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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-07619

Nuveen Investment Trust

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

333 West Wacker Drive,

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: June 30

Date of reporting period: December 31, 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.

Mutual

Funds

Nuveen

Equity

Funds

December

31,

2023

Semi-annual

Report

This

semi-annual

report

contains

the

Funds'

unaudited financial

statements.

Fund

Name

Class

A

Class

C

Class

R6

Class

I

Nuveen

Global

Equity

Income

Fund

NQGAX

NQGCX

—

NQGIX

Nuveen

International

Value

Fund

NAIGX

NCIGX

—

NGRRX

Nuveen

Multi

Cap

Value

Fund

NQVAX

NQVCX

—

NQVRX

Nuveen

Large

Cap

Value

Fund

NQCAX

NQCCX

—

NQCRX

Nuveen

Small/Mid

Cap

Value

Fund

NSMAX

NSMCX

NWQFX

NSMRX

Nuveen

Small

Cap

Value

Opportunities

Fund

NSCAX

NSCCX

NSCFX

NSCRX

2

Table

of

Contents

Letter

to

Shareholders

3

Important

Notices

4

Risk

Considerations

5

About

the

Funds’

Benchmarks

6

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

7

Expense

Examples

20

Portfolios

of

Investments

22

Statement

of

Assets

and

Liabilities

40

Statement

of

Operations

42

Statement

of

Changes

in

Net

Assets

44

Financial

Highlights

47

Notes

to

Financial

Statements

59

Shareholder

Meeting

Report

72

Additional

Fund

Information

73

Glossary

of

Terms

Used

in

this

Report

74

Liquidity

Risk

Management

Program

75

Letter

to

Shareholders

3

Dear

Shareholders,

Financial

markets

spent

the

past

year

focused

on

the

direction

of

inflation

and

whether

policy

makers

would

be

able

to

deliver

a

soft

landing

in

their

economies.

After

more

than

a

year

and

a

half

of

interest

rate

increases

by

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

financial

conditions

have

tightened

and

inflation

rates

have

cooled

considerably.

The

Fed

increased

the

target

fed

funds

rate

from

near

zero

in

March

2022

to

a

range

of

5.25%

to

5.50%

at

its

latest

increase

in

July

2023,

then

left

the

rate

unchanged

through

January

2024.

At

its

December

2023

policy

meeting,

the

Fed

acknowledged

the

fed

funds

rate

may

have

reached

its

peak,

and

then

in

January

2024

removed

the

suggestion

that

another

hike

was

possible.

But

current

inflation

rates

remain

above

central

banks’

targets,

and

the

trajectory

from

here

is

difficult

to

predict

given

that

monetary

policy

acts

on

the

economy

with

long

and

variable

lags.

Surprisingly,

economies

were

relatively

resilient

for

much

of

2023.

The

“most

predicted

recession”

did

not

materialize

in

the

U.S.

during

2023,

while

U.K.

and

European

economic

growth

had

begun

to

show

signs

of

stagnation

or

decline

in

the

second

half

of

the

year.

U.S.

gross

domestic

product

rose

3.3%

in

the

fourth

quarter

of

2023,

slower

than

4.9%

in

the

third

quarter

but

still

ahead

of

2.1%

in

the

second

quarter

and

2.0%

in

the

first

quarter.

For

2023

overall,

GDP

grew

2.5%

(from

the

2022

annual

level

to

the

2023

annual

level),

compared

to

1.9%

in

2022.

Much

of

the

growth

was

driven

by

a

relatively

strong

jobs

market,

which

kept

consumer

sentiment

and

spending

elevated

despite

long-term

interest

rates

nearing

multi-year

highs,

a

series

of

U.S.

regional

bank

failures

and

shocks

from

flaring

geopolitical

tensions.

While

central

banks

are

likely

nearing

the

end

of

this

interest

rate

hiking

cycle,

there

are

still

upside

risks

to

inflation

and

downside

risks

to

the

economy.

Some

labor

market

and

consumer

indicators

are

softening.

Government

funding

and

deficits

remain

a

concern,

especially

as

the

U.S.

election

year

gets

underway.

The

markets

will

continue

to

try

to

anticipate

monetary

policy

shifts

as

the

Fed

evaluates

incoming

data

and

adjusts

its

rate

setting

activity

on

a

meeting-

by-meeting

basis.

Geopolitical

risks

–

from

relations

with

China,

to

wars

in

Europe

and

the

Middle

East

–

also

expand

the

range

of

outcomes

from

economies

and

markets

around

the

world.

All

these

uncertainties,

and

others,

will

remain

sources

of

short-term

market

volatility.

In

this

environment,

Nuveen

remains

committed

to

filtering

the

market

noise

for

investable

opportunities

that

ultimately

serve

long-term

investment

objectives.

Maintaining

a

long-term

perspective

is

also

important

for

investors,

and

we

encourage

you

to

review

your

time

horizon,

risk

tolerance

and

investment

goals

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Co-Chair

of

the

Board

February

22,

2024

4

Important

Notices

Portfolio

Manager

Commentaries

in

Semi-annual

Shareholder

Reports

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

the

Funds’

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

each

Fund’s

June

30,

2023

annual

shareholder

report.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com.

For

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

section

within

this

report.

Securities

and

Exchange

Commission

(the

“SEC”)

Adopts

Amendments

for

Tailored

Shareholder

Reports

On

October

26,

2022,

the

SEC

adopted

rule

and

form

amendments

(the

“Amendments”)

that

require

mutual

funds

and

exchange-

traded

funds

registered

on

Form

N-1A

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

(“Tailored

Shareholder

Reports”).

The

Amendments

require

funds

to

prepare

a

separate

Tailored

Shareholder

Report

for

each

share

class

of

each

series

of

a

fund.

As

a

result,

shareholders

will

receive

a

report

that

covers

only

the

class

of

a

multi-class

fund

in

which

the

shareholder

invests.

Tailored

Shareholder

Reports

are

meant

to

be

three

to

four

pages

in

length

and

will

highlight

key

information

such

as

a

fund’s

expenses,

performance

and

portfolio

holdings.

Other,

more

detailed

information

that

currently

appears

in

fund

shareholder

reports

will

be

made

available

online,

filed

with

the

SEC,

and

delivered

to

investors

free

of

charge

in

paper

or

electronically

upon

request.

The

first

Tailored

Shareholder

Reports

to

be

prepared

for

these

Funds

will

be

for

the

reporting

period

ended

June

30,

2024.

Events

that

Occurred

Subsequent

to

the

Reporting

Period

Nuveen

Large

Cap

Value

Fund

In

January

2024,

the

Fund’s

Board

of

Trustees

(the

“Board”)

approved

a

name

change

for

the

Nuveen

Large

Cap

Value

Fund.

Effective

May

1,

2024,

the

Nuveen

Large

Cap

Value

Fund

will

be

renamed

the

Nuveen

Large

Cap

Value

Opportunities

Fund.

There

will

be

no

changes

to

the

investment

objective,

principal

investment

strategies,

principal

risks

or

portfolio

management

of

the

Fund

in

connection

with

the

name

change.

Refer

to

the

Fund’s

supplemented

prospectus

dated

January

22,

2024,

for

further

information.

Risk

Considerations

5

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.

6

About

the

Funds’

Benchmarks

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

7

The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

for

each

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

redeemed,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

Returns

at

net

asset

value

(NAV)

would

be

lower

if

the

sales

charge

were

included.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements,

for

more

information.

Returns

reflect

differences

in

sales

charges

and

expenses,

which

are

primarily

differences

in

distribution

and

service

fees,

and

assume

reinvestment

of

dividends

and

capital

gains.

Comparative

index

and

Lipper

return

information

is

provided

for

Class

A

Shares

at

NAV

only.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information. 

8

Nuveen

Global

Equity

Income

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

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.

Total

Returns

as

of

December

31,

2023**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

6-Month

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

9/15/09

6.51%

14.24%

9.63%

5.35%

1.28%

1.11%

Class

A

at

maximum

Offering

Price

9/15/09

0.38%

7.67%

8.33%

4.73%

—

—

MSCI

World

Value

Index

(Net)

—

7.25%

11.51%

8.87%

5.89%

—

—

Lipper

Global

Equity

Income

Funds

Classification

Average

—

5.28%

11.68%

8.35%

5.84%

—

—

Class

C

at

NAV

9/15/09

6.09%

13.38%

8.81%

4.72%

2.03%

1.86%

Class

C

at

maximum

Offering

Price

9/15/09

5.09%

13.38%

8.81%

4.72%

—

—

Class

I

9/15/09

6.60%

14.48%

9.90%

5.62%

1.03%

0.86%

9

Holdings

Summaries

as

of

December

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

98

.0‌

%

Structured

Notes

0

.8‌

%

Other

Assets

&

Liabilities,

Net

1.2%

Net

Assets

100‌

%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Sumitomo

Mitsui

Trust

Holdings

Inc

3.1%

Nordea

Bank

Abp

3.0%

Deutsche

Boerse

AG

2.8%

Broadcom

Inc

2.7%

Heineken

NV

2.6%

Portfolio

Composition

1

(%

of

net

assets)

Banks

13.0%

Capital

Goods

10.1%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

8.7%

Energy

7.4%

Materials

6.8%

Insurance

6.7%

Semiconductors

&

Semiconductor

Equipment

6.3%

Utilities

5.6%

Health

Care

Equipment

&

Services

4.0%

Food,

Beverage

&

Tobacco

3.9%

Telecommunication

Services

3.7%

Household

&

Personal

Products

3.4%

Technology

Hardware

&

Equipment

2.8%

Financial

Services

2.8%

Consumer

Staples

Distribution

&

Retail

2.2%

Software

&

Services

2.2%

Consumer

Services

2.2%

Transportation

2.2%

Media

&

Entertainment

1.6%

Consumer

Durables

&

Apparel

1.2%

Other

1.2%

Structured

Notes

0.8%

Other

Assets

&

Liabilities,

Net

1.2%

Net

Assets

100%

Country

Allocation

2

(%

of

net

assets)

United

States

48

.2‌

%

Japan

8

.1‌

%

Germany

8

.1‌

%

Netherlands

6

.6‌

%

France

5

.8‌

%

Finland

3

.0‌

%

Switzerland

3

.0‌

%

United

Kingdom

2

.7‌

%

Australia

2

.2‌

%

Taiwan

1

.9‌

%

Other

9

.2‌

%

Other

Assets

&

Liabilities,

Net

1

.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

3.4%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

10

Nuveen

International

Value

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

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.

Total

Returns

as

of

December

31,

2023**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

6-Month

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

12/20/99

5.89%

20.31%

8.46%

3.51%

1.33%

1.15%

Class

A

at

maximum

Offering

Price

12/20/99

(0.19)%

13.40%

7.18%

2.90%

—

—

MSCI

EAFE®

Index

(Net)

—

5.88%

18.24%

8.16%

4.28%

—

—

Lipper

International

Multi-Cap

Value

Funds

Classification

Average

—

5.84%

17.54%

7.14%

3.28%

—

—

Class

C

at

NAV

12/20/99

5.51%

19.42%

7.65%

2.89%

2.08%

1.90%

Class

C

at

maximum

Offering

Price

12/20/99

4.51%

19.42%

7.65%

2.89%

—

—

Class

I

12/20/99

6.03%

20.60%

8.73%

3.77%

1.08%

0.90%

11

Holdings

Summaries

as

of

December

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

98.7‌%

Repurchase

Agreements

1.0‌%

Other

Assets

&

Liabilities,

Net

0.3%

Net

Assets

100‌%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

UBS

Group

AG

3.8%

ING

Groep

NV

3.8%

Shell

PLC,

ADR

3.4%

Siemens

AG

3.1%

Technip

Energies

NV

2.9%

Portfolio

Composition

1

(%

of

net

assets)

Capital

Goods

12.9%

Banks

10.4%

Insurance

7.1%

Materials

6.4%

Energy

6.3%

Semiconductors

&

Semiconductor

Equipment

5.3%

Financial

Services

5.1%

Automobiles

&

Components

4.9%

Consumer

Durables

&

Apparel

4.8%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

4.5%

Commercial

&

Professional

Services

3.9%

Media

&

Entertainment

3.8%

Transportation

3.7%

Software

&

Services

3.3%

Consumer

Staples

Distribution

&

Retail

3.1%

Consumer

Services

3.0%

Real

Estate

Management

&

Development

1.8%

Food,

Beverage

&

Tobacco

1.8%

Utilities

1.5%

Telecommunication

Services

1.5%

Health

Care

Equipment

&

Services

1.4%

Technology

Hardware

&

Equipment

1.4%

Consumer

Discretionary

Distribution

&

Retail

0.8%

Repurchase

Agreements

1.0%

Other

Assets

&

Liabilities,

Net

0.3%

Net

Assets

100%

Country

Allocation

2

(%

of

net

assets)

Japan

21.5‌%

Germany

12.2‌%

Netherlands

11.8‌%

France

11.3‌%

United

Kingdom

10.1‌%

Switzerland

7.2‌%

United

States

6.6‌%

Canada

2.9‌%

Singapore

2.4‌%

Australia

2.2‌%

Other

11.5‌%

Other

Assets

&

Liabilities,

Net

0.3‌%

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

6.2%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

12

Nuveen

Multi

Cap

Value

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

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.

Total

Returns

as

of

December

31,

2023**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

6-Month

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

12/09/02

5.31%

15.65%

13.61%

7.35%

1.28%

1.23%

Class

A

at

maximum

Offering

Price

12/09/02

(0.74)%

9.00%

12.27%

6.72%

—

—

Russell

3000®

Value

Index

—

6.36%

11.66%

10.84%

8.28%

—

—

Lipper

Multi-Cap

Value

Funds

Classification

Average

—

7.11%

12.50%

11.42%

8.07%

—

—

Class

C

at

NAV

12/09/02

4.90%

14.79%

12.76%

6.71%

2.03%

1.98%

Class

C

at

maximum

Offering

Price

12/09/02

3.90%

14.79%

12.76%

6.71%

—

—

Class

I

11/04/97

5.44%

15.94%

13.90%

7.62%

1.03%

0.98%

13

Holdings

Summaries

as

of

December

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

96.6‌

%

Repurchase

Agreements

3.8‌

%

Other

Assets

&

Liabilities,

Net

(0.4)%

Net

Assets

100‌%

Portfolio

Composition

1

(%

of

net

assets)

Capital

Goods

13.4%

Energy

10.4%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

9.2%

Banks

8.9%

Financial

Services

6.6%

Software

&

Services

6.0%

Insurance

5.2%

Utilities

4.7%

Media

&

Entertainment

4.6%

Health

Care

Equipment

&

Services

4.4%

Materials

4.3%

Household

&

Personal

Products

3.0%

Semiconductors

&

Semiconductor

Equipment

2.8%

Equity

Real

Estate

Investment

Trusts

(REITs)

2.6%

Other

10.5%

Repurchase

Agreements

3.8%

Other

Assets

&

Liabilities,

Net

(0.4)%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Shell

PLC,

ADR

3.6%

Kenvue

Inc

3.0%

nVent

Electric

PLC

2.9%

Flowserve

Corp

2.9%

General

Dynamics

Corp

2.6%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

14

Nuveen

Large

Cap

Value

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

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

so

that

the

total

annual

operat-

ing

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

expiring

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.

Total

Returns

as

of

December

31,

2023**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

6-Month

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

12/15/06

6.34%

13.61%

12.33%

7.08%

1.56%

1.00%

Class

A

at

maximum

Offering

Price

12/15/06

0.17%

7.10%

11.02%

6.45%

—

—

Russell

1000®

Value

Index

—

6.03%

11.46%

10.91%

8.40%

—

—

Lipper

Multi-Cap

Value

Funds

Classification

Average

—

7.11%

12.50%

11.42%

8.07%

—

—

Class

C

at

NAV

12/15/06

5.95%

12.75%

11.47%

6.44%

2.31%

1.75%

Class

C

at

maximum

Offering

Price

12/15/06

4.95%

12.75%

11.47%

6.44%

—

—

Class

I

12/15/06

6.30%

13.76%

12.64%

7.35%

1.31%

0.75%

15

Holdings

Summaries

as

of

December

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

98

.6‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

1

.3‌

%

Repurchase

Agreements

1

.4‌

%

Other

Assets

&

Liabilities,

Net

(1.3)%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

net

assets)

Capital

Goods

13.1%

Energy

9.7%

Financial

Services

9.2%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

8.3%

Banks

7.7%

Insurance

5.9%

Health

Care

Equipment

&

Services

5.6%

Media

&

Entertainment

5.1%

Materials

5.1%

Utilities

4.9%

Software

&

Services

4.1%

Semiconductors

&

Semiconductor

Equipment

3.0%

Household

&

Personal

Products

2.9%

Technology

Hardware

&

Equipment

2.5%

Consumer

Staples

Distribution

&

Retail

2.5%

Telecommunication

Services

2.2%

Automobiles

&

Components

2.1%

Equity

Real

Estate

Investment

Trusts

(REITs)

2.0%

Consumer

Durables

&

Apparel

1.4%

Other

1.3%

Repurchase

Agreements

1.4%

Investments

Purchased

with

Collateral

from

Securities

Lending

1.3%

Other

Assets

&

Liabilities,

Net

(1.3)%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Shell

PLC,

ADR

3.5%

Intel

Corp

3.0%

Kenvue

Inc

2.9%

JPMorgan

Chase

&

Co

2.8%

Wells

Fargo

&

Co

2.8%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

16

Nuveen

Small/Mid

Cap

Value

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

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 so

that

the

total

annual

operat-

ing

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

limita-

tion.

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

December

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

6-Month

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

12/15/06

7.04%

14.13%

13.46%

6.63%

1.41%

1.31%

Class

A

at

maximum

Offering

Price

12/15/06

0.88%

7.58%

12.12%

6.01%

—

—

Russell

2500

®

Value

Index

—

9.59%

15.98%

10.79%

7.42%

—

—

Lipper

Small-Cap

Core

Funds

Classification

Average

—

8.08%

15.68%

10.86%

7.11%

—

—

Class

C

at

NAV

12/15/06

6.64%

13.28%

12.62%

6.00%

2.16%

2.06%

Class

C

at

maximum

Offering

Price

12/15/06

5.64%

13.28%

12.62%

6.00%

—

—

Class

I

12/15/06

7.17%

14.45%

13.76%

6.91%

1.16%

1.06%

Total

Returns

as

of

December

31,

2023**

Cumulative

Average

Annual

Expense

Ratios***

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Gross

Net

Class

R6

6/30/16

7.31%

14.57%

13.91%

10.03%

1.06%

0.96%

17

Holdings

Summaries

as

of

December

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

97.1‌%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.0‌%

Repurchase

Agreements

2.7‌%

Other

Assets

&

Liabilities,

Net

0.2%

Net

Assets

100‌%

Portfolio

Composition

1

(%

of

net

assets)

Capital

Goods

18.8%

Financial

Services

11.6%

Equity

Real

Estate

Investment

Trusts

(REITs)

10.8%

Materials

6.8%

Banks

6.4%

Energy

5.9%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

5.8%

Insurance

4.4%

Automobiles

&

Components

4.2%

Technology

Hardware

&

Equipment

4.1%

Utilities

4.0%

Software

&

Services

3.2%

Consumer

Services

2.5%

Semiconductors

&

Semiconductor

Equipment

2.5%

Other

6.1%

Repurchase

Agreements

2.7%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.0%

Other

Assets

&

Liabilities,

Net

0.2%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

BGC

Group

Inc

,

Class

A

3.1%

ADMA

Biologics

Inc

2.7%

nVent

Electric

PLC

2.5%

Curtiss-Wright

Corp

2.5%

Crane

Co

2.5%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

18

Nuveen

Small

Cap

Value

Opportunities

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

December

31,

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 so

that

the

total

annual

operat-

ing

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

limita-

tion.

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

December

31,

2023**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

6-Month

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

12/08/04

11.40%

16.34%

11.70%

6.89%

1.31%

1.20%

Class

A

at

maximum

Offering

Price

12/08/04

4.99%

9.65%

10.38%

6.26%

—

—

Russell

2000®

Value

Index

—

11.85%

14.65%

10.00%

6.76%

—

—

Lipper

Small-Cap

Core

Funds

Classification

Average

—

8.08%

15.68%

10.86%

7.11%

—

—

Class

C

at

NAV

12/08/04

10.99%

15.50%

10.86%

6.25%

2.06%

1.95%

Class

C

at

maximum

Offering

Price

12/08/04

9.99%

15.50%

10.86%

6.25%

—

—

Class

R6

2/15/13

11.64%

16.81%

12.16%

7.32%

0.93%

0.82%

Class

I

12/08/04

11.57%

16.67%

11.98%

7.16%

1.06%

0.95%

19

Holdings

Summaries

as

of

December

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

98

.2‌

%

Repurchase

Agreements

1

.4‌

%

Other

Assets

&

Liabilities,

Net

0.4%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

net

assets)

Banks

17.2%

Capital

Goods

15.9%

Financial

Services

8.2%

Energy

8.0%

Equity

Real

Estate

Investment

Trusts

(REITs)

7.1%

Consumer

Services

6.5%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

5.6%

Utilities

4.9%

Software

&

Services

4.4%

Materials

3.6%

Insurance

2.8%

Technology

Hardware

&

Equipment

2.8%

Automobiles

&

Components

2.5%

Semiconductors

&

Semiconductor

Equipment

2.5%

Health

Care

Equipment

&

Services

2.2%

Consumer

Discretionary

Distribution

&

Retail

2.1%

Food,

Beverage

&

Tobacco

1.9%

Repurchase

Agreements

1.4%

Other

Assets

&

Liabilities,

Net

0.4%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

BGC

Group

Inc,

Class

A

3.0%

ADMA

Biologics

Inc

2.8%

nVent

Electric

PLC

2.7%

Materion

Corp

2.5%

Western

Alliance

Bancorp

2.5%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

20

Expense

Examples

As

a

shareholder

of

one

or

more

of

the

Funds,

you

incur

two

types

of

costs:

(1)

transaction

costs, including

up-front

and

back-end

sales

charges

(loads)

or

redemption

fees,

where

applicable;

and

(2)

ongoing

costs,

including

management

fees;

distribution

and

service

(12b-1)

fees,

where

applicable;

and

other

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Funds

and

to

compare

these

costs

with

the

ongoing

costs

of investing

in

other

mutual

funds.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

December

31,

2023.

The

beginning

of

the

period

is

July

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

$

1,065.10

$

1,060.90

$

1,066.00

Expenses

Incurred

During

the

Period

$

5.76

$

9.64

$

4.47

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,019.55

$

1,015.78

$

1,020.81

Expenses

Incurred

During

the

Period

$

5.63

$

9.42

$

4.37

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.11%,

1.86%

and

0.86%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/366

(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

$

1,058.90

$

1,055.10

$

1,060.30

Expenses

Incurred

During

the

Period

$

5.95

$

9.82

$

4.66

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,019.35

$

1,015.59

$

1,020.61

Expenses

Incurred

During

the

Period

$

5.84

$

9.63

$

4.57

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.15%,

1.90%

and

0.90%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/366

(to

reflect

the

one-half

year

period).

21

Nuveen

Multi

Cap

Value

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,053.10

$

1,049.00

$

1,054.40

Expenses

Incurred

During

the

Period

$

6.14

$

9.99

$

4.85

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,019.15

$

1,015.37

$

1,020.40

Expenses

Incurred

During

the

Period

$

6.04

$

9.83

$

4.77

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.19%,

1.94%

and

0.94%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/366

(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

$

1,063.40

$

1,059.50

$

1,063.00

Expenses

Incurred

During

the

Period

$

5.19

$

9.06

$

3.89

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,020.11

$

1,016.33

$

1,021.36

Expenses

Incurred

During

the

Period

$

5.08

$

8.87

$

3.81

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.00%,

1.75%

and

0.75%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/366

(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

$

1,070.40

$

1,066.40

$

1,073.10

$

1,071.70

Expenses

Incurred

During

the

Period

$

6.82

$

10.70

$

4.74

$

5.52

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

$

1,018.55

$

1,014.78

$

1,020.55

$

1,019.81

Expenses

Incurred

During

the

Period

$

6.65

$

10.43

$

4.62

$

5.38

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.31%,

2.06%,

0.91%

and

1.06%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/366

(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

$

1,114.00

$

1,109.90

$

1,116.40

$

1,115.70

Expenses

Incurred

During

the

Period

$

6.38

$

10.34

$

4.31

$

5.05

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,019.11

$

1,015.33

$

1,021.07

$

1,020.37

Expenses

Incurred

During

the

Period

$

6.09

$

9.88

$

4.12

$

4.82

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.20%,

1.95%,

0.81%

and

0.95%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/366

(to

reflect

the

one-half

year

period).

22

Nuveen

Global

Equity

Income

Fund

Portfolio

of

Investments

December

31,

2023

(Unaudited)

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

98.8% 

X

–

COMMON

STOCKS

-

98.0%

X

130,021,419

Automobiles

&

Components

-

1.2%

44,640

General

Motors

Co

$

1,603,469

Total

Automobiles

&

Components

1,603,469

Banks

-

13.0%

46,696

Fifth

Third

Bancorp

1,610,545

15,262

JPMorgan

Chase

&

Co

2,596,066

320,808

Nordea

Bank

Abp

3,982,781

225,120

Oversea-Chinese

Banking

Corp

Ltd

2,215,047

215,800

Sumitomo

Mitsui

Trust

Holdings

Inc

4,132,976

55,028

Wells

Fargo

&

Co

2,708,478

Total

Banks

17,245,893

Capital

Goods

-

10.1%

13,028

Airbus

SE

2,012,675

8,394

Eaton

Corp

PLC

2,021,443

9,793

General

Dynamics

Corp

2,542,948

161,750

Mitsubishi

Electric

Corp

2,287,804

63,530

Mitsui

&

Co

Ltd

2,380,083

11,747

Siemens

AG

2,203,846

Total

Capital

Goods

13,448,799

Consumer

Durables

&

Apparel

-

1.2%

3,693

Kering

SA

1,635,623

Total

Consumer

Durables

&

Apparel

1,635,623

Consumer

Services

-

2.2%

59,717

Las

Vegas

Sands

Corp

2,938,674

Total

Consumer

Services

2,938,674

Consumer

Staples

Distribution

&

Retail

-

2.2%

18,855

Walmart

Inc

2,972,491

Total

Consumer

Staples

Distribution

&

Retail

2,972,491

Energy

-

7.4%

38,815

Baker

Hughes

Co

1,326,697

19,356

Chevron

Corp

2,887,141

87,122

Enterprise

Products

Partners

LP

2,295,664

98,908

Shell

PLC

3,237,661

Total

Energy

9,747,163

Financial

Services

-

2.8%

17,803

Deutsche

Boerse

AG

3,666,255

Total

Financial

Services

3,666,255

Food,

Beverage

&

Tobacco

-

3.9%

29,661

Coca-Cola

Co/The

1,747,923

34,250

Heineken

NV

3,479,782

Total

Food,

Beverage

&

Tobacco

5,227,705

Health

Care

Equipment

&

Services

-

4.0%

4,199

Elevance

Health

Inc

1,980,080

7,176

Humana

Inc

3,285,245

Total

Health

Care

Equipment

&

Services

5,265,325

23

Shares

Description

(a)

Value

Household

&

Personal

Products

-

3.4%

48,460

Kao

Corp

$

1,991,977

114,672

Kenvue

Inc

2,468,888

Total

Household

&

Personal

Products

4,460,865

Insurance

-

6.7%

7,378

Allianz

SE

1,971,706

8,182

Everest

Group

Ltd

2,892,992

50,026

NN

Group

NV

1,977,069

3,823

Zurich

Insurance

Group

AG

1,998,767

Total

Insurance

8,840,534

Materials

-

6.8%

86,869

BHP

Group

Ltd

2,967,846

19,397

DSM-Firmenich

AG

1,972,547

26,710

DuPont

de

Nemours

Inc

2,054,800

34,606

Nutrien

Ltd

1,949,615

Total

Materials

8,944,808

Media

&

Entertainment

-

1.6%

22,906

Publicis

Groupe

SA

2,128,238

Total

Media

&

Entertainment

2,128,238

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

8.7%

12,756

AbbVie

Inc

1,976,797

37,959

AstraZeneca

PLC,

Sponsored

ADR

2,556,539

24,696

Gilead

Sciences

Inc

2,000,623

30,023

Sanofi

2,983,469

23,630

UCB

SA

2,059,865

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

11,577,293

Semiconductors

&

Semiconductor

Equipment

-

6.3%

3,170

Broadcom

Inc

3,538,512

45,571

Intel

Corp

2,289,943

75,000

MediaTek

Inc

2,476,493

Total

Semiconductors

&

Semiconductor

Equipment

8,304,948

Software

&

Services

-

2.2%

27,979

Oracle

Corp

2,949,826

Total

Software

&

Services

2,949,826

Technology

Hardware

&

Equipment

-

2.8%

33,942

Cisco

Systems

Inc

1,714,750

42,660

Samsung

Electronics

Co

Ltd

2,055,636

Total

Technology

Hardware

&

Equipment

3,770,386

Telecommunication

Services

-

3.7%

176,920

AT&T

Inc

2,968,718

173,333

Telenor

ASA

1,989,254

Total

Telecommunication

Services

4,957,972

Transportation

-

2.2%

58,235

DHL

Group

2,882,402

Total

Transportation

2,882,402

Utilities

-

5.6%

53,438

Dominion

Energy

Inc

2,511,586

275,385

Enel

SpA

2,048,811

108,956

Engie

SA

1,919,401

Nuveen

Global

Equity

Income

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

(Unaudited)

24

Shares

Description

(a)

Value

Utilities

(continued)

72,224

National

Grid

PLC

$

972,952

Total

Utilities

7,452,750

Total

Common

Stocks

(cost

$102,149,556)

130,021,419

Shares

Description

(a)

Coupon

Issue

Price

Cap

Price

Maturity

Value

X

–

STRUCTURED

NOTES

-

0.8%

X

1,001,933

45,590

Merrill

Lynch

International

&

Co

Mandatory

Exchangeable

Note,

Linked

to

Common

Stock

of

Kenvue

Inc

(Cap

114.30%

of

the

Issue

Price)

12.000%

$23.6893

$27.0769

2/20/24

$

1,001,933

Total

Structured

Notes

(cost

$1,079,995)

1,001,933

Total

Long-Term

Investments

(cost

$103,229,551)

131,023,352

Other

Assets

&

Liabilities,

Net

-   1.2%

1,635,030

Net

Assets

-

100%

$

132,658,382

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

ADR

American

Depositary

Receipt

See

Notes

to

Financial

Statements

25

Nuveen

International

Value

Fund

Portfolio

of

Investments

December

31,

2023

(Unaudited)

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

98.7% 

X

–

COMMON

STOCKS

-

98

.7

%

X

103,915,934

Automobiles

&

Components

-

4.9%

988,818

Dowlais

Group

PLC

$

1,343,892

16,100

Hyundai

Motor

Co

1,416,048

13,133

Toyota

Motor

Corp,

Sponsored

ADR

2,408,330

Total

Automobiles

&

Components

5,168,270

Banks

-

10.4%

752,449

Barclays

PLC

1,473,345

265,331

ING

Groep

NV

3,978,515

150,178

Nordea

Bank

Abp

1,864,436

149,332

Oversea-Chinese

Banking

Corp

Ltd

1,469,338

112,800

Sumitomo

Mitsui

Trust

Holdings

Inc

2,160,332

Total

Banks

10,945,966

Capital

Goods

-

12.9%

99,265

Alstom

SA

1,338,614

58,585

Komatsu

Ltd

1,524,577

98,262

Mabuchi

Motor

Co

Ltd

1,627,609

300,584

Melrose

Industries

PLC

2,172,735

127,900

Mitsubishi

Electric

Corp

1,809,027

17,498

Siemens

AG

3,282,787

12,509

Thales

SA

1,852,242

Total

Capital

Goods

13,607,591

Commercial

&

Professional

Services

-

3.9%

46,008

Adecco

Group

AG

2,259,613

13,211

Wolters

Kluwer

NV

1,879,522

Total

Commercial

&

Professional

Services

4,139,135

Consumer

Discretionary

Distribution

&

Retail

-

0.8%

1,127,000

Topsports

International

Holdings

Ltd,

144A

878,842

Total

Consumer

Discretionary

Distribution

&

Retail

878,842

Consumer

Durables

&

Apparel

-

4.8%

2,496

Kering

SA

1,105,474

45,364

Sekisui

House

Ltd

1,005,548

1,056,873

Taylor

Wimpey

PLC

1,978,377

42,100

Yamaha

Corp

969,757

Total

Consumer

Durables

&

Apparel

5,059,156

Consumer

Services

-

3.0%

41,640

Accor

SA

1,593,816

527,091

(b)

Sands

China

Ltd

1,542,777

Total

Consumer

Services

3,136,593

Consumer

Staples

Distribution

&

Retail

-

3.1%

30,000

Seven

&

i

Holdings

Co

Ltd

1,186,486

555,080

Tesco

PLC

2,056,419

Total

Consumer

Staples

Distribution

&

Retail

3,242,905

Energy

-

6.3%

53,660

Shell

PLC,

ADR

3,530,828

131,946

Technip

Energies

NV

3,079,917

Total

Energy

6,610,745

Nuveen

International

Value

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

(Unaudited)

26

Shares

Description

(a)

Value

Financial

Services

-

5.1%

16,965

Groupe

Bruxelles

Lambert

NV

$

1,336,043

129,278

UBS

Group

AG

3,994,690

Total

Financial

Services

5,330,733

Food,

Beverage

&

Tobacco

-

1.8%

18,446

Heineken

NV

1,874,104

Total

Food,

Beverage

&

Tobacco

1,874,104

Health

Care

Equipment

&

Services

-

1.4%

35,480

Fresenius

Medical

Care

AG

&

Co

KGaA

1,483,357

Total

Health

Care

Equipment

&

Services

1,483,357

Insurance

-

7.1%

6,288

Allianz

SE

1,680,413

35,776

Axis

Capital

Holdings

Ltd

1,980,917

29,151

NN

Group

NV

1,152,072

54,500

Sompo

Holdings

Inc

2,666,595

Total

Insurance

7,479,997

Materials

-

6.4%

27,655

Agnico

Eagle

Mines

Ltd

1,516,877

68,185

BHP

Group

Ltd

2,329,514

12,648

DSM-Firmenich

AG

1,286,218

27,514

Nutrien

Ltd

1,550,070

Total

Materials

6,682,679

Media

&

Entertainment

-

3.8%

8,792

(b)

Baidu

Inc,

Sponsored

ADR

1,047,039

32,135

Publicis

Groupe

SA

2,985,721

Total

Media

&

Entertainment

4,032,760

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

4.5%

71,240

GSK

PLC

1,315,745

25,944

Sanofi

2,578,127

31,000

Takeda

Pharmaceutical

Co

Ltd

889,019

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

4,782,891

Real

Estate

Management

&

Development

-

1.8%

210,754

City

Developments

Ltd

1,061,145

601,000

Hang

Lung

Properties

Ltd

835,576

Total

Real

Estate

Management

&

Development

1,896,721

Semiconductors

&

Semiconductor

Equipment

-

5.3%

49,661

AIXTRON

SE

2,114,442

93,600

Rohm

Co

Ltd

1,786,894

90,000

Taiwan

Semiconductor

Manufacturing

Co

Ltd

1,725,439

Total

Semiconductors

&

Semiconductor

Equipment

5,626,775

Software

&

Services

-

3.3%

9,550

(b)

Check

Point

Software

Technologies

Ltd

1,459,145

12,909

SAP

SE

1,986,973

Total

Software

&

Services

3,446,118

Technology

Hardware

&

Equipment

-

1.4%

23,700

FUJIFILM

Holdings

Corp

1,420,336

Total

Technology

Hardware

&

Equipment

1,420,336

27

Shares

Description

(a)

Value

Telecommunication

Services

-

1.5%

51,618

Nippon

Telegraph

&

Telephone

Corp,

ADR

$

1,577,136

Total

Telecommunication

Services

1,577,136

Transportation

-

3.7%

46,024

DHL

Group

2,278,006

82,400

Japan

Airlines

Co

Ltd

1,618,754

Total

Transportation

3,896,760

Utilities

-

1.5%

118,501

National

Grid

PLC

1,596,364

Total

Utilities

1,596,364

Total

Common

Stocks

(cost

$74,618,853)

103,915,934

Total

Long-Term

Investments

(cost

$74,618,853)

103,915,934

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

1.0% 

X

–

REPURCHASE

AGREEMENTS

-

1

.0

%

X

1,000,000

$

1,000

(c)

Fixed

Income

Clearing

Corp

(FICC)

5.310%

1/02/24

$

1,000,000

Total

Repurchase

Agreements

(cost

$1,000,000)

1,000,000

Total

Short-Term

Investments

(cost

$1,000,000)

1,000,000

Total

Investments

(cost

$

75,618,853

)

-

99

.7

%

104,915,934

Other

Assets

&

Liabilities,

Net

-   0.3%

320,448

Net

Assets

-

100%

$

105,236,382

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.310%

dated

12/29/23

to

be

repurchased

at

$1,000,590

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.375%

and

maturity

date

5/15/33,

valued

at

$1,020,071.

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

28

Nuveen

Multi

Cap

Value

Fund

Portfolio

of

Investments

December

31,

2023

(Unaudited)

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

96.6% 

X

–

COMMON

STOCKS

-

96

.6

%

X

274,817,474

Automobiles

&

Components

-

2.0%

158,365

General

Motors

Co

$

5,688,471

Total

Automobiles

&

Components

5,688,471

Banks

-

8.9%

161,935

Bank

of

NT

Butterfield

&

Son

Ltd/The

5,183,539

114,547

Citigroup

Inc

5,892,298

40,680

JPMorgan

Chase

&

Co

6,919,668

149,103

Wells

Fargo

&

Co

7,338,850

Total

Banks

25,334,355

Capital

Goods

-

13.4%

29,173

Curtiss-Wright

Corp

6,499,453

198,186

Flowserve

Corp

8,169,227

28,456

General

Dynamics

Corp

7,389,169

15,287

Honeywell

International

Inc

3,205,837

14,259

Hubbell

Inc

4,690,213

140,106

nVent

Electric

PLC

8,278,863

Total

Capital

Goods

38,232,762

Consumer

Durables

&

Apparel

-

1.4%

39,684

PulteGroup

Inc

4,096,183

Total

Consumer

Durables

&

Apparel

4,096,183

Consumer

Services

-

1.2%

77,889

(b)

Brinker

International

Inc

3,363,247

Total

Consumer

Services

3,363,247

Consumer

Staples

Distribution

&

Retail

-

2.5%

44,621

Walmart

Inc

7,034,501

Total

Consumer

Staples

Distribution

&

Retail

7,034,501

Energy

-

10.4%

160,389

Baker

Hughes

Co

5,482,096

15,825

Cheniere

Energy

Inc

2,701,486

36,581

Chesapeake

Energy

Corp

2,814,542

35,085

Hess

Corp

5,057,854

243,064

Permian

Resources

Corp

3,305,670

156,334

Shell

PLC,

ADR

10,286,776

Total

Energy

29,648,424

Equity

Real

Estate

Investment

Trusts

(REITs)

-

2.6%

86,655

American

Homes

4

Rent,

Class

A

3,116,114

105,203

STAG

Industrial

Inc

4,130,270

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

7,246,384

Financial

Services

-

6.6%

51,160

Discover

Financial

Services

5,750,384

43,928

(b)

Fiserv

Inc

5,835,396

39,151

Morgan

Stanley

3,650,831

45,566

State

Street

Corp

3,529,542

Total

Financial

Services

18,766,153

29

Shares

Description

(a)

Value

Health

Care

Equipment

&

Services

-

4.4%

11,452

Elevance

Health

Inc

$

5,400,305

9,224

Humana

Inc

4,222,839

33,944

Medtronic

PLC

2,796,307

Total

Health

Care

Equipment

&

Services

12,419,451

Household

&

Personal

Products

-

3.0%

390,943

Kenvue

Inc

8,417,003

Total

Household

&

Personal

Products

8,417,003

Insurance

-

5.2%

9,126

Aon

PLC,

Class

A

2,655,849

10,052

Everest

Group

Ltd

3,554,186

41,277

Globe

Life

Inc

5,024,236

18,219

RenaissanceRe

Holdings

Ltd

3,570,924

Total

Insurance

14,805,195

Materials

-

4.3%

88,237

DuPont

de

Nemours

Inc

6,788,072

45,119

Innospec

Inc

5,560,466

Total

Materials

12,348,538

Media

&

Entertainment

-

4.6%

34,687

(b)

Alphabet

Inc,

Class

A

4,845,427

117,721

(b)

TripAdvisor

Inc

2,534,533

36,817

Walt

Disney

Co/The

3,324,207

216,937

(b)

Warner

Bros

Discovery

Inc

2,468,743

Total

Media

&

Entertainment

13,172,910

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

9.2%

999,776

(b)

ADMA

Biologics

Inc

4,518,988

63,855

AstraZeneca

PLC,

Sponsored

ADR

4,300,634

6,512

(b)

Bio-Rad

Laboratories

Inc,

Class

A

2,102,660

79,831

Gilead

Sciences

Inc

6,467,109

41,042

Merck

&

Co

Inc

4,474,399

85,250

Sanofi,

ADR

4,239,482

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

26,103,272

Semiconductors

&

Semiconductor

Equipment

-

2.8%

67,493

Intel

Corp

3,391,524

67,985

(b)

Rambus

Inc

4,639,976

Total

Semiconductors

&

Semiconductor

Equipment

8,031,500

Software

&

Services

-

6.0%

195,679

Gen

Digital

Inc

4,465,395

63,654

Oracle

Corp

6,711,041

137,823

(b)

Teradata

Corp

5,996,679

Total

Software

&

Services

17,173,115

Technology

Hardware

&

Equipment

-

1.1%

111,771

(b)

Viasat

Inc

3,123,999

Total

Technology

Hardware

&

Equipment

3,123,999

Telecommunication

Services

-

2.3%

381,594

AT&T

Inc

6,403,147

Total

Telecommunication

Services

6,403,147

Nuveen

Multi

Cap

Value

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

(Unaudited)

30

Shares

Description

(a)

Value

Utilities

-

4.7%

62,065

Alliant

Energy

Corp

$

3,183,935

88,408

Dominion

Energy

Inc

4,155,176

90,178

FirstEnergy

Corp

3,305,925

38,472

Pinnacle

West

Capital

Corp

2,763,828

Total

Utilities

13,408,864

Total

Common

Stocks

(cost

$239,870,110)

274,817,474

Total

Long-Term

Investments

(cost

$239,870,110)

274,817,474

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

3.8% 

X

–

REPURCHASE

AGREEMENTS

-

3

.8

%

X

10,969,618

$

10,625

(c)

Fixed

Income

Clearing

Corp

(FICC)

5.310%

1/02/24

$

10,625,000

345

(d)

Fixed

Income

Clearing

Corp

(FICC)

1.600%

1/02/24

344,618

Total

Repurchase

Agreements

(cost

$10,969,618)

10,969,618

Total

Short-Term

Investments

(cost

$10,969,618)

10,969,618

Total

Investments

(cost

$

250,839,728

)

-

100

.4

%

285,787,092

Other

Assets

&

Liabilities,

Net

-   (0.4)%

(

1,230,223

)

Net

Assets

-

100%

$

284,556,869

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.310%

dated

12/29/23

to

be

repurchased

at

$10,631,269

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.000%

and

maturity

date

11/15/44,

valued

at

$10,837,525.

(d)

Agreement

with

Fixed

Income

Clearing

Corporation,

1.600%

dated

12/29/23

to

be

repurchased

at

$344,679

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.875%

and

maturity

date

5/15/32,

valued

at

$351,565.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

31

Nuveen

Large

Cap

Value

Fund

Portfolio

of

Investments

December

31,

2023

(Unaudited)

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

98.6% 

X

–

COMMON

STOCKS

-

98

.6

%

X

19,863,487

Automobiles

&

Components

-

2.1%

11,868

General

Motors

Co

$

426,299

Total

Automobiles

&

Components

426,299

Banks

-

7.7%

8,030

Citigroup

Inc

413,063

3,371

JPMorgan

Chase

&

Co

573,407

11,578

Wells

Fargo

&

Co

569,869

Total

Banks

1,556,339

Capital

Goods

-

13.1%

1,181

Eaton

Corp

PLC

284,408

11,198

Flowserve

Corp

461,582

2,179

General

Dynamics

Corp

565,821

1,102

Honeywell

International

Inc

231,101

838

Hubbell

Inc

275,643

9,071

nVent

Electric

PLC

536,005

3,417

Raytheon

Technologies

Corp

287,506

Total

Capital

Goods

2,642,066

Consumer

Durables

&

Apparel

-

1.4%

2,667

PulteGroup

Inc

275,288

Total

Consumer

Durables

&

Apparel

275,288

Consumer

Staples

Distribution

&

Retail

-

2.5%

3,154

Walmart

Inc

497,228

Total

Consumer

Staples

Distribution

&

Retail

497,228

Energy

-

9.7%

11,538

Baker

Hughes

Co

394,369

1,344

Cheniere

Energy

Inc

229,434

2,671

Chesapeake

Energy

Corp

205,507

2,870

Hess

Corp

413,739

10,861

Shell

PLC,

ADR

714,654

Total

Energy

1,957,703

Equity

Real

Estate

Investment

Trusts

(REITs)

-

2.0%

3,145

Alexandria

Real

Estate

Equities

Inc

398,692

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

398,692

Financial

Services

-

9.2%

3,688

Discover

Financial

Services

414,531

3,606

(b)

Fiserv

Inc

479,021

4,927

KKR

&

Co

Inc

408,202

3,007

Morgan

Stanley

280,403

3,573

State

Street

Corp

276,764

Total

Financial

Services

1,858,921

Food,

Beverage

&

Tobacco

-

1.3%

2,860

Philip

Morris

International

Inc

269,069

Total

Food,

Beverage

&

Tobacco

269,069

Nuveen

Large

Cap

Value

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

(Unaudited)

32

Shares

Description

(a)

Value

Health

Care

Equipment

&

Services

-

5.6%

820

Elevance

Health

Inc

$

386,679

649

Humana

Inc

297,119

2,419

Medtronic

PLC

199,277

1,709

Quest

Diagnostics

Inc

235,637

Total

Health

Care

Equipment

&

Services

1,118,712

Household

&

Personal

Products

-

2.9%

27,085

Kenvue

Inc

583,140

Total

Household

&

Personal

Products

583,140

Insurance

-

5.9%

5,153

American

International

Group

Inc

349,116

767

Aon

PLC,

Class

A

223,212

2,967

Globe

Life

Inc

361,143

1,287

RenaissanceRe

Holdings

Ltd

252,252

Total

Insurance

1,185,723

Materials

-

5.1%

3,868

(c)

BHP

Group

Ltd,

Sponsored

ADR

264,223

5,267

Corteva

Inc

252,395

6,570

DuPont

de

Nemours

Inc

505,430

Total

Materials

1,022,048

Media

&

Entertainment

-

5.1%

3,273

(b)

Alphabet

Inc,

Class

A

457,206

7,498

(b)

TripAdvisor

Inc

161,432

2,632

Walt

Disney

Co/The

237,643

15,824

(b)

Warner

Bros

Discovery

Inc

180,077

Total

Media

&

Entertainment

1,036,358

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

8.3%

5,590

AstraZeneca

PLC,

Sponsored

ADR

376,487

500

(b)

Bio-Rad

Laboratories

Inc,

Class

A

161,445

5,886

Gilead

Sciences

Inc

476,825

2,941

Merck

&

Co

Inc

320,628

6,595

Sanofi,

ADR

327,969

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

1,663,354

Semiconductors

&

Semiconductor

Equipment

-

3.0%

12,007

Intel

Corp

603,352

Total

Semiconductors

&

Semiconductor

Equipment

603,352

Software

&

Services

-

4.1%

14,103

Gen

Digital

Inc

321,830

4,728

Oracle

Corp

498,473

Total

Software

&

Services

820,303

Technology

Hardware

&

Equipment

-

2.5%

3,888

Seagate

Technology

Holdings

PLC

331,919

6,271

(b)

Viasat

Inc

175,274

Total

Technology

Hardware

&

Equipment

507,193

Telecommunication

Services

-

2.2%

26,882

AT&T

Inc

451,080

Total

Telecommunication

Services

451,080

33

Shares

Description

(a)

Value

Utilities

-

4.9%

4,590

Alliant

Energy

Corp

$

235,467

6,238

Dominion

Energy

Inc

293,186

8,008

FirstEnergy

Corp

293,573

2,344

Pinnacle

West

Capital

Corp

168,393

Total

Utilities

990,619

Total

Common

Stocks

(cost

$13,306,593)

19,863,487

Total

Long-Term

Investments

(cost

$13,306,593)

19,863,487

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

1.3%

X

–

269,094

(d)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360%(e)

$

269,094

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$269,094)

269,094

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

1.4% 

X

–

REPURCHASE

AGREEMENTS

-

1

.4

%

275,000

$

275

(f)

Fixed

Income

Clearing

Corp

(FICC)

5.310%

1/02/24

$

275,000

Total

Repurchase

Agreements

(cost

$275,000)

275,000

Total

Short-Term

Investments

(cost

$275,000)

275,000

Total

Investments

(cost

$

13,850,687

)

-

101

.3

%

20,407,581

Other

Assets

&

Liabilities,

Net

-   (1.3)%

(

257,836

)

Net

Assets

-

100%

$

20,149,745

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$261,559.

(d)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(e)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(f)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.310%

dated

12/29/23

to

be

repurchased

at

$275,162

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.375%

and

maturity

date

5/15/33,

valued

at

$280,592.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

34

Nuveen

Small/Mid

Cap

Value

Fund

Portfolio

of

Investments

December

31,

2023

(Unaudited)

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

97.1% 

X

–

COMMON

STOCKS

-

97

.1

%

X

123,810,978

Automobiles

&

Components

-

4.2%

71,863

(b)

Atmus

Filtration

Technologies

Inc

$

1,688,062

61,377

BorgWarner

Inc

2,200,365

104,015

(b)

Goodyear

Tire

&

Rubber

Co/The

1,489,495

Total

Automobiles

&

Components

5,377,922

Banks

-

6.4%

242,888

New

York

Community

Bancorp

Inc

2,484,744

81,720

Old

National

Bancorp/IN

1,380,251

30,843

Prosperity

Bancshares

Inc

2,088,996

25,850

SouthState

Corp

2,183,033

Total

Banks

8,137,024

Capital

Goods

-

18.8%

26,860

AECOM

2,482,670

23,576

BWX

Technologies

Inc

1,808,986

26,572

Crane

Co

3,139,216

14,098

Curtiss-Wright

Corp

3,140,893

18,512

EnerSys

1,868,971

67,313

Flowserve

Corp

2,774,642

6,164

Hubbell

Inc

2,027,525

19,170

ITT

Inc

2,287,364

8,721

(b)

Middleby

Corp/The

1,283,470

54,186

nVent

Electric

PLC

3,201,851

Total

Capital

Goods

24,015,588

Consumer

Discretionary

Distribution

&

Retail

-

1.0%

20,347

Advance

Auto

Parts

Inc

1,241,778

Total

Consumer

Discretionary

Distribution

&

Retail

1,241,778

Consumer

Services

-

2.5%

29,623

(b)

Dave

&

Buster's

Entertainment

Inc

1,595,198

19,533

(b)

Light

&

Wonder

Inc

1,603,855

Total

Consumer

Services

3,199,053

Consumer

Staples

Distribution

&

Retail

-

0.9%

16,976

(b)

BJ's

Wholesale

Club

Holdings

Inc

1,131,620

Total

Consumer

Staples

Distribution

&

Retail

1,131,620

Energy

-

5.9%

101,016

Antero

Midstream

Corp

1,265,731

71,045

(b),(c)

Atlas

Energy

Solutions

Inc

1,223,395

21,433

Chesapeake

Energy

Corp

1,649,055

20,311

HF

Sinclair

Corp

1,128,682

161,589

Permian

Resources

Corp

2,197,610

Total

Energy

7,464,473

Equity

Real

Estate

Investment

Trusts

(REITs)

-

10.8%

48,624

American

Homes

4

Rent,

Class

A

1,748,519

109,289

Apple

Hospitality

REIT

Inc

1,815,290

20,031

Camden

Property

Trust

1,988,878

40,150

Iron

Mountain

Inc

2,809,697

184,799

SITE

Centers

Corp

2,518,811

74,258

STAG

Industrial

Inc

2,915,369

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

13,796,564

35

Shares

Description

(a)

Value

Financial

Services

-

11.6%

206,249

AGNC

Investment

Corp

$

2,023,303

543,392

BGC

Group

Inc,

Class

A

3,923,289

71,668

Carlyle

Group

Inc/The

2,916,171

15,406

(b)

Euronet

Worldwide

Inc

1,563,555

16,952

FirstCash

Holdings

Inc

1,837,427

36,162

Stifel

Financial

Corp

2,500,602

Total

Financial

Services

14,764,347

Food,

Beverage

&

Tobacco

-

1.0%

82,273

Primo

Water

Corp

1,238,209

Total

Food,

Beverage

&

Tobacco

1,238,209

Health

Care

Equipment

&

Services

-

2.2%

19,543

(b)

Acadia

Healthcare

Co

Inc

1,519,664

17,642

(b)

QuidelOrtho

Corp

1,300,215

Total

Health

Care

Equipment

&

Services

2,819,879

Insurance

-

4.4%

30,864

Axis

Capital

Holdings

Ltd

1,708,940

6,039

Everest

Group

Ltd

2,135,270

18,242

Selective

Insurance

Group

Inc

1,814,714

Total

Insurance

5,658,924

Materials

-

6.8%

8,001

Avery

Dennison

Corp

1,617,482

23,536

Materion

Corp

3,062,740

36,120

Olin

Corp

1,948,674

7,443

Reliance

Steel

&

Aluminum

Co

2,081,658

Total

Materials

8,710,554

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

5.8%

773,178

(b)

ADMA

Biologics

Inc

3,494,765

72,745

(b)

Exelixis

Inc

1,745,152

9,604

(b)

United

Therapeutics

Corp

2,111,824

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

7,351,741

Semiconductors

&

Semiconductor

Equipment

-

2.5%

45,960

(b)

Rambus

Inc

3,136,770

Total

Semiconductors

&

Semiconductor

Equipment

3,136,770

Software

&

Services

-

3.2%

12,510

Amdocs

Ltd

1,099,504

67,853

(b)

Teradata

Corp

2,952,284

Total

Software

&

Services

4,051,788

Technology

Hardware

&

Equipment

-

4.1%

42,378

(b)

Ciena

Corp

1,907,434

23,947

Seagate

Technology

Holdings

PLC

2,044,355

4,678

(b)

Zebra

Technologies

Corp,

Class

A

1,278,638

Total

Technology

Hardware

&

Equipment

5,230,427

Transportation

-

1.0%

21,574

(b)

GXO

Logistics

Inc

1,319,466

Total

Transportation

1,319,466

Nuveen

Small/Mid

Cap

Value

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

(Unaudited)

36

Shares

Description

(a)

Value

Utilities

-

4.0%

12,679

IDACORP

Inc

$

1,246,599

46,068

OGE

Energy

Corp

1,609,155

17,035

Pinnacle

West

Capital

Corp

1,223,795

26,089

PNM

Resources

Inc

1,085,302

Total

Utilities

5,164,851

Total

Common

Stocks

(cost

$106,807,884)

123,810,978

Total

Long-Term

Investments

(cost

$106,807,884)

123,810,978

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.0%

X

–

10,920

(d)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360%(e)

$

10,920

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$10,920)

10,920

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

2.7% 

X

–

REPURCHASE

AGREEMENTS

-

2

.7

%

3,487,758

$

3,375

(f)

Fixed

Income

Clearing

Corp

(FICC)

5.310%

1/02/24

$

3,375,000

113

(g)

Fixed

Income

Clearing

Corp

(FICC)

1.600%

1/02/24

112,758

Total

Repurchase

Agreements

(cost

$3,487,758)

3,487,758

Total

Short-Term

Investments

(cost

$3,487,758)

3,487,758

Total

Investments

(cost

$

110,306,562

)

-

99

.8

%

127,309,656

Other

Assets

&

Liabilities,

Net

-   0.2%

205,734

Net

Assets

-

100%

$

127,515,390

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$9,419.

(d)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(e)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

(f)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.310%

dated

12/29/23

to

be

repurchased

at

$3,376,991

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

1.875%

and

maturity

date

11/15/51,

valued

at

$3,442,538.

(g)

Agreement

with

Fixed

Income

Clearing

Corporation,

1.600%

dated

12/29/23

to

be

repurchased

at

$112,778

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

2.875%

and

maturity

date

5/15/32,

valued

at

$115,034.

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

37

Nuveen

Small

Cap

Value

Opportunities

Fund

Portfolio

of

Investments

December

31,

2023

(Unaudited)

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

98.2% 

X

–

COMMON

STOCKS

-

98

.2

%

X

198,687,221

Automobiles

&

Components

-

2.5%

114,051

(b)

Atmus

Filtration

Technologies

Inc

$

2,679,058

164,183

(b)

Goodyear

Tire

&

Rubber

Co/The

2,351,101

Total

Automobiles

&

Components

5,030,159

Banks

-

17.2%

113,195

Amalgamated

Financial

Corp

3,049,473

180,887

Columbia

Banking

System

Inc

4,826,065

114,250

OFG

Bancorp

4,282,090

205,994

Old

National

Bancorp/IN

3,479,239

141,508

Seacoast

Banking

Corp

of

Florida

4,027,318

58,064

SouthState

Corp

4,903,505

39,590

(b)

Texas

Capital

Bancshares

Inc

2,558,702

66,801

United

Bankshares

Inc/WV

2,508,377

77,457

Western

Alliance

Bancorp

5,095,896

Total

Banks

34,730,665

Capital

Goods

-

15.9%

46,586

BWX

Technologies

Inc

3,574,544

42,713

Crane

Co

5,046,114

16,540

Curtiss-Wright

Corp

3,684,947

28,622

EnerSys

2,889,677

120,569

Flowserve

Corp

4,969,854

211,882

Mueller

Water

Products

Inc,

Class

A

3,051,101

23,607

(b)

MYR

Group

Inc

3,414,280

93,887

nVent

Electric

PLC

5,547,783

Total

Capital

Goods

32,178,300

Consumer

Discretionary

Distribution

&

Retail

-

2.1%

32,421

Academy

Sports

&

Outdoors

Inc

2,139,786

33,474

Advance

Auto

Parts

Inc

2,042,918

Total

Consumer

Discretionary

Distribution

&

Retail

4,182,704

Consumer

Services

-

6.5%

273,216

(b)

Accel

Entertainment

Inc

2,805,928

45,772

(b)

Dave

&

Buster's

Entertainment

Inc

2,464,822

30,025

(b)

Light

&

Wonder

Inc

2,465,353

115,403

Perdoceo

Education

Corp

2,026,477

56,969

(b)

Stride

Inc

3,382,249

Total

Consumer

Services

13,144,829

Energy

-

8.0%

235,252

Antero

Midstream

Corp

2,947,707

114,753

(b)

Atlas

Energy

Solutions

Inc

1,976,047

185,309

Magnolia

Oil

&

Gas

Corp,

Class

A

3,945,228

355,108

Permian

Resources

Corp

4,829,469

25,525

(b)

Weatherford

International

PLC

2,497,111

Total

Energy

16,195,562

Equity

Real

Estate

Investment

Trusts

(REITs)

-

7.1%

168,119

Apple

Hospitality

REIT

Inc

2,792,457

192,320

Sabra

Health

Care

REIT

Inc

2,744,406

301,616

SITE

Centers

Corp

4,111,026

120,983

STAG

Industrial

Inc

4,749,793

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

14,397,682

Nuveen

Small

Cap

Value

Opportunities

Fund

(continued)

Portfolio

of

Investments

December

31,

2023

(Unaudited)

38

Shares

Description

(a)

Value

Financial

Services

-

8.2%

126,356

(b)

AssetMark

Financial

Holdings

Inc

$

3,784,362

854,573

BGC

Group

Inc,

Class

A

6,170,017

26,158

FirstCash

Holdings

Inc

2,835,266

316,433

Perella

Weinberg

Partners

3,869,975

Total

Financial

Services

16,659,620

Food,

Beverage

&

Tobacco

-

1.9%

18,529

John

B

Sanfilippo

&

Son

Inc

1,909,228

129,202

Primo

Water

Corp

1,944,490

Total

Food,

Beverage

&

Tobacco

3,853,718

Health

Care

Equipment

&

Services

-

2.2%

84,335

(b)

Fulgent

Genetics

Inc

2,438,125

143,916

(b)

Tactile

Systems

Technology

Inc

2,057,999

Total

Health

Care

Equipment

&

Services

4,496,124

Insurance

-

2.8%

44,427

Axis

Capital

Holdings

Ltd

2,459,923

33,077

Selective

Insurance

Group

Inc

3,290,500

Total

Insurance

5,750,423

Materials

-

3.6%

18,069

Innospec

Inc

2,226,823

39,383

Materion

Corp

5,124,910

Total

Materials

7,351,733

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

5.6%

1,272,352

(b)

ADMA

Biologics

Inc

5,751,031

34,984

(b)

Halozyme

Therapeutics

Inc

1,293,009

41,822

(b)

Pacira

BioSciences

Inc

1,411,074

46,612

(b)

Prestige

Consumer

Healthcare

Inc

2,853,587

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

11,308,701

Semiconductors

&

Semiconductor

Equipment

-

2.5%

73,279

(b)

Rambus

Inc

5,001,292

Total

Semiconductors

&

Semiconductor

Equipment

5,001,292

Software

&

Services

-

4.4%

183,039

(b)

PowerSchool

Holdings

Inc,

Class

A

4,312,399

105,016

(b)

Teradata

Corp

4,569,246

Total

Software

&

Services

8,881,645

Technology

Hardware

&

Equipment

-

2.8%

284,654

(b)

Harmonic

Inc

3,711,888

18,540

(b)

IPG

Photonics

Corp

2,012,332

Total

Technology

Hardware

&

Equipment

5,724,220

Utilities

-

4.9%

27,427

IDACORP

Inc

2,696,623

39,731

MGE

Energy

Inc

2,872,948

40,177

PNM

Resources

Inc

1,671,363

39,157

SJW

Group

2,558,910

Total

Utilities

9,799,844

Total

Common

Stocks

(cost

$149,655,501)

198,687,221

Total

Long-Term

Investments

(cost

$149,655,501)

198,687,221

39

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

1.4% 

X

–

REPURCHASE

AGREEMENTS

-

1

.4

%

X

2,725,000

$

2,725

(c)

Fixed

Income

Clearing

Corp

(FICC)

5.310%

1/02/24

$

2,725,000

Total

Repurchase

Agreements

(cost

$2,725,000)

2,725,000

Total

Short-Term

Investments

(cost

$2,725,000)

2,725,000

Total

Investments

(cost

$

152,380,501

)

-

99

.6

%

201,412,221

Other

Assets

&

Liabilities,

Net

-   0.4%

888,722

Net

Assets

-

100%

$

202,300,943

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

Agreement

with

Fixed

Income

Clearing

Corporation,

5.310%

dated

12/29/23

to

be

repurchased

at

$2,726,608

on

1/2/24,

collateralized

by

Government

Agency

Securities,

with

coupon

rate

3.375%

and

maturity

date

5/15/33,

valued

at

$2,779,525.

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

40

December

31,

2023

(Unaudited)

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

†‡

$

131,023,352‌

$

103,915,934‌

$

274,817,474‌

$

19,863,487‌

$

123,810,978‌

$

198,687,221‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

–‌

–‌

–‌

269,094‌

10,920‌

–‌

Short-term

investments,

at

value

◊

–‌

1,000,000‌

10,969,618‌

275,000‌

3,487,758‌

2,725,000‌

Cash

1,708,528‌

34,972‌

–‌

29,469‌

–‌

89,262‌

Cash

denominated

in

foreign

currencies

^

3‌

47‌

–‌

–‌

–‌

–‌

Receivables:

Dividends

103,263‌

103,132‌

206,047‌

24,300‌

207,776‌

217,367‌

Interest

–‌

443‌

4,748‌

122‌

1,508‌

1,206‌

Reclaims

79,268‌

164,228‌

5,441‌

–‌

–‌

–‌

Reimbursement

from

Adviser

–‌

6,112‌

41,686‌

5,358‌

69,699‌

63,145‌

Shares

sold

5,902‌

199,588‌

1,363,565‌

13,334‌

208,745‌

1,185,812‌

Other

294,751‌

179,698‌

126,790‌

66,983‌

41,433‌

58,878‌

Total

assets

133,215,067‌

105,604,154‌

287,535,369‌

20,547,147‌

127,838,817‌

203,027,891‌

LIABILITIES

Payables:

Management

fees

78,180‌

61,998‌

158,892‌

10,971‌

77,240‌

134,952‌

Collateral

from

securities

lending

–‌

–‌

–‌

269,094‌

10,920‌

–‌

Excise

tax

liability

expense

–‌

–‌

63,998‌

–‌

–‌

–‌

Interest

35‌

25‌

26‌

6‌

20‌

51‌

Investments

purchased

-

regular

settlement

–‌

–‌

2,392,586‌

43,306‌

–‌

–‌

Shares

redeemed

42,839‌

75,353‌

219,711‌

179‌

180,680‌

407,519‌

Accrued

expenses:

Custodian

fees

46,474‌

41,230‌

16,559‌

11,007‌

22,739‌

25,835‌

Trustees

fees

276,555‌

133,153‌

87,362‌

39,398‌

1,860‌

35,421‌

Professional

fees

39,449‌

24,661‌

22,980‌

13,654‌

17,539‌

37,649‌

Shareholder

reporting

expenses

14,389‌

–‌

–‌

3,615‌

–‌

14,649‌

Shareholder

servicing

agent

fees

34,267‌

26,372‌

5,630‌

3,725‌

11,309‌

64,608‌

12b-1

distribution

and

service

fees

19,026‌

4,980‌

10,756‌

2,447‌

1,120‌

6,264‌

Other

5,471‌

—‌

—‌

—‌

—‌

—‌

Total

liabilities

556,685‌

367,772‌

2,978,500‌

397,402‌

323,427‌

726,948‌

Net

assets

$

132,658,382‌

$

105,236,382‌

$

284,556,869‌

$

20,149,745‌

$

127,515,390‌

$

202,300,943‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

336,554,981‌

$

274,949,175‌

$

254,156,846‌

$

13,374,142‌

$

110,173,156‌

$

149,952,351‌

Total

distributable

earnings

(loss)

(203,896,599‌)

(169,712,793‌)

30,400,023‌

6,775,603‌

17,342,234‌

52,348,592‌

Net

assets

$

132,658,382‌

$

105,236,382‌

$

284,556,869‌

$

20,149,745‌

$

127,515,390‌

$

202,300,943‌

†

Long-term

investments,

cost

$

103,229,551‌

$

74,618,853‌

$

239,870,110‌

$

13,306,593‌

$

106,807,884‌

$

149,655,501‌

◊

Short-term

investments,

cost

$

—‌

$

1,000,000‌

$

10,969,618‌

$

275,000‌

$

3,487,758‌

$

2,725,000‌

‡

Includes

securities

loaned

of

$

—‌

$

—‌

$

—‌

$

261,559‌

$

9,419‌

$

—‌

^

Cash

denominated

in

foreign

currencies,

cost

$

3‌

$

46‌

$

—‌

$

—‌

$

—‌

$

—‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

41

Global

Equity

Income

International

Value

Multi

Cap

Value

Large

Cap

Value

Small/Mid

Cap

Value

Small

Cap

Value

Opportunities

CLASS

A:

Net

assets

$

87,639,994‌

$

22,129,026‌

$

46,321,974‌

$

7,678,315‌

$

3,624,704‌

$

23,276,859‌

Shares

outstanding

2,768,924‌

814,990‌

995,925‌

1,744,302‌

122,937‌

460,169‌

Net

asset

value

("NAV")

per

share

$

31.65‌

$

27.15‌

$

46.51‌

$

4.40‌

$

29.48‌

$

50.58‌

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)

$

33.58‌

$

28.81‌

$

49.35‌

$

4.67‌

$

31.28‌

$

53.67‌

CLASS

C:

Net

assets

$

1,125,530‌

$

528,750‌

$

1,366,598‌

$

1,076,924‌

$

449,849‌

$

1,818,812‌

Shares

outstanding

35,631‌

20,564‌

31,647‌

327,079‌

18,796‌

43,304‌

NAV

and

offering

price

per

share

$

31.59‌

$

25.71‌

$

43.18‌

$

3.29‌

$

23.93‌

$

42.00‌

CLASS

R6:

Net

assets

$

—‌

$

—‌

$

—‌

$

—‌

$

19,589,154‌

$

5,892,171‌

Shares

outstanding

—‌

—‌

—‌

—‌

637,762‌

109,608‌

NAV

and

offering

price

per

share

$

—‌

$

—‌

$

—‌

$

—‌

$

30.72‌

$

53.76‌

CLASS

I:

Net

assets

$

43,892,858‌

$

82,578,606‌

$

236,868,297‌

$

11,394,506‌

$

103,851,683‌

$

171,313,101‌

Shares

outstanding

1,386,653‌

3,021,393‌

5,039,007‌

2,565,149‌

3,411,275‌

3,236,239‌

NAV

and

offering

price

per

share

$

31.65‌

$

27.33‌

$

47.01‌

$

4.44‌

$

30.44‌

$

52.94‌

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

See

Notes

to

Financial

Statements

42

Six

Months

Ended

December

31,

2023

(Unaudited)

Global

Equity

Income

International

Value

Multi

Cap

Value

Large

Cap

Value

INVESTMENT

INCOME

Dividends

$

1,733,390‌

$

1,213,293‌

$

1,997,262‌

$

231,481‌

Interest

—‌

55,169‌

272,661‌

2,885‌

Securities

lending

income,

net

—‌

7,495‌

11,867‌

205‌

Other

income

12,263‌

394‌

91,900‌

2,761‌

Tax

withheld

(74,842‌)

(84,873‌)

—‌

—‌

Total

investment

income

1,670,811‌

1,191,478‌

2,373,690‌

237,332‌

EXPENSES

–

–

–

–

Management

fees

459,480‌

354,636‌

675,503‌

64,133‌

12b-1

service

fees

-

Class

A

106,127‌

26,530‌

55,687‌

9,105‌

12b-1

distribution

and

service

fees

-

Class

C

7,758‌

2,282‌

6,547‌

5,286‌

Shareholder

servicing

agent

fees

-

Class

A

46,428‌

13,120‌

14,373‌

3,112‌

Shareholder

servicing

agent

fees

-

Class

C

835‌

280‌

421‌

451‌

Shareholder

servicing

agent

fees

-

Class

I

23,489‌

48,318‌

46,954‌

4,731‌

Interest

expense

421‌

523‌

62‌

76‌

Trustees

fees

2,530‌

1,982‌

3,303‌

377‌

Custodian

expenses

27,194‌

15,449‌

13,753‌

9,253‌

Excise

tax

liability

expense

—‌

—‌

63,998‌

—‌

Registration

fees

26,433‌

25,556‌

34,974‌

26,186‌

Professional

fees

46,592‌

26,891‌

26,576‌

15,106‌

Shareholder

reporting

expenses

12,599‌

15,585‌

15,685‌

3,607‌

Other

4,784‌

3,644‌

6,183‌

3,245‌

Total

expenses

before

fee

waiver/expense

reimbursement

764,670‌

534,796‌

964,019‌

144,668‌

Fee

waiver/expense

reimbursement

(94,010‌)

(56,157‌)

—‌

(57,463‌)

Net

expenses

670,660‌

478,639‌

964,019‌

87,205‌

Net

investment

income

(loss)

1,000,151‌

712,839‌

1,409,671‌

150,127‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

1,202,480‌

300,439‌

(1,454,273‌)

121,949‌

Foreign

currency

transactions

2,827‌

(10,822‌)

—‌

—‌

Net

realized

gain

(loss)

1,205,307‌

289,617‌

(1,454,273‌)

121,949‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

5,913,422‌

4,944,679‌

15,520,404‌

919,327‌

Foreign

currency

translations

4,011‌

16,206‌

—‌

—‌

Net

change

in

unrealized

appreciation

(depreciation)

5,917,433‌

4,960,885‌

15,520,404‌

919,327‌

Net

realized

and

unrealized

gain

(loss)

7,122,740‌

5,250,502‌

14,066,131‌

1,041,276‌

Net

increase

(decrease)

in

net

assets

from

operations

$

8,122,891‌

$

5,963,341‌

$

15,475,802‌

$

1,191,403‌

Statement

of

Operations

(continued)

See

Notes

to

Financial

Statements

43

Six

Months

Ended

December

31,

2023

(Unaudited)

Small/Mid

Cap

Value

Small

Cap

Value

Opportunities

INVESTMENT

INCOME

Dividends

$

1,042,730‌

$

1,580,625‌

Interest

121,712‌

128,210‌

Securities

lending

income,

net

295‌

669‌

Other

income

102,555‌

66,122‌

Tax

withheld

—‌

(5,476‌)

Total

investment

income

1,267,292‌

1,770,150‌

EXPENSES

–

–

Management

fees

420,300‌

774,574‌

12b-1

service

fees

-

Class

A

4,360‌

26,227‌

12b-1

distribution

and

service

fees

-

Class

C

2,132‌

10,885‌

Shareholder

servicing

agent

fees

-

Class

A

2,649‌

15,162‌

Shareholder

servicing

agent

fees

-

Class

C

324‌

1,585‌

Shareholder

servicing

agent

fees

-

Class

R6

396‌

166‌

Shareholder

servicing

agent

fees

-

Class

I

66,675‌

118,097‌

Interest

expense

54‌

917‌

Trustees

fees

2,357‌

3,752‌

Custodian

expenses

21,978‌

18,119‌

Registration

fees

33,318‌

33,121‌

Professional

fees

25,387‌

36,110‌

Shareholder

reporting

expenses

18,077‌

41,280‌

Other

4,179‌

13,293‌

Total

expenses

before

fee

waiver/expense

reimbursement

602,186‌

1,093,288‌

Fee

waiver/expense

reimbursement

(23,608‌)

(148,705‌)

Net

expenses

578,578‌

944,583‌

Net

investment

income

(loss)

688,714‌

825,567‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

91,780‌

3,136,369‌

Net

realized

gain

(loss)

91,780‌

3,136,369‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

7,004,583‌

17,408,105‌

Net

change

in

unrealized

appreciation

(depreciation)

7,004,583‌

17,408,105‌

Net

realized

and

unrealized

gain

(loss)

7,096,363‌

20,544,474‌

Net

increase

(decrease)

in

net

assets

from

operations

$

7,785,077‌

$

21,370,041‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

44

Global

Equity

Income

International

Value

Unaudited

Six

Months

Ended

12/31/23

Year

Ended

6/30/23

Unaudited

Six

Months

Ended

12/31/23

Year

Ended

6/30/23

OPERATIONS

Net

investment

income

(loss)

$

1,000,151‌

$

3,246,918‌

$

712,839‌

$

2,268,022‌

Net

realized

gain

(loss)

1,205,307‌

3,918,637‌

289,617‌

1,636,015‌

Net

change

in

unrealized

appreciation

(depreciation)

5,917,433‌

10,902,512‌

4,960,885‌

10,453,814‌

Net

increase

(decrease)

in

net

assets

from

operations

8,122,891‌

18,068,067‌

5,963,341‌

14,357,851‌

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(

627,528‌

)

(

4,032,564‌

)

(

398,900‌

)

(

896,016‌

)

Class

C

(

6,027‌

)

(

75,351‌

)

(

5,861‌

)

(

15,889‌

)

Class

I

(

369,077‌

)

(

2,217,582‌

)

(

1,682,661‌

)

(

3,100,172‌

)

Total

distributions

(

1,002,632‌

)

(

6,325,497‌

)

(

2,087,422‌

)

(

4,012,077‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

3,689,246‌

5,073,335‌

14,091,940‌

18,334,367‌

Reinvestments

of

distributions

951,639‌

5,982,634‌

2,015,669‌

3,856,599‌

Redemptions

(

11,808,456‌

)

(

30,976,232‌

)

(

12,789,651‌

)

(

18,647,023‌

)

Net

increase

(decrease)

from

Fund

share

transactions

(

7,167,571‌

)

(

19,920,263‌

)

3,317,958‌

3,543,943‌

Net

increase

(decrease)

in

net

assets

(

47,312‌

)

(

8,177,693‌

)

7,193,877‌

13,889,717‌

Net

assets

at

the

beginning

of

period

132,705,694‌

140,883,387‌

98,042,505‌

84,152,788‌

Net

assets

at

the

end

of

period

$

132,658,382‌

$

132,705,694‌

$

105,236,382‌

$

98,042,505‌

See

Notes

to

Financial

Statements

45

Multi

Cap

Value

Large

Cap

Value

Unaudited

Six

Months

Ended

12/31/23

Year

Ended

6/30/23

Unaudited

Six

Months

Ended

12/31/23

Year

Ended

6/30/23

OPERATIONS

Net

investment

income

(loss)

$

1,409,671‌

$

1,028,501‌

$

150,127‌

$

292,058‌

Net

realized

gain

(loss)

(

1,454,273‌

)

1,153,598‌

121,949‌

90,044‌

Net

change

in

unrealized

appreciation

(depreciation)

15,520,404‌

14,601,445‌

919,327‌

2,545,938‌

Net

increase

(decrease)

in

net

assets

from

operations

15,475,802‌

16,783,544‌

1,191,403‌

2,928,040‌

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(

485,789‌

)

(

477,154‌

)

(

149,690‌

)

(

306,433‌

)

Class

C

(

4,798‌

)

(

5,109‌

)

(

15,296‌

)

(

60,053‌

)

Class

R3

—‌

—‌

—‌

—‌

Class

I

(

3,011,559‌

)

(

646,514‌

)

(

249,427‌

)

(

510,151‌

)

Total

distributions

(

3,502,146‌

)

(

1,128,777‌

)

(

414,413‌

)

(

876,637‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

162,630,935‌

49,260,169‌

578,747‌

2,151,340‌

Reinvestments

of

distributions

3,427,870‌

1,052,653‌

396,643‌

842,093‌

Redemptions

(

13,901,791‌

)

(

25,339,737‌

)

(

1,534,942‌

)

(

4,103,131‌

)

Net

increase

(decrease)

from

Fund

share

transactions

152,157,014‌

24,973,085‌

(

559,552‌

)

(

1,109,698‌

)

Net

increase

(decrease)

in

net

assets

164,130,670‌

40,627,852‌

217,438‌

941,705‌

Net

assets

at

the

beginning

of

period

120,426,199‌

79,798,347‌

19,932,307‌

18,990,602‌

Net

assets

at

the

end

of

period

$

284,556,869‌

$

120,426,199‌

$

20,149,745‌

$

19,932,307‌

See

Notes

to

Financial

Statements

46

Small/Mid

Cap

Value

Small

Cap

Value

Opportunities

Unaudited

Six

Months

Ended

12/31/23

Year

Ended

6/30/23

Unaudited

Six

Months

Ended

12/31/23

Year

Ended

6/30/23

OPERATIONS

Net

investment

income

(loss)

$

688,714‌

$

382,968‌

$

825,567‌

$

1,201,612‌

Net

realized

gain

(loss)

91,780‌

237,515‌

3,136,369‌

2,265,355‌

Net

change

in

unrealized

appreciation

(depreciation)

7,004,583‌

7,834,296‌

17,408,105‌

26,509,419‌

Net

increase

(decrease)

in

net

assets

from

operations

7,785,077‌

8,454,779‌

21,370,041‌

29,976,386‌

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(

16,659‌

)

(

178,041‌

)

(

144,508‌

)

(

1,287,556‌

)

Class

C

(

1,171‌

)

(

28,895‌

)

(

5,472‌

)

(

248,555‌

)

Class

R6

(

165,869‌

)

(

865,461‌

)

(

59,351‌

)

(

316,799‌

)

Class

I

(

700,108‌

)

(

858,303‌

)

(

1,447,900‌

)

(

8,943,951‌

)

Total

distributions

(

883,807‌

)

(

1,930,700‌

)

(

1,657,231‌

)

(

10,796,861‌

)

FUND

SHARE

TRANSACTIONS

Subscriptions

44,010,108‌

52,259,457‌

7,438,733‌

37,566,398‌

Reinvestments

of

distributions

881,046‌

1,905,506‌

1,577,333‌

10,230,214‌

Redemptions

(

9,807,295‌

)

(

10,093,523‌

)

(

24,574,552‌

)

(

42,582,650‌

)

Net

increase

(decrease)

from

Fund

share

transactions

35,083,859‌

44,071,440‌

(

15,558,486‌

)

5,213,962‌

Net

increase

(decrease)

in

net

assets

41,985,129‌

50,595,519‌

4,154,324‌

24,393,487‌

Net

assets

at

the

beginning

of

period

85,530,261‌

34,934,742‌

198,146,619‌

173,753,132‌

Net

assets

at

the

end

of

period

$

127,515,390‌

$

85,530,261‌

$

202,300,943‌

$

198,146,619‌

Financial

Highlights

47

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

12/31/23(e)

$

29.94

$

0.22

$

1.71

$

1.93

$

(0.22)

$

—

$

(0.22)

$

31.65

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

12/31/23(e)

29.89

0.12

1.69

1.81

(0.11)

—

(0.11)

31.59

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

12/31/23(e)

29.95

0.26

1.70

1.96

(0.26)

—

(0.26)

31.65

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

Financial

Statements.

(e)

Unaudited.

(f)

Annualized.

See

Notes

to

Financial

Statements

48

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

6.51‌

%

$

87,640

1.26‌

%(f)

1.11‌

%

(f)

1.47‌

%

(f)

14‌

%

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

6.09‌

1,126

2.01‌

(f)

1.86‌

(f)

0.8

2‌ 

(f)

14‌

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

6.60‌

43,893

1.01‌

(f)

0.86‌

(f)

1.72‌ 

(f)

14‌

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

49

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

12/31/23(e)

$

26.11

$

0.16

$

1.38

$

1.54

$

(0.50)

$

—

$

(0.50)

$

27.15

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

12/31/23(e)

24.64

0.06

1.30

1.36

(0.29)

—

(0.29)

25.71

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

12/31/23(e)

26.31

0.20

1.38

1.58

(0.56)

—

(0.56)

27.33

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

Financial

Statements.

(e)

Unaudited.

(f)

Annualized.

See

Notes

to

Financial

Statements

50

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

5.89‌

%

$

22,129

1.26‌

%

(f)

1.15‌

%

(f)

1.24‌

%

(f)

3‌

%

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

5.51‌

529

2.01‌

(f)

1.90‌

(f)

0.50‌

(f)

3‌

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

6.03‌

82,579

1.01‌

(f)

0.90‌

(f)

1.48‌

(f)

3‌

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

51

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

12/31/23(e)

$

44.63

$

0.29

$

2.08

$

2.37

$

(0.49)

$

—

$

—

$

(0.49)

$

46.51

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

12/31/23(e)

41.31

0.11

1.91

2.02

(0.15)

—

—

(0.15)

43.18

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

12/31/23(e)

45.16

0.34

2.12

2.46

(0.61)

—

—

(0.61)

47.01

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

Financial

Statements.

(e)

Unaudited.

(f)

Annualized.

See

Notes

to

Financial

Statements

52

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

5.31‌

%

$

46,322

1.19‌

%

(f)

1.19‌

%

(f)

1.29‌

%

(f)

12‌

%

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

4.90‌

1,367

1.94‌

(f)

1.94‌

(f)

0.54‌

(f)

12‌

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

5.44‌

236,868

0.94‌

(f)

0.94‌

(f)

1.53‌

(f)

12‌

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

53

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

12/31/23(e)

$

4.22

$

0.03

$

0.24

$

0.27

$

(

0.07

)

$

(

0.02

)

$

(

0.09

)

$

4.40

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

12/31/23(e)

3.15

0.01

0.18

0.19

(

0.03

)

(

0.02

)

(

0.05

)

3.29

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

12/31/23(e)

4.27

0.04

0.23

0.27

(

0.08

)

(

0.02

)

(

0.10

)

4.44

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

Financial

Statements.

(e)

Unaudited.

(f)

Annualized.

See

Notes

to

Financial

Statements

54

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

6

.34‌

%

$

7,678

1

.59‌

%

(f)

1

.00‌

%

(f)

1

.45‌

%

(f)

23‌

%

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

5

.95‌

1,077

2

.34‌

(f)

1

.75‌

(f)

0

.69‌

(f)

23‌

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

6

.30‌

11,395

1

.34‌

(f)

0

.75‌

(f)

1

.69‌

(f)

23‌

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

55

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

12/31/23(e)

$

27.67

$

0.13

$

1.81

$

1.94

$

(0.07)

$

(0.06)

$

(0.13)

$

29.48

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

12/31/23(e)

22.50

0.02

1.47

1.49

—

(0.06)

(0.06)

23.93

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

12/31/23(e)

28.87

0.20

1.91

2.11

(0.20)

(0.06)

(0.26)

30.72

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

12/31/23(e)

28.60

0.18

1.87

2.05

(0.15)

(0.06)

(0.21)

30.44

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

Financial

Statements.

(e)

Unaudited.

(f)

Annualized.

See

Notes

to

Financial

Statements

56

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

7.04‌

%

$

3,625

1.35‌

%

(f)

1.31‌

%

(f)

0.93‌

%

(f)

25‌

%

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

6.64‌

450

2.10‌

(f)

2.06‌

(f)

0.19‌

(f)

25‌

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

7

.31‌

19,589

0.95‌

(f)

0.91‌

(f)

1.35‌

(f)

25‌

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

7.17‌

103,852

1.10‌

(f)

1.06‌

(f)

1.24‌

(f)

25‌

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

57

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

12/31/23(e)

$

45.69

$

0.15

$

5.06

$

5.21

$

(

0.20

)

$

(

0.12

)

$

(

0.32

)

$

50.58

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

12/31/23(e)

37.95

(

0.03

)

4.20

4.17

—

(

0.12

)

(

0.12

)

42.00

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

12/31/23(e)

48.62

0.26

5.40

5.66

(

0.40

)

(

0.12

)

(

0.52

)

53.76

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

12/31/23(e)

47.85

0.22

5.32

5.54

(

0.33

)

(

0.12

)

(

0.45

)

52.94

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

Financial

Statements.

(e)

Unaudited.

(f)

Annualized.

See

Notes

to

Financial

Statements

58

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

11

.40‌

%

$

23,277

1

.35‌

%

(f)

1

.20‌

%

(f)

0

.66‌

%

(f)

28‌

%

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

10

.99‌

1,819

2

.10‌

(f)

1

.95‌

(f)

(

0

.13‌

)

(f)

28‌

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

11

.64‌

5,892

0

.96‌

(f)

0

.81‌

(f)

1

.04‌

(f)

28‌

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

11

.57‌

171,313

1

.10‌

(f)

0

.95‌

(f)

0

.89‌

(f)

28‌

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

(Unaudited)

59

1.

General

Information 

Trust

and

Fund

Information:

The

Nuveen

Investment

Trust

and

Nuveen

Investment

Trust

II

(each

a

“Trust”

and

collectively,

the

“Trusts”),

are

open-end

management

investment

companies

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended.

Nuveen

Investment

Trust

is

comprised

of

the

Nuveen

Global

Equity

Income

Fund

(“Global

Equity

Income”),

Nuveen

Multi

Cap

Value

Fund

(“Multi

Cap

Value”),

Nuveen

Large

Cap

Value

Fund

(“Large-Cap

Value”),

Nuveen

Small/Mid

Cap

Value

Fund

(“Small/Mid-Cap

Value”)

and

Nuveen

Small

Cap

Value

Opportunities

Fund

(“Small

Cap

Value

Opportunities”),

among

others,

and

Nuveen

Investment

Trust

II

is

comprised

of

Nuveen

International

Value

Fund

(“International

Value”),

among

others

(each

a

“Fund”

and

collectively,

the

“Funds”),

as

diversified

funds.

Nuveen

Investment

Trust

and

Nuveen

Investment

Trust

II

were

each

organized

as

Massachusetts

business

trusts

in

1996

and

1997,

respectively.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

December

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

December

31,

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

transactions”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

foreign

currency

translations”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

60

Notes

to

Financial

Statements

(Unaudited)

(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

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

Global

Equity

Income

Value

%

of

Net

Assets

Country:

Japan

$

10,792,839

8.1

%

Germany

10,724,209

8.1

Netherlands

8,694,513

6.6

France

7,695,937

5.8

Finland

3,982,781

3.0

Switzerland

3,971,314

3.0

United

Kingdom

3,529,491

2.7

Australia

2,967,845

2.2

Taiwan

2,476,493

1.9

Other

12,318,229

9.2

Total

non-U.S.

Securities

$67,153,651

50.6%

International

Value

Value

%

of

Net

Assets

Country:

Japan

$

22,650,399

21.5

%

Germany

12,825,979

12.2

Netherlands

12,415,041

11.8

France

11,955,783

11.3

United

Kingdom

10,621,132

10.1

Switzerland

7,540,522

7.2

Canada

3,066,947

2.9

Singapore

2,530,483

2.4

Australia

2,329,514

2.2

Other

12,105,345

11.5

Total

non-U.S.

Securities

$98,041,145

93.1%

61

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

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.

During

the

current

fiscal

period,

the

Funds

adopted

the

new

guidance

and

there

was

no

material

impact

to

the

Funds.

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.

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

62

Notes

to

Financial

Statements

(Unaudited)

(continued)

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:

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.

NEIF

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

70,520,620

$

59,500,799

$

–

$

130,021,419

Structured

Notes

–

1,001,933

–

1,001,933

Total

$

70,520,620

$

60,502,732

$

–

$

131,023,352

NIGF

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

17,487,897

$

86,428,037

$

–

$

103,915,934

Short-Term

Investments:

Repurchase

Agreements

–

1,000,000

–

1,000,000

Total

$

17,487,897

$

87,428,037

$

–

$

104,915,934

NMCVF

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

274,817,474

$

–

$

–

$

274,817,474

Short-Term

Investments:

Repurchase

Agreements

–

10,969,618

–

10,969,618

Total

$

274,817,474

$

10,969,618

$

–

$

285,787,092

NWLC

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

19,863,487

$

–

$

–

$

19,863,487

Investments

Purchased

with

Collateral

from

Securities

Lending

269,094

–

–

269,094

Short-Term

Investments:

Repurchase

Agreements

–

275,000

–

275,000

Total

$

20,132,581

$

275,000

$

–

$

20,407,581

NWSM

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

123,810,978

$

–

$

–

$

123,810,978

Investments

Purchased

with

Collateral

from

Securities

Lending

10,920

–

–

10,920

Short-Term

Investments:

Repurchase

Agreements

–

3,487,758

–

3,487,758

Total

$

123,821,898

$

3,487,758

$

–

$

127,309,656

NSCV

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

198,687,221

$

–

$

–

$

198,687,221

Short-Term

Investments:

Repurchase

Agreements

–

2,725,000

–

2,725,000

Total

$

198,687,221

$

2,725,000

$

–

$

201,412,221

63

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:

Thing

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

International

Value

Fixed

Income

Clearing

Corporation

$1,000,000

$1,020,071

Multi

Cap

Value

Fixed

Income

Clearing

Corporation

10,969,618

11,189,090

Large

Cap

Value

Fixed

Income

Clearing

Corporation

275,000

280,592

Small/Mid

Cap

Value

Fixed

Income

Clearing

Corporation

3,487,758

3,557,572

Small

Cap

Value

Opportunities

Fixed

Income

Clearing

Corporation

2,725,000

2,779,525

Fund

Asset

Class

out

on

Loan

Long-Term

Investments,

at

Value

Total

Collateral

Received

Large

Cap

Value

Common

Stock

$261,559

$269,094

Small/Mid

Cap

Value

Common

Stock

$

9,419

$10,920

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

Global

Equity

Income

$

17,410,193

$

26,011,664

International

Value

6,470,487

2,884,868

Multi

Cap

Value

169,954,583

21,502,425

Large

Cap

Value

4,404,762

5,235,369

Small/Mid

Cap

Value

60,578,088

26,143,804

Small

Cap

Value

Opportunities

52,083,321

67,008,149

64

Notes

to

Financial

Statements

(Unaudited)

(continued)

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:

Six

Months

Ended

12/31/23

Year

Ended

6/30/23

Global

Equity

Income

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

51,538

$1,573,417

47,173

$1,353,713

Class

A

-

automatic

conversion

of

Class

C

—

—

1,557

46,556

Class

C

2,080

63,752

13,462

367,882

Class

I

69,058

2,052,077

115,359

3,305,184

Total

subscriptions

122,676

3,689,246

177,551

5,073,335

Reinvestments

of

distributions:

Class

A

19,732

586,403

131,240

3,749,758

Class

C

205

5,951

2,626

75,159

Class

I

12,061

359,285

75,723

2,157,717

Total

reinvestments

of

distributions

31,998

951,639

209,589

5,982,634

Redemptions:

Class

A

(201,353)

(6,006,260)

(446,247)

(12,770,358)

Class

C

(29,520)

(866,861)

(11,917)

(343,167)

Class

C

-

automatic

conversion

to

Class

A

—

—

(1,561)

(46,556)

Class

I

(164,483)

(4,935,335)

(632,311)

(17,816,151)

Total

redemptions

(395,356)

(11,808,456)

(1,092,036)

(30,976,232)

Net

increase

(decrease)

(240,682)

$(7,167,571)

(704,896)

$(19,920,263)

Six

Months

Ended

12/31/23

Year

Ended

6/30/23

International

Value

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

66,780

$1,743,134

104,835

$2,566,360

Class

C

5,962

142,615

10,360

236,792

Class

I

466,096

12,206,191

622,620

15,531,215

Total

subscriptions

538,838

14,091,940

737,815

18,334,367

Reinvestments

of

distributions:

Class

A

13,494

365,547

35,345

818,584

Class

C

228

5,861

724

15,889

Class

I

60,296

1,644,261

129,649

3,022,126

Total

reinvestments

of

distributions

74,018

2,015,669

165,718

3,856,599

Redemptions:

Class

A

(89,789)

(2,343,012)

(148,967)

(3,541,801)

Class

C

(4,551)

(109,077)

(4,310)

(98,147)

Class

I

(396,094)

(10,337,562)

(623,174)

(15,007,075)

Total

redemptions

(490,434)

(12,789,651)

(776,451)

(18,647,023)

Net

increase

(decrease)

122,422

$3,317,958

127,082

$3,543,943

65

Six

Months

Ended

12/31/23

Year

Ended

6/30/23

Multi

Cap

Value

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

55,532

$2,469,291

48,404

$2,016,065

Class

C

7,066

286,638

10,779

415,540

Class

I

3,563,075

159,875,006

1,085,025

46,828,564

Total

subscriptions

3,625,673

162,630,935

1,144,208

49,260,169

Reinvestments

of

distributions:

Class

A

9,227

429,969

10,321

420,367

Class

C

111

4,798

135

5,109

Class

I

63,548

2,993,103

15,241

627,177

Total

reinvestments

of

distributions

72,886

3,427,870

25,697

1,052,653

Redemptions:

Class

A

(64,505)

(2,851,618)

(130,446)

(5,329,772)

Class

C

(6,697)

(274,666)

(13,421)

(503,274)

Class

I

(241,797)

(10,775,507)

(464,716)

(19,506,691)

Total

redemptions

(312,999)

(13,901,791)

(608,583)

(25,339,737)

Net

increase

(decrease)

3,385,560

$152,157,014

561,322

$24,973,085

Six

Months

Ended

12/31/23

Year

Ended

6/30/23

Large

Cap

Value

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

97,964

$429,809

213,276

$858,880

Class

C

2,986

9,500

156,054

475,739

Class

I

32,788

139,438

204,405

816,721

Total

subscriptions

133,738

578,747

573,735

2,151,340

Reinvestments

of

distributions:

Class

A

31,409

138,443

71,341

284,749

Class

C

4,653

15,296

20,048

60,053

Class

I

54,585

242,904

123,408

497,291

Total

reinvestments

of

distributions

90,647

396,643

214,797

842,093

Redemptions:

Class

A

(118,361)

(504,398)

(372,060)

(1,499,789)

Class

C

(49,236)

(153,351)

(137,834)

(416,584)

Class

I

(205,969)

(877,193)

(536,598)

(2,186,758)

Total

redemptions

(373,566)

(1,534,942)

(1,046,492)

(4,103,131)

Net

increase

(decrease)

(149,181)

$(559,552)

(257,960)

$(1,109,698)

66

Notes

to

Financial

Statements

(Unaudited)

(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.

Six

Months

Ended

12/31/23

Year

Ended

6/30/23

Small/Mid

Cap

Value

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

4,244

$120,514

16,226

$437,948

Class

A

-

automatic

conversion

of

Class

C

—

—

961

24,976

Class

C

155

3,434

12,847

285,331

Class

R6

80,240

2,341,800

106,780

2,950,966

Class

I

1,425,634

41,544,360

1,775,616

48,560,236

Total

subscriptions

1,510,273

44,010,108

1,912,430

52,259,457

Reinvestments

of

distributions:

Class

A

484

14,244

5,888

154,730

Class

C

50

1,171

1,343

28,895

Class

R6

5,383

165,637

31,580

864,207

Class

I

22,968

699,994

31,639

857,674

Total

reinvestments

of

distributions

28,885

881,046

70,450

1,905,506

Redemptions:

Class

A

(12,893)

(361,841)

(14,050)

(366,803)

Class

C

(348)

(7,549)

(10,786)

(242,148)

Class

C

-

automatic

conversion

to

Class

A

—

—

(1,180)

(24,976)

Class

R6

(74,064)

(2,184,077)

(139,140)

(3,853,577)

Class

I

(254,374)

(7,253,828)

(205,524)

(5,606,019)

Total

redemptions

(341,679)

(9,807,295)

(370,680)

(10,093,523)

Net

increase

(decrease)

1,197,479

$35,083,859

1,612,200

$44,071,440

Six

Months

Ended

12/31/23

Year

Ended

6/30/23

Small

Cap

Value

Opportunities

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

36,051

$1,771,549

58,884

$2,621,661

Class

A

-

automatic

conversion

of

Class

C

—

—

239

9,939

Class

C

1,441

54,606

8,011

302,571

Class

R6

7,679

386,189

28,790

1,345,891

Class

I

106,247

5,226,389

712,529

33,286,336

Total

subscriptions

151,418

7,438,733

808,453

37,566,398

Reinvestments

of

distributions:

Class

A

2,407

121,510

24,786

1,095,290

Class

C

120

4,951

5,371

198,512

Class

R6

769

41,409

4,467

209,741

Class

I

26,602

1,409,463

188,793

8,726,671

Total

reinvestments

of

distributions

29,898

1,577,333

223,417

10,230,214

Redemptions:

Class

A

(36,452)

(1,704,814)

(96,959)

(4,303,835)

Class

C

(22,732)

(886,904)

(61,029)

(2,291,324)

Class

C

-

automatic

conversion

to

Class

A

—

—

(286)

(9,939)

Class

R6

(19,764)

(1,019,088)

(24,116)

(1,140,017)

Class

I

(425,881)

(20,963,746)

(745,722)

(34,837,535)

Total

redemptions

(504,829)

(24,574,552)

(928,112)

(42,582,650)

Net

increase

(decrease)

(323,513)

$(15,558,486)

103,758

$5,213,962

67

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

Each

Fund’s

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

each

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Global

Equity

Income

$

106,937,287

$

29,237,734

$

(5,151,669)

$

24,086,065

International

Value

80,263,727

31,344,362

(6,692,155)

24,652,207

Multi

Cap

Value

251,079,195

36,685,456

(1,977,559)

34,707,897

Large

Cap

Value

13,870,032

6,663,170

(125,621)

6,537,549

Small/Mid

Cap

Value

110,498,085

18,902,640

(2,091,069)

16,811,571

Small

Cap

Value

Opportunities

153,024,815

50,832,454

(2,445,048)

48,387,406

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

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

—

—

—

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.

68

Notes

to

Financial

Statements

(Unaudited)

(continued)

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:

*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen

open-end

and

closed-end

funds.

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances.

As

of

December

31,

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.

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

Fund

Complex-Level

Fee

Global

Equity

Income

0.1602%

International

Value

0.1602%

Multi

Cap

Value

0.1602%

Large

Cap

Value

0.1602%

Small/Mid

Cap

Value

0.1602%

Small

Cap

Value

Opportunities

0.1602%

69

Distribution

and

Service

Fees:

 Each

Fund

has

adopted

a

distribution

and

service

plan

under

rule

12b-1

under

the

1940

Act.

Class

A

Shares

incur

a

0.25%

annual

12b-1

service

fee.

Class

C

Shares

incur

a

0.75%

annual

12b-1

distribution

fee

and

a

0.25%

annual

12b-1

service

fee.

Class

R6

Shares

and

Class

I

Shares

are

not

subject

to

12b-1

distribution

or

service

fees.

The

fees

under

this

plan

compensate

Nuveen

Securities,

LLC,

(the

“Distributor”),

a

wholly-owned

subsidiary

of

Nuveen,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Funds

and

establishing

and

maintaining

shareholder

accounts.

Other

Transactions

with

Affiliates:

The

Funds

receive

voluntary

compensation

from

the

Adviser

in

amounts

that

approximate

the

cost

of

research

services

obtained

from

broker-dealers

and

research

providers

if

the

Adviser

had

purchased

the

research

services

directly.

This

income

received

by

the

Funds

is

recognized

in

"Other

income"

on

the

Statement

of

Operations

and

any

amounts

due

to

the Funds

at

the

end

of

the

reporting

period

is

recognized

in

"Reimbursement

from

Adviser"

on

the

Statement

of

Assets

and Liabilities.  During

the

current

fiscal

period,

the

values

of

voluntary

compensation

were

as

follows:

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

(“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

did

not

engage

in

cross-trades

pursuant

to

these

procedures.

During

the

current

fiscal

period,

the

Distributor,

collected

sales

charges

on

purchases

of

Class

A

Shares,

the

majority

of

which

were

paid

out

as

concessions

to

financial

intermediaries

as

follows:

The

Distributor

also

received

12b-1

service

fees

on

Class

A

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

Fund

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

$

12,263

International

Value

394

Multi

Cap

Value

91,900

Large

Cap

Value

2,761

Small/Mid

Cap

Value

102,555

Small

Cap

Value

Opportunities

66,122

Fund

Sales

Charges

Collected

Paid

to

Financial

Intermediaries

Global

Equity

Income

$

1,807

$

1,596

International

Value

11,454

10,413

Multi

Cap

Value

38,362

33,629

Large

Cap

Value

3,768

3,370

Small/Mid

Cap

Value

739

641

Small

Cap

Value

Opportunities

11,083

10,941

70

Notes

to

Financial

Statements

(Unaudited)

(continued)

To

compensate

for

commissions

advanced

to

financial

intermediaries,

all

12b-1

service

and

distribution

fees

collected

on

Class

C

Shares

during

the

first

year

following

a

purchase

are

retained

by

the

Distributor.

During

the

current

fiscal

period,

the

Distributor

retained

such

12b-1

fees

as

follows:

The

remaining

12b-1

fees

charged

to

each

Fund

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

The

Distributor

also

collected

and

retained

CDSC

on

share

redemptions

during

the

current

fiscal

period,

as

follows: 

As

of

the

end

of

the

reporting

period,

the

percentage

of

Fund

shares

owned

by

Nuveen

was

as

follows: 

(a)

Value

rounded

to

zero.

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

Fund

Commission

Advances

Global

Equity

Income

$

44

International

Value

2,659

Multi

Cap

Value

1,564

Large

Cap

Value

45

Small/Mid

Cap

Value

34

Small

Cap

Value

Opportunities

10,540

Fund

12b-1

Fees

Retained

Global

Equity

Income

$

314

International

Value

403

Multi

Cap

Value

1,388

Large

Cap

Value

255

Small/Mid

Cap

Value

388

Small

Cap

Value

Opportunities

847

Fund

CDSC

Retained

Global

Equity

Income

$

—

International

Value

—

Multi

Cap

Value

11

Large

Cap

Value

10

Small/Mid

Cap

Value

—

Small

Cap

Value

Opportunities

87

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

71

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

in 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.

During

the

current

fiscal

period,

the

Funds

did

not

utilize

this

facility.

72

Shareholder

Meeting

Report

(Unaudited)

The

special

meeting

of

shareholders

was

held

on

November

20,

2023,

for

Nuveen

Investment

Trust

and

Nuveen

Investment

Trust

II;

at

this

meeting,

the

shareholders

were

asked

to

elect

Board

members.

Nuveen

Investment

Trust

Nuveen

Investment

Trust

II

Approval

of

the

Board

Members

was

reached

as

follows:

Joseph

A.

Boateng

For

17,571,318

111,249,351

Withhold

229,206

1,290,531

Total

17,800,524

112,539,882

Michael

A.

Forrester

For

17,570,516

111,438,388

Withhold

230,008

1,101,494

Total

17,800,524

112,539,882

Thomas

J.

Kenny

For

17,570,108

111,383,942

Withhold

230,416

1,155,940

Total

17,800,524

112,539,882

Amy

B.R.

Lancellotta

For

17,564,882

111,508,687

Withhold

235,642

1,031,195

Total

17,800,524

112,539,882

Joanne

T.

Medero

For

17,567,384

111,435,368

Withhold

233,140

1,104,514

Total

17,800,524

112,539,882

Albin

F.

Moschner

For

17,570,062

111,310,711

Withhold

230,462

1,229,171

Total

17,800,524

112,539,882

John

K.

Nelson

For

17,570,673

111,240,233

Withhold

229,851

1,299,649

Total

17,800,524

112,539,882

Loren

M.

Starr

For

17,567,525

111,372,192

Withhold

232,999

1,167,690

Total

17,800,524

112,539,882

Matthew

Thornton

III

For

17,564,774

111,246,320

Withhold

235,750

1,293,562

Total

17,800,524

112,539,882

Terence

J.

Toth

For

17,565,799

111,139,178

Withhold

234,725

1,400,704

Total

17,800,524

112,539,882

Margaret

L.

Wolff

For

17,571,806

111,396,352

Withhold

228,718

1,143,530

Total

17,800,524

112,539,882

Robert

L.

Young

For

17,574,106

111,262,851

Withhold

226,418

1,277,031

Total

17,800,524

112,539,882

73

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.

74

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.

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)

75

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.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

MSA-VALUE-1223P

3342582-INV-B-02/25

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

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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

ITEM 2. CODE OF ETHICS.

Not applicable to this filing.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable to this filing.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable to this filing.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable to this registrant.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable to this registrant.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

File the exhibits listed below as part of this Form.

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

SIGNATURES

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

(Registrant) Nuveen Investment Trust

By (Signature and Title)	/s/ Jordan M. Farris
	Jordan M. Farris
	Chief Administrative Officer

Date: March 7, 2024

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

By (Signature and Title)	/s/ Jordan M. Farris
	Jordan M. Farris
	Chief Administrative Officer
	(principal executive officer)

Date: March 7, 2024

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

Date:March 7, 2024