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)
Christopher M. Rohrbacher
Vice President and Secretary
333 West Wacker Drive, Chicago, IL 60606
(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, 2018
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.
Nuveen Equity Funds
| Fund Name | | Class A | Class C | Class R3 | Class R6 | Class I |
| Nuveen NWQ Global Equity Income Fund | | NQGAX | NQGCX | NQGRX | — | NQGIX |
| Nuveen NWQ International Value Fund | | NAIGX | NCIGX | NTITX | — | NGRRX |
| Nuveen NWQ Multi-Cap Value Fund | | NQVAX | NQVCX | NMCTX | — | NQVRX |
| Nuveen NWQ Large-Cap Value Fund | | NQCAX | NQCCX | NQCQX | — | NQCRX |
| Nuveen NWQ Small/Mid-Cap Value Fund | | NSMAX | NSMCX | NWQRX | NWQFX | NSMRX |
| Nuveen NWQ Small-Cap Value Fund | | NSCAX | NSCCX | NSCQX | NSCFX | NSCRX |
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.
You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, by calling 800-257-8787 and selecting option #1. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.
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Chairman’s Letter to Shareholders
Dear Shareholders,
The global economy seemed to reach a turning point in 2018. Growth was peaking in the U.S. and slowing elsewhere. Deregulation and tax law changes, which lowered corporate and individual tax rates and encouraged companies to repatriate overseas profits, helped boost U.S. economic growth and amplify corporate earnings during 2018. Meanwhile, a weakening housing market and a flattening yield curve in the U.S. and disappointing economic growth across Europe, China and Japan signaled caution. As the year developed, future corporate profit growth was looking less certain than at the start of the year. Adding to the uncertainty were the removal of U.S. central bank monetary stimulus, rising interest rates, a stronger U.S. dollar, trade negotiations and unpredictable politics, including Brexit and a prolonged U.S. government shutdown. Bearish sentiment intensified at the end of 2018, pressuring stocks, corporate bonds and commodities alike.
Although downside risks have been rising, the likelihood of a near-term recession remains low. Global growth is indeed slowing, but it’s still positive. The U.S. economy remains strong, even in the face of late-cycle pressures. Low unemployment and firming wages should continue to support consumer spending, and the November mid-term elections resulted in change, but no major surprises. In China, the government remains committed to using fiscal stimulus to offset softening exports. Europe also remains vulnerable to trade policy as well as Brexit uncertainty, but underlying strengths in European economies, including low unemployment that drives domestic demand, remain supportive of a mild expansion. In a slower growth environment, there are opportunities for investors who seek them more selectively.
We expect volatility and challenging conditions to persist in 2019 but also think there is potential for upside. You can prepare your investment portfolio by working with your financial advisor to review your goals, timeline and risk tolerance. 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,
Terence J. Toth
Chairman of the Board
February 22, 2019
Portfolio Managers’
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 along with Raymond O. Wicklander, CFA 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 and James T. Stephenson, CFA serve as portfolio managers of the Nuveen NWQ International Value Fund.
Below, the team discusses their management strategies and the performance of the Funds for the six-month reporting period ended December 31, 2018.
How did the Funds perform during the six-month reporting period ended December 31, 2018?
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, 2018. Each Funds’ 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, 2018 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 underperformed the MSCI World Index and its comparative Lipper classification average during the six-month reporting period ended December 31, 2018.
The Fund is designed to provide long-term capital appreciation and high current income. The Fund will generally focus its investments on income producing securities. Under normal market conditions, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities. Up to 20% of the Fund’s net assets may be invested in debt securities, including corporate debt securities and U.S. government and agency debt securities. The Fund may invest up to 10% of its net assets in below investment grade debt securities, commonly referred to as “high yield” securities or “junk” bonds. The Fund may invest in securities of issuers located anywhere in the world. Under normal market conditions, the Fund invests at least 40% of its net assets in non-U.S. securities and invests in securities of companies representing at least three different countries (one of which may be the United States). The Fund may invest up to 20% of its net assets in securities of companies located in emerging markets. The Fund
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.
Portfolio Managers’ Comments(continued)
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. The Fund may employ the use of structured notes to find compelling risk/reward investments.
Geographically, performance benefitted from stock selection in the United Kingdom and an allocation to emerging markets (EM). Investments in the United States, Europe, Middle East and Canada lagged and were a headwind for the Fund’s relative return for the reporting period. From a sector perspective, our investments in the energy, utilities, communication services and information technology sectors were positive. Conversely, adverse performance in the financials, health care and consumer staples were key detractors. Currency was a detractor during the reporting period.
Several individual holdings contributed to performance. Energy holding, Dominion Energy Midstream contributed strongly to performance following an announcement by parent company Dominion to acquire Dominion Energy Midstream. While it was unable to recover its role as a key financing vehicle for Dominion, its share price appreciated significantly on a positive tax ruling and improved investor perception on the intrinsic value of the company's midstream assets and cash flow generation. We sold our holding Dominion later in the reporting period. Also positively contributing to performance was real estate sector holding, Sino Land Company. We eliminated our position in Sino Land Company as the stock achieved new highs in a challenging period for global equities. We took the opportunity to reallocate to positions with more attractive risk/reward tradeoffs. Lastly, financial sector holding RenaissanceRe Holdings, Limited contributed to performance. Though the stock price experienced some intra period price volatility, it ended the reporting period at relatively higher levels. We believe the company is attractively valued and has a long history of good cycle management and value creation. Its market valuation is based on the current soft reinsurance cycle which we think is too low for RenaissanceRe’s expected earning power.
Several individual holdings detracted from portfolio performance, particularly our financial sector holdings. ING Groep N.V. was the leading detractor in the portfolio. Recently, ING has endured higher costs and declining net interest margin headwinds. We continue to own the position. Also detracting from performance, was Citigroup Inc. Financial stocks declined particularly in the fourth quarter 2018 primarily due to fears of a flattening yield curve moving to an inverted territory and recessionary concerns both domestically and globally leading to slower loan growth and rising credit costs. We believe that banks are fundamentally far more like utility companies (better capitalized, less volatile fundamentals, large dividend payers and returners of capital) than they have been historically or what has been implied today. We continue to hold the position as we feel the quality of the balance sheets and sustainable earnings power is not being rewarded. Both companies’ stocks ended the year trading at below nine times 2018 expected earnings and significantly below their tangible book values. Lastly, Aurelius AG detracted from performance. Aurelius has seen weakness along with the broader European financial sector. We believe this shorter term underperformance stems from the concern that they may have trouble exiting investments if equity market volatility continues. We continue to own Aurelius.
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, 2018.
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-US 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 communication and materials sectors were the leading contributors to performance on a relative basis. Financial and energy sectors were the primary detractors from relative performance, mostly driven by underperforming selections within those respective sectors. On a regional basis, emerging markets contributed to relative results while overall selections in the continental Europe, Middle East, U.S. and United Kingdom detracted. In absolute terms, U.S. dollar strength detracted from returns, while currency exposures were a small relative contributor to returns.
Several individual holdings contributed to relative performance including communication services holding, SK Telecom Company Limited which contributed positively due to expectations that second quarter results were the trough of mobile pricing weakness in South Korea. Following regulatory requirements to provide lower priced bundles, mobile service revenue has struggled in South Korea even as data consumption has accelerated. Expectations are for mobile service revenue to return to growth in what is one of the world's cheapest telecom markets in an industry that has struggled to grow globally. In addition, information technology holding Luxoft Holding Inc. experience stabilization of its two largest clients in the reporting period as well as continued growth across its client base, especially in financial services, its largest business unit. We have sold our holding in Luxoft Holding. Lastly, health care holdings Sanofi, SA positively contributed to performance. The stock price had moved lower earlier in the year, due to some negatively perceived merger and acquisition (M&A) deals the company had engaged in and poor investor messaging. The stock price had since moved higher from those depressed values.
Several individual holdings detracted from relative performance including energy holding Tenaris SA. With Brent crude oil prices down significantly during the reporting period, Tenaris was a significant detractor. Headlines concerning the CEO being implicated in the “notebook scandal” in Argentina also created negative publicity. While Tenaris faced headwinds in late 2018, we believe the company’s capital expenditures are behind them with the completion of their state of the art Bay City mill in Texas, therefore, free cash flow should compound from here as they ramp up to full production in 2019. We continue to own Tenaris. Also detracting from performance was information technology sector holding Flex Ltd., as it experienced a steep decline in the stock price following a dismal forecast which included the cancellation of a highly anticipated manufacturing partnership with Nike, delays in ramping up India operations and continued shortages in components. We believe the drop in stock price was too severe as we expect a strong recovery and continue to monitor our position. Lastly, detracting from performance was financial sector holding ING Groep N.V. Recently, ING has endured higher costs and declining net interest margin headwinds. We continue to own our position in ING.
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, 2018.
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 consumer discretionary and technology sectors contributed positively to performance relative to the benchmark. However, the Fund’s energy, health care sector and financials holdings were the key drivers of underperformance relative to the Russell 3000® Value Index.
Several investments contributed meaningfully to the Fund’s performance. Information technology holding, Mellanox Technologies, Limited was a top contributor to performance. Mellanox Technologies’ stock appreciated strongly following strong operating reports and solid demand for the company’s semiconductors. Further speculation that the company could be an acquisition target supported the stock price. The company maintains significant market share with its Infiniband technology and has gained share in high speed interconnect for the next generation of data center and supercomputers. Arris International PLC was also a top contributor to the Fund’s performance. In early November 2018, CommScope agreed to acquire Arris for $31.75 in an all-cash transaction. Arris management had become frustrated by investors’ lack of belief in their business model and in particular free cash flow generation. As a result, Arris agreed to a deal with CommScope who is looking to bolster their offerings as 5G cellular networks are built out in 2020 and beyond. We have sold our holding in Arris. Lastly, consumer discretionary holding Advance Auto Parts, Inc. contributed to performance. Advance Auto Parts’ fundamentals inflected over the last year on the back of improving industry trends (better weather and cyclical backdrop) in addition to the company’s transformation initiatives. The company lags its peers in terms of productivity and margins and the new management team has created a plan to close the gap. The last couple of quarters have showed improving sales, margins and free cash flow trends giving investors’ confidence the plan is working leading to strong stock performance.
Portfolio Managers’ Comments(continued)
Several holdings detracted from performance. The three largest detractors from performance were from the energy sector, including EQT Corporation, Carrizo Oil & Gas, Inc. and Hess Corporation. The fourth quarter 2018 was an extremely challenging environment for energy stocks, as Brent crude oil and West Texas Intermediate (WTI) crude oil prices both experienced precipitous declines in excess of 30% due to a combination of concerns over a global economic slowdown and the issuance of waivers for Iranian crude purchases, which left the market oversupplied just as fears on demand moved to the front of investors’ minds. The energy sector was down 25%, while exploration and production (E&P) and oilfield services indexes were down 38% and 44% respectively. EQT Corporation was the leading detractor from portfolio performance. EQT had an extremely disappointing year as operational issues led to a weak cash flow forecast given significant but fixable issues. The company completed its separation into EQT (gas E&P company) and Equitrans (gas pipeline company) and the stock prices of both companies actually rose during the final two months of the reporting period post the separation. We remain optimistic on EQT and Equitrans as we believe both companies are extremely undervalued and have near term catalysts to drive their stock prices. Carrizo Oil & Gas, Inc. was a key detractor as investor concerns about a global economic slowdown weighed on stocks across the sector. Small caps were especially hurt during the sell-off and Carrizo’s balance sheet is slightly more leveraged than peers. Lastly, Hess Corporation also detracted during the reporting period. Hess is a high conviction investment given its Guyana asset, strong balance sheet and upcoming significant production growth. The Fund maintains its exposure in EQT Corporation, Carrizo Oil & Gas and Hess Corporation.
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, 2018.
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 consumer discretionary and industrial sectors were the leading contributors to performance for the reporting period on a relative basis. The energy, financials and health care sectors were the leading detractors on both an absolute and relative basis.
Several individual holdings contributed to performance including information technology holding, Arris International PLC. In early November 2018, CommScope agreed to acquire Arris for $31.75 in an all-cash transaction. Arris management had become frustrated by investors’ lack of belief in their business model and in particular free cash flow generation. As a result, Arris agreed to a deal with CommScope who is looking to bolster their offerings as 5G cellular networks are built out in 2020 and beyond. We have sold our holding in Arris. Also contributing to performance was consumer discretionary holding Advance Auto Parts, Inc. Advance Auto Parts’ fundamentals inflected over the last year on the back of improving industry trends (better weather and cyclical backdrop) in addition to the Company’s transformation initiatives. The company lags its peers in terms of productivity and margins and the new management team has created a plan to close the gap. The last couple of quarters have showed improving sales, margins and free cash flow trends giving investors’ confidence the plan is working leading to strong stock performance. Lastly, consumer staples holding Coca-Cola Company contributed to performance. Coca-Cola’s strength was driven by strong organic revenue growth coupled with improving margins. New leadership that is driving innovation in product and packaging in addition to the refranchising of the bottler base is driving the acceleration in fundamentals.
Several holdings detracted from performance. The two largest detractors from performance were from the energy sector, including EQT Corporation and Hess Corporation. The fourth quarter 2018 was an extremely challenging environment for energy stocks, as Brent crude oil and West Texas Intermediate (WTI) crude oil prices both experienced precipitous declines in excess of 30% due to a combination of concerns over a global economic slowdown and the issuance of waivers for Iranian crude purchases, which left the market oversupplied just as fears on demand moved to the front of investors’ minds. The energy sector was down 25%, while the exploration and production (E&P) and oilfield services indexes were down 38% and 44% respectively. EQT Corporation was the leading detractor from portfolio performance. EQT had an extremely disappointing year as operational issues led to a weak cash flow forecast given significant but fixable issues. The company completed its separation into EQT (gas E&P company) and Equitrans (gas pipeline company) and the stock prices of both companies actually rose during the final two months of the reporting period post the separation. We remain optimistic on EQT and Equitrans as we believe both companies are extremely undervalued and have near term cata-
lysts to drive their stock prices. Hess Corporation also detracted during the reporting period. Hess is a high conviction investment given its Guyana asset, strong balance sheet, and upcoming significant production growth. Investor concerns about a global economic slowdown weighted on stocks across the sector. Lastly, financial sector holding CIT Group detracted from performance. Financial stocks declined in the fourth quarter 2018 primarily due to fears of a flattening yield curve moving to an inverted territory and recessionary concerns both domestically and globally leading to slower loan growth and rising credit costs. We believe that banks are fundamentally far more utility-like (better capitalized, less volatile fundamentals, large dividend payers and returners of capital) than they have been historically or what has been implied today. This position remains high conviction as we feel the quality of the balance sheet and sustainable earnings power is not being rewarded. CIT’s stock ended the reporting period trading at below nine times 2018 expected earnings and significantly below their tangible book values.
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 reporting period.
Nuveen NWQ Small/Mid-Cap Value Fund
The Nuveen NWQ Small/Mid-Cap Value Fund’s Class A Shares at NAV underperformed the Russell 2500® Value Index and the Lipper classification average for the six-month reporting period ended December 31, 2018.
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 and producer durables sectors contributed positively to the Fund’s performance. Stock selection in the energy and financial services sectors detracted from performance.
Technology sector holdings Arris International PLC and Mellanox Technologies, Limited, were top contributors to performance. In early November 2018, CommScope agreed to acquire Arris for $31.75 in an all-cash transaction. Arris management had become frustrated by investors lack of belief in their business model and in particular free cash flow generation. As a result, Arris agreed to a deal with CommScope who is looking to bolster their offerings as 5G cellular networks are built out in 2020 and beyond. We have sold our holding in Arris. Mellanox Technologies’ stock appreciated strongly following strong operating reports and solid demand for the company’s semiconductors. Further speculation that the company could be an acquisition target supported the stock price. The company maintains significant market share with its Infiniband technology and has gained share in high speed interconnect for the next generation of data center and supercomputers. Lastly, positive contribution to performance also came from financial services holding, Euronet Worldwide, Inc. The stock outperformed in the second of half of 2018. The company continues to generate healthy cash flows in each of its business segments. Specifically, it has leveraged its operational expertise in its ATM network and has grown its market share in money transfer.
Several holdings detracted from performance. EQT Corporation was the leading detractor from portfolio performance. The fourth quarter 2018 was an extremely challenging environment for energy stocks, as Brent crude oil and West Texas Intermediate (WTI) crude oil prices both experienced precipitous declines in excess of 30% due to a combination of concerns over a global economic slowdown and the issuance of waivers for Iranian crude purchases, which left the market oversupplied just as fears on demand moved to the front of investors’ minds. The energy sector was down 25%, while the exploration and production (E&P) and oilfield services indexes were down 38% and 44% respectively. EQT had an extremely disappointing year as operational issues led to a weak cash flow forecast given significant but fixable issues. The company completed its separation into EQT (gas E&P company) and Equitrans (gas pipeline company) and the stock prices of both companies actually rose during the final two months of the reporting period post the separation. We remain optimistic on EQT and Equitrans as we believe both companies are extremely undervalued and have near term catalysts to drive their stock prices. Lastly materials sector holding P.H. Glatfelter Company detracted from performance. The company accomplished the simultaneous sale of Specialty Papers at an excellent price and purchase of Georgia Pacific’s European non-woven operations. The fourth quarter 2018, however, was disappointing reflecting cost pressures from rising pulp prices. In addition, foreign exchange instruments were an issue.
Portfolio Managers’ Comments(continued)
Nuveen NWQ Small-Cap Value Fund
The Nuveen NWQ Small-Cap Value Fund’s Class A Shares at NAV underperformed the Russell 2000® Value Index and its Lipper classification average for the six-month reporting period ended December 31, 2018.
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, producer durables and health care sectors helped performance, while stock selection in energy, financial services and consumer discretionary sectors detracted from performance.
Technology sector holdings, Mellanox Technologies Limited and Integrated Device Technology Inc., were top contributors to performance. Mellanox Technologies’ stock appreciated strongly following strong operating reports and solid demand for the company’s semiconductors. Further speculation that the company could be an acquisition target supported the stock price. The company maintains significant market share with its Infiniband technology and has gained share in high speed interconnect for the next generation of data center and supercomputers. Technology holding, Integrated Device Technology was also a top contributor as the company demonstrated strong organic growth in its computing, communications, and industrial end markets and delivered solid operating results. During the third quarter 2018, Japan's Renesas Electronics announced its intent to acquire the company for a cash price of $49/share, a meaningful premium to the share price when takeover rumors began. Lastly, positive contribution to performance also came from financial service sector holding Euronet Worldwide, Inc. The stock outperformed during the reporting period as the company continues to generate healthy cash flows in each of its business segments. Specifically, it has leveraged its operational expertise in its ATM network and has grown its market share in money transfer.
Several individual holdings detracted from performance, including energy sector holdings Carrizo Oil & Gas, Inc. and PDC Energy Inc. The fourth quarter 2018, was an extremely challenging environment for energy stocks, as Brent crude oil and West Texas Intermediate (WTI) crude oil prices both experienced precipitous declines in excess of 30% due to a combination of concerns over a global economic slowdown and the issuance of waivers for Iranian crude purchases, which left the market oversupplied just as fears on demand moved to the front of investors’ minds. Carrizo Oil & Gas was a key detractor and was especially impacted as a smaller cap company. PDC Energy was also a top detractor as Colorado environmental activists have successfully put a proposition on the ballot for 2019 aiming to effectively ban oil and gas activity in the state. The measure is highly unlikely to pass in its current form as both candidates for governor have come out opposing it. The company’s current valuation assumes no value for undeveloped resources in Colorado, creating a very positive risk-reward. Lastly, materials sector holding P.H. Glatfelter Company detracted from performance. The company accomplished the simultaneous sale of Specialty Papers at an excellent price and purchase of Georgia Pacific’s European non-woven operations. The second half of the reporting period, however, was disappointing reflecting cost pressures from rising pulp prices. In addition, foreign exchange instruments were an issue.
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 ofequity 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 inemerging 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 ofequity 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 inemerging markets. These and other risk considerations, such as credit, derivatives, high yield securities, and interest rate risks, are described in detail in the Fund’s prospectus.
Nuveen NWQ Multi-Cap Value Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices ofequity securities may decline significantly over short or extended periods of time. Investments insmaller 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 inemerging 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 ofequity securities may decline significantly over short or extended periods of time.Non-U.S. investmentsinvolve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified inemerging 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 ofequity securities may decline significantly over short or extended periods of time. Investments insmaller 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 inemerging 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 ofequity securities may decline significantly over short or extended periods of time. Investments insmaller 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 inemerging 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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Fund Performance and Expense Ratios
The Fund Performance and Expense Ratios for each Fund are shown within this section of the report.
Returns quoted represent past performance, which is no guarantee of future results.Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are not annualized. Returns at net asset value (NAV) would be lower if the sales charge were included. Returns assume reinvestment of dividends and capital gains. For performance, current to the most recent month-end visit nuveen.com or call (800) 257-8787.
Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares.
Returns may reflect fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees, and assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for Class A Shares at NAV only.
The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any) as shown in the most recent prospectus. The expense ratios include management fees and other fees and expenses.
Fund Performance and Expense Ratios(continued)
Nuveen NWQ Global 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, 2018
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | 5-Year | Since
Inception |
| Class A Shares at NAV | (11.30)% | | (14.58)% | 1.25% | 6.80% |
| Class A Shares at maximum Offering Price | (16.40)% | | (19.49)% | 0.06% | 6.12% |
| MSCI World Index | (9.10)% | | (8.71)% | 4.56% | 7.91% |
| Lipper Global Equity Income Funds Classification Average | (7.17)% | | (9.42)% | 2.72% | 6.05% |
| Class C Shares | (11.63)% | | (15.21)% | 0.49% | 6.00% |
| Class R3 Shares | (11.40)% | | (14.79)% | 0.99% | 6.53% |
| Class I Shares | (11.21)% | | (14.38)% | 1.50% | 7.06% |
Since inception returns are from 9/15/09. Indexes and Lipper averages are not available for direct investment.
Performance prior to December 13, 2013, reflects the Fund’s performance using investment strategies that differed significantly from those currently in place.
Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C Shares automatically convert to Class A Shares ten years after purchase. 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% | 0.92% |
| Net Expense Ratios | 1.11% | 1.86% | 1.36% | 0.86% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through July 31, 2020 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. This expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.
Nuveen NWQ 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 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, 2018
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | 5-Year | 10-Year |
| Class A Shares at NAV | (15.08)% | | (18.29)% | (1.21)% | 2.94% |
| Class A Shares at maximum Offering Price | (19.95)% | | (23.01)% | (2.37)% | 2.33% |
| MSCI EAFE Index | (11.35)% | | (13.79)% | 0.53% | 6.32% |
| Lipper International Multi-Cap Value Funds Classification Average | (13.13)% | | (17.27)% | (1.11)% | 4.97% |
| Class C Shares | (15.44)% | | (18.93)% | (1.95)% | 2.16% |
| Class R3 Shares | (15.22)% | | (18.50)% | (1.46)% | 2.68% |
| Class I Shares | (14.98)% | | (18.09)% | (0.96)% | 3.19% |
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 C Shares automatically convert to Class A Shares ten years after purchase. 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 | 1.27% | 2.02% | 1.52% | 1.02% |
| 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, 2020 so that the 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. This expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.
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, 2018
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | 5-Year | 10-Year |
| Class A Shares at NAV | (16.68)% | | (14.58)% | 1.44% | 9.46% |
| Class A Shares at maximum Offering Price | (21.46)% | | (19.48)% | 0.24% | 8.81% |
| Russell 3000® Value Index | (7.51)% | | (8.58)% | 5.77% | 11.12% |
| Lipper Multi-Cap Value Funds Classification Average | (10.57)% | | (11.42)% | 4.24% | 10.74% |
| Class C Shares | (17.02)% | | (15.26)% | 0.67% | 8.63% |
| Class R3 Shares | (16.77)% | | (14.82)% | 1.18% | 9.18% |
| Class I Shares | (16.58)% | | (14.39)% | 1.69% | 9.73% |
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 C Shares automatically convert to Class A Shares ten years after purchase. 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 | 1.24% | 1.99% | 1.49% | 0.99% |
| 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, 2020 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. This expense limitation may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund.
Nuveen NWQ Large-Cap Value Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of December 31, 2018
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | 5-Year | 10-Year |
| Class A Shares at NAV | (15.26)% | | (15.01)% | 2.08% | 7.95% |
| Class A Shares at maximum Offering Price | (20.13)% | | (19.91)% | 0.87% | 7.32% |
| Russell 1000® Value Index | (6.69)% | | (8.27)% | 5.95% | 11.18% |
| Lipper Multi-Cap Value Funds Classification Average | (10.57)% | | (11.42)% | 4.24% | 10.74% |
| Class C Shares | (15.50)% | | (15.50)% | 1.33% | 7.15% |
| Class I Shares | (15.25)% | | (14.87)% | 2.31% | 8.21% |
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | 5-Year | Since
Inception |
| Class R3 Shares | (15.39)% | | (15.26)% | 1.81% | 5.76% |
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 C Shares automatically convert to Class A Shares ten years after purchase. 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 | 1.19% | 1.94% | 1.44% | 0.94% |
| 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, 2020 so that the 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, 2020) of the average daily net assets of any class of Fund shares. The expense limitation expiring July 31, 2020 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. This expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders of the Fund.
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, 2018
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | 5-Year | 10-Year |
| Class A Shares at NAV | (22.49)% | | (18.58)% | 0.22% | 10.85% |
| Class A Shares at maximum Offering Price | (26.95)% | | (23.26)% | (0.96)% | 10.19% |
| Russell 2500® Value Index | (14.91)% | | (12.36)% | 4.16% | 11.62% |
| Lipper Small-Cap Core Funds Classification Average | (16.70)% | | (12.67)% | 3.41% | 11.64% |
| Class C Shares | (22.80)% | | (19.21)% | (0.53)% | 10.06% |
| Class I Shares | (22.41)% | | (18.39)% | 0.47% | 11.13% |
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | 5-Year | Since
Inception |
| Class R3 Shares | (22.58)% | | (18.79)% | (0.03)% | 8.37% |
| Class R6 Shares | (22.30)% | | (18.21)% | N/A | 2.67% |
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 C Shares automatically convert to Class A Shares ten years after purchase. 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 | 1.53% | 2.29% | 1.78% | 1.13% | 1.25% |
| Net Expense Ratios | 1.31% | 2.06% | 1.56% | 0.89% | 1.06% |
The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through July 31, 2020 so that the 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, 2020) 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, 2020 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. This expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders of the Fund.
Nuveen NWQ Small-Cap Value Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance
Average Annual Total Returns as of December 31, 2018
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | 5-Year | 10-Year |
| Class A Shares at NAV | (23.24)% | | (19.19)% | 2.29% | 12.73% |
| Class A Shares at maximum Offering Price | (27.65)% | | (23.83)% | 1.08% | 12.06% |
| Russell 2000® Value Index | (17.36)% | | (12.86)% | 3.61% | 10.40% |
| Lipper Small-Cap Core Funds Classification Average | (16.70)% | | (12.67)% | 3.41% | 11.64% |
| Class C Shares | (23.52)% | | (19.79)% | 1.53% | 11.90% |
| Class I Shares | (23.15)% | | (18.99)% | 2.54% | 13.02% |
| | Cumulative | | Average Annual |
| | 6-Month | | 1-Year | 5-Year | Since
Inception |
| Class R3 Shares | (23.32)% | | (19.38)% | 2.03% | 10.27% |
| Class R6 Shares | (23.07)% | | (18.86)% | 2.70% | 7.26% |
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 C Shares automatically convert to Class A Shares ten years after purchase. 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 | 1.27% | 2.01% | 1.51% | 0.85% | 1.01% |
Holding Summaries as of December 31, 2018
This data relates to the securities held in each Fund's portfolio of investments as of the end of this reporting period. It should not be construed as a measure of performance for the Fund itself. Holdings are subject to change.
Nuveen NWQ Global Equity Income Fund
Fund Allocation
(% of net assets) | |
| Common Stocks | 98.3% |
| $1,000 Par (or similar) Institutional Preferred | 1.2% |
| Structured Notes | 0.7% |
| $25 Par (or similar) Retail Preferred | 0.1% |
| Other Assets Less Liabilities | (0.3)% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Enterprise Products Partners LP | 3.4% |
| DowDuPont Inc | 3.4% |
| Oracle Corp | 3.3% |
| Veolia Environnement SA | 3.1% |
| GlaxoSmithKline PLC | 3.1% |
Portfolio Composition
(% of net assets) | |
| Banks | 12.0% |
| Oil, Gas & Consumable Fuels | 8.6% |
| Pharmaceuticals | 8.1% |
| Insurance | 7.9% |
| Diversified Financial Services | 6.0% |
| Capital Markets | 6.0% |
| Software | 5.4% |
| Food Products | 3.5% |
| Chemicals | 3.4% |
| Diversified Telecommunication Services | 3.3% |
| Multi-Utilities | 3.1% |
| Air Freight & Logistics | 2.9% |
| Semiconductors & Semiconductor Equipment | 2.8% |
| Electric Utilities | 2.8% |
| Industrial Conglomerates | 2.5% |
| Tobacco | 2.5% |
| Other | 18.8% |
| Structured Notes | 0.7% |
| Other Assets Less Liabilities | (0.3)% |
| Net Assets | 100% |
Country Allocation1
(% of net assets) | |
| United States | 37.8% |
| Germany | 14.8% |
| United Kingdom | 7.2% |
| Japan | 6.0% |
| France | 4.7% |
| Ireland | 4.2% |
| Spain | 3.4% |
| Switzerland | 3.3% |
| Bermuda | 3.1% |
| Netherlands | 3.0% |
| Other | 12.8% |
| Other Assets Less Liabilities | (0.3)% |
| Net Assets | 100% |
| 1 | Includes 4.6% (as a percentage of net assets) in emerging market countries. | |
Nuveen NWQ International Value Fund
Fund Allocation
(% of net assets) | |
| Common Stocks | 98.8% |
| Repurchase Agreements | 0.8% |
| Other Assets Less Liabilities | 0.4% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Nippon Telegraph & Telephone Corporation, ADR | 3.3% |
| Sanofi, SA | 3.0% |
| SK Telecom Co Ltd, Sponsored ADR | 3.0% |
| ING Groep NV | 2.8% |
| Axis Capital Holdings Ltd | 2.7% |
Portfolio Composition
(% of net assets) | |
| Banks | 14.6% |
| Insurance | 9.5% |
| Pharmaceuticals | 7.8% |
| Food & Staples Retailing | 6.0% |
| Diversified Telecommunication Services | 5.4% |
| Oil, Gas & Consumable Fuels | 4.6% |
| Commercial Services & Supplies | 4.0% |
| Automobiles | 3.7% |
| Capital Markets | 3.7% |
| Professional Services | 3.6% |
| Technology Hardware, Storage & Peripherals | 3.3% |
| Wireless Telecommunication Services | 3.0% |
| Household Durables | 2.8% |
| Semiconductors & Semiconductor Equipment | 2.6% |
| Industrial Conglomerates | 2.5% |
| Media | 2.0% |
| Other | 19.7% |
| Repurchase Agreements | 0.8% |
| Other Assets Less Liabilities | 0.4% |
| Net Assets | 100% |
Country Allocation1
(% of net assets) | |
| Japan | 23.7% |
| Netherlands | 11.1% |
| Germany | 10.5% |
| France | 8.9% |
| United Kingdom | 7.5% |
| South Korea | 5.7% |
| Switzerland | 5.2% |
| United States | 5.1% |
| Denmark | 4.3% |
| Belgium | 4.0% |
| Other | 13.6% |
| Other Assets Less Liabilities | 0.4% |
| Net Assets | 100% |
| 1 | Includes 6.6% (as a percentage of net assets) in emerging market countries. | |
Holding Summaries as of December 31, 2018(continued)
Nuveen NWQ Multi-Cap Value Fund
Fund Allocation
(% of net assets) | |
| Common Stocks | 97.2% |
| Repurchase Agreements | 2.8% |
| Other Assets Less Liabilities | (0.0)% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Oil, Gas & Consumable Fuels | 12.3% |
| Insurance | 8.6% |
| Diversified Financial Services | 8.5% |
| Banks | 6.5% |
| Specialty Retail | 5.3% |
| Machinery | 5.0% |
| Semiconductors & Semiconductor Equipment | 4.8% |
| Pharmaceuticals | 4.5% |
| Consumer Finance | 3.8% |
| Software | 3.4% |
| Automobiles | 3.2% |
| Electric Utilities | 3.2% |
| IT Services | 2.6% |
| Life Sciences Tools & Services | 2.6% |
| Equity Real Estate Investment Trust | 2.6% |
| Airlines | 2.6% |
| Other | 17.7% |
| Repurchase Agreements | 2.8% |
| Other Assets Less Liabilities | (0.0)% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Citigroup Inc | 3.7% |
| CIT Group Inc | 3.6% |
| Oracle Corp | 3.4% |
| JPMorgan Chase & Co | 3.3% |
| General Motors Co | 3.2% |
Nuveen NWQ Large-Cap Value Fund
Fund Allocation
(% of net assets) | |
| Common Stocks | 97.7% |
| Repurchase Agreements | 0.6% |
| Other Assets Less Liabilities | 1.7% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Oil, Gas & Consumable Fuels | 12.2% |
| Diversified Financial Services | 8.9% |
| Insurance | 7.8% |
| Banks | 7.0% |
| Specialty Retail | 5.2% |
| Consumer Finance | 5.0% |
| Machinery | 4.5% |
| Pharmaceuticals | 4.3% |
| Electric Utilities | 3.4% |
| Software | 3.3% |
| Automobiles | 3.2% |
| IT Services | 3.1% |
| Beverages | 2.6% |
| Airlines | 2.6% |
| Interactive Media & Services | 2.5% |
| Semiconductors & Semiconductor Equipment | 2.4% |
| Other | 19.7% |
| Repurchase Agreements | 0.6% |
| Other Assets Less Liabilities | 1.7% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Citigroup Inc | 3.7% |
| CIT Group Inc | 3.6% |
| JPMorgan Chase & Co | 3.5% |
| FirstEnergy Corp | 3.4% |
| Oracle Corp | 3.3% |
Holding Summaries as of December 31, 2018(continued)
Nuveen NWQ Small/Mid-Cap Value Fund
Fund Allocation
(% of net assets) | |
| Common Stocks | 96.2% |
| Repurchase Agreements | 31.1% |
| Other Assets Less Liabilities | (27.3)% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Banks | 17.4% |
| Oil, Gas & Consumable Fuels | 9.8% |
| Insurance | 8.0% |
| Semiconductors & Semiconductor Equipment | 7.5% |
| Household Durables | 5.0% |
| Specialty Retail | 5.0% |
| Equity Real Estate Investment Trust | 4.8% |
| Construction & Engineering | 4.2% |
| Life Sciences Tools & Services | 3.0% |
| Metals & Mining | 3.0% |
| Containers & Packaging | 3.0% |
| Machinery | 2.8% |
| Paper & Forest Products | 2.7% |
| Auto Components | 2.5% |
| Other | 17.5% |
| Repurchase Agreements | 31.1% |
| Other Assets Less Liabilities | (27.3)% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Axis Capital Holdings Ltd | 3.6% |
| First Horizon National Corp | 3.2% |
| Mellanox Technologies Limited | 3.2% |
| Western Alliance Bancorp | 3.0% |
| Ameris Bancorp | 3.0% |
Nuveen NWQ Small-Cap Value Fund
Fund Allocation
(% of net assets) | |
| Common Stocks | 97.5% |
| Repurchase Agreements | 3.2% |
| Other Assets Less Liabilities | (0.7)% |
| Net Assets | 100% |
Portfolio Composition
(% of net assets) | |
| Banks | 17.5% |
| Semiconductors & Semiconductor Equipment | 9.4% |
| Household Durables | 8.3% |
| Insurance | 7.3% |
| Oil, Gas & Consumable Fuels | 6.9% |
| Equity Real Estate Investment Trust | 4.9% |
| Paper & Forest Products | 4.8% |
| Electronic Equipment, Instruments & Components | 3.6% |
| Machinery | 3.5% |
| Food Products | 3.2% |
| Containers & Packaging | 3.1% |
| Thrifts & Mortgage Finance | 2.9% |
| Electrical Equipment | 2.7% |
| Other | 19.4% |
| Repurchase Agreements | 3.2% |
| Other Assets Less Liabilities | (0.7)% |
| Net Assets | 100% |
Top Five Common Stock Holdings
(% of net assets) | |
| Aspen Insurance Holdings Ltd | 3.7% |
| Western Alliance Bancorp | 3.6% |
| RenaissanceRe Holdings Ltd | 3.5% |
| Mellanox Technologies Limited | 3.4% |
| Ameris Bancorp | 3.2% |
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, 2018.
The beginning of the period is July 1, 2018.
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 |
| Actual Performance | | | | |
| Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
| Ending Account Value | $887.00 | $883.70 | $886.00 | $887.90 |
| Expenses Incurred During the Period | $5.28 | $8.83 | $6.47 | $4.09 |
Hypothetical Performance
(5% annualized return before expenses) | | | | |
| Beginning Account Value | $1,000.00 | $1,000.00 | $1,000.00 | $1,000.00 |
| Ending Account Value | $1,019.61 | $1,015.83 | $1,018.35 | $1,020.87 |
| Expenses Incurred During the Period | $5.65 | $9.45 | $6.92 | $4.38 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.11%, 1.86%, 1.36% and 0.86% for Classes A, C, R3 and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen NWQ International 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 | $849.20 | $845.60 | $847.80 | $850.20 |
| Expenses Incurred During the Period | $5.36 | $8.84 | $6.52 | $4.20 |
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 | $833.20 | $829.80 | $832.30 | $834.20 |
| Expenses Incurred During the Period | $5.31 | $8.76 | $6.47 | $4.16 |
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 | $847.40 | $845.00 | $846.10 | $847.50 |
| Expenses Incurred During the Period | $4.66 | $8.14 | $5.82 | $3.49 |
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).
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 | $775.10 | $772.00 | $774.20 | $777.00 | $775.90 |
| Expenses Incurred During the Period | $5.86 | $9.20 | $6.98 | $3.90 | $4.74 |
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 | $1,020.82 | $1,019.86 |
| Expenses Incurred During the Period | $6.67 | $10.46 | $7.93 | $4.43 | $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%, 0.87% 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 | $767.60 | $764.80 | $766.80 | $769.30 | $768.50 |
| Expenses Incurred During the Period | $5.48 | $8.81 | $6.59 | $3.79 | $4.37 |
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 | $1,019.00 | $1,015.22 | $1,017.74 | $1,020.92 | $1,020.27 |
| Expenses Incurred During the Period | $6.26 | $10.06 | $7.53 | $4.33 | $4.99 |
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.23%, 1.98%, 1.48%, 0.85% and 0.98% 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 Global Equity Income Fund
Portfolio of Investments December 31, 2018
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 100.3% | | | | |
| | | COMMON STOCKS – 98.3% | | | | |
| | | Air Freight & Logistics – 2.9% | | | | |
| 217,200 | | Deutsche Post AG, (2) | | | | $5,931,561 |
| | | Airlines – 2.4% | | | | |
| 97,920 | | Delta Air Lines Inc | | | | 4,886,208 |
| | | Automobiles – 1.5% | | | | |
| 58,255 | | Daimler AG, (2) | | | | 3,070,905 |
| | | Banks – 12.0% | | | | |
| 1,426,600 | | AIB Group PLC, (2) | | | | 6,015,556 |
| 466,510 | | Bank of Ireland Group PLC | | | | 2,604,102 |
| 72,500 | | Bank of NT Butterfield & Son Ltd/The | | | | 2,272,875 |
| 103,380 | | CIT Group Inc | | | | 3,956,353 |
| 564,270 | | ING Groep NV, (2) | | | | 6,069,620 |
| 2,590,600 | | Unicaja Banco SA, 144A, (2), (3) | | | | 3,418,508 |
| | | Total Banks | | | | 24,337,014 |
| | | Biotechnology – 1.8% | | | | |
| 57,935 | | Gilead Sciences Inc | | | | 3,623,834 |
| | | Capital Markets – 6.0% | | | | |
| 76,400 | | Aurelius AG, (2) | | | | 2,777,846 |
| 600,600 | | Daiwa Securities Group Inc, (2) | | | | 3,048,427 |
| 27,275 | | Deutsche Boerse AG, (2) | | | | 3,260,870 |
| 242,400 | | UBS Group AG, (2) | | | | 3,023,513 |
| | | Total Capital Markets | | | | 12,110,656 |
| | | Chemicals – 3.4% | | | | |
| 127,410 | | DowDuPont Inc | | | | 6,813,887 |
| | | Diversified Financial Services – 6.0% | | | | |
| 430,000 | | Challenger Ltd/Australia, (2) | | | | 2,874,818 |
| 117,800 | | Citigroup Inc | | | | 6,132,668 |
| 32,200 | | JPMorgan Chase & Co | | | | 3,143,364 |
| | | Total Diversified Financial Services | | | | 12,150,850 |
| | | Diversified Telecommunication Services – 3.3% | | | | |
| 80,290 | | Nippon Telegraph & Telephone Corp, (2) | | | | 3,275,776 |
| 291,300 | | Telefonica Brasil SA, (2) | | | | 3,473,752 |
| | | Total Diversified Telecommunication Services | | | | 6,749,528 |
Nuveen NWQ Global Equity Income Fund(continued)
Portfolio of Investments December 31, 2018
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Electric Utilities – 2.8% | | | | |
| 152,070 | | FirstEnergy Corp | | | | $5,710,229 |
| | | Electrical Equipment – 1.5% | | | | |
| 45,150 | | Eaton Corp PLC | | | | 3,099,999 |
| | | Energy Equipment & Services – 1.7% | | | | |
| 32,070 | | Chevron Corp | | | | 3,488,895 |
| | | Entertainment – 1.9% | | | | |
| 5,900 | | Nintendo Co Ltd, (2) | | | | 1,566,680 |
| 84,325 | | Viacom Inc | | | | 2,167,152 |
| | | Total Entertainment | | | | 3,733,832 |
| | | Food Products – 2.3% | | | | |
| 584,400 | | Orkla ASA, (2) | | | | 4,575,793 |
| | | Gas Utilities – 2.0% | | | | |
| 703,200 | | Italgas SpA, (2) | | | | 4,032,518 |
| | | Household Durables – 2.1% | | | | |
| 284,600 | | Sekisui House Ltd, (2) | | | | 4,179,373 |
| | | Industrial Conglomerates – 2.5% | | | | |
| 45,940 | | Siemens AG, (2) | | | | 5,126,975 |
| | | Insurance – 7.8% | | | | |
| 107,081 | | Ageas, (2) | | | | 4,820,318 |
| 18,930 | | Allianz SE, (2) | | | | 3,804,081 |
| 68,450 | | CNA Financial Corp | | | | 3,022,068 |
| 30,500 | | RenaissanceRe Holdings Ltd | | | | 4,077,850 |
| | | Total Insurance | | | | 15,724,317 |
| | | Multi-Utilities – 3.1% | | | | |
| 304,550 | | Veolia Environnement SA, (2) | | | | 6,236,939 |
| | | Oil, Gas & Consumable Fuels – 8.6% | | | | |
| 279,150 | | Enterprise Products Partners LP | | | | 6,864,298 |
| 142,040 | | Equitrans Midstream Corp, (3) | | | | 2,843,641 |
| 157,500 | | Suncor Energy Inc | | | | 4,405,275 |
| 62,000 | | Total SA, (2) | | | | 3,270,197 |
| | | Total Oil, Gas & Consumable Fuels | | | | 17,383,411 |
| | | Pharmaceuticals – 8.1% | | | | |
| 89,100 | | AstraZeneca PLC, Sponsored ADR | | | | 3,384,018 |
| 46,950 | | Bayer AG, (2) | | | | 3,265,314 |
| 324,340 | | GlaxoSmithKline PLC, (2) | | | | 6,181,277 |
| 14,630 | | Roche Holding AG, (2) | | | | 3,632,027 |
| | | Total Pharmaceuticals | | | | 16,462,636 |
| Shares | | Description (1) | | | | Value |
| | | Real Estate Management & Development – 1.1% | | | | |
| 518,000 | | Great Eagle Holdings Ltd, (2) | | | | $2,219,792 |
| | | Semiconductors & Semiconductor Equipment – 2.8% | | | | |
| 234,400 | | Cypress Semiconductor Corp | | | | 2,981,568 |
| 137,500 | | Infineon Technologies AG, (2) | | | | 2,752,979 |
| | | Total Semiconductors & Semiconductor Equipment | | | | 5,734,547 |
| | | Software – 5.4% | | | | |
| 41,850 | | Microsoft Corp | | | | 4,250,705 |
| 146,950 | | Oracle Corp | | | | 6,634,792 |
| | | Total Software | | | | 10,885,497 |
| | | Specialty Retail – 1.3% | | | | |
| 1,031,000 | | Kingfisher PLC, (2) | | | | 2,710,798 |
| | | Technology Hardware, Storage & Peripherals – 1.5% | | | | |
| 105,800 | | Samsung Electronics Co Ltd, (2) | | | | 3,023,094 |
| | | Textiles, Apparel & Luxury Goods – 0.0% | | | | |
| 34,456,000 | | China Hongxing Sports Ltd, (4) | | | | 25 |
| | | Tobacco – 2.5% | | | | |
| 74,761 | | Imperial Brands PLC, (2) | | | | 2,269,124 |
| 41,400 | | Philip Morris International Inc | | | | 2,763,864 |
| | | Total Tobacco | | | | 5,032,988 |
| | | Total Common Stocks (cost $207,345,781) | | | | 199,036,101 |
Principal
Amount (000) | | Description (1) | Coupon | Maturity | Ratings (5) | Value |
| | | $1,000 PAR (OR SIMILAR) INSTITUTIONAL PREFERRED – 1.2% | | | | |
| | | Food Products – 1.2% | | | | |
| $1,884 | | Land O' Lakes Inc, 144A | 7.250% | N/A (6) | BB | $1,827,480 |
| 554 | | Land O' Lakes Inc, 144A | 8.000% | N/A (6) | BB | 585,855 |
| $2,438 | | Total $1,000 Par (or similar) Institutional Preferred (cost $2,438,000) | | | | 2,413,335 |
| Shares | | Description (1) | Coupon | Cap Price | Maturity | Value |
| | | STRUCTURED NOTES – 0.7% | | | | |
| 6,650 | | Merrill Lynch International & Co. C.V., Mandatory Exchangeable Note, Linked to Common Stock of Broadcom Inc. (Cap 113.00% of Issue Price of $209.2547), 144A | 10.000% | $236.4578 | 1/23/19 | $1,558,029 |
| | | Total Structured Notes (cost $1,378,545) | | | | 1,558,029 |
Nuveen NWQ Global Equity Income Fund(continued)
Portfolio of Investments December 31, 2018
(Unaudited)
| Shares | | Description (1) | Coupon | | Ratings (5) | Value |
| | | $25 PAR (OR SIMILAR) RETAIL PREFERRED – 0.1% | | | | |
| | | Insurance – 0.1% | | | | |
| 7,020 | | National General Holdings Corp | 7.625% | | N/R | $158,652 |
| | | Total $25 Par (or similar) Retail Preferred (cost $166,718) | | | | 158,652 |
| | | Total Long-Term Investments (cost $211,329,044) | | | | 203,166,117 |
| | | Other Assets Less Liabilities – (0.3)% | | | | (696,804) |
| | | Net Assets – 100% | | | | $202,469,313 |
| | 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.
Nuveen NWQ International Value Fund
Portfolio of Investments December 31, 2018
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 98.8% | | | | |
| | | COMMON STOCKS – 98.8% | | | | |
| | | Aerospace & Defense – 1.5% | | | | |
| 30,632 | | Thales SA, (2) | | | | $3,579,567 |
| | | Air Freight & Logistics – 1.3% | | | | |
| 113,450 | | Deutsche Post AG, (2) | | | | 3,098,230 |
| | | Automobiles – 3.7% | | | | |
| 37,986 | | Hyundai Motor Co, (2) | | | | 2,391,087 |
| 52,808 | | Toyota Motor Corp, Sponsored ADR | | | | 6,129,952 |
| | | Total Automobiles | | | | 8,521,039 |
| | | Banks – 14.6% | | | | |
| 945,800 | | AIB Group PLC, (2) | | | | 3,988,163 |
| 658,387 | | Bank of Ireland Group PLC | | | | 3,675,183 |
| 605,788 | | ING Groep NV, (2) | | | | 6,516,212 |
| 372,600 | | Oversea-Chinese Banking Corp Ltd, (2) | | | | 3,081,993 |
| 2,133,355 | | Royal Bank of Scotland Group PLC, (2) | | | | 5,918,045 |
| 139,200 | | Sumitomo Mitsui Trust Holdings Inc, (2) | | | | 5,069,241 |
| 4,208,297 | | Unicaja Banco SA, 144A, (2), (3) | | | | 5,553,191 |
| | | Total Banks | | | | 33,802,028 |
| | | Capital Markets – 3.7% | | | | |
| 92,645 | | Aurelius AG, (2) | | | | 3,368,502 |
| 413,731 | | UBS Group AG | | | | 5,121,990 |
| | | Total Capital Markets | | | | 8,490,492 |
| | | Chemicals – 1.9% | | | | |
| 54,743 | | Koninklijke DSM NV, (2) | | | | 4,441,063 |
| | | Commercial Services & Supplies – 4.0% | | | | |
| 177,600 | | Dai Nippon Printing Co Ltd, (2) | | | | 3,707,241 |
| 197,794 | | ISS A/S, (2) | | | | 5,537,596 |
| | | Total Commercial Services & Supplies | | | | 9,244,837 |
| | | Diversified Financial Services – 1.5% | | | | |
| 41,003 | | Groupe Bruxelles Lambert SA, (2) | | | | 3,573,107 |
| | | Diversified Telecommunication Services – 5.4% | | | | |
| 191,072 | | Nippon Telegraph & Telephone Corporation, ADR, (2) | | | | 7,765,166 |
| 244,178 | | Telenor ASA, (2) | | | | 4,742,009 |
| | | Total Diversified Telecommunication Services | | | | 12,507,175 |
Nuveen NWQ International Value Fund(continued)
Portfolio of Investments December 31, 2018
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Electrical Equipment – 1.9% | | | | |
| 145,900 | | Mabuchi Motor Co Ltd, (2) | | | | $4,469,343 |
| | | Electronic Equipment, Instruments & Components – 1.5% | | | | |
| 467,326 | | Flex Ltd, (3) | | | | 3,556,351 |
| | | Energy Equipment & Services – 1.9% | | | | |
| 402,875 | | Tenaris SA, (2) | | | | 4,330,012 |
| | | Food & Staples Retailing – 6.0% | | | | |
| 309,416 | | Carrefour SA, (2) | | | | 5,286,966 |
| 90,200 | | Seven & i Holdings Co Ltd, (2) | | | | 3,919,651 |
| 1,906,184 | | Tesco PLC, (2) | | | | 4,622,802 |
| | | Total Food & Staples Retailing | | | | 13,829,419 |
| | | Household Durables – 2.8% | | | | |
| 303,800 | | Panasonic Corp, (2) | | | | 2,729,163 |
| 249,900 | | Sekisui House Ltd, (2) | | | | 3,669,801 |
| | | Total Household Durables | | | | 6,398,964 |
| | | Industrial Conglomerates – 2.5% | | | | |
| 50,995 | | Siemens AG, (2) | | | | 5,691,121 |
| | | Insurance – 9.5% | | | | |
| 126,663 | | Ageas, (2) | | | | 5,701,814 |
| 20,709 | | Allianz SE, (2) | | | | 4,161,580 |
| 122,637 | | Axis Capital Holdings Ltd | | | | 6,332,975 |
| 208,600 | | MS&AD Insurance Group Holdings Inc, (2) | | | | 5,929,515 |
| | | Total Insurance | | | | 22,125,884 |
| | | Media – 2.0% | | | | |
| 82,817 | | Publicis Groupe SA, (2) | | | | 4,725,258 |
| | | Oil, Gas & Consumable Fuels – 4.6% | | | | |
| 192,115 | | Canadian Natural Resources Ltd | | | | 4,635,735 |
| 99,392 | | Royal Dutch Shell PLC, Class B Shares, Sponsored ADR | | | | 5,957,556 |
| | | Total Oil, Gas & Consumable Fuels | | | | 10,593,291 |
| | | Pharmaceuticals – 7.8% | | | | |
| 65,790 | | Bayer AG, (2) | | | | 4,575,613 |
| 190,316 | | GlaxoSmithKline PLC, (2) | | | | 3,627,045 |
| 12,224 | | Roche Holding AG, (2) | | | | 3,034,716 |
| 80,246 | | Sanofi, SA, (2) | | | | 6,961,327 |
| | | Total Pharmaceuticals | | | | 18,198,701 |
| | | Professional Services – 3.6% | | | | |
| 82,560 | | Adecco Group AG, (2) | | | | 3,880,517 |
| 75,352 | | Wolters Kluwer NV, (2) | | | | 4,431,239 |
| | | Total Professional Services | | | | 8,311,756 |
| Shares | | Description (1) | | | | Value |
| | | Real Estate Management & Development – 1.8% | | | | |
| 684,500 | | City Developments Ltd, (2) | | | | $4,080,791 |
| | | Semiconductors & Semiconductor Equipment – 2.6% | | | | |
| 260,000 | | MediaTek Inc, (2) | | | | 1,935,050 |
| 64,700 | | Rohm Co Ltd, (2) | | | | 4,129,475 |
| | | Total Semiconductors & Semiconductor Equipment | | | | 6,064,525 |
| | | Software – 1.5% | | | | |
| 34,313 | | SAP SE, (2) | | | | 3,405,552 |
| | | Specialty Retail – 1.4% | | | | |
| 1,216,609 | | Kingfisher PLC, (2) | | | | 3,198,818 |
| | | Technology Hardware, Storage & Peripherals – 3.3% | | | | |
| 94,500 | | FUJIFILM Holdings Corp, (2) | | | | 3,663,245 |
| 141,400 | | Samsung Electronics Co Ltd, (2) | | | | 4,040,316 |
| | | Total Technology Hardware, Storage & Peripherals | | | | 7,703,561 |
| | | Textiles, Apparel & Luxury Goods – 1.6% | | | | |
| 146,600 | | Wacoal Holdings Corp, (2) | | | | 3,794,054 |
| | | Tobacco – 1.9% | | | | |
| 372,125 | | Scandinavian Tobacco Group A/S, (2) | | | | 4,484,661 |
| | | Wireless Telecommunication Services – 3.0% | | | | |
| 256,573 | | SK Telecom Co Ltd, Sponsored ADR | | | | 6,876,156 |
| | | Total Long-Term Investments (cost $212,957,664) | | | | 229,095,756 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | | Value |
| | | SHORT-TERM INVESTMENTS – 0.8% | | | | |
| | | REPURCHASE AGREEMENTS – 0.8% | | | | |
| $1,961 | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/18, repurchase price $1,961,180, collateralized by 1,150,000, U.S. Treasury Bonds, 3.375%, due 5/15/44, value $1,224,798; $305,000, U.S. Treasury Bonds, 0.750%, due 2/15/45, value $293,194; $485,000 U.S. Treasury Bonds, 3.000%, due 5/15/45, value $483,831 | 1.200% | 1/02/19 | | $1,961,049 |
| | | Total Short-Term Investments (cost $1,961,049) | | | | 1,961,049 |
| | | Total Investments (cost $214,918,713) – 99.6% | | | | 231,056,805 |
| | | Other Assets Less Liabilities – 0.4% | | | | 832,338 |
| | | Net Assets – 100% | | | | $231,889,143 |
Nuveen NWQ International Value Fund(continued)
Portfolio of Investments December 31, 2018
(Unaudited)
| | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
| (2) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 - Investment Valuation and Fair Value Measurements for more information. | |
| (3) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
| 144A | Investment is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These investments may only be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. | |
| ADR | American Depositary Receipt | |
See accompanying notes to financial statements.
Nuveen NWQ Multi-Cap Value Fund
Portfolio of Investments December 31, 2018
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 97.2% | | | | |
| | | COMMON STOCKS – 97.2% | | | | |
| | | Airlines – 2.6% | | | | |
| 37,955 | | Delta Air Lines Inc | | | | $1,893,954 |
| | | Auto Components – 1.0% | | | | |
| 22,000 | | BorgWarner Inc | | | | 764,280 |
| | | Automobiles – 3.2% | | | | |
| 70,725 | | General Motors Co | | | | 2,365,751 |
| | | Banks – 6.5% | | | | |
| 39,050 | | Bank of NT Butterfield & Son Ltd/The | | | | 1,224,218 |
| 68,600 | | CIT Group Inc | | | | 2,625,322 |
| 23,360 | | Western Alliance Bancorp, (2) | | | | 922,486 |
| | | Total Banks | | | | 4,772,026 |
| | | Biotechnology – 1.5% | | | | |
| 17,000 | | Gilead Sciences Inc | | | | 1,063,350 |
| | | Capital Markets – 1.5% | | | | |
| 74,578 | | B. Riley Financial Inc | | | | 1,059,008 |
| | | Chemicals – 1.6% | | | | |
| 18,500 | | Innospec Inc | | | | 1,142,560 |
| | | Communications Equipment – 1.7% | | | | |
| 21,520 | | ViaSat Inc, (2) | | | | 1,268,604 |
| | | Construction & Engineering – 2.4% | | | | |
| 22,111 | | Arcosa Inc | | | | 612,254 |
| 37,750 | | Quanta Services Inc | | | | 1,136,275 |
| | | Total Construction & Engineering | | | | 1,748,529 |
| | | Consumer Finance – 3.8% | | | | |
| 28,650 | | Discover Financial Services | | | | 1,689,777 |
| 45,000 | | Synchrony Financial | | | | 1,055,700 |
| | | Total Consumer Finance | | | | 2,745,477 |
| | | Diversified Financial Services – 8.5% | | | | |
| 45,000 | | Bank of America Corp | | | | 1,108,800 |
| 52,500 | | Citigroup Inc | | | | 2,733,150 |
| 24,500 | | JPMorgan Chase & Co | | | | 2,391,690 |
| | | Total Diversified Financial Services | | | | 6,233,640 |
Nuveen NWQ Multi-Cap Value Fund(continued)
Portfolio of Investments December 31, 2018
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Electric Utilities – 3.2% | | | | |
| 63,000 | | FirstEnergy Corp | | | | $2,365,650 |
| | | Electronic Equipment, Instruments & Components – 1.0% | | | | |
| 7,000 | | Coherent Inc, (2) | | | | 739,970 |
| | | Energy Equipment & Services – 1.8% | | | | |
| 12,000 | | Chevron Corp | | | | 1,305,480 |
| | | Entertainment – 1.6% | | | | |
| 46,000 | | Viacom Inc | | | | 1,182,200 |
| | | Equity Real Estate Investment Trust – 2.6% | | | | |
| 310,700 | | Colony Capital Inc | | | | 1,454,076 |
| 67,732 | | MedEquities Realty Trust Inc | | | | 463,287 |
| | | Total Equity Real Estate Investment Trust | | | | 1,917,363 |
| | | Health Care Equipment & Supplies – 0.9% | | | | |
| 7,300 | | LivaNova PLC, (2) | | | | 667,731 |
| | | Insurance – 8.6% | | | | |
| 8,800 | | Aon PLC | | | | 1,279,168 |
| 33,400 | | Loews Corp | | | | 1,520,368 |
| 15,313 | | RenaissanceRe Holdings Ltd | | | | 2,047,348 |
| 48,210 | | Unum Group | | | | 1,416,410 |
| | | Total Insurance | | | | 6,263,294 |
| | | IT Services – 2.6% | | | | |
| 114,000 | | First Data Corp, (2) | | | | 1,927,740 |
| | | Life Sciences Tools & Services – 2.6% | | | | |
| 8,300 | | Bio-Rad Laboratories Inc, (2) | | | | 1,927,426 |
| | | Machinery – 5.0% | | | | |
| 15,000 | | Ingersoll-Rand PLC | | | | 1,368,450 |
| 34,000 | | Terex Corp | | | | 937,380 |
| 66,335 | | Trinity Industries Inc | | | | 1,365,838 |
| | | Total Machinery | | | | 3,671,668 |
| | | Media – 1.3% | | | | |
| 21,810 | | CBS Corp | | | | 953,533 |
| | | Oil, Gas & Consumable Fuels – 12.3% | | | | |
| 88,500 | | Carrizo Oil & Gas Inc, (2) | | | | 999,165 |
| 23,000 | | Cheniere Energy Inc, (2) | | | | 1,361,370 |
| 83,243 | | EQT Corp | | | | 1,572,460 |
| 78,603 | | Equitrans Midstream Corp, (2) | | | | 1,573,632 |
| 43,482 | | Hess Corp | | | | 1,761,021 |
| 46,200 | | Parsley Energy Inc, (2) | | | | 738,276 |
| Shares | | Description (1) | | | | Value |
| | | Oil, Gas & Consumable Fuels (continued) | | | | |
| 37,000 | | Suncor Energy Inc | | | | $1,034,890 |
| | | Total Oil, Gas & Consumable Fuels | | | | 9,040,814 |
| | | Pharmaceuticals – 4.5% | | | | |
| 12,750 | | Allergan PLC | | | | 1,704,165 |
| 42,400 | | GlaxoSmithKline PLC, Sponsored ADR | | | | 1,620,104 |
| | | Total Pharmaceuticals | | | | 3,324,269 |
| | | Semiconductors & Semiconductor Equipment – 4.8% | | | | |
| 70,000 | | Cypress Semiconductor Corp | | | | 890,400 |
| 17,310 | | Mellanox Technologies Limited, (2) | | | | 1,599,098 |
| 32,500 | | Teradyne Inc | | | | 1,019,850 |
| | | Total Semiconductors & Semiconductor Equipment | | | | 3,509,348 |
| | | Software – 3.4% | | | | |
| 54,475 | | Oracle Corp | | | | 2,459,546 |
| | | Specialty Retail – 5.3% | | | | |
| 6,263 | | Advance Auto Parts Inc | | | | 986,172 |
| 35,831 | | Foot Locker Inc | | | | 1,906,209 |
| 188,400 | | Kingfisher PLC, Sponsored ADR, (3) | | | | 983,448 |
| | | Total Specialty Retail | | | | 3,875,829 |
| | | Tobacco – 1.4% | | | | |
| 15,597 | | Philip Morris International Inc | | | | 1,041,256 |
| | | Total Long-Term Investments (cost $90,018,161) | | | | 71,230,296 |
| Principal Amount (000) | | Description | Coupon | Maturity | | Value |
| | | SHORT-TERM INVESTMENTS – 2.8% | | | | |
| | | REPURCHASE AGREEMENTS – 2.8% | | | | |
| $2,036 | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/18, repurchase price $2,036,604, collateralized by $1,955,000 U.S. Treasury Bonds, 3.375%, due 5/15/44, value $2,082,157 | 1.200% | 1/02/19 | | $2,036,468 |
| | | Total Short-Term Investments (cost $2,036,468) | | | | 2,036,468 |
| | | Total Investments (cost $92,054,629) – 100.0% | | | | 73,266,764 |
| | | Other Assets Less Liabilities – (0.0)% | | | | (4,137) |
| | | Net Assets – 100% | | | | $73,262,627 |
| | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
| (2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
| (3) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 - Investment Valuation and Fair Value Measurements for more information. | |
| ADR | American Depositary Receipt | |
See accompanying notes to financial statements.
Nuveen NWQ Large-Cap Value Fund
Portfolio of Investments December 31, 2018
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 97.7% | | | | |
| | | COMMON STOCKS – 97.7% | | | | |
| | | Aerospace & Defense – 1.8% | | | | |
| 5,049 | | Raytheon Co | | | | $774,264 |
| | | Airlines – 2.6% | | | | |
| 22,538 | | Delta Air Lines Inc | | | | 1,124,646 |
| | | Auto Components – 1.3% | | | | |
| 16,009 | | BorgWarner Inc | | | | 556,153 |
| | | Automobiles – 3.2% | | | | |
| 41,577 | | General Motors Co | | | | 1,390,751 |
| | | Banks – 7.0% | | | | |
| 40,826 | | CIT Group Inc | | | | 1,562,411 |
| 60,166 | | ING Groep NV | | | | 641,370 |
| 17,532 | | Wells Fargo & Co | | | | 807,874 |
| | | Total Banks | | | | 3,011,655 |
| | | Beverages – 2.6% | | | | |
| 23,783 | | Coca-Cola Company | | | | 1,126,125 |
| | | Capital Markets – 1.6% | | | | |
| 11,200 | | State Street Corp | | | | 706,384 |
| | | Chemicals – 2.2% | | | | |
| 17,551 | | DowDuPont Inc | | | | 938,627 |
| | | Communications Equipment – 1.1% | | | | |
| 8,450 | | ViaSat Inc, (2) | | | | 498,127 |
| | | Consumer Finance – 5.0% | | | | |
| 18,300 | | Discover Financial Services | | | | 1,079,334 |
| 45,424 | | Synchrony Financial | | | | 1,065,647 |
| | | Total Consumer Finance | | | | 2,144,981 |
| | | Diversified Financial Services – 8.9% | | | | |
| 31,000 | | Bank of America Corp | | | | 763,840 |
| 30,863 | | Citigroup Inc | | | | 1,606,728 |
| 15,259 | | JPMorgan Chase & Co | | | | 1,489,583 |
| | | Total Diversified Financial Services | | | | 3,860,151 |
| | | Diversified Telecommunication Services – 1.8% | | | | |
| 12,618 | | Occidental Petroleum Corp | | | | 774,493 |
| Shares | | Description (1) | | | | Value |
| | | Electric Utilities – 3.4% | | | | |
| 38,732 | | FirstEnergy Corp | | | | $1,454,387 |
| | | Electronic Equipment, Instruments & Components – 0.9% | | | | |
| 3,650 | | Coherent Inc | | | | 385,842 |
| | | Energy Equipment & Services – 1.9% | | | | |
| 7,554 | | Chevron Corp | | | | 821,800 |
| | | Entertainment – 1.6% | | | | |
| 26,208 | | Viacom Inc | | | | 673,546 |
| | | Equity Real Estate Investment Trust – 1.8% | | | | |
| 163,623 | | Colony Capital Inc | | | | 765,756 |
| | | Insurance – 7.8% | | | | |
| 20,000 | | American International Group Inc | | | | 788,200 |
| 5,216 | | Aon PLC | | | | 758,198 |
| 21,342 | | Loews Corp | | | | 971,488 |
| 28,459 | | Unum Group | | | | 836,125 |
| | | Total Insurance | | | | 3,354,011 |
| | | Interactive Media & Services – 2.5% | | | | |
| 1,025 | | Alphabet Inc, (2) | | | | 1,071,084 |
| | | IT Services – 3.1% | | | | |
| 79,742 | | First Data Corp, (2) | | | | 1,348,437 |
| | | Life Sciences Tools & Services – 1.0% | | | | |
| 1,934 | | Bio-Rad Laboratories Inc | | | | 449,113 |
| | | Machinery – 4.5% | | | | |
| 9,396 | | Ingersoll-Rand PLC | | | | 857,197 |
| 52,100 | | Trinity Industries Inc | | | | 1,072,739 |
| | | Total Machinery | | | | 1,929,936 |
| | | Media – 1.3% | | | | |
| 12,862 | | CBS Corp | | | | 562,327 |
| | | Oil, Gas & Consumable Fuels – 12.2% | | | | |
| 13,856 | | Cheniere Energy Inc, (2) | | | | 820,137 |
| 4,003 | | Concho Resources Inc, (2) | | | | 411,468 |
| 51,642 | | EQT Corp | | | | 975,517 |
| 47,624 | | Equitrans Midstream Corp | | | | 953,432 |
| 26,256 | | Hess Corp | | | | 1,063,368 |
| 36,879 | | Suncor Energy Inc | | | | 1,031,506 |
| | | Total Oil, Gas & Consumable Fuels | | | | 5,255,428 |
Nuveen NWQ Large-Cap Value Fund(continued)
Portfolio of Investments December 31, 2018
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Pharmaceuticals – 4.3% | | | | |
| 8,073 | | Allergan PLC | | | | $1,079,037 |
| 20,898 | | GlaxoSmithKline PLC, Sponsored ADR | | | | 798,513 |
| | | Total Pharmaceuticals | | | | 1,877,550 |
| | | Semiconductors & Semiconductor Equipment – 2.4% | | | | |
| 38,030 | | Cypress Semiconductor Corp | | | | 483,741 |
| 17,147 | | Teradyne Inc | | | | 538,073 |
| | | Total Semiconductors & Semiconductor Equipment | | | | 1,021,814 |
| | | Software – 3.3% | | | | |
| 31,164 | | Oracle Corp | | | | 1,407,055 |
| | | Specialty Retail – 5.2% | | | | |
| 3,589 | | Advance Auto Parts Inc | | | | 565,124 |
| 20,536 | | Foot Locker Inc | | | | 1,092,515 |
| 115,750 | | Kingfisher PLC, Sponsored ADR, (3) | | | | 604,215 |
| | | Total Specialty Retail | | | | 2,261,854 |
| | | Tobacco – 1.4% | | | | |
| 9,001 | | Philip Morris International Inc | | | | 600,907 |
| | | Total Long-Term Investments (cost $37,033,794) | | | | 42,147,204 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | | Value |
| | | SHORT-TERM INVESTMENTS – 0.6% | | | | |
| | | REPURCHASE AGREEMENTS – 0.6% | | | | |
| $267 | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/18, repurchase price $267,189, collateralized by $260,000 U.S. Treasury Bonds, 3.375%, due 5/15/44, value $276,911 | 1.200% | 1/02/19 | | $267,171 |
| | | Total Short-Term Investments (cost $267,171) | | | | 267,171 |
| | | Total Investments (cost $37,300,965) – 98.3% | | | | 42,414,375 |
| | | Other Assets Less Liabilities – 1.7% | | | | 719,302 |
| | | Net Assets – 100% | | | | $43,133,677 |
| | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
| (2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
| (3) | For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 2 - Investment Valuation and Fair Value Measurements for more information. | |
| ADR | American Depositary Receipt | |
See accompanying notes to financial statements.
Nuveen NWQ Small/Mid-Cap Value Fund
Portfolio of Investments December 31, 2018
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 96.2% | | | | |
| | | COMMON STOCKS – 96.2% | | | | |
| | | Aerospace & Defense – 1.5% | | | | |
| 9,745 | | Astronics Corp, (2) | | | | $296,735 |
| | | Auto Components – 2.5% | | | | |
| 14,295 | | BorgWarner Inc | | | | 496,608 |
| | | Banks – 17.4% | | | | |
| 18,840 | | Ameris Bancorp | | | | 596,663 |
| 16,915 | | Bank of NT Butterfield & Son Ltd/The | | | | 530,285 |
| 13,435 | | CIT Group Inc | | | | 514,157 |
| 48,461 | | First Horizon National Corp | | | | 637,747 |
| 6,570 | | PacWest Bancorp | | | | 218,650 |
| 6,200 | | Texas Capital Bancshares Inc, (2) | | | | 316,758 |
| 15,115 | | Western Alliance Bancorp, (2) | | | | 596,891 |
| | | Total Banks | | | | 3,411,151 |
| | | Building Products – 1.5% | | | | |
| 9,850 | | Apogee Enterprises Inc | | | | 294,023 |
| | | Chemicals – 2.1% | | | | |
| 6,794 | | Innospec Inc | | | | 419,597 |
| | | Communications Equipment – 1.5% | | | | |
| 5,040 | | ViaSat Inc, (2) | | | | 297,108 |
| | | Construction & Engineering – 4.2% | | | | |
| 5,715 | | Jacobs Engineering Group Inc | | | | 334,099 |
| 16,200 | | Quanta Services Inc | | | | 487,620 |
| | | Total Construction & Engineering | | | | 821,719 |
| | | Containers & Packaging – 3.0% | | | | |
| 12,600 | | Bemis Co Inc | | | | 578,340 |
| | | Electrical Equipment – 2.5% | | | | |
| 6,370 | | EnerSys | | | | 494,376 |
| | | Electronic Equipment, Instruments & Components – 2.2% | | | | |
| 4,167 | | Coherent Inc, (2) | | | | 440,494 |
| | | Equity Real Estate Investment Trust – 4.8% | | | | |
| 24,135 | | Brandywine Realty Trust | | | | 310,617 |
| 1,907 | | PotlatchDeltic Corp | | | | 60,338 |
Nuveen NWQ Small/Mid-Cap Value Fund(continued)
Portfolio of Investments December 31, 2018
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Equity Real Estate Investment Trust (continued) | | | | |
| 47,440 | | RPT Realty | | | | $566,908 |
| | | Total Equity Real Estate Investment Trust | | | | 937,863 |
| | | Health Care Equipment & Supplies – 1.5% | | | | |
| 3,280 | | LivaNova PLC, (2) | | | | 300,022 |
| | | Household Durables – 5.0% | | | | |
| 32,310 | | Taylor Morrison Home Corp, (2) | | | | 513,729 |
| 42,595 | | TRI Pointe Group Inc, (2) | | | | 465,563 |
| | | Total Household Durables | | | | 979,292 |
| | | Insurance – 8.0% | | | | |
| 13,760 | | Axis Capital Holdings Ltd | | | | 710,566 |
| 2,130 | | Reinsurance Group of America Inc | | | | 298,690 |
| 4,230 | | RenaissanceRe Holdings Ltd | | | | 565,551 |
| | | Total Insurance | | | | 1,574,807 |
| | | IT Services – 1.1% | | | | |
| 2,115 | | Euronet Worldwide Inc, (2) | | | | 216,534 |
| | | Life Sciences Tools & Services – 3.0% | | | | |
| 2,530 | | Bio-Rad Laboratories Inc, (2) | | | | 587,517 |
| | | Machinery – 2.8% | | | | |
| 5,420 | | Albany International Corp | | | | 338,371 |
| 1,450 | | Snap-on Inc | | | | 210,670 |
| | | Total Machinery | | | | 549,041 |
| | | Metals & Mining – 3.0% | | | | |
| 2,180 | | Materion Corp | | | | 98,078 |
| 6,835 | | Reliance Steel & Aluminum Co | | | | 486,447 |
| | | Total Metals & Mining | | | | 584,525 |
| | | Oil, Gas & Consumable Fuels – 9.8% | | | | |
| 40,760 | | Carrizo Oil & Gas Inc, (2) | | | | 460,180 |
| 24,610 | | EQT Corp | | | | 464,883 |
| 19,988 | | Equitrans Midstream Corp, (2) | | | | 400,160 |
| 12,400 | | Parsley Energy Inc, (2) | | | | 198,152 |
| 13,175 | | PDC Energy Inc, (2) | | | | 392,088 |
| | | Total Oil, Gas & Consumable Fuels | | | | 1,915,463 |
| | | Paper & Forest Products – 2.7% | | | | |
| 5,765 | | Boise Cascade Co | | | | 137,495 |
| 40,175 | | P.H. Glatfelter Co | | | | 392,108 |
| | | Total Paper & Forest Products | | | | 529,603 |
| | | Road & Rail – 2.1% | | | | |
| 16,400 | | Knight-Swift Transportation Holdings Inc | | | | 411,148 |
| Shares | | Description (1) | | | | Value |
| | | Semiconductors & Semiconductor Equipment – 7.5% | | | | |
| 18,530 | | Cypress Semiconductor Corp | | | | $235,702 |
| 15,730 | | Lattice Semiconductor Corp, (2) | | | | 108,852 |
| 6,730 | | Mellanox Technologies Limited, (2) | | | | 621,717 |
| 3,225 | | Qorvo Inc, (2) | | | | 195,854 |
| 9,875 | | Teradyne Inc | | | | 309,877 |
| | | Total Semiconductors & Semiconductor Equipment | | | | 1,472,002 |
| | | Specialty Retail – 5.0% | | | | |
| 8,395 | | Foot Locker Inc | | | | 446,614 |
| 27,960 | | Haverty Furniture Cos Inc | | | | 525,089 |
| | | Total Specialty Retail | | | | 971,703 |
| | | Trading Companies & Distributors – 1.5% | | | | |
| 19,520 | | BMC Stock Holdings Inc, (2) | | | | 302,170 |
| | | Total Long-Term Investments (cost $17,916,098) | | | | 18,881,841 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | | Value |
| | | SHORT-TERM INVESTMENTS – 31.1% | | | | |
| | | REPURCHASE AGREEMENTS – 31.1% | | | | |
| $6,114 | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/18, repurchase price $6,114,461, collateralized by $5,860,000 U.S. Treasury Bonds, 3.375%, due 5/15/44, value $6,241,146 | 1.200% | 1/02/19 | | $6,114,053 |
| | | Total Short-Term Investments (cost $6,114,053) | | | | 6,114,053 |
| | | Total Investments (cost $24,030,151) – 127.3% | | | | 24,995,894 |
| | | Other Assets Less Liabilities – (27.3)% | | | | (5,363,226) |
| | | Net Assets – 100% | | | | $19,632,668 |
| | For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease. | |
| (1) | All percentages shown in the Portfolio of Investments are based on net assets. | |
| (2) | Non-income producing; issuer has not declared a dividend within the past twelve months. | |
See accompanying notes to financial statements.
Nuveen NWQ Small-Cap Value Fund
Portfolio of Investments December 31, 2018
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | LONG-TERM INVESTMENTS – 97.5% | | | | |
| | | COMMON STOCKS – 97.5% | | | | |
| | | Aerospace & Defense – 1.6% | | | | |
| 287,563 | | Astronics Corp, (2) | | | | $8,756,293 |
| | | Auto Components – 1.7% | | | | |
| 372,549 | | Stoneridge Inc, (2) | | | | 9,183,333 |
| | | Banks – 17.5% | | | | |
| 548,535 | | Ameris Bancorp | | | | 17,372,103 |
| 513,034 | | Bank of NT Butterfield & Son Ltd/The | | | | 16,083,616 |
| 415,500 | | BankUnited Inc | | | | 12,440,070 |
| 1,018,356 | | First Horizon National Corp | | | | 13,401,565 |
| 272,575 | | PacWest Bancorp | | | | 9,071,296 |
| 139,450 | | Texas Capital Bancshares Inc, (2) | | | | 7,124,501 |
| 502,590 | | Western Alliance Bancorp, (2) | | | | 19,847,279 |
| | | Total Banks | | | | 95,340,430 |
| | | Building Products – 1.3% | | | | |
| 242,365 | | Apogee Enterprises Inc | | | | 7,234,595 |
| | | Capital Markets – 0.4% | | | | |
| 165,865 | | B. Riley Financial Inc | | | | 2,355,283 |
| | | Commercial Services & Supplies – 1.2% | | | | |
| 180,100 | | HNI Corp | | | | 6,380,943 |
| | | Construction & Engineering – 2.7% | | | | |
| 481,535 | | Quanta Services Inc | | | | 14,494,204 |
| | | Containers & Packaging – 3.1% | | | | |
| 365,000 | | Bemis Co Inc | | | | 16,753,500 |
| | | Electrical Equipment – 2.7% | | | | |
| 191,535 | | EnerSys | | | | 14,865,031 |
| | | Electronic Equipment, Instruments & Components – 3.6% | | | | |
| 112,774 | | Coherent Inc, (2) | | | | 11,921,339 |
| 338,247 | | Methode Electronics Inc | | | | 7,877,773 |
| | | Total Electronic Equipment, Instruments & Components | | | | 19,799,112 |
| | | Equity Real Estate Investment Trust – 4.9% | | | | |
| 712,170 | | Brandywine Realty Trust | | | | 9,165,628 |
| 54,125 | | PotlatchDeltic Corp | | | | 1,712,515 |
| Shares | | Description (1) | | | | Value |
| | | Equity Real Estate Investment Trust (continued) | | | | |
| 1,338,725 | | RPT Realty | | | | $15,997,764 |
| | | Total Equity Real Estate Investment Trust | | | | 26,875,907 |
| | | Food Products – 3.2% | | | | |
| 1,457,329 | | Landec Corp, (2) | | | | 17,254,775 |
| | | Health Care Equipment & Supplies – 1.7% | | | | |
| 100,405 | | LivaNova PLC, (2) | | | | 9,184,045 |
| | | Household Durables – 8.3% | | | | |
| 570,772 | | Hooker Furniture Corp | | | | 15,034,134 |
| 998,390 | | Taylor Morrison Home Corp, (2) | | | | 15,874,401 |
| 1,284,675 | | TRI Pointe Group Inc, (2) | | | | 14,041,498 |
| | | Total Household Durables | | | | 44,950,033 |
| | | Insurance – 7.3% | | | | |
| 478,565 | | Aspen Insurance Holdings Ltd | | | | 20,094,944 |
| 144,915 | | RenaissanceRe Holdings Ltd | | | | 19,375,136 |
| | | Total Insurance | | | | 39,470,080 |
| | | IT Services – 1.2% | | | | |
| 63,636 | | Euronet Worldwide Inc, (2) | | | | 6,515,054 |
| | | Machinery – 3.5% | | | | |
| 120,240 | | Alamo Group Inc | | | | 9,296,957 |
| 158,563 | | Albany International Corp | | | | 9,899,088 |
| | | Total Machinery | | | | 19,196,045 |
| | | Metals & Mining – 2.2% | | | | |
| 102,155 | | Kaiser Aluminum Corp | | | | 9,121,420 |
| 68,691 | | Materion Corp | | | | 3,090,408 |
| | | Total Metals & Mining | | | | 12,211,828 |
| | | Oil, Gas & Consumable Fuels – 6.9% | | | | |
| 1,192,070 | | Carrizo Oil & Gas Inc, (2) | | | | 13,458,471 |
| 1,103,710 | | Centennial Resource Development Inc/DE, (2) | | | | 12,162,884 |
| 402,920 | | PDC Energy Inc, (2) | | | | 11,990,899 |
| | | Total Oil, Gas & Consumable Fuels | | | | 37,612,254 |
| | | Paper & Forest Products – 4.8% | | | | |
| 166,744 | | Boise Cascade Co | | | | 3,976,844 |
| 179,115 | | Louisiana-Pacific Corp | | | | 3,979,935 |
| 115,889 | | Neenah Inc | | | | 6,828,180 |
| 1,178,344 | | P.H. Glatfelter Co | | | | 11,500,638 |
| | | Total Paper & Forest Products | | | | 26,285,597 |
| | | Professional Services – 1.0% | | | | |
| 448,374 | | GP Strategies Corp, (2) | | | | 5,653,996 |
Nuveen NWQ Small-Cap Value Fund(continued)
Portfolio of Investments December 31, 2018
(Unaudited)
| Shares | | Description (1) | | | | Value |
| | | Road & Rail – 2.3% | | | | |
| 494,285 | | Knight-Swift Transportation Holdings Inc | | | | $12,391,725 |
| | | Semiconductors & Semiconductor Equipment – 9.4% | | | | |
| 462,130 | | Entegris Inc | | | | 12,891,116 |
| 313,460 | | Integrated Device Technology Inc, (2) | | | | 15,180,868 |
| 585,816 | | Lattice Semiconductor Corp, (2) | | | | 4,053,847 |
| 203,075 | | Mellanox Technologies Limited, (2) | | | | 18,760,068 |
| | | Total Semiconductors & Semiconductor Equipment | | | | 50,885,899 |
| | | Thrifts & Mortgage Finance – 2.9% | | | | |
| 735,889 | | HomeStreet Inc | | | | 15,622,924 |
| | | Trading Companies & Distributors – 2.1% | | | | |
| 734,625 | | BMC Stock Holdings Inc, (2) | | | | 11,371,995 |
| | | Total Long-Term Investments (cost $534,006,699) | | | | 530,644,881 |
| Principal Amount (000) | | Description (1) | Coupon | Maturity | | Value |
| | | SHORT-TERM INVESTMENTS – 3.2% | | | | |
| | | REPURCHASE AGREEMENTS – 3.2% | | | | |
| $17,312 | | Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/18, repurchase price $17,312,988, collateralized by $16,580,000 U.S. Treasury Notes, 3.375%, due 5/15/44, value $17,658,396 | 1.200% | 1/02/19 | | $17,311,834 |
| | | Total Short-Term Investments (cost $17,311,834) | | | | 17,311,834 |
| | | Total Investments (cost $551,318,533) – 100.7% | | | | 547,956,715 |
| | | Other Assets Less Liabilities – (0.7)% | | | | (3,571,560) |
| | | Net Assets – 100% | | | | $544,385,155 |
| | 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.
Statement of Assets and Liabilities
December 31, 2018
(Unaudited)
| | NWQ Global
Equity Income | NWQ International
Value | NWQ Multi-Cap
Value | NWQ Large-Cap
Value | NWQ Small/Mid-Cap
Value | NWQ Small-Cap
Value |
| Assets | | | | | | |
| Long-term investments, at value (cost $211,329,044, $212,957,664, $90,018,161, $37,033,794, $17,916,098 and $534,006,699, respectively) | $203,166,117 | $229,095,756 | $71,230,296 | $42,147,204 | $18,881,841 | $530,644,881 |
| Short-term investments, at value (cost approximates value) | — | 1,961,049 | 2,036,468 | 267,171 | 6,114,053 | 17,311,834 |
| Cash | 321,374 | — | 7,950 | 5,269 | — | — |
| Cash denominated in foreign currencies (cost $62,179, $—, $—, $—, $—and $—, respectively) | 62,409 | — | — | — | — | — |
| Receivable for: | | | | | | |
| Dividends | 402,575 | 235,547 | 101,064 | 70,183 | 32,281 | 519,378 |
| Interest | 8,040 | 65 | 68 | 9 | 204 | 577 |
| Investments sold | 520,272 | — | — | — | — | — |
| Reclaims | 615,113 | 529,941 | 7,834 | 18,827 | — | — |
| Shares sold | 167,334 | 1,541,655 | 23,977 | 825,358 | 122,511 | 6,130,899 |
| Other assets | 253,484 | 149,456 | 104,973 | 68,873 | 36,698 | 74,843 |
| Total assets | 205,516,718 | 233,513,469 | 73,512,630 | 43,402,894 | 25,187,588 | 554,682,412 |
| Liabilities | | | | | | |
| Payable for: | | | | | | |
| Dividends | 154 | — | — | — | — | — |
| Investments purchased | — | — | — | — | — | 1,958,608 |
| Shares redeemed | 2,443,188 | 1,126,811 | 68,036 | 172,830 | 5,507,581 | 7,469,845 |
| Accrued expenses: | | | | | | |
| Management fees | 131,089 | 101,488 | 34,454 | 7,538 | 458 | 402,436 |
| Shareholder reporting expenses | 47,726 | 76,000 | 20,067 | 17,723 | 12,847 | 79,829 |
| Shareholder servicing agent fees | 73,895 | 136,086 | 24,881 | 12,734 | 13,604 | 255,570 |
| Trustees fees | 222,331 | 109,242 | 72,335 | 36,702 | 240 | 30,794 |
| 12b-1 distribution and service fees | 59,480 | 9,178 | 10,963 | 3,526 | 2,659 | 31,716 |
| Other | 69,542 | 65,521 | 19,267 | 18,164 | 17,531 | 68,459 |
| Total liabilities | 3,047,405 | 1,624,326 | 250,003 | 269,217 | 5,554,920 | 10,297,257 |
| Net assets | $202,469,313 | $231,889,143 | $73,262,627 | $43,133,677 | $19,632,668 | $544,385,155 |
See accompanying notes to financial statements.
Statement of Assets and Liabilities(Unaudited) (continued)
| | NWQ Global
Equity Income | 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 | $99,229,942 | $22,481,145 | $37,338,907 | $4,039,015 | $2,993,174 | $63,722,223 |
| Shares outstanding | 4,215,828 | 1,065,433 | 1,407,533 | 944,215 | 153,964 | 1,710,133 |
| Net asset value ("NAV") per share | $23.54 | $21.10 | $26.53 | $4.28 | $19.44 | $37.26 |
| Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) | $24.98 | $22.39 | $28.15 | $4.54 | $20.63 | $39.53 |
| Class C Shares | | | | | | |
| Net assets | $40,485,528 | $3,968,174 | $2,901,208 | $2,958,661 | $1,933,639 | $13,733,404 |
| Shares outstanding | 1,723,629 | 196,750 | 116,671 | 813,868 | 114,387 | 415,308 |
| NAV and offering price per share | $23.49 | $20.17 | $24.87 | $3.64 | $16.90 | $33.07 |
| Class R3 Shares | | | | | | |
| Net assets | $966,433 | $1,200,453 | $54,367 | $65,319 | $488,762 | $5,670,211 |
| Shares outstanding | 41,133 | 56,407 | 2,075 | 15,483 | 26,324 | 155,266 |
| NAV and offering price per share | $23.50 | $21.28 | $26.20 | $4.22 | $18.57 | $36.52 |
| Class R6 Shares | | | | | | |
| Net assets | $ — | $ — | $ — | $ — | $7,248,520 | $8,924,849 |
| Shares outstanding | — | — | — | — | 363,010 | 229,508 |
| NAV and offering price per share | $ — | $ — | $ — | $ — | $19.97 | $38.89 |
| Class I Shares | | | | | | |
| Net assets | $61,787,410 | $204,239,371 | $32,968,145 | $36,070,682 | $6,968,573 | $452,334,468 |
| Shares outstanding | 2,624,527 | 9,646,591 | 1,233,638 | 8,402,482 | 351,095 | 11,753,950 |
| NAV and offering price per share | $23.54 | $21.17 | $26.72 | $4.29 | $19.85 | $38.48 |
| Fund level net assets consist of: | | | | | | |
| Capital paid-in | $452,284,117 | $439,367,068 | $94,302,520 | $35,203,534 | $22,745,703 | $552,738,670 |
| Total distributable earnings | (249,814,804) | (207,477,925) | (21,039,893) | 7,930,143 | (3,113,035) | (8,353,515) |
| Fund level net assets | $202,469,313 | $231,889,143 | $73,262,627 | $43,133,677 | $19,632,668 | $544,385,155 |
| 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 |
See accompanying notes to financial statements.
Statement of Operations
Six Months Ended December 31, 2018
(Unaudited)
| | NWQ Global
Equity Income | NWQ International
Value | NWQ Multi-Cap
Value | NWQ Large-Cap
Value | NWQ Small/Mid-Cap
Value | NWQ Small-Cap
Value |
| Investment Income | | | | | | |
| Dividends | $3,286,792 | $2,454,925 | $846,909 | $650,677 | $278,222 | $4,452,057 |
| Interest | 94,944 | 16,838 | 7,519 | 7,500 | 8,195 | 226,835 |
| Foreign tax withheld on dividend income | (131,240) | (244,176) | (3,036) | (5,761) | — | — |
| Total investment income | 3,250,496 | 2,227,587 | 851,392 | 652,416 | 286,417 | 4,678,892 |
| Expenses | | | | | | |
| Management fees | 892,663 | 954,238 | 313,594 | 207,133 | 130,609 | 2,850,529 |
| 12b-1 service fees - Class A Shares | 152,028 | 34,980 | 55,201 | 5,583 | 5,371 | 96,977 |
| 12b-1 distibution and service fees - Class C Shares | 261,056 | 26,862 | 23,263 | 18,871 | 12,931 | 92,238 |
| 12b-1 distibution and service fees - Class R3 Shares | 2,987 | 3,322 | 154 | 191 | 1,644 | 37,596 |
| Shareholder servicing agent fees | 134,901 | 292,923 | 48,684 | 25,575 | 24,946 | 465,204 |
| Custodian fees | 45,902 | 69,369 | 14,487 | 12,779 | 14,340 | 46,884 |
| Trustees fees | 4,029 | 4,357 | 1,419 | 1,064 | 586 | 11,849 |
| Professional fees | 40,122 | 32,208 | 13,186 | 11,995 | 11,635 | 35,624 |
| Shareholder reporting expenses | 34,787 | 65,654 | 15,443 | 13,301 | 8,975 | 68,849 |
| Federal and state registration fees | 11,787 | 39,582 | 37,368 | 36,212 | 43,954 | 53,400 |
| Other | 5,171 | 4,777 | 2,510 | 2,480 | 2,299 | 7,020 |
| Total expenses before fee waiver/expense reimbursement | 1,585,433 | 1,528,272 | 525,309 | 335,184 | 257,290 | 3,766,170 |
| Fee waiver/expense reimbursement | (77,413) | (239,869) | (49,019) | (74,961) | (63,637) | — |
| Net expenses | 1,508,020 | 1,288,403 | 476,290 | 260,223 | 193,653 | 3,766,170 |
| Net investment income (loss) | 1,742,476 | 939,184 | 375,102 | 392,193 | 92,764 | 912,722 |
| Realized and Unrealized Gain (Loss) | | | | | | |
| Net realized gain (loss) from: | | | | | | |
| Investments and foreign currency | 3,475,945 | 674,283 | (1,932,751) | 3,858,153 | 249,373 | 13,038,231 |
| Options written | — | — | — | 27,478 | — | — |
| Change in net unrealized appreciation (depreciation) of: | | | | | | |
| Investments and foreign currency | (32,466,209) | (43,722,056) | (13,115,966) | (12,632,527) | (7,842,338) | (189,873,992) |
| Options written | — | — | — | (17,704) | — | — |
| Net realized and unrealized gain (loss) | (28,990,264) | (43,047,773) | (15,048,717) | (8,764,600) | (7,592,965) | (176,835,761) |
| Net increase (decrease) in net assets from operations | $(27,247,788) | $(42,108,589) | $(14,673,615) | $(8,372,407) | $(7,500,201) | $(175,923,039) |
See accompanying notes to financial statements.
Statement of Changes in Net Assets
(Unaudited)
| | NWQ Global Equity Income | | NWQ International Value |
| | Six Months Ended
12/31/18 | Year Ended(1)
6/30/18 | | Six Months Ended
12/31/18 | Year Ended(1)
6/30/18 |
| Operations | | | | | |
| Net investment income (loss) | $1,742,476 | $8,748,890 | | $939,184 | $5,044,496 |
| Net realized gain (loss) from: | | | | | |
| Investments and foreign currency | 3,475,945 | 8,457,329 | | 674,283 | (2,688,404) |
| Options written | — | 58,088 | | — | — |
| Change in net unrealized appreciation (depreciation) of: | | | | | |
| Investments and foreign currency | (32,466,209) | (5,020,326) | | (43,722,056) | 9,028,087 |
| Options written | — | — | | — | — |
| Net increase (decrease) in net assets from operations | (27,247,788) | 12,243,981 | | (42,108,589) | 11,384,179 |
| Distributions to Common Shareholders(2) | | | | | |
| Dividends(3) | | | | | |
| Class A Shares | (3,564,088) | (3,963,665) | | (275,820) | (824,315) |
| Class C Shares | (1,275,536) | (1,629,081) | | (14,488) | (253,732) |
| Class R3 Shares | (32,383) | (40,728) | | (11,347) | (40,527) |
| Class R6 Shares | — | — | | — | — |
| Class I Shares | (2,365,188) | (2,885,092) | | (3,137,363) | (7,719,270) |
| Class T Shares(4) | (112) | (770) | | — | — |
| Decrease in net assets from distributions to shareholders | (7,237,307) | (8,519,336) | | (3,439,018) | (8,837,844) |
| Fund Share Transactions | | | | | |
| Proceeds from sale of shares | 23,557,706 | 27,061,166 | | 38,138,104 | 76,882,207 |
| Proceeds from shares issued to shareholders due to reinvestment of distributions | 6,756,230 | 7,904,819 | | 3,373,855 | 8,506,835 |
| | 30,313,936 | 34,965,985 | | 41,511,959 | 85,389,042 |
| Cost of shares redeemed | (63,717,685) | (96,250,842) | | (53,229,946) | (95,166,449) |
| Net increase (decrease) in net assets from Fund share transactions | (33,403,749) | (61,284,857) | | (11,717,987) | (9,777,407) |
| Net increase (decrease) in net assets | (67,888,844) | (57,560,212) | | (57,265,594) | (7,231,072) |
| Net assets at the beginning of period | 270,358,157 | 327,918,369 | | 289,154,737 | 296,385,809 |
| Net assets at the end of period | $202,469,313 | $270,358,157 | | $231,889,143 | $289,154,737 |
| (1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 10 - New Accounting Pronouncements for further details. |
| (2) | The composition and per share amounts of the Fund's distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 - Income Tax Information. |
| (3) | For the fiscal year ended June 30, 2018, NWQ International Value's and NWQ Multi-Cap Value's distributions to shareholders were paid from net investment income, while NWQ Small-Cap Value's distributions where paid from accumulated net realized gains and NWQ Global Equity Income's, NWQ Large-Cap Value's and NWQ Small/Mid-Cap Value's distributions to shareholders were paid from net investment income and accumulated net realized gains. |
| (4) | Class T shares were not available for public offering. |
See accompanying notes to financial statements.
Statement of Changes in Net Assets(Unaudited) (continued)
| | NWQ Multi-Cap Value | | NWQ Large-Cap Value |
| | Six Months Ended
12/31/18 | Year Ended(1)
6/30/18 | | Six Months Ended
12/31/18 | Year Ended(1)
6/30/18 |
| Operations | | | | | |
| Net investment income (loss) | $375,102 | $(612,340) | | $392,193 | $776,648 |
| Net realized gain (loss) from: | | | | | |
| Investments and foreign currency | (1,932,751) | 31,333,987 | | 3,858,153 | 16,818,092 |
| Options written | — | — | | 27,478 | 22,643 |
| Change in net unrealized appreciation (depreciation) of: | | | | | |
| Investments and foreign currency | (13,115,966) | (20,869,293) | | (12,632,527) | (10,674,614) |
| Options written | — | — | | (17,704) | 17,704 |
| Net increase (decrease) in net assets from operations | (14,673,615) | 9,852,354 | | (8,372,407) | 6,960,473 |
| Distributions to Common Shareholders(2) | | | | | |
| Dividends(3) | | | | | |
| Class A Shares | — | (553,040) | | (917,058) | (1,366,362) |
| Class C Shares | — | (243,190) | | (862,566) | (1,162,576) |
| Class R3 Shares | — | (1,803) | | (16,678) | (17,693) |
| Class R6 Shares | — | — | | — | — |
| Class I Shares | — | (822,110) | | (9,629,934) | (15,352,452) |
| Class T Shares(4) | — | — | | — | — |
| Decrease in net assets from distributions to shareholders | — | (1,620,143) | | (11,426,236) | (17,899,083) |
| Fund Share Transactions | | | | | |
| Proceeds from sale of shares | 21,431,656 | 5,766,212 | | 4,595,949 | 5,316,579 |
| Proceeds from shares issued to shareholders due to reinvestment of distributions | — | 1,473,387 | | 11,206,327 | 17,591,205 |
| | 21,431,656 | 7,239,599 | | 15,802,276 | 22,907,784 |
| Cost of shares redeemed | (24,711,898) | (19,873,974) | | (22,148,457) | (29,242,484) |
| Net increase (decrease) in net assets from Fund share transactions | (3,280,242) | (12,634,375) | | (6,346,181) | (6,334,700) |
| Net increase (decrease) in net assets | (17,953,857) | (4,402,164) | | (26,144,824) | (17,273,310) |
| Net assets at the beginning of period | 91,216,484 | 95,618,648 | | 69,278,501 | 86,551,811 |
| Net assets at the end of period | $73,262,627 | $91,216,484 | | $43,133,677 | $69,278,501 |
| (1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 10 - New Accounting Pronouncements for further details. |
| (2) | The composition and per share amounts of the Fund's distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 - Income Tax Information. |
| (3) | For the fiscal year ended June 30, 2018, NWQ International Value's and NWQ Multi-Cap Value's distributions to shareholders were paid from net investment income, while NWQ Small-Cap Value's distributions where paid from accumulated net realized gains and NWQ Global Equity Income's, NWQ Large-Cap Value's and NWQ Small/Mid-Cap Value's distributions to shareholders were paid from net investment income and accumulated net realized gains. |
| (4) | Class T shares were not available for public offering. |
See accompanying notes to financial statements.
Statement of Changes in Net Assets(Unaudited) (continued)
| | NWQ Small/Mid-Cap Value | | NWQ Small-Cap Value |
| | Six Months Ended
12/31/18 | Year Ended(1)
6/30/18 | | Six Months Ended
12/31/18 | Year Ended(1)
6/30/18 |
| Operations | | | | | |
| Net investment income (loss) | $92,764 | $(27,378) | | $912,722 | $(860,157) |
| Net realized gain (loss) from: | | | | | |
| Investments and foreign currency | 249,373 | 7,959,556 | | 13,038,231 | 85,826,673 |
| Options written | — | — | | — | — |
| Change in net unrealized appreciation (depreciation) of: | | | | | |
| Investments and foreign currency | (7,842,338) | (1,627,692) | | (189,873,992) | 31,392,206 |
| Options written | — | — | | — | — |
| Net increase (decrease) in net assets from operations | (7,500,201) | 6,304,486 | | (175,923,039) | 116,358,722 |
| Distributions to Common Shareholders(2) | | | | | |
| Dividends(3) | | | | | |
| Class A Shares | (1,011,062) | (229,386) | | (7,957,889) | (3,334,685) |
| Class C Shares | (640,504) | (163,839) | | (1,945,422) | (971,228) |
| Class R3 Shares | (156,343) | (38,756) | | (1,447,253) | (337,272) |
| Class R6 Shares | (2,221,476) | (400,350) | | (1,030,068) | (453,000) |
| Class I Shares | (3,821,581) | (2,160,096) | | (57,417,784) | (24,048,799) |
| Class T Shares(4) | — | — | | — | — |
| Decrease in net assets from distributions to shareholders | (7,850,966) | (2,992,427) | | (69,798,416) | (29,144,984) |
| Fund Share Transactions | | | | | |
| Proceeds from sale of shares | 5,289,363 | 15,052,836 | | 104,974,459 | 172,720,666 |
| Proceeds from shares issued to shareholders due to reinvestment of distributions | 7,556,283 | 2,935,615 | | 65,990,126 | 27,737,830 |
| | 12,845,646 | 17,988,451 | | 170,964,585 | 200,458,496 |
| Cost of shares redeemed | (16,485,410) | (42,728,057) | | (146,240,538) | (235,360,324) |
| Net increase (decrease) in net assets from Fund share transactions | (3,639,764) | (24,739,606) | | 24,724,047 | (34,901,828) |
| Net increase (decrease) in net assets | (18,990,931) | (21,427,547) | | (220,997,408) | 52,311,910 |
| Net assets at the beginning of period | 38,623,599 | 60,051,146 | | 765,382,563 | 713,070,653 |
| Net assets at the end of period | $19,632,668 | $38,623,599 | | $544,385,155 | $765,382,563 |
| (1) | Prior period amounts have been conformed to current year presentation. See Notes to Financial Statements, Note 10 - New Accounting Pronouncements for further details. |
| (2) | The composition and per share amounts of the Fund's distributions are presented in the Financial Highlights. The distribution information for the Fund as of its most recent tax year end is presented within the Notes to Financial Statements, Note 6 - Income Tax Information. |
| (3) | For the fiscal year ended June 30, 2018, NWQ International Value's and NWQ Multi-Cap Value's distributions to shareholders were paid from net investment income, while NWQ Small-Cap Value's distributions where paid from accumulated net realized gains and NWQ Global Equity Income's, NWQ Large-Cap Value's and NWQ Small/Mid-Cap Value's distributions to shareholders were paid from net investment income and accumulated net realized gains. |
| (4) | Class T shares were not available for public offering. |
See accompanying notes to financial statements.
THIS PAGE INTENTIONALLY LEFT BLANK
Financial 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 (09/09) | | | | | | | | | |
| 2019(e) | $27.45 | $0.20 | $(3.28) | $(3.08) | | $(0.20) | $(0.63) | $(0.83) | $23.54 |
| 2018 | 27.34 | 0.83 | 0.12 | 0.95 | | (0.60) | (0.24) | (0.84) | 27.45 |
| 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 |
| Class C (09/09) | | | | | | | | | |
| 2019(e) | 27.39 | 0.09 | (3.26) | (3.17) | | (0.10) | (0.63) | (0.73) | 23.49 |
| 2018 | 27.28 | 0.62 | 0.11 | 0.73 | | (0.38) | (0.24) | (0.62) | 27.39 |
| 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 |
| Class R3 (09/09) | | | | | | | | | |
| 2019(e) | 27.40 | 0.16 | (3.26) | (3.10) | | (0.17) | (0.63) | (0.80) | 23.50 |
| 2018 | 27.30 | 0.75 | 0.11 | 0.86 | | (0.52) | (0.24) | (0.76) | 27.40 |
| 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 |
| Class I (09/09) | | | | | | | | | |
| 2019(e) | 27.46 | 0.23 | (3.28) | (3.05) | | (0.24) | (0.63) | (0.87) | 23.54 |
| 2018 | 27.35 | 0.90 | 0.12 | 1.02 | | (0.67) | (0.24) | (0.91) | 27.46 |
| 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 |
| | | | | | | |
| | 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) |
| | | | | | | | |
| (11.30)% | $99,230 | 1.17%* | 1.39%* | | 1.11%* | 1.45%* | 16% |
| 3.42 | 118,895 | 1.18 | 2.85 | | 1.11 | 2.92 | 31 |
| 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 |
| | | | | | | | |
| (11.63) | 40,486 | 1.92* | 0.63* | | 1.86* | 0.69* | 16 |
| 2.65 | 67,535 | 1.93 | 2.10 | | 1.86 | 2.16 | 31 |
| 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 |
| | | | | | | | |
| (11.40) | 966 | 1.42* | 1.14* | | 1.36* | 1.20* | 16 |
| 3.13 | 1,225 | 1.43 | 2.56 | | 1.36 | 2.63 | 31 |
| 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 |
| | | | | | | | |
| (11.21) | 61,787 | 0.92* | 1.64* | | 0.86* | 1.70* | 16 |
| 3.69 | 82,677 | 0.92 | 3.08 | | 0.86 | 3.15 | 31 |
| 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 |
| (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) | For the six months ended December 31, 2018. |
| * | Annualized. |
| ** | Rounds to less than $.01 per share. |
See accompanying notes to financial statements.
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 | Ending
NAV |
| Class A (12/ 99) | | | | | | | | | |
| June 30, 2019(e) | $25.16 | $0.06 | $(3.86) | $(3.80) | | $(0.26) | $ — | $(0.26) | $21.10 |
| June 30, 2018 | 24.91 | 0.38 | 0.62 | 1.00 | | (0.75) | — | (0.75) | 25.16 |
| June 30, 2017(f) | 22.22 | 0.40 | 2.71 | 3.11 | | (0.42) | — | (0.42) | 24.91 |
| July 31, 2016 | 24.59 | 0.47 | (2.53) | (2.06) | | (0.31) | — | (0.31) | 22.22 |
| July 31, 2015 | 25.67 | 0.20 | (0.35) | (0.15) | | (0.93) | — | (0.93) | 24.59 |
| July 31, 2014 | 22.74 | 0.50 | 2.98 | 3.48 | | (0.55) | — | (0.55) | 25.67 |
| July 31, 2013 | 20.27 | 0.32 | 2.96 | 3.28 | | (0.81) | — | (0.81) | 22.74 |
| Class C (12/ 99) | | | | | | | | | |
| June 30, 2019(e) | 23.94 | (0.04) | (3.66) | (3.70) | | (0.07) | — | (0.07) | 20.17 |
| June 30, 2018 | 23.70 | 0.17 | 0.61 | 0.78 | | (0.54) | — | (0.54) | 23.94 |
| June 30, 2017(f) | 21.13 | 0.21 | 2.61 | 2.82 | | (0.25) | — | (0.25) | 23.70 |
| July 31, 2016 | 23.39 | 0.28 | (2.41) | (2.13) | | (0.13) | — | (0.13) | 21.13 |
| July 31, 2015 | 24.40 | 0.03 | (0.33) | (0.30) | | (0.71) | — | (0.71) | 23.39 |
| July 31, 2014 | 21.63 | 0.29 | 2.84 | 3.13 | | (0.36) | — | (0.36) | 24.40 |
| July 31, 2013 | 19.27 | 0.15 | 2.83 | 2.98 | | (0.62) | — | (0.62) | 21.63 |
| Class R3 (08/ 08) | | | | | | | | | |
| June 30, 2019(e) | 25.34 | 0.03 | (3.89) | (3.86) | | (0.20) | — | (0.20) | 21.28 |
| June 30, 2018 | 25.08 | 0.34 | 0.62 | 0.96 | | (0.70) | — | (0.70) | 25.34 |
| June 30, 2017(f) | 22.37 | 0.36 | 2.72 | 3.08 | | (0.37) | — | (0.37) | 25.08 |
| July 31, 2016 | 24.76 | 0.42 | (2.55) | (2.13) | | (0.26) | — | (0.26) | 22.37 |
| July 31, 2015 | 25.84 | 0.14 | (0.35) | (0.21) | | (0.87) | — | (0.87) | 24.76 |
| July 31, 2014 | 22.90 | 0.43 | 3.00 | 3.43 | | (0.49) | — | (0.49) | 25.84 |
| July 31, 2013 | 20.41 | 0.29 | 2.97 | 3.26 | | (0.77) | — | (0.77) | 22.90 |
| Class I (12/ 99) | | | | | | | | | |
| June 30, 2019(e) | 25.29 | 0.09 | (3.88) | (3.79) | | (0.33) | — | (0.33) | 21.17 |
| June 30, 2018 | 25.03 | 0.46 | 0.62 | 1.08 | | (0.82) | — | (0.82) | 25.29 |
| June 30, 2017(f) | 22.33 | 0.50 | 2.68 | 3.18 | | (0.48) | — | (0.48) | 25.03 |
| July 31, 2016 | 24.72 | 0.53 | (2.54) | (2.01) | | (0.38) | — | (0.38) | 22.33 |
| July 31, 2015 | 25.82 | 0.27 | (0.37) | (0.10) | | (1.00) | — | (1.00) | 24.72 |
| July 31, 2014 | 22.87 | 0.57 | 2.99 | 3.56 | | (0.61) | — | (0.61) | 25.82 |
| July 31, 2013 | 20.38 | 0.36 | 3.00 | 3.36 | | (0.87) | — | (0.87) | 22.87 |
| | | | | | | |
| | Ratios/Supplemental Data |
| | | Ratios to Average
Net Assets Before
Waiver/Reimbursement | | Ratios to Average
Net Assets After
Waiver/Reimbursement(c) | |
Total
Return (b) | Ending
Net
Assets
(000) | Expenses | Net
Investment
Income
(Loss) | | Expenses | Net
Investment
Income
(Loss) | Portfolio
Turnover
Rate (d) |
| | | | | | | | |
| (15.08)% | $22,481 | 1.32%* | 0.32%* | | 1.15%* | 0.50%* | 9% |
| 3.92 | 26,710 | 1.27 | 1.34 | | 1.15 | 1.46 | 17 |
| 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 |
| | | | | | | | |
| (15.44) | 3,968 | 2.07* | (0.50)* | | 1.90* | (0.32)* | 9 |
| 3.20 | 9,986 | 2.02 | 0.56 | | 1.90 | 0.68 | 17 |
| 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 |
| | | | | | | | |
| (15.22) | 1,200 | 1.58* | 0.06* | | 1.40* | 0.24* | 9 |
| 3.71 | 1,391 | 1.52 | 1.20 | | 1.40 | 1.31 | 17 |
| 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 |
| | | | | | | | |
| (14.98) | 204,239 | 1.08* | 0.56* | | 0.90* | 0.74* | 9 |
| 4.20 | 251,067 | 1.02 | 1.65 | | 0.90 | 1.76 | 17 |
| 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 |
| (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) | For the six months ended December 31, 2018. |
| (f) | For the eleven month ended June 30 2017. |
| * | Annualized. |
| N/A | For the periods presented herein, Fund did not have a contractual reimbursement agreement with the advisor prior to June 30, 2016. |
See accompanying notes to financial statements.
Financial Highlights(Unaudited) (continued)
NWQ Multi-Cap Value
Selected data for a share outstanding throughout each period:
| | | | | | | | | |
| | | | | | | | | |
| | | Investment Operations | | Less Distributions | |
| Class (Commencement Date) Year Ended June 30, | Beginning
NAV | Net
Investment
Income
(Loss)(a) | Net
Realized/
Unrealized
Gain (Loss) | Total | | From
Net
Investment
Income | From
Accumulated
Net Realized
Gains | Total | Ending
NAV |
| Class A (12/02) | | | | | | | | | |
| 2019(e) | $31.84 | $0.13 | $(5.44) | $(5.31) | | $ — | $ — | $ — | $26.53 |
| 2018(f) | 29.15 | (0.18) | 3.42 | 3.24 | | (0.55) | — | (0.55) | 31.84 |
| 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 |
| Class C (12/02) | | | | | | | | | |
| 2019(e) | 29.97 | (0.03) | (5.07) | (5.10) | | — | — | — | 24.87 |
| 2018(f) | 27.46 | (0.37) | 3.19 | 2.82 | | (0.31) | — | (0.31) | 29.97 |
| 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 |
| Class R3 (08/08) | | | | | | | | | |
| 2019(e) | 31.48 | 0.08 | (5.36) | (5.28) | | — | — | — | 26.20 |
| 2018(f) | 28.84 | (0.01) | 3.12 | 3.11 | | (0.47) | — | (0.47) | 31.48 |
| 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 |
| Class I (11/97) | | | | | | | | | |
| 2019(e) | 32.03 | 0.16 | (5.47) | (5.31) | | — | — | — | 26.72 |
| 2018(f) | 29.33 | (0.11) | 3.43 | 3.32 | | (0.62) | — | (0.62) | 32.03 |
| 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 |
| | | | | | | |
| | 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) |
| | | | | | | | |
| (16.68)% | $37,339 | 1.26%* | 0.68%* | | 1.15%* | 0.80%* | 11% |
| 11.14 | 30,003 | 1.24 | (0.67) | | 1.15 | (0.58) | 118 |
| 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 |
| | | | | | | | |
| (17.02) | 2,901 | 2.01* | (0.29)* | | 1.90* | (0.18)* | 11 |
| 10.29 | 21,143 | 1.99 | (1.39) | | 1.90 | (1.29) | 118 |
| 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 |
| | | | | | | | |
| (16.77) | 54 | 1.51* | 0.42* | | 1.40* | 0.53* | 11 |
| 10.81 | 62 | 1.49 | (0.12) | | 1.40 | (0.02) | 118 |
| 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 |
| | | | | | | | |
| (16.58) | 32,968 | 1.01* | 0.92* | | 0.90* | 1.03* | 11 |
| 11.37 | 40,008 | 0.99 | (0.44) | | 0.90 | (0.35) | 118 |
| 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 |
| (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) | For the six months ended December 31, 2018. |
| (f) | Per share Net investment income (loss) and Net Investment Income (Loss)to Average Net Assets ratios include a change in estimated return of capital recorded by the Fund during the current reporting period. Such change in estimate occurred upon receiving the reporting of the actual character of the dividends received from the issuers of certain securities. If such change in estimate were excluded, per share Net Investment Income (Loss) and the ratios of Net Investment Income (Loss) to Average Net Assets for each share class would have been as follows: |
| | Per Share
Net Investment
Income (Loss)(a) | Ratios of Net Investment Income
(Loss) to Average Net Assets
Before Reimbursement | Ratios of Net Investment Income
(Loss) to Average Net Assets
After Reimbursement |
| Class A | $0.21 | 0.60% | 0.69% |
| Class C | (0.01) | (0.12) | (0.03) |
| Class R3 | 0.37 | 1.15 | 1.24 |
| Class I | 0.28 | 0.83 | 0.92 |
| * | Annualized. |
| N/A | For the periods presented herein, Fund did not have a contractual reimbursement agreement with the advisor prior to June 30, 2016. |
See accompanying notes to financial statements.
Financial Highlights(Unaudited) (continued)
NWQ Large-Cap Value
Selected data for a share outstanding throughout each period:
| | | | | | | | | |
| | | | | | | | | |
| | | Investment Operations | | Less Distributions | |
| Class (Commencement Date) Year Ended June 30, | Beginning
NAV | Net
Investment
Income
(Loss)(a) | Net
Realized/
Unrealized
Gain (Loss) | Total | | From
Net
Investment
Income | From
Accumulated
Net Realized
Gains | Total | Ending
NAV |
| Class A (12/06) | | | | | | | | | |
| 2019(e) | $6.72 | $0.04 | $(1.03) | $(0.99) | | $(0.03) | $(1.42) | $(1.45) | $4.28 |
| 2018 | 7.88 | 0.06 | 0.61 | 0.67 | | (0.17) | (1.66) | (1.83) | 6.72 |
| 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 |
| Class C (12/06) | | | | | | | | | |
| 2019(e) | 5.95 | 0.01 | (0.90) | (0.89) | | — | (1.42) | (1.42) | 3.64 |
| 2018 | 7.16 | 0.01 | 0.54 | 0.55 | | (0.10) | (1.66) | (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 |
| Class R3 (09/09) | | | | | | | | | |
| 2019(e) | 6.64 | 0.03 | (1.02) | (0.99) | | (0.01) | (1.42) | (1.43) | 4.22 |
| 2018 | 7.80 | 0.04 | 0.61 | 0.65 | | (0.15) | (1.66) | (1.81) | 6.64 |
| 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 |
| Class I (12/06) | | | | | | | | | |
| 2019(e) | 6.75 | 0.04 | (1.03) | (0.99) | | (0.05) | (1.42) | (1.47) | 4.29 |
| 2018 | 7.91 | 0.08 | 0.61 | 0.69 | | (0.19) | (1.66) | (1.85) | 6.75 |
| 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 |
| | | | | | | |
| | Ratios/Supplemental Data |
| | | Ratios to Average
Net Assets Before
Waiver/Reimbursement | | Ratios to Average
Net Assets After
Waiver/Reimbursement(c) | |
Total
Return(b) | Ending
Net
Assets
(000) | Expenses | Net
Investment
Income
(Loss) | | Expenses | Net
Investment
Income
(Loss) | Portfolio
Turnover
Rate(d) |
| | | | | | | | |
| (15.26)% | $4,039 | 1.25%* | 0.85%* | | 1.00%* | 1.10%* | 17% |
| 8.71 | 4,556 | 1.19 | 0.64 | | 1.00 | 0.83 | 48 |
| 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 |
| | | | | | | | |
| (15.50) | 2,959 | 2.00* | 0.10* | | 1.75* | 0.34* | 17 |
| 7.86 | 4,275 | 1.94 | (0.11) | | 1.75 | 0.08 | 48 |
| 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 |
| | | | | | | | |
| (15.39) | 65 | 1.50* | 0.61* | | 1.25* | 0.86* | 17 |
| 8.50 | 77 | 1.44 | 0.38 | | 1.25 | 0.57 | 48 |
| 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 |
| | | | | | | | |
| (15.25) | 36,071 | 0.99* | 1.09* | | 0.75* | 1.32* | 17 |
| 8.96 | 60,371 | 0.94 | 0.89 | | 0.75 | 1.08 | 48 |
| 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 |
| (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) | For the six months ended December 31, 2018. |
| * | 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.
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) | | | | | | | | | |
| 2019(e) | $36.02 | $0.06 | $(7.95) | $(7.89) | | $ — | $(8.69) | $(8.69) | $19.44 |
| 2018 | 33.23 | (0.08) | 4.61 | 4.53 | | (0.01) | (1.73) | (1.74) | 36.02 |
| 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 |
| Class C (12/06) | | | | | | | | | |
| 2019(e) | 32.87 | (0.06) | (7.22) | (7.28) | | — | (8.69) | (8.69) | 16.90 |
| 2018 | 30.68 | (0.32) | 4.24 | 3.92 | | — | (1.73) | (1.73) | 32.87 |
| 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 |
| Class R3 (09/09) | | | | | | | | | |
| 2019(e) | 34.94 | 0.02 | (7.70) | (7.68) | | — | (8.69) | (8.69) | 18.57 |
| 2018 | 32.35 | (0.17) | 4.49 | 4.32 | | — | (1.73) | (1.73) | 34.94 |
| 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 |
| Class R6 (06/16) | | | | | | | | | |
| 2019(e) | 36.62 | 0.14 | (8.10) | (7.96) | | — | (8.69) | (8.69) | 19.97 |
| 2018 | 33.70 | 0.06 | 4.69 | 4.75 | | (0.10) | (1.73) | (1.83) | 36.62 |
| 2017 | 28.05 | (0.08) | 5.73 | 5.65 | | — | — | — | 33.70 |
| 2016(f) | 28.05 | — | — | — | | — | — | — | 28.05 |
| Class I (12/06) | | | | | | | | | |
| 2019(e) | 36.50 | 0.10 | (8.06) | (7.96) | | — | (8.69) | (8.69) | 19.85 |
| 2018 | 33.65 | 0.01 | 4.67 | 4.68 | | (0.10) | (1.73) | (1.83) | 36.50 |
| 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 |
| | | | | | | |
| | 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) |
| | | | | | | | |
| (22.49)% | $2,993 | 1.68%** | (0.01)%** | | 1.31%** | 0.37%** | 33% |
| 13.98 | 4,512 | 1.53 | (0.46) | | 1.31 | (0.24) | 49 |
| 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 |
| | | | | | | | |
| (22.80) | 1,934 | 2.43** | (0.76)** | | 2.06** | (0.38)** | 33 |
| 13.12 | 3,194 | 2.29 | (1.22) | | 2.06 | (0.99) | 49 |
| 18.73 | 3,078 | 2.18 | (0.87) | | 2.06 | (0.74) | 88 |
| (4.26) | 2,724 | 2.17 | (1.09) | | 2.06 | (0.98) | 49 |
| (4.63) | 3,167 | 2.11 | (1.22) | | 2.06 | (1.17) | 68 |
| 21.46 | 3,432 | 2.05 | (1.24) | | 2.05 | (1.24) | 48 |
| | | | | | | | |
| (22.58) | 489 | 1.93** | (0.27)** | | 1.56** | 0.10** | 33 |
| 13.69 | 767 | 1.78 | (0.72) | | 1.56 | (0.50) | 49 |
| 19.33 | 874 | 1.68 | (0.39) | | 1.56 | (0.26) | 88 |
| (3.76) | 653 | 1.68 | (0.57) | | 1.56 | (0.46) | 49 |
| (4.18) | 421 | 1.60 | (0.75) | | 1.56 | (0.71) | 68 |
| 22.04 | 769 | 1.56 | (0.73) | | 1.56 | (0.73) | 48 |
| | | | | | | | |
| (22.30) | 7,249 | 1.25** | 0.44** | | 0.87** | 0.82** | 33 |
| 14.44 | 9,629 | 1.13 | (0.07) | | 0.89 | 0.17 | 49 |
| 20.14 | 5,820 | 1.05 | (0.39) | | 0.90 | (0.24) | 88 |
| — | 25 | — | — | | — | — | — |
| | | | | | | | |
| (22.41) | 6,969 | 1.42** | 0.23** | | 1.06** | 0.59** | 33 |
| 14.25 | 20,522 | 1.25 | (0.18) | | 1.06 | 0.02 | 49 |
| 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 |
| (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) | For the six months ended December 31, 2018. |
| (f) | Class R6 Shares commenced operations at the close of business on June 30, 2016. |
| * | Rounds to less than $.01 per share. |
| ** | Annualized. |
See accompanying notes to financial statements.
Financial Highlights(Unaudited) (continued)
NWQ Small-Cap Value
Selected data for a share outstanding throughout each period:
| | | | | | | | | |
| | | | | | | | | |
| | | Investment Operations | | Less Distributions | |
| Class (Commencement Date) Year Ended June 30, | Beginning
NAV | Net
Investment
Income
(Loss)(a) | Net
Realized/
Unrealized
Gain (Loss) | Total | | From
Net
Investment
Income | From
Accumulated
Net Realized
Gains | Total | Ending
NAV |
| Class A (12/04) | | | | | | | | | |
| 2019(e) | $55.23 | $0.02 | $(12.73) | $(12.71) | | $ — | $(5.26) | $(5.26) | $37.26 |
| 2018 | 49.16 | (0.16) | 8.34 | 8.18 | | — | (2.11) | (2.11) | 55.23 |
| 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 |
| Class C (12/04) | | | | | | | | | |
| 2019(e) | 49.96 | (0.16) | (11.47) | (11.63) | | — | (5.26) | (5.26) | 33.07 |
| 2018 | 44.98 | (0.50) | 7.59 | 7.09 | | — | (2.11) | (2.11) | 49.96 |
| 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 |
| Class R3 (09/09) | | | | | | | | | |
| 2019(e) | 54.33 | (0.06) | (12.49) | (12.55) | | — | (5.26) | (5.26) | 36.52 |
| 2018 | 48.51 | (0.28) | 8.21 | 7.93 | | — | (2.11) | (2.11) | 54.33 |
| 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 |
| Class R6 (02/13) | | | | | | | | | |
| 2019(e) | 57.24 | 0.12 | (13.21) | (13.09) | | — | (5.26) | (5.26) | 38.89 |
| 2018 | 50.67 | 0.05 | 8.63 | 8.68 | | — | (2.11) | (2.11) | 57.24 |
| 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 |
| Class I (12/04) | | | | | | | | | |
| 2019(e) | 56.75 | 0.08 | (13.09) | (13.01) | | — | (5.26) | (5.26) | 38.48 |
| 2018 | 50.34 | (0.03) | 8.55 | 8.52 | | — | (2.11) | (2.11) | 56.75 |
| 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 |
| | | | | |
| | Ratios/Supplemental Data |
| | | Ratios to Average
Net Assets(c) | |
Total
Return(b) | Ending
Net
Assets
(000) | Expenses | Net
Investment
Income
(Loss) | Portfolio
Turnover
Rate(d) |
| | | | | |
| (23.24)% | $63,722 | 1.23%** | 0.07%** | 36% |
| 16.94 | 82,161 | 1.27 | (0.31) | 67 |
| 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 |
| | | | | |
| (23.52) | 13,733 | 1.98** | (0.68)** | 36 |
| 16.05 | 21,723 | 2.01 | (1.05) | 67 |
| 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 |
| | | | | |
| (23.32) | 5,670 | 1.48** | (0.22)** | 36 |
| 16.62 | 7,929 | 1.51 | (0.55) | 67 |
| 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 |
| | | | | |
| (23.07) | 8,925 | 0.85** | 0.44** | 36 |
| 17.41 | 11,093 | 0.85 | 0.10 | 67 |
| 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 |
| | | | | |
| (23.15) | 452,334 | 0.98** | 0.31** | 36 |
| 17.22 | 642,477 | 1.01 | (0.05) | 67 |
| 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 |
| (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) | 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. 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) | For the six months ended December 31, 2018. |
| * | Rounds to less than $.01 per share. |
| ** | Annualized. |
See accompanying notes to financial statements.
Notes to Financial Statements
(Unaudited)
1. General Information and Significant Accounting Policies
General Information
Trust and Fund Information
The Nuveen Investment Trust 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, 2018, and the period covered by these Notes to Financial Statements is the six months ended December 31, 2018 (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 other claims or legal actions on behalf of Fund shareholders. If a refund is received for workout expenditures paid in a 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 C Shares automatically convert to Class A Shares ten years after 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.
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 their 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 the Trust. In addition, in the normal course of business, the 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 Derivatives 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.
Notes to Financial Statements(Unaudited) (continued)
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the current fiscal period. Actual results may differ from those estimates.
2. Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, 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 net asset value NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
| NWQ Global Equity Income | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $89,127,645 | $109,908,431** | $25*** | $199,036,101 |
| $1,000 Par (or similar) Institutional Preferred | — | 2,413,335 | — | 2,413,335 |
| Structured Notes | — | 1,558,029 | — | 1,558,029 |
| $25 Par (or similar) Retail Preferred | 158,652 | — | — | 158,652 |
| Total | $89,286,297 | $113,879,795 | $25 | $203,166,117 |
| NWQ International Value | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $42,285,898 | $186,809,858** | $ — | $229,095,756 |
| Short-Term Investments: | | | | |
| Repurchase Agreements | — | 1,961,049 | — | 1,961,049 |
| Total | $42,285,898 | $188,770,907 | $ — | $231,056,805 |
| NWQ Multi-Cap Value | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $70,246,848 | $983,448** | $ — | $71,230,296 |
| Short-Term Investments: | | | | |
| Repurchase Agreements | — | 2,036,468 | — | 2,036,468 |
| Total | $70,246,848 | $3,019,916 | $ — | $73,266,764 |
| NWQ Large-Cap Value | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $41,542,989 | $604,215** | $ — | $42,147,204 |
| Short-Term Investments: | | | | |
| Repurchase Agreements | — | 267,171 | — | 267,171 |
| Total | $41,542,989 | $871,386 | $ — | $42,414,375 |
| NWQ Small/Mid-Cap Value | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $18,881,841 | $ — | $ — | $18,881,841 |
| Short-Term Investments: | | | | |
| Repurchase Agreements | — | 6,114,053 | — | 6,114,053 |
| Total | $18,881,841 | $6,114,053 | $ — | $24,995,894 |
Notes to Financial Statements(Unaudited) (continued)
| NWQ Small-Cap Value | Level 1 | Level 2 | Level 3 | Total |
| Long-Term Investments*: | | | | |
| Common Stocks | $530,644,881 | $ — | $ — | $530,644,881 |
| Short-Term Investments: | | | | |
| Repurchase Agreements | — | 17,311,834 | — | 17,311,834 |
| Total | $530,644,881 | $17,311,834 | $ — | $547,956,715 |
| * | 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. |
3. Portfolio Securities and Investments in Derivatives
Portfolio Securities
Foreign Currency Transactions
To the extent that the Funds 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 their currency is worth fewer U.S. dollars; the opposite effect occurs if the U.S. dollar falls in relative value. Investments and other assets and liabilities denominated in foreign currencies are converted into U.S. dollars on a spot (i.e. cash) basis at the spot rate prevailing in the foreign currency exchange market at the time of valuation. Purchases and sales of investments and income denominated in foreign currencies are translated into U.S. dollars on the respective dates of such transactions.
As of the end of the reporting period, the following Funds' investments in non-U.S. securities were as follows:
| NWQ Global Equity Income | Value | % of
Net Assets |
| Country: | | |
| Germany | $29,990,531 | 14.8% |
| United Kingdom | 14,545,217 | 7.2 |
| Japan | 12,070,256 | 6.0 |
| France | 9,507,136 | 4.7 |
| Ireland | 8,619,658 | 4.2 |
| Spain | 6,892,260 | 3.4 |
| Switzerland | 6,655,540 | 3.3 |
| Bermuda | 6,350,725 | 3.1 |
| Netherlands | 6,069,620 | 3.0 |
| Other | 25,951,633 | 12.8 |
| Total non-U.S. securities | $126,652,576 | 62.5% |
| NWQ International Value | Value | % of
Net Assets |
| Country: | | |
| Japan | $54,975,847 | 23.7% |
| Netherlands | 25,676,082 | 11.1 |
| Germany | 24,300,598 | 10.5 |
| France | 20,553,118 | 8.9 |
| United Kingdom | 17,366,710 | 7.5 |
| South Korea | 13,307,559 | 5.7 |
| Switzerland | 12,037,223 | 5.2 |
| Denmark | 10,022,257 | 4.3 |
| Belgium | 9,274,921 | 4.0 |
| Other | 31,692,115 | 13.6 |
| Total non-U.S. securities | $219,206,430 | 94.5% |
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 the Funds 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 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 | $1,961,049 | $(1,961,049) | $ — |
| NWQ Multi-Cap Value | Fixed Income Clearing Corporation | 2,036,468 | (2,036,468) | — |
| NWQ Large-Cap Value | Fixed Income Clearing Corporation | 267,171 | (267,171) | — |
| NWQ Small/Mid-Cap Value | Fixed Income Clearing Corporation | 6,114,053 | (6,114,053) | — |
| NWQ Small-Cap Value | Fixed Income Clearing Corporation | 17,311,834 | (17,311,834) | — |
* As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the repurchase agreements. Refer to the Fund’s Portfolio of Investments for details on the repurchase agreements.
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds' investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Options Transactions
When a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recognized as a component of “Options written, at value” on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option until the option is exercised or expires or a Fund enters into a closing purchase transaction. The changes in the value of options written during the fiscal period are recognized as a component of “Change in net unrealized appreciation (depreciation) of options written” on the Statement of Operations. When an option is exercised or expires or the Fund enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of “Net realized gain (loss) from options written” on the Statement of Operations. The Fund, as writer of an option has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.
During the current fiscal period, NWQ Large-Cap Value wrote covered call options on individual stocks, while investing in those same stocks, to enhance returns while foregoing some upside potential. The average notional amount of outstanding options written during the current fiscal period was as follows:
| | NWQ
Large-Cap
Value |
| Average notional amount of outstanding options written* | $251,333 |
Notes to Financial Statements(Unaudited) (continued)
* 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.
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 RealizedGain (Loss)
from Options Written | Change in Net Unrealized
Appreciation (Depreciation)
of Options Written |
| NWQ Large-Cap Value | Equity price | Options written | $27,478 | $(17,704) |
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
On December 12, 2018, Class T Shares were liquidated.
Transactions in Fund shares during the current and prior fiscal period were as follows:
| | Six Months Ended
12/31/18 | | Year Ended
6/30/18 |
| NWQ Global Equity Income | Shares | Amount | | Shares | Amount |
| Shares sold: | | | | | |
| Class A | 588,209 | $16,201,278 | | 251,164 | $7,263,398 |
| Class A – automatic conversion of Class C Shares | 7,382 | 204,560 | | — | — |
| Class C | 8,561 | 230,566 | | 34,883 | 1,006,625 |
| Class R3 | 2,838 | 74,391 | | 6,084 | 174,028 |
| Class I | 249,971 | 6,846,911 | | 654,504 | 18,617,115 |
| Class T(1) | — | — | | — | — |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | |
| Class A | 135,560 | 3,310,438 | | 129,245 | 3,640,042 |
| Class C | 46,337 | 1,120,366 | | 52,053 | 1,460,300 |
| Class R3 | 800 | 19,485 | | 798 | 22,446 |
| Class I | 94,140 | 2,305,941 | | 98,743 | 2,782,031 |
| Class T(1) | — | — | | — | — |
| | 1,133,798 | 30,313,936 | | 1,227,474 | 34,965,985 |
| Shares redeemed: | | | | | |
| Class A | (847,012) | (22,627,421) | | (1,629,921) | (46,556,326) |
| Class C | (789,490) | (21,421,486) | | (606,223) | (17,253,516) |
| Class C – automatic conversion to Class A Shares | (7,399) | (204,560) | | — | — |
| Class R3 | (7,224) | (188,173) | | (32,723) | (936,816) |
| Class I | (730,942) | (19,252,855) | | (1,102,707) | (31,504,184) |
| Class T(1) | (919) | (23,190) | | — | — |
| | (2,382,986) | (63,717,685) | | (3,371,574) | (96,250,842) |
| Net increase (decrease) | (1,249,188) | $(33,403,749) | | (2,144,100) | $(61,284,857) |
| (1) | Class T Shares were not available for public offering |
| | Six Months Ended
12/31/18 | | Year Ended
6/30/18 |
| NWQ International Value | Shares | Amount | | Shares | Amount |
| Shares sold: | | | | | |
| Class A | 248,008 | $6,064,598 | | 273,964 | $7,133,410 |
| Class A – automatic conversion of Class C Shares | 5,374 | 135,261 | | — | — |
| Class C | 5,075 | 111,441 | | 37,971 | 941,448 |
| Class R3 | 11,981 | 284,061 | | 29,173 | 764,544 |
| Class I | 1,337,312 | 31,542,743 | | 2,596,144 | 68,042,805 |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | |
| Class A | 11,363 | 238,747 | | 25,075 | 656,226 |
| Class C | 611 | 12,258 | | 9,108 | 227,615 |
| Class R3 | 326 | 6,907 | | 802 | 21,154 |
| Class I | 147,815 | 3,115,943 | | 289,373 | 7,601,840 |
| | 1,767,865 | 41,511,959 | | 3,261,610 | 85,389,042 |
| Shares redeemed: | | | | | |
| Class A | (260,726) | (6,026,976) | | (381,388) | (9,963,413) |
| Class C | (220,503) | (5,179,390) | | (122,951) | (3,045,972) |
| Class C – automatic conversion to Class A Shares | (5,650) | (135,261) | | — | — |
| Class R3 | (10,806) | (258,319) | | (18,714) | (490,489) |
| Class I | (1,764,576) | (41,630,000) | | (3,150,778) | (81,666,575) |
| | (2,262,261) | (53,229,946) | | (3,673,831) | (95,166,449) |
| Net increase (decrease) | (494,396) | $(11,717,987) | | (412,221) | $(9,777,407) |
| | Six Months Ended
12/31/18 | | Year Ended
6/30/18 |
| NWQ Multi-Cap Value | Shares | Amount | | Shares | Amount |
| Shares sold: | | | | | |
| Class A | 584,218 | $18,671,346 | | 35,098 | $1,089,604 |
| Class A – automatic conversion of Class C Shares | 7,002 | 225,617 | | — | — |
| Class C | 8,348 | 244,101 | | 5,489 | 160,484 |
| Class R3 | 152 | 4,460 | | 889 | 26,677 |
| Class I | 71,511 | 2,286,132 | | 145,796 | 4,489,447 |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | |
| Class A | — | — | | 14,850 | 464,368 |
| Class C | — | — | | 7,963 | 225,319 |
| Class R3 | — | — | | — | — |
| Class I | — | — | | 24,624 | 773,700 |
| | 671,231 | 21,431,656 | | 234,709 | 7,239,599 |
| Shares redeemed: | | | | | |
| Class A | (126,087) | (3,971,424) | | (169,291) | (5,205,729) |
| Class C | (589,745) | (17,806,370) | | (169,240) | (4,855,623) |
| Class C – automatic conversion to Class A Shares | (7,441) | (225,617) | | — | — |
| Class R3 | (60) | (1,913) | | (9,922) | (310,864) |
| Class I | (86,815) | (2,706,574) | | (309,022) | (9,501,758) |
| | (810,148) | (24,711,898) | | (657,475) | (19,873,974) |
| Net increase (decrease) | (138,917) | $(3,280,242) | | (422,766) | $(12,634,375) |
Notes to Financial Statements(Unaudited) (continued)
| | Six Months Ended
12/31/18 | | Year Ended
6/30/18 |
| NWQ Large-Cap Value | Shares | Amount | | Shares | Amount |
| Shares sold: | | | | | |
| Class A | 185,042 | $931,219 | | 154,876 | $1,174,383 |
| Class A – automatic conversion of Class C Shares | 26,921 | 181,682 | | — | — |
| Class C | 34,241 | 167,026 | | 42,582 | 265,206 |
| Class R3 | — | — | | 162 | 1,140 |
| Class I | 571,586 | 3,316,022 | | 545,663 | 3,875,850 |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | |
| Class A | 196,051 | 863,725 | | 189,266 | 1,279,151 |
| Class C | 216,662 | 805,983 | | 184,604 | 1,100,509 |
| Class R3 | 3,853 | 16,678 | | 2,653 | 17,693 |
| Class I | 2,147,477 | 9,519,941 | | 2,235,717 | 15,193,852 |
| | 3,381,833 | 15,802,276 | | 3,355,523 | 22,907,784 |
| Shares redeemed: | | | | | |
| Class A | (141,773) | (934,378) | | (487,761) | (3,529,637) |
| Class C | (124,867) | (674,275) | | (298,423) | (1,977,546) |
| Class C – automatic conversion to Class A Shares | (30,390) | (181,682) | | — | — |
| Class R3 | — | — | | (799) | (5,066) |
| Class I | (3,260,501) | (20,358,122) | | (3,239,738) | (23,730,235) |
| | (3,557,531) | (22,148,457) | | (4,026,721) | (29,242,484) |
| Net increase (decrease) | (175,698) | $(6,346,181) | | (671,198) | $(6,334,700) |
| | Six Months Ended
12/31/18 | | Year Ended
6/30/18 |
| NWQ Small/Mid-Cap Value | Shares | Amount | | Shares | Amount |
| Shares sold: | | | | | |
| Class A | 31,055 | $945,862 | | 13,321 | $457,793 |
| Class A – automatic conversion of Class C Shares | 268 | 9,739 | | — | — |
| Class C | 23,228 | 445,960 | | 5,482 | 175,577 |
| Class R3 | 3,308 | 67,899 | | 1,975 | 65,880 |
| Class R6 | 43,838 | 1,519,212 | | 195,529 | 6,833,457 |
| Class I | 74,141 | 2,300,691 | | 214,684 | 7,520,129 |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | |
| Class A | 40,903 | 815,194 | | 5,761 | 195,104 |
| Class C | 34,968 | 605,997 | | 5,012 | 155,425 |
| Class R3 | 5,369 | 102,174 | | 831 | 27,307 |
| Class R6 | 108,198 | 2,213,728 | | 11,569 | 398,721 |
| Class I | 187,767 | 3,819,190 | | 62,826 | 2,159,058 |
| | 553,043 | 12,845,646 | | 516,990 | 17,988,451 |
| Shares redeemed: | | | | | |
| Class A | (43,526) | (1,306,987) | | (60,181) | (2,062,573) |
| Class C | (40,679) | (1,082,283) | | (13,648) | (429,502) |
| Class C – automatic conversion to Class A Shares | (294) | (9,739) | | — | — |
| Class R3 | (4,301) | (151,951) | | (7,886) | (264,280) |
| Class R6 | (51,968) | (1,762,200) | | (116,883) | (4,050,035) |
| Class I | (473,130) | (12,172,250) | | (1,045,249) | (35,921,667) |
| | (613,898) | (16,485,410) | | (1,243,847) | (42,728,057) |
| Net increase (decrease) | (60,855) | $(3,639,764) | | (726,857) | $(24,739,606) |
| | Six Months Ended
12/31/18 | | Year Ended
6/30/18 |
| NWQ Small-Cap Value | Shares | Amount | | Shares | Amount |
| Shares sold: | | | | | |
| Class A | 442,210 | $20,329,822 | | 307,158 | $15,768,714 |
| Class A – automatic conversion of Class C Shares | 2,077 | 116,325 | | — | — |
| Class C | 41,360 | 1,661,278 | | 34,066 | 1,621,817 |
| Class R3 | 295,238 | 15,697,220 | | 57,371 | 2,947,765 |
| Class R6 | 57,319 | 2,640,256 | | 76,784 | 4,157,157 |
| Class I | 1,299,279 | 64,529,558 | | 2,767,930 | 148,225,213 |
| Shares issued to shareholders due to reinvestment of distributions: | | | | | |
| Class A | 179,789 | 6,844,564 | | 53,317 | 2,770,337 |
| Class C | 51,261 | 1,732,639 | | 18,765 | 885,497 |
| Class R3 | 27,801 | 1,037,550 | | 2,286 | 117,011 |
| Class R6 | 19,090 | 758,430 | | 6,880 | 369,655 |
| Class I | 1,414,469 | 55,616,943 | | 442,523 | 23,595,330 |
| | 3,829,893 | 170,964,585 | | 3,767,080 | 200,458,496 |
| Shares redeemed: | | | | | |
| Class A | (401,475) | (18,872,934) | | (552,295) | (28,949,450) |
| Class C | (109,838) | (4,894,953) | | (134,949) | (6,387,679) |
| Class C – automatic conversion to Class A Shares | (2,297) | (116,325) | | — | — |
| Class R3 | (313,716) | (12,962,782) | | (77,507) | (4,007,282) |
| Class R6 | (40,695) | (1,981,116) | | (73,078) | (3,982,936) |
| Class I | (2,280,348) | (107,412,428) | | (3,611,632) | (192,032,977) |
| | (3,148,369) | (146,240,538) | | (4,449,461) | (235,360,324) |
| Net increase (decrease) | 681,524 | $24,724,047 | | (682,381) | $(34,901,828) |
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 | $38,227,982 | $23,382,676 | $9,448,122 | $10,521,694 | $10,306,867 | $239,514,902 |
| Sales and maturities | 74,145,560 | 31,426,399 | 13,640,065 | 26,723,010 | 19,736,445 | 252,244,256 |
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.
Certain Funds have filed for additional reclaims related to foreign taxes withheld in prior years, based on interpretations of European Union tax principles. Generally, to the extent a Fund reasonably determines that such additional tax reclaims are collectible and free from significant contingencies, the amounts are reflected as Dividends in the Statements of Operations. When such reclaims are received, the amounts received will reduce the amount of current year foreign tax credits passed through to shareholders consistent with guidance from the Internal Revenue Service.
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, 2018.
Notes to Financial Statements(Unaudited) (continued)
| | 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 | $213,238,483 | $226,182,161 | $92,054,629 | $37,319,287 | $24,517,672 | $556,881,312 |
| Gross unrealized: | | | | | | |
| Appreciation | $14,962,913 | $37,488,315 | $576,271 | $8,174,188 | $3,120,066 | $77,482,081 |
| Depreciation | (25,035,279) | (32,613,671) | (19,364,136) | (3,079,100) | (2,641,844) | (86,406,678) |
| Net unrealized appreciation (depreciation) of investments | $(10,072,366) | $4,874,644 | $(18,787,865) | $5,095,088 | $478,222 | $(8,924,597) |
Permanent differences, primarily due to federal taxes paid, complex securities character adjustments, securities litigation settlements, 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, 2018, 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 | $(69,287) | $(54,060,130) | $(69,382,409) | $1,972,983 | $9,802 | $2,682,820 |
| Undistributed (Over-distribution of) net investment income | (2,325,180) | (185,958) | 97,708 | 728,102 | — | 1,827,178 |
| Accumulated net realized gain (loss) | 2,394,467 | 54,246,088 | 69,284,701 | (2,701,085) | (9,802) | (4,509,998) |
The tax components of undistributed net ordinary income and net long-term capital gains as of June 30, 2018, 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 | $3,799,026 | $3,448,648 | $ — | $ — | $ — | $ — |
| Undistributed net long-term capital gains | 5,488,837 | — | — | 9,983,467 | 3,944,889 | 57,006,303 |
| 1 | Undistributed net ordinary income (on a tax basis) for NWQ Global Equity Income has not been reduced for the dividend declared on June 29, 2018 and paid on July 2, 2018. Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any. |
The tax character of distributions paid during the Funds’ last tax year ended June 30, 2018, was designated for purposes of the dividends paid deduction 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 |
| Distributions from net ordinary income1 | $9,706,041 | $8,837,844 | $1,620,143 | $1,991,712 | $92,417 | $ — |
| Distributions from net long-term capital gains | — | — | — | 15,907,371 | 2,900,010 | 29,144,984 |
| 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, 2018, the Funds’ last tax year end, the following Funds had unused capital loss carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
| | NWQ Global
Equity Income2 | NWQ International
Value |
| Not subject to expiration: | | |
| Short-term | $3,637,829 | $10,995,741 |
| Long-term | 240,668,205 | 202,985,844 |
| Total | $244,306,034 | $213,981,585 |
| 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 years, at which point the annual limitation will further be reduced to approximately $1.2 million. |
As of June 30, 2018, the Funds' last tax year end, the following Funds' capital loss carryforwards expired as follows:
| | NWQ International
Value | NWQ Multi-Cap
Value |
| Expired capital loss carryforwards | $54,060,130 | $70,465,124 |
During the Funds' last tax year ended June 30, 2018, the following Funds utilized capital loss carrforwards as follows:
| | NWQ Global
Equity Income | NWQ Multi-Cap
Value | NWQ Small/Mid-Cap
Value |
| Utilized capital loss carryforwards | $4,025,903 | $30,150,671 | $838,796 |
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 Funds have elected to defer losses as follows:
| | NWQ Multi-Cap
Value | NWQ Small/Mid-Cap
Value | NWQ Small-Cap
Value |
| Post-October capital losses3 | $ — | $ — | $ — |
| Late-year ordinary losses4 | 625,584 | 27,317 | 587,758 |
| 3 | Capital losses incurred from November 1, 2017 through June 30, 2018, the Funds' last tax year end. |
| 4 | Ordinary losses incurred from January 1, 2018 through June 30, 2018 and/or specified losses incurred from November 1, 2017 through June 30, 2018. |
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.
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 |
Notes to Financial Statements(Unaudited) (continued)
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, 2018, the complex-level fee for each Fund was 0.1602%.
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of the Funds so that the 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 expenses for the Class R6 Shares will be less than the expense limitation. The expense limitations that expire may be terminated or modified prior to that 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, 2020 | N/A |
| NWQ International Value | 0.94 | July 31, 2020 | N/A |
| NWQ Multi-Cap Value | 0.94 | July 31, 2020 | N/A |
| NWQ Large-Cap Value | 0.79 | July 31, 2020 | 1.35% |
| NWQ Small/Mid-Cap Value | 1.10 | July 31, 2020 | 1.45 |
| NWQ Small-Cap Value | N/A | N/A | 1.50 |
NA - 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 | $4,889 | $8,374 | $7,930 | $2,355 | $2,397 | $7,499 |
| Paid to financial intermediaries | 4,398 | 7,440 | 7,141 | 2,042 | 2,079 | 6,543 |
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 | $1,251 | $948 | $1,083 | $816 | $1,043 | $11,747 |
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 | $33,079 | $1,950 | $2,722 | $1,130 | $721 | $7,454 |
The remaining 12b-1 fees charged to each 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:
| | 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 | $77 | $450 | $ — | $20 | $270 | $900 |
As of December 31, 2018, Nuveen owned shares of the following Funds as follows:
| | NWQ Large-Cap
Value | NWQ Small/Mid-Cap
Value | NWQ Small-Cap
Value |
| Class R3 Shares | 11,630 | 2,302 | 1,583 |
| Class R6 Shares | — | 891 | 802 |
8. Borrowings Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, approximately $2.65 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. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in July 2019 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 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.
9. New Accounting Pronouncements
Disclosure Update and Simplification
During August 2018, the Securities and Exchange Commission (the “SEC”) issued Final Rule Release No. 33-10532, Disclosure Update and Simplification (“Final Rule Release No. 33-10532”). Final Rule Release No. 33-10532 amends certain financial statement disclosure requirements to conform to U.S. GAAP. The amendments to Rule 6-04.17 of Regulation S-X (balance sheet) remove the requirement to separately state the book basis components of net assets: undistributed (over-distribution of) net investment income (“UNII”), accumulated undistributed net realized gains (losses), and net unrealizedn appreciation (depreciation) at the balance sheet date. Instead, consistent with U.S. GAAP, funds will be required to disclose total distributable earnings. The amendments to Rule 6-09 of Regulation S-X (statement of changes in net assets) remove the requirement to separately state the sources
Notes to Financial Statements(Unaudited) (continued)
of distributions paid. Instead, consistent with U.S. GAAP, funds will be required to disclose the total amount of distributions paid, except that any tax return of capital must be separately disclosed. The amendments also remove the requirement to parenthetically state the book basis amount of UNII on the statement of changes in net assets.
The requirements of Final Rule Release No. 33-10532 are effective November 5, 2018, and the Funds’ Statement of Assets and Liabilities and Statement of Changes in Net Assets for the current reporting period have been modified accordingly. In addition, certain amounts within each Fund’s Statement of Changes in Net Assets for the prior fiscal period have been modified to conform to Final Rule Release No. 33-10532.
The Funds' distributions from the prior fiscal period were paid from net investment income unless indicated in the following table.
| | NWQ Global
Equity Income | NWQ Large-Cap
Value | NWQ Small/Mid-Cap
Value |
| From net investment income: | | | |
| Class A Shares | $(2,798,265) | $(125,198) | $(1,679) |
| Class C Shares | (986,296) | (76,275) | — |
| Class R3 Shares | (27,385) | (1,705) | — |
| Class R6 Shares | — | — | (21,985) |
| Class I Shares | (2,117,400) | (1,788,534) | (68,753) |
| Class T Shares(1) | (552) | — | — |
| From accumulated net realized gains: | | | |
| Class A Shares | (1,165,400) | (1,241,164) | (227,707) |
| Class C Shares | (642,785) | (1,086,301) | (163,839) |
| Class R3 Shares | (13,343) | (15,988) | (38,756) |
| Class R6 Shares | — | — | (378,365) |
| Class I Shares | (767,692) | (13,563,918) | (2,091,343) |
| Class T Shares(1) | (218) | — | — |
| Total distributions to shareholders: | | | |
| Class A Shares | (3,963,665) | (1,366,362) | (229,386) |
| Class C Shares | (1,629,081) | (1,162,576) | (163,839) |
| Class R3 Shares | (40,728) | (17,693) | (38,756) |
| Class R6 Shares | — | — | (400,350) |
| Class I Shares | (2,885,092) | (15,352,452) | (2,160,096) |
| Class T Shares(1) | (770) | — | — |
| (1) | Class T shares were not available for public offering. |
In addition, as of June 30, 2018, the Funds' Statement of Changes in Net Assets reflected the following UNII balances.
| | NWQ
Global
Equity Income | NWQ
International
Value | NWQ
Multi-Cap
Value | NWQ
Large-Cap
Value | NWQ
Small/Mid-Cap
Value | NWQ
Small-Cap
Value |
| UNII at the end of period | $1,027,387 | $551,797 | $(694,379) | $ — | $(27,317) | $(587,758) |
Fair Value Measurement: Disclosure Framework
During August 2018, the FASB issued ASU 2018-13 (“ASU 2018-13”), Fair Value Measurement: Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. During the current reporting period, management early implemented this guidance. This implementation did not have a material impact on the Funds’ financial statements.
Additional Fund Information
Fund Manager
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
Sub-Adviser
NWQ Investment Management
Company, LLC
2049 Century Park East, 16th Floor
Los Angeles, CA 90067
Independent Registered
Public Accounting Firm
PricewaterhouseCoopers LLP
One North Wacker Drive
Chicago, IL 60606
Custodian
State Street Bank & Trust
Company
One Lincoln Street
Boston, MA 02111
Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
Transfer Agent and
Shareholder Services
DST Asset Manager
Solutions, Inc. (DST)
P.O. Box 219140
Kansas City, MO 64121-9140
(800) 257-8787
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 as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC's website at http://www.sec.gov.
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 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.
FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
Glossary of Terms Used in this Report
Average Annual Total Return: This is a commonly used method to express an investment’s performance over a particular, usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
Lipper Global Equity Income Funds Classification Average:Represents the average annualized total return for all reporting funds in the Lipper Global Equity Income Funds Classification. Lipper returns account for the effects of management fees and assume reinvestment of distributions, but do not reflect any applicable sales charge.
Lipper 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 EAFE (Europe, Australasia, Far East) Index: A free-float-adjusted market capitalization weighted index designed to measure developed market equity performance, excluding the U.S. and Canada. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Net Asset Value (NAV) Per Share:A fund’s Net Assets is equal to its total assets (securities, cash and accrued earnings) less its total liabilities. For funds with multiple classes, Net Assets are determined separately for each share class. NAV per share is equal to the fund’s (or share class’) Net Assets divided by its number of shares outstanding.
Russell 1000® Value Index: An index that measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
Russell 2000® Value Index:An index that measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
Russell 2500® Value Index: An index that measures the performance of the 2,500 smallest companies in the Russell 3000® Index, which represents approximately 20% of the total market capitalization of the Russell 3000® Index. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
Russell 3000® Value Index:An index that measures the performance of those Russell 3000 companies with lower price-to-book ratios and higher forecasted growth values. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees.
Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the fund’s dividends paid deduction.
Nuveen:
Serving Investors for Generations
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.
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.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information provided carefully before you invest. Investors should consider the investment objective and policies, risk considerations, charges and expenses of any investment carefully. Where applicable, be sure to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus, please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606. Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at:www.nuveen.com/mutual-funds
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com MSA-NWQ-1218D741810-INV-B-02/19
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 Rule30a-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 Rule30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules13a-15(b) or15d-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 Rule30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. 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.
(a)(4) Change in the registrant’s independent public accountant. Not applicable.
(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/ Christopher M. Rohrbacher | | |
| | | | Christopher M. Rohrbacher Vice President and Secretary | | |
Date: March 8, 2019
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, 2019
| | | | | | |
| By | | (Signature and Title) | | /s/ Stephen D. Foy | | |
| | | | Stephen D. Foy Vice President and Controller (principal financial officer) | | |
Date: March 8, 2019
