UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-07619
Nuveen Investment Trust
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Mark J. Czarniecki
Vice President and Secretary
333 West Wacker Drive,
Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: June 30
Date of reporting period: June 30, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
Fund
Name
Class
A
Class
C
Class
R6
Class
I
Nuveen
Global
Equity
Income
Fund
NQGAX
NQGCX
—
NQGIX
Nuveen
International
Value
Fund
NAIGX
NCIGX
—
NGRRX
Nuveen
Multi
Cap
Value
Fund
NQVAX
NQVCX
—
NQVRX
Nuveen
Large
Cap
Value
Fund
NQCAX
NQCCX
—
NQCRX
Nuveen
Small/Mid
Cap
Value
Fund
NSMAX
NSMCX
NWQFX
NSMRX
Nuveen
Small
Cap
Value
Opportunities
Fund
NSCAX
NSCCX
NSCFX
NSCRX
Chair’s
Letter
to
Shareholders
3
Important
Notices
4
Portfolio
Managers’
Comments
5
Risk
Considerations
11
About
the
Funds’
Benchmarks
12
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
13
Expense
Examples
28
Report
of
Independent
Registered
Public
Accounting
Firm
30
Portfolios
of
Investments
31
Statement
of
Assets
and
Liabilities
54
Statement
of
Operations
56
Statement
of
Changes
in
Net
Assets
58
Financial
Highlights
61
Notes
to
Financial
Statements
73
Important
Tax
Information
87
Additional
Fund
Information
89
Glossary
of
Terms
Used
in
this
Report
90
Liquidity
Risk
Management
Program
91
Annual
Investment
Management
Agreement
Approval
Process
92
Trustees
and
Officers
99
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
The
significant
measures
taken
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
since
2022
to
contain
inflation
have
begun
to
take
effect.
From
March
2022
to
July
2023,
the
Fed
raised
the
target
fed
funds
rate
by
5.25%
to
a
range
of
5.25%
to
5.50%.
Even
with
a
brief
pause
in
June
2023,
this
has
been
one
of
the
fastest
interest
rate
hiking
cycles
in
the
Fed’s
history.
Inflation
rates
in
the
U.S.
and
across
most
of
the
world
have
fallen
from
their
post-pandemic
highs
but
currently
remain
above
the
levels
that
central
banks
consider
supportive
of
their
economies’
long-term
growth,
particularly
when
looking
at
core
inflation
measures,
which
exclude
volatile
food
and
energy
prices.
At
the
same
time,
the
U.S.
and
other
large
economies
have
remained
relatively
resilient,
even
as
financial
conditions
have
tightened.
U.S.
gross
domestic
product
accelerated
to
2.4%
in
the
second
quarter
of
2023
from
2.0%
in
the
first
quarter
of
2023,
after
growing
2.1%
in
2022
overall
compared
to
2021.
A
relatively
strong
jobs
market
has
helped
support
consumer
sentiment
and
spending
despite
historically
high
inflation.
Markets
are
concerned
that
these
conditions
could
keep
upward
pressure
on
prices
and
wages
and
continue
to
assess
the
impact
of
the
collapse
of
three
regional
U.S.
banks
(Silicon
Valley
Bank,
Signature
Bank
and
First
Republic
Bank)
and
major
European
bank
Credit
Suisse
in
March
2023.
Fed
officials
are
closely
monitoring
inflation
data
and
other
economic
measures
to
modify
their
rate
setting
activity
based
upon
these
factors
on
a
meeting-by-meeting
basis,
including
pausing
rate
adjustments
at
the
June
2023
meeting
to
assess
the
effects
of
monetary
policy
on
the
economy.
While
uncertainty
has
increased
given
the
unpredictable
outcome
of
tighter
credit
conditions
on
the
economy,
the
Fed
remains
committed
to
acting
until
it
sees
sustainable
progress
toward
its
inflation
goals.
Additionally,
market
concerns
surrounding
the
U.S.
debt
ceiling
faded
after
the
government
agreed
in
June
2023
to
suspend
the
nation’s
borrowing
limit
until
January
2025,
averting
a
near-term
default
scenario.
In
the
meantime,
markets
are
likely
to
continue
reacting
in
the
short
term
to
news
about
inflation
data,
economic
indicators
and
central
bank
policy.
We
encourage
investors
to
keep
a
long-term
perspective
amid
the
short-term
turbulence.
Your
financial
professional
can
help
you
review
how
well
your
portfolio
is
aligned
with
your
time
horizon,
risk
tolerance
and
investment
goals.
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
August
22,
2023
Securities
and
Exchange
Commission
(the
“SEC”)
Adopts
Amendments
for
Tailored
Shareholder
Reports
On
October
26,
2022,
the
SEC
adopted
rule
and
form
amendments
(the
“Amendments”)
that
require
mutual
funds
and
exchange-
traded
funds
registered
on
Form
N-1A
to
provide
shareholders
with
streamlined
annual
and
semi-annual
shareholder
reports
(“Tailored
Shareholder
Reports”).
The
Amendments
require
funds
to
prepare
a
separate
Tailored
Shareholder
Report
for
each
share
class
of
each
series
of
a
fund.
As
a
result,
shareholders
will
receive
a
report
that
covers
only
the
class
of
a
multi-class
fund
in
which
the
shareholder
invests.
Tailored
Shareholder
Reports
are
meant
to
be
three
to
four
pages
in
length
and
will
highlight
key
information
such
as
a
fund’s
expenses,
performance
and
portfolio
holdings.
Other,
more
detailed
information
that
currently
appears
in
fund
shareholder
reports
will
be
made
available
online,
filed
with
the
SEC,
and
delivered
to
investors
free
of
charge
in
paper
or
electronically
upon
request.
The
first
Tailored
Shareholder
Reports
prepared
for
the
Funds
included
within
this
shareholder
report
will
be
for
the
reporting
period
ended
June
30,
2024.
Portfolio
Managers’
Comments
Nuveen
Global
Equity
Income
Fund
Nuveen
International
Value
Fund
Nuveen
Multi
Cap
Value
Fund
Nuveen
Large
Cap
Value
Fund
Nuveen
Small/Mid
Cap
Value
Fund
Nuveen
Small
Cap
Value
Opportunities
Fund
These
Funds
feature
portfolio
management
by
Nuveen
Asset
Management,
LLC
(NAM),
an
affiliate
of
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser.
Peter
Boardman,
James
T.
Stephenson,
CFA,
and
Thomas
J.
Ray,
CFA,
manage
the
Nuveen
Global
Equity
Income
Fund.
Peter
Boardman
and
James
T.
Stephenson,
CFA,
serve
as
portfolio
managers
of
the
Nuveen
International
Value
Fund.
Jon
D.
Bosse
,
CFA,
and
Jujhar
S.
Sohi
,
CFA,
manage
the
Nuveen
Multi
Cap
Value
and
Nuveen
Large
Cap
Value
Funds.
Andrew
C.
Hwang
and
Thomas
J.
Lavia
,
CFA,
manage
the
Nuveen
Small/Mid
Cap
Value
and
the
Nuveen
Small
Cap
Value
Opportunities
Funds.
Here
the
portfolio
managers
review
economic
and
market
conditions,
key
management
strategies
and
the
Funds'
performance
for
the
twelve-month
reporting
period
ended
June
30,
2023.
For
more
information
on
the
Funds’
investment
objectives
and
policies,
please
refer
to
the
prospectus.
What
factors
affected
the
U.S.
economy
and
global
market
conditions
during
the
twelve-month
annual
reporting
period
ended
June
30,
2023?
The
U.S.
economy
performed
better
than
expected
despite
persistent
inflationary
pressure
and
rising
interest
rates
during
the
twelve-month
period
ended
June
30,
2023.
In
the
second
quarter
of
2023,
the
economy
grew
at
an
annualized
rate
of
2.4%,
according
to
the
initial
estimate
from
the
U.S.
Bureau
of
Economic
Analysis,
accelerating
from
2.0%
in
the
first
quarter
and
2.1%
in
2022
overall.
Early
in
the
reporting
period,
inflation
rose
sharply
because
of
supply
chain
disruptions
and
high
food
and
energy
prices
related
to
the
pandemic,
the
Russia-Ukraine
war
and
China’s
zero-COVID
restrictions
(eventually
lifted
in
December
2022).
In
the
U.S.,
inflation
during
the
reporting
period
reached
its
peak
level
in
July
2022.
Since
then,
price
pressures
have
eased
given
normalization
in
supply
chains,
falling
energy
prices
and
aggressive
measures
by
the
U.S.
Federal
Reserve
(Fed)
and
other
global
central
banks
to
tighten
financial
conditions
and
slow
demand
in
their
economies.
Nevertheless,
during
the
reporting
period
inflation
levels
remained
much
higher
than
central
banks’
target
levels.
The
Fed
raised
its
target
fed
funds
rate
seven
times
during
the
reporting
period,
bringing
it
to
a
range
of
5.00%
to
5.25%
as
of
May
2023,
then
opted
to
leave
rates
unchanged
at
the
June
2023
meeting.
Subsequent
to
the
close
of
this
reporting
period,
the
Fed
raised
its
target
rate
at
the
July
2023
meeting
another
0.25%,
to
a
range
of
5.25%
to
5.50%.
One
of
the
Fed’s
rate
increases
occurred
in
March
2023,
a
decision
that
was
closely
watched
because
of
the
failure
of
Silicon
Valley
Bank
and
Signature
Bank
during
the
same
month
and
uncertainty
around
the
economic
impact
of
these
failures.
Additionally,
in
March
2023,
Swiss
bank
UBS
agreed
to
buy
Credit
Suisse,
which
was
considered
to
be
vulnerable
in
the
current
environment.
For
much
of
the
reporting
period,
the
Fed’s
activity
led
to
significant
volatility
in
bond
and
stock
markets.
In
addition,
it
contributed
to
an
increase
in
the
U.S.
dollar’s
value
relative
to
major
world
currencies,
which
acts
as
a
headwind
to
the
profits
of
international
companies
and
U.S.
domestic
companies
with
overseas
earnings.
Global
currency
and
bond
markets
were
further
roiled
in
September
2022
by
an
unpopular
fiscal
spending
proposal
in
the
U.K.
but
recovered
after
the
plans
were
abandoned.
During
the
reporting
period,
elevated
inflation
and
higher
borrowing
costs
weighed
on
some
segments
of
the
economy,
including
the
real
estate
market.
Consumer
spending,
however,
has
remained
more
resilient
than
expected,
in
part
because
of
a
still-strong
labor
market,
another
key
gauge
of
the
economy’s
health.
By
July
2022,
the
start
of
this
reporting
period,
the
economy
had
recovered
the
22
million
jobs
lost
since
the
beginning
of
the
pandemic.
As
of
June
2023,
the
unemployment
rate
remained
near
its
pre-pandemic
low
of
3.6%,
although
monthly
job
growth
appeared
to
be
slowing.
The
strong
labor
market
and
wage
gains
helped
provide
a
measure
of
resilience
to
the
U.S.
economy
during
the
reporting
period,
even
as
the
Fed
sought
to
soften
job
growth
to
help
curb
inflation
pressures.
Portfolio
Managers’
Comments
(continued)
Nuveen
Global
Equity
Income
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
June
30,
2023?
The
Fund
seeks
to
provide
high
current
income
and
long-term
capital
appreciation
by
investing
in
global
equity
and
income-
producing
securities.
Under
normal
market
conditions,
the
Fund’s
minimum
exposure
to
non-U.S.
securities
will
be
80%
of
the
MSCI
World
Value
Index’s
non-U.S.
exposure.
The
Fund
will
invest
in
securities
of
companies
representing
at
least
three
different
countries
(one
of
which
may
be
the
United
States).
During
the
reporting
period,
the
portfolio
management
team
employed
a
rigorous,
bottom-up,
research-focused
investment
process.
The
team
identified
undervalued
companies
with
positive
risk/reward
characteristics
it
believed
would
be
present
over
an
extended
time,
regardless
of
interim
fluctuations.
In
addition,
the
portfolio
management
team
sold
securities
or
reduced
positions
in
companies
that
no
longer
possessed
attractive
valuations
or
a
catalyst.
During
the
reporting
period,
the
portfolio
management
team
increased
exposure
to
the
consumer
staples,
information
technology,
and
communications
sectors.
The
team
reduced
exposure
to
the
consumer
discretionary
and
real
estate
sectors.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
June
30,
2023?
The
Nuveen
Global
Equity
Income
Fund’s
Class
A
Shares
at
NAV
outperformed
the
MSCI
World
Value
Index
(Net)
for
the
twelve-month
reporting
period
ended
June
30,
2023.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
MSCI
World
Value
Index
(Net).
The
primary
contributor
to
the
Fund’s
relative
performance
was
security
selection
in
industrials.
Shares
of
Japanese
diversified
metals
and
chemicals
trading
company
Mitsui
&
Co.,
Ltd.
outperformed
because
Berkshire
Hathaway
increased
its
stake
in
the
company
and
energy
prices
began
to
recover
as
demand
increased
from
China.
The
Fund
continues
to
hold
this
position.
Shares
of
industrial
conglomerate
Siemens
AG
also
advanced
after
management
reported
better-than-expected
results
and
raised
full-year
sales
and
profit
guidance.
The
company
continues
to
benefit
from
easing
supply
chain
bottlenecks.
The
Fund
is
maintaining
a
position
in
Siemens
AG.
An
overweight
and
security
selection
in
the
information
technology
sector
also
contributed
to
the
Fund’s
outperformance,
led
by
a
position
in
database
software
maker
Oracle
Corp.
The
company
is
benefiting
from
recent
publicity
surrounding
artificial
intelligence
(AI)
and
the
more
powerful
computing
capabilities
needed
to
process
real-time
data.
Oracle
also
recently
announced
partnerships
with
NVIDIA
Corp.
and
Cohere
Corp.
to
further
position
itself
as
a
generative
AI
leader.
The
Fund
continues
to
hold
this
position.
Another
top
individual
contributor
was
consumer
discretionary
holding
Las
Vegas
Sands
Corp.,
a
casino
and
resort
owner.
The
company
benefited
from
a
return
to
pre-pandemic
volume
levels
at
its
Singapore
property
and
improved
customer
traffic
at
its
five
Macau
properties
following
China’s
reopening.
The
company
also
more
recently
reinstated
its
quarterly
dividend,
which
was
suspended
more
than
three
years
ago
to
conserve
capital.
The
Fund
continues
to
maintain
exposure
to
Las
Vegas
Sands.
Partially
offsetting
the
Fund’s
outperformance
was
an
overweight
and
security
selection
in
the
health
care
sector,
one
of
the
weaker-
performing
sectors
during
the
reporting
period.
The
largest
individual
detractor
from
the
Fund’s
relative
performance
was
utility
sector
holding
Dominion
Energy
Inc.,
which
underperformed
because
of
inflationary
pressures,
supply
chain
constraints
and
fuel
price
challenges
impacting
customer
rates.
The
Fund
continues
to
hold
the
position
because
the
portfolio
management
team
believes
the
stock
is
undervalued.
Nuveen
International
Value
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
June
30,
2023?
The
Fund
invests
primarily
in
equity
securities
of
non-U.S.
companies
with
mid-
to
large-sized
capitalizations
through
a
disciplined,
value
oriented
process
that
seeks
long-term
capital
appreciation
and
international
diversification.
During
the
reporting
period,
the
portfolio
management
team
employed
a
rigorous,
bottom-up,
research-focused
investment
process.
The
portfolio
management
team
identified
undervalued
companies
with
positive
risk/reward
characteristics
it
believed
would
be
present
over
an
extended
time,
regardless
of
interim
fluctuations.
The
portfolio
management
team
sold
securities
or
reduced
positions
in
companies
that
no
longer
possessed
favorable
attractive
valuations
or
a
catalyst
for
change.
During
the
reporting
period,
the
team
increased
the
Fund’s
exposure
to
the
financials
and
consumer
staples
sectors,
maintained
an
underweight
to
the
health
care
sector,
and
maintained
overweights
to
the
industrials,
communication
services
and
energy
sectors.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
June
30,
2023?
The
Nuveen
International
Value
Fund’s
Class
A
Shares
at
NAV
underperformed
the
MSCI
EAFE
Index
(Net)
for
the
twelve-month
reporting
period
ended
June
30,
2023.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
MSCI
EAFE
Index
(Net).
The
primary
detractor
from
the
Fund’s
relative
performance
was
security
selection
in
the
consumer
discretionary
and
financial
sectors.
The
largest
individual
detractor
during
the
reporting
period
was
found
in
the
materials
sector,
fertilizer
company
Nutrien
Ltd.
Shares
underperformed
because
prices
for
potash
and
nitrogen
fertilizer
were
weak.
A
late
North
American
planting
season
and
higher
export
volumes
in
potash
from
Belarus
and
Russia
further
pressured
results.
However,
the
Fund
continues
to
hold
the
position
because
the
portfolio
management
team
believes
prices
are
reaching
a
floor
based
on
an
uptick
in
demand
and
renewed
planting
momentum.
Partially
offsetting
the
Fund's
underperformance
was
security
selection
in
the
energy
sector,
led
by
the
Fund’s
top
contributor
Technip
Energies
NV.
The
company
was
one
of
the
major
beneficiaries
of
the
liquified
natural
gas
and
energy
transition
occurring
globally.
The
Fund
continues
to
hold
its
position
in
Technip
Energies
NV.
Security
selection
and
an
overweight
in
industrials
also
contributed
positively
to
the
Fund’s
relative
performance,
led
by
a
position
in
industrial
conglomerate
Siemens
AG.
Shares
advanced
after
company
management
reported
better-than-expected
results
and
raised
full-year
sales
and
profit
guidance.
The
company
continues
to
benefit
from
easing
supply
chain
bottlenecks.
The
Fund
continues
to
maintain
exposure
to
Siemens
AG.
Nuveen
Multi
Cap
Value
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
June
30,
2023?
The
Fund
seeks
long-term
capital
appreciation
using
an
all-cap
opportunistic
strategy
with
a
mid-cap
bias
that
seeks
to
invest
in
equity
securities
of
undervalued
companies,
with
identifiable
catalysts
to
improve
profitability
and
generate
attractive
risk-adjusted
returns,
selected
using
qualitative,
bottom-up
research.
During
the
reporting
period,
the
portfolio
management
team
employed
a
rigorous,
bottom-up,
research-focused
investment
process.
The
team
identified
undervalued
companies
with
positive
risk/reward
characteristics
it
believed
would
be
present
over
an
extended
time,
regardless
of
interim
fluctuations.
The
portfolio
management
team
sold
securities
or
reduced
positions
in
companies
that
no
longer
possessed
attractive
valuations
or
a
catalyst.
During
the
reporting
period,
the
Fund
shifted
from
an
underweight
in
the
communication
services
sector
to
an
overweight
because
of
the
Russell
3000®
Value
Index
rebalancing
in
June
2023.
Additionally
as
a
result
of
the
index
rebalancing,
the
Fund’s
industrials
exposure
shifted
from
a
modest
overweight
to
an
underweight.
Other
notable
sector
overweights
versus
the
benchmark
were
energy
and
information
technology,
while
notable
sector
underweights
included
consumer
staples,
real
estate,
industrials
and
health
care.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
June
30,
2023?
The
Nuveen
Multi
Cap
Value
Fund's
Class
A
Shares
at
NAV
significantly
outperformed
the
Russell
3000®
Value
Index
for
the
twelve-month
reporting
period
ended
June
30,
2023.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
Russell
3000®
Value
Index.
The
Fund’s
relative
performance
was
driven
by
strong
security
selection
and
an
overweight
in
the
information
technology
sector.
Top
contributors
in
this
sector
included
memory
chip
maker
and
licensor
Rambus
Inc.
and
database
software
maker
Oracle
Corp.,
which
both
benefited
from
recent
publicity
surrounding
artificial
intelligence
(AI)
and
the
more
powerful
computing
capabilities
needed
to
process
real-time
data.
Rambus
also
continues
to
participate
in
the
system
upgrade
cycle
at
enterprises
and
data
centers.
Oracle
recently
announced
partnerships
with
NVIDIA
Corp.
and
Cohere
Corp.
to
further
position
itself
as
a
generative
AI
leader.
Both
companies
remain
in
the
portfolio
because
the
portfolio
management
team
believes
the
stocks
are
undervalued.
Strong
security
selection
in
financials
and
industrials
also
contributed
to
relative
performance.
In
the
financial
sector,
the
Fund
benefited
from
its
focus
on
larger
money
center
banks
and
insurance
companies
and
avoidance
of
companies
impacted
by
the
Portfolio
Managers’
Comments
(continued)
regional
bank
crisis
in
March
2023.
In
the
industrials
sector,
the
Fund
saw
favorable
results
from
electrical
connection
and
protection
product
manufacturer
nVent
Electric
Plc.
The
company
posted
stronger-than-expected
results,
coupled
with
a
management
outlook
that
exceeded
market
expectations,
as
it
continues
to
benefit
from
secular
growth
opportunities
in
end
markets
such
as
data
centers.
The
Fund
continues
to
hold
nVent
Electric
PLC.
Modestly
offsetting
the
Fund’s
outperformance
was
security
selection
within
the
communication
services
sector.
The
greatest
individual
detractor
during
the
reporting
period
was
found
in
the
health
care
sector,
global
contract
research
firm
Syneos
Health
Inc.
Shares
fell
sharply
after
the
company
reported
very
weak
third-quarter
2022
results
and
lowered
forward-looking
guidance,
which
were
both
in
stark
contrast
to
its
industry
peers.
The
credibility
of
the
company’s
new
management
team
was
negatively
impacted,
and
the
Fund’s
position
was
eliminated.
Nuveen
Large
Cap
Value
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
June
30,
2023?
The
Fund
seeks
long-term
capital
appreciation
utilizing
a
strategy
that
employs
qualitative,
bottom-up
research
in
an
effort
to
uncover
equity
securities
of
undervalued
companies
with
identifiable
catalysts
to
improve
profitability
and
generate
attractive
risk-
adjusted
returns.
During
the
reporting
period,
the
portfolio
management
team
identified
undervalued
companies
with
a
catalyst
to
unlock
value
or
improve
profitability,
while
maintaining
a
long-term
investment
view
and
focus
on
securities
that
could
appreciate
over
an
extended
time,
regardless
of
interim
fluctuations.
The
portfolio
management
team
sold
securities
or
reduced
exposure
in
companies
that
no
longer
maintained
attractive
valuations
or
catalysts.
During
the
reporting
period,
the
Fund
shifted
from
an
underweight
in
communication
services
to
an
overweight
because
of
the
Russell
1000®
Value
Index
rebalancing
in
June
2023.
Additionally,
because
of
the
index
rebalancing,
the
Fund’s
information
technology
exposure
shifted
from
an
overweight
to
an
equal
weight.
Financial
sector
exposure
shifted
from
fairly
neutral
to
an
overweight.
The
Fund’s
other
notable
sector
overweight
versus
the
benchmark
was
energy,
while
notable
underweights
included
real
estate,
consumer
staples
and
consumer
discretionary.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
June
30,
2023?
The
Nuveen
Large
Cap
Value
Fund’s
Class
A
Shares
at
NAV
significantly
outperformed
the
Russell
1000®
Value
Index
for
the
twelve-month
reporting
period
ended
June
30,
2023.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
Russell
1000®
Value
Index.
The
Fund’s
relative
performance
was
primarily
driven
by
strong
security
selection
in
the
financial
sector.
The
Fund
benefited
from
its
focus
on
larger
money
center
banks
and
insurance
companies
and
avoidance
of
companies
impacted
by
the
regional
bank
crisis
in
March
2023.
Strong
security
selection
in
information
technology
also
contributed
to
relative
performance,
driven
by
database
software
maker
Oracle
Corp.
The
company
is
benefiting
from
recent
publicity
surrounding
artificial
intelligence
(AI)
and
the
more
powerful
computing
capabilities
needed
to
process
real-time
data.
Oracle
also
recently
announced
partnerships
with
NVIDIA
Corp.
and
Cohere
Corp.
to
further
position
itself
as
a
generative
AI
leader.
The
Fund
continues
to
maintain
exposure
to
Oracle
Corp.
An
additional
individual
contributor
was
electrical
connection
and
protection
product
manufacturer
nVent
Electric
PLC.
The
company
posted
stronger-than-expected
results
throughout
the
reporting
period
and
an
outlook
that
exceeded
market
expectations
as
it
continues
to
benefit
from
secular
growth
opportunities
in
end
markets
such
as
data
centers.
The
Fund
continues
to
maintain
exposure
to
nVent
Electric
PLC.
Partially
offsetting
the
Fund’s
outperformance
was
unfavorable
security
selection
in
the
communication
services
sector.
The
greatest
individual
detractor
was
power
company
Dominion
Energy
Inc.
The
Fund
continues
to
hold
Dominion
because
the
portfolio
management
team
believes
the
stock
is
undervalued.
Nuveen
Small/Mid
Cap
Value
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
June
30,
2023?
The
Fund
seeks
long-term
capital
appreciation
by
investing
in
equity
securities
of
undervalued
small-
to
mid-size
market
capitalization
companies
in
industries
with
positive
or
improving
business
fundamentals
as
identified
by
a
qualitative,
bottom-up
research
process.
During
the
reporting
period,
the
portfolio
management
team
identified
undervalued
companies
with
a
catalyst
to
unlock
value
or
improve
profitability,
while
maintaining
a
long-term
investment
view
and
focus
on
securities
that
could
appreciate
over
an
extended
time,
regardless
of
interim
fluctuations.
The
portfolio
management
team
sold
securities
or
reduced
exposure
in
companies
that
no
longer
maintained
attractive
valuations
or
catalysts.
During
the
reporting
period,
the
Fund
shifted
from
an
underweight
in
financials
to
an
overweight
because
of
the
Russell
2500®
Value
Index
rebalancing
in
June
2023.
Conversely,
because
of
the
index
rebalancing,
energy
sector
exposure
shifted
from
an
overweight
to
an
underweight.
The
portfolio
management
team
also
increased
consumer
discretionary
exposure;
however,
the
sector
remained
an
underweight
because
the
index
weight
also
increased
during
rebalancing.
The
Fund’s
other
notable
sector
overweight
versus
the
benchmark
was
in
information
technology.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
June
30,
2023?
The
Nuveen
Small/Mid
Cap
Value
Fund’s
Class
A
Shares
at
NAV
significantly
outperformed
the
Russell
2500®
Value
Index
for
the
twelve-month
reporting
period
ended
June
30,
2023.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
Russell
2500®
Value
Index.
The
Fund’s
relative
performance
was
driven
by
favorable
security
selection
in
the
information
technology
sector.
The
Fund’s
top
contributor
was
memory
chip
maker
and
licensor
Rambus
Inc.,
which
benefited
from
recent
publicity
surrounding
artificial
intelligence
(AI)
and
the
more
powerful
computing
capabilities
needed
to
process
real-time
data.
Rambus
also
continues
to
participate
in
the
system
upgrade
cycle
at
enterprises
and
data
centers.
The
Fund
continues
to
hold
this
position.
Security
selection
in
the
industrials
sector
also
contributed.
One
of
the
top
individual
contributors
in
the
sector
was
EnerSys,
the
world’s
largest
industrial
battery
manufacturer.
The
company
continues
to
see
robust
demand
across
its
diverse
end
markets,
reporting
strong
operating
performance
driven
by
its
battery
energy
systems
and
specialty
solutions
segments.
Electrical
connection
and
protection
product
manufacturer
nVent
Electric
PLC
was
another
individual
contributor
in
the
industrials
sector.
The
company
posted
stronger-than-expected
results,
coupled
with
a
management
outlook
that
exceeded
market
expectations,
as
it
continues
to
benefit
from
secular
growth
opportunities
in
end
markets
such
as
data
centers.
The
Fund
continues
to
hold
both
EnerSys
and
nVent
Electric
PLC.
Relative
performance
was
also
aided
by
the
Fund’s
security
selection
and
an
underweight
in
the
real
estate
sector,
which
underperformed.
Partially
offsetting
the
Fund’s
outperformance
was
security
selection
and
an
overweight
in
the
energy
sector.
In
addition,
the
Fund’s
top
individual
detractor
was
financials
holding
Western
Alliance
Bancorp,
which
sold
off
during
the
weakness
in
the
regional
bank
sector.
Investors
feared
the
company
could
be
subject
to
a
run
like
those
experienced
at
Silicon
Valley
Bank
and
Signature
Bank.
For
that
reason,
and
because
a
relatively
high
percentage
of
its
deposits
were
uninsured,
the
Fund
exited
its
position
in
Western
Alliance.
Nuveen
Small
Cap
Value
Opportunities
Fund
What
key
strategies
were
used
to
manage
the
Fund
during
the
twelve-month
reporting
period
ended
June
30,
2023?
The
Fund
seeks
long-term
capital
appreciation
by
investing
in
equity
securities
of
undervalued
small
market
capitalization
companies
in
industries
with
positive
or
improving
business
fundamentals
as
identified
by
a
qualitative,
bottom-up
research
process.
During
the
reporting
period,
the
portfolio
management
team
identified
undervalued
companies
with
a
catalyst
to
unlock
value
or
improve
profitability,
while
maintaining
a
long-term
investment
view
and
a
focus
on
securities
that
could
appreciate
over
an
extended
period
of
time,
regardless
of
interim
fluctuations.
The
portfolio
management
team
sold
securities
or
reduced
exposure
in
companies
that
no
longer
maintained
attractive
valuations
or
catalysts.
During
the
reporting
period,
the
Fund
shifted
from
a
significant
overweight
in
energy
to
an
underweight
because
of
the
Russell
2000®
Value
Index
rebalancing
in
June
2023.
The
materials
sector
went
from
an
overweight
to
an
underweight.
Financials
remained
a
notable
sector
underweight
but
to
a
much
lesser
degree
following
the
index
rebalancing.
Industrials
shifted
to
a
larger
overweight.
Information
technology
remains
the
Fund’s
largest
Portfolio
Managers’
Comments
(continued)
sector
overweight.
How
did
the
Fund
perform
during
the
twelve-month
reporting
period
ended
June
30,
2023?
The
Nuveen
Small
Cap
Value
Opportunities
Fund’s
Class
A
Shares
at
NAV
significantly
outperformed
the
Russell
2000®
Value
Index
for
the
twelve-month
reporting
period
ended
June
30,
2023.
For
the
purposes
of
this
Performance
Commentary,
references
to
relative
performance
are
in
comparison
to
the
Russell
2000®
Value
Index.
The
Fund’s
relative
performance
was
driven
by
strong
security
selection
in
the
industrials
sector.
One
of
the
top
individual
contributors
in
the
sector
was
electrical
connection
and
protection
product
manufacturer
nVent
Electric
PLC.
The
company
posted
stronger-than-expected
results,
coupled
with
a
management
outlook
that
exceeded
market
expectations,
as
it
continues
to
benefit
from
secular
growth
opportunities
in
end
markets
such
as
data
centers.
Industrial
battery
manufacturer
EnerSys
also
contributed.
The
company
continues
to
see
robust
demand
across
its
diverse
end
markets,
reporting
strong
operating
performance
driven
by
its
battery
energy
systems
and
specialty
solutions
segments. The
Fund
continues
to
hold
nVent
Electric
PLC
and
EnerSys.
Security
selection
was
also
strong
in
the
information
technology
sector,
including
memory
chip
maker
and
licensor
Rambus
Inc.
The
company
is
benefiting
from
recent
publicity
surrounding
artificial
intelligence
(AI)
and
the
more
powerful
computing
capabilities
needed
to
process
real-time
data.
Rambus
also
continues
to
participate
in
the
system
upgrade
cycle
at
enterprises
and
data
centers.
The
Fund
continues
to
hold
this
position.
Another
one
of
the
Fund’s
largest
contributors
was
found
in
the
energy
sector,
oilfield
services
firm
Weatherford
International
PLC.
The
company
outperformed
as
the
backdrop
for
increased
services
in
the
energy
complex
continued
to
be
constructive. Although
Weatherford’s
stock
trades
at
a
discount
to
peers
because
of
legacy
issues,
the
company
is
well
positioned
with
its
new
management
team
that
is
focused
on
stronger
execution.
The
Fund
continues
to
hold
this
position.
Modestly
offsetting
the
Fund’s
outperformance
was
security
selection
and
an
underweight
in
the
outperforming
consumer
discretionary
sector.
This
material
is
not
intended
to
be
a
recommendation
or
investment
advice,
does
not
constitute
a
solicitation
to
buy,
sell
or
hold
a
security
or
an
investment
strategy,
and
is
not
provided
in
a
fiduciary
capacity.
The
information
provided
does
not
take
into
account
the
specific
objectives
or
circumstances
of
any
particular
investor,
or
suggest
any
specific
course
of
action.
Investment
decisions
should
be
made
based
on
an
investor’s
objectives
and
circumstances
and
in
consultation
with
his
or
her
advisors.
Certain
statements
in
this
report
are
forward-looking
statements.
Discussions
of
specific
investments
are
for
illustration
only
and
are
not
intended
as
recommendations
of
individual
investments.
The
forward-looking
statements
and
other
views
expressed
herein
are
those
of
the
portfolio
managers
as
of
the
date
of
this
report.
Actual
future
results
or
occurrences
may
differ
significantly
from
those
anticipated
in
any
forward-looking
statements
and
the
views
expressed
herein
are
subject
to
change
at
any
time,
due
to
numerous
market
and
other
factors.
The
Funds
disclaim
any
obligation
to
update
publicly
or
revise
any
forward-looking
statements
or
views
expressed
herein.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
the
terms
used
within
this
section.
Nuveen
Global
Equity
Income
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Prices
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Non-U.S.
investments
involve
risks
such
as
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
These
risks
are
magnified
in
emerging
markets.
These
and
other
risk
considerations,
such
as
credit,
derivatives,
high
yield
securities,
and
interest
rate
risks,
are
described
in
detail
in
the
Fund’s
prospectus.
Nuveen
International
Value
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Prices
of
equity
securities
may
decline
significantly
over
short
or
extended
periods
of
time.
Non-U.S.
investments
involve
risks
such
as
currency
fluctuation,
political
and
economic
instability,
lack
of
liquidity
and
differing
legal
and
accounting
standards.
These
risks
are
magnified
in
emerging
markets.
These
and
other
risk
considerations,
such
as
currency,
smaller
company,
and
value
stock
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.
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.
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.
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
The
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
for
each
Fund
are
shown
within
this
section
of
the
report.
Fund
Performance
Performance
data
shown
represents
past
performance
and
does
not
predict
or
guarantee
future
results.
Investment
returns
and
principal
value
will
fluctuate
so
that
when
shares
are
redeemed,
they
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
shown.
Total
returns
for
a
period
of
less
than
one
year
are
not
annualized
(i.e.
cumulative
returns).
Since
inception
returns
are
shown
for
share
classes
that
have
less
than
10-years
of
performance.
Returns
at
net
asset
value
(NAV)
would
be
lower
if
the
sales
charge
were
included.
Returns
assume
reinvestment
of
dividends
and
capital
gains.
For
performance,
current
to
the
most
recent
month-end
visit
Nuveen.com
or
call
(800)
257-8787.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Returns
may
reflect
fee
waivers
and/or
expense
reimbursements
by
the
investment
adviser
during
the
periods
presented.
If
any
such
waivers
and/or
reimbursements
had
not
been
in
place,
returns
would
have
been
reduced.
See
Notes
to
Financial
Statements,
for
more
information.
Returns
reflect
differences
in
sales
charges
and
expenses,
which
are
primarily
differences
in
distribution
and
service
fees,
and
assume
reinvestment
of
dividends
and
capital
gains.
Comparative
index
and
Lipper
return
information
is
provided
for
Class
A
Shares
at
NAV
only.
Expense
Ratios
The
expense
ratios
shown
are
as
of
the
Fund’s
most
recent
prospectus.
The
expense
ratios
shown
reflect
total
operating
expenses
(before
fee
waivers
and/or
expense
reimbursements,
if
any).
The
expense
ratios
include
management
fees
and
other
fees
and
expenses.
Refer
to
the
Financial
Highlights
later
in
this
report
for
the
Fund’s
expense
ratios
as
of
the
end
of
the
reporting
period.
Holdings
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
each
Fund’s
portfolio
of
investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund’s
Portfolio
of
Investments
for
individual
security
information.
Nuveen
Global
Equity
Income
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
June,
30
2023
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,
2025
so
that
the
total
annual
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed
0.90%
of
the
average
daily
net
assets
of
any
class
of
Fund
Shares.
This
expense
limitation
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of Trustees of
the
Fund.
Growth
of
an
Assumed
$10,000
Investment
as
of June
30,
2023 -
Class
A
The
graphs
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemption
of
Fund
Shares.
Total
Returns
as
of
June
30,
2023**
Average
Annual
Expense
Ratios
***
Inception
Date
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
9/15/09
14.46%
5.69%
6.40%
1.26%
1.10%
Class
A
at
maximum
Offering
Price
9/15/09
7.88%
4.44%
5.77%
—
—
MSCI
World
Value
Index
(Net)
—
10.65%
5.66%
6.70%
—
—
Lipper
Global
Equity
Income
Funds
Classification
Average
—
9.54%
5.77%
6.53%
—
—
Class
C
at
NAV
9/15/09
13.61%
4.90%
5.76%
2.01%
1.85%
Class
C
at
maximum
Offering
Price
9/15/09
13.61%
4.90%
5.76%
—
—
Class
I
9/15/09
14.79%
5.95%
6.67%
1.01%
0.85%
Holdings
Summaries
as
of
June
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
99.8%
Other
Assets
&
Liabilities,
Net
0.2%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Nordea
Bank
Abp
2.9%
Heineken
NV
2.9%
Deutsche
Boerse
AG
2.8%
Oracle
Corp
2.7%
Broadcom
Inc
2.6%
Portfolio
Composition
1
(%
of
net
assets)
Banks
11.6%
Insurance
7.8%
Pharmaceuticals
7.5%
Oil,
Gas
&
Consumable
Fuels
6.9%
Beverages
4.4%
Multi-Utilities
4.2%
Semiconductors
&
Semiconductor
Equipment
4.1%
Health
Care
Providers
&
Services
3.9%
Electrical
Equipment
3.8%
Chemicals
3.5%
Aerospace
&
Defense
3.3%
Media
3.0%
Biotechnology
2.9%
Capital
Markets
2.8%
Software
2.7%
Air
Freight
&
Logistics
2.3%
Consumer
Staples
Distribution
&
Retail
2.3%
Metals
&
Mining
2.1%
Personal
Care
Products
2.1%
Trading
Companies
&
Distributors
1.9%
Other
16.7%
Other
Assets
&
Liabilities,
Net
0.2%
Net
Assets
100%
Country
Allocation
2
(%
of
net
assets)
United
States
50.9%
Germany
8.3%
Japan
7.3%
France
7.1%
Netherlands
6.9%
United
Kingdom
2.9%
Finland
2.9%
South
Korea
2.8%
Australia
2.1%
Singapore
1.7%
Other
6.9%
Other
Assets
&
Liabilities,
Net
0.2%
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
4.2%
(as
a
percentage
of
net
assets)
in
emerging
market
countries.
Nuveen
International
Value
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
June
30,
2023
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,
2025
so
that
the
total
annual
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed
0.94%
of
the
average
daily
net
assets
of
any
class
of
Fund
Shares.
This
expense
limitation
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of
Trustees
of
the
Fund.
Growth
of
an
Assumed
$10,000
Investment
as
of June
30,
2023 -
Class
A
The
graphs
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemption
of
Fund
Shares.
Total
Returns
as
of
June
30,
2023**
Average
Annual
Expense
Ratios
***
Inception
Date
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
12/20/99
18.00%
3.77%
4.70%
1.33%
1.14%
Class
A
at
maximum
Offering
Price
12/20/99
11.19%
2.56%
4.08%
—
—
MSCI
EAFE®
Index
(Net)
—
18.77%
4.39%
5.41%
—
—
Lipper
International
Multi-Cap
Value
Funds
Classification
Average
—
17.22%
3.15%
4.44%
—
—
Class
C
at
NAV
12/20/99
17.12%
2.99%
4.07%
2.08%
1.89%
Class
C
at
maximum
Offering
Price
12/20/99
17.12%
2.99%
4.07%
—
—
Class
I
12/20/99
18.33%
4.03%
4.96%
1.08%
0.89%
Holdings
Summaries
as
of
June
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
97.0%
Investments
Purchased
with
Collateral
from
Securities
Lending
2.1%
Repurchase
Agreements
1.5%
Other
Assets
&
Liabilities,
Net
(0.6)%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
ING
Groep
NV
3.6%
Siemens
AG
3.4%
Shell
PLC,
ADR
3.2%
Technip
Energies
NV
3.0%
Sanofi
2.8%
Portfolio
Composition
1
(%
of
net
assets)
Banks
10.0%
Insurance
6.7%
Pharmaceuticals
6.3%
Industrial
Conglomerates
5.4%
Semiconductors
&
Semiconductor
Equipment
5.3%
Electrical
Equipment
3.6%
Metals
&
Mining
3.4%
Hotels,
Restaurants
&
Leisure
3.3%
Oil,
Gas
&
Consumable
Fuels
3.2%
Automobiles
3.2%
Professional
Services
3.2%
Consumer
Staples
Distribution
&
Retail
3.0%
Energy
Equipment
&
Services
3.0%
Software
2.9%
Capital
Markets
2.6%
Media
2.6%
Chemicals
2.3%
Household
Durables
2.3%
Air
Freight
&
Logistics
2.2%
Real
Estate
Management
&
Development
2.0%
Beverages
1.9%
Aerospace
&
Defense
1.9%
Passenger
Airlines
1.8%
Health
Care
Providers
&
Services
1.7%
Other
13.2%
Investments
Purchased
with
Collateral
from
Securities
Lending
2.1%
Repurchase
Agreements
1.5%
Other
Assets
&
Liabilities,
Net
(0.6)%
Net
Assets
100%
Country
Allocation
2
(%
of
net
assets)
Japan
21.6%
Germany
13.3%
Netherlands
11.4%
France
10.4%
United
Kingdom
9.2%
United
States
7.4%
Switzerland
5.1%
Canada
2.8%
Singapore
2.4%
China
2.2%
Other
12.7%
Investments
Purchased
with
Collateral
from
Securities
Lending
2.1%
Other
Assets
&
Liabilities,
Net
(0.6)%
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
7.8%
(as
a
percentage
of
net
assets)
in
emerging
market
countries.
Nuveen
Multi
Cap
Value
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
June,
30
2023
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,
2025
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.
Growth
of
an
Assumed
$10,000
Investment
as
of June
30,
2023 -
Class
A
The
graphs
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemption
of
Fund
Shares.
Total
Returns
as
of
June
30,
2023**
Average
Annual
Expense
Ratios
***
Inception
Date
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
12/09/02
20.46%
8.41%
8.33%
1.35%
1.25%
Class
A
at
maximum
Offering
Price
12/09/02
13.53%
7.14%
7.70%
—
—
Russell
3000®
Value
Index
—
11.22%
7.79%
9.09%
—
—
Lipper
Multi-Cap
Value
Funds
Classification
Average
—
11.64%
7.88%
8.89%
—
—
Class
C
at
NAV
12/09/02
19.58%
7.60%
7.68%
2.10%
2.00%
Class
C
at
maximum
Offering
Price
12/09/02
19.58%
7.60%
7.68%
—
—
Class
I
11/04/97
20.78%
8.69%
8.61%
1.10%
1.00%
Holdings
Summaries
as
of
June
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
93
.3
%
Repurchase
Agreements
5
.4
%
Other
Assets
&
Liabilities,
Net
1.3%
Net
Assets
100
%
Portfolio
Composition
1
(%
of
net
assets)
Oil,
Gas
&
Consumable
Fuels
8.6%
Banks
8.2%
Software
7.0%
Biotechnology
4.8%
Electrical
Equipment
4.4%
Aerospace
&
Defense
4.4%
Chemicals
4.2%
Insurance
3.8%
Capital
Markets
3.7%
Electric
Utilities
3.6%
Pharmaceuticals
3.4%
Machinery
2.8%
Health
Care
Providers
&
Services
2.6%
Consumer
Staples
Distribution
&
Retail
2.5%
Semiconductors
&
Semiconductor
Equipment
2.3%
Automobiles
2.3%
Interactive
Media
&
Services
2.3%
Financial
Services
2.1%
Health
Care
Equipment
&
Supplies
2.0%
Energy
Equipment
&
Services
2.0%
Entertainment
2.0%
Communications
Equipment
1.7%
Multi-Utilities
1.5%
Consumer
Finance
1.4%
Other
9.7%
Repurchase
Agreements
5.4%
Other
Assets
&
Liabilities,
Net
1.3%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Shell
PLC,
ADR
3.7%
nVent
Electric
PLC
3.1%
Oracle
Corp
2.8%
Flowserve
Corp
2.8%
Teradata
Corp
2.8%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
Nuveen
Large
Cap
Value
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
June,
30
2023
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,
2025
so
that
the
total
annual
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed 0.79%
through
July
31,
2025
or
1.35%
after
July
31,
2025
of
the
average
daily
net
assets
of
any
class
of
Fund
Shares.
This
expense
limitation
expir-
ing
on
July
31,
2025
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of
Trustees
of
the
Fund.
The
expense
limitation
in
effect
thereafter
may
be
terminated
or
modified
only
with
the
approval
of
shareholders
of
the
Fund.
Growth
of
an
Assumed
$10,000
Investment
as
of June
30,
2023 -
Class
A
The
graphs
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemption
of
Fund
Shares.
Total
Returns
as
of
June
30,
2023**
Average
Annual
Expense
Ratios
***
Inception
Date
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
12/15/06
15.95%
7.35%
7.75%
1.80%
0.99%
Class
A
at
maximum
Offering
Price
12/15/06
9.33%
6.08%
7.11%
—
—
Russell
1000®
Value
Index
—
11.54%
8.11%
9.22%
—
—
Lipper
Multi-Cap
Value
Funds
Classification
Average
—
11.64%
7.88%
8.89%
—
—
Class
C
at
NAV
12/15/06
14.84%
6.54%
7.09%
2.55%
1.74%
Class
C
at
maximum
Offering
Price
12/15/06
14.84%
6.54%
7.09%
—
—
Class
I
12/15/06
16.35%
7.65%
8.04%
1.55%
0.74%
Holdings
Summaries
as
of
June
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
98.6%
Investments
Purchased
with
Collateral
from
Securities
Lending
1.1%
Repurchase
Agreements
1.2%
Other
Assets
&
Liabilities,
Net
(0.9)%
Net
Assets
100%
Portfolio
Composition
1
(%
of
net
assets)
Oil,
Gas
&
Consumable
Fuels
8.4%
Banks
7.5%
Electrical
Equipment
6.2%
Insurance
6.1%
Health
Care
Providers
&
Services
4.7%
Software
4.4%
Capital
Markets
4.3%
Aerospace
&
Defense
4.3%
Pharmaceuticals
4.0%
Electric
Utilities
4.0%
Biotechnology
3.9%
Chemicals
3.3%
Interactive
Media
&
Services
3.0%
Consumer
Staples
Distribution
&
Retail
2.8%
Financial
Services
2.7%
Automobiles
2.6%
Machinery
2.3%
Health
Care
Equipment
&
Supplies
2.2%
Energy
Equipment
&
Services
2.2%
Entertainment
2.1%
Other
17.6%
Investments
Purchased
with
Collateral
from
Securities
Lending
1.1%
Repurchase
Agreements
1.2%
Other
Assets
&
Liabilities,
Net
(0.9)%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Shell
PLC,
ADR
3.8%
Oracle
Corp
3.0%
nVent
Electric
PLC
3.0%
Walmart
Inc
2.8%
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.
Nuveen
Small/Mid
Cap
Value
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
June
30,
2023
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,
2025
so
that
the
total
annual
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed 1.10%
through
July
31,
2025
or
1.45%
after
July
31,
2025
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,
2025
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of
Trustees
of
the
Fund.
The
expense
limitation
in
effect
thereafter
may
be
terminated
or
modified
only
with
the
approval
of
shareholders
of
the
Fund.
Total
Returns
as
of
June
30,
2023**
Average
Annual
Expense
Ratios
***
Inception
Date
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
12/15/06
18.50%
6.37%
7.73%
1.61%
1.30%
Class
A
at
maximum
Offering
Price
12/15/06
11.69%
5.12%
7.09%
—
—
Russell
2500®
Value
Index
—
10.37%
5.32%
8.02%
—
—
Lipper
Small-Cap
Core
Funds
Classification
Average
—
12.28%
5.14%
8.08%
—
—
Class
C
at
NAV
12/15/06
17.65%
5.58%
7.08%
2.36%
2.05%
Class
C
at
maximum
Offering
Price
12/15/06
17.65%
5.58%
7.08%
—
—
Class
I
12/15/06
18.82%
6.64%
8.00%
1.36%
1.05%
Total
Returns
as
of
June
30,
2023**
Average
Annual
Expense
Ratios***
Inception
Date
1-Year
5-Year
Since
Inception
Gross
Net
Class
R6
6/30/16
18.92%
6.79%
9.68%
1.19%
0.88%
Growth
of
an
Assumed
$10,000
Investment
as
of June
30,
2023 -
Class
A
The
graphs
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemption
of
Fund
Shares.
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
June
30,
2023
(continued)
Holdings
Summaries
as
of
June
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
96
.2
%
Repurchase
Agreements
3
.7
%
Other
Assets
&
Liabilities,
Net
0.1%
Net
Assets
100
%
Portfolio
Composition
1
(%
of
net
assets)
Electrical
Equipment
7.4%
Biotechnology
6.5%
Banks
6.1%
Insurance
6.0%
Machinery
5.6%
Capital
Markets
5.5%
Automobile
Components
5.0%
Metals
&
Mining
4.8%
Aerospace
&
Defense
4.2%
Oil,
Gas
&
Consumable
Fuels
3.8%
Electric
Utilities
3.7%
Communications
Equipment
3.1%
Software
3.0%
Hotels,
Restaurants
&
Leisure
2.8%
Semiconductors
&
Semiconductor
Equipment
2.5%
Industrial
REITs
2.2%
Retail
REITs
2.1%
Specialized
REITs
1.9%
Food
Products
1.8%
Other
18.2%
Repurchase
Agreements
3.7%
Other
Assets
&
Liabilities,
Net
0.1%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
Teradata
Corp
3.0%
EnerSys
2.9%
nVent
Electric
PLC
2.8%
BorgWarner
Inc
2.5%
Rambus
Inc
2.5%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
Nuveen
Small
Cap
Value
Opportunities
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
June
30,
2023
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Russell
2000®
Value
Index.
**
Class
A
Shares
have
a
maximum
5.75%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(CDSC)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
reflected
in
the
maximum
Offering
Price
total
returns
presented
for
less
than
1-Year,
when
and
where
applicable.
Class
C
Shares
automatically
convert
to
Class
A
Shares eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
R6
Shares
have
no
sales
charge
and
are
available
only
to
certain
limited
categories
of
investors
as
described
in
the
prospectus.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
***
The
Fund’s
investment
adviser
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
through
July
31,
2025
so
that
the
total
annual
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed 0.99%
through
July
31,
2025
or
1.50%
after
July
31,
2025
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,
2025
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of
Trustees
of
the
Fund.
The
expense
limitation
in
effect
thereafter
may
be
terminated
or
modified
only
with
the
approval
of
shareholders
of
the
Fund.
Total
Returns
as
of
June
30,
2023**
Average
Annual
Expense
Ratios
***
Inception
Date
1-Year
5-Year
10-Year
Gross
Net
Class
A
at
NAV
12/08/04
17.62%
3.68%
7.90%
1.33%
1.19%
Class
A
at
maximum
Offering
Price
12/08/04
10.85%
2.46%
7.27%
—
—
Russell
2000®
Value
Index
—
6.01%
3.54%
7.29%
—
—
Lipper
Small-Cap
Core
Funds
Classification
Average
—
12.28%
5.14%
8.08%
—
—
Class
C
at
NAV
12/08/04
16.71%
2.91%
7.25%
2.08%
1.94%
Class
C
at
maximum
Offering
Price
12/08/04
16.71%
2.91%
7.25%
—
—
Class
R6
2/15/13
18.06%
4.11%
8.34%
0.94%
0.80%
Class
I
12/08/04
17.88%
3.93%
8.17%
1.08%
0.94%
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
June
30,
2023
(continued)
Growth
of
an
Assumed
$10,000
Investment
as
of June
30,
2023 -
Class
A
The
graphs
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
may
pay
on
Fund
distributions
or
the
redemption
of
Fund
Shares.
Holdings
Summaries
as
of
June
30,
2023
Fund
Allocation
(%
of
net
assets)
Common
Stocks
97.4%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.9%
Repurchase
Agreements
2.3%
Other
Assets
&
Liabilities,
Net
(0.6)%
Net
Assets
100%
Portfolio
Composition
1
(%
of
net
assets)
Banks
12.3%
Machinery
7.4%
Software
6.5%
Electrical
Equipment
5.8%
Biotechnology
5.6%
Capital
Markets
5.4%
Oil,
Gas
&
Consumable
Fuels
4.7%
Communications
Equipment
4.0%
Aerospace
&
Defense
3.5%
Retail
REITs
3.4%
Hotels,
Restaurants
&
Leisure
3.3%
Electric
Utilities
3.3%
Insurance
2.7%
Automobile
Components
2.6%
Semiconductors
&
Semiconductor
Equipment
2.5%
Metals
&
Mining
2.4%
Diversified
Consumer
Services
2.4%
Industrial
REITs
2.4%
Food
Products
1.9%
Other
15.3%
Investments
Purchased
with
Collateral
from
Securities
Lending
0.9%
Repurchase
Agreements
2.3%
Other
Assets
&
Liabilities,
Net
(0.6)%
Net
Assets
100%
Top
Five
Common
Stock
Holdings
(%
of
net
assets)
nVent
Electric
PLC
3.0%
Teradata
Corp
3.0%
EnerSys
2.8%
Permian
Resources
Corp
2.7%
Rambus
Inc
2.6%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
table
above.
As
a
shareholder
of
one
or
more
of
the
Funds,
you
incur
two
types
of
costs:
(1)
transaction
costs, including
up-front
and
back-end
sales
charges
(loads)
or
redemption
fees,
where
applicable;
and
(2)
ongoing
costs,
including
management
fees;
distribution
and
service
(12b-1)
fees,
where
applicable;
and
other
Fund
expenses.
The
Examples
below
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Funds
and
to
compare
these
costs
with
the
ongoing
costs
of investing
in
other
mutual
funds.
The
Examples
below
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
period
ended
June
30,
2023.
The
beginning
of
the
period
is
January
1,
2023.
The
information
under
“Actual
Performance,”
together
with
the
amount
you
invested,
allows
you
to
estimate
actual
expenses
incurred
over
the
reporting
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.60)
and
multiply
the
result
by
the
cost
shown
for
your
share
class,
in
the
row
entitled
“Expenses
Incurred
During
Period”
to
estimate
the
expenses
incurred
on
your
account
during
this
period.
The
information
under
“Hypothetical
Performance,”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratios
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expense
you
incurred
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
following
tables
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transaction
costs.
Therefore,
the
hypothetical
information
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds
or
share
classes.
In
addition,
if
these
transaction
costs
were
included,
your
costs
would
have
been
higher.
Nuveen
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
$1,072.63
$1,068.75
$1,073.94
Expenses
Incurred
During
the
Period
$5.70
$9.54
$4.42
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,019.29
$1,015.57
$1,020.53
Expenses
Incurred
During
the
Period
$5.56
$9.30
$4.31
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
181
/365
(to
reflect
the
one-half
year
period).
Nuveen
International
Value
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,136.21
$1,131.83
$1,137.48
Expenses
Incurred
During
the
Period
$6.04
$10.04
$4.77
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,019.14
$1,015.37
$1,020.33
Expenses
Incurred
During
the
Period
$5.71
$9.49
$4.51
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.14%,
1.90%
and
0.90%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181
/365
(to
reflect
the
one-half
year
period).
Nuveen
Multi
Cap
Value
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,098.18
$1,094.30
$1,099.59
Expenses
Incurred
During
the
Period
$6.03
$9.92
$4.79
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,019.04
$1,015.32
$1,020.23
Expenses
Incurred
During
the
Period
$5.81
$9.54
$4.61
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.25%,
1.99%
and
1.00%
for
Classes
A,
C
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181
/365
(to
reflect
the
one-half
year
period).
Nuveen
Large
Cap
Value
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,068.35
$1,064.19
$1,070.18
Expenses
Incurred
During
the
Period
$5.13
$8.96
$3.85
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,019.84
$1,016.12
$1,021.08
Expenses
Incurred
During
the
Period
$5.01
$8.75
$3.76
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
181
/365
(to
reflect
the
one-half
year
period).
Nuveen
Small/Mid
Cap
Value
Fund
Share
Class
Class
A
Class
C
Class
R6
Class
I
Actual
Performance
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,066.28
$1,062.32
$1,067.68
$1,067.96
Expenses
Incurred
During
the
Period
$6.71
$10.53
$5.18
$5.38
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,018.30
$1,014.58
$1,019.79
$1,019.59
Expenses
Incurred
During
the
Period
$6.56
$10.29
$5.06
$5.26
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
1.31%,
2.06%,
1.01%
and
1.05%
for
Classes
A,
C,
R6
and
I,
respectively,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181
/365
(to
reflect
the
one-half
year
period).
Nuveen
Small
Cap
Value
Opportunities
Fund
Share
Class
Class
A
Class
C
Class
R6
Class
I
Actual
Performance
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,044.34
$1,040.58
$1,046.27
$1,045.67
Expenses
Incurred
During
the
Period
$6.08
$8.87
$4.16
$4.82
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,018.84
$1,015.12
$1,020.73
$1,020.08
Expenses
Incurred
During
the
Period
$6.01
$9.74
$4.11
$4.76
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
181
/365
(to
reflect
the
one-half
year
period).
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
Nuveen
Investment
Trust
and
Nuveen
Investment
Trust
II
and
Shareholders
of
Nuveen
Global
Equity
Income
Fund,
Nuveen
International
Value
Fund,
Nuveen
Multi
Cap
Value
Fund,
Nuveen
Large
Cap
Value
Fund,
Nuveen
Small/Mid
Cap
Value
Fund
and
Nuveen
Small
Cap
Value
Opportunities
Fund
Opinions
on
the
Financial
Statements
We
have
audited
the
accompanying
statements
of
assets
and
liabilities,
including
the
portfolios
of
investments,
of
Nuveen
Global
Equity
Income
Fund,
Nuveen
Multi
Cap
Value
Fund,
Nuveen
Large
Cap
Value
Fund,
Nuveen
Small/Mid
Cap
Value
Fund
and
Nuveen
Small
Cap
Value
Opportunities
Fund
(five
of
the
funds
constituting
Nuveen
Investment
Trust)
and
Nuveen
International
Value
Fund
(one
of
the
funds
constituting
Nuveen
Investment
Trust
II)
(hereafter
collectively
referred
to
as
the
“Funds”)
as
of
June
30,
2023,
the
related
statements
of
operations
for
the
year
ended
June
30,
2023,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
June
30,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
June
30,
2023
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
each
of
the
Funds
as
of
June
30,
2023,
the
results
of
each
of
their
operations
for
the
year
then
ended,
the
changes
in
each
of
their
net
assets
for
each
of
the
two
years
in
the
period
ended
June
30,
2023
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
June
30,
2023
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinions
These
financial
statements
are
the
responsibility
of
the
Funds’
management.
Our
responsibility
is
to
express
an
opinion
on
the
Funds’
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Funds
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
June
30,
2023
by
correspondence
with
the
custodian
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinions.
/s/
PricewaterhouseCoopers
LLP
Chicago,
Illinois
August
25,
2023
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
Nuveen
Funds
since
2002.
Nuveen
Global
Equity
Income
Fund
Portfolio
of
Investments
June,
30
2023
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
99.8%
X
132,469,177
COMMON
STOCKS
-
99.8%
X
132,469,177
Aerospace
&
Defense
-
3.3%
14,153
Airbus
SE
$
2,046,266
10,650
General
Dynamics
Corp
2,291,347
Total
Aerospace
&
Defense
4,337,613
Air
Freight
&
Logistics
-
2.3%
63,028
Deutsche
Post
AG
3,079,690
Total
Air
Freight
&
Logistics
3,079,690
Automobiles
-
1.4%
48,263
General
Motors
Co
1,861,021
Total
Automobiles
1,861,021
Banks
-
11.6%
51,025
Fifth
Third
Bancorp
1,337,365
16,676
JPMorgan
Chase
&
Co
2,425,357
354,563
Nordea
Bank
Abp
3,862,235
244,220
Oversea-Chinese
Banking
Corp
Ltd
2,221,667
83,300
Sumitomo
Mitsui
Trust
Holdings
Inc
2,955,114
60,036
Wells
Fargo
&
Co
2,562,337
Total
Banks
15,364,075
Beverages
-
4.4%
32,191
Coca-Cola
Co/The
1,938,542
37,407
Heineken
NV
3,846,807
Total
Beverages
5,785,349
Biotechnology
-
2.9%
14,399
AbbVie
Inc
1,939,977
25,338
Gilead
Sciences
Inc
1,952,800
Total
Biotechnology
3,892,777
Capital
Markets
-
2.8%
20,142
Deutsche
Boerse
AG
3,718,504
Total
Capital
Markets
3,718,504
Chemicals
-
3.5%
40,240
DuPont
de
Nemours
Inc
2,874,746
30,303
Nutrien
Ltd
1,789,015
Total
Chemicals
4,663,761
Communications
Equipment
-
1.5%
39,328
Cisco
Systems
Inc
2,034,831
Total
Communications
Equipment
2,034,831
Consumer
Staples
Distribution
&
Retail
-
2.3%
19,233
Walmart
Inc
3,023,043
Total
Consumer
Staples
Distribution
&
Retail
3,023,043
Diversified
Telecommunication
Services
-
1.2%
160,168
Telenor
ASA
1,624,028
Total
Diversified
Telecommunication
Services
1,624,028
Nuveen
Global
Equity
Income
Fund
(continued)
Portfolio
of
Investments
June,
30
2023
Shares
Description
(1)
Value
Electric
Utilities
-
1.5%
300,707
Enel
SpA
$
2,027,494
Total
Electric
Utilities
2,027,494
Electrical
Equipment
-
3.8%
12,113
Eaton
Corp
PLC
2,435,924
180,900
Mitsubishi
Electric
Corp
2,557,355
Total
Electrical
Equipment
4,993,279
Energy
Equipment
&
Services
-
1.0%
42,453
Baker
Hughes
Co
1,341,939
Total
Energy
Equipment
&
Services
1,341,939
Health
Care
Equipment
&
Supplies
-
1.6%
24,096
Medtronic
PLC
2,122,857
Total
Health
Care
Equipment
&
Supplies
2,122,857
Health
Care
Providers
&
Services
-
3.9%
4,028
Elevance
Health
Inc
1,789,600
7,604
Humana
Inc
3,399,977
Total
Health
Care
Providers
&
Services
5,189,577
Hotels,
Restaurants
&
Leisure
-
1.4%
31,429
Las
Vegas
Sands
Corp
(2)
1,822,882
Total
Hotels,
Restaurants
&
Leisure
1,822,882
Industrial
Conglomerates
-
1.8%
14,420
Siemens
AG
2,403,827
Total
Industrial
Conglomerates
2,403,827
Insurance
-
7.8%
7,889
Allianz
SE
1,837,536
8,720
Chubb
Ltd
1,679,123
8,193
Everest
Re
Group
Ltd
2,800,859
55,233
NN
Group
NV
2,044,596
4,047
Zurich
Insurance
Group
AG
1,925,112
Total
Insurance
10,287,226
IT
Services
-
1.2%
8,614
Capgemini
SE
1,630,997
Total
IT
Services
1,630,997
Media
-
3.0%
48,588
Comcast
Corp,
Class
A
2,018,831
24,860
Publicis
Groupe
SA
1,995,170
Total
Media
4,014,001
Metals
&
Mining
-
2.1%
94,031
BHP
Group
Ltd
2,826,756
Total
Metals
&
Mining
2,826,756
Multi-Utilities
-
4.2%
52,663
Dominion
Energy
Inc
2,727,417
117,448
Engie
SA
1,955,852
69,678
National
Grid
PLC
923,816
Total
Multi-Utilities
5,607,085
Shares
Description
(1)
Value
Oil,
Gas
&
Consumable
Fuels
-
6.9%
18,867
Chevron
Corp
$
2,968,722
113,874
Enterprise
Products
Partners
LP
3,000,580
107,556
Shell
PLC
3,208,575
Total
Oil,
Gas
&
Consumable
Fuels
9,177,877
Personal
Care
Products
-
2.1%
48,090
Kao
Corp
1,745,182
39,039
Kenvue
Inc
(2)
1,031,410
Total
Personal
Care
Products
2,776,592
Pharmaceuticals
-
7.5%
41,136
AstraZeneca
PLC,
Sponsored
ADR
2,944,104
29,042
Bristol-Myers
Squibb
Co
1,857,236
11,922
Johnson
&
Johnson
1,973,329
29,566
Sanofi
3,182,950
Total
Pharmaceuticals
9,957,619
Semiconductors
&
Semiconductor
Equipment
-
4.1%
4,018
Broadcom
Inc
3,485,334
86,400
MediaTek
Inc
1,912,536
Total
Semiconductors
&
Semiconductor
Equipment
5,397,870
Software
-
2.7%
30,347
Oracle
Corp
3,614,024
Total
Software
3,614,024
Technology
Hardware,
Storage
&
Peripherals
-
1.6%
46,309
Samsung
Electronics
Co
Ltd
2,101,468
Total
Technology
Hardware,
Storage
&
Peripherals
2,101,468
Textiles,
Apparel
&
Luxury
Goods
-
1.3%
3,143
Kering
SA
1,735,562
Total
Textiles,
Apparel
&
Luxury
Goods
1,735,562
Trading
Companies
&
Distributors
-
1.9%
64,500
Mitsui
&
Co
Ltd
2,441,185
Total
Trading
Companies
&
Distributors
2,441,185
Wireless
Telecommunication
Services
-
1.2%
45,622
SK
Telecom
Co
Ltd
1,614,368
Total
Wireless
Telecommunication
Services
1,614,368
Total
Common
Stocks
(cost
$110,588,798)
132,469,177
Total
Long-Term
Investments
(cost
$110,588,798)
132,469,177
Total
Investments
(cost
$
110,588,798
)
-
99
.8
%
132,469,177
Other
Assets
&
Liabilities,
Net
- 0.2%
236,517
Net
Assets
-
100%
$
132,705,694
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
Notes
to
Financial
Statements
Nuveen
International
Value
Fund
Portfolio
of
Investments
June,
30
2023
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
97.0%
X
95,075,458
COMMON
STOCKS
-
97.0%
X
95,075,458
Aerospace
&
Defense
-
1.9%
12,211
Thales
SA
$
1,829,560
Total
Aerospace
&
Defense
1,829,560
Air
Freight
&
Logistics
-
2.2%
44,927
Deutsche
Post
AG
2,195,234
Total
Air
Freight
&
Logistics
2,195,234
Automobile
Components
-
1.1%
690,766
Dowlais
Group
PLC
(2)
1,114,136
Total
Automobile
Components
1,114,136
Automobiles
-
3.2%
12,754
Hyundai
Motor
Co
1,055,576
12,833
Toyota
Motor
Corp,
Sponsored
ADR
(3)
2,062,905
Total
Automobiles
3,118,481
Banks
-
10.0%
734,499
Barclays
PLC
1,434,909
259,003
ING
Groep
NV
3,491,773
146,178
Nordea
Bank
Abp
1,592,309
145,732
Oversea-Chinese
Banking
Corp
Ltd
1,325,722
55,100
Sumitomo
Mitsui
Trust
Holdings
Inc
1,954,704
Total
Banks
9,799,417
Beverages
-
1.9%
18,007
Heineken
NV
1,851,778
Total
Beverages
1,851,778
Capital
Markets
-
2.6%
126,194
UBS
Group
AG
2,557,952
Total
Capital
Markets
2,557,952
Chemicals
-
2.3%
8,980
DSM-Firmenich
AG
(2)
966,375
22,717
Nutrien
Ltd
1,341,156
Total
Chemicals
2,307,531
Consumer
Staples
Distribution
&
Retail
-
3.0%
29,300
Seven
&
i
Holdings
Co
Ltd
1,265,823
541,841
Tesco
PLC
1,709,260
Total
Consumer
Staples
Distribution
&
Retail
2,975,083
Diversified
Telecommunication
Services
-
1.5%
50,388
Nippon
Telegraph
&
Telephone
Corp,
ADR
1,486,950
Total
Diversified
Telecommunication
Services
1,486,950
Electrical
Equipment
-
3.6%
47,931
Mabuchi
Motor
Co
Ltd
1,337,476
153,000
Mitsubishi
Electric
Corp
2,162,937
Total
Electrical
Equipment
3,500,413
Shares
Description
(1)
Value
Energy
Equipment
&
Services
-
3.0%
128,946
Technip
Energies
NV
$
2,970,409
Total
Energy
Equipment
&
Services
2,970,409
Financial
Services
-
1.3%
16,561
Groupe
Bruxelles
Lambert
NV
1,305,564
Total
Financial
Services
1,305,564
Health
Care
Providers
&
Services
-
1.7%
34,630
Fresenius
Medical
Care
AG
&
Co
KGaA
1,655,006
Total
Health
Care
Providers
&
Services
1,655,006
Hotels,
Restaurants
&
Leisure
-
3.3%
40,647
Accor
SA
1,512,533
514,291
Sands
China
Ltd
(2)
1,761,298
Total
Hotels,
Restaurants
&
Leisure
3,273,831
Household
Durables
-
2.3%
44,264
Sekisui
House
Ltd
894,114
1,031,667
Taylor
Wimpey
PLC
1,347,761
Total
Household
Durables
2,241,875
Industrial
Conglomerates
-
5.4%
293,415
Melrose
Industries
PLC
1,890,498
20,282
Siemens
AG
3,381,027
Total
Industrial
Conglomerates
5,271,525
Insurance
-
6.7%
6,139
Allianz
SE
1,429,919
34,923
Axis
Capital
Holdings
Ltd
1,879,905
28,456
NN
Group
NV
1,053,375
48,800
Sompo
Holdings
Inc
2,189,618
Total
Insurance
6,552,817
Interactive
Media
&
Services
-
1.2%
8,583
Baidu
Inc,
Sponsored
ADR
(2)
1,175,099
Total
Interactive
Media
&
Services
1,175,099
Machinery
-
1.6%
57,285
Komatsu
Ltd
1,549,445
Total
Machinery
1,549,445
Media
-
2.6%
31,369
Publicis
Groupe
SA
2,517,558
Total
Media
2,517,558
Metals
&
Mining
-
3.4%
26,996
Agnico
Eagle
Mines
Ltd
1,349,260
66,559
BHP
Group
Ltd
2,000,894
Total
Metals
&
Mining
3,350,154
Multi-Utilities
-
1.6%
115,674
National
Grid
PLC
1,533,647
Total
Multi-Utilities
1,533,647
Oil,
Gas
&
Consumable
Fuels
-
3.2%
52,381
Shell
PLC,
ADR
3,162,765
Total
Oil,
Gas
&
Consumable
Fuels
3,162,765
Nuveen
International
Value
Fund
(continued)
Portfolio
of
Investments
June,
30
2023
Shares
Description
(1)
Value
Passenger
Airlines
-
1.8%
80,400
Japan
Airlines
Co
Ltd
$
1,743,350
Total
Passenger
Airlines
1,743,350
Pharmaceuticals
-
6.3%
22,814
Bayer
AG
1,262,870
69,540
GSK
PLC
1,232,426
25,324
Sanofi
2,726,275
30,300
Takeda
Pharmaceutical
Co
Ltd
952,103
Total
Pharmaceuticals
6,173,674
Professional
Services
-
3.2%
44,908
Adecco
Group
AG
1,470,798
12,896
Wolters
Kluwer
NV
1,637,450
Total
Professional
Services
3,108,248
Real
Estate
Management
&
Development
-
2.0%
205,654
City
Developments
Ltd
1,025,798
586,000
Hang
Lung
Properties
Ltd
906,815
Total
Real
Estate
Management
&
Development
1,932,613
Semiconductors
&
Semiconductor
Equipment
-
5.3%
41,401
AIXTRON
SE
1,405,876
22,900
Rohm
Co
Ltd
2,169,183
87,000
Taiwan
Semiconductor
Manufacturing
Co
Ltd
1,607,179
Total
Semiconductors
&
Semiconductor
Equipment
5,182,238
Software
-
2.9%
9,323
Check
Point
Software
Technologies
Ltd
(2)
1,171,155
12,602
SAP
SE
1,721,527
Total
Software
2,892,682
Specialty
Retail
-
1.0%
1,100,000
Topsports
International
Holdings
Ltd,
144A
957,026
Total
Specialty
Retail
957,026
Technology
Hardware,
Storage
&
Peripherals
-
1.4%
23,200
FUJIFILM
Holdings
Corp
1,382,329
Total
Technology
Hardware,
Storage
&
Peripherals
1,382,329
Textiles,
Apparel
&
Luxury
Goods
-
1.4%
2,437
Kering
SA
1,345,709
Total
Textiles,
Apparel
&
Luxury
Goods
1,345,709
Shares
Description
(1)
Value
Wireless
Telecommunication
Services
-
1.1%
29,994
SK
Telecom
Co
Ltd
$
1,061,359
Total
Wireless
Telecommunication
Services
1,061,359
Total
Common
Stocks
(cost
$70,723,056)
95,075,458
Total
Long-Term
Investments
(cost
$70,723,056)
95,075,458
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
2.1%
X
2,085,671
MONEY
MARKET
FUNDS
-
2.1%
X
2,085,671
2,085,671
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(4)
5.110%(5)
$
2,085,671
Total
Money
Market
Funds
(cost
$2,085,671)
$
2,085,671
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$2,085,671)
2,085,671
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
1.5%
1,430,000
REPURCHASE
AGREEMENTS
-
1.5%
X
1,430,000
$
1,430
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$1,430,597,
collateralized
by
$1,479,500,
U.S.
Treasury
Note,
3.75%,
due
06/30/2030,
value
$1,458,695
5.010%
7/03/23
$
1,430,000
Total
Repurchase
Agreements
(cost
$1,430,000)
1,430,000
Total
Short-Term
Investments
(cost
$1,430,000)
1,430,000
Total
Investments
(cost
$
74,238,727
)
-
100
.6
%
98,591,129
Other
Assets
&
Liabilities,
Net
- (0.6)%
(
548,624
)
Net
Assets
-
100%
$
98,042,505
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
$2,042,168.
(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.
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
Notes
to
Financial
Statements
Nuveen
Multi
Cap
Value
Fund
Portfolio
of
Investments
June,
30
2023
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
93.3%
X
112,312,328
COMMON
STOCKS
-
93.3%
X
112,312,328
Aerospace
&
Defense
-
4.4%
13,499
Curtiss-Wright
Corp
$
2,479,226
12,878
General
Dynamics
Corp
2,770,702
Total
Aerospace
&
Defense
5,249,928
Automobiles
-
2.3%
71,527
General
Motors
Co
2,758,081
Total
Automobiles
2,758,081
Banks
-
8.2%
73,136
Bank
of
NT
Butterfield
&
Son
Ltd/The
2,001,001
51,728
Citigroup
Inc
2,381,557
18,372
JPMorgan
Chase
&
Co
2,672,024
67,341
Wells
Fargo
&
Co
2,874,114
Total
Banks
9,928,696
Biotechnology
-
4.8%
13,765
AbbVie
Inc
1,854,558
451,553
ADMA
Biologics
Inc
(2)
1,666,231
29,776
Gilead
Sciences
Inc
2,294,836
Total
Biotechnology
5,815,625
Capital
Markets
-
3.7%
32,643
B
Riley
Financial
Inc
1,500,925
17,669
Morgan
Stanley
1,508,933
20,563
State
Street
Corp
1,504,800
Total
Capital
Markets
4,514,658
Chemicals
-
4.2%
39,843
DuPont
de
Nemours
Inc
2,846,384
21,511
Innospec
Inc
2,160,565
Total
Chemicals
5,006,949
Communications
Equipment
-
1.7%
50,468
Viasat
Inc
(2)
2,082,310
Total
Communications
Equipment
2,082,310
Consumer
Finance
-
1.4%
14,687
Discover
Financial
Services
1,716,176
Total
Consumer
Finance
1,716,176
Consumer
Staples
Distribution
&
Retail
-
2.5%
19,412
Walmart
Inc
3,051,178
Total
Consumer
Staples
Distribution
&
Retail
3,051,178
Diversified
Telecommunication
Services
-
1.1%
83,452
AT&T
Inc
1,331,059
Total
Diversified
Telecommunication
Services
1,331,059
Shares
Description
(1)
Value
Electric
Utilities
-
3.6%
28,016
Alliant
Energy
Corp
$
1,470,280
15,535
Constellation
Energy
Corp
1,422,229
17,359
Pinnacle
West
Capital
Corp
1,414,064
Total
Electric
Utilities
4,306,573
Electrical
Equipment
-
4.4%
4,806
Hubbell
Inc
1,593,477
71,794
nVent
Electric
PLC
3,709,596
Total
Electrical
Equipment
5,303,073
Energy
Equipment
&
Services
-
2.0%
75,681
Baker
Hughes
Co
2,392,277
Total
Energy
Equipment
&
Services
2,392,277
Entertainment
-
2.0%
12,794
Walt
Disney
Co/The
(2)
1,142,248
97,946
Warner
Bros
Discovery
Inc
(2)
1,228,243
Total
Entertainment
2,370,491
Financial
Services
-
2.1%
19,635
Fiserv
Inc
(2)
2,476,955
Total
Financial
Services
2,476,955
Health
Care
Equipment
&
Supplies
-
2.0%
27,745
Medtronic
PLC
2,444,335
Total
Health
Care
Equipment
&
Supplies
2,444,335
Health
Care
Providers
&
Services
-
2.6%
5,197
Elevance
Health
Inc
2,308,975
66,657
Enhabit
Inc
(2)
766,556
Total
Health
Care
Providers
&
Services
3,075,531
Hotels,
Restaurants
&
Leisure
-
1.2%
39,989
Brinker
International
Inc
(2)
1,463,597
Total
Hotels,
Restaurants
&
Leisure
1,463,597
Household
Durables
-
1.2%
17,903
PulteGroup
Inc
1,390,705
Total
Household
Durables
1,390,705
Industrial
REITs
-
1.4%
47,505
STAG
Industrial
Inc
1,704,479
Total
Industrial
REITs
1,704,479
Insurance
-
3.8%
4,146
Aon
PLC,
Class
A
1,431,199
18,624
Globe
Life
Inc
2,041,563
5,948
RenaissanceRe
Holdings
Ltd
1,109,421
Total
Insurance
4,582,183
Interactive
Media
&
Services
-
2.3%
15,652
Alphabet
Inc,
Class
A
(2)
1,873,544
53,134
TripAdvisor
Inc
(2)
876,180
Total
Interactive
Media
&
Services
2,749,724
Life
Sciences
Tools
&
Services
-
0.9%
2,961
Bio-Rad
Laboratories
Inc,
Class
A
(2)
1,122,574
Total
Life
Sciences
Tools
&
Services
1,122,574
Nuveen
Multi
Cap
Value
Fund
(continued)
Portfolio
of
Investments
June,
30
2023
Shares
Description
(1)
Value
Machinery
-
2.8%
89,516
Flowserve
Corp
$
3,325,519
Total
Machinery
3,325,519
Media
-
0.9%
26,380
Comcast
Corp,
Class
A
1,096,089
Total
Media
1,096,089
Multi-Utilities
-
1.5%
34,318
Dominion
Energy
Inc
1,777,329
Total
Multi-Utilities
1,777,329
Oil,
Gas
&
Consumable
Fuels
-
8.6%
7,162
Cheniere
Energy
Inc
1,091,202
18,045
Chesapeake
Energy
Corp
1,510,006
15,846
Hess
Corp
2,154,264
109,752
Permian
Resources
Corp
1,202,882
73,171
Shell
PLC,
ADR
4,418,065
Total
Oil,
Gas
&
Consumable
Fuels
10,376,419
Personal
Care
Products
-
1.1%
48,209
Kenvue
Inc
(2)
1,273,682
Total
Personal
Care
Products
1,273,682
Pharmaceuticals
-
3.4%
28,829
AstraZeneca
PLC,
Sponsored
ADR
2,063,292
38,181
Sanofi,
ADR
2,057,956
Total
Pharmaceuticals
4,121,248
Residential
REITs
-
1.1%
39,129
American
Homes
4
Rent,
Class
A
1,387,123
Total
Residential
REITs
1,387,123
Semiconductors
&
Semiconductor
Equipment
-
2.3%
43,188
Rambus
Inc
(2)
2,771,374
Total
Semiconductors
&
Semiconductor
Equipment
2,771,374
Software
-
7.0%
88,369
Gen
Digital
Inc
1,639,245
28,741
Oracle
Corp
3,422,766
62,247
Teradata
Corp
(2)
3,324,612
Total
Software
8,386,623
Shares
Description
(1)
Value
Specialty
Retail
-
0.8%
81,336
American
Eagle
Outfitters
Inc
$
959,765
Total
Specialty
Retail
959,765
Total
Common
Stocks
(cost
$92,885,368)
112,312,328
Total
Long-Term
Investments
(cost
$92,885,368)
112,312,328
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
5.4%
X
6,535,032
REPURCHASE
AGREEMENTS
-
5.4%
X
6,535,032
$
395
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$395,082,
collateralized
by
$460,500
U.S.
Treasury
Notes,
1.500%
due
11/30/28,
value
$403,000
1.520%
7/03/23
$
395,032
6,140
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$6,142,563,
collateralized
by
$6,190,900,
U.S.
Treasury
Notes,
4.000%
due
02/28/30,
value
$6,262,840
5.010%
7/03/23
6,140,000
Total
Repurchase
Agreements
(cost
$6,535,032)
6,535,032
Total
Short-Term
Investments
(cost
$6,535,032)
6,535,032
Total
Investments
(cost
$99,420,400
)
-
98.7%
118,847,360
Other
Assets
&
Liabilities,
Net
- 1.3%
1,578,839
Net
Assets
-
100%
$
120,426,199
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
REIT
Real
Estate
Investment
Trust
See
Notes
to
Financial
Statements
Nuveen
Large
Cap
Value
Fund
Portfolio
of
Investments
June,
30
2023
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
98.6%
X
19,651,501
COMMON
STOCKS
-
98.6%
X
19,651,501
Aerospace
&
Defense
-
4.3%
2,361
General
Dynamics
Corp
$
507,969
3,515
Raytheon
Technologies
Corp
344,330
Total
Aerospace
&
Defense
852,299
Automobiles
-
2.6%
13,317
General
Motors
Co
513,504
Total
Automobiles
513,504
Banks
-
7.5%
9,291
Citigroup
Inc
427,758
3,622
JPMorgan
Chase
&
Co
526,784
12,614
Wells
Fargo
&
Co
538,365
Total
Banks
1,492,907
Beverages
-
1.5%
5,117
Coca-Cola
Co/The
308,146
Total
Beverages
308,146
Biotechnology
-
3.9%
2,321
AbbVie
Inc
312,708
6,121
Gilead
Sciences
Inc
471,746
Total
Biotechnology
784,454
Capital
Markets
-
4.3%
4,927
KKR
&
Co
Inc
275,912
3,349
Morgan
Stanley
286,005
3,975
State
Street
Corp
290,890
Total
Capital
Markets
852,807
Chemicals
-
3.3%
6,975
DuPont
de
Nemours
Inc
498,294
3,205
Olin
Corp
164,705
Total
Chemicals
662,999
Communications
Equipment
-
1.4%
6,953
Viasat
Inc
(2)
286,881
Total
Communications
Equipment
286,881
Consumer
Finance
-
1.7%
2,925
Discover
Financial
Services
341,786
Total
Consumer
Finance
341,786
Consumer
Staples
Distribution
&
Retail
-
2.8%
3,533
Walmart
Inc
555,317
Total
Consumer
Staples
Distribution
&
Retail
555,317
Diversified
Telecommunication
Services
-
1.3%
16,238
AT&T
Inc
258,996
Total
Diversified
Telecommunication
Services
258,996
Shares
Description
(1)
Value
Electric
Utilities
-
4.0%
4,782
Alliant
Energy
Corp
$
250,959
8,752
FirstEnergy
Corp
340,278
2,461
Pinnacle
West
Capital
Corp
200,473
Total
Electric
Utilities
791,710
Electrical
Equipment
-
6.2%
1,856
Eaton
Corp
PLC
373,242
838
Hubbell
Inc
277,847
11,442
nVent
Electric
PLC
591,208
Total
Electrical
Equipment
1,242,297
Energy
Equipment
&
Services
-
2.2%
13,863
Baker
Hughes
Co
438,209
Total
Energy
Equipment
&
Services
438,209
Entertainment
-
2.1%
2,255
Walt
Disney
Co/The
(2)
201,327
16,645
Warner
Bros
Discovery
Inc
(2)
208,728
Total
Entertainment
410,055
Financial
Services
-
2.7%
4,225
Fiserv
Inc
(2)
532,984
Total
Financial
Services
532,984
Health
Care
Equipment
&
Supplies
-
2.2%
5,013
Medtronic
PLC
441,645
Total
Health
Care
Equipment
&
Supplies
441,645
Health
Care
Providers
&
Services
-
4.7%
900
Elevance
Health
Inc
399,861
601
Humana
Inc
268,725
1,927
Quest
Diagnostics
Inc
270,859
Total
Health
Care
Providers
&
Services
939,445
Household
Durables
-
1.2%
2,996
PulteGroup
Inc
232,729
Total
Household
Durables
232,729
Insurance
-
6.1%
6,409
American
International
Group
Inc
368,774
798
Aon
PLC,
Class
A
275,469
3,389
Globe
Life
Inc
371,502
1,090
RenaissanceRe
Holdings
Ltd
203,307
Total
Insurance
1,219,052
Interactive
Media
&
Services
-
3.0%
3,559
Alphabet
Inc,
Class
A
(2)
426,012
10,445
TripAdvisor
Inc
(2)
172,238
Total
Interactive
Media
&
Services
598,250
Life
Sciences
Tools
&
Services
-
1.1%
561
Bio-Rad
Laboratories
Inc,
Class
A
(2)
212,686
Total
Life
Sciences
Tools
&
Services
212,686
Machinery
-
2.3%
12,210
Flowserve
Corp
453,602
Total
Machinery
453,602
Nuveen
Large
Cap
Value
Fund
(continued)
Portfolio
of
Investments
June,
30
2023
Shares
Description
(1)
Value
Media
-
1.1%
5,097
Comcast
Corp,
Class
A
$
211,780
Total
Media
211,780
Metals
&
Mining
-
1.2%
4,186
BHP
Group
Ltd,
Sponsored
ADR
(3)
249,779
Total
Metals
&
Mining
249,779
Multi-Utilities
-
1.5%
5,828
Dominion
Energy
Inc
301,832
Total
Multi-Utilities
301,832
Office
REITs
-
1.4%
2,488
Alexandria
Real
Estate
Equities
Inc
282,363
Total
Office
REITs
282,363
Oil,
Gas
&
Consumable
Fuels
-
8.4%
1,473
Cheniere
Energy
Inc
224,426
3,240
Chesapeake
Energy
Corp
271,123
3,074
Hess
Corp
417,911
12,489
Shell
PLC,
ADR
754,086
Total
Oil,
Gas
&
Consumable
Fuels
1,667,546
Personal
Care
Products
-
1.1%
8,186
Kenvue
Inc
(2)
216,274
Total
Personal
Care
Products
216,274
Pharmaceuticals
-
4.0%
5,873
AstraZeneca
PLC,
Sponsored
ADR
420,330
6,932
Sanofi,
ADR
373,635
Total
Pharmaceuticals
793,965
Semiconductors
&
Semiconductor
Equipment
-
1.8%
10,888
Intel
Corp
364,095
Total
Semiconductors
&
Semiconductor
Equipment
364,095
Software
-
4.4%
15,698
Gen
Digital
Inc
291,198
4,976
Oracle
Corp
592,592
Total
Software
883,790
Shares
Description
(1)
Value
Technology
Hardware,
Storage
&
Peripherals
-
1.3%
4,159
Seagate
Technology
Holdings
PLC
$
257,317
Total
Technology
Hardware,
Storage
&
Peripherals
257,317
Total
Common
Stocks
(cost
$14,013,934)
19,651,501
Total
Long-Term
Investments
(cost
$14,013,934)
19,651,501
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
1.1%
X
211,054
MONEY
MARKET
FUNDS
-
1.1%
X
211,054
211,054
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(4)
5.110%(5)
$
211,054
Total
Money
Market
Funds
(cost
$211,054)
$
211,054
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$211,054)
211,054
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
1.2%
240,000
REPURCHASE
AGREEMENTS
-
1.2%
X
240,000
$
240
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$240,100,
collateralized
by
$248,300,
U.S.
Treasury
Note,
3.625%,
due
3/31/30,
value
$244,883
5.010%
7/03/23
$
240,000
Total
Repurchase
Agreements
(cost
$240,000)
240,000
Total
Short-Term
Investments
(cost
$240,000)
240,000
Total
Investments
(cost
$14,464,988
)
-
100.9%
20,102,555
Other
Assets
&
Liabilities,
Net
- (0.9)%
(170,248)
Net
Assets
-
100%
$
19,932,307
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
$205,503.
(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
REIT
Real
Estate
Investment
Trust
See
Notes
to
Financial
Statements
Nuveen
Small/Mid
Cap
Value
Fund
Portfolio
of
Investments
June
30,
2023
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
96.2%
X
–
COMMON
STOCKS
-
96
.2
%
X
82,280,330
Aerospace
&
Defense
-
4.2%
20,407
BWX
Technologies
Inc
$
1,460,529
11,364
Curtiss-Wright
Corp
2,087,112
Total
Aerospace
&
Defense
3,547,641
Automobile
Components
-
5.0%
51,573
Atmus
Filtration
Technologies
Inc
(2)
1,132,543
44,047
BorgWarner
Inc
2,154,339
74,646
Goodyear
Tire
&
Rubber
Co/The
(2)
1,021,157
Total
Automobile
Components
4,308,039
Banks
-
6.1%
174,313
New
York
Community
Bancorp
Inc
1,959,278
82,243
Old
National
Bancorp/IN
1,146,468
18,550
SouthState
Corp
1,220,590
31,063
United
Bankshares
Inc/WV
921,639
Total
Banks
5,247,975
Biotechnology
-
6.5%
554,896
ADMA
Biologics
Inc
(2)
2,047,566
35,509
Alkermes
PLC
(2)
1,111,432
10,482
BioMarin
Pharmaceutical
Inc
(2)
908,580
6,896
United
Therapeutics
Corp
(2)
1,522,292
Total
Biotechnology
5,589,870
Capital
Markets
-
5.5%
389,981
BGC
Partners
Inc,
Class
A
1,727,616
43,543
Carlyle
Group
Inc/The
1,391,199
25,951
Stifel
Financial
Corp
1,548,496
Total
Capital
Markets
4,667,311
Chemicals
-
1.3%
21,952
Olin
Corp
1,128,113
Total
Chemicals
1,128,113
Communications
Equipment
-
3.1%
30,411
Ciena
Corp
(2)
1,292,163
32,399
Viasat
Inc
(2)
1,336,783
Total
Communications
Equipment
2,628,946
Construction
&
Engineering
-
1.6%
16,260
AECOM
1,377,059
Total
Construction
&
Engineering
1,377,059
Consumer
Finance
-
1.1%
9,959
FirstCash
Holdings
Inc
929,474
Total
Consumer
Finance
929,474
Electric
Utilities
-
3.7%
9,098
IDACORP
Inc
933,455
33,060
OGE
Energy
Corp
1,187,184
12,224
Pinnacle
West
Capital
Corp
995,767
Total
Electric
Utilities
3,116,406
Shares
Description
(1)
Value
Electrical
Equipment
-
7.4%
22,563
EnerSys
$
2,448,537
4,546
Hubbell
Inc
1,507,272
45,622
nVent
Electric
PLC
2,357,288
Total
Electrical
Equipment
6,313,097
Energy
Equipment
&
Services
-
1.0%
51,753
NOV
Inc
830,118
Total
Energy
Equipment
&
Services
830,118
Financial
Services
-
1.5%
11,057
Euronet
Worldwide
Inc
(2)
1,297,760
Total
Financial
Services
1,297,760
Food
Products
-
1.8%
61,870
Hostess
Brands
Inc
(2)
1,566,548
Total
Food
Products
1,566,548
Health
Care
Equipment
&
Supplies
-
1.2%
12,660
QuidelOrtho
Corp
(2)
1,049,008
Total
Health
Care
Equipment
&
Supplies
1,049,008
Hotels,
Restaurants
&
Leisure
-
2.8%
26,894
Brinker
International
Inc
(2)
984,320
31,744
Dave
&
Buster's
Entertainment
Inc
(2)
1,414,513
Total
Hotels,
Restaurants
&
Leisure
2,398,833
Industrial
REITs
-
2.2%
53,292
STAG
Industrial
Inc
1,912,117
Total
Industrial
REITs
1,912,117
Insurance
-
6.0%
22,148
Axis
Capital
Holdings
Ltd
1,192,227
4,337
Everest
Re
Group
Ltd
1,482,647
10,666
Globe
Life
Inc
1,169,207
13,090
Selective
Insurance
Group
Inc
1,255,985
Total
Insurance
5,100,066
IT
Services
-
1.0%
8,976
Amdocs
Ltd
887,278
Total
IT
Services
887,278
Life
Sciences
Tools
&
Services
-
1.0%
2,215
Bio-Rad
Laboratories
Inc,
Class
A
(2)
839,751
Total
Life
Sciences
Tools
&
Services
839,751
Machinery
-
5.6%
19,068
Crane
Co
1,699,340
48,308
Flowserve
Corp
1,794,642
13,756
ITT
Inc
1,282,197
Total
Machinery
4,776,179
Media
-
1.3%
6,764
Nexstar
Media
Group
Inc
1,126,544
Total
Media
1,126,544
Nuveen
Small/Mid
Cap
Value
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
Shares
Description
(1)
Value
Metals
&
Mining
-
4.8%
22,387
Alcoa
Corp
$
759,591
16,891
Materion
Corp
1,928,952
5,344
Reliance
Steel
&
Aluminum
Co
1,451,377
Total
Metals
&
Mining
4,139,920
Multi-Utilities
-
0.9%
28,117
NiSource
Inc
769,000
Total
Multi-Utilities
769,000
Oil,
Gas
&
Consumable
Fuels
-
3.8%
76,720
Magnolia
Oil
&
Gas
Corp,
Class
A
1,603,448
148,845
Permian
Resources
Corp
1,631,341
Total
Oil,
Gas
&
Consumable
Fuels
3,234,789
Personal
Care
Products
-
1.2%
28,881
BellRing
Brands
Inc
(2)
1,057,045
Total
Personal
Care
Products
1,057,045
Professional
Services
-
1.5%
3,632
CACI
International
Inc,
Class
A
(2)
1,237,931
Total
Professional
Services
1,237,931
Residential
REITs
-
1.5%
34,895
American
Homes
4
Rent,
Class
A
1,237,028
Total
Residential
REITs
1,237,028
Retail
REITs
-
2.1%
132,624
SITE
Centers
Corp
1,753,289
Total
Retail
REITs
1,753,289
Semiconductors
&
Semiconductor
Equipment
-
2.5%
32,983
Rambus
Inc
(2)
2,116,519
Total
Semiconductors
&
Semiconductor
Equipment
2,116,519
Software
-
3.0%
48,696
Teradata
Corp
(2)
2,600,853
Total
Software
2,600,853
Specialized
REITs
-
1.9%
28,812
Iron
Mountain
Inc
1,637,098
Total
Specialized
REITs
1,637,098
Specialty
Retail
-
0.9%
29,343
Foot
Locker
Inc
795,489
Total
Specialty
Retail
795,489
Shares
Description
(1)
Value
Technology
Hardware,
Storage
&
Peripherals
-
1.2%
17,185
Seagate
Technology
Holdings
PLC
$
1,063,236
Total
Technology
Hardware,
Storage
&
Peripherals
1,063,236
Total
Common
Stocks
(cost
$72,281,819)
82,280,330
Total
Long-Term
Investments
(cost
$72,281,819)
82,280,330
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
3.7%
X
–
REPURCHASE
AGREEMENTS
-
3
.7
%
X
3,133,830
$
194
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$193,854,
collateralized
by
$226,000
U.S.
Treasury
Notes,
1.5%
due
11/30/28,
value
$197,781
1.520%
7/03/23
$
193,830
2,940
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$2,941,227,
collateralized
by
$3,040,700,
U.S.
Treasury
Notes,
3.625%
due
03/31/30,
value
$2,998,859
5.010%
7/03/23
2,940,000
Total
Repurchase
Agreements
(cost
$3,133,830)
3,133,830
Total
Short-Term
Investments
(cost
$3,133,830)
3,133,830
Total
Investments
(cost
$
75,415,649
)
-
99
.9
%
85,414,160
Other
Assets
&
Liabilities,
Net
- 0.1%
116,101
Net
Assets
-
100%
$
85,530,261
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.
REIT
Real
Estate
Investment
Trust
See
Notes
to
Financial
Statements
Nuveen
Small
Cap
Value
Opportunities
Fund
Portfolio
of
Investments
June
30,
2023
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
97.4%
X
193,069,807
COMMON
STOCKS
-
97
.4
%
X
193,069,807
Aerospace
&
Defense
-
3.5%
50,161
BWX
Technologies
Inc
$
3,590,023
17,817
Curtiss-Wright
Corp
3,272,270
Total
Aerospace
&
Defense
6,862,293
Automobile
Components
-
2.6%
122,803
Atmus
Filtration
Technologies
Inc
(2)
2,696,754
176,781
Goodyear
Tire
&
Rubber
Co/The
(2)
2,418,364
Total
Automobile
Components
5,115,118
Banks
-
12.3%
150,771
Amalgamated
Financial
Corp
2,425,905
61,343
Enterprise
Financial
Services
Corp
2,398,511
149,667
Heritage
Financial
Corp/WA
2,420,115
222,353
Old
National
Bancorp/IN
3,099,601
110,169
Peoples
Bancorp
Inc/OH
2,924,987
152,982
Seacoast
Banking
Corp
of
Florida
3,380,902
45,250
SouthState
Corp
2,977,450
51,419
Texas
Capital
Bancshares
Inc
(2)
2,648,079
71,928
United
Bankshares
Inc/WV
2,134,104
Total
Banks
24,409,654
Biotechnology
-
5.6%
1,352,196
ADMA
Biologics
Inc
(2)
4,989,603
97,873
Alkermes
PLC
(2)
3,063,425
13,958
United
Therapeutics
Corp
(2)
3,081,229
Total
Biotechnology
11,134,257
Capital
Markets
-
5.4%
136,515
AssetMark
Financial
Holdings
Inc
(2)
4,049,035
912,218
BGC
Partners
Inc,
Class
A
4,041,126
309,917
Perella
Weinberg
Partners
2,581,608
Total
Capital
Markets
10,671,769
Chemicals
-
1.0%
20,505
Innospec
Inc
2,059,522
Total
Chemicals
2,059,522
Communications
Equipment
-
4.0%
65,055
Digi
International
Inc
(2)
2,562,516
131,558
Harmonic
Inc
(2),(3)
2,127,293
77,296
Viasat
Inc
(2)
3,189,233
Total
Communications
Equipment
7,879,042
Construction
&
Engineering
-
1.8%
25,477
MYR
Group
Inc
(2)
3,524,488
Total
Construction
&
Engineering
3,524,488
Consumer
Finance
-
1.1%
23,060
FirstCash
Holdings
Inc
2,152,190
Total
Consumer
Finance
2,152,190
Shares
Description
(1)
Value
Diversified
Consumer
Services
-
2.4%
205,652
Perdoceo
Education
Corp
(2)
$
2,523,350
61,842
Stride
Inc
(2)
2,302,378
Total
Diversified
Consumer
Services
4,825,728
Electric
Utilities
-
3.3%
29,825
IDACORP
Inc
3,060,045
43,108
MGE
Energy
Inc
3,410,274
Total
Electric
Utilities
6,470,319
Electrical
Equipment
-
5.8%
51,429
EnerSys
5,581,075
116,420
nVent
Electric
PLC
6,015,421
Total
Electrical
Equipment
11,596,496
Energy
Equipment
&
Services
-
1.1%
32,178
Weatherford
International
PLC
(2)
2,137,263
Total
Energy
Equipment
&
Services
2,137,263
Food
Products
-
1.9%
152,655
Hostess
Brands
Inc
(2)
3,865,225
Total
Food
Products
3,865,225
Health
Care
Providers
&
Services
-
1.9%
102,983
Castle
Biosciences
Inc
(2)
1,412,927
65,456
Fulgent
Genetics
Inc
(2)
2,423,835
Total
Health
Care
Providers
&
Services
3,836,762
Hotels,
Restaurants
&
Leisure
-
3.3%
299,131
Accel
Entertainment
Inc
(2)
3,158,823
75,864
Dave
&
Buster's
Entertainment
Inc
(2)
3,380,500
Total
Hotels,
Restaurants
&
Leisure
6,539,323
Industrial
REITs
-
2.4%
130,725
STAG
Industrial
Inc
4,690,413
Total
Industrial
REITs
4,690,413
Insurance
-
2.7%
35,347
Axis
Capital
Holdings
Ltd
1,902,729
35,614
Selective
Insurance
Group
Inc
3,417,163
Total
Insurance
5,319,892
Machinery
-
7.4%
47,368
Barnes
Group
Inc
1,998,456
46,262
Crane
Co
4,122,869
131,205
Flowserve
Corp
4,874,266
227,116
Mueller
Water
Products
Inc,
Class
A
3,686,093
Total
Machinery
14,681,684
Media
-
1.3%
15,024
Nexstar
Media
Group
Inc
2,502,247
Total
Media
2,502,247
Metals
&
Mining
-
2.4%
42,404
Materion
Corp
4,842,537
Total
Metals
&
Mining
4,842,537
Nuveen
Small
Cap
Value
Opportunities
Fund
(continued)
Portfolio
of
Investments
June
30,
2023
Shares
Description
(1)
Value
Oil,
Gas
&
Consumable
Fuels
-
4.7%
199,002
Magnolia
Oil
&
Gas
Corp,
Class
A
$
4,159,142
480,037
Permian
Resources
Corp
5,261,205
Total
Oil,
Gas
&
Consumable
Fuels
9,420,347
Personal
Care
Products
-
1.3%
67,907
BellRing
Brands
Inc
(2)
2,485,396
Total
Personal
Care
Products
2,485,396
Pharmaceuticals
-
1.9%
62,341
Prestige
Consumer
Healthcare
Inc
(2)
3,704,926
Total
Pharmaceuticals
3,704,926
Real
Estate
Management
&
Development
-
1.4%
169,369
Kennedy-Wilson
Holdings
Inc
2,765,796
Total
Real
Estate
Management
&
Development
2,765,796
Retail
REITs
-
3.4%
72,275
Getty
Realty
Corp
2,444,340
324,758
SITE
Centers
Corp
4,293,301
Total
Retail
REITs
6,737,641
Semiconductors
&
Semiconductor
Equipment
-
2.5%
78,758
Rambus
Inc
(2)
5,053,901
Total
Semiconductors
&
Semiconductor
Equipment
5,053,901
Software
-
6.5%
105,799
Cerence
Inc
(2)
3,092,505
198,424
PowerSchool
Holdings
Inc,
Class
A
(2)
3,797,835
112,450
Teradata
Corp
(2)
6,005,955
Total
Software
12,896,295
Specialty
Retail
-
1.0%
70,297
Foot
Locker
Inc
1,905,752
Total
Specialty
Retail
1,905,752
Shares
Description
(1)
Value
Water
Utilities
-
1.5%
42,555
SJW
Group
$
2,983,531
Total
Water
Utilities
2,983,531
Total
Common
Stocks
(cost
$161,446,192)
193,069,807
Total
Long-Term
Investments
(cost
$161,446,192)
193,069,807
Shares
Description
(1)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.9%
X
1,695,026
MONEY
MARKET
FUNDS
-
0
.9
%
X
1,695,026
1,695,026
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
(4)
5.110%(5)
$
1,695,026
Total
Money
Market
Funds
(cost
$1,695,026)
$
1,695,026
Total
Investments
Purchased
with
Collateral
from
Securities
Lending
(cost
$1,695,026)
1,695,026
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
2.3%
4,583,846
REPURCHASE
AGREEMENTS
-
2
.3
%
X
4,583,846
$
284
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$283,882,
collateralized
by
$330,900
U.S.
Treasury
Notes,
1.5%
due
11/30/28,
value
$289,582
1.520%
7/03/23
$
283,846
4,300
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
6/30/23,
repurchase
price
$4,301,795,
collateralized
by
$4,447,200,
U.S.
Treasury
Notes,
3.625%
due
03/31/30,
value
$4,386,004
5.010%
7/03/23
4,300,000
Total
Repurchase
Agreements
(cost
$4,583,846)
4,583,846
Total
Short-Term
Investments
(cost
$4,583,846)
4,583,846
Total
Investments
(cost
$
167,725,064
)
-
100
.6
%
199,348,679
Other
Assets
&
Liabilities,
Net
- (0.6)%
(
1,202,060
)
Net
Assets
-
100%
$
198,146,619
For
Fund
portfolio
compliance
purposes,
the
Fund’s
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(3)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$1,634,415.
(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.
REIT
Real
Estate
Investment
Trust
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
June
30,
2023
See
Notes
to
Financial
Statements
June
30,
2023
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
†‡
$
132,469,177
$
95,075,458
$
112,312,328
$
19,651,501
$
82,280,330
$
193,069,807
Investments
purchased
with
collateral
from
securities
lending,
at
value
(cost
approximates
value)
–
2,085,671
–
211,054
–
1,695,026
Short-term
investments,
at
value
◊
–
1,430,000
6,535,032
240,000
3,133,830
4,583,846
Cash
308,273
95,057
–
23,964
–
–
Cash
denominated
in
foreign
currencies
^
109,417
56,947
–
–
–
–
Receivables:
Dividends
311,527
191,265
59,462
17,019
86,420
196,174
Interest
–
199
871
33
417
610
Investments
sold
–
808,138
196,189
40,226
631,156
730,916
Reclaims
76,979
380,098
5,441
–
–
–
Reimbursement
from
Adviser
3,210
1,163
2,023
4,347
16,784
81,361
Shares
sold
20,911
148,642
1,469,806
366
368,737
43,243
Other
assets
331,104
161,349
107,394
59,630
33,019
75,381
Total
assets
133,630,598
100,433,987
120,688,546
20,248,140
86,550,693
200,476,364
LIABILITIES
Payables:
Collateral
from
securities
lending
–
2,085,671
–
211,054
–
1,695,026
Dividends
78,606
–
–
—
–
–
Investments
purchased
-
regular
settlement
–
–
29,358
39,432
895,714
232,269
Shares
redeemed
377,945
19,844
37,630
–
38,952
104,870
Accrued
expenses:
Custodian
fees
60,081
59,694
16,602
12,166
18,123
28,991
Management
fees
68,374
38,729
57,064
–
51,773
111,856
Trustees
fees
256,283
123,313
80,030
36,360
768
32,083
Professional
fees
2,899
6,596
2,050
1,470
–
9,913
Shareholder
reporting
expenses
21,695
21,859
12,384
7,555
8,508
43,284
Shareholder
servicing
agent
fees
37,636
20,276
17,158
4,503
5,499
65,064
12b-1
distribution
and
service
fees
19,399
4,748
10,040
2,419
1,078
6,275
Other
1,986
10,752
31
874
17
114
Total
liabilities
924,904
2,391,482
262,347
315,833
1,020,432
2,329,745
Net
assets
$
132,705,694
$
98,042,505
$
120,426,199
$
19,932,307
$
85,530,261
$
198,146,619
NET
ASSETS
CONSIST
OF:
Paid-in
capital
$
343,722,552
$
271,631,217
$
101,999,832
$
13,933,695
$
75,089,297
$
165,510,836
Total
distributable
earnings
(loss)
(211,016,858)
(173,588,712)
18,426,367
5,998,612
10,440,964
32,635,783
Net
assets
132,705,694
98,042,505
120,426,199
19,932,307
85,530,261
198,146,619
†
Long-term
investments,
cost
$
110,588,798
$
70,723,056
$
92,885,368
$
14,013,934
$
72,281,819
$
161,446,192
◊
Short-term
investments,
cost
$
—
$
1,430,000
$
6,535,032
$
240,000
$
3,133,830
$
4,583,846
‡
Includes
securities
loaned
of
$
—
$
2,042,168
$
—
$
205,503
$
—
$
1,634,415
^
Cash
denominated
in
foreign
currencies,
cost
$
108,986
$
56,931
$
—
$
—
$
—
$
—
Statement
of
Assets
and
Liabilities
(continued)
See
Notes
to
Financial
Statements
Global
Equity
Income
International
Value
Multi
Cap
Value
Large
Cap
Value
Small/Mid
Cap
Value
Small
Cap
Value
Opportunities
CLASS
A:
Net
assets
$
86,806,678
$
21,524,113
$
44,441,599
$
7,320,273
$
3,627,238
$
20,932,195
Shares
outstanding
2,899,007
824,505
995,671
1,733,290
131,102
458,163
Net
asset
value
("NAV")
per
share
$
29.94
$
26.11
$
44.63
$
4.22
$
27.67
$
45.69
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)
$
31.77
$
27.70
$
47.35
$
4.48
$
29.36
$
48.48
CLASS
C:
Net
assets
$
1,878,915
$
466,293
$
1,287,455
$
1,162,646
$
426,064
$
2,446,852
Shares
outstanding
62,866
18,925
31,167
368,676
18,939
64,475
NAV
and
offering
price
per
share
$
29.89
$
24.64
$
41.31
$
3.15
$
22.50
$
37.95
CLASS
R6:
Net
assets
$
—
$
—
$
—
$
—
$
18,080,124
$
5,879,356
Shares
outstanding
—
—
—
—
626,203
120,924
NAV
and
offering
price
per
share
$
—
$
—
$
—
$
—
$
28.87
$
48.62
CLASS
I:
Net
assets
$
44,020,101
$
76,052,099
$
74,697,145
$
11,449,388
$
63,396,835
$
168,888,216
Shares
outstanding
1,470,017
2,891,095
1,654,181
2,683,745
2,217,047
3,529,271
NAV
and
offering
price
per
share
$
29.95
$
26.31
$
45.16
$
4.27
$
28.60
$
47.85
Authorized
shares
-
per
class
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
per
share
$
0.01
$
0.01
$
0.01
$
0.01
$
0.01
$
0.01
Statement
of
Operations
June
30,
2023
See
Notes
to
Financial
Statements
Year
Ended
June
30,
2023
Global
Equity
Income
International
Value
Multi
Cap
Value
Large
Cap
Value
INVESTMENT
INCOME
Dividends
$
4,981,205
$
3,384,364
$
1,928,942
$
460,240
Interest
—
28,472
67,577
6,435
Securities
lending
income,
net
6,066
2,391
12,373
649
Other
income
14,031
5,904
15,962
6,695
Tax
withheld
(
364,684
)
(
328,578
)
(
8,578
)
(
5,730
)
Total
investment
income
4,636,618
3,092,553
2,016,276
468,289
EXPENSES
–
–
–
–
Management
fees
952,737
609,535
628,340
129,518
12b-1
service
fees
-
Class
A
215,399
49,087
105,356
17,882
12b-1
distribution
and
service
fees
-
Class
C
18,231
3,413
11,963
11,166
Shareholder
servicing
agent
fees
160,763
86,794
75,295
15,362
Interest
expense
513
781
108
19
Trustees
fees
5,001
3,111
3,303
737
Custodian
expenses
87,713
75,488
15,345
7,231
Excise
tax
liability
expense
—
—
74,075
—
Federal
and
state
registration
fees
50,600
48,637
52,074
49,428
Professional
fees
76,601
61,214
38,668
34,336
Shareholder
reporting
expenses
42,428
35,265
23,027
12,481
Other
9,723
8,592
8,861
8,032
Total
expenses
before
fee
waiver/expense
reimbursement
1,619,709
981,917
1,036,415
286,192
Fee
waiver/expense
reimbursement
(
230,009
)
(
157,386
)
(
48,640
)
(
109,961
)
Net
expenses
1,389,700
824,531
987,775
176,231
Net
investment
income
(loss)
3,246,918
2,268,022
1,028,501
292,058
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
and
foreign
currency
3,918,637
1,636,015
1,153,598
90,044
Net
realized
gain
(loss)
3,918,637
1,636,015
1,153,598
90,044
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
and
foreign
currency
10,902,512
10,453,814
14,601,445
2,545,938
Change
in
net
unrealized
appreciation
(depreciation)
10,902,512
10,453,814
14,601,445
2,545,938
Net
realized
and
unrealized
gain
(loss)
14,821,149
12,089,829
15,755,043
2,635,982
Net
increase
(decrease)
in
net
assets
from
operations
$
18,068,067
$
14,357,851
$
16,783,544
$
2,928,040
Statement
of
Operations
(continued)
See
Notes
to
Financial
Statements
Year
Ended
June
30,
2023
Small/Mid
Cap
Value
Small
Cap
Value
Opportunities
INVESTMENT
INCOME
Dividends
$
783,458
$
2,625,470
Interest
42,026
98,529
Securities
lending
income,
net
100
4,054
Other
income
47,154
307,534
Total
investment
income
872,738
3,035,587
EXPENSES
–
–
Management
fees
354,563
1,489,972
12b-1
service
fees
-
Class
A
8,589
52,435
12b-1
distribution
and
service
fees
-
Class
C
4,436
33,814
Shareholder
servicing
agent
fees
30,697
231,502
Interest
expense
55
16
Trustees
fees
1,543
6,263
Custodian
expenses
15,452
30,126
Federal
and
state
registration
fees
62,780
66,237
Professional
fees
34,776
51,077
Shareholder
reporting
expenses
15,021
62,738
Other
9,196
11,100
Total
expenses
before
fee
waiver/expense
reimbursement
537,108
2,035,280
Fee
waiver/expense
reimbursement
(
47,338
)
(
201,305
)
Net
expenses
489,770
1,833,975
Net
investment
income
(loss)
382,968
1,201,612
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
237,515
2,265,355
Net
realized
gain
(loss)
237,515
2,265,355
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
7,834,296
26,509,419
Change
in
net
unrealized
appreciation
(depreciation)
7,834,296
26,509,419
Net
realized
and
unrealized
gain
(loss)
8,071,811
28,774,774
Net
increase
(decrease)
in
net
assets
from
operations
$
8,454,779
$
29,976,386
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
Global
Equity
Income
International
Value
Year
Ended
6/30/23
Year
Ended
6/30/22
Year
Ended
6/30/23
Year
Ended
6/30/22
OPERATIONS
Net
investment
income
(loss)
$
3,246,918
$
3,872,173
$
2,268,022
$
2,502,411
Net
realized
gain
(loss)
3,918,637
13,523,950
1,636,015
12,103,920
Change
in
net
unrealized
appreciation
(depreciation)
10,902,512
(
35,333,969
)
10,453,814
(
27,472,838
)
Net
increase
(decrease)
in
net
assets
from
operations
18,068,067
(
17,937,846
)
14,357,851
(
12,866,507
)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends:
Class
A
(
4,032,564
)
(
3,749,429
)
(
896,016
)
(
916,567
)
Class
C
(
75,351
)
(
90,662
)
(
15,889
)
(
12,590
)
Class
I
(
2,217,582
)
(
2,227,530
)
(
3,100,172
)
(
3,349,086
)
Decrease
in
net
assets
from
distributions
to
shareholders
(
6,325,497
)
(
6,067,621
)
(
4,012,077
)
(
4,278,243
)
FUND
SHARE
TRANSACTIONS
Proceeds
from
sale
of
shares
5,073,335
17,466,852
18,334,367
13,660,278
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
5,982,634
5,740,451
3,856,599
4,120,251
11,055,969
23,207,303
22,190,966
17,780,529
Cost
of
shares
redeemed
(
30,976,232
)
(
24,555,325
)
(
18,647,023
)
(
38,312,948
)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(
19,920,263
)
(
1,348,022
)
3,543,943
(
20,532,419
)
Net
increase
(decrease)
in
net
assets
(
8,177,693
)
(
25,353,489
)
13,889,717
(
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
$
132,705,694
$
140,883,387
$
98,042,505
$
84,152,788
See
Notes
to
Financial
Statements
Multi
Cap
Value
Large
Cap
Value
Year
Ended
6/30/23
Year
Ended
6/30/22
Year
Ended
6/30/23
Year
Ended
6/30/22
OPERATIONS
Net
investment
income
(loss)
$
1,028,501
$
604,016
$
292,058
$
270,463
Net
realized
gain
(loss)
1,153,598
5,341,213
90,044
1,573,677
Change
in
net
unrealized
appreciation
(depreciation)
14,601,445
(
13,659,492
)
2,545,938
(
2,772,165
)
Net
increase
(decrease)
in
net
assets
from
operations
16,783,544
(
7,714,263
)
2,928,040
(
928,025
)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends:
Class
A
(
477,154
)
(
526,152
)
(
306,433
)
(
1,063,128
)
Class
C
(
5,109
)
(
14,510
)
(
60,053
)
(
228,947
)
Class
I
(
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
49,260,169
18,450,089
2,151,340
5,414,677
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
1,052,653
919,634
842,093
3,344,934
50,312,822
19,369,723
2,993,433
8,759,611
Cost
of
shares
redeemed
(
25,339,737
)
(
13,134,452
)
(
4,103,131
)
(
5,126,955
)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
24,973,085
6,235,271
(
1,109,698
)
3,632,656
Net
increase
(decrease)
in
net
assets
40,627,852
(
2,479,522
)
941,705
(
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
$
120,426,199
$
79,798,347
$
19,932,307
$
18,990,602
See
Notes
to
Financial
Statements
Small/Mid
Cap
Value
Small
Cap
Value
Opportunities
Year
Ended
6/30/23
Year
Ended
6/30/22
Year
Ended
6/30/23
Year
Ended
6/30/22
OPERATIONS
Net
investment
income
(loss)
$
382,968
$
157,976
$
1,201,612
$
1,057,747
Net
realized
gain
(loss)
237,515
3,403,601
2,265,355
23,728,276
Change
in
net
unrealized
appreciation
(depreciation)
7,834,296
(
7,886,841
)
26,509,419
(
62,914,096
)
Net
increase
(decrease)
in
net
assets
from
operations
8,454,779
(
4,325,264
)
29,976,386
(
38,128,073
)
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends:
Class
A
(
178,041
)
(
439,199
)
(
1,287,556
)
(
2,568,647
)
Class
C
(
28,895
)
(
73,621
)
(
248,555
)
(
872,393
)
Class
R6
(
865,461
)
(
2,382,286
)
(
316,799
)
(
557,719
)
Class
I
(
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
52,259,457
10,207,042
37,566,398
59,978,590
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
1,905,506
5,448,185
10,230,214
30,441,627
54,164,963
15,655,227
47,796,612
90,420,217
Cost
of
shares
redeemed
(
10,093,523
)
(
17,434,249
)
(
42,582,650
)
(
152,079,580
)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
44,071,440
(
1,779,022
)
5,213,962
(
61,659,363
)
Net
increase
(decrease)
in
net
assets
50,595,519
(
11,634,016
)
24,393,487
(
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
$
85,530,261
$
34,934,742
$
198,146,619
$
173,753,132
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Global
Equity
Income
Class
A
6/30/23
$
27.43
$
0.67
$
3.21
$
3.88
$
(
1.37
)
$
—
$
(
1.37
)
$
29.94
6/30/22
32.13
0.74
(
4.26
)
(
3.52
)
(
1.18
)
—
(
1.18
)
27.43
6/30/21
23.44
0.68
8.70
9.38
(
0.69
)
—
(
0.69
)
32.13
6/30/20
26.59
0.57
(
3.10
)
(
2.53
)
(
0.62
)
—
(
0.62
)
23.44
6/30/19
27.45
0.69
(
0.20
)
0.49
(
0.72
)
(
0.63
)
(
1.35
)
26.59
Class
C
6/30/23
27.37
0.47
3.20
3.67
(
1.15
)
—
(
1.15
)
29.89
6/30/22
32.06
0.44
(
4.19
)
(
3.75
)
(
0.94
)
—
(
0.94
)
27.37
6/30/21
23.40
0.44
8.70
9.14
(
0.48
)
—
(
0.48
)
32.06
6/30/20
26.54
0.40
(
3.11
)
(
2.71
)
(
0.43
)
—
(
0.43
)
23.40
6/30/19
27.39
0.46
(
0.16
)
0.30
(
0.52
)
(
0.63
)
(
1.15
)
26.54
Class
I
6/30/23
27.43
0.73
3.23
3.96
(
1.44
)
—
(
1.44
)
29.95
6/30/22
32.14
0.83
(
4.28
)
(
3.45
)
(
1.26
)
—
(
1.26
)
27.43
6/30/21
23.45
0.75
8.70
9.45
(
0.76
)
—
(
0.76
)
32.14
6/30/20
26.60
0.63
(
3.10
)
(
2.47
)
(
0.68
)
—
(
0.68
)
23.45
6/30/19
27.46
0.74
(
0.18
)
0.56
(
0.79
)
(
0.63
)
(
1.42
)
26.60
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
the
Financial
Statements.
See
Notes
to
Financial
Statements
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
14
.46
%
$
86,807
1
.28
%
1
.11
%
2
.35
%
29
%
(
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
13
.61
1,879
2
.03
1
.86
1
.62
29
(
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
14
.79
44,020
1
.03
0
.86
2
.55
29
(
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
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
International
Value
Class
A
6/30/23
$
23.20
$
0.58
$
3.45
$
4.03
$
(
1.12
)
$
—
$
(
1.12
)
$
26.11
6/30/22
27.73
0.60
(
4.05
)
(
3.45
)
(
1.08
)
—
(
1.08
)
23.20
6/30/21
20.17
0.70
7.34
8.04
(
0.48
)
—
(
0.48
)
27.73
6/30/20
23.39
0.32
(
2.83
)
(
2.51
)
(
0.71
)
—
(
0.71
)
20.17
6/30/19
25.16
0.50
(
2.01
)
(
1.51
)
(
0.26
)
—
(
0.26
)
23.39
Class
C
6/30/23
21.89
0.43
3.21
3.64
(
0.89
)
—
(
0.89
)
24.64
6/30/22
26.37
0.35
(
3.80
)
(
3.45
)
(
1.03
)
—
(
1.03
)
21.89
6/30/21
19.20
0.43
7.04
7.47
(
0.30
)
—
(
0.30
)
26.37
6/30/20
22.28
0.16
(
2.73
)
(
2.57
)
(
0.51
)
—
(
0.51
)
19.20
6/30/19
23.94
0.25
(
1.84
)
(
1.59
)
(
0.07
)
—
(
0.07
)
22.28
Class
I
6/30/23
23.37
0.65
3.48
4.13
(
1.19
)
—
(
1.19
)
26.31
6/30/22
27.87
0.64
(
4.05
)
(
3.41
)
(
1.09
)
—
(
1.09
)
23.37
6/30/21
20.27
0.75
7.38
8.13
(
0.53
)
—
(
0.53
)
27.87
6/30/20
23.50
0.36
(
2.82
)
(
2.46
)
(
0.77
)
—
(
0.77
)
20.27
6/30/19
25.29
0.58
(
2.04
)
(
1.46
)
(
0.33
)
—
(
0.33
)
23.50
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
the
Financial
Statements.
See
Notes
to
Financial
Statements
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
18
.00
%
$
21,524
1
.33
%
1
.15
%
2
.44
%
18
%
(
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
17
.12
466
2
.08
1
.90
1
.88
18
(
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
18
.33
76,052
1
.08
0
.90
2
.70
18
(
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
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Net
Asset
Value,
End
of
Period
Multi
Cap
Value
Class
A
6/30/23
$
37.48
$
0.43
$
7.19
$
7.62
$
(
0.47
)
$
—
$
—
$
(
0.47
)
$
44.63
6/30/22
41.46
0.26
(
3.73
)
(
3.47
)
(
0.51
)
—
—
(
0.51
)
37.48
6/30/21
27.13
0.22
15.15
15.37
(
0.69
)
—
(
0.35
)
(
1.04
)
41.46
6/30/20
32.55
0.66
(
5.70
)
(
5.04
)
(
0.38
)
—
—
(
0.38
)
27.13
6/30/19
31.84
0.26
0.45
0.71
—
—
—
—
32.55
Class
C
6/30/23
34.69
0.11
6.67
6.78
(
0.16
)
—
—
(
0.16
)
41.31
6/30/22
38.66
(
0.05
)
(
3.45
)
(
3.50
)
(
0.47
)
—
—
(
0.47
)
34.69
6/30/21
25.32
(
0.03
)
14.14
14.11
(
0.42
)
—
(
0.35
)
(
0.77
)
38.66
6/30/20
30.40
0.42
(
5.37
)
(
4.95
)
(
0.13
)
—
—
(
0.13
)
25.32
6/30/19
29.97
(
0.02
)
0.45
0.43
—
—
—
—
30.40
Class
I
6/30/23
37.92
0.54
7.28
7.82
(
0.58
)
—
—
(
0.58
)
45.16
6/30/22
41.84
0.36
(
3.76
)
(
3.40
)
(
0.52
)
—
—
(
0.52
)
37.92
6/30/21
27.37
0.30
15.30
15.60
(
0.78
)
—
(
0.35
)
(
1.13
)
41.84
6/30/20
32.83
0.75
(
5.75
)
(
5.00
)
(
0.46
)
—
—
(
0.46
)
27.37
6/30/19
32.03
0.34
0.46
0.80
—
—
—
—
32.83
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
the
Financial
Statements.
See
Notes
to
Financial
Statements
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
20
.46
%
$
44,442
1
.28
%
1
.23
%
1
.04
%
22
%
(
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
19
.58
1,287
2
.03
1
.98
0
.30
22
(
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
20
.78
74,697
1
.03
0
.98
1
.29
22
(
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
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Large
Cap
Value
Class
A
6/30/23
$
3.80
$
0.06
$
0.54
$
0.60
$
(0.03)
$
(0.15)
$
(0.18)
$
4.22
6/30/22
4.84
0.06
(0.22)
(0.16)
(0.05)
(0.83)
(0.88)
3.80
6/30/21
3.96
0.03
1.57
1.60
(0.15)
(0.57)
(0.72)
4.84
6/30/20
5.15
0.12
(0.62)
(0.50)
(0.09)
(0.60)
(0.69)
3.96
6/30/19
6.72
0.07
(0.19)
(0.12)
(0.03)
(1.42)
(1.45)
5.15
Class
C
6/30/23
2.88
0.02
0.40
0.42
—
(0.15)
(0.15)
3.15
6/30/22
3.88
0.02
(0.15)
(0.13)
(0.04)
(0.83)
(0.87)
2.88
6/30/21
3.28
0.01
1.26
1.27
(0.10)
(0.57)
(0.67)
3.88
6/30/20
4.36
0.07
(0.51)
(0.44)
(0.04)
(0.60)
(0.64)
3.28
6/30/19
5.95
0.02
(0.19)
(0.17)
—
(1.42)
(1.42)
4.36
Class
I
6/30/23
3.84
0.07
0.55
0.62
(0.04)
(0.15)
(0.19)
4.27
6/30/22
4.87
0.07
(0.22)
(0.15)
(0.05)
(0.83)
(0.88)
3.84
6/30/21
3.98
0.05
1.57
1.62
(0.16)
(0.57)
(0.73)
4.87
6/30/20
5.17
0.13
(0.62)
(0.49)
(0.10)
(0.60)
(0.70)
3.98
6/30/19
6.75
0.08
(0.19)
(0.11)
(0.05)
(1.42)
(1.47)
5.17
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
the
Financial
Statements.
See
Notes
to
Financial
Statements
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
15.95
%
$
7,320
1.56
%
1.00
%
1.38
%
40
%
(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
14.84
1,163
2.31
1.75
0.62
40
(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
16.35
11,449
1.31
0.75
1.63
40
(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
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Small/Mid
Cap
Value
Class
A
6/30/23
$
24.60
$
0.14
$
4.32
$
4.46
$
—
$
(1.39)
$
(1.39)
$
27.67
6/30/22
32.13
0.03
(2.89)
(2.86)
(0.11)
(4.56)
(4.67)
24.60
6/30/21
20.05
0.01
12.13
12.14
(0.06)
—
(0.06)
32.13
6/30/20
23.47
0.11
(3.45)
(3.34)
(0.08)
—
(0.08)
20.05
6/30/19
36.02
0.08
(3.94)
(3.86)
—
(8.69)
(8.69)
23.47
Class
C
6/30/23
20.38
(0.04)
3.55
3.51
—
(1.39)
(1.39)
22.50
6/30/22
27.57
(0.17)
(2.37)
(2.54)
(0.09)
(4.56)
(4.65)
20.38
6/30/21
17.29
(0.14)
10.42
10.28
—
—
—
27.57
6/30/20
20.33
(0.03)
(3.01)
(3.04)
—
—
—
17.29
6/30/19
32.87
(0.12)
(3.73)
(3.85)
—
(8.69)
(8.69)
20.33
Class
R6
6/30/23
25.54
0.24
4.50
4.74
(0.02)
(1.39)
(1.41)
28.87
6/30/22
33.06
0.16
(3.01)
(2.85)
(0.11)
(4.56)
(4.67)
25.54
6/30/21
20.64
0.10
12.49
12.59
(0.17)
—
(0.17)
33.06
6/30/20
24.15
0.21
(3.54)
(3.33)
(0.18)
—
(0.18)
20.64
6/30/19
36.62
0.20
(3.98)
(3.78)
—
(8.69)
(8.69)
24.15
Class
I
6/30/23
25.32
0.23
4.44
4.67
—
(1.39)
(1.39)
28.60
6/30/22
32.86
0.10
(2.97)
(2.87)
(0.11)
(4.56)
(4.67)
25.32
6/30/21
20.49
0.07
12.42
12.49
(0.12)
—
(0.12)
32.86
6/30/20
23.99
0.19
(3.55)
(3.36)
(0.14)
—
(0.14)
20.49
6/30/19
36.50
0.16
(3.98)
(3.82)
—
(8.69)
(8.69)
23.99
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
the
Financial
Statements.
See
Notes
to
Financial
Statements
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
18.50
%
$
3,627
1.41
%
1.31
%
0.53
%
39
%
(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
17.65
426
2.16
2.06
(0.20)
39
(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
18.92
18,080
1.06
0.96
0.88
39
(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
18.82
63,397
1.16
1.06
0.83
39
(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
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Small
Cap
Value
Opportunities
Class
A
6/30/23
$
41.31
$
0.20
$
6.94
$
7.14
$
—
$
(
2.76
)
$
(
2.76
)
$
45.69
6/30/22
55.06
0.10
(
8.11
)
(
8.01
)
(
0.08
)
(
5.66
)
(
5.74
)
41.31
6/30/21
33.98
(
0.02
)
21.36
21.34
(
0.26
)
—
(
0.26
)
55.06
6/30/20
42.97
0.11
(
6.36
)
(
6.25
)
(
0.01
)
(
2.73
)
(
2.74
)
33.98
6/30/19
55.23
0.03
(
7.03
)
(
7.00
)
—
(
5.26
)
(
5.26
)
42.97
Class
C
6/30/23
34.99
(
0.11
)
5.83
5.72
—
(
2.76
)
(
2.76
)
37.95
6/30/22
47.84
(
0.25
)
(
6.87
)
(
7.12
)
(
0.07
)
(
5.66
)
(
5.73
)
34.99
6/30/21
29.57
(
0.31
)
18.58
18.27
—
—
—
47.84
6/30/20
37.99
(
0.16
)
(
5.53
)
(
5.69
)
—
(
2.73
)
(
2.73
)
29.57
6/30/19
49.96
(
0.28
)
(
6.43
)
(
6.71
)
—
(
5.26
)
(
5.26
)
37.99
Class
R6
6/30/23
43.77
0.38
7.37
7.75
(
0.14
)
(
2.76
)
(
2.90
)
48.62
6/30/22
57.78
0.31
(
8.57
)
(
8.26
)
(
0.09
)
(
5.66
)
(
5.75
)
43.77
6/30/21
35.66
0.17
22.41
22.58
(
0.46
)
—
(
0.46
)
57.78
6/30/20
44.93
0.28
(
6.63
)
(
6.35
)
(
0.19
)
(
2.73
)
(
2.92
)
35.66
6/30/19
57.24
0.22
(
7.27
)
(
7.05
)
—
(
5.26
)
(
5.26
)
44.93
Class
I
6/30/23
43.12
0.32
7.25
7.57
(
0.08
)
(
2.76
)
(
2.84
)
47.85
6/30/22
57.08
0.22
(
8.43
)
(
8.21
)
(
0.09
)
(
5.66
)
(
5.75
)
43.12
6/30/21
35.21
0.08
22.15
22.23
(
0.36
)
—
(
0.36
)
57.08
6/30/20
44.43
0.20
(
6.57
)
(
6.37
)
(
0.12
)
(
2.73
)
(
2.85
)
35.21
6/30/19
56.75
0.16
(
7.22
)
(
7.06
)
—
(
5.26
)
(
5.26
)
44.43
(a)
Based
on
average
shares
outstanding.
(b)
Percentage
is
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
the
Financial
Statements.
See
Notes
to
Financial
Statements
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
17
.62
%
$
20,932
1
.31
%
1
.20
%
0
.44
%
71
%
(
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
.71
2,447
2
.06
1
.95
(
0
.29
)
71
(
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
18
.06
5,879
0
.93
0
.82
0
.81
71
(
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
.88
168,888
1
.06
0
.95
0
.69
71
(
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
Notes
to
Financial
Statements
1.
General
Information
Trust
and
Fund
Information:
The
Nuveen
Investment
Trust
and
Nuveen
Investment
Trust
II
(each
a
“Trust”
and
collectively,
the
“Trusts”),
are
open-end
management
investment
companies
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended.
Nuveen
Investment
Trust
is
comprised
of
the
Nuveen
Global
Equity
Income
Fund
(“Global
Equity
Income”),
Nuveen
Multi
Cap
Value
Fund
(“Multi
Cap
Value”),
Nuveen
Large
Cap
Value
Fund
(“Large-Cap
Value”),
Nuveen
Small/Mid
Cap
Value
Fund
(“Small/Mid-Cap
Value”)
and
Nuveen
Small
Cap
Value
Opportunities
Fund
(“Small
Cap
Value
Opportunities”),
among
others,
and
Nuveen
Investment
Trust
II
is
comprised
of
Nuveen
International
Value
Fund
(“International
Value”),
among
others
(each
a
“Fund”
and
collectively,
the
“Funds”),
as
diversified
funds.
Nuveen
Investment
Trust
and
Nuveen
Investment
Trust
II
were
each
organized
as
Massachusetts
business
trusts
in
1996
and
1997,
respectively.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
June
30,
2023,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
fiscal
year
ended
June
30,
2023
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser:
The
Funds’
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”),
a
subsidiary
of
Nuveen,
LLC
(“Nuveen”).
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds’
portfolios,
manages
the
Funds’
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
sub-
advisory
agreements
with
Nuveen
Asset
Management,
LLC
(the
“Sub-Adviser”),
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolios
of
the
Funds.
Share
Classes
and
Sales
Charges
:
Class
A
Shares
are
generally
sold
with
an
up-front
sales
charge.
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
(“NAV”)
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
(“CDSC”)
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
are
sold
without
an
up-front
sales
charge.
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
common
share
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
common
share
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation:
Neither
Trust
pays
compensation
directly
to
those
of
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.
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:
Notes
to
Financial
Statements
(continued)
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.
Sub-transfer
agent
fees
and
similar
fees,
which
are
recognized
as
a
component
of
“Shareholder
servicing
agent
fees”
on
the
Statement
of
Operations,
are
not
charged
to
Class
R6
Shares
and
are
prorated
among
the
other
classes
based
on
their
relative
net
assets.
Realized
and
unrealized
capital
gains
and
losses
of
the
Funds
are
prorated
among
the
classes
based
on
the
relative
net
assets
of
each
class.
Netting
Agreements:
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
master
repurchase
agreements,
International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
(“netting
agreements”).
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds’
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged,
are
presented
in
the
Funds’
Portfolio
of
Investments
or
Statements
of
Assets
and
Liabilities.
The
Funds’
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
Financial
Statements.
Global
Equity
Income
Value
%
of
Net
Assets
Country:
Germany
$
11,039,556
8.3
%
Japan
9,698,835
7.3
France
9,363,848
7.1
Netherlands
9,099,978
6.9
United
Kingdom
3,867,919
2.9
Finland
3,862,235
2.9
South
Korea
3,715,836
2.8
Australia
2,826,756
2.1
Singapore
2,221,666
1.7
Other
9,278,186
6.9
Total
non-U.S.
Securities
$64,974,815
48.9%
International
Value
Value
%
of
Net
Assets
Country:
Japan
$
21,150,936
21.6
%
Germany
13,051,460
13.3
Netherlands
11,197,141
11.4
France
10,175,769
10.4
United
Kingdom
9,030,211
9.2
Switzerland
4,995,125
5.1
Canada
2,690,416
2.8
Singapore
2,351,520
2.4
China
2,132,125
2.2
Other
12,462,149
12.6
Total
non-U.S.
Securities
$89,236,852
91.0%
New
Accounting
Pronouncement:
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
Rule
Issuance:
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.
New
Accounting
Pronouncement:
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.
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
Funds
that
trade
in
the
United
States
are
valued
based
on
the
last
traded
price,
official
closing
price,
or
an
evaluated
price
provided
by
the
pricing
services and
are
generally
classified
as
Level
1
or
2.
Notes
to
Financial
Statements
(continued)
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
$
69,044,531
$
63,424,646
$
–
$
132,469,177
Total
$
69,044,531
$
63,424,646
$
–
$
132,469,177
International
Value
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
16,780,708
$
78,294,750
$
–
$
95,075,458
Investments
Purchased
with
Collateral
from
Securities
Lending
2,085,671
–
–
2,085,671
Short-Term
Investments:
Repurchase
Agreements
–
1,430,000
–
1,430,000
Total
$
18,866,379
$
79,724,750
$
–
$
98,591,129
Multi
Cap
Value
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
112,312,328
$
–
$
–
$
112,312,328
Short-Term
Investments:
Repurchase
Agreements
–
6,535,032
–
6,535,032
Total
$
112,312,328
$
6,535,032
$
–
$
118,847,360
Large
Cap
Value
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
19,651,501
$
–
$
–
$
19,651,501
Investments
Purchased
with
Collateral
from
Securities
Lending
211,054
–
–
211,054
Short-Term
Investments:
Repurchase
Agreements
–
240,000
–
240,000
Total
$
19,862,555
$
240,000
$
–
$
20,102,555
Small/Mid
Cap
Value
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
82,280,330
$
–
$
–
$
82,280,330
Short-Term
Investments:
Repurchase
Agreements
–
3,133,830
–
3,133,830
Total
$
82,280,330
$
3,133,830
$
–
$
85,414,160
Small
Cap
Value
Opportunities
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
193,069,807
$
–
$
–
$
193,069,807
Investments
Purchased
with
Collateral
from
Securities
Lending
1,695,026
–
–
1,695,026
Short-Term
Investments:
Repurchase
Agreements
–
4,583,846
–
4,583,846
Total
$
194,764,833
$
4,583,846
$
–
$
199,348,679
4.
Portfolio
Securities
Repurchase
Agreements:
In
connection
with
transactions
in
repurchase
agreements,
it
is
each
Fund's
policy
that
its
custodian
take
possession
of
the
underlying
collateral
securities,
the
fair
value
of
which
exceeds
the
principal
amount
of
the
repurchase
transaction,
including
accrued
interest,
at
all
times.
If
the
counterparty
defaults,
and
the
fair
value
of
the
collateral
declines,
realization
of
the
collateral
may
be
delayed
or
limited.
The
following
table
presents
the
repurchase
agreements
for
the
Funds
that
are
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
and
the
collateral
delivered
related
to
those
repurchase
agreements.
Securities
Lending:
Each
Fund
may
lend
securities
representing
up
to
one-third
of
the
value
of
its
total
assets
to
broker-dealers,
banks,
and
other
institutions
in
order
to
generate
additional
income.
When
loaning
securities,
the
Fund
retains
the
benefits
of
owning
the
securities,
including
the
economic
equivalent
of
dividends
or
interest
generated
by
the
security.
The
loans
are
continuous,
can
be
recalled
at
any
time,
and
have
no
set
maturity.
The
Funds’
custodian,
State
Street
Bank
and
Trust
Company,
serves
as
the
securities
lending
agent
(the
“Agent”).
When
a
Fund
loans
its
portfolio
securities,
it
will
receive,
at
the
inception
of
each
loan,
cash
collateral
equal
to
an
amount
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
actual
percentage
of
the
cash
collateral
will
vary
depending
upon
the
asset
type
of
the
loaned
securities.
Collateral
for
the
loaned
securities
is
invested
in
a
government
money
market
vehicle
maintained
by
the
Agent,
which
is
subject
to
the
requirements
of
Rule
2a-7
under
the
1940
Act.
The
value
of
the
loaned
securities
and
the
liability
to
return
the
cash
collateral
received
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
the
market
value
of
the
loaned
securities
increases,
the
borrower
must
furnish
additional
collateral
to
the
Fund,
which
is
also
recognized
on
the
Statement
of
Assets
and
Liabilities.
Securities
out
on
loan
are
subject
to
termination
at
any
time
at
the
option
of
the
borrower
or
the
Fund.
Upon
termination,
the
borrower
is
required
to
return
to
the
Fund
securities
identical
to
the
securities
loaned.
During
the
term
of
the
loan,
the
Fund
bears
the
market
risk
with
respect
to
the
investment
of
collateral
and
the
risk
that
the
Agent
may
default
on
its
contractual
obligations
to
the
Fund.
The
Agent
bears
the
risk
that
the
borrower
may
default
on
its
obligation
to
return
the
loaned
securities
as
the
Agent
is
contractually
obligated
to
indemnify
the
Fund
if
at
the
time
of
a
default
by
a
borrower
some
or
all
of
the
loan
securities
have
not
been
returned.
Securities
lending
income
recognized
by
a
Fund
consists
of
earnings
on
invested
collateral
and
lending
fees,
net
of
any
rebates
to
the
borrower
and
compensation
to
the
Agent.
Such
income
is
recognized
on
the
Statement
of
Operations.
As
of
the
end
of
the
current
reporting
period,
the
total
value
of
the
loaned
securities
and
the
total
value
of
collateral
received
were
as
follows:
Purchases
and
Sales:
Long-term
purchases
and
sales during
the
current fiscal
period
were
as
follows:
The
Funds
may
purchase
securities
on
a
when-issued
or
delayed-delivery
basis.
Securities
purchased
on
a
when-issued
or
delayed-delivery
basis
may
have
extended
settlement
periods;
interest
income
is
not
accrued
until
settlement
date.
Any
securities
so
purchased
are
subject
to
market
fluctuation
during
this
period.
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.
Fund
Counterparty
Short-term
Investments,
at
Value
Collateral
Pledged
(From)
Counterparty
International
Value
Fixed
Income
Clearing
Corporation
$1,430,000
$(1,458,695)
Multi
Cap
Value
Fixed
Income
Clearing
Corporation
6,535,032
(6,665,840)
Large
Cap
Value
Fixed
Income
Clearing
Corporation
240,000
(244,883)
Small/Mid
Cap
Value
Fixed
Income
Clearing
Corporation
3,133,830
(3,196,640)
Small
Cap
Value
Opportunities
Fixed
Income
Clearing
Corporation
4,583,846
(4,675,586)
Fund
Asset
Class
out
on
Loan
Long-Term
Investments,
at
Value
Total
Collateral
Received
International
Value
Common
Stock
$2,042,168
$2,085,671
Large
Cap
Value
Common
Stock
205,503
211,054
Small
Cap
Value
Opportunities
Common
Stock
1,634,415
1,695,026
Fund
Purchases
Sales
Global
Equity
Income
$
38,580,815
$
58,723,295
International
Value
15,017,660
14,850,344
Multi
Cap
Value
40,193,999
19,280,606
Large
Cap
Value
8,147,628
9,060,581
Small/Mid
Cap
Value
63,029,332
22,122,952
Small
Cap
Value
Opportunities
120,222,790
123,627,626
Notes
to
Financial
Statements
(continued)
5.
Derivative
Investments
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Although
the
Funds
are
authorized
to
invest
in
derivative
instruments,
and
may
do
so
in
the
future,
they
did
not
make
any
such
investments
during
the
current
fiscal
period.
Market
and
Counterparty
Credit
Risk:
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund’s
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
pre-determined
threshold
amount.
6.
Fund
Shares
Transactions
in Fund
shares
during
the
current
and
prior
fiscal
period
were
as
follows:
Year
Ended
6/30/23
Year
Ended
6/30/22
Global
Equity
Income
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
47,173
$1,353,713
173,126
$5,452,479
Class
A
-
automatic
conversion
of
Class
C
1,557
46,556
101
3,188
Class
C
13,462
367,882
452
14,264
Class
I
115,359
3,305,184
380,687
11,996,921
Total
subscriptions
177,551
5,073,335
554,366
17,466,852
Reinvestments
of
distributions:
Class
A
131,240
3,749,758
112,841
3,473,702
Class
C
2,626
75,159
2,883
90,495
Class
I
75,723
2,157,717
70,977
2,176,254
Total
reinvestments
of
distributions
209,589
5,982,634
186,701
5,740,451
Redemptions:
Class
A
(446,247)
(12,770,358)
(412,034)
(13,046,407)
Class
C
(11,917)
(343,167)
(88,317)
(2,742,424)
Class
C
-
automatic
conversion
to
Class
A
(1,561)
(46,556)
(101)
(3,188)
Class
I
(632,311)
(17,816,151)
(277,576)
(8,763,306)
Total
redemptions
(1,092,036)
(30,976,232)
(778,028)
(24,555,325)
Net
increase
(decrease)
(704,896)
$(19,920,263)
(36,961)
$(1,348,022)
Year
Ended
6/30/23
Year
Ended
6/30/22
International
Value
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
104,835
$2,566,360
194,500
$5,227,788
Class
C
10,360
236,792
115
3,000
Class
I
622,620
15,531,215
316,276
8,429,490
Total
subscriptions
737,815
18,334,367
510,891
13,660,278
Reinvestments
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
Total
reinvestments
of
distributions
165,718
3,856,599
155,071
4,120,251
Redemptions:
Class
A
(148,967)
(3,541,801)
(191,714)
(5,111,711)
Class
C
(4,310)
(98,147)
(2,309)
(59,207)
Class
I
(623,174)
(15,007,075)
(1,240,273)
(33,142,030)
Total
redemptions
(776,451)
(18,647,023)
(1,434,296)
(38,312,948)
Net
increase
(decrease)
127,082
$3,543,943
(768,334)
$(20,532,419)
Year
Ended
6/30/23
Year
Ended
6/30/22
Multi
Cap
Value
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
48,404
$2,016,065
116,984
$4,897,020
Class
C
10,779
415,540
8,976
348,559
Class
I
1,085,025
46,828,564
310,444
13,204,510
Total
subscriptions
1,144,208
49,260,169
436,404
18,450,089
Reinvestments
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
Total
reinvestments
of
distributions
25,697
1,052,653
21,994
919,634
Redemptions:
Class
A
(130,446)
(5,329,772)
(109,697)
(4,594,015)
Class
C
(13,421)
(503,274)
(10,522)
(404,235)
Class
I
(464,716)
(19,506,691)
(197,229)
(8,136,202)
Total
redemptions
(608,583)
(25,339,737)
(317,448)
(13,134,452)
Net
increase
(decrease)
561,322
$24,973,085
140,950
$6,235,271
Year
Ended
6/30/23
Year
Ended
6/30/22
Large
Cap
Value
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
213,276
$858,880
845,012
$3,649,356
Class
C
156,054
475,739
135,120
396,208
Class
I
204,405
816,721
321,130
1,369,113
Total
subscriptions
573,735
2,151,340
1,301,262
5,414,677
Reinvestments
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
Total
reinvestments
of
distributions
214,797
842,093
811,929
3,344,934
Redemptions:
Class
A
(372,060)
(1,499,789)
(372,161)
(1,612,503)
Class
C
(137,834)
(416,584)
(228,875)
(811,833)
Class
I
(536,598)
(2,186,758)
(613,797)
(2,702,619)
Total
redemptions
(1,046,492)
(4,103,131)
(1,214,833)
(5,126,955)
Net
increase
(decrease)
(257,960)
$(1,109,698)
898,358
$3,632,656
Notes
to
Financial
Statements
(continued)
7.
Income
Tax
Information
Each
Fund
is
a
separate
taxpayer
for
federal
income
tax
purposes.
Each
Fund
intends
to
distribute
substantially
all
of
its
net
investment
income
and
net
capital
gains
to
shareholders
and
otherwise
comply
with
the
requirements
of
Subchapter
M
of
the
Internal
Revenue
Code
applicable
to
regulated
investment
companies.
Therefore,
no
federal
income
tax
provision
is
required.
Each
Fund
files
income
tax
returns
in
U.S.
federal
and
applicable
state
and
local
jurisdictions.
A
Fund's
federal
income
tax
returns
are
generally
subject
to
examination
for
a
period
of
three
fiscal
years
after
being
filed.
State
and
local
tax
returns
may
be
subject
to
examination
for
an
additional
period
of
time
depending
on
the
jurisdiction.
Management
has
analyzed
each
Fund's
tax
positions
taken
for
all
open
tax
years
and
has
concluded
that
no
provision
for
income
tax
is
required
in
the
Fund's
financial
statements.
Year
Ended
6/30/23
Year
Ended
6/30/22
Small/Mid
Cap
Value
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
16,226
$437,948
24,595
$704,339
Class
A
-
automatic
conversion
of
Class
C
961
24,976
—
—
Class
C
12,847
285,331
1,887
43,561
Class
R6
106,780
2,950,966
183,432
5,656,649
Class
I
1,775,616
48,560,236
126,250
3,802,493
Total
subscriptions
1,912,430
52,259,457
336,164
10,207,042
Reinvestments
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
Total
reinvestments
of
distributions
70,450
1,905,506
186,939
5,448,185
Redemptions:
Class
A
(14,050)
(366,803)
(18,884)
(582,623)
Class
C
(10,786)
(242,148)
(7,815)
(195,582)
Class
C
-
automatic
conversion
to
Class
A
(1,180)
(24,976)
—
—
Class
R6
(139,140)
(3,853,577)
(216,649)
(6,842,151)
Class
I
(205,524)
(5,606,019)
(317,771)
(9,813,893)
Total
redemptions
(370,680)
(10,093,523)
(561,119)
(17,434,249)
Net
increase
(decrease)
1,612,200
$44,071,440
(38,016)
$(1,779,022)
Year
Ended
6/30/23
Year
Ended
6/30/22
Small
Cap
Value
Opportunities
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
58,884
$2,621,661
58,969
$2,872,575
Class
A
-
automatic
conversion
of
Class
C
239
9,939
761
35,211
Class
C
8,011
302,571
9,696
409,299
Class
R6
28,790
1,345,891
25,817
1,354,190
Class
I
712,529
33,286,336
1,058,819
55,307,315
Total
subscriptions
808,453
37,566,398
1,154,062
59,978,590
Reinvestments
of
distributions:
Class
A
24,786
1,095,290
46,195
2,224,945
Class
C
5,371
198,512
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
Total
reinvestments
of
distributions
223,417
10,230,214
611,388
30,441,627
Redemptions:
Class
A
(96,959)
(4,303,835)
(126,767)
(6,394,170)
Class
C
(61,029)
(2,291,324)
(90,413)
(3,801,916)
Class
C
-
automatic
conversion
to
Class
A
(286)
(9,939)
(898)
(35,211)
Class
R6
(24,116)
(1,140,017)
(28,024)
(1,526,578)
Class
I
(745,722)
(34,837,535)
(2,839,782)
(140,321,705)
Total
redemptions
(928,112)
(42,582,650)
(3,085,884)
(152,079,580)
Net
increase
(decrease)
103,758
$5,213,962
(1,320,434)
$(61,659,363)
Differences
between
amounts
for
financial
statement
and
federal
income
tax
purposes
are
primarily
due
to
timing
differences
in
recognizing
gains
and
losses
on
investment
transactions.
Temporary
differences
do
not
require
reclassification.
As
of
year
end,
permanent
differences
that
resulted
in
reclassifications
among
the
components
of
net
assets
relate
primarily
to
deemed
dividend
due
to
corporate
actions,
distribution
reallocations,
foreign
currency
transactions,
investments
in
partnerships,
investments
in
passive
foreign
investment
companies,
return
of
capital
and
long-term
capital
gain
distributions
received
from
portfolio
investments,
tax
equalization,
taxable
overdistribution,
and
taxes
paid.
Temporary
and
permanent
differences
have
no
impact
on
a
Fund's
net
assets.
As
of
year
end,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
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
year
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
The
tax
character
of
distributions
paid
was
as
follows:
As
of
year
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Global
Equity
Income
$
114,296,534
$
26,535,028
$
(8,362,385)
$
18,172,643
International
Value
78,883,601
27,229,315
(7,521,787)
19,707,528
Multi
Cap
Value
99,659,867
23,535,477
(4,347,984)
19,187,493
Large
Cap
Value
14,484,333
5,963,022
(344,800)
5,618,222
Small/Mid
Cap
Value
75,604,297
11,961,007
(2,151,144)
9,809,863
Small
Cap
Value
Opportunities
168,360,108
41,049,556
(10,060,985)
30,988,571
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
$
1,491,793
$
—
$
18,171,166
$
(228,979,600)
$
—
$
(1,700,217)
$
(211,016,858)
International
Value
2,086,679
—
19,697,149
(195,372,540)
—
—
(173,588,712)
Multi
Cap
Value
—
—
19,187,493
(681,766)
—
(79,360)
18,426,367
Large
Cap
Value
380,390
—
5,618,222
—
—
—
5,998,612
Small/Mid
Cap
Value
383,499
247,602
9,809,863
—
—
—
10,440,964
Small
Cap
Value
Opportunities
1,191,779
455,433
30,988,571
—
—
—
32,635,783
6/30/23
6/30/22
Fund
Ordinary
Income
Long-Term
Capital
Gains
Ordinary
Income
Long-Term
Capital
Gains
Global
Equity
Income
$
6,325,497
$
—
$
6,067,621
$
—
International
Value
4,012,077
—
4,278,243
—
Multi
Cap
Value
1,128,777
—
1,000,530
—
Large
Cap
Value
244,397
632,240
883,197
2,625,834
Small/Mid
Cap
Value
242,718
1,687,982
1,232,095
4,295,837
Small
Cap
Value
Opportunities
256,087
10,540,774
1,054,058
30,478,875
Fund
Short-Term
Long-Term
Total
Global
Equity
Income
1
$
6,222,414
$
222,757,186
$
228,979,600
International
Value
6,949,984
188,422,556
195,372,540
Multi
Cap
Value
—
681,766
681,766
Large
Cap
Value
—
—
—
Small/Mid
Cap
Value
—
—
—
Small
Cap
Value
Opportunities
—
—
—
Notes
to
Financial
Statements
(continued)
As
of
year
end,
the
Funds
utilized
the
following
capital
loss
carryforwards:
8.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees:
Each
Fund’s
management
fee
compensates
the
Adviser
for
the
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Funds
from
the
management
fees
paid
to
the
Adviser.
Each
Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
each
individual
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables
each
Fund’s
shareholders
to
benefit
from
growth
in
the
assets
within
their
respective
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
The
annual
fund-level
fee,
payable
monthly,
for
each
Fund
is
calculated
according
to
the
following
schedule:
The
annual
complex-level
fee,
payable
monthly,
for
each
Fund
is
calculated
according
to
the
following
schedule:
1
Global
Equity
Income’s
capital
loss
carryforward
is
subject
to
significant
limitations
under
the
Internal
Revenue
Code
and
related
regulations.
In
particular,
it
is
expected
that
the
Fund
will
only
be
able
to
annually
utilize
approximately
$4
million
of
its
outstanding
capital
loss
carryforward
for
the
next
sixteen
years,
at
which
point
the
annual
limitation
will
further
be
reduced
to
approximately
$1.2
million.
Fund
Utilized
Global
Equity
Income
$
3,383,488
International
Value
1,420,024
Multi
Cap
Value
1,373,774
Large
Cap
Value
—
Small/Mid
Cap
Value
—
Small
Cap
Value
Opportunities
—
Average
Daily
Net
Assets
Global
Equity
Income
International
Value
Multi
Cap
Value
Large
Cap
Value
Small/Mid
Cap
Value
Small
Cap
Opportunities
Value
For
the
first
$125
million
0.5500
%
0.5500
%
0.5500
%
0.5000
%
0.6000
%
0.6500
%
For
the
next
$125
million
0.5375
0.5375
0.5375
0.4875
0.5875
0.6375
For
the
next
$250
million
0.5250
0.5250
0.5250
0.4750
0.5750
0.6250
For
the
next
$500
million
0.5125
0.5125
0.5125
0.4625
0.5625
0.6125
For
the
next
$1
billion
0.5000
0.5000
0.5000
0.4500
0.5500
0.6000
For
the
next
$3
billion
0.4750
0.4750
0.4750
0.4250
0.5250
0.5750
For
the
next
$2.5
billion
0.4500
0.4500
0.4500
0.4000
0.5000
0.5500
For
the
next
$2.5
billion
0.4375
0.4375
0.4375
0.3875
0.4875
0.5375
For
net
assets
over
$10
billion
0.4250
0.4250
0.4250
0.3750
0.4750
0.5250
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
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen
open-end
and
closed-end
funds.
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$2
billion)
added
to
the
Nuveen
fund
complex
in
connection
with
the
Adviser’s
assumption
of
the
management
of
the
former
First
American
Funds
effective
January
1,
2011,
but
do
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
certain
types
of
leverage.
For
these
purposes,
leverage
includes
the
closed-end
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
eligible
assets
in
certain
circumstances.
As
of
June
30,
2023,
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:
The
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
Fund
and
establishing
and
maintaining
shareholder
accounts.
Other
Transactions
with
Affiliates:
The
Funds
receive
voluntary
compensation
from
the
Adviser
in
amounts
that
approximate
the
cost
of
research
services
obtained
from
broker-dealers
and
research
providers
if
the
Adviser
had
purchased
the
research
services
directly.
This
income
received
by
the
Funds
is
recognized
in
"Other
income"
on
the
Statement
of
Operations
and
any
amounts
due
to
the Funds
at
the
end
of
the
reporting
period
is
recognized
in
"Reimbursement
from
Adviser"
on
the
Statement
of
Assets
and Liabilities. During
the
current
fiscal
period,
the
values
of
voluntary
compensation
were
as
follows:
Fund
Complex-Level
Fee
Global
Equity
Income
0.1595%
International
Value
0.1595%
Multi
Cap
Value
0.1595%
Large
Cap
Value
0.1595%
Small/Mid
Cap
Value
0.1595%
Small
Cap
Value
Opportunities
0.1595%
Fund
Temporary
Expense
Cap
Temporary
Expense
Cap
Expiration
Date
Permanent
Expense
Cap
Global
Equity
Income
0.90%
July
31,
2025
N/A
International
Value
0.94
July
31,
2025
N/A
Multi
Cap
Value
0.94
July
31,
2025
N/A
Large
Cap
Value
0.79
July
31,
2025
1.35%
Small/Mid
Cap
Value
1.10
July
31,
2025
1.45
Small
Cap
Value
Opportunities
0.99
July
31,
2025
1.50
N/A
-
Not
Applicable.
Fund
Amount
Global
Equity
Income
$
14,031
International
Value
5,904
Multi
Cap
Value
15,962
Large
Cap
Value
6,695
Small/Mid
Cap
Value
47,154
Small
Cap
Value
Opportunities
307,534
Notes
to
Financial
Statements
(continued)
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
(“Affiliated
Entity”)
under
specified
conditions
outlined
in
procedures
adopted
by
the
Board
("cross-trade").
These
procedures
have
been
designed
to
ensure
that
any
cross-trade
of
securities
by
the
Fund
from
or
to
an
Affiliated
Entity
by
virtue
of
having
a
common
investment
adviser
(or
affiliated
investment
adviser),
common
officer
and/or
common
trustee
complies
with
Rule
17a-7
under
the
1940
Act.
These
transactions
are
effected
at
the
current
market
price
(as
provided
by
an
independent
pricing
service)
without
incurring
broker
commissions.
During
the
current
fiscal
period,
the
Funds
engaged
in
cross-trades
pursuant
to
these
procedures
as
follows:
During
the
current
fiscal
period,
the
Distributor,
collected
sales
charges
on
purchases
of
Class
A
Shares,
the
majority
of
which
were
paid
out
as
concessions
to
financial
intermediaries
as
follows:
The
Distributor
also
received
12b-1
service
fees
on
Class
A
Shares,
substantially
all
of
which
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
During
the
current
fiscal
period,
the
Distributor
compensated
financial
intermediaries
directly
with
commission
advances
at
the
time
of
purchase
as
follows:
To
compensate
for
commissions
advanced
to
financial
intermediaries,
all
12b-1
service
and
distribution
fees
collected
on
Class
C
Shares
during
the
first
year
following
a
purchase
are
retained
by
the
Distributor.
During
the
current
fiscal
period,
the
Distributor
retained
such
12b-1
fees
as
follows:
Fund
Purchases
Sales
Realized
Gain
(Loss)
Global
Equity
Income
$
—
$
315,427
$
87,484
International
Value
—
—
—
Multi
Cap
Value
—
—
—
Large
Cap
Value
—
—
—
Small/Mid
Cap
Value
—
—
—
Small
Cap
Value
Opportunities
114,897
—
—
Fund
Sales
Charges
Collected
(Unaudited)
Paid
to
Financial
Intermediaries
(Unaudited)
Global
Equity
Income
$
10,024
$
8,866
International
Value
4,775
4,411
Multi
Cap
Value
13,176
11,440
Large
Cap
Value
2,024
1,765
Small/Mid
Cap
Value
1,988
1,730
Small
Cap
Value
Opportunities
4,042
3,511
Fund
Commission
Advances
(Unaudited)
Global
Equity
Income
$
1,217
International
Value
2,190
Multi
Cap
Value
1,904
Large
Cap
Value
553
Small/Mid
Cap
Value
432
Small
Cap
Value
Opportunities
1,171
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
was
as
follows:
9.
Borrowing
Arrangements
Committed
Line
of
Credit:
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
(“Participating
Funds”),
have
established
a
364-day,
$2.700
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
temporary
purposes
(other
than
on-
going
leveraging
for
investment
purposes).
Each
Participating
Fund
is
allocated
a
designated
proportion
of
the
facility’s
capacity
(and
its
associated
costs,
as
described
below)
based
upon
a
multi-factor
assessment
of
the
likelihood
and
frequency
of
its
need
to
draw
on
the
facility,
the
size
of
the
Fund
and
its
anticipated
draws,
and
the
potential
importance
of
such
draws
to
the
operations
and
well-being
of
the
Fund,
relative
to
those
of
the
other
Funds.
A
Fund
may
effect
draws
on
the
facility
in
excess
of
its
designated
capacity
if
and
to
the
extent
that
other
Participating
Funds
have
undrawn
capacity.
The
current
credit
facility
was
entered
into
on
June
21,
2023
expiring
on
June
19,
2024,
replacing
the
previous
facility,
which
expired
June
2023.
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed.
The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increased
commitments
from
select
lenders.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations,
and
along
with
commitment
fees,
have
been
allocated
among
such
Participating
Funds
based
upon
the
relative
proportions
of
the
facility’s
aggregate
capacity
reserved
for
them
and
other
factors
deemed
relevant
by
the
Adviser
and
the
Board
of
each
Participating
Fund.
Fund
12b-1
Fees
Retained
(Unaudited)
Global
Equity
Income
$
1,048
International
Value
288
Multi
Cap
Value
1,786
Large
Cap
Value
420
Small/Mid
Cap
Value
662
Small
Cap
Value
Opportunities
2,538
Fund
CDSC
Retained
(Unaudited)
Global
Equity
Income
$
—
International
Value
126
Multi
Cap
Value
1,856
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
1
(a)
Value
rounded
to
zero.
Notes
to
Financial
Statements
(continued)
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
4
$
561,256
5.53
%
International
Value
4
1,152,780
5.53
Multi
Cap
Value
—
—
—
Large
Cap
Value
—
—
—
Small/Mid
Cap
Value
—
—
—
Small
Cap
Value
Opportunities
—
—
—
Important
Tax
Information
(Unaudited)
As
required
by
the
Internal
Revenue
Code
and
Treasury
Regulations,
certain
tax
information,
as
detailed
below,
must
be
provided
to
shareholders.
Shareholders
are
advised
to
consult
their
tax
advisor
with
respect
to
the
tax
implications
of
their
investment.
The
amounts
listed
below
may
differ
from
the
actual
amounts
reported
on
Form
1099-DIV,
which
will
be
sent
to
shareholders
shortly
after
calendar
year
end.
Long-Term
Capital
Gains
As
of
year
end,
each
Fund
designates
the
following
distribution
amounts,
or
maximum
amount
allowable,
as
being
from
net
long-term
capital
gains
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code:
Dividends
Received
Deduction
(DRD)
Each
Fund
listed
below
had
the
following
percentage,
or
maximum
amount
allowable,
of
ordinary
income
distributions
eligible
for
the
dividends
received
deduction
for
corporate
shareholders:
Qualified
Dividend
Income
(QDI)
Each
Fund
listed
below
had
the
following
percentage,
or
maximum
amount
allowable,
of
ordinary
income
distributions
treated
as
qualified
dividend
income
for
individuals
pursuant
to
Section
1(h)(11)
of
the
Internal
Revenue
Code:
Qualified
Interest
Income
(QII)
Each
Fund
listed
below
had
the
following
percentage,
or
maximum
amount
allowable,
of
ordinary
income
distributions
treated
as
qualified interest
income
and/or short-term
capital
gain
dividends pursuant
to
Section
871(k)
of
the
Internal
Revenue
Code:
Fund
Net
Long-Term
Capital
Gains
Global
Equity
Income
$
—
International
Value
—
Multi
Cap
Value
—
Large
Cap
Value
632,240
Small/Mid
Cap
Value
1,800,419
Small
Cap
Value
Opportunities
10,691,048
Fund
Percentage
Global
Equity
Income
22
.7
%
International
Value
–
Multi
Cap
Value
100
.0
Large
Cap
Value
100
.0
Small/Mid
Cap
Value
100
.0
Small
Cap
Value
Opportunities
100
.0
Fund
Percentage
Global
Equity
Income
67.3
%
International
Value
72.7
Multi
Cap
Value
100.0
Large
Cap
Value
100.0
Small/Mid
Cap
Value
100.0
Small
Cap
Value
Opportunities
100.0
Important
Tax
Information
(Unaudited)
(continued)
Foreign
Source
Income
and
Foreign
Tax
Credit
Pass
Through
Each
Fund
listed
below
has
made
an
election
under
Section
853
of
the
Internal
Revenue
Code
to
pass
through
foreign
taxes
paid:
163(j)
Each
Fund
listed
below
had
the
following
percentage,
or
maximum
amount
allowable,
of
ordinary
dividends
treated
as
Section
163(j)
interest
dividends
pursuant
to
Section
163(j)
of
the
Internal
Revenue
Code:
Fund
Prior
Year
End
to
12/31
Percentage
1/1
to
Current
Year
End
Percentage
Global
Equity
Income
—
%
—
%
International
Value
—
—
Multi
Cap
Value
0
.5
—
Large
Cap
Value
1
.4
—
Small/Mid
Cap
Value
—
—
Small
Cap
Value
Opportunities
2
.2
—
Fund
Foreign
Source
Income
Foreign
Source
Income
Per
Share
Qualifying
Foreign
Taxes
Paid
Qualifying
Foreign
Taxes
Paid
Per
Share
Global
Equity
Income
$
1,319,972
$
0.29784
$
262,351
$
0.05920
International
Value
1,759,737
0.47121
266,177
0.07127
Multi
Cap
Value
—
—
—
—
Large
Cap
Value
—
—
—
—
Small/Mid
Cap
Value
—
—
—
—
Small
Cap
Value
Opportunities
—
—
—
—
Fund
Percentage
Global
Equity
Income
–
%
International
Value
–
Multi
Cap
Value
0.4
Large
Cap
Value
0.9
Small/Mid
Cap
Value
1.2
Small
Cap
Value
Opportunities
1.8
Additional
Fund
Information
(Unaudited)
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Sub-Adviser
Nuveen
Asset
Management,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Independent
Registered
Public
Accounting
Firm
PricewaterhouseCoopers
LLP
One
North
Wacker
Drive
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Congress
Street
Suite
1
Boston,
MA
02114-2016
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Transfer
Agent
and
Shareholder
Services
SS&C
Global
Investor
&
Distribution
Solutions,
Inc.
(SS&C
GIDS)
P.O.
Box
219140
Kansas
City,
MO
64121-9140
(800)
257-8787
Portfolio
of
Investments
Information
Each
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
FINRA
BrokerCheck
:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
Average
Annual
Total
Return:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Gross
Domestic
Product
(GDP):
The
total
market
value
of
all
final
goods
and
services
produced
in
a
country/region
in
a
given
year,
equal
to
total
consumer,
investment
and
government
spending,
plus
the
value
of
exports,
minus
the
value
of
imports.
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.
Tax
Equalization:
The
practice
of
treating
a
portion
of
the
distribution
made
to
a
redeeming
shareholder,
which
represents
their
proportionate
part
of
undistributed
net
investment
income
and
capital
gain
as
a
distribution
for
tax
purposes.
Such
amounts
are
referred
to
as
the
equalization
debits
(or
payments)
and
will
be
considered
a
distribution
to
the
shareholder
of
net
investment
income
and
capital
gain
for
calculation
of
the
fund’s
dividends
paid
deduction.
Liquidity
Risk
Management
Program
(Unaudited)
Discussion
of
the
operation
and
effectiveness
of
the
Funds’
liquidity
risk
management
program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
each
Fund
covered
in
this
Report
(the
“Funds”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”),
which
is
designed
to
manage
the
Fund’s
liquidity
risk.
The
Program
consists
of
various
protocols
for
assessing
and
managing
each
Fund’s
liquidity
risk.
The
Funds’
Board
of Directors previously
designated
Nuveen
Fund
Advisors,
LLC,
the
Funds’
investment
adviser,
as
the
Administrator
of
the
Program.
The
adviser’s
Liquidity
Monitoring
and
Analysis
Team
(“LMAT”)
carries
out
day-to-day
Program
management
with
oversight
by
the
adviser’s
Liquidity
Oversight
Sub-Committee
(the
“LOSC”).
The
LOSC
is
composed
of
personnel
from
the
adviser
and
Teachers
Advisors,
LLC,
an
affiliate
of
the
adviser.
At
a
May
23-25,
2023
meeting
of
the
Board,
the
Administrator
provided
the
Board
with
a
written
report
addressing
the
Program’s
operation,
adequacy
and
effectiveness
of
implementation
for
calendar
year
2022
(the
“Review
Period”),
as
required
under
the
Liquidity
Rule.
The
report
noted
that
the
Program
has
been
and
continues
to
be
adequately
and
effectively
implemented
to
monitor
and
(as
applicable)
respond
to
each
Fund’s
liquidity
developments.
In
accordance
with
the
Program,
the
LMAT
assesses
each
Fund’s
liquidity
risk
no
less
frequently
than
annually
based
on
various
factors,
such
as
(1)
the
Fund’s
investment
strategy
and
the
liquidity
of
portfolio
investments,
(ii)
cash
flow
projections,
and
(ii)
holdings
of
cash
and
cash
equivalents,
borrowing
arrangements,
and
other
funding
sources.
Certain
factors
are
considered
under
both
normal
and
reasonably
foreseeable
stressed
conditions.
Each
Fund
portfolio
investment
is
classified
into
one
of
four
liquidity
categories
(including
the
most
liquid,
“Highly
Liquid”,
and
the
least
liquid,
“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.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
At
a
meeting
held
on
May
23-25,
2023
(the
“May
Meeting”),
the
Board
of
Trustees
(the
“Board”
and
each
Trustee,
a
“Board
Member”)
of
the
Funds,
which
is
comprised
entirely
of
Board
Members
who
are
not
“interested
persons”
(as
defined
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”))
(the
“Independent
Board
Members”),
approved,
for
each
Fund,
the
renewal
of
the
management
agreement
(each,
an
“Investment
Management
Agreement”)
with
Nuveen
Fund
Advisors,
LLC
(the
“Adviser”)
pursuant
to
which
the
Adviser
serves
as
investment
adviser
to
such
Fund
and
the
sub-advisory
agreement
(each,
a
“Sub-Advisory
Agreement”)
with
Nuveen
Asset
Management,
LLC
(the
“Sub-Adviser”)
pursuant
to
which
the
Sub-Adviser
serves
as
the
sub-adviser
to
such
Fund
for
an
additional
one-year
term.
As
the
Board
is
comprised
of
all
Independent
Board
Members,
the
references
to
the
Board
and
the
Independent
Board
Members
are
interchangeable.
Following
up
to
an
initial
two-year
period,
the
Board
considers
the
renewal
of
each
Investment
Management
Agreement
and
Sub-Advisory
Agreement
on
behalf
of
the
applicable
Fund
on
an
annual
basis.
The
Investment
Management
Agreements
and
Sub-Advisory
Agreements
are
collectively
referred
to
as
the
“Advisory
Agreements,”
and
the
Adviser
and
the
Sub-Adviser
are
collectively,
the
“Fund
Advisers”
and
each,
a
“Fund
Adviser.”
The
Independent
Board
Members
considered
the
review
of
the
advisory
agreements
for
the
Nuveen
funds
to
be
an
ongoing
process
and
employed
the
accumulated
information,
knowledge
and
experience
the
Board
Members
had
gained
during
their
tenure
on
the
boards
governing
the
Nuveen
funds
and
working
with
the
Adviser
and
the
applicable
sub-advisers
in
their
annual
review
of
the
advisory
agreements.
Throughout
the
year,
the
Board
and
its
committees
meet
regularly
and,
at
these
meetings,
receive
regular
and/or
special
reports
that
cover
an
extensive
array
of
topics
and
information
that
are
relevant
to
the
Board’s
annual
consideration
of
the
renewal
of
the
advisory
agreements
for
the
Nuveen
funds.
Such
information
may
address,
among
other
things,
fund
performance
and
risk
information;
the
Adviser’s
strategic
plans;
product
initiatives
for
various
funds;
the
review
of
the
funds
and
investment
teams;
compliance,
regulatory
and
risk
management
matters;
the
trading
practices
of
the
various
sub-advisers
to
the
Nuveen
funds;
management
of
distributions;
valuation
of
securities;
fund
expenses;
payments
to
financial
intermediaries,
including
12b-1
fees
and
sub-transfer
agency
fees,
if
applicable;
securities
lending;
liquidity
management;
and
overall
market
and
regulatory
developments.
The
Board
also
seeks
to
meet
periodically
with
the
Nuveen
funds’
sub-advisers
and/or
portfolio
teams,
when
feasible.
The
presentations,
discussions,
and
meetings
throughout
the
year
also
provide
a
means
for
the
Board
to
evaluate
the
level,
breadth
and
quality
of
services
provided
by
the
Adviser
and
how
such
services
have
changed
over
time
in
light
of
new
or
modified
regulatory
requirements,
changes
to
market
conditions
or
other
factors.
In
connection
with
its
annual
consideration
of
the
advisory
agreements
for
the
Nuveen
funds,
the
Board,
through
its
independent
legal
counsel,
requested
and
received
extensive
materials
and
information
prepared
specifically
for
its
review
of
such
advisory
agreements
by
the
Adviser
and
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data.
The
materials
cover
a
wide
range
of
topics
including,
but
not
limited
to,
a
description
of
the
nature,
extent
and
quality
of
services
provided
by
the
Fund
Advisers;
a
review
of
product
actions
advanced
in
2022
for
the
benefit
of
particular
Nuveen
funds
and/or
the
Nuveen
fund
complex;
a
review
of
each
sub-adviser
to
the
Nuveen
funds
and/or
the
applicable
investment
team;
an
analysis
of
fund
performance
with
a
focus
on
any
Nuveen
funds
considered
performance
outliers;
an
analysis
of
the
fees
and
expense
ratios
of
the
Nuveen
funds
with
a
focus
on
any
Nuveen
funds
considered
expense
outliers;
a
review
of
management
fee
schedules;
a
review
of
temporary
and
permanent
expense
caps
and
fee
waivers
for
open-end
funds
(as
applicable)
and
related
expense
savings;
a
description
of
portfolio
manager
compensation;
a
description
of
the
profitability
or
financial
data
of
Nuveen
and
the
sub-advisers
to
the
Nuveen
funds;
and
a
description
of
indirect
benefits
received
by
the
Adviser
and
the
sub-advisers
as
a
result
of
their
relationships
with
the
Nuveen
funds.
The
information
prepared
specifically
for
the
annual
review
supplemented
the
information
provided
to
the
Board
and
its
committees
and
the
evaluations
of
the
Nuveen
funds
by
the
Board
and
its
committees
during
the
year.
The
Board’s
review
of
the
advisory
agreements
for
the
Nuveen
funds
is
based
on
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
information
prepared
specifically
with
respect
to
the
annual
review
of
such
advisory
agreements.
The
performance,
fee
and
expense
data
and
other
information
provided
by
a
Fund
Adviser,
Broadridge
or
other
service
providers
were
not
independently
verified
by
the
Independent
Board
Members.
As
part
of
its
review,
the
Board
met
on
April
11-12,
2023
(the
“April
Meeting”)
to
review
and
discuss,
in
part,
the
performance
of
the
Nuveen
funds
and
the
Adviser’s
evaluation
of
each
sub-adviser
to
the
Nuveen
funds
and/or
its
investment
teams.
At
the
April
Meeting,
the
Board
Members
asked
questions
and
requested
additional
information
that
was
provided
for
the
May
Meeting.
The
Independent
Board
Members
were
advised
by
independent
legal
counsel
during
the
annual
review
process
as
well
as
throughout
the
year,
including
meeting
in
executive
sessions
with
such
counsel
at
which
no
representatives
from
the
Adviser
or
the
Sub-Adviser
were
present.
In
connection
with
their
annual
review,
the
Independent
Board
Members
also
received
a
memorandum
from
independent
legal
counsel
outlining
their
fiduciary
duties
and
legal
standards
in
reviewing
the
Advisory
Agreements,
including
guidance
from
court
cases
evaluating
advisory
fees.
The
Board’s
decision
to
renew
the
Advisory
Agreements
was
not
based
on
a
single
identified
factor,
but
rather
the
decision
reflected
the
comprehensive
consideration
of
all
the
information
provided
to
the
Board
and
its
committees
throughout
the
year
as
well
as
the
materials
prepared
specifically
in
connection
with
the
renewal
process.
The
contractual
arrangements
are
a
result
of
multiple
years
of
review,
negotiation
and
information
provided
in
connection
with
the
Board’s
annual
review
of
the
Nuveen
funds’
advisory
arrangements
and
oversight
of
the
Nuveen
funds.
Each
Board
Member
may
have
attributed
different
levels
of
importance
to
the
various
factors
and
information
considered
in
connection
with
the
approval
process
and
may
place
different
emphasis
on
the
relevant
information
year
to
year
in
light
of,
among
other
things,
changing
market
and
economic
conditions.
A
summary
of
the
principal
factors
and
information,
but
not
all
the
factors,
the
Board
considered
in
deciding
to
renew
the
Advisory
Agreements
is
set
forth
below.
A.
Nature,
Extent
and
Quality
of
Services
In
evaluating
the
renewal
of
the
Advisory
Agreements,
the
Independent
Board
Members
received
and
considered
information
regarding
the
nature,
extent
and
quality
of
the
applicable
Fund
Adviser’s
services
provided
to
the
respective
Fund
with
particular
focus
on
the
services
and
enhancements
or
changes
to
such
services
provided
during
the
last
year.
The
Independent
Board
Members
considered
the
Investment
Management
Agreements
and
the
Sub-Advisory
Agreements
separately
in
the
course
of
their
review.
With
this
approach,
they
considered
the
respective
roles
of
the
Adviser
and
the
Sub-Adviser
in
providing
services
to
the
Funds.
The
Board
recognized
that
the
Adviser
provides
a
wide
array
of
management,
oversight
and
administrative
services
to
manage
and
operate
the
Nuveen
funds
and
that
the
scope
and
complexity
of
these
services,
along
with
the
undertakings
required
of
the
Adviser
in
connection
with
providing
these
services,
have
expanded
over
time
as
a
result
of,
among
other
things,
regulatory,
market
and
other
developments.
The
Board
noted
the
Adviser’s
dedication
of
resources,
time,
personnel
and
capital
and
commitment
to
continuing
to
develop
improvements
and
innovations
that
seek
to
enhance
the
Nuveen
fund
complex
and
meet
the
needs
of
the
Nuveen
funds
in
an
increasingly
complex
regulatory
environment.
The
Board
received
and
reviewed
information
regarding,
among
other
things,
the
Adviser’s
investment
oversight
responsibilities,
regulatory
and
compliance
services,
administrative
duties
and
other
services.
The
Board
considered
the
breadth
and
the
quality
of
the
services
the
Adviser
and
its
various
teams
provide
in
overseeing
the
investment
management
of
the
Nuveen
funds,
including,
among
other
things,
overseeing
and
reviewing
the
services
provided
by
the
various
sub-advisers
to
the
Nuveen
funds
and
their
investment
teams;
evaluating
fund
performance
and
market
conditions;
overseeing
operational
and
investment
risks;
evaluating
investment
strategies
and
recommending
any
changes
thereto;
managing
liquidity;
managing
the
daily
valuation
of
portfolio
securities;
overseeing
trade
execution
and
securities
lending;
and
setting
and
managing
distributions
consistent
with
the
respective
fund’s
product
design.
The
Board
also
reviewed
the
structure
of
investment
personnel
compensation
of
each
Fund
Adviser
and
considered
whether
the
structure
provides
appropriate
incentives
to
attract
and
maintain
qualified
personnel
and
to
act
in
the
best
interests
of
the
respective
Nuveen
fund.
Given
the
Nuveen
funds
operate
in
a
highly
regulated
industry,
the
Board
further
considered
the
extensive
compliance,
regulatory
and
administrative
services
the
Adviser
and
its
various
teams
provide
to
manage
and
operate
the
Nuveen
funds.
The
Board
recognized
such
services
included,
but
were
not
limited
to,
managing
compliance
policies;
monitoring
compliance
with
applicable
policies,
laws
and
regulations;
devising
internal
compliance
programs
in
seeking
to
enhance
compliance
with
regulatory
requirements
and
creating
a
framework
to
review
and
assess
compliance
programs;
overseeing
sub-adviser
compliance
testing;
preparing
compliance
training
materials;
and
responding
to
regulatory
requests.
The
Board
reviewed
highlights
of
the
various
initiatives
Nuveen
compliance
had
taken
in
2022
including,
among
other
things,
additional
due
diligence
of
service
providers
as
their
operating
environments
evolve
post-Covid
to
more
hybrid
in-person
working
arrangements;
investments
in
supporting
and
expanding
international
trading
capabilities;
continuing
efforts
to
enhance
policies
and
controls
to
address
compliance
risks
including
those
related
to
environmental,
social
and
governance
(“ESG”)
matters
and
new
regulatory
developments
or
guidance;
and
establishing
and
maintaining
compliance
policies
and
comprehensive
compliance
training
programs.
The
Board
also
considered
information
regarding
the
Adviser’s
business
continuity,
disaster
recovery
and
information
security
programs
and
the
periodic
testing
and
review
of
such
programs.
In
addition
to
the
above
functions,
the
Board
considered
the
quality
and
extent
of
other
non-advisory
services
the
Adviser
provides
including,
among
other
things,
various
fund
administration
services
(such
as
preparing,
overseeing
or
assisting
with
the
preparation
of
tax
and
regulatory
filings);
product
management
services
(such
as
evaluating
and
enhancing
products
and
strategies);
legal
support
services;
shareholder
services
and
transfer
agency
function
oversight
services;
and
board
support
and
reporting
services.
With
respect
to
board
support
services,
the
Board
reviewed
a
summary
of
the
annual,
quarterly,
and
special
reports
the
Adviser
and/or
its
affiliates
provided
to
the
Board
throughout
2022.
The
Board
further
acknowledged
various
initiatives
the
Adviser
had
undertaken
or
continued
in
2022
in
seeking
to
improve
the
effectiveness
of
its
organization,
the
Nuveen
funds
product
line-up
as
well
as
particular
Nuveen
fund(s)
through,
among
other
things,
rationalizing
the
product
line
and
gaining
efficiencies
through
mergers,
repositionings
and
liquidations;
launching
new
funds;
reviewing
and
updating
investment
policies
and
benchmarks;
reopening
certain
funds
previously
closed
to
new
investors;
adding
or
modifying
the
share
classes
offered
by
certain
funds;
implementing
fee
waivers
and
expense
cap
changes
for
certain
funds
and
evaluating
and
adjusting
portfolio
management
teams
as
appropriate
for
various
funds;
and
developing
policy
positions
on
a
broad
range
of
regulatory
proposals
that
may
impact
the
funds
and
communicating
with
lawmakers
and
other
regulatory
authorities
to
help
ensure
these
positions
are
represented.
Aside
from
the
services
provided,
the
Board
recognized
the
financial
resources
of
the
Adviser
and
its
affiliates
and
their
willingness
to
make
investments
in
the
technology,
personnel
and
infrastructure
to
support
the
Nuveen
funds,
including
maintaining
a
seed
capital
budget
to
support
new
or
existing
funds
and/or
facilitate
changes
for
a
respective
fund.
The
Board
noted
the
benefits
to
shareholders
of
investing
in
a
fund
that
is
a
part
of
a
large
fund
complex
with
a
variety
of
investment
disciplines,
capabilities,
expertise
and
resources
available
to
navigate
and
support
the
Nuveen
funds
including
during
stressed
times.
The
Board
recognized
the
overall
reputation
and
capabilities
of
the
Adviser
and
its
affiliates,
the
Adviser’s
continuing
commitment
to
provide
high
quality
services,
its
willingness
to
implement
operational
or
organizational
changes
in
seeking,
among
other
things,
to
enhance
efficiencies
and
services
to
the
Nuveen
funds
and
its
responsiveness
to
the
Board’s
questions
and/or
concerns
raised
throughout
the
year
and
during
the
annual
review
of
advisory
agreements.
The
Board
also
considered
the
significant
risks
borne
by
the
Adviser
and
its
affiliates
in
connection
with
their
services
to
the
Nuveen
funds,
including
entrepreneurial
risks
in
sponsoring
new
funds
and
ongoing
risks
with
managing
the
funds
such
as
investment,
operational,
reputational,
regulatory,
compliance
and
litigation
risks.
The
Board
further
considered
the
division
of
responsibilities
between
the
Adviser
and
the
Sub-Adviser
and
recognized
that
the
Sub-Adviser
and
its
investment
personnel
generally
are
responsible
for
the
management
of
each
Fund’s
portfolio
under
the
oversight
of
the
Adviser
and
the
Board.
The
Board
considered
an
analysis
of
the
Sub-Adviser
provided
by
the
Adviser
which
included,
among
other
things,
the
assets
under
management
of
the
applicable
investment
team
and
changes
thereto,
a
summary
of
the
applicable
investment
team
and
changes
to
such
team,
the
investment
process
and
philosophy
of
the
applicable
investment
team,
the
performance
of
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser
over
various
periods
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
of
time
and
a
summary
of
any
significant
policy
and/or
other
changes
to
the
Nuveen
funds
sub-advised
by
the
Sub-Adviser.
The
Board
further
considered
at
the
May
Meeting
or
prior
meetings
evaluations
of
the
Sub-Adviser’s
compliance
programs
and
trade
execution.
The
Board
noted
that
the
Adviser
recommended
the
renewal
of
the
Sub-Advisory
Agreements.
Based
on
its
review,
the
Board
determined,
in
the
exercise
of
its
reasonable
business
judgment,
that
it
was
satisfied
with
the
nature,
extent
and
quality
of
services
provided
to
the
respective
Funds
under
each
applicable
Advisory
Agreement.
B.
The
Investment
Performance
of
the
Funds
and
Fund
Advisers
In
evaluating
the
quality
of
the
services
provided
by
the
Fund
Advisers,
the
Board
also
considered
a
variety
of
investment
performance
data
of
the
Nuveen
funds
prepared
specifically
for
the
annual
review
of
the
advisory
agreements
as
well
as
the
performance
data
the
Board
received
throughout
the
year
representing
different
time
periods.
In
this
regard,
leading
into
the
May
Meeting,
the
Board
reviewed,
among
other
things,
Fund
performance
over
the
quarter,
one-,
three-
and
five-year
periods
ending
December 31,
2022
and
March
31,
2023.
The
performance
data
was
based
on
Class
A
shares;
however,
the
performance
of
other
classes
should
be
substantially
similar
as
they
invest
in
the
same
portfolio
of
securities
and
differences
in
performance
among
the
classes
would
be
principally
attributed
to
the
variations
in
the
expense
structures
of
the
classes.
In
addition,
the
Board
reviewed
and
discussed
performance
data
at
its
regularly
scheduled
quarterly
meetings
during
the
year.
The
Board
therefore
took
into
account
the
performance
data,
presentations
and
discussions
(written
and
oral)
that
have
been
provided
for
the
annual
review
as
well
as
in
prior
meetings
over
time
in
evaluating
fund
performance,
including
the
Adviser’s
analysis
of
a
fund’s
performance
with
particular
focus
on
performance
outliers
(both
overperformance
and
underperformance),
the
factors
contributing
to
performance
(including
relative
to
a
fund’s
benchmark
and
peers
and
the
impact
of
market
conditions)
and
any
recommendations
or
steps
that
had
been
taken
or
were
proposed
to
be
taken
to
address
significant
performance
concerns.
In
this
regard,
the
Board
noted,
among
other
things,
that
certain
Nuveen
funds
had
changes
in
portfolio
managers
or
other
significant
changes
to
their
investment
strategies
or
policies
since
March
2020,
and,
as
a
result,
the
Board
reviewed
certain
tracking
performance
data
comparing
the
performance
of
such
funds
before
and
after
such
changes.
The
Board
recognized
that
performance
data
reflects
performance
over
a
specified
period
which
may
differ
significantly
depending
on
the
ending
dates
selected,
particularly
during
periods
of
market
volatility.
Further,
the
Board
noted
that
shareholders
may
evaluate
performance
based
on
their
own
respective
holding
periods
which
may
differ
from
the
performance
periods
reviewed
by
the
Board
and
lead
to
differing
results.
In
its
evaluation,
the
Board
reviewed
Nuveen
fund
performance
results
from
different
perspectives.
In
general,
subject
to
certain
exceptions,
the
Board
reviewed
both
absolute
and
relative
fund
performance
during
the
annual
review
over
the
various
time
periods
and
evaluated
performance
results
in
light
of
a
fund’s
investment
objective(s),
strategies
and
risks.
With
respect
to
the
relative
performance,
the
Board
considered
fund
performance
in
comparison
to
the
performance
of
peer
funds
(the
“Performance
Peer
Group”)
and
recognized
and/or
customized
benchmarks
(i.e.,
generally
benchmarks
derived
from
multiple
recognized
benchmarks).
In
reviewing
such
comparative
performance,
the
Board
was
cognizant
of
the
inherent
limitations
of
such
data
which
can
make
meaningful
performance
comparisons
generally
difficult.
As
an
illustration,
differences
in
the
composition
of
the
Performance
Peer
Group,
the
investment
objective(s),
strategies
and
other
characteristics
of
the
peers
in
the
Performance
Peer
Group,
the
level,
type
and
cost
of
leverage
(if
any)
of
the
peers,
and
the
varying
sizes
of
peers
all
may
contribute
to
differences
in
the
performance
results
of
a
Performance
Peer
Group
compared
to
the
applicable
Nuveen
fund.
With
respect
to
relative
performance
of
a
Nuveen
fund
compared
to
a
benchmark
index,
differences,
among
other
things,
in
the
investment
objective(s)
and
strategies
of
a
fund
and
the
benchmark
(particularly
an
actively
managed
fund
that
does
not
directly
follow
an
index)
as
well
as
the
costs
of
operating
a
fund
would
necessarily
contribute
to
differences
in
performance
results
and
limit
the
value
of
the
comparative
performance
information.
To
assist
the
Board
in
its
review
of
the
comparability
of
the
relative
performance,
the
Adviser
has
ranked
the
relevancy
of
the
peer
group
to
the
Funds
as
low,
medium
or
high.
The
Board
also
evaluated
Nuveen
fund
performance
in
light
of
various
relevant
factors
which
may
include,
among
other
things,
general
market
conditions,
issuer-specific
information,
asset
class
information,
leverage
and
fund
cash
flows.
The
Board
acknowledged
that
long-term
performance
could
be
impacted
by
even
one
period
of
significant
outperformance
or
underperformance
and
that
a
single
investment
theme
could
disproportionately
affect
performance.
Further,
the
Board
recognized
that
the
market
and
economic
conditions
may
significantly
impact
a
fund’s
performance,
particularly
over
shorter
periods,
and
such
performance
may
be
more
reflective
of
such
economic
or
market
events
and
not
necessarily
reflective
of
management
skill.
Although
the
Board
reviews
short-,
intermediate-
and
longer-term
performance
data,
the
Board
recognized
that
longer
periods
of
performance
may
reflect
full
market
cycles.
In
relation
to
recent
general
market
conditions,
the
Board
had
recognized
the
general
market
volatility
and
underperformance
of
the
market
in
2022
in
considering
Nuveen
fund
performance.
The
Board
took
into
account
the
Adviser’s
assessment
of
a
fund’s
performance
during
the
recent
period
of
significant
market
volatility.
In
their
review
from
year
to
year,
the
Board
Members
consider
and
may
place
different
emphasis
on
the
relevant
information
in
light
of
changing
circumstances
in
market
and
economic
conditions.
In
evaluating
performance,
the
Board
focused
particular
attention
on
funds
with
less
favorable
performance
records.
However,
depending
on
the
facts
and
circumstances
including
any
differences
between
the
respective
fund
and
its
benchmark
and/or
Performance
Peer
Group,
the
Board
may
be
satisfied
with
a
fund’s
performance
notwithstanding
that
its
performance
may
be
below
that
of
its
benchmark
and/or
peer
group
for
certain
periods.
With
respect
to
any
funds
for
which
the
Board
has
identified
performance
issues,
the
Board
seeks
to
monitor
such
funds
closely
until
performance
improves,
discusses
with
the
Adviser
the
reasons
for
such
results,
considers
whether
any
steps
are
necessary
or
appropriate
to
address
such
issues,
and
reviews
the
results
of
any
steps
undertaken.
The
Board’s
determinations
with
respect
to
each
Fund
are
summarized
below.
For
Nuveen
Global
Equity
Income
Fund
(the
“Global
Equity
Income
Fund”),
the
Board
noted
that
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2022
and
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
December
31,
2022
and
third
quartile
for
the
five-year
period
ended
December
31,
2022.
In
addition,
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
five-year
period
ended
March
31,
2023,
the
Fund
outperformed
its
benchmark
for
the
one-
and
three-year
periods
ended
March
31,
2023.
Further,
although
the
Fund
ranked
in
the
fourth
quartile
of
its
Performance
Peer
Group
for
the
five-year
period
ended
March
31,
2023,
the
Fund
ranked
in
the
second
quartile
for
the
one-year
period
and
first
quartile
for
the
three-year
period
ended
March
31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
International
Value
Fund
(the
“International
Value
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
five-year
periods
ended
December 31,
2022
and
March
31,
2023,
the
Fund
outperformed
its
benchmark
for
the
one-
and
three-year
periods
ended
December 31,
2022
and
March
31,
2023.
In
addition,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
five-year
periods
ended
December
31,
2022
and
first
quartile
for
the
three-year
period
ended
December
31,
2022.
Further,
the
Fund
ranked
in
the
second
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
March
31,
2023
and
the
first
quartile
for
the
five-year
period
ended
March
31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Multi
Cap
Value
Fund
(the
“Multi
Cap
Value
Fund”),
the
Board
noted
that
the
Fund
outperformed
its
benchmark
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2022
and
March
31,
2023.
In
addition,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
and
second
quartile
for
the
three-
and
five-year
periods
ended
December
31,
2022.
Further,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
March
31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Large
Cap
Value
Fund
(the
“Large
Cap
Value
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
five-year
periods
ended
December 31,
2022
and
March
31,
2023,
the
Fund
outperformed
its
benchmark
for
the
one-
and
three-year
periods
ended
December
31,
2022
and
March
31,
2023.
In
addition,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
period
ended
December
31,
2022,
second
quartile
for
the
three-year
period
ended
December
31,
2022
and
third
quartile
for
the
five-year
period
ended
December
31,
2022.
Further,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-
and
three-year
periods
ended
March
31,
2023
and
second
quartile
for
the
five-year
period
ended
March
31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Small/Mid
Cap
Value
Fund
(the
“Small/Mid
Cap
Value
Fund”),
the
Board
noted
that
the
Fund
outperformed
its
benchmark
and
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-,
three-
and
five-year
periods
ended
December
31,
2022
and
March
31,
2023.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
For
Nuveen
Small
Cap
Value
Opportunities
Fund
(the
“Small
Cap
Value
Opportunities
Fund”),
the
Board
noted
that
although
the
Fund’s
performance
was
below
the
performance
of
its
benchmark
for
the
five-year
periods
ended
December 31,
2022
and
March
31,
2023,
the
Fund
outperformed
its
benchmark
for
the
one-
and
three-year
periods
ended
December
31,
2022
and
March
31,
2023.
In
addition,
the
Fund
ranked
in
the
first
quartile
of
its
Performance
Peer
Group
for
the
one-year
periods,
second
quartile
for
the
three-year
periods,
and
third
quartile
for
the
five-year
periods
ended
December
31,
2022
and
March
31,
2023,
respectively.
On
the
basis
of
the
Board’s
ongoing
review
of
investment
performance
and
all
relevant
factors,
including
the
relative
market
conditions
during
certain
reporting
periods,
the
Fund’s
investment
objective(s)
and
management’s
discussion
of
performance,
the
Board
concluded
that
in
light
of
these
factors,
the
Fund’s
performance
supported
renewal
of
the
Advisory
Agreements.
C.
Fees,
Expenses
and
Profitability
1.
Fees
and
Expenses
As
part
of
its
annual
review,
the
Board
generally
reviewed,
among
other
things,
with
respect
to
the
Nuveen
open-end
funds,
the
contractual
management
fee
and
net
management
fee
(i.e.,
the
management
fee
after
taking
into
consideration
fee
waivers
and/or
expense
reimbursements,
if
any)
paid
by
a
fund
to
the
Adviser
in
light
of
the
nature,
extent
and
quality
of
the
services
provided.
The
Board
also
considered
the
total
operating
expense
ratio
of
a
fund
(after
any
fee
waivers
and/or
expense
reimbursements).
More
specifically,
the
Independent
Board
Members
reviewed,
among
other
things,
each
Nuveen
open-end
fund’s
gross
and
net
management
fee
rates
(i.e.,
before
and
after
fee
waivers
and/or
expense
reimbursements,
if
any)
and
net
total
expense
ratio
in
relation
to
those
of
a
comparable
universe
of
funds
(the
“Peer
Universe”)
and
to
a
more
focused
subset
of
comparable
funds
(the
“Peer
Group”)
established
by
Broadridge
(subject
to
certain
exceptions).
The
Independent
Board
Members
reviewed
the
methodology
Broadridge
employed
to
establish
its
Peer
Universe
and
Peer
Group
(as
applicable)
and
recognized
that
differences
between
the
applicable
fund
and
its
respective
Peer
Universe
and/
or
Peer
Group
as
well
as
changes
to
the
composition
of
the
Peer
Group
and/or
Peer
Universe
from
year
to
year
may
limit
some
of
the
value
of
the
comparative
data.
The
Independent
Board
Members
take
these
limitations
and
differences
into
account
when
reviewing
comparative
peer
data.
The
Independent
Board
Members
also
considered
a
fund’s
operating
expense
ratio
as
it
more
directly
reflected
the
shareholder’s
costs
in
investing
in
the
respective
fund.
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
In
their
review,
the
Independent
Board
Members
considered,
in
particular,
each
Nuveen
fund
with
a
net
total
expense
ratio
of
six
basis
points
or
higher
compared
to
that
of
its
peer
average
(each,
an
“Expense
Outlier
Fund”),
including
the
Multi
Cap
Value
Fund,
and
an
analysis
as
to
the
factors
contributing
to
each
such
fund’s
higher
relative
net
total
expense
ratio.
Accordingly,
in
reviewing
the
comparative
data
between
a
fund
and
its
peers,
the
Board
generally
considered
the
fund’s
net
total
expense
ratio
and
fees
to
be
higher
if
they
were
over
10
basis
points
higher,
slightly
higher
if
they
were
6
to
10
basis
points
higher,
in
line
if
they
were
within
approximately
5
basis
points
higher
than
the
peer
average
and
below
if
they
were
below
the
peer
average
of
the
Peer
Group.
The
Independent
Board
Members
also
considered,
in
relevant
part,
a
Nuveen
fund’s
management
fee
and
net
total
expense
ratio
in
light
of
its
performance
history,
including
reviewing
certain
funds
identified
by
the
Adviser
and/or
the
Board
as
having
a
higher
net
total
expense
ratio
or
management
fee
compared
to
their
respective
peers
coupled
with
experiencing
periods
of
challenged
performance
and
considering
the
reasons
for
such
comparative
positions.
In
addition,
in
their
review
of
the
fee
arrangements
for
the
Nuveen
funds,
the
Independent
Board
Members
considered
the
management
fee
schedules,
including
the
complex-wide
and
fund-level
breakpoint
schedules,
and
the
expense
reimbursements
and/or
fee
waivers
provided
by
Nuveen
for
each
fund,
as
applicable.
The
Board
noted
that
across
the
Nuveen
fund
complex,
the
complex-wide
fee
breakpoints
reduced
fees
by
approximately
$62.4 million
and
fund-level
breakpoints
reduced
fees
by
approximately
$76.1 million
in
2022.
Further,
fee
caps
and
waivers
for
all
applicable
Nuveen
funds
saved
shareholders
approximately
$13.4 million
in
fees
in
2022.
With
respect
to
the
Sub-Adviser,
the
Board
also
considered,
among
other
things,
the
sub-advisory
fee
schedule
paid
to
the
Sub-Adviser
in
light
of
the
sub-advisory
services
provided
to
the
respective
Fund
and
comparative
data
of
the
fees
the
Sub-Adviser
charges
to
other
clients,
if
any.
In
its
review,
the
Board
recognized
that
the
compensation
paid
to
the
Sub-Adviser
is
the
responsibility
of
the
Adviser,
not
the
Funds.
The
Independent
Board
Members
noted
that
(a)
the
Global
Equity
Income
Fund,
the
International
Value
Fund,
the
Large
Cap
Value
Fund,
the
Small/Mid
Cap
Value
Fund
and
the
Small
Cap
Value
Opportunities
Fund
each
had
a
net
management
fee
and
a
net
total
expense
ratio
that
were
below
the
respective
peer
averages
(and
the
Large
Cap
Value
Fund
did
not
incur
a
management
fee
after
fee
waivers
and
expense
reimbursements
for
the
last
fiscal
year);
and
(b)
the
Multi
Cap
Value
Fund
had
a
net
management
fee
that
was
slightly
higher
than
the
peer
average
and
a
net
total
expense
ratio
that
was
higher
than
the
peer
average.
Further,
the
Independent
Board
Members
noted
that
the
Multi
Cap
Value
Fund’s
net
total
expense
ratio
was
affected
by
a
tax
expense
that
it
incurred
during
its
last
fiscal
year.
Based
on
its
review
of
the
information
provided,
the
Board
determined
that
each
Fund’s
management
fees
(as
applicable)
to
a
Fund
Adviser
were
reasonable
in
light
of
the
nature,
extent
and
quality
of
services
provided
to
the
Fund.
2.
Comparisons
with
the
Fees
of
Other
Clients
In
evaluating
the
appropriateness
of
fees,
the
Board
also
considered
information
regarding
the
fee
rates
the
respective
Fund
Advisers
charged
to
certain
other
types
of
clients
and
the
type
of
services
provided
to
these
other
clients.
With
respect
to
the
Adviser
and/or
the
Sub-Adviser,
such
other
clients
may
include:
retail
and
institutional
managed
accounts
sub-advised
by
the
Sub-Adviser;
hedge
funds
or
other
structured
products
managed
by
the
Sub-Adviser;
investment
companies
offered
outside
the
Nuveen
family
and
sub-advised
by
the
Sub-
Adviser;
foreign
investment
companies
offered
by
Nuveen
and
sub-advised
by
the
Sub-Adviser;
and
collective
investment
trusts
sub-advised
by
the
Sub-Adviser.
The
Board
further
noted
that
the
Adviser
also
advised,
and
the
Sub-Adviser
sub-advised,
certain
exchange-traded
funds
(“ETFs”)
sponsored
by
Nuveen.
The
Board
reviewed,
among
other
things,
the
range
of
fees
assessed
for
managed
accounts,
hedge
funds
(along
with
their
performance
fee),
foreign
investment
companies
and
ETFs
offered
by
Nuveen,
as
applicable.
The
Board
also
reviewed
the
fee
range
and
average
fee
rate
of
certain
selected
investment
strategies
offered
in
retail
and
institutional
managed
accounts
sub-advised
by
the
Sub-Adviser,
the
hedge
funds
advised
by
the
Sub-Adviser
(along
with
their
performance
fee)
and
non-Nuveen
investment
companies
sub-advised
by
certain
affiliated
sub-advisers.
In
considering
the
comparative
fee
data,
the
Board
recognized
that
differences,
including
but
not
limited
to,
the
amount,
type
and
level
of
services
provided
by
the
Adviser
to
the
Nuveen
funds
compared
to
that
provided
to
other
clients
as
well
as
differences
in
investment
policies;
eligible
portfolio
assets
and
the
manner
of
managing
such
assets;
product
structure;
investor
profiles;
account
sizes;
and
regulatory
requirements
contribute
to
the
variations
in
the
fee
schedules.
Similarly,
differences
in
the
client
base,
governing
bodies,
distribution
jurisdiction
and
operational
complexities
would
also
contribute
to
variations
in
management
fees
assessed
the
Nuveen
funds
compared
to
foreign
fund
clients.
Further,
with
respect
to
ETFs,
the
Board
considered
that
the
Nuveen
ETFs
that
are
designed
to
track
the
performance
of
a
specified
index
(“Index
ETFs”)
were
passively
managed
compared
to
the
active
management
of
other
Nuveen
funds,
which
also
contributed
to
the
differences
in
fee
levels
between
such
Index
ETFs
and
the
actively
managed
funds.
The
Board
acknowledged
the
wide
range
of
services
in
addition
to
investment
management
that
the
Adviser
had
provided
to
the
Nuveen
funds
compared
to
other
types
of
clients
as
well
as
the
increased
entrepreneurial,
legal
and
regulatory
risks
that
the
Adviser
incurs
in
sponsoring
and
managing
the
Nuveen
funds.
In
general,
higher
fee
levels
reflect
higher
levels
of
service
provided
by
the
Adviser,
increased
investment
management
complexity,
greater
product
management
requirements,
and
higher
levels
of
business
risk
or
some
combination
of
these
factors.
The
Board
further
considered
that
the
Sub-Adviser’s
fee
is
essentially
for
portfolio
management
services
and
therefore
more
comparable
to
the
fees
it
receives
for
retail
wrap
accounts
and
other
external
sub-advisory
mandates.
The
Board
concluded
the
varying
levels
of
fees
were
justified
given,
among
other
things,
the
more
extensive
services,
regulatory
requirements
and
legal
liabilities,
and
the
entrepreneurial,
legal
and
regulatory
risks
incurred
in
sponsoring
and
advising
a
registered
investment
company
compared
to
that
required
in
advising
other
types
of
clients.
3.
Profitability
of
Fund
Advisers
In
their
review,
the
Independent
Board
Members
considered
estimated
profitability
information
of
Nuveen
as
a
result
of
its
advisory
services
to
the
Nuveen
funds
as
well
as
profitability
data
of
other
publicly
traded
asset
management
firms.
Such
profitability
information
included,
among
other
things,
gross
and
net
revenue
margins
(excluding
distribution)
of
Nuveen
Investments,
Inc.
(“Nuveen
Investments”)
for
services
to
the
Nuveen
funds
on
a
pre-tax
and
after-tax
basis
for
the
2022
and
2021
calendar
years
as
well
as
the
revenues
earned
(less
any
expense
reimbursements/fee
waivers)
and
expenses
incurred
by
Nuveen
Investments
for
its
advisory
activities
to
the
Nuveen
funds
(excluding
distribution
and
certain
other
expenses)
for
the
2022
and
2021
calendar
years.
The
Independent
Board
Members
also
considered
a
summary
of
some
of
the
key
factors
that
impacted
Nuveen’s
profitability
in
2022.
In
addition,
the
Board
reviewed
the
revenues,
expenses
and
operating
margin
(pre-
and
after-tax)
the
Adviser
derived
from
its
ETF
product
line
for
the
2022
and
2021
calendar
years.
In
developing
the
profitability
data
of
the
Adviser
for
its
advisory
services
to
the
Nuveen
funds,
the
Independent
Board
Members
recognized
the
subjective
nature
of
calculating
profitability
as
the
information
is
not
audited
and
is
necessarily
dependent
on
cost
allocation
methodologies
to
allocate
expenses
throughout
the
complex
and
among
the
various
advisory
products.
Given
there
is
no
perfect
expense
allocation
methodology
and
that
other
reasonable
and
valid
allocation
methodologies
could
be
employed
and
could
lead
to
significantly
different
results,
the
Board
reviewed,
among
other
things,
a
description
of
the
cost
allocation
methodologies
employed
to
develop
the
financial
information,
a
summary
of
the
history
of
changes
to
the
methodology
over
the
years
from
2010
through
2022,
and
a
historical
expense
analysis
of
Nuveen
Investments’
revenues,
expenses
and
pre-tax
net
revenue
margins
derived
from
its
advisory
services
to
the
Nuveen
funds
(excluding
distribution)
for
the
calendar
years
from
2017
through
2022.
The
Board
had
also
appointed
four
Independent
Board
Members
to
serve
as
the
Board’s
liaisons,
with
the
assistance
of
independent
counsel,
to
meet
with
representatives
of
the
Adviser
and
review
the
development
of
the
profitability
data
and
to
report
to
the
full
Board.
In
addition,
the
Board
considered
certain
comparative
operating
margin
data.
In
this
regard,
the
Board
reviewed
the
operating
margins
of
Nuveen
Investments
compared
to
the
adjusted
operating
margins
of
a
peer
group
of
asset
management
firms
with
publicly
available
data
and
the
most
comparable
assets
under
management
(based
on
asset
size
and
asset
composition)
to
Nuveen.
The
Board
recognized
that
the
operating
margins
of
the
peers
were
adjusted
generally
to
address
that
certain
services
provided
by
the
peers
were
not
provided
by
Nuveen.
The
Board
also
reviewed,
among
other
things,
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
on
a
company-wide
basis
and
the
net
revenue
margins
(pre-tax)
of
Nuveen
Investments
derived
from
its
services
to
the
Nuveen
funds
only
(including
and
excluding
distribution)
compared
to
the
adjusted
operating
margins
of
the
peer
group
for
each
calendar
year
from
2012
to
2022.
Although
the
total
company
operating
margins
of
Nuveen
Investments
were
in
the
bottom
half
of
the
peer
group
range
for
2022
and
2021,
the
Independent
Board
Members
recognized
the
limitations
of
the
comparative
data
given
that
peer
data
is
not
generally
public
and
the
calculation
of
profitability
is
subjective
and
affected
by
numerous
factors
(such
as
types
of
funds
a
peer
manages,
its
business
mix,
its
cost
of
capital,
the
numerous
assumptions
underlying
the
methodology
used
to
allocate
expenses
and
other
factors)
that
can
have
a
significant
impact
on
the
results.
Aside
from
Nuveen’s
profitability,
the
Board
recognized
that
the
Adviser
is
a
subsidiary
of
Nuveen,
LLC,
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(“TIAA”).
Accordingly,
the
Board
also
reviewed
a
balance
sheet
for
TIAA
reflecting
its
assets,
liabilities
and
capital
and
contingency
reserves
for
the
2022
and
2021
calendar
years
to
consider
the
financial
strength
of
TIAA.
The
Board
recognized
the
benefit
of
an
investment
adviser
and
its
parent
with
significant
resources,
particularly
during
periods
of
market
volatility.
The
Board
also
noted
the
reinvestments
Nuveen,
its
parent
and/or
other
affiliates
made
into
its
business
through,
among
other
things,
the
investment
of
seed
capital
in
certain
Nuveen
funds
and
continued
investments
in
enhancements
to
technological
capabilities.
In
addition
to
Nuveen,
the
Independent
Board
Members
considered
the
profitability
of
the
Sub-Adviser
from
its
relationships
with
the
respective
Nuveen
funds.
In
this
regard,
the
Independent
Board
Members
reviewed,
among
other
things,
the
Sub-Adviser’s
revenues,
expenses
and
net
revenue
margins
(pre-
and
after-tax)
for
its
advisory
activities
to
the
respective
Nuveen
funds
for
the
calendar
years
ended
December 31,
2022
and
December
31,
2021.
The
Independent
Board
Members
also
reviewed
a
profitability
analysis
reflecting
the
revenues,
expenses
and
revenue
margin
(pre-
and
after-tax)
by
asset
type
for
the
Sub-Adviser
for
the
calendar
years
ending
December 31,
2022
and
December
31,
2021.
In
evaluating
the
reasonableness
of
the
compensation,
the
Independent
Board
Members
also
considered
any
other
ancillary
benefits
derived
by
the
respective
Fund
Adviser
from
its
relationship
with
the
Nuveen
funds
as
discussed
in
further
detail
below.
Based
on
a
consideration
of
all
the
information
provided,
the
Board
noted
that
Nuveen’s
and
the
Sub-Adviser’s
level
of
profitability
was
acceptable
and
not
unreasonable
in
light
of
the
services
provided.
D.
Economies
of
Scale
and
Whether
Fee
Levels
Reflect
These
Economies
of
Scale
The
Board
considered
whether
there
have
been
economies
of
scale
with
respect
to
the
management
of
the
Nuveen
funds,
whether
these
economies
of
scale
have
been
appropriately
shared
with
the
funds
and
whether
there
is
potential
for
realization
of
further
economies
of
scale.
Although
the
Board
recognized
that
economies
of
scale
are
difficult
to
measure
with
any
precision
and
certain
expenses
may
not
decline
with
a
rise
in
assets,
the
Board
considered
that
Nuveen
shares
the
benefits
of
economies
of
scale,
if
any,
in
a
number
of
ways
including
through
the
use
of
breakpoints
in
the
management
fee
schedule,
fee
waivers
and/or
expense
limitations,
the
pricing
of
funds
at
scale
at
inception
and
investments
in
Nuveen’s
business
which
can
enhance
the
services
provided
to
the
funds
for
the
fees
paid.
In
this
regard,
the
Board
recognized
that
the
management
fee
of
the
Adviser
is
generally
comprised
of
a
fund-level
component
and
a
complex-level
component
each
with
its
own
breakpoint
schedule,
subject
to
certain
exceptions.
The
Board
reviewed
the
fund-level
and
complex-level
fee
schedules.
With
this
structure,
the
Board
noted
that
the
complex-level
Annual
Investment
Management
Agreement
Approval
Process
(Unaudited)
(continued)
breakpoint
schedule
is
designed
to
deliver
the
benefits
of
economies
of
scale
to
shareholders
when
the
eligible
assets
in
the
complex
pass
certain
thresholds
even
if
the
assets
of
a
particular
fund
are
unchanged
or
have
declined,
and
the
fund-level
breakpoint
schedules
are
designed
to
share
economies
of
scale
with
shareholders
if
the
particular
fund
grows.
In
addition
to
the
fund-level
and
complex-level
fee
schedules,
the
Independent
Board
Members
considered
the
temporary
and/or
permanent
expense
caps
applicable
to
certain
Nuveen
funds
(including
the
amounts
of
fees
waived
or
amounts
reimbursed
to
the
respective
funds
in
2022
and
2021),
including
(a)
the
temporary
expense
caps
applicable
to
the
Global
Equity
Income
Fund,
the
International
Value
Fund
and
the
Multi
Cap
Value
Fund;
and
(b)
the
temporary
and
permanent
expense
caps
applicable
to
the
Large
Cap
Value
Fund,
the
Small/Mid
Cap
Value
Fund
and
the
Small
Cap
Value
Opportunities
Fund.
The
Board
recognized
that
such
waivers
and
reimbursements
applicable
to
the
respective
Nuveen
funds
are
another
means
for
potential
economies
of
scale
to
be
shared
with
shareholders
of
such
funds
and
can
provide
a
protection
from
an
increase
in
expenses
if
the
assets
of
the
applicable
funds
decline.
As
noted
above,
the
Independent
Board
Members
also
recognized
the
continued
reinvestment
in
Nuveen’s
business
to
enhance
its
capabilities
and
services
to
the
benefit
of
its
various
clients.
The
Board
understood
that
many
of
these
investments
in
the
Nuveen
business
were
not
specific
to
individual
Nuveen
funds
but
rather
incurred
across
of
a
variety
of
products
and
services
pursuant
to
which
the
family
of
Nuveen
funds
as
a
whole
may
benefit.
In
addition,
the
Board
also
considered
that
Nuveen
has
provided,
without
raising
advisory
fees
to
the
Nuveen
funds,
certain
additional
services,
including,
but
not
limited
to,
services
required
by
new
regulations
and
regulatory
interpretations,
and
this
was
also
a
means
of
sharing
economies
of
scale
with
the
funds
and
their
shareholders.
Based
on
its
review,
the
Board
was
satisfied
that
the
current
fee
arrangements
together
with
the
reinvestment
in
Nuveen’s
business
appropriately
shared
any
economies
of
scale
with
shareholders.
E.
Indirect
Benefits
The
Independent
Board
Members
received
and
considered
information
regarding
other
benefits
the
respective
Fund
Adviser
or
its
affiliates
may
receive
as
a
result
of
their
relationship
with
the
Nuveen
funds.
The
Independent
Board
Members
recognized
that
an
affiliate
of
the
Adviser
serves
as
principal
underwriter
providing
distribution
and/or
shareholder
services
to
the
open-end
funds
for
which
it
may
be
compensated.
The
Independent
Board
Members
further
noted
that,
subject
to
certain
exceptions,
certain
classes
of
the
Nuveen
open-end
funds
pay
12b-1
fees
and
while
a
majority
of
such
fees
were
paid
to
third
party
financial
intermediaries,
the
Board
reviewed
the
amount
retained
by
the
Adviser’s
affiliate.
In
addition,
the
Independent
Board
Members
noted
that
the
various
sub-advisers
to
the
Nuveen
funds
do
not
generally
benefit
from
soft
dollar
arrangements
with
respect
to
Nuveen
fund
portfolio
transactions.
Based
on
its
review,
the
Board
concluded
that
any
indirect
benefits
received
by
a
Fund
Adviser
as
a
result
of
its
relationship
with
the
Funds
were
reasonable
in
light
of
the
services
provided.
F.
Other
Considerations
The
Independent
Board
Members
did
not
identify
any
single
factor
discussed
previously
as
all-important
or
controlling.
The
Independent
Board
Members
concluded
that
the
terms
of
each
Advisory
Agreement
were
reasonable,
that
the
respective
Fund
Adviser’s
fees
were
reasonable
in
light
of
the
services
provided
to
each
Fund
and
that
the
Advisory
Agreements
be
renewed
for
an
additional
one-year
period.
Trustees
and
Officers
(Unaudited)
The
management
of
the
Funds,
including
general
supervision
of
the
duties
performed
for
the
Funds
by
the
Adviser,
is
the
responsibility
of
the
Board
of Trustees
of
the
Funds.
The
number
of
Trustees of
the
Funds
is
currently
set
at
ten.
None
of
the Trustees
who
are
not
“interested”
persons
of
the
Funds
(referred
to
herein
as
“Independent
Trustees”)
has
ever
been
a Trustee
or
employee
of,
or
consultant
to,
Nuveen
or
its
affiliates.
The
names
and
business
addresses
of
the Trustees
and
officers
of
the
Funds,
their
principal
occupations
and
other
affiliations
during
the
past
five
years,
the
number
of
portfolios
each
oversees
and
other
directorships
they
hold
are
set
forth
below.
The
Funds’
Statement
of
Additional
Information
(“SAI”)
includes
more
information
about
the
Trustees.
To
request
a
free
copy,
call
Nuveen
Investments
at
(800)
257-8787
or
visit
the
Funds’
website
at
www.nuveen.com.
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Trustee
Independent
Trustees:
Terence
J.
Toth
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Chair
and
Trustee
2008
Formerly,
a
Co-Founding
Partner,
Promus
Capital
(investment
advisory
firm)
(2008-2017);
formerly,
Director,
Quality
Control
Corporation
(manufacturing)
(2012-2021);
Chair
of
the
Board
of
the
Kehrein
Center
for
the
Arts
(philanthropy)
(since
2021);
member:
Catalyst
Schools
of
Chicago
Board
(since
2008)
and
Mather
Foundation
Board
(philanthropy)
(since
2012),
formerly,
Chair
of
its
Investment
Committee
(2017-2022);
formerly,
Member,
Chicago
Fellowship
Board
(philanthropy)
2005-2016);
formerly,
Director,
Fulcrum
IT
Services
LLC
(information
technology
services
firm
to
government
entities)
(2010-2019);
formerly,
Director,
LogicMark
LLC
(health
services)
(2012-2016);
formerly,
Director,
Legal
&
General
Investment
Management
America,
Inc.
(asset
management)
(2008-2013);
formerly,
CEO
and
President,
Northern
Trust
Global
Investments
(financial
services)
(2004-2007);
Executive
Vice
President,
Quantitative
Management
&
Securities
Lending
(2000-2004);
prior
thereto,
various
positions
with
Northern
Trust
Company
(financial
services)
(since
1994);
formerly,
Member,
Northern
Trust
Mutual
Funds
Board
(2005-2007),
Northern
Trust
Global
Investments
Board
(2004-2007),
Northern
Trust
Japan
Board
(2004-2007),
Northern
Trust
Securities
Inc.
Board
(2003-2007)
and
Northern
Trust
Hong
Kong
Board
(1997-2004).
135
Jack
B.
Evans
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
1999
Chairman
(since
2019),
formerly,
President
(1996-2019),
The
Hall-Perrine
Foundation,
(private
philanthropic
corporation);
Life
Trustee
of
Coe
College
and
the
Iowa
College
Foundation;
formerly,
Member
and
President
Pro-Tem
of
the
Board
of
Regents
for
the
State
of
Iowa
University
System
(2007-
2013);
Director
and
Chairman
(2009-2021),
United
Fire
Group,
a
publicly
held
company;
Director,
Public
Member,
American
Board
of
Orthopaedic
Surgery
(2015-2020);
Director
(2000-2004),
Alliant
Energy;
Director
(1996-2015),
The
Gazette
Company
(media
and
publishing);
Director
(1997-
2003),
Federal
Reserve
Bank
of
Chicago;
President
and
Chief
Operating
Officer
(1972-1995),
SCI
Financial
Group,
Inc.,
(regional
financial
services
firm).
135
William
C.
Hunter
1948
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2003
Dean
Emeritus,
formerly,
Dean,
Tippie
College
of
Business,
University
of
Iowa
(2006-2012);
Director
of
Wellmark,
Inc.
(since
2009);
past
Director
(2005-2015),
and
past
President
(2010-
2014)
Beta
Gamma
Sigma,
Inc.,
The
International
Business
Honor
Society;
formerly,
Director
(2004-2018)
of
Xerox
Corporation;
formerly,
Dean
and
Distinguished
Professor
of
Finance,
School
of
Business
at
the
University
of
Connecticut
(2003-2006);
previously,
Senior
Vice
President
and
Director
of
Research
at
the
Federal
Reserve
Bank
of
Chicago
(1995-2003);
formerly,
Director
(1997-2007),
Credit
Research
Center
at
Georgetown
University.
135
Trustees
and
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Trustee
Amy
B.
R.
Lancellotta
1959
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2021
Formerly,
Managing
Director,
Independent
Directors
Council
(IDC)
(supports
the
fund
independent
director
community
and
is
part
of
the
Investment
Company
Institute
(ICI),
which
represents
regulated
investment
companies)
(2006-2019);
formerly,
various
positions
with
ICI
(1989-2006);
Member
of
the
Board
of
Directors,
Jewish
Coalition
Against
Domestic
Abuse
(JCADA)
(since
2020).
135
Joanne
T.
Medero
1954
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2021
Formerly,
Managing
Director,
Government
Relations
and
Public
Policy
(2009-2020)
and
Senior
Advisor
to
the
Vice
Chairman
(2018-2020),
BlackRock,
Inc.
(global
investment
management
firm);
formerly,
Managing
Director,
Global
Head
of
Government
Relations
and
Public
Policy,
Barclays
Group
(IBIM)
(investment
banking,
investment
management
and
wealth
management
businesses)(2006-2009);
formerly,
Managing
Director,
Global
General
Counsel
and
Corporate
Secretary,
Barclays
Global
Investors
(global
investment
management
firm)
(1996-2006);
formerly,
Partner,
Orrick,
Herrington
&
Sutcliffe
LLP
(law
firm)
(1993-1995);
formerly,
General
Counsel,
Commodity
Futures
Trading
Commission
(government
agency
overseeing
U.S.
derivatives
markets)
(1989-1993);
formerly,
Deputy
Associate
Director/Associate
Director
for
Legal
and
Financial
Affairs,
Office
of
Presidential
Personnel,
The
White
House
(1986-1989);
Member
of
the
Board
of
Directors,
Baltic-American
Freedom
Foundation
(seeks
to
provide
opportunities
for
citizens
of
the
Baltic
states
to
gain
education
and
professional
development
through
exchanges
in
the
U.S.)
(since
2019).
135
Albin
F.
Moschner
1952
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2016
Founder
and
Chief
Executive
Officer,
Northcroft
Partners,
LLC,
(management
consulting)
(since
2012);
formerly,
Chairman
(2019),
and
Director
(2012-2019),
USA
Technologies,
Inc.,
(provider
of
solutions
and
services
to
facilitate
electronic
payment
transactions);
formerly,
Director,
Wintrust
Financial
Corporation
(1996-2016);
previously,
held
positions
at
Leap
Wireless
International,
Inc.
(consumer
wireless
services),
including
Consultant
(2011-2012),
Chief
Operating
Officer
(2008-2011),
and
Chief
Marketing
Officer
(2004-2008);
formerly,
President,
Verizon
Card
Services
division
of
Verizon
Communications,
Inc.
(2000-2003);
formerly,
President,
One
Point
Services
at
One
Point
Communications
(telecommunication
services)
(1999-2000);
formerly,
Vice
Chairman
of
the
Board,
Diba,
Incorporated
(internet
technology
provider)
(1996-1997);
formerly,
various
executive
positions
(1991-1996)
including
Chief
Executive
Officer
(1995-1996)
of
Zenith
Electronics
Corporation
(consumer
electronics).
135
John
K.
Nelson
1962
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2013
Member
of
Board
of
Directors
of
Core12
LLC.
(private
firm
which
develops
branding,
marketing
and
communications
strategies
for
clients)
(since
2008);
served
The
President’s
Council
of
Fordham
University
(2010-2019)
and
previously
a
Director
of
the
Curran
Center
for
Catholic
American
Studies
(2009-2018);
formerly,
senior
external
advisor
to
the
Financial
Services
practice
of
Deloitte
Consulting
LLP.
(2012-2014);
former
Chair
of
the
Board
of
Trustees
of
Marian
University
(2010-2014
as
trustee,
2011-2014
as
Chair);
formerly
Chief
Executive
Officer
of
ABN
AMRO
Bank
N.V.,
North
America,
and
Global
Head
of
the
Financial
Markets
Division
(2007-2008),
with
various
executive
leadership
roles
in
ABN
AMRO
Bank
N.V.
between
1996
and
2007.
135
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(1)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Number
of
Portfolios
in
Fund
Complex
Overseen
By
Trustee
Matthew
Thornton
III
1958
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2020
Formerly,
Executive
Vice
President
and
Chief
Operating
Officer
(2018-2019),
FedEx
Freight
Corporation,
a
subsidiary
of
FedEx
Corporation
(FedEx)
(provider
of
transportation,
e-commerce
and
business
services
through
its
portfolio
of
companies);
formerly,
Senior
Vice
President,
U.S.
Operations
(2006-2018),
Federal
Express
Corporation,
a
subsidiary
of
FedEx;
formerly
Member
of
the
Board
of
Directors
(2012-2018),
Safe
Kids
Worldwide®
(a
non-profit
organization
dedicated
to
preventing
childhood
injuries).
Member
of
the
Board
of
Directors
(since
2014),
The
Sherwin-Williams
Company
(develops,
manufactures,
distributes
and
sells
paints,
coatings
and
related
products);
Director
(since
2020),
Crown
Castle
International
(provider
of
communications
infrastructure).
135
Margaret
L.
Wolff
1955
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2016
Formerly,
member
of
the
Board
of
Directors
(2013-2017)
of
Travelers
Insurance
Company
of
Canada
and
The
Dominion
of
Canada
General
Insurance
Company
(each,
a
part
of
Travelers
Canada,
the
Canadian
operation
of
The
Travelers
Companies,
Inc.);
formerly,
Of
Counsel,
Skadden,
Arps,
Slate,
Meagher
&
Flom
LLP
(Mergers
&
Acquisitions
Group)
(legal
services)
(2005-2014);
Member
of
the
Board
of
Trustees
of
New
York-Presbyterian
Hospital
(since
2005);
Member
(since
2004)
formerly,
Chair
(2015-2022)
of
the
Board
of
Trustees
of
The
John
A.
Hartford
Foundation
(a
philanthropy
dedicated
to
improving
the
care
of
older
adults);
formerly,
Member
(2005-2015)
and
Vice
Chair
(2011-2015)
of
the
Board
of
Trustees
of
Mt.
Holyoke
College.
135
Robert
L.
Young
1963
333
W.
Wacker
Drive
Chicago,
IL
60606
Trustee
2017
Formerly,
Chief
Operating
Officer
and
Director,
J.P.
Morgan
Investment
Management
Inc.
(financial
services)
(2010-2016);
formerly,
President
and
Principal
Executive
Officer
(2013-2016),
and
Senior
Vice
President
and
Chief
Operating
Officer
(2005-2010),
of
J.P.
Morgan
Funds;
formerly,
Director
and
various
officer
positions
for
J.P.
Morgan
Investment
Management
Inc.
(formerly,
JPMorgan
Funds
Management,
Inc.
and
formerly,
One
Group
Administrative
Services)
and
JPMorgan
Distribution
Services,
Inc.
(financial
services)
(formerly,
One
Group
Dealer
Services,
Inc.)
(1999-2017).
135
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Officers
of
the
Funds:
Justin
M.
Pfaff
1981
333
W.
Wacker
Drive
Chicago,
IL
60606
Chief
Administrative
Officer
2023
Managing
Director,
Advisory
Product,
Nuveen
(since
2016).
Chartered
Financial
Analyst.
Brett
E.
Black
1972
333
West
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Chief
Compliance
Officer
2022
Managing
Director,
Chief
Compliance
Officer
of
Nuveen
(since
2022);
formerly,
Vice
President
(2014-2022),
Chief
Compliance
Officer
and
Anti-Money
Laundering
Compliance
Officer(2017-2022),
Deputy
Chief
Compliance
Officer
(2014-2017)
of
BMO
Funds,
Inc.
Mark
J.
Czarniecki
1979
901
Marquette
Avenue
Minneapolis,
MN
55402
Vice
President
and
Assistant
Secretary
2013
Managing
Director
(since
2022),
formerly,
Vice
President
(2016-2022),
and
Assistant
Secretary
(since
2016)
of
Nuveen
Securities,
LLC;
Managing
Director
(since
2022),
formerly,
Vice
President
(2017-2022)
and
Assistant
Secretary
(since
2017)
of
Nuveen
Fund
Advisors,
LLC;
Managing
Director
and
Associate
General
Counsel
(since
January
2022),
formerly,
Vice
President
and
Associate
General
Counsel
of
Nuveen
(2013-2021);
Managing
Director
(since
2022),
formerly,
Vice
President
(2018-2022),
Assistant
Secretary
and
Associate
General
Counsel
(since
2018)
of
Nuveen
Asset
Management,
LLC;
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC
(since
2023).
Trustees
and
Officers
(Unaudited)
(continued)
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Diana
R.
Gonzalez
1978
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2017
Vice
President
and
Assistant
Secretary
of
Nuveen
Fund
Advisors,
LLC
(since
2017);
Vice
President
and
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2022);
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC
(since
2023);
Vice
President
and
Associate
General
Counsel
of
Nuveen
(since
2017);
formerly,
Associate
General
Counsel
of
Jackson
National
Asset
Management
(2012-2017).
Nathaniel
T.
Jones
1979
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Treasurer
2016
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Senior
Vice
President
(2016-2017)
of
Nuveen;
Managing
Director
(since
2015)
of
Nuveen
Fund
Advisors,
LLC;
Chartered
Financial
Analyst.
Brian
H.
Lawrence
1982
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2023
Vice
President
and
Associate
General
Counsel
of
Nuveen
(since
2023);
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
(since
2023)
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
formerly
Corporate
Counsel
of
Franklin
Templeton
(2018-2022).
Tina
M.
Lazar
1961
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2002
Managing
Director
(since
2017),
formerly,
Senior
Vice
President
(2014-2017)
of
Nuveen
Securities,
LLC.
Brian
J.
Lockhart
1974
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2019
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Senior
Managing
Director
(since
2021),
formerly,
Managing
Director
(2017-2021),
Vice
President
(2010-2017)
of
Nuveen;
Head
of
Investment
Oversight
(since
2017),
formerly,
Team
Leader
of
Manager
Oversight
(2015-2017);
Chartered
Financial
Analyst
and
Certified
Financial
Risk
Manager.
John
M.
McCann
1975
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2022
Managing
Director
(since
2021),
General
Counsel
and
Secretary
(since
2023),
formerly,
Assistant
Secretary
(2021-2023),
of
Nuveen
Fund
Advisors,
LLC;
Managing
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Nuveen
Asset
Management,
LLC
(since
2021);
Managing
Director
(since
2021)
and
Assistant
Secretary
(since
2016)
of
TIAA
SMA
Strategies
LLC;
Managing
Director
(since
2019,
formerly,
Vice
President
and
Director),
Associate
General
Counsel
and
Assistant
Secretary
of
College
Retirement
Equities
Fund,
TIAA
Separate
Account
VA-1,
TIAA-CREF
Funds
and
TIAA-CREF
Life
Funds;
Managing
Director
(since
2018),
formerly,
Vice
President
and
Director,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Insurance
and
Annuity
Association
of
America,
Teacher
Advisors
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Managing
Director
(since
2022),
formerly,
Vice
President
(2017-2022),
Associate
General
Counsel
and
Assistant
Secretary
(since
2011)
of
Nuveen
Alternative
Advisors
LLC;
General
Counsel
and
Assistant
Secretary
of
Covariance
Capital
Management,
Inc.
(2014-2017).
Kevin
J.
McCarthy
1966
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Assistant
Secretary
2007
Executive
Vice
President
(since
2022)
and
Secretary
and
General
Counsel
(since
2016)
of
Nuveen
Investments,
Inc.,
formerly,
Senior
Managing
Director
(2017-
2022);
Executive
Vice
President
(since
2023)
and
Assistant
Secretary
(since
2008)
of
Nuveen
Securities,
LLC,
formerly
Senior
Managing
Director
(2017-2023);
Executive
Vice
President
and
Assistant
Secretary
(since
2023)
of
Nuveen
Fund
Advisors,
LLC,
formerly,
Senior
Managing
Director
(2017-2023),
Secretary
(2016-
2023)
and
Co-General
Counsel
(2011-2020);
Executive
Vice
President
(since
2023)
and
Secretary
(since
2016)
of
Nuveen
Asset
Management,
LLC,
formerly,
Senior
Managing
Director
(2017-2023)
and
Associate
General
Counsel
(2011-
2020);
Executive
Vice
President
(since
2021)
and
Secretary
(since
2023),
formerly,
General
Counsel
and
Assistant
Secretary
(2021-2023)
of
Teachers
Advisors,
LLC;
Executive
Vice
President
(since
2017)
and
Secretary
(since
2023),
formerly,
General
Counsel
and
Assistant
Secretary
(2017-2023)
of
TIAA-CREF
Investment
Management,
LLC;
formerly,
Vice
President
(2007-2021)
and
Secretary
(2016-
2021),
of
NWQ
Investment
Management
Company,
LLC
and
Santa
Barbara
Asset
Management,
LLC;
Vice
President
and
Secretary
of
Winslow
Capital
Management,
LLC
(since
2010);
Executive
Vice
President
(since
2023)
and
Secretary
(since
2016)
of
Nuveen
Alternative
Investments,
LLC,
formerly
Senior
Managing
Director
(2017-2023).
Name,
Year
of
Birth
&
Address
Position(s)
Held
with
the
Funds
Year
First
Elected
or
Appointed
(2)
Principal
Occupation(s)
Including
other
Directorships
During
Past
5
Years
Jon
Scott
Meissner
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2019
Managing
Director,
Mutual
Fund
Tax
and
Expense
Administration
(since
2022),
formerly,
Managing
Director
of
Mutual
Fund
Tax
and
Financial
Reporting
groups
(2017-2022),
at
Nuveen;
Managing
Director
of
Nuveen
Fund
Advisors,
LLC
(since
2019);
Managing
Director
(since
2021),
formerly,
Senior
Director
(2016-2021),
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Managing
Director,
Mutual
Fund
Tax
and
Expense
Administration
(since
2022),
formerly,
Senior
Director
Mutual
Fund
Taxation
(2015-2022),
to
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
the
CREF
Accounts;
has
held
various
positions
with
TIAA
since
2004.
William
A.
Siffermann
1975
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
2017
Managing
Director
(since
2017),
formerly
Senior
Vice
President
(2016-2017)
of
Nuveen.
Trey
S.
Stenersen
1965
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
2022
Senior
Managing
Director
of
Teachers
Advisors
LLC
and
TIAA-CREF
Investment
Management,
LLC
(since
2018);
Senior
Managing
Director
(since
2019)
and
Chief
Risk
Officer
(since
2022),
formerly
Head
of
Investment
Risk
Management
(2017-
2022)
of
Nuveen;
Senior
Managing
Director
(since
2018)
of
Nuveen
Alternative
Advisors
LLC.
E.
Scott
Wickerham
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Controller
2019
Senior
Managing
Director,
Head
of
Public
Investment
Finance
of
Nuveen
(since
2019),
formerly,
Managing
Director;
Senior
Managing
Director
(since
2019)
of
Nuveen
Fund
Advisors,
LLC;
Senior
Managing
Director
(since
2022)
of
Nuveen
Asset
Management,
LLC;
Senior
Managing
Director
of
Teachers
Advisors,
LLC
(since
2021)
and
TIAA-CREF
Investment
Management,
LLC
(since
2016);
Principal
Financial
Officer,
Principal
Accounting
Officer
and
Treasurer
(since
2017)
of
the
TIAA-CREF
Funds,
the
TIAA-CREF
Life
Funds,
the
TIAA
Separate
Account
VA-1
and
the
Principal
Financial
Officer,
Principal
Accounting
Officer
(since
2020)
and
Treasurer
(since
2017)
to
the
CREF
Accounts;
has
held
various
positions
with
TIAA
since
2006.
Mark
L.
Winget
1968
333
W.
Wacker
Drive
Chicago,
IL
60606
Vice
President
and
Secretary
2008
Vice
President
and
Assistant
Secretary
of
Nuveen
Securities,
LLC
(since
2008),
and
Nuveen
Fund
Advisors,
LLC
(since
2019);
Vice
President,
Associate
General
Counsel
and
Assistant
Secretary
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC
(since
2023)
and
Nuveen
Asset
Management,
LLC(since
2020);
Vice
President
(since
2010)
and
Associate
General
Counsel
(since
2019)
of
Nuveen.
Rachael
Zufall
1973
8500
Andrew
Carnegie
Blvd.
Charlotte,
NC
28262
Vice
President
and
Assistant
Secretary
2022
Managing
Director
and
Assistant
Secretary
(since
2023)
of
Nuveen
Fund
Advisors,
LLC;
Managing
Director
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2014)
of
the
CREF
Accounts,
TIAA
Separate
Account
VA-1,
TIAA-
CREF
Funds
and
TIAA-CREF
Life
Funds;
Managing
Director
(since
2017),
Associate
General
Counsel
and
Assistant
Secretary
(since
2011)
of
Teachers
Advisors,
LLC
and
TIAA-CREF
Investment
Management,
LLC;
Managing
Director
of
Nuveen,
LLC
and
of
TIAA
(since
2017).
(1)
Trustees
serve
an
indefinite
term
until
his/her
successor
is
elected
or
appointed.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
director
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Fund
Complex.
(2)
Officers
serve
one
year
terms
through
August
of
each
year.
The
year
first
elected
or
appointed
represents
the
year
in
which
the
officer
was
first
elected
or
appointed
to
any
fund
in
the
Nuveen
Fund
Complex.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
MAN-VALUE-0623P
3020038-INV-Y-8/24
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
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.
Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.
Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.
Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).
Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
The following tables show the amount of fees that PricewaterhouseCoopers, the Funds’ auditor, billed to the Funds during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.
| | | | | | | | | | | | | | | | |
Fiscal Year Ended June 30, 2023 | | Audit Fees Billed
to Funds 1 | | | Audit-Related Fees
Billed to Funds 2 | | | Tax Fees Billed
to Funds 3 | | | All Other Fees
Billed to Funds 4 | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen Global Equity Income Fund | | | 37,988 | | | | 0 | | | | 34,049 | | | | 0 | |
Nuveen Multi Cap Value Fund | | | 17,133 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Small Cap Value Opportunities Fund | | | 17,133 | | | | 0 | | | | 2,500 | | | | 0 | |
Nuveen Large Cap Value Fund | | | 17,133 | | | | 0 | | | | 2,000 | | | | 0 | |
Nuveen Small/Mid Cap Value Fund | | | 17,133 | | | | 0 | | | | 2,000 | | | | 0 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 106,520 | | | $ | 0 | | | $ | 40,549 | | | $ | 0 | |
| 1 | | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 | | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
| | | | | | | | | | | | | | | | |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit Fees Billed
to Funds | | | Audit-Related Fees
Billed to Funds | | | Tax Fees
Billed to Funds | | | All Other Fees
Billed to Funds | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen Global Equity Income Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Multi Cap Value Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Small Cap Value Opportunities Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Large Cap Value Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Small/Mid Cap Value Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
| | | | | | | | | | | | | | | | |
| | | | |
June 30, 2022 | | Audit Fees Billed
to Funds 1 | | | Audit-Related Fees
Billed to Funds 2 | | | Tax Fees
Billed to Funds 3 | | | All Other Fees
Billed to Funds 4 | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen Global Equity Income Fund | | | 35,975 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Multi Cap Value Fund | | | 16,375 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Small Cap Value Opportunities Fund | | | 16,375 | | | | 0 | | | | 2,600 | | | | 0 | |
Nuveen Large Cap Value Fund | | | 16,375 | | | | 0 | | | | 2,600 | | | | 0 | |
Nuveen Small/Mid Cap Value Fund | | | 16,375 | | | | 0 | | | | 1,725 | | | | 0 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 101,475 | | | $ | 0 | | | $ | 6,925 | | | $ | 0 | |
| 1 | | “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 2 | | “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage. |
| 3 | | “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 | | “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage. |
| | | | | | | | | | | | | | | | |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit Fees Billed
to Funds | | | Audit-Related Fees
Billed to Funds | | | Tax Fees
Billed to Funds | | | All Other Fees
Billed to Funds | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen Global Equity Income Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Multi Cap Value Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Small Cap Value Opportunities Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Large Cap Value Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
Nuveen Small/Mid Cap Value Fund | | | 0 | % | | | 0 | % | | | 0 | % | | | 0 | % |
| | | | | | | | | | | | |
| | | |
Fiscal Year Ended June 30, 2023 | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers | | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
Nuveen MultiState Trust I | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers | | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
| | | 0 | % | | | 0 | % | | | 0 | % |
| | | |
Fiscal Year Ended June 30, 2022 | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers | | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
Nuveen MultiState Trust I | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| |
| | | Percentage Approved Pursuant to Pre-approval Exception | |
| | | Audit-Related Fees
Billed to Adviser and
Affiliated Fund
Service Providers | | | Tax Fees Billed to
Adviser and
Affiliated Fund
Service Providers | | | All Other Fees
Billed to Adviser
and Affiliated Fund
Service Providers | |
| | | 0 | % | | | 0 | % | | | 0 | % |
| | | | | | | | | | | | | | | | |
Fiscal Year Ended June 30, 2023 | | Total Non-Audit Fees
Billed to Trust | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (engagements
related directly to the
operations and financial
reporting of the Trust) | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements) | | | Total | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen Global Equity Income Fund | | | 34,049 | | | | 0 | | | | 0 | | | | 34,049 | |
Nuveen Multi Cap Value Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Small Cap Value Opportunities Fund | | | 2,500 | | | | 0 | | | | 0 | | | | 2,500 | |
Nuveen Large Cap Value Fund | | | 2,000 | | | | 0 | | | | 0 | | | | 2,000 | |
Nuveen Small/Mid Cap Value Fund | | | 2,000 | | | | 0 | | | | 0 | | | | 2,000 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 40,549 | | | $ | 0 | | | $ | 0 | | | $ | 40,549 | |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.
| | | | | | | | | | | | | | | | |
Fiscal Year Ended June 30, 2022 | | Total Non-Audit Fees
Billed to Trust | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (engagements
related directly to the
operations and financial
reporting of the Trust) | | | Total Non-Audit Fees
billed to Adviser and
Affiliated Fund Service
Providers (all other
engagements) | | | Total | |
Fund Name | | | | | | | | | | | | | | | | |
Nuveen Global Equity Income Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Multi Cap Value Fund | | | 0 | | | | 0 | | | | 0 | | | | 0 | |
Nuveen Small Cap Value Opportunities Fund | | | 2,600 | | | | 0 | | | | 0 | | | | 2,600 | |
Nuveen Large Cap Value Fund | | | 2,600 | | | | 0 | | | | 0 | | | | 2,600 | |
Nuveen Small/Mid Cap Value Fund | | | 1,725 | | | | 0 | | | | 0 | | | | 1,725 | |
| | | | | | | | | | | | | | | | |
Total | | $ | 6,925 | | | $ | 0 | | | $ | 0 | | | $ | 6,925 | |
“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.
Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for her verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable to this registrant.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
| a) | | See Portfolio of Investments in Item 1. |
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
| ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to this registrant.
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees implemented after the registrant last provided disclosure in response to this Item.
| ITEM 11. | CONTROLS AND PROCEDURES. |
| | (a) | | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| | (b) | | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
File the exhibits listed below as part of this Form.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Nuveen Investment Trust
| | |
| By (Signature and Title) | | /s/ Mark J. Czarniecki |
| | Mark J. Czarniecki |
| | Vice President and Secretary |
Date: September 6, 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/ Justin M. Pfaff |
| | Justin M. Pfaff |
| | Chief Administrative Officer |
| | (principal executive officer) |
Date: September 6, 2023
| | |
| By (Signature and Title) | | /s/ E. Scott Wickerham |
| | E. Scott Wickerham |
| | Vice President and Funds Controller |
| | (principal financial officer) |
Date: September 6, 2023
