<DOCUMENT>
<TYPE>13F-HR
<SEQUENCE>1
<FILENAME>t306377.txt
<TEXT>
                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 13F

                              FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31, 2011

Check here if Amendment           [ ]  Amendment Number:
This Amendment (Check only one.): [ ]  is a restatement.
                                  [ ]  adds new holding's entries

Institutional Investment Manager Filing this Report:
Name:    NWQ INVESTMENT MANAGEMENT CO, LLC
Address: 2049 Century Park East 16th Floor
         Los Angeles, CA 90067


13F File Number: 028-01474

The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name: Jon D. Bosse
Title: Chief Investment Officer
Phone: 310-712-4000

Signature, Place, and Date of Signing:

Jon D. Bosse, Los Angeles, CA   5/16/2011


Report Type (Check only one.):

[X ] 13F HOLDINGS REPORT.

[  ]   13F NOTICE.

[  ]   13F COMBINATION REPORT.

List of Other Managers Reporting for this Manager:
Nuveen Investments, Inc.


I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
<PAGE>


FORM 13F SUMMARY PAGE


Report Summary:

Number of Other Included Managers:               1

Form 13F Information Table Entry Total:         134

Form 13F Information Table Value Total:    $20,883,071,322

List of Other Included Managers:

No. 13F File Number Name 1 - 028-11405 -- Nuveen Investments, Inc.


<PAGE>


<TABLE>
<CAPTION>
                               TITLE
                               OF                                              SH
NAME OF ISSUER                 CLASS      CUSIP NO     13FValue       Shares  PRN   INVT     OTHER       SOLE      SHARED   NONE
<S>                            <C>        <C>        <C>             <C>        <C>  <C>     <C>        <C>        <C>  <C>
--------------------------------------------

Albany International Corp      COM        012348108     23,778,223.25    953,035. SH  DEFINED   1    701,535.      0    251,500.
------------------------------------------    -----

Allied World Assurance Co
  Holdings Ltd                 COM        H01531104     10,697,597.10    169,938. SH  DEFINED   1    161,788.      0      8,150.
------------------------------------------    -----

Alpha Natural Resources Inc    COM        02076X102      9,893,362.31    162,961. SH  DEFINED   1      5,900.      0    157,061.
------------------------------------------    -----

Amgen Inc                      COM        031162100    685,768,061.67 12,918,302. SH  DEFINED   1 10,090,049.      0  2,828,253.
------------------------------------------    -----

AngloGold Ashanti Ltd          ADR        035128206    788,181,392.60 16,036,244. SH  DEFINED   1 11,825,931.      0  4,210,313.
------------------------------------------    -----

AON Corp                       COM        037389103    575,151,643.80 10,690,551. SH  DEFINED   1  8,479,818.      0  2,210,733.
------------------------------------------    -----

Apache Corp                    COM        037411105    923,309,154.04  7,060,018. SH  DEFINED   1  5,289,829.      0  1,770,189.
------------------------------------------    -----

Arrow Electronics Inc          COM        042735100     25,570,787.44    615,274. SH  DEFINED   1    589,374.      0     25,900.
------------------------------------------    -----

Aspen Insurance Holdings Ltd   COM        G05384105    14,359,439.225    511,285. SH  DEFINED   1    375,935.      0    135,350.
------------------------------------------    -----

Aurizon Mines Ltd              COM        05155P106     36,027,216.00  5,298,120. SH  DEFINED   1  4,766,666.      0    531,454.
------------------------------------------    -----

Avnet Inc                      COM        053807103     20,896,696.00    620,080. SH  DEFINED   1    594,480.      0     25,600.
------------------------------------------    -----

Baker Hughes Inc               COM        057224107     24,592,350.00    335,000. SH  DEFINED   1     16,000.      0    319,000.
------------------------------------------    -----

Barclays Bank PLC              PUBLIC     06739H362        789,900.00     30,000. SH  DEFINED   1     30,000.      0           .
------------------------------------------    -----

Barrick Gold Corp              COM        067901108    667,898,685.44 12,963,872. SH  DEFINED   1 10,716,059.      0  2,247,813.
------------------------------------------    -----

Belden Inc                     COM        077454106     30,877,327.96    818,593. SH  DEFINED   1    704,843.      0    113,750.
------------------------------------------    -----

Bob Evans Farms Inc/DE         COM        096761101     52,438,270.17  1,594,353. SH  DEFINED   1  1,364,307.      0    230,046.
------------------------------------------    -----

Brocade Communications Systems
  Inc                          COM        111621306     39,115,223.10  6,486,770. SH  DEFINED   1  5,557,770.      0    929,000.
------------------------------------------    -----

Buckeye Technologies Inc       COM        118255108      7,467,750.27    276,891. SH  DEFINED   1    206,941.      0     69,950.
------------------------------------------    -----

CA Inc                         COM        12673P105  1,054,783,230.46 43,748,786. SH  DEFINED   1 33,151,113.      0 10,597,673.
------------------------------------------    -----

California Pizza Kitchen Inc   COM        13054D109     18,749,656.00  1,113,400. SH  DEFINED   1    815,650.      0    297,750.
------------------------------------------    -----

Canadian Natural Resources Ltd COM        136385101    489,796,411.68  9,859,026. SH  DEFINED   1  6,578,549.      0  3,280,477.
------------------------------------------    -----

Carrizo Oil & Gas Inc          COM        144577103     30,389,193.44    805,652. SH  DEFINED   1    435,980.      0    369,672.
------------------------------------------    -----

CIRCOR International Inc       COM        17273K109     38,350,942.71    815,457. SH  DEFINED   1    693,007.      0    122,450.
------------------------------------------    -----

Citigroup Inc                  COM        172967101   537,565,197.565120,395,341. SH  DEFINED   1 93,734,510.      0 26,660,831.
------------------------------------------    -----

Citigroup Inc                  Convertible172967416          2,470.59     19,400. PRN DEFINED   1     19,400.      0           .
------------------------------------------    -----

Coherent Inc                   COM        192479103     38,441,798.85    661,535. SH  DEFINED   1    571,285.      0     90,250.
------------------------------------------    -----

ConocoPhillips                 COM        20825C104      6,286,772.25     78,831. SH  DEFINED   1     70,732.      0      8,099.
------------------------------------------    -----

Convergys Corp                 COM        212485106     53,929,516.80  3,706,496. SH  DEFINED   1  3,353,538.      0    352,958.
------------------------------------------    -----

CVS Caremark Corp              COM        126650100    316,248,401.96  9,082,378. SH  DEFINED   1  7,112,938.      0  1,969,440.
------------------------------------------    -----

Denbury Resources Inc          COM        247916208     92,450,535.60  3,781,208. SH  DEFINED   1  2,465,823.      0  1,315,385.
------------------------------------------    -----

Elizabeth Arden Inc            COM        28660G106     60,371,384.94  1,981,989. SH  DEFINED   1  1,696,790.      0    285,199.
------------------------------------------    -----

ENI SpA                        ADR        26874R108      4,044,032.44     80,687. SH  DEFINED   1     80,687.      0           .
------------------------------------------    -----

Entegris Inc                   COM        29362U104     17,847,442.00  2,046,725. SH  DEFINED   1  1,487,725.      0    559,000.
------------------------------------------    -----

Exxon Mobil Corp               COM        30231G102      4,645,472.72     54,937. SH  DEFINED   1     54,857.      0         80.
------------------------------------------    -----

FBR Capital Markets Corp       COM        30247C301     16,236,765.84  4,522,776. SH  DEFINED   1  4,331,683.      0    191,093.
------------------------------------------    -----

Flaherty & Crumrine/Claymore
  Preferred Securities
  Income Fund           Closed-End Fund   338478100      2,685,690.00    156,600. SH  DEFINED   1    156,600.      0           .
------------------------------------------    -----

Forestar Group Inc             COM        346233109     51,170,213.16  2,681,877. SH  DEFINED   1  2,299,145.      0    382,732.
------------------------------------------    -----

Frontier Communications Corp   COM        35906A108      6,565,994.10    813,630. SH  DEFINED   1    813,630.      0           .
------------------------------------------    -----

Gardner Denver Inc             COM        365558105      3,765,101.85     47,235. SH  DEFINED   1     45,285.      0      1,950.
------------------------------------------    -----

General Electric Co            COM        369604103    5,448,669.7248    267,552. SH  DEFINED   1    267,242.      0        310.
------------------------------------------    -----

General Motors Co              COM        37045V100    330,227,036.73 10,220,583. SH  DEFINED   1  7,596,508.      0  2,624,075.
------------------------------------------    -----

General Motors Co          Preferred-Cnv  37045V209        544,660.00     11,300. SH  DEFINED   1     11,300.      0           .
------------------------------------------    -----

Genworth Financial Inc         COM        37247D106    555,841,762.56 41,357,274. SH  DEFINED   1 31,325,838.      0 10,031,436.
------------------------------------------    -----

GlaxoSmithKline PLC            ADR        37733W105     5,378,749.425    138,975. SH  DEFINED   1    138,975.      0           .
------------------------------------------    -----

Globe Specialty Metals Inc     COM        37954N206     37,169,138.76  1,563,042. SH  DEFINED   1  1,359,942.      0    203,100.
------------------------------------------    -----

Goldman Sachs Group Inc/The    COM        38141G104    241,550,846.55  1,504,521. SH  DEFINED   1  1,158,606.      0    345,915.
------------------------------------------    -----

Golfsmith International
  Holdings Inc                 COM        38168Y103    3,869,238.5105    949,157. SH  DEFINED   1    722,593.      0    226,564.
------------------------------------------    -----

GrafTech International Ltd     COM        384313102     20,699,317.05    992,773. SH  DEFINED   1    952,523.      0     40,250.
------------------------------------------    -----

Griffon Corp                   COM        398433102     52,573,334.31  3,973,797. SH  DEFINED   1  3,399,197.      0    574,600.
------------------------------------------    -----

Halliburton Co                 COM        406216101   211,412,141.325  4,264,491. SH  DEFINED   1  3,121,357.      0  1,143,134.
------------------------------------------    -----

Hanover Insurance Group
  Inc/The                      COM        410867105   14,288,027.3807    316,807. SH  DEFINED   1    276,857.      0     39,950.
------------------------------------------    -----

Harsco Corp                    COM        415864107     13,726,463.00    385,900. SH  DEFINED   1    367,100.      0     18,800.
------------------------------------------    -----

Hartford Financial Services
  Group Inc                    COM        416515104  460,420,014.2397 16,675,903. SH  DEFINED   1 12,706,010.      0  3,969,893.
------------------------------------------    -----

Hess Corp                      COM        42809H107    366,494,776.86  4,216,946. SH  DEFINED   1  3,182,135.      0  1,034,811.
------------------------------------------    -----

Hewlett-Packard Co             COM        428236103      4,517,267.65    110,548. SH  DEFINED   1    110,482.      0         66.
------------------------------------------    -----

Hooker Furniture Corp          COM        439038100     6,984,363.776    579,904. SH  DEFINED   1    414,717.      0    165,187.
------------------------------------------    -----

Hormel Foods Corp              COM        440452100    21,154,029.055    749,213. SH  DEFINED   1    717,013.      0     32,200.
------------------------------------------    -----

Horsehead Holding Corp         COM        440694305      4,729,689.00    276,590. SH  DEFINED   1    203,040.      0     73,550.
------------------------------------------    -----

HSBC Holdings PLC              PUBLIC     404280604        389,934.00     16,200. SH  DEFINED   1     16,200.      0           .
------------------------------------------    -----

Ingersoll-Rand PLC             COM        G47791101    366,339,183.18  7,554,164. SH  DEFINED   1  5,866,436.      0  1,687,728.
------------------------------------------    -----

Interpublic Group of Cos
  Inc/The                      COM        460690100     45,394,768.15  3,617,113. SH  DEFINED   1  3,456,317.      0    160,796.
------------------------------------------    -----

Intrepid Potash Inc            COM        46121Y102      6,327,539.82    180,426. SH  DEFINED   1    171,626.      0      8,800.
------------------------------------------    -----

iShares iBoxx Investment Grade
  Corporate Bond Fund          ETP        464287242     43,413,732.70    401,570. SH  DEFINED   1    359,498.      0     42,072.
------------------------------------------    -----

JPMorgan Chase & Co            COM        46625H100   367,804,114.064  7,909,936. SH  DEFINED   1  6,237,666.      0  1,672,270.
------------------------------------------    -----

Kroger Co/The                  COM        501044101    155,959,468.16  6,541,924. SH  DEFINED   1  5,064,505.      0  1,477,419.
------------------------------------------    -----

Lincoln National Corp          COM        534187109    248,199,819.50  8,137,699. SH  DEFINED   1  6,194,397.      0  1,943,302.
------------------------------------------    -----

Lockheed Martin Corp           COM        539830109    405,495,309.76  5,003,644. SH  DEFINED   1  4,310,210.      0    693,434.
------------------------------------------    -----

Loews Corp                     COM        540424108    560,433,992.46 12,922,158. SH  DEFINED   1 10,237,974.      0  2,684,184.
------------------------------------------    -----

Marten Transport Ltd           COM        573075108     17,704,997.00    775,175. SH  DEFINED   1    569,425.      0    205,750.
------------------------------------------    -----

Mattson Technology Inc         COM        577223100     10,831,525.51  4,385,233. SH  DEFINED   1  4,004,126.      0    381,107.
------------------------------------------    -----

Merck & Co Inc                 COM        58933Y105    247,804,160.37  7,488,793. SH  DEFINED   1  5,997,395.      0  1,491,398.
------------------------------------------    -----

MetLife Inc                    COM        59156R108    549,917,048.08 12,064,876. SH  DEFINED   1  9,454,310.      0  2,610,566.
------------------------------------------    -----

Microsoft Corp                 COM        594918104    250,752,727.95  9,858,570. SH  DEFINED   1  7,718,531.      0  2,140,039.
------------------------------------------    -----

Middleby Corp                  COM        596278101     14,409,491.49    152,433. SH  DEFINED   1    131,308.      0     21,125.
------------------------------------------    -----

Motorola Mobility Holdings Inc COM        620097105    423,165,406.16 17,194,856. SH  DEFINED   1 13,309,760.      0  3,885,096.
------------------------------------------    -----

Motorola Solutions Inc         COM        620076307    703,266,697.00 15,803,746. SH  DEFINED   1 12,059,237.      0  3,744,509.
------------------------------------------    -----

National CineMedia Inc         COM        635309107      2,849,177.50    151,150. SH  DEFINED   1    151,150.      0           .
------------------------------------------    -----

National Oilwell Varco Inc     COM        637071101      8,285,415.00    102,100. SH  DEFINED   1      3,700.      0     98,400.
------------------------------------------    -----

Newmont Mining Corp            COM        651639106     32,436,952.38    594,846. SH  DEFINED   1    594,846.      0           .
------------------------------------------    -----

Nielsen Holdings NV            COM        N63218106      5,234,392.10    193,151. SH  DEFINED   1    193,151.      0           .
------------------------------------------    -----

Noble Energy Inc               COM        655044105    402,978,235.83  4,234,299. SH  DEFINED   1  3,279,660.      0    954,639.
------------------------------------------    -----

Northgate Minerals Corp        COM        666416102     49,287,821.95 18,425,354. SH  DEFINED   1 16,591,995.      0  1,833,359.
------------------------------------------    -----

Northwest Bancshares Inc       COM        667340103     20,600,320.36  1,645,393. SH  DEFINED   1  1,404,443.      0    240,950.
------------------------------------------    -----

NRG Energy Inc                 COM        629377508  237,904,216.9278 11,095,606. SH  DEFINED   1  8,620,298.      0  2,475,308.
------------------------------------------    -----

Nucor Corp                     COM        670346105     52,351,226.75  1,126,075. SH  DEFINED   1    700,325.      0    425,750.
------------------------------------------    -----

Occidental Petroleum Corp      COM        674599105    460,336,663.60  4,382,072. SH  DEFINED   1  2,959,590.      0  1,422,482.
------------------------------------------    -----

Orbital Sciences Corp          COM        685564106     27,776,897.96  1,448,222. SH  DEFINED   1  1,237,772.      0    210,450.
------------------------------------------    -----

Orion Marine Group Inc         COM        68628V308     13,184,912.50  1,209,625. SH  DEFINED   1    889,775.      0    319,850.
------------------------------------------    -----

Packaging Corp of America      COM        695156109     14,878,324.14    507,966. SH  DEFINED   1    455,166.      0     52,800.
------------------------------------------    -----

PacWest Bancorp                COM        695263103      9,195,773.60    411,260. SH  DEFINED   1    297,310.      0    113,950.
------------------------------------------    -----

PartnerRe Ltd                  COM        G6852T105     13,722,783.62    169,438. SH  DEFINED   1    161,638.      0      7,800.
------------------------------------------    -----

People's United Financial Inc  COM        712704105     13,289,805.54  1,047,266. SH  DEFINED   1    988,166.      0     59,100.
------------------------------------------    -----

Petrohawk Energy Corp          COM        716495106     59,319,219.12  2,380,386. SH  DEFINED   1  1,594,691.      0    785,695.
------------------------------------------    -----

Pfizer Inc                     COM        717081103    931,791,664.48 45,855,889. SH  DEFINED   1 35,497,799.      0 10,358,090.
------------------------------------------    -----

Philip Morris International
  Inc                          COM        718172109   230,630,470.575  3,524,035. SH  DEFINED   1  3,000,878.      0    523,157.
------------------------------------------    -----

Pitney Bowes Inc               COM        724479100    325,560,857.60 12,717,221. SH  DEFINED   1 10,057,915.      0  2,659,306.
------------------------------------------    -----

PMC - Sierra Inc               COM        69344F106     50,697,852.45  6,897,667. SH  DEFINED   1  6,611,130.      0    286,537.
------------------------------------------    -----

PrivateBancorp Inc             COM        742962103     43,815,416.58  2,880,698. SH  DEFINED   1  2,644,607.      0    236,091.
------------------------------------------    -----

Raytheon Co                    COM        755111507    204,548,034.96  3,968,724. SH  DEFINED   1  3,323,494.      0    645,230.
------------------------------------------    -----

Redwood Trust Inc              REIT       758075402     40,339,354.50  2,602,539. SH  DEFINED   1  2,496,804.      0    105,735.
------------------------------------------    -----

Reinsurance Group of America
 Inc                           COM        759351604    125,157,490.20  1,981,908. SH  DEFINED   1  1,565,875.      0    416,033.
------------------------------------------    -----

Reliance Steel & Aluminum Co   COM        759509102     15,792,215.52    268,941. SH  DEFINED   1    257,991.      0     10,950.
------------------------------------------    -----

Royal Gold Inc                 COM        780287108     24,652,032.60    477,660. SH  DEFINED   1    423,410.      0     54,250.
------------------------------------------    -----

Sanofi-Aventis SA              ADR        80105N105    631,425,695.16 17,726,718. SH  DEFINED   1 13,417,338.      0  4,309,380.
------------------------------------------    -----

SM Energy Co                   COM        78454L100     48,469,779.60    636,504. SH  DEFINED   1    377,795.      0    258,709.
------------------------------------------    -----

Smart Balance Inc              COM        83169Y108     13,594,477.50  3,020,995. SH  DEFINED   1  2,213,845.      0    807,150.
------------------------------------------    -----

StanCorp Financial Group Inc   COM        852891100     29,259,901.18    625,078. SH  DEFINED   1    536,128.      0     88,950.
------------------------------------------    -----

Standard Microsystems Corp     COM        853626109     24,407,763.64    998,681. SH  DEFINED   1    733,431.      0    265,250.
------------------------------------------    -----

Suncor Energy Inc              COM        867224107     27,485,689.90    603,418. SH  DEFINED   1    288,678.      0    314,740.
------------------------------------------    -----

Symetra Financial Corp         COM        87151Q106      5,254,278.40    386,344. SH  DEFINED   1    386,344.      0           .
------------------------------------------    -----

Talisman Energy Inc            COM        87425E103    345,798,385.20 13,921,030. SH  DEFINED   1 10,153,412.      0  3,767,618.
------------------------------------------    -----

Temple-Inland Inc              COM        879868107     26,836,630.56  1,123,812. SH  DEFINED   1    964,612.      0    159,200.
------------------------------------------    -----

Teradyne Inc                   COM        880770102     27,227,833.20  1,514,340. SH  DEFINED   1  1,455,440.      0     58,900.
------------------------------------------    -----

Texas Capital Bancshares Inc   COM        88224Q107     30,215,599.68  1,136,352. SH  DEFINED   1    971,482.      0    164,870.
------------------------------------------    -----

Thompson Creek Metals Co Inc   COM        884768102     15,554,187.50  1,244,335. SH  DEFINED   1    928,735.      0    315,600.
------------------------------------------    -----

Tidewater Inc                  COM        886423102      7,983,846.00    132,600. SH  DEFINED   1     11,600.      0    121,000.
------------------------------------------    -----

Time Warner Inc                COM        887317303    373,790,437.26 10,420,698. SH  DEFINED   1  8,126,016.      0  2,294,682.
------------------------------------------    -----

Timken Co                      COM        887389104      7,310,621.28    139,729. SH  DEFINED   1    133,779.      0      5,950.
------------------------------------------    -----

Total SA                       ADR        89151E109      7,625,198.25    123,525. SH  DEFINED   1    123,525.      0           .
------------------------------------------    -----

TreeHouse Foods Inc            COM        89469A104     31,922,235.78    555,846. SH  DEFINED   1    474,946.      0     80,900.
------------------------------------------    -----

Trinity Industries Inc         COM        896522109     33,400,508.46    882,211. SH  DEFINED   1    844,817.      0     37,394.
------------------------------------------    -----

True Religion Apparel Inc      COM        89784N104      6,184,528.45    259,745. SH  DEFINED   1    190,945.      0     68,800.
------------------------------------------    -----

Union Pacific Corp             COM        907818108    278,799,674.23  2,833,474. SH  DEFINED   1  2,212,411.      0    621,063.
------------------------------------------    -----

Unum Group                     COM        91529Y106    496,751,838.04 18,787,891. SH  DEFINED   1 14,908,727.      0  3,879,164.
------------------------------------------    -----

Valeant Pharmaceuticals
  International Inc            COM        91911K102      40,430,057.2    758,680. SH  DEFINED   1    730,791.      0     27,889.
------------------------------------------    -----

Viacom Inc                     COM        92553P201    913,915,497.12 19,329,854. SH  DEFINED   1 14,905,798.      0  4,424,056.
------------------------------------------    -----

Vodafone Group PLC             ADR        92857W209      7,530,844.33    258,703. SH  DEFINED   1    256,677.      0      2,026.
------------------------------------------    -----

WABCO Holdings Inc             COM        92927K102    2,766,768.3676     43,924. SH  DEFINED   1     31,415.      0     12,509.
------------------------------------------    -----

Warren Resources Inc           COM        93564A100      1,874,250.00    367,500. SH  DEFINED   1    223,200.      0    144,300.
------------------------------------------    -----

Waste Management Inc           COM        94106L109     26,352,862.26    701,247. SH  DEFINED   1    701,200.      0         47.
------------------------------------------    -----

Wells Fargo & Co               COM        949746101    396,487,545.57 12,317,103. SH  DEFINED   1  9,647,338.      0  2,669,765.
------------------------------------------    -----

WESCO International Inc        COM        95082P105     10,774,581.30    171,297. SH  DEFINED   1    163,597.      0      7,700.
------------------------------------------    -----

Western Alliance Bancorp       COM        957638109     29,304,342.45  3,526,395. SH  DEFINED   1  3,002,695.      0    523,700.
------------------------------------------    -----

Willis Group Holdings PLC      COM        G96666105    11,939,189.225    294,395. SH  DEFINED   1    282,395.      0     12,000.
------------------------------------------    -----

                                                                               20,883,071,322.0261
</TABLE>


</TEXT>
</DOCUMENT>