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 811-05309
Nuveen Investment Funds, Inc.
(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: October 31
Date of reporting period: April 30, 2024
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. |
This
semi-annual
report
contains
the
Funds'
unaudited financial
statements.
Effective
May
1,
2024,
the
Mid
Cap
Value
Fund
changed
its
name
to
the
Mid
Cap
Value
1
Fund,
and
all
references
to
the
former
name
in
this
report
have
changed.
Refer
to
Important
Notices
in
this
report
for
more
information.
Fund
Name
Class
A
Class
C
Class
R6
Class
I
Nuveen
Dividend
Value
Fund
FFEIX
FFECX
FFEFX
FAQIX
Nuveen
Large
Cap
Select
Fund
FLRAX
FLYCX
—
FLRYX
Nuveen
Mid
Cap
Growth
Opportunities
Fund
FRSLX
—
FMEFX
FISGX
Nuveen
Mid
Cap
Value
1
Fund
FASEX
FACSX
FMVQX
FSEIX
Nuveen
Small
Cap
Growth
Opportunities
Fund
FRMPX
—
FMPFX
FIMPX
Nuveen
Small
Cap
Select
Fund
EMGRX
—
ASEFX
ARSTX
Nuveen
Small
Cap
Value
Fund
FSCAX
FSCVX
FSCWX
FSCCX
Important
Notices
3
Risk
Considerations
4
About
the
Funds’
Benchmarks
5
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
7
Expense
Examples
22
Portfolios
of
Investments
25
Statement
of
Assets
and
Liabilities
50
Statement
of
Operations
54
Statement
of
Changes
in
Net
Assets
56
Financial
Highlights
60
Notes
to
Financial
Statements
74
Shareholder
Meeting
Report
88
Additional
Fund
Information
89
Glossary
of
Terms
Used
in
this
Report
90
Liquidity
Risk
Management
Program
91
Annual
Investment
Management
Agreement
Approval
Process
92
Portfolio
Manager
Commentaries
in
Semi-annual
Shareholder
Reports
The
Funds
include
portfolio
manager
commentary
in
their
annual
shareholder
reports.
For
the
Funds’
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
each
Fund’s
October
31,
2023
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen
.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
section
within
this
report.
Securities
and
Exchange
Commission
(the
“SEC”)
Adopts
Amendments
for
Tailored
Shareholder
Reports
On
October
26,
2022,
the
SEC
adopted
rule
and
form
amendments
(the
“Amendments”)
that
require
mutual
funds
and
exchange-
traded
funds
registered
on
Form
N-1A
to
provide
shareholders
with
streamlined
annual
and
semi-annual
shareholder
reports
(“Tailored
Shareholder
Reports”). The
Amendments
require
funds
to
prepare
a
separate
Tailored
Shareholder
Report
for
each
share
class
of
each
series
of
a
fund.
As
a
result,
shareholders
will
receive
a
report
that
covers
only
the
class
of
a
multi-class
fund
in
which
the
shareholder
invests.
Tailored
Shareholder
Reports
are
meant
to
be
three
to
four
pages
in
length
and
will
highlight
key
information
such
as
a
fund’s
expenses,
performance
and
portfolio
holdings.
Other,
more
detailed
information
that
currently
appears
in
fund
shareholder
reports
will
be
made
available
online,
filed
with
the
SEC,
and
delivered
to
investors
free
of
charge
in
paper
or
electronically
upon
request.
The
first
Tailored
Shareholder
Reports
to
be
prepared
for
these
Funds
will
be
for
the
reporting
period
ended
October
31,
2024.
Management
Fees
As
of
May
1,
2024,
each
Fund’s
overall
complex-level
fee
begins
at
a
maximum
rate
of
0.1600%
of
each
Fund’s
average
daily
net
assets,
with
breakpoints
for
eligible
complex-level
assets
above
$124.3
billion.
Therefore,
the
maximum
management
fee
rate
for
each
Fund
is
the
fund-level
fee
listed
within
this
report
plus
0.1600%.
Refer
to
the
Notes
to
Financial
Statements
within
this
report
for
further
details
on
the
Funds’
management
fees.
Nuveen
Mid
Cap
Value
1
Fund
–
Name
Change
In
January
2024,
the
Fund’s
Board
of
Trustees
approved
a
change
in
the
Fund’s
name
to
Nuveen
Mid
Cap
Value
1
Fund
from
Nuveen
Mid
Cap
Value
Fund
effective
May
1,
2024.
The
Fund
is
referenced
by
its
new
name
throughout
this
report.
Refer
to
the
Fund’s
supplemented
prospectus
dated
May
6,
2024
for
further
information.
There
were
no
changes
to
the
investment
objectives,
principal
investment
strategies,
principal
investment
risks
or
portfolio
management
of
the
Fund
in connection
with
this
name
change.
Risk
Considerations
Nuveen
Dividend
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.
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
Large
Cap
Select
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
Equity
investments,
such
as
those
held
by
the
Fund,
are
subject
to
market
risk,
derivatives
risk,
and
common
stock
risk.
Foreign
investments
involve
additional
risks
including
currency
fluctuations,
political
and
economic
instability,
and
lack
of
liquidity.
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
Mid
Cap
Growth
Opportunities
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
that
the
Fund’s
investment
objectives
will
be
achieved.
Prices
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Investments
in
mid-cap
companies
are
subject
to
greater
volatility
than
those
of
larger
companies,
but
may
be
less
volatile
than
investments
in
smaller
companies.
These
and
other
risk
considerations,
such
as
derivatives,
investment
focus
(growth
style),
and
non-U.S./emerging
markets
risks,
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
Mid
Cap
Value
1
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
mid-cap
companies
are
subject
to
greater
volatility
than
those
of
larger
companies,
but
may
be
less
volatile
than
investments
in
smaller
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
derivatives
risk,
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
Small
Cap
Growth
Opportunities
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
that
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.
These
and
other
risk
considerations,
such
as
derivatives,
investment
focus
(growth
style),
and
non-U.S./emerging
markets
risks,
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
Small
Cap
Select
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
derivatives
and
growth
stock
risks,
are
described
in
the
Fund’s
prospectus.
Nuveen
Small
Cap
Value
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Prices
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Investments
in
smaller
companies
are
subject
to
greater
volatility
than
those
of
larger
companies.
Non-U.S.
investments
involve
risks
such
as
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
These
risks
are
magnified
in
emerging
markets.
These
and
other
risk
considerations,
such
as
derivatives
risk,
are
described
in
detail
in
the
Fund’s
prospectus.
Lipper
Equity
Income
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
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
Large-Cap
Core
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Large-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.
Lipper
Mid-Cap
Growth
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Mid-Cap
Growth
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
Mid-Cap
Value
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Mid-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.
Lipper
Small-Cap
Growth
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Small-Cap
Growth
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
Value
Funds
Classification
Average:
Represents
the
average
annualized
total
return
for
all
reporting
funds
in
the
Lipper
Small-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.
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®
Index:
An
index
designed
to
measure
the
performance
of
the
small-cap
segment
of
the
U.S.
equity
universe.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Russell
2000®
Growth
Index:
An
index
designed
to
measure
the
performance
of
those
Russell
2000®
companies
with
higher
price-to-book
ratios
and
higher
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
Midcap®
Growth
Index:
An
index
designed
to
measure
the
performance
of
the
mid-cap
growth
segment
of
the
U.S.
equity
universe,
and
includes
those
Russell
Midcap®
Index
companies
with
higher
price-to-book
ratios
and
higher
forecasted
growth
values.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Russell
Midcap®
Value
Index:
An
index
designed
to
measure
the
performance
of
the
mid-cap
value
segment
of
the
U.S.
equity
universe,
and
includes
those
Russell
Midcap®
Index
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.
About
the
Funds’
Benchmarks
(continued)
S&P
500®
Index:
An
index
generally
considered
representative
of
the
U.S.
equity
market.
The
index
includes
500
leading
companies
and
covers
approximately
80%
of
available
market
capitalization.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
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
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.
Holdings
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
Dividend
Value
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
April
30,
2024
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
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
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
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,
2025
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
0.74%
of
the
average
daily
net
assets
of
any
class
of
Fund
Shares.
However,
because
Class
R6
Shares
are
not
subject
to
sub-transfer
agent
and
similar
fees,
the
total
annual
operating
expenses
for
the
Class
R6
Shares
will
be
less
than
the
expense
limitation.
This
expense
limitation
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of Directors
of
the
Fund.
Total
Returns
as
of
April
30,
2024**
Cumulative
Average
Annual
Expense
Ratios
***
Inception
Date
6-Month
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
12/18/92
18.64%
16.21%
7.52%
7.65%
1.00%
0.96%
Class
A
at
maximum
Offering
Price
12/18/92
11.80%
9.52%
6.25%
7.01%
—
—
Russell
1000®
Value
Index
—
18.42%
13.42%
8.60%
8.43%
—
—
Lipper
Equity
Income
Funds
Classification
Average
—
16.77%
12.85%
8.75%
8.32%
—
—
Class
C
at
NAV
2/01/99
18.18%
15.25%
6.72%
7.00%
1.75%
1.71%
Class
C
at
maximum
Offering
Price
2/01/99
17.18%
15.25%
6.72%
7.00%
—
—
Class
R6
2/28/13
18.75%
16.52%
7.91%
8.03%
0.65%
0.61%
Class
I
8/02/94
18.72%
16.40%
7.79%
7.91%
0.75%
0.71%
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.5
%
Repurchase
Agreements
0
.6
%
Other
Assets
&
Liabilities,
Net
(0.1)%
Net
Assets
100
%
Portfolio
Composition
(%
of
net
assets)
Capital
Goods
14.7%
Energy
8.5%
Health
Care
Equipment
&
Services
8.2%
Utilities
8.2%
Insurance
7.1%
Software
&
Services
6.8%
Semiconductors
&
Semiconductor
Equipment
6.0%
Financial
Services
5.5%
Equity
Real
Estate
Investment
Trusts
(REITs)
5.4%
Food,
Beverage
&
Tobacco
5.1%
Banks
4.2%
Media
&
Entertainment
3.9%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
3.5%
Technology
Hardware
&
Equipment
3.1%
Consumer
Services
2.5%
Materials
2.4%
Telecommunication
Services
2.3%
Transportation
1.2%
Commercial
&
Professional
Services
0.9%
Repurchase
Agreements
0.6%
Other
Assets
&
Liabilities,
Net
(0.1)%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Cigna
Group/The
2.5%
ConocoPhillips
2.5%
Merck
&
Co
Inc
2.5%
NextEra
Energy
Inc
2.4%
Philip
Morris
International
Inc
2.4%
Nuveen
Large
Cap
Select
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
April
30,
2024
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
S&P
500®
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
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
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,
2025
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
0.80%
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 Directors
of
the
Fund.
Total
Returns
as
of
April
30,
2024**
Cumulative
Average
Annual
Expense
Ratios
***
Inception
Date
6-Month
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
1/31/03
24.49%
28.07%
12.19%
11.81%
1.37%
1.05%
Class
A
at
maximum
Offering
Price
1/31/03
17.34%
20.70%
10.87%
11.15%
—
—
S&P
500®
Index
—
20.98%
22.66%
13.19%
12.41%
—
—
Lipper
Large-Cap
Core
Funds
Classification
Average
—
20.79%
22.20%
12.24%
11.40%
—
—
Class
C
at
NAV
1/31/03
24.04%
27.12%
11.35%
11.14%
2.12%
1.80%
Class
C
at
maximum
Offering
Price
1/31/03
23.04%
27.12%
11.35%
11.14%
—
—
Class
I
1/31/03
24.67%
28.45%
12.47%
12.09%
1.12%
0.80%
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.8
%
Repurchase
Agreements
0
.8
%
Other
Assets
&
Liabilities,
Net
(0.6)%
Net
Assets
100
%
Portfolio
Composition
1
(%
of
net
assets)
Software
&
Services
14.0%
Capital
Goods
11.9%
Semiconductors
&
Semiconductor
Equipment
11.6%
Media
&
Entertainment
10.0%
Financial
Services
9.2%
Health
Care
Equipment
&
Services
7.2%
Consumer
Discretionary
Distribution
&
Retail
5.1%
Utilities
4.8%
Technology
Hardware
&
Equipment
4.3%
Energy
3.9%
Insurance
3.4%
Food,
Beverage
&
Tobacco
3.2%
Banks
2.5%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
2.3%
Telecommunication
Services
1.7%
Equity
Real
Estate
Investment
Trusts
(REITs)
1.2%
Consumer
Services
1.1%
Materials
0.8%
Commercial
&
Professional
Services
0.8%
Other
0.8%
Repurchase
Agreements
0.8%
Other
Assets
&
Liabilities,
Net
(0.6)%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Microsoft
Corp
8.0%
Alphabet
Inc,
Class
C
5.2%
Amazon.com
Inc
5.1%
NVIDIA
Corp
4.9%
Meta
Platforms
Inc
3.4%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
Nuveen
Mid
Cap
Growth
Opportunities
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
April
30,
2024
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
Midcap®
Growth
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
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,
2025
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
0.92%
of
the
average
daily
net
assets
of
any
class
of
Fund
Shares.
However,
because
Class
R6
Shares
are
not
subject
to
sub-transfer
agent
and
similar
fees,
the
total
annual
operating
expenses
for
the
Class
R6
Shares
will
be
less
than
the
expense
limitation.
This
expense
limitation
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of Directors
of
the
Fund.
Total
Returns
as
of
April
30,
2024**
Cumulative
Average
Annual
Expense
Ratios
***
Inception
Date
6-Month
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
1/09/95
23.27%
16.62%
6.90%
8.23%
1.25%
1.17%
Class
A
at
maximum
Offering
Price
1/09/95
16.17%
9.89%
5.64%
7.59%
—
—
Russell
Midcap®
Growth
Index
—
24.49%
20.70%
9.52%
10.85%
—
—
Lipper
Mid-Cap
Growth
Funds
Classification
Average
—
22.40%
16.90%
7.98%
9.70%
—
—
Class
R6
2/28/13
23.51%
16.91%
7.26%
8.62%
0.91%
0.83%
Class
I
12/28/89
23.46%
16.89%
7.16%
8.50%
1.00%
0.92%
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
98
.8
%
Investments
Purchased
with
Collateral
from
Securities
Lending
0
.2
%
Repurchase
Agreements
0
.7
%
Other
Assets
&
Liabilities,
Net
0.3%
Net
Assets
100
%
Portfolio
Composition
(%
of
net
assets)
Software
&
Services
21.2%
Capital
Goods
13.9%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
9.8%
Health
Care
Equipment
&
Services
9.4%
Consumer
Services
8.8%
Financial
Services
8.1%
Commercial
&
Professional
Services
7.4%
Energy
4.3%
Semiconductors
&
Semiconductor
Equipment
3.9%
Materials
2.9%
Consumer
Discretionary
Distribution
&
Retail
1.8%
Consumer
Durables
&
Apparel
1.5%
Food,
Beverage
&
Tobacco
1.3%
Insurance
1.3%
Technology
Hardware
&
Equipment
1.1%
Transportation
1.1%
Household
&
Personal
Products
1.0%
Repurchase
Agreements
0.7%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.2%
Other
Assets
&
Liabilities,
Net
0.3%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Crowdstrike
Holdings
Inc,
Class
A
3.1%
Yum!
Brands
Inc
2.9%
Ameriprise
Financial
Inc
2.6%
Dexcom
Inc
2.6%
Datadog
Inc,
Class
A
2.4%
Nuveen
Mid
Cap
Value
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
April
30,
2024
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
Midcap®
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
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
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
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,
2025
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
0.92%
of
the
average
daily
net
assets
of
any
class
of
Fund
Shares.
However,
because
Class
R6
Shares
are
not
subject
to
sub-transfer
agent
and
similar
fees,
the
total
annual
operating
expenses
for
the
Class
R6
Shares
will
be
less
than
the
expense
limitation.
This
expense
limitation
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of Directors
of
the
Fund.
Total
Returns
as
of
April
30,
2024**
Cumulative
Average
Annual
Expense
Ratios
***
Inception
Date
6-Month
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
12/22/87
16.34%
14.46%
9.38%
8.60%
1.25%
1.16%
Class
A
at
maximum
Offering
Price
12/22/87
9.65%
7.87%
8.09%
7.96%
—
—
Russell
Midcap®
Value
Index
—
20.97%
14.09%
8.06%
7.94%
—
—
Lipper
Mid-Cap
Value
Funds
Classification
Average
—
18.49%
13.64%
8.23%
7.45%
—
—
Class
C
at
NAV
2/01/99
15.92%
13.61%
8.56%
7.95%
2.00%
1.91%
Class
C
at
maximum
Offering
Price
2/01/99
14.92%
13.61%
8.56%
7.95%
—
—
Class
I
2/04/94
16.50%
14.75%
9.65%
8.88%
1.00%
0.91%
Total
Returns
as
of
April
30,
2024**
Cumulative
Average
Annual
Expense
Ratios***
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Gross
Net
Class
R6
6/20/18
16.56%
14.91%
9.80%
7.85%
0.85%
0.76%
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
98
.9
%
Investments
Purchased
with
Collateral
from
Securities
Lending
0
.0
%
Repurchase
Agreements
1
.2
%
Other
Assets
&
Liabilities,
Net
(0.1)%
Net
Assets
100
%
Portfolio
Composition
(%
of
net
assets)
Capital
Goods
19.7%
Equity
Real
Estate
Investment
Trusts
(REITs)
9.2%
Financial
Services
8.9%
Utilities
6.4%
Materials
6.4%
Energy
6.4%
Consumer
Durables
&
Apparel
5.8%
Insurance
5.8%
Technology
Hardware
&
Equipment
5.6%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
4.9%
Software
&
Services
3.2%
Banks
3.1%
Consumer
Services
2.6%
Health
Care
Equipment
&
Services
2.5%
Semiconductors
&
Semiconductor
Equipment
2.2%
Transportation
1.5%
Consumer
Discretionary
Distribution
&
Retail
1.2%
Media
&
Entertainment
1.2%
Food,
Beverage
&
Tobacco
1.2%
Household
&
Personal
Products
1.1%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.0%
Repurchase
Agreements
1.2%
Other
Assets
&
Liabilities,
Net
(0.1)%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Carrier
Global
Corp
2.3%
Owens
Corning
2.3%
Parker-Hannifin
Corp
2.3%
Reinsurance
Group
of
America
Inc
2.1%
Arch
Capital
Group
Ltd
2.1%
Nuveen
Small
Cap
Growth
Opportunities
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
April
30,
2024
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
2000®
Growth
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
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,
2025
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%
of
the
average
daily
net
assets
of
any
class
of
Fund
Shares.
However,
because
Class
R6
Shares
are
not
subject
to
sub-transfer
agent
and
similar
fees,
the
total
annual
operating
expenses
for
the
Class
R6
Shares
will
be
less
than
the
expense
limitation.
This
expense
limitation
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of Directors
of
the
Fund.
Total
Returns
as
of
April
30,
2024**
Cumulative
Average
Annual
Expense
Ratios
***
Inception
Date
6-Month
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
8/01/95
23.56%
17.61%
9.21%
9.27%
1.36%
1.23%
Class
A
at
maximum
Offering
Price
8/01/95
16.44%
10.83%
7.92%
8.63%
—
—
Russell
2000®
Growth
Index
—
21.31%
12.39%
5.04%
7.60%
—
—
Lipper
Small-Cap
Growth
Funds
Classification
Average
—
21.57%
12.90%
6.64%
8.65%
—
—
Class
I
8/01/95
23.73%
17.93%
9.49%
9.54%
1.11%
0.98%
Total
Returns
as
of
April
30,
2024**
Cumulative
Average
Annual
Expense
Ratios***
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Gross
Net
Class
R6
6/30/16
23.76%
18.08%
9.71%
12.16%
0.96%
0.83%
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99
.2
%
Investments
Purchased
with
Collateral
from
Securities
Lending
0
.0
%
Repurchase
Agreements
0
.8
%
Other
Assets
&
Liabilities,
Net
0.0%
Net
Assets
100
%
Portfolio
Composition
1
(%
of
net
assets)
Health
Care
Equipment
&
Services
15.8%
Capital
Goods
15.1%
Software
&
Services
14.1%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
6.4%
Commercial
&
Professional
Services
5.7%
Semiconductors
&
Semiconductor
Equipment
5.3%
Energy
5.1%
Consumer
Services
4.6%
Technology
Hardware
&
Equipment
4.1%
Financial
Services
4.0%
Consumer
Discretionary
Distribution
&
Retail
3.5%
Household
&
Personal
Products
2.5%
Equity
Real
Estate
Investment
Trusts
(REITs)
2.2%
Materials
2.2%
Banks
2.1%
Media
&
Entertainment
1.9%
Insurance
1.6%
Automobiles
&
Components
1.2%
Consumer
Durables
&
Apparel
1.1%
Other
0.7%
Repurchase
Agreements
0.8%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.0%
Other
Assets
&
Liabilities,
Net
0.0%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Super
Micro
Computer
Inc
3.6%
Onto
Innovation
Inc
2.1%
Permian
Resources
Corp
2.0%
Envestnet
Inc
2.0%
Q2
Holdings
Inc
1.9%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
Nuveen
Small
Cap
Select
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
April
30,
2024
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
2000®
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
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,
2025
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%
of
the
average
daily
net
assets
of
any
class
of
Fund
Shares.
However,
because
Class
R6
Shares
are
not
subject
to
sub-transfer
agent
and
similar
fees,
the
total
annual
operating
expenses
for
the
Class
R6
Shares
will
be
less
than
the
expense
limitation.
This
expense
limitation
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of Directors
of
the
Fund.
Total
Returns
as
of
April
30,
2024**
Cumulative
Average
Annual
Expense
Ratios
***
Inception
Date
6-Month
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
5/06/92
21.87%
18.53%
8.58%
8.64%
1.41%
1.24%
Class
A
at
maximum
Offering
Price
5/06/92
14.82%
11.72%
7.30%
8.00%
—
—
Russell
2000®
Index
—
19.66%
13.32%
5.83%
7.22%
—
—
Lipper
Small-Cap
Core
Funds
Classification
Average
—
18.83%
13.98%
7.15%
7.17%
—
—
Class
I
5/06/92
22.04%
18.87%
8.85%
8.92%
1.16%
0.99%
Total
Returns
as
of
April
30,
2024**
Cumulative
Average
Annual
Expense
Ratios***
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Gross
Net
Class
R6
2/28/18
22.12%
19.07%
8.99%
8.44%
1.03%
0.86%
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
98
.0
%
Exchange-Traded
Funds
1
.3
%
Investments
Purchased
with
Collateral
from
Securities
Lending
1
.4
%
Repurchase
Agreements
0
.4
%
Other
Assets
&
Liabilities,
Net
(1.1)%
Net
Assets
100
%
Portfolio
Composition
(%
of
net
assets)
Capital
Goods
13.3%
Health
Care
Equipment
&
Services
10.4%
Software
&
Services
9.0%
Banks
7.4%
Energy
7.0%
Financial
Services
6.5%
Semiconductors
&
Semiconductor
Equipment
6.1%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
5.2%
Commercial
&
Professional
Services
3.9%
Materials
3.7%
Equity
Real
Estate
Investment
Trusts
(REITs)
3.4%
Consumer
Discretionary
Distribution
&
Retail
3.2%
Technology
Hardware
&
Equipment
2.5%
Automobiles
&
Components
2.4%
Consumer
Durables
&
Apparel
2.4%
Transportation
2.3%
Utilities
2.3%
Media
&
Entertainment
1.8%
Food,
Beverage
&
Tobacco
1.7%
Consumer
Services
1.7%
Exchange-Traded
Funds
1.3%
Household
&
Personal
Products
1.0%
Insurance
0.8%
Investments
Purchased
with
Collateral
from
Securities
Lending
1.4%
Repurchase
Agreements
0.4%
Other
Assets
&
Liabilities,
Net
(1.1)%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Permian
Resources
Corp
2.3%
Wintrust
Financial
Corp
2.2%
Northern
Oil
&
Gas
Inc
2.1%
Evercore
Inc,
Class
A
2.0%
Piper
Sandler
Cos
1.8%
Nuveen
Small
Cap
Value
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
April
30,
2024
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
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
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
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
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,
2025
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%
of
the
average
daily
net
assets
of
any
class
of
Fund
Shares.
However,
because
Class
R6
Shares
are
not
subject
to
sub-transfer
agent
and
similar
fees,
the
total
annual
operating
expenses
for
the
Class
R6
Shares
will
be
less
than
the
expense
limitation.
This
expense
limitation
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of Directors
of
the
Fund.
Total
Returns
as
of
April
30,
2024**
Cumulative
Average
Annual
Expense
Ratios
***
Inception
Date
6-Month
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
8/01/94
17.06%
14.15%
4.48%
5.65%
1.28%
1.21%
Class
A
at
maximum
Offering
Price
8/01/94
10.32%
7.61%
3.25%
5.02%
—
—
Russell
2000®
Value
Index
—
18.09%
14.03%
5.96%
6.45%
—
—
Lipper
Small-Cap
Value
Funds
Classification
Average
—
17.96%
16.42%
8.48%
6.75%
—
—
Class
C
at
NAV
2/01/99
16.62%
13.30%
3.70%
5.01%
2.03%
1.96%
Class
C
at
maximum
Offering
Price
2/01/99
15.62%
13.30%
3.70%
5.01%
—
—
Class
I
8/01/94
17.20%
14.43%
4.74%
5.90%
1.03%
0.96%
Total
Returns
as
of
April
30,
2024**
Cumulative
Average
Annual
Expense
Ratios***
Inception
Date
6-Month
1-Year
5-Year
Since
Inception
Gross
Net
Class
R6
6/30/16
17.28%
14.62%
4.92%
5.85%
0.87%
0.80%
Holdings
Summaries
as
of
April
30,
2024
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99.7%
Repurchase
Agreements
0.7%
Other
Assets
&
Liabilities,
Net
(0.4)%
Net
Assets
100%
Portfolio
Composition
(%
of
net
assets)
Banks
14.6%
Energy
10.0%
Capital
Goods
8.6%
Financial
Services
8.0%
Equity
Real
Estate
Investment
Trusts
(REITs)
7.3%
Materials
6.8%
Consumer
Durables
&
Apparel
5.3%
Commercial
&
Professional
Services
4.7%
Health
Care
Equipment
&
Services
4.6%
Utilities
4.4%
Technology
Hardware
&
Equipment
4.0%
Insurance
3.8%
Software
&
Services
3.2%
Pharmaceuticals,
Biotechnology
&
Life
Sciences
2.8%
Consumer
Services
2.8%
Food,
Beverage
&
Tobacco
1.7%
Semiconductors
&
Semiconductor
Equipment
1.6%
Media
&
Entertainment
1.5%
Consumer
Discretionary
Distribution
&
Retail
1.3%
Transportation
1.0%
Automobiles
&
Components
0.9%
Real
Estate
Management
&
Development
0.8%
Repurchase
Agreements
0.7%
Other
Assets
&
Liabilities,
Net
(0.4)%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Permian
Resources
Corp
2.3%
Northern
Oil
&
Gas
Inc
1.9%
Piper
Sandler
Cos
1.9%
Stifel
Financial
Corp
1.8%
Knife
River
Corp
1.7%
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
April
30,
2024.
The
beginning
of
the
period
is
November
1,
2023.
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
Dividend
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
$
1,186.40
$
1,181.80
$
1,187.50
$
1,187.20
Expenses
Incurred
During
the
Period
$
5.22
$
9.28
$
3.37
$
3.86
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,020.07
$
1,016.34
$
1,021.77
$
1,021.31
Expenses
Incurred
During
the
Period
$
4.82
$
8.57
$
3.12
$
3.57
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
0.96%,
1.71%,
0.62%
and
0.71%
for
Classes
A,
C,
R6
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/366
(to
reflect
the
one-half
year
period).
Nuveen
Large
Cap
Select
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
$
1,244.90
$
1,240.40
$
1,246.70
Expenses
Incurred
During
the
Period
$
5.86
$
10.03
$
4.47
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,019.64
$
1,015.91
$
1,020.89
Expenses
Incurred
During
the
Period
$
5.27
$
9.02
$
4.02
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.05%,
1.80%
and
0.80%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/366
(to
reflect
the
one-half
year
period).
Nuveen
Mid
Cap
Growth
Opportunities
Fund
Share
Class
Class
A
Class
R6
Class
I
Actual
Performance
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,232.70
$
1,235.10
$
1,234.60
Expenses
Incurred
During
the
Period
$
6.49
$
4.61
$
5.11
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,019.04
$
1,020.72
$
1,020.29
Expenses
Incurred
During
the
Period
$
5.87
$
4.17
$
4.62
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.17%,
0.83%
and
0.92%
for
Classes
A,
R6
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/366
(to
reflect
the
one-half
year
period).
Nuveen
Mid
Cap
Value
1
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
$
1,163.40
$
1,159.20
$
1,165.60
$
1,165.00
Expenses
Incurred
During
the
Period
$
6.24
$
10.25
$
4.15
$
4.90
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,019.11
$
1,015.38
$
1,021.05
$
1,020.35
Expenses
Incurred
During
the
Period
$
5.82
$
9.57
$
3.87
$
4.57
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.16%,
1.91%,
0.77%
and
0.91%
for
Classes
A,
C,
R6
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/366
(to
reflect
the
one-half
year
period).
Nuveen
Small
Cap
Growth
Opportunities
Fund
Share
Class
Class
A
Class
R6
Class
I
Actual
Performance
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,235.60
$
1,237.60
$
1,237.30
Expenses
Incurred
During
the
Period
$
6.78
$
4.67
$
5.40
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,018.78
$
1,020.70
$
1,020.02
Expenses
Incurred
During
the
Period
$
6.12
$
4.22
$
4.87
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.22%,
0.84%
and
0.97%
for
Classes
A,
R6
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/366
(to
reflect
the
one-half
year
period).
Nuveen
Small
Cap
Select
Fund
Share
Class
Class
A
Class
R6
Class
I
Actual
Performance
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,218.70
$
1,221.20
$
1,220.40
Expenses
Incurred
During
the
Period
$
6.84
$
4.80
$
5.47
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,018.70
$
1,020.56
$
1,019.94
Expenses
Incurred
During
the
Period
$
6.22
$
4.37
$
4.97
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.24%,
0.87%
and
0.99%
for
Classes
A,
R6
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/366
(to
reflect
the
one-half
year
period).
Expense
Examples
(continued)
Nuveen
Small
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
$
1,170.60
$
1,166.20
$
1,172.80
$
1,172.00
Expenses
Incurred
During
the
Period
$
6.53
$
10.56
$
4.27
$
5.18
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$
1,000.00
$
1,000.00
$
1,000.00
$
1,000.00
Ending
Account
Value
$
1,018.86
$
1,015.13
$
1,020.95
$
1,020.10
Expenses
Incurred
During
the
Period
$
6.07
$
9.82
$
3.97
$
4.82
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.21%,
1.96%,
0.79%
and
0.96%
for
Classes
A,
C,
R6
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182
/366
(to
reflect
the
one-half
year
period).
Nuveen
Dividend
Value
Fund
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.5%
X
–
COMMON
STOCKS
-
99
.5
%
X
3,060,996,063
Banks
-
4.2%
915,615
Citigroup
Inc
$
56,154,668
1,209,841
Wells
Fargo
&
Co
71,767,768
Total
Banks
127,922,436
Capital
Goods
-
14.7%
204,179
AMETEK
Inc
35,661,904
269,390
Carrier
Global
Corp
16,564,791
162,123
Eaton
Corp
PLC
51,597,266
521,931
Emerson
Electric
Co
56,253,723
105,022
Hubbell
Inc
38,912,752
256,692
ITT
Inc
33,200,543
523,310
nVent
Electric
PLC
37,714,952
91,401
Parker-Hannifin
Corp
49,805,319
189,562
Regal
Rexnord
Corp
30,589,620
101,168
Trane
Technologies
PLC
32,104,653
42,798
United
Rentals
Inc
28,588,636
251,887
Westinghouse
Air
Brake
Technologies
Corp
40,573,958
Total
Capital
Goods
451,568,117
Commercial
&
Professional
Services
-
0.9%
283,058
Veralto
Corp
26,516,873
Total
Commercial
&
Professional
Services
26,516,873
Consumer
Services
-
2.5%
161,604
Darden
Restaurants
Inc
24,791,670
176,489
(b)
Expedia
Group
Inc
23,760,714
394,147
Wyndham
Hotels
&
Resorts
Inc
28,973,746
Total
Consumer
Services
77,526,130
Energy
-
8.5%
607,294
ConocoPhillips
76,288,272
269,105
Diamondback
Energy
Inc
54,125,088
160,693
Pioneer
Natural
Resources
Co
43,277,839
732,077
Shell
PLC,
ADR
52,460,638
228,878
Valero
Energy
Corp
36,590,726
Total
Energy
262,742,563
Equity
Real
Estate
Investment
Trusts
(REITs)
-
5.4%
492,512
Crown
Castle
Inc
46,187,775
192,078
EastGroup
Properties
Inc
29,841,238
472,280
Prologis
Inc
48,196,174
1,453,087
VICI
Properties
Inc
41,485,634
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
165,710,821
Financial
Services
-
5.5%
728,750
Charles
Schwab
Corp/The
53,891,062
628,728
Fidelity
National
Information
Services
Inc
42,703,206
273,425
Intercontinental
Exchange
Inc
35,206,203
139,432
Visa
Inc,
Class
A
37,452,830
Total
Financial
Services
169,253,301
Nuveen
Dividend
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Food,
Beverage
&
Tobacco
-
5.1%
1,011,097
Kraft
Heinz
Co/The
$
39,038,455
251,372
PepsiCo
Inc
44,218,848
786,521
Philip
Morris
International
Inc
74,672,304
Total
Food,
Beverage
&
Tobacco
157,929,607
Health
Care
Equipment
&
Services
-
8.2%
229,235
Becton
Dickinson
&
Co
53,778,531
750,151
(b)
Boston
Scientific
Corp
53,913,352
214,613
Cigna
Group/The
76,625,426
130,957
Elevance
Health
Inc
69,221,251
Total
Health
Care
Equipment
&
Services
253,538,560
Insurance
-
7.1%
228,791
Allstate
Corp/The
38,908,198
753,282
American
International
Group
Inc
56,729,667
90,049
Everest
Group
Ltd
32,994,854
936,455
Fidelity
National
Financial
Inc
46,354,523
166,488
Willis
Towers
Watson
PLC
41,811,796
Total
Insurance
216,799,038
Materials
-
2.4%
598,283
DuPont
de
Nemours
Inc
43,375,518
744,044
Newmont
Corp
30,237,948
Total
Materials
73,613,466
Media
&
Entertainment
-
3.9%
179,532
(b)
Alphabet
Inc,
Class
C
29,558,148
70,469
Meta
Platforms
Inc
30,313,650
542,295
Walt
Disney
Co/The
60,248,975
Total
Media
&
Entertainment
120,120,773
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
3.5%
194,694
AbbVie
Inc
31,665,032
588,770
Merck
&
Co
Inc
76,080,860
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
107,745,892
Semiconductors
&
Semiconductor
Equipment
-
6.0%
118,887
Applied
Materials
Inc
23,616,902
41,867
Broadcom
Inc
54,438,404
38,250
Lam
Research
Corp
34,211,182
349,507
Micron
Technology
Inc
39,480,311
241,087
Taiwan
Semiconductor
Manufacturing
Co
Ltd,
Sponsored
ADR
33,110,889
Total
Semiconductors
&
Semiconductor
Equipment
184,857,688
Software
&
Services
-
6.8%
1,848,557
Gen
Digital
Inc
37,229,938
116,246
Microsoft
Corp
45,258,055
360,694
Oracle
Corp
41,028,943
91,951
Roper
Technologies
Inc
47,029,258
146,671
Salesforce
Inc
39,445,699
Total
Software
&
Services
209,991,893
Technology
Hardware
&
Equipment
-
3.1%
134,375
Dell
Technologies
Inc,
Class
C
16,748,500
2,768,689
Hewlett
Packard
Enterprise
Co
47,067,713
1,138,956
HP
Inc
31,993,274
Total
Technology
Hardware
&
Equipment
95,809,487
Shares
Description
(a)
Value
Telecommunication
Services
-
2.3%
4,152,212
AT&T
Inc
$
70,130,861
Total
Telecommunication
Services
70,130,861
Transportation
-
1.2%
730,607
Delta
Air
Lines
Inc
36,581,492
Total
Transportation
36,581,492
Utilities
-
8.2%
805,587
Alliant
Energy
Corp
40,118,233
327,156
Duke
Energy
Corp
32,146,348
1,133,770
FirstEnergy
Corp
43,468,742
1,119,463
NextEra
Energy
Inc
74,970,437
842,630
Southern
Co/The
61,933,305
Total
Utilities
252,637,065
Total
Common
Stocks
(cost
$2,529,365,324)
3,060,996,063
Total
Long-Term
Investments
(cost
$2,529,365,324)
3,060,996,063
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
0.6%
X
–
REPURCHASE
AGREEMENTS
-
0
.6
%
X
17,032,983
$
15,775
(c)
Fixed
Income
Clearing
Corporation
5.280%
5/01/24
$
15,775,000
1,258
(d)
Fixed
Income
Clearing
Corporation
1.600%
5/01/24
1,257,983
Total
Repurchase
Agreements
(cost
$17,032,983)
17,032,983
Total
Short-Term
Investments
(cost
$17,032,983)
17,032,983
Total
Investments
(cost
$
2,546,398,307
)
-
100
.1
%
3,078,029,046
Other
Assets
&
Liabilities,
Net
- (0.1)%
(
2,943,737
)
Net
Assets
-
100%
$
3,075,085,309
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.280%
dated
4/30/24
to
be
repurchased
at
$15,777,314
on
5/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.375%
and
maturity
date
5/15/40,
valued
at
$16,090,578.
(d)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.600%
dated
4/30/24
to
be
repurchased
at
$1,258,039
on
5/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.750%
and
maturity
date
8/31/26,
valued
at
$1,283,301.
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
See
Notes
to
Financial
Statements
Nuveen
Large
Cap
Select
Fund
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.8%
X
–
COMMON
STOCKS
-
99
.8
%
X
44,205,510
Banks
-
2.5%
9,339
Citigroup
Inc
$
572,761
8,894
Wells
Fargo
&
Co
527,592
Total
Banks
1,100,353
Capital
Goods
-
11.9%
2,530
AMETEK
Inc
441,890
10,357
Carrier
Global
Corp
636,852
1,880
Eaton
Corp
PLC
598,329
7,220
Emerson
Electric
Co
778,171
1,169
Hubbell
Inc
433,138
5,147
nVent
Electric
PLC
370,944
1,213
Parker-Hannifin
Corp
660,976
1,400
Trane
Technologies
PLC
444,276
586
United
Rentals
Inc
391,442
3,198
Westinghouse
Air
Brake
Technologies
Corp
515,134
Total
Capital
Goods
5,271,152
Commercial
&
Professional
Services
-
0.8%
3,815
Veralto
Corp
357,389
Total
Commercial
&
Professional
Services
357,389
Consumer
Discretionary
Distribution
&
Retail
-
5.1%
12,985
(b)
Amazon.com
Inc
2,272,375
Total
Consumer
Discretionary
Distribution
&
Retail
2,272,375
Consumer
Services
-
1.1%
3,445
(b)
Expedia
Group
Inc
463,800
Total
Consumer
Services
463,800
Consumer
Staples
Distribution
&
Retail
-
0.8%
5,060
(b)
Performance
Food
Group
Co
343,473
Total
Consumer
Staples
Distribution
&
Retail
343,473
Energy
-
3.9%
5,634
ConocoPhillips
707,743
1,491
Diamondback
Energy
Inc
299,885
16,123
Permian
Resources
Corp
270,060
2,936
Valero
Energy
Corp
469,378
Total
Energy
1,747,066
Equity
Real
Estate
Investment
Trusts
(REITs)
-
1.2%
5,005
Prologis
Inc
510,760
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
510,760
Financial
Services
-
9.2%
11,710
Charles
Schwab
Corp/The
865,954
1,347
(b)
Corpay
Inc
406,983
6,567
Fidelity
National
Information
Services
Inc
446,031
5,521
(b)
Fiserv
Inc
842,891
3,782
Intercontinental
Exchange
Inc
486,970
2,231
Mastercard
Inc,
Class
A
1,006,627
Total
Financial
Services
4,055,456
Shares
Description
(a)
Value
Food,
Beverage
&
Tobacco
-
3.2%
3,886
PepsiCo
Inc
$
683,586
7,851
Philip
Morris
International
Inc
745,374
Total
Food,
Beverage
&
Tobacco
1,428,960
Health
Care
Equipment
&
Services
-
7.2%
3,109
Becton
Dickinson
&
Co
729,371
11,382
(b)
Boston
Scientific
Corp
818,024
2,426
Cigna
Group/The
866,179
1,496
Elevance
Health
Inc
790,756
Total
Health
Care
Equipment
&
Services
3,204,330
Insurance
-
3.4%
6,719
American
International
Group
Inc
506,008
8,911
Fidelity
National
Financial
Inc
441,095
2,680
Marsh
&
McLennan
Cos
Inc
534,472
Total
Insurance
1,481,575
Materials
-
0.8%
5,032
DuPont
de
Nemours
Inc
364,820
Total
Materials
364,820
Media
&
Entertainment
-
10.0%
13,900
(b)
Alphabet
Inc,
Class
C
2,288,496
3,480
Meta
Platforms
Inc
1,496,992
5,801
Walt
Disney
Co/The
644,491
Total
Media
&
Entertainment
4,429,979
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
2.3%
31,203
(b)
Elanco
Animal
Health
Inc
410,632
803
Eli
Lilly
&
Co
627,223
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
1,037,855
Semiconductors
&
Semiconductor
Equipment
-
11.6%
2,238
Applied
Materials
Inc
444,579
808
Broadcom
Inc
1,050,618
601
Lam
Research
Corp
537,540
4,686
Micron
Technology
Inc
529,331
2,530
NVIDIA
Corp
2,185,971
2,804
Taiwan
Semiconductor
Manufacturing
Co
Ltd,
Sponsored
ADR
385,101
Total
Semiconductors
&
Semiconductor
Equipment
5,133,140
Software
&
Services
-
14.0%
18,965
Gen
Digital
Inc
381,955
9,116
Microsoft
Corp
3,549,132
5,501
Oracle
Corp
625,739
814
Roper
Technologies
Inc
416,329
2,616
Salesforce
Inc
703,547
764
(b)
ServiceNow
Inc
529,704
Total
Software
&
Services
6,206,406
Technology
Hardware
&
Equipment
-
4.3%
3,530
Apple
Inc
601,265
1,911
Dell
Technologies
Inc,
Class
C
238,187
31,751
Hewlett
Packard
Enterprise
Co
539,767
18,253
HP
Inc
512,727
Total
Technology
Hardware
&
Equipment
1,891,946
Nuveen
Large
Cap
Select
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Telecommunication
Services
-
1.7%
45,059
AT&T
Inc
$
761,047
Total
Telecommunication
Services
761,047
Utilities
-
4.8%
5,890
Duke
Energy
Corp
578,751
12,507
NextEra
Energy
Inc
837,594
9,895
Southern
Co/The
727,283
Total
Utilities
2,143,628
Total
Common
Stocks
(cost
$32,112,656)
44,205,510
Total
Long-Term
Investments
(cost
$32,112,656)
44,205,510
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
0.8%
X
–
REPURCHASE
AGREEMENTS
-
0
.8
%
X
350,000
$
350
(c)
Fixed
Income
Clearing
Corporation
5.280%
5/01/24
$
350,000
Total
Repurchase
Agreements
(cost
$350,000)
350,000
Total
Short-Term
Investments
(cost
$350,000)
350,000
Total
Investments
(cost
$
32,462,656
)
-
100
.6
%
44,555,510
Other
Assets
&
Liabilities,
Net
- (0.6)%
(
251,226
)
Net
Assets
-
100%
$
44,304,284
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.280%
dated
4/30/24
to
be
repurchased
at
$350,051
on
5/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.375%
and
maturity
date
5/15/40,
valued
at
$357,035.
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
See
Notes
to
Financial
Statements
Nuveen
Mid
Cap
Growth
Opportunities
Fund
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
98.8%
X
–
COMMON
STOCKS
-
98
.8
%
X
186,450,992
Capital
Goods
-
13.9%
15,142
(b)
AeroVironment
Inc
$
2,419,540
11,738
AMETEK
Inc
2,050,159
11,302
Applied
Industrial
Technologies
Inc
2,071,092
12,808
(b)
Axon
Enterprise
Inc
4,017,357
57,649
(b)
AZEK
Co
Inc/The
2,631,100
43,737
Donaldson
Co
Inc
3,157,812
19,438
HEICO
Corp,
Class
A
3,223,792
21,586
(b)
MasTec
Inc
1,914,462
32,880
nVent
Electric
PLC
2,369,662
15,035
Woodward
Inc
2,441,083
Total
Capital
Goods
26,296,059
Commercial
&
Professional
Services
-
7.4%
38,282
(b)
CoStar
Group
Inc
3,503,951
93,505
GFL
Environmental
Inc
2,982,810
16,752
Tetra
Tech
Inc
3,261,949
19,353
Verisk
Analytics
Inc
4,218,180
Total
Commercial
&
Professional
Services
13,966,890
Consumer
Discretionary
Distribution
&
Retail
-
1.8%
19,134
(b)
Burlington
Stores
Inc
3,442,972
Total
Consumer
Discretionary
Distribution
&
Retail
3,442,972
Consumer
Durables
&
Apparel
-
1.5%
22,144
(b)
Crocs
Inc
2,754,049
Total
Consumer
Durables
&
Apparel
2,754,049
Consumer
Services
-
8.8%
90,646
(b)
DraftKings
Inc,
Class
A
3,767,248
39,387
(b)
Planet
Fitness
Inc
2,356,918
32,161
Red
Rock
Resorts
Inc,
Class
A
1,708,392
8,458
Wingstop
Inc
3,254,554
38,827
Yum!
Brands
Inc
5,484,314
Total
Consumer
Services
16,571,426
Energy
-
4.3%
22,346
Cheniere
Energy
Inc
3,526,646
14,531
Diamondback
Energy
Inc
2,922,620
104,778
Permian
Resources
Corp
1,755,031
Total
Energy
8,204,297
Financial
Services
-
8.1%
11,903
Ameriprise
Financial
Inc
4,901,536
36,111
FirstCash
Holdings
Inc
4,079,821
7,491
MSCI
Inc
3,489,233
49,292
(b),(c)
Shift4
Payments
Inc,
Class
A
2,852,035
Total
Financial
Services
15,322,625
Food,
Beverage
&
Tobacco
-
1.3%
33,683
(b)
Celsius
Holdings
Inc
2,400,588
Total
Food,
Beverage
&
Tobacco
2,400,588
Nuveen
Mid
Cap
Growth
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Health
Care
Equipment
&
Services
-
9.4%
9,426
(b)
Align
Technology
Inc
$
2,661,714
38,350
(b)
Dexcom
Inc
4,885,407
17,461
(b)
Inspire
Medical
Systems
Inc
4,219,625
8,149
(b)
Penumbra
Inc
1,601,034
22,011
(b)
Veeva
Systems
Inc,
Class
A
4,370,504
Total
Health
Care
Equipment
&
Services
17,738,284
Household
&
Personal
Products
-
1.0%
11,608
(b)
elf
Beauty
Inc
1,886,648
Total
Household
&
Personal
Products
1,886,648
Insurance
-
1.3%
6,501
Everest
Group
Ltd
2,382,032
Total
Insurance
2,382,032
Materials
-
2.9%
12,582
Vulcan
Materials
Co
3,241,501
15,368
Westlake
Corp
2,264,628
Total
Materials
5,506,129
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
9.8%
19,442
(b)
BioMarin
Pharmaceutical
Inc
1,570,136
33,320
Bio-Techne
Corp
2,106,157
192,925
(b)
Elanco
Animal
Health
Inc
2,538,893
29,179
(b)
Immunovant
Inc
800,672
13,446
(b)
Krystal
Biotech
Inc
2,058,851
23,561
(b)
Natera
Inc
2,188,346
10,478
(b)
Repligen
Corp
1,720,488
14,666
(b)
Sarepta
Therapeutics
Inc
1,857,595
13,529
(b)
United
Therapeutics
Corp
3,170,250
5,051
(b)
Viking
Therapeutics
Inc
401,959
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
18,413,347
Semiconductors
&
Semiconductor
Equipment
-
3.9%
47,240
(b)
Lattice
Semiconductor
Corp
3,240,664
6,105
Monolithic
Power
Systems
Inc
4,086,260
Total
Semiconductors
&
Semiconductor
Equipment
7,326,924
Software
&
Services
-
21.2%
73,335
(b)
Confluent
Inc,
Class
A
2,062,180
20,238
(b)
Crowdstrike
Holdings
Inc,
Class
A
5,920,424
9,756
(b)
CyberArk
Software
Ltd
2,334,123
35,765
(b)
Datadog
Inc,
Class
A
4,488,507
12,957
(b)
EPAM
Systems
Inc
3,048,264
54,597
(b)
Five9
Inc
3,143,149
74,679
(b)
Klaviyo
Inc,
Class
A
1,672,810
24,872
(b)
Okta
Inc
2,312,599
23,331
(b)
PTC
Inc
4,139,853
32,239
(b)
Rubrik
Inc,
Class
A
1,032,293
42,005
(b)
Sprout
Social
Inc,
Class
A
2,119,152
47,001
(b)
Trade
Desk
Inc/The,
Class
A
3,894,033
8,297
(b)
Tyler
Technologies
Inc
3,829,480
Total
Software
&
Services
39,996,867
Technology
Hardware
&
Equipment
-
1.1%
46,970
(b)
Ciena
Corp
2,171,423
Total
Technology
Hardware
&
Equipment
2,171,423
Shares
Description
(a)
Value
Transportation
-
1.1%
19,267
(b)
XPO
Inc
$
2,070,432
Total
Transportation
2,070,432
Total
Common
Stocks
(cost
$156,921,163)
186,450,992
Total
Long-Term
Investments
(cost
$156,921,163)
186,450,992
Shares
Description
(a)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.2%
298,828
(d)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.430%(e)
$
298,828
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$298,828)
298,828
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
0.7%
X
–
REPURCHASE
AGREEMENTS
-
0
.7
%
X
1,400,000
$
1,400
(f)
Fixed
Income
Clearing
Corporation
5.280%
5/01/24
$
1,400,000
Total
Repurchase
Agreements
(cost
$1,400,000)
1,400,000
Total
Short-Term
Investments
(cost
$1,400,000)
1,400,000
Total
Investments
(cost
$
158,619,991
)
-
99
.7
%
188,149,820
Other
Assets
&
Liabilities,
Net
- 0.3%
656,165
Net
Assets
-
100%
$
188,805,985
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
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
$273,331.
(d)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
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
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(e)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(f)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.280%
dated
4/30/24
to
be
repurchased
at
$1,400,205
on
5/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.375%
and
maturity
date
5/15/40,
valued
at
$1,428,138.
See
Notes
to
Financial
Statements
Nuveen
Mid
Cap
Value
1
Fund
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
98.9%
X
–
COMMON
STOCKS
-
98
.9
%
X
438,610,455
Banks
-
3.1%
83,025
East
West
Bancorp
Inc
$
6,184,532
214,223
Fifth
Third
Bancorp
7,810,571
Total
Banks
13,995,103
Capital
Goods
-
19.7%
20,806
Carlisle
Cos
Inc
8,077,929
168,418
Carrier
Global
Corp
10,356,023
64,386
Crane
Co
9,014,684
23,470
Hubbell
Inc
8,696,104
33,342
L3Harris
Technologies
Inc
7,136,855
101,782
nVent
Electric
PLC
7,335,429
60,580
Owens
Corning
10,190,162
87,294
PACCAR
Inc
9,262,766
18,392
Parker-Hannifin
Corp
10,021,985
49,156
WESCO
International
Inc
7,508,579
Total
Capital
Goods
87,600,516
Consumer
Discretionary
Distribution
&
Retail
-
1.2%
33,700
(b)
AutoNation
Inc
5,430,755
Total
Consumer
Discretionary
Distribution
&
Retail
5,430,755
Consumer
Durables
&
Apparel
-
5.8%
61,681
Brunswick
Corp/DE
4,973,956
52,524
DR
Horton
Inc
7,484,145
35,112
Ralph
Lauren
Corp
5,745,727
111,519
(b)
Skechers
USA
Inc,
Class
A
7,365,830
Total
Consumer
Durables
&
Apparel
25,569,658
Consumer
Services
-
2.6%
40,037
Darden
Restaurants
Inc
6,142,076
119,281
Travel
+
Leisure
Co
5,193,495
Total
Consumer
Services
11,335,571
Energy
-
6.4%
151,657
Baker
Hughes
Co
4,947,051
46,687
Diamondback
Energy
Inc
9,390,156
543,236
Permian
Resources
Corp
9,099,203
124,008
Williams
Cos
Inc/The
4,756,947
Total
Energy
28,193,357
Equity
Real
Estate
Investment
Trusts
(REITs)
-
9.2%
360,097
Apple
Hospitality
REIT
Inc
5,315,032
17,876
AvalonBay
Communities
Inc
3,388,753
31,855
Digital
Realty
Trust
Inc
4,420,837
121,508
EPR
Properties
4,932,010
197,342
Invitation
Homes
Inc
6,749,096
89,071
Regency
Centers
Corp
5,274,785
143,758
STAG
Industrial
Inc
4,943,837
188,122
Weyerhaeuser
Co
5,675,641
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
40,699,991
Shares
Description
(a)
Value
Financial
Services
-
8.9%
13,739
Ameriprise
Financial
Inc
$
5,657,583
141,664
Jefferies
Financial
Group
Inc
6,100,052
133,488
OneMain
Holdings
Inc
6,956,060
205,265
Radian
Group
Inc
6,131,265
73,838
Raymond
James
Financial
Inc
9,008,236
82,343
Voya
Financial
Inc
5,612,499
Total
Financial
Services
39,465,695
Food,
Beverage
&
Tobacco
-
1.2%
51,190
Bunge
Global
SA
5,209,094
Total
Food,
Beverage
&
Tobacco
5,209,094
Health
Care
Equipment
&
Services
-
2.5%
14,505
Humana
Inc
4,381,815
225,665
(b)
Option
Care
Health
Inc
6,745,127
Total
Health
Care
Equipment
&
Services
11,126,942
Household
&
Personal
Products
-
1.1%
410,716
(b)
Coty
Inc,
Class
A
4,698,591
Total
Household
&
Personal
Products
4,698,591
Insurance
-
5.8%
100,593
(b)
Arch
Capital
Group
Ltd
9,409,469
18,245
Everest
Group
Ltd
6,685,151
50,583
Reinsurance
Group
of
America
Inc
9,458,515
Total
Insurance
25,553,135
Materials
-
6.4%
119,133
DuPont
de
Nemours
Inc
8,637,143
25,659
Nucor
Corp
4,324,311
26,028
Reliance
Inc
7,410,692
54,010
Westlake
Corp
7,958,914
Total
Materials
28,331,060
Media
&
Entertainment
-
1.2%
36,715
(b)
Take-Two
Interactive
Software
Inc
5,243,269
Total
Media
&
Entertainment
5,243,269
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
4.9%
36,515
(b)
BioMarin
Pharmaceutical
Inc
2,948,951
335,410
(b)
Elanco
Animal
Health
Inc
4,413,996
147,971
(b)
Exelixis
Inc
3,471,400
43,526
(b)
Jazz
Pharmaceuticals
PLC
4,820,504
26,972
(b)
United
Therapeutics
Corp
6,320,349
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
21,975,200
Semiconductors
&
Semiconductor
Equipment
-
2.2%
108,434
Marvell
Technology
Inc
7,146,885
98,887
(b),(c)
Wolfspeed
Inc
2,672,916
Total
Semiconductors
&
Semiconductor
Equipment
9,819,801
Software
&
Services
-
3.2%
29,345
(b)
Check
Point
Software
Technologies
Ltd
4,384,730
10,081
Roper
Technologies
Inc
5,156,028
26,608
(b)
VeriSign
Inc
4,509,524
Total
Software
&
Services
14,050,282
Nuveen
Mid
Cap
Value
1
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Technology
Hardware
&
Equipment
-
5.6%
158,229
(b)
Ciena
Corp
$
7,314,927
82,945
Crane
NXT
Co
5,043,885
275,673
Hewlett
Packard
Enterprise
Co
4,686,441
66,869
TD
SYNNEX
Corp
7,879,843
Total
Technology
Hardware
&
Equipment
24,925,096
Transportation
-
1.5%
52,033
TFI
International
Inc
6,779,380
Total
Transportation
6,779,380
Utilities
-
6.4%
127,374
Alliant
Energy
Corp
6,343,225
48,101
Ameren
Corp
3,553,221
71,948
American
Electric
Power
Co
Inc
6,189,686
92,165
CMS
Energy
Corp
5,586,121
180,900
FirstEnergy
Corp
6,935,706
Total
Utilities
28,607,959
Total
Common
Stocks
(cost
$331,412,557)
438,610,455
Total
Long-Term
Investments
(cost
$331,412,557)
438,610,455
Shares
Description
(a)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.0%
134,670
(d)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.430%(e)
$
134,670
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$134,670)
134,670
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
1.2%
X
–
REPURCHASE
AGREEMENTS
-
1
.2
%
X
5,321,189
$
5,100
(f)
Fixed
Income
Clearing
Corporation
5.280%
5/01/24
$
5,100,000
221
(g)
Fixed
Income
Clearing
Corporation
1.600%
5/01/24
221,189
Total
Repurchase
Agreements
(cost
$5,321,189)
5,321,189
Total
Short-Term
Investments
(cost
$5,321,189)
5,321,189
Total
Investments
(cost
$
336,868,416
)
-
100
.1
%
444,066,314
Other
Assets
&
Liabilities,
Net
- (0.1)%
(
427,382
)
Net
Assets
-
100%
$
443,638,932
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
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
$127,041.
(d)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
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
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(e)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(f)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.280%
dated
4/30/24
to
be
repurchased
at
$5,100,748
on
5/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.375%
and
maturity
date
5/15/40,
valued
at
$5,202,001.
(g)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.600%
dated
4/30/24
to
be
repurchased
at
$221,199
on
5/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.750%
and
maturity
date
8/31/26,
valued
at
$225,736.
REIT
Real
Estate
Investment
Trust
See
Notes
to
Financial
Statements
Nuveen
Small
Cap
Growth
Opportunities
Fund
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.2%
X
–
COMMON
STOCKS
-
99
.2
%
X
214,646,270
Automobiles
&
Components
-
1.2%
51,113
(b)
Gentherm
Inc
$
2,584,784
Total
Automobiles
&
Components
2,584,784
Banks
-
2.1%
42,919
Ameris
Bancorp
2,037,794
33,316
Preferred
Bank/Los
Angeles
CA
2,521,688
Total
Banks
4,559,482
Capital
Goods
-
15.1%
41,926
AAON
Inc
3,944,817
23,053
(b)
AeroVironment
Inc
3,683,639
19,418
Applied
Industrial
Technologies
Inc
3,558,348
141,059
(b)
Array
Technologies
Inc
1,740,668
23,324
Atkore
Inc
4,088,697
68,800
(b)
AZEK
Co
Inc/The
3,140,032
19,678
(b)
Chart
Industries
Inc
2,834,813
30,948
ESCO
Technologies
Inc
3,139,675
162,410
(b)
Kratos
Defense
&
Security
Solutions
Inc
2,894,146
30,871
(b)
SPX
Technologies
Inc
3,760,397
Total
Capital
Goods
32,785,232
Commercial
&
Professional
Services
-
5.7%
40,637
(b)
Casella
Waste
Systems
Inc,
Class
A
3,673,585
79,481
(b)
ExlService
Holdings
Inc
2,304,949
42,063
Maximus
Inc
3,376,818
15,214
Tetra
Tech
Inc
2,962,470
Total
Commercial
&
Professional
Services
12,317,822
Consumer
Discretionary
Distribution
&
Retail
-
3.5%
48,773
Academy
Sports
&
Outdoors
Inc
2,843,466
35,071
(b)
Ollie's
Bargain
Outlet
Holdings
Inc
2,565,093
133,053
(b)
Savers
Value
Village
Inc
2,198,035
Total
Consumer
Discretionary
Distribution
&
Retail
7,606,594
Consumer
Durables
&
Apparel
-
1.1%
56,760
Steven
Madden
Ltd
2,293,672
Total
Consumer
Durables
&
Apparel
2,293,672
Consumer
Services
-
4.6%
206,881
(b)
Everi
Holdings
Inc
1,690,218
40,676
(b)
Planet
Fitness
Inc
2,434,052
48,448
Red
Rock
Resorts
Inc,
Class
A
2,573,558
8,469
Wingstop
Inc
3,258,786
Total
Consumer
Services
9,956,614
Energy
-
5.1%
52,226
Matador
Resources
Co
3,253,680
84,925
Northern
Oil
&
Gas
Inc
3,464,091
260,455
Permian
Resources
Corp
4,362,621
Total
Energy
11,080,392
Shares
Description
(a)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
-
2.2%
22,445
EastGroup
Properties
Inc
$
3,487,054
215,433
Summit
Hotel
Properties
Inc
1,294,753
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
4,781,807
Financial
Services
-
4.0%
21,948
Evercore
Inc,
Class
A
3,983,562
23,954
FirstCash
Holdings
Inc
2,706,323
32,797
(b)
Shift4
Payments
Inc,
Class
A
1,897,634
Total
Financial
Services
8,587,519
Health
Care
Equipment
&
Services
-
15.8%
34,647
(b)
Addus
HomeCare
Corp
3,331,309
240,008
(b)
Alphatec
Holdings
Inc
3,028,901
76,286
(b)
AtriCure
Inc
1,840,018
15,158
(b)
Axonics
Inc
1,009,068
37,639
Encompass
Health
Corp
3,138,340
30,306
Ensign
Group
Inc/The
3,587,018
39,411
(b),(c)
Establishment
Labs
Holdings
Inc
1,970,944
79,107
(b)
Evolent
Health
Inc,
Class
A
2,194,428
26,004
(b)
Glaukos
Corp
2,496,384
50,085
(b)
HealthEquity
Inc
3,952,208
48,682
(b)
Lantheus
Holdings
Inc
3,239,300
81,201
(b)
Progyny
Inc
2,603,304
130,663
(b)
SI-BONE
Inc
1,863,255
Total
Health
Care
Equipment
&
Services
34,254,477
Household
&
Personal
Products
-
2.5%
49,183
(b)
BellRing
Brands
Inc
2,713,426
17,072
(b)
elf
Beauty
Inc
2,774,712
Total
Household
&
Personal
Products
5,488,138
Insurance
-
1.6%
44,504
(b)
Palomar
Holdings
Inc
3,501,130
Total
Insurance
3,501,130
Materials
-
2.2%
46,262
Silgan
Holdings
Inc
2,158,585
67,022
(b)
Summit
Materials
Inc,
Class
A
2,607,156
Total
Materials
4,765,741
Media
&
Entertainment
-
1.9%
184,324
(b)
Integral
Ad
Science
Holding
Corp
1,767,667
271,143
(b)
Magnite
Inc
2,394,193
591,081
(b),(d)
Videopropulsion
Inc
5,911
Total
Media
&
Entertainment
4,167,771
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
6.4%
18,397
(b)
Biohaven
Ltd
713,804
31,872
(b)
Crinetics
Pharmaceuticals
Inc
1,396,631
20,974
(b)
Cytokinetics
Inc
1,286,126
67,730
(b)
Halozyme
Therapeutics
Inc
2,580,513
44,132
(b)
Immunovant
Inc
1,210,982
11,083
(b)
Krystal
Biotech
Inc
1,697,029
5,519
(b)
Madrigal
Pharmaceuticals
Inc
1,125,986
68,531
(b)
Pacira
BioSciences
Inc
1,798,939
24,482
(b)
Viking
Therapeutics
Inc
1,948,277
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
13,758,287
Nuveen
Small
Cap
Growth
Opportunities
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Semiconductors
&
Semiconductor
Equipment
-
5.3%
24,906
(b)
Onto
Innovation
Inc
$
4,619,814
89,354
(b)
Semtech
Corp
3,361,497
27,844
(b)
Silicon
Laboratories
Inc
3,382,768
Total
Semiconductors
&
Semiconductor
Equipment
11,364,079
Software
&
Services
-
14.1%
55,806
(b)
Braze
Inc,
Class
A
2,338,271
34,483
(b)
CommVault
Systems
Inc
3,533,473
5,717
(b)
CyberArk
Software
Ltd
1,367,792
69,173
(b)
Envestnet
Inc
4,293,568
125,732
(b)
Freshworks
Inc,
Class
A
2,244,316
131,847
(b)
Grid
Dynamics
Holdings
Inc
1,288,145
150,058
(b)
PowerSchool
Holdings
Inc,
Class
A
2,599,005
79,773
(b)
Q2
Holdings
Inc
4,099,534
36,479
(b)
Rubrik
Inc,
Class
A
1,168,058
45,748
(b)
Sprout
Social
Inc,
Class
A
2,307,987
71,180
(b)
Varonis
Systems
Inc
3,114,125
28,527
(b)
Workiva
Inc
2,247,928
Total
Software
&
Services
30,602,202
Technology
Hardware
&
Equipment
-
4.1%
279,374
(b)
Evolv
Technologies
Holdings
Inc
1,092,352
8,956
(b)
Super
Micro
Computer
Inc
7,691,413
Total
Technology
Hardware
&
Equipment
8,783,765
Transportation
-
0.7%
3,545
(b)
Saia
Inc
1,406,762
Total
Transportation
1,406,762
Total
Common
Stocks
(cost
$174,409,986)
214,646,270
Total
Long-Term
Investments
(cost
$174,409,986)
214,646,270
Shares
Description
(a)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.0%
56,573
(e)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.430%(f)
$
56,573
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$56,573)
56,573
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
0.8%
X
–
REPURCHASE
AGREEMENTS
-
0
.8
%
X
1,650,000
$
1,650
(g)
Fixed
Income
Clearing
Corporation
5.280%
5/01/24
$
1,650,000
Total
Repurchase
Agreements
(cost
$1,650,000)
1,650,000
Total
Short-Term
Investments
(cost
$1,650,000)
1,650,000
Total
Investments
(cost
$
176,116,559
)
-
100
.0
%
216,352,843
Other
Assets
&
Liabilities,
Net
- 0.0%
88,530
Net
Assets
-
100%
$
216,441,373
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
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
$50,010.
(d)
For
fair
value
measurement
disclosure
purposes,
investment
classified
as
Level
3.
(e)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
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
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(f)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(g)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.280%
dated
4/30/24
to
be
repurchased
at
$1,650,242
on
5/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.375%
and
maturity
date
5/15/40,
valued
at
$1,683,023.
REIT
Real
Estate
Investment
Trust
See
Notes
to
Financial
Statements
Nuveen
Small
Cap
Select
Fund
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.3%
X
–
COMMON
STOCKS
-
98
.0
%
X
106,756,594
Automobiles
&
Components
-
2.4%
48,209
(b)
Atmus
Filtration
Technologies
Inc
$
1,460,251
94,713
Dana
Inc
1,177,282
Total
Automobiles
&
Components
2,637,533
Banks
-
7.4%
27,940
Banner
Corp
1,219,022
66,774
Home
BancShares
Inc/AR
1,581,208
16,971
Preferred
Bank/Los
Angeles
CA
1,284,535
21,332
SouthState
Corp
1,614,833
24,564
Wintrust
Financial
Corp
2,373,865
Total
Banks
8,073,463
Capital
Goods
-
13.3%
8,247
(b)
AeroVironment
Inc
1,317,788
8,379
Applied
Industrial
Technologies
Inc
1,535,452
18,363
Arcosa
Inc
1,395,955
71,490
(b)
Array
Technologies
Inc
882,187
5,325
Comfort
Systems
USA
Inc
1,647,608
9,610
Enpro
Inc
1,442,749
14,946
ESCO
Technologies
Inc
1,516,272
163,119
(b)
Hillman
Solutions
Corp
1,559,418
73,535
(b)
Kratos
Defense
&
Security
Solutions
Inc
1,310,394
15,345
(b)
SPX
Technologies
Inc
1,869,174
Total
Capital
Goods
14,476,997
Commercial
&
Professional
Services
-
3.9%
16,724
(b)
ASGN
Inc
1,613,030
18,964
Maximus
Inc
1,522,430
25,622
(b)
WNS
Holdings
Ltd
1,073,818
Total
Commercial
&
Professional
Services
4,209,278
Consumer
Discretionary
Distribution
&
Retail
-
3.2%
27,061
Academy
Sports
&
Outdoors
Inc
1,577,656
62,003
(b),(c)
Savers
Value
Village
Inc
1,024,290
8,911
Signet
Jewelers
Ltd
873,545
Total
Consumer
Discretionary
Distribution
&
Retail
3,475,491
Consumer
Durables
&
Apparel
-
2.4%
33,445
Steven
Madden
Ltd
1,351,512
78,835
(b)
Topgolf
Callaway
Brands
Corp
1,262,937
Total
Consumer
Durables
&
Apparel
2,614,449
Consumer
Services
-
1.7%
16,395
Boyd
Gaming
Corp
877,296
117,591
(b)
Everi
Holdings
Inc
960,719
Total
Consumer
Services
1,838,015
Energy
-
7.0%
91,523
(b)
Diamond
Offshore
Drilling
Inc
1,120,241
28,240
Matador
Resources
Co
1,759,352
55,525
Northern
Oil
&
Gas
Inc
2,264,865
150,751
Permian
Resources
Corp
2,525,079
Total
Energy
7,669,537
Shares
Description
(a)
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
-
3.4%
9,259
EastGroup
Properties
Inc
$
1,438,478
43,236
STAG
Industrial
Inc
1,486,886
129,152
Summit
Hotel
Properties
Inc
776,204
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
3,701,568
Financial
Services
-
6.5%
12,259
Evercore
Inc,
Class
A
2,225,008
16,940
FirstCash
Holdings
Inc
1,913,881
95,524
Ladder
Capital
Corp
1,024,973
9,992
Piper
Sandler
Cos
1,956,334
Total
Financial
Services
7,120,196
Food,
Beverage
&
Tobacco
-
1.7%
99,810
Primo
Water
Corp
1,883,415
Total
Food,
Beverage
&
Tobacco
1,883,415
Health
Care
Equipment
&
Services
-
10.4%
32,928
(b)
AtriCure
Inc
794,223
19,194
Encompass
Health
Corp
1,600,396
15,164
(b)
Establishment
Labs
Holdings
Inc
758,352
10,373
(b)
Glaukos
Corp
995,808
22,896
(b)
HealthEquity
Inc
1,806,723
50,531
(b)
Option
Care
Health
Inc
1,510,372
30,966
(b)
Progyny
Inc
992,770
39,099
Select
Medical
Holdings
Corp
1,109,239
52,041
(b)
SI-BONE
Inc
742,105
39,354
(b)
Tactile
Systems
Technology
Inc
541,904
4,525
(b)
Tenet
Healthcare
Corp
508,112
Total
Health
Care
Equipment
&
Services
11,360,004
Household
&
Personal
Products
-
1.0%
19,772
(b)
BellRing
Brands
Inc
1,090,821
Total
Household
&
Personal
Products
1,090,821
Insurance
-
0.8%
4,005
Primerica
Inc
848,499
Total
Insurance
848,499
Materials
-
3.7%
29,121
Avient
Corp
1,235,313
31,447
Silgan
Holdings
Inc
1,467,317
34,328
(b)
Summit
Materials
Inc,
Class
A
1,335,359
Total
Materials
4,037,989
Media
&
Entertainment
-
1.8%
113,351
(b)
Magnite
Inc
1,000,889
19,997
(b)
Ziff
Davis
Inc
1,002,050
Total
Media
&
Entertainment
2,002,939
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
5.2%
6,071
(b)
Biohaven
Ltd
235,555
14,621
(b)
Crinetics
Pharmaceuticals
Inc
640,692
6,591
(b)
Cytokinetics
Inc
404,160
21,744
(b)
Halozyme
Therapeutics
Inc
828,447
19,827
(b)
Immunovant
Inc
544,053
4,933
(b)
Krystal
Biotech
Inc
755,341
2,051
(b)
Madrigal
Pharmaceuticals
Inc
418,445
24,397
(b)
Myriad
Genetics
Inc
477,449
26,164
(b)
Pacira
BioSciences
Inc
686,805
Nuveen
Small
Cap
Select
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Pharmaceuticals,
Biotechnology
&
Life
Sciences
(continued)
7,736
(b)
Viking
Therapeutics
Inc
$
615,631
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
5,606,578
Semiconductors
&
Semiconductor
Equipment
-
6.1%
41,648
(b)
Ichor
Holdings
Ltd
1,615,110
9,745
(b)
Onto
Innovation
Inc
1,807,600
50,991
(b)
Semtech
Corp
1,918,281
10,380
(b)
Silicon
Laboratories
Inc
1,261,066
Total
Semiconductors
&
Semiconductor
Equipment
6,602,057
Software
&
Services
-
9.0%
16,360
(b)
CommVault
Systems
Inc
1,676,409
15,153
(b)
Envestnet
Inc
940,547
58,885
(b)
Freshworks
Inc,
Class
A
1,051,097
48,387
(b)
Grid
Dynamics
Holdings
Inc
472,741
60,990
(b)
PowerSchool
Holdings
Inc,
Class
A
1,056,347
35,625
(b)
Q2
Holdings
Inc
1,830,769
18,517
(b)
Rubrik
Inc,
Class
A
592,914
22,736
(b)
Sprout
Social
Inc,
Class
A
1,147,031
13,461
(b)
Workiva
Inc
1,060,727
Total
Software
&
Services
9,828,582
Technology
Hardware
&
Equipment
-
2.5%
2,045
(b)
Super
Micro
Computer
Inc
1,756,246
66,627
(b)
TTM
Technologies
Inc
994,741
Total
Technology
Hardware
&
Equipment
2,750,987
Transportation
-
2.3%
9,450
ArcBest
Corp
1,048,100
13,062
(b)
Kirby
Corp
1,425,456
Total
Transportation
2,473,556
Utilities
-
2.3%
26,469
Black
Hills
Corp
1,453,148
16,208
Spire
Inc
1,001,492
Total
Utilities
2,454,640
Total
Common
Stocks
(cost
$83,685,842)
106,756,594
Shares
Description
(a)
Value
X
–
EXCHANGE-TRADED
FUNDS
-
1
.3
%
X
1,447,594
17,107
(c)
SPDR
S&P
Biotech
ETF
$
1,447,594
Total
Exchange-Traded
Funds
(cost
$1,367,795)
1,447,594
Total
Long-Term
Investments
(cost
$85,053,637)
108,204,188
Shares
Description
(a)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
1.4%
1,559,980
(d)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.430%(e)
$
1,559,980
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$1,559,980)
1,559,980
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
0.4%
X
–
REPURCHASE
AGREEMENTS
-
0
.4
%
X
450,000
$
450
(f)
Fixed
Income
Clearing
Corporation
5.280%
5/01/24
$
450,000
Total
Repurchase
Agreements
(cost
$450,000)
450,000
Total
Short-Term
Investments
(cost
$450,000)
450,000
Total
Investments
(cost
$
87,063,617
)
-
101
.1
%
110,214,168
Other
Assets
&
Liabilities,
Net
- (1.1)%
(
1,216,340
)
Net
Assets
-
100%
$
108,997,828
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
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
$1,502,589.
(d)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
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
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(e)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(f)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.280%
dated
4/30/24
to
be
repurchased
at
$450,066
on
5/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.375%
and
maturity
date
5/15/40,
valued
at
$459,184.
ETF
Exchange-Traded
Fund
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
SPDR
Standard
&
Poor's
Depositary
Receipt
See
Notes
to
Financial
Statements
Nuveen
Small
Cap
Value
Fund
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.7%
X
–
COMMON
STOCKS
-
99
.7
%
X
397,344,873
Automobiles
&
Components
-
0.9%
287,634
Dana
Inc
$
3,575,291
Total
Automobiles
&
Components
3,575,291
Banks
-
14.6%
128,291
Ameris
Bancorp
6,091,257
137,713
Banner
Corp
6,008,418
138,452
Cathay
General
Bancorp
4,768,287
236,312
ConnectOne
Bancorp
Inc
4,232,348
174,198
First
Interstate
BancSystem
Inc,
Class
A
4,651,087
184,606
First
Merchants
Corp
6,169,533
141,149
Heartland
Financial
USA
Inc
5,943,784
287,980
OceanFirst
Financial
Corp
4,250,585
60,743
Pinnacle
Financial
Partners
Inc
4,658,988
82,415
Preferred
Bank/Los
Angeles
CA
6,237,991
54,230
Wintrust
Financial
Corp
5,240,787
Total
Banks
58,253,065
Capital
Goods
-
8.6%
15,589
ESCO
Technologies
Inc
1,581,504
135,641
Hillenbrand
Inc
6,472,789
596,185
(b)
Hillman
Solutions
Corp
5,699,529
53,449
nVent
Electric
PLC
3,852,069
66,175
(b)
Parsons
Corp
5,195,399
303,293
(b)
Resideo
Technologies
Inc
5,923,312
35,659
WESCO
International
Inc
5,446,912
Total
Capital
Goods
34,171,514
Commercial
&
Professional
Services
-
4.7%
241,062
Deluxe
Corp
4,760,974
106,337
Korn
Ferry
6,456,783
57,236
Maximus
Inc
4,594,906
71,165
(b)
WNS
Holdings
Ltd
2,982,525
Total
Commercial
&
Professional
Services
18,795,188
Consumer
Discretionary
Distribution
&
Retail
-
1.3%
17,450
Group
1
Automotive
Inc
5,130,649
Total
Consumer
Discretionary
Distribution
&
Retail
5,130,649
Consumer
Durables
&
Apparel
-
5.3%
24,696
Brunswick
Corp/DE
1,991,485
172,011
La-Z-Boy
Inc
5,648,841
35,044
(b)
M/I
Homes
Inc
4,072,814
119,431
Steven
Madden
Ltd
4,826,207
292,820
(b)
Topgolf
Callaway
Brands
Corp
4,690,976
Total
Consumer
Durables
&
Apparel
21,230,323
Consumer
Services
-
2.8%
71,920
Dine
Brands
Global
Inc
3,171,672
32,953
Marriott
Vacations
Worldwide
Corp
3,167,113
71,300
(b)
Stride
Inc
4,759,275
Total
Consumer
Services
11,098,060
Shares
Description
(a)
Value
Energy
-
10.0%
194,997
ChampionX
Corp
$
6,546,049
141,668
(b)
CNX
Resources
Corp
3,332,031
345,579
(b)
Diamond
Offshore
Drilling
Inc
4,229,887
235,206
Magnolia
Oil
&
Gas
Corp,
Class
A
5,896,615
188,498
Northern
Oil
&
Gas
Inc
7,688,833
542,209
Permian
Resources
Corp
9,082,001
343,590
(b)
ProPetro
Holding
Corp
2,996,105
Total
Energy
39,771,521
Equity
Real
Estate
Investment
Trusts
(REITs)
-
7.3%
273,766
Apple
Hospitality
REIT
Inc
4,040,786
66,594
Centerspace
4,478,447
87,938
EPR
Properties
3,569,404
142,932
Getty
Realty
Corp
3,873,457
445,640
Global
Medical
REIT
Inc
3,614,140
599,884
LXP
Industrial
Trust
5,009,031
133,966
STAG
Industrial
Inc
4,607,091
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
29,192,356
Financial
Services
-
8.0%
549,296
Ladder
Capital
Corp
5,893,946
99,190
OneMain
Holdings
Inc
5,168,791
38,904
Piper
Sandler
Cos
7,617,014
208,236
Radian
Group
Inc
6,220,009
88,205
Stifel
Financial
Corp
7,049,344
Total
Financial
Services
31,949,104
Food,
Beverage
&
Tobacco
-
1.7%
359,844
Primo
Water
Corp
6,790,256
Total
Food,
Beverage
&
Tobacco
6,790,256
Health
Care
Equipment
&
Services
-
4.6%
57,060
(b)
Acadia
Healthcare
Co
Inc
4,219,016
54,558
Encompass
Health
Corp
4,549,046
68,867
(b)
Enovis
Corp
3,803,525
193,839
(b)
Option
Care
Health
Inc
5,793,848
Total
Health
Care
Equipment
&
Services
18,365,435
Insurance
-
3.8%
244,994
(b)
Hamilton
Insurance
Group
Ltd,
Class
B
3,327,018
27,158
Primerica
Inc
5,753,694
95,494
Stewart
Information
Services
Corp
5,921,583
Total
Insurance
15,002,295
Materials
-
6.8%
78,458
Avient
Corp
3,328,188
104,315
Commercial
Metals
Co
5,605,888
591,119
(b)
Ecovyst
Inc
5,574,252
87,448
(b)
Knife
River
Corp
6,837,559
80,868
Minerals
Technologies
Inc
5,894,469
Total
Materials
27,240,356
Media
&
Entertainment
-
1.5%
363,011
(b)
Magnite
Inc
3,205,387
52,550
(b)
Ziff
Davis
Inc
2,633,281
Total
Media
&
Entertainment
5,838,668
Nuveen
Small
Cap
Value
Fund
(continued)
Portfolio
of
Investments
April
30,
2024
(Unaudited)
Shares
Description
(a)
Value
Pharmaceuticals,
Biotechnology
&
Life
Sciences
-
2.8%
115,743
(b)
Alkermes
PLC
$
2,840,333
234,389
(b)
Exelixis
Inc
5,498,766
19,124
(b)
Krystal
Biotech
Inc
2,928,267
Total
Pharmaceuticals,
Biotechnology
&
Life
Sciences
11,267,366
Real
Estate
Management
&
Development
-
0.8%
370,927
Kennedy-Wilson
Holdings
Inc
3,186,263
Total
Real
Estate
Management
&
Development
3,186,263
Semiconductors
&
Semiconductor
Equipment
-
1.6%
118,137
(b)
MaxLinear
Inc
2,456,068
111,396
(b)
Veeco
Instruments
Inc
3,936,735
Total
Semiconductors
&
Semiconductor
Equipment
6,392,803
Software
&
Services
-
3.2%
42,134
(b)
CommVault
Systems
Inc
4,317,471
109,701
(b)
Q2
Holdings
Inc
5,637,535
94,876
(b)
Verint
Systems
Inc
2,872,845
Total
Software
&
Services
12,827,851
Technology
Hardware
&
Equipment
-
4.0%
73,491
Crane
NXT
Co
4,468,988
470,286
(b)
Harmonic
Inc
5,050,871
34,294
(b)
Plexus
Corp
3,464,037
297,647
(b)
Stratasys
Ltd
2,893,129
Total
Technology
Hardware
&
Equipment
15,877,025
Transportation
-
1.0%
197,788
Schneider
National
Inc,
Class
B
4,090,256
Total
Transportation
4,090,256
Utilities
-
4.4%
93,251
Black
Hills
Corp
5,119,480
45,519
ONE
Gas
Inc
2,936,886
60,448
Otter
Tail
Corp
5,159,841
66,079
Spire
Inc
4,083,021
Total
Utilities
17,299,228
Total
Common
Stocks
(cost
$328,521,407)
397,344,873
Total
Long-Term
Investments
(cost
$328,521,407)
397,344,873
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
0.7%
X
–
REPURCHASE
AGREEMENTS
-
0
.7
%
X
2,850,000
$
2,850
(c)
Fixed
Income
Clearing
Corporation
5.280%
5/01/24
$
2,850,000
Total
Repurchase
Agreements
(cost
$2,850,000)
2,850,000
Total
Short-Term
Investments
(cost
$2,850,000)
2,850,000
Total
Investments
(cost
$
331,371,407
)
-
100
.4
%
400,194,873
Other
Assets
&
Liabilities,
Net
- (0.4)%
(
1,549,093
)
Net
Assets
-
100%
$
398,645,780
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.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.280%
dated
4/30/24
to
be
repurchased
at
$2,850,418
on
5/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.375%
and
maturity
date
5/15/40,
valued
at
$2,907,058.
REIT
Real
Estate
Investment
Trust
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
April
30,
2024
(Unaudited)
Dividend
Value
Large
Cap
Select
Mid
Cap
Growth
Opportunities
Mid
Cap
Value
1
Small
Cap
Growth
Opportunities
ASSETS
Long-term
investments,
at
value
†‡
$
3,060,996,063
$
44,205,510
$
186,450,992
$
438,610,455
$
214,646,270
Investments
purchased
with
collateral
from
securities
lending,
at
value
(cost
approximates
value)
–
–
298,828
134,670
56,573
Short-term
investments,
at
value
◊
17,032,983
350,000
1,400,000
5,321,189
1,650,000
Cash
–
23,639
73,711
–
96,834
Receivables:
Dividends
2,280,863
16,027
7,912
220,600
–
Interest
2,370
51
205
758
242
Investments
sold
41,125,726
468,324
2,326,207
–
1,070,846
Reclaims
39,200
–
–
–
–
Reimbursement
from
Adviser
246,262
10,880
20,917
43,568
31,994
Shares
sold
4,050,508
67,232
40,002
358,616
81,403
Other
223,170
20,552
55,084
37,694
22,485
Total
assets
3,125,997,145
45,162,215
190,673,858
444,727,550
217,656,647
LIABILITIES
Payables:
Management
fees
1,594,871
25,763
127,719
284,531
147,716
Collateral
from
securities
lending
–
–
298,828
134,670
56,573
Interest
265
3
17
39
16
Investments
purchased
-
regular
settlement
48,042,946
721,802
1,149,154
–
313,451
Shares
redeemed
482,057
72,707
124,753
254,340
513,657
Accrued
expenses:
Custodian
fees
181,350
16,939
26,625
41,653
29,906
Directors
fees
219,246
874
35,565
17,014
6,123
Professional
fees
37,530
5,192
4,041
9,345
8,057
Shareholder
reporting
expenses
42,567
2,781
10,897
37,349
44,110
Shareholder
servicing
agent
fees
224,247
4,393
60,491
292,816
86,674
12b-1
distribution
and
service
fees
86,757
7,477
29,783
16,861
8,991
Total
liabilities
50,911,836
857,931
1,867,873
1,088,618
1,215,274
Net
assets
$
3,075,085,309
$
44,304,284
$
188,805,985
$
443,638,932
$
216,441,373
NET
ASSETS
CONSIST
OF:
Paid-in
capital
$
2,482,412,216
$
30,345,943
$
177,641,845
$
324,903,050
$
197,896,339
Total
distributable
earnings
(loss)
592,673,093
13,958,341
11,164,140
118,735,882
18,545,034
Net
assets
$
3,075,085,309
$
44,304,284
$
188,805,985
$
443,638,932
$
216,441,373
†
Long-term
investments,
cost
$
2,529,365,324
$
32,112,656
$
156,921,163
$
331,412,557
$
174,409,986
◊
Short-term
investments,
cost
$
17,032,983
$
350,000
$
1,400,000
$
5,321,189
$
1,650,000
‡
Includes
securities
loaned
of
$
—
$
—
$
273,331
$
127,041
$
50,010
Statement
of
Assets
and
Liabilities
(continued)
See
Notes
to
Financial
Statements
April
30,
2024
(Unaudited)
Small
Cap
Select
Small
Cap
Value
ASSETS
Long-term
investments,
at
value
†‡
$
108,204,188
$
397,344,873
Investments
purchased
with
collateral
from
securities
lending,
at
value
(cost
approximates
value)
1,559,980
–
Short-term
investments,
at
value
◊
450,000
2,850,000
Cash
48,796
142,790
Receivables:
Dividends
21,328
139,744
Interest
66
418
Investments
sold
245,869
1,925,087
Reclaims
–
2,724
Reimbursement
from
Adviser
19,449
59,555
Shares
sold
219,024
222,522
Other
29,989
68,271
Total
assets
110,798,689
402,755,984
LIABILITIES
Payables:
Management
fees
78,235
268,549
Collateral
from
securities
lending
1,559,980
–
Interest
9
41
Investments
purchased
-
regular
settlement
–
2,886,524
Shares
redeemed
51,947
602,208
Accrued
expenses:
Custodian
fees
23,426
46,306
Directors
fees
10,479
36,475
Professional
fees
6,894
9,583
Shareholder
reporting
expenses
10,323
55,052
Shareholder
servicing
agent
fees
48,011
162,665
12b-1
distribution
and
service
fees
11,557
31,531
Other
—
11,270
Total
liabilities
1,800,861
4,110,204
Net
assets
$
108,997,828
$
398,645,780
NET
ASSETS
CONSIST
OF:
Paid-in
capital
$
84,891,713
$
516,078,113
Total
distributable
earnings
(loss)
24,106,115
(117,432,333)
Net
assets
$
108,997,828
$
398,645,780
†
Long-term
investments,
cost
$
85,053,637
$
328,521,407
◊
Short-term
investments,
cost
$
450,000
$
2,850,000
‡
Includes
securities
loaned
of
$
1,502,589
$
—
Statement
of
Assets
and
Liabilities
(continued)
See
Notes
to
Financial
Statements
Dividend
Value
Large
Cap
Select
Mid
Cap
Growth
Opportunities
Mid
Cap
Value
1
Small
Cap
Growth
Opportunities
CLASS
A:
Net
assets
$
381,968,550
$
30,345,248
$
139,980,739
$
63,478,768
$
42,173,792
Shares
outstanding
26,406,179
774,405
5,833,151
1,200,886
1,799,193
Net
asset
value
("NAV")
per
share
$
14.47
$
39.19
$
24.00
$
52.86
$
23.44
Maximum
sales
charge
5.75%
5.75%
5.75%
5.75%
5.75%
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge)
$
15.35
$
41.58
$
25.46
$
56.08
$
24.87
CLASS
C:
Net
assets
$
8,732,918
$
1,453,243
$
—
$
4,096,144
$
—
Shares
outstanding
619,415
41,903
—
83,911
—
NAV
and
offering
price
per
share
$
14.10
$
34.68
$
—
$
48.82
$
—
CLASS
R6:
Net
assets
$
2,396,269,641
$
—
$
2,979,062
$
39,889,359
$
2,186,803
Shares
outstanding
161,212,189
—
78,651
747,089
69,610
NAV
and
offering
price
per
share
$
14.86
$
—
$
37.88
$
53.39
$
31.42
CLASS
I:
Net
assets
$
288,114,200
$
12,505,793
$
45,846,184
$
336,174,661
$
172,080,778
Shares
outstanding
19,580,620
314,795
1,242,897
6,318,890
5,565,461
NAV
and
offering
price
per
share
$
14.71
$
39.73
$
36.89
$
53.20
$
30.92
Authorized
shares
-
per
class
2
billion
2
billion
2
billion
2
billion
2
billion
Par
value
per
share
$
0.0001
$
0.0001
$
0.0001
$
0.0001
$
0.0001
Statement
of
Assets
and
Liabilities
(continued)
See
Notes
to
Financial
Statements
Small
Cap
Select
Small
Cap
Value
CLASS
A:
Net
assets
$
54,704,718
$
94,880,545
Shares
outstanding
5,740,064
3,419,659
Net
asset
value
("NAV")
per
share
$
9.53
$
27.75
Maximum
sales
charge
5.75%
5.75%
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge)
$
10.11
$
29.44
CLASS
C:
Net
assets
$
—
$
13,735,310
Shares
outstanding
—
595,212
NAV
and
offering
price
per
share
$
—
$
23.08
CLASS
R6:
Net
assets
$
4,726,285
$
136,829,074
Shares
outstanding
342,587
4,720,272
NAV
and
offering
price
per
share
$
13.80
$
28.99
CLASS
I:
Net
assets
$
49,566,825
$
153,200,851
Shares
outstanding
3,610,998
5,318,050
NAV
and
offering
price
per
share
$
13.73
$
28.81
Authorized
shares
-
per
class
2
billion
2
billion
Par
value
per
share
$
0.0001
$
0.0001
See
Notes
to
Financial
Statements
Six
Months
Ended
April
30,
2024
(Unaudited)
Dividend
Value
Large
Cap
Select
Mid
Cap
Growth
Opportunities
Mid
Cap
Value
1
INVESTMENT
INCOME
Dividends
$
34,769,428
$
283,331
$
473,354
$
4,158,215
Interest
266,696
4,880
40,533
86,988
Securities
lending
income,
net
—
—
5,530
49
Other
income
1,447,934
15,706
38,213
78,846
Tax
withheld
(
59,548
)
(
613
)
(
379
)
(
6,682
)
Total
investment
income
36,424,510
303,304
557,251
4,317,416
EXPENSES
–
–
–
–
Management
fees
9,530,097
146,446
763,676
1,702,485
12b-1
service
fees
-
Class
A
466,117
35,602
177,940
80,135
12b-1
distribution
and
service
fees
-
Class
C
43,768
6,924
—
22,830
Shareholder
servicing
agent
fees
-
Class
A
181,441
7,053
88,806
47,503
Shareholder
servicing
agent
fees
-
Class
C
4,261
342
—
3,388
Shareholder
servicing
agent
fees
-
Class
R6
67,275
—
574
1,385
Shareholder
servicing
agent
fees
-
Class
I
140,117
2,971
29,119
249,615
Interest
expense
7,357
21
—
233
Directors
fees
52,366
725
3,338
7,589
Custodian
expenses
90,363
8,807
14,680
22,828
Registration
fees
36,328
26,851
27,448
34,884
Professional
fees
81,657
12,569
13,004
20,056
Shareholder
reporting
expenses
91,123
8,438
34,924
91,020
Other
161,436
6,371
17,032
29,639
Total
expenses
before
fee
waiver/expense
reimbursement
10,953,706
263,120
1,170,541
2,313,590
Fee
waiver/expense
reimbursement
(
609,535
)
(
53,241
)
(
110,789
)
(
237,263
)
Net
expenses
10,344,171
209,879
1,059,752
2,076,327
Net
investment
income
(loss)
26,080,339
93,425
(
502,501
)
2,241,089
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
96,092,667
2,187,495
11,734,971
10,751,635
Net
realized
gain
(loss)
96,092,667
2,187,495
11,734,971
10,751,635
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
397,138,660
6,452,319
27,420,476
53,216,040
Net
change
in
unrealized
appreciation
(depreciation)
397,138,660
6,452,319
27,420,476
53,216,040
Net
realized
and
unrealized
gain
(loss)
493,231,327
8,639,814
39,155,447
63,967,675
Net
increase
(decrease)
in
net
assets
from
operations
$
519,311,666
$
8,733,239
$
38,652,946
$
66,208,764
Statement
of
Operations
(continued)
See
Notes
to
Financial
Statements
Six
Months
Ended
April
30,
2024
(Unaudited)
Small
Cap
Growth
Opportunities
Small
Cap
Select
Small
Cap
Value
INVESTMENT
INCOME
Dividends
$
516,839
$
603,725
$
3,966,514
Interest
50,734
20,584
76,289
Securities
lending
income,
net
1,344
52,961
508
Other
income
66,979
37,588
99,934
Tax
withheld
—
(
2,737
)
(
10,146
)
Total
investment
income
635,896
712,121
4,133,099
EXPENSES
–
–
–
Management
fees
864,800
458,410
1,796,511
12b-1
service
fees
-
Class
A
53,189
67,980
120,329
12b-1
distribution
and
service
fees
-
Class
C
—
—
74,769
Shareholder
servicing
agent
fees
-
Class
A
31,609
43,067
87,789
Shareholder
servicing
agent
fees
-
Class
C
—
—
13,652
Shareholder
servicing
agent
fees
-
Class
R6
88
807
7,469
Shareholder
servicing
agent
fees
-
Class
I
122,309
38,618
180,016
Interest
expense
16
28
38
Directors
fees
3,626
1,881
7,443
Custodian
expenses
20,543
12,207
23,632
Registration
fees
29,002
27,442
36,232
Professional
fees
14,167
11,238
22,662
Shareholder
reporting
expenses
88,930
26,317
106,712
Other
22,905
11,723
38,356
Total
expenses
before
fee
waiver/expense
reimbursement
1,251,184
699,718
2,515,610
Fee
waiver/expense
reimbursement
(
182,974
)
(
100,762
)
(
299,102
)
Net
expenses
1,068,210
598,956
2,216,508
Net
investment
income
(loss)
(
432,314
)
113,165
1,916,591
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
6,067,649
6,181,480
20,370,582
Net
realized
gain
(loss)
6,067,649
6,181,480
20,370,582
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
36,115,558
14,375,144
50,594,976
Foreign
currency
translations
—
—
20
Net
change
in
unrealized
appreciation
(depreciation)
36,115,558
14,375,144
50,594,996
Net
realized
and
unrealized
gain
(loss)
42,183,207
20,556,624
70,965,578
Net
increase
(decrease)
in
net
assets
from
operations
$
41,750,893
$
20,669,789
$
72,882,169
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
Dividend
Value
Large
Cap
Select
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
OPERATIONS
Net
investment
income
(loss)
$
26,080,339
$
56,533,890
$
93,425
$
214,987
Net
realized
gain
(loss)
96,092,667
116,096,682
2,187,495
530,670
Net
change
in
unrealized
appreciation
(depreciation)
397,138,660
(
188,210,397
)
6,452,319
2,292,516
Net
increase
(decrease)
in
net
assets
from
operations
519,311,666
(
15,579,825
)
8,733,239
3,038,173
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends:
Class
A
(
16,133,457
)
(
33,416,727
)
(
606,479
)
(
1,403,450
)
Class
C
(
356,074
)
(
952,521
)
(
25,413
)
(
77,615
)
Class
R6
(
105,451,391
)
(
218,272,749
)
—
—
Class
I
(
12,743,249
)
(
29,241,102
)
(
280,688
)
(
610,521
)
Total
distributions
(
134,684,171
)
(
281,883,099
)
(
912,580
)
(
2,091,586
)
FUND
SHARE
TRANSACTIONS
Subscriptions
52,645,856
306,839,013
3,777,049
7,719,723
Reinvestments
of
distributions
133,149,554
278,153,003
802,722
1,793,199
Redemptions
(
326,667,524
)
(
820,742,112
)
(
3,017,842
)
(
9,881,711
)
Net
increase
(decrease)
from
Fund
share
transactions
(
140,872,114
)
(
235,750,096
)
1,561,929
(
368,789
)
Net
increase
(decrease)
in
net
assets
243,755,381
(
533,213,020
)
9,382,588
577,798
Net
assets
at
the
beginning
of
period
2,831,329,928
3,364,542,948
34,921,696
34,343,898
Net
assets
at
the
end
of
period
$
3,075,085,309
$
2,831,329,928
$
44,304,284
$
34,921,696
Statement
of
Changes
in
Net
Assets
(continued)
See
Notes
to
Financial
Statements
Mid
Cap
Growth
Opportunities
Mid
Cap
Value
1
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
OPERATIONS
Net
investment
income
(loss)
$
(
502,501
)
$
(
873,118
)
$
2,241,089
$
5,833,693
Net
realized
gain
(loss)
11,734,971
7,146,495
10,751,635
12,290,899
Net
change
in
unrealized
appreciation
(depreciation)
27,420,476
(
3,224,225
)
53,216,040
(
17,544,312
)
Net
increase
(decrease)
in
net
assets
from
operations
38,652,946
3,049,152
66,208,764
580,280
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends:
Class
A
—
—
(
2,019,220
)
(
3,789,801
)
Class
C
—
—
(
125,640
)
(
299,981
)
Class
R6
—
—
(
1,187,731
)
(
2,052,356
)
Class
I
—
—
(
11,470,002
)
(
22,357,558
)
Total
distributions
—
—
(
14,802,593
)
(
28,499,696
)
FUND
SHARE
TRANSACTIONS
Subscriptions
6,051,982
10,179,424
35,133,905
90,896,314
Reinvestments
of
distributions
—
—
14,161,089
27,250,663
Redemptions
(
24,762,237
)
(
79,581,168
)
(
68,838,160
)
(
150,059,245
)
Net
increase
(decrease)
from
Fund
share
transactions
(
18,710,255
)
(
69,401,744
)
(
19,543,166
)
(
31,912,268
)
Net
increase
(decrease)
in
net
assets
19,942,691
(
66,352,592
)
31,863,005
(
59,831,684
)
Net
assets
at
the
beginning
of
period
168,863,294
235,215,886
411,775,927
471,607,611
Net
assets
at
the
end
of
period
$
188,805,985
$
168,863,294
$
443,638,932
$
411,775,927
Statement
of
Changes
in
Net
Assets
(continued)
See
Notes
to
Financial
Statements
Small
Cap
Growth
Opportunities
Small
Cap
Select
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
OPERATIONS
Net
investment
income
(loss)
$
(
432,314
)
$
(
794,829
)
$
113,165
$
(
14,178
)
Net
realized
gain
(loss)
6,067,649
3,123,649
6,181,480
(
1,638,448
)
Net
change
in
unrealized
appreciation
(depreciation)
36,115,558
(
12,643,246
)
14,375,144
(
2,011,961
)
Net
increase
(decrease)
in
net
assets
from
operations
41,750,893
(
10,314,426
)
20,669,789
(
3,664,587
)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends:
Class
A
—
—
—
(
7,234
)
Class
R6
—
—
—
(
1,547
)
Class
I
—
—
—
(
18,034
)
Return
of
Capital:
Class
A
—
—
—
(
67,002
)
Class
R6
—
—
—
(
14,330
)
Class
I
—
—
—
(
167,034
)
Total
distributions
—
—
—
(
275,181
)
FUND
SHARE
TRANSACTIONS
Subscriptions
17,033,999
49,673,677
9,125,996
15,560,260
Reinvestments
of
distributions
—
—
—
269,051
Redemptions
(
19,844,831
)
(
35,662,400
)
(
18,262,989
)
(
27,150,709
)
Net
increase
(decrease)
from
Fund
share
transactions
(
2,810,832
)
14,011,277
(
9,136,993
)
(
11,321,398
)
Net
increase
(decrease)
in
net
assets
38,940,061
3,696,851
11,532,796
(
15,261,166
)
Net
assets
at
the
beginning
of
period
177,501,312
173,804,461
97,465,032
112,726,198
Net
assets
at
the
end
of
period
$
216,441,373
$
177,501,312
$
108,997,828
$
97,465,032
Statement
of
Changes
in
Net
Assets
(continued)
See
Notes
to
Financial
Statements
Small
Cap
Value
Unaudited
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
OPERATIONS
Net
investment
income
(loss)
$
1,916,591
$
5,233,115
Net
realized
gain
(loss)
20,370,582
12,870,935
Net
change
in
unrealized
appreciation
(depreciation)
50,594,996
(
63,840,948
)
Net
increase
(decrease)
in
net
assets
from
operations
72,882,169
(
45,736,898
)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends:
Class
A
(
791,879
)
(
1,025,807
)
Class
C
(
15,667
)
(
33,832
)
Class
R6
(
1,761,739
)
(
1,973,745
)
Class
I
(
2,442,224
)
(
3,004,980
)
Total
distributions
(
5,011,509
)
(
6,038,364
)
FUND
SHARE
TRANSACTIONS
Subscriptions
31,861,782
82,860,205
Reinvestments
of
distributions
4,192,109
5,010,173
Redemptions
(
150,748,826
)
(
139,202,623
)
Net
increase
(decrease)
from
Fund
share
transactions
(
114,694,935
)
(
51,332,245
)
Net
increase
(decrease)
in
net
assets
(
46,824,275
)
(
103,107,507
)
Net
assets
at
the
beginning
of
period
445,470,055
548,577,562
Net
assets
at
the
end
of
period
$
398,645,780
$
445,470,055
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Dividend
Value
Class
A
4/30/24(e)
$
12.74
$
0.10
$
2.24
$
2.34
$
(
0.11
)
$
(
0.50
)
$
(
0.61
)
$
14.47
10/31/23
14.12
0.20
(
0.37
)
(
0.17
)
(
0.25
)
(
0.96
)
(
1.21
)
12.74
10/31/22
15.97
0.24
(
0.67
)
(
0.43
)
(
0.20
)
(
1.22
)
(
1.42
)
14.12
10/31/21
11.44
0.20
4.50
4.70
(
0.17
)
—
(
0.17
)
15.97
10/31/20
14.21
0.25
(
1.98
)
(
1.73
)
(
0.23
)
(
0.81
)
(
1.04
)
11.44
10/31/19
14.32
0.26
0.96
1.22
(
0.28
)
(
1.05
)
(
1.33
)
14.21
Class
C
4/30/24(e)
12.43
0.05
2.17
2.22
(
0.05
)
(
0.50
)
(
0.55
)
14.10
10/31/23
13.80
0.10
(
0.37
)
(
0.27
)
(
0.14
)
(
0.96
)
(
1.10
)
12.43
10/31/22
15.63
0.12
(
0.64
)
(
0.52
)
(
0.09
)
(
1.22
)
(
1.31
)
13.80
10/31/21
11.21
0.09
4.40
4.49
(
0.07
)
—
(
0.07
)
15.63
10/31/20
13.93
0.15
(
1.92
)
(
1.77
)
(
0.14
)
(
0.81
)
(
0.95
)
11.21
10/31/19
14.06
0.16
0.93
1.09
(
0.17
)
(
1.05
)
(
1.22
)
13.93
Class
R6
4/30/24(e)
13.08
0.13
2.28
2.41
(
0.13
)
(
0.50
)
(
0.63
)
14.86
10/31/23
14.47
0.26
(
0.39
)
(
0.13
)
(
0.30
)
(
0.96
)
(
1.26
)
13.08
10/31/22
16.34
0.29
(
0.68
)
(
0.39
)
(
0.26
)
(
1.22
)
(
1.48
)
14.47
10/31/21
11.72
0.26
4.60
4.86
(
0.24
)
—
(
0.24
)
16.34
10/31/20
14.54
0.30
(
2.02
)
(
1.72
)
(
0.29
)
(
0.81
)
(
1.10
)
11.72
10/31/19
14.61
0.32
0.99
1.31
(
0.33
)
(
1.05
)
(
1.38
)
14.54
Class
I
4/30/24(e)
12.95
0.12
2.26
2.38
(
0.12
)
(
0.50
)
(
0.62
)
14.71
10/31/23
14.34
0.24
(
0.39
)
(
0.15
)
(
0.28
)
(
0.96
)
(
1.24
)
12.95
10/31/22
16.20
0.27
(
0.67
)
(
0.40
)
(
0.24
)
(
1.22
)
(
1.46
)
14.34
10/31/21
11.61
0.24
4.57
4.81
(
0.22
)
—
(
0.22
)
16.20
10/31/20
14.42
0.28
(
2.01
)
(
1.73
)
(
0.27
)
(
0.81
)
(
1.08
)
11.61
10/31/19
14.51
0.30
0.98
1.28
(
0.32
)
(
1.05
)
(
1.37
)
14.42
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
Financial
Statements.
(e)
Unaudited.
(f)
Annualized.
See
Notes
to
Financial
Statements.
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
18
.64
%
$
381,969
1
.00
%
(f)
0
.96
%
(f)
1
.41
%
(f)
43
%
(
1
.39
)
342,301
1
.00
0
.96
1
.51
82
(
3
.00
)
390,219
1
.00
0
.96
1
.63
81
41
.25
434,105
1
.00
0
.96
1
.32
97
(
13
.12
)
158,645
1
.09
1
.09
2
.00
117
9
.81
215,710
1
.11
1
.11
1
.94
93
18
.18
8,733
1
.75
(f)
1
.71
(f)
0
.67
(f)
43
(
2
.14
)
8,404
1
.75
1
.71
0
.77
82
(
3
.72
)
11,931
1
.75
1
.71
0
.85
81
40
.10
16,356
1
.75
1
.71
0
.60
97
(
13
.75
)
11,881
1
.84
1
.84
1
.24
117
8
.98
23,083
1
.86
1
.86
1
.19
93
18
.75
2,396,270
0
.66
(f)
0
.62
(f)
1
.76
(f)
43
(
1
.03
)
2,210,275
0
.65
0
.61
1
.86
82
(
2
.65
)
2,619,891
0
.65
0
.61
1
.98
81
41
.71
3,102,035
0
.64
0
.60
1
.73
97
(
12
.80
)
2,025,717
0
.70
0
.70
2
.41
117
10
.29
52,824
0
.72
0
.72
2
.30
93
18
.72
288,114
0
.75
(f)
0
.71
(f)
1
.67
(f)
43
(
1
.16
)
270,350
0
.75
0
.71
1
.77
82
(
2
.75
)
342,502
0
.75
0
.71
1
.85
81
41
.59
466,940
0
.75
0
.71
1
.61
97
(
12
.96
)
408,828
0
.84
0
.84
2
.25
117
10
.14
661,390
0
.86
0
.86
2
.18
93
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Large
Cap
Select
Class
A
4/30/24(e)
$
32.17
$
0.07
$
7.74
$
7.81
$
(
0.19
)
$
(
0.60
)
$
(
0.79
)
$
39.19
10/31/23
31.11
0.18
2.76
2.94
(
0.21
)
(
1.67
)
(
1.88
)
32.17
10/31/22
45.19
0.19
(
5.82
)
(
5.63
)
(
0.10
)
(
8.35
)
(
8.45
)
31.11
10/31/21
32.12
0.07
13.28
13.35
(
0.17
)
(
0.11
)
(
0.28
)
45.19
10/31/20
30.71
0.17
1.61
1.78
(
0.37
)
—
(
0.37
)
32.12
10/31/19
28.87
0.21
2.72
2.93
(
0.10
)
(
0.99
)
(
1.09
)
30.71
Class
C
4/30/24(e)
28.49
(
0.06
)
6.85
6.79
—
(
0.60
)
(
0.60
)
34.68
10/31/23
27.75
(
0.05
)
2.46
2.41
—
(
1.67
)
(
1.67
)
28.49
10/31/22
41.45
(
0.06
)
(
5.20
)
(
5.26
)
(
0.09
)
(
8.35
)
(
8.44
)
27.75
10/31/21
29.56
(
0.21
)
12.21
12.00
—
(
0.11
)
(
0.11
)
41.45
10/31/20
28.28
(
0.06
)
1.47
1.41
(
0.13
)
—
(
0.13
)
29.56
10/31/19
26.77
(
—
)
(g)
2.50
2.50
—
(
0.99
)
(
0.99
)
28.28
Class
I
4/30/24(e)
32.64
0.12
7.85
7.97
(
0.28
)
(
0.60
)
(
0.88
)
39.73
10/31/23
31.55
0.26
2.80
3.06
(
0.30
)
(
1.67
)
(
1.97
)
32.64
10/31/22
45.61
0.26
(
5.87
)
(
5.61
)
(
0.10
)
(
8.35
)
(
8.45
)
31.55
10/31/21
32.41
0.18
13.38
13.56
(
0.25
)
(
0.11
)
(
0.36
)
45.61
10/31/20
30.98
0.25
1.62
1.87
(
0.44
)
—
(
0.44
)
32.41
10/31/19
29.13
0.28
2.73
3.01
(
0.17
)
(
0.99
)
(
1.16
)
30.98
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
Financial
Statements.
(e)
Unaudited.
(f)
Annualized.
(g)
Value
rounded
to
zero.
See
Notes
to
Financial
Statements.
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
24
.49
%
$
30,345
1
.30
%
(f)
1
.05
%
(f)
0
.40
%
(f)
41
%
10
.13
24,952
1
.37
1
.05
0
.57
89
(
15
.56
)
23,157
1
.32
1
.05
0
.54
78
41
.77
31,724
1
.29
1
.05
0
.18
83
5
.76
24,135
1
.30
1
.11
0
.54
101
10
.86
24,224
1
.20
1
.15
0
.73
108
24
.04
1,453
2
.05
(f)
1
.80
(f)
(
0
.35
)
(f)
41
9
.30
1,212
2
.12
1
.80
(
0
.18
)
89
(
16
.18
)
1,334
2
.07
1
.80
(
0
.20
)
78
40
.68
1,790
2
.04
1
.80
(
0
.56
)
83
4
.99
1,743
2
.05
1
.86
(
0
.21
)
101
10
.02
2,097
1
.95
1
.90
(
0
.02
)
108
24
.67
12,506
1
.05
(f)
0
.80
(f)
0
.65
(f)
41
10
.40
8,758
1
.12
0
.80
0
.81
89
(
15
.33
)
9,854
1
.07
0
.80
0
.75
78
42
.11
18,605
1
.04
0
.80
0
.43
83
6
.02
16,030
1
.05
0
.86
0
.79
101
11
.13
18,567
0
.95
0
.90
0
.98
108
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Mid
Cap
Growth
Opportunities
Class
A
4/30/24(e)
$
19.47
$
(
0.07
)
$
4.60
$
4.53
$
—
$
—
$
—
$
24.00
10/31/23
19.43
(
0.11
)
0.15
0.04
—
—
—
19.47
10/31/22
41.71
(
0.14
)
(
11.98
)
(
12.12
)
—
(
10.16
)
(
10.16
)
19.43
10/31/21
34.24
(
0.32
)
12.82
12.50
—
(
5.03
)
(
5.03
)
41.71
10/31/20
33.66
(
0.09
)
8.01
7.92
—
(
7.34
)
(
7.34
)
34.24
10/31/19
36.79
(
0.12
)
3.48
3.36
—
(
6.49
)
(
6.49
)
33.66
Class
R6
4/30/24(e)
30.67
(
0.05
)
7.26
7.21
—
—
—
37.88
10/31/23
30.52
(
0.07
)
0.22
0.15
—
—
—
30.67
10/31/22
58.90
(
0.09
)
(
18.13
)
(
18.22
)
—
(
10.16
)
(
10.16
)
30.52
10/31/21
46.46
(
0.27
)
17.74
17.47
—
(
5.03
)
(
5.03
)
58.90
10/31/20
43.07
0.03
10.70
10.73
—
(
7.34
)
(
7.34
)
46.46
10/31/19
44.94
0.01
4.61
4.62
—
(
6.49
)
(
6.49
)
43.07
Class
I
4/30/24(e)
29.88
(
0.06
)
7.07
7.01
—
—
—
36.89
10/31/23
29.75
(
0.08
)
0.21
0.13
—
—
—
29.88
10/31/22
57.74
(
0.13
)
(
17.70
)
(
17.83
)
—
(
10.16
)
(
10.16
)
29.75
10/31/21
45.67
(
0.31
)
17.41
17.10
—
(
5.03
)
(
5.03
)
57.74
10/31/20
42.49
(
0.01
)
10.53
10.52
—
(
7.34
)
(
7.34
)
45.67
10/31/19
44.49
(
0.05
)
4.54
4.49
—
(
6.49
)
(
6.49
)
42.49
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
Financial
Statements.
(e)
Unaudited.
(f)
Annualized.
See
Notes
to
Financial
Statements.
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
23
.27
%
$
139,981
1
.29
%
(f)
1
.17
%
(f)
(
0
.59
)
%
(f)
24
%
0
.21
123,317
1
.25
1
.17
(
0
.51
)
71
(
36
.06
)
142,840
1
.23
1
.17
(
0
.60
)
67
38
.97
252,552
1
.20
1
.17
(
0
.84
)
89
28
.09
185,219
1
.24
1
.17
(
0
.29
)
89
13
.43
172,912
1
.24
1
.17
(
0
.35
)
90
23
.51
2,979
0
.95
(f)
0
.83
(f)
(
0
.26
)
(f)
24
0
.49
2,550
0
.91
0
.83
(
0
.21
)
71
(
35
.86
)
20,897
0
.89
0
.83
(
0
.25
)
67
39
.45
31,945
0
.86
0
.83
(
0
.50
)
89
28
.54
28,966
0
.88
0
.81
0
.06
89
13
.85
26,329
0
.86
0
.79
0
.02
90
23
.46
45,846
1
.04
(f)
0
.92
(f)
(
0
.33
)
(f)
24
0
.44
42,996
1
.00
0
.92
(
0
.26
)
71
(
35
.91
)
71,478
0
.98
0
.92
(
0
.35
)
67
39
.31
164,813
0
.95
0
.92
(
0
.58
)
89
28
.38
150,875
0
.99
0
.92
(
0
.03
)
89
13
.73
165,663
1
.00
0
.92
(
0
.12
)
90
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Mid
Cap
Value
1
Class
A
4/30/24(e)
$
46.86
$
0.21
$
7.41
$
7.62
$
(
0.50
)
$
(
1.12
)
$
(
1.62
)
$
52.86
10/31/23
50.13
0.52
(
0.84
)
(
0.32
)
(
0.53
)
(
2.42
)
(
2.95
)
46.86
10/31/22
56.38
0.54
(
3.88
)
(
3.34
)
(
0.35
)
(
2.56
)
(
2.91
)
50.13
10/31/21
36.53
0.29
20.01
20.30
(
0.45
)
—
(
0.45
)
56.38
10/31/20
41.07
0.43
(
4.59
)
(
4.16
)
(
0.38
)
—
(
0.38
)
36.53
10/31/19
38.91
0.40
3.29
3.69
(
0.09
)
(
1.44
)
(
1.53
)
41.07
Class
C
4/30/24(e)
43.21
0.02
6.83
6.85
(
0.12
)
(
1.12
)
(
1.24
)
48.82
10/31/23
46.38
0.15
(
0.77
)
(
0.62
)
(
0.13
)
(
2.42
)
(
2.55
)
43.21
10/31/22
52.74
0.14
(
3.62
)
(
3.48
)
(
0.32
)
(
2.56
)
(
2.88
)
46.38
10/31/21
34.21
(
0.09
)
18.79
18.70
(
0.17
)
—
(
0.17
)
52.74
10/31/20
38.49
0.14
(
4.34
)
(
4.20
)
(
0.08
)
—
(
0.08
)
34.21
10/31/19
36.73
0.11
3.09
3.20
—
(
1.44
)
(
1.44
)
38.49
Class
R6
4/30/24(e)
47.41
0.31
7.49
7.80
(
0.70
)
(
1.12
)
(
1.82
)
53.39
10/31/23
50.71
0.72
(
0.85
)
(
0.13
)
(
0.75
)
(
2.42
)
(
3.17
)
47.41
10/31/22
56.81
0.74
(
3.93
)
(
3.19
)
(
0.35
)
(
2.56
)
(
2.91
)
50.71
10/31/21
36.78
0.49
20.13
20.62
(
0.59
)
—
(
0.59
)
56.81
10/31/20
41.32
0.57
(
4.59
)
(
4.02
)
(
0.52
)
—
(
0.52
)
36.78
10/31/19
39.10
0.55
3.30
3.85
(
0.19
)
(
1.44
)
(
1.63
)
41.32
Class
I
4/30/24(e)
47.20
0.27
7.47
7.74
(
0.62
)
(
1.12
)
(
1.74
)
53.20
10/31/23
50.49
0.65
(
0.86
)
(
0.21
)
(
0.66
)
(
2.42
)
(
3.08
)
47.20
10/31/22
56.64
0.68
(
3.92
)
(
3.24
)
(
0.35
)
(
2.56
)
(
2.91
)
50.49
10/31/21
36.69
0.41
20.09
20.50
(
0.55
)
—
(
0.55
)
56.64
10/31/20
41.24
0.52
(
4.59
)
(
4.07
)
(
0.48
)
—
(
0.48
)
36.69
10/31/19
39.08
0.51
3.28
3.79
(
0.19
)
(
1.44
)
(
1.63
)
41.24
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
Financial
Statements.
(e)
Unaudited.
(f)
Annualized.
See
Notes
to
Financial
Statements.
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
16
.34
%
$
63,479
1
.26
%
(f)
1
.16
%
(f)
0
.80
%
(f)
11
%
(
0
.65
)
58,995
1
.25
1
.16
1
.06
28
(
6
.29
)
63,992
1
.21
1
.16
1
.03
38
55
.98
73,571
1
.28
1
.16
0
.59
31
(
10
.26
)
41,258
1
.27
1
.17
1
.16
56
10
.19
55,467
1
.27
1
.17
1
.04
46
15
.92
4,096
2
.01
(f)
1
.91
(f)
0
.10
(f)
11
(
1
.38
)
4,512
2
.00
1
.91
0
.33
28
(
7
.02
)
5,552
1
.96
1
.91
0
.28
38
54
.80
6,026
2
.03
1
.91
(
0
.20
)
31
(
10
.94
)
4,649
2
.02
1
.92
0
.40
56
9
.39
7,631
2
.02
1
.92
0
.30
46
16
.56
39,889
0
.87
(f)
0
.77
(f)
1
.18
(f)
11
(
0
.25
)
31,554
0
.85
0
.76
1
.45
28
(
5
.96
)
32,383
0
.84
0
.79
1
.39
38
56
.59
26,190
0
.87
0
.75
0
.99
31
(
9
.91
)
16,762
0
.89
0
.78
1
.54
56
10
.63
19,481
0
.87
0
.77
1
.39
46
16
.50
336,175
1
.01
(f)
0
.91
(f)
1
.05
(f)
11
(
0
.41
)
316,716
1
.00
0
.91
1
.31
28
(
6
.07
)
369,680
0
.96
0
.91
1
.29
38
56
.35
298,350
1
.03
0
.91
0
.83
31
(
10
.03
)
214,089
1
.02
0
.92
1
.41
56
10
.48
250,717
1
.02
0
.92
1
.30
46
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Small
Cap
Growth
Opportunities
Class
A
4/30/24(e)
$
18.97
$
(
0.07
)
$
4.54
$
4.47
$
—
$
—
$
—
$
23.44
10/31/23
20.05
(
0.13
)
(
0.95
)
(
1.08
)
—
—
—
18.97
10/31/22
34.74
(
0.16
)
(
8.03
)
(
8.19
)
—
(
6.50
)
(
6.50
)
20.05
10/31/21
27.35
(
0.28
)
11.44
11.16
(
0.01
)
(
3.76
)
(
3.77
)
34.74
10/31/20
20.96
(
0.18
)
6.57
6.39
—
—
—
27.35
10/31/19
23.54
(
0.14
)
0.84
0.70
—
(
3.28
)
(
3.28
)
20.96
Class
R6
4/30/24(e)
25.37
(
0.03
)
6.08
6.05
—
—
—
31.42
10/31/23
26.71
(
0.06
)
(
1.28
)
(
1.34
)
—
—
—
25.37
10/31/22
43.84
(
0.09
)
(
10.54
)
(
10.63
)
—
(
6.50
)
(
6.50
)
26.71
10/31/21
33.69
(
0.15
)
14.22
14.07
(
0.16
)
(
3.76
)
(
3.92
)
43.84
10/31/20
25.69
(
0.07
)
8.07
8.00
—
—
—
33.69
10/31/19
27.88
(
0.05
)
1.14
1.09
—
(
3.28
)
(
3.28
)
25.69
Class
I
4/30/24(e)
24.99
(
0.05
)
5.98
5.93
—
—
—
30.92
10/31/23
26.34
(
0.10
)
(
1.25
)
(
1.35
)
—
—
—
24.99
10/31/22
43.39
(
0.15
)
(
10.40
)
(
10.55
)
—
(
6.50
)
(
6.50
)
26.34
10/31/21
33.38
(
0.25
)
14.11
13.86
(
0.09
)
(
3.76
)
(
3.85
)
43.39
10/31/20
25.51
(
0.14
)
8.01
7.87
—
—
—
33.38
10/31/19
27.79
(
0.10
)
1.10
1.00
—
(
3.28
)
(
3.28
)
25.51
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
Financial
Statements.
(e)
Unaudited.
(f)
Annualized.
See
Notes
to
Financial
Statements.
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
23
.56
%
$
42,174
1
.40
%
(f)
1
.22
%
(f)
(
0
.62
)
%
(f)
20
%
(
5
.39
)
36,065
1
.36
1
.23
(
0
.63
)
65
(
28
.03
)
41,159
1
.35
1
.22
(
0
.72
)
65
43
.38
59,901
1
.33
1
.21
(
0
.88
)
97
30
.55
41,683
1
.42
1
.22
(
0
.77
)
105
5
.47
34,249
1
.39
1
.23
(
0
.68
)
104
23
.76
2,187
1
.01
(f)
0
.84
(f)
(
0
.23
)
(f)
20
(
4
.98
)
866
0
.96
0
.83
(
0
.20
)
65
(
27
.74
)
644
0
.95
0
.82
(
0
.30
)
65
43
.98
590
0
.93
0
.81
(
0
.39
)
97
31
.14
1,038
0
.98
0
.78
(
0
.26
)
105
6
.13
144
1
.01
0
.85
(
0
.19
)
104
23
.73
172,081
1
.15
(f)
0
.97
(f)
(
0
.36
)
(f)
20
(
5
.13
)
140,570
1
.11
0
.98
(
0
.37
)
65
(
27
.86
)
132,002
1
.10
0
.97
(
0
.51
)
65
43
.74
305,544
1
.08
0
.96
(
0
.62
)
97
30
.81
168,931
1
.17
0
.97
(
0
.51
)
105
5
.78
172,242
1
.13
0
.98
(
0
.41
)
104
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Net
Asset
Value,
End
of
Period
Small
Cap
Select
Class
A
4/30/24(e)
$
7.82
$
—
(f)
$
1.71
$
1.71
$
—
$
—
$
—
$
—
$
9.53
10/31/23
8.17
(
0.01
)
(
0.33
)
(
0.34
)
(
—
)
(f)
—
(
0.01
)
(
0.01
)
7.82
10/31/22
11.89
(
—
)
(f)
(
1.83
)
(
1.83
)
—
(
1.89
)
—
(
1.89
)
8.17
10/31/21
7.83
(
0.03
)
4.23
4.20
(
—
)
(f)
(
0.14
)
—
(
0.14
)
11.89
10/31/20
7.71
(
—
)
(f)
0.13
0.13
(
0.01
)
—
—
(
0.01
)
7.83
10/31/19
9.26
(
—
)
(f)
0.28
0.28
(
—
)
(f)
(
1.83
)
—
(
1.83
)
7.71
Class
R6
4/30/24(e)
11.30
0.03
2.47
2.50
—
—
—
—
13.80
10/31/23
11.80
0.03
(
0.47
)
(
0.44
)
(
0.01
)
—
(
0.05
)
(
0.06
)
11.30
10/31/22
16.26
0.04
(
2.61
)
(
2.57
)
—
(
1.89
)
—
(
1.89
)
11.80
10/31/21
10.66
0.01
5.77
5.78
(
0.04
)
(
0.14
)
—
(
0.18
)
16.26
10/31/20
10.49
0.03
0.20
0.23
(
0.06
)
—
—
(
0.06
)
10.66
10/31/19
11.87
0.04
0.44
0.48
(
0.03
)
(
1.83
)
—
(
1.86
)
10.49
Class
I
4/30/24(e)
11.26
0.02
2.45
2.47
—
—
—
—
13.73
10/31/23
11.75
0.01
(
0.45
)
(
0.44
)
(
0.01
)
—
(
0.04
)
(
0.05
)
11.26
10/31/22
16.21
0.03
(
2.60
)
(
2.57
)
—
(
1.89
)
—
(
1.89
)
11.75
10/31/21
10.63
(
0.01
)
5.76
5.75
(
0.03
)
(
0.14
)
—
(
0.17
)
16.21
10/31/20
10.46
0.02
0.19
0.21
(
0.04
)
—
—
(
0.04
)
10.63
10/31/19
11.85
0.03
0.44
0.47
(
0.03
)
(
1.83
)
—
(
1.86
)
10.46
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
Financial
Statements.
(e)
Unaudited.
(f)
Value
rounded
to
zero.
(g)
Annualized.
See
Notes
to
Financial
Statements.
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
21
.87
%
$
54,705
1
.43
%
(g)
1
.24
%
(g)
0
.08
%
(g)
18
%
(
4
.15
)
48,067
1
.41
1
.24
(
0
.14
)
42
(
17
.84
)
56,476
1
.40
1
.24
(
0
.05
)
63
54
.06
78,047
1
.39
1
.24
(
0
.30
)
91
1
.70
49,513
1
.48
1
.24
(
0
.05
)
90
6
.95
55,849
1
.42
1
.24
0
.01
70
22
.12
4,726
1
.05
(g)
0
.87
(g)
0
.45
(g)
18
(
3
.73
)
4,212
1
.03
0
.86
0
.24
42
(
17
.57
)
3,135
1
.02
0
.86
0
.32
63
54
.60
2,791
1
.03
0
.87
0
.06
91
2
.15
1,994
1
.09
0
.86
0
.32
90
7
.22
2,070
1
.03
0
.85
0
.36
70
22
.04
49,567
1
.18
(g)
0
.99
(g)
0
.33
(g)
18
(
3
.87
)
45,185
1
.16
0
.99
0
.11
42
(
17
.63
)
53,115
1
.15
0
.99
0
.20
63
54
.43
74,479
1
.14
0
.99
(
0
.04
)
91
2
.00
31,341
1
.23
0
.99
0
.19
90
7
.13
30,109
1
.17
0
.99
0
.26
70
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Small
Cap
Value
Class
A
4/30/24(e)
$
23.89
$
0.08
$
4.00
$
4.08
$
(
0.22
)
$
—
$
(
0.22
)
$
27.75
10/31/23
26.52
0.21
(
2.60
)
(
2.39
)
(
0.24
)
—
(
0.24
)
23.89
10/31/22
28.36
0.21
(
1.90
)
(
1.69
)
(
0.15
)
—
(
0.15
)
26.52
10/31/21
17.30
0.04
11.09
11.13
(
0.07
)
—
(
0.07
)
28.36
10/31/20
22.19
0.09
(
4.77
)
(
4.68
)
(
0.21
)
—
(
0.21
)
17.30
10/31/19
22.96
0.18
(
0.17
)
0.01
(
0.13
)
(
0.65
)
(
0.78
)
22.19
Class
C
4/30/24(e)
19.81
(
0.01
)
3.30
3.29
(
0.02
)
—
(
0.02
)
23.08
10/31/23
21.99
0.01
(
2.15
)
(
2.14
)
(
0.04
)
—
(
0.04
)
19.81
10/31/22
23.68
—
(g)
(
1.56
)
(
1.56
)
(
0.13
)
—
(
0.13
)
21.99
10/31/21
14.51
(
0.13
)
9.30
9.17
—
—
—
23.68
10/31/20
18.62
(
0.04
)
(
4.03
)
(
4.07
)
(
0.04
)
—
(
0.04
)
14.51
10/31/19
19.39
0.01
(
0.13
)
(
0.12
)
—
(
0.65
)
(
0.65
)
18.62
Class
R6
4/30/24(e)
25.00
0.14
4.18
4.32
(
0.33
)
—
(
0.33
)
28.99
10/31/23
27.75
0.33
(
2.72
)
(
2.39
)
(
0.36
)
—
(
0.36
)
25.00
10/31/22
29.55
0.33
(
1.97
)
(
1.64
)
(
0.16
)
—
(
0.16
)
27.75
10/31/21
18.02
0.12
11.57
11.69
(
0.16
)
—
(
0.16
)
29.55
10/31/20
23.09
0.15
(
4.93
)
(
4.78
)
(
0.29
)
—
(
0.29
)
18.02
10/31/19
23.83
0.29
(
0.18
)
0.11
(
0.20
)
(
0.65
)
(
0.85
)
23.09
Class
I
4/30/24(e)
24.83
0.13
4.14
4.27
(
0.29
)
—
(
0.29
)
28.81
10/31/23
27.57
0.28
(
2.70
)
(
2.42
)
(
0.32
)
—
(
0.32
)
24.83
10/31/22
29.41
0.29
(
1.97
)
(
1.68
)
(
0.16
)
—
(
0.16
)
27.57
10/31/21
17.93
0.11
11.49
11.60
(
0.12
)
—
(
0.12
)
29.41
10/31/20
23.00
0.16
(
4.96
)
(
4.80
)
(
0.27
)
—
(
0.27
)
17.93
10/31/19
23.79
0.24
(
0.18
)
0.06
(
0.20
)
(
0.65
)
(
0.85
)
23.00
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
Financial
Statements.
(e)
Unaudited.
(f)
Annualized.
(g)
Value
rounded
to
zero.
See
Notes
to
Financial
Statements.
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
17
.06
%
$
94,881
1
.34
%
(f)
1
.21
%
(f)
0
.58
%
(f)
10
%
(
9
.05
)
87,298
1
.28
1
.21
0
.81
31
(
6
.00
)
113,227
1
.25
1
.20
0
.77
31
64
.47
138,585
1
.25
1
.20
0
.16
36
(
21
.33
)
105,402
1
.30
1
.20
0
.48
30
0
.44
213,819
1
.28
1
.20
0
.81
31
16
.62
13,735
2
.09
(f)
1
.96
(f)
(
0
.13
)
(f)
10
(
9
.72
)
14,623
2
.03
1
.96
0
.07
31
(
6
.70
)
21,592
2
.00
1
.95
0
.02
31
63
.20
28,500
2
.00
1
.95
(
0
.62
)
36
(
21
.93
)
22,263
2
.05
1
.95
(
0
.28
)
30
(
0
.28
)
45,920
2
.03
1
.95
0
.07
31
17
.28
136,829
0
.92
(f)
0
.79
(f)
1
.03
(f)
10
(
8
.67
)
132,277
0
.87
0
.80
1
.22
31
(
5
.60
)
152,178
0
.86
0
.81
1
.17
31
65
.14
182,835
0
.85
0
.81
0
.45
36
(
21
.01
)
85,491
0
.86
0
.76
0
.81
30
0
.90
133,071
0
.83
0
.75
1
.26
31
17
.20
153,201
1
.09
(f)
0
.96
(f)
0
.95
(f)
10
(
8
.83
)
211,272
1
.03
0
.96
1
.06
31
(
5
.76
)
261,581
1
.00
0
.95
1
.02
31
64
.91
371,179
1
.00
0
.95
0
.42
36
(
21
.14
)
457,676
1
.05
0
.95
0
.81
30
0
.69
1,228,912
1
.03
0
.95
1
.06
31
Notes
to
Financial
Statements
(Unaudited)
1.
General
Information
Trust
and
Fund
Information:
Nuveen
Investment
Funds,
Inc.
(the
“Trust”),
is
an
open-end
management
investment
company
registered
under
the
Investment
Company
Act
of
1940,
(the
“1940
Act”),
as
amended.
The
Trust
is
comprised
of
Nuveen
Dividend
Value
Fund
(“Dividend
Value”),
Nuveen
Large
Cap
Select
Fund
(“Large
Cap
Select”),
Nuveen
Mid
Cap
Growth
Opportunities
Fund
(“Mid
Cap
Growth
Opportunities”),
Nuveen
Mid
Cap
Value
1
Fund
(“Mid
Cap
Value
1”),
Nuveen
Small
Cap
Growth
Opportunities
Fund
(“Small
Cap
Growth
Opportunities”),
Nuveen
Small
Cap
Select
Fund
(“Small
Cap
Select”)
and
Nuveen
Small
Cap
Value
Fund
(“Small
Cap
Value”),
(each
a
“Fund”
and
collectively,
the
“Funds”),
among
others.
The
Trust
was
incorporated
in
the
State
of
Maryland
on
August
20,
1987.
Fund
Name
Changes
:
Effective
May
1,
2024,
Nuveen
Mid
Cap
Value
Fund
changed
its
name
as
noted
above
to
Mid
Cap
Value
1
and
therefore
all
references
to
the
name
of
the
Fund
in
this
report
have
been
updated.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
April
30,
2024,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
April
30,
2024
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser:
The
Funds’
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
sub-
advisory
agreements
with
Nuveen
Asset
Management,
LLC
(the
“Sub-Adviser”),
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolios
of
the
Funds.
Share
Classes
and
Sales
Charges:
Class
A
Shares
are
generally
sold
with
an
up-front
sales
charge.
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
(“NAV”)
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
are
sold
without
an
up-front
sales
charge
but
are
subject
to
a
CDSC
of
1%
if
redeemed
within
twelve
months
of
purchase.
Class
R6
Shares
and
Class
I
Shares
are
sold
without
an
upfront
sales
charge.
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
common
share
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
common
share
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation:
The
Trust
pays
no
compensation
directly
to
those
of its
officers,
all
of
whom
receive
remuneration
for
their
services
to
the
Trust
from
the
Adviser
or
its
affiliates.
The
Funds’
Board
of Directors
(the
"Board")
has
adopted
a
deferred
compensation
plan
for
independent directors that
enables directors
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
foreign
currency
transactions”
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
unrealized
appreciation
(depreciation)
on
foreign
currency
translations”
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
unrealized
appreciation
(depreciation)”
on
the
Statement
of
Operations,
when
applicable.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
on
income,
gains
on
investments
or
foreign
currency
repatriation,
a
portion
of
which
may
be
recoverable.
The
Funds
will
accrue
such
taxes
and
recoveries
as
applicable,
based
upon
the
current
interpretation
of
tax
rules
and
regulations
that
exist
in
the
markets
in
which
the
Funds
invest.
Indemnifications:
Under
the
Trust’s
organizational
documents,
its
officers
and directors
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Trust’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
However,
the
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
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.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds’
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged
,
are
presented
in
the
Funds’
Portfolio
of
Investments
or
Statement
of
Assets
and
Liabilities.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
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
Adviser,
subject
to
oversight
of
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
last
reported sales
price
or
official
closing
price 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
reported sales
price
or
official
closing
price
on
the
principal
exchange
where
traded,
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the valuation
date.
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
Adviser,
subject
to
the
oversight
of
the
Board. To
the
extent
these
securities
are
actively
traded
and
no
valuation
adjustments
are
applied,
they
are
generally
classified
as
Level
1. When
valuation
adjustments
are
applied
to
the
most
recent
last
sales
price
or
official
closing
price, these
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
pricing
services and
are
generally
classified
as
Level
1
or
2.
Investments
in
investment
companies
are
valued
at
their
respective
NAVs
or
share
price on
the
valuation
date
and
are
generally
classified
as
Level
1.
Repurchase
agreements
are
valued
at
contract
amount
plus
accrued
interest,
which
approximates
market
value.
These
securities
are
generally
classified
as
Level
2.
Notes
to
Financial
Statements
(Unaudited)
(continued)
For
any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
Adviser
deems
the
valuations
derived
using
the
valuation
procedures
described
above
not
to
reflect
fair
value,
the
Adviser
will
determine
a
fair
value
in
good
faith
using
alternative
procedures
approved
by
the
Adviser,
subject
to
the
oversight
of
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
is
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;
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:
Dividend
Value
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
3,060,996,063
$
–
$
–
$
3,060,996,063
Short-Term
Investments:
Repurchase
Agreements
–
17,032,983
–
17,032,983
Total
$
3,060,996,063
$
17,032,983
$
–
$
3,078,029,046
Large
Cap
Select
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
44,205,510
$
–
$
–
$
44,205,510
Short-Term
Investments:
Repurchase
Agreements
–
350,000
–
350,000
Total
$
44,205,510
$
350,000
$
–
$
44,555,510
Mid
Cap
Growth
Opportunities
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
186,450,992
$
–
$
–
$
186,450,992
Investments
Purchased
with
Collateral
from
Securities
Lending
298,828
–
–
298,828
Short-Term
Investments:
Repurchase
Agreements
–
1,400,000
–
1,400,000
Total
$
186,749,820
$
1,400,000
$
–
$
188,149,820
Mid
Cap
Value
1
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
438,610,455
$
–
$
–
$
438,610,455
Investments
Purchased
with
Collateral
from
Securities
Lending
134,670
–
–
134,670
Short-Term
Investments:
Repurchase
Agreements
–
5,321,189
–
5,321,189
Total
$
438,745,125
$
5,321,189
$
–
$
444,066,314
Small
Cap
Growth
Opportunities
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
214,640,359
$
–
$
5,911
$
214,646,270
Investments
Purchased
with
Collateral
from
Securities
Lending
56,573
–
–
56,573
Short-Term
Investments:
Repurchase
Agreements
–
1,650,000
–
1,650,000
Total
$
214,696,932
$
1,650,000
$
5,911
$
216,352,843
4.
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, a
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
current
reporting
period,
the
total
value
of
the
loaned
securities
and
the
total
value
of
collateral
received
were
as
follows:
Small
Cap
Select
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
106,756,594
$
–
$
–
$
106,756,594
Exchange-Traded
Funds
1,447,594
–
–
1,447,594
Investments
Purchased
with
Collateral
from
Securities
Lending
1,559,980
–
–
1,559,980
Short-Term
Investments:
Repurchase
Agreements
–
450,000
–
450,000
Total
$
109,764,168
$
450,000
$
–
$
110,214,168
Small
Cap
Value
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
397,344,873
$
–
$
–
$
397,344,873
Short-Term
Investments:
Repurchase
Agreements
–
2,850,000
–
2,850,000
Total
$
397,344,873
$
2,850,000
$
–
$
400,194,873
Fund
Counterparty
Short-term
Investments,
at
Value
Collateral
Pledged
(From)
Counterparty
Dividend
Value
Fixed
Income
Clearing
Corporation
$17,032,983
$17,373,879
Large
Cap
Select
Fixed
Income
Clearing
Corporation
350,000
357,035
Mid
Cap
Growth
Opportunities
Fixed
Income
Clearing
Corporation
1,400,000
1,428,138
Mid
Cap
Value
1
Fixed
Income
Clearing
Corporation
5,321,189
5,427,737
Small
Cap
Growth
Opportunities
Fixed
Income
Clearing
Corporation
1,650,000
1,683,023
Small
Cap
Select
Fixed
Income
Clearing
Corporation
450,000
459,184
Small
Cap
Value
Fixed
Income
Clearing
Corporation
2,850,000
2,907,058
Fund
Asset
Class
out
on
Loan
Long-Term
Investments,
at
Value
Total
Collateral
Received
Mid
Cap
Growth
Opportunities
Common
Stock
$273,331
$298,828
Notes
to
Financial
Statements
(Unaudited)
(continued)
Purchases
and
Sales:
Long-term
purchases
and
sales
during
the
current
fiscal
period
were
as
follows:
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. 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.
5.
Derivative
Investments
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
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
pre-determined
threshold
amount.
Mid
Cap
Value
1
Common
Stock
$127,041
$134,670
Small
Cap
Growth
Opportunities
Common
Stock
$50,010
$56,573
Small
Cap
Select
Common
Stock
$1,502,589
$1,559,980
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
Dividend
Value
$
1,307,423,564
$
1,553,519,552
Large
Cap
Select
17,613,954
16,975,469
Mid
Cap
Growth
Opportunities
44,888,756
65,118,192
Mid
Cap
Value
1
49,893,041
85,403,608
Small
Cap
Growth
Opportunities
41,729,650
45,141,991
Small
Cap
Select
18,734,068
27,394,888
Small
Cap
Value
43,062,442
159,340,291
6.
Fund
Shares
Transactions
in Fund
shares
during
the
current
and
prior
fiscal
period
were
as
follows:
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Dividend
Value
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
311,127
$4,319,712
958,829
$12,850,821
Class
A
-
automatic
conversion
of
Class
C
63
870
927
13,056
Class
C
18,608
251,618
91,260
1,224,573
Class
R6
3,004,630
42,930,444
20,360,222
278,077,698
Class
I
361,610
5,143,212
1,070,481
14,672,865
Total
subscriptions
3,696,038
52,645,856
22,481,719
306,839,013
Reinvestments
of
distributions:
Class
A
1,085,557
14,936,724
2,304,003
30,788,061
Class
C
26,572
354,529
71,768
937,614
Class
R6
7,443,096
105,446,271
15,931,719
218,264,142
Class
I
885,629
12,412,030
2,074,336
28,163,186
Total
reinvestments
of
distributions
9,440,854
133,149,554
20,381,826
278,153,003
Redemptions:
Class
A
(1,856,380)
(25,851,389)
(4,025,433)
(53,972,692)
Class
C
(101,669)
(1,369,879)
(350,399)
(4,571,507)
Class
C
-
automatic
conversion
to
Class
A
(64)
(870)
(948)
(13,056)
Class
R6
(18,226,205)
(263,341,489)
(48,296,697)
(678,350,211)
Class
I
(2,540,093)
(36,103,897)
(6,151,658)
(83,834,646)
Total
redemptions
(22,724,411)
(326,667,524)
(58,825,135)
(820,742,112)
Net
increase
(decrease)
(9,587,519)
$(140,872,114)
(15,961,590)
$(235,750,096)
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Large
Cap
Select
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
32,158
$1,215,552
50,816
$1,645,845
Class
A
-
automatic
conversion
of
Class
C
15
594
37
1,130
Class
C
3,256
105,192
4,853
141,642
Class
I
69,223
2,455,711
173,605
5,931,106
Total
subscriptions
104,652
3,777,049
229,311
7,719,723
Reinvestments
of
distributions:
Class
A
16,239
583,022
45,851
1,348,903
Class
C
804
25,413
2,958
77,615
Class
I
5,330
194,287
12,307
366,681
Total
reinvestments
of
distributions
22,373
802,722
61,116
1,793,199
Redemptions:
Class
A
(49,558)
(1,798,066)
(65,450)
(2,025,266)
Class
C
(4,672)
(149,747)
(13,301)
(368,098)
Class
C
-
automatic
conversion
to
Class
A
(17)
(594)
(41)
(1,130)
Class
I
(28,054)
(1,069,435)
(229,938)
(7,487,217)
Total
redemptions
(82,301)
(3,017,842)
(308,730)
(9,881,711)
Net
increase
(decrease)
44,724
$1,561,929
(18,303)
$(368,789)
Notes
to
Financial
Statements
(Unaudited)
(continued)
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Mid
Cap
Growth
Opportunities
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
138,996
$3,241,640
195,160
$4,063,105
Class
R6
8,135
312,251
11,473
372,528
Class
I
68,019
2,498,091
179,915
5,743,791
Total
subscriptions
215,150
6,051,982
386,548
10,179,424
Redemptions:
Class
A
(641,068)
(15,061,711)
(1,212,892)
(24,953,686)
Class
R6
(12,625)
(469,532)
(613,029)
(19,744,173)
Class
I
(263,919)
(9,230,994)
(1,143,803)
(34,883,309)
Total
redemptions
(917,612)
(24,762,237)
(2,969,724)
(79,581,168)
Net
increase
(decrease)
(702,462)
$(18,710,255)
(2,583,176)
$(69,401,744)
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Mid
Cap
Value
1
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
71,776
$3,729,244
136,449
$6,697,528
Class
C
2,662
127,548
7,693
350,832
Class
R6
184,161
9,726,217
214,471
10,592,675
Class
I
407,766
21,550,896
1,497,161
73,255,279
Total
subscriptions
666,365
35,133,905
1,855,774
90,896,314
Reinvestments
of
distributions:
Class
A
37,898
1,961,034
76,911
3,666,455
Class
C
2,643
125,640
6,781
299,981
Class
R6
22,652
1,185,733
42,594
2,048,372
Class
I
208,877
10,888,682
442,983
21,235,855
Total
reinvestments
of
distributions
272,070
14,161,089
569,269
27,250,663
Redemptions:
Class
A
(167,827)
(8,724,563)
(230,963)
(11,273,527)
Class
C
(25,806)
(1,242,711)
(29,754)
(1,345,462)
Class
R6
(125,319)
(6,585,604)
(230,097)
(11,312,860)
Class
I
(1,007,258)
(52,285,282)
(2,552,713)
(126,127,396)
Total
redemptions
(1,326,210)
(68,838,160)
(3,043,527)
(150,059,245)
Net
increase
(decrease)
(387,775)
$(19,543,166)
(618,484)
$(31,912,268)
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Small
Cap
Growth
Opportunities
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
165,130
$3,847,036
233,760
$4,786,149
Class
R6
51,460
1,649,252
27,533
759,281
Class
I
376,133
11,537,711
1,629,330
44,128,247
Total
subscriptions
592,723
17,033,999
1,890,623
49,673,677
Redemptions:
Class
A
(267,186)
(6,182,224)
(385,617)
(7,875,629)
Class
R6
(15,980)
(506,114)
(17,517)
(473,143)
Class
I
(435,599)
(13,156,493)
(1,015,300)
(27,313,628)
Total
redemptions
(718,765)
(19,844,831)
(1,418,434)
(35,662,400)
Net
increase
(decrease)
(126,042)
$(2,810,832)
472,189
$14,011,277
7.
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.
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Small
Cap
Select
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
144,652
$1,346,541
268,337
$2,224,307
Class
R6
37,556
496,678
198,656
2,312,765
Class
I
538,942
7,282,777
938,569
11,023,188
Total
subscriptions
721,150
9,125,996
1,405,562
15,560,260
Reinvestments
of
distributions:
Class
A
—
—
9,202
73,153
Class
R6
—
—
1,387
15,877
Class
I
—
—
15,778
180,021
Total
reinvestments
of
distributions
—
—
26,367
269,051
Redemptions:
Class
A
(548,144)
(5,063,561)
(1,049,135)
(8,657,561)
Class
R6
(67,582)
(907,670)
(93,050)
(1,124,865)
Class
I
(942,607)
(12,291,758)
(1,460,295)
(17,368,283)
Total
redemptions
(1,558,333)
(18,262,989)
(2,602,480)
(27,150,709)
Net
increase
(decrease)
(837,183)
$(9,136,993)
(1,170,551)
$(11,321,398)
Six
Months
Ended
4/30/24
Year
Ended
10/31/23
Small
Cap
Value
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
228,766
$6,244,289
389,417
$9,966,704
Class
C
10,634
239,063
22,666
488,418
Class
R6
389,838
11,088,219
947,416
25,458,819
Class
I
508,170
14,290,211
1,735,689
46,946,264
Total
subscriptions
1,137,408
31,861,782
3,095,188
82,860,205
Reinvestments
of
distributions:
Class
A
22,881
643,857
33,205
837,773
Class
C
643
15,083
1,539
32,398
Class
R6
49,598
1,456,201
60,916
1,602,085
Class
I
71,129
2,076,968
96,978
2,537,917
Total
reinvestments
of
distributions
144,251
4,192,109
192,638
5,010,173
Redemptions:
Class
A
(485,834)
(13,201,127)
(1,037,455)
(26,511,687)
Class
C
(154,211)
(3,476,997)
(268,194)
(5,704,949)
Class
R6
(1,010,791)
(28,831,954)
(1,200,166)
(32,170,084)
Class
I
(3,769,147)
(105,238,748)
(2,811,703)
(74,815,903)
Total
redemptions
(5,419,983)
(150,748,826)
(5,317,518)
(139,202,623)
Net
increase
(decrease)
(4,138,324)
$(114,694,935)
(2,029,692)
$(51,332,245)
Notes
to
Financial
Statements
(Unaudited)
(continued)
As
of
the
end
of
the
reporting
period,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
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
prior
fiscal
period
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
As
of
prior
fiscal
period
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
8.
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
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Dividend
Value
$
2,568,891,181
$
568,819,922
$
(59,682,057)
$
509,137,865
Large
Cap
Select
32,816,534
12,358,933
(619,957)
11,738,976
Mid
Cap
Growth
Opportunities
159,556,866
40,154,058
(11,561,104)
28,592,954
Mid
Cap
Value
1
338,087,546
118,943,397
(12,964,629)
105,978,768
Small
Cap
Growth
Opportunities
178,962,896
51,542,999
(14,153,052)
37,389,947
Small
Cap
Select
88,133,179
27,830,135
(5,749,146)
22,080,989
Small
Cap
Value
337,821,622
96,551,600
(34,178,349)
62,373,251
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
Dividend
Value
$
696,870
$
106,254,144
$
112,695,557
$
(11,282,698)
$
—
$
(318,275)
$
208,045,598
Large
Cap
Select
181,171
669,855
5,286,657
—
—
—
6,137,683
Mid
Cap
Growth
Opportunities
—
—
1,172,478
(27,852,213)
(730,868)
(78,203)
(27,488,806)
Mid
Cap
Value
1
4,881,793
9,551,570
52,916,760
—
—
(20,413)
67,329,710
Small
Cap
Growth
Opportunities
—
—
1,274,389
(23,905,996)
(574,252)
—
(23,205,859)
Small
Cap
Select
—
—
7,713,201
(4,253,941)
—
(22,934)
3,436,326
Small
Cap
Value
2,422,603
—
12,348,372
(200,017,151)
—
(56,816)
(185,302,992)
Fund
Short-Term
Long-Term
Total
Dividend
Value
1
$
11,282,698
$
—
$
11,282,698
Large
Cap
Select
—
—
—
Mid
Cap
Growth
Opportunities
27,852,213
—
27,852,213
Mid
Cap
Value
1
—
—
—
Small
Cap
Growth
Opportunities
23,905,996
—
23,905,996
Small
Cap
Select
3,019,693
1,234,248
4,253,941
Small
Cap
Value
87,308,235
112,708,916
200,017,151
1
A
portion
of
Dividend
Value's
capital
loss
carryforwards
are
subject
to
an
annual
limitation
under
the
Internal
Revenue
Code
and
related
regulations.
The
annual
complex-level
fee,
payable
monthly,
for
each
Fund
is
determined
by
taking
the
complex-level
free
rate,
which
is
based
on
the
aggregate
amount
of
"eligible
assets"
of
all
Nuveen
funds
as
set
forth
in
the
schedule
below,
and
making,
as
appropriate,
an
upward
adjustment
to
that
rate
based
upon
the
percentage
of
the
particular
fund's
assets
that
are
not
"eligible
assets".
The
complex-level
fee
schedule
for
each
Fund
is
as
follows:
*
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
April
30,
2024,
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
period
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
expenses
for
the
Class
R6
Shares
will
not
be
less
than
the
expense
limitation.
The
expense
limitation
expiring
July
31,
2025,
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board.
Average
Daily
Net
Assets
Dividend
Value
Large
Cap
Select
Mid
Cap
Growth
Opportunities
Mid
Cap
Value
1
Small
Cap
Growth
Opportunities
Small
Cap
Select
Small
Cap
Value
For
the
first
$125
million
0.5000
%
0.5000
%
0.6000
%
0.6000
%
0.6500
%
0.6500
%
0.6500
%
For
the
next
$125
million
0.4875
0.4875
0.5875
0.5875
0.6375
0.6375
0.6375
For
the
next
$250
million
0.4750
0.4750
0.5750
0.5750
0.6250
0.6250
0.6250
For
the
next
$500
million
0.4625
0.4625
0.5625
0.5625
0.6125
0.6125
0.6125
For
the
next
$1
billion
0.4500
0.4500
0.5500
0.5500
0.6000
0.6000
0.6000
For
the
next
$3
billion
0.4250
0.4250
0.5250
0.5250
0.5750
0.5750
0.5750
For
the
next
$2.5
billion
0.4000
0.4000
0.5000
0.5000
0.5500
0.5500
0.5500
For
the
next
$2.5
billion
0.3875
0.3875
0.4875
0.4875
0.5375
0.5375
0.5375
For
net
assets
over
$10
billion
0.3750
0.3750
0.4750
0.4750
0.5250
0.5250
0.5250
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
Dividend
Value
0
.1738%
Large
Cap
Select
0
.2000%
Mid
Cap
Growth
Opportunities
0
.2000%
Mid
Cap
Value
1
0
.1869%
Small
Cap
Growth
Opportunities
0
.1828%
Small
Cap
Select
0
.2000%
Small
Cap
Value
0
.1696%
Notes
to
Financial
Statements
(Unaudited)
(continued)
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.
Other
Transactions
with
Affiliates:
The
Funds
receive
voluntary
compensation
from
the
Adviser
in
amounts
that
approximate
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
in
"Other
income"
on
the
Statement
of
Operations
and
any
amounts
due
to
the Funds
at
the
end
of
the
reporting
period
is
recognized
in
"Reimbursement
from
Adviser"
on
the
Statement
of
Assets
and Liabilities. During
the
current
fiscal
period,
the
values
of
voluntary
compensation
were
as
follows:
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
(“Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Funds
did
not
engage
in
cross-trades
pursuant
to
these
procedures.
Fund
Expense
Cap
Expense
Cap
Expiration
Date
Dividend
Value
0.74%
July
31,
2026
Large
Cap
Select
0.80
July
31,
2026
Mid
Cap
Growth
Opportunities
0.92
July
31,
2026
Mid
Cap
Value
1
0.92
July
31,
2026
Small
Cap
Growth
Opportunities
0.99
July
31,
2026
Small
Cap
Select
0.99
July
31,
2026
Small
Cap
Value
0.99
July
31,
2026
Fund
Amount
Dividend
Value
$
1,447,934
Large
Cap
Select
15,706
Mid
Cap
Growth
Opportunities
38,213
Mid
Cap
Value
1
78,846
Small
Cap
Growth
Opportunities
66,979
Small
Cap
Select
37,588
Small
Cap
Value
99,934
Fund
Purchases
Sales
Realized
Gain
(Loss)
Dividend
Value
$
—
$
84,551
$
4,516
Large
Cap
Select
—
—
—
Mid
Cap
Growth
Opportunities
—
276,507
29,651
Mid
Cap
Value
1
—
—
—
Small
Cap
Growth
Opportunities
—
—
—
Small
Cap
Select
—
—
—
Small
Cap
Value
1,444,389
—
—
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
Paid
to
Financial
Intermediaries
Dividend
Value
$
50,955
$
45,108
Large
Cap
Select
5,544
4,906
Mid
Cap
Growth
Opportunities
18,957
17,257
Mid
Cap
Value
1
10,742
9,708
Small
Cap
Growth
Opportunities
6,155
5,554
Small
Cap
Select
4,063
3,731
Small
Cap
Value
5,565
5,160
Fund
Commission
Advances
Dividend
Value
$
4,048
Large
Cap
Select
287
Mid
Cap
Growth
Opportunities
3,983
Mid
Cap
Value
1
794
Small
Cap
Growth
Opportunities
1,200
Small
Cap
Select
—
Small
Cap
Value
4,196
Fund
12b-1
Fees
Retained
Dividend
Value
$
67
Large
Cap
Select
35
Mid
Cap
Growth
Opportunities
—
Mid
Cap
Value
1
991
Small
Cap
Growth
Opportunities
—
Small
Cap
Select
—
Small
Cap
Value
1,551
Notes
to
Financial
Statements
(Unaudited)
(continued)
As
of
the
end
of
the
reporting
period,
the
percentage
of
Fund
shares
owned
by
TIAA
and/or
TIAA
affiliates
are
as
follows:
9.
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
2025
unless
extneded
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.
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
Funds
did
not
utilize
this
facility.
Fund
CDSC
Retained
Dividend
Value
$
109
Large
Cap
Select
—
Mid
Cap
Growth
Opportunities
—
Mid
Cap
Value
1
54
Small
Cap
Growth
Opportunities
—
Small
Cap
Select
—
Small
Cap
Value
(62)
Dividend
Value
TIAA-CREF
Lifecycle
Retirement
Income
Fund
—%*
TIAA-CREF
Lifecycle
2010
Fund
1
TIAA-CREF
Lifecycle
2015
Fund
1
TIAA-CREF
Lifecycle
2020
Fund
3
TIAA-CREF
Lifecycle
2025
Fund
6
TIAA-CREF
Lifecycle
2030
Fund
8
TIAA-CREF
Lifecycle
2035
Fund
10
TIAA-CREF
Lifecycle
2040
Fund
14
TIAA-CREF
Lifecycle
2045
Fund
11
TIAA-CREF
Lifecycle
2050
Fund
9
TIAA-CREF
Lifecycle
2055
Fund
4
TIAA-CREF
Lifecycle
2060
Fund
2
TIAA-CREF
Lifecycle
2065
Fund
—*
TIAA-CREF
Lifestyle
Aggressive
Growth
Fund
1
TIAA-CREF
Lifestyle
Conservative
Fund
—*
TIAA-CREF
Lifestyle
Growth
Fund
1
TIAA-CREF
Lifestyle
Income
Fund
—*
TIAA-CREF
Lifestyle
Moderate
Fund
1
TIAA-CREF
Managed
Allocation
Fund
2
*
Rounds
to
less
than
1%
10.
Subsequent
Events
Management
Fees:
As
of
May
1,
2024,
each
Fund’s
overall
complex-level
fee
begins
at
a
maximum
rate
of
0.1600%
of
each
Fund’s
average
daily
net
assets,
with
breakpoints
for
eligible
complex-level
assets
above
$124.3
billion.
Therefore,
the
maximum
management
fee
rate
for
each
Fund
is
the
fund-level
fee
listed
within
this
report
plus
0.1600%.
The
overall
complex-level
fee
schedule
is
as
follows:
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
branded
open-end
funds
(“Nuveen
Mutual
Funds”).
Except
as
described
below,
eligible
assets
include
the
assets
of
all
Nuveen-branded
closed-end
funds
and
Nuveen
Mutual
Funds
organized
in
the
United
States.
Eligible
assets
do
not
include
the
net
assets
of:
Nuveen
fund-of-funds,
Nuveen
money
market
funds,
Nuveen
index
funds,
Nuveen
Large
Cap
Responsible
Equity
Fund
or
Nuveen
Life
Large
Cap
Responsible
Equity
Fund.
In
addition,
eligible
assets
include
a
fixed
percentage
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
the
Adviser’s
affiliate,
Teachers
Advisors,
LLC
(except
those
identified
above).
The
fixed
percentage
will
increase
annually
until
May
1,
2033,
at
which
time
eligible
assets
will
include
all
of
the
aggregate
net
assets
of
the
active
equity
and
fixed
income
Nuveen
Mutual
Funds
advised
by
Teachers
Advisors,
LLC
(except
those
identified
above).
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
financial
leverage.
For
these
purposes,
financial
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.
Complex-Level
Asset
Breakpoint
Level*
Complex-Level
Fee
For
the
first
$124.3
billion
0.1600
%
For
the
next
$75.7
billion
0.1350
For
the
next
$200
billion
0.1325
For
eligible
assets
over
$400
billion
0.1300
Shareholder
Meeting
Report
(Unaudited)
The
special
meeting
of
shareholders
was
held
on
November
20,
2023,
for
Nuveen
Investment
Funds,
Inc.;
at
this
meeting,
the
shareholders
were
asked
to
elect
Board
members.
Nuveen
Investment
Funds,
Inc.
Approval
of
the
Board
Members
was
reached
as
follows:
Joseph
A.
Boateng
For
527,096,856
Withhold
6,978,513
Total
534,075,369
Michael
A.
Forrester
For
528,051,701
Withhold
6,023,668
Total
534,075,369
Thomas
J.
Kenny
For
528,042,849
Withhold
6,032,520
Total
534,075,369
Amy
B.R.
Lancellotta
For
528,290,629
Withhold
5,784,740
Total
534,075,369
Joanne
T.
Medero
For
528,012,180
Withhold
6,063,189
Total
534,075,369
Albin
F.
Moschner
For
527,124,878
Withhold
6,950,491
Total
534,075,369
John
K.
Nelson
For
528,105,547
Withhold
5,969,822
Total
534,075,369
Loren
M.
Starr
For
528,323,160
Withhold
5,752,209
Total
534,075,369
Matthew
Thornton
III
For
528,016,841
Withhold
6,058,528
Total
534,075,369
Terence
J.
Toth
For
527,139,054
Withhold
6,936,315
Total
534,075,369
Margaret
L.
Wolff
For
528,268,255
Withhold
5,807,114
Total
534,075,369
Robert
L.
Young
For
528,003,067
Withhold
6,072,302
Total
534,075,369
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
Congress
Street
Suite
1
Boston,
MA
02114-2016
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Transfer
Agent
and
Shareholder
Services
SS&C
Global
Investor
&
Distribution
Solutions,
Inc.
(SS&C
GIDS)
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.
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.
Market
Capitalization:
The
market
capitalization
of
a
company
is
equal
to
the
number
of
the
company’s
common
shares
outstanding
multiplied
by
the
current
price
of
the
company’s
stock.
Net
Asset
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.
Tax
Equalization
:
The
practice
of
treating
a
portion
of
the
distribution
made
to
a
redeeming
shareholder,
which
represents
their
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.
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
Directors
(the
“Board”)
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,
2023
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
2022
(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,
“liquid”,
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
meetings
held
on
April
18
and
19,
2024
(the
“Meeting”),
the
Board
of
Directors
(collectively,
the
“Board”
and
each
Director,
a
“Board
Member”)
of
Nuveen
Investment
Funds,
Inc.
approved,
for
each
respective
Fund,
the
renewal
of
the
investment
management
agreement
(each
an
“Investment
Management
Agreement”)
with
Nuveen
Fund
Advisors,
LLC
(“NFAL”;
NFAL
is
an
“Adviser”)
pursuant
to
which
NFAL
serves
as
investment
adviser
to
such
Fund.
Similarly,
for
each
Fund,
the
Board
approved
the
renewal
of
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.
The
Board
Members
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
and,
therefore,
the
Board
is
deemed
to
be
comprised
of
all
disinterested
Board
Members.
References
to
the
Board
and
the
Board
Members
are
interchangeable.
Below
is
a
summary
of
the
annual
review
process
the
Board
undertook
related
to
its
most
recent
renewal
of
each
Investment
Management
Agreement
and
Sub-
Advisory
Agreement
on
behalf
of
the
applicable
Fund.
In
accordance
with
applicable
law,
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
NFAL
and
the
Sub-Adviser
are
collectively,
the
“Fund
Advisers”
and
each
a
“Fund
Adviser.”
In
addition,
the
fund
complex
consists
of
the
group
of
funds
advised
by
NFAL
(collectively
referred
to
as
the
“Nuveen
funds”)
and
the
group
of
funds
advised
by
Teachers
Advisors,
LLC
(“TAL”
and
such
funds
are
collectively,
the
“TC
funds”).
For
clarity,
NFAL
serves
as
Adviser
to
the
Nuveen
funds,
including
the
Funds,
and
TAL
serves
as
“Adviser”
to
the
TC
funds.
The
Board
Members
considered
that
the
prior
separate
boards
of
the
TC
funds
and
Nuveen
funds
were
consolidated
effective
in
January
2024.
Accordingly,
at
the
Meeting,
the
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
as
well
as
reviewed
the
investment
management
agreements
for
the
TC
funds.
Depending
on
the
appropriate
context,
references
to
“the
Adviser”
may
be
to
NFAL
with
respect
to
the
Nuveen
funds
and/or
TAL
with
respect
to
the
TC
funds.
The
Board
Members
considered
the
review
of
the
advisory
agreements
of
the
Nuveen
funds
and
the
TC
funds
to
be
an
ongoing
process.
The
Board
Members
therefore
employed
the
accumulated
information,
knowledge
and
experience
they
had
gained
during
their
tenure
on
the
respective
board
of
the
TC
funds
or
Nuveen
funds
(as
the
case
may
be)
governing
the
applicable
funds
and
working
with
the
respective
investment
advisers
and
sub-
advisers,
as
applicable,
in
their
review
of
the
advisory
agreements
for
the
fund
complex.
During
the
course
of
the
year
prior
to
the
Meeting,
the
Board
and/or
its
committees
received
a
wide
variety
of
materials
that
covered
a
range
of
topics
relevant
to
the
Board’s
annual
consideration
of
the
renewal
of
the
advisory
agreements,
including
reports
on
fund
investment
results
over
various
periods;
product
initiatives
for
various
funds;
fund
expenses;
compliance,
regulatory
and
risk
management
matters;
trading
practices
including
soft
dollar
arrangements
(as
applicable);
the
liquidity
and
derivatives
risk
management
programs;
management
of
distributions;
valuation
of
securities;
payments
to
financial
intermediaries,
including
12b-1
expenses
(as
applicable);
securities
lending
(as
applicable);
and
overall
market
and
regulatory
developments.
The
Board
also
met
periodically
with
and/or
received
presentations
by
key
investment
professionals
managing
a
fund’s
portfolio.
In
particular,
at
the
Board
meeting
held
on
February
27-29,
2024
(the
“February
Meeting”),
the
Board
and/or
its
Investment
Committee
received
the
annual
performance
review
of
the
funds
as
described
in
further
detail
below.
The
presentations,
discussions
and
meetings
throughout
the
year
also
provide
a
means
for
the
Board
to
evaluate
and
consider
the
level,
breadth
and
quality
of
services
provided
by
the
Adviser
and
sub-
advisers,
as
applicable,
and
how
such
services
have
changed
over
time
in
light
of
new
or
modified
regulatory
requirements,
changes
to
market
conditions
or
other
factors.
In
connection
with
its
annual
consideration
of
the
advisory
agreements,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
review
of
the
advisory
agreements.
The
materials
provided
at
the
Meeting
and/or
prior
meetings
covered
a
wide
range
of
matters
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
the
consolidation
of
the
Nuveen
fund
family
and
TC
fund
family;
a
review
of
product
actions
advanced
in
2023
for
the
benefit
of
particular
funds
and/or
the
fund
complex;
a
review
of
each
sub-adviser,
if
applicable,
and/or
applicable
investment
team;
an
analysis
of
fund
performance
with
a
focus
on
funds
considered
to
have
met
certain
challenged
performance
measurements;
an
analysis
of
the
fees
and
expense
ratios
of
the
funds
with
a
focus
on
funds
considered
to
have
certain
expense
characteristics;
a
list
of
management
fee
and,
if
applicable,
sub-advisory
fee
schedules;
a
review
of
temporary
and
permanent
expense
caps
and
fee
waivers
for
open-end
funds
(as
applicable);
a
description
of
portfolio
manager
compensation;
a
description
of
the
profitability
and/or
financial
data
of
Nuveen,
TAL
and
the
sub-advisers;
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
funds,
as
applicable.
The
Board
also
considered
information
provided
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
comparing
fee
and
expense
levels
of
each
respective
fund
to
those
of
a
peer
universe
and,
with
respect
to
open-end
funds,
also
to
a
peer
group
of
funds
selected
by
Broadridge,
subject
to
certain
exceptions.
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
funds
by
the
Board
and
its
committees
during
the
year.
The
Board’s
review
of
the
advisory
agreements
for
the
fund
complex
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
over
time.
The
performance,
fee
and
expense
data
and
other
information
provided
by
a
Fund
Adviser,
Broadridge
or
other
service
providers
were
not
independently
verified
by
the
Board
Members.
As
part
of
their
review,
the
Board
Members
and
independent
legal
counsel
met
by
videoconference
in
executive
session
on
April
10,
2024
(the
“April
Executive
Session”)
to
review
and
discuss
materials
provided
in
connection
with
their
annual
review
of
the
advisory
agreements
for
the
fund
complex.
After
reviewing
this
information,
the
Board
Members
requested,
directly
or
through
independent
legal
counsel,
additional
information,
and
the
Board
subsequently
reviewed
and
discussed
the
responses
to
these
follow-up
questions
and
requests.
The
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
of
management
were
present.
In
connection
with
their
annual
review,
the
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
decisions
to
renew
each
Advisory
Agreement
were
not
based
on
a
single
identified
factor,
but
rather
each
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
annual
review
process.
The
contractual
arrangements
may
reflect
the
results
of
prior
year(s)
of
review,
negotiation
and
information
provided
in
connection
with
the
Board’s
annual
review
of
the
funds’
advisory
arrangements
and
oversight
of
the
funds.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
annual
review
process
and
may
have
placed
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
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser’s
services
provided
to
each
respective
Fund
with
particular
focus
on
the
services
and
enhancements
or
changes
to
such
services
provided
during
the
last
year.
The
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
roles
of
NFAL
and
the
Sub-Adviser
in
providing
services
to
the
Funds.
The
Board
considered
that
the
Adviser
provides
a
wide
array
of
management,
oversight
and
other
services
to
manage
and
operate
the
applicable
funds.
The
Board
considered
the
Adviser’s
and
its
affiliates’
dedication
of
resources,
time,
people
and
capital
as
well
as
continual
program
of
improvement
and
innovation
aimed
at
enhancing
the
funds
and
fund
complex
for
investors
and
meeting
the
needs
of
an
increasingly
complex
regulatory
environment.
In
particular,
over
the
past
several
years,
the
Board
considered
the
significant
resources,
both
financial
and
personnel,
the
Adviser
and
its
affiliates
have
committed
in
working
to
consolidate
the
Nuveen
fund
family
and
TC
fund
family
under
one
centralized
umbrella.
The
Board
considered
that
the
organizational
changes
in
bringing
together
Nuveen,
its
affiliates
and
TIAA’s
(as
defined
below)
asset
management
businesses,
consolidating
the
Nuveen
and
TC
fund
families
and
other
initiatives
were
anticipated
to
provide
various
benefits
for
the
funds
through,
among
other
things,
enhanced
operating
efficiencies,
centralized
investment
leadership
and
a
centralized
shared
resources
and
support
model.
As
part
of
these
efforts,
the
boards
of
the
TC
funds
and
Nuveen
funds
were
consolidated
effective
in
January
2024.
In
addition,
in
conjunction
with
these
consolidation
efforts,
the
Board
approved
at
the
Meeting
changes
to
fee
and
breakpoint
structures
(as
applicable)
that
could
provide
cost
savings
to
participating
funds,
as
described
in
further
detail
below.
The
Board
also
reviewed
information
regarding
other
product
actions
undertaken
or
continued
by
management
in
the
2023
calendar
year
in
seeking
to
improve
the
effectiveness
of
the
organization,
the
product
line-up
as
well
as
particular
funds
through,
among
other
things,
continuing
to
review
and
optimize
the
product
line
and
gaining
efficiencies
through
mergers
and
liquidations;
reviewing
and
updating
investment
policies
and
benchmarks;
implementing
fee
waivers
and/or
expense
cap
changes
for
certain
funds;
evaluating
and
adjusting
portfolio
management
teams
as
appropriate
for
various
funds;
and
developing
policy
positions
on
a
broad
range
of
regulatory
proposals
that
may
impact
the
funds
and
communicating
with
lawmakers
and
other
regulatory
authorities
to
help
ensure
these
positions
are
considered.
In
its
review,
the
Board
considered
that
the
funds
operated
in
a
highly
regulated
industry
and
the
scope
and
complexity
of
the
services
and
resources
that
the
Adviser
and
its
affiliates
must
provide
to
manage
and
operate
the
applicable
funds
have
expanded
over
the
years
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments,
such
as
the
adoption
of
the
tailored
shareholder
report
or
the
revised
fund
name
rule.
In
considering
the
breadth
and
quality
of
services
the
Adviser
and
its
various
teams
provide,
the
Board
considered
that
the
Adviser
provides
investment
advisory
services.
With
respect
to
the
Nuveen
funds,
such
funds
utilize
sub-advisers
to
manage
the
portfolios
of
the
funds
subject
to
the
supervision
of
NFAL.
Accordingly,
the
Board
considered
that
NFAL
and
its
affiliates,
among
other
things,
oversee
and
review
the
performance
of
the
respective
sub-adviser
and
its
investment
team(s);
evaluate
Nuveen
fund
performance
and
market
conditions;
evaluate
investment
strategies
and
recommend
changes
thereto;
set
and
manage
distributions
consistent
with
the
respective
Nuveen
fund’s
product
design;
oversee
trade
execution
and,
as
applicable,
securities
lending;
evaluate
investment
risks;
and
manage
valuation
matters.
The
Board
further
considered
that
over
the
course
of
the
2023
calendar
year,
the
Nuveen
global
public
product
team
which
supports
the
funds
in
the
fund
complex
and
their
shareholders
assessed
the
investment
personnel
across
the
investment
leadership
teams
which
resulted
in
additions
or
other
modifications
to
the
portfolio
management
teams
of
various
funds.
The
Board
also
reviewed
a
description
of
the
compensation
structure
applicable
to
certain
portfolio
managers.
In
addition
to
the
above
investment
advisory
services,
the
Board
further
considered
the
extensive
compliance,
regulatory,
administrative
and
other
services
the
Adviser
and
its
various
teams
or
affiliates
provide
to
manage
and
operate
the
applicable
funds.
Given
the
highly
regulated
industry
in
which
the
funds
operate,
the
Board
considered
the
breadth
of
the
Adviser’s
compliance
program
and
related
policies
and
procedures.
The
Board
reviewed
various
initiatives
the
Adviser’s
compliance
team
undertook
or
continued
in
2023,
in
part,
to
address
new
regulatory
requirements,
support
international
business
growth
and
product
development,
enhance
international
trading
capabilities,
enhance
monitoring
capabilities
in
light
of
the
new
regulatory
requirements
and
guidance
and
maintain
a
comprehensive
training
program.
The
Board
further
considered,
among
other
things,
that
other
non-advisory
services
provided
included,
among
other
things,
board
support
and
reporting;
establishing
and
reviewing
the
services
provided
by
other
fund
service
providers
(such
as
a
fund’s
custodian,
accountant,
and
transfer
agent);
risk
management,
including
reviews
of
the
liquidity
risk
management
and
derivatives
risk
management
programs;
legal
support
services;
regulatory
advocacy;
and
cybersecurity,
business
continuity
and
disaster
recovery
planning
and
testing.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
Aside
from
the
services
provided,
the
Board
considered
the
financial
resources
of
the
Adviser
and/or
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
funds,
including
to
enhance
global
talent,
middle
office
systems,
software
and
international
and
internal
capabilities.
The
Board
considered
the
access
provided
by
the
Adviser
and
its
affiliates
to
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
The
Board
considered
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
funds
including
during
stressed
times.
The
Board
considered
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates
and
the
Adviser’s
continuing
commitment
to
provide
high
quality
services.
In
its
review,
the
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
applicable
funds,
including
entrepreneurial
risks
in
sponsoring
and
supporting
new
funds
and
smaller
funds
and
ongoing
risks
with
managing
the
funds
such
as
investment,
operational,
reputational,
regulatory,
compliance
and
litigation
risks.
With
respect
to
the
Funds,
the
Board
considered
the
division
of
responsibilities
between
NFAL
and
the
Sub-Adviser
and
considered
that
the
Sub-
Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
Fund’s
portfolio
under
the
oversight
of
NFAL
and
the
Board.
The
Board
considered
an
analysis
of
the
Sub-Adviser
provided
by
NFAL
which
included,
among
other
things,
a
summary
of
changes
in
the
leadership
teams
and/or
portfolio
manager
teams;
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
of
time;
and
data
reflecting
product
changes
(if
any)
taken
with
respect
to
certain
Nuveen
funds.
The
Board
considered
that
NFAL
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
considered
a
variety
of
investment
performance
data
of
the
Funds.
In
this
regard,
the
Board
and/or
its
Investment
Committee
reviewed,
among
other
things,
performance
of
the
Funds
over
the
quarter,
one-,
three-
and
five-year
periods
ending
December 31,
2023
and
March 31,
2024.
For
those
Funds
with
multiple
share
classes,
the
performance
data
was
based
on
Class
I
shares;
however,
the
performance
of
other
share
classes
was
substantially
similar
as
those
other
share
classes
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
share
classes.
The
Board
performed
its
annual
review
of
fund
performance
at
its
February
Meeting
and
an
additional
review
at
the
April
Executive
Session
and
also
reviewed
and
discussed
performance
data
at
its
other
regularly
scheduled
quarterly
meetings
throughout
the
year.
The
Board
therefore
took
into
account
the
performance
data,
presentations
and
discussions
(written
and
oral)
that
were
provided
at
the
Meeting
and
in
prior
meetings
over
time
in
evaluating
fund
performance,
including
management’s
analysis
of
a
fund’s
performance
with
particular
focus
on
funds
that
met
certain
challenged
performance
measurements
as
determined
pursuant
to
a
methodology
approved
by
the
Board
or
additional
measurements
as
determined
by
management’s
investment
analysts.
As
various
Nuveen
funds
have
modified
their
portfolio
teams
and/or
made
significant
changes
to
their
portfolio
strategies
over
time,
the
Board
reviewed,
among
other
things,
certain
tracking
performance
data
over
specific
periods
comparing
performance
before
and
after
such
changes.
The
Board
considered
that
performance
data
reflects
performance
over
a
specified
period
which
may
differ
significantly
depending
on
the
ending
dates
selected,
particularly
during
periods
of
market
volatility.
Further,
the
Board
considered
that
shareholders
may
evaluate
performance
based
on
their
own
respective
holding
periods
which
may
differ
from
the
performance
periods
reviewed
by
the
Board
and
lead
to
differing
results.
In
its
evaluation,
the
Board
reviewed
fund
performance
results
from
different
perspectives.
In
general,
subject
to
certain
exceptions,
the
Board
reviewed
both
absolute
and
relative
fund
performance
over
the
various
time
periods
and
considered
performance
results
in
light
of
a
fund’s
investment
objective(s),
strategies
and
risks.
With
respect
to
the
relative
performance,
the
Board
considered
fund
performance
in
comparison
to
the
performance
of
peer
funds
(the
“Performance
Peer
Group”),
subject
to
certain
exceptions,
and
recognized
and/or
customized
benchmarks
(i.e.,
generally
benchmarks
derived
from
multiple
recognized
benchmarks).
In
reviewing
such
comparative
performance,
the
Board
was
cognizant
of
the
inherent
limitations
of
such
data
which
can
make
meaningful
performance
comparisons
generally
difficult.
As
an
illustration,
differences
in
the
composition
of
the
Performance
Peer
Group,
the
investment
objective(s),
strategies,
dates
of
fund
inception
and
other
characteristics
of
the
peers
in
the
Performance
Peer
Group,
the
level,
type
and
cost
of
leverage
(if
any)
of
the
peers,
and
the
varying
sizes
of
peers
all
may
contribute
to
differences
in
the
performance
results
of
a
Performance
Peer
Group
compared
to
the
applicable
fund.
With
respect
to
relative
performance
of
a
fund
compared
to
a
benchmark
index,
differences,
among
other
things,
in
the
investment
objective(s)
and
strategies
of
a
fund
and
the
benchmark
(particularly
an
actively
managed
fund
that
does
not
directly
follow
an
index)
as
well
as
the
costs
of
operating
a
fund
would
necessarily
contribute
to
differences
in
performance
results
and
limit
the
value
of
the
comparative
performance
information.
To
assist
the
Board
in
its
review
of
the
comparability
of
the
relative
performance,
management
generally
has
ranked
the
relevancy
of
the
Performance
Peer
Groups
to
the
Funds
as
low,
medium
or
high.
In
its
review
of
relative
performance,
the
Board
considered
a
Fund’s
performance
relative
to
its
Performance
Peer
Group,
among
other
things,
by
evaluating
its
quartile
ranking
with
the
1st
quartile
representing
the
top
performing
funds
within
the
Performance
Peer
Group
and
the
4th
quartile
representing
the
lowest
performing
funds.
The
Board
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.
The
Board
considered
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance
and
that
a
single
investment
theme
could
disproportionately
affect
performance.
Further,
the
Board
considered
that
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.
Although
the
Board
reviews
short-,
intermediate-
and
longer-term
performance
data,
the
Board
considered
that
longer
periods
of
performance
may
reflect
full
market
cycles.
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.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
However,
depending
on
the
facts
and
circumstances
including
any
differences
between
the
respective
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
and/or
peer
group
for
certain
periods.
With
respect
to
any
funds
for
which
the
Board
has
identified
performance
issues,
the
Board
seeks
to
monitor
such
funds
more
closely
until
performance
improves,
discuss
with
the
Adviser
the
reasons
for
such
results,
consider
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
discuss
and
evaluate
the
potential
consequences
of
such
steps
and
review
the
results
of
any
steps
undertaken.
The
performance
determinations
with
respect
to
each
Fund
are
summarized
below.
For
Nuveen
Dividend
Value
Fund
(the
“Dividend
Value
Fund”),
the
Board
considered
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-
and
five-year
periods
ended
December
31,
2023
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
five-year
period
ended
December 31,
2023,
the
Fund
outperformed
its
benchmark
for
the
three-year
period
ended
December
31,
2023
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
December 31,
2023.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
five-year
period
ended
March
31,
2024,
the
Fund
outperformed
its
benchmark
and
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
March
31,
2024,
and
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
five-year
period
ended
March
31,
2024.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Large
Cap
Select
Fund
(the
“Large
Cap
Select
Fund”),
the
Board
considered
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
three-
and
five-year
periods
ended
December 31,
2023
and
March
31,
2024,
the
Fund
outperformed
its
benchmark
for
the
one-year
periods
ended
December
31,
2023
and
March
31,
2024.
Further,
the
Fund
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,
2023.
In
addition,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
March
31,
2024
and
second
quartile
for
the
three-
and
five-year
periods
ended
March
31,
2024.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Mid
Cap
Growth
Opportunities
Fund
(the
“Mid
Cap
Growth
Opportunities
Fund”),
the
Board
considered
that
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2023
and
March
31,
2024.
Further,
although
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
three-year
period
ended
December
31,
2023,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
ended
December
31,
2023.
In
addition,
the
Fund
ranked
in
the
third
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2024.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
determined
to
renew
the
Advisory
Agreements
and
to
continue
to
monitor
this
Fund.
For
Nuveen
Mid
Cap
Value
1
Fund
(formerly,
Nuveen
Mid
Cap
Value
Fund)
(the
“Mid
Cap
Value
1
Fund”),
the
Board
considered
that
the
Fund
outperformed
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2023
and
March
31,
2024.
In
addition,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
ended
December
31,
2023
and
March
31,
2024
and
first
quartile
for
the
three-year
periods
ended
December
31,
2023
and
March
31,
2024.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Small
Cap
Growth
Opportunities
Fund
(the
“Small
Cap
Growth
Opportunities
Fund”),
the
Board
considered
that
the
Fund
outperformed
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2023
and
March
31,
2024.
The
Fund
further
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
December
31,
2023
and
first
quartile
for
the
five-year
period
ended
December
31,
2023.
The
Fund
also
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
ended
March
31,
2024
and
second
quartile
for
the
three-year
period
ended
March
31,
2024.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Small
Cap
Select
Fund
(the
“Small
Cap
Select
Fund”),
the
Board
considered
that
the
Fund
outperformed
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2023
and
March
31,
2024.
The
Fund
also
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-year
period,
third
quartile
for
the
three-year
period
and
first
quartile
for
the
five-year
period
ended
December
31,
2023.
In
addition,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
ended
March
31,
2024
and
third
quartile
for
the
three-year
period
ended
March
31,
2024.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
For
Nuveen
Small
Cap
Value
Fund
(the
“Small
Cap
Value
Fund”),
the
Board
considered
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-
and
five-year
periods
ended
December
31,
2023
and
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
December 31,
2023,
the
Fund
outperformed
its
benchmark
for
the
three-year
period
ended
December
31,
2023.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-
and
five-year
periods
ended
March
31,
2024,
the
Fund
outperformed
its
benchmark
for
the
three-year
period
ended
March
31,
2024.
Further,
although
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
five-year
period
ended
March
31,
2024,
the
Fund
ranked
in
the
third
quartile
for
the
one-
and
three-year
periods
ended
March
31,
2024.
The
Board
considered
management’s
analysis
of
performance,
the
factors
that
contributed
to
or
detracted
from
performance
and
the
improved
relative
performance
in
the
first
quarter
of
2024.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
generally
reviewed,
among
other
things,
the
contractual
management
fee
and
the
net/actual
management
fee
(i.e.,
the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
Fund
to
the
Adviser
in
light
of
the
nature,
extent
and
quality
of
the
services
provided.
The
Board
also
reviewed
information
about
other
expenses
and
the
total
operating
expense
ratio
of
each
Fund
(after
any
fee
waivers
and/or
expense
reimbursements).
More
specifically,
the
Board
Members
reviewed,
among
other
things,
each
Fund’s
management
fee
rates
and
net
total
expense
ratio
in
relation
to
similar
data
for
a
comparable
universe
of
funds
(the
“Expense
Universe”)
and
with
respect
to
the
open-end
funds,
for
a
more
focused
subset
of
comparable
funds
(the
“Expense
Group”)
established
by
Broadridge
(subject
to
certain
exceptions).
The
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Expense
Universe
and
Expense
Group
(as
applicable)
and
considered
that
differences
between
the
applicable
fund
and
its
respective
Expense
Universe
and/or
Expense
Group,
as
well
as
changes
to
the
composition
of
the
Expense
Universe
and/or
Expense
Group
from
year
to
year,
may
limit
some
of
the
value
of
the
comparative
data.
The
Board
Members
also
considered
that
it
can
be
difficult
to
compare
management
fees
among
funds
as
there
are
variations
in
the
services
that
are
included
for
the
fees
paid.
The
Board
Members
took
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
data.
The
Board
Members
also
considered
a
fund’s
operating
expense
ratio
as
it
more
directly
reflected
a
shareholder’s
total
costs
in
investing
in
the
respective
fund.
In
their
review,
the
Board
Members
considered,
in
particular,
each
fund
with
a
net
total
expense
ratio
meeting
certain
expense
or
fee
criteria
when
compared
to
its
Expense
Universe
and
Expense
Group
(if
any)
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
relative
net
total
expense
ratio.
The
Board
Members
also
considered,
in
relevant
part,
a
Fund’s
management
fee
and
net
total
expense
ratio
in
light
of
the
Fund’s
performance
history,
including
reviewing
certain
funds
identified
by
management
and/or
the
Board
as
having
a
higher
net
total
expense
ratio
or
management
fee
compared
to
their
respective
peers
coupled
with
experiencing
periods
of
challenged
performance
and
considering
the
reasons
for
such
comparative
positions.
In
their
evaluation
of
the
fee
arrangements
for
the
Funds,
the
Board
Members
also
reviewed
the
management
fee
schedules
and
the
expense
reimbursements
and/or
fee
waivers
agreed
to
by
the
Adviser
for
the
respective
fund
(if
any).
In
its
review,
the
Board
considered
that
the
management
fees
of
the
Nuveen
funds
were
generally
comprised
of
two
components,
a
fund-level
component
and
a
complex-level
component,
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
As
indicated
above,
the
Board
approved
a
revised
fee
schedule
which
would
reduce
and
streamline
the
asset
thresholds
necessary
to
meet
breakpoints
in
the
complex-level
fee
component.
The
Board
considered
that
management
anticipated
approximately
$50
million
in
savings
for
Nuveen
fund
shareholders
as
a
result
of
the
revised
fee
schedule
as
well
as
additional
estimated
savings
over
time.
The
Board
further
considered
management’s
representation
that
there
will
be
no
increase
to
any
Nuveen
fund’s
respective
advisory
agreement
fee
rate
as
a
result
of
the
revised
complex-level
fee
schedule.
In
its
review,
the
Board
considered
that
across
the
Nuveen
fund
and
TC
fund
complex,
management
estimated
that
fund-level
breakpoints
resulted
in
approximately
$82.5
million
in
reduced
fees
overall
in
2023
and
expense
caps
and
reimbursements
generated
approximately
an
additional
$91
million
in
savings
to
shareholders.
In
addition,
the
Board
considered
that
management
determined
that
the
Nuveen
funds
achieved
additional
fee
reductions
of
approximately
$49
million
due
to
the
complex-wide
management
fee
structure
in
2023.
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.
In
its
review,
the
Board
considered
that
the
compensation
paid
to
the
Sub-Adviser
is
the
responsibility
of
NFAL,
not
the
Funds.
The
Board’s
considerations
regarding
the
comparative
fee
data
for
each
of
the
Funds
are
set
forth
below.
With
respect
to
the
quartile
rankings
noted
below,
the
first
quartile
represents
the
range
of
funds
with
the
lowest
management
fee
rate
or
net
total
expense
ratio,
as
applicable,
and
the
fourth
quartile
represents
the
range
of
funds
with
the
highest
management
fee
rate
or
net
total
expense
ratio,
as
applicable.
The
Board
considered
that
Broadridge
only
calculates
quartiles
if
a
minimum
number
of
peers
is
available
and
therefore
quartile
rankings
may
not
be
available
for
certain
Expense
Groups
and/or
Expense
Universes.
For
the
Dividend
Value
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
ranked
in
the
second
quartile,
first
quartile
and
first
quartile
of
its
Expense
Group,
respectively.
In
addition,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
ranked
in
the
third
quartile,
second
quartile
and
second
quartile
of
its
Expense
Universe,
respectively.
Further,
the
Fund’s
actual
management
fee
rate
and
net
total
expense
ratio
were
below
the
Expense
Group
median.
For
the
Large
Cap
Select
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
ranked
in
the
second
quartile,
first
quartile
and
second
quartile
of
its
Expense
Group,
respectively.
In
addition,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
ranked
in
the
third
quartile,
second
quartile
and
third
quartile
of
its
Expense
Universe,
respectively.
Further,
the
Fund’s
actual
management
fee
rate
and
net
total
expense
ratio
were
below
the
Expense
Group
median.
For
the
Mid
Cap
Growth
Opportunities
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
ranked
in
the
third
quartile,
second
quartile
and
third
quartile
of
its
Expense
Group,
respectively.
In
addition,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
each
ranked
in
the
third
quartile
of
its
Expense
Universe.
Further,
although
the
Fund’s
net
total
expense
ratio
was
slightly
above
(within
5
basis
points
of)
the
Expense
Group
median,
the
actual
management
fee
rate
matched
the
Expense
Group
median.
For
the
Mid
Cap
Value
1
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
ranked
in
the
third
quartile,
second
quartile
and
third
quartile
of
its
Expense
Group,
respectively.
In
addition,
although
the
Fund’s
contractual
management
fee
rate
ranked
in
the
fourth
quartile
of
its
Expense
Universe,
the
Fund’s
actual
management
fee
rate
and
net
total
expense
ratio
each
ranked
in
the
third
quartile
of
its
Expense
Universe.
Further,
although
the
Fund’s
net
total
expense
ratio
was
above
the
Expense
Group
median,
the
actual
management
fee
rate
was
below
the
Expense
Group
median.
For
the
Small
Cap
Growth
Opportunities
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
ranked
in
the
second
quartile,
third
quartile
and
third
quartile
of
its
Expense
Group,
respectively.
In
addition,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
ranked
in
the
second
quartile,
second
quartile
and
third
quartile
of
its
Expense
Universe,
respectively.
Further,
although
the
Fund’s
net
total
expense
ratio
was
slightly
above
(within
5
basis
points
of)
the
Expense
Group
median,
the
actual
management
fee
rate
was
in-line
with
the
Expense
Group
median.
For
the
Small
Cap
Select
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
ranked
in
the
second
quartile,
first
quartile
and
third
quartile
of
its
Expense
Group,
respectively.
In
addition,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
ranked
in
the
third
quartile,
second
quartile
and
third
quartile
of
its
Expense
Universe,
respectively.
Further,
the
actual
management
fee
rate
was
below
the
Expense
Group
median
and
the
net
total
expense
ratio
was
generally
in-line
with
the
Expense
Group
median.
For
the
Small
Cap
Value
Fund,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
ranked
in
the
third
quartile,
second
quartile
and
third
quartile
of
its
Expense
Group,
respectively.
In
addition,
the
Fund’s
contractual
management
fee
rate,
actual
management
fee
rate
and
net
total
expense
ratio
each
ranked
in
the
third
quartile
of
its
Expense
Universe.
Further,
although
the
Fund’s
net
total
expense
ratio
was
slightly
above
(within
five
basis
points
of)
the
Expense
Group
median,
the
actual
management
fee
rate
was
below
the
Expense
Group
median.
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
evaluating
the
appropriateness
of
fees,
the
Board
also
considered
that
the
Adviser,
affiliated
sub-advisers
and/or
their
affiliate(s)
provide
investment
management
services
to
other
types
of
clients
which
may
include:
separately
managed
accounts,
retail
managed
accounts,
foreign
funds
(UCITS),
other
investment
companies
(as
sub-advisers),
limited
partnerships
and
collective
investment
trusts.
The
Board
reviewed
the
equal
weighted
average
fee
or
other
fee
data
for
the
other
types
of
clients
managed
in
a
similar
manner
to
certain
of
the
Nuveen
funds
and
TC
funds.
The
Board
considered
the
Adviser’s
rationale
for
the
differences
in
the
management
fee
rates
of
the
funds
compared
to
the
management
fee
rates
charged
to
these
other
types
of
clients.
In
this
regard,
the
Board
considered
that
differences,
including
but
not
limited
to,
the
amount,
type
and
level
of
services
provided
by
the
Adviser
to
the
funds
compared
to
that
provided
to
other
clients
as
well
as
differences
in
investment
policies;
regulatory,
disclosure
and
governance
requirements;
servicing
relationships
with
vendors;
the
manner
of
managing
such
assets;
product
structure;
investor
profiles;
and
account
sizes
all
may
contribute
to
variations
in
relative
fee
rates.
Further,
differences
in
the
client
base,
governing
bodies,
distribution,
jurisdiction
and
operational
complexities
also
would
contribute
to
variations
in
management
fees
assessed
the
funds
compared
to
foreign
fund
clients.
In
addition,
differences
in
the
level
of
advisory
services
required
for
passively
managed
funds
also
contribute
to
differences
in
the
management
fee
levels
of
such
funds
compared
to
actively
managed
funds.
As
a
general
matter,
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
considered
the
wide
range
of
services
in
addition
to
investment
management
that
the
Adviser
had
provided
to
the
funds
compared
to
other
types
of
clients
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
funds.
The
Board
further
considered
that
a
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
that
the
varying
levels
of
fees
were
reasonable
given,
among
other
things,
the
more
extensive
services,
regulatory
requirements
and
legal
liabilities,
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company
compared
to
that
required
in
advising
other
types
of
clients.
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Board
Members
considered
various
profitability
data
relating
to
the
Fund
Advisers’
services
to
the
Nuveen
funds.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
With
respect
to
the
Nuveen
funds,
the
Board
Members
reviewed
the
estimated
profitability
information
of
Nuveen
as
a
result
of
its
advisory
services
to
the
Nuveen
funds
overall
as
well
as
profitability
data
of
certain
other
asset
management
firms.
Such
profitability
information
included,
among
other
things,
gross
and
net
revenue
margins
(excluding
distribution)
of
Nuveen
Investments,
Inc.
(“Nuveen
Investments”)
for
services
to
the
Nuveen
funds
on
a
pre-tax
and
after-tax
basis
for
the
2023
and
2022
calendar
years
as
well
as
the
revenues
earned
(less
any
expense
reimbursements/fee
waivers)
and
expenses
incurred
by
Nuveen
Investments
for
its
advisory
activities
to
the
Nuveen
funds
(excluding
distribution)
for
the
2023
and
2022
calendar
years.
The
Board
Members
also
considered
the
rationale
for
the
change
in
Nuveen’s
profitability
from
2022
to
2023.
In
addition,
the
Board
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
after-tax)
NFAL
derived
from
its
exchange-traded
fund
product
line
for
the
2023
and
2022
calendar
years.
In
developing
the
profitability
data,
the
Board
Members
considered
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
necessarily
dependent
on
cost
allocation
methodologies
to
allocate
expenses
throughout
the
complex
and
among
the
various
advisory
products.
Given
there
is
no
single
universally
recognized
expense
allocation
methodology
and
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results,
the
Board
reviewed,
among
other
things,
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information,
a
summary
of
the
refinements
Nuveen
had
made
to
the
methodology
that
had
occurred
over
the
years
from
2010
through
2021
to
provide
Nuveen’s
profitability
analysis,
and
a
historical
expense
analysis
of
Nuveen
Investments’
revenues,
expenses
and
pre-tax
net
revenue
margins
derived
from
its
advisory
services
to
the
Nuveen
funds
(excluding
distribution)
for
the
calendar
years
from
2017
through
2023.
The
Board
of
the
Nuveen
funds
had
also
appointed
two
Board
Members
to
serve
as
the
Board’s
liaisons
to
meet
with
representatives
of
NFAL
and
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
In
addition,
the
Board
considered
certain
comparative
operating
margin
data.
In
this
regard,
the
Board
reviewed
the
operating
margins
of
Nuveen
Investments
compared
to
the
adjusted
operating
margins
of
a
peer
group
of
asset
management
firms
with
publicly
available
data
and
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
to
Nuveen.
The
Board
considered
that
the
operating
margins
of
the
peers
were
adjusted
generally
to
address
that
certain
services
provided
by
the
peers
were
not
provided
by
Nuveen.
The
Board
also
reviewed,
among
other
things,
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
on
a
company-wide
basis
and
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
derived
from
its
services
to
the
Nuveen
funds
only
(including
and
excluding
distribution)
compared
to
the
adjusted
operating
margins
of
the
peer
group
for
each
calendar
year
from
2014
to
2023.
In
their
review
of
the
comparative
data,
the
Board
Members
considered
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.
Aside
from
the
profitability
data,
the
Board
considered
that
NFAL
and
TAL
are
affiliates
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
NFAL
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
TIAA,
and
TAL
is
an
indirect
wholly
owned
subsidiary
of
TIAA.
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2023
and
2022
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
considered
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility.
The
Board
also
considered
the
reinvestments
the
Adviser,
its
parent
and/or
other
affiliates
made
into
their
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
funds,
initiatives
in
international
expansion,
investments
in
infrastructure
and
continued
investments
in
enhancements
to
technological
capabilities.
The
Board
Members
considered
the
profitability
of
the
Sub-Adviser
from
its
relationships
with
the
respective
Nuveen
funds.
In
this
regard,
the
Board
Members
reviewed,
among
other
things,
the
Sub-Adviser’s
revenues,
expenses
and
net
revenue
margins
(pre-
and
after-tax)
for
its
advisory
activities
to
the
respective
Nuveen
funds
for
the
calendar
years
ended
December 31,
2023
and
December
31,
2022.
The
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
after-tax)
grouped
by
similar
types
of
funds
(such
as
municipal,
taxable
fixed
income,
equity,
real
assets
and
index/asset
allocation)
for
the
Sub-Adviser
for
the
calendar
years
ending
December 31,
2023
and
December
31,
2022.
In
evaluating
the
reasonableness
of
the
compensation,
the
Board
Members
also
considered
the
indirect
benefits
NFAL
or
the
Sub-Adviser
received
that
were
directly
attributable
to
the
management
of
the
applicable
funds
as
discussed
in
further
detail
below.
Based
on
its
review,
the
Board
was
satisfied
that
each
Fund
Adviser’s
level
of
profitability
from
its
relationship
with
each
Nuveen
fund
was
not
unreasonable
over
various
time
frames
in
light
of
the
nature,
extent
and
quality
of
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
funds
in
the
fund
complex,
whether
these
economies
of
scale
have
been
appropriately
shared
with
such
funds
and
whether
there
is
potential
for
realization
of
further
economies
of
scale.
Although
the
Board
considered
that
economies
of
scale
are
difficult
to
measure
with
any
precision
and
the
rates
at
which
certain
expenses
are
incurred
may
not
decline
with
a
rise
in
assets,
the
Board
considered
that
there
are
various
methods
that
may
be
employed
to
help
share
the
benefits
of
economies
of
scale,
including,
among
other
things,
through
the
use
of
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
funds
at
scale
at
inception
and
investments
in
the
Adviser’s
business
which
can
enhance
the
services
provided
to
the
applicable
funds
for
the
fees
paid.
The
Board
considered
that
the
Adviser
has
generally
employed
one
or
more
of
these
various
methods
among
the
applicable
funds.
In
this
regard,
the
Board
considered,
as
noted
above,
that
the
management
fee
of
NFAL
generally
was
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
With
this
structure,
the
Board
considered
that
the
complex-level
breakpoint
schedule
was
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
assets
of
eligible
funds
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined,
and
the
fund-level
breakpoint
schedules
were
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows.
The
Board
reviewed
the
fund-level
and
complex-level
fee
schedules.
As
summarized
above,
the
Board
approved
a
new
complex-level
breakpoint
schedule
which
would
simplify
and
reduce
the
complex-level
fee
rates
at
various
thresholds
and
expanded
the
eligible
funds
whose
assets
would
be
included
in
calculating
the
complex-level
fee,
effective
May
1,
2024.
Among
other
things,
the
assets
of
certain
TC
funds
advised
by
TAL
would
be
phased
into
the
calculation
of
the
complex-wide
assets
in
determining
the
complex-level
fee
over
a
ten-year
period.
The
Board
considered
the
cost
savings
and
additional
potential
sharing
of
economies
of
scale
as
a
result
of
the
reduced
complex-level
breakpoint
schedule
and
the
additional
assets
from
more
eligible
funds
in
calculating
the
assets
of
the
complex
for
determining
the
complex-level
fee
component.
The
Board
reviewed
the
projected
shareholder
savings
derived
from
such
modifications
over
a
ten-year
period
from
2024
to
2033.
The
Board
considered
management’s
representation
that
there
will
be
no
increase
to
any
fund’s
respective
advisory
agreement
fee
rate.
In
addition
to
the
fund-level
and
complex-level
fee
schedules
(if
applicable),
the
Board
Members
considered
the
temporary
and/or
permanent
expense
caps
(if
any)
applicable
to
a
fund.
The
Board
considered
that
such
waivers
and
reimbursements
applicable
to
the
respective
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.
The
Board
Members
also
considered
the
continued
reinvestment
in
Nuveen/TIAA’s
business
to
enhance
its
capabilities
and
services
to
the
benefit
of
its
various
clients.
The
Board
understood
that
many
of
these
investments
were
not
specific
to
individual
funds
but
rather
incurred
across
a
variety
of
products
and
services
pursuant
to
which
the
family
of
funds
as
a
whole
may
benefit.
The
Board
further
considered
that
the
Adviser
and
its
affiliates
have
provided
certain
additional
services,
including,
but
not
limited
to,
services
required
by
new
regulations
and
regulatory
interpretations,
without
raising
advisory
fees
to
the
funds,
and
this
was
also
a
means
of
sharing
economies
of
scale
with
the
funds
and
their
shareholders.
The
Board
considered
the
Adviser’s
and/or
its
affiliates’
ongoing
efforts
to
streamline
the
product
line-up,
among
other
things,
to
create
more
scaled
funds
which
may
help
improve
both
expense
and
trading
economies.
Based
on
its
review,
the
Board
was
satisfied
that
the
current
fee
arrangements
together
with
the
reinvestment
in
management’s
business
appropriately
shared
any
economies
of
scale
with
shareholders.
E.
Indirect
Benefits
The
Board
Members
received
and
considered
information
regarding
various
indirect
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
funds
in
the
fund
complex.
These
benefits
included,
among
other
things,
economies
of
scale
to
the
extent
the
Adviser
or
its
affiliates
share
investment
resources
and/or
personnel
with
other
clients
of
the
Adviser.
The
funds
may
also
be
used
as
investment
options
for
other
products
or
businesses
offered
by
the
Adviser
and/or
its
affiliates,
such
as
variable
products,
fund
of
funds
and
529
education
savings
plans,
and
affiliates
of
the
Adviser
may
serve
as
sub-advisers
to
various
funds
in
which
case
all
advisory
and
sub-advisory
fees
generated
by
such
funds
stay
within
Nuveen.
Further,
the
funds
may
pay
the
Adviser
and/or
its
affiliates
for
other
services,
such
as
distribution.
In
this
regard,
the
Board
Members
considered
that
an
affiliate
of
the
Adviser
serves
as
principal
underwriter
providing
distribution
and/or
shareholder
services
to
the
open-end
funds
for
which
it
may
be
compensated.
The
Board
Members
also
considered
that
certain
share
classes
of
the
open-end
funds
(subject
to
certain
exceptions)
pay
12b-1
fees,
some
of
which
may
be
retained
by
the
Adviser’s
affiliate.
In
addition,
the
Board
Members
considered
that
the
Adviser
and
Sub-Adviser
may
utilize
soft
dollar
brokerage
arrangements
attributable
to
the
respective
funds
to
obtain
research
and
other
services
for
any
or
all
of
their
clients,
although
the
Board
Members
also
considered
reimbursements
of
such
costs
by
the
Adviser
and/or
Sub-Adviser.
The
Adviser
and
its
affiliates
may
also
benefit
from
the
advisory
relationships
with
the
funds
in
the
fund
complex
to
the
extent
this
relationship
results
in
potential
investors
viewing
the
TIAA
group
of
companies
as
a
leading
retirement
plan
provider
in
the
academic
and
nonprofit
market
and
a
single
source
for
all
their
financial
service
needs.
The
Adviser
and/or
its
affiliates
may
further
benefit
to
the
extent
that
they
have
pricing
or
other
information
regarding
vendors
the
funds
utilize
in
establishing
arrangements
with
such
vendors
for
other
products.
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
in
light
of
the
services
provided.
F.
Other
Considerations
The
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
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
for
an
additional
one-year
period.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
MSA-FCGO-0424P
3614350-INV-B-6/25
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
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Not applicable to this filing.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable to this filing.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable to this filing.
| 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 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 Funds, Inc.
| | | | |
| By (Signature and Title) | | /s/ Jordan M. Farris |
| | Jordan M. Farris |
| | Chief Administrative Officer |
Date: July 2, 2024
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/ Jordan M. Farris |
| | Jordan M. Farris |
| | Chief Administrative Officer |
| | (principal executive officer) |
Date: July 2, 2024
| | |
| By (Signature and Title) | | /s/ E. Scott Wickerham |
| | E. Scott Wickerham Vice President and Controller (principal financial officer) |
Date: July 2, 2024
