Nuveen Large Cap Select Fund (FLRAX) N-CSR Certified 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 811-05309

Nuveen Investment Funds, Inc.

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive, Chicago, IL 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

333 West Wacker Drive,

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2023

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

Mutual

Funds

Nuveen

Equity

Funds

October

31,

2023

Annual

Report

Fund

Name

Class

A

Class

C

Class

R6

Class

I

Nuveen

Dividend

Value

Fund

FFEIX

FFECX

FFEFX

FAQIX

Nuveen

Large

Cap

Select

Fund

FLRAX

FLYCX

—

FLRYX

Nuveen

Mid

Cap

Growth

Opportunities

Fund

FRSLX

—

FMEFX

FISGX

Nuveen

Mid

Cap

Value

Fund

FASEX

FACSX

FMVQX

FSEIX

Nuveen

Small

Cap

Growth

Opportunities

Fund

FRMPX

—

FMPFX

FIMPX

Nuveen

Small

Cap

Select

Fund

EMGRX

—

ASEFX

ARSTX

Nuveen

Small

Cap

Value

Fund

FSCAX

FSCVX

FSCWX

FSCCX

2

Table

of

Contents

Chair’s

Letter

to

Shareholders

3

Portfolio

Managers’

Comments

4

Important

Notices

10

Risk

Considerations

11

About

the

Funds’

Benchmarks

12

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

14

Expense

Examples

34

Report

of

Independent

Registered

Public

Accounting

Firm

37

Portfolios

of

Investments

38

Statement

of

Assets

and

Liabilities

61

Statement

of

Operations

65

Statement

of

Changes

in

Net

Assets

67

Financial

Highlights

72

Notes

to

Financial

Statements

86

Important

Tax

Information

101

Additional

Fund

Information

103

Glossary

of

Terms

Used

in

this

Report

104

Liquidity

Risk

Management

Program

105

Annual

Investment

Management

Agreement

Approval

Process

106

Directors

and

Officers

113

Chair’s

Letter

to

Shareholders

3

Dear

Shareholders,

Financial

markets

spent

the

past

year

focused

on

the

direction

of

inflation

and

whether

policy

makers

would

be

able

to

deliver

a

soft

landing

in

their

economies.

After

more

than

a

year

and

a

half

of

interest

rate

increases

by

the

U.S.

Federal

Reserve

(Fed)

and

other

central

banks,

financial

conditions

have

tightened

and

inflation

rates

have

cooled

considerably.

The

Fed

increased

the

target

fed

funds

rate

from

near

zero

in

March

2022

to

a

range

of

5.25%

to

5.50%

as

of

November

2023,

with

pauses

in

June

2023,

September

2023

and

November

2023.

But

current

inflation

rates

remain

above

central

banks’

targets,

and

the

trajectory

from

here

is

difficult

to

predict

given

that

monetary

policy

acts

on

the

economy

with

long

and

variable

lags.

Surprisingly,

economies

were

relatively

resilient

for

much

of

2023.

By

year-end,

the

“most

predicted

recession”

had

yet

to

materialize

in

the

U.S.,

while

U.K.

and

European

economic

growth

was

just

beginning

to

show

signs

of

stagnation

or

decline.

U.S.

gross

domestic

product

rose

5.2%

in

the

third

quarter

of

2023,

2.1%

in

the

second

quarter

of

2023

and

2.0%

in

the

first

quarter

of

2023,

after

growing

2.1%

in

2022

overall

compared

to

2021.

Much

of

the

growth

was

driven

by

a

relatively

strong

jobs

market,

which

kept

consumer

sentiment

and

spending

elevated

despite

long-term

interest

rates

nearing

multi-year

highs,

a

series

of

U.S.

regional

bank

failures

and

shocks

from

flaring

geopolitical

tensions.

While

central

banks

are

likely

nearing

the

end

of

this

interest

rate

hiking

cycle,

there

are

still

upside

risks

to

inflation

and

downside

risks

to

the

economy.

Some

labor

market

and

consumer

indicators

are

softening.

Government

funding

and

deficits

remain

a

concern,

especially

as

the

U.S.

election

year

gets

underway.

The

markets

will

continue

to

try

to

anticipate

monetary

policy

shifts

as

the

Fed

evaluates

incoming

data

and

adjusts

its

rate

setting

activity

on

a

meeting-

by-meeting

basis.

Geopolitical

risks

–

from

relations

with

China,

to

wars

in

Europe

and

the

Middle

East

–

also

expand

the

range

of

outcomes

from

economies

and

markets

around

the

world.

All

these

uncertainties,

and

others,

will

remain

sources

of

short-term

market

volatility.

In

this

environment,

Nuveen

remains

committed

to

filtering

the

market

noise

for

investable

opportunities

that

ultimately

serve

long-term

investment

objectives.

Maintaining

a

long-term

perspective

is

also

important

for

investors,

and

we

encourage

you

to

review

your

time

horizon,

risk

tolerance

and

investment

goals

with

your

financial

professional.

On

behalf

of

the

other

members

of

the

Nuveen

Fund

Board,

we

look

forward

to

continuing

to

earn

your

trust

in

the

months

and

years

ahead.

Terence

J.

Toth

Chair

of

the

Board

December 22,

2023

4

Portfolio

Managers’

Comments

Nuveen

Dividend

Value

Fund

Nuveen

Large

Cap

Select

Fund

Nuveen

Mid

Cap

Growth

Opportunities

Fund

Nuveen

Mid

Cap

Value

Fund

Nuveen

Small

Cap

Growth

Opportunities

Fund

Nuveen

Small

Cap

Select

Fund

Nuveen

Small

Cap

Value

Fund

These

Funds

feature

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

These

Funds

feature

portfolio

management

by

Nuveen

Asset

Management,

LLC

(NAM),

an

affiliate

of

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser.

David

Chalupnik,

CFA,

and

Evan

Staples,

CFA,

manage

the

Nuveen

Dividend

Value

Fund

and

Nuveen

Large

Cap

Select

Fund.

Gregory

Ryan,

CFA,

Bihag

Patel,

CFA,

and

Casey

Weston,

CFA,

manage

the

Nuveen

Mid

Cap

Growth

Opportunities

Fund.

Karen

Bowie,

CFA,

and

David

Johnson,

CFA,

manage

the

Nuveen

Mid

Cap

Value

Fund.

Jon

Loth,

CFA,

and

Gregory

Ryan,

CFA,

manage

the

Nuveen

Small

Cap

Growth

Opportunities

Fund

and

the

Nuveen

Small

Cap

Select

Fund.

Karen

Bowie,

CFA,

and

David

Johnson,

CFA,

manage

the

Nuveen

Small

Cap

Value

Fund.

Effective

March

21,

2023,

Casey

Weston

was

named

a

portfolio

manager

of

Nuveen

Mid

Cap

Growth

Opportunities

Fund,

David

Johnson

was

named

a

portfolio

manager

of

Nuveen

Mid

Cap

Value

Fund

and

Gregory

Ryan

was

named

a

portfolio

manager

of

Nuveen

Small

Cap

Growth

Opportunities

Fund.

There

were

no

other

changes

to

the

portfolio

management

of

the

Funds

during

the

reporting

period.

Here

the

portfolio

management

teams

discuss

U.S.

economic

and

market

conditions,

key

investment

strategies

and

the

performance

of

the

Funds

for

the

twelve-month

reporting

period

ended

October

31,

2023.

For

more

information

on

each

Fund’s

investment

objectives

and

policies,

please

refer

to

each

Fund’s

prospectus.

What

factors

affected

the

U.S.

economy

and

market

conditions

during

the

twelve-month

annual

reporting

period

ended

October

31,

2023?

The

U.S.

economy

performed

better

than

expected

despite

persistent

inflationary

pressure

and

rising

interest

rates

during

the

twelve-month

period

ended

October

31,

2023.

Gross

domestic

product

accelerated

sharply

in

third

quarter

of

2023

to

an

annualized

rate

of

5.2%,

according

to

the

U.S.

Bureau

of

Economic

Analysis

second

estimate,

up

from

2.1%

in

the

second

quarter

of

2023.

By

comparison,

GDP

grew

2.1%

in

2022

overall.

Early

in

the

reporting

period,

inflation

had

risen

sharply

because

of

supply

chain

disruptions

and

high

food

and

energy

prices,

the

Russia-Ukraine

war

and

China’s

zero-COVID

restrictions

(lifted

in

December

2022).

Since

then,

price

pressures

have

eased

given

normalization

in

supply

chains,

falling

energy

prices

and

aggressive

measures

by

the

U.S.

Federal

Reserve

(Fed)

and

other

global

central

banks

to

tighten

financial

conditions

and

slow

demand

in

their

economies.

Nevertheless,

during

the

reporting

period

inflation

levels

remained

much

higher

than

central

banks’

target

levels.

The

Fed

raised

its

target

fed

funds

rate

six

times

during

the

reporting

period,

bringing

it

to

a

range

of

5.25%

to

5.50%

as

of

July

2023

and

voting

to

hold

it

at

that

level

at

its

next

two

meetings

held

near

the

end

of

the

reporting

period.

For

much

of

the

reporting

period,

the

Fed’s

activity

led

to

significant

volatility

in

bond

and

stock

markets,

given

the

uncertainty

of

how

rising

interest

rates

would

affect

the

economy.

One

of

the

most

highly

visible

impacts

occurred

in

the

U.S.

regional

banking

sector

in

March

2023,

when

Silicon

Valley

Bank,

Signature

Bank,

First

Republic

Bank

and

Silvergate

Bank

failed.

In

the

same

month,

Swiss

bank

UBS

agreed

to

buy

Credit

Suisse,

which

was

considered

vulnerable

in

the

current

environment.

The

Fed’s

monetary

tightening

policy

also

contributed

to

an

increase

in

the

U.S.

dollar’s

value

relative

to

major

world

currencies,

which

acts

as

a

headwind

to

the

profits

of

international

companies

and

U.S.

domestic

companies

with

overseas

earnings.

During

the

reporting

period,

elevated

inflation

and

higher

borrowing

costs

weighed

on

some

segments

of

the

economy,

including

the

real

estate

market.

Consumer

spending,

however,

has

remained

more

resilient

than

expected,

in

part

because

of

a

still-strong

labor

market,

another

key

gauge

of

the

economy’s

health.

As

of

October

2023,

the

unemployment

rate

was

3.9%,

rising

from

its

pre-

pandemic

low,

with

monthly

job

growth

continuing

to

moderate.

The

strong

labor

market

and

wage

gains

helped

the

U.S.

economy

during

the

reporting

period,

even

as

the

Fed

sought

to

soften

job

growth

to

help

curb

inflation

pressures.

During

the

reporting

period,

investors

also

continued

to

monitor

government

funding

and

deficits.

The

U.S.

government

avoided

a

default

scenario

after

approving

an

increase

to

the

debt

ceiling

limit

in

June

2023.

At

the

same

time,

the

potential

for

a

government

shutdown

loomed

but

was

ultimately

avoided

with

funding

resolutions

passed

in

September

2023

and,

subsequent

to

the

close

5

of

the

reporting

period,

November

2023.

Notably,

in

August

2023,

ratings

agency

Fitch

downgraded

U.S.

debt

from

AAA

to

AA+

based

on

concerns

about

the

U.S.’s

growing

fiscal

debt

and

reduced

confidence

in

fiscal

management.

Nuveen

Dividend

Value

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund

seeks

to

provide

long-term

growth

of

capital

and

income

by

investing

primarily

in

a

diversified

portfolio

of

high-conviction,

dividend-paying

stocks

and

employing

a

long-term

approach

with

a

typical

investment

horizon

of

at

least

two

to

three

years.

The

Fund

attempts

to

maintain

a

dividend

that

will

grow

over

time.

As

a

result,

higher-yielding

equity

securities

will

generally

represent

the

core

holdings

of

the

Fund.

However,

the

Fund

also

may

invest

in

lower-yielding,

higher-growth

equity

securities

if

the

portfolio

management

team

believes

they

will

help

balance

the

portfolio.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Nuveen

Dividend

Value

Fund’s

Class

A

Shares

at

NAV

underperformed

the

Russell

1000®

Value

Index

for

the

twelve-month

reporting

period

ended

October

31,

2023.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Russell

1000®

Value

Index.

The

primary

detractor

from

the

Fund’s

relative

performance

was

allocation

effect,

particularly

an

underweight

to

communication

services,

one

of

the

top-performing

sectors

in

the

index.

The

Fund

was

required

to

own

only

dividend-paying

stocks

until

the

end

of

February

2023;

during

the

reporting

period,

non-dividend

payers

in

the

index,

particularly

Meta

Platforms

Inc.,

significantly

outperformed

in

communications

services.

The

Fund

did

not

initiate

a

position

in

Meta

Platforms

until

March

1,

2023,

and

therefore

did

not

benefit

from

a

portion

of

the

stock’s

strong

advance

during

the

reporting

period.

Security

selection

also

detracted

from

relative

performance

in

the

financials

sector,

including

a

position

in

financial

services

provider

Charles

Schwab

Corporation.

The

stock

underperformed

because

of

concerns

surrounding

the

company’s

profitability

and

earnings

as

clients

moved

money

into

higher-yielding

offerings.

Investors

also

worried

about

the

impact

higher

interest

rates

would

have

on

funding

costs

and

unrealized

losses

in

the

company’s

securities

portfolio.

Charles

Schwab

is

still

held

in

the

portfolio

because

long-

term

interest

rates

are

declining,

and

more

recent

signs

point

to

an

end

of

the

Fed’s

rate

hiking

campaign,

which

should

dispel

some

of

these

pressures.

Partially

offsetting

the

Fund’s

underperformance

was

security

selection

in

the

information

technology

sector,

led

by

a

position

in

global

semiconductor

and

software

infrastructure

company

Broadcom

Inc.

The

company’s

management

team

provided

a

favorable

update

on

the

firm’s

investment

in

artificial

intelligence

(AI)

and

announced

a

new

multibillion-dollar

agreement

with

Apple

Inc.

The

Fund

maintains

a

position

in

Broadcom.

Also

in

the

technology

sector,

enterprise

software

company

Microsoft

Corporation

contributed

to

relative

performance

after

posting

quarterly

earnings

above

consensus

and

raising

guidance.

Investors

continued

to

reward

Microsoft’s

increasing

AI

capabilities,

investments,

and

revenue

growth

opportunities,

including

its

new

AI-powered

Bing

search

engine

and

Edge

browser.

The

Fund

maintains

a

position

in

Microsoft.

Nuveen

Large

Cap

Select

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

investment

objective

seeks

long-term

capital

appreciation.

The

Fund

invests

primarily

in

a

diversified,

large-cap

core

stock

portfolio

of

both

growth

and

value

companies.

The

portfolio

management

team

will

select

companies

based

on

a

combination

of

value

and

growth

objectives,

seeking

companies

that

meet

criteria

such

as

attractive

valuation

relative

to

other

companies

in

the

same

industry

or

market,

strong

or

improving

fundamentals,

strong

competitive

position,

and

an

identifiable

catalyst

that

could

increase

the

value

of

the

company’s

stock

within

two

years.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

Class

A

Shares

at

NAV

performed

in

line

with

the

S&P

500®

Index

for

the

twelve-month

reporting

period

ended

October

31,

2023.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

S&P

500®

Index.

Portfolio

Managers’

Comments

(continued)

6

The

primary

detractors

from

the

Fund’s

relative

performance

were

an

overweight

to

the

weaker-performing

financials

sector

and

an

underweight

to

the

strongly

performing

information

technology

sector.

Security

selection

in

the

financials

sector

also

detracted

from

relative

performance,

including

a

position

in

financial

services

provider

Charles

Schwab

Corporation.

The

stock

underperformed

because

of

concerns

surrounding

the

company’s

profitability

and

earnings

as

clients

moved

money

into

higher-yielding

offerings.

Investors

also

worried

about

the

impact

higher

interest

rates

would

have

on

funding

costs

and

unrealized

losses

in

the

company’s

securities

portfolio.

Charles

Schwab

is

still

held

in

the

portfolio

because

long-term

interest

rates

are

declining,

and

more

recent

signs

point

to

an

end

of

the

Fed’s

rate

hiking

campaign,

which

should

dispel

some

of

these

pressures.

Security

selection

in

the

information

technology

sector

was

the

primary

contributor

to

relative

performance,

led

by

a

position

in

global

semiconductor

and

software

infrastructure

company

Broadcom

Inc.

The

company’s

management

team

provided

a

favorable

update

on

the

firm’s

investment

in

artificial

intelligence

(AI)

and

announced

a

new

multibillion-dollar

agreement

with

Apple

Inc.

The

Fund

maintains

a

position

in

Broadcom.

Also

in

the

technology

sector,

enterprise

software

company

Microsoft

Corporation

contributed

to

relative

performance

after

posting

quarterly

earnings

above

consensus

and

raising

guidance.

Investors

continued

to

reward

Microsoft’s

increasing

AI

capabilities,

investments,

and

revenue

growth

opportunities,

including

its

new

AI-powered

Bing

search

engine

and

Edge

browser.

The

Fund

maintains

a

position

in

Microsoft.

Nuveen

Mid

Cap

Growth

Opportunities

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

investment

objective

seeks

long-term

capital

appreciation.

The

Fund

invests

primarily

in

a

diversified,

mid-cap

growth

stock

portfolio

and

uses

a

traditional

growth

strategy

that

seeks

to

invest

in

quality

companies

with

sustainable

earnings

growth

over

the

long

term.

In

selecting

stocks,

the

Fund’s

portfolio

management

team

invests

in

companies

that

it

believes

exhibit

the

potential

for

superior

growth

based

on

factors

such

as

above-average

growth

in

revenue

and

earnings,

strong

competitive

position,

strong

management,

and

sound

financial

condition.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

Class

A

Shares

at

NAV

underperformed

the

Russell

Midcap®

Growth

Index

for

the

twelve-month

reporting

period

ended

October

31,

2023.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Russell

Midcap®

Growth

Index.

The

primary

detractor

from

the

Fund’s

relative

performance

was

security

selection

in

the

information

technology

sector,

most

notably

Impinj,

Inc.,

a

manufacturer

of

radio

frequency

identification

readers

and

sensor

endpoints

used

for

retail

tracking

and

inventory

management.

Shares

were

pressured

by

the

delayed

implementation

of

a

major

contract

for

a

logistics

provider,

followed

by

intensive

pressures

in

retail

and

inventory

destocking

that

the

portfolio

management

team

believes

may

take

time

to

resolve.

The

Fund

exited

Impinj

during

the

reporting

period.

Security

selection

also

detracted

in

the

consumer

discretionary

sector,

including

a

position

in

Chewy

Inc.,

an

online

retailer

focused

on

pet-related

products.

The

stock

was

pressured

by

a

slowdown

in

customer

additions

as

the

company

continues

to

suffer

from

comparisons

to

outsized

customer

gains

during

the

Covid

pandemic.

As

a

result,

the

Fund

exited

this

position

during

the

reporting

period.

In

the

health

care

sector,

Insulet

Corporation,

the

maker

of

the

Omnipod

tubeless

insulin

pump,

detracted

from

relative

performance.

Along

with

the

broader

medical

device

industry,

Insulet’s

shares

sold

off

later

in

the

reporting

period

because

of

reports

surrounding

the

cardiovascular

benefits

of

glucagon-like

peptide

1

(GLP-1)

therapies,

which

led

investors

to

believe

that

less

care

will

be

needed

for

diseases

like

type

2

diabetes. The

Fund

maintained

a

position

in

Insulet

because

the

portfolio

management

team

believes

the

cost

and

tolerability

of

GLP-1s

will

limit

their

ultimate

impact

on

the

insulin-dependent

diabetes

market.

In

the

industrials

sector,

shares

of

Chart

Industries,

Inc.,

a

cryogenic

equipment

manufacturer,

sold

off

following

an

announcement

regarding

its

acquisition

of

Howden,

a

U.K.-based

producer

of

air

and

gas

handling

products.

Investors

were

concerned

about

the

timing,

structure,

and

increased

leverage

surrounding

the

deal.

Given

the

uncertainty

and

increased

leverage,

the

Fund

exited

Chart

Industries

during

the

reporting

period.

Partially

offsetting

the

Fund’s

underperformance

was

pharmaceutical

company

Horizon

Therapeutics

Plc.

In

December

2022,

the

company

agreed

to

be

acquired

by

Amgen

for

a

significant

premium

to

its

price

prior

to

merger

rumors.

Following

the

stock’s

advance,

the

Fund

exited

Horizon

Therapeutics.

7

Nuveen

Mid

Cap

Value

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

investment

objective

seeks

long-term

capital

appreciation.

The

Fund

invests

in

mid-capitalization

equity

securities

of

undervalued

companies,

with

identifiable

catalysts

to

improve

profitability

and

generate

attractive

risk-adjusted

returns,

selected

using

qualitative,

bottom-up

research.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

Class

A

Shares

at

NAV

outperformed

the

Russell

Midcap®

Value

Index

for

the

twelve-month

reporting

period

ended

October

31,

2023.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Russell

Midcap®

Value

Index.

The

Fund’s

relative

performance

was

driven

by

favorable

security

selection

in

the

industrials

sector,

led

by

insulation

and

fiberglass

composites

firm

Owens

Corning.

Shares

advanced

after

the

company’s

first

quarter

revenue,

operating

income,

and

earnings

all

topped

expectations.

The

Fund

maintained

a

position

in

Owens

Corning

during

the

reporting

period.

Also

in

the

industrials

sector,

North

American

logistics

and

transportation

firm

TFI

International

Inc.

outperformed

after

the

company’s

margins

topped

expectations.

Along

with

the

broader

less-than-truckload

(LTL)

industry,

TFI

International

benefited

later

in

the

reporting

period

after

a

large

competitor

declared

bankruptcy,

which

improved

pricing

and

volume

trends

at

other

LTL

companies.

The

Fund

maintains

this

position.

Relative

performance

was

also

aided

by

the

Fund’s

security

selection

in

the

financials

sector,

including

global

insurance

provider

Arch

Capital

Group

Ltd.

The

company

surpassed

earnings

estimates

for

the

past

four

quarters.

It

continues

to

benefit

from

higher

premiums

across

its

insurance

and

reinsurance

segments

given

increasing

client

demand

for

many

of

its

property

and

casualty

products.

Arch

Capital

also

benefited

from

international

expansion

and

the

diversification

of

its

mortgage

insurance

business

through

strategic

acquisitions.

The

Fund

continues

to

hold

Arch

Capital.

Partially

offsetting

the

Fund’s

outperformance

was

Advance

Auto

Parts,

Inc.,

an

automotive

aftermarket

parts

supplier

in

the

consumer

discretionary

sector.

The

company’s

comparable

store

sales

weakened

relative

to

its

competitors,

indicating

market

share

losses.

Given

the

company’s

poor

execution

for

consecutive

quarters,

and

fears

of

ongoing

market

share

losses,

the

Fund

exited

the

stock

during

the

reporting

period.

Within

the

information

technology

sector,

semiconductor

manufacturer

Wolfspeed

Inc.

detracted.

Shares

came

under

pressure

following

fiscal

fourth-quarter

results.

Although

revenue

topped

expectations,

lower

margins

and

an

accounting

change

weighed

on

earnings,

while

Wolfspeed

management

provided

guidance

that

was

below

expectations.

The

Fund

maintains

this

position

because

the

portfolio

management

team

believes

semiconductor

demand

could

grow

as

electric

vehicle

usage

increases

and

the

clean

energy

transition

continues.

Nuveen

Small

Cap

Growth

Opportunities

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

investment

objective

seeks

long-term

growth

of

capital.

The

Fund

invests

primarily

in

a

diversified,

small-cap

growth

stock

portfolio

that

employs

a

traditional

growth

strategy.

In

selecting

stock,

the

portfolio

management

team

focuses

on

companies

that

it

believes

exhibit

the

potential

for

superior

growth

based

on

factors

such

as

above-average

growth

in

revenue

and

earnings,

strong

competitive

position,

strong

management,

and

sound

financial

condition.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

Class

A

Shares

at

NAV

outperformed

the

Russell

2000®

Growth

Index

for

the

twelve-month

reporting

period

ended

October

31,

2023.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Russell

2000®

Growth

Index.

The

Fund’s

relative

performance

was

driven

by

favorable

security

selection

in

the

industrials

sector,

led

by

less-than-truckload

(LTL)

carrier

Saia,

Inc.

Despite

weaker

macroeconomic

and

freight

trends,

the

stock

outperformed

based

on

better-than-feared

pricing

and

margin

performance,

which

drove

upward

earnings

revisions. Later

in

the

reporting

period,

the

company

also

benefited

after

a

Portfolio

Managers’

Comments

(continued)

8

large

LTL

competitor

declared

bankruptcy,

which

is

expected

to

tighten

supply,

drive

volumes

to

the

remaining

carriers,

and

enable

incremental

pricing

gains. The

Fund

maintains

a

position

in

Saia.

Relative

performance

was

also

aided

by

the

Fund’s

security

selection

in

the

health

care

and

energy

sectors,

including

Permian

Resources

Corporation,

an

emerging

exploration

and

production

company.

The

company

benefited

from

a

strong

commodity

backdrop,

profitable

production

growth

that

exceeded

expectations,

and

an

accretive

acquisition

of

Earthstone

Energy

Inc.,

which

enhances

the

company’s

Delaware

Basin

positioning.

The

Fund

continues

to

own

Permian

Resources.

Partially

offsetting

the

Fund’s

outperformance

was

unfavorable

security

selection

in

the

financials

sector.

However,

the

Fund’s

most

notable

detractor,

Impinj,

Inc.,

was

found

in

the

information

technology

sector.

The

company

manufactures

radio

frequency

identification

readers

and

sensor

endpoints

used

for

retail

tracking

and

inventory

management.

Shares

were

pressured

by

the

delayed

implementation

of

a

major

contract

for

a

logistics

provider,

followed

by

intensive

pressures

in

retail

and

inventory

destocking

that

the

portfolio

management

team

believes

may

take

time

to

resolve.

The

Fund

exited

Impinj

during

the

reporting

period.

Nuveen

Small

Cap

Select

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

investment

objective

seeks

long-term

capital

appreciation.

The

Fund

invests

primarily

in

a

diversified,

small-cap

stock

portfolio.

In

selecting

stocks,

the

Fund’s

portfolio

management

team

invests

in

companies

that

meet

criteria

such

as

attractive

valuation

relative

to

other

companies

in

the

same

industry

or

market,

strong

or

improving

fundamentals,

and

an

identifiable

catalyst

that

could

increase

the

value

of

the

company’s

stock

within

two

years.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

Class

A

Shares

at

NAV

significantly

outperformed

the

Russell

2000®

Index

for

the

twelve-month

reporting

period

ended

October

31,

2023.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Russell

2000®

Index.

The

Fund’s

relative

performance

was

driven

by

favorable

security

selection

in

the

industrials

sector,

led

by

Kratos

Defense

&

Security

Solutions,

Inc.,

a

producer

of

unmanned

aerial

drones

and

satellite

communications

systems.

Shares

were

driven

higher

as

the

company

provided

a

solid

fourth-quarter

earnings

report

that

included

strong

earnings

growth,

healthy

guidance

for

2023,

and

increased

demand

for

its

products.

The

Fund

continues

to

maintain

this

position.

Also

in

the

industrials

sector,

Comfort

Systems

USA,

Inc.,

an

electrical,

heating,

ventilation,

and

air

conditioner

contractor,

contributed

to

relative

performance.

The

company

benefited

from

inflation

and

reshoring,

which

have

led

to

strong

order

and

backlog

trends.

The

company

is

seeing

notable

growth

from

manufacturing

and

datacenter

construction

projects

and

posted

several

quarterly

earnings

beats

and

increased

guidance.

The

Fund

continues

to

hold

a

position

in

Comfort

Systems.

Relative

performance

also

benefited

from

the

Fund’s

security

selection

in

the

health

care,

financials,

and

consumer

staples

sectors.

A

top

contributor

in

consumer

staples

was

protein

product

maker

BellRing

Brands

Inc.,

which

is

experiencing

strong

consumption

growth

across

some

of

its

product

lines,

with

total

distribution

reaching

all-time

highs

during

the

reporting

period.

The

Fund

continues

to

own

BellRing

Brands.

Partially

offsetting

the

Fund’s

outperformance

was

unfavorable

security

selection

in

the

consumer

discretionary

and

information

technology

sectors.

The

Fund’s

most

notable

detractor

was

technology

company

Impinj,

Inc.,

a

manufacturer

of

radio

frequency

identification

readers

and

sensor

endpoints

used

for

retail

tracking

and

inventory

management.

Shares

were

pressured

by

the

delayed

implementation

of

a

major

contract

for

a

logistics

provider,

followed

by

intensive

pressures

in

retail

and

inventory

destocking

that

the

portfolio

management

team

believes

may

take

time

to

resolve.

The

Fund

exited

Impinj

during

the

reporting

period.

9

Nuveen

Small

Cap

Value

Fund

What

key

strategies

were

used

to

manage

the

Fund

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

investment

objective

seeks

long-term

capital

appreciation.

The

Fund

invests

primarily

in

small-cap

equities

across

the

value

spectrum.

The

portfolio

management

team

identifies

three

value

styles

to

collect

the

best

investment

ideas

among

industry

leaders,

buying

discounted

companies

when

a

change

is

expected

that

can

result

in

a

stock

price

increase.

This

well-defined

approach

helps

create

a

high-conviction

portfolio

that

seeks

to

provide

capital

appreciation

potential.

How

did

the

Fund

perform

during

the

twelve-month

reporting

period

ended

October

31,

2023?

The

Fund’s

Class

A

Shares

at

NAV

outperformed

the

Russell

2000®

Value

Index

for

the

twelve-month

reporting

period

ended

October

31,

2023.

For

purposes

of

this

Performance

Commentary,

references

to

relative

performance

are

in

comparison

to

the

Russell

2000®

Value

Index.

The

Fund’s

relative

performance

was

driven

by

favorable

security

selection

and

an

underweight

in

the

health

care

sector.

In

particular,

the

Fund

benefited

from

security

selection

and

an

underweight

in

the

biotechnology

industry,

as

well

as

selection

within

the

pharmaceutical

industry.

Allocation

effect

also

contributed

positively,

particularly

the

Fund’s

overweight

to

the

strongly

performing

industrials

sector

and

underweights

to

two

of

the

weakest-performing

sectors,

communication

services

and

financials.

Relative

performance

was

also

aided

by

several

individual

holdings,

including

Permian

Resources

Corporation,

an

emerging

exploration

and

production

company

in

the

energy

sector.

The

company

benefited

from

a

strong

commodity

backdrop,

profitable

production

growth

that

exceeded

expectations,

and

an

accretive

acquisition

of

Earthstone

Energy

Inc.,

which

enhances

the

company’s

Delaware

Basin

positioning.

The

Fund

continues

to

own

Permian

Resources.

Partially

offsetting

the

Fund’s

outperformance

was

unfavorable

security

selection

in

the

information

technology,

financials,

and

energy

sectors.

Within

financials,

the

Fund’s

position

in

Banner

Corporation

detracted.

Shares

were

negatively

impacted

by

the

regional

banking

crisis

in

March

2023

and

sharply

higher

short-term

interest

rates

that

drove

substantial

volatility

among

small-

to

mid-sized

bank

stocks.

The

Fund

continues

to

hold

the

position

based

on

Banner’s

healthy

profitability

and

strong

position

as

a

super-community

bank

that

serves

a

wide

range

of

customer

needs.

This

material

is

not

intended

to

be

a

recommendation

or

investment

advice,

does

not

constitute

a

solicitation

to

buy,

sell

or

hold

a

security

or

an

investment

strategy,

and

is

not

provided

in

a

fiduciary

capacity.

The

information

provided

does

not

take

into

account

the

specific

objectives

or

circumstances

of

any

particular

investor,

or

suggest

any

specific

course

of

action.

Investment

decisions

should

be

made

based

on

an

investor’s

objectives

and

circumstances

and

in

consultation

with

his

or

her

advisors.

Certain

statements

in

this

report

are

forward-looking

statements.

Discussions

of

specific

investments

are

for

illustration

only

and

are

not

intended

as

recommendations

of

individual

investments.

The

forward-looking

statements

and

other

views

expressed

herein

are

those

of

the

portfolio

managers

as

of

the

date

of

this

report.

Actual

future

results

or

occurrences

may

differ

significantly

from

those

anticipated

in

any

forward-looking

statements

and

the

views

expressed

herein

are

subject

to

change

at

any

time,

due

to

numerous

market

and

other

factors.

The

Funds

disclaim

any

obligation

to

update

publicly

or

revise

any

forward-looking

statements

or

views

expressed

herein.

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

the

terms

used

within

this

section.

10

Important

Notices

Securities

and

Exchange

Commission

(the

“SEC”)

Adopts

Amendments

for

Tailored

Shareholder

Reports

On

October

26,

2022,

the

SEC

adopted

rule

and

form

amendments

(the

“Amendments”)

that

require

mutual

funds

and

exchange-

traded

funds

registered

on

Form

N-1A

to

provide

shareholders

with

streamlined

annual

and

semi-annual

shareholder

reports

(“Tailored

Shareholder

Reports”). The

Amendments

require

funds

to

prepare

a

separate

Tailored

Shareholder

Report

for

each

share

class

of

each

series

of

a

fund.

As

a

result,

shareholders

will

receive

a

report

that

covers

only

the

class

of

a

multi-class

fund

in

which

the

shareholder

invests.

Tailored

Shareholder

Reports

are

meant

to

be

three

to

four

pages

in

length

and

will

highlight

key

information

such

as

a

fund’s

expenses,

performance

and

portfolio

holdings.

Other,

more

detailed

information

that

currently

appears

in

fund

shareholder

reports

will

be

made

available

online,

filed

with

the

SEC,

and

delivered

to

investors

free

of

charge

in

paper

or

electronically

upon

request.

The

first

Tailored

Shareholder

Reports

to

be

prepared

for

these

Funds

will

be

for

the

reporting

period

ended

October

31,

2024.

Investment

Policy

Change

for

Nuveen

Dividend

Value

Fund

Effective

February

28,

2023,

the

Nuveen

Dividend

Value

Fund

adopted

a

non-fundamental

investment

policy

under

Rule

35d-1

of

the

Investment

Company

Act

of

1940

(a

“Name

Policy”),

requiring

it

to

invest

at

least

80%

of

its

assets

in

dividend-paying

equity

securities.

Prior

to

the

adoption

of

the

Name

Policy,

the

Fund

was

required

to

invest

all

of

its

assets

in

equity

securities

that

provided

current

income

at

the

time

of

purchase.

Portfolio

Manager

Update

for

Nuveen

Mid

Cap

Growth

Opportunities

Fund

Effective

March

21,

2023,

Casey

Weston,

CFA,

was

named

a

portfolio

manager

of

the

Nuveen

Mid

Cap

Growth

Opportunities

Fund.

There

were

no

other

changes

to

the

portfolio

management

of

the

Fund

during

the

reporting

period.

Portfolio

Manager

Update

for

Nuveen

Mid

Cap

Value

Fund

Effective

March

21,

2023,

David

Johnson,

CFA,

was

named

a

portfolio

manager

of

the

Nuveen

Mid

Cap

Value

Fund.

There

were

no

other

changes

to

the

portfolio

management

of

the

Fund

during

the

reporting

period.

Portfolio

Manager

Update

for

Nuveen

Small

Cap

Growth

Opportunities

Fund

Effective

March

21,

2023,

Gregory

Ryan,

CFA,

was

named

a

portfolio

manager

of

the

Nuveen

Small

Cap

Growth

Opportunities

Fund.

There

were

no

other

changes

to

the

portfolio

management

of

the

Fund

during

the

reporting

period.

Risk

Considerations

11

Risk

Considerations

Nuveen

Dividend

Value

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Dividends

are

not

guaranteed.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

credit,

derivatives,

high

yield

securities,

and

interest

rate

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Large

Cap

Select

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

Equity

investments,

such

as

those

held

by

the

Fund,

are

subject

to

market

risk,

derivatives

risk,

and

common

stock

risk.

Foreign

investments

involve

additional

risks

including

currency

fluctuations,

political

and

economic

instability,

and

lack

of

liquidity.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

credit,

derivatives,

high

yield

securities,

and

interest

rate

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Mid

Cap

Growth

Opportunities

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

that

the

Fund’s

investment

objectives

will

be

achieved.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Investments

in

mid-cap

companies

are

subject

to

greater

volatility

than

those

of

larger

companies,

but

may

be

less

volatile

than

investments

in

smaller

companies.

These

and

other

risk

considerations,

such

as

derivatives,

investment

focus

(growth

style),

and

non-U.S./emerging

markets

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Mid

Cap

Value

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Investments

in

mid-cap

companies

are

subject

to

greater

volatility

than

those

of

larger

companies,

but

may

be

less

volatile

than

investments

in

smaller

companies.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

derivatives

risk,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Small

Cap

Growth

Opportunities

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

that

the

Fund’s

investment

objectives

will

be

achieved.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Investments

in

smaller

companies

are

subject

to

greater

volatility

than

those

of

larger

companies.

These

and

other

risk

considerations,

such

as

derivatives,

investment

focus

(growth

style),

and

non-U.S./emerging

markets

risks,

are

described

in

detail

in

the

Fund’s

prospectus.

Nuveen

Small

Cap

Select

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Investments

in

smaller

companies

are

subject

to

greater

volatility

than

those

of

larger

companies.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

derivatives

and

growth

stock

risks,

are

described

in

the

Fund’s

prospectus.

Nuveen

Small

Cap

Value

Fund

Mutual

fund

investing

involves

risk;

principal

loss

is

possible.

There

is

no

guarantee

the

Fund’s

investment

objectives

will

be

achieved.

Prices

of

equity

securities

may

decline

significantly

over

short

or

extended

periods

of

time.

Investments

in

smaller

companies

are

subject

to

greater

volatility

than

those

of

larger

companies.

Non-U.S.

investments

involve

risks

such

as

currency

fluctuation,

political

and

economic

instability,

lack

of

liquidity

and

differing

legal

and

accounting

standards.

These

risks

are

magnified

in

emerging

markets.

These

and

other

risk

considerations,

such

as

derivatives

risk,

are

described

in

detail

in

the

Fund’s

prospectus.

12

About

the

Funds’

Benchmarks

Lipper

Equity

Income

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Equity

Income

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

Large-Cap

Core

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Large-Cap

Core

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

Mid-Cap

Growth

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Mid-Cap

Growth

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

Mid-Cap

Value

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Mid-Cap

Value

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

Small-Cap

Core

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Small-Cap

Core

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

Small-Cap

Growth

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Small-Cap

Growth

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Lipper

Small-Cap

Value

Funds

Classification

Average:

Represents

the

average

annualized

total

return

for

all

reporting

funds

in

the

Lipper

Small-Cap

Value

Funds

Classification.

Lipper

returns

account

for

the

effects

of

management

fees

and

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges.

Russell

1000®

Value

Index:

An

index

designed

to

measure

the

performance

of

the

large-cap

value

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

1000

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Russell

2000®

Index:

An

index

designed

to

measure

the

performance

of

the

small-cap

segment

of

the

U.S.

equity

universe.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Russell

2000®

Growth

Index:

An

index

designed

to

measure

the

performance

of

those

Russell

2000®

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Russell

2000®

Value

Index:

An

index

designed

to

measure

the

performance

of

the

small-cap

value

segment

of

the

U.S.

equity

universe.

It

includes

those

Russell

2000

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Russell

Midcap®

Growth

Index:

An

index

designed

to

measure

the

performance

of

the

mid-cap

growth

segment

of

the

U.S.

equity

universe,

and

includes

those

Russell

Midcap®

Index

companies

with

higher

price-to-book

ratios

and

higher

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Russell

Midcap®

Value

Index:

An

index

designed

to

measure

the

performance

of

the

mid-cap

value

segment

of

the

U.S.

equity

universe,

and

includes

those

Russell

Midcap®

Index

companies

with

lower

price-to-book

ratios

and

lower

forecasted

growth

values.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

13

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.

14

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

The

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

for

each

Fund

are

shown

within

this

section

of

the

report.

Fund

Performance

Performance

data

shown

represents

past

performance

and

does

not

predict

or

guarantee

future

results.

Investment

returns

and

principal

value

will

fluctuate

so

that

when

shares

are

redeemed,

they

may

be

worth

more

or

less

than

their

original

cost.

Current

performance

may

be

higher

or

lower

than

the

performance

shown.

Total

returns

for

a

period

of

less

than

one

year

are

not

annualized

(i.e.

cumulative

returns).

Since

inception

returns

are

shown

for

share

classes

that

have

less

than

10-years

of

performance.

Returns

at

net

asset

value

(NAV)

would

be

lower

if

the

sales

charge

were

included.

Returns

assume

reinvestment

of

dividends

and

capital

gains.

For

performance,

current

to

the

most

recent

month-end

visit

Nuveen.com

or

call

(800)

257-8787.

Returns

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

Fund

distributions

or

the

redemption

of

Fund

shares.

Returns

may

reflect

fee

waivers

and/or

expense

reimbursements

by

the

investment

adviser

during

the

periods

presented.

If

any

such

waivers

and/or

reimbursements

had

not

been

in

place,

returns

would

have

been

reduced.

See

Notes

to

Financial

Statements

for

more

information.

Returns

reflect

differences

in

sales

charges

and

expenses,

which

are

primarily

differences

in

distribution

and

service

fees,

and

assume

reinvestment

of

dividends

and

capital

gains.

Comparative

index

and

Lipper

return

information

is

provided

for

Class

A

Shares

at

NAV

only.

Expense

Ratios

The

expense

ratios

shown

are

as

of

the

Fund’s

most

recent

prospectus.

The

expense

ratios

shown

reflect

total

operating

expenses

(before

fee

waivers

and/or

expense

reimbursements,

if

any).

The

expense

ratios

include

management

fees

and

other

fees

and

expenses.

Refer

to

the

Financial

Highlights

later

in

this

report

for

the

Fund’s

expense

ratios

as

of

the

end

of

the

reporting

period.

Holdings

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information. 

Nuveen

Dividend

Value

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

October

31,

2023

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

Russell

1000®

Value

Index.

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2025

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.74%

of

the

average

daily

net

assets

of

any

class

of

Fund

Shares.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

operating

expenses

for

the

Class

R6

Shares

will

be

less

than

the

expense

limitation.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of Directors

of

the

Fund.

Total

Returns

as

of

October

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

12/18/92

(1.39)%

5.21%

6.46%

1.00%

0.96%

Class

A

at

maximum

Offering

Price

12/18/92

(7.05)%

3.97%

5.83%

—

—

Russell

1000®

Value

Index

—

0.13%

6.60%

7.60%

—

—

Lipper

Equity

Income

Funds

Classification

Average

—

0.83%

6.95%

7.46%

—

—

Class

C

at

NAV

2/01/99

(2.14)%

4.41%

5.83%

1.75%

1.71%

Class

C

at

maximum

Offering

Price

2/01/99

(2.14)%

4.41%

5.83%

—

—

Class

R6

2/28/13

(1.03)%

5.60%

6.85%

0.65%

0.61%

Class

I

8/02/94

(1.16)%

5.46%

6.73%

0.75%

0.71%

16

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

October

31,

2023

(continued)

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

17

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99.5‌%

Repurchase

Agreements

0.8‌%

Other

Assets

&

Liabilities,

Net

(0.3)%

Net

Assets

100‌%

Portfolio

Composition

(%

of

net

assets)

Capital

Goods

15.7%

Energy

11.0%

Health

Care

Equipment

&

Services

9.9%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

7.7%

Utilities

7.2%

Insurance

6.7%

Software

&

Services

6.5%

Financial

Services

6.5%

Equity

Real

Estate

Investment

Trusts

(REITs)

5.5%

Semiconductors

&

Semiconductor

Equipment

4.3%

Food,

Beverage

&

Tobacco

3.6%

Banks

3.3%

Technology

Hardware

&

Equipment

3.0%

Consumer

Services

2.5%

Media

&

Entertainment

2.4%

Materials

1.6%

Household

&

Personal

Products

1.0%

Commercial

&

Professional

Services

0.8%

Consumer

Durables

&

Apparel

0.3%

Repurchase

Agreements

0.8%

Other

Assets

&

Liabilities,

Net

(0.3)%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Pioneer

Natural

Resources

Co

2.8%

ConocoPhillips

2.7%

NextEra

Energy

Inc

2.4%

Diamondback

Energy

Inc

2.4%

Philip

Morris

International

Inc

2.3%

18

Nuveen

Large

Cap

Select

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

October

31,

2023

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

500®

Index.

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares

eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

 Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2025

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.80%

of

the

average

daily

net

assets

of

any

class

of

Fund

Shares.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of Directors

of

the

Fund.

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

October

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

1/31/03

10.13%

9.10%

9.91%

1.32%

1.05%

Class

A

at

maximum

Offering

Price

1/31/03

3.79%

7.82%

9.26%

—

—

S&P

500®

Index

—

10.14%

11.01%

11.18%

—

—

Lipper

Large-Cap

Core

Funds

Classification

Average

—

9.53%

10.16%

10.05%

—

—

Class

C

at

NAV

1/31/03

9.30%

8.28%

9.25%

2.07%

1.80%

Class

C

at

maximum

Offering

Price

1/31/03

9.30%

8.28%

9.25%

—

—

Class

I

1/31/03

10.40%

9.37%

10.18%

1.07%

0.80%

19

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

100.0‌%

Repurchase

Agreements

0.5‌%

Other

Assets

&

Liabilities,

Net

(0.5)%

Net

Assets

100‌%

Portfolio

Composition

1

(%

of

net

assets)

Software

&

Services

14.3%

Capital

Goods

12.1%

Health

Care

Equipment

&

Services

9.5%

Financial

Services

9.0%

Media

&

Entertainment

7.6%

Semiconductors

&

Semiconductor

Equipment

7.0%

Energy

6.4%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

5.9%

Consumer

Discretionary

Distribution

&

Retail

4.5%

Technology

Hardware

&

Equipment

4.3%

Utilities

4.1%

Insurance

4.1%

Consumer

Services

3.2%

Food,

Beverage

&

Tobacco

2.5%

Commercial

&

Professional

Services

1.3%

Equity

Real

Estate

Investment

Trusts

(REITs)

1.2%

Materials

1.1%

Consumer

Staples

Distribution

&

Retail

0.9%

Banks

0.8%

Other

0.2%

Repurchase

Agreements

0.5%

Other

Assets

&

Liabilities,

Net

(0.5)%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Microsoft

Corp

8.7%

Alphabet

Inc,

Class

C

4.6%

Amazon.com

Inc

4.5%

NVIDIA

Corp

3.8%

Meta

Platforms

Inc

3.1%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

20

Nuveen

Mid

Cap

Growth

Opportunities

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

October

31,

2023

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Russell

Midcap®

Growth

Index.

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase. Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2025

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.92%

of

the

average

daily

net

assets

of

any

class

of

Fund

Shares.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

operating

expenses

for

the

Class

R6

Shares

will

be

less

than

the

expense

limitation.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of Directors

of

the

Fund.

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

Total

Returns

as

of

October

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

1/09/95

0.21%

5.28%

6.50%

1.23%

1.17%

Class

A

at

maximum

Offering

Price

1/09/95

(5.58)%

4.05%

5.87%

—

—

Russell

Midcap®

Growth

Index

—

3.35%

8.09%

9.09%

—

—

Lipper

Mid-Cap

Growth

Funds

Classification

Average

—

(0.08)%

6.55%

7.86%

—

—

Class

R6

2/28/13

0.49%

5.64%

6.89%

0.89%

0.83%

Class

I

12/28/89

0.44%

5.54%

6.76%

0.98%

0.92%

21

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.2‌

%

Repurchase

Agreements

1

.0‌

%

Other

Assets

&

Liabilities,

Net

(0.2)%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Software

&

Services

20.3%

Capital

Goods

11.1%

Health

Care

Equipment

&

Services

9.9%

Financial

Services

8.2%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

7.7%

Commercial

&

Professional

Services

7.3%

Consumer

Services

7.0%

Energy

5.6%

Consumer

Durables

&

Apparel

4.1%

Semiconductors

&

Semiconductor

Equipment

3.7%

Media

&

Entertainment

2.8%

Consumer

Discretionary

Distribution

&

Retail

2.7%

Transportation

1.9%

Materials

1.8%

Insurance

1.5%

Consumer

Staples

Distribution

&

Retail

1.4%

Technology

Hardware

&

Equipment

1.1%

Household

&

Personal

Products

1.1%

Repurchase

Agreements

1.0%

Other

Assets

&

Liabilities,

Net

(0.2)%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Crowdstrike

Holdings

Inc,

Class

A

2.9%

Ross

Stores

Inc

2.7%

Verisk

Analytics

Inc

2.7%

Veeva

Systems

Inc,

Class

A

2.6%

Dexcom

Inc

2.5%

22

Nuveen

Mid

Cap

Value

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

October

31,

2023

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Russell

Midcap®

Value

Index.

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2025

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.92%

of

the

average

daily

net

assets

of

any

class

of

Fund

Shares.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

operating

expenses

for

the

Class

R6

Shares

will

be

less

than

the

expense

limitation.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of Directors

of

the

Fund.

Total

Returns

as

of

October

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

12/22/87

(0.65)%

7.50%

7.79%

1.21%

1.16%

Class

A

at

maximum

Offering

Price

12/22/87

(6.37)%

6.24%

7.15%

—

—

Russell

Midcap®

Value

Index

—

(3.56)%

5.69%

6.89%

—

—

Lipper

Mid-Cap

Value

Funds

Classification

Average

—

(1.69)%

5.97%

6.20%

—

—

Class

C

at

NAV

2/01/99

(1.38)%

6.70%

7.14%

1.96%

1.91%

Class

C

at

maximum

Offering

Price

2/01/99

(1.38)%

6.70%

7.14%

—

—

Class

I

2/04/94

(0.41)%

7.77%

8.06%

0.96%

0.91%

Total

Returns

as

of

October

31,

2023**

Average

Annual

Expense

Ratios***

Inception

Date

1-Year

5-Year

Since

Inception

Gross

Net

Class

R6

6/20/18

(0.25)%

7.92%

5.54%

0.84%

0.79%

23

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

24

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

(continued)

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.8‌

%

Repurchase

Agreements

0

.3‌

%

Other

Assets

&

Liabilities,

Net

(0.1)%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Capital

Goods

17.2%

Equity

Real

Estate

Investment

Trusts

(REITs)

8.8%

Financial

Services

8.6%

Energy

8.3%

Utilities

8.2%

Insurance

6.1%

Materials

5.7%

Software

&

Services

5.4%

Consumer

Durables

&

Apparel

5.1%

Health

Care

Equipment

&

Services

4.4%

Technology

Hardware

&

Equipment

4.1%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

3.9%

Consumer

Services

2.6%

Semiconductors

&

Semiconductor

Equipment

2.1%

Banks

2.0%

Transportation

1.6%

Media

&

Entertainment

1.6%

Consumer

Staples

Distribution

&

Retail

1.3%

Consumer

Discretionary

Distribution

&

Retail

1.2%

Household

&

Personal

Products

0.9%

Food,

Beverage

&

Tobacco

0.7%

Repurchase

Agreements

0.3%

Other

Assets

&

Liabilities,

Net

(0.1)%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Arch

Capital

Group

Ltd

2.5%

Diamondback

Energy

Inc

2.4%

Ameren

Corp

2.1%

Permian

Resources

Corp

2.0%

Raymond

James

Financial

Inc

2.0%

Nuveen

Small

Cap

Growth

Opportunities

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

October

31,

2023

25

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Russell

2000®

Growth

Index.

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase. Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2025

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.99%

of

the

average

daily

net

assets

of

any

class

of

Fund

Shares.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

operating

expenses

for

the

Class

R6

Shares

will

be

less

than

the

expense

limitation.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of Directors

of

the

Fund.

Total

Returns

as

of

October

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

8/01/95

(5.39)%

6.10%

7.34%

1.35%

1.22%

Class

A

at

maximum

Offering

Price

8/01/95

(10.81)%

4.84%

6.70%

—

—

Russell

2000®

Growth

Index

—

(7.63)%

2.68%

5.67%

—

—

Lipper

Small-Cap

Growth

Funds

Classification

Average

—

(6.21)%

4.50%

6.57%

—

—

Class

I

8/01/95

(5.13)%

6.36%

7.61%

1.10%

0.97%

Total

Returns

as

of

October

31,

2023**

Average

Annual

Expense

Ratios***

Inception

Date

1-Year

5-Year

Since

Inception

Gross

Net

Class

R6

6/30/16

(4.98)%

6.59%

9.80%

0.95%

0.82%

26

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

October

31,

2023

(continued)

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

27

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99.1‌%

Repurchase

Agreements

0.7‌%

Other

Assets

&

Liabilities,

Net

0.2%

Net

Assets

100‌%

Portfolio

Composition

1

(%

of

net

assets)

Health

Care

Equipment

&

Services

16.8%

Capital

Goods

14.3%

Software

&

Services

13.0%

Energy

6.7%

Commercial

&

Professional

Services

6.3%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

5.7%

Consumer

Services

4.5%

Semiconductors

&

Semiconductor

Equipment

4.1%

Financial

Services

3.9%

Consumer

Discretionary

Distribution

&

Retail

3.3%

Household

&

Personal

Products

2.8%

Equity

Real

Estate

Investment

Trusts

(REITs)

2.7%

Materials

2.2%

Consumer

Durables

&

Apparel

2.2%

Media

&

Entertainment

2.0%

Technology

Hardware

&

Equipment

1.9%

Banks

1.8%

Food,

Beverage

&

Tobacco

1.3%

Insurance

1.2%

Transportation

1.2%

Other

1.2%

Repurchase

Agreements

0.7%

Other

Assets

&

Liabilities,

Net

0.2%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Matador

Resources

Co

2.5%

Permian

Resources

Corp

2.3%

Varonis

Systems

Inc

2.2%

EastGroup

Properties

Inc

2.0%

BellRing

Brands

Inc

1.9%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

28

Nuveen

Small

Cap

Select

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

October

31,

2023

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Russell

2000®

Index.

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase. Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2025

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.99%

of

the

average

daily

net

assets

of

any

class

of

Fund

Shares.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

operating

expenses

for

the

Class

R6

Shares

will

be

less

than

the

expense

limitation.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of Directors

of

the

Fund.

Total

Returns

as

of

October

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

5/06/92

(4.15)%

5.70%

6.68%

1.40%

1.24%

Class

A

at

maximum

Offering

Price

5/06/92

(9.68)%

4.47%

6.04%

—

—

Russell

2000®

Index

—

(8.56)%

3.31%

5.63%

—

—

Lipper

Small-Cap

Core

Funds

Classification

Average

—

(4.58)%

4.68%

5.80%

—

—

Class

I

5/06/92

(3.87)%

5.97%

6.94%

1.15%

0.99%

Total

Returns

as

of

October

31,

2023**

Average

Annual

Expense

Ratios***

Inception

Date

1-Year

5-Year

Since

Inception

Gross

Net

Class

R6

2/28/18

(3.73)%

6.09%

5.42%

1.02%

0.86%

29

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

30

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries

(continued)

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

97

.6‌

%

Exchange-Traded

Funds

1

.2‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

1

.2‌

%

Repurchase

Agreements

3

.3‌

%

Other

Assets

&

Liabilities,

Net

(3.3)%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Capital

Goods

13.8%

Health

Care

Equipment

&

Services

11.9%

Software

&

Services

8.6%

Energy

8.3%

Banks

6.7%

Financial

Services

6.2%

Commercial

&

Professional

Services

4.4%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

4.3%

Equity

Real

Estate

Investment

Trusts

(REITs)

3.9%

Materials

3.9%

Semiconductors

&

Semiconductor

Equipment

3.1%

Food,

Beverage

&

Tobacco

3.0%

Transportation

2.8%

Consumer

Discretionary

Distribution

&

Retail

2.5%

Utilities

2.4%

Consumer

Durables

&

Apparel

2.3%

Household

&

Personal

Products

2.3%

Consumer

Services

1.8%

Automobiles

&

Components

1.7%

Technology

Hardware

&

Equipment

1.4%

Insurance

1.4%

Exchange-Traded

Funds

1.2%

Media

&

Entertainment

0.9%

Investments

Purchased

with

Collateral

from

Securities

Lending

1.2%

Repurchase

Agreements

3.3%

Other

Assets

&

Liabilities,

Net

(3.3)%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Permian

Resources

Corp

2.4%

Matador

Resources

Co

2.3%

Northern

Oil

and

Gas

Inc

2.3%

BellRing

Brands

Inc

2.3%

HealthEquity

Inc

2.0%

Nuveen

Small

Cap

Value

Fund

(continued)

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

October

31,

2023

31

Refer

to

the

first

page

of

this

Fund

Performance,

Expense

Ratios

and

Holdings

Summaries section

for

further

expla-

nation

of the

information

included

within

this

section. 

Refer

to

the

Glossary

of

Terms

Used

in

this

Report

for

further

definition

of

terms

used

in

this

section.

Fund

Performance

and

Expense

Ratios*

*

For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

Russell

2000®

Value

Index.

**

Class

A

Shares

have

a

maximum

5.75%

sales

charge

(Offering

Price).

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(CDSC)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

have

a

1%

CDSC

for

redemptions

within

less

than

twelve

months,

which

is

reflected

in

the

maximum

Offering

Price

total

returns

presented

for

less

than

1-Year,

when

and

where

applicable.

Class

C

Shares

automatically

convert

to

Class

A

Shares eight

years

after

purchase.

Returns

for

periods

longer

than

eight

years

for

Class

C

Shares

reflect

the

performance

of

Class

A

Shares

after

the

deemed

eight-year

conversion

to

Class

A

Shares

within

such

periods.

Class

R6

Shares

have

no

sales

charge

and

are

available

only

to

certain

limited

categories

of

investors

as

described

in

the

prospectus.

Class

I

Shares

have

no

sales

charge

and

may

be

purchased

under

limited

circumstances

or

by

specified

classes

of

investors.

***

The

Fund’s

investment

adviser

has

contractually

agreed

to

waive

fees

and/or

reimburse

expenses

through

July

31,

2025

so

that

the

total

annual

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

0.99%

of

the

average

daily

net

assets

of

any

class

of

Fund

Shares.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

operating

expenses

for

the

Class

R6

Shares

will

be

less

than

the

expense

limitation.

This

expense

limitation

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board

of Directors

of

the

Fund.

Total

Returns

as

of

October

31,

2023**

Average

Annual

Expense

Ratios

***

Inception

Date

1-Year

5-Year

10-Year

Gross

Net

Class

A

at

NAV

8/01/94

(9.05)%

2.13%

4.74%

1.25%

1.20%

Class

A

at

maximum

Offering

Price

8/01/94

(14.28)%

0.93%

4.12%

—

—

Russell

2000®

Value

Index

—

(9.93)%

3.26%

5.20%

—

—

Lipper

Small-Cap

Value

Funds

Classification

Average

—

(4.00)%

5.43%

5.31%

—

—

Class

C

at

NAV

2/01/99

(9.72)%

1.37%

4.11%

2.00%

1.95%

Class

C

at

maximum

Offering

Price

2/01/99

(9.72)%

1.37%

4.11%

—

—

Class

I

8/01/94

(8.83)%

2.38%

5.00%

1.00%

0.95%

Total

Returns

as

of

October

31,

2023**

Average

Annual

Expense

Ratios***

Inception

Date

1-Year

5-Year

Since

Inception

Gross

Net

Class

R6

6/30/16

(8.67)%

2.56%

3.97%

0.86%

0.81%

32

Fund

Performance,

Expense

Ratios

and

Holding

Summaries

October

31,

2023

(continued)

Growth

of

an

Assumed

$10,000

Investment

as

of October

31,

2023 -

Class

A 

The

graphs

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

may

pay

on

Fund

distributions

or

the

redemption

of

Fund

Shares.

33

Holdings

Summaries

as

of

October

31,

2023

Fund

Allocation

(%

of

net

assets)

Common

Stocks

99

.8‌

%

Investments

Purchased

with

Collateral

from

Securities

Lending

0

.0‌

%

Repurchase

Agreements

0

.5‌

%

Other

Assets

&

Liabilities,

Net

(0.3)%

Net

Assets

100‌

%

Portfolio

Composition

(%

of

net

assets)

Banks

13.3%

Energy

11.0%

Capital

Goods

9.9%

Equity

Real

Estate

Investment

Trusts

(REITs)

8.3%

Financial

Services

7.3%

Materials

5.6%

Commercial

&

Professional

Services

5.0%

Utilities

4.6%

Health

Care

Equipment

&

Services

4.5%

Software

&

Services

4.1%

Pharmaceuticals,

Biotechnology

&

Life

Sciences

4.0%

Consumer

Durables

&

Apparel

3.7%

Consumer

Services

3.3%

Insurance

3.2%

Consumer

Discretionary

Distribution

&

Retail

2.8%

Technology

Hardware

&

Equipment

2.5%

Food,

Beverage

&

Tobacco

2.0%

Transportation

1.4%

Real

Estate

Management

&

Development

1.3%

Automobiles

&

Components

0.9%

Semiconductors

&

Semiconductor

Equipment

0.7%

Media

&

Entertainment

0.4%

Investments

Purchased

with

Collateral

from

Securities

Lending

0.0%

Repurchase

Agreements

0.5%

Other

Assets

&

Liabilities,

Net

(0.3)%

Net

Assets

100%

Top

Five

Common

Stock

Holdings

(%

of

net

assets)

Permian

Resources

Corp

2.4%

Northern

Oil

and

Gas

Inc

2.0%

Parsons

Corp

1.8%

nVent

Electric

PLC

1.8%

Radian

Group

Inc

1.7%

34

Expense

Examples

As

a

shareholder

of

one

or

more

of

the

Funds,

you

incur

two

types

of

costs:

(1)

transaction

costs, including

up-front

and

back-end

sales

charges

(loads)

or

redemption

fees,

where

applicable;

and

(2)

ongoing

costs,

including

management

fees;

distribution

and

service

(12b-1)

fees,

where

applicable;

and

other

Fund

expenses.

The

Examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Funds

and

to

compare

these

costs

with

the

ongoing

costs

of investing

in

other

mutual

funds.

The

Examples

below

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

period

ended

October

31,

2023.

The

beginning

of

the

period

is

May

1,

2023.

The

information

under

“Actual

Performance,”

together

with

the

amount

you

invested,

allows

you

to

estimate

actual

expenses

incurred

over

the

reporting

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.60)

and

multiply

the

result

by

the

cost

shown

for

your

share

class,

in

the

row

entitled

“Expenses

Incurred

During

Period”

to

estimate

the

expenses

incurred

on

your

account

during

this

period.

The

information

under

“Hypothetical

Performance,”

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratios

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expense

you

incurred

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Fund

and

other

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

Please

note

that

the

expenses

shown

in

the

following

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transaction

costs.

Therefore,

the

hypothetical

information

is

useful

in

comparing

ongoing

costs

only,

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds

or

share

classes.

In

addition,

if

these

transaction

costs

were

included,

your

costs

would

have

been

higher.

Nuveen

Dividend

Value

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$979.50

$975.20

$981.20

$980.40

Expenses

Incurred

During

the

Period

$4.79

$8.51

$3.10

$3.54

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

$1,020.34

$1,016.56

$1,022.09

$1,021.60

Expenses

Incurred

During

the

Period

$4.89

$8.69

$3.16

$3.62

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

0.96%,

1.71%,

0.62%

and

0.71%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

Large

Cap

Select

Fund

Share

Class

Class

A

Class

C

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,028.80

$1,024.80

$1,030.30

Expenses

Incurred

During

the

Period

$5.37

$9.19

$4.09

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,019.90

$1,016.12

$1,021.16

Expenses

Incurred

During

the

Period

$5.35

$9.15

$4.08

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.05%,

1.80%

and

0.80%

for

Classes

A,

C

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

35

Nuveen

Mid

Cap

Growth

Opportunities

Fund

Share

Class

Class

A

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$946.10

$946.60

$946.80

Expenses

Incurred

During

the

Period

$5.74

$4.76

$4.56

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,019.31

$1,020.32

$1,020.52

Expenses

Incurred

During

the

Period

$5.96

$4.94

$4.74

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.17%,

0.97%

and

0.93%

for

Classes

A,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

Mid

Cap

Value

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$983.80

$980.00

$985.90

$985.00

Expenses

Incurred

During

the

Period

$5.80

$9.53

$3.75

$4.55

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

$1,019.37

$1,015.59

$1,021.41

$1,020.63

Expenses

Incurred

During

the

Period

$5.90

$9.70

$3.82

$4.63

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.16%,

1.91%,

0.75%

and

0.91%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

Small

Cap

Growth

Opportunities

Fund

Share

Class

Class

A

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$951.80

$954.10

$953.10

Expenses

Incurred

During

the

Period

$6.05

$4.09

$4.82

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,019.03

$1,021.02

$1,020.29

Expenses

Incurred

During

the

Period

$6.26

$4.23

$4.99

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.23%,

0.83%

and

0.98%

for

Classes

A,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Nuveen

Small

Cap

Select

Fund

Share

Class

Class

A

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$972.60

$975.00

$974.00

Expenses

Incurred

During

the

Period

$6.17

$4.28

$4.93

Hypothetical

Performance

(5%

annualized

return

before

expenses)

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$1,018.95

$1,020.87

$1,020.21

Expenses

Incurred

During

the

Period

$6.31

$4.38

$5.04

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.24%,

0.86%

and

0.99%

for

Classes

A,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Expense

Examples

(continued)

36

Nuveen

Small

Cap

Value

Fund

Share

Class

Class

A

Class

C

Class

R6

Class

I

Actual

Performance

Beginning

Account

Value

$1,000.00

$1,000.00

$1,000.00

$1,000.00

Ending

Account

Value

$975.10

$971.60

$977.30

$976.40

Expenses

Incurred

During

the

Period

$6.02

$9.74

$3.94

$4.78

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

$1,019.12

$1,015.34

$1,021.20

$1,020.38

Expenses

Incurred

During

the

Period

$6.16

$9.96

$4.02

$4.89

For

each

class

of

the

Fund,

expenses

are

equal

to

the

Fund’s

annualized

net

expense

ratio

of

1.21%,

1.96%,

0.79%

and

0.96%

for

Classes

A,

C,

R6

and

I,

respectively,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184

/365

(to

reflect

the

one-half

year

period).

Report

of

Independent

Registered

Public

Accounting

Firm

37

To

the

Board

of

Directors

of

Nuveen

Investment

Funds,

Inc.

and

Shareholders

of

Nuveen

Dividend

Value

Fund,

Nuveen

Large

Cap

Select

Fund,

Nuveen

Mid

Cap

Growth

Opportunities

Fund,

Nuveen

Mid

Cap

Value

Fund,

Nuveen

Small

Cap

Growth

Opportunities

Fund,

Nuveen

Small

Cap

Select

Fund

and

Nuveen

Small

Cap

Value

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

Nuveen

Dividend

Value

Fund,

Nuveen

Large

Cap

Select

Fund,

Nuveen

Mid

Cap

Growth

Opportunities

Fund,

Nuveen

Mid

Cap

Value

Fund,

Nuveen

Small

Cap

Growth

Opportunities

Fund,

Nuveen

Small

Cap

Select

Fund

and

Nuveen

Small

Cap

Value

Fund

(seven

of

the

funds

constituting

Nuveen

Investment

Funds,

Inc.,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

October

31,

2023,

the

related

statements

of

operations

for

the

year

ended

October

31,

2023,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

October

31,

2023,

the

results

of

each

of

their

operations

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

each

of

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds’

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2023

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/

PricewaterhouseCoopers

LLP

Chicago,

Illinois

December

28,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Nuveen

Funds

since

2002.

38

Nuveen

Dividend

Value

Fund

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

99.5% 

X

–

COMMON

STOCKS

-

99

.5

%

X

2,815,773,840

Banks

-

3.3%

2,097,780

Bank

of

America

Corp

$

55,255,525

929,827

Wells

Fargo

&

Co

36,979,220

Total

Banks

92,234,745

Capital

Goods

-

15.7%

415,936

3M

Co

37,829,379

234,545

AMETEK

Inc

33,016,900

663,906

Carrier

Global

Corp

31,641,760

227,305

Eaton

Corp

PLC

47,258,983

123,912

Hubbell

Inc

33,468,631

244,619

ITT

Inc

22,835,184

618,967

Johnson

Controls

International

plc

30,341,762

685,860

nVent

Electric

PLC

33,010,442

96,431

Parker-Hannifin

Corp

35,574,360

460,450

Raytheon

Technologies

Corp

37,476,025

74,574

United

Rentals

Inc

30,297,179

206,230

WESCO

International

Inc

26,438,686

429,488

Westinghouse

Air

Brake

Technologies

Corp

45,534,318

Total

Capital

Goods

444,723,609

Commercial

&

Professional

Services

-

0.8%

311,387

(b)

EAS

Segment

21,485,703

Total

Commercial

&

Professional

Services

21,485,703

Consumer

Durables

&

Apparel

-

0.3%

1,105,264

Newell

Brands

Inc

7,427,374

Total

Consumer

Durables

&

Apparel

7,427,374

Consumer

Services

-

2.5%

91,080

Domino's

Pizza

Inc

30,875,209

533,132

Wyndham

Hotels

&

Resorts

Inc

38,598,757

Total

Consumer

Services

69,473,966

Energy

-

11.0%

640,759

ConocoPhillips

76,122,169

422,072

Diamondback

Energy

Inc

67,666,583

372,688

EOG

Resources

Inc

47,051,860

328,178

Pioneer

Natural

Resources

Co

78,434,542

640,432

Shell

PLC,

ADR

41,717,741

Total

Energy

310,992,895

Equity

Real

Estate

Investment

Trusts

(REITs)

-

5.5%

1,084,701

American

Homes

4

Rent,

Class

A

35,513,111

325,570

Crown

Castle

Inc

30,271,499

202,664

EastGroup

Properties

Inc

33,084,898

498,308

Prologis

Inc

50,204,531

260,787

VICI

Properties

Inc

7,275,957

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

156,349,996

Financial

Services

-

6.5%

79,887

Ameriprise

Financial

Inc

25,130,054

898,173

Fidelity

National

Information

Services

Inc

44,109,276

354,741

Intercontinental

Exchange

Inc

38,113,373

133,646

LPL

Financial

Holdings

Inc

30,006,200

39

Shares

Description

(a)

Value

Financial

Services

(continued)

196,083

Visa

Inc,

Class

A

$

46,099,113

Total

Financial

Services

183,458,016

Food,

Beverage

&

Tobacco

-

3.6%

1,185,302

Kraft

Heinz

Co/The

37,289,601

739,880

Philip

Morris

International

Inc

65,967,701

Total

Food,

Beverage

&

Tobacco

103,257,302

Health

Care

Equipment

&

Services

-

9.9%

593,051

Abbott

Laboratories

56,072,972

182,704

Becton

Dickinson

&

Co

46,183,917

200,858

Cigna

Group/The

62,105,294

133,561

Elevance

Health

Inc

60,114,470

106,221

Humana

Inc

55,626,876

Total

Health

Care

Equipment

&

Services

280,103,529

Household

&

Personal

Products

-

1.0%

374,772

Spectrum

Brands

Holdings

Inc

28,227,827

Total

Household

&

Personal

Products

28,227,827

Insurance

-

6.7%

905,932

American

International

Group

Inc

55,542,691

114,327

Everest

Group

Ltd

45,230,047

988,056

Fidelity

National

Financial

Inc

38,623,109

207,537

Willis

Towers

Watson

PLC

48,955,903

Total

Insurance

188,351,750

Materials

-

1.6%

631,253

DuPont

de

Nemours

Inc

46,005,719

Total

Materials

46,005,719

Media

&

Entertainment

-

2.4%

295,980

(b)

Alphabet

Inc,

Class

C

37,086,294

99,583

(b)

Meta

Platforms

Inc

30,001,370

Total

Media

&

Entertainment

67,087,664

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

7.7%

205,427

AbbVie

Inc

29,002,184

567,166

AstraZeneca

PLC,

Sponsored

ADR

35,861,906

759,691

Gilead

Sciences

Inc

59,666,131

544,786

Merck

&

Co

Inc

55,949,522

831,923

Sanofi,

ADR

37,644,516

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

218,124,259

Semiconductors

&

Semiconductor

Equipment

-

4.3%

51,472

Broadcom

Inc

43,306,997

647,057

Intel

Corp

23,617,580

48,859

Lam

Research

Corp

28,739,841

312,142

Taiwan

Semiconductor

Manufacturing

Co

Ltd,

Sponsored

ADR

26,940,976

Total

Semiconductors

&

Semiconductor

Equipment

122,605,394

Software

&

Services

-

6.5%

1,628,925

Gen

Digital

Inc

27,137,891

132,990

Microsoft

Corp

44,965,249

342,945

Oracle

Corp

35,460,513

97,011

Roper

Technologies

Inc

47,396,664

150,928

(b)

Salesforce

Inc

30,310,870

Total

Software

&

Services

185,271,187

Nuveen

Dividend

Value

Fund

(continued)

Portfolio

of

Investments

October

31,

2023

40

Shares

Description

(a)

Value

Technology

Hardware

&

Equipment

-

3.0%

3,500,098

Hewlett

Packard

Enterprise

Co

$

53,831,507

1,201,712

HP

Inc

31,641,077

Total

Technology

Hardware

&

Equipment

85,472,584

Utilities

-

7.2%

849,979

Alliant

Energy

Corp

41,470,475

530,515

American

Electric

Power

Co

Inc

40,075,103

448,104

Dominion

Energy

Inc

18,067,553

1,029,391

FirstEnergy

Corp

36,646,320

1,181,147

NextEra

Energy

Inc

68,860,870

Total

Utilities

205,120,321

Total

Common

Stocks

(cost

$2,681,281,761)

2,815,773,840

Total

Long-Term

Investments

(cost

$2,681,281,761)

2,815,773,840

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

0.8% 

X

–

REPURCHASE

AGREEMENTS

-

0

.8

%

X

22,888,877

$

22,200

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

10/31/23,

repurchase

price

$22,203,256,

collateralized

by

$33,113,600,

U.S.

Treasury

Bond,

2.875%,

due

05/15/52,

value

$22,644,011

5.280%

11/01/23

$

22,200,000

689

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

10/31/23,

repurchase

price

$688,907,

collateralized

by

$878,000,

U.S.

Treasury

Note,

1.875%,

due

02/15/32,

value

$702,724

1.600%

11/01/23

688,877

Total

Repurchase

Agreements

(cost

$22,888,877)

22,888,877

Total

Short-Term

Investments

(cost

$22,888,877)

22,888,877

Total

Investments

(cost

$

2,704,170,638

)

-

100

.3

%

2,838,662,717

Other

Assets

&

Liabilities,

Net

-   (0.3)%

(

7,332,789

)

Net

Assets

-

100%

$

2,831,329,928

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

41

Nuveen

Large

Cap

Select

Fund

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

100.0% 

X

–

COMMON

STOCKS

-

100

.0

%

X

34,930,349

Banks

-

0.8%

7,197

Wells

Fargo

&

Co

$

286,225

Total

Banks

286,225

Capital

Goods

-

12.1%

3,080

3M

Co

280,126

2,582

AMETEK

Inc

363,468

7,002

Carrier

Global

Corp

333,715

1,335

Curtiss-Wright

Corp

265,411

1,919

Eaton

Corp

PLC

398,979

1,370

Hubbell

Inc

370,037

4,965

Johnson

Controls

International

plc

243,384

6,185

nVent

Electric

PLC

297,684

1,005

Parker-Hannifin

Corp

370,755

2,213

Raytheon

Technologies

Corp

180,116

868

United

Rentals

Inc

352,643

2,303

WESCO

International

Inc

295,245

4,633

Westinghouse

Air

Brake

Technologies

Corp

491,191

Total

Capital

Goods

4,242,754

Commercial

&

Professional

Services

-

1.3%

6,369

(b)

EAS

Segment

439,461

Total

Commercial

&

Professional

Services

439,461

Consumer

Discretionary

Distribution

&

Retail

-

4.5%

11,837

(b)

Amazon.com

Inc

1,575,386

Total

Consumer

Discretionary

Distribution

&

Retail

1,575,386

Consumer

Durables

&

Apparel

-

0.2%

12,078

Newell

Brands

Inc

81,164

Total

Consumer

Durables

&

Apparel

81,164

Consumer

Services

-

3.2%

1,163

Domino's

Pizza

Inc

394,245

3,342

(b)

Expedia

Group

Inc

318,459

11,829

MGM

Resorts

International

413,069

Total

Consumer

Services

1,125,773

Consumer

Staples

Distribution

&

Retail

-

0.9%

5,163

(b)

Performance

Food

Group

Co

298,215

Total

Consumer

Staples

Distribution

&

Retail

298,215

Energy

-

6.4%

5,749

ConocoPhillips

682,981

3,378

Diamondback

Energy

Inc

541,561

1,067

EOG

Resources

Inc

134,709

16,396

Permian

Resources

Corp

238,889

2,621

Pioneer

Natural

Resources

Co

626,419

Total

Energy

2,224,559

Equity

Real

Estate

Investment

Trusts

(REITs)

-

1.2%

4,222

Prologis

Inc

425,366

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

425,366

Nuveen

Large

Cap

Select

Fund

(continued)

Portfolio

of

Investments

October

31,

2023

42

Shares

Description

(a)

Value

Financial

Services

-

9.0%

865

Ameriprise

Financial

Inc

$

272,103

6,700

Fidelity

National

Information

Services

Inc

329,037

5,633

(b)

Fiserv

Inc

640,754

1,376

(b)

FleetCor

Technologies

Inc

309,834

3,859

Intercontinental

Exchange

Inc

414,611

1,481

LPL

Financial

Holdings

Inc

332,514

2,274

Mastercard

Inc,

Class

A

855,820

Total

Financial

Services

3,154,673

Food,

Beverage

&

Tobacco

-

2.5%

11,215

Kraft

Heinz

Co/The

352,824

5,957

Philip

Morris

International

Inc

531,126

Total

Food,

Beverage

&

Tobacco

883,950

Health

Care

Equipment

&

Services

-

9.5%

5,215

Abbott

Laboratories

493,078

1,665

Becton

Dickinson

&

Co

420,879

8,748

(b)

Boston

Scientific

Corp

447,810

5,945

(b)

Centene

Corp

410,086

872

Cigna

Group/The

269,623

1,389

Elevance

Health

Inc

625,175

1,215

Humana

Inc

636,283

Total

Health

Care

Equipment

&

Services

3,302,934

Insurance

-

4.1%

9,300

American

International

Group

Inc

570,183

9,158

Fidelity

National

Financial

Inc

357,986

2,146

Willis

Towers

Watson

PLC

506,220

Total

Insurance

1,434,389

Materials

-

1.1%

5,134

DuPont

de

Nemours

Inc

374,166

Total

Materials

374,166

Media

&

Entertainment

-

7.6%

12,744

(b)

Alphabet

Inc,

Class

C

1,596,823

3,550

(b)

Meta

Platforms

Inc

1,069,509

Total

Media

&

Entertainment

2,666,332

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

5.9%

4,058

AstraZeneca

PLC,

Sponsored

ADR

256,588

1,108

(b)

Biogen

Inc

263,194

1,053

Eli

Lilly

&

Co

583,288

5,158

Gilead

Sciences

Inc

405,109

4,975

Sanofi,

ADR

225,119

1,455

(b)

United

Therapeutics

Corp

324,261

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

2,057,559

Semiconductors

&

Semiconductor

Equipment

-

7.0%

822

Broadcom

Inc

691,606

4,559

Intel

Corp

166,404

3,255

NVIDIA

Corp

1,327,389

2,862

Taiwan

Semiconductor

Manufacturing

Co

Ltd,

Sponsored

ADR

247,019

Total

Semiconductors

&

Semiconductor

Equipment

2,432,418

43

Shares

Description

(a)

Value

Software

&

Services

-

14.3%

14,060

Gen

Digital

Inc

$

234,240

9,036

Microsoft

Corp

3,055,162

3,890

Oracle

Corp

402,226

828

Roper

Technologies

Inc

404,536

2,579

(b)

Salesforce

Inc

517,940

640

(b)

ServiceNow

Inc

372,384

Total

Software

&

Services

4,986,488

Technology

Hardware

&

Equipment

-

4.3%

3,603

Apple

Inc

615,284

32,386

Hewlett

Packard

Enterprise

Co

498,097

14,333

HP

Inc

377,388

Total

Technology

Hardware

&

Equipment

1,490,769

Utilities

-

4.1%

3,922

Alliant

Energy

Corp

191,354

5,616

American

Electric

Power

Co

Inc

424,233

5,596

FirstEnergy

Corp

199,218

10,857

NextEra

Energy

Inc

632,963

Total

Utilities

1,447,768

Total

Common

Stocks

(cost

$29,289,814)

34,930,349

Total

Long-Term

Investments

(cost

$29,289,814)

34,930,349

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

0.5% 

X

–

REPURCHASE

AGREEMENTS

-

0

.5

%

X

170,000

$

170

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

10/31/23,

repurchase

price

$170,025,

collateralized

by

$239,400,

U.S.

Treasury

Bond,

3.125%,

due

05/15/48,

value

$173,466

5.280%

11/01/23

$

170,000

Total

Repurchase

Agreements

(cost

$170,000)

170,000

Total

Short-Term

Investments

(cost

$170,000)

170,000

Total

Investments

(cost

$

29,459,814

)

-

100

.5

%

35,100,349

Other

Assets

&

Liabilities,

Net

-   (0.5)%

(

178,653

)

Net

Assets

-

100%

$

34,921,696

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

ADR

American

Depositary

Receipt

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

44

Nuveen

Mid

Cap

Growth

Opportunities

Fund

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

99.2% 

X

–

COMMON

STOCKS

-

99.2%

X

167,540,262

Capital

Goods

-

11.1%

10,794

(b)

AeroVironment

Inc

$

1,237,640

102,123

(b)

Array

Technologies

Inc

1,769,792

12,808

(b)

Axon

Enterprise

Inc

2,619,108

68,247

(b)

AZEK

Co

Inc/The

1,788,071

43,737

Donaldson

Co

Inc

2,521,875

19,438

HEICO

Corp,

Class

A

2,471,153

18,551

(b)

MasTec

Inc

1,102,672

28,722

nVent

Electric

PLC

1,382,390

17,327

Quanta

Services

Inc

2,895,688

7,129

Woodward

Inc

888,986

Total

Capital

Goods

18,677,375

Commercial

&

Professional

Services

-

7.3%

38,282

(b)

CoStar

Group

Inc

2,810,282

82,026

GFL

Environmental

Inc

2,363,989

16,752

Tetra

Tech

Inc

2,528,044

20,391

Verisk

Analytics

Inc

4,636,098

Total

Commercial

&

Professional

Services

12,338,413

Consumer

Discretionary

Distribution

&

Retail

-

2.7%

40,030

Ross

Stores

Inc

4,642,279

Total

Consumer

Discretionary

Distribution

&

Retail

4,642,279

Consumer

Durables

&

Apparel

-

4.1%

29,545

(b)

Crocs

Inc

2,638,959

4,566

(b)

Deckers

Outdoor

Corp

2,726,176

123,518

(b)

Topgolf

Callaway

Brands

Corp

1,509,390

Total

Consumer

Durables

&

Apparel

6,874,525

Consumer

Services

-

7.0%

7,235

Domino's

Pizza

Inc

2,452,593

100,750

(b)

DraftKings

Inc,

Class

A

2,782,715

30,013

(b)

Planet

Fitness

Inc

1,658,818

14,137

Wingstop

Inc

2,583,819

19,631

Yum!

Brands

Inc

2,372,603

Total

Consumer

Services

11,850,548

Consumer

Staples

Distribution

&

Retail

-

1.4%

34,605

(b)

BJ's

Wholesale

Club

Holdings

Inc

2,357,293

Total

Consumer

Staples

Distribution

&

Retail

2,357,293

Energy

-

5.6%

18,562

Cheniere

Energy

Inc

3,089,088

16,760

Diamondback

Energy

Inc

2,686,963

246,886

Permian

Resources

Corp

3,597,129

Total

Energy

9,373,180

Financial

Services

-

8.2%

13,600

Ameriprise

Financial

Inc

4,278,152

36,111

FirstCash

Holdings

Inc

3,933,210

7,893

MSCI

Inc

3,721,944

44,285

(b)

Shift4

Payments

Inc,

Class

A

1,971,568

Total

Financial

Services

13,904,874

45

Shares

Description

(a)

Value

Health

Care

Equipment

&

Services

-

9.9%

6,440

(b)

Align

Technology

Inc

$

1,188,760

48,270

(b)

Dexcom

Inc

4,287,824

11,162

(b)

Inspire

Medical

Systems

Inc

1,642,600

6,142

(b)

Insulet

Corp

814,245

37,536

(b)

Lantheus

Holdings

Inc

2,424,826

10,029

(b)

Penumbra

Inc

1,917,043

22,958

(b)

Veeva

Systems

Inc,

Class

A

4,424,236

Total

Health

Care

Equipment

&

Services

16,699,534

Household

&

Personal

Products

-

1.1%

101,983

Kenvue

Inc

1,896,884

Total

Household

&

Personal

Products

1,896,884

Insurance

-

1.5%

6,501

Everest

Group

Ltd

2,571,926

Total

Insurance

2,571,926

Materials

-

1.8%

15,895

Vulcan

Materials

Co

3,123,209

Total

Materials

3,123,209

Media

&

Entertainment

-

2.8%

20,784

(b)

Spotify

Technology

SA

3,424,372

9,939

(b)

Take-Two

Interactive

Software

Inc

1,329,341

Total

Media

&

Entertainment

4,753,713

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

7.7%

6,677

(b)

Alnylam

Pharmaceuticals

Inc

1,013,568

3,805

(b)

Argenx

SE,

ADR

1,786,714

8,728

(b)

BioMarin

Pharmaceutical

Inc

710,896

33,320

Bio-Techne

Corp

1,820,272

13,446

(b)

Krystal

Biotech

Inc

1,571,434

10,478

(b)

Repligen

Corp

1,409,920

70,999

(b)

Roivant

Sciences

Ltd

613,431

14,666

(b)

Sarepta

Therapeutics

Inc

987,168

13,529

(b)

United

Therapeutics

Corp

3,015,073

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

12,928,476

Semiconductors

&

Semiconductor

Equipment

-

3.7%

30,961

(b)

GLOBALFOUNDRIES

Inc

1,536,285

36,104

(b)

Lattice

Semiconductor

Corp

2,007,743

6,105

Monolithic

Power

Systems

Inc

2,696,823

Total

Semiconductors

&

Semiconductor

Equipment

6,240,851

Software

&

Services

-

20.3%

28,135

(b)

Crowdstrike

Holdings

Inc,

Class

A

4,973,424

12,012

(b)

CyberArk

Software

Ltd

1,965,644

32,628

(b)

Datadog

Inc,

Class

A

2,658,203

11,652

(b)

EPAM

Systems

Inc

2,535,126

54,597

(b)

Five9

Inc

3,159,528

9,749

(b)

Gartner

Inc

3,237,058

18,940

(b)

Klaviyo

Inc,

Class

A

539,601

6,047

(b)

MongoDB

Inc

2,083,736

10,362

(b)

Okta

Inc

698,502

7,499

(b)

Palo

Alto

Networks

Inc

1,822,407

22,205

(b)

PTC

Inc

3,118,026

42,005

(b)

Sprout

Social

Inc,

Class

A

1,817,976

5,354

(b)

Synopsys

Inc

2,513,382

Nuveen

Mid

Cap

Growth

Opportunities

Fund

(continued)

Portfolio

of

Investments

October

31,

2023

46

Shares

Description

(a)

Value

Software

&

Services

(continued)

8,297

(b)

Tyler

Technologies

Inc

$

3,093,951

Total

Software

&

Services

34,216,564

Technology

Hardware

&

Equipment

-

1.1%

45,198

(b)

Ciena

Corp

1,907,356

Total

Technology

Hardware

&

Equipment

1,907,356

Transportation

-

1.9%

41,990

(b)

XPO

Inc

3,183,262

Total

Transportation

3,183,262

Total

Common

Stocks

(cost

$165,430,909)

167,540,262

Total

Long-Term

Investments

(cost

$165,430,909)

167,540,262

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

1.0% 

X

–

REPURCHASE

AGREEMENTS

-

1.0%

X

1,590,000

$

1,590

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

10/31/23,

repurchase

price

$1,590,233,

collateralized

by

$2,660,700,

U.S.

Treasury

Bond,

2.375%,

due

05/15/51,

value

$1,621,802

5.280%

11/01/23

$

1,590,000

Total

Repurchase

Agreements

(cost

$1,590,000)

1,590,000

Total

Short-Term

Investments

(cost

$1,590,000)

1,590,000

Total

Investments

(cost

$167,020,909

)

-

100.2%

169,130,262

Other

Assets

&

Liabilities,

Net

-   (0.2)%

(266,968)

Net

Assets

-

100%

$

168,863,294

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

ADR

American

Depositary

Receipt

See

Notes

to

Financial

Statements

47

Nuveen

Mid

Cap

Value

Fund

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

99.8% 

X

–

COMMON

STOCKS

-

99

.8

%

X

410,998,691

Banks

-

2.0%

61,569

East

West

Bancorp

Inc

$

3,301,330

214,223

Fifth

Third

Bancorp

5,079,227

Total

Banks

8,380,557

Capital

Goods

-

17.2%

48,668

AGCO

Corp

5,580,273

20,806

Carlisle

Cos

Inc

5,286,597

168,418

Carrier

Global

Corp

8,026,802

64,386

Crane

Co

6,266,689

82,945

Crane

NXT

Co

4,313,140

26,560

Hubbell

Inc

7,173,856

30,811

L3Harris

Technologies

Inc

5,527,802

69,093

Owens

Corning

7,833,073

95,955

PACCAR

Inc

7,919,166

18,392

Parker-Hannifin

Corp

6,784,993

49,156

WESCO

International

Inc

6,301,799

Total

Capital

Goods

71,014,190

Consumer

Discretionary

Distribution

&

Retail

-

1.2%

37,791

(b)

AutoNation

Inc

4,915,853

Total

Consumer

Discretionary

Distribution

&

Retail

4,915,853

Consumer

Durables

&

Apparel

-

5.1%

84,022

Brunswick

Corp/DE

5,837,008

52,524

DR

Horton

Inc

5,483,506

47,713

Ralph

Lauren

Corp

5,369,144

90,467

(b)

Skechers

USA

Inc,

Class

A

4,362,319

Total

Consumer

Durables

&

Apparel

21,051,977

Consumer

Services

-

2.6%

40,037

Darden

Restaurants

Inc

5,826,585

140,344

Travel

+

Leisure

Co

4,775,906

Total

Consumer

Services

10,602,491

Consumer

Staples

Distribution

&

Retail

-

1.3%

142,462

(b)

US

Foods

Holding

Corp

5,547,470

Total

Consumer

Staples

Distribution

&

Retail

5,547,470

Energy

-

8.3%

151,657

Baker

Hughes

Co

5,220,034

61,760

Diamondback

Energy

Inc

9,901,363

131,924

EQT

Corp

5,590,939

570,786

Permian

Resources

Corp

8,316,352

143,736

Williams

Cos

Inc/The

4,944,519

Total

Energy

33,973,207

Equity

Real

Estate

Investment

Trusts

(REITs)

-

8.8%

360,097

Apple

Hospitality

REIT

Inc

5,646,321

24,334

AvalonBay

Communities

Inc

4,033,117

121,508

EPR

Properties

5,188,392

197,342

Invitation

Homes

Inc

5,859,084

89,071

Regency

Centers

Corp

5,367,418

143,758

STAG

Industrial

Inc

4,775,641

Nuveen

Mid

Cap

Value

Fund

(continued)

Portfolio

of

Investments

October

31,

2023

48

Shares

Description

(a)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

(continued)

188,122

Weyerhaeuser

Co

$

5,397,220

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

36,267,193

Financial

Services

-

8.6%

24,891

Ameriprise

Financial

Inc

7,829,962

133,488

OneMain

Holdings

Inc

4,796,224

205,265

Radian

Group

Inc

5,201,415

84,458

Raymond

James

Financial

Inc

8,060,672

227,930

Starwood

Property

Trust

Inc

4,045,757

82,343

Voya

Financial

Inc

5,498,042

Total

Financial

Services

35,432,072

Food,

Beverage

&

Tobacco

-

0.7%

29,125

Bunge

Ltd

3,086,667

Total

Food,

Beverage

&

Tobacco

3,086,667

Health

Care

Equipment

&

Services

-

4.4%

77,565

(b)

Centene

Corp

5,350,434

138,504

(b)

Envista

Holdings

Corp

3,222,988

225,665

(b)

Option

Care

Health

Inc

6,257,690

30,525

Zimmer

Biomet

Holdings

Inc

3,187,115

Total

Health

Care

Equipment

&

Services

18,018,227

Household

&

Personal

Products

-

0.9%

410,716

(b)

Coty

Inc,

Class

A

3,848,409

Total

Household

&

Personal

Products

3,848,409

Insurance

-

6.1%

117,806

(b)

Arch

Capital

Group

Ltd

10,211,424

18,245

Everest

Group

Ltd

7,218,087

50,583

Reinsurance

Group

of

America

Inc

7,560,641

Total

Insurance

24,990,152

Materials

-

5.7%

101,885

DuPont

de

Nemours

Inc

7,425,379

153,934

Graphic

Packaging

Holding

Co

3,311,120

26,028

Reliance

Steel

&

Aluminum

Co

6,621,003

54,010

Westlake

Corp

6,230,593

Total

Materials

23,588,095

Media

&

Entertainment

-

1.6%

48,635

(b)

Take-Two

Interactive

Software

Inc

6,504,931

Total

Media

&

Entertainment

6,504,931

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

3.9%

18,689

(b)

Biogen

Inc

4,439,385

43,526

(b)

Jazz

Pharmaceuticals

PLC

5,528,673

26,972

(b)

United

Therapeutics

Corp

6,010,980

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

15,979,038

Semiconductors

&

Semiconductor

Equipment

-

2.1%

108,434

Marvell

Technology

Inc

5,120,254

98,887

(b)

Wolfspeed

Inc

3,346,336

Total

Semiconductors

&

Semiconductor

Equipment

8,466,590

49

Shares

Description

(a)

Value

Software

&

Services

-

5.4%

36,973

(b)

Check

Point

Software

Technologies

Ltd

$

4,963,625

15,157

Roper

Technologies

Inc

7,405,256

9,393

(b)

Synopsys

Inc

4,409,450

26,608

(b)

VeriSign

Inc

5,312,553

Total

Software

&

Services

22,090,884

Technology

Hardware

&

Equipment

-

4.1%

158,229

(b)

Ciena

Corp

6,677,264

265,880

Hewlett

Packard

Enterprise

Co

4,089,234

66,869

TD

SYNNEX

Corp

6,130,550

Total

Technology

Hardware

&

Equipment

16,897,048

Transportation

-

1.6%

59,333

TFI

International

Inc

6,563,416

Total

Transportation

6,563,416

Utilities

-

8.2%

127,374

Alliant

Energy

Corp

6,214,578

112,533

Ameren

Corp

8,519,873

71,948

American

Electric

Power

Co

Inc

5,434,952

180,900

FirstEnergy

Corp

6,440,040

120,985

Xcel

Energy

Inc

7,170,781

Total

Utilities

33,780,224

Total

Common

Stocks

(cost

$357,016,833)

410,998,691

Total

Long-Term

Investments

(cost

$357,016,833)

410,998,691

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

0.3% 

X

–

REPURCHASE

AGREEMENTS

-

0

.3

%

X

1,390,000

$

1,390

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

10/31/23,

repurchase

price

$1,390,204,

collateralized

by

$2,326,100,

U.S.

Treasury

Bond,

2.375%,

due

05/15/51,

value

$1,417,850

5.280%

11/01/23

$

1,390,000

Total

Repurchase

Agreements

(cost

$1,390,000)

1,390,000

Total

Short-Term

Investments

(cost

$1,390,000)

1,390,000

Total

Investments

(cost

$

358,406,833

)

-

100

.1

%

412,388,691

Other

Assets

&

Liabilities,

Net

-   (0.1)%

(

612,764

)

Net

Assets

-

100%

$

411,775,927

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

50

Nuveen

Small

Cap

Growth

Opportunities

Fund

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

99.1% 

X

–

COMMON

STOCKS

-

99.1%

X

175,918,430

Automobiles

&

Components

-

1.2%

50,774

(b)

Gentherm

Inc

$

2,042,130

Total

Automobiles

&

Components

2,042,130

Banks

-

1.8%

37,249

Ameris

Bancorp

1,389,388

28,925

Preferred

Bank/Los

Angeles

CA

1,723,062

Total

Banks

3,112,450

Capital

Goods

-

14.3%

47,728

AAON

Inc

2,600,221

16,269

(b)

AeroVironment

Inc

1,865,404

18,957

Applied

Industrial

Technologies

Inc

2,910,089

137,709

(b)

Array

Technologies

Inc

2,386,497

25,569

(b)

Atkore

Inc

3,177,715

83,628

(b)

AZEK

Co

Inc/The

2,191,054

19,211

(b)

Chart

Industries

Inc

2,232,894

27,044

ESCO

Technologies

Inc

2,629,218

139,056

(b)

Kratos

Defense

&

Security

Solutions

Inc

2,370,905

38,101

(b)

SPX

Technologies

Inc

3,052,652

Total

Capital

Goods

25,416,649

Commercial

&

Professional

Services

-

6.3%

39,672

(b)

Casella

Waste

Systems

Inc,

Class

A

2,993,252

23,641

ICF

International

Inc

2,996,024

35,521

Maximus

Inc

2,654,129

17,056

Tetra

Tech

Inc

2,573,921

Total

Commercial

&

Professional

Services

11,217,326

Consumer

Discretionary

Distribution

&

Retail

-

3.3%

33,264

Academy

Sports

&

Outdoors

Inc

1,491,558

26,861

(b)

Boot

Barn

Holdings

Inc

1,866,840

32,147

(b)

Ollie's

Bargain

Outlet

Holdings

Inc

2,483,034

Total

Consumer

Discretionary

Distribution

&

Retail

5,841,432

Consumer

Durables

&

Apparel

-

2.2%

77,889

Steven

Madden

Ltd

2,553,980

113,682

(b)

Topgolf

Callaway

Brands

Corp

1,389,194

Total

Consumer

Durables

&

Apparel

3,943,174

Consumer

Services

-

4.5%

184,514

(b)

Everi

Holdings

Inc

1,990,906

18,129

Papa

John's

International

Inc

1,178,747

33,396

(b)

Planet

Fitness

Inc

1,845,797

16,606

Wingstop

Inc

3,035,079

Total

Consumer

Services

8,050,529

Energy

-

6.7%

73,260

Matador

Resources

Co

4,519,410

82,908

Northern

Oil

and

Gas

Inc

3,178,693

285,121

Permian

Resources

Corp

4,154,212

Total

Energy

11,852,315

51

Shares

Description

(a)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

-

2.7%

21,913

EastGroup

Properties

Inc

$

3,577,297

211,759

Summit

Hotel

Properties

Inc

1,194,321

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

4,771,618

Financial

Services

-

3.9%

23,189

Evercore

Inc,

Class

A

3,018,744

23,386

FirstCash

Holdings

Inc

2,547,203

32,018

(b)

Shift4

Payments

Inc,

Class

A

1,425,442

Total

Financial

Services

6,991,389

Food,

Beverage

&

Tobacco

-

1.3%

24,536

MGP

Ingredients

Inc

2,322,578

Total

Food,

Beverage

&

Tobacco

2,322,578

Health

Care

Equipment

&

Services

-

16.8%

33,824

(b)

Addus

HomeCare

Corp

2,668,714

205,449

(b)

Alphatec

Holdings

Inc

1,886,022

53,327

(b)

AtriCure

Inc

1,847,247

51,093

(b)

Axonics

Inc

2,616,472

31,499

Encompass

Health

Corp

1,970,577

29,586

Ensign

Group

Inc/The

2,858,008

30,713

(b)

Establishment

Labs

Holdings

Inc

899,277

113,557

(b)

Evolent

Health

Inc,

Class

A

2,774,197

36,523

(b)

Glaukos

Corp

2,490,869

44,875

(b)

HealthEquity

Inc

3,216,640

41,420

(b)

Lantheus

Holdings

Inc

2,675,732

61,861

(b)

Progyny

Inc

1,909,030

115,797

(b)

SI-BONE

Inc

1,969,707

Total

Health

Care

Equipment

&

Services

29,782,492

Household

&

Personal

Products

-

2.8%

75,423

(b)

BellRing

Brands

Inc

3,298,248

17,665

(b)

elf

Beauty

Inc

1,636,309

Total

Household

&

Personal

Products

4,934,557

Insurance

-

1.2%

43,447

(b)

Palomar

Holdings

Inc

2,175,826

Total

Insurance

2,175,826

Materials

-

2.2%

45,163

Silgan

Holdings

Inc

1,809,230

65,430

(b)

Summit

Materials

Inc,

Class

A

2,152,647

Total

Materials

3,961,877

Media

&

Entertainment

-

2.0%

159,304

(b)

Integral

Ad

Science

Holding

Corp

1,828,810

253,111

(b)

Magnite

Inc

1,680,657

591,081

(b),(c)

Videopropulsion

Inc

5,911

Total

Media

&

Entertainment

3,515,378

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

5.7%

31,115

(b)

Crinetics

Pharmaceuticals

Inc

911,358

34,789

(b)

Cytokinetics

Inc

1,212,745

57,456

(b)

Halozyme

Therapeutics

Inc

1,946,035

49,655

(b)

ImmunoGen

Inc

737,873

29,990

(b)

Immunovant

Inc

991,169

27,772

(b)

Intra-Cellular

Therapies

Inc

1,381,935

7,422

(b)

Karuna

Therapeutics

Inc

1,236,579

9,596

(b)

Krystal

Biotech

Inc

1,121,485

Nuveen

Small

Cap

Growth

Opportunities

Fund

(continued)

Portfolio

of

Investments

October

31,

2023

52

Shares

Description

(a)

Value

Pharmaceuticals,

Biotechnology

&

Life

Sciences

(continued)

14,376

(b)

Prothena

Corp

PLC

$

524,149

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

10,063,328

Semiconductors

&

Semiconductor

Equipment

-

4.1%

66,109

(b)

Aehr

Test

Systems

1,557,528

28,974

(b)

Onto

Innovation

Inc

3,255,808

27,182

(b)

Silicon

Laboratories

Inc

2,505,637

Total

Semiconductors

&

Semiconductor

Equipment

7,318,973

Software

&

Services

-

13.0%

56,081

(b)

Braze

Inc,

Class

A

2,387,929

36,783

(b)

CommVault

Systems

Inc

2,403,769

12,696

(b)

CyberArk

Software

Ltd

2,077,574

48,096

(b)

Envestnet

Inc

1,779,552

163,896

(b)

PowerSchool

Holdings

Inc,

Class

A

3,264,808

80,162

(b)

Q2

Holdings

Inc

2,407,265

58,792

(b)

Sprout

Social

Inc,

Class

A

2,544,518

114,266

(b)

Varonis

Systems

Inc

3,843,908

27,849

(b)

Workiva

Inc

2,425,369

Total

Software

&

Services

23,134,692

Technology

Hardware

&

Equipment

-

1.9%

272,738

(b)

Evolv

Technologies

Holdings

Inc

1,159,137

9,228

(b)

Super

Micro

Computer

Inc

2,209,829

Total

Technology

Hardware

&

Equipment

3,368,966

Transportation

-

1.2%

5,860

(b)

Saia

Inc

2,100,751

Total

Transportation

2,100,751

Total

Common

Stocks

(cost

$171,797,704)

175,918,430

Total

Long-Term

Investments

(cost

$171,797,704)

175,918,430

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

0.7% 

X

–

REPURCHASE

AGREEMENTS

-

0.7%

X

1,200,000

$

1,200

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

10/31/23,

repurchase

price

$1,200,176,

collateralized

by

$1,426,700,

U.S.

Treasury

Bond,

4.000%,

due

11/15/52,

value

$1,224,079

5.280%

11/01/23

$

1,200,000

Total

Repurchase

Agreements

(cost

$1,200,000)

1,200,000

Total

Short-Term

Investments

(cost

$1,200,000)

1,200,000

Total

Investments

(cost

$172,997,704

)

-

99.8%

177,118,430

Other

Assets

&

Liabilities,

Net

-   0.2%

382,882

Net

Assets

-

100%

$

177,501,312

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

For

fair

value

measurement

disclosure

purposes,

investment

classified

as

Level

3.

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

53

Nuveen

Small

Cap

Select

Fund

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

98.8% 

X

–

COMMON

STOCKS

-

97

.6

%

X

95,130,837

Automobiles

&

Components

-

1.7%

45,751

(b)

Atmus

Filtration

Technologies

Inc

$

858,289

72,032

Dana

Inc

826,927

Total

Automobiles

&

Components

1,685,216

Banks

-

6.7%

25,556

Banner

Corp

1,078,719

70,949

Home

BancShares

Inc/AR

1,450,907

16,086

Preferred

Bank/Los

Angeles

CA

958,243

19,878

SouthState

Corp

1,313,936

23,643

Wintrust

Financial

Corp

1,765,895

Total

Banks

6,567,700

Capital

Goods

-

13.8%

8,761

(b)

AeroVironment

Inc

1,004,536

8,900

Applied

Industrial

Technologies

Inc

1,366,239

23,450

Arcosa

Inc

1,619,691

56,482

(b)

Array

Technologies

Inc

978,833

8,620

Comfort

Systems

USA

Inc

1,567,547

12,292

EnPro

Industries

Inc

1,365,150

14,081

ESCO

Technologies

Inc

1,368,955

174,768

(b)

Hillman

Solutions

Corp

1,146,478

78,132

(b)

Kratos

Defense

&

Security

Solutions

Inc

1,332,151

1,636

(b)

MYR

Group

Inc

189,498

18,601

(b)

SPX

Technologies

Inc

1,490,312

Total

Capital

Goods

13,429,390

Commercial

&

Professional

Services

-

4.4%

15,184

(b)

ASGN

Inc

1,267,257

12,550

ICF

International

Inc

1,590,461

18,807

Maximus

Inc

1,405,259

Total

Commercial

&

Professional

Services

4,262,977

Consumer

Discretionary

Distribution

&

Retail

-

2.5%

26,827

Academy

Sports

&

Outdoors

Inc

1,202,923

16,059

(b)

Ollie's

Bargain

Outlet

Holdings

Inc

1,240,397

Total

Consumer

Discretionary

Distribution

&

Retail

2,443,320

Consumer

Durables

&

Apparel

-

2.3%

40,629

Steven

Madden

Ltd

1,332,225

77,006

(b)

Topgolf

Callaway

Brands

Corp

941,013

Total

Consumer

Durables

&

Apparel

2,273,238

Consumer

Services

-

1.8%

71,380

(b)

Everi

Holdings

Inc

770,190

15,811

Papa

John's

International

Inc

1,028,031

Total

Consumer

Services

1,798,221

Energy

-

8.3%

97,244

(b)

Diamond

Offshore

Drilling

Inc

1,206,798

36,794

Matador

Resources

Co

2,269,822

58,996

Northern

Oil

and

Gas

Inc

2,261,907

160,174

Permian

Resources

Corp

2,333,735

Total

Energy

8,072,262

Nuveen

Small

Cap

Select

Fund

(continued)

Portfolio

of

Investments

October

31,

2023

54

Shares

Description

(a)

Value

Equity

Real

Estate

Investment

Trusts

(REITs)

-

3.9%

9,835

EastGroup

Properties

Inc

$

1,605,564

45,940

STAG

Industrial

Inc

1,526,127

127,258

Summit

Hotel

Properties

Inc

717,735

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

3,849,426

Financial

Services

-

6.2%

13,625

Evercore

Inc,

Class

A

1,773,703

16,244

FirstCash

Holdings

Inc

1,769,296

101,495

Ladder

Capital

Corp

1,026,114

10,613

Piper

Sandler

Cos

1,484,228

Total

Financial

Services

6,053,341

Food,

Beverage

&

Tobacco

-

3.0%

15,011

MGP

Ingredients

Inc

1,420,941

115,798

Primo

Water

Corp

1,512,322

Total

Food,

Beverage

&

Tobacco

2,933,263

Health

Care

Equipment

&

Services

-

11.9%

30,564

(b)

AtriCure

Inc

1,058,737

22,941

(b)

Axonics

Inc

1,174,809

16,001

Encompass

Health

Corp

1,001,023

15,111

(b)

Establishment

Labs

Holdings

Inc

442,450

16,508

(b)

Glaukos

Corp

1,125,846

27,352

(b)

HealthEquity

Inc

1,960,591

53,690

(b)

Option

Care

Health

Inc

1,488,824

28,139

(b)

Progyny

Inc

868,369

41,545

Select

Medical

Holdings

Corp

944,318

47,036

(b)

SI-BONE

Inc

800,082

14,620

(b)

Tenet

Healthcare

Corp

785,094

Total

Health

Care

Equipment

&

Services

11,650,143

Household

&

Personal

Products

-

2.3%

50,529

(b)

BellRing

Brands

Inc

2,209,633

Total

Household

&

Personal

Products

2,209,633

Insurance

-

1.4%

7,002

Primerica

Inc

1,338,502

Total

Insurance

1,338,502

Materials

-

3.9%

37,265

Avient

Corp

1,178,319

33,415

Silgan

Holdings

Inc

1,338,605

39,426

(b)

Summit

Materials

Inc,

Class

A

1,297,116

Total

Materials

3,814,040

Media

&

Entertainment

-

0.9%

128,329

(b)

Magnite

Inc

852,105

Total

Media

&

Entertainment

852,105

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

4.3%

15,538

(b)

Crinetics

Pharmaceuticals

Inc

455,108

7,656

(b)

Cytokinetics

Inc

266,888

18,376

(b)

Halozyme

Therapeutics

Inc

622,395

35,727

(b)

ImmunoGen

Inc

530,903

15,802

(b)

Immunovant

Inc

522,256

9,334

(b)

Intra-Cellular

Therapies

Inc

464,460

2,385

(b)

Karuna

Therapeutics

Inc

397,365

4,223

(b)

Krystal

Biotech

Inc

493,542

55

Shares

Description

(a)

Value

Pharmaceuticals,

Biotechnology

&

Life

Sciences

(continued)

25,924

(b)

Myriad

Genetics

Inc

$

403,896

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

4,156,813

Semiconductors

&

Semiconductor

Equipment

-

3.1%

38,414

(b)

Ichor

Holdings

Ltd

931,924

11,693

(b)

Onto

Innovation

Inc

1,313,942

7,976

(b)

Silicon

Laboratories

Inc

735,228

Total

Semiconductors

&

Semiconductor

Equipment

2,981,094

Software

&

Services

-

8.6%

21,197

(b)

CommVault

Systems

Inc

1,385,224

6,712

(b)

CyberArk

Software

Ltd

1,098,352

73,895

(b)

PowerSchool

Holdings

Inc,

Class

A

1,471,989

36,634

(b)

Q2

Holdings

Inc

1,100,119

25,819

(b)

Sprout

Social

Inc,

Class

A

1,117,446

14,304

(b)

Workiva

Inc

1,245,735

15,853

(b)

Ziff

Davis

Inc

958,472

Total

Software

&

Services

8,377,337

Technology

Hardware

&

Equipment

-

1.4%

2,986

(b)

Super

Micro

Computer

Inc

715,057

56,942

(b)

TTM

Technologies

Inc

654,264

Total

Technology

Hardware

&

Equipment

1,369,321

Transportation

-

2.8%

15,233

ArcBest

Corp

1,658,569

13,881

(b)

Kirby

Corp

1,036,911

Total

Transportation

2,695,480

Utilities

-

2.4%

28,125

Black

Hills

Corp

1,359,844

17,224

Spire

Inc

958,171

Total

Utilities

2,318,015

Total

Common

Stocks

(cost

$86,101,144)

95,130,837

Nuveen

Small

Cap

Select

Fund

(continued)

Portfolio

of

Investments

October

31,

2023

56

Shares

Description

(a)

Value

X

–

EXCHANGE-TRADED

FUNDS

-

1

.2

%

X

1,203,929

18,178

(c)

SPDR

S&P

Biotech

ETF

$

1,203,929

Total

Exchange-Traded

Funds

(cost

$1,458,215)

1,203,929

Total

Long-Term

Investments

(cost

$87,559,359)

96,334,766

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

1.2%

X

–

1,132,286

(d)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360%(e)

$

1,132,286

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$1,132,286)

1,132,286

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

3.3% 

–

REPURCHASE

AGREEMENTS

-

3

.3

%

3,200,467

$

100

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

10/31/23,

repurchase

price

$100,471,

collateralized

by

$128,100,

U.S.

Treasury

Note,

1.875%,

due

02/15/32,

value

$102,527

1.600%

11/01/23

$

100,467

3,100

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

10/31/23,

repurchase

price

$3,100,455,

collateralized

by

$4,363,900,

U.S.

Treasury

Bond,

3.125%,

due

05/15/48,

value

$3,162,019

5.280%

11/01/23

3,100,000

Total

Repurchase

Agreements

(cost

$3,200,467)

3,200,467

Total

Short-Term

Investments

(cost

$3,200,467)

3,200,467

Total

Investments

(cost

$

91,892,112

)

-

103

.3

%

100,667,519

Other

Assets

&

Liabilities,

Net

-   (3.3)%

(

3,202,487

)

Net

Assets

-

100%

$

97,465,032

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$1,123,062.

(d)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(e)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

ETF

Exchange-Traded

Fund

REIT

Real

Estate

Investment

Trust

S&P

Standard

&

Poor's

SPDR

Standard

&

Poor's

Depositary

Receipt

See

Notes

to

Financial

Statements

57

Nuveen

Small

Cap

Value

Fund

Portfolio

of

Investments

October

31,

2023

Shares

Description

(a)

Value

LONG-TERM

INVESTMENTS

-

99.8% 

X

–

COMMON

STOCKS

-

99.8%

X

444,567,554

Automobiles

&

Components

-

0.9%

352,258

Dana

Inc

$

4,043,922

Total

Automobiles

&

Components

4,043,922

Banks

-

13.3%

157,116

Ameris

Bancorp

5,860,427

168,655

Banner

Corp

7,118,927

169,560

Cathay

General

Bancorp

5,749,780

289,406

ConnectOne

Bancorp

Inc

4,714,424

213,337

First

Interstate

BancSystem

Inc,

Class

A

4,921,684

226,083

First

Merchants

Corp

6,174,327

172,862

Heartland

Financial

USA

Inc

4,736,419

352,682

OceanFirst

Financial

Corp

4,464,954

74,390

Pinnacle

Financial

Partners

Inc

4,638,960

100,931

Preferred

Bank/Los

Angeles

CA

6,012,460

66,412

Wintrust

Financial

Corp

4,960,312

Total

Banks

59,352,674

Capital

Goods

-

9.9%

90,005

Crane

NXT

Co

4,680,260

29,087

EMCOR

Group

Inc

6,010,829

166,117

Hillenbrand

Inc

6,317,429

163,696

nVent

Electric

PLC

7,878,688

142,987

(b)

Parsons

Corp

8,085,915

335,516

(b)

Resideo

Technologies

Inc

4,858,272

47,602

WESCO

International

Inc

6,102,576

Total

Capital

Goods

43,933,969

Commercial

&

Professional

Services

-

5.0%

295,223

Deluxe

Corp

5,033,552

141,455

Korn

Ferry

6,439,032

70,095

Maximus

Inc

5,237,498

112,650

(b)

SP

Plus

Corp

5,692,205

Total

Commercial

&

Professional

Services

22,402,287

Consumer

Discretionary

Distribution

&

Retail

-

2.8%

24,354

Group

1

Automotive

Inc

6,145,245

82,247

(b)

Ollie's

Bargain

Outlet

Holdings

Inc

6,352,758

Total

Consumer

Discretionary

Distribution

&

Retail

12,498,003

Consumer

Durables

&

Apparel

-

3.7%

30,244

Brunswick

Corp/DE

2,101,051

225,969

La-Z-Boy

Inc

6,607,334

42,916

(b)

M/I

Homes

Inc

3,522,116

358,610

(b)

Topgolf

Callaway

Brands

Corp

4,382,214

Total

Consumer

Durables

&

Apparel

16,612,715

Consumer

Services

-

3.3%

88,080

Dine

Brands

Global

Inc

4,341,463

55,264

Marriott

Vacations

Worldwide

Corp

4,966,023

99,482

(b)

Stride

Inc

5,469,521

Total

Consumer

Services

14,777,007

Nuveen

Small

Cap

Value

Fund

(continued)

Portfolio

of

Investments

October

31,

2023

58

Shares

Description

(a)

Value

Energy

-

11.0%

238,809

ChampionX

Corp

$

7,355,317

256,637

(b)

CNX

Resources

Corp

5,574,155

328,990

(b)

Diamond

Offshore

Drilling

Inc

4,082,766

232,700

Excelerate

Energy

Inc,

Class

A

3,308,994

288,053

Magnolia

Oil

&

Gas

Corp,

Class

A

6,466,790

230,850

Northern

Oil

and

Gas

Inc

8,850,789

720,175

Permian

Resources

Corp

10,492,950

289,512

(b)

ProPetro

Holding

Corp

3,034,086

Total

Energy

49,165,847

Equity

Real

Estate

Investment

Trusts

(REITs)

-

8.3%

335,275

Apple

Hospitality

REIT

Inc

5,257,112

81,557

Centerspace

3,962,039

124,328

EPR

Properties

5,308,806

84,625

Getty

Realty

Corp

2,252,717

545,764

Global

Medical

REIT

Inc

4,726,316

734,664

LXP

Industrial

Trust

5,811,192

398,340

RPT

Realty

4,298,089

164,066

STAG

Industrial

Inc

5,450,273

Total

Equity

Real

Estate

Investment

Trusts

(REITs)

37,066,544

Financial

Services

-

7.3%

672,709

Ladder

Capital

Corp

6,801,088

147,856

OneMain

Holdings

Inc

5,312,466

47,642

Piper

Sandler

Cos

6,662,734

296,263

Radian

Group

Inc

7,507,304

108,022

Stifel

Financial

Corp

6,157,254

Total

Financial

Services

32,440,846

Food,

Beverage

&

Tobacco

-

2.0%

95,719

(b)

Hostess

Brands

Inc

3,197,015

440,693

Primo

Water

Corp

5,755,450

Total

Food,

Beverage

&

Tobacco

8,952,465

Health

Care

Equipment

&

Services

-

4.5%

84,157

(b)

Acadia

Healthcare

Co

Inc

6,186,381

57,300

Encompass

Health

Corp

3,584,688

84,342

(b)

Enovis

Corp

3,871,298

237,391

(b)

Option

Care

Health

Inc

6,582,852

Total

Health

Care

Equipment

&

Services

20,225,219

Insurance

-

3.2%

241,247

James

River

Group

Holdings

Ltd

3,317,146

33,258

Primerica

Inc

6,357,599

98,904

Stewart

Information

Services

Corp

4,319,138

Total

Insurance

13,993,883

Materials

-

5.6%

96,087

Avient

Corp

3,038,271

127,753

Commercial

Metals

Co

5,402,674

810,426

(b)

Ecovyst

Inc

7,455,919

69,686

(b)

Knife

River

Corp

3,506,600

99,037

Minerals

Technologies

Inc

5,353,940

Total

Materials

24,757,404

Media

&

Entertainment

-

0.4%

275,987

(b)

Magnite

Inc

1,832,554

Total

Media

&

Entertainment

1,832,554

59

Shares

Description

(a)

Value

Pharmaceuticals,

Biotechnology

&

Life

Sciences

-

4.0%

141,748

(b)

Alkermes

PLC

$

3,428,884

287,051

(b)

Exelixis

Inc

5,910,380

87,186

(b)

Prestige

Consumer

Healthcare

Inc

5,175,361

14,826

(b)

United

Therapeutics

Corp

3,304,123

Total

Pharmaceuticals,

Biotechnology

&

Life

Sciences

17,818,748

Real

Estate

Management

&

Development

-

1.3%

454,265

Kennedy-Wilson

Holdings

Inc

5,846,391

Total

Real

Estate

Management

&

Development

5,846,391

Semiconductors

&

Semiconductor

Equipment

-

0.7%

136,425

(b)

Veeco

Instruments

Inc

3,266,015

Total

Semiconductors

&

Semiconductor

Equipment

3,266,015

Software

&

Services

-

4.1%

245,409

(b)

Cerence

Inc

3,757,212

50,265

(b)

CommVault

Systems

Inc

3,284,818

134,349

(b)

Q2

Holdings

Inc

4,034,500

161,422

(b)

Verint

Systems

Inc

3,036,348

64,359

(b)

Ziff

Davis

Inc

3,891,145

Total

Software

&

Services

18,004,023

Technology

Hardware

&

Equipment

-

2.5%

354,779

(b),(c)

Harmonic

Inc

3,828,065

41,998

(b)

Plexus

Corp

4,129,243

305,786

(b)

Stratasys

Ltd

3,109,844

Total

Technology

Hardware

&

Equipment

11,067,152

Transportation

-

1.4%

242,228

Schneider

National

Inc,

Class

B

6,135,635

Total

Transportation

6,135,635

Utilities

-

4.6%

114,204

Black

Hills

Corp

5,521,763

67,055

ONE

Gas

Inc

4,050,122

84,639

Otter

Tail

Corp

6,512,125

77,121

Spire

Inc

4,290,241

Total

Utilities

20,374,251

Total

Common

Stocks

(cost

$426,339,064)

444,567,554

Total

Long-Term

Investments

(cost

$426,339,064)

444,567,554

Shares

Description

(a)

Coupon

Value

INVESTMENTS

PURCHASED

WITH

COLLATERAL

FROM

SECURITIES

LENDING

-

0.0%

X

–

212,738

(d)

State

Street

Navigator

Securities

Lending

Government

Money

Market

Portfolio

5.360%(e)

$

212,738

Total

Investments

Purchased

with

Collateral

from

Securities

Lending

(cost

$212,738)

212,738

Nuveen

Small

Cap

Value

Fund

(continued)

Portfolio

of

Investments

October

31,

2023

60

Principal

Amount

(000)

Description

(a)

Coupon

Maturity

Value

SHORT-TERM

INVESTMENTS

-

0.5% 

X

–

REPURCHASE

AGREEMENTS

-

0.5%

X

2,010,000

$

2,010

Repurchase

Agreement

with

Fixed

Income

Clearing

Corporation,

dated

10/31/23,

repurchase

price

$2,010,295,

collateralized

by

$3,363,600,

U.S.

Treasury

Bond,

2.375%,

due

05/15/51,

value

$2,050,248

5.280%

11/01/23

$

2,010,000

Total

Repurchase

Agreements

(cost

$2,010,000)

2,010,000

Total

Short-Term

Investments

(cost

$2,010,000)

2,010,000

Total

Investments

(cost

$428,561,802

)

-

100.3%

446,790,292

Other

Assets

&

Liabilities,

Net

-   (0.3)%

(1,320,237)

Net

Assets

-

100%

$

445,470,055

For

Fund

portfolio

compliance

purposes,

the

Fund’s

industry

classifications

refer

to

any

one

or

more

of

the

industry

sub-classifications

used

by

one

or

more

widely

recognized

market

indexes

or

ratings

group

indexes,

and/or

as

defined

by

Fund

management.

This

definition

may

not

apply

for

purposes

of

this

report,

which

may

combine

industry

sub-classifications

into

sectors

for

reporting

ease.

(a)

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets.

(b)

Non-income

producing;

issuer

has

not

declared

an

ex-dividend

date

within

the

past

twelve

months.

(c)

Investment,

or

a

portion

of

investment,

is

out

on

loan

for

securities

lending.

The

total

value

of

the

securities

out

on

loan

as

of

the

end

of

the

reporting

period

was

$225,856.

(d)

The

Fund

may

loan

securities

representing

up

to

one

third

of

the

value

of

its

total

assets

(which

includes

collateral

for

securities

on

loan)

to

broker

dealers,

banks,

and

other

institutions.

The

collateral

maintained

by

the

Fund

shall

have

a

value,

at

the

inception

of

each

loan,

equal

to

not

less

than

100%

of

the

value

of

the

loaned

securities.

The

cash

collateral

received

by

the

Fund

is

invested

in

this

money

market

fund.

(e)

The

rate

shown

is

the

one-day

yield

as

of

the

end

of

the

reporting

period.

REIT

Real

Estate

Investment

Trust

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

61

October

31,

2023

Dividend

Value

Large

Cap

Select

Mid

Cap

Growth

Opportunities

Mid

Cap

Value

Small

Cap

Growth

Opportunities

ASSETS

Long-term

investments,

at

value

†

$

2,815,773,840‌

$

34,930,349‌

$

167,540,262‌

$

410,998,691‌

$

175,918,430‌

Short-term

investments,

at

value

◊

22,888,877‌

170,000‌

1,590,000‌

1,390,000‌

1,200,000‌

Cash

–‌

10,214‌

51,103‌

45,983‌

43,688‌

Receivables:

Dividends

1,745,386‌

8,474‌

—‌

286,557‌

–‌

Interest

3,287‌

25‌

233‌

204‌

176‌

Investments

sold

39,597,628‌

105,006‌

–‌

–‌

335,620‌

Reclaims

39,200‌

–‌

–‌

–‌

–‌

Reimbursement

from

Adviser

100,505‌

10,759‌

22,225‌

55,787‌

33,784‌

Shares

sold

5,799,260‌

8,317‌

43,457‌

171,359‌

285,825‌

Other

446,687‌

25,219‌

115,721‌

68,362‌

44,967‌

Total

assets

2,886,394,670‌

35,268,363‌

169,363,001‌

413,016,943‌

177,862,490‌

LIABILITIES

Payables:

Interest

1,457‌

18‌

177‌

89‌

122‌

Investments

purchased

-

regular

settlement

51,998,517‌

240,089‌

–‌

–‌

–‌

Shares

redeemed

569,966‌

29,921‌

159,565‌

546,206‌

38,645‌

Accrued

expenses:

Custodian

fees

186,792‌

18,183‌

26,223‌

40,752‌

24,670‌

Management

fees

1,539,849‌

21,903‌

119,768‌

278,443‌

132,397‌

Directors

fees

351,007‌

892‌

80,250‌

25,291‌

6,079‌

Professional

fees

74,595‌

24,771‌

25,566‌

30,988‌

24,945‌

Shareholder

reporting

expenses

36,800‌

882‌

8,526‌

34,593‌

39,637‌

Shareholder

servicing

agent

fees

224,083‌

3,537‌

52,175‌

267,923‌

86,661‌

12b-1

distribution

and

service

fees

81,676‌

6,471‌

27,457‌

16,731‌

8,022‌

Total

liabilities

55,064,742‌

346,667‌

499,707‌

1,241,016‌

361,178‌

Net

assets

$

2,831,329,

928‌

$

34,921,696‌

$

168,863,294‌

$

411,775,927‌

$

177,501,312‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

2,623,284,330‌

$

28,784,013‌

$

196,352,100‌

$

344,446,217‌

$

200,707,171‌

Total

distributable

earnings

(loss)

208,045,598‌

6,137,683‌

(27,488,806‌)

67,329,710‌

(23,205,859‌)

Net

assets

2,831,329,928‌

34,921,696‌

168,863,294‌

411,775,927‌

177,501,312‌

†

Long-term

investments,

cost

$

2,681,281,761‌

$

29,289,814‌

$

165,430,909‌

$

357,016,833‌

$

171,797,704‌

◊

Short-term

investments,

cost

$

22,888,877‌

$

170,000‌

$

1,590,000‌

$

1,390,000‌

$

1,200,000‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

62

October

31,

2023

Small

Cap

Select

Small

Cap

Value

ASSETS

Long-term

investments,

at

value

†‡

$

96,334,766‌

$

444,567,554‌

Investments

purchased

with

collateral

from

securities

lending,

at

value

(cost

approximates

value)

1,132,286‌

212,738‌

Short-term

investments,

at

value

◊

3,200,467‌

2,010,000‌

Cash

–‌

70,459‌

Receivables:

Dividends

5,517‌

140,101‌

Interest

459‌

295‌

Investments

sold

383,008‌

–‌

Reclaims

–‌

2,704‌

Reimbursement

from

Adviser

20,175‌

36,843‌

Shares

sold

110,647‌

414,257‌

Other

53,410‌

110,232‌

Total

assets

101,240,735‌

447,565,183‌

LIABILITIES

Payables:

Collateral

from

securities

lending

1,132,286‌

212,738‌

Interest

45‌

307‌

Investments

purchased

-

regular

settlement

2,200,502‌

–‌

Shares

redeemed

243,521‌

1,157,272‌

Accrued

expenses:

Custodian

fees

23,955‌

47,545‌

Management

fees

71,169‌

315,799‌

Directors

fees

24,067‌

62,150‌

Professional

fees

25,013‌

30,419‌

Shareholder

reporting

expenses

7,952‌

57,430‌

Shareholder

servicing

agent

fees

36,574‌

179,373‌

12b-1

distribution

and

service

fees

10,619‌

32,095‌

Total

liabilities

3,775,703‌

2,095,128‌

Net

assets

$

97,465,032‌

$

445,470,055‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

94,028,706‌

$

630,773,047‌

Total

distributable

earnings

(loss)

3,436,326‌

(185,302,992‌)

Net

assets

97,465,032‌

445,470,055‌

†

Long-term

investments,

cost

$

87,559,359‌

$

426,339,064‌

◊

Short-term

investments,

cost

$

3,200,467‌

$

2,010,000‌

‡

Includes

securities

loaned

of

$

1,123,062‌

$

225,856‌

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

63

Dividend

Value

Large

Cap

Select

Mid

Cap

Growth

Opportunities

Mid

Cap

Value

Small

Cap

Growth

Opportunities

CLASS

A:

Net

assets

$

342,301,086‌

$

24,951,970‌

$

123,317,427‌

$

58,995,012‌

$

36,065,470‌

Shares

outstanding

26,865,812‌

775,551‌

6,335,223‌

1,259,039‌

1,901,249‌

Net

asset

value

("NAV")

per

share

$

12.74‌

$

32.17‌

$

19.47‌

$

46.86‌

$

18.97‌

Maximum

sales

charge

5.75%

5.75%

5.75%

5.75%

5.75%

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge)

$

13.52‌

$

34.13‌

$

20.66‌

$

49.72‌

$

20.13‌

CLASS

C:

Net

assets

$

8,403,883‌

$

1,211,833‌

$

—‌

$

4,511,520‌

$

—‌

Shares

outstanding

675,968‌

42,532‌

—‌

104,412‌

—‌

NAV

and

offering

price

per

share

$

12.43‌

$

28.49‌

$

—‌

$

43.21‌

$

—‌

CLASS

R6:

Net

assets

$

2,210,275,141‌

$

—‌

$

2,550,145‌

$

31,553,689‌

$

866,002‌

Shares

outstanding

168,990,668‌

—‌

83,141‌

665,595‌

34,130‌

NAV

and

offering

price

per

share

$

13.08‌

$

—‌

$

30.67‌

$

47.41‌

$

25.37‌

CLASS

I:

Net

assets

$

270,349,818‌

$

8,757,893‌

$

42,995,722‌

$

316,715,706‌

$

140,569,840‌

Shares

outstanding

20,873,474‌

268,296‌

1,438,797‌

6,709,505‌

5,624,927‌

NAV

and

offering

price

per

share

$

12.95‌

$

32.64‌

$

29.88‌

$

47.20‌

$

24.99‌

Authorized

shares

-

per

class

2

billion

2

billion

2

billion

2

billion

2

billion

Par

value

per

share

$

0.0001

$

0.0001

$

0.0001

$

0.0001

$

0.0001

Statement

of

Assets

and

Liabilities

(continued)

See

Notes

to

Financial

Statements

64

Small

Cap

Select

Small

Cap

Value

CLASS

A:

Net

assets

$

48,067,459‌

$

87,297,957‌

Shares

outstanding

6,143,556‌

3,653,846‌

Net

asset

value

("NAV")

per

share

$

7.82‌

$

23.89‌

Maximum

sales

charge

5.75%

5.75%

Offering

price

per

share

(NAV

per

share

plus

maximum

sales

charge)

$

8.30‌

$

25.35‌

CLASS

C:

Net

assets

$

—‌

$

14,622,838‌

Shares

outstanding

—‌

738,146‌

NAV

and

offering

price

per

share

$

—‌

$

19.81‌

CLASS

R6:

Net

assets

$

4,212,355‌

$

132,277,115‌

Shares

outstanding

372,613‌

5,291,627‌

NAV

and

offering

price

per

share

$

11.30‌

$

25.00‌

CLASS

I:

Net

assets

$

45,185,218‌

$

211,272,145‌

Shares

outstanding

4,014,663‌

8,507,898‌

NAV

and

offering

price

per

share

$

11.26‌

$

24.83‌

Authorized

shares

-

per

class

2

billion

2

billion

Par

value

per

share

$

0.0001

$

0.0001

Statement

of

Operations

See

Notes

to

Financial

Statements

65

Year

Ended

October

31,

2023

Dividend

Value

Large

Cap

Select

Mid

Cap

Growth

Opportunities

Mid

Cap

Value

INVESTMENT

INCOME

Dividends

$

75,759,848‌

$

545,897‌

$

1,116,607‌

$

9,871,037‌

Interest

605,667‌

12,979‌

63,611‌

141,325‌

Securities

lending

income,

net

—‌

—‌

34,810‌

167‌

Other

income

1,521,050‌

16,645‌

120,708‌

139,940‌

Tax

withheld

(324,305‌)

(3,471‌)

(1,636‌)

(13,728‌)

Total

investment

income

77,562,260‌

572,050‌

1,334,100‌

10,138,741‌

EXPENSES

–

–

–

–

Management

fees

19,485,262‌

247,673‌

1,612,204‌

3,525,911‌

12b-1

service

fees

-

Class

A

933,729‌

60,646‌

351,113‌

159,794‌

12b-1

distribution

and

service

fees

-

Class

C

105,784‌

12,977‌

—‌

51,359‌

Shareholder

servicing

agent

fees

-

Class

A

382,901‌

11,318‌

171,658‌

98,199‌

Shareholder

servicing

agent

fees

-

Class

C

10,849‌

606‌

—‌

7,892‌

Shareholder

servicing

agent

fees

-

Class

R6

121,288‌

—‌

3,932‌

2,192‌

Shareholder

servicing

agent

fees

-

Class

I

319,093‌

4,549‌

60,930‌

544,919‌

Interest

expense

23,100‌

518‌

541‌

2,406‌

Directors

fees

120,932‌

1,398‌

7,893‌

17,650‌

Custodian

expenses

235,662‌

22,618‌

31,117‌

65,183‌

Registration

fees

81,093‌

56,591‌

63,714‌

91,142‌

Professional

fees

228,786‌

36,392‌

39,061‌

62,943‌

Shareholder

reporting

expenses

63,175‌

7,448‌

19,657‌

70,967‌

Other

42,239‌

8,237‌

10,917‌

18,571‌

Total

expenses

before

fee

waiver/expense

reimbursement

22,153,893‌

470,971‌

2,372,737‌

4,719,128‌

Fee

waiver/expense

reimbursement

(1,125,523‌)

(113,908‌)

(165,519‌)

(414,080‌)

Net

expenses

21,028,370‌

357,063‌

2,207,218‌

4,305,048‌

Net

investment

income

(loss)

56,533,890‌

214,987‌

(873,118‌)

5,833,693‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

116,096,682‌

530,670‌

7,146,495‌

12,290,899‌

Net

realized

gain

(loss)

116,096,682‌

530,670‌

7,146,495‌

12,290,899‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

(188,210,397‌)

2,292,516‌

(3,224,225‌)

(17,544,312‌)

Net

change

in

unrealized

appreciation

(depreciation)

(188,210,397‌)

2,292,516‌

(3,224,225‌)

(17,544,312‌)

Net

realized

and

unrealized

gain

(loss)

(72,113,715‌)

2,823,186‌

3,922,270‌

(5,253,413‌)

Net

increase

(decrease)

in

net

assets

from

operations

$

(15,579,825‌)

$

3,038,173‌

$

3,049,152‌

$

580,280‌

Statement

of

Operations

(continued)

See

Notes

to

Financial

Statements

66

Year

Ended

October

31,

2023

Small

Cap

Growth

Opportunities

Small

Cap

Select

Small

Cap

Value

INVESTMENT

INCOME

Dividends

$

935,998‌

$

1,013,299‌

$

9,928,506‌

Interest

61,849‌

26,177‌

148,989‌

Securities

lending

income,

net

31,610‌

44,134‌

3,241‌

Other

income

92,672‌

87,363‌

273,436‌

Tax

withheld

—‌

(3,735‌)

(19,041‌)

Total

investment

income

1,122,129‌

1,167,238‌

10,335,131‌

EXPENSES

–

–

–

Management

fees

1,548,504‌

901,146‌

4,096,971‌

12b-1

service

fees

-

Class

A

100,428‌

135,379‌

257,208‌

12b-1

distribution

and

service

fees

-

Class

C

—‌

—‌

182,394‌

Shareholder

servicing

agent

fees

-

Class

A

65,710‌

85,883‌

174,616‌

Shareholder

servicing

agent

fees

-

Class

C

—‌

—‌

30,962‌

Shareholder

servicing

agent

fees

-

Class

R6

100‌

1,122‌

13,017‌

Shareholder

servicing

agent

fees

-

Class

I

232,973‌

75,615‌

416,410‌

Interest

expense

286‌

714‌

1,093‌

Directors

fees

7,292‌

4,110‌

19,764‌

Custodian

expenses

32,476‌

36,878‌

55,697‌

Registration

fees

61,112‌

59,519‌

74,894‌

Professional

fees

37,317‌

36,189‌

59,254‌

Shareholder

reporting

expenses

65,960‌

17,930‌

81,326‌

Other

9,623‌

10,127‌

32,470‌

Total

expenses

before

fee

waiver/expense

reimbursement

2,161,781‌

1,364,612‌

5,496,076‌

Fee

waiver/expense

reimbursement

(244,823‌)

(183,196‌)

(394,060‌)

Net

expenses

1,916,958‌

1,181,416‌

5,102,016‌

Net

investment

income

(loss)

(794,829‌)

(14,178‌)

5,233,115‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

3,123,649‌

(1,638,448‌)

12,870,935‌

Net

realized

gain

(loss)

3,123,649‌

(1,638,448‌)

12,870,935‌

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

(12,643,246‌)

(2,011,961‌)

(63,840,899‌)

Foreign

currency

translations

—‌

—‌

(49‌)

Net

change

in

unrealized

appreciation

(depreciation)

(12,643,246‌)

(2,011,961‌)

(63,840,948‌)

Net

realized

and

unrealized

gain

(loss)

(9,519,597‌)

(3,650,409‌)

(50,970,013‌)

Net

increase

(decrease)

in

net

assets

from

operations

$

(10,314,426‌)

$

(3,664,587‌)

$

(45,736,898‌)

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

67

Dividend

Value

Large

Cap

Select

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

OPERATIONS

Net

investment

income

(loss)

$

56,533,890‌

$

69,609,336‌

$

214,987‌

$

245,846‌

Net

realized

gain

(loss)

116,096,682‌

244,381,236‌

530,670‌

2,102,320‌

Net

change

in

unrealized

appreciation

(depreciation)

(188,210,397‌)

(403,181,046‌)

2,292,516‌

(9,644,270‌)

Net

increase

(decrease)

in

net

assets

from

operations

(15,579,825‌)

(89,190,474‌)

3,038,173‌

(7,296,104‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(33,416,727‌)

(38,652,955‌)

(1,403,450‌)

(5,829,007‌)

Class

C

(952,521‌)

(1,291,414‌)

(77,615‌)

(405,648‌)

Class

R6

(218,272,749‌)

(271,012,937‌)

—‌

—‌

Class

I

(29,241,102‌)

(40,373,355‌)

(610,521‌)

(3,427,150‌)

Total

distributions

(281,883,099‌)

(351,330,661‌)

(2,091,586‌)

(9,661,805‌)

FUND

SHARE

TRANSACTIONS

Subscriptions

306,839,013‌

348,656,366‌

7,719,723‌

3,097,315‌

Reinvestments

of

distributions

278,153,003‌

345,072,764‌

1,793,199‌

8,141,331‌

Redemptions

(820,742,112‌)

(908,100,616‌)

(9,881,711‌)

(12,055,274‌)

Net

increase

(decrease)

from

Fund

share

transactions

(235,750,096‌)

(214,371,486‌)

(368,789‌)

(816,628‌)

Net

increase

(decrease)

in

net

assets

(533,213,020‌)

(654,892,621‌)

577,798‌

(17,774,537‌)

Net

assets

at

the

beginning

of

period

3,364,542,948‌

4,019,435,569‌

34,343,898‌

52,118,435‌

Net

assets

at

the

end

of

period

$

2,831,329,928‌

$

3,364,542,948‌

$

34,921,696‌

$

34,343,898‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

68

Mid

Cap

Growth

Opportunities

Mid

Cap

Value

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

OPERATIONS

Net

investment

income

(loss)

$

(873,118‌)

$

(1,495,483‌)

$

5,833,693‌

$

5,367,590‌

Net

realized

gain

(loss)

7,146,495‌

(35,366,468‌)

12,290,899‌

27,588,605‌

Net

change

in

unrealized

appreciation

(depreciation)

(3,224,225‌)

(118,055,207‌)

(17,544,312‌)

(60,525,990‌)

Net

increase

(decrease)

in

net

assets

from

operations

3,049,152‌

(154,917,158‌)

580,280‌

(27,569,795‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

—‌

(60,603,608‌)

(3,789,801‌)

(3,794,008‌)

Class

C

(1)

—‌

(2,457,931‌)

(299,981‌)

(334,190‌)

Class

R6

—‌

(5,449,259‌)

(2,052,356‌)

(1,362,609‌)

Class

I

—‌

(28,663,653‌)

(22,357,558‌)

(15,462,316‌)

Total

distributions

—‌

(97,174,451‌)

(28,499,696‌)

(20,953,123‌)

FUND

SHARE

TRANSACTIONS

Subscriptions

10,179,424‌

29,140,496‌

90,896,314‌

206,637,309‌

Reinvestments

of

distributions

—‌

92,599,257‌

27,250,663‌

19,687,711‌

Redemptions

(79,581,168‌)

(88,345,726‌)

(150,059,245‌)

(110,331,716‌)

Net

increase

(decrease)

from

Fund

share

transactions

(69,401,744‌)

33,394,027‌

(31,912,268‌)

115,993,304‌

Net

increase

(decrease)

in

net

assets

(66,352,592‌)

(218,697,582‌)

(59,831,684‌)

67,470,386‌

Net

assets

at

the

beginning

of

period

235,215,886‌

453,913,468‌

471,607,611‌

404,137,225‌

Net

assets

at

the

end

of

period

$

168,863,294‌

$

235,215,886‌

$

411,775,927‌

$

471,607,611‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

69

Small

Cap

Growth

Opportunities

Small

Cap

Select

Year

Ended

10/31/23

Year

Ended

10/31/22

Year

Ended

10/31/23

Year

Ended

10/31/22

OPERATIONS

Net

investment

income

(loss)

$

(794,829‌)

$

(1,343,581‌)

$

(14,178‌)

$

103,038‌

Net

realized

gain

(loss)

3,123,649‌

(28,540,149‌)

(1,638,448‌)

(3,451,728‌)

Net

change

in

unrealized

appreciation

(depreciation)

(12,643,246‌)

(64,383,170‌)

(2,011,961‌)

(24,623,524‌)

Net

increase

(decrease)

in

net

assets

from

operations

(10,314,426‌)

(94,266,900‌)

(3,664,587‌)

(27,972,214‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

—‌

(11,103,588‌)

(7,234‌)

(12,237,944‌)

Class

C

(1)

—‌

(614,013‌)

—‌

(404,482‌)

Class

R6

—‌

(99,951‌)

(1,547‌)

(311,451‌)

Class

I

—‌

(46,041,090‌)

(18,034‌)

(9,209,427‌)

Return

of

Capital:

Class

A

—‌

—‌

(67,002‌)

—‌

Class

R6

—‌

—‌

(14,330‌)

—‌

Class

I

—‌

—‌

(167,034‌)

—‌

Total

distributions

—‌

(57,858,642‌)

(275,181‌)

(22,163,304‌)

FUND

SHARE

TRANSACTIONS

Subscriptions

49,673,677‌

49,838,866‌

15,560,260‌

29,445,692‌

Reinvestments

of

distributions

—‌

55,705,751‌

269,051‌

21,757,881‌

Redemptions

(35,662,400‌)

(147,897,905‌)

(27,150,709‌)

(44,948,071‌)

Net

increase

(decrease)

from

Fund

share

transactions

14,011,277‌

(42,353,288‌)

(11,321,398‌)

6,255,502‌

Net

increase

(decrease)

in

net

assets

3,696,851‌

(194,478,830‌)

(15,261,166‌)

(43,880,016‌)

Net

assets

at

the

beginning

of

period

173,804,461‌

368,283,291‌

112,726,198‌

156,606,214‌

Net

assets

at

the

end

of

period

$

177,501,312‌

$

173,804,461‌

$

97,465,032‌

$

112,726,198‌

Statement

of

Changes

in

Net

Assets

(continued)

See

Notes

to

Financial

Statements

70

Small

Cap

Value

Year

Ended

10/31/23

Year

Ended

10/31/22

OPERATIONS

Net

investment

income

(loss)

$

5,233,115‌

$

6,078,298‌

Net

realized

gain

(loss)

12,870,935‌

63,890,029‌

Net

change

in

unrealized

appreciation

(depreciation)

(63,840,948‌)

(109,810,592‌)

Net

increase

(decrease)

in

net

assets

from

operations

(45,736,898‌)

(39,842,265‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(1,025,807‌)

(721,671‌)

Class

C

(33,832‌)

(146,017‌)

Class

R6

(1,973,745‌)

(997,125‌)

Class

I

(3,004,980‌)

(1,922,976‌)

Total

distributions

(6,038,364‌)

(3,787,789‌)

FUND

SHARE

TRANSACTIONS

Subscriptions

82,860,205‌

103,801,216‌

Reinvestments

of

distributions

5,010,173‌

3,102,913‌

Redemptions

(139,202,623‌)

(235,795,264‌)

Net

increase

(decrease)

from

Fund

share

transactions

(51,332,245‌)

(128,891,135‌)

Net

increase

(decrease)

in

net

assets

(103,107,507‌)

(172,521,189‌)

Net

assets

at

the

beginning

of

period

548,577,562‌

721,098,751‌

Net

assets

at

the

end

of

period

$

445,470,055‌

$

548,577,562‌

(1)

Class

C

Shares

of

Mid

Cap

Growth

Opportunities,

Small

Cap

Growth

Opportunities

and

Small

Cap

Select

converted

to

Class

A

Shares

at

the

close

of

business

on

August

19,

2022

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Financial

Highlights

72

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Dividend

Value

Class

A

10/31/23

$

14.12

$

0.20

$

(0.37)

$

(0.17)

$

(0.25)

$

(0.96)

$

(1.21)

$

12.74

10/31/22

15.97

0.24

(0.67)

(0.43)

(0.20)

(1.22)

(1.42)

14.12

10/31/21

11.44

0.20

4.50

4.70

(0.17)

—

(0.17)

15.97

10/31/20

14.21

0.25

(1.98)

(1.73)

(0.23)

(0.81)

(1.04)

11.44

10/31/19

14.32

0.26

0.96

1.22

(0.28)

(1.05)

(1.33)

14.21

Class

C

10/31/23

13.80

0.10

(0.37)

(0.27)

(0.14)

(0.96)

(1.10)

12.43

10/31/22

15.63

0.12

(0.64)

(0.52)

(0.09)

(1.22)

(1.31)

13.80

10/31/21

11.21

0.09

4.40

4.49

(0.07)

—

(0.07)

15.63

10/31/20

13.93

0.15

(1.92)

(1.77)

(0.14)

(0.81)

(0.95)

11.21

10/31/19

14.06

0.16

0.93

1.09

(0.17)

(1.05)

(1.22)

13.93

Class

R6

10/31/23

14.47

0.26

(0.39)

(0.13)

(0.30)

(0.96)

(1.26)

13.08

10/31/22

16.34

0.29

(0.68)

(0.39)

(0.26)

(1.22)

(1.48)

14.47

10/31/21

11.72

0.26

4.60

4.86

(0.24)

—

(0.24)

16.34

10/31/20

14.54

0.30

(2.02)

(1.72)

(0.29)

(0.81)

(1.10)

11.72

10/31/19

14.61

0.32

0.99

1.31

(0.33)

(1.05)

(1.38)

14.54

Class

I

10/31/23

14.34

0.24

(0.39)

(0.15)

(0.28)

(0.96)

(1.24)

12.95

10/31/22

16.20

0.27

(0.67)

(0.40)

(0.24)

(1.22)

(1.46)

14.34

10/31/21

11.61

0.24

4.57

4.81

(0.22)

—

(0.22)

16.20

10/31/20

14.42

0.28

(2.01)

(1.73)

(0.27)

(0.81)

(1.08)

11.61

10/31/19

14.51

0.30

0.98

1.28

(0.32)

(1.05)

(1.37)

14.42

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Notes

to

Financial

Statements.

See

Notes

to

Financial

Statements.

73

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c),(d)

Portfolio

Turnover

Rate

(1.39‌)

%

$

342,301

1.00‌

%

0.96‌

%

1.51‌

%

82‌

%

(3.00‌)

390,219

1.00‌

0.96‌

1.63‌

81‌

41.25‌

434,105

1.00‌

0.96‌

1.32‌

97‌

(13.12‌)

158,645

1.09‌

1.09‌

2.00‌

117‌

9.81‌

215,710

1.11‌

1.11‌

1.94‌

93‌

(2.14‌)

8,404

1.75‌

1.71‌

0.77‌

82‌

(3.72‌)

11,931

1.75‌

1.71‌

0.85‌

81‌

40.10‌

16,356

1.75‌

1.71‌

0.60‌

97‌

(13.75‌)

11,881

1.84‌

1.84‌

1.24‌

117‌

8.98‌

23,083

1.86‌

1.86‌

1.19‌

93‌

(1.03‌)

2,210,275

0.65‌

0.61‌

1.86‌

82‌

(2.65‌)

2,619,891

0.65‌

0.61‌

1.98‌

81‌

41.71‌

3,102,035

0.64‌

0.60‌

1.73‌

97‌

(12.80‌)

2,025,717

0.70‌

0.70‌

2.41‌

117‌

10.29‌

52,824

0.72‌

0.72‌

2.30‌

93‌

(1.16‌)

270,350

0.75‌

0.71‌

1.77‌

82‌

(2.75‌)

342,502

0.75‌

0.71‌

1.85‌

81‌

41.59‌

466,940

0.75‌

0.71‌

1.61‌

97‌

(12.96‌)

408,828

0.84‌

0.84‌

2.25‌

117‌

10.14‌

661,390

0.86‌

0.86‌

2.18‌

93‌

74

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Large

Cap

Select

Class

A

10/31/23

$

31.11

$

0.18

$

2.76

$

2.94

$

(

0.21

)

$

(

1.67

)

$

(

1.88

)

$

32.17

10/31/22

45.19

0.19

(

5.82

)

(

5.63

)

(

0.10

)

(

8.35

)

(

8.45

)

31.11

10/31/21

32.12

0.07

13.28

13.35

(

0.17

)

(

0.11

)

(

0.28

)

45.19

10/31/20

30.71

0.17

1.61

1.78

(

0.37

)

—

(

0.37

)

32.12

10/31/19

28.87

0.21

2.72

2.93

(

0.10

)

(

0.99

)

(

1.09

)

30.71

Class

C

10/31/23

27.75

(

0.05

)

2.46

2.41

—

(

1.67

)

(

1.67

)

28.49

10/31/22

41.45

(

0.06

)

(

5.20

)

(

5.26

)

(

0.09

)

(

8.35

)

(

8.44

)

27.75

10/31/21

29.56

(

0.21

)

12.21

12.00

—

(

0.11

)

(

0.11

)

41.45

10/31/20

28.28

(

0.06

)

1.47

1.41

(

0.13

)

—

(

0.13

)

29.56

10/31/19

26.77

(

—

)

(e)

2.50

2.50

—

(

0.99

)

(

0.99

)

28.28

Class

I

10/31/23

31.55

0.26

2.80

3.06

(

0.30

)

(

1.67

)

(

1.97

)

32.64

10/31/22

45.61

0.26

(

5.87

)

(

5.61

)

(

0.10

)

(

8.35

)

(

8.45

)

31.55

10/31/21

32.41

0.18

13.38

13.56

(

0.25

)

(

0.11

)

(

0.36

)

45.61

10/31/20

30.98

0.25

1.62

1.87

(

0.44

)

—

(

0.44

)

32.41

10/31/19

29.13

0.28

2.73

3.01

(

0.17

)

(

0.99

)

(

1.16

)

30.98

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Notes

to

Financial

Statements.

(e)

Value

rounded

to

zero.

See

Notes

to

Financial

Statements.

75

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c),(d)

Portfolio

Turnover

Rate

10

.13‌

%

$

24,952

1

.37‌

%

1

.05‌

%

0

.57‌

%

89‌

%

(

15

.56‌

)

23,157

1

.32‌

1

.05‌

0

.54‌

78‌

41

.77‌

31,724

1

.29‌

1

.05‌

0

.18‌

83‌

5

.76‌

24,135

1

.30‌

1

.11‌

0

.54‌

101‌

10

.86‌

24,224

1

.20‌

1

.15‌

0

.73‌

108‌

9

.30‌

1,212

2

.12‌

1

.80‌

(

0

.18‌

)

89‌

(

16

.18‌

)

1,334

2

.07‌

1

.80‌

(

0

.20‌

)

78‌

40

.68‌

1,790

2

.04‌

1

.80‌

(

0

.56‌

)

83‌

4

.99‌

1,743

2

.05‌

1

.86‌

(

0

.21‌

)

101‌

10

.02‌

2,097

1

.95‌

1

.90‌

(

0

.02‌

)

108‌

10

.40‌

8,758

1

.12‌

0

.80‌

0

.81‌

89‌

(

15

.33‌

)

9,854

1

.07‌

0

.80‌

0

.75‌

78‌

42

.11‌

18,605

1

.04‌

0

.80‌

0

.43‌

83‌

6

.02‌

16,030

1

.05‌

0

.86‌

0

.79‌

101‌

11

.13‌

18,567

0

.95‌

0

.90‌

0

.98‌

108‌

76

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Mid

Cap

Growth

Opportunities

Class

A

10/31/23

$

19.43

$

(

0.11

)

$

0.15

$

0.04

$

—

$

—

$

—

$

19.47

10/31/22

41.71

(

0.14

)

(

11.98

)

(

12.12

)

—

(

10.16

)

(

10.16

)

19.43

10/31/21

34.24

(

0.32

)

12.82

12.50

—

(

5.03

)

(

5.03

)

41.71

10/31/20

33.66

(

0.09

)

8.01

7.92

—

(

7.34

)

(

7.34

)

34.24

10/31/19

36.79

(

0.12

)

3.48

3.36

—

(

6.49

)

(

6.49

)

33.66

Class

R6

10/31/23

30.52

(

0.07

)

0.22

0.15

—

—

—

30.67

10/31/22

58.90

(

0.09

)

(

18.13

)

(

18.22

)

—

(

10.16

)

(

10.16

)

30.52

10/31/21

46.46

(

0.27

)

17.74

17.47

—

(

5.03

)

(

5.03

)

58.90

10/31/20

43.07

0.03

10.70

10.73

—

(

7.34

)

(

7.34

)

46.46

10/31/19

44.94

0.01

4.61

4.62

—

(

6.49

)

(

6.49

)

43.07

Class

I

10/31/23

29.75

(

0.08

)

0.21

0.13

—

—

—

29.88

10/31/22

57.74

(

0.13

)

(

17.70

)

(

17.83

)

—

(

10.16

)

(

10.16

)

29.75

10/31/21

45.67

(

0.31

)

17.41

17.10

—

(

5.03

)

(

5.03

)

57.74

10/31/20

42.49

(

0.01

)

10.53

10.52

—

(

7.34

)

(

7.34

)

45.67

10/31/19

44.49

(

0.05

)

4.54

4.49

—

(

6.49

)

(

6.49

)

42.49

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Notes

to

Financial

Statements.

See

Notes

to

Financial

Statements.

77

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c),(d)

Portfolio

Turnover

Rate

0

.21‌

%

$

123,317

1

.25‌

%

1

.17‌

%

(

0

.51‌

)

%

71‌

%

(

36

.06‌

)

142,840

1

.23‌

1

.17‌

(

0

.60‌

)

67‌

38

.97‌

252,552

1

.20‌

1

.17‌

(

0

.84‌

)

89‌

28

.09‌

185,219

1

.24‌

1

.17‌

(

0

.29‌

)

89‌

13

.43‌

172,912

1

.24‌

1

.17‌

(

0

.35‌

)

90‌

0

.49‌

2,550

0

.91‌

0

.83‌

(

0

.21‌

)

71‌

(

35

.86‌

)

20,897

0

.89‌

0

.83‌

(

0

.25‌

)

67‌

39

.45‌

31,945

0

.86‌

0

.83‌

(

0

.50‌

)

89‌

28

.54‌

28,966

0

.88‌

0

.81‌

0

.06‌

89‌

13

.85‌

26,329

0

.86‌

0

.79‌

0

.02‌

90‌

0

.44‌

42,996

1

.00‌

0

.92‌

(

0

.26‌

)

71‌

(

35

.91‌

)

71,478

0

.98‌

0

.92‌

(

0

.35‌

)

67‌

39

.31‌

164,813

0

.95‌

0

.92‌

(

0

.58‌

)

89‌

28

.38‌

150,875

0

.99‌

0

.92‌

(

0

.03‌

)

89‌

13

.73‌

165,663

1

.00‌

0

.92‌

(

0

.12‌

)

90‌

78

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Mid

Cap

Value

Class

A

10/31/23

$

50.13

$

0.52

$

(

0.84

)

$

(

0.32

)

$

(

0.53

)

$

(

2.42

)

$

(

2.95

)

$

46.86

10/31/22

56.38

0.54

(

3.88

)

(

3.34

)

(

0.35

)

(

2.56

)

(

2.91

)

50.13

10/31/21

36.53

0.29

20.01

20.30

(

0.45

)

—

(

0.45

)

56.38

10/31/20

41.07

0.43

(

4.59

)

(

4.16

)

(

0.38

)

—

(

0.38

)

36.53

10/31/19

38.91

0.40

3.29

3.69

(

0.09

)

(

1.44

)

(

1.53

)

41.07

Class

C

10/31/23

46.38

0.15

(

0.77

)

(

0.62

)

(

0.13

)

(

2.42

)

(

2.55

)

43.21

10/31/22

52.74

0.14

(

3.62

)

(

3.48

)

(

0.32

)

(

2.56

)

(

2.88

)

46.38

10/31/21

34.21

(

0.09

)

18.79

18.70

(

0.17

)

—

(

0.17

)

52.74

10/31/20

38.49

0.14

(

4.34

)

(

4.20

)

(

0.08

)

—

(

0.08

)

34.21

10/31/19

36.73

0.11

3.09

3.20

—

(

1.44

)

(

1.44

)

38.49

Class

R6

10/31/23

50.71

0.72

(

0.85

)

(

0.13

)

(

0.75

)

(

2.42

)

(

3.17

)

47.41

10/31/22

56.81

0.74

(

3.93

)

(

3.19

)

(

0.35

)

(

2.56

)

(

2.91

)

50.71

10/31/21

36.78

0.49

20.13

20.62

(

0.59

)

—

(

0.59

)

56.81

10/31/20

41.32

0.57

(

4.59

)

(

4.02

)

(

0.52

)

—

(

0.52

)

36.78

10/31/19

39.10

0.55

3.30

3.85

(

0.19

)

(

1.44

)

(

1.63

)

41.32

Class

I

10/31/23

50.49

0.65

(

0.86

)

(

0.21

)

(

0.66

)

(

2.42

)

(

3.08

)

47.20

10/31/22

56.64

0.68

(

3.92

)

(

3.24

)

(

0.35

)

(

2.56

)

(

2.91

)

50.49

10/31/21

36.69

0.41

20.09

20.50

(

0.55

)

—

(

0.55

)

56.64

10/31/20

41.24

0.52

(

4.59

)

(

4.07

)

(

0.48

)

—

(

0.48

)

36.69

10/31/19

39.08

0.51

3.28

3.79

(

0.19

)

(

1.44

)

(

1.63

)

41.24

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Notes

to

Financial

Statements.

See

Notes

to

Financial

Statements.

79

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c),(d)

Portfolio

Turnover

Rate

(

0

.65‌

)

%

$

58,995

1

.25‌

%

1

.16‌

%

1

.06‌

%

28‌

%

(

6

.29‌

)

63,992

1

.21‌

1

.16‌

1

.03‌

38‌

55

.98‌

73,571

1

.28‌

1

.16‌

0

.59‌

31‌

(

10

.26‌

)

41,258

1

.27‌

1

.17‌

1

.16‌

56‌

10

.19‌

55,467

1

.27‌

1

.17‌

1

.04‌

46‌

(

1

.38‌

)

4,512

2

.00‌

1

.91‌

0

.33‌

28‌

(

7

.02‌

)

5,552

1

.96‌

1

.91‌

0

.28‌

38‌

54

.80‌

6,026

2

.03‌

1

.91‌

(

0

.20‌

)

31‌

(

10

.94‌

)

4,649

2

.02‌

1

.92‌

0

.40‌

56‌

9

.39‌

7,631

2

.02‌

1

.92‌

0

.30‌

46‌

(

0

.25‌

)

31,554

0

.85‌

0

.76‌

1

.45‌

28‌

(

5

.96‌

)

32,383

0

.84‌

0

.79‌

1

.39‌

38‌

56

.59‌

26,190

0

.87‌

0

.75‌

0

.99‌

31‌

(

9

.91‌

)

16,762

0

.89‌

0

.78‌

1

.54‌

56‌

10

.63‌

19,481

0

.87‌

0

.77‌

1

.39‌

46‌

(

0

.41‌

)

316,716

1

.00‌

0

.91‌

1

.31‌

28‌

(

6

.07‌

)

369,680

0

.96‌

0

.91‌

1

.29‌

38‌

56

.35‌

298,350

1

.03‌

0

.91‌

0

.83‌

31‌

(

10

.03‌

)

214,089

1

.02‌

0

.92‌

1

.41‌

56‌

10

.48‌

250,717

1

.02‌

0

.92‌

1

.30‌

46‌

80

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Small

Cap

Growth

Opportunities

Class

A

10/31/23

$

20.05

$

(

0.13

)

$

(

0.95

)

$

(

1.08

)

$

—

$

—

$

—

$

18.97

10/31/22

34.74

(

0.16

)

(

8.03

)

(

8.19

)

—

(

6.50

)

(

6.50

)

20.05

10/31/21

27.35

(

0.28

)

11.44

11.16

(

0.01

)

(

3.76

)

(

3.77

)

34.74

10/31/20

20.96

(

0.18

)

6.57

6.39

—

—

—

27.35

10/31/19

23.54

(

0.14

)

0.84

0.70

—

(

3.28

)

(

3.28

)

20.96

Class

R6

10/31/23

26.71

(

0.06

)

(

1.28

)

(

1.34

)

—

—

—

25.37

10/31/22

43.84

(

0.09

)

(

10.54

)

(

10.63

)

—

(

6.50

)

(

6.50

)

26.71

10/31/21

33.69

(

0.15

)

14.22

14.07

(

0.16

)

(

3.76

)

(

3.92

)

43.84

10/31/20

25.69

(

0.07

)

8.07

8.00

—

—

—

33.69

10/31/19

27.88

(

0.05

)

1.14

1.09

—

(

3.28

)

(

3.28

)

25.69

Class

I

10/31/23

26.34

(

0.10

)

(

1.25

)

(

1.35

)

—

—

—

24.99

10/31/22

43.39

(

0.15

)

(

10.40

)

(

10.55

)

—

(

6.50

)

(

6.50

)

26.34

10/31/21

33.38

(

0.25

)

14.11

13.86

(

0.09

)

(

3.76

)

(

3.85

)

43.39

10/31/20

25.51

(

0.14

)

8.01

7.87

—

—

—

33.38

10/31/19

27.79

(

0.10

)

1.10

1.00

—

(

3.28

)

(

3.28

)

25.51

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Notes

to

Financial

Statements.

See

Notes

to

Financial

Statements.

81

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c),(d)

Portfolio

Turnover

Rate

(

5

.39‌

)

%

$

36,065

1

.36‌

%

1

.23‌

%

(

0

.63‌

)

%

65‌

%

(

28

.03‌

)

41,159

1

.35‌

1

.22‌

(

0

.72‌

)

65‌

43

.38‌

59,901

1

.33‌

1

.21‌

(

0

.88‌

)

97‌

30

.55‌

41,683

1

.42‌

1

.22‌

(

0

.77‌

)

105‌

5

.47‌

34,249

1

.39‌

1

.23‌

(

0

.68‌

)

104‌

(

4

.98‌

)

866

0

.96‌

0

.83‌

(

0

.20‌

)

65‌

(

27

.74‌

)

644

0

.95‌

0

.82‌

(

0

.30‌

)

65‌

43

.98‌

590

0

.93‌

0

.81‌

(

0

.39‌

)

97‌

31

.14‌

1,038

0

.98‌

0

.78‌

(

0

.26‌

)

105‌

6

.13‌

144

1

.01‌

0

.85‌

(

0

.19‌

)

104‌

(

5

.13‌

)

140,570

1

.11‌

0

.98‌

(

0

.37‌

)

65‌

(

27

.86‌

)

132,002

1

.10‌

0

.97‌

(

0

.51‌

)

65‌

43

.74‌

305,544

1

.08‌

0

.96‌

(

0

.62‌

)

97‌

30

.81‌

168,931

1

.17‌

0

.97‌

(

0

.51‌

)

105‌

5

.78‌

172,242

1

.13‌

0

.98‌

(

0

.41‌

)

104‌

82

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Return

of

Capital

Total

Net

Asset

Value,

End

of

Period

Small

Cap

Select

Class

A

10/31/23

$

8.17

$

(0.01)

$

(0.33)

$

(0.34)

$

(—)(e)

$

—

$

(0.01)

$

(0.01)

$

7.82

10/31/22

11.89

(—)(e)

(1.83)

(1.83)

—

(1.89)

—

(1.89)

8.17

10/31/21

7.83

(0.03)

4.23

4.20

(—)(e)

(0.14)

—

(0.14)

11.89

10/31/20

7.71

(—)(e)

0.13

0.13

(0.01)

—

—

(0.01)

7.83

10/31/19

9.26

(—)(e)

0.28

0.28

(—)(e)

(1.83)

—

(1.83)

7.71

Class

R6

10/31/23

11.80

0.03

(0.47)

(0.44)

(0.01)

—

(0.05)

(0.06)

11.30

10/31/22

16.26

0.04

(2.61)

(2.57)

—

(1.89)

—

(1.89)

11.80

10/31/21

10.66

0.01

5.77

5.78

(0.04)

(0.14)

—

(0.18)

16.26

10/31/20

10.49

0.03

0.20

0.23

(0.06)

—

—

(0.06)

10.66

10/31/19

11.87

0.04

0.44

0.48

(0.03)

(1.83)

—

(1.86)

10.49

Class

I

10/31/23

11.75

0.01

(0.45)

(0.44)

(0.01)

—

(0.04)

(0.05)

11.26

10/31/22

16.21

0.03

(2.60)

(2.57)

—

(1.89)

—

(1.89)

11.75

10/31/21

10.63

(0.01)

5.76

5.75

(0.03)

(0.14)

—

(0.17)

16.21

10/31/20

10.46

0.02

0.19

0.21

(0.04)

—

—

(0.04)

10.63

10/31/19

11.85

0.03

0.44

0.47

(0.03)

(1.83)

—

(1.86)

10.46

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Notes

to

Financial

Statements.

(e)

Value

rounded

to

zero.

See

Notes

to

Financial

Statements.

83

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c),(d)

Portfolio

Turnover

Rate

(4.15‌)

%

$

48,067

1.41‌

%

1.24‌

%

(0.14‌)

%

42‌

%

(17.84‌)

56,476

1.40‌

1.24‌

(0.05‌)

63‌

54.06‌

78,047

1.39‌

1.24‌

(0.30‌)

91‌

1.70‌

49,513

1.48‌

1.24‌

(0.05‌)

90‌

6.95‌

55,849

1.42‌

1.24‌

0.01‌

70‌

(3.73‌)

4,212

1.03‌

0.86‌

0.24‌

42‌

(17.57‌)

3,135

1.02‌

0.86‌

0.32‌

63‌

54.60‌

2,791

1.03‌

0.87‌

0.06‌

91‌

2.15‌

1,994

1.09‌

0.86‌

0.32‌

90‌

7.22‌

2,070

1.03‌

0.85‌

0.36‌

70‌

(3.87‌)

45,185

1.16‌

0.99‌

0.11‌

42‌

(17.63‌)

53,115

1.15‌

0.99‌

0.20‌

63‌

54.43‌

74,479

1.14‌

0.99‌

(0.04‌)

91‌

2.00‌

31,341

1.23‌

0.99‌

0.19‌

90‌

7.13‌

30,109

1.17‌

0.99‌

0.26‌

70‌

84

Financial

Highlights

(continued)

The

following

data

is

for

a

share outstanding

for

each

fiscal year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)(a)

Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

Small

Cap

Value

Class

A

10/31/23

$

26.52

$

0.21

$

(

2.60

)

$

(

2.39

)

$

(

0.24

)

$

—

$

(

0.24

)

$

23.89

10/31/22

28.36

0.21

(

1.90

)

(

1.69

)

(

0.15

)

—

(

0.15

)

26.52

10/31/21

17.30

0.04

11.09

11.13

(

0.07

)

—

(

0.07

)

28.36

10/31/20

22.19

0.09

(

4.77

)

(

4.68

)

(

0.21

)

—

(

0.21

)

17.30

10/31/19

22.96

0.18

(

0.17

)

0.01

(

0.13

)

(

0.65

)

(

0.78

)

22.19

Class

C

10/31/23

21.99

0.01

(

2.15

)

(

2.14

)

(

0.04

)

—

(

0.04

)

19.81

10/31/22

23.68

—

(e)

(

1.56

)

(

1.56

)

(

0.13

)

—

(

0.13

)

21.99

10/31/21

14.51

(

0.13

)

9.30

9.17

—

—

—

23.68

10/31/20

18.62

(

0.04

)

(

4.03

)

(

4.07

)

(

0.04

)

—

(

0.04

)

14.51

10/31/19

19.39

0.01

(

0.13

)

(

0.12

)

—

(

0.65

)

(

0.65

)

18.62

Class

R6

10/31/23

27.75

0.33

(

2.72

)

(

2.39

)

(

0.36

)

—

(

0.36

)

25.00

10/31/22

29.55

0.33

(

1.97

)

(

1.64

)

(

0.16

)

—

(

0.16

)

27.75

10/31/21

18.02

0.12

11.57

11.69

(

0.16

)

—

(

0.16

)

29.55

10/31/20

23.09

0.15

(

4.93

)

(

4.78

)

(

0.29

)

—

(

0.29

)

18.02

10/31/19

23.83

0.29

(

0.18

)

0.11

(

0.20

)

(

0.65

)

(

0.85

)

23.09

Class

I

10/31/23

27.57

0.28

(

2.70

)

(

2.42

)

(

0.32

)

—

(

0.32

)

24.83

10/31/22

29.41

0.29

(

1.97

)

(

1.68

)

(

0.16

)

—

(

0.16

)

27.57

10/31/21

17.93

0.11

11.49

11.60

(

0.12

)

—

(

0.12

)

29.41

10/31/20

23.00

0.16

(

4.96

)

(

4.80

)

(

0.27

)

—

(

0.27

)

17.93

10/31/19

23.79

0.24

(

0.18

)

0.06

(

0.20

)

(

0.65

)

(

0.85

)

23.00

(a)

Based

on

average

shares

outstanding.

(b)

Percentage

is

not

annualized.  

(c)

After

fee

waiver

and/or

expense

reimbursement

from

the

Adviser,

where

applicable.

See

Notes

to

Financial

Statements

for

more

information.

(d)

Includes

voluntary

compensation

from

the

Adviser

as

further

described

in

the

Notes

to

Financial

Statements.

(e)

Value

rounded

to

zero.

See

Notes

to

Financial

Statements.

85

Ratio/Supplemental

Data

Ratios

to

Average

Net

Assets

Total

Return(b)

Net

Assets,

End

of

Period

(000)

Gross

Expenses

Net

Expenses(c)

NII

(Loss)(c),(d)

Portfolio

Turnover

Rate

(

9

.05‌

)

%

$

87,298

1

.28‌

%

1

.21‌

%

0

.81‌

%

31‌

%

(

6

.00‌

)

113,227

1

.25‌

1

.20‌

0

.77‌

31‌

64

.47‌

138,585

1

.25‌

1

.20‌

0

.16‌

36‌

(

21

.33‌

)

105,402

1

.30‌

1

.20‌

0

.48‌

30‌

0

.44‌

213,819

1

.28‌

1

.20‌

0

.81‌

31‌

(

9

.72‌

)

14,623

2

.03‌

1

.96‌

0

.07‌

31‌

(

6

.70‌

)

21,592

2

.00‌

1

.95‌

0

.02‌

31‌

63

.20‌

28,500

2

.00‌

1

.95‌

(

0

.62‌

)

36‌

(

21

.93‌

)

22,263

2

.05‌

1

.95‌

(

0

.28‌

)

30‌

(

0

.28‌

)

45,920

2

.03‌

1

.95‌

0

.07‌

31‌

(

8

.67‌

)

132,277

0

.87‌

0

.80‌

1

.22‌

31‌

(

5

.60‌

)

152,178

0

.86‌

0

.81‌

1

.17‌

31‌

65

.14‌

182,835

0

.85‌

0

.81‌

0

.45‌

36‌

(

21

.01‌

)

85,491

0

.86‌

0

.76‌

0

.81‌

30‌

0

.90‌

133,071

0

.83‌

0

.75‌

1

.26‌

31‌

(

8

.83‌

)

211,272

1

.03‌

0

.96‌

1

.06‌

31‌

(

5

.76‌

)

261,581

1

.00‌

0

.95‌

1

.02‌

31‌

64

.91‌

371,179

1

.00‌

0

.95‌

0

.42‌

36‌

(

21

.14‌

)

457,676

1

.05‌

0

.95‌

0

.81‌

30‌

0

.69‌

1,228,912

1

.03‌

0

.95‌

1

.06‌

31‌

86

Notes

to

Financial

Statements

1.

General

Information 

Trust

and

Fund

Information:

Nuveen

Investment

Funds,

Inc.

(the

“Trust”),

is

an

open-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

(the

“1940

Act”),

as

amended.

The

Trust

is

comprised

of

Nuveen

Dividend

Value

Fund

(“Dividend

Value”),

Nuveen

Large

Cap

Select

Fund

(“Large

Cap

Select”),

Nuveen

Mid

Cap

Growth

Opportunities

Fund

(“Mid

Cap

Growth

Opportunities”),

Nuveen

Mid

Cap

Value

Fund

(“Mid

Cap

Value”),

Nuveen

Small

Cap

Growth

Opportunities

Fund

(“Small

Cap

Growth

Opportunities”),

Nuveen

Small

Cap

Select

Fund

(“Small

Cap

Select”)

and

Nuveen

Small

Cap

Value

Fund

(“Small

Cap

Value”),

(each

a

“Fund”

and

collectively,

the

“Funds”),

as

diversified

funds,

among

others.

The

Trust

was

incorporated

in

the

State

of

Maryland

on

August

20,

1987.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

October

31,

2023,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

October

31,

2023

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser:

The

Funds’

investment

adviser

is

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”),

a

subsidiary

of

Nuveen,

LLC

(“Nuveen”).

Nuveen

is

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(TIAA).

The

Adviser

has

overall

responsibility

for

management

of

the

Funds,

oversees

the

management

of

the

Funds’

portfolios,

manages

the

Funds’

business

affairs

and

provides

certain

clerical,

bookkeeping

and

other

administrative

services,

and,

if

necessary,

asset

allocation

decisions.

The

Adviser

has

entered

into

sub-

advisory

agreements

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”),

a

subsidiary

of

the

Adviser,

under

which

the

Sub-Adviser

manages

the

investment

portfolios

of

the

Funds.

Share

Classes

and

Sales

Charges:

Class

A

Shares

are

generally

sold

with

an

up-front

sales

charge.

Class

A

Share

purchases

of

$1

million

or

more

are

sold

at

net

asset

value

(“NAV”)

without

an

up-front

sales

charge

but

may

be

subject

to

a

contingent

deferred

sales

charge

(“CDSC”)

of

1%

if

redeemed

within

eighteen

months

of

purchase.

Class

C

Shares

are

sold

without

an

up-front

sales

charge

but

are

subject

to

a

CDSC

of

1%

if

redeemed

within

twelve

months

of

purchase.

Class

R6

Shares

and

Class

I

Shares

are

sold

without

an

upfront

sales

charge.

2.

Significant

Accounting

Policies

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

the

use

of

estimates

made

by

management

and

the

evaluation

of

subsequent

events.

Actual

results

may

differ

from

those

estimates.

Each

Fund

is

an

investment

company

and

follows

accounting

guidance

in

the

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

946,

Financial

Services

—

Investment

Companies.

The

NAV

for

financial

reporting

purposes

may

differ

from

the

NAV

for

processing

security

and shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

common

share

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

common

share

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

The

Trust

pays

no

compensation

directly

to

those

of

its directors

or

to

its

officers,

all

of

whom

receive

remuneration

for

their

services

to

the

Trust

from

the

Adviser

or

its

affiliates.

The

Funds’

Board

of Directors

(the

"Board")

has

adopted

a

deferred

compensation

plan

for

independent directors that

enables directors

to

elect

to

defer

receipt

of

all

or

a

portion

of

the

annual

compensation

they

are

entitled

to

receive

from

certain

Nuveen-advised

funds.

Under

the

plan,

deferred

amounts

are

treated

as

though

equal

dollar

amounts

had

been

invested

in

shares

of

select

Nuveen-advised

funds.

Distributions

to

Shareholders:

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

The

amount,

character

and

timing

of

distributions

are

determined

in

accordance

with

federal

income

tax

regulations,

which

may

differ

from

U.S.

GAAP.

Foreign

Currency

Transactions

and

Translation:  

The

books

and

records

of

the

Funds

are

maintained

in

U.S.

dollars.

Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

at

the

end

of

each

day.

Purchases

and

sales

of

securities,

income

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

dates

of

the

transactions.

Net

realized

foreign

currency

gains

and

losses

resulting

from

changes

in

exchange

rates

associated

with

(i)

foreign

currency,

(ii)

investments

and

(iii)

derivatives

include

foreign

currency

gains

and

losses

between

trade

date

and

settlement

date

of

the

transactions,

foreign

currency

transactions,

and

the

difference

between

the

amounts

of

interest

and

dividends

recorded

on

the

books

of

the

Funds

and

the

amounts

actually

received

are

recognized

as

a

component

of

“Net

realized

gain

(loss)

from

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.

Foreign

Taxes:

The

Funds

may

be

subject

to

foreign

taxes

on

income,

gains

on

investments

or

foreign

currency

repatriation,

a

portion

of

which

may

be

recoverable.

The

Funds

will

accrue

such

taxes

and

recoveries

as

applicable,

based

upon

the

current

interpretation

of

tax

rules

and

regulations

that

exist

in

the

markets

in

which

the

Funds

invest.

87

Indemnifications:

Under

the

Trust’s

organizational

documents,

its

officers

and directors

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust’s

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Dividend

income

is

recorded

on

the

ex-dividend

date

or,

for

foreign

securities,

when

information

is

available.

Non-cash

dividends

received

in

the

form

of

stock,

if

any,

are

recognized

on

the

ex-dividend

date

and

recorded

at

fair

value.

Interest

income

is

recorded

on

an

accrual

basis.

Securities

lending

income

is

comprised

of

fees

earned

from

borrowers

and

income

earned

on

cash

collateral

investments.

Multiclass

Operations

and

Allocations:

Income

and

expenses

of

the

Funds

that

are

not

directly

attributable

to

a

specific

class

of

shares

are

prorated

among

the

classes

based

on

the

relative

net

assets

of

each

class.

Expenses

directly

attributable

to

a

class

of

shares

are

recorded

to

the

specific

class.

12b-1

distribution

and

service

fees

are

allocated

on

a

class-specific

basis.

Sub-transfer

agent

fees

and

similar

fees,

which

are

recognized

as

a

component

of

“Shareholder

servicing

agent

fees”

on

the

Statement

of

Operations,

are

not

charged

to

Class

R6

Shares

and

are

prorated

among

the

other

classes

based

on

their

relative

net

assets.

Realized

and

unrealized

capital

gains

and

losses

of

the

Funds

are

prorated

among

the

classes

based

on

the

relative

net

assets

of

each

class.

Netting

Agreements:

In

the

ordinary

course

of

business,

the

Funds

may

enter

into

transactions

subject

to

enforceable

master

repurchase

agreements,

International

Swaps

and

Derivatives

Association,

Inc.

(ISDA)

master

agreements

or

other

similar

arrangements

(“netting

agreements”).

Generally,

the

right

to

offset

in

netting

agreements

allows

each

Fund

to

offset

certain

securities

and

derivatives

with

a

specific

counterparty,

when

applicable,

as

well

as

any

collateral

received

or

delivered

to

that

counterparty

based

on

the

terms

of

the

agreements.

Generally,

each

Fund

manages

its

cash

collateral

and

securities

collateral

on

a

counterparty

basis.

With

respect

to

certain

counterparties,

in

accordance

with

the

terms

of

the

netting

agreements,

collateral

posted

to

the

Funds

is

held

in

a

segregated

account

by

the

Funds’

custodian

and/or

with

respect

to

those

amounts

which

can

be

sold

or

repledged

,

are

presented

in

the

Funds’

Portfolio

of

Investments

or

Statement

of

Assets

and

Liabilities.

The

Funds’

investments

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

New

Accounting

Pronouncement:

 In

March

2020,

FASB

issued

Accounting

Standards

Update

(“ASU”)

2020-04,

Reference

Rate

Reform:

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting.

The

main

objective

of

the

new

guidance

is

to

provide

relief

to

companies

that

will

be

impacted

by

the

expected

change

in

benchmark

interest

rates,

when

participating

banks

will

no

longer

be

required

to

submit

London

Interbank

Offered

Rate

(LIBOR)

quotes

by

the

UK

Financial

Conduct

Authority

(FCA).

The

new

guidance

allows

companies

to,

provided

the

only

change

to

existing

contracts

are

a

change

to

an

approved

benchmark

interest

rate,

account

for

modifications

as

a

continuance

of

the

existing

contract

without

additional

analysis.

For

new

and

existing

contracts,

the

Funds

may

elect

to

apply

the

amendments

as

of

March

12,

2020

through

December

31,

2022.

In

December

2022,

FASB

deferred

ASU

2022-04

and

issued

ASU

2022-06,

Reference

Rate

Reform:

Deferral

of

the

Sunset

Date

of

Topic

848,

which

extends

the

application

of

the

amendments

through

December

31,

2024. Management

has

not

yet

elected

to

apply

the

amendments,

is

continuously

evaluating

the

potential

effect

a

discontinuation

of

LIBOR

could

have

on

the

Funds’

investments

and

has

currently

determined

that

it

is

unlikely

the

ASU’s

adoption

will

have

a

significant

impact

on

the

Funds’

financial

statements

and

various

filings.

New

Accounting

Pronouncement:

In

June

2022,

the

FASB

issued

ASU

2022-03

to

clarify

the

guidance

in

Topic

820,

Fair

Value

Measurement

("Topic

820").

The

amendments

in

ASU

2022-03

affect

all

entities

that

have

investments

in

equity

securities

measured

at

fair

value

that

are

subject

to

a

contractual

sale

restriction.

ASU

2022-03

(1)

clarifies

the

guidance

in

Topic

820,

when

measuring

the

fair

value

of

an

equity

security

subject

to

contractual

restrictions

that

prohibit

the

sale

of

equity

security,

(2)

amends

a

related

illustrative

example,

and

(3)

introduces

new

disclosure

requirements

for

equity

securities

subject

to

contractual

sale

restrictions

that

are

measured

at

fair

value

in

accordance

with

Topic

820.

For

public

business

entities,

the

amendments

in

ASU

2022-03

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

those

fiscal

years.

For

all

other

entities,

the

amendments

are

effective

for

fiscal

years

beginning

after

December

15,

2024,

and

interim

periods

within

those

fiscal

years.

Early

adoption

is

permitted

for

both

interim

and

annual

financial

statements

that

have

not

yet

been

issued

or

made

available

for

issuance.

During

the

current

fiscal

period,

the

Funds

adopted

the

new

guidance

and

there

was

no

material

impact

to

the

Funds.

3.

Investment

Valuation

and

Fair

Value

Measurements 

The

Funds’

investments

in

securities

are

recorded

at

their

estimated

fair

value

utilizing

valuation

methods

approved

by

the

Adviser,

subject

to

oversight

of

the Board.

Fair

value

is

defined

as

the

price

that

would

be

received

upon

selling

an

investment

or

transferring

a

liability

in

an

orderly

transaction

to

an

independent

buyer

in

the

principal

or

most

advantageous

market

for

the

investment.

U.S.

GAAP

establishes

the

three-tier

hierarchy

which

is

used

to

maximize

the

use

of

observable

market

data

and

minimize

the

use

of

unobservable

inputs

and

to

establish

classification

of

fair

value

measurements

for

disclosure

purposes.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Observable

inputs

are

based

on

market

data

obtained

from

sources

independent

of

the

reporting

entity.

Unobservable

inputs

reflect

management’s

assumptions

about

the

assumptions

market

participants

would

use

in

pricing

the

asset

or

liability.

Unobservable

inputs

are

based

on

the

best

information

available

in

the

circumstances.

The

following

is

a

summary

of

the

three-tiered

hierarchy

of

valuation

input

levels.

Level

1

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

2

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

88

Notes

to

Financial

Statements

(continued)

Level

3

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management’s

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds’

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Equity

securities

and

exchange-traded

funds

listed

or

traded

on

a

national

market

or

exchange

are

valued

based

on

their

last

reported sales

price

or

official

closing

price of such

market

or

exchange

on

the

valuation

date.

Foreign

equity

securities

and

registered

investment

companies

that

trade

on

a

foreign

exchange

are

valued

at

the

last

reported sales

price

or

official

closing

price

on

the

principal

exchange

where

traded,

and

converted

to

U.S.

dollars

at

the

prevailing

rates

of

exchange

on

the valuation

date.

For

events affecting

the value

of

foreign

securities

between

the

time

when

the

exchange

on

which

they

are

traded

closes

and

the

time

when

the

Funds'

net

assets

are

calculated,

such

securities

will

be

valued

at

fair

value

in

accordance

with

procedures

adopted

by

the

Adviser,

subject

to

the

oversight

of

the

Board. To

the

extent

these

securities

are

actively

traded

and

no

valuation

adjustments

are

applied,

they

are

generally

classified

as

Level

1. When

valuation

adjustments

are

applied

to

the

most

recent

last

sales

price

or

official

closing

price, these

securities

are

generally

classified

as

Level

2.

Prices

of

certain

American

Depositary

Receipts

(“ADR”)

held

by

the

Funds

that

trade

in

the

United

States

are

valued

based

on

the

last

traded

price,

official

closing

price,

or

an

evaluated

price

provided

by

the

pricing

services and

are

generally

classified

as

Level

1

or

2.

Investments

in

investment

companies

are

valued

at

their

respective

NAVs

or

share

price on

the

valuation

date

and

are

generally

classified

as

Level

1. 

Repurchase

agreements

are

valued

at

contract

amount

plus

accrued

interest,

which

approximates

market

value.

These

securities

are

generally

classified

as

Level

2.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

Dividend

Value

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

2,815,773,840

$

–

$

–

$

2,815,773,840

Short-Term

Investments:

Repurchase

Agreements

–

22,888,877

–

22,888,877

Total

$

2,815,773,840

$

22,888,877

$

–

$

2,838,662,717

Large

Cap

Select

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

34,930,349

$

–

$

–

$

34,930,349

Short-Term

Investments:

Repurchase

Agreements

–

170,000

–

170,000

Total

$

34,930,349

$

170,000

$

–

$

35,100,349

Mid

Cap

Growth

Opportunities

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

167,540,262

$

–

$

–

$

167,540,262

Short-Term

Investments:

Repurchase

Agreements

–

1,590,000

–

1,590,000

Total

$

167,540,262

$

1,590,000

$

–

$

169,130,262

Mid

Cap

Value

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

410,998,691

$

–

$

–

$

410,998,691

Short-Term

Investments:

Repurchase

Agreements

–

1,390,000

–

1,390,000

Total

$

410,998,691

$

1,390,000

$

–

$

412,388,691

89

4.

Portfolio

Securities

Repurchase

Agreements:

In

connection

with

transactions

in

repurchase

agreements,

it

is

each

Fund's

policy

that

its

custodian

take

possession

of

the

underlying

collateral

securities,

the

fair

value

of

which

exceeds

the

principal

amount

of

the

repurchase

transaction,

including

accrued

interest,

at

all

times.

If

the

counterparty

defaults,

and

the

fair

value

of

the

collateral

declines,

realization

of

the

collateral

may

be

delayed

or

limited.

The

following

table

presents

the

repurchase

agreements

for

the

Funds

that

are

subject

to

netting

agreements

as

of

the

end

of

the

reporting

period,

and

the

collateral

delivered

related

to

those

repurchase

agreements.

Securities

Lending:

Each

Fund

may

lend

securities

representing

up

to

one-third

of

the

value

of

its

total

assets

to

broker-dealers,

banks,

and

other

institutions

in

order

to

generate

additional

income.

When

loaning

securities, a

Fund

retains

the

benefits

of

owning

the

securities,

including

the

economic

equivalent

of

dividends

or

interest

generated

by

the

security.

The

loans

are

continuous,

can

be

recalled

at

any

time,

and

have

no

set

maturity.

The

Funds’

custodian,

State

Street

Bank

and

Trust

Company,

serves

as

the

securities

lending

agent

(the

“Agent”).

When

a

Fund

loans

its

portfolio

securities,

it

will

receive,

at

the

inception

of

each

loan,

cash

collateral

equal

to

an

amount

not

less

than

100%

of

the

market

value

of

the

loaned

securities.

The

actual

percentage

of

the

cash

collateral

will

vary

depending

upon

the

asset

type

of

the

loaned

securities.

Collateral

for

the

loaned

securities

is

invested

in

a

government

money

market

vehicle

maintained

by

the

Agent,

which

is

subject

to

the

requirements

of

Rule

2a-7

under

the

1940

Act.

The

value

of

the

loaned

securities

and

the

liability

to

return

the

cash

collateral

received

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

If

the

market

value

of

the

loaned

securities

increases,

the

borrower

must

furnish

additional

collateral

to

the

Fund,

which

is

also

recognized

on

the

Statement

of

Assets

and

Liabilities.

Securities

out

on

loan

are

subject

to

termination

at

any

time

at

the

option

of

the

borrower

or

the

Fund.

Upon

termination,

the

borrower

is

required

to

return

to

the

Fund

securities

identical

to

the

securities

loaned.

During

the

term

Small

Cap

Growth

Opportunities

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

175,912,519

$

–

$

5,911*

$

175,918,430

Short-Term

Investments:

Repurchase

Agreements

–

1,200,000

–

1,200,000

Total

$

175,912,519

$

1,200,000

$

5,911

$

177,118,430

Small

Cap

Select

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

95,130,837

$

–

$

–

$

95,130,837

Exchange-Traded

Funds

1,203,929

–

–

1,203,929

Investments

Purchased

with

Collateral

from

Securities

Lending

1,132,286

–

–

1,132,286

Short-Term

Investments:

Repurchase

Agreements

–

3,200,467

–

3,200,467

Total

$

97,467,052

$

3,200,467

$

–

$

100,667,519

Small

Cap

Value

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Common

Stocks

$

444,567,554

$

–

$

–

$

444,567,554

Investments

Purchased

with

Collateral

from

Securities

Lending

212,738

–

–

212,738

Short-Term

Investments:

Repurchase

Agreements

–

2,010,000

–

2,010,000

Total

$

444,780,292

$

2,010,000

$

–

$

446,790,292

*

Refer

to

the

Fund's

Portfolio

of

Investments

for

securities

classified

as

Level

3.

Fund

Counterparty

Short-term

Investments,

at

Value

Collateral

Pledged

(From)

Counterparty

Dividend

Value

Fixed

Income

Clearing

Corporation

$22,888,877

$23,346,735

Large

Cap

Select

Fixed

Income

Clearing

Corporation

170,000

173,466

Mid

Cap

Growth

Opportunities

Fixed

Income

Clearing

Corporation

1,590,000

1,621,802

Mid

Cap

Value

Fixed

Income

Clearing

Corporation

1,390,000

1,417,850

Small

Cap

Growth

Opportunities

Fixed

Income

Clearing

Corporation

1,200,000

1,224,079

Small

Cap

Select

Fixed

Income

Clearing

Corporation

3,200,467

3,264,546

Small

Cap

Value

Fixed

Income

Clearing

Corporation

2,010,000

2,050,248

90

Notes

to

Financial

Statements

(continued)

of

the

loan,

the

Fund

bears

the

market

risk

with

respect

to

the

investment

of

collateral

and

the

risk

that

the

Agent

may

default

on

its

contractual

obligations

to

the

Fund.

The

Agent

bears

the

risk

that

the

borrower

may

default

on

its

obligation

to

return

the

loaned

securities

as

the

Agent

is

contractually

obligated

to

indemnify

the

Fund

if

at

the

time

of

a

default

by

a

borrower

some

or

all

of

the

loan

securities

have

not

been

returned.

Securities

lending

income

recognized

by

a

Fund

consists

of

earnings

on

invested

collateral

and

lending

fees,

net

of

any

rebates

to

the

borrower

and

compensation

to

the

Agent.

Such

income

is

recognized

on

the

Statement

of

Operations.

As

of

the

end

of

the

current

reporting

period,

the

total

value

of

the

loaned

securities

and

the

total

value

of

collateral

received

were

as

follows:

Purchases

and

Sales:

Long-term

purchases

and

sales

during

the

current

fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

period,

such

amounts

are

recognized

on

the

Statement

of

Assets

and

Liabilities.

5.

Derivative

Investments

Each

Fund

is

authorized

to

invest

in

certain

derivative

instruments.

As

defined

by

U.S.

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variables.

Investments

in

derivatives

as

of

the

end

of

and/or

during

the

current

fiscal

period,

if

any,

are

included

within

the

Statement

of

Assets

and

Liabilities

and

the

Statement

of

Operations,

respectively.

Although

the

Funds

are

authorized

to

invest

in

derivative

instruments,

and

may

do

so

in

the

future,

they

did

not

make

any

such

investments

during

the

current

fiscal

period.

Market

and

Counterparty

Credit

Risk:

In

the

normal

course

of

business

each

Fund

may

invest

in

financial

instruments

and

enter

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk)

or

failure

of

the

other

party

to

the

transaction

to

perform

(counterparty

credit

risk).

The

potential

loss

could

exceed

the

value

of

the

financial

assets

recorded

on

the

financial

statements.

Financial

assets,

which

potentially

expose

each

Fund

to

counterparty

credit

risk,

consist

principally

of

cash

due

from

counterparties

on

forward,

option

and

swap

transactions,

when

applicable.

The

extent

of

each

Fund’s

exposure

to

counterparty

credit

risk

in

respect

to

these

financial

assets

approximates

their

carrying

value

as

recorded

on

the

Statement

of

Assets

and

Liabilities.

Each

Fund

helps

manage

counterparty

credit

risk

by

entering

into

agreements

only

with

counterparties

the

Adviser

believes

have

the

financial

resources

to

honor

their

obligations

and

by

having

the

Adviser

monitor

the

financial

stability

of

the

counterparties.

Additionally,

counterparties

may

be

required

to

pledge

collateral

daily

(based

on

the

daily

valuation

of

the

financial

asset)

on

behalf

of

each

Fund

with

a

value

approximately

equal

to

the

amount

of

any

unrealized

gain

above

a

pre-determined

threshold.

Reciprocally,

when

each

Fund

has

an

unrealized

loss,

the

Funds

have

instructed

the

custodian

to

pledge

assets

of

the

Funds

as

collateral

with

a

value

approximately

equal

to

the

amount

of

the

unrealized

loss

above

a

pre-determined

threshold.

Collateral

pledges

are

monitored

and

subsequently

adjusted

if

and

when

the

valuations

fluctuate,

either

up

or

down,

by

at

least

the

pre-determined

threshold

amount.

Fund

Asset

Class

out

on

Loan

Long-Term

Investments,

at

Value

Total

Collateral

Received

Small

Cap

Select

Exchange-Traded

Funds

$1,123,062

$1,132,286

Small

Cap

Value

Common

Stock

$225,856

$212,738

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

Dividend

Value

$

2,534,143,895

$

2,981,727,863

Large

Cap

Select

31,297,788

33,388,761

Mid

Cap

Growth

Opportunities

143,161,004

210,459,838

Mid

Cap

Value

125,293,701

164,790,835

Small

Cap

Growth

Opportunities

133,009,118

119,407,345

Small

Cap

Select

44,530,709

56,442,220

Small

Cap

Value

159,680,324

205,346,901

91

6.

Fund

Shares

Transactions

in Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Year

Ended

10/31/23

Year

Ended

10/31/22

Dividend

Value

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

958,829

$12,850,821

1,677,886

$24,407,093

Class

A

-

automatic

conversion

of

Class

C

927

13,056

1,426

20,987

Class

C

91,260

1,224,573

125,518

1,770,067

Class

R6

20,360,222

278,077,698

21,388,133

305,486,916

Class

I

1,070,481

14,672,865

1,142,225

16,971,303

Total

subscriptions

22,481,719

306,839,013

24,335,188

348,656,366

Reinvestments

of

distributions:

Class

A

2,304,003

30,788,061

2,381,492

35,373,973

Class

C

71,768

937,614

86,804

1,266,479

Class

R6

15,931,719

218,264,142

17,832,052

271,006,221

Class

I

2,074,336

28,163,186

2,480,518

37,426,091

Total

reinvestments

of

distributions

20,381,826

278,153,003

22,780,866

345,072,764

Redemptions:

Class

A

(4,025,433)

(53,972,692)

(3,622,494)

(51,905,145)

Class

C

(350,399)

(4,571,507)

(393,109)

(5,616,281)

Class

C

-

automatic

conversion

to

Class

A

(948)

(13,056)

(1,459)

(20,987)

Class

R6

(48,296,697)

(678,350,211)

(48,095,477)

(723,213,381)

Class

I

(6,151,658)

(83,834,646)

(8,574,049)

(127,344,822)

Total

redemptions

(58,825,135)

(820,742,112)

(60,686,588)

(908,100,616)

Net

increase

(decrease)

(15,961,590)

$(235,750,096)

(13,570,534)

$(214,371,486)

Year

Ended

10/31/23

Year

Ended

10/31/22

Large

Cap

Select

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

50,816

$1,645,845

49,150

$1,619,287

Class

A

-

automatic

conversion

of

Class

C

37

1,130

197

6,536

Class

C

4,853

141,642

20,385

694,985

Class

I

173,605

5,931,106

22,471

776,507

Total

subscriptions

229,311

7,719,723

92,203

3,097,315

Reinvestments

of

distributions:

Class

A

45,851

1,348,903

149,832

5,603,128

Class

C

2,958

77,615

12,082

405,648

Class

I

12,307

366,681

56,363

2,132,555

Total

reinvestments

of

distributions

61,116

1,793,199

218,277

8,141,331

Redemptions:

Class

A

(65,450)

(2,025,266)

(156,938)

(5,322,325)

Class

C

(13,301)

(368,098)

(27,354)

(827,900)

Class

C

-

automatic

conversion

to

Class

A

(41)

(1,130)

(220)

(6,536)

Class

I

(229,938)

(7,487,217)

(174,384)

(5,898,513)

Total

redemptions

(308,730)

(9,881,711)

(358,896)

(12,055,274)

Net

increase

(decrease)

(18,303)

$(368,789)

(48,416)

$(816,628)

92

Notes

to

Financial

Statements

(continued)

Year

Ended

10/31/23

Year

Ended

10/31/22

Mid

Cap

Growth

Opportunities

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

195,160

$4,063,105

418,152

$9,664,057

Class

A

-

automatic

conversion

of

Class

C

—

—

136,751

2,854,115

Class

C

(1)

—

—

55,894

755,281

Class

R6

11,473

372,528

86,190

3,276,982

Class

I

179,915

5,743,791

347,618

12,590,061

Total

subscriptions

386,548

10,179,424

1,044,605

29,140,496

Reinvestments

of

distributions:

Class

A

—

—

2,194,153

59,834,565

Class

C

(1)

—

—

285,143

2,457,931

Class

R6

—

—

127,557

5,449,259

Class

I

—

—

596,532

24,857,502

Total

reinvestments

of

distributions

—

—

3,203,385

92,599,257

Redemptions:

Class

A

(1,212,892)

(24,953,686)

(1,451,373)

(34,008,243)

Class

C

(1)

—

—

(126,013)

(970,955)

Class

C

-

automatic

conversion

to

Class

A

—

—

(434,837)

(2,854,115)

Class

R6

(613,029)

(19,744,173)

(71,412)

(2,802,730)

Class

I

(1,143,803)

(34,883,309)

(1,395,784)

(47,709,683)

Total

redemptions

(2,969,724)

(79,581,168)

(3,479,419)

(88,345,726)

Net

increase

(decrease)

(2,583,176)

$(69,401,744)

768,571

$33,394,027

(1)

Class

C

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

August

19,

2022

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Year

Ended

10/31/23

Year

Ended

10/31/22

Mid

Cap

Value

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

136,449

$6,697,528

190,479

$10,130,081

Class

A

-

automatic

conversion

of

Class

C

—

—

6

336

Class

C

7,693

350,832

17,439

868,030

Class

R6

214,471

10,592,675

414,141

21,010,312

Class

I

1,497,161

73,255,279

3,323,755

174,628,550

Total

subscriptions

1,855,774

90,896,314

3,945,820

206,637,309

Reinvestments

of

distributions:

Class

A

76,911

3,666,455

67,987

3,692,139

Class

C

6,781

299,981

6,608

334,190

Class

R6

42,594

2,048,372

24,810

1,358,844

Class

I

442,983

21,235,855

262,023

14,302,538

Total

reinvestments

of

distributions

569,269

27,250,663

361,428

19,687,711

Redemptions:

Class

A

(230,963)

(11,273,527)

(286,628)

(15,261,090)

Class

C

(29,754)

(1,345,462)

(18,610)

(911,546)

Class

C

-

automatic

conversion

to

Class

A

—

—

(7)

(336)

Class

R6

(230,097)

(11,312,860)

(261,347)

(13,294,251)

Class

I

(2,552,713)

(126,127,396)

(1,531,332)

(80,864,493)

Total

redemptions

(3,043,527)

(150,059,245)

(2,097,924)

(110,331,716)

Net

increase

(decrease)

(618,484)

$(31,912,268)

2,209,324

$115,993,304

93

Year

Ended

10/31/23

Year

Ended

10/31/22

Small

Cap

Growth

Opportunities

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

233,760

$4,786,149

201,812

$4,617,821

Class

A

-

automatic

conversion

of

Class

C

—

—

61,822

1,289,612

Class

C

(1)

—

—

15,482

228,492

Class

R6

27,533

759,281

22,736

666,519

Class

I

1,629,330

44,128,247

1,340,651

43,036,422

Total

subscriptions

1,890,623

49,673,677

1,642,503

49,838,866

Reinvestments

of

distributions:

Class

A

—

—

413,405

10,880,846

Class

C

(1)

—

—

39,478

609,145

Class

R6

—

—

2,725

95,210

Class

I

—

—

1,278,486

44,120,550

Total

reinvestments

of

distributions

—

—

1,734,094

55,705,751

Redemptions:

Class

A

(385,617)

(7,875,629)

(348,346)

(8,049,911)

Class

C

(1)

—

—

(45,651)

(626,794)

Class

C

-

automatic

conversion

to

Class

A

—

—

(106,053)

(1,289,612)

Class

R6

(17,517)

(473,143)

(14,810)

(423,452)

Class

I

(1,015,300)

(27,313,628)

(4,649,351)

(137,508,136)

Total

redemptions

(1,418,434)

(35,662,400)

(5,164,211)

(147,897,905)

Net

increase

(decrease)

472,189

$14,011,277

(1,787,614)

$(42,353,288)

(1)

Class

C

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

August

19,

2022

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

Year

Ended

10/31/23

Year

Ended

10/31/22

Small

Cap

Select

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

268,337

$2,224,307

476,502

$4,346,382

Class

A

-

automatic

conversion

of

Class

C

—

—

108,534

923,644

Class

C

(1)

—

—

23,215

116,814

Class

R6

198,656

2,312,765

133,545

1,622,172

Class

I

938,569

11,023,188

1,645,333

22,436,680

Total

subscriptions

1,405,562

15,560,260

2,387,129

29,445,692

Reinvestments

of

distributions:

Class

A

9,202

73,153

1,256,268

12,110,428

Class

C

(1)

—

—

96,077

404,482

Class

R6

1,387

15,877

22,439

311,451

Class

I

15,778

180,021

645,341

8,931,520

Total

reinvestments

of

distributions

26,367

269,051

2,020,125

21,757,881

Redemptions:

Class

A

(1,049,135)

(8,657,561)

(1,491,425)

(13,298,199)

Class

C

(1)

—

—

(74,347)

(290,632)

Class

C

-

automatic

conversion

to

Class

A

—

—

(249,625)

(923,644)

Class

R6

(93,050)

(1,124,865)

(62,042)

(796,004)

Class

I

(1,460,295)

(17,368,283)

(2,363,873)

(29,639,592)

Total

redemptions

(2,602,480)

(27,150,709)

(4,241,312)

(44,948,071)

Net

increase

(decrease)

(1,170,551)

$(11,321,398)

165,942

$6,255,502

(1)

Class

C

Shares

were

converted

to

Class

A

Shares

at

the

close

of

business

on

August

19,

2022

and

are

no

longer

available

for

reinvestment

or

through

an

exchange

from

other

Nuveen

mutual

funds.

94

Notes

to

Financial

Statements

(continued)

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

foreign

currency

transactions,

net

operating

losses,

return

of

capital

and

long-term

capital

gain

distributions

received

from

portfolio

investments,

tax

equalization,

and

taxes

paid.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

As

of

year

end,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

Year

Ended

10/31/23

Year

Ended

10/31/22

Small

Cap

Value

Shares

Amount

Shares

Amount

Subscriptions:

Class

A

389,417

$9,966,704

695,459

$19,217,263

Class

A

-

automatic

conversion

of

Class

C

—

—

17

439

Class

C

22,666

488,418

42,722

976,016

Class

R6

947,416

25,458,819

1,270,494

36,527,584

Class

I

1,735,689

46,946,264

1,661,816

47,079,914

Total

subscriptions

3,095,188

82,860,205

3,670,508

103,801,216

Reinvestments

of

distributions:

Class

A

33,205

837,773

20,733

601,678

Class

C

1,539

32,398

5,539

134,101

Class

R6

60,916

1,602,085

25,680

777,085

Class

I

96,978

2,537,917

52,826

1,590,049

Total

reinvestments

of

distributions

192,638

5,010,173

104,778

3,102,913

Redemptions:

Class

A

(1,037,455)

(26,511,687)

(1,334,347)

(36,491,824)

Class

C

(268,194)

(5,704,949)

(269,603)

(6,094,990)

Class

C

-

automatic

conversion

to

Class

A

—

—

(21)

(439)

Class

R6

(1,200,166)

(32,170,084)

(1,999,133)

(57,203,057)

Class

I

(2,811,703)

(74,815,903)

(4,850,255)

(136,004,954)

Total

redemptions

(5,317,518)

(139,202,623)

(8,453,359)

(235,795,264)

Net

increase

(decrease)

(2,029,692)

$(51,332,245)

(4,678,073)

$(128,891,135)

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Dividend

Value

$

2,725,967,160

$

321,408,400

$

(208,712,843)

$

112,695,557

Large

Cap

Select

29,813,692

6,557,735

(1,271,078)

5,286,657

Mid

Cap

Growth

Opportunities

167,957,784

22,816,404

(21,643,926)

1,172,478

Mid

Cap

Value

359,471,931

72,107,918

(19,191,158)

52,916,760

Small

Cap

Growth

Opportunities

175,844,041

24,743,514

(23,469,125)

1,274,389

Small

Cap

Select

92,954,318

16,723,069

(9,009,868)

7,713,201

Small

Cap

Value

434,441,880

78,491,640

(66,143,228)

12,348,412

95

The

tax

character

of

distributions

paid

was

as

follows:

As

of

year

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

As

of

year

end,

the

Funds

utilized

the

following

capital

loss

carryforwards:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

Each

Fund’s

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

Dividend

Value

$

696,870

$

106,254,144

$

112,695,557

$

(11,282,698)

$

—

$

(318,275)

$

208,045,598

Large

Cap

Select

181,171

669,855

5,286,657

—

—

—

6,137,683

Mid

Cap

Growth

Opportunities

—

—

1,172,478

(27,852,213)

(730,868)

(78,203)

(27,488,806)

Mid

Cap

Value

4,881,793

9,551,570

52,916,760

—

—

(20,413)

67,329,710

Small

Cap

Growth

Opportunities

—

—

1,274,389

(23,905,996)

(574,252)

—

(23,205,859)

Small

Cap

Select

—

—

7,713,201

(4,253,941)

—

(22,934)

3,436,326

Small

Cap

Value

2,422,603

—

12,348,372

(200,017,151)

—

(56,816)

(185,302,992)

10/31/23

10/31/22

Fund

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Ordinary

Income

Long-Term

Capital

Gains

Return

of

Capital

Dividend

Value

$

66,465,398

$

215,417,701

$

—

$

189,579,315

$

161,751,346

$

—

Large

Cap

Select

252,889

1,838,697

—

4,404,547

5,257,258

—

Mid

Cap

Growth

Opportunities

—

—

—

39,117,119

58,057,332

—

Mid

Cap

Value

6,024,358

22,475,338

—

2,619,085

18,334,038

—

Small

Cap

Growth

Opportunities

—

—

—

19,745,195

38,113,447

—

Small

Cap

Select

26,815

—

248,366

11,146,857

11,016,447

—

Small

Cap

Value

6,038,364

—

—

3,787,789

—

—

Fund

Short-Term

Long-Term

Total

Dividend

Value

1

$

11,282,698

$

—

$

11,282,698

Large

Cap

Select

—

—

—

Mid

Cap

Growth

Opportunities

27,852,213

—

27,852,213

Mid

Cap

Value

—

—

—

Small

Cap

Growth

Opportunities

23,905,996

—

23,905,996

Small

Cap

Select

3,019,693

1,234,248

4,253,941

Small

Cap

Value

87,308,235

112,708,916

200,017,151

1

A

portion

of

Dividend

Value's

capital

loss

carryforwards

are

subject

to

an

annual

limitation

under

the

Internal

Revenue

Code

and

related

regulations.

Fund

Utilized

Dividend

Value

$

2,642,068

Large

Cap

Select

—

Mid

Cap

Growth

Opportunities

7,181,079

Mid

Cap

Value

—

Small

Cap

Growth

Opportunities

3,015,798

Small

Cap

Select

—

Small

Cap

Value

11,679,608

96

Notes

to

Financial

Statements

(continued)

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

each

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

determined

by

taking

the

complex-level

free

rate,

which

is

based

on

the

aggregate

amount

of

"eligible

assets"

of

all

Nuveen

funds

as

set

forth

in

the

schedule

below,

and

making,

as

appropriate,

an

upward

adjustment

to

that

rate

based

upon

the

percentage

of

the

particular

fund's

assets

that

are

not

"eligible

assets".

The

complex-level

fee

schedule

for

each

Fund

is

as

follows:

*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen

open-end

and

closed-end

funds.

Eligible

assets

do

not

include

assets

attributable

to

investments

in

other

Nuveen

funds

or

assets

in

excess

of

a

determined

amount

(originally

$2

billion)

added

to

the

Nuveen

fund

complex

in

connection

with

the

Adviser’s

assumption

of

the

management

of

the

former

First

American

Funds

effective

January

1,

2011,

but

do

include

certain

assets

of

certain

Nuveen

funds

that

were

reorganized

into

funds

advised

by

an

affiliate

of

the

Adviser

during

the

2019

calendar

year.

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

certain

types

of

leverage.

For

these

purposes,

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances.

As

of

October

31,

2023,

the

complex-level

fee

rate

for

each

Fund

was

as

follows:

Average

Daily

Net

Assets

Dividend

Value

Large

Cap

Select

Mid

Cap

Growth

Opportunities

Mid

Cap

Value

Small

Cap

Growth

Opportunities

Small

Cap

Select

Small

Cap

Value

For

the

first

$125

million

0.5000

%

0.5000

%

0.6000

%

0.6000

%

0.6500

%

0.6500

%

0.6500

%

For

the

next

$125

million

0.4875

0.4875

0.5875

0.5875

0.6375

0.6375

0.6375

For

the

next

$250

million

0.4750

0.4750

0.5750

0.5750

0.6250

0.6250

0.6250

For

the

next

$500

million

0.4625

0.4625

0.5625

0.5625

0.6125

0.6125

0.6125

For

the

next

$1

billion

0.4500

0.4500

0.5500

0.5500

0.6000

0.6000

0.6000

For

the

next

$3

billion

0.4250

0.4250

0.5250

0.5250

0.5750

0.5750

0.5750

For

the

next

$2.5

billion

0.4000

0.4000

0.5000

0.5000

0.5500

0.5500

0.5500

For

the

next

$2.5

billion

0.3875

0.3875

0.4875

0.4875

0.5375

0.5375

0.5375

For

net

assets

over

$10

billion

0.3750

0.3750

0.4750

0.4750

0.5250

0.5250

0.5250

Complex-Level

Eligible

Asset

Breakpoint

Level*

Effective

Complex-Level

Fee

Rate

at

Breakpoint

Level

$55

billion

0.2000

%

$56

billion

0.1996

$57

billion

0.1989

$60

billion

0.1961

$63

billion

0.1931

$66

billion

0.1900

$71

billion

0.1851

$76

billion

0.1806

$80

billion

0.1773

$91

billion

0.1691

$125

billion

0.1599

$200

billion

0.1505

$250

billion

0.1469

$300

billion

0.1445

Fund

Complex-Level

Fee

Dividend

Value

0

.1765%

Large

Cap

Select

0

.2000%

Mid

Cap

Growth

Opportunities

0

.2000%

Mid

Cap

Value

0

.1901%

Small

Cap

Growth

Opportunities

0

.1889%

Small

Cap

Select

0

.2000%

Small

Cap

Value

0

.1702%

97

The

Adviser

has

agreed

to

waive

fees

and/or

reimburse

expenses

(“Expense

Cap”)

of

the

Funds

so

that

the

total

annual

Fund

operating

expenses

(excluding

12b-1

distribution

and/or

service

fees,

interest

expenses,

taxes,

acquired

fund

fees

and

expenses,

fees

incurred

in

acquiring

and

disposing

of

portfolio

securities

and

extraordinary

expenses)

do

not

exceed

the

average

daily

net

assets

of

any

class

of

Fund

shares

in

the

amounts

and

for

the

time

period

stated

in

the

following

table.

However,

because

Class

R6

Shares

are

not

subject

to

sub-transfer

agent

and

similar

fees,

the

total

annual

fund

operating

expenses

for

the

Class

R6

Shares

will

not

be

less

than

the

expense

limitation.

The

expense

limitation

expiring

July

31,

2025,

may

be

terminated

or

modified

prior

to

that

date

only

with

the

approval

of

the

Board.

Distribution

and

Service

Fees:

 Each

Fund

has

adopted

a

distribution

and

service

plan

under

rule

12b-1

under

the

1940

Act.

Class

A

Shares

incur

a

0.25%

annual

12b-1

service

fee.

Class

C

Shares

incur

a

0.75%

annual

12b-1

distribution

fee

and

a

0.25%

annual

12b-1

service

fee.

Class

R6

Shares

and

Class

I

Shares

are

not

subject

to

12b-1

distribution

or

service

fees.

The

fees

under

this

plan

compensate

Nuveen

Securities,

LLC,

(the

“Distributor”),

a

wholly-owned

subsidiary

of

Nuveen,

for

services

provided

and

expenses

incurred

in

distributing

shares

of

the

Funds

and

establishing

and

maintaining

shareholder

accounts.

Other

Transactions

with

Affiliates:

The

Funds

receive

voluntary

compensation

from

the

Adviser

in

amounts

that

approximate

the

cost

of

research

services

obtained

from

broker-dealers

and

research

providers

if

the

Adviser

had

purchased

the

research

services

directly.

This

income

received

by

the

Funds

is

recognized

in

"Other

income"

on

the

Statement

of

Operations

and

any

amounts

due

to

the Funds

at

the

end

of

the

reporting

period

is

recognized

in

"Reimbursement

from

Adviser"

on

the

Statement

of

Assets

and Liabilities.  During

the

current

fiscal

period,

the

values

of

voluntary

compensation

were

as

follows:

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

(“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows:

During

the

current

fiscal

period,

the

Distributor,

collected

sales

charges

on

purchases

of

Class

A

Shares,

the

majority

of

which

were

paid

out

as

concessions

to

financial

intermediaries

as

follows:

Fund

Expense

Cap

Expense

Cap

Expiration

Date

Dividend

Value

0.74%

July

31,

2025

Large

Cap

Select

0.80

July

31,

2025

Mid

Cap

Growth

Opportunities

0.92

July

31,

2025

Mid

Cap

Value

0.92

July

31,

2025

Small

Cap

Growth

Opportunities

0.99

July

31,

2025

Small

Cap

Select

0.99

July

31,

2025

Small

Cap

Value

0.99

July

31,

2025

Fund

Amount

Dividend

Value

$

1,521,050

Large

Cap

Select

16,645

Mid

Cap

Growth

Opportunities

120,708

Mid

Cap

Value

139,940

Small

Cap

Growth

Opportunities

92,672

Small

Cap

Select

87,363

Small

Cap

Value

273,436

Fund

Purchases

Sales

Realized

Gain

(Loss)

Dividend

Value

$

219,064

$

53,466,163

$

(51,864)

Large

Cap

Select

3,856

71,474

15,552

Mid

Cap

Growth

Opportunities

59,059

250,973

188,625

Mid

Cap

Value

—

—

—

Small

Cap

Growth

Opportunities

—

—

—

Small

Cap

Select

195,898

—

—

Small

Cap

Value

—

1,931,548

428,587

98

Notes

to

Financial

Statements

(continued)

The

Distributor

also

received

12b-1

service

fees

on

Class

A

Shares,

substantially

all

of

which

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

During

the

current

fiscal

period,

the

Distributor

compensated

financial

intermediaries

directly

with

commission

advances

at

the

time

of

purchase

as

follows:

To

compensate

for

commissions

advanced

to

financial

intermediaries,

all

12b-1

service

and

distribution

fees

collected

on

Class

C

Shares

during

the

first

year

following

a

purchase

are

retained

by

the

Distributor.

During

the

current

fiscal

period,

the

Distributor

retained

such

12b-1

fees

as

follows:

The

remaining

12b-1

fees

charged

to

each

Fund

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

The

Distributor

also

collected

and

retained

CDSC

on

share

redemptions

during

the

current

fiscal

period,

as

follows: 

Fund

Sales

Charges

Collected

(Unaudited)

Paid

to

Financial

Intermediaries

(Unaudited)

Dividend

Value

$

60,853

$

54,267

Large

Cap

Select

11,712

10,590

Mid

Cap

Growth

Opportunities

19,975

17,513

Mid

Cap

Value

42,798

37,482

Small

Cap

Growth

Opportunities

23,297

20,684

Small

Cap

Select

8,947

7,986

Small

Cap

Value

15,595

13,776

Fund

Commission

Advances

(Unaudited)

Dividend

Value

$

7,573

Large

Cap

Select

1,818

Mid

Cap

Growth

Opportunities

11

Mid

Cap

Value

2,304

Small

Cap

Growth

Opportunities

1,100

Small

Cap

Select

853

Small

Cap

Value

5,188

Fund

12b-1

Fees

Retained

(Unaudited)

Dividend

Value

$

4,033

Large

Cap

Select

770

Mid

Cap

Growth

Opportunities

—

Mid

Cap

Value

—

Small

Cap

Growth

Opportunities

—

Small

Cap

Select

—

Small

Cap

Value

14,001

99

Affiliate

Owned

Shares:

As

of

the

end

of

the

reporting

period,

the

percentage

of

Fund

shares

owned

by

TIAA

and/or

TIAA

affiliates

are

as

follows:

9.

Borrowing

Arrangements

Committed

Line

of

Credit:

The

Funds,

along

with

certain

other

funds

managed

by

the

Adviser

(“Participating

Funds”),

have

established

a

364-day,

$2.700

billion

standby

credit

facility

with

a

group

of

lenders,

under

which

the

Participating

Funds

may

borrow

for

temporary

purposes

(other

than

on-

going

leveraging

for

investment

purposes).

Each

Participating

Fund

is

allocated

a

designated

proportion

of

the

facility’s

capacity

(and

its

associated

costs,

as

described

below)

based

upon

a

multi-factor

assessment

of

the

likelihood

and

frequency

of

its

need

to

draw

on

the

facility,

the

size

of

the

Fund

and

its

anticipated

draws,

and

the

potential

importance

of

such

draws

to

the

operations

and

well-being

of

the

Fund,

relative

to

those

of

the

other

Funds.

A

Fund

may

effect

draws

on

the

facility

in

excess

of

its

designated

capacity

if

and

to

the

extent

that

other

Participating

Funds

have

undrawn

capacity.

The

current

credit

facility

was

entered

into

on

June

21,

2023

expiring

on

June

19,

2024,

replacing

the

previous

facility,

which

expired

in June

2023.

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed.

The

Participating

Funds

also

incurred

a

0.05%

upfront

fee

on

the

increased

commitments

from

select

lenders.

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

Fund

CDSC

Retained

(Unaudited)

Dividend

Value

$

3,631

Large

Cap

Select

393

Mid

Cap

Growth

Opportunities

—

Mid

Cap

Value

338

Small

Cap

Growth

Opportunities

—

Small

Cap

Select

—

Small

Cap

Value

14

Dividend

Value

TIAA-CREF

Lifecycle

Retirement

Income

Fund

—%*

TIAA-CREF

Lifecycle

2010

Fund

1

TIAA-CREF

Lifecycle

2015

Fund

1

TIAA-CREF

Lifecycle

2020

Fund

3

TIAA-CREF

Lifecycle

2025

Fund

6

TIAA-CREF

Lifecycle

2030

Fund

8

TIAA-CREF

Lifecycle

2035

Fund

10

TIAA-CREF

Lifecycle

2040

Fund

14

TIAA-CREF

Lifecycle

2045

Fund

11

TIAA-CREF

Lifecycle

2050

Fund

9

TIAA-CREF

Lifecycle

2055

Fund

4

TIAA-CREF

Lifecycle

2060

Fund

2

TIAA-CREF

Lifecycle

2065

Fund

—*

TIAA-CREF

Lifestyle

Aggressive

Growth

Fund

1

TIAA-CREF

Lifestyle

Conservative

Fund

—*

TIAA-CREF

Lifestyle

Growth

Fund

1

TIAA-CREF

Lifestyle

Income

Fund

—*

TIAA-CREF

Lifestyle

Moderate

Fund

1

TIAA-CREF

Managed

Allocation

Fund

2

*

Rounds

to

less

than

1%

100

Notes

to

Financial

Statements

(continued)

During

each

Fund’s

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

interest

rate

on

the

Borrowings

were

as

follows:

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities.

Fund

Maximum

Outstanding

Balance

Dividend

Value

$

—

Large

Cap

Select

270,835

Mid

Cap

Growth

Opportunities

—

Mid

Cap

Value

—

Small

Cap

Growth

Opportunities

—

Small

Cap

Select

—

Small

Cap

Value

—

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

Dividend

Value

—

$

—

—

%

Large

Cap

Select

4

270,835

5.53

Mid

Cap

Growth

Opportunities

—

—

—

Mid

Cap

Value

—

—

—

Small

Cap

Growth

Opportunities

—

—

—

Small

Cap

Select

—

—

—

Small

Cap

Value

—

—

—

101

Important

Tax

Information

(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from

net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Dividends

Received

Deduction

(DRD)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

eligible

for

the

dividends

received

deduction

for

corporate

shareholders:

Qualified

Dividend

Income

(QDI)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified

dividend

income

for

individuals

pursuant

to

Section

1(h)(11)

of

the

Internal

Revenue

Code:

Qualified

Interest

Income

(QII)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

income

distributions

treated

as

qualified interest

income

and/or short-term

capital

gain

dividends pursuant

to

Section

871(k)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

Dividend

Value

$

225,303,794

Large

Cap

Select

1,922,054

Mid

Cap

Growth

Opportunities

—

Mid

Cap

Value

25,079,637

Small

Cap

Growth

Opportunities

—

Small

Cap

Select

—

Small

Cap

Value

—

Fund

Percentage

Dividend

Value

100

.0

%

Large

Cap

Select

100

.0

Mid

Cap

Growth

Opportunities

–

Mid

Cap

Value

100

.0

Small

Cap

Growth

Opportunities

–

Small

Cap

Select

100

.0

Small

Cap

Value

100

.0

Fund

Percentage

Dividend

Value

100

.0

%

Large

Cap

Select

100

.0

Mid

Cap

Growth

Opportunities

–

Mid

Cap

Value

100

.0

Small

Cap

Growth

Opportunities

–

Small

Cap

Select

100

.0

Small

Cap

Value

100

.0

102

Important

Tax

Information

(Unaudited)

(continued)

163(j)

Each

Fund

listed

below

had

the

following

percentage,

or

maximum

amount

allowable,

of

ordinary

dividends

treated

as

Section

163(j)

interest

dividends

pursuant

to

Section

163(j)

of

the

Internal

Revenue

Code:

Fund

Prior

Year

End

to

12/31

Percentage

1/1

to

Current

Year

End

Percentage

Dividend

Value

0.3

%

0.8

%

Large

Cap

Select

0.1

—

Mid

Cap

Growth

Opportunities

—

—

Mid

Cap

Value

0.3

—

Small

Cap

Growth

Opportunities

—

—

Small

Cap

Select

0.2

—

Small

Cap

Value

0.2

—

Fund

Percentage

Dividend

Value

0.1

%

Large

Cap

Select

–

Mid

Cap

Growth

Opportunities

–

Mid

Cap

Value

0.2

Small

Cap

Growth

Opportunities

–

Small

Cap

Select

–

Small

Cap

Value

0.1

103

Additional

Fund

Information

(Unaudited)

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Sub-Adviser

Nuveen

Asset

Management,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Independent

Registered

Public

Accounting

Firm

PricewaterhouseCoopers

LLP

One

North

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

Transfer

Agent

and

Shareholder

Services

SS&C

Global

Investor

&

Distribution

Solutions,

Inc.

(SS&C

GIDS)

P.O.

Box

219140

Kansas

City,

MO

64121-9140

(800)

257-8787

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

104

Glossary

of

Terms

Used

in

this

Report

(Unaudited)

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Gross

Domestic

Pr

oduct

(GDP):

The

total

market

value

of

all

final

goods

and

services

produced

in

a

country/region

in

a

given

year,

equal

to

total

consumer,

investment

and

government

spending,

plus

the

value

of

exports,

minus

the

value

of

imports.

Market

Capitalization:

The

market

capitalization

of

a

company

is

equal

to

the

number

of

the

company’s

common

shares

outstanding

multiplied

by

the

current

price

of

the

company’s

stock.

Net

Asset

Value

(NAV)

Per

Share:

A

fund’s

Net

Assets

is

equal

to

its

total

assets

(securities,

cash

and

accrued

earnings)

less

its

total

liabilities.

For

funds

with

multiple

classes,

Net

Assets

are

determined

separately

for

each

share

class.

NAV

per

share

is

equal

to

the

fund’s

(or

share

class’)

Net

Assets

divided

by

its

number

of

shares

outstanding.

Tax

Equalization

:

The

practice

of

treating

a

portion

of

the

distribution

made

to

a

redeeming

shareholder,

which

represents

their

proportionate

part

of

undistributed

net

investment

income

and

capital

gain

as

a

distribution

for

tax

purposes.

Such

amounts

are

referred

to

as

the

equalization

debits

(or

payments)

and

will

be

considered

a

distribution

to

the

shareholder

of

net

investment

income

and

capital

gain

for

calculation

of

the

fund’s

dividends

paid

deduction.

Liquidity

Risk

Management

Program

(Unaudited)

105

Discussion

of

the

operation

and

effectiveness

of

the

Funds’

liquidity

risk

management

program

In

compliance

with

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”),

each

Fund

covered

in

this

Report

the

“Funds”)

has

adopted

and

implemented

a

liquidity

risk

management

program

(the

“Program”),

which

is

designed

to

manage

the

Fund’s

liquidity

risk.

The

Program

consists

of

various

protocols

for

assessing

and

managing

each

Fund’s

liquidity

risk.

The

Funds’

Board

of

Directors

(the

“Board”)

previously

designated

Nuveen

Fund

Advisors,

LLC,

the

Funds’

investment

adviser,

as

the

Administrator

of

the

Program.

The

adviser’s

Liquidity

Monitoring

and

Analysis

Team

(“LMAT”)

carries

out

day-to-day

Program

management

with

oversight

by

the

adviser’s

Liquidity

Oversight

Sub-

Committee

(the

“LOSC”).

The

LOSC

is

composed

of

personnel

from

the

adviser

and

Teachers

Advisors,

LLC,

an

affiliate

of

the

adviser.

At

a

May

23-25,

2023

meeting

of

the

Board,

the

Administrator

provided

the

Board

with

a

written

report

addressing

the

Program’s

operation,

adequacy

and

effectiveness

of

implementation

for

calendar

year

2022

(the

“Review

Period”),

as

required

under

the

Liquidity

Rule.

The

report

noted

that

the

Program

has

been

and

continues

to

be

adequately

and

effectively

implemented

to

monitor

and

(as

applicable)

respond

to

each

Fund’s

liquidity

developments.

In

accordance

with

the

Program,

the

LMAT

assesses

each

Fund’s

liquidity

risk

no

less

frequently

than

annually

based

on

various

factors,

such

as

(1)

the

Fund’s

investment

strategy

and

the

liquidity

of

portfolio

investments,

(ii)

cash

flow

projections,

and

(ii)

holdings

of

cash

and

cash

equivalents,

borrowing

arrangements,

and

other

funding

sources.

Certain

factors

are

considered

under

both

normal

and

reasonably

foreseeable

stressed

conditions.

Each

Fund

portfolio

investment

is

classified

into

one

of

four

liquidity

categories

(including

the

most

liquid,

“Highly

Liquid”,

and

the

least

liquid,

“liquid”,

discussed

below),

The

classification

is

based

on

a

determination

of

how

long

it

is

reasonably

expected

to

take

to

convert

the

investment

into

cash,

or

sell

or

dispose

of

the

investment,

in

current

market

conditions

without

significantly

changing

the

market

value

of

the

investment

Liquidity

classification

determinations

take

into

account

various

market,

trading,

and

investment-specific

considerations,

as

well

as

market

depth,

and

use

third-

party

vendor

data.

Any

Fund

that

does

not

primarily

hold

highly

liquid

investments

must,

among

other

things,

determine

a

minimum

percentage

of

Fund

assets

that

must

be

invested

in

highly

liquid

investments

(a

“Highly

Liquid

Investment

Minimum”).

During

the

Review

Period,

each

Fund

primarily

held

Highly

Liquid

investments

and

therefore

was

exempt

from

the

requirement

to

adopt

a

Highly

Liquid

Investment

Minimum

and

to

comply

with

the

related

requirements

under

the

Liquidity

Rule.

The

Liquidity

Rule

also

limits

a

Fund’s

investments

in

Illiquid

investments.

Specifically,

the

Liquidity

Rule

prohibits

a

Fund

from

acquiring

Illiquid

investments

if

doing

so

would

result

in

the

Fund

holding

more

than

15%

of

its

net

assets

in

illiquid

investments,

and

requires

certain

reporting

to

the

Fund

Board

and

the

Securities

and

Exchange

Commission

any

time

a

Fund’s

holdings

of

Illiquid

investments

exceeds

15%

of

net

assets.

During

the

Review

Period,

no

Fund

exceeded

the

15%

limit

on

Illiquid

investments.

106

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

At

a

meeting

held

on

May

23-25,

2023

(the

“May

Meeting”),

the

Board

of

Directors

(the

“Board”

and

each

Director,

a

“Board

Member”)

of

the

Funds,

which

is

comprised

entirely

of

Board

Members

who

are

not

“interested

persons”

(as

defined

under

the

Investment

Company

Act

of

1940

(the

“1940

Act”))

(the

“Independent

Board

Members”),

approved,

for

each

Fund,

the

renewal

of

the

management

agreement

(each,

an

“Investment

Management

Agreement”)

with

Nuveen

Fund

Advisors,

LLC

(the

“Adviser”)

pursuant

to

which

the

Adviser

serves

as

the

investment

adviser

to

such

Fund

and

the

sub-advisory

agreement

(each,

a

“Sub-Advisory

Agreement”)

with

Nuveen

Asset

Management,

LLC

(the

“Sub-Adviser”)

pursuant

to

which

the

Sub-Adviser

serves

as

the

sub-adviser

to

such

Fund

for

an

additional

one-year

term.

As

the

Board

is

comprised

of

all

Independent

Board

Members,

the

references

to

the

Board

and

the

Independent

Board

Members

are

interchangeable.

Following

up

to

an

initial

two-year

period,

the

Board

considers

the

renewal

of

each

Investment

Management

Agreement

and

Sub-Advisory

Agreement

on

behalf

of

the

applicable

Fund

on

an

annual

basis.

The

Investment

Management

Agreements

and

Sub-Advisory

Agreements

are

collectively

referred

to

as

the

“Advisory

Agreements,”

and

the

Adviser

and

the

Sub-Adviser

are

collectively,

the

“Fund

Advisers”

and

each,

a

“Fund

Adviser.”

The

Independent

Board

Members

considered

the

review

of

the

advisory

agreements

for

the

Nuveen

funds

to

be

an

ongoing

process

and

employed

the

accumulated

information,

knowledge

and

experience

the

Board

Members

had

gained

during

their

tenure

on

the

boards

governing

the

Nuveen

funds

and

working

with

the

Adviser

and

the

applicable

sub-advisers

in

their

annual

review

of

the

advisory

agreements.

Throughout

the

year,

the

Board

and

its

committees

meet

regularly

and,

at

these

meetings,

receive

regular

and/or

special

reports

that

cover

an

extensive

array

of

topics

and

information

that

are

relevant

to

the

Board’s

annual

consideration

of

the

renewal

of

the

advisory

agreements

for

the

Nuveen

funds.

Such

information

may

address,

among

other

things,

fund

performance

and

risk

information;

the

Adviser’s

strategic

plans;

product

initiatives

for

various

funds;

the

review

of

the

funds

and

investment

teams;

compliance,

regulatory

and

risk

management

matters;

the

trading

practices

of

the

various

sub-advisers

to

the

Nuveen

funds;

management

of

distributions;

valuation

of

securities;

fund

expenses;

payments

to

financial

intermediaries,

including

12b-1

fees

and

sub-transfer

agency

fees,

if

applicable;

securities

lending;

liquidity

management;

and

overall

market

and

regulatory

developments.

The

Board

also

seeks

to

meet

periodically

with

the

Nuveen

funds’

sub-advisers

and/or

portfolio

teams,

when

feasible.

The

presentations,

discussions,

and

meetings

throughout

the

year

also

provide

a

means

for

the

Board

to

evaluate

the

level,

breadth

and

quality

of

services

provided

by

the

Adviser

and

how

such

services

have

changed

over

time

in

light

of

new

or

modified

regulatory

requirements,

changes

to

market

conditions

or

other

factors.

In

connection

with

its

annual

consideration

of

the

advisory

agreements

for

the

Nuveen

funds,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

advisory

agreements

by

the

Adviser

and

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data.

The

materials

cover

a

wide

range

of

topics

including,

but

not

limited

to,

a

description

of

the

nature,

extent

and

quality

of

services

provided

by

the

Fund

Advisers;

a

review

of

product

actions

advanced

in

2022

for

the

benefit

of

particular

Nuveen

funds

and/or

the

Nuveen

fund

complex;

a

review

of

each

sub-adviser

to

the

Nuveen

funds

and/or

the

applicable

investment

team;

an

analysis

of

fund

performance

with

a

focus

on

any

Nuveen

funds

considered

performance

outliers;

an

analysis

of

the

fees

and

expense

ratios

of

the

Nuveen

funds

with

a

focus

on

any

Nuveen

funds

considered

expense

outliers;

a

review

of

management

fee

schedules;

a

review

of

temporary

and

permanent

expense

caps

and

fee

waivers

for

open-end

funds

(as

applicable)

and

related

expense

savings;

a

description

of

portfolio

manager

compensation;

a

description

of

the

profitability

or

financial

data

of

Nuveen

and

the

sub-advisers

to

the

Nuveen

funds;

and

a

description

of

indirect

benefits

received

by

the

Adviser

and

the

sub-advisers

as

a

result

of

their

relationships

with

the

Nuveen

funds.

The

information

prepared

specifically

for

the

annual

review

supplemented

the

information

provided

to

the

Board

and

its

committees

and

the

evaluations

of

the

Nuveen

funds

by

the

Board

and

its

committees

during

the

year.

The

Board’s

review

of

the

advisory

agreements

for

the

Nuveen

funds

is

based

on

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

information

prepared

specifically

with

respect

to

the

annual

review

of

such

advisory

agreements.

The

performance,

fee

and

expense

data

and

other

information

provided

by

a

Fund

Adviser,

Broadridge

or

other

service

providers

were

not

independently

verified

by

the

Independent

Board

Members.

As

part

of

its

review,

the

Board

met

on

April

11-12,

2023

(the

“April

Meeting”)

to

review

and

discuss,

in

part,

the

performance

of

the

Nuveen

funds

and

the

Adviser’s

evaluation

of

each

sub-adviser

to

the

Nuveen

funds

and/or

its

investment

teams.

At

the

April

Meeting,

the

Board

Members

asked

questions

and

requested

additional

information

that

was

provided

for

the

May

Meeting.

The

Independent

Board

Members

were

advised

by

independent

legal

counsel

during

the

annual

review

process

as

well

as

throughout

the

year,

including

meeting

in

executive

sessions

with

such

counsel

at

which

no

representatives

from

the

Adviser

or

the

Sub-Adviser

were

present.

In

connection

with

their

annual

review,

the

Independent

Board

Members

also

received

a

memorandum

from

independent

legal

counsel

outlining

their

fiduciary

duties

and

legal

standards

in

reviewing

the

Advisory

Agreements,

including

guidance

from

court

cases

evaluating

advisory

fees.

The

Board’s

decision

to

renew

the

Advisory

Agreements

was

not

based

on

a

single

identified

factor,

but

rather

the

decision

reflected

the

comprehensive

consideration

of

all

the

information

provided

to

the

Board

and

its

committees

throughout

the

year

as

well

as

the

materials

prepared

specifically

in

connection

with

the

renewal

process.

The

contractual

arrangements

are

a

result

of

multiple

years

of

review,

negotiation

and

information

provided

in

connection

with

the

Board’s

annual

review

of

the

Nuveen

funds’

advisory

arrangements

and

oversight

of

the

Nuveen

funds.

Each

Board

Member

may

have

attributed

different

levels

of

importance

to

the

various

factors

and

information

considered

in

connection

with

the

approval

process

and

may

place

different

emphasis

on

the

relevant

information

year

to

year

in

light

of,

among

other

things,

changing

market

and

economic

conditions.

A

summary

of

the

principal

factors

and

information,

but

not

all

the

factors,

the

Board

considered

in

deciding

to

renew

the

Advisory

Agreements

is

set

forth

below.

107

A.

Nature,

Extent

and

Quality

of

Services

In

evaluating

the

renewal

of

the

Advisory

Agreements,

the

Independent

Board

Members

received

and

considered

information

regarding

the

nature,

extent

and

quality

of

the

applicable

Fund

Adviser’s

services

provided

to

the

respective

Fund

with

particular

focus

on

the

services

and

enhancements

or

changes

to

such

services

provided

during

the

last

year.

The

Independent

Board

Members

considered

the

Investment

Management

Agreements

and

the

Sub-Advisory

Agreements

separately

in

the

course

of

their

review.

With

this

approach,

they

considered

the

respective

roles

of

the

Adviser

and

the

Sub-Adviser

in

providing

services

to

the

Funds.

The

Board

recognized

that

the

Adviser

provides

a

wide

array

of

management,

oversight

and

administrative

services

to

manage

and

operate

the

Nuveen

funds

and

that

the

scope

and

complexity

of

these

services,

along

with

the

undertakings

required

of

the

Adviser

in

connection

with

providing

these

services,

have

expanded

over

time

as

a

result

of,

among

other

things,

regulatory,

market

and

other

developments.

The

Board

noted

the

Adviser’s

dedication

of

resources,

time,

personnel

and

capital

and

commitment

to

continuing

to

develop

improvements

and

innovations

that

seek

to

enhance

the

Nuveen

fund

complex

and

meet

the

needs

of

the

Nuveen

funds

in

an

increasingly

complex

regulatory

environment.

The

Board

received

and

reviewed

information

regarding,

among

other

things,

the

Adviser’s

investment

oversight

responsibilities,

regulatory

and

compliance

services,

administrative

duties

and

other

services.

The

Board

considered

the

breadth

and

the

quality

of

the

services

the

Adviser

and

its

various

teams

provide

in

overseeing

the

investment

management

of

the

Nuveen

funds,

including,

among

other

things,

overseeing

and

reviewing

the

services

provided

by

the

various

sub-advisers

to

the

Nuveen

funds

and

their

investment

teams;

evaluating

fund

performance

and

market

conditions;

overseeing

operational

and

investment

risks;

evaluating

investment

strategies

and

recommending

any

changes

thereto;

managing

liquidity;

managing

the

daily

valuation

of

portfolio

securities;

overseeing

trade

execution

and

securities

lending;

and

setting

and

managing

distributions

consistent

with

the

respective

fund’s

product

design.

The

Board

also

reviewed

the

structure

of

investment

personnel

compensation

of

each

Fund

Adviser

and

considered

whether

the

structure

provides

appropriate

incentives

to

attract

and

maintain

qualified

personnel

and

to

act

in

the

best

interests

of

the

respective

Nuveen

fund.

Given

the

Nuveen

funds

operate

in

a

highly

regulated

industry,

the

Board

further

considered

the

extensive

compliance,

regulatory

and

administrative

services

the

Adviser

and

its

various

teams

provide

to

manage

and

operate

the

Nuveen

funds.

The

Board

recognized

such

services

included,

but

were

not

limited

to,

managing

compliance

policies;

monitoring

compliance

with

applicable

policies,

laws

and

regulations;

devising

internal

compliance

programs

in

seeking

to

enhance

compliance

with

regulatory

requirements

and

creating

a

framework

to

review

and

assess

compliance

programs;

overseeing

sub-adviser

compliance

testing;

preparing

compliance

training

materials;

and

responding

to

regulatory

requests.

The

Board

reviewed

highlights

of

the

various

initiatives

Nuveen

compliance

had

taken

in

2022

including,

among

other

things,

additional

due

diligence

of

service

providers

as

their

operating

environments

evolve

post-Covid

to

more

hybrid

in-person

working

arrangements;

investments

in

supporting

and

expanding

international

trading

capabilities;

continuing

efforts

to

enhance

policies

and

controls

to

address

compliance

risks

including

those

related

to

environmental,

social

and

governance

(“ESG”)

matters

and

new

regulatory

developments

or

guidance;

and

establishing

and

maintaining

compliance

policies

and

comprehensive

compliance

training

programs.

The

Board

also

considered

information

regarding

the

Adviser’s

business

continuity,

disaster

recovery

and

information

security

programs

and

the

periodic

testing

and

review

of

such

programs.

In

addition

to

the

above

functions,

the

Board

considered

the

quality

and

extent

of

other

non-advisory

services

the

Adviser

provides

including,

among

other

things,

various

fund

administration

services

(such

as

preparing,

overseeing

or

assisting

with

the

preparation

of

tax

and

regulatory

filings);

product

management

services

(such

as

evaluating

and

enhancing

products

and

strategies);

legal

support

services;

shareholder

services

and

transfer

agency

function

oversight

services;

and

board

support

and

reporting

services.

With

respect

to

board

support

services,

the

Board

reviewed

a

summary

of

the

annual,

quarterly,

and

special

reports

the

Adviser

and/or

its

affiliates

provided

to

the

Board

throughout

2022.

The

Board

further

acknowledged

various

initiatives

the

Adviser

had

undertaken

or

continued

in

2022

in

seeking

to

improve

the

effectiveness

of

its

organization,

the

Nuveen

funds

product

line-up

as

well

as

particular

Nuveen

fund(s)

through,

among

other

things,

rationalizing

the

product

line

and

gaining

efficiencies

through

mergers,

repositionings

and

liquidations;

launching

new

funds;

reviewing

and

updating

investment

policies

and

benchmarks;

reopening

certain

funds

previously

closed

to

new

investors;

adding

or

modifying

the

share

classes

offered

by

certain

funds;

implementing

fee

waivers

and

expense

cap

changes

for

certain

funds

and

evaluating

and

adjusting

portfolio

management

teams

as

appropriate

for

various

funds;

and

developing

policy

positions

on

a

broad

range

of

regulatory

proposals

that

may

impact

the

funds

and

communicating

with

lawmakers

and

other

regulatory

authorities

to

help

ensure

these

positions

are

represented.

Aside

from

the

services

provided,

the

Board

recognized

the

financial

resources

of

the

Adviser

and

its

affiliates

and

their

willingness

to

make

investments

in

the

technology,

personnel

and

infrastructure

to

support

the

Nuveen

funds,

including

maintaining

a

seed

capital

budget

to

support

new

or

existing

funds

and/or

facilitate

changes

for

a

respective

fund.

The

Board

noted

the

benefits

to

shareholders

of

investing

in

a

fund

that

is

a

part

of

a

large

fund

complex

with

a

variety

of

investment

disciplines,

capabilities,

expertise

and

resources

available

to

navigate

and

support

the

Nuveen

funds

including

during

stressed

times.

The

Board

recognized

the

overall

reputation

and

capabilities

of

the

Adviser

and

its

affiliates,

the

Adviser’s

continuing

commitment

to

provide

high

quality

services,

its

willingness

to

implement

operational

or

organizational

changes

in

seeking,

among

other

things,

to

enhance

efficiencies

and

services

to

the

Nuveen

funds

and

its

responsiveness

to

the

Board’s

questions

and/or

concerns

raised

throughout

the

year

and

during

the

annual

review

of

advisory

agreements.

The

Board

also

considered

the

significant

risks

borne

by

the

Adviser

and

its

affiliates

in

connection

with

their

services

to

the

Nuveen

funds,

including

entrepreneurial

risks

in

sponsoring

new

funds

and

ongoing

risks

with

managing

the

funds

such

as

investment,

operational,

reputational,

regulatory,

compliance

and

litigation

risks.

The

Board

further

considered

the

division

of

responsibilities

between

the

Adviser

and

the

Sub-Adviser

and

recognized

that

the

Sub-Adviser

and

its

investment

personnel

generally

are

responsible

for

the

management

of

each

Fund’s

portfolio

under

the

oversight

of

the

Adviser

and

the

Board.

The

Board

considered

an

analysis

of

the

Sub-Adviser

provided

by

the

Adviser

which

included,

among

other

things,

the

assets

under

management

of

the

applicable

investment

team

and

changes

thereto,

a

summary

of

the

applicable

investment

team

and

changes

to

such

team,

the

investment

process

and

philosophy

of

the

applicable

investment

team,

the

performance

of

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser

over

various

periods

108

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

of

time

and

a

summary

of

any

significant

policy

and/or

other

changes

to

the

Nuveen

funds

sub-advised

by

the

Sub-Adviser.

The

Board

further

considered

at

the

May

Meeting

or

prior

meetings

evaluations

of

the

Sub-Adviser’s

compliance

programs

and

trade

execution.

The

Board

noted

that

the

Adviser

recommended

the

renewal

of

the

Sub-Advisory

Agreements.

Based

on

its

review,

the

Board

determined,

in

the

exercise

of

its

reasonable

business

judgment,

that

it

was

satisfied

with

the

nature,

extent

and

quality

of

services

provided

to

the

respective

Funds

under

each

applicable

Advisory

Agreement.

B.

The

Investment

Performance

of

the

Funds

and

Fund

Advisers

In

evaluating

the

quality

of

the

services

provided

by

the

Fund

Advisers,

the

Board

also

considered

a

variety

of

investment

performance

data

of

the

Nuveen

funds

prepared

specifically

for

the

annual

review

of

the

advisory

agreements

as

well

as

the

performance

data

the

Board

received

throughout

the

year

representing

different

time

periods.

In

this

regard,

leading

into

the

May

Meeting,

the

Board

reviewed,

among

other

things,

Fund

performance

over

the

quarter,

one-,

three-

and

five-year

periods

ending

December 31,

2022

and

March

31,

2023.

The

performance

data

was

based

on

Class

A

shares;

however,

the

performance

of

other

classes

should

be

substantially

similar

as

they

invest

in

the

same

portfolio

of

securities

and

differences

in

performance

among

the

classes

would

be

principally

attributed

to

the

variations

in

the

expense

structures

of

the

classes.

In

addition,

the

Board

reviewed

and

discussed

performance

data

at

its

regularly

scheduled

quarterly

meetings

during

the

year.

The

Board

therefore

took

into

account

the

performance

data,

presentations

and

discussions

(written

and

oral)

that

have

been

provided

for

the

annual

review

as

well

as

in

prior

meetings

over

time

in

evaluating

fund

performance,

including

the

Adviser’s

analysis

of

a

fund’s

performance

with

particular

focus

on

performance

outliers

(both

overperformance

and

underperformance),

the

factors

contributing

to

performance

(including

relative

to

a

fund’s

benchmark

and

peers

and

the

impact

of

market

conditions)

and

any

recommendations

or

steps

that

had

been

taken

or

were

proposed

to

be

taken

to

address

significant

performance

concerns.

In

this

regard,

the

Board

noted,

among

other

things,

that

certain

Nuveen

funds

had

changes

in

portfolio

managers

or

other

significant

changes

to

their

investment

strategies

or

policies

since

March

2020,

and,

as

a

result,

the

Board

reviewed

certain

tracking

performance

data

comparing

the

performance

of

such

funds

before

and

after

such

changes.

The

Board

recognized

that

performance

data

reflects

performance

over

a

specified

period

which

may

differ

significantly

depending

on

the

ending

dates

selected,

particularly

during

periods

of

market

volatility.

Further,

the

Board

noted

that

shareholders

may

evaluate

performance

based

on

their

own

respective

holding

periods

which

may

differ

from

the

performance

periods

reviewed

by

the

Board

and

lead

to

differing

results.

In

its

evaluation,

the

Board

reviewed

Nuveen

fund

performance

results

from

different

perspectives.

In

general,

subject

to

certain

exceptions,

the

Board

reviewed

both

absolute

and

relative

fund

performance

during

the

annual

review

over

the

various

time

periods

and

evaluated

performance

results

in

light

of

a

fund’s

investment

objective(s),

strategies

and

risks.

With

respect

to

the

relative

performance,

the

Board

considered

fund

performance

in

comparison

to

the

performance

of

peer

funds

(the

“Performance

Peer

Group”)

and

recognized

and/or

customized

benchmarks

(i.e.,

generally

benchmarks

derived

from

multiple

recognized

benchmarks).

In

reviewing

such

comparative

performance,

the

Board

was

cognizant

of

the

inherent

limitations

of

such

data

which

can

make

meaningful

performance

comparisons

generally

difficult.

As

an

illustration,

differences

in

the

composition

of

the

Performance

Peer

Group,

the

investment

objective(s),

strategies

and

other

characteristics

of

the

peers

in

the

Performance

Peer

Group,

the

level,

type

and

cost

of

leverage

(if

any)

of

the

peers,

and

the

varying

sizes

of

peers

all

may

contribute

to

differences

in

the

performance

results

of

a

Performance

Peer

Group

compared

to

the

applicable

Nuveen

fund.

With

respect

to

relative

performance

of

a

Nuveen

fund

compared

to

a

benchmark

index,

differences,

among

other

things,

in

the

investment

objective(s)

and

strategies

of

a

fund

and

the

benchmark

(particularly

an

actively

managed

fund

that

does

not

directly

follow

an

index)

as

well

as

the

costs

of

operating

a

fund

would

necessarily

contribute

to

differences

in

performance

results

and

limit

the

value

of

the

comparative

performance

information.

To

assist

the

Board

in

its

review

of

the

comparability

of

the

relative

performance,

the

Adviser

has

ranked

the

relevancy

of

the

peer

group

to

the

Funds

as

low,

medium

or

high.

The

Board

also

evaluated

Nuveen

fund

performance

in

light

of

various

relevant

factors

which

may

include,

among

other

things,

general

market

conditions,

issuer-specific

information,

asset

class

information,

leverage

and

fund

cash

flows.

The

Board

acknowledged

that

long-term

performance

could

be

impacted

by

even

one

period

of

significant

outperformance

or

underperformance

and

that

a

single

investment

theme

could

disproportionately

affect

performance.

Further,

the

Board

recognized

that

the

market

and

economic

conditions

may

significantly

impact

a

fund’s

performance,

particularly

over

shorter

periods,

and

such

performance

may

be

more

reflective

of

such

economic

or

market

events

and

not

necessarily

reflective

of

management

skill.

Although

the

Board

reviews

short-,

intermediate-

and

longer-term

performance

data,

the

Board

recognized

that

longer

periods

of

performance

may

reflect

full

market

cycles.

In

relation

to

recent

general

market

conditions,

the

Board

had

recognized

the

general

market

volatility

and

underperformance

of

the

market

in

2022

in

considering

Nuveen

fund

performance.

The

Board

took

into

account

the

Adviser’s

assessment

of

a

fund’s

performance

during

the

recent

period

of

significant

market

volatility.

In

their

review

from

year

to

year,

the

Board

Members

consider

and

may

place

different

emphasis

on

the

relevant

information

in

light

of

changing

circumstances

in

market

and

economic

conditions.

In

evaluating

performance,

the

Board

focused

particular

attention

on

funds

with

less

favorable

performance

records.

However,

depending

on

the

facts

and

circumstances

including

any

differences

between

the

respective

fund

and

its

benchmark

and/or

Performance

Peer

Group,

the

Board

may

be

satisfied

with

a

fund’s

performance

notwithstanding

that

its

performance

may

be

below

that

of

its

benchmark

and/or

peer

group

for

certain

periods.

With

respect

to

any

funds

for

which

the

Board

has

identified

performance

issues,

the

Board

seeks

to

monitor

such

funds

closely

until

performance

improves,

discusses

with

the

Adviser

the

reasons

for

such

results,

considers

whether

any

steps

are

necessary

or

appropriate

to

address

such

issues,

and

reviews

the

results

of

any

steps

undertaken.

The

Board’s

determinations

with

respect

to

each

Fund

are

summarized

below.

For

Nuveen

Dividend

Value

Fund

(the

“Dividend

Value

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

December 31,

2022,

the

Fund

outperformed

its

benchmark

and

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December 31,

2022.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

three-

and

five-year

periods

ended

March

31,

2023

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

five-year

period

ended

March

31,

2023,

the

Fund

outperformed

its

benchmark

for

the

one-year

period

ended

March

31,

2023

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

109

for

the

one-

and

three-year

periods

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Large

Cap

Select

Fund

(the

“Large

Cap

Select

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

March

31,

2023

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

December

31,

2022

and

March

31,

2023.

The

Fund,

however,

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December

31,

2022

and

third

quartile

for

the

one-year

period

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Mid

Cap

Growth

Opportunities

Fund

(the

“Mid

Cap

Growth

Opportunities

Fund”),

the

Board

noted

that

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December

31,

2022

and

March

31,

2023.

Although

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

five-year

period

ended

December

31,

2022,

the

Fund

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

and

third

quartile

of

its

Performance

Peer

Group

for

the

three-year

period

ended

December

31,

2022.

In

addition,

the

Fund

ranked

in

the

second

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

March

31,

2023

and

third

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Mid

Cap

Value

Fund

(the

“Mid

Cap

Value

Fund”),

the

Board

noted

that

the

Fund

outperformed

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

March

31,

2023.

Although

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-year

periods

ended

December

31,

2022

and

March

31,

2023,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

three-year

periods

ended

December

31,

2022

and

March

31,

2023

and

second

quartile

for

the

five-year

periods

ended

December

31,

2022

and

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Small

Cap

Growth

Opportunities

Fund

(the

“Small

Cap

Growth

Opportunities

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

for

the

one-year

periods

ended

December

31,

2022

and

March

31,

2023,

the

Fund

outperformed

its

benchmark

for

the

three-

and

five-year

periods

ended

December 31,

2022

and

March

31,

2023.

The

Fund

also

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December

31,

2022

and

first

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

December

31,

2022.

Further,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-

year

period

ended

March

31,

2023,

the

second

quartile

for

the

three-year

period

ended

March

31,

2023

and

the

first

quartile

for

the

five-year

period

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Small

Cap

Select

Fund

(the

“Small

Cap

Select

Fund”),

the

Board

noted

that

the

Fund

outperformed

its

benchmark

for

the

one-,

three-

and

five-year

periods

ended

December 31,

2022

and

March

31,

2023.

Although

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December

31,

2022,

the

Fund

ranked

in

the

second

quartile

for

the

three-year

period

ended

December

31,

2022

and

the

first

quartile

for

the

five-year

period

ended

December

31,

2022.

In

addition,

the

Fund

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

ended

March

31,

2023

and

the

second

quartile

for

the

five-year

period

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

For

Nuveen

Small

Cap

Value

Fund

(the

“Small

Cap

Value

Fund”),

the

Board

noted

that

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

three-

and

five-year

periods

ended

December 31,

2022,

the

Fund

outperformed

its

benchmark

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-year

period

ended

December

31,

2022.

In

addition,

although

the

Fund’s

performance

was

below

the

performance

of

its

benchmark

and

the

Fund

ranked

in

the

fourth

quartile

of

its

Performance

Peer

Group

for

the

five-year

period

ended

March

31,

2023,

the

Fund

outperformed

its

benchmark

and

ranked

in

the

third

quartile

of

its

Performance

Peer

Group

for

the

one-

and

three-year

periods

ended

March

31,

2023.

On

the

basis

of

the

Board’s

ongoing

review

of

investment

performance

and

all

relevant

factors,

including

the

relative

market

conditions

during

certain

reporting

periods,

the

Fund’s

investment

objective(s)

and

management’s

discussion

of

performance,

the

Board

concluded

that

in

light

of

these

factors,

the

Fund’s

performance

supported

renewal

of

the

Advisory

Agreements.

110

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

C.

Fees,

Expenses

and

Profitability

1.

Fees

and

Expenses

As

part

of

its

annual

review,

the

Board

generally

reviewed,

among

other

things,

with

respect

to

the

Nuveen

open-end

funds,

the

contractual

management

fee

and

net

management

fee

(i.e.,

the

management

fee

after

taking

into

consideration

fee

waivers

and/or

expense

reimbursements,

if

any)

paid

by

a

fund

to

the

Adviser

in

light

of

the

nature,

extent

and

quality

of

the

services

provided.

The

Board

also

considered

the

total

operating

expense

ratio

of

a

fund

(after

any

fee

waivers

and/or

expense

reimbursements).

More

specifically,

the

Independent

Board

Members

reviewed,

among

other

things,

each

Nuveen

open-end

fund’s

gross

and

net

management

fee

rates

(i.e.,

before

and

after

fee

waivers

and/or

expense

reimbursements,

if

any)

and

net

total

expense

ratio

in

relation

to

those

of

a

comparable

universe

of

funds

(the

“Peer

Universe”)

and

to

a

more

focused

subset

of

comparable

funds

(the

“Peer

Group”)

established

by

Broadridge

(subject

to

certain

exceptions).

The

Independent

Board

Members

reviewed

the

methodology

Broadridge

employed

to

establish

its

Peer

Universe

and

Peer

Group

(as

applicable)

and

recognized

that

differences

between

the

applicable

fund

and

its

respective

Peer

Universe

and/

or

Peer

Group

as

well

as

changes

to

the

composition

of

the

Peer

Group

and/or

Peer

Universe

from

year

to

year

may

limit

some

of

the

value

of

the

comparative

data.

The

Independent

Board

Members

take

these

limitations

and

differences

into

account

when

reviewing

comparative

peer

data.

The

Independent

Board

Members

also

considered

a

fund’s

operating

expense

ratio

as

it

more

directly

reflected

the

shareholder’s

costs

in

investing

in

the

respective

fund.

In

their

review,

the

Independent

Board

Members

considered,

in

particular,

each

Nuveen

fund

with

a

net

total

expense

ratio

of

six

basis

points

or

higher

compared

to

that

of

its

peer

average

(each,

an

“Expense

Outlier

Fund”)

and

an

analysis

as

to

the

factors

contributing

to

each

such

fund’s

higher

relative

net

total

expense

ratio.

Accordingly,

in

reviewing

the

comparative

data

between

a

fund

and

its

peers,

the

Board

generally

considered

the

fund’s

net

total

expense

ratio

and

fees

to

be

higher

if

they

were

over

10

basis

points

higher,

slightly

higher

if

they

were

6

to

10

basis

points

higher,

in

line

if

they

were

within

approximately

5

basis

points

higher

than

the

peer

average

and

below

if

they

were

below

the

peer

average

of

the

Peer

Group.

The

Independent

Board

Members

also

considered,

in

relevant

part,

a

Nuveen

fund’s

management

fee

and

net

total

expense

ratio

in

light

of

its

performance

history,

including

reviewing

certain

funds

identified

by

the

Adviser

and/or

the

Board

as

having

a

higher

net

total

expense

ratio

or

management

fee

compared

to

their

respective

peers

coupled

with

experiencing

periods

of

challenged

performance

and

considering

the

reasons

for

such

comparative

positions.

In

addition,

in

their

review

of

the

fee

arrangements

for

the

Nuveen

funds,

the

Independent

Board

Members

considered

the

management

fee

schedules,

including

the

complex-wide

and

fund-level

breakpoint

schedules,

and

the

expense

reimbursements

and/or

fee

waivers

provided

by

Nuveen

for

each

fund,

as

applicable.

The

Board

noted

that

across

the

Nuveen

fund

complex,

the

complex-wide

fee

breakpoints

reduced

fees

by

approximately

$62.4 million

and

fund-level

breakpoints

reduced

fees

by

approximately

$76.1 million

in

2022.

Further,

fee

caps

and

waivers

for

all

applicable

Nuveen

funds

saved

shareholders

approximately

$13.4 million

in

fees

in

2022.

With

respect

to

the

Sub-Adviser,

the

Board

also

considered,

among

other

things,

the

sub-advisory

fee

schedule

paid

to

the

Sub-Adviser

in

light

of

the

sub-advisory

services

provided

to

the

respective

Fund

and

comparative

data

of

the

fees

the

Sub-Adviser

charges

to

other

clients,

if

any.

In

its

review,

the

Board

recognized

that

the

compensation

paid

to

the

Sub-Adviser

is

the

responsibility

of

the

Adviser,

not

the

Funds.

The

Independent

Board

Members

noted

that

(a)

the

Dividend

Value

Fund,

Large

Cap

Select

Fund

and

Small

Cap

Growth

Opportunities

Fund

each

had

a

net

management

fee

and

a

net

total

expense

ratio

that

were

below

the

respective

peer

averages;

(b)

the

Mid

Cap

Growth

Opportunities

Fund

and

Small

Cap

Value

Fund

each

had

a

net

management

fee

and

a

net

total

expense

ratio

that

were

in

line

with

the

respective

peer

averages;

(c)

the

Mid

Cap

Value

Fund

had

a

net

management

fee

that

was

higher

than

the

peer

average,

but

a

net

total

expense

ratio

that

was

in

line

with

the

peer

average;

and

(d)

the

Small

Cap

Select

Fund

had

a

net

management

fee

that

was

below

the

peer

average

and

a

net

total

expense

ratio

that

was

in

line

with

the

peer

average.

Based

on

its

review

of

the

information

provided,

the

Board

determined

that

each

Fund’s

management

fees

(as

applicable)

to

a

Fund

Adviser

were

reasonable

in

light

of

the

nature,

extent

and

quality

of

services

provided

to

the

Fund.

2.

Comparisons

with

the

Fees

of

Other

Clients

In

evaluating

the

appropriateness

of

fees,

the

Board

also

considered

information

regarding

the

fee

rates

the

respective

Fund

Advisers

charged

to

certain

other

types

of

clients

and

the

type

of

services

provided

to

these

other

clients.

With

respect

to

the

Adviser

and/or

the

Sub-Adviser,

such

other

clients

may

include:

retail

and

institutional

managed

accounts

sub-advised

by

the

Sub-Adviser;

hedge

funds

or

other

structured

products

managed

by

the

Sub-Adviser;

investment

companies

offered

outside

the

Nuveen

family

and

sub-advised

by

the

Sub-

Adviser;

foreign

investment

companies

offered

by

Nuveen

and

sub-advised

by

the

Sub-Adviser;

and

collective

investment

trusts

sub-advised

by

the

Sub-Adviser.

The

Board

further

noted

that

the

Adviser

also

advised,

and

the

Sub-Adviser

sub-advised,

certain

exchange-traded

funds

(“ETFs”)

sponsored

by

Nuveen.

The

Board

reviewed,

among

other

things,

the

range

of

fees

assessed

for

managed

accounts,

hedge

funds

(along

with

their

performance

fee),

foreign

investment

companies

and

ETFs

offered

by

Nuveen,

as

applicable.

The

Board

also

reviewed

the

fee

range

and

average

fee

rate

of

certain

selected

investment

strategies

offered

in

retail

and

institutional

managed

accounts

sub-advised

by

the

Sub-Adviser,

the

hedge

funds

advised

by

the

Sub-Adviser

(along

with

their

performance

fee)

and

non-Nuveen

investment

companies

sub-advised

by

certain

affiliated

sub-advisers.

111

In

considering

the

comparative

fee

data,

the

Board

recognized

that

differences,

including

but

not

limited

to,

the

amount,

type

and

level

of

services

provided

by

the

Adviser

to

the

Nuveen

funds

compared

to

that

provided

to

other

clients

as

well

as

differences

in

investment

policies;

eligible

portfolio

assets

and

the

manner

of

managing

such

assets;

product

structure;

investor

profiles;

account

sizes;

and

regulatory

requirements

contribute

to

the

variations

in

the

fee

schedules.

Similarly,

differences

in

the

client

base,

governing

bodies,

distribution

jurisdiction

and

operational

complexities

would

also

contribute

to

variations

in

management

fees

assessed

the

Nuveen

funds

compared

to

foreign

fund

clients.

Further,

with

respect

to

ETFs,

the

Board

considered

that

the

Nuveen

ETFs

that

are

designed

to

track

the

performance

of

a

specified

index

(“Index

ETFs”)

were

passively

managed

compared

to

the

active

management

of

other

Nuveen

funds,

which

also

contributed

to

the

differences

in

fee

levels

between

such

Index

ETFs

and

the

actively

managed

funds.

The

Board

acknowledged

the

wide

range

of

services

in

addition

to

investment

management

that

the

Adviser

had

provided

to

the

Nuveen

funds

compared

to

other

types

of

clients

as

well

as

the

increased

entrepreneurial,

legal

and

regulatory

risks

that

the

Adviser

incurs

in

sponsoring

and

managing

the

Nuveen

funds.

In

general,

higher

fee

levels

reflect

higher

levels

of

service

provided

by

the

Adviser,

increased

investment

management

complexity,

greater

product

management

requirements,

and

higher

levels

of

business

risk

or

some

combination

of

these

factors.

The

Board

further

considered

that

the

Sub-Adviser’s

fee

is

essentially

for

portfolio

management

services

and

therefore

more

comparable

to

the

fees

it

receives

for

retail

wrap

accounts

and

other

external

sub-advisory

mandates.

The

Board

concluded

the

varying

levels

of

fees

were

justified

given,

among

other

things,

the

more

extensive

services,

regulatory

requirements

and

legal

liabilities,

and

the

entrepreneurial,

legal

and

regulatory

risks

incurred

in

sponsoring

and

advising

a

registered

investment

company

compared

to

that

required

in

advising

other

types

of

clients.

3.

Profitability

of

Fund

Advisers

In

their

review,

the

Independent

Board

Members

considered

estimated

profitability

information

of

Nuveen

as

a

result

of

its

advisory

services

to

the

Nuveen

funds

as

well

as

profitability

data

of

other

publicly

traded

asset

management

firms.

Such

profitability

information

included,

among

other

things,

gross

and

net

revenue

margins

(excluding

distribution)

of

Nuveen

Investments,

Inc.

(“Nuveen

Investments”)

for

services

to

the

Nuveen

funds

on

a

pre-tax

and

after-tax

basis

for

the

2022

and

2021

calendar

years

as

well

as

the

revenues

earned

(less

any

expense

reimbursements/fee

waivers)

and

expenses

incurred

by

Nuveen

Investments

for

its

advisory

activities

to

the

Nuveen

funds

(excluding

distribution

and

certain

other

expenses)

for

the

2022

and

2021

calendar

years.

The

Independent

Board

Members

also

considered

a

summary

of

some

of

the

key

factors

that

impacted

Nuveen’s

profitability

in

2022.

In

addition,

the

Board

reviewed

the

revenues,

expenses

and

operating

margin

(pre-

and

after-tax)

the

Adviser

derived

from

its

ETF

product

line

for

the

2022

and

2021

calendar

years.

In

developing

the

profitability

data

of

the

Adviser

for

its

advisory

services

to

the

Nuveen

funds,

the

Independent

Board

Members

recognized

the

subjective

nature

of

calculating

profitability

as

the

information

is

not

audited

and

is

necessarily

dependent

on

cost

allocation

methodologies

to

allocate

expenses

throughout

the

complex

and

among

the

various

advisory

products.

Given

there

is

no

perfect

expense

allocation

methodology

and

that

other

reasonable

and

valid

allocation

methodologies

could

be

employed

and

could

lead

to

significantly

different

results,

the

Board

reviewed,

among

other

things,

a

description

of

the

cost

allocation

methodologies

employed

to

develop

the

financial

information,

a

summary

of

the

history

of

changes

to

the

methodology

over

the

years

from

2010

through

2022,

and

a

historical

expense

analysis

of

Nuveen

Investments’

revenues,

expenses

and

pre-tax

net

revenue

margins

derived

from

its

advisory

services

to

the

Nuveen

funds

(excluding

distribution)

for

the

calendar

years

from

2017

through

2022.

The

Board

had

also

appointed

four

Independent

Board

Members

to

serve

as

the

Board’s

liaisons,

with

the

assistance

of

independent

counsel,

to

meet

with

representatives

of

the

Adviser

and

review

the

development

of

the

profitability

data

and

to

report

to

the

full

Board.

In

addition,

the

Board

considered

certain

comparative

operating

margin

data.

In

this

regard,

the

Board

reviewed

the

operating

margins

of

Nuveen

Investments

compared

to

the

adjusted

operating

margins

of

a

peer

group

of

asset

management

firms

with

publicly

available

data

and

the

most

comparable

assets

under

management

(based

on

asset

size

and

asset

composition)

to

Nuveen.

The

Board

recognized

that

the

operating

margins

of

the

peers

were

adjusted

generally

to

address

that

certain

services

provided

by

the

peers

were

not

provided

by

Nuveen.

The

Board

also

reviewed,

among

other

things,

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

on

a

company-wide

basis

and

the

net

revenue

margins

(pre-tax)

of

Nuveen

Investments

derived

from

its

services

to

the

Nuveen

funds

only

(including

and

excluding

distribution)

compared

to

the

adjusted

operating

margins

of

the

peer

group

for

each

calendar

year

from

2012

to

2022.

Although

the

total

company

operating

margins

of

Nuveen

Investments

were

in

the

bottom

half

of

the

peer

group

range

for

2022

and

2021,

the

Independent

Board

Members

recognized

the

limitations

of

the

comparative

data

given

that

peer

data

is

not

generally

public

and

the

calculation

of

profitability

is

subjective

and

affected

by

numerous

factors

(such

as

types

of

funds

a

peer

manages,

its

business

mix,

its

cost

of

capital,

the

numerous

assumptions

underlying

the

methodology

used

to

allocate

expenses

and

other

factors)

that

can

have

a

significant

impact

on

the

results.

Aside

from

Nuveen’s

profitability,

the

Board

recognized

that

the

Adviser

is

a

subsidiary

of

Nuveen,

LLC,

the

investment

management

arm

of

Teachers

Insurance

and

Annuity

Association

of

America

(“TIAA”).

Accordingly,

the

Board

also

reviewed

a

balance

sheet

for

TIAA

reflecting

its

assets,

liabilities

and

capital

and

contingency

reserves

for

the

2022

and

2021

calendar

years

to

consider

the

financial

strength

of

TIAA.

The

Board

recognized

the

benefit

of

an

investment

adviser

and

its

parent

with

significant

resources,

particularly

during

periods

of

market

volatility.

The

Board

also

noted

the

reinvestments

Nuveen,

its

parent

and/or

other

affiliates

made

into

its

business

through,

among

other

things,

the

investment

of

seed

capital

in

certain

Nuveen

funds

and

continued

investments

in

enhancements

to

technological

capabilities.

In

addition

to

Nuveen,

the

Independent

Board

Members

considered

the

profitability

of

the

Sub-Adviser

from

its

relationships

with

the

respective

Nuveen

funds.

In

this

regard,

the

Independent

Board

Members

reviewed,

among

other

things,

the

Sub-Adviser’s

revenues,

expenses

and

net

revenue

margins

(pre-

and

after-tax)

for

its

advisory

activities

to

the

respective

Nuveen

funds

for

the

calendar

years

ended

December 31,

2022

and

December

31,

2021.

The

Independent

Board

Members

also

reviewed

a

profitability

analysis

reflecting

the

revenues,

expenses

and

revenue

margin

(pre-

and

after-tax)

by

asset

type

for

the

Sub-Adviser

for

the

calendar

years

ending

December 31,

2022

and

December

31,

2021.

112

Annual

Investment

Management

Agreement

Approval

Process

(Unaudited)

(continued)

In

evaluating

the

reasonableness

of

the

compensation,

the

Independent

Board

Members

also

considered

any

other

ancillary

benefits

derived

by

the

respective

Fund

Adviser

from

its

relationship

with

the

Nuveen

funds

as

discussed

in

further

detail

below.

Based

on

a

consideration

of

all

the

information

provided,

the

Board

noted

that

Nuveen’s

and

the

Sub-Adviser’s

level

of

profitability

was

acceptable

and

not

unreasonable

in

light

of

the

services

provided.

D.

Economies

of

Scale

and

Whether

Fee

Levels

Reflect

These

Economies

of

Scale

The

Board

considered

whether

there

have

been

economies

of

scale

with

respect

to

the

management

of

the

Nuveen

funds,

whether

these

economies

of

scale

have

been

appropriately

shared

with

the

funds

and

whether

there

is

potential

for

realization

of

further

economies

of

scale.

Although

the

Board

recognized

that

economies

of

scale

are

difficult

to

measure

with

any

precision

and

certain

expenses

may

not

decline

with

a

rise

in

assets,

the

Board

considered

that

Nuveen

shares

the

benefits

of

economies

of

scale,

if

any,

in

a

number

of

ways

including

through

the

use

of

breakpoints

in

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

the

pricing

of

funds

at

scale

at

inception

and

investments

in

Nuveen’s

business

which

can

enhance

the

services

provided

to

the

funds

for

the

fees

paid.

In

this

regard,

the

Board

recognized

that

the

management

fee

of

the

Adviser

is

generally

comprised

of

a

fund-level

component

and

a

complex-level

component

each

with

its

own

breakpoint

schedule,

subject

to

certain

exceptions.

The

Board

reviewed

the

fund-level

and

complex-level

fee

schedules.

With

this

structure,

the

Board

noted

that

the

complex-level

breakpoint

schedule

is

designed

to

deliver

the

benefits

of

economies

of

scale

to

shareholders

when

the

eligible

assets

in

the

complex

pass

certain

thresholds

even

if

the

assets

of

a

particular

fund

are

unchanged

or

have

declined,

and

the

fund-level

breakpoint

schedules

are

designed

to

share

economies

of

scale

with

shareholders

if

the

particular

fund

grows.

In

addition

to

the

fund-level

and

complex-level

fee

schedules,

the

Independent

Board

Members

considered

the

temporary

and/or

permanent

expense

caps

applicable

to

certain

Nuveen

funds

(including

the

amounts

of

fees

waived

or

amounts

reimbursed

to

the

respective

funds

in

2022

and

2021),

including

the

temporary

expense

caps

applicable

to

the

Funds.

The

Board

recognized

that

such

waivers

and

reimbursements

applicable

to

the

respective

Nuveen

funds

are

another

means

for

potential

economies

of

scale

to

be

shared

with

shareholders

of

such

funds

and

can

provide

a

protection

from

an

increase

in

expenses

if

the

assets

of

the

applicable

funds

decline.

As

noted

above,

the

Independent

Board

Members

also

recognized

the

continued

reinvestment

in

Nuveen’s

business

to

enhance

its

capabilities

and

services

to

the

benefit

of

its

various

clients.

The

Board

understood

that

many

of

these

investments

in

the

Nuveen

business

were

not

specific

to

individual

Nuveen

funds

but

rather

incurred

across

of

a

variety

of

products

and

services

pursuant

to

which

the

family

of

Nuveen

funds

as

a

whole

may

benefit.

In

addition,

the

Board

also

considered

that

Nuveen

has

provided,

without

raising

advisory

fees

to

the

Nuveen

funds,

certain

additional

services,

including,

but

not

limited

to,

services

required

by

new

regulations

and

regulatory

interpretations,

and

this

was

also

a

means

of

sharing

economies

of

scale

with

the

funds

and

their

shareholders.

Based

on

its

review,

the

Board

was

satisfied

that

the

current

fee

arrangements

together

with

the

reinvestment

in

Nuveen’s

business

appropriately

shared

any

economies

of

scale

with

shareholders.

E.

Indirect

Benefits

The

Independent

Board

Members

received

and

considered

information

regarding

other

benefits

the

respective

Fund

Adviser

or

its

affiliates

may

receive

as

a

result

of

their

relationship

with

the

Nuveen

funds.

The

Independent

Board

Members

recognized

that

an

affiliate

of

the

Adviser

serves

as

principal

underwriter

providing

distribution

and/or

shareholder

services

to

the

open-end

funds

for

which

it

may

be

compensated.

The

Independent

Board

Members

further

noted

that,

subject

to

certain

exceptions,

certain

classes

of

the

Nuveen

open-end

funds

pay

12b-1

fees

and

while

a

majority

of

such

fees

were

paid

to

third

party

financial

intermediaries,

the

Board

reviewed

the

amount

retained

by

the

Adviser’s

affiliate.

In

addition,

the

Independent

Board

Members

noted

that

the

various

sub-advisers

to

the

Nuveen

funds

do

not

generally

benefit

from

soft

dollar

arrangements

with

respect

to

Nuveen

fund

portfolio

transactions.

Based

on

its

review,

the

Board

concluded

that

any

indirect

benefits

received

by

a

Fund

Adviser

as

a

result

of

its

relationship

with

the

Funds

were

reasonable

in

light

of

the

services

provided.

F.

Other

Considerations

The

Independent

Board

Members

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Independent

Board

Members

concluded

that

the

terms

of

each

Advisory

Agreement

were

reasonable,

that

the

respective

Fund

Adviser’s

fees

were

reasonable

in

light

of

the

services

provided

to

each

Fund

and

that

the

Advisory

Agreements

be

renewed

for

an

additional

one-year

period.

113

Directors

and

Officers

(Unaudited)

The

management

of

the

Funds,

including

general

supervision

of

the

duties

performed

for

the

Funds

by

the

Adviser,

is

the

responsibility

of

the

Board

of Directors

of

the

Funds.

The

number

of Directors of

the

Funds

is

currently

set

at

ten.

None

of

the Directors

who

are

not

“interested”

persons

of

the

Funds

(referred

to

herein

as

“Independent

Directors”)

has

ever

been

a Directors

or

employee

of,

or

consultant

to,

Nuveen

or

its

affiliates.

The

names

and

business

addresses

of

the Directors

and

officers

of

the

Funds,

their

principal

occupations

and

other

affiliations

during

the

past

five

years,

the

number

of

portfolios

each

oversees

and

other

directorships

they

hold

are

set

forth

below.

The

Funds’

Statement

of

Additional

Information

(“SAI”)

includes

more

information

about

the

Directors.

To

request

a

free

copy,

call

Nuveen

Investments

at

(800)

257-8787

or

visit

the

Funds’

website

at

www.nuveen.com.

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Director

Independent

Directors:

Terence

J.

Toth

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Chair

and

Director

2008

Formerly,

a

Co-Founding

Partner,

Promus

Capital

(investment

advisory

firm)

(2008-2017);

formerly,

Director,

Quality

Control

Corporation

(manufacturing)

(2012-2021);

Chair

of

the

Board

of

the

Kehrein

Center

for

the

Arts

(philanthropy)

(since

2021);

member:

Catalyst

Schools

of

Chicago

Board

(since

2008)

and

Mather

Foundation

Board

(philanthropy)

(since

2012),

formerly,

Chair

of

its

Investment

Committee

(2017-2022);

formerly,

Member,

Chicago

Fellowship

Board

(philanthropy)

2005-2016);

formerly,

Director,

Fulcrum

IT

Services

LLC

(information

technology

services

firm

to

government

entities)

(2010-2019);

formerly,

Director,

LogicMark

LLC

(health

services)

(2012-2016);

formerly,

Director,

Legal

&

General

Investment

Management

America,

Inc.

(asset

management)

(2008-2013);

formerly,

CEO

and

President,

Northern

Trust

Global

Investments

(financial

services)

(2004-2007);

Executive

Vice

President,

Quantitative

Management

&

Securities

Lending

(2000-2004);

prior

thereto,

various

positions

with

Northern

Trust

Company

(financial

services)

(since

1994);

formerly,

Member,

Northern

Trust

Mutual

Funds

Board

(2005-2007),

Northern

Trust

Global

Investments

Board

(2004-2007),

Northern

Trust

Japan

Board

(2004-2007),

Northern

Trust

Securities

Inc.

Board

(2003-2007)

and

Northern

Trust

Hong

Kong

Board

(1997-2004).

132

Jack

B.

Evans

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Director

1999

Chairman

(since

2019),

formerly,

President

(1996-2019),

The

Hall-Perrine

Foundation,

(private

philanthropic

corporation);

Life

Trustee

of

Coe

College

and

the

Iowa

College

Foundation;

formerly,

Member

and

President

Pro-Tem

of

the

Board

of

Regents

for

the

State

of

Iowa

University

System

(2007-

2013);

Director

and

Chairman

(2009-2021),

United

Fire

Group,

a

publicly

held

company;

Director,

Public

Member,

American

Board

of

Orthopaedic

Surgery

(2015-2020);

Director

(2000-2004),

Alliant

Energy;

Director

(1996-2015),

The

Gazette

Company

(media

and

publishing);

Director

(1997-

2003),

Federal

Reserve

Bank

of

Chicago;

President

and

Chief

Operating

Officer

(1972-1995),

SCI

Financial

Group,

Inc.,

(regional

financial

services

firm).

132

William

C.

Hunter

1948

333

W.

Wacker

Drive

Chicago,

IL

60606

Director

2003

Dean

Emeritus,

formerly,

Dean,

Tippie

College

of

Business,

University

of

Iowa

(2006-2012);

Director

of

Wellmark,

Inc.

(since

2009);

past

Director

(2005-2015),

and

past

President

(2010-

2014)

Beta

Gamma

Sigma,

Inc.,

The

International

Business

Honor

Society;

formerly,

Director

(2004-2018)

of

Xerox

Corporation;

formerly,

Dean

and

Distinguished

Professor

of

Finance,

School

of

Business

at

the

University

of

Connecticut

(2003-2006);

previously,

Senior

Vice

President

and

Director

of

Research

at

the

Federal

Reserve

Bank

of

Chicago

(1995-2003);

formerly,

Director

(1997-2007),

Credit

Research

Center

at

Georgetown

University.

132

114

Directors

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Director

Amy

B.

R.

Lancellotta

1959

333

W.

Wacker

Drive

Chicago,

IL

60606

Director

2021

Formerly,

Managing

Director,

Independent

Directors

Council

(IDC)

(supports

the

fund

independent

director

community

and

is

part

of

the

Investment

Company

Institute

(ICI),

which

represents

regulated

investment

companies)

(2006-2019);

formerly,

various

positions

with

ICI

(1989-2006);

President

(since

2023)

and

Member

(since

2020)

of

the

Board

of

Directors,

Jewish

Coalition

Against

Domestic

Abuse

(JCADA).

132

Joanne

T.

Medero

1954

333

W.

Wacker

Drive

Chicago,

IL

60606

Director

2021

Formerly,

Managing

Director,

Government

Relations

and

Public

Policy

(2009-2020)

and

Senior

Advisor

to

the

Vice

Chairman

(2018-2020),

BlackRock,

Inc.

(global

investment

management

firm);

formerly,

Managing

Director,

Global

Head

of

Government

Relations

and

Public

Policy,

Barclays

Group

(IBIM)

(investment

banking,

investment

management

and

wealth

management

businesses)(2006-2009);

formerly,

Managing

Director,

Global

General

Counsel

and

Corporate

Secretary,

Barclays

Global

Investors

(global

investment

management

firm)

(1996-2006);

formerly,

Partner,

Orrick,

Herrington

&

Sutcliffe

LLP

(law

firm)

(1993-1995);

formerly,

General

Counsel,

Commodity

Futures

Trading

Commission

(government

agency

overseeing

U.S.

derivatives

markets)

(1989-1993);

formerly,

Deputy

Associate

Director/Associate

Director

for

Legal

and

Financial

Affairs,

Office

of

Presidential

Personnel,

The

White

House

(1986-1989);

Member

of

the

Board

of

Directors,

Baltic-American

Freedom

Foundation

(seeks

to

provide

opportunities

for

citizens

of

the

Baltic

states

to

gain

education

and

professional

development

through

exchanges

in

the

U.S.)

(since

2019).

132

Albin

F.

Moschner

1952

333

W.

Wacker

Drive

Chicago,

IL

60606

Director

2016

Founder

and

Chief

Executive

Officer,

Northcroft

Partners,

LLC,

(management

consulting)

(since

2012);

formerly,

Chairman

(2019),

and

Director

(2012-2019),

USA

Technologies,

Inc.,

(provider

of

solutions

and

services

to

facilitate

electronic

payment

transactions);

formerly,

Director,

Wintrust

Financial

Corporation

(1996-2016);

previously,

held

positions

at

Leap

Wireless

International,

Inc.

(consumer

wireless

services),

including

Consultant

(2011-2012),

Chief

Operating

Officer

(2008-2011),

and

Chief

Marketing

Officer

(2004-2008);

formerly,

President,

Verizon

Card

Services

division

of

Verizon

Communications,

Inc.

(2000-2003);

formerly,

President,

One

Point

Services

at

One

Point

Communications

(telecommunication

services)

(1999-2000);

formerly,

Vice

Chairman

of

the

Board,

Diba,

Incorporated

(internet

technology

provider)

(1996-1997);

formerly,

various

executive

positions

(1991-1996)

including

Chief

Executive

Officer

(1995-1996)

of

Zenith

Electronics

Corporation

(consumer

electronics).

132

John

K.

Nelson

1962

333

W.

Wacker

Drive

Chicago,

IL

60606

Director

2013

Member

of

Board

of

Directors

of

Core12

LLC.

(private

firm

which

develops

branding,

marketing

and

communications

strategies

for

clients)

(since

2008);

served

The

President’s

Council

of

Fordham

University

(2010-2019)

and

previously

a

Director

of

the

Curran

Center

for

Catholic

American

Studies

(2009-2018);

formerly,

senior

external

advisor

to

the

Financial

Services

practice

of

Deloitte

Consulting

LLP.

(2012-2014);

former

Chair

of

the

Board

of

Trustees

of

Marian

University

(2010-2014

as

trustee,

2011-2014

as

Chair);

formerly

Chief

Executive

Officer

of

ABN

AMRO

Bank

N.V.,

North

America,

and

Global

Head

of

the

Financial

Markets

Division

(2007-2008),

with

various

executive

leadership

roles

in

ABN

AMRO

Bank

N.V.

between

1996

and

2007.

132

115

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(1)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Number

of

Portfolios

in

Fund

Complex

Overseen

By

Director

Matthew

Thornton

III

1958

333

W.

Wacker

Drive

Chicago,

IL

60606

Director

2020

Formerly,

Executive

Vice

President

and

Chief

Operating

Officer

(2018-2019),

FedEx

Freight

Corporation,

a

subsidiary

of

FedEx

Corporation

(FedEx)

(provider

of

transportation,

e-commerce

and

business

services

through

its

portfolio

of

companies);

formerly,

Senior

Vice

President,

U.S.

Operations

(2006-2018),

Federal

Express

Corporation,

a

subsidiary

of

FedEx;

formerly

Member

of

the

Board

of

Directors

(2012-2018),

Safe

Kids

Worldwide®

(a

non-profit

organization

dedicated

to

preventing

childhood

injuries).

Member

of

the

Board

of

Directors

(since

2014),

The

Sherwin-Williams

Company

(develops,

manufactures,

distributes

and

sells

paints,

coatings

and

related

products);

Director

(since

2020),

Crown

Castle

International

(provider

of

communications

infrastructure).

132

Margaret

L.

Wolff

1955

333

W.

Wacker

Drive

Chicago,

IL

60606

Director

2016

Formerly,

member

of

the

Board

of

Directors

(2013-2017)

of

Travelers

Insurance

Company

of

Canada

and

The

Dominion

of

Canada

General

Insurance

Company

(each,

a

part

of

Travelers

Canada,

the

Canadian

operation

of

The

Travelers

Companies,

Inc.);

formerly,

Of

Counsel,

Skadden,

Arps,

Slate,

Meagher

&

Flom

LLP

(Mergers

&

Acquisitions

Group)

(legal

services)

(2005-2014);

Member

of

the

Board

of

Trustees

of

New

York-Presbyterian

Hospital

(since

2005);

Member

(since

2004)

formerly,

Chair

(2015-2022)

of

the

Board

of

Trustees

of

The

John

A.

Hartford

Foundation

(a

philanthropy

dedicated

to

improving

the

care

of

older

adults);

formerly,

Member

(2005-2015)

and

Vice

Chair

(2011-2015)

of

the

Board

of

Trustees

of

Mt.

Holyoke

College.

132

Robert

L.

Young

1963

333

W.

Wacker

Drive

Chicago,

IL

60606

Director

2017

Formerly,

Chief

Operating

Officer

and

Director,

J.P.

Morgan

Investment

Management

Inc.

(financial

services)

(2010-2016);

formerly,

President

and

Principal

Executive

Officer

(2013-2016),

and

Senior

Vice

President

and

Chief

Operating

Officer

(2005-2010),

of

J.P.

Morgan

Funds;

formerly,

Director

and

various

officer

positions

for

J.P.

Morgan

Investment

Management

Inc.

(formerly,

JPMorgan

Funds

Management,

Inc.

and

formerly,

One

Group

Administrative

Services)

and

JPMorgan

Distribution

Services,

Inc.

(financial

services)

(formerly,

One

Group

Dealer

Services,

Inc.)

(1999-2017).

132

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Officers

of

the

Funds:

Justin

M.

Pfaff

1981

333

W.

Wacker

Drive

Chicago,

IL

60606

Chief

Administrative

Officer

2023

Managing

Director,

Advisory

Product,

Nuveen

(since

2016).

Chartered

Financial

Analyst.

Brett

E.

Black

1972

333

West

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Chief

Compliance

Officer

2022

Managing

Director,

Chief

Compliance

Officer

of

Nuveen

(since

2022);

formerly,

Vice

President

(2014-2022),

Chief

Compliance

Officer

and

Anti-Money

Laundering

Compliance

Officer(2017-2022),

Deputy

Chief

Compliance

Officer

(2014-2017)

of

BMO

Funds,

Inc.

Mark

J.

Czarniecki

1979

901

Marquette

Avenue

Minneapolis,

MN

55402

Vice

President

and

Secretary

2013

Managing

Director

(since

2022),

formerly,

Vice

President

(2016-2022),

and

Assistant

Secretary

(since

2016)

of

Nuveen

Securities,

LLC;

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022)

and

Assistant

Secretary

(since

2017)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

and

Associate

General

Counsel

(since

January

2022),

formerly,

Vice

President

and

Associate

General

Counsel

of

Nuveen

(2013-2021);

Managing

Director

(since

2022),

formerly,

Vice

President

(2018-2022),

Assistant

Secretary

and

Associate

General

Counsel

(since

2018)

of

Nuveen

Asset

Management,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023).

116

Directors

and

Officers

(Unaudited)

(continued)

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Diana

R.

Gonzalez

1978

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2017

Vice

President

and

Assistant

Secretary

of

Nuveen

Fund

Advisors,

LLC

(since

2017);

Vice

President

and

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2022);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023);

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2017);

formerly,

Associate

General

Counsel

of

Jackson

National

Asset

Management

(2012-2017).

Nathaniel

T.

Jones

1979

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Treasurer

2016

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Senior

Vice

President

(2016-2017)

of

Nuveen;

Managing

Director

(since

2015)

of

Nuveen

Fund

Advisors,

LLC;

Chartered

Financial

Analyst.

Brian

H.

Lawrence

1982

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2023

Vice

President

and

Associate

General

Counsel

of

Nuveen

(since

2023);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

(since

2023)

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

formerly

Corporate

Counsel

of

Franklin

Templeton

(2018-2022).

Tina

M.

Lazar

1961

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2002

Managing

Director

(since

2017),

formerly,

Senior

Vice

President

(2014-2017)

of

Nuveen

Securities,

LLC.

Brian

J.

Lockhart

1974

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2019

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2021),

formerly,

Managing

Director

(2017-2021),

Vice

President

(2010-2017)

of

Nuveen;

Head

of

Investment

Oversight

(since

2017),

formerly,

Team

Leader

of

Manager

Oversight

(2015-2017);

Chartered

Financial

Analyst

and

Certified

Financial

Risk

Manager.

John

M.

McCann

1975

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

(since

2021),

General

Counsel

and

Secretary

(since

2023),

formerly,

Assistant

Secretary

(2021-2023),

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Nuveen

Asset

Management,

LLC

(since

2021);

Managing

Director

(since

2021)

and

Assistant

Secretary

(since

2016)

of

TIAA

SMA

Strategies

LLC;

Managing

Director

(since

2019,

formerly,

Vice

President

and

Director),

Associate

General

Counsel

and

Assistant

Secretary

of

College

Retirement

Equities

Fund,

TIAA

Separate

Account

VA-1,

TIAA-CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2018),

formerly,

Vice

President

and

Director,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Insurance

and

Annuity

Association

of

America,

Teacher

Advisors

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

(since

2022),

formerly,

Vice

President

(2017-2022),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Nuveen

Alternative

Advisors

LLC;

General

Counsel

and

Assistant

Secretary

of

Covariance

Capital

Management,

Inc.

(2014-2017).

Kevin

J.

McCarthy

1966

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2007

Executive

Vice

President

(since

2022)

and

Secretary

and

General

Counsel

(since

2016)

of

Nuveen

Investments,

Inc.,

formerly,

Senior

Managing

Director

(2017-

2022);

Executive

Vice

President

(since

2023)

and

Assistant

Secretary

(since

2008)

of

Nuveen

Securities,

LLC,

formerly

Senior

Managing

Director

(2017-2023);

Executive

Vice

President

and

Assistant

Secretary

(since

2023)

of

Nuveen

Fund

Advisors,

LLC,

formerly,

Senior

Managing

Director

(2017-2023),

Secretary

(2016-

2023)

and

Co-General

Counsel

(2011-2020);

Executive

Vice

President

(since

2023)

and

Secretary

(since

2016)

of

Nuveen

Asset

Management,

LLC,

formerly,

Senior

Managing

Director

(2017-2023)

and

Associate

General

Counsel

(2011-2020);

Executive

Vice

President

(since

2021)

and

Secretary

(since

2023)

of

Teachers

Advisors,

LLC,

formerly,

General

Counsel

and

Assistant

Secretary

(2021-2023);

Executive

Vice

President

(since

2017)

and

Secretary

(since

2023)

of

TIAA-CREF

Investment

Management,

LLC,

formerly

General

Counsel

and

Assistant

Secretary

(2017-2023);

formerly,

Vice

President

(2007-2021)

and

Secretary

(2016-2021),

of

NWQ

Investment

Management

Company,

LLC

and

Santa

Barbara

Asset

Management,

LLC;

Vice

President

and

Secretary

of

Winslow

Capital

Management,

LLC

(since

2010);

Executive

Vice

President

(since

2023)

and

Secretary

(since

2016)

of

Nuveen

Alternative

Investments,

LLC,

formerly

Senior

Managing

Director

(2017-2023).

117

Name,

Year

of

Birth

&

Address

Position(s)

Held

with

the

Funds

Year

First

Elected

or

Appointed

(2)

Principal

Occupation(s)

Including

other

Directorships

During

Past

5

Years

Jon

Scott

Meissner

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2019

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Managing

Director

of

Mutual

Fund

Tax

and

Financial

Reporting

groups

(2017-2022),

at

Nuveen;

Managing

Director

of

Nuveen

Fund

Advisors,

LLC

(since

2019);

Managing

Director

(since

2021),

formerly,

Senior

Director

(2016-2021),

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director,

Mutual

Fund

Tax

and

Expense

Administration

(since

2022),

formerly,

Senior

Director

Mutual

Fund

Taxation

(2015-2022),

to

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2004.

William

A.

Siffermann

1975

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

2017

Managing

Director

(since

2017),

formerly

Senior

Vice

President

(2016-2017)

of

Nuveen.

E.

Scott

Wickerham

1973

8500

Andrew

Carnegie

Blvd.                                     

Charlotte,

NC

28262

Vice

President

and

Controller

2019

Senior

Managing

Director,

Head

of

Public

Investment

Finance

of

Nuveen

(since

2019),

formerly,

Managing

Director;

Senior

Managing

Director

(since

2019)

of

Nuveen

Fund

Advisors,

LLC;

Senior

Managing

Director

(since

2022)

of

Nuveen

Asset

Management,

LLC;

Senior

Managing

Director

of

Teachers

Advisors,

LLC

(since

2021)

and

TIAA-CREF

Investment

Management,

LLC

(since

2016);

Principal

Financial

Officer,

Principal

Accounting

Officer

and

Treasurer

(since

2017)

of

the

TIAA-CREF

Funds,

the

TIAA-CREF

Life

Funds,

the

TIAA

Separate

Account

VA-1

and

the

Principal

Financial

Officer,

Principal

Accounting

Officer

(since

2020)

and

Treasurer

(since

2017)

to

the

CREF

Accounts;

has

held

various

positions

with

TIAA

since

2006.

Mark

L.

Winget

1968

333

W.

Wacker

Drive

Chicago,

IL

60606

Vice

President

and

Assistant

Secretary

2008

Vice

President

and

Assistant

Secretary

of

Nuveen

Securities,

LLC

(since

2008),

and

Nuveen

Fund

Advisors,

LLC

(since

2019);

Vice

President,

Associate

General

Counsel

and

Assistant

Secretary

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC

(since

2023)

and

Nuveen

Asset

Management,

LLC(since

2020);

Vice

President

(since

2010)

and

Associate

General

Counsel

(since

2019)

of

Nuveen.

Rachael

Zufall

1973

8500

Andrew

Carnegie

Blvd.

Charlotte,

NC

28262

Vice

President

and

Assistant

Secretary

2022

Managing

Director

and

Assistant

Secretary

(since

2023)

of

Nuveen

Fund

Advisors,

LLC;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2014)

of

the

CREF

Accounts,

TIAA

Separate

Account

VA-1,

TIAA-

CREF

Funds

and

TIAA-CREF

Life

Funds;

Managing

Director

(since

2017),

Associate

General

Counsel

and

Assistant

Secretary

(since

2011)

of

Teachers

Advisors,

LLC

and

TIAA-CREF

Investment

Management,

LLC;

Managing

Director

of

Nuveen,

LLC

and

of

TIAA

(since

2017).

(1)

Directors

serve

an

indefinite

term

until

his/her

successor

is

elected

or

appointed.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

director

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

(2)

Officers

serve

one

year

terms

through

August

of

each

year.

The

year

first

elected

or

appointed

represents

the

year

in

which

the

officer

was

first

elected

or

appointed

to

any

fund

in

the

Nuveen

Fund

Complex.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

MAN-FCGO-1023P

3241313-INV-Y-12/24

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/mutual-funds

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

ITEM 2. CODE OF ETHICS.

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. The registrant has posted the code of ethics on its website at www.nuveen.com/fund-governance. (To view the code, click on Code of Conduct.)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

As of the end of the period covered by this report, the registrant’s Board of Directors or Trustees (“Board”) determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The registrant’s audit committee financial experts are Jack B. Evans, Albin F. Moschner, John K. Nelson and Robert L. Young, who are “independent” for purposes of Item 3 of Form N-CSR.

Mr. Evans was formerly President and Chief Operating Officer of SCI Financial Group, Inc., a full service registered broker-dealer and registered investment adviser (“SCI”). As part of his role as President and Chief Operating Officer, Mr. Evans actively supervised the Chief Financial Officer (the “CFO”) and actively supervised the CFO’s preparation of financial statements and other filings with various regulatory authorities. In such capacity, Mr. Evans was actively involved in the preparation of SCI’s financial statements and the resolution of issues raised in connection therewith. Mr. Evans has also served on the audit committee of various reporting companies. At such companies, Mr. Evans was involved in the oversight of audits, audit plans, and the preparation of financial statements. Mr. Evans also formerly chaired the audit committee of the Federal Reserve Bank of Chicago.

Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.

Mr. Nelson is on the Board of Directors of Core12, LLC. (since 2008), a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank’s Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank’s representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. (“J.P. Morgan Investment”) and its affiliates (collectively, “J.P. Morgan”). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan’s domestic retail mutual fund and institutional commingled and separate account businesses, and co-led these activities for J.P. Morgan’s global retail and institutional investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm’s midwestern mutual fund practice.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The following tables show the amount of fees that PricewaterhouseCoopers, the Funds’ auditor, billed to the Funds during the Funds’ last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PricewaterhouseCoopers provided to the Funds, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The preapproval exception for services provided directly to the Funds waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair (or, in his absence, any other member of the Audit Committee).

Fiscal Year Ended October 31, 2023	Audit Fees Billed to Funds 1		Audit-Related Fees Billed to Funds 2		Tax Fees Billed to Funds 3		All Other Fees Billed to Funds 4
Fund Name
Nuveen Dividend Value Fund		17,470		0		3,700		0
Nuveen Mid Cap Growth Opportunities Fund		17,470		0		500		0
Nuveen Small Cap Value Fund		17,470		0		500		0
Nuveen Mid Cap Value Fund		17,470		0		2,000		0
Nuveen Small Cap Growth Opportunities Fund		17,470		0		500		0
Nuveen Small Cap Select Fund		17,470		0		500		0
Nuveen Large Cap Select Fund		17,470		0		2,500		0
Total	$	122,290	$	0	$	10,200	$	0

¹  “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

⁴  “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Dividend Value Fund		0	%		0	%		0	%		0	%
Nuveen Mid Cap Growth Opportunities Fund		0	%		0	%		0	%		0	%
Nuveen Small Cap Value Fund		0	%		0	%		0	%		0	%
Nuveen Mid Cap Value Fund		0	%		0	%		0	%		0	%
Nuveen Small Cap Growth Opportunities Fund		0	%		0	%		0	%		0	%
Nuveen Small Cap Select Fund		0	%		0	%		0	%		0	%
Nuveen Large Cap Select Fund		0	%		0	%		0	%		0	%
October 31, 2022	Audit Fees Billed to Funds 1			Audit-Related Fees Billed to Funds 2			Tax Fees Billed to Funds 3			All Other Fees Billed to Funds 4
Fund Name
Nuveen Dividend Value Fund		16,375			3,000			5,200			0
Nuveen Mid Cap Growth Opportunities Fund		16,375			0			2,000			0
Nuveen Small Cap Value Fund		16,375			0			0			0
Nuveen Mid Cap Value Fund		16,375			0			1,500			0
Nuveen Small Cap Growth Opportunities Fund		16,375			0			2,000			0
Nuveen Small Cap Select Fund		16,375			0			2,000			0
Nuveen Large Cap Select Fund		16,375			0			2,000			0
Total	$	114,625		$	3,000		$	14,700		$	0

¹  “Audit Fees” are the aggregate fees billed for professional services for the audit of the Fund’s annual financial statements and services provided in connection with statutory and regulatory filings or engagements.

²  “Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Fund’s common shares and leverage.

³  “Tax Fees” are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant.

^{4 “All Other Fees” are the aggregate fees billed for products and services other than “Audit Fees”, “Audit-Related Fees” and “Tax Fees”. These fees represent all “Agreed-Upon Procedures” engagements pertaining to the Fund’s use of leverage.}

	Percentage Approved Pursuant to Pre-approval Exception
	Audit Fees Billed to Funds			Audit-Related Fees Billed to Funds			Tax Fees Billed to Funds			All Other Fees Billed to Funds
Fund Name
Nuveen Dividend Value Fund		0	%		0	%		0	%		0	%
Nuveen Mid Cap Growth Opportunities Fund		0	%		0	%		0	%		0	%
Nuveen Small Cap Value Fund		0	%		0	%		0	%		0	%
Nuveen Mid Cap Value Fund		0	%		0	%		0	%		0	%
Nuveen Small Cap Growth Opportunities Fund		0	%		0	%		0	%		0	%
Nuveen Small Cap Select Fund		0	%		0	%		0	%		0	%
Nuveen Large Cap Select Fund		0	%		0	%		0	%		0	%

Fiscal Year Ended October 31, 2023	Audit-Related Fees Billed to Adviser and Affiliated  Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%
Fiscal Year Ended October 31, 2022	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
Nuveen Investment Funds, Inc.	$	0		$	0		$	0
	Percentage Approved Pursuant to Pre-approval Exception
	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers			Tax Fees Billed to Adviser and Affiliated Fund Service Providers			All Other Fees Billed to Adviser and Affiliated Fund Service Providers
		0	%		0	%		0	%

Fiscal Year Ended October 31, 2023	Total Non-Audit Fees Billed to Funds		Total Non-Audit Fees billed to Adviser and Affiliated  Fund Service Providers (engagements related directly to the operations and financial reporting of the Funds)		Total Non-Audit Fees billed to Adviser and Affiliated  Fund Service Providers (all other engagements)		Total
Fund Name
Nuveen Dividend Value Fund		3,700		0		0		3,700
Nuveen Mid Cap Growth Opportunities Fund		500		0		0		500
Nuveen Small Cap Value Fund		500		0		0		500
Nuveen Mid Cap Value Fund		2,000		0		0		2,000
Nuveen Small Cap Growth Opportunities Fund		500		0		0		500
Nuveen Small Cap Select Fund		500		0		0		500
Nuveen Large Cap Select Fund		2,500		0		0		2,500
Total	$	10,200	$	0	$	0	$	10,200

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Fiscal Year Ended October 31, 2022	Total Non-Audit Fees Billed to Funds		Total Non-Audit Fees billed to Adviser and Affiliated  Fund Service Providers (engagements related directly to the operations and financial reporting of the Funds)		Total Non-Audit Fees billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
Fund Name
Nuveen Dividend Value Fund		5,200		0		0		5,200
Nuveen Mid Cap Growth Opportunities Fund		2,000		0		0		2,000
Nuveen Small Cap Value Fund		0		0		0		0
Nuveen Mid Cap Value Fund		1,500		0		0		1,500
Nuveen Small Cap Growth Opportunities Fund		2,000		0		0		2,000
Nuveen Small Cap Select Fund		2,000		0		0		2,000
Nuveen Large Cap Select Fund		2,000		0		0		2,000
Total	$	14,700	$	0	$	0	$	14,700

“Non-Audit Fees billed to Fund” for both fiscal year ends represent “Tax Fees” and “All Other Fees” billed to Fund in their respective amounts from the previous table.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Funds by the Funds’ independent accountant and (ii) all audit and non-audit services to be performed by the Funds’ independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approved by the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable to this registrant.

ITEM 6. SCHEDULE OF INVESTMENTS.

a) See Portfolio of Investments in Item 1.

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 of Trustees implemented after the registrant last provided disclosure in response to this Item.

ITEM 11. CONTROLS AND PROCEDURES.

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

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

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

Not applicable.

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 because the code is posted on registrant’s website at www.nuveen.com/fund-governance and there were no amendments during the period covered by this report. (To view the code, click on Code of Conduct.)
(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 Funds, Inc.

By (Signature and Title)	/s/ Justin M. Pfaff
	Justin M. Pfaff
	Chief Administrative Officer

Date: January 5, 2024

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

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

Date: January 5, 2024

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

Date: January 5, 2024