) | $ | (20,742,942 | ) | (600,844 | ) | $ | (13,888,009 | ) | ||||||
| Year Ended 6/30/17 | Year Ended 6/30/16 | |||||||||||||||
| NWQ Large-Cap Value | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 337,294 | $ | 2,643,725 | 396,683 | $ | 3,857,234 | ||||||||||
Class C | 96,315 | 682,773 | 200,465 | 1,675,419 | ||||||||||||
Class R3 | 182 | 1,380 | 221 | 1,994 | ||||||||||||
Class I | 950,888 | 7,297,730 | 3,068,571 | 30,548,493 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 108,481 | 825,020 | 722,383 | 5,335,244 | ||||||||||||
Class C | 86,687 | 598,374 | 400,308 | 2,689,990 | ||||||||||||
Class R3 | 880 | 6,622 | 3,193 | 23,329 | ||||||||||||
Class I | 1,086,784 | 8,289,894 | 6,405,546 | 47,607,692 | ||||||||||||
| 2,667,511 | 20,345,518 | 11,197,370 | 91,739,395 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (1,034,207 | ) | (7,955,410 | ) | (963,057 | ) | (7,982,684 | ) | ||||||||
Class C | (295,499 | ) | (2,041,192 | ) | (400,999 | ) | (3,171,382 | ) | ||||||||
Class R3 | (54 | ) | (399 | ) | (165 | ) | (1,874 | ) | ||||||||
Class I | (5,463,811 | ) | (41,928,533 | ) | (10,270,475 | ) | (96,791,956 | ) | ||||||||
| (6,793,571 | ) | (51,925,534 | ) | (11,634,696 | ) | (107,947,896 | ) | |||||||||
| Net increase (decrease) | (4,126,060 | ) | $ | (31,580,016 | ) | (437,326 | ) | $ | (16,208,501 | ) | ||||||
| NUVEEN | 93 |
Notes to Financial Statements (continued)
| Year Ended 6/30/17 | Year Ended 6/30/16 | |||||||||||||||
| NWQ Small/Mid-Cap Value | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 104,236 | $ | 3,446,128 | 207,455 | $ | 5,512,334 | ||||||||||
Class C | 19,510 | 573,232 | 23,911 | 612,329 | ||||||||||||
Class R3 | 4,818 | 148,976 | 10,290 | 261,755 | ||||||||||||
Class R6* | 213,692 | 7,211,773 | 891 | 25,000 | ||||||||||||
Class I | 534,801 | 17,465,499 | 355,376 | 9,623,095 | ||||||||||||
| Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | — | — | — | — | ||||||||||||
Class C | — | — | — | — | ||||||||||||
Class R3 | — | — | — | — | ||||||||||||
Class R6* | — | — | — | — | ||||||||||||
Class I | — | — | — | — | ||||||||||||
| 877,057 | 28,845,608 | 597,923 | 16,034,513 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (287,035 | ) | (9,188,395 | ) | (101,644 | ) | (2,772,010 | ) | ||||||||
Class C | (24,634 | ) | (717,089 | ) | (35,845 | ) | (893,839 | ) | ||||||||
Class R3 | (1,882 | ) | (56,957 | ) | (1,135 | ) | (28,126 | ) | ||||||||
Class R6* | (41,856 | ) | (1,426,644 | ) | — | — | ||||||||||
Class I | (652,948 | ) | (21,188,537 | ) | (481,771 | ) | (13,289,722 | ) | ||||||||
| (1,008,355 | ) | (32,577,622 | ) | (620,395 | ) | (16,983,697 | ) | |||||||||
| Net increase (decrease) | (131,298 | ) | $ | (3,732,014 | ) | (22,472 | ) | $ | (949,184 | ) | ||||||
* Class R6 Shares commenced operations at close of business on June 30, 2016. |
| |||||||||||||||
| Year Ended 6/30/17 | Year Ended 6/30/16 | |||||||||||||||
| NWQ Small-Cap Value | Shares | Amount | Shares | Amount | ||||||||||||
| Shares sold: | ||||||||||||||||
Class A | 552,109 | $ | 25,919,740 | 633,923 | $ | 25,809,239 | ||||||||||
Class C | 59,717 | 2,641,639 | 106,842 | 4,072,934 | ||||||||||||
Class R3 | 70,047 | 3,303,124 | 92,707 | 3,752,617 | ||||||||||||
Class R6 | 72,517 | 3,533,553 | 186,143 | 7,564,561 | ||||||||||||
Class I | 3,457,946 | 168,904,185 | 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 | 294,820 | 14,637,789 | 14,829 | 621,456 | ||||||||||||
| 4,576,237 | 222,241,682 | 5,108,194 | 212,452,366 | |||||||||||||
| Shares redeemed: | ||||||||||||||||
Class A | (1,074,310 | ) | (51,187,553 | ) | (1,263,572 | ) | (51,343,312 | ) | ||||||||
Class C | (198,273 | ) | (8,672,146 | ) | (192,236 | ) | (7,257,596 | ) | ||||||||
Class R3 | (88,964 | ) | (4,282,296 | ) | (60,551 | ) | (2,453,416 | ) | ||||||||
Class R6 | (94,170 | ) | (4,747,337 | ) | (67,988 | ) | (2,908,893 | ) | ||||||||
Class I | (2,927,109 | ) | (142,354,660 | ) | (3,153,074 | ) | (130,211,303 | ) | ||||||||
| (4,382,826 | ) | (211,243,992 | ) | (4,737,421 | ) | (194,174,520 | ) | |||||||||
| Net increase (decrease) | 193,411 | $ | 10,997,690 | 370,773 | $ | 18,277,846 | ||||||||||
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 International Value | NWQ Multi-Cap Value | NWQ Large-Cap Value | NWQ Small/Mid-Cap Value | NWQ Small-Cap Value | ||||||||||||||||||||||
| Purchases | 863,235 | 151,079,950 | 86,771,872 | 44,367,666 | 44,685,977 | 50,128,332 | 365,789,553 | |||||||||||||||||||||
| Sales | 618,573 | 353,697,715 | 58,516,862 | 64,261,452 | 81,216,590 | 51,552,960 | 387,234,780 | |||||||||||||||||||||
| 94 | NUVEEN |
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 | 755 | 25,507 | 150 | 49,193 | ||||||||||||
| Options terminated in closing purchase transactions | (66 | ) | (7,022 | ) | (150 | ) | (49,193 | ) | ||||||||
| Options expired | (942 | ) | (25,757 | ) | — | — | ||||||||||
| 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 June 30, 2017, 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 International Value | NWQ Multi-Cap Value | NWQ Large-Cap Value | NWQ Small/Mid-Cap Value | NWQ Small-Cap Value | ||||||||||||||||||||||
| Cost of investments | $ | 1,414,680 | $ | 299,394,500 | $ | 254,875,229 | $ | 80,439,418 | $ | 60,569,563 | $ | 50,503,362 | $ | 565,760,668 | ||||||||||||||
| Gross unrealized | ||||||||||||||||||||||||||||
Appreciation | $ | 290,572 | $ | 41,281,330 | $ | 63,200,177 | $ | 20,155,450 | $ | 28,881,844 | $ | 12,840,353 | $ | 166,302,948 | ||||||||||||||
Depreciation | (52,374 | ) | (14,539,690 | ) | (21,508,251 | ) | (4,960,949 | ) | (505,510 | ) | (3,158,160 | ) | (20,873,610 | ) | ||||||||||||||
| Net unrealized appreciation (depreciation) | $ | 238,198 | $ | 26,741,640 | $ | 41,691,926 | $ | 15,194,501 | $ | 28,376,334 | $ | 9,682,193 | $ | 145,429,338 | ||||||||||||||
Permanent differences, primarily due to federal taxes paid, complex securities character adjustments, nondeductible reorganization expenses, reorganization adjustments, 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, 2017, the Funds’ tax year end, as follows:
| NWQ Global All-Cap | NWQ Global Equity Income | NWQ International Value | NWQ Multi-Cap Value | NWQ Large-Cap Value | NWQ Small/Mid-Cap Value | NWQ Small-Cap Value | ||||||||||||||||||||||
| Capital paid-in | $ | — | $ | 251,426,398 | $ | — | $ | (89,935,185 | ) | $ | 2,615,019 | $ | (13,351,026 | ) | $ | 1,825,869 | ||||||||||||
| Undistributed (Over-distribution of) net investment income | (127 | ) | 783,985 | (71,168 | ) | (21 | ) | (534 | ) | 5,259 | 586,918 | |||||||||||||||||
| Accumulated net realized gain (loss) | 127 | (252,210,383 | ) | 71,168 | 89,935,206 | (2,614,485 | ) | 13,345,767 | (2,412,787 | ) | ||||||||||||||||||
The tax components of undistributed net ordinary income and net long-term capital gains as of June 30, 2017, the Funds’ tax year end, were as follows:
| NWQ Global All-Cap | NWQ Global Equity Income | NWQ International Value | NWQ Multi-Cap Value | NWQ Large-Cap Value | NWQ Small/Mid-Cap Value | NWQ Small-Cap Value | ||||||||||||||||||||||
| Undistributed net ordinary income1 | $ | 34,795 | $ | 6,327,491 | $ | 5,210,303 | $ | 1,495,007 | $ | 486,962 | $ | 92,478 | $ | — | ||||||||||||||
| Undistributed net long-term capital gains | — | — | — | — | 11,777,083 | — | 29,143,775 | |||||||||||||||||||||
| 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, 2017 and paid on July 3, 2017. Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
| NUVEEN | 95 |
Notes to Financial Statements (continued)
The tax character of distributions paid during the periods indicated below, was designated for purposes of the dividends paid deduction as follows:
| Year ended June 30, 2017 | 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 | ||||||||||||||||||
| Distributions from net ordinary income1 | $ | 11,998 | $ | 3,622,281 | $ | 695,594 | $ | 1,818,653 | $ | — | $ | 2,714,477 | ||||||||||||
| Distributions from net long-term capital gains | — | 24,352 | — | 8,051,909 | — | 16,324,774 | ||||||||||||||||||
| Year ended June 30, 2016 | 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 | ||||||||||||||||||
| 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 | — | 870,179 | ||||||||||||||||||
| NWQ International Value | Eleven-Months Ended June 30, 2017 | Year Ended July 31, 2016 | Year Ended July 31, 2015 | |||||||||
| Distributions from net ordinary income1 | $ | 4,194,519 | $ | 3,931,195 | $ | 12,712,072 | ||||||
| Distributions from net long-term capital gains | — | — | — | |||||||||
| 1 | Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
As of June 30, 2017, the Funds’ 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 Global Equity Income2 | NWQ International Value | NWQ Multi-Cap Value | NWQ Small/Mid-Cap Value | ||||||||||||||||
| Expiration: | ||||||||||||||||||||
June 30, 2018 | $ | — | $ | — | $ | 54,060,130 | $ | 100,615,795 | $ | 838,796 | ||||||||||
| Not subject to expiration | 96,553 | 248,331,937 | 211,397,308 | — | — | |||||||||||||||
| Total | $ | 96,553 | $ | 248,331,937 | $ | 265,457,438 | $ | 100,615,795 | $ | 838,796 | ||||||||||
| 2 | NWQ Global Equity Income’s capital loss carryforward is subject to significant limitations under the Internal Revenue Code and related regulations. In particular, it is expected that the Fund will only be able to annually utilize approximately $4 million of its outstanding capital loss carryforward for the next twenty-one years, at which point the annual limitation will further be reduced to approximately $1.2 million. |
As of June 30, 2017, the Funds' tax year end, the following Funds' capital loss carryforwards expired as follows:
| NWQ Multi-Cap Value | NWQ Small/Mid-Cap Value | |||||||
| Expired capital loss carryforwards | $ | 89,935,185 | $ | 13,348,425 | ||||
During the Funds’ tax year ended June 30, 2017, the following Funds utilized capital loss carryforwards as follows:
NWQ Global | NWQ International | NWQ Multi-Cap | NWQ Small/Mid-Cap | |||||||||||||
| Utilized capital loss carryforwards | $ | 3,381,703 | $ | 3,211,473 | $ | 13,144,226 | $ | 4,378,811 | ||||||||
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 | $ | 20,181,312 | ||
| Late-year ordinary losses4 | 1,554,779 | |||
| 3 | Capital losses incurred from November 1, 2016 through June 30, 2017, the Funds' tax year end. |
| 4 | Ordinary losses incurred from January 1, 2017 through June 30, 2017 and/or specified losses incurred from November 1, 2016 through June 30, 2017. |
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 is compensated for its 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.
| 96 | NUVEEN |
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 International Value | NWQ Multi-Cap Value | NWQ Large-Cap Value | NWQ Small/Mid-Cap Value | NWQ Small-Cap Value | |||||||||||||||||||||
| For the first $125 million | 0.5500 | % | 0.5500 | % | 0.5500 | % | 0.5500 | % | 0.5000 | % | 0.6000 | % | 0.6500 | % | ||||||||||||||
| For the next $125 million | 0.5375 | 0.5375 | 0.5375 | 0.5375 | 0.4875 | 0.5875 | 0.6375 | |||||||||||||||||||||
| For the next $250 million | 0.5250 | 0.5250 | 0.5250 | 0.5250 | 0.4750 | 0.5750 | 0.6250 | |||||||||||||||||||||
| For the next $500 million | 0.5125 | 0.5125 | 0.5125 | 0.5125 | 0.4625 | 0.5625 | 0.6125 | |||||||||||||||||||||
| For the next $1 billion | 0.5000 | 0.5000 | 0.5000 | 0.5000 | 0.4500 | 0.5500 | 0.6000 | |||||||||||||||||||||
| For net assets over $2 billion | 0.4750 | 0.4750 | 0.4750 | 0.4750 | 0.4250 | 0.5250 | 0.5750 | |||||||||||||||||||||
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 June 30, 2017, the complex-level fee for each Fund was 0.1606%. |
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 temporary expense limitation may be terminated or modified prior to the expiration date only with the approval of the Board. 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, 2018 | N/A | ||||||
NWQ Global Equity Income | 0.90 | October 31, 2018 | N/A | |||||||
NWQ International Value | 0.94 | November 30, 2018 | N/A | |||||||
NWQ Multi-Cap Value | 0.94 | October 31, 2018 | N/A | |||||||
NWQ Large-Cap Value | 0.79 | * | July 31, 2019 | 1.35 | % | |||||
NWQ Small/Mid-Cap Value | 1.10 | October 31, 2018 | 1.45 | |||||||
NWQ Small-Cap Value | N/A | N/A | 1.50 | |||||||
| * | Effective May 31, 2017, the Fund’s Adviser has agreed to an expense cap as stated in the table above. |
N/A – Not applicable.
Other Transactions with Affiliates
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 International Value | NWQ Multi-Cap Value | NWQ Large-Cap Value | NWQ Small/Mid-Cap Value | NWQ Small-Cap Value | ||||||||||||||||||||||
| Sales charges collected (Unaudited) | $ | 1,352 | $ | 17,039 | $ | 17,225 | $ | 3,600 | $ | 12,734 | $ | 7,675 | $ | 51,187 | ||||||||||||||
| Paid to financial intermediaries (Unaudited) | 1,174 | 15,086 | 15,358 | 3,132 | 11,244 | 6,833 | 47,680 | |||||||||||||||||||||
| NUVEEN | 97 |
Notes to Financial Statements (continued)
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.
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 International Value | NWQ Multi-Cap Value | NWQ Large-Cap Value | NWQ Small/Mid-Cap Value | NWQ Small-Cap Value | ||||||||||||||||||||||
| Commission advances (Unaudited) | $ | 5,635 | $ | 1,544 | $ | 4,513 | $ | 1,117 | $ | 1,585 | $ | 3,252 | $ | 124,939 | ||||||||||||||
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 International Value | NWQ Multi-Cap Value | NWQ Large-Cap Value | NWQ Small/Mid-Cap Value | NWQ Small-Cap Value | ||||||||||||||||||||||
| 12b-1 fees retained (Unaudited) | $ | 577 | $ | 59,418 | $ | 4,038 | $ | 2,395 | $ | 4,172 | $ | 3,177 | $ | 27,040 | ||||||||||||||
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 International Value | NWQ Multi-Cap Value | NWQ Large-Cap Value | NWQ Small/Mid-Cap Value | NWQ Small-Cap Value | ||||||||||||||||||||||
| CDSC retained (Unaudited) | $ | — | $ | 981 | $ | 397 | $ | 155 | $ | 106 | $ | — | $ | 4,253 | ||||||||||||||
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 | 15,011 | — | — | — | |||||||||||||||
| 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 | — | — | — | |||||||||||||||
| Class T Shares | — | 919 | — | — | — | |||||||||||||||
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 and NWQ International Value each borrowed $1,131 and $29,032, respectively, 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 $3 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 2018 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.
| 98 | NUVEEN |
9. Fund Reorganizations
The Reorganizations 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 each Acquired Fund’s shareholder will recognize no gain or loss for federal income tax purposes as a result. Prior to the closing of each Reorganization, the Acquired Funds each distributed all of its net investment income and capital gains, if any. Such distribution may be taxable to each Acquired Fund’s shareholders for federal income tax purposes.
Investments of the Acquired Funds
The cost, fair value and net unrealized appreciation (depreciation) of the investments of each Acquired Fund as of the date of each Reorganization were as follows:
Tradewinds Value Opportunities | Tradewinds Global All-Cap | JGV | ||||||||||
| Cost of investments | 180,595,037 | 60,774,564 | $ | 350,885,335 | ||||||||
| Fair value of investments | 196,481,789 | 59,381,562 | 345,394,974 | |||||||||
| Net unrealized appreciation (depreciation) of investments | 15,886,752 | (1,393,002 | ) | (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 each 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 Reorganizations are as follows:
| Acquired Funds – Prior to the Reorganizations | Shares Outstanding | Net Assets | NAV per Share | |||||||||
JGV | 18,776,509 | $ | 223,960,676 | $ | 11.93 | |||||||
Tradewinds Value Opportunities | ||||||||||||
Class A | 2,303,750 | $ | 63,236,917 | $ | 27.45 | |||||||
Class C | 2,370,324 | 62,550,042 | 26.39 | |||||||||
Class R3 | 57,492 | 1,580,660 | 27.49 | |||||||||
Class I | 2,517,675 | 69,461,540 | 27.59 | |||||||||
Tradewinds Global All-Cap | ||||||||||||
Class A | 668,204 | $ | 18,119,173 | $ | 27.12 | |||||||
Class C | 783,270 | 21,092,873 | 26.93 | |||||||||
Class R3 | 7,684 | 208,078 | 27.08 | |||||||||
Class I | 743,827 | 20,147,054 | 27.09 | |||||||||
| Shares Outstanding | Net Assets | NAV per share | ||||||||||
Acquiring Fund – Prior to the Reorganization with JGV | ||||||||||||
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 – Prior to the Reorganizations with Tradewinds Value Opportunites and Tradewinds Global All-Cap | ||||||||||||
Class A | 2,932,282 | $ | 76,841,566 | $ | 26.21 | |||||||
Class C | 16,516 | 431,907 | 26.15 | |||||||||
Class R3 | 12,500 | 327,006 | 26.16 | |||||||||
Class I | 2,115,620 | 55,459,302 | 26.21 | |||||||||
| Shares Outstanding | Net Assets | NAV per share | ||||||||||
Acquiring Fund – After the Reorganization with JGV | ||||||||||||
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 | |||||||||
Acquiring Fund – After the Reorganization with Tradewinds Value Opportunites and Tradewinds Global All-Cap | ||||||||||||
Class A | 6,036,839 | $ | 158,197,656 | $ | 26.21 | |||||||
Class C | 3,214,890 | 84,074,823 | 26.15 | |||||||||
Class R3 | 80,876 | 2,115,744 | 26.16 | |||||||||
Class I | 5,533,947 | 145,067,893 | 26.21 | |||||||||
| NUVEEN | 99 |
Notes to Financial Statements (continued)
Pro Forma Results of Operations
The beginning of the current fiscal periods for JGV, Tradewinds Value Opportunities and Tradewinds Global All-Cap were January 1, 2016, July 1, 2016 and August 1, 2016. Assuming the Reorganizations 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 Equity Income | |||
| Net investment income (loss) | $ | 9,393,970 | ||
| Net realized and change in unrealized gains (losses) | 47,280,757 | |||
| Change in net assets resulting from operations | $ | 56,674,727 | ||
Because the combined investment portfolios for the Reorganizations have been managed as a single integrated portfolio since the Reorganizations were completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Funds that have been included in the Statement of Operations for the Acquiring Fund since the Reorganizations were consummated.
Cost and Expenses
In connection with the Reorganizations, 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.
10. New Accounting Pronouncements
Amendments to Regulation S-X
In October 2016, the SEC adopted new rules and amended existing rules (together, the “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date of the amendments to Regulation S-X is August 1, 2017. Management is still evaluating the impact of the final rules, if any.
11. Subsequent Events
Management Fees
During May 2017, the Board approved a change to each Fund’s annual Fund-level management fee schedule, which will become effective on August 1, 2017.
Effective August 1, 2017 the annual Fund-level fee, payable monthly, for each Fund will be calculated according to the following schedule:
| Average Daily Net Assets | NWQ Global All-Cap | NWQ Global | NWQ International | NWQ Multi-Cap | NWQ Large-Cap | NWQ Small/Mid-Cap | NWQ Small-Cap | |||||||||||||||||||||
| For the first $125 million | 0.5500 | % | 0.5500 | % | 0.5500 | % | 0.5500 | % | 0.5000 | % | 0.6000 | % | 0.6500 | % | ||||||||||||||
| For the next $125 million | 0.5375 | 0.5375 | 0.5375 | 0.5375 | 0.4875 | 0.5875 | 0.6375 | |||||||||||||||||||||
| For the next $250 million | 0.5250 | 0.5250 | 0.5250 | 0.5250 | 0.4750 | 0.5750 | 0.6250 | |||||||||||||||||||||
| For the next $500 million | 0.5125 | 0.5125 | 0.5125 | 0.5125 | 0.4625 | 0.5625 | 0.6125 | |||||||||||||||||||||
| For the next $1 billion | 0.5000 | 0.5000 | 0.5000 | 0.5000 | 0.4500 | 0.5500 | 0.6000 | |||||||||||||||||||||
| For the next $3 billion | 0.4750 | 0.4750 | 0.4750 | 0.4750 | 0.4250 | 0.5250 | 0.5750 | |||||||||||||||||||||
| For the next $2.5 billion | 0.4500 | 0.4500 | 0.4500 | 0.4500 | 0.4000 | 0.5000 | 0.5500 | |||||||||||||||||||||
For the next $2.5 billion | 0.4375 | 0.4375 | 0.4375 | 0.4375 | 0.3875 | 0.4875 | 0.5375 | |||||||||||||||||||||
| For net assets of $10 billion and greater | 0.4250 | 0.4250 | 0.4250 | 0.4250 | 0.3750 | 0.4750 | 0.5250 | |||||||||||||||||||||
Uncommitted Line of Credit
The unsecured Credit Line (as described in Note 8 – Borrowing Arrangements) was not renewed after its scheduled Termination Date on July 27, 2017.
| 100 | NUVEEN |
Fund Information (Unaudited)
Fund Manager Nuveen Fund Advisors, LLC 333 West Wacker Drive Chicago, IL 60606
Sub-Adviser NWQ Investment Management 2049 Century Park East, 16th Floor Los Angeles, CA 90067
| Independent Registered PricewaterhouseCoopers LLP One North Wacker Drive Chicago, IL 60606
Custodian State Street Bank & Trust One Lincoln Street Boston, MA 02111 | Legal Counsel Chapman and Cutler LLP Chicago, IL 60603 | Transfer Agent and Boston Financial Data Services Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787
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| Foreign Taxes: Nuveen NWQ International Value Fund paid qualifying foreign taxes of $755,547 and earned $6,257,901 of foreign source income during the fiscal year ended June 30, 2017. Pursuant to Section 853 of the Internal Revenue Code, Nuveen NWQ International Value Fund hereby designates $0.06 per share as foreign taxes paid and $0.53 per share as income earned from foreign sources for the fiscal year ended June 30, 2017. The actual foreign tax credit distribution will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end. | ||||||||||||||||
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| Long-Term Capital Gain Distributions: The Funds hereby designate as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount shown in the accompanying table, or if greater, the amount necessary to reduce earnings and profits of the Funds related to net capital gain to zero for the tax year ended June 30, 2017: | ||||||||||||||||
| NWQ Global All-Cap | NWQ Global Equity Income | NWQ International Value | NWQ Multi-Cap Value | NWQ Large-Cap Value | ||||||||||||
| Long-term capital gain dividends | $ — | $24,352 | $ — | $ — | $10,666,928 | |||||||||||
| NWQ Small/Mid-Cap Value | NWQ Small-Cap | |||||||||||||||
| Long-term capital gain dividends | $ — | $18,198,426 | ||||||||||||||
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| Distribution Information: The Funds hereby designate their percentages of dividends paid from net ordinary income as dividends qualifying for the 70% dividends received deduction (“DRD”) for corporations and their percentages as qualified dividend income (“QDI”) for individuals under Section 1 (h)(11) of the Internal Revenue Code as shown in the accompanying table. The actual qualified dividend income distributions will be reported to shareholders on Form 1099-DIV which will be sent to shareholders shortly after calendar year end. | ||||||||||||||||
| Fund | % of DRD | % of QDI | ||||||||||||||
| Nuveen NWQ Global All-Cap Fund | 100.0% | 100.0% | ||||||||||||||
| Nuveen NWQ Global Equity Income Fund | 37.5% | 100.0% | ||||||||||||||
| Nuveen NWQ International Value Fund | 0.0% | 100.0% | ||||||||||||||
| Nuveen NWQ Multi-Cap Value Fund | 100.0% | 100.0% | ||||||||||||||
| Nuveen NWQ Large-Cap Value Fund | 100.0% | 100.0% | ||||||||||||||
Nuveen NWQ Small-Cap Value Fund | 100.0% | 100.0% | ||||||||||||||
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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. | ||||||||||||||||
| NUVEEN | 101 |
Used in this Report (Unaudited)
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.
BofA/Merrill Lynch Preferred Securities Fixed Rate Index: An index that tracks the performance of fixed rate U.S. dollar denominated preferred securities issued in the U.S. domestic market. Qualifying securities must be rated investment grade (based on an average of Moody’s, S&P, and Fitch) and must have an investment grade rated country of risk (based on an average of Moody’s, S&P, and Fitch foreign currency long-term sovereign debt ratings). In addition, qualifying securities must be issued as public securities or through a 144A filing, must be issued in $25, $50 or $100 par/liquidation preference increments, must have a fixed coupon or dividend schedule, and must have a minimum amount outstanding of $100 million. The index returns assume reinvestment of dividends, but do not include the effects of any sales charges or management fees.
BofA/Merrill Lynch U.S. High Yield Index: An index that tracks the performance of U.S. dollar denominated below investment grade corporate debt publicly issued in the U.S. domestic market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Gross Domestic Product (GDP): The total market value of all final goods and services produced in a country/region in a given year, equal to total consumer, investment and government spending, plus the value of exports, minus the value of imports.
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 International Multi-Cap Value Funds Classification Average: Represents the average annualized returns for all reporting funds in the Lipper International 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 charges.
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.
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MSCI (Morgan Stanley Capital International) EAFE (Europe, Australasia, Far East) Index: A free-float-adjusted market capitalization weighted index designed to measure developed market equity performance, excluding the U.S. and Canada. The 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.
| NUVEEN | 103 |
Annual Investment Management Agreement
Approval Process (Unaudited)
The Boards of Trustees (each, a “Board,” and each Trustee, a “Board Member”) of the Funds, including the Board Members who are not parties to the applicable advisory or sub-advisory agreements or “interested persons” of any such parties (the “Independent Board Members”), oversee the management of the applicable Funds, including the performance of Nuveen Fund Advisors, LLC, the Funds’ investment adviser (the “Adviser”), and NWQ Investment Management Company, LLC, the Funds’ sub-adviser (the “Sub-Adviser”). As required by applicable law, after the initial term of the respective Fund following commencement of its operations, the Board is required to consider annually whether to renew the Fund’s management agreement with the Adviser (the “Investment Management Agreement”) and its sub-advisory agreement with the Sub-Adviser (the “Sub-Advisory Agreement” and, together with the Investment Management Agreement, the “Advisory Agreements”). Accordingly, the Board met in person on April 11-12, 2017 (the “April Meeting”) and May 23-25, 2017 (the “May Meeting”) to consider the approval of each Advisory Agreement that was up for renewal for an additional one-year period.
The Board considered its review of the Advisory Agreements as an ongoing process encompassing the information received and the deliberations the Board and its committees have had throughout the year. The Board met regularly during the year and received materials and discussed topics that were relevant to the annual consideration of the renewal of the Advisory Agreements, including, among other things, overall market performance and developments; fund investment performance; investment team review; valuation of securities; compliance, regulatory and risk management matters; payments to intermediaries such as 12b-1 fees, sub-transfer agency fees and other payments; and other developments. The Board had also established several standing committees, including the Open-end Fund Committee and Closed-end Fund Committee, which met regularly throughout the year to permit the Board Members to delve deeper into the topics particularly relevant to the respective product line. The Board further continued its practice of seeking to meet periodically with the Sub-Adviser and its investment team. The accumulated information, knowledge, and experience the Board Members had gained during their tenure on the Board governing the Funds and working with the Fund Advisers (as defined below) were taken into account in their review of the Advisory Agreements.
In addition to the materials received by the Board or its committees throughout the year, the Board reviewed extensive additional materials prepared specifically for its annual review of the Advisory Agreements in response to a request by independent legal counsel on behalf of the Independent Board Members. The materials addressed a variety of topics, including, but not limited to, a description of the services provided by the Adviser and Sub-Adviser (the Adviser and the Sub-Adviser are each a “Fund Adviser”); an analysis of fund performance including comparative industry data and a detailed focus on performance outliers; an analysis of the Sub-Adviser; an analysis of the fees and expense ratios of the Nuveen funds in absolute terms and in comparison to the fees and expenses of peers with a focus on any expense outliers; an assessment of shareholder services for the Nuveen funds and of the performance of certain service providers; a review of initiatives instituted or continued during the past year; and information regarding the profitability of the Fund Advisers, the compensation of portfolio managers, and compliance and risk matters. The materials provided in connection with the annual review included information compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge” or “Lipper”), an independent provider of investment company data, comparing, in relevant part, each Fund’s fees and expenses with those of a comparable universe of funds (the “Peer Universe”) and to a more focused subset of the Peer Universe (the “Peer Group”), as selected by Broadridge (the “Broadridge Report”). The Independent Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements.
As part of its annual review, the Board met at the April Meeting to review the investment performance of the Funds and to consider the Adviser’s analysis of the Sub-Adviser evaluating, among other things, the Sub-Adviser’s assets under management, investment team, performance, organizational stability, and investment approach. During the review, the Independent Board Members requested and received additional information from management. At the May Meeting, the Board, including the Independent Board Members, continued its review and ultimately approved the continuation of the Advisory Agreements for an additional year. Throughout the year and throughout their review of the Advisory Agreements, the Independent Board Members were assisted by independent legal counsel and met with counsel separately without management present. In deciding to renew the Advisory Agreements, the Independent Board Members did not identify a particular factor as determinative, but rather the decision reflected the comprehensive consideration of all the information presented, and each Board Member may have attributed different weights to the various factors and information considered in connection with the approval process. The following summarizes the principal factors, but not all the factors, the Board considered in its review of the Advisory Agreements and its conclusions.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Independent Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to the respective Fund and the resulting performance of each Fund. The Board recognized the myriad of services the Adviser and its affiliates provided to manage and operate the Nuveen funds, including (a) product management (such as managing distributions, positioning the product in the marketplace, managing the relationships with the distribution platforms, maintaining
| 104 | NUVEEN |
and enhancing shareholder communications and reporting to the Board); (b) investment oversight, risk management and securities valuation (such as overseeing the sub-advisers and other service providers, analyzing investment performance and risks, overseeing risk management and disclosure, executing the daily valuation of securities, and analyzing trade execution); (c) fund administration (such as helping to prepare fund tax returns and complete other tax compliance matters and helping to prepare regulatory filings and shareholder reports); (d) fund board administration (such as preparing board materials and organizing and providing assistance for board meetings); (e) compliance (such as helping to devise and maintain the Nuveen funds’ compliance program and test for adherence); (f) legal support (such as helping to prepare registration statements and proxy statements, interpreting regulations and policies and overseeing fund activities); (g) with respect to certain closed-end funds, providing leverage, capital and distribution management services; and (h) with respect to certain open-end funds with portfolios that have a leverage component, providing such leverage management services.
The Board further noted the Adviser’s continued dedication to investing in its business to enhance the quality and breadth of the services provided to the Funds. The Board recognized the Adviser’s investment in staffing over recent years to support the services provided to the Nuveen funds in key areas, including in investment services, product management, retail distribution and information technology, closed-end funds and structured products, as well as in fund administration, operations and risk management. The Board further noted the Adviser’s continued commitment to enhancing its compliance program by, among other things, restructuring the compliance organization, developing a unified compliance program, adding compliance staff, and developing and/or revising policies and procedures as well as building further infrastructure to address new regulatory requirements or guidance and the growth of the complex. The Board also considered the enhancements to Nuveen’s cybersecurity capabilities, systems and processes to value securities, stress test reporting and risk and control self-assessments.
In addition, the Independent Board Members considered information highlighting the various initiatives that the Adviser had implemented or continued over recent years to benefit the open-end fund and closed-end fund product lines and/or particular Nuveen funds. The Board noted the Adviser’s continued efforts to rationalize the open-end fund and closed-end fund product lines through, among other things, mergers, liquidations and repositionings in seeking to provide enhanced shareholder value over the years through increased efficiency, reduced costs, improved performance and revised investment approaches that are more relevant to current shareholder needs. With respect to open-end Nuveen funds, such initiatives also included, but were not limited to, (a) implementing the multi-class solutions platform through the launch of several multi-asset income funds; (b) creating new share classes on several funds, including Nuveen NWQ Small/Mid-Cap Value Fund (the “Small/Mid-Cap Fund”), to potentially attract new clients and respond to regulatory developments; (c) reviewing the pricing of the open-end product line which resulted in the reduction of the management fee and/or temporary expense cap for various funds, including a reduction in the management fees of Nuveen NWQ Large-Cap Value Fund (the “Large-Cap Fund”) and Nuveen NWQ Small-Cap Value Fund (the “Small-Cap Fund”) and a reduction in both the management fees and temporary expense caps of Nuveen NWQ Global All-Cap Fund (the “All-Cap Fund”), Nuveen NWQ Global Equity Income Fund (the “Global Equity Fund”), Nuveen NWQ International Value Fund (the “International Fund”) and Nuveen NWQ Multi-Cap Value Fund (the “Multi-Cap Fund”); (d) lowering the sales load breakpoints on certain municipal open-end funds to make them more competitive in the marketplace; (e) modifying the investment policies of various funds; and (f) creating a new product line of exchange-traded funds (“ETFs”).
In its review, the Board recognized that initiatives that attracted assets to the Nuveen family of funds generally benefited the Nuveen funds in the complex as fixed costs would be spread over a larger asset base and, as described below, through the complex-wide fee arrangement which generally provides that the management fees of the Nuveen funds (subject to limited exceptions) are reduced as asset levels in the complex reach certain breakpoints in the fee schedule.
Similarly, the Board considered the sub-advisory services provided by the Sub-Adviser to the Funds. The Sub-Adviser generally provided portfolio advisory services for the Funds. The Board reviewed the Adviser’s analysis of the Sub-Adviser which evaluated, among other things, the investment team and any changes thereto, the stability and history of the organization, the assets under management, the investment approach and the performance of the Nuveen funds it sub-advises. The Board noted that the Adviser recommended the renewal of the Sub-Advisory Agreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
As part of its evaluation of the services provided by the Fund Advisers, the Board reviewed Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2016 as well as performance data for the first quarter of 2017 ending March 31, 2017 (or for such shorter periods available for the All-Cap Fund, which did not exist for part of the foregoing time frame). The Board reviewed performance on an absolute basis and in comparison to the performance of peer funds (the “Performance Peer Group”) and recognized and/or customized benchmarks (i.e., generally benchmarks derived from multiple recognized benchmarks). The review and analysis of performance information during the annual review of Advisory Agreements incorporated the discussions and performance information the Board Members have had at each of their quarterly meetings throughout the year.
| NUVEEN | 105 |
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
In evaluating performance data, the Independent Board Members recognized some of the limitations of such data and the difficulty in establishing appropriate peer groups and benchmarks for certain of the Nuveen funds. They recognized that each fund operates pursuant to its own investment objective(s), parameters and restrictions which may differ from that of the Performance Peer Group or benchmark. Certain funds may also utilize leverage which may provide benefits or risks to their portfolio compared to an unlevered benchmark. The Independent Board Members had noted that management had classified the Performance Peer Groups as low, medium and high in relevancy to the applicable fund as a result of these differences or other factors. The Independent Board Members recognized that the variations between the Performance Peer Group or benchmark and the applicable Fund will lead to differing performance results and may limit the value of the comparative performance data in assessing the particular Fund’s performance.
In addition, the Independent Board Members recognized that the performance data is a snapshot in time, in this case as of the end of the 2016 calendar year or end of the first quarter of 2017. A different period may generate significantly different results and longer term performance can be adversely affected by even one period of significant underperformance. Further, a shareholder’s experience in a Fund depends on his or her own holding period which may differ from that reviewed by the Independent Board Members. The Independent Board Members also noted that although the open-end funds offer multiple classes and the performance data was based on Class A shares, the performance of the other classes of a fund should be substantially similar on a relative basis because all of the classes would be invested in the same portfolio of securities and differences in performance among classes could be principally attributed to the variations in distribution and servicing expenses of each class.
In their review of performance, the Independent Board Members focused, in particular, on the Adviser’s analysis of Nuveen funds determined to be underperforming performance outliers and the factors contributing to the respective fund’s performance and any efforts to address performance concerns. With respect to any Nuveen funds for which the Board has identified performance issues, the Board monitors such funds closely until performance improves, discusses with the Adviser the reasons for such results, considers any steps necessary or appropriate to address such issues, and reviews the results of any efforts undertaken. The Board, however, acknowledged that shareholders chose to invest or remain invested in a fund knowing that the Adviser and applicable sub-adviser manage the fund, knowing the fund’s investment strategy and seeking exposure to that strategy (even if the strategy was “out of favor” in the marketplace) and knowing the fund’s fee structure.
For the All-Cap Fund, the Board noted that the Fund ranked in the fourth quartile in its Performance Peer Group for the one-year period and underperformed its benchmark in such period. The Board, however, recognized that the Fund was relatively new with a short performance history available, limiting the ability of the Board to make a meaningful assessment of performance. Nevertheless, the Board reviewed the factors that detracted from performance including sensitivity to a rising dollar, an underweight to the energy sector, and a relative overweight to Europe and underweight to the United States. The Board also noted that the Fund’s relative performance improved in the first quarter of 2017, ranking in the first quartile against its Performance Peer Group during such period and outperforming its benchmark.
For the Global Equity Fund, the Board noted that although the Fund ranked in the fourth quartile in its Performance Peer Group in the one-year period and underperformed its benchmark in the one-, three- and five-year periods, the Fund ranked in the third quartile in the three-year period and first quartile in the five-year period. The Board discussed the factors that detracted from the Fund’s recent performance, including currency movements, stock selections particularly in the health care sector, and sector and geographic allocation decisions, particularly in overweighting its exposure to Europe and underweighting its exposure to the United States. The Board noted that the Fund’s portfolio was also tilted toward higher dividend paying stocks, the performance of which lagged growth stocks in the beginning of 2017. The Board also noted that the Fund ranked in the third quartile for the first quarter of 2017. The Board was satisfied with the Adviser’s explanation for the performance and investment process of the Fund.
For the International Fund, the Board noted that although the Fund underperformed its benchmark and ranked in the fourth quartile in its Performance Peer Group for the five-year period, the Fund was in the third quartile for the one-year period, the second quartile in the three-year period and outperformed its benchmark in the one- and three-year periods. The Board was satisfied with the Fund’s overall performance.
For the Multi-Cap Fund, the Board noted that the Fund provided positive absolute performance in the one-, three- and five-year periods, but the Fund’s relative performance was challenged during the longer periods. In this regard, the Fund ranked in the third quartile of its Performance Peer Group in the one-year period and fourth quartile in the three- and five-year periods. The Fund also underperformed its benchmark in all such periods. The Board considered the factors that contributed to the Fund’s weak relative performance, including stock selection in the information technology, health care, and consumer staples sectors and an overweight exposure to the consumer discretionary sector. The Board noted that the Fund’s relative performance improved in the first quarter of 2017, ranking in the first quartile of its Performance Peer Group and outperforming its benchmark during such period. The Board was satisfied with the Adviser’s explanation for the performance and investment process of the Fund.
For the Large-Cap Fund, the Board noted that the Fund provided positive absolute performance in the one-, three- and five-year periods, but the Fund’s relative performance was challenged during the longer periods. In this regard, the Fund ranked in the third quartile of its Performance Peer Group in the one-year period and the fourth quartile in the three- and five-year periods. The Fund also underperformed its benchmark in all such periods. The Board considered the factors that contributed to the Fund’s weak relative performance, including stock selection in the information
| 106 | NUVEEN |
technology, health care, and consumer staples sectors and an overweight exposure to the consumer discretionary sector. The Board noted that the Fund also ranked in the third quartile of its Performance Peer Group in the first quarter of 2017. The Board was satisfied with the Adviser’s explanation for the performance and investment process of the Fund.
For the Small/Mid-Cap Fund, the Board noted that the Fund provided positive absolute performance in the one-, three- and five-year periods, but the Fund’s relative performance was challenged during the longer periods. In this regard, the Fund ranked in the third quartile of its Performance Peer Group in the one-year period and the fourth quartile in the three- and five-year periods. The Fund also underperformed its benchmark in all such periods. The Board considered the factors that contributed to the Fund’s weak relative performance, including underweight exposure to the financials, utilities and energy sectors and an overweight exposure to the consumer discretionary sector along with stock selection in the materials and consumer staples sectors. The Board noted that the Fund’s relative performance improved in the first quarter of 2017, ranking in the first quartile of its Performance Peer Group and outperforming its benchmark for such period. The Board was satisfied with the Adviser’s explanation for the performance and investment process of the Fund.
For the Small-Cap Fund, the Board noted that the Fund provided positive absolute return over the one-, three- and five-year periods and that the Fund ranked in its Performance Peer Group in the second quartile in the one- and three-year periods and the first quartile in the five-year period. Although the Fund underperformed its benchmark in the one- and three-year periods, the Fund outperformed its benchmark in the five-year period. The Board was satisfied with the Fund’s overall performance.
C. Fees, Expenses and Profitability
1. Fees and Expenses
The Board evaluated the management fees and other fees and expenses of each Fund. The Board reviewed and considered, among other things, the gross management fees and, after taking into effect any expense limitation arrangement and/or fee waivers (to the extent applicable), the net management fees paid by the Funds. The Board further considered the net total expense ratio of each Fund (expressed as a percentage of average net assets) as the expense ratio is most reflective of the investors’ net experience in a Fund as it directly reflected the costs of investing in the respective Fund.
In addition, the Board reviewed the Broadridge Report comparing, in relevant part, each Fund’s gross and net advisory fees and net total expense ratio with those of a Peer Universe and/or Peer Group, as applicable. The Independent Board Members also reviewed the methodology regarding the construction of the applicable Peer Universe and Peer Group by Broadridge. In reviewing the comparative data, the Board was aware that various factors may limit some of the usefulness of the data, such as differences in size of the peers; the composition of the Peer Universe or Peer Group; changes each year of funds comprising the Peer Universe and Peer Group; and levels of expense reimbursements and fee waivers. Nevertheless, in reviewing a fund’s fees and expenses compared to the fees and expenses of its peers, the Board generally considered a fund’s expenses and fees to be higher if they were over 10 basis points higher, slightly higher if they were 6 to 10 basis points higher, in line if they were within approximately 5 basis points higher than the peer average and below if they were below the peer average of the Peer Group. The Board noted that the substantial majority of the Nuveen funds had a net expense ratio that was near or below their respective peer average.
The Independent Board Members noted that the All-Cap Fund, the Global Equity Fund and the Small/Mid-Cap Fund each had a net management fee and a net expense ratio below the average of its respective Peer Group, and the Large-Cap Fund had a net management fee in line with its peer average and a net expense ratio below its peer average. The Board noted that the All-Cap Fund and the Global Equity Fund did not have a management fee after expense reimbursements and fee waivers during the last fiscal year and that the Adviser had agreed to reduce the management fee for the Large-Cap Fund.
The Independent Board Members noted that the International Fund had a net management fee slightly higher than its peer average but a net expense ratio below its peer average.
The Independent Board Members noted that the Multi-Cap Fund had a slightly higher net management fee and net expense ratio compared to the respective Peer Group average. The Board noted, however, that the Fund’s management fee and temporary expense cap were reduced effective in June 2016 and therefore the Fund’s net expense ratio only partially reflected this adjustment in the 12 month period provided in the Broadridge Report.
The Independent Board Members noted that although the Small-Cap Fund had a slightly higher net expense ratio compared to the average of the Peer Group’s net expense ratio, the Fund’s net management fee was in line with the average net management fee of the Peer Group. The Board further noted that the management fee applicable to the Fund was reduced last year effective in June 2016, and therefore the Fund’s net expense ratio only partially reflected these adjustments in the 12 month period provided in the Broadridge Report.
In their evaluation of the management fee schedule, the Independent Board Members also reviewed the fund-level and complex-wide breakpoint schedules, as described in further detail below. In this regard, the Board was aware that as a result of a review of the pricing of the Nuveen open-end funds, the management fees and/or expense caps of various open-end funds had been reduced in 2016. The Independent Board Members also took into account any expense reimbursements and/or fee waivers provided by Nuveen. In addition, the Independent Board
| NUVEEN | 107 |
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
Members recognized that the fund-level breakpoint schedules of the Nuveen open-end funds recently were revised resulting in the addition of more breakpoints in the management fee schedules of the funds. The Board recognized that the revised schedules would provide for the potential of additional savings for shareholders if the respective fund’s assets under management grow.
Based on their review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
The Board also reviewed information regarding the respective Fund Adviser’s fee rates for providing advisory services to other types of clients. For the Adviser and/or the Sub-Adviser, such other clients may include: separately managed accounts (such as retail, institutional or wrap accounts), other investment companies that are not offered by Nuveen but are sub-advised by the Sub-Adviser, foreign investment companies offered by Nuveen, and collective investment trusts. The Board further noted that the Adviser also advises certain ETFs sponsored by Nuveen.
In reviewing the fee rates assessed to other clients, the Board reviewed, among other things, the range of fees assessed for managed accounts and the foreign investment companies offered by Nuveen. With respect to foreign funds, the Board noted that unlike the management fees for the Nuveen funds, the management fees for the foreign funds may include distribution fees paid to intermediaries. The Board also reviewed the average fee rate for certain strategies offered by the Sub-Adviser.
The Board recognized the inherent differences between the Nuveen funds and the other types of clients. The Board considered information regarding these various differences which included, among other things, the services required, product distribution, average account sizes, types of investors targeted, legal structure and operations, and applicable laws and regulations. The Independent Board Members recognized that the foregoing variations resulted in different economics among the product structures and culminated in varying management fees among the types of clients and the Nuveen funds. In general, the Board noted that higher fee levels reflected higher levels of service provided by the Fund Adviser, increased investment management complexity, greater product management requirements and higher levels of business risk or some combination of the foregoing. The Board recognized the breadth of services the Adviser provided to support the Nuveen funds as summarized above and noted that many of such administrative services may not be required to the same extent or at all for the institutional clients or other clients. The Board further recognized the passive management of ETFs compared to the active management required of other Nuveen funds would contribute to differing fee levels.
The Independent Board Members noted that the sub-advisory fees paid by the Adviser to the Sub-Adviser, however, were generally for portfolio management services. The Board noted such sub-advisory fees were more comparable to the fees of retail wrap accounts and other external sub-advisory mandates.
Given the inherent differences in the various products, particularly the extensive services provided to the Funds, the Board concluded that such facts justify the different levels of fees.
3. Profitability of Fund Advisers
In conjunction with their review of fees, the Independent Board Members also considered Nuveen’s level of profitability for its advisory services to the Nuveen funds for the calendar years 2016 and 2015. In considering profitability, the Independent Board Members considered the level of profitability realized by Nuveen before the imposition of any distribution and marketing expenses incurred by the firm from its own resources. In evaluating the profitability, the Independent Board Members evaluated the analysis employed in developing the profitability figures, including the assumptions and methodology employed in allocating expenses. The Independent Board Members recognized the inherent limitations to any cost allocation methodology as different and reasonable approaches may be used and yet yield differing results. The Independent Board Members further reviewed an analysis of the history of the profitability methodology used explaining any changes to the methodology over the years. The Board has appointed two Independent Board Members, who along with independent legal counsel, helped to review and discuss the methodology employed to develop the profitability analysis each year and any proposed changes thereto and to keep the Board apprised of such changes during the year.
In their review, the Independent Board Members evaluated, among other things, Nuveen’s adjusted operating margins, the gross and net revenue margins (pre-tax and after-tax) for advisory activities for the Nuveen funds, and the revenues, expenses, and net income (pre-tax and after-tax) of Nuveen for each of the last two calendar years. The Independent Board Members also reviewed an analysis of the key drivers behind the changes in revenues and expenses that impacted profitability in 2016 versus 2015. The Board, however, observed that Nuveen’s operating margins for its advisory activities in 2016 were similar to that of 2015.
In addition to reviewing Nuveen’s profitability in absolute terms, the Independent Board Members also reviewed the adjusted total company margins of other advisory firms that had publicly available information and comparable assets under management (based on asset size and asset composition). The Independent Board Members, however, noted that the usefulness of the comparative data may be limited as the other firms may
| 108 | NUVEEN |
have a different business mix and their profitability data may be affected by numerous other factors such as the types of funds managed, the cost allocation methodology used, and their capital structure. Nevertheless, the Board noted that Nuveen’s adjusted operating margins appeared comparable to the adjusted margins of the peers.
Further, the Adviser is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). To have a fuller picture of the financial condition and strength of the TIAA complex, together with Nuveen, the Board reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2016 and 2015 calendar years.
In addition to the Adviser’s profitability, the Independent Board Members also considered the profitability of the Sub-Adviser from its relationship with the Nuveen funds. The Independent Board Members reviewed the Sub-Adviser’s revenues, expenses and revenue margins (pre- and post-tax) for its advisory activities for the calendar year ended December 31, 2016.
In evaluating the reasonableness of the compensation, the Independent Board Members also considered other amounts paid to a Fund Adviser for its services to the Funds as well as indirect benefits (such as soft dollar arrangements), if any, the Fund Adviser and its affiliates received or were expected to receive that were directly attributable to the management of a Fund. See Section E below for additional information on indirect benefits a Fund Adviser may receive as a result of its relationship with the Funds.
Based on a consideration of all the information provided, the Board noted that Nuveen’s and the Sub-Adviser’s level of profitability was acceptable and not unreasonable in light of the services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
When evaluating the level of the advisory fees, the Independent Board Members considered whether there will be any economies of scale that may be realized by the Fund Adviser as a Fund grows and the extent to which these economies were shared with the Funds and shareholders. The Board recognized that economies of scale are difficult to measure with precision; however, the Board considered that there were several ways the Fund Adviser may share the benefits of economies of scale with the Nuveen funds, including through breakpoints in the management fee schedule reducing the fee rates as asset levels grow, fee waivers and/or expense limitation agreements and the Adviser’s investment in its business which can enhance the services provided to the Nuveen funds. With respect to the fee structure, the Independent Board Members have recognized that economies of scale may be realized when a particular fund grows, but also when the total size of the fund complex grows (even if the assets of a particular fund in the complex have not changed or have decreased). Accordingly, subject to certain exceptions, the funds in the Nuveen complex pay a management fee to the Adviser which is generally comprised of a fund-level component and complex-level component, each of which has a breakpoint schedule. Subject to certain exceptions, the fund-level fee component declines as the assets of the particular fund grow and the complex-level fee component declines when eligible assets of all the Nuveen funds (except for Nuveen ETFs which are subject to a unitary fee) in the Nuveen complex combined grow. As noted, the Board had recently approved revised fund-level breakpoint schedules for the open-end funds which resulted in additional breakpoints added to the breakpoint schedules and therefore the potential for additional savings as a fund’s asset level grows.
The Independent Board Members also noted that additional economies of scale were or would be shared with shareholders of the Funds through their temporary and/or permanent expense caps. The Independent Board Members reviewed the breakpoint and complex-wide schedules and any savings achieved from fee waivers and expense reimbursements (if applicable) as well as fee reductions as a result of the fund-level and complex-level breakpoints for the 2016 calendar year.
In addition, the Independent Board Members recognized the Adviser’s ongoing investment in its business to expand or enhance the services provided to the benefit of all of the Nuveen funds.
Based on their review, the Board concluded that the current fee structure was acceptable and reflected economies of scale to be shared with shareholders when assets under management increase.
E. Indirect Benefits
The Independent Board Members received and considered information regarding other benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds, including compensation paid to affiliates of a Fund Adviser for services rendered to the funds and research services received by a Fund Adviser from broker-dealers that execute fund trades. In this regard, the Independent Board Members recognized that an affiliate of the Adviser served as the principal underwriter for the open-end funds providing distribution and shareholder services to the funds for which it may be compensated through sales charges and distribution fees and shareholder services fees pursuant to the funds’ Rule 12b-1 distribution and service plan or otherwise. The Independent Board Members therefore took into account, among other things, the 12b-1 fees retained by Nuveen during the calendar year ending December 31, 2016.
In addition to the above, the Independent Board Members considered that the Funds’ portfolio transactions are allocated by the Sub-Adviser and the Sub-Adviser may benefit from research received from broker-dealers that execute Fund portfolio transactions. The Board noted, however, that with respect to transactions in fixed income securities, such securities generally trade on a principal basis and do not generate soft dollar credits. Although the Board recognized the Sub-Adviser may benefit from a soft dollar arrangement if it does not have to pay for this research out of its own assets, the Board also recognized that the research may benefit the Funds to the extent it enhances the ability of the Sub-Adviser to manage the Funds.
| NUVEEN | 109 |
Annual Investment Management Agreement Approval Process (Unaudited) (continued)
Based on their review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable and within acceptable parameters.
F. Other Considerations
The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members, including the Independent Board Members, concluded that the terms of each Advisory Agreement were fair and reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed.
| 110 | NUVEEN |
and Officers (Unaudited)
The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. The number of directors of the Funds is currently set at twelve. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent trustees”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each oversees and other directorships they hold are set forth below.
The Funds’ Statement of Additional Information (“SAI”) includes more information about the trustees. To request a free copy, call Nuveen Investments at (800) 257-8787 or visit the Funds’ website at www.nuveen.com.
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | ||||
| Independent Trustees: | ||||||||
William J. Schneider 1944 333 W. Wacker Drive Chicago, IL 60606 | Chairman and Trustee | 1996 | Chairman of Miller-Valentine Partners, a real estate investment company; Board Member of WDPR Public Radio station; formerly, Senior Partner and Chief Operating Officer (retired (2004) of Miller-Valentine Group; formerly, Board member, Business Advisory Council of the Cleveland Federal Reserve Bank and University of Dayton Business School Advisory Council; past Chair and Director, Dayton Development Coalition. | 176 | ||||
Jack B. Evans 1948 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1999 | President, The Hall-Perrine Foundation, a private philanthropic corporation (since 1996); Director and Chairman, United Fire Group, a publicly held company; Director, Public member, American Board of Orthopaedic Surgery (since 2015); Life Trustee of Coe College and the Iowa College Foundation; formerly, President Pro-Tem of the Board of Regents for the State of Iowa University System; formerly, Director, Alliant Energy; formerly, Director, Federal Reserve Bank of Chicago; formerly, President and Chief Operating Officer, SCI Financial Group, Inc., a regional financial services firm. | 176 | ||||
William C. Hunter 1948 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2003 | Dean Emeritus, formerly, Dean, Tippie College of Business, University of Iowa (2006-2012); Director (since 2004) of Xerox Corporation; past Director (2005-2015), and past President (2010-2014) Beta Gamma Sigma, Inc., The International Business Honor Society; Director of Wellmark, Inc. (since 2009); formerly, Dean and Distinguished Professor of Finance, School of Business at the University of Connecticut (2003-2006); previously, Senior Vice President and Director of Research at the Federal Reserve Bank of Chicago (1995-2003); formerly, Director (1997-2007), Credit Research Center at Georgetown University. | 176 | ||||
David J. Kundert 1942 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2005 | Formerly, Director, Northwestern Mutual Wealth Management Company (2006-2013); retired (since 2004) as Chairman, JPMorgan Fleming Asset Management, President and CEO, Banc One Investment Advisors Corporation, and President, One Group Mutual Funds; prior thereto, Executive Vice President, Banc One Corporation and Chairman and CEO, Banc One Investment Management Group; Regent Emeritus, Member of Investment Committee, Luther College; member of the Wisconsin Bar Association; member of Board of Directors and Chair of Investment Committee, Greater Milwaukee Foundation; member of the Board of Directors (Milwaukee), College Possible; Board member of Milwaukee Repertory Theatre (since 2016). | 176 | ||||
| NUVEEN | 111 |
Trustees and Officers (Unaudited) (continued)
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | ||||
Albin F. Moschner(2) 1952 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2016 | Founder and Chief Executive Officer, Northcroft Partners, LLC, a management consulting firm (since 2012); previously, held positions at Leap Wireless International, Inc., including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (1996-1997); formerly, various executive positions with Zenith Electronics Corporation (1991-1996). Director, USA Technologies, Inc., a provider of solutions and services to facilitate electronic payment transactions (since 2012); formerly, Director, Wintrust Financial Corporation (1996-2016). | 176 | ||||
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2013 | Member of Board of Directors of Core12 LLC (since 2008), a private firm which develops branding, marketing and communications strategies for clients; Director of The Curran Center for Catholic American Studies (since 2009) and The President’s Council, Fordham University (since 2010); formerly senior external advisor to the financial services practice of Deloitte Consulting LLP (2012-2014); formerly, Chairman of the Board of Trustees of Marian University (2010 as trustee, 2011- 2014 as Chairman); formerly, Chief Executive Officer of ABN AMRO N.V. North America, and Global Head of its Financial Markets Division (2007-2008); prior senior positions held at ABN AMRO include Corporate Executive Vice President and Head of Global Markets-the Americas (2006-2007), CEO of Wholesale Banking-North America and Global Head of Foreign Exchange and Futures Markets (2001-2006), and Regional Commercial Treasurer and Senior Vice President Trading-North America (1996-2001); formerly, Trustee at St. Edmund Preparatory School in New York City. | 176 | ||||
Judith M. Stockdale 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 1997 | Board Member, Land Trust Alliance (since 2013) and U.S. Endowment for Forestry and Communities (since 2013); formerly, Executive Director (1994-2012), Gaylord and Dorothy Donnelley Foundation; prior thereto, Executive Director, Great Lakes Protection Fund (1990-1994). | 176 | ||||
Carole E. Stone 1947 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2007 | Director, Chicago Board Options Exchange (since 2006), C2 Options Exchange, Incorporated (since 2009); Director, CBOE Holdings, Inc. (since 2010); formerly, Commissioner, New York State Commission on Public Authority Reform (2005-2010). | 176 | ||||
Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2008 | Co-Founding Partner, Promus Capital (since 2008); Director, Fulcrum IT Service LLC (since 2010) and Quality Control Corporation (since 2012); member: Catalyst Schools of Chicago Board (since 2008) and Mather Foundation Board (since 2012), and chair of its investment committee; formerly, Director, Legal & General Investment Management America, Inc. (2008-2013); formerly, CEO and President, Northern Trust Global Investments (2004-2007); Executive Vice President, Quantitative Management & Securities Lending (2000-2004); prior thereto, various positions with Northern Trust Company (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005-2007), Northern Trust Global Investments Board (2004-2007), Northern Trust Japan Board (2004-2007), Northern Trust Securities Inc. Board (2003- 2007) and Northern Trust Hong Kong Board (1997-2004). | 176 |
| 112 | NUVEEN |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (1) | Principal Occupation(s) Including other Directorships During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Trustee | ||||
Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2016 | Member of the Board of Directors (since 2013) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member (since 2004) and Chair (since 2015) of the Board of Trustees of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011-2015) of the Board of Trustees of Mt. Holyoke College. | 176 | ||||
Robert L. Young3 1963 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2017 | Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (formerly, One Group Dealer Services, Inc.) (1999-2017). | 174 | ||||
| Interested Trustee: | ||||||||
Margo L. Cook(2)(4) 1964 333 W. Wacker Drive Chicago, IL 60606 | Trustee | 2016 | President (since April 2017), formerly, Co-Chief Executive Officer and Co-President (2016-2017), formerly, Senior Executive Vice President of Nuveen Investments, Inc; Executive Vice President (since February 2017) of Nuveen, LLC; President, Global Products and Solutions (since July 2017), and Co-Chief Executive Officer, formerly, Executive Vice President (2013-2015) of Nuveen Securities, LLC; President (since August 2017), formerly, Co-President (since October 2016), formerly Senior Executive Vice President (2015-2016) of Nuveen Fund Advisors, LLC (Executive Vice President 2011-2015); formerly, Managing Director of Nuveen Commodities Asset Management, LLC (2011-2016); Chartered Financial Analyst. | 176 | ||||
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (5) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer | ||||
| Officers of the Funds: | ||||||||
Greg A. Bottjer 1971 333 West Wacker Drive Chicago, IL 60606 | Chief Administrative Officer | 2016 | Senior (since 2017) Managing Director (since 2011), formerly, Senior Vice President (2007-2010) of Nuveen; Senior (since 2017) Managing Director (since October 2016) of Nuveen Fund Advisors, LLC; Chartered Financial Analyst. | 92 | ||||
Lorna C. Ferguson 1945 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 1998 | Senior Managing Director (since February 2017), formerly, Managing Director (2004-2017) of Nuveen. | 177 | ||||
Stephen D. Foy 1954 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Controller | 1998 | Managing Director (since 2014), formerly, Senior Vice President (2013-2014) and Vice President (2005-2013) of Nuveen Fund Advisors, LLC; Chief Financial Officer of Nuveen Commodities Asset Management, LLC (since 2010); Managing Director (since 2016) of Nuveen Securities, LLC; Certified Public Accountant. | 177 | ||||
| NUVEEN | 113 |
Trustees and Officers (Unaudited) (continued)
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (5) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer | ||||
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Treasurer | 2016 | Managing Director (since January 2017), formerly, Senior Vice President (2016-2017), formerly, Vice President (2011- 2016) of Nuveen; Chartered Financial Analyst. | 177 | ||||
Walter M. Kelly 1970 333 W. Wacker Drive Chicago, IL 60606 | Chief Compliance Officer and Vice President | 2003 | Managing Director (since January 2017), formerly, Senior Vice President (2008-2017) of Nuveen Investments Holdings, Inc. | 177 | ||||
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606 | Vice President | 2002 | Managing Director (since January 2017), formerly, Senior Vice President (2014-2017) of Nuveen Securities, LLC. | 177 | ||||
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Secretary | 2007 | Senior Managing Director (since February 2017) and Secretary and General Counsel (since 2016) of Nuveen Investments, Inc., formerly, Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2008-2016); Senior Managing Director (since January 2017) and Assistant Secretary (since 2008) of Nuveen Securities, LLC, formerly Executive Vice President (2016-2017) and Managing Director (2008-2016); Senior Managing Director (since February 2017), Secretary (since 2016) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC, formerly, Executive Vice President (2016-2017), Managing Director (2008-2016) and Assistant Secretary (2007-2016); Senior Managing Director (since February 2017), Secretary (since 2016) and Associate General Counsel (since 2011 of Nuveen Asset Management, LLC, formerly Executive Vice President (2016-2017) and Managing Director and Assistant Secretary (2011-2016); Senior Managing Director (since February 2017) and Secretary (since 2016) of Nuveen Investments Advisers, LLC, formerly Executive Vice President (2016-2017); Vice President (since 2007) and Secretary (since 2016), formerly, Assistant Secretary, of NWQ Investment Management Company, LLC, Symphony Asset Management LLC Santa Barbara Asset Management, LLC and Winslow Capital Management, LLC (since 2010); Vice President (since 2010) and Secretary (since 2016) of Nuveen Commodities Asset Management, LLC, formerly Assistant Secretary (2010-2016). | 177 | ||||
Kathleen L. Prudhomme 1953 901 Marquette Avenue Minneapolis, MN 55402 | Vice President and Assistant Secretary | 2011 | Managing Director, Assistant Secretary and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel (since 2011) of Nuveen Asset Management, LLC; Managing Director and Assistant Secretary (since 2011) of Nuveen Securities, LLC; formerly, Deputy General Counsel, FAF Advisors, Inc. (2004- 2010). | 177 | ||||
Christopher M. Rohrbacher 1971 333 West Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2008 | Managing Director (since January 2017) of Nuveen Securities, LLC; Managing Director (Since January 2017), formerly, Senior Vice President (2016-2017) and Assistant Secretary (since October 2016) of Nuveen Fund Advisors, LLC; Vice President and Assistant Secretary (since 2010) of Nuveen Commodities Asset Management, LLC. | 177 | ||||
William A. Siffermann 1975 333 West Wacker Drive Chicago, IL 60606 | Vice President | 2017 | Managing Director (Since February 2017), formerly Senior Vice President (2016-2017) and Vice President (2011-2016) of Nuveen. | 177 |
| 114 | NUVEEN |
Name, Year of Birth & Address | Position(s) Held with the Funds | Year First Elected or Appointed (5) | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Officer | ||||
Joel T. Slager 1978 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 2013 | Fund Tax Director for Nuveen Funds (since 2013); previously, Vice President of Morgan Stanley Investment Management, Inc., Assistant Treasurer of the Morgan Stanley Funds (from 2010 to 2013). | 177 | ||||
Gifford R. Zimmerman 1956 333 W. Wacker Drive Chicago, IL 60606 | Vice President and Assistant Secretary | 1988 | Managing Director (since 2002), and Assistant Secretary of Nuveen Securities, LLC; Managing Director (since 2004) and Assistant Secretary (since 1994) of Nuveen Investments, Inc.; Managing Director (since 2002), Assistant Secretary (since 1997) and Co-General Counsel (since 2011) of Nuveen Fund Advisors, LLC; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC (since 2011); Vice President (since February 2017), formerly, Managing Director (2003-2017) and Assistant Secretary (since 2003) of Symphony Asset Management LLC ; Managing Director and Assistant Secretary (since 2002) of Nuveen Investments Advisers, LLC; Vice President and Assistant Secretary of NWQ Investment Management Company, LLC (since 2002), Santa Barbara Asset Management, LLC (since 2006) and of Winslow Capital Management, LLC, (since 2010); Chartered Financial Analyst. | 177 |
| (1) | Trustees serve an indefinite term until his/her successor is elected or appointed. The year first elected or appointed represents the year in which the director was first elected or appointed to any fund in the Nuveen Fund Complex. |
| (2) | On June 22, 2016, Ms. Cook and Mr. Moschner were appointed as Board Members, effective July 1, 2016. |
| (3) | On May 25, 2017, Mr. Young was appointed as a Board Member, effective July 1, 2017. He is a Board Member of each of the Nuveen Funds, except Nuveen Diversified Dividend and Income Fund and Nuveen Real Estate Income Fund. |
| (4) | “Interested person” of the Trust, as defined in the 1940 Act, by reason of her position with Nuveen, LLC. and certain of its subsidiaries. |
| (5) | Officers serve one year terms through August of each year. The year first elected or appointed represents the year in which the officer was first elected or appointed to any fund in the Nuveen Fund Complex. |
| NUVEEN | 115 |
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| 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 solutions designed to be integral components of a well-diversified core portfolio. | ||||||||||||||
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Focused on meeting investor needs.
Nuveen is the investment management arm of TIAA. We have grown into one of the world’s premier global asset managers, with specialist knowledge across all major asset classes and particular strength in solutions that provide income for investors and that draw on our expertise in alternatives and responsible investing. Nuveen is driven not only by the independent investment processes across the firm, but also the insights, risk management, analytics and other tools and resources that a truly world-class platform provides. As a global asset manager, our mission is to work in partnership with our clients to create solutions which help them secure their financial future. | ||||||||||||||
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Find out how we can help you. To learn more about how the products and services of Nuveen
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 | ||||||||||||||
MAN-NWQ-0617D 243940-Y-08/18
ITEM 2. CODE OF ETHICS.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx. (To view the code, click on Code of Conduct.)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone and Jack B. Evans, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Currently, Ms. Stone is on the Board of Directors of CBOE Holdings, Inc., of the Chicago Board Options Exchange, and of C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee has involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
The following tables show the amount of fees that PricewaterhouseCoopers LLP, the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers LLP provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
The Audit Committee has delegated certain pre-approval responsibilities to its Chairman (or, in his absence, any other member of the Audit Committee).
Fiscal Year Ended June 30, 2017 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen NWQ Global Equity Income Fund | 28,689 | 21,909 | 43,423 | 0 | ||||||||||||
Nuveen NWQ Global All-Cap Fund | 20,106 | 1,629 | 14,053 | 0 | ||||||||||||
Nuveen Global Total Return Bond Fund 5 | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen NWQ Multi-Cap Value Fund | 14,211 | 985 | 0 | 0 | ||||||||||||
Nuveen NWQ Small-Cap Value Fund | 17,012 | 985 | 3,350 | 0 | ||||||||||||
Nuveen U.S. Infrastructure Bond Fund 5 | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Tradewinds Value Opportunities Fund 5 | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen NWQ Large-Cap Value Fund | 14,185 | 985 | 4,345 | 0 | ||||||||||||
Nuveen NWQ Small/Mid-Cap Value Fund | 14,066 | 985 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 108,269 | $ | 27,478 | $ | 65,171 | $ | 0 | ||||||||
| 1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
| 5 | U.S. Infrastructure Bond Fund liquidated on 08/19/2016, Global Total Return Bond Fund liquidated on 01/24/2017, and Tradewinds Value Opportunities Fund merged with NWQ Global Equity Income Fund on 03/27/2017 |
| Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
| Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen NWQ Global Equity Income Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen NWQ Global All-Cap Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Global Total Return Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen NWQ Multi-Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen NWQ Small-Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen U.S. Infrastructure Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Tradewinds Value Opportunities Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen NWQ Large-Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen NWQ Small/Mid-Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Fiscal Year Ended June 30, 2016 | Audit Fees Billed to Funds 1 | Audit-Related Fees Billed to Funds 2 | Tax Fees Billed to Funds 3 | All Other Fees Billed to Funds 4 | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen NWQ Global Equity Income Fund | 13,318 | 0 | 2,720 | 0 | ||||||||||||
Nuveen NWQ Global All-Cap Fund | 19,462 | 0 | 2,820 | 0 | ||||||||||||
Nuveen Global Total Return Bond Fund | 41,017 | 0 | 2,307 | 0 | ||||||||||||
Nuveen NWQ Multi-Cap Value Fund | 13,729 | 0 | 17 | 0 | ||||||||||||
Nuveen NWQ Small-Cap Value Fund | 15,694 | 0 | 28 | 0 | ||||||||||||
Nuveen U.S. Infrastructure Bond Fund | 12,487 | 0 | 2,205 | 0 | ||||||||||||
Nuveen Tradewinds Value Opportunities Fund | 14,491 | 0 | 5,837 | 0 | ||||||||||||
Nuveen NWQ Large-Cap Value Fund | 13,837 | 0 | 4,402 | 0 | ||||||||||||
Nuveen NWQ Small/Mid-Cap Value Fund | 13,505 | 0 | 7 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 157,540 | $ | 0 | $ | 20,343 | $ | 0 | ||||||||
| 1 | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
| Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||||||
| Audit Fees Billed to Funds | Audit-Related Fees Billed to Funds | Tax Fees Billed to Funds | All Other Fees Billed to Funds | |||||||||||||
Fund Name | ||||||||||||||||
Nuveen NWQ Global Equity Income Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen NWQ Global All-Cap Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Global Total Return Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen NWQ Multi-Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen NWQ Small-Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen U.S. Infrastructure Bond Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen Tradewinds Value Opportunities Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen NWQ Large-Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Nuveen NWQ Small/Mid-Cap Value Fund | 0 | % | 0 | % | 0 | % | 0 | % | ||||||||
Fiscal Year Ended June 30, 2017 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen Investment Trust | $ | 0 | $ | 0 | $ | 0 | ||||||
| Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
| Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
| 0 | % | 0 | % | 0 | % | |||||||
Fiscal Year Ended June 30, 2016 | Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | |||||||||
Nuveen Investment Trust | $ | 0 | $ | 0 | $ | 0 | ||||||
| Percentage Approved Pursuant to Pre-approval Exception | ||||||||||||
| Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers | Tax Fees Billed to Adviser and Affiliated Fund Service Providers | All Other Fees Billed to Adviser and Affiliated Fund Service Providers | ||||||||||
| 0 | % | 0 | % | 0 | % | |||||||
Fiscal Year Ended June 30, 2017 | Total Non-Audit Fees Billed to Trust | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen NWQ Global Equity Income Fund | 43,423 | 0 | 0 | 43,423 | ||||||||||||
Nuveen NWQ Global All-Cap Fund | 14,053 | 0 | 0 | 14,053 | ||||||||||||
Nuveen Global Total Return Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen NWQ Multi-Cap Value Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen NWQ Small-Cap Value Fund | 3,350 | 0 | 0 | 3,350 | ||||||||||||
Nuveen U.S. Infrastructure Bond Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen Tradewinds Value Opportunities Fund | 0 | 0 | 0 | 0 | ||||||||||||
Nuveen NWQ Large-Cap Value Fund | 4,345 | 0 | 0 | 4,345 | ||||||||||||
Nuveen NWQ Small/Mid-Cap Value Fund | 0 | 0 | 0 | 0 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 65,171 | $ | 0 | $ | 0 | $ | 65,171 | ||||||||
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
Fiscal Year Ended June 30, 2016 | Total Non-Audit Fees Billed to Trust | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) | Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements) | Total | ||||||||||||
Fund Name | ||||||||||||||||
Nuveen NWQ Global Equity Income Fund | 2,720 | 0 | 0 | 2,720 | ||||||||||||
Nuveen NWQ Global All-Cap Fund | 2,820 | 0 | 0 | 2,820 | ||||||||||||
Nuveen Global Total Return Bond Fund | 2,307 | 0 | 0 | 2,307 | ||||||||||||
Nuveen NWQ Multi-Cap Value Fund | 17 | 0 | 0 | 17 | ||||||||||||
Nuveen NWQ Small-Cap Value Fund | 28 | 0 | 0 | 28 | ||||||||||||
Nuveen U.S. Infrastructure Bond Fund | 2,205 | 0 | 0 | 2,205 | ||||||||||||
Nuveen Tradewinds Value Opportunities Fund | 5,837 | 0 | 0 | 5,837 | ||||||||||||
Nuveen NWQ Large-Cap Value Fund | 4,402 | 0 | 0 | 4,402 | ||||||||||||
Nuveen NWQ Small/Mid-Cap Value Fund | 7 | 0 | 0 | 7 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 20,343 | $ | 0 | $ | 0 | $ | 20,343 | ||||||||
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chairman for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
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 of Trustees 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 because the code is posted on registrant’s website at www.nuveen.com/MutualFunds/ShareholderResources/FundGovernance.aspx and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.) | |
| (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
| By (Signature and Title) | /s/ Kathleen L. Prudhomme | |
| Kathleen L. Prudhomme | ||
| Vice President and Secretary | ||
Date: September 7, 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.
| By (Signature and Title) | /s/ Greg A. Bottjer | |
| Greg A. Bottjer | ||
| Chief Administrative Officer | ||
| (principal executive officer) | ||
Date: September 7, 2017
| By (Signature and Title) | /s/ Stephen D. Foy | |
| Stephen D. Foy | ||
| Vice President and Controller | ||
| (principal financial officer) | ||
Date: September 7, 2017