10/31/2024 | Press release | Distributed by Public on 10/31/2024 04:20
Nuveen Small Cap Value Opportunities Fund |
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This summary prospectus is designed to provide investors with key Fund information in a clear and concise format. Before you invest, you may want to review the Fund's complete prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus, reports to shareholders and other information about the Fund online at www.nuveen.com/prospectus. You can also get this information at no cost by calling (800) 257-8787 or by sending an e-mail request to [email protected]. If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the prospectus, reports to shareholders and other information will also be available from your financial intermediary. The Fund's prospectus and statement of additional information, both dated October 31, 2024, are incorporated by reference into this summary prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above. |
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 58 of the Fund's prospectus and "Purchase and Redemption of Fund Shares" on page S-76 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 |
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Maximum Sales Charge (Load) Imposed on Purchases |
5.75% |
None |
None |
None |
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Maximum Deferred Sales Charge (Load) |
None |
1.00% |
None |
None |
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Maximum Sales Charge (Load) Imposed on Reinvested Dividends |
None |
None |
None |
None |
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Exchange Fee |
None |
None |
None |
None |
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Annual Low Balance Account Fee (for accounts under $1,000) |
$15 |
$15 |
None |
None |
Summary Prospectus |
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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 |
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Management Fees |
0.81 |
% |
0.81 |
% |
0.81 |
% |
0.81 |
% |
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Distribution and/or Service (12b-1) Fees |
0.25 |
% |
1.00 |
% |
0.00 |
% |
0.00 |
% |
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Other Expenses |
0.29 |
% |
0.29 |
% |
0.15 |
% |
0.29 |
% |
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Total Annual Fund Operating Expenses |
1.35 |
% |
2.10 |
% |
0.96 |
% |
1.10 |
% |
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Fee Waivers and/or Expense Reimbursements2 |
(0.15 |
)% |
(0.15 |
)% |
(0.15 |
)% |
(0.15 |
)% |
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Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements |
1.20 |
% |
1.95 |
% |
0.81 |
% |
0.95 |
% |
1The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase.
2The 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, 2026 or 1.50% after July 31, 2026 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, 2026 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:
Class A |
Class C |
Class R6 |
Class I |
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1 Year |
$ |
690 |
$ |
198 |
$ |
83 |
$ |
97 |
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3 Years |
$ |
953 |
$ |
632 |
$ |
279 |
$ |
323 |
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5 Years |
$ |
1,248 |
$ |
1,104 |
$ |
505 |
$ |
580 |
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10 Years |
$ |
2,084 |
$ |
2,410 |
$ |
1,154 |
$ |
1,316 |
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, 2024, the market cap range for the Russell 2000® Value Index was $9 million to $15.9 billion and the market cap range for the Standard & Poor's SmallCap 600 Index was $413 million to $8.4 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
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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.
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 economic, market, political or regulatory events or 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
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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.
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, 2024 was 18.25%. The performance of the other share classes will differ due to their different expense structures.
During the ten-year period ended December 31, 2023, 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 broad measures of market performance and an index of funds with similar investment objectives. In accordance with new regulatory requirements, the Fund has selected the Russell 3000® Index, which represents a broad measure of market performance, and is generally representative of the market sectors or types of investments in which the Fund invests.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
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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 |
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for the Periods Ended |
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December 31, 2023 |
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Inception |
1 Year |
5 Years |
10 Years |
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Class A (return before taxes) |
12/8/04 |
9.65 |
% |
10.38 |
% |
6.26 |
% |
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Class A (return after taxes on distributions) |
9.49 |
% |
9.13 |
% |
5.17 |
% |
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Class A (return after taxes on distributions and sale of Fund shares) |
5.83 |
% |
8.09 |
% |
4.81 |
% |
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Class C (return before taxes) |
12/8/04 |
15.50 |
% |
10.86 |
% |
6.25 |
% |
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Class R6 (return before taxes) |
2/15/13 |
16.81 |
% |
12.16 |
% |
7.32 |
% |
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Class I (return before taxes) |
12/8/04 |
16.67 |
% |
11.98 |
% |
7.16 |
% |
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Russell 3000® Index1 |
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(reflects no deduction for fees, expenses or taxes) |
25.96 |
% |
15.16 |
% |
11.48 |
% |
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Russell 2000® Value Index2 |
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(reflects no deduction for fees, expenses or taxes) |
14.65 |
% |
10.00 |
% |
6.76 |
% |
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Lipper Small-Cap Core Funds Classification Average3 |
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(reflects no deduction for taxes or sales loads) |
15.68 |
% |
10.86 |
% |
7.11 |
% |
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1 |
An index designed to measure the performance of the stocks of the 3,000 largest publicly traded U.S. companies, based on market capitalization. The index measures the performance of about 98% of the total market capitalization of the publicly traded U.S. equity market. |
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2 |
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. |
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3 |
Represents the average annualized total return for all reporting funds in the Lipper Small-Cap Core Funds Classification. |
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 |
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Purchase and Sale of Fund Shares
You may purchase, redeem or exchange shares of the Fund directly from the Fund (for certain share classes) or through a financial advisor or other financial intermediary on any day that the New York Stock Exchange ("NYSE") or its affiliated exchanges, NYSE Arca Equities or NYSE American, are open for trading. 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 |
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Eligibility and Minimum Initial Investment |
Available only through certain financial intermediaries or, for Class A, by contacting the Fund directly as described in the prospectus. $2,500 for all accounts except:
•$2,000 for Traditional/ •$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: •$1,000 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 |
$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.
MPM-SCV-1024P |
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