Nuveen Investment Trust Ii 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 811-08333

Nuveen Investment Trust II

(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: July 31

Date of reporting period: January 31, 2022

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Mutual

Funds

Nuveen

Equity

Funds

January

31,

2022

Semiannual

Report

Fund

Name

Class

A

Class

C

Class

R6

Class

I

Nuveen

Dividend

Growth

Fund

NSBAX

NSBCX

NSBFX

NSBRX

(formerly

Nuveen

Santa

Barbara

Dividend

Growth

Fund)

As

permitted

by

regulations

adopted

by

the

Securities

and

Exchange

Commission,

paper

copies

of

the

Fund’s

annual

and

semi-annual

shareholder

reports

will

not

be

sent

to

you

by

mail

unless

you

specifically

request

paper

copies

of

the

reports.

Instead,

the

reports

will

be

made

available

on

the

Fund’s

website

(www.nuveen.com),

and

you

will

be

notified

by

mail

each

time

a

report

is

posted

and

provided

with

a

website

link

to

access

the

report.

You

may

elect

to

receive

shareholder

reports

and

other

communications

from

the

Fund

electronically

at

any

time

by

contacting

the

financial

intermediary

(such

as

a

broker-dealer

or

bank)

through

which

you

hold

your

Fund

shares

or,

if

you

are

a

direct

investor,

by

enrolling

at

www.nuveen.com/e-reports

.

You

may

elect

to

receive

all

future

shareholder

reports

in

paper

free

of

charge

at

any

time

by

contacting

your

financial

intermediary

or,

if

you

are

a

direct

investor,

by

calling

800-257-8787

and

selecting

option

#1.

Your

election

to

receive

reports

in

paper

will

apply

to

all

funds

held

in

your

account

with

your

financial

intermediary

or,

if

you

are

a

direct

investor,

to

all

your

directly

held

Nuveen

Funds

and

any

other

directly

held

funds

within

the

same

group

of

related

investment

companies.

Life

is

Complex.

Nuveen

makes

things

e-simple.

It

only

takes

a

minute

to

sign

up

for

e-Reports.

Once

enrolled,

you’ll

receive

an

e-mail

as

soon

as

your

Nuveen

Fund

information

is

ready.

No

more

waiting

for

delivery

by

regular

mail.

Just

click

on

the

link

within

the

e-mail

to

see

the

report

and

save

it

on

your

computer

if

you

wish.

Free

e-Reports

right

to

your

email!

www.investordelivery.com

If

you

receive

your

Nuveen

Fund

distributions

and

statements

from

your

financial

advisor

or

brokerage

account.

or

www.nuveen.com/client-access

If

you

receive

your

Nuveen

Fund

distributions

and

statements

directly

from

Nuveen.

Must

be

preceded

by

or

accompanied

by

a

prospectus.

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Important

Notices

5

Risk

Considerations

6

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

7

Expense

Examples

10

Portfolio

of

Investments

11

Statement

of

Assets

and

Liabilities

14

Statement

of

Operations

15

Statement

of

Changes

in

Net

Assets

16

Financial

Highlights

18

Notes

to

Financial

Statements

20

Additional

Fund

Information

29

Glossary

of

Terms

Used

in

this

Report

30

Annual

Investment

Management

Agreement

Approval

Process

31

Liquidity

Risk

Management

Program

33

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

In

February,

the

world

witnessed

Russia

invade

Ukraine.

The

scale

of

the

humanitarian

crisis

and

economic

shock

caused

by

these

events

cannot

yet

be

quantified,

and

our

thoughts

remain

with

all

those

affected.

Given

the

fluidity

of

the

situation,

market

uncertainty

is

currently

high.

Conditions

were

already

challenging

prior

to

the

invasion,

with

inflation

lingering

at

multi-decade

highs,

interest

rates

expected

to

continue

rising,

economic

growth

moderating

from

the

post-pandemic

recovery,

and

weakening

performance

across

equity

markets

and

some

bond

market

segments.

The

Russia-Ukraine

conflict

has

accelerated

these

trends

in

the

short

term.

The

spike

in

geopolitical

risks

led

to

surging

prices

for

oil

and

other

hard

and

soft

commodities,

driving

both

inflation

and

recession

risks

higher.

The

U.S.

Federal

Reserve

(Fed)

and

other

central

banks

now

face

an

even

more

difficult

task

of

slowing

inflation

without

stifling

economic

growth.

At

their

March

2022

meeting,

Fed

officials

announced

a

quarter

percentage

point

increase

to

the

short-term

interest

rate,

raising

it

from

near

zero

for

the

first

time

since

the

pandemic

was

declared

two

years

ago.

In

the

meantime,

while

markets

will

likely

continue

fluctuating

with

the

daily

headlines,

we

encourage

investors

to

keep

a

long-term

perspective.

To

learn

more

about

how

well

your

portfolio

is

aligned

to

your

time

horizon,

risk

tolerance

and

investment

goals,

consider

reviewing

it

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

I

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Sincerely,

Terence

J.

Toth

Chairman

of

the

Board

March

23,

2022

Important

Notices

5

For

Shareholders

of

Nuveen

Dividend

Growth

Fund

Portfolio

Manager

Commentaries

in

Semiannual

Reports

Beginning

with

this

semiannual

shareholder

report,

the

Fund

will

include

portfolio

manager

commentary

only

in

its

annual

shareholder

reports.

For

the

Fund’s

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

the

Fund’s

July

31,

2021

annual

shareholder

report.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com.

For

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Performance

Overview

and

Holding

Summaries

section

within

this

report.

Additional

Market

Disruption

Risk

In

late

February

2022,

Russia

launched

a

large

scale

military

attack

on

Ukraine.

The

invasion

significantly

amplified

already

existing

geopolitical

tensions

among

Russia,

Ukraine,

Europe,

NATO

and

the

West,

including

the

U.S.

In

response

to

the

military

action

by

Russia,

various

countries,

including

the

U.S.,

the

United

Kingdom,

and

European

Union

issued

broad-ranging

economic

sanctions

against

Russia.

Such

sanctions

included,

among

other

things,

a

prohibition

on

doing

business

with

certain

Russian

companies,

large

financial

institutions,

officials

and

oligarchs;

a

commitment

by

certain

countries

and

the

European

Union

to

remove

selected

Russian

banks

from

the

Society

for

Worldwide

Interbank

Financial

Telecommunications

(“SWIFT”),

the

electronic

banking

network

that

connects

banks

globally;

and

restrictive

measures

to

prevent

the

Russian

Central

Bank

from

undermining

the

impact

of

the

sanctions.

Additional

sanctions

may

be

imposed

in

the

future.

Such

sanctions

(and

any

future

sanctions)

and

other

actions

against

Russia

may

adversely

impact,

among

other

things,

the

Russian

economy

and

various

sectors

of

the

economy,

including

but

not

limited

to,

financials,

energy,

metals

and

mining,

engineering

and

defense

and

defense-related

materials

sectors;

resulting

in

a

decline

in

the

value

and

liquidity

of

Russian

securities;

resulting

in

boycotts,

tariffs,

and

purchasing

and

financing

restrictions

on

Russia’s

government,

companies

and

certain

individuals;

weaken

the

value

of

the

ruble;

downgrade

the

country’s

credit

rating;

freeze

Russian

securities

and/or

funds

invested

in

prohibited

assets

and

impair

the

ability

to

trade

in

Russian

securities

and/or

other

assets;

and

have

other

adverse

consequences

on

the

Russian

government,

economy,

companies

and

region.

Further,

several

large

corporations

and

U.S.

states

have

announced

plans

to

divest

interests

or

otherwise

curtail

business

dealings

with

certain

Russian

businesses.

The

ramifications

of

the

hostilities

and

sanctions,

however,

may

not

be

limited

to

Russia

and

Russian

companies

but

may

spill

over

to

and

negatively

impact

other

regional

and

global

economic

markets

(including

Europe

and

the

United

States),

companies

in

other

countries

(particularly

those

that

have

done

business

with

Russia)

and

on

various

sectors,

industries

and

markets

for

securities

and

commodities

globally,

such

as

oil

and

natural

gas.

Accordingly,

the

actions

discussed

above

and

the

potential

for

a

wider

conflict

could

increase

financial

market

volatility,

cause

severe

negative

effects

on

regional

and

global

economic

markets,

industries,

and

companies

and

have

a

negative

effect

on

your

Fund’s

investments

and

performance

beyond

any

direct

exposure

to

Russian

issuers

or

those

of

adjoining

geographic

regions.

In

addition,

Russia

may

take

retaliatory

actions

and

other

countermeasures,

including

cyberattacks

and

espionage

against

other

countries

and

companies

around

the

world,

which

may

negatively

impact

such

countries

and

the

companies

in

which

your

Fund

invests.

The

extent

and

duration

of

the

military

action

or

future

escalation

of

such

hostilities,

the

extent

and

impact

of

existing

and

future

sanctions,

market

disruptions

and

volatility,

and

the

result

of

any

diplomatic

negotiations

cannot

be

predicted.

These

and

any

related

events

could

have

a

significant

impact

on

Fund

performance

and

the

value

of

an

investment

in

the

Fund,

particularly

with

respect

to

Russian

exposure.

Sub-Adviser

and

Fund

Name

Changes

In

August

2021,

the

Fund’s

Board

of

Trustees

approved

an

amended

and

restated

sub-advisory

agreement,

effective

on

December

31,

2021,

between

Nuveen

Fund

Advisors,

LLC

(“NFAL”),

the

Fund’s

investment

adviser,

and

Nuveen

Asset

Management,

LLC

(“NAM”),

pursuant

to

which

NAM

replaced

Santa

Barbara

Asset

Management,

LLC

(“SBAM”)

as

the

Fund’s

sub-adviser.

NAM

and

SBAM

are

both

affiliates

of

NFAL

and

subsidiaries

of

Nuveen,

LLC.

In

connection

therewith,

the

Fund’s

Board

of

Trustees

also

approved

that

the

Fund

be

renamed

Nuveen

Dividend

Growth

Fund,

effective

November

30,

2021.

The

Funds’

portfolio

management

teams

and

investment

strategies

will

not

be

affected

by

these

changes.

6

Risk

Considerations

Nuveen

Dividend

Growth

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Dividend-paying

stocks,

such

as

those

held

by

the

fund,

are

subject

to

market

risk,

concentration

or

sector

risk,

preferred

security

risk,

and

common

stock

risk.

Smaller

company

stocks

are

subject

to

greater

volatility.

Foreign

investments

involve

additional

risks

including

currency

fluctuations,

political

and

economic

instability,

and

lack

of

liquidity.

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

7

The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

for

the

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Returns

quoted

represent

past

performance,

which

is

no

guarantee

of

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

redeemed,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

Returns

at

net

asset

value

(NAV)

would

be

lower

if

the

sales

charge

were

included.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements,

Note

7—Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

Returns

reflect

differences

in

sales

charges

and

expenses,

which

are

primarily

differences

in

distribution

and

service

fees,

and

assume

reinvestment

of

dividends

and

capital

gains.

Comparative

index

and

Lipper

return

information

is

provided

for

Class

A

Shares

at

NAV

only.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Holding

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

the

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

Dividend

Growth

Fund

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

January

31,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

500®

Index.

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

not

reflected

in

the

total

returns.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

peri-

ods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Total

Returns

as

of

January

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

Shares

at

NAV

3/28/06

6.19%

25.17%

14.85%

12.95%

0.92%

Class

A

Shares

at

maximum

Offering

Price

3/28/06

0.08%

17.97%

13.49%

12.28%

—

S&P

500®

Index

—

3.44%

23.29%

16.78%

15.43%

—

Lipper

Equity

Income

Funds

Classification

Average

—

4.45%

23.03%

11.09%

11.35%

—

Class

C

Shares

3/28/06

5.79%

24.24%

13.99%

12.28%

1.67%

Class

I

Shares

3/28/06

6.32%

25.48%

15.13%

13.23%

0.67%

Total

Returns

as

of

January

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6

month

1-Year

5-Year

Since

Inception

Class

R6

Shares

3/25/13

6.36%

25.54%

15.20%

12.93%

0.62%

9

Holdings

Summaries

as

of

January

31,

2022

Fund

Allocation

(%

of

net

assets)

Common

Stocks

98

.1‌

%

Repurchase

Agreements

1

.7‌

%

Other

Assets

Less

Liabilities

0.2%

Net

Assets

100‌

%

Portfolio

Composition

1

(%

of

net

assets)

Software

6.5%

IT

Services

6.2%

Technology

Hardware,

Storage

&

Peripherals

5.9%

Health

Care

Equipment

&

Supplies

5.9%

Semiconductors

&

Semiconductor

Equipment

5.7%

Specialty

Retail

5.3%

Health

Care

Providers

&

Services

5.2%

Communications

Equipment

4.8%

Chemicals

4.5%

Insurance

3.8%

Oil,

Gas

&

Consumable

Fuels

3.4%

Banks

3.0%

Biotechnology

2.7%

Capital

Markets

2.6%

Multi-Utilities

2.4%

Equity

Real

Estate

Investment

Trusts

(REITs)

2.4%

Media

2.4%

Consumer

Finance

2.4%

Road

&

Rail

2.4%

Hotels,

Restaurants

&

Leisure

2.4%

Other

18.2%

Repurchase

Agreements

1.7%

Other

Assets

Less

Liabilities

0.2%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Microsoft

Corp

6.6%

Apple

Inc

5.9%

Accenture

PLC,

Class

A

3.6%

UnitedHealth

Group

Inc

3.3%

Broadcom

Inc

3.2%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries

comprising  “Other”

and

not

listed

in

the

Portfolio

Composition

above.

10

Expense

Examples

As

a

shareholder

of

the

Fund,

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

Fund

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

January

31,

2022.

The

beginning

of

the

period

is

August

1,

2021.

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

the

Fund’s

actual

expense

ratios

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

Dividend

Growth

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

$

1,061.93

$

1,057.93

$

1,063.59

$

1,063.25

Expenses

Incurred

During

the

Period

$

4.73

$

8.61

$

3.12

$

3.43

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,020.62

$

1,016.84

$

1,022.18

$

1,021.88

Expenses

Incurred

During

the

Period

$

4.63

$

8.44

$

3.06

$

3.36

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.91%,

1.66%,

0.60%

and

0.66%

for

Classes

A,

C,

R6

and

I

multiplied

by

the

average

account

value

over

the

period,

multiplied

by184

/365

(to

reflect

the

one-half

year

period).

11

Nuveen

Dividend

Growth

Fund

Portfolio

of

Investments

January

31,

2022

(Unaudited)

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

98.1%   

COMMON

STOCKS

-

98.1%

Aerospace

&

Defense

-

2.1%

366,340

Lockheed

Martin

Corp

$

142,553,884

Banks

-

3.0%

1,344,551

JPMorgan

Chase

&

Co

199,800,279

Beverages

-

1.9%

721,528

PepsiCo

Inc

125,199,539

Biotechnology

-

2.7%

1,342,270

AbbVie

Inc

183,743,340

Building

Products

-

2.0%

768,662

Trane

Technologies

PLC

133,055,392

Capital

Markets

-

2.6%

2,011,736

Charles

Schwab

Corp

176,429,247

Chemicals

-

4.5%

920,661

International

Flavors

&

Fragrances

Inc

121,453,599

555,544

Linde

PLC

177,040,762

Total

Chemicals

298,494,361

Communications

Equipment

-

4.8%

2,551,811

Cisco

Systems

Inc

142,059,318

770,032

Motorola

Solutions

Inc

178,601,222

Total

Communications

Equipment

320,660,540

Consumer

Finance

-

2.4%

888,294

American

Express

Co

159,733,027

Containers

&

Packaging

-

1.3%

589,215

Packaging

Corp

of

America

88,753,455

Electric

Utilities

-

1.7%

1,465,019

NextEra

Energy

Inc

114,447,284

Equity

Real

Estate

Investment

Trusts

(REITs)

-

2.4%

2,835,895

Duke

Realty

Corp

163,858,013

Food

&

Staples

Retailing

-

1.6%

746,606

Walmart

Inc

104,382,985

Food

Products

-

1.8%

1,831,601

Mondelez

International

Inc

122,772,215

Health

Care

Equipment

&

Supplies

-

5.9%

997,615

Abbott

Laboratories

127,156,008

1,844,058

Baxter

International

Inc

157,556,316

1,079,448

Medtronic

PLC

111,712,073

Total

Health

Care

Equipment

&

Supplies

396,424,397

Nuveen

Dividend

Growth

Fund

(continued)

Portfolio

of

Investments

January

31,

2022

(Unaudited)

12

Shares

Description

(1)

Value

Health

Care

Providers

&

Services

-

5.2%

289,785

Anthem

Inc

$

127,792,287

474,274

UnitedHealth

Group

Inc

224,127,664

Total

Health

Care

Providers

&

Services

351,919,951

Hotels,

Restaurants

&

Leisure

-

2.4%

606,666

McDonald's

Corp

157,399,494

Industrial

Conglomerates

-

2.1%

675,060

Honeywell

International

Inc

138,036,269

Insurance

-

3.8%

612,039

Chubb

Ltd

120,743,054

874,722

Marsh

&

McLennan

Cos

Inc

134,392,288

Total

Insurance

255,135,342

IT

Services

-

6.2%

684,048

Accenture

PLC,

Class

A

241,865,692

1,453,336

Fidelity

National

Information

Services

Inc

174,284,053

Total

IT

Services

416,149,745

Media

-

2.4%

3,238,039

Comcast

Corp,

Class

A

161,869,570

Multi-Utilities

-

2.4%

1,689,918

WEC

Energy

Group

Inc

163,989,643

Oil,

Gas

&

Consumable

Fuels

-

3.4%

990,454

Chevron

Corp

130,076,324

1,152,481

Phillips

66

97,718,864

Total

Oil,

Gas

&

Consumable

Fuels

227,795,188

Pharmaceuticals

-

1.6%

1,278,705

Merck

&

Co

Inc

104,188,883

Road

&

Rail

-

2.4%

648,382

Union

Pacific

Corp

158,561,818

Semiconductors

&

Semiconductor

Equipment

-

5.7%

364,276

Broadcom

Inc

213,422,023

948,032

Texas

Instruments

Inc

170,162,264

Total

Semiconductors

&

Semiconductor

Equipment

383,584,287

Software

-

6.5%

1,412,204

Microsoft

Corp

439,167,200

Specialty

Retail

-

5.3%

864,475

Lowe's

Cos

Inc

205,183,141

2,106,341

TJX

Cos

Inc/The

151,593,362

Total

Specialty

Retail

356,776,503

Technology

Hardware,

Storage

&

Peripherals

-

5.9%

2,279,774

Apple

Inc

398,458,900

Tobacco

-

2.1%

1,397,827

Philip

Morris

International

Inc

143,766,507

Total

Long-Term

Investments

(cost

$4,007,395,931)

6,587,107,258

13

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 1.7%  

REPURCHASE

AGREEMENTS

-

1.7%

$

114,465

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

1/31/22,

repurchase

price

$114,465,401,

collateralized

by

$120,967,700,

U.S.

Treasury

Bonds,

1.875%,

due

2/15/41,

value

$116,754,786

0.000%

2/01/22

$

114,465,401

Total

Short-Term

Investments

(cost

$114,465,401)

114,465,401

Total

Investments

(cost

$4,121,861,332

)

-

99.8%

6,701,572,659

Other

Assets

Less

Liabilities

-

0.2%

12,831,647

Net

Assets

-

100%

$

6,714,404,306

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

See

accompanying

notes

to

financial

statements

Statement

of

Assets

and

Liabilities

January

31,

2022

(Unaudited)

See

accompanying

notes

to

financial

statements.

14

Dividend

Growth

Assets

Long-term

investments,

at

value

†

$

6,587,107,258‌

Short-term

investments,

at

value

◊

114,465,401‌

Receivable

for

dividends

5,702,154‌

Receivable

for

due

from

affiliate

92,133‌

Receivable

for

reclaims

90,704‌

Receivable

for

shares

sold

15,326,849‌

Other

assets

439,229‌

Total

assets

6,723,223,728‌

Liabilities

Cash

overdraft

1,700‌

Payable

for

shares

redeemed

2,914,752‌

Accrued

expenses:

Custodian

fees

554,840‌

Management

fees

3,376,551‌

Trustees

fees

425,124‌

Shareholder

servicing

agent

fees

488,448‌

12b-1

distribution

and

service

fees

514,966‌

Other

543,041‌

Total

liabilities

8,819,422‌

Net

assets

$

6,714,404,306‌

†

Long-term

investments,

cost

$

4,007,395,931‌

◊

Short-term

investments,

cost

$

114,465,401‌

Dividend

Growth

Class

A

Shares

Net

Assets

$

996,990,536

Shares

outstanding

18,116,878

Net

asset

value

("NAV")

per

share

$

55.03

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge

of

5.75%

of

offering

price)

$

58.39

Class

C

Shares

Net

Assets

$

349,403,236

Shares

outstanding

6,353,098

NAV

and

offering

price

per

share

$

55.00

Class

R6

Shares

Net

Assets

$

2,782,124,448

Shares

outstanding

50,063,009

NAV

and

offering

price

per

share

$

55.57

Class

I

Shares

Net

Assets

$

2,585,886,086

Shares

outstanding

47,055,309

NAV

and

offering

price

per

share

$

54.95

Fund

level

net

assets

consist

of:

Capital

paid-in

$

4,086,840,673

Total

distributable

earnings

(loss)

2,627,563,633

Fund

level

net

assets

$

6,714,404,306

Authorized

shares

-

per

class

Unlimited

Par

value

per

share

$

0.01

Statement

of

Operations

January

31,

2022

(Unaudited)

See

accompanying

notes

to

financial

statements.

15

Dividend

Growth

Investment

Income

Dividends

$

65,140,697‌

Payment

from

affiliate

593,272‌

Total

Investment

Income

65,733,969‌

Expenses

Management

fees

19,594,004‌

12b-1

service

fees

-

Class

A

Shares

1,148,394‌

12b-1

distribution

and

service

fees

-

Class

C

Shares

1,635,310‌

Shareholder

servicing

agent

fees

1,045,789‌

Interest

expense

3,156‌

Custodian

fees

187,438‌

Trustees

fees

102,357‌

Professional

fees

135,000‌

Shareholder

reporting

expenses

103,569‌

Federal

and

state

registration

fees

18,456‌

Other

70,669‌

Total

expenses

24,044,142‌

Net

investment

income

(loss)

41,689,827‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

161,367,671‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

190,634,946‌

Net

realized

and

unrealized

gain

(loss)

352,002,617‌

Net

increase

(decrease)

in

net

assets

from

operations

$

393,692,444‌

Statement

of

Changes

in

Net

Assets

See

accompanying

notes

to

financial

statements.

16

Dividend

Growth

Unaudited

Six

Months

Ended

1/31/22

Year

Ended

7/31/21

Operations

Net

investment

income

(loss)

$

41,689,827‌

$

77,762,159‌

Net

realized

gain

(loss)

from

investments

161,367,671‌

44,828,299‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

190,634,946‌

1,281,576,719‌

Net

increase

(decrease)

in

net

assets

from

operations

393,692,444‌

1,404,167,177‌

Distributions

to

Shareholders

Dividends

Class

A

Shares

(

26,141,040‌

)

(

30,034,023‌

)

Class

C

Shares

(

7,548,424‌

)

(

12,159,271‌

)

Class

R3

Shares

(1)

–‌

(

381,530‌

)

Class

R6

Shares

(

92,436,937‌

)

(

113,151,114‌

)

Class

I

Shares

(

73,510,947‌

)

(

96,179,862‌

)

Decrease

in

net

assets

from

distributions

to

shareholders

(

199,637,348‌

)

(

251,905,800‌

)

Fund

Share

Transactions

Fund

reorganization

442,930,136‌

–‌

Proceeds

from

sale

of

shares

297,231,688‌

3,387,084,842‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

158,792,358‌

197,786,877‌

898,954,182‌

3,584,871,719‌

Cost

of

shares

redeemed

(

918,460,765‌

)

(

1,131,746,469‌

)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(

19,506,583‌

)

2,453,125,250‌

Net

increase

(decrease)

in

net

assets

174,548,513‌

3,605,386,627‌

Net

assets

at

the

beginning

of

period

6,539,855,793‌

2,934,469,166‌

Net

assets

at

the

end

of

period

$

6,714,404,306‌

$

6,539,855,793‌

(1)

Class

R3

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Financial

Highlights

18

Dividend

Growth

The

Fund's

fiscal

year

end

is

July

31st. 

The

following

data

is

for

a

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2022(f)

$

53.39

$

0.29

$

3.00

$

3.29

$

(0.30)

$

(1.35)

$

(1.65)

$

55.03

2021

43.32

0.62

11.55

12.17

(0.58)

(1.52)

(2.10)

53.39

2020

44.21

0.61

2.28

2.89

(0.67)

(3.11)

(3.78)

43.32

2019

42.61

0.65

3.49

4.14

(0.60)

(1.94)

(2.54)

44.21

2018

38.84

0.58

4.98

5.56

(0.56)

(1.23)

(1.79)

42.61

2017

35.52

0.58

3.30

3.88

(0.56)

—

(0.56)

38.84

Class

C

2022(f)

53.33

0.08

3.00

3.08

(0.06)

(1.35)

(1.41)

55.00

2021

43.28

0.26

11.54

11.80

(0.23)

(1.52)

(1.75)

53.33

2020

44.16

0.29

2.29

2.58

(0.35)

(3.11)

(3.46)

43.28

2019

42.53

0.34

3.49

3.83

(0.26)

(1.94)

(2.20)

44.16

2018

38.77

0.27

4.98

5.25

(0.26)

(1.23)

(1.49)

42.53

2017

35.46

0.30

3.30

3.60

(0.29)

—

(0.29)

38.77

Class

R6

2022(f)

53.92

0.38

3.03

3.41

(0.41)

(1.35)

(1.76)

55.57

2021

43.74

0.78

11.66

12.44

(0.74)

(1.52)

(2.26)

53.92

2020

44.62

0.75

2.30

3.05

(0.82)

(3.11)

(3.93)

43.74

2019

43.03

0.78

3.54

4.32

(0.79)

(1.94)

(2.73)

44.62

2018

39.19

0.70

5.04

5.74

(0.67)

(1.23)

(1.90)

43.03

2017

35.81

0.70

3.34

4.04

(0.66)

—

(0.66)

39.19

Class

I

2022(f)

53.33

0.36

2.99

3.35

(0.38)

(1.35)

(1.73)

54.95

2021

43.28

0.74

11.53

12.27

(0.70)

(1.52)

(2.22)

53.33

2020

44.17

0.72

2.28

3.00

(0.78)

(3.11)

(3.89)

43.28

2019

42.64

0.75

3.49

4.24

(0.77)

(1.94)

(2.71)

44.17

2018

38.87

0.68

4.99

5.67

(0.67)

(1.23)

(1.90)

42.64

2017

35.54

0.66

3.32

3.98

(0.65)

—

(0.65)

38.87

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

Excludes

the

Fund's

voluntary

compensation

from

the

Adviser.  See

Note

7-Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

The

Fund

has

a

contractual

fee

waiver/expense

reimbursement

agreement

with

the

Adviser,

but

did

not

receive

a

fee

waiver/expense

reimbursement

during

the

periods

presented

herein.

See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(e)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(f)

Unaudited.  For

the

six

months

ended

January

31,

2022.

(g)

Annualized.

N/A

Fund

did

not

have

Payment

from

Affiliates

for

periods

prior

to

the

fiscal

year

ended

July

31,

2021.

See

accompanying

notes

to

financial

statements.

19

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Total

Return

Excluding

Payment

from

Affiliates(b),(c)

Ending

Net

Assets

(000)

Expenses(d)

Net

Investment

Income

(NII)

(Loss)

NII

(Loss)

Excluding

Payment

from

Affiliates(c)

Portfolio

Turnover

Rate(e)

6.19‌

%

6.19‌

%

$

996,991

0.91‌

%

(g)

1.05‌

%

(g)

1.03‌

%

(g)

11‌

%

28.85‌

28.85‌

837,090

0.92‌

1.29‌

1.29‌

15‌

6.54‌

N/A‌

624,209

0.95‌

1.42‌

N/A‌

25‌

10.29‌

N/A‌

497,332

0.96‌

1.57‌

N/A‌

31‌

14.56‌

N/A‌

464,170

0.96‌

1.42‌

N/A‌

28‌

11.04‌

N/A‌

449,109

0.97‌

1.61‌

N/A‌

22‌

5.79‌

5.79‌

349,403

1.66‌

(g)

0.31‌

(g)

0.29‌

(g)

11‌

27.89‌

27.89‌

305,518

1.67‌

0.55‌

0.55‌

15‌

5.75‌

N/A‌

328,375

1.70‌

0.67‌

N/A‌

25‌

9.46‌

N/A‌

499,839

1.71‌

0.82‌

N/A‌

31‌

13.70‌

N/A‌

491,639

1.71‌

0.67‌

N/A‌

28‌

10.21‌

N/A‌

507,089

1.72‌

0.83‌

N/A‌

22‌

6.36‌

6.36‌

2,782,124

0.60‌

(g)

1.36‌

(g)

1.34‌

(g)

11‌

29.24‌

29.24‌

3,103,203

0.62‌

1.57‌

1.57‌

15‌

6.86‌

N/A‌

69,249

0.64‌

1.73‌

N/A‌

25‌

10.66‌

N/A‌

80,768

0.65‌

1.88‌

N/A‌

31‌

14.91‌

N/A‌

64,717

0.64‌

1.69‌

N/A‌

28‌

11.41‌

N/A‌

26,984

0.65‌

1.91‌

N/A‌

22‌

6.32‌

6.32‌

2,585,886

0.66‌

(g)

1.30‌

(g)

1.28‌

(g)

11‌

29.15‌

29.15‌

2,294,045

0.67‌

1.54‌

1.54‌

15‌

6.82‌

N/A‌

1,901,783

0.70‌

1.67‌

N/A‌

25‌

10.57‌

N/A‌

2,072,824

0.71‌

1.82‌

N/A‌

31‌

14.84‌

N/A‌

2,131,227

0.71‌

1.66‌

N/A‌

28‌

11.34‌

N/A‌

1,853,930

0.72‌

1.81‌

N/A‌

22‌

20

Notes

to

Financial

Statements

(Unaudited)

1.

General

Information

Trust

and

Fund

Information

The

Nuveen

Investment

Trust

II

(the

“Trust”)

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended.

The

Trust

is

comprised

of

Nuveen

Dividend

Growth

Fund,

(“Dividend

Growth”),

(the

“Fund”),

as

diversified

fund.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

June

27,

1997.

The

end

of

the

reporting

period

for

the

Fund

is

January

31,

2022,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

January

31,

2022

(the

"current

fiscal

period").

Fund

Reorganization

At

a

special

meeting

held

on

September

30,

2021,

shareholders

of

the

Fund

approved

the

reorganization

of

the

Fund

(the

“Acquiring

Fund”)

with

Nuveen

Large-Cap

Core

Fund,

(the

“Target

Fund”)

(the

“Reorganization”).

The

Reorganization

became

effective

after

the

close

of

business

on

November

12,

2021.

Upon

closing

of

the

Reorganization,

the

Target

Fund

transferred

its

assets

to

the

Acquiring

Fund

in

exchange

for

shares

of

the

Acquiring

Fund

and

the

assumption

by

the

Acquiring

Fund

of

the

liabilities

of

the

Target

Fund.

The

Acquiring

Fund

shares

were

distributed

to

Target

Fund

shareholders

and

the

Target

Fund

was

terminated.

Each

Target

Fund

shareholder

received

Acquiring

Fund

shares

with

a

total

value

equal

to

the

total

value

of

that

shareholder’s

Target

Fund

shares

immediately

prior

to

the

closing

of

the

Reorganization.

Details

of

the

Reorganization

are

further

described

in

Note

9

-

Fund

Reorganization.

Investment

Adviser

and

Sub-Adviser

The

Fund’s

investment

adviser,

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

is

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

Fund,

oversees

the

management

of

the

Fund’s

portfolios,

manages

the

Fund’s

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

As

of

December

31,

2021,

the

Adviser

has

entered

into

a

sub-advisory

agreement

with

Nuveen

Asset

Management,

LLC

(“NAM”),

a

subsidiary

of

the

Adviser,

under

which

NAM

manages

the

investment

portfolios

of

the

Fund.

Prior

to

December

31,

2021,

the

Adviser

had

entered

into

a

sub-advisory

agreement

with

Santa

Barbara

Asset

Management

(“Santa

Barbara”).

Sub-Adviser

and

Fund

Name

Changes

In

August

2021,

the

Fund’s

Board

of

Trustees

(the

“Board”)

approved

an

amended

and

restated

sub-advisory

agreement,

effective

on

December

31,

2021,

between

the

Adviser

and

NAM,

pursuant

to

which

NAM

replaced

Santa

Barbara

as

the

Fund’s

sub-adviser.

NAM

and

Santa

Barbara

are

both

affiliates

of

the

Adviser

and

subsidiaries

of

Nuveen.

In

connection

therewith,

the

Board

also

approved

that

the

Fund

be

renamed

Nuveen

Dividend

Growth

Fund,

effective

November

30,

2021.

The

Fund’s

portfolio

management

teams

and

investment

strategies

will

not

be

affected

by

these

changes.

Share

Classes

and

Sales

Charges

Class

A

Shares

are

generally

sold

with

an

up-front

sales

charge.

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

(“NAV”)

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

are

sold

without

an

up-front

sales

charge

but

are

subject

to

a

CDSC

of

1%

if

redeemed

within

twelve

months

of

purchase.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Class

R6

Shares

and

Class

I

Shares

are

sold

without

an

upfront

sales

charge.

Other

Matters 

The

outbreak

of

the

novel

coronavirus

(“COVID-19”)

and

subsequent

global

pandemic

began

significantly

impacting

the

U.S.

and

global

financial

markets

and

economies

during

the

calendar

quarter

ended

March

31,

2020.

The

worldwide

spread

of

COVID-19

has

created

significant

uncertainty

in

the

global

economy.

The

duration

and

extent

of

COVID-19

over

the

long-term

cannot

be

reasonably

estimated

at

this

time.

The

ultimate

impact

of

COVID-19

and

the

extent

to

which

COVID-19

impacts

the

Fund’s

normal

course

of

business,

results

of

operations,

investments,

and

cash

flows

will

depend

on

future

developments,

which

are

highly

uncertain

and

difficult

to

predict.

Management

continues

to

monitor

and

evaluate

this

situation.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates. The

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Fund.

21

Compensation

The

Trust

pays

no

compensation

directly

to

those

of

its

trustees

who

are

affiliated

with

the

Adviser

or

to

its

officers,

all

of

whom

receive

remuneration

for

their

services

to

the

Trust

from

the

Adviser

or

its

affiliates.

The

Board

has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Dividend

income

is

recorded

on

the

ex-dividend

date

or,

for

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

and

includes

accretion

of

discount

and

amortization

of

premiums

for

financial

reporting

purposes.

Multiclass

Operations

and

Allocations

Income

and

expenses

of

the

Fund

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

Fund

are

prorated

among

the

classes

based

on

the

relative

net

assets

of

each

class.

Netting

Agreements

In

the

ordinary

course

of

business,

the

Fund

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 the

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, the

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

The

Fund’s

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives.

New

Accounting

Pronouncements

and

Rule

Issuances

Reference

Rate

Reform

In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Fund

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Fund's

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Fund's

financial

statements

and

various

filings.

Securities

and

Exchange

Commission

(“SEC”)

Adopts

New

Rules

to

Modernize

Fund

Valuation

Framework

In

December

2020,

the

SEC

voted

to

adopt

a

new

rule

governing

fund

valuation

practices.

New

Rule

2a-5

under

the

1940

Act

establishes

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

will

permit

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

“readily

available”

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotation

are

not

readily

available.

The

SEC

also

adopted

new

Rule

31a-4

under

the

1940

Act,

which

sets

forth

the

recordkeeping

requirements

associated

with

fair

value determinations.

Finally,

the

SEC

is

rescinding

previously

issued

guidance

on

related

issues,

including

the

role

of

a

board

in

determining

fair

22

Notes

to

Financial

Statements

(Unaudited)

(continued)

value

and

the

accounting

and

auditing

of

fund

investments.

Rule

2a-5

and

Rule

31a-4

became

effective

on

March

8,

2021,

with

a

compliance

date

of

September

8,

2022.

A

fund

may

voluntarily

comply

with

the

rules

after

the

effective

date,

and

in

advance

of

the

compliance

date,

under

certain

conditions.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Fund’s

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements

The

Fund's

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Fund's

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

sale

price

at

the

official

close

of

business

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

sale

price

or

official

closing

price

reported

on

the

exchange

where

traded

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

date

of

valuation.

To

the

extent

these

securities

are

actively

traded

and

that

valuation

adjustments

are

not

applied,

they

are

generally

classified

as

Level

1.

If

there

is

no

official

close

of

business,

then

the

latest

available

sale

price

is

utilized.

If

no

sales

are

reported,

then

the

mean

of

the

latest

available

bid

and

ask

prices

is

utilized

and

these

securities

are

generally

classified

as

Level

2.

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

Any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

above

valuation

procedures

are

deemed

not

to

reflect

fair

value

are

valued

at

fair

value,

as

determined

in

good

faith

using

procedures

approved

by

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

would

appear

to

be

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2

of

the

fair

value

hierarchy;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

4.

Portfolio

Securities

and

Investments

in

Derivatives

Portfolio

Securities

Repurchase

Agreements

In

connection

with

transactions

in

repurchase

agreements,

it

is the

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.

Dividend

Growth

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

6,587,107,258

$

–

$

–

$

6,587,107,258

Short-Term

Investments:

Repurchase

Agreements

–

114,465,401

–

114,465,401

Total

$

6,587,107,258

$

114,465,401

$

–

$

6,701,572,659

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

industry

classifications.

23

The

following

table

presents

the

repurchase

agreements

for

the

Fund

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

The

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

retain

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

Fund’s

custodian,

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

Securities

out

on

loan

are

subject

to

termination

at

any

time

at

the

option

of

the

borrower

or

the

Fund.

Upon

termination,

the

borrower

is

required

to

return

to

the

Fund

securities

identical

to

the

securities

loaned.

During

the

term

of

the

loan,

the

Fund

bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund

if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned.

Securities

lending

income

recognized

by

a

Fund

consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

recognized

on

the

Statement

of

Operations.

As

of

the

end

of

the

reporting

period,

the

Fund

did

not

have

any

securities

out

on

loan.

Investment

Transactions

Long-term

purchases

and

sales

(excluding

securities

purchased

with

collateral

from

securities

lending,

where

applicable)

during

the

current fiscal

period

were

as

follows:

The

Fund

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Fund

has

earmarked

securities

in its

portfolio

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/delayed

delivery

purchase

commitments.

If the

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

Derivatives

The Fund

is

authorized

to

invest

in

certain

derivative

instruments.

The

Fund

records

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

when

applicable.

Even

though

the

Fund's

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Although

the

Fund is

authorized

to

invest

in

derivative

instruments,

and

may

do

so

in

the

future, it

did

not

make

any

such

investments

during

the

current

fiscal

period.

Market

and

Counterparty

Credit

Risk

In

the

normal

course

of

business

the

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 the

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

the

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.

The 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 the

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when the

Fund

has

an

unrealized

loss,

the

Fund

has

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

Dividend

Growth

Fixed

Income

Clearing

Corporation

$    

114,465,401

$    

(116,754,786)

Fund

Purchases

Sales

Dividend

Growth

$

705,711,661

$

1,349,896,825

24

Notes

to

Financial

Statements

(Unaudited)

(continued)

instructed

the

custodian

to

pledge

assets

of

the

Fund

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

predetermined

threshold

amount.

5.

Fund

Shares

Transactions

in

Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

6.

Income

Tax

Information

The

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.

The

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 the

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

1/31/22

Year

Ended

7/31/21

Dividend

Growth

Shares

Amount

Shares

Amount

Shares

issued

in

the

reorganization

(1)

Class

A

1,910,902

$104,704,398

—

$—

Class

C

1,189,392

65,126,524

—

—

Class

R3

(2)

—

—

—

—

Class

R6

33,880

1,874,813

—

—

Class

I

4,956,627

271,224,401

—

—

Shares

sold:

Class

A

1,383,120

75,658,898

3,266,542

157,028,203

Class

A

-

automatic

conversion

of

Class

C

Shares

199

10,613

20,661

1,037,900

Class

A

-

automatic

conversion

of

Class

R3

Shares

—

—

198,562

10,392,748

Class

C

289,393

15,732,973

816,810

38,953,736

Class

R3

(2)

—

—

19,961

955,579

Class

R6

1,010,908

55,876,619

61,913,458

2,841,839,998

Class

I

2,749,730

149,952,585

7,058,483

336,876,678

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

309,085

16,850,933

409,696

19,105,787

Class

C

95,122

5,182,171

188,278

8,692,087

Class

R3

(2)

—

—

7,612

354,578

Class

R6

1,671,771

91,944,539

2,369,435

112,480,628

Class

I

823,132

44,814,715

1,226,084

57,153,797

16,423,261

898,954,182

77,495,582

3,584,871,719

Shares

redeemed:

Class

A

(1,165,272)

(63,605,393)

(2,624,692)

(123,865,043)

Class

C

(949,914)

(51,790,932)

(2,842,387)

(135,825,160)

Class

C

-

automatic

conversion

to

Class

A

Shares

(199)

(10,613)

(20,678)

(1,037,900)

Class

R3

(2)

—

—

(79,041)

(3,700,510)

Class

R3

-

automatic

conversion

to

Class

A

Shares

—

—

(196,982)

(10,392,748)

Class

R6

(10,202,032)

(558,340,317)

(8,317,493)

(417,212,298)

Class

I

(4,488,707)

(244,713,510)

(9,215,552)

(439,712,810)

(16,806,124)

(918,460,765)

(23,296,825)

(1,131,746,469)

Net

increase

(decrease)

(382,863)

$(19,506,583)

54,198,757

$2,453,125,250

(1)

Refer

to

Note

9

-

Fund

Reorganization

for

further

details.

(2)

Class

R3

Shares

were

converted

to

Class

A

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

25

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

was

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

7.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees

The

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

Fund

from

the

management

fees

paid

to

the

Adviser.

The

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

the

Fund,

and

a

complex-

level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

the

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

is

calculated

according

to

the

following

schedule:

The

annual

complex-level

fee,

payable

monthly,

is

calculated

according

to

the

following

schedule:

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Dividend

Growth

$

4,127,831,817

$

2,580,427,932

$

(6,687,090)

$

2,573,740,842

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

Dividend

Growth

$

18,946,176

$

30,977,930

$

2,316,250,299

$

—

$

—

$

—

$

2,366,174,405

Average

Daily

Net

Assets

Nuveen

Dividend

Growth

For

the

first

$125

million

0.5000

%

For

the

next

$125

million

0.4875

For

the

next

$250

million

0.4750

For

the

next

$500

million

0.4625

For

the

next

$1

billion

0.4500

For

the

next

$3

billion

0.4250

For

the

next

$2.5

billion

0.4000

For

the

next

$2.5

billion

0.3875

For

net

assets

over

$10

billion

0.3750

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

26

Notes

to

Financial

Statements

(Unaudited)

(continued)

*

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

January

31,

2022,

the

complex-level

fee

rate

for

the

Fund

was

as

follows:

The

Adviser

has

agreed

to

waive

fees

and/or

reimburse

expenses

of

the

Fund

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

1.25%,

of

the

average

daily

net

assets

of

any

class

of

Fund

shares.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

fund

operating

expense

for

the

Class

R6

Shares

will

be

less

than

the

expense

limitation.

The

expense

limitation

may

be

terminated

or

modified

only

with

the

approval

of

shareholders

of

the

Fund.

Distribution

and

Service

Fees

The Fund

has

adopted

a

distribution

and

service

plan

under

rule

12b-1

under

the

1940

Act.

Class

A

Shares

incur

a

0.25%

annual

12b-1

service

fee.

Class

C

Shares

incur

a

0.75%

annual

12b-1

distribution

fee

and

a

0.25%

annual

12b-1

service

fee.

Class

R6

Shares

and

Class

I

Shares

are

not

subject

to

12b-1

distribution

or

service

fees.

The

fees

under

this

plan

compensate

Nuveen

Securities,

LLC,

(the

“Distributor”),

a

wholly-owned

subsidiary

of

Nuveen,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund

and

establishing

and

maintaining

shareholder

accounts.

Other

Transactions

with

Affiliates 

The

Funds

receive

voluntary

compensation

from

the

Adviser

in

amounts

that

approximate

a

portion

of

the

cost

of

research

services

obtained

from

broker-dealers

and

research

providers

if

the

Adviser

had

purchased

the

research

services

directly.

This

income

received

by

the

Funds

is

recognized

as

Payment

from

affiliate

on

the

Statement

of

Operations,

and

any

income

due

to

the

Funds

as

of

the

end

of

the

reporting

period

is

recognized

as

“Receivable

due

from

affiliate”

on

the

Statement

of

Assets

and

Liabilities.

The 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

Fund

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows:

The

Fund

receives

voluntary

compensation

from

the

Adviser

in

amounts

that

approximate

a

portion

of

the

cost

of

research

services

obtained

from

broker-dealers

and

research

providers

if

the

Adviser

had

purchased

the

research

services

directly.

This

income

received

by

the

Fund

is

recognized

as

Payment

from

affiliate

on

the

Statement

of

Operations,

and

any

income

due

to

the

Fund

as

of

the

end

of

the

reporting

period

is

recognized

as

“Receivable

due

from

affiliate”

on

the

Statement

of

Assets

and

Liabilities.

During

the

current

fiscal

period,

the

Distributor,

collected

sales

charges

on

purchases

of

Class

A

Shares,

the

majority

of

which

were

paid

out

as

concessions

to

financial

intermediaries

as

follows:

The

Distributor

also

received

12b-1

service

fees

on

Class

A

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

Fund

Complex-Level

Fee

Dividend

Growth

0

.1541%

Fund

Purchases

Sales

Realized

Gain

(Loss)

Dividend

Growth

$

—

$

133,481,255

$

12,694,337

Fund

Sales

Charges

Collected

Paid

to

Financial

Intermediaries

Dividend

Growth

$

264,728

$

239,739

Fund

Commission

Advances

Dividend

Growth

$

191,745

27

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 the

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: 

8.

Borrowing

Arrangements

Committed

Line

of

Credit

The

Fund,

along

with

certain

other

funds

managed

by

the

Adviser

(‘‘Participating

Funds’’),

have

established

a

364-day,

$2.635

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

various

purposes

(other

than

on-going leveraging

for

investment

purposes.)

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

credit

facility

expires

in

June

2022 unless

extended

or

renewed.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed. 

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

Fund

did

not

utilize

this

facility. 

9.

Fund

Reorganization

The

Reorganization

as

previously

described

in

Note

1

-

General

Information

was

structured

to

qualify

as

a

tax-free

reorganization

under

the

Internal

Revenue

Code

for

federal

income

tax

purposes,

and

the

Target

Fund’s

shareholders

recognized

no

gain

or

loss

for

federal

income

tax

purposes

as

a

result.

Prior

to

the

closing

of

the

Reorganization,

the

Target

Fund

distributed

all

of

its

net

investment

income

and

capital

gains,

if

any.

Such

a

distribution

may

be

taxable

to

the

Target

Fund’s

shareholders

for

federal

income

tax

purposes.

Investments

of

the

Target

Fund

The

cost,

fair

value

and

net

unrealized

appreciation

(depreciation)

of

the

investments

of

the

Target

Fund

as

of

the

date

of

the

Reorganization,

were

as

follows:

For

financial

reporting

purposes,

assets

received

and

shares

issued

by

the

Acquiring

Fund

was

recorded

at

fair

value;

however,

the

cost

basis

of

the

investments

received

from

the

Target

Fund

was

carried

forward

to

align

ongoing

reporting

of

the

Acquiring

Fund’s

realized

and

unrealized

gains

and

losses

with

amounts

distributable

to

shareholders

for

tax

purposes.

Fund

12b-1

Fees

Retained

Dividend

Growth

$

190,469

Fund

CDSC

Retained

Dividend

Growth

$

12,425

Nuveen

Large

Cap

Core

Fund

Cost

of

Investments

$375,168,880

Fair

value

of

Investments

442,503,012

Net

unrealized

appreciation

(depreciation)

of

Investments

67,334,132

28

Notes

to

Financial

Statements

(Unaudited)

(continued)

Share

Transactions

The

shares

outstanding,

net

assets

and

NAV

per

share

immediately

prior

to

and

after

the

Reorganization

were

as

follows:

Pro

Forma

Results

of

Operations

The

beginning

of

the

current

fiscal

period

of

the

Target

Fund

was

September

1,

2021.

Assuming

the

Reorganization

had

been

completed

on

August

1,

2021,

the

beginning

of

the

Acquiring

Fund’s

current

fiscal

period,

the

pro

forma

results

of

operations

for

the

Fund’s

current

fiscal

period

are

as

follows:

Because

the

combined

investment

portfolios

for

the

Acquiring

Fund

have

been

managed

as

a

single

integrated

portfolio

since

the

Reorganization

was

completed,

it

is

not

practicable

to

separate

the

amounts

of

revenue

and

earnings

of

the

Target

Fund

that

has

been

included

in

the

Statement

of

Operations

for

the

Acquiring

Fund

since

the

Reorganization

was

consummated.

Cost

and

Expenses

In

connection

with

the

Reorganization,

the

Acquiring

Fund

incurred

certain

associated

costs

and

expenses.

Such

amounts

were

included

as

a

component

of

“Accrued

other

expenses”

on

the

Statement

of

Assets

and

Liabilities

and

“Other

expenses”

on

the

Statement

of

Operations.

Target

Fund

-

Prior

to

Reorganization

Shares

Outstanding

Net

Assets

NAV

per

Share

Nuveen

Large

Cap

Core

Fund

Class

A

3,127,507

$104,704,398

$33.48

Class

C

2,009,041

65,126,524

32.42

Class

R6

56,330

1,874,813

33.28

Class

I

8,137,050

271,224,401

33.33

Acquiring

Fund

-

Prior

to

Reorganization

Shares

Outstanding

Net

Assets

NAV

per

Share

Nuveen

Dividend

Growth

Class

A

16,095,763

$881,936,774

$54.79

Class

C

5,485,701

300,375,457

54.76

Class

R6

53,858,788

2,980,384,496

55.34

Class

I

42,857,537

2,345,142,768

54.72

Acquiring

Fund

-

After

Reorganization

Shares

Outstanding

Net

Assets

NAV

per

Share

  Nuveen

Dividend

Growth

Class

A

18,006,665

$986,641,172

$54.79

Class

C

6,675,093

365,501,981

54.76

Class

R6

53,892,668

2,982,259,309

55.34

Class

I

47,814,164

2,616,367,169

54.72

Acquiring

Fund

-

Pro

Forma

Results

from

Operations

Nuveen

Dividend

Growth

Net

Investment

income

(loss)

$42,018,396

Net

realized

and

unrealized

gains

(losses)

359,327,281

Change

in

net

assets

resulting

from

operations

401,345,677

29

Additional

Fund

Information

(Unaudited)

Fund

Manager

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

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Custodian

State

Street

Bank

&

Trust

Company

One

Lincoln

Street

Boston,

MA

02111

Transfer

Agent

and

Shareholder

Services

DST

Asset

Manager

Solutions,

Inc.

(DST)

P.O.

Box

219140

Kansas

City,

MO

64121-

9140

(800)

257-8787

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

July

31,

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.

30

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.

Lipper

Equity

Income

Funds

Classification

Average:

Represents

the

average

annualized

total

returns

for

all

reporting

funds

in

the

Lipper

Equity

Income

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charge.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash

and

accrued

earnings)

less

its

total

liabilities.

For

funds

with

multiple

classes,

Net

Assets

are

determined

separately

for

each

share

class.

NAV

per

share

is

equal

to

the

fund’s

(or

share

class’)

Net

Assets

divided

by

its

number

of

shares

outstanding.

S&P

500

®

Index:

An

index

generally

considered

representative

of

the

U.S.

equity

market.

The

index

includes

500

leading

companies

and

covers

approximately

80%

of

available

market

capitalization.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Tax

Equalization:

The

practice

of

treating

a

portion

of

the

distribution

made

to

a

redeeming

shareholder,

which

represents

his

proportionate

part

of

undistributed

net

investment

income

and

capital

gain

as

a

distribution

for

tax

purposes.

Such

amounts

are

referred

to

as

the

equalization

debits

(or

payments)

and

will

be

considered

a

distribution

to

the

shareholder

of

net

investment

income

and

capital

gain

for

calculation

of

the

fund’s

dividends

paid

deduction.

Annual

Investment

Management

(Unaudited)

31

The

Board

of

Trustees

(the

“Board,”

and

each

Trustee,

a

“Board

Member”)

of

the

Fund,

which

is

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”)),

is

responsible

for

determining

whether

to

approve

the

Fund’s

advisory

arrangements,

including

sub-advisory

arrangements.

At

a

meeting

held

on

May

25-27,

2021

(the

“May

Meeting”)

at

which

it

conducted

its

annual

review

of

the

advisory

arrangements

of

the

Nuveen

funds,

the

Board

approved

the

renewal

of

the

Fund’s

management

agreement

(the

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

and

sub-advisory

agreement

(the

“Santa

Barbara

Sub-Advisory

Agreement”)

with

Santa

Barbara

Asset

Management,

LLC

(“Santa

Barbara”),

an

affiliate

of

the

Adviser.

(A

discussion

of

the

Board’s

approval

at

the

May

Meeting

of

the

renewal

of

the

Investment

Management

Agreement

and

Santa

Barbara

Sub-Advisory

Agreement

is

included

in

the

Fund’s

annual

report

for

the

period

ended

July

31,

2021.)

Subsequent

to

the

May

Meeting,

the

Adviser

discussed

with

the

Board

the

proposed

transfer

of

a

number

of

Santa

Barbara’s

existing

mandates

to

Nuveen

Asset

Management,

LLC

(“NAM”),

also

an

affiliate

of

the

Adviser,

in

connection

with

certain

strategic

initiatives

to

identify

opportunities

across

the

Nuveen

equities

and

fixed

income

platform

in

seeking

to

drive

greater

collaboration

and

alignment

across

Nuveen’s

investment

specialists.

In

this

regard,

the

Adviser

(i)

proposed

the

transfer

of

the

Fund’s

Santa

Barbara

Sub-Advisory

Agreement

to

NAM,

effective

December

31,

2021

(the

“Transfer”)

and

(ii)

requested

that

the

Board

approve

an

amended

and

restated

sub-advisory

agreement

for

the

Fund,

effective

as

of

December

31,

2021,

between

the

Adviser

and

NAM

(the

“New

Sub-Advisory

Agreement”).

Accordingly,

at

a

meeting

held

on

August

2-4,

2021

(the

“August

Meeting”),

the

Board

approved

the

Transfer

and

New

Sub-Advisory

Agreement.

Although

the

1940

Act

requires

that

approvals

of

the

Fund’s

advisory

arrangements

be

approved

by

the

in-person

vote

of

a

majority

of

the

Board

Members,

the

August

Meeting

was

held

virtually

through

the

internet

in

view

of

the

health

risks

associated

with

holding

an

in-person

meeting

during

the

COVID-19

pandemic

and

governmental

restrictions

on

gatherings.

The

August

Meeting

was

held

virtually

in

reliance

on

certain

exemptive

relief

the

Securities

and

Exchange

Commission

provided

to

registered

investment

companies

providing

temporary

relief

from

the

in-person

voting

requirements

of

the

1940

Act

with

respect

to

the

approval

of

a

fund’s

advisory

agreement

in

light

of

these

challenges.

In

conjunction

with

their

evaluation

of

the

New

Sub-Advisory

Agreement

at

the

August

Meeting,

the

Board

Members

had

received,

in

adequate

time

in

advance

of

the

August

Meeting

and/or

at

prior

meetings,

materials

that

covered,

among

other

things:

(a)

the

nature,

extent

and

quality

of

services

expected

to

be

provided

by

NAM;

(b)

the

organization

of

NAM;

(c)

certain

performance-related

information

(as

described

below);

(d)

the

proposed

sub-advisory

fee

of

NAM

and

the

profitability

of

Nuveen

and

its

affiliates

(including

NAM)

for

their

advisory

activities;

and

(e)

the

soft

dollar

practices

of

NAM.

At

the

August

Meeting

and/or

at

prior

meetings,

the

Adviser

made

presentations

to

and

responded

to

questions

from

the

Board.

In

connection

with

its

review

of

the

New

Sub-Advisory

Agreement,

the

Board

was

advised

by

independent

legal

counsel.

In

addition,

prior

to

the

August

Meeting,

the

Board

Members

had

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

advisory

agreements.

The

Board’s

decision

to

approve

the

New

Sub-Advisory

Agreement

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided,

and

each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process.

The

following

summarizes

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

approve

the

New

Sub-

Advisory

Agreement

and

its

conclusions.

A.

Nature,

Extent

and

Quality

of

Services

As

noted

above,

the

Board

recognized

that

Nuveen

management

had

embarked

on

various

strategic

initiatives

identifying

opportunities

across

the

Nuveen

equities

and

fixed

income

platform,

seeking

to

drive

greater

collaboration

and

alignment

across

Nuveen’s

investment

specialists,

and

recommended

the

Transfer

as

a

result

of

these

efforts.

The

Board

considered

the

nature,

extent

and

quality

of

the

services

expected

to

be

provided

to

the

Fund

by

NAM

under

the

New

Sub-Advisory

Agreement,

including

the

portfolio

management

services.

The

Board

acknowledged

that

while

portfolio

management

services

would

be

provided

by

NAM

rather

than

Santa

Barbara

following

the

Transfer,

no

changes

were

expected

to

be

made

to,

among

other

things,

the

nature

and

level

of

sub-advisory

services

provided

to

the

Fund

or

the

day-to-day

management

of

the

Fund.

In

this

regard,

the

Board

was

aware

that

it

was

expected

that

the

Santa

Barbara

personnel

who

provided

portfolio

management

services

to

the

Fund

prior

to

the

Transfer

would

continue

to

do

so

as

personnel

of

NAM

following

the

Transfer.

Notwithstanding

the

foregoing,

the

Board

Members

recognized

that

personnel

changes

may

occur

as

a

result

of,

for

example,

normal

business

developments

or

personal

career

decisions.

Further,

as

NAM

already

serves

as

a

sub-adviser

to

other

Nuveen

funds

overseen

by

the

Board

Members,

the

Board

has

a

good

understanding

of

NAM’s

organization

and

operations.

As

the

Board

Members

meet

regularly

throughout

the

year

to

oversee

the

Nuveen

funds,

including

Nuveen

funds

sub-advised

by

NAM,

the

Board

Members

also

have

relied

upon

their

knowledge

from

their

meetings

and

other

interactions

with

respect

to

NAM

in

evaluating

the

New

Sub-Advisory

Agreement.

Based

on

their

review,

the

Board

Members

found

that,

overall,

the

nature,

extent

and

quality

of

services

expected

to

be

provided

to

the

Fund

under

the

New

Sub-Advisory

Agreement

were

satisfactory

and

supported

approval

of

the

New

Sub-Advisory

Agreement.

B.

Investment

Performance

At

the

May

Meeting

and

at

various

other

meetings,

the

Board

considered

the

Fund’s

performance

over

various

time

periods.

In

connection

with

approving

the

New

Sub-Advisory

Agreement,

the

Board

recognized

that

there

is

no

performance

record

for

the

Fund

with

NAM

as

the

sub-adviser.

The

Board

Members,

however,

were

familiar

with

the

performance

records

of

other

Nuveen

funds

sub-advised

by

NAM.

Further,

as

noted

above,

the

Board

was

aware

that

the

Santa

Barbara

personnel

providing

portfolio

management

services

to

the

Fund

prior

to

the

Transfer

were

expected

to

continue

to

do

so

as

personnel

of

NAM

following

the

Transfer.

C.

Sub-Advisory

Fees

and

Profitability

32

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

At

the

May

Meeting,

the

Board

Members

considered

the

Fund’s

management

fees

and

net

expense

ratio.

In

this

regard,

the

Board

had

considered,

among

other

things,

the

sub-advisory

fee

paid

to

Santa

Barbara

in

light

of

the

sub-advisory

services

provided

to

the

Fund

and

any

applicable

breakpoint

schedule,

as

well

as

comparative

data

of

the

fees

Santa

Barbara

charged

to

certain

other

clients.

At

the

August

Meeting,

the

Board

considered

the

proposed

sub-advisory

fees

to

be

paid

to

NAM.

The

Board

recognized

that

NAM’s

sub-advisory

fee

under

the

New

Sub-Advisory

Agreement

would

be

the

same

as

Santa

Barbara’s

sub-advisory

fee

under

the

Santa

Barbara

Sub-Advisory

Agreement.

Further,

the

Board

observed

that

the

appointment

of

NAM

would

not

change

the

management

fees

incurred

by

the

Fund

as

the

Adviser

pays

the

sub-adviser

out

of

the

management

fee

it

receives

from

the

Fund

and

the

compensation

paid

to

NAM

would

be

the

responsibility

of

the

Adviser,

not

the

Fund.

In

addition,

due

to

their

experience

with

other

Nuveen

funds,

the

Board

Members

were

familiar

with

NAM’s

fee

rates

for

portfolio

management

services

provided

to

other

Nuveen

funds.

Further,

the

Board

Members

had

previously

considered

information

regarding

fee

rates

charged

to

certain

other

types

of

clients

(which

may

include

retail

and

institutional

managed

accounts

advised

by

NAM;

hedge

funds

managed

by

NAM;

investment

companies

offered

outside

the

Nuveen

family

and

sub-advised

by

NAM;

foreign

investment

companies

offered

by

Nuveen

and

sub-advised

by

NAM;

and

collective

investment

trusts

sub-advised

by

NAM).

In

evaluating

the

New

Sub-Advisory

Agreement,

based

on

its

review,

the

Board

concluded

that

NAM’s

sub-advisory

fee

was

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

expected

to

be

provided

to

the

Fund.

With

respect

to

profitability,

at

the

May

Meeting,

the

Board

Members

considered

the

profitability

of

the

various

sub-advisers

to

the

Nuveen

funds

(including

NAM)

from

their

relationships

with

the

Nuveen

funds.

In

this

regard,

the

Board

Members

had

reviewed,

among

other

things,

NAM’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

post-tax)

for

its

advisory

activities

for

the

calendar

year

ended

December 31,

2020

as

well

as

its

pre-

and

post-tax

net

revenue

margins

for

2020

compared

to

such

margins

for

2019.

The

Board

Members

had

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

post-tax)

by

asset

type

for

NAM

for

the

calendar

year

ending

December 31,

2020

and

the

pre-

and

post-tax

revenue

margins

from

2020

and

2019.

Based

on

their

review,

the

Board

Members

had

noted

that

NAM’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided;

this

conclusion

did

not

change

as

a

result

of

the

New

Sub-

Advisory

Agreement.

D.

Economies

of

Scale

At

the

May

Meeting,

the

Board

considered

whether

there

had

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds

and

whether

these

economies

of

scale

had

been

appropriately

shared

with

the

funds.

The

Board

had

recognized

that

although

economies

of

scale

are

difficult

to

measure

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

there

are

several

methods

to

help

share

the

benefits

of

economies

of

scale,

including,

among

other

things,

breakpoints

in

the

management

fee

schedule.

The

Board

had

noted

that

Nuveen

generally

has

employed

these

various

methods.

In

this

regard,

the

Board

was

aware

that,

subject

to

certain

exceptions,

the

management

fee

of

the

Adviser

charged

to

the

Nuveen

funds

(including

the

Fund)

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component,

each

with

its

own

breakpoint

schedule.

The

fund-level

breakpoint

schedules

are

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows,

and

the

complex-level

breakpoint

schedule

is

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

eligible

assets

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined.

Further,

with

respect

to

the

New

Sub-Advisory

Agreement,

given

that

the

Fund

pays

a

management

fee

to

the

Adviser

and

that

the

Adviser

in

turn

would

pay

NAM,

the

Board

recognized

that

the

sharing

of

benefits

from

economies

of

scale

is

reflected

in

fund-level

and

complex-level

breakpoints

in

the

management

fees

at

the

Adviser

level

and

the

appointment

of

NAM

would

not

change

the

management

fees

paid

by

the

Fund

or

the

sharing

of

economies

of

scale

reflected

in

the

corresponding

advisory

fee

schedule.

Based

on

its

review,

taking

into

account

the

New

Sub-Advisory

Agreement,

the

Board

concluded

that

the

Fund’s

fee

arrangements

would

appropriately

reflect

economies

of

scale

for

the

benefit

of

shareholders.

E.

Indirect

Benefits

At

the

May

Meeting,

the

Board

Members

considered

any

indirect

benefits

that

the

various

sub-advisers

to

the

Nuveen

funds

(including

NAM

and

Santa

Barbara)

or

their

respective

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

Additionally,

the

Board

Members

have

noted

that

various

sub-advisers

(including

NAM

and

Santa

Barbara)

may

engage

in

soft

dollar

transactions

pursuant

to

which

they

may

receive

the

benefit

of

research

products

and

other

services

provided

by

broker-dealers

executing

portfolio

transactions

on

behalf

of

the

applicable

Nuveen

funds.

The

Board

has

noted,

however,

that

portfolio

managers

and

research

analysts

of

NAM

and

another

affiliated

sub-adviser

share

research

obtained

through

certain

commission

sharing

arrangements

and

as

a

result,

NAM

reimbursed

the

respective

Nuveen

funds

for

approximately

70%

of

the

expenses

associated

with

the

research-related

component

of

the

soft

dollar

commissions

paid

by

all

equity

funds

managed

by

NAM

(subject

to

certain

exceptions)

(the

“NAM

Sub-Advised

Equity

Funds”)

in

2020.

It

was

anticipated

that

NAM

would

reimburse

100%

of

the

research-related

components

of

the

NAM

Sub-Advised

Equity

Funds’

soft

dollar

expenses

in

2021.

The

Board

Members

have

also

noted

that

when

transacting

in

fixed-income

securities,

the

benefits

for

a

sub-adviser

that

engages

in

soft

dollar

transactions

may

be

more

limited

as

such

securities

generally

trade

on

a

principal

basis

and

therefore

do

not

generate

brokerage

commissions.

Based

on

its

review,

taking

into

account

the

New

Sub-Advisory

Agreement,

the

Board

concluded

that

any

indirect

benefits

to

be

received

by

NAM

as

a

result

of

its

relationship

with

the

Fund

were

reasonable

and

within

acceptable

parameters.

F.

Approval

of

the

New

Sub-Advisory

Agreement

The

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all

important

or

controlling.

The

Board

Members

concluded

that

the

terms

of

the

New

Sub-Advisory

Agreement

are

fair

and

reasonable,

that

NAM’s

fees

are

reasonable

in

light

of

the

services

to

be

provided

to

the

Fund

and

that

the

New

Sub-Advisory

Agreement

should

be

and

was

approved.

Liquidity

Risk

Management

Program

(Unaudited)

33

Discussion

of

the

operation

and

effectiveness

of

the

Fund’s

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

the

Fund

covered

in

this

Report

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

the

Fund’s

liquidity

risk.

The

Fund’s

Board

of

Directors

(the

“Board”)

previously

designated

Nuveen

Fund

Advisors,

LLC,

the

Fund’s

investment

adviser

(the

“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

(“LOSC”).

LMAT

and

LOSC

are

composed

of

personnel

from

the

Adviser

and

Teachers

Advisors,

LLC,

an

affiliate

of

the

Adviser.

At

a

May

26,

2021

meeting

of

the

Board,

the

Adviser

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy

and

effectiveness

of

implementation

for

the

calendar

year

2020

(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

the

Fund’s

liquidity

developments.

In

accordance

with

the

Program,

LMAT

assesses

the

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(i)

the

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments,

(ii)

cash

flow

projections,

and

(iii)

holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

The

Fund’s

portfolio

investments

are

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

“Highly

Liquid,”

and

the

least

liquid,

“Illiquid,”

as

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,

using

third-party

vendor

data.

A

fund

that

does

not

primarily

hold

Highly

Liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

the

fund’s

net

assets

that

must

be

invested

in

Highly

Liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

the

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’s

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,

the

Fund

did

not

exceed

the

15%

limit

on

Illiquid

investments.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

MSA-DG-0122P

2057633-INV-B-03/23

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

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and

particular

strength

in

solutions

that

provide

income

for

investors

and

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draw

on

our

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in

alternatives

and

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investing.

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is

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but

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management,

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tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

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learn

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meet

your

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goals,

talk

to

your

financial

advisor,

or

call

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(800)

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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

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Chicago,

IL

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Please

read

the

prospectus

carefully

before

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invest

or

send

money.

Learn

more

about

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Funds

at:

www.nuveen.com/mutual-funds

Mutual

Funds

Nuveen

Equity

Funds

January

31,

2022

Semiannual

Report

Fund

Name

Class

A

Class

C

Class

R6

Class

I

Nuveen

Winslow

Large-Cap

Growth

ESG

Fund

NWCAX

NWCCX

NWCFX

NVLIX

As

permitted

by

regulations

adopted

by

the

Securities

and

Exchange

Commission,

paper

copies

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Fund’s

annual

and

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shareholder

reports

will

not

be

sent

to

you

by

mail

unless

you

specifically

request

paper

copies

of

the

reports.

Instead,

the

reports

will

be

made

available

on

the

Fund’s

website

(www.nuveen.com),

and

you

will

be

notified

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mail

each

time

a

report

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posted

and

provided

with

a

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link

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access

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report.

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may

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NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Important

Notices

5

Risk

Considerations

6

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

7

Expense

Examples

10

Shareholder

Meeting

Report

11

Portfolio

of

Investments

12

Statement

of

Assets

and

Liabilities

15

Statement

of

Operations

16

Statement

of

Changes

in

Net

Assets

17

Financial

Highlights

18

Notes

to

Financial

Statements

20

Additional

Fund

Information

28

Glossary

of

Terms

Used

in

this

Report

29

Liquidity

Risk

Management

Program

30

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

In

February,

the

world

witnessed

Russia

invade

Ukraine.

The

scale

of

the

humanitarian

crisis

and

economic

shock

caused

by

these

events

cannot

yet

be

quantified,

and

our

thoughts

remain

with

all

those

affected.

Given

the

fluidity

of

the

situation,

market

uncertainty

is

currently

high.

Conditions

were

already

challenging

prior

to

the

invasion,

with

inflation

lingering

at

multi-decade

highs,

interest

rates

expected

to

continue

rising,

economic

growth

moderating

from

the

post-pandemic

recovery,

and

weakening

performance

across

equity

markets

and

some

bond

market

segments.

The

Russia-Ukraine

conflict

has

accelerated

these

trends

in

the

short

term.

The

spike

in

geopolitical

risks

led

to

surging

prices

for

oil

and

other

hard

and

soft

commodities,

driving

both

inflation

and

recession

risks

higher.

The

U.S.

Federal

Reserve

(Fed)

and

other

central

banks

now

face

an

even

more

difficult

task

of

slowing

inflation

without

stifling

economic

growth.

At

their

March

2022

meeting,

Fed

officials

announced

a

quarter

percentage

point

increase

to

the

short-term

interest

rate,

raising

it

from

near

zero

for

the

first

time

since

the

pandemic

was

declared

two

years

ago.

In

the

meantime,

while

markets

will

likely

continue

fluctuating

with

the

daily

headlines,

we

encourage

investors

to

keep

a

long-term

perspective.

To

learn

more

about

how

well

your

portfolio

is

aligned

to

your

time

horizon,

risk

tolerance

and

investment

goals,

consider

reviewing

it

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

I

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Sincerely,

Terence

J.

Toth

Chairman

of

the

Board

March

23,

2022

Important

Notices

5

For

Shareholders

of

Nuveen

Winslow

Large-Cap

Growth

ESG

Fund

Portfolio

Manager

Commentaries

in

Semiannual

Reports

Beginning

with

this

semiannual

shareholder

report,

the

Fund

will

include

portfolio

manager

commentary

only

in

its

annual

shareholder

reports.

For

the

Fund’s

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

the

Fund’s

July

31,

2021

annual

shareholder

report.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com.

For

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Performance

Overview

and

Holding

Summaries

section

within

this

report.

Additional

Market

Disruption

Risk

In

late

February

2022,

Russia

launched

a

large

scale

military

attack

on

Ukraine.

The

invasion

significantly

amplified

already

existing

geopolitical

tensions

among

Russia,

Ukraine,

Europe,

NATO

and

the

West,

including

the

U.S.

In

response

to

the

military

action

by

Russia,

various

countries,

including

the

U.S.,

the

United

Kingdom,

and

European

Union

issued

broad-ranging

economic

sanctions

against

Russia.

Such

sanctions

included,

among

other

things,

a

prohibition

on

doing

business

with

certain

Russian

companies,

large

financial

institutions,

officials

and

oligarchs;

a

commitment

by

certain

countries

and

the

European

Union

to

remove

selected

Russian

banks

from

the

Society

for

Worldwide

Interbank

Financial

Telecommunications

(“SWIFT”),

the

electronic

banking

network

that

connects

banks

globally;

and

restrictive

measures

to

prevent

the

Russian

Central

Bank

from

undermining

the

impact

of

the

sanctions.

Additional

sanctions

may

be

imposed

in

the

future.

Such

sanctions

(and

any

future

sanctions)

and

other

actions

against

Russia

may

adversely

impact,

among

other

things,

the

Russian

economy

and

various

sectors

of

the

economy,

including

but

not

limited

to,

financials,

energy,

metals

and

mining,

engineering

and

defense

and

defense-related

materials

sectors;

resulting

in

a

decline

in

the

value

and

liquidity

of

Russian

securities;

resulting

in

boycotts,

tariffs,

and

purchasing

and

financing

restrictions

on

Russia’s

government,

companies

and

certain

individuals;

weaken

the

value

of

the

ruble;

downgrade

the

country’s

credit

rating;

freeze

Russian

securities

and/or

funds

invested

in

prohibited

assets

and

impair

the

ability

to

trade

in

Russian

securities

and/or

other

assets;

and

have

other

adverse

consequences

on

the

Russian

government,

economy,

companies

and

region.

Further,

several

large

corporations

and

U.S.

states

have

announced

plans

to

divest

interests

or

otherwise

curtail

business

dealings

with

certain

Russian

businesses.

The

ramifications

of

the

hostilities

and

sanctions,

however,

may

not

be

limited

to

Russia

and

Russian

companies

but

may

spill

over

to

and

negatively

impact

other

regional

and

global

economic

markets

(including

Europe

and

the

United

States),

companies

in

other

countries

(particularly

those

that

have

done

business

with

Russia)

and

on

various

sectors,

industries

and

markets

for

securities

and

commodities

globally,

such

as

oil

and

natural

gas.

Accordingly,

the

actions

discussed

above

and

the

potential

for

a

wider

conflict

could

increase

financial

market

volatility,

cause

severe

negative

effects

on

regional

and

global

economic

markets,

industries,

and

companies

and

have

a

negative

effect

on

your

Fund’s

investments

and

performance

beyond

any

direct

exposure

to

Russian

issuers

or

those

of

adjoining

geographic

regions.

In

addition,

Russia

may

take

retaliatory

actions

and

other

countermeasures,

including

cyberattacks

and

espionage

against

other

countries

and

companies

around

the

world,

which

may

negatively

impact

such

countries

and

the

companies

in

which

your

Fund

invests.

The

extent

and

duration

of

the

military

action

or

future

escalation

of

such

hostilities,

the

extent

and

impact

of

existing

and

future

sanctions,

market

disruptions

and

volatility,

and

the

result

of

any

diplomatic

negotiations

cannot

be

predicted.

These

and

any

related

events

could

have

a

significant

impact

on

Fund

performance

and

the

value

of

an

investment

in

the

Fund,

particularly

with

respect

to

Russian

exposure.

Important

Notice

Regarding

Fund

Diversification

Status

The

Fund’s

shareholders

approved

a

change

to

the

Fund’s

diversification

status

from

diversified

to

non-diversified

at

a

special

meeting

held

on

November

18,

2021.

As

a

result,

the

Fund

may

invest

a

greater

percentage

of

its

assets

in

a

smaller

number

of

issuers

than

a

diversified

fund.

Concentration

of

investments

in

a

smaller

number

of

issuers

exposes

the

Fund

to

the

risks

associated

with

such

issuers

to

a

greater

extent

than

a

diversified

fund.

6

Risk

Considerations

Nuveen

Winslow

Large-Cap

Growth

ESG

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

that

the

Fund’s

investment

objectives

will

be

achieved.

Because

the

Fund’s

Environmental

Social

Governance

(ESG)

investment

strategy

may

exclude

securities

of

certain

issuers

for

nonfinancial

reasons,

the

Fund

may

forgo

some

market

opportunities

available

to

funds

that

don’t

use

an

ESG

investment

strategy.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Growth

stocks

tend

to

be

more

volatile

than

certain

other

types

of

stocks

and

their

prices

usually

fluctuate

more

dramatically

than

the

overall

stock

market.

Non-

U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

and

other

risk

considerations,

such

as

active

management

and

growth

stock

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

7

The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries for the

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Returns

quoted

represent

past

performance,

which

is

no

guarantee

of

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

been

less

than

10-years

performance.

Returns

at

net

asset

value

(NAV)

would

be

lower

if

the

sales

charge

were

included.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements,

Note

7—Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

Returns

reflect

differences

in

sales

charges

and

expenses,

which

are

primarily

differences

in

distribution

and

service

fees,

and

assume

reinvestment

of

dividends

and

capital

gains.

Comparative

index

and

Lipper

return

information

is

provided

for

Class

A

Shares

at

NAV

only.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Holding

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

the

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

Winslow

Large-Cap

Growth

ESG

Fund

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

January

31,

2022

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

Purposes

of

Fund

performance,

relative

results

are

measured

against

the

Russell

1000®

Growth

Index.

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

not

reflected

in

the

total

returns.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

peri-

ods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses so

that

total

annual

Fund

oper-

ating

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

0.69%

through

July

31,

2023

(1.25%

after

July

31,

2023)

of

the

average

daily

net

assets

of

any

class

of

Fund

shares.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

operating

expenses

for

Class

R6

Shares

will

be

less

than

the

expense

limitation. The

expense

limitation

expiring

July

31,

2023

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

the

shareholders

of

the

Fund.

Total

Returns

as

of

January

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

6-Month

1-Year

5-Year

10-Year

Gross

Net

Class

A

Shares

at

NAV

5/15/09

(4.88)%

15.69%

21.89%

16.64%

1.14%

0.90%

Class

A

Shares

at

maximum

Offering

Price

5/15/09

(10.35)%

9.04%

20.46%

15.95%

—

—

Russell

1000®

Growth

Index

—

(0.06)%

17.52%

22.28%

18.03%

—

—

Lipper

Large-Cap

Growth

Funds

Classification

Average

—

(5.21)%

11.22%

19.79%

16.25%

—

—

Class

C

Shares

5/15/09

(5.24)%

14.81%

20.97%

15.95%

1.88%

1.65%

Class

I

Shares

5/15/09

(4.76)%

15.97%

22.20%

16.93%

0.88%

0.65%

Total

Returns

as

of

January

31,

2022**

Cumulative

Average

Annual

Expense

Ratios***

Inception

Date

6

month

1-Year

5-Year

Since

Inception

Gross

Net

Class

R6

Shares

3/25/13

(4.68)%

16.16%

22.42%

17.81%

0.74%

0.51%

9

Holdings

Summaries

as

of

January

31,

2022

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99.0‌%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.1‌%

Repurchase

Agreements

1.2‌%

Other

Assets

Less

Liabilities

(0.3)%

Net

Assets

100‌%

Portfolio

Composition

1

(%

of

net

assets)

Software

25.5%

Semiconductors

&

Semiconductor

Equipment

10.2%

Interactive

Media

&

Services

7.6%

Internet

&

Direct

Marketing

Retail

7.2%

IT

Services

7.1%

Life

Sciences

Tools

&

Services

4.6%

Hotels,

Restaurants

&

Leisure

4.3%

Textiles,

Apparel

&

Luxury

Goods

3.8%

Capital

Markets

3.8%

Machinery

3.8%

Health

Care

Equipment

&

Supplies

3.1%

Other

18.0%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.1%

Repurchase

Agreements

1.2%

Other

Assets

Less

Liabilities

(0.3)%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Microsoft

Corp

11.8%

Amazon.com

Inc

7.2%

NVIDIA

Corp

4.0%

Alphabet

Inc

,

Class

A

3.8%

Alphabet

Inc

,

Class

C

3.8%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries

comprising  “Other”

and

not

listed

in

the

Portfolio

Composition

above.

10

Expense

Examples

As

a

shareholder

of

the

Fund,

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

Fund

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

January

31,

2022.

The

beginning

of

the

period

is

August

1,

2021.

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

the

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

Winslow

Large-Cap

Growth

ESG

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

$

951.20

$

947.57

$

953.23

$

952.39

Expenses

Incurred

During

the

Period

$

4.43

$

8.10

$

2.36

$

3.20

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,020.67

$

1,016.89

$

1,022.79

$

1,021.93

Expenses

Incurred

During

the

Period

$

4.58

$

8.39

$

2.45

$

3.31

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.90%,

1.65%,

0.48%

and

0.65%

for

Classes

A,

C,

R6

and

I

multiplied

by

the

average

account

value

over

the

period,

multiplied

by184

/365

(to

reflect

the

one-half

year

period).

Shareholder

Meeting

Report

11

A

special

meeting

of

shareholders

was

held

on

September

9,

2021

for

Nuveen

Winslow

Large-Cap

Growth

ESG

Fund. 

The

meeting

was

held

virtually

due

to

public

health

concerns

regarding

the

ongoing

COVID-19

pandemic;

at

this

meeting

shareholders

were

asked

to

approve

a

change

to

the

Fund’s

classification

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

from

“diversified”

to

“non-diversified”

and

to

eliminate

the

Fund’s

related

fundamental

investment

restriction.

The

meeting

was

subsequently

adjourned

to

October

15,

2021

and

additionally

to

November

18,

2021,

respectively,

in

order

to

seek

additional

shareholder

participation.

To

approve

a

change

to

the

Fund's

classification

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

from

"diversified"

to

"non-diversified"

and

to

eliminate

the

Fund's

related

fundamental

investment

restriction.

For

6,680,725

Against

344,390

Abstain

476,379

Total

7,501,494

12

Nuveen

Winslow

Large-Cap

Growth

ESG

Fund

Portfolio

of

Investments

January

31,

2022

(Unaudited)

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

99.0%   

COMMON

STOCKS

-

99.0%

Auto

Components

-

1.5%

88,820

Aptiv

PLC

(2)

$

12,131,036

Capital

Markets

-

3.8%

29,390

Moody's

Corp

10,080,770

93,050

Morgan

Stanley

9,541,347

22,377

MSCI

Inc

11,996,757

Total

Capital

Markets

31,618,874

Chemicals

-

2.0%

51,912

Linde

PLC

16,543,316

Containers

&

Packaging

-

1.8%

158,029

Ball

Corp

15,344,616

Diversified

Consumer

Services

-

1.2%

78,480

Bright

Horizons

Family

Solutions

Inc

(2)

10,077,617

Electrical

Equipment

-

0.9%

395,670

Fluence

Energy

Inc

(2)

7,399,029

Electronic

Equipment,

Instruments

&

Components

-

1.9%

108,965

TE

Connectivity

Ltd

15,583,085

Health

Care

Equipment

&

Supplies

-

3.1%

25,324

Align

Technology

Inc

(2)

12,534,367

46,335

Intuitive

Surgical

Inc

(2)

13,167,480

Total

Health

Care

Equipment

&

Supplies

25,701,847

Health

Care

Providers

&

Services

-

1.4%

25,183

UnitedHealth

Group

Inc

11,900,730

Health

Care

Technology

-

2.0%

186,100

Doximity

Inc

(2)

8,480,577

33,520

Veeva

Systems

Inc

(2)

7,928,821

Total

Health

Care

Technology

16,409,398

Hotels,

Restaurants

&

Leisure

-

4.3%

10,156

Chipotle

Mexican

Grill

Inc

(2)

15,087,550

71,660

Hilton

Worldwide

Holdings

Inc

(2)

10,398,583

38,450

McDonald's

Corp

9,975,853

Total

Hotels,

Restaurants

&

Leisure

35,461,986

Interactive

Media

&

Services

-

7.6%

11,657

Alphabet

Inc,

Class

A

(2)

31,544,658

11,579

Alphabet

Inc,

Class

C

(2)

31,425,059

Total

Interactive

Media

&

Services

62,969,717

Internet

&

Direct

Marketing

Retail

-

7.2%

19,860

Amazon.com

Inc

(2)

59,410,594

IT

Services

-

7.1%

68,956

Mastercard

Inc

26,643,219

97,195

PayPal

Holdings

Inc

(2)

16,711,709

68,171

Visa

Inc

15,418,235

Total

IT

Services

58,773,163

13

Shares

Description

(1)

Value

Life

Sciences

Tools

&

Services

-

4.6%

132,035

Agilent

Technologies

Inc

$

18,395,116

26,344

Bio-Techne

Corp

9,916,145

39,480

IQVIA

Holdings

Inc

(2)

9,668,652

Total

Life

Sciences

Tools

&

Services

37,979,913

Machinery

-

3.8%

31,400

Deere

&

Co

11,818,960

37,970

Parker-Hannifin

Corp

11,771,080

991,400

Proterra

Inc

(2),(3)

7,841,974

Total

Machinery

31,432,014

Personal

Products

-

1.4%

38,675

Estee

Lauder

Cos

Inc/The

12,058,478

Pharmaceuticals

-

1.9%

80,355

Zoetis

Inc

16,054,126

Real

Estate

Management

&

Development

-

0.0%

24,400

Compass

Inc

(2),(3)

209,352

Semiconductors

&

Semiconductor

Equipment

-

10.2%

104,380

Advanced

Micro

Devices

Inc

(2)

11,925,415

96,010

Analog

Devices

Inc

15,742,760

34,683

ASML

Holding

NV

23,487,328

136,696

NVIDIA

Corp

33,471,382

Total

Semiconductors

&

Semiconductor

Equipment

84,626,885

Software

-

25.5%

44,421

Adobe

Inc

(2)

23,734,140

40,446

Atlassian

Corp

PLC

(2)

13,118,256

37,384

Intuit

Inc

20,756,718

315,142

Microsoft

Corp

98,002,859

112,394

salesforce.com

Inc

(2)

26,146,216

26,300

ServiceNow

Inc

(2)

15,406,014

56,272

Workday

Inc

(2)

14,237,379

Total

Software

211,401,582

Specialty

Retail

-

2.0%

71,750

Lowe's

Cos

Inc

17,029,862

Textiles,

Apparel

&

Luxury

Goods

-

3.8%

34,040

Lululemon

Athletica

Inc

(2)

11,361,190

137,556

NIKE

Inc

20,367,917

Total

Textiles,

Apparel

&

Luxury

Goods

31,729,107

Total

Long-Term

Investments

(cost

$486,715,340)

821,846,327

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

    0.1%

MONEY

MARKET

FUNDS

-

0.1%

535,322

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(4)

0.050%(5)

$

535,322

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$535,322)

535,322

Nuveen

Winslow

Large-Cap

Growth

ESG

Fund

(continued)

Portfolio

of

Investments

January

31,

2022

(Unaudited)

14

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 1.2%  

REPURCHASE

AGREEMENTS

-

1.2%

$

10,115

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

1/31/22,

repurchase

price

$10,115,164,

collateralized

by

$10,689,800,

U.S.

Treasury

Bonds,

1.875%,

due

2/15/41,

value

$10,317,509

0.000%

2/01/22

$

10,115,164

Total

Short-Term

Investments

(cost

$10,115,164)

10,115,164

Total

Investments

(cost

$

497,365,826

)

-

100

.3

%

832,496,813

Other

Assets

Less

Liabilities

-

(0.3)%

(

2,364,688

)

Net

Assets

-

100%

$

830,132,125

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

Non-Income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(3)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$561,626.

(4)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

Fund

maintains

collateral

equal

to

at

least

100%

of

the

fair

value

of

the

securities

loaned.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(5)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

See

accompanying

notes

to

financial

statements

Statement

of

Assets

and

Liabilities

January

31,

2022

(Unaudited)

See

accompanying

notes

to

financial

statements.

15

Winslow

Large-Cap

Growth

ESG

Assets

Long-term

investments,

at

value

†‡

$

821,846,327‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

535,322‌

Short-term

investments,

at

value

◊

10,115,164‌

Receivable

for

dividends

181,321‌

Receivable

for

investments

sold

9,581,631‌

Receivable

for

shares

sold

3,012,686‌

Other

assets

174,869‌

Total

assets

845,447,320‌

Liabilities

Cash

overdraft

1,604‌

Payable

for

collateral

from

securities

lending

535,322‌

Payable

for

investments

purchased

-

regular

settlement

12,773,422‌

Payable

for

shares

redeemed

732,652‌

Accrued

expenses:

Management

fees

231,203‌

Trustees

fees

152,197‌

12b-1

distribution

and

service

fees

56,820‌

Other

831,975‌

Total

liabilities

15,315,195‌

Net

assets

$

830,132,125‌

†

Long-term

investments,

cost

$

486,715,340‌

◊

Short-term

investments,

cost

$

10,115,164‌

‡

Includes

securities

loaned

of

$

561,626‌

Winslow

Large-

Cap

Growth

ESG

Class

A

Shares

Net

Assets

$

169,773,007

Shares

outstanding

3,244,742

Net

asset

value

("NAV")

per

share

$

52.32

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge

of

5.75%

of

offering

price)

$

55.51

Class

C

Shares

Net

Assets

$

21,934,565

Shares

outstanding

518,610

NAV

and

offering

price

per

share

$

42.29

Class

R6

Shares

Net

Assets

$

97,248,181

Shares

outstanding

1,721,057

NAV

and

offering

price

per

share

$

56.50

Class

I

Shares

Net

Assets

$

541,176,372

Shares

outstanding

9,798,957

NAV

and

offering

price

per

share

$

55.23

Fund

level

net

assets

consist

of:

Capital

paid-in

$

462,599,028

Total

distributable

earnings

(loss)

367,533,097

Fund

level

net

assets

$

830,132,125

Authorized

shares

-

per

class

Unlimited

Par

value

per

share

$

0.01

Statement

of

Operations

January

31,

2022

(Unaudited)

See

accompanying

notes

to

financial

statements.

16

Winslow

Large-

Cap

Growth

ESG

Investment

Income

Dividends

$

1,929,109‌

Securities

lending

income,

net

1,075‌

Foreign

tax

withheld

on

dividend

income

(7,601‌)

Total

Investment

Income

1,922,583‌

Expenses

Management

fees

2,908,426‌

12b-1

service

fees

-

Class

A

Shares

233,178‌

12b-1

distribution

and

service

fees

-

Class

C

Shares

123,909‌

Shareholder

servicing

agent

fees

746,751‌

Interest

expense

1,930‌

Custodian

fees

37,362‌

Trustees

fees

7,119‌

Professional

fees

62,355‌

Shareholder

reporting

expenses

315,877‌

Federal

and

state

registration

fees

50,625‌

Other

103,266‌

Total

expenses

before

fee

waiver/expense

reimbursement

4,590,798‌

Fee

waiver/expense

reimbursement

(1,365,552‌)

Net

expenses

3,225,246‌

Net

investment

income

(loss)

(1,302,663‌)

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

67,298,555‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(107,712,878‌)

Net

realized

and

unrealized

gain

(loss)

(40,414,323‌)

Net

increase

(decrease)

in

net

assets

from

operations

$

(41,716,986‌)

Statement

of

Changes

in

Net

Assets

See

accompanying

notes

to

financial

statements.

17

Winslow

Large-Cap

Growth

ESG

Unaudited

Six

Months

Ended

1/31/22

Year

Ended

7/31/21

Operations

Net

investment

income

(loss)

$

(

1,302,663‌

)

$

(

1,886,753‌

)

Net

realized

gain

(loss)

from

investments

67,298,555‌

97,700,914‌

Net

realized

gain

(loss)

from

in-kind

redemptions

–‌

220,559,162‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

(

107,712,878‌

)

(

52,086,626‌

)

Net

increase

(decrease)

in

net

assets

from

operations

(

41,716,986‌

)

264,286,697‌

Distributions

to

Shareholders

Dividends

Class

A

Shares

(

17,762,454‌

)

(

2,441,281‌

)

Class

C

Shares

(

2,790,895‌

)

(

625,700‌

)

Class

R3

Shares

(1)

–‌

(

56,634‌

)

Class

R6

Shares

(

10,346,530‌

)

(

4,083,944‌

)

Class

I

Shares

(

52,150,681‌

)

(

42,333,883‌

)

Decrease

in

net

assets

from

distributions

to

shareholders

(

83,050,560‌

)

(

49,541,442‌

)

Fund

Share

Transactions

Fund

reorganization

–‌

198,087,663‌

Proceeds

from

sale

of

shares

111,637,795‌

184,810,396‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

79,970,899‌

48,739,250‌

191,608,694‌

431,637,309‌

Cost

of

shares

redeemed

(

120,049,950‌

)

(

631,808,214‌

)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

71,558,744‌

(

200,170,905‌

)

Net

increase

(decrease)

in

net

assets

(

53,208,802‌

)

14,574,350‌

Net

assets

at

the

beginning

of

period

883,340,927‌

868,766,577‌

Net

assets

at

the

end

of

period

$

830,132,125‌

$

883,340,927‌

(1)

Class

R3

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Financial

Highlights

18

Winslow

Large-Cap

Growth

ESG

The

Fund's

fiscal

year

end

is

July

31st. 

The

following

data

is

for

a

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2022(e)

$

60.52

(

$

0.15‌)

$

(2.16)

$

(2.31)

$

—

$

(5.89)

$

(5.89)

$

52.32

2021

46.78

(

0.25‌)

16.90

16.65

—

(2.91)

(2.91)

60.52

2020

39.94

(

0.11‌)

10.46

10.35

—

(3.51)

(3.51)

46.78

2019

43.15

(

0.08‌)

3.11

3.03

—

(6.24)

(6.24)

39.94

2018

40.73

(

0.10‌)

9.57

9.47

—

(7.05)

(7.05)

43.15

2017

40.08

(

0.04‌)

6.49

6.45

—

(5.80)

(5.80)

40.73

Class

C

2022(e)

50.17

(

0.31‌)

(1.68)

(1.99)

—

(5.89)

(5.89)

42.29

2021

39.51

(

0.54‌)

14.11

13.57

—

(2.91)

(2.91)

50.17

2020

34.50

(

0.35‌)

8.87

8.52

—

(3.51)

(3.51)

39.51

2019

38.48

(

0.32‌)

2.58

2.26

—

(6.24)

(6.24)

34.50

2018

37.27

(

0.37‌)

8.63

8.26

—

(7.05)

(7.05)

38.48

2017

37.42

(

0.31‌)

5.96

5.65

—

(5.80)

(5.80)

37.27

Class

R6

2022(e)

64.78

(

0.02‌)

(2.37)

(2.39)

—

(5.89)

(5.89)

56.50

2021

49.70

(

0.02‌)

18.01

17.99

—

(2.91)

(2.91)

64.78

2020

42.14

0.09‌

11.09

11.18

(0.11)

(3.51)

(3.62)

49.70

2019

45.00

0.09‌

3.31

3.40

(0.02)

(6.24)

(6.26)

42.14

2018

42.12

0.08‌

9.94

10.02

(0.09)

(7.05)

(7.14)

45.00

2017

41.11

0.11‌

6.73

6.84

(0.03)

(5.80)

(5.83)

42.12

Class

I

2022(e)

63.50

(

0.07‌)

(2.31)

(2.38)

—

(5.89)

(5.89)

55.23

2021

48.84

(

0.09‌)

17.66

17.57

—

(2.91)

(2.91)

63.50

2020

41.48

—‌

10.90

10.90

(0.03)

(3.51)

(3.54)

48.84

2019

44.47

0.02‌

3.25

3.27

(0.02)

(6.24)

(6.26)

41.48

2018

41.76

—‌(h)

9.85

9.85

(0.09)

(7.05)

(7.14)

44.47

2017

40.88

0.05‌

6.66

6.71

(0.03)

(5.80)

(5.83)

41.76

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.  See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(e)

Unaudited.  For

the

six

months

ended

January

31,

2022.

(f)

Annualized.

(g)

Rounds

to

less

than

0.01%.

(h)

Rounds

to

less

than

$0.01

per

share.

See

accompanying

notes

to

financial

statements.

19

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(c)

Net

Investment

Income

(NII)

(Loss)(c)

Portfolio

Turnover

Rate(d)

(4.88‌)

%

$

169,773

1.20‌

%

(f)

0.90‌

%

(f)

(0.48‌)

%

(f)

35‌

%

36.98‌

180,291

1.14‌

0.91‌

(0.47‌)

67‌

27.68‌

35,663

1.20‌

0.98‌

(0.27‌)

59‌

10.59‌

20,564

1.16‌

0.98‌

(0.19‌)

70‌

25.97‌

17,709

1.18‌

0.98‌

(0.24‌)

56‌

19.08‌

17,526

1.16‌

0.98‌

(0.12‌)

65‌

(5.24‌)

21,935

1.95‌

(f)

1.65‌

(f)

(1.23‌)

(f)

35‌

35.92‌

24,604

1.89‌

1.66‌

(1.21‌)

67‌

26.72‌

7,154

1.95‌

1.73‌

(1.03‌)

59‌

9.78‌

3,256

1.90‌

1.73‌

(0.96‌)

70‌

25.01‌

1,460

1.93‌

1.73‌

(0.99‌)

56‌

18.21‌

1,557

1.91‌

1.73‌

(0.87‌)

65‌

(4.68‌)

97,248

0.78‌

(f)

0.48‌

(f)

(0.06‌)

(f)

35‌

37.52‌

109,867

0.76‌

0.54‌

(0.03‌)

67‌

28.27‌

92,220

0.74‌

0.52‌

0.22‌

59‌

11.07‌

97,922

0.74‌

0.57‌

0.21‌

70‌

26.50‌

81,125

0.75‌

0.55‌

0.18‌

56‌

19.59‌

63,065

0.74‌

0.57‌

0.29‌

65‌

(4.76‌)

541,176

0.95‌

(f)

0.65‌

(f)

(0.23‌)

(f)

35‌

37.30‌

568,579

0.90‌

0.69‌

(0.17‌)

67‌

28.02‌

733,217

0.95‌

0.73‌

—‌(g)

59‌

10.88‌

613,680

0.91‌

0.73‌

0.06‌

70‌

26.27‌

606,814

0.93‌

0.73‌

—‌(g)

56‌

19.39‌

584,995

0.91‌

0.73‌

0.13‌

65‌

20

Notes

to

Financial

Statements

(Unaudited)

1.

General

Information

Trust

and

Fund

Information

The

Nuveen

Investment

Trust

II

(the

“Trust”)

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended.

The

Trust

is

comprised

of

Nuveen

Winslow

Large-Cap

Growth

ESG

Fund

(“Winslow

Large-Cap

Growth

ESG”)

(the

“Fund”)

as

a

non-diversified

fund,

among

others.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

June

27,

1997.

The

Fund’s

shareholders

approved

a

change

to

the

Fund’s

diversification

status

from

diversified

to

non-diversified

at

a

special

meeting

held

on

November

18,

2021.

As

a

result,

the

Fund

may

invest

a

greater

percentage

of

its

assets

in

a

smaller

number

of

issuers

than

a

diversified

fund.

Concentration

of

investments

in

a

smaller

number

of

issuers

exposes

the

Fund

to

the

risks

associated

with

such

issuers

to

a

greater

extent

than

a

diversified

fund.

The

end

of

the

reporting

period

for

the

Fund

is

January

31,

2022,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

January

31,

2022

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser

The

Fund’s

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

Fund,

oversees

the

management

of

the

Fund’s

portfolio,

manages

the

Fund’s

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

a

sub-advisory

agreement

with

Winslow

Capital

Management,

LLC,

(the

“Sub-Adviser”),

an

affiliate

of

Nuveen,

under

which

the

Sub-Adviser

manages

the

investment

portfolio

of

the

Fund.

Share

Classes

and

Sales

Charges

Class

A

Shares

are

generally

sold

with

an

up-front

sales

charge.

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

(“NAV”)

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

are

sold

without

an

up-front

sales

charge

but

are

subject

to

a

CDSC

of

1%

if

redeemed

within

twelve

months

of

purchase.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Class

R6

Shares

and

Class

I

Shares

are

sold

without

an

upfront

sales

charge.

Other

Matters 

The

outbreak

of

the

novel

coronavirus

(“COVID-19”)

and

subsequent

global

pandemic

began

significantly

impacting

the

U.S.

and

global

financial

markets

and

economies

during

the

calendar

quarter

ended

March

31,

2020.

The

worldwide

spread

of

COVID-19

has

created

significant

uncertainty

in

the

global

economy.

The

duration

and

extent

of

COVID-19

over

the

long-term

cannot

be

reasonably

estimated

at

this

time.

The

ultimate

impact

of

COVID-19

and

the

extent

to

which

COVID-19

impacts

the

Fund’s

normal

course

of

business,

results

of

operations,

investments,

and

cash

flows

will

depend

on

future

developments,

which

are

highly

uncertain

and

difficult

to

predict.

Management

continues

to

monitor

and

evaluate

this

situation.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates. The

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Fund.

Compensation

The

Trust

pays

no

compensation

directly

to

those

of

its

trustees

who

are

affiliated

with

the

Adviser

or

to

its

officers,

all

of

whom

receive

remuneration

for

their

services

to

the

Trust

from

the

Adviser

or

its

affiliates.

The

Fund’s

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.

21

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Dividend

income

is

recorded

on

the

ex-dividend

date

or,

for

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

Fund

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

Fund

are

prorated

among

the

classes

based

on

the

relative

net

assets

of

each

class.

Netting

Agreements

In

the

ordinary

course

of

business,

the

Fund

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 the

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, the

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

The

Fund’s

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives.

New

Accounting

Pronouncements

and

Rule

Issuances

Reference

Rate

Reform

In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Fund

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Fund's

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Fund's

financial

statements

and

various

filings.

Securities

and

Exchange

Commission

(“SEC”)

Adopts

New

Rules

to

Modernize

Fund

Valuation

Framework

In

December

2020,

the

SEC

voted

to

adopt

a

new

rule

governing

fund

valuation

practices.

New

Rule

2a-5

under

the

1940

Act

establishes

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

will

permit

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

“readily

available”

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotation

are

not

readily

available.

The

SEC

also

adopted

new

Rule

31a-4

under

the

1940

Act,

which

sets

forth

the

recordkeeping

requirements

associated

with

fair

value determinations.

Finally,

the

SEC

is

rescinding

previously

issued

guidance

on

related

issues,

including

the

role

of

a

board

in

determining

fair

value

and

the

accounting

and

auditing

of

fund

investments.

Rule

2a-5

and

Rule

31a-4

became

effective

on

March

8,

2021,

with

a

compliance

date

of

September

8,

2022.

A

fund

may

voluntarily

comply

with

the

rules

after

the

effective

date,

and

in

advance

of

the

compliance

date,

under

certain

conditions.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Fund’s

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements

The

Fund's

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

22

Notes

to

Financial

Statements

(Unaudited)

(continued)

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

Fund's

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

sale

price

at

the

official

close

of

business

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

sale

price

or

official

closing

price

reported

on

the

exchange

where

traded

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

date

of

valuation.

To

the

extent

these

securities

are

actively

traded

and

that

valuation

adjustments

are

not

applied,

they

are

generally

classified

as

Level

1.

If

there

is

no

official

close

of

business,

then

the

latest

available

sale

price

is

utilized.

If

no

sales

are

reported,

then

the

mean

of

the

latest

available

bid

and

ask

prices

is

utilized

and

these

securities

are

generally

classified

as

Level

2.

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

on

the

valuation

date

and

are

generally

classified

as

Level

1. 

Any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

above

valuation

procedures

are

deemed

not

to

reflect

fair

value

are

valued

at

fair

value,

as

determined

in

good

faith

using

procedures

approved

by

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

would

appear

to

be

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2

of

the

fair

value

hierarchy;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Fund's

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

4.

Portfolio

Securities

and

Investments

in

Derivatives

Portfolio

Securities

Repurchase

Agreements

In

connection

with

transactions

in

repurchase

agreements,

it

is the

Fund's

policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

the

Fund

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements.

Winslow

Large-Cap

Growth

ESG

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

821,846,327

$

–

$

–

$

821,846,327

Investments

Purchased

with

Collateral

from

Securities

Lending

535,322

–

–

535,322

Short-Term

Investments:

Repurchase

Agreements

–

10,115,164

–

10,115,164

Total

$

822,381,649

$

10,115,164

$

–

$

832,496,813

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

industry

classifications.

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

Winslow

Large-Cap

Growth

ESG

Fixed

Income

Clearing

Corporation

$    

10,115,164

$    

(10,317,509)

23

Securities

Lending

The 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

Fund's

custodian,

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

When the

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

the

Fund

consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

recognized

on

the

Statement

of

Operations.

As

of

the

end

of

the

current

reporting

period,

the

total

value

of

the

loaned

securities

and

the

total

value

of

collateral

received

were

as

follows:

Investment

Transactions

Long-term

purchases

and

sales

(excluding

securities

purchased

with

collateral

from

securities

lending,

where

applicable)

during

the

current fiscal

period

were

as

follows:

Investments

in

Derivatives

The Fund

is

authorized

to

invest

in

certain

derivative

instruments.

The

Fund

records

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

when

applicable.

Even

though

the

Fund's

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Although

the

Fund is

authorized

to

invest

in

derivative

instruments,

and

may

do

so

in

the

future, it

did

not

make

any

such

investments

during

the

current

fiscal

period.

Market

and

Counterparty

Credit

Risk

In

the

normal

course

of

business

the

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 the

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

the

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.

The 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 the

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when the

Fund

has

an

unrealized

loss,

the

Fund

has

instructed

the

custodian

to

pledge

assets

of

the

Fund

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

predetermined

threshold

amount.

Fund

Asset

Class

out

on

Loan

Long-Term

Investments,

at

Value

Total

Collateral

Received

Winslow

Large-Cap

Growth

ESG

Common

Stock

$561,626

$535,322

Fund

Purchases

Sales

Winslow

Large-Cap

Growth

ESG

$

314,240,553

$

329,583,397

24

Notes

to

Financial

Statements

(Unaudited)

(continued)

5.

Fund

Shares

Transactions

in

Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

6.

Income

Tax

Information

The

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.

The

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 the

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

was

as

follows:

Six

Months

Ended

1/31/22

Year

Ended

7/31/21

Winslow

Large-Cap

Growth

ESG

Shares

Amount

Shares

Amount

Shares

issued

in

the

reorganization

Class

A

—

$—

2,346,665

$115,690,573

Class

C

—

—

525,829

21,595,807

Class

R3

(1)

—

—

—

—

Class

R6

—

—

10,098

531,444

Class

I

—

—

1,167,115

60,269,839

Shares

sold:

Class

A

336,689

20,141,140

482,762

24,823,977

Class

A

-

automatic

conversion

of

Class

C

Shares

51

2,966

3,040

160,914

Class

A

-

automatic

conversion

of

Class

R3

Shares

—

—

13,373

723,327

Class

C

49,151

2,446,338

78,582

3,386,724

Class

R3

(1)

—

—

8,255

398,748

Class

R6

268,063

17,498,680

573,262

32,637,426

Class

I

1,135,006

71,548,671

2,281,560

122,679,280

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

292,400

17,169,728

36,914

1,823,166

Class

C

56,478

2,683,835

15,205

625,700

Class

R3

(1)

—

—

1,214

56,634

Class

R6

146,821

9,304,078

77,450

4,083,944

Class

I

819,966

50,813,258

814,804

42,149,806

3,104,625

191,608,694

8,436,128

431,637,309

Shares

redeemed:

Class

A

(363,264)

(20,996,768)

(666,216)

(35,858,945)

Class

C

(77,415)

(3,811,760)

(306,594)

(13,189,712)

Class

C

-

automatic

conversion

to

Class

A

Shares

(62)

(2,966)

(3,659)

(160,914)

Class

R3

(1)

—

—

(6,844)

(349,050)

Class

R3

-

automatic

conversion

to

Class

A

Shares

—

—

(14,180)

(723,327)

Class

R6

(389,772)

(24,857,041)

(820,228)

(44,819,786)

Class

I

(1,110,264)

(70,381,415)

(10,323,128)

(536,706,480)

(1,940,777)

(120,049,950)

(12,140,849)

(631,808,214)

Net

increase

(decrease)

1,163,848

$71,558,744

(3,704,721)

$(200,170,905)

(1)

Class

R3

Shares

were

converted

to

Class

A

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Winslow

Large-Cap

Growth

ESG

$

498,387,736

$

351,136,011

$

(17,026,934)

$

334,109,077

25

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:

7.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees

The 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

Fund

from

the

management

fees

paid

to

the

Adviser.

The Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within the

Fund,

and

a

complex-

level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables the

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

the

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly, is

calculated

according

to

the

following

schedule: 

The

annual

complex-level

fee,

payable

monthly, 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

January

31,

2022,

the

complex-level

fee

rate

for

the

Fund

was

as

follows:

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

Winslow

Large-Cap

Growth

ESG

$

8,597,841

$

41,880,847

$

441,821,954

$

—

$

—

$

—

$

492,300,642

Average

Daily

Net

Assets

Winslow

Large-

Cap

Growth

ESG

For

the

first

$125

million

0.5000

%

For

the

next

$125

million

0.4875

For

the

next

$250

million

0.4750

For

the

next

$500

million

0.4625

For

the

next

$1

billion

0.4500

For

the

next

$3

billion

0.4250

For

the

next

$2.5

billion

0.4000

For

the

next

$2.5

billion

0.3875

For

net

assets

over

$10

billion

0.3750

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

26

Notes

to

Financial

Statements

(Unaudited)

(continued)

The

Adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

so

that

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

0.69%

through

July

31,

2023

(1.25%

after

July

31,

2023),

of

the

average

daily

net

assets

of

any

class

of

Fund

Shares.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

Fund

operating

expense

for

the

Class

R6

Shares

will

be

less

than

the

expense

limitation.

The

expense

limitations

expiring

July

31,

2023

may

be

terminated

or

modified

prior

to

that

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

the

Fund.

Distribution

and

Service

Fees

The Fund

has

adopted

a

distribution

and

service

plan

under

rule

12b-1

under

the

1940

Act.

Class

A

Shares

incur

a

0.25%

annual

12b-1

service

fee.

Class

C

Shares

incur

a

0.75%

annual

12b-1

distribution

fee

and

a

0.25%

annual

12b-1

service

fee.

Class

R6

Shares

and

Class

I

Shares

are

not

subject

to

12b-1

distribution

or

service

fees.

The

fees

under

this

plan

compensate

Nuveen

Securities,

LLC,

(the

“Distributor”),

a

wholly-owned

subsidiary

of

Nuveen,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Fund

and

establishing

and

maintaining

shareholder

accounts.

Other

Transactions

with

Affiliates 

During

the

current

fiscal

period,

the

Distributor,

collected

sales

charges

on

purchases

of

Class

A

Shares,

the

majority

of

which

were

paid

out

as

concessions

to

financial

intermediaries

as

follows:

The

Distributor

also

received

12b-1

service

fees

on

Class

A

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

To

compensate

for

commissions

advanced

to

financial

intermediaries,

all

12b-1

service

and

distribution

fees

collected

on

Class

C

Shares

during

the

first

year

following

a

purchase

are

retained

by

the

Distributor.

During

the

current

fiscal

period,

the

Distributor

retained

such

12b-1

fees

as

follows:

The

remaining

12b-1

fees

charged

to the

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: 

8.

Borrowing

Arrangements

Committed

Line

of

Credit

The

Fund,

along

with

certain

other

funds

managed

by

the

Adviser

(‘‘Participating

Funds’’),

have

established

a

364-day,

$2.635

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

various

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

Fund

Complex-Level

Fee

Winslow

Large-Cap

Growth

ESG

0.1651%

Fund

Sales

Charges

Collected

Paid

to

Financial

Intermediaries

Winslow

Large-Cap

Growth

ESG

$

107,551

$

95,428

Fund

Commission

Advances

Winslow

Large-Cap

Growth

ESG

$

26,227

Fund

12b-1

Fees

Retained

Winslow

Large-Cap

Growth

ESG

$

13,582

Fund

CDSC

Retained

Winslow

Large-Cap

Growth

ESG

$

1,990

27

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

credit

facility

expires

in

June

2022 unless

extended

or

renewed.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed. 

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

Fund

did

not

utilize

this

facility. 

28

Additional

Fund

Information

(Unaudited)

Fund

Manager

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Sub-Adviser

Winslow

Capital

Management,

LLC

80

South

Eighth

Street

Minneapolis,

MN

55402

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

One

North

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Lincoln

Street

Boston,

MA

02111

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Transfer

Agent

and

Shareholder

Services

DST

Asset

Manager

Solutions,

Inc.

(DST)

P.O.

Box

219140

Kansas

City,

MO

64121-

9140

(800)

257-8787

Portfolio

of

Investments

Information

The

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

July

31,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

29

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Lipper

Large-Cap

Growth

Funds

Classification

Average:

Represents

the

average

annualized

returns

for

all

reporting

funds

in

the

Lipper

Large-Cap

Growth

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash

and

accrued

earnings)

less

its

total

liabilities.

For

funds

with

multiple

classes,

Net

Assets

are

determined

separately

for

each

share

class.

NAV

per

share

is

equal

to

the

fund’s

(or

share

class’)

Net

Assets

divided

by

its

number

of

shares

outstanding.

Russell

1000®

Growth

Index:

An

index

designed

to

measure

the

performance

of

the

large-cap

growth

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

1000

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Tax

Equalization:

The

practice

of

treating

a

portion

of

the

distribution

made

to

a

redeeming

shareholder,

which

represents

his

proportionate

part

of

undistributed

net

investment

income

and

capital

gain

as

a

distribution

for

tax

purposes.

Such

amounts

are

referred

to

as

the

equalization

debits

(or

payments)

and

will

be

considered

a

distribution

to

the

shareholder

of

net

investment

income

and

capital

gain

for

calculation

of

the

fund’s

dividends

paid

deduction.

30

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Fund’s

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

the

Fund

covered

in

this

Report

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

the

Fund’s

liquidity

risk.

The

Fund’s

Board

of

Directors

(the

“Board”)

previously

designated

Nuveen

Fund

Advisors,

LLC,

the

Fund’s

investment

adviser

(the

“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

(“LOSC”).

LMAT

and

LOSC

are

composed

of

personnel

from

the

Adviser

and

Teachers

Advisors,

LLC,

an

affiliate

of

the

Adviser.

At

a

May

26,

2021

meeting

of

the

Board,

the

Adviser

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy

and

effectiveness

of

implementation

for

the

calendar

year

2020

(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

the

Fund’s

liquidity

developments.

In

accordance

with

the

Program,

LMAT

assesses

the

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(i)

the

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments,

(ii)

cash

flow

projections,

and

(iii)

holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

The

Fund’s

portfolio

investments

are

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

“Highly

Liquid,”

and

the

least

liquid,

“Illiquid,”

as

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,

using

third-party

vendor

data.

A

fund

that

does

not

primarily

hold

Highly

Liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

the

fund’s

net

assets

that

must

be

invested

in

Highly

Liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

the

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’s

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,

the

Fund

did

not

exceed

the

15%

limit

on

Illiquid

investments.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

MSA-WINSL-0122P

2057647-INV-B-03/23

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/mutual-funds

Mutual

Funds

Nuveen

Equity

Funds

January

31,

2022

Semiannual

Report

Fund

Name

Class

A

Class

C

Class

R6

Class

I

Nuveen

Emerging

Markets

Equity

Fund

NEKAX

NEKCX

NEKFX

NEKIX

Nuveen

Global

Dividend

Growth

Fund

NUGAX

NUGCX

—

NUGIX

(formerly

Nuveen

Santa

Barbara

Global

Dividend

Growth

Fund)

Nuveen

International

Dividend

Growth

Fund

NUIAX

NUICX

—

NUIIX

(formerly

Nuveen

Santa

Barbara

International

Dividend

Growth

Fund)

Nuveen

International

Growth

Fund

NBQAX

NBQCX

NBQFX

NBQIX

Nuveen

International

Small

Cap

Fund

NWAIX

NWSCX

NWIFX

NWPIX

(formerly

Nuveen

Winslow

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Small

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NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Table

of

Contents

3

Chair’s

Letter

to

Shareholders

4

Important

Notices

5

Risk

Considerations

7

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

8

Expense

Examples

19

Portfolios

of

Investments

21

Statement

of

Assets

and

Liabilities

37

Statement

of

Operations

39

Statement

of

Changes

in

Net

Assets

40

Financial

Highlights

44

Notes

to

Financial

Statements

54

Additional

Fund

Information

68

Glossary

of

Terms

Used

in

this

Report

69

Liquidity

Risk

Management

Program

70

Annual

Investment

Management

Agreement

Approval

Process

71

4

Chair’s

Letter

to

Shareholders

Dear

Shareholders,

In

February,

the

world

witnessed

Russia

invade

Ukraine.

The

scale

of

the

humanitarian

crisis

and

economic

shock

caused

by

these

events

cannot

yet

be

quantified,

and

our

thoughts

remain

with

all

those

affected.

Given

the

fluidity

of

the

situation,

market

uncertainty

is

currently

high.

Conditions

were

already

challenging

prior

to

the

invasion,

with

inflation

lingering

at

multi-decade

highs,

interest

rates

expected

to

continue

rising,

economic

growth

moderating

from

the

post-pandemic

recovery,

and

weakening

performance

across

equity

markets

and

some

bond

market

segments.

The

Russia-Ukraine

conflict

has

accelerated

these

trends

in

the

short

term.

The

spike

in

geopolitical

risks

led

to

surging

prices

for

oil

and

other

hard

and

soft

commodities,

driving

both

inflation

and

recession

risks

higher.

The

U.S.

Federal

Reserve

(Fed)

and

other

central

banks

now

face

an

even

more

difficult

task

of

slowing

inflation

without

stifling

economic

growth.

At

their

March

2022

meeting,

Fed

officials

announced

a

quarter

percentage

point

increase

to

the

short-term

interest

rate,

raising

it

from

near

zero

for

the

first

time

since

the

pandemic

was

declared

two

years

ago.

In

the

meantime,

while

markets

will

likely

continue

fluctuating

with

the

daily

headlines,

we

encourage

investors

to

keep

a

long-term

perspective.

To

learn

more

about

how

well

your

portfolio

is

aligned

to

your

time

horizon,

risk

tolerance

and

investment

goals,

consider

reviewing

it

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

I

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Sincerely,

Terence

J.

Toth

Chairman

of

the

Board

March

23,

2022

Important

Notices

5

For

Shareholders

of

Nuveen

Emerging

Markets

Equity

Fund

Nuveen

Global

Dividend

Growth

Fund

Nuveen

International

Dividend

Growth

Fund

Nuveen

International

Growth

Fund

Nuveen

International

Small

Cap

Fund

Portfolio

Manager

Commentaries

in

Semiannual

Reports

Beginning

with

this

semiannual

shareholder

report,

the

Funds

will

include

portfolio

manager

commentaries

only

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

July

31,

2021

annual

shareholder

report.

For

current

information

on

your

Fund’s

investment

objectives,

portfolio

management

team

and

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.nuveen.com.

For

changes

that

occurred

to

your

Fund

both

during

and

subsequent

to

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Performance

Overview

and

Holding

Summaries

section

within

this

report.

Additional

Market

Disruption

Risk

In

late

February

2022,

Russia

launched

a

large

scale

military

attack

on

Ukraine.

The

invasion

significantly

amplified

already

existing

geopolitical

tensions

among

Russia,

Ukraine,

Europe,

NATO

and

the

West,

including

the

U.S.

In

response

to

the

military

action

by

Russia,

various

countries,

including

the

U.S.,

the

United

Kingdom,

and

European

Union

issued

broad-ranging

economic

sanctions

against

Russia.

Such

sanctions

included,

among

other

things,

a

prohibition

on

doing

business

with

certain

Russian

companies,

large

financial

institutions,

officials

and

oligarchs;

a

commitment

by

certain

countries

and

the

European

Union

to

remove

selected

Russian

banks

from

the

Society

for

Worldwide

Interbank

Financial

Telecommunications

(“SWIFT”),

the

electronic

banking

network

that

connects

banks

globally;

and

restrictive

measures

to

prevent

the

Russian

Central

Bank

from

undermining

the

impact

of

the

sanctions.

Additional

sanctions

may

be

imposed

in

the

future.

Such

sanctions

(and

any

future

sanctions)

and

other

actions

against

Russia

may

adversely

impact,

among

other

things,

the

Russian

economy

and

various

sectors

of

the

economy,

including

but

not

limited

to,

financials,

energy,

metals

and

mining,

engineering

and

defense

and

defense-related

materials

sectors;

resulting

in

a

decline

in

the

value

and

liquidity

of

Russian

securities;

resulting

in

boycotts,

tariffs,

and

purchasing

and

financing

restrictions

on

Russia’s

government,

companies

and

certain

individuals;

weaken

the

value

of

the

ruble;

downgrade

the

country’s

credit

rating;

freeze

Russian

securities

and/or

funds

invested

in

prohibited

assets

and

impair

the

ability

to

trade

in

Russian

securities

and/or

other

assets;

and

have

other

adverse

consequences

on

the

Russian

government,

economy,

companies

and

region.

Further,

several

large

corporations

and

U.S.

states

have

announced

plans

to

divest

interests

or

otherwise

curtail

business

dealings

with

certain

Russian

businesses.

The

ramifications

of

the

hostilities

and

sanctions,

however,

may

not

be

limited

to

Russia

and

Russian

companies

but

may

spill

over

to

and

negatively

impact

other

regional

and

global

economic

markets

(including

Europe

and

the

United

States),

companies

in

other

countries

(particularly

those

that

have

done

business

with

Russia)

and

on

various

sectors,

industries

and

markets

for

securities

and

commodities

globally,

such

as

oil

and

natural

gas.

Accordingly,

the

actions

discussed

above

and

the

potential

for

a

wider

conflict

could

increase

financial

market

volatility,

cause

severe

negative

effects

on

regional

and

global

economic

markets,

industries,

and

companies

and

have

a

negative

effect

on

your

Fund’s

investments

and

performance

beyond

any

direct

exposure

to

Russian

issuers

or

those

of

adjoining

geographic

regions.

In

addition,

Russia

may

take

retaliatory

actions

and

other

countermeasures,

including

cyberattacks

and

espionage

against

other

countries

and

companies

around

the

world,

which

may

negatively

impact

such

countries

and

the

companies

in

which

your

Fund

invests.

The

extent

and

duration

of

the

military

action

or

future

escalation

of

such

hostilities,

the

extent

and

impact

of

existing

and

future

sanctions,

market

disruptions

and

volatility,

and

the

result

of

any

diplomatic

negotiations

cannot

be

predicted.

These

and

any

related

events

could

have

a

significant

impact

on

Fund

performance

and

the

value

of

an

investment

in

the

Fund,

particularly

with

respect

to

Russian

exposure.

Important

Notices

(continued)

6

Sub-Adviser

and

Fund

Name

Changes

Nuveen

Global

Dividend

Growth

Fund

and

Nuveen

International

Dividend

Growth

Fund

In

August

2021,

the

Funds’

Board

of

Trustees

approved

amended

and

restated

sub-advisory

agreements,

effective

on

December

31,

2021,

between

Nuveen

Fund

Advisors,

LLC

(“NFAL”),

the

Funds’

investment

adviser,

and

Nuveen

Asset

Management,

LLC

(“NAM”),

pursuant

to

which

NAM

replaced

Santa

Barbara

Asset

Management,

LLC

(“SBAM”)

as

each

Fund’s

sub-adviser.

NAM

and

SBAM

are

both

affiliates

of

NFAL

and

subsidiaries

of

Nuveen,

LLC.

In

connection

therewith,

the

Funds’

Board

of

Trustees

also

approved

the

following

name

changes,

effective

November

30,

2021:

•

Nuveen

Santa

Barbara

Global

Dividend

Growth

Fund

to

Nuveen

Global

Dividend

Growth

Fund

•

Nuveen

Santa

Barbara

International

Dividend

Growth

Fund

to

Nuveen

International

Dividend

Growth

Fund

The

Funds’

portfolio

management

teams

and

investment

strategies

were

not

affected

by

these

changes.

Nuveen

International

Small

Cap

Fund

On

September

20,

2021,

the

Fund’s

Board

of

Trustees

approved

an

amended

and

restated

sub-advisory

agreement,

effective

on

December

1,

2021,

between

NFAL

and

NAM,

pursuant

to

which

NAM

replaced

Winslow

Capital

Management,

LLC

(“Winslow”)

as

the

Fund’s

sub-adviser.

NAM

and

Winslow

are

both

affiliates

of

NFAL

and

subsidiaries

of

Nuveen,

LLC.

In

connection

therewith,

the

Fund’s

Board

of

Trustees

also

approved

that

the

Fund

be

renamed

Nuveen

International

Small

Cap

Fund,

effective

December

1,

2021.

The

Fund’s

portfolio

management

team

and

investment

strategies

were

not

affected

by

these

changes.

Risk

Considerations

7

Nuveen

Emerging

Markets

Equity

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.

Investments

in

small

and

mid-cap

companies

are

subject

to

greater

volatility

than

those

of

larger

companies.

These

and

other

risk

considerations,

such

as

derivatives

and

growth

stock

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Global

Dividend

Growth

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Dividends

are

not

guaranteed.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

currency,

growth

stock,

preferred

security,

and

smaller

company

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

International

Dividend

Growth

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Dividends

are

not

guaranteed.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

currency,

growth

stock,

preferred

security,

and

smaller

company

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

International

Growth

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,

growth

stock,

and

smaller

company

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

International

Small

Cap

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Investments

in

smaller

companies

are

subject

to

greater

volatility

than

those

of

larger

companies.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

derivatives

and

growth

stock

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

8

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

for

each

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Returns

quoted

represent

past

performance,

which

is

no

guarantee

of

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

redeemed,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

Returns

at

net

asset

value

(NAV)

would

be

lower

if

the

sales

charge

were

included.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements,

Note

7—Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

Returns

reflect

differences

in

sales

charges

and

expenses,

which

are

primarily

differences

in

distribution

and

service

fees,

and

assume

reinvestment

of

dividends

and

capital

gains.

Comparative

index

and

Lipper

return

information

is

provided

for

Class

A

Shares

at

NAV

only.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Holding

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information. 

Nuveen

Emerging

Markets

Equity

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

January

31,

2022

9

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

Emerging

Markets

Index

(Net).

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

not

reflected

in

the

total

returns.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

peri-

ods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2023

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.99%

of

the

average

daily

net

assets

of

any

class

of

Fund

Shares.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

operating

expenses

for

the

Class

R6

Shares

will

be

less

than

the

expense

limitation.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of

Trustees

of

the

Fund.

Total

Returns

as

of

January

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

6-Month

1-Year

Since

Inception

Gross

Net

Class

A

Shares

at

NAV

11/27/18

(12.99)%

(20.86)%

7.90%

2.48%

1.21%

Class

A

Shares

at

maximum

Offering

Price

11/27/18

(18.00)%

(25.41)%

5.91%

—

—

MSCI

Emerging

Markets

Index

(Net)

—

(4.59)%

(7.23)%

9.22%

—

—

Lipper

Emerging

Markets

Funds

Classification

Average

—

(5.47)%

(5.04)%

10.78%

—

—

Class

C

Shares

11/27/18

(13.35)%

(21.46)%

7.14%

3.23%

1.96%

Class

R6

Shares

11/27/18

(12.76)%

(20.52)%

8.28%

2.11%

0.84%

Class

I

Shares

11/27/18

(12.90)%

(20.68)%

8.16%

2.23%

0.96%

10

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

January

31,

2022

(continued)

Holdings

Summaries

as

of

January

31,

2022

Fund

Allocation

(%

of

net

assets)

Common

Stocks

94.8‌%

Repurchase

Agreements

7.1‌%

Other

Assets

Less

Liabilities

(1.9)%

Net

Assets

100‌%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Taiwan

Semiconductor

Manufacturing

Co

Ltd

10.6%

Alibaba

Group

Holding

Ltd

6.8%

Baidu

Inc

5.5%

Samsung

Electronics

Co

Ltd

5.2%

Tencent

Holdings

Ltd

5.2%

Portfolio

Composition

1

(%

of

net

assets)

Internet

&

Direct

Marketing

Retail

16.6%

Semiconductors

&

Semiconductor

Equipment

14.5%

Interactive

Media

&

Services

12.3%

Banks

9.3%

Hotels,

Restaurants

&

Leisure

6.5%

Oil,

Gas

&

Consumable

Fuels

6.4%

Technology

Hardware,

Storage

&

Peripherals

5.2%

Insurance

3.8%

Media

2.9%

Food

&

Staples

Retailing

2.7%

Other

14.7%

Repurchase

Agreements

7.0%

Other

Assets

Less

Liabilities

(1.9)%

Net

Assets

100%

Country

Allocation

2

(%

of

net

assets)

China

30.5‌%

Taiwan

15.5‌%

Brazil

11.1‌%

India

8.5‌%

South

Korea

7.6‌%

United

States

7.4‌%

Mexico

5.9‌%

Indonesia

3.3‌%

Macau

3.3‌%

Russia

2.9‌%

Other

5.9‌%

Other

Assets

Less

Liabilities

(1.9)%

Net

Assets

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries

comprising  “Other”

and

not

listed

in

the

Portfolio

Composition

above.

2

Includes

92.9%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

Nuveen

Global

Dividend

Growth

Fund

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

January

31,

2022

11

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

Index

(Net).

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

not

reflected

in

the

total

returns.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

 Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2023

so

that

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

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

January

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Gross

Net

Class

A

Shares

at

NAV

6/11/12

4.56%

18.94%

10.43%

9.88%

2.02%

1.15%

Class

A

Shares

at

maximum

Offering

Price

6/11/12

(1.45)%

12.10%

9.13%

9.21%

—

—

MSCI

World

Index

(Net)

—

0.26%

16.53%

13.25%

12.40%

—

—

Lipper

Global

Equity

Income

Funds

Classification

Average

—

3.17%

16.13%

8.86%

9.02%

—

—

Class

C

Shares

6/11/12

4.15%

18.04%

9.60%

9.20%

2.77%

1.90%

Class

I

Shares

6/11/12

4.69%

19.24%

10.70%

10.15%

1.77%

0.90%

12

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

January

31,

2022

(continued)

Holdings

Summaries

as

of

January

31,

2022

Fund

Allocation

(%

of

net

assets)

Common

Stocks

97.9‌%

Repurchase

Agreements

2.1‌%

Other

Assets

Less

Liabilities

0.0%

Net

Assets

100‌%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Microsoft

Corp

5.0%

Apple

Inc

3.7%

Lowe's

Cos

Inc

2.8%

JPMorgan

Chase

&

Co

2.8%

Macquarie

Group

Ltd

2.6%

Portfolio

Composition

1

(%

of

net

assets)

Software

7.0%

Oil,

Gas

&

Consumable

Fuels

5.8%

Banks

4.9%

IT

Services

4.7%

Semiconductors

&

Semiconductor

Equipment

4.5%

Health

Care

Equipment

&

Supplies

4.5%

Capital

Markets

4.0%

Technology

Hardware,

Storage

&

Peripherals

3.7%

Containers

&

Packaging

3.6%

Pharmaceuticals

3.2%

Textiles,

Apparel

&

Luxury

Goods

3.0%

Electric

Utilities

3.0%

Communications

Equipment

2.9%

Specialty

Retail

2.8%

Biotechnology

2.4%

Media

2.4%

Wireless

Telecommunication

Services

2.3%

Health

Care

Providers

&

Services

2.3%

Road

&

Rail

2.1%

Consumer

Finance

2.1%

Tobacco

2.1%

Food

Products

2.0%

Beverages

2.0%

Industrial

Conglomerates

2.0%

Other

18.6%

Repurchase

Agreements

2.1%

Other

Assets

Less

Liabilities

0.0%

Net

Assets

100%

Country

Allocation

(%

of

net

assets)

United

States

66.6‌%

Japan

7.0‌%

United

Kingdom

6.2‌%

Canada

4.8‌%

France

4.8‌%

Germany

3.6‌%

Australia

2.6‌%

Hong

Kong

2.4‌%

Switzerland

2.0‌%

Other

Assets

Less

Liabilities

0.0%

Net

Assets

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries

comprising  “Other”

and

not

listed

in

the

Portfolio

Composition

above.

Nuveen

International

Dividend

Growth

Fund

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

January

31,

2022

13

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

MSCI

EAFE

Index

(Net).

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

not

reflected

in

the

total

returns.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

peri-

ods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2023

so

that

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

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

January

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

6-Month

1-Year

5-Year

Since

Inception

Gross

Net

Class

A

Shares

at

NAV

6/11/12

2.85%

15.94%

6.76%

6.87%

4.85%

1.14%

Class

A

Shares

at

maximum

Offering

Price

6/11/12

(3.06)%

9.28%

5.50%

6.22%

—

—

MSCI

EAFE

Index

(Net)

—

(3.43)%

7.03%

7.85%

8.01%

—

—

Lipper

International

Equity

Income

Funds

Classification

Average

—

0.18%

11.26%

6.77%

6.44%

—

—

Class

C

Shares

6/11/12

2.48%

15.08%

5.96%

6.21%

5.60%

1.89%

Class

I

Shares

6/11/12

2.98%

16.22%

7.03%

7.13%

4.60%

0.89%

14

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

January

31,

2022

(continued)

Holdings

Summaries

as

of

January

31,

2022

Fund

Allocation

(%

of

net

assets)

Common

Stocks

98.3‌%

Other

Assets

Less

Liabilities

1.7%

Net

Assets

100‌%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Linde

PLC

4.8%

Macquarie

Group

Ltd

4.5%

Novo

Nordisk

A/S

4.3%

Koninklijke

DSM

NV

4.3%

ITOCHU

Corp

4.2%

Portfolio

Composition

1

(%

of

net

assets)

Pharmaceuticals

14.8%

Chemicals

9.0%

Banks

6.8%

Textiles,

Apparel

&

Luxury

Goods

6.6%

Oil,

Gas

&

Consumable

Fuels

6.3%

Wireless

Telecommunication

Services

5.9%

Capital

Markets

4.5%

Trading

Companies

&

Distributors

4.2%

Diversified

Financial

Services

3.8%

Containers

&

Packaging

3.5%

Aerospace

&

Defense

3.4%

Electric

Utilities

3.2%

Software

3.2%

Gas

Utilities

2.8%

Food

Products

2.7%

Other

17.6%

Other

Assets

Less

Liabilities

1.7%

Net

Assets

100%

Country

Allocation

2

(%

of

net

assets)

United

Kingdom

22.9‌%

Japan

16.5‌%

France

10.6‌%

Canada

9.3‌%

Germany

6.0‌%

Hong

Kong

5.0‌%

Australia

4.5‌%

Denmark

4.3‌%

Netherlands

4.3‌%

United

States

3.5‌%

Other

11.4‌%

Other

Assets

Less

Liabilities

1.7%

Net

Assets

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries

comprising  “Other”

and

not

listed

in

the

Portfolio

Composition

above.

2

Includes

5.8%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

Nuveen

International

Growth

Fund

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

January

31,

2022

15

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

ACWI

ex

USA

Index

(Net).

Prior

to

December

1,

2021,

the

Fund’s

performance

was

measured

against

the

MSCI

EAFE®

Index

(Net).

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

not

reflected

in

the

total

returns.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

peri-

ods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

Total

Returns

as

of

January

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6-Month

1-Year

5-Year

10-Year

Class

A

Shares

at

NAV

4/24/09

(12.33)%

(9.05)%

8.05%

7.81%

1.05%

Class

A

Shares

at

maximum

Offering

Price

4/24/09

(17.37)%

(14.28)%

6.78%

7.18%

—

MSCI

EAFE®

Index

(Net)

—

(3.43)%

7.03%

7.85%

6.94%

—

MSCI

ACWI

ex

USA

Index

(Net)

—

(3.27)%

3.63%

8.04%

6.18%

—

Lipper

International

Multi-Cap

Growth

Funds

Classification

Average

—

(7.90)%

(0.14)%

9.84%

7.70%

—

Class

C

Shares

4/24/09

(12.66)%

(9.70)%

7.24%

7.17%

1.80%

Class

I

Shares

4/24/09

(12.22)%

(8.80)%

8.32%

8.08%

0.80%

Total

Returns

as

of

January

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

Inception

Date

6

month

1-Year

5-Year

Since

Inception

Class

R6

Shares

6/30/16

(12.18)%

(8.73)%

8.22%

7.61%

0.71%

16

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

January

31,

2022

(continued)

Holdings

Summaries

as

of

January

31,

2022

Fund

Allocation

(%

of

net

assets)

Common

Stocks

96.7‌%

Repurchase

Agreements

2.5‌%

Other

Assets

Less

Liabilities

0.8%

Net

Assets

100‌%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

LVMH

Moet

Hennessy

Louis

Vuitton

SE

2.4%

AstraZeneca

PLC

2.3%

AIA

Group

Ltd

2.3%

Sony

Group

Corp

2.3%

Taiwan

Semiconductor

Manufacturing

Co

Ltd

2.3%

Portfolio

Composition

1

(%

of

net

assets)

Semiconductors

&

Semiconductor

Equipment

7.5%

Oil,

Gas

&

Consumable

Fuels

6.0%

Health

Care

Equipment

&

Supplies

5.5%

Banks

5.5%

Aerospace

&

Defense

5.1%

Professional

Services

4.7%

Pharmaceuticals

4.4%

Textiles,

Apparel

&

Luxury

Goods

4.3%

Food

Products

4.2%

Capital

Markets

4.1%

Software

3.6%

Insurance

3.3%

Internet

&

Direct

Marketing

Retail

3.1%

Chemicals

3.0%

Life

Sciences

Tools

&

Services

2.8%

Hotels,

Restaurants

&

Leisure

2.4%

Household

Durables

2.3%

IT

Services

2.2%

Beverages

1.9%

Road

&

Rail

1.9%

Construction

&

Engineering

1.9%

Personal

Products

1.8%

Machinery

1.8%

Interactive

Media

&

Services

1.6%

Other

11.8%

Repurchase

Agreements

2.5%

Other

Assets

Less

Liabilities

0.8%

Net

Assets

100%

Country

Allocation

2

(%

of

net

assets)

United

Kingdom

14.4‌%

France

14.4‌%

Canada

9.4‌%

Japan

8.1‌%

United

States

5.8‌%

Ireland

5.5‌%

Germany

5.2‌%

Switzerland

4.5‌%

India

4.4‌%

Taiwan

4.3‌%

China

4.2‌%

Other

19.0‌%

Other

Assets

Less

Liabilities

0.8%

Net

Assets

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries

comprising  “Other”

and

not

listed

in

the

Portfolio

Composition

above.

2

Includes

15.4%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

Nuveen

International

Small

Cap

Fund

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

January

31,

2022

17

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

ex

USA

Small

Cap

Index

(Net).

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

not

reflected

in

the

total

returns.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

peri-

ods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

so

that

total

annual

Fund

oper-

ating

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,

2023

or

1.00%)

of

the

average

daily

net

assets

of

any

class

of

Fund

shares.

However,

because

Class

R6

shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

fund

operating

expenses

for

the

Class

R6

shares

will

be

less

than

the

expense

limitation.

The

expense

limitation

expiring

July

31,

2023

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

January

31,

2022**

Cumulative

Average

Annual

Expense

Ratios

***

Inception

Date

6-Month

1-Year

Since

Inception

Gross

Net

Class

A

Shares

at

NAV

12/18/17

(7.02)%

9.41%

6.12%

1.45%

1.20%

Class

A

Shares

at

maximum

Offering

Price

12/18/17

(12.36)%

3.12%

4.61%

—

—

MSCI

World

ex

USA

Small

Cap

Index

(Net)

—

(7.21)%

3.80%

5.08%

—

—

Lipper

International

Small/Mid-Cap

Classification

Average

—

(9.05)%

2.36%

5.66%

—

—

Class

C

Shares

12/18/17

(7.39)%

8.55%

5.32%

2.20%

1.94%

Class

R6

Shares

12/18/17

(6.89)%

9.68%

6.41%

1.17%

0.91%

Class

I

Shares

12/18/17

(6.93)%

9.64%

6.38%

1.20%

0.95%

18

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

January

31,

2022

(continued)

Holdings

Summaries

as

of

January

31,

2022

Fund

Allocation

(%

of

net

assets)

Common

Stocks

97.3‌%

Repurchase

Agreements

2.2‌%

Investments

Purchased

with

Collateral

from

Securities

Lending

1.2‌%

Other

Assets

Less

Liabilities

(0.7)%

Net

Assets

100‌%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Beazley

PLC

2.2%

Israel

Discount

Bank

Ltd

2.2%

APERAM

SA

2.0%

OSB

Group

PLC

1.9%

BAWAG

Group

AG

1.8%

Portfolio

Composition

1

(%

of

net

assets)

IT

Services

7.2%

Machinery

6.9%

Trading

Companies

&

Distributors

6.7%

Equity

Real

Estate

Investment

Trusts

(REITs)

5.6%

Oil,

Gas

&

Consumable

Fuels

4.2%

Metals

&

Mining

4.1%

Hotels,

Restaurants

&

Leisure

4.0%

Banks

3.9%

Food

Products

3.9%

Beverages

3.3%

Insurance

3.2%

Semiconductors

&

Semiconductor

Equipment

2.8%

Health

Care

Providers

&

Services

2.6%

Software

2.4%

Auto

Components

2.4%

Construction

Materials

2.2%

Thrifts

&

Mortgage

Finance

1.9%

Commercial

Banks

1.8%

Aerospace

&

Defense

1.6%

Consumer

Finance

1.6%

Industrial

Conglomerates

1.6%

Health

Care

Equipment

&

Supplies

1.6%

Electronic

Equipment,

Instruments

&

Components

1.6%

Independent

Power

and

Renewable

Electricity

Producers

1.5%

Other

18.7%

Investments

Purchased

with

Collateral

from

Securities

Lending

1.2%

Repurchase

Agreements

2.2%

Other

Assets

Less

Liabilities

(0.7)%

Net

Assets

100%

Country

Allocation

2

(%

of

net

assets)

Japan

22.9‌%

United

Kingdom

21.4‌%

Canada

13.5‌%

Australia

5.3‌%

Germany

4.3‌%

United

States

4.1‌%

Netherlands

3.7‌%

Israel

3.7‌%

Norway

2.9‌%

Denmark

2.7‌%

Other

16.2‌%

Other

Assets

Less

Liabilities

(0.7)%

Net

Assets

100‌%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries

comprising  “Other”

and

not

listed

in

the

Portfolio

Composition

above.

2

Includes

2.0%

(as

a

percentage

of

net

assets)

in

emerging

market

countries.

Expense

Examples

19

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

January

31,

2022.

The

beginning

of

the

period

is

August

1,

2021.

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

Emerging

Markets

Equity

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

$

870.05

$

866.53

$

872.39

$

871.01

Expenses

Incurred

During

the

Period

$

5.61

$

9.13

$

3.21

$

4.43

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

$

1,019.21

$

1,015.43

$

1,021.78

$

1,020.47

Expenses

Incurred

During

the

Period

$

6.06

$

9.86

$

3.47

$

4.79

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.19%,

1.94%,

0.68%

and

0.94%

for

Classes

A,

C,

R6

and

I

multiplied

by

the

average

account

value

over

the

period,

multiplied

by184

/365

(to

reflect

the

one-half

year

period).

Nuveen

Global

Dividend

Growth

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

$

1,045.60

$

1,041.47

$

1,046.92

Expenses

Incurred

During

the

Period

$

5.88

$

9.73

$

4.59

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,019.46

$

1,015.68

$

1,020.72

Expenses

Incurred

During

the

Period

$

5.80

$

9.60

$

4.53

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.14%,

1.89%

and

0.89%

for

Classes

A,

C

and

I

multiplied

by

the

average

account

value

over

the

period,

multiplied

by184

/365

(to

reflect

the

one-half

year

period).

Expense

Examples

(continued)

20

Nuveen

International

Dividend

Growth

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

$

1,028.52

$

1,024.76

$

1,029.83

Expenses

Incurred

During

the

Period

$

5.83

$

9.65

$

4.55

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$

1,000.00

$

1,000.00

$

1,000.00

Ending

Account

Value

$

1,019.46

$

1,015.68

$

1,020.72

Expenses

Incurred

During

the

Period

$

5.80

$

9.60

$

4.53

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.14%,

1.89%

and

0.89%

for

Classes

A,

C

and

I

multiplied

by

the

average

account

value

over

the

period,

multiplied

by184

/365

(to

reflect

the

one-half

year

period).

Nuveen

International

Growth

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

$

876.67

$

873.42

$

878.23

$

877.85

Expenses

Incurred

During

the

Period

$

4.92

$

8.45

$

3.27

$

3.74

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

$

1,019.96

$

1,016.18

$

1,021.73

$

1,021.22

Expenses

Incurred

During

the

Period

$

5.30

$

9.10

$

3.52

$

4.02

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.04%,

1.79%,

0.69%

and

0.79%

for

Classes

A,

C,

R6

and

I

multiplied

by

the

average

account

value

over

the

period,

multiplied

by184

/365

(to

reflect

the

one-half

year

period).

Nuveen

International

Small

Cap

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

$

929.82

$

926.05

$

931.14

$

930.73

Expenses

Incurred

During

the

Period

$

5.79

$

9.42

$

4.33

$

4.57

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

$

1,019.21

$

1,015.43

$

1,020.72

$

1,020.47

Expenses

Incurred

During

the

Period

$

6.06

$

9.86

$

4.53

$

4.79

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.19%,

1.94%,

0.89%

and

0.94%

for

Classes

A,

C,

R6

and

I

multiplied

by

the

average

account

value

over

the

period,

multiplied

by184

/365

(to

reflect

the

one-half

year

period).

21

Nuveen

Emerging

Markets

Equity

Fund

Portfolio

of

Investments

January

31,

2022

(Unaudited)

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

94.8%   

COMMON

STOCKS

-

94.8%

Banks

-

9.2%

244,100

Bank

Central

Asia

Tbk

PT

(2)

$

129,836

1,555

Credicorp

Ltd

222,707

1,675

HDFC

Bank

Ltd,

ADR

114,956

14,151

ICICI

Bank

Ltd,

ADR

307,501

7,106

Sberbank

of

Russia

PJSC,

ADR

(2)

99,683

2,092

Sberbank

of

Russia

PJSC,

ADR

29,131

Total

Banks

903,814

Beverages

-

2.1%

2,785

Fomento

Economico

Mexicano

SAB

de

CV,

ADR

209,488

Commercial

Banks

-

2.4%

589,000

Bank

of

China

Ltd,

DD1

(2)

229,588

Diversified

Financial

Services

-

1.4%

7,274

Altimeter

Growth

Corp

(3)

41,171

24,356

FirstRand

Ltd

(2)

98,181

Total

Diversified

Financial

Services

139,352

Electronic

Equipment,

Instruments

&

Components

-

1.0%

25,000

Hon

Hai

Precision

Industry

Co

Ltd

(2)

93,473

Entertainment

-

1.0%

15,008

HUYA

Inc,

ADR

(3)

99,353

Food

&

Staples

Retailing

-

2.7%

51,580

Sendas

Distribuidora

SA

121,711

41,474

Wal-Mart

de

Mexico

SAB

de

CV

140,679

Total

Food

&

Staples

Retailing

262,390

Hotels,

Restaurants

&

Leisure

-

6.5%

15,181

Melco

Resorts

&

Entertainment

Ltd,

ADR

(3)

160,311

65,600

Sands

China

Ltd

(2),(3)

182,923

154,200

Wynn

Macau

Ltd

(2),(3)

139,344

3,183

Yum

China

Holdings

Inc

153,325

Total

Hotels,

Restaurants

&

Leisure

635,903

Insurance

-

3.8%

30,100

BB

Seguridade

Participacoes

SA

131,168

30,728

Ping

An

Insurance

Group

Co

of

China

Ltd

(2)

243,852

Total

Insurance

375,020

Interactive

Media

&

Services

-

12.3%

3,332

Baidu

Inc,

ADR

(3)

532,254

8,100

Tencent

Holdings

Ltd

(2)

507,564

10,160

VK

Co

Ltd,

GDR

(3)

81,077

1,616

Yandex

NV

(3)

77,665

Total

Interactive

Media

&

Services

1,198,560

Internet

&

Direct

Marketing

Retail

-

16.6%

42,236

Alibaba

Group

Holding

Ltd

(2),(3)

661,988

78,813

Americanas

SA

(3)

470,642

3,978

Baozun

Inc,

ADR

(3)

52,748

1,431

JD.com

Inc,

ADR

(3)

107,153

385

JD.com

Inc,

Class

A,

WI/DD

(2),(3)

14,592

Nuveen

Emerging

Markets

Equity

Fund

(continued)

Portfolio

of

Investments

January

31,

2022

(Unaudited)

22

Shares

Description

(1)

Value

Internet

&

Direct

Marketing

Retail

(continued)

2,113

Prosus

NV

(2)

175,793

14,657

Vipshop

Holdings

Ltd,

ADR

(3)

136,457

Total

Internet

&

Direct

Marketing

Retail

1,619,373

IT

Services

-

1.4%

8,893

StoneCo

Ltd

(3)

138,553

Media

-

2.9%

18,450

Grupo

Televisa

SAB,

ADR

188,744

17,641

iClick

Interactive

Asia

Group

Ltd,

ADR

(3)

61,567

11,351

Megacable

Holdings

SAB

de

CV

36,582

Total

Media

286,893

Metals

&

Mining

-

1.0%

5,089

AngloGold

Ashanti

Ltd

(2)

95,403

Multiline

Retail

-

2.0%

731,500

Matahari

Department

Store

Tbk

PT

(2)

193,370

Oil,

Gas

&

Consumable

Fuels

-

6.4%

36,500

Petroleo

Brasileiro

SA

222,364

2,021

Reliance

Industries

Ltd,

GDR,

144A

128,839

4,255

Reliance

Industries

Ltd,

GDR,

144A

(2)

273,740

Total

Oil,

Gas

&

Consumable

Fuels

624,943

Personal

Products

-

1.4%

1,071

Amorepacific

Corp

(2)

139,681

Semiconductors

&

Semiconductor

Equipment

-

14.5%

31,130

ASE

Technology

Holding

Co

Ltd

(2)

113,378

6,720

MediaTek

Inc

(2)

266,913

44,662

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(2),(3)

1,032,674

Total

Semiconductors

&

Semiconductor

Equipment

1,412,965

Technology

Hardware,

Storage

&

Peripherals

-

5.2%

8,228

Samsung

Electronics

Co

Ltd

(2)

511,774

Wireless

Telecommunication

Services

-

1.0%

2,126

SK

Telecom

Co

Ltd

(2)

101,187

Total

Long-Term

Investments

(cost

$9,350,409)

9,271,083

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 7.1%  

REPURCHASE

AGREEMENTS

-

7.1%

689

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

1/31/22,

repurchase

price

$688,774,

collateralized

by

$727,900,

U.S.

Treasury

Bond,

1.875%,

due

2/15/41,

value

$702,550

0.000%

2/01/22

$

688,774

Total

Short-Term

Investments

(cost

$688,774)

688,774

Total

Investments

(cost

$

10,039,183

)

-

101

.9

%

9,959,857

Other

Assets

Less

Liabilities

-

(1.9)%

(181,724

)

Net

Assets

-

100%

$

9,778,133

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

2.

23

(3)

Non-Income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

ADR

American

Depositary

Receipt

DD1

Portion

of

investment

purchased

on

a

delayed

delivery

basis.

GDR

Global

Depositary

Receipt

WI/DD

Purchased

on

a

when-issued

or

delayed

delivery

basis.

See

accompanying

notes

to

financial

statements

24

Nuveen

Global

Dividend

Growth

Fund

Portfolio

of

Investments

January

31,

2022

(Unaudited)

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

97.9%   

COMMON

STOCKS

-

97.9%

Aerospace

&

Defense

-

1.8%

877

Lockheed

Martin

Corp

$

341,267

Banks

-

4.9%

3,615

JPMorgan

Chase

&

Co

537,189

5,161

Toronto-Dominion

Bank

413,359

Total

Banks

950,548

Beverages

-

2.0%

2,221

PepsiCo

Inc

385,388

Biotechnology

-

2.4%

3,404

AbbVie

Inc

465,974

Capital

Markets

-

4.0%

3,320

Charles

Schwab

Corp

291,164

3,781

Macquarie

Group

Ltd

(2)

494,220

Total

Capital

Markets

785,384

Chemicals

-

1.6%

2,371

International

Flavors

&

Fragrances

Inc

312,782

Communications

Equipment

-

2.9%

4,778

Cisco

Systems

Inc

265,991

1,303

Motorola

Solutions

Inc

302,218

Total

Communications

Equipment

568,209

Consumer

Finance

-

2.1%

2,253

American

Express

Co

405,134

Containers

&

Packaging

-

3.6%

33,320

Amcor

PLC

(2)

399,259

1,934

Packaging

Corp

of

America

291,319

Total

Containers

&

Packaging

690,578

Diversified

Financial

Services

-

1.9%

17,600

ORIX

Corp

(2)

363,037

Diversified

Telecommunication

Services

-

0.8%

120,487

HKT

Trust

&

HKT

Ltd

(2)

164,416

Electric

Utilities

-

3.0%

3,754

NextEra

Energy

Inc

293,262

13,142

SSE

PLC

(2)

282,764

Total

Electric

Utilities

576,026

Electronic

Equipment,

Instruments

&

Components

-

0.4%

7,400

Alps

Alpine

Co

Ltd

(2)

80,708

Equity

Real

Estate

Investment

Trusts

(REITs)

-

1.8%

5,889

Duke

Realty

Corp

340,266

Food

Products

-

2.0%

3,021

Nestle

SA

(2)

390,127

25

Shares

Description

(1)

Value

Health

Care

Equipment

&

Supplies

-

4.5%

3,087

Abbott

Laboratories

393,469

5,651

Baxter

International

Inc

482,821

Total

Health

Care

Equipment

&

Supplies

876,290

Health

Care

Providers

&

Services

-

2.3%

946

UnitedHealth

Group

Inc

447,051

Hotels,

Restaurants

&

Leisure

-

1.2%

4,235

Restaurant

Brands

International

Inc

236,879

Household

Products

-

1.1%

2,729

Reckitt

Benckiser

Group

PLC

(2)

221,109

Industrial

Conglomerates

-

2.0%

1,862

Honeywell

International

Inc

380,742

Insurance

-

1.5%

28,800

AIA

Group

Ltd

(2)

300,667

IT

Services

-

4.7%

1,293

Accenture

PLC,

Class

A

457,179

3,825

Fidelity

National

Information

Services

Inc

458,694

Total

IT

Services

915,873

Media

-

2.4%

9,235

Comcast

Corp,

Class

A

461,658

Multi-Utilities

-

1.9%

3,723

WEC

Energy

Group

Inc

361,280

Oil,

Gas

&

Consumable

Fuels

-

5.8%

2,349

Chevron

Corp

308,494

6,797

Enbridge

Inc

287,355

2,633

Phillips

66

223,252

5,301

TotalEnergies

SE

(2)

301,454

Total

Oil,

Gas

&

Consumable

Fuels

1,120,555

Personal

Products

-

1.5%

5,581

Unilever

PLC

(2)

286,204

Pharmaceuticals

-

3.2%

16,500

Astellas

Pharma

Inc

(2)

266,319

3,365

Sanofi

(2)

351,851

Total

Pharmaceuticals

618,170

Professional

Services

-

1.2%

5,473

Experian

PLC

(2)

228,596

Road

&

Rail

-

2.1%

1,672

Union

Pacific

Corp

408,888

Semiconductors

&

Semiconductor

Equipment

-

4.5%

785

Broadcom

Inc

459,916

2,340

Texas

Instruments

Inc

420,006

Total

Semiconductors

&

Semiconductor

Equipment

879,922

Software

-

7.0%

3,085

Microsoft

Corp

959,373

3,119

SAP

SE

(2)

391,314

Total

Software

1,350,687

Nuveen

Global

Dividend

Growth

Fund

(continued)

Portfolio

of

Investments

January

31,

2022

(Unaudited)

26

Shares

Description

(1)

Value

Specialty

Retail

-

2.8%

2,283

Lowe's

Cos

Inc

541,870

Technology

Hardware,

Storage

&

Peripherals

-

3.7%

4,087

Apple

Inc

714,325

Textiles,

Apparel

&

Luxury

Goods

-

3.0%

1,111

adidas

AG

(2)

304,877

333

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(2)

273,519

Total

Textiles,

Apparel

&

Luxury

Goods

578,396

Tobacco

-

2.1%

3,876

Philip

Morris

International

Inc

398,647

Trading

Companies

&

Distributors

-

1.9%

11,525

ITOCHU

Corp

(2)

370,258

Wireless

Telecommunication

Services

-

2.3%

8,600

KDDI

Corp

(2)

274,759

99,649

Vodafone

Group

PLC

(2)

174,970

Total

Wireless

Telecommunication

Services

449,729

Total

Long-Term

Investments

(cost

$11,874,973)

18,967,640

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 2.1%  

REPURCHASE

AGREEMENTS

-

2.1%

402

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

1/31/22,

repurchase

price

$401,990,

collateralized

by

$424,900,

U.S.

Treasury

Bond,

1.875%,

due

2/15/41,

value

$410,102

0.000%

2/01/22

$

401,990

Total

Short-Term

Investments

(cost

$401,990)

401,990

Total

Investments

(cost

$

12,276,963

)

-

100

.0

%

19,369,630

Other

Assets

Less

Liabilities

-

0.0%

9,413

Net

Assets

-

100%

$

19,379,043

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

2.

See

accompanying

notes

to

financial

statements

27

Nuveen

International

Dividend

Growth

Fund

Portfolio

of

Investments

January

31,

2022

(Unaudited)

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

98.3%   

COMMON

STOCKS

-

98.3%

Aerospace

&

Defense

-

3.4%

19,320

BAE

Systems

PLC

(2)

$

151,194

Banks

-

6.8%

32,446

BOC

Hong

Kong

Holdings

Ltd,

DD1

(2)

125,285

2,276

Toronto-Dominion

Bank

182,291

Total

Banks

307,576

Capital

Markets

-

4.5%

1,555

Macquarie

Group

Ltd

(2)

203,256

Chemicals

-

9.0%

1,027

Koninklijke

DSM

NV

(2)

192,522

671

Linde

PLC

(2)

213,391

Total

Chemicals

405,913

Containers

&

Packaging

-

3.5%

12,978

Amcor

PLC

(2)

155,510

Diversified

Financial

Services

-

3.8%

8,300

ORIX

Corp

(2)

171,205

Diversified

Telecommunication

Services

-

2.6%

85,400

HKT

Trust

&

HKT

Ltd

(2)

116,536

Electric

Utilities

-

3.2%

6,675

SSE

PLC

(2)

143,620

Electronic

Equipment,

Instruments

&

Components

-

1.0%

4,200

Alps

Alpine

Co

Ltd

(2)

45,807

Equity

Real

Estate

Investment

Trusts

(REITs)

-

2.1%

12,596

British

Land

Co

PLC

(2)

94,187

Food

Products

-

2.7%

958

Nestle

SA

(2)

123,715

Gas

Utilities

-

2.8%

22,082

Snam

SpA

(2)

123,741

Hotels,

Restaurants

&

Leisure

-

2.2%

1,744

Restaurant

Brands

International

Inc

97,548

Household

Products

-

2.4%

1,331

Reckitt

Benckiser

Group

PLC

(2)

107,840

Insurance

-

2.4%

10,200

AIA

Group

Ltd,

DD1

(2)

106,486

Oil,

Gas

&

Consumable

Fuels

-

6.3%

3,284

Enbridge

Inc

138,837

2,575

TotalEnergies

SE

(2)

146,433

Total

Oil,

Gas

&

Consumable

Fuels

285,270

Personal

Products

-

2.4%

2,107

Unilever

PLC

(2)

108,051

Nuveen

International

Dividend

Growth

Fund

(continued)

Portfolio

of

Investments

January

31,

2022

(Unaudited)

28

Shares

Description

(1)

Value

Pharmaceuticals

-

14.8%

10,800

Astellas

Pharma

Inc

(2)

174,318

4,775

Hikma

Pharmaceuticals

PLC

(2)

134,145

1,942

Novo

Nordisk

A/S

(2)

193,167

1,557

Sanofi

(2)

162,803

Total

Pharmaceuticals

664,433

Professional

Services

-

2.5%

2,698

Experian

PLC

(2)

112,690

Software

-

3.2%

1,138

SAP

SE

(2)

142,775

Textiles,

Apparel

&

Luxury

Goods

-

6.6%

466

adidas

AG

(2)

127,879

205

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(2)

168,382

Total

Textiles,

Apparel

&

Luxury

Goods

296,261

Trading

Companies

&

Distributors

-

4.2%

5,900

ITOCHU

Corp

(2)

189,546

Wireless

Telecommunication

Services

-

5.9%

5,100

KDDI

Corp

(2)

162,938

58,083

Vodafone

Group

PLC

(2)

101,986

Total

Wireless

Telecommunication

Services

264,924

Total

Long-Term

Investments

(cost

$3,074,372)

4,418,084

Other

Assets

Less

Liabilities

-

1.7%

75,066

Net

Assets

-

100%

$

4,493,150

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

2.

DD1

Portion

of

investment

purchased

on

a

delayed

delivery

basis.

See

accompanying

notes

to

financial

statements

29

Nuveen

International

Growth

Fund

Portfolio

of

Investments

January

31,

2022

(Unaudited)

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

96.7%   

COMMON

STOCKS

-

96.7%

Aerospace

&

Defense

-

5.1%

278,566

Airbus

SE

(2),(3)

$

35,570,989

1,291,145

CAE

Inc

(3)

32,604,928

591,622

Montana

Aerospace

AG,

144A

(2),(3)

22,112,713

377,811

Thales

SA

(2)

34,852,094

Total

Aerospace

&

Defense

125,140,724

Auto

Components

-

0.8%

724,146

Valeo

(2)

20,267,836

Banks

-

5.5%

2,088,802

HDFC

Bank

Ltd

(2)

41,975,567

2,762,742

ING

Groep

NV

(2)

40,858,471

73,198,033

Lloyds

Banking

Group

PLC

(2)

50,797,299

Total

Banks

133,631,337

Beverages

-

1.9%

936,836

Diageo

PLC

(2)

47,274,016

Biotechnology

-

0.5%

702,600

PeptiDream

Inc

(2),(3)

12,613,609

Building

Products

-

1.3%

1,176,173

Assa

Abloy

AB

(2)

32,206,075

Capital

Markets

-

4.1%

574,070

Brookfield

Asset

Management

Inc

31,631,257

669,100

Hong

Kong

Exchanges

&

Clearing

Ltd

(2)

38,189,346

143,191

London

Stock

Exchange

Group

PLC

(2)

14,020,320

1,042,022

Nordnet

AB

publ

(2)

16,239,965

Total

Capital

Markets

100,080,888

Chemicals

-

3.0%

308,397

Air

Liquide

SA

(2)

52,754,156

191,874

Akzo

Nobel

NV

(2)

19,860,427

Total

Chemicals

72,614,583

Commercial

Services

&

Supplies

-

1.1%

177,526

Boyd

Group

Services

Inc

26,842,227

Construction

&

Engineering

-

1.9%

415,930

Vinci

SA

(2)

45,588,644

Consumer

Finance

-

0.7%

268,299

Nuvei

Corp

(3)

16,351,433

Diversified

Financial

Services

-

0.9%

2,344,841

Burford

Capital

Ltd

21,302,402

Diversified

Telecommunication

Services

-

0.6%

332,018

Cellnex

Telecom

SA,

144A

(2)

15,055,551

Electronic

Equipment,

Instruments

&

Components

-

0.9%

40,700

Keyence

Corp

(2)

20,875,942

Nuveen

International

Growth

Fund

(continued)

Portfolio

of

Investments

January

31,

2022

(Unaudited)

30

Shares

Description

(1)

Value

Entertainment

-

1.5%

90,672

Sea

Ltd,

ADR

(3)

13,628,908

118,111

Spotify

Technology

SA

(3)

23,180,465

Total

Entertainment

36,809,373

Food

&

Staples

Retailing

-

0.9%

281,366

Dino

Polska

SA,

144A

(3)

21,650,168

Food

Products

-

4.2%

398,584

Kerry

Group

PLC

(2)

50,220,612

402,971

Nestle

SA

(2)

52,038,984

Total

Food

Products

102,259,596

Health

Care

Equipment

&

Supplies

-

5.5%

414,881

Alcon

Inc

(2)

31,990,898

235,656

Cochlear

Ltd

(2)

32,316,197

336,200

Hoya

Corp

(2),(3)

43,594,498

1,540,787

Smith

&

Nephew

PLC

(2)

26,204,119

Total

Health

Care

Equipment

&

Supplies

134,105,712

Health

Care

Providers

&

Services

-

0.5%

298,379

Orpea

SA

(2)

13,100,091

Hotels,

Restaurants

&

Leisure

-

2.4%

1,074,263

Entain

PLC

(2),(3)

23,257,093

231,167

Flutter

Entertainment

PLC

(2),(3)

35,223,732

Total

Hotels,

Restaurants

&

Leisure

58,480,825

Household

Durables

-

2.3%

493,600

Sony

Group

Corp

(2)

55,218,274

Household

Products

-

1.1%

719,400

Unicharm

Corp

(2)

27,800,135

Insurance

-

3.3%

5,336,200

AIA

Group

Ltd

(2)

55,708,915

51,541

Zurich

Insurance

Group

AG

(2)

24,652,485

Total

Insurance

80,361,400

Interactive

Media

&

Services

-

1.6%

547,202

Tencent

Holdings

Ltd

(2)

34,288,922

2,089,690

Trustpilot

Group

PLC,

144A

(2),(3)

5,203,287

Total

Interactive

Media

&

Services

39,492,209

Internet

&

Direct

Marketing

Retail

-

3.1%

867,000

Alibaba

Group

Holding

Ltd

(2),(3)

13,588,978

404,377

Americanas

SA

(3)

2,414,796

736,913

Auction

Technology

Group

PLC

(3)

10,624,312

499,757

JD.com

Inc,

Class

A

(2),(3)

18,941,485

13,433

MercadoLibre

Inc

(3)

15,206,962

179,025

Zalando

SE,

144A

(2),(3)

14,208,838

Total

Internet

&

Direct

Marketing

Retail

74,985,371

IT

Services

-

2.2%

2,763,800

GDS

Holdings

Ltd,

Class

A

(2),(3)

14,433,121

1,401,360

NEXTDC

Ltd

(2),(3)

10,752,588

605,958

Pagseguro

Digital

Ltd

(3)

13,706,770

14,367

Shopify

Inc,

Class

A

(3)

13,867,436

Total

IT

Services

52,759,915

31

Shares

Description

(1)

Value

Life

Sciences

Tools

&

Services

-

2.8%

180,712

ICON

PLC

(3)

48,018,792

2,015,000

Wuxi

Biologics

Cayman

Inc,

144A

(2),(3)

20,195,870

Total

Life

Sciences

Tools

&

Services

68,214,662

Machinery

-

1.8%

547,586

Daimler

Truck

Holding

AG

(3)

19,304,527

232,998

Kornit

Digital

Ltd

(3)

24,478,770

Total

Machinery

43,783,297

Media

-

0.7%

1,015,167

YouGov

PLC

15,837,452

Oil,

Gas

&

Consumable

Fuels

-

6.0%

1,698,528

BP

PLC,

ADR

52,518,486

1,714,079

Equinor

ASA

(2),(3)

47,253,417

1,397,409

Reliance

Industries

Ltd

(2)

44,986,416

Total

Oil,

Gas

&

Consumable

Fuels

144,758,319

Personal

Products

-

1.8%

104,330

L'Oreal

SA

(2)

44,564,207

Pharmaceuticals

-

4.4%

481,833

AstraZeneca

PLC

(2)

56,050,638

348,439

Dr

Reddy's

Laboratories

Ltd,

ADR

20,035,242

299,769

Novo

Nordisk

A/S

(2)

29,817,497

Total

Pharmaceuticals

105,903,377

Professional

Services

-

4.7%

767,055

Experian

PLC

(2)

32,038,264

733,900

Recruit

Holdings

Co

Ltd

(2)

36,275,633

120,996

Teleperformance

(2)

45,565,787

Total

Professional

Services

113,879,684

Road

&

Rail

-

1.9%

302,979

Canadian

National

Railway

Co

36,927,614

3,793,400

Vamos

Locacao

de

Caminhoes

Maquinas

e

Equipamentos

SA

8,772,519

Total

Road

&

Rail

45,700,133

Semiconductors

&

Semiconductor

Equipment

-

7.5%

57,437

ASML

Holding

NV

(2)

38,901,763

60,525

Broadcom

Inc

35,460,387

395,307

Infineon

Technologies

AG

(2)

16,416,207

2,367,000

Taiwan

Semiconductor

Manufacturing

Co

Ltd

(2)

54,729,742

303,633

Taiwan

Semiconductor

Manufacturing

Co

Ltd,

ADR

37,234,515

Total

Semiconductors

&

Semiconductor

Equipment

182,742,614

Software

-

3.6%

21,167

Constellation

Software

Inc/Canada

36,456,729

3,041,469

Darktrace

PLC

(2),(3)

16,849,947

274,016

Lightspeed

Commerce

Inc

(3)

8,894,230

525,485

Open

Text

Corp

25,149,712

Total

Software

87,350,618

Specialty

Retail

-

0.3%

668,846

Mister

Spex

SE

(3)

7,724,549

Nuveen

International

Growth

Fund

(continued)

Portfolio

of

Investments

January

31,

2022

(Unaudited)

32

Shares

Description

(1)

Value

Textiles,

Apparel

&

Luxury

Goods

-

4.3%

173,105

adidas

AG

(2)

47,502,987

70,915

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(2)

58,247,965

Total

Textiles,

Apparel

&

Luxury

Goods

105,750,952

Total

Long-Term

Investments

(cost

$2,317,077,269)

2,353,078,200

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 2.5%  

REPURCHASE

AGREEMENTS

-

2.5%

60,408

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

1/31/22,

repurchase

price

$60,408,163,

collateralized

by

$63,839,700,

U.S.

Treasury

Bonds,

1.875%,

due

2/15/41,

value

$61,616,369

0.000%

2/01/22

$

60,408,163

Total

Short-Term

Investments

(cost

$60,408,163)

60,408,163

Total

Investments

(cost

$

2,377,485,432

)

-

99

.2

%

2,413,486,363

Other

Assets

Less

Liabilities

-

0.8%

19,024,896

Net

Assets

-

100%

$

2,432,511,259

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

2.

(3)

Non-Income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

ADR

American

Depositary

Receipt

See

accompanying

notes

to

financial

statements

33

Nuveen

International

Small

Cap

Fund

Portfolio

of

Investments

January

31,

2022

(Unaudited)

Shares

Description

(1)

Value

LONG-TERM

INVESTMENTS

-

97.3%   

COMMON

STOCKS

-

97.3%

Aerospace

&

Defense

-

1.6%

39,294

Kongsberg

Gruppen

ASA

(2)

$

1,190,847

Auto

Components

-

2.4%

53,149

Brembo

SpA

(2)

706,621

74,100

Toyo

Tire

Corp

(2)

1,047,715

Total

Auto

Components

1,754,336

Banks

-

3.9%

42,350

Canadian

Western

Bank

1,287,008

234,023

Israel

Discount

Bank

Ltd

(2)

1,569,322

Total

Banks

2,856,330

Beverages

-

3.3%

89,202

Britvic

PLC

(2)

1,094,754

10,990

Royal

Unibrew

A/S

(2)

1,263,469

Total

Beverages

2,358,223

Biotechnology

-

1.1%

43,466

Abcam

PLC

(3)

780,406

Capital

Markets

-

1.2%

45,316

flatexDEGIRO

AG

(2),(3)

876,900

Chemicals

-

1.4%

63,500

Tosoh

Corp

(2)

993,552

Commercial

Banks

-

1.8%

21,468

BAWAG

Group

AG,

144A

(2)

1,288,405

Construction

&

Engineering

-

1.4%

23,704

Arcadis

NV

(2)

1,037,644

Construction

Materials

-

2.2%

40,500

Taiheiyo

Cement

Corp

(2)

805,796

19,246

Vicat

SA

(2)

797,560

Total

Construction

Materials

1,603,356

Consumer

Finance

-

1.6%

10,074

goeasy

Ltd

1,168,002

Distributors

-

1.1%

20,450

PALTAC

Corp

(2)

783,791

Diversified

Financial

Services

-

1.1%

17,300

Zenkoku

Hosho

Co

Ltd

(2)

774,316

Electronic

Equipment,

Instruments

&

Components

-

1.6%

25,141

Spectris

PLC

(2)

1,147,275

Equity

Real

Estate

Investment

Trusts

(REITs)

-

5.6%

7,830

Aedifica

SA

(2)

941,736

20,870

Canadian

Apartment

Properties

REIT

917,942

64,784

Safestore

Holdings

PLC

(2)

1,110,746

74,468

UNITE

Group

PLC

(2)

1,041,900

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

4,012,324

Nuveen

International

Small

Cap

Fund

(continued)

Portfolio

of

Investments

January

31,

2022

(Unaudited)

34

Shares

Description

(1)

Value

Food

Products

-

3.9%

18,100

Morinaga

Milk

Industry

Co

Ltd

(2)

877,526

44,600

Nichirei

Corp

(2)

1,026,308

12,985

Salmar

ASA

(2)

885,359

Total

Food

Products

2,789,193

Health

Care

Equipment

&

Supplies

-

1.6%

10,994

Inmode

Ltd

(3)

530,241

171,369

Nanosonics

Ltd

(2),(3)

622,892

Total

Health

Care

Equipment

&

Supplies

1,153,133

Health

Care

Providers

&

Services

-

2.6%

28,334

CVS

Group

PLC

751,458

49,100

Ship

Healthcare

Holdings

Inc

(2)

1,102,042

Total

Health

Care

Providers

&

Services

1,853,500

Health

Care

Technology

-

1.1%

24,590

Pro

Medicus

Ltd

(2)

794,108

Hotels,

Restaurants

&

Leisure

-

4.0%

31,171

Greggs

PLC

(2)

1,130,487

213,776

SSP

Group

Plc

(2),(3)

793,165

25,500

Tokyotokeiba

Co

Ltd

(2)

934,789

Total

Hotels,

Restaurants

&

Leisure

2,858,441

Independent

Power

and

Renewable

Electricity

Producers

-

1.5%

35,778

Capital

Power

Corp

1,111,211

Industrial

Conglomerates

-

1.6%

11,063

Rheinmetall

AG

(2)

1,156,634

Insurance

-

3.2%

15,376

ASR

Nederland

NV

(2)

714,916

242,013

Beazley

PLC

(2),(3)

1,606,772

Total

Insurance

2,321,688

Interactive

Media

&

Services

-

1.2%

53,327

carsales.com

Ltd

(2)

843,487

Internet

&

Direct

Marketing

Retail

-

1.5%

61,500

ASKUL

Corp

(2)

750,589

36,703

BHG

Group

AB

(2),(3)

351,817

Total

Internet

&

Direct

Marketing

Retail

1,102,406

IT

Services

-

7.2%

104,445

Indra

Sistemas

SA

(2),(3)

1,064,212

34,724

Kainos

Group

PLC

(2)

713,861

43,100

Nihon

Unisys

Ltd

(2)

1,133,867

6,634

Sopra

Steria

Group

SACA

(2)

1,166,343

43,800

TIS

Inc

(2)

1,151,969

Total

IT

Services

5,230,252

Machinery

-

6.9%

112,200

Amada

Co

Ltd

(2)

1,086,264

1,507

Burckhardt

Compression

Holding

AG

(2)

712,769

52,171

IMI

PLC

(2)

1,165,645

3,255

Kardex

Holding

AG

(2)

903,504

44,215

Trelleborg

AB

(2)

1,113,284

Total

Machinery

4,981,466

Marine

-

1.3%

64,334

Atlas

Corp

(4)

930,270

35

Shares

Description

(1)

Value

Metals

&

Mining

-

4.1%

25,178

APERAM

SA

(2)

1,418,769

16,811

Mineral

Resources

Ltd

(2)

668,085

1,002,022

St

Barbara

Ltd

(2)

877,972

Total

Metals

&

Mining

2,964,826

Oil,

Gas

&

Consumable

Fuels

-

4.2%

41,600

Cosmo

Energy

Holdings

Co

Ltd

(2)

836,318

37,112

Parkland

Corp

986,812

33,260

Tourmaline

Oil

Corp

1,185,811

Total

Oil,

Gas

&

Consumable

Fuels

3,008,941

Pharmaceuticals

-

1.3%

16,948

Dechra

Pharmaceuticals

PLC

(2)

951,953

Professional

Services

-

1.1%

33,000

en

Japan

Inc

(2)

795,370

Real

Estate

Management

&

Development

-

1.5%

40,458

TAG

Immobilien

AG

(2)

1,068,428

Road

&

Rail

-

1.2%

23,600

Sankyu

Inc

(2)

853,794

Semiconductors

&

Semiconductor

Equipment

-

2.8%

10,896

BE

Semiconductor

Industries

NV

(2)

913,612

31,852

Tower

Semiconductor

Ltd

(3)

1,094,116

Total

Semiconductors

&

Semiconductor

Equipment

2,007,728

Software

-

2.4%

8,089

Kinaxis

Inc

(3)

1,049,219

9,663

Netcompany

Group

A/S,

144A

(2)

709,885

Total

Software

1,759,104

Specialty

Retail

-

1.2%

51,900

United

Arrows

Ltd

(2)

838,305

Thrifts

&

Mortgage

Finance

-

1.9%

185,597

OSB

Group

PLC

(2)

1,378,792

Trading

Companies

&

Distributors

-

6.7%

146,300

BOC

Aviation

Ltd,

144A

(2)

1,229,971

62,882

Electrocomponents

PLC

(2)

952,085

75,505

Howden

Joinery

Group

PLC

(2)

833,004

30,200

Nishio

Rent

All

Co

Ltd

(2)

739,868

12,926

Toromont

Industries

Ltd

1,091,005

Total

Trading

Companies

&

Distributors

4,845,933

Total

Long-Term

Investments

(cost

$65,646,593)

70,224,670

Shares

Description

(1)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

    1.2%

MONEY

MARKET

FUNDS

-

1.2%

849,545

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

(5)

0.050%(6)

$

849,545

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$849,545)

849,545

Nuveen

International

Small

Cap

Fund

(continued)

Portfolio

of

Investments

January

31,

2022

(Unaudited)

36

Principal

Amount

(000)

Description

(1)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

 2.2%  

REPURCHASE

AGREEMENTS

-

2.2%

1,607

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

1/31/22,

repurchase

price

$1,606,516,

collateralized

by

$1,226,800,

U.S.

Treasury

Government

Bond,

4.250%,

due

11/15/40,

value

$1,638,736

0.000%

2/01/22

$

1,606,516

Total

Short-Term

Investments

(cost

$1,606,516)

1,606,516

Total

Investments

(cost

$

68,102,654

)

-

100

.7

%

72,680,731

Other

Assets

Less

Liabilities

-

(0.7)%

(469,573

)

Net

Assets

-

100%

$

72,211,158

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(1)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(2)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

2.

(3)

Non-Income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(4)

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

$832,824.

(5)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

market

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

Fund

maintains

collateral

equal

to

at

least

100%

of

the

fair

value

of

the

securities

loaned.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(6)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

144A

Investment

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

investments

may

only

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

REIT

Real

Estate

Investment

Trust

See

accompanying

notes

to

financial

statements

Statement

of

Assets

and

Liabilities

January

31,

2022

(Unaudited)

See

accompanying

notes

to

financial

statements.

37

Emerging

Markets

Equity

Global

Dividend

Growth

International

Dividend

Growth

International

Growth

International

Small

Cap

Assets

Long-term

investments,

at

value

†‡

$

9,271,083‌

$

18,967,640‌

$

4,418,084‌

$

2,353,078,200‌

$

70,224,670‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

–‌

–‌

–‌

–‌

849,545‌

Short-term

investments,

at

value

◊

688,774‌

401,990‌

–‌

60,408,163‌

1,606,516‌

Cash

–‌

–‌

79,860‌

–‌

–‌

Cash

denominated

in

foreign

currencies

^

170‌

3,071‌

1,501‌

–‌

13,147‌

Receivable

for

dividends

15,623‌

23,527‌

6,271‌

1,153,021‌

82,493‌

Receivable

for

due

from

affiliate

133‌

165‌

9‌

40,708‌

–‌

Receivable

for

investments

sold

240,648‌

–‌

99,540‌

1,888,380‌

833,844‌

Receivable

for

reclaims

218‌

12,376‌

5,196‌

590,325‌

32,458‌

Receivable

for

reimbursement

from

Adviser

11,567‌

16,307‌

29,227‌

–‌

–‌

Receivable

for

shares

sold

–‌

20,155‌

–‌

19,923,188‌

282,954‌

Other

assets

28,639‌

19,698‌

28,117‌

90,071‌

20,300‌

Total

assets

10,256,855‌

19,464,929‌

4,667,805‌

2,437,172,056‌

73,945,927‌

Liabilities

Cash

overdraft

–‌

–‌

–‌

113‌

46‌

Payable

for

collateral

from

securities

lending

—‌

—‌

—‌

—‌

849,545‌

Payable

for

Interest

—‌

—‌

—‌

741,899‌

—‌

Payable

for

dividends

—‌

—‌

—‌

10‌

—‌

Payable

for

investments

purchased

-

regular

settlement

269,798‌

—‌

24‌

1,463‌

692,292‌

Payable

for

investments

purchased

-

when-issued/delayed-delivery

settlement

90,965‌

—‌

28,601‌

949,101‌

—‌

Payable

for

shares

redeemed

—‌

—‌

11,436‌

1,054,261‌

62,113‌

Accrued

expenses:

Custodian

fees

98,595‌

46,828‌

99,752‌

193,284‌

70,886‌

Management

fees

—‌

—‌

—‌

1,387,170‌

31,875‌

Trustees

fees

105‌

188‌

47‌

77,240‌

701‌

Professional

fees

10,248‌

10,466‌

9,950‌

100,375‌

12,808‌

Shareholder

servicing

agent

fees

769‌

18,400‌

17,308‌

76,614‌

2,989‌

12b-1

distribution

and

service

fees

95‌

2,572‌

614‌

13,791‌

337‌

Other

8,147‌

7,432‌

6,923‌

65,476‌

11,177‌

Total

liabilities

478,722‌

85,886‌

174,655‌

4,660,797‌

1,734,769‌

Net

assets

$

9,778,133‌

$

19,379,043‌

$

4,493,150‌

$

2,432,511,259‌

$

72,211,158‌

†

Long-term

investments,

cost

$

9,350,409‌

$

11,874,973‌

$

3,074,372‌

$

2,317,077,269‌

$

65,646,593‌

◊

Short-term

investments,

cost

$

688,774‌

$

401,990‌

$

—‌

$

60,408,163‌

$

1,606,516‌

‡

Includes

securities

loaned

of

$

—‌

$

—‌

$

—‌

$

—‌

$

832,824‌

^

Cash

denominated

in

foreign

currencies,

cost

$

170‌

$

3,071‌

$

1,501‌

$

—‌

$

13,147‌

Statement

of

Assets

and

Liabilities

(Unaudited)

(continued)

See

accompanying

notes

to

financial

statements.

38

Emerging

Markets

Equity

Global

Dividend

Growth

International

Dividend

Growth

International

Growth

International

Small

Cap

Class

A

Shares

Net

Assets

$

223,165

$

7,456,826

$

1,916,675

$

39,337,914

$

1,580,005

Shares

outstanding

12,483

231,289

66,788

791,958

67,548

Net

asset

value

("NAV")

per

share

$

17.88

$

32.24

$

28.70

$

49.67

$

23.39

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge

of

5.75%

of

offering

price)

$

18.97

$

34.21

$

30.45

$

52.70

$

24.82

Class

C

Shares

Net

Assets

$

48,100

$

1,164,497

$

187,310

$

5,717,553

$

45,434

Shares

outstanding

2,731

36,250

6,608

123,497

1,972

NAV

and

offering

price

per

share

$

17.61

$

32.12

$

28.35

$

46.30

$

23.03

Class

R6

Shares

Net

Assets

$

8,922,199

$

—

$

—

$

2,198,181,386

$

37,445,840

Shares

outstanding

496,250

—

—

43,881,993

1,595,204

NAV

and

offering

price

per

share

$

17.98

$

—

$

—

$

50.09

$

23.47

Class

I

Shares

Net

Assets

$

584,669

$

10,757,720

$

2,389,165

$

189,274,406

$

33,139,879

Shares

outstanding

32,602

333,787

83,159

3,760,823

1,412,928

NAV

and

offering

price

per

share

$

17.93

$

32.23

$

28.73

$

50.33

$

23.45

Fund

level

net

assets

consist

of:

Capital

paid-in

$

11,041,083

$

12,207,720

$

3,374,821

$

2,487,771,466

$

67,946,319

Total

distributable

earnings

(loss)

(1,262,950)

7,171,323

1,118,329

(55,260,207)

4,264,839

Fund

level

net

assets

$

9,778,133

$

19,379,043

$

4,493,150

$

2,432,511,259

$

72,211,158

Authorized

shares

-

per

class

Unlimited

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

per

share

$

0.01

$

0.01

$

0.01

$

0.01

$

0.01

Statement

of

Operations

January

31,

2022

(Unaudited)

See

accompanying

notes

to

financial

statements.

39

Emerging

Markets

Equity

Global

Dividend

Growth

International

Dividend

Growth

International

Growth

International

Small

Cap

Investment

Income

Dividends

$

219,778‌

$

218,322‌

$

196,955‌

$

10,866,353‌

$

451,916‌

Payment

from

affiliate

1,489‌

901‌

—‌

302,929‌

—‌

Securities

lending

income,

net

—‌

—‌

—‌

73,229‌

648‌

Foreign

tax

withheld

on

dividend

income

(

8,491‌

)

(

6,322‌

)

(

4,208‌

)

(

988,076‌

)

(

44,748‌

)

Total

Investment

Income

212,776‌

212,901‌

192,747‌

10,254,435‌

407,816‌

Expenses

Management

fees

52,713‌

70,053‌

17,773‌

8,289,783‌

296,917‌

12b-1

service

fees

-

Class

A

Shares

368‌

9,143‌

2,668‌

59,542‌

1,371‌

12b-1

distribution

and

service

fees

-

Class

C

Shares

321‌

6,106‌

963‌

35,852‌

252‌

Shareholder

servicing

agent

fees

1,680‌

21,790‌

17,684‌

172,988‌

7,607‌

Interest

expense

20‌

7‌

6‌

1,924‌

54‌

Custodian

fees

19,397‌

16,148‌

23,327‌

81,263‌

17,224‌

Trustees

fees

187‌

325‌

81‌

36,727‌

1,115‌

Professional

fees

15,537‌

13,849‌

11,170‌

161,357‌

17,437‌

Shareholder

reporting

expenses

1,869‌

5,775‌

5,167‌

25,870‌

4,666‌

Federal

and

state

registration

fees

34,087‌

33,735‌

32,150‌

18,036‌

35,855‌

Other

9,403‌

7,419‌

7,415‌

20,975‌

7,844‌

Total

expenses

before

fee

waiver/expense

reimbursement

135,582‌

184,350‌

118,404‌

8,904,317‌

390,342‌

Fee

waiver/expense

reimbursement

(

91,405‌

)

(

80,162‌

)

(

92,205‌

)

—‌

(

71,027‌

)

Net

expenses

44,177‌

104,188‌

26,199‌

8,904,317‌

319,315‌

Net

investment

income

(loss)

168,599‌

108,713‌

166,548‌

1,350,118‌

88,501‌

Realized

and

Unrealized

Gain

(Loss)

Net

realized

gain

(loss)

from

investments

and

foreign

currency

(

1,154,227‌

)

566,175‌

157,952‌

(

88,408,527‌

)

2,500,585‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency

(

838,661‌

)

220,704‌

(

181,643‌

)

(

228,808,640‌

)

(

7,952,276‌

)

Net

realized

and

unrealized

gain

(loss)

(

1,992,888‌

)

786,879‌

(

23,691‌

)

(

317,217,167‌

)

(

5,451,691‌

)

Net

increase

(decrease)

in

net

assets

from

operations

$

(

1,824,289‌

)

$

895,592‌

$

142,857‌

$

(

315,867,049‌

)

$

(

5,363,190‌

)

Statement

of

Changes

in

Net

Assets

See

accompanying

notes

to

financial

statements.

40

Emerging

Markets

Equity

Global

Dividend

Growth

Unaudited

Six

Months

Ended

1/31/22

Year

Ended

7/31/21

Unaudited

Six

Months

Ended

1/31/22

Year

Ended

7/31/21

Operations

Net

investment

income

(loss)

$

168,599‌

$

28,174‌

$

108,713‌

$

307,624‌

Net

realized

gain

(loss)

from

investments

and

foreign

currency

(1,154,227‌)

2,439,828‌

566,175‌

1,135,040‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency

(838,661‌)

(680,306‌)

220,704‌

2,715,885‌

Net

increase

(decrease)

in

net

assets

from

operations

(1,824,289‌)

1,787,696‌

895,592‌

4,158,549‌

Distributions

to

Shareholders

Dividends

Class

A

Shares

(52,919‌)

(29,012‌)

(473,755‌)

(108,634‌)

Class

C

Shares

(13,064‌)

(3,185‌)

(72,039‌)

(15,572‌)

Class

R3

Shares

(1)

–‌

–‌

–‌

(2,150‌)

Class

R6

Shares

(2,205,335‌)

(967,142‌)

–‌

–‌

Class

I

Shares

(118,411‌)

(29,169‌)

(737,900‌)

(215,623‌)

Decrease

in

net

assets

from

distributions

to

shareholders

(2,389,729‌)

(1,028,508‌)

(1,283,694‌)

(341,979‌)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

15,442‌

943,330‌

828,888‌

2,708,950‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

167,739‌

54,356‌

1,175,436‌

314,389‌

183,181‌

997,686‌

2,004,324‌

3,023,339‌

Cost

of

shares

redeemed

(201,681‌)

(448,785‌)

(2,231,790‌)

(6,351,511‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(18,500‌)

548,901‌

(227,466‌)

(3,328,172‌)

Net

increase

(decrease)

in

net

assets

(4,232,518‌)

1,308,089‌

(615,568‌)

488,398‌

Net

assets

at

the

beginning

of

period

14,010,651‌

12,702,562‌

19,994,611‌

19,506,213‌

Net

assets

at

the

end

of

period

$

9,778,133‌

$

14,010,651‌

$

19,379,043‌

$

19,994,611‌

See

accompanying

notes

to

financial

statements.

41

International

Dividend

Growth

International

Growth

Unaudited

Six

Months

Ended

1/31/22

Year

Ended

7/31/21

Unaudited

Six

Months

Ended

1/31/22

Year

Ended

7/31/21

Operations

Net

investment

income

(loss)

$

166,548‌

$

94,873‌

$

1,350,118‌

$

5,528,802‌

Net

realized

gain

(loss)

from

investments

and

foreign

currency

157,952‌

199,065‌

(88,408,527‌)

71,043,013‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency

(181,643‌)

589,000‌

(228,808,640‌)

205,900,191‌

Net

increase

(decrease)

in

net

assets

from

operations

142,857‌

882,938‌

(315,867,049‌)

282,472,006‌

Distributions

to

Shareholders

Dividends

Class

A

Shares

(92,487‌)

(39,896‌)

(1,271,859‌)

–‌

Class

C

Shares

(7,247‌)

(4,047‌)

(202,701‌)

–‌

Class

R3

Shares

(1)

–‌

(730‌)

–‌

–‌

Class

R6

Shares

–‌

–‌

(67,623,633‌)

–‌

Class

I

Shares

(123,019‌)

(67,537‌)

(6,093,280‌)

–‌

Decrease

in

net

assets

from

distributions

to

shareholders

(222,753‌)

(112,210‌)

(75,191,473‌)

–‌

Fund

Share

Transactions

Proceeds

from

sale

of

shares

320,770‌

371,864‌

572,037,726‌

2,024,161,789‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

157,892‌

79,516‌

72,670,399‌

–‌

478,662‌

451,380‌

644,708,125‌

2,024,161,789‌

Cost

of

shares

redeemed

(916,370‌)

(1,069,389‌)

(156,229,657‌)

(276,927,754‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

(437,708‌)

(618,009‌)

488,478,468‌

1,747,234,035‌

Net

increase

(decrease)

in

net

assets

(517,604‌)

152,719‌

97,419,946‌

2,029,706,041‌

Net

assets

at

the

beginning

of

period

5,010,754‌

4,858,035‌

2,335,091,313‌

305,385,272‌

Net

assets

at

the

end

of

period

$

4,493,150‌

$

5,010,754‌

$

2,432,511,259‌

$

2,335,091,313‌

See

accompanying

notes

to

financial

statements.

42

International

Small

Cap

Unaudited

Six

Months

Ended

1/31/22

Year

Ended

7/31/21

Operations

Net

investment

income

(loss)

$

88,501‌

$

679,648‌

Net

realized

gain

(loss)

from

investments

and

foreign

currency

2,500,585‌

3,694,703‌

Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency

(7,952,276‌)

11,022,967‌

Net

increase

(decrease)

in

net

assets

from

operations

(5,363,190‌)

15,397,318‌

Distributions

to

Shareholders

Dividends

Class

A

Shares

(67,271‌)

(5,928‌)

Class

C

Shares

(2,654‌)

(119‌)

Class

R6

Shares

(2,198,803‌)

(490,236‌)

Class

I

Shares

(1,803,135‌)

(164,619‌)

Decrease

in

net

assets

from

distributions

to

shareholders

(4,071,863‌)

(660,902‌)

Fund

Share

Transactions

Proceeds

from

sale

of

shares

27,243,718‌

6,327,229‌

Proceeds

from

shares

issued

to

shareholders

due

to

reinvestment

of

distributions

1,887,907‌

177,255‌

29,131,625‌

6,504,484‌

Cost

of

shares

redeemed

(6,544,104‌)

(5,703,947‌)

Net

increase

(decrease)

in

net

assets

from

Fund

share

transactions

22,587,521‌

800,537‌

Net

increase

(decrease)

in

net

assets

13,152,468‌

15,536,953‌

Net

assets

at

the

beginning

of

period

59,058,690‌

43,521,737‌

Net

assets

at

the

end

of

period

$

72,211,158‌

$

59,058,690‌

(1)

Class

R3

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Financial

Highlights

44

Emerging

Markets

Equity

The

Fund's

fiscal

year

end

is

July

31st. 

The

following

data

is

for

a

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2022(f)

$

25.77

$

0.24

$

(

3.69

)

$

(

3.45

)

$

(

0.29

)

$

(

4.15

)

$

(

4.44

)

$

17.88

2021

24.26

(

0.04

)

3.43

3.39

(

0.10

)

(

1.78

)

(

1.88

)

25.77

2020

23.08

0.17

2.44

2.61

(

0.20

)

(

1.23

)

(

1.43

)

24.26

2019(h)

20.00

0.23

2.85

3.08

—

—

—

23.08

Class

C

2022(f)

25.55

0.17

(

3.67

)

(

3.50

)

(

0.29

)

(

4.15

)

(

4.44

)

17.61

2021

24.16

(

0.24

)

3.41

3.17

—

(

1.78

)

(

1.78

)

25.55

2020

23.00

0.03

2.39

2.42

(

0.03

)

(

1.23

)

(

1.26

)

24.16

2019(h)

20.00

0.01

2.99

3.00

—

—

—

23.00

Class

R6

2022(f)

25.82

0.32

(

3.72

)

(

3.40

)

(

0.29

)

(

4.15

)

(

4.44

)

17.98

2021

24.28

0.06

3.43

3.49

(

0.17

)

(

1.78

)

(

1.95

)

25.82

2020

23.10

0.26

2.43

2.69

(

0.28

)

(

1.23

)

(

1.51

)

24.28

2019(h)

20.00

0.16

2.96

3.12

(

0.02

)

—

(

0.02

)

23.10

Class

I

2022(f)

25.80

0.28

(

3.71

)

(

3.43

)

(

0.29

)

(

4.15

)

(

4.44

)

17.93

2021

24.28

0.04

3.42

3.46

(

0.16

)

(

1.78

)

(

1.94

)

25.80

2020

23.09

0.25

2.43

2.68

(

0.26

)

(

1.23

)

(

1.49

)

24.28

2019(h)

20.00

0.16

2.95

3.11

(

0.02

)

—

(

0.02

)

23.09

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

Excludes

the

Fund's

voluntary

compensation

from

the

Adviser.  See

Note

7-Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.  See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(e)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(f)

Unaudited.  For

the

six

months

ended

January

31,

2022.

(g)

Annualized.

(h)

For

the

period

November

27,

2018

(commencement

of

operations)

through

July

31,

2019.

N/A

Fund

did

not

have

Payment

from

Affiliates

for

the

periods

prior

to

the

fiscal

year

ended

July

31,

2020.

See

accompanying

notes

to

financial

statements.

45

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Total

Return

Excluding

Payment

from

Affiliates(b),(c)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(d)

Net

Investment

Income

(NII)

(Loss)(d)

NII

(Loss)

Excluding

Payment

from

Affiliates(c),(d)

Portfolio

Turnover

Rate(e)

(

12

.99‌

)

%

(

12

.99‌

)

%

$

223

2

.67‌

%

(g)

1

.19‌

%

(g)

2

.07‌

%

(g)

2

.05‌

%

(g)

33‌

%

13

.59‌

13

.59‌

447

2

.47‌

1

.20‌

(

0

.13‌

)

(

0

.13‌

)

81‌

11

.68‌

11

.68‌

256

2

.65‌

1

.20‌

0

.79‌

0

.79‌

124‌

15

.40‌

N/A‌

174

2

.29‌

(g)

1

.20‌

(g)

1

.52‌

(g)

N/A‌

(g)

42‌

(

13

.35‌

)

(

13

.35‌

)

48

3

.42‌

(g)

1

.94‌

(g)

1

.54‌

(g)

1

.52‌

(g)

33‌

12

.77‌

12

.77‌

70

3

.22‌

1

.95‌

(

0

.86‌

)

(

0

.86‌

)

81‌

10

.80‌

10

.80‌

34

3

.40‌

1

.95‌

0

.12‌

0

.12‌

124‌

15

.00‌

N/A‌

32

3

.05‌

(g)

1

.95‌

(g)

0

.10‌

(g)

N/A‌

(g)

42‌

(

12

.76‌

)

(

12

.76‌

)

8,922

2

.16‌

(g)

0

.68‌

(g)

2

.77‌

(g)

2

.75‌

(g)

33‌

14

.01‌

14

.01‌

12,814

2

.10‌

0

.83‌

0

.21‌

0

.21‌

81‌

11

.99‌

11

.99‌

12,050

2

.34‌

0

.88‌

1

.19‌

1

.19‌

124‌

15

.62‌

N/A‌

11,462

2

.05‌

(g)

0

.95‌

(g)

1

.09‌

(g)

N/A‌

(g)

42‌

(

12

.90‌

)

(

12

.90‌

)

585

2

.42‌

(g)

0

.94‌

(g)

2

.44‌

(g)

2

.42‌

(g)

33‌

13

.85‌

13

.85‌

679

2

.22‌

0

.95‌

0

.14‌

0

.14‌

81‌

11

.98‌

11

.98‌

362

2

.40‌

0

.94‌

1

.18‌

1

.18‌

124‌

15

.57‌

N/A‌

29

2

.04‌

(g)

0

.95‌

(g)

1

.08‌

(g)

N/A‌

(g)

42‌

46

Financial

Highlights

(continued)

Global

Dividend

Growth

The

Fund's

fiscal

year

end

is

July

31st. 

The

following

data

is

for

a

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2022(f)

$

32.93

$

0.17

$

1.34

$

1.51

$

(

0.26

)

$

(

1.94

)

$

(

2.20

)

$

32.24

2021

27.15

0.45

5.83

6.28

(

0.50

)

—

(

0.50

)

32.93

2020

27.29

0.44

0.13

0.57

(

0.44

)

(

0.27

)

(

0.71

)

27.15

2019

27.81

0.52

0.10

0.62

(

0.56

)

(

0.58

)

(

1.14

)

27.29

2018

28.67

0.48

2.34

2.82

(

0.43

)

(

3.25

)

(

3.68

)

27.81

2017

26.65

0.51

2.53

3.04

(

0.99

)

(

0.03

)

(

1.02

)

28.67

Class

C

2022(f)

32.82

0.04

1.34

1.38

(

0.14

)

(

1.94

)

(

2.08

)

32.12

2021

27.06

0.22

5.82

6.04

(

0.28

)

—

(

0.28

)

32.82

2020

27.20

0.23

0.14

0.37

(

0.24

)

(

0.27

)

(

0.51

)

27.06

2019

27.73

0.31

0.10

0.41

(

0.36

)

(

0.58

)

(

0.94

)

27.20

2018

28.59

0.26

2.35

2.61

(

0.22

)

(

3.25

)

(

3.47

)

27.73

2017

26.57

0.32

2.51

2.83

(

0.78

)

(

0.03

)

(

0.81

)

28.59

Class

I

2022(f)

32.92

0.21

1.34

1.55

(

0.30

)

(

1.94

)

(

2.24

)

32.23

2021

27.14

0.52

5.84

6.36

(

0.58

)

—

(

0.58

)

32.92

2020

27.28

0.51

0.13

0.64

(

0.51

)

(

0.27

)

(

0.78

)

27.14

2019

27.81

0.58

0.10

0.68

(

0.63

)

(

0.58

)

(

1.21

)

27.28

2018

28.67

0.53

2.36

2.89

(

0.50

)

(

3.25

)

(

3.75

)

27.81

2017

26.65

0.60

2.50

3.10

(

1.05

)

(

0.03

)

(

1.08

)

28.67

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

Excludes

the

Fund's

voluntary

compensation

from

the

Adviser.  See

Note

7-Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.  See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(e)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(f)

Unaudited.  For

the

six

months

ended

January

31,

2022.

(g)

Annualized.

N/A

Fund

did

not

have

Payment

from

Affiliates

for

periods

prior

to

the

fiscal

year

ended

July

31,

2021.

See

accompanying

notes

to

financial

statements.

47

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Total

Return

Excluding

Payment

from

Affiliates(b),(c)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(d)

Net

Investment

Income

(NII)

(Loss)(d)

NII

(Loss)

Excluding

Payment

from

Affiliates(c),(d)

Portfolio

Turnover

Rate(e)

4

.56‌

%

4

.56‌

%

$

7,457

1

.95‌

%

(g)

1

.14‌

%

(g)

0

.99‌

%

(g)

0

.98‌

%

(g)

7‌

%

23

.33‌

23

.33‌

7,242

2

.02‌

1

.15‌

1

.49‌

1

.49‌

12‌

2

.14‌

N/A‌

5,888

1

.69‌

1

.15‌

1

.61‌

N/A‌

33‌

2

.58‌

N/A‌

7,444

1

.77‌

1

.15‌

1

.94‌

N/A‌

22‌

10

.35‌

N/A‌

8,961

1

.88‌

1

.15‌

1

.73‌

N/A‌

48‌

11

.55‌

N/A‌

6,188

1

.25‌

1

.15‌

1

.88‌

N/A‌

33‌

4

.15‌

4

.15‌

1,164

2

.70‌

(g)

1

.89‌

(g)

0

.24‌

(g)

0

.23‌

(g)

7‌

22

.43‌

22

.43‌

1,377

2

.77‌

1

.90‌

0

.73‌

0

.73‌

12‌

1

.32‌

N/A‌

1,934

2

.44‌

1

.90‌

0

.87‌

N/A‌

33‌

1

.81‌

N/A‌

2,566

2

.52‌

1

.90‌

1

.17‌

N/A‌

22‌

9

.55‌

N/A‌

3,278

2

.63‌

1

.90‌

0

.93‌

N/A‌

48‌

10

.75‌

N/A‌

2,856

2

.00‌

1

.90‌

1

.18‌

N/A‌

33‌

4

.69‌

4

.69‌

10,758

1

.70‌

(g)

0

.89‌

(g)

1

.25‌

(g)

1

.24‌

(g)

7‌

23

.64‌

23

.64‌

11,376

1

.77‌

0

.90‌

1

.73‌

1

.73‌

12‌

2

.37‌

N/A‌

11,488

1

.44‌

0

.90‌

1

.91‌

N/A‌

33‌

2

.84‌

N/A‌

12,682

1

.52‌

0

.90‌

2

.19‌

N/A‌

22‌

10

.63‌

N/A‌

10,049

1

.61‌

0

.90‌

1

.90‌

N/A‌

48‌

11

.83‌

N/A‌

8,813

1

.01‌

0

.90‌

2

.20‌

N/A‌

33‌

48

Financial

Highlights

(continued)

International

Dividend

Growth

The

Fund's

fiscal

year

end

is

July

31st. 

The

following

data

is

for

a

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Accumulated

Net

Realized

Gains

Return

of

Capital

Total

Ending

NAV

Class

A

2022(f)

$

29.18

$

0.94‌

$

(0.13)

$

0.81

$

(1.29)

$

—

$

—

$

(1.29)

$

28.70

2021

24.93

0.51‌

4.34

4.85

(0.60)

—

—

(0.60)

29.18

2020

25.85

0.46‌

(1.02)

(0.56)

(0.36)

—

—

(0.36)

24.93

2019

27.30

0.62‌

(1.05)

(0.43)

(0.90)

—

(0.12)

(1.02)

25.85

2018

26.90

0.59‌

0.45

1.04

(0.64)

—

—

(0.64)

27.30

2017

24.85

0.73‌

2.10

2.83

(0.78)

—

—

(0.78)

26.90

Class

C

2022(f)

28.82

0.75‌

(0.06)

0.69

(1.16)

—

—

(1.16)

28.35

2021

24.66

0.24‌

4.34

4.58

(0.42)

—

—

(0.42)

28.82

2020

25.60

0.30‌

(1.04)

(0.74)

(0.20)

—

—

(0.20)

24.66

2019

27.02

0.37‌

(0.97)

(0.60)

(0.70)

—

(0.12)

(0.82)

25.60

2018

26.67

0.42‌

0.40

0.82

(0.47)

—

—

(0.47)

27.02

2017

24.64

0.58‌

2.04

2.62

(0.59)

—

—

(0.59)

26.67

Class

I

2022(f)

29.21

1.02‌

(0.17)

0.85

(1.33)

—

—

(1.33)

28.73

2021

24.96

0.56‌

4.36

4.92

(0.67)

—

—

(0.67)

29.21

2020

25.88

0.57‌

(1.07)

(0.50)

(0.42)

—

—

(0.42)

24.96

2019

27.33

0.89‌

(1.25)

(0.36)

(0.97)

—

(0.12)

(1.09)

25.88

2018

26.93

0.71‌

0.40

1.11

(0.71)

—

—

(0.71)

27.33

2017

24.88

0.89‌

2.01

2.90

(0.85)

—

—

(0.85)

26.93

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

Excludes

the

Fund's

voluntary

compensation

from

the

Adviser.  See

Note

7-Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.  See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(e)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(f)

Unaudited.  For

the

six

months

ended

January

31,

2022.

(g)

Annualized.

N/A

Fund

did

not

have

Payment

from

Affiliates

for

periods

prior

to

the

fiscal

year

ended

July

31,

2021.

See

accompanying

notes

to

financial

statements.

49

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Total

Return

Excluding

Payment

from

Affiliates(b),(c)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(d)

Net

Investment

Income

(NII)

(Loss)(d)

NII

(Loss)

Excluding

Payment

from

Affiliates(c),(d)

Portfolio

Turnover

Rate(e)

2.85‌

%

2.85‌

%

$

1,917

4.79‌

%

(g)

1.14‌

%

(g)

6.35‌

%

(g)

6.35‌

%

(g)

14‌

%

19.70‌

19.70‌

1,957

4.85‌

1.14‌

1.89‌

1.89‌

18‌

(2.12‌)

N/A‌

1,703

4.19‌

1.15‌

1.82‌

N/A‌

49‌

(1.56‌)

N/A‌

2,597

3.29‌

1.15‌

2.39‌

N/A‌

101‌

3.92‌

N/A‌

2,049

3.56‌

1.15‌

2.14‌

N/A‌

31‌

11.65‌

N/A‌

2,132

4.53‌

1.15‌

2.92‌

N/A‌

25‌

2.48‌

2.48‌

187

5.54‌

(g)

1.89‌

(g)

5.16‌

(g)

5.16‌

(g)

14‌

18.79‌

18.79‌

216

5.60‌

1.89‌

0.91‌

0.91‌

18‌

(2.89‌)

N/A‌

456

4.94‌

1.90‌

1.20‌

N/A‌

49‌

(2.24‌)

N/A‌

464

4.05‌

1.90‌

1.43‌

N/A‌

101‌

3.13‌

N/A‌

636

4.33‌

1.90‌

1.55‌

N/A‌

31‌

10.81‌

N/A‌

785

5.19‌

1.90‌

2.31‌

N/A‌

25‌

2.98‌

2.98‌

2,389

4.54‌

(g)

0.89‌

(g)

6.88‌

(g)

6.88‌

(g)

14‌

19.98‌

19.98‌

2,838

4.60‌

0.89‌

2.09‌

2.09‌

18‌

(1.86‌)

N/A‌

2,637

3.94‌

0.90‌

2.28‌

N/A‌

49‌

(1.30‌)

N/A‌

1,962

3.05‌

0.90‌

3.40‌

N/A‌

101‌

4.18‌

N/A‌

2,330

3.32‌

0.90‌

2.58‌

N/A‌

31‌

11.92‌

N/A‌

2,431

4.14‌

0.90‌

3.52‌

N/A‌

25‌

50

Financial

Highlights

(continued)

International

Growth

The

Fund's

fiscal

year

end

is

July

31st. 

The

following

data

is

for

a

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2022(e)

$

58.39

$

(0.06)

$

(7.05)

$

(7.11)

$

(0.35)

$

(1.26)

$

(1.61)

$

49.67

2021

48.50

0.03

9.86

9.89

—

—

—

58.39

2020

44.68

0.03

3.91

3.94

(0.12)

—

(0.12)

48.50

2019

48.43

0.18

(2.10)

(1.92)

(0.47)

(1.36)

(1.83)

44.68

2018

43.68

0.09

4.70

4.79

(0.04)

—

(0.04)

48.43

2017

37.61

0.06

6.01

6.07

—

—

—

43.68

Class

C

2022(e)

54.72

(0.25)

(6.59)

(6.84)

(0.32)

(1.26)

(1.58)

46.30

2021

45.79

(0.36)

9.29

8.93

—

—

—

54.72

2020

42.40

(0.28)

3.67

3.39

—

—

—

45.79

2019

45.96

(0.15)

(1.94)

(2.09)

(0.11)

(1.36)

(1.47)

42.40

2018

41.72

(0.25)

4.49

4.24

—

—

—

45.96

2017

36.20

(0.16)

5.68

5.52

—

—

—

41.72

Class

R6

2022(e)

58.77

0.03

(7.10)

(7.07)

(0.35)

(1.26)

(1.61)

50.09

2021

48.65

0.20

9.92

10.12

—

—

—

58.77

2020

45.22

0.47

3.23

3.70

(0.27)

—

(0.27)

48.65

2019

48.99

0.33

(2.14)

(1.81)

(0.60)

(1.36)

(1.96)

45.22

2018

44.13

0.26

4.75

5.01

(0.15)

—

(0.15)

48.99

2017

37.86

0.27

6.00

6.27

—

—

—

44.13

Class

I

2022(e)

59.07

0.02

(7.15)

(7.13)

(0.35)

(1.26)

(1.61)

50.33

2021

48.94

0.17

9.96

10.13

—

—

—

59.07

2020

45.08

0.14

3.95

4.09

(0.23)

—

(0.23)

48.94

2019

48.89

0.29

(2.15)

(1.86)

(0.59)

(1.36)

(1.95)

45.08

2018

44.08

0.21

4.75

4.96

(0.15)

—

(0.15)

48.89

2017

37.86

0.23

5.99

6.22

—

—

—

44.08

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

Excludes

the

Fund's

voluntary

compensation

from

the

Adviser.  See

Note

7-Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(e)

Unaudited.  For

the

six

months

ended

January

31,

2022.

(f)

Annualized.

N/A

Fund

did

not

have

Payment

from

Affiliates

for

the

periods

prior

to

the

fiscal

year

ended

July

31,

2020.

See

accompanying

notes

to

financial

statements.

51

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Total

Return

Excluding

Payment

from

Affiliates(b),(c)

Ending

Net

Assets

(000)

Expenses

Net

Investment

Income

(NII)

(Loss)

NII

(Loss)

Excluding

Payment

from

Affiliates(c)

Portfolio

Turnover

Rate(d)

(12.33‌)

%

(12.35‌)

%

$

39,338

1.04‌

%

(f)

(0.19‌)

%

(f)

(0.21‌)

%

(f)

39‌

%

20.39‌

20.39‌

51,352

1.05‌

0.05‌

0.04‌

70‌

8.82‌

8.82‌

42,488

1.13‌

0.08‌

0.07‌

47‌

(3.15‌)

N/A‌

45,737

1.13‌

0.42‌

N/A‌

52‌

10.98‌

N/A‌

55,476

1.13‌

0.19‌

N/A‌

81‌

16.11‌

N/A‌

51,018

1.14‌

0.16‌

N/A‌

318‌

(12.66‌)

(12.68‌)

5,718

1.79‌

(f)

(0.94‌)

(f)

(0.96‌)

(f)

39‌

19.50‌

19.50‌

7,768

1.80‌

(0.70‌)

(0.71‌)

70‌

8.00‌

8.00‌

9,356

1.88‌

(0.67‌)

(0.68‌)

47‌

(3.89‌)

N/A‌

12,704

1.88‌

(0.37‌)

N/A‌

52‌

10.14‌

N/A‌

23,861

1.88‌

(0.54‌)

N/A‌

81‌

15.28‌

N/A‌

17,131

1.89‌

(0.45‌)

N/A‌

318‌

(12.18‌)

(12.19‌)

2,198,181

0.69‌

(f)

0.12‌

(f)

0.10‌

(f)

39‌

20.80‌

20.80‌

2,003,510

0.71‌

0.34‌

0.33‌

70‌

8.19‌

8.19‌

404

0.78‌

1.08‌

1.08‌

47‌

(2.83‌)

N/A‌

22,529

0.78‌

0.75‌

N/A‌

52‌

11.36‌

N/A‌

33,524

0.79‌

0.54‌

N/A‌

81‌

16.56‌

N/A‌

30,400

0.77‌

0.71‌

N/A‌

318‌

(12.22‌)

(12.23‌)

189,274

0.79‌

(f)

0.07‌

(f)

0.05‌

(f)

39‌

20.70‌

20.70‌

272,461

0.80‌

0.30‌

0.29‌

70‌

9.08‌

9.08‌

252,529

0.88‌

0.32‌

0.31‌

47‌

(2.93‌)

N/A‌

298,320

0.88‌

0.66‌

N/A‌

52‌

11.25‌

N/A‌

377,051

0.88‌

0.44‌

N/A‌

81‌

16.43‌

N/A‌

267,558

0.89‌

0.60‌

N/A‌

318‌

52

Financial

Highlights

(continued)

International

Small

Cap

The

Fund's

fiscal

year

end

is

July

31st. 

The

following

data

is

for

a

share

outstanding for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Beginning

NAV

Net

Investment

Income

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

Net

Investment

Income

From

Accumulated

Net

Realized

Gains

Total

Ending

NAV

Class

A

2022(e)

$

26.57

$

(0.01)

$

(1.80)

$

(1.81)

$

(0.53)

$

(0.84)

$

(1.37)

$

23.39

2021

19.80

0.25

6.77

7.02

(0.25)

—

(0.25)

26.57

2020

20.48

0.19

(0.42)

(0.23)

(0.45)

—

(0.45)

19.80

2019

20.17

0.34

0.02

0.36

(0.05)

—

(0.05)

20.48

2018(g)

20.00

0.23

(0.06)

0.17

—

—

—

20.17

Class

C

2022(e)

26.28

(0.10)

(1.78)

(1.88)

(0.53)

(0.84)

(1.37)

23.03

2021

19.60

0.07

6.71

6.78

(0.10)

—

(0.10)

26.28

2020

20.28

0.04

(0.43)

(0.39)

(0.29)

—

(0.29)

19.60

2019

20.07

0.17

0.04

0.21

—

—

—

20.28

2018(g)

20.00

0.08

(0.01)

0.07

—

—

—

20.07

Class

R6

2022(e)

26.62

0.04

(1.81)

(1.77)

(0.54)

(0.84)

(1.38)

23.47

2021

19.84

0.32

6.77

7.09

(0.31)

—

(0.31)

26.62

2020

20.50

0.25

(0.41)

(0.16)

(0.50)

—

(0.50)

19.84

2019

20.20

0.41

(0.01)

0.40

(0.10)

—

(0.10)

20.50

2018(g)

20.00

0.21

(0.01)

0.20

—

—

—

20.20

Class

I

2022(e)

26.61

0.03

(1.81)

(1.78)

(0.54)

(0.84)

(1.38)

23.45

2021

19.83

0.31

6.77

7.08

(0.30)

—

(0.30)

26.61

2020

20.50

0.25

(0.42)

(0.17)

(0.50)

—

(0.50)

19.83

2019

20.20

0.42

(0.02)

0.40

(0.10)

—

(0.10)

20.50

2018(g)

20.00

0.24

(0.04)

0.20

—

—

—

20.20

(a)

Per

share

Net

Investment

Income

(Loss)

is

calculated

using

the

average

shares

method.

(b)

Total

return

is

the

combination

of

changes

in

NAV

without

any

sales

charge,

reinvested

dividend

income

at

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

Total

returns

are

not

annualized.

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.  See

Note

7

-

Management

Fees

and

Other

Transactions

with

Affiliates

for

more

information.

(d)

Portfolio

Turnover

Rate

is

calculated

based

on

the

lesser

of

long-term

purchases

or

sales

(as

disclosed

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives)

divided

by

the

average

long-term

market

value

during

the

period.

(e)

Unaudited.  For

the

six

months

ended

January

31,

2022.

(f)

Annualized.

(g)

For

the

period

December

18,

2017

(commencement

of

operations)

through

July

31,

2018.

See

accompanying

notes

to

financial

statements.

53

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Ending

Net

Assets

(000)

Gross

Expenses

Net

Expenses(c)

Net

Investment

Income

(NII)

(Loss)(c)

Portfolio

Turnover

Rate(d)

(7.02‌)

%

$

1,580

1.40‌

%

(f)

1.19‌

%

(f)

(0.10‌)

%

(f)

24‌

%

35.64‌

767

1.45‌

1.20‌

1.07‌

72‌

(1.35‌)

459

1.64‌

1.20‌

0.97‌

43‌

1.83‌

471

1.73‌

1.20‌

1.72‌

26‌

0.85‌

234

4.49‌

(f)

1.20‌

(f)

1.82‌

(f)

44‌

(7.39‌)

45

2.15‌

(f)

1.94‌

(f)

(0.76‌)

(f)

24‌

34.65‌

50

2.20‌

1.94‌

0.29‌

72‌

(2.07‌)

25

2.39‌

1.94‌

0.22‌

43‌

1.05‌

25

2.49‌

1.95‌

0.88‌

26‌

0.35‌

25

5.12‌

(f)

1.95‌

(f)

0.63‌

(f)

44‌

(6.89‌)

37,446

1.10‌

(f)

0.89‌

(f)

0.30‌

(f)

24‌

35.98‌

42,406

1.17‌

0.91‌

1.36‌

72‌

(1.01‌)

31,637

1.35‌

0.90‌

1.26‌

43‌

2.07‌

32,539

1.45‌

0.92‌

2.11‌

26‌

1.00‌

2,076

4.19‌

(f)

0.94‌

(f)

1.64‌

(f)

44‌

(6.93‌)

33,140

1.15‌

(f)

0.94‌

(f)

0.20‌

(f)

24‌

35.94‌

15,836

1.20‌

0.95‌

1.33‌

72‌

(1.07‌)

11,401

1.39‌

0.95‌

1.24‌

43‌

2.07‌

10,649

1.48‌

0.95‌

2.14‌

26‌

1.00‌

5,135

4.47‌

(f)

0.95‌

(f)

1.89‌

(f)

44‌

54

Notes

to

Financial

Statements

(Unaudited)

1.

General

Information

Trust

and

Fund

Information

The

Nuveen

Investment

Trust

II

(the

“Trust”)

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

as

amended.

The

Trust

is

comprised

of

Nuveen

Emerging

Markets

Equity

Fund

(“Emerging

Markets

Equity”),

Nuveen

Global

Dividend

Growth

Fund

(“Global

Dividend

Growth”),

Nuveen

International

Dividend

Growth

Fund

(“International

Dividend

Growth”),

Nuveen

International

Growth

Fund

(“International

Growth”)

and

Nuveen

International

Small

Cap

Fund

(“International

Small

Cap”)

(each

a

“Fund”

and

collectively

the

“Funds”),

as

diversified

funds,

among

others.

The

Trust

was

organized

as

a

Massachusetts

business

trust

on

June

27,

1997.

The

end

of

the

reporting

period

for

the

Funds

is

January

31,

2022,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

January

31,

2022

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser

The

Funds’

investment

adviser,

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

is

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

As

of

December

31,

2021,

the

Adviser

has

entered

into

sub-advisory

agreements

with

Nuveen

Asset

Management,

LLC

(“NAM”),

a

subsidiary

of

the

Adviser,

under

which

NAM

manages

the

investment

portfolios

of

the

Funds.

Prior

to

December

31,

2021,

the

Adviser

had

entered

into

sub-advisory

agreements

with

Santa

Barbara

Asset

Management

(“Santa

Barbara”)

and

Winslow

Capital

Management,

LLC,

(“Winslow”),

each

an

affiliate

of

the

Adviser.

Sub-Adviser

and

Fund

Name

Changes

Nuveen

Global

Dividend

Growth

Fund

and

Nuveen

International

Dividend

Growth

Fund

In

August

2021,

the

Funds’

Board

of

Trustees

(the

“Board”)

approved

amended

and

restated

sub-advisory

agreements,

effective

on

December

31,

2021,

between

the

Adviser

and

NAM,

pursuant

to

which

NAM

replaced

Santa

Barbara

as

each

Fund’s

sub-adviser.

NAM

and

Santa

Barbara

are

both

affiliates

of

the

Adviser

and

subsidiaries

of

Nuveen.

In

connection

therewith,

the

Board

also

approved

the

following

name

changes,

effective

November

30,

2021:

•

Nuveen

Santa

Barbara

Global

Dividend

Growth

Fund

to

Nuveen

Global

Dividend

Growth

Fund

•

Nuveen

Santa

Barbara

International

Dividend

Growth

Fund

to

Nuveen

International

Dividend

Growth

Fund

The

Funds’

portfolio

management

teams

and

investment

strategies

were

not

affected

by

these

changes.

Nuveen

International

Small

Cap

Fund

On

September

20,

2021,

the

Board

approved

an

amended

and

restated

sub-advisory

agreement,

effective

on

December

1,

2021,

between

the

Adviser

and

NAM,

pursuant

to

which

NAM

replaced

Winslow

as

the

Fund’s

sub-adviser.

NAM

and

Winslow

are

both

affiliates

of

the

Adviser

and

subsidiaries

of

Nuveen.

In

connection

therewith,

the

Board

also

approved

that

the

Fund

be

renamed

Nuveen

International

Small

Cap

Fund,

effective

December

1,

2021.

The

Fund’s

portfolio

management

team

and

investment

strategies

were

not

affected

by

these

changes.

Share

Classes

and

Sales

Charges

Class

A

Shares

are

generally

sold

with

an

up-front

sales

charge.

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

(“NAV”)

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

are

sold

without

an

up-front

sales

charge

but

are

subject

to

a

CDSC

of

1%

if

redeemed

within

twelve

months

of

purchase.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Class

R6

Shares

and

Class

I

Shares

are

sold

without

an

upfront

sales

charge.

Other

Matters 

The

outbreak

of

the

novel

coronavirus

(“COVID-19”)

and

subsequent

global

pandemic

began

significantly

impacting

the

U.S.

and

global

financial

markets

and

economies

during

the

calendar

quarter

ended

March

31,

2020.

The

worldwide

spread

of

COVID-19

has

created

significant

uncertainty

in

the

global

economy.

The

duration

and

extent

of

COVID-19

over

the

long-term

cannot

be

reasonably

estimated

at

this

time.

The

ultimate

impact

of

COVID-19

and

the

extent

to

which

COVID-19

impacts

the

Funds’

normal

course

of

business,

results

of

operations,

investments,

and

cash

flows

will

depend

on

future

developments,

which

are

highly

uncertain

and

difficult

to

predict.

Management

continues

to

monitor

and

evaluate

this

situation.

55

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and

shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

shareholder

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

shareholder

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation

The

Trust

pays

no

compensation

directly

to

those

of

its

trustees

who

are

affiliated

with

the

Adviser

or

to

its

officers,

all

of

whom

receive

remuneration

for

their

services

to

the

Trust

from

the

Adviser

or

its

affiliates.

The

Funds’

Board

has

adopted

a

deferred

compensation

plan

for

independent

trustees

that

enables

trustees

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Shareholders

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Foreign

Currency

Transactions

and

Translation

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

currency

exchange

rates

and

changes

in

foreign

exchange

rates

associated

with

(i)

investments

and

(ii)

other

assets

and

liabilities

are

recognized

as

a

component

of

“Change

in

net

unrealized

appreciation

(depreciation)

of

investments

and

foreign

currency”

on

the

Statement

of

Operations,

when

applicable.

The

unrealized

gains

and

losses

resulting

from

changes

in

foreign

exchange

rates

associated

with

investments

in

derivatives

are

recognized

as

a

component

of

the

respective

derivative’s

related

“Change

in

net

unrealized

appreciation

(depreciation)”

on

the

Statement

of

Operations,

when

applicable.

As

of

the

end

of

the

reporting

period,

the

Funds’

investments

in

non-U.S.

securities

were

as

follows:

Emerging

Markets

Equity

Value

%

of

Net

Assets

Country:

China

$

2,976,234

30.5

%

Taiwan

1,506,439

15.5

Brazil

1,084,438

11.1

India

825,035

8.5

South

Korea

752,642

7.6

Mexico

575,493

5.9

Indonesia

323,206

3.3

Macau

322,267

3.3

Russia

287,556

2.9

Other

576,602

5.9

Total

non-U.S.

Securities

$9,229,912

94.5%

56

Notes

to

Financial

Statements

(Unaudited)

(continued)

Global

Dividend

Growth

Value

%

of

Net

Assets

Country:

Japan

$

1,355,081

7.0

%

United

Kingdom

1,193,643

6.2

Canada

937,592

4.8

France

926,824

4.8

Germany

696,191

3.6

Australia

494,220

2.6

Hong

Kong

465,083

2.4

Switzerland

390,127

2.0

Total

non-U.S.

Securities

$6,458,761

33.4%

International

Dividend

Growth

Value

%

of

Net

Assets

Country:

United

Kingdom

$

1,032,959

22.9

%

Japan

743,816

16.5

France

477,619

10.6

Canada

418,676

9.3

Germany

270,653

6.0

Hong

Kong

223,022

5.0

Australia

203,256

4.5

Denmark

193,167

4.3

Netherlands

192,522

4.3

Other

506,884

11.4

Total

non-U.S.

Securities

$4,262,574

94.8%

International

Growth

Value

%

of

Net

Assets

Country:

United

Kingdom

$

350,675,232

14.4

%

France

350,511,768

14.4

Canada

228,725,566

9.4

Japan

196,378,091

8.1

Ireland

133,463,137

5.5

Germany

127,269,821

5.2

Switzerland

108,682,367

4.5

India

106,997,225

4.4

Taiwan

105,593,165

4.3

China

101,448,376

4.2

Other

463,390,198

19.0

Total

non-U.S.

Securities

$2,273,134,946

93.4%

International

Small

Cap

Value

%

of

Net

Assets

Country:

Japan

$

16,532,179

22.9

%

United

Kingdom

15,452,302

21.4

Canada

9,727,278

13.5

Australia

3,806,544

5.3

Germany

3,101,963

4.3

Netherlands

2,666,172

3.7

Israel

2,663,438

3.7

Norway

2,076,207

2.9

Denmark

1,973,354

2.7

Other

11,694,992

16.2

Total

non-U.S.

Securities

$69,694,429

96.6%

57

Indemnifications

Under

the

Trust’s

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Dividend

income

is

recorded

on

the

ex-dividend

date

or,

for

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

and

includes

accretion

of

discount

and

amortization

of

premiums

for

financial

reporting

purposes.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

Multiclass

Operations

and

Allocations

Income

and

expenses

of

the

Funds

that

are

not

directly

attributable

to

a

specific

class

of

shares

are

prorated

among

the

classes

based

on

the

relative

net

assets

of

each

class.

Expenses

directly

attributable

to

a

class

of

shares

are

recorded

to

the

specific

class.

12b-1

distribution

and

service

fees

are

allocated

on

a

class-specific

basis.

Sub-transfer

agent

fees

and

similar

fees,

which

are

recognized

as

a

component

of

“Shareholder

servicing

agent

fees”

on

the

Statement

of

Operations,

are

not

charged

to

Class

R6

Shares

and

are

prorated

among

the

other

classes

based

on

their

relative

net

assets.

Realized

and

unrealized

capital

gains

and

losses

of

the

Funds

are

prorated

among

the

classes

based

on

the

relative

net

assets

of

each

class.

Netting

Agreements

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

master

repurchase

agreements,

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

in

Note

4

-

Portfolio

Securities

and

Investments

in

Derivatives.

New

Accounting

Pronouncements

and

Rule

Issuances

Reference

Rate

Reform

In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

Securities

and

Exchange

Commission

(“SEC”)

Adopts

New

Rules

to

Modernize

Fund

Valuation

Framework

In

December

2020,

the

SEC

voted

to

adopt

a

new

rule

governing

fund

valuation

practices.

New

Rule

2a-5

under

the

1940

Act

establishes

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

will

permit

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

“readily

available”

for

purposes

of

Section

2(a)(41)

of

the

1940

Act,

which

requires

a

fund

to

fair

value

a

security

when

market

quotation

are

not

readily

available.

The

SEC

also

adopted

new

Rule

31a-4

under

the

1940

Act,

which

sets

forth

the

recordkeeping

requirements

associated

with

fair

value determinations.

Finally,

the

SEC

is

rescinding

previously

issued

guidance

on

related

issues,

including

the

role

of

a

board

in

determining

fair

value

and

the

accounting

and

auditing

of

fund

investments.

Rule

2a-5

and

Rule

31a-4

became

effective

on

March

8,

2021,

with

a

compliance

date

of

September

8,

2022.

A

fund

may

voluntarily

comply

with

the

rules

after

the

effective

date,

and

in

advance

of

the

compliance

date,

under

certain

conditions.

Management

is

currently

assessing

the

impact

of

these

provisions

on

the

Funds’

financial

statements.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

58

Notes

to

Financial

Statements

(Unaudited)

(continued)

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

sale

price

at

the

official

close

of

business

of

such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

sale

price

or

official

closing

price

reported

on

the

exchange

where

traded

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the

date

of

valuation.

To

the

extent

these

securities

are

actively

traded

and

that

valuation

adjustments

are

not

applied,

they

are

generally

classified

as

Level

1.

If

there

is

no

official

close

of

business,

then

the

latest

available

sale

price

is

utilized.

If

no

sales

are

reported,

then

the

mean

of

the

latest

available

bid

and

ask

prices

is

utilized

and

these

securities

are

generally

classified

as

Level

2.

For

events

affecting

the

value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds’

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Board.

These

foreign

securities

are

generally

classified

as

Level

2.

Prices

of

certain

American

Depositary

Receipts

(“ADR”)

held

by

the

Funds

that

trade

in

the

United

States

are

valued

based

on

the

last

traded

price,

official

closing

price,

or

an

evaluated

price

provided

by

the

independent

pricing

service

(“pricing

service”)

and

are

generally

classified

as

Level

1

or

2.

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

on

the

valuation

date

and

are

generally

classified

as

Level

1. 

Any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

above

valuation

procedures

are

deemed

not

to

reflect

fair

value

are

valued

at

fair

value,

as

determined

in

good

faith

using

procedures

approved

by

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

would

appear

to

be

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2

of

the

fair

value

hierarchy;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

59

4.

Portfolio

Securities

and

Investments

in

Derivatives

Portfolio

Securities

Repurchase

Agreements

In

connection

with

transactions

in

repurchase

agreements,

it

is

each

Fund's

policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

the

Funds

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements.

Emerging

Markets

Equity

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

3,966,146

$

5,304,937

**

$

–

$

9,271,083

Short-Term

Investments:

Repurchase

Agreements

–

688,774

–

688,774

Total

$

3,966,146

$

5,993,711

$

–

$

9,959,857

Global

Dividend

Growth

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

13,047,212

$

5,920,428

**

$

–

$

18,967,640

Short-Term

Investments:

Repurchase

Agreements

–

401,990

–

401,990

Total

$

13,047,212

$

6,322,418

$

–

$

19,369,630

International

Dividend

Growth

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

418,676

$

3,999,408

**

$

–

$

4,418,084

Total

$

418,676

$

3,999,408

$

–

$

4,418,084

International

Growth

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

619,825,588

$

1,733,252,612

**

$

–

$

2,353,078,200

Short-Term

Investments:

Repurchase

Agreements

–

60,408,163

–

60,408,163

Total

$

619,825,588

$

1,793,660,775

$

–

$

2,413,486,363

International

Small

Cap

Level

1

Level

2

Level

3

Total

Long-Term

Investments*:

Common

Stocks

$

12,883,501

$

57,341,169

**

$

–

$

70,224,670

Investments

Purchased

with

Collateral

from

Securities

Lending

849,545

–

–

849,545

Short-Term

Investments:

Repurchase

Agreements

–

1,606,516

–

1,606,516

Total

$

13,733,046

$

58,947,685

$

–

$

72,680,731

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

industry

classifications.

**

Refer

to

the

Fund’s

Portfolio

of

Investments

for

securities

classified

as

Level

2.

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

Emerging

Markets

Equity

Fixed

Income

Clearing

Corporation

$

688,774

$    

(702,550)

Global

Dividend

Growth

Fixed

Income

Clearing

Corporation

401,990

(410,102)

International

Growth

Fixed

Income

Clearing

Corporation

60,408,163

(61,616,369)

International

Small

Cap

Fixed

Income

Clearing

Corporation

1,606,516

(1,638,736)

60

Notes

to

Financial

Statements

(Unaudited)

(continued)

Securities

Lending

The

Funds

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

Funds

retain

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:

Investment

Transactions

Long-term

purchases

and

sales

(excluding

securities

purchased

with

collateral

from

securities

lending,

where

applicable)

during

the

current fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period.

The

Funds

have

earmarked

securities

in

their

portfolios

with

a

current

value

at

least

equal

to

the

amount

of

the

when-issued/

delayed

delivery

purchase

commitments.

If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

Investments

in

Derivatives

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

The

Funds

record

derivative

instruments

at

fair

value,

with

changes

in

fair

value

recognized

on

the

Statement

of

Operations,

when

applicable.

Even

though

the

Funds’

investments

in

derivatives

may

represent

economic

hedges,

they

are

not

considered

to

be

hedge

transactions

for

financial

reporting

purposes.

Although

the

Funds

are

authorized

to

invest

in

derivative

instruments,

and

may

do

so

in

the

future,

they

did

not

make

any

such

investments

during

the

current

fiscal

period.

Market

and

Counterparty

Credit

Risk

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

Fund

Asset

Class

out

on

Loan

Long-Term

Investments,

at

Value

Total

Collateral

Received

International

Small

Cap

Common

Stock

$832,824

$849,545

Fund

Purchases

Sales

Emerging

Markets

Equity

$

3,960,262

$

6,511,775

Global

Dividend

Growth

1,421,576

2,704,919

International

Dividend

Growth

685,924

1,161,921

International

Growth

1,356,132,167

943,297,644

International

Small

Cap

33,988,226

15,761,852

61

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

predetermined

threshold

amount.

5.

Fund

Shares

Transactions

in

Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Six

Months

Ended

1/31/22

Year

Ended

7/31/21

Emerging

Markets

Equity

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

485

$11,442

12,323

$349,913

Class

C

166

4,000

1,322

37,474

Class

I

—

—

19,462

555,943

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

2,667

47,366

984

26,658

Class

C

429

7,517

36

956

Class

I

6,337

112,856

985

26,742

10,084

183,181

35,112

997,686

Shares

redeemed:

Class

A

(8,038)

(189,678)

(6,487)

(188,431)

Class

C

(621)

(10,933)

(11)

(286)

Class

I

(43)

(1,070)

(9,066)

(260,068)

(8,702)

(201,681)

(15,564)

(448,785)

Net

increase

(decrease)

1,382

$(18,500)

19,548

$548,901

Six

Months

Ended

1/31/22

Year

Ended

7/31/21

Global

Dividend

Growth

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

15,326

$505,446

47,120

$1,420,304

Class

A

-

automatic

conversion

of

Class

C

Shares

75

2,533

2,752

87,122

Class

A

-

automatic

conversion

of

Class

R3

Shares

—

—

4,952

164,001

Class

C

315

10,300

2,865

84,817

Class

R3

(1)

—

—

362

10,314

Class

I

9,296

310,609

31,365

942,392

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

14,216

462,789

3,570

106,983

Class

C

2,156

69,875

506

14,830

Class

R3

(1)

—

—

50

1,429

Class

I

19,747

642,772

6,419

191,147

61,131

2,004,324

99,961

3,023,339

Shares

redeemed:

Class

A

(18,247)

(608,232)

(55,385)

(1,693,545)

Class

C

(8,088)

(269,921)

(30,154)

(896,608)

Class

C

-

automatic

conversion

to

Class

A

Shares

(75)

(2,533)

(2,761)

(87,122)

Class

R3

(1)

—

—

(2,662)

(87,313)

Class

R3

-

automatic

conversion

to

Class

A

Shares

—

—

(4,965)

(164,001)

Class

I

(40,794)

(1,351,104)

(115,603)

(3,422,922)

(67,204)

(2,231,790)

(211,530)

(6,351,511)

Net

increase

(decrease)

(6,073)

$(227,466)

(111,569)

$(3,328,172)

(1)

Class

R3

Shares

were

converted

to

Class

A

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

62

Notes

to

Financial

Statements

(Unaudited)

(continued)

Six

Months

Ended

1/31/22

Year

Ended

7/31/21

International

Dividend

Growth

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

9,556

$284,512

9,752

$262,793

Class

A

-

automatic

conversion

of

Class

C

Shares

—

—

2,471

69,400

Class

C

869

25,000

543

15,700

Class

I

388

11,258

885

23,971

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

2,986

84,890

1,384

37,175

Class

C

258

7,247

127

3,364

Class

I

2,313

65,755

1,454

38,977

16,370

478,662

16,616

451,380

Shares

redeemed:

Class

A

(12,803)

(372,513)

(14,844)

(396,956)

Class

C

(2,007)

(58,717)

(9,188)

(234,660)

Class

C

-

automatic

conversion

to

Class

A

Shares

—

—

(2,500)

(69,400)

Class

R3

(1)

—

—

(2,500)

(73,900)

Class

I

(16,697)

(485,140)

(10,826)

(294,473)

(31,507)

(916,370)

(39,858)

(1,069,389)

Net

increase

(decrease)

(15,137)

$(437,708)

(23,242)

$(618,009)

(1)

Class

R3

Shares

were

converted

to

Class

A

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Six

Months

Ended

1/31/22

Year

Ended

7/31/21

International

Growth

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

53,770

$3,013,355

110,025

$6,110,312

Class

A

-

automatic

conversion

of

Class

C

Shares

6

353

209

11,933

Class

A

-

automatic

conversion

of

Class

R3

Shares

—

—

6,921

408,523

Class

C

2,027

106,280

16,667

872,636

Class

R3

(1)

—

—

1,558

82,610

Class

R6

9,640,881

541,004,134

37,326,223

1,969,387,348

Class

I

505,543

27,913,604

852,427

47,288,427

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

20,818

1,102,267

—

—

Class

C

3,598

177,690

—

—

Class

R6

1,266,862

67,622,501

—

—

Class

I

70,244

3,767,941

—

—

11,563,749

644,708,125

38,314,030

2,024,161,789

Shares

redeemed:

Class

A

(162,122)

(9,271,119)

(113,794)

(6,231,046)

Class

C

(24,089)

(1,245,366)

(78,814)

(4,023,562)

Class

C

-

automatic

conversion

to

Class

A

Shares

(7)

(353)

(222)

(11,933)

Class

R3

(1)

—

—

(7,252)

(411,248)

Class

R3

-

automatic

conversion

to

Class

A

Shares

—

—

(7,031)

(408,523)

Class

R6

(1,116,237)

(63,934,436)

(3,244,040)

(187,932,689)

Class

I

(1,427,448)

(81,778,383)

(1,400,022)

(77,908,753)

(2,729,903)

(156,229,657)

(4,851,175)

(276,927,754)

Net

increase

(decrease)

8,833,846

$488,478,468

33,462,855

$1,747,234,035

(1)

Class

R3

Shares

were

converted

to

Class

A

at

the

close

of

business

on

June

4,

2021

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

63

6.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

was

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

Six

Months

Ended

1/31/22

Year

Ended

7/31/21

International

Small

Cap

Shares

Amount

Shares

Amount

Shares

sold:

Class

A

42,932

$1,090,428

5,527

$136,319

Class

C

23

600

661

16,840

Class

R6

1,220

31,834

5,674

130,701

Class

I

1,001,750

26,120,856

239,564

6,043,369

Shares

issued

to

shareholders

due

to

reinvestment

of

distributions:

Class

A

2,640

65,548

247

5,620

Class

C

38

941

—

—

Class

R6

1,340

33,363

358

8,172

Class

I

71,834

1,788,055

7,173

163,463

1,121,777

29,131,625

259,204

6,504,484

Shares

redeemed:

Class

A

(6,904)

(171,923)

(78)

(1,726)

Class

C

—

—

—

—

Class

R6

(52)

(1,341)

(8,005)

(195,100)

Class

I

(255,742)

(6,370,840)

(226,691)

(5,507,121)

(262,698)

(6,544,104)

(234,774)

(5,703,947)

Net

increase

(decrease)

859,079

$22,587,521

24,430

$800,537

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Emerging

Markets

Equity

$

10,076,019

$

1,746,351

$

(1,862,513)

$

(116,162)

Global

Dividend

Growth

12,395,696

7,282,755

(308,821)

6,973,934

International

Dividend

Growth

3,277,145

1,393,848

(252,909)

1,140,939

International

Growth

2,381,069,381

253,361,349

(220,944,367)

32,416,982

International

Small

Cap

68,536,191

9,103,684

(4,959,144)

4,144,540

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

Emerging

Markets

Equity

$

1,309,211

$

921,124

$

720,735

$

—

$

—

$

—

$

2,951,070

Global

Dividend

Growth

16,994

788,235

6,754,196

—

—

—

7,559,425

International

Dividend

Growth

36,213

—

1,322,374

(160,362)

—

—

1,198,225

International

Growth

62,996,424

11,653,908

261,196,250

—

—

(48,267)

335,798,315

International

Small

Cap

479,123

1,124,573

12,096,198

—

—

—

13,699,894

64

Notes

to

Financial

Statements

(Unaudited)

(continued)

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

7.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees

Each

Fund’s

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

each

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

was

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,

Fund

Short-Term

Long-Term

Total

Emerging

Markets

Equity

$

—

$

—

$

—

Global

Dividend

Growth

—

—

—

International

Dividend

Growth

—

160,362

160,362

International

Growth

—

—

—

International

Small

Cap

—

—

—

Average

Daily

Net

Assets

Emerging

Markets

Equity

Global

Dividend

Growth

International

Dividend

Growth

International

Growth

International

Small

Cap

For

the

first

$125

million

0.7000

%

0.5500

%

0.5500

%

0.5500

%

0.7000

%

For

the

next

$125

million

0.6875

0.5375

0.5375

0.5375

0.6875

For

the

next

$250

million

0.6750

0.5250

0.5250

0.5250

0.6750

For

the

next

$500

million

0.6625

0.5125

0.5125

0.5125

0.6625

For

the

next

$1

billion

0.6500

0.5000

0.5000

0.5000

0.6500

For

the

next

$3

billion

0.6250

0.4750

0.4750

0.4750

0.6250

For

the

next

$2.5

billion

0.6000

0.4500

0.4500

0.4500

0.6000

For

the

next

$2.5

billion

0.5875

0.4375

0.4375

0.4375

0.5875

For

net

assets

over

$10

billion

0.5750

0.4250

0.4250

0.4250

0.5750

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

65

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

January

31,

2022,

the

complex-level

fee

rate

for

each

Fund

was

as

follows:

The

Adviser

has

agreed

to

waive

fees

and/or

reimburse

expenses

(“Expense

Cap”)

of

the

Funds

so

that

the

total

annual

Fund

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

the

average

daily

net

assets

of

any

class

of

Fund

shares

in

the

amounts

and

for

the

time

periods

stated

in

the

following

table.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

fund

operating

expense

for

the

Class

R6

Shares

will

be

less

than

the

expense

limitation.

The

temporary

expense

limitations

may

be

terminated

or

modified

prior

to

expiration

date

only

with

the

approval

of

the

Board.

The

expense

limitations

in

effect

thereafter

may

be

terminated

or

modified

only

with

the

approval

of

shareholders

of

each

Fund.

Distribution

and

Service

Fees

Each

Fund

has

adopted

a

distribution

and

service

plan

under

rule

12b-1

under

the

1940

Act.

Class

A

Shares

incur

a

0.25%

annual

12b-1

service

fee.

Class

C

Shares

incur

a

0.75%

annual

12b-1

distribution

fee

and

a

0.25%

annual

12b-1

service

fee.

 Class

R6

Shares

and

Class

I

Shares

are

not

subject

to

12b-1

distribution

or

service

fees.

The

fees

under

this

plan

compensate

Nuveen

Securities,

LLC,

(the

“Distributor”),

a

wholly-owned

subsidiary

of

Nuveen,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Funds

and

establishing

and

maintaining

shareholder

accounts.

Other

Transactions

with

Affiliates 

The

Funds

receive

voluntary

compensation

from

the

Adviser

in

amounts

that

approximate

a

portion

of

the

cost

of

research

services

obtained

from

broker-dealers

and

research

providers

if

the

Adviser

had

purchased

the

research

services

directly.

This

income

received

by

the

Funds

is

recognized

as

Payment

from

affiliate

on

the

Statement

of

Operations,

and

any

income

due

to

the

Funds

as

of

the

end

of

the

reporting

period

is

recognized

as

“Receivable

due

from

affiliate”

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

(“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows:

Fund

Complex-Level

Fee

Emerging

Markets

Equity

0

.1537%

Global

Dividend

Growth

0

.1537

International

Dividend

Growth

0

.1537

International

Growth

0

.1576

International

Small

Cap

0

.1537

Average

Daily

Net

Assets

Temporary

Expense

Cap

Temporary

Expense

Cap

Expiration

Date

Permanent

Expense

Cap

Nuveen

Emerging

Markets

Equity

Fund

0.99%

July

31,

2023

N/A

Nuveen

Global

Dividend

Growth

Fund

0.94%

July

31,

2023

N/A

Nuveen

International

Dividend

Growth

Fund

0.94%

July

31,

2023

N/A

Nuveen

International

Growth

Fund

0.90%

July

31,

2023

1.45%

Nuveen

International

Small

Cap

Fund

0.99%

July

31,

2023

1.00%

N/A

-

Not

Applicable.

Fund

Purchases

Sales

Realized

Gain

(Loss)

Emerging

Markets

Equity

$

—

$

—

$

—

Global

Dividend

Growth

—

—

—

International

Dividend

Growth

—

—

—

International

Growth

—

3,101,214

292,946

International

Small

Cap

—

—

—

66

Notes

to

Financial

Statements

(Unaudited)

(continued)

During

the

current

fiscal

period,

the

Distributor,

collected

sales

charges

on

purchases

of

Class

A

Shares,

the

majority

of

which

were

paid

out

as

concessions

to

financial

intermediaries

as

follows:

The

Distributor

also

received

12b-1

service

fees

on

Class

A

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

To

compensate

for

commissions

advanced

to

financial

intermediaries,

all

12b-1

service

and

distribution

fees

collected

on

Class

C

Shares

during

the

first

year

following

a

purchase

are

retained

by

the

Distributor.

During

the

current

fiscal

period,

the

Distributor

retained

such

12b-1

fees

as

follows:

The

remaining

12b-1

fees

charged

to

each

Fund

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

The

Distributor

also

collected

and

retained

CDSC

on

share

redemptions

during

the

current

fiscal

period,

as

follows: 

As

of

the

end

of

the

reporting

period,

the

TIAA-CREF

Lifecycle

2030

Fund,

TIAA-CREF

Lifecycle

2035

Fund,

TIAA-CREF

Lifecycle

2040

Fund,

TIAA-CREF

Lifecycle

2045

Fund

and

TIAA-CREF

Lifecycle

2050

Fund

owned

11%,

13%,

17%,

13%,

10%

of

Class

R6

Shares

of

International

Growth,

respectively.

8.

Borrowing

Arrangements

Fund

Sales

Charges

Collected

Paid

to

Financial

Intermediaries

Emerging

Markets

Equity

$

—

$

—

Global

Dividend

Growth

4,360

4,045

International

Dividend

Growth

3,095

2,838

International

Growth

11,733

10,423

International

Small

Cap

819

745

Fund

Commission

Advances

Emerging

Markets

Equity

$

40

Global

Dividend

Growth

1,825

International

Dividend

Growth

1,250

International

Growth

1,006

International

Small

Cap

151

Fund

12b-1

Fees

Retained

Emerging

Markets

Equity

$

—

Global

Dividend

Growth

107

International

Dividend

Growth

159

International

Growth

2,191

International

Small

Cap

197

Fund

CDSC

Retained

Emerging

Markets

Equity

$

—

Global

Dividend

Growth

624

International

Dividend

Growth

164

International

Growth

911

International

Small

Cap

—

67

Committed

Line

of

Credit

The

Funds,

along

with

certain

other

funds

managed

by

the

Adviser

(“Participating

Funds”),

have

established

a

364-day,

$2.635

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well

being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

credit

facility

expires

in

June

2022

unless

extended

or

renewed.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed. 

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,

each

Fund’s

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

each

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities,

where

applicable.

Fund

Maximum

Outstanding

Balance

Emerging

Markets

Equity

$

41,407

Global

Dividend

Growth

—

International

Dividend

Growth

—

International

Growth

—

International

Small

Cap

—

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Emerging

Markets

Equity

$

3

$

41,407

1.39

%

Global

Dividend

Growth

—

—

—

International

Dividend

Growth

—

—

—

International

Growth

—

—

—

International

Small

Cap

—

—

—

68

Additional

Fund

Information

(Unaudited)

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Sub-Adviser

Nuveen

Asset

Management,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

One

North

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Lincoln

Street

Boston,

MA

02111

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Transfer

Agent

and

Shareholder

Services

DST

Asset

Manager

Solutions,

Inc.

(DST)

P.O.

Box

219140

Kansas

City,

MO

64121-9140

(800)

257-8787

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

69

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Lipper

Emerging

Markets

Funds

Classification

Average:

Represents

the

average

annualized

total

returns

for

all

reporting

funds

in

the

Lipper

Emerging

Markets

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charge.

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

charge.

Lipper

International

Multi-Cap

Growth

Funds

Classification

Average:

Represents

the

average

annualized

total

returns

for

all

reporting

funds

in

the

Lipper

International

Multi-Cap

Growth

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charge.

Lipper

International

Small/Mid-Cap

Classification

Average

:

Represents

the

average

annualized

returns

for

all

reporting

funds

in

the

Lipper

International

Small/Mid-Cap

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

Equity

Income

Funds

Classification

Average:

Represents

the

average

annualized

total

returns

for

all

reporting

funds

in

the

Lipper

International

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

charge.

MSCI

ACWI

ex

USA

Index

(Net):

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

securities

across

22

of

23

developed

market

countries,

excluding

the

U.S.

and

23

emerging

market

countries.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

World

ex

USA

Small

Cap

Index

(Net):

An

index

designed

to

measure

the

performance

of

small

cap

securities

across

22

of

23

developed

market

countries,

excluding

the

U.S.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

EAFE

(Europe,

Australasia,

Far

East)

Index

(Net):

An

index

designed

to

measure

the

performance

of

large

and

mid-

cap

securities

across

21

of

23

developed

market

countries,

excluding

the

U.S.

and

Canada.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

Emerging

Markets

Index

(Net):

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

equity

securities

across

25

emerging

market

countries.

The

index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

MSCI

World

Index

(Net):

An

index

designed

to

measure

the

performance

of

large

and

mid-cap

equity

securities

across

23

developed

market

countries.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Net

Assets

Value

(NAV)

per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash

and

accrued

earnings)

less

its

total

liabilities.

For

funds

with

multiple

classes,

Net

Assets

are

determined

separately

for

each

share

class.

NAV

per

share

is

equal

to

the

fund’s

(or

share

class’)

Net

Assets

divided

by

its

number

of

shares

outstanding.

Tax

Equalization:

The

practice

of

treating

a

portion

of

the

distribution

made

to

a

redeeming

shareholder,

which

represents

his

proportionate

part

of

undistributed

net

investment

income

and

capital

gain

as

a

distribution

for

tax

purposes.

Such

amounts

are

referred

to

as

the

equalization

debits

(or

payments)

and

will

be

considered

a

distribution

to

the

shareholder

of

net

investment

income

and

capital

gain

for

calculation

of

the

fund’s

dividends

paid

deduction.

70

Liquidity

Risk

Management

Program

(Unaudited)

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

Fund

covered

in

this

Report

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

designed

to

manage

each

Fund’s

liquidity

risk.

The

Program

consists

of

various

protocols

for

assessing

and

managing

each

Fund’s

liquidity

risk.

The

Funds’

Board

of

Directors

(the

“Board”)

previously

designated

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser

(the

“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

(“LOSC”).

LMAT

and

LOSC

are

composed

of

personnel

from

the

Adviser

and

Teachers

Advisors,

LLC,

an

affiliate

of

the

Adviser.

At

a

May

26,

2021

meeting

of

the

Board,

the

Adviser

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy

and

effectiveness

of

implementation

for

the

calendar

year

2020

(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,

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(i)

the

Fund’s

investment

strategy

and

the

liquidity

of

its

portfolio

investments,

(ii)

cash

flow

projections,

and

(iii)

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

of

the

Funds’

portfolio

investments

are

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

“Highly

Liquid,”

and

the

least

liquid,

“Illiquid,”

as

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,

using

third-party

vendor

data.

A

fund

that

does

not

primarily

hold

Highly

Liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

the

fund’s

net

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’s

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,

the

Funds

did

not

exceed

the

15%

limit

on

Illiquid

investments.

Annual

Investment

Management

(Unaudited)

71

The

Board

of

Trustees

(the

“Board,”

and

each

Trustee,

a

“Board

Member”)

of

the

Funds,

which

is

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”)),

is

responsible

for

determining

whether

to

approve

the

respective

Fund’s

advisory

arrangements,

including

sub-advisory

arrangements.

At

a

meeting

held

on

May

25-27,

2021

(the

“May

Meeting”)

at

which

it

conducted

its

annual

review

of

the

advisory

arrangements

of

the

Funds,

the

Board

approved,

for

each

respective

Fund,

the

renewal

of

the

management

agreement

(each,

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

and

the

sub-advisory

agreement

(each,

a

“Sub-Advisory

Agreement”)

with

(a)

in

the

case

of

Nuveen

Emerging

Markets

Equity

Fund

and

Nuveen

International

Growth

Fund,

Nuveen

Asset

Management,

LLC

(“NAM”);

(b)

in

the

case

of

Nuveen

Global

Dividend

Growth

Fund

(the

“Global

Dividend

Fund”)

and

Nuveen

International

Dividend

Growth

Fund

(the

“International

Dividend

Fund”

and,

together

with

the

Global

Dividend

Fund,

the

“Dividend

Funds”),

Santa

Barbara

Asset

Management,

LLC

(“Santa

Barbara”);

and

(c)

in

the

case

of

Nuveen

International

Small

Cap

Fund

(the

“International

Small

Cap

Fund”),

Winslow

Capital

Management,

LLC

(“Winslow”).

(A

discussion

of

the

Board’s

approval

at

the

May

Meeting

of

the

renewal

of

the

Investment

Management

Agreements

and

Sub-Advisory

Agreements

is

included

in

the

Funds’

respective

annual

reports

for

the

period

ended

July

31,

2021.)

Subsequent

to

the

May

Meeting,

the

Adviser

discussed

with

the

Board

the

proposed

transfer

of

a

number

of

the

existing

mandates

of

Santa

Barbara

and

Winslow

to

NAM

in

connection

with

certain

strategic

initiatives

to

identify

opportunities

across

the

Nuveen

equities

and

fixed

income

platform

in

seeking

to

drive

greater

collaboration

and

alignment

across

Nuveen’s

investment

specialists.

A

discussion

of

the

Board’s

approval

in

August

2021

of

(a)

the

transfer

of

each

Dividend

Fund’s

sub-advisory

agreement

with

Santa

Barbara

to

NAM,

effective

December

31,

2021;

and

(b)

an

amended

and

restated

sub-advisory

agreement

for

each

Dividend

Fund

with

NAM,

effective

as

of

December

31,

2021,

is

set

forth

in

Part

I

below.

A

discussion

of

the

Board’s

approval

in

September

2021

of

(a)

the

transfer

of

the

International

Small

Cap

Fund’s

sub-advisory

agreement

with

Winslow

to

NAM,

effective

December

1,

2021;

and

(b)

an

amended

and

restated

sub-advisory

agreement

for

the

International

Small

Cap

Fund

with

NAM,

effective

as

of

December

1,

2021,

is

set

forth

in

Part

II

below.

PART

I

Nuveen

Global

Dividend

Growth

Fund

Nuveen

International

Dividend

Growth

Fund

As

noted

above,

at

the

May

Meeting,

at

which

it

approved

the

renewal

of

the

advisory

arrangements

of

the

Dividend

Funds

(for

purposes

of

this

Part

I,

each,

a

“Fund”),

the

Board

approved

the

renewal

of

the

renewal

of

each

Fund’s

Investment

Management

Agreement

with

the

Adviser

and

Sub-Advisory

Agreement

(for

purposes

of

this

Part

I,

each,

a

“Santa

Barbara

Sub-Advisory

Agreement”)

with

Santa

Barbara,

an

affiliate

of

the

Adviser.

Subsequent

to

the

May

Meeting,

the

Adviser

discussed

with

the

Board

the

proposed

transfer

of

a

number

of

Santa

Barbara’s

existing

mandates

to

NAM,

also

an

affiliate

of

the

Adviser,

in

connection

with

certain

strategic

initiatives

to

identify

opportunities

across

the

Nuveen

equities

and

fixed

income

platform

in

seeking

to

drive

greater

collaboration

and

alignment

across

Nuveen’s

investment

specialists.

In

this

regard,

for

each

Fund,

the

Adviser

(i)

proposed

the

transfer

of

such

Fund’s

Santa

Barbara

Sub-Advisory

Agreement

to

NAM,

effective

December

31,

2021

(for

purposes

of

this

Part

I,

each,

a

“Transfer”)

and

(ii)

requested

that

the

Board

approve

an

amended

and

restated

sub-advisory

agreement,

effective

as

of

December

31,

2021,

between

the

Adviser

and

NAM

(for

purposes

of

this

Part

I,

each,

a

“New

Sub-Advisory

Agreement”).

Accordingly,

at

a

meeting

held

on

August

2-4,

2021

(the

“August

Meeting”),

the

Board

approved,

for

each

Fund,

the

respective

Transfer

and

New

Sub-Advisory

Agreement.

Although

the

1940

Act

requires

that

approvals

of

the

Funds’

advisory

arrangements

be

approved

by

the

in-person

vote

of

a

majority

of

the

Board

Members,

the

August

Meeting

was

held

virtually

through

the

internet

in

view

of

the

health

risks

associated

with

holding

an

in-person

meeting

during

the

COVID-19

pandemic

and

governmental

restrictions

on

gatherings.

The

August

Meeting

was

held

virtually

in

reliance

on

certain

exemptive

relief

the

Securities

and

Exchange

Commission

provided

to

registered

investment

companies

providing

temporary

relief

from

the

in-person

voting

requirements

of

the

1940

Act

with

respect

to

the

approval

of

a

fund’s

advisory

agreement

in

light

of

these

challenges.

In

conjunction

with

their

evaluation

of

the

New

Sub-Advisory

Agreements

at

the

August

Meeting,

the

Board

Members

had

received,

in

adequate

time

in

advance

of

the

August

Meeting

and/or

at

prior

meetings,

materials

that

covered,

among

other

things:

(a)

the

nature,

extent

and

quality

of

services

expected

to

be

provided

by

NAM;

(b)

the

organization

of

NAM;

(c)

certain

performance-related

information

(as

described

below);

(d)

the

proposed

sub-advisory

fees

of

NAM

and

the

profitability

of

Nuveen

and

its

affiliates

(including

NAM)

for

their

advisory

activities;

and

(e)

the

soft

dollar

practices

of

NAM.

At

the

August

Meeting

and/or

at

prior

meetings,

the

Adviser

made

presentations

to

and

responded

to

questions

from

the

Board.

In

connection

with

its

review

of

the

New

Sub-Advisory

Agreements,

the

Board

was

advised

by

independent

legal

counsel.

In

addition,

prior

to

the

August

Meeting,

the

Board

Members

had

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

advisory

agreements.

The

Board’s

decision

to

approve

the

New

Sub-Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided,

and

each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process.

The

following

summarizes

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

approve

the

New

Sub-

Advisory

Agreements

and

its

conclusions.

A.

Nature,

Extent

and

Quality

of

Services

As

noted

above,

the

Board

recognized

that

Nuveen

management

had

embarked

on

various

strategic

initiatives

identifying

opportunities

across

the

Nuveen

equities

and

fixed

income

platform,

seeking

to

drive

greater

collaboration

and

alignment

across

Nuveen’s

investment

specialists,

and

recommended

the

Transfers

as

a

result

of

these

efforts.

The

Board

considered

the

nature,

extent

and

quality

of

the

services

expected

to

be

provided

to

the

Funds

by

NAM

under

the

New

Sub-Advisory

Agreements,

including

the

portfolio

management

services.

The

Board

acknowledged

that

while

portfolio

management

services

would

be

provided

by

NAM

rather

than

Santa

Barbara

following

the

Transfers,

no

changes

were

expected

to

be

72

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

made

to,

among

other

things,

the

nature

and

level

of

sub-advisory

services

provided

to

the

Funds

or

the

day-to-day

management

of

the

Funds.

In

this

regard,

the

Board

was

aware

that

it

was

expected

that

the

Santa

Barbara

personnel

who

provided

portfolio

management

services

to

the

Funds

prior

to

the

Transfers

would

continue

to

do

so

as

personnel

of

NAM

following

the

Transfers.

Notwithstanding

the

foregoing,

the

Board

Members

recognized

that

personnel

changes

may

occur

as

a

result

of,

for

example,

normal

business

developments

or

personal

career

decisions.

Further,

as

NAM

already

serves

as

a

sub-adviser

to

other

Nuveen

funds

overseen

by

the

Board

Members,

the

Board

has

a

good

understanding

of

NAM’s

organization

and

operations.

As

the

Board

Members

meet

regularly

throughout

the

year

to

oversee

the

Nuveen

funds,

including

Nuveen

funds

sub-advised

by

NAM,

the

Board

Members

also

have

relied

upon

their

knowledge

from

their

meetings

and

other

interactions

with

respect

to

NAM

in

evaluating

the

New

Sub-Advisory

Agreements.

Based

on

their

review,

the

Board

Members

found

that,

overall,

the

nature,

extent

and

quality

of

services

expected

to

be

provided

to

each

Fund

under

the

corresponding

New

Sub-Advisory

Agreement

were

satisfactory

and

supported

approval

of

such

New

Sub-Advisory

Agreement.

B.

Investment

Performance

With

respect

to

each

Fund,

at

the

May

Meeting

and

at

various

other

meetings,

the

Board

considered

such

Fund’s

performance

over

various

time

periods.

In

connection

with

approving

the

New

Sub-Advisory

Agreements,

the

Board

recognized

that

there

is

no

performance

record

for

the

Funds

with

NAM

as

the

sub-adviser.

The

Board

Members,

however,

were

familiar

with

the

performance

records

of

other

Nuveen

funds

sub-advised

by

NAM.

Further,

as

noted

above,

the

Board

was

aware

that

the

Santa

Barbara

personnel

providing

portfolio

management

services

to

the

Funds

prior

to

the

Transfers

were

expected

to

continue

to

do

so

as

personnel

of

NAM

following

the

Transfers.

C.

Sub-Advisory

Fees

and

Profitability

At

the

May

Meeting,

the

Board

Members

considered

the

Funds’

respective

management

fees

and

net

expense

ratios.

In

this

regard,

for

each

Fund,

the

Board

had

considered,

among

other

things,

the

sub-advisory

fee

paid

to

Santa

Barbara

in

light

of

the

sub-advisory

services

provided

to

such

Fund

and

any

applicable

breakpoint

schedule,

as

well

as

comparative

data

of

the

fees

Santa

Barbara

charged

to

certain

other

clients.

At

the

September

Meeting,

the

Board

considered

the

proposed

sub-advisory

fees

to

be

paid

to

NAM.

The

Board

recognized

that,

for

each

Fund,

NAM’s

sub-advisory

fee

under

the

applicable

New

Sub-Advisory

Agreement

would

be

the

same

as

Santa

Barbara’s

sub-advisory

fee

under

the

corresponding

Santa

Barbara

Sub-Advisory

Agreement.

Further,

the

Board

observed

that

the

appointment

of

NAM

would

not

change

the

management

fees

incurred

by

the

Funds

as

the

Adviser

pays

the

sub-adviser

out

of

the

management

fee

it

receives

from

the

Funds

and

the

compensation

paid

to

NAM

would

be

the

responsibility

of

the

Adviser,

not

the

Funds.

In

addition,

due

to

their

experience

with

other

Nuveen

funds,

the

Board

Members

were

familiar

with

NAM’s

fee

rates

for

portfolio

management

services

provided

to

other

Nuveen

funds.

Further,

the

Board

Members

had

previously

considered

information

regarding

fee

rates

charged

to

certain

other

types

of

clients

(which

may

include

retail

and

institutional

managed

accounts

advised

by

NAM;

hedge

funds

managed

by

NAM;

investment

companies

offered

outside

the

Nuveen

family

and

sub-advised

by

NAM;

foreign

investment

companies

offered

by

Nuveen

and

sub-advised

by

NAM;

and

collective

investment

trusts

sub-advised

by

NAM).

In

evaluating

the

New

Sub-Advisory

Agreements,

based

on

its

review,

the

Board

concluded

that,

for

each

Fund,

NAM’s

sub-advisory

fee

was

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

expected

to

be

provided

to

such

Fund.

With

respect

to

profitability,

at

the

May

Meeting,

the

Board

Members

considered

the

profitability

of

the

various

sub-advisers

to

the

Nuveen

funds

(including

NAM)

from

their

relationships

with

the

Nuveen

funds.

In

this

regard,

the

Board

Members

had

reviewed,

among

other

things,

NAM’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

post-tax)

for

its

advisory

activities

for

the

calendar

year

ended

December 31,

2020

as

well

as

its

pre-

and

post-tax

net

revenue

margins

for

2020

compared

to

such

margins

for

2019.

The

Board

Members

had

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

post-tax)

by

asset

type

for

NAM

for

the

calendar

year

ending

December 31,

2020

and

the

pre-

and

post-tax

revenue

margins

from

2020

and

2019.

Based

on

their

review,

the

Board

Members

had

noted

that

NAM’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided;

this

conclusion

did

not

change

as

a

result

of

the

New

Sub-

Advisory

Agreements.

D.

Economies

of

Scale

At

the

May

Meeting,

the

Board

considered

whether

there

had

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds

and

whether

these

economies

of

scale

had

been

appropriately

shared

with

the

funds.

The

Board

had

recognized

that

although

economies

of

scale

are

difficult

to

measure

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

there

are

several

methods

to

help

share

the

benefits

of

economies

of

scale,

including,

among

other

things,

breakpoints

in

the

management

fee

schedule.

The

Board

had

noted

that

Nuveen

generally

has

employed

these

various

methods.

In

this

regard,

the

Board

was

aware

that,

subject

to

certain

exceptions,

the

management

fee

of

the

Adviser

charged

to

the

Nuveen

funds

(including

each

Fund)

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component,

each

with

its

own

breakpoint

schedule.

The

fund-level

breakpoint

schedules

are

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows,

and

the

complex-level

breakpoint

schedule

is

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

eligible

assets

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined.

Further,

with

respect

to

the

New

Sub-Advisory

Agreements,

given

that

each

Fund

pays

a

management

fee

to

the

Adviser

and

that

the

Adviser

in

turn

would

pay

NAM,

the

Board

recognized

that

the

sharing

of

benefits

from

economies

of

scale

is

reflected

in

fund-level

and

complex-level

breakpoints

in

the

management

fees

at

the

Adviser

level

and

the

appointment

of

NAM

would

not

change

the

management

fees

paid

by

the

Funds

or

the

sharing

of

economies

of

scale

reflected

in

the

corresponding

advisory

fee

schedule.

Based

on

its

review,

taking

into

account

the

New

Sub-Advisory

Agreements,

the

Board

concluded

that

the

Funds’

fee

arrangements

would

appropriately

reflect

economies

of

scale

for

the

benefit

of

shareholders.

E.

Indirect

Benefits

73

At

the

May

Meeting,

the

Board

Members

considered

any

indirect

benefits

that

the

various

sub-advisers

to

the

Nuveen

funds

(including

NAM

and

Santa

Barbara)

or

their

respective

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

Additionally,

the

Board

Members

have

noted

that

various

sub-advisers

(including

NAM

and

Santa

Barbara)

may

engage

in

soft

dollar

transactions

pursuant

to

which

they

may

receive

the

benefit

of

research

products

and

other

services

provided

by

broker-dealers

executing

portfolio

transactions

on

behalf

of

the

applicable

Nuveen

funds.

The

Board

has

noted,

however,

that

portfolio

managers

and

research

analysts

of

NAM

and

another

affiliated

sub-adviser

share

research

obtained

through

certain

commission

sharing

arrangements

and

as

a

result,

NAM

reimbursed

the

respective

Nuveen

funds

for

approximately

70%

of

the

expenses

associated

with

the

research-related

component

of

the

soft

dollar

commissions

paid

by

all

equity

funds

managed

by

NAM

(subject

to

certain

exceptions)

(the

“NAM

Sub-Advised

Equity

Funds”)

in

2020.

It

was

anticipated

that

NAM

would

reimburse

100%

of

the

research-related

components

of

the

NAM

Sub-Advised

Equity

Funds’

soft

dollar

expenses

in

2021.

The

Board

Members

have

also

noted

that

when

transacting

in

fixed-income

securities,

the

benefits

for

a

sub-adviser

that

engages

in

soft

dollar

transactions

may

be

more

limited

as

such

securities

generally

trade

on

a

principal

basis

and

therefore

do

not

generate

brokerage

commissions.

Based

on

its

review,

taking

into

account

the

New

Sub-Advisory

Agreements,

the

Board

concluded

that

any

indirect

benefits

to

be

received

by

NAM

as

a

result

of

its

relationship

with

the

Funds

were

reasonable

and

within

acceptable

parameters.

F.

Approval

of

the

New

Sub-Advisory

Agreements

The

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all

important

or

controlling.

The

Board

Members

concluded

that

the

terms

of

the

New

Sub-Advisory

Agreements

are

fair

and

reasonable,

that

NAM’s

fees

are

reasonable

in

light

of

the

services

to

be

provided

to

the

Funds

and

that

the

New

Sub-Advisory

Agreements

should

be

and

were

approved.

PART

II

Nuveen

International

Small

Cap

Fund

As

noted

above,

at

the

May

Meeting,

at

which

it

approved

the

renewal

of

the

advisory

arrangements

of

the

International

Small

Cap

Fund

(for

purposes

of

this

Part

II,

the

“Fund”),

the

Board

approved

the

renewal

of

the

Fund’s

Investment

Management

Agreement

with

the

Adviser

and

Sub-

Advisory

Agreement

(for

purposes

of

this

Part

II,

the

“Winslow

Sub-Advisory

Agreement”)

with

Winslow,

an

affiliate

of

the

Adviser.

Subsequent

to

the

May

Meeting,

the

Adviser

discussed

with

the

Board

the

proposed

transfer

of

certain

investment

mandates

of

Winslow

to

NAM,

also

an

affiliate

of

the

Adviser,

in

connection

with

certain

strategic

initiatives

to

identify

opportunities

across

the

Nuveen

equities

and

fixed

income

platform

in

seeking

to

drive

greater

collaboration

and

alignment

across

Nuveen’s

investment

specialists.

In

this

regard,

the

Adviser

(i)

proposed

the

transfer

of

the

Fund’s

Winslow

Sub-Advisory

Agreement

to

NAM,

effective

December

1,

2021

(for

purposes

of

this

Part

II,

the

“Transfer”)

and

(ii)

requested

that

the

Board

approve

an

amended

and

restated

sub-advisory

agreement

for

the

Fund,

effective

as

of

December

1,

2021,

between

the

Adviser

and

NAM

(for

purposes

of

this

Part

II,

the

“New

Sub-Advisory

Agreement”).

Accordingly,

at

a

meeting

held

on

September

20,

2021

(the

“September

Meeting”),

the

Board

approved

the

Transfer

and

New

Sub-Advisory

Agreement.

Although

the

1940

Act

requires

that

approvals

of

the

Fund’s

advisory

arrangements

be

approved

by

the

in-person

vote

of

a

majority

of

the

Board

Members,

the

September

Meeting

was

held

virtually

through

the

internet

in

view

of

the

health

risks

associated

with

holding

an

in-person

meeting

during

the

COVID-19

pandemic

and

governmental

restrictions

on

gatherings.

The

September

Meeting

was

held

virtually

in

reliance

on

certain

exemptive

relief

the

Securities

and

Exchange

Commission

provided

to

registered

investment

companies

providing

temporary

relief

from

the

in-

person

voting

requirements

of

the

1940

Act

with

respect

to

the

approval

of

a

fund’s

advisory

agreement

in

light

of

these

challenges.

In

conjunction

with

their

evaluation

of

the

New

Sub-Advisory

Agreement

at

the

September

Meeting,

the

Board

Members

had

received,

in

adequate

time

in

advance

of

the

September

Meeting

and/or

at

prior

meetings,

materials

that

covered,

among

other

things:

(a)

the

nature,

extent

and

quality

of

services

expected

to

be

provided

by

NAM;

(b)

the

organization

of

NAM;

(c)

certain

performance-related

information

(as

described

below);

(d)

the

proposed

sub-advisory

fee

of

NAM

and

the

profitability

of

Nuveen

and

its

affiliates

(including

NAM)

for

their

advisory

activities;

and

(e)

the

soft

dollar

practices

of

NAM.

At

the

September

Meeting

and/or

at

prior

meetings,

the

Adviser

made

presentations

to

and

responded

to

questions

from

the

Board.

In

connection

with

its

review

of

the

New

Sub-Advisory

Agreement,

the

Board

was

advised

by

independent

legal

counsel.

In

addition,

prior

to

the

September

Meeting,

the

Board

Members

had

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

advisory

agreements.

The

Board’s

decision

to

approve

the

New

Sub-Advisory

Agreement

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided,

and

each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process.

The

following

summarizes

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

approve

the

New

Sub-

Advisory

Agreement

and

its

conclusions.

A.

Nature,

Extent

and

Quality

of

Services

As

noted

above,

the

Board

recognized

that

Nuveen

management

had

embarked

on

various

strategic

initiatives

identifying

opportunities

across

the

Nuveen

equities

and

fixed

income

platform,

seeking

to

drive

greater

collaboration

and

alignment

across

Nuveen’s

investment

specialists,

and

recommended

the

Transfer

as

a

result

of

these

efforts.

The

Board

considered

the

nature,

extent

and

quality

of

the

services

expected

to

be

provided

to

the

Fund

by

NAM

under

the

New

Sub-Advisory

Agreement,

including

the

portfolio

management

services.

The

Board

acknowledged

that

while

portfolio

management

services

would

be

provided

by

NAM

rather

than

Winslow

following

the

Transfer,

no

changes

were

expected

to

be

made

to,

among

other

things,

the

nature

and

level

of

sub-advisory

services

provided

to

the

Fund

or

the

day-to-day

management

of

the

Fund.

In

this

regard,

the

Board

was

aware

that

it

was

expected

that

the

Winslow

personnel

who

provided

portfolio

management

services

to

the

Fund

prior

to

the

Transfer

would

continue

to

do

so

as

personnel

of

NAM

following

the

Transfer.

Notwithstanding

the

foregoing,

the

Board

Members

recognized

that

personnel

changes

may

occur

as

a

result

of,

for

example,

normal

business

developments

or

personal

career

decisions.

Further,

as

NAM

already

serves

as

a

sub-adviser

to

other

Nuveen

funds

overseen

by

the

Board

Members,

the

Board

has

a

good

understanding

of

NAM’s

organization

and

operations.

74

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

As

the

Board

Members

meet

regularly

throughout

the

year

to

oversee

the

Nuveen

funds,

including

Nuveen

funds

sub-advised

by

NAM,

the

Board

Members

also

have

relied

upon

their

knowledge

from

their

meetings

and

other

interactions

with

respect

to

NAM

in

evaluating

the

New

Sub-Advisory

Agreement.

Based

on

their

review,

the

Board

Members

found

that,

overall,

the

nature,

extent

and

quality

of

services

expected

to

be

provided

to

the

Fund

under

the

New

Sub-Advisory

Agreement

were

satisfactory

and

supported

approval

of

the

New

Sub-Advisory

Agreement.

B.

Investment

Performance

At

the

May

Meeting

and

at

various

other

meetings,

the

Board

considered

the

Fund’s

performance

over

various

time

periods.

In

connection

with

approving

the

New

Sub-Advisory

Agreement,

the

Board

recognized

that

there

is

no

performance

record

for

the

Fund

with

NAM

as

the

sub-adviser.

The

Board

Members,

however,

were

familiar

with

the

performance

records

of

other

Nuveen

funds

sub-advised

by

NAM.

Further,

as

noted

above,

the

Board

was

aware

that

the

Winslow

personnel

providing

portfolio

management

services

to

the

Fund

prior

to

the

Transfer

were

expected

to

continue

to

do

so

as

personnel

of

NAM

following

the

Transfer.

C.

Sub-Advisory

Fees

and

Profitability

At

the

May

Meeting,

the

Board

Members

considered

the

Fund’s

management

fees

and

net

expense

ratio.

In

this

regard,

the

Board

had

considered,

among

other

things,

the

sub-advisory

fee

paid

to

Winslow

in

light

of

the

sub-advisory

services

provided

to

the

Fund

and

any

applicable

breakpoint

schedule,

as

well

as

comparative

data

of

the

fees

Winslow

charged

to

certain

other

clients.

At

the

September

Meeting,

the

Board

considered

the

proposed

sub-advisory

fees

to

be

paid

to

NAM.

The

Board

recognized

that

NAM’s

sub-advisory

fee

under

the

New

Sub-Advisory

Agreement

would

be

the

same

as

Winslow’s

sub-advisory

fee

under

the

Winslow

Sub-Advisory

Agreement.

Further,

the

Board

observed

that

the

appointment

of

NAM

would

not

change

the

management

fees

incurred

by

the

Fund

as

the

Adviser

pays

the

sub-adviser

out

of

the

management

fee

it

receives

from

the

Fund

and

the

compensation

paid

to

NAM

would

be

the

responsibility

of

the

Adviser,

not

the

Fund.

In

addition,

due

to

their

experience

with

other

Nuveen

funds,

the

Board

Members

were

familiar

with

NAM’s

fee

rates

for

portfolio

management

services

provided

to

other

Nuveen

funds.

Further,

the

Board

Members

had

previously

considered

information

regarding

fee

rates

charged

to

certain

other

types

of

clients

(which

may

include

retail

and

institutional

managed

accounts

advised

by

NAM;

hedge

funds

managed

by

NAM;

investment

companies

offered

outside

the

Nuveen

family

and

sub-advised

by

NAM;

foreign

investment

companies

offered

by

Nuveen

and

sub-advised

by

NAM;

and

collective

investment

trusts

sub-advised

by

NAM).

In

evaluating

the

New

Sub-Advisory

Agreement,

based

on

its

review,

the

Board

concluded

that

NAM’s

sub-advisory

fee

was

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

expected

to

be

provided

to

the

Fund.

With

respect

to

profitability,

at

the

May

Meeting,

the

Board

Members

considered

the

profitability

of

the

various

sub-advisers

to

the

Nuveen

funds

(including

NAM)

from

their

relationships

with

the

Nuveen

funds.

In

this

regard,

the

Board

Members

had

reviewed,

among

other

things,

NAM’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

post-tax)

for

its

advisory

activities

for

the

calendar

year

ended

December 31,

2020

as

well

as

its

pre-

and

post-tax

net

revenue

margins

for

2020

compared

to

such

margins

for

2019.

The

Board

Members

had

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

post-tax)

by

asset

type

for

NAM

for

the

calendar

year

ending

December 31,

2020

and

the

pre-

and

post-tax

revenue

margins

from

2020

and

2019.

Based

on

their

review,

the

Board

Members

had

noted

that

NAM’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided;

this

conclusion

did

not

change

as

a

result

of

the

New

Sub-

Advisory

Agreement.

D.

Economies

of

Scale

At

the

May

Meeting,

the

Board

considered

whether

there

had

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds

and

whether

these

economies

of

scale

had

been

appropriately

shared

with

the

funds.

The

Board

had

recognized

that

although

economies

of

scale

are

difficult

to

measure

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

there

are

several

methods

to

help

share

the

benefits

of

economies

of

scale,

including,

among

other

things,

breakpoints

in

the

management

fee

schedule.

The

Board

had

noted

that

Nuveen

generally

has

employed

these

various

methods.

In

this

regard,

the

Board

was

aware

that,

subject

to

certain

exceptions,

the

management

fee

of

the

Adviser

charged

to

the

Nuveen

funds

(including

the

Fund)

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component,

each

with

its

own

breakpoint

schedule.

The

fund-level

breakpoint

schedules

are

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows,

and

the

complex-level

breakpoint

schedule

is

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

eligible

assets

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined.

Further,

with

respect

to

the

New

Sub-Advisory

Agreement,

given

that

the

Fund

pays

a

management

fee

to

the

Adviser

and

that

the

Adviser

in

turn

would

pay

NAM,

the

Board

recognized

that

the

sharing

of

benefits

from

economies

of

scale

is

reflected

in

fund-level

and

complex-level

breakpoints

in

the

management

fees

at

the

Adviser

level

and

the

appointment

of

NAM

would

not

change

the

management

fees

paid

by

the

Fund

or

the

sharing

of

economies

of

scale

reflected

in

the

corresponding

advisory

fee

schedule.

Based

on

its

review,

taking

into

account

the

New

Sub-Advisory

Agreement,

the

Board

concluded

that

the

Fund’s

fee

arrangements

would

appropriately

reflect

economies

of

scale

for

the

benefit

of

shareholders.

E.

Indirect

Benefits

At

the

May

Meeting,

the

Board

Members

considered

any

indirect

benefits

that

the

various

sub-advisers

to

the

Nuveen

funds

(including

NAM

and

Winslow)

or

their

respective

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

Additionally,

the

Board

Members

have

noted

that

various

sub-advisers

(including

NAM

and

Winslow)

may

engage

in

soft

dollar

transactions

pursuant

to

which

they

may

receive

the

benefit

of

research

products

and

other

services

provided

by

broker-dealers

executing

portfolio

transactions

on

behalf

of

the

applicable

Nuveen

funds.

The

Board

has

noted,

however,

that

portfolio

managers

and

research

analysts

of

NAM

and

another

affiliated

sub-adviser

share

research

obtained

through

certain

commission

sharing

arrangements

and

as

a

result,

NAM

reimbursed

the

respective

Nuveen

funds

for

approximately

70%

of

the

75

expenses

associated

with

the

research-related

component

of

the

soft

dollar

commissions

paid

by

all

equity

funds

managed

by

NAM

(subject

to

certain

exceptions)

(the

“NAM

Sub-Advised

Equity

Funds”)

in

2020.

It

was

anticipated

that

NAM

would

reimburse

100%

of

the

research-related

components

of

the

NAM

Sub-Advised

Equity

Funds’

soft

dollar

expenses

in

2021.

The

Board

Members

have

also

noted

that

when

transacting

in

fixed-income

securities,

the

benefits

for

a

sub-adviser

that

engages

in

soft

dollar

transactions

may

be

more

limited

as

such

securities

generally

trade

on

a

principal

basis

and

therefore

do

not

generate

brokerage

commissions.

Based

on

its

review,

taking

into

account

the

New

Sub-Advisory

Agreement,

the

Board

concluded

that

any

indirect

benefits

to

be

received

by

NAM

as

a

result

of

its

relationship

with

the

Fund

were

reasonable

and

within

acceptable

parameters.

F.

Approval

of

the

New

Sub-Advisory

Agreement

The

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all

important

or

controlling.

The

Board

Members

concluded

that

the

terms

of

the

New

Sub-Advisory

Agreement

are

fair

and

reasonable,

that

NAM’s

fees

are

reasonable

in

light

of

the

services

to

be

provided

to

the

Fund

and

that

the

New

Sub-Advisory

Agreement

should

be

and

was

approved.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

MSA-IGF-0122D

2057639-INV-B-03/23

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/mutual-funds

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 II

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

Date: April 7, 2022

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

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

Date: April 7, 2022

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

Date: April 7, 2022