UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-07619
Nuveen Investment Trust
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Kathleen L. Prudhomme
Vice President and Secretary
901 Marquette Avenue Minneapolis, Minnesota 55402
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: June 30
Date of reporting period: December 31, 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.
Mutual Funds |
Nuveen Equity Funds |
| Semi-Annual Report December 31, 2017 |
Class / Ticker Symbol | ||||||||||||||||||
Fund Name | Class A | Class C | Class R3 | Class R6 | Class I | Class T | ||||||||||||
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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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NUVEEN | 3 |
to Shareholders
Dear Shareholders,
Financial markets ended 2017 on a high note. Concurrent growth across the world’s major economies, strong corporate profits, low inflation and accommodative central banks provided an optimal environment for rising asset prices with remarkably low volatility. Political risks, which were expected to be a wildcard in 2017, did not materialize. The Trump administration achieved one of its major policy goals with the passage of the Tax cuts and Jobs Act, the European Union (EU) member governments elected EU-friendly leadership, Brexit negotiations moved forward and China’s 19th Party Congress concluded with no major surprises in its economic policy objectives.
Conditions have turned more volatile in 2018, but the positive fundamentals underpinning the markets’ rise over the past year remain intact. In early February, fears of rising inflation, which could prompt more aggressive action by the Federal Reserve, triggered a widespread sell-off across U.S. and global equity markets. Yet, global economies are still expanding and corporate earnings look healthy.
We do believe volatility will feature more prominently in 2018. Interest rates continue to rise and inflation pressures are mounting and investors are uncertain about how markets will react amid tighter financial conditions. After the relative calm of the past few years, it’s anticipated that price fluctuations will begin trending toward a more historically normal range. But we also note that signs foreshadowing recession are lacking at this point.
Maintaining perspective can be difficult with daily headlines focused predominantly on short-term news. Nuveen believes this can be an opportune time to check in with your financial advisor. Strong market appreciation such as that in 2017 may create an imbalance in a diversified portfolio. Your advisor can help you reexamine your investment goals and risk tolerance, and realign your portfolio’s investment mix appropriately. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
February 23, 2018
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Comments
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. 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.
Below, the team discusses the key investment strategies and performance of the Funds for the six-month reporting period ended December 31, 2017.
How did the Funds perform during the six-month reporting period ended December 31, 2017?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Funds for the six-month, one-year, five-year, ten-year and/or since inception periods ended December 31, 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 six-month reporting period ended December 31, 2017 and how did these strategies influence performance?
Nuveen NWQ Global Equity Income Fund
The Nuveen NWQ Global Equity Income Fund’s Class A Shares at NAV performed in line with its comparative Lipper classification average, but underperformed the MSCI World Index during the six-month reporting period ended December 31, 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
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 capacity. 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 and 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)
40% of its net assets in non-U.S. securities and invests in securities of companies representing at least three different countries (one of which may be the United States). The Fund may invest up to 20% of its net assets in securities of companies located in emerging markets. The Fund may invest in equity securities issued by companies of any market capitalization, including small and medium market capitalization companies. The Fund may also utilize derivatives, including currency options, currency futures and options on such futures and currency forwards.
Geographically, performance benefitted from stock selection in the Europe (excluding the United Kingdom) and Middle East. Investments in the United Kingdom and Japan lagged and were a headwind for the Fund’s overall return for the reporting period. From a sector perspective, our investments in the financial and utilities sectors were positive. Conversely, adverse performance in the health care, consumer staples and real estate sectors were key detractors.
Several individual holdings contributed to performance. Positively contributing to performance was utilities holding Veolia Environment S.A., which reported solid second quarter 2017 earnings. Our thesis for Veolia hinges on improving free-cash-flow through cost-cutting and the shedding of unprofitable contracts and the company should benefit from a liberalization of the French economy that may allow them to cut headcount at a faster rate. Industrial holding Deutsche Post AG was a positive contributor to performance as the company looks like a key beneficiary of a recovery in the Eurozone economy. Deutsche Post should also be able to take advantage of ongoing systems issues that FedEx has seen with their TNT integration, leading to a market share shift to Deutsche Post’s Express division. We continue to believe that Deutsche Post can grow EBIT (earnings before interest and taxes) faster than expectations with mail headwinds abating and parcel growth remaining strong. Lastly, AIB Group PLC continued its rerating from its IPO during the summer of 2017, driven by the continuing and compelling Irish economic recovery, which is helping AIB’s credit performance and new business margins. Additionally, there is growing appreciation in the investment community about AIB’s capital strength and defensiveness and our analysis shows that AIB is the single best capitalized large cap bank in Europe, and its low risk profile remains a key part of our thesis.
Several individual holdings detracted from portfolio performance, particularly health care holdings GlaxoSmithKline PLC and Teva Pharmaceutical Industries Limited 7% Convertible Preferred shares. GlaxoSmithKline remains fundamentally strong, though positive sentiment was somewhat hampered following positive data from Gilead’s competing HIV offering. Investors also seemed too concerned and beleaguered with GlaxoSmithKline’s repeated, and often unfulfilled, promises to enhance research and development (R&D) productivity. Teva has been under pressure as one of the company’s most popular products used to treat multiple sclerosis, Copaxone, faced generic competition since being off-patent. During the reporting period, Mylan NV, a UK pharmaceutical company, received a surprise FDA approval to produce generic Copaxone, which moved Teva’s stock price lower. Fundamentally, the U.S. pharma system is problematic and generics are one of the few ways to reduce health care costs. Teva’s pipeline of drugs expanded with the purchase of Allergen’s generic business for $40.5 billion last year. With this administration focused on reducing health care cost, the FDA will likely expedite the approval of other generic drugs. Owning the preferred shares have offered us some mild outperformance relative to the underlying equity. Lastly, Colony Northstar, Inc. was another detractor to results. The company was formed through a tri-party merger between Colony Capital, Inc. (CLNY, a previously owned position), NorthStar Asset Management Group Inc. (NSAM) and NorthStar Realty Finance Corp. (NRF). Colony is in the midst of a strategic transition from a mortgage real estate investment trust (REIT) to a diversified property REIT in order to capitalize on better growth opportunities and improve its valuation. The stock price has been weak over the reporting period on concerns over their core earnings run rate and dividend stability. We believe that Colony retains an attractive risk/reward profile.
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 six-month reporting period ended December 31, 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.
6 | NUVEEN |
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 materials, energy and real estate sectors were the leading contributors to performance on a relative basis. The health care, industrials and consumer staples were the primary detractors from relative performance, mostly driven by underperforming selections within those respective sectors. On a regional basis, United Kingdom, Canada and Asia excluding Japan contributed to relative results while overall selections in the United States, continental Europe and Middle East detracted.
Several individual holdings contributed to relative performance including, material sector holdings Koninklijke DSM NV, a leading player in highly attractive nutrition segments such as eubiotics and enzymes. Its pipeline of larger scale innovations supports the view that it can grow its nutrition business by over 5% organically in the future. The stock did well in the fourth quarter due to better than expected results in the third quarter and higher prices for vitamin A and E. Moreover, with its’ underlevered balance sheet following the sale of Patheon to Thermo Fisher, the company is now ripe for deploying its cash into higher growth opportunities. Also positively contributing was energy sector holding Royal Dutch Shell PLC. A global integrated oil company, Royal Dutch Shell PLC rallied strongly along with the energy sector. As previously mentioned, the price of crude oil moved higher, from depressed levels, as inventory levels moved lower and Organization of the Petroleum Exporting Countries (OPEC) committed to reduced output. Lastly, information technology sector holding Rohm Company Limited contributed to performance. The custom integrated circuit maker continued its march higher aided by much stronger than expected earnings and a very supportive end product market. Operating profits were significantly above forecasts, and revenues were higher year over year, driven by strength in all business units. While beating its forecast, the company also upgraded full year guidance, and continues to see sales growth continuing and is planning on increasing capacity accordingly.
Several individual holdings detracted from relative performance including health care sector holding Teva Pharmaceuticals Industries Limited. Teva Pharmaceutical Industries was the largest individual detractor of results. The company has been under pressure as one of the company’s most popular products used to treat multiple sclerosis, Copaxone, faced generic competition since being off-patent. During the reporting period, Mylan NV, a UK pharmaceutical company, received a surprise FDA approval to produce generic Copaxone, which moved Teva’s stock price lower. Fundamentally, the U.S. pharma system is problematic and generics are one of the few ways to reduce health care costs. Teva’s pipeline of drugs expanded with the purchase of Allergen’s generic business for $40.5 billion last year. With this administration focused on reducing health care cost, the FDA will likely expedite the approval of other generic drugs. Though this most recent generic drug approval detracted from Teva, the FDA’s future efforts will be potential tailwinds for Teva’s business and product pipeline. Axis Capital Holdings Limited, a provider of insurance and reinsurance products and services, was hurt by the fear of higher payouts due to large insurance claims for large storms in Florida, Texas and the Caribbean as well as fires in California. Moreover, Axis announced the acquisition of Novae Group, a Lloyds insurance company, which means that its capital return policy will be temporarily put on hold as it pays down the debt for the acquisition. We expect catastrophe pricing to improve in 2018 as insurance companies raise prices which normally happen following these large natural disasters. Lastly, detracting from performance was consumer staples holding Carrefour SA. Carrefour operates chains of supermarkets, hypermarkets, discount and frozen food stores in Europe, the Americas and Asia. They are the largest supermarket chain in France and have been under pressure from declining prices and volumes. During the reporting period, the company released half year results that had earnings below consensus estimates and lowered sales guidance, which moved the stock price to multi-year lows. Though the company faces some near term headwinds, we believe that current price levels reflect those risks and their valuations have been discounted by the market. The company is in the midst of a turnaround, focused on developing a high quality concept for all the group’s formats. We are monitoring the company and look forward to hearing the new CEO’s strategic plan, to be announced later in 2018.
Nuveen NWQ Multi-Cap Value Fund
Class A Shares at NAV for the Nuveen NWQ Multi-Cap Value Fund underperformed the Russell 3000® Value Index and its Lipper classification average for the six-month reporting period ended December 31, 2017.
NUVEEN | 7 |
Portfolio Managers’ Comments (continued)
The Fund seeks long-term capital appreciation by investing in equity securities of companies with small, medium and large market capitalizations that are selected on an opportunistic basis. Generally, we look for undervalued companies where catalysts exist that may help unlock value or improve profitability. Such catalysts can be new management, improving fundamentals, renewed management focus, industry consolidation or company restructuring.
Favorable stock selection in the producer durables sector, as well as an overweight to the energy and technology sectors contributed positively to performance relative to the benchmark. The Fund’s consumer discretionary and health care sector holdings detracted relative to the Russell 3000® Value Index.
Several investments contributed meaningfully to the Fund’s performance. Coherent Inc. had the greatest impact for the reporting period. Coherent is a manufacturer of laser equipment and systems. The stock rallied significantly on the heels of its dominant position in providing OLED (organic light emitting diode) processing equipment highlighted in Apple’s iPhone X and Samsung Galaxy phones. Its service revenues and meaningful capacity additions have provided earnings visibility well into calendar year 2019. Coherent also made a value added acquisition of competitor Rofin-Sinar, providing it with meaningful cost synergies. Mellanox Technologies, Limited, a networking semiconductor company, also contributed to results. The stock rallied in December 2017 following an update by the company that included an outlook for improved growth and operating profitability in 2018. Financials sector holding Discover Financial Services also contributed to results and stands to benefit immensely from tax reform given their high tax rates and having a customer profile that will most benefit from the individual tax cuts. It has also benefited from rising rates and the strong state of the U.S. consumer. And despite normalizing credit, Discover Financial has continued to benefit from its closed-loop network and has shown growth in its private student loans and personal loans businesses.
Several holdings detracted from performance, including health care holdings Allergan PLC and GlaxoSmithKline PLC. Allergan’s decline is attributable to concern over potential competition to its valuable Botox franchise, and a current short-term lack of visibility over its pipeline of major new drugs. We believe that concerns are exaggerated and the stock represents excellent value at current levels. Allergan offers a complete product suite of products surrounding Botox, which should provide a level of protection against competitive inroads. GlaxoSmithKline remains fundamentally strong, though positive sentiment was somewhat hampered following positive data from Gilead’s competing HIV offering. Investors also seemed too concerned and beleaguered with GlaxoSmithKline’s repeated, and often unfulfilled, promises to enhance research and development (R&D) productivity. Colony Northstar, Inc. was another detractor to results. The company was formed through a tri-party merger between Colony Capital, Inc. (CLNY, a previously owned position), NorthStar Asset Management Group Inc. (NSAM) and Northstar Realty Finance Corp. (NRF). Colony is in the midst of a strategic transition from a mortgage real estate investment trust (REIT) to a diversified property REIT in order to capitalize on better growth opportunities and improve its valuation. The stock price has been weak over the reporting period on concerns over their core earnings run rate and dividend stability. We believe that Colony retains an attractive risk/reward profile.
Nuveen NWQ Large-Cap Value Fund
The Nuveen NWQ Large-Cap Value Fund’s Class A Shares at NAV underperformed both the Russell 1000® Value Index and the comparative Lipper classification average for the six-month reporting period ended December 31, 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 producer durables sector and overall allocation to the financial services sector. Offsetting these gains was the underperformance of our health care, consumer staples and consumer discretionary sector holdings.
Our investments in the financial services sector were the top contributors for the reporting period. Synchrony Financial and Discover Financial Services were the top contributors in the sector during the reporting period. Financials continued to react positively as investors grew optimistic as Congress lowered corporate tax rates and other pro-growth policy initiatives that will benefit the broader U.S. banking sector. Synchrony Financial and Discover Financial Services stand to benefit from tax reform given their high tax rates
8 | NUVEEN |
and having a customer profile that will most benefit from the individual tax cuts. They have also benefited from rising rates and the strong state of the U.S. consumer. Synchrony Financial also announced the acquisition of PayPal’s consumer credit portfolio, utilizing some of its excess capital in an earnings-accretive deal. JPMorgan Chase & Co. (JPM) outperformed as it executes well and continues to enjoy a premium valuation to its peers given its dominant position globally and historically lower earnings volatility. JPM is positioned well to continue to grow returns, innovate incrementally and return capital to shareholders.
Several holdings detracted from performance, including health care holdings Allergan PLC and GlaxoSmithKline PLC. Allergan’s decline is attributable to concern over potential competition to its valuable Botox franchise, and a current short-term lack of visibility over its pipeline of major new drugs. We believe that concerns are exaggerated and the stock represents excellent value at current levels. Allergan offers a complete product suite of products surrounding Botox, which should provide a level of protection against competitive inroads. GlaxoSmithKline remains fundamentally strong, though positive sentiment was somewhat hampered following positive data from Gilead’s competing HIV offering. Investors also seemed too concerned and beleaguered with GlaxoSmithKline’s repeated, and often unfulfilled, promises to enhance research and development (R&D) productivity. Colony Northstar, Inc. was another detractor to results. The company was formed through a tri-party merger between Colony Capital, Inc. (CLNY, a previously owned position), NorthStar Asset Management Group Inc. (NSAM) and Northstar Realty Finance Corp. (NRF). Colony is in the midst of a strategic transition from a mortgage real estate and investment trust (REIT) to a diversified property REIT in order to capitalize on better growth opportunities and improve its valuation. The stock price has been weak over the reporting period on concerns over their core earnings run rate and dividend stability. We believe that Colony retains an attractive risk/reward profile.
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 Lipper classification average for the six-month reporting period ended December 31, 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.
During the reporting period, strong stock selection in technology, materials & processing and energy sectors contributed positively to the Fund’s performance. Stock selection in the consumer staples and consumer discretionary sectors detracted from performance and an underweight to the financial services sector was also a drag on performance.
Technology was the Fund’s largest contributor to performance, led by, including the Mellanox Technologies, Limited and Coherent Inc. Mellanox Technologies was the Fund’s largest individual contributor. The company reported an outlook for improved growth and operating profitability in 2018. Coherent Inc. also positively impacted performance. Coherent is a manufacturer of laser equipment and systems. The stock rallied significantly on the heels of its dominant position in providing OLED (organic light emitting diode) processing equipment highlighted in Apple’s iPhone X and Samsung Galaxy phones. Its service revenues and meaningful capacity additions have provided earnings visibility well into calendar year 2019. Coherent also made a value added acquisition of competitor Rofin-Sinar, providing it with meaningful cost synergies. Lastly, the consumer staple discretionary holding Tri Pointe Group, Incorporated contributed to performance. During the reporting period, the company reported strong operational and financial performance, highlighted by the 15% increase in net new home orders. For the second quarter of 2017, the company met and exceeded its previously stated guidance for new home deliveries, home billing gross margins and quarter end community count.
Several individual holdings detracted from performance, including consumer discretionary holding Fred’s Inc., which owns and operates general merchandise and pharmacy stores. During the reporting period, the company reported declining quarterly year-over-year net sales. Also detracting from performance was consumer staples holding Treehouse Foods Inc. The company lowered full-year revenue and earnings guidance because of broad-based food deflation and industry pricing pressure, which included large traditional supermarkets lowering prices across the board in response to increasing competition from non-traditional (online, discount)
NUVEEN | 9 |
Portfolio Managers’ Comments (continued)
food channels. Lastly, information technology holding Lattice Semiconductor Corporation detracted from performance. The company announced the termination of its acquisition by Canyon Bridge Capital Partners, LLC (headquartered in California but with an office in Beijing) following an order from the President of the United States. Management disagreed with the decision and felt that the transaction was in the best interests of its shareholders, and the United States as a whole. We feel that this company could still be an acquisition target.
Nuveen NWQ Small-Cap Value Fund
The Nuveen NWQ Small-Cap Value Fund’s Class A Shares at NAV outperformed its Lipper classification average and the Russell 2000® Value Index for the six-month reporting period ended December 31, 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 the technology, energy and consumer discretionary sectors helped performance, while stock selection in consumer staples sector detracted from performance. Our cash position was also a drag on performance.
Technology was the Fund’s largest contributor to performance and included Mellanox Technologies, Limited and Coherent Inc. Mellanox Technologies was the Fund’s largest individual contributor. The company reported an outlook for improved growth and operating profitability in 2018. Coherent Inc. also positively impacted performance during the reporting period. Coherent is a manufacturer of laser equipment and systems. The stock rallied significantly on the heels of its dominant position in providing OLED (organic light emitting diode) processing equipment highlighted in Apple’s iPhone X and Samsung Galaxy phones. Its service revenues and meaningful capacity additions have provided earnings visibility well into calendar year 2019. Coherent also made a value added acquisition of competitor Rofin-Sinar, providing it with meaningful cost synergies. Lastly, the consumer staple discretionary holding Tri Pointe Group, Incorporated contributed to performance. During the reporting period, the company reported strong operational and financial performance, highlighted by the 15% increase in net new home orders. For the second quarter of 2017, the company met and exceeded its previously stated guidance for new home deliveries, home billing gross margins and quarter end community count.
Several individual holdings detracted from performance, including consumer discretionary holding Fred’s Inc., which owns and operates general merchandise and pharmacy stores. During the reporting period, the company reported declining quarterly year-over-year net sales. Also detracting was consumer staples holding Treehouse Foods Inc. The company lowered full-year revenue and earnings guidance because of broad-based food deflation and industry pricing pressure, which included large traditional supermarkets lowering prices across the board in response to increasing competition from non-traditional (online, discount) food channels. Lastly, information technology holding Lattice Semiconductor Corporation detracted from performance. The company announced the termination of its acquisition by Canyon Bridge Capital Partners, LLC (headquartered in California but with an office in Beijing) following an order from the President of the United States. Management disagreed with the decision and felt that the transaction was in the best interests of its shareholders, and the United States as a whole. We feel that this company could still be an acquisition target.
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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 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.
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12 | 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 | 13 |
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 December 31, 2017
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception | |||||||||||||
Class A Shares at NAV | 7.40% | 18.44% | 10.84% | 9.71% | ||||||||||||
Class A Shares at maximum Offering Price | 1.22% | 11.63% | 9.54% | 8.93% | ||||||||||||
MSCI World Index | 10.61% | 22.40% | 11.64% | 10.11% | ||||||||||||
Lipper Global Equity Income Funds Classification Average | 7.46% | 17.29% | 8.65% | 8.25% | ||||||||||||
Class C Shares | 6.98% | 17.56% | 10.01% | 8.89% | ||||||||||||
Class R3 Shares | 7.24% | 18.18% | 10.57% | 9.44% | ||||||||||||
Class I Shares | 7.53% | 18.73% | 11.13% | 9.99% |
Cumulative | ||||||||
6-Month | Since Inception | |||||||
Class T Shares at NAV* | 7.35% | 9.22% | ||||||
Class T Shares at maximum Offering Price* | 4.67% | 6.49% |
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 total returns. 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 | 1.33% | 2.03% | 1.55% | 1.07% | 1.33% | |||||||||||||||
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 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 0.90% 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.
* | Class T Shares are not available for public offering. |
14 | NUVEEN |
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 December 31, 2017
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 8.01% | 20.43% | 6.97% | 1.45% | ||||||||||||
Class A Shares at maximum Offering Price | 1.79% | 13.52% | 5.71% | 0.85% | ||||||||||||
MSCI EAFE Index | 9.86% | 25.03% | 7.90% | 1.94% | ||||||||||||
Lipper International Multi-Cap Value Funds Classification Average | 8.92% | 22.53% | 6.76% | 1.16% | ||||||||||||
Class C Shares | 7.64% | 19.55% | 6.18% | 0.68% | ||||||||||||
Class I Shares | 8.15% | 20.74% | 7.24% | 1.70% |
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception | |||||||||||||
Class R3 Shares | 7.88% | 20.15% | 6.70% | 2.21% |
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 total returns. 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 | 1.28% | 2.03% | 1.52% | 1.03% | ||||||||||||
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 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 0.94% of the average daily net assets of any class of Fund shares. The expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.
NUVEEN | 15 |
Fund Performance and Expense Ratios (continued)
Nuveen NWQ Multi-Cap Value Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of December 31, 2017
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 8.41% | 18.36% | 11.02% | 4.06% | ||||||||||||
Class A Shares at maximum Offering Price | 2.18% | 11.55% | 9.72% | 3.44% | ||||||||||||
Russell 3000® Value Index | 8.51% | 13.19% | 13.95% | 7.19% | ||||||||||||
Lipper Multi-Cap Value Funds Classification Average | 9.63% | 15.25% | 13.30% | 6.84% | ||||||||||||
Class C Shares | 8.01% | 17.51% | 10.19% | 3.28% | ||||||||||||
Class I Shares | 8.52% | 18.67% | 11.29% | 4.32% |
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception | |||||||||||||
Class R3 Shares | 8.27% | 18.10% | 10.74% | 6.49% |
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 total returns. 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 | 1.25% | 2.00% | 1.50% | 1.00% | ||||||||||||
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 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 0.94% 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.
16 | NUVEEN |
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 December 31, 2017
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 8.38% | 15.10% | 11.05% | 4.54% | ||||||||||||
Class A Shares at maximum Offering Price | 2.16% | 8.52% | 9.74% | 3.92% | ||||||||||||
Russell 1000® Value Index | 8.61% | 13.66% | 14.04% | 7.10% | ||||||||||||
Lipper Multi-Cap Value Funds Classification Average | 9.63% | 15.25% | 13.30% | 6.84% | ||||||||||||
Class C Shares | 7.86% | 14.08% | 10.20% | 3.75% | ||||||||||||
Class I Shares | 8.48% | 15.33% | 11.32% | 4.80% |
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception | |||||||||||||
Class R3 Shares | 8.33% | 14.81% | 10.78% | 8.63% |
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 total returns. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
Expense Ratios as of Most Recent Prospectus
Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Gross Expense Ratios | 1.18% | 1.93% | 1.43% | 0.93% | ||||||||||||
Net Expense Ratios | 1.00% | 1.75% | 1.25% | 0.75% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse 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.
NUVEEN | 17 |
Fund Performance and Expense Ratios (continued)
Nuveen NWQ Small/Mid-Cap Value Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of December 31, 2017
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 8.50% | 9.99% | 11.44% | 6.63% | ||||||||||||
Class A Shares at maximum Offering Price | 2.25% | 3.67% | 10.13% | 6.00% | ||||||||||||
Russell 2500® Value Index | 8.25% | 10.36% | 13.27% | 8.82% | ||||||||||||
Lipper Small-Cap Core Funds Classification Average | 8.78% | 12.56% | 13.01% | 8.21% | ||||||||||||
Class C Shares | 8.09% | 9.19% | 10.61% | 5.83% | ||||||||||||
Class I Shares | 8.62% | 10.29% | 11.72% | 6.78% |
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception | |||||||||||||
Class R3 Shares | 8.39% | 9.74% | 11.16% | 12.22% | ||||||||||||
Class R6 Shares | 8.73% | 10.46% | N/A | 19.40% |
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 total returns. 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 | 1.43% | 2.18% | 1.68% | 1.05% | 1.18% | |||||||||||||||
Net Expense Ratios | 1.31% | 2.06% | 1.56% | 0.90% | 1.06% |
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 1.10% (1.45% after July 31, 2019) 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 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 the shareholders of the Fund.
18 | NUVEEN |
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 December 31, 2017
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | 10-Year | |||||||||||||
Class A Shares at NAV | 11.08% | 11.76% | 14.30% | 8.19% | ||||||||||||
Class A Shares at maximum Offering Price | 4.69% | 5.33% | 12.95% | 7.55% | ||||||||||||
Russell 2000® Value Index | 7.26% | 7.84% | 13.01% | 8.17% | ||||||||||||
Lipper Small-Cap Core Funds Classification Average | 8.78% | 12.56% | 13.01% | 8.21% | ||||||||||||
Class C Shares | 10.66% | 10.93% | 13.45% | 7.39% | ||||||||||||
Class I Shares | 11.21% | 12.04% | 14.59% | 8.47% |
Cumulative | Average Annual | |||||||||||||||
6-Month | 1-Year | 5-Year | Since Inception | |||||||||||||
Class R3 Shares | 10.94% | 11.49% | 14.02% | 14.54% | ||||||||||||
Class R6 Shares | 11.32% | 12.23% | N/A | 13.58% |
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 total returns. 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 | 1.30% | 2.05% | 1.55% | 0.86% | 1.05% |
NUVEEN | 19 |
Summaries as of December 31, 2017
This data relates to the securities held in each Fund’s portfolio of investments as of the end of the reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Nuveen NWQ Global Equity Income Fund
Fund Allocation
(% of net assets)
Common Stocks | 96.2% | |||
Structured Notes | 2.0% | |||
$1,000 Par (or similar) Institutional Preferred | 0.8% | |||
Convertible Preferred Securities | 0.7% | |||
$25 Par (or similar) Retail Preferred | 0.3% | |||
Other Assets Less Liabilities | (0.0)% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Oracle Corporation | 3.8% | |||
DowDuPont, Inc. | 3.7% | |||
Veolia Environment S.A. | 3.3% | |||
AIB Group PLC | 3.2% | |||
Citigroup Inc. | 3.2% |
Portfolio Composition
(% of net assets)
Banks | 17.9% | |||
Insurance | 8.7% | |||
Pharmaceuticals | 8.1% | |||
Capital Markets | 6.3% | |||
Software | 5.4% | |||
Oil, Gas & Consumable Fuels | 5.4% | |||
Chemicals | 4.3% | |||
Diversified Telecommunication Services | 3.8% | |||
Semiconductors & Semiconductor Equipment | 3.3% | |||
Multi-Utilities | 3.3% | |||
Tobacco | 2.9% | |||
Food Products | 2.7% | |||
Real Estate Management & Development | 2.5% | |||
Structured Notes | 2.0% | |||
Media | 2.0% | |||
Electric Utilities | 2.0% | |||
Other | 19.4% | |||
Other Assets Less Liabilities | (0.0)% | |||
Net Assets | 100% |
Country Allocation1
(% of net assets)
United States | 40.6% | |||
Germany | 10.9% | |||
United Kingdom | 8.4% | |||
Japan | 5.7% | |||
Netherlands | 5.6% | |||
Ireland | 5.1% | |||
France | 4.6% | |||
Switzerland | 3.5% | |||
Bermuda | 2.9% | |||
Spain | 2.8% | |||
Other | 9.9% | |||
Other Assets less liabilities | (0.0)% | |||
Net Assets | 100% |
1 | Includes 2.9% (as a percentage of net assets) in emerging market countries. |
20 | NUVEEN |
Nuveen NWQ International Value Fund
Fund Allocation
(% of net assets)
Common Stocks | 98.1% | |||
Repurchase Agreements | 1.6% | |||
Other Assets Less Liabilities | 0.3% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
ING Groep N.V. | 2.9% | |||
Royal Bank of Scotland Group PLC | 2.7% | |||
Koninklijke DSM NV | 2.7% | |||
SK Telecom Company Limited, Sponsored ADR | 2.6% | |||
Ageas | 2.6% |
Portfolio Composition
(% of net assets)
Banks | 14.8% | |||
Insurance | 9.0% | |||
Food & Staples Retailing | 6.0% | |||
Pharmaceuticals | 5.8% | |||
Capital Markets | 4.3% | |||
Diversified Telecommunication Services | 4.2% | |||
Oil, Gas & Consumable Fuels | 3.9% | |||
Energy Equipment & Services | 3.7% | |||
Commercial Services & Supplies | 3.7% | |||
Automobiles | 3.5% | |||
Tobacco | 3.3% | |||
Aerospace & Defense | 3.0% | |||
Professional Services | 3.0% | |||
Technology Hardware, Storage & Peripherals | 2.7% | |||
Industrial Conglomerates | 2.7% | |||
Chemicals | 2.7% | |||
Wireless Telecommunication Services | 2.6% | |||
Other | 19.2% | |||
Repurchase Agreements | 1.6% | |||
Other Assets Less Liabilities | 0.3% | |||
Net Assets | 100% |
Country Allocation1
(% of net assets)
Japan | 22.4% | |||
Netherlands | 12.2% | |||
United Kingdom | 8.1% | |||
France | 7.7% | |||
Germany | 6.8% | |||
United States | 7.1% | |||
Switzerland | 5.3% | |||
South Korea | 5.0% | |||
Denmark | 4.3% | |||
Belgium | 4.2% | |||
Other | 16.6% | |||
Other Assets less liabilities | 0.3% | |||
Net Assets | 100% |
1 | Includes 7.2% (as a percentage of net assets) in emerging market countries. |
NUVEEN | 21 |
Holding Summaries as of December 31, 2017 (continued)
Nuveen NWQ Multi-Cap Value Fund
Fund Allocation
(% of net assets)
Common Stocks | 99.8% | |||
Other Assets Less Liabilities | 0.5% | |||
Net Assets Plus Borrowings | 100.3% | |||
Borrowings | (0.3)% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Oil, Gas & Consumable Fuels | 16.9% | |||
Banks | 16.1% | |||
Insurance | 7.1% | |||
Machinery | 5.5% | |||
Consumer Finance | 5.1% | |||
Semiconductors & Semiconductor Equipment | 4.9% | |||
Communication Equipment | 4.5% | |||
Pharmaceuticals | 4.1% | |||
Airlines | 3.8% | |||
Equity Real Estate Investment Trusts | 3.5% | |||
Electronic Equipment, Instruments & Components | 3.2% | |||
Software | 3.1% | |||
Health Care Equipment & Supplies | 2.9% | |||
Other | 19.1% | |||
Other Assets Less Liabilities | 0.5% | |||
Borrowings | (0.3)% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
EQT Corporation | 4.2% | |||
Citigroup Inc. | 4.1% | |||
CIT Group Inc. | 3.8% | |||
Oracle Corporation | 3.1% | |||
Discover Financial Services | 3.0% |
22 | NUVEEN |
Nuveen NWQ Large-Cap Value Fund
Fund Allocation
(% of net assets)
Common Stocks | 98.8% | |||
Repurchase Agreements | 1.0% | |||
Other Assets Less Liabilities | 0.2% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Banks | 16.4% | |||
Oil, Gas & Consumable Fuels | 14.6% | |||
Insurance | 8.4% | |||
Consumer Finance | 6.0% | |||
Pharmaceuticals | 5.2% | |||
Airlines | 4.1% | |||
Machinery | 4.1% | |||
Media | 3.8% | |||
Software | 3.5% | |||
IT Services | 2.7% | |||
Chemicals | 2.5% | |||
Automobiles | 2.4% | |||
Health Care Equipment & Supplies | 2.4% | |||
Beverages | 2.4% | |||
Capital Markets | 2.4% | |||
Other | 17.9% | |||
Repurchase Agreement | 1.0% | |||
Other Assets Less Liabilities | 0.2% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
EQT Corporation | 4.3% | |||
Citigroup Inc. | 4.1% | |||
CIT Group Inc. | 3.8% | |||
JPMorgan Chase & Co. | 3.6% | |||
Oracle Corporation | 3.5% |
NUVEEN | 23 |
Holding Summaries as of December 31, 2017 (continued)
Nuveen NWQ Small/Mid-Cap Value Fund
Fund Allocation
(% of net assets)
Common Stocks | 96.8% | |||
Repurchase Agreements | 2.9% | |||
Other Assets Less Liabilities | 0.3% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Banks | 16.3% | |||
Oil, Gas & Consumable Fuels | 12.7% | |||
Semiconductors & Semiconductor Equipment | 10.3% | |||
Household Durables | 5.4% | |||
Insurance | 5.4% | |||
Communication Equipment | 5.1% | |||
Paper & Forest Products | 4.4% | |||
Metals & Mining | 4.3% | |||
Machinery | 4.0% | |||
Equity Real Estate Investment Trusts | 3.5% | |||
Health Care Equipment & Supplies | 3.1% | |||
Life Sciences Tools & Services | 3.1% | |||
Other | 19.2% | |||
Repurchase Agreements | 2.9% | |||
Other Assets Less Liabilities | 0.3% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
EQT Corporation | 4.2% | |||
Carrizo Oil & Gas, Inc. | 4.0% | |||
Mellanox Technologies, Limited | 3.5% | |||
Tri Pointe Group, Incorporated | 3.4% | |||
The Bank of NT Butterfield and Son Limited | 3.3% |
24 | NUVEEN |
Nuveen NWQ Small-Cap Value Fund
Fund Allocation
(% of net assets)
Common Stocks | 95.7% | |||
Repurchase Agreements | 4.2% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% |
Portfolio Composition
(% of net assets)
Banks | 19.3% | |||
Oil, Gas & Consumable Fuels | 9.3% | |||
Semiconductors & Semiconductor Equipment | 9.0% | |||
Household Durables | 8.4% | |||
Paper & Forest Products | 5.8% | |||
Electronic Equipment, Instruments & Components | 4.3% | |||
Food Products | 4.1% | |||
Equity Real Estate Investment Trusts | 3.6% | |||
Machinery | 3.2% | |||
Communication Equipment | 3.1% | |||
Health Care Equipment & Supplies | 3.1% | |||
Metals & Mining | 3.1% | |||
Other | 19.4% | |||
Repurchase Agreements | 4.2% | |||
Other Assets Less Liabilities | 0.1% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Carrizo Oil & Gas, Inc. | 4.4% | |||
Western Alliance Bancorporation | 4.0% | |||
PDC Energy Inc. | 3.6% | |||
Mellanox Technologies, Limited | 3.6% | |||
Tri Pointe Group, Incorporated | 3.6% |
NUVEEN | 25 |
Examples
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended December 31, 2017.
The beginning of the period is July 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 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 | $ | 1,074.00 | $ | 1,069.80 | $ | 1,072.40 | $ | 1,075.30 | $ | 1,073.50 | ||||||||||
Expenses Incurred During the Period | $ | 5.80 | $ | 9.70 | $ | 7.10 | $ | 4.50 | $ | 5.80 | ||||||||||
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 | $ | 1,019.61 | $ | 1,015.83 | $ | 1,018.35 | $ | 1,020.87 | $ | 1,019.61 | ||||||||||
Expenses Incurred During the Period | $ | 5.65 | $ | 9.45 | $ | 6.92 | $ | 4.38 | $ | 5.65 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.11%, 1.86%, 1.36%, 0.86% and 1.11% for Classes A, C, R3, I, and T respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
* | Class T Shares are not available for public offering. |
26 | NUVEEN |
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 | $ | 1,080.10 | $ | 1,076.40 | $ | 1,078.80 | $ | 1,081.50 | ||||||||
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 | $ | 1,019.41 | $ | 1,015.63 | $ | 1,018.15 | $ | 1,020.67 | ||||||||
Expenses Incurred During the Period | $ | 5.85 | $ | 9.65 | $ | 7.12 | $ | 4.58 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.15%, 1.90%, 1.40%, and 0.90% for Classes A, C, R3, and I respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen NWQ 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 | $ | 1,084.10 | $ | 1,080.10 | $ | 1,082.70 | $ | 1,085.20 | ||||||||
Expenses Incurred During the Period | $ | 6.04 | $ | 9.96 | $ | 7.35 | $ | 4.73 | ||||||||
Hypothetical Performance (5% annualized return before expenses) |
| |||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,019.41 | $ | 1,015.63 | $ | 1,018.15 | $ | 1,020.67 | ||||||||
Expenses Incurred During the Period | $ | 5.85 | $ | 9.65 | $ | 7.12 | $ | 4.58 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.15%, 1.90%, 1.40%, and 0.90% for Classes A, C, R3, and I respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen NWQ Large-Cap Value Fund
Share Class | ||||||||||||||||
Class A | Class C | Class R3 | Class I | |||||||||||||
Actual Performance | ||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||
Ending Account Value | $ | 1,083.80 | $ | 1,078.60 | $ | 1,083.30 | $ | 1,084.80 | ||||||||
Expenses Incurred During the Period | $ | 5.25 | $ | 9.17 | $ | 6.56 | $ | 3.94 | ||||||||
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 | $ | 1,020.16 | $ | 1,016.38 | $ | 1,018.90 | $ | 1,021.42 | ||||||||
Expenses Incurred During the Period | $ | 5.09 | $ | 8.89 | $ | 6.36 | $ | 3.82 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.00%, 1.75%, 1.25%, and 0.75% for Classes A, C, R3, and I respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
NUVEEN | 27 |
Expense Examples (continued)
Nuveen NWQ Small/Mid-Cap Value Fund
Share Class | ||||||||||||||||||||
Class A | Class C | Class R3 | Class R6 | Class I | ||||||||||||||||
Actual Performance | ||||||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value | $ | 1,085.00 | $ | 1,080.90 | $ | 1,083.90 | $ | 1,087.30 | $ | 1,086.20 | ||||||||||
Expenses Incurred During the Period | $ | 6.88 | $ | 10.80 | $ | 8.19 | $ | 4.63 | $ | 5.57 | ||||||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value | $ | 1,018.60 | $ | 1,014.82 | $ | 1,017.34 | $ | 1,020.77 | $ | 1,019.86 | ||||||||||
Expenses Incurred During the Period | $ | 6.67 | $ | 10.46 | $ | 7.93 | $ | 4.48 | $ | 5.40 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.31%, 2.06%, 1.56%, 0.88% and 1.06% for Classes A, C, R3, R6, and I respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen NWQ Small-Cap Value Fund
Share Class | ||||||||||||||||||||
Class A | Class C | Class R3 | Class R6 | Class I | ||||||||||||||||
Actual Performance | ||||||||||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||||||
Ending Account Value | $ | 1,110.80 | $ | 1,106.60 | $ | 1,109.40 | $ | 1,113.20 | $ | 1,112.10 | ||||||||||
Expenses Incurred During the Period | $ | 6.81 | $ | 10.78 | $ | 8.13 | $ | 4.58 | $ | 5.48 | ||||||||||
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 | $ | 1,018.75 | $ | 1,014.97 | $ | 1,017.49 | $ | 1,020.87 | $ | 1,020.01 | ||||||||||
Expenses Incurred During the Period | $ | 6.51 | $ | 10.31 | $ | 7.78 | $ | 4.38 | $ | 5.24 |
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 184/365 (to reflect the one-half year period).
28 | NUVEEN |
Nuveen NWQ Global Equity Income Fund
Portfolio of Investments | December 31, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||||||||
LONG-TERM INVESTMENTS – 100.0% | ||||||||||||||||||||
COMMON STOCKS – 96.2% | ||||||||||||||||||||
Air Freight & Logistics – 1.6% | ||||||||||||||||||||
104,500 | Deutsche Post AG, (2) | $ | 4,967,253 | |||||||||||||||||
Airlines – 1.7% | ||||||||||||||||||||
93,700 | Delta Air Lines, Inc. | 5,247,200 | ||||||||||||||||||
Automobiles – 1.5% | ||||||||||||||||||||
57,000 | Daimler AG, (2) | 4,819,945 | ||||||||||||||||||
Banks – 17.9% | ||||||||||||||||||||
1,541,500 | AIB Group PLC | 10,172,622 | ||||||||||||||||||
699,989 | Bank of Ireland Group PLC, (2), (3) | 5,977,936 | ||||||||||||||||||
149,500 | CIT Group Inc. | 7,359,885 | ||||||||||||||||||
134,900 | Citigroup Inc. | 10,037,909 | ||||||||||||||||||
428,000 | ING Groep N.V, (2) | 7,856,678 | ||||||||||||||||||
57,000 | JPMorgan Chase & Co. | 6,095,580 | ||||||||||||||||||
132,000 | The Bank of NT Butterfield and Son Limited | 4,790,280 | ||||||||||||||||||
2,475,000 | Unicaja Banco SA, (3) | 3,902,090 | ||||||||||||||||||
Total Banks | 56,192,980 | |||||||||||||||||||
Biotechnology – 1.0% | ||||||||||||||||||||
42,000 | Gilead Sciences, Inc. | 3,008,880 | ||||||||||||||||||
Capital Markets – 6.3% | ||||||||||||||||||||
233,000 | Ares Capital Corporation | 3,662,760 | ||||||||||||||||||
72,500 | Aurelius AG, (2) | 4,944,076 | ||||||||||||||||||
42,000 | Deutsche Boerse AG, (2) | 4,861,307 | ||||||||||||||||||
340,000 | UBS Group AG, (2) | 6,246,736 | ||||||||||||||||||
Total Capital Markets | 19,714,879 | |||||||||||||||||||
Chemicals – 4.3% | ||||||||||||||||||||
500,000 | CVR Partners LP | 1,640,000 | ||||||||||||||||||
164,500 | DowDuPont, Inc. | 11,715,690 | ||||||||||||||||||
Total Chemicals | 13,355,690 | |||||||||||||||||||
Communications Equipment – 1.3% | ||||||||||||||||||||
105,000 | Cisco Systems, Inc. | 4,021,500 | ||||||||||||||||||
Diversified Financial Services – 1.5% | ||||||||||||||||||||
440,000 | Challenger Limited, (2) | 4,798,415 | ||||||||||||||||||
Diversified Telecommunication Services – 3.8% | ||||||||||||||||||||
152,826 | Nippon Telegraph and Telephone Corporation, (2) | 7,184,972 |
NUVEEN | 29 |
Nuveen NWQ Global Equity Income Fund (continued)
Portfolio of Investments | December 31, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||||||||
Diversified Telecommunication Services (continued) | ||||||||||||||||||||
331,900 | Telefonica Brasil SA, (2) | $ | 4,865,991 | |||||||||||||||||
Total Diversified Telecommunication Services | 12,050,963 | |||||||||||||||||||
Electric Utilities – 2.0% | ||||||||||||||||||||
204,400 | FirstEnergy Corp. | 6,258,728 | ||||||||||||||||||
Electrical Equipment – 1.1% | ||||||||||||||||||||
44,100 | Eaton PLC | 3,484,341 | ||||||||||||||||||
Equity Real Estate Investment Trusts – 1.5% | ||||||||||||||||||||
410,000 | Colony Northstar, Inc. | 4,678,100 | ||||||||||||||||||
Food Products – 1.9% | ||||||||||||||||||||
575,000 | Orkla ASA, (2) | 6,093,321 | ||||||||||||||||||
Gas Utilities – 1.1% | ||||||||||||||||||||
556,700 | Italgas SPA, (2) | 3,396,853 | ||||||||||||||||||
Health Care Equipment & Supplies – 1.4% | ||||||||||||||||||||
118,900 | Koninklijke Philips Electronics NV, (2) | 4,489,501 | ||||||||||||||||||
Household Durables – 1.8% | ||||||||||||||||||||
310,000 | Sekisui House, Ltd., (2) | 5,591,984 | ||||||||||||||||||
Industrial Conglomerates – 1.1% | ||||||||||||||||||||
25,300 | Siemens AG, Sponsored, (2) | 3,502,978 | ||||||||||||||||||
Insurance – 8.4% | ||||||||||||||||||||
137,300 | Ageas, (2) | 6,707,052 | ||||||||||||||||||
25,200 | Allianz AG ORD Shares, (2) | 5,766,962 | ||||||||||||||||||
76,200 | CNA Financial Corporation | 4,042,410 | ||||||||||||||||||
124,800 | NN Group NV, (2) | 5,398,040 | ||||||||||||||||||
35,000 | RenaissanceRe Holdings, Limited | 4,395,650 | ||||||||||||||||||
Total Insurance | 26,310,114 | |||||||||||||||||||
Media – 2.0% | ||||||||||||||||||||
245,800 | National CineMedia, Inc. | 1,686,188 | ||||||||||||||||||
152,000 | Viacom Inc., Class B | 4,683,120 | ||||||||||||||||||
Total Media | 6,369,308 | |||||||||||||||||||
Multi-Utilities – 3.3% | ||||||||||||||||||||
400,000 | Veolia Environment S.A., (2) | 10,199,659 | ||||||||||||||||||
Oil, Gas & Consumable Fuels – 5.4% | ||||||||||||||||||||
35,650 | Chevron Corporation | 4,463,024 | ||||||||||||||||||
310,000 | Enterprise Products Partnership LP | 8,218,100 | ||||||||||||||||||
78,500 | Total SA, (2) | 4,333,191 | ||||||||||||||||||
Total Oil, Gas & Consumable Fuels | 17,014,315 |
30 | NUVEEN |
Shares | Description (1) | Value | ||||||||||||||||||||||
Pharmaceuticals – 7.4% | ||||||||||||||||||||||||
117,000 | AstraZeneca PLC, Sponsored ADR | $ | 4,059,900 | |||||||||||||||||||||
533,500 | GlaxoSmithKline PLC, (2) | 9,447,859 | ||||||||||||||||||||||
18,900 | Roche Holdings AG, Sponsored, (2) | 4,778,963 | ||||||||||||||||||||||
89,000 | Takeda Chemical Industries, (2) | 5,038,973 | ||||||||||||||||||||||
Total Pharmaceuticals | 23,325,695 | |||||||||||||||||||||||
Real Estate Management & Development – 2.5% | ||||||||||||||||||||||||
591,650 | Great Eagle Holdings Limited, (2) | 3,104,229 | ||||||||||||||||||||||
2,699,000 | Sino Land Company Limited, (2) | 4,774,821 | ||||||||||||||||||||||
Total Real Estate Management & Development |
| 7,879,050 | ||||||||||||||||||||||
Road & Rail – 1.7% | ||||||||||||||||||||||||
40,000 | Union Pacific Corporation | 5,364,000 | ||||||||||||||||||||||
Semiconductors & Semiconductor Equipment – 3.3% | ||||||||||||||||||||||||
327,000 | Cypress Semiconductor Corporation | 4,983,480 | ||||||||||||||||||||||
200,000 | Infineon Technologies AG, (2) | 5,446,839 | ||||||||||||||||||||||
Total Semiconductors & Semiconductor Equipment |
| 10,430,319 | ||||||||||||||||||||||
Software – 5.4% | ||||||||||||||||||||||||
61,000 | Microsoft Corporation | 5,217,940 | ||||||||||||||||||||||
250,000 | Oracle Corporation | �� | 11,820,001 | |||||||||||||||||||||
Total Software | 17,037,941 | |||||||||||||||||||||||
Specialty Retail – 1.1% | ||||||||||||||||||||||||
784,000 | Kingfisher plc | 3,574,616 | ||||||||||||||||||||||
Textiles, Apparel & Luxury Goods – 0.0% | ||||||||||||||||||||||||
34,456,000 | China Hongxing Sports Limited, (4) | 26 | ||||||||||||||||||||||
Tobacco – 2.9% | ||||||||||||||||||||||||
215,000 | Imperial Brands PLC, (2) | 9,170,748 | ||||||||||||||||||||||
Total Common Stocks (cost $258,099,917) |
| 302,349,302 | ||||||||||||||||||||||
Shares | Description (1) | Coupon | Issue Price | Cap Price | Maturity | Value | ||||||||||||||||||
STRUCTURED NOTES – 2.0% | ||||||||||||||||||||||||
181,000 | JPMorgan Chase & Co., Mandatory Exchangeable Note, Linked to Class A Common Stock of First Data Corp. (Cap 110.12% of Issue Price), 144A | 8.000% | $ | 16.6770 | $ | 18.3647 | 6/19/18 | $ | 2,964,780 | |||||||||||||||
231,600 | Merrill Lynch International Co., Warrant and Certificate Program Linked to Cypress Semiconductor Corp. (Cap 118.50% of Issue Price), 144A | 10.000% | $ | 13.4159 | $ | 15.8978 | 2/27/18 | 3,448,524 | ||||||||||||||||
Total Structured Notes (cost $6,125,659) | 6,413,304 |
NUVEEN | 31 |
Nuveen NWQ Global Equity Income Fund (continued)
Portfolio of Investments | December 31, 2017 (Unaudited) |
Principal Amount (000) | Description (1) | Coupon | Maturity | Ratings (5) | Value | |||||||||||||||
$1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 0.8% |
| |||||||||||||||||||
Food Products – 0.8% | ||||||||||||||||||||
$ | 1,884 | Land O’ Lakes Incorporated, 144A | 7.250% | N/A (6) | BB | $ | 2,053,560 | |||||||||||||
554 | Land O’ Lakes Incorporated, 144A | 8.000% | N/A (6) | BB | 620,480 | |||||||||||||||
$ | 2,438 | Total $1,000 Par (or similar) Institutional Preferred (cost $2,438,000) |
| 2,674,040 | ||||||||||||||||
Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||||
CONVERTIBLE PREFERRED SECURITIES – 0.7% | ||||||||||||||||||||
Pharmaceuticals – 0.7% | ||||||||||||||||||||
6,000 | Teva Pharmaceutical Industries Limited, (2) | 7.000% | N/R | $ | 2,125,200 | |||||||||||||||
Total Convertible Preferred Securities (cost $1,790,671) | 2,125,200 | |||||||||||||||||||
Shares | Description (1) | Coupon | Ratings (5) | Value | ||||||||||||||||
$25 PAR (OR SIMILAR) RETAIL PREFERRED – 0 .3% | ||||||||||||||||||||
Insurance – 0.3% | ||||||||||||||||||||
31,400 | National General Holding Company | 7.625% | N/R | $ | 797,874 | |||||||||||||||
Total $25 Par (or similar) Retail Preferred (cost $773,041) | 797,874 | |||||||||||||||||||
Total Long-Term Investments (cost $269,227,288) | 314,359,720 | |||||||||||||||||||
Other Assets Less Liabilities – (0.0)% | (69,515) | |||||||||||||||||||
Net Assets – 100% | $ | 314,290,205 |
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. |
(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.
32 | NUVEEN |
Nuveen NWQ International Value Fund
Portfolio of Investments | December 31, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||||||||
LONG-TERM INVESTMENTS – 98.1% | ||||||||||||||||||||
COMMON STOCKS – 98.1% | ||||||||||||||||||||
Aerospace & Defense – 3.0% | ||||||||||||||||||||
739,300 | Embraer Aircraft Corporation | $ | 4,457,508 | |||||||||||||||||
41,279 | Thales SA, (2) | 4,442,436 | ||||||||||||||||||
Total Aerospace & Defense | 8,899,944 | |||||||||||||||||||
Automobiles – 3.5% | ||||||||||||||||||||
37,986 | Hyundai Motor Company, (2) | 3,318,295 | ||||||||||||||||||
56,308 | Toyota Motor Corporation, Sponsored ADR | 7,160,688 | ||||||||||||||||||
Total Automobiles | 10,478,983 | |||||||||||||||||||
Banks – 14.8% | ||||||||||||||||||||
945,800 | AIB Group PLC | 6,241,496 | ||||||||||||||||||
656,178 | Bank of Ireland Group PLC, (2), (3) | 5,603,788 | ||||||||||||||||||
462,050 | ING Groep N.V, (2) | 8,481,725 | ||||||||||||||||||
441,100 | Oversea-Chinese Banking Corporation Limited, (2) | 4,074,982 | ||||||||||||||||||
2,133,355 | Royal Bank of Scotland Group PLC, (2), (3) | 7,999,630 | ||||||||||||||||||
147,000 | Sumitomo Mitsui Trust Holdings, (2) | 5,816,198 | ||||||||||||||||||
3,512,948 | Unicaja Banco SA, (3) | 5,538,521 | ||||||||||||||||||
Total Banks | 43,756,340 | |||||||||||||||||||
Capital Markets – 4.3% | ||||||||||||||||||||
74,345 | Aurelius AG, (2) | 5,069,894 | ||||||||||||||||||
413,731 | UBS Group AG | 7,608,513 | ||||||||||||||||||
Total Capital Markets | 12,678,407 | |||||||||||||||||||
Chemicals – 2.7% | ||||||||||||||||||||
83,059 | Koninklijke DSM NV, (2) | 7,934,114 | ||||||||||||||||||
Commercial Services & Supplies – 3.7% | ||||||||||||||||||||
172,800 | Dai Nippon Printing Co., Ltd., (2) | 3,847,090 | ||||||||||||||||||
183,393 | ISS AS, (2) | 7,100,080 | ||||||||||||||||||
Total Commercial Services & Supplies | 10,947,170 | |||||||||||||||||||
Diversified Financial Services – 1.6% | ||||||||||||||||||||
43,103 | Groupe Bruxelles Lambert SA, (2) | 4,649,982 | ||||||||||||||||||
Diversified Telecommunication Services – 4.2% | ||||||||||||||||||||
158,296 | Nippon Telegraph and Telephone Corporation, ADR, (2) | 7,477,903 | ||||||||||||||||||
230,928 | Telenor ASA, (2) | 4,943,428 | ||||||||||||||||||
Total Diversified Telecommunication Services | 12,421,331 | |||||||||||||||||||
Electrical Equipment – 1.9% | ||||||||||||||||||||
102,400 | Mabuchi Motor Company Limited, (2) | 5,535,179 |
NUVEEN | 33 |
Nuveen NWQ International Value Fund (continued)
Portfolio of Investments | December 31, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||||||||
Electronic Equipment, Instruments & Components – 1.5% | ||||||||||||||||||||
244,174 | Flextronics International Limited, (3) | $ | 4,392,690 | |||||||||||||||||
Energy Equipment & Services – 3.7% | ||||||||||||||||||||
604,387 | Aker Solutions ASA, (2) | 3,404,972 | ||||||||||||||||||
479,875 | Tenaris SA, (2) | 7,616,560 | ||||||||||||||||||
Total Energy Equipment & Services | 11,021,532 | |||||||||||||||||||
Food & Staples Retailing – 6.0% | ||||||||||||||||||||
292,569 | Carrefour SA, (2) | 6,307,908 | ||||||||||||||||||
98,800 | Seven & I Holdings, (2) | 4,092,928 | ||||||||||||||||||
2,640,446 | Tesco PLC | 7,459,763 | ||||||||||||||||||
Total Food & Staples Retailing | 17,860,599 | |||||||||||||||||||
Household Durables – 2.3% | ||||||||||||||||||||
200,600 | Matsushita Electric Industrial Co., Ltd, (2) | 2,927,538 | ||||||||||||||||||
220,400 | Sekisui House, Ltd., (2) | 3,975,720 | ||||||||||||||||||
Total Household Durables | 6,903,258 | |||||||||||||||||||
Industrial Conglomerates – 2.7% | ||||||||||||||||||||
1,966,700 | Alfa S.A. | 2,165,495 | ||||||||||||||||||
41,784 | Siemens AG, (2) | 5,785,313 | ||||||||||||||||||
Total Industrial Conglomerates | 7,950,808 | |||||||||||||||||||
Insurance – 9.0% | ||||||||||||||||||||
157,233 | Ageas, (2) | 7,680,772 | ||||||||||||||||||
22,209 | Allianz AG ORD Shares, (2) | 5,082,478 | ||||||||||||||||||
135,837 | Axis Capital Holdings Limited | 6,827,168 | ||||||||||||||||||
208,600 | Mitsui Sumitomo Insurance Company Limited, (2) | 7,036,172 | ||||||||||||||||||
Total Insurance | 26,626,590 | |||||||||||||||||||
IT Services – 1.7% | ||||||||||||||||||||
92,034 | Luxoft Holding Inc., (3) | 5,126,294 | ||||||||||||||||||
Media – 2.0% | ||||||||||||||||||||
88,617 | Publicis Groupe, (2) | 6,007,098 | ||||||||||||||||||
Oil, Gas & Consumable Fuels – 3.9% | ||||||||||||||||||||
124,305 | Canadian Natural Resources Limited | 4,440,175 | ||||||||||||||||||
102,592 | Royal Dutch Shell PLC, Class B Shares, Sponsored ADR | 7,006,008 | ||||||||||||||||||
Total Oil, Gas & Consumable Fuels | 11,446,183 | |||||||||||||||||||
Pharmaceuticals – 5.8% | ||||||||||||||||||||
206,316 | GlaxoSmithKline PLC, (2) | 3,653,692 | ||||||||||||||||||
18,207 | Roche Holdings AG, (2) | 4,603,735 | ||||||||||||||||||
68,368 | Sanofi-Synthelabo, SA, (2) | 5,885,933 | ||||||||||||||||||
162,340 | Teva Pharmaceutical Industries Limited, Sponsored ADR | 3,076,343 | ||||||||||||||||||
Total Pharmaceuticals | 17,219,703 |
34 | NUVEEN |
Shares | Description (1) | Value | ||||||||||||||||||
Professional Services – 3.0% | ||||||||||||||||||||
46,698 | Adecco Group, (2) | $ | 3,568,665 | |||||||||||||||||
99,141 | Wolters Kluwer NV, (2) | 5,168,180 | ||||||||||||||||||
Total Professional Services | 8,736,845 | |||||||||||||||||||
Real Estate Management & Development – 1.7% | ||||||||||||||||||||
544,300 | City Developments Limited, (2) | 5,062,053 | ||||||||||||||||||
Semiconductors & Semiconductor Equipment – 1.8% | ||||||||||||||||||||
48,300 | Rohm Company Limited, (2) | 5,320,811 | ||||||||||||||||||
Software – 1.4% | ||||||||||||||||||||
37,350 | SAP SE, (2) | 4,178,539 | ||||||||||||||||||
Specialty Retail – 1.6% | ||||||||||||||||||||
1,052,538 | Kingfisher plc | 4,799,004 | ||||||||||||||||||
Technology Hardware, Storage & Peripherals – 2.7% | ||||||||||||||||||||
105,000 | Fuji Photo Film Co., Ltd., (2) | 4,284,519 | ||||||||||||||||||
1,924 | Samsung Electronics Company Limited, (2) | 3,746,821 | ||||||||||||||||||
Total Technology Hardware, Storage & Peripherals | 8,031,340 | |||||||||||||||||||
Textiles, Apparel & Luxury Goods – 1.7% | ||||||||||||||||||||
156,000 | Wacoal Holdings Corporation, (2) | 4,920,674 | ||||||||||||||||||
Tobacco – 3.3% | ||||||||||||||||||||
120,900 | Japan Tobacco Inc., (2) | 3,893,354 | ||||||||||||||||||
295,625 | Skandinavisk Tobakskompagni A/S | 5,717,440 | ||||||||||||||||||
Total Tobacco | 9,610,794 | |||||||||||||||||||
Wireless Telecommunication Services – 2.6% | ||||||||||||||||||||
278,323 | SK Telecom Company Limited, Sponsored ADR | 7,767,995 | ||||||||||||||||||
Total Long-Term Investments (cost $215,195,965) | 290,284,260 | |||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||
SHORT-TERM INVESTMENTS – 1.6% | ||||||||||||||||||||
REPURCHASE AGREEMENTS – 1.6% | ||||||||||||||||||||
$ | 4,734 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/29/17, | 0.540% | 1/02/18 | $ | 4,734,030 | ||||||||||||||
Total Short-Term Investments (cost $4,734,030) | 4,734,030 | |||||||||||||||||||
Total Investments (cost $219,929,995) – 99.7% | 295,018,290 | |||||||||||||||||||
Other Assets Less Liabilities – 0.3% | 908,063 | |||||||||||||||||||
Net Assets – 100% | $ | 295,926,353 |
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 | 35 |
Nuveen NWQ Multi-Cap Value Fund
Portfolio of Investments | December 31, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 99.8% | ||||||||
COMMON STOCKS – 99.8% | ||||||||
Airlines – 3.8% | ||||||||
27,400 | Delta Air Lines, Inc. | $ | 1,534,400 | |||||
33,300 | Southwest Airlines Co. | 2,179,485 | ||||||
Total Airlines | 3,713,885 | |||||||
Automobiles – 2.1% | ||||||||
50,300 | General Motors Company | 2,061,797 | ||||||
Banks – 16.1% | ||||||||
50,000 | Bank of America Corporation | 1,476,000 | ||||||
75,000 | CIT Group Inc. | 3,692,250 | ||||||
53,300 | Citigroup Inc. | 3,966,053 | ||||||
80,200 | First Horizon National Corporation | 1,603,198 | ||||||
26,900 | JPMorgan Chase & Co. | 2,876,686 | ||||||
55,000 | The Bank of NT Butterfield and Son Limited | 1,995,950 | ||||||
Total Banks | 15,610,137 | |||||||
Capital Markets – 1.6% | ||||||||
85,730 | B. Riley Financial, Inc. | 1,551,713 | ||||||
Chemicals – 1.8% | ||||||||
24,200 | Innospec, Inc. | 1,708,520 | ||||||
Communication Equipment – 4.5% | ||||||||
60,000 | Arris International PLC, (2) | 1,541,400 | ||||||
118,432 | Mitel Networks Corporation, (2) | 974,695 | ||||||
25,020 | ViaSat, Inc., (2) | 1,872,747 | ||||||
Total Communication Equipment | 4,388,842 | |||||||
Consumer Finance – 5.1% | ||||||||
37,935 | Discover Financial Services | 2,917,960 | ||||||
52,000 | Synchrony Financial | 2,007,720 | ||||||
Total Consumer Finance | 4,925,680 | |||||||
Electric Utilities – 1.4% | ||||||||
44,200 | FirstEnergy Corp. | 1,353,404 | ||||||
Electronic Equipment, Instruments & Components – 3.2% | ||||||||
7,600 | Coherent Inc., (2) | 2,144,872 | ||||||
51,400 | VeriFone Holdings Inc., (2) | 910,294 | ||||||
Total Electronic Equipment, Instruments & Components | 3,055,166 | |||||||
Equity Real Estate Investment Trusts – 3.5% | ||||||||
180,700 | Colony Northstar, Inc. | 2,061,787 |
36 | NUVEEN |
Shares | Description (1) | Value | ||||||
Equity Real Estate Investment Trusts (continued) | ||||||||
115,232 | MedEquities Realty Trust, Inc. | $ | 1,292,903 | |||||
Total Equity Real Estate Investment Trusts | 3,354,690 | |||||||
Health Care Equipment & Supplies – 2.9% | ||||||||
11,000 | Livanova PLC, (2) | 879,120 | ||||||
52,000 | Philips Electronics | 1,965,600 | ||||||
Total Health Care Equipment & Supplies | 2,844,720 | |||||||
Hotels, Restaurants & Leisure – 1.2% | ||||||||
55,400 | Bloomin Brands | 1,182,236 | ||||||
Insurance – 7.1% | ||||||||
12,240 | AON PLC | 1,640,160 | ||||||
40,900 | Loews Corporation | 2,046,227 | ||||||
13,713 | RenaissanceRe Holdings, Limited | 1,722,216 | ||||||
26,000 | Unum Group | 1,427,140 | ||||||
Total Insurance | 6,835,743 | |||||||
IT Services – 1.8% | ||||||||
104,000 | First Data Corporation, Class A Shares, (2) | 1,737,840 | ||||||
Life Sciences Tools & Services – 2.5% | ||||||||
10,200 | Bio-Rad Laboratories Inc., (2) | 2,434,434 | ||||||
Machinery – 5.5% | ||||||||
17,610 | Ingersoll Rand Company Limited, Class A | 1,570,636 | ||||||
34,100 | Terex Corporation | 1,644,302 | ||||||
56,800 | Trinity Industries Inc. | 2,127,728 | ||||||
Total Machinery | 5,342,666 | |||||||
Media – 2.5% | ||||||||
38,300 | Interpublic Group of Companies, Inc. | 772,128 | ||||||
54,800 | Viacom Inc., Class B | 1,688,388 | ||||||
Total Media | 2,460,516 | |||||||
Mortgage Real Estate Investment Trusts – 1.8% | ||||||||
31,000 | PennyMac Mortgage Investment Trust | 498,170 | ||||||
64,000 | TPG Re Finance Trust Inc. | 1,219,200 | ||||||
Total Mortgage Real Estate Investment Trusts | 1,717,370 | |||||||
Multiline Retail – 1.3% | ||||||||
18,900 | Target Corporation | 1,233,225 | ||||||
Oil, Gas & Consumable Fuels – 16.9% | ||||||||
96,000 | Carrizo Oil & Gas, Inc., (2) | 2,042,880 | ||||||
42,700 | Cheniere Energy Inc., (2) | 2,298,968 | ||||||
13,000 | Chevron Corporation | 1,627,470 | ||||||
71,590 | EQT Corporation | 4,074,903 |
NUVEEN | 37 |
Nuveen NWQ Multi-Cap Value Fund (continued)
Portfolio of Investments | December 31, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
Oil, Gas & Consumable Fuels (continued) | ||||||||
58,800 | Hess Corporation | $ | 2,791,236 | |||||
49,100 | Newfield Exploration Company, (2) | 1,548,123 | ||||||
8,569 | Occidental Petroleum Corporation | 631,192 | ||||||
37,000 | Suncor Energy, Inc. | 1,358,640 | ||||||
Total Oil, Gas & Consumable Fuels | 16,373,412 | |||||||
Pharmaceuticals – 4.1% | ||||||||
8,165 | Allergan PLC | 1,335,631 | ||||||
46,400 | GlaxoSmithKline PLC, Sponsored ADR | 1,645,808 | ||||||
27,300 | Pfizer Inc. | 988,806 | ||||||
Total Pharmaceuticals | 3,970,245 | |||||||
Semiconductors & Semiconductor Equipment – 4.9% | ||||||||
83,500 | Cypress Semiconductor Corporation | 1,272,540 | ||||||
32,500 | Mellanox Technologies, Limited, (2) | 2,102,750 | ||||||
33,050 | Teradyne Inc. | 1,383,804 | ||||||
Total Semiconductors & Semiconductor Equipment | 4,759,094 | |||||||
Software – 3.1% | ||||||||
63,100 | Oracle Corporation | 2,983,368 | ||||||
Specialty Retail – 1.1% | ||||||||
11,060 | Advance Auto Parts, Inc. | 1,102,571 | ||||||
Total Long-Term Investments (cost $78,977,098) | 96,701,274 | |||||||
Borrowings – (0.3)% | (317,976 | ) | ||||||
Other Assets Less Liabilities – 0.5% | 515,387 | |||||||
Net Assets – 100% | $ | 96,898,685 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
ADR | American Depositary Receipt. |
See accompanying notes to financial statements.
38 | NUVEEN |
Nuveen NWQ Large-Cap Value Fund
Portfolio of Investments | December 31, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||||||
LONG-TERM INVESTMENTS – 98.8% | ||||||||||||||||||
COMMON STOCKS – 98.8% | ||||||||||||||||||
Aerospace & Defense – 2.3% | ||||||||||||||||||
9,530 | Raytheon Company | $ | 1,790,211 | |||||||||||||||
Airlines – 4.1% | ||||||||||||||||||
22,485 | Delta Air Lines, Inc. | 1,259,160 | ||||||||||||||||
29,520 | Southwest Airlines Co. | 1,932,084 | ||||||||||||||||
Total Airlines | 3,191,244 | |||||||||||||||||
Automobiles – 2.4% | ||||||||||||||||||
46,200 | General Motors Company | 1,893,738 | ||||||||||||||||
Banks – 16.4% | ||||||||||||||||||
59,600 | CIT Group Inc. | 2,934,108 | ||||||||||||||||
42,900 | Citigroup Inc. | 3,192,189 | ||||||||||||||||
71,300 | First Horizon National Corporation | 1,425,287 | ||||||||||||||||
62,900 | ING Groep N.V, Sponsored ADR | 1,161,134 | ||||||||||||||||
25,835 | JPMorgan Chase & Co. | 2,762,795 | ||||||||||||||||
19,500 | Wells Fargo & Company | 1,183,065 | ||||||||||||||||
Total Banks | 12,658,578 | |||||||||||||||||
Beverages – 2.4% | ||||||||||||||||||
40,660 | Coca-Cola Company | 1,865,481 | ||||||||||||||||
Biotechnology – 1.1% | ||||||||||||||||||
11,400 | Gilead Sciences, Inc. | 816,696 | ||||||||||||||||
Capital Markets – 2.4% | ||||||||||||||||||
19,000 | State Street Corporation | 1,854,590 | ||||||||||||||||
Chemicals – 2.5% | ||||||||||||||||||
27,000 | DowDuPont, Inc. | 1,922,940 | ||||||||||||||||
Communication Equipment – 1.2% | ||||||||||||||||||
12,450 | ViaSat, Inc., (2) | 931,883 | ||||||||||||||||
Consumer Finance – 6.0% | ||||||||||||||||||
30,100 | Discover Financial Services | 2,315,292 | ||||||||||||||||
59,800 | Synchrony Financial | 2,308,878 | ||||||||||||||||
Total Consumer Finance | 4,624,170 | |||||||||||||||||
Electric Utilities – 2.1% | ||||||||||||||||||
52,000 | FirstEnergy Corp. | 1,592,240 | ||||||||||||||||
Energy Equipment & Services – 1.4% | ||||||||||||||||||
15,900 | Schlumberger Limited | 1,071,501 |
NUVEEN | 39 |
Nuveen NWQ Large-Cap Value Fund (continued)
Portfolio of Investments | December 31, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||||||
Equity Real Estate Investment Trust – 1.8% | ||||||||||||||||||
121,400 | Colony Northstar, Inc. | $ | 1,385,174 | |||||||||||||||
Health Care Equipment & Supplies – 2.4% | ||||||||||||||||||
50,000 | Philips Electronics | 1,890,000 | ||||||||||||||||
Insurance – 8.4% | ||||||||||||||||||
29,830 | American International Group, Inc. | 1,777,271 | ||||||||||||||||
10,500 | AON PLC | 1,407,000 | ||||||||||||||||
17,200 | Loews Corporation | 860,516 | ||||||||||||||||
10,845 | RenaissanceRe Holdings, Limited | 1,362,024 | ||||||||||||||||
19,760 | Unum Group | 1,084,626 | ||||||||||||||||
Total Insurance | 6,491,437 | |||||||||||||||||
Internet Software & Services – 1.7% | ||||||||||||||||||
1,275 | Alphabet Inc., Class A, (2) | 1,343,085 | ||||||||||||||||
IT Services – 2.7% | ||||||||||||||||||
86,900 | First Data Corporation, Class A Shares, (2) | 1,452,099 | ||||||||||||||||
8,850 | PayPal Holdings, Inc., (2) | 651,537 | ||||||||||||||||
Total IT Services | 2,103,636 | |||||||||||||||||
Life Sciences Tools & Services – 0.8% | ||||||||||||||||||
2,500 | Bio-Rad Laboratories Inc., (2) | 596,675 | ||||||||||||||||
Machinery – 4.1% | ||||||||||||||||||
15,400 | Ingersoll Rand Company Limited, Class A | 1,373,526 | ||||||||||||||||
48,400 | Trinity Industries Inc. | 1,813,064 | ||||||||||||||||
Total Machinery | 3,186,590 | |||||||||||||||||
Media – 3.8% | ||||||||||||||||||
42,240 | Interpublic Group of Companies, Inc. | 851,558 | ||||||||||||||||
9,000 | Time Warner Inc. | 823,230 | ||||||||||||||||
40,300 | Viacom Inc., Class B | 1,241,643 | ||||||||||||||||
Total Media | 2,916,431 | |||||||||||||||||
Multiline Retail – 1.2% | ||||||||||||||||||
14,500 | Target Corporation | 946,125 | ||||||||||||||||
Oil, Gas & Consumable Fuels – 14.6% | ||||||||||||||||||
32,425 | Cheniere Energy Inc., (2) | 1,745,762 | ||||||||||||||||
10,700 | Chevron Corporation | 1,339,533 | ||||||||||||||||
58,360 | EQT Corporation | 3,321,851 | ||||||||||||||||
46,500 | Hess Corporation | 2,207,355 | ||||||||||||||||
41,500 | Newfield Exploration Company, (2) | 1,308,495 | ||||||||||||||||
37,000 | Suncor Energy, Inc. | 1,358,640 | ||||||||||||||||
Total Oil, Gas & Consumable Fuels | 11,281,636 |
40 | NUVEEN |
Shares | Description (1) | Value | ||||||||||||||||||
Pharmaceuticals – 5.2% | ||||||||||||||||||||
7,050 | Allergan PLC | $ | 1,153,239 | |||||||||||||||||
51,000 | GlaxoSmithKline PLC, Sponsored ADR | 1,808,970 | ||||||||||||||||||
28,900 | Pfizer Inc. | 1,046,758 | ||||||||||||||||||
Total Pharmaceuticals | 4,008,967 | |||||||||||||||||||
Road & Rail – 1.9% | ||||||||||||||||||||
11,000 | Union Pacific Corporation | 1,475,100 | ||||||||||||||||||
Semiconductors & Semiconductor Equipment – 1.4% | ||||||||||||||||||||
25,535 | Teradyne Inc. | 1,069,150 | ||||||||||||||||||
Software – 3.5% | ||||||||||||||||||||
56,950 | Oracle Corporation | 2,692,596 | ||||||||||||||||||
Specialty Retail – 1.0% | ||||||||||||||||||||
8,000 | Advance Auto Parts, Inc. | 797,520 | ||||||||||||||||||
Total Long-Term Investments (cost $53,332,538) | 76,397,394 | |||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||
SHORT-TERM INVESTMENTS – 1.0% | ||||||||||||||||||||
REPURCHASE AGREEMENTS – 1.0% | ||||||||||||||||||||
$ | 734 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/29/17, repurchase price $733,969, collateralized by $715,000 U.S. Treasury Inflation Indexed Obligations, 0.125%, due 4/15/19, value $750,521 | 0.540% | 1/02/18 | $ | 733,925 | ||||||||||||||
Total Short-Term Investments (cost $733,925) | 733,925 | |||||||||||||||||||
Total Investments (cost $54,066,463) – 99.8% | 77,131,319 | |||||||||||||||||||
Other Assets Less Liabilities – 0.2% | 164,829 | |||||||||||||||||||
Net Assets – 100% | $ | 77,296,148 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
ADR | American Depositary Receipt. |
See accompanying notes to financial statements.
NUVEEN | 41 |
Nuveen NWQ Small/Mid-Cap Value Fund
Portfolio of Investments | December 31, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||||||
LONG-TERM INVESTMENTS – 96.8% | ||||||||||||||||||
COMMON STOCKS – 96.8% | ||||||||||||||||||
Aerospace & Defense – 2.7% | ||||||||||||||||||
7,455 | Astronics Corporation, (2) | $ | 309,159 | |||||||||||||||
6,037 | Orbital ATK, Inc. | 793,865 | ||||||||||||||||
Total Aerospace & Defense | 1,103,024 | |||||||||||||||||
Automobiles – 1.5% | ||||||||||||||||||
11,925 | Harley-Davidson, Inc. | 606,744 | ||||||||||||||||
Banks – 16.3% | ||||||||||||||||||
17,155 | Ameris Bancorp. | 826,871 | ||||||||||||||||
20,230 | CIT Group Inc. | 995,923 | ||||||||||||||||
52,426 | First Horizon National Corporation | 1,047,996 | ||||||||||||||||
6,445 | Heritage Financial Corporation | 198,506 | ||||||||||||||||
12,690 | Pacwest Bancorp. | 639,576 | ||||||||||||||||
4,485 | Texas Capital BancShares, Inc., (2) | 398,716 | ||||||||||||||||
37,430 | The Bank of NT Butterfield and Son Limited | 1,358,335 | ||||||||||||||||
21,190 | Western Alliance Bancorporation, (2) | 1,199,778 | ||||||||||||||||
Total Banks | 6,665,701 | |||||||||||||||||
Building Products – 0.8% | ||||||||||||||||||
7,530 | Apogee Enterprises, Inc. | 344,347 | ||||||||||||||||
Chemicals – 2.2% | ||||||||||||||||||
13,005 | Innospec, Inc. | 918,153 | ||||||||||||||||
Communication Equipment – 5.1% | ||||||||||||||||||
7,370 | Arris International PLC, (2) | 189,335 | ||||||||||||||||
5,657 | Lumentum Holdings Inc., (2) | 276,627 | ||||||||||||||||
145,665 | Mitel Networks Corporation, (2) | 1,198,823 | ||||||||||||||||
5,465 | ViaSat, Inc., (2) | 409,055 | ||||||||||||||||
Total Communication Equipment | 2,073,840 | |||||||||||||||||
Containers & Packaging – 0.5% | ||||||||||||||||||
4,380 | Bemis Company, Inc. | 209,320 | ||||||||||||||||
Electrical Equipment – 1.8% | ||||||||||||||||||
10,595 | EnerSys | 737,730 | ||||||||||||||||
Electronic Equipment, Instruments & Components – 2.9% | ||||||||||||||||||
4,175 | Coherent Inc., (2) | 1,178,268 | ||||||||||||||||
Equity Real Estate Investment Trusts – 3.5% | ||||||||||||||||||
35,110 | Brandywine Realty Trust | 638,651 |
42 | NUVEEN |
Shares | Description (1) | Value | ||||||||||||||||
Equity Real Estate Investment Trusts (continued) | ||||||||||||||||||
55,190 | Ramco-Gershenson Properties Trust | $ | 812,949 | |||||||||||||||
Total Equity Real Estate Investment Trusts | 1,451,600 | |||||||||||||||||
Food Products – 1.3% | ||||||||||||||||||
5,143 | John B Sanfillippo & Son, Inc. | 325,295 | ||||||||||||||||
4,305 | Treehouse Foods Inc., (2) | 212,925 | ||||||||||||||||
Total Food Products | 538,220 | |||||||||||||||||
Health Care Equipment & Supplies – 3.1% | ||||||||||||||||||
18,575 | Globus Medical Inc., Class A, (2) | 763,432 | ||||||||||||||||
6,440 | Livanova PLC, (2) | 514,685 | ||||||||||||||||
Total Health Care Equipment & Supplies | 1,278,117 | |||||||||||||||||
Household Durables – 5.4% | ||||||||||||||||||
34,310 | Taylor Morrison, (2) | 839,566 | ||||||||||||||||
77,570 | Tri Pointe Group, Incorporated, (2) | 1,390,054 | ||||||||||||||||
Total Household Durables | 2,229,620 | |||||||||||||||||
Insurance – 5.4% | ||||||||||||||||||
23,960 | Axis Capital Holdings Limited | 1,204,230 | ||||||||||||||||
3,810 | Reinsurance Group of America Inc. | 594,093 | ||||||||||||||||
11,325 | XL Group Limited | 398,187 | ||||||||||||||||
Total Insurance | 2,196,510 | |||||||||||||||||
IT Services – 0.9% | ||||||||||||||||||
4,355 | Euronet Worldwide, Inc., (2) | 366,996 | ||||||||||||||||
Life Sciences Tools & Services – 3.1% | ||||||||||||||||||
5,255 | Bio-Rad Laboratories Inc., (2) | 1,254,211 | ||||||||||||||||
Machinery – 4.0% | ||||||||||||||||||
19,540 | Albany International Corporation, Class A | 1,200,733 | ||||||||||||||||
2,400 | Snap-on Incorporated | 418,320 | ||||||||||||||||
Total Machinery | 1,619,053 | |||||||||||||||||
Metals & Mining – 4.3% | ||||||||||||||||||
8,240 | Materion Corporation | 400,464 | ||||||||||||||||
15,820 | Reliance Steel & Aluminum Company | 1,357,198 | ||||||||||||||||
Total Metals & Mining | 1,757,662 | |||||||||||||||||
Multiline Retail – 0.8% | ||||||||||||||||||
80,780 | Fred’s Inc. | 327,159 | ||||||||||||||||
Oil, Gas & Consumable Fuels – 12.7% | ||||||||||||||||||
77,880 | Carrizo Oil & Gas, Inc., (2) | 1,657,286 | ||||||||||||||||
30,350 | EQT Corporation | 1,727,522 | ||||||||||||||||
27,775 | Newfield Exploration Company, (2) | 875,746 | ||||||||||||||||
17,925 | PDC Energy Inc., (2) | 923,854 | ||||||||||||||||
Total Oil, Gas & Consumable Fuels | 5,184,408 |
NUVEEN | 43 |
Nuveen NWQ Small/Mid-Cap Value Fund (continued)
Portfolio of Investments | December 31, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||||||||
Paper & Forest Products – 4.4% | ||||||||||||||||||||
23,510 | Boise Cascade Company | $ | 938,049 | |||||||||||||||||
3,975 | Deltic Timber Corporation | 363,911 | ||||||||||||||||||
22,970 | Glatfelter | 492,477 | ||||||||||||||||||
Total Paper & Forest Products | 1,794,437 | |||||||||||||||||||
Semiconductors & Semiconductor Equipment – 10.3% | ||||||||||||||||||||
34,370 | Cypress Semiconductor Corporation | 523,799 | ||||||||||||||||||
117,365 | Lattice Semiconductor Corporation, (2) | 678,370 | ||||||||||||||||||
22,430 | Mellanox Technologies, Limited, (2) | 1,451,221 | ||||||||||||||||||
7,735 | Microsemi Corporation, (2) | 399,513 | ||||||||||||||||||
8,530 | Qorvo Inc., (2) | 568,098 | ||||||||||||||||||
14,540 | Teradyne Inc. | 608,790 | ||||||||||||||||||
Total Semiconductors & Semiconductor Equipment | 4,229,791 | |||||||||||||||||||
Specialty Retail – 2.6% | ||||||||||||||||||||
47,195 | Haverty Furniture Companies Inc. | 1,068,967 | ||||||||||||||||||
Textiles, Apparel & Luxury Goods – 1.2% | ||||||||||||||||||||
5,895 | Deckers Outdoor Corporation, (2) | 473,074 | ||||||||||||||||||
Total Long-Term Investments (cost $30,637,548) | 39,606,952 | |||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||
SHORT-TERM INVESTMENTS – 2.9% | ||||||||||||||||||||
REPURCHASE AGREEMENTS – 2.9% | ||||||||||||||||||||
$ | 1,195 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/29/17, repurchase price $1,195,245, collateralized by $1,165,000 U.S. Treasury Inflation Indexed Obligations, 0.125%, due 4/15/19, value $1,222,877 | 0.540% | 1/02/18 | $ | 1,195,173 | ||||||||||||||
Total Short-Term Investments (cost $1,195,173) | 1,195,173 | |||||||||||||||||||
Total Investments (cost $31,832,721) – 99.7% | 40,802,125 | |||||||||||||||||||
Other Assets Less Liabilities – 0.3% | 140,641 | |||||||||||||||||||
Net Assets – 100% | $ | 40,942,766 |
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.
44 | NUVEEN |
Nuveen NWQ Small-Cap Value Fund
Portfolio of Investments | December 31, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||||||
LONG-TERM INVESTMENTS – 95.7% | ||||||||||||||||||
COMMON STOCKS – 95.7% | ||||||||||||||||||
Aerospace & Defense – 2.5% | ||||||||||||||||||
102,358 | Astronics Corporation, (2) | $ | 4,244,786 | |||||||||||||||
112,420 | Orbital ATK, Inc. | 14,783,230 | ||||||||||||||||
Total Aerospace & Defense | 19,028,016 | |||||||||||||||||
Auto Components – 2.0% | ||||||||||||||||||
667,604 | Stoneridge Inc., (2) | 15,261,427 | ||||||||||||||||
Banks – 19.3% | ||||||||||||||||||
356,095 | Ameris Bancorp. | 17,163,779 | ||||||||||||||||
203,210 | BankUnited Inc. | 8,274,711 | ||||||||||||||||
139,015 | Banner Corporation | 7,662,507 | ||||||||||||||||
469,569 | First Horizon National Corporation | 9,386,684 | ||||||||||||||||
125,930 | Heritage Financial Corporation | 3,878,644 | ||||||||||||||||
316,595 | Hilltop Holdings Inc. | 8,019,351 | ||||||||||||||||
657,170 | Hope Bancorp Inc. | 11,993,352 | ||||||||||||||||
349,715 | Pacwest Bancorp. | 17,625,636 | ||||||||||||||||
91,725 | Texas Capital BancShares, Inc., (2) | 8,154,353 | ||||||||||||||||
686,712 | The Bank of NT Butterfield and Son Limited | 24,920,778 | ||||||||||||||||
547,440 | Western Alliance Bancorporation, (2) | 30,996,053 | ||||||||||||||||
Total Banks | 148,075,848 | |||||||||||||||||
Building Products – 0.8% | ||||||||||||||||||
139,690 | Apogee Enterprises, Inc. | 6,388,024 | ||||||||||||||||
Capital Markets – 0.5% | ||||||||||||||||||
212,180 | B. Riley Financial, Inc. | 3,840,458 | ||||||||||||||||
Communication Equipment – 3.1% | ||||||||||||||||||
2,914,036 | Mitel Networks Corporation, (2) | 23,982,516 | ||||||||||||||||
Containers & Packaging – 0.5% | ||||||||||||||||||
81,350 | Bemis Company, Inc. | 3,887,717 | ||||||||||||||||
Electrical Equipment – 2.0% | ||||||||||||||||||
223,960 | EnerSys | 15,594,335 | ||||||||||||||||
Electronic Equipment, Instruments & Components – 4.3% | ||||||||||||||||||
77,475 | Coherent Inc., (2) | 21,864,995 | ||||||||||||||||
224,233 | Novanta, Inc., (2) | 11,211,650 | ||||||||||||||||
Total Electronic Equipment, Instruments & Components | 33,076,645 | |||||||||||||||||
Equity Real Estate Investment Trusts – 3.6% | ||||||||||||||||||
649,645 | Brandywine Realty Trust | 11,817,043 |
NUVEEN | 45 |
Nuveen NWQ Small-Cap Value Fund (continued)
Portfolio of Investments | December 31, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||||||||||||
Equity Real Estate Investment Trusts (continued) | ||||||||||||||||||
1,086,660 | Ramco-Gershenson Properties Trust | $ | 16,006,502 | |||||||||||||||
Total Equity Real Estate Investment Trusts | 27,823,545 | |||||||||||||||||
Food Products – 4.1% | ||||||||||||||||||
144,261 | John B Sanfillippo & Son, Inc. | 9,124,508 | ||||||||||||||||
1,441,807 | Landec Corporation, (2) | 18,166,768 | ||||||||||||||||
79,700 | Treehouse Foods Inc., (2) | 3,941,962 | ||||||||||||||||
Total Food Products | 31,233,238 | |||||||||||||||||
Health Care Equipment & Supplies – 3.1% | ||||||||||||||||||
356,595 | Globus Medical Inc., Class A, (2) | 14,656,055 | ||||||||||||||||
115,005 | Livanova PLC, (2) | 9,191,200 | ||||||||||||||||
Total Health Care Equipment & Supplies | 23,847,255 | |||||||||||||||||
Household Durables – 8.4% | ||||||||||||||||||
538,423 | Hooker Furniture Corporation | 22,856,056 | ||||||||||||||||
577,410 | Taylor Morrison, (2) | 14,129,223 | ||||||||||||||||
1,520,860 | Tri Pointe Group, Incorporated, (2) | 27,253,811 | ||||||||||||||||
Total Household Durables | 64,239,090 | |||||||||||||||||
Insurance – 2.5% | ||||||||||||||||||
476,165 | Aspen Insurance Holdings Limited | 19,332,299 | ||||||||||||||||
IT Services – 0.8% | ||||||||||||||||||
70,411 | Euronet Worldwide, Inc., (2) | 5,933,535 | ||||||||||||||||
Machinery – 3.2% | ||||||||||||||||||
394,130 | Albany International Corporation, Class A | 24,219,289 | ||||||||||||||||
Metals & Mining – 3.1% | ||||||||||||||||||
134,575 | Kaiser Aluminum Corporation | 14,379,339 | ||||||||||||||||
190,407 | Materion Corporation | 9,253,780 | ||||||||||||||||
Total Metals & Mining | 23,633,119 | |||||||||||||||||
Multiline Retail – 0.5% | ||||||||||||||||||
958,905 | Fred’s Inc. | 3,883,565 | ||||||||||||||||
Oil, Gas & Consumable Fuels – 9.3% | ||||||||||||||||||
1,573,030 | Carrizo Oil & Gas, Inc., (2) | 33,474,078 | ||||||||||||||||
532,945 | PDC Energy Inc., (2) | 27,467,985 | ||||||||||||||||
1,242,872 | SRC Energy Incorporated, (2) | 10,601,698 | ||||||||||||||||
Total Oil, Gas & Consumable Fuels | 71,543,761 | |||||||||||||||||
Paper & Forest Products – 5.8% | ||||||||||||||||||
438,187 | Boise Cascade Company | 17,483,661 | ||||||||||||||||
79,985 | Deltic Timber Corporation | 7,322,627 | ||||||||||||||||
393,034 | Glatfelter | 8,426,649 | ||||||||||||||||
181,675 | Louisiana-Pacific Corporation, (2) | 4,770,786 |
46 | NUVEEN |
Shares | Description (1) | Value | ||||||||||||||||||
Paper & Forest Products (continued) | ||||||||||||||||||||
70,079 | Neenah Paper, Inc. | $ | 6,352,661 | |||||||||||||||||
Total Paper & Forest Products | 44,356,384 | |||||||||||||||||||
Professional Services – 1.5% | ||||||||||||||||||||
489,849 | GP Strategies Corporation, (2) | 11,364,497 | ||||||||||||||||||
Semiconductors & Semiconductor Equipment – 9.0% | ||||||||||||||||||||
475,645 | Entegris Inc. | 14,483,390 | ||||||||||||||||||
462,825 | Integrated Device Technology, Inc., (2) | 13,759,787 | ||||||||||||||||||
2,278,759 | Lattice Semiconductor Corporation, (2) | 13,171,227 | ||||||||||||||||||
424,000 | Mellanox Technologies, Limited, (2) | 27,432,800 | ||||||||||||||||||
Total Semiconductors & Semiconductor Equipment | 68,847,204 | |||||||||||||||||||
Technology Hardware, Storage & Peripherals – 1.5% | ||||||||||||||||||||
475,145 | Cray, Inc., (2) | 11,498,509 | ||||||||||||||||||
Textiles, Apparel & Luxury Goods – 1.1% | ||||||||||||||||||||
109,150 | Deckers Outdoor Corporation, (2) | 8,759,288 | ||||||||||||||||||
Thrifts & Mortgage Finance – 2.7% | ||||||||||||||||||||
706,960 | HomeStreet Inc. | 20,466,492 | ||||||||||||||||||
Trading Companies & Distributors – 0.5% | ||||||||||||||||||||
162,400 | BMC Stock Holdings Inc., (2) | 4,108,720 | ||||||||||||||||||
Total Long-Term Investments (cost $528,663,281) | 734,224,776 | |||||||||||||||||||
Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||||||||||||||||
SHORT-TERM INVESTMENTS – 4.2% | ||||||||||||||||||||
REPURCHASE AGREEMENTS – 4.2% | ||||||||||||||||||||
$ | 32,078 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/29/17, repurchase price $32,080,046, collateralized by $31,175,000 U.S. Treasury Inflation Indexed Obligations, 0.125%, due 4/15/19, value $32,723,774 | 0.540% | 1/02/18 | $ | 32,078,121 | ||||||||||||||
Total Short-Term Investments (cost $32,078,121) | 32,078,121 | |||||||||||||||||||
Total Investments (cost $560,741,402) – 99.9% | 766,302,897 | |||||||||||||||||||
Other Assets Less Liabilities – 0.1% | 384,833 | |||||||||||||||||||
Net Assets – 100% | $ | 766,687,730 |
For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.
(1) | All percentages shown in the Portfolio of Investments are based on net assets. |
(2) | Non-income producing; issuer has not declared a dividend within the past twelve months. |
See accompanying notes to financial statements.
NUVEEN | 47 |
Assets and Liabilities | December 31, 2017 (Unaudited) |
NWQ Global | NWQ International Value | NWQ Multi-Cap Value | NWQ Large-Cap Value | NWQ Small/Mid-Cap Value | NWQ Small-Cap | |||||||||||||||||||
Assets | ||||||||||||||||||||||||
Long-term investments, at value (cost $269,227,288, $215,195,965, $78,977,098, $53,332,538, $30,637,548, and $528,663,281, respectively) | $ | 314,359,720 | $ | 290,284,260 | $ | 96,701,274 | $ | 76,397,394 | $ | 39,606,952 | $ | 734,224,776 | ||||||||||||
Short-term investments, at value (cost approximates value) | — | 4,734,030 | — | 733,925 | 1,195,173 | 32,078,121 | ||||||||||||||||||
Cash denominated in foreign currencies (cost $213,363, $63,773, $—, $—, $— and $—, respectively) | 212,992 | 67,326 | — | — | — | — | ||||||||||||||||||
Cash | 1,195,583 | — | 7,925 | 7,830 | — | — | ||||||||||||||||||
Receivable for: | ||||||||||||||||||||||||
Dividends | 535,572 | 258,653 | 157,486 | 94,578 | 35,072 | 341,677 | ||||||||||||||||||
Interest | 8,040 | 213 | — | 33 | 54 | 1,444 | ||||||||||||||||||
Investments sold | 399,320 | 438 | 591,186 | — | 135,366 | 524,110 | ||||||||||||||||||
Reclaims | 657,046 | 499,710 | 7,834 | 18,827 | — | — | ||||||||||||||||||
Shares sold | 269,229 | 779,546 | 103,172 | 272,278 | 65,633 | 3,227,932 | ||||||||||||||||||
Other assets | 211,439 | 137,284 | 95,368 | 70,541 | 41,588 | 60,807 | ||||||||||||||||||
Total assets | 317,848,941 | 296,761,460 | 97,664,245 | 77,595,406 | 41,079,838 | 770,458,867 | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Borrowings | — | — | 317,976 | — | — | — | ||||||||||||||||||
Payable for: | ||||||||||||||||||||||||
Investments purchased | 189,323 | 113,531 | 75,790 | 38,335 | 5,476 | 1,169,413 | ||||||||||||||||||
Shares redeemed | 2,555,220 | 223,511 | 153,764 | 121,327 | 37,454 | 1,597,588 | ||||||||||||||||||
Accrued expenses: | ||||||||||||||||||||||||
Custodian fees | 142,512 | 81,066 | 20,141 | 19,991 | 21,697 | 55,509 | ||||||||||||||||||
Management fees | 159,392 | 115,497 | 52,829 | 33,635 | 25,537 | 508,147 | ||||||||||||||||||
Professional fees | 33,485 | 12,024 | 7,630 | 7,561 | 7,393 | 12,293 | ||||||||||||||||||
Shareholder reporting expenses | 50,644 | 65,431 | 17,129 | 15,348 | 8,564 | 76,905 | ||||||||||||||||||
Shareholder servicing agent fees | 105,853 | 111,488 | 30,157 | 22,779 | 26,362 | 282,538 | ||||||||||||||||||
Trustees fees | 195,380 | 94,743 | 63,112 | 34,376 | 439 | 25,477 | ||||||||||||||||||
12b-1 distribution and service fees | 97,173 | 16,831 | 26,616 | 5,494 | 3,992 | 41,178 | ||||||||||||||||||
Other | 29,754 | 985 | 416 | 412 | 158 | 2,089 | ||||||||||||||||||
Total liabilities | 3,558,736 | 835,107 | 765,560 | 299,258 | 137,072 | 3,771,137 | ||||||||||||||||||
Net assets | $ | 314,290,205 | $ | 295,926,353 | $ | 96,898,685 | $ | 77,296,148 | $ | 40,942,766 | $ | 766,687,730 |
See accompanying notes to financial statements.
48 | NUVEEN |
NWQ Global | NWQ International Value | NWQ Multi-Cap Value | NWQ Large-Cap Value | NWQ Small/Mid- Cap Value | NWQ Small-Cap Value | |||||||||||||||||||
Class A Shares | ||||||||||||||||||||||||
Net assets | $ | 138,698,556 | $ | 29,077,412 | $ | 31,746,042 | $ | 5,200,254 | $ | 4,700,127 | $ | 84,120,628 | ||||||||||||
Shares outstanding | 4,784,792 | 1,111,874 | 1,022,021 | 776,418 | 137,066 | 1,603,189 | ||||||||||||||||||
Net asset value (“NAV”) per share | $ | 28.99 | $ | 26.15 | $ | 31.06 | $ | 6.70 | $ | 34.29 | $ | 52.47 | ||||||||||||
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $ | 30.76 | $ | 27.75 | $ | 32.95 | $ | 7.11 | $ | 36.38 | $ | 55.67 | ||||||||||||
Class C Shares | ||||||||||||||||||||||||
Net assets | $ | 77,882,348 | $ | 11,904,956 | $ | 23,147,674 | $ | 4,734,446 | $ | 3,105,418 | $ | 22,654,538 | ||||||||||||
Shares outstanding | 2,692,842 | 476,824 | 788,715 | 795,113 | 98,865 | 475,578 | ||||||||||||||||||
NAV and offering price per share | $ | 28.92 | $ | 24.97 | $ | 29.35 | $ | 5.95 | $ | 31.41 | $ | 47.64 | ||||||||||||
Class R3 Shares | ||||||||||||||||||||||||
Net assets | $ | 1,533,807 | $ | 1,562,368 | $ | 120,109 | $ | 81,630 | $ | 792,376 | $ | 8,572,387 | ||||||||||||
Shares outstanding | 53,009 | 59,262 | 3,905 | 12,319 | 23,792 | 165,885 | ||||||||||||||||||
NAV and offering price per share | $ | 28.93 | $ | 26.36 | $ | 30.76 | $ | 6.63 | $ | 33.31 | $ | 51.68 | ||||||||||||
Class R6 Shares | ||||||||||||||||||||||||
Net assets | $ | — | $ | — | $ | — | $ | — | $ | 7,873,368 | $ | 11,701,198 | ||||||||||||
Shares outstanding | — | — | — | — | 226,300 | 215,617 | ||||||||||||||||||
NAV and offering price per share | $ | — | $ | — | $ | — | $ | — | $ | 34.79 | $ | 54.27 | ||||||||||||
Class I Shares | ||||||||||||||||||||||||
Net assets | $ | 96,148,846 | $ | 253,381,617 | $ | 41,884,860 | $ | 67,279,818 | $ | 24,471,477 | $ | 639,638,979 | ||||||||||||
Shares outstanding | 3,315,827 | 9,651,417 | 1,341,826 | 10,012,254 | 705,186 | 11,878,708 | ||||||||||||||||||
NAV and offering price per share | $ | 29.00 | $ | 26.25 | $ | 31.21 | $ | 6.72 | $ | 34.70 | $ | 53.85 | ||||||||||||
Class T Shares(1) | ||||||||||||||||||||||||
Net assets | $ | 26,648 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Shares outstanding | 919 | — | — | — | — | — | ||||||||||||||||||
NAV per share | $ | 29.00 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Offering price per share (NAV per share plus maximum sales charge of 2.50% of offering price) | $ | 29.74 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Net Assets Consist of: | ||||||||||||||||||||||||
Capital paid-in | $ | 514,585,173 | $ | 500,552,693 | $ | 174,890,446 | $ | 47,941,196 | $ | 30,361,811 | $ | 565,002,387 | ||||||||||||
Undistributed (Over-distribution of) net investment income | 699,483 | (3,738,401 | ) | 157,056 | (748,388 | ) | 5,992 | (1,827,177 | ) | |||||||||||||||
Accumulated net realized gain (loss) | (246,153,238 | ) | (276,013,119 | ) | (95,872,993 | ) | 7,038,484 | 1,605,559 | (2,048,975 | ) | ||||||||||||||
Net unrealized appreciation (depreciation) | 45,158,787 | 75,125,180 | 17,724,176 | 23,064,856 | 8,969,404 | 205,561,495 | ||||||||||||||||||
Net Assets | $ | 314,290,205 | $ | 295,926,353 | $ | 96,898,685 | $ | 77,296,148 | $ | 40,942,766 | $ | 766,687,730 | ||||||||||||
Authorized shares - per class | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||||||||
Par value per share | $ | 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 | 49 |
Operations | Six Months Ended December 31, 2017 (Unaudited) |
NWQ Global Equity Income | NWQ International Value | NWQ Multi-Cap Value | NWQ Large-Cap | NWQ Small/Mid-Cap | NWQ Small-Cap Value | |||||||||||||||||||
Investment Income (net of foreign tax withheld of $252,799, $212,711, $2,929, $5,800, $— and $—, respectively) | $ | 6,083,071 | $ | 2,013,529 | $ | 922,049 | $ | 810,247 | $ | 332,810 | $ | 3,726,729 | ||||||||||||
Expenses | ||||||||||||||||||||||||
Management fees | 1,136,600 | 1,047,823 | 338,917 | 273,881 | 221,989 | 2,889,018 | ||||||||||||||||||
12b-1 service fees – Class A Shares | 186,252 | 36,580 | 38,913 | 7,957 | 6,397 | 107,750 | ||||||||||||||||||
12b-1 distribution and service fees – Class C Shares | 401,545 | 59,133 | 115,729 | 26,498 | 15,449 | 113,164 | ||||||||||||||||||
12b-1 distribution and service fees – Class R3 Shares | 4,575 | 3,113 | 812 | 195 | 2,007 | 20,796 | ||||||||||||||||||
12b-1 service fees – Class T Shares(1) | 33 | — | — | — | — | — | ||||||||||||||||||
Shareholder servicing agent fees | 197,970 | 261,056 | 59,220 | 40,035 | 46,960 | 609,631 | ||||||||||||||||||
Custodian fees | 91,232 | 65,290 | 14,416 | 14,184 | 15,469 | 41,699 | ||||||||||||||||||
Trustees fees | 6,135 | 5,391 | 1,654 | 1,479 | 997 | 12,712 | ||||||||||||||||||
Professional fees | 74,400 | 56,911 | 12,434 | 15,327 | 11,171 | 51,032 | ||||||||||||||||||
Shareholder reporting expenses | 39,684 | 74,412 | 19,921 | 18,584 | 11,601 | 90,435 | ||||||||||||||||||
Federal and state registration fees | 60,095 | 39,769 | 27,395 | 28,521 | 35,046 | 49,562 | ||||||||||||||||||
Other | 6,058 | 5,363 | 3,816 | 3,706 | 3,118 | 13,328 | ||||||||||||||||||
Total expenses before fee waiver/expense reimbursement | 2,204,579 | 1,654,841 | 633,227 | 430,367 | 370,204 | 3,999,127 | ||||||||||||||||||
Fee waiver/expense reimbursement | (213,699 | ) | (209,652 | ) | (47,981 | ) | (84,292 | ) | (43,325 | ) | — | |||||||||||||
Net expenses | 1,990,880 | 1,445,189 | 585,246 | 346,075 | 326,879 | 3,999,127 | ||||||||||||||||||
Net investment income (loss) | 4,092,191 | 568,340 | 336,803 | 464,172 | 5,931 | (272,398 | ) | |||||||||||||||||
Realized and Unrealized Gain (Loss) | ||||||||||||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||
Investments and foreign currency | 2,781,012 | (2,107,253 | ) | 4,745,695 | 11,482,536 | 6,097,945 | 27,824,176 | |||||||||||||||||
Options written | 58,088 | — | — | 22,643 | — | — | ||||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 15,823,665 | 24,287,200 | 2,526,782 | (5,355,695 | ) | (1,466,369 | ) | 50,441,527 | ||||||||||||||||
Net realized and unrealized gain (loss) | 18,662,765 | 22,179,947 | 7,272,477 | 6,149,484 | 4,631,576 | 78,265,703 | ||||||||||||||||||
Net increase (decrease) in net assets from operations | $ | 22,754,956 | $ | 22,748,287 | $ | 7,609,280 | $ | 6,613,656 | $ | 4,637,507 | $ | 77,993,305 |
(1) | Class T Shares are not available for public offering. |
See accompanying notes to financial statements.
50 | NUVEEN |
Changes in Net Assets | (Unaudited) |
NWQ Global Equity Income | NWQ International Value Fund | |||||||||||||||||||||||
Six Months Ended 12/31/17 | Year Ended 6/30/17 | Six Months Ended 12/31/17 | Eleven Months Ended 6/30/17 | Year Ended 7/31/16 | ||||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income (loss) | $ | 4,092,191 | $ | 6,267,976 | $ | 568,340 | $ | 4,791,989 | $ | 5,701,259 | ||||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||||||
Investments and foreign currency | 2,781,012 | 3,291,840 | (2,107,253 | ) | 3,571,365 | 6,283,958 | ||||||||||||||||||
Options written | 58,088 | 27,975 | — | — | — | |||||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||||||
Investments and foreign currency | 15,823,665 | 19,388,241 | 24,287,200 | 23,611,993 | (35,780,031 | ) | ||||||||||||||||||
Options written | — | (177 | ) | — | — | — | ||||||||||||||||||
Net increase (decrease) in net assets from operations | 22,754,956 | 28,975,855 | 22,748,287 | 31,975,347 | (23,794,814 | ) | ||||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||||||
From net investment income: | ||||||||||||||||||||||||
Class A Shares | (1,870,584 | ) | (3,236,890 | ) | (824,315 | ) | (502,074 | ) | (469,255 | ) | ||||||||||||||
Class C Shares | (720,052 | ) | (798,444 | ) | (253,731 | ) | (162,884 | ) | (115,850 | ) | ||||||||||||||
Class R3 Shares | (20,812 | ) | (28,497 | ) | (40,527 | ) | (18,421 | ) | (14,657 | ) | ||||||||||||||
Class R6 Shares | — | — | — | — | — | |||||||||||||||||||
Class I Shares | (1,314,499 | ) | (2,505,626 | ) | (7,719,271 | ) | (3,511,140 | ) | (3,331,433 | ) | ||||||||||||||
Class T Shares(1) | (336 | ) | (298 | ) | — | — | — | |||||||||||||||||
From accumulated net realized gains: | ||||||||||||||||||||||||
Class A Shares | — | (4,255 | ) | — | — | — | ||||||||||||||||||
Class C Shares | — | (18 | ) | — | — | — | ||||||||||||||||||
Class R3 Shares | — | (15 | ) | — | — | — | ||||||||||||||||||
Class R6 Shares | — | — | — | — | — | |||||||||||||||||||
Class I Shares | — | (2,469 | ) | — | — | — | ||||||||||||||||||
Class T Shares(1) | — | — | — | — | — | |||||||||||||||||||
Decrease in net assets from distributions to shareholders | (3,926,283 | ) | (6,576,512 | ) | (8,837,844 | ) | (4,194,519 | ) | (3,931,195 | ) | ||||||||||||||
Fund Share Transactions | ||||||||||||||||||||||||
Fund Reorganization | — | 480,357,013 | — | — | — | |||||||||||||||||||
Proceeds from sale of shares | 16,226,027 | 12,918,819 | 29,873,521 | 107,774,490 | 36,102,158 | |||||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 3,624,491 | 4,852,688 | 8,506,835 | 3,985,619 | 3,710,458 | |||||||||||||||||||
19,850,518 | 498,128,520 | 38,380,356 | 111,760,109 | 39,812,616 | ||||||||||||||||||||
Cost of shares redeemed | (52,307,355 | ) | (244,437,943 | ) | (52,750,255 | ) | (71,441,266 | ) | (69,876,235 | ) | ||||||||||||||
Net increase (decrease) in net assets from Fund share transactions | (32,456,837 | ) | 253,690,577 | (14,369,899 | ) | 40,318,843 | (30,063,619 | ) | ||||||||||||||||
Net increase (decrease) in net assets | (13,628,164 | ) | 276,089,920 | (459,456 | ) | 68,099,671 | (57,789,628 | ) | ||||||||||||||||
Net assets at the beginning of period | 327,918,369 | 51,828,449 | 296,385,809 | 228,286,138 | 286,075,766 | |||||||||||||||||||
Net assets at the end of period | $ | 314,290,205 | $ | 327,918,369 | $ | 295,926,353 | $ | 296,385,809 | $ | 228,286,138 | ||||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 699,483 | $ | 533,575 | $ | (3,738,401 | ) | $ | 4,531,103 | $ | 4,004,801 |
(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.
NUVEEN | 51 |
Statement of Changes in Net Assets (Unaudited) (continued)
NWQ Multi-Cap Value | NWQ Large-Cap Value | |||||||||||||||||||
Six Months Ended 12/31/17 | Year Ended 6/30/17 | Six Months Ended 12/31/17 | Year Ended 6/30/17 | |||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 336,803 | $ | 1,497,801 | $ | 464,172 | $ | 1,024,446 | ||||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments and foreign currency | 4,745,695 | 13,258,240 | 11,482,536 | 18,038,466 | ||||||||||||||||
Options written | — | — | 22,643 | 47,687 | ||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments and foreign currency | 2,526,782 | 5,499,023 | (5,355,695 | ) | (975,691 | ) | ||||||||||||||
Options written | — | — | — | — | ||||||||||||||||
Net increase (decrease) in net assets from operations | 7,609,280 | 20,255,064 | 6,613,656 | 18,134,908 | ||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||
From net investment income: | ||||||||||||||||||||
Class A Shares | (553,040 | ) | (219,461 | ) | (104,344 | ) | (110,515 | ) | ||||||||||||
Class C Shares | (243,190 | ) | (28,314 | ) | (56,021 | ) | (37,627 | ) | ||||||||||||
Class R3 Shares | (1,803 | ) | (2,283 | ) | (1,406 | ) | (761 | ) | ||||||||||||
Class R6 Shares | — | — | — | — | ||||||||||||||||
Class I Shares | (822,110 | ) | (445,536 | ) | (1,537,751 | ) | (1,313,646 | ) | ||||||||||||
Class T Shares | — | — | — | — | ||||||||||||||||
From accumulated net realized gains: | ||||||||||||||||||||
Class A Shares | — | — | (1,262,018 | ) | (753,847 | ) | ||||||||||||||
Class C Shares | — | — | (1,106,555 | ) | (586,900 | ) | ||||||||||||||
Class R3 Shares | — | — | (16,287 | ) | (5,861 | ) | ||||||||||||||
Class R6 Shares | — | — | — | — | ||||||||||||||||
Class I Shares | — | — | (13,814,701 | ) | (7,061,405 | ) | ||||||||||||||
Class T Shares | — | — | — | — | ||||||||||||||||
Decrease in net assets from distributions to shareholders | (1,620,143 | ) | (695,594 | ) | (17,899,083 | ) | (9,870,562 | ) | ||||||||||||
Fund Share Transactions | ||||||||||||||||||||
Fund Reorganization | — | — | — | — | ||||||||||||||||
Proceeds from sale of shares | 3,041,547 | 9,440,236 | 2,834,965 | 10,625,608 | ||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 1,473,387 | 635,347 | 17,591,206 | 9,719,910 | ||||||||||||||||
4,514,934 | 10,075,583 | 20,426,171 | 20,345,518 | |||||||||||||||||
Cost of shares redeemed | (9,224,034 | ) | (30,818,525 | ) | (18,396,407 | ) | (51,925,534 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | (4,709,100 | ) | (20,742,942 | ) | 2,029,764 | (31,580,016 | ) | |||||||||||||
Net increase (decrease) in net assets | 1,280,037 | (1,183,472 | ) | (9,255,663 | ) | (23,315,670 | ) | |||||||||||||
Net assets at the beginning of period | 95,618,648 | 96,802,120 | 86,551,811 | 109,867,481 | ||||||||||||||||
Net assets at the end of period | $ | 96,898,685 | $ | 95,618,648 | $ | 77,296,148 | $ | 86,551,811 | ||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 157,056 | $ | 1,440,396 | $ | (748,388 | ) | $ | 486,962 |
See accompanying notes to financial statements.
52 | NUVEEN |
NWQ Small/Mid-Cap Value | NWQ Small-Cap Value | |||||||||||||||||||
Six Months Ended 12/31/17 | Year Ended 6/30/17 | Six Months Ended 12/31/17 | Year Ended 6/30/17 | |||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income (loss) | $ | 5,931 | $ | 87,219 | $ | (272,398 | ) | $ | (1,319,214 | ) | ||||||||||
Net realized gain (loss) from: | ||||||||||||||||||||
Investments and foreign currency | 6,097,945 | 4,575,184 | 27,824,176 | 23,000,763 | ||||||||||||||||
Options written | — | — | — | — | ||||||||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investments and foreign currency | (1,466,369 | ) | 5,395,629 | 50,441,527 | 99,951,099 | |||||||||||||||
Options written | — | — | — | — | ||||||||||||||||
Net increase (decrease) in net assets from operations | 4,637,507 | 10,058,032 | 77,993,305 | 121,632,648 | ||||||||||||||||
Distributions to Shareholders | ||||||||||||||||||||
From net investment income: | ||||||||||||||||||||
Class A Shares | (1,679 | ) | — | — | — | |||||||||||||||
Class C Shares | — | — | — | — | ||||||||||||||||
Class R3 Shares | — | — | — | — | ||||||||||||||||
Class R6 Shares | (21,985 | ) | — | — | — | |||||||||||||||
Class I Shares | (68,753 | ) | — | — | — | |||||||||||||||
Class T Shares | — | — | — | — | ||||||||||||||||
From accumulated net realized gains: | ||||||||||||||||||||
Class A Shares | (227,707 | ) | — | (3,334,685 | ) | (2,681,275 | ) | |||||||||||||
Class C Shares | (163,839 | ) | — | (971,227 | ) | (776,193 | ) | |||||||||||||
Class R3 Shares | (38,756 | ) | — | (337,272 | ) | (257,714 | ) | |||||||||||||
Class R6 Shares | (378,365 | ) | — | (453,000 | ) | (293,735 | ) | |||||||||||||
Class I Shares | (2,091,343 | ) | — | (24,048,800 | ) | (15,030,334 | ) | |||||||||||||
Class T Shares | — | — | — | — | ||||||||||||||||
Decrease in net assets from distributions to shareholders | (2,992,427 | ) | — | (29,144,984 | ) | (19,039,251 | ) | |||||||||||||
Fund Share Transactions | ||||||||||||||||||||
Fund Reorganization | — | — | — | — | ||||||||||||||||
Proceeds from sale of shares | 8,408,099 | 28,845,608 | 82,994,075 | 204,302,241 | ||||||||||||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 2,935,613 | — | 27,737,831 | 17,939,441 | ||||||||||||||||
11,343,712 | 28,845,608 | 110,731,906 | 222,241,682 | |||||||||||||||||
Cost of shares redeemed | (32,097,172 | ) | (32,577,622 | ) | (105,963,150 | ) | (211,243,992 | ) | ||||||||||||
Net increase (decrease) in net assets from Fund share transactions | (20,753,460 | ) | (3,732,014 | ) | 4,768,756 | 10,997,690 | ||||||||||||||
Net increase (decrease) in net assets | (19,108,380 | ) | 6,326,018 | 53,617,077 | 113,591,087 | |||||||||||||||
Net assets at the beginning of period | 60,051,146 | 53,725,128 | 713,070,653 | 599,479,566 | ||||||||||||||||
Net assets at the end of period | $ | 40,942,766 | $ | 60,051,146 | $ | 766,687,730 | $ | 713,070,653 | ||||||||||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 5,992 | $ | 92,478 | $ | (1,827,177 | ) | $ | (1,554,779 | ) |
See accompanying notes to financial statements.
NUVEEN | 53 |
Highlights (Unaudited)
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) | ||||||||||||||||||||||||||||||||||||
2018(g) | $ | 27.34 | $ | 0.38 | $ | 1.64 | $ | 2.02 | $ | (0.37 | ) | $ | — | $ | (0.37 | ) | $ | 28.99 | ||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2018(g) | 27.28 | 0.27 | 1.63 | 1.90 | (0.26 | ) | — | (0.26 | ) | 28.92 | ||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2018(g) | 27.30 | 0.34 | 1.62 | 1.96 | (0.33 | ) | — | (0.33 | ) | 28.93 | ||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2018(g) | 27.35 | 0.40 | 1.65 | 2.05 | (0.40 | ) | — | (0.40 | ) | 29.00 | ||||||||||||||||||||||||||
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 (05/17)(e) | ||||||||||||||||||||||||||||||||||||
2018(g) | 27.35 | 0.37 | 1.65 | 2.02 | (0.37 | ) | — | (0.37 | ) | 29.00 | ||||||||||||||||||||||||||
2017(f) | 27.21 | 0.06 | 0.40 | 0.46 | (0.32 | ) | — | (0.32 | ) | 27.35 |
54 | 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) | ||||||||||||||||||||||||||||
7.40 | % | $ | 138,699 | 1.24 | %* | 2.52 | %* | 1.11 | %* | 2.66 | %* | 15 | % | |||||||||||||||||||||
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 | |||||||||||||||||||||||||||
6.98 | 77,882 | 1.99 | * | 1.75 | * | 1.86 | * | 1.89 | * | 15 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
7.24 | 1,534 | 1.49 | * | 2.29 | * | 1.36 | * | 2.42 | * | 15 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
7.53 | 96,149 | 0.99 | * | 2.71 | * | 0.86 | * | 2.84 | * | 15 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
7.35 | 27 | 1.25 | * | 2.48 | * | 1.11 | * | 2.62 | * | 15 | ||||||||||||||||||||||||
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. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(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. |
(g) | For the six months ended December 31, 2017. |
* | Annualized. |
** | Rounds to less than $0.01 per share. |
See accompanying notes to financial statements.
NUVEEN | 55 |
Financial Highlights (Unaudited) (continued)
NWQ International Value
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||||||
Class (Commencement Date) | 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: | ||||||||||||||||||||||||||||||||||||||||
2018(g) | $ | 24.91 | $ | 0.03 | $ | 1.96 | $ | 1.99 | $ | (0.75 | ) | $ | — | $ | (0.75 | ) | $ | — | $ | 26.15 | ||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||
2018(g) | 23.70 | (0.07 | ) | 1.88 | 1.81 | (0.54 | ) | — | (0.54 | ) | — | 24.97 | ||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||
2018(g) | 25.08 | — | ** | 1.98 | 1.98 | (0.70 | ) | — | (0.70 | ) | — | 26.36 | ||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||
2018(g) | 25.03 | 0.06 | 1.98 | 2.04 | (0.82 | ) | — | (0.82 | ) | — | 26.25 | |||||||||||||||||||||||||||||
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 |
56 | 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) | ||||||||||||||||||||||||||||
8.01 | % | $ | 29,077 | 1.29 | %* | 0.06 | %* | 1.15 | %* | 0.20 | %* | 7 | % | |||||||||||||||||||||
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 | |||||||||||||||||||||||||||
7.64 | 11,905 | 2.04 | * | (0.69 | )* | 1.90 | * | (0.55 | )* | 7 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
7.88 | 1,562 | 1.55 | * | (0.17 | )* | 1.40 | * | (0.03 | )* | 7 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
8.15 | 253,382 | 1.04 | * | 0.31 | * | 0.90 | * | 0.45 | * | 7 | ||||||||||||||||||||||||
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. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(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. |
(g) | For the six months ended December 31, 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 | 57 |
Financial Highlights (Unaudited) (continued)
NWQ Multi-Cap Value
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended June 30, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||||
Class A (12/02) | ||||||||||||||||||||||||||||||||||||
2018(e) | $ | 29.15 | $ | 0.12 | $ | 2.34 | $ | 2.46 | $ | (0.55 | ) | $ | — | $ | (0.55 | ) | $ | 31.06 | ||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2018(e) | 27.46 | — | ** | 2.20 | 2.20 | (0.31 | ) | — | (0.31 | ) | 29.35 | |||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2018(e) | 28.84 | 0.06 | 2.33 | 2.39 | (0.47 | ) | — | (0.47 | ) | 30.76 | ||||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2018(e) | 29.33 | 0.16 | 2.34 | 2.50 | (0.62 | ) | — | (0.62 | ) | 31.21 | ||||||||||||||||||||||||||
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 |
58 | 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) | ||||||||||||||||||||||||||||||||
8.41 | % | $ | 31,746 | 1.25 | %* | 0.68 | %* | 1.15 | %* | 0.78 | %* | 15 | % | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
8.01 | 23,148 | 2.00 | * | (0.07 | )* | 1.90 | * | 0.03 | * | 15 | ||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||
8.27 | 120 | 1.50 | * | 0.33 | * | 1.40 | * | 0.43 | * | 15 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
8.52 | 41,885 | 1.00 | * | 0.93 | * | 0.90 | * | 1.03 | * | 15 | ||||||||||||||||||||||||||||
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. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(e) | For the six months ended December 31, 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 | 59 |
Financial Highlights (Unaudited) (continued)
NWQ Large-Cap Value
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended June 30, | Beginning NAV | Net (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Net Realized | Total | Ending NAV | ||||||||||||||||||||||||||||
Class A (12/06) | ||||||||||||||||||||||||||||||||||||
2018(e) | $ | 7.88 | $ | 0.04 | $ | 0.61 | $ | 0.65 | $ | (0.14 | ) | $ | (1.69 | ) | $ | (1.83 | ) | $ | 6.70 | |||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2018(e) | 7.16 | 0.01 | 0.54 | 0.55 | (0.07 | ) | (1.69 | ) | (1.76 | ) | 5.95 | |||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2018(e) | 7.80 | 0.03 | 0.61 | 0.64 | (0.12 | ) | (1.69 | ) | (1.81 | ) | 6.63 | |||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2018(e) | 7.91 | 0.05 | 0.61 | 0.66 | (0.16 | ) | (1.69 | ) | (1.85 | ) | 6.72 | |||||||||||||||||||||||||
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 |
60 | 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) | ||||||||||||||||||||||||||||
8.38 | % | $ | 5,200 | 1.20 | %* | 0.73 | %* | 1.00 | %* | 0.93 | %* | 26 | % | |||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
7.86 | 4,734 | 1.95 | * | — | ** | 1.75 | * | 0.20 | * | 26 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
8.33 | 82 | 1.46 | * | 0.51 | * | 1.25 | * | 0.71 | * | 26 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
8.48 | 67,280 | 0.95 | * | 1.00 | * | 0.75 | * | 1.20 | * | 26 | ||||||||||||||||||||||||
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. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(e) | For the six months ended December 31, 2017. |
* | Annualized. |
** | Rounds to less than 0.01% annualized. |
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 | 61 |
Financial Highlights (Unaudited) (continued)
NWQ Small/Mid-Cap Value
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended June 30, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||||
Class A (12/06) |
| |||||||||||||||||||||||||||||||||||
2018(f) | $ | 33.23 | $ | (0.03 | ) | $ | 2.83 | $ | 2.80 | $ | (0.01 | ) | $ | (1.73 | ) | $ | (1.74 | ) | $ | 34.29 | ||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||||||
2018(f) | 30.68 | (0.14 | ) | 2.60 | 2.46 | — | (1.73 | ) | (1.73 | ) | 31.41 | |||||||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||||||
2018(f) | 32.35 | (0.07 | ) | 2.76 | 2.69 | — | (1.73 | ) | (1.73 | ) | 33.31 | |||||||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||||||
2018(f) | 33.70 | 0.05 | 2.87 | 2.92 | (0.10 | ) | (1.73 | ) | (1.83 | ) | 34.79 | |||||||||||||||||||||||||
2017 | 28.05 | (0.08 | ) | 5.73 | 5.65 | — | — | — | 33.70 | |||||||||||||||||||||||||||
2016(e) | 28.05 | — | — | — | — | — | — | 28.05 | ||||||||||||||||||||||||||||
Class I (12/06) |
| |||||||||||||||||||||||||||||||||||
2018(f) | 33.65 | 0.01 | 2.87 | 2.88 | (0.10 | ) | (1.73 | ) | (1.83 | ) | 34.70 | |||||||||||||||||||||||||
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 |
62 | 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) | ||||||||||||||||||||||||||||
8.50 | % | $ | 4,700 | 1.46 | %** | (0.30 | )%** | 1.31 | %** | (0.15 | )%** | 15 | % | |||||||||||||||||||||
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 | ||||||||||||||||||||||||||
8.09 | 3,105 | 2.21 | ** | (1.05 | )** | 2.06 | ** | (0.90 | )** | 15 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
8.39 | 792 | 1.71 | ** | (0.56 | )** | 1.56 | ** | (0.41 | )** | 15 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
8.73 | 7,873 | 1.04 | ** | 0.13 | ** | 0.88 | ** | 0.29 | ** | 15 | ||||||||||||||||||||||||
20.14 | 5,820 | 1.05 | (0.39 | ) | 0.90 | (0.24 | ) | 88 | ||||||||||||||||||||||||||
— | 25 | — | — | — | — | — | ||||||||||||||||||||||||||||
8.62 | 24,471 | 1.21 | ** | (0.08 | )** | 1.06 | ** | 0.07 | ** | 15 | ||||||||||||||||||||||||
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. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(e) | Class R6 Shares commenced operations at the close of business on June 30, 2016. |
(f) | For the six months ended December 31, 2017. |
* | Rounds to less than $0.01 per share. |
** | Annualized. |
See accompanying notes to financial statements.
NUVEEN | 63 |
Financial Highlights (Unaudited) (continued)
NWQ Small-Cap Value
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended June 30, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||||
Class A (12/04) |
| |||||||||||||||||||||||||||||||||||
2018(f) | $ | 49.16 | $ | (0.07 | ) | $ | 5.49 | $ | 5.42 | $ | — | $ | (2.11 | ) | $ | (2.11 | ) | $ | 52.47 | |||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||||||
2018(f) | 44.98 | (0.23 | ) | 5.00 | 4.77 | — | (2.11 | ) | (2.11 | ) | 47.64 | |||||||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||||||
2018(f) | 48.51 | (0.07 | ) | 5.35 | 5.28 | — | (2.11 | ) | (2.11 | ) | 51.68 | |||||||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||||||
2018(f) | 50.67 | (0.01 | ) | 5.72 | 5.71 | — | (2.11 | ) | (2.11 | ) | 54.27 | |||||||||||||||||||||||||
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) |
| |||||||||||||||||||||||||||||||||||
2018(f) | 50.34 | — | * | 5.62 | 5.62 | — | (2.11 | ) | (2.11 | ) | 53.85 | |||||||||||||||||||||||||
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 |
64 | 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) | ||||||||||||||||||||||
11.08 | % | $ | 84,121 | 1.28 | %** | (0.27 | )%** | 27 | % | |||||||||||||||||
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 | |||||||||||||||||||||
10.66 | 22,655 | 2.03 | ** | (1.01 | )** | 27 | ||||||||||||||||||||
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 | |||||||||||||||||||||
10.94 | 8,572 | 1.53 | ** | (0.27 | )** | 27 | ||||||||||||||||||||
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 | |||||||||||||||||||||
11.32 | 11,701 | 0.86 | ** | (0.05 | )** | 27 | ||||||||||||||||||||
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 | ||||||||||||||||||||
11.21 | 639,639 | 1.03 | ** | (0.01 | )** | 27 | ||||||||||||||||||||
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. |
(f) | For the six months ended December 31, 2017. |
* | Rounds to less than $0.01 per share. |
** | Annualized. |
See accompanying notes to financial statements.
NUVEEN | 65 |
Financial Statements (Unaudited)
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 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.
The end of the reporting period for the Funds is December 31, 2017, and the period covered by these Notes to Financial Statements is the six months ended December 31, 2017 (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 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.
The Funds’ most recent prospectus provides further descriptions of each Fund’s investment objective, principal investment strategies and principal risks.
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. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. 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
66 | NUVEEN |
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.
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
Neither Trust pays 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 Funds’ Board of Trustees (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.
Indemnifications
Under each Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to each Trust. In addition, in the normal course of business, each Trust enters into contracts that provide general indemnifications to other parties. Each Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred. However, each 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.
NUVEEN | 67 |
Notes to Financial Statements (Unaudited) (continued)
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.
Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.
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.
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
68 | NUVEEN |
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 Equity Income | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 148,583,994 | $ | 153,765,282 | ** | $ | 26 | *** | $ | 302,349,302 | ||||||
Structured Notes | — | 6,413,304 | — | 6,413,304 | ||||||||||||
$1,000 Par (or similar) Institutional Preferred | — | 2,674,040 | — | 2,674,040 | ||||||||||||
Convertible Preferred Securities | — | 2,125,200 | ** | — | 2,125,200 | |||||||||||
$25 Par (or similar) Retail Preferred | 797,874 | — | — | 797,874 | ||||||||||||
Total | $ | 149,381,868 | $ | 164,977,826 | $ | 26 | $ | 314,359,720 | ||||||||
NWQ International Value | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 89,785,101 | $ | 200,499,159 | ** | $ | — | $ | 290,284,260 | |||||||
Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 4,734,030 | — | 4,734,030 | ||||||||||||
Total | $ | 89,785,101 | $ | 205,233,189 | $ | — | $ | 295,018,290 | ||||||||
NWQ Multi-Cap Value | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 96,701,274 | $ | — | $ | — | $ | 96,701,274 | ||||||||
NWQ Large-Cap Value | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 76,397,394 | $ | — | $ | — | $ | 76,397,394 | ||||||||
Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 733,925 | — | 733,925 | ||||||||||||
Total | $ | 76,397,394 | $ | 733,925 | — | $ | 77,131,319 | |||||||||
NWQ Small/Mid-Cap Value | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 39,606,952 | $ | — | $ | — | $ | 39,606,952 | ||||||||
Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 1,195,173 | — | 1,195,173 | ||||||||||||
Total | $ | 39,606,952 | $ | 1,195,173 | $ | — | $ | 40,802,125 | ||||||||
NWQ Small-Cap Value | ||||||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 734,224,776 | $ | — | $ | — | $ | 734,224,776 | ||||||||
Short-Term Investments: | ||||||||||||||||
Repurchase Agreements | — | 32,078,121 | — | 32,078,121 | ||||||||||||
Total | $ | 734,224,776 | $ | 32,078,121 | $ | — | $ | 766,302,897 |
* | 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. |
NUVEEN | 69 |
Notes to Financial Statements (Unaudited) (continued)
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 Equity Income | ||||||||||||||||||||||||||||||||
Common Stock | $ | 3,574,616 | $ | (4,865,991 | ) | $ | 4,865,991 | $ | (3,574,616 | ) | $ | — | $ | — | ||||||||||||||||||
NWQ International Value | ||||||||||||||||||||||||||||||||
Common Stock | $ | 7,459,763 | $ | (7,477,903 | ) | $ | 7,477,903 | $ | (7,459,763 | ) | $ | — | $ | — |
The Board is responsible for the valuation process and has appointed the oversight of the daily valuation process to the Adviser’s Valuation Committee. The Valuation Committee, pursuant to the valuation policies and procedures adopted by the Board, is responsible for making fair value determinations, evaluating the effectiveness of the Funds’ pricing policies and reporting to the Board. The Valuation Committee is aided in its efforts by the Adviser’s dedicated Securities Valuation Team, which is responsible for administering the daily valuation process and applying fair value methodologies as approved by the Valuation Committee. When determining the reliability of the pricing service for investments owned by the Funds, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
(i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
(ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Foreign Currency Transactions
To the extent that the Funds may invest in securities and/or contracts that are denominated in a currency other than U.S. dollars, the Funds 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 Funds’ 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.
70 | NUVEEN |
As of the end of the reporting period, the following Funds’ investments in non-U.S. securities were as follows:
NWQ Global Equity Income | Value | % of Net Assets | ||||||
Country: | ||||||||
Germany | $ | 34,309,359 | 10.9 | % | ||||
United Kingdom | 26,253,123 | 8.4 | ||||||
Japan | 17,815,930 | 5.7 | ||||||
Netherlands | 17,744,219 | 5.6 | ||||||
Ireland | 16,150,558 | 5.1 | ||||||
France | 14,532,850 | 4.6 | ||||||
Switzerland | 11,025,699 | 3.5 | ||||||
Bermuda | 9,185,930 | 2.9 | ||||||
Spain | 8,768,081 | 2.8 | ||||||
Other | 30,999,918 | 9.9 | ||||||
Total non-U.S. securities | $ | 186,785,667 | 59.4 | % | ||||
NWQ International Value | ||||||||
Country: | ||||||||
Japan | $ | 66,288,774 | 22.4 | % | ||||
Netherlands | 36,206,586 | 12.2 | ||||||
United Kingdom | 23,912,089 | 8.1 | ||||||
France | 22,643,374 | 7.7 | ||||||
Germany | 20,116,225 | 6.8 | ||||||
Switzerland | 15,780,913 | 5.3 | ||||||
South Korea | 14,833,111 | 5.0 | ||||||
Denmark | 12,817,521 | 4.3 | ||||||
Belgium | 12,330,754 | 4.2 | ||||||
Other | 49,008,761 | 16.6 | ||||||
Total non-U.S. securities | $ | 273,938,108 | 92.6 | % |
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 | $ | 4,734,030 | $ | (4,734,030 | ) | $ | — | ||||||
NWQ Large-Cap Value | Fixed Income Clearing Corporation | 733,925 | (733,925 | ) | — | |||||||||
NWQ Small/Mid-Cap Value | Fixed Income Clearing Corporation | 1,195,173 | (1,195,173 | ) | — | |||||||||
NWQ Small-Cap Value | Fixed Income Clearing Corporation | 32,078,121 | (32,078,121 | ) | — |
* | 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. |
NUVEEN | 71 |
Notes to Financial Statements (Unaudited) (continued)
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* | $ | — | $ | — |
* | The average notional amount is calculated based on the outstanding notional at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period. |
** | NWQ Global Equity Income and NWQ Large-Cap Value did not write any call options at the beginning of the fiscal period and at the end of each fiscal quarter within the current fiscal period. |
The following table presents the amount of net realized gain (loss) and change in net unrealized appreciation (depreciation) recognized on options written on the Statement of Operations during the current fiscal period, and the primary underlying risk exposure.
Fund | Underlying Risk Exposure | Derivative Instrument | Net Realized Gain (Loss) from Options Written | Change in Net Unrealized Appreciation (Depreciation) of Options Written | ||||||||
NWQ Global Equity Income | Equity price | Options written | $ | 58,088 | $ | — | ||||||
NWQ Large-Cap Value | Equity price | Options written | 22,643 | — |
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
Each Fund has 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.
72 | NUVEEN |
Transactions in Fund shares during the current and prior fiscal period were as follows:
Six Months Ended 12/31/17 | Year Ended 6/30/17 | |||||||||||||||||||||||
NWQ Global Equity Income | Shares | Amount | Shares | Amount | ||||||||||||||||||||
Shares issued in the Reorganization | ||||||||||||||||||||||||
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 | 105,314 | 2,984,992 | 93,830 | 2,445,753 | ||||||||||||||||||||
Class C | 11,069 | 313,259 | 1,552 | 44,659 | ||||||||||||||||||||
Class R3 | 3,214 | 90,516 | 3,868 | 104,703 | ||||||||||||||||||||
Class I | 456,302 | 12,837,260 | 385,367 | 10,298,704 | ||||||||||||||||||||
Class T | — | — | 919 | 25,000 | ||||||||||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||||||||||
Class A | 59,812 | 1,705,269 | 111,908 | 2,988,324 | ||||||||||||||||||||
Class C | 22,622 | 642,523 | 25,891 | 706,238 | ||||||||||||||||||||
Class R3 | 379 | 10,781 | 375 | 10,228 | ||||||||||||||||||||
Class I | 44,341 | 1,265,918 | 42,170 | 1,147,898 | ||||||||||||||||||||
Class T | — | — | — | — | ||||||||||||||||||||
703,053 | 19,850,518 | 19,453,202 | 498,128,520 | |||||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (961,535 | ) | (27,153,597 | ) | (6,792,133 | ) | (170,913,684 | ) | ||||||||||||||||
Class C | (325,756 | ) | (9,147,456 | ) | (256,545 | ) | (6,876,558 | ) | ||||||||||||||||
Class R3 | (21,144 | ) | (599,571 | ) | (14,559 | ) | (383,853 | ) | ||||||||||||||||
Class I | (545,634 | ) | (15,406,731 | ) | (2,508,944 | ) | (66,263,848 | ) | ||||||||||||||||
Class T | — | — | — | — | ||||||||||||||||||||
(1,854,069 | ) | (52,307,355 | ) | (9,572,181 | ) | (244,437,943 | ) | |||||||||||||||||
Net increase (decrease) | (1,151,016 | ) | $ | (32,456,837 | ) | 9,881,021 | $ | 253,690,577 | ||||||||||||||||
Six Months Ended 12/31/17 | Eleven Months Ended 6/30/17 | Year Ended 6/30/16 | ||||||||||||||||||||||
NWQ International Value | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||
Shares sold | ||||||||||||||||||||||||
Class A | 129,233 | $ | 3,322,727 | 268,637 | $ | 6,385,694 | 253,721 | $ | 5,665,765 | |||||||||||||||
Class C | 23,318 | 567,457 | 19,361 | 441,754 | 32,205 | 686,208 | ||||||||||||||||||
Class R3 | 21,358 | 558,078 | 12,427 | 290,150 | 26,617 | 587,536 | ||||||||||||||||||
Class I | 985,283 | 25,425,259 | 4,196,580 | 100,656,892 | 1,318,041 | 29,162,649 | ||||||||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||||||||||
Class A | 25,075 | 656,226 | 18,963 | 422,304 | 17,674 | 398,190 | ||||||||||||||||||
Class C | 9,108 | 227,615 | 5,738 | 122,039 | 3,997 | 86,019 | ||||||||||||||||||
Class R3 | 802 | 21,154 | 507 | 11,387 | 431 | 9,802 | ||||||||||||||||||
Class I | 289,374 | 7,601,840 | 153,463 | 3,429,889 | 142,257 | 3,216,447 | ||||||||||||||||||
1,483,551 | 38,380,356 | 4,675,676 | 111,760,109 | 1,794,943 | 39,812,616 | |||||||||||||||||||
Shares redeemed: | ||||||||||||||||||||||||
Class A | (186,197 | ) | (4,796,599 | ) | (539,062 | ) | (12,430,909 | ) | (404,427 | ) | (8,918,931 | ) | ||||||||||||
Class C | (48,691 | ) | (1,187,204 | ) | (297,745 | ) | (6,684,808 | ) | (218,621 | ) | (4,619,890 | ) | ||||||||||||
Class R3 | (6,543 | ) | (170,777 | ) | (31,780 | ) | (742,753 | ) | (19,146 | ) | (423,100 | ) | ||||||||||||
Class I | (1,814,541 | ) | (46,595,675 | ) | (2,205,832 | ) | (51,582,796 | ) | (2,513,986 | ) | (55,914,314 | ) | ||||||||||||
(2,055,972 | ) | (52,750,255 | ) | (3,074,419 | ) | (71,441,266 | ) | (3,156,180 | ) | (69,876,235 | ) | |||||||||||||
Net increase (decrease) | (572,421 | ) | $ | (14,369,899 | ) | 1,601,257 | $ | 40,318,843 | (1,361,237 | ) | $ | (30,063,619 | ) |
NUVEEN | 73 |
Notes to Financial Statements (Unaudited) (continued)
Six Months Ended 12/31/17 | Year Ended 6/30/17 | |||||||||||||||
NWQ Multi-Cap Value | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 15,278 | $ | 460,884 | 134,330 | $ | 3,737,175 | ||||||||||
Class C | 3,116 | 89,060 | 27,213 | 690,844 | ||||||||||||
Class R3 | 658 | 19,607 | 7,940 | 198,648 | ||||||||||||
Class I | 82,051 | 2,471,996 | 178,302 | 4,813,569 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 14,850 | 464,368 | 7,471 | 199,920 | ||||||||||||
Class C | 7,963 | 235,319 | 964 | 24,386 | ||||||||||||
Class R3 | — | — | 31 | 813 | ||||||||||||
Class I | 24,625 | 773,700 | 15,256 | 410,228 | ||||||||||||
148,541 | 4,514,934 | 371,507 | 10,075,583 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (69,850 | ) | (2,098,634 | ) | (205,708 | ) | (5,440,684 | ) | ||||||||
Class C | (83,661 | ) | (2,330,448 | ) | (343,246 | ) | (8,799,833 | ) | ||||||||
Class R3 | (7,769 | ) | (242,669 | ) | (5,681 | ) | (158,416 | ) | ||||||||
Class I | (152,394 | ) | (4,552,283 | ) | (608,883 | ) | (16,419,592 | ) | ||||||||
(313,674 | ) | (9,224,034 | ) | (1,163,518 | ) | (30,818,525 | ) | |||||||||
Net increase (decrease) | (165,133 | ) | $ | (4,709,100 | ) | (792,011 | ) | $ | (20,742,942 | ) | ||||||
Six Months Ended 12/31/17 | Year Ended 6/30/17 | |||||||||||||||
NWQ Large-Cap Value | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 105,848 | $ | 842,712 | 337,294 | $ | 2,643,725 | ||||||||||
Class C | 20,566 | 134,990 | 96,315 | 682,773 | ||||||||||||
Class R3 | 54 | 427 | 182 | 1,380 | ||||||||||||
Class I | 250,089 | 1,856,836 | 950,888 | 7,297,730 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 189,266 | 1,279,151 | 108,481 | 825,020 | ||||||||||||
Class C | 184,604 | 1,100,509 | 86,687 | 598,374 | ||||||||||||
Class R3 | 2,653 | 17,693 | 880 | 6,622 | ||||||||||||
Class I | 2,235,717 | 15,193,853 | 1,086,784 | 8,289,894 | ||||||||||||
2,988,797 | 20,426,171 | 2,667,511 | 20,345,518 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (340,289 | ) | (2,532,299 | ) | (1,034,207 | ) | (7,955,410 | ) | ||||||||
Class C | (199,516 | ) | (1,388,021 | ) | (295,499 | ) | (2,041,192 | ) | ||||||||
Class R3 | (2 | ) | (12 | ) | (54 | ) | (399 | ) | ||||||||
Class I | (1,875,830 | ) | (14,476,075 | ) | (5,463,811 | ) | (41,928,533 | ) | ||||||||
(2,415,637 | ) | (18,396,407 | ) | (6,793,571 | ) | (51,925,534 | ) | |||||||||
Net increase (decrease) | 573,160 | $ | 2,029,764 | (4,126,060 | ) | $ | (31,580,016 | ) |
74 | NUVEEN |
Six Months Ended 12/31/17 | Year Ended 6/30/17 | |||||||||||||||
NWQ Small/Mid-Cap Value | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 7,786 | $ | 262,348 | 104,236 | $ | 3,446,128 | ||||||||||
Class C | 1,936 | 59,635 | 19,510 | 573,232 | ||||||||||||
Class R3 | 1,281 | 42,195 | 4,818 | 148,976 | ||||||||||||
Class R6 | 110,093 | 3,748,015 | 213,692 | 7,211,773 | ||||||||||||
Class I | 124,781 | 4,295,906 | 534,801 | 17,465,499 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 5,761 | 195,104 | — | — | ||||||||||||
Class C | 5,012 | 155,425 | — | — | ||||||||||||
Class R3 | 830 | 27,306 | — | — | ||||||||||||
Class R6 | 11,569 | 398,721 | — | — | ||||||||||||
Class I | 62,826 | 2,159,057 | — | — | ||||||||||||
331,875 | 11,343,712 | 877,057 | 28,845,608 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (42,844 | ) | (1,467,268 | ) | (287,035 | ) | (9,188,395 | ) | ||||||||
Class C | (8,401 | ) | (264,665 | ) | (24,634 | ) | (717,089 | ) | ||||||||
Class R3 | (5,347 | ) | (177,732 | ) | (1,882 | ) | (56,957 | ) | ||||||||
Class R6 | (68,089 | ) | (2,336,243 | ) | (41,856 | ) | (1,426,644 | ) | ||||||||
Class I | (812,477 | ) | (27,851,264 | ) | (652,948 | ) | (21,188,537 | ) | ||||||||
(937,158 | ) | (32,097,172 | ) | (1,008,355 | ) | (32,577,622 | ) | |||||||||
Net increase (decrease) | (605,283 | ) | $ | (20,753,460 | ) | (131,298 | ) | $ | (3,732,014 | ) | ||||||
Six Months Ended 12/31/17 | Year Ended 6/30/17 | |||||||||||||||
NWQ Small-Cap Value | Shares | Amount | Shares | Amount | ||||||||||||
Shares sold: | ||||||||||||||||
Class A | 222,691 | $ | 11,226,744 | 552,109 | $ | 25,919,740 | ||||||||||
Class C | 17,390 | 811,798 | 59,717 | 2,641,639 | ||||||||||||
Class R3 | 37,925 | 1,911,502 | 70,047 | 3,303,124 | ||||||||||||
Class R6 | 54,547 | 2,921,002 | 72,517 | 3,533,553 | ||||||||||||
Class I | 1,265,039 | 66,123,029 | 3,457,946 | 168,904,185 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 53,317 | 2,770,337 | 46,298 | 2,248,249 | ||||||||||||
Class C | 18,765 | 885,497 | 15,188 | 677,528 | ||||||||||||
Class R3 | 2,285 | 117,011 | 1,735 | 83,227 | ||||||||||||
Class R6 | 6,880 | 369,655 | 5,860 | 292,648 | ||||||||||||
Class I | 442,523 | 23,595,331 | 294,820 | 14,637,789 | ||||||||||||
2,121,362 | 110,731,906 | 4,576,237 | 222,241,682 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (352,171 | ) | (18,218,579 | ) | (1,074,310 | ) | (51,187,553 | ) | ||||||||
Class C | (77,517 | ) | (3,569,561 | ) | (198,273 | ) | (8,672,146 | ) | ||||||||
Class R3 | (38,118 | ) | (1,920,502 | ) | (88,964 | ) | (4,282,296 | ) | ||||||||
Class R6 | (29,018 | ) | (1,520,305 | ) | (94,170 | ) | (4,747,337 | ) | ||||||||
Class I | (1,550,583 | ) | (80,734,203 | ) | (2,927,109 | ) | (142,354,660 | ) | ||||||||
(2,047,407 | ) | (105,963,150 | ) | (4,382,826 | ) | (211,243,992 | ) | |||||||||
Net increase (decrease) | 73,955 | $ | 4,768,756 | 193,411 | $ | 10,997,690 |
5. Investment Transactions
Long-term purchases and sales (excluding derivative transactions, where applicable) during the current fiscal period were as follows:
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 | $ | 47,086,453 | $ | 20,404,336 | $ | 14,663,211 | $ | 21,365,438 | $ | 8,310,456 | $ | 186,768,561 | ||||||||||||
Sales | 77,235,295 | 34,139,611 | 18,179,118 | 35,008,018 | 32,375,596 | 192,729,873 |
NUVEEN | 75 |
Notes to Financial Statements (Unaudited) (continued)
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.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of December 31, 2017.
NWQ Global Equity Income | NWQ International Value | NWQ Multi-Cap Value | NWQ Large-Cap Value | NWQ Small/Mid-Cap Value | NWQ Small-Cap Value | |||||||||||||||||||
Tax cost of investments | $ | 272,087,469 | $ | 229,057,623 | $ | 78,979,991 | $ | 54,110,680 | $ | 32,586,301 | $ | 570,432,032 | ||||||||||||
Gross unrealized: | ||||||||||||||||||||||||
Appreciation | $ | 58,096,612 | $ | 80,261,432 | $ | 22,755,377 | $ | 23,995,508 | $ | 10,281,380 | $ | 218,110,373 | ||||||||||||
Depreciation | (15,824,361 | ) | (14,300,765 | ) | (5,034,094 | ) | (974,869 | ) | (2,065,556 | ) | (22,239,508 | ) | ||||||||||||
Net unrealized appreciation (depreciation) of investments | $ | 42,272,251 | $ | 65,960,667 | $ | 17,721,283 | $ | 23,020,639 | $ | 8,215,824 | $ | 195,870,865 |
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’ last tax year end, as follows:
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 | 783,985 | (71,168 | ) | (21 | ) | (534 | ) | 5,259 | 586,918 | |||||||||||||||
Accumulated net realized gain (loss) | (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’ last tax year end, were as follows:
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 | $ | 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. |
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 Equity Income | NWQ Multi-Cap Value | NWQ Large-Cap Value | NWQ Small/Mid-Cap Value | NWQ Small-Cap Value | |||||||||||||||
Distributions from net ordinary income1 | $ | 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 |
NWQ International Value | Eleven-Months Ended June 30, 2017 | Year Ended July 31, 2016 | ||||||
Distributions from net ordinary income1 | $ | 4,194,519 | $ | 3,931,195 | ||||
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. |
76 | NUVEEN |
As of June 30, 2017, the Funds’ last tax year end, the following Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. If not applied, the carryforwards will expire as shown in the following table. The losses not subject to expiration will be utilized first by a Fund.
NWQ Global 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 | 248,331,937 | 211,397,308 | — | — | ||||||||||||
Total | $ | 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' last 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’ last tax year ended June 30, 2017, the following Funds utilized capital loss carryforwards as follows:
NWQ Global Equity Income | NWQ International Value | NWQ Multi-Cap Value | NWQ Small/Mid-Cap Value | |||||||||||||
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 current 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' last 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.
For the period July 1, 2017 through July 31, 2017, the annual fund-level fee, payable monthly, for each Fund, was calculated according to the following schedule:
Average Daily Net Assets | 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 | % | 0.5000 | % | 0.6000 | % | 0.6500 | % | ||||||||||||
For the next $125 million | 0.5375 | 0.5375 | 0.5375 | 0.4875 | 0.5875 | 0.6375 | ||||||||||||||||||
For the next $250 million | 0.5250 | 0.5250 | 0.5250 | 0.4750 | 0.5750 | 0.6250 | ||||||||||||||||||
For the next $500 million | 0.5125 | 0.5125 | 0.5125 | 0.4625 | 0.5625 | 0.6125 | ||||||||||||||||||
For the next $1 billion | 0.5000 | 0.5000 | 0.5000 | 0.4500 | 0.5500 | 0.6000 | ||||||||||||||||||
For net assets over $2 billion | 0.4750 | 0.4750 | 0.4750 | 0.4250 | 0.5250 | 0.5750 |
NUVEEN | 77 |
Notes to Financial Statements (Unaudited) (continued)
Effective August 1, 2017, the annual fund-Level fee, payable monthly, for each Fund is calculated according to the following schedule:
Average Daily Net Assets | 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 | % | 0.5000 | % | 0.6000 | % | 0.6500 | % | ||||||||||||
For the next $125 million | 0.5375 | 0.5375 | 0.5375 | 0.4875 | 0.5875 | 0.6375 | ||||||||||||||||||
For the next $250 million | 0.5250 | 0.5250 | 0.5250 | 0.4750 | 0.5750 | 0.6250 | ||||||||||||||||||
For the next $500 million | 0.5125 | 0.5125 | 0.5125 | 0.4625 | 0.5625 | 0.6125 | ||||||||||||||||||
For the next $1 billion | 0.5000 | 0.5000 | 0.5000 | 0.4500 | 0.5500 | 0.6000 | ||||||||||||||||||
For the next $3 billion | 0.4750 | 0.4750 | 0.4750 | 0.4250 | 0.5250 | 0.5750 | ||||||||||||||||||
For the next $2.5 billion | 0.4500 | 0.4500 | 0.4500 | 0.4000 | 0.5000 | 0.5500 | ||||||||||||||||||
For the next $2.5 billion | 0.4375 | 0.4375 | 0.4375 | 0.3875 | 0.4875 | 0.5375 | ||||||||||||||||||
For net assets over $10 billion | 0.4250 | 0.4250 | 0.4250 | 0.3750 | 0.4750 | 0.5250 |
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:
Complex-Level Eligible Asset Breakpoint Level* | Effective Complex-Level Fee 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 open-end and closed-end Funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of December 31, 2017, the complex-level fee for each Fund was 0.1595%. |
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 Equity Income | 0.90 | July 31, 2019 | N/A | |||||||
NWQ International Value | 0.94 | July 31, 2019 | N/A | |||||||
NWQ Multi-Cap Value | 0.94 | July 31, 2019 | N/A | |||||||
NWQ Large-Cap Value | 0.79 | July 31, 2019 | 1.35 | % | ||||||
NWQ Small/Mid-Cap Value | 1.10 | July 31, 2019 | 1.45 | |||||||
NWQ Small-Cap Value | N/A | N/A | 1.50 |
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 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 | $ | 25,214 | $ | 22,549 | $ | 2,146 | $ | 1,893 | $ | 2,399 | $ | 34,105 | ||||||||||||
Paid to financial intermediaries | 22,677 | 22,890 | 1,880 | 1,667 | 2,150 | 29,811 |
78 | NUVEEN |
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 Equity Income | NWQ International Value | NWQ Multi-Cap Value | NWQ Large-Cap Value | NWQ Small/Mid-Cap Value | NWQ Small-Cap Value | |||||||||||||||||||
Commission advances | $ | 7,012 | $ | 6,709 | $ | 672 | $ | 683 | $ | 189 | $ | 5,927 |
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 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 | $ | 1,962 | $ | 2,236 | $ | 772 | $ | 823 | $ | 694 | $ | 9,562 |
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 Equity Income | NWQ International Value | NWQ Multi-Cap Value | NWQ Large-Cap Value | NWQ Small/Mid-Cap Value | NWQ Small-Cap Value | |||||||||||||||||||
CDSC retained | $ | 376 | $ | 138 | $ | 81 | $ | 1,479 | $ | — | $ | 1,284 |
As of the end of the reporting period, Nuveen owned shares of the following Funds:
NWQ Global Equity Income | NWQ Large-Cap Value | NWQ Small/Mid-Cap Value | NWQ Small-Cap Value | |||||||||||||
Class A Shares | 12,500 | — | — | — | ||||||||||||
Class C Shares | 12,500 | — | — | — | ||||||||||||
Class R3 Shares | 12,500 | 9,125 | 2,186 | 1,583 | ||||||||||||
Class R6 Shares | — | — | 891 | 802 | ||||||||||||
Class I Shares | 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. Although the Funds participated in the Unsecured Credit Line, they did not have any outstanding balances during the current fiscal period.
The Unsecured Credit Line was not renewed after its scheduled termination date of July 27, 2017.
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, NWQ Multi-Cap Value utilized this facility. The Fund’s average daily balance outstanding and average annual interest rate during the utilization period was $317,916 and 2.56%, respectively. The Fund’s maximum outstanding daily balance during the utilization period was $317,916. Borrowings outstanding as of the end of the reporting period are recognized as “Borrowings” on the Statement of Assets and Liabilities. None of the other Funds utilized this facility during the current fiscal period.
NUVEEN | 79 |
Fund Information
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 DST Asset Manager Solutions, Inc. (DST) P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787
|
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. |
80 | NUVEEN |
Used in this Report
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Lipper Global Equity Income Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Global Equity Income Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper International Multi-Cap Value Funds Classification Average: Represents the average annualized total 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 charge.
Lipper Multi-Cap Value Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Multi-Cap Value Funds Classification. The Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper Small-Cap Core Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Small-Cap Core Funds Classification. The Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Morgan Stanley Capital International (MSCI) World Index: A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the U.K. and the U.S. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
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.
NUVEEN | 81 |
Glossary of Terms Used in this Report (continued)
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.
82 | NUVEEN |
Notes
NUVEEN | 83 |
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Nuveen: | ||||||||||||||
Serving Investors for Generations | ||||||||||||||
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Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality 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 manager 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 |
MSA-NWQ-1217D 427256-INV-B-02/19
Mutual Funds |
Nuveen Equity Funds |
| Semi-Annual Report December 31, 2017 |
Class / Ticker Symbol | ||||||||||||
Fund Name | Class A | Class C | Class I | |||||||||
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Nuveen NWQ Global All-Cap Fund | NGEAX | NGECX | NGEIX |
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NUVEEN | 3 |
to Shareholders
Dear Shareholders,
Financial markets ended 2017 on a high note. Concurrent growth across the world’s major economies, strong corporate profits, low inflation and accommodative central banks provided an optimal environment for rising asset prices with remarkably low volatility. Political risks, which were expected to be a wildcard in 2017, did not materialize. The Trump administration achieved one of its major policy goals with the passage of the Tax cuts and Jobs Act, the European Union (EU) member governments elected EU-friendly leadership, Brexit negotiations moved forward and China’s 19th Party Congress concluded with no major surprises in its economic policy objectives.
Conditions have turned more volatile in 2018, but the positive fundamentals underpinning the markets’ rise over the past year remain intact. In early February, fears of rising inflation, which could prompt more aggressive action by the Federal Reserve, triggered a widespread sell-off across U.S. and global equity markets. Yet, global economies are still expanding and corporate earnings look healthy.
We do believe volatility will feature more prominently in 2018. Interest rates continue to rise and inflation pressures are mounting and investors are uncertain about how markets will react amid tighter financial conditions. After the relative calm of the past few years, it’s anticipated that price fluctuations will begin trending toward a more historically normal range. But we also note that signs foreshadowing recession are lacking at this point.
Maintaining perspective can be difficult with daily headlines focused predominantly on short-term news. Nuveen believes this can be an opportune time to check in with your financial advisor. Strong market appreciation such as that in 2017 may create an imbalance in a diversified portfolio. Your advisor can help you reexamine your investment goals and risk tolerance, and realign your portfolio’s investment mix appropriately. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
William J. Schneider
Chairman of the Board
February 23, 2018
4 | NUVEEN |
Comments
Nuveen NWQ Global All Cap Fund
The Fund features portfolio management by NWQ Investment Management Company, LLC (NWQ), an affiliate of Nuveen, LLC (Nuveen). James T. Stephenson, CFA, manages the Nuveen NWQ Global All-Cap Fund.
During November 2017, the Fund’s Board of Trustees approved the liquidation of the Fund. The liquidation took place at the close of business on January 22, 2018 (subsequent to the close of this reporting period), at which time shareholders received the proceeds of the liquidation.
Effective December 7, 2017, Gregg Tenser, CFA, is no longer a portfolio manager of the Fund.
Below, James discusses the key investment strategies and performance of the Fund for the six-month reporting period ended December 31, 2017.
How did the Fund perform during the six-month reporting period ended December 31, 2017?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year and/or since inception periods ended December 31, 2017. The Fund’s Class A Share total returns at net asset value (NAV) are compared with the performance of its corresponding market index and Lipper classification average. A more detailed account of the Fund’s performance is provided later in this report.
The Nuveen NWQ Global All-Cap Fund’s Class A Shares at NAV underperformed the MSCI World Index and comparative Lipper classification average and during the six-month reporting period ended December 31, 2017.
What strategies were used to manage the Fund during the six-month reporting period ended December 31, 2017 and how did these strategies influence performance?
The Fund is designed to provide investors with long-term capital appreciation. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities. The Fund may invest in securities of issuers located anywhere in the world. Under normal market conditions, the Fund invests at least 40% of its net assets in non-U.S. securities and invests in securities of companies representing at least three different countries (one of which may be the U.S.). The Fund may invest up to 20% of its net assets in securities of companies located in emerging markets. The Fund may invest in equity securities issued by companies of any market capitalization, including small- and mid-capitalization companies. The Fund may also utilize derivatives, including currency options, currency futures and options on such futures, and currency forwards.
Geographically, performance benefitted from stock selection in the Europe (excluding the United Kingdom) and the Middle East. Investments in United States, United Kingdom and Japan lagged and were a headwind for the Fund’s overall return for the reporting period. From a sector perspective, our investments in the financial, technology and materials sectors were positive, led by overall
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 capacity. 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 and 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 manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims 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.
NUVEEN | 5 |
Portfolio Manager’s Comments (continued)
sector allocation and stock selection, particularly within the materials sector. Conversely, adverse stock selection in the health care and consumer discretionary and consumer staples sectors were key detractors.
Several investments contributed meaningfully to the Fund’s performance. Positively contributing to performance was materials holding LG Chem Limited. The company saw strong performance during the reporting period, as positive results were disclosed from its battery division, which was profitable for the first time in six quarters on record sales levels in large batteries for electric vehicles as well as polymer batteries for Apple’s new products. In addition, LG Chem’s ABS (Acronylite-Butadiene-Styrene), a strong, multi-use plastic and LG’s single best-selling product) sales and margins grew significantly, driven by Chinese demand for electronic appliances such as air purifiers. The position was eliminated as the share price appreciated on strength in its battery business, which turned profitable sooner than expected and neared our projected price target of the stock. Mellanox Technologies, Limited, a networking semiconductor company, also contributed to results. The stock rallied in December 2017 following an update by the company that included an outlook for improved growth and operating profitability in 2018. Also positively contributing to performance was financials sector holding Aurelius AG. Aurelius also saw solid performance, as the stock continued to rebound from a sizable fall in late March 2017 after a short seller published two reports accusing the company of numerous misdeeds. During the reporting period, Aurelius updated investors regarding its significant progress on turning around Office Depot Europe, its single largest investment to date. In addition, the company announced further disposals at solid valuations, lending additional support and transparency to its business model.
Several holdings detracted from performance, including consumer staples holdings Treehouse Foods Inc. which was the largest detractor from portfolio performance during the reporting period. The company lowered full-year revenue and earnings guidance because of broad-based food deflation and industry pricing pressure, which included large traditional supermarkets lowering prices across the board in response to increasing competition from non-traditional (online, discount) food channel. Also detracting from performance was health care holding Almirall SA. Almirall detracted from portfolio performance after the company issued a very negative profit warning. Almirall’s U.S. Dermatology division (22% of sales) ran into a number of problems, including the loss of patent exclusivity on its Acticlate franchise (oral anti-infective used for rosacea and acne). With a pipeline that will take more than a year to impact revenues and further pricing pressures in U.S. dermatology, Almirall’s ongoing transition from a respiratory-focused to a dermatology-focused company is under increasing pressure and scrutiny. Our confidence was similarly shaken, as we exited the position during the reporting period. Finally, consumer discretionary holding Viacom Inc. detracted from performance. It continued to underperform as the data points regarding broader industry Pay-TV trends and linear TV viewership continued to deteriorate. At Viacom specifically, however, ratings actually turned positive at a number of its key networks, and we believe these should eventually lead to an increase in advertising revenue. We also believe the Charter Communications renewal overhang weighed on Viacom’s shares as the companies both changed their expectation from a potential early renewal to one that would be completed more closely to the deadline.
6 | 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 | 7 |
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8 | NUVEEN |
and Expense Ratios
The Fund Performance and Expense Ratios for the 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 | 9 |
Fund Performance and Expense Ratios (continued)
Nuveen NWQ Global All-Cap Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of December 31, 2017
Cumulative | Average Annual | |||||||||||
6-Month | 1-Year | Since Inception | ||||||||||
Class A Shares at NAV | 7.83% | 22.40% | 6.94% | |||||||||
Class A Shares at maximum Offering Price | 1.63% | 15.36% | 5.27% | |||||||||
MSCI World Index | 10.61% | 22.40% | 8.20% | |||||||||
Lipper Global Multi-Cap Value Funds Classification Average | 10.09% | 23.11% | 7.63% | |||||||||
Class C Shares | 7.44% | 21.48% | 6.14% | |||||||||
Class I Shares | 7.95% | 22.70% | 7.21% |
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 total returns. 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 | 10.41% | 10.99% | 10.67% | |||||||||
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 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 0.90% 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.
10 | NUVEEN |
Summaries as of December 31, 2017
This data relates to the securities held in the 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 | 97.6% | |||
Other Assets Less Liabilities | 2.4% | |||
Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets)
Aurelius AG | 3.3% | |||
Luxoft Holding Inc. | 3.3% | |||
Takeda Chemical Industries | 3.0% | |||
Ageas | 3.0% | |||
Coherent Inc. | 3.0% |
Portfolio Composition
(% of net assets)
Banks | 15.4% | |||
Semiconductors & Semiconductor Equipment | 9.3% | |||
Chemicals | 8.6% | |||
Pharmaceuticals | 7.4% | |||
Oil, Gas & Consumable Fuels | 7.1% | |||
Capital Markets | 5.6% | |||
Household Durables | 4.8% | |||
IT Services | 3.3% | |||
Diversified Telecommunication Services | 3.0% | |||
Insurance | 3.0% | |||
Electronic Equipment, Instruments & Components | 3.0% | |||
Life Sciences Tools & Services | 2.6% | |||
Machinery | 2.4% | |||
Auto Components | 2.3% | |||
Other | 19.8% | |||
Other Assets Less Liabilities | 2.4% | |||
Net Assets | 100% |
Country Allocation1
(% of net assets)
United States | 38.3% | |||
Japan | 11.7% | |||
Germany | 10.4% | |||
United Kingdom | 7.8% | |||
Ireland | 4.4% | |||
Switzerland | 3.7% | |||
Spain | 3.4% | |||
Belgium | 3.0% | |||
Israel | 2.5% | |||
South Korea | 2.3% | |||
Other | 10.1% | |||
Other Assets Less Liabilities | 2.4% | |||
Net Assets | 100% |
1 | Includes 4.4% (as a percentage of net assets) in emerging market countries. |
NUVEEN | 11 |
Examples
As a shareholder of the Fund, 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 Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended December 31, 2017.
The beginning of the period is July 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 the 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 | $ | 1,078.30 | $ | 1,074.40 | $ | 1,079.50 | ||||||
Expenses Incurred During Period | $ | 5.81 | $ | 9.73 | $ | 4.51 | ||||||
Hypothetical Performance (5% annualized return before expenses) | ||||||||||||
Beginning Account Value | $ | 1,000.00 | $ | 1,000.00 | $ | 1,000.00 | ||||||
Ending Account Value | $ | 1,019.61 | $ | 1,015.83 | $ | 1,020.87 | ||||||
Expenses Incurred During Period | $ | 5.65 | $ | 9.45 | $ | 4.38 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.11%, 1.86% and 0.86% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
12 | NUVEEN |
Nuveen NWQ Global All-Cap Fund
Portfolio of Investments | December 31, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
LONG-TERM INVESTMENTS – 97.6% | ||||||||
COMMON STOCKS – 97.6% | ||||||||
Auto Components – 2.3% | ||||||||
9,085 | GKN PLC, (2) | $ | 39,068 | |||||
Banks – 15.4% | ||||||||
6,300 | AIB Group PLC | 41,575 | ||||||
4,042 | Bank of Ireland Group PLC, (2), (3) | 34,519 | ||||||
880 | CIT Group Inc. | 43,322 | ||||||
560 | Citigroup Inc. | 41,670 | ||||||
985 | The Bank of NT Butterfield and Son Limited | 35,746 | ||||||
25,400 | Unicaja Banco SA, 144A, (3) | 40,046 | ||||||
480 | Western Alliance Bancorporation, (3) | 27,178 | ||||||
Total Banks | 264,056 | |||||||
Biotechnology – 1.0% | ||||||||
232 | Gilead Sciences, Inc. | 16,620 | ||||||
Capital Markets – 5.6% | ||||||||
840 | Aurelius AG, (2) | 57,280 | ||||||
2,115 | UBS Group AG | 38,895 | ||||||
Total Capital Markets | 96,175 | |||||||
Chemicals – 8.6% | ||||||||
595 | DowDuPont, Inc. | 42,376 | ||||||
103 | LG Chem Limited | 38,966 | ||||||
977 | Nissan Chemical Industries Limited, (2) | 38,919 | ||||||
316 | Nitto Denko Corporation, (2) | 27,950 | ||||||
Total Chemicals | 148,211 | |||||||
Diversified Telecommunication Services – 3.0% | ||||||||
705 | Nippon Telegraph and Telephone Corporation, ADR, (2) | 33,145 | ||||||
1,270 | Telefonica Brasil SA, (2) | 18,619 | ||||||
Total Diversified Telecommunication Services | 51,764 | |||||||
Electronic Equipment, Instruments & Components – 3.0% | ||||||||
180 | Coherent Inc., (3) | 50,800 | ||||||
Equity Real Estate Investment Trusts – 1.4% | ||||||||
2,085 | Colony Northstar, Inc. | 23,790 | ||||||
Food & Staples Retailing – 2.0% | ||||||||
12,455 | Tesco PLC | 35,188 |
NUVEEN | 13 |
Nuveen NWQ Global All-Cap Fund (continued) |
Portfolio of Investments | December 31, 2017 (Unaudited) |
Shares | Description (1) | Value | ||||||
Food Products – 2.2% | ||||||||
3,495 | Orkla ASA, (2) | $ | 37,037 | |||||
Health Care Equipment & Supplies – 1.5% | ||||||||
675 | Koninklijke Philips Electronics NV, (2) | 25,487 | ||||||
Household Durables – 4.8% | ||||||||
1,365 | Sekisui House, Ltd., (2) | 24,623 | ||||||
1,005 | Taylor Morrison, (3) | 24,592 | ||||||
1,905 | Tri Pointe Group, Incorporated, (3) | 34,138 | ||||||
Total Household Durables | 83,353 | |||||||
Industrial Conglomerates – 2.2% | ||||||||
279 | Siemens AG, Sponsored ADR, (2) | 38,630 | ||||||
Insurance – 3.0% | ||||||||
1,041 | Ageas, (2) | 50,852 | ||||||
IT Services – 3.3% | ||||||||
1,005 | Luxoft Holding Inc., (3) | 55,979 | ||||||
Life Sciences Tools & Services – 2.6% | ||||||||
190 | Bio-Rad Laboratories Inc., (3) | 45,347 | ||||||
Machinery – 2.4% | ||||||||
328 | Duerr AG, (2) | 41,716 | ||||||
Multi-Utilities – 2.1% | ||||||||
1,430 | Veolia Environment S.A., ADR, (2) | 36,464 | ||||||
Oil, Gas & Consumable Fuels – 7.1% | ||||||||
910 | Cheniere Energy Inc., (3) | 48,994 | ||||||
835 | EQT Corporation | 47,528 | ||||||
810 | Newfield Exploration Company, (3) | 25,539 | ||||||
Total Oil, Gas & Consumable Fuels | 122,061 | |||||||
Pharmaceuticals �� 7.4% | ||||||||
1,415 | GlaxoSmithKline PLC, (2) | 25,059 | ||||||
590 | Otsuka Holdings Company KK, (2) | 25,876 | ||||||
99 | Roche Holdings AG, Sponsored ADR, (2) | 25,033 | ||||||
905 | Takeda Chemical Industries, (2) | 51,239 | ||||||
Total Pharmaceuticals | 127,207 | |||||||
Real Estate Management & Development – 2.2% | ||||||||
7,220 | Great Eagle Holdings Limited, (2) | 37,881 | ||||||
Semiconductors & Semiconductor Equipment – 9.3% | ||||||||
1,860 | Cypress Semiconductor Corporation | 28,346 | ||||||
1,485 | Infineon Technologies AG, (2) | 40,443 | ||||||
665 | Mellanox Technologies, Limited, (3) | 43,026 |
14 | NUVEEN |
Shares | Description (1) | Value | ||||||
Semiconductors & Semiconductor Equipment (continued) | ||||||||
365 | Microsemi Corporation, (3) | $ | 18,852 | |||||
685 | Teradyne Inc. | 28,681 | ||||||
Total Semiconductors & Semiconductor Equipment | 159,348 | |||||||
Software – 2.0% | ||||||||
720 | Oracle Corporation | 34,042 | ||||||
Specialty Retail – 1.2% | ||||||||
200 | Advance Auto Parts, Inc. | 19,938 | ||||||
Tobacco – 2.0% | ||||||||
815 | Imperial Brands PLC, (2) | 34,764 | ||||||
Total Long-Term Investments (cost $1,302,033) | 1,675,778 | |||||||
Other Assets Less Liabilities – 2.4% | 40,858 | |||||||
Net Assets – 100% | $ | 1,716,636 |
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. |
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. |
NUVEEN | 15 |
See accompanying notes to financial statements.
Assets and Liabilities | December 31, 2017 (Unaudited) |
Assets | ||||
Long-term investments, at value (cost $1,302,033) | $ | 1,675,778 | ||
Cash denominated in foreign currencies (cost $652) | 655 | |||
Cash | 51,118 | |||
Receivable for: | ||||
Dividends | 1,846 | |||
Reimbursement from Adviser | 8,716 | |||
Reclaims | 1,574 | |||
Other assets | 13,163 | |||
Total assets | 1,752,850 | |||
Liabilities | ||||
Accrued expenses: | ||||
Custodian fees | 19,981 | |||
Professional fees | 10,149 | |||
Shareholder reporting expenses | 5,635 | |||
Trustees fees | 13 | |||
12b-1 distribution and service fees | 166 | |||
Other | 270 | |||
Total liabilities | 36,214 | |||
Net assets | $ | 1,716,636 | ||
Class A Shares | ||||
Net assets | $ | 450,449 | ||
Shares outstanding | 18,299 | |||
Net asset value (“NAV”) per share | $ | 24.62 | ||
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $ | 26.12 | ||
Class C Shares | ||||
Net assets | $ | 88,627 | ||
Shares outstanding | 3,616 | |||
NAV and offering price per share | $ | 24.51 | ||
Class I Shares | ||||
Net assets | $ | 1,177,560 | ||
Shares outstanding | 47,845 | |||
NAV and offering price per share | $ | 24.61 | ||
Net assets consist of: | ||||
Capital paid-in | $ | 1,447,000 | ||
Undistributed (Over-distribution of) net investment income | 2,142 | |||
Accumulated net realized gain (loss) | (106,347 | ) | ||
Net unrealized appreciation (depreciation) | 373,841 | |||
Net assets | $ | 1,716,636 | ||
Authorized shares – per class | Unlimited | |||
Par value per share | $ | 0.01 |
See accompanying notes to financial statements.
16 | NUVEEN |
Operations | Six Months Ended December 31, 2017 (Unaudited) |
Investment Income (net of foreign tax withheld of $1,320) | $ | 10,740 | ||
Expenses | ||||
Management fees | 6,052 | |||
12b-1 service fees – Class A Shares | 574 | |||
12b-1 distribution and service fees – Class C Shares | 484 | |||
Shareholder servicing agent fees | 864 | |||
Custodian fees | 14,439 | |||
Trustees fees | 31 | |||
Professional fees | 14,913 | |||
Shareholder reporting expenses | 7,693 | |||
Federal and state registration fees | 24,674 | |||
Other | 3,066 | |||
Total expenses before fee waiver/expense reimbursement | 72,790 | |||
Fee waiver/expense reimbursement | (64,400 | ) | ||
Net expenses | 8,390 | |||
Net investment income (loss) | 2,350 | |||
Realized and Unrealized Gain (Loss) | ||||
Net realized gain (loss) from investments and foreign currency | 4,649 | |||
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 121,162 | |||
Net realized and unrealized gain (loss) | 125,811 | |||
Net increase (decrease) in net assets from operations | $ | 128,161 |
See accompanying notes to financial statements.
NUVEEN | 17 |
Changes in Net Assets | (Unaudited) |
Six Months | Year | |||||||
Operations | ||||||||
Net investment income (loss) | $ | 2,350 | $ | 35,333 | ||||
Net realized gain (loss) from investments and foreign currency | 4,649 | (3,964 | ) | |||||
Change in net unrealized appreciation (depreciation) of investments and foreign currency | 121,162 | 256,325 | ||||||
Net increase (decrease) in net assets from operations | 128,161 | 287,694 | ||||||
Distributions to Shareholders | ||||||||
From net investment income: | ||||||||
Class A | (8,523 | ) | (2,323 | ) | ||||
Class C | (1,072 | ) | (38 | ) | ||||
Class I | (25,408 | ) | (9,637 | ) | ||||
Decrease in net assets from distributions to shareholders | (35,003 | ) | (11,998 | ) | ||||
Fund Share Transactions | ||||||||
Proceeds from sale of shares | 122,370 | 209,844 | ||||||
Proceeds from shares issued to shareholders due to reinvestment of distributions | 9,149 | 2,124 | ||||||
131,519 | 211,968 | |||||||
Cost of shares redeemed | (163,067 | ) | (24,108 | ) | ||||
Net increase (decrease) in net assets from Fund share transactions | (31,548 | ) | 187,860 | |||||
Net increase (decrease) in net assets | 61,610 | 463,556 | ||||||
Net assets at the beginning of period | 1,655,026 | 1,191,470 | ||||||
Net assets at the end of period | $ | 1,716,636 | $ | 1,655,026 | ||||
Undistributed (Over-distribution of) net investment income at the end of period | $ | 2,142 | $ | 34,795 |
See accompanying notes to financial statements.
18 | NUVEEN |
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NUVEEN | 19 |
Highlights (Unaudited)
NWQ Global All-Cap
Selected data for a share outstanding throughout each period:
Investment Operations | Less Distributions | |||||||||||||||||||||||||||||||||||
Class (Commencement Date)
Year Ended June 30, | Beginning NAV | Net Investment Income (Loss)(a) | Net Realized/ Unrealized Gain (Loss) | Total | From Net Investment Income | From Accumulated Net Realized Gains | Total | Ending NAV | ||||||||||||||||||||||||||||
Class A (4/14) | ||||||||||||||||||||||||||||||||||||
2018(f) | $ | 23.27 | $ | 0.02 | $ | 1.80 | $ | 1.82 | $ | (0.47 | ) | $ | — | $ | (0.47 | ) | $ | 24.62 | ||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2018(f) | 23.09 | (0.07 | ) | 1.79 | 1.72 | (0.30 | ) | — | (0.30 | ) | 24.51 | |||||||||||||||||||||||||
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) | ||||||||||||||||||||||||||||||||||||
2018(f) | 23.29 | 0.05 | 1.80 | 1.85 | (0.53 | ) | — | (0.53 | ) | 24.61 | ||||||||||||||||||||||||||
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 |
20 | 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) | ||||||||||||||||||||||||||||
7.83 | % | $ | 450 | 8.66 | %* | (7.41 | )%* | 1.11 | %* | 0.14 | %* | 7 | % | |||||||||||||||||||||
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 | ||||||||||||||||||||||||
7.44 | 89 | 9.40 | * | (8.13 | )* | 1.86 | * | (0.59 | )* | 7 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
7.95 | 1,178 | 8.42 | * | (7.15 | )* | 0.86 | * | 0.40 | * | 7 | ||||||||||||||||||||||||
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. See Note 7 – Management Fees and Other Transactions with Affiliates, Management Fees for more information. |
(d) | For the period April 1, 2014 (commencement of operations) through June 30, 2014. |
(e) | Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 5 – Investment Transactions) divided by the average long-term market value during the period. |
(f) | For the six months ended December 31, 2017. |
* | Annualized. |
See accompanying notes to financial statements.
NUVEEN | 21 |
Financial Statements (Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust and Fund Information
The Nuveen Investment Trust (the “Trust”), is open-end management investment company registered under the Investment Company Act of 1940, as amended. The Trust is comprised of the Nuveen NWQ Global All-Cap Fund (the “Fund”), as a diversified fund, among others. The Trust was organized as Massachusetts business trusts in 1996.
The end of the reporting period for the Fund is December 31, 2017, and the period covered by these Notes to Financial Statements is the six months ended December 31, 2017 (the “current fiscal period”).
Investment Adviser
The Fund’s 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 Fund, oversees the management of the Fund’s portfolio, manages the Fund’s business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into a sub-advisory agreement with NWQ Investment Management Company, LLC (“NWQ”), an affiliate of Nuveen, under which NWQ manages the investment portfolio of the Fund.
Fund Liquidation
On November 16, 2017, the Adviser announced that the Fund will be liquidated, as approved by the Fund’s Board of Trustees (the “Board”). Effective December 18, 2017, the Fund stopped accepting purchases from new investors and existing shareholders, except that defined contribution retirement plans that held Fund shares as of November 16, 2017 could continue to purchase Fund shares until January 16, 2018 (subsequent to the close of this reporting period). Existing shareholders continued to reinvest dividends and capital gains distributions received from the Fund. The liquidation took place after the close of business on January 22, 2018, at which time shareholders received the proceeds of the liquidation.
Investment Objectives
The Fund’s investment objective is to provide investors with long-term capital appreciation.
The Fund’s most recent prospectus provides further descriptions of the Fund’s investment objective, principal investment strategies and principal risks.
Significant Accounting Policies
The 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 Fund in the preparation of its 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 Fund has earmarked securities in its portfolio 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 Fund 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. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income, which reflects the amortization of premiums and 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.
22 | NUVEEN |
Dividends and Distributions to Shareholders
Dividends from net investment income, if any, are declared and distributed to shareholders at least annually. 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 I Shares are not subject to any sales charge or 12b-1 distribution or service fees.
Multiclass Operations and Allocations
Income and expenses of the Fund 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.
Realized and unrealized capital gains and losses of the Fund 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.
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 Fund 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 the 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, the Fund manages its cash collateral and securities collateral on a counterparty basis.
The Fund’s 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.
NUVEEN | 23 |
Notes to Financial Statements (Unaudited) (continued)
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 Fund 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.
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 Fund’s 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 an independent pricing service (“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 the Fund’s fair value measurements as of the end of the reporting period:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Long-Term Investments*: | ||||||||||||||||
Common Stocks | $ | 931,174 | $ | 744,604 | ** | $ | — | $ | 1,675,778 |
* | 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. |
24 | NUVEEN |
The table below presents the transfers in and out of the three valuation levels for the Fund 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) | |||||||||||||||||||||||||||
Common Stocks | $74,154 | $ | (18,619 | ) | $ | 18,619 | $ | (74,154 | ) | $ | — | $ | — |
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 Fund’s 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 Fund, the Valuation Committee, among other things, conducts due diligence reviews of the pricing services and monitors the quality of security prices received through various testing reports conducted by the Securities Valuation Team.
The Valuation Committee will consider pricing methodologies it deems relevant and appropriate when making a fair value determination, based on the facts and circumstances specific to the portfolio instrument. Fair value determinations generally will be derived as follows, using public or private market information:
(i) | If available, fair value determinations shall be derived by extrapolating from recent transactions or quoted prices for identical or comparable securities. |
(ii) | If such information is not available, an analytical valuation methodology may be used based on other available information including, but not limited to: analyst appraisals, research reports, corporate action information, issuer financial statements and shelf registration statements. Such analytical valuation methodologies may include, but are not limited to: multiple of earnings, discount from market value of a similar freely-traded security, discounted cash flow analysis, book value or a multiple thereof, risk premium/yield analysis, yield to maturity and/or fundamental investment analysis. |
The purchase price of a portfolio instrument will be used to fair value the instrument only if no other valuation methodology is available or deemed appropriate, and it is determined that the purchase price fairly reflects the instrument’s current value.
For each portfolio security that has been fair valued pursuant to the policies adopted by the Board, the fair value price is compared against the last available and next available market quotations. The Valuation Committee reviews the results of such testing and fair valuation occurrences are reported to the Board.
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Foreign Currency Transactions
To the extent that the 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.
NUVEEN | 25 |
Notes to Financial Statements (Unaudited) (continued)
As of the end of the reporting period, the Fund’s investments in non-U.S. securities were as follows:
Value | % of Net Assets | |||||||
Country: | ||||||||
Japan | $ | 201,751 | 11.7 | % | ||||
Germany | 178,072 | 10.4 | ||||||
United Kingdom | 134,078 | 7.8 | ||||||
Ireland | 76,094 | 4.4 | ||||||
Switzerland | 63,928 | 3.7 | ||||||
Spain | 58,665 | 3.4 | ||||||
Belgium | 50,852 | 3.0 | ||||||
Israel | 43,026 | 2.5 | ||||||
South Korea | 38,966 | 2.3 | ||||||
Other | 172,615 | 10.1 | ||||||
Total non-U.S. securities | $ | 1,018,047 | 59.3 | % |
The books and records of the Fund 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.
Investments in Derivatives
The Fund is authorized to invest in certain derivative instruments. The Fund records derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Fund’s investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Fund is authorized to invest in derivative instruments, and may do so in the future, it did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business the 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 the Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of the 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.
The 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 the Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when the Fund has an unrealized loss, the Fund has instructed the custodian to pledge assets of the Fund 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.
26 | NUVEEN |
4. Fund Shares
The Fund has 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.
Transactions in Fund shares during the current and prior fiscal period were as follows:
Six Months Ended 12/31/17 | Year Ended 6/30/17 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Shares sold: | ||||||||||||||||
Class A | 3,849 | 94,101 | 6,499 | $ | 144,547 | |||||||||||
Class C | — | — | 1,431 | 32,512 | ||||||||||||
Class I | 1,212 | 28,269 | 1,563 | 32,785 | ||||||||||||
Shares issued to shareholders due to reinvestment of distributions: | ||||||||||||||||
Class A | 298 | 7,340 | 94 | 1,924 | ||||||||||||
Class C | 13 | 328 | — | — | ||||||||||||
Class I | 60 | 1,481 | 10 | 200 | ||||||||||||
5,432 | 131,519 | 9,597 | 211,968 | |||||||||||||
Shares redeemed: | ||||||||||||||||
Class A | (6,227 | ) | (149,467 | ) | (1,199 | ) | (24,108 | ) | ||||||||
Class C | (567 | ) | (13,600 | ) | — | — | ||||||||||
Class I | — | — | — | — | ||||||||||||
(6,794 | ) | (163,067 | ) | (1,199 | ) | (24,108 | ) | |||||||||
Net increase (decrease) | (1,362 | ) | $ | (31,548 | ) | 8,398 | $ | 187,860 |
5. Investment Transactions
Long-term purchases and sales during the current fiscal period aggregated $108,635 and $211,492, respectively.
6. Income Tax Information
The 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 Fund 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 Fund 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 NAV of the Fund.
The table below presents the cost and unrealized appreciation (depreciation) of the Fund’s investment portfolio, as determined on a federal income tax basis, as of December 31, 2017:
Tax cost of investments | $ | 1,316,476 | ||
Gross unrealized | ||||
Appreciation | $ | 412,445 | ||
Depreciation | (53,143 | ) | ||
Net unrealized appreciation (depreciation) of investments | $ | 359,302 |
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 Fund’s components of net assets as of June 30, 2017, the Fund’s last tax year end, as follows:
Capital paid-in | $ | — | ||
Undistributed (Over-distribution of) net investment income | (127 | ) | ||
Accumulated net realized gain (loss) | 127 |
NUVEEN | 27 |
Notes to Financial Statements (Unaudited) (continued)
The tax components of undistributed net ordinary income and net long-term capital gains as of June 30, 2017, the Fund’s last tax year end, were as follows:
Undistributed net ordinary income1 | $ | 34,795 | ||
Undistributed 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. |
The tax character of distributions paid during the Fund’s last tax year ended June 30, 2017, was designated for purposes of the dividends paid deduction as follows:
Distributions from net ordinary income1 | $ | 11,998 | ||
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 Fund’s last tax year end, the Fund had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
Capital losses to be carried forward – not subject to expiration | $ | 96,553 |
7. Management Fees and Other Transactions with Affiliates
Management Fees
The 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 Fund from the management fees paid to the Adviser.
The Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within the Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables Fund shareholders to benefit from growth in the assets within the Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
For the period July 1, 2017 through July 31, 2017, the annual fund-level fee, payable monthly, was calculated according to the following schedule:
Average Daily Net Assets | Fund-Level fee | |||
For the first $125 million | 0.5500 | % | ||
For the next $125 million | 0.5375 | |||
For the next $250 million | 0.5250 | |||
For the next $500 million | 0.5125 | |||
For the next $1 billion | 0.5000 | |||
For net assets over $2 billion | 0.4750 |
Effective August 1, 2017, the annual fund-level fee, payable monthly, is calculated according to the following schedule:
Average Daily Net Assets | Fund-Level Fee | |||
For the first $125 million | 0.5500 | % | ||
For the next $125 million | 0.5375 | |||
For the next $250 million | 0.5250 | |||
For the next $500 million | 0.5125 | |||
For the next $1 billion | 0.5000 | |||
For the next $3 billion | 0.4750 | |||
For the next $2.5 billion | 0.4500 | |||
For the next $2.5 billion | 0.4375 | |||
For net assets over $10 billion | 0.4250 |
28 | NUVEEN |
The annual complex-level fee, payable monthly, is calculated according to the following schedule:
Complex-Level Eligible Asset Breakpoint Level* | Effective Complex-Level Fee 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 open-end and closed-end funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of December 31, 2017, the complex-level fee for the Fund was 0.1595%. |
The Adviser has agreed to waive fees and/or reimburse 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 0.90% of the average daily net assets of any class of Fund shares. The temporary expense limitation may be terminated or modified prior to the expiration date only with the approval of the Board.
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:
Sales charges collected | $ | 950 | ||
Paid to financial intermediaries | 826 |
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:
Commission advances | $ | — |
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:
12b-1 fees retained | $ | 561 |
The remaining 12b-1 fees charged to the Fund 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:
CDSC retained | $ | 125 |
As of the end of the reporting period, Nuveen owned 2,500, 2,500 and 45,00 shares of Class A, Class C and Class I, respectively.
NUVEEN | 29 |
Notes to Financial Statements (Unaudited) (continued)
8. Borrowing Arrangements
Uncommitted Line of Credit
During the current fiscal period, the Fund participated in an unsecured bank line of credit (“Unsecured Credit Line”) under which outstanding balances would bear interest at a variable rate. Although the Fund participated in the Unsecured Credit Line, it did not have any outstanding balances during the current fiscal period.
The Unsecured Credit Line was not renewed after its scheduled termination date of July 27, 2017.
Committed Line of Credit
The Fund, 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 the Fund 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 the Fund 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, the Fund did not utilized this facility.
9. Subsequent Events
Fund Liquidation
As previously noted in Note 1 – General Information and Significant Accounting Policies, the Fund liquidated after the close of business on January 22, 2018.
30 | NUVEEN |
Fund Information
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, Inc. Nuveen Investor Services P.O. Box 8530 Boston, MA 02266-8530 (800) 257-8787
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Quarterly Form N-Q Portfolio of Investments Information: The 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 | 31 |
Used in this Report
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Lipper Global 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.
Morgan Stanley Capital International (MSCI) World Index: A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indexes: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the U.K. and the U.S. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Net Asset Value (NAV) Per Share: A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.
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.
32 | NUVEEN |
Notes
NUVEEN | 33 |
Notes
34 | NUVEEN |
Notes
NUVEEN | 35 |
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Nuveen: | ||||||||||||||
Serving Investors for Generations | ||||||||||||||
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Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable investment solutions through continued adherence to proven, long-term investing principles. Today, we offer a range of high quality 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 manager 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 |
MSA-NGEQ-1217P 427257-INV-B-08/19
Item 2. Code of Ethics.
Not applicable to this filing.
Item 3. Audit Committee Financial Expert.
Not applicable to this filing.
Item 4. Principal Accountant Fees and Services.
Not applicable to this filing.
Item 5. Audit Committee of Listed Registrants.
Not applicable to this registrant.
Item 6. Schedule of Investments.
(a) See Portfolio of Investments in Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to this registrant.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to this registrant.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Exhibits.
File the exhibits listed below as part of this Form.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Investment Trust
By | (Signature and Title) | /s/ Kathleen L. Prudhomme | ||||
Kathleen L. Prudhomme Vice President and Secretary |
Date: March 8, 2018
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: March 8, 2018
By | (Signature and Title) | /s/ Stephen D. Foy | ||||
Stephen D. Foy Vice President and Controller (principal financial officer) |
Date: March 8, 2018