Nuveen Investment Trust II
|
|
|
|
|
|
|
|
Mutual
Funds |
|
31
October 2023 |
|
|
|
|
|
|
|
Fund
Name |
|
Class
A |
Class
C |
Class
R6 |
Class
I |
Nuveen
Global Equity Income Fund |
|
NQGAX |
NQGCX |
— |
NQGIX |
Nuveen
International Value Fund |
|
NAIGX |
NCIGX |
— |
NGRRX |
Nuveen
Multi Cap Value Fund |
|
NQVAX |
NQVCX |
— |
NQVRX |
Nuveen
Large Cap Value Fund |
|
NQCAX |
NQCCX |
— |
NQCRX |
Nuveen
Small/Mid Cap Value Fund |
|
NSMAX |
NSMCX |
NWQFX |
NSMRX |
Nuveen
Small Cap Value Opportunities Fund |
|
NSCAX |
NSCCX |
NSCFX |
NSCRX |
|
The
Securities and Exchange Commission has not approved or disapproved these
securities or passed upon the adequacy of this prospectus. Any
representation to the contrary is a criminal offense. |
Prospectus |
|
|
|
|
|
|
|
Section
1 Fund
Summaries
Section
2 How
We Manage Your Money
Section
3 How You
Can Buy and Sell Shares
Section
4 General
Information
Section
5 Financial
Highlights
Appendix—Variations
in Sales Charge Reductions and Waivers
Available Through Certain Intermediaries A-1 |
|
|
|
NOT
FDIC OR GOVERNMENT INSURED MAY
LOSE VALUE NO
BANK GUARANTEE |
Section
1
Fund Summaries
Nuveen
Global Equity Income Fund
Investment
Objective
The
investment objective of the Fund is to provide high current income and long-term
capital appreciation.
Fees
and Expenses of the Fund
The
following tables describe the fees and expenses that you may pay if you buy,
hold and sell shares of the Fund. You may qualify for sales charge discounts if
you and your family invest, or agree to invest in the future, at least $50,000
in the Fund or in other Nuveen Mutual Funds. More information about these and
other discounts, as well as eligibility requirements for each share class, is
available from your financial advisor and in “How You Can Buy and Sell Shares”
on page 53 of the Fund’s prospectus and “Purchase and Redemption of Fund Shares”
on page S-75 of the Fund’s statement of additional information. In addition,
more information about sales charge discounts and waivers for purchases of
shares through specific financial intermediaries is set forth in the appendix to
the Fund’s prospectus entitled “Variations in Sales Charge Reductions and
Waivers Available Through Certain Intermediaries.”
The
tables and examples below do not reflect any commissions that shareholders may
be required to pay directly to their financial intermediaries when buying or
selling Class I shares.
Shareholder
Fees
(fees
paid directly from your investment)
|
|
|
|
|
|
|
|
|
|
|
|
Class
A |
|
Class
C |
|
Class
I |
|
Maximum
Sales Charge (Load) Imposed on Purchases (as
a percentage of offering price) |
|
|
5.75% |
|
None |
|
None |
|
Maximum
Deferred Sales Charge (Load) (as
a percentage of the lesser of purchase price or redemption
proceeds)1 |
|
|
None |
|
1.00% |
|
None |
|
Maximum
Sales Charge (Load) Imposed on Reinvested Dividends |
|
|
None |
|
None |
|
None |
|
Exchange
Fee |
|
|
None |
|
None |
|
None |
|
Annual
Low Balance Account Fee (for accounts under $1,000)2 |
|
|
$15 |
|
$15 |
|
$15 |
|
Annual
Fund Operating Expenses
(expenses
that you pay each year as a percentage of the value of your investment)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A |
|
Class
C |
|
Class
I |
|
Management
Fees |
|
|
|
|
0.71 |
% |
|
0.71 |
% |
|
0.71 |
% |
Distribution
and/or Service (12b-1) Fees |
|
|
|
|
0.25 |
% |
|
1.00 |
% |
|
0.00 |
% |
Other
Expenses |
|
|
|
|
0.32 |
% |
|
0.32 |
% |
|
0.32 |
% |
Total
Annual Fund Operating Expenses |
|
|
|
|
1.28 |
% |
|
2.03 |
% |
|
1.03 |
% |
Fee
Waivers and/or Expense Reimbursements3 |
|
|
|
|
(0.17 |
)% |
|
(0.17 |
)% |
|
(0.17 |
)% |
Total
Annual Fund Operating Expenses After Fee Waivers and/or Expense
Reimbursements |
|
|
|
|
1.11 |
% |
|
1.86 |
% |
|
0.86 |
% |
1 The
contingent deferred sales charge on Class C shares applies only to redemptions
within 12 months of purchase.
2 Fee
applies to the following types of accounts under $1,000 held directly with the
Fund: individual retirement accounts (IRAs), Coverdell Education Savings
Accounts and accounts established pursuant to the Uniform Transfers to Minors
Act (UTMA) or Uniform Gifts to Minors Act (UGMA).
3 The
Fund’s investment adviser has agreed to waive fees and/or reimburse expenses
through July 31, 2025 so that the total annual operating expenses of the Fund
(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 July 31, 2025 only with the approval of
the Board of Trustees of the Fund.
Example
The
following example is intended to help you compare the cost of investing in the
Fund with the cost of investing in other mutual funds. The example assumes that
you invest $10,000 in the Fund for the time periods indicated and then either
redeem or do not redeem your shares at the end of a period. The example also
assumes that your investment has a 5% return each year, that the Fund’s
operating expenses remain the same and that the fee waivers currently in place
are not renewed beyond July 31, 2025. Although your actual costs may be higher
or lower, based on these assumptions your costs would be:
|
|
2 |
Section
1
Fund Summaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A |
|
Class
C |
|
Class
I |
|
1
Year |
|
|
|
$ |
682 |
|
$ |
189 |
|
$ |
88 |
|
3
Years |
|
|
|
$ |
929 |
|
$ |
607 |
|
$ |
298 |
|
5
Years |
|
|
|
$ |
1,209 |
|
$ |
1,065 |
|
$ |
539 |
|
10
Years |
|
|
|
$ |
2,006 |
|
$ |
2,334 |
|
$ |
1,232 |
|
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was 29%
of the average value of its portfolio.
Principal
Investment Strategies
The
Fund will generally focus its investments on income producing securities. Under
normal market conditions, the Fund will invest at least 80% of the sum of its
net assets and the amount of any borrowings for investment purposes in equity
securities, including common stock and preferred securities, certain debt
securities convertible into common stock or preferred securities, and other
securities with equity characteristics.
Up
to 20% of the Fund’s net assets may be invested in debt securities, including
corporate debt securities and U.S. government and agency debt securities. The
Fund may invest up to 10% of its net assets in below-investment-grade debt
securities, commonly referred to as “high yield” securities or “junk”
bonds.
The
Fund may write covered call options in order to generate additional
income.
The
Fund may invest in securities of issuers located anywhere in the world. The
minimum portion of the Fund’s net assets invested in non-U.S. securities floats
based on the portion of the Fund’s benchmark (the MSCI World Value Index) that
is composed of non-U.S. securities. Under normal market conditions, the minimum
portion of the Fund’s net assets (plus the amount of any borrowings for
investment purposes) invested in non-U.S. securities will be 80% of the MSCI
World Value Index’s non-U.S. assets, calculated on a daily basis. During periods
of unfavorable market conditions, the minimum portion of the Fund’s net assets
invested in non-U.S. securities will be reduced to 50% of the MSCI World Value
Index’s non-U.S. assets. The Fund will invest in securities of companies
representing at least three different countries (one of which may be the United
States). The Fund may invest up to 20% of its net assets in securities of
companies located in emerging markets. The Fund may invest in securities issued
by companies of any market capitalization, including small- and
mid-capitalization companies.
The
Fund may utilize the following derivatives: currency options, currency futures
and options on such futures, and currency forwards. The Fund may use these
derivatives in an attempt to manage market or business risk, enhance the Fund’s
return, or hedge against adverse movements in currency exchange rates.
The
Fund’s sub-adviser employs a rigorous, bottom-up research-focused investment
process that seeks to identify undervalued companies with positive risk/reward
characteristics it believes will be present over an extended time, regardless of
interim fluctuations. The sub-adviser may choose to sell securities or reduce
positions if it feels that a company no longer possesses favorable risk/reward
characteristics, attractive valuations or a catalyst, or if a company suspends
or is projected to suspend its dividend or interest payments.
Principal
Risks
The
value of your investment in this Fund will change daily. You could lose money by
investing in the Fund. An investment in the Fund is not a deposit of a bank and
is not insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency. The principal risks of investing in the Fund listed
below are presented alphabetically to facilitate your ability to find particular
risks and compare them with the risks of other funds. The significance of any
specific risk to an investment in the Fund will vary over time depending on the
composition of the Fund’s portfolio, market conditions and other factors. Each
risk summarized below is considered a "principal risk" of investing in the Fund,
regardless of the order in which it appears.
Active
Management Risk—The
Fund’s sub-adviser actively manages the Fund’s investments. Consequently, the
Fund is subject to the risk that the investment techniques and risk analyses
employed by the Fund’s sub-adviser may not produce the desired results. This
could cause the Fund to lose value or its investment results to lag relevant
benchmarks or other funds with similar objectives.
|
|
Section
1
Fund Summaries |
3 |
Call
Risk—If,
during periods of falling interest rates, an issuer exercises its right to
prepay principal on its higher-yielding debt securities held by the Fund, the
Fund may have to reinvest in securities with lower yields or higher risk of
default, which may adversely impact the Fund’s performance.
Convertible
Security Risk—Convertible
securities are subject to certain risks of both equity and debt securities. The
value of convertible securities may decline in response to such factors as
rising interest rates and fluctuations in the market price of the common stock
underlying the convertible securities.
Covered
Call Risk—Covered
call risk includes the risk that the Fund, as a writer of covered call options,
will forgo during an option’s life the opportunity to profit from increases in
the market value of the security covering the call option.
Credit
Risk—Credit
risk is the risk that an issuer or other obligated party of a security may be,
or perceived (whether by market participants, rating agencies, pricing services
or otherwise) to be, unable or unwilling to make dividend, interest and
principal payments when due and the related risk that the value of a security
may decline because of concerns about the issuer’s ability or willingness to
make such payments.
Credit
Spread Risk—Credit
spread risk is the risk that credit spreads (i.e., the difference in yield
between securities that is due to differences in their credit quality) may
increase when the market believes that bonds generally have a greater risk of
default. Increasing credit spreads may reduce the market values of the Fund’s
debt securities. Credit spreads often increase more for lower rated and unrated
securities than for investment grade securities. In addition, when credit
spreads increase, reductions in market value will generally be greater for
longer-maturity securities.
Currency
Risk—Changes
in currency exchange rates will affect the value of non-U.S. securities, the
value of dividends and interest earned from such securities, gains and losses
realized on the sale of such securities, and derivative transactions tied to
such securities. A strong U.S. dollar relative to these other currencies will
adversely affect the value of the Fund’s portfolio.
Cybersecurity
Risk—Cybersecurity
risk is the risk of an unauthorized breach and access to Fund assets, customer
data (including private shareholder information), or proprietary information, or
the risk of an incident occurring that causes the Fund, its investment adviser
or sub-adviser, custodian, transfer agent, distributor or other service
provider, a financial intermediary or the issuers of securities held by the Fund
to suffer a data breach, data corruption or lose operational functionality.
Successful cyber-attacks or other cyber-failures or events affecting the Fund,
its service providers or the issuers of securities held by the Fund may
adversely impact the Fund or its shareholders. Additionally, a cybersecurity
breach could affect the issuers in which the Fund invests, which may cause the
Fund’s investments to lose value.
Derivatives
Risk—The
use of derivatives involves additional risks and transaction costs which could
leave the Fund in a worse position than if it had not used these instruments.
Derivative instruments can be used to acquire or to transfer the risk and
returns of a security or other asset without buying or selling the security or
asset, and the risks associated with investing in such derivatives may be
different and greater than the risks associated with directly investing in the
underlying securities and other instruments, including leverage risk, market
risk, counterparty risk, liquidity risk, operational risk and legal risk. These
instruments may entail investment exposures that are greater than their cost
would suggest. As a result, a small investment in derivatives can result in
losses that greatly exceed the original investment. Derivatives can be highly
volatile, illiquid and difficult to value. An over-the-counter derivative
transaction between the Fund and a counterparty that is not cleared through a
central counterparty also involves the risk that a loss may be sustained as a
result of the failure of the counterparty to the contract to make required
payments. The payment obligation for a cleared derivative transaction is
guaranteed by a central counterparty, which exposes the Fund to the
creditworthiness of the central counterparty.
Dividend-Paying
Security Risk—The
Fund’s investment in dividend-paying securities could cause the Fund to
underperform similar funds that invest without consideration of a company’s
track record of paying dividends. Securities of companies with a history of
paying dividends may not participate in a broad market advance to the same
degree as most other securities, and a sharp rise in interest rates or economic
downturn could cause a company to unexpectedly reduce or eliminate its dividend.
There is no guarantee that the issuers of the securities held by the Fund will
declare dividends in the future or that, if declared, they will remain at their
current levels or increase over time.
Emerging
Markets Risk—The
risk of foreign investment often increases in countries with emerging markets or
that are otherwise economically tied to emerging market countries. For example,
these countries may have more unstable governments than developed countries and
their economies may be based on only a few industries. Emerging market countries
may also have less stringent regulation of accounting, auditing, financial
reporting and recordkeeping requirements, which would affect the Fund’s ability
to evaluate potential portfolio companies. As a result, there could be less
information about issuers in emerging market countries, which could negatively
affect the ability of the Fund’s sub-adviser to evaluate local companies or
their potential impact on the Fund’s performance. Because their financial
markets
|
|
4 |
Section
1
Fund Summaries |
may
be very small, prices of financial instruments in emerging market countries may
be volatile and difficult to determine. Financial instruments of issuers in
these countries may have lower overall liquidity than those of issuers in more
developed countries. In addition, foreign investors such as the Fund are subject
to a variety of special restrictions in many emerging market countries.
Shareholder claims and regulatory actions that are available in the U.S. may be
difficult or impossible to pursue in emerging market countries.
Equity
Security Risk—Equity
securities in the Fund’s portfolio may decline significantly in price over short
or extended periods of time, and such declines may occur because of declines in
the equity market as a whole, or because of declines in only a particular
country, company, industry, or sector of the market. From time to time, the Fund
may invest a significant portion of its assets in companies in one or more
related sectors or industries which would make the Fund more vulnerable to
adverse developments affecting such sectors or industries.
Financial
Services Sector Risk—The
Fund currently invests a significant portion of its assets in the financial
services sector, although this may change over time. Financial services
companies are particularly sensitive to the adverse effects of economic
recession; changes in government regulation; the availability of capital;
volatile interest rates; and the health of the commercial and residential real
estate markets.
Foreign
Investment Risk—Non-U.S.
issuers or U.S. issuers with significant non-U.S. operations may be subject to
risks in addition to those of issuers located in or that principally operate in
the United States as a result of, among other things, political, social and
economic developments abroad, as well as armed conflicts and different legal,
regulatory and tax environments. Foreign investments may also have lower
liquidity and be more difficult to value than investments in U.S. issuers. To
the extent the Fund invests a significant portion of its assets in the
securities of companies in a single country or region, it may be more
susceptible to adverse conditions affecting that country or region. Foreign
investments may also be subject to risk of loss because of more or less foreign
government regulation, less public information, less stringent investor
protections and less stringent accounting, corporate governance, financial
reporting and disclosure standards.
High
Yield Securities Risk—High
yield securities, which are rated below investment grade and commonly referred
to as “junk” bonds, and unrated securities of comparable quality are high risk
investments that may cause income and principal losses for the Fund. They
generally are considered to be speculative with respect to the ability to pay
interest and repay principal, have greater credit risk, are less liquid, are
more likely to experience a default and have more volatile prices than
investment grade securities.
Income
Risk—The
Fund's income could decline during periods of falling interest rates or when the
Fund experiences defaults on debt securities or defaults or deferrals on
preferred securities it holds.
Interest
Rate Risk—Interest
rate risk is the risk that the value of the Fund’s fixed-rate securities will
decline because of rising interest rates. Changing interest rates may have
unpredictable effects on markets, result in heightened market volatility and
detract from the Fund’s performance to the extent that it is exposed to such
interest rates. Fixed-rate securities may be subject to a greater risk of rising
interest rates than would normally be the case due to the effect of potential
government fiscal policy initiatives and resulting market reaction to those
initiatives. Higher periods of inflation could lead to government fiscal
policies which raise interest rates. When interest rates change, the values of
longer-duration fixed-rate securities usually change more than the values of
shorter-duration fixed-rate securities. Conversely, fixed-rate securities with
shorter durations or maturities will be less volatile but may provide lower
returns than fixed-rate securities with longer durations or maturities. Rising
interest rates also may lengthen the duration of securities with call features,
since exercise of the call becomes less likely as interest rates rise, which in
turn will make the securities more sensitive to changes in interest rates and
result in even steeper price declines in the event of further interest rate
increases. The Fund is also subject to the risk that the income generated by its
investments may not keep pace with inflation.
Market
Risk—The
market value of the Fund’s investments may go up or down, sometimes rapidly or
unpredictably and for short or extended periods of time, due to the particular
circumstances of individual issuers or due to general conditions impacting
issuers more broadly. Global economies and financial markets have become highly
interconnected, and thus economic, market or political conditions or events in
one country or region might adversely impact the value of the Fund’s investments
whether or not the Fund invests in such country or region. Events such as war,
terrorism, natural and environmental disasters and the spread of infectious
illnesses or other public health emergencies may have a severe negative impact
on the global economy, could cause financial markets to experience extreme
volatility and losses, and could result in the disruption of trading and the
reduction of liquidity in many instruments. Additionally, as inflation
increases, the value of the Fund’s assets can decline.
|
|
Section
1
Fund Summaries |
5 |
Market
Liquidity Risk—Reductions
in trading activity or dealer inventories of securities such as bonds and
preferred securities, which provide an indication of the ability of financial
intermediaries to “make markets” in those securities, have the potential to
decrease liquidity and increase price volatility in the markets in which the
Fund invests, particularly during periods of economic or market stress. In
addition, federal banking regulations may cause certain dealers to reduce their
inventories of securities, which may further decrease the Fund’s ability to buy
or sell securities. As a result of this decreased liquidity, the Fund may have
to accept a lower price to sell a security, sell other securities to raise cash,
or give up an investment opportunity, any of which could have a negative effect
on performance. If the Fund needed to sell large blocks of securities to meet
shareholder redemption requests or to raise cash, those sales could further
reduce the securities’ prices and hurt performance.
Preferred
Security Risk—Preferred
securities generally are subordinated to bonds and other debt instruments in a
company’s capital structure and therefore will be subject to greater credit risk
than those debt instruments. In addition, preferred securities are subject to
other risks, such as having no or limited voting rights, being subject to
special redemption rights, having distributions deferred or skipped, having
floating interest rates or dividends, which may result in a decline in value in
a falling interest rate environment, having fixed interest rates or dividends,
which may result in a decline in value in a rising interest rate environment,
having limited liquidity, changing or unfavorable tax treatments and possibly
being issued by companies in heavily regulated industries.
Small-
and Mid-Cap Company Risk—Securities
of small-cap companies involve substantial risk. Prices of small-cap securities
may be subject to more abrupt or erratic movements, and to wider fluctuations
and lower liquidity, than security prices of larger, more established companies
or broader market averages in general. It may be difficult to sell small-cap
securities at the desired time and price. While mid-cap securities may be
slightly less volatile than small-cap securities, they still involve similar
risks.
U.S.
Government Securities Risk—U.S.
government securities are guaranteed only as to the timely payment of interest
and the payment of principal when held to maturity. Accordingly, the current
market values for these securities will fluctuate with changes in interest
rates. Securities issued or guaranteed by U.S. government agencies and
instrumentalities are supported by varying degrees of credit but generally are
not backed by the full faith and credit of the U.S. government. No assurance can
be given that the U.S. government will provide financial support to its agencies
and instrumentalities if it is not obligated by law to do so.
Valuation
Risk—The
debt securities in which the Fund invests typically are valued by a pricing
service utilizing a range of market-based inputs and assumptions, including
price quotations obtained from broker-dealers making markets in such
instruments, cash flows and transactions for comparable instruments. There is no
assurance that the Fund will be able to buy or sell a portfolio security at the
price established by the pricing service, which could result in a gain or loss
to the Fund. Pricing services generally price debt securities assuming orderly
transactions of an institutional “round lot” size, but some trades may occur in
smaller, “odd lot” sizes, often at lower prices than institutional round lot
trades. Over certain time periods, such differences could materially impact the
performance of the Fund, which may not be sustainable. Alternative pricing
services may incorporate different assumptions and inputs into their valuation
methodologies, potentially resulting in different values for the same
securities. As a result, if the Fund were to change pricing services, or if the
Fund’s pricing service were to change its valuation methodology, there could be
a material impact, either positive or negative, on the Fund’s net asset
value.
Value
Stock Risk—Value
stocks are securities of companies that typically trade at a perceived discount
to their intrinsic value and at valuation discounts relative to companies in the
same industry. Value stocks often times are also in sectors that trade at a
discount to the broader market. The reasons for their discount may vary greatly,
but some examples may include adverse business, industry or other developments
that may cause the company to be subject to special risks. The intrinsic value
of a stock with value characteristics may be difficult to identify and may not
be fully recognized by the market for a long time or a stock identified to be
undervalued may actually be appropriately priced at a low level.
Fund
Performance
The
following bar chart and table provide some indication of the potential risks of
investing in the Fund. The
Fund’s performance information prior to December 13, 2013 reflects the Fund’s
performance using investment strategies that differed significantly from those
currently in place.
In view of these changes, the Fund’s performance record prior to this date might
be less pertinent for investors considering whether to purchase shares of the
Fund. The Fund’s past performance (before and after taxes) is not necessarily an
indication of how the Fund will perform in the future. Updated performance
information is available at www.nuveen.com/performance or by calling (800)
257-8787.
|
|
6 |
Section
1
Fund Summaries |
The
bar chart below shows the variability of the Fund’s performance from year to
year for Class A shares. The bar chart and highest/lowest quarterly returns that
follow do not reflect sales charges, and if these charges were reflected, the
returns would be less than those shown.
|
Class
A Annual Total Return* |
*Class
A year-to-date total return as of September 30, 2023 was 4.31%. The
performance of the other share classes will differ due to their different
expense structures.
During
the ten-year period ended December 31, 2022, the Fund’s highest and lowest
quarterly returns were 16.05%
and
-27.59%, respectively, for the quarters ended June 30, 2020 and March 31,
2020.
The
table below shows the variability of the Fund’s average annual returns and how
they compare over the time periods indicated with those of a broad measure of
market performance and an index of funds with similar investment objectives. All
after-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes. After-tax returns are shown for Class A shares only; after-tax returns
for other share classes will vary. Your own actual after-tax returns will depend
on your specific tax situation and may differ from what is shown here. After-tax
returns are not relevant to investors who hold Fund shares in tax-deferred
accounts such as IRAs or employer-sponsored retirement plans.
Both
the bar chart and the table assume that all distributions have been reinvested.
Performance reflects fee waivers, if any, in effect during the periods
presented. If any such waivers had not been in place, returns would have been
reduced.
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Annual Total Returns |
|
|
for
the Periods Ended |
|
|
December
31, 2022 |
|
|
1
Year |
5
Years |
10
Years |
Class
A (return before taxes) |
|
(14.75 |
)% |
|
2.22 |
% |
|
6.44 |
% |
Class
A (return after taxes on distributions) |
|
(15.96 |
)% |
|
1.37 |
% |
|
5.46 |
% |
Class
A (return after taxes on distributions and sale of Fund shares) |
|
(8.29 |
)% |
|
1.68 |
% |
|
5.03 |
% |
Class
C (return before taxes) |
|
(10.22 |
)% |
|
2.66 |
% |
|
6.44 |
% |
Class
I (return before taxes) |
|
(9.28 |
)% |
|
3.70 |
% |
|
7.35 |
% |
MSCI
World Value Index (Net Return)1 |
|
|
|
|
|
|
|
|
|
(reflects
reinvested dividends net of withholding taxes but reflects no deduction
for fees, expenses or other taxes) |
|
(6.52 |
)% |
|
4.12 |
% |
|
7.24 |
% |
Lipper
Global Equity Income Funds Category Average2 |
|
|
|
|
|
|
|
|
|
(reflects
no deduction for taxes or sales loads) |
|
(9.21 |
)% |
|
3.92 |
% |
|
6.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
An
index designed to measure the performance of large and mid-cap securities
exhibiting overall value style characteristics across 23 developed market
countries. |
2 |
Represents
the average annualized total return for all reporting funds in the Lipper
Global Equity Income Funds Category. |
|
|
Section
1
Fund Summaries |
7 |
Management
Investment
Adviser
Nuveen
Fund Advisors, LLC
Sub-Adviser
Nuveen
Asset Management, LLC
Portfolio
Managers
|
|
|
Name |
Title |
Portfolio
Manager of Fund Since |
James
T. Stephenson, CFA |
Managing
Director |
March
2012 |
Thomas
J. Ray, CFA |
Managing
Director |
February
2016 |
Peter
Boardman |
Managing
Director |
July
2022 |
Purchase
and Sale of Fund Shares
You
may purchase, redeem or exchange shares of the Fund on any business day through
a financial advisor or other financial intermediary. The Fund’s initial and
subsequent investment minimums generally are as follows, although certain
financial intermediaries may impose their own investment minimums and the Fund
may reduce or waive the minimums in some cases:
|
|
|
|
Class
A and Class C |
Class
I |
Eligibility
and Minimum
Initial Investment |
$3,000
for all accounts except:
• $2,500
for Traditional/ Roth
IRA accounts.
• $2,000
for Coverdell Education
Savings Accounts.
• $250
for accounts opened through fee-based programs.
• No
minimum for retirement plans. |
Available
only through fee-based programs and certain retirement plans, and to other
limited categories of investors as described in the prospectus.
$100,000
for all accounts except:
• $250
for clients of financial intermediaries and family offices that have
accounts holding Class I shares with an aggregate value of at least
$100,000 (or that are expected to reach this level).
• No
minimum for eligible retirement plans and certain other categories of
eligible investors as described in the prospectus. |
Minimum Additional Investment |
$100 |
No
minimum. |
Tax
Information
The
Fund’s distributions are taxable and will generally be taxed as ordinary income
or capital gains, unless you are investing through a tax-deferred account, such
as an IRA or 401(k) plan (in which case you may be taxed upon withdrawal of your
investment from such account).
Payments
to Broker-Dealers and Other Financial Intermediaries
If
you purchase shares of the Fund through a broker-dealer or other financial
intermediary (such as a bank or financial advisor), the Fund, its distributor or
its investment adviser may pay the intermediary for the sale of Fund shares and
related services. These payments may create a conflict of interest by
influencing the broker-dealer or other financial intermediary and your
salesperson to recommend the Fund over another investment. Ask your financial
advisor or visit your financial intermediary’s website for more
information.
|
|
8 |
Section
1
Fund Summaries |
Nuveen
International Value Fund
Investment
Objective
The
investment objective of the Fund is to seek long-term capital
appreciation.
Fees
and Expenses of the Fund
The
following tables describe the fees and expenses that you may pay if you buy,
hold and sell shares of the Fund. You may qualify for sales charge discounts
if you and your family invest, or agree to invest in the future, at least
$50,000 in the Fund or in other Nuveen Mutual
Funds. More information about these and other discounts, as well
as eligibility requirements for each share class, is available from your
financial advisor and in “How You Can Buy and Sell Shares” on page 53 of the
Fund’s prospectus and “Purchase and Redemption of Fund Shares” on page S-62 of
the Fund’s statement of additional information. In addition, more information
about sales charge discounts and waivers for purchases of shares through
specific financial intermediaries is set forth in the appendix to the Fund’s
prospectus entitled “Variations in Sales Charge Reductions and Waivers Available
Through Certain Intermediaries.”
The
tables and examples below do not reflect any commissions that shareholders may
be required to pay directly to their financial intermediaries when buying or
selling Class I shares.
Shareholder
Fees
(fees
paid directly from your investment)
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
| |
|
|
|
Class
A |
|
Class
C |
|
Class
I |
|
Maximum
Sales Charge (Load) Imposed on Purchases (as
a percentage of offering price) |
|
|
5.75% |
|
None |
|
None |
|
Maximum
Deferred Sales Charge (Load) (as
a percentage of the lesser of purchase price or redemption
proceeds)1 |
|
|
None |
|
1.00% |
|
None |
|
Maximum
Sales Charge (Load) Imposed on Reinvested Dividends |
|
|
None |
|
None |
|
None |
|
Exchange
Fee |
|
|
None |
|
None |
|
None |
|
Annual
Low Balance Account Fee (for accounts under $1,000)2 |
|
|
$15 |
|
$15 |
|
$15 |
|
Annual
Fund Operating Expenses
(expenses
that you pay each year as a percentage of the value of your
investment)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Class
A |
|
Class
C |
|
Class
I |
|
Management
Fees |
|
|
|
|
0.71 |
% |
|
0.71 |
% |
|
0.71 |
% |
Distribution
and/or Service (12b-1) Fees |
|
|
|
|
0.25 |
% |
|
1.00 |
% |
|
0.00 |
% |
Other
Expenses |
|
|
|
|
0.37 |
% |
|
0.37 |
% |
|
0.37 |
% |
Total
Annual Fund Operating Expenses |
|
|
|
|
1.33 |
% |
|
2.08 |
% |
|
1.08 |
% |
Fee
Waivers and/or Expense Reimbursements3 |
|
|
|
|
(0.18 |
)% |
|
(0.18 |
)% |
|
(0.18 |
)% |
Total
Annual Fund Operating Expenses After Fee Waivers and/or Expense
Reimbursements |
|
|
|
|
1.15 |
% |
|
1.90 |
% |
|
0.90 |
% |
1 The contingent deferred sales charge on Class
C shares applies only to redemptions within 12 months of
purchase.
2 Fee applies to the following types of accounts
under $1,000 held directly with the Fund: individual retirement accounts (IRAs),
Coverdell Education Savings Accounts and accounts established pursuant to the
Uniform Transfers to Minors Act (UTMA) or Uniform Gifts to Minors Act
(UGMA).
3 The Fund’s investment adviser has agreed to
waive fees and/or reimburse expenses through July 31, 2025 so that the total
annual operating expenses of the Fund (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
July 31,
2025 only with the approval of the Board of Trustees of the
Fund.
Example
The
following example is intended to help you compare the cost of investing in the
Fund with the cost of investing in other mutual funds. The example assumes that
you invest $10,000 in the Fund for the time periods indicated and then either
redeem or do not redeem your shares at the end of a period. The example also
assumes that your investment has a 5% return each year, that the Fund’s
operating expenses remain the same and that the fee waivers currently in place
are not renewed beyond July 31, 2025. Although your actual costs may be higher
or lower, based on these assumptions your costs would
be:
| |
Section
1
Fund Summaries |
9 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
Class
A |
|
Class
C |
|
Class
I |
|
1
Year |
|
|
|
$ |
685 |
|
$ |
193 |
|
$ |
92 |
|
3
Years |
|
|
|
$ |
942 |
|
$ |
621 |
|
$ |
312 |
|
5
Years |
|
|
|
$ |
1,233 |
|
$ |
1,089 |
|
$ |
564 |
|
10
Years |
|
|
|
$ |
2,058 |
|
$ |
2,385 |
|
$ |
1,288 |
|
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was
18% of the average value of its
portfolio.
Principal
Investment Strategies
Under
normal market conditions, the Fund invests at least 80% of its net assets in
non-U.S. equity securities. The Fund may invest in equity securities issued by
companies with small, mid and large capitalizations. The Fund may invest up to
20% of its net assets in equity securities of companies located in emerging
market countries. No more than 35% of the Fund’s net assets may be invested in
equity securities of companies located in a single non-U.S. country. In
selecting securities, the Fund’s sub-adviser seeks to invest in businesses at
attractive valuations through a disciplined, consistent research process. The
Fund’s investment strategy is not designed to track the performance of any
specific benchmark.
Principal
Risks
The value of your investment in this Fund will change daily. You
could lose money by investing in the Fund. An investment in the Fund is not a deposit
of a bank and is not insured or guaranteed by the Federal Deposit Insurance
Corporation or any other government agency. The principal risks
of investing in the Fund listed below are presented alphabetically to facilitate
your ability to find particular risks and compare them with the risks of other
funds. The significance of any specific risk to an investment in the Fund will
vary over time depending on the composition of the Fund’s portfolio, market
conditions and other factors. Each risk summarized below is considered a
"principal risk" of investing in the Fund, regardless of the order in which it
appears.
Active
Management Risk—The
Fund’s sub-adviser actively manages the Fund’s investments. Consequently, the
Fund is subject to the risk that the investment techniques and risk analyses
employed by the Fund’s sub-adviser may not produce the desired results. This
could cause the Fund to lose value or its investment results to lag relevant
benchmarks or other funds with similar
objectives.
Currency
Risk—Changes
in currency exchange rates will affect the value of non-U.S. securities, the
value of dividends and interest earned from such securities, and gains and
losses realized on the sale of such securities. A strong U.S. dollar relative to
these other currencies will adversely affect the value of the Fund’s
portfolio.
Cybersecurity
Risk—Cybersecurity
risk is the risk of an unauthorized breach and access to Fund assets, customer
data (including private shareholder information), or proprietary information, or
the risk of an incident occurring that causes the Fund, its investment adviser
or sub-adviser, custodian, transfer agent, distributor or other service
provider, a financial intermediary or the issuers of securities held by the Fund
to suffer a data breach, data corruption or lose operational functionality.
Successful cyber-attacks or other cyber-failures or events affecting the Fund,
its service providers or the issuers of securities held by the Fund may
adversely impact the Fund or its shareholders. Additionally, a cybersecurity
breach could affect the issuers in which the Fund invests, which may cause the
Fund’s investments to lose
value.
Emerging
Markets Risk—The
risk of foreign investment often increases in countries with emerging markets or
that are otherwise economically tied to emerging market countries. For example,
these countries may have more unstable governments than developed countries and
their economies may be based on only a few industries. Emerging market countries
may also have less stringent regulation of accounting, auditing, financial
reporting and recordkeeping requirements, which would affect the Fund’s ability
to evaluate potential portfolio companies. As a result, there could be less
information about issuers in emerging market countries, which could negatively
affect the ability of the Fund’s sub-adviser to evaluate local companies or
their potential impact on the Fund’s performance. Because their financial
markets may be very small, prices of financial instruments in emerging market
countries may be volatile and difficult to determine. Financial instruments of
issuers in these countries may have lower overall liquidity than those of
issuers in more developed countries. In addition, foreign investors such as the
Fund are subject to a variety of special restrictions in many emerging market
countries. Shareholder claims and regulatory actions that are available in the
U.S. may be difficult or impossible to pursue in emerging market
countries.
| |
10 |
Section
1
Fund Summaries |
Equity
Security Risk—Equity
securities in the Fund’s portfolio may decline significantly in price over short
or extended periods of time, and such declines may occur because of declines in
the equity market as a whole, or because of declines in only a particular
country, company, industry, or sector of the market. From time to time, the Fund
may invest a significant portion of its assets in companies in one or more
related sectors or industries which would make the Fund more vulnerable to
adverse developments affecting such sectors or
industries.
Financial
Services Sector Risk—The
Fund currently invests a significant portion of its assets in the financial
services sector, although this may change over time. Financial services
companies are particularly sensitive to the adverse effects of economic
recession; changes in government regulation; the availability of capital;
volatile interest rates; and the health of the commercial and residential real
estate markets.
Foreign
Investment Risk—Non-U.S.
issuers or U.S. issuers with significant non-U.S. operations may be subject to
risks in addition to those of issuers located in or that principally operate in
the United States as a result of, among other things, political, social and
economic developments abroad, as well as armed conflicts and different legal,
regulatory and tax environments. Foreign investments may also have lower
liquidity and be more difficult to value than investments in U.S. issuers. To
the extent the Fund invests a significant portion of its assets in the
securities of companies in a single country or region, it may be more
susceptible to adverse conditions affecting that country or region. Foreign
investments may also be subject to risk of loss because of more or less foreign
government regulation, less public information, less stringent investor
protections and less stringent accounting, corporate governance, financial
reporting and disclosure standards. The Fund currently invests a significant
portion of its assets in companies located in Japan, although this may change
over time.
Market
Risk—The
market value of the Fund’s investments may go up or down, sometimes rapidly or
unpredictably and for short or extended periods of time, due to the particular
circumstances of individual issuers or due to general conditions impacting
issuers more broadly. Global economies and financial markets have become highly
interconnected, and thus economic, market or political conditions or events in
one country or region might adversely impact the value of the Fund’s investments
whether or not the Fund invests in such country or region. Events such as war,
terrorism, natural and environmental disasters and the spread of infectious
illnesses or other public health emergencies may have a severe negative impact
on the global economy, could cause financial markets to experience extreme
volatility and losses, and could result in the disruption of trading and the
reduction of liquidity in many instruments. Additionally, as inflation
increases, the value of the Fund’s assets can
decline.
Small-
and Mid-Cap Company Risk—Securities
of small-cap companies involve substantial risk. Prices of small-cap securities
may be subject to more abrupt or erratic movements, and to wider fluctuations
and lower liquidity, than security prices of larger, more established companies
or broader market averages in general. It may be difficult to sell small-cap
securities at the desired time and price. While mid-cap securities may be
slightly less volatile than small-cap securities, they still involve similar
risks.
Value
Stock Risk—Value
stocks are securities of companies that typically trade at a perceived discount
to their intrinsic value and at valuation discounts relative to companies in the
same industry. Value stocks often times are also in sectors that trade at a
discount to the broader market. The reasons for their discount may vary greatly,
but some examples may include adverse business, industry or other developments
that may cause the company to be subject to special risks. The intrinsic value
of a stock with value characteristics may be difficult to identify and may not
be fully recognized by the market for a long time or a stock identified to be
undervalued may actually be appropriately priced at a low
level.
Fund
Performance
The
following bar chart and table provide some indication of the potential risks of
investing in the Fund. The Fund’s past performance
(before and after taxes) is not necessarily an indication of how the Fund will
perform in the future. Updated performance information is
available at www.nuveen.com/performance
or by calling (800)
257-8787.
| |
Section
1
Fund Summaries |
11 |
The bar chart
below shows the variability of the Fund’s performance from year to year for
Class A shares. The bar chart and highest/lowest
quarterly returns that follow do not reflect sales charges, and if these charges
were reflected, the returns would be less than those
shown.
|
Class A Annual Total
Return* |
*Class A year-to-date total return as
of September
30, 2023 was 10.70%. The performance of the other share classes
will differ due to their different expense
structures.
During
the ten-year period ended December 31, 2022, the Fund’s highest and lowest quarterly returns
were 18.31%
and
-27.13%, respectively, for the quarters ended
December 31, 2020 and
March 31,
2020.
The
table below shows the variability of the Fund’s average annual returns and how
they compare over the time periods indicated with those of a broad measure of
market performance and an index of funds with similar investment objectives.
All after-tax returns are
calculated using the historical highest individual federal marginal income tax
rates and do not reflect the impact of state and local taxes.
After-tax returns are shown
for Class A shares only; after-tax returns for other share classes will
vary. Your own actual after-tax returns will depend on your
specific tax situation and may differ from what is shown here. After-tax returns are not
relevant to investors who hold Fund shares in tax-deferred accounts such as IRAs
or employer-sponsored retirement
plans.
Both
the bar chart and the table assume that all distributions have been reinvested.
Performance reflects fee waivers, if any, in effect during the periods
presented. If any such waivers had not been in place, returns would have been
reduced.
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
Average Annual
Total Returns |
|
|
for the Periods
Ended |
|
|
December 31,
2022 |
|
|
1
Year |
5
Years |
10
Years |
Class
A (return before taxes) |
|
(14.38 |
)% |
|
(0.81 |
)% |
|
3.01 |
% |
Class
A (return after taxes on distributions) |
|
(15.25 |
)% |
|
(1.28 |
)% |
|
2.53 |
% |
Class
A (return after taxes on distributions and sale of Fund shares) |
|
(7.76 |
)% |
|
(0.41 |
)% |
|
2.50 |
% |
Class
C (return before taxes) |
|
(9.82 |
)% |
|
(0.38 |
)% |
|
3.00 |
% |
Class
I (return before taxes) |
|
(8.91 |
)% |
|
0.63 |
% |
|
3.88 |
% |
MSCI
EAFE Index (Net Return)1 |
|
|
|
|
|
|
|
|
|
(reflects
reinvested dividends net of withholding taxes but reflects no deduction
for fees, expenses or other taxes) |
|
(14.45 |
)% |
|
1.54 |
% |
|
4.67 |
% |
Lipper
International Multi-Cap Value Funds Category Average2 |
|
|
|
|
|
|
|
|
|
(reflects
no deduction for taxes or sales loads) |
|
(10.22 |
)% |
|
0.04 |
% |
|
3.52 |
% |
|
|
|
|
|
|
|
|
|
|
| |
|
1 |
An index designed to measure the
performance of large and mid-cap securities across 21 developed market
countries, excluding the U.S. and Canada. |
2 |
Represents
the average annualized total return for all reporting funds in the Lipper
International Multi-Cap Value Funds
Category. |
| |
12 |
Section
1
Fund Summaries |
Management
Investment
Adviser
Nuveen
Fund Advisors, LLC
Sub-Adviser
Nuveen
Asset Management, LLC
Portfolio
Managers
|
|
|
Name |
Title |
Portfolio
Manager of Fund Since |
Peter
Boardman |
Managing
Director |
June
2009 |
James
T. Stephenson, CFA |
Managing
Director |
March
2018 |
Purchase
and Sale of Fund Shares
You
may purchase, redeem or exchange shares of the Fund on any business day through
a financial advisor or other financial intermediary. The Fund’s initial and
subsequent investment minimums generally are as follows, although certain
financial intermediaries may impose their own investment minimums and the Fund
may reduce or waive the minimums in some cases:
|
|
|
|
Class
A and Class C |
Class
I |
Eligibility
and Minimum
Initial Investment |
$3,000
for all accounts except:
• $2,500
for Traditional/ Roth
IRA accounts.
• $2,000
for Coverdell Education
Savings Accounts.
• $250
for accounts opened through fee-based programs.
• No
minimum for retirement plans. |
Available
only through fee-based programs and certain retirement plans, and to other
limited categories of investors as described in the prospectus.
$100,000
for all accounts except:
• $250
for clients of financial intermediaries and family offices that have
accounts holding Class I shares with an aggregate value of at least
$100,000 (or that are expected to reach this level).
• No
minimum for eligible retirement plans and certain other categories of
eligible investors as described in the prospectus. |
Minimum Additional Investment |
$100 |
No
minimum. |
Tax
Information
The
Fund’s distributions are taxable and will generally be taxed as ordinary income
or capital gains, unless you are investing through a tax-deferred account, such
as an IRA or 401(k) plan (in which case you may be taxed upon withdrawal of your
investment from such account).
Payments
to Broker-Dealers and Other Financial Intermediaries
If
you purchase shares of the Fund through a broker-dealer or other financial
intermediary (such as a bank or financial advisor), the Fund, its distributor or
its investment adviser may pay the intermediary for the sale of Fund shares and
related services. These payments may create a conflict of interest by
influencing the broker-dealer or other financial intermediary and your
salesperson to recommend the Fund over another investment. Ask your financial
advisor or visit your financial intermediary’s website for more
information.
|
|
Section
1
Fund Summaries |
13 |
Nuveen
Multi Cap Value Fund
Investment
Objective
The
investment objective of the Fund is to provide investors with long-term capital
appreciation.
Fees
and Expenses of the Fund
The
following tables describe the fees and expenses that you may pay if you buy,
hold and sell shares of the Fund. You may qualify for sales charge discounts if
you and your family invest, or agree to invest in the future, at least $50,000
in the Fund or in other Nuveen Mutual Funds. More information about these and
other discounts, as well as eligibility requirements for each share class, is
available from your financial advisor and in “How You Can Buy and Sell Shares”
on page 53 of the Fund’s prospectus and “Purchase and Redemption of Fund Shares”
on page S-75 of the Fund’s statement of additional information. In addition,
more information about sales charge discounts and waivers for purchases of
shares through specific financial intermediaries is set forth in the appendix to
the Fund’s prospectus entitled “Variations in Sales Charge Reductions and
Waivers Available Through Certain Intermediaries.”
The
tables and examples below do not reflect any commissions that shareholders may
be required to pay directly to their financial intermediaries when buying or
selling Class I shares.
Shareholder
Fees
(fees
paid directly from your investment)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A |
|
Class
C |
|
Class
I |
|
Maximum
Sales Charge (Load) Imposed on Purchases (as
a percentage of offering price) |
|
|
|
|
5.75% |
|
None |
|
None |
|
Maximum
Deferred Sales Charge (Load) (as
a percentage of the lesser of purchase price or redemption
proceeds)1 |
|
|
|
|
None |
|
1.00% |
|
None |
|
Maximum
Sales Charge (Load) Imposed on Reinvested Dividends |
|
|
|
|
None |
|
None |
|
None |
|
Exchange
Fee |
|
|
|
|
None |
|
None |
|
None |
|
Annual
Low Balance Account Fee (for accounts under $1,000)2 |
|
|
|
|
$15 |
|
$15 |
|
$15 |
|
Annual
Fund Operating Expenses
(expenses
that you pay each year as a percentage of the value of your investment)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A |
|
Class
C |
|
Class
I |
|
Management
Fees |
|
|
|
|
|
|
|
0.71 |
% |
|
0.71 |
% |
|
0.71 |
% |
Distribution
and/or Service (12b-1) Fees |
|
|
|
|
|
|
|
0.25 |
% |
|
1.00 |
% |
|
0.00 |
% |
Other
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excise
Tax Liability |
|
|
|
|
|
|
|
0.08 |
% |
|
0.08 |
% |
|
0.08 |
% |
Remainder
of Other Expenses |
|
|
|
|
|
|
|
0.24 |
% |
|
0.24 |
% |
|
0.24 |
% |
Total
Annual Fund Operating Expenses |
|
|
|
|
|
|
|
1.28 |
% |
|
2.03 |
% |
|
1.03 |
% |
Fee
Waivers and/or Expense Reimbursements3 |
|
|
|
|
|
|
|
(0.05 |
)% |
|
(0.05 |
)% |
|
(0.05 |
)% |
Total
Annual Fund Operating Expenses After Fee Waivers and/or Expense
Reimbursements |
|
|
|
|
|
|
|
1.23 |
% |
|
1.98 |
% |
|
0.98 |
% |
1 The
contingent deferred sales charge on Class C shares applies only to redemptions
within 12 months of purchase.
2 Fee
applies to the following types of accounts under $1,000 held directly with the
Fund: individual retirement accounts (IRAs), Coverdell Education Savings
Accounts and accounts established pursuant to the Uniform Transfers to Minors
Act (UTMA) or Uniform Gifts to Minors Act (UGMA).
3 The
Fund’s investment adviser has agreed to waive fees and/or reimburse expenses
through July 31, 2025 so that the total annual operating expenses of the Fund
(excluding 12b-1 distribution and/or service fees, interest expenses, taxes
(including excise tax liabilities), 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 July
31, 2025 only with the approval of the Board of Trustees of the
Fund.
Example
The
following example is intended to help you compare the cost of investing in the
Fund with the cost of investing in other mutual funds. The example assumes that
you invest $10,000 in the Fund for the time periods indicated and then either
redeem or do not redeem your shares at the end of a period. The example also
assumes that your investment has a 5% return each year, that the Fund's
operating expenses remain the same and that the fee waivers currently in place
are not renewed beyond July 31, 2025. Although your actual costs may be higher
or lower, based on these assumptions your costs would be:
|
|
14 |
Section
1
Fund Summaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A |
|
Class
C |
|
Class
I |
|
1
Year |
|
|
|
|
|
|
$ |
693 |
|
$ |
201 |
|
$ |
100 |
|
3
Years |
|
|
|
|
|
|
$ |
949 |
|
$ |
628 |
|
$ |
319 |
|
5
Years |
|
|
|
|
|
|
$ |
1,229 |
|
$ |
1,085 |
|
$ |
560 |
|
10
Years |
|
|
|
|
|
|
$ |
2,024 |
|
$ |
2,351 |
|
$ |
1,251 |
|
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was 22%
of the average value of its portfolio.
Principal
Investment Strategies
Under
normal market conditions, the Fund invests at least 80% of its net assets in
equity securities of companies with large, medium and small capitalizations. The
Fund’s sub-adviser seeks to identify under-valued companies with a catalyst to
unlock value or improve profitability. The Fund’s sub-adviser maintains a
long-term investment view and a focus on securities it believes can appreciate
over an extended time, regardless of interim fluctuations. The Fund’s
sub-adviser will sell securities or reduce positions if it feels that the
company no longer possesses favorable risk/reward characteristics, attractive
valuations or catalysts. The Fund invests primarily in U.S. equity securities,
but it may invest up to 35% of its net assets in non-U.S. equity securities,
including up to 10% of its net assets in equity securities of companies located
in emerging market countries.
Principal
Risks
The
value of your investment in this Fund will change daily. You could lose money by
investing in the Fund. An investment in the Fund is not a deposit of a bank and
is not insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency. The principal risks of investing in the Fund listed
below are presented alphabetically to facilitate your ability to find particular
risks and compare them with the risks of other funds. The significance of any
specific risk to an investment in the Fund will vary over time depending on the
composition of the Fund’s portfolio, market conditions and other factors. Each
risk summarized below is considered a "principal risk" of investing in the Fund,
regardless of the order in which it appears.
Active
Management Risk—The
Fund’s sub-adviser actively manages the Fund’s investments. Consequently, the
Fund is subject to the risk that the investment techniques and risk analyses
employed by the Fund’s sub-adviser may not produce the desired results. This
could cause the Fund to lose value or its investment results to lag relevant
benchmarks or other funds with similar objectives.
Currency
Risk—Changes
in currency exchange rates will affect the value of non-U.S. securities, the
value of dividends and interest earned from such securities, and gains and
losses realized on the sale of such securities. A strong U.S. dollar relative to
these other currencies will adversely affect the value of the Fund’s
portfolio.
Cybersecurity
Risk—Cybersecurity
risk is the risk of an unauthorized breach and access to Fund assets, customer
data (including private shareholder information), or proprietary information, or
the risk of an incident occurring that causes the Fund, its investment adviser
or sub-adviser, custodian, transfer agent, distributor or other service
provider, a financial intermediary or the issuers of securities held by the Fund
to suffer a data breach, data corruption or lose operational functionality.
Successful cyber-attacks or other cyber-failures or events affecting the Fund,
its service providers or the issuers of securities held by the Fund may
adversely impact the Fund or its shareholders. Additionally, a cybersecurity
breach could affect the issuers in which the Fund invests, which may cause the
Fund’s investments to lose value.
Emerging
Markets Risk—The
risk of foreign investment often increases in countries with emerging markets or
that are otherwise economically tied to emerging market countries. For example,
these countries may have more unstable governments than developed countries and
their economies may be based on only a few industries. Emerging market countries
may also have less stringent regulation of accounting, auditing, financial
reporting and recordkeeping requirements, which would affect the Fund’s ability
to evaluate potential portfolio companies. As a result, there could be less
information about issuers in emerging market countries, which could negatively
affect the ability of the Fund’s sub-adviser to evaluate local companies or
their potential impact on the Fund’s performance. Because their financial
markets may be very small, prices of financial instruments in emerging market
countries may be volatile and difficult to determine. Financial instruments of
issuers in these countries may have lower overall liquidity than those of
issuers in more developed countries. In addition, foreign investors such as the
Fund are subject to a variety of special restrictions in many
|
|
Section
1
Fund Summaries |
15 |
emerging
market countries. Shareholder claims and regulatory actions that are available
in the U.S. may be difficult or impossible to pursue in emerging market
countries.
Equity
Security Risk—Equity
securities in the Fund’s portfolio may decline significantly in price over short
or extended periods of time, and such declines may occur because of declines in
the equity market as a whole, or because of declines in only a particular
country, company, industry, or sector of the market. From time to time, the Fund
may invest a significant portion of its assets in companies in one or more
related sectors or industries which would make the Fund more vulnerable to
adverse developments affecting such sectors or industries.
Foreign
Investment Risk—Non-U.S.
issuers or U.S. issuers with significant non-U.S. operations may be subject to
risks in addition to those of issuers located in or that principally operate in
the United States as a result of, among other things, political, social and
economic developments abroad, as well as armed conflicts and different legal,
regulatory and tax environments. Foreign investments may also have lower
liquidity and be more difficult to value than investments in U.S. issuers. To
the extent the Fund invests a significant portion of its assets in the
securities of companies in a single country or region, it may be more
susceptible to adverse conditions affecting that country or region. Foreign
investments may also be subject to risk of loss because of more or less foreign
government regulation, less public information, less stringent investor
protections and less stringent accounting, corporate governance, financial
reporting and disclosure standards.
Market
Risk—The
market value of the Fund’s investments may go up or down, sometimes rapidly or
unpredictably and for short or extended periods of time, due to the particular
circumstances of individual issuers or due to general conditions impacting
issuers more broadly. Global economies and financial markets have become highly
interconnected, and thus economic, market or political conditions or events in
one country or region might adversely impact the value of the Fund’s investments
whether or not the Fund invests in such country or region. Events such as war,
terrorism, natural and environmental disasters and the spread of infectious
illnesses or other public health emergencies may have a severe negative impact
on the global economy, could cause financial markets to experience extreme
volatility and losses, and could result in the disruption of trading and the
reduction of liquidity in many instruments. Additionally, as inflation
increases, the value of the Fund’s assets can decline.
Small-
and Mid-Cap Company Risk—Securities
of small-cap companies involve substantial risk. Prices of small-cap securities
may be subject to more abrupt or erratic movements, and to wider fluctuations
and lower liquidity, than security prices of larger, more established companies
or broader market averages in general. It may be difficult to sell small-cap
securities at the desired time and price. While mid-cap securities may be
slightly less volatile than small-cap securities, they still involve similar
risks.
Value
Stock Risk—Value
stocks are securities of companies that typically trade at a perceived discount
to their intrinsic value and at valuation discounts relative to companies in the
same industry. Value stocks often times are also in sectors that trade at a
discount to the broader market. The reasons for their discount may vary greatly,
but some examples may include adverse business, industry or other developments
that may cause the company to be subject to special risks. The intrinsic value
of a stock with value characteristics may be difficult to identify and may not
be fully recognized by the market for a long time or a stock identified to be
undervalued may actually be appropriately priced at a low level.
Fund
Performance
The
following bar chart and table provide some indication of the potential risks of
investing in the Fund. The Fund’s past performance (before and after taxes) is
not necessarily an indication of how the Fund will perform in the future.
Updated performance information is available at www.nuveen.com/performance or by
calling (800) 257-8787.
|
|
16 |
Section
1
Fund Summaries |
The
bar chart below shows the variability of the Fund’s performance from year to
year for Class A shares. The bar chart and highest/lowest quarterly returns that
follow do not reflect sales charges, and if these charges were reflected, the
returns would be less than those shown.
|
Class
A Annual Total Return* |
*Class
A year-to-date total return as of September 30, 2023 was 6.77%. The
performance of the other share classes will differ due to their different
expense structures.
During
the ten-year period ended December 31, 2022, the Fund’s highest and lowest
quarterly returns were 21.66%
and
-32.89%, respectively, for the quarters ended December 31, 2020 and March 31,
2020.
The
table below shows the variability of the Fund’s average annual returns and how
they compare over the time periods indicated with those of a broad measure of
market performance and an index of funds with similar investment objectives. All
after-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes. After-tax returns are shown for Class A shares only; after-tax returns
for other share classes will vary. Your own actual after-tax returns will depend
on your specific tax situation and may differ from what is shown here. After-tax
returns are not relevant to investors who hold Fund shares in tax-deferred
accounts such as IRAs or employer-sponsored retirement plans.
Both
the bar chart and the table assume that all distributions have been reinvested.
Performance reflects fee waivers, if any, in effect during the periods
presented. If any such waivers had not been in place, returns would have been
reduced.
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Annual Total Returns |
|
|
for
the Periods Ended |
|
|
December
31, 2022 |
|
|
1
Year |
5
Years |
10
Years |
Class
A (return before taxes) |
|
(6.96 |
)% |
|
5.67 |
% |
|
8.31 |
% |
Class
A (return after taxes on distributions) |
|
(7.22 |
)% |
|
5.33 |
% |
|
8.02 |
% |
Class
A (return after taxes on distributions and sale of Fund shares) |
|
(3.94 |
)% |
|
4.39 |
% |
|
6.74 |
% |
Class
C (return before taxes) |
|
(2.05 |
)% |
|
6.12 |
% |
|
8.30 |
% |
Class
I (return before taxes) |
|
(1.04 |
)% |
|
7.20 |
% |
|
9.23 |
% |
Russell
3000®
Value Index1 |
|
|
|
|
|
|
|
|
|
(reflects
no deduction for fees, expenses or taxes) |
|
(7.98 |
)% |
|
6.50 |
% |
|
10.16 |
% |
Lipper
Multi-Cap Value Funds Category Average2 |
|
|
|
|
|
|
|
|
|
(reflects
no deduction for taxes or sales loads) |
|
(6.79 |
)% |
|
6.69 |
% |
|
9.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
An
index designed to measure the performance of the broad value segment of
the U.S. equity value universe. It includes those Russell 3000 companies
with lower price-to-book ratios and lower forecasted growth
values. |
2 |
Represents
the average annualized total return for all reporting funds in the Lipper
Multi-Cap Value Funds Category. |
|
|
Section
1
Fund Summaries |
17 |
Management
Investment
Adviser
Nuveen
Fund Advisors, LLC
Sub-Adviser
Nuveen
Asset Management, LLC
Portfolio
Managers
|
|
|
Name |
Title |
Portfolio
Manager of Fund Since |
Jon
D. Bosse, CFA |
Managing
Director |
November
1997 |
Jujhar
S. Sohi, CFA |
Managing
Director |
October
2019 |
Purchase
and Sale of Fund Shares
You
may purchase, redeem or exchange shares of the Fund on any business day through
a financial advisor or other financial intermediary. The Fund’s initial and
subsequent investment minimums generally are as follows, although certain
financial intermediaries may impose their own investment minimums and the Fund
may reduce or waive the minimums in some cases:
|
|
|
|
Class
A and Class C |
Class
I |
Eligibility
and Minimum
Initial Investment |
$3,000
for all accounts except:
• $2,500
for Traditional/ Roth
IRA accounts.
• $2,000
for Coverdell Education
Savings Accounts.
• $250
for accounts opened through fee-based programs.
• No
minimum for retirement plans. |
Available
only through fee-based programs and certain retirement plans, and to other
limited categories of investors as described in the prospectus.
$100,000
for all accounts except:
• $250
for clients of financial intermediaries and family offices that have
accounts holding Class I shares with an aggregate value of at least
$100,000 (or that are expected to reach this level).
• No
minimum for eligible retirement plans and certain other categories of
eligible investors as described in the prospectus. |
Minimum Additional Investment |
$100 |
No
minimum. |
Tax
Information
The
Fund’s distributions are taxable and will generally be taxed as ordinary income
or capital gains, unless you are investing through a tax-deferred account, such
as an IRA or 401(k) plan (in which case you may be taxed upon withdrawal of your
investment from such account).
Payments
to Broker-Dealers and Other Financial Intermediaries
If
you purchase shares of the Fund through a broker-dealer or other financial
intermediary (such as a bank or financial advisor), the Fund, its distributor or
its investment adviser may pay the intermediary for the sale of Fund shares and
related services. These payments may create a conflict of interest by
influencing the broker-dealer or other financial intermediary and your
salesperson to recommend the Fund over another investment. Ask your financial
advisor or visit your financial intermediary’s website for more
information.
|
|
18 |
Section
1
Fund Summaries |
Nuveen
Large Cap Value Fund
Investment
Objective
The
investment objective of the Fund is to provide investors with long-term capital
appreciation.
Fees
and Expenses of the Fund
The
following tables describe the fees and expenses that you may pay if you buy,
hold and sell shares of the Fund. You may qualify for sales charge discounts if
you and your family invest, or agree to invest in the future, at least $50,000
in the Fund or in other Nuveen Mutual Funds. More information about these and
other discounts, as well as eligibility requirements for each share class, is
available from your financial advisor and in “How You Can Buy and Sell Shares”
on page 53 of the Fund’s prospectus and “Purchase and Redemption of Fund Shares”
on page S-75 of the Fund’s statement of additional information. In addition,
more information about sales charge discounts and waivers for purchases of
shares through specific financial intermediaries is set forth in the appendix to
the Fund’s prospectus entitled “Variations in Sales Charge Reductions and
Waivers Available Through Certain Intermediaries.”
The
tables and examples below do not reflect any commissions that shareholders may
be required to pay directly to their financial intermediaries when buying or
selling Class I shares.
Shareholder
Fees
(fees
paid directly from your investment)
|
|
|
|
|
|
|
|
|
|
|
|
Class
A |
|
Class
C |
|
Class
I |
|
Maximum
Sales Charge (Load) Imposed on Purchases (as
a percentage of offering price) |
|
|
5.75% |
|
None |
|
None |
|
Maximum
Deferred Sales Charge (Load) (as
a percentage of the lesser of purchase price or redemption
proceeds)1 |
|
|
None |
|
1.00% |
|
None |
|
Maximum
Sales Charge (Load) Imposed on Reinvested Dividends |
|
|
None |
|
None |
|
None |
|
Exchange
Fee |
|
|
None |
|
None |
|
None |
|
Annual
Low Balance Account Fee (for accounts under $1,000)2 |
|
|
$15 |
|
$15 |
|
$15 |
|
Annual
Fund Operating Expenses
(expenses
that you pay each year as a percentage of the value of your investment)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A |
|
Class
C |
|
Class
I |
|
Management
Fees |
|
|
|
|
0.66 |
% |
|
0.66 |
% |
|
0.66 |
% |
Distribution
and/or Service (12b-1) Fees |
|
|
|
|
0.25 |
% |
|
1.00 |
% |
|
0.00 |
% |
Other
Expenses |
|
|
|
|
0.65 |
% |
|
0.65 |
% |
|
0.65 |
% |
Total
Annual Fund Operating Expenses |
|
|
|
|
1.56 |
% |
|
2.31 |
% |
|
1.31 |
% |
Fee
Waivers and/or Expense Reimbursements3 |
|
|
|
|
(0.56 |
)% |
|
(0.56 |
)% |
|
(0.56 |
)% |
Total
Annual Fund Operating Expenses After Fee Waivers and/or Expense
Reimbursements |
|
|
|
|
1.00 |
% |
|
1.75 |
% |
|
0.75 |
% |
1 The
contingent deferred sales charge on Class C shares applies only to redemptions
within 12 months of purchase.
2 Fee
applies to the following types of accounts under $1,000 held directly with the
Fund: individual retirement accounts (IRAs), Coverdell Education Savings
Accounts and accounts established pursuant to the Uniform Transfers to Minors
Act (UTMA) or Uniform Gifts to Minors Act (UGMA).
3 The
Fund’s investment adviser has agreed to waive fees and/or reimburse expenses so
that the total annual operating expenses of the Fund (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, 2025 or 1.35%
after July 31, 2025 of the average daily net assets of any class of Fund shares.
The expense limitation expiring July 31, 2025 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.
Example
The
following example is intended to help you compare the cost of investing in the
Fund with the cost of investing in other mutual funds. The example assumes that
you invest $10,000 in the Fund for the time periods indicated and then either
redeem or do not redeem your shares at the end of a period. The example also
assumes that your investment has a 5% return each year and that the Fund’s
operating expenses are at the lesser of Total Annual Fund Operating Expenses or
the applicable expense limitation. Although your actual costs may be higher or
lower, based on these assumptions your costs would be:
|
|
Section
1
Fund Summaries |
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A |
|
Class
C |
|
Class
I |
|
1
Year |
|
|
|
$ |
671 |
|
$ |
178 |
|
$ |
77 |
|
3
Years |
|
|
|
$ |
947 |
|
$ |
626 |
|
$ |
316 |
|
5
Years |
|
|
|
$ |
1,287 |
|
$ |
1,144 |
|
$ |
622 |
|
10
Years |
|
|
|
$ |
2,244 |
|
$ |
2,568 |
|
$ |
1,491 |
|
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was 40%
of the average value of its portfolio.
Principal
Investment Strategies
Under
normal market conditions, the Fund invests at least 80% of the sum of its net
assets and the amount of any borrowings for investment purposes in equity
securities of companies with market capitalizations at the time of investment
comparable to companies in the Russell 1000®
Value Index. As of September 30, 2023, the market cap range for the Russell
1000®
Value Index was $452 million to $760.6 billion. The Fund will not be forced to
sell a stock because it has exceeded or fallen below the current market
capitalization range. The Fund’s sub-adviser seeks to identify under-valued
companies with a catalyst to unlock value or improve profitability. The Fund’s
sub-adviser maintains a long-term investment view and a focus on securities it
believes can appreciate over an extended time, regardless of interim
fluctuations. The Fund’s sub-adviser will sell securities or reduce positions if
it feels that the company no longer possesses favorable risk/reward
characteristics, attractive valuations or catalysts. The Fund invests primarily
in U.S. equity securities, but it may invest up to 35% of its net assets in
non-U.S. equity securities, including up to 10% of its net assets in equity
securities of companies located in emerging market countries. The Fund may
invest a portion of its assets in small- and mid-capitalization
companies.
Principal
Risks
The
value of your investment in this Fund will change daily. You could lose money by
investing in the Fund. An investment in the Fund is not a deposit of a bank and
is not insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency. The principal risks of investing in the Fund listed
below are presented alphabetically to facilitate your ability to find particular
risks and compare them with the risks of other funds. The significance of any
specific risk to an investment in the Fund will vary over time depending on the
composition of the Fund’s portfolio, market conditions and other factors. Each
risk summarized below is considered a "principal risk" of investing in the Fund,
regardless of the order in which it appears.
Active
Management Risk—The
Fund’s sub-adviser actively manages the Fund’s investments. Consequently, the
Fund is subject to the risk that the investment techniques and risk analyses
employed by the Fund’s sub-adviser may not produce the desired results. This
could cause the Fund to lose value or its investment results to lag relevant
benchmarks or other funds with similar objectives.
Currency
Risk—Changes
in currency exchange rates will affect the value of non-U.S. securities, the
value of dividends and interest earned from such securities, and gains and
losses realized on the sale of such securities. A strong U.S. dollar relative to
these other currencies will adversely affect the value of the Fund’s
portfolio.
Cybersecurity
Risk—Cybersecurity
risk is the risk of an unauthorized breach and access to Fund assets, customer
data (including private shareholder information), or proprietary information, or
the risk of an incident occurring that causes the Fund, its investment adviser
or sub-adviser, custodian, transfer agent, distributor or other service
provider, a financial intermediary or the issuers of securities held by the Fund
to suffer a data breach, data corruption or lose operational functionality.
Successful cyber-attacks or other cyber-failures or events affecting the Fund,
its service providers or the issuers of securities held by the Fund may
adversely impact the Fund or its shareholders. Additionally, a cybersecurity
breach could affect the issuers in which the Fund invests, which may cause the
Fund’s investments to lose value.
Emerging
Markets Risk—The
risk of foreign investment often increases in countries with emerging markets or
that are otherwise economically tied to emerging market countries. For example,
these countries may have more unstable governments than developed countries and
their economies may be based on only a few industries. Emerging market countries
may also have less stringent regulation of accounting, auditing, financial
reporting and recordkeeping requirements, which would affect the Fund’s ability
to evaluate potential portfolio companies. As a result, there could be less
information about issuers in emerging market countries, which could negatively
affect the ability of the Fund’s sub-
|
|
20 |
Section
1
Fund Summaries |
adviser
to evaluate local companies or their potential impact on the Fund’s performance.
Because their financial markets may be very small, prices of financial
instruments in emerging market countries may be volatile and difficult to
determine. Financial instruments of issuers in these countries may have lower
overall liquidity than those of issuers in more developed countries. In
addition, foreign investors such as the Fund are subject to a variety of special
restrictions in many emerging market countries. Shareholder claims and
regulatory actions that are available in the U.S. may be difficult or impossible
to pursue in emerging market countries.
Equity
Security Risk—Equity
securities in the Fund’s portfolio may decline significantly in price over short
or extended periods of time, and such declines may occur because of declines in
the equity market as a whole, or because of declines in only a particular
country, company, industry, or sector of the market. From time to time, the Fund
may invest a significant portion of its assets in companies in one or more
related sectors or industries which would make the Fund more vulnerable to
adverse developments affecting such sectors or industries.
Financial
Services Sector Risk—The
Fund currently invests a significant portion of its assets in the financial
services sector, although this may change over time. Financial services
companies are particularly sensitive to the adverse effects of economic
recession; changes in government regulation; the availability of capital;
volatile interest rates; and the health of the commercial and residential real
estate markets.
Foreign
Investment Risk—Non-U.S.
issuers or U.S. issuers with significant non-U.S. operations may be subject to
risks in addition to those of issuers located in or that principally operate in
the United States as a result of, among other things, political, social and
economic developments abroad, as well as armed conflicts and different legal,
regulatory and tax environments. Foreign investments may also have lower
liquidity and be more difficult to value than investments in U.S. issuers. To
the extent the Fund invests a significant portion of its assets in the
securities of companies in a single country or region, it may be more
susceptible to adverse conditions affecting that country or region. Foreign
investments may also be subject to risk of loss because of more or less foreign
government regulation, less public information, less stringent investor
protections and less stringent accounting, corporate governance, financial
reporting and disclosure standards.
Large-Cap
Company Risk—Because
it invests primarily in securities of large-capitalization companies, the Fund
may underperform funds that invest primarily in securities of smaller
capitalization companies during periods when the securities of such companies
are in favor.
Market
Risk—The
market value of the Fund’s investments may go up or down, sometimes rapidly or
unpredictably and for short or extended periods of time, due to the particular
circumstances of individual issuers or due to general conditions impacting
issuers more broadly. Global economies and financial markets have become highly
interconnected, and thus economic, market or political conditions or events in
one country or region might adversely impact the value of the Fund’s investments
whether or not the Fund invests in such country or region. Events such as war,
terrorism, natural and environmental disasters and the spread of infectious
illnesses or other public health emergencies may have a severe negative impact
on the global economy, could cause financial markets to experience extreme
volatility and losses, and could result in the disruption of trading and the
reduction of liquidity in many instruments. Additionally, as inflation
increases, the value of the Fund’s assets can decline.
Small-
and Mid-Cap Company Risk—Securities
of small-cap companies involve substantial risk. Prices of small-cap securities
may be subject to more abrupt or erratic movements, and to wider fluctuations
and lower liquidity, than security prices of larger, more established companies
or broader market averages in general. It may be difficult to sell small-cap
securities at the desired time and price. While mid-cap securities may be
slightly less volatile than small-cap securities, they still involve similar
risks.
Value
Stock Risk—Value
stocks are securities of companies that typically trade at a perceived discount
to their intrinsic value and at valuation discounts relative to companies in the
same industry. Value stocks often times are also in sectors that trade at a
discount to the broader market. The reasons for their discount may vary greatly,
but some examples may include adverse business, industry or other developments
that may cause the company to be subject to special risks. The intrinsic value
of a stock with value characteristics may be difficult to identify and may not
be fully recognized by the market for a long time or a stock identified to be
undervalued may actually be appropriately priced at a low level.
Fund
Performance
The
following bar chart and table provide some indication of the potential risks of
investing in the Fund. The Fund’s past performance (before and after taxes) is
not necessarily an indication of how the Fund will perform in the future.
Updated performance information is available at www.nuveen.com/performance or by
calling (800) 257-8787.
|
|
Section
1
Fund Summaries |
21 |
The
bar chart below shows the variability of the Fund’s performance from year to
year for Class A shares. The bar chart and highest/lowest quarterly returns that
follow do not reflect sales charges, and if these charges were reflected, the
returns would be less than those shown.
|
Class
A Annual Total Return* |
*Class
A year-to-date total return as of September 30, 2023 was 3.54%. The
performance of the other share classes will differ due to their different
expense structures.
During
the ten-year period ended December 31, 2022, the Fund’s highest and lowest
quarterly returns were 20.36%
and
-31.74%, respectively, for the quarters ended June 30, 2020 and March 31,
2020.
The
table below shows the variability of the Fund’s average annual returns and how
they compare over the time periods indicated with those of a broad measure of
market performance and an index of funds with similar investment objectives. All
after-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes. After-tax returns are shown for Class A shares only; after-tax returns
for other share classes will vary. Your own actual after-tax returns will depend
on your specific tax situation and may differ from what is shown here. After-tax
returns are not relevant to investors who hold Fund shares in tax-deferred
accounts such as IRAs or employer-sponsored retirement plans.
Both
the bar chart and the table assume that all distributions have been reinvested.
Performance reflects fee waivers, if any, in effect during the periods
presented. If any such waivers had not been in place, returns would have been
reduced.
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Annual Total Returns |
|
|
for
the Periods Ended |
|
|
December
31, 2022 |
|
|
1
Year |
5
Years |
10
Years |
Class
A (return before taxes) |
|
(7.32 |
)% |
|
4.75 |
% |
|
7.86 |
% |
Class
A (return after taxes on distributions) |
|
(8.26 |
)% |
|
0.90 |
% |
|
2.54 |
% |
Class
A (return after taxes on distributions and sale of Fund shares) |
|
(3.66 |
)% |
|
3.07 |
% |
|
4.98 |
% |
Class
C (return before taxes) |
|
(2.26 |
)% |
|
5.23 |
% |
|
7.84 |
% |
Class
I (return before taxes) |
|
(1.07 |
)% |
|
6.29 |
% |
|
8.78 |
% |
Russell
1000®
Value Index1 |
|
|
|
|
|
|
|
|
|
(reflects
no deduction for fees, expenses or taxes) |
|
(7.54 |
)% |
|
6.67 |
% |
|
10.29 |
% |
Lipper
Multi-Cap Value Funds Category Average2 |
|
|
|
|
|
|
|
|
|
(reflects
no deduction for taxes or sales loads) |
|
(6.79 |
)% |
|
6.69 |
% |
|
9.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
An
index designed to measure the performance of the large-cap value segment
of the U.S. equity universe. It includes those Russell 1000 companies with
lower price-to-book ratios and lower forecasted growth values. |
2 |
Represents
the average annualized total return for all reporting funds in the Lipper
Multi-Cap Value Funds Category. |
|
|
22 |
Section
1
Fund Summaries |
Management
Investment
Adviser
Nuveen
Fund Advisors, LLC
Sub-Adviser
Nuveen
Asset Management, LLC
Portfolio
Managers
|
|
|
Name |
Title |
Portfolio
Manager of Fund Since |
Jon
D. Bosse, CFA |
Managing
Director |
December
2006 |
Jujhar
S. Sohi, CFA |
Managing
Director |
October
2019 |
Purchase
and Sale of Fund Shares
You
may purchase, redeem or exchange shares of the Fund on any business day through
a financial advisor or other financial intermediary. The Fund’s initial and
subsequent investment minimums generally are as follows, although certain
financial intermediaries may impose their own investment minimums and the Fund
may reduce or waive the minimums in some cases:
|
|
|
|
Class
A and Class C |
Class
I |
Eligibility
and Minimum
Initial Investment |
$3,000
for all accounts except:
• $2,500
for Traditional/ Roth
IRA accounts.
• $2,000
for Coverdell Education
Savings Accounts.
• $250
for accounts opened through fee-based programs.
• No
minimum for retirement plans. |
Available
only through fee-based programs and certain retirement plans, and to other
limited categories of investors as described in the prospectus.
$100,000
for all accounts except:
• $250
for clients of financial intermediaries and family offices that have
accounts holding Class I shares with an aggregate value of at least
$100,000 (or that are expected to reach this level).
• No
minimum for eligible retirement plans and certain other categories of
eligible investors as described in the prospectus. |
Minimum Additional Investment |
$100 |
No
minimum. |
Tax
Information
The
Fund’s distributions are taxable and will generally be taxed as ordinary income
or capital gains, unless you are investing through a tax-deferred account, such
as an IRA or 401(k) plan (in which case you may be taxed upon withdrawal of your
investment from such account).
Payments
to Broker-Dealers and Other Financial Intermediaries
If
you purchase shares of the Fund through a broker-dealer or other financial
intermediary (such as a bank or financial advisor), the Fund, its distributor or
its investment adviser may pay the intermediary for the sale of Fund shares and
related services. These payments may create a conflict of interest by
influencing the broker-dealer or other financial intermediary and your
salesperson to recommend the Fund over another investment. Ask your financial
advisor or visit your financial intermediary’s website for more
information.
|
|
Section
1
Fund Summaries |
23 |
Nuveen
Small/Mid Cap Value Fund
Investment
Objective
The
investment objective of the Fund is to provide investors with long-term capital
appreciation.
Fees
and Expenses of the Fund
The
following tables describe the fees and expenses that you may pay if you buy,
hold and sell shares of the Fund. You may qualify for sales charge discounts if
you and your family invest, or agree to invest in the future, at least $50,000
in the Fund or in other Nuveen Mutual Funds. More information about these and
other discounts, as well as eligibility requirements for each share class, is
available from your financial advisor and in “How You Can Buy and Sell Shares”
on page 53 of the Fund’s prospectus and “Purchase and Redemption of Fund Shares”
on page S-75 of the Fund’s statement of additional information. In addition,
more information about sales charge discounts and waivers for purchases of
shares through specific financial intermediaries is set forth in the appendix to
the Fund’s prospectus entitled “Variations in Sales Charge Reductions and
Waivers Available Through Certain Intermediaries.”
The
tables and examples below do not reflect any commissions that shareholders may
be required to pay directly to their financial intermediaries when buying or
selling Class I shares.
Shareholder
Fees
(fees
paid directly from your investment)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A |
|
Class
C |
|
Class
R6 |
|
Class
I |
|
Maximum
Sales Charge (Load) Imposed on Purchases (as
a percentage of offering price) |
|
|
5.75% |
|
None |
|
None |
|
None |
|
Maximum
Deferred Sales Charge (Load) (as
a percentage of the lesser of purchase price or redemption
proceeds)1 |
|
|
None |
|
1.00% |
|
None |
|
None |
|
Maximum
Sales Charge (Load) Imposed on Reinvested Dividends |
|
|
None |
|
None |
|
None |
|
None |
|
Exchange
Fee |
|
|
None |
|
None |
|
None |
|
None |
|
Annual
Low Balance Account Fee (for accounts under $1,000)2 |
|
|
$15 |
|
$15 |
|
None |
|
$15 |
|
Annual
Fund Operating Expenses
(expenses
that you pay each year as a percentage of the value of your investment)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A |
|
Class
C |
|
Class
R6 |
|
Class
I |
|
Management
Fees |
|
|
|
|
0.76 |
% |
|
0.76 |
% |
|
0.76 |
% |
|
0.76 |
% |
Distribution
and/or Service (12b-1) Fees |
|
|
|
|
0.25 |
% |
|
1.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
Other
Expenses |
|
|
|
|
0.40 |
% |
|
0.40 |
% |
|
0.30 |
% |
|
0.40 |
% |
Total
Annual Fund Operating Expenses |
|
|
|
|
1.41 |
% |
|
2.16 |
% |
|
1.06 |
% |
|
1.16 |
% |
Fee
Waivers and/or Expense Reimbursements3 |
|
|
|
|
(0.10 |
)% |
|
(0.10 |
)% |
|
(0.10 |
)% |
|
(0.10 |
)% |
Total
Annual Fund Operating Expenses After Fee Waivers and/or Expense
Reimbursements |
|
|
|
|
1.31 |
% |
|
2.06 |
% |
|
0.96 |
% |
|
1.06 |
% |
1 The
contingent deferred sales charge on Class C shares applies only to redemptions
within 12 months of purchase.
2 Fee
applies to the following types of accounts under $1,000 held directly with the
Fund: individual retirement accounts (IRAs), Coverdell Education Savings
Accounts and accounts established pursuant to the Uniform Transfers to Minors
Act (UTMA) or Uniform Gifts to Minors Act (UGMA).
3 The
Fund’s investment adviser has agreed to waive fees and/or reimburse expenses so
that the total annual operating expenses of the Fund (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, 2025 or 1.45%
after July 31, 2025 of the average daily net assets of any class of Fund shares.
However, because Class R6 shares are not subject to sub-transfer agent and
similar fees, the total annual operating expenses for the Class R6 shares will
be less than the expense limitation. The expense limitation expiring July 31,
2025 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.
Example
The
following example is intended to help you compare the cost of investing in the
Fund with the cost of investing in other mutual funds. The example assumes that
you invest $10,000 in the Fund for the time periods indicated and then either
redeem or do not redeem your shares at the end of a period. The example also
assumes that your investment has a 5% return each year and that the Fund’s
operating expenses are at the lesser of Total Annual Fund Operating Expenses or
the applicable expense limitation. Although your actual costs may be higher or
lower, based on these assumptions your costs would be:
|
|
24 |
Section
1
Fund Summaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A |
|
Class
C |
|
Class
R6 |
|
Class
I |
|
1
Year |
|
|
|
$ |
701 |
|
$ |
209 |
|
$ |
98 |
|
$ |
108 |
|
3
Years |
|
|
|
$ |
979 |
|
$ |
659 |
|
$ |
319 |
|
$ |
351 |
|
5
Years |
|
|
|
$ |
1,286 |
|
$ |
1,143 |
|
$ |
567 |
|
$ |
621 |
|
10
Years |
|
|
|
$ |
2,154 |
|
$ |
2,479 |
|
$ |
1,278 |
|
$ |
1,393 |
|
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was 39%
of the average value of its portfolio.
Principal
Investment Strategies
Under
normal market conditions, the Fund invests at least 80% of the sum of its net
assets and the amount of any borrowings for investment purposes in equity
securities of companies with market capitalizations at the time of investment
comparable to companies in the Russell 2500™
Value Index. As of September 30, 2023, the market cap range for the Russell
2500™
Value Index was $31 million to $20.0 billion. The Fund will not be forced to
sell a stock because it has exceeded or fallen below the current market
capitalization range. The Fund’s sub-adviser seeks to identify under-valued
companies with a catalyst to unlock value or improve profitability. The Fund’s
sub-adviser maintains a long-term investment view and a focus on securities it
believes can appreciate over an extended time, regardless of interim
fluctuations. The Fund’s sub-adviser will sell securities or reduce positions if
it feels that the company no longer possesses favorable risk/reward
characteristics, attractive valuations or catalysts. The Fund invests primarily
in U.S. equity securities, but it may invest up to 35% of its net assets in
non-U.S. equity securities, including up to 10% of its net assets in equity
securities of companies located in emerging market countries.
Principal
Risks
The
value of your investment in this Fund will change daily. You could lose money by
investing in the Fund. An investment in the Fund is not a deposit of a bank and
is not insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency. The principal risks of investing in the Fund listed
below are presented alphabetically to facilitate your ability to find particular
risks and compare them with the risks of other funds. The significance of any
specific risk to an investment in the Fund will vary over time depending on the
composition of the Fund’s portfolio, market conditions and other factors. Each
risk summarized below is considered a "principal risk" of investing in the Fund,
regardless of the order in which it appears.
Active
Management Risk—The
Fund’s sub-adviser actively manages the Fund’s investments. Consequently, the
Fund is subject to the risk that the investment techniques and risk analyses
employed by the Fund’s sub-adviser may not produce the desired results. This
could cause the Fund to lose value or its investment results to lag relevant
benchmarks or other funds with similar objectives.
Currency
Risk—Changes
in currency exchange rates will affect the value of non-U.S. securities, the
value of dividends and interest earned from such securities, and gains and
losses realized on the sale of such securities. A strong U.S. dollar relative to
these other currencies will adversely affect the value of the Fund’s
portfolio.
Cybersecurity
Risk—Cybersecurity
risk is the risk of an unauthorized breach and access to Fund assets, customer
data (including private shareholder information), or proprietary information, or
the risk of an incident occurring that causes the Fund, its investment adviser
or sub-adviser, custodian, transfer agent, distributor or other service
provider, a financial intermediary or the issuers of securities held by the Fund
to suffer a data breach, data corruption or lose operational functionality.
Successful cyber-attacks or other cyber-failures or events affecting the Fund,
its service providers or the issuers of securities held by the Fund may
adversely impact the Fund or its shareholders. Additionally, a cybersecurity
breach could affect the issuers in which the Fund invests, which may cause the
Fund’s investments to lose value.
Emerging
Markets Risk—The
risk of foreign investment often increases in countries with emerging markets or
that are otherwise economically tied to emerging market countries. For example,
these countries may have more unstable governments than developed countries and
their economies may be based on only a few industries. Emerging market countries
may also have less stringent regulation of accounting, auditing, financial
reporting and recordkeeping requirements, which would affect the Fund’s ability
to evaluate potential portfolio companies. As a result, there could be less
information about issuers in emerging market countries, which could negatively
affect the ability of the Fund’s sub-adviser to evaluate local companies or
their potential impact on the Fund’s performance. Because their financial
markets
|
|
Section
1
Fund Summaries |
25 |
may
be very small, prices of financial instruments in emerging market countries may
be volatile and difficult to determine. Financial instruments of issuers in
these countries may have lower overall liquidity than those of issuers in more
developed countries. In addition, foreign investors such as the Fund are subject
to a variety of special restrictions in many emerging market countries.
Shareholder claims and regulatory actions that are available in the U.S. may be
difficult or impossible to pursue in emerging market countries.
Equity
Security Risk—Equity
securities in the Fund’s portfolio may decline significantly in price over short
or extended periods of time, and such declines may occur because of declines in
the equity market as a whole, or because of declines in only a particular
country, company, industry, or sector of the market. From time to time, the Fund
may invest a significant portion of its assets in companies in one or more
related sectors or industries which would make the Fund more vulnerable to
adverse developments affecting such sectors or industries.
Financial
Services Sector Risk—The
Fund currently invests a significant portion of its assets in the financial
services sector, although this may change over time. Financial services
companies are particularly sensitive to the adverse effects of economic
recession; changes in government regulation; the availability of capital;
volatile interest rates; and the health of the commercial and residential real
estate markets.
Foreign
Investment Risk—Non-U.S.
issuers or U.S. issuers with significant non-U.S. operations may be subject to
risks in addition to those of issuers located in or that principally operate in
the United States as a result of, among other things, political, social and
economic developments abroad, as well as armed conflicts and different legal,
regulatory and tax environments. Foreign investments may also have lower
liquidity and be more difficult to value than investments in U.S. issuers. To
the extent the Fund invests a significant portion of its assets in the
securities of companies in a single country or region, it may be more
susceptible to adverse conditions affecting that country or region. Foreign
investments may also be subject to risk of loss because of more or less foreign
government regulation, less public information, less stringent investor
protections and less stringent accounting, corporate governance, financial
reporting and disclosure standards.
Industrials
Sector Risk—The
Fund currently invests a significant portion of its assets in the industrials
sector, although this may change over time. Industrials companies are affected
by various factors, including the general state of the economy, exchange rates,
commodity prices, intense competition, consolidation, domestic and international
politics, government regulation, import controls, excess capacity, consumer
demand and spending trends. In addition, industrials companies may also be
significantly affected by overall capital spending levels, economic cycles,
rapid technological changes, delays in modernization, labor relations,
environmental liabilities, governmental and product liability and e-commerce
initiatives.
Market
Risk—The
market value of the Fund’s investments may go up or down, sometimes rapidly or
unpredictably and for short or extended periods of time, due to the particular
circumstances of individual issuers or due to general conditions impacting
issuers more broadly. Global economies and financial markets have become highly
interconnected, and thus economic, market or political conditions or events in
one country or region might adversely impact the value of the Fund’s investments
whether or not the Fund invests in such country or region. Events such as war,
terrorism, natural and environmental disasters and the spread of infectious
illnesses or other public health emergencies may have a severe negative impact
on the global economy, could cause financial markets to experience extreme
volatility and losses, and could result in the disruption of trading and the
reduction of liquidity in many instruments. Additionally, as inflation
increases, the value of the Fund’s assets can decline.
Small-
and Mid-Cap Company Risk—Securities
of small-cap companies involve substantial risk. Prices of small-cap securities
may be subject to more abrupt or erratic movements, and to wider fluctuations
and lower liquidity, than security prices of larger, more established companies
or broader market averages in general. It may be difficult to sell small-cap
securities at the desired time and price. While mid-cap securities may be
slightly less volatile than small-cap securities, they still involve similar
risks.
Value
Stock Risk—Value
stocks are securities of companies that typically trade at a perceived discount
to their intrinsic value and at valuation discounts relative to companies in the
same industry. Value stocks often times are also in sectors that trade at a
discount to the broader market. The reasons for their discount may vary greatly,
but some examples may include adverse business, industry or other developments
that may cause the company to be subject to special risks. The intrinsic value
of a stock with value characteristics may be difficult to identify and may not
be fully recognized by the market for a long time or a stock identified to be
undervalued may actually be appropriately priced at a low level.
|
|
26 |
Section
1
Fund Summaries |
Fund
Performance
The
following bar chart and table provide some indication of the potential risks of
investing in the Fund. The Fund’s past performance (before and after taxes) is
not necessarily an indication of how the Fund will perform in the future.
Updated performance information is available at www.nuveen.com/performance or by
calling (800) 257-8787.
The
bar chart below shows the variability of the Fund’s performance from year to
year for Class A shares. The bar chart and highest/lowest quarterly returns that
follow do not reflect sales charges, and if these charges were reflected, the
returns would be less than those shown.
|
Class
A Annual Total Return* |
*Class
A year-to-date total return as of September 30, 2023 was 3.89%. The
performance of the other share classes will differ due to their different
expense structures.
During
the ten-year period ended December 31, 2022, the Fund’s highest and lowest
quarterly returns were 23.36%
and
-33.49%, respectively, for the quarters ended December 31, 2020 and March 31,
2020.
The
table below shows the variability of the Fund’s average annual returns and how
they compare over the time periods indicated with those of a broad measure of
market performance and an index of funds with similar investment objectives. All
after-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes. After-tax returns are shown for Class A shares only; after-tax returns
for other share classes will vary. Your own actual after-tax returns will depend
on your specific tax situation and may differ from what is shown here. After-tax
returns are not relevant to investors who hold Fund shares in tax-deferred
accounts such as IRAs or employer-sponsored retirement plans.
Both
the bar chart and the table assume that all distributions have been reinvested.
Performance reflects fee waivers, if any, in effect during the periods
presented. If any such waivers had not been in place, returns would have been
reduced.
|
|
Section
1
Fund Summaries |
27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Annual Total Returns |
|
|
|
|
|
for
the Periods Ended |
|
|
|
|
|
December
31, 2022 |
|
|
Inception
Date |
1
Year |
5
Years |
10
Years |
Since
Inception
(Class
R6) |
Class
A (return before taxes) |
|
12/15/06 |
|
|
(11.32 |
)% |
|
4.80 |
% |
|
8.07 |
% |
|
N/A |
|
Class
A (return after taxes on distributions) |
|
|
|
|
(12.40 |
)% |
|
2.06 |
% |
|
6.48 |
% |
|
N/A |
|
Class
A (return after taxes on distributions and sale of Fund shares) |
|
|
|
|
(5.93 |
)% |
|
3.11 |
% |
|
6.18 |
% |
|
N/A |
|
Class
C (return before taxes) |
|
12/15/06 |
|
|
(6.62 |
)% |
|
5.26 |
% |
|
8.06 |
% |
|
N/A |
|
Class
R6 (return before taxes) |
|
6/30/16 |
|
|
(5.55 |
)% |
|
6.48 |
% |
|
N/A |
|
|
9.35
|
% |
Class
I (return before taxes) |
|
12/15/06 |
|
|
(5.69 |
)% |
|
6.32 |
% |
|
8.99 |
% |
|
N/A |
|
Russell
2500™ Value Index1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(reflects
no deduction for fees, expenses or taxes) |
|
|
|
|
(13.08 |
)% |
|
4.75 |
% |
|
8.93 |
% |
|
7.66 |
% |
Lipper
Small-Cap Core Funds Category Average2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(reflects
no deduction for taxes or sales loads) |
|
|
|
|
(14.40 |
)% |
|
4.71 |
% |
|
8.89 |
% |
|
8.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
An
index designed to measure the performance of the small to mid-cap value
segment of the U.S. equity universe. It includes those Russell 2500
companies with lower price-to-book ratios and lower forecasted growth
values. |
2 |
Represents
the average annualized total return for all reporting funds in the Lipper
Small-Cap Core Funds Category. |
Management
Investment
Adviser
Nuveen
Fund Advisors, LLC
Sub-Adviser
Nuveen
Asset Management, LLC
Portfolio
Managers
|
|
|
Name |
Title |
Portfolio
Manager of Fund Since |
Andrew
C. Hwang |
Managing
Director |
February
2016 |
|
Thomas
J. Lavia, CFA |
Managing
Director |
July
2019 |
|
Purchase
and Sale of Fund Shares
You
may purchase, redeem or exchange shares of the Fund on any business day through
a financial advisor or other financial intermediary. The Fund’s initial and
subsequent investment minimums generally are as follows, although certain
financial intermediaries may impose their own investment minimums and the Fund
may reduce or waive the minimums in some cases:
|
|
|
|
|
Class
A and Class C |
Class
R6 |
Class
I |
Eligibility
and Minimum Initial Investment |
$3,000
for all accounts except:
• $2,500
for Traditional/ Roth
IRA accounts.
• $2,000
for Coverdell Education
Savings Accounts.
• $250
for accounts opened through fee-based programs.
• No
minimum for retirement plans. |
Available
only to certain qualified retirement plans and other investors as
described in the prospectus and through fee-based programs.
$1
million for all accounts except:
• $100,000
for clients of financial intermediaries who charge such clients an ongoing
fee for advisory, investment, consulting or related services.
• No
minimum for certain qualified retirement plans and certain other
categories of eligible investors as described in the
prospectus. |
Available
only through fee-based programs and certain retirement plans, and to other
limited categories of investors as described in the prospectus.
$100,000
for all accounts except:
• $250
for clients of financial intermediaries and family offices that have
accounts holding Class I shares with an aggregate value of at least
$100,000 (or that are expected to reach this level).
• No
minimum for eligible retirement plans and certain other categories of
eligible investors as described in the prospectus. |
Minimum Additional Investment |
$100 |
No
minimum. |
No
minimum. |
|
|
28 |
Section
1
Fund Summaries |
Tax
Information
The
Fund’s distributions are taxable and will generally be taxed as ordinary income
or capital gains, unless you are investing through a tax-deferred account, such
as an IRA or 401(k) plan (in which case you may be taxed upon withdrawal of your
investment from such account).
Payments
to Broker-Dealers and Other Financial Intermediaries
If
you purchase shares of the Fund through a broker-dealer or other financial
intermediary (such as a bank or financial advisor), the Fund, its distributor or
its investment adviser may pay the intermediary for the sale of Fund shares and
related services. These payments may create a conflict of interest by
influencing the broker-dealer or other financial intermediary and your
salesperson to recommend the Fund over another investment. Ask your financial
advisor or visit your financial intermediary’s website for more
information.
|
|
Section
1
Fund Summaries |
29 |
Nuveen
Small Cap Value Opportunities Fund
Investment
Objective
The
investment objective of the Fund is to provide investors with long-term capital
appreciation.
Fees
and Expenses of the Fund
The
following tables describe the fees and expenses that you may pay if you buy,
hold and sell shares of the Fund. You may qualify for sales charge discounts if
you and your family invest, or agree to invest in the future, at least $50,000
in the Fund or in other Nuveen Mutual Funds. More information about these and
other discounts, as well as eligibility requirements for each share class, is
available from your financial advisor and in “How You Can Buy and Sell Shares”
on page 53 of the Fund’s prospectus and “Purchase and Redemption of Fund Shares”
on page S-75 of the Fund’s statement of additional information. In addition,
more information about sales charge discounts and waivers for purchases of
shares through specific financial intermediaries is set forth in the appendix to
the Fund’s prospectus entitled “Variations in Sales Charge Reductions and
Waivers Available Through Certain Intermediaries.”
The
tables and examples below do not reflect any commissions that shareholders may
be required to pay directly to their financial intermediaries when buying or
selling Class I shares.
Shareholder
Fees
(fees
paid directly from your investment)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A |
|
Class
C |
|
Class
R6 |
|
Class
I |
|
Maximum
Sales Charge (Load) Imposed on Purchases (as
a percentage of offering price) |
|
|
5.75% |
|
None |
|
None |
|
None |
|
Maximum
Deferred Sales Charge (Load) (as
a percentage of the lesser of purchase price or redemption
proceeds)1 |
|
|
None |
|
1.00% |
|
None |
|
None |
|
Maximum
Sales Charge (Load) Imposed on Reinvested Dividends |
|
|
None |
|
None |
|
None |
|
None |
|
Exchange
Fee |
|
|
None |
|
None |
|
None |
|
None |
|
Annual
Low Balance Account Fee (for accounts under $1,000)2 |
|
|
$15 |
|
$15 |
|
None |
|
$15 |
|
Annual
Fund Operating Expenses
(expenses
that you pay each year as a percentage of the value of your investment)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A |
|
Class
C |
|
Class
R6 |
|
Class
I |
|
Management
Fees |
|
|
|
|
0.80 |
% |
|
0.80 |
% |
|
0.80 |
% |
|
0.80 |
% |
Distribution
and/or Service (12b-1) Fees |
|
|
|
|
0.25 |
% |
|
1.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
Other
Expenses |
|
|
|
|
0.26 |
% |
|
0.26 |
% |
|
0.13 |
% |
|
0.26 |
% |
Total
Annual Fund Operating Expenses |
|
|
|
|
1.31 |
% |
|
2.06 |
% |
|
0.93 |
% |
|
1.06 |
% |
Fee
Waivers and/or Expense Reimbursements3 |
|
|
|
|
(0.11 |
)% |
|
(0.11 |
)% |
|
(0.11 |
)% |
|
(0.11 |
)% |
Total
Annual Fund Operating Expenses After Fee Waivers and/or Expense
Reimbursements |
|
|
|
|
1.20 |
% |
|
1.95 |
% |
|
0.82 |
% |
|
0.95 |
% |
1 The
contingent deferred sales charge on Class C shares applies only to redemptions
within 12 months of purchase.
2 Fee
applies to the following types of accounts under $1,000 held directly with the
Fund: individual retirement accounts (IRAs), Coverdell Education Savings
Accounts and accounts established pursuant to the Uniform Transfers to Minors
Act (UTMA) or Uniform Gifts to Minors Act (UGMA).
3 The
Fund’s investment adviser has agreed to waive fees and/or reimburse expenses so
that the total annual operating expenses of the Fund (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 0.99% through July 31, 2025 or 1.50%
after July 31, 2025 of the average daily net assets of any class of Fund shares.
However, because Class R6 shares are not subject to sub-transfer agent and
similar fees, the total annual operating expenses for the Class R6 shares will
be less than the expense limitation. The expense limitation expiring July 31,
2025 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.
Example
The
following example is intended to help you compare the cost of investing in the
Fund with the cost of investing in other mutual funds. The example assumes that
you invest $10,000 in the Fund for the time periods indicated and then either
redeem or do not redeem your shares at the end of a period. The example also
assumes that your investment has a 5% return each year and that the Fund’s
operating expenses are at the lesser of Total Annual Fund Operating Expenses or
the applicable expense limitation. Although your actual costs may be higher or
lower, based on these assumptions your costs would be:
|
|
30 |
Section
1
Fund Summaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class
A |
|
Class
C |
|
Class
R6 |
|
Class
I |
|
1
Year |
|
|
|
$ |
690 |
|
$ |
198 |
|
$ |
84 |
|
$ |
97 |
|
3
Years |
|
|
|
$ |
948 |
|
$ |
627 |
|
$ |
277 |
|
$ |
318 |
|
5
Years |
|
|
|
$ |
1,234 |
|
$ |
1,090 |
|
$ |
496 |
|
$ |
566 |
|
10
Years |
|
|
|
$ |
2,047 |
|
$ |
2,374 |
|
$ |
1,125 |
|
$ |
1,276 |
|
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher portfolio turnover rate may
indicate higher transaction costs and may result in higher taxes when Fund
shares are held in a taxable account. These costs, which are not reflected in
annual fund operating expenses or in the example, affect the Fund’s performance.
During the most recent fiscal year, the Fund’s portfolio turnover rate was 71%
of the average value of its portfolio.
Principal
Investment Strategies
Under
normal market conditions, the Fund invests at least 80% of the sum of its net
assets and the amount of any borrowings for investment purposes in equity
securities of companies with market capitalizations at the time of investment
comparable to companies in either the Russell 2000®
Value Index or the Standard & Poor’s SmallCap 600 Index. As of September 30,
2023, the market cap range for the Russell 2000®
Value Index was $31 million to $7.1 billion and the market cap range for the
Standard & Poor’s SmallCap 600 Index was $247 million to $6.3 billion. The
Fund will not be forced to sell a stock because it has exceeded or fallen below
the current market capitalization range. The Fund’s sub-adviser seeks to
identify under-valued companies with a catalyst to unlock value or improve
profitability. The Fund’s sub-adviser maintains a long-term investment view and
a focus on securities it believes can appreciate over an extended time,
regardless of interim fluctuations. The Fund’s sub-adviser will sell securities
or reduce positions if it feels that the company no longer possesses favorable
risk/reward characteristics, attractive valuations or catalysts. The Fund
invests primarily in U.S. equity securities, but it may invest up to 35% of its
net assets in non-U.S. equity securities, including up to 10% of its net assets
in equity securities of companies located in emerging market
countries.
Principal
Risks
The
value of your investment in this Fund will change daily. You could lose money by
investing in the Fund. An investment in the Fund is not a deposit of a bank and
is not insured or guaranteed by the Federal Deposit Insurance Corporation or any
other government agency. The principal risks of investing in the Fund listed
below are presented alphabetically to facilitate your ability to find particular
risks and compare them with the risks of other funds. The significance of any
specific risk to an investment in the Fund will vary over time depending on the
composition of the Fund’s portfolio, market conditions and other factors. Each
risk summarized below is considered a "principal risk" of investing in the Fund,
regardless of the order in which it appears.
Active
Management Risk—The
Fund’s sub-adviser actively manages the Fund’s investments. Consequently, the
Fund is subject to the risk that the investment techniques and risk analyses
employed by the Fund’s sub-adviser may not produce the desired results. This
could cause the Fund to lose value or its investment results to lag relevant
benchmarks or other funds with similar objectives.
Currency
Risk—Changes
in currency exchange rates will affect the value of non-U.S. securities, the
value of dividends and interest earned from such securities, and gains and
losses realized on the sale of such securities. A strong U.S. dollar relative to
these other currencies will adversely affect the value of the Fund’s
portfolio.
Cybersecurity
Risk—Cybersecurity
risk is the risk of an unauthorized breach and access to Fund assets, customer
data (including private shareholder information), or proprietary information, or
the risk of an incident occurring that causes the Fund, its investment adviser
or sub-adviser, custodian, transfer agent, distributor or other service
provider, a financial intermediary or the issuers of securities held by the Fund
to suffer a data breach, data corruption or lose operational functionality.
Successful cyber-attacks or other cyber-failures or events affecting the Fund,
its service providers or the issuers of securities held by the Fund may
adversely impact the Fund or its shareholders. Additionally, a cybersecurity
breach could affect the issuers in which the Fund invests, which may cause the
Fund’s investments to lose value.
Emerging
Markets Risk—The
risk of foreign investment often increases in countries with emerging markets or
that are otherwise economically tied to emerging market countries. For example,
these countries may have more unstable governments than developed countries and
their economies may be based on only a few industries. Emerging market countries
may also have less stringent regulation of accounting, auditing, financial
reporting and recordkeeping requirements, which would affect the Fund’s ability
to evaluate potential portfolio companies. As a result, there could be less
information about issuers in emerging market countries, which could negatively
affect the ability of the Fund’s sub-
|
|
Section
1
Fund Summaries |
31 |
adviser
to evaluate local companies or their potential impact on the Fund’s performance.
Because their financial markets may be very small, prices of financial
instruments in emerging market countries may be volatile and difficult to
determine. Financial instruments of issuers in these countries may have lower
overall liquidity than those of issuers in more developed countries. In
addition, foreign investors such as the Fund are subject to a variety of special
restrictions in many emerging market countries. Shareholder claims and
regulatory actions that are available in the U.S. may be difficult or impossible
to pursue in emerging market countries.
Equity
Security Risk—Equity
securities in the Fund’s portfolio may decline significantly in price over short
or extended periods of time, and such declines may occur because of declines in
the equity market as a whole, or because of declines in only a particular
country, company, industry, or sector of the market. From time to time, the Fund
may invest a significant portion of its assets in companies in one or more
related sectors or industries which would make the Fund more vulnerable to
adverse developments affecting such sectors or industries.
Financial
Services Sector Risk—The
Fund currently invests a significant portion of its assets in the financial
services sector, although this may change over time. Financial services
companies are particularly sensitive to the adverse effects of economic
recession; changes in government regulation; the availability of capital;
volatile interest rates; and the health of the commercial and residential real
estate markets.
Foreign
Investment Risk—Non-U.S.
issuers or U.S. issuers with significant non-U.S. operations may be subject to
risks in addition to those of issuers located in or that principally operate in
the United States as a result of, among other things, political, social and
economic developments abroad, as well as armed conflicts and different legal,
regulatory and tax environments. Foreign investments may also have lower
liquidity and be more difficult to value than investments in U.S. issuers. To
the extent the Fund invests a significant portion of its assets in the
securities of companies in a single country or region, it may be more
susceptible to adverse conditions affecting that country or region. Foreign
investments may also be subject to risk of loss because of more or less foreign
government regulation, less public information, less stringent investor
protections and less stringent accounting, corporate governance, financial
reporting and disclosure standards.
Market
Risk—The
market value of the Fund’s investments may go up or down, sometimes rapidly or
unpredictably and for short or extended periods of time, due to the particular
circumstances of individual issuers or due to general conditions impacting
issuers more broadly. Global economies and financial markets have become highly
interconnected, and thus economic, market or political conditions or events in
one country or region might adversely impact the value of the Fund’s investments
whether or not the Fund invests in such country or region. Events such as war,
terrorism, natural and environmental disasters and the spread of infectious
illnesses or other public health emergencies may have a severe negative impact
on the global economy, could cause financial markets to experience extreme
volatility and losses, and could result in the disruption of trading and the
reduction of liquidity in many instruments. Additionally, as inflation
increases, the value of the Fund’s assets can decline.
Small-Cap
Company Risk—Securities
of small-cap companies involve substantial risk. Prices of small-cap securities
may be subject to more abrupt or erratic movements, and to wider fluctuations
and lower liquidity, than security prices of larger, more established companies
or broader market averages in general. It may be difficult to sell small-cap
securities at the desired time and price.
Value
Stock Risk—Value
stocks are securities of companies that typically trade at a perceived discount
to their intrinsic value and at valuation discounts relative to companies in the
same industry. Value stocks often times are also in sectors that trade at a
discount to the broader market. The reasons for their discount may vary greatly,
but some examples may include adverse business, industry or other developments
that may cause the company to be subject to special risks. The intrinsic value
of a stock with value characteristics may be difficult to identify and may not
be fully recognized by the market for a long time or a stock identified to be
undervalued may actually be appropriately priced at a low level.
Fund
Performance
The
following bar chart and table provide some indication of the potential risks of
investing in the Fund. The Fund’s past performance (before and after taxes) is
not necessarily an indication of how the Fund will perform in the future.
Updated performance information is available at www.nuveen.com/performance or by
calling (800) 257-8787.
|
|
32 |
Section
1
Fund Summaries |
The
bar chart below shows the variability of the Fund’s performance from year to
year for Class A shares. The bar chart and highest/lowest quarterly returns that
follow do not reflect sales charges, and if these charges were reflected, the
returns would be less than those shown.
|
Class
A Annual Total Return* |
*Class
A year-to-date total return as of September 30, 2023 was 2.40%. The
performance of the other share classes will differ due to their different
expense structures.
During
the ten-year period ended December 31, 2022, the Fund’s highest and lowest
quarterly returns were 27.85%
and
-34.35%, respectively, for the quarters ended December 31, 2020 and March 31,
2020.
The
table below shows the variability of the Fund’s average annual returns and how
they compare over the time periods indicated with those of a broad measure of
market performance and an index of funds with similar investment objectives. All
after-tax returns are calculated using the historical highest individual federal
marginal income tax rates and do not reflect the impact of state and local
taxes. After-tax returns are shown for Class A shares only; after-tax returns
for other share classes will vary. Your own actual after-tax returns will depend
on your specific tax situation and may differ from what is shown here. After-tax
returns are not relevant to investors who hold Fund shares in tax-deferred
accounts such as IRAs or employer-sponsored retirement plans.
Both
the bar chart and the table assume that all distributions have been reinvested.
Performance reflects fee waivers, if any, in effect during the periods
presented. If any such waivers had not been in place, returns would have been
reduced.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
Annual Total Returns |
|
|
|
|
|
for
the Periods Ended |
|
|
|
|
|
December
31, 2022 |
|
|
Inception
Date |
1
Year |
5
Years |
10
Years |
Since
Inception
(Class
R6) |
Class
A (return before taxes) |
|
12/8/04 |
|
|
(10.91 |
)% |
|
2.62 |
% |
|
8.30 |
% |
|
N/A |
|
Class
A (return after taxes on distributions) |
|
|
|
|
(12.19 |
)% |
|
0.89 |
% |
|
7.21 |
% |
|
N/A |
|
Class
A (return after taxes on distributions and sale of Fund shares) |
|
|
|
|
(5.55 |
)% |
|
1.85 |
% |
|
6.66 |
% |
|
N/A |
|
Class
C (return before taxes) |
|
12/8/04 |
|
|
(6.21 |
)% |
|
3.07 |
% |
|
8.30 |
% |
|
N/A |
|
Class
R6 (return before taxes) |
|
2/15/13 |
|
|
(5.13 |
)% |
|
4.27 |
% |
|
N/A |
|
|
8.77
|
% |
Class
I (return before taxes) |
|
12/8/04 |
|
|
(5.26 |
)% |
|
4.10 |
% |
|
9.22 |
% |
|
N/A |
|
Russell
2000®
Value Index1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(reflects
no deduction for fees, expenses or taxes) |
|
|
|
|
(14.48 |
)% |
|
4.13 |
% |
|
8.48 |
% |
|
7.68 |
% |
Lipper
Small-Cap Core Funds Category Average2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(reflects
no deduction for taxes or sales loads) |
|
|
|
|
(14.40 |
)% |
|
4.71 |
% |
|
8.89 |
% |
|
8.08 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
An
index designed to measure the performance of the small-cap value segment
of the U.S. equity universe. It includes those Russell 2000 companies with
lower price-to-book ratios and lower forecasted growth values. |
2 |
Represents
the average annualized total return for all reporting funds in the Lipper
Small-Cap Core Funds Category. |
|
|
Section
1
Fund Summaries |
33 |
Management
Investment
Adviser
Nuveen
Fund Advisors, LLC
Sub-Adviser
Nuveen
Asset Management, LLC
Portfolio
Managers
|
|
|
Name |
Title |
Portfolio
Manager of Fund Since |
Andrew
C. Hwang |
Managing
Director |
February
2016 |
|
Thomas
J. Lavia, CFA |
Managing
Director |
July
2019 |
|
Purchase
and Sale of Fund Shares
You
may purchase, redeem or exchange shares of the Fund on any business day through
a financial advisor or other financial intermediary. The Fund’s initial and
subsequent investment minimums generally are as follows, although certain
financial intermediaries may impose their own investment minimums and the Fund
may reduce or waive the minimums in some cases:
|
|
|
|
|
Class
A and Class C |
Class
R6 |
Class
I |
Eligibility
and Minimum Initial Investment |
$3,000
for all accounts except:
• $2,500
for Traditional/ Roth
IRA accounts.
• $2,000
for Coverdell Education
Savings Accounts.
• $250
for accounts opened through fee-based programs.
• No
minimum for retirement plans. |
Available
only to certain qualified retirement plans and other investors as
described in the prospectus and through fee-based programs.
$1
million for all accounts except:
• $100,000
for clients of financial intermediaries who charge such clients an ongoing
fee for advisory, investment, consulting or related services.
• No
minimum for certain qualified retirement plans and certain other
categories of eligible investors as described in the
prospectus. |
Available
only through fee-based programs and certain retirement plans, and to other
limited categories of investors as described in the prospectus.
$100,000
for all accounts except:
• $250
for clients of financial intermediaries and family offices that have
accounts holding Class I shares with an aggregate value of at least
$100,000 (or that are expected to reach this level).
• No
minimum for eligible retirement plans and certain other categories of
eligible investors as described in the prospectus. |
Minimum Additional Investment |
$100 |
No
minimum. |
No
minimum. |
Tax
Information
The
Fund’s distributions are taxable and will generally be taxed as ordinary income
or capital gains, unless you are investing through a tax-deferred account, such
as an IRA or 401(k) plan (in which case you may be taxed upon withdrawal of your
investment from such account).
Payments
to Broker-Dealers and Other Financial Intermediaries
If
you purchase shares of the Fund through a broker-dealer or other financial
intermediary (such as a bank or financial advisor), the Fund, its distributor or
its investment adviser may pay the intermediary for the sale of Fund shares and
related services. These payments may create a conflict of interest by
influencing the broker-dealer or other financial intermediary and your
salesperson to recommend the Fund over another investment. Ask your financial
advisor or visit your financial intermediary’s website for more
information.
|
|
34 |
Section
1
Fund Summaries |
Section
2
How We Manage Your Money
To
help you better understand the Funds, this section includes a detailed
discussion of the Funds’ investment and risk management strategies. For a more
complete discussion of these matters, please see the statement of additional
information, which is available by calling (800) 257-8787 or by visiting
Nuveen’s website at www.nuveen.com.
Nuveen
Fund Advisors, LLC (“Nuveen
Fund Advisors”),
the Funds’ investment adviser, offers advisory and investment management
services to a broad range of clients, including investment companies and other
pooled investment vehicles. Nuveen Fund Advisors 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. Nuveen Fund Advisors is located at 333 West
Wacker Drive, Chicago, Illinois 60606. Nuveen Fund Advisors is a subsidiary of
Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity
Association of America (“TIAA”).
TIAA is a life insurance company founded in 1918 by the Carnegie Foundation for
the Advancement of Teaching and is the companion organization of College
Retirement Equities Fund. As of September 30, 2023, Nuveen, LLC managed
approximately $1.1 trillion in assets, of which approximately $134.5 billion was
managed by Nuveen Fund Advisors.
Nuveen
Fund Advisors has selected its affiliate, Nuveen Asset Management, LLC
(“Nuveen
Asset Management”),
located at 333 West Wacker Drive, Chicago, Illinois 60606, to serve as
sub-adviser to each Fund. Nuveen Asset Management manages the investment of the
Funds' assets on a discretionary basis, subject to the supervision of Nuveen
Fund Advisors.
The
Funds are managed by multiple portfolio managers, who are responsible for the
day-to-day management of the Funds, with expertise in the area applicable to the
Funds’ investments. Each portfolio manager may be responsible for different
aspects of a Fund’s management. For example, one manager may be principally
responsible for selecting appropriate investments for a Fund, while another may
be principally responsible for asset allocation. The following is a list of the
portfolio managers primarily responsible for managing each Fund’s investments,
along with their relevant experience. The Funds’ portfolio managers may change
from time to time.
|
|
Section
2
How We Manage Your Money |
35 |
|
|
|
|
|
|
Total
Experience (since
dates specified
below) |
Name
& Title |
Experience
Over Past Five Years |
At
Nuveen Asset Management* |
Total |
|
|
|
|
NUVEEN
GLOBAL EQUITY INCOME FUND |
|
|
|
|
James
T. Stephenson, CFA Managing
Director |
Nuveen
Asset Management and other advisory affiliates (equity portfolio
management and research) |
2006 |
1991 |
|
|
|
|
Thomas
J. Ray, CFA Managing
Director |
Nuveen
Asset Management and other advisory affiliates (portfolio management and
research) |
2015 |
1991 |
|
|
|
|
Peter
Boardman Managing
Director |
Nuveen
Asset Management and other advisory affiliates (equity portfolio
management and research) |
2003 |
1987 |
|
|
|
|
|
|
|
|
NUVEEN
INTERNATIONAL VALUE FUND |
|
|
|
|
Peter
Boardman Managing
Director |
Nuveen
Asset Management and other advisory affiliates (equity portfolio
management and research) |
2003 |
1987 |
|
|
|
|
James
T. Stephenson, CFA Managing
Director |
Nuveen
Asset Management and other advisory affiliates (equity portfolio
management and research) |
2006 |
1991 |
|
|
|
|
|
|
|
|
NUVEEN
MULTI CAP VALUE FUND |
|
|
|
|
Jon
D. Bosse, CFA Managing
Director |
Nuveen
Asset Management and other advisory affiliates (equity portfolio
management and research) |
1996 |
1982 |
|
|
|
|
Jujhar
S. Sohi, CFA Managing
Director |
Nuveen
Asset Management and other advisory affiliates (equity portfolio
management and research) |
2013 |
2004 |
|
|
|
|
|
|
|
|
NUVEEN
LARGE CAP VALUE FUND |
|
|
|
|
Jon
D. Bosse, CFA Managing
Director |
Nuveen
Asset Management and other advisory affiliates (equity portfolio
management and research) |
1996 |
1982 |
|
|
|
|
Jujhar
S. Sohi, CFA Managing
Director |
Nuveen
Asset Management and other advisory affiliates (equity portfolio
management and research) |
2013 |
2004 |
|
|
|
|
|
|
|
|
NUVEEN
SMALL/MID CAP VALUE FUND |
|
|
|
|
Andrew
C. Hwang Managing
Director |
Nuveen
Asset Management and other advisory affiliates (equity portfolio
management and research) |
1998 |
1996 |
|
|
|
|
Thomas
J. Lavia, CFA Managing
Director |
Nuveen
Asset Management and other advisory affiliates (portfolio management and
research) |
2011 |
1998 |
|
|
|
|
|
|
|
|
NUVEEN
SMALL CAP VALUE OPPORTUNITIES FUND |
|
|
|
|
Andrew
C. Hwang Managing
Director |
Nuveen
Asset Management and other advisory affiliates (equity portfolio
management and research) |
1998 |
1996 |
|
|
|
|
Thomas
J. Lavia, CFA Managing
Director |
Nuveen
Asset Management and other advisory affiliates (portfolio management and
research) |
2011 |
1998 |
|
|
|
|
|
|
|
|
*
Including tenure at affiliate or predecessor firms, as applicable
|
|
36 |
Section
2
How We Manage Your Money |
Additional
information about the portfolio managers’ compensation, other accounts managed
by the portfolio managers and the portfolio managers’ ownership of securities in
the Funds is provided in the statement of additional information.
Management
Fees
The
management fee schedule for each Fund consists of two components: a Fund-level
fee, based only on the amount of assets within a Fund, and a complex-level fee,
based on the aggregate amount of all eligible fund assets managed by Nuveen Fund
Advisors.
The
annual Fund-level fee, payable monthly, is based upon the average daily net
assets of each Fund as follows:
|
|
|
|
|
Average
Daily Net Assets |
|
Nuveen Global
Equity Income
Fund |
Nuveen International
Value Fund |
Nuveen Multi
Cap Value
Fund |
For
the first $125 million |
|
0.5500% |
0.5500% |
0.5500% |
For
the next $125 million |
|
0.5375% |
0.5375% |
0.5375% |
For
the next $250 million |
|
0.5250% |
0.5250% |
0.5250% |
For
the next $500 million |
|
0.5125% |
0.5125% |
0.5125% |
For
the next $1 billion |
|
0.5000% |
0.5000% |
0.5000% |
For
the next $3 billion |
|
0.4750% |
0.4750% |
0.4750% |
For
the next $2.5 billion |
|
0.4500% |
0.4500% |
0.4500% |
For
the next $2.5 billion |
|
0.4375% |
0.4375% |
0.4375% |
For
net assets over $10 billion |
|
0.4250% |
0.4250% |
0.4250% |
|
|
|
|
|
Average
Daily Net Assets |
|
Nuveen Large
Cap Value
Fund |
Nuveen Small/Mid
Cap Value Fund |
Nuveen Small
Cap Value Opportunities
Fund |
For
the first $125 million |
|
0.5000% |
0.6000% |
0.6500% |
For
the next $125 million |
|
0.4875% |
0.5875% |
0.6375% |
For
the next $250 million |
|
0.4750% |
0.5750% |
0.6250% |
For
the next $500 million |
|
0.4625% |
0.5625% |
0.6125% |
For
the next $1 billion |
|
0.4500% |
0.5500% |
0.6000% |
For
the next $3 billion |
|
0.4250% |
0.5250% |
0.5750% |
For
the next $2.5 billion |
|
0.4000% |
0.5000% |
0.5500% |
For
the next $2.5 billion |
|
0.3875% |
0.4875% |
0.5375% |
For
net assets over $10 billion |
|
0.3750% |
0.4750% |
0.5250% |
The
complex-level fee begins at a maximum rate of 0.2000% of each Fund’s average
daily net assets, based upon complex-level assets of $55 billion, with
breakpoints for eligible assets above that level. Therefore, the maximum
management fee rate for each Fund is the Fund-level fee plus 0.2000%. As of
September 30, 2023, the effective complex-level fee for each Fund was 0.1611% of
the Fund’s average daily net assets.
For
the most recent fiscal year, each Fund paid Nuveen Fund Advisors the following
management fees (net of fee waivers and expense reimbursements, where
applicable) as a percentage of average daily net assets:
|
|
Nuveen
Global Equity Income Fund |
0.54% |
Nuveen
International Value Fund |
0.53% |
Nuveen
Multi Cap Value Fund |
0.66% |
Nuveen
Large Cap Value Fund |
0.10% |
Nuveen
Small/Mid Cap Value Fund |
0.66% |
Nuveen
Small Cap Value Opportunities Fund |
0.69% |
Nuveen
Fund Advisors has agreed to waive fees and/or reimburse expenses so that the
total annual operating expenses (excluding 12b-1 distribution and/or service
fees,
|
|
Section
2
How We Manage Your Money |
37 |
interest
expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and
disposing of portfolio securities and extraordinary expenses) for the Funds do
not exceed the percentages of the average daily net assets listed below of any
class of Fund shares. However, because Class R6 shares are not subject to
sub-transfer agent and similar fees, the total annual operating expenses for the
Class R6 shares will be less than the expense limitation.
|
|
|
Nuveen
Global Equity Income Fund |
0.90%
through July 31, 2025 |
Nuveen
International Value Fund |
0.94%
through July 31, 2025 |
Nuveen
Multi Cap Value Fund |
0.94%
through July 31, 2025 |
Nuveen
Large Cap Value Fund |
0.79%
through July 31, 2025 and 1.35% thereafter |
Nuveen
Small/Mid Cap Value Fund |
1.10%
through July 31, 2025 and 1.45% thereafter |
Nuveen
Small Cap Value Opportunities Fund |
0.99%
through July 31, 2025 and
1.50% thereafter |
The
expense limitations expiring July 31, 2025 may be terminated or modified prior
to that date only with the approval of the Board of Trustees of the Funds. All
other expense limitations may be terminated or modified only with the approval
of shareholders of the Funds.
Information
regarding the Board of Trustees’ approval of the investment management
agreements is available in the Funds’ annual report for the fiscal year ended
June 30, 2023.
|
More
About Our Investment Strategies |
The
Funds' investment objectives, which are described in the "Fund Summaries"
section, may not be changed without shareholder approval.
Certain
Funds have adopted a non-fundamental investment policy (a “Name
Policy”).
Nuveen Global Equity Income Fund, under normal market conditions, will invest at
least 80% of the sum of its net assets and the amount of any borrowings for
investment purposes in equity securities. Nuveen Large Cap Value Fund, under
normal market conditions, will invest at least 80% of the sum of its net assets
and the amount of any borrowings for investment purposes in equity securities of
companies with large capitalizations at the time of purchase. Nuveen Small/Mid
Cap Value Fund, under normal market conditions, will invest at least 80% of the
sum of its net assets and the amount of any borrowings for investment purposes
in equity securities of companies with medium and small capitalizations at the
time of purchase. Nuveen Small Cap Value Opportunities Fund, under normal market
conditions, will invest at least 80% of the sum of its net assets and the amount
of any borrowings for investment purposes in equity securities of companies with
small capitalizations at the time of purchase. The Funds will consider both
direct investments and indirect investments (e.g., investments in other
investment companies, derivatives and synthetic instruments with economic
characteristics similar to the direct investments that meet the Name Policy)
when determining compliance with the Name Policy. For purposes of the Name
Policy, a Fund will value eligible derivatives at fair value or market value
instead of notional value. As a result of having a Name Policy, each Fund must
provide shareholders with a notice at least 60 days prior to any change of the
Fund's Name Policy.
The
Funds’ investment policies may be changed by the Board of Trustees without
shareholder approval unless otherwise noted in this prospectus or the statement
of additional information.
|
|
38 |
Section
2
How We Manage Your Money |
The
Funds’ principal investment strategies are discussed in the “Fund Summaries”
section. These are the strategies that the Funds’ investment adviser and
sub-adviser believe are most likely to be important in trying to achieve the
Funds’ investment objectives. This section provides more information about these
strategies, as well as information about some additional strategies that the
Funds’ sub-adviser uses, or may use, to achieve the Funds’ objectives. You
should be aware that each Fund may also use strategies and invest in securities
that are not described in this prospectus, but that are described in the
statement of additional information. For a copy of the statement of additional
information, call Nuveen Funds at (800) 257-8787 or visit Nuveen’s website at
www.nuveen.com.
Equity
Securities
The
Funds invest in equity securities. Equity securities generally include common
stocks; preferred securities; warrants to purchase common stocks and preferred
securities; convertible debt securities that are either in the money or
immediately convertible into common stocks or preferred securities; common and
preferred securities issued by real estate investment trusts; depositary
receipts; and other securities with equity characteristics.
Call
Options
Nuveen
Global Equity Income Fund may write (e.g., sell) call options on securities in
an attempt to generate additional income. A call option enables the purchaser to
elect to receive a security from the Fund at a predetermined price and time. The
Fund may only sell a call option on a security if the Fund (1) owns the security
underlying the call or has an absolute and immediate right to acquire that
security without additional cash consideration upon conversion or exchange of
another security held by the Fund or (2) holds a call on the same security
as the call written where the exercise price of the call held is (i) equal to or
less than the exercise price of the call written or (ii) greater than the
exercise price of the call written, provided the difference is maintained by the
Fund in segregated assets.
Non-U.S.
Investments
The
Funds may invest in securities of non-U.S. issuers. The Funds will classify an
issuer of a security as being a U.S. or non-U.S. issuer based on the
determination of an unaffiliated, recognized financial data provider. Such
determinations are based on a number of criteria, such as the issuer’s country
of domicile, the primary exchange on which the security trades, the location
from which the majority of the issuer’s revenue comes, and the issuer’s
reporting currency.
The
Funds may invest in issuers located in emerging markets. Emerging market
countries include any country other than Canada, the United States and the
countries comprising the MSCI EAFE® Index (currently, Australia,
Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel,
Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain,
Sweden, Switzerland and the United Kingdom).
Cash
Equivalents and Short-Term Investments
As
a non-principal investment strategy, the Funds may invest in cash and in U.S.
dollar-denominated high-quality money market instruments and other short-term
securities, including money market funds, in such proportions as warranted by
prevailing market conditions and the Funds’ principal investment strategies. The
Funds may temporarily invest without limit in such holdings for liquidity
purposes, or in an attempt to respond to adverse market, economic, political or
other conditions. Being invested in these
|
|
Section
2
How We Manage Your Money |
39 |
securities
may keep a Fund from participating in a market upswing and prevent a Fund from
achieving its investment objective.
Disclosure
of Portfolio Holdings
A
description of the Funds’ policies and procedures with respect to the disclosure
of the Funds’ portfolio holdings is available in the Funds’ statement of
additional information. A list of each Fund’s portfolio holdings is available on
the Funds’ website—www.nuveen.com/mutual-funds—by navigating to your Fund’s web
page and clicking on the “Characteristics” link. By following this link, you can
obtain a list of your Fund’s top ten holdings as of the end of the most recent
month. A complete list of portfolio holdings information is generally made
available on the Funds’ website ten business days after the end of the month.
This information will remain available on the website until the Funds file with
the Securities and Exchange Commission their annual, semi-annual or quarterly
holdings report for the fiscal period that includes the date(s) as of which the
website information is current.
|
How
We Select Investments |
The
Funds’ sub-adviser seeks to identify undervalued companies with a catalyst to
unlock value or improve profitability, such as new management, industry
consolidation, corporate restructuring or a turn in company fundamentals. The
Funds’ portfolio managers and analysts collaborate closely utilizing a rigorous,
bottom-up, research-focused investment process that focuses on financial
statement and valuation analysis, qualitative factors and potential for downside
protection. The sub-adviser believes that the companies identified by the team
through this process are often underappreciated or misperceived by Wall Street.
The sub-adviser maintains a long-term investment view and a focus on securities
it believes can appreciate over an extended period of time, regardless of
interim fluctuations. The sub-adviser will sell securities or reduce positions
if it feels that the company no longer possesses favorable risk/reward
characteristics, attractive valuations or catalysts.
In
addition to the research provided by the sub-adviser’s equity team, Nuveen
Global Equity Income Fund will also benefit from the sub-adviser’s fixed income
research team, which will analyze the income potential of a security by focusing
on the integrity of the balance sheet and the sustainability of cash
flows.
Risk
is inherent in all investing. Investing in a mutual fund involves risk,
including the risk that you may receive little or no return on your investment
or even that you may lose part or all of your investment. Therefore, before
investing you should consider carefully the principal risks and certain other
risks that you assume when you invest in the Funds. See the “Fund Summaries”
section for a description of the principal risks of investing in a particular
Fund. Additional information about these risks is listed alphabetically below.
The significance of any specific risk to an investment in a Fund will vary over
time depending on the composition of the Fund’s portfolio, market conditions and
other factors. Because of these risks, you should consider an investment in the
Funds to be a long-term investment.
Principal
Risks
Active
management risk:
The Funds’ sub-adviser actively manages each Fund’s investments. Consequently,
the Funds are subject to the risk that the investment
|
|
40 |
Section
2
How We Manage Your Money |
techniques
and risk analyses employed by the Funds’ sub-adviser may not produce the desired
results. This could cause a Fund to lose value or its investment results to lag
relevant benchmarks or other funds with similar objectives. Additionally,
legislative, regulatory or tax developments may affect the investment techniques
available to the Funds’ sub-adviser in connection with managing a Fund and such
developments, as well as any deficiencies in the operating systems or controls
of the sub-adviser or a Fund service provider, may also adversely affect the
ability of a Fund to achieve its investment goal.
Call
risk: Many
bonds may be redeemed at the option of the issuer, or “called,” before their
stated maturity date. In general, an issuer will call its bonds if they can be
refinanced by issuing new bonds which bear a lower interest rate. Nuveen Global
Equity Income Fund is subject to the possibility that during periods of falling
interest rates, a bond issuer will call its high yielding bonds. The Fund would
then be forced to invest the unanticipated proceeds at lower interest rates or
in securities with a higher risk of default, which may adversely impact the
Fund’s performance. Such redemptions and subsequent reinvestments would also
increase the Fund's portfolio turnover. If the called bond was purchased or is
currently valued at a premium, the value of the premium may be lost in the event
of prepayment. Call risk is generally higher for long-term bond
funds.
Convertible
security risk:
As a principal investment strategy, Nuveen Global Equity Income Fund may invest
in convertible securities. Convertible securities are subject to certain risks
of both equity and debt securities. Convertible securities generally offer lower
interest or dividend yields than non-convertible securities of similar quality.
The market values of convertible securities tend to decline as interest rates
increase and, conversely, to increase as interest rates decline. However, a
convertible security’s market value also tends to reflect the market price of
the common stock of the issuing company. Convertible securities are also exposed
to the risk that an issuer is unable to meet its obligation to make dividend or
interest and principal payments when due as a result of changing financial or
market conditions.
Mandatory
convertible securities are distinguished as a subset of convertible securities
because the conversion is not optional and the conversion price at maturity is
based solely upon the market price of the underlying common stock, which may be
significantly less than par or the price (above or below par) paid. Mandatory
convertible securities generally do not limit the potential for loss to the same
extent as securities convertible at the option of the holder.
Covered
call risk:
Covered call risk is the risk that Nuveen Global Equity Income Fund will forgo,
during the option’s life, the opportunity to profit from increases in the market
value of the security covering the call option above the sum of the premium and
the strike price of the call, but has retained the risk of loss should the price
of the underlying security decline. In addition, as the Fund writes covered
calls over more of its portfolio, its ability to benefit from capital
appreciation becomes more limited. The writer of an option has no control over
the time when it may be required to fulfill its obligation as a writer of the
option. Once an option writer has received an exercise notice, it cannot effect
a closing purchase transaction in order to terminate its obligation under the
option and must deliver the underlying security at the exercise price.
Additionally, the hours of trading for options may not conform to the hours
during which the underlying securities are traded. To the extent that the
options markets close before the markets for the underlying securities,
significant price and rate movements can take place in the underlying markets
that cannot be reflected in the options market. If certain events affecting the
underlying equity security occur, the exercise price of an option may be
|
|
Section
2
How We Manage Your Money |
41 |
adjusted
downward before the option’s expiration, which may reduce the Fund’s capital
appreciation potential on the underlying security.
Credit
risk: Nuveen
Global Equity Income Fund is subject to the risk that an issuer of a security
held by the Fund may be, or perceived (whether by market participants, rating
agencies, pricing services or otherwise) to be, unable or unwilling to make
dividend, interest and principal payments and the related risk that the value of
a security may decline because of concerns about the issuer’s ability or
willingness to make such payments. Securities are subject to varying degrees of
credit risk, which are often reflected in credit ratings. The credit rating of a
security may be lowered or, in some cases, withdrawn if the issuer suffers
adverse changes in its financial condition, which can lead to greater volatility
in the price of the security and in shares of the Fund, can negatively impact
the value of the bond and the shares of the Fund, and can also affect the
security’s liquidity and make it more difficult for the Fund to sell. When the
Fund purchases unrated securities, it will depend on the sub-adviser’s analysis
of credit risk without the assessment of an independent rating organization,
such as Moody’s or Standard & Poor’s. Issuers of unrated securities, issuers
with significant debt services requirements in the near to mid-term and issuers
with less capital and liquidity to absorb additional expenses may have greater
credit risk. Additionally, credit risk is heightened in market environments
where interest rates are rising, particularly when rates are rising
significantly, to the extent that an issuer is less willing or able to make
payments when due.
To
the extent that the Fund holds securities that are secured or guaranteed by
financial institutions or insurance companies, changes in the credit quality of
such obligors could cause the values of these securities to decline. Security
insurance does not guarantee the value of either individual securities or the
shares of the Fund. Additionally, the Fund could be delayed or hindered in the
enforcement of its rights against an issuer or guarantor.
Credit
spread risk:
Nuveen Global Equity Income Fund is subject to credit spread risk. Credit spread
risk is the risk that credit spreads (i.e.,
the
difference in yield between securities that is due to differences in their
credit quality) may increase when the market believes that bonds generally have
a greater risk of default. Increasing credit spreads may reduce the market
values of the Fund’s securities. Credit spreads often increase more for lower
rated and unrated securities than for investment grade securities. In addition,
when credit spreads increase, reductions in market value will generally be
greater for longer-maturity securities.
Currency
risk:
Changes in currency exchange rates will affect the value of non-U.S. securities,
the value of dividends and interest earned from such securities, gains and
losses realized on the sale of such securities, and derivative transactions tied
to such securities, and hence will affect the net asset value of a Fund that
invests in such securities. A strong U.S. dollar relative to these other
currencies will adversely affect the value of a Fund to the extent it invests in
such non-U.S. securities.
Cybersecurity
risk:
Intentional cybersecurity breaches include: unauthorized access to systems,
networks or devices (such as through “hacking” activity); infection from
computer viruses or other malicious software code; and attacks that shut down,
disable, slow, or otherwise disrupt operations, business processes, or website
access or functionality. In addition, unintentional incidents can occur, such as
the inadvertent release of confidential information (possibly resulting in the
violation of applicable privacy laws).
|
|
42 |
Section
2
How We Manage Your Money |
A
cybersecurity breach could result in the loss or theft of customer data or
funds, the inability to access electronic systems (“denial of services”), loss
or theft of proprietary information or corporate data, physical damage to a
computer or network system, or costs associated with system repairs. Such
incidents could cause a Fund, a Fund’s adviser or sub-adviser, a financial
intermediary, other service providers, or the issuers of securities held by a
Fund to incur regulatory penalties, reputational damage, additional compliance
costs or financial loss. Negative impacts on a Fund could include the inability
to calculate net asset value, transact business, process transactions on behalf
of shareholders or safeguard data. In addition, such incidents could affect
issuers in which a Fund invests, and thereby cause the Fund’s investments to
lose value.
Derivatives
risk:
The use of derivatives presents risks different from, and possibly greater than,
the risks associated with investing directly in traditional securities,
including leverage risk, market risk, counterparty risk, liquidity risk,
operational risk and legal risk. Operational risk generally refers to risk
related to potential operational issues, including documentation issues,
settlement issues, systems failures, inadequate controls and human error, and
legal risk generally refers to insufficient documentation, insufficient capacity
or authority of counterparty, or legality or enforceability of a
contract.
Derivatives
can be highly volatile, illiquid and difficult to value, and there is the risk
that changes in the value of a derivative held by a Fund will not correlate with
the asset, index or rate underlying the derivative contract. Changes in the
value of a derivative may also create margin delivery or settlement obligations
for a Fund.
The
use of derivatives can lead to losses because of adverse movements in the price
or value of the underlying asset, index or rate, which may be magnified by
certain features of the contract. A derivative transaction also involves the
risk that a loss may be sustained as a result of the failure of the counterparty
to the contract to make required payments. These risks are heightened when the
management team uses derivatives to enhance a Fund’s return or as a substitute
for a position or security, rather than solely to hedge (or offset) the risk of
a position or security held by the Fund.
A
Fund may use derivatives to hedge risk. Hedges are sometimes subject to
imperfect matching between the derivative and the underlying security, and there
can be no assurance that the Fund’s hedging transactions will be effective. The
use of hedging may result in certain adverse tax consequences.
In
addition, when a Fund engages in certain derivative transactions, it is
effectively leveraging its investments, which could result in exaggerated
changes in the net asset value of the Fund’s shares and can result in losses
that exceed the amount originally invested. The success of a Fund’s derivatives
strategies will depend on the sub-adviser’s ability to assess and predict the
impact of market or economic developments on the underlying asset, index or rate
and the derivative itself, without the benefit of observing the performance of
the derivative under all possible market conditions.
A
Fund may also enter into over-the-counter ("OTC")
transactions in derivatives. Transactions in the OTC markets generally are
conducted on a principal-to-principal basis. The terms and conditions of these
instruments generally are not standardized and tend to be more specialized or
complex, and the instruments may be harder to value. In general, there is less
governmental regulation and supervision of transactions in the OTC markets than
of transactions entered into on organized exchanges. In addition, certain
derivative instruments and markets may not be liquid, which means a