Nuveen NWQ International Value Fund
Portfolio of Investments March 31, 2020
(Unaudited)
| Shares | Description (1) | Value | ||||
| LONG-TERM INVESTMENTS – 97.4% | ||||||
| COMMON STOCKS – 97.4% | ||||||
| Aerospace & Defense – 2.0% | ||||||
| 25,246 | Thales SA | $2,090,766 | ||||
| Air Freight & Logistics – 2.4% | ||||||
| 93,235 | Deutsche Post AG, (2) | 2,499,498 | ||||
| Automobiles – 4.1% | ||||||
| 26,383 | Hyundai Motor Co, (2) | 1,106,501 | ||||
| 26,215 | Toyota Motor Corp, Sponsored ADR | 3,144,489 | ||||
| Total Automobiles | 4,250,990 | |||||
| Banks – 8.4% | ||||||
| 481,934 | Bank of Ireland Group PLC, (2), (3) | 895,754 | ||||
| 38,628 | Bank of Ireland Group PLC, (2) | 72,005 | ||||
| 322,865 | ING Groep NV, (2), (3) | 1,654,390 | ||||
| 202,785 | Oversea-Chinese Banking Corp Ltd, (2) | 1,228,660 | ||||
| 1,104,645 | Royal Bank of Scotland Group PLC, (2) | 1,523,167 | ||||
| 72,900 | Sumitomo Mitsui Trust Holdings Inc, (2) | 2,094,429 | ||||
| 2,291,581 | Unicaja Banco SA,144A, (2) | 1,308,406 | ||||
| Total Banks | 8,776,811 | |||||
| Capital Markets – 2.0% | ||||||
| 220,799 | UBS Group AG | 2,044,599 | ||||
| Chemicals – 1.6% | ||||||
| 47,900 | Nutrien Ltd | 1,637,511 | ||||
| Commercial Services & Supplies – 1.9% | ||||||
| 92,000 | Dai Nippon Printing Co Ltd, (2) | 1,955,101 | ||||
| Diversified Financial Services – 1.6% | ||||||
| 21,857 | Groupe Bruxelles Lambert SA, (2) | 1,719,731 | ||||
| Diversified Telecommunication Services – 3.7% | ||||||
| 162,490 | Nippon Telegraph & Telephone Corp, ADR, (2) | 3,838,014 | ||||
| Electrical Equipment – 2.2% | ||||||
| 77,631 | Mabuchi Motor Co Ltd, (2) | 2,303,300 | ||||
| Electronic Equipment, Instruments & Components – 1.4% | ||||||
| 175,993 | Flex Ltd, (3) | 1,473,941 |
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Nuveen NWQ International Value Fund(continued)
Portfolio of Investments March 31, 2020
(Unaudited)
| Shares | Description (1) | Value | ||||
| Energy Equipment & Services – 0.8% | ||||||
| 143,893 | Tenaris SA, (2) | $868,080 | ||||
| Food & Staples Retailing – 5.0% | ||||||
| 76,400 | Seven & i Holdings Co Ltd, (2) | 2,523,101 | ||||
| 979,743 | Tesco PLC, (2) | 2,766,820 | ||||
| Total Food & Staples Retailing | 5,289,921 | |||||
| Health Care Providers & Services – 2.7% | ||||||
| 43,583 | Fresenius Medical Care AG & Co KGaA | 2,844,921 | ||||
| Household Durables – 1.5% | ||||||
| 98,300 | Sekisui House Ltd, (2) | 1,621,167 | ||||
| Household Products – 1.0% | ||||||
| 13,482 | Henkel AG & Co KGaA, (2) | 1,078,312 | ||||
| Industrial Conglomerates – 2.8% | ||||||
| 34,534 | Siemens AG, (2) | 2,891,705 | ||||
| Insurance – 9.9% | ||||||
| 76,686 | Ageas, (2) | 3,195,657 | ||||
| 10,869 | Allianz SE, (2) | 1,850,963 | ||||
| 58,345 | Axis Capital Holdings Ltd | 2,255,034 | ||||
| 109,000 | MS&AD Insurance Group Holdings Inc, (2) | 3,041,222 | ||||
| Total Insurance | 10,342,876 | |||||
| Machinery – 1.4% | ||||||
| 87,500 | Komatsu Ltd, (2) | 1,416,049 | ||||
| Media – 1.3% | ||||||
| 48,233 | Publicis Groupe SA, (2) | 1,378,447 | ||||
| Metals & Mining – 0.9% | ||||||
| 63,993 | BHP Group PLC, (2) | 993,149 | ||||
| Multi-Utilities – 2.1% | ||||||
| 189,656 | National Grid PLC, (2) | 2,215,992 | ||||
| Oil, Gas & Consumable Fuels – 1.9% | ||||||
| 59,957 | Royal Dutch Shell PLC, Sponsored ADR, (2) | 1,958,196 | ||||
| Pharmaceuticals – 10.7% | ||||||
| 37,848 | Bayer AG, (2) | 2,168,631 | ||||
| 129,551 | GlaxoSmithKline PLC, (2) | 2,430,916 | ||||
| 5,131 | Roche Holding AG, (2) | 1,650,858 | ||||
| 38,833 | Sanofi, (2) | 3,361,959 |
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| Shares | Description (1) | Value | ||||
| Pharmaceuticals (continued) | ||||||
| 54,000 | Takeda Pharmaceutical Co Ltd, (2) | $1,644,197 | ||||
| Total Pharmaceuticals | 11,256,561 | |||||
| Professional Services – 3.4% | ||||||
| 41,775 | Adecco Group AG, (2) | 1,646,211 | ||||
| 27,283 | Wolters Kluwer NV | 1,931,202 | ||||
| Total Professional Services | 3,577,413 | |||||
| Real Estate Management & Development – 1.8% | ||||||
| 373,039 | City Developments Ltd, (2) | 1,891,557 | ||||
| Road & Rail – 1.8% | ||||||
| 25,000 | East Japan Railway Co, (2) | 1,891,758 | ||||
| Semiconductors & Semiconductor Equipment – 3.6% | ||||||
| 148,000 | MediaTek Inc, (2) | 1,588,517 | ||||
| 39,400 | Rohm Co Ltd, (2) | 2,138,718 | ||||
| Total Semiconductors & Semiconductor Equipment | 3,727,235 | |||||
| Software – 1.7% | ||||||
| 16,233 | SAP SE, (2) | 1,812,380 | ||||
| Specialty Retail – 1.4% | ||||||
| 864,539 | Kingfisher PLC, (2) | 1,518,570 | ||||
| Technology Hardware, Storage & Peripherals – 4.5% | ||||||
| 44,800 | FUJIFILM Holdings Corp, (2) | 2,207,723 | ||||
| 75,711 | Samsung Electronics Co Ltd, (2) | 2,467,241 | ||||
| Total Technology Hardware, Storage & Peripherals | 4,674,964 | |||||
| Textiles, Apparel & Luxury Goods – 1.6% | ||||||
| 79,700 | Wacoal Holdings Corp, (2) | 1,724,849 | ||||
| Tobacco – 1.9% | ||||||
| 200,555 | Scandinavian Tobacco Group A/S,144A, (2) | 2,013,799 | ||||
| Wireless Telecommunication Services – 2.4% | ||||||
| 156,436 | SK Telecom Co Ltd, Sponsored ADR | 2,545,214 | ||||
| Total Long-Term Investments (cost $99,426,849) | 102,123,377 |
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Nuveen NWQ International Value Fund(continued)
Portfolio of Investments March 31, 2020
(Unaudited)
| Principal Amount (000) | Description (1) | Coupon | Maturity | Value | ||
| SHORT-TERM INVESTMENTS – 1.9% | ||||||
| REPURCHASE AGREEMENTS – 1.9% | ||||||
| $2,050 | Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/31/20, repurchase price $2,050,192, collateralized by $1,925,000, U.S. Treasury Notes, 2.750%, due 4/30/23, value $2,092,641, (2) | 0.000% | $2,050,192 | |||
| Total Short-Term Investments (cost $2,050,192) | 2,050,192 | |||||
| Total Investments (cost $101,477,041) – 99.3% | 104,173,569 | |||||
| Other Assets Less Liabilities – 0.7% | 691,726 | |||||
| Net Assets – 100% | $104,865,295 |
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities are recorded at their estimated fair value. 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).
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of the Fund’s fair value measurements as of the end of the reporting period:
| Level 1 | Level 2 | Level 3 | Total | |
| Long-Term Investments: | ||||
| Common Stocks | $15,031,990 | $87,091,387 | $ — | $102,123,377 |
| Short-Term Investments: | ||||
| Repurchase Agreements | — | 2,050,192 | — | 2,050,192 |
| Total | $15,031,990 | $89,141,579 | $ — | $104,173,569 |
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| 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. | |
| (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 |
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