UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-07619
Nuveen Investment Trust
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Mark J. Czarniecki
Vice President and Secretary
333 West Wacker Drive,
Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: June 30
Date of reporting period: June 30, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
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
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If
you
receive
your
Nuveen
Fund
distributions
and
statements
from
your
financial
advisor
or
brokerage
account.
or
www.nuveen.com/client-access
If
you
receive
your
Nuveen
Fund
distributions
and
statements
directly
from
Nuveen.
Must
be
preceded
by
or
accompanied
by
a
prospectus.
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Chair’s
Letter
to
Shareholders
4
Important
Notices
5
Portfolio
Managers’
Comments
6
Risk
Considerations
12
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
13
Expense
Examples
28
Report
of
Independent
Registered
Public
Accounting
Firm
30
Portfolios
of
Investments
31
Statement
of
Assets
and
Liabilities
52
Statement
of
Operations
54
Statement
of
Changes
in
Net
Assets
55
Financial
Highlights
58
Notes
to
Financial
Statements
70
Important
Tax
Information
86
Additional
Fund
Information
88
Liquidity
Risk
Management
Program
89
Annual
Investment
Management
Agreement
Approval
Process
90
Glossary
of
Terms
Used
in
this
Report
98
Trustees
and
Officers
100
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
The
first
half
of
2022
was
challenging
for
financial
markets.
While
global
economic
activity
began
to
slow
from
post-pandemic
peaks
as
pent-up
demand
waned
and
crisis-era
monetary
and
fiscal
support
programs
were
phased
out,
persistently
high
inflation
and
central
banks’
response
have
contributed
to
heightened
uncertainty
about
financial
and
economic
conditions.
Inflation
has
surged
partially
due
to
supply
chain
bottlenecks
and
exacerbated
by
Russia’s
war
in
Ukraine
and
recent
lockdowns
across
China
to
contain
a
large-scale
COVID-19
outbreak.
This
has
necessitated
more
forceful
responses
from
the
U.S.
Federal
Reserve
(Fed)
and
other
central
banks,
who
now
face
an
even
more
difficult
task
of
slowing
inflation
without
pulling
their
respective
economies
into
recession.
As
anticipated,
the
Fed
began
the
rate
hiking
cycle
in
March
2022,
raising
its
short-term
rate
by
0.25%
from
near
zero
for
the
first
time
since
the
pandemic
was
declared
two
years
ago.
Larger
increases
of
0.50%
in
May
and
0.75%
in
both
June
and
July
2022
followed,
bringing
the
target
fed
funds
rate
to
a
range
of
2.25%
to
2.50%.
Additional
rate
hikes
are
expected
in
the
remainder
of
this
year,
although
Fed
officials
will
closely
monitor
inflation
data
along
with
other
economic
measures
and
modify
their
rate
setting
policy
based
upon
these
factors.
U.S.
gross
domestic
product
growth
has
now
contracted
for
two
consecutive
quarters,
according
to
preliminary
government
estimates,
as
consumer
and
business
activity
has
slowed
in
part
due
to
higher
prices
and
borrowing
costs.
However,
the
still
strong
labor
market
suggests
not
all
areas
of
the
economy
are
weakening.
In
the
meantime,
while
markets
will
likely
continue
fluctuating
with
the
daily
headlines,
we
encourage
investors
to
keep
a
long-term
perspective.
To
learn
more
about
how
well
your
portfolio
is
aligned
to
your
time
horizon,
risk
tolerance
and
investment
goals,
consider
reviewing
it
with
your
financial
professional.
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
I
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Terence
J.
Toth
Chairman
of
the
Board
August 22,
2022
For
Shareholders
of
Nuveen
Global
Equity
Income
Fund
Nuveen
International
Value
Fund
Nuveen
Multi
Cap
Value
Fund
Nuveen
Large
Cap
Value
Fund
Nuveen
Small/Mid
Cap
Value
Fund
Nuveen
Small
Cap
Value
Opportunities
Fund
Sub-Adviser
and
Fund
Name
Changes
During
August
2021,
the
Funds’
Board
of
Trustees
approved
sub-advisory
agreements,
effective
on
December
31,
2021,
between
Nuveen
Fund
Advisors,
LLC
(“NFAL”),
the
Funds’
investment
adviser,
and
Nuveen
Asset
Management,
LLC
(“NAM”),
pursuant
to
which
NAM
replaced
NWQ
Investment
Management
Company,
LLC
(“NWQ”)
as
each
Fund’s
sub-adviser.
NAM
and
NWQ
are
both
affiliates
of
NFAL
and
are
subsidiaries
of
Nuveen,
LLC.
The
Funds’
portfolio
management
teams
and
investment
strategies
were
not
affected
by
the
sub-adviser
change.
In
connection
therewith,
the
Funds’
Board
of
Trustees
also
approved
the
following
name
change
for
each
Fund,
effective
October
29,
2021:
•
Nuveen
NWQ
Global
Equity
Income
Fund
to
Nuveen
Global
Equity
Income
Fund
•
Nuveen
NWQ
International
Value
Fund
to
Nuveen
International
Value
Fund
•
Nuveen
NWQ
Multi-Cap
Value
Fund
to
Nuveen
Multi
Cap
Value
Fund
•
Nuveen
NWQ
Large-Cap
Value
Fund
to
Nuveen
Large
Cap
Value
Fund
•
Nuveen
NWQ
Small/Mid-Cap
Value
Fund
to
Nuveen
Small/Mid
Cap
Value
Fund
•
Nuveen
NWQ
Small-Cap
Value
Fund
to
Nuveen
Small
Cap
Value
Opportunities
Fund
For
additional
information
regarding
these
changes,
please
consult
the
Funds’
prospectus
dated
October
29,
2021.
Portfolio
Managers’
Comments
Nuveen
Global
Equity
Income
Fund
Nuveen
International
Value
Fund
Nuveen
Multi
Cap
Value
Fund
Nuveen
Large
Cap
Value
Fund
Nuveen
Small/Mid
Cap
Value
Fund
Nuveen
Small
Cap
Value
Opportunities
Fund
These
Funds
feature
portfolio
management
by
Nuveen
Asset
Management,
LLC
(NAM),
an
affiliate
of
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser.
James
T.
Stephenson,
CFA,
and
Thomas
J.
Ray,
CFA,
manage
the
Nuveen
Global
Equity
Income
Fund.
Peter
Boardman
and
James
T.
Stephenson,
CFA,
serve
as
portfolio
managers
of
the
Nuveen
International
Value
Fund.
Jon
D.
Bosse,
CFA,
and
Jujhar
S.
Sohi,
CFA,
manage
the
Nuveen
Multi
Cap
Value
and
Nuveen
Large
Cap
Value
Funds.
Andrew
C.
Hwang
and
Thomas
J.
Lavia,
CFA,
manage
the
Nuveen
Small/Mid
Cap
Value
and
the
Nuveen
Small
Cap
Value
Opportunities
Funds.
Here
the
portfolio
managers
review
economic
and
market
conditions,
key
management
strategies
and
the
Funds'
performance
for
the
twelve-month
reporting
period
ended
June
30,
2022.
What
factors
affected
the
U.S.
economy
and
global
market
conditions
during
the
twelve-month
annual
reporting
period
ended
June
30,
2022?
After
recovering
from
the
pandemic
in
2021,
the
U.S.
economy
weakened
in
the
first
half
of
2022.
Overall,
2021
gross
domestic
product
(GDP)
grew
by
5.7%
as
the
economy
reopened
with
the
help
of
$5.3
trillion
in
crisis-related
aid
from
the
federal
government,
low
borrowing
rates
for
businesses
and
individuals,
an
increase
in
COVID-19
vaccinations
and
improved
treatments
for
COVID-19.
However,
in
early
2022,
China’s
COVID-19
lockdown
and
the
Russia-Ukraine
war
worsened
existing
pandemic-related
supply
chain
disruptions.
Inflation
increased
more
than
expected
during
the
first
half
of
2022,
putting
pressure
on
global
central
banks
to
respond
with
more
aggressive
measures
than
initially
expected.
The
U.S.
Federal
Reserve
(Fed)
began
an
interest
rate
hiking
cycle
in
March
2022
with
a
0.25%
hike
to
the
target
federal
funds
rate,
followed
by
larger
increases
of
0.50%
in
May
2022,
0.75%
in
June
2022
and
(after
the
close
of
this
reporting
period)
another
0.75%
in
July
2022.
Overall,
the
Fed
raised
the
target
federal
funds
rate
from
near
zero
at
the
start
of
2022
to
a
range
of
2.25%
to
2.50%
by
July
2022.
As
a
result,
interest
rate,
stock
and
bond
price
volatility
increased
as
markets
considered
whether
the
Fed
could
cool
inflation
without
pulling
the
economy
into
a
recession.
By
mid-year,
inflation
and
higher
borrowing
costs
appeared
to
be
dampening
consumer
confidence
and
consumer
spending.
Additionally,
two
consecutive
quarters
of
negative
U.S.
gross
domestic
product
(GDP)
growth
added
to
recession
risks.
U.S.
GDP
fell
by
an
annual
rate
of
0.9%
in
the
second
quarter
of
2022,
according
to
the
advance
estimate
from
the
U.S.
Bureau
of
Economic
Analysis.
This
followed
a
1.6%
annualized
GDP
decrease
in
the
first
quarter
of
2022.
However,
the
labor
market,
another
key
gauge
of
the
economy’s
health,
has
remained
resilient.
As
of
July
2022
(subsequent
to
the
close
of
the
reporting
period),
the
U.S.
unemployment
rate
fell
to
3.5%,
its
pre-pandemic
low,
and
the
economy
has
now
recovered
the
22
million
jobs
lost
when
the
pandemic
began.
The
equity
market
appreciated
in
the
first
half
of
the
reporting
period;
the
S&P
500®
Index
returned
11.7%.
The
equity
market’s
fourth
quarter
of
2021
was
the
strongest
during
the
reporting
period,
but
not
the
smoothest
as
inflation
and
monetary
policy
concerns
drove
a
short,
but
intense
bout
of
volatility
mid-quarter.
Investors
were
optimistic
as
the
second
half
of
the
reporting
period
began,
but
uncertainty
grew
as
inflation
remained
much
more
relevant
than
expected,
energy
prices
spiked
and
most
central
banks
accelerated
plans
to
tighten
monetary
policy.
Global
and
U.S.
equity
markets
declined
sharply
during
the
second
half
of
the
reporting
period:
the
MSCI
World
Index
(Net)
fell
-20.5%
and
the
Russell
1000®
Value
Index
returned
-12.9%,
outperforming
U.S.
growth
stocks
as
the
Russell
1000®
Growth
Index
returned
-28.1%.
Nuveen
Global
Equity
Income
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
June
30,
2022?
The
Fund
seeks
to
provide
high
current
income
and
long-term
capital
appreciation
by
investing
in
global
equity
and
income-
producing
securities.
Under
normal
market
conditions,
the
Fund’s
minimum
exposure
to
non-U.S.
securities
is
80%
of
the
MSCI
World
Value
Index’s
non-U.S.
exposure.
The
Fund
invests
in
securities
of
companies
representing
at
least
three
different
countries
(one
of
which
may
be
the
United
States).
During
the
reporting
period,
the
investment
management
team
employed
a
rigorous,
bottom-up,
research-focused
investment
process.
The
team
identified
undervalued
companies
with
positive
risk/reward
characteristics
it
believed
would
be
present
over
an
extended
time,
regardless
of
interim
fluctuations.
Notable
positions
the
team
initiated
included
Zurich
Insurance,
NN
Group,
Public
Service
Enterprise,
and
Humana
Inc.
In
addition,
the
investment
management
team
sold
securities
or
reduced
positions
in
companies
that
no
longer
possessed
attractive
valuations
or
a
catalyst,
as
well
as
companies
that
suspended
or
were
projected
to
suspend
their
dividend
or
interest
payments.
Notable
positions
eliminated
during
the
reporting
period
included
Philip
Morris
International
Inc.,
ING
Groep
NV,
Ageas
SA/NV,
Bank
Leumi,
Woodside
Energy,
Topsports
International
Holdings,
Sandvik
AB
and
Hakuhodo
DY
Holdings.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
June
30,
2022?
The
Nuveen
Global
Equity
Income
Fund’s
Class
A
Shares
at
NAV
significantly
underperformed
the
MSCI
World
Value
Index
(Net)
for
the
twelve-month
reporting
period
ended
June
30,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
MSCI
World
Value
Index
(Net).
The
Fund's
underperformance
for
the
reporting
period
was
driven
by
unfavorable
security
selection
in
the
industrials
sector,
an
overweight
to
and
negative
security
selection
in
the
communication
services
sector,
and
an
underweight
to
and
negative
security
selection
in
the
consumer
staples
sector.
Industrials
holding
Deutsche
Post
AG
underperformed
as
the
Russia-Ukraine
war
created
new
concerns
about
the
European
economy,
the
company's
core
German
market
weakened,
and
high
fuel
prices
led
to
increased
costs.
The
Fund
reduced
its
exposure
but
continues
to
hold
the
position
because
the
company’s
stock
is
now
selling
at
an
attractive
valuation
and
has
a
well-covered
dividend
yield.
Two
of
the
top
individual
detractors
during
the
period,
Chinese
sportswear
retailer
Topsports
International
Holdings
and
General
Motors
Co.,
were
within
the
consumer
discretionary
sector.
Topsports
experienced
challenges
stemming
from
supply
chain
disruptions,
rising
input
costs
and
geopolitical
tensions.
With
the
expectation
of
continued
headwinds,
the
security
was
sold
out
of
the
Fund
in
March
of
2022.
General
Motors
Co.
underperformed
as
fears
of
recession,
higher
interest
rates
and
higher
commodity
and
other
cost
increases
led
to
expectations
of
depressed
future
earnings.
The
company
issued
below
consensus
first
quarter
2022
results
but
reiterated
calendar
year
2022
adjusted
earnings
before
interest
and
tax
(EBIT
guidance).
The
Fund
continues
to
hold
the
position,
as
the
investment
management
team
believes
the
stock
is
being
undervalued
and
has
the
potential
for
recovery
in
the
second
half
of
2022.
Partially
offsetting
the
Fund's
relative
detractors
was
favorable
stock
selection
in
the
health
care
and
materials
sectors.
An
underweight
to
the
information
technology
sector
was
also
beneficial
to
the
Fund's
relative
performance.
Health
care
holding
AbbVie
Inc.
outperformed
as
the
company's
new
targets
on
a
key
product,
Rinvoq,
a
prescription
drug
to
treat
rheumatoid
arthritis,
changed
little
and
its
prescription
trends
remained
firm.
The
Fund
continues
to
hold
the
position.
While
an
underweight
to
and
security
selection
in
the
energy
sector
were
negative
for
the
reporting
period,
energy
holding
Chevron
Corp.
was
a
top
relative
performer
for
the
Fund
as
profitability
and
free
cash
flow
were
bolstered
by
higher
oil
prices.
The
company
continued
its
disciplined
capital
spending
and
announced
an
increase
in
its
dividend
and
share
repurchase
program.
The
Fund
continues
to
maintain
its
holding
in
Chevron.
Nuveen
International
Value
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
June
30,
2022?
The
Fund
invests
primarily
in
equity
securities
of
non-U.S.
companies
with
mid-
to
large-sized
capitalizations
through
a
disciplined,
value
oriented
process
that
seeks
long-term
capital
appreciation
and
international
diversification.
During
the
reporting
period,
the
investment
management
team
employed
a
rigorous,
bottom-up,
research-focused
investment
process.
The
team
identified
undervalued
companies
with
positive
risk/reward
characteristics
it
believed
would
be
present
over
an
extended
time,
regardless
of
interim
fluctuations.
During
the
reporting
period,
notable
positions
that
were
initiated
included
Nordea
Bank
Abp,
Kering,
Hang
Lung
and
Agnico
Eagle
Mines.
The
investment
management
team
sold
securities
or
reduced
positions
in
companies
that
no
longer
possessed
favorable
attractive
valuations
or
a
catalyst
for
change,
as
well
as
those
that
suspended
or
were
projected
to
suspend
their
dividend
or
interest
payments.
Notable
positions
eliminated
included
Incitec
Pivot
Ltd.
and
Sumitomo
Mitsui
Financial.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
June
30,
2022?
The
Nuveen
International
Value
Fund’s
Class
A
Shares
at
NAV
outperformed
the
MSCI
EAFE
Index
(Net)
for
the
twelve-month
reporting
period
ended
June
30,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
MSCI
EAFE
Index
(Net).
Portfolio
Managers’
Comments
(continued)
The
Fund’s
outperformance
for
the
reporting
period
was
driven
by
favorable
security
selection
in
the
materials
sector
and
an
overweight
to
and
positive
security
selection
in
the
financials
sector.
Materials
sector
holding
Nutrien
Ltd.,
along
with
most
fertilizer
stocks,
outperformed
given
the
significant
increase
in
global
energy
prices,
which
led
to
curtailments
of
competitive
nitrogen
production
in
higher-cost
regions.
Nutrien
also
had
the
advantage
of
significant
exposure
to
potash,
which
has
benefited
from
a
ban
on
Russian/Belarussian
exports.
The
company
is
committed
to
increasing
its
own
potash
production
to
backfill
this
loss
of
supply.
The
Fund
continues
to
hold
Nutrien.
Another
materials
sector
holding,
Incitec
Pivot
Ltd.,
also
outperformed
because
of
the
global
rise
in
energy
prices
and
general
reduction
of
nitrogen
production.
The
Fund
eliminated
exposure
to
Incitec
because
it
reached
its
valuation
target.
Modestly
offsetting
the
Fund’s
outperformance
was
an
overweight
to
the
information
technology
sector
and
an
underweight
to
the
health
care
sector.
The
greatest
individual
detractor
during
the
period
was
industrials
sector
holding
Deutsche
Post
AG.
Deutsche
Post
AG
underperformed
as
the
Russia-Ukraine
war
created
new
concerns
about
the
European
economy,
the
company’s
core
German
market
weakened,
and
high
fuel
prices
led
to
increased
costs.
The
Fund
reduced
exposure
but
continues
to
hold
the
position
because
the
company’s
stock
is
now
selling
significantly
below
its
earnings
per
share
and
has
a
well-covered
dividend
yield.
Nuveen
Multi
Cap
Value
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
June
30,
2022?
The
Fund
seeks
long-term
capital
appreciation
using
an
all-cap
opportunistic
strategy
with
a
mid-cap
bias
that
seeks
to
invest
in
equity
securities
of
undervalued
companies,
with
identifiable
catalysts
to
improve
profitability
and
generate
attractive
risk-adjusted
returns,
selected
using
qualitative,
bottom-up
research.
During
the
reporting
period,
the
investment
management
team
employed
a
rigorous,
bottom-up,
research-focused
investment
process.
The
team
identified
undervalued
companies
with
positive
risk/reward
characteristics
it
believed
would
be
present
over
an
extended
time,
regardless
of
interim
fluctuations.
During
the
reporting
period,
notable
positions
that
were
initiated
included
Scotts
Miracle-Gro
Company,
Chesapeake
Energy
Corp
and
Warner
Brothers
Discovery,
Inc.
The
investment
management
team
sold
securities
or
reduced
positions
in
companies
that
no
longer
possessed
attractive
valuations
or
a
catalyst,
as
well
as
those
that
suspended
or
were
projected
to
suspend
their
dividend
or
interest
payments.
Notable
positions
eliminated
included
Bloom
Energy
Company,
Houghton
Mifflin
Harcourt
Co.,
Philip
Morris
International
Inc.
and
National
Fuel
Gas
Company.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
June
30,
2022?
The
Nuveen
Multi
Cap
Value
Fund's
Class
A
Shares
at
NAV
underperformed
the
Russell
3000®
Value
Index
for
the
twelve-month
reporting
period
ended
June
30,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
Russell
3000®
Value
Index.
The
Fund’s
underperformance
for
the
reporting
period
was
driven
by
an
overweight
to
and
unfavorable
security
selection
in
the
consumer
discretionary
sector,
as
well
as
negative
security
selection
within
the
financials
sector.
Consumer
discretionary
holding
American
Eagle
Outfitters
Inc.
underperformed
because
of
supply-chain
disruptions,
higher
inflation
and
concerns
over
broadly
slowing
demand
for
apparel
and
the
effect
this
would
have
on
profit
margins.
American
Eagle
Outfitters
also
faced
idiosyncratic
issues,
including
weaker
2022
fiscal
year
guidance
that
appeared
to
put
mid-term
fiscal
year
2023
targets
at
risk,
as
well
as
poor
free
cash
flow
conversion
in
recent
quarters.
American
Eagle
Outfitters
is
still
held
in
the
Fund
because
it
has
a
strong
balance
sheet
and
its
Aerie
brand
is
an
excellent
growth
asset.
High
inventories
and
retail
weakness
are
issues
for
all
retailers
in
the
near
term,
but
the
investment
management
team
believes
that
the
market
has
overcompensated,
providing
compelling
risk/reward
opportunities.
The
Fund's
portfolio
is
slightly
underweight
consumer
discretionary
stocks
and
this
is
its
only
retail
position.
Another
top
detractor
during
the
period
was
health
care
sector
holding
Rigel
Pharmaceuticals
Inc.,
which
underperformed
after
the
company
reported
underwhelming
statistical
patient
results
for
its
Phase
3
clinical
trial
for
warm
antibody
autoimmune
hemolytic
anemia.
The
Fund
eliminated
its
position
in
Rigel
Pharmaceuticals
subsequent
to
the
close
of
the
reporting
period.
Partially
offsetting
the
Fund’s
relative
detractors
were
favorable
security
selection
within
the
industrials
sector
and
an
underweight
position
and
positive
security
selection
in
the
communication
services
sector.
In
the
communication
services
sector,
shares
of
Houghton
Mifflin
Harcourt
Co.
outperformed
after
the
company
announced
that
it
was
being
acquired
by
Veritas
Capital
for
$21
per
share.
The
deal
closed
in
April
2022
despite
letters
from
multiple
investors
arguing
that
the
acquisition
price
was
too
low.
The
Fund
sold
the
position
on
strength.
Health
care
holding
ADMA
Biologics
Inc.
also
partially
offset
the
Fund’s
underperformance.
The
company’s
first
quarter
2022
results
included
new
medium-term
profitability
targets
at
full
production
and
scale.
The
Fund
continues
to
hold
this
position.
Nuveen
Large
Cap
Value
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
June
30,
2022?
The
Fund
seeks
long-term
capital
appreciation
utilizing
a
strategy
that
employs
qualitative,
bottom-up
research
in
an
effort
to
uncover
equity
securities
of
undervalued
companies
with
identifiable
catalysts
to
improve
profitability
and
generate
attractive
risk-
adjusted
returns.
During
the
reporting
period,
the
investment
team
identified
undervalued
companies
with
a
catalyst
to
unlock
value
or
improve
profitability,
while
maintaining
a
long-term
investment
view
and
focus
on
securities
that
could
appreciate
over
an
extended
time,
regardless
of
interim
fluctuations.
Some
of
the
positions
initiated
included
Chesapeake
Energy
Corp,
Humana
Inc.
and
Warner
Brothers
Discovery,
Inc.
The
investment
management
team
sold
securities
or
reduced
exposure
in
companies
that
no
longer
maintained
attractive
valuations
or
catalysts.
Some
of
the
positions
eliminated
included
Philip
Morris
International
Inc.
and
Ross
Stores
Inc.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
June
30,
2022?
The
Nuveen
Large
Cap
Value
Fund’s
Class
A
Shares
at
NAV
outperformed
the
Russell
1000®
Value
Index
for
the
twelve-month
reporting
period
ended
June
30,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
Russell
1000®
Value
Index.
The
Fund’s
outperformance
for
the
reporting
period
was
primarily
driven
by
favorable
security
selection
in
the
industrials
sector
as
well
as
an
underweight
position
and
positive
security
selection
in
the
communication
services
sector.
Additional
individual
contributors
included
health
care
sector
holding
Vertex
Pharmaceuticals
Inc.
and
energy
holding
Baker
Hughes.
Vertex
Pharmaceuticals
outperformed
as
investors
became
increasingly
comfortable
with
Vertex’s
competitive
position
in
the
research
of
cystic
fibrosis.
Additionally,
Vertex
presented
a
positive
data
update
for
its
ongoing
trial
of
sickle
cell
disease
and
beta
thalassemia.
The
Fund’s
energy
sector
position
in
oilfield
services
company
Baker
Hughes
Co.
outperformed
as
the
Russia-Ukraine
war
created
massive
ramifications
for
global
energy
markets.
Baker
Hughes
has
key
technologies
and
assets
that
can
help
the
world
reduce
dependence
on
Russian
energy.
The
Fund
continues
to
hold
its
positions
in
Vertex
and
Baker
Hughes.
Partially
offsetting
the
Fund’s
outperformance
was
unfavorable
security
selection
in
the
consumer
discretionary
sector
as
well
as
underweight
positioning
and
negative
security
selection
in
the
consumer
staples
sector.
Consumer
discretionary
sector
holding
General
Motors
Co.
underperformed
as
fears
of
recession,
higher
interest
rates
and
higher
commodity
and
other
cost
increases
led
to
expectations
of
depressed
future
earnings.
The
company
issued
below
consensus
first
quarter
2022
results
but
reiterated
calendar
year
2022
adjusted
earnings
before
interest
and
tax
(EBIT
guidance).
The
Fund
continues
to
hold
the
position
as
the
investment
management
team
believes
that
the
stock
is
being
undervalued
given
the
potential
opportunity
for
recovery
in
the
second
half
of
2022.
Nuveen
Small/Mid
Cap
Value
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
June
30,
2022?
The
Fund
seeks
long-term
capital
appreciation
by
investing
in
equity
securities
of
undervalued
small-
to
mid-size
market
capitalization
companies
in
industries
with
positive
or
improving
business
fundamentals
as
identified
by
a
qualitative,
bottom-up
research
process.
During
the
reporting
period,
the
investment
team
identified
undervalued
companies
with
a
catalyst
to
unlock
value
or
improve
profitability,
while
maintaining
a
long-term
investment
view
and
focus
on
securities
that
could
appreciate
over
an
extended
time,
regardless
of
interim
fluctuations.
Some
of
the
positions
initiated
included
Old
National
Bancorp,
Nexstar
Media
Group,
Inc.,
Selective
Insurance
Group,
Inc.
and
CACI
International
Inc.
The
investment
management
team
sold
securities
or
reduced
exposure
in
companies
that
no
longer
maintained
attractive
valuations
or
catalysts.
Some
of
the
positions
eliminated
included
Ameris
Bancorp,
Houghton
Mifflin
Harcourt
Co,
Rigel
Pharmaceuticals,
Inc.
and
Brandywine
Realty
Trust.
Portfolio
Managers’
Comments
(continued)
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
June
30,
2022?
The
Nuveen
Small/Mid
Cap
Value
Fund’s
Class
A
Shares
at
NAV
outperformed
the
Russell
2500®
Value
Index
for
the
twelve-month
reporting
period
ended
June
30,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
Russell
2500®
Value
Index.
The
Fund’s
outperformance
for
the
reporting
period
was
driven
by
favorable
security
selection
in
the
health
care
and
industrials
sectors.
The
top
individual
contributor
was
communication
services
sector
holding
Houghton
Mifflin
Harcourt
Co.,
which
outperformed
after
the
company
announced
that
it
was
being
acquired
by
Veritas
Capital
for
$21
per
share.
The
deal
closed
in
April
2022
despite
letters
from
multiple
investors
arguing
that
the
acquisition
price
was
too
low.
As
a
result,
the
Fund
no
longer
holds
the
position.
While
the
energy
sector
was
neutral
overall,
two
of
the
Fund’s
top
contributors
during
the
period
came
from
the
sector.
Magnolia
Oil
&
Gas
Corp.
and
Chesapeake
Energy
Corporation
benefited
from
higher
oil
prices.
Exposure
to
both
companies
was
maintained
in
the
Fund.
Health
care
holding
ADMA
Biologics
Inc.
was
another
significant
contributor
to
the
Fund’s
relative
performance.
The
company’s
first
quarter
2022
results
included
new
medium-term
profitability
targets
at
full
production
and
scale.
The
Fund
continues
to
hold
this
position.
Partially
offsetting
the
Fund’s
outperformance
was
unfavorable
security
selection
in
the
financials
and
communication
services
sectors.
In
addition,
the
Fund’s
consumer
discretionary
holding
American
Eagle
Outfitters
Inc.
detracted.
American
Eagle
Outfitters
underperformed
because
of
supply-chain
disruptions,
higher
inflation,
and
concerns
about
broadly
slowing
demand
for
apparel
and
the
impact
this
would
have
on
profit
margins.
American
Eagle
Outfitters
also
faced
idiosyncratic
issues,
including
weaker
2022
fiscal
year
guidance
that
appeared
to
put
mid-term
fiscal
year
2023
targets
at
risk
and
poor
free
cash
flow
conversion
in
recent
quarters.
As
a
result,
the
Fund
exited
the
position
subsequent
to
the
close
of
the
reporting
period.
Nuveen
Small
Cap
Value
Opportunities
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
June
30,
2022?
The
Fund
seeks
long-term
capital
appreciation
by
investing
in
equity
securities
of
undervalued
small
market
capitalization
companies
in
industries
with
positive
or
improving
business
fundamentals
as
identified
by
a
qualitative,
bottom-up
research
process.
During
the
reporting
period,
the
investment
team
identified
undervalued
companies
with
a
catalyst
to
unlock
value
or
improve
profitability,
while
maintaining
a
long-term
investment
view
and
a
focus
on
securities
that
could
appreciate
over
an
extended
period
of
time,
regardless
of
interim
fluctuations.
Some
of
the
positions
initiated
included
Heritage
Commerce
Corp.,
Old
National
Bancorp,
Nexstar
Media
Group,
Inc.,
PowerSchool
Holdings,
Inc.,
Selective
Insurance
Group,
Inc.,
SJW
Group
and
Weatherford
International
Plc.
The
investment
management
team
sold
securities
or
reduced
exposure
in
companies
that
no
longer
maintained
attractive
valuations
or
catalysts.
Some
of
the
positions
eliminated
included
Ameris
Bancorp,
Bloom
Energy
Company,
Houghton
Mifflin
Harcourt
Co.
and
Rigel
Pharmaceuticals
Inc.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
June
30,
2022?
The
Nuveen
Small
Cap
Value
Opportunities
Fund’s
Class
A
Shares
at
NAV
performed
in
line
with
the
Russell
2000®
Value
Index
for
the
twelve-month
reporting
period
ended
June
30,
2022.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
Russell
2000®
Value
Index.
Favorable
security
selection
in
the
health
care
and
information
technology
sectors
contributed
to
the
Fund’s
relative
performance,
as
well
as
an
underweight
to
and
security
selection
in
the
communication
services
sector.
The
Fund’s
top
individual
contributor
was
consumer
discretionary
holding
Houghton
Mifflin
Harcourt
Co.,
which
outperformed
after
the
company
announced
that
it
was
being
acquired
by
Veritas
Capital
for
$21
per
share.
The
deal
closed
in
April
2022
despite
letters
from
multiple
investors
arguing
that
the
acquisition
price
was
too
low.
As
a
result,
the
Fund
sold
the
position
on
strength.
Health
care
sector
holding
United
Therapeutics
outperformed
after
receiving
approval
for
its
next
generation
Tyvaso
DPI
inhaler
without
any
major
safety
warnings
on
the
label.
This
should
bring
new
patients
into
the
DPI
product,
which
has
a
much
longer
patent
life,
materially
extending
the
net
present
value
of
this
product’s
income
stream.
The
Fund
continues
to
hold
the
position.
Largely
offsetting
the
Fund’s
contributors
was
negative
security
selection
in
the
industrials
sector
and
an
underweight
to
and
security
selection
in
the
financials
sector.
Several
top
individual
detractors
came
from
the
consumer
discretionary
sector,
including
American
Eagle
Outfitters
Inc.
American
Eagle
Outfitters
underperformed
because
of
supply-chain
disruptions,
higher
inflation,
and
concerns
about
broadly
slowing
demand
for
apparel
and
the
impact
this
would
have
on
profit
margins.
American
Eagle
Outfitters
also
faced
idiosyncratic
issues,
including
weaker
2022
fiscal
year
guidance
that
appeared
to
put
mid-term
fiscal
year
2023
targets
at
risk
and
poor
free
cash
flow
conversion
in
recent
quarters.
As
a
result,
the
Fund
exited
the
position
subsequent
to
the
close
of
the
reporting
period.
While
the
health
care
sector
was
a
positive
contributor
overall,
Rigel
Pharmaceuticals
Inc.
underperformed
after
the
company
reported
underwhelming
statistical
patient
results
for
its
Phase
3
clinical
trials
for
warm
antibody
autoimmune
hemolytic
anemia.
The
Fund
eliminated
its
position
in
Rigel
Pharmaceuticals.
This
material
is
not
intended
to
be
a
recommendation
or
investment
advice,
does
not
constitute
a
solicitation
to
buy,
sell
or
hold
a
security
or
an
investment
strategy,
and
is
not
provided
in
a
fiduciary
capacity.
The
information
provided
does
not
take
into
account
the
specific
objectives
or
circumstances
of
any
particular
investor,
or
suggest
any
specific
course
of
action.
Investment
decisions
should
be
made
based
on
an
investor’s
objectives
and
circumstances
and
in
consultation
with
his
or
her
advisors.
Certain
statements
in
this
report
are
forward-looking
statements.
Discussions
of
specific
investments
are
for
illustration
only
and
are
not
intended
as
recommendations
of
individual
investments.
The
forward-looking
statements
and
other
views
expressed
herein
are
those
of
the
portfolio
managers
as
of
the
date
of
this
report.
Actual
future
results
or
occurrences
may
differ
significantly
from
those
anticipated
in
any
forward-looking
statements
and
the
views
expressed
herein
are
subject
to
change
at
any
time,
due
to
numerous
market
and
other
factors.
The
Funds
disclaim
any
obligation
to
update
publicly
or
revise
any
forward-looking
statements
or
views
expressed
herein.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Nuveen
Global
Equity
Income
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Prices
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Non-U.S.
investments
involve
risks
such
as
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
These
risks
are
magnified
in
emerging
markets.
These
and
other
risk
considerations,
such
as
credit,
derivatives,
high
yield
securities,
and
interest
rate
risks,
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
International
Value
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Prices
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Non-U.S.
investments
involve
risks
such
as
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
These
risks
are
magnified
in
emerging
markets.
These
and
other
risk
considerations,
such
as
credit,
derivatives,
high
yield
securities,
and
interest
rate
risks,
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
Multi
Cap
Value
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Dividends
are
not
guaranteed.
Prices
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Investments
in
smaller
companies
are
subject
to
greater
volatility
than
those
of
larger
companies.
Non-U.S.
investments
involve
risks
such
as
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
These
risks
are
magnified
in
emerging
markets.
These
and
other
risk
considerations,
such
as
currency,
and
value
stock
risks,
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
Large
Cap
Value
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Prices
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Non-U.S.
investments
involve
risks
such
as
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
These
risks
are
magnified
in
emerging
markets.
These
and
other
risk
considerations,
such
as
currency
and
value
stock
risks,
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
Small/Mid
Cap
Value
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Prices
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Investments
in
smaller
companies
are
subject
to
greater
volatility
than
those
of
larger
companies.
Non-U.S.
investments
involve
risks
such
as
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
These
risks
are
magnified
in
emerging
markets.
These
and
other
risk
considerations,
such
as
currency
and
value
stock
risks,
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
Small
Cap
Value
Opportunities
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Prices
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Investments
in
smaller
companies
are
subject
to
greater
volatility
than
those
of
larger
companies.
Non-U.S.
investments
involve
risks
such
as
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
These
risks
are
magnified
in
emerging
markets.
These
and
other
risk
considerations,
such
as
currency
and
value
stock
risks,
are
described
in
detail
in
the
Fund’s
prospectus.
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
The
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
for
each
Fund
are
shown
within
this
section
of
the
report.
Fund
Performance
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Investment
returns
and
principal
value
will
fluctuate
so
that
when
shares
are
redeemed,
they
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
shown.
Total
returns
for
a
period
of
less
than
one
year
are
not
annualized
(i.e.
cumulative
returns).
Since
inception
returns
are
shown
for
share
classes
that
have
less
than
10-years
of
performance.
Returns
at
net
asset
value
(NAV)
would
be
lower
if
the
sales
charge
were
included.
Returns
assume
reinvestment
of
dividends
and
capital
gains.
For
performance,
current
to
the
most
recent
month-end
visit
Nuveen.com
or
call
(800)
257-8787.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Returns
may
reflect
fee
waivers
and/or
expense
reimbursements
by
the
investment
adviser
during
the
periods
presented.
If
any
such
waivers
and/or
reimbursements
had
not
been
in
place,
returns
would
have
been
reduced.
See
Notes
to
Financial
Statements,
Note
7—Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
Returns
reflect
differences
in
sales
charges
and
expenses,
which
are
primarily
differences
in
distribution
and
service
fees,
and
assume
reinvestment
of
dividends
and
capital
gains.
Comparative
index
and
Lipper
return
information
is
provided
for
Class
A
Shares
at
NAV
only.
Expense
Ratios
The
expense
ratios
shown
are
as
of
the
Fund’s
most
recent
prospectus.
The
expense
ratios
shown
reflect
total
operating
expenses
(before
fee
waivers
and/or
expense
reimbursements,
if
any).
The
expense
ratios
include
management
fees
and
other
fees
and
expenses.
Refer
to
the
Financial
Highlights
later
in
this
report
for
the
Fund’s
expense
ratios
as
of
the
end
of
the
reporting
period.
Holding
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
each
Fund’s
portfolio
of
investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund’s
Portfolio
of
Investments
for
individual
security
information.
Nuveen
Global
Equity
Income
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
June
30,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
MSCI
World
Value
Index
(Net).
**
Class
A
Shares
have
a
maximum
5.75%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
***
The
Fund’s
investment
adviser
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
through
July
31,
2024
so
that
the
total
annual
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed
0.90%
of
the
average
daily
net
assets
of
any
class
of
Fund
Shares.
This
expense
limitation
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of Trustees of
the
Fund.
Growth
of
an
Assumed
$10,000
Investment
as
of June
30,
2022
-
Class
A
Shares
The
graphs
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemption
of
Fund
Shares.
Total
Returns
as
of
June
30,
2022**
Average
Annual
Expense
Ratios
***
Inception
Date
1-Year
5-Year
10-Year
Gross
Net
Class
A
Shares
at
NAV
9/15/09
(11.30)%
3.57%
7.02%
1.26%
1.11%
Class
A
Shares
at
maximum
Offering
Price
9/15/09
(16.40)%
2.35%
6.39%
—
—
MSCI
World
Value
Index
(Net)
—
(6.63)%
4.67%
7.62%
—
—
Lipper
Global
Equity
Income
Funds
Classification
Average
—
(7.45)%
4.79%
6.86%
—
—
Class
C
Shares
9/15/09
(11.95)%
2.79%
6.38%
2.01%
1.86%
Class
I
Shares
9/15/09
(11.10)%
3.82%
7.28%
1.01%
0.86%
Holdings
Summaries
as
of
June
30,
2022
Fund
Allocation
(%
of
net
assets)
Common
Stocks
96.0%
Convertible
Preferred
Securities
1.5%
Structured
Notes
0.4%
Other
Assets
Less
Liabilities
2.1%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
AstraZeneca
PLC,
Sponsored
ADR
3.4%
Dominion
Energy
Inc
3.2%
Enterprise
Products
Partners
LP
3.1%
AbbVie
Inc
3.1%
Elevance
Health
Inc
3.0%
Portfolio
Composition
1
(%
of
net
assets)
Banks
10.0%
Insurance
8.3%
Oil,
Gas
&
Consumable
Fuels
7.2%
Pharmaceuticals
7.0%
Health
Care
Providers
&
Services
6.6%
Multi-Utilities
5.7%
Aerospace
&
Defense
3.7%
Chemicals
3.6%
Semiconductors
&
Semiconductor
Equipment
3.6%
Software
3.1%
Biotechnology
3.1%
Capital
Markets
2.3%
Metals
&
Mining
2.3%
Air
Freight
&
Logistics
2.1%
Food
&
Staples
Retailing
2.1%
Industrial
Conglomerates
1.9%
Entertainment
1.9%
Beverages
1.8%
Hotels,
Restaurants
&
Leisure
1.6%
Personal
Products
1.6%
Other
18.0%
Structured
Notes
0.4%
Other
Assets
Less
Liabilities
2.1%
Net
Assets
100%
Country
Allocation
2
(%
of
net
assets)
United
States
57.6%
Germany
9.0%
Japan
5.0%
United
Kingdom
4.4%
Netherlands
3.4%
France
3.1%
Finland
3.0%
South
Korea
2.7%
Australia
2.3%
Canada
1.7%
Other
5.7%
Other
Assets
Less
Liabilities
2.1%
Net
Assets
100%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
Portfolio
Composition
above.
2
Includes
3.8%
(as
a
percentage
of
net
assets)
in
emerging
market
countries.
Nuveen
International
Value
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
June
30,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
MSCI
EAFE®
Index
(Net).
**
Class
A
Shares
have
a
maximum
5.75%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
***
The
Fund’s
investment
adviser
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
through
July
31,
2024
so
that
the
total
annual
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed
0.94%
of
the
average
daily
net
assets
of
any
class
of
Fund
Shares.
This
expense
limitation
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of
Trustees
of
the
Fund.
Growth
of
an
Assumed
$10,000
Investment
as
of June
30,
2022
-
Class
A
Shares
The
graphs
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemption
of
Fund
Shares.
Total
Returns
as
of
June
30,
2022**
Average
Annual
Expense
Ratios
***
Inception
Date
1-Year
5-Year
10-Year
Gross
Net
Class
A
Shares
at
NAV
12/20/99
(12.90)%
1.17%
4.14%
1.28%
1.15%
Class
A
Shares
at
maximum
Offering
Price
12/20/99
(17.91)%
(0.02)%
3.52%
—
—
MSCI
EAFE®
Index
(Net)
—
(17.77)%
2.20%
5.40%
—
—
Lipper
International
Multi-Cap
Value
Funds
Classification
Average
—
(14.65)%
0.80%
4.33%
—
—
Class
C
Shares
12/20/99
(13.58)%
0.41%
3.51%
2.03%
1.90%
Class
I
Shares
12/20/99
(12.71)%
1.42%
4.39%
1.03%
0.90%
Holdings
Summaries
as
of
June
30,
2022
Fund
Allocation
(%
of
net
assets)
Common
Stocks
98
.5
%
Repurchase
Agreements
0
.8
%
Other
Assets
Less
Liabilities
0.7%
Net
Assets
100
%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
ING
Groep
NV
3.0%
Shell
PLC,
ADR
2.9%
Sompo
Holdings
Inc
2.7%
Sanofi
2.7%
Publicis
Groupe
SA
2.5%
Portfolio
Composition
1
(%
of
net
assets)
Banks
10.9%
Insurance
8.6%
Pharmaceuticals
7.5%
Semiconductors
&
Semiconductor
Equipment
5.0%
Metals
&
Mining
5.0%
Industrial
Conglomerates
4.2%
Hotels,
Restaurants
&
Leisure
3.5%
Food
&
Staples
Retailing
3.3%
Professional
Services
3.3%
Oil,
Gas
&
Consumable
Fuels
3.2%
Automobiles
3.2%
Technology
Hardware,
Storage
&
Peripherals
3.1%
Household
Durables
3.0%
Real
Estate
Management
&
Development
2.7%
Media
2.5%
Capital
Markets
2.4%
Health
Care
Providers
&
Services
2.0%
Air
Freight
&
Logistics
2.0%
Energy
Equipment
&
Services
1.9%
Aerospace
&
Defense
1.8%
Other
19.4%
Repurchase
Agreements
0.8%
Other
Assets
Less
Liabilities
0.7%
Net
Assets
100%
Country
Allocation
2
(%
of
net
assets)
Japan
21
.3
%
Germany
12
.1
%
France
11
.6
%
United
Kingdom
8
.6
%
Netherlands
7
.4
%
United
States
6
.3
%
South
Korea
6
.1
%
Switzerland
4
.2
%
Belgium
3
.7
%
Singapore
2
.7
%
Other
15
.3
%
Other
Assets
Less
Liabilities
0.7%
Net
Assets
100
%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
Portfolio
Composition
above.
2
Includes
11.9%
(as
a
percentage
of
net
assets)
in
emerging
market
countries.
Nuveen
Multi
Cap
Value
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
June
30,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Russell
3000®
Value
Index.
**
Class
A
Shares
have
a
maximum
5.75%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
***
The
Fund’s
investment
adviser
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
through
July
31,
2024
so
that
the
total
annual
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed
0.94%
of
the
average
daily
net
assets
of
any
class
of
Fund
Shares.
This
expense
limitation
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of
Trustees
of
the
Fund.
Growth
of
an
Assumed
$10,000
Investment
as
of June
30,
2022
-
Class
A
Shares
The
graphs
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemption
of
Fund
Shares.
Total
Returns
as
of
June
30,
2022**
Average
Annual
Expense
Ratios
***
Inception
Date
1-Year
5-Year
10-Year
Gross
Net
Class
A
Shares
at
NAV
12/09/02
(8.49)%
6.68%
8.54%
1.29%
1.15%
Class
A
Shares
at
maximum
Offering
Price
12/09/02
(13.75)%
5.42%
7.90%
—
—
Russell
3000®
Value
Index
—
(7.46)%
7.01%
10.39%
—
—
Lipper
Multi-Cap
Value
Funds
Classification
Average
—
(6.82)%
7.23%
10.03%
—
—
Class
C
Shares
12/09/02
(9.17)%
5.87%
7.88%
2.04%
1.90%
Class
I
Shares
11/04/97
(8.26)%
6.94%
8.81%
1.04%
0.90%
Holdings
Summaries
as
of
June
30,
2022
Fund
Allocation
(%
of
net
assets)
Common
Stocks
94
.9
%
Investments
Purchased
with
Collateral
from
Securities
Lending
2
.2
%
Repurchase
Agreements
5
.2
%
Other
Assets
Less
Liabilities
(2.3)%
Net
Assets
100
%
Portfolio
Composition
1
(%
of
net
assets)
Banks
10.1%
Oil,
Gas
&
Consumable
Fuels
7.8%
Software
6.5%
Biotechnology
5.7%
Aerospace
&
Defense
4.8%
Chemicals
4.8%
Insurance
4.3%
Electric
Utilities
4.0%
Electrical
Equipment
3.9%
Health
Care
Providers
&
Services
3.8%
Capital
Markets
3.4%
Equity
Real
Estate
Investment
Trusts
2.7%
Health
Care
Technology
2.6%
Food
&
Staples
Retailing
2.4%
Energy
Equipment
&
Services
2.2%
Automobiles
2.0%
Multi-Utilities
1.9%
Life
Sciences
Tools
&
Services
1.8%
Communications
Equipment
1.8%
Pharmaceuticals
1.8%
IT
Services
1.8%
Machinery
1.7%
Diversified
Telecommunication
Services
1.7%
Other
11.4%
Investments
Purchased
with
Collateral
from
Securities
Lending
2.2%
Repurchase
Agreements
5.2%
Other
Assets
Less
Liabilities
(2.3)%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Shell
PLC,
ADR
3.4%
nVent
Electric
PLC
3.0%
General
Dynamics
Corp
2.9%
Oracle
Corp
2.9%
Elevance
Health
Inc
2.7%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
Portfolio
Composition
above.
Nuveen
Large
Cap
Value
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
June
30,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Russell
1000®
Value
Index.
**
Class
A
Shares
have
a
maximum
5.75%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
***
The
Fund’s
investment
adviser
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
through
July
31,
2024
so
that
the
total
annual
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed 0.79%
through
July
31,
2024
or
1.35%
after
July
31,
2024
of
the
average
daily
net
assets
of
any
class
of
Fund
Shares.
This
expense
limitation
expir-
ing
on
July
31,
2024
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.
Growth
of
an
Assumed
$10,000
Investment
as
of June
30,
2022
-
Class
A
Shares
The
graphs
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemption
of
Fund
Shares.
Total
Returns
as
of
June
30,
2022**
Average
Annual
Expense
Ratios
***
Inception
Date
1-Year
5-Year
10-Year
Gross
Net
Class
A
Shares
at
NAV
12/15/06
(4.84)%
5.97%
8.30%
1.76%
1.00%
Class
A
Shares
at
maximum
Offering
Price
12/15/06
(10.40)%
4.72%
7.66%
—
—
Russell
1000®
Value
Index
—
(6.82)%
7.17%
10.50%
—
—
Lipper
Multi-Cap
Value
Funds
Classification
Average
—
(6.82)%
7.23%
10.03%
—
—
Class
C
Shares
12/15/06
(5.24)%
5.22%
7.66%
2.51%
1.75%
Class
I
Shares
12/15/06
(4.55)%
6.24%
8.58%
1.51%
0.75%
Holdings
Summaries
as
of
June
30,
2022
Fund
Allocation
(%
of
net
assets)
Common
Stocks
94
.7
%
Investments
Purchased
with
Collateral
from
Securities
Lending
1
.3
%
Repurchase
Agreements
5
.7
%
Other
Assets
Less
Liabilities
(1.7)%
Net
Assets
100
%
Portfolio
Composition
1
(%
of
net
assets)
Oil,
Gas
&
Consumable
Fuels
8.1%
Banks
7.3%
Biotechnology
6.4%
Insurance
6.2%
Health
Care
Providers
&
Services
5.0%
Electrical
Equipment
4.9%
Aerospace
&
Defense
4.7%
Software
4.4%
Capital
Markets
4.1%
Chemicals
3.9%
IT
Services
3.6%
Multi-Utilities
3.4%
Food
&
Staples
Retailing
2.4%
Electric
Utilities
2.3%
Energy
Equipment
&
Services
2.2%
Interactive
Media
&
Services
2.1%
Pharmaceuticals
2.0%
Automobiles
1.9%
Equity
Real
Estate
Investment
Trusts
1.7%
Other
18.1%
Investments
Purchased
with
Collateral
from
Securities
Lending
1.3%
Repurchase
Agreements
5.7%
Other
Assets
Less
Liabilities
(1.7)%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Shell
PLC,
ADR
3.7%
General
Dynamics
Corp
2.9%
Oracle
Corp
2.8%
Wells
Fargo
&
Co
2.8%
nVent
Electric
PLC
2.7%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
Portfolio
Composition
above.
Nuveen
Small/Mid
Cap
Value
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
June
30,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Russell
2500®
Value
Index.
**
Class
A
Shares
have
a
maximum
5.75%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
Class
C
Shares
automatically
convert
to
Class
A
Shares eight
years
after
purchase.
Returns
for
peri-
ods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
R6
Shares
have
no
sales
charge
and
are
available
only
to
certain
limited
categories
of
investors
as
described
in
the
prospectus.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
***
The
Fund’s
investment
adviser
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
through
July
31,
2024
so
that
the
total
annual
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed 1.10%
through
July
31,
2024
or
1.45%
after
July
31,
2024
of
the
average
daily
net
assets
of
any
class
of
Fund
Shares. However,
because
R6
shares
are
not
subject
to
sub-transfer
agent
and
similar
fee,
the
total
annual
operating
expenses
for
Class
R6
Shares
will
be
less
than
the
expense
limitation.
This
expense
limitation
expiring
July
31,
2024
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.
Total
Returns
as
of
June
30,
2022**
Average
Annual
Expense
Ratios
***
Inception
Date
1-Year
5-Year
10-Year
Gross
Net
Class
A
Shares
at
NAV
12/15/06
(10.81)%
5.54%
8.29%
1.64%
1.31%
Class
A
Shares
at
maximum
Offering
Price
12/15/06
(15.94)%
4.30%
7.65%
—
—
Russell
2500®
Value
Index
—
(13.19)%
5.54%
9.54%
—
—
Lipper
Small-Cap
Core
Funds
Classification
Average
—
(15.77)%
5.41%
9.18%
—
—
Class
C
Shares
12/15/06
(11.48)%
4.75%
7.64%
2.39%
2.06%
Class
I
Shares
12/15/06
(10.57)%
5.81%
8.57%
1.39%
1.06%
Total
Returns
as
of
June
30,
2022**
Average
Annual
Expense
Ratios***
Inception
Date
1-Year
5-Year
Since
Inception
Gross
Net
Class
R6
Shares
6/30/16
(10.44)%
5.97%
8.21%
1.28%
0.95%
Growth
of
an
Assumed
$10,000
Investment
as
of June
30,
2022
-
Class
A
Shares
The
graphs
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemption
of
Fund
Shares.
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
June
30,
2022
(continued)
Holdings
Summaries
as
of
June
30,
2022
Fund
Allocation
(%
of
net
assets)
Common
Stocks
95
.4
%
Investments
Purchased
with
Collateral
from
Securities
Lending
0
.6
%
Repurchase
Agreements
4
.9
%
Other
Assets
Less
Liabilities
(0.9)%
Net
Assets
100
%
Portfolio
Composition
1
(%
of
net
assets)
Equity
Real
Estate
Investment
Trusts
9.5%
Banks
9.0%
Electrical
Equipment
6.9%
Insurance
6.0%
Electric
Utilities
5.8%
Oil,
Gas
&
Consumable
Fuels
4.9%
Biotechnology
4.5%
Communications
Equipment
4.2%
Metals
&
Mining
3.1%
Semiconductors
&
Semiconductor
Equipment
3.1%
Machinery
2.9%
Aerospace
&
Defense
2.4%
Health
Care
Technology
2.3%
Chemicals
2.2%
Software
2.2%
Auto
Components
2.1%
Capital
Markets
2.0%
Personal
Products
1.9%
Road
&
Rail
1.7%
Other
18.7%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.6%
Repurchase
Agreements
4.9%
Other
Assets
Less
Liabilities
(0.9)%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
nVent
Electric
PLC
2.9%
Magnolia
Oil
&
Gas
Corp,
Class
A
2.8%
Everest
Re
Group
Ltd
2.7%
Western
Alliance
Bancorp
2.4%
Curtiss-Wright
Corp
2.4%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
Portfolio
Composition
above.
Nuveen
Small
Cap
Value
Opportunities
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
June
30,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Russel
2000®
Value
Index.
**
Class
A
Shares
have
a
maximum
5.75%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
Class
C
Shares
automatically
convert
to
Class
A
Shares eight
years
after
purchase.
Returns
for
peri-
ods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
R6
Shares
have
no
sales
charge
and
are
available
only
to
certain
limited
categories
of
investors
as
described
in
the
prospectus.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
***
The
Fund’s
investment
adviser
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
through
July
31,
2024
so
that
the
total
annual
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed 0.99%
through
July
31,
2024
or
1.50%
after
July
31,
2024
of
the
average
daily
net
assets
of
any
class
of
Fund
Shares. However,
because
R6
shares
are
not
subject
to
sub-transfer
agent
and
similar
fee,
the
total
annual
operating
expenses
for
Class
R6
Shares
will
be
less
than
the
expense
limitation.
This
expense
limitation
expiring
July
31,
2024
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.
Total
Returns
as
of
June
30,
2022**
Average
Annual
Expense
Ratios
***
Inception
Date
1-Year
5-Year
10-Year
Gross
Net
Class
A
Shares
at
NAV
12/08/04
(16.01)%
3.56%
8.77%
1.37%
1.20%
Class
A
Shares
at
maximum
Offering
Price
12/08/04
(20.84)%
2.34%
8.13%
—
—
Russell
2000®
Value
Index
—
(16.28)%
4.89%
9.05%
—
—
Lipper
Small-Cap
Core
Funds
Classification
Average
—
(15.77)%
5.41%
9.18%
—
—
Class
C
Shares
12/08/04
(16.61)%
2.79%
8.12%
2.12%
1.95%
Class
I
Shares
12/08/04
(15.79)%
3.82%
9.04%
1.11%
0.95%
Total
Returns
as
of
June
30,
2022**
Average
Annual
Expense
Ratios***
Inception
Date
1-Year
5-Year
Since
Inception
Gross
Net
Class
R6
Shares
2/15/13
(15.68)%
3.99%
7.86%
0.95%
0.79%
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
June
30,
2022
(continued)
Growth
of
an
Assumed
$10,000
Investment
as
of June
30,
2022
-
Class
A
Shares
The
graphs
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemption
of
Fund
Shares.
Holdings
Summaries
as
of
June
30,
2022
Fund
Allocation
(%
of
net
assets)
Common
Stocks
96
.7
%
Investments
Purchased
with
Collateral
from
Securities
Lending
3
.8
%
Repurchase
Agreements
2
.8
%
Other
Assets
Less
Liabilities
(3.3)%
Net
Assets
100
%
Portfolio
Composition
1
(%
of
net
assets)
Banks
15.1%
Machinery
9.0%
Equity
Real
Estate
Investment
Trusts
6.2%
Electric
Utilities
5.2%
Biotechnology
4.8%
Oil,
Gas
&
Consumable
Fuels
4.4%
Electrical
Equipment
4.2%
Communications
Equipment
3.8%
Metals
&
Mining
3.8%
Energy
Equipment
&
Services
3.7%
Insurance
3.5%
Diversified
Consumer
Services
3.5%
Semiconductors
&
Semiconductor
Equipment
3.2%
Food
Products
3.1%
Software
2.2%
Pharmaceuticals
2.2%
Chemicals
2.1%
Real
Estate
Management
&
Development
1.9%
Other
14.8%
Investments
Purchased
with
Collateral
from
Securities
Lending
3.8%
Repurchase
Agreements
2.8%
Other
Assets
Less
Liabilities
(3.3)%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
SouthState
Corp
3.1%
Stride
Inc
2.5%
nVent
Electric
PLC
2.4%
Digi
International
Inc
2.4%
Magnolia
Oil
&
Gas
Corp,
Class
A
2.4%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
Portfolio
Composition
above.
As
a
shareholder
of
one
or
more
of
the
Funds,
you
incur
two
types
of
costs:
(1)
transaction
costs, including
up-front
and
back-end
sales
charges
(loads)
or
redemption
fees,
where
applicable;
and
(2)
ongoing
costs,
including
management
fees;
distribution
and
service
(12b-1)
fees,
where
applicable;
and
other
Fund
expenses.
The
Examples
below
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Funds
and
to
compare
these
costs
with
the
ongoing
costs
of investing
in
other
mutual
funds.
The
Examples
below
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
period
ended
June
30,
2022.
The
beginning
of
the
period
is
January
1,
2022.
The
information
under
“Actual
Performance,”
together
with
the
amount
you
invested,
allows
you
to
estimate
actual
expenses
incurred
over
the
reporting
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.60)
and
multiply
the
result
by
the
cost
shown
for
your
share
class,
in
the
row
entitled
“Expenses
Incurred
During
Period”
to
estimate
the
expenses
incurred
on
your
account
during
this
period.
The
information
under
“Hypothetical
Performance,”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratios
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expense
you
incurred
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
following
tables
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transaction
costs.
Therefore,
the
hypothetical
information
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds
or
share
classes.
In
addition,
if
these
transaction
costs
were
included,
your
costs
would
have
been
higher.
Nuveen
Global
Equity
Income
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$847.61
$844.54
$848.73
Expenses
Incurred
During
the
Period
$5.04
$8.46
$3.90
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,019.34
$1,015.62
$1,020.58
Expenses
Incurred
During
the
Period
$5.51
$9.25
$4.26
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.10%,
1.85%
and
0.85%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181
/365
(to
reflect
the
one-half
year
period).
Nuveen
International
Value
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$874.81
$871.42
$875.61
Expenses
Incurred
During
the
Period
$5.35
$8.77
$4.14
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,019.09
$1,015.42
$1,020.38
Expenses
Incurred
During
the
Period
$5.76
$9.44
$4.46
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.15%,
1.89%
and
0.89%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181
/365
(to
reflect
the
one-half
year
period).
Nuveen
Multi
Cap
Value
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$899.88
$896.38
$900.93
Expenses
Incurred
During
the
Period
$5.89
$9.45
$4.71
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,018.60
$1,014.83
$1,019.84
Expenses
Incurred
During
the
Period
$6.26
$10.04
$5.01
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.25%,
2.01%
and
1.00%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181
/365
(to
reflect
the
one-half
year
period).
Nuveen
Large
Cap
Value
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$906.92
$905.66
$909.95
Expenses
Incurred
During
the
Period
$4.68
$8.22
$3.50
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,019.89
$1,016.17
$1,021.12
Expenses
Incurred
During
the
Period
$4.96
$8.70
$3.71
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.99%,
1.74%
and
0.74%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181
/365
(to
reflect
the
one-half
year
period).
Nuveen
Small/Mid
Cap
Value
Fund
Share
Class
Class
A
Class
C
Class
R6
Class
I
Actual
Performance
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$846.52
$843.19
$847.94
$847.67
Expenses
Incurred
During
the
Period
$6.00
$9.37
$4.22
$4.81
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,018.30
$1,014.63
$1,020.23
$1,019.59
Expenses
Incurred
During
the
Period
$6.56
$10.24
$4.61
$5.26
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.31%,
2.05%,
0.92%
and
1.05%
for
Classes
A,
C,
R6
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181
/365
(to
reflect
the
one-half
year
period).
Nuveen
Small
Cap
Value
Opportunities
Fund
Share
Class
Class
A
Class
C
Class
R6
Class
I
Actual
Performance
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$839.29
$836.28
$840.76
$840.38
Expenses
Incurred
During
the
Period
$5.47
$8.88
$3.70
$4.29
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,018.84
$1,015.12
$1,020.78
$1,020.13
Expenses
Incurred
During
the
Period
$6.01
$9.74
$4.06
$4.71
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.20%,
1.95%,
0.81%
and
0.94%
for
Classes
A,
C,
R6
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181
/365
(to
reflect
the
one-half
year
period).
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
Nuveen
Investment
Trust
and
Nuveen
Investment
Trust
II
and
Shareholders
of
Nuveen
Global
Equity
Income
Fund,
Nuveen
International
Value
Fund,
Nuveen
Multi
Cap
Value
Fund,
Nuveen
Large
Cap
Value
Fund,
Nuveen
Small/Mid
Cap
Value
Fund
and
Nuveen
Small
Cap
Value
Opportunities
Fund
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
portfolios
of
investments,
of
Nuveen
Global
Equity
Income
Fund,
Nuveen
Multi
Cap
Value
Fund,
Nuveen
Large
Cap
Value
Fund,
Nuveen
Small/Mid
Cap
Value
Fund
and
Nuveen
Small
Cap
Value
Opportunities
Fund
(five
of
the
funds
constituting
Nuveen
Investment
Trust)
and
Nuveen
International
Value
Fund
(one
of
the
funds
constituting
Nuveen
Investment
Trust
II)
(hereafter
collectively
referred
to
as
the
"Funds")
as
of
June
30,
2022,
the
related
statements
of
operations
for
the
year
ended
June
30,
2022,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
June
30,
2022,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
June
30,
2022
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
June
30,
2022,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
June
30,
2022
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
June
30,
2022
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
June
30,
2022
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/
PricewaterhouseCoopers
LLP
Chicago,
Illinois
August
26,
2022
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
Nuveen
Funds
since
2002.
Nuveen
Global
Equity
Income
Fund
Portfolio
of
Investments
June
30,
2022
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
97.9%
X
135,324,596
COMMON
STOCKS
-
96.0%
X
135,324,596
Aerospace
&
Defense
-
3.7%
26,293
Airbus
SE
(2)
$
2,571,714
11,851
General
Dynamics
Corp
2,622,034
Total
Aerospace
&
Defense
5,193,748
Air
Freight
&
Logistics
-
2.1%
77,752
Deutsche
Post
AG
(2)
2,935,615
Automobiles
-
1.1%
49,080
General
Motors
Co
(3)
1,558,781
Banks
-
10.0%
61,706
Fifth
Third
Bancorp
2,073,322
22,492
JPMorgan
Chase
&
Co
2,532,824
478,353
Nordea
Bank
Abp
(2)
4,230,127
268,420
Oversea-Chinese
Banking
Corp
Ltd
(2)
2,201,862
77,809
Wells
Fargo
&
Co
3,047,778
Total
Banks
14,085,913
Beverages
-
1.8%
39,887
Coca-Cola
Co
2,509,291
Biotechnology
-
3.1%
28,176
AbbVie
Inc
4,315,436
Capital
Markets
-
2.3%
19,381
Deutsche
Boerse
AG
(2)
3,254,587
Chemicals
-
3.6%
47,989
DuPont
de
Nemours
Inc
2,667,228
30,413
Nutrien
Ltd
2,422,030
Total
Chemicals
5,089,258
Communications
Equipment
-
1.4%
46,223
Cisco
Systems
Inc
1,970,949
Electric
Utilities
-
1.4%
373,108
Enel
SpA
(2)
2,046,206
Electrical
Equipment
-
1.2%
13,222
Eaton
Corp
PLC
1,665,840
Entertainment
-
1.9%
6,111
Nintendo
Co
Ltd
(2)
2,628,074
Equity
Real
Estate
Investment
Trusts
-
1.2%
18,937
Boston
Properties
Inc
1,685,014
Food
&
Staples
Retailing
-
2.1%
24,028
Walmart
Inc
2,921,324
Nuveen
Global
Equity
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2022
Shares
Description
(1)
Value
Health
Care
Equipment
&
Supplies
-
1.4%
22,036
Medtronic
PLC
$
1,977,731
Health
Care
Providers
&
Services
-
6.6%
8,829
Elevance
Health
Inc
4,260,699
36,789
Fresenius
Medical
Care
AG
&
Co
KGaA
(2)
1,843,169
6,828
Humana
Inc
3,195,982
Total
Health
Care
Providers
&
Services
9,299,850
Health
Care
Technology
-
1.1%
68,589
Change
Healthcare
Inc
1,581,674
Hotels,
Restaurants
&
Leisure
-
1.6%
67,977
Las
Vegas
Sands
Corp
(3)
2,283,347
Household
Durables
-
1.2%
42,048
PulteGroup
Inc
1,666,362
Industrial
Conglomerates
-
1.9%
25,627
Siemens
AG
(2)
2,634,366
Insurance
-
8.3%
10,303
Allianz
SE
(2)
1,975,190
11,902
Chubb
Ltd
2,339,695
10,454
Everest
Re
Group
Ltd
2,930,047
47,690
NN
Group
NV
(2)
2,160,016
5,158
Zurich
Insurance
Group
AG
(2)
2,249,266
Total
Insurance
11,654,214
IT
Services
-
1.2%
10,072
Capgemini
SE
(2)
1,737,018
Media
-
1.5%
52,947
Comcast
Corp,
Class
A
2,077,640
Metals
&
Mining
-
2.3%
115,535
BHP
Group
Ltd
(2)
3,308,184
Multi-Utilities
-
5.7%
55,947
Dominion
Energy
Inc
4,465,130
109,432
National
Grid
PLC
(2)
1,406,304
34,854
Public
Service
Enterprise
Group
Inc
2,205,561
Total
Multi-Utilities
8,076,995
Oil,
Gas
&
Consumable
Fuels
-
7.2%
22,432
Chevron
Corp
3,247,705
177,522
Enterprise
Products
Partners
LP
4,326,211
99,396
Shell
PLC
(2)
2,588,548
Total
Oil,
Gas
&
Consumable
Fuels
10,162,464
Personal
Products
-
1.6%
55,500
Kao
Corp
(2)
2,250,495
Pharmaceuticals
-
7.0%
71,574
AstraZeneca
PLC,
Sponsored
ADR
4,728,894
36,115
Bristol-Myers
Squibb
Co
2,780,855
13,287
Johnson
&
Johnson
2,358,576
Total
Pharmaceuticals
9,868,325
Shares
Description
(1)
Value
Semiconductors
&
Semiconductor
Equipment
-
2.1%
34,918
Intel
Corp
$
1,306,283
73,000
MediaTek
Inc
(2)
1,602,436
Total
Semiconductors
&
Semiconductor
Equipment
2,908,719
Software
-
3.1%
7,934
Microsoft
Corp
2,037,689
32,612
Oracle
Corp
2,278,601
Total
Software
4,316,290
Specialty
Retail
-
1.1%
9,055
Lowe's
Cos
Inc
1,581,637
Technology
Hardware,
Storage
&
Peripherals
-
1.3%
45,674
Samsung
Electronics
Co
Ltd
(2)
1,835,884
Trading
Companies
&
Distributors
-
1.5%
100,100
Mitsui
&
Co
Ltd
(2)
2,199,650
Wireless
Telecommunication
Services
-
1.4%
50,926
SK
Telecom
Co
Ltd
(2)
2,043,715
Total
Common
Stocks
(cost
$124,842,166)
135,324,596
Shares
Description
(1)
Coupon
Ratings
(4)
Value
X
2,078,857
CONVERTIBLE
PREFERRED
SECURITIES
-
1.5%
X
2,078,857
Semiconductors
&
Semiconductor
Equipment
-
1.5%
1,383
Broadcom
Inc
8.000%
N/R
$
2,078,857
Total
Convertible
Preferred
Securities
(cost
$1,592,621)
2,078,857
Shares
Description
(1)
Coupon
Issue
Price
Cap
Price
Maturity
Value
555,691
STRUCTURED
NOTES
-
0.4%
X
555,691
18,900
Goldman
Sachs,
Mandatory
Exchangeable
Note,
Linked
to
Common
Stock
of
Antero
Resources
Corp.
(Cap
129.50%
of
the
Issue
Price)
16.000%
$28.4848
$36.8878
9/27/22
$
555,691
Total
Structured
Notes
(cost
$538,363)
555,691
Total
Long-Term
Investments
(cost
$126,973,150)
137,959,144
Other
Assets
Less
Liabilities
-
2.1%
2,924,243
Net
Assets
-
100%
$
140,883,387
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
2.
(3)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(4)
For
financial
reporting
purposes,
the
ratings
disclosed
are
the
highest
of
Standard
&
Poor’s
Group
(“Standard
&
Poor’s”),
Moody’s
Investors
Service,
Inc.
(“Moody’s”)
or
Fitch,
Inc.
(“Fitch”)
rating.
This
treatment
of
split-rated
securities
may
differ
from
that
used
for
other
purposes,
such
as
for
Fund
investment
policies.
Ratings
below
BBB
by
Standard
&
Poor’s,
Baa
by
Moody’s
or
BBB
by
Fitch
are
considered
to
be
below
investment
grade.
Holdings
designated
N/R
are
not
rated
by
any
of
these
national
rating
agencies.
Ratings
are
not
covered
by
the
report
of
independent
registered
public
accounting
firm.
ADR
American
Depositary
Receipt
See
accompanying
notes
to
financial
statements
Nuveen
International
Value
Fund
Portfolio
of
Investments
June
30,
2022
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
98.5%
X
82,836,387
COMMON
STOCKS
-
98.5%
X
82,836,387
Aerospace
&
Defense
-
1.8%
12,103
Thales
SA
(2)
$
1,485,970
Air
Freight
&
Logistics
-
2.0%
44,403
Deutsche
Post
AG
(2)
1,676,486
Airlines
-
1.6%
79,200
Japan
Airlines
Co
Ltd
(2),(3)
1,360,782
Automobiles
-
3.2%
10,918
Hyundai
Motor
Co
(2)
732,982
12,719
Toyota
Motor
Corp,
Sponsored
ADR
1,960,888
Total
Automobiles
2,693,870
Banks
-
10.9%
726,674
Barclays
PLC
(2)
1,358,849
253,733
ING
Groep
NV
(2)
2,499,676
134,734
Nordea
Bank
Abp
(2)
1,191,467
135,232
Oversea-Chinese
Banking
Corp
Ltd
(2)
1,109,314
54,700
Sumitomo
Mitsui
Trust
Holdings
Inc
(2)
1,690,557
1,368,399
Unicaja
Banco
SA,
144A
(2)
1,342,911
Total
Banks
9,192,774
Capital
Markets
-
2.4%
124,918
UBS
Group
AG
2,026,170
Chemicals
-
1.1%
11,772
Nutrien
Ltd
937,498
Commercial
Services
&
Supplies
-
1.3%
48,700
Dai
Nippon
Printing
Co
Ltd
(2)
1,047,561
Diversified
Financial
Services
-
1.6%
16,402
Groupe
Bruxelles
Lambert
SA
(2)
1,374,970
Diversified
Telecommunication
Services
-
1.7%
49,910
Nippon
Telegraph
&
Telephone
Corp,
ADR
1,435,911
Electrical
Equipment
-
1.2%
38,631
Mabuchi
Motor
Co
Ltd
(2)
995,631
Electronic
Equipment,
Instruments
&
Components
-
0.9%
54,605
Flex
Ltd
(3)
790,134
Energy
Equipment
&
Services
-
1.9%
127,778
Technip
Energies
NV
(2)
1,601,052
Food
&
Staples
Retailing
-
3.3%
29,200
Seven
&
i
Holdings
Co
Ltd
(2)
1,132,971
536,214
Tesco
PLC
(2)
1,671,166
Total
Food
&
Staples
Retailing
2,804,137
Shares
Description
(1)
Value
Health
Care
Providers
&
Services
-
2.0%
34,298
Fresenius
Medical
Care
AG
&
Co
KGaA
(2)
$
1,718,367
Hotels,
Restaurants
&
Leisure
-
3.5%
40,501
Accor
SA
(2),(3)
1,104,930
760,891
Sands
China
Ltd
(2),(3)
1,830,475
Total
Hotels,
Restaurants
&
Leisure
2,935,405
Household
Durables
-
3.0%
58,964
Sekisui
House
Ltd
(2)
1,035,133
1,021,913
Taylor
Wimpey
PLC
(2)
1,455,654
Total
Household
Durables
2,490,787
Industrial
Conglomerates
-
4.2%
828,830
Melrose
Industries
PLC
(2)
1,520,282
19,925
Siemens
AG
(2)
2,048,220
Total
Industrial
Conglomerates
3,568,502
Insurance
-
8.6%
39,572
Ageas
SA/NV
(2)
1,744,832
6,086
Allianz
SE
(2)
1,166,748
34,451
Axis
Capital
Holdings
Ltd
1,966,808
52,400
Sompo
Holdings
Inc
(2)
2,314,399
Total
Insurance
7,192,787
Interactive
Media
&
Services
-
1.5%
8,508
Baidu
Inc,
Sponsored
ADR
(3)
1,265,395
Machinery
-
1.5%
56,885
Komatsu
Ltd
(2)
1,266,667
Media
-
2.5%
42,304
Publicis
Groupe
SA
(2)
2,080,532
Metals
&
Mining
-
5.0%
26,750
Agnico
Eagle
Mines
Ltd
(3)
1,224,080
65,554
BHP
Group
Ltd
(2)
1,877,047
2,890
Korea
Zinc
Co
Ltd
(2)
1,087,777
Total
Metals
&
Mining
4,188,904
Multi-Utilities
-
1.5%
94,959
National
Grid
PLC
(2)
1,220,312
Oil,
Gas
&
Consumable
Fuels
-
3.2%
47,210
Shell
PLC,
ADR
2,468,611
11,845
Woodside
Energy
Group
Ltd
(2)
260,335
Total
Oil,
Gas
&
Consumable
Fuels
2,728,946
Pharmaceuticals
-
7.5%
22,609
Bayer
AG
(2)
1,350,127
86,142
GSK
PLC
(2)
1,856,497
22,266
Sanofi
(2)
2,245,437
30,400
Takeda
Pharmaceutical
Co
Ltd
(2)
853,885
Total
Pharmaceuticals
6,305,946
Professional
Services
-
3.3%
44,485
Adecco
Group
AG
(2)
1,516,263
12,781
Wolters
Kluwer
NV
(2)
1,238,708
Total
Professional
Services
2,754,971
Nuveen
International
Value
Fund
(continued)
Portfolio
of
Investments
June
30,
2022
Shares
Description
(1)
Value
Real
Estate
Management
&
Development
-
2.7%
203,554
City
Developments
Ltd
(2)
$
1,195,576
579,000
Hang
Lung
Properties
Ltd
(2)
1,101,734
Total
Real
Estate
Management
&
Development
2,297,310
Semiconductors
&
Semiconductor
Equipment
-
5.0%
41,028
AIXTRON
SE
(2)
1,047,972
35,800
MediaTek
Inc
(2)
785,852
22,800
Rohm
Co
Ltd
(2)
1,598,274
25,208
SK
Square
Co
Ltd
(2),(3)
761,537
Total
Semiconductors
&
Semiconductor
Equipment
4,193,635
Software
-
1.4%
12,491
SAP
SE
(2)
1,138,560
Specialty
Retail
-
1.2%
1,091,000
Topsports
International
Holdings
Ltd,
144A
(2)
993,590
Technology
Hardware,
Storage
&
Peripherals
-
3.1%
23,200
FUJIFILM
Holdings
Corp
(2)
1,246,569
34,412
Samsung
Electronics
Co
Ltd
(2)
1,383,204
Total
Technology
Hardware,
Storage
&
Peripherals
2,629,773
Textiles,
Apparel
&
Luxury
Goods
-
1.5%
2,414
Kering
SA
(2)
1,250,999
Wireless
Telecommunication
Services
-
1.4%
29,704
SK
Telecom
Co
Ltd
(2)
1,192,053
Total
Long-Term
Investments
(cost
$68,919,364)
82,836,387
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
0.8%
X
695,409
REPURCHASE
AGREEMENTS
-
0.8%
X
695,409
$
695
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/22,repurchase
price
$695,409,
collateralized
by
$609,900,
U.S.
Treasury
Inflation
Index
Note,
0.500%,
due
1/15/28,
value
$709,397
0.240%
7/01/22
$
695,409
Total
Short-Term
Investments
(cost
$695,409)
695,409
Total
Investments
(cost
$69,614,773
)
-
99.3%
83,531,796
Other
Assets
Less
Liabilities
-
0.7%
620,992
Net
Assets
-
100%
$
84,152,788
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
2.
(3)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
144A
Investment
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
investments
may
only
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
ADR
American
Depositary
Receipt
See
accompanying
notes
to
financial
statements
Nuveen
Multi
Cap
Value
Fund
Portfolio
of
Investments
June
30,
2022
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
94.9%
X
75,680,489
COMMON
STOCKS
-
94.9%
X
75,680,489
Aerospace
&
Defense
-
4.8%
11,768
Curtiss-Wright
Corp
$
1,554,082
10,347
General
Dynamics
Corp
2,289,274
Total
Aerospace
&
Defense
3,843,356
Automobiles
-
2.0%
50,457
General
Motors
Co
(2)
1,602,514
Banks
-
10.1%
44,369
Bank
of
NT
Butterfield
&
Son
Ltd
1,383,869
38,481
Citigroup
Inc
1,769,741
32,699
HomeStreet
Inc
1,133,674
15,231
JPMorgan
Chase
&
Co
1,715,163
52,727
Wells
Fargo
&
Co
2,065,317
Total
Banks
8,067,764
Biotechnology
-
5.7%
8,630
AbbVie
Inc
1,321,771
649,051
ADMA
Biologics
Inc
(2),(3)
1,285,121
344,519
Rigel
Pharmaceuticals
Inc
(2)
389,306
5,400
Vertex
Pharmaceuticals
Inc
(2)
1,521,666
Total
Biotechnology
4,517,864
Capital
Markets
-
3.4%
19,987
B
Riley
Financial
Inc
844,451
11,393
Morgan
Stanley
866,551
16,109
State
Street
Corp
993,120
Total
Capital
Markets
2,704,122
Chemicals
-
4.8%
24,667
DuPont
de
Nemours
Inc
1,370,992
21,400
Innospec
Inc
2,049,906
4,957
Scotts
Miracle-Gro
Co
391,553
Total
Chemicals
3,812,451
Communications
Equipment
-
1.8%
46,873
Viasat
Inc
(2)
1,435,720
Consumer
Finance
-
1.5%
12,238
Discover
Financial
Services
1,157,470
Diversified
Telecommunication
Services
-
1.7%
64,377
AT&T
Inc
1,349,342
Electric
Utilities
-
4.0%
20,890
Alliant
Energy
Corp
1,224,363
18,614
Constellation
Energy
Corp
1,065,837
12,416
Pinnacle
West
Capital
Corp
907,858
Total
Electric
Utilities
3,198,058
Nuveen
Multi
Cap
Value
Fund
(continued)
Portfolio
of
Investments
June
30,
2022
Shares
Description
(1)
Value
Electrical
Equipment
-
3.9%
4,146
Hubbell
Inc
$
740,393
76,630
nVent
Electric
PLC
2,400,818
Total
Electrical
Equipment
3,141,211
Energy
Equipment
&
Services
-
2.2%
61,805
Baker
Hughes
Co
1,784,310
Entertainment
-
0.3%
15,573
Warner
Bros
Discovery
Inc
(2)
208,990
Equity
Real
Estate
Investment
Trusts
-
2.7%
29,236
American
Homes
4
Rent,
Class
A
1,036,124
37,086
STAG
Industrial
Inc
1,145,215
Total
Equity
Real
Estate
Investment
Trusts
2,181,339
Food
&
Staples
Retailing
-
2.4%
15,826
Walmart
Inc
1,924,125
Health
Care
Equipment
&
Supplies
-
1.4%
12,273
Medtronic
PLC
1,101,502
Health
Care
Providers
&
Services
-
3.8%
4,429
Elevance
Health
Inc
2,137,347
16,453
Encompass
Health
Corp
922,190
Total
Health
Care
Providers
&
Services
3,059,537
Health
Care
Technology
-
2.6%
89,628
Change
Healthcare
Inc
(2)
2,066,822
Hotels,
Restaurants
&
Leisure
-
1.0%
34,852
Brinker
International
Inc
(2)
767,790
Household
Durables
-
1.2%
24,522
PulteGroup
Inc
971,807
Insurance
-
4.3%
3,445
Aon
PLC,
Class
A
929,047
14,978
Globe
Life
Inc
1,459,906
6,562
RenaissanceRe
Holdings
Ltd
1,026,100
Total
Insurance
3,415,053
Interactive
Media
&
Services
-
0.9%
42,489
TripAdvisor
Inc
(2)
756,304
IT
Services
-
1.8%
16,052
Fiserv
Inc
(2)
1,428,146
Life
Sciences
Tools
&
Services
-
1.8%
20,192
Syneos
Health
Inc
(2)
1,447,363
Machinery
-
1.7%
47,574
Flowserve
Corp
1,362,044
Media
-
1.1%
21,663
Comcast
Corp,
Class
A
850,056
Shares
Description
(1)
Value
Multi-Utilities
-
1.9%
18,526
Dominion
Energy
Inc
$
1,478,560
Oil,
Gas
&
Consumable
Fuels
-
7.8%
10,283
Cheniere
Energy
Inc
1,367,947
9,913
Chesapeake
Energy
Corp
(3)
803,944
13,125
Hess
Corp
1,390,463
51,450
Shell
PLC,
ADR
2,690,322
Total
Oil,
Gas
&
Consumable
Fuels
6,252,676
Pharmaceuticals
-
1.8%
21,730
AstraZeneca
PLC,
Sponsored
ADR
1,435,701
Semiconductors
&
Semiconductor
Equipment
-
1.7%
61,496
Rambus
Inc
(2)
1,321,549
Software
-
6.5%
57,995
NortonLifeLock
Inc
1,273,570
32,646
Oracle
Corp
2,280,976
43,543
Teradata
Corp
(2)
1,611,527
Total
Software
5,166,073
Specialty
Retail
-
0.9%
64,739
American
Eagle
Outfitters
Inc
723,782
Wireless
Telecommunication
Services
-
1.4%
8,526
T-Mobile
US
Inc
(2)
1,147,088
Total
Long-Term
Investments
(cost
$70,854,974)
75,680,489
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
2.2%
X
1,766,934
MONEY
MARKET
FUNDS
-
2.2%
X
1,766,934
1,766,934
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(4)
1.560%(5)
$
1,766,934
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$1,766,934)
$
1,766,934
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
5.2%
4,162,123
REPURCHASE
AGREEMENTS
-
5.2%
X
4,162,123
$
4,162
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/22,repurchase
price
$4,162,123,
collateralized
by
$4,833,000,
U.S.
Treasury
Note,
0.500%,
due
10/31/27,
value
$4,245,392
0.240%
7/01/22
$
4,162,123
Total
Short-Term
Investments
(cost
$4,162,123)
4,162,123
Total
Investments
(cost
$
76,784,031
)
-
102
.3
%
81,609,546
Other
Assets
Less
Liabilities
-
(2.3)%
(
1,811,199
)
Net
Assets
-
100%
$
79,798,347
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(3)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$1,709,760.
Nuveen
Multi
Cap
Value
Fund
(continued)
Portfolio
of
Investments
June
30,
2022
(4)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
market
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
market
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(5)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
ADR
American
Depositary
Receipt
See
accompanying
notes
to
financial
statements
Nuveen
Large
Cap
Value
Fund
Portfolio
of
Investments
June
30,
2022
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
94.7%
X
17,988,846
COMMON
STOCKS
-
94.7%
X
17,988,846
Aerospace
&
Defense
-
4.7%
2,468
General
Dynamics
Corp
$
546,045
3,515
Raytheon
Technologies
Corp
337,827
Total
Aerospace
&
Defense
883,872
Automobiles
-
1.9%
11,305
General
Motors
Co
(2)
359,047
Banks
-
7.3%
9,291
Citigroup
Inc
427,293
3,938
JPMorgan
Chase
&
Co
443,458
13,386
Wells
Fargo
&
Co
524,330
Total
Banks
1,395,081
Beverages
-
1.7%
5,117
Coca-Cola
Co
321,910
Biotechnology
-
6.4%
2,395
AbbVie
Inc
366,818
4,902
Horizon
Therapeutics
Plc
(2)
390,983
1,606
Vertex
Pharmaceuticals
Inc
(2)
452,555
Total
Biotechnology
1,210,356
Capital
Markets
-
4.1%
6,328
KKR
&
Co
Inc
292,923
2,948
Morgan
Stanley
224,225
4,118
State
Street
Corp
253,875
Total
Capital
Markets
771,023
Chemicals
-
3.9%
6,666
DuPont
de
Nemours
Inc
370,496
6,131
Olin
Corp
283,743
1,180
Scotts
Miracle-Gro
Co
93,208
Total
Chemicals
747,447
Communications
Equipment
-
1.6%
10,214
Viasat
Inc
(2)
312,855
Consumer
Finance
-
1.4%
2,758
Discover
Financial
Services
260,852
Diversified
Telecommunication
Services
-
1.7%
15,340
AT&T
Inc
321,526
Electric
Utilities
-
2.3%
4,251
Alliant
Energy
Corp
249,151
2,443
Pinnacle
West
Capital
Corp
178,632
Total
Electric
Utilities
427,783
Nuveen
Large
Cap
Value
Fund
(continued)
Portfolio
of
Investments
June
30,
2022
Shares
Description
(1)
Value
Electrical
Equipment
-
4.9%
1,992
Eaton
Corp
PLC
$
250,972
961
Hubbell
Inc
171,615
16,276
nVent
Electric
PLC
509,927
Total
Electrical
Equipment
932,514
Energy
Equipment
&
Services
-
2.2%
14,330
Baker
Hughes
Co
413,707
Entertainment
-
0.3%
3,711
Warner
Bros
Discovery
Inc
(2)
49,802
Equity
Real
Estate
Investment
Trusts
-
1.7%
2,294
Alexandria
Real
Estate
Equities
Inc
332,699
Food
&
Staples
Retailing
-
2.4%
3,783
Walmart
Inc
459,937
Health
Care
Equipment
&
Supplies
-
1.3%
2,677
Medtronic
PLC
240,261
Health
Care
Providers
&
Services
-
5.0%
931
Elevance
Health
Inc
449,282
557
Humana
Inc
260,715
1,757
Quest
Diagnostics
Inc
233,646
Total
Health
Care
Providers
&
Services
943,643
Health
Care
Technology
-
1.7%
14,114
Change
Healthcare
Inc
(2)
325,469
Hotels,
Restaurants
&
Leisure
-
1.1%
6,457
Las
Vegas
Sands
Corp
(2)
216,891
Household
Durables
-
1.2%
5,533
PulteGroup
Inc
219,273
Insurance
-
6.2%
6,862
American
International
Group
Inc
350,854
798
Aon
PLC,
Class
A
215,205
3,631
Globe
Life
Inc
353,913
1,605
RenaissanceRe
Holdings
Ltd
250,974
Total
Insurance
1,170,946
Interactive
Media
&
Services
-
2.1%
108
Alphabet
Inc,
Class
A
(2)
235,360
9,110
TripAdvisor
Inc
(2)
162,158
Total
Interactive
Media
&
Services
397,518
IT
Services
-
3.6%
4,513
Fiserv
Inc
(2)
401,521
1,951
International
Business
Machines
Corp
275,462
Total
IT
Services
676,983
Life
Sciences
Tools
&
Services
-
1.1%
3,024
Syneos
Health
Inc
(2)
216,760
Media
-
1.2%
5,599
Comcast
Corp,
Class
A
219,705
Shares
Description
(1)
Value
Metals
&
Mining
-
1.2%
4,186
BHP
Group
Ltd,
Sponsored
ADR
(3)
$
235,169
Multi-Utilities
-
3.4%
4,786
Dominion
Energy
Inc
381,970
4,321
Public
Service
Enterprise
Group
Inc
273,433
Total
Multi-Utilities
655,403
Oil,
Gas
&
Consumable
Fuels
-
8.1%
2,384
Cheniere
Energy
Inc
317,143
2,326
Chesapeake
Energy
Corp
188,639
3,171
Hess
Corp
335,936
13,296
Shell
PLC,
ADR
695,249
Total
Oil,
Gas
&
Consumable
Fuels
1,536,967
Pharmaceuticals
-
2.0%
5,809
AstraZeneca
PLC,
Sponsored
ADR
383,801
Semiconductors
&
Semiconductor
Equipment
-
1.2%
6,339
Intel
Corp
237,142
Software
-
4.4%
13,898
NortonLifeLock
Inc
305,200
7,709
Oracle
Corp
538,628
Total
Software
843,828
Wireless
Telecommunication
Services
-
1.4%
1,997
T-Mobile
US
Inc
(2)
268,676
Total
Long-Term
Investments
(cost
$14,897,217)
17,988,846
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
1.3%
X
246,622
MONEY
MARKET
FUNDS
-
1.3%
X
246,622
246,622
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(4)
1.560%(5)
$
246,622
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$246,622)
$
246,622
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
5.7%
1,081,136
REPURCHASE
AGREEMENTS
-
5.7%
X
1,081,136
$
1,081
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/22,repurchase
price
$1,081,136,
collateralized
by
$948,100,
U.S.
Treasury
Inflation
Index
Note,
0.500%,
due
1/15/28,
value
$1,102,770
0.240%
7/01/22
$
1,081,136
Total
Short-Term
Investments
(cost
$1,081,136)
1,081,136
Total
Investments
(cost
$
16,224,975
)
-
101
.7
%
19,316,604
Other
Assets
Less
Liabilities
-
(1.7)%
(
326,002
)
Net
Assets
-
100%
$
18,990,602
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(3)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$232,810.
Nuveen
Large
Cap
Value
Fund
(continued)
Portfolio
of
Investments
June
30,
2022
(4)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
market
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
market
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(5)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
ADR
American
Depositary
Receipt
See
accompanying
notes
to
financial
statements
Nuveen
Small/Mid
Cap
Value
Fund
Portfolio
of
Investments
June
30,
2022
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
95.4%
X
33,333,264
COMMON
STOCKS
-
95.4%
X
33,333,264
Aerospace
&
Defense
-
2.4%
6,283
Curtiss-Wright
Corp
$
829,733
Auto
Components
-
2.1%
12,895
BorgWarner
Inc
430,306
28,215
Goodyear
Tire
&
Rubber
Co
(2)
302,183
Total
Auto
Components
732,489
Banks
-
9.0%
20,918
HomeStreet
Inc
725,227
24,261
Old
National
Bancorp/IN
358,820
23,286
PacWest
Bancorp
620,805
7,699
SouthState
Corp
593,978
12,118
Western
Alliance
Bancorp
855,531
Total
Banks
3,154,361
Biotechnology
-
4.5%
282,198
ADMA
Biologics
Inc
(2),(3)
558,752
29,690
Coherus
Biosciences
Inc
(2)
214,956
3,405
United
Therapeutics
Corp
(2)
802,354
Total
Biotechnology
1,576,062
Building
Products
-
0.6%
4,097
Builders
FirstSource
Inc
(2)
220,009
Capital
Markets
-
2.0%
12,469
Stifel
Financial
Corp
698,513
Chemicals
-
2.2%
16,705
Olin
Corp
773,107
Communications
Equipment
-
4.2%
9,623
Ciena
Corp
(2)
439,771
19,989
Juniper
Networks
Inc
569,687
14,873
Viasat
Inc
(2)
455,560
Total
Communications
Equipment
1,465,018
Containers
&
Packaging
-
1.0%
3,735
Crown
Holdings
Inc
344,255
Electric
Utilities
-
5.8%
9,133
Constellation
Energy
Corp
522,955
4,451
IDACORP
Inc
471,450
16,334
OGE
Energy
Corp
629,839
5,692
Pinnacle
West
Capital
Corp
416,199
Total
Electric
Utilities
2,040,443
Electrical
Equipment
-
6.9%
10,577
EnerSys
623,620
4,338
Hubbell
Inc
774,680
32,272
nVent
Electric
PLC
1,011,083
Total
Electrical
Equipment
2,409,383
Nuveen
Small/Mid
Cap
Value
Fund
(continued)
Portfolio
of
Investments
June
30,
2022
Shares
Description
(1)
Value
Electronic
Equipment,
Instruments
&
Components
-
1.6%
10,327
Belden
Inc
$
550,119
Energy
Equipment
&
Services
-
1.6%
32,962
NOV
Inc
557,387
Equity
Real
Estate
Investment
Trusts
-
9.5%
18,197
American
Homes
4
Rent,
Class
A
644,902
12,596
Cousins
Properties
Inc
368,181
16,885
Iron
Mountain
Inc
822,131
60,466
SITE
Centers
Corp
814,477
22,221
STAG
Industrial
Inc
686,184
Total
Equity
Real
Estate
Investment
Trusts
3,335,875
Food
Products
-
1.7%
27,200
Hostess
Brands
Inc
(2)
576,912
Health
Care
Equipment
&
Supplies
-
1.2%
4,367
QuidelOrtho
Corp
(2)
424,385
Health
Care
Providers
&
Services
-
1.6%
10,716
Tenet
Healthcare
Corp
(2)
563,233
Health
Care
Technology
-
2.3%
35,428
Change
Healthcare
Inc
(2)
816,970
Hotels,
Restaurants
&
Leisure
-
0.9%
14,711
Brinker
International
Inc
(2)
324,083
Insurance
-
6.0%
3,308
Everest
Re
Group
Ltd
927,166
7,919
Globe
Life
Inc
771,865
4,481
Selective
Insurance
Group
Inc
389,578
Total
Insurance
2,088,609
Interactive
Media
&
Services
-
1.3%
25,545
TripAdvisor
Inc
(2)
454,701
It
Services
-
1.5%
5,322
Euronet
Worldwide
Inc
(2)
535,340
Life
Sciences
Tools
&
Services
-
1.5%
7,395
Syneos
Health
Inc
(2)
530,074
Machinery
-
2.9%
12,433
Federal
Signal
Corp
442,615
20,047
Flowserve
Corp
573,945
Total
Machinery
1,016,560
Media
-
1.0%
2,145
Nexstar
Media
Group
Inc
349,378
Metals
&
Mining
-
3.1%
7,983
Materion
Corp
588,587
2,975
Reliance
Steel
&
Aluminum
Co
505,333
Total
Metals
&
Mining
1,093,920
Shares
Description
(1)
Value
Oil,
Gas
&
Consumable
Fuels
-
4.9%
8,668
Chesapeake
Energy
Corp
$
702,975
47,368
Magnolia
Oil
&
Gas
Corp,
Class
A
994,254
Total
Oil,
Gas
&
Consumable
Fuels
1,697,229
Personal
Products
-
1.9%
26,047
BellRing
Brands
Inc
(2)
648,310
Pharmaceuticals
-
1.5%
3,293
Jazz
Pharmaceuticals
PLC
(2)
513,741
Professional
Services
-
1.0%
1,279
CACI
International
Inc,
Class
A
(2)
360,397
Road
&
Rail
-
1.7%
12,777
Knight-Swift
Transportation
Holdings
Inc
591,447
Semiconductors
&
Semiconductor
Equipment
-
3.1%
4,720
Cirrus
Logic
Inc
(2)
342,389
33,664
Rambus
Inc
(2)
723,439
Total
Semiconductors
&
Semiconductor
Equipment
1,065,828
Software
-
2.2%
20,499
Teradata
Corp
(2)
758,668
Specialty
Retail
-
0.7%
21,174
American
Eagle
Outfitters
Inc
236,725
Total
Long-Term
Investments
(cost
$31,169,049)
33,333,264
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.6%
X
197,421
MONEY
MARKET
FUNDS
-
0.6%
X
197,421
197,421
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(4)
1.560%(5)
$
197,421
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$197,421)
$
197,421
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
4.9%
1,713,672
REPURCHASE
AGREEMENTS
-
4.9%
X
1,713,672
$
1,714
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/22,repurchase
price
$1,713,672,
collateralized
by
$1,502,800,
U.S.
Treasury
Inflation
Index
Note,
0.500%,
due
1/15/28,
value
$1,747,962
0.240%
7/01/22
$
1,713,672
Total
Short-Term
Investments
(cost
$1,713,672)
1,713,672
Total
Investments
(cost
$
33,080,142
)
-
100
.9
%
35,244,357
Other
Assets
Less
Liabilities
-
(0.9)%
(
309,615
)
Net
Assets
-
100%
$
34,934,742
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(3)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$194,715.
Nuveen
Small/Mid
Cap
Value
Fund
(continued)
Portfolio
of
Investments
June
30,
2022
(4)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
market
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
market
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(5)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
See
accompanying
notes
to
financial
statements
Nuveen
Small
Cap
Value
Opportunities
Fund
Portfolio
of
Investments
June
30,
2022
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
96.7%
X
168,003,036
COMMON
STOCKS
-
96.7%
X
168,003,036
Auto
Components
-
1.4%
219,849
Goodyear
Tire
&
Rubber
Co
(2)
$
2,354,583
Banks
-
15.1%
182,203
Amalgamated
Financial
Corp
3,603,975
215,419
Banc
of
California
Inc
3,795,683
95,992
Enterprise
Financial
Services
Corp
3,983,668
116,492
HomeStreet
Inc
4,038,778
154,026
Old
National
Bancorp/IN
2,278,045
115,987
PacWest
Bancorp
3,092,213
69,660
SouthState
Corp
5,374,269
Total
Banks
26,166,631
Biotechnology
-
4.8%
1,416,775
ADMA
Biologics
Inc
(2),(3)
2,805,215
215,509
Coherus
Biosciences
Inc
(2)
1,560,285
16,866
United
Therapeutics
Corp
(2)
3,974,304
Total
Biotechnology
8,339,804
Chemicals
-
2.1%
37,431
Innospec
Inc
3,585,516
Commercial
Banks
-
1.4%
233,316
Heritage
Commerce
Corp
2,494,148
Communications
Equipment
-
3.8%
169,718
Digi
International
Inc
(2)
4,110,570
81,732
Viasat
Inc
(2)
2,503,451
Total
Communications
Equipment
6,614,021
Diversified
Consumer
Services
-
3.5%
143,404
PowerSchool
Holdings
Inc,
Class
A
(2)
1,728,018
104,593
Stride
Inc
(2)
4,266,349
Total
Diversified
Consumer
Services
5,994,367
Electric
Utilities
-
5.2%
26,563
IDACORP
Inc
2,813,553
36,960
MGE
Energy
Inc
2,876,597
69,425
PNM
Resources
Inc
3,317,126
Total
Electric
Utilities
9,007,276
Electrical
Equipment
-
4.2%
53,538
EnerSys
3,156,600
131,632
nVent
Electric
PLC
4,124,031
Total
Electrical
Equipment
7,280,631
Electronic
Equipment,
Instruments
&
Components
-
1.6%
50,583
Belden
Inc
2,694,556
Nuveen
Small
Cap
Value
Opportunities
Fund
(continued)
Portfolio
of
Investments
June
30,
2022
Shares
Description
(1)
Value
Energy
Equipment
&
Services
-
3.7%
356,988
National
Energy
Services
Reunited
Corp
(2)
$
2,420,378
155,413
NOV
Inc
2,628,034
66,341
Weatherford
International
PLC
(2)
1,404,439
Total
Energy
Equipment
&
Services
6,452,851
Equity
Real
Estate
Investment
Trusts
-
6.2%
163,613
Brandywine
Realty
Trust
1,577,229
67,056
Cousins
Properties
Inc
1,960,047
282,992
SITE
Centers
Corp
3,811,902
110,010
STAG
Industrial
Inc
3,397,109
Total
Equity
Real
Estate
Investment
Trusts
10,746,287
Food
Products
-
3.1%
142,020
Hostess
Brands
Inc
(2)
3,012,244
33,672
John
B
Sanfilippo
&
Son
Inc
2,440,883
Total
Food
Products
5,453,127
Health
Care
Providers
&
Services
-
1.6%
53,426
Tenet
Healthcare
Corp
(2)
2,808,071
Insurance
-
3.5%
89,987
American
Equity
Investment
Life
Holding
Co
3,290,825
32,424
Selective
Insurance
Group
Inc
2,818,942
Total
Insurance
6,109,767
Interactive
Media
&
Services
-
1.3%
131,120
TripAdvisor
Inc
(2)
2,333,936
Leisure
Products
-
0.6%
118,440
American
Outdoor
Brands
Inc
(2)
1,126,364
Machinery
-
9.0%
69,485
Altra
Industrial
Motion
Corp
2,449,346
90,390
Barnes
Group
Inc
2,814,745
112,724
Columbus
McKinnon
Corp/NY
3,197,980
65,779
Federal
Signal
Corp
2,341,732
71,432
Flowserve
Corp
2,045,098
235,705
Mueller
Water
Products
Inc,
Class
A
2,764,820
Total
Machinery
15,613,721
Media
-
1.0%
10,619
Nexstar
Media
Group
Inc
1,729,623
Metals
&
Mining
-
3.8%
42,815
Kaiser
Aluminum
Corp
3,386,238
43,733
Materion
Corp
3,224,434
Total
Metals
&
Mining
6,610,672
Oil,
Gas
&
Consumable
Fuels
-
4.4%
44,587
Chesapeake
Energy
Corp
(3)
3,616,006
195,441
Magnolia
Oil
&
Gas
Corp,
Class
A
4,102,306
Total
Oil,
Gas
&
Consumable
Fuels
7,718,312
Personal
Products
-
1.2%
86,649
BellRing
Brands
Inc
(2)
2,156,694
Pharmaceuticals
-
2.2%
64,573
Prestige
Consumer
Healthcare
Inc
(2)
3,796,892
Shares
Description
(1)
Value
Real
Estate
Management
&
Development
-
1.9%
178,683
Kennedy-Wilson
Holdings
Inc
$
3,384,256
Road
&
Rail
-
1.3%
31,326
ArcBest
Corp
2,204,411
Semiconductors
&
Semiconductor
Equipment
-
3.2%
24,469
Cirrus
Logic
Inc
(2)
1,774,981
173,577
Rambus
Inc
(2)
3,730,170
Total
Semiconductors
&
Semiconductor
Equipment
5,505,151
Software
-
2.2%
103,079
Teradata
Corp
(2)
3,814,954
Specialty
Retail
-
0.7%
106,282
American
Eagle
Outfitters
Inc
1,188,233
Thrifts
&
Mortgage
Finance
-
1.6%
71,508
Essent
Group
Ltd
2,781,661
Water
Utilities
-
1.1%
31,029
SJW
Group
1,936,520
Total
Long-Term
Investments
(cost
$162,888,840)
168,003,036
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
3.8%
X
6,526,343
MONEY
MARKET
FUNDS
-
3.8%
X
6,526,343
6,526,343
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(4)
1.560%(5)
$
6,526,343
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$6,526,343)
$
6,526,343
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
2.8%
4,926,125
REPURCHASE
AGREEMENTS
-
2.8%
X
4,926,125
$
4,926
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/22,repurchase
price
$4,926,125,
collateralized
by
$4,320,000,
U.S.
Treasury
Inflation
Index
Note,
0.500%,
due
1/15/28,
value
$5,024,751
0.240%
7/01/22
$
4,926,125
Total
Short-Term
Investments
(cost
$4,926,125)
4,926,125
Total
Investments
(cost
$
174,341,308
)
-
103
.3
%
179,455,504
Other
Assets
Less
Liabilities
-
(3.3)%
(
5,702,372
)
Net
Assets
-
100%
$
173,753,132
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(3)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$6,147,711.
(4)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
market
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
market
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(5)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
See
accompanying
notes
to
financial
statements
Statement
of
Assets
and
Liabilities
June
30,
2022
See
accompanying
notes
to
financial
statements.
Global
Equity
Income
International
Value
Multi
Cap
Value
Large
Cap
Value
Small/Mid
Cap
Value
Small
Cap
Value
Opportunities
Assets
Long-term
investments,
at
value
†‡
$
137,959,144
$
82,836,387
$
75,680,489
$
17,988,846
$
33,333,264
$
168,003,036
Investments
purchased
with
collateral
from
securities
lending,
at
value
(cost
approximates
value)
–
–
1,766,934
246,622
197,421
6,526,343
Short-term
investments,
at
value
◊
–
695,409
4,162,123
1,081,136
1,713,672
4,926,125
Cash
3,513,740
–
–
2,351
–
–
Cash
denominated
in
foreign
currencies
^
77,066
132,908
–
–
–
–
Receivable
for
dividends
395,793
195,288
50,506
13,504
26,727
132,642
Receivable
for
due
from
affiliate
3,906
1,537
16,780
1,124
4,876
48,510
Receivable
for
investments
sold
167,573
242,457
–
–
306,438
984,760
Receivable
for
reclaims
159,830
435,527
5,441
3,774
–
–
Receivable
for
reimbursement
from
Adviser
–
–
–
3,887
–
–
Receivable
for
shares
sold
30,183
52,886
1,659
590
50,947
36,297
Other
assets
303,587
147,271
101,122
59,072
27,274
71,394
Total
assets
142,610,822
84,739,670
81,785,054
19,400,906
35,660,619
180,729,107
Liabilities
Payable
for
collateral
from
securities
lending
—
—
1,766,934
246,622
197,421
6,526,343
Payable
for
dividends
94,332
—
—
—
—
—
Payable
for
investments
purchased
-
regular
settlement
728,453
209,830
—
—
353,034
—
Payable
for
shares
redeemed
411,176
44,883
19,581
79,808
75,431
92,244
Accrued
expenses:
Custodian
fees
70,218
89,923
33,905
29,927
36,711
53,711
Management
fees
27,674
6,753
39,410
—
36,669
97,718
Trustees
fees
260,147
126,664
83,086
40,176
340
33,039
Shareholder
servicing
agent
fees
39,945
30,088
19,675
5,151
16,008
86,405
12b-1
distribution
and
service
fees
20,094
4,392
9,465
2,049
936
7,586
Other
75,396
74,349
14,651
6,571
9,327
78,929
Total
liabilities
1,727,435
586,882
1,986,707
410,304
725,877
6,975,975
Net
assets
$
140,883,387
$
84,152,788
$
79,798,347
$
18,990,602
$
34,934,742
$
173,753,132
†
Long-term
investments,
cost
$
126,973,150
$
68,919,364
$
70,854,974
$
14,897,217
$
31,169,049
$
162,888,840
◊
Short-term
investments,
cost
$
—
$
695,409
$
4,162,123
$
1,081,136
$
1,713,672
$
4,926,125
‡
Includes
securities
loaned
of
$
—
$
—
$
1,709,760
$
232,810
$
194,715
$
6,147,711
^
Cash
denominated
in
foreign
currencies,
cost
$
77,066
$
132,908
$
—
$
—
$
—
$
—
Statement
of
Assets
and
Liabilities
(continued)
See
accompanying
notes
to
financial
statements.
Global
Equity
Income
International
Value
Multi
Cap
Value
Large
Cap
Value
Small/Mid
Cap
Value
Small
Cap
Value
Opportunities
Class
A
Shares
Net
Assets
$
86,810,879
$
19,328,513
$
40,006,292
$
6,927,165
$
3,002,573
$
19,466,612
Shares
outstanding
3,165,284
833,292
1,067,392
1,820,733
122,077
471,213
Net
asset
value
("NAV")
per
share
$
27.43
$
23.20
$
37.48
$
3.80
$
24.60
$
41.31
Maximum
sales
charge
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge)
$
29.10
$
24.62
$
39.77
$
4.03
$
26.10
$
43.83
Class
C
Shares
Net
Assets
$
1,649,303
$
265,976
$
1,168,117
$
951,021
$
340,652
$
3,932,655
Shares
outstanding
60,256
12,151
33,674
330,408
16,715
112,408
NAV
and
offering
price
per
share
$
27.37
$
21.89
$
34.69
$
2.88
$
20.38
$
34.99
Class
R6
Shares
Net
Assets
$
—
$
—
$
—
$
—
$
16,014,646
$
4,893,274
Shares
outstanding
—
—
—
—
626,983
111,783
NAV
and
offering
price
per
share
$
—
$
—
$
—
$
—
$
25.54
$
43.77
Class
I
Shares
Net
Assets
$
52,423,205
$
64,558,299
$
38,623,938
$
11,112,416
$
15,576,871
$
145,460,591
Shares
outstanding
1,911,246
2,762,000
1,018,631
2,892,530
615,316
3,373,671
NAV
and
offering
price
per
share
$
27.43
$
23.37
$
37.92
$
3.84
$
25.32
$
43.12
Fund
level
net
assets
consist
of:
Capital
paid-in
$
363,642,815
$
268,087,274
$
77,129,983
$
15,043,393
$
30,904,912
$
160,086,375
Total
distributable
earnings
(loss)
(222,759,428)
(183,934,486)
2,668,364
3,947,209
4,029,830
13,666,757
Fund
level
net
assets
$
140,883,387
$
84,152,788
$
79,798,347
$
18,990,602
$
34,934,742
$
173,753,132
Authorized
shares
-
per
class
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
per
share
$
0.01
$
0.01
$
0.01
$
0.01
$
0.01
$
0.01
Statement
of
Operations
June
30,
2022
See
accompanying
notes
to
financial
statements.
Global
Equity
Income
International
Value
Multi
Cap
Value
Large
Cap
Value
Small/Mid
Cap
Value
Small
Cap
Value
Opportunities
Investment
Income
Dividends
$
5,978,996
$
3,853,160
$
1,506,125
$
439,189
$
540,731
$
3,562,188
Interest
—
145
621
153
277
635
Payment
from
affiliate
22,741
8,753
47,980
3,936
20,932
202,886
Securities
lending
income,
net
—
—
6,041
1,096
2,909
14,753
Foreign
tax
withheld
on
dividend
income
(468,742)
(351,503)
(2,868)
(811)
—
—
Total
Investment
Income
5,532,995
3,510,555
1,557,899
443,563
564,849
3,780,462
Expenses
–
–
–
–
–
–
Management
fees
1,128,079
748,703
587,326
129,524
304,161
2,196,633
12b-1
service
fees
-
Class
A
Shares
254,500
55,754
107,404
15,442
8,133
58,988
12b-1
distribution
and
service
fees
-
Class
C
Shares
34,873
3,241
12,131
10,942
4,375
64,880
Shareholder
servicing
agent
fees
198,084
138,095
82,621
37,025
43,407
388,913
Interest
expense
344
437
232
—
165
985
Custodian
expenses
73,024
104,350
17,333
23,146
29,629
43,592
Trustees
fees
4,996
3,536
2,664
619
1,266
9,639
Professional
fees
110,212
75,626
41,236
31,999
37,389
78,892
Shareholder
reporting
expenses
38,722
10,096
18,470
12,398
17,448
121,946
Federal
and
state
registration
fees
60,723
62,604
61,756
60,981
74,094
81,991
Excise
tax
liability
expense
—
—
88,654
—
—
—
Other
9,753
8,725
15,200
11,435
12,242
42,001
Total
expenses
before
fee
waiver/expense
reimbursement
1,913,310
1,211,167
1,035,027
333,511
532,309
3,088,460
Fee
waiver/expense
reimbursement
(252,488)
(203,023)
(81,144)
(160,411)
(125,436)
(365,745)
Net
expenses
1,660,822
1,008,144
953,883
173,100
406,873
2,722,715
Net
investment
income
(loss)
3,872,173
2,502,411
604,016
270,463
157,976
1,057,747
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from
investments
and
foreign
currency
13,523,950
12,103,920
5,341,213
1,573,677
3,403,601
23,728,276
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
and
foreign
currency
(35,333,969)
(27,472,838)
(13,659,492)
(2,772,165)
(7,886,841)
(62,914,096)
Net
realized
and
unrealized
gain
(loss)
(21,810,019)
(15,368,918)
(8,318,279)
(1,198,488)
(4,483,240)
(39,185,820)
Net
increase
(decrease)
in
net
assets
from
operations
$
(17,937,846)
$
(12,866,507)
$
(7,714,263)
$
(928,025)
$
(4,325,264)
$
(38,128,073)
Statement
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
Global
Equity
Income
International
Value
Year
Ended
6/30/22
Year
Ended
6/30/21
Year
Ended
6/30/22
Year
Ended
6/30/21
Operations
Net
investment
income
(loss)
$
3,872,173
$
3,751,376
$
2,502,411
$
3,661,135
Net
realized
gain
(loss)
from
investments
and
foreign
currency
13,523,950
11,965,025
12,103,920
11,448,651
Net
realized
gain
(loss)
from
options
written
–
52,236
–
–
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
and
foreign
currency
(35,333,969)
35,445,147
(27,472,838)
25,323,135
Net
increase
(decrease)
in
net
assets
from
operations
(17,937,846)
51,213,784
(12,866,507)
40,432,921
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(3,749,429)
(2,267,018)
(916,567)
(382,969)
Class
C
Shares
(90,662)
(137,057)
(12,590)
(8,350)
Class
R3
Shares
(1)
—
(8,915)
—
(7,359)
Class
I
Shares
(2,227,530)
(1,334,285)
(3,349,086)
(2,141,648)
Decrease
in
net
assets
from
distributions
to
shareholders
(6,067,621)
(3,747,275)
(4,278,243)
(2,540,326)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
17,466,852
20,304,472
13,660,278
11,221,658
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
5,740,451
3,540,336
4,120,251
2,475,399
23,207,303
23,844,808
17,780,529
13,697,057
Cost
of
shares
redeemed
(24,555,325)
(44,874,875)
(38,312,948)
(40,790,878)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(1,348,022)
(21,030,067)
(20,532,419)
(27,093,821)
Net
increase
(decrease)
in
net
assets
(25,353,489)
26,436,442
(37,677,169)
10,798,774
Net
assets
at
the
beginning
of
period
166,236,876
139,800,434
121,829,957
111,031,183
Net
assets
at
the
end
of
period
$
140,883,387
$
166,236,876
$
84,152,788
$
121,829,957
See
accompanying
notes
to
financial
statements.
Multi
Cap
Value
Large
Cap
Value
Year
Ended
6/30/22
Year
Ended
6/30/21
Year
Ended
6/30/22
Year
Ended
6/30/21
Operations
Net
investment
income
(loss)
$
604,016
$
487,170
$
270,463
$
180,325
Net
realized
gain
(loss)
from
investments
and
foreign
currency
5,341,213
7,291,444
1,573,677
4,026,635
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
and
foreign
currency
(13,659,492)
21,798,579
(2,772,165)
2,652,029
Net
increase
(decrease)
in
net
assets
from
operations
(7,714,263)
29,577,193
(928,025)
6,858,989
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(526,152)
(691,357)
(1,063,128)
(612,121)
Class
C
Shares
(14,510)
(14,322)
(228,947)
(328,974)
Class
R3
Shares
(1)
—
—
—
(12,876)
Class
I
Shares
(459,868)
(613,033)
(2,216,956)
(2,024,952)
Return
of
Capital:
Class
A
Shares
—
(365,765)
—
—
Class
C
Shares
—
(14,049)
—
—
Class
I
Shares
—
(296,068)
—
—
Decrease
in
net
assets
from
distributions
to
shareholders
(1,000,530)
(1,994,594)
(3,509,031)
(2,978,923)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
18,450,089
13,542,875
5,414,677
2,587,334
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
919,634
1,818,505
3,344,934
2,860,497
19,369,723
15,361,380
8,759,611
5,447,831
Cost
of
shares
redeemed
(13,134,452)
(15,833,969)
(5,126,955)
(8,789,368)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
6,235,271
(472,589)
3,632,656
(3,341,537)
Net
increase
(decrease)
in
net
assets
(2,479,522)
27,110,010
(804,400)
538,529
Net
assets
at
the
beginning
of
period
82,277,869
55,167,859
19,795,002
19,256,473
Net
assets
at
the
end
of
period
$
79,798,347
$
82,277,869
$
18,990,602
$
19,795,002
See
accompanying
notes
to
financial
statements.
Small/Mid
Cap
Value
Small
Cap
Value
Opportunities
Year
Ended
6/30/22
Year
Ended
6/30/21
Year
Ended
6/30/22
Year
Ended
6/30/21
Operations
Net
investment
income
(loss)
$
157,976
$
84,076
$
1,057,747
$
257,041
Net
realized
gain
(loss)
from
investments
and
foreign
currency
3,403,601
5,299,311
23,728,276
59,072,369
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
and
foreign
currency
(7,886,841)
8,373,577
(62,914,096)
51,255,908
Net
increase
(decrease)
in
net
assets
from
operations
(4,325,264)
13,756,964
(38,128,073)
110,585,318
Distributions
to
Shareholders
Dividends:
Class
A
Shares
(439,199)
(6,042)
(2,568,647)
(135,444)
Class
C
Shares
(73,621)
–
(872,393)
–
Class
R3
Shares
(1)
—
(71)
—
(8,403)
Class
R6
Shares
(2,382,286)
(66,601)
(557,719)
(57,035)
Class
I
Shares
(2,634,624)
(65,867)
(27,534,174)
(1,474,480)
Decrease
in
net
assets
from
distributions
to
shareholders
(5,529,730)
(138,581)
(31,532,933)
(1,675,362)
Fund
Share
Transactions
Proceeds
from
sale
of
shares
10,207,042
24,039,673
59,978,590
79,786,080
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
5,448,185
137,331
30,441,627
1,598,145
15,655,227
24,177,004
90,420,217
81,384,225
Cost
of
shares
redeemed
(17,434,249)
(12,096,775)
(152,079,580)
(80,440,650)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(1,779,022)
12,080,229
(61,659,363)
943,575
Net
increase
(decrease)
in
net
assets
(11,634,016)
25,698,612
(131,320,369)
109,853,531
Net
assets
at
the
beginning
of
period
46,568,758
20,870,146
305,073,501
195,219,970
Net
assets
at
the
end
of
period
$
34,934,742
$
46,568,758
$
173,753,132
$
305,073,501
(1)
Class
R3
Shares
were
converted
to
Class
A
Shares
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Global
Equity
Income
The
Fund's
fiscal
year
end
is
June
30th.
The
following
data
is
for
a
share
outstanding for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022
$
32.13
$
0.74
$
(
4.26
)
$
(
3.52
)
$
(
1.18
)
$
—
$
(
1.18
)
$
27.43
2021
23.44
0.68
8.70
9.38
(
0.69
)
—
(
0.69
)
32.13
2020
26.59
0.57
(
3.10
)
(
2.53
)
(
0.62
)
—
(
0.62
)
23.44
2019
27.45
0.69
(
0.20
)
0.49
(
0.72
)
(
0.63
)
(
1.35
)
26.59
2018
27.34
0.83
0.12
0.95
(
0.60
)
(
0.24
)
(
0.84
)
27.45
Class
C
2022
32.06
0.44
(
4.19
)
(
3.75
)
(
0.94
)
—
(
0.94
)
27.37
2021
23.40
0.44
8.70
9.14
(
0.48
)
—
(
0.48
)
32.06
2020
26.54
0.40
(
3.11
)
(
2.71
)
(
0.43
)
—
(
0.43
)
23.40
2019
27.39
0.46
(
0.16
)
0.30
(
0.52
)
(
0.63
)
(
1.15
)
26.54
2018
27.28
0.62
0.11
0.73
(
0.38
)
(
0.24
)
(
0.62
)
27.39
Class
I
2022
32.14
0.83
(
4.28
)
(
3.45
)
(
1.26
)
—
(
1.26
)
27.43
2021
23.45
0.75
8.70
9.45
(
0.76
)
—
(
0.76
)
32.14
2020
26.60
0.63
(
3.10
)
(
2.47
)
(
0.68
)
—
(
0.68
)
23.45
2019
27.46
0.74
(
0.18
)
0.56
(
0.79
)
(
0.63
)
(
1.42
)
26.60
2018
27.35
0.90
0.12
1.02
(
0.67
)
(
0.24
)
(
0.91
)
27.46
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
Excludes
the
Fund's
voluntary
compensation
from
the
Adviser. See
Note
7-Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(d)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable. See
Note
7
-
Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(e)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
N/A
Fund
did
not
have
Payment
from
Affiliates
for
the
periods
prior
to
the
fiscal
year
ended
June
30,
2022.
See
accompanying
notes
to
financial
statements.
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Total
Return
Excluding
Payment
from
Affiliates(b),(c)
Ending
Net
Assets
(000)
Gross
Expenses
Net
Expenses(d)
NII
(Loss)(d)
NII
(Loss)
Excluding
Payment
from
Affiliates(c),(d)
Portfolio
Turnover
Rate(e)
(
11
.30
)
%
(
11
.32
)
%
$
86,811
1
.26
%
1
.10
%
2
.33
%
2
.32
%
59
%
40
.43
N/A
105,751
1
.26
1
.11
2
.44
N/A
42
(
9
.53
)
N/A
80,897
1
.24
1
.11
2
.37
N/A
53
2
.23
N/A
103,494
1
.19
1
.11
2
.60
N/A
30
3
.42
N/A
118,895
1
.18
1
.11
2
.92
N/A
31
(
11
.95
)
(
11
.97
)
1,649
2
.01
1
.85
1
.37
1
.36
59
39
.34
N/A
4,660
2
.01
1
.86
1
.64
N/A
42
(
10
.18
)
N/A
14,342
1
.99
1
.86
1
.61
N/A
53
1
.45
N/A
37,564
1
.94
1
.86
1
.76
N/A
30
2
.65
N/A
67,535
1
.93
1
.86
2
.16
N/A
31
(
11
.10
)
(
11
.12
)
52,423
1
.01
0
.85
2
.61
2
.60
59
40
.76
N/A
55,826
1
.01
0
.86
2
.69
N/A
42
(
9
.25
)
N/A
43,978
0
.99
0
.86
2
.62
N/A
53
2
.45
N/A
63,168
0
.94
0
.86
2
.81
N/A
30
3
.69
N/A
82,677
0
.92
0
.86
3
.15
N/A
31
Financial
Highlights
(continued)
International
Value
The
Fund's
fiscal
year
end
is
June
30th.
The
following
data
is
for
a
share
outstanding for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022
$
27.73
$
0.60
$
(
4.05
)
$
(
3.45
)
$
(
1.08
)
$
—
$
(
1.08
)
$
23.20
2021
20.17
0.70
7.34
8.04
(
0.48
)
—
(
0.48
)
27.73
2020
23.39
0.32
(
2.83
)
(
2.51
)
(
0.71
)
—
(
0.71
)
20.17
2019
25.16
0.50
(
2.01
)
(
1.51
)
(
0.26
)
—
(
0.26
)
23.39
2018
24.91
0.38
0.62
1.00
(
0.75
)
—
(
0.75
)
25.16
Class
C
2022
26.37
0.35
(
3.80
)
(
3.45
)
(
1.03
)
—
(
1.03
)
21.89
2021
19.20
0.43
7.04
7.47
(
0.30
)
—
(
0.30
)
26.37
2020
22.28
0.16
(
2.73
)
(
2.57
)
(
0.51
)
—
(
0.51
)
19.20
2019
23.94
0.25
(
1.84
)
(
1.59
)
(
0.07
)
—
(
0.07
)
22.28
2018
23.70
0.17
0.61
0.78
(
0.54
)
—
(
0.54
)
23.94
Class
I
2022
27.87
0.64
(
4.05
)
(
3.41
)
(
1.09
)
—
(
1.09
)
23.37
2021
20.27
0.75
7.38
8.13
(
0.53
)
—
(
0.53
)
27.87
2020
23.50
0.36
(
2.82
)
(
2.46
)
(
0.77
)
—
(
0.77
)
20.27
2019
25.29
0.58
(
2.04
)
(
1.46
)
(
0.33
)
—
(
0.33
)
23.50
2018
25.03
0.46
0.62
1.08
(
0.82
)
—
(
0.82
)
25.29
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
Excludes
the
Fund's
voluntary
compensation
from
the
Adviser. See
Note
7-Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(d)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable. See
Note
7
-
Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(e)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
N/A
Fund
did
not
have
Payment
from
Affiliates
for
the
periods
prior
to
the
fiscal
year
ended
June
30,
2022.
See
accompanying
notes
to
financial
statements.
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Total
Return
Excluding
Payment
from
Affiliates(b),(c)
Ending
Net
Assets
(000)
Gross
Expenses
Net
Expenses(d)
NII
(Loss)(d)
NII
(Loss)
Excluding
Payment
from
Affiliates(c),(d)
Portfolio
Turnover
Rate(e)
(
12
.90
)
%
(
12
.90
)
%
$
19,329
1
.33
%
1
.14
%
2
.26
%
2
.25
%
28
%
40
.20
N/A
22,153
1
.28
1
.15
2
.88
N/A
24
(
11
.24
)
N/A
17,579
1
.33
1
.15
1
.55
N/A
22
(
5
.90
)
N/A
23,088
1
.32
1
.15
2
.11
N/A
14
3
.92
N/A
26,710
1
.27
1
.15
1
.46
N/A
17
(
13
.58
)
(
13
.58
)
266
2
.08
1
.89
1
.41
1
.40
28
39
.17
N/A
365
2
.03
1
.90
1
.93
N/A
24
(
11
.88
)
N/A
963
2
.08
1
.90
0
.76
N/A
22
(
6
.68
)
N/A
3,055
2
.07
1
.90
1
.14
N/A
14
3
.20
N/A
9,986
2
.02
1
.90
0
.68
N/A
17
(
12
.71
)
(
12
.71
)
64,558
1
.08
0
.89
2
.38
2
.37
28
40
.51
N/A
99,311
1
.03
0
.90
3
.10
N/A
24
(
11
.00
)
N/A
91,781
1
.08
0
.90
1
.68
N/A
22
(
5
.67
)
N/A
218,300
1
.07
0
.90
2
.48
N/A
14
4
.20
N/A
251,067
1
.02
0
.90
1
.76
N/A
17
Financial
Highlights
(continued)
Ratios
of
NII
(Loss)
to
Average
Net
Assets(d)
Multi
Cap
Value
The
Fund's
fiscal
year
end
is
June
30th.
The
following
data
is
for
a
share
outstanding for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Return
of
Capital
Total
Ending
NAV
Class
A
2022
$
41.46
$
0.26
$
(
3.73
)
$
(
3.47
)
$
(
0.51
)
$
—
$
—
$
(
0.51
)
$
37.48
2021
27.13
0.22
15.15
15.37
(
0.69
)
—
(
0.35
)
(
1.04
)
41.46
2020
32.55
0.66
(
5.70
)
(
5.04
)
(
0.38
)
—
—
(
0.38
)
27.13
2019
31.84
0.26
0.45
0.71
—
—
—
—
32.55
2018(f)
29.15
(
0.18
)
3.42
3.24
(
0.55
)
—
—
(
0.55
)
31.84
Class
C
2022
38.66
(
0.05
)
(
3.45
)
(
3.50
)
(
0.47
)
—
—
(
0.47
)
34.69
2021
25.32
(
0.03
)
14.14
14.11
(
0.42
)
—
(
0.35
)
(
0.77
)
38.66
2020
30.40
0.42
(
5.37
)
(
4.95
)
(
0.13
)
—
—
(
0.13
)
25.32
2019
29.97
(
0.02
)
0.45
0.43
—
—
—
—
30.40
2018(f)
27.46
(
0.37
)
3.19
2.82
(
0.31
)
—
—
(
0.31
)
29.97
Class
I
2022
41.84
0.36
(
3.76
)
(
3.40
)
(
0.52
)
—
—
(
0.52
)
37.92
2021
27.37
0.30
15.30
15.60
(
0.78
)
—
(
0.35
)
(
1.13
)
41.84
2020
32.83
0.75
(
5.75
)
(
5.00
)
(
0.46
)
—
—
(
0.46
)
27.37
2019
32.03
0.34
0.46
0.80
—
—
—
—
32.83
2018(f)
29.33
(
0.11
)
3.43
3.32
(
0.62
)
—
—
(
0.62
)
32.03
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
Excludes
the
Fund's
voluntary
compensation
from
the
Adviser. See
Note
7-Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(d)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable. See
Note
7
-
Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(e)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
(f)
Per
share
Net
investment
income
(loss)
and
Net
Investment
Income
(Loss)
to
Average
Net
Assets
ratios
include
a
change
in
estimated
return
of
capital
recorded
by
the
Fund
during
the
fiscal
year
ended
June
30,
2018.
Such
change
in
estimate
occurred
upon
receiving
the
reporting
of
the
actual
character
of
the
dividends
received
from
the
issuers
of
certain
securities.
If
such
change
in
estimate
were
excluded,
per
share
Net
Investment
Income
(Loss)
and
the
ratios
of
Net
Investment
Income
(Loss)
to
Average
Net
Assets
for
each
share
class
would
have
been
as
follows:
N/A
Fund
did
not
have
Payment
from
Affiliates
for
the
periods
prior
to
the
fiscal
year
ended
June
30,
2022.
See
accompanying
notes
to
financial
statements.
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Total
Return
Excluding
Payment
from
Affiliates(b),(c)
Ending
Net
Assets
(000)
Gross
Expenses
Net
Expenses(d)
NII
(Loss)(d)
NII
(Loss)
Excluding
Payment
from
Affiliates(c),(d)
Portfolio
Turnover
Rate(e)
(
8
.49
)
%
(
8
.55
)
%
$
40,006
1
.35
%
1
.25
%
0
.62
%
0
.56
%
34
%
57
.70
N/A
43,489
1
.29
1
.15
0
.64
N/A
58
(
15
.73
)
N/A
29,133
1
.30
1
.15
2
.30
N/A
54
2
.23
N/A
42,199
1
.26
1
.15
0
.84
N/A
23
11
.14
N/A
30,003
1
.24
1
.15
(
0
.58
)
N/A
118
(
9
.17
)
(
9
.23
)
1,168
2
.10
2
.00
(
0
.13
)
(
0
.19
)
34
56
.54
N/A
1,347
2
.04
1
.90
(
0
.09
)
N/A
58
(
16
.37
)
N/A
1,632
2
.05
1
.90
1
.56
N/A
54
1
.43
N/A
2,672
2
.01
1
.90
(
0
.06
)
N/A
23
10
.29
N/A
21,143
1
.99
1
.90
(
1
.29
)
N/A
118
(
8
.26
)
(
8
.32
)
38,624
1
.10
1
.00
0
.87
0
.81
34
58
.09
N/A
37,441
1
.04
0
.90
0
.88
N/A
58
(
15
.51
)
N/A
24,403
1
.05
0
.90
2
.56
N/A
54
2
.50
N/A
38,712
1
.01
0
.90
1
.08
N/A
23
11
.37
N/A
40,008
0
.99
0
.90
(
0
.35
)
N/A
118
Financial
Highlights
(continued)
Large
Cap
Value
The
Fund's
fiscal
year
end
is
June
30th.
The
following
data
is
for
a
share
outstanding for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022
$
4.84
$
0.06
$
(
0.22
)
$
(
0.16
)
$
(
0.05
)
$
(
0.83
)
$
(
0.88
)
$
3.80
2021
3.96
0.03
1.57
1.60
(
0.15
)
(
0.57
)
(
0.72
)
4.84
2020
5.15
0.12
(
0.62
)
(
0.50
)
(
0.09
)
(
0.60
)
(
0.69
)
3.96
2019
6.72
0.07
(
0.19
)
(
0.12
)
(
0.03
)
(
1.42
)
(
1.45
)
5.15
2018
7.88
0.06
0.61
0.67
(
0.17
)
(
1.66
)
(
1.83
)
6.72
Class
C
2022
3.88
0.02
(
0.15
)
(
0.13
)
(
0.04
)
(
0.83
)
(
0.87
)
2.88
2021
3.28
0.01
1.26
1.27
(
0.10
)
(
0.57
)
(
0.67
)
3.88
2020
4.36
0.07
(
0.51
)
(
0.44
)
(
0.04
)
(
0.60
)
(
0.64
)
3.28
2019
5.95
0.02
(
0.19
)
(
0.17
)
—
(
1.42
)
(
1.42
)
4.36
2018
7.16
0.01
0.54
0.55
(
0.10
)
(
1.66
)
(
1.76
)
5.95
Class
I
2022
4.87
0.07
(
0.22
)
(
0.15
)
(
0.05
)
(
0.83
)
(
0.88
)
3.84
2021
3.98
0.05
1.57
1.62
(
0.16
)
(
0.57
)
(
0.73
)
4.87
2020
5.17
0.13
(
0.62
)
(
0.49
)
(
0.10
)
(
0.60
)
(
0.70
)
3.98
2019
6.75
0.08
(
0.19
)
(
0.11
)
(
0.05
)
(
1.42
)
(
1.47
)
5.17
2018
7.91
0.08
0.61
0.69
(
0.19
)
(
1.66
)
(
1.85
)
6.75
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
Excludes
the
Fund's
voluntary
compensation
from
the
Adviser. See
Note
7-Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(d)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable. See
Note
7
-
Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(e)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
N/A
Fund
did
not
have
Payment
from
Affiliates
for
the
periods
prior
to
the
fiscal
year
ended
June
30,
2022.
See
accompanying
notes
to
financial
statements.
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Total
Return
Excluding
Payment
from
Affiliates(b),(c)
Ending
Net
Assets
(000)
Gross
Expenses
Net
Expenses(d)
NII
(Loss)(d)
NII
(Loss)
Excluding
Payment
from
Affiliates(c),(d)
Portfolio
Turnover
Rate(e)
(
4
.84
)
%
(
4
.86
)
%
$
6,927
1
.80
%
0
.99
%
1
.26
%
1
.24
%
35
%
44
.10
N/A
5,419
1
.76
1
.00
0
.79
N/A
42
(
12
.08
)
N/A
4,233
1
.40
1
.00
2
.56
N/A
59
1
.96
N/A
4,395
1
.27
1
.00
1
.26
N/A
35
8
.71
N/A
4,556
1
.19
1
.00
0
.83
N/A
48
(
5
.24
)
(
5
.27
)
951
2
.55
1
.74
0
.47
0
.45
35
42
.65
N/A
1,368
2
.51
1
.75
0
.19
N/A
42
(
12
.62
)
N/A
1,758
2
.15
1
.75
1
.82
N/A
59
1
.21
N/A
2,882
2
.02
1
.75
0
.48
N/A
35
7
.86
N/A
4,275
1
.94
1
.75
0
.08
N/A
48
(
4
.55
)
(
4
.57
)
11,112
1
.55
0
.74
1
.50
1
.48
35
44
.50
N/A
13,008
1
.51
0
.75
1
.11
N/A
42
(
11
.81
)
N/A
13,196
1
.15
0
.75
2
.81
N/A
59
2
.13
N/A
38,538
1
.02
0
.75
1
.46
N/A
35
8
.96
N/A
60,371
0
.94
0
.75
1
.08
N/A
48
Financial
Highlights
(continued)
Small/Mid
Cap
Value
The
Fund's
fiscal
year
end
is
June
30th.
The
following
data
is
for
a
share
outstanding for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022
$
32.13
$
0.03
$
(
2.89
)
$
(
2.86
)
$
(
0.11
)
$
(
4.56
)
$
(
4.67
)
$
24.60
2021
20.05
0.01
12.13
12.14
(
0.06
)
—
(
0.06
)
32.13
2020
23.47
0.11
(
3.45
)
(
3.34
)
(
0.08
)
—
(
0.08
)
20.05
2019
36.02
0.08
(
3.94
)
(
3.86
)
—
(
8.69
)
(
8.69
)
23.47
2018
33.23
(
0.08
)
4.61
4.53
(
0.01
)
(
1.73
)
(
1.74
)
36.02
Class
C
2022
27.57
(
0.17
)
(
2.37
)
(
2.54
)
(
0.09
)
(
4.56
)
(
4.65
)
20.38
2021
17.29
(
0.14
)
10.42
10.28
—
—
—
27.57
2020
20.33
(
0.03
)
(
3.01
)
(
3.04
)
—
—
—
17.29
2019
32.87
(
0.12
)
(
3.73
)
(
3.85
)
—
(
8.69
)
(
8.69
)
20.33
2018
30.68
(
0.32
)
4.24
3.92
—
(
1.73
)
(
1.73
)
32.87
Class
R6
2022
33.06
0.16
(
3.01
)
(
2.85
)
(
0.11
)
(
4.56
)
(
4.67
)
25.54
2021
20.64
0.10
12.49
12.59
(
0.17
)
—
(
0.17
)
33.06
2020
24.15
0.21
(
3.54
)
(
3.33
)
(
0.18
)
—
(
0.18
)
20.64
2019
36.62
0.20
(
3.98
)
(
3.78
)
—
(
8.69
)
(
8.69
)
24.15
2018
33.70
0.06
4.69
4.75
(
0.10
)
(
1.73
)
(
1.83
)
36.62
Class
I
2022
32.86
0.10
(
2.97
)
(
2.87
)
(
0.11
)
(
4.56
)
(
4.67
)
25.32
2021
20.49
0.07
12.42
12.49
(
0.12
)
—
(
0.12
)
32.86
2020
23.99
0.19
(
3.55
)
(
3.36
)
(
0.14
)
—
(
0.14
)
20.49
2019
36.50
0.16
(
3.98
)
(
3.82
)
—
(
8.69
)
(
8.69
)
23.99
2018
33.65
0.01
4.67
4.68
(
0.10
)
(
1.73
)
(
1.83
)
36.50
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
Excludes
the
Fund's
voluntary
compensation
from
the
Adviser. See
Note
7-Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(d)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable. See
Note
7
-
Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(e)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
N/A
Fund
did
not
have
Payment
from
Affiliates
for
the
periods
prior
to
the
fiscal
year
ended
June
30,
2022.
See
accompanying
notes
to
financial
statements.
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Total
Return
Excluding
Payment
from
Affiliates(b),(c)
Ending
Net
Assets
(000)
Gross
Expenses
Net
Expenses(d)
NII
(Loss)(d)
NII
(Loss)
Excluding
Payment
from
Affiliates(c),(d)
Portfolio
Turnover
Rate(e)
(
10
.81
)
%
(
10
.87
)
%
$
3,003
1
.61
%
1
.30
%
0
.10
%
0
.05
%
42
%
60
.64
N/A
3,321
1
.64
1
.31
0
.06
N/A
57
(
14
.29
)
N/A
2,599
1
.85
1
.31
0
.54
N/A
58
(
6
.42
)
N/A
3,137
1
.73
1
.31
0
.29
N/A
54
13
.98
N/A
4,512
1
.53
1
.31
(
0
.24
)
N/A
49
(
11
.48
)
(
11
.54
)
341
2
.36
2
.05
(
0
.67
)
(
0
.72
)
42
59
.46
N/A
538
2
.39
2
.06
(
0
.65
)
N/A
57
(
14
.95
)
N/A
763
2
.60
2
.06
(
0
.19
)
N/A
58
(
7
.13
)
N/A
1,374
2
.48
2
.06
(
0
.47
)
N/A
54
13
.12
N/A
3,194
2
.29
2
.06
(
0
.99
)
N/A
49
(
10
.44
)
(
10
.49
)
16,015
1
.19
0
.88
0
.53
0
.48
42
61
.19
N/A
19,155
1
.28
0
.95
0
.37
N/A
57
(
13
.93
)
N/A
8,747
1
.43
0
.88
0
.96
N/A
58
(
6
.03
)
N/A
9,691
1
.32
0
.90
0
.72
N/A
54
14
.44
N/A
9,629
1
.13
0
.89
0
.17
N/A
49
(
10
.57
)
(
10
.63
)
15,577
1
.36
1
.05
0
.34
0
.29
42
61
.03
N/A
23,554
1
.39
1
.06
0
.26
N/A
57
(
14
.07
)
N/A
8,457
1
.60
1
.06
0
.89
N/A
58
(
6
.19
)
N/A
8,874
1
.48
1
.06
0
.55
N/A
54
14
.25
N/A
20,522
1
.25
1
.06
0
.02
N/A
49
Financial
Highlights
(continued)
Small
Cap
Value
Opportunities
The
Fund's
fiscal
year
end
is
June
30th.
The
following
data
is
for
a
share
outstanding for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022
$
55.06
$
0.10
$
(
8.11
)
$
(
8.01
)
$
(
0.08
)
$
(
5.66
)
$
(
5.74
)
$
41.31
2021
33.98
(
0.02
)
21.36
21.34
(
0.26
)
—
(
0.26
)
55.06
2020
42.97
0.11
(
6.36
)
(
6.25
)
(
0.01
)
(
2.73
)
(
2.74
)
33.98
2019
55.23
0.03
(
7.03
)
(
7.00
)
—
(
5.26
)
(
5.26
)
42.97
2018
49.16
(
0.16
)
8.34
8.18
—
(
2.11
)
(
2.11
)
55.23
Class
C
2022
47.84
(
0.25
)
(
6.87
)
(
7.12
)
(
0.07
)
(
5.66
)
(
5.73
)
34.99
2021
29.57
(
0.31
)
18.58
18.27
—
—
—
47.84
2020
37.99
(
0.16
)
(
5.53
)
(
5.69
)
—
(
2.73
)
(
2.73
)
29.57
2019
49.96
(
0.28
)
(
6.43
)
(
6.71
)
—
(
5.26
)
(
5.26
)
37.99
2018
44.98
(
0.50
)
7.59
7.09
—
(
2.11
)
(
2.11
)
49.96
Class
R6
2022
57.78
0.31
(
8.57
)
(
8.26
)
(
0.09
)
(
5.66
)
(
5.75
)
43.77
2021
35.66
0.17
22.41
22.58
(
0.46
)
—
(
0.46
)
57.78
2020
44.93
0.28
(
6.63
)
(
6.35
)
(
0.19
)
(
2.73
)
(
2.92
)
35.66
2019
57.24
0.22
(
7.27
)
(
7.05
)
—
(
5.26
)
(
5.26
)
44.93
2018
50.67
0.05
8.63
8.68
—
(
2.11
)
(
2.11
)
57.24
Class
I
2022
57.08
0.22
(
8.43
)
(
8.21
)
(
0.09
)
(
5.66
)
(
5.75
)
43.12
2021
35.21
0.08
22.15
22.23
(
0.36
)
—
(
0.36
)
57.08
2020
44.43
0.20
(
6.57
)
(
6.37
)
(
0.12
)
(
2.73
)
(
2.85
)
35.21
2019
56.75
0.16
(
7.22
)
(
7.06
)
—
(
5.26
)
(
5.26
)
44.43
2018
50.34
(
0.03
)
8.55
8.52
—
(
2.11
)
(
2.11
)
56.75
(a)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
daily
shares
method.
(b)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(c)
Excludes
the
Fund's
voluntary
compensation
from
the
Adviser. See
Note
7-Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(d)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable. See
Note
7
-
Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(e)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
N/A
Fund
did
not
have
Payment
from
Affiliates
for
the
periods
prior
to
the
fiscal
year
ended
June
30,
2022.
See
accompanying
notes
to
financial
statements.
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Total
Return
Excluding
Payment
from
Affiliates(b),(c)
Ending
Net
Assets
(000)
Gross
Expenses
Net
Expenses(d)
NII
(Loss)(d)
NII
(Loss)
Excluding
Payment
from
Affiliates(c),(d)
Portfolio
Turnover
Rate(e)
(
16
.01
)
%
(
16
.09
)
%
$
19,467
1
.33
%
1
.19
%
0
.20
%
0
.13
%
58
%
63
.00
N/A
27,091
1
.37
1
.36
(
0
.04
)
N/A
86
(
15
.95
)
N/A
24,846
1
.35
1
.35
0
.28
N/A
43
(
11
.47
)
N/A
66,539
1
.24
1
.24
0
.07
N/A
62
16
.94
N/A
82,161
1
.27
1
.27
(
0
.31
)
N/A
67
(
16
.61
)
(
16
.70
)
3,933
2
.08
1
.94
(
0
.57
)
(
0
.64
)
58
61
.79
N/A
8,429
2
.12
2
.11
(
0
.80
)
N/A
86
(
16
.58
)
N/A
7,644
2
.10
2
.10
(
0
.49
)
N/A
43
(
12
.14
)
N/A
13,419
1
.99
1
.99
(
0
.68
)
N/A
62
16
.05
N/A
21,723
2
.01
2
.01
(
1
.05
)
N/A
67
(
15
.68
)
(
15
.75
)
4,893
0
.94
0
.80
0
.59
0
.52
58
63
.67
N/A
6,160
0
.95
0
.94
0
.36
N/A
86
(
15
.55
)
N/A
6,315
0
.91
0
.91
0
.70
N/A
43
(
11
.12
)
N/A
10,899
0
.86
0
.86
0
.46
N/A
62
17
.41
N/A
11,093
0
.85
0
.85
0
.10
N/A
67
(
15
.79
)
(
15
.87
)
145,461
1
.08
0
.94
0
.42
0
.35
58
63
.42
N/A
263,394
1
.11
1
.10
0
.16
N/A
86
(
15
.75
)
N/A
154,309
1
.10
1
.10
0
.51
N/A
43
(
11
.26
)
N/A
456,623
0
.99
0
.99
0
.33
N/A
62
17
.22
N/A
642,477
1
.01
1
.01
(
0
.05
)
N/A
67
Notes
to
Financial
Statements
1.
General
Information
Trust
and
Fund
Information
The
Nuveen
Investment
Trust
and
Nuveen
Investment
Trust
II
(each
a
“Trust”
and
collectively,
the
“Trusts”),
are
open-end
management
investment
companies
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended.
Nuveen
Investment
Trust
is
comprised
of
the
Nuveen
Global
Equity
Income
Fund
(“Global
Equity
Income”),
Nuveen
Multi
Cap
Value
Fund
(“Multi
Cap
Value”),
Nuveen
Large
Cap
Value
Fund
(“Large-Cap
Value”),
Nuveen
Small/Mid
Cap
Value
Fund
(“Small/Mid-Cap
Value”)
and
Nuveen
Small
Cap
Value
Opportunities
Fund
(“Small
Cap
Value
Opportunities”),
among
others,
and
Nuveen
Investment
Trust
II
is
comprised
of
Nuveen
International
Value
Fund
(International
Value”),
among
others
(each
a
“Fund”
and
collectively,
the
“Funds”),
as
diversified
funds.
Nuveen
Investment
Trust
and
Nuveen
Investment
Trust
II
were
each
organized
as
Massachusetts
business
trusts
in
1996
and
1997,
respectively.
Current
Fiscal
Period
The
end
of
the
reporting
period
for
the
Funds
is
June
30,
2022,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
fiscal
year
ended
June
30,
2022
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser
The
Funds’
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
As
of
December
31,
2021,
the
Adviser
has
entered
into
sub-advisory
agreements
with
Nuveen
Asset
Management,
LLC
(“NAM”),
a
subsidiary
of
the
Adviser,
under
which
NAM
manages
the
investment
portfolios
of
the
Funds.
Prior
to
December
31,
2021,
the
Adviser
had
entered
into
sub-advisory
agreements
with
NWQ
Investment
Management
Company,
LLC
(“NWQ”),
an
affiliate
of
the
Adviser.
Sub-Adviser
and
Fund
Name
Changes
During
August
2021,
the
Funds’
Board
of
Trustees
(the
“Board”)
approved
sub-advisory
agreements,
effective
on
December
31,
2021,
between
the
Adviser
and
NAM,
pursuant
to
which
NAM
replaced
NWQ
as
each
Fund’s
sub-adviser.
In
connection
therewith,
the
Board
also
approved
the
following
name
change
for
each
Fund,
effective
October
29,
2021:
Nuveen
NWQ
Global
Equity
Income
Fund
to
Nuveen
Global
Equity
Income
Fund
Nuveen
NWQ
International
Value
Fund
to
Nuveen
International
Value
Fund
Nuveen
NWQ
Multi-Cap
Value
Fund
to
Nuveen
Multi
Cap
Value
Fund
Nuveen
NWQ
Large-Cap
Value
Fund
to
Nuveen
Large
Cap
Value
Fund
Nuveen
NWQ
Small/Mid-Cap
Value
Fund
to
Nuveen
Small/Mid
Cap
Value
Fund
Nuveen
NWQ
Small-Cap
Value
Fund
to
Nuveen
Small
Cap
Value
Opportunities
Fund
The
Funds’
portfolio
management
teams
and
investment
strategies
were
not
affected
by
these
changes.
Share
Classes
and
Sales
Charges
Class
A
Shares
are
generally
sold
with
an
up-front
sales
charge.
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
(“NAV”)
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
are
sold
without
an
up-front
sales
charge.
Class
C
Shares
are
subject
to
a
CDSC
of
1%
if
redeemed
within
twelve
months
of
purchase.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Class
R6
Shares
and
Class
I
Shares
are
sold
without
an
upfront
sales
charge.
Other
Matters
The
outbreak
of
the
novel
coronavirus
(“COVID-19”)
and
subsequent
global
pandemic
began
significantly
impacting
the
U.S.
and
global
financial
markets
and
economies
during
the
calendar
quarter
ended
March
31,
2020.
The
worldwide
spread
of
COVID-19
has
created
significant
uncertainty
in
the
global
economy.
The
duration
and
extent
of
COVID-19
over
the
long-term
cannot
be
reasonably
estimated
at
this
time.
The
ultimate
impact
of
COVID-19
and
the
extent
to
which
COVID-19
impacts
the
Funds’
normal
course
of
business,
results
of
operations,
investments,
and
cash
flows
will
depend
on
future
developments,
which
are
highly
uncertain
and
difficult
to
predict.
Management
continues
to
monitor
and
evaluate
this
situation.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates.
Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
—
Investment
Companies.
The
NAV
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation
Neither
Trust
pays
compensation
directly
to
those
of
its
trustees or
to
its
officers,
all
of
whom
receive
remuneration
for
their
services
to
each
Trust
from
the
Adviser
or
its
affiliates.
The
Board
has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Distributions
to
Shareholders
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Foreign
Currency
Transactions
and
Translation
The
books
and
records
of
the
Funds
are
maintained
in
U.S.
dollars.
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
end
of
each
day.
Purchases
and
sales
of
securities,
income
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
dates
of
the
transactions.
Net
realized
foreign
currency
gains
and
losses
resulting
from
changes
in
exchange
rates
associated
with
(i)
foreign
currency,
(ii)
investments
and
(iii)
derivatives
include
foreign
currency
gains
and
losses
between
trade
date
and
settlement
date
of
the
transactions,
foreign
currency
transactions,
and
the
difference
between
the
amounts
of
interest
and
dividends
recorded
on
the
books
of
the
Funds
and
the
amounts
actually
received
are
recognized
as
a
component
of
“Net
realized
gain
(loss)
from
investments
and
foreign
currency”
on
the
Statement
of
Operations,
when
applicable.
The
unrealized
gains
and
losses
resulting
from
changes
in
foreign
currency
exchange
rates
and
changes
in
foreign
exchange
rates
associated
with
(i)
investments
and
(ii)
other
assets
and
liabilities
are
recognized
as
a
component
of
“Change
in
net
unrealized
appreciation
(depreciation)
of
investments
and
foreign
currency”
on
the
Statement
of
Operations,
when
applicable.
The
unrealized
gains
and
losses
resulting
from
changes
in
foreign
exchange
rates
associated
with
investments
in
derivatives
are
recognized
as
a
component
of
the
respective
derivative’s
related
“Change
in
net
unrealized
appreciation
(depreciation)”
on
the
Statement
of
Operations,
when
applicable.
As
of
the
end
of
the
reporting
period,
the
Funds’
investments
in
non-U.S.
securities
were
as
follows:
Global
Equity
Income
Value
%
of
Net
Assets
Country:
Germany
$
12,642,926
9.0
%
Japan
7,078,220
5.0
United
Kingdom
6,135,198
4.4
Netherlands
4,748,564
3.4
France
4,308,732
3.1
Finland
4,230,127
3.0
South
Korea
3,879,599
2.7
Australia
3,308,184
2.3
Canada
2,422,030
1.7
Other
8,099,770
5.7
Total
non-U.S.
Securities
$56,853,350
40.3%
International
Value
Value
%
of
Net
Assets
Country:
Japan
$
17,939,228
21.3
%
Germany
10,146,480
12.1
France
9,768,921
11.6
United
Kingdom
7,226,262
8.6
Netherlands
6,206,995
7.4
South
Korea
5,157,552
6.1
Switzerland
3,542,433
4.2
Belgium
3,119,802
3.7
Singapore
2,304,890
2.7
Other
12,810,385
15.3
Total
non-U.S.
Securities
$78,222,948
93.0%
Notes
to
Financial
Statements
(continued)
Indemnifications
Under each
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to each
Trust.
In
addition,
in
the
normal
course
of
business, each
Trust
enters
into
contracts
that
provide
general
indemnifications
to
other
parties. Each
Trust’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against each
Trust
that
have
not
yet
occurred.
However, each
Trust
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Investments
and
Investment
Income
Securities
transactions
are
accounted
for
as
of
the
trade
date
for
financial
reporting
purposes.
Realized
gains
and
losses
on
securities
transactions
are
based
upon
the
specific
identification
method.
Dividend
income
is
recorded
on
the
ex-dividend
date
or,
for
certain
foreign
securities,
when
information
is
available.
Non-cash
dividends
received
in
the
form
of
stock,
if
any,
are
recognized
on
the
ex-dividend
date
and
recorded
at
fair
value.
Interest
income
is
recorded
on
an
accrual
basis.
Securities
lending
income
is
comprised
of
fees
earned
from
borrowers
and
income
earned
on
cash
collateral
investments.
Multiclass
Operations
and
Allocations
Income
and
expenses
of
the
Funds
that
are
not
directly
attributable
to
a
specific
class
of
shares
are
prorated
among
the
classes
based
on
the
relative
net
assets
of
each
class.
Expenses
directly
attributable
to
a
class
of
shares
are
recorded
to
the
specific
class.
12b-1
distribution
and
service
fees
are
allocated
on
a
class-specific
basis.
Sub-transfer
agent
fees
and
similar
fees,
which
are
recognized
as
a
component
of
“Shareholder
servicing
agent
fees”
on
the
Statement
of
Operations,
are
not
charged
to
Class
R6
Shares
and
are
prorated
among
the
other
classes
based
on
their
relative
net
assets.
Realized
and
unrealized
capital
gains
and
losses
of
the
Funds
are
prorated
among
the
classes
based
on
the
relative
net
assets
of
each
class.
Netting
Agreements
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
master
repurchase
agreements,
International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives.
New
Accounting
Pronouncements
and
Rule
Issuances
Reference
Rate
Reform
In
March
2020,
FASB
issued
Accounting
Standards
Update
(“ASU”)
2020-04,
Reference
Rate
Reform:
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
main
objective
of
the
new
guidance
is
to
provide
relief
to
companies
that
will
be
impacted
by
the
expected
change
in
benchmark
interest
rates,
when
participating
banks
will
no
longer
be
required
to
submit
London
Interbank
Offered
Rate
(LIBOR)
quotes
by
the
UK
Financial
Conduct
Authority
(FCA).
The
new
guidance
allows
companies
to,
provided
the
only
change
to
existing
contracts
are
a
change
to
an
approved
benchmark
interest
rate,
account
for
modifications
as
a
continuance
of
the
existing
contract
without
additional
analysis.
For
new
and
existing
contracts,
the
Funds
may
elect
to
apply
the
amendments
as
of
March
12,
2020
through
December
31,
2022.
Management
has
not
yet
elected
to
apply
the
amendments,
is
continuously
evaluating
the
potential
effect
a
discontinuation
of
LIBOR
could
have
on
the
Funds’
investments
and
has
currently
determined
that
it
is
unlikely
the
ASU’s
adoption
will
have
a
significant
impact
on
the
Funds’
financial
statements
and
various
filings.
Securities
and
Exchange
Commission
(“SEC”)
Adopts
New
Rules
to
Modernize
Fund
Valuation
Framework
In
December
2020,
the
SEC
voted
to
adopt
a
new
rule
governing
fund
valuation
practices.
New
Rule
2a-5
under
the
1940
Act
establishes
requirements
for
determining
fair
value
in
good
faith
for
purposes
of
the
1940
Act.
Rule
2a-5
will
permit
fund
boards
to
designate
certain
parties
to
perform
fair
value
determinations,
subject
to
board
oversight
and
certain
other
conditions.
Rule
2a-5
also
defines
when
market
quotations
are
“readily
available”
for
purposes
of
Section
2(a)(41)
of
the
1940
Act,
which
requires
a
fund
to
fair
value
a
security
when
market
quotation
are
not
readily
available.
The
SEC
also
adopted
new
Rule
31a-4
under
the
1940
Act,
which
sets
forth
the
recordkeeping
requirements
associated
with
fair
value determinations.
Finally,
the
SEC
is
rescinding
previously
issued
guidance
on
related
issues,
including
the
role
of
a
board
in
determining
fair
value
and
the
accounting
and
auditing
of
fund
investments.
Rule
2a-5
and
Rule
31a-4
became
effective
on
March
8,
2021,
with
a
compliance
date
of
September
8,
2022.
A
fund
may
voluntarily
comply
with
the
rules
after
the
effective
date,
and
in
advance
of
the
compliance
date,
under
certain
conditions.
Management
is
currently
assessing
the
impact
of
these
provisions
on
the
Funds’
financial
statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Funds’
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
the
Board.
Fair
value
is
defined
as
the
price
that
would
be
received
upon
selling
an
investment
or
transferring
a
liability
in
an
orderly
transaction
to
an
independent
buyer
in
the
principal
or
most
advantageous
market
for
the
investment.
U.S.
GAAP
establishes
the
three-tier
hierarchy
which
is
used
to
maximize
the
use
of
observable
market
data
and
minimize
the
use
of
unobservable
inputs
and
to
establish
classification
of
fair
value
measurements
for
disclosure
purposes.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Observable
inputs
are
based
on
market
data
obtained
from
sources
independent
of
the
reporting
entity.
Unobservable
inputs
reflect
management’s
assumptions
about
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability.
Unobservable
inputs
are
based
on
the
best
information
available
in
the
circumstances.
The
following
is
a
summary
of
the
three-tiered
hierarchy
of
valuation
input
levels.
Level
1
–
Inputs
are
unadjusted
and
prices
are
determined
using
quoted
prices
in
active
markets
for
identical
securities.
Level
2
–
Prices
are
determined
using
other
significant
observable
inputs
(including
quoted
prices
for
similar
securities,
interest
rates,
credit
spreads,
etc.).
Level
3
–
Prices
are
determined
using
significant
unobservable
inputs
(including
management’s
assumptions
in
determining
the
fair
value
of
investments).
A
description
of
the
valuation
techniques
applied
to
the
Funds’
major
classifications
of
assets
and
liabilities
measured
at
fair
value
follows:
Equity
securities
and
exchange-traded
funds
listed
or
traded
on
a
national
market
or
exchange
are
valued
based
on
their
sale
price
at
the
official
close
of
business
of
such
market
or
exchange
on
the
valuation
date.
Foreign
equity
securities
and
registered
investment
companies
that
trade
on
a
foreign
exchange
are
valued
at
the
last
sale
price
or
official
closing
price
reported
on
the
exchange
where
traded
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the
date
of
valuation.
To
the
extent
these
securities
are
actively
traded
and
that
valuation
adjustments
are
not
applied,
they
are
generally
classified
as
Level
1.
If
there
is
no
official
close
of
business,
then
the
latest
available
sale
price
is
utilized.
If
no
sales
are
reported,
then
the
mean
of
the
latest
available
bid
and
ask
prices
is
utilized
and
these
securities
are
generally
classified
as
Level
2.
Prices
of
fixed-income
securities
are
generally
provided
by
an
independent
pricing
service
(“pricing
service”)
approved
by
the
Board.
The
pricing
service
establishes
a
security’s
fair
value
using
methods
that
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
the
pricing
service
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
These
securities
are
generally
classified
as
Level
2.
For
events
affecting
the
value
of
foreign
securities
between
the
time
when
the
exchange
on
which
they
are
traded
closes
and
the
time
when
the
Funds’
net
assets
are
calculated,
such
securities
will
be
valued
at
fair
value
in
accordance
with
procedures
adopted
by
the
Board.
These
foreign
securities
are
generally
classified
as
Level
2.
Prices
of
certain
American
Depositary
Receipts
(“ADR”)
held
by
the
Funds
that
trade
in
the
United
States
are
valued
based
on
the
last
traded
price,
official
closing
price,
or
an
evaluated
price
provided
by
the
independent
pricing
service
(“pricing
service”)
and
are
generally
classified
as
Level
1
or
2.
Repurchase
agreements
are
valued
at
contract
amount
plus
accrued
interest,
which
approximates
market
value.
These
securities
are
generally
classified
as
Level
2.
Investments
in
investment
companies
are
valued
at
their
respective
NAVs
on
the
valuation
date
and
are
generally
classified
as
Level
1.
Any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
above
valuation
procedures
are
deemed
not
to
reflect
fair
value
are
valued
at
fair
value,
as
determined
in
good
faith
using
procedures
approved
by
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
would
appear
to
be
the
amount
that
the
owner
might
reasonably
expect
to
receive
for
it
in
a
current
sale.
A
variety
of
factors
may
be
considered
in
determining
the
fair
value
of
such
securities,
which
may
include
consideration
of
the
following:
yields
or
prices
of
investments
of
comparable
quality,
type
of
issue,
coupon,
maturity
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor’s
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2
of
the
fair
value
hierarchy;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds’
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Notes
to
Financial
Statements
(continued)
Global
Equity
Income
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Common
Stocks
$
85,622,170
$
49,702,426
**
$
–
$
135,324,596
Convertible
Preferred
Securities
2,078,857
–
–
2,078,857
Structured
Notes
–
555,691
–
555,691
Total
$
87,701,027
$
50,258,117
$
–
$
137,959,144
International
Value
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Common
Stocks
$
14,075,495
$
68,760,892
**
$
–
$
82,836,387
Short-Term
Investments:
Repurchase
Agreements
–
695,409
–
695,409
Total
$
14,075,495
$
69,456,301
$
–
$
83,531,796
Multi
Cap
Value
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Common
Stocks
$
75,680,489
$
–
$
–
$
75,680,489
Investments
Purchased
with
Collateral
from
Securities
Lending
1,766,934
–
–
1,766,934
Short-Term
Investments:
Repurchase
Agreements
–
4,162,123
–
4,162,123
Total
$
77,447,423
$
4,162,123
$
–
$
81,609,546
Large
Cap
Value
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Common
Stocks
$
17,988,846
$
–
$
–
$
17,988,846
Investments
Purchased
with
Collateral
from
Securities
Lending
246,622
–
–
246,622
Short-Term
Investments:
Repurchase
Agreements
–
1,081,136
–
1,081,136
Total
$
18,235,468
$
1,081,136
$
–
$
19,316,604
Small/Mid
Cap
Value
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Common
Stocks
$
33,333,264
$
–
$
–
$
33,333,264
Investments
Purchased
with
Collateral
from
Securities
Lending
197,421
–
–
197,421
Short-Term
Investments:
Repurchase
Agreements
–
1,713,672
–
1,713,672
Total
$
33,530,685
$
1,713,672
$
–
$
35,244,357
Small
Cap
Value
Opportunities
Level
1
Level
2
Level
3
Total
Long-Term
Investments*:
Common
Stocks
$
168,003,036
$
–
$
–
$
168,003,036
Investments
Purchased
with
Collateral
from
Securities
Lending
6,526,343
–
–
6,526,343
Short-Term
Investments:
Repurchase
Agreements
–
4,926,125
–
4,926,125
Total
$
174,529,379
$
4,926,125
$
–
$
179,455,504
*
Refer
to
the
Fund's
Portfolio
of
Investments
for
industry
classifications.
**
Refer
to
the
Fund’s
Portfolio
of
Investments
for
securities
classified
as
Level
2.
4.
Portfolio
Securities
and
Investments
in
Derivatives
Portfolio
Securities
Repurchase
Agreements
In
connection
with
transactions
in
repurchase
agreements,
it
is
each
Fund's
policy
that
its
custodian
take
possession
of
the
underlying
collateral
securities,
the
fair
value
of
which
exceeds
the
principal
amount
of
the
repurchase
transaction,
including
accrued
interest,
at
all
times.
If
the
counterparty
defaults,
and
the
fair
value
of
the
collateral
declines,
realization
of
the
collateral
may
be
delayed
or
limited.
The
following
table
presents
the
repurchase
agreements
for
the
Funds
that
are
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
and
the
collateral
delivered
related
to
those
repurchase
agreements.
Securities
Lending
Each
Fund
may
lend
securities
representing
up
to
one-third
of
the
value
of
its
total
assets
to
broker-dealers,
banks,
and
other
institutions
in
order
to
generate
additional
income.
When
loaning
securities,
the
Fund
retains
the
benefits
of
owning
the
securities,
including
the
economic
equivalent
of
dividends
or
interest
generated
by
the
security.
The
loans
are
continuous,
can
be
recalled
at
any
time,
and
have
no
set
maturity.
The
Funds’
custodian,
State
Street
Bank
and
Trust
Company,
serves
as
the
securities
lending
agent
(the
“Agent”).
When
a
Fund
loans
its
portfolio
securities,
it
will
receive,
at
the
inception
of
each
loan,
cash
collateral
equal
to
an
amount
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
actual
percentage
of
the
cash
collateral
will
vary
depending
upon
the
asset
type
of
the
loaned
securities.
Collateral
for
the
loaned
securities
is
invested
in
a
government
money
market
vehicle
maintained
by
the
Agent,
which
is
subject
to
the
requirements
of
Rule
2a-7
under
the
1940
Act.
The
value
of
the
loaned
securities
and
the
liability
to
return
the
cash
collateral
received
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
the
market
value
of
the
loaned
securities
increases,
the
borrower
must
furnish
additional
collateral
to
the
Fund,
which
is
also
recognized
on
the
Statement
of
Assets
and
Liabilities.
Securities
out
on
loan
are
subject
to
termination
at
any
time
at
the
option
of
the
borrower
or
the
Fund.
Upon
termination,
the
borrower
is
required
to
return
to
the
Fund
securities
identical
to
the
securities
loaned.
During
the
term
of
the
loan,
the
Fund
bears
the
market
risk
with
respect
to
the
investment
of
collateral
and
the
risk
that
the
Agent
may
default
on
its
contractual
obligations
to
the
Fund.
The
Agent
bears
the
risk
that
the
borrower
may
default
on
its
obligation
to
return
the
loaned
securities
as
the
Agent
is
contractually
obligated
to
indemnify
the
Fund
if
at
the
time
of
a
default
by
a
borrower
some
or
all
of
the
loan
securities
have
not
been
returned.
Securities
lending
income
recognized
by
a
Fund
consists
of
earnings
on
invested
collateral
and
lending
fees,
net
of
any
rebates
to
the
borrower
and
compensation
to
the
Agent.
Such
income
is
recognized
on
the
Statement
of
Operations.
As
of
the
end
of
the
reporting
period,
the
total
value
of
the
loaned
securities
and
the
total
value
of
collateral
received
were
as
follows:
Investment
Transactions
Long-term
purchases
and
sales
(excluding investments
purchased
with
collateral
from
securities
lending,
where
applicable)
during
the
current fiscal
period
were
as
follows:
Fund
Counterparty
Short-term
Investments,
at
Value
Collateral
Pledged
(From)
Counterparty
International
Value
Fixed
Income
Clearing
Corporation
$
695,409
$(709,397)
Multi
Cap
Value
Fixed
Income
Clearing
Corporation
4,162,123
(4,245,392)
Large
Cap
Value
Fixed
Income
Clearing
Corporation
1,081,136
(1,102,770)
Small
Mid
Cap
Value
Fixed
Income
Clearing
Corporation
1,713,672
(1,747,962)
Small
Cap
Value
Opportunities
Fixed
Income
Clearing
Corporation
4,926,125
(5,024,751)
Fund
Asset
Class
out
on
Loan
Long-Term
Investments,
at
Value
Total
Collateral
Received
Multi
Cap
Value
Common
Stock
$1,709,760
$1,766,934
Large
Cap
Value
Common
Stock
$232,810
$246,622
Small/Mid
Cap
Value
Common
Stock
$194,715
$197,421
Small
Cap
Value
Opportunities
Common
Stock
$6,147,711
$6,526,343
Notes
to
Financial
Statements
(continued)
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period.
The
Funds
have
earmarked
securities
in
their
portfolios
with
a
current
value
at
least
equal
to
the
amount
of
the
when-issued/
delayed
delivery
purchase
commitments.
If
a
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
Derivatives
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
The
Funds
record
derivative
instruments
at
fair
value,
with
changes
in
fair
value
recognized
on
the
Statement
of
Operations,
when
applicable.
Even
though
the
Funds’
investments
in
derivatives
may
represent
economic
hedges,
they
are
not
considered
to
be
hedge
transactions
for
financial
reporting
purposes.
Although
the
Funds
are
authorized
to
invest
in
derivative
instruments,
and
may
do
so
in
the
future,
they
did
not
make
any
such
investments
during
the
current
fiscal
period.
Market
and
Counterparty
Credit
Risk
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
predetermined
threshold
amount.
Fund
Purchases
Sales
Global
Equity
Income
$
90,711,282
$
91,242,908
International
Value
29,270,648
48,995,523
Multi
Cap
Value
30,724,928
27,370,232
Large
Cap
Value
6,586,596
6,616,214
Small/Mid
Cap
Value
16,142,118
22,581,679
Small
Cap
Value
Opportunities
150,877,346
239,811,146
5.
Fund
Shares
Transactions
in Fund
shares
during
the
current
and
prior
fiscal
period
were
as
follows:
Year
Ended
6/30/22
Year
Ended
6/30/21
Global
Equity
Income
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
173,126
$5,452,479
426,771
$11,630,534
Class
A
-
automatic
conversion
of
Class
C
Shares
101
3,188
3,861
104,250
Class
A
-
automatic
conversion
of
Class
R3
Shares
—
—
19,586
645,359
Class
C
452
14,264
3,336
97,623
Class
R3
(1)
—
—
3,523
93,253
Class
I
380,687
11,996,921
272,707
7,733,453
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
112,841
3,473,702
73,787
2,091,541
Class
C
2,883
90,495
5,123
136,127
Class
R3
(1)
—
—
320
8,479
Class
I
70,977
2,176,254
46,034
1,304,189
741,067
23,207,303
855,048
23,844,808
Shares
redeemed:
Class
A
(412,034)
(13,046,407)
(683,432)
(18,493,548)
Class
C
(88,317)
(2,742,424)
(472,171)
(12,719,643)
Class
C
-
automatic
conversion
to
Class
A
Shares
(101)
(3,188)
(3,872)
(104,250)
Class
R3
(1)
—
—
(9,126)
(243,570)
Class
R3
-
automatic
conversion
to
Class
A
Shares
—
—
(19,628)
(645,359)
Class
I
(277,576)
(8,763,306)
(457,297)
(12,668,505)
(778,028)
(24,555,325)
(1,645,526)
(44,874,875)
Net
increase
(decrease)
(36,961)
$(1,348,022)
(790,478)
$(21,030,067)
(1)
Class
R3
Shares
were
converted
to
Class
A
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Year
Ended
6/30/22
Year
Ended
6/30/21
International
Value
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
194,500
$5,227,788
121,453
$2,958,668
Class
A
-
automatic
conversion
of
Class
R3
Shares
—
—
17,870
511,446
Class
C
115
3,000
2,668
63,807
Class
R3
(1)
—
—
10,274
246,062
Class
I
316,276
8,429,490
316,193
7,441,675
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
31,617
835,956
13,689
337,720
Class
C
504
12,590
354
8,350
Class
R3
(1)
—
—
276
6,867
Class
I
122,950
3,271,705
85,687
2,122,462
665,962
17,780,529
568,464
13,697,057
Shares
redeemed:
Class
A
(191,714)
(5,111,711)
(225,773)
(5,406,566)
Class
C
(2,309)
(59,207)
(39,315)
(874,935)
Class
R3
(1)
—
—
(27,659)
(617,580)
Class
R3
-
automatic
conversion
to
Class
A
Shares
—
—
(17,752)
(511,446)
Class
I
(1,240,273)
(33,142,030)
(1,367,262)
(33,380,351)
(1,434,296)
(38,312,948)
(1,677,761)
(40,790,878)
Net
increase
(decrease)
(768,334)
$(20,532,419)
(1,109,297)
$(27,093,821)
(1)
Class
R3
Shares
were
converted
to
Class
A
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Notes
to
Financial
Statements
(continued)
Year
Ended
6/30/22
Year
Ended
6/30/21
Multi
Cap
Value
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
116,984
$4,897,020
154,916
$5,818,601
Class
C
8,976
348,559
9,071
343,717
Class
I
310,444
13,204,510
188,713
7,380,557
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
11,124
463,411
28,287
924,684
Class
C
375
14,510
927
28,371
Class
I
10,495
441,713
26,265
865,450
458,398
19,369,723
408,179
15,361,380
Shares
redeemed:
Class
A
(109,697)
(4,594,015)
(208,004)
(7,334,660)
Class
C
(10,522)
(404,235)
(39,589)
(1,174,798)
Class
I
(197,229)
(8,136,202)
(211,628)
(7,324,511)
(317,448)
(13,134,452)
(459,221)
(15,833,969)
Net
increase
(decrease)
140,950
$6,235,271
(51,042)
$(472,589)
Year
Ended
6/30/22
Year
Ended
6/30/21
Large
Cap
Value
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
845,012
$3,649,356
322,659
$1,449,170
Class
C
135,120
396,208
8,152
29,397
Class
I
321,130
1,369,113
244,980
1,108,767
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
227,492
953,190
128,929
534,102
Class
C
71,996
228,947
98,694
328,974
Class
R3
(1)
—
—
3,168
12,889
Class
I
512,441
2,162,797
475,865
1,984,532
2,113,191
8,759,611
1,282,447
5,447,831
Shares
redeemed:
Class
A
(372,161)
(1,612,503)
(400,159)
(1,736,597)
Class
C
(228,875)
(811,833)
(291,381)
(1,048,353)
Class
R3
(1)
—
—
(20,859)
(102,627)
Class
I
(613,797)
(2,702,619)
(1,360,658)
(5,901,791)
(1,214,833)
(5,126,955)
(2,073,057)
(8,789,368)
Net
increase
(decrease)
898,358
$3,632,656
(790,610)
$(3,341,537)
(1)
Class
R3
Shares
were
converted
to
Class
A
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Year
Ended
6/30/22
Year
Ended
6/30/21
Small/Mid
Cap
Value
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
24,595
$704,339
24,847
$656,651
Class
A
-
automatic
conversion
of
Class
R3
Shares
—
—
4,901
159,866
Class
C
1,887
43,561
1,778
41,304
Class
R3
(1)
—
—
85
1,704
Class
R6
183,432
5,656,649
369,861
10,847,937
Class
I
126,250
3,802,493
446,815
12,332,211
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
12,994
369,021
203
5,122
Class
C
3,116
73,621
—
—
Class
R3
(1)
—
—
3
70
Class
R6
80,811
2,378,123
2,557
66,454
Class
I
90,018
2,627,420
2,541
65,685
523,103
15,655,227
853,591
24,177,004
Shares
redeemed:
Class
A
(18,884)
(582,623)
(56,242)
(1,289,387)
Class
C
(7,815)
(195,582)
(26,360)
(555,748)
Class
R3
(1)
—
—
(10,876)
(248,890)
Class
R3
-
automatic
conversion
to
Class
A
Shares
—
—
(5,140)
(159,866)
Class
R6
(216,649)
(6,842,151)
(216,832)
(5,761,009)
Class
I
(317,771)
(9,813,893)
(145,169)
(4,081,875)
(561,119)
(17,434,249)
(460,619)
(12,096,775)
Net
increase
(decrease)
(38,016)
$(1,779,022)
392,972
$12,080,229
(1)
Class
R3
Shares
were
converted
to
Class
A
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Year
Ended
6/30/22
Year
Ended
6/30/21
Small
Cap
Value
Opportunities
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
58,969
$2,872,575
59,621
$2,636,709
Class
A
-
automatic
conversion
of
Class
C
Shares
761
35,211
—
—
Class
A
-
automatic
conversion
of
Class
R3
Shares
—
—
49,351
2,749,338
Class
C
9,696
409,299
12,698
495,727
Class
R3
(1)
—
—
14,228
652,815
Class
R6
25,817
1,354,190
25,165
1,096,983
Class
I
1,058,819
55,307,315
1,416,183
72,154,508
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
46,195
2,224,945
2,576
112,232
Class
C
17,854
731,173
—
—
Class
R3
(1)
—
—
145
6,160
Class
R6
7,376
375,621
726
33,137
Class
I
539,963
27,109,888
32,061
1,446,616
1,765,450
90,420,217
1,612,754
81,384,225
Shares
redeemed:
Class
A
(126,767)
(6,394,170)
(350,791)
(14,493,897)
Class
C
(90,413)
(3,801,916)
(95,036)
(3,484,220)
Class
C
-
automatic
conversion
to
Class
A
Shares
(898)
(35,211)
—
—
Class
R3
(1)
—
—
(27,258)
(1,148,976)
Class
R3
-
automatic
conversion
to
Class
A
Shares
—
—
(50,623)
(2,749,338)
Class
R6
(28,024)
(1,526,578)
(96,399)
(4,080,699)
Class
I
(2,839,782)
(140,321,705)
(1,215,868)
(54,483,520)
(3,085,884)
(152,079,580)
(1,835,975)
(80,440,650)
Net
increase
(decrease)
(1,320,434)
$(61,659,363)
(223,221)
$943,575
(1)
Class
R3
Shares
were
converted
to
Class
A
at
the
close
of
business
on
June
4,
2021
and
are
no
longer
available
for
reinvestment
or
through
an
exchange
from
other
Nuveen
mutual
funds.
Notes
to
Financial
Statements
(continued)
6.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
Differences
between
amounts
for
financial
statement
and
federal
income
tax
purposes
are
primarily
due
to
timing
differences
in
recognizing
gains
and
losses
on
investment
transactions.
Temporary
differences
do
not
require
reclassification.
As
of
year
end,
permanent
differences
that
resulted
in
reclassifications
among
the
components
of
net
assets
relate
primarily
to
deemed
dividend
due
to
corporate
actions,
distribution
reallocations,
foreign
currency
transactions,
investments
in
partnerships,
investments
in
passive
foreign
investment
companies,
return
of
capital
and
long-term
capital
gain
distributions
received
from
portfolio
investments,
tax
equalization,
taxable
overdistribution
and
taxes
paid.
Temporary
and
permanent
differences
have
no
impact
on
a
Fund's
net
assets.
As
of
year
end,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
was
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
year
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
The
tax
character
of
distributions
paid
were
as
follows:
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Global
Equity
Income
$
130,290,313
$
23,204,305
$
(15,535,474)
$
7,668,831
International
Value
74,654,183
20,394,172
(11,516,559)
8,877,613
Multi
Cap
Value
76,800,233
12,040,460
(7,231,147)
4,809,313
Large
Cap
Value
16,244,332
4,192,606
(1,120,334)
3,072,272
Small/Mid
Cap
Value
33,138,289
5,470,636
(3,364,568)
2,106,068
Small
Cap
Value
Opportunities
176,560,180
25,703,988
(22,808,664)
2,895,324
Fund
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
Global
Equity
Income
$
4,018,486
$
—
$
7,659,227
$
(232,364,000)
$
—
$
(2,073,141)
$
(222,759,428)
International
Value
4,009,279
—
8,848,799
(196,792,564)
—
—
(183,934,486)
Multi
Cap
Value
—
—
4,809,313
(2,058,436)
—
(82,513)
2,668,364
Large
Cap
Value
242,838
632,099
3,072,272
—
—
—
3,947,209
Small/Mid
Cap
Value
239,475
1,684,287
2,106,068
—
—
—
4,029,830
Small
Cap
Value
Opportunities
232,316
10,539,117
2,895,324
—
—
—
13,666,757
6/30/22
6/30/21
Fund
Ordinary
Income
Long-Term
Capital
Gains
Return
of
Capital
Ordinary
Income
Long-Term
Capital
Gains
Return
of
Capital
Global
Equity
Income
$
6,067,621
$
—
$
—
$
3,747,275
$
—
$
—
International
Value
4,278,243
—
—
2,540,326
—
—
Multi
Cap
Value
1,000,530
—
—
1,318,712
—
675,882
Large
Cap
Value
883,197
2,625,834
—
942,137
2,036,786
—
Small/Mid
Cap
Value
1,232,095
4,295,837
—
138,581
—
—
Small
Cap
Value
Opportunities
1,054,058
30,478,875
—
1,675,362
—
—
As
of
year
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
As
of
year
end,
the
Funds
utilized
the
following
capital
loss
carryforwards:
7.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees
Each
Fund’s
management
fee
compensates
the
Adviser
for
the
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Funds
from
the
management
fees
paid
to
the
Adviser.
Each
Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
each
individual
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables
each
Fund’s
shareholders
to
benefit
from
growth
in
the
assets
within
their
respective
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
The
annual
fund-level
fee,
payable
monthly,
for
each
Fund
is
calculated
according
to
the
following
schedule:
Fund
Short-Term
Long-Term
Total
Global
Equity
Income
1
$
5,311,351
$
227,052,649
$
232,364,000
International
Value
6,060,415
190,732,149
196,792,564
Multi
Cap
Value
—
2,058,436
2,058,436
Large
Cap
Value
—
—
—
Small/Mid
Cap
Value
—
—
—
Small
Cap
Value
Opportunities
—
—
—
1
Global
Equity
Income’s
capital
loss
carryforward
is
subject
to
significant
limitations
under
the
Internal
Revenue
Code
and
related
regulations.
In
particular,
it
is
expected
that
the
Fund
will
only
be
able
to
annually
utilize
approximately
$4
million
of
its
outstanding
capital
loss
carryforward
for
the
next
sixteen
years,
at
which
point
the
annual
limitation
will
further
be
reduced
to
approximately
$1.2
million.
Fund
Utilized
Global
Equity
Income
$
13,155,527
International
Value
11,192,677
Multi
Cap
Value
5,344,023
Large
Cap
Value
—
Small/Mid
Cap
Value
—
Small
Cap
Value
Opportunities
—
Average
Daily
Net
Assets
Global
Equity
Income
International
Value
Multi
Cap
Value
Large
Cap
Value
Small/Mid
Cap
Value
Small
Cap
Opportunities
Value
For
the
first
$125
million
0.5500
%
0.5500
%
0.5500
%
0.5000
%
0.6000
%
0.6500
%
For
the
next
$125
million
0.5375
0.5375
0.5375
0.4875
0.5875
0.6375
For
the
next
$250
million
0.5250
0.5250
0.5250
0.4750
0.5750
0.6250
For
the
next
$500
million
0.5125
0.5125
0.5125
0.4625
0.5625
0.6125
For
the
next
$1
billion
0.5000
0.5000
0.5000
0.4500
0.5500
0.6000
For
the
next
$3
billion
0.4750
0.4750
0.4750
0.4250
0.5250
0.5750
For
the
next
$2.5
billion
0.4500
0.4500
0.4500
0.4000
0.5000
0.5500
For
the
next
$2.5
billion
0.4375
0.4375
0.4375
0.3875
0.4875
0.5375
For
net
assets
over
$10
billion
0.4250
0.4250
0.4250
0.3750
0.4750
0.5250
Notes
to
Financial
Statements
(continued)
The
annual
complex-level
fee,
payable
monthly,
for
each
Fund
is
calculated
according
to
the
following
schedule:
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen
open-end
and
closed-end
funds.
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$2
billion)
added
to
the
Nuveen
fund
complex
in
connection
with
the
Adviser’s
assumption
of
the
management
of
the
former
First
American
Funds
effective
January
1,
2011,
but
do
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
certain
types
of
leverage.
For
these
purposes,
leverage
includes
the
closed-end
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
eligible
assets
in
certain
circumstances.
As
of
June
30,
2022,
the
complex-level
fee
rate
for
each
Fund
was
as
follows:
The
Adviser
has
agreed
to
waive
fees
and/or
reimburse
expenses
(“Expense
Cap”)
of
the
Funds
so
that
the
total
annual
Fund
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed
the
average
daily
net
assets
of
any
class
of
Fund
shares
in
the
amounts
and
for
the
time
periods
stated
in
the
following
table.
However,
because
Class
R6
Shares
are
not
subject
to
sub-transfer
agent
and
similar
fees,
the
total
annual
fund
operating
expense
for
the
Class
R6
Shares
will
be
less
than
the
expense
limitation.
The
temporary
expense
limitations
may
be
terminated
or
modified
prior
to
expiration
date
only
with
the
approval
of
the
Board.
The
expense
limitations
in
effect
thereafter
may
be
terminated
or
modified
only
with
the
approval
of
shareholders
of
each
Fund.
Distribution
and
Service
Fees
Each
Fund
has
adopted
a
distribution
and
service
plan
under
rule
12b-1
under
the
1940
Act.
Class
A
Shares
incur
a
0.25%
annual
12b-1
service
fee.
Class
C
Shares
incur
a
0.75%
annual
12b-1
distribution
fee
and
a
0.25%
annual
12b-1
service
fee.
Class
R6
Shares
and
Class
I
Shares
are
not
subject
to
12b-1
distribution
or
service
fees.
The
fees
under
this
plan
compensate
Nuveen
Securities,
LLC,
(the
“Distributor”),
a
wholly-owned
subsidiary
of
Nuveen,
for
services
provided
and
expenses
incurred
in
distributing
shares
of
the
Funds
and
establishing
and
maintaining
shareholder
accounts.
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
Fund
Complex-Level
Fee
Global
Equity
Income
0.1571%
International
Value
0.1571%
Multi
Cap
Value
0.1571%
Large
Cap
Value
0.1571%
Small/Mid
Cap
Value
0.1571%
Small
Cap
Value
Opportunities
0.1571%
Fund
Temporary
Expense
Cap
Temporary
Expense
Cap
Expiration
Date
Permanent
Expense
Cap
Global
Equity
Income
0.90%
July
31,
2024
N/A
International
Value
0.94
July
31,
2024
N/A
Multi
Cap
Value
0.94
July
31,
2024
N/A
Large
Cap
Value
0.79
July
31,
2024
1.35%
Small/Mid
Cap
Value
1.10
July
31,
2024
1.45
Small
Cap
Value
Opportunities
0.99
July
31,
2024
1.50
N/A
-
Not
Applicable.
Other
Transactions
with
Affiliates
The
Funds
receive
voluntary
compensation
from
the
Adviser
in
amounts
that
approximate
a
portion
of
the
cost
of
research
services
obtained
from
broker-dealers
and
research
providers
if
the
Adviser
had
purchased
the
research
services
directly.
This
income
received
by
the
Funds
is
recognized
as
"Payment
from
affiliate"
on
the
Statement
of
Operations,
and
any
income
due
to
the
Funds
as
of
the
end
of
the
reporting
period
is
recognized
as
“Receivable
due
from
affiliate”
on
the
Statement
of
Assets
and
Liabilities.
During
the
current
fiscal
period,
the
Distributor,
collected
sales
charges
on
purchases
of
Class
A
Shares,
the
majority
of
which
were
paid
out
as
concessions
to
financial
intermediaries
as
follows:
The
Distributor
also
received
12b-1
service
fees
on
Class
A
Shares,
substantially
all
of
which
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
During
the
current
fiscal
period,
the
Distributor
compensated
financial
intermediaries
directly
with
commission
advances
at
the
time
of
purchase
as
follows:
To
compensate
for
commissions
advanced
to
financial
intermediaries,
all
12b-1
service
and
distribution
fees
collected
on
Class
C
Shares
during
the
first
year
following
a
purchase
are
retained
by
the
Distributor.
During
the
current
fiscal
period,
the
Distributor
retained
such
12b-1
fees
as
follows:
The
remaining
12b-1
fees
charged
to
each
Fund
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
The
Distributor
also
collected
and
retained
CDSC
on
share
redemptions
during
the
current
fiscal
period,
as
follows:
Fund
Sales
Charges
Collected
(Unaudited)
Paid
to
Financial
Intermediaries
(Unaudited)
Global
Equity
Income
$
15,215
$
13,534
International
Value
4,205
3,760
Multi
Cap
Value
12,372
11,052
Large
Cap
Value
7,600
7,213
Small/Mid
Cap
Value
696
608
Small
Cap
Value
Opportunities
3,155
2,873
Fund
Commission
Advances
(Unaudited)
Global
Equity
Income
$
1,263
International
Value
1,021
Multi
Cap
Value
3,123
Large
Cap
Value
4,360
Small/Mid
Cap
Value
390
Small
Cap
Value
Opportunities
3,677
Fund
12b-1
Fees
Retained
(Unaudited)
Global
Equity
Income
$
745
International
Value
219
Multi
Cap
Value
2,289
Large
Cap
Value
90
Small/Mid
Cap
Value
165
Small
Cap
Value
Opportunities
5,945
Notes
to
Financial
Statements
(continued)
As
of
the
end
of
the
reporting
period,
the
percentage
of
Fund
shares
owned
by
Nuveen
as
follows:
8.
Borrowing
Arrangements
Committed
Line
of
Credit
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.700
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
anticipated
draws,
and
the
potential
importance
of
such
draws
to
the
operations
and
well-being
of
the
Fund,
relative
to
those
of
the
other
Funds.
A
Fund
may
effect
draws
on
the
facility
in
excess
of
its
designated
capacity
if
and
to
the
extent
that
other
Participating
Funds
have
undrawn
capacity.
The
credit
facility
expires
in
June
2023
unless
extended
or
renewed.
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed.
The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increased
commitments
from
select
lenders.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
During
the
current
fiscal
period,
the
following
Funds
utilized
this
facility.
The
Funds’
maximum
outstanding
balance
during
the
utilization
period
was
as
follows:
Fund
CDSC
Retained
(Unaudited)
Global
Equity
Income
$
173
International
Value
—
Multi
Cap
Value
—
Large
Cap
Value
3,485
Small/Mid
Cap
Value
74
Small
Cap
Value
Opportunities
142
Fund
Nuveen
Owned
Shares
Global
Equity
Income
—
%
International
Value
—
Multi
Cap
Value
—
Large
Cap
Value
—
Small/Mid
Cap
Value
—
(a)
Small
Cap
Value
Opportunities
—
(a)
(a)
Value
rounded
to
zero.
Fund
Maximum
Outstanding
Balance
Global
Equity
Income
$
—
International
Value
660,895
Multi
Cap
Value
98,775
Large
Cap
Value
—
Small/Mid
Cap
Value
—
During
each
Fund’s
utilization
period(s)
during
the
current
fiscal
period,
the
average
daily
balance
outstanding
and
average
annual
interest
rate
on
the
Borrowings
were
as
follows:
Borrowings
outstanding
as
of
the
end
of
the
reporting
period,
if
any,
are
recognized
as
“Borrowings”
on
the
Statement
of
Assets
and
Liabilities.
Fund
Maximum
Outstanding
Balance
Small
Cap
Value
Opportunities
$
—
Fund
Utilization
Period
(Days
Outstanding)
Average
Daily
Balance
Outstanding
Average
Annual
Interest
Rate
Global
Equity
Income
—
$
—
—
%
International
Value
3
660,895
1.27
Multi
Cap
Value
3
98,775
1.27
Large
Cap
Value
—
—
—
Small/Mid
Cap
Value
—
—
—
Small
Cap
Value
Opportunities
—
—
—
Important
Tax
Information
(Unaudited)
As
required
by
the
Internal
Revenue
Code
and
Treasury
Regulations,
certain
tax
information,
as
detailed
below,
must
be
provided
to
shareholders.
Shareholders
are
advised
to
consult
their
tax
advisor
with
respect
to
the
tax
implications
of
their
investment.
The
amounts
listed
below
may
differ
from
the
actual
amounts
reported
on
Form
1099-DIV,
which
will
be
sent
to
shareholders
shortly
after
calendar
year
end.
Long-Term
Capital
Gains
As
of
year
end,
each
Fund
designates
the
following
distribution
amounts,
or
maximum
amount
allowable,
as
being
from
net
long-term
capital
gains
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code:
Dividends
Received
Deduction
(DRD)
Each
Fund
listed
below
had
the
following
percentage,
or
maximum
amount
allowable,
of
ordinary
income
distributions
eligible
for
the
dividends
received
deduction
for
corporate
shareholders:
Qualified
Dividend
Income
(QDI)
Each
Fund
listed
below
had
the
following
percentage,
or
maximum
amount
allowable,
of
ordinary
income
distributions
treated
as
qualified
dividend
income
for
individuals
pursuant
to
Section
1(h)(11)
of
the
Internal
Revenue
Code:
Fund
Net
Long-Term
Capital
Gains
Global
Equity
Income
$
—
International
Value
—
Multi
Cap
Value
—
Large
Cap
Value
2,739,096
Small/Mid
Cap
Value
4,588,143
Small
Cap
Value
Opportunities
33,373,071
Fund
Percentage
Global
Equity
Income
30
.2
%
International
Value
–
Multi
Cap
Value
100
.0
Large
Cap
Value
30
.8
Small/Mid
Cap
Value
24
.6
Small
Cap
Value
Opportunities
100
.0
Fund
Percentage
Global
Equity
Income
100
.0
%
International
Value
100
.0
Multi
Cap
Value
100
.0
Large
Cap
Value
43
.7
Small/Mid
Cap
Value
26
.8
Small
Cap
Value
Opportunities
100
.0
Foreign
Source
Income
and
Foreign
Tax
Credit
Pass
Through
Each
Fund
listed
below
has
made
an
election
under
Section
853
of
the
Internal
Revenue
Code
to
pass
through
foreign
taxes
paid:
Fund
Foreign
Source
Income
Foreign
Source
Income
Per
Share
Qualifying
Foreign
Taxes
Paid
Qualifying
Foreign
Taxes
Paid
Per
Share
Global
Equity
Income
$
—
$
—
$
—
$
—
International
Value
4,553,677
1.26230
349,360
0.09684
Multi
Cap
Value
—
—
—
—
Large
Cap
Value
—
—
—
—
Small/Mid
Cap
Value
—
—
—
—
Small
Cap
Value
Opportunities
—
—
—
—
Additional
Fund
Information
(Unaudited)
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Sub-Adviser
Nuveen
Asset
Management,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Independent
Registered
Public
Accounting
Firm
PricewaterhouseCoopers
LLP
One
North
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Lincoln
Street
Boston,
MA
02111
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Transfer
Agent
and
Shareholder
Services
DST
Asset
Manager
Solutions,
Inc.
(DST)
P.O.
Box
219140
Kansas
City,
MO
64121-9140
(800)
257-8787
Portfolio
of
Investments
Information
Each
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
FINRA
BrokerCheck
:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
Liquidity
Risk
Management
Program
(Unaudited)
Discussion
of
the
operation
and
effectiveness
of
the
Funds’
liquidity
risk
management
program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
each
Fund
covered
in
this
Report
the
“Funds”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”),
which
is
designed
to
manage
the
Fund’s
liquidity
risk.
The
Program
consists
of
various
protocols
for
assessing
and
managing
each
Fund’s
liquidity
risk.
The
Funds’
Board
of
Trustees
previously
designated
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser,
as
the
Administrator
of
the
Program.
The
adviser’s
Liquidity
Monitoring
and
Analysis
Team
(“LMAT”)
carries
out
day-to-day
Program
management
with
oversight
by
the
adviser’s
Liquidity
Oversight
Sub-Committee
(the
LOSC”).
The
LOSC
is
composed
of
personnel
from
the
adviser
and
Teachers
Advisors,
LLC,
an
affiliate
of
the
adviser.
At
a
May
23-25,
2022
meeting
of
the
Board,
the
Administrator
provided
the
Board
with
a
written
report
addressing
the
Program’s
operation,
adequacy
and
effectiveness
of
implementation
for
calendar
year
2021
(the
“Review
Period”),
as
required
under
the
Liquidity
Rule.
The
report
noted
that
the
Program
has
been
and
continues
to
be
adequately
and
effectively
implemented
to
monitor
and
(as
applicable)
respond
to
each
Fund’s
liquidity
developments.
In
accordance
with
the
Program,
the
LMAT
assesses
each
Fund’s
liquidity
risk
no
less
frequently
than
annually
based
on
various
factors,
such
as
(1)
the
Fund’s
investment
strategy
and
the
liquidity
of
portfolio
investments,
(ii)
cash
flow
projections,
and
(ii)
holdings
of
cash
and
cash
equivalents,
borrowing
arrangements,
and
other
funding
sources.
Certain
factors
are
considered
under
both
normal
and
reasonably
foreseeable
stressed
conditions.
Each
Fund
portfolio
investment
is
classified
into
one
of
four
liquidity
categories
(including
the
most
liquid,
“Highly
Liquid”,
and
the
least
liquid,
“lliquid”,
discussed
below),
The
classification
is
based
on
a
determination
of
how
long
it
is
reasonably
expected
to
take
to
convert
the
investment
into
cash,
or
sell
or
dispose
of
the
investment,
in
current
market
conditions
without
significantly
changing
the
market
value
of
the
investment
Liquidity
classification
determinations
take
into
account
various
market,
trading,
and
investment-specific
considerations,
as
well
as
market
depth,
and
use
third-
party
vendor
data.
Any
Fund
that
does
not
primarily
hold
highly
liquid
investments
must,
among
other
things,
determine
a
minimum
percentage
of
Fund
assets
that
must
be
invested
in
highly
liquid
investments
(a
“Highly
Liquid
Investment
Minimum”).
During
the
Review
Period,
each
Fund
primarily
held
Highly
Liquid
investments
and
therefore
was
exempt
from
the
requirement
to
adopt
a
Highly
Liquid
Investment
Minimum
and
to
comply
with
the
related
requirements
under
the
Liquidity
Rule.
The
Liquidity
Rule
also
limits
a
Fund’s
investments
in
Illiquid
investments.
Specifically,
the
Liquidity
Rule
prohibits
a
Fund
from
acquiring
Illiquid
investments
if
doing
so
would
result
in
the
Fund
holding
more
than
15%
of
its
net
assets
in
illiquid
investments,
and
requires
certain
reporting
to
the
Fund
Board
and
the
Securities
and
Exchange
Commission
any
time
a
Fund’s
holdings
of
Illiquid
investments
exceeds
15%
of
net
assets.
During
the
Review
Period,
no
Fund
exceeded
the
15%
limit
on
Illiquid
investments.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
At
a
meeting
held
on
May
23-25,
2022
(the
“May
Meeting”),
the
Board
of
Trustees
(the
“Board”
and
each
Trustee,
a
“Board
Member”)
of
the
Funds,
which
is
comprised
entirely
of
Board
Members
who
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
(the
“Independent
Board
Members”),
approved,
for
each
Fund,
the
renewal
of
the
management
agreement
(each,
an
“Investment
Management
Agreement”)
with
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”)
pursuant
to
which
the
Adviser
serves
as
investment
adviser
to
such
Fund
and
the
sub-advisory
agreement
(each,
a
“Sub-Advisory
Agreement”)
with
Nuveen
Asset
Management,
LLC
(the
“Sub-Adviser”)
pursuant
to
which
the
Sub-Adviser
serves
as
the
sub-adviser
to
such
Fund
for
an
additional
one-year
term.
As
the
Board
is
comprised
of
all
Independent
Board
Members,
the
references
to
the
Board
and
the
Independent
Board
Members
are
interchangeable.
Following
up
to
an
initial
two-year
period,
the
Board
considers
the
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund
on
an
annual
basis.
The
Investment
Management
Agreements
and
Sub-Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements,”
and
the
Adviser
and
the
Sub-Adviser
are
collectively,
the
“Fund
Advisers”
and
each,
a
“Fund
Adviser.”
The
Board
has
established
various
standing
committees
composed
of
various
Independent
Board
Members
that
are
assigned
specific
responsibilities
to
enhance
the
effectiveness
of
the
Board’s
oversight
and
decision
making.
Throughout
the
year,
the
Board
and
its
committees
meet
regularly
and,
at
these
meetings,
receive
regular
and/or
special
reports
that
cover
an
extensive
array
of
topics
and
information
that
are
relevant
to
the
Board’s
annual
consideration
of
the
renewal
of
the
advisory
agreements
for
the
Nuveen
funds.
Such
information
may
address,
among
other
things,
fund
performance
and
risk
information;
the
Adviser’s
strategic
plans;
product
initiatives
for
various
funds;
the
review
of
the
funds
and
investment
teams;
compliance,
regulatory
and
risk
management
matters;
the
trading
practices
of
the
various
sub-advisers
to
the
Nuveen
funds;
management
of
distributions;
valuation
of
securities;
fund
expenses;
payments
to
financial
intermediaries,
including
12b-1
fees
and
sub-transfer
agency
fees,
if
applicable;
securities
lending;
liquidity
management;
and
overall
market
and
regulatory
developments.
The
Board
also
seeks
to
meet
periodically
with
the
Nuveen
funds’
sub-advisers
and/or
portfolio
teams,
when
feasible.
The
Board
further
meets,
among
other
things,
to
specifically
consider
the
annual
renewal
of
the
advisory
agreements
for
the
Nuveen
funds.
In
connection
with
its
annual
consideration
of
the
advisory
agreements
for
the
Nuveen
funds,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
review
of
such
advisory
agreements
by
the
Adviser
and
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data.
The
materials
cover
a
wide
range
of
topics
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
a
review
of
product
actions
taken
during
2021
(such
as
mergers,
liquidations,
fund
launches,
changes
to
investment
teams,
and
changes
to
investment
policies);
a
review
of
each
sub-adviser
to
the
Nuveen
funds
and/or
the
applicable
investment
teams;
an
analysis
of
fund
performance
in
absolute
terms
and
as
compared
to
the
performance
of
certain
peer
funds
and
benchmarks
with
a
focus
on
any
performance
outliers;
an
analysis
of
the
fees
and
expense
ratios
of
the
Nuveen
funds
in
absolute
terms
and
as
compared
to
those
of
certain
peer
funds
with
a
focus
on
any
expense
outliers;
a
review
of
management
fee
schedules;
a
review
of
temporary
and
permanent
expense
caps
and
fee
waivers
for
open-end
funds
(as
applicable)
and
related
expense
savings;
a
description
of
portfolio
manager
compensation;
a
review
of
the
performance
of
various
service
providers;
a
description
of
various
initiatives
Nuveen
had
undertaken
or
continued
in
2021
and
2022
for
the
benefit
of
particular
fund(s)
and/or
the
complex;
a
description
of
the
profitability
or
financial
data
of
Nuveen
and
the
sub-advisers
to
the
Nuveen
funds;
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
Nuveen
funds.
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
Nuveen
funds
by
the
Board
and
its
committees
during
the
year.
The
Board’s
review
of
the
advisory
agreements
for
the
Nuveen
funds
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
information
prepared
specifically
with
respect
to
the
annual
review
of
such
advisory
agreements.
In
continuing
its
practice,
the
Board
met
prior
to
the
May
Meeting
to
begin
its
considerations
of
the
renewal
of
the
Advisory
Agreements.
Accordingly,
on
April
13-14,
2022
(the
“April
Meeting”),
the
Board
met
to
review
and
discuss,
in
part,
the
performance
of
the
Nuveen
funds
and
the
Adviser’s
evaluation
of
each
sub-adviser
to
the
Nuveen
funds
and/or
its
investment
teams.
At
the
April
Meeting,
the
Board
Members
asked
questions
and
requested
additional
information
that
was
provided
for
the
May
Meeting.
The
Independent
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
to
be
an
ongoing
process
and
employed
the
accumulated
information,
knowledge
and
experience
the
Board
Members
had
gained
during
their
tenure
on
the
boards
governing
the
Nuveen
funds
and
working
with
the
Adviser
and
sub-advisers
in
their
review
of
the
advisory
agreements.
The
contractual
arrangements
are
a
result
of
multiple
years
of
review,
negotiation
and
information
provided
in
connection
with
the
boards’
annual
review
of
the
Nuveen
funds’
advisory
arrangements
and
oversight
of
the
Nuveen
funds.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
during
the
annual
review
process
as
well
as
throughout
the
year,
including
meeting
in
executive
sessions
with
such
counsel
at
which
no
representatives
from
the
Adviser
or
the
Sub-Adviser
were
present.
In
connection
with
their
annual
review,
the
Independent
Board
Members
also
received
a
memorandum
from
independent
legal
counsel
outlining
their
fiduciary
duties
and
legal
standards
in
reviewing
the
Advisory
Agreements,
including
guidance
from
court
cases
evaluating
advisory
fees.
The
Board’s
decision
to
renew
the
Advisory
Agreements
was
not
based
on
a
single
identified
factor,
but
rather
the
decision
reflected
the
comprehensive
consideration
of
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
materials
prepared
specifically
in
connection
with
the
renewal
process.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
approval
process
and
may
place
different
emphasis
on
the
relevant
information
year
to
year
in
light
of,
among
other
things,
changing
market
and
economic
conditions.
A
summary
of
the
principal
factors
and
information,
but
not
all
the
factors,
the
Board
considered
in
deciding
to
renew
the
Advisory
Agreements
is
set
forth
below.
A.
Nature,
Extent
and
Quality
of
Services
In
evaluating
the
renewal
of
the
Advisory
Agreements,
the
Independent
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser’s
services
provided
to
the
respective
Fund
with
particular
focus
on
the
services
and
enhancements
to
such
services
provided
during
the
last
year.
The
Independent
Board
Members
considered
the
Investment
Management
Agreements
and
the
Sub-Advisory
Agreements
separately
in
the
course
of
their
review.
With
this
approach,
they
considered
the
respective
roles
of
the
Adviser
and
the
Sub-Adviser
in
providing
services
to
the
Funds.
The
Board
recognized
that
the
Nuveen
funds
operate
in
a
highly
regulated
industry
and,
therefore,
the
Adviser
has
provided
a
wide
array
of
management,
oversight
and
administrative
services
to
manage
and
operate
the
funds,
and
the
scope
and
complexity
of
these
services
have
expanded
over
time
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments.
The
Board
accordingly
considered
the
Adviser’s
dedication
of
extensive
resources,
time,
people
and
capital
employed
to
support
and
manage
the
Nuveen
funds
as
well
as
the
Adviser’s
continued
program
of
developing
improvements
and
innovations
for
the
benefit
of
the
funds
and
shareholders
and
to
meet
the
ever
increasing
regulatory
requirements
applicable
to
the
funds.
In
this
regard,
the
Board
received
and
reviewed
information
regarding,
among
other
things,
the
Adviser’s
investment
oversight
responsibilities,
regulatory
and
compliance
services,
administrative
duties
and
other
services.
The
Board
considered
the
Adviser’s
investment
oversight
team’s
extensive
services
in
overseeing
the
various
sub-advisers
to
the
Nuveen
funds;
evaluating
fund
performance;
and
preparing
reports
to
the
Board
addressing,
among
other
things,
fund
performance,
market
conditions,
investment
team
matters,
product
developments
and
management
proposals.
The
Board
further
recognized
the
range
of
services
the
various
teams
of
the
Adviser
provided
including,
but
not
limited
to,
overseeing
operational
and
risk
management;
managing
liquidity;
overseeing
the
daily
valuation
process
and
managing
distributions
in
seeking
to
deliver
long-term
fund
earnings
to
shareholders
consistent
with
the
respective
Nuveen
fund’s
product
design
and
positioning.
The
Board
also
considered
the
structure
of
investment
personnel
compensation
of
each
Fund
Adviser
and
whether
the
structure
provides
appropriate
incentives
to
attract
and
maintain
qualified
personnel
and
to
act
in
the
best
interests
of
the
respective
Nuveen
fund.
The
Board
further
recognized
that
the
Adviser’s
compliance
and
regulatory
functions
were
integral
to
the
investment
management
of
the
Nuveen
funds.
The
Board
recognized
such
services
included,
but
were
not
limited
to,
managing
compliance
policies;
monitoring
compliance
with
applicable
policies,
law
and
regulations;
devising
internal
compliance
programs
and
a
framework
to
review
and
assess
compliance
programs;
overseeing
sub-adviser
compliance
testing;
preparing
compliance
training
materials;
and
responding
to
regulatory
requests.
The
Board
further
considered
information
regarding
the
Adviser’s
business
continuity
and
disaster
recovery
plans
as
well
as
information
regarding
its
information
security
program,
including
presentations
of
such
program
provided
at
a
site
visit
in
2022,
to
help
identify
and
manage
information
security
risks.
In
addition
to
the
above
functions,
the
Board
considered
that
the
Adviser
also
provides,
among
other
things,
fund
administration
services
(such
as
preparing
fund
tax
returns
and
other
tax
compliance
services;
preparing
regulatory
filings;
interacting
with
the
Nuveen
funds’
independent
public
accountants
and
overseeing
other
service
providers;
and
managing
fund
budgets
and
expenses);
product
management
services
(such
as
evaluating
and
enhancing
products
and
strategies);
legal
services
(such
as
helping
to
prepare
and
file
registration
statements
and
proxy
statements;
overseeing
fund
activities
and
providing
legal
interpretations
regarding
such
activities;
maintaining
regulatory
registrations
and
negotiating
agreements
with
other
fund
service
providers;
and
monitoring
changes
in
regulatory
requirements
and
commenting
on
rule
proposals
impacting
investment
companies);
and
oversight
of
shareholder
services
and
transfer
agency
functions
(such
as
overseeing
transfer
agent
service
providers
which
include
registered
shareholder
customer
service
and
transaction
processing;
overseeing
proxy
solicitation
and
tabulation
services;
and
overseeing
the
production
and
distribution
of
financial
reports
by
service
providers).
The
Board
also
considered
the
quality
of
support
services
and
communications
the
Adviser
provided
the
Board,
including,
in
part,
organizing
and
administrating
Board
meetings
and
supporting
Board
committees;
preparing
regular
and
ad
hoc
reports
on
fund
performance,
market
conditions
and
investment
team
matters;
providing
due
diligence
reports
addressing
product
development
and
management
proposals;
and
coordinating
site
visits
of
the
Board
and
presentations
by
investment
teams
and
senior
management.
In
addition
to
the
services
provided,
the
Board
considered
the
financial
resources
of
the
Adviser
and
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
Nuveen
funds,
including
maintaining
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
Further,
the
Board
noted
the
benefits
to
shareholders
of
investing
in
a
fund
that
is
a
part
of
a
large
fund
complex
with
a
variety
of
investment
disciplines,
capabilities,
expertise
and
resources
available
to
navigate
and
support
the
Nuveen
funds
including
during
stressed
times.
The
Board
recognized
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates,
the
Adviser’s
continuing
commitment
to
provide
high
quality
services,
its
willingness
to
implement
operational
or
organizational
changes
in
seeking,
among
other
things,
to
enhance
efficiencies
and
services
to
the
Nuveen
funds
and
its
responsiveness
to
the
Board’s
questions
and/or
concerns
raised
throughout
the
year
and
during
the
annual
review
of
advisory
agreements.
The
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
Nuveen
funds,
including
entrepreneurial
risks
in
sponsoring
new
funds
and
ongoing
risks
with
managing
the
funds
such
as
investment,
operational,
reputational,
regulatory,
compliance
and
litigation
risks.
In
evaluating
services,
the
Board
reviewed
various
highlights
of
the
initiatives
the
Adviser
and
its
affiliates
have
undertaken
or
continued
in
2021
and
2022
to
benefit
the
Nuveen
complex
and/or
particular
Nuveen
funds
and
meet
the
requirements
of
an
increasingly
complex
regulatory
environment
including,
but
not
limited
to:
Centralization
of
Functions
–
ongoing
initiatives
to
centralize
investment
leadership
and
create
a
more
cohesive
market
approach
and
centralized
shared
support
model
(including
through
the
consolidation
of
certain
affiliated
sub-advisers)
in
seeking
to
operate
more
effectively
and
enhance
the
research
capabilities
and
services
to
the
Nuveen
funds;
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
Fund
Improvements
and
Product
Management
Initiatives
–
continuing
to
proactively
manage
the
Nuveen
fund
complex
as
a
whole
and
at
the
individual
fund
level
with
an
aim
to
continually
improve
product
platforms
and
investment
strategies
to
better
serve
shareholders
through,
among
other
things,
rationalizing
the
product
line
and
gaining
efficiencies
through
mergers,
repositionings
and
liquidations;
launching
new
funds;
reviewing
and
updating
investment
policies
and
benchmarks;
soft
closing
certain
funds;
modifying
the
conversion
periods
on
certain
share
classes;
and
evaluating
and
adjusting
portfolio
management
teams
as
appropriate
for
various
funds;
Capital
Initiatives
–
continuing
to
invest
capital
to
support
new
Nuveen
funds
with
initial
capital
as
well
as
to
support
existing
funds;
Liquidity
Management
–
continuing
to
operate
the
liquidity
management
program
of
the
applicable
Nuveen
funds
including
monitoring
daily
their
liquidity
profile
and
assessing
annually
the
overall
liquidity
risk
of
such
funds;
Compliance
Program
Initiatives
–
continuing
efforts
to
mitigate
compliance
risk
with
a
focus
on
environmental,
social
and
governance
(“ESG”)
controls
and
processes,
increase
operating
efficiencies,
implement
enhancements
to
strengthen
ongoing
execution
of
key
compliance
program
elements,
support
international
business
growth
and
facilitate
integration
of
Nuveen’s
operating
model;
Investment
Oversight
–
preparing
reports
to
the
Board
addressing,
among
other
things,
fund
performance;
market
conditions;
investment
team
matters;
product
developments;
changes
to
mandates,
policies
and
benchmarks;
and
other
management
proposals
as
well
as
preparing
and
coordinating
investment
presentations
to
the
Board;
Risk
Management
and
Valuation
Services
–
continuing
to
oversee
and
manage
risk
including,
among
other
things,
conducting
ongoing
calculations
and
monitoring
of
risk
measures
across
the
Nuveen
funds,
instituting
investment
risk
controls,
providing
risk
reporting
throughout
Nuveen,
participating
in
internal
oversight
committees,
dedicating
the
resources
and
time
to
develop
the
processes
necessary
to
help
address
fund
compliance
with
the
new
derivatives
rule
and
continuing
to
implement
an
operational
risk
framework
that
seeks
to
provide
greater
transparency
of
operational
risk
matters
across
the
complex
as
well
as
provide
multiple
other
risk
programs
that
seek
to
provide
a
more
disciplined
and
consistent
approach
to
identifying
and
mitigating
Nuveen’s
operational
risks.
Further,
the
securities
valuation
team
continues,
among
other
things,
to
oversee
the
daily
valuation
process
of
the
portfolio
securities
of
the
funds,
maintain
the
valuation
policies
and
procedures,
facilitate
valuation
committee
meetings,
manage
relationships
with
pricing
vendors,
prepare
relevant
valuation
reports
and
design
methods
to
simplify
and
enhance
valuation
workflow
within
the
organization
and
implement
processes
and
procedures
to
help
address
compliance
with
the
new
valuation
rule
applicable
to
the
funds;
Regulatory
Matters
–
continuing
efforts
to
monitor
regulatory
trends
and
advocate
on
behalf
of
Nuveen
and/or
the
Nuveen
funds,
to
implement
and
comply
with
new
or
revised
rules
and
mandates
and
to
respond
to
regulatory
inquiries
and
exams;
Government
Relations
–
continuing
efforts
of
various
Nuveen
teams
and
Nuveen’s
affiliates
to
develop
policy
positions
on
a
broad
range
of
issues
that
may
impact
the
Nuveen
funds,
advocate
and
communicate
these
positions
to
lawmakers
and
other
regulatory
authorities
and
work
with
trade
associations
to
ensure
these
positions
are
represented;
Business
Continuity,
Disaster
Recovery
and
Information
Security
–
continuing
efforts
of
Nuveen
to
periodically
test
and
update
business
continuity
and
disaster
recovery
plans
and,
together
with
its
affiliates,
to
maintain
an
information
security
program
that
seeks
to
identify
and
manage
information
security
risks,
and
provide
reports
to
the
Board,
at
least
annually,
addressing,
among
other
things,
management’s
security
risk
assessment,
cyber
risk
profile,
potential
impact
of
new
or
revised
laws
and
regulations,
incident
tracking
and
other
relevant
information
technology
risk-related
reports;
and
Distribution
Management
Services
–
continuing
to
manage
the
distributions
among
the
varying
types
of
Nuveen
funds
within
the
Nuveen
complex
to
be
consistent
with
the
respective
fund’s
product
design
and
positioning
in
striving
to
deliver
those
earnings
to
shareholders
in
a
relatively
consistent
manner
over
time
as
well
as
assisting
in
the
development
of
new
products
or
the
restructuring
of
existing
funds.
The
Board
further
considered
the
division
of
responsibilities
between
the
Adviser
and
the
Sub-Adviser
and
recognized
that
the
Sub-Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
Fund’s
portfolio
under
the
oversight
of
the
Adviser
and
the
Board.
The
Board
considered
an
analysis
of
the
Sub-Adviser
provided
by
the
Adviser
which
included,
among
other
things,
the
assets
under
management
of
the
applicable
investment
team
and
changes
thereto,
a
summary
of
the
applicable
investment
team
and
changes
thereto,
the
investment
process
and
philosophy
of
the
applicable
investment
team,
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
of
time
and
a
summary
of
any
significant
policy
and/or
other
changes
to
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser.
The
Board
further
considered
at
the
May
Meeting
or
prior
meetings
evaluations
of
the
Sub-Adviser’s
compliance
programs
and
trade
execution.
The
Board
noted
that
the
Adviser
recommended
the
renewal
of
the
Sub-Advisory
Agreements.
Based
on
its
review,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
respective
Funds
under
each
applicable
Advisory
Agreement.
B.
The
Investment
Performance
of
the
Funds
and
Fund
Advisers
In
evaluating
the
quality
of
the
services
provided
by
the
Fund
Advisers,
the
Board
also
received
and
considered
a
variety
of
investment
performance
data
of
the
Nuveen
funds
they
advise.
In
evaluating
performance,
the
Board
recognized
that
performance
data
may
differ
significantly
depending
on
the
ending
date
selected,
particularly
during
periods
of
market
volatility,
and
therefore
considered
the
broader
perspective
of
performance
over
a
variety
of
time
periods
that
may
include
full
market
cycles.
In
this
regard,
the
Board
reviewed,
among
other
things,
Fund
performance
over
the
quarter,
one-,
three-
and
five-year
periods
ending
December
31,
2021
and
March
31,
2022.
The
performance
data
was
based
on
Class
A
shares;
however,
the
performance
of
other
classes
should
be
substantially
similar
as
they
invest
in
the
same
portfolio
of
securities
and
differences
in
performance
among
the
classes
would
be
principally
attributed
to
the
variations
in
the
expense
structures
of
the
classes.
The
performance
data
prepared
for
the
annual
review
of
the
advisory
agreements
for
the
Nuveen
funds
supplemented
the
fund
performance
data
that
the
Board
received
throughout
the
year
at
its
meetings
representing
differing
time
periods.
In
its
review,
the
Board
took
into
account
the
discussions
with
representatives
of
the
Adviser;
the
Adviser’s
analysis
regarding
fund
performance
that
occurred
at
these
Board
meetings
with
particular
focus
on
funds
that
were
considered
performance
outliers
(both
overperformance
and
underperformance);
the
factors
contributing
to
the
performance;
and
any
recommendations
or
steps
taken
to
address
performance
concerns.
Regardless
of
the
time
period
reviewed
by
the
Board,
the
Board
recognized
that
shareholders
may
evaluate
performance
based
on
their
own
holding
periods
which
may
differ
from
the
periods
reviewed
by
the
Board
and
lead
to
differing
results.
In
its
review,
the
Board
reviewed
both
absolute
and
relative
fund
performance
during
the
annual
review
over
the
various
time
periods.
With
respect
to
the
latter,
the
Board
considered
fund
performance
in
comparison
to
the
performance
of
peer
funds
(the
“Performance
Peer
Group”)
and
recognized
and/or
customized
benchmarks
(i.e.,
generally
benchmarks
derived
from
multiple
recognized
benchmarks).
For
Nuveen
funds
that
had
changes
in
portfolio
managers
or
other
significant
changes
to
their
investment
strategies
or
policies
since
March
2019,
the
Board
reviewed
certain
tracking
performance
data
comparing
the
performance
of
such
funds
before
and
after
such
changes.
In
considering
performance
data,
the
Board
is
aware
of
certain
inherent
limitations
with
such
data,
including
that
differences
between
the
objective(s),
strategies
and
other
characteristics
of
the
Nuveen
funds
compared
to
the
respective
Performance
Peer
Group
and/or
benchmark(s);
differences
in
the
composition
of
the
Performance
Peer
Group
over
time;
and
differences
in
the
types
and/or
levels
of
any
leverage
and
related
costs
with
that
of
the
Performance
Peer
Group
would
all
necessarily
contribute
to
differences
in
performance
results
and
limit
the
value
of
the
comparative
information.
Further,
the
Board
recognized
the
inherent
limitations
in
comparing
the
performance
of
an
actively
managed
fund
to
a
benchmark
index
due
to
the
fund’s
pursuit
of
an
investment
strategy
that
does
not
directly
follow
the
index.
To
assist
the
Board
in
its
review
of
the
comparability
of
the
relative
performance,
the
Adviser
has
ranked
the
relevancy
of
the
peer
group
to
the
Funds
as
low,
medium
or
high.
The
Board
also
evaluated
performance
in
light
of
various
relevant
factors
which
may
include,
among
other
things,
general
market
conditions,
issuer-
specific
information,
asset
class
information,
leverage
and
fund
cash
flows.
In
relation
to
general
market
conditions,
the
Board
had
recognized
the
recent
periods
in
2022
of
general
market
volatility
and
underperformance.
In
their
review
from
year
to
year,
the
Board
Members
consider
and
may
place
different
emphasis
on
the
relevant
information
in
light
of
changing
circumstances
in
market
and
economic
conditions.
Further,
the
Board
recognized
that
the
market
and
economic
conditions
may
significantly
impact
a
fund’s
performance,
particularly
over
shorter
periods,
and
such
performance
may
be
more
reflective
of
such
economic
or
market
events
and
not
necessarily
reflective
of
management
skill.
Accordingly,
depending
on
the
facts
and
circumstances
including
any
differences
between
the
respective
Nuveen
fund
and
its
benchmark
and/or
Performance
Peer
Group,
the
Board
may
be
satisfied
with
a
fund’s
performance
notwithstanding
that
its
performance
may
be
below
that
of
its
benchmark
or
peer
group
for
certain
periods.
However,
with
respect
to
any
Nuveen
funds
for
which
the
Board
has
identified
performance
issues,
the
Board
monitors
such
funds
closely
until
performance
improves,
discusses
with
the
Adviser
the
reasons
for
such
results,
considers
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
and
reviews
the
results
of
any
steps
undertaken.
The
Board’s
determinations
with
respect
to
each
Fund
are
summarized
below.
For
Nuveen
Global
Equity
Income
Fund
(the
“Global
Equity
Income
Fund”),
the
Board
noted
that
the
Fund
outperformed
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2021
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
period,
second
quartile
for
the
three-year
period
and
third
quartile
for
the
five-year
period
ended
December
31,
2021.
Further,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-
and
five-year
periods
ended
March
31,
2022,
the
Fund
outperformed
its
benchmark
for
the
three-year
period
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
and
third
quartile
of
its
Performance
Peer
Group
for
the
five-year
period
ended
March
31,
2022.
Based
on
its
review,
the
Board
was
generally
satisfied
with
the
Fund’s
overall
performance.
For
Nuveen
International
Value
Fund
(the
“International
Value
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-
and
five-year
periods
ended
December
31,
2021,
the
Fund
outperformed
its
benchmark
for
the
one-
year
period
ended
December
31,
2021
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
ended
December
31,
2021
and
first
quartile
of
its
Performance
Peer
Group
for
the
three-year
period
ended
December
31,
2021.
Further,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2022,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period,
the
first
quartile
for
the
three-year
period
and
the
third
quartile
for
the
five-year
period
ended
March
31,
2022.
Based
on
its
review,
the
Board
was
generally
satisfied
with
the
Fund’s
overall
performance.
For
Nuveen
Multi
Cap
Value
Fund
(the
“Multi
Cap
Value
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
five-year
period
ended
December
31,
2021,
the
Fund
outperformed
its
benchmark
for
the
one-
and
three-year
periods
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
December
31,
2021
and
third
quartile
for
the
five-year
period
ended
December
31,
2021.
Further,
the
Fund
outperformed
its
benchmark
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2022.
Based
on
its
review,
the
Board
was
generally
satisfied
with
the
Fund’s
overall
performance.
For
Nuveen
Large
Cap
Value
Fund
(the
“Large
Cap
Value
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2021
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
five-year
period
ended
December
31,
2021,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
December
31,
2021.
Further,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-
and
five-year
periods
ended
March
31,
2022,
the
Fund
outperformed
its
benchmark
for
the
one-year
period
ended
March
31,
2022.
The
Fund
also
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
and
third
quartile
for
the
three-
and
five-year
periods
ended
March
31,
2022.
Based
on
its
review,
the
Board
was
generally
satisfied
with
the
Fund’s
overall
performance.
For
Nuveen
Small/Mid
Cap
Value
Fund
(the
“Small/Mid
Cap
Value
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
five-year
period
ended
December
31,
2021,
the
Fund
outperformed
its
benchmark
for
the
one-
and
three-year
periods
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
period,
second
quartile
for
the
three-year
period
and
third
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
quartile
for
the
five-year
period
ended
December
31,
2021.
Further,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
five-year
period
ended
March
31,
2022,
the
Fund
outperformed
its
benchmark
for
the
one-
and
three-year
periods
ended
March
31,
2022
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
and
third
quartile
for
the
five-year
period
ended
March
31,
2022.
Based
on
its
review,
the
Board
was
generally
satisfied
with
the
Fund’s
overall
performance.
For
Nuveen
Small
Cap
Value
Opportunities
Fund
(the
“Small
Cap
Value
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
December
31,
2021
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
three-
and
five-year
periods
ended
December
31,
2021,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December
31,
2021.
Further,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-
and
five-year
periods
ended
March
31,
2022,
the
Fund
outperformed
its
benchmark
for
the
one-year
period
ended
March
31,
2022.
In
addition,
although
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
five-year
period
ended
March
31,
2022,
the
Fund
ranked
in
the
second
quartile
for
the
one-year
period
and
third
quartile
for
the
three-year
period
ended
March
31,
2022.
Based
on
its
review,
the
Board
was
generally
satisfied
with
the
Fund’s
overall
performance.
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
considered
the
contractual
management
fee
and
net
management
fee
(the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
Nuveen
fund
to
the
Adviser
in
light
of
the
nature,
extent
and
quality
of
the
services
provided.
The
Board
also
considered
the
total
operating
expense
ratio
of
a
fund
before
and
after
any
fee
waivers
and/or
expense
reimbursements.
More
specifically,
the
Independent
Board
Members
reviewed,
among
other
things,
each
fund’s
gross
and
net
management
fee
rates
(i.e.,
before
and
after
expense
reimbursements
and/or
fee
waivers,
if
any)
and
net
total
expense
ratio
in
relation
to
those
of
a
comparable
universe
of
funds
(the
“Peer
Universe”)
and/or
to
a
more
focused
subset
of
comparable
funds
(the
“Peer
Group”)
established
by
Broadridge
(subject
to
certain
exceptions).
The
Independent
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Peer
Universe
and
Peer
Group
and
recognized
that
differences
between
the
applicable
fund
and
its
respective
Peer
Universe
and/or
Peer
Group
as
well
as
changes
to
the
composition
of
the
Peer
Group
and/or
Peer
Universe
from
year
to
year
may
limit
some
of
the
value
of
the
comparative
data.
The
Independent
Board
Members
take
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
data.
The
Independent
Board
Members
also
considered
a
fund’s
operating
expense
ratio
as
it
more
directly
reflected
the
shareholder’s
costs
in
investing
in
the
respective
fund.
In
their
review,
the
Independent
Board
Members
considered,
in
particular,
each
fund
with
a
net
expense
ratio
of
six
basis
points
or
higher
compared
to
that
of
its
peer
average
(each,
an
“Expense
Outlier
Fund”),
including
the
Small
Cap
Value
Fund,
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
higher
relative
net
expense
ratio.
Accordingly,
in
reviewing
the
comparative
data
between
a
fund
and
its
peers,
the
Board
generally
considered
the
fund’s
net
expense
ratio
and
fees
to
be
higher
if
they
were
over
10
basis
points
higher,
slightly
higher
if
they
were
6
to
10
basis
points
higher,
in
line
if
they
were
within
approximately
5
basis
points
higher
than
the
peer
average
and
below
if
they
were
below
the
peer
average
of
the
Peer
Group.
The
Independent
Board
Members
also
considered,
in
relevant
part,
a
fund’s
net
management
fee
and
net
total
expense
ratio
in
light
of
its
performance
history.
In
their
review
of
the
fee
arrangements
for
the
Nuveen
funds,
the
Independent
Board
Members
considered
the
management
fee
schedules,
including
the
complex-wide
and
fund-level
breakpoint
schedules,
and
the
expense
reimbursements
and/or
fee
waivers
provided
by
Nuveen
for
each
fund,
as
applicable.
The
Board
noted
that
across
the
Nuveen
fund
complex,
the
complex-wide
fee
breakpoints
reduced
fees
by
approximately
$72.5
million
and
fund-level
breakpoints
reduced
fees
by
approximately
$89.1
million
in
2021.
Further,
fee
caps
and
waivers
for
all
applicable
Nuveen
funds
saved
approximately
an
additional
$13.6
million
in
fees
for
shareholders
in
2021.
With
respect
to
the
Sub-Adviser,
the
Board
also
considered,
among
other
things,
the
sub-advisory
fee
schedule
paid
to
the
Sub-Adviser
in
light
of
the
sub-advisory
services
provided
to
the
respective
Fund
and
comparative
data
of
the
fees
the
Sub-Adviser
charges
to
other
clients,
if
any.
In
its
review,
the
Board
recognized
that
the
compensation
paid
to
the
Sub-Adviser
is
the
responsibility
of
the
Adviser,
not
the
Funds.
The
Independent
Board
Members
noted
that
(a)
the
Global
Equity
Income
Fund,
International
Value
Fund,
Large
Cap
Value
Fund
and
Small/Mid-Cap
Value
Fund
each
had
a
net
management
fee
and
a
net
expense
ratio
that
were
below
the
respective
peer
averages;
(b)
the
Multi
Cap
Value
Fund
had
a
net
management
fee
that
was
below
the
peer
average
and
a
net
expense
ratio
that
was
in
line
with
the
peer
average;
and
(c)
the
Small
Cap
Value
Fund
had
a
net
management
fee
that
was
below
the
peer
average,
but
a
net
expense
ratio
that
was
slightly
higher
than
the
peer
average.
In
addition,
the
Independent
Board
Members
noted
that
the
Large
Cap
Value
Fund
did
not
incur
a
management
fee
after
fee
waivers
and
expense
reimbursements
for
the
last
fiscal
year.
Further,
the
Independent
Board
Members
noted
that
the
Small
Cap
Value
Fund’s
expense
information,
which
was
based
on
its
fiscal
year
ending
in
2021,
did
not
reflect
the
full
impact
of
a
temporary
expense
cap
that
was
implemented
for
such
Fund
in
2021.
Based
on
its
review
of
the
information
provided,
the
Board
determined
that
each
Fund’s
management
fees
(as
applicable)
to
a
Fund
Adviser
were
reasonable
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
2.
Comparisons
with
the
Fees
of
Other
Clients
In
determining
the
appropriateness
of
fees,
the
Board
also
considered
information
regarding
the
fee
rates
the
respective
Fund
Advisers
charged
to
certain
other
types
of
clients
and
the
type
of
services
provided
to
these
other
clients.
With
respect
to
the
Adviser
and/or
the
Sub-Adviser,
such
other
clients
may
include:
retail
and
institutional
managed
accounts
advised
by
the
Sub-Adviser;
hedge
funds
or
other
structured
products
managed
by
the
Sub-Adviser;
investment
companies
offered
outside
the
Nuveen
family
and
sub-advised
by
the
Sub-
Adviser;
foreign
investment
companies
offered
by
Nuveen
and
sub-advised
by
the
Sub-Adviser;
and
collective
investment
trusts
sub-advised
by
the
Sub-Adviser.
The
Board
further
noted
that
the
Adviser
also
advised,
and
the
Sub-Adviser
sub-advised,
certain
exchange-traded
funds
(“ETFs”)
sponsored
by
Nuveen.
The
Board
recognized
that
each
Fund
had
an
affiliated
sub-adviser
and,
with
respect
to
affiliated
sub-advisers,
the
Board
reviewed,
among
other
things,
the
range
of
fees
assessed
for
managed
accounts,
hedge
funds
(along
with
their
performance
fee),
foreign
investment
companies
and
ETFs
offered
by
Nuveen,
as
applicable.
The
Board
also
reviewed
the
fee
range
and
average
fee
rate
of
certain
selected
investment
strategies
offered
in
retail
and
institutional
managed
accounts
advised
by
the
Sub-Adviser,
the
hedge
funds
advised
by
the
Sub-Adviser
(along
with
their
performance
fee)
and
non-Nuveen
investment
companies
sub-advised
by
certain
affiliated
sub-advisers.
In
considering
the
fee
data
of
other
clients,
the
Board
recognized,
among
other
things,
that
differences
in
the
amount,
type
and
level
of
services
provided
to
the
Nuveen
funds
relative
to
other
types
of
clients
as
well
as
any
differences
in
portfolio
investment
policies,
the
types
of
assets
managed
and
related
complexities
in
managing
such
assets,
the
entrepreneurial
and
other
risks
associated
with
a
particular
strategy,
investor
profiles,
account
sizes
and
regulatory
requirements
will
contribute
to
the
variations
in
the
fee
schedules.
The
Board
recognized
the
breadth
of
services
the
Adviser
had
provided
to
the
Nuveen
funds
compared
to
these
other
types
of
clients
as
the
funds
operate
in
a
highly
regulated
industry
with
increasing
regulatory
requirements
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
funds.
Similarly,
with
respect
to
foreign
funds,
the
Board
recognized
that
the
differences
in
the
client
base,
governing
bodies,
distribution
jurisdiction
and
operational
complexities
would
also
contribute
to
variations
in
management
fees
of
the
Nuveen
funds
compared
to
those
of
the
foreign
funds.
Further,
with
respect
to
ETFs,
the
Board
considered
that
certain
Nuveen
ETFs
were
passively
managed
compared
to
the
active
management
of
other
Nuveen
funds
which
also
contributed
to
the
differences
in
fee
levels
between
such
Nuveen
ETFs
and
the
actively-managed
funds.
In
general,
higher
fee
levels
reflect
higher
levels
of
service
provided
by
the
Adviser,
increased
investment
management
complexity,
greater
product
management
requirements,
and
higher
levels
of
business
risk
or
some
combination
of
these
factors.
The
Board
further
considered
that
the
Sub-Adviser’s
fee
is
essentially
for
portfolio
management
services
and
therefore
more
comparable
to
the
fees
it
receives
for
retail
wrap
accounts
and
other
external
sub-
advisory
mandates.
The
Board
concluded
the
varying
levels
of
fees
were
justified
given,
among
other
things,
the
inherent
differences
in
the
products
and
the
level
of
services
provided
to
the
Nuveen
funds
versus
other
clients,
the
differing
regulatory
requirements
and
legal
liabilities
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company.
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Independent
Board
Members
considered
information
regarding
Nuveen’s
level
of
profitability
for
its
advisory
services
to
the
Nuveen
funds
for
the
calendar
years
2021
and
2020.
The
Board
reviewed,
among
other
things,
the
net
margins
(pre-tax)
for
Nuveen
Investments,
Inc.
(“Nuveen
Investments”),
the
gross
and
net
revenue
margins
(pre-
and
post-tax
and
excluding
distribution)
and
the
revenues,
expenses
and
net
income
(pre-
and
post-tax
and
before
distribution
expenses)
of
Nuveen
Investments
from
the
Nuveen
funds
only;
and
comparative
profitability
data
comparing
the
operating
margins
of
Nuveen
Investments
compared
to
the
adjusted
operating
margins
of
certain
peers
that
had
publicly
available
data
and
with
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
for
each
of
the
last
two
calendar
years.
The
Board
also
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
post-tax)
the
Adviser
derived
from
its
ETF
product
line
for
the
2021
and
2020
calendar
years.
In
reviewing
the
profitability
data,
the
Independent
Board
Members
recognized
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
dependent
on
cost
allocation
methodologies
to
allocate
corporate-wide
overhead/shared
service
expenses,
TIAA
(defined
below)
corporate-wide
overhead
expenses
and
partially
fund
related
expenses
to
the
Nuveen
complex
and
its
affiliates
and
to
further
allocate
such
expenses
between
the
Nuveen
fund
and
non-fund
businesses.
The
Independent
Board
Members
reviewed
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information,
a
summary
of
the
history
of
changes
to
the
methodology
over
the
years
from
2010
to
2021,
and
the
net
revenue
margins
derived
from
the
Nuveen
funds
(pre-tax
and
including
and
excluding
distribution)
and
total
company
margins
from
Nuveen
Investments
compared
to
the
firm-wide
adjusted
operating
margins
of
the
peers
for
each
calendar
year
from
2012
to
2021.
The
Board
had
also
appointed
four
Independent
Board
Members
to
serve
as
the
Board’s
liaisons,
with
the
assistance
of
independent
counsel,
to
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
In
its
evaluation,
the
Board,
however,
recognized
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results.
The
Independent
Board
Members
also
reviewed
a
summary
of
the
key
drivers
that
affected
Nuveen’s
revenues
and
expenses
impacting
profitability
in
2021
versus
2020.
In
reviewing
the
comparative
peer
data
noted
above,
the
Board
considered
that
the
operating
margins
of
Nuveen
Investments
compared
favorably
to
the
peer
group
range
of
operating
margins;
however,
the
Independent
Board
Members
also
recognized
the
limitations
of
the
comparative
data
given
that
peer
data
is
not
generally
public
and
the
calculation
of
profitability
is
subjective
and
affected
by
numerous
factors
(such
as
types
of
funds
a
peer
manages,
its
business
mix,
its
cost
of
capital,
the
numerous
assumptions
underlying
the
methodology
used
to
allocate
expenses
and
other
factors)
that
can
have
a
significant
impact
on
the
results.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
Aside
from
Nuveen’s
profitability,
the
Board
recognized
that
the
Adviser
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2021
and
2020
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
recognized
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility.
The
Board
also
noted
the
reinvestments
Nuveen,
its
parent
and/or
other
affiliates
made
into
its
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
Nuveen
funds
and
continued
investments
in
enhancements
to
technological
capabilities.
In
addition
to
Nuveen,
the
Independent
Board
Members
considered
the
profitability
of
the
Sub-Adviser
from
its
relationships
with
the
Nuveen
funds.
In
this
regard,
the
Independent
Board
Members
reviewed,
among
other
things,
the
Sub-Adviser’s
revenues,
expenses
and
net
revenue
margins
(pre-
and
post-tax)
for
its
advisory
activities
to
the
respective
funds
for
the
calendar
years
ended
December
31,
2021
and
December
31,
2020.
The
Independent
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
post-tax)
by
asset
type
for
the
Sub-Adviser
for
the
calendar
years
ending
December
31,
2021
and
December
31,
2020
and
the
pre-
and
post-tax
revenue
margins
from
2021
and
2020.
In
evaluating
the
reasonableness
of
the
compensation,
the
Independent
Board
Members
also
considered
any
other
ancillary
benefits
derived
by
the
respective
Fund
Adviser
from
its
relationship
with
the
Nuveen
funds
as
discussed
in
further
detail
below.
Based
on
a
consideration
of
all
the
information
provided,
the
Board
noted
that
Nuveen’s
and
the
Sub-Adviser’s
level
of
profitability
was
acceptable
and
not
unreasonable
in
light
of
the
services
provided.
D.
Economies
of
Scale
and
Whether
Fee
Levels
Reflect
These
Economies
of
Scale
The
Board
considered
whether
there
have
been
economies
of
scale
with
respect
to
the
management
of
the
Nuveen
funds
and
whether
these
economies
of
scale
have
been
appropriately
shared
with
the
funds.
The
Board
recognized
that
although
economies
of
scale
are
difficult
to
measure
and
certain
expenses
may
not
decline
with
a
rise
in
assets,
there
are
several
methods
to
help
share
the
benefits
of
economies
of
scale,
including
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
Nuveen
funds
at
scale
at
inception
and
investments
in
Nuveen’s
business
which
can
enhance
the
services
provided
to
the
funds
for
the
fees
paid.
The
Board
noted
that
Nuveen
generally
has
employed
these
various
methods,
and
the
Board
considered
the
extent
to
which
the
Nuveen
funds
will
benefit
from
economies
of
scale
as
their
assets
grow.
In
this
regard,
the
Board
recognized
that
the
management
fee
of
the
Adviser
is
generally
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
The
Board
reviewed
the
fund-level
and
complex-
level
fee
schedules.
The
Board
considered
that
the
fund-level
breakpoint
schedules
are
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows,
and
the
complex-level
breakpoint
schedule
is
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
eligible
assets
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined.
In
addition
to
the
fund-level
and
complex-level
fee
schedules,
the
Independent
Board
Members
considered
the
temporary
and/or
permanent
expense
caps
applicable
to
certain
Nuveen
funds
(including
the
amounts
of
fees
waived
or
amounts
reimbursed
to
the
respective
funds
in
2021
and
2020),
including
the
temporary
expense
caps
applicable
to
each
of
the
Funds
and
the
permanent
expense
caps
applicable
to
the
Large
Cap
Value
Fund,
Small/Mid
Cap
Value
Fund
and
Small
Cap
Value
Fund.
The
Board
recognized
that
such
waivers
and
reimbursements
applicable
to
the
respective
Nuveen
funds
are
another
means
for
potential
economies
of
scale
to
be
shared
with
shareholders
of
such
funds
and
can
provide
a
protection
from
an
increase
in
expenses
if
the
assets
of
the
applicable
funds
decline.
As
noted
above,
the
Independent
Board
Members
also
recognized
the
continued
reinvestment
in
Nuveen’s
business.
Based
on
its
review,
the
Board
concluded
that
the
current
fee
arrangements
together
with
the
reinvestment
in
Nuveen’s
business
appropriately
shared
any
economies
of
scale
with
shareholders.
E.
Indirect
Benefits
The
Independent
Board
Members
received
and
considered
information
regarding
other
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
Nuveen
funds.
The
Independent
Board
Members
recognized
that
an
affiliate
of
the
Adviser
serves
as
principal
underwriter
providing
distribution
and/or
shareholder
services
to
the
open-end
funds.
The
Independent
Board
Members
further
noted
that,
subject
to
certain
exceptions,
certain
classes
of
the
Nuveen
open-end
funds
pay
12b-1
fees
and
while
a
majority
of
such
fees
were
paid
to
third
party
financial
intermediaries,
the
Board
reviewed
the
amount
retained
by
the
Adviser’s
affiliate.
In
addition,
the
Independent
Board
Members
also
noted
that
various
sub-advisers
(including
the
Sub-Adviser)
may
engage
in
soft
dollar
transactions
pursuant
to
which
they
may
receive
the
benefit
of
research
products
and
other
services
provided
by
broker-dealers
executing
portfolio
transactions
on
behalf
of
the
applicable
Nuveen
funds.
The
Board
noted,
however,
that
the
Sub-Adviser
reimburses
the
equity
funds
that
it
sub-advises
(subject
to
certain
exceptions)
for
the
research-related
component
of
soft
dollar
commissions.
In
addition,
the
Board
noted
that
any
benefits
for
a
sub-adviser
when
transacting
in
fixed-income
securities
may
be
more
limited
as
such
securities
generally
trade
on
a
principal
basis
and
therefore
do
not
generate
brokerage
commissions.
Based
on
its
review,
the
Board
concluded
that
any
indirect
benefits
received
by
a
Fund
Adviser
as
a
result
of
its
relationship
with
the
Funds
were
reasonable
and
within
acceptable
parameters.
F.
Other
Considerations
The
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Board
Members,
including
the
Independent
Board
Members,
concluded
that
the
terms
of
each
Advisory
Agreement
were
reasonable,
that
the
respective
Fund
Adviser’s
fees
were
reasonable
in
light
of
the
services
provided
to
each
Fund
and
that
the
Advisory
Agreements
be
renewed.
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
Average
Annual
Total
Return:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Gross
Domestic
Product
(GDP):
The
total
market
value
of
all
final
goods
and
services
produced
in
a
country/region
in
a
given
year,
equal
to
total
consumer,
investment
and
government
spending,
plus
the
value
of
exports,
minus
the
value
of
imports.
Lipper
Global
Equity
Income
Funds
Classification
Average:
Represents
the
average
annualized
total
returns
for
all
reporting
funds
in
the
Lipper
Global
Equity
Income
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges.
Lipper
International
Multi-Cap
Value
Funds
Classification
Average:
Represents
the
average
annualized
total
returns
for
all
reporting
funds
in
the
Lipper
International
Multi-Cap
Value
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges.
Lipper
Multi-Cap
Value
Funds
Classification
Average:
Represents
the
average
annualized
total
returns
for
all
reporting
funds
in
the
Lipper
Multi-Cap
Value
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges.
Lipper
Small-Cap
Core
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Small-Cap
Core
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges.
MSCI
EAFE
(Europe,
Australasia,
Far
East)
Index
(Net):
An
index
designed
to
measure
the
performance
of
large
and
mid-cap
securities
across
21
of
23
developed
market
countries,
excluding
the
U.S.
and
Canada.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
MSCI
World
Value
Index
(Net):
An
index
designed
to
measure
the
performance
of
large
and
mid-cap
securities
exhibiting
overall
value
style
characteristics
across
23
developed
market
countries.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Net
Assets
Value
(NAV)
per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash
and
accrued
earnings)
less
its
total
liabilities.
For
funds
with
multiple
classes,
Net
Assets
are
determined
separately
for
each
share
class.
NAV
per
share
is
equal
to
the
fund’s
(or
share
class’)
Net
Assets
divided
by
its
number
of
shares
outstanding.
Russell
1000®
Value
Index:
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.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Russell
2000®
Value
Index:
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.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Russell
2500®
Value
Index:
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.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Russell
3000®
Value
Index:
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.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Tax
Equalization:
The
practice
of
treating
a
portion
of
the
distribution
made
to
a
redeeming
shareholder,
which
represents
his
proportionate
part
of
undistributed
net
investment
income
and
capital
gain
as
a
distribution
for
tax
purposes.
Such
amounts
are
referred
to
as
the
equalization
debits
(or
payments)
and
will
be
considered
a
distribution
to
the
shareholder
of
net
investment
income
and
capital
gain
for
calculation
of
the
fund’s
dividends
paid
deduction.
Trustees
and
Officers
(Unaudited)
The
management
of
the
Funds,
including
general
supervision
of
the
duties
performed
for
the
Funds
by
the
Adviser,
is
the
responsibility
of
the
Board
of Trustees
of
the
Funds.
The
number
of
Trustees of
the
Funds
is
currently
set
at
ten.
None
of
the Trustees
who
are
not
“interested”
persons
of
the
Funds
(referred
to
herein
as
“Independent
Trustees”)
has
ever
been
a Trustee
or
employee
of,
or
consultant
to,
Nuveen
or
its
affiliates.
The
names
and
business
addresses
of
the Trustees
and
officers
of
the
Funds,
their
principal
occupations
and
other
affiliations
during
the
past
five
years,
the
number
of
portfolios
each
oversees
and
other
directorships
they
hold
are
set
forth
below.
The
Funds’
Statement
of
Additional
Information
(“SAI”)
includes
more
information
about
the
Trustees.
To
request
a
free
copy,
call
Nuveen
Investments
at
(800)
257-8787
or
visit
the
Funds’
website
at
www.nuveen.com.
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Trustee
Independent
Trustees:
Terence
J.
Toth
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Chair
and
Trustee
2008
Formerly,
a
Co-Founding
Partner,
Promus
Capital
(investment
advisory
firm)
(2008-2017);
formerly,
Director,
Quality
Control
Corporation
(manufacturing)
(2012-2021);
Chair
of
the
Board
of
the
Kehrein
Center
for
the
Arts
(philanthropy)
(since
2021);
member:
Catalyst
Schools
of
Chicago
Board
(since
2008)
and
Mather
Foundation
Board
(philanthropy)
(since
2012),
and
chair
of
its
investment
committee;
formerly,
Member,
Chicago
Fellowship
Board
(philanthropy)
2005-2016);
formerly,
Director,
Fulcrum
IT
Services
LLC
(information
technology
services
firm
to
government
entities)
(2010-2019);
formerly,
Director,
LogicMark
LLC
(health
services)
(2012-2016);
formerly,
Director,
Legal
&
General
Investment
Management
America,
Inc.
(asset
management)
(2008-
2013);
formerly,
CEO
and
President,
Northern
Trust
Global
Investments
(financial
services)
(2004-2007);
Executive
Vice
President,
Quantitative
Management
&
Securities
Lending
(2000-2004);
prior
thereto,
various
positions
with
Northern
Trust
Company
(financial
services)
(since
1994);
formerly,
Member,
Northern
Trust
Mutual
Funds
Board
(2005-2007),
Northern
Trust
Global
Investments
Board
(2004-2007),
Northern
Trust
Japan
Board
(2004-2007),
Northern
Trust
Securities
Inc.
Board
(2003-2007)
and
Northern
Trust
Hong
Kong
Board
(1997-2004).
141
Jack
B.
Evans
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
1999
Chairman
(since
2019),
formerly,
President
(1996-2019),
The
Hall-Perrine
Foundation,
(private
philanthropic
corporation);
Life
Trustee
of
Coe
College;
formerly,
Member
and
President
Pro-Tem
of
the
Board
of
Regents
for
the
State
of
Iowa
University
System
(2007-
2013);
Director
and
Chairman
(2009-2021),
United
Fire
Group,
a
publicly
held
company;
Director,
Public
Member,
American
Board
of
Orthopaedic
Surgery
(2015-2020);
Director
(2000-2004),
Alliant
Energy;
Director
(1996-2015),
The
Gazette
Company
(media
and
publishing);
Director
(1997-
2003),
Federal
Reserve
Bank
of
Chicago;
President
and
Chief
Operating
Officer
(1972-1995),
SCI
Financial
Group,
Inc.,
(regional
financial
services
firm).
141
William
C.
Hunter
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2003
Dean
Emeritus,
formerly,
Dean,
Tippie
College
of
Business,
University
of
Iowa
(2006-2012);
Director
of
Wellmark,
Inc.
(since
2009);
past
Director
(2005-2015),
and
past
President
(2010-
2014)
Beta
Gamma
Sigma,
Inc.,
The
International
Business
Honor
Society;
formerly,
Director
(2004-2018)
of
Xerox
Corporation;
formerly,
Dean
and
Distinguished
Professor
of
Finance,
School
of
Business
at
the
University
of
Connecticut
(2003-2006);
previously,
Senior
Vice
President
and
Director
of
Research
at
the
Federal
Reserve
Bank
of
Chicago
(1995-2003);
formerly,
Director
(1997-2007),
Credit
Research
Center
at
Georgetown
University.
141
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Trustee
Amy
B.
R.
Lancellotta
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2021
Formerly,
Managing
Director,
Independent
Directors
Council
(IDC)
(supports
the
fund
independent
director
community
and
is
part
of
the
Investment
Company
Institute
(ICI),
which
represents
regulated
investment
companies)
(2006-2019);
formerly,
various
positions
with
ICI
(1989-2006);
Member
of
the
Board
of
Directors,
Jewish
Coalition
Against
Domestic
Abuse
(JCADA)
(since
2020).
141
Joanne
T.
Medero
1954
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2021
Formerly,
Managing
Director,
Government
Relations
and
Public
Policy
(2009-2020)
and
Senior
Advisor
to
the
Vice
Chairman
(2018-2020),
BlackRock,
Inc.
(global
investment
management
firm);
formerly,
Managing
Director,
Global
Head
of
Government
Relations
and
Public
Policy,
Barclays
Group
(IBIM)
(investment
banking,
investment
management
and
wealth
management
businesses)(2006-2009);
formerly,
Managing
Director,
Global
General
Counsel
and
Corporate
Secretary,
Barclays
Global
Investors
(global
investment
management
firm)
(1996-2006);
formerly,
Partner,
Orrick,
Herrington
&
Sutcliffe
LLP
(law
firm)
(1993-1995);
formerly,
General
Counsel,
Commodity
Futures
Trading
Commission
(government
agency
overseeing
U.S.
derivatives
markets)
(1989-1993);
formerly,
Deputy
Associate
Director/Associate
Director
for
Legal
and
Financial
Affairs,
Office
of
Presidential
Personnel,
The
White
House
(1986-1989);
Member
of
the
Board
of
Directors,
Baltic-American
Freedom
Foundation
(seeks
to
provide
opportunities
for
citizens
of
the
Baltic
states
to
gain
education
and
professional
development
through
exchanges
in
the
U.S.)
(since
2019).
141
Albin
F.
Moschner
1952
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2016
Founder
and
Chief
Executive
Officer,
Northcroft
Partners,
LLC,
(management
consulting)
(since
2012);
formerly,
Chairman
(2019),
and
Director
(2012-2019),
USA
Technologies,
Inc.,
(provider
of
solutions
and
services
to
facilitate
electronic
payment
transactions);
formerly,
Director,
Wintrust
Financial
Corporation
(1996-2016);
previously,
held
positions
at
Leap
Wireless
International,
Inc.
(consumer
wireless
services),
including
Consultant
(2011-2012),
Chief
Operating
Officer
(2008-2011),
and
Chief
Marketing
Officer
(2004-2008);
formerly,
President,
Verizon
Card
Services
division
of
Verizon
Communications,
Inc.
(2000-2003);
formerly,
President,
One
Point
Services
at
One
Point
Communications
(telecommunication
services)
(1999-2000);
formerly,
Vice
Chairman
of
the
Board,
Diba,
Incorporated
(internet
technology
provider)
(1996-1997);
formerly,
various
executive
positions
(1991-1996)
including
Chief
Executive
Officer
(1995-1996)
of
Zenith
Electronics
Corporation
(consumer
electronics).
141
John
K.
Nelson
1962
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2013
Member
of
Board
of
Directors
of
Core12
LLC.
(private
firm
which
develops
branding,
marketing
and
communications
strategies
for
clients)
(since
2008);
served
The
President’s
Council
of
Fordham
University
(2010-2019)
and
previously
a
Director
of
the
Curran
Center
for
Catholic
American
Studies
(2009-2018);
formerly,
senior
external
advisor
to
the
Financial
Services
practice
of
Deloitte
Consulting
LLP.
(2012-2014);
former
Chair
of
the
Board
of
Trustees
of
Marian
University
(2010-2014
as
trustee,
2011-2014
as
Chair);
formerly
Chief
Executive
Officer
of
ABN
AMRO
Bank
N.V.,
North
America,
and
Global
Head
of
the
Financial
Markets
Division
(2007-2008),
with
various
executive
leadership
roles
in
ABN
AMRO
Bank
N.V.
between
1996
and
2007.
141
Trustees
and
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Trustee
Judith
M.
Stockdale
1947
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
1997
Board
Member,
Land
Trust
Alliance
(national
public
charity
addressing
natural
land
and
water
conservation
in
the
U.S.)
(since
2013);
formerly,
Board
Member,
U.S.
Endowment
for
Forestry
and
Communities
(national
endowment
addressing
forest
health,
sustainable
forest
production
and
markets,
and
economic
health
of
forest-reliant
communities
in
the
U.S.)
(2013-2019);
formerly,
Executive
Director
(1994-2012),
Gaylord
and
Dorothy
Donnelley
Foundation
(private
foundation
endowed
to
support
both
natural
land
conservation
and
artistic
vitality);
prior
thereto,
Executive
Director,
Great
Lakes
Protection
Fund
(endowment
created
jointly
by
seven
of
the
eight
Great
Lakes
states’
Governors
to
take
a
regional
approach
to
improving
the
health
of
the
Great
Lakes)
(1990-1994).
141
Carole
E.
Stone
1947
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2007
Former
Director,
Chicago
Board
Options
Exchange
(2006-2017),
and
C2
Options
Exchange,
Incorporated
(2009-2017);
formerly,
Director,
Cboe
Global
Markets,
Inc.,
(2010-2020)
(formerly
named
CBOE
Holdings,
Inc.);
formerly,
Commissioner,
New
York
State
Commission
on
Public
Authority
Reform
(2005-2010).
141
Matthew
Thornton
III
1958
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2020
Formerly,
Executive
Vice
President
and
Chief
Operating
Officer
(2018-2019),
FedEx
Freight
Corporation,
a
subsidiary
of
FedEx
Corporation
(FedEx)
(provider
of
transportation,
e-commerce
and
business
services
through
its
portfolio
of
companies);
formerly,
Senior
Vice
President,
U.S.
Operations
(2006-2018),
Federal
Express
Corporation,
a
subsidiary
of
FedEx;
formerly
Member
of
the
Board
of
Directors
(2012-2018),
Safe
Kids
Worldwide®
(a
non-profit
organization
dedicated
to
preventing
childhood
injuries).
Member
of
the
Board
of
Directors
(since
2014),
The
Sherwin-Williams
Company
(develops,
manufactures,
distributes
and
sells
paints,
coatings
and
related
products);
Director
(since
2020),
Crown
Castle
International
(provider
of
communications
infrastructure).
141
Margaret
L.
Wolff
1955
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2016
Formerly,
member
of
the
Board
of
Directors
(2013-2017)
of
Travelers
Insurance
Company
of
Canada
and
The
Dominion
of
Canada
General
Insurance
Company
(each,
a
part
of
Travelers
Canada,
the
Canadian
operation
of
The
Travelers
Companies,
Inc.);
formerly,
Of
Counsel,
Skadden,
Arps,
Slate,
Meagher
&
Flom
LLP
(Mergers
&
Acquisitions
Group)
(legal
services)
(2005-2014);
Member
of
the
Board
of
Trustees
of
New
York-Presbyterian
Hospital
(since
2005);
Member
(since
2004),
formerly,
Chair
(2015-2022)
of
the
Board
of
Trustees
of
The
John
A.
Hartford
Foundation
(a
philanthropy
dedicated
to
improving
the
care
of
older
adults);
formerly,
Member
(2005-2015)
and
Vice
Chair
(2011-2015)
of
the
Board
of
Trustees
of
Mt.
Holyoke
College.
141
Robert
L.
Young
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2017
Formerly,
Chief
Operating
Officer
and
Director,
J.P.
Morgan
Investment
Management
Inc.
(financial
services)
(2010-2016);
formerly,
President
and
Principal
Executive
Officer
(2013-2016),
and
Senior
Vice
President
and
Chief
Operating
Officer
(2005-2010),
of
J.P.
Morgan
Funds;
formerly,
Director
and
various
officer
positions
for
J.P.
Morgan
Investment
Management
Inc.
(formerly,
JPMorgan
Funds
Management,
Inc.
and
formerly,
One
Group
Administrative
Services)
and
JPMorgan
Distribution
Services,
Inc.
(financial
services)
(formerly,
One
Group
Dealer
Services,
Inc.)
(1999-2017).
141
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Officers
of
the
Funds:
Christopher
E.
Stickrod
1976
333
W.
Wacker
Drive
Chicago,
IL
60606
Chief
Administrative
Officer
2020
Senior
Managing
Director
(since
2017)
and
Head
of
Advisory
Product
(since
2020),
formerly,
Managing
Director
(2016-2017)
and
Senior
Vice
President
(2013-
2016)
of
Nuveen;
Senior
Managing
Director
of
Nuveen
Securities,
LLC
(since
2018)
and
of
Nuveen
Fund
Advisors,
LLC
(since
2019).
Brett
E.
Black
1972
333
West
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Chief
Compliance
Officer
2022
Enterprise
Senior
Compliance
Officer
of
Nuveen
(since
2022);
formerly,
Vice
President
(2014-2022),
Chief
Compliance
Officer
(2017-2022),
Deputy
Chief
Compliance
Officer
(2014-2017)
and
Senior
Compliance
Officer
(2012-2014)
of
BMO
Funds,
Inc.;
formerly
Senior
Compliance
Officer
of
BMO
Asset
Management
Corp.
(2012-2014).
Mark
J.
Czarniecki
1979
901
Marquette
Avenue
Minneapolis,
MN
55402
Vice
President
and
Secretary
2013
Vice
President
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
(since
2016);
Managing
Director
(since
2022),
formerly,
Vice
President
(2017-2022)
and
Assistant
Secretary
(since
2017)
of
Nuveen
Fund
Advisors,
LLC;
Managing
Director
and
Associate
General
Counsel
(since
January
2022),
formerly,
Vice
President
and
Associate
General
Counsel
of
Nuveen
(2013-2021);
Managing
Director
(since
2022),
formerly,
Vice
President
(2018-2022),
Assistant
Secretary
and
Associate
General
Counsel
(since
2018)
of
Nuveen
Asset
Management,
LLC.
Diana
R.
Gonzalez
1978
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2017
Vice
President
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC
(since
2017);
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2022);
Vice
President
and
Associate
General
Counsel
of
Nuveen
(since
2017);
Associate
General
Counsel
of
Jackson
National
Asset
Management,
LLC
(2012-2017).
Nathaniel
T.
Jones
1979
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Treasurer
2016
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Senior
Vice
President
(2016-2017),
formerly,
Vice
President
(2011-
2016)
of
Nuveen;
Managing
Director
(since
2015)
of
Nuveen
Fund
Advisors,
LLC;
Chartered
Financial
Analyst.
Tina
M.
Lazar
1961
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2002
Managing
Director
(since
2017),
formerly,
Senior
Vice
President
(2014-2017)
of
Nuveen
Securities,
LLC.
Brian
J.
Lockhart
1974
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2019
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Vice
President
(2010-2017)
of
Nuveen;
Head
of
Investment
Oversight
(since
2017),
formerly,
Team
Leader
of
Manager
Oversight
(2015-2017);
Chartered
Financial
Analyst
and
Certified
Financial
Risk
Manager.
Jacques
M.
Longerstaey
1963
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
2019
Senior
Managing
Director,
Chief
Risk
Officer,
Nuveen,
LLC
(since
May
2019);
Senior
Managing
Director
(since
May
2019)
of
Nuveen
Fund
Advisors,
LLC;
formerly,
Chief
Investment
and
Model
Risk
Officer,
Wealth
&
Investment
Management
Division,
Wells
Fargo
Bank
(NA)
(2013-2019).
John
M.
McCann
1975
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2022
Managing
Director
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC
(since
2021);
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2021);
Managing
Director
of
TIAA
SMA
Strategies
LLC
(since
2021);
Managing
Director
(since
2019,
formerly,
Vice
President
and
Director),
Associate
General
Counsel
and
Assistant
Secretary
of
College
Retirement
Equities
Fund,
TIAA
Separate
Account
VA-1,
TIAA-CREF
Funds
and
TIAA-CREF
Life
Funds;
Managing
Director
(since
2018),
formerly,
Vice
President
and
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Insurance
and
Annuity
Association
of
America,
Teacher
Advisors
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Vice
President
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2011)
of
Nuveen
Alternative
Advisors
LLC;
General
Counsel
and
Assistant
Secretary
of
Covariance
Capital
Management,
Inc.
(2014-2017).
Trustees
and
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Kevin
J.
McCarthy
1966
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2007
Senior
Managing
Director
(since
2017)
and
Secretary
and
General
Counsel
(since
2016)
of
Nuveen
Investments,
Inc.,
formerly,
Executive
Vice
President
(2016-2017)
and
Managing
Director
and
Assistant
Secretary
(2008-2016);
Senior
Managing
Director
(since
2017)
and
Assistant
Secretary
(since
2008)
of
Nuveen
Securities,
LLC,
formerly
Executive
Vice
President
(2016-2017)
and
Managing
Director
(2008-2016);
Senior
Managing
Director
(since
2017)
and
Secretary
(since
2016)
of
Nuveen
Fund
Advisors,
LLC,
formerly,
Co-General
Counsel
(2011-2020),
Executive
Vice
President
(2016-2017),
Managing
Director
(2008-2016)
and
Assistant
Secretary
(2007-2016);
Senior
Managing
Director
(since
2017),
Secretary
(since
2016)
of
Nuveen
Asset
Management,
LLC,
formerly,
Associate
General
Counsel
(2011-2020),
Executive
Vice
President
(2016-2017)
and
Managing
Director
and
Assistant
Secretary
(2011-2016);
formerly
Vice
President
(2007-2021)
and
Secretary
(2016-2021),
of
NWQ
Investment
Management
Company,
LLC
and
Santa
Barbara
Asset
Management,
LLC;
Vice
President
and
Secretary
of
Winslow
Capital
Management,
LLC
(since
2010).
Senior
Managing
Director
(since
2017)
and
Secretary
(since
2016)
of
Nuveen
Alternative
Investments,
LLC.
Jon
Scott
Meissner
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2019
Managing
Director
of
Mutual
Fund
Tax
and
Financial
Reporting
groups
at
Nuveen
(since
2017);
Managing
Director
of
Nuveen
Fund
Advisors,
LLC
(since
2019);
Senior
Director
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC
(since
2016);
Senior
Director
(since
2015)
Mutual
Fund
Taxation
to
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
the
CREF
Accounts;
has
held
various
positions
with
TIAA
since
2004.
Deann
D.
Morgan
1969
730
Third
Avenue
New
York,
NY
10017
Vice
President
2020
President,
Nuveen
Fund
Advisors,
LLC
(since
2020);
Executive
Vice
President,
Global
Head
of
Product
at
Nuveen
(since
2019);
Co-Chief
Executive
Officer
of
Nuveen
Securities,
LLC
(since
2020);
Managing
Member
of
MDR
Collaboratory
LLC
(since
2018);
Managing
Director,
Head
of
Wealth
Management
Product
Structuring
&
COO
Multi
Asset
Investing.
The
Blackstone
Group
(2013-2017).
William
A.
Siffermann
1975
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2017
Managing
Director
(since
2017),
formerly
Senior
Vice
President
(2016-2017)
and
Vice
President
(2011-2016)
of
Nuveen.
E.
Scott
Wickerham
1973
730
Third
Avenue
New
York,
NY
10017
Vice
President
and
Controller
2019
Senior
Managing
Director,
Head
of
Public
Investment
Finance
at
Nuveen
(since
2019),
formerly,
Managing
Director;
Senior
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Principal
Financial
Officer,
Principal
Accounting
Officer
and
Treasurer
(since
2017)
of
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
Principal
Financial
Officer,
Principal
Accounting
Officer
(since
2020)
and
Treasurer
(since
2017)
of
the
CREF
Accounts;
formerly,
Senior
Director,
TIAA-CREF
Fund
Administration
(2014-2015);
has
held
various
positions
with
TIAA
since
2006.
Mark
L.
Winget
1968
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2008
Vice
President
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
(since
2008),
and
Nuveen
Fund
Advisors,
LLC
(since
2019);
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2020);
Vice
President
(since
2010)
and
Associate
General
Counsel
(since
2019),
formerly,
Assistant
General
Counsel
(2008-2016)
of
Nuveen.
Gifford
R.
Zimmerman
1956
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
1988
Managing
Director
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
(since
2022);
Managing
Director,
Assistant
Secretary
and
General
Counsel
(since
2022),
formerly,
Co-General
Counsel
(2011-2020)
of
Nuveen
Fund
Advisors,
LLC;
formerly,
Managing
Director
(2004-2020)
and
Assistant
Secretary
(1994-2020)
of
Nuveen
Investments,
Inc.;
Managing
Director,
Assistant
Secretary
and
Associate
General
Counsel
(since
2022)
of
Nuveen
Asset
Management,
LLC;
formerly,
Vice
President
and
Assistant
Secretary
of
NWQ
Investment
Management
Company,
LLC
(2002-2020),
Santa
Barbara
Asset
Management,
LLC
(2006-2020)
and
Winslow
Capital
Management,
LLC
(2010-2020);
Chartered
Financial
Analyst.
(1)
Trustees
serve
an
indefinite
term
until
his/her
successor
is
elected
or
appointed.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
director
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Fund
Complex.
(2)
Officers
serve
one
year
terms
through
August
of
each
year.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
officer
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Fund
Complex.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
MAN-VALUE-0622D
2329975-INV-Y-08/23
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/mutual-funds
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Carole E. Stone, Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.
Ms. Stone served for five years as Director of the New York State Division of the Budget. As part of her role as Director, Ms. Stone was actively involved in overseeing the development of the State’s operating, local assistance and capital budgets, its financial plan and related documents; overseeing the development of the State’s bond-related disclosure documents and certifying that they fairly presented the State’s financial position; reviewing audits of various State and local agencies and programs; and coordinating the State’s system of internal audit and control. Prior to serving as Director, Ms. Stone worked as a budget analyst/examiner with increasing levels of responsibility over a 30 year period, including approximately five years as Deputy Budget Director. Ms. Stone has also served as Chair of the New York State Racing Association Oversight Board, as Chair of the Public Authorities Control Board, as a Commissioner on the New York State Commission on Public Authority Reform and as a member of the Boards of Directors of several New York State public authorities. These positions have involved overseeing operations and finances of certain entities and assessing the adequacy of project/entity financing and financial reporting. Ms. Stone formerly served on the Board of Directors of CBOE Global Markets, Inc. (formerly, CBOE Holdings, Inc.), the Chicago Board Options Exchange, and the C2 Options Exchange. Ms. Stone’s position on the boards of these entities and as a member of both CBOE Holdings’ Audit Committee and its Finance Committee involved, among other things, the oversight of audits, audit plans and preparation of financial statements.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.
Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).
Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The following tables show the amount of fees that PricewaterhouseCoopers the Funds’ auditor, billed to the Funds’ during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
| | | | | | | | | | | | | | | | |
Fiscal Year Ended June 30, 2022 | | Audit Fees Billed
to Funds1 | | | Audit-Related Fees
Billed to Funds2 | | | Tax Fees Billed
to Funds3 | | | All Other Fees
Billed to Funds4 | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen Global Equity Income Fund | | | 35,975 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Multi Cap Value Fund | | | 16,375 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Small Cap Value Opportunities Fund | | | 16,375 | | | | 0 | | | | 2,600 | | | | 0 | |
Nuveen Large Cap Value Fund | | | 16,375 | | | | 0 | | | | 2,600 | | | | 0 | |
Nuveen Small/Mid Cap Value Fund | | | 16,375 | | | | 0 | | | | 1,725 | | | | 0 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 101,475 | | | $ | 0 | | | $ | 6,925 | | | $ | 0 | |
| 1 | | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 | | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
| | | | | | | | | | | | | | | | |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit Fees Billed
to Funds | | | Audit-Related Fees
Billed to Funds | | | Tax Fees
Billed to Funds | | | All Other Fees
Billed to Funds | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen Global Equity Income Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Multi Cap Value Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Small Cap Value Opportunities Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Large Cap Value Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Small/Mid Cap Value Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
| | | | |
June 30, 2021 | | Audit Fees Billed
to Funds1 | | | Audit-Related Fees
Billed to Funds2 | | | Tax Fees
Billed to Funds3 | | | All Other Fees
Billed to Funds4 | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen Global Equity Income Fund | | | 30,875 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Multi Cap Value Fund | | | 15,265 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Small Cap Value Opportunities Fund | | | 15,840 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Large Cap Value Fund | | | 15,105 | | | | 0 | | | | 2,500 | | | | 0 | |
Nuveen Small/Mid Cap Value Fund | | | 15,150 | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 92,235 | | | $ | 0 | | | $ | 2,500 | | | $ | 0 | |
| 1 | | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 | | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
| | | | | | | | | | | | | | | | |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit Fees Billed
to Funds | | | Audit-Related Fees
Billed to Funds | | | Tax Fees
Billed to Funds | | | All Other Fees
Billed to Funds | |
| Fund Name | | | | | | | | | | | | | | | | |
Nuveen Global Equity Income Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Multi Cap Value Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Small Cap Value Opportunities Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Large Cap Value Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Small/Mid Cap Value Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
| | | | | | | | | | | | |
Fiscal Year Ended June 30, 2022 | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers | | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
Nuveen MultiState Trust I | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers | | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
| | | 0 | % | | | 0 | % | | | 0 | % |
| | | |
Fiscal Year Ended June 30, 2021 | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers | | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
Nuveen MultiState Trust I | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers | | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
| | | 0 | % | | | 0 | % | | | 0 | % |
| | | | | | | | | | | | | | | | |
Fiscal Year Ended June 30, 2022 | | Total Non-Audit Fees
Billed to Trust | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (engagements
related directly to the
operations and financial
reporting of the Trust) | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements) | | | Total | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen Global Equity Income Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Multi Cap Value Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Small Cap Value Opportunities Fund | | | 2,600 | | | | 0 | | | | 0 | | | | 2,600 | |
Nuveen Large Cap Value Fund | | | 2,600 | | | | 0 | | | | 0 | | | | 2,600 | |
Nuveen Small/Mid Cap Value Fund | | | 1,725 | | | | 0 | | | | 0 | | | | 1,725 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 6,925 | | | $ | 0 | | | $ | 0 | | | $ | 6,925 | |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
| | | | | | | | | | | | | | | | |
Fiscal Year Ended June 30, 2021 | | Total Non-Audit Fees
Billed to Trust | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (engagements
related directly to the
operations and financial
reporting of the Trust) | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements) | | | Total | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen Global Equity Income Fund | | | — | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Multi Cap Value Fund | | | — | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Small Cap Value Opportunities Fund | | | — | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Large Cap Value Fund | | | 2,500 | | | | 0 | | | | 0 | | | | 2,500 | |
Nuveen Small/Mid Cap Value Fund | | | — | | | | 0 | | | | 0 | | | | 0 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 2,500 | | | $ | 0 | | | $ | 0 | | | $ | 2,500 | |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to this registrant.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| a) | | See Portfolio of Investments in Item 1. |
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
| ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to this registrant.
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.
| ITEM 11. | CONTROLS AND PROCEDURES. |
| | (a) | | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| | (b) | | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
File the exhibits listed below as part of this Form.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Investment Trust
| | |
| By (Signature and Title) | | /s/ Mark J. Czarniecki |
| | Mark J. Czarniecki |
| | Vice President and Secretary |
Date: September 6, 2022
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
| By (Signature and Title) | | /s/ Christopher E. Stickrod |
| | Christopher E. Stickrod |
| | Chief Administrative Officer |
| | (principal executive officer) |
Date: September 6, 2022
| | |
| By (Signature and Title) | | /s/ E. Scott Wickerham |
| | E. Scott Wickerham |
| | Vice President and Controller |
| | (principal financial officer) |
Date: September 6, 2022
