Nuveen Investment Trust N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07619

Nuveen Investment Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

333 West Wacker Drive,

Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917-7700

Date of fiscal year end: June 30

Date of reporting period: December 31, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.

ITEM 1. REPORTS TO STOCKHOLDERS.

Mutual

Funds

Nuveen

Equity

Funds

December

31,

2022

Semi-annual

Report

This

semi-annual

report

contains

the

Funds'

unaudited financial

statements.

Fund

Name

Class

A

Class

C

Class

R6

Class

I

Nuveen

Global

Equity

Income

Fund

NQGAX

NQGCX

—

NQGIX

Nuveen

International

Value

Fund

NAIGX

NCIGX

—

NGRRX

Nuveen

Multi

Cap

Value

Fund

NQVAX

NQVCX

—

NQVRX

Nuveen

Large

Cap

Value

Fund

NQCAX

NQCCX

—

NQCRX

Nuveen

Small/Mid

Cap

Value

Fund

NSMAX

NSMCX

NWQFX

NSMRX

Nuveen

Small

Cap

Value

Opportunities

Fund

NSCAX

NSCCX

NSCFX

NSCRX

Life

is

Complex.

Nuveen

makes

things

e-simple.

It

only

takes

a

minute

to

sign

up

for

e-Reports.

Once

enrolled,

you’ll

receive

an

e-mail

as

soon

as

your

Nuveen

Fund

information

is

ready.

No

more

waiting

for

delivery

by

regular

mail.

Just

click

on

the

link

within

the

e-mail

to

see

the

report

and

save

it

on

your

computer

if

you

wish.

Free

e-Reports

right

to

your

email!

www.investordelivery.com

If

you

receive

your

Nuveen

Fund

distributions

and

statements

from

your

financial

advisor

or

brokerage

account.

or

www.nuveen.com/client-access

If

you

receive

your

Nuveen

Fund

distributions

and

statements

directly

from

Nuveen.

Must

be

preceded

by

or

accompanied

by

a

prospectus.

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Important

Notices

5

Risk

Considerations

6

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

7

Expense

Examples

20

Portfolios

of

Investments

22

Statement

of

Assets

and

Liabilities

41

Statement

of

Operations

43

Statement

of

Changes

in

Net

Assets

45

Financial

Highlights

48

Notes

to

Financial

Statements

60

Additional

Fund

Information

74

Glossary

of

Terms

Used

in

this

Report

75

Liquidity

Risk

Management

Program

77

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

With

more

economic

indicators

pointing

to

a

broadening

contraction

across

the

world’s

economies,

the

conversation

has

shifted

from

debating

whether

a

global

recession

would

happen

to

considering

how

long

and

severe

a

recession

would

be.

Higher

than

expected

inflation

has

made

the

outcome

more

unpredictable,

as

it

has

dampened

consumer

sentiment,

pushed

central

banks

into

raising

interest

rates

more

aggressively

and

contributed

to

considerable

turbulence

in

the

markets

over

the

past

year.

Inflation

has

surged

partially

due

to

pandemic-related

supply

chain

bottlenecks,

exacerbated

by

Russia’s

war

in

Ukraine

and

China’s

recurring

COVID-19

lockdowns

throughout

the

year

until

China’s

zero-COVID

policy

effectively

ended

in

December

2022.

This

necessitated

forceful

responses

from

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

who

signaled

their

intentions

to

slow

inflation

even

if

it

meant

tolerating

materially

slower

economic

growth

and

some

softening

in

the

labor

market.

In

March

2022,

the

Fed

began

the

fastest

interest

rate

hiking

cycle

in

its

history,

raising

the

target

fed

funds

rate

by

4.50%

over

a

ten-month

span

to

a

range

of

4.50%

to

4.75%

by

January

2023.

While

inflation

began

to

ease

over

the

second

half

of

2022,

it

remains

far

higher

than

the

Fed’s

inflation

target.

Fed

officials

are

closely

monitoring

inflation

data

and

other

economic

measures

to

modify

their

rate

setting

policy

based

upon

these

factors

and

has

more

recently

slowed

the

pace

of

monetary

tightening.

But

additional

rate

hikes

are

expected

until

the

Fed

sees

sustainable

progress

toward

its

inflation

goals.

Despite

contracting

in

the

first

half

of

2022,

U.S.

gross

domestic

product

grew

2.1%

in

the

year

overall

compared

to

2021.

Consumer

spending

remained

relatively

resilient

in

2022,

supported

by

a

surprisingly

strong

labor

market

that

suggested

not

all

areas

of

the

economy

were

weakening

in

unison.

While

markets

will

likely

continue

fluctuating

with

the

daily

headlines,

we

encourage

investors

to

keep

a

long-term

perspective.

To

learn

more

about

how

well

your

portfolio

is

aligned

to

your

time

horizon,

risk

tolerance

and

investment

goals,

consider

reviewing

it

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

February

23,

2023

Important

Notices

5

For

Shareholders

of

Nuveen

Global

Equity

Income

Fund

Nuveen

International

Value

Fund

Nuveen

Multi

Cap

Value

Fund

Nuveen

Large

Cap

Value

Fund

Nuveen

Small/Mid

Cap

Value

Fund

Nuveen

Small

Cap

Value

Opportunities

Fund

Portfolio

Manager

Commentaries

in

Semi-annual

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

June

30,

2022

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

Performance

Overview

and

Holding

Summaries

section

within

this

report.

6

Risk

Considerations

Nuveen

Global

Equity

Income

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

credit,

derivatives,

high

yield

securities,

and

interest

rate

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

International

Value

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

credit,

derivatives,

high

yield

securities,

and

interest

rate

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Multi

Cap

Value

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Dividends

are

not

guaranteed.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Investments

in

smaller

companies

are

subject

to

greater

volatility

than

those

of

larger

companies.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

currency,

and

value

stock

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Large

Cap

Value

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

currency

and

value

stock

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Small/Mid

Cap

Value

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Investments

in

smaller

companies

are

subject

to

greater

volatility

than

those

of

larger

companies.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

currency

and

value

stock

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Small

Cap

Value

Opportunities

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Investments

in

smaller

companies

are

subject

to

greater

volatility

than

those

of

larger

companies.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

currency

and

value

stock

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

7

The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

for

each

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

redeemed,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

Returns

at

net

asset

value

(NAV)

would

be

lower

if

the

sales

charge

were

included.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements,

Note

7—Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

Returns

reflect

differences

in

sales

charges

and

expenses,

which

are

primarily

differences

in

distribution

and

service

fees,

and

assume

reinvestment

of

dividends

and

capital

gains.

Comparative

index

and

Lipper

return

information

is

provided

for

Class

A

Shares

at

NAV

only.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

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. 

8

Nuveen

Global

Equity

Income

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

MSCI

World

Value

Index

(Net).

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

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,

2024

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.90%

of

the

average

daily

net

assets

of

any

class

of

Fund

Shares.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of Trustees of

the

Fund.

Total

Returns

as

of

December

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

6-Month

1-Year

5-Year

10-Year

Gross

Net

Class

A

Shares

at

NAV

9/15/09

6.71%

(9.55)%

3.43%

7.07%

1.26%

1.10%

Class

A

Shares

at

maximum

Offering

Price

9/15/09

0.57%

(14.75)%

2.22%

6.44%

–

—

MSCI

World

Value

Index

(Net)

—

6.42%

(6.52)%

4.12%

7.24%

—

—

Lipper

Global

Equity

Income

Funds

Classification

Average

—

3.28%

(9.21)%

3.92%

6.45%

—

—

Class

C

Shares

at

NAV

9/15/09

6.30%

(10.22)%

2.66%

6.44%

2.01%

1.85%

Class

C

Shares

at

maximum

Offering

Price

9/15/09

5.30%

(10.22)%

2.66%

6.44%

—

–

Class

I

Shares

9/15/09

6.89%

(9.28)%

3.70%

7.35%

1.01%

0.85%

9

Holdings

Summaries

as

of

December

31,

2022

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.5‌

%

Structured

Notes

0

.9‌

%

Other

Assets

Less

Liabilities

(0.0)%

Net

Assets

Plus

Borrowings

100

.4‌

%

Borrowings

(0.4)%

Net

Assets

100‌

%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

AstraZeneca

PLC,

Sponsored

ADR

3.2%

Nordea

Bank

Abp

3.1%

Deutsche

Boerse

AG

2.8%

Elevance

Health

Inc

2.7%

Humana

Inc

2.7%

Portfolio

Composition

1

(%

of

net

assets)

Banks

11.8%

Pharmaceuticals

9.6%

Insurance

9.4%

Oil,

Gas

&

Consumable

Fuels

7.5%

Health

Care

Providers

&

Services

6.3%

Multi-Utilities

5.5%

Aerospace

&

Defense

3.7%

Chemicals

3.7%

Software

3.6%

Beverages

3.3%

Semiconductors

&

Semiconductor

Equipment

2.9%

Capital

Markets

2.8%

Electrical

Equipment

2.8%

Metals

&

Mining

2.2%

Food

&

Staples

Retailing

2.2%

Air

Freight

&

Logistics

2.0%

Industrial

Conglomerates

1.8%

Trading

Companies

&

Distributors

1.7%

Personal

Products

1.7%

Media

1.5%

Other

13.5%

Structured

Notes

0.9%

Borrowings

(0.4)%

Other

Assets

Less

Liabilities

(0.0)%

Net

Assets

100%

Country

Allocation

2

(%

of

net

assets)

United

States

53

.3‌

%

Germany

9

.5‌

%

Japan

6

.6‌

%

Netherlands

6

.4‌

%

France

5

.0‌

%

United

Kingdom

4

.3‌

%

Finland

3

.1‌

%

South

Korea

2

.6‌

%

Australia

2

.2‌

%

Singapore

1

.8‌

%

Other

5

.6‌

%

Borrowings

(0.4)%

Other

Assets

Less

Liabilities

(0.0)%

Net

Assets

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

3.7%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

10

Nuveen

International

Value

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

MSCI

EAFE®

Index

(Net).

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

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,

2024

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.94%

of

the

average

daily

net

assets

of

any

class

of

Fund

Shares.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of

Trustees

of

the

Fund.

Total

Returns

as

of

December

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

6-Month

1-Year

5-Year

10-Year

Gross

Net

Class

A

Shares

at

NAV

12/20/99

3.85%

(9.15)%

0.38%

3.62%

1.33%

1.14%

Class

A

Shares

at

maximum

Offering

Price

12/20/99

(2.14)%

(14.38)%

(0.81)%

3.01%

–

—

MSCI

EAFE®

Index

(Net)

—

6.36%

(14.45)%

1.54%

4.67%

—

—

Lipper

International

Multi-Cap

Value

Funds

Classification

Average

—

5.27%

(10.22)%

0.04%

3.52%

—

—

Class

C

Shares

at

NAV

12/20/99

3.48%

(9.82)%

(0.38)%

3.00%

2.08%

1.89%

Class

C

Shares

at

maximum

Offering

Price

12/20/99

2.49%

(9.82)%

(0.38)%

3.00%

—

–

Class

I

Shares

12/20/99

4.03%

(8.91)%

0.63%

3.88%

1.08%

0.89%

11

Holdings

Summaries

as

of

December

31,

2022

Fund

Allocation

(%

of

net

assets)

Common

Stocks

100

.7‌

%

Other

Assets

Less

Liabilities

0.7%

Net

Assets

Plus

Borrowings

101

.4‌

%

Borrowings

(1.4)%

Net

Assets

100‌

%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

ING

Groep

NV

3.7%

Shell

PLC,

ADR

3.5%

Siemens

AG

3.3%

Sanofi

2.9%

UBS

Group

AG

2.8%

Portfolio

Composition

1

(%

of

net

assets)

Banks

12.8%

Insurance

7.5%

Pharmaceuticals

6.9%

Semiconductors

&

Semiconductor

Equipment

5.8%

Metals

&

Mining

5.3%

Industrial

Conglomerates

5.0%

Hotels,

Restaurants

&

Leisure

3.7%

Oil,

Gas

&

Consumable

Fuels

3.5%

Professional

Services

3.4%

Food

&

Staples

Retailing

3.3%

Electrical

Equipment

3.0%

Real

Estate

Management

&

Development

2.9%

Software

2.8%

Automobiles

2.8%

Capital

Markets

2.8%

Household

Durables

2.5%

Energy

Equipment

&

Services

2.4%

Media

2.4%

Air

Freight

&

Logistics

2.0%

Airlines

1.9%

Other

18.0%

Borrowings

(1.4)%

Other

Assets

Less

Liabilities

0.7%

Net

Assets

100%

Country

Allocation

2

(%

of

net

assets)

Japan

22

.8‌

%

Germany

12

.6‌

%

France

12

.3‌

%

Netherlands

10

.2‌

%

United

Kingdom

8

.3‌

%

Switzerland

4

.5‌

%

United

States

3

.7‌

%

South

Korea

3

.3‌

%

Singapore

3

.0‌

%

Canada

2

.7‌

%

Other

17

.3‌

%

Borrowings

(1.4)%

Other

Assets

Less

Liabilities

0.7%

Net

Assets

100‌

%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

Includes

10.4%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

12

Nuveen

Multi

Cap

Value

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Russell

3000®

Value

Index.

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

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,

2024

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes

(including

excise

tax

lia-

bilities),

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expens-

es)

do

not

exceed

0.94%

of

the

average

daily

net

assets

of

any

class

of

Fund

Shares.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of

Trustees

of

the

Fund.

Total

Returns

as

of

December

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

6-Month

1-Year

5-Year

10-Year

Gross

Net

Class

A

Shares

at

NAV

12/09/02

9.69%

(1.29)%

6.93%

8.96%

1.35%

1.25%

Class

A

Shares

at

maximum

Offering

Price

12/09/02

3.38%

(6.96)%

5.67%

8.31%

–

—

Russell

3000®

Value

Index

—

5.95%

(7.98)%

6.50%

10.16%

—

—

Lipper

Multi-Cap

Value

Funds

Classification

Average

—

6.19%

(6.79)%

6.69%

9.99%

—

—

Class

C

Shares

at

NAV

12/09/02

9.27%

(2.05)%

6.12%

8.30%

2.10%

2.00%

Class

C

Shares

at

maximum

Offering

Price

12/09/02

8.27%

(2.05)%

6.12%

8.30%

—

–

Class

I

Shares

11/04/97

9.84%

(1.04)%

7.20%

9.23%

1.10%

1.00%

13

Holdings

Summaries

as

of

December

31,

2022

Fund

Allocation

(%

of

net

assets)

Common

Stocks

97

.2‌

%

Repurchase

Agreements

2

.8‌

%

Other

Assets

Less

Liabilities

(0.0)%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

net

assets)

Banks

10.2%

Oil,

Gas

&

Consumable

Fuels

8.2%

Software

7.0%

Aerospace

&

Defense

5.2%

Insurance

4.9%

Biotechnology

4.7%

Chemicals

4.7%

Electrical

Equipment

4.5%

Capital

Markets

4.0%

Electric

Utilities

3.8%

Pharmaceuticals

3.7%

Health

Care

Providers

&

Services

3.4%

Food

&

Staples

Retailing

2.7%

Machinery

2.6%

Equity

Real

Estate

Investment

Trusts

(REITs)

2.6%

Semiconductors

&

Semiconductor

Equipment

2.3%

Energy

Equipment

&

Services

2.2%

Automobiles

2.1%

Health

Care

Equipment

&

Supplies

2.0%

IT

Services

1.9%

Communications

Equipment

1.9%

Multi-Utilities

1.5%

Diversified

Telecommunication

Services

1.4%

Wireless

Telecommunication

Services

1.4%

Other

8.3%

Repurchase

Agreements

2.8%

Other

Assets

Less

Liabilities

(0.0)%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Shell

PLC,

ADR

3.6%

Oracle

Corp

3.4%

nVent

Electric

PLC

3.4%

General

Dynamics

Corp

3.0%

Wells

Fargo

&

Co

2.7%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

14

Nuveen

Large

Cap

Value

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Russell

1000®

Value

Index.

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

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,

2024

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed 0.79%

through

July

31,

2024

or

1.35%

after

July

31,

2024

of

the

average

daily

net

assets

of

any

class

of

Fund

Shares.

This

expense

limitation

expir-

ing

on

July

31,

2024

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of

Trustees

of

the

Fund.

The

expense

limitation

in

effect

thereafter

may

be

terminated

or

modified

only

with

the

approval

of

shareholders

of

the

Fund.

Total

Returns

as

of

December

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

6-Month

1-Year

5-Year

10-Year

Gross

Net

Class

A

Shares

at

NAV

12/15/06

8.53%

(1.57)%

6.00%

8.49%

1.80%

0.99%

Class

A

Shares

at

maximum

Offering

Price

12/15/06

2.34%

(7.32)%

4.75%

7.86%

–

—

Russell

1000®

Value

Index

—

6.11%

(7.54)%

6.67%

10.29%

—

—

Lipper

Multi-Cap

Value

Funds

Classification

Average

—

6.19%

(6.79)%

6.69%

9.99%

—

—

Class

C

Shares

at

NAV

12/15/06

7.92%

(2.26)%

5.23%

7.84%

2.55%

1.74%

Class

C

Shares

at

maximum

Offering

Price

12/15/06

6.92%

(2.26)%

5.23%

7.84%

—

–

Class

I

Shares

12/15/06

8.72%

(1.07)%

6.29%

8.78%

1.55%

0.74%

15

Holdings

Summaries

as

of

December

31,

2022

Fund

Allocation

(%

of

net

assets)

Common

Stocks

97

.1‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

0

.2‌

%

Repurchase

Agreements

2

.8‌

%

Other

Assets

Less

Liabilities

(0.1)%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

net

assets)

Oil,

Gas

&

Consumable

Fuels

8.6%

Banks

7.9%

Insurance

7.2%

Electrical

Equipment

5.9%

Health

Care

Providers

&

Services

5.4%

Software

5.1%

Aerospace

&

Defense

4.9%

Biotechnology

4.5%

Capital

Markets

4.3%

Pharmaceuticals

4.0%

Chemicals

3.6%

Multi-Utilities

3.0%

Food

&

Staples

Retailing

2.8%

Electric

Utilities

2.3%

IT

Services

2.3%

Energy

Equipment

&

Services

2.3%

Automobiles

2.1%

Health

Care

Equipment

&

Supplies

2.0%

Machinery

2.0%

Other

16.9%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.2%

Repurchase

Agreements

2.8%

Other

Assets

Less

Liabilities

(0.1)%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Shell

PLC,

ADR

3.8%

Oracle

Corp

3.6%

nVent

Electric

PLC

3.2%

General

Dynamics

Corp

3.1%

JPMorgan

Chase

&

Co

2.9%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

16

Nuveen

Small/Mid

Cap

Value

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Russell

2500®

Value

Index.

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

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,

2024

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed 1.10%

through

July

31,

2024

or

1.45%

after

July

31,

2024

of

the

average

daily

net

assets

of

any

class

of

Fund

Shares. However,

because

R6

shares

are

not

subject

to

sub-transfer

agent

and

similar

fee,

the

total

annual

operating

expenses

for

Class

R6

Shares

will

be

less

than

the

expense

limitation.

This

expense

limitation

expiring

July

31,

2024

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of

Trustees

of

the

Fund.

The

expense

limitation

in

effect

thereafter

may

be

terminated

or

modified

only

with

the

approval

of

shareholders

of

the

Fund.

Total

Returns

as

of

December

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

6-Month

1-Year

5-Year

10-Year

Gross

Net

Class

A

Shares

at

NAV

12/15/06

11.14%

(5.92)%

6.05%

8.71%

1.61%

1.30%

Class

A

Shares

at

maximum

Offering

Price

12/15/06

4.75%

(11.32)%

4.80%

8.07%

–

—

Russell

2500®

Value

Index

—

4.29%

(13.08)%

4.75%

8.93%

—

—

Lipper

Small-Cap

Core

Funds

Classification

Average

—

5.09%

(14.40)%

4.71%

8.89%

—

—

Class

C

Shares

at

NAV

12/15/06

10.74%

(6.62)%

5.26%

8.06%

2.36%

2.05%

Class

C

Shares

at

maximum

Offering

Price

12/15/06

9.74%

(6.62)%

5.26%

8.06%

—

–

Class

I

Shares

12/15/06

11.26%

(5.69)%

6.32%

8.99%

1.36%

1.05%

Total

Returns

as

of

December

31,

2022**

Cumulative

Average

Annual

Expense

Ratios***

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Gross

Net

Class

R6

Shares

6/30/16

11.38%

(5.55)%

6.48%

9.35%

1.19%

0.88%

17

Holdings

Summaries

as

of

December

31,

2022

Fund

Allocation

(%

of

net

assets)

Common

Stocks

95

.7‌

%

Repurchase

Agreements

4

.2‌

%

Other

Assets

Less

Liabilities

0.1%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

net

assets)

Equity

Real

Estate

Investment

Trusts

(REITs)

8.9%

Banks

8.0%

Biotechnology

7.7%

Electrical

Equipment

7.2%

Insurance

6.9%

Electric

Utilities

6.3%

Machinery

4.7%

Oil,

Gas

&

Consumable

Fuels

4.4%

Communications

Equipment

4.3%

Aerospace

&

Defense

4.1%

Capital

Markets

3.8%

Metals

&

Mining

3.6%

Semiconductors

&

Semiconductor

Equipment

2.5%

IT

Services

2.4%

Software

2.2%

Auto

Components

2.2%

Personal

Products

1.8%

Construction

&

Engineering

1.7%

Pharmaceuticals

1.6%

Other

11.4%

Repurchase

Agreements

4.2%

Other

Assets

Less

Liabilities

0.1%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

nVent

Electric

PLC

3.0%

Magnolia

Oil

&

Gas

Corp,

Class

A

2.9%

Everest

Re

Group

Ltd

2.9%

ADMA

Biologics

Inc

2.9%

Curtiss-Wright

Corp

2.7%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

18

Nuveen

Small

Cap

Value

Opportunities

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Russell

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,

2024

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed 0.99%

through

July

31,

2024

or

1.50%

after

July

31,

2024

of

the

average

daily

net

assets

of

any

class

of

Fund

Shares. However,

because

R6

shares

are

not

subject

to

sub-transfer

agent

and

similar

fee,

the

total

annual

operating

expenses

for

Class

R6

Shares

will

be

less

than

the

expense

limitation.

This

expense

limitation

expiring

July

31,

2024

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of

Trustees

of

the

Fund.

The

expense

limitation

in

effect

thereafter

may

be

terminated

or

modified

only

with

the

approval

of

shareholders

of

the

Fund.

Total

Returns

as

of

December

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

6-Month

1-Year

5-Year

10-Year

Gross

Net

Class

A

Shares

at

NAV

12/08/04

12.62%

(5.48)%

3.85%

8.95%

1.33%

1.19%

Class

A

Shares

at

maximum

Offering

Price

12/08/04

6.15%

(10.91)%

2.62%

8.30%

–

—

Russell

2000®

Value

Index

—

3.42%

(14.48)%

4.13%

8.48%

—

—

Lipper

Small-Cap

Core

Funds

Classification

Average

—

5.09%

(14.40)%

4.71%

8.89%

—

—

Class

C

Shares

at

NAV

12/08/04

12.15%

(6.21)%

3.07%

8.30%

2.08%

1.94%

Class

C

Shares

at

maximum

Offering

Price

12/08/04

11.15%

(6.21)%

3.07%

8.30%

—

–

Class

I

Shares

12/08/04

12.73%

(5.26)%

4.10%

9.22%

1.08%

0.94%

Total

Returns

as

of

December

31,

2022**

Cumulative

Average

Annual

Expense

Ratios***

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Gross

Net

Class

R6

Shares

2/15/13

12.84%

(5.13)%

4.27%

8.77%

0.94%

0.80%

19

Holdings

Summaries

as

of

December

31,

2022

Fund

Allocation

(%

of

net

assets)

Common

Stocks

97

.7‌

%

Repurchase

Agreements

2

.5‌

%

Other

Assets

Less

Liabilities

(0.2)%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

net

assets)

Banks

16.1%

Machinery

7.8%

Biotechnology

6.3%

Energy

Equipment

&

Services

5.4%

Diversified

Consumer

Services

5.2%

Equity

Real

Estate

Investment

Trusts

(REITs)

5.1%

Electrical

Equipment

4.6%

Electric

Utilities

4.2%

Oil,

Gas

&

Consumable

Fuels

3.8%

Semiconductors

&

Semiconductor

Equipment

3.5%

Metals

&

Mining

3.2%

Communications

Equipment

3.2%

Aerospace

&

Defense

3.1%

Food

Products

3.1%

Software

2.2%

Chemicals

2.1%

Pharmaceuticals

2.1%

Insurance

1.7%

Personal

Products

1.6%

Other

13.4%

Repurchase

Agreements

2.5%

Other

Assets

Less

Liabilities

(0.2)%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

ADMA

Biologics

Inc

2.8%

SouthState

Corp

2.8%

nVent

Electric

PLC

2.6%

Weatherford

International

PLC

2.6%

Rambus

Inc

2.5%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

20

Expense

Examples

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

December

31,

2022.

The

beginning

of

the

period

is

July

1,

2022.

The

information

under

“Actual

Performance,”

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your

share

class,

in

the

row

entitled

“Expenses

Incurred

During

Period”

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

“Hypothetical

Performance,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratios

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

Global

Equity

Income

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,067.10

$

1,063.04

$

1,068.86

Expenses

Incurred

During

the

Period

$

5.78

$

9.67

$

4.48

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,019.61

$

1,015.83

$

1,020.87

Expenses

Incurred

During

the

Period

$

5.65

$

9.45

$

4.38

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.11%,

1.86%

and

0.86%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

International

Value

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,038.50

$

1,034.81

$

1,040.30

Expenses

Incurred

During

the

Period

$

5.91

$

9.74

$

4.63

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,019.41

$

1,015.63

$

1,020.67

Expenses

Incurred

During

the

Period

$

5.85

$

9.65

$

4.58

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.15%,

1.90%

and

0.90%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

21

Nuveen

Multi

Cap

Value

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,096.93

$

1,092.72

$

1,098.39

Expenses

Incurred

During

the

Period

$

6.92

$

10.87

$

5.61

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,018.60

$

1,014.82

$

1,019.86

Expenses

Incurred

During

the

Period

$

6.67

$

10.46

$

5.40

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.31%,

2.06%

and

1.06%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

Large

Cap

Value

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,085.32

$

1,079.16

$

1,087.21

Expenses

Incurred

During

the

Period

$

5.26

$

9.17

$

3.95

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,020.16

$

1,016.38

$

1,021.42

Expenses

Incurred

During

the

Period

$

5.09

$

8.89

$

3.82

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.00%,

1.75%

and

0.75%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

Small/Mid

Cap

Value

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,111.37

$

1,107.44

$

1,113.84

$

1,112.55

Expenses

Incurred

During

the

Period

$

6.97

$

10.94

$

4.85

$

5.64

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

$

1,018.60

$

1,014.82

$

1,020.62

$

1,019.86

Expenses

Incurred

During

the

Period

$

6.67

$

10.46

$

4.63

$

5.40

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.31%,

2.06%,

0.91%

and

1.06%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

Small

Cap

Value

Opportunities

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,126.22

$

1,121.54

$

1,128.36

$

1,127.31

Expenses

Incurred

During

the

Period

$

6.43

$

10.43

$

4.40

$

5.09

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

$

1,019.16

$

1,015.38

$

1,021.07

$

1,020.42

Expenses

Incurred

During

the

Period

$

6.11

$

9.91

$

4.18

$

4.84

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.20%,

1.95%,

0.82%

and

0.95%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

22

Nuveen

Global

Equity

Income

Fund

Portfolio

of

Investments

December

31,

2022

(Unaudited)

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

100.4%  

X

130,829,275

COMMON

STOCKS

-

99.5%

X

130,829,275

Aerospace

&

Defense

-

3.7%

16,798

Airbus

SE

$

1,997,322

11,428

General

Dynamics

Corp

2,835,401

Total

Aerospace

&

Defense

4,832,723

Air

Freight

&

Logistics

-

2.0%

70,388

Deutsche

Post

AG

2,634,385

Automobiles

-

1.3%

50,782

General

Motors

Co

1,708,307

Banks

-

11.8%

55,006

Fifth

Third

Bancorp

1,804,747

17,946

JPMorgan

Chase

&

Co

2,406,559

379,570

Nordea

Bank

Abp

4,075,355

262,320

Oversea-Chinese

Banking

Corp

Ltd

2,386,072

60,800

Sumitomo

Mitsui

Trust

Holdings

Inc

2,121,649

64,460

Wells

Fargo

&

Co

2,661,553

Total

Banks

15,455,935

Beverages

-

3.3%

36,351

Coca-Cola

Co

2,312,287

20,970

Heineken

NV

1,975,210

Total

Beverages

4,287,497

Biotechnology

-

1.5%

12,325

AbbVie

Inc

1,991,843

Capital

Markets

-

2.8%

21,704

Deutsche

Boerse

AG

3,737,213

Chemicals

-

3.7%

43,188

DuPont

de

Nemours

Inc

2,963,992

25,539

Nutrien

Ltd

1,864,498

Total

Chemicals

4,828,490

Communications

Equipment

-

1.5%

41,372

Cisco

Systems

Inc

1,970,962

Electric

Utilities

-

1.4%

332,804

Enel

SpA

1,789,867

Electrical

Equipment

-

2.8%

10,582

Eaton

Corp

PLC

1,660,845

203,600

Mitsubishi

Electric

Corp

2,017,460

Total

Electrical

Equipment

3,678,305

Energy

Equipment

&

Services

-

1.0%

45,578

Baker

Hughes

Co

1,345,918

Food

&

Staples

Retailing

-

2.2%

20,613

Walmart

Inc

2,922,717

23

Shares

Description

(1)

Value

Health

Care

Equipment

&

Supplies

-

1.5%

25,671

Medtronic

PLC

$

1,995,150

Health

Care

Providers

&

Services

-

6.3%

7,045

Elevance

Health

Inc

3,613,873

31,940

Fresenius

Medical

Care

AG

&

Co

KGaA

1,043,241

6,974

Humana

Inc

3,572,013

Total

Health

Care

Providers

&

Services

8,229,127

Hotels,

Restaurants

&

Leisure

-

1.5%

41,971

Las

Vegas

Sands

Corp

(2)

2,017,546

Industrial

Conglomerates

-

1.8%

17,147

Siemens

AG

2,363,735

Insurance

-

9.4%

7,882

Allianz

SE

1,683,261

28,484

ASR

Nederland

NV

1,353,388

10,250

Chubb

Ltd

2,261,150

8,814

Everest

Re

Group

Ltd

2,919,814

45,793

NN

Group

NV

1,872,576

4,644

Zurich

Insurance

Group

AG

2,220,190

Total

Insurance

12,310,379

IT

Services

-

1.2%

9,104

Capgemini

SE

1,521,970

Media

-

1.5%

57,711

Comcast

Corp,

Class

A

2,018,154

Metals

&

Mining

-

2.2%

95,578

BHP

Group

Ltd

2,960,714

Multi-Utilities

-

5.5%

44,725

Dominion

Energy

Inc

2,742,537

101,073

E.ON

SE

1,004,867

116,261

National

Grid

PLC

1,392,732

34,051

Public

Service

Enterprise

Group

Inc

2,086,305

Total

Multi-Utilities

7,226,441

Oil,

Gas

&

Consumable

Fuels

-

7.5%

19,862

Chevron

Corp

3,565,031

125,499

Enterprise

Products

Partners

LP

3,027,036

114,126

Shell

PLC

3,217,305

Total

Oil,

Gas

&

Consumable

Fuels

9,809,372

Personal

Products

-

1.7%

55,570

Kao

Corp

2,206,153

Pharmaceuticals

-

9.6%

63,017

AstraZeneca

PLC,

Sponsored

ADR

4,272,553

41,442

Bristol-Myers

Squibb

Co

2,981,752

12,777

Johnson

&

Johnson

2,257,057

32,279

Sanofi

3,112,552

Total

Pharmaceuticals

12,623,914

Nuveen

Global

Equity

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2022

(Unaudited)

24

Shares

Description

(1)

Value

Semiconductors

&

Semiconductor

Equipment

-

2.9%

4,317

Broadcom

Inc

$

2,413,764

70,000

MediaTek

Inc

1,415,325

Total

Semiconductors

&

Semiconductor

Equipment

3,829,089

Software

-

3.6%

7,517

Microsoft

Corp

1,802,727

36,189

Oracle

Corp

2,958,089

Total

Software

4,760,816

Technology

Hardware,

Storage

&

Peripherals

-

1.2%

40,844

Samsung

Electronics

Co

Ltd

1,636,756

Trading

Companies

&

Distributors

-

1.7%

78,800

Mitsui

&

Co

Ltd

2,295,105

Wireless

Telecommunication

Services

-

1.4%

49,067

SK

Telecom

Co

Ltd

1,840,692

Total

Common

Stocks

(cost

$112,462,119)

130,829,275

Shares

Description

(1)

Coupon

Issue

Price

Cap

Price

Maturity

Value

X

1,249,182

STRUCTURED

NOTES

-

0.9%

X

1,249,182

13,996

JPMorgan

Chase

Financial

Company

LLC,

Mandatory

Exchangeable

Note,

Linked

to

Common

Stock

of

Alphabet

Inc.

(Cap

115.50%

of

the

Issue

Price),

144A

10.000%

$89.8800

$103.8114

6/21/23

$

1,249,182

Total

Structured

Notes

(cost

$1,257,961)

1,249,182

Total

Long-Term

Investments

(cost

$113,720,080)

132,078,457

Borrowings

-

(0.4)%

(3)

(561,256)

Other

Assets

Less

Liabilities

-   (0.0)%

(6,854)

Net

Assets

-

100%

$

131,510,347

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(3)

Borrowings

as

a

percentage

of

Total

Investments

is

0.4%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

ADR

American

Depositary

Receipt

See

accompanying

notes

to

financial

statements

25

Nuveen

International

Value

Fund

Portfolio

of

Investments

December

31,

2022

(Unaudited)

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

100.7%  

X

81,760,137

COMMON

STOCKS

-

100.7%

X

81,760,137

Aerospace

&

Defense

-

1.9%

11,860

Thales

SA

$

1,515,337

Air

Freight

&

Logistics

-

2.0%

43,514

Deutsche

Post

AG

1,628,582

Airlines

-

1.9%

77,600

Japan

Airlines

Co

Ltd

(2)

1,580,531

Automobiles

-

2.8%

10,699

Hyundai

Motor

Co

626,567

12,215

Toyota

Motor

Corp,

Sponsored

ADR

1,668,324

Total

Automobiles

2,294,891

Banks

-

12.8%

712,140

Barclays

PLC

1,355,068

249,533

ING

Groep

NV

3,039,598

132,039

Nordea

Bank

Abp

1,417,672

132,432

Oversea-Chinese

Banking

Corp

Ltd

1,204,606

53,600

Sumitomo

Mitsui

Trust

Holdings

Inc

1,870,401

1,341,031

Unicaja

Banco

SA,

144A

1,477,670

Total

Banks

10,365,015

Capital

Markets

-

2.8%

120,119

UBS

Group

AG

2,242,622

Chemicals

-

1.0%

11,306

Nutrien

Ltd

825,405

Commercial

Services

&

Supplies

-

1.0%

41,800

Dai

Nippon

Printing

Co

Ltd

839,744

Diversified

Financial

Services

-

1.6%

16,073

Groupe

Bruxelles

Lambert

NV

1,284,516

Diversified

Telecommunication

Services

-

1.7%

47,961

Nippon

Telegraph

&

Telephone

Corp,

ADR

1,367,459

Electrical

Equipment

-

3.0%

46,631

Mabuchi

Motor

Co

Ltd

1,318,300

112,100

Mitsubishi

Electric

Corp

1,110,792

Total

Electrical

Equipment

2,429,092

Energy

Equipment

&

Services

-

2.4%

125,228

Technip

Energies

NV

1,968,779

Food

&

Staples

Retailing

-

3.3%

28,600

Seven

&

i

Holdings

Co

Ltd

1,225,691

526,214

Tesco

PLC

1,418,077

Total

Food

&

Staples

Retailing

2,643,768

Health

Care

Providers

&

Services

-

1.3%

33,612

Fresenius

Medical

Care

AG

&

Co

KGaA

1,097,852

Nuveen

International

Value

Fund

(continued)

Portfolio

of

Investments

December

31,

2022

(Unaudited)

26

Shares

Description

(1)

Value

Hotels,

Restaurants

&

Leisure

-

3.7%

39,690

Accor

SA

(2)

$

990,168

625,491

Sands

China

Ltd

(2)

2,051,753

Total

Hotels,

Restaurants

&

Leisure

3,041,921

Household

Durables

-

2.5%

43,264

Sekisui

House

Ltd

767,030

1,001,913

Taylor

Wimpey

PLC

1,227,040

Total

Household

Durables

1,994,070

Industrial

Conglomerates

-

5.0%

854,856

Melrose

Industries

PLC

1,377,262

19,536

Siemens

AG

2,693,061

Total

Industrial

Conglomerates

4,070,323

Insurance

-

7.5%

5,964

Allianz

SE

1,273,658

33,241

Axis

Capital

Holdings

Ltd

1,800,665

27,626

NN

Group

NV

1,129,687

43,100

Sompo

Holdings

Inc

1,906,877

Total

Insurance

6,110,887

Interactive

Media

&

Services

-

1.1%

8,170

Baidu

Inc,

Sponsored

ADR

(2)

934,485

Machinery

-

1.5%

55,685

Komatsu

Ltd

1,203,582

Media

-

2.4%

30,308

Publicis

Groupe

SA

1,936,144

Metals

&

Mining

-

5.3%

25,695

Agnico

Eagle

Mines

Ltd

1,335,883

64,254

BHP

Group

Ltd

1,990,392

2,100

Korea

Zinc

Co

Ltd

941,117

Total

Metals

&

Mining

4,267,392

Multi-Utilities

-

1.7%

112,203

National

Grid

PLC

1,344,119

Oil,

Gas

&

Consumable

Fuels

-

3.5%

49,858

Shell

PLC,

ADR

2,839,413

Pharmaceuticals

-

6.9%

22,156

Bayer

AG

1,140,371

67,534

GSK

PLC

1,167,206

24,355

Sanofi

2,348,468

29,700

Takeda

Pharmaceutical

Co

Ltd

928,026

Total

Pharmaceuticals

5,584,071

Professional

Services

-

3.4%

43,595

Adecco

Group

AG

1,434,051

12,525

Wolters

Kluwer

NV

1,310,556

Total

Professional

Services

2,744,607

Real

Estate

Management

&

Development

-

2.9%

199,454

City

Developments

Ltd

1,226,107

567,000

Hang

Lung

Properties

Ltd

1,104,522

Total

Real

Estate

Management

&

Development

2,330,629

27

Shares

Description

(1)

Value

Semiconductors

&

Semiconductor

Equipment

-

5.8%

40,207

AIXTRON

SE

$

1,156,885

34,800

MediaTek

Inc

703,618

22,400

Rohm

Co

Ltd

1,605,842

85,000

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(2)

1,234,494

Total

Semiconductors

&

Semiconductor

Equipment

4,700,839

Software

-

2.8%

8,223

Check

Point

Software

Technologies

Ltd

(2)

1,037,414

12,241

SAP

SE

1,263,769

Total

Software

2,301,183

Specialty

Retail

-

1.0%

1,069,000

Topsports

International

Holdings

Ltd,

144A

842,242

Technology

Hardware,

Storage

&

Peripherals

-

1.4%

22,700

FUJIFILM

Holdings

Corp

1,135,033

Textiles,

Apparel

&

Luxury

Goods

-

1.5%

2,365

Kering

SA

1,203,613

Wireless

Telecommunication

Services

-

1.3%

29,109

SK

Telecom

Co

Ltd

1,091,991

Total

Long-Term

Investments

(cost

$66,315,753)

81,760,137

Borrowings

-

(1.4)%

(3)

(1,152,780)

Other

Assets

Less

Liabilities

-   0.7%

601,857

Net

Assets

-

100%

$

81,209,214

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(3)

Borrowings

as

a

percentage

of

Total

Investments

is

1.4%.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

ADR

American

Depositary

Receipt

See

accompanying

notes

to

financial

statements

28

Nuveen

Multi

Cap

Value

Fund

Portfolio

of

Investments

December

31,

2022

(Unaudited)

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

97.2%  

X

86,089,701

COMMON

STOCKS

-

97.2%

X

86,089,701

Aerospace

&

Defense

-

5.2%

11,768

Curtiss-Wright

Corp

$

1,965,139

10,775

General

Dynamics

Corp

2,673,385

Total

Aerospace

&

Defense

4,638,524

Automobiles

-

2.1%

55,165

General

Motors

Co

1,855,751

Banks

-

10.2%

47,456

Bank

of

NT

Butterfield

&

Son

Ltd

1,414,663

45,083

Citigroup

Inc

2,039,104

32,699

HomeStreet

Inc

901,838

16,596

JPMorgan

Chase

&

Co

2,225,524

58,692

Wells

Fargo

&

Co

2,423,393

Total

Banks

9,004,522

Biotechnology

-

4.7%

8,147

AbbVie

Inc

1,316,637

415,546

ADMA

Biologics

Inc

(2)

1,612,318

4,185

Vertex

Pharmaceuticals

Inc

(2)

1,208,544

Total

Biotechnology

4,137,499

Capital

Markets

-

4.0%

27,001

B

Riley

Financial

Inc

923,434

15,397

Morgan

Stanley

1,309,053

17,260

State

Street

Corp

1,338,858

Total

Capital

Markets

3,571,345

Chemicals

-

4.7%

31,958

DuPont

de

Nemours

Inc

2,193,277

18,746

Innospec

Inc

1,928,214

Total

Chemicals

4,121,491

Communications

Equipment

-

1.9%

51,745

Viasat

Inc

(2)

1,637,729

Consumer

Finance

-

1.4%

12,799

Discover

Financial

Services

1,252,126

Diversified

Telecommunication

Services

-

1.4%

69,483

AT&T

Inc

1,279,182

Electric

Utilities

-

3.8%

22,339

Alliant

Energy

Corp

1,233,336

12,380

Constellation

Energy

Corp

1,067,280

13,601

Pinnacle

West

Capital

Corp

1,034,220

Total

Electric

Utilities

3,334,836

Electrical

Equipment

-

4.5%

4,193

Hubbell

Inc

984,013

78,663

nVent

Electric

PLC

3,026,166

Total

Electrical

Equipment

4,010,179

29

Shares

Description

(1)

Value

Energy

Equipment

&

Services

-

2.2%

65,959

Baker

Hughes

Co

$

1,947,769

Entertainment

-

1.4%

10,026

Walt

Disney

Co

(2)

871,059

39,703

Warner

Bros

Discovery

Inc

(2)

376,384

Total

Entertainment

1,247,443

Equity

Real

Estate

Investment

Trusts

(REITs)

-

2.6%

32,586

American

Homes

4

Rent,

Class

A

982,142

40,132

STAG

Industrial

Inc

1,296,665

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

2,278,807

Food

&

Staples

Retailing

-

2.7%

16,924

Walmart

Inc

2,399,654

Health

Care

Equipment

&

Supplies

-

2.0%

23,295

Medtronic

PLC

1,810,487

Health

Care

Providers

&

Services

-

3.4%

4,429

Elevance

Health

Inc

2,271,944

54,900

Enhabit

Inc

(2)

722,484

Total

Health

Care

Providers

&

Services

2,994,428

Hotels,

Restaurants

&

Leisure

-

1.3%

34,852

Brinker

International

Inc

(2)

1,112,127

Household

Durables

-

1.3%

24,522

PulteGroup

Inc

1,116,487

Insurance

-

4.9%

3,618

Aon

PLC,

Class

A

1,085,907

15,797

Globe

Life

Inc

1,904,328

7,120

RenaissanceRe

Holdings

Ltd

1,311,718

Total

Insurance

4,301,953

Interactive

Media

&

Services

-

0.9%

46,306

TripAdvisor

Inc

(2)

832,582

IT

Services

-

1.9%

16,693

Fiserv

Inc

(2)

1,687,162

Machinery

-

2.6%

75,929

Flowserve

Corp

2,329,502

Media

-

0.9%

22,989

Comcast

Corp,

Class

A

803,925

Multi-Utilities

-

1.5%

22,146

Dominion

Energy

Inc

1,357,993

Oil,

Gas

&

Consumable

Fuels

-

8.2%

6,245

Cheniere

Energy

Inc

936,500

12,383

Chesapeake

Energy

Corp

1,168,584

13,811

Hess

Corp

1,958,676

55,438

Shell

PLC,

ADR

3,157,194

Total

Oil,

Gas

&

Consumable

Fuels

7,220,954

Nuveen

Multi

Cap

Value

Fund

(continued)

Portfolio

of

Investments

December

31,

2022

(Unaudited)

30

Shares

Description

(1)

Value

Pharmaceuticals

-

3.7%

25,125

AstraZeneca

PLC,

Sponsored

ADR

$

1,703,475

32,233

Sanofi,

ADR

1,561,044

Total

Pharmaceuticals

3,264,519

Semiconductors

&

Semiconductor

Equipment

-

2.3%

58,002

Rambus

Inc

(2)

2,077,632

Software

-

7.0%

62,909

Gen

Digital

Inc

1,348,140

37,140

Oracle

Corp

3,035,823

54,251

Teradata

Corp

(2)

1,826,089

Total

Software

6,210,052

Specialty

Retail

-

1.1%

70,884

American

Eagle

Outfitters

Inc

989,541

Wireless

Telecommunication

Services

-

1.4%

9,025

T-Mobile

US

Inc

(2)

1,263,500

Total

Long-Term

Investments

(cost

$74,176,544)

86,089,701

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 2.8% 

X

2,523,730

REPURCHASE

AGREEMENTS

-

2.8%

X

2,523,730

$

2,524

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

12/30/22,

repurchase

price

$2,524,089,

collateralized

by

$3,347,400,

U.S.

Treasury

Bond,

2.375%,

due

2/15/42,

value

$2,574,228

1.280%

1/03/23

$

2,523,730

Total

Short-Term

Investments

(cost

$2,523,730)

2,523,730

Total

Investments

(cost

$76,700,274

)

-

100.0%

88,613,431

Other

Assets

Less

Liabilities

-   (0.0)%

(31,288)

Net

Assets

-

100%

$

88,582,143

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

ADR

American

Depositary

Receipt

See

accompanying

notes

to

financial

statements

31

Nuveen

Large

Cap

Value

Fund

Portfolio

of

Investments

December

31,

2022

(Unaudited)

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

97.1%  

X

19,131,413

COMMON

STOCKS

-

97.1%

X

19,131,413

Aerospace

&

Defense

-

4.9%

2,468

General

Dynamics

Corp

$

612,335

3,515

Raytheon

Technologies

Corp

354,734

Total

Aerospace

&

Defense

967,069

Automobiles

-

2.1%

12,015

General

Motors

Co

404,185

Banks

-

7.9%

9,291

Citigroup

Inc

420,232

4,281

JPMorgan

Chase

&

Co

574,083

13,386

Wells

Fargo

&

Co

552,708

Total

Banks

1,547,023

Beverages

-

1.7%

5,117

Coca-Cola

Co

325,492

Biotechnology

-

4.5%

1,976

AbbVie

Inc

319,341

2,080

Horizon

Therapeutics

Plc

(2)

236,704

1,143

Vertex

Pharmaceuticals

Inc

(2)

330,076

Total

Biotechnology

886,121

Capital

Markets

-

4.3%

4,927

KKR

&

Co

Inc

228,712

3,458

Morgan

Stanley

293,999

4,118

State

Street

Corp

319,433

Total

Capital

Markets

842,144

Chemicals

-

3.6%

6,889

DuPont

de

Nemours

Inc

472,792

4,401

Olin

Corp

232,989

Total

Chemicals

705,781

Communications

Equipment

-

1.4%

8,547

Viasat

Inc

(2)

270,512

Consumer

Finance

-

1.5%

3,091

Discover

Financial

Services

302,392

Diversified

Telecommunication

Services

-

1.5%

16,238

AT&T

Inc

298,942

Electric

Utilities

-

2.3%

4,782

Alliant

Energy

Corp

264,014

2,575

Pinnacle

West

Capital

Corp

195,803

Total

Electric

Utilities

459,817

Electrical

Equipment

-

5.9%

1,992

Eaton

Corp

PLC

312,644

961

Hubbell

Inc

225,528

16,276

nVent

Electric

PLC

626,138

Total

Electrical

Equipment

1,164,310

Nuveen

Large

Cap

Value

Fund

(continued)

Portfolio

of

Investments

December

31,

2022

(Unaudited)

32

Shares

Description

(1)

Value

Energy

Equipment

&

Services

-

2.3%

14,985

Baker

Hughes

Co

$

442,507

Entertainment

-

1.4%

2,255

Walt

Disney

Co

(2)

195,914

8,633

Warner

Bros

Discovery

Inc

(2)

81,841

Total

Entertainment

277,755

Equity

Real

Estate

Investment

Trusts

(REITs)

-

1.6%

2,225

Alexandria

Real

Estate

Equities

Inc

324,116

Food

&

Staples

Retailing

-

2.8%

3,896

Walmart

Inc

552,414

Health

Care

Equipment

&

Supplies

-

2.0%

5,127

Medtronic

PLC

398,470

Health

Care

Providers

&

Services

-

5.4%

931

Elevance

Health

Inc

477,575

557

Humana

Inc

285,290

1,927

Quest

Diagnostics

Inc

301,460

Total

Health

Care

Providers

&

Services

1,064,325

Household

Durables

-

1.3%

5,804

PulteGroup

Inc

264,256

Insurance

-

7.2%

6,862

American

International

Group

Inc

433,953

798

Aon

PLC,

Class

A

239,512

3,631

Globe

Life

Inc

437,717

1,706

RenaissanceRe

Holdings

Ltd

314,296

Total

Insurance

1,425,478

Interactive

Media

&

Services

-

1.9%

2,160

Alphabet

Inc,

Class

A

(2)

190,577

10,445

TripAdvisor

Inc

(2)

187,801

Total

Interactive

Media

&

Services

378,378

IT

Services

-

2.3%

4,513

Fiserv

Inc

(2)

456,129

Machinery

-

2.0%

12,722

Flowserve

Corp

390,311

Media

-

1.0%

5,804

Comcast

Corp,

Class

A

202,966

Metals

&

Mining

-

1.3%

4,186

BHP

Group

Ltd,

Sponsored

ADR

(3)

259,741

Multi-Utilities

-

3.0%

4,883

Dominion

Energy

Inc

299,426

4,700

Public

Service

Enterprise

Group

Inc

287,969

Total

Multi-Utilities

587,395

33

Shares

Description

(1)

Value

Oil,

Gas

&

Consumable

Fuels

-

8.6%

1,473

Cheniere

Energy

Inc

$

220,891

2,865

Chesapeake

Energy

Corp

270,370

3,171

Hess

Corp

449,711

13,296

Shell

PLC,

ADR

757,207

Total

Oil,

Gas

&

Consumable

Fuels

1,698,179

Pharmaceuticals

-

4.0%

6,469

AstraZeneca

PLC,

Sponsored

ADR

438,598

7,118

Sanofi,

ADR

344,725

Total

Pharmaceuticals

783,323

Semiconductors

&

Semiconductor

Equipment

-

0.9%

6,622

Intel

Corp

175,019

Software

-

5.1%

13,898

Gen

Digital

Inc

297,834

8,557

Oracle

Corp

699,449

Total

Software

997,283

Wireless

Telecommunication

Services

-

1.4%

1,997

T-Mobile

US

Inc

(2)

279,580

Total

Long-Term

Investments

(cost

$13,952,768)

19,131,413

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

  0.2

%

X

48,078

MONEY

MARKET

FUNDS

-

0.2%

X

48,078

48,078

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(4)

4.340%(5)

$

48,078

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$48,078)

48,078

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 2.8% 

547,015

REPURCHASE

AGREEMENTS

-

2.8%

547,015

$

547

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

12/30/22,

repurchase

price

$547,092,

collateralized

by

$725,600,

U.S.

Treasury

Bond,

2.375%,

due

2/15/42,

value

$558,003

1.280%

1/03/23

$

547,015

Total

Short-Term

Investments

(cost

$547,015)

547,015

Total

Investments

(cost

$

14,547,861

)

-

100

.1

%

19,726,506

Other

Assets

Less

Liabilities

-   (0.1)%

(

27,980

)

Net

Assets

-

100%

$

19,698,526

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(3)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$46,538.

Nuveen

Large

Cap

Value

Fund

(continued)

Portfolio

of

Investments

December

31,

2022

(Unaudited)

34

(4)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

market

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(5)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

ADR

American

Depositary

Receipt

See

accompanying

notes

to

financial

statements

35

Nuveen

Small/Mid

Cap

Value

Fund

Portfolio

of

Investments

December

31,

2022

(Unaudited)

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

95.7%  

X

36,741,546

COMMON

STOCKS

-

95.7%

X

36,741,546

Aerospace

&

Defense

-

4.1%

9,572

BWX

Technologies

Inc

$

555,942

6,176

Curtiss-Wright

Corp

1,031,330

Total

Aerospace

&

Defense

1,587,272

Auto

Components

-

2.2%

13,422

BorgWarner

Inc

540,236

28,527

Goodyear

Tire

&

Rubber

Co

(2)

289,549

Total

Auto

Components

829,785

Banks

-

8.0%

44,300

Old

National

Bancorp/IN

796,514

10,103

SouthState

Corp

771,465

10,956

Texas

Capital

Bancshares

Inc

(2)

660,756

14,448

Western

Alliance

Bancorp

860,523

Total

Banks

3,089,258

Biotechnology

-

7.7%

282,198

ADMA

Biologics

Inc

(2)

1,094,928

16,371

Alkermes

PLC

(2)

427,774

4,640

BioMarin

Pharmaceutical

Inc

(2)

480,194

3,498

United

Therapeutics

Corp

(2)

972,759

Total

Biotechnology

2,975,655

Capital

Markets

-

3.8%

20,150

Carlyle

Group

Inc

601,276

15,029

Stifel

Financial

Corp

877,243

Total

Capital

Markets

1,478,519

Chemicals

-

1.2%

8,477

Olin

Corp

448,772

Communications

Equipment

-

4.3%

9,979

Ciena

Corp

(2)

508,729

20,710

Juniper

Networks

Inc

661,892

14,873

Viasat

Inc

(2)

470,730

Total

Communications

Equipment

1,641,351

Construction

&

Engineering

-

1.7%

7,508

AECOM

637,654

Electric

Utilities

-

6.3%

9,133

Constellation

Energy

Corp

787,356

4,627

IDACORP

Inc

499,022

16,769

OGE

Energy

Corp

663,214

5,964

Pinnacle

West

Capital

Corp

453,502

Total

Electric

Utilities

2,403,094

Electrical

Equipment

-

7.2%

10,884

EnerSys

803,674

3,466

Hubbell

Inc

813,401

29,763

nVent

Electric

PLC

1,144,983

Total

Electrical

Equipment

2,762,058

Nuveen

Small/Mid

Cap

Value

Fund

(continued)

Portfolio

of

Investments

December

31,

2022

(Unaudited)

36

Shares

Description

(1)

Value

Electronic

Equipment,

Instruments

&

Components

-

1.3%

6,994

Belden

Inc

$

502,869

Energy

Equipment

&

Services

-

1.4%

25,222

NOV

Inc

526,888

Equity

Real

Estate

Investment

Trusts

(REITs)

-

8.9%

18,707

American

Homes

4

Rent,

Class

A

563,829

16,735

Cousins

Properties

Inc

423,228

16,885

Iron

Mountain

Inc

841,717

62,032

SITE

Centers

Corp

847,357

22,813

STAG

Industrial

Inc

737,088

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

3,413,219

Food

Products

-

1.3%

22,102

Hostess

Brands

Inc

(2)

495,969

Health

Care

Equipment

&

Supplies

-

1.3%

5,982

QuidelOrtho

Corp

(2)

512,478

Hotels,

Restaurants

&

Leisure

-

1.1%

13,155

Brinker

International

Inc

(2)

419,776

Insurance

-

6.9%

3,380

Everest

Re

Group

Ltd

1,119,693

8,105

Globe

Life

Inc

977,058

6,255

Selective

Insurance

Group

Inc

554,255

Total

Insurance

2,651,006

IT

Services

-

2.4%

4,393

Amdocs

Ltd

399,324

5,520

Euronet

Worldwide

Inc

(2)

520,977

Total

IT

Services

920,301

Life

Sciences

Tools

&

Services

-

1.1%

1,016

Bio-Rad

Laboratories

Inc,

Class

A

(2)

427,218

Machinery

-

4.7%

6,697

Crane

Holdings

Co

672,714

10,412

Federal

Signal

Corp

483,846

20,714

Flowserve

Corp

635,505

Total

Machinery

1,792,065

Media

-

1.4%

3,064

Nexstar

Media

Group

Inc

536,292

Metals

&

Mining

-

3.6%

8,498

Materion

Corp

743,660

3,078

Reliance

Steel

&

Aluminum

Co

623,110

Total

Metals

&

Mining

1,366,770

Oil,

Gas

&

Consumable

Fuels

-

4.4%

6,132

Chesapeake

Energy

Corp

578,677

48,180

Magnolia

Oil

&

Gas

Corp,

Class

A

1,129,821

Total

Oil,

Gas

&

Consumable

Fuels

1,708,498

Personal

Products

-

1.8%

26,776

BellRing

Brands

Inc

(2)

686,537

37

Shares

Description

(1)

Value

Pharmaceuticals

-

1.6%

3,892

Jazz

Pharmaceuticals

PLC

(2)

$

620,034

Professional

Services

-

1.3%

1,703

CACI

International

Inc,

Class

A

(2)

511,905

Semiconductors

&

Semiconductor

Equipment

-

2.5%

26,602

Rambus

Inc

(2)

952,884

Software

-

2.2%

25,057

Teradata

Corp

(2)

843,419

Total

Long-Term

Investments

(cost

$29,808,269)

36,741,546

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 4.2% 

X

1,626,821

REPURCHASE

AGREEMENTS

-

4.2%

X

1,626,821

$

1,627

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

12/30/22,

repurchase

price

$1,627,053,

collateralized

by

$2,157,800,

U.S.

Treasury

Bond,

2.375%,

due

2/15/42,

value

$1,659,398

1.280%

1/03/23

$

1,626,821

Total

Short-Term

Investments

(cost

$1,626,821)

1,626,821

Total

Investments

(cost

$

31,435,090

)

-

99

.9

%

38,368,367

Other

Assets

Less

Liabilities

-   0.1%

29,116

Net

Assets

-

100%

$

38,397,483

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

See

accompanying

notes

to

financial

statements

38

Nuveen

Small

Cap

Value

Opportunities

Fund

Portfolio

of

Investments

December

31,

2022

(Unaudited)

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

97.7%  

X

172,166,066

COMMON

STOCKS

-

97.7%

X

172,166,066

Aerospace

&

Defense

-

3.1%

46,848

BWX

Technologies

Inc

$

2,720,932

16,665

Curtiss-Wright

Corp

2,782,888

Total

Aerospace

&

Defense

5,503,820

Auto

Components

-

1.2%

205,133

Goodyear

Tire

&

Rubber

Co

(2)

2,082,100

Banks

-

16.1%

164,100

Amalgamated

Financial

Corp

3,780,864

79,856

Enterprise

Financial

Services

Corp

3,909,750

256,902

Heritage

Commerce

Corp

3,339,726

101,653

Heritage

Financial

Corp/WA

3,114,648

207,662

Old

National

Bancorp/IN

3,733,763

87,875

Seacoast

Banking

Corp

of

Florida

2,740,821

63,885

SouthState

Corp

4,878,259

46,901

Texas

Capital

Bancshares

Inc

(2)

2,828,599

Total

Banks

28,326,430

Biotechnology

-

6.3%

1,289,941

ADMA

Biologics

Inc

(2)

5,004,971

91,071

Alkermes

PLC

(2)

2,379,685

13,292

United

Therapeutics

Corp

(2)

3,696,373

Total

Biotechnology

11,081,029

Chemicals

-

2.1%

22,133

Chase

Corp

1,909,193

18,289

Innospec

Inc

1,881,206

Total

Chemicals

3,790,399

Commercial

Banks

-

1.0%

63,453

Peoples

Bancorp

Inc/OH

1,792,547

Communications

Equipment

-

3.2%

90,233

Digi

International

Inc

(2)

3,298,016

71,644

Viasat

Inc

(2)

2,267,533

Total

Communications

Equipment

5,565,549

Construction

&

Engineering

-

1.6%

29,956

MYR

Group

Inc

(2)

2,758,049

Diversified

Consumer

Services

-

5.2%

190,717

Perdoceo

Education

Corp

(2)

2,650,966

174,802

PowerSchool

Holdings

Inc,

Class

A

(2)

4,034,430

77,414

Stride

Inc

(2)

2,421,510

Total

Diversified

Consumer

Services

9,106,906

Electric

Utilities

-

4.2%

22,807

IDACORP

Inc

2,459,735

32,706

MGE

Energy

Inc

2,302,502

53,615

PNM

Resources

Inc

2,615,876

Total

Electric

Utilities

7,378,113

39

Shares

Description

(1)

Value

Electrical

Equipment

-

4.6%

48,014

EnerSys

$

3,545,354

119,600

nVent

Electric

PLC

4,601,012

Total

Electrical

Equipment

8,146,366

Electronic

Equipment,

Instruments

&

Components

-

1.3%

32,270

Belden

Inc

2,320,213

Energy

Equipment

&

Services

-

5.4%

390,399

National

Energy

Services

Reunited

Corp

(2)

2,709,369

128,723

Oceaneering

International

Inc

(2)

2,251,365

88,488

Weatherford

International

PLC

(2)

4,505,809

Total

Energy

Equipment

&

Services

9,466,543

Equity

Real

Estate

Investment

Trusts

(REITs)

-

5.1%

88,434

Cousins

Properties

Inc

2,236,496

256,886

SITE

Centers

Corp

3,509,063

100,794

STAG

Industrial

Inc

3,256,654

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

9,002,213

Food

Products

-

3.1%

106,930

Hostess

Brands

Inc

(2)

2,399,509

37,057

John

B

Sanfilippo

&

Son

Inc

3,013,475

Total

Food

Products

5,412,984

Health

Care

Providers

&

Services

-

1.3%

96,698

Castle

Biosciences

Inc

(2)

2,276,271

Hotels,

Restaurants

&

Leisure

-

1.0%

239,711

Accel

Entertainment

Inc

(2)

1,845,775

Insurance

-

1.7%

33,207

Selective

Insurance

Group

Inc

2,942,472

Machinery

-

7.8%

67,249

Barnes

Group

Inc

2,747,122

32,220

Crane

Holdings

Co

3,236,499

47,314

Federal

Signal

Corp

2,198,682

109,018

Flowserve

Corp

3,344,672

213,356

Mueller

Water

Products

Inc,

Class

A

2,295,710

Total

Machinery

13,822,685

Media

-

1.4%

14,055

Nexstar

Media

Group

Inc

2,460,047

Metals

&

Mining

-

3.2%

29,454

Kaiser

Aluminum

Corp

2,237,326

39,609

Materion

Corp

3,466,183

Total

Metals

&

Mining

5,703,509

Oil,

Gas

&

Consumable

Fuels

-

3.8%

178,738

Magnolia

Oil

&

Gas

Corp,

Class

A

4,191,406

267,445

Permian

Resources

Corp

2,513,983

Total

Oil,

Gas

&

Consumable

Fuels

6,705,389

Personal

Products

-

1.6%

112,110

BellRing

Brands

Inc

(2)

2,874,500

Nuveen

Small

Cap

Value

Opportunities

Fund

(continued)

Portfolio

of

Investments

December

31,

2022

(Unaudited)

40

Shares

Description

(1)

Value

Pharmaceuticals

-

2.1%

59,641

Prestige

Consumer

Healthcare

Inc

(2)

$

3,733,527

Real

Estate

Management

&

Development

-

1.5%

163,979

Kennedy-Wilson

Holdings

Inc

2,579,390

Semiconductors

&

Semiconductor

Equipment

-

3.5%

24,469

Cirrus

Logic

Inc

(2)

1,822,451

123,548

Rambus

Inc

(2)

4,425,489

Total

Semiconductors

&

Semiconductor

Equipment

6,247,940

Software

-

2.2%

116,691

Teradata

Corp

(2)

3,927,819

Thrifts

&

Mortgage

Finance

-

1.5%

65,827

Essent

Group

Ltd

2,559,354

Water

Utilities

-

1.6%

33,922

SJW

Group

2,754,127

Total

Long-Term

Investments

(cost

$147,189,197)

172,166,066

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 2.5% 

X

4,392,806

REPURCHASE

AGREEMENTS

-

2.5%

X

4,392,806

$

4,393

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

12/30/22,

repurchase

price

$4,393,430,

collateralized

by

$5,826,500,

U.S.

Treasury

Bond,

2.375%,

due

2/15/42,

value

$4,480,713

1.280%

1/03/23

$

4,392,806

Total

Short-Term

Investments

(cost

$4,392,806)

4,392,806

Total

Investments

(cost

$

151,582,003

)

-

100

.2

%

176,558,872

Other

Assets

Less

Liabilities

-   (0.2)%

(

334,519

)

Net

Assets

-

100%

$

176,224,353

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

See

accompanying

notes

to

financial

statements

Statement

of

Assets

and

Liabilities

December

31,

2022

(Unaudited)

See

accompanying

notes

to

financial

statements.

41

Global

Equity

Income

International

Value

Multi

Cap

Value

Large

Cap

Value

Small/Mid

Cap

Value

Small

Cap

Value

Opportunities

Assets

Long-term

investments,

at

value

†‡

$

132,078,457‌

$

81,760,137‌

$

86,089,701‌

$

19,131,413‌

$

36,741,546‌

$

172,166,066‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

–‌

–‌

–‌

48,078‌

–‌

–‌

Short-term

investments,

at

value

◊

–‌

–‌

2,523,730‌

547,015‌

1,626,821‌

4,392,806‌

Cash

denominated

in

foreign

currencies

^

82,076‌

–‌

–‌

–‌

–‌

–‌

Receivable

for

dividends

127,151‌

82,972‌

59,569‌

14,866‌

27,511‌

110,876‌

Receivable

for

interest

–‌

–‌

179‌

39‌

116‌

312‌

Receivable

for

investments

sold

389,206‌

250,220‌

–‌

–‌

–‌

–‌

Receivable

for

reclaims

139,762‌

440,921‌

5,441‌

–‌

–‌

–‌

Receivable

for

reimbursement

from

Adviser

5,268‌

231‌

17,956‌

699‌

2,622‌

38,573‌

Receivable

for

shares

sold

28,552‌

149,713‌

60,789‌

18,859‌

34,770‌

311,320‌

Other

assets

275,875‌

151,272‌

107,972‌

66,435‌

32,811‌

56,614‌

Total

assets

133,126,347‌

82,835,466‌

88,865,337‌

19,827,404‌

38,466,197‌

177,076,567‌

Liabilities

Borrowings

561,256‌

1,152,780‌

–‌

–‌

–‌

–‌

Payable

for

collateral

from

securities

lending

—‌

–‌

–‌

48,078‌

–‌

–‌

Payable

for

federal

corporate

income

tax

expense

–‌

–‌

65,800‌

–‌

–‌

–‌

Payable

for

investments

purchased

-

regular

settlement

82,045‌

–‌

–‌

–‌

–‌

–‌

Payable

for

shares

redeemed

482,490‌

171,985‌

17,724‌

324‌

–‌

535,437‌

Accrued

expenses:

Custodian

fees

67,708‌

71,143‌

19,284‌

15,954‌

21,863‌

34,596‌

Management

fees

56,716‌

32,458‌

50,244‌

2,169‌

17,249‌

87,171‌

Trustees

fees

247,273‌

120,323‌

79,008‌

38,318‌

536‌

31,851‌

Professional

fees

23,792‌

18,661‌

13,267‌

11,088‌

12,394‌

26,865‌

Shareholder

reporting

expenses

20,861‌

14,752‌

9,554‌

6,368‌

6,601‌

62,054‌

Shareholder

servicing

agent

fees

47,915‌

23,744‌

18,378‌

3,924‌

8,915‌

66,539‌

12b-1

distribution

and

service

fees

20,134‌

4,355‌

9,894‌

2,610‌

1,130‌

7,519‌

Other

5,810‌

16,051‌

41‌

45‌

26‌

182‌

Total

liabilities

1,616,000‌

1,626,252‌

283,194‌

128,878‌

68,714‌

852,214‌

Net

assets

$

131,510,347‌

$

81,209,214‌

$

88,582,143‌

$

19,698,526‌

$

38,397,483‌

$

176,224,353‌

†

Long-term

investments,

cost

$

113,720,080‌

$

66,315,753‌

$

74,176,544‌

$

13,952,768‌

$

29,808,269‌

$

147,189,197‌

◊

Short-term

investments,

cost

$

—‌

$

—‌

$

2,523,730‌

$

547,015‌

$

1,626,821‌

$

4,392,806‌

‡

Includes

securities

loaned

of

$

—‌

$

—‌

$

—‌

$

46,538‌

$

—‌

$

—‌

^

Cash

denominated

in

foreign

currencies,

cost

$

82,297‌

$

—‌

$

—‌

$

—‌

$

—‌

$

—‌

Statement

of

Assets

and

Liabilities

(Unaudited)

(continued)

See

accompanying

notes

to

financial

statements.

42

Global

Equity

Income

International

Value

Multi

Cap

Value

Large

Cap

Value

Small/Mid

Cap

Value

Small

Cap

Value

Opportunities

Class

A

Shares

Net

Assets

$

85,288,962‌

$

18,985,318‌

$

41,299,082‌

$

7,199,846‌

$

3,449,846‌

$

21,224,124‌

Shares

outstanding

3,003,713‌

826,076‌

1,016,183‌

1,822,071‌

132,966‌

485,173‌

Net

asset

value

("NAV")

per

share

$

28.39‌

$

22.98‌

$

40.64‌

$

3.95‌

$

25.95‌

$

43.75‌

Maximum

sales

charge

5.75%

5.75%

5.75%

5.75%

5.75%

5.75%

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge)

$

30.12‌

$

24.38‌

$

43.12‌

$

4.19‌

$

27.53‌

$

46.42‌

Class

C

Shares

Net

Assets

$

1,939,910‌

$

399,803‌

$

1,235,489‌

$

1,205,707‌

$

462,037‌

$

3,460,990‌

Shares

outstanding

68,448‌

18,362‌

32,726‌

407,113‌

21,819‌

94,890‌

NAV

and

offering

price

per

share

$

28.34‌

$

21.77‌

$

37.75‌

$

2.96‌

$

21.18‌

$

36.47‌

Class

R6

Shares

Net

Assets

$

—‌

$

—‌

$

—‌

$

—‌

$

17,309,953‌

$

5,291,580‌

Shares

outstanding

—‌

—‌

—‌

—‌

640,255‌

113,877‌

NAV

and

offering

price

per

share

$

—‌

$

—‌

$

—‌

$

—‌

$

27.04‌

$

46.47‌

Class

I

Shares

Net

Assets

$

44,281,475‌

$

61,824,093‌

$

46,047,572‌

$

11,292,973‌

$

17,175,647‌

$

146,247,659‌

Shares

outstanding

1,559,389‌

2,672,898‌

1,121,330‌

2,832,801‌

641,362‌

3,195,777‌

NAV

and

offering

price

per

share

$

28.40‌

$

23.13‌

$

41.07‌

$

3.99‌

$

26.78‌

$

45.76‌

Fund

level

net

assets

consist

of:

Capital

paid-in

$

349,645,551‌

$

266,028,176‌

$

79,695,697‌

$

15,030,090‌

$

32,455,317‌

$

151,732,061‌

Total

distributable

earnings

(loss)

(218,135,204‌)

(184,818,962‌)

8,886,446‌

4,668,436‌

5,942,166‌

24,492,292‌

Fund

level

net

assets

$

131,510,347‌

$

81,209,214‌

$

88,582,143‌

$

19,698,526‌

$

38,397,483‌

$

176,224,353‌

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0.01

$

0.01

$

0.01

$

0.01

$

0.01

$

0.01

Statement

of

Operations

December

31,

2022

(Unaudited)

See

accompanying

notes

to

financial

statements.

43

Global

Equity

Income

International

Value

Multi

Cap

Value

Large

Cap

Value

Small/Mid

Cap

Value

Investment

Income

Dividends

$

1,673,976‌

$

1,089,402‌

$

922,010‌

$

233,882‌

$

345,412‌

Interest

—‌

2,801‌

12,728‌

3,576‌

5,828‌

Securities

lending

income,

net

5,919‌

—‌

1,659‌

315‌

100‌

Other

income

9,319‌

1,263‌

21,926‌

775‌

4,009‌

Tax

withheld

(49,474‌)

(72,873‌)

—‌

(3,774‌)

—‌

Total

Investment

Income

1,639,740‌

1,020,593‌

958,323‌

234,774‌

355,349‌

Expenses

–

–

–

–

–

Management

fees

484,183‌

287,096‌

292,543‌

64,665‌

142,387‌

12b-1

service

fees

-

Class

A

Shares

107,381‌

23,194‌

52,014‌

8,912‌

4,201‌

12b-1

distribution

and

service

fees

-

Class

C

Shares

8,678‌

1,270‌

5,620‌

5,343‌

2,202‌

Shareholder

servicing

agent

fees

85,996‌

43,538‌

37,643‌

6,876‌

15,751‌

Interest

expense

265‌

394‌

61‌

10‌

38‌

Custodian

expenses

56,959‌

52,641‌

3,467‌

718‌

4,236‌

Trustees

fees

2,441‌

1,373‌

1,454‌

349‌

657‌

Professional

fees

43,855‌

35,400‌

22,524‌

19,305‌

21,775‌

Shareholder

reporting

expenses

19,849‌

18,765‌

9,365‌

6,115‌

6,975‌

Federal

and

state

registration

fees

26,123‌

24,954‌

26,438‌

25,378‌

32,362‌

Other

3,092‌

2,457‌

68,397‌

2,281‌

2,353‌

Total

expenses

before

fee

waiver/expense

reimbursement

838,822‌

491,082‌

519,526‌

139,952‌

232,937‌

Fee

waiver/expense

reimbursement

(135,999‌)

(102,170‌)

(25,324‌)

(52,217‌)

(40,151‌)

Net

expenses

702,823‌

388,912‌

494,202‌

87,735‌

192,786‌

Net

investment

income

(loss)

936,917‌

631,681‌

464,121‌

147,039‌

162,563‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

and

foreign

currency

339,331‌

955,366‌

(204,904‌)

(636,191‌)

(1,088,589‌)

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency

7,376,224‌

1,540,554‌

7,087,642‌

2,087,016‌

4,769,062‌

Net

realized

and

unrealized

gain

(loss)

7,715,555‌

2,495,920‌

6,882,738‌

1,450,825‌

3,680,473‌

Net

increase

(decrease)

in

net

assets

from

operations

$

8,652,472‌

$

3,127,601‌

$

7,346,859‌

$

1,597,864‌

$

3,843,036‌

Statement

of

Operations

(Unaudited)

(continued)

See

accompanying

notes

to

financial

statements.

44

Small

Cap

Value

Opportunities

Investment

Income

Dividends

$

1,539,616‌

Interest

15,051‌

Securities

lending

income,

net

3,511‌

Other

income

79,069‌

Total

Investment

Income

1,637,247‌

Expenses

–

Management

fees

737,036‌

12b-1

service

fees

-

Class

A

Shares

26,043‌

12b-1

distribution

and

service

fees

-

Class

C

Shares

19,365‌

Shareholder

servicing

agent

fees

114,833‌

Interest

expense

—‌

Custodian

expenses

12,820‌

Trustees

fees

2,618‌

Professional

fees

38,384‌

Shareholder

reporting

expenses

39,102‌

Federal

and

state

registration

fees

34,420‌

Other

3,419‌

Total

expenses

before

fee

waiver/expense

reimbursement

1,028,040‌

Fee

waiver/expense

reimbursement

(117,692‌)

Net

expenses

910,348‌

Net

investment

income

(loss)

726,899‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

1,032,823‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

19,862,673‌

Net

realized

and

unrealized

gain

(loss)

20,895,496‌

Net

increase

(decrease)

in

net

assets

from

operations

$

21,622,395‌

Statement

of

Changes

in

Net

Assets

See

accompanying

notes

to

financial

statements.

45

Global

Equity

Income

International

Value

Unaudited

Six

Months

Ended

12/31/22

Year

Ended

6/30/22

Unaudited

Six

Months

Ended

12/31/22

Year

Ended

6/30/22

Operations

Net

investment

income

(loss)

$

936,917‌

$

3,872,173‌

$

631,681‌

$

2,502,411‌

Net

realized

gain

(loss)

from

investments

and

foreign

currency

339,331‌

13,523,950‌

955,366‌

12,103,920‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency

7,376,224‌

(35,333,969‌)

1,540,554‌

(27,472,838‌)

Net

increase

(decrease)

in

net

assets

from

operations

8,652,472‌

(17,937,846‌)

3,127,601‌

(12,866,507‌)

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(2,560,249‌)

(3,749,429‌)

(896,016‌)

(916,567‌)

Class

C

Shares

(50,236‌)

(90,662‌)

(15,889‌)

(12,590‌)

Class

I

Shares

(1,417,763)

(2,227,530)

(3,100,172)

(3,349,086)

Decrease

in

net

assets

from

distributions

to

shareholders

(4,028,248‌)

(6,067,621‌)

(4,012,077‌)

(4,278,243‌)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

2,769,107‌

17,466,852‌

4,620,265‌

13,660,278‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

3,809,163‌

5,740,451‌

3,856,599‌

4,120,251‌

6,578,270‌

23,207,303‌

8,476,864‌

17,780,529‌

Cost

of

shares

redeemed

(20,575,534‌)

(24,555,325‌)

(10,535,962‌)

(38,312,948‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(13,997,264‌)

(1,348,022‌)

(2,059,098‌)

(20,532,419‌)

Net

increase

(decrease)

in

net

assets

(9,373,040‌)

(25,353,489‌)

(2,943,574‌)

(37,677,169‌)

Net

assets

at

the

beginning

of

period

140,883,387‌

166,236,876‌

84,152,788‌

121,829,957‌

Net

assets

at

the

end

of

period

$

131,510,347‌

$

140,883,387‌

$

81,209,214‌

$

84,152,788‌

See

accompanying

notes

to

financial

statements.

46

Multi

Cap

Value

Large

Cap

Value

Unaudited

Six

Months

Ended

12/31/22

Year

Ended

6/30/22

Unaudited

Six

Months

Ended

12/31/22

Year

Ended

6/30/22

Operations

Net

investment

income

(loss)

$

464,121‌

$

604,016‌

$

147,039‌

$

270,463‌

Net

realized

gain

(loss)

from

investments

(204,904‌)

5,341,213‌

(636,191‌)

1,573,677‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

7,087,642‌

(13,659,492‌)

2,087,016‌

(2,772,165‌)

Net

increase

(decrease)

in

net

assets

from

operations

7,346,859‌

(7,714,263‌)

1,597,864‌

(928,025‌)

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(477,154‌)

(526,152‌)

(306,433‌)

(1,063,128‌)

Class

C

Shares

(5,109‌)

(14,510‌)

(60,053‌)

(228,947‌)

Class

I

Shares

(646,514)

(459,868)

(510,151)

(2,216,956)

Decrease

in

net

assets

from

distributions

to

shareholders

(1,128,777‌)

(1,000,530‌)

(876,637‌)

(3,509,031‌)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

12,263,185‌

18,450,089‌

1,475,775‌

5,414,677‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

1,052,653‌

919,634‌

842,093‌

3,344,934‌

13,315,838‌

19,369,723‌

2,317,868‌

8,759,611‌

Cost

of

shares

redeemed

(10,750,124‌)

(13,134,452‌)

(2,331,171‌)

(5,126,955‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

2,565,714‌

6,235,271‌

(13,303‌)

3,632,656‌

Net

increase

(decrease)

in

net

assets

8,783,796‌

(2,479,522‌)

707,924‌

(804,400‌)

Net

assets

at

the

beginning

of

period

79,798,347‌

82,277,869‌

18,990,602‌

19,795,002‌

Net

assets

at

the

end

of

period

$

88,582,143‌

$

79,798,347‌

$

19,698,526‌

$

18,990,602‌

See

accompanying

notes

to

financial

statements.

47

Small/Mid

Cap

Value

Small

Cap

Value

Opportunities

Unaudited

Six

Months

Ended

12/31/22

Year

Ended

6/30/22

Unaudited

Six

Months

Ended

12/31/22

Year

Ended

6/30/22

Operations

Net

investment

income

(loss)

$

162,563‌

$

157,976‌

$

726,899‌

$

1,057,747‌

Net

realized

gain

(loss)

from

investments

(1,088,589‌)

3,403,601‌

1,032,823‌

23,728,276‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

4,769,062‌

(7,886,841‌)

19,862,673‌

(62,914,096‌)

Net

increase

(decrease)

in

net

assets

from

operations

3,843,036‌

(4,325,264‌)

21,622,395‌

(38,128,073‌)

Distributions

to

Shareholders

Dividends:

Class

A

Shares

(178,041‌)

(439,199‌)

(1,287,556‌)

(2,568,647‌)

Class

C

Shares

(28,895‌)

(73,621‌)

(248,555‌)

(872,393‌)

Class

R6

Shares

(865,461‌)

(2,382,286‌)

(316,799‌)

(557,719‌)

Class

I

Shares

(858,303)

(2,634,624)

(8,943,951)

(27,534,174)

Decrease

in

net

assets

from

distributions

to

shareholders

(1,930,700‌)

(5,529,730‌)

(10,796,861‌)

(31,532,933‌)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

4,207,078‌

10,207,042‌

5,590,614‌

59,978,590‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

1,905,506‌

5,448,185‌

10,230,213‌

30,441,627‌

6,112,584‌

15,655,227‌

15,820,827‌

90,420,217‌

Cost

of

shares

redeemed

(4,562,179‌)

(17,434,249‌)

(24,175,140‌)

(152,079,580‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

1,550,405‌

(1,779,022‌)

(8,354,313‌)

(61,659,363‌)

Net

increase

(decrease)

in

net

assets

3,462,741‌

(11,634,016‌)

2,471,221‌

(131,320,369‌)

Net

assets

at

the

beginning

of

period

34,934,742‌

46,568,758‌

173,753,132‌

305,073,501‌

Net

assets

at

the

end

of

period

$

38,397,483‌

$

34,934,742‌

$

176,224,353‌

$

173,753,132‌

Financial

Highlights

48

Global

Equity

Income

The

Fund's

fiscal

year

end

is

June

30th.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2023(f)

$

27.43

$

0.18

$

1.64

$

1.82

$

(0.86)

$

—

$

(0.86)

$

28.39

2022

32.13

0.74

(4.26)

(3.52)

(1.18)

—

(1.18)

27.43

2021

23.44

0.68

8.70

9.38

(0.69)

—

(0.69)

32.13

2020

26.59

0.57

(3.10)

(2.53)

(0.62)

—

(0.62)

23.44

2019

27.45

0.69

(0.20)

0.49

(0.72)

(0.63)

(1.35)

26.59

2018

27.34

0.83

0.12

0.95

(0.60)

(0.24)

(0.84)

27.45

Class

C

2023(f)

27.37

0.07

1.66

1.73

(0.76)

—

(0.76)

28.34

2022

32.06

0.44

(4.19)

(3.75)

(0.94)

—

(0.94)

27.37

2021

23.40

0.44

8.70

9.14

(0.48)

—

(0.48)

32.06

2020

26.54

0.40

(3.11)

(2.71)

(0.43)

—

(0.43)

23.40

2019

27.39

0.46

(0.16)

0.30

(0.52)

(0.63)

(1.15)

26.54

2018

27.28

0.62

0.11

0.73

(0.38)

(0.24)

(0.62)

27.39

Class

I

2023(f)

27.43

0.22

1.65

1.87

(0.90)

—

(0.90)

28.40

2022

32.14

0.83

(4.28)

(3.45)

(1.26)

—

(1.26)

27.43

2021

23.45

0.75

8.70

9.45

(0.76)

—

(0.76)

32.14

2020

26.60

0.63

(3.10)

(2.47)

(0.68)

—

(0.68)

23.45

2019

27.46

0.74

(0.18)

0.56

(0.79)

(0.63)

(1.42)

26.60

2018

27.35

0.90

0.12

1.02

(0.67)

(0.24)

(0.91)

27.46

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.  See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Management

Fees

and

Other

Transactions

with

Affiliates

Note

in

the

Notes

to

the

financial

statements.

(e)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(f)

Unaudited.  For

the

six

months

ended

December

31,

2022.

(g)

Annualized.

See

accompanying

notes

to

financial

statements.

49

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c),(d)

Portfolio

Turnover

Rate(e)

6.71‌

%

$

85,289

1.31‌

%

(g)

1.11‌

%

(g)

1.28‌

%

(g)

15‌

%

(11.30‌)

86,811

1.26‌

1.10‌

2.33‌

59‌

40.43‌

105,751

1.26‌

1.11‌

2.44‌

42‌

(9.53‌)

80,897

1.24‌

1.11‌

2.37‌

53‌

2.23‌

103,494

1.19‌

1.11‌

2.60‌

30‌

3.42‌

118,895

1.18‌

1.11‌

2.92‌

31‌

6.30‌

1,940

2.06‌

(g)

1.86‌

(g)

0.49‌

(g)

15‌

(11.95‌)

1,649

2.01‌

1.85‌

1.37‌

59‌

39.34‌

4,660

2.01‌

1.86‌

1.64‌

42‌

(10.18‌)

14,342

1.99‌

1.86‌

1.61‌

53‌

1.45‌

37,564

1.94‌

1.86‌

1.76‌

30‌

2.65‌

67,535

1.93‌

1.86‌

2.16‌

31‌

6.89‌

44,281

1.06‌

(g)

0.86‌

(g)

1.56‌

(g)

15‌

(11.10‌)

52,423

1.01‌

0.85‌

2.61‌

59‌

40.76‌

55,826

1.01‌

0.86‌

2.69‌

42‌

(9.25‌)

43,978

0.99‌

0.86‌

2.62‌

53‌

2.45‌

63,168

0.94‌

0.86‌

2.81‌

30‌

3.69‌

82,677

0.92‌

0.86‌

3.15‌

31‌

50

Financial

Highlights

(continued)

International

Value

The

Fund's

fiscal

year

end

is

June

30th.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2023(f)

$

23.20

$

0.16

$

0.74

$

0.90

$

(1.12)

$

—

$

(1.12)

$

22.98

2022

27.73

0.60

(4.05)

(3.45)

(1.08)

—

(

1.08)

23.20

2021

20.17

0.70

7.34

8.04

(0.48)

—

(0.48)

27.73

2020

23.39

0.32

(2.83)

(2.51)

(0.71)

—

(0.71)

20.17

2019

25.16

0.50

(2.01)

(1.51)

(0.26)

—

(0.26)

23.39

2018

24.91

0.38

0.62

1.00

(0.75)

—

(0.75)

25.16

Class

C

2023(f)

21.89

0.07

0.70

0.77

(0.89)

—

(0.89)

21.77

2022

26.37

0.35

(3.80)

(3.45)

(1.03)

—

(1.03)

21.89

2021

19.20

0.43

7.04

7.47

(

0.30)

—

(0.30)

26.37

2020

22.28

0.16

(2.73)

(2.57)

(0.51)

—

(0.51)

19.20

2019

23.94

0.25

(1.84)

(1.59)

(0.07)

—

(0.07)

22.28

2018

23.70

0.17

0.61

0.78

(0.54)

—

(0.54)

23.94

Class

I

2023(f)

23.37

0.19

0.76

0.95

(1.19)

—

(1.19)

23.13

2022

27.87

0.64

(4.05)

(3.41)

(1.09)

—

(1.09)

23.37

2021

20.27

0.75

7.38

8.13

(0.53)

—

(0.53)

27.87

2020

23.50

0.36

(2.82)

(

2.46)

(0.77)

—

(0.77)

20.27

2019

25.29

0.58

(2.04)

(1.46)

(0.33)

—

(0.33)

23.50

2018

25.03

0.46

0.62

1.08

(0.82)

—

(0.82)

25.29

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.  See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Management

Fees

and

Other

Transactions

with

Affiliates

Note

in

the

Notes

to

the

financial

statements.

(e)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(f)

Unaudited.  For

the

six

months

ended

December

31,

2022.

(g)

Annualized.

See

accompanying

notes

to

financial

statements.

51

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c),(d)

Portfolio

Turnover

Rate(e)

3.85‌

%

$

18,985

1.40‌

%

(g)

1.15‌

%

(g)

1.37‌

%

(g)

7‌

%

(12.90‌)

19,329

1.33‌

1.14‌

2.26‌

28‌

40.20‌

22,153

1.28‌

1.15‌

2.88‌

24‌

(11.24‌)

17,579

1

.33‌

1.15‌

1.55‌

22‌

(5.90‌)

23,088

1.32‌

1.15‌

2.11‌

14‌

3.92‌

26,710

1.27‌

1.15‌

1.46‌

17‌

3.48‌

400

2.15‌

(g)

1.90‌

(g)

0.62‌

(g)

7‌

(13.58‌)

266

2.08‌

1.89‌

1.41‌

28‌

39.17‌

365

2.03‌

1.90‌

1.93‌

24‌

(11.88‌)

963

2.08‌

1.90‌

0.76‌

22‌

(6.68‌)

3,055

2.07‌

1.90‌

1.14‌

14‌

3.20‌

9,986

2.02‌

1.90‌

0.68‌

17‌

4.03‌

61,824

1.15‌

(g)

0.90‌

(g)

1.62‌

(g)

7‌

(12.71‌)

64,558

1.08‌

0.89‌

2.38‌

28‌

40.51‌

99,311

1.03‌

0.90‌

3.10‌

24‌

(11.00‌)

91,781

1.08‌

0.90‌

1.68‌

22‌

(5.67‌)

218,300

1.07‌

0.90‌

2.48‌

14‌

4.20‌

251,067

1.02‌

0.90‌

1.76‌

17‌

52

Financial

Highlights

(continued)

Per

Share

NII

(Loss)(a),(d)

Ratios

of

NII

(Loss)

to

Average

Net

Assets(d)

Class

A

$0.21

0.69%

Class

C

(0.01)

(0.03)

Class

I

0.28

0.92

Multi

Cap

Value

The

Fund's

fiscal

year

end

is

June

30th.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Return

of

Capital

Total

Ending

NAV

Class

A

2023(f)

$

37.48

$

0.20

$

3.43

$

3.63

$

(0.47)

$

—

$

—

$

(0.47)

$

40.64

2022

41.46

0.26

(3.73)

(3.47)

(0.51)

—

—

(0.51)

37.48

2021

27.13

0.22

15.15

15.37

(0.69)

—

(0.35)

(1.04)

41.46

2020

32.55

0.66

(5.70)

(5.04)

(0.38)

—

—

(0.38)

27.13

2019

31.84

0.26

0.45

0.71

—

—

—

—

32.55

2018(h)

29.15

(0.18)

3.42

3.24

(0.55)

—

—

(0.55)

31.84

Class

C

2023(f)

34.69

0.05

3.17

3.22

(0.16)

—

—

(0.16)

37.75

2022

38.66

(0.05)

(3.45)

(3.50)

(0.47)

—

—

(0.47)

34.69

2021

25.32

(0.03)

14.14

14.11

(0.42)

—

(0.35)

(0.77)

38.66

2020

30.40

0.42

(5.37)

(4.95)

(0.13)

—

—

(0.13)

25.32

2019

29.97

(0.02)

0.45

0.43

—

—

—

—

30.40

2018(h)

27.46

(0.37)

3.19

2.82

(0.31)

—

—

(0.31)

29.97

Class

I

2023(f)

37.92

0.26

3.47

3.73

(0.58)

—

—

(0.58)

41.07

2022

41.84

0.36

(3.76)

(3.40)

(0.52)

—

—

(0.52)

37.92

2021

27.37

0.30

15.30

15.60

(0.78)

—

(0.35)

(1.13)

41.84

2020

32.83

0.75

(5.75)

(5.00)

(0.46)

—

—

(0.46)

27.37

2019

32.03

0.34

0.46

0.80

—

—

—

—

32.83

2018(h)

29.33

(0.11)

3.43

3.32

(0.62)

—

—

(0.62)

32.03

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.  See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Management

Fees

and

Other

Transactions

with

Affiliates

Note

in

the

Notes

to

the

financial

statements.

(e)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(f)

Unaudited.  For

the

six

months

ended

December

31,

2022.

(g)

Annualized.

(h)

Per

share

Net

investment

income

(loss)

and

Net

Investment

Income

(Loss)

to

Average

Net

Assets

ratios

include

a

change

in

estimated

return

of

capital

recorded

by

the

Fund

during

the

fiscal

year

ended

June

30,

2018.

Such

change

in

estimate

occurred

upon

receiving

the

reporting

of

the

actual

character

of

the

dividends

received

from

the

issuers

of

certain

securities.

If

such

change

in

estimate

were

excluded,

per

share

Net

Investment

Income

(Loss)

and

the

ratios

of

Net

Investment

Income

(Loss)

to

Average

Net

Assets

for

each

share

class

would

have

been

as

follows:

See

accompanying

notes

to

financial

statements.

53

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c),(d)

Portfolio

Turnover

Rate(e)

9.69‌

%

$

41,299

1.37‌

%

(g)

1.31‌

%

(g)

1.02‌

%

(g)

10‌

%

(8.49‌)

40,006

1.35‌

1.25‌

0.62‌

34‌

57.70‌

43,489

1.29‌

1.15‌

0.64‌

58‌

(15

.73‌)

29,133

1.30‌

1.15‌

2.30‌

54‌

2.23‌

42,199

1.26‌

1.15‌

0.84‌

23‌

11.14‌

30,003

1.24‌

1.15‌

(0.58‌)

118‌

9.27‌

1,235

2.12‌

(g)

2.06‌

(g)

0.27‌

(g)

10‌

(9.17‌)

1,168

2.10‌

2.00‌

(0.13‌)

34‌

56.54‌

1,347

2.04‌

1.90‌

(0.09‌)

58‌

(16.37‌)

1,632

2.05‌

1.90‌

1.56‌

54‌

1.43‌

2,672

2.01‌

1.90‌

(0.06‌)

23‌

10.29‌

21,143

1.99‌

1.90‌

(1.29‌)

118‌

9.84‌

46,048

1.12‌

(g)

1.06‌

(g)

1.25‌

(g)

10‌

(8.26‌)

38,624

1.10‌

1.00‌

0.87‌

34‌

58.09‌

37,441

1.04‌

0.90‌

0.88‌

58‌

(15.51‌)

24,403

1.05‌

0.90‌

2.56‌

54‌

2.50‌

38,712

1.01‌

0.90‌

1.08‌

23‌

11.37‌

40,008

0.99‌

0.90‌

(0.35‌)

118‌

54

Financial

Highlights

(continued)

Large

Cap

Value

The

Fund's

fiscal

year

end

is

June

30th.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2023(f)

$

3.80

$

0.03

$

0.30

$

0.33

$

(0.03)

$

(0.15)

$

(0.18)

$

3.95

2022

4.84

0.06

(0.22)

(0.16)

(0.05)

(0.83)

(0.88)

3.80

2021

3.96

0.03

1.57

1.60

(0.15)

(0.57)

(0.72)

4.84

2020

5.15

0.12

(0.62)

(0.50)

(0.09)

(0.60)

(0.69)

3.96

2019

6.72

0.07

(0.19)

(0.12)

(0.03)

(1.42)

(1.45)

5.15

2018

7.88

0.06

0.61

0.67

(0.17)

(1.66)

(1.83)

6.72

Class

C

2023(f)

2.88

0.01

0.22

0.23

—

(0.15)

(0.15)

2.96

2022

3.88

0.02

(0.15)

(0.13)

(0.04)

(0.83)

(0.87)

2.88

2021

3.28

0.01

1.26

1.27

(0.10)

(0.57)

(0.67)

3.88

2020

4.36

0.07

(0.51)

(0.44)

(0.04)

(0.60)

(0.64)

3.28

2019

5.95

0.02

(0.19)

(0.17)

—

(1.42)

(1.42)

4.36

2018

7.16

0.01

0.54

0.55

(0.10)

(1.66)

(1.76)

5.95

Class

I

2023(f)

3.84

0.03

0.31

0.34

(0.04)

(0.15)

(0.19)

3.99

2022

4.87

0.07

(0.22)

(0.15)

(0.05)

(0.83)

(0.88)

3.84

2021

3.98

0.05

1.57

1.62

(0.16)

(0.57)

(0.73)

4.87

2020

5.17

0.13

(0.62)

(0.49)

(0.10)

(0.60)

(0.70)

3.98

2019

6.75

0.08

(0.19)

(0.11)

(0.05)

(1.42)

(1.47)

5.17

2018

7.91

0.08

0.61

0.69

(0.19)

(1.66)

(1.85)

6.75

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.  See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Management

Fees

and

Other

Transactions

with

Affiliates

Note

in

the

Notes

to

the

financial

statements.

(e)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(f)

Unaudited.  For

the

six

months

ended

December

31,

2022.

(g)

Annualized.

See

accompanying

notes

to

financial

statements.

55

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c),(d)

Portfolio

Turnover

Rate(e)

8.53‌

%

$

7,200

1.53‌

%

(g)

1.00‌

%

(g)

1.39‌

%

(g)

28‌

%

(4.84‌)

6,927

1.80‌

0.99‌

1.26‌

35‌

44.10‌

5,419

1.76‌

1.00‌

0.79‌

42‌

(12.08‌)

4,233

1.40‌

1.00‌

2.56‌

59‌

1.96‌

4,395

1.27‌

1.00‌

1.26‌

35‌

8.71‌

4,556

1.19‌

1.00‌

0.83‌

48‌

7.92‌

1,206

2.28‌

(g)

1.75‌

(g)

0.61‌

(g)

28‌

(5.24‌)

951

2.55‌

1.74‌

0.47‌

35‌

42.65‌

1,368

2.51‌

1.75‌

0.19‌

42‌

(12.62‌)

1,758

2.15‌

1.75‌

1.82‌

59‌

1.21‌

2,882

2

.02‌

1.75‌

0.48‌

35‌

7.86‌

4,275

1.94‌

1.75‌

0.08‌

48‌

8.72‌

11,293

1.28‌

(g)

0.75‌

(g)

1.64‌

(g)

28‌

(4.55‌)

11,112

1.55‌

0.74‌

1.50‌

35‌

44.50‌

13,008

1.51‌

0.75‌

1.11‌

42‌

(11.81‌)

13,196

1.15‌

0.75‌

2.81‌

59‌

2.13‌

38,538

1.02‌

0.75‌

1.46‌

35‌

8.96‌

60,371

0.94‌

0.75‌

1.08‌

48‌

56

Financial

Highlights

(continued)

Small/Mid

Cap

Value

The

Fund's

fiscal

year

end

is

June

30th.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2023(f)

$

24.60

$

0.08

$

2.66

$

2.74

$

—

$

(1.39)

$

(1.39)

$

25.95

2022

32.13

0.03

(2.89)

(2.86)

(0.11)

(4.56)

(4.67)

24.60

2021

20.05

0.01

12.13

12.14

(0.06)

—

(0.06)

32.13

2020

23.47

0.11

(3.45)

(3.34)

(0.08)

—

(0.08)

20.05

2019

36.02

0.08

(3.94)

(3.86)

—

(8.69)

(8.69)

23.47

2018

33.23

(0.08)

4.61

4.53

(0.01)

(1.73)

(1.74)

36.02

Class

C

2023(f)

20.38

(0.01)

2.20

2.19

—

(1.39)

(1.39)

21.18

2022

27.57

(0.17)

(2.37)

(2.54)

(0.09)

(4.56)

(4.65)

20.38

2021

17.29

(0.14)

10.42

10.28

—

—

—

27.57

2020

20.33

(0.03)

(3.01)

(3.04)

—

—

—

17.29

2019

32.87

(0.12)

(3.73)

(3.85)

—

(8.69)

(8.69)

20.33

2018

30.68

(0.32)

4.24

3.92

—

(1.73)

(1.73)

32.87

Class

R6

2023(f)

25.54

0.13

2.78

2.91

(0.02)

(1.39)

(1.41)

27.04

2022

33.06

0.16

(3.01)

(2.85)

(0.11)

(4.56)

(4.67)

25.54

2021

20.64

0.10

12.49

12.59

(0.17)

—

(0.17)

33.06

2020

24.15

0.21

(3.54)

(3.33)

(0.18)

—

(0.18)

20.64

2019

36.62

0.20

(3.98)

(3.78)

—

(8.69)

(8.69)

24.15

2018

33.70

0.06

4.69

4.75

(0.10)

(1.73)

(1.83)

36.62

Class

I

2023(f)

25.32

0.11

2.74

2.85

—

(1.39)

(1.39)

26.78

2022

32.86

0.10

(2.97)

(2.87)

(0.11)

(4.56)

(4.67)

25.32

2021

20.49

0.07

12.42

12.49

(0.12)

—

(0.12)

32.86

2020

23.99

0.19

(3.55)

(3.36)

(0.14)

—

(0.14)

20.49

2019

36.50

0.16

(3.98)

(3.82)

—

(8.69)

(8.69)

23.99

2018

33.65

0.01

4.67

4.68

(0.10)

(1.73)

(1.83)

36.50

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.  See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Management

Fees

and

Other

Transactions

with

Affiliates

Note

in

the

Notes

to

the

financial

statements.

(e)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(f)

Unaudited.  For

the

six

months

ended

December

31,

2022.

(g)

Annualized.

See

accompanying

notes

to

financial

statements.

57

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c),(d)

Portfolio

Turnover

Rate(e)

11.14‌

%

$

3,450

1.52‌

%

(g)

1.31‌

%

(g)

0.59‌

%

(g)

16‌

%

(10.81‌)

3,003

1.61‌

1.30‌

0.10‌

42‌

60.64‌

3,321

1.64‌

1.31‌

0.06‌

57‌

(14.29‌)

2,599

1.85‌

1.31‌

0.54‌

58‌

(6.42‌)

3,137

1.73‌

1.31‌

0.29‌

54‌

13.98‌

4,512

1.53‌

1.31‌

(0.24‌)

49‌

10.74‌

462

2.27‌

(g)

2.06‌

(g)

(0.12‌)

(g)

16‌

(11.48‌)

341

2.36‌

2.05‌

(0.67‌)

42‌

59.46‌

538

2.39‌

2.06‌

(0.65‌)

57‌

(14.95‌)

763

2.60‌

2.06‌

(0.19‌)

58‌

(7.13‌)

1,374

2.48‌

2.06‌

(0.47‌)

54‌

13.12‌

3,194

2.29‌

2.06‌

(0.99‌)

49‌

11.38‌

17,310

1.12‌

(g)

0.91‌

(g)

0.98‌

(g)

16‌

(10.44‌)

16,015

1.19‌

0.88‌

0.53‌

42‌

61.19‌

19,155

1.28‌

0.95‌

0.37‌

57‌

(13.93‌)

8,747

1.43‌

0.88‌

0.96‌

58‌

(6.03‌)

9,691

1.32‌

0.90‌

0.72‌

54‌

14.44‌

9,629

1.13‌

0.89‌

0.17‌

49‌

11.26‌

17,176

1.27‌

(g)

1.06‌

(g)

0.83‌

(g)

16‌

(10.57‌)

15,577

1.36‌

1.05‌

0.34‌

42‌

61.03‌

23,554

1.39‌

1.06‌

0.26‌

57‌

(14.07‌)

8,457

1.60‌

1.06‌

0.89‌

58‌

(6.19‌)

8,874

1.48‌

1.06‌

0.55‌

54‌

14.25‌

20,522

1.25‌

1.06‌

0.02‌

49‌

58

Financial

Highlights

(continued)

Small

Cap

Value

Opportunities

The

Fund's

fiscal

year

end

is

June

30th.

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2023(f)

$

41.31

$

0.13

$

5.07

$

5.20

$

—

$

(2.76)

$

(2.76)

$

43.75

2022

55.06

0.10

(8.11)

(8.01)

(0.08)

(

5.66)

(5.74)

41.31

2021

33.98

(0.02)

21.36

21.34

(0.26)

—

(0.26)

55.06

2020

42.97

0.11

(6.36)

(6.25)

(0.01)

(2.73)

(2.74)

33.98

2019

55.23

0.03

(7.03)

(7.00)

—

(5.26)

(5.26)

42.97

2018

49.16

(0.16)

8.34

8.18

—

(2.11)

(2.11)

55.23

Class

C

2023(f)

34.99

(0.03)

4.27

4.24

—

(2.76)

(2.76)

36.47

2022

47.84

(0.25)

(6.87)

(7.12)

(0.07)

(5.66)

(5.73)

34.99

2021

29.57

(0.31)

18.58

18.27

—

—

—

47.84

2020

37.99

(0.16)

(5.53)

(5.69)

—

(2.73)

(2.73)

29.57

2019

49.96

(0.28)

(6.43)

(

6.71)

—

(5.26)

(5.26)

37.99

2018

44.98

(0.50)

7.59

7.09

—

(2.11)

(2.11)

49.96

Class

R6

2023(f)

43.77

0.23

5.37

5.60

(0.14)

(2.76)

(2.90)

46.47

2022

57.78

0.31

(8.57)

(8.26)

(0.09)

(5.66)

(5.75)

43.77

2021

35.66

0.17

22.41

22.58

(0.46)

—

(0.46)

57.78

2020

44.93

0.28

(6.63)

(6.35)

(0.19)

(2.73)

(2.92)

35.66

2019

57.24

0.22

(7.27)

(7.05)

—

(5.26)

(5.26)

44.93

2018

50.67

0.05

8.63

8.68

—

(2.11)

(2.11)

57.24

Class

I

2023(f)

43.12

0.20

5.28

5.48

(0.08)

(2.76)

(2.84)

45.76

2022

57.08

0.22

(8.43)

(8.21)

(0.09)

(5.66)

(5.75)

43.12

2021

35.21

0.08

22.15

22.23

(0.36)

—

(0.36)

57.08

2020

44.43

0.20

(6.57)

(6.37)

(0.12)

(2.73)

(2.85)

35.21

2019

56.75

0.16

(7.22)

(7.06)

—

(5.26)

(5.26)

44.43

2018

50.34

(0.03)

8.55

8.52

—

(2.11)

(2.11)

56.75

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

daily

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.  See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Management

Fees

and

Other

Transactions

with

Affiliates

Note

in

the

Notes

to

the

financial

statements.

(e)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(f)

Unaudited.  For

the

six

months

ended

December

31,

2022.

(g)

Annualized.

See

accompanying

notes

to

financial

statements.

59

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c),(d)

Portfolio

Turnover

Rate(e)

12.62‌

%

$

21,224

1.33‌

%

(g)

1.20‌

%

(g)

0.59‌

%

(g)

34‌

%

(16.01‌)

19,467

1.33‌

1.19‌

0.20‌

58‌

63.00‌

27,091

1.37‌

1.36‌

(0.04‌)

86‌

(15

.95‌)

24,846

1.35‌

1.35‌

0.28‌

43‌

(11.47‌)

66,539

1.24‌

1.24‌

0.07‌

62‌

16.94‌

82,161

1.27‌

1.27‌

(0

.31‌)

67‌

12.15‌

3,461

2.08‌

(g)

1.95‌

(g)

(0.16‌)

(g)

34‌

(16.61‌)

3,933

2.08‌

1.94‌

(0.57‌)

58‌

61.79‌

8,429

2.12‌

2.11‌

(0.80‌)

86‌

(16.58‌)

7,644

2.10‌

2.10‌

(0.49‌)

43‌

(12.14‌)

13,419

1.99‌

1.99‌

(0.68‌)

62‌

16.05‌

21,723

2.01‌

2.01‌

(1.05‌)

67‌

12.84‌

5,292

0.95‌

(g)

0.82‌

(g)

0.97‌

(g)

34‌

(15.68‌)

4,893

0.94‌

0.80‌

0.59‌

58‌

63.67‌

6,160

0.95‌

0.94‌

0.36‌

86‌

(15.55‌)

6,315

0.91‌

0.91‌

0.70‌

43‌

(11.12‌)

10,899

0.86‌

0.86‌

0

.46‌

62‌

17.41‌

11,093

0.85‌

0.85‌

0.10‌

67‌

12.73‌

146,248

1.08‌

(g)

0.95‌

(g)

0.84‌

(g)

34‌

(15.79‌)

145,461

1.08‌

0.94‌

0.42‌

58‌

63.42‌

263,394

1.11‌

1.10‌

0.16‌

86‌

(15.75‌)

154,309

1.10‌

1.10‌

0.51‌

43‌

(11.26‌)

456,623

0.99‌

0.99‌

0.33‌

62‌

17.22‌

642,477

1.01‌

1.01‌

(0.05‌)

67‌

60

Notes

to

Financial

Statements

(Unaudited)

1.

General

Information 

Trust

and

Fund

Information

The

Nuveen

Investment

Trust

and

Nuveen

Investment

Trust

II

(each

a

“Trust”

and

collectively,

the

“Trusts”),

are

open-end

management

investment

companies

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended.

Nuveen

Investment

Trust

is

comprised

of

the

Nuveen

Global

Equity

Income

Fund

(“Global

Equity

Income”),

Nuveen

Multi

Cap

Value

Fund

(“Multi

Cap

Value”),

Nuveen

Large

Cap

Value

Fund

(“Large-Cap

Value”),

Nuveen

Small/Mid

Cap

Value

Fund

(“Small/Mid-Cap

Value”)

and

Nuveen

Small

Cap

Value

Opportunities

Fund

(“Small

Cap

Value

Opportunities”),

among

others,

and

Nuveen

Investment

Trust

II

is

comprised

of

Nuveen

International

Value

Fund

(International

Value”),

among

others

(each

a

“Fund”

and

collectively,

the

“Funds”),

as

diversified

funds.

Nuveen

Investment

Trust

and

Nuveen

Investment

Trust

II

were

each

organized

as

Massachusetts

business

trusts

in

1996

and

1997,

respectively.

Current

Fiscal

Period 

The

end

of

the

reporting

period

for

the

Funds

is

December

31,

2022,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

December

31,

2022

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser

The

Funds’

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

sub-advisory

agreements

with

Nuveen

Asset

Management,

LLC

(“NAM”),

a

subsidiary

of

the

Adviser,

under

which

NAM

manages

the

investment

portfolios

of

the

Funds.

Share

Classes

and

Sales

Charges

Class

A

Shares

are

generally

sold

with

an

up-front

sales

charge.

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

(“NAV”)

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

are

sold

without

an

up-front

sales

charge.

Class

C

Shares

are

subject

to

a

CDSC

of

1%

if

redeemed

within

twelve

months

of

purchase.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Class

R6

Shares

and

Class

I

Shares

are

sold

without

an

upfront

sales

charge.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation

Neither

Trust

pays

compensation

directly

to

those

of

its

trustees or

to

its

officers,

all

of

whom

receive

remuneration

for

their

services

to

each

Trust

from

the

Adviser

or

its

affiliates.

The

Funds'

Board

of

Trustees

(the "Board")

has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Foreign

Currency

Transactions

and

Translation

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

61

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

the

following

Funds'

investments

in

non-U.S.

securities

were

as

follows:

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 each

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to each

Trust.

In

addition,

in

the

normal

course

of

business, each

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties. Each

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against each

Trust

that

have

not

yet

occurred.

However, each

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Dividend

income

is

recorded

on

the

ex-dividend

date

or,

for

certain

foreign

securities,

when

information

is

available.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

at

fair

value.

Interest

income

is

recorded

on

an

accrual

basis.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

Multiclass

Operations

and

Allocations

Income

and

expenses

of

the

Funds

that

are

not

directly

attributable

to

a

specific

class

of

shares

are

prorated

among

the

classes

based

on

the

relative

net

assets

of

each

class.

Expenses

directly

attributable

to

a

class

of

shares

are

recorded

to

the

specific

class.

12b-1

distribution

and

service

fees

are

allocated

on

a

class-specific

basis.

Global

Equity

Income

Value

%

of

Net

Assets

Country:

Germany

$

12,466,702

9.5

%

Japan

8,640,368

6.6

Netherlands

8,418,479

6.4

France

6,631,844

5.0

United

Kingdom

5,665,284

4.3

Finland

4,075,355

3.1

South

Korea

3,477,448

2.6

Australia

2,960,714

2.2

Singapore

2,386,071

1.8

Other

7,289,881

5.6

Total

non-U.S.

Securities

$62,012,146

47.1%

International

Value

Value

%

of

Net

Assets

Country:

Japan

$

18,527,631

22.8

%

Germany

10,254,178

12.6

France

9,962,510

12.3

Netherlands

8,319,255

10.2

United

Kingdom

6,721,566

8.3

Switzerland

3,676,673

4.5

South

Korea

2,659,674

3.3

Singapore

2,430,713

3.0

Canada

2,161,288

2.7

Other

14,078,778

17.3

Total

non-U.S.

Securities

$78,792,266

97.0%

62

Notes

to

Financial

Statements

(Unaudited)

(continued)

Sub-transfer

agent

fees

and

similar

fees,

which

are

recognized

as

a

component

of

“Shareholder

servicing

agent

fees”

on

the

Statement

of

Operations,

are

not

charged

to

Class

R6

Shares

and

are

prorated

among

the

other

classes

based

on

their

relative

net

assets.

Realized

and

unrealized

capital

gains

and

losses

of

the

Funds

are

prorated

among

the

classes

based

on

the

relative

net

assets

of

each

class.

Netting

Agreements

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

master

repurchase

agreements,

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives.

New

Accounting

Pronouncements

and

Rule

Issuances

Reference

Rate

Reform

In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024. Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

Rules

to

Modernize

Fund

Valuation

Framework

Take

Effect

A

new

rule

adopted

by

the

Securities

and

Exchange

Commission

(the

"SEC")

governing

fund

valuation

practices,

Rule

2a-5

under

the

1940

Act,

has

established

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

"readily

available"

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotations

are

not

readily

available.

Separately,

new

SEC

Rule

31a-4

under

the

1940

Act

sets

forth

the

recordkeeping

requirements

associated

with

fair

value

determinations.

The

Funds

adopted

a

valuation

policy

conforming

to

the

new

rules,

effective

September

1,

2022,

and

there

was

no

material

impact

to

the

Funds.

FASB

issues

ASU

2022-03-Fair

Value

Measurement

(Topic

820),

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions

("ASU

2022-03")

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-

03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Funds'

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

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.

63

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

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

Prices

of

certain

American

Depositary

Receipts

(“ADR”)

held

by

the

Fund

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.

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

or

share

price on

the

valuation

date

and

are

generally

classified

as

Level

1. 

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:

Global

Equity

Income

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

74,954,180

$

55,875,095

$

–

$

130,829,275

Structured

Notes

–

1,249,182

–

1,249,182

Total

$

74,954,180

$

57,124,277

$

–

$

132,078,457

1

International

Value

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

14,051,671

$

67,708,466

$

–

$

81,760,137

Total

$

14,051,671

$

67,708,466

$

–

$

81,760,137

1

Multi

Cap

Value

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

86,089,701

$

–

$

–

$

86,089,701

Short-Term

Investments:

Repurchase

Agreements

–

2,523,730

–

2,523,730

Total

$

86,089,701

$

2,523,730

$

–

$

88,613,431

1

64

Notes

to

Financial

Statements

(Unaudited)

(continued)

4.

Portfolio

Securities

and

Investments

in

Derivatives

Portfolio

Securities

Repurchase

Agreements

In

connection

with

transactions

in

repurchase

agreements,

it

is

each

Fund's

policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

the

Funds

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements.

Securities

Lending

Each

Fund

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

When

loaning

securities,

the

Fund

retains

the

benefits

of

owning

the

securities,

including

the

economic

equivalent

of

dividends

or

interest

generated

by

the

security.

The

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

The

Funds’

custodian,

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

Securities

out

on

loan

are

subject

to

termination

at

any

time

at

the

option

of

the

borrower

or

the

Fund.

Upon

termination,

the

borrower

is

required

to

return

to

the

Fund

securities

identical

to

the

securities

loaned.

During

the

term

Large

Cap

Value

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

19,131,413

$

–

$

–

$

19,131,413

Investments

Purchased

with

Collateral

from

Securities

Lending

48,078

–

–

48,078

Short-Term

Investments:

Repurchase

Agreements

–

547,015

–

547,015

Total

$

19,179,491

$

547,015

$

–

$

19,726,506

1

Small/Mid

Cap

Value

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

36,741,546

$

–

$

–

$

36,741,546

Short-Term

Investments:

Repurchase

Agreements

–

1,626,821

–

1,626,821

Total

$

36,741,546

$

1,626,821

$

–

$

38,368,367

1

Small

Cap

Value

Opportunities

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

172,166,066

$

–

$

–

$

172,166,066

Short-Term

Investments:

Repurchase

Agreements

–

4,392,806

–

4,392,806

Total

$

172,166,066

$

4,392,806

$

–

$

176,558,872

1

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

industry

classifications.

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

Multi

Cap

Value

Fixed

Income

Clearing

Corporation

$2,523,730 

$(2,574,228)

Large

Cap

Value

Fixed

Income

Clearing

Corporation

547,015 

(558,003)

Small/Mid

Cap

Value

Fixed

Income

Clearing

Corporation

1,626,821 

(1,659,398)

Small

Cap

Value

Opportunities

Fixed

Income

Clearing

Corporation

4,392,806

(4,480,713 )

65

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:

Investment

Transactions

Long-term

purchases

and

sales

(excluding investments

purchased

with

collateral

from

securities

lending,

where

applicable)

during

the

current fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Funds

have

earmarked

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/

delayed

delivery

purchase

commitments.

If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

Derivatives

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

The

Funds

record

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

when

applicable.

Even

though

the

Funds’

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Although

the

Funds

are

authorized

to

invest

in

derivative

instruments,

and

may

do

so

in

the

future,

they

did

not

make

any

such

investments

during

the

current

fiscal

period.

Market

and

Counterparty

Credit

Risk

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

predetermined

threshold

amount.

Fund

Asset

Class

out

on

Loan

Long-Term

Investments,

at

Value

Total

Collateral

Received

Large

Cap

Value

Common

Stock

$46,538

$48,078

Fund

Purchases

Sales

Global

Equity

Income

$

20,142,038

$

33,617,319

International

Value

5,618,056

9,171,863

Multi

Cap

Value

11,513,501

7,979,088

Large

Cap

Value

5,851,010

6,109,967

Small/Mid

Cap

Value

8,962,915

9,235,106

Small

Cap

Value

Opportunities

52,940,355

69,672,821

66

Notes

to

Financial

Statements

(Unaudited)

(continued)

5.

Fund

Shares

Transactions

in Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Six

Months

Ended

12/31/22

Year

Ended

6/30/22

Global

Equity

Income

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

18,477

$517,066

173,126

$5,452,479

Class

A

-

automatic

conversion

of

Class

C

Shares

—

—

101

3,188

Class

C

12,633

343,501

452

14,264

Class

I

68,371

1,908,540

380,687

11,996,921

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

85,140

2,378,272

112,841

3,473,702

Class

C

1,786

50,225

2,883

90,495

Class

I

49,606

1,380,666

70,977

2,176,254

236,013

6,578,270

741,067

23,207,303

Shares

redeemed:

Class

A

(265,188)

(7,392,991)

(412,034)

(13,046,407)

Class

C

(6,227)

(177,023)

(88,317)

(2,742,424)

Class

C

-

automatic

conversion

to

Class

A

Shares

—

—

(101)

(3,188)

Class

I

(469,834)

(13,005,520)

(277,576)

(8,763,306)

(741,249)

(20,575,534)

(778,028)

(24,555,325)

Net

increase

(decrease)

(505,236)

$(13,997,264)

(36,961)

$(1,348,022)

Six

Months

Ended

12/31/22

Year

Ended

6/30/22

International

Value

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

34,848

$787,534

194,500

$5,227,788

Class

C

7,346

164,311

115

3,000

Class

I

158,482

3,668,420

316,276

8,429,490

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

35,345

818,584

31,617

835,956

Class

C

724

15,889

504

12,590

Class

I

129,649

3,022,126

122,950

3,271,705

366,394

8,476,864

665,962

17,780,529

Shares

redeemed:

Class

A

(77,409)

(1,732,910)

(191,714)

(5,111,711)

Class

C

(1,859)

(39,364)

(2,309)

(59,207)

Class

I

(377,233)

(8,763,688)

(1,240,273)

(33,142,030)

(456,501)

(10,535,962)

(1,434,296)

(38,312,948)

Net

increase

(decrease)

(90,107)

$(2,059,098)

(768,334)

$(20,532,419)

67

Six

Months

Ended

12/31/22

Year

Ended

6/30/22

Multi

Cap

Value

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

20,526

$829,530

116,984

$4,897,020

Class

C

6,480

244,928

8,976

348,559

Class

I

266,720

11,188,727

310,444

13,204,510

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

10,321

420,367

11,124

463,411

Class

C

135

5,109

375

14,510

Class

I

15,241

627,177

10,495

441,713

319,423

13,315,838

458,398

19,369,723

Shares

redeemed:

Class

A

(82,056)

(3,265,796)

(109,697)

(4,594,015)

Class

C

(7,563)

(272,915)

(10,522)

(404,235)

Class

I

(179,262)

(7,211,413)

(197,229)

(8,136,202)

(268,881)

(10,750,124)

(317,448)

(13,134,452)

Net

increase

(decrease)

50,542

$2,565,714

140,950

$6,235,271

Six

Months

Ended

12/31/22

Year

Ended

6/30/22

Large

Cap

Value

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

100,819

$401,869

845,012

$3,649,356

Class

C

134,010

408,660

135,120

396,208

Class

I

168,469

665,246

321,130

1,369,113

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

71,341

284,749

227,492

953,190

Class

C

20,048

60,053

71,996

228,947

Class

I

123,408

497,291

512,441

2,162,797

618,095

2,317,868

2,113,191

8,759,611

Shares

redeemed:

Class

A

(170,822)

(675,428)

(372,161)

(1,612,503)

Class

C

(77,353)

(231,136)

(228,875)

(811,833)

Class

I

(351,606)

(1,424,607)

(613,797)

(2,702,619)

(599,781)

(2,331,171)

(1,214,833)

(5,126,955)

Net

increase

(decrease)

18,314

$(13,303)

898,358

$3,632,656

Six

Months

Ended

12/31/22

Year

Ended

6/30/22

Small/Mid

Cap

Value

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

9,820

$266,015

24,595

$704,339

Class

C

11,611

259,131

1,887

43,561

Class

R6

44,748

1,224,247

183,432

5,656,649

Class

I

87,643

2,457,685

126,250

3,802,493

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

5,888

154,730

12,994

369,021

Class

C

1,343

28,895

3,116

73,621

Class

R6

31,580

864,207

80,811

2,378,123

Class

I

31,639

857,674

90,018

2,627,420

224,272

6,112,584

523,103

15,655,227

Shares

redeemed:

Class

A

(4,819)

(122,058)

(18,884)

(582,623)

Class

C

(7,850)

(179,069)

(7,815)

(195,582)

Class

R6

(63,056)

(1,736,868)

(216,649)

(6,842,151)

Class

I

(93,236)

(2,524,184)

(317,771)

(9,813,893)

(168,961)

(4,562,179)

(561,119)

(17,434,249)

Net

increase

(decrease)

55,311

$1,550,405

(38,016)

$(1,779,022)

68

Notes

to

Financial

Statements

(Unaudited)

(continued)

6.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

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:

Six

Months

Ended

12/31/22

Year

Ended

6/30/22

Small

Cap

Value

Opportunities

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

30,424

$1,356,221

58,969

$2,872,575

Class

A

-

automatic

conversion

of

Class

C

Shares

—

—

761

35,211

Class

C

6,968

263,442

9,696

409,299

Class

R6

7,014

330,167

25,817

1,354,190

Class

I

78,649

3,640,784

1,058,819

55,307,315

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

24,786

1,095,290

46,195

2,224,945

Class

C

5,371

198,511

17,854

731,173

Class

R6

4,467

209,741

7,376

375,621

Class

I

188,793

8,726,671

539,963

27,109,888

346,472

15,820,827

1,765,450

90,420,217

Shares

redeemed:

Class

A

(41,250)

(1,826,684)

(126,767)

(6,394,170)

Class

C

(29,857)

(1,128,680)

(90,413)

(3,801,916)

Class

C

-

automatic

conversion

to

Class

A

Shares

—

—

(898)

(35,211)

Class

R6

(9,387)

(438,704)

(28,024)

(1,526,578)

Class

I

(445,336)

(20,781,072)

(2,839,782)

(140,321,705)

(525,830)

(24,175,140)

(3,085,884)

(152,079,580)

Net

increase

(decrease)

(179,358)

$(8,354,313)

(1,320,434)

$(61,659,363)

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Global

Equity

Income

$

114,861,105

$

23,777,374

$

(6,560,022)

$

17,217,352

International

Value

69,800,663

19,728,572

(7,769,098)

11,959,474

Multi

Cap

Value

76,719,655

18,078,722

(6,184,946)

11,893,776

Large

Cap

Value

14,567,218

5,490,395

(331,107)

5,159,288

Small/Mid

Cap

Value

31,497,653

8,410,205

(1,539,491)

6,870,714

Small

Cap

Value

Opportunities

153,819,491

33,876,191

(11,136,810)

22,739,381

69

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

7.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees

Each

Fund’s

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

each

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

Global

Equity

Income

$

4,018,486

$

—

$

7,659,227

$

(232,364,000)

$

—

$

(2,073,141)

$

(222,759,428)

International

Value

4,009,279

—

8,848,799

(196,792,564)

—

—

(183,934,486)

Multi

Cap

Value

—

—

4,809,313

(2,058,436)

—

(82,513)

2,668,364

Large

Cap

Value

242,838

632,099

3,072,272

—

—

—

3,947,209

Small/Mid

Cap

Value

239,475

1,684,287

2,106,068

—

—

—

4,029,830

Small

Cap

Value

Opportunities

232,316

10,539,117

2,895,324

—

—

—

13,666,757

Fund

Short-Term

Long-Term

Total

Global

Equity

Income

1

$

5,311,351

$

227,052,649

$

232,364,000

International

Value

6,060,415

190,732,149

196,792,564

Multi

Cap

Value

—

2,058,436

2,058,436

Large

Cap

Value

—

—

—

Small/Mid

Cap

Value

—

—

—

Small

Cap

Value

Opportunities

—

—

—

1

Global

Equity

Income’s

capital

loss

carryforward

is

subject

to

significant

limitations

under

the

Internal

Revenue

Code

and

related

regulations.

In

particular,

it

is

expected

that

the

Fund

will

only

be

able

to

annually

utilize

approximately

$4

million

of

its

outstanding

capital

loss

carryforward

for

the

next

sixteen

years,

at

which

point

the

annual

limitation

will

further

be

reduced

to

approximately

$1.2

million.

Average

Daily

Net

Assets

Global

Equity

Income

International

Value

Multi

Cap

Value

Large

Cap

Value

Small/Mid

Cap

Value

Small

Cap

Opportunities

Value

For

the

first

$125

million

0.5500

%

0.5500

%

0.5500

%

0.5000

%

0.6000

%

0.6500

%

For

the

next

$125

million

0.5375

0.5375

0.5375

0.4875

0.5875

0.6375

For

the

next

$250

million

0.5250

0.5250

0.5250

0.4750

0.5750

0.6250

For

the

next

$500

million

0.5125

0.5125

0.5125

0.4625

0.5625

0.6125

For

the

next

$1

billion

0.5000

0.5000

0.5000

0.4500

0.5500

0.6000

For

the

next

$3

billion

0.4750

0.4750

0.4750

0.4250

0.5250

0.5750

For

the

next

$2.5

billion

0.4500

0.4500

0.4500

0.4000

0.5000

0.5500

For

the

next

$2.5

billion

0.4375

0.4375

0.4375

0.3875

0.4875

0.5375

For

net

assets

over

$10

billion

0.4250

0.4250

0.4250

0.3750

0.4750

0.5250

70

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen

open-end

and

closed-end

funds.

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances.

As

of

December

31,

2022,

the

complex-level

fee

rate

for

each

Fund

was

as

follows:

The

Adviser

has

agreed

to

waive

fees

and/or

reimburse

expenses

(“Expense

Cap”)

of

the

Funds

so

that

the

total

annual

Fund

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

the

average

daily

net

assets

of

any

class

of

Fund

shares

in

the

amounts

and

for

the

time

periods

stated

in

the

following

table.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

fund

operating

expense

for

the

Class

R6

Shares

will

be

less

than

the

expense

limitation.

The

temporary

expense

limitations

may

be

terminated

or

modified

prior

to

expiration

date

only

with

the

approval

of

the

Board.

The

expense

limitations

in

effect

thereafter

may

be

terminated

or

modified

only

with

the

approval

of

shareholders

of

each

Fund.

Distribution

and

Service

Fees

Each

Fund

has

adopted

a

distribution

and

service

plan

under

rule

12b-1

under

the

1940

Act.

Class

A

Shares

incur

a

0.25%

annual

12b-1

service

fee.

Class

C

Shares

incur

a

0.75%

annual

12b-1

distribution

fee

and

a

0.25%

annual

12b-1

service

fee.

 Class

R6

Shares

and

Class

I

Shares

are

not

subject

to

12b-1

distribution

or

service

fees.

The

fees

under

this

plan

compensate

Nuveen

Securities,

LLC,

(the

“Distributor”),

a

wholly-owned

subsidiary

of

Nuveen,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Funds

and

establishing

and

maintaining

shareholder

accounts.

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

Fund

Complex-Level

Fee

Global

Equity

Income

0.1590%

International

Value

0.1590%

Multi

Cap

Value

0.1590%

Large

Cap

Value

0.1590%

Small/Mid

Cap

Value

0.1590%

Small

Cap

Value

Opportunities

0.1590%

Fund

Temporary

Expense

Cap

Temporary

Expense

Cap

Expiration

Date

Permanent

Expense

Cap

Global

Equity

Income

0.90%

July

31,

2024

N/A

International

Value

0.94

July

31,

2024

N/A

Multi

Cap

Value

0.94

July

31,

2024

N/A

Large

Cap

Value

0.79

July

31,

2024

1.35%

Small/Mid

Cap

Value

1.10

July

31,

2024

1.45

Small

Cap

Value

Opportunities

0.99

July

31,

2024

1.50

N/A

-

Not

Applicable.

71

Other

Transactions

with

Affiliates 

The

Fund

receives

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

Fund,

which

amounted

is

disclosed

below,

is

recognized

in

"Other

income"

on

the

Statement

of

Operations.

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

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:

Fund

Amount

Global

Equity

Income

$

9,319

International

Value

1,263

Multi

Cap

Value

21,926

Large

Cap

Value

775

Small/Mid

Cap

Value

4,009

Small

Cap

Value

Opportunities

79,069

Fund

Purchases

Sales

Realized

Gain

(Loss)

Global

Equity

Income

$

—

$

—

$

—

International

Value

—

—

—

Multi

Cap

Value

—

—

—

Large

Cap

Value

—

—

—

Small/Mid

Cap

Value

—

—

—

Small

Cap

Value

Opportunities

114,897

—

—

Fund

Sales

Charges

Collected

Paid

to

Financial

Intermediaries

Global

Equity

Income

$

5,794

$

5,174

International

Value

931

919

Multi

Cap

Value

6,381

5,546

Large

Cap

Value

472

425

Small/Mid

Cap

Value

293

255

Small

Cap

Value

Opportunities

477

414

Fund

Commission

Advances

Global

Equity

Income

$

974

International

Value

1,000

Multi

Cap

Value

735

Large

Cap

Value

113

Small/Mid

Cap

Value

420

Small

Cap

Value

Opportunities

856

72

Notes

to

Financial

Statements

(Unaudited)

(continued)

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: 

As

of

the

end

of

the

reporting

period,

the

percentage

of

Fund

shares

owned

by

Nuveen

as

follows: 

8.

Borrowing

Arrangements

Committed

Line

of

Credit

The

Funds,

along

with

certain

other

funds

managed

by

the

Adviser

(“Participating

Funds”),

have

established

a

364-day,

$2.700

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

credit

facility

expires

in

June

2023

unless

extended

or

renewed.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed.

The

Participating

Funds

also

incurred

a

0.05%

upfront

fee

on

the

increased

commitments

from

select

lenders.

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

Participating

Funds

paid

Fund

12b-1

Fees

Retained

Global

Equity

Income

$

234

International

Value

—

Multi

Cap

Value

825

Large

Cap

Value

127

Small/Mid

Cap

Value

316

Small

Cap

Value

Opportunities

1,298

Fund

CDSC

Retained

Global

Equity

Income

$

—

International

Value

—

Multi

Cap

Value

1,865

Large

Cap

Value

1,010

Small/Mid

Cap

Value

—

Small

Cap

Value

Opportunities

341

Fund

Nuveen

Owned

Shares

Global

Equity

Income

—

%

International

Value

—

Multi

Cap

Value

—

Large

Cap

Value

—

Small/Mid

Cap

Value

—

(a)

Small

Cap

Value

Opportunities

—

(a)

(a)

Value

rounded

to

zero.

73

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

the

current

fiscal

period,

the

following

Funds

utilized

this

facility.

The

Funds’

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

each

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Fund

Maximum

Outstanding

Balance

Global

Equity

Income

$

561,256

International

Value

1,152,780

Multi

Cap

Value

—

Large

Cap

Value

—

Small/Mid

Cap

Value

—

Small

Cap

Value

Opportunities

—

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Global

Equity

Income

2

$

561,256

5.59

%

International

Value

2

1,152,780

5.60

Multi

Cap

Value

—

—

—

Large

Cap

Value

—

—

—

Small/Mid

Cap

Value

—

—

—

Small

Cap

Value

Opportunities

—

—

—

74

Additional

Fund

Information

(Unaudited)

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Sub-Adviser

Nuveen

Asset

Management,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

One

North

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Lincoln

Street

Boston,

MA

02111

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Transfer

Agent

and

Shareholder

Services

DST

Asset

Manager

Solutions,

Inc.

(DST)

P.O.

Box

219140

Kansas

City,

MO

64121-9140

(800)

257-8787

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

75

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.

Lipper

Global

Equity

Income

Funds

Classification

Average:

Represents

the

average

annualized

total

returns

for

all

reporting

funds

in

the

Lipper

Global

Equity

Income

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

International

Multi-Cap

Value

Funds

Classification

Average:

Represents

the

average

annualized

total

returns

for

all

reporting

funds

in

the

Lipper

International

Multi-Cap

Value

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

Multi-Cap

Value

Funds

Classification

Average:

Represents

the

average

annualized

total

returns

for

all

reporting

funds

in

the

Lipper

Multi-Cap

Value

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

Small-Cap

Core

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Small-Cap

Core

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

MSCI

EAFE

(Europe,

Australasia,

Far

East)

Index

(Net):

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

securities

across

21

developed

market

countries,

excluding

the

U.S.

and

Canada.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

World

Value

Index

(Net):

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

securities

exhibiting

overall

value

style

characteristics

across

23

developed

market

countries.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Net

Assets

Value

(NAV)

per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash

and

accrued

earnings)

less

its

total

liabilities.

For

funds

with

multiple

classes,

Net

Assets

are

determined

separately

for

each

share

class.

NAV

per

share

is

equal

to

the

fund’s

(or

share

class’)

Net

Assets

divided

by

its

number

of

shares

outstanding.

Russell

1000®

Value

Index:

An

index

designed

to

measure

the

performance

of

the

large-cap

value

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

1000

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Russell

2000®

Value

Index:

An

index

designed

to

measure

the

performance

of

the

small-cap

value

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

2000

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Russell

2500®

Value

Index:

An

index

designed

to

measure

the

performance

of

the

small

to

mid-cap

value

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

2500

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Russell

3000®

Value

Index:

An

index

designed

to

measure

the

performance

of

the

broad

value

segment

of

the

U.S.

equity

value

universe.

It

includes

those

Russell

3000

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Tax

Equalization:

The

practice

of

treating

a

portion

of

the

distribution

made

to

a

redeeming

shareholder,

which

represents

his

proportionate

part

of

undistributed

net

investment

income

and

capital

gain

as

a

distribution

for

tax

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

(continued)

76

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)

77

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

Fund

covered

in

this

Report

(the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

designed

to

manage

the

Fund’s

liquidity

risk.

The

Program

consists

of

various

protocols

for

assessing

and

managing

each

Fund’s

liquidity

risk.

The

Funds’

Board

of

Trustees (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,

2022

meeting

of

the

Board,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy

and

effectiveness

of

implementation

for

calendar

year

2021

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

each

Fund’s

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(1)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(ii)

holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

“Highly

Liquid”,

and

the

least

liquid,

“Illiquid”,

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.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

MSA-VALUE-1222D

2703163-INV-B-02/24

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

ITEM 2. CODE OF ETHICS.

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.

(b) Not applicable.

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.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

(a	)(1)	Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.
(a	)(2)	A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.
(a	)(3)	Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.
(a	)(4)	Change in the registrant’s independent public accountant. Not applicable.
(b	)	If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Nuveen Investment Trust

By (Signature and Title)	/s/ Mark J. Czarniecki
	Mark J. Czarniecki
	Vice President and Secretary

Date: March 9, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Christopher E. Stickrod
	Christopher E. Stickrod
	Chief Administrative Officer
	(principal executive officer)

Date: March 9, 2023

By (Signature and Title)	/s/ E. Scott Wickerham
	E. Scott Wickerham Vice President and Controller (principal financial officer)

Date: March 9, 2023