Docoh
Loading...

Nuveen Investment Trust

Filed: 7 Mar 21, 7:00pm

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)

Mark J. Czarniecki

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, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.


ITEM 1.

REPORTS TO STOCKHOLDERS.


Mutual Funds
31 December 2020
Nuveen Equity Funds
Fund Name Class AClass CClass R3Class R6Class I
Nuveen NWQ Global Equity Income Fund NQGAXNQGCXNQGRX —NQGIX
Nuveen NWQ International Value Fund NAIGXNCIGXNTITX —NGRRX
Nuveen NWQ Multi-Cap Value Fund NQVAXNQVCX — —NQVRX
Nuveen NWQ Large-Cap Value Fund NQCAXNQCCXNQCQX —NQCRX
Nuveen NWQ Small/Mid-Cap Value Fund NSMAXNSMCXNWQRXNWQFXNSMRX
Nuveen NWQ Small-Cap Value Fund NSCAXNSCCXNSCQXNSCFXNSCRX
As permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' annual and semi-annual shareholder reports will not be sent to you 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.
You may elect to receive shareholder reports and other communications from the Funds electronically at any time 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.
Semiannual Report


Life is Complex.
Nuveen makes things e-simple.
It only takes a minute to sign up for e-Reports. Once enrolled, you’ll receive an e-mail as soon as your Nuveen Fund information is ready. No more waiting for delivery by regular mail. Just click on the link within the e-mail to see the report and save it on your computer if you wish.
Free e-Reports right to your e-mail!
www.investordelivery.com
If you receive your Nuveen Fund distributions and statements from your financial professional or brokerage account.
or
www.nuveen.com/client-access
If you receive your Nuveen Fund distributions and statements directly from Nuveen.
Must be preceded by or accompanied by a prospectus.
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE  




Chair’s Letter to Shareholders    
Dear Shareholders,
The rollout of COVID-19 vaccines has kindled the promise of a more normal economy in 2021. Until then, the economic shortfall is expected to be bridged by a combination of fiscal relief measures and easier financial conditions aimed at supporting individuals, businesses and state and local governments. The measures taken to date have already helped the U.S. economy make a significant, although incomplete, turnaround from the depths of a historic recession. In late December 2020, the U.S. government enacted another $900 billion in aid to individuals and businesses, extending some of the programs enacted earlier in the COVID-19 crisis, and more stimulus is anticipated. The U.S. Federal Reserve, along with other central banks around the world, have pledged to keep monetary conditions accommodative for as long as necessary.
While the markets’ longer-term outlook has brightened, we expect intermittent bouts of volatility to continue. COVID-19 cases are still alarmingly high in some regions, and recent economic indicators have shown the dampening effect of renewed restrictions on social and business activity in the latter months of 2020. The pandemic’s course can still be unpredictable, and achieving sufficient inoculation of the population depends on many variables, including logistics, public confidence, real-world efficacy and the emergence of variant virus strains. Additionally, the Biden administration’s full policy agenda and the potential for Congressional gridlock remain to be seen, which could cause investment outlooks to shift. Nevertheless, short-term market fluctuations can provide opportunities to invest in new ideas as well as upgrade existing positioning, within our goal of providing long-term value for our shareholders. For more than 120 years, the careful consideration of risk and reward has guided Nuveen’s focus on delivering long-term results to our shareholders.
The beginning of the year can be an opportune time to assess your portfolio’s resilience and readiness for what may come next. We encourage you to review your time horizon, risk tolerance and investment goals with your financial professional. 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
Chair of the Board
February 22, 2021
 
4


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 Fund Advisors, LLC, the Fund's investment adviser. Jon D. Bosse, CFA, is the Chief Investment Officer of NWQ and along with Jujhar S. Sohi, CFA, manages the Nuveen NWQ Multi-Cap Value and Large-Cap Value Funds. Andy Hwang and Thomas Lavia, CFA, 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.
Investment Policy Changes
Effective October 30, 2020, the Nuveen NWQ Global Equity Income Fund introduced a policy change. The Fund has a minimum exposure to non-U.S. securities that floats based on the portion of the Fund’s benchmark (the MSCI World Index) that is composed of non-U.S. securities. Under normal market conditions, the Fund’s minimum exposure to non-U.S. securities will be 80% of the MSCI World Index’s non-U.S. exposure, calculated on a daily basis. During periods of unfavorable market conditions, the Fund’s minimum exposure to non-U.S. securities will be reduced to 50% of the MSCI World Index’s non-U.S. exposure. The Fund will invest in securities of companies representing at least three different countries (one of which may be the United States).
Here the portfolio management team reviews key management strategies and the Funds' performance for the six-month reporting period ended December 31, 2020.
An Update on COVID-19 Coronavirus and its Impact on the Securities Markets
The start of vaccinations across Western countries has been encouraging for the markets, although the discovery of new variants of the COVID-19 coronavirus could cause expectations to be reassessed. The vaccine rollouts have also been slower than expected in some regions. Nevertheless, there are more vaccines still in development, some of which have announced positive trial results, and governments are looking to adjust rollout plans to speed distribution.
The economic recovery moderated in late 2020, as a resurgence of infections triggered another tightening in restrictions. The slower pace is expected to persist into 2021, prompting pledges from central banks and governments to sustain the recovery with policy support. In late December 2020, the U.S. government approved a $900 billion relief package, and more stimulus is anticipated from the Biden administration in 2021.
Markets rallied on optimism for normalization in daily life and in the economy, furthering the recovery from the March 2020 sell-off. Although the detection of the virus in China was made public in December 2019, markets did not start to fully acknowledge the risks and potential economic impact until the latter portion of February 2020, when outbreaks outside of China were first reported. Global stock markets sold off severely, with the S&P 500® Index reaching a bear market (a 20% drop from the previous high) within three

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, 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.
5


Portfolio Managers’ Comments (continued)
weeks, the fastest bear market decline in history. Even certain parts of the bond market suffered; below investment grade municipal and corporate bonds generally dropped the furthest, mostly out of concerns for the continued financial stability of lower quality issuers. Demand for safe-haven assets, along with mounting recession fears, drove the yield on the 10-year U.S. Treasury note to 0.5% in March 2020, an all-time low. Additionally, oil prices collapsed to an 18-year low on supply glut concerns, as shut-downs across the global economy sharply reduced oil demand, although oil prices have recovered to well above those lows.
While most markets have recovered the majority of their losses, volatility will likely remain elevated until the health crisis itself is under control (via fewer new cases, lower infection rates and/or wider immunity across populations). The situation remains fluid, given production and logistical challenges with rolling out the vaccine as well as public trust in it, and the potential for more harmful variants of the virus. The distribution of phase 3-tested vaccines has narrowed the range of outcomes for the course of the pandemic itself and the global economy, but there is still uncertainty in the timing of a full recovery.
Nuveen Fund Advisors, LLC, and their portfolio management teams are monitoring the situation carefully and continuously refining their views and approaches to managing their funds to best pursue investment objectives while mitigating risks through all market environments.
How did the Funds perform during the six-month reporting period ended December 31, 2020?
The tables in the Fund Performance and Expense Ratios section of this report provide each Fund's total return performance information for each share class of the Fund for the period ended December 31, 2020. Each Fund’s Class A Shares at net asset value (NAV) are compared with the performance of its corresponding benchmark and Lipper classification average. A more detailed account of each Fund’s performance is provided later in this report.
For the six-month reporting period, the Nuveen NWQ Global Equity Income Fund’s Class A Shares at NAV underperformed the MSCI World Index but outperformed its comparative Lipper classification average. The Nuveen NWQ International Value Fund’s Class A Shares at NAV outperformed the MSCI EAFE Index and the Lipper classification average for the six-month reporting period. The Nuveen NWQ Multi-Cap Value Fund's Class A Shares at NAV outperformed the Russell 3000® Value Index and its Lipper classification average for the six-month reporting period. 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. The Nuveen NWQ Small/Mid-Cap Value Fund’s Class A Shares at NAV underperformed the Russell 2500® Value Index and its Lipper classification average for the six-month reporting period. 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.
What key strategies were used to manage the Funds during the six-month reporting period ended December 31, 2020 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 but outperformed its comparative Lipper classification average for the six-month reporting period ended December 31, 2020.
The Fund maintains an opportunistic, income focused strategy that, through a bottom-up research process, seeks to provide growth and income by investing in undervalued U.S. and non-U.S. companies that produce income and have an identifiable catalyst for improving financials. The Fund will have a minimum exposure to non-U.S. securities that floats based on the portion of the Fund’s benchmark (the MSCI World Index) that is composed of non-U.S. securities. For the period July 1, 2020 through October 29, 2020, and under normal market conditions, the Fund invested as least 40% of its net assets in non-U.S. securities and invested in securities of companies representing at least three different countries (one of which may be the United States). Effective October 30, 2020 and under normal market conditions, the Fund’s minimum exposure to non-U.S. securities will be 80% of the MSCI World Index’s non-U.S. exposure, calculated on a daily basis. During periods of unfavorable market conditions, the Fund’s minimum exposure to non-U.S. securities will be reduced to 50% of the MSCI World Index’s non-U.S. exposure. The Fund will invest in securities of companies representing at least three different countries (one of which may be the United States). The Fund is designed to provide long-term capital appreciation and high current income.
6


Global equity markets rose in the fourth quarter 2020, adding to substantial gains since the beginning of the COVID-19 crisis as positive news on COVID-19 vaccines and clarity around the U.S. presidential election in November 2020 fueled a strong risk-on sentiment. The strong market rally in the fourth quarter 2020 led to an impressive recovery in the cyclical segments of the market, particularly in the energy and financials sectors, which had been significant laggards throughout 2020. Consequently, value stocks experienced one of their best quarters since 2009 with the MSCI World Value Index rising 15.7% and outperforming growth stocks as the MSCI World Growth Index rose 12.6% in comparison.
We have been closely monitoring the shareholder returns and dividend policy outlooks for our companies. Many have cut back their dividends due to cash flow stress and economic uncertainty. Companies are evaluated based on their dividend prospects, and are optimistic about those that can expediently return to their dividend levels attained pre-COVID-19 crisis than those companies that struggle to regain prior levels. The Fund's portfolio has been adjusted to reflect updated capital return outlooks and has retained certain companies with lowered dividends where prospects for recovery are more favorable, while exiting others that are less favorable.
The Fund underperformed the MSCI World Index, while outperforming the MSCI World Value Index. Relative performance versus the MSCI World Index was favorable as stock selection in the materials and communication services sectors contributed. However, this was outweighed by underperforming names in the health care and utilities sectors, as well as an underweight to the consumer discretionary sector. On a regional basis, the Fund's exposure in emerging markets and Canada were strong contributors to performance, while the Fund's allocation in the U.S. and United Kingdom underperformed.
Among the Fund’s top contributors to absolute performance during the reporting period was information technology holding Samsung Electronics Co Ltd. Samsung outperformed due to strong demand for semiconductors as global demand began showing signs of shortage. Additionally, the company benefited from an expansion in 5G handset demand. In addition, industrial holding Deutsche Post AG, a German multi-national package delivery and supply chain management company, exceeded analysts expectations. The Deutsche Post Express Division, the courier service which transports documents and goods, experienced increased demands, leading to higher volumes and prices as inventories were restocked. The Deutsche Post Parcel Division showed strength as more customers relied on e-commerce during the COVID-19 crisis stay-at-home orders. Utilization of assets picked up, as well as new lift capacity in the Deutsche Post Express Division hit the market at the right time. The company's restructuring of parcel operations has led to improved profitability. Also contributing to performance was the Fund's holding in communication services company, Nintendo Co. Ltd. Nintendo's Switch hardware sales continued to perform well given global stay at home orders. Retail store closures have led to a shift from physical game purchases to much higher margin digital game purchases. The Fund continues to hold these positions.
Among the Fund’s top detractors from absolute performance included energy holding FirstEnergy Corp. In July 2020, the stock suffered a correction on negative news about the predecessor company and its former parent company. NWQ exited the position. In addition, health care holdings GlaxoSmithKline PLC and Bayer AG lagged during the reporting period. GlaxoSmithKline continued to face COVID-19 headwinds delaying the recovery of their impacted vaccines franchise, specifically Shingrix, one of their largest growth drivers. Reduced vaccine volumes, as well as competitive pressures in respiratory and HIV franchises, have proved challenging with sales expected to decline, however, the Fund continues to hold the position. Lastly, health care holding Bayer AG underperformed after announcing reduced 2021 profitability guidance caused by foreign exchange (FX), soybean pricing and uncertainty over dicamba, a weed control herbicide. After the guidance announcement, these factors have substantially improved, leading to a modest recovery in the stock. The Fund exited the position.
The Fund also wrote call options to manage risk and hedge against adverse movement in a security held in the portfolio. These call options had a negligible impact to the Fund’s total return performance during the reporting period.
Nuveen NWQ International Value Fund
The Nuveen NWQ International Value Fund’s Class A Shares at NAV outperformed the MSCI EAFE Index and the Lipper classification average for the six-month reporting period ended December 31, 2020.
The Fund seeks long-term capital appreciation. The Fund's 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
7


Portfolio Managers’ Comments (continued)
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.
Global equity markets rose in the fourth quarter 2020, adding to substantial gains since the beginning of the COVID-19 crisis, as positive news on COVID-19 vaccines and clarity around the U.S. presidential election in November 2020 fueled a strong risk-on sentiment. The strong market rally in the fourth quarter 2020 led to an impressive recovery in the cyclical segments of the market, particularly in the energy and financials sectors, which had been significant laggards for most of 2020. Consequently, value stocks experienced one of their best quarters with the MSCI World Value Index rising 15.7% and outperforming growth stocks as the MSCI World Growth Index rose 12.6% in comparison.
The information technology and communication services sectors were leading contributors to performance on a relative basis. The health care and industrials sectors were the primary detractors from relative performance, mostly driven by underperforming selections within those respective sectors. On a regional basis, emerging markets and Canada contributed to relative results, while overall selections in the U.S. and United Kingdom were key detractors from relative performance.
Individual holdings that contributed to absolute performance, included information technology holding Samsung Electronics Co Ltd. Samsung outperformed due to strong demand for semiconductors as global demand began showing signs of shortage. Additionally, the company benefited from an expansion in 5G handset demand. In addition, industrial holding Deutsche Post AG, a German multi-national package delivery and supply chain management company, exceeded analysts expectations. The Deutsche Post Express Division, the courier service which transports documents and goods, experienced increased demands, leading to higher volumes and prices as inventories were restocked. The Deutsche Post Parcel Division showed strength as more customers relied on e-commerce during COVID-19 crisis stay-at-home orders. Utilization of assets picked up, as well as new lift capacity in the Deutsche Post Express Division hit the market at the right time. The company's restructuring of parcel operations has led to improved profitability. Lastly, industrial holding Siemens AG contributed to absolute performance. Siemens outperformed after third quarter 2020 earnings came out significantly ahead of analyst estimates, with outperformance in all divisions, with the exception of Siemens Healthineers USA division. The promising results in the third quarter 2020 led to favorable forecasts for 2021 and re-rating potential in the stock. The Fund continues to hold these positions.
Individual holdings that detracted from absolute performance included health care holding Bayer AG underperformed after announcing reduced 2021 profitability guidance caused by foreign exchange (FX), soybean pricing and uncertainty over dicamba, a weed control herbicide. After the guidance announcement, these factors have substantially improved, leading to a modest recovery in the stock. The Fund continues to hold the position. Also detracting from performance was industrial holding Dai Nippon Printing Co Ltd, which had weak performance as the impact of the COVID-19 crisis was much greater than anticipated. While the company has seen slow demand for printing operations, business process outsourcing (BPO) and integrated circuit (IC) cards continued to rise. The Fund continues to hold the position. Lastly, detracting from performance was energy holding, Tenaris SA. The company was unable to escape the crossfire between Russia and Organization of the Petroleum Exporting Countries (OPEC) in regard to the production of oil and the subsequent impact on price. The Fund has exited the position.
Nuveen NWQ Multi-Cap Value Fund
The Nuveen NWQ Multi-Cap Value Fund's Class A Shares at NAV outperformed the Russell 3000® Value Index and its Lipper classification average for the six-month reporting period ended December 31, 2020.
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.
Equity markets across the globe rose sharply in the fourth quarter 2020, adding to substantial gains since the beginning of the COVID-19 crisis, which led to a significant global economic shutdown. Positive news on COVID-19 vaccines and clarity around the U.S. presidential election in November 2020 fueled a strong risk-on sentiment, leading to a recovery in the cyclical segments of the market,
8


particularly the energy and financials sectors, which had been significant laggards throughout 2020. Consequently, value stocks experienced their best quarter since 2009 with the Russell 1000® Value Index rising 16.3% and outperformed growth stocks as the Russell 1000® Growth Index rose 11.4% for the fourth quarter 2020. Despite the near-term rally, growth still remained significantly ahead of value during 2020 by a historic margin of 35.4%.
The consumer discretionary and materials & processing sectors were leading contributors on a relative basis. The technology and utilities sectors were the primary detractors from relative performance, mostly driven by underperforming selections within those respective sectors.
Several investments contributed meaningfully to the Fund’s absolute performance, including consumer discretionary holding General Motors Co. General Motors has a leading position in technology and electrification, combined with strong management led by CEO Mary Barra and a highly profitable truck/SUV business. The company is well positioned for the future, planning 30 electric vehicle (EV) models by 2025. We did trim a small part of the Fund's position after its increase during the reporting period. In addition, industrial holding Quanta Services Inc. was a top contributor for the reporting period. Shares of the company rose as results from the utility electrical power segment proved resilient in a difficult operating environment. The Fund has exited the position. Lastly, financial holding B Riley Financial Inc. contributed to performance. B Riley Financial stock rose as fundamentals in its capital markets business excelled and the company continued to generate strong unrealized gains in its investment portfolio. The company preannounced strong results in mid-December 2020. We believe that B Riley Financial remains committed to growing its core businesses (capital markets, appraisal/valuation, and liquidation) while allocating capital to opportunistic ventures. The Fund continues to hold the position.
Among the Fund’s top detractors from absolute performance included energy holding FirstEnergy Corp. In July 2020, the stock suffered a correction on negative news about the predecessor company and its former parent company. NWQ exited the position. In addition, information technology holding ViaSat, Inc. detracted from performance. ViaSat stock fell as investor concern of competitive threats over low Earth orbit (LEO) satellite competition for rural and international low speed consumer broadband services continued, particularly from Elon Musk’s backed Starlink. The company’s ViaSat-3 satellite launch in 2021 is expected to to be a major catalyst. The company’s defense business is highly profitable and free cash flow generative and its broadband product for air travel continues to gain customers, most recently Delta Air Lines. The Fund added significantly to this position. Lastly, pharmaceutical company, GlaxoSmithKline PLC detracted from performance. The company continued to face COVID-19 crisis headwinds delaying the recovery of their impacted vaccines franchise, specifically Shingrix, one of their largest growth drivers. Reduced vaccine volumes, as well as competitive pressures in respiratory and HIV franchises, have proved challenging with sales expected to decline. The Fund continues to hold the position.
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, 2020.
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.
Equity markets across the globe rose sharply in the fourth quarter 2020, adding to substantial gains since the beginning of the COVID-19 crisis, which led to a significant global economic shutdown. Positive news on COVID-19 vaccines and clarity around the U.S. presidential election in November 2020 fueled a strong risk-on sentiment, leading to a recovery in the cyclical segments of the market, particularly the energy and financials sectors, which had been significant laggards throughout 2020. Consequently, value stocks experienced their best quarter since 2009 with the Russell 1000® Value Index rising 16.3% and outperformed growth stocks as the Russell 1000® Growth Index rose 11.4% for the fourth quarter 2020. Despite the near-term rally, growth still remained significantly ahead of value during 2020 by an historic margin of 35.4%.
On a relative basis, the materials & processing and the consumer staples sectors were the leading contributors to performance during the reporting period. The producer durables and health care sectors were the disappointing detractors during the reporting period.
9


Portfolio Managers’ Comments (continued)
The Fund’s top detractors from absolute performance included energy holding FirstEnergy Corp. In July 2020, the stock suffered a correction on negative news about the predecessor company and its former parent company. NWQ exited the position. In addition, information technology holding ViaSat, Inc. detracted from performance. ViaSat stock fell as investor concerns over competitive threats over low Earth orbit (LEO) satellite competition for rural and international low speed consumer broadband services continued, particularly from Elon Musk’s backed Starlink. The company’s ViaSat-3 satellite launch in 2021 is expected to be a major catalyst. The company’s defense business is highly profitable and free cash flow generative and its broadband product for air travel continues to gain customers, most recently Delta Air Lines. The Fund added significantly to this position. Lastly, pharmaceutical company GlaxoSmithKline PLC continued to face the Covid-19 crisis headwinds delaying the recovery of their impacted vaccines franchise, specifically Shingrix, one of their largest growth drivers. Reduced vaccine volumes, as well as competitive pressures in respiratory and HIV franchises, have proved challenging with sales expected to decline. The Fund continues to hold the position.
Several investments contributed meaningfully to the Fund’s absolute performance, including consumer discretionary holding General Motors Co. General Motors has a leading position in technology and electrification, combined with strong management led by CEO Mary Barra and a highly profitable truck/SUV business. The company is well positioned for the future, planning 30 electric vehicle (EV) models by 2025. We did trim a small part of the Fund's position after its increase during the reporting period. In addition, financial services holdings JPMorgan Chase &Co. and Discover Financial contributed to performance. Banks and diversified financials rose as positive news on vaccines in early November refocused investors on the potential for economic normalization and the powerful impact that has when combined with compelling valuation. The Fund continues to hold these positions.
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 its Lipper classification average for the six-month reporting period ended December 31, 2020.
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.
Equity markets across the globe rose sharply in the fourth quarter 2020, adding to substantial gains since the beginning of the COVID-19 crisis, which led to a significant global economic shutdown. Positive news on COVID-19 vaccines and clarity around the U.S. presidential election in November 2020 fueled a strong risk-on sentiment, leading to a recovery in the cyclical segments of the market, particularly the energy and financials sectors, which had been significant laggards throughout 2020. Consequently, value stocks experienced their best quarter since 2009 with the Russell 1000® Value Index rising 16.3% and outperformed growth stocks as the Russell 1000® Growth Index rose 11.4% for the fourth quarter 2020. Despite the near-term rally, growth still remained significantly ahead of value during 2020 by an historic margin of 35.4%.
During the reporting period, stock selection in the materials & processing and health care sectors contributed positively to the Fund’s relative performance, while stock selection in the technology and consumer staples sectors were the top detractors from relative performance.
Several holdings detracted from absolute performance, including real estate holding RPT Realty. The company was negatively impacted by the COVID-19 crisis stay-at-home order, slowing traffic and fear of impairments to its real estate holdings. Consumer staples holding Sprouts Farmers Market Inc. was another detractor from performance. Sprouts Farmers Market did not participate in the market rally as sales trends decelerated faster than its peers. We believe the stock is significantly undervalued as long as the company can execute on its digital initiatives and continue to hold the position. Lastly, industrials holding ViaSat, Inc. underperformed during the reporting period. ViaSat stock fell as investor concerns over competitive threats over low Earth orbit (LEO) satellite competition for rural and international low speed consumer broadband services continued, particularly from Elon Musk’s backed Starlink. The company’s ViaSat-3 satellite launch in 2021 is expected to be a major catalyst. The company’s defense business is highly profitable and free cash flow generative and its broadband product for air travel continues to gain customers, most recently Delta Air Lines. The Fund added significantly to this position.
10


Several investments contributed meaningfully to the Fund’s absolute performance, including industrial holding Quanta Services. Shares of the company rose as results from the utility electrical power segment proved resilient in a difficult operating environment. In addition, financial services sector holdings Western Alliance Bancorp and Ameris Bancorp contributed to performance. Western Alliance Bancorp rallied on news of a COVID-19 vaccine coming to market. Western Alliance Bancorp has significant exposure to the hospitality and gaming sectors and many of these companies’ cash flows have been negatively affected by the COVID-19 crisis. As more people are vaccinated, they will feel comfortable traveling, which will aid the recovery of travel exposed borrowers. Similar to Western Alliance Bancorp and other banks, Ameris Bancorp outperformed after COVID-19 vaccine news was announced. While Ameris Bancorp’s loan book is less exposed to COVID-19 crisis related sectors, as the economy continues to re-open it will help reduce credit losses. Additionally, Ameris Bancorp has a large mortgage originating arm which benefited from strength in the mortgage and housing sector. The Fund continues to hold these positions.
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, 2020.
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.
Equity markets across the globe rose sharply in the fourth quarter 2020, adding to substantial gains since the beginning of the COVID-19 crisis which led to a significant global economic shutdown. Positive news on COVID-19 vaccines and clarity around the U.S. presidential election in November 2020 fueled a strong risk-on sentiment, leading to an impressive recovery in the cyclical segments of the market, particularly in the energy and financials sectors, which had been significant laggards during 2020. Consequently, value stocks experienced their best quarter since 2009 with the Russell 1000® Value Index rising 16.3% and outperformed growth stocks as the Russell 1000® Growth Index rose 11.4% for the fourth quarter 2020. Despite the near-term rally, growth still remained significantly ahead of value during 2020 by an historic margin of 35.4%. The fourth quarter 2020 also sparked a strong comeback in small cap companies as the Russell 2000® Index posted a 31.4% return, bringing relative performance versus large caps to nearly even for 2020. During the fourth quarter 2020, over 60 names in the Index returned over 100% to investors and nearly 350 names were up over 50% during the fourth quarter 2020.
Stock selection in the financial services sector and an underweight to the utilities sector helped relative performance, while stock selection in the technology, consumer staples and producer durables sectors detracted from relative performance.
Several holdings detracted from absolute performance, including real estate holding RPT Realty. The company was negatively impacted by COVID-19 stay-at-home orders slowing traffic and fear of impairments to its real estate holdings. Consumer staples holding Sprouts Farmers Market Inc. was another detractor from performance. Sprouts Farmers Market did not participate in the market rally as sales trends decelerated faster than its peers. We believe the stock is significantly undervalued as long as the company can execute on its digital initiatives and continue to hold the position. Lastly, industrials holding ViaSat, Inc. underperformed during the reporting period. ViaSat stock fell as investor concern over competitive threats over low Earth orbit (LEO) satellite competition for rural and international low speed consumer broadband services continued, particularly from Elon Musk’s backed Starlink. The company’s ViaSat-3 satellite launch in 2021 should prove to be a major catalyst. The company’s defense business is highly profitable and free cash flow generative and its broadband product for air travel continues to gain customers, most recently Delta Air Lines. The Fund added significantly to its position.
Several investments contributed meaningfully to the Fund’s absolute performance, including industrial holding Quanta Services. Shares of the company rose as results from the utility electrical power segment proved resilient in a difficult operating environment. In addition, financial service sector holdings Western Alliance Bancorp and Ameris Bancorp contributed to performance. Western Alliance Bancorp rallied on news of a COVID-19 vaccine coming to market. Western Alliance Bancorp has significant exposure to the hospitality and gaming sectors and many of these companies’ cash flows have been negatively affected by the COVID-19 crisis. As more people are vaccinated, they will feel comfortable traveling, which will aid the recovery of travel exposed borrowers. Similar to Western
11


Portfolio Managers’ Comments (continued)
Alliance Bancorp and other banks, Ameris Bancorp outperformed after COVID-19 vaccine news was announced. While Ameris Bancorp’s loan book is less exposed to COVID-19 crisis related sectors, as the economy continues to re-open it will help reduce credit losses. Additionally, Ameris Bancorp has a large mortgage originating arm which benefited from strength in the mortgage and housing sector. We continue to hold these positions.
12


Risk Considerations    
Nuveen NWQ Global Equity Income Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as credit, derivatives, high yield securities, and interest rate risks, are described in detail in the Fund’s prospectus.
Nuveen NWQ International Value Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as credit, derivatives, high yield securities, and interest rate risks, are described in detail in the Fund’s prospectus.
Nuveen NWQ Multi-Cap Value Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Investments in smaller companies are subject to greater volatility than those of larger companies. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as currency and value stock risks, are described in detail in the Fund’s prospectus.
Nuveen NWQ Large-Cap Value Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as currency, large cap stock, and value stock risks, are described in detail in the Fund’s prospectus.
Nuveen NWQ Small/Mid-Cap Value Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Investments in smaller companies are subject to greater volatility than those of larger companies. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as currency and value stock risks, are described in detail in the Fund’s prospectus.
Nuveen NWQ Small-Cap Value Fund
Mutual fund investing involves risk; principal loss is possible. There is no guarantee the Fund’s investment objectives will be achieved. Prices of equity securities may decline significantly over short or extended periods of time. Investments in smaller companies are subject to greater volatility than those of larger companies. Non-U.S. investments involve risks such as currency fluctuation, political and economic instability, lack of liquidity and differing legal and accounting standards. These risks are magnified in emerging markets. These and other risk considerations, such as currency and value stock risks, are described in detail in the Fund’s prospectus.
13


THIS PAGE INTENTIONALLY LEFT BLANK
14


Fund Performance and Expense Ratios    
The Fund Performance and Expense Ratios for each Fund are shown within this section of the report.
Fund Performance
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 (i.e. cumulative returns). Since inception returns are shown for share classes that have less than 10-years of performance. 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.
Expense Ratios
The expense ratios shown are as of the Fund's most recent prospectus. The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any). The expense ratios include management fees and other fees and expenses.
15


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 and Expense Ratios
 Total Returns as of December 31, 2020*  
  Cumulative Average Annual Expense Ratios**
 Inception
Date
6-Month 1-Year5-Year10-Year GrossNet
Class A Shares at NAV9/15/0920.15% 0.97%5.44%6.72% 1.24%1.11%
Class A Shares at maximum Offering Price9/15/0913.24% (4.84)%4.19%6.09% --
MSCI World Index-23.00% 15.90%12.19%9.87% --
MSCI World Value Index-20.21% (1.16%)7.15%6.76% --
Lipper Global Equity Income Funds Classification Average-16.68% 2.51%7.19%6.45% --
Class C Shares9/15/0919.70% 0.25%4.66%5.92% 1.99%1.86%
Class R3 Shares9/15/0920.00% 0.74%5.18%6.45% 1.49%1.36%
Class I Shares9/15/0920.29% 1.27%5.70%6.99% 0.99%0.86%
*       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. Effective March 1, 2021 Class C Shares will automatically convert to Class A Shares eight 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.
**     The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through July 31, 2022 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.
16


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 and Expense Ratios
 Total Returns as of December 31, 2020*  
  Cumulative Average Annual Expense Ratios**
 Inception
Date
6-Month 1-Year5-Year10-Year GrossNet
Class A Shares at NAV12/20/9924.53% 3.65%4.21%1.88% 1.33%1.15%
Class A Shares at maximum Offering Price12/20/9917.37% (2.32)%2.99%1.27% --
MSCI EAFE Index-21.61% 7.82%7.45%5.51% --
Lipper International Multi-Cap Value Funds Classification Average-22.74% 1.30%4.96%3.53% --
Class C Shares12/20/9924.08% 2.90%3.43%1.11% 2.08%1.90%
Class R3 Shares8/4/0824.36% 3.34%3.94%1.61% 1.58%1.40%
Class I Shares12/20/9924.68% 3.91%4.47%2.13% 1.08%0.90%
*       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. Effective March 1, 2021 Class C Shares will automatically convert to Class A Shares eight 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.
**     The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through July 31, 2022 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.
17


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 and Expense Ratios
 Total Returns as of December 31, 2020*  
  Cumulative Average Annual Expense Ratios**
 Inception
Date
6-Month 1-Year5-Year10-Year GrossNet
Class A Shares at NAV12/9/0225.06% (0.53)%8.38%6.98% 1.30%1.15%
Class A Shares at maximum Offering Price12/9/0217.85% (6.25)%7.10%6.35% --
Russell 3000® Value Index-23.56% 2.87%9.74%10.36% --
Lipper Multi-Cap Value Funds Classification Average-23.69% 2.72%8.91%9.17% --
Class C Shares12/9/0224.63% (1.26)%7.56%6.18% 2.05%1.90%
Class I Shares11/4/9725.22% (0.28)%8.65%7.25% 1.05%0.90%
*       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. Effective March 1, 2021 Class C Shares will automatically convert to Class A Shares eight years after purchase. Class I Shares have no sales charge and may be purchased under limited circumstances or by specified classes of investors.
**     The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses through July 31, 2022 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.
18


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 and Expense Ratios
 Total Returns as of December 31, 2020*  
  Cumulative Average Annual Expense Ratios**
 Inception
Date
6-Month 1-Year5-Year10-Year GrossNet
Class A Shares at NAV12/15/0620.88% (0.69)%7.19%6.33% 1.40%1.00%
Class A Shares at maximum Offering Price12/15/0613.97% (6.33)%5.93%5.71% --
Russell 1000® Value Index-22.75% 2.80%9.74%10.50% --
Lipper Multi-Cap Value Funds Classification Average-23.69% 2.72%8.91%9.17% --
Class C Shares12/15/0620.22% (1.66)%6.38%5.54% 2.15%1.75%
Class R3 Shares9/29/0920.92% (0.98)%6.93%6.08% 1.65%1.25%
Class I Shares12/15/0621.06% (0.45)%7.47%6.61% 1.15%0.75%
*       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. Effective March 1, 2021 Class C Shares will automatically convert to Class A Shares eight 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.
**     The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.79% through July 31, 2022 or 1.35% after July 31, 2022 of the average daily net assets of any class of Fund shares. This expense limitation expiring July 31, 2022 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. The expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders of the Fund.
19


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 and Expense Ratios
 Total Returns as of December 31, 2020*  
  Cumulative Average Annual Expense Ratios**
 Inception
Date
6-Month 1-Year5-Year10-Year GrossNet
Class A Shares at NAV12/15/0626.74% 0.72%7.14%7.43% 1.85%1.31%
Class A Shares at maximum Offering Price12/15/0619.47% (5.07)%5.88%6.79% --
Russell 2500® Value Index-33.06% 4.88%9.43%9.33% --
Lipper Small-Cap Core Funds Classification Average-33.40% 9.22%9.88%9.28% --
Class C Shares12/15/0626.26% (0.09)%6.33%6.63% 2.60%2.06%
Class R3 Shares9/29/0926.56% 0.45%6.86%7.15% 2.10%1.56%
Class I Shares12/15/0626.87% 0.96%7.40%7.70% 1.60%1.06%
    
 Total Returns as of December 31, 2020*  
  Cumulative Average Annual Expense Ratios**
 Inception
Date
6-Month 1-YearSince
Inception
 GrossNet
Class R6 Shares6/30/1626.91% 1.06%7.95% 1.43%0.88%
*       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. Effective March 1, 2021 Class C Shares will automatically convert to Class A Shares eight 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.
**     The Fund’s investment adviser has contractually agreed to waive fees and/or reimburse expenses so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 1.10% through July 31, 2022 or 1.45% after July 31, 2022 of the average daily net assets of any class of Fund shares. However, because R6 shares are not subject to sub-transfer agent and similar fee, the total annual operating expenses for Class R6 Shares will be less than the expense limitation. This expense limitation expiring July 31, 2022 may be terminated or modified prior to that date only with the approval of the Board of Trustees of the Fund. The expense limitation in effect thereafter may be terminated or modified only with the approval of shareholders of the Fund.
20


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 and Expense Ratios
 Total Retuns as of December 31, 2020*  
  Cumulative Average Annual 
 Inception
Date
6-Month 1-Year5-Year10-YearExpense
Ratios
Class A Shares at NAV12/08/0429.01% 0.20%6.51%8.82%1.35%
Class A Shares at maximum Offering Price12/08/0421.61% (5.56)%5.25%8.18%-
Russell 2000® Value Index-36.77% 4.63%9.65%8.66%-
Lipper Small-Cap Core Funds Classification Average-33.40% 9.22%9.88%9.28%-
Class C Shares12/08/0428.58% (0.52)%5.71%8.02%2.10%
Class R3 Shares9/29/0928.86% (0.04)%6.25%8.56%1.60%
Class I Shares12/08/0429.20% 0.47%6.78%9.10%1.10%
    
 Total Returns as of December 31, 2020*  
  Cumulative Average Annual 
 Inception
Date
6-Month 1-Year5-YearSince
Inception
Expense
Ratios
Class R6 Shares2/15/1329.40% 0.77%6.98%8.53%0.91%
*       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. Effective March 1, 2021 Class C Shares will automatically convert to Class A Shares eight 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.
21


Holding Summaries    as of December 31, 2020
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 Stocks92.7%
Convertible Preferred Securities4.5%
Structured Notes1.9%
Other Assets Less Liabilities0.9%
Net Assets100%
    
Top Five Common Stock Holdings
(% of net assets)
 
Samsung Electronics Co Ltd3.1%
Deutsche Post AG3.0%
Anthem Inc2.8%
Microsoft Corp2.8%
Mitsui & Co Ltd2.8%
Portfolio Composition
(% of net assets)
 
Banks9.8%
Pharmaceuticals7.5%
Insurance5.8%
Software5.0%
Semiconductors & Semiconductor Equipment4.7%
Health Care Providers & Services4.2%
Media4.0%
Oil, Gas & Consumable Fuels3.9%
Chemicals3.9%
Food & Staples Retailing3.5%
Aerospace & Defense3.4%
Specialty Retail3.1%
Technology Hardware, Storage & Peripherals3.1%
Household Durables3.1%
Air Freight & Logistics3.0%
Entertainment2.8%
Trading Companies & Distributors2.8%
Wireless Telecommunication Services2.2%
Industrial Conglomerates2.1%
Electric Utilities2.1%
Other 119.1%
Other Assets Less Liabilities0.9%
Net Assets100%
Country Allocation2
(% of net assets)
 
United States51.7%
Germany11.2%
Japan8.4%
United Kingdom7.2%
South Korea5.3%
China3.3%
France3.0%
Belgium2.4%
Canada2.1%
Netherlands1.6%
Other2.9%
Other Assets Less Liabilities0.9%
Net Assets100%
1See Portfolio of Investments for details on "other" Portfolio Composition. 
2Includes 8.6% (as a percentage of net assets) in emerging market countries. 
22


Nuveen NWQ International Value Fund
Fund Allocation
(% of net assets)
 
Common Stocks99.4%
Investments Purchased with Collateral from Securities Lending7.3%
Other Assets Less Liabilities(6.2)%
Net Assets Plus Borrowings100.5%
Borrowings(0.5)%
Net Assets100%
    
Top Five Common Stock Holdings
(% of net assets)
 
Siemens AG3.4%
Samsung Electronics Co Ltd3.4%
Deutsche Post AG3.1%
Taylor Wimpey PLC2.7%
ING Groep NV2.7%
Portfolio Composition
(% of net assets)
 
Insurance8.3%
Pharmaceuticals8.0%
Banks6.9%
Semiconductors & Semiconductor Equipment5.6%
Technology Hardware, Storage & Peripherals4.9%
Food & Staples Retailing4.8%
Household Durables4.3%
Professional Services3.8%
Automobiles3.7%
Industrial Conglomerates3.4%
Air Freight & Logistics3.2%
Specialty Retail2.7%
Chemicals2.6%
Wireless Telecommunication Services2.5%
Media2.5%
Health Care Providers & Services2.4%
Interactive Media & Services2.3%
Electrical Equipment2.2%
Capital Markets2.0%
Diversified Financial Services1.9%
Oil, Gas & Consumable Fuels1.9%
Other 119.0%
Investments Purchased with Collateral from Securities Lending7.3%
Other Assets Less Liabilities(6.2)%
Net Assets100%
Country Allocation2
(% of net assets)
 
Japan24.1%
Germany16.1%
United States10.3%
United Kingdom10.0%
South Korea8.0%
France7.8%
Netherlands6.1%
Switzerland5.5%
Belgium4.3%
China3.9%
Other10.1%
Other Assets Less Liabilities(6.2)%
Net Assets100%
1See Portfolio of Investments for details on "other" Portfolio Composition. 
2Includes 14.6% (as a percentage of net assets) in emerging market countries. 
23


Holding Summaries    as of December 31, 2020 (continued)
Nuveen NWQ Multi-Cap Value Fund
Fund Allocation
(% of net assets)
 
Common Stocks99.5%
Other Assets Less Liabilities1.0%
Net Assets Plus Borrowings100.5%
Borrowings(0.5)%
Net Assets100%
Portfolio Composition
(% of net assets)
 
Banks8.6%
Software7.3%
Capital Markets6.1%
Insurance6.0%
Chemicals4.6%
Oil, Gas & Consumable Fuels4.5%
Electrical Equipment4.2%
Pharmaceuticals4.0%
Specialty Retail3.9%
Food & Staples Retailing3.8%
IT Services3.7%
Aerospace & Defense3.2%
Electric Utilities3.1%
Equity Real Estate Investment Trust2.7%
Automobiles2.7%
Semiconductors & Semiconductor Equipment2.4%
Communications Equipment2.4%
Interactive Media & Services2.4%
Media2.2%
Machinery2.2%
Other 120.0%
Borrowings(0.5)%
Other Assets Less Liabilities0.5%
Net Assets100%
Top Five Common Stock Holdings
(% of net assets)
 
Citigroup Inc3.4%
nVent Electric PLC3.3%
Oracle Corp3.2%
DuPont de Nemours Inc2.9%
JPMorgan Chase & Co2.7%
1See Portfolio of Investments for details on "other" Portfolio Composition. 
24


Nuveen NWQ Large-Cap Value Fund
Fund Allocation
(% of net assets)
 
Common Stocks99.5%
Other Assets Less Liabilities0.5%
Net Assets100%
Portfolio Composition
(% of net assets)
 
Banks8.1%
Insurance6.9%
Pharmaceuticals6.7%
Electric Utilities6.0%
Software5.7%
Electrical Equipment5.0%
Oil, Gas & Consumable Fuels4.7%
Health Care Providers & Services4.6%
IT Services4.4%
Chemicals4.3%
Aerospace & Defense4.1%
Capital Markets3.0%
Automobiles2.8%
Beverages2.7%
Food & Staples Retailing2.4%
Media2.3%
Health Care Equipment & Supplies2.2%
Communications Equipment2.0%
Interactive Media & Services2.0%
Other 119.6%
Other Assets Less Liabilities0.5%
Net Assets100%
Top Five Common Stock Holdings
(% of net assets)
 
Oracle Corp3.4%
Citigroup Inc3.4%
DuPont de Nemours Inc3.1%
JPMorgan Chase & Co3.1%
General Motors Co2.8%
1See Portfolio of Investments for details on "other" Portfolio Composition. 
25


Holding Summaries    as of December 31, 2020 (continued)
Nuveen NWQ Small/Mid-Cap Value Fund
Fund Allocation
(% of net assets)
 
Common Stocks97.3%
Repurchase Agreements3.2%
Other Assets Less Liabilities(0.5)%
Net Assets100%
Portfolio Composition
(% of net assets)
 
Banks12.4%
Insurance7.2%
Electrical Equipment6.9%
Equity Real Estate Investment Trust6.1%
Machinery4.6%
Specialty Retail4.5%
Semiconductors & Semiconductor Equipment4.5%
Metals & Mining3.8%
Household Durables3.7%
Life Sciences Tools & Services3.0%
Capital Markets3.0%
Biotechnology2.8%
Communications Equipment2.8%
Interactive Media & Services2.7%
Chemicals2.7%
Electric Utilities2.6%
Auto Components2.4%
Electronic Equipment, Instruments & Components2.2%
Other 119.4%
Repurchase Agreements3.2%
Other Assets Less Liabilities(0.5)%
Net Assets100%
Top Five Common Stock Holdings
(% of net assets)
 
Western Alliance Bancorp3.4%
Ameris Bancorp3.2%
nVent Electric PLC3.2%
American Eagle Outfitters Inc3.0%
Axis Capital Holdings Ltd2.7%
1See Portfolio of Investments for details on "other" Portfolio Composition. 
26


Nuveen NWQ Small-Cap Value Fund
Fund Allocation
(% of net assets)
 
Common Stocks99.0%
Repurchase Agreements1.8%
Other Assets Less Liabilities(0.8)%
Net Assets100%
Portfolio Composition
(% of net assets)
 
Banks14.8%
Machinery6.7%
Equity Real Estate Investment Trust6.3%
Thrifts & Mortgage Finance5.7%
Electrical Equipment5.6%
Semiconductors & Semiconductor Equipment5.2%
Electronic Equipment, Instruments & Components3.8%
Capital Markets3.6%
Software3.5%
Metals & Mining3.5%
Insurance3.2%
Biotechnology3.0%
Specialty Retail3.0%
Interactive Media & Services2.7%
Hotels, Restaurants & Leisure2.6%
Food Products2.3%
Electric Utilities2.3%
Household Durables2.3%
Other 118.9%
Repurchase Agreements1.8%
Other Assets Less Liabilities(0.8)%
Net Assets100%
Top Five Common Stock Holdings
(% of net assets)
 
Ameris Bancorp3.6%
Western Alliance Bancorp3.4%
Rambus Inc3.2%
nVent Electric PLC3.1%
American Eagle Outfitters Inc3.0%
1See Portfolio of Investments for details on "other" Portfolio Composition. 
27


Expense Examples    
As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including up-front and back-end sales charges (loads) or redemption fees, where applicable; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees, where applicable; and other Fund expenses. The Examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Examples below are based on an investment of $1,000 invested at the beginning of the period and held through the period ended December 31, 2020.
The beginning of the period is July 1, 2020.
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 ratios 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 AClass CClass R3Class I
Actual Performance    
Beginning Account Value$1,000.00$1,000.00$1,000.00$1,000.00
Ending Account Value$1,201.53$1,197.05$1,199.96$1,202.91
Expenses Incurred During the Period$ 6.16$ 10.30$ 7.54$ 4.78
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).
28


Nuveen NWQ International Value Fund
 Share Class
 Class AClass CClass R3Class I
Actual Performance    
Beginning Account Value$1,000.00$1,000.00$1,000.00$1,000.00
Ending Account Value$1,245.29$1,240.78$1,243.59$1,246.82
Expenses Incurred During the Period$ 6.51$ 10.73$ 7.92$ 5.10
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 AClass CClass I
Actual Performance   
Beginning Account Value$1,000.00$1,000.00$1,000.00
Ending Account Value$1,250.64$1,246.32$1,252.18
Expenses Incurred During the Period$ 6.52$ 10.70$ 5.11
Hypothetical Performance
(5% annualized return before expenses)
   
Beginning Account Value$1,000.00$1,000.00$1,000.00
Ending Account Value$1,019.41$1,015.68$1,020.67
Expenses Incurred During the Period$ 5.85$ 9.60$ 4.58
For each class of the Fund, expenses are equal to the Fund's annualized net expense ratio of 1.15%, 1.89%, and 0.90% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).
Nuveen NWQ Large-Cap Value Fund
 Share Class
 Class AClass CClass R3Class I
Actual Performance    
Beginning Account Value$1,000.00$1,000.00$1,000.00$1,000.00
Ending Account Value$1,208.76$1,202.22$1,209.15$1,210.58
Expenses Incurred During the Period$ 5.57$ 9.71$ 6.96$ 4.18
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).
29


Expense Examples    (continued)
Nuveen NWQ Small/Mid-Cap Value Fund
 Share Class
 Class AClass CClass R3Class R6Class I
Actual Performance     
Beginning Account Value$1,000.00$1,000.00$1,000.00$1,000.00$1,000.00
Ending Account Value$1,267.45$1,262.58$1,265.61$1,269.15$1,268.70
Expenses Incurred During the Period$ 7.49$ 11.75$ 8.91$ 5.89$ 6.06
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$1,020.01$1,019.86
Expenses Incurred During the Period$ 6.67$ 10.46$ 7.93$ 5.24$ 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%, 1.03% 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 AClass CClass R3Class R6Class I
Actual Performance     
Beginning Account Value$1,000.00$1,000.00$1,000.00$1,000.00$1,000.00
Ending Account Value$1,290.13$1,285.76$1,288.58$1,293.96$1,292.03
Expenses Incurred During the Period$ 9.00$ 13.37$ 10.50$ 5.78$ 7.63
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$1,017.34$1,013.51$1,016.03$1,020.16$1,018.55
Expenses Incurred During the Period$ 7.93$ 11.77$ 9.25$ 5.09$ 6.72
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.56%, 2.32%, 1.82%, 1.00% and 1.32% 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).
30


Nuveen NWQ Global Equity Income Fund
Portfolio of Investments    December 31, 2020
(Unaudited)
Shares Description (1)     Value
  LONG-TERM INVESTMENTS – 99.1%      
  COMMON STOCKS – 92.7%      
  Aerospace & Defense – 3.4%      
20,678 General Dynamics Corp     $3,077,300
22,815 Thales SA, (2)     2,087,406
  Total Aerospace & Defense     5,164,706
  Air Freight & Logistics – 3.0%      
92,611 Deutsche Post AG, (2)     4,587,556
  Automobiles – 1.4%      
52,099 General Motors Co     2,169,402
  Banks – 9.8%      
75,295 Bank of America Corp     2,282,191
66,722 Citigroup Inc     4,114,079
262,690 ING Groep NV, (2)     2,442,449
29,158 JPMorgan Chase & Co     3,705,107
293,520 Oversea-Chinese Banking Corp Ltd, (2)     2,236,766
  Total Banks     14,780,592
  Capital Markets – 1.5%      
13,357 Deutsche Boerse AG, (2)     2,274,327
  Chemicals – 3.9%      
39,099 DuPont de Nemours Inc     2,780,330
65,690 Nutrien Ltd     3,160,386
  Total Chemicals     5,940,716
  Communications Equipment – 1.6%      
53,888 Cisco Systems Inc     2,411,488
  Construction & Engineering – 1.6%      
58,353 Bouygues SA, (2)     2,399,940
  Electric Utilities – 1.0%      
26,537 Evergy Inc     1,473,069
  Electrical Equipment – 1.6%      
20,414 Eaton Corp PLC     2,452,538
  Entertainment – 2.0%      
4,740 Nintendo Co Ltd, (2)     3,042,801
31


Nuveen NWQ Global Equity Income Fund (continued)
Portfolio of Investments    December 31, 2020
(Unaudited)
Shares Description (1)     Value
  Food & Staples Retailing – 3.5%      
90,530 Seven & i Holdings Co Ltd, (2)     $3,205,719
14,988 Walmart Inc     2,160,520
  Total Food & Staples Retailing     5,366,239
  Food Products – 1.5%      
1,308,074 Tingyi Cayman Islands Holding Corp, (2)     2,237,473
  Health Care Equipment & Supplies – 1.5%      
18,977 Medtronic PLC     2,222,966
  Health Care Providers & Services – 4.2%      
13,288 Anthem Inc     4,266,644
24,888 Fresenius Medical Care AG & Co KGaA, (2)     2,075,345
  Total Health Care Providers & Services     6,341,989
  Hotels, Restaurants & Leisure – 1.6%      
20,118 Darden Restaurants Inc     2,396,456
  Household Durables – 3.1%      
49,592 PulteGroup Inc     2,138,407
1,135,409 Taylor Wimpey PLC, (2)     2,568,250
  Total Household Durables     4,706,657
  Industrial Conglomerates – 2.1%      
21,884 Siemens AG, (2)     3,152,311
  Insurance – 5.8%      
67,728 Ageas SA/NV, (2)     3,596,838
11,474 Allianz SE, (2)     2,818,850
10,110 Everest Re Group Ltd     2,366,650
  Total Insurance     8,782,338
  IT Services – 1.5%      
31,045 Amdocs Ltd     2,202,022
  Media – 4.0%      
69,952 Comcast Corp     3,665,485
167,800 Hakuhodo DY Holdings Inc, (2)     2,305,706
  Total Media     5,971,191
  Multi-Utilities – 1.5%      
192,270 National Grid PLC, (2)     2,272,137
  Oil, Gas & Consumable Fuels – 3.9%      
26,257 Chevron Corp     2,217,404
191,331 Enterprise Products Partners LP     3,748,174
  Total Oil, Gas & Consumable Fuels     5,965,578
32


Shares Description (1)     Value
  Pharmaceuticals – 7.5%      
38,147 AstraZeneca PLC, Sponsored ADR     $1,906,969
51,625 Bristol-Myers Squibb Co     3,202,299
226,813 GlaxoSmithKline PLC, (2)     4,150,215
5,868 Roche Holding AG, (2)     2,043,815
  Total Pharmaceuticals     11,303,298
  Semiconductors & Semiconductor Equipment – 2.7%      
4,564 Broadcom Inc     1,998,347
54,091 Infineon Technologies AG, (2)     2,065,660
  Total Semiconductors & Semiconductor Equipment     4,064,007
  Software – 5.0%      
18,745 Microsoft Corp     4,169,263
51,484 Oracle Corp     3,330,500
  Total Software     7,499,763
  Specialty Retail – 3.1%      
12,684 Lowe's Cos Inc     2,035,909
1,804,000 Topsports International Holdings Ltd, 144A, (2)     2,701,608
  Total Specialty Retail     4,737,517
  Technology Hardware, Storage & Peripherals – 3.1%      
69,668 Samsung Electronics Co Ltd, (2)     4,726,064
  Tobacco – 1.3%      
22,904 Philip Morris International Inc     1,896,222
  Trading Companies & Distributors – 2.8%      
227,300 Mitsui & Co Ltd, (2)     4,167,384
  Wireless Telecommunication Services – 2.2%      
136,095 SK Telecom Co Ltd, Sponsored ADR     3,331,606
  Total Common Stocks (cost $109,274,865)     140,040,353
    
Shares Description (1)  Coupon Ratings (3)Value
  CONVERTIBLE PREFERRED SECURITIES – 4.5%      
  Health Care Technology – 1.2%      
29,180 Change Healthcare Inc  6.000% N/R$ 1,869,271
  Life Sciences Tools & Services – 1.3%      
21,450 Avantor Inc  6.250% N/R1,907,119
�� Semiconductors & Semiconductor Equipment – 2.0%      
2,100 Broadcom Inc  8.000% N/R2,987,187
  Total Convertible Preferred Securities (cost $5,445,003)     6,763,577
    
33


Nuveen NWQ Global Equity Income Fund (continued)
Portfolio of Investments    December 31, 2020
(Unaudited)
Shares Description (1)CouponIssue PriceCap PriceMaturity Value
  STRUCTURED NOTES – 1.9%      
8,407 Citigroup Global Markets Holdings Inc., Mandatory Buy-Write Note, Linked to Common Stock of VMWare Inc. (Cap 116.24% of Issue Price), 144A10.000%$144.1064$167.50931/22/21 $1,189,254
29,730 Merrill Lynch International & Co. C.V., Mandatory Exchangeable Note Structured Warrant, Linked to Common Stock of Evergy Inc. (Cap 117.80% of Issue Price), 144A10.000%$51.8254$61.05033/08/21 1,652,251
  Total Structured Notes (cost $2,752,272)     2,841,505
  Total Long-Term Investments (cost $117,472,140)     149,645,435
  Other Assets Less Liabilities – 0.9%     1,395,841
  Net Assets – 100%     $ 151,041,276
 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 3 - Investment Valuation and Fair Value Measurements for more information. 
(3)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. 
144AInvestment 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. 
ADRAmerican Depositary Receipt 
See accompanying notes to financial statements.
34


Nuveen NWQ International Value Fund
Portfolio of Investments    December 31, 2020
(Unaudited)
Shares Description (1)   Value
  LONG-TERM INVESTMENTS – 99.4%    
  COMMON STOCKS – 99.4%    
  Aerospace & Defense – 1.5%    
20,138 Thales SA, (2)   $ 1,842,480
  Air Freight & Logistics – 3.2%    
78,007 Deutsche Post AG, (2)   3,864,136
  Airlines – 1.8%    
115,900 Japan Airlines Co Ltd, (2)   2,235,052
  Automobiles – 3.7%    
21,226 Hyundai Motor Co, (2), (3)   1,733,910
18,200 Toyota Motor Corp, Sponsored ADR, (4)   2,813,174
  Total Automobiles   4,547,084
  Banks – 6.9%    
352,708 ING Groep NV, (2)   3,279,422
161,529 Oversea-Chinese Banking Corp Ltd, (2)   1,230,930
77,500 Sumitomo Mitsui Trust Holdings Inc, (2)   2,391,239
1,812,912 Unicaja Banco SA,144A, (2), (4)   1,592,977
  Total Banks   8,494,568
  Capital Markets – 2.0%    
175,564 UBS Group AG   2,480,719
  Chemicals – 2.6%    
6,963 Kumho Petrochemical Co Ltd, (2), (3)   931,589
47,226 Nutrien Ltd, (4)   2,272,072
  Total Chemicals   3,203,661
  Commercial Services & Supplies – 1.1%    
74,000 Dai Nippon Printing Co Ltd, (2)   1,331,085
  Construction & Engineering – 1.3%    
38,253 Bouygues SA, (2)   1,573,268
  Diversified Financial Services – 1.9%    
23,028 Groupe Bruxelles Lambert SA, (2)   2,321,085
  Diversified Telecommunication Services – 1.5%    
71,163 Nippon Telegraph & Telephone Corp, Sponsored ADR, (2)   1,828,889
  Electrical Equipment – 2.2%    
62,331 Mabuchi Motor Co Ltd, (2), (4)   2,718,842
35


Nuveen NWQ International Value Fund (continued)
Portfolio of Investments    December 31, 2020
(Unaudited)
Shares Description (1)   Value
  Electronic Equipment, Instruments & Components – 1.5%    
103,866 Flex Ltd, (3)   $ 1,867,511
  Food & Staples Retailing – 4.8%    
79,200 Seven & i Holdings Co Ltd, (2)   2,804,517
969,772 Tesco PLC, (2)   3,060,374
  Total Food & Staples Retailing   5,864,891
  Health Care Providers & Services – 2.4%    
35,126 Fresenius Medical Care AG & Co KGaA, (2)   2,929,064
  Hotels, Restaurants & Leisure – 1.3%    
354,400 Sands China Ltd, (2)   1,547,806
  Household Durables – 4.3%    
95,000 Sekisui House Ltd, (2)   1,935,321
1,462,539 Taylor Wimpey PLC, (2)   3,308,204
  Total Household Durables   5,243,525
  Household Products – 1.0%    
10,823 Henkel AG & Co KGaA, (2)   1,220,342
  Industrial Conglomerates – 3.4%    
28,875 Siemens AG, (2)   4,159,340
  Insurance – 8.3%    
55,262 Ageas SA/NV, (2)   2,934,805
8,752 Allianz SE, (2)   2,150,129
48,710 Axis Capital Holdings Ltd   2,454,497
87,900 MS&AD Insurance Group Holdings Inc, (2)   2,674,360
  Total Insurance   10,213,791
  Interactive Media & Services – 2.3%    
13,241 Baidu Inc, Sponsored ADR, (3)   2,863,234
  Machinery – 1.6%    
71,700 Komatsu Ltd, (2)   1,978,796
  Media – 2.5%    
60,305 Publicis Groupe SA, (2)   2,997,239
  Metals & Mining – 1.7%    
80,589 BHP Group PLC, (2)   2,127,903
  Multi-Utilities – 1.3%    
137,178 National Grid PLC, (2)   1,621,092
  Oil, Gas & Consumable Fuels – 1.9%    
67,877 Royal Dutch Shell PLC, Sponsored ADR   2,281,346
36


Shares Description (1)   Value
  Pharmaceuticals – 8.0%    
33,202 Bayer AG, (2)   $1,955,968
151,380 GlaxoSmithKline PLC, (2)   2,769,945
31,761 Sanofi, (2)   3,078,372
54,100 Takeda Pharmaceutical Co Ltd, (2)   1,957,844
  Total Pharmaceuticals   9,762,129
  Professional Services – 3.8%    
41,159 Adecco Group AG, (2)   2,741,327
22,389 Wolters Kluwer NV   1,888,895
  Total Professional Services   4,630,222
  Real Estate Management & Development – 1.5%    
297,570 City Developments Ltd, (2)   1,793,797
  Semiconductors & Semiconductor Equipment – 5.6%    
113,967 Aixtron AG, (2), (3)   1,981,856
66,000 MediaTek Inc, (2)   1,760,040
31,700 Rohm Co Ltd, (2)   3,073,020
  Total Semiconductors & Semiconductor Equipment   6,814,916
  Software – 1.2%    
11,412 SAP SE, (2)   1,478,067
  Specialty Retail – 2.7%    
394,398 Kingfisher PLC, (2), (3)   1,457,356
1,245,000 Topsports International Holdings Ltd,144A, (2)   1,864,469
  Total Specialty Retail   3,321,825
  Technology Hardware, Storage & Peripherals – 4.9%    
34,200 FUJIFILM Holdings Corp, (2)   1,804,118
61,098 Samsung Electronics Co Ltd, (2)   4,144,701
  Total Technology Hardware, Storage & Peripherals   5,948,819
  Textiles, Apparel & Luxury Goods – 1.2%    
16,548 Cie Financiere Richemont SA, (2)   1,494,979
  Wireless Telecommunication Services – 2.5%    
124,341 SK Telecom Co Ltd, Sponsored ADR   3,043,868
  Total Long-Term Investments (cost $85,086,794)   121,645,371
    
37


Nuveen NWQ International Value Fund (continued)
Portfolio of Investments    December 31, 2020
(Unaudited)
Shares Description Coupon Value
  INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 7.3%   
  MONEY MARKET FUNDS – 7.3%    
8,908,748 State Street Navigator Securities Lending Government Money Market Portfolio, (5) 0.080% (6) $ 8,908,748
  Total Investments Purchased with Collateral from Securities Lending (cost $8,908,748)  8,908,748
  Total Investments (cost $93,995,542) – 106.7%   130,554,119
  Borrowings – (0.5)%   (620,002)
  Other Assets Less Liabilities – (6.2)%   (7,597,460)
  Net Assets – 100%   $ 122,336,657
 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 unless otherwise noted. 
(2)For fair value measurement disclosure purposes, investment classified as Level 2. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information. 
(3)Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. 
(4)Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $8,563,377. 
(5)The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 4  –  Portfolio Securities and Investments in Derivatives for more information. 
(6)The rate shown is the one-day yield as of the end of the reporting period. 
144AInvestment 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. 
ADRAmerican Depositary Receipt 
See accompanying notes to financial statements.
38


Nuveen NWQ Multi-Cap Value Fund
Portfolio of Investments    December 31, 2020
(Unaudited)
Shares Description (1)   Value
  LONG-TERM INVESTMENTS – 99.5%    
  COMMON STOCKS – 99.5%    
  Aerospace & Defense – 3.2%    
8,849 General Dynamics Corp   $1,316,908
18,255 Parsons Corp, (2)   664,665
  Total Aerospace & Defense   1,981,573
  Automobiles – 2.7%    
40,215 General Motors Co   1,674,553
  Banks – 8.6%    
26,555 Bank of NT Butterfield & Son Ltd/The   827,454
34,430 Citigroup Inc   2,122,954
57,160 First Horizon Corp   729,361
13,384 JPMorgan Chase & Co   1,700,705
  Total Banks   5,380,474
  Capital Markets – 6.1%    
29,943 B Riley Financial Inc   1,324,079
31,664 Cowen Inc   822,947
11,164 Morgan Stanley   765,069
12,302 State Street Corp   895,340
  Total Capital Markets   3,807,435
  Chemicals – 4.6%    
25,307 DuPont de Nemours Inc   1,799,581
11,975 Innospec Inc   1,086,492
  Total Chemicals   2,886,073
  Communications Equipment – 2.4%    
46,021 ViaSat Inc, (2)   1,502,586
  Consumer Finance – 1.8%    
12,493 Discover Financial Services   1,130,991
  Electric Utilities – 3.1%    
16,756 Alliant Energy Corp   863,437
13,623 Pinnacle West Capital Corp   1,089,159
  Total Electric Utilities   1,952,596
  Electrical Equipment – 4.2%    
3,796 Hubbell Inc   595,175
87,384 nVent Electric PLC   2,035,173
  Total Electrical Equipment   2,630,348
39


Nuveen NWQ Multi-Cap Value Fund (continued)
Portfolio of Investments    December 31, 2020
(Unaudited)
Shares Description (1)   Value
  Entertainment – 1.7%    
11,289 Activision Blizzard Inc   $ 1,048,184
  Equity Real Estate Investment Trust – 2.7%    
24,663 Healthcare Realty Trust Inc   730,025
30,290 STAG Industrial Inc   948,683
  Total Equity Real Estate Investment Trust   1,678,708
  Food & Staples Retailing – 3.8%    
47,670 Sprouts Farmers Market Inc, (2)   958,167
9,683 Walmart Inc   1,395,804
  Total Food & Staples Retailing   2,353,971
  Food Products – 1.7%    
16,978 Tyson Foods Inc   1,094,062
  Gas Utilities – 1.2%    
18,732 National Fuel Gas Co   770,447
  Health Care Equipment & Supplies – 1.5%    
8,123 Medtronic PLC   951,528
  Health Care Providers & Services – 2.2%    
4,306 Anthem Inc   1,382,614
  Health Care Technology – 1.9%    
62,957 Change Healthcare Inc, (2)   1,174,148
  Household Durables – 1.5%    
22,107 PulteGroup Inc   953,254
  Insurance – 6.0%    
4,700 Aon PLC   992,969
9,617 Globe Life Inc   913,230
18,700 Loews Corp   841,874
5,962 RenaissanceRe Holdings Ltd   988,619
  Total Insurance   3,736,692
  Interactive Media & Services – 2.4%    
51,444 TripAdvisor Inc, (2)   1,480,558
  Internet Software & Services – 1.5%    
28,311 Yelp, Inc, (2)   924,920
  IT Services – 3.7%    
15,011 Amdocs Ltd   1,064,730
10,941 Fiserv Inc, (2)   1,245,742
  Total IT Services   2,310,472
40


Shares Description (1)   Value
  Life Sciences Tools & Services – 1.9%    
923 Bio-Rad Laboratories Inc, (2)   $538,054
9,624 Syneos Health Inc, (2)   655,683
  Total Life Sciences Tools & Services   1,193,737
  Machinery – 2.2%    
17,800 Terex Corp   621,042
29,606 Trinity Industries Inc   781,302
  Total Machinery   1,402,344
  Media – 2.2%    
26,936 Comcast Corp   1,411,446
  Oil, Gas & Consumable Fuels – 4.5%    
11,646 Cheniere Energy Inc, (2)   699,110
11,036 Chevron Corp   931,990
22,603 Hess Corp   1,193,212
  Total Oil, Gas & Consumable Fuels   2,824,312
  Pharmaceuticals – 4.0%    
16,661 Bristol-Myers Squibb Co   1,033,482
40,886 GlaxoSmithKline PLC, Sponsored ADR   1,504,605
  Total Pharmaceuticals   2,538,087
  Semiconductors & Semiconductor Equipment – 2.4%    
86,545 Rambus Inc, (2)   1,511,076
  Software – 7.3%    
57,969 NortonLifeLock Inc   1,204,596
31,376 Oracle Corp   2,029,713
59,016 Teradata Corp, (2)   1,326,090
  Total Software   4,560,399
  Specialty Retail – 3.9%    
6,925 Advance Auto Parts Inc   1,090,757
68,130 American Eagle Outfitters Inc   1,367,369
  Total Specialty Retail   2,458,126
  Technology Hardware, Storage & Peripherals – 1.4%    
14,582 Seagate Technology PLC   906,417
  Wireless Telecommunication Services – 1.2%    
5,813 T-Mobile US Inc, (2)   783,883
  Total Long-Term Investments (cost $55,186,212)   62,396,014
  Borrowings – (0.5)%   (331,341)
  Other Assets Less Liabilities – 1.0%   637,675
  Net Assets – 100%   $ 62,702,348
41


Nuveen NWQ Multi-Cap Value Fund (continued)
Portfolio of Investments    December 31, 2020
(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 unless otherwise noted. 
(2)Non-income producing; issuer has not declared an ex-dividend date within the past twelve months. 
ADRAmerican Depositary Receipt 
See accompanying notes to financial statements.
42


Nuveen NWQ Large-Cap Value Fund
Portfolio of Investments    December 31, 2020
(Unaudited)
Shares Description (1)   Value
  LONG-TERM INVESTMENTS – 99.5%    
  COMMON STOCKS – 99.5%    
  Aerospace & Defense – 4.1%    
2,813 General Dynamics Corp   $418,631
4,730 Raytheon Technologies Corp   338,242
  Total Aerospace & Defense   756,873
  Automobiles – 2.8%    
12,258 General Motors Co   510,423
  Banks – 8.1%    
10,116 Citigroup Inc   623,753
23,308 First Horizon Corp   297,410
4,365 JPMorgan Chase & Co   554,660
  Total Banks   1,475,823
  Beverages – 2.7%    
8,879 Coca-Cola Co/The   486,924
  Building Products – 1.0%    
1,255 Trane Technologies PLC   182,176
  Capital Markets – 3.0%    
3,977 Morgan Stanley   272,544
3,832 State Street Corp   278,893
  Total Capital Markets   551,437
  Chemicals – 4.3%    
8,039 DuPont de Nemours Inc   571,653
4,580 Nutrien Ltd   220,573
  Total Chemicals   792,226
  Communications Equipment – 2.0%    
11,060 ViaSat Inc, (2)   361,109
  Consumer Finance – 1.9%    
3,776 Discover Financial Services   341,841
  Electric Utilities – 6.0%    
4,939 Alliant Energy Corp   254,507
1,820 Entergy Corp   181,709
5,975 Evergy Inc   331,672
4,015 Pinnacle West Capital Corp   320,999
  Total Electric Utilities   1,088,887
43


Nuveen NWQ Large-Cap Value Fund (continued)
Portfolio of Investments    December 31, 2020
(Unaudited)
Shares Description (1)   Value
  Electrical Equipment – 5.0%    
2,562 Eaton Corp PLC   $307,798
1,205 Hubbell Inc   188,932
17,693 nVent Electric PLC   412,070
  Total Electrical Equipment   908,800
  Entertainment – 1.7%    
3,260 Activision Blizzard Inc   302,691
  Equity Real Estate Investment Trust – 1.5%    
1,563 Alexandria Real Estate Equities Inc   278,558
  Food & Staples Retailing – 2.4%    
3,033 Walmart Inc   437,207
  Food Products – 1.8%    
5,165 Tyson Foods Inc   332,833
  Health Care Equipment & Supplies – 2.2%    
3,441 Medtronic PLC   403,079
  Health Care Providers & Services – 4.6%    
1,377 Anthem Inc   442,141
3,299 Quest Diagnostics Inc   393,142
  Total Health Care Providers & Services   835,283
  Hotels, Restaurants & Leisure – 1.7%    
5,118 Las Vegas Sands Corp   305,033
  Household Durables – 1.5%    
6,506 PulteGroup Inc   280,539
  Insurance – 6.9%    
5,488 American International Group Inc   207,776
1,424 Aon PLC   300,848
810 Everest Re Group Ltd   189,613
3,218 Globe Life Inc   305,581
5,882 Loews Corp   264,808
  Total Insurance   1,268,626
  Interactive Media & Services – 2.0%    
205 Alphabet Inc, (2)   359,291
  IT Services – 4.4%    
4,249 Amdocs Ltd   301,381
4,352 Fiserv Inc, (2)   495,519
  Total IT Services   796,900
44


Shares Description (1)   Value
  Machinery – 1.2%    
8,661 Trinity Industries Inc   $ 228,564
  Media – 2.3%    
8,074 Comcast Corp   423,078
  Metals & Mining – 1.7%    
5,962 BHP Group PLC, Sponsored ADR   316,165
  Oil, Gas & Consumable Fuels – 4.7%    
3,367 Cheniere Energy Inc, (2)   202,121
3,459 Chevron Corp   292,113
6,775 Hess Corp   357,652
  Total Oil, Gas & Consumable Fuels   851,886
  Pharmaceuticals – 6.7%    
6,768 Bristol-Myers Squibb Co   419,819
12,691 GlaxoSmithKline PLC, Sponsored ADR   467,029
18,790 Takeda Pharmaceutical Co Ltd, Sponsored ADR   341,978
  Total Pharmaceuticals   1,228,826
  Semiconductors & Semiconductor Equipment – 1.0%    
413 Broadcom Inc   180,832
  Software – 5.7%    
19,686 NortonLifeLock Inc   409,075
9,663 Oracle Corp   625,099
  Total Software   1,034,174
  Specialty Retail – 1.8%    
2,110 Advance Auto Parts Inc   332,346
  Technology Hardware, Storage & Peripherals – 1.5%    
4,423 Seagate Technology PLC   274,934
  Wireless Telecommunication Services – 1.3%    
1,837 T-Mobile US Inc, (2)   247,719
  Total Long-Term Investments (cost $13,672,711)   18,175,083
  Other Assets Less Liabilities – 0.5%   91,093
  Net Assets – 100%   $ 18,266,176
 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 an ex-dividend date within the past twelve months. 
ADRAmerican Depositary Receipt 
See accompanying notes to financial statements.
45


Nuveen NWQ Small/Mid-Cap Value Fund
Portfolio of Investments    December 31, 2020
(Unaudited)
Shares Description (1)   Value
  LONG-TERM INVESTMENTS – 97.3%    
  COMMON STOCKS – 97.3%    
  Aerospace & Defense – 1.6%    
12,244 Parsons Corp, (2)   $ 445,804
  Auto Components – 2.4%    
17,769 BorgWarner Inc   686,594
  Banks – 12.4%    
23,480 Ameris Bancorp   893,884
19,520 Bank of NT Butterfield & Son Ltd/The   608,243
48,999 First Horizon Corp   625,227
15,244 PacWest Bancorp   387,198
16,189 Western Alliance Bancorp   970,530
  Total Banks   3,485,082
  Biotechnology – 2.8%    
21,699 Coherus Biosciences Inc, (2)   377,128
2,744 United Therapeutics Corp, (2)   416,512
  Total Biotechnology   793,640
  Capital Markets – 3.0%    
15,896 Cowen Inc   413,137
3,810 Evercore Inc   417,729
  Total Capital Markets   830,866
  Chemicals – 2.7%    
10,986 Huntsman Corp   276,188
5,423 Innospec Inc   492,029
  Total Chemicals   768,217
  Communications Equipment – 2.8%    
7,321 Ciena Corp, (2)   386,915
12,450 ViaSat Inc, (2)   406,492
  Total Communications Equipment   793,407
  Construction & Engineering – 1.0%    
2,667 Jacobs Engineering Group Inc   290,596
  Electric Utilities – 2.6%    
3,922 IDACORP Inc   376,630
4,460 Pinnacle West Capital Corp   356,577
  Total Electric Utilities   733,207
46


Shares Description (1)   Value
  Electrical Equipment – 6.9%    
8,117 EnerSys   $674,198
2,470 Hubbell Inc   387,271
38,324 nVent Electric PLC   892,566
  Total Electrical Equipment   1,954,035
  Electronic Equipment, Instruments & Components – 2.2%    
4,237 Fabrinet, (2)   328,749
14,196 Vishay Intertechnology Inc   293,999
  Total Electronic Equipment, Instruments & Components   622,748
  Energy Equipment & Services – 1.3%    
25,868 NOV Inc, (2)   355,168
  Equity Real Estate Investment Trust – 6.1%    
26,385 Brandywine Realty Trust   314,245
18,755 Easterly Government Properties Inc   424,801
18,584 Healthcare Realty Trust Inc   550,086
14,111 STAG Industrial Inc   441,957
  Total Equity Real Estate Investment Trust   1,731,089
  Food & Staples Retailing – 1.4%    
19,116 Sprouts Farmers Market Inc, (2)   384,232
  Gas Utilities – 0.9%    
5,993 National Fuel Gas Co   246,492
  Health Care Technology – 1.3%    
19,737 Change Healthcare Inc, (2)   368,095
  Household Durables – 3.7%    
9,800 PulteGroup Inc   422,576
24,165 Taylor Morrison Home Corp, (2)   619,832
  Total Household Durables   1,042,408
  Insurance – 7.2%    
15,455 Axis Capital Holdings Ltd   778,777
2,708 Everest Re Group Ltd   633,916
3,979 Globe Life Inc   377,846
1,490 RenaissanceRe Holdings Ltd   247,072
  Total Insurance   2,037,611
  Interactive Media & Services – 2.7%    
26,843 TripAdvisor Inc, (2)   772,542
  Internet Software & Services – 0.8%    
6,715 Yelp, Inc, (2)   219,379
47


Nuveen NWQ Small/Mid-Cap Value Fund (continued)
Portfolio of Investments    December 31, 2020
(Unaudited)
Shares Description (1)   Value
  IT Services – 2.0%    
7,894 Amdocs Ltd   $ 559,921
  Life Sciences Tools & Services – 3.0%    
971 Bio-Rad Laboratories Inc, (2)   566,035
4,170 Syneos Health Inc, (2)   284,102
  Total Life Sciences Tools & Services   850,137
  Machinery – 4.6%    
6,730 Albany International Corp   494,117
10,255 Federal Signal Corp   340,158
12,709 Flowserve Corp   468,327
  Total Machinery   1,302,602
  Metals & Mining – 3.8%    
7,288 Materion Corp   464,391
5,130 Reliance Steel & Aluminum Co   614,318
  Total Metals & Mining   1,078,709
  Multiline Retail – 1.6%    
14,058 Nordstrom Inc   438,750
  Oil, Gas & Consumable Fuels – 0.7%    
28,157 Magnolia Oil & Gas Corp, (2)   198,788
  Road & Rail – 1.4%    
9,637 Knight-Swift Transportation Holdings Inc   403,019
  Semiconductors & Semiconductor Equipment – 4.5%    
3,959 Qorvo Inc, (2)   658,263
35,034 Rambus Inc, (2)   611,694
  Total Semiconductors & Semiconductor Equipment   1,269,957
  Software – 2.1%    
26,446 Teradata Corp, (2)   594,242
  Specialty Retail – 4.5%    
2,763 Advance Auto Parts Inc   435,200
42,068 American Eagle Outfitters Inc   844,305
  Total Specialty Retail   1,279,505
  Textiles, Apparel & Luxury Goods – 1.5%    
12,110 Steven Madden Ltd   427,725
  Trading Companies & Distributors – 1.8%    
9,246 BMC Stock Holdings Inc, (2)   496,325
  Total Long-Term Investments (cost $21,506,395)   27,460,892
    
48


Principal Amount (000) Description (1)CouponMaturity Value
  SHORT-TERM INVESTMENTS – 3.2%    
  REPURCHASE AGREEMENTS – 3.2%    
$ 909 Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/20, repurchase price $908,806, collateralized by $865,600, U.S. Treasury Notes, 2.500%, due 8/15/23, value $927,0030.000%1/04/21 $ 908,806
  Total Short-Term Investments (cost $908,806)   908,806
  Total Investments (cost $22,415,201) – 100.5%   28,369,698
  Other Assets Less Liabilities – (0.5)%   (141,909)
  Net Assets – 100%   $ 28,227,789
 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 an ex-dividend date within the past twelve months. 
See accompanying notes to financial statements.
49


Nuveen NWQ Small-Cap Value Fund
Portfolio of Investments    December 31, 2020
(Unaudited)
Shares Description (1)   Value
  LONG-TERM INVESTMENTS – 99.0%    
  COMMON STOCKS – 99.0%    
  Aerospace & Defense – 1.6%    
96,382 Parsons Corp, (2)   $ 3,509,269
  Banks – 14.8%    
207,639 Ameris Bancorp   7,904,817
266,534 Banc of California Inc   3,920,715
181,652 Bank of NT Butterfield & Son Ltd/The   5,660,276
335,021 First Horizon Corp   4,274,868
140,801 PacWest Bancorp   3,576,345
127,648 Western Alliance Bancorp   7,652,498
  Total Banks   32,989,519
  Biotechnology – 3.0%    
177,712 Coherus Biosciences Inc, (2)   3,088,635
23,607 United Therapeutics Corp, (2)   3,583,306
  Total Biotechnology   6,671,941
  Capital Markets – 3.6%    
125,171 Cowen Inc   3,253,195
43,630 Evercore Inc   4,783,593
  Total Capital Markets   8,036,788
  Communications Equipment – 1.5%    
98,954 ViaSat Inc, (2)   3,230,848
  Construction & Engineering – 1.5%    
62,157 Arcosa Inc   3,414,284
  Containers & Packaging – 1.9%    
72,525 Sonoco Products Co   4,297,106
  Electric Utilities – 2.3%    
32,079 IDACORP Inc   3,080,546
48,000 Portland General Electric Co   2,052,960
  Total Electric Utilities   5,133,506
  Electrical Equipment – 5.6%    
67,517 EnerSys   5,607,962
294,090 nVent Electric PLC   6,849,356
  Total Electrical Equipment   12,457,318
50


Shares Description (1)   Value
  Electronic Equipment, Instruments & Components – 3.8%    
33,853 Fabrinet, (2)   $2,626,654
174,758 Vishay Intertechnology Inc   3,619,238
73,376 Vishay Precision Group Inc, (2)   2,309,877
  Total Electronic Equipment, Instruments & Components   8,555,769
  Energy Equipment & Services – 1.3%    
209,787 NOV Inc, (2)   2,880,376
  Equity Real Estate Investment Trust – 6.3%    
213,197 Brandywine Realty Trust   2,539,176
153,582 Easterly Government Properties Inc   3,478,632
154,154 Healthcare Realty Trust Inc   4,562,959
110,178 STAG Industrial Inc   3,450,775
  Total Equity Real Estate Investment Trust   14,031,542
  Food & Staples Retailing – 1.1%    
122,374 Sprouts Farmers Market Inc, (2)   2,459,717
  Food Products – 2.3%    
35,912 John B Sanfilippo & Son Inc   2,832,020
213,348 Landec Corp, (2)   2,314,826
  Total Food Products   5,146,846
  Gas Utilities – 0.8%    
43,823 National Fuel Gas Co   1,802,440
  Health Care Technology – 1.3%    
156,435 Change Healthcare Inc, (2)   2,917,513
  Hotels, Restaurants & Leisure – 2.6%    
323,370 El Pollo Loco Holdings Inc, (2)   5,852,997
  Household Durables – 2.3%    
198,416 Taylor Morrison Home Corp, (2)   5,089,370
  Insurance – 3.2%    
87,942 Axis Capital Holdings Ltd   4,431,398
207,928 ProSight Global Inc, (2)   2,667,716
  Total Insurance   7,099,114
  Interactive Media & Services – 2.7%    
210,205 TripAdvisor Inc, (2)   6,049,700
  Internet Software & Services – 0.8%    
53,153 Yelp, Inc, (2)   1,736,509
  Machinery – 6.7%    
53,368 Albany International Corp   3,918,279
51


Nuveen NWQ Small-Cap Value Fund (continued)
Portfolio of Investments    December 31, 2020
(Unaudited)
Shares Description (1)   Value
  Machinery (continued)    
85,696 Federal Signal Corp   $2,842,536
96,797 Flowserve Corp   3,566,969
87,175 Mayville Engineering Co Inc, (2)   1,169,889
85,827 Rexnord Corp   3,389,308
  Total Machinery   14,886,981
  Metals & Mining – 3.5%    
36,104 Kaiser Aluminum Corp   3,570,686
65,306 Materion Corp   4,161,298
  Total Metals & Mining   7,731,984
  Multiline Retail – 1.5%    
110,235 Nordstrom Inc   3,440,434
  Oil, Gas & Consumable Fuels – 0.7%    
221,321 Magnolia Oil & Gas Corp, (2)   1,562,526
  Road & Rail – 1.6%    
83,368 Knight-Swift Transportation Holdings Inc   3,486,450
  Semiconductors & Semiconductor Equipment – 5.2%    
409,687 Rambus Inc, (2)   7,153,135
170,620 Tower Semiconductor Ltd, (2)   4,405,408
  Total Semiconductors & Semiconductor Equipment   11,558,543
  Software – 3.5%    
215,248 Cloudera Inc, (2)   2,994,100
213,731 Teradata Corp, (2)   4,802,535
  Total Software   7,796,635
  Specialty Retail – 3.0%    
329,739 American Eagle Outfitters Inc   6,617,862
  Textiles, Apparel & Luxury Goods – 1.5%    
95,104 Steven Madden Ltd   3,359,073
  Thrifts & Mortgage Finance – 5.7%    
75,601 Essent Group Ltd   3,265,963
147,263 HomeStreet Inc   4,970,126
100,645 WSFS Financial Corp   4,516,948
  Total Thrifts & Mortgage Finance   12,753,037
  Trading Companies & Distributors – 1.8%    
72,544 BMC Stock Holdings Inc, (2)   3,894,162
  Total Long-Term Investments (cost $173,604,970)   220,450,159
    
52


Principal Amount (000) Description (1)CouponMaturity Value
  SHORT-TERM INVESTMENTS – 1.8%    
  REPURCHASE AGREEMENTS – 1.8%    
$ 3,941 Repurchase Agreement with Fixed Income Clearing Corporation, dated 12/31/20, repurchase price $3,941,107, collateralized by $3,753,700, U.S. Treasury Notes, 2.500%, due 8/15/23, value $4,019,9760.000%1/04/21 $ 3,941,107
  Total Short-Term Investments (cost $3,941,107)   3,941,107
  Total Investments (cost $177,546,077) – 100.8%   224,391,266
  Other Assets Less Liabilities – (0.8)%   (1,842,747)
  Net Assets – 100%   $ 222,548,519
 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 an ex-dividend date within the past twelve months. 
See accompanying notes to financial statements.
53


Statement of Assets and Liabilities
December 31, 2020
(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 $117,472,140, $85,086,794, $55,186,212, $13,672,711, $21,506,395 and $173,604,970, respectively)(1)$149,645,435$121,645,371$62,396,014$18,175,083$27,460,892$220,450,159
Investment purchased with collateral from securities lending, at value (cost approximates value) —8,908,748 — — — —
Short-term investments, at value (cost approximates value) — — — —908,8063,941,107
Cash726,92457,696 —18,955 — —
Cash denominated in foreign currencies (cost $76,585, $16, $—, $—, $and $—, respectively)78,77716 — — — —
Receivable for:      
Dividends244,730146,47084,84028,49130,259216,642
Investments sold281,507832,196715,862104,73731,965251,310
Reclaims216,966496,5305,44113,692 — —
Shares sold51,66580,538104,731311,15516,374174,742
Other assets308,713193,239155,06976,48938,37258,493
Total assets151,554,717132,360,80463,461,95718,728,60228,486,668225,092,453
Liabilities      
Borrowings —620,002331,341 — — —
Payable for:      
Collateral from securities lending program —8,908,748 — — — —
Investments purchased - regular settlement —48,875233,248 —216,7451,715,619
Shares redeemed65,11893,78427,163378,701 —263,348
Accrued expenses:      
Custodian fees47,58157,52226,00021,03023,76835,421
Management fees56,57241,34225,160 — —150,543
Shareholder reporting expenses33,93977,67211,6397,8785,29682,628
Shareholder servicing agent fees43,95750,57417,92611,9205,337237,743
Trustees fees225,953112,90976,27335,47813228,919
12b-1 distribution and service fees28,2164,9388,2562,4311,12012,314
Other12,1057,7812,6034,9886,48117,399
Total liabilities513,44110,024,147759,609462,426258,8792,543,934
Net assets$151,041,276$122,336,657$62,702,348$18,266,176$28,227,789$222,548,519
       
See accompanying notes to financial statements.
54


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$ 90,717,063$ 20,092,756$34,102,358$ 4,093,809$ 2,443,842$ 22,910,681
Shares outstanding3,261,624815,3291,037,1491,007,64496,423525,656
Net asset value ("NAV") per share$ 27.81$ 24.64$ 32.88$ 4.06$ 25.34$ 43.58
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price)$ 29.51$ 26.14$ 34.89$ 4.31$ 26.89$ 46.24
Class C Shares      
Net assets$ 10,362,006$ 659,327$ 1,157,626$ 1,811,837$ 618,292$ 7,795,175
Shares outstanding373,32628,03237,616553,57328,322205,039
NAV and offering price per share$ 27.76$ 23.52$ 30.78$ 3.27$ 21.83$ 38.02
Class R3 Shares      
Net assets$ 632,473$ 437,011$  —$ 83,210$ 205,611$ 2,210,350
Shares outstanding22,78217,595 —20,8598,50051,954
NAV and offering price per share$ 27.76$ 24.84$  —$ 3.99$ 24.19$ 42.55
Class R6 Shares      
Net assets$  —$  —$  —$  —$10,525,360$ 5,720,880
Shares outstanding — — — —404,357125,236
NAV and offering price per share$  —$  —$  —$  —$ 26.03$ 45.68
Class I Shares      
Net assets$ 49,329,734$ 101,147,563$27,442,364$12,277,320$14,434,684$183,911,433
Shares outstanding1,773,3494,088,468828,0693,006,851557,5194,074,625
NAV and offering price per share$ 27.82$ 24.74$ 33.14$ 4.08$ 25.89$ 45.14
Fund level net assets consist of:      
Capital paid-in$ 372,773,293$ 304,058,443$68,975,158$12,692,141$21,915,915$194,068,724
Total distributable earnings(221,732,017)(181,721,786)(6,272,810)5,574,0356,311,87428,479,795
Fund level net assets$ 151,041,276$ 122,336,657$62,702,348$18,266,176$28,227,789$222,548,519
Authorized shares - per classUnlimitedUnlimitedUnlimitedUnlimitedUnlimitedUnlimited
Par value per share$ 0.01$ 0.01$ 0.01$ 0.01$ 0.01$ 0.01
    
(1)Includes securities loaned of $8,563,377 for NWQ International Value.
See accompanying notes to financial statements.
55


Statement of Operations
Six Months Ended December 31, 2020
(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$ 2,693,873$ 1,977,323$ 586,485$ 222,900$ 214,516$ 1,773,181
Securities lending income —2,744 — — — —
Foreign tax withheld on dividend income(70,165)(143,139) — — — —
Total investment income2,623,7081,836,928586,485222,900214,5161,773,181
Expenses      
Management fees505,132408,170204,67961,60792,378808,071
12b-1 service fees - Class A Shares106,31523,10039,0934,9503,06629,176
12b-1 distribution and service fees - Class C Shares59,4713,7526,5219,0333,18837,085
12b-1 distribution and service fees - Class R3 Shares1,4541,170 —1875185,123
Shareholder servicing agent fees64,62359,79424,73712,8563,111318,639
Custodian fees33,15837,44719,17414,62216,38522,012
Professional fees20,67635,35116,33715,07218,02237,702
Trustees fees2,1251,7168482863532,597
Shareholder reporting expenses38,04943,90814,7299,27412,49383,750
Federal and state registration fees31,24129,32827,94528,22134,46739,450
Other3,4753,3532,6642,5192,2665,320
Total expenses before fee waiver/expense reimbursement865,719647,089356,727158,627186,2471,388,925
Fee waiver/expense reimbursement(85,052)(101,285)(51,324)(74,362)(51,720) —
Net expenses780,667545,804305,40384,265134,5271,388,925
Net investment income (loss)1,843,0411,291,124281,082138,63579,989384,256
Realized and Unrealized Gain (Loss)      
Net realized gain (loss) from:      
Investments and foreign currency3,060,9943,642,6692,298,3922,082,1161,546,18221,657,727
Options written52,218 — — — — —
Change in net unrealized appreciation (depreciation) of investments and foreign currency21,335,76820,567,02410,523,3741,290,6074,277,01830,072,805
Net realized and unrealized gain (loss)24,448,98024,209,69312,821,7663,372,7235,823,20051,730,532
Net increase (decrease) in net assets from operations$26,292,021$25,500,817$13,102,848$3,511,358$5,903,189$52,114,788
See accompanying notes to financial statements.
56


Statement of Changes in Net Assets
(Unaudited)
 NWQ Global Equity Income NWQ International Value
 Six Months Ended
12/31/20
Year Ended
6/30/20
 Six Months Ended
12/31/20
Year Ended
6/30/20
Operations     
Net investment income (loss)$ 1,843,041$ 4,076,059 $ 1,291,124$ 2,946,333
Net realized gain (loss) from:     
Investments and foreign currency3,060,994(12,951,300) 3,642,669(1,762,166)
Options written52,21862,265  — —
Change in net unrealized appreciation (depreciation) of:     
Investments and foreign currency21,335,768(9,095,548) 20,567,024(17,524,860)
Net increase (decrease) in net assets from operations26,292,021(17,908,524) 25,500,817(16,340,693)
Distributions to Shareholders     
Dividends:     
Class A Shares(1,065,053)(2,229,310) (382,969)(665,986)
Class C Shares(100,013)(368,666) (8,350)(41,146)
Class R3 Shares(6,621)(15,950) (7,359)(30,895)
Class R6 Shares — —  — —
Class I Shares(630,698)(1,428,813) (2,141,648)(5,574,857)
Decrease in net assets from distributions to shareholders(1,802,385)(4,042,739) (2,540,326)(6,312,884)
Fund Share Transactions     
Proceeds from sale of shares7,880,74225,052,058 6,420,61921,100,383
Proceeds from shares issued to shareholders due to reinvestment of distributions1,700,1923,805,141 2,475,3996,185,314
 9,580,93428,857,199 8,896,01827,285,697
Cost of shares redeemed(22,829,728)(72,400,519) (20,551,035)(139,293,026)
Net increase (decrease) in net assets from Fund share transactions(13,248,794)(43,543,320) (11,655,017)(112,007,329)
Net increase (decrease) in net assets11,240,842(65,494,583) 11,305,474(134,660,906)
Net assets at the beginning of period139,800,434205,295,017 111,031,183245,692,089
Net assets at the end of period$151,041,276$139,800,434 $122,336,657$ 111,031,183
    
See accompanying notes to financial statements.
57


Statement of Changes in Net Assets (Unaudited) (continued)
 NWQ Multi-Cap Value NWQ Large-Cap Value
 Six Months Ended
12/31/20
Year Ended
6/30/20
 Six Months Ended
12/31/20
Year Ended
6/30/20
Operations     
Net investment income (loss)$ 281,082$ 1,723,460 $ 138,635$ 1,030,519
Net realized gain (loss) from:     
Investments and foreign currency2,298,392(14,015,559) 2,082,1163,154,502
Options written — —  — —
Change in net unrealized appreciation (depreciation) of:     
Investments and foreign currency10,523,374367,739 1,290,607(8,796,296)
Net increase (decrease) in net assets from operations13,102,848(11,924,360) 3,511,358(4,611,275)
Distributions to Shareholders     
Dividends:     
Class A Shares(1,057,122)(442,450) (612,121)(593,470)
Class C Shares(28,371)(10,284) (328,974)(380,680)
Class R3 Shares(1) — — (12,876)(10,557)
Class R6 Shares — —  — —
Class I Shares(909,101)(502,661) (2,024,952)(4,510,985)
Decrease in net assets from distributions to shareholders(1,994,594)(955,395) (2,978,923)(5,495,692)
Fund Share Transactions     
Proceeds from sale of shares1,158,1863,854,968 1,160,2065,847,453
Proceeds from shares issued to shareholders due to reinvestment of distributions1,818,505878,183 2,860,4975,423,752
 2,976,6914,733,151 4,020,70311,271,205
Cost of shares redeemed(6,550,456)(20,355,601) (5,543,435)(27,800,929)
Net increase (decrease) in net assets from Fund share transactions(3,573,765)(15,622,450) (1,522,732)(16,529,724)
Net increase (decrease) in net assets7,534,489(28,502,205) (990,297)(26,636,691)
Net assets at the beginning of period55,167,85983,670,064 19,256,47345,893,164
Net assets at the end of period$62,702,348$ 55,167,859 $18,266,176$ 19,256,473
    
(1)Effective August 5, 2019, Class R3 Shares of NWQ Multi-Cap Value are no longer being offered for sale.
    
See accompanying notes to financial statements.
58


Statement of Changes in Net Assets (Unaudited) (continued)
 NWQ Small/Mid-Cap Value NWQ Small-Cap Value
 Six Months Ended
12/31/20
Year Ended
6/30/20
 Six Months Ended
12/31/20
Year Ended
6/30/20
Operations     
Net investment income (loss)$ 79,989$ 185,422 $ 384,256$ 1,791,231
Net realized gain (loss) from:     
Investments and foreign currency1,546,182(464,971) 21,657,727(19,751,510)
Options written — —  — —
Change in net unrealized appreciation (depreciation) of:     
Investments and foreign currency4,277,018(2,487,259) 30,072,805(44,065,240)
Net increase (decrease) in net assets from operations5,903,189(2,766,808) 52,114,788(62,025,519)
Distributions to Shareholders     
Dividends:     
Class A Shares(6,042)(11,173) (135,444)(2,691,806)
Class C Shares — —  —(819,126)
Class R3 Shares(71)(362) (8,403)(208,715)
Class R6 Shares(66,601)(74,182) (57,035)(1,295,452)
Class I Shares(65,867)(54,788) (1,474,480)(23,595,162)
Decrease in net assets from distributions to shareholders(138,581)(140,505) (1,675,362)(28,610,261)
Fund Share Transactions     
Proceeds from sale of shares6,799,31513,803,121 16,433,47397,163,173
Proceeds from shares issued to shareholders due to reinvestment of distributions137,331137,529 1,598,14527,180,359
 6,936,64613,940,650 18,031,618124,343,532
Cost of shares redeemed(5,343,611)(13,779,883) (41,142,495)(390,798,548)
Net increase (decrease) in net assets from Fund share transactions1,593,035160,767 (23,110,877)(266,455,016)
Net increase (decrease) in net assets7,357,643(2,746,546) 27,328,549(357,090,796)
Net assets at the beginning of period20,870,14623,616,692 195,219,970552,310,766
Net assets at the end of period$28,227,789$ 20,870,146 $222,548,519$ 195,219,970
See accompanying notes to financial statements.
59


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
TotalEnding
NAV
Class A (09/09)         
2021(e)$23.44$0.32$ 4.37$ 4.69 $(0.32)$  —$(0.32)$27.81
202026.590.57(3.10)(2.53) (0.62) —(0.62)23.44
201927.450.69(0.20)0.49 (0.72)(0.63)(1.35)26.59
201827.340.830.120.95 (0.60)(0.24)(0.84)27.45
201724.470.942.873.81 (0.94)  —*(0.94)27.34
201626.500.75(2.04)(1.29) (0.51)(0.23)(0.74)24.47
Class C (09/09)         
2021(e)23.400.234.364.59 (0.23) —(0.23)27.76
202026.540.40(3.11)(2.71) (0.43) —(0.43)23.40
201927.390.46(0.16)0.30 (0.52)(0.63)(1.15)26.54
201827.280.620.110.73 (0.38)(0.24)(0.62)27.39
201724.421.182.423.60 (0.74)  —*(0.74)27.28
201626.480.51(1.98)(1.47) (0.36)(0.23)(0.59)24.42
Class R3 (09/09)         
2021(e)23.400.294.364.65 (0.29) —(0.29)27.76
202026.550.51(3.10)(2.59) (0.56) —(0.56)23.40
201927.400.62(0.19)0.43 (0.65)(0.63)(1.28)26.55
201827.300.750.110.86 (0.52)(0.24)(0.76)27.40
201724.461.052.693.74 (0.90)  —*(0.90)27.30
201626.490.64(1.98)(1.34) (0.46)(0.23)(0.69)24.46
Class I (09/09)         
2021(e)23.450.364.374.73 (0.36) —(0.36)27.82
202026.600.63(3.10)(2.47) (0.68) —(0.68)23.45
201927.460.74(0.18)0.56 (0.79)(0.63)(1.42)26.60
201827.350.900.121.02 (0.67)(0.24)(0.91)27.46
201724.480.942.933.87 (1.00)  —*(1.00)27.35
201626.511.25(2.48)(1.23) (0.57)(0.23)(0.80)24.48
60


       
 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)
ExpensesNet
Investment
Income
(Loss)
 ExpensesNet
Investment
Income
(Loss)
Portfolio
Turnover
Rate(d)
        
20.15%$ 90,7171.23%**2.44%** 1.11%**2.56%**23%
(9.53)80,8971.242.24 1.112.3753
2.23103,4941.192.52 1.112.6030
3.42118,8951.182.85 1.112.9231
15.75152,6061.333.36 1.113.5886
(4.88)1,5993.830.36 1.202.9851
        
19.7010,3621.98**1.69** 1.86**1.81**23
(10.18)14,3421.991.48 1.861.6153
1.4537,5641.941.68 1.861.7630
2.6567,5351.932.10 1.862.1631
14.8781,4402.034.24 1.864.4186
(5.57)3824.78(0.81) 1.962.0151
        
20.006321.48**2.15** 1.36**2.27**23
(9.75)5831.491.96 1.362.0953
1.971,0691.442.27 1.362.3530
3.131,2251.432.56 1.362.6331
15.481,9261.553.77 1.363.9686
(5.09)3064.27(0.30) 1.462.5251
        
20.2949,3300.98**2.69** 0.86**2.81**23
(9.25)43,9780.992.49 0.862.6253
2.4563,1680.942.73 0.862.8130
3.6982,6770.923.08 0.863.1531
16.0391,9221.073.41 0.863.6286
(4.64)49,5421.374.68 0.945.1251
(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, when applicable. See Note 7  –  Management Fees and Other Transactions with Affiliates, for more information.
(d)Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4  –  Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
(e)For the six months ended December 31, 2020.
*Rounds to less than $.01 per share.
**Annualized.
See accompanying notes to financial statements.
61


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
TotalEnding
NAV
Class A (12/99)         
2021(e)$20.17$0.23$ 4.72$ 4.95 $(0.48)$ —$(0.48)$24.64
202023.390.32(2.83)(2.51) (0.71) —(0.71)20.17
201925.160.50(2.01)(1.51) (0.26) —(0.26)23.39
201824.910.380.621.00 (0.75) —(0.75)25.16
2017(f)22.220.402.713.11 (0.42) —(0.42)24.91
201624.590.47(2.53)(2.06) (0.31) —(0.31)22.22
201525.670.20(0.35)(0.15) (0.93) —(0.93)24.59
Class C (12/99)         
2021(e)19.200.144.484.62 (0.30) —(0.30)23.52
202022.280.16(2.73)(2.57) (0.51) —(0.51)19.20
201923.940.25(1.84)(1.59) (0.07) —(0.07)22.28
201823.700.170.610.78 (0.54) —(0.54)23.94
2017(f)21.130.212.612.82 (0.25) —(0.25)23.70
201623.390.28(2.41)(2.13) (0.13) —(0.13)21.13
201524.400.03(0.33)(0.30) (0.71) —(0.71)23.39
Class R3 (08/08)         
2021(e)20.310.204.764.96 (0.43) —(0.43)24.84
202023.560.26(2.85)(2.59) (0.66) —(0.66)20.31
201925.340.46(2.04)(1.58) (0.20) —(0.20)23.56
201825.080.340.620.96 (0.70) —(0.70)25.34
2017(f)22.370.362.723.08 (0.37) —(0.37)25.08
201624.760.42(2.55)(2.13) (0.26) —(0.26)22.37
201525.840.14(0.35)(0.21) (0.87) —(0.87)24.76
Class I (12/99)         
2021(e)20.270.264.745.00 (0.53) —(0.53)24.74
202023.500.36(2.82)(2.46) (0.77) —(0.77)20.27
201925.290.58(2.04)(1.46) (0.33) —(0.33)23.50
201825.030.460.621.08 (0.82) —(0.82)25.29
2017(f)22.330.502.683.18 (0.48) —(0.48)25.03
201624.720.53(2.54)(2.01) (0.38) —(0.38)22.33
201525.820.27(0.37)(0.10) (1.00) —(1.00)24.72
62


       
 Ratios/Supplemental Data
  Ratios to Average
Net Assets Before
Waiver/Reimbursement
 Ratios to Average
Net Assets After
Waiver/Reimbursement(c)
 
Total
Return (b)
Ending
Net
Assets
(000)
ExpensesNet
Investment
Income
(Loss)
 ExpensesNet
Investment
Income
(Loss)
Portfolio
Turnover
Rate (d)
        
24.53%$ 20,0931.32%*1.82%* 1.15%*1.99%*15%
(11.24)17,5791.331.36 1.151.5522
(5.90)23,0881.321.95 1.152.1114
3.9226,7101.271.34 1.151.4617
14.2428,4901.27*1.78* 1.15*1.90*23
(8.38)30,9981.342.10 1.332.1120
(0.20)37,5811.350.81 N/AN/A30
        
24.086592.07*1.11* 1.90*1.29*15
(11.88)9632.080.57 1.900.7622
(6.68)3,0552.070.97 1.901.1414
3.209,9862.020.56 1.900.6817
13.4711,6882.02*0.95* 1.90*1.06*23
(9.11)16,1822.091.32 2.081.3320
(0.95)22,1732.110.12 N/AN/A30
        
24.364371.57*1.65* 1.40*1.83*15
(11.47)7081.581.03 1.401.2122
(6.17)1,2481.571.78 1.401.9514
3.711,3911.521.20 1.401.3117
13.971,0951.51*1.59* 1.40*1.70*23
(8.63)1,3981.591.85 1.581.8620
(0.44)1,3521.610.59 N/AN/A30
        
24.68101,1481.07*2.11* 0.90*2.29*15
(11.00)91,7811.081.49 0.901.6822
(5.67)218,3001.072.31 0.902.4814
4.20251,0671.021.65 0.901.7617
14.51255,1131.02*2.25* 0.90*2.36*23
(8.17)179,7071.092.37 1.082.3820
0.02224,9701.111.12 N/AN/A30
    
(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, when applicable. See Note 7  –  Management Fees and Other Transactions with Affiliates, for more information.
(d)Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4  –  Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
(e)For the six months ended December 31, 2020.
(f)For the eleven months ended June 30, 2017. Periods prior to 2017 are for the fiscal year ended July 31.
*Annualized.
N/AFor 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.
63


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
TotalEnding
NAV
Class A (12/02)         
2021(e)$27.13$ 0.13$ 6.66$ 6.79 $(1.04)$ —$(1.04)$32.88
202032.550.66(5.70)(5.04) (0.38) —(0.38)27.13
201931.840.260.450.71  — — —32.55
2018(f)29.15(0.18)3.423.24 (0.55) —(0.55)31.84
201723.860.465.045.50 (0.21) —(0.21)29.15
201625.750.19(1.90)(1.71) (0.18) —(0.18)23.86
Class C (12/02)         
2021(e)25.320.016.226.23 (0.77) —(0.77)30.78
202030.400.42(5.37)(4.95) (0.13) —(0.13)25.32
201929.97(0.02)0.450.43  — — —30.40
2018(f)27.46(0.37)3.192.82 (0.31) —(0.31)29.97
201722.490.204.805.00 (0.03) —(0.03)27.46
201624.270.01(1.79)(1.78)  — — —22.49
Class I (11/97)         
2021(e)27.370.176.736.90 (1.13) —(1.13)33.14
202032.830.75(5.75)(5.00) (0.46) —(0.46)27.37
201932.030.340.460.80  — — —32.83
2018(f)29.33(0.11)3.433.32 (0.62) —(0.62)32.03
201724.000.495.115.60 (0.27) —(0.27)29.33
201625.900.25(1.90)(1.65) (0.25) —(0.25)24.00
64


       
 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)
ExpensesNet
Investment
Income
(Loss)
 ExpensesNet
Investment
Income
(Loss)
Portfolio
Turnover
Rate(d)
        
25.06%$34,1021.32%*0.70%* 1.15%*0.88%*31%
(15.73)29,1331.302.15 1.152.3054
2.2342,1991.260.73 1.150.8423
11.1430,0031.24(0.67) 1.15(0.58)118
23.0830,9551.251.64 1.151.7446
(6.58)26,8631.340.78 1.340.7828
        
24.631,1582.07*(0.07)* 1.89*0.10*31
(16.37)1,6322.051.41 1.901.5654
1.432,6722.01(0.17) 1.90(0.06)23
10.2921,1431.99(1.39) 1.90(1.29)118
22.1723,6522.000.70 1.900.8046
(7.25)26,4622.090.03 2.090.0328
        
25.2227,4421.07*0.95* 0.90*1.13*31
(15.51)24,4031.052.41 0.902.5654
2.5038,7121.010.97 0.901.0823
11.3740,0080.99(0.44) 0.90(0.35)118
23.4540,6941.001.74 0.901.8446
(6.37)43,2711.091.02 1.091.0228
    
(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, when applicable. See Note 7  –  Management Fees and Other Transactions with Affiliates, for more information.
(d)Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4  –  Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
(e)For the six months ended December 31, 2020.
(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 fiscal year ended June 30, 2018. 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$ 0.210.60%0.69%
Class C(0.01)(0.12)(0.03)
Class I0.280.830.92
    
*Annualized.
See accompanying notes to financial statements.
65


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
TotalEnding
NAV
Class A (12/06)         
2021(e)$ 3.96$0.03$ 0.79$ 0.82 $(0.15)$(0.57)$(0.72)$4.06
20205.150.12(0.62)(0.50) (0.09)(0.60)(0.69)3.96
20196.720.07(0.19)(0.12) (0.03)(1.42)(1.45)5.15
20187.880.060.610.67 (0.17)(1.66)(1.83)6.72
20177.270.071.321.39 (0.10)(0.68)(0.78)7.88
201612.380.11(0.82)(0.71) (0.15)(4.25)(4.40)7.27
Class C (12/06)         
2021(e)3.280.011.321.33 (0.20)(1.14)(1.34)3.27
20204.360.07(0.51)(0.44) (0.04)(0.60)(0.64)3.28
20195.950.02(0.19)(0.17)  —(1.42)(1.42)4.36
20187.160.010.540.55 (0.10)(1.66)(1.76)5.95
20176.660.011.211.22 (0.04)(0.68)(0.72)7.16
201611.710.03(0.78)(0.75) (0.05)(4.25)(4.30)6.66
Class R3 (09/09)         
2021(e)3.890.020.790.81 (0.14)(0.57)(0.71)3.99
20205.070.10(0.61)(0.51) (0.07)(0.60)(0.67)3.89
20196.640.06(0.20)(0.14) (0.01)(1.42)(1.43)5.07
20187.800.040.610.65 (0.15)(1.66)(1.81)6.64
20177.210.051.301.35 (0.08)(0.68)(0.76)7.80
201612.300.08(0.80)(0.72) (0.12)(4.25)(4.37)7.21
Class I (12/06)         
2021(e)3.980.030.800.83 (0.16)(0.57)(0.73)4.08
20205.170.13(0.62)(0.49) (0.10)(0.60)(0.70)3.98
20196.750.08(0.19)(0.11) (0.05)(1.42)(1.47)5.17
20187.910.080.610.69 (0.19)(1.66)(1.85)6.75
20177.290.091.331.42 (0.12)(0.68)(0.80)7.91
201612.410.13(0.82)(0.69) (0.18)(4.25)(4.43)7.29
66


       
 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)
ExpensesNet
Investment
Income
(Loss)
 ExpensesNet
Investment
Income
(Loss)
Portfolio
Turnover
Rate(d)
        
20.88%$ 4,0941.79%*0.60%* 1.00%*1.39%*23%
(12.08)4,2331.402.16 1.002.5659
1.964,3951.270.99 1.001.2635
8.714,5561.190.64 1.000.8348
19.646,4731.180.88 1.180.8846
(5.68)10,2491.191.17 N/AN/A32
        
20.221,8122.54*(0.16)* 1.75*0.63*23
(12.62)1,7582.151.41 1.751.8259
1.212,8822.020.22 1.750.4835
7.864,2751.94(0.11) 1.750.0848
18.625,6521.930.13 1.930.1346
(6.31)6,0091.940.42 N/AN/A32
        
20.92832.04*0.35* 1.25*1.14*23
(12.32)691.651.93 1.252.3459
1.65791.520.75 1.251.0135
8.50771.440.38 1.250.5748
19.22751.430.64 1.420.6546
(5.85)621.440.93 N/AN/A32
        
21.0612,2771.54*0.83* 0.75*1.62*23
(11.81)13,1961.152.40 0.752.8159
2.1338,5381.021.20 0.751.4635
8.9660,3710.940.89 0.751.0848
19.8574,3520.931.12 0.931.1246
(5.37)93,5480.941.40 N/AN/A32
    
(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, when applicable. See Note 7  –  Management Fees and Other Transactions with Affiliates, for more information.
(d)Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4  –  Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
(e)For the six months ended December 31, 2020.
*Annualized.
N/AFor 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.
67


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
TotalEnding
NAV
Class A (12/06)         
2021(e)$20.05$ 0.05$ 5.30$ 5.35 $(0.06)$  —$(0.06)$25.34
202023.470.11(3.45)(3.34) (0.08) —(0.08)20.05
201936.020.08(3.94)(3.86)  —(8.69)(8.69)23.47
201833.23(0.08)4.614.53 (0.01)(1.73)(1.74)36.02
201727.780.015.445.45  — — —33.23
201628.80(0.06)(0.96)(1.02)  — — —27.78
Class C (12/06)         
2021(e)17.29(0.03)4.574.54  — — —21.83
202020.33(0.03)(3.01)(3.04)  — — —17.29
201932.87(0.12)(3.73)(3.85)  —(8.69)(8.69)20.33
201830.68(0.32)4.243.92  —(1.73)(1.73)32.87
201725.84(0.22)5.064.84  — — —30.68
201626.98(0.25)(0.89)(1.14)  — — —25.84
Class R3 (09/09)         
2021(e)19.120.025.065.08 (0.01) —(0.01)24.19
202022.390.06(3.31)(3.25) (0.02) —(0.02)19.12
201934.940.01(3.87)(3.86)  —(8.69)(8.69)22.39
201832.35(0.17)4.494.32  —(1.73)(1.73)34.94
201727.11(0.08)5.325.24  — — —32.35
201628.17(0.12)(0.94)(1.06)  — — —27.11
Class R6 (06/16)         
2021(e)20.640.085.485.56 (0.17) —(0.17)26.03
202024.150.21(3.54)(3.33) (0.18) —(0.18)20.64
201936.620.20(3.98)(3.78)  —(8.69)(8.69)24.15
201833.700.064.694.75 (0.10)(1.73)(1.83)36.62
201728.05(0.08)5.735.65  — — —33.70
2016(f)28.05 — — —  — — —28.05
Class I (12/06)         
2021(e)20.490.085.445.52 (0.12) —(0.12)25.89
202023.990.19(3.55)(3.36) (0.14) —(0.14)20.49
201936.500.16(3.98)(3.82)  —(8.69)(8.69)23.99
201833.650.014.674.68 (0.10)(1.73)(1.83)36.50
201728.050.085.525.60  — — —33.65
201629.01  —*(0.96)(0.96)  — — —28.05
68


       
 Ratios/Supplemental Data
  Ratios to Average
Net Assets Before
Waiver/Reimbursement
 Ratios to Average
Net Assets After
Waiver/Reimbursement(c)
 
Total
Return(b)
Ending
Net
Assets
(000)
ExpensesNet
Investment
Income
(Loss)
 ExpensesNet
Investment
Income
(Loss)
Portfolio
Turnover
Rate(d)
        
26.74%$ 2,4441.73%**(0.01)%** 1.31%**0.41%**29%
(14.29)2,5991.85(0.01) 1.310.5458
(6.42)3,1371.73(0.13) 1.310.2954
13.984,5121.53(0.46) 1.31(0.24)49
19.625,5291.43(0.08) 1.310.0388
(3.54)9,6991.42(0.34) 1.31(0.23)49
        
26.266182.48**(0.77)** 2.06**(0.35)**29
(14.95)7632.60(0.73) 2.06(0.19)58
(7.13)1,3742.48(0.90) 2.06(0.47)54
13.123,1942.29(1.22) 2.06(0.99)49
18.733,0782.18(0.87) 2.06(0.74)88
(4.26)2,7242.17(1.09) 2.06(0.98)49
        
26.562061.98**(0.26)** 1.56**0.16**29
(14.52)3042.10(0.23) 1.560.3258
(6.65)5411.98(0.38) 1.560.0454
13.697671.78(0.72) 1.56(0.50)49
19.338741.68(0.39) 1.56(0.26)88
(3.76)6531.68(0.57) 1.56(0.46)49
        
26.9110,5251.45**0.29** 1.03**0.72**29
(13.93)8,7471.430.42 0.880.9658
(6.03)9,6911.320.29 0.900.7254
14.449,6291.13(0.07) 0.890.1749
20.145,8201.05(0.39) 0.90(0.24)88
0.0025 — —  — — —
        
26.8714,4351.48**0.30** 1.06**0.72**29
(14.07)8,4571.600.34 1.060.8958
(6.19)8,8741.480.13 1.060.5554
14.2520,5221.25(0.18) 1.060.0249
19.9644,7501.180.12 1.060.2488
(3.31)40,6241.17(0.09) 1.060.0249
    
(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, when applicable. See Note 7  –  Management Fees and Other Transactions with Affiliates, for more information.
(d)Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4  –  Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
(e)For the six months ended December 31, 2020.
(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.
69


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
TotalEnding
NAV
Class A (12/04)         
2021(e)$33.98$ 0.04$ 9.82$ 9.86 $(0.26)$  —$(0.26)$43.58
202042.970.11(6.36)(6.25) (0.01)(2.73)(2.74)33.98
201955.230.03(7.03)(7.00)  —(5.26)(5.26)42.97
201849.16(0.16)8.348.18  —(2.11)(2.11)55.23
201742.06(0.16)8.628.46  —(1.36)(1.36)49.16
201644.06(0.19)(1.75)(1.94)  —(0.06)(0.06)42.06
Class C (12/04)         
2021(e)29.57(0.09)8.548.45  — — —38.02
202037.99(0.16)(5.53)(5.69)  —(2.73)(2.73)29.57
201949.96(0.28)(6.43)(6.71)  —(5.26)(5.26)37.99
201844.98(0.50)7.597.09  —(2.11)(2.11)49.96
201738.87(0.48)7.957.47  —(1.36)(1.36)44.98
201641.03(0.46)(1.64)(2.10)  —(0.06)(0.06)38.87
Class R3 (09/09)         
2021(e)33.14(0.01)9.589.57 (0.16) —(0.16)42.55
202042.06  —*(6.19)(6.19)  —(2.73)(2.73)33.14
201954.33(0.10)(6.91)(7.01)  —(5.26)(5.26)42.06
201848.51(0.28)8.217.93  —(2.11)(2.11)54.33
201741.62(0.29)8.548.25  —(1.36)(1.36)48.51
201643.71(0.28)(1.75)(2.03)  —(0.06)(0.06)41.62
Class R6 (02/13)         
2021(e)35.660.1510.3310.48 (0.46) —(0.46)45.68
202044.930.28(6.63)(6.35) (0.19)(2.73)(2.92)35.66
201957.240.22(7.27)(7.05)  —(5.26)(5.26)44.93
201850.670.058.638.68  —(2.11)(2.11)57.24
201743.130.048.868.90  —(1.36)(1.36)50.67
201645.00 —*(1.81)(1.81)  —(0.06)(0.06)43.13
Class I (12/04)         
2021(e)35.210.0910.2010.29 (0.36) —(0.36)45.14
202044.430.20(6.57)(6.37) (0.12)(2.73)(2.85)35.21
201956.750.16(7.22)(7.06)  —(5.26)(5.26)44.43
201850.34(0.03)8.558.52  —(2.11)(2.11)56.75
201742.93(0.06)8.838.77  —(1.36)(1.36)50.34
201644.86(0.09)(1.78)(1.87)  —(0.06)(0.06)42.93
70


     
 Ratios/Supplemental Data
  Ratios to Average
Net Assets(c)
 
Total
Return(b)
Ending
Net
Assets
(000)
ExpensesNet
Investment
Income
(Loss)
Portfolio
Turnover
Rate(d)
     
29.01%$ 22,9111.56%**0.19%**37%
(15.95)24,8461.350.2843
(11.47)66,5391.240.0762
16.9482,1611.27(0.31)67
20.1282,5591.30(0.34)57
(4.37)90,6561.38(0.46)39
     
28.587,7952.32**(0.56)**37
(16.58)7,6442.10(0.49)43
(12.14)13,4191.99(0.68)62
16.0521,7232.01(1.05)67
19.2123,2512.05(1.10)57
(5.08)24,8862.13(1.20)39
     
28.862,2101.82**(0.05)**37
(16.15)2,1041.600.0143
(11.68)4,8321.49(0.21)62
16.627,9291.51(0.55)67
19.827,9451.55(0.61)57
(4.61)7,5321.64(0.69)39
     
29.405,7211.00**0.75**37
(15.55)6,3150.910.7043
(11.12)10,8990.860.4662
17.4111,0930.850.1067
20.649,2840.860.0957
(3.99)8,5840.980.0139
     
29.20183,9111.32**0.44**37
(15.75)154,3091.100.5143
(11.26)456,6230.990.3362
17.22642,4771.01(0.05)67
20.43590,0331.05(0.12)57
(4.13)467,8211.13(0.20)39
    
(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 contractual fee waiver/expense reimbursement agreement with the Adviser, but did not receive a fee waiver/expense reimbursement during the periods presented herein. See Note 7 - Management Fees and Other Transactions with Affiliates for more information.
(d)Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4  –  Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
(e)For the six months ended December 31, 2020.
*Rounds to less than $.01 per share.
**Annualized.
See accompanying notes to financial statements.
71


Notes to Financial Statements    
(Unaudited)
1.  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 (the "1940 Act"), 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, 2020, and the period covered by these Notes to Financial Statements is the six months ended December 31, 2020 (the “current fiscal period”).
Investment Adviser and Sub-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.
Share Classes and Sales Charges
Class A Shares are generally sold with an up-front sales charge. 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. 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, Class R6 Shares and Class I Shares are sold without an up-front sales charge.
Other Matters
The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
2.  Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The NAV for financial reporting purposes may differ from the NAV for processing security and shareholder transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing security and shareholder transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
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 each 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.
72


Distributions to Shareholders
Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Foreign Currency Transactions and Translation
The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives 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 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.
As of the end of the reporting period, the following Funds' investments in non-U.S. securities were as follows:
NWQ Global Equity IncomeValue% of
Net Assets
Country:  
Germany$16,974,04911.2%
Japan12,721,6108.4
United Kingdom10,897,5717.2
South Korea8,057,6705.3
China4,939,0813.3
France4,487,3463.0
Belgium3,596,8382.4
Canada3,160,3862.1
Netherlands2,442,4491.6
Other4,280,5812.9
Total non-U.S. securities$71,557,58147.4%
    
NWQ International ValueValue% of
Net Assets
Country:  
Japan$ 29,546,25724.1%
Germany19,738,90216.1
United Kingdom12,216,97110.0
South Korea9,854,0688.0
France9,491,3597.8
Netherlands7,449,6636.1
Switzerland6,717,0255.5
Belgium5,255,8904.3
China4,727,7033.9
Other12,325,52510.1
Total non-U.S. securities$117,323,36395.9%
Indemnifications
Under each Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to each Trust. In addition, in the normal course of business, 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.
73


Notes to Financial Statements (Unaudited) (continued)
Investments and Investment Income
Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or, for certain 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 is recorded on an accrual basis. Securities Lending income is comprised of fees earned from borrowers and income earned on cash collateral investments.
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. 12b-1 distribution and service fees are allocated on a class-specific basis.
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.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivative Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4  –  Portfolio Securities and Investments in Derivatives.
New Accounting Pronouncements and Rule Issuances
Reference Rate Reform
In March 2020, FASB issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The main objective of the new guidance is to provide relief to companies that will be impacted by the expected change in benchmark interest rates at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only changes to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the optional expedients as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the optional expedients, but is currently assessing the impact of the ASU’s adoption to the Funds' financial statements and various filings.
Securities and Exchange Commission (“SEC”) Adopts New Rules to Modernize Fund Valuation Framework
In December 2020, the SEC voted to adopt a new rule governing fund valuation practices. New Rule 2a-5 under the 1940 Act establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 will permit fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotation are not readily available. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC is rescinding previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 will become effective on March 8, 2021, with a compliance date of September 8, 2022. A fund may voluntarily comply with the rules after the effective date, and in advance of the compliance date, under certain conditions. Management is currently assessing the impact of these provisions on the Funds’ financial statements.
3.  Investment Valuation and Fair Value Measurements
The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board. 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. U.S. GAAP establishes the three-tier hierarchy which 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 management’s 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.
74


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).
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their sale price at the official close of business of such market or exchange on the valuation date. Foreign equity securities are valued at the last sale price or official closing price reported on the exchange where traded and converted to U.S. dollars at the prevailing rates of exchange on the date of valuation. To the extent these securities are actively traded and that valuation adjustments are not applied, they are generally classified as Level 1. If there is no official close of business, then the latest available sale price is utilized. If no sales are reported, then the mean of the latest available bid and ask prices is utilized 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 an evaluated price provided by the independent pricing service (“pricing service”) and are generally classified as Level 1 or 2.
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. 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.
For events affecting the value of foreign securities between the time when the exchange on which they are traded closes and the time when the Funds’ net assets are calculated, such securities will be valued at fair value in accordance with procedures adopted by the Board. These foreign securities are generally classified as Level 2.
Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.
Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
Purchased and written options traded and listed on a national market or exchange are valued at the mean of the closing bid and asked prices and are generally classified as Level 1.
Over-the-counter ("OTC") options are marked-to-market daily based upon a price supplied by a pricing service. OTC options are generally classified as Level 2.
Any portfolio security or derivative for which market quotations are not readily available or for which the above valuation procedures are deemed not to reflect fair value are valued at fair value, as determined in good faith using procedures approved by the Board. 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. To the extent the inputs are observable and timely, the values would be classified as Level 2 of the fair value hierarchy; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds' investments as of the end of the reporting period, based on the inputs used to value them:
NWQ Global Equity IncomeLevel 1Level 2Level 3Total
Long-Term Investments*:    
Common Stocks$76,881,733$63,158,620**$ —$140,040,353
Convertible Preferred Securities6,763,577 — —6,763,577
Structured Notes —2,841,505 —2,841,505
Total$83,645,310$66,000,125$ —$149,645,435
    
75


Notes to Financial Statements (Unaudited) (continued)
NWQ International ValueLevel 1Level 2Level 3Total
Long-Term Investments*:    
Common Stocks$21,965,316$99,680,055**$ —$121,645,371
Investments Purchased with Collateral from Securities Lending8,908,748 — —8,908,748
Total$30,874,064$99,680,055$ —$130,554,119