0001193125-20-188593.txt : 20200707 0001193125-20-188593.hdr.sgml : 20200707 20200707121110 ACCESSION NUMBER: 0001193125-20-188593 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20200430 FILED AS OF DATE: 20200707 DATE AS OF CHANGE: 20200707 EFFECTIVENESS DATE: 20200707 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUVEEN INVESTMENT FUNDS INC CENTRAL INDEX KEY: 0000820892 IRS NUMBER: 411418224 STATE OF INCORPORATION: MD FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-05309 FILM NUMBER: 201015672 BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 312-917-8146 MAIL ADDRESS: STREET 1: 333 WEST WACKER DR. CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: FIRST AMERICAN INVESTMENT FUNDS INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: SECURAL MUTUAL FUNDS INC DATE OF NAME CHANGE: 19910627 0000820892 S000005551 Nuveen Large Cap Select Fund C000015101 Class A FLRAX C000015103 Class C FLYCX C000015105 Class I FLRYX 0000820892 S000005553 Nuveen Mid Cap Growth Opportunities Fund C000015111 Class A FRSLX C000015113 Class C FMECX C000015114 Class R3 FMEYX C000015115 Class I FISGX C000123979 Class R6 FMEFX 0000820892 S000005556 Nuveen Mid Cap Value Fund C000015126 Class A FASEX C000015128 Class C FACSX C000015129 Class R3 FMVSX C000015130 Class I FSEIX C000202060 Class R6 FMVQX 0000820892 S000005567 Nuveen Small Cap Growth Opportunities Fund C000015158 Class A FRMPX C000015160 Class C FMPCX C000015161 Class R3 FMPYX C000015162 Class I FIMPX C000171404 Class R6 FMPFX 0000820892 S000005569 Nuveen Small Cap Select Fund C000015168 Class A EMGRX C000015170 Class C FHMCX C000015171 Class R3 ASEIX C000015172 Class I ARSTX C000199174 Class R6 ASEFX 0000820892 S000005570 Nuveen Small Cap Value Fund C000015173 Class A FSCAX C000015175 Class C FSCVX C000015176 Class R3 FSVSX C000015177 Class I FSCCX C000171405 Class R6 FSCWX 0000820892 S000005579 Nuveen Dividend Value Fund C000015208 Class A FFEIX C000015210 Class C FFECX C000015211 Class R3 FEISX C000015212 Class I FAQIX C000123980 Class R6 FFEFX N-CSRS 1 d927816dncsrs.htm NUVEEN INVESTMENT FUNDS, INC. Nuveen Investment Funds, Inc.

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)

Christopher M. Rohrbacher

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: April 30, 2020

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
30 April 2020
Nuveen Equity Funds
Fund Name Class A Class C Class R3 Class R6 Class I
Nuveen Dividend Value Fund FFEIX FFECX FEISX FFEFX FAQIX
Nuveen Mid Cap Value Fund FASEX FACSX FMVSX FMVQX FSEIX
Nuveen Small Cap Value Fund FSCAX FSCVX FSVSX FSCWX FSCCX
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds' website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.
You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, by calling 800-257-8787 and selecting option #1. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.
Semiannual Report

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NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE  

Chair’s Letter to Shareholders    
Dear Shareholders,
The COVID-19 crisis is taking an unprecedented toll on our health, societies, economies and financial markets. Our thoughts are with all whose lives have been affected by the disease and its economic fallout. With some regions of the world having appeared to “flatten the curve” of infections, governments and public health officials are now facing the extraordinary challenge of balancing the resumption of economic activity with public safety, in a way that minimizes the potential for a second wave of outbreaks. Markets have turned their focus to the potential for an economic recovery the timing and magnitude of which remain highly uncertain. Elevated market volatility is likely to continue, with economic data, coronavirus infection rates and the upcoming U.S. presidential election under scrutiny.
While we do not want to understate the dampening effect on the global economy, it is important to differentiate short term interruptions from the longer-lasting implications to the economy. Some areas of the global economy were already on the mend prior to the coronavirus epidemic. Temporary bans on movement and travel are being lifted, and some near-term economic indicators have shown modest improvement in countries that have reopened. Central banks and governments around the world have announced economic stimulus measures and pledged to continue doing what it takes to support their economies. In the U.S., the Federal Reserve has cut its benchmark interest rate to near zero and introduced programs that helped revive the U.S. economy after the 2008 financial crisis. The U.S. Government has approved three relief packages, including a $2 trillion-dollar package directly supporting businesses and individuals. The Coronavirus Aid, Relief and Economic Security Act, called the CARES Act, provides direct payments and expanded unemployment benefits to individuals, loans and grants to small businesses, loans and other money to large corporations and funding for hospitals, public health, education and state and local governments.
In the meantime, patience and a long-term perspective are key for investors. When market fluctuations are the leading headlines day after day, it’s tempting to “do something.” However, your long-term goals can’t be met with short-term thinking. We encourage you to talk to your financial professional, who can review your time horizon, risk tolerance and investment goals. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chair of the Board
June 23, 2020
 
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Portfolio Managers’
Comments    
Nuveen Dividend Value Fund
Nuveen Mid Cap Value Fund
Nuveen Small Cap Value Fund
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, are the portfolio managers for the Nuveen Dividend Value Fund. David assumed portfolio management responsibilities in 2015 and Evan joined the portfolio management team for the Fund in 2019.
Karen Bowie, CFA, is the portfolio manager for the Nuveen Mid Cap Value Fund and the Nuveen Small Cap Value Fund. Karen assumed portfolio management responsibilities for the Nuveen Mid Cap Value Fund in 2012 and the Nuveen Small Cap Value Fund in 2006. David Johnson, CFA, and Andrew Rem, CFA, joined the portfolio management team for the Nuveen Small Cap Value Fund in 2017.
During April 2020, the Funds’ Board of Directors approved the merger of Nuveen Large Cap Value Fund to Nuveen Dividend Value Fund. The merger is pending shareholder approval.
On the following pages, the portfolio management teams for the Funds discuss key investment strategies and the Funds’ performance for the six-month reporting period ended April 30, 2020.
An Update on COVID-19 Coronavirus and its Impact on the Securities Markets
With daily new COVID-19 coronavirus cases now slowing across much of the world, economies are beginning to reopen and movement bans are easing. The focus is shifting to whether the resumption of activity triggers a second wave of infections and how quickly economies may rebound. Early indications, first from China, South Korea and Hong Kong, and more recently from various U.S. states that opened their economies earlier and more thoroughly than others, showed there is a risk of new infection outbreaks. Economic indicators have begun to reflect the severe supply and demand disruptions resulting from the shutdowns, and a more prolonged recovery looks more likely than a rapid snap-back to growth.
Although the detection of the virus in China was made public in December 2019, markets did not start to fully acknowledge the risks and potential economic impact until the latter portion of February 2020, when outbreaks outside of China were first reported. Global stock markets sold off severely, with the S&P 500® index reaching a bear market (a 20% drop from the previous high) within three weeks, the fastest bear market decline in history. Even certain parts of the bond market suffered; below investment grade municipal and corporate bonds generally dropped the furthest, mostly out of concerns for the continued financial stability of lower quality issuers. Demand for safe-haven assets, along with mounting recession fears, drove the yield on the 10-year U.S. Treasury note to 0.5% in March 2020, an all-time low. Additionally, oil prices collapsed to an 18-year low on supply glut concerns, as shutdowns across the global economy sharply reduced oil demand, although oil prices have recovered to well above those lows..
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.
5

Portfolio Managers’ Comments (continued)
Central banks and governments have responded with liquidity injections to ease the strain on financial systems and stimulus measures to buffer the shock to businesses and consumers. These measures have helped stabilize the markets over the short term, and most markets have recovered most of their losses. But volatility will likely remain elevated until the health crisis itself is under control (via fewer new cases, lower infection rates and/or verified treatments or vaccines). There are still many unknowns and new information is incoming daily, compounding the difficulty of modeling outcomes for epidemiologists and economists alike.
Nuveen, LLC and our portfolio management teams are monitoring the situation carefully and continuously refining our views and approaches to managing the Funds to best pursue investment objectives while mitigating risks through all market environments.
Nuveen Dividend Value Fund
How did the Fund perform during the six-month reporting period ended April 30, 2020?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year, ten-year and/or since inception periods ended April 30, 2020. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV) only. The Fund’s Class A Shares at NAV underperformed the Russell 1000® Value Index and the Lipper Equity Income Funds Classification Average during the six-month reporting period.
What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?
The Fund’s investment objective is long-term growth of capital and income. During the reporting period, we continued to implement the Fund’s disciplined investment strategy. We seek to achieve consistent, long-term outperformance with lower volatility by building and managing a diversified portfolio of stocks with a focus on what we believe are attractively valued companies with above average current income or dividend growth. We use an integrated, multi-perspective research and analysis approach that involves a team of portfolio managers, fundamental research analysts and quantitative analysts. The Fund’s holdings exhibit attractive valuations and identifiable catalysts that we believe will offer the potential for future stock appreciation. The Fund is also actively managed in an effort to minimize distributed capital gains and maximize after-tax returns using a typical investment horizon of at least two to three years. We adhere to portfolio guidelines to manage volatility and maintain diversification, generally selling a security if it no longer is expected to meet our dividend growth or price appreciation expectations or if we find a better alternative in the marketplace.
The Fund’s underperformance versus the Russell 1000® Value benchmark and Lipper peers was primarily the result of stock selection in the financial, communication services and consumer discretionary sectors. An underweight position in the consumer staples sector was also detrimental. On the other hand, the Fund saw favorable results from security selection in the health care and real estate sectors. An overweight position in information technology also aided results.
The financial sector as a whole was one of the hardest hit during the reporting period as credit risks escalated after many businesses were forced to shut down across the nation in an attempt to curb the COVID-19 crisis. Stock selection in the sector was the most significant detractor in the Fund, including positions in Discover Financial Services and Capital One Financial Corp, which both offer credit cards, various types of auto, home equity and personal loans, banking and savings accounts. The firms reported impressive results when they released fourth-quarter 2019 earnings earlier in the reporting period. However, both companies detracted because of stress on the consumer credit markets as many local businesses across the nation were forced to shut down and lay off workers during March 2020. Despite the poor stock performance in the reporting period, we continued to hold both Discover Financial and Capital One because we believe the companies’ underwriting discipline continues to be strong.
The Fund also saw weak results from a position in Starwood Property Trust Inc., a leading non-bank commercial real estate finance company, as fears increased regarding the credit risk of its commercial loans. Fourth-quarter 2019 results were stable with earnings continuing to exceed dividend payments. However, due to commercial credit exposure, liquidity concerns in the commercial mortgage-backed securities (CMBS) market and leverage in the business model, investors feared the company would be unable to meet margin calls along with negative credit marks within its commercial lending portfolio. We continued to hold a position in Starwood Property because the company has a diverse portfolio and its stock trades at a large discount to its historic average.
6

Along with many other banks, our position in Citigroup Inc. underperformed because of the impact from materially lower interest rates and fears of write-downs on loan products. Prior to the economic headwinds, Citigroup had posted strong fourth-quarter 2019 earnings showing strength in its Institutional Clients Group and improved credit quality. We continued to hold Citigroup in the Fund’s portfolio because we believe the company is well positioned for a rebound in the financial markets.
The Fund also saw poor results from Hartford Financial Services Group Inc., a provider of commercial and personal property and casualty insurance as well as wealth management products. The worker’s compensation business is facing headwinds with added claims related to the COVID-19 crisis, coupled with lost premiums due to rising unemployment. However, on the positive side, the company’s auto insurance business is expected to benefit with fewer cars on the road due to business shutdowns. The integration of specialty insurer Navigators Group has also been improving Hartford Financial’s underwriting margins and remains a long-term catalyst for the business. We continued to hold this position in the Fund’s portfolio.
The communication services sector also detracted from relative performance during the reporting period. The Fund held an underweight position in Verizon Communications Inc. for much of the reporting period, however, the stock was a relative outperformer within the Russell 1000® Value Index. As of the end of the reporting period, we continued to hold Verizon given its attractive yield and lower risk profile, but remain underweight in the uncertain environment. We view the position as a source of cash in the event we find more attractive opportunities and/or start to see a more robust cyclical rebound. Media and television giant Comcast Corp was also a detractor in the communication services sector. The stock was a significant outperformer during March 2020 with the market favoring defensive names as the COVID-19 pandemic spread. However, the Fund had no exposure to the stock until we initiated a position at the end of the reporting period in late March 2020. Comcast provided an update on the impact COVID-19 is having and outlined that the most significant impacts were on its smaller segments, while its cable business was performing well. We continued to hold Comcast as a defensive play.
The consumer discretionary sector detracted as our travel and leisure-related holdings were negatively impacted by the temporary closures of resorts and casinos and the near complete shutdown of air travel due to the COVID-19 crisis. Within the sector, the Fund’s most significant detractors were high-end hotel and casino operator Wynn Resorts Limited and online travel agency Expedia Group Inc. Prior to the outbreak, Wynn Resorts had announced improving demand trends in China’s gaming enclave of Macau. However, given the level of uncertainty around when travel would return to pre-virus levels, we exited the position. Expedia’s shares plunged in November 2019 after the company reported second-quarter 2019 results that were generally below expectations and provided disappointing forward guidance. We exited the Fund’s position in Expedia earlier in the reporting period.
Although consumer discretionary detracted overall, the sector was also home to one standout performer, Target Corporation, which has been a relative beneficiary of the COVID-19 crisis. Prior to the crisis, Target was demonstrating some weakness following softer holiday season comparisons in categories such as toys and electronics. However, the stock rebounded as stay-at-home orders were implemented and sales in March and April 2020 were strong led by the food and essentials categories as well as the shift to online pickup and delivery orders. In the near term, margins may be pressured slightly given the sales mix shift to food and essentials and short-term increases in wages. However, we view Target as a relative winner within retail given its market position, scale and online capabilities and optimization efforts. We continue to hold Target in the Fund.
Within the energy sector, the Fund saw weak results from Chevron Corporation, a producer and transporter of crude oil and natural gas, and Parsley Energy Inc., a Permian basin shale drilling company. The entire sector faced significant headwinds during the reporting period as demand for oil dropped precipitously due to the shutdowns related to the crisis, while a price war erupted between Russia and Saudi Arabia that added to an already existing supply glut. The price of crude fell to multi-decade lows. We believed energy sector fundamentals would remain challenged and given the heightened uncertainty and supply/demand headwinds, we eliminated the Fund’s positions in Chevron and Parsley Energy. The Fund had no exposure to energy at the end of the reporting period.
During this difficult and volatile time frame, the health care sector was the standout performer in the index and the Fund’s holdings outpaced the sector. The majority of the outperformance occurred prior to the COVID-19 induced sell-off. Although health care was not immune from losses during the sell-off, the defensive nature of the sector helped the group hold up better than the overall market. In particular, several of the Fund’s managed care holdings, which included Humana Inc., UnitedHealth Group Inc. and Cigna Corporation, benefited from regulatory commentary out of Washington that was better than feared, which caused a rally in the sector. Humana
7

Portfolio Managers’ Comments (continued)
also posted a quarterly earnings report with management increasing its expectations of individual Medicare Advantage membership growth. UnitedHealth reported fiscal third-quarter 2019 results that were ahead of Wall Street expectations, and management raised its outlook as the company’s medical loss ratio (MLR - A basic financial measurement used in the Affordable Care Act to encourage health plans to provide value to enrollees.) came in better than expected. The company’s health services segment, Optum, is its fastest-growing segment and will soon be its most profitable. Cigna also advanced following solid earnings results as the company beat expectations and raised guidance. The earnings beat was driven by a modest MLR beat and a ramp up in the company’s pharmacy benefit manager business. We continued to hold positions in Humana, UnitedHealth Group and Cigna at the end of the reporting period.
Also in health care, the Fund benefited from positions in two pharmaceutical firms, Gilead Sciences Inc. and AstraZeneca PLC. Gilead Sciences is a leader in the development and marketing of anti-infective drugs with approved products for the treatment of HIV/AIDS, hepatitis C, hepatitis B and pulmonology diseases. Shares benefited from the COVID-19 crisis as the company worked on Remdesivir, an experimental antiviral drug that is supposed to help treat symptoms of the virus. The Fund no longer holds Gilead Sciences in the portfolio. AstraZeneca initially reported a miss on earnings because of higher-than-expected expenses to support new product launches and one-time charges. However, the stock recovered quickly and ended up being a strong relative performer during the reporting period. We continued to hold this stock in our portfolio.
In the real estate sector, wireless infrastructure-based real estate investment trust (REIT) Crown Castle International Corp. performed strongly during the reporting period. The company reported mixed fourth-quarter 2019 revenue due to a new way it is accounting for tower installation revenue. Although the stock dropped on the confusion initially, it was able to quickly recover as investors gained clarity and remained optimistic regarding the company’s deal with T-Mobile. At the end of the reporting period, investors were encouraged after the company reported no material impact on its business from the COVID-19 crisis. We continued to hold Crown Castle in the Fund’s portfolio because the company is well positioned to benefit from the continuing need for wireless capacity in the U.S.
In the information technology sector, the Fund’s position in Fidelity National Information Services Inc. outperformed. Its Worldpay acquisition that closed in 2019 is providing both cost and revenue synergies, enhancing payment offerings and increasing the company’s overall distribution footprint. Fidelity National is one of the more resilient financial technology organizations. Therefore, we have kept the company in the Fund’s portfolio.
We also saw favorable results from a position we initiated in January 2020 in Intel Corporation, which designs, manufactures and sells computer components. Shares outperformed after the company posted solid fourth-quarter 2019 and first-quarter 2020 earnings reports. Intel continues to improve manufacturing processes and see strength from data center and web scale demand for server chips. We continued to hold Intel in the Fund’s portfolio.
Nuveen Mid Cap Value Fund
How did the Fund perform during the six-month reporting period ended April 30, 2020?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year, ten-year and/or since inception periods ended April 30, 2020. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV) only. The Fund’s Class A Shares at NAV underperformed the Russell Midcap® Value Index and the Lipper Mid-Cap Core Funds Classification Average during the six-month reporting period.
What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?
The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies with market capitalizations at the time of purchase between approximately $1 billion and $38 billion, which is based on the June 28, 2019 annual reconstitution of the Russell Midcap® Index. During the reporting period, we continued to implement the Fund’s investment process of selecting mid-cap companies that we believed were undervalued relative to other companies in the same industry or market. These companies demonstrated or are expected to demonstrate improving fundamentals and have an identifiable catalyst that could close the gap between market value and our perception of fair value. We look for companies that generate strong free cash flow, which allows them to pay down debt, increase dividends, repurchase shares or engage in merger and acquisition (M&A) activities. At the same
8

time, we identify a short- or long-term catalyst we can track and monitor over time that could potentially propel each stock to realize its value. Generally, we sell a holding if the stock price reaches its target, the company’s fundamentals or competitive position significantly deteriorate or if a better alternative exists in the marketplace.
The Fund’s underperformance versus the Russell benchmark and Lipper peer was primarily due to stock selection in the industrials, energy and communication services sectors. An underweight position in consumer staples also detracted. In industrials, the entire airline industry was significantly disrupted in early 2020 as the COVID-19 crisis caused unprecedented travel restrictions. In response, airline traffic fell roughly 90% compared to last year, forcing airlines to begin cutting capacity and management to focus on liquidity. The Fund’s position in United Airlines Holdings Inc. was sold in late April 2020, to reduce exposure to travel-related stocks. Alaska Air, a major U.S. airline with a focus in the Pacific Northwest and Alaska, guided to a loss of roughly $200 million per month by June 2020 with expectations of break even by year end. While expectations are for stabilization and even some recovery, Alaska Air is expected to report losses in 2020, however, we continued to own Alaska Airlines given its geographical footprint, strong balance sheet position and lower cost profile compared to larger carriers.
In the energy sector, shares plunged across the sector as lower global demand was exacerbated by the COVID-19 crisis, while Russia and Saudi Arabia engaged in a price war. As a result, crude oil prices dropped to their lowest level in nearly 20 years. Two of the Fund’s exploration and production holdings, Marathon Oil Corporation and Devon Energy Corporation, were notable detractors within the sector. We sold the Fund’s positions in both Marathon Oil and Devon Energy.
In the communication services sector, a position in TEGNA, Inc. detracted. The company owns and operates broadcast television stations in more than 50 markets throughout the U.S. Fundamentals proved resilient during the first quarter 2020 with positive contributions from political advertising spending, but has since slowed with advertising spending in general decelerating. TEGNA has recently been an M&A target, receiving multiple bids from other media and private equity entities; however due to the economic uncertainty, these deals are currently on hold. Additionally, the company has been in an ongoing battle with an activist investor. Although the stock outperformed during the March 2020 sell-off, the shares have not recovered with the market. We continued to own TEGNA given the company’s strong portfolio of assets across top markets throughout the U.S. as well its strong digital business.
The financial sector as a whole was one of the hardest hit sectors as credit risks escalated after many businesses were forced to shut down across the nation in an attempt to curb the COVID-19 crisis. The Fund saw weak results from a position in Starwood Property Trust Inc., a leading non-bank commercial real estate finance company, as fears increased regarding the credit risk of its commercial loans. Fourth-quarter 2019 results were stable with earnings continuing to exceed dividend payments. However, due to commercial credit exposure, liquidity concerns in the commercial mortgage-backed securities (CMBS) market and leverage in the business model, investors feared the company would be unable to meet margin calls along with negative credit marks within its commercial lending portfolio. We continued to hold a position in Starwood Property because the company has a diverse portfolio and its stock trades at a large discount to its historic average.
The Fund also saw poor results from Radian Group Inc. due to its private mortgage insurance exposure. The stock came under pressure as part of the broader COVID-19 related sell-off as investors considered the likelihood of a substantial gap in home buying, despite low interest rates. Expectations are for lower earnings in 2020 because of lower growth and higher loss ratios due to the macroeconomic backdrop. Additionally, management has suspended current share repurchases for the remainder of 2020. Radian was a new position during the reporting period, and we continued to own the stock given the steps management has taken to reduce economic risks and the company’s attractive valuation profile.
The financial sector was also home to one favorable performer, Nasdaq Inc. The market services and exchange company performed well late in 2019 and into 2020 despite the broad market sell-off. Nasdaq reported fourth-quarter 2019 operating results that were well ahead of expectations and started 2020 with strong operational momentum, listing 27 initial public offerings before the virus outbreak. Management anticipates the non-trading business to be met with short-term headwinds related to a slowdown of business-related investments from customers due to the COVID-19 crisis. However, we continued to own Nasdaq in the Fund given our confidence in the longer-term strategy of the business.
Also on the positive side of the equation, the Fund benefited from stock selection in the information technology, real estate and consumer discretionary sectors. The technology sector was the Fund’s top performing area, led by shares of Synopsys Inc., a software de-
9

Portfolio Managers’ Comments (continued)
veloper primarily for the semiconductor industry. The company reported a strong first-quarter earnings result in February 2020 driven by its electronic design automation (EDA) segment, which management noted has experienced negligible effects from the COVID-19 crisis. We continued to own Synopsys.
Also, semiconductor manufacturer Marvell Technology Group Ltd. contributed favorably to the Fund’s relative performance. The company reported a solid fourth-quarter 2019 earnings result driven by better-than-expected storage revenue and a strong 5G ramp into Samsung. Expectations for the storage business remained strong given a PlayStation upgrade cycle later in the year. Additionally, the company announced a partnership with Nokia to continue expanding its 5G business. Given Marvell’s exposure to 5G, we continued to own shares.
The Fund also benefited from a position in VeriSign Inc., a provider of domain registry services that enable security and stability of internet infrastructure. Although the domain business has reached a mature, steady growth rate, the company has been able to maintain pricing power. This factor, coupled with margin expansion and share repurchases, allowed VeriSign to report more than 20% earnings growth in 2019. While the stock sold off with the broader market in March 2020, it was able to quickly recover as the domain business has so far been minimally impacted by the coronavirus-related economic downturn. We continued to hold shares in VeriSign.
The Fund also experienced strength from Autodesk Inc., the well-known designer of software for the architecture, engineering and manufacturing industries. The company wrapped up a strong 2019 with above-average fourth-quarter results, reporting revenue and earnings above consensus as well as accelerated free cash flow growth. While management noted potential macroeconomic disruptions, investors likely believed that Autodesk’s long-term free cash flow growth opportunity outweighed the near-term uncertainty, and the stock recovered most of it losses from the March 2020 sell-off. We sold the Fund’s position at the end of the reporting period given the stock’s premium valuation.
Stock selection in the real estate sector was strong, led by a position in Digital Realty Trust Inc., a data center focused real estate investment trust (REIT). The data center industry was one of the top-performing industries during the reporting period because demand remained strong despite the economic slowdown. The company closed on its planned acquisition of Interxion, a Netherlands-based data center company, which helps increase its European exposure. Given the secular demand for data centers, Digital Realty remained one of the Fund’s top positions.
Unfortunately, the real estate sector was also home to one detractor of note, New York-based SL Green Realty Corp. The company is heavily invested in the New York metro area, where investors were uncertain about future cash flows given the broad shutdown in the city due to COVID-19 crisis. Despite the near-term headwinds, we continued to own SL Green given the company’s high quality and diversified portfolio and its strong liquidity position.
The consumer discretionary sector had several stocks that contributed favorably to relative performance led by discount store operator Dollar General Corporation and electronics retailer Best Buy Co. Inc. Although shares of Dollar General were flat at the end of 2019 and into January 2020, they held up well during the broad market sell-off. As a seller of both household products and food supplies at cheaper prices, the company benefited from purchasing shifts caused by the pandemic. Dollar General reported fourth-quarter 2019 results that were ahead of consensus, while management also guided to the higher end of expectations and noted virtually no negative impact from the crisis. We continued to own shares given the company’s defensive business.
Despite concerns that tariffs and a late economic cycle could potentially derail the company’s success, shares of Best Buy Co. Inc. rallied during the first half of the reporting period. Best Buy also raised its outlook for the holiday season as the company continued to gain market share. Although shares sold off sharply in March 2020, they rallied back fairly strongly through the end of April 2020. We continued to own Best Buy in the Fund’s portfolio.
Although the Fund benefited from stock selection in the consumer discretionary sector, travel related stocks such as Royal Caribbean Cruises Ltd. came under pressure due to the substantial drop in travel demand because of the ongoing coronavirus. We exited Royal Caribbean given the company’s shutdown of all cruises for the foreseeable future.
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The health care sector was home to several standouts, including managed care provider Centene Corp. The stock held up well following an inline fourth-quarter 2019 earnings report. The company is levered toward Medicaid and the Health Insurance Marketplace, and may experience enrollment tailwinds in the coming months given the large number of individuals being laid off as a result of the coronavirus crisis. The company is also experiencing near-term tailwinds, given a drop in elective procedures. We continued to own a significant position in Centene given its underlying fundamentals and attractive valuation to peers.
Also within the health care sector, United Therapeutics Corporation, a commercial-stage biotechnology company, contributed to relative performance. The company’s drug platform is focused on pulmonary arterial hypertension, interstitial lung disease and chronic obstructive pulmonary disease. The stock has been under pressure for several years because the company’s primary drug, Remodulin, faced generic competition in 2019. However, with two new product line extensions expected in 2020, consensus expectations are for the Remodulin franchise to grow at least through 2021. Also, the firm’s product pipeline is very active in 2020, which we continue to believe will serve as a positive catalyst. We also don’t believe the COVID-19 crisis will have a significant impact on demand for its products. Given the expected pipeline extensions and compelling valuation, we continued to own United Therapeutics.
Nuveen Small Cap Value Fund
How did the Fund perform during the six-month reporting period ended April 30, 2020?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year, ten-year and /or since inception periods ended April 30, 2020. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV) only. The Fund’s Class A Shares at NAV underperformed the Russell 2000® Value Index and the Lipper Small-Cap Value Funds Classification Average during the six-month reporting period.
What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?
The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies within the Russell 2000® Index, which has a market capitalization range of $40.0 million to $10.3 billion based on the June 28, 2019 annual reconstitution. During the reporting period, we continued to focus on building a well-diversified portfolio of small-cap stocks from companies with strengthening balance sheets and free cash flow characteristics. We also continued to target companies with sound business models and strong competitive advantages that we believe can gain market share opportunistically in the current environment. We remained committed to our approach of investing in quality companies that are trading at a discount to both intrinsic and relative value metrics.
Shutting down the U.S. economy in an effort to stop the spread of the COVID-19 coronavirus hit the small-cap segment hard, particularly the Russell 2000® Value benchmark. The value component of the Russell 2000® underperformed growth by nearly 16% during the reporting period for two main reasons. First, the top performing, while still negative health care sector represents a significantly smaller weight in the value benchmark. Second, the value benchmark had more cyclical exposure, which was harmful as high yield fixed income spreads blew out to levels not witnessed since the 2008 financial crisis. We also witnessed an unprecedented gap in valuations between small-cap value and small-cap growth stocks across all sectors. This valuation differential was due to uncertainty surrounding the depth and duration of the pandemic-induced downturn and the timing and slope of the eventual economic recovery.
The Fund benefited from its focus on companies with larger market caps, lower leverage and less volatility within the small-cap universe. However, stocks with lower price-earnings ratios did not hold up well during the reporting period, which hindered performance. Stock selection also detracted in the financial, consumer discretionary and energy sectors.
The Fund’s financial services holdings bore the brunt of the COVID-19 crisis, which brought relatively indiscriminate selling among regional banking shares and companies levered to consumer credit and housing finance. Two holdings in the mortgage real estate investment trust (REIT) area were the Fund’s most significant detractors. The first, Invesco Mortgage Capital Inc., invests in an array of mortgage-backed securities across multiple asset classes backed by commercial and residential mortgage loans. Fourth-quarter 2019 results for this firm were strong and management had recently increased the dividend by 11%. However, market disruptions due to
11

Portfolio Managers’ Comments (continued)
COVID-19 had a more severe impact on this company’s business model. Liquidity requirements forced Invesco Mortgage to enter into short-term forbearance talks with its financing counterparties and delay payment of its quarterly dividend. We liquidated the Fund’s position as uncertainty regarding book value and dividend clarity violated our catalyst thesis.
The second holding in this area, Ladder Capital Corporation, maintains a commercial real estate portfolio consisting of direct loans, direct real estate investment and commercial mortgage-backed securities (CMBS). The company’s fourth-quarter 2019 results were stable with earnings exceeding the dividend by 15%. However, investors and exchange-traded funds (ETFs) feared that Ladder Capital would be unable to continue generating similar results because of its commercial credit exposure, liquidity concerns in the CMBS market and leverage being utilized. The downside was exacerbated as levered ETFs were forced to liquidate positions into an illiquid market. Ladder Capital currently trades at a large discount to peers. We are maintaining a small position in anticipation of improved confidence in the company’s ability to maintain both its portfolio liquidity and its dividend payout as the economy moves through this transitional down draft.
On the other hand, the financial sector was home to one standout performer, AMERISAFE Inc., a property and casualty underwriter specializing in workers compensation. The company reported strong quarterly results with earnings beating street estimates. Also, commentary for the remainder of 2020 remained upbeat, resulting in positive estimate revisions and potential for another sizable special dividend. AMERISAFE has weathered the COVID-19 market disruption well due to the company’s conservative balance sheet and reserving methodology, resulting in outperformance of the shares. Therefore, we maintained our position given the company’s superior fundamentals relative to its peers.
In the consumer discretionary sector, two of the Fund’s specialty retail positions underperformed. Aaron’s Inc., a rent-to-own retailer that offers short-term financing via its Progressive arm, saw its shares decline. Investors grew concerned about the impact of a weak energy market given the company’s exposure to Texas and other oil-patch states, along with the impact of the shutdown on its key customers. Aaron’s has been active in updating investors on its credit portfolio performance along with general demand trends. Also, its relationships with retailers Best Buy and Lowe’s are proving beneficial. We remained investors in Aaron’s because we believe the firm will manage successfully through this volatility given the government’s focus on assisting lower-income consumers, the company’s key clientele.
Also, in the consumer discretionary sector, the Fund saw weak results from G-III Apparel Group Ltd., a branded-specialty apparel and accessories wholesaler and retailer. The company underperformed during the reporting period due to the COVID-19 crisis impact as retailers closed throughout the nation. The market is concerned that all retailers face difficult liquidity conditions given the uncertainty of the shutdown. However, G-III Apparel maintains a solid liquidity position, providing protection over the next two to three years. We remained holders of G-III Apparel given the aggressive actions that the Federal Reserve and Congress have taken to provide a backstop during the shutdown, creating a bridge for U.S. consumers to recover and the potential for a rebound in this attractive franchise’s valuation.
The energy sector was also a source of weakness in the Fund. The oil industry was hammered as demand dropped precipitously due to the shutdowns related to the pandemic, while a price war erupted between Russia and Saudi Arabia that added to an already existing supply glut. The price of West Texas Intermediate (WTI) crude fell to an 18-year low of around $20 per barrel. Two of the Fund’s holdings were particularly weak. Helix Energy Solutions Group Inc. is the leading provider of offshore well intervention rigs and services that enable global exploration and production (E&P) operators to cost effectively improve the performance of existing offshore wells. We originally invested in the stock because the company was completing its final new rig construction and showing solid utilization from its remaining six rigs. Capital expenditures were dropping dramatically with Helix’s newly minted rig showing backlog growth, leading to our strong conviction in the company’s future free cash flow. However, we exited this position because our investment thesis of improving market positioning and cash flow growth deteriorated.
The second energy sector detractor, SM Energy Company, is a diversified E&P firm with primary operations in Midland (Permian basin) and south Texas (Eagle Ford). Although the company demonstrated improvement in cash flow generation through increased efficiency in the Permian basin, its stock came under pressure because SM Energy maintains above-average industry leverage. Despite having
12

hedged price protection in 2020, we were concerned about the company’s ability to satisfy debt maturities in 2021, given the anticipated duration of the negative impact on oil prices from the dramatic supply/demand imbalance. Consequently, we sold SM Energy as part of our strategic plan to lower the Fund’s exposure to levered business models in the energy sector.
The health care sector fared much better than the broad market during the reporting period and was the best performing, although still negative, sector in the index and Fund. The Fund experienced relative strength from Prestige Consumer Healthcare Inc., an over-the-counter (OTC) specialty pharmaceutical company focused on brand name solutions for acute health care issues. Some of the company’s key brands include Compound W for warts, Clear Eyes for dryness and redness and Luden’s for cough and cold symptoms. All of Prestige Consumer’s primary distribution channels remained open during the COVID-19 crisis. We’ve continued to maintain the position.
Also within the health care sector, United Therapeutics Corporation, a commercial-stage biotechnology company, contributed to relative performance. The company’s drug platform is focused on pulmonary arterial hypertension, interstitial lung disease and chronic obstructive pulmonary disease. The stock has been under pressure for several years because the company’s primary drug, Remodulin, faced generic competition in 2019. However, with two new product line extensions expected in 2020, consensus expectations are for the Remodulin franchise to grow at least through 2021. Also, the firm’s product pipeline is very active in 2020, which we continue to believe will serve as a positive catalyst. Within the context of the COVID-19 crisis, it is possible the company’s business may experience some minimal disruption, but we don’t see it having a direct impact on demand for its products. Given these factors and the stock’s compelling valuation, we continued to own United Therapeutics.
The information technology sector was also home to two standout performers. Radware Ltd. is a leading global provider of cyber security and web application delivery solutions to service provider and large enterprise clients. The stock outperformed on a relative basis due to the anticipated durability of the firm’s business model. Radware is seeing increased demand for its network security and application delivery products to support the rapid increase in network traffic due to the transition of many employees and students to remote work environments. The firm reported an inline fourth-quarter 2019 with guidance for continued double-digit growth in subscription revenue. Radware continues to generate solid margins and cash flow while returning excess capital to shareholders as it transitions to a subscription-based model with increasing reoccurring revenue. Accordingly, we believed the market was continuing to overly discount the stock and remained invested.
Also in the technology sector, the Fund benefited from a position in Alarm.com Holdings Inc., a leading provider of wireless and subscription-based security system technology primarily for the residential professionally installed security market. The company’s products, which are sold through home security dealers, enable mobile access to home security systems and professional monitoring. The stock outperformed relative to the broader software and technology sectors because of stability of its model, continued double-digit growth in subscribers and strong margin profile. We continued to hold Alarm.com based on its attractive relative value versus its secular growth profile, in conjunction with management showing traction in the exciting and emerging commercial security market.
Performance results were mixed in the industrial sector where the Fund saw favorable performance from Air Transport Services Group Inc., offset by weak results from SP Plus Corporation. Air Transport primarily leases aircrafts to airfreight companies and provides additional services around core leasing. The company’s fourth-quarter 2019 report showed a constructive outlook for 2020 with cautious optimism from management. Air Transport’s business model is somewhat more defensive because it is less exposed to shipping volumes, although decreased utilization will have some negative impact. The company’s military business may experience some near-term weakness as troop movement will decline while supply demand will be stable. Although we’ve maintained this position, we are reassessing on an ongoing basis.
SP Plus provides parking management, ground transportation and other ancillary services to commercial, institutional and municipal clients. The company’s fourth-quarter 2019 report was slightly short of expectations while guidance was inline. Although the company’s business model has historically tended to be more defensive, shares have underperformed since the COVID-19 crisis. Management is lowering costs through a variety of ways. We believe SP Plus can weather the storm and have maintained our position, but continue to monitor the situation.
Similarly in the materials sector, the Fund benefited from a position in Minerals Technology Inc., offset by weakness from Allegheny Technologies Inc. Minerals Technology is a provider of specialty materials to a broad end market base on a global scale, from paper
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Portfolio Managers’ Comments (continued)
and auto parts manufacturing to household and environmental remediation products. The stock held up better than the overall materials segment because of the relative stability of the company’s end markets in conjunction with management’s continued ability to improve the margin and cash flow profile of the business through cost efficiencies and debt reduction. Historically, management has been successful in acquiring businesses that enhance the overall business model while building product extensions from the company’s strong raw material positioning in both bentonite and calcium carbonate. We remained invested in this long-term holding.
On the other hand, we saw weak results from Allegheny Technologies, the leading provider of specialty alloy products to primarily the aerospace and defense industry. Despite improvements in its overall positioning and financial strength through the disposition of non-core assets for cash, the company underperformed the broader materials sector because of exposure to the commercial aircraft engine market. Headwinds from the Boeing 737 Max production halt and COVID-19 crisis have caused Allegheny Technologies to shutter capacity and cut fixed cost overhead. We trimmed the Fund's exposure and continue to monitor prospects for growth into 2021 and beyond.
In the real estate sector, the Fund saw positive results from Lexington Realty Trust. This formerly diversified REIT has recently been shifting its focus toward industrial properties, which now represent more than 69% of rental income. We entered this position during the second half of 2019 given its improving balance sheet, diversified client base and shift toward the highly valued industrial property segment. As investors sought out more defensive opportunities, this stock has outperformed. We have maintained the Fund’s position in Lexington Realty. On the other hand, a position in Summit Hotel Properties Inc., a REIT focused on hotels and lodging, did not hold up well during the reporting period. While shares declined substantially in the face of dwindling occupancy and travel, we continued to maintain the Fund’s position in light of the company’s high quality management team and its focus on value-based property acquisition and management.
Finally, in the communication services sector, the Fund experienced poor results from Meredith Corporation, a publishing and broadcasting firm with key brands such as People, Better Homes & Garden, InStyle, Southern Living and Shape distributed via subscription, convenience locations and online. The firm also owns 17 television stations. Given the shutdown of many outlets that distributed Meredith’s publications and softening in advertising revenues near term, we exited the position in 2020 to shift the Fund’s communication services exposure to a pure-play broadcaster, TEGNA Inc.
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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 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 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.
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Fund Performance and Expense Ratios    
The Fund Performance and Expense Ratios for each Fund are shown within this section of the report.
Fund Performance
Returns quoted represent past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown.
Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for share classes that have less than 10-years of performance. Returns at net asset value (NAV) would be lower if the sales charge were included. Returns assume reinvestment of dividends and capital gains. For performance, current to the most recent month-end visit nuveen.com or call (800) 257-8787.
Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares.
Returns may reflect fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees, and assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for Class A Shares at NAV only.
Expense Ratios
The expense ratios shown are as of the Fund's most recent prospectus. The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any). The expense ratios include management fees and other fees and expenses.
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Fund Performance and Expense Ratios (continued)
Nuveen Dividend Value Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
  Total Retuns as of April 30, 2020*    
    Cumulative   Average Annual  
  Inception
Date 		6-Month   1-Year 5-Year 10-Year Expense
Ratios
Class A Shares at NAV 12/18/92 (17.01)%   (14.35)% 3.09% 7.67% 1.11%
Class A Shares at maximum Offering Price 12/18/92 (21.80)%   (19.29)% 1.87% 7.04% -
Russell 1000® Value Index - (13.66)%   (11.01)% 3.90% 8.54% -
S&P 500® Index - (3.16)%   0.86% 9.12% 11.69% -
Lipper Equity Income Funds Classification Average - (12.10)%   (9.35)% 4.19% 8.25% -
Class C Shares 2/01/99 (17.36)%   (14.99)% 2.32% 6.87% 1.86%
Class R3 Shares 9/24/01 (17.15)%   (14.59)% 2.82% 7.41% 1.36%
Class I Shares 8/02/94 (16.98)%   (14.13)% 3.34% 7.94% 0.86%
    
  Total Returns as of April 30, 2020*    
    Cumulative   Average Annual  
  Inception
date 		6-Month   1-Year 5-Year Since
Inception 		Expense
Ratios
Class R6 Shares 2/28/13 (16.85)%   (13.96)% 3.48% 6.84% 0.72%
*       Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C Shares automatically convert to Class A Shares ten years after purchase. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. 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.
18

Nuveen Mid Cap Value Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
  Total Returns as of April 30, 2020*    
    Cumulative   Average Annual   Expense Ratios**
  Inception
Date 		6-Month   1-Year 5-Year 10-Year   Gross Net
Class A Shares at NAV 12/22/87 (19.74)%   (17.12)% 2.08% 6.47%   1.27% 1.17%
Class A Shares at maximum Offering Price 12/22/87 (24.36)%   (21.89)% 0.87% 5.85%   - -
Russell Midcap® Value Index - (18.11)%   (16.74)% 1.99% 8.09%   - -
Lipper Mid-Cap Core Funds
Classification Average 		- (15.08)%   (13.87)% 1.76% 7.24%   - -
Class C Shares 2/01/99 (20.05)%   (17.75)% 1.31% 5.68%   2.02% 1.92%
Class R3 Shares 9/24/01 (19.83)%   (17.31)% 1.82% 6.21%   1.52% 1.42%
Class I Shares 2/04/94 (19.64)%   (16.90)% 2.33% 6.74%   1.02% 0.92%
    
  Total Returns as of April 30, 2020*    
    Cumulative   Average Annual   Expense Ratios**
  Inception
Date 		6-Month   1-Year Since
Inception 		  Gross Net
Class R6 Shares 6/20/18 (19.58)%   (16.79)% (10.61)%   0.87% 0.77%
*       Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1%, if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C Shares automatically convert to Class A Shares ten years after purchase. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. 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 other Fund expenses through July 31, 2021, so that total annual fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing or 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 Fund 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 time without the approval of the Board of Directors of the Fund.
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Fund Performance and Expense Ratios (continued)
Nuveen Small Cap Value Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
  Total Returns as of April 30, 2020*    
    Cumulative   Average Annual   Expense Ratios**
  Inception
Date 		6-Month   1-Year 5-Year 10-Year   Gross Net
Class A Shares at NAV 8/01/94 (28.60)%   (31.35)% (2.45)% 5.19%   1.28% 1.20%
Class A Shares at maximum Offering Price 8/01/94 (32.70)%   (35.31)% (3.60)% 4.57%   - -
Russell 2000® Value Index - (23.44)%   (23.84)% 0.30% 5.30%   - -
Lipper Small-Cap Value Funds Classification Average - (24.08)%   (25.66)% (1.54)% 4.69%   - -
Class C Shares 2/01/99 (28.92)%   (31.89)% (3.18)% 4.39%   2.03% 1.95%
Class R3 Shares 9/24/01 (28.72)%   (31.53)% (2.70)% 4.92%   1.53% 1.45%
Class I Shares 8/01/94 (28.53)%   (31.19)% (2.21)% 5.43%   1.03% 0.95%
    
  Total Returns as of April 30, 2020*    
    Cumulative   Average Annual   Expense Ratios**
  Inception
Date 		6-Month   1-Year Since
Inception 		  Gross Net
Class R6 Shares 6/30/16 (28.46)%   (31.06)% (4.25)%   0.83% 0.75%
*       Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C Shares automatically convert to Class A Shares ten years after purchase. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. 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 other Fund expenses through July 31, 2021, 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 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 Fund 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.
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Holding Summaries    as of April 30, 2020
This 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.
Nuveen Dividend Value Fund
Fund Allocation
(% of net assets) 		 
Common Stocks 99.7%
Money Market Funds 2.1%
Other Assets Less Liabilities (1.8)%
Net Assets 100%
Portfolio Composition
(% of net assets) 		 
Health Care Providers & Services 10.1%
Semiconductors & Semiconductor Equipment 9.5%
Electric Utilities 8.0%
Diversified Telecommunication Services 8.0%
Insurance 5.4%
Capital Markets 5.2%
Consumer Finance 4.4%
Banks 4.2%
Pharmaceuticals 4.1%
Mortgage Real Estate Investment Trust 3.3%
Equity Real Estate Investment Trust 3.2%
Tobacco 3.2%
Multi-Utilities 2.8%
IT Services 2.8%
Multiline Retail 2.6%
Biotechnology 2.4%
Aerospace & Defense 2.3%
Other 18.2%
Money Market Funds 2.1%
Other Assets Less Liabilities (1.8)%
Net Assets 100%
Top Five Common Stock Holdings
(% of net assets) 		 
Intel Corp 4.8%
Verizon Communications Inc 4.2%
AT&T Inc 3.8%
Philip Morris International Inc 3.2%
Dominion Energy Inc 2.8%
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Holding Summaries    as of April 30, 2020 (continued)
Nuveen Mid Cap Value Fund
Fund Allocation
(% of net assets) 		 
Common Stocks 98.3%
Investments Purchased with Collateral from Securities Lending 0.2%
Money Market Funds 1.4%
Other Assets Less Liabilities 0.1%
Net Assets 100%
Portfolio Composition
(% of net assets) 		 
Equity Real Estate Investment Trust 11.5%
Electric Utilities 6.3%
Banks 5.3%
Multi-Utilities 5.2%
Household Durables 5.0%
Insurance 4.6%
Capital Markets 4.2%
Oil, Gas & Consumable Fuels 3.7%
Chemicals 3.6%
Health Care Equipment & Supplies 3.0%
IT Services 2.6%
Machinery 2.4%
Mortgage Real Estate Investment Trust 2.3%
Electrical Equipment 2.3%
Semiconductors & Semiconductor Equipment 2.2%
Communications Equipment 2.2%
Health Care Providers & Services 2.0%
Diversified Financial Services 1.9%
Aerospace & Defense 1.9%
Biotechnology 1.9%
Leisure Products 1.8%
Food Products 1.8%
Electronic Equipment, Instruments & Components 1.8%
Other 18.8%
Investments Purchased with Collateral from Securities Lending 0.2%
Money Market Funds 1.4%
Other Assets Less Liabilities 0.1%
Net Assets 100%
Top Five Common Stock Holdings
(% of net assets) 		 
FirstEnergy Corp 2.5%
Marvell Technology Group Ltd 2.2%
Zimmer Biomet Holdings Inc 2.2%
First Industrial Realty Trust Inc 2.1%
Entergy Corp 2.0%
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Nuveen Small Cap Value Fund
Fund Allocation
(% of net assets) 		 
Common Stocks 99.6%
Investments Purchased with Collateral from Securities Lending 0.0%
Money Market Funds 0.3%
Other Assets Less Liabilities 0.1%
Net Assets 100%
Portfolio Composition
(% of net assets) 		 
Banks 16.4%
Equity Real Estate Investment Trust 9.7%
Insurance 5.0%
Semiconductors & Semiconductor Equipment 4.2%
Thrifts & Mortgage Finance 4.1%
Electronic Equipment, Instruments & Components 3.5%
Gas Utilities 3.3%
Oil, Gas & Consumable Fuels 3.0%
Household Durables 2.9%
Software 2.9%
Capital Markets 2.9%
Communications Equipment 2.6%
Construction & Engineering 2.5%
Professional Services 2.5%
Auto Components 2.4%
Metals & Mining 2.0%
Building Products 1.9%
Commercial Services & Supplies 1.9%
Specialty Retail 1.9%
Multi-Utilities 1.8%
Food Products 1.7%
Air Freight & Logistics 1.6%
Other 18.9%
Investments Purchased with Collateral from Securities Lending 0.0%
Money Market Funds 0.3%
Other Assets Less Liabilities 0.1%
Net Assets 100%
Top Five Common Stock Holdings
(% of net assets) 		 
Radware Ltd 2.0%
Banner Corp 1.9%
Gibraltar Industries Inc 1.9%
Cathay General Bancorp 1.9%
J2 Global Inc 1.8%
23

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 April 30, 2020.
The beginning of the period is November 1, 2019.
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 R3 Class R6 Class I
Actual Performance          
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $ 829.90 $ 826.38 $ 828.55 $ 831.51 $ 830.17
Expenses Incurred During the Period $ 4.96 $ 8.36 $ 6.09 $ 3.14 $ 3.82
Hypothetical Performance
(5% annualized return before expenses) 		         
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,019.44 $1,015.71 $1,018.20 $1,021.43 $1,020.69
Expenses Incurred During the Period $ 5.47 $ 9.22 $ 6.72 $ 3.47 $ 4.22
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.09%, 1.84%, 1.34%, 0.69% and 0.84% for Classes A, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
24

Nuveen Mid Cap Value Fund
  Share Class
  Class A Class C Class R3 Class R6 Class I
Actual Performance          
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $ 802.59 $ 799.47 $ 801.69 $ 804.16 $ 803.58
Expenses Incurred During the Period $ 5.24 $ 8.59 $ 6.36 $ 3.45 $ 4.13
Hypothetical Performance
(5% annualized return before expenses) 		         
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,019.05 $1,015.32 $1,017.80 $1,021.03 $1,020.29
Expenses Incurred During the Period $ 5.87 $ 9.62 $ 7.12 $ 3.87 $ 4.62
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.17%, 1.92%, 1.42%, 0.77% and 0.92% for Classes A, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
Nuveen Small Cap Value Fund
  Share Class
  Class A Class C Class R3 Class R6 Class I
Actual Performance          
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $ 713.99 $ 710.75 $ 712.77 $ 715.39 $ 714.70
Expenses Incurred During the Period $ 5.11 $ 8.29 $ 6.17 $ 3.24 $ 4.05
Hypothetical Performance
(5% annualized return before expenses) 		         
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,018.90 $1,015.17 $1,017.65 $1,021.08 $1,020.14
Expenses Incurred During the Period $ 6.02 $ 9.77 $ 7.27 $ 3.82 $ 4.77
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.20%, 1.95%, 1.45%, 0.76% and 0.95% for Classes A, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
25

Nuveen Dividend Value Fund
Portfolio of Investments    April 30, 2020
(Unaudited)
Shares   Description (1)       Value
    LONG-TERM INVESTMENTS – 99.7%        
    COMMON STOCKS – 99.7%        
    Aerospace & Defense – 2.3%        
216,116   L3Harris Technologies Inc       $ 41,861,669
    Banks – 4.2%        
988,732   Citigroup Inc       48,012,826
1,272,761   KeyCorp       14,827,666
399,084   TCF Financial Corp       11,848,804
    Total Banks       74,689,296
    Beverages – 2.2%        
1,501,545   Keurig Dr Pepper Inc       39,730,881
    Biotechnology – 2.4%        
514,976   AbbVie Inc       42,331,027
    Capital Markets – 5.2%        
728,378   Bank of New York Mellon Corp       27,343,310
552,814   Charles Schwab Corp       20,852,144
1,126,348   Morgan Stanley       44,411,902
    Total Capital Markets       92,607,356
    Chemicals – 1.0%        
659,079   CF Industries Holdings Inc       18,124,673
    Communications Equipment – 1.3%        
164,010   Motorola Solutions Inc       23,586,278
    Consumer Finance – 4.4%        
344,704   American Express Co       31,454,240
417,187   Capital One Financial Corp       27,017,030
476,470   Discover Financial Services       20,473,916
    Total Consumer Finance       78,945,186
    Diversified Financial Services – 1.0%        
402,096   Voya Financial Inc       18,162,676
    Diversified Telecommunication Services – 8.0%        
2,234,807   AT&T Inc       68,094,569
1,311,212   Verizon Communications Inc       75,329,130
    Total Diversified Telecommunication Services       143,423,699
    Electric Utilities – 8.0%        
223,687   American Electric Power Co Inc       18,590,627
26

Shares   Description (1)       Value
    Electric Utilities (continued)        
187,617   Entergy Corp       $17,919,300
564,208   Evergy Inc       32,966,673
1,146,418   Exelon Corp       42,509,180
769,257   FirstEnergy Corp       31,747,236
    Total Electric Utilities       143,733,016
    Electrical Equipment – 1.4%        
300,184   Eaton Corp PLC       25,065,364
    Equity Real Estate Investment Trust – 3.2%        
273,551   Crown Castle International Corp       43,612,236
514,037   Gaming and Leisure Properties Inc       14,516,405
    Total Equity Real Estate Investment Trust       58,128,641
    Food Products – 2.1%        
619,339   Tyson Foods Inc       38,516,692
    Health Care Providers & Services – 10.1%        
156,324   Anthem Inc       43,884,837
215,178   Cigna Corp       42,127,549
123,699   Humana Inc       47,230,752
162,822   UnitedHealth Group Inc       47,620,550
    Total Health Care Providers & Services       180,863,688
    Hotels, Restaurants & Leisure – 0.8%        
553,388   Wyndham Destinations Inc       14,150,131
    Household Durables – 1.3%        
1,718,462   Newell Brands Inc       23,852,253
    Household Products – 1.1%        
286,568   Colgate-Palmolive Co       20,137,133
    Insurance – 5.4%        
272,324   Allstate Corp       27,700,797
906,583   Hartford Financial Services Group Inc       34,441,088
362,011   Marsh & McLennan Cos Inc       35,234,531
    Total Insurance       97,376,416
    IT Services – 2.8%        
374,315   Fidelity National Information Services Inc       49,368,405
    Media – 1.1%        
538,735   Comcast Corp       20,272,598
    Mortgage Real Estate Investment Trust – 3.3%        
2,145,587   AGNC Investment Corp       26,648,191
3,320,053   Annaly Capital Management Inc       20,750,331
27

Nuveen Dividend Value Fund (continued)
Portfolio of Investments    April 30, 2020
(Unaudited)
Shares   Description (1)       Value
    Mortgage Real Estate Investment Trust (continued)        
917,750   Starwood Property Trust Inc       $ 11,875,685
    Total Mortgage Real Estate Investment Trust       59,274,207
    Multiline Retail – 2.6%        
422,414   Target Corp       46,355,712
    Multi-Utilities – 2.8%        
663,258   Dominion Energy Inc       51,157,090
    Pharmaceuticals – 4.1%        
841,282   AstraZeneca PLC, Sponsored ADR       43,982,223
494,134   Bristol-Myers Squibb Co       30,048,288
    Total Pharmaceuticals       74,030,511
    Road & Rail – 1.5%        
201,560   Kansas City Southern       26,313,658
    Semiconductors & Semiconductor Equipment – 9.5%        
121,460   Broadcom Inc       32,990,965
1,431,363   Intel Corp       85,853,153
236,499   NXP Semiconductors NV       23,548,205
519,107   Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR       27,580,155
    Total Semiconductors & Semiconductor Equipment       169,972,478
    Specialty Retail – 1.7%        
139,046   Home Depot Inc       30,566,482
    Technology Hardware, Storage & Peripherals – 0.8%        
965,007   HP Inc       14,967,259
    Tobacco – 3.2%        
774,247   Philip Morris International Inc       57,758,826
    Trading Companies & Distributors – 0.9%        
101,306   Watsco Inc       16,309,253
    Total Long-Term Investments (cost $1,929,257,986)       1,791,632,554
    
Shares   Description (1) Coupon     Value
    SHORT-TERM INVESTMENTS – 2.1%        
    MONEY MARKET FUNDS – 2.1%        
37,191,047   First American Treasury Obligation Fund, Class Z 0.134% (2)     $ 37,191,047
    Total Short-Term Investments (cost $37,191,047)       37,191,047
    Total Investments (cost $1,966,449,033) – 101.8%       1,828,823,601
    Other Assets Less Liabilities – (1.8)%       (31,855,678)
    Net Assets – 100%       $ 1,796,967,923
28

  For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.  
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period.  
ADR American Depositary Receipt  
See accompanying notes to financial statements.
29

Nuveen Mid Cap Value Fund
Portfolio of Investments    April 30, 2020
(Unaudited)
Shares   Description (1)       Value
    LONG-TERM INVESTMENTS – 98.3%        
    COMMON STOCKS – 98.3%        
    Aerospace & Defense – 1.9%        
26,541   L3Harris Technologies Inc       $ 5,140,992
    Airlines – 0.6%        
50,613   Alaska Air Group Inc, (2)       1,645,935
    Banks – 5.3%        
98,689   East West Bancorp Inc       3,461,023
139,516   Fifth Third Bancorp       2,607,554
298,040   KeyCorp       3,472,166
10,665   SVB Financial Group, (2)       2,060,158
74,029   Western Alliance Bancorp       2,656,161
    Total Banks       14,257,062
    Biotechnology – 1.9%        
46,509   United Therapeutics Corp, (2)       5,095,526
    Building Products – 1.2%        
36,171   Trane Technologies PLC       3,162,069
    Capital Markets – 4.2%        
50,922   Evercore Inc       2,627,575
44,902   Nasdaq Inc       4,924,402
59,030   Raymond James Financial Inc       3,891,258
    Total Capital Markets       11,443,235
    Chemicals – 3.6%        
36,988   Celanese Corp       3,072,593
96,409   CF Industries Holdings Inc       2,651,248
229,852   Huntsman Corp       3,863,812
    Total Chemicals       9,587,653
    Communications Equipment – 2.2%        
55,144   Ciena Corp, (2)       2,550,410
23,724   Motorola Solutions Inc       3,411,748
    Total Communications Equipment       5,962,158
    Construction Materials – 1.5%        
276,916   Summit Materials Inc, (2)       4,184,201
    Consumer Finance – 0.9%        
96,680   OneMain Holdings Inc       2,340,623
30

Shares   Description (1)       Value
    Diversified Financial Services – 1.9%        
114,089   Voya Financial Inc       $ 5,153,400
    Electric Utilities – 6.3%        
101,895   Alliant Energy Corp       4,947,002
57,044   Entergy Corp       5,448,273
161,396   FirstEnergy Corp       6,660,813
    Total Electric Utilities       17,056,088
    Electrical Equipment – 2.3%        
42,112   AMETEK Inc       3,531,933
21,072   Hubbell Inc       2,621,989
    Total Electrical Equipment       6,153,922
    Electronic Equipment, Instruments & Components – 1.8%        
158,757   Avnet Inc       4,765,885
    Equity Real Estate Investment Trust – 11.5%        
303,036   Brandywine Realty Trust       3,381,882
18,151   Digital Realty Trust Inc       2,713,393
11,142   Essex Property Trust Inc       2,719,762
147,904   First Industrial Realty Trust Inc       5,586,334
33,132   Mid-America Apartment Communities Inc       3,708,133
63,049   Regency Centers Corp       2,768,482
77,040   SL Green Realty Corp       4,086,972
639,937   VEREIT Inc       3,506,855
112,497   Washington Real Estate Investment Trust       2,623,430
    Total Equity Real Estate Investment Trust       31,095,243
    Food Products – 1.8%        
77,758   Tyson Foods Inc       4,835,770
    Health Care Equipment & Supplies – 3.0%        
6,701   Teleflex Inc       2,247,515
48,901   Zimmer Biomet Holdings Inc       5,853,450
    Total Health Care Equipment & Supplies       8,100,965
    Health Care Providers & Services – 2.0%        
81,805   Centene Corp, (2)       5,446,577
    Hotels, Restaurants & Leisure – 1.4%        
19,668   Hyatt Hotels Corp       1,106,522
85,317   MGM Resorts International       1,435,885
53,431   Wyndham Destinations Inc       1,366,230
    Total Hotels, Restaurants & Leisure       3,908,637
    Household Durables – 5.0%        
111,873   DR Horton Inc       5,282,643
31

Nuveen Mid Cap Value Fund (continued)
Portfolio of Investments    April 30, 2020
(Unaudited)
Shares   Description (1)       Value
    Household Durables (continued)        
45,837   Mohawk Industries Inc, (2)       $4,020,822
302,182   Newell Brands Inc       4,194,286
    Total Household Durables       13,497,751
    Household Products – 1.2%        
80,894   Energizer Holdings Inc       3,151,630
    Insurance – 4.6%        
195,175   CNO Financial Group Inc       2,744,161
129,691   Hartford Financial Services Group Inc       4,926,961
26,059   Willis Towers Watson PLC       4,646,059
    Total Insurance       12,317,181
    IT Services – 2.6%        
145,220   Perspecta Inc       3,132,395
19,099   VeriSign Inc, (2)       4,001,050
    Total IT Services       7,133,445
    Leisure Products – 1.8%        
101,647   Brunswick Corp/DE       4,850,595
    Machinery – 2.4%        
63,710   Crane Co       3,469,009
26,768   Stanley Black & Decker Inc       2,949,834
    Total Machinery       6,418,843
    Media – 1.2%        
294,300   TEGNA Inc       3,154,896
    Metals & Mining – 0.9%        
100,191   Steel Dynamics Inc       2,431,635
    Mortgage Real Estate Investment Trust – 2.3%        
226,728   AGNC Investment Corp       2,815,962
270,702   Starwood Property Trust Inc       3,502,884
    Total Mortgage Real Estate Investment Trust       6,318,846
    Multiline Retail – 1.0%        
15,313   Dollar General Corp       2,684,369
    Multi-Utilities – 5.2%        
68,762   Ameren Corp       5,002,436
166,204   NiSource Inc       4,173,382
96,899   Public Service Enterprise Group Inc       4,913,748
    Total Multi-Utilities       14,089,566
    Oil, Gas & Consumable Fuels – 3.7%        
56,062   Concho Resources Inc       3,179,837
32

Shares   Description (1)       Value
    Oil, Gas & Consumable Fuels (continued)        
251,400   Williams Cos Inc       $4,869,618
296,155   WPX Energy Inc, (2)       1,815,430
    Total Oil, Gas & Consumable Fuels       9,864,885
    Pharmaceuticals – 1.0%        
24,907   Jazz Pharmaceuticals PLC, (2), (3)       2,745,997
    Real Estate Management & Development – 0.8%        
20,647   Jones Lang LaSalle Inc       2,179,910
    Road & Rail – 1.7%        
35,348   Kansas City Southern       4,614,681
    Semiconductors & Semiconductor Equipment – 2.2%        
227,152   Marvell Technology Group Ltd       6,074,044
    Software – 1.8%        
30,091   Synopsys Inc, (2)       4,727,898
    Specialty Retail – 1.2%        
43,297   Best Buy Co Inc       3,322,179
    Thrifts & Mortgage Finance – 1.2%        
211,913   Radian Group Inc       3,174,457
    Water Utilities – 1.2%        
25,761   American Water Works Co Inc       3,134,856
    Total Long-Term Investments (cost $280,752,555)       265,223,605
    
Shares   Description (1) Coupon     Value
    INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.2%      
    MONEY MARKET FUNDS – 0.2%        
548,725   First American Government Obligations Fund, Class X, (4) 0.252% (5)     $ 548,725
    Total Investments Purchased with Collateral from Securities Lending (cost $548,725)     548,725
    
Shares   Description (1) Coupon     Value
    SHORT-TERM INVESTMENTS – 1.4%        
    MONEY MARKET FUNDS – 1.4%        
3,741,107   First American Treasury Obligation Fund, Class Z 0.134% (5)     $ 3,741,107
    Total Short-Term Investments (cost $3,741,107)       3,741,107
    Total Investments (cost $285,042,387) – 99.9%       269,513,437
    Other Assets Less Liabilities – 0.1%       239,269
    Net Assets – 100%       $ 269,752,706
33

Nuveen Mid Cap Value Fund (continued)
Portfolio of Investments    April 30, 2020
(Unaudited)
  For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.  
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) Non-income producing; issuer has not declared a dividend within the past twelve months.  
(3) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $518,175.  
(4) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 4  –  Portfolio Securities and Investments in Derivatives for more information.  
(5) The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period.  
See accompanying notes to financial statements.
34

Nuveen Small Cap Value Fund
Portfolio of Investments    April 30, 2020
(Unaudited)
Shares   Description (1)       Value
    LONG-TERM INVESTMENTS – 99.6%        
    COMMON STOCKS – 99.6%        
    Aerospace & Defense – 1.1%        
245,085   Parsons Corp, (2)       $ 9,166,179
    Air Freight & Logistics – 1.6%        
654,452   Air Transport Services Group Inc, (2)       13,246,108
    Airlines – 0.4%        
215,691   Spirit Airlines Inc, (2), (3)       3,239,679
    Auto Components – 2.4%        
363,227   Cooper Tire & Rubber Co       7,696,780
1,004,668   Dana Inc, (2)       11,553,682
    Total Auto Components       19,250,462
    Banks – 16.4%        
402,729   Banner Corp       15,476,875
385,953   Berkshire Hills Bancorp Inc       6,576,639
543,353   Cathay General Bancorp       15,170,416
643,219   First Busey Corp       11,848,094
375,163   Heartland Financial USA Inc       12,744,287
1,460,189   Investors Bancorp Inc       13,594,360
367,292   Pinnacle Financial Partners Inc       14,783,503
321,952   Preferred Bank/Los Angeles CA       12,282,469
427,438   Renasant Corp       11,211,699
303,412   Western Alliance Bancorp       10,886,422
217,471   Wintrust Financial Corp       9,112,035
    Total Banks       133,686,799
    Biotechnology – 1.5%        
114,415   United Therapeutics Corp       12,535,307
    Building Products – 1.9%        
333,950   Gibraltar Industries Inc, (2)       15,461,885
    Capital Markets – 2.9%        
210,511   Evercore Inc       10,862,368
230,240   Piper Sandler Cos       12,412,238
    Total Capital Markets       23,274,606
    Chemicals – 1.5%        
275,765   Minerals Technologies Inc       12,144,691
35

Nuveen Small Cap Value Fund (continued)
Portfolio of Investments    April 30, 2020
(Unaudited)
Shares   Description (1)       Value
    Commercial Services & Supplies – 1.9%        
96,838   Brink's Co       $4,950,358
479,709   SP Plus Corp, (2)       10,117,063
    Total Commercial Services & Supplies       15,067,421
    Communications Equipment – 2.6%        
199,873   NETGEAR Inc, (2)       4,792,955
690,455   Radware Ltd, (2)       16,356,879
    Total Communications Equipment       21,149,834
    Construction & Engineering – 2.5%        
523,486   Aegion Corp, (2)       8,401,950
190,719   EMCOR Group Inc       12,116,378
    Total Construction & Engineering       20,518,328
    Construction Materials – 0.8%        
443,153   Summit Materials Inc       6,696,042
    Consumer Finance – 0.6%        
205,253   OneMain Holdings Inc       4,969,175
    Diversified Telecommunication Services – 1.2%        
1,122,901   Vonage Holdings Corp, (2)       9,387,452
    Electronic Equipment, Instruments & Components – 3.5%        
421,047   Avnet Inc       12,639,831
88,575   SYNNEX Corp, (2)       7,755,627
666,268   TTM Technologies Inc, (2)       7,722,046
    Total Electronic Equipment, Instruments & Components       28,117,504
    Equity Real Estate Investment Trust – 9.7%        
1,032,576   Brandywine Realty Trust       11,523,548
397,085   Kite Realty Group Trust       4,062,180
1,364,177   Lexington Realty Trust       14,255,650
754,694   Preferred Apartment Communities Inc       5,592,282
609,371   Retail Opportunity Investments Corp       5,913,946
742,442   RLJ Lodging Trust       6,897,286
513,793   STAG Industrial Inc       13,487,066
1,334,787   Summit Hotel Properties Inc       8,088,809
405,455   Washington Real Estate Investment Trust       9,455,211
    Total Equity Real Estate Investment Trust       79,275,978
    Food Products – 1.7%        
1,116,816   Hostess Brands Inc, (2)       13,424,128
    Gas Utilities – 3.3%        
79,800   ONE Gas Inc       6,360,858
275,362   South Jersey Industries Inc       7,872,599
36

Shares   Description (1)       Value
    Gas Utilities (continued)        
176,635   Spire Inc       $ 12,887,290
    Total Gas Utilities       27,120,747
    Health Care Equipment & Supplies – 1.1%        
356,484   Natus Medical Inc, (2)       8,908,535
    Health Care Providers & Services – 0.9%        
163,862   AMN Healthcare Services Inc, (2)       7,698,237
    Hotels, Restaurants & Leisure – 1.2%        
162,776   Jack in the Box Inc       9,815,393
    Household Durables – 2.9%        
546,527   La-Z-Boy Inc       12,816,058
438,386   M/I Homes Inc, (2)       11,161,308
    Total Household Durables       23,977,366
    Insurance – 5.0%        
153,918   AMERISAFE Inc       9,799,959
193,969   Argo Group International Holdings Ltd, (2)       6,858,744
557,226   BRP Group Inc, (2)       5,583,405
750,402   CNO Financial Group Inc       10,550,652
221,565   Horace Mann Educators Corp       7,790,225
    Total Insurance       40,582,985
    IT Services – 0.5%        
188,240   Perspecta Inc       4,060,337
    Leisure Products – 1.2%        
199,965   Brunswick Corp/DE       9,542,330
    Machinery – 1.4%        
434,488   Kennametal Inc       11,127,238
    Media – 0.6%        
430,424   TEGNA Inc       4,614,145
    Metals & Mining – 2.0%        
437,657   Allegheny Technologies Inc, (2)       3,286,804
153,324   Compass Minerals International Inc       7,537,408
1,782,311   SunCoke Energy Inc       5,614,280
    Total Metals & Mining       16,438,492
    Mortgage Real Estate Investment Trust – 1.2%        
1,230,832   Ladder Capital Corp       9,785,114
    Multi-Utilities – 1.8%        
241,192   Black Hills Corp       14,939,432
37

Nuveen Small Cap Value Fund (continued)
Portfolio of Investments    April 30, 2020
(Unaudited)
Shares   Description (1)       Value
    Oil, Gas & Consumable Fuels – 3.0%        
541,043   Brigham Minerals Inc       $6,974,044
365,420   Delek US Holdings Inc       8,532,557
1,333,821   Magnolia Oil & Gas Corp, (2)       8,629,822
    Total Oil, Gas & Consumable Fuels       24,136,423
    Pharmaceuticals – 1.5%        
303,552   Prestige Consumer Healthcare Inc, (2)       12,351,531
    Professional Services – 2.5%        
500,982   CBIZ Inc, (2)       11,898,322
286,397   Korn Ferry       8,256,826
    Total Professional Services       20,155,148
    Road & Rail – 0.4%        
113,223   TFI International Inc       3,141,938
    Semiconductors & Semiconductor Equipment – 4.2%        
171,057   Diodes Inc, (2)       8,705,091
81,118   MKS Instruments Inc       8,130,457
159,413   Semtech Corp, (2)       7,211,844
150,786   Synaptics Inc, (2)       9,859,897
    Total Semiconductors & Semiconductor Equipment       33,907,289
    Software – 2.9%        
194,191   Alarmcom Holdings Inc, (2)       8,686,163
186,068   J2 Global Inc, (2)       15,004,524
    Total Software       23,690,687
    Specialty Retail – 1.9%        
300,217   Aaron's Inc       9,579,924
96,789   Group 1 Automotive Inc, (2)       5,477,290
    Total Specialty Retail       15,057,214
    Textiles, Apparel & Luxury Goods – 0.7%        
27,952   Culp Inc       198,739
514,659   G-III Apparel Group Ltd, (2)       5,831,086
    Total Textiles, Apparel & Luxury Goods       6,029,825
    Thrifts & Mortgage Finance – 4.1%        
468,759   Flagstar Bancorp Inc       12,145,546
844,114   Radian Group Inc       12,644,828
304,540   WSFS Financial Corp       8,886,477
    Total Thrifts & Mortgage Finance       33,676,851
    Water Utilities – 1.1%        
201,104   California Water Service Group       9,033,592
    Total Long-Term Investments (cost $966,447,323)       810,402,427
    
38

Shares   Description (1) Coupon     Value
    INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 0.0%      
    MONEY MARKET FUNDS – 0.0%        
511,875   First American Government Obligations Fund, Class X, (4) 0.252% (5)     $ 511,875
    Total Investments Purchased with Collateral from Securities Lending (cost $511,875)     511,875
    
Shares   Description (1) Coupon     Value
    SHORT-TERM INVESTMENTS – 0.3%        
    MONEY MARKET FUNDS – 0.3%        
2,318,774   First American Treasury Obligation Fund, Class Z 0.134% (5)     $ 2,318,774
    Total Short-Term Investments (cost $2,318,774)       2,318,774
    Total Investments (cost $969,277,972) – 99.9%       813,233,076
    Other Assets Less Liabilities – 0.1%       704,509
    Net Assets – 100%       $ 813,937,585
  For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.  
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) Non-income producing; issuer has not declared a dividend within the past twelve months.  
(3) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $488,150.  
(4) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 4  –  Portfolio Securities and Investments in Derivatives for more information.  
(5) The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period.  
See accompanying notes to financial statements.
39

Statement of Assets and Liabilities
April 30, 2020
(Unaudited)
  Dividend
Value 		Mid Cap
Value 		Small Cap
Value
Assets      
Long-term investments, at value (cost $1,929,257,986, $280,752,555 and $966,447,323, respectively) $1,791,632,554 $265,223,605 $810,402,427
Investment purchased with collateral from securities lending, at value (cost approximates value)  — 548,725 511,875
Short-term investments, at value (cost approximates value) 37,191,047 3,741,107 2,318,774
Receivable for:      
Dividends 4,042,007 139,645 266,330
Due from affiliates 187,493 28,101 128,542
Due from broker  — 198 234
Interest 5,682 616 189
Investments sold  — 7,577,012 9,601,662
Shares sold 119,165 938,506 2,423,064
Other assets 124,594 56,293 107,672
Total assets 1,833,302,542 278,253,808 825,760,769
Liabilities      
Cash overdraft  —  — 1,581
Payable for:      
Collateral from securities lending program  — 548,725 511,875
Interest 46,294  —  —
Investments purchased - regular settlement 21,442,941 7,319,074 2,509,089
Shares redeemed 13,112,073 265,874 7,080,601
Accrued expenses:      
Directors fees 99,454 12,927 55,411
Management fees 920,588 117,206 594,639
Shareholder servicing agent fees 471,710 166,977 705,189
12b-1 distribution and service fees 53,182 14,440 48,720
Other 188,377 55,879 316,079
Total liabilities 36,334,619 8,501,102 11,823,184
Net assets $1,796,967,923 $269,752,706 $813,937,585
       
See accompanying notes to financial statements.
40

Statement of Assets and Liabilities (Unaudited) (continued)
  Dividend
Value 		Mid Cap
Value 		Small Cap
Value
Class A Shares      
Net assets $ 170,861,492 $ 39,694,930 $ 110,556,356
Shares outstanding 15,475,057 1,215,039 7,042,949
Net asset value ("NAV") per share $ 11.04 $ 32.67 $ 15.70
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) $ 11.71 $ 34.66 $ 16.66
Class C Shares      
Net assets $ 16,210,153 $ 5,056,086 $ 26,142,287
Shares outstanding 1,499,082 164,651 1,978,486
NAV and offering price per share $ 10.81 $ 30.71 $ 13.21
Class R3 Shares      
Net assets $ 17,203,843 $ 7,745,217 $ 23,372,159
Shares outstanding 1,566,182 239,158 1,522,664
NAV and offering price per share $ 10.98 $ 32.39 $ 15.35
Class R6 Shares      
Net assets $1,138,544,590 $ 15,776,655 $ 99,003,070
Shares outstanding 100,698,235 480,603 6,067,082
NAV and offering price per share $ 11.31 $ 32.83 $ 16.32
Class I Shares      
Net assets $ 454,147,845 $201,479,818 $ 554,863,713
Shares outstanding 40,535,596 6,149,217 34,144,464
NAV and offering price per share $ 11.20 $ 32.77 $ 16.25
Fund level net assets consist of:      
Capital paid-in $2,058,363,955 $300,574,838 $1,378,635,674
Total distributable earnings (261,396,032) (30,822,132) (564,698,089)
Fund level net assets $1,796,967,923 $269,752,706 $ 813,937,585
Authorized shares - per class 2 billion 2 billion 2 billion
Par value per share $ 0.0001 $ 0.0001 $ 0.0001
See accompanying notes to financial statements.
41

Statement of Operations
Six Months Ended April 30, 2020
(Unaudited)
  Dividend
Value 		Mid Cap
Value 		Small Cap
Value
Investment Income      
Dividends $ 29,997,139 $ 3,170,674 $ 9,977,184
Interest 208,817 19,803 66,262
Securities lending income 491 309 5,934
Payment from affiliate 187,493 28,101 128,542
Foreign tax withheld on dividend income (130,934)  —  —
Total investment income 30,263,006 3,218,887 10,177,922
Expenses      
Management fees 6,167,332 1,236,607 5,233,870
12b-1 service fees - Class A Shares 250,878 61,045 209,893
12b-1 distribution and service fees - Class C Shares 103,194 33,695 187,894
12b-1 distibution and service fees - Class R3 Shares 51,649 22,805 78,042
Shareholder servicing agent fees 724,025 239,384 1,306,275
Custodian fees 91,917 29,589 89,102
Professional fees 29,901 17,931 40,949
Directors fees 22,253 3,296 13,511
Shareholder reporting expenses 51,399 29,909 176,033
Federal and state registration fees 159,901 47,640 52,903
Other 31,080 13,128 46,781
Total expenses before fee waiver/expense reimbursement 7,683,529 1,735,029 7,435,253
Fee waiver/expense reimbursement  — (188,092) (669,170)
Net expenses 7,683,529 1,546,937 6,766,083
Net investment income (loss) 22,579,477 1,671,950 3,411,839
Realized and Unrealized Gain (Loss)      
Net realized gain (loss) from investments and foreign currency (122,886,916) (11,692,009) (205,445,452)
Change in net unrealized appreciation (depreciation) of investments and foreign currency (301,372,254) (52,279,338) (209,857,861)
Net realized and unrealized gain (loss) (424,259,170) (63,971,347) (415,303,313)
Net increase (decrease) in net assets from operations $(401,679,693) $(62,299,397) $(411,891,474)
See accompanying notes to financial statements.
42

Statement of Changes in Net Assets
(Unaudited)
  Dividend Value   Mid Cap Value   Small Cap Value
  Six Months Ended
4/30/20 		Year Ended
10/31/19 		  Six Months Ended
4/30/20 		Year Ended
10/31/19 		  Six Months Ended
4/30/20 		Year Ended
10/31/19
Operations                
Net investment income (loss) $ 22,579,477 $ 22,778,456   $ 1,671,950 $ 3,804,104   $ 3,411,839 $ 19,186,671
Net realized gain (loss) from investments and foreign currency (122,886,916) 136,560,082   (11,692,009) (4,962,182)   (205,445,452) (195,896,872)
Change in net unrealized appreciation (depreciation) of investments and foreign currency (301,372,254) (57,720,876)   (52,279,338) 36,915,276   (209,857,861) 168,775,638
Net increase (decrease) in net assets from operations (401,679,693) 101,617,662   (62,299,397) 35,757,198   (411,891,474) (7,934,563)
Distributions to Shareholders                
Dividends:                
Class A Shares (13,840,560) (21,478,363)   (508,084) (2,090,136)   (1,836,890) (9,218,363)
Class C Shares (1,397,906) (2,571,787)   (15,371) (269,609)   (81,329) (2,213,805)
Class R3 Shares (1,423,416) (2,421,158)   (67,895) (305,976)   (244,673) (1,486,198)
Class R6 Shares (81,552,152) (15,749,024)   (243,451) (150,144)   (1,601,689) (4,532,713)
Class I Shares (42,448,579) (59,923,827)   (2,966,388) (7,324,416)   (13,780,598) (59,648,995)
Decrease in net assets from distributions to shareholders (140,662,613) (102,144,159)   (3,801,189) (10,140,281)   (17,545,179) (77,100,074)
Fund Share Transactions                
Proceeds from sale of shares 1,493,091,961 181,700,330   52,923,054 195,139,508   244,639,389 725,770,948
Proceeds from shares issued to shareholders due to reinvestment of distributions 134,943,908 89,885,116   3,481,369 9,082,541   14,169,324 61,854,103
  1,628,035,869 271,585,446   56,404,423 204,222,049   258,808,713 787,625,051
Cost of shares redeemed (264,823,804) (407,594,403)   (64,077,418) (92,882,064)   (674,452,336) (1,386,388,541)
Net increase (decrease) in net assets from Fund share transactions 1,363,212,065 (136,008,957)   (7,672,995) 111,339,985   (415,643,623) (598,763,490)
Net increase (decrease) in net assets 820,869,759 (136,535,454)   (73,773,581) 136,956,902   (845,080,276) (683,798,127)
Net assets at the beginning of period 976,098,164 1,112,633,618   343,526,287 206,569,385   1,659,017,861 2,342,815,988
Net assets at the end of period $1,796,967,923 $ 976,098,164   $269,752,706 $343,526,287   $ 813,937,585 $ 1,659,017,861
See accompanying notes to financial statements.
43

Financial Highlights
(Unaudited)
Dividend Value
Selected data for a share outstanding throughout each period:
                 
                 
    Investment Operations   Less Distributions  
Class (Commencement Date) Year Ended October 31, Beginning
NAV 		Net Investment Income (Loss)(a) Net Realized/ Unrealized Gain (Loss) Total   From Net Investment Income From Accumulated Net Realized Gains Total Ending
NAV
Class A (12/92)                  
2020(e) $14.21 $0.13 $(2.37) $(2.24)   $(0.12) $(0.81) $(0.93) $11.04
2019 14.32 0.26 0.96 1.22   (0.28) (1.05) (1.33) 14.21
2018 15.67 0.25 0.35 0.60   (0.24) (1.71) (1.95) 14.32
2017 15.12 0.22 2.72 2.94   (0.22) (2.17) (2.39) 15.67
2016 15.81 0.25 0.48 0.73   (0.30) (1.12) (1.42) 15.12
2015 17.44 0.28 (0.44) (0.16)   (0.34) (1.13) (1.47) 15.81
Class C (02/99)                  
2020(e) 13.93 0.08 (2.33) (2.25)   (0.06) (0.81) (0.87) 10.81
2019 14.06 0.16 0.93 1.09   (0.17) (1.05) (1.22) 13.93
2018 15.41 0.14 0.35 0.49   (0.13) (1.71) (1.84) 14.06
2017 14.90 0.11 2.68 2.79   (0.11) (2.17) (2.28) 15.41
2016 15.60 0.14 0.47 0.61   (0.19) (1.12) (1.31) 14.90
2015 17.23 0.16 (0.44) (0.28)   (0.22) (1.13) (1.35) 15.60
Class R3 (09/01)                  
2020(e) 14.14 0.11 (2.36) (2.25)   (0.10) (0.81) (0.91) 10.98
2019 14.26 0.23 0.94 1.17   (0.24) (1.05) (1.29) 14.14
2018 15.60 0.22 0.36 0.58   (0.21) (1.71) (1.92) 14.26
2017 15.08 0.18 2.71 2.89   (0.20) (2.17) (2.37) 15.60
2016 15.77 0.22 0.47 0.69   (0.26) (1.12) (1.38) 15.08
2015 17.41 0.24 (0.45) (0.21)   (0.30) (1.13) (1.43) 15.77
Class R6 (02/13)                  
2020(e) 14.54 0.16 (2.43) (2.27)   (0.15) (0.81) (0.96) 11.31
2019 14.61 0.32 0.99 1.31   (0.33) (1.05) (1.38) 14.54
2018 15.93 0.32 0.36 0.68   (0.29) (1.71) (2.00) 14.61
2017 15.32 0.25 2.79 3.04   (0.26) (2.17) (2.43) 15.93
2016 15.99 0.30 0.49 0.79   (0.34) (1.12) (1.46) 15.32
2015 17.62 0.34 (0.45) (0.11)   (0.39) (1.13) (1.52) 15.99
Class I (08/94)                  
2020(e) 14.42 0.15 (2.42) (2.27)   (0.14) (0.81) (0.95) 11.20
2019 14.51 0.30 0.98 1.28   (0.32) (1.05) (1.37) 14.42
2018 15.85 0.30 0.36 0.66   (0.29) (1.71) (2.00) 14.51
2017 15.27 0.26 2.75 3.01   (0.26) (2.17) (2.43) 15.85
2016 15.95 0.29 0.49 0.78   (0.34) (1.12) (1.46) 15.27
2015 17.60 0.33 (0.46) (0.13)   (0.39) (1.13) (1.52) 15.95
44

           
  Ratios/Supplemental Data
    Ratios to Average
Net Assets 		 
Total
Return(b), (c) 		Ending
Net
Assets
(000) 		Expenses Net
Investment
Income
(Loss) 		Net Investment
Income(Loss)
Excluding
Payment From
Affiliates 		Portfolio
Turnover
Rate(d)
           
(17.01)% $ 170,861 1.09%* 2.01%* 1.99%* 61%
9.81 215,710 1.11 1.94 N/A 93
3.72 264,271 1.08 1.68 N/A 68
20.95 269,063 1.08 1.46 N/A 56
5.33 259,457 1.14 1.69 N/A 67
(0.87) 310,055 1.15 1.72 N/A 53
           
(17.36) 16,210 1.84* 1.25* 1.23* 61
8.98 23,083 1.86 1.19 N/A 93
2.98 31,111 1.83 0.95 N/A 68
20.09 39,825 1.83 0.72 N/A 56
4.46 43,097 1.89 0.94 N/A 67
(1.59) 53,507 1.90 0.98 N/A 53
           
(17.15) 17,204 1.34* 1.75* 1.73* 61
9.50 23,091 1.36 1.68 N/A 93
3.53 27,927 1.33 1.44 N/A 68
20.64 33,639 1.33 1.21 N/A 56
5.01 31,758 1.39 1.49 N/A 67
(1.12) 42,618 1.40 1.45 N/A 53
           
(16.85) 1,138,545 0.69* 2.49* 2.47* 61
10.29 52,824 0.72 2.30 N/A 93
4.15 172,215 0.72 2.05 N/A 68
21.40 188,356 0.73 1.63 N/A 56
5.63 50,588 0.79 2.04 N/A 67
(0.51) 56,123 0.81 2.03 N/A 53
           
(16.98) 454,148 0.84* 2.25* 2.23* 61
10.14 661,390 0.86 2.18 N/A 93
4.02 617,086 0.83 1.94 N/A 68
21.25 561,047 0.83 1.73 N/A 56
5.56 654,967 0.89 1.95 N/A 67
(0.64) 930,850 0.90 1.99 N/A 53
(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.
(b) During the current fiscal period, the Fund received voluntary compensation from the Adviser. The Fund's Total Return for each share would decrease by an amount equaling less than 0.01% if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information.
(c) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.
(d) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4  –  Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
(e) For the six months ended April 30, 2020.
* Annualized.
N/A Fund did not have Payments from Affiliates for periods prior to the fiscal year ended October 31, 2020.
See accompanying notes to financial statements.
45

Financial Highlights (Unaudited) (continued)
Mid Cap Value
Selected data for a share outstanding throughout each period:
                 
                 
    Investment Operations   Less Distributions  
Class (Commencement Date)  Year Ended October 31 Beginning
NAV 		Net
Investment
Income
(Loss)(a) 		Net
Realized/
Unrealized
Gain (Loss) 		Total   From
Net
Investment
Income 		From
Accumulated
Net Realized
Gains 		Total Ending
NAV
Class A (12/87)                  
2020(f) $41.07 $ 0.17 $(8.19) $(8.02)   $(0.38) $  — $(0.38) $32.67
2019 38.91 0.40 3.29 3.69   (0.09) (1.44) (1.53) 41.07
2018 42.32 0.29 (0.46) (0.17)   (0.26) (2.98) (3.24) 38.91
2017 35.23 0.26 8.17 8.43   (0.32) (1.02) (1.34) 42.32
2016 35.39 0.30 0.72 1.02   (0.09) (1.09) (1.18) 35.23
2015 35.37 0.10 0.22 0.32   (0.30)  — (0.30) 35.39
Class C (02/99)                  
2020(f) 38.49 0.03 (7.73) (7.70)   (0.08)  — (0.08) 30.71
2019 36.73 0.11 3.09 3.20    — (1.44) (1.44) 38.49
2018 40.17 (  —)* (0.46) (0.46)    — (2.98) (2.98) 36.73
2017 33.50 (0.03) 7.78 7.75   (0.06) (1.02) (1.08) 40.17
2016 33.86 0.04 0.69 0.73    — (1.09) (1.09) 33.50
2015 33.86 (0.16) 0.20 0.04   (0.04)  — (0.04) 33.86
Class R3 (09/01)                  
2020(f) 40.67 0.12 (8.12) (8.00)   (0.28)  — (0.28) 32.39
2019 38.55 0.31 3.25 3.56    — (1.44) (1.44) 40.67
2018 41.95 0.18 (0.44) (0.26)   (0.16) (2.98) (3.14) 38.55
2017 34.94 0.17 8.09 8.26   (0.23) (1.02) (1.25) 41.95
2016 35.17 0.21 0.65 0.86    — (1.09) (1.09) 34.94
2015 35.15 0.02 0.21 0.23   (0.21)  — (0.21) 35.17
Class R6 (06/18)                  
2020(f) 41.32 0.24 (8.21) (7.97)   (0.52)  — (0.52) 32.83
2019 39.10 0.55 3.30 3.85   (0.19) (1.44) (1.63) 41.32
2018(g) 42.86 0.11 (3.87) (3.76)    —  —  — 39.10
Class I (02/94)                  
2020(f) 41.24 0.22 (8.21) (7.99)   (0.48)  — (0.48) 32.77
2019 39.08 0.51 3.28 3.79   (0.19) (1.44) (1.63) 41.24
2018 42.49 0.40 (0.47) (0.07)   (0.36) (2.98) (3.34) 39.08
2017 35.36 0.36 8.20 8.56   (0.41) (1.02) (1.43) 42.49
2016 35.52 0.38 0.73 1.11   (0.18) (1.09) (1.27) 35.36
2015 35.50 0.20 0.20 0.40   (0.38)  — (0.38) 35.52
46

                 
  Ratios/Supplemental Data
    Ratios to Average
Net Assets Before
Waiver/Reimbursement 		  Ratios to Average
Net Assets After
Waiver/Reimbursement(d) 		 
Total
Return(b), (c) 		Ending
Net
Assets
(000) 		Expenses Net
Investment
Income
(Loss) 		Net Investment
Income (Loss)
Excluding
Payment From
Affiliates 		  Expenses Net
Investment
Income
(Loss) 		Net Investment
Income (Loss)
Excluding
Payment From
Affiliates 		Portfolio
Turnover
Rate(e)
                   
(19.74)% $ 39,695 1.29%*** 0.77%*** 0.75%***   1.17%*** 0.90%*** 0.88%*** 12%
10.19 55,467 1.27 0.94 N/A   1.17 1.04 N/A 46
(0.65) 51,202 1.31 0.55 N/A   1.17 0.69 N/A 49
24.43 40,319 1.32 0.52 N/A   1.17 0.67 N/A 43
3.12 34,230 1.39 0.73 N/A   1.26 0.86 N/A 44
0.89 36,378 1.41 0.20 N/A   1.32 0.29 N/A 111
                   
(20.05) 5,056 2.04*** 0.03*** 0.01***   1.92*** 0.15*** 0.13*** 12
9.39 7,631 2.02 0.20 N/A   1.92 0.30 N/A 46
(1.41) 6,899 2.06 (0.14) N/A   1.92 ( —)** N/A 49
23.52 7,474 2.07 (0.23) N/A   1.92 (0.08) N/A 43
2.32 6,529 2.14 (0.02) N/A   2.01 0.11 N/A 44
0.15 7,379 2.16 (0.55) N/A   2.07 (0.46) N/A 111
                   
(19.83) 7,745 1.54*** 0.50*** 0.48***   1.42*** 0.62*** 0.60*** 12
9.92 10,230 1.52 0.70 N/A   1.42 0.81 N/A 46
(0.90) 7,670 1.56 0.30 N/A   1.42 0.44 N/A 49
24.11 5,284 1.57 0.28 N/A   1.42 0.43 N/A 43
2.86 5,206 1.64 0.48 N/A   1.51 0.61 N/A 44
0.65 6,942 1.66 (0.04) N/A   1.57 0.05 N/A 111
                   
(19.58) 15,777 0.89*** 1.14*** 1.12***   0.77*** 1.26*** 1.24*** 12
10.63 19,481 0.87 1.29 N/A   0.77 1.39 N/A 46
(8.77) 958 0.93*** 0.56*** N/A   0.79*** 0.71*** N/A 49
                   
(19.64) 201,480 1.04*** 1.01*** 0.99***   0.92*** 1.12*** 1.10*** 12
10.48 250,717 1.02 1.20 N/A   0.92 1.30 N/A 46
(0.40) 139,841 1.07 0.80 N/A   0.92 0.95 N/A 49
24.75 57,365 1.07 0.77 N/A   0.92 0.92 N/A 43
3.38 53,631 1.14 0.98 N/A   1.01 1.11 N/A 44
1.12 67,834 1.16 0.46 N/A   1.07 0.55 N/A 111
    
(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.
(b) During the current fiscal period, the Fund received voluntary compensation from the Adviser. The Fund's Total Return for each share would decrease by an amount equaling less than 0.01% if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information.
(c) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.
(d) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7  –  Management Fees and Other Transactions with Affiliates, for more information.
(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4  –  Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
(f) For the six months ended April 30, 2020.
(g) For the period June 30, 2018 (commencement of operations) through October 31, 2018.
* Rounds to more than $(0.01).
** Rounds to less than 0.01%.
*** Annualized.
N/A Fund did not have Payments from Affiliates for periods prior to the fiscal year ended October 31, 2020.
See accompanying notes to financial statements.
47

Financial Highlights (Unaudited) (continued)
Small Cap Value
Selected data for a share outstanding throughout each period:
                 
                 
    Investment Operations   Less Distributions  
Class (Commencement Date)  Year Ended October 31 Beginning
NAV 		Net
Investment
Income
(Loss)(a) 		Net
Realized/
Unrealized
Gain (Loss) 		Total   From
Net
Investment
Income 		From
Accumulated
Net Realized
Gains 		Total Ending
NAV
Class A (08/94)                  
2020(f) $22.19 $ 0.02 $(6.30) $(6.28)   $(0.21) $  — $(0.21) $15.70
2019 22.96 0.18 (0.17) 0.01   (0.13) (0.65) (0.78) 22.19
2018 25.19 0.12 (2.15) (2.03)   (0.10) (0.10) (0.20) 22.96
2017 20.98 0.11 4.70 4.81   (0.09) (0.51) (0.60) 25.19
2016 19.95 0.14 1.20 1.34   (0.01) (0.30) (0.31) 20.98
2015 18.55 0.07 1.40 1.47   (0.07)  — (0.07) 19.95
Class C (02/99)                  
2020(f) 18.62 (0.05) (5.32) (5.37)   (0.04)  — (0.04) 13.21
2019 19.39 0.01 (0.13) (0.12)    — (0.65) (0.65) 18.62
2018 21.36 (0.06) (1.81) (1.87)    — (0.10) (0.10) 19.39
2017 17.92 (0.06) 4.01 3.95    — (0.51) (0.51) 21.36
2016 17.20 (0.01) 1.03 1.02    — (0.30) (0.30) 17.92
2015 16.06 (0.07) 1.21 1.14    —  —  — 17.20
Class R3 (09/01)                  
2020(f) 21.68 (0.01) (6.17) (6.18)   (0.15)  — (0.15) 15.35
2019 22.43 0.12 (0.15) (0.03)   (0.07) (0.65) (0.72) 21.68
2018 24.61 0.05 (2.09) (2.04)   (0.04) (0.10) (0.14) 22.43
2017 20.51 0.05 4.60 4.65   (0.04) (0.51) (0.55) 24.61
2016 19.56 0.09 1.16 1.25    — (0.30) (0.30) 20.51
2015 18.19 0.02 1.38 1.40   (0.03)  — (0.03) 19.56
Class R6 (06/16)                  
2020(f) 23.09 0.04 (6.52) (6.48)   (0.29)  — (0.29) 16.32
2019 23.83 0.29 (0.18) 0.11   (0.20) (0.65) (0.85) 23.09
2018 26.09 0.23 (2.22) (1.99)   (0.17) (0.10) (0.27) 23.83
2017 21.71 0.21 4.84 5.05   (0.16) (0.51) (0.67) 26.09
2016(g) 21.08 0.07 0.56 0.63    —  —*  —* 21.71
Class I (08/94)                  
2020(f) 23.00 0.07 (6.55) (6.48)   (0.27)  — (0.27) 16.25
2019 23.79 0.24 (0.18) 0.06   (0.20) (0.65) (0.85) 23.00
2018 26.09 0.19 (2.22) (2.03)   (0.17) (0.10) (0.27) 23.79
2017 21.70 0.17 4.88 5.05   (0.15) (0.51) (0.66) 26.09
2016 20.63 0.19 1.24 1.43   (0.06) (0.30) (0.36) 21.70
2015 19.18 0.12 1.45 1.57   (0.12)  — (0.12) 20.63
48

                 
  Ratios/Supplemental Data
    Ratios to Average
Net Assets Before
Waiver/Reimbursement 		  Ratios to Average
Net Assets After
Waiver/Reimbursement(d) 		 
Total
Return(b), (c) 		Ending
Net
Assets
(000) 		Expenses Net
Investment
Income
(Loss) 		Net Investment
Income (Loss)
Excluding
Payment From
Affiliates 		  Expenses Net
Investment
Income
(Loss) 		Net Investment
Income (Loss)
Excluding
Payment From
Affiliates 		Portfolio
Turnover
Rate(e)
                   
(28.60)% $ 110,556 1.30%** 0.11%** 0.09%**   1.20%** 0.21%** 0.19%** 16%
0.44 213,819 1.28 0.73 N/A   1.20 0.81 N/A 31
(8.12) 291,122 1.24 0.43 N/A   1.20 0.47 N/A 35
23.06 326,495 1.26 0.43 N/A   1.22 0.46 N/A 29
6.85 167,840 1.34 0.65 N/A   1.30 0.68 N/A 40
7.95 48,656 1.40 0.32 N/A   1.39 0.34 N/A 49
                   
(28.92) 26,142 2.05** (0.66)** (0.68)**   1.95** (0.56)** (0.58)** 16
(0.28) 45,920 2.03 (0.01) N/A   1.95 0.07 N/A 31
(8.80) 70,077 1.99 (0.32) N/A   1.95 (0.28) N/A 35
22.14 71,902 2.01 (0.33) N/A   1.97 (0.29) N/A 29
6.08 26,815 2.09 (0.11) N/A   2.05 (0.08) N/A 40
7.10 4,507 2.15 (0.44) N/A   2.14 (0.42) N/A 49
                   
(28.72) 23,372 1.55** (0.24)** (0.26)**   1.45** (0.15)** (0.17)** 16
0.21 37,296 1.53 0.48 N/A   1.45 0.56 N/A 31
(8.34) 47,205 1.49 0.17 N/A   1.45 0.21 N/A 35
22.79 42,975 1.51 0.18 N/A   1.47 0.22 N/A 29
6.58 26,510 1.59 0.43 N/A   1.56 0.46 N/A 40
7.62 14,516 1.65 0.07 N/A   1.64 0.09 N/A 49
                   
(28.46) 99,003 0.85** 0.30** 0.28**   0.76** 0.39** 0.37** 16
0.90 133,071 0.83 1.18 N/A   0.75 1.26 N/A 31
(7.73) 121,943 0.82 0.82 N/A   0.78 0.86 N/A 35
23.40 52,508 0.85 0.82 N/A   0.81 0.86 N/A 29
3.00 19,967 0.89** 0.85** N/A   0.83** 0.91** N/A 40
                   
(28.53) 554,864 1.05** 0.53** 0.51**   0.95** 0.63** 0.61** 16
0.69 1,228,912 1.03 0.99 N/A   0.95 1.06 N/A 31
(7.88) 1,812,444 0.99 0.67 N/A   0.95 0.71 N/A 35
23.40 1,444,587 1.01 0.66 N/A   0.97 0.70 N/A 29
7.09 369,016 1.09 0.90 N/A   1.05 0.93 N/A 40
8.22 91,044 1.15 0.58 N/A   1.14 0.59 N/A 49
    
(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.
(b) During the current fiscal period, the Fund received voluntary compensation from the Adviser. The Fund's Total Return for each share would decrease by an amount equaling less than 0.01% if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information.
(c) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.
(d) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7  –  Management Fees and Other Transactions with Affiliates, for more information.
(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4  –  Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
(f) For the six months ended April 30, 2020.
(g) For the period June 30, 2016 (commencement of operations) through October 31, 2016.
* Rounds to more than $(0.01).
** Annualized.
N/A Fund did not have Payments from Affiliates for periods prior to the fiscal year ended October 31, 2020.
See accompanying notes to financial statements.
49

Notes to Financial Statements    
(Unaudited)
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 Mid Cap Value Fund (“Mid Cap Value”) 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.
The end of the reporting period for the Funds is April 30, 2020, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2020 (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 C Shares automatically convert to Class A Shares ten years after purchase. Class R3, R6 and I Shares are sold without an upfront sales charge.
Fund Reorganizations
In April 2020 the Funds’ Board of Directors (the “Board”) approved the reorganization of Nuveen Large Cap Value Fund (the “Acquired Fund”) Dividend Value (the “Acquiring Fund”), (the "Reorganization"), each a series of Nuveen Investment Trust and Nuveen Investment Funds Inc., respectively, which are advised by the Adviser. The Reorganization is pending approval of the Acquired Fund shareholders.
Upon the closing of the Reorganization, the Acquired Fund will transfer its assets to the Acquiring Fund in exchange for shares of the Acquiring Fund and the assumption by the Acquiring Fund of the liabilities of the Acquired Fund. The Acquired Fund will then be liquidated, dissolved and terminated in accordance with its Declaration of Trust. Shareholders of the Acquired Fund will become shareholders of the Acquiring Fund. The Acquired Fund shareholders will receive shares of the Acquiring Fund, the aggregate NAV of which is equal to the aggregate NAV of the shares of the Acquired Fund held immediately prior to the Reorganization (including for this purpose fractional Acquiring Fund shares to which shareholders would be entitled).
Other Matters
The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. There have been no comparable recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have on the Funds’ financial performance. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
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
50

processing security and shareholder transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing security and shareholder transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation
The Trust pays no compensation directly to those of its directors who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent 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 each 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.
Indemnifications
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Investments and Investment Income
Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or, for 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 each class. Expenses directly attributable to a class of shares are recorded to the specific class. 12b-1 distribution and service fees are allocated on a class-specific basis.
Sub-transfer agent fees and similar fees, which are recognized as a component of “Shareholder servicing agent fees” on the Statement of Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative net assets.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Netting Agreements
In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4  –  Portfolio Securities and Investments in Derivatives.
51

Notes to Financial Statements (Unaudited) (continued)
New Accounting Pronouncements and Rule Issuances
Fair Value Measurement: Disclosure Framework
During August 2018, the FASB issued Accounting Standards Update ("ASU") 2018-13 (“ASU 2018-13”), Fair Value Measurement: Disclosure Framework  –  Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has early implemented this guidance and it did not have a material impact on the Funds' financial statements.
Reference Rate Reform
In March 2020, FASB issued 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 at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, but is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.
3.  Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
The Funds' investments in securities are recorded at their estimated fair value. 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. A three-tier hierarchy 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 the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the Nasdaq National Market (“Nasdaq”) are valued at the Nasdaq Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or Nasdaq for which there were no transactions on a given day or securities not listed on a securities exchange or Nasdaq are valued at the quoted bid price and 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 the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange (“NYSE”), which may represent a transfer from a Level 1 to a Level 2 security.
Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from independent pricing services (“pricing service”). As a result, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the NYSE is closed and an investor is not able to purchase, redeem or exchange shares. If significant market events occur between the time of determination of the closing price of a foreign security on an exchange and the time that the Fund's NAV is determined, or if under the Fund's procedures, the closing price of a foreign security is not deemed to be reliable, the security would be valued at fair value as determined in accordance with procedures established in good faith by the Board. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which a pricing service is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materi-
52

ally affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
Dividend Value Level 1 Level 2 Level 3 Total
Long-Term Investments*:        
Common Stocks $1,791,632,554 $ — $ — $1,791,632,554
Short-Term Investments:        
Money Market Funds 37,191,047  —  — 37,191,047
Total $1,828,823,601 $ — $ — $1,828,823,601
    
Mid Cap Value Level 1 Level 2 Level 3 Total
Long-Term Investments*:        
Common Stocks $265,223,605 $ — $ — $265,223,605
Investments Purchased with Collateral from Securities Lending 548,725  —  — 548,725
Short-Term Investments:        
Money Market Funds 3,741,107  —  — 3,741,107
Total $269,513,437 $ — $ — $269,513,437
    
Small Cap Value Level 1 Level 2 Level 3 Total
Long-Term Investments*:        
Common Stocks $810,402,427 $ — $ — $810,402,427
Investments Purchased with Collateral from Securities Lending 511,875  —  — 511,875
Short-Term Investments:        
Money Market Funds 2,318,774  —  — 2,318,774
Total $813,233,076 $ — $ — $813,233,076
    
* Refer to the Fund's Portfolio of Investments for industry classifications.
4.  Portfolio Securities and Investments in Derivatives
Securities Lending
In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. When loaning securities, each Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The Funds also have the ability to recall the securities on loan at any time.
Each Fund’s policy is to receive, at the inception of a loan, cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Payable for collateral from securities lending program” on the Statement of Assets and Liabilities. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending, at value” on the Statement of Assets and Liabilities. The market value of the securities loaned is determined at the close of each business day in order to determine the adequacy of the collateral. If the value of the securities on loan increases such that the level of collateralization falls below 100%, additional collateral is received from the borrower on the next business day, which is recognized as “Due from broker” 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. Generally, in the event the borrower defaults on its obligation to return the loaned securities, the Fund has the right to use the collateral to acquire identical securities. In the event the Fund is delayed or prevented from exercising its right to dispose of the collateral, there may be a loss to the Fund. Under the Funds’ securities lending agreement, however, the securities lending agent has
53

Notes to Financial Statements (Unaudited) (continued)
indemnified the Fund against losses resulting from borrower default, except to the extent that those losses result from a decrease in the value of the collateral due to its investment by the Funds. The Funds bear the risk of loss with respect to the investment of collateral.
The Funds’ custodian, U.S. Bank National Association, serves as their securities lending agent. Income earned from the securities lending program is paid to the Funds. Income from securities lending, is recognized as “Securities lending income” on the Statement of Operations.
The following table presents the securities out on loan for the following Funds, and the collateral delivered related to those securities, as of the end of the reporting period.
Fund Asset Class out on Loan Long-Term
Investments, at Value 		Collateral
Pledged (From)
Counterparty* 		Net
Exposure
Mid Cap Value Common Stocks $518,175 $(518,175) $ – 
Small Cap Value Common Stocks 488,150 (488,150)  – 
* As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan. Refer to the Fund’s Portfolio of Investments for details on the securities out on loan.
Investment Transactions
Long-term purchases and sales (excluding investments purchased with collateral from securities lending, where applicable) during the current fiscal period were as follows:
  Dividend
Value 		Mid Cap
Value 		Small Cap
Value
Purchases $2,345,673,548 $37,409,886 $205,700,774
Sales 1,101,918,497 38,155,431 616,640,941
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/delayed delivery purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
5.  Fund Shares
On December 12, 2018, Class T Shares were liquidated.
Transactions in Fund shares during the current and prior fiscal period were as follows:
54

  Six Months Ended
4/30/20 		  Year Ended
10/31/19
Dividend Value Shares Amount   Shares Amount
Shares sold:          
Class A 1,171,248 $ 13,906,065   1,677,446 $ 22,337,847
Class A  –  automatic conversion of Class C Shares 54 621   73 957
Class C 107,202 1,260,844   282,093 3,628,341
Class R3 102,963 1,096,082   94,117 1,238,755
Class R6 100,108,405 1,462,401,620   1,213,050 16,346,121
Class I 1,131,587 14,426,729   10,166,912 138,148,309
Shares issued to shareholders due to reinvestment of distributions:          
Class A 969,001 13,296,096   1,576,032 19,941,966
Class C 93,369 1,268,305   190,846 2,353,410
Class R3 100,990 1,383,786   183,244 2,302,765
Class R6 5,851,098 81,541,770   1,204,312 15,528,414
Class I 2,686,035 37,453,951   3,866,297 49,758,561
  112,321,952 1,628,035,869   20,454,422 271,585,446
Shares redeemed:          
Class A (1,840,234) (23,341,988)   (6,531,277) (90,310,449)
Class C (358,423) (4,404,322)   (1,029,242) (13,485,277)
Class C  –  automatic conversion to Class A Shares (55) (621)   (75) (957)
Class R3 (270,303) (3,454,088)   (603,862) (8,169,371)
Class R6 (8,895,460) (118,132,955)   (10,573,604) (150,778,977)
Class I (9,163,096) (115,489,830)   (10,684,542) (144,825,589)
Class T(1)  —  —   (1,667) (23,783)
  (20,527,571) (264,823,804)   (29,424,269) (407,594,403)
Net increase (decrease) 91,794,381 $1,363,212,065   (8,969,847) $(136,008,957)
    
(1) Class T Shares were not available for public offering.
    
  Six Months Ended
4/30/20 		  Year Ended
10/31/19
Mid Cap Value Shares Amount   Shares Amount
Shares sold:          
Class A 93,601 $ 3,481,801   497,321 $ 18,815,351
Class A  –  automatic conversion of Class C Shares 130 5,313   355 13,927
Class C 12,843 481,834   59,705 2,084,825
Class R3 34,294 1,186,912   87,365 3,251,223
Class R6 50,285 1,815,288   523,102 20,076,145
Class I 1,273,143 45,951,906   4,015,539 150,898,037
Shares issued to shareholders due to reinvestment of distributions:          
Class A 11,554 493,467   57,804 2,013,596
Class C 377 15,175   8,113 266,263
Class R3 1,602 67,895   8,859 305,976
Class R6 5,674 243,148   4,274 149,193
Class I 62,189 2,661,684   181,850 6,347,513
  1,545,692 56,404,423   5,444,287 204,222,049
Shares redeemed:          
Class A (240,639) (9,582,937)   (520,883) (20,059,388)
Class C (46,715) (1,614,592)   (56,974) (2,072,802)
Class C  –  automatic conversion to Class A Shares (139) (5,313)   (378) (13,927)
Class R3 (48,243) (1,945,194)   (43,711) (1,650,505)
Class R6 (46,831) (1,809,784)   (80,400) (3,177,406)
Class I (1,265,736) (49,119,598)   (1,695,877) (65,908,036)
  (1,648,303) (64,077,418)   (2,398,223) (92,882,064)
Net increase (decrease) (102,611) $ (7,672,995)   3,046,064 $111,339,985
    
55

Notes to Financial Statements (Unaudited) (continued)
  Six Months Ended
4/30/20 		  Year Ended
10/31/19
Small Cap Value Shares Amount   Shares Amount
Shares sold:          
Class A 916,847 $ 16,332,084   2,967,618 $ 64,293,133
Class A  –  automatic conversion of Class C Shares 24 484   13 286
Class C 123,616 1,998,797   288,301 5,290,745
Class R3 211,244 3,588,971   362,916 7,727,713
Class R6 2,483,218 50,513,275   3,301,739 75,508,622
Class I 9,155,317 172,205,778   25,415,266 572,950,449
Shares issued to shareholders due to reinvestment of distributions:          
Class A 66,708 1,512,264   369,605 7,401,118
Class C 3,856 73,760   119,856 2,024,376
Class R3 10,488 232,719   69,740 1,366,231
Class R6 55,325 1,301,811   193,478 4,015,160
Class I 471,163 11,048,770   2,270,710 47,047,218
  13,497,806 258,808,713   35,359,242 787,625,051
Shares redeemed:          
Class A (3,575,290) (71,993,540)   (6,381,541) (139,034,945)
Class C (615,695) (9,911,808)   (1,555,408) (28,497,743)
Class C  –  automatic conversion to Class A Shares (28) (484)   (15) (286)
Class R3 (419,681) (7,998,964)   (816,795) (17,524,715)
Class R6 (2,234,769) (43,776,697)   (2,849,621) (64,694,141)
Class I (28,906,855) (540,770,843)   (50,448,584) (1,136,613,380)
Class T(1)  —  —   (1,036) (23,331)
  (35,752,318) (674,452,336)   (62,053,000) (1,386,388,541)
Net increase (decrease) (22,254,512) $(415,643,623)   (26,693,758) $ (598,763,490)
    
(1) Class T Shares were not available for public offering.
6.  Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to 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.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund’s investment portfolio, as determined on a federal income tax basis, as of April 30, 2020.
  Dividend
Value 		Mid Cap
Value 		Small Cap
Value
Tax cost of investments $1,968,035,367 $285,028,270 $ 986,129,674
Gross unrealized:      
Appreciation $ 85,989,059 $ 20,854,129 $ 47,109,532
Depreciation (225,200,825) (36,917,687) (220,518,005)
Net unrealized appreciation (depreciation) of investments $ (139,211,766) $ (16,063,558) $(173,408,473)
Permanent differences, primarily due to federal taxes paid and tax equalization, resulted in reclassifications among the Funds’ components of net assets as of October 31, 2019 the Funds’ last tax year end.
The tax components of undistributed net ordinary income and net long-term capital gains as of October 31, 2019, the Funds' last tax year end, were as follows:
56

  Dividend
Value 		Mid Cap
Value 		Small Cap
Value
Undistributed net ordinary income1 $ 3,019,511 $3,801,327 $11,967,251
Undistributed net long-term capital gains 115,850,017  —  —
    
1 Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2019 was designated for purposes of the dividends paid deduction as follows:
  Dividend
Value 		Mid Cap
Value 		Small Cap
Value
Distributions from net ordinary income1 $23,543,456 $1,112,194 $25,173,480
Distributions from net long-term capital gains 78,600,703 9,028,087 51,926,594
    
1 Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.
As of October 31, 2019, the Funds’ last tax year end, the following Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
  Mid Cap
Value 		Small Cap
Value
Not subject to expiration:    
Short-term $4,728,314 $ 79,696,445
Long-term  — 103,933,776
Total $4,728,314 $183,630,221
7.  Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components  –  a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
Average Daily Net Assets Dividend
Value 		Mid Cap
Value 		Small Cap
Value
For the first $125 million 0.5000% 0.6000% 0.6500%
For the next $125 million 0.4875 0.5875 0.6375
For the next $250 million 0.4750 0.5750 0.6250
For the next $500 million 0.4625 0.5625 0.6125
For the next $1 billion 0.4500 0.5500 0.6000
For the next $3 billion 0.4250 0.5250 0.5750
For the next $2.5 billion 0.4000 0.5000 0.5500
For the next $2.5 billion 0.3875 0.4875 0.5375
For net assets over $10 billion 0.3750 0.4750 0.5250
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:
57

Notes to Financial Statements (Unaudited) (continued)
Complex-Level Eligible Asset Breakpoint Level* Effective Complex-Level Fee Rate at Breakpoint Level
$55 billion 0.2000%
$56 billion 0.1996
$57 billion 0.1989
$60 billion 0.1961
$63 billion 0.1931
$66 billion 0.1900
$71 billion 0.1851
$76 billion 0.1806
$80 billion 0.1773
$91 billion 0.1691
$125 billion 0.1599
$200 billion 0.1505
$250 billion 0.1469
$300 billion 0.1445
*     The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen open-end and closed-end funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of April 30, 2020, the complex-level fee rate for each Fund was as follows:
Fund Complex-Level Fee
Dividend Value 0.1830%
Mid Cap Value 0.2000%
Small Cap Value 0.1640%
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of the following Funds so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the percentages of 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 expense for the Class R6 Shares will be less than the expense limitation. The temporary expense limitations may be terminated or modified prior to the expiration date only with the approval of the Board.
Fund Expense Cap Expense Cap
Expiration Date
Mid Cap Value 0.92% July 31, 2021
Small Cap Value 0.99  July 31, 2021
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 R3 Shares incur a 0.25% 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
During February 2020, the Funds began receiving voluntary compensation from the Adviser in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly. This income received by the Funds is recognized as “Payment from affiliate” on the Statement of Operations.
58

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:
  Dividend
Value 		Mid Cap
Value 		Small Cap
Value
Sales charges collected $44,460 $22,291 $43,377
Paid to financial intermediaries 39,521 19,567 38,156
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:
  Dividend
Value 		Mid Cap
Value 		Small Cap
Value
Commission advances $11,785 $4,449 $16,906
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:
  Dividend
Value 		Mid Cap
Value 		Small Cap
Value
12b-1 fees retained $6,267 $5,440 $15,141
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:
  Dividend
Value 		Mid Cap
Value 		Small Cap
Value
CDSC retained $387 $557 $2,491
8.  Borrowing Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.65 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2020 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, the Funds utilized the facility. The Funds' maximum outstanding balance during the utilization period was as follows:
  Dividend
Value 		Mid Cap
Value 		Small Cap
Value
Maximum outstanding balance $8,300,000 $9,300,000 $21,700,000
During each Fund's utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on the Borrowings were as follows:
59

Notes to Financial Statements (Unaudited) (continued)
  Dividend
Value 		Mid Cap
Value 		Small Cap
Value
Utilization period (days outstanding) 1 3 23
Average daily balance outstanding $8,300,000 $9,300,000 $9,721,739
Average annual interest rate 2.67% 2.68% 1.95%
Borrowing outstanding as of the end of the reporting period, if any, are recognized as "Borrowings" on the Statement of Assets and Liabilities, where applicable.
9.  Subsequent Events
Expense Cap
During May 2020, the Board approved an extension of the Expense Cap limitation for both Mid Cap Value and Small Cap Value to July 31, 2022.
Committed Line of Credit
During June 2020, the Participating Funds renewed the standby credit facility through June 2021. In conjunction with this renewal the commitment amount decreased from $2.65 billion to $2.405 billion and the interest rate increased from LIBOR plus 1.00% to LIBOR plus 1.25%. The Participating Funds also incurred a 0.10% upfront fee. All other terms remain unchanged.
60

Additional Fund Information    
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
U.S. Bank National Association
1555 North RiverCenter Drive
Suite 302
Milwaukee, WI 53212
Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
Transfer Agent and
Shareholder Services
DST Asset Manager
Solutions, Inc. (DST)
P.O. Box 219140
Kansas City, MO 64121-9140
(800) 257-8787
Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC's website at http://www.sec.gov.
Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
61

Glossary of Terms Used in this Report    
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 distributions and capital gains, if any) over the time period being considered.
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 Mid-Cap Core Funds Classification Average: Represents the average annualized total return for all reporting funds in the Lipper Mid-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 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.
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.
Russell 1000® Value Index: An index that measures the performance of those Russell 1000® companies with lower price to- book ratios and lower forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Russell 2000® Value Index: An index that measures the performance of those Russell 2000® companies with lower price-to-book ratios and lower forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Russell Midcap® Value Index: An index that measures the performance of the mid-cap value segment of the U.S. equity universe. It includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the fund’s dividends paid deduction.
62

Liquidity Risk Management Program    
Discussion of the operation and effectiveness of the Funds’ liquidity risk management program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each Fund covered in this Report (the “Funds”) has adopted and implemented a liquidity risk management program (the “Program”), which is designed to manage the Fund’s liquidity risk. The Program consists of various protocols for assessing and managing each Fund’s liquidity risk. The Funds’ Board of Trustees 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 20, 2020 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 2019 (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 (i) the Fund’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents, borrowing arrangements, and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.
Each Fund portfolio investment is classified into one of four liquidity categories (including the most liquid, “Highly Liquid”, and the least liquid, “Illiquid”, discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and use third-party vendor data.
Any Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Fund primarily held Highly Liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.
The Liquidity Rule also limits a Fund’s investments in Illiquid investments. Specifically, the Liquidity Rule prohibits a Fund from acquiring Illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in Illiquid investments, and requires certain reporting to the Fund Board and the Securities and Exchange Commission any time a Fund’s holdings of Illiquid investments exceeds 15% of net assets. During the Review Period, no Fund exceeded the 15% limit on Illiquid investments.
63

Nuveen:
Serving Investors for Generations
Since 1898, financial professionals 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 professional, 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
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com    MSA-FSTK-0420P1210960-INV-B-06/21

Mutual Funds
30 April 2020
Nuveen Equity Funds
Fund Name Class A Class C Class R3 Class R6 Class I
Nuveen Mid Cap Growth Opportunities Fund FRSLX FMECX FMEYX FMEFX FISGX
Nuveen Small Cap Growth Opportunities Fund FRMPX FMPCX FMPYX FMPFX FIMPX
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds' website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.
You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, by calling 800-257-8787 and selecting option #1. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.
Semiannual Report

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NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE  

Chair’s Letter to Shareholders    
Dear Shareholders,
The COVID-19 crisis is taking an unprecedented toll on our health, societies, economies and financial markets. Our thoughts are with all whose lives have been affected by the disease and its economic fallout. With some regions of the world having appeared to “flatten the curve” of infections, governments and public health officials are now facing the extraordinary challenge of balancing the resumption of economic activity with public safety, in a way that minimizes the potential for a second wave of outbreaks. Markets have turned their focus to the potential for an economic recovery the timing and magnitude of which remain highly uncertain. Elevated market volatility is likely to continue, with economic data, coronavirus infection rates and the upcoming U.S. presidential election under scrutiny.
While we do not want to understate the dampening effect on the global economy, it is important to differentiate short term interruptions from the longer-lasting implications to the economy. Some areas of the global economy were already on the mend prior to the coronavirus epidemic. Temporary bans on movement and travel are being lifted, and some near-term economic indicators have shown modest improvement in countries that have reopened. Central banks and governments around the world have announced economic stimulus measures and pledged to continue doing what it takes to support their economies. In the U.S., the Federal Reserve has cut its benchmark interest rate to near zero and introduced programs that helped revive the U.S. economy after the 2008 financial crisis. The U.S. Government has approved three relief packages, including a $2 trillion-dollar package directly supporting businesses and individuals. The Coronavirus Aid, Relief and Economic Security Act, called the CARES Act, provides direct payments and expanded unemployment benefits to individuals, loans and grants to small businesses, loans and other money to large corporations and funding for hospitals, public health, education and state and local governments.
In the meantime, patience and a long-term perspective are key for investors. When market fluctuations are the leading headlines day after day, it’s tempting to “do something.” However, your long-term goals can’t be met with short-term thinking. We encourage you to talk to your financial professional, who can review your time horizon, risk tolerance and investment goals. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chair of the Board
June 23, 2020
 
4

Portfolio Managers’
Comments    
Nuveen Mid Cap Growth Opportunities Fund
Nuveen Small Cap Growth Opportunities Fund
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Fund’s investment adviser.
Throughout the reporting period, Gregory Ryan, CFA, was portfolio manager of the Nuveen Mid Cap Growth Opportunities Fund. He assumed portfolio management responsibilities in 2019. Effective February 28, 2020, Bihag Patel, CFA, was added as a portfolio manager.
Jon Loth, CFA, has been a portfolio manager for the Nuveen Small Cap Growth Opportunities Fund since 2007.
On the following pages, the portfolio management teams for the Funds discuss key investment strategies and the Funds’ performance for the six-month reporting period ended April 30, 2020.
An Update on COVID-19 Coronavirus and its Impact on the Securities Markets
With daily new COVID-19 coronavirus cases now slowing across much of the world, economies are beginning to reopen and movement bans are easing. The focus is shifting to whether the resumption of activity triggers a second wave of infections and how quickly economies may rebound. Early indications, first from China, South Korea and Hong Kong, and more recently from various U.S. states that opened their economies earlier and more thoroughly than others, showed there is a risk of new infection outbreaks. Economic indicators have begun to reflect the severe supply and demand disruptions resulting from the shutdowns, and a more prolonged recovery looks more likely than a rapid snap-back to growth.
Although the detection of the virus in China was made public in December 2019, markets did not start to fully acknowledge the risks and potential economic impact until the latter portion of February 2020, when outbreaks outside of China were first reported. Global stock markets sold off severely, with the S&P 500® index reaching a bear market (a 20% drop from the previous high) within three weeks, the fastest bear market decline in history. Even certain parts of the bond market suffered; below investment grade municipal and corporate bonds generally dropped the furthest, mostly out of concerns for the continued financial stability of lower quality issuers. Demand for safe-haven assets, along with mounting recession fears, drove the yield on the 10-year U.S. Treasury note to 0.5% in March 2020, an all-time low. Additionally, oil prices collapsed to an 18-year low on supply glut concerns, as shutdowns across the global economy sharply reduced oil demand, although oil prices have recovered to well above those lows..
Central banks and governments have responded with liquidity injections to ease the strain on financial systems and stimulus measures to buffer the shock to businesses and consumers. These measures have helped stabilize the markets over the short term, and most markets have recovered most of their losses. But volatility will likely remain elevated until the health crisis itself is under control (via fewer new cases, lower infection rates and/or verified treatments or vaccines). There are still many unknowns and new information is incoming daily, compounding the difficulty of modeling outcomes for epidemiologists and economists alike.
Nuveen, LLC and our portfolio management teams are monitoring the situation carefully and continuously refining our views and approaches to managing the Funds to best pursue investment objectives while mitigating risks through all market environments.
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.
5

Portfolio Managers’ Comments (continued)
Nuveen Mid Cap Growth Opportunities
How did the Fund perform during the six-month reporting period ended April 30, 2020?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2020. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV outperformed both the Russell Midcap® Growth Index and the Lipper Mid-Cap Growth Funds Classification Average during the six-month reporting period.
What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?
The Fund pursues a long-term capital appreciation strategy by investing primarily in the common stocks of companies with market capitalizations at the time of purchase between approximately $1 billion and $38 billion, which is based on the June 28, 2019 annual reconstitution of the Russell Midcap® Index. We continue to focus on building a well-diversified portfolio of high quality, mid-cap growth companies. We target companies with sound business models, strong competitive advantages, and where our expectations for earnings growth exceed consensus expectations. For each holding, we develop a proprietary growth thesis. We revisit the thesis on a quarterly basis to ensure that both our short-term and long-term catalysts remain intact. When the growth thesis is validated, we hold or buy more; however, when our growth thesis is not validated, we sell the holding. Although we made individual position changes during the reporting period, our underlying investment strategy remained consistent.
The Fund benefited from strong stock selection in two of its primary growth sectors, information technology and health care, leading to its outperformance versus the Russell Midcap® Index and Lipper peer group during this challenging reporting period. In technology, we continued to overweight the sector with an emphasis on companies with recurring revenue models and strong balance sheets. This positioning proved particularly beneficial in the software and IT services industries and helped drive outperformance in the sector during the reporting period, particularly in software.
The Fund experienced outperformance from several holdings that are considered beneficiaries of the COVID-19 crisis. The first, Everbridge Inc., provides communications and enterprise software applications to help organizations and governments respond to critical events. Earlier in the reporting period, the company reported revenue and billings that exceeded investor expectations as well as large contract wins with California and Puerto Rico. Later in the reporting period, the company benefited from the launch of its COVID-19 Shield Software, which is designed to help customers navigate the safety, supply and cost aspects of dealing with the crisis. We also saw strong performance from Inphi Corp, a manufacturer of optical and networking connectivity chips. The company benefited from rising datacenter spending that is being further driven by increased work-from-home requirements and discussions regarding renewed focus on cloud and networking investment. In addition, the Fund experienced strength from Okta Inc., the leading cloud-based provider of identity management solutions. Throughout the COVID-19 crisis, Okta has demonstrated the resilience of its business model. The company reiterated revenue guidance, which was driven by a strong subscription model that benefits from the ratability of recognized contracts. We continued to own Everbridge, Inphi and Okta in the Fund’s portfolio.
Elsewhere in the technology sector, the Fund saw favorable results from Trade Desk Inc., a leading technology platform for digital ad buyers. The company is a play on the transition to programmatic advertising through channels like connected TV and audio. Trade Desk continued to experience strong growth as it saw momentum across mobile, connected TV and audio channels. In the near term, however, the company is being negatively impacted by reduced advertising spending due to COVID-19. Longer term, we believe Trade Desk is well positioned to take advantage of the continued migration to programmatic advertising and maintained the Fund’s holding.
A position in Monolithic Power Systems Inc. also aided the Fund’s results. This mixed signal semiconductor firm focuses on high performance power management for computing, consumer and communications markets. The company has continued its track record of strong execution as ongoing design wins provided a tailwind to both top line growth and margin expansion. The Fund continues to hold its position in Monolithic.
6

In addition, Cadence Design Systems Inc. provided strong results during the reporting period. The company provides electronic design automation (EDA) software and tools, which are used to design semiconductor chips and electronics systems. Despite the negative impact from the COVID-19 crisis, Cadence Design has proven that its business model is very resilient, reporting impressive results during this uncertain timeframe. The company has a diversified customer base and healthy backlog that is tied to secular growth markets within technology including artificial intelligence (AI), cloud and 5G. It remained a holding in the Fund’s portfolio.
Finally, in the communications and equipment area of technology, the Fund benefited from a position in Lumentum Holdings Inc., a leading supplier of optical and photonic components for telecommunications, data communications and industrial applications. The company reported strong results as 3D sensing revenue came in well above expectations. Lumentum also benefited from synergies gained from its recent Oclaro acquisition, which also helped to drive operating margins to 27%, nearly 4% above expectations. In addition, the company provided positive commentary for 2020 driven by 3D sensing, Metro Core and 5G applications. We maintained the Fund’s position.
Although technology was a source of significant strength, the sector was home to one detractor worth noting, Verra Mobility Corp. The company operates a commercial segment that provides automated tolling capability to rental car companies, and a government segment that delivers traffic law enforcement products and services to local governments. Shares underperformed due to the negative impact from the COVID-19 crisis on the rental car industry as revenue is projected to be down more than 60% over the next quarter. Given the lack of visibility into when car rental demand will begin to improve, we exited the Fund’s position in Verra Mobility.
During this volatile period, the health care sector was the standout performer in the index and our portfolio holdings outpaced the sector. The majority of the outperformance occurred prior to the COVID-19 induced sell-off. Although health care was not immune from losses during the sell-off, the defensive nature of the sector helped the group hold up better than the market. The Fund benefited from an overweight in biopharma with a focus on commercial stage companies in orphan indications where treatments continued to be essential during the pandemic. Results were also aided by limited exposure to companies focused on deferrable health care procedures.
A position in DexCom Inc. was the Fund’s top performer during the reporting period. The company sells a continuous glucose monitor to help Type 1 and Type 2 diabetic patients manage their diabetes with real-time glucose readings rather than periodic finger sticks. Shares advanced sharply due to strong earnings reported and a continued delay in the FDA’s approval of Libre 2, a competitive product created by Abbott Laboratories. For the third quarter 2019, DexCom reported earnings that significantly beat expectations. The Fund continued to hold DexCom.
Long-term holding Teladoc Health Inc., the nation’s dominant provider of virtual medicine technology, was also a significant outperformer. Telemedicine has seen a boost in utilization during the stay-at-home guidelines, although the popularity of the industry has been on the rise for several years. We believe this crisis will permanently change how care is delivered, benefiting telemedicine. Therefore, we have maintained the Fund’s position.
We also saw strong results from another long-term holding, Centene Corp, a managed care insurer focused on government-sponsored programs including Medicaid, Affordable Care Act (ACA) exchanges and Medicare Advantage. The company benefited from the decline of the prospect of Medicare for All. Also, the COVID-19 crisis may likely increase Medicaid enrollment due to higher unemployment. We continued to own Centene in the portfolio.
Although the financial sector underperformed the overall market in the index, our portfolio’s lack of bank exposure helped it to outperform on a relative basis. The Fund also benefited from a position in MSCI Inc., the provider of investment decision support tools for asset managers, banks, corporations, hedge funds and pension funds. The company’s products include benchmarking, portfolio risk management and index-linked product creation. MSCI is benefiting from a growing secular trend toward new product introductions linked to environmental, social and governance (ESG), international and alternative strategies. We maintained the Fund’s position in MSCI at the end of the reporting period.
7

Portfolio Managers’ Comments (continued)
The Fund’s primary detractors were found in the energy and consumer discretionary sectors. The oil industry was hammered as demand dropped precipitously due to the shutdowns related to the pandemic, while a price war erupted between Russia and Saudi Arabia that added to an already existing supply glut. The price of West Texas Intermediate (WTI) crude fell to an 18-year low of around $20 per barrel. We believed the domestic energy market would have a lasting negative impact from the dramatic supply/demand imbalance. As a result, we reduced the Fund’s energy exposure by selling shares of one of the Fund’s weaker performers, Permian basin shale drilling company Parsley Energy Inc.
The consumer discretionary sector was also a detractor for the Fund. Our more highly levered travel and leisure related holdings were negatively impacted due to temporary closures of resorts and casinos, which caused concern over potential bankruptcies within the group. In addition, as retail stores were forced to close due to shelter-in-place guidelines, several names sold off dramatically because of concerns over loss of revenue and earnings impacts. In the specialty retail area, lease-to-own company Aaron’s Inc. reported fourth-quarter 2019 results that included lower-than-expected guidance stemming from lease portfolio characteristics, incremental investments and weakness in the consumer electronics category. The stock underperformed due to concerns about its leverage and potential credit issues driven by layoffs impacting customers’ ability to pay for items purchased. We also experienced underperformance from Five Below Inc., a fast-growing specialty retailer focused on discretionary merchandise priced at $5 or less. The company reported fourth-quarter 2019 comparable store sales and earnings per share that were in line with expectations. However, the focus during the reporting period was on COVID-19 and the impact it would have on Five Below given that all its stores would be temporarily closed. Because the concept is driven by discretionary merchandise and relies on foot traffic, the stock was severely punished. We decided to exit both Aaron’s and Five Below due to the lack of visibility regarding the duration of the COVID-19 crisis and closures, and the resulting impact on these companies’ revenue and earnings.
The communication services sector also weighed on relative performance, particularly Nexstar Media Group Inc., a large, pure-play television broadcaster. The company was caught up in concerns over COVID-19 and the impact it would have on advertising and on companies with leverage, despite Nexstar’s strong fundamental profile and its ability to drive free cash flow. While discretionary spending will be deferred in 2020 and the Olympics will be delayed until 2021, we continue to believe the company will benefit from the upcoming election cycle and a return to normal advertising spend as the economy recovers. Therefore, we maintained the Fund’s position.
Several holdings underperformed in the industrials sector. Owens Corning, is a leading producer of glass fiber insulation, roofing shingles, processed asphalt and glass fiber composite materials, underperformed due to the potential negative impact on its business from the COVID-19 crisis. Fears about project delays and slowing housing starts drove Owens Corning shares down sharply in March 2020. Although the stock has since rebounded, concerns remain about the timing of project demand. We have maintained our position. We also saw weakness from TransDigm Group Inc., a leading producer of engineered aircraft components that are sold into the aerospace and defense industries. Some of the company’s products include ignition systems, pumps, valves, motors and actuators. TransDigm maintains a balanced mix between the original equipment manufacturing (OEM) market and aftermarkets. However, given the significant decline in air travel due to the impact from COVID-19, the company is facing significant revenue headwinds. Because of the uncertainty surrounding when air travel will return to normal levels, we exited our position shortly after the end of the reporting period.
The financial sector was also home to one laggard of note, OneMain Holdings Inc., a consumer finance company that specializes in loans to non-prime customers. After performing well earlier in the reporting period, the company’s shares quickly turned negative due to fear of higher net charge-offs and concerns over liquidity. We continued to hold and added to OneMain because the company has two to three years of liquidity.
The materials sector underperformed during the reporting period and our portfolio holdings fell short of the sector in the benchmark. The Fund’s primary detractor was CF Industries Holdings Inc., one of the world’s largest global nitrogen fertilizer producers. The company was negatively impacted by concerns about its leverage and falling demand after restaurants across the country were forced to close, resulting in lower corn prices during the reporting period. Due to the uncertain timing regarding the end of the COVID-19 crisis and its impact on the restaurant industry, we decided to sell our position in CF Industries toward the end of the reporting period.
8

Nuveen Small Cap Growth Opportunities Fund
How did the Fund perform during the six-month reporting period ended April 30, 2020?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2020. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV). The Fund’s Class A Shares at NAV outperformed both the Russell 2000® Growth Index and the Lipper Small-Cap Growth Funds Classification Average during the six-month reporting period.
What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?
The Fund pursues a long-term capital growth strategy by investing primarily in equity securities of smaller-sized companies with market capitalizations within the market capitalization range of approximately $40 million to $10.3 billion at the time of purchase, which is based on the most recent annual reconstitution of the Russell 2000® Index that occurred on June 28, 2019. The investment process employed in the management of the Fund seeks to exploit secular growth trends that we believe will provide an investment tailwind to above average growth that should transcend the business cycle over the longer term. Importantly, our process also emphasizes a valuation discipline designed to find attractive investment opportunities that should benefit from multiple expansion when particular investment catalysts become evident in the marketplace. The Fund’s portfolio typically features investments in high quality companies with attractive or improving margin profiles, generally healthy balance sheets and prospects for above-average revenue and earnings growth.
The Fund’s modest cyclical tilt heading into the March 2020 market correction, coupled with its relative underweight in critical factors such as leverage, volatility and smaller capitalization size were all contributing elements in its outperformance versus the Russell 2000® Growth Index and Lipper peer group during this challenging period. Additionally, the Fund benefited from strong stock selection in the majority of its primary growth sectors, including health care, information technology and industrials.
The Fund’s health care holdings were led by several names seen as key small-cap beneficiaries of the COVID-19 crisis. These included Quidel Corp, a leading manufacturer of diagnostic and influenza tests required to monitor the rapidly evolving situation, and home health nursing companies such as Amedisys Inc., that will be a critical player in caring for vulnerable patient populations outside of the hospital. The Fund continued to own both positions.
We also saw strength from several pharmaceutical firms, including Horizon Therapeutics Plc, which focuses on treatments for orphan diseases (a condition that affects fewer than 200,000 people). Horizon has several drugs on the market that generate more than $1.2 billion in revenue. During the reporting period, shares advanced strongly after the company reported third-quarter 2019 earnings that beat expectations and an FDA panel recommended the approval of teprotumumab in December 2019. Also, we initiated a position in biotechnology concern Momenta Pharmaceuticals Inc., an emerging developer of therapeutics for immune-regulated conditions that subsequently performed well. Shares surged following promising early-stage data for a drug designed to treat an autoimmune condition called immune thrombocytopenic purpura, a disease that attacks platelet cells. We maintained both positions.
In the medical technology group, shares of AtriCure Inc. were particularly strong. At a major investor conference, management signaled that data for a promising new atrial fibrillation technology would be presented at a key upcoming medical meeting. Also in med tech, shares of iRhythm Technologies Inc. rose strongly after the manufacturer of wearable cardiology-focused biosensor technology delivered robust fourth-quarter revenue growth exceeding 40%. This demonstrated the company’s ability to leverage its sales capabilities deeper into health networks. Management also suggested optimism regarding a pending reimbursement update. We continued to hold both AtriCure and iRhythm in the portfolio.
The information technology sector had a number of standouts, driven largely by the Fund’s overweight positioning in companies with recurring revenue models in the software and IT services industries. Shares of Everbridge Inc., a company that provides critical communications and enterprise software applications to help organizations and governments respond to critical events, rose strongly. Earlier in the reporting period, the company reported revenue and billings that exceeded investor expectations as well as large contract wins
9

Portfolio Managers’ Comments (continued)
with California and Puerto Rico. Later in the reporting period, the company benefited from the launch of its COVID-19 Shield Software to help customers navigate the safety, supply and cost aspects of dealing with the crisis. We continued to own Everbridge in the Fund’s portfolio but modestly reduced our position given the valuation. However, we continue to believe the company’s critical events communications technology will be vital in the coming year.
We also added a position in Inphi Corp, a manufacturer of optical and networking connectivity chips, during the reporting period and it subsequently performed well. The company has benefited from rising datacenter spending that is increasing more in the current environment given increased remote work-from-home requirements and the discussion of renewed focus on cloud and networking investment. The company remained one of the Fund’s largest positions at end of the reporting period.
Although cyclical shares were battered during the March 2020 market correction, the Fund’s industrial holdings contributed to relative performance. In the aerospace and defense group, shares of Mercury Systems Inc. held up well. The company, a supplier of sensor and mission processing subsystems, continued to benefit from defense prime contractors outsourcing key electronics products for military platforms as evidenced by strong order rates and a rising backlog. Mercury Systems also remained a significant holding for the Fund.
In the financial services sector, rising concerns over anticipated credit losses made for a challenging environment in the banking space, an underweighted group for the Fund. Conversely, its growth-oriented holdings in the insurance sector, such as eHealth Inc., fared well by comparison. The company is a private health insurance exchange that enables choice in the Medicare Advantage market. Partway through Medicare’s annual enrollment, insurance broker data suggested that the company would dramatically exceed its +40% consensus revenue target and expand its meager 1.5% market share, suggesting considerable growth potential. We continued to maintain the Fund’s position in eHealth.
The Fund’s primary detractors were found in the materials and communication services sectors. In materials, Ingevity Corporation, a provider of specialty chemicals, high performance carbon materials and emissions related products, underperformed during the reporting period. The company has substantial exposure to the automotive industry, which experienced steep production cuts. Therefore, we exited the position in favor of better situated materials names. Also in the sector, Louisiana-Pacific Corporation entered 2020 in a position to benefit from healthy demand and better pricing for oriented strand board on the back of a firm housing market. However, builders stepped back to assess the housing market, causing a rollover in volumes and pricing. We have maintained our position in light of Louisiana-Pacific’s solid balance sheet and the potential for a robust earnings recovery, but are watching the situation closely.
The communication services sector also weighed on relative performance, particularly Nexstar Media Group Inc., a large, pure-play television broadcaster. The company was caught up in concerns over COVID-19 and the impact it would have on advertising and on companies with leverage, despite Nexstar’s strong fundamental profile and its ability to drive free cash flow. While discretionary spending will be deferred in 2020 and the Olympics will be delayed until 2021, we continue to believe the company will benefit from the upcoming election cycle and a return to normal advertising spend as the economy recovers. Therefore, we maintained the Fund’s position.
As the economy shut down across the country, several of the Fund’s consumer discretionary holdings also underperformed, particularly those with higher leverage profiles and where investors perceived that recovery would be protracted. In the specialty retail category, we saw weak results from Aaron’s Inc., a leading provider in the lease-to-own category. The company reported disappointing guidance, partly as a result of higher write-offs, its smaller portfolio size and weakness in consumer electronics. We did not believe these factors would improve in the coming year, which caused us to sell the stock and seek out better alternatives for the portfolio. The Fund also experienced poor results from a position in Boot Barn Holdings Inc., a specialty retailer focused on western-themed footwear and fashion. The company pre-announced fourth-quarter 2019 earnings and provided guidance that missed investor expectations. Shares were further negatively impacted by falling oil prices and store closures later in the reporting period. However, we believe Boot Barn remains an attractive name given its strong category presence that is driving healthy online sales growth.
Also in consumer discretionary sector, several holdings that we added late in 2019 underperformed, including Penn National Gaming Inc. and Funko Inc. Earlier in the reporting period, Penn National benefited from strong state-level gaming trends and the closure of its investment in Barstool Sports. However, shares fell after the company announced broad-based casino closures giving rise to liquidity concerns, which led us to sell the Fund’s position. We established a position in Funko, a marketer of consumer products fo-
10

cused on a wide array of pop culture, because we believed it would benefit from a strong media slate in 2020. However, shares declined significantly after the company announced a fourth-quarter 2019 shortfall driven by poor retail performance and reorder shortfalls by a major customer, which led us to sell the position.
On the other hand, the consumer discretionary sector was home to several strong relative performers in the restaurant category including Wingstop Inc. and Papa John’s International Inc. Both quick-service restaurants benefited from their strong digital ordering platforms and capability for take-out orders after other restaurants were closed due to the shelter-at-home initiatives. We maintained the Fund’s exposure to Wingstop, but sold Papa John’s after its strong advance.
Finally, despite the overall strength in industrials, the sector also had several notable detractors including Chart Industries Inc., a manufacturer of equipment serving the industrial gas and liquefied natural gas (LNG) markets. The company’s shares suffered as falling oil and natural gas prices called into question prospects for new, large-scale LNG projects. We exited the Fund’s position based on the belief that recovery in the energy markets will be protracted until global demand recovers. We also saw weak results from MasTec Inc., a leading engineering contractor focused on communications and energy-related projects. We added exposure early in the reporting period because we believed the company would benefit from the build out of 5G wireless capacity, an energy sector recovery and any government infrastructure stimulus. However, shares lagged due to concerns about oil demand weakness that drove a substantial reduction in production activity for North American producers. We continued to hold MasTec based on the favorable outlook for 5G wireless build out, a gradual recovery among drillers and processors and a very favorable risk/reward profile, particularly when considering the company’s strong free cash flow generation.
11

Risk Considerations    
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 Small 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 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.
12

Fund Performance and Expense Ratios    
The Fund Performance and Expense Ratios for each Fund are shown within this section of the report.
Fund Performance
Returns quoted represent past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown.
Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for share classes that have less than 10-years of performance. Returns at net asset value (NAV) would be lower if the sales charge were included. Returns assume reinvestment of dividends and capital gains. For performance, current to the most recent month-end visit nuveen.com or call (800) 257-8787.
Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares.
Returns may reflect fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees, and assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for Class A Shares at NAV only.
Expense Ratios
The expense ratios shown are as of the Fund's most recent prospectus. The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any). The expense ratios include management fees and other fees and expenses.
13

Fund Performance and Expense Ratios (continued)
Nuveen Mid Cap Growth Opportunities Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
  Total Returns as of April 30, 2020*    
    Cumulative   Average Annual   Expense Ratios**
  Inception
Date 		6-Month   1-Year 5-Year 10-Year   Gross Net
Class A Shares at NAV 1/09/95 1.64%   0.92% 6.61% 10.78%   1.24% 1.17%
Class A Shares at maximum Offering Price 1/09/95 (4.19)%   (4.89)% 5.36% 10.13%    —  —
Russell Midcap® Growth Index  — (1.78)%   0.23% 8.88% 12.19%    —  —
Lipper Mid-Cap Growth Funds Classification Average  — (1.07)%   (0.20)% 8.45% 11.15%    —  —
Class C Shares 9/24/01 1.28%   0.20% 5.82% 9.96%   2.00% 1.92%
Class R3 Shares 12/11/00 1.53%   0.70% 6.35% 10.51%   1.50% 1.42%
Class I Shares 12/28/89 1.76%   1.19% 6.88% 11.06%   1.00% 0.92%
    
  Total Returns as of April 30, 2020*    
    Cumulative   Average Annual   Expense Ratios**
  Inception
Date 		6-Month   1-Year 5-Year Since
Inception 		  Gross Net
Class R6 Shares 2/28/13 1.84%   1.32% 7.03% 10.62%   0.86% 0.79%
*       Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Shares purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C Shares automatically convert to Class A Shares ten years after purchase. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class R6 Shares have no sales charge and are available only to certain limited categories 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, 2021, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expense, 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 Fund operating expenses for the Class R6 Shares will be less than the expense limitation. The expense limitation may be terminated or modified prior to that date only with the approval of the Board of Directors of the Fund.
14

Nuveen Small Cap Growth Opportunities Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
  Total Returns as of April 30, 2020*    
    Cumulative   Average Annual   Expense Ratios**
  Inception
Date 		6-Month   1-Year 5-Year 10-Year   Gross Net
Class A Shares at NAV 8/01/95 1.00%   (0.38)% 6.87% 9.67%   1.40% 1.24%
Class A Shares at maximum Offering Price 8/01/95 (4.81)%   (6.12)% 5.61% 9.03%    —  —
Russel 2000® Growth Index  — (7.62)%   (9.22)% 5.19% 9.96%    —  —
Lipper Small-Cap Growth Funds Classification Average  — (5.31)%   (7.20)% 6.62% 10.22%    —  —
Class C Shares 9/24/01 (0.60)%   (1.11)% 6.07% 8.86%   2.15% 1.99%
Class R3 Shares 12/11/00 0.87%   (0.61)% 6.60% 9.40%   1.65% 1.49%
Class I Shares 8/01/95 1.10%   (0.12)% 7.13% 9.95%   1.14% 0.99%
    
  Total Returns as of April 30, 2020*    
    Cumulative   Average Annual   Expense Ratios**
  Inception
Date 		6-Month   1-Year Since
Inception 		  Gross Net
Class R6 Shares 6/30/16 1.21%   0.27% 12.11%   1.02% 0.86%
*       Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Shares purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C Shares automatically convert to Class A Shares ten years after purchase. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class R6 Shares have no sales charge and are available only to certain limited categories 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, 2021, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expense, 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 Fund operating expenses for the Class R6 Shares will be less than the expense limitation. The expense limitation may be terminated or modified prior to that date only with the approval of the Board of Directors of the Fund.
15

Holding Summaries    as of April 30, 2020
This 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.
Nuveen Mid Cap Growth Opportunities Fund
Fund Allocation
(% of net assets) 		 
Common Stocks 99.1%
Investments Purchased with Collateral from Securities Lending 1.9%
Money Market Funds 1.2%
Other Assets Less Liabilities (2.2)%
Net Assets 100%
Portfolio Composition
(% of net assets) 		 
Software 16.2%
IT Services 8.9%
Health Care Equipment & Supplies 6.7%
Hotels, Restaurants & Leisure 6.4%
Biotechnology 6.0%
Semiconductors & Semiconductor Equipment 5.3%
Specialty Retail 4.8%
Building Products 3.9%
Capital Markets 3.5%
Electronic Equipment, Instruments & Components 3.4%
Aerospace & Defense 3.0%
Equity Real Estate Investment Trust 3.0%
Health Care Providers & Services 2.7%
Multiline Retail 2.3%
Textiles, Apparel & Luxury Goods 2.0%
Communications Equipment 1.8%
Other 19.2%
Investments Purchased with Collateral from Securities Lending 1.9%
Money Market Funds 1.2%
Other Assets Less Liabilities (2.2)%
Net Assets 100%
Top Five Common Stock Holdings
(% of net assets) 		 
Centene Corp 2.7%
MSCI Inc 2.5%
Chipotle Mexican Grill Inc 2.5%
Dollar General Corp 2.3%
O'Reilly Automotive Inc 2.1%
16

Nuveen Small Cap Growth Opportunities Fund
Fund Allocation
(% of net assets) 		 
Common Stocks 97.3%
Exchange-Traded Funds 2.6%
Investments Purchased with Collateral from Securities Lending 2.1%
Other Assets Less Liabilities (2.0)%
Net Assets 100%
Portfolio Composition
(% of net assets) 		 
Software 10.8%
Biotechnology 8.5%
Health Care Equipment & Supplies 7.5%
Semiconductors & Semiconductor Equipment 5.2%
Hotels, Restaurants & Leisure 5.0%
Equity Real Estate Investment Trust 4.3%
Building Products 3.7%
Pharmaceuticals 3.5%
Machinery 3.5%
Aerospace & Defense 3.5%
Insurance 3.1%
Food Products 2.8%
Diversified Financial Services 2.6%
Health Care Technology 2.6%
Household Durables 2.6%
IT Services 2.5%
Health Care Providers & Services 2.4%
Commercial Services & Supplies 2.2%
Life Sciences Tools & Services 2.2%
Textiles, Apparel & Luxury Goods 2.1%
Other 19.3%
Investments Purchased with Collateral from Securities Lending 2.1%
Other Assets Less Liabilities (2.0)%
Net Assets 100%
Top Five Common Stock Holdings
(% of net assets) 		 
Mercury Systems Inc 2.3%
Inphi Corp 2.0%
Horizon Therapeutics Plc 2.0%
Lattice Semiconductor Corp 1.7%
MAXIMUS Inc 1.7%
17

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 April 30, 2020.
The beginning of the period is November 1, 2019.
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 Mid Cap Growth Opportunities Fund
  Share Class
  Class A Class C Class R3 Class R6 Class I
Actual Performance          
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,016.42 $1,012.79 $1,015.29 $1,018.39 $1,017.63
Expenses Incurred During the Period $ 5.87 $ 9.61 $ 7.12 $ 3.96 $ 4.62
Hypothetical Performance
(5% annualized return before expenses) 		         
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,019.05 $1,015.32 $1,017.80 $1,020.93 $1,020.29
Expenses Incurred During the Period $ 5.87 $ 9.62 $ 7.12 $ 3.97 $ 4.62
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.17%, 1.92%, 1.42%, 0.79% and 0.92% for Classes A, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
18

Nuveen Small Cap Growth Opportunities Fund
  Share Class
  Class A Class C Class R3 Class R6 Class I
Actual Performance          
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,010.02 $1,006.00 $1,008.74 $1,012.07 $1,010.98
Expenses Incurred During the Period $ 6.10 $ 9.83 $ 7.34 $ 4.00 $ 4.85
Hypothetical Performance
(5% annualized return before expenses) 		         
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,018.80 $1,015.07 $1,017.55 $1,020.89 $1,020.04
Expenses Incurred During the Period $ 6.12 $ 9.87 $ 7.37 $ 4.02 $ 4.87
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.22%, 1.97%, 1.47%, 0.80% and 0.97% for Classes A, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
19

Nuveen Mid Cap Growth Opportunities Fund
Portfolio of Investments    April 30, 2020
(Unaudited)
Shares   Description (1)       Value
    LONG-TERM INVESTMENTS – 99.1%        
    COMMON STOCKS – 99.1%        
    Aerospace & Defense – 3.0%        
33,858   L3Harris Technologies Inc       $6,558,295
9,455   TransDigm Group Inc, (2)       3,432,921
    Total Aerospace & Defense       9,991,216
    Airlines – 0.8%        
84,347   Alaska Air Group Inc, (2)       2,742,964
    Biotechnology – 6.0%        
63,228   BioMarin Pharmaceutical Inc, (2)       5,818,241
39,652   Exact Sciences Corp, (2)       3,131,715
22,053   Immunomedics Inc, (2)       669,970
35,074   Sarepta Therapeutics Inc, (2)       4,134,523
29,274   Seattle Genetics Inc, (2)       4,017,271
17,973   United Therapeutics Corp, (2)       1,969,122
    Total Biotechnology       19,740,842
    Building Products – 3.9%        
77,614   Owens Corning       3,365,343
58,094   Trane Technologies PLC       5,078,577
46,190   Trex Co Inc, (2)       4,398,212
    Total Building Products       12,842,132
    Capital Markets – 3.5%        
63,273   Evercore Inc       3,264,887
25,347   MSCI Inc       8,288,469
    Total Capital Markets       11,553,356
    Chemicals – 0.8%        
127,927   Axalta Coating Systems Ltd, (2)       2,525,279
    Communications Equipment – 1.8%        
53,332   Ciena Corp, (2)       2,466,605
43,919   Lumentum Holdings Inc, (2)       3,553,486
    Total Communications Equipment       6,020,091
    Consumer Finance – 1.2%        
165,636   OneMain Holdings Inc       4,010,048
    Containers & Packaging – 1.3%        
107,799   Berry Global Group Inc, (2)       4,289,322
20

Shares   Description (1)       Value
    Electrical Equipment – 1.8%        
71,153   AMETEK Inc       $ 5,967,602
    Electronic Equipment, Instruments & Components – 3.4%        
51,570   CDW Corp       5,713,956
55,868   Keysight Technologies Inc, (2)       5,406,346
    Total Electronic Equipment, Instruments & Components       11,120,302
    Entertainment – 0.7%        
17,559   Take-Two Interactive Software Inc, (2)       2,125,517
    Equity Real Estate Investment Trust – 3.0%        
29,137   CoreSite Realty Corp       3,531,113
21,687   SBA Communications Corp       6,287,495
    Total Equity Real Estate Investment Trust       9,818,608
    Food & Staples Retailing – 0.9%        
55,181   Sysco Corp       3,105,035
    Food Products – 1.2%        
53,233   Freshpet Inc, (2)       4,014,301
    Health Care Equipment & Supplies – 6.7%        
15,567   Align Technology Inc, (2)       3,344,570
20,557   DexCom Inc, (2)       6,890,706
23,550   Insulet Corp, (2)       4,703,406
13,538   Teleflex Inc       4,540,645
21,007   Zimmer Biomet Holdings Inc       2,514,538
    Total Health Care Equipment & Supplies       21,993,865
    Health Care Providers & Services – 2.7%        
135,182   Centene Corp, (2)       9,000,418
    Health Care Technology – 0.9%        
18,211   Teladoc Health Inc, (2)       2,997,349
    Hotels, Restaurants & Leisure – 6.4%        
9,343   Chipotle Mexican Grill Inc, (2)       8,208,293
44,188   Darden Restaurants Inc, (2), (3)       3,260,633
6,366   Domino's Pizza Inc       2,304,046
21,005   Vail Resorts Inc, (2)       3,591,855
43,765   Wynn Resorts Ltd       3,743,220
    Total Hotels, Restaurants & Leisure       21,108,047
    Household Products – 1.6%        
73,098   Church & Dwight Co Inc       5,116,129
    IT Services – 8.9%        
52,983   Akamai Technologies Inc, (2)       5,176,969
21

Nuveen Mid Cap Growth Opportunities Fund (continued)
Portfolio of Investments    April 30, 2020
(Unaudited)
Shares   Description (1)       Value
    IT Services (continued)        
46,779   Euronet Worldwide Inc, (2)       $4,292,441
27,266   FleetCor Technologies Inc, (2)       6,577,922
56,392   MAXIMUS Inc       3,796,309
28,605   Okta Inc, (2)       4,327,937
23,895   VeriSign Inc, (2)       5,005,764
    Total IT Services       29,177,342
    Leisure Products – 0.5%        
23,765   Polaris Inc       1,685,651
    Life Sciences Tools & Services – 0.6%        
178,413   Accelerate Diagnostics Inc, (2)       1,946,485
    Machinery – 1.1%        
23,518   Parker-Hannifin Corp       3,718,666
    Media – 1.2%        
58,130   Nexstar Media Group Inc       4,071,425
    Multiline Retail – 2.3%        
42,920   Dollar General Corp       7,523,876
    Pharmaceuticals – 1.5%        
132,914   Horizon Therapeutics Plc, (2)       4,790,221
    Professional Services – 0.7%        
33,989   IHS Markit Ltd       2,287,460
    Road & Rail – 1.1%        
92,387   Knight-Swift Transportation Holdings Inc       3,434,949
    Semiconductors & Semiconductor Equipment – 5.3%        
58,120   Inphi Corp, (2)       5,610,905
26,037   Lam Research Corp       6,646,725
25,730   Monolithic Power Systems Inc       5,143,684
    Total Semiconductors & Semiconductor Equipment       17,401,314
    Software – 16.2%        
21,669   ANSYS Inc, (2)       5,673,594
40,571   Aspen Technology Inc, (2)       4,148,385
34,125   Atlassian Corp PLC, (2)       5,306,096
46,250   Avalara Inc, (2)       4,133,363
69,654   Cadence Design Systems Inc, (2)       5,651,029
41,756   Crowdstrike Holdings Inc, (2)       2,825,211
13,872   Everbridge Inc, (2)       1,545,063
23,482   HubSpot Inc, (2)       3,959,770
93,733   Rapid7 Inc, (2)       4,269,538
22

Shares   Description (1)       Value
    Software (continued)        
79,025   RealPage Inc, (2)       $5,096,322
22,566   RingCentral Inc, (2)       5,157,008
18,701   Trade Desk Inc, (2)       5,471,539
    Total Software       53,236,918
    Specialty Retail – 4.8%        
54,151   Best Buy Co Inc       4,155,006
18,079   O'Reilly Automotive Inc, (2)       6,984,641
47,113   Tractor Supply Co       4,778,672
    Total Specialty Retail       15,918,319
    Textiles, Apparel & Luxury Goods – 2.0%        
29,077   Lululemon Athletica Inc, (2), (3)       6,498,128
    Trading Companies & Distributors – 1.3%        
26,061   Watsco Inc       4,195,560
    Total Long-Term Investments (cost $272,582,624)       325,968,737
    
Shares   Description (1) Coupon     Value
    INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 1.9%      
    MONEY MARKET FUNDS – 1.9%        
6,317,677   First American Government Obligations Fund, Class X, (4) 0.252% (5)     $ 6,317,677
    Total Investments Purchased with Collateral from Securities Lending (cost $6,317,677)     6,317,677
    
Shares   Description (1) Coupon     Value
    SHORT-TERM INVESTMENTS – 1.2%        
    MONEY MARKET FUNDS – 1.2%        
3,976,296   First American Treasury Obligation Fund, Class Z 0.134% (5)     $ 3,976,296
    Total Short-Term Investments (cost $3,976,296)       3,976,296
    Total Investments (cost $282,876,597) – 102.2%       336,262,710
    Other Assets Less Liabilities – (2.2)%       (7,280,403)
    Net Assets – 100%       $ 328,982,307
  For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.  
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) Non-income producing; issuer has not declared a dividend within the past twelve months.  
(3) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $5,932,841.  
(4) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 4  –  Portfolio Securities and Investments in Derivatives for more information.  
(5) The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period.  
See accompanying notes to financial statements.
23

Nuveen Small Cap Growth Opportunities Fund
Portfolio of Investments    April 30, 2020
(Unaudited)
Shares   Description (1)       Value
    LONG-TERM INVESTMENTS – 99.9%        
    COMMON STOCKS – 97.3%        
    Aerospace & Defense – 3.5%        
155,079   Kratos Defense & Security Solutions Inc, (2)       $2,329,286
46,998   Mercury Systems Inc, (2)       4,190,342
    Total Aerospace & Defense       6,519,628
    Air Freight & Logistics – 1.3%        
49,489   Hub Group Inc, (2)       2,380,916
    Banks – 1.0%        
50,630   Preferred Bank/Los Angeles CA       1,931,534
    Biotechnology – 8.5%        
37,721   ACADIA Pharmaceuticals Inc, (2)       1,822,302
23,478   Arena Pharmaceuticals Inc, (2)       1,149,718
7,354   Argenx SE, Sponsored ADR       1,077,287
10,250   Ascendis Pharma A/S, Sponsored ADR       1,391,233
23,793   Blueprint Medicines Corp, (2)       1,399,742
17,923   Emergent BioSolutions Inc, (2)       1,325,406
49,667   Fate Therapeutics Inc, (2)       1,359,882
17,999   Global Blood Therapeutics Inc, (2)       1,377,283
56,691   Iovance Biotherapeutics Inc, (2)       1,822,616
69,519   Momenta Pharmaceuticals Inc, (2)       2,203,752
23,018   Zymeworks Inc, (2)       840,848
    Total Biotechnology       15,770,069
    Building Products – 3.7%        
28,843   CSW Industrials Inc       1,910,560
40,070   Gibraltar Industries Inc, (2)       1,855,241
31,867   Trex Co Inc, (2)       3,034,376
    Total Building Products       6,800,177
    Capital Markets – 1.1%        
38,210   Evercore Inc       1,971,636
    Chemicals – 1.5%        
118,947   PolyOne Corp       2,770,276
    Commercial Services & Supplies – 2.2%        
38,953   Casella Waste Systems Inc, (2)       1,806,640
31,074   Tetra Tech Inc       2,339,251
    Total Commercial Services & Supplies       4,145,891
24

Shares   Description (1)       Value
    Communications Equipment – 1.0%        
23,139   Lumentum Holdings Inc, (2)       $ 1,872,176
    Construction & Engineering – 1.7%        
66,391   MasTec Inc, (2)       2,383,437
23,433   MYR Group Inc, (2)       702,990
    Total Construction & Engineering       3,086,427
    Diversified Consumer Services – 1.7%        
73,477   Chegg Inc, (2)       3,141,142
    Electrical Equipment – 1.3%        
32,939   Regal Beloit Corp       2,338,998
    Equity Real Estate Investment Trust – 4.3%        
70,790   Healthcare Realty Trust Inc       2,080,518
40,020   QTS Realty Trust Inc       2,502,451
80,356   STAG Industrial Inc       2,109,345
207,987   Summit Hotel Properties Inc       1,260,401
    Total Equity Real Estate Investment Trust       7,952,715
    Food & Staples Retailing – 1.0%        
64,699   Performance Food Group Co, (2)       1,898,916
    Food Products – 2.8%        
32,750   Freshpet Inc, (2)       2,469,678
19,617   Sanderson Farms Inc       2,670,658
    Total Food Products       5,140,336
    Health Care Equipment & Supplies – 7.5%        
43,596   AtriCure Inc, (2)       1,879,860
79,105   Establishment Labs Holdings Inc, (2), (3)       1,382,755
22,658   iRhythm Technologies Inc, (2)       2,393,591
8,697   Penumbra Inc, (2)       1,542,152
13,599   Quidel Corp, (2)       1,890,261
68,842   STAAR Surgical Co, (2)       2,638,025
44,688   Tactile Systems Technology Inc, (2)       2,306,795
    Total Health Care Equipment & Supplies       14,033,439
    Health Care Providers & Services – 2.4%        
14,048   Amedisys Inc, (2)       2,587,080
14,159   LHC Group Inc, (2)       1,840,528
    Total Health Care Providers & Services       4,427,608
    Health Care Technology – 2.6%        
32,154   Livongo Health Inc, (2)       1,286,482
20,680   Omnicell Inc, (2)       1,507,572
25

Nuveen Small Cap Growth Opportunities Fund (continued)
Portfolio of Investments    April 30, 2020
(Unaudited)
Shares   Description (1)       Value
    Health Care Technology (continued)        
12,526   Teladoc Health Inc, (2)       $ 2,061,654
    Total Health Care Technology       4,855,708
    Hotels, Restaurants & Leisure – 5.0%        
34,640   Jack in the Box Inc       2,088,792
40,571   Planet Fitness Inc, (2)       2,447,648
46,096   Texas Roadhouse Inc, (2)       2,170,661
22,896   Wingstop Inc, (3)       2,685,014
    Total Hotels, Restaurants & Leisure       9,392,115
    Household Durables – 2.6%        
44,710   Meritage Homes Corp, (2)       2,349,958
25,903   TopBuild Corp, (2)       2,413,900
    Total Household Durables       4,763,858
    Insurance – 3.1%        
15,343   eHealth Inc, (2), (3)       1,637,098
13,946   Kinsale Capital Group Inc       1,514,815
44,170   Palomar Holdings Inc, (2)       2,583,945
    Total Insurance       5,735,858
    IT Services – 2.5%        
47,110   MAXIMUS Inc       3,171,445
174,844   Verra Mobility Corp, (2)       1,566,602
    Total IT Services       4,738,047
    Leisure Products – 1.3%        
175,985   Callaway Golf Co       2,520,105
    Life Sciences Tools & Services – 2.2%        
95,373   NeoGenomics Inc, (2)       2,607,498
12,733   Repligen Corp, (2)       1,478,938
    Total Life Sciences Tools & Services       4,086,436
    Machinery – 3.5%        
24,206   ESCO Technologies Inc       1,846,918
32,395   John Bean Technologies Corp       2,485,992
57,611   SPX Corp, (2)       2,196,707
    Total Machinery       6,529,617
    Media – 1.3%        
33,444   Nexstar Media Group Inc       2,342,418
    Multiline Retail – 1.2%        
32,753   Ollie's Bargain Outlet Holdings Inc, (2)       2,224,256
    Paper & Forest Products – 1.2%        
115,941   Louisiana-Pacific Corp       2,318,820
26

Shares   Description (1)       Value
    Pharmaceuticals – 3.5%        
97,111   Aerie Pharmaceuticals Inc, (2), (3)       $1,479,972
101,906   Horizon Therapeutics Plc, (2)       3,672,692
9,267   MyoKardia Inc, (2)       582,153
5,175   Reata Pharmaceuticals Inc, (2)       818,478
    Total Pharmaceuticals       6,553,295
    Road & Rail – 1.0%        
48,148   Knight-Swift Transportation Holdings Inc       1,790,143
    Semiconductors & Semiconductor Equipment – 5.2%        
38,999   Inphi Corp, (2)       3,764,963
143,327   Lattice Semiconductor Corp, (2)       3,226,291
86,349   MACOM Technology Solutions Holdings Inc, (2)       2,647,460
    Total Semiconductors & Semiconductor Equipment       9,638,714
    Software – 10.8%        
23,796   Avalara Inc, (2)       2,126,649
19,202   Blackline Inc, (2)       1,166,329
16,184   Everbridge Inc, (2)       1,802,574
37,700   J2 Global Inc, (2)       3,040,128
25,436   Q2 Holdings Inc, (2)       2,027,758
62,997   Rapid7 Inc, (2)       2,869,513
42,131   RealPage Inc, (2)       2,717,028
129,242   Sailpoint Technologies Holdings Inc, (2)       2,402,609
28,654   Varonis Systems Inc, (2)       1,921,251
591,081   Videopropulsion Inc, (2), (4)       591
    Total Software       20,074,430
    Specialty Retail – 0.9%        
88,784   Boot Barn Holdings Inc, (2)       1,638,953
    Textiles, Apparel & Luxury Goods – 2.1%        
14,440   Deckers Outdoor Corp, (2)       2,148,095
71,720   Steven Madden Ltd       1,798,020
    Total Textiles, Apparel & Luxury Goods       3,946,115
    Trading Companies & Distributors – 0.8%        
29,046   Applied Industrial Technology, Inc       1,521,720
    Total Common Stocks (cost $160,872,198)       180,852,492
    
Shares   Description (1), (5)       Value
    EXCHANGE-TRADED FUNDS – 2.6%        
52,460   SPDR S&P Biotech ETF       $ 4,899,239
    Total Exchange-Traded Funds (cost $4,060,330)       4,899,239
    Total Long-Term Investments (cost $164,932,528)       185,751,731
    
27

Nuveen Small Cap Growth Opportunities Fund (continued)
Portfolio of Investments    April 30, 2020
(Unaudited)
Shares   Description (1) Coupon     Value
    INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING – 2.1%      
    MONEY MARKET FUNDS – 2.1%        
3,858,037   First American Government Obligations Fund, Class X, (6) 0.252% (7)     $ 3,858,037
    Total Investments Purchased with Collateral from Securities Lending (cost $3,858,037)     3,858,037
    Total Investments (cost $168,790,565) – 102.0%       189,609,768
    Other Assets Less Liabilities – (2.0)%       (3,712,122)
    Net Assets – 100%       $ 185,897,646
  For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.  
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) Non-income producing; issuer has not declared a dividend within the past twelve months.  
(3) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $3,715,032.  
(4) Investment valued at fair value using methods determined in good faith by, or at the discretion of, the Board. For fair value measurement disclosure purposes, investment classified as Level 3. See Notes to Financial Statements, Note 3 - Investment Valuation and Fair Value Measurements for more information.  
(5) A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.  
(6) The Fund may loan securities representing up to one third of the fair value of its total assets (which includes collateral for securities on loan) to broker dealers, banks, and other institutions. The Fund maintains collateral equal to at least 100% of the fair value of the securities loaned. The cash collateral received by the Fund is invested in this money market fund. See Notes to Financial Statements, Note 4  –  Portfolio Securities and Investments in Derivatives for more information.  
(7) The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period.  
ADR American Depositary Receipt  
ETF Exchange-Traded Fund  
SPDR Standard & Poor's Depositary Receipt  
See accompanying notes to financial statements.
28

Statement of Assets and Liabilities
April 30, 2020
(Unaudited)
  Mid Cap
Growth
Opportunities 		Small Cap
Growth
Opportunities
Assets    
Long-term investments, at value (cost $272,582,624 and $164,932,528, respectively) $325,968,737 $185,751,731
Investment purchased with collateral from securities lending, at value (cost approximates value) 6,317,677 3,858,037
Short-term investments, at value (cost approximates value) 3,976,296  —
Receivable for:    
Dividends 5,778 19,814
Due from affiliates 30,529 19,221
Due from broker 609 1,193
Interest 449 221
Investments sold 2,411,186 5,377,106
Shares sold 492,931 94,608
Other assets 102,642 42,794
Total assets 339,306,834 195,164,725
Liabilities    
Cash overdraft  — 1,146,419
Payable for:    
Collateral from securities lending program 6,317,677 3,858,037
Investments purchased - regular settlement 3,108,232 3,002,076
Shares redeemed 384,066 988,564
Accrued expenses:    
Directors fees 68,059 1,453
Management fees 168,420 75,810
12b-1 distribution and service fees 40,951 7,567
Other 237,122 187,153
Total liabilities 10,324,527 9,267,079
Net assets $328,982,307 $185,897,646
     
See accompanying notes to financial statements.
29

Statement of Assets and Liabilities (Unaudited) (continued)
  Mid Cap
Growth
Opportunities 		Small Cap
Growth
Opportunities
Class A Shares    
Net assets $159,026,902 $ 32,750,402
Shares outstanding 5,851,891 1,547,848
Net asset value ("NAV") per share $ 27.18 $ 21.16
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) $ 28.84 $ 22.45
Class C Shares    
Net assets $ 4,985,647 $ 1,441,868
Shares outstanding 322,304 95,513
NAV and offering price per share $ 15.47 $ 15.10
Class R3 Shares    
Net assets $ 18,096,302 $ 1,210,309
Shares outstanding 755,511 61,702
NAV and offering price per share $ 23.95 $ 19.62
Class R6 Shares    
Net assets $ 23,931,148 $ 2,662,999
Shares outstanding 650,037 102,419
NAV and offering price per share $ 36.82 $ 26.00
Class I Shares    
Net assets $122,942,308 $147,832,068
Shares outstanding 3,395,762 5,732,286
NAV and offering price per share $ 36.20 $ 25.79
Fund level net assets consist of:    
Capital paid-in $270,486,509 $169,511,468
Total distributable earnings 58,495,798 16,386,178
Fund level net assets $328,982,307 $185,897,646
Authorized shares - per class 2 billion 2 billion
Par value per share $ 0.0001 $ 0.0001
See accompanying notes to financial statements.
30

Statement of Operations
Six Months Ended April 30, 2020
(Unaudited)
  Mid Cap
Growth
Opportunities 		Small Cap
Growth
Opportunities
Investment Income    
Dividends $1,911,633 $ 517,638
Interest 15,057 12,833
Securities lending income 13,101 13,938
Payment from affiliate 30,529 19,221
Total investment income 1,970,320 563,630
Expenses    
Management fees 1,400,428 888,156
12b-1 service fees - Class A Shares 207,760 42,488
12b-1 distribution and service fees - Class C Shares 26,082 7,858
12b-1 distibution and service fees - Class R3 Shares 50,000 3,231
Shareholder servicing agent fees 257,844 197,617
Custodian fees 25,390 19,226
Professional fees 32,319 21,225
Directors fees 3,718 2,355
Shareholder reporting expenses 18,646 58,511
Federal and state registration fees 41,373 46,045
Other 4,195 1,670
Total expenses before fee waiver/expense reimbursement 2,067,755 1,288,382
Fee waiver/expense reimbursement (165,173) (195,114)
Net expenses 1,902,582 1,093,268
Net investment income (loss) 67,738 (529,638)
Realized and Unrealized Gain (Loss)    
Net realized gain (loss) from investments 8,065,200 (2,267,503)
Change in net unrealized appreciation (depreciation) of investments (781,838) 2,518,517
Net realized and unrealized gain (loss) 7,283,362 251,014
Net increase (decrease) in net assets from operations $7,351,100 $ (278,624)
See accompanying notes to financial statements.
31

Statement of Changes in Net Assets
(Unaudited)
  Mid Cap Growth Opportunities   Small Cap Growth Opportunities
  Six Months Ended
4/30/20 		Year Ended
10/31/19 		  Six Months Ended
4/30/20 		Year Ended
10/31/19
Operations          
Net investment income (loss) $ 67,738 $ (1,147,939)   $ (529,638) $ (728,025)
Net realized gain (loss) from investments 8,065,200 84,972,569   (2,267,503) (842,975)
Change in net unrealized appreciation (depreciation) of investments (781,838) (27,405,591)   2,518,517 7,571,292
Net increase (decrease) in net assets from operations 7,351,100 56,419,039   (278,624) 6,000,292
Distributions to Shareholders          
Dividends:          
Class A Shares (36,832,892) (33,688,438)    — (5,069,832)
Class C Shares (1,779,313) (1,845,779)    — (375,076)
Class R3 Shares (5,055,764) (4,617,499)    — (170,130)
Class R6 Shares (4,121,288) (7,948,731)    — (1,183,722)
Class I Shares (25,757,305) (42,429,100)    — (6,735,701)
Decrease in net assets from distributions to shareholders (73,546,562) (90,529,547)    — (13,534,461)
Fund Share Transactions          
Proceeds from sale of shares 18,732,890 45,420,126   31,459,917 141,918,570
Proceeds from shares issued to shareholders due to reinvestment of distributions 68,352,667 82,717,140    — 10,691,877
  87,085,557 128,137,266   31,459,917 152,610,447
Cost of shares redeemed (84,611,739) (319,546,880)   (54,802,547) (46,024,192)
Net increase (decrease) in net assets from Fund share transactions 2,473,818 (191,409,614)   (23,342,630) 106,586,255
Net increase (decrease) in net assets (63,721,644) (225,520,122)   (23,621,254) 99,052,086
Net assets at the beginning of period 392,703,951 618,224,073   209,518,900 110,466,814
Net assets at the end of period $328,982,307 $ 392,703,951   $185,897,646 $209,518,900
See accompanying notes to financial statements.
32

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33

Financial Highlights
(Unaudited)
Mid Cap Growth Opportunities
Selected data for a share outstanding throughout each period:
                 
                 
    Investment Operations   Less Distributions  
Class (Commencement Date)  Year Ended October 31 Beginning
NAV 		Net
Investment
Income
(Loss)(a) 		Net
Realized/
Unrealized
Gain (Loss) 		Total   From
Net
Investment
Income 		From
Accumulated
Net Realized
Gains 		Total Ending
NAV
Class A (01/95)                  
2020(f) $33.66 $(0.01) $ 0.87 $ 0.86   $ — $(7.34) $(7.34) $27.18
2019 36.79 (0.12) 3.48 3.36    — (6.49) (6.49) 33.66
2018 43.45 (0.20) 1.16 0.96    — (7.62) (7.62) 36.79
2017 36.09 (0.17) 9.20 9.03    — (1.67) (1.67) 43.45
2016 40.91 (0.12) (1.36) (1.48)    — (3.34) (3.34) 36.09
2015 47.67 (0.31) 1.72 1.41    — (8.17) (8.17) 40.91
Class C (09/01)                  
2020(f) 22.20 (0.07) 0.68 0.61    — (7.34) (7.34) 15.47
2019 26.85 (0.24) 2.08 1.84    — (6.49) (6.49) 22.20
2018 33.94 (0.36) 0.89 0.53    — (7.62) (7.62) 26.85
2017 28.74 (0.36) 7.23 6.87    — (1.67) (1.67) 33.94
2016 33.50 (0.31) (1.11) (1.42)    — (3.34) (3.34) 28.74
2015 40.77 (0.52) 1.42 0.90    — (8.17) (8.17) 33.50
Class R3 (12/00)                  
2020(f) 30.52 (0.04) 0.81 0.77    — (7.34) (7.34) 23.95
2019 34.10 (0.18) 3.09 2.91    — (6.49) (6.49) 30.52
2018 40.90 (0.28) 1.10 0.82    — (7.62) (7.62) 34.10
2017 34.14 (0.25) 8.68 8.43    — (1.67) (1.67) 40.90
2016 38.98 (0.20) (1.30) (1.50)    — (3.34) (3.34) 34.14
2015 45.90 (0.40) 1.65 1.25    — (8.17) (8.17) 38.98
Class R6 (02/13)                  
2020(f) 43.07 0.06 1.03 1.09    — (7.34) (7.34) 36.82
2019 44.94 0.01 4.61 4.62    — (6.49) (6.49) 43.07
2018 51.24 (0.05) 1.37 1.32    — (7.62) (7.62) 44.94
2017 42.11 (0.02) 10.82 10.80    — (1.67) (1.67) 51.24
2016 47.00 0.06 (1.61) (1.55)    — (3.34) (3.34) 42.11
2015 53.36 (0.16) 1.97 1.81    — (8.17) (8.17) 47.00
Class I (12/89)                  
2020(f) 42.49 0.04 1.01 1.05    — (7.34) (7.34) 36.20
2019 44.49 (0.05) 4.54 4.49    — (6.49) (6.49) 42.49
2018 50.85 (0.12) 1.38 1.26    — (7.62) (7.62) 44.49
2017 41.87 (0.08) 10.73 10.65    — (1.67) (1.67) 50.85
2016 46.81 (0.04) (1.56) (1.60)    — (3.34) (3.34) 41.87
2015 53.24 (0.23) 1.97 1.74    — (8.17) (8.17) 46.81
34

                 
  Ratios/Supplemental Data
    Ratios to Average
Net Assets Before
Waiver/Reimbursement 		  Ratios to Average
Net Assets After
Waiver/Reimbursement(d) 		 
Total
Return(b), (c) 		Ending
Net
Assets
(000) 		Expenses Net
Investment
Income
(Loss) 		Net Investment
Income (Loss)
Excluding
Payment From
Affiliates 		  Expenses Net
Investment
Income
(Loss) 		Net Investment
Income (Loss)
Excluding
Payment From
Affiliates 		Portfolio
Turnover
Rate(e)
                   
1.64% $159,027 1.26%* (0.16)%* (0.18)%*   1.17%* (0.07)%* (0.08)%* 37%
13.43 172,912 1.24 (0.42) N/A   1.17 (0.35) N/A 90
2.35 196,212 1.23 (0.56) N/A   1.17 (0.51) N/A 106
25.89 250,908 1.23 (0.48) N/A   1.17 (0.43) N/A 136
(3.78) 280,681 1.29 (0.35) N/A   1.27 (0.33) N/A 89
3.68 365,394 1.30 (0.72) N/A   1.30 (0.72) N/A 118
                   
1.28 4,986 2.01* (0.91)* (0.93)*   1.92* (0.82)* (0.84)* 37
12.58 5,664 2.00 (1.18) N/A   1.92 (1.11) N/A 90
1.60 7,936 1.98 (1.30) N/A   1.92 (1.25) N/A 106
24.95 16,278 1.98 (1.23) N/A   1.92 (1.18) N/A 136
(4.50) 16,956 2.04 (1.10) N/A   2.02 (1.08) N/A 89
2.91 22,284 2.05 (1.47) N/A   2.05 (1.47) N/A 118
                   
1.53 18,096 1.51* (0.40)* (0.41)*   1.42* (0.30)* (0.32)* 37
13.15 22,135 1.50 (0.68) N/A   1.42 (0.61) N/A 90
2.09 26,098 1.48 (0.81) N/A   1.42 (0.76) N/A 106
25.60 35,402 1.48 (0.72) N/A   1.42 (0.66) N/A 136
(4.04) 55,093 1.54 (0.59) N/A   1.52 (0.57) N/A 89
3.43 54,866 1.55 (0.98) N/A   1.55 (0.98) N/A 118
                   
1.84 23,931 0.88* 0.22* 0.20*   0.79* 0.31* 0.29* 37
13.85 26,329 0.86 (0.05) N/A   0.79 0.02 N/A 90
2.75 56,250 0.84 (0.17) N/A   0.78 (0.11) N/A 106
26.41 72,703 0.84 (0.09) N/A   0.78 (0.03) N/A 136
(3.41) 50,677 0.89 0.12 N/A   0.86 0.14 N/A 89
4.09 31,167 0.92 (0.33) N/A   0.92 (0.33) N/A 118
                   
1.76 122,942 1.01* 0.10* 0.09*   0.92* 0.19* 0.18* 37
13.73 165,663 1.00 (0.19) N/A   0.92 (0.12) N/A 90
2.61 331,728 0.98 (0.31) N/A   0.92 (0.26) N/A 106
26.20 425,158 0.98 (0.23) N/A   0.92 (0.18) N/A 136
(3.54) 491,747 1.04 (0.10) N/A   1.02 (0.08) N/A 89
3.95 730,560 1.05 (0.47) N/A   1.05 (0.47) N/A 118
(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.
(b) During the current fiscal period, the Fund received voluntary compensation from the Adviser. The Fund's Total Return for each share would decrease by an amount equaling less than 0.01% if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information.
(c) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.
(d) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7  –  Management Fees and Other Transactions with Affiliates, for more information.
(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4  –  Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
(f) For the six months ended April 30, 2020.
* Annualized.
N/A Fund did not have Payments from Affiliates for periods prior to the fiscal year ended October 31, 2020.
See accompanying notes to financial statements.
35

Financial Highlights (Unaudited) (continued)
Small Cap Growth Opportunities
Selected data for a share outstanding throughout each period:
                 
                 
    Investment Operations   Less Distributions  
Class (Commencement Date)  Year Ended October 31 Beginning
NAV 		Net
Investment
Income
(Loss)(a) 		Net
Realized/
Unrealized
Gain (Loss) 		Total   From
Net
Investment
Income 		From
Accumulated
Net Realized
Gains 		Total Ending
NAV
Class A (08/95)                  
2020(f) $20.96 $(0.08) $0.28 $ 0.20   $ — $  — $  — $21.16
2019 23.54 (0.14) 0.84 0.70    — (3.28) (3.28) 20.96
2018 24.78 (0.17) 1.94 1.77    — (3.01) (3.01) 23.54
2017 19.90 (0.16) 5.14 4.98    — (0.10) (0.10) 24.78
2016 21.57 (0.10) 0.45 0.35    — (2.02) (2.02) 19.90
2015 24.41 (0.22) 0.33 0.11    — (2.95) (2.95) 21.57
Class C (09/01)                  
2020(f) 15.01 (0.11) 0.20 0.09    —  —  — 15.10
2019 18.01 (0.21) 0.49 0.28    — (3.28) (3.28) 15.01
2018 19.79 (0.27) 1.50 1.23    — (3.01) (3.01) 18.01
2017 16.02 (0.26) 4.13 3.87    — (0.10) (0.10) 19.79
2016 17.89 (0.20) 0.35 0.15    — (2.02) (2.02) 16.02
2015 20.89 (0.33) 0.28 (0.05)    — (2.95) (2.95) 17.89
Class R3 (12/00)                  
2020(f) 19.45 (0.09) 0.26 0.17    —  —  — 19.62
2019 22.16 (0.18) 0.75 0.57    — (3.28) (3.28) 19.45
2018 23.56 (0.22) 1.83 1.61    — (3.01) (3.01) 22.16
2017 18.97 (0.21) 4.90 4.69    — (0.10) (0.10) 23.56
2016 20.71 (0.14) 0.42 0.28    — (2.02) (2.02) 18.97
2015 23.60 (0.27) 0.33 0.06    — (2.95) (2.95) 20.71
Class R6 (06/16)                  
2020(f) 25.69 (0.03) 0.34 0.31    —  —  — 26.00
2019 27.88 (0.05) 1.14 1.09    — (3.28) (3.28) 25.69
2018 28.72 (0.10) 2.27 2.17    — (3.01) (3.01) 27.88
2017 22.96 (0.08) 5.94 5.86    — (0.10) (0.10) 28.72
2016 21.63 (0.02) 1.35 1.33    —  —  — 22.96
Class I (08/95)                  
2020(f) 25.51 (0.06) 0.34 0.28    —  —  — 25.79
2019 27.79 (0.10) 1.10 1.00    — (3.28) (3.28) 25.51
2018 28.66 (0.13) 2.27 2.14    — (3.01) (3.01) 27.79
2017 22.94 (0.12) 5.94 5.82    — (0.10) (0.10) 28.66
2016 24.51 (0.06) 0.51 0.45    — (2.02) (2.02) 22.94
2015 27.26 (0.19) 0.39 0.20    — (2.95) (2.95) 24.51
36

                 
  Ratios/Supplemental Data
    Ratios to Average
Net Assets Before
Waiver/Reimbursement 		  Ratios to Average
Net Assets After
Waiver/Reimbursement(d) 		 
Total
Return(b), (c) 		Ending
Net
Assets
(000) 		Expenses Net
Investment
Income
(Loss) 		Net Investment
Income (Loss)
Excluding
Payment From
Affiliates 		  Expenses Net
Investment
Income
(Loss) 		Net Investment
Income (Loss)
Excluding
Payment From
Affiliates 		Portfolio
Turnover
Rate(e)
                   
1.00% $ 32,750 1.40%* (0.89)%* (0.90)%*   1.22%* (0.70)%* (0.72)%* 51%
5.47 34,249 1.39 (0.84) N/A   1.23 (0.68) N/A 104
7.89 36,452 1.38 (0.86) N/A   1.24 (0.72) N/A 139
25.07 34,934 1.41 (0.80) N/A   1.30 (0.69) N/A 95
1.90 31,255 1.48 (0.58) N/A   1.42 (0.52) N/A 106
0.72 33,922 1.50 (1.00) N/A   1.47 (0.97) N/A 128
                   
0.60 1,442 2.15* (1.63)* (1.65)*   1.97* (1.45)* (1.46)* 51
4.74 1,631 2.14 (1.59) N/A   1.98 (1.43) N/A 104
7.05 2,141 2.13 (1.60) N/A   1.99 (1.46) N/A 139
24.21 2,181 2.16 (1.55) N/A   2.05 (1.44) N/A 95
1.10 1,971 2.23 (1.32) N/A   2.18 (1.27) N/A 106
(0.03) 2,278 2.25 (1.75) N/A   2.22 (1.72) N/A 128
                   
0.87 1,210 1.65* (1.13)* (1.15)*   1.47* (0.95)* (0.97)* 51
5.23 1,253 1.64 (1.10) N/A   1.48 (0.94) N/A 104
7.60 1,206 1.63 (1.11) N/A   1.49 (0.97) N/A 139
24.77 1,608 1.66 (1.05) N/A   1.55 (0.94) N/A 95
1.62 1,631 1.73 (0.83) N/A   1.67 (0.78) N/A 106
0.50 1,439 1.75 (1.26) N/A   1.72 (1.23) N/A 128
                   
1.21 2,663 0.97* (0.42)* (0.43)*   0.80* (0.25)* (0.26)* 51
6.13 144 1.01 (0.35) N/A   0.85 (0.19) N/A 104
8.24 14,475 1.03 (0.50) N/A   0.88 (0.35) N/A 139
25.56 19,108 1.04 (0.43) N/A   0.93 (0.32) N/A 95
6.15 19,524 1.02* (0.29)* N/A   0.96* (0.23)* N/A 106
                   
1.10 147,832 1.15* (0.63)* (0.65)*   0.97* (0.45)* (0.46)* 51
5.78 172,242 1.13 (0.56) N/A   0.98 (0.41) N/A 104
8.14 56,194 1.13 (0.60) N/A   0.99 (0.46) N/A 139
25.41 43,557 1.16 (0.56) N/A   1.05 (0.44) N/A 95
2.10 34,468 1.24 (0.32) N/A   1.19 (0.26) N/A 106
1.00 62,403 1.25 (0.75) N/A   1.22 (0.71) N/A 128
    
(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.
(b) During the current fiscal period, the Fund received voluntary compensation from the Adviser. The Fund's Total Return for each share would decrease by an amount equaling less than 0.01% if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information.
(c) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.
(d) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7  –  Management Fees and Other Transactions with Affiliates, for more information.
(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4  –  Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
(f) For the six months ended April 30, 2020.
* Annualized.
N/A Fund did not have Payments from Affiliates for periods prior to the fiscal year ended October 31, 2020.
See accompanying notes to financial statements.
37

Notes to Financial Statements    
(Unaudited)
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 Mid Cap Growth Opportunities Fund (“Mid Cap Growth Opportunities”) and Nuveen Small Cap Growth Opportunities Fund (“Small Cap Growth Opportunities”), (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.
The end of the reporting period for the Funds is April 30, 2020 , and the period covered by these Notes to Financial Statements is the six months ended April 30, 2020 (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 and incur a 0.25% annual 12b-1 service fee. 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 incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class C Shares automatically convert to Class A Shares ten years after purchase. Class R3 Shares are sold without an up-front sales charge but incur a 0.25% 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 any sales charge or 12b-1 distribution or service fees.
Other Matters
The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. There have been no comparable recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have on the Funds’ Company’s financial performance. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ Company’s normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
2.  Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The NAV for financial reporting purposes may differ from the NAV for processing security and shareholder transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing security and shareholder transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation
The Trust pays no compensation directly to those of its directors who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent 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.
38

Distributions to Shareholders
Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Trust’s organizational documents, its officers and 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 certain foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes and is recorded on an accrual basis. Interest income also reflects payment-in-kind ("PIK") interest and fee income, if any. PIK interest represents income received in the form of securities in lieu of cash. 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 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 International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 - Portfolio Securities and Investments in Derivatives.
New Accounting Pronouncements and Rule Issuances
Fair Value Measurement: Disclosure Framework
During August 2018, the FASB issued Accounting Standards Update ("ASU") 2018-13 (“ASU 2018-13”), Fair Value Measurement: Disclosure Framework  –  Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has early implemented this guidance and it did not have a material impact on the Funds' financial statements.
Reference Rate Reform
In March 2020, FASB issued 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 at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, but is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.
3.  Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
The Funds' investments in securities are recorded at their estimated fair value. 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. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification
39

Notes to Financial Statements (Unaudited) (continued)
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 the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the Nasdaq National Market ("Nasdaq") are valued at the Nasdaq Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or Nasdaq for which there were no transactions on a given day or securities not listed on a securities exchange or Nasdaq are valued at the quoted bid price and are generally classified as Level 2.
Exchange-traded funds are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1.
Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which an independent pricing service ("pricing service") is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
Mid Cap Growth Opportunities Level 1 Level 2 Level 3 Total
Long-Term Investments*:        
Common Stocks $325,968,737 $ — $ — $325,968,737
Investments Purchased with Collateral from Securities Lending 6,317,677  —  — 6,317,677
Short-Term Investments:        
Money Market Funds 3,976,296  —  — 3,976,296
Total $336,262,710 $ — $ — $336,262,710
    
Small Cap Growth Opportunities Level 1 Level 2 Level 3 Total
Long-Term Investments*:        
Common Stocks $180,851,901 $ — $ 591** $180,852,492
Exchange-Traded Funds 4,899,239  —  — 4,899,239
Investments Purchased with Collateral from Securities Lending 3,858,037  —  — 3,858,037
Total $189,609,177 $ — $ 591 $189,609,768
    
* Refer to the Fund's Portfolio of Investments for industry classifications.
** Refer to the Fund's Portfolio of Investments for securities classified as Level 3.
40

4.  Portfolio Securities and Investments in Derivatives
Securities Lending
In order to generate additional income, each Fund may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. When loaning securities, each Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The Funds also have the ability to recall the securities on loan at any time.
Each Fund’s policy is to receive, at the inception of a loan, cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Payable for collateral from securities lending program” on the Statement of Assets and Liabilities. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending, at value” on the Statement of Assets and Liabilities. The market value of the securities loaned is determined at the close of each business day in order to determine the adequacy of the collateral. If the value of the securities on loan increases such that the level of collateralization falls below 100%, additional collateral is received from the borrower on the next business day, which is recognized as “Due from broker” 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. Generally, in the event the borrower defaults on its obligation to return the loaned securities, the Fund has the right to use the collateral to acquire identical securities. In the event the Fund is delayed or prevented from exercising its right to dispose of the collateral, there may be a loss to the Fund. Under the Funds’ securities lending agreement, however, the securities lending agent has indemnified the Fund against losses resulting from borrower default, except to the extent that those losses result from a decrease in the value of the collateral due to its investment by the Funds. The Funds bear the risk of loss with respect to the investment of collateral.
The Funds’ custodian, U.S. Bank National Association, serves as their securities lending agent. Income earned from the securities lending program is paid to the Funds. Income from securities lending, is recognized as “Securities lending income” on the Statement of Operations.
The following table presents the securities out on loan for the following Funds, and the collateral delivered related to those securities, as of the end of the reporting period.
Fund Asset Class out on Loan Long-Term
Investments, at Value 		Collateral
Pledged (From)
Counterparty* 		Net
Exposure
Mid Cap Growth Opportunities Common Stocks $5,932,841 $(5,932,841) $ —
Small Cap Growth Opportunities Common Stocks $3,715,032 $(3,715,032) $ —
* As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan. Refer to the Fund’s Portfolio of Investments for details on the securities out on loan.
InvestmentTransactions
Long-term purchases and sales (excluding investments purchased with collateral from securities lending) during the current fiscal period were as follows:
  Mid Cap
Growth
Opportunities 		Small Cap
Growth
Opportunities
Purchases $130,214,280 $108,863,002
Sales 201,519,416 132,276,115
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/ delayed-delivery purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
41

Notes to Financial Statements (Unaudited) (continued)
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
5.  Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
  Six Months Ended
4/30/20 		  Year Ended
10/31/19
Mid Cap Growth Opportunities Shares Amount   Shares Amount
Shares sold:          
Class A 181,268 $ 5,026,466   381,375 $ 12,098,040
Class A  –  automatic conversion of Class C Shares 583 17,452   998 34,101
Class C 30,039 483,579   47,996 973,428
Class R3 75,966 1,812,135   161,505 4,630,162
Class R6 29,634 1,119,889   75,575 3,119,375
Class I 273,455 10,273,369   606,951 24,565,020
Shares issued to shareholders due to reinvestment of distributions:          
Class A 1,279,600 36,289,441   1,226,272 33,170,652
Class C 105,468 1,707,529   99,901 1,794,220
Class R3 202,069 5,055,764   184,336 4,530,984
Class R6 107,409 4,121,288   230,398 7,948,731
Class I 561,023 21,178,645   1,034,993 35,272,553
  2,846,514 87,085,557   4,050,300 128,137,266
Shares redeemed:          
Class A (747,320) (21,541,111)   (1,803,821) (58,701,202)
Class C (67,368) (1,200,572)   (186,840) (3,953,792)
Class C  –  automatic conversion to Class A Shares (979) (17,452)   (1,478) (34,101)
Class R3 (247,869) (6,223,994)   (385,941) (11,739,558)
Class R6 (98,358) (4,064,564)   (946,169) (35,233,404)
Class I (1,337,421) (51,564,046)   (5,199,942) (209,884,823)
  (2,499,315) (84,611,739)   (8,524,191) (319,546,880)
Net increase (decrease) 347,199 $ 2,473,818   (4,473,891) $(191,409,614)
    
42

  Six Months Ended
4/30/20 		  Year Ended
10/31/19
Small Cap Growth Opportunities Shares Amount   Shares Amount
Shares sold:          
Class A 55,586 $ 1,135,828   86,241 $ 1,757,412
Class A  –  automatic conversion of Class C Shares 76 1,647   86 1,959
Class C 9,771 138,470   25,260 374,828
Class R3 8,031 158,610   68,017 1,198,396
Class R6 273,080 7,172,986   397 10,095
Class I 879,886 22,852,376   5,485,979 138,575,880
Shares issued to shareholders due to reinvestment of distributions:          
Class A  —  —   278,640 4,940,279
Class C  —  —   29,198 373,153
Class R3  —  —   10,176 167,910
Class R6  —  —   54,751 1,183,722
Class I  —  —   186,946 4,026,813
  1,226,430 31,459,917   6,225,691 152,610,447
Shares redeemed:          
Class A (142,214) (3,072,783)   (279,297) (5,605,855)
Class C (22,824) (345,006)   (64,540) (982,334)
Class C  –  automatic conversion to Class A Shares (107) (1,647)   (113) (1,959)
Class R3 (10,761) (210,125)   (68,171) (1,262,093)
Class R6 (176,255) (4,861,755)   (568,741) (14,947,424)
Class I (1,899,385) (46,311,231)   (943,081) (23,224,527)
  (2,251,546) (54,802,547)   (1,923,943) (46,024,192)
Net increase (decrease) (1,025,116) $(23,342,630)   4,301,748 $106,586,255
6.  Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to 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.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund's investment portfolio, as determined on a federal income tax basis, as of April 30, 2020.
  Mid Cap
Growth
Opportunities 		Small Cap
Growth
Opportunities
Tax cost of investments $285,121,385 $169,135,530
Gross unrealized:    
Appreciation $ 67,469,512 $ 32,356,358
Depreciation (16,328,187) (11,882,120)
Net unrealized appreciation (depreciation) of investments $ 51,141,325 $ 20,474,238
Permanent differences, primarily due to net operating losses, tax equalization and federal taxes paid, resulted in reclassifications among the Funds' components of net assets as of October 31, 2019, the Funds' last tax year end.
The tax components of undistributed net ordinary income and net long-term capital gains as of October 31, 2019, the Funds' last tax year end, were as follows:
43

Notes to Financial Statements (Unaudited) (continued)
  Mid Cap
Growth
Opportunities 		Small Cap
Growth
Opportunities
Undistributed net ordinary income1 $  — $ —
Undistributed net long-term capital gains 73,785,007  —
    
1 Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2019 was designated for purposes of the dividends paid deduction as follows:
  Mid Cap
Growth
Opportunities 		Small Cap
Growth
Opportunities
Distributions from net ordinary income1 $14,130,332 $ 2,671,096
Distributions from net long-term capital gains 76,399,215 10,863,365
    
1 Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.
As of October 31, 2019, the Funds' last tax year end, the following Fund had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
  Small Cap
Growth
Opportunities
Not subject to expiration:  
Short-term $674,567
Long-term  —
Total $674,567
The Funds have elected to defer late-year losses in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the current fiscal year. The Funds have elected to defer losses as follows:
  Mid Cap
Growth
Opportunities 		Small Cap
Growth
Opportunities
Post-October capital losses2 $  — $  —
Late-year ordinary losses3 951,826 616,369
    
2 Capital losses incurred from November 1, 2018 through October 31, 2019, the Funds' last tax year end.
3 Ordinary losses incurred from January 1, 2019 through October 31, 2019 and/or specified losses incurred from November 1, 2018 through October 31, 2019.
7.  Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components  –  a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
44

The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
Average Daily Net Assets Mid Cap
Growth
Opportunities 		Small Cap
Growth
Opportunities
For the first $125 million 0.6000% 0.6500%
For the next $125 million 0.5875 0.6375
For the next $250 million 0.5750 0.6250
For the next $500 million 0.5625 0.6125
For the next $1 billion 0.5500 0.6000
For the next $3 billion 0.5250 0.5750
For the next $2.5 billion 0.5000 0.5500
For the next $2.5 billion 0.4875 0.5375
For net assets over $10 billion 0.4750 0.5250
The annual complex-level fee, payable monthly, for each Fund is determined by taking the complex-level fee 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:
Complex-Level Eligible Asset Breakpoint Level* Effective Complex-Level Fee Rate at Breakpoint Level
$55 billion 0.2000%
$56 billion 0.1996
$57 billion 0.1989
$60 billion 0.1961
$63 billion 0.1931
$66 billion 0.1900
$71 billion 0.1851
$76 billion 0.1806
$80 billion 0.1773
$91 billion 0.1691
$125 billion 0.1599
$200 billion 0.1505
$250 billion 0.1469
$300 billion 0.1445
*     The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen open-end and closed-end funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of April 30, 2020, the complex-level fee for each Fund was as follows:
Fund Complex-Level Fee
Mid Cap Growth Opportunities 0.2000%
Small Cap Growth Opportunities 0.1864%
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of each Fund so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the percentages of 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 be less than the expense limitation. The expense limitation in effect thereafter may be terminated or modified only with the approval of the Board.
Fund Expense Cap Expense Cap
Expiration Date
Mid Cap Growth Opportunities 0.92% July 31, 2021
Small Cap Growth Opportunities 0.99% July 31, 2021
45

Notes to Financial Statements (Unaudited) (continued)
Other Transactions with Affiliates
During February 2020, the Funds began receiving voluntary compensation from the Adviser in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly. This income received by the Funds is recognized as “Payment from affiliate” on the Statement of Operations.
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:
  Mid Cap
Growth
Opportunities 		Small Cap
Growth
Opportunities
Sales charges collected $29,683 $4,559
Paid to financial intermediaries 26,500 3,978
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:
  Mid Cap
Growth
Opportunities 		Small Cap
Growth
Opportunities
Commission advances $3,146 $858
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:
  Mid Cap
Growth
Opportunities 		Small Cap
Growth
Opportunities
12b-1 fees retained $1,132 $1,021
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:
  Mid Cap
Growth
Opportunities 		Small Cap
Growth
Opportunities
CDSC retained $ — $1,057
8.  Borrowing Arrangements
Committed Line of Credit
The Fund, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.65 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2020 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” 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.
46

During the current fiscal period, Mid Cap Growth Opportunities utilized this facility for nineteen days. The Fund’s utilization period (days outstanding), average daily balance outstanding and average annual interest rate during the utilization period(s) was 1 day, $7,300,000 and 2.76%, respectively. The Fund’s maximum outstanding daily balance during the utilization period was $7,300,000. Borrowings outstanding as of the end of the reporting period, if any, are recognized as "Borrowings" on the Statement of Assets and Liabilities.
During the current fiscal period, Small Cap Growth Opportunities did not utilize this facility.
9.  Subsequent Events
Expense Cap
During May 2020, the Board approved an extension of the Expense Cap limitation for both Mid Cap Growth Opportunities and Small Cap Growth Opportunities to July 31, 2022.
Committed Line of Credit
During June 2020, the Participating Funds renewed the standby credit facility through June 2021. In conjunction with this renewal the commitment amount decreased from $2.65 billion to $2.405 billion and the interest rate increased from LIBOR plus 1.00% to LIBOR plus 1.25%. The Participating Funds also incurred a 0.10% upfront fee. All other terms remain unchanged.
47

Additional Fund Information    
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
U.S. Bank National Association
1555 North RiverCenter Drive
Suite 302
Milwaukee, WI 53212
Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
Transfer Agent and
Shareholder Services
DST Asset Manager
Solutions, Inc. (DST)
P.O. Box 219140
Kansas City, MO 64121-9140
(800) 257-8787
Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC's website at http://www.sec.gov.
Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
FINRA BrokerCheck: The Financial Industry Regulatory Authority (FINRA) provides information regarding the disciplinary history of FINRA member firms and associated investment professionals. This information as well as an investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline number at (800) 289-9999 or by visiting www.FINRA.org.
48

Glossary of Terms Used in this Report    
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 market price and reinvested dividends and capital gains distributions, if any) over the time period being considered.
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 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.
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.
Russell 2000® Index: An index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Russell Midcap® Index: An index that measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index measures the performance of the smallest 800 companies in the Russell 1000® Index. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the fund’s dividends paid deduction.
49

Liquidity Risk Management Program    
Discussion of the operation and effectiveness of the Funds’ liquidity risk management program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each Fund covered in this Report (the “Funds”) has adopted and implemented a liquidity risk management program (the “Program”), which is designed to manage the Fund’s liquidity risk. The Program consists of various protocols for assessing and managing each Fund’s liquidity risk. The Funds’ Board of Trustees 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 20, 2020 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 2019 (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 (i) the Fund’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents, borrowing arrangements, and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.
Each Fund portfolio investment is classified into one of four liquidity categories (including the most liquid, “Highly Liquid”, and the least liquid, “Illiquid”, discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and use third-party vendor data.
Any Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Fund primarily held Highly Liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.
The Liquidity Rule also limits a Fund’s investments in Illiquid investments. Specifically, the Liquidity Rule prohibits a Fund from acquiring Illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in Illiquid investments, and requires certain reporting to the Fund Board and the Securities and Exchange Commission any time a Fund’s holdings of Illiquid investments exceeds 15% of net assets. During the Review Period, no Fund exceeded the 15% limit on Illiquid investments.
50

Notes    
51

Nuveen:
Serving Investors for Generations
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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.
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Mutual Funds
30 April 2020
Nuveen Equity Funds
Fund Name Class A Class C Class R3 Class R6 Class I
Nuveen Large Cap Select Fund FLRAX FLYCX  —  — FLRYX
Nuveen Small Cap Select Fund EMGRX FHMCX ASEIX ASEFX ARSTX
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds' website (www.nuveen.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you have already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting the financial intermediary (such as a broker-dealer or bank) through which you hold your Fund shares or, if you are a direct investor, by enrolling at www.nuveen.com/e-reports.
You may elect to receive all future shareholder reports in paper free of charge at any time by contacting your financial intermediary or, if you are a direct investor, by calling 800-257-8787 and selecting option #1. Your election to receive reports in paper will apply to all funds held in your account with your financial intermediary or, if you are a direct investor, to all your directly held Nuveen Funds and any other directly held funds within the same group of related investment companies.
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Chair’s Letter to Shareholders    
Dear Shareholders,
The COVID-19 crisis is taking an unprecedented toll on our health, societies, economies and financial markets. Our thoughts are with all whose lives have been affected by the disease and its economic fallout. With some regions of the world having appeared to “flatten the curve” of infections, governments and public health officials are now facing the extraordinary challenge of balancing the resumption of economic activity with public safety, in a way that minimizes the potential for a second wave of outbreaks. Markets have turned their focus to the potential for an economic recovery the timing and magnitude of which remain highly uncertain. Elevated market volatility is likely to continue, with economic data, coronavirus infection rates and the upcoming U.S. presidential election under scrutiny.
While we do not want to understate the dampening effect on the global economy, it is important to differentiate short term interruptions from the longer-lasting implications to the economy. Some areas of the global economy were already on the mend prior to the coronavirus epidemic. Temporary bans on movement and travel are being lifted, and some near-term economic indicators have shown modest improvement in countries that have reopened. Central banks and governments around the world have announced economic stimulus measures and pledged to continue doing what it takes to support their economies. In the U.S., the Federal Reserve has cut its benchmark interest rate to near zero and introduced programs that helped revive the U.S. economy after the 2008 financial crisis. The U.S. Government has approved three relief packages, including a $2 trillion-dollar package directly supporting businesses and individuals. The Coronavirus Aid, Relief and Economic Security Act, called the CARES Act, provides direct payments and expanded unemployment benefits to individuals, loans and grants to small businesses, loans and other money to large corporations and funding for hospitals, public health, education and state and local governments.
In the meantime, patience and a long-term perspective are key for investors. When market fluctuations are the leading headlines day after day, it’s tempting to “do something.” However, your long-term goals can’t be met with short-term thinking. We encourage you to talk to your financial professional, who can review your time horizon, risk tolerance and investment goals. On behalf of the other members of the Nuveen Fund Board, we look forward to continuing to earn your trust in the months and years ahead.
Sincerely,
Terence J. Toth
Chair of the Board
June 23, 2020
 
4

Portfolio Managers’
Comments    
Nuveen Large Cap Select Fund
Nuveen Small Cap Select Fund
These Funds feature portfolio management by Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, the Fund’s investment adviser.
David Chalupnik, CFA, and Evan Staples, CFA, are the portfolio managers for the Nuveen Large Cap Select Fund. David assumed portfolio management responsibilities in 2003 and Evan joined the portfolio management team for the Fund in 2017.
Gregory Ryan, CFA, and Jon Loth, CFA, are the portfolio managers for the Nuveen Small Cap Select Fund. Greg assumed portfolio management responsibilities in 2013 and Jon joined the portfolio management team for the Fund in 2019.
On the following pages, the portfolio management teams for the Funds discuss key investment strategies and the Funds’ performance for the six-month reporting period ended April 30, 2020.
An Update on COVID-19 Coronavirus and its Impact on the Securities Markets
With daily new COVID-19 coronavirus cases now slowing across much of the world, economies are beginning to reopen and movement bans are easing. The focus is shifting to whether the resumption of activity triggers a second wave of infections and how quickly economies may rebound. Early indications, first from China, South Korea and Hong Kong, and more recently from various U.S. states that opened their economies earlier and more thoroughly than others, showed there is a risk of new infection outbreaks. Economic indicators have begun to reflect the severe supply and demand disruptions resulting from the shutdowns, and a more prolonged recovery looks more likely than a rapid snap-back to growth.
Although the detection of the virus in China was made public in December 2019, markets did not start to fully acknowledge the risks and potential economic impact until the latter portion of February 2020, when outbreaks outside of China were first reported. Global stock markets sold off severely, with the S&P 500® index reaching a bear market (a 20% drop from the previous high) within three weeks, the fastest bear market decline in history. Even certain parts of the bond market suffered; below investment grade municipal and corporate bonds generally dropped the furthest, mostly out of concerns for the continued financial stability of lower quality issuers. Demand for safe-haven assets, along with mounting recession fears, drove the yield on the 10-year U.S. Treasury note to 0.5% in March 2020, an all-time low. Additionally, oil prices collapsed to an 18-year low on supply glut concerns, as shutdowns across the global economy sharply reduced oil demand, although oil prices have recovered to well above those lows..
Central banks and governments have responded with liquidity injections to ease the strain on financial systems and stimulus measures to buffer the shock to businesses and consumers. These measures have helped stabilize the markets over the short term, and most markets have recovered most of their losses. But volatility will likely remain elevated until the health crisis itself is under control (via fewer new cases, lower infection rates and/or verified treatments or vaccines). There are still many unknowns and new information is incoming daily, compounding the difficulty of modeling outcomes for epidemiologists and economists alike.
Nuveen, LLC and our portfolio management teams are monitoring the situation carefully and continuously refining our views and approaches to managing the Funds to best pursue investment objectives while mitigating risks through all market environments.
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.
5

Portfolio Managers’ Comments (continued)
Nuveen Large Cap Select Fund
How did the Fund perform during the six-month reporting period ended April 30, 2020?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2020. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV) only. The Fund’s Class A Shares at NAV underperformed the S&P 500® and the Lipper Large-Cap Core Funds Classification Average during the six-month reporting period.
What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?
The Fund pursues long-term capital appreciation by investing primarily in the common stocks of companies that have market capitalizations of $5 billion or greater at the time of purchase. During the reporting period, we continued to employ our deep, rigorous research approach to find and invest in stocks that we believed had strong and/or improving fundamentals, attractive valuations and a catalyst to drive future performance. Our process focuses on constructing a portfolio that we believe offers the best opportunity to achieve superior, risk-adjusted returns over the long term. During the six-month reporting period, we took on a more defensive posture compared to the Fund’s history; however, overall positioning remained fairly neutral. We reduced the Fund’s exposure in industrials by about 3%, financials by 2% and real estate by 2%. We ended the reporting period underweight in all three of these sectors. Additionally, we increased consumer discretionary exposure by 5% and are now overweight in the sector. We also increased the Fund’s weighting in utilities by adding 2% to the sector. At the end of the reporting period, the Fund’s largest overweights versus the S&P 500® benchmark were in the health care and communication services sectors, while its largest underweights were in industrials and energy.
The Fund’s underperformance versus the S&P 500® benchmark and Lipper peers was primarily the result of stock selection in the financial, information technology and consumer discretionary sectors. On the other hand, the Fund saw favorable results from security selection in the health care and real estate sectors.
The financial sector as a whole was one of the hardest hit during the reporting period as credit risks escalated after numerous businesses were forced to shut down across the nation in an attempt to curb the COVID-19 crisis. Stock selection in the sector was the most significant detractor in the Fund, including a position in Capital One Financial Corp, one of the largest bank holding companies in the U.S. specializing in credit cards, auto loans, banking and savings accounts. The company reported impressive results when it released fourth-quarter 2019 earnings earlier in the reporting period. However, Capital One detracted because of stress on the consumer credit markets as many local businesses closed down and laid off workers during March 2020. Despite the poor stock performance during the reporting period, we continued to hold the position because we believe the company’s underwriting discipline is among the best in the business.
Along with many other banks, Citigroup Inc. underperformed because of the impact from materially lower interest rates and fears of write-downs on loan products. Prior to the economic headwinds, Citigroup had posted strong fourth-quarter 2019 earnings showing strength in its Institutional Clients Group and improved credit quality. We continued to hold Citigroup in the Fund’s portfolio because we believe the company is well positioned for a rebound in the financial markets.
The Fund also saw weak results from Hartford Financial Services Group Inc., a provider of commercial and personal property and casualty insurance as well as wealth management products. The worker’s compensation business is facing headwinds with added claims related to the COVID-19 crisis, coupled with lost premiums due to rising unemployment. However, on the positive side, the company’s auto insurance business is expected to benefit with fewer cars on the road due to business shutdowns. The integration of specialty insurer Navigators Group has also been improving Hartford Financial’s underwriting margins and remains a long-term catalyst for the business. We continued to hold this position in our portfolio.
In addition, financial services provider Charles Schwab Corporation underperformed as the COVID-19 crisis hit the sector hard. The Federal Reserve’s rate cut to near zero negatively impacted Schwab’s net interest income. We no longer hold this position in the Fund’s portfolio.
6

In the information technology sector, the only detractor of note was the Fund’s underweight position in software product and service developer Microsoft Corp, which represents close to a 5% weighting in the benchmark. Microsoft recorded a strong earnings beat with the company continuing to build momentum in the cloud as its Azure product took market share from market leader Amazon Web Services (AWS). However, Microsoft faces increased pressure in 2020 as it competes with some of the world’s largest technology companies for market share. For these and other reasons, we decided to sell our stake in the company.
Although technology detracted from performance overall, the sector was home to two standouts. Chip supplier NVIDIA Corp was one of the Fund’s strongest performing companies, reporting earnings above estimates driven by its data center products. While results in the company’s gaming products segment missed expectations slightly, the broader gaming industry trends remained strong. NVIDIA’s diversified product portfolio continues to give it exposure to multiple high growth industries. For example, the company announced a partnership with Tencent to bring cloud gaming to China, the largest gaming market globally. We continued to hold this position in the portfolio.
Another top performer in the information technology sector was ServiceNow Inc., an enterprise cloud computing solution provider. The company reported a solid first quarter 2020 across the board as subscription revenues were strong and it continued to close deals despite coronavirus headwinds. Many companies have actually accelerated their digital transformation in response to disruptions in their business, benefiting ServiceNow. Although the stock fell as the COVID-19 crisis shook the market, the price recovered because investors remained confident in the business. We continued to hold ServiceNow in the Fund’s portfolio.
The consumer discretionary sector detracted mainly because our travel and leisure-related holdings were negatively impacted by the temporary closures of resorts and casinos due to the COVID-19 crisis. Within the sector, the Fund’s most significant laggards were Wynn Resorts Limited, a high-end hotel and casino operator, and Wyndham Destinations Inc., the world’s largest vacation ownership company. Prior to the COVID-19 crisis, Wynn Resorts had announced improving demand trends in China’s gaming enclave of Macau. However, given the level of uncertainty around when travel would return to pre-virus levels, we exited this position in March 2020. In terms of Wyndham Destinations, the company was forced to cancel all reservations until May 2020. Despite expectations for a slow return to travel, Wyndham’s management believes the company will have positive cash flows for the year. We believe this factor, coupled with an already strong balance sheet, is setting the company up for success despite being in an industry with many headwinds. We continued to hold a position in the company.
On the positive side in the consumer discretionary sector, the Fund’s position in Amazon.com Inc. contributed during the reporting period. This multi-national technology company has broad exposure across e-commerce, cloud computing, digital streaming and artificial intelligence. Consumers flocked to the online giant to stock up on essentials during the shelter-at-home orders. The company reported quarterly sales of $87.4 billion, exceeding the top end of its guidance and consensus expectations. We continued to own Amazon in the Fund’s portfolio.
Within the energy sector, Permian basin shale drilling company Parsley Energy Inc. detracted. The oil industry was hammered as demand dropped precipitously due to the shutdowns related to the COVID-19 crisis, while a price war erupted between Russia and Saudi Arabia that added to an already existing supply glut. The price of crude fell to multi-decade lows. When Parsley Energy reported earnings, it lowered capital expenditures on the same production outlook, which boosted free cash flow. While the fundamentals of its business are typically strong, the industry faces many headwinds due to drastically declining oil prices. Therefore, we decided to exit the Fund’s position in Parsley Energy.
The industrial sector was home to one laggard of note, Stanley Black & Decker Inc., a leading global tool and hardware manufacturer. During the early stages of the COVID-19 crisis, the stock price was hit hard after the company’s chief financial officer announced that Chinese production facilities were operating at around half of their normal capacity. These facilities made up a little under half of the overall production for the manufacturer. Because of these supply chain issues, we decided to exit our position in Stanley Black & Decker and reduce the Fund’s overall exposure to the industrial sector.
During this difficult and volatile period, the health care sector was the standout performer in the index and the Fund’s holdings outpaced the sector. However, the majority of the outperformance occurred prior to the COVID-19 induced sell-off. Although health care was not immune from losses during the sell-off, the defensive nature of the sector helped the group hold up better than the overall market. In particular, several of the Fund’s managed care holdings, which included Humana Inc., Cigna Corporation and UnitedHealth
7

Portfolio Managers’ Comments (continued)
Group Inc., benefited from regulatory commentary out of Washington that was better than feared, which caused a rally in the sector. We continued to hold positions in Humana, Cigna and UnitedHealth at the end of the reporting period.
Also in health care, the Fund benefited from positions in two pharmaceutical firms, Gilead Sciences Inc. and Vertex Pharmaceuticals Inc. Gilead Sciences is a leader in the development and marketing of anti-infective drugs with approved products for the treatment of HIV/AIDS, hepatitis C, hepatitis B and pulmonology diseases. Shares benefited from the COVID-19 crisis as the company worked on remdesivir, an experimental antiviral drug that is supposed to help treat symptoms of the virus. Results from the first clinical trial should be released during the second quarter 2020. We sold the Fund's holding in Gilead Sciences at the end of the reporting period. Shares of Vertex Pharmaceuticals initially rallied based on the FDA’s early approval of its drug Trikafta for treating cystic fibrosis, which subsequently hit the market with impressive sales. The company also reported phenomenal quarterly results with earnings well exceeding expectations. Along with the proven success of Trikafta, Vertex Pharmaceuticals has a pipeline of other products to help propel future growth. We continued to hold the company in the portfolio.
Nuveen Small Cap Select Fund
How did the Fund perform during the six-month reporting period ended April 30, 2020?
The tables in the Fund Performance and Expense Ratios section of this report provide total returns for the Fund for the six-month, one-year, five-year and ten-year periods ended April 30, 2020. Comparative performance information is provided for the Fund’s Class A Shares at net asset value (NAV) only. The Fund’s Class A Shares at NAV outperformed the Russell 2000® Index and the Lipper Small-Cap Core Funds Classification Average during the six-month reporting period.
What strategies were used to manage the Fund during the reporting period and how did these strategies influence performance?
The Fund seeks to provide long-term capital appreciation by investing primarily in the common stocks of companies with market capitalizations of $40.0 million to $10.3 billion at the time of purchase, which is based on the most recent annual reconstitution of the Russell 2000® Index that occurred on June 28, 2019. During the reporting period, we continued to focus on building a well-diversified portfolio of small-cap stocks from companies with strengthening balance sheets and free cash flow characteristics. We also continued to target companies with sound business models and strong competitive advantages that we believe can gain market share opportunistically in the current environment. We remained committed to our approach of investing in quality companies that are trading at a discount to both intrinsic and relative value metrics.
The Fund’s outperformance versus the Russell benchmark and Lipper peers was primarily due to stock selection in the industrials, information technology and health care sectors. The technology sector had a number of standouts, driven largely by the Fund’s overweight positioning in companies with recurring revenue models in the software and IT services industries. Shares of Everbridge Inc., a company that provides critical communications and enterprise software applications to help organizations and governments respond to critical events, rose strongly. The company benefited from the launch of its COVID-19 Shield Software to help customers navigate the safety, supply and cost aspects of dealing with the crisis. We continued to own Everbridge in the Fund’s portfolio.
The Fund also saw favorable results from a position in MACOM Technology Solutions Holdings Inc., a provider of analog semiconductor solutions for use in wireless and wireline applications. The company is a leading supplier of optical and networking connectivity chip solutions for higher transmission speeds in the datacenter and telecommunication markets. Shares rallied after new management delivered on restructuring cost benefits, demonstrated by operating profit recovery from around breakeven levels in 2019 toward the mid-to-high teen level as a percentage of sales in 2020 estimates. In addition, the datacenter investment growth recovery has provided a strong end market tailwind. We maintained the Fund’s position.
Also in technology, performance was enhanced by Lattice Semiconductor Corp, a designer and developer of programmable logic products. Lattice has benefited as the addressable market it serves for its specialized chips has doubled, driven by secular growth tailwinds in 5G, edge artificial intelligence and security. The company’s recent fundamental momentum has remained intact, with in-line first-quarter 2020 results in a challenged macro backdrop and forward guidance suggesting continued growth in the Computing and Communication markets and higher gross margin expectations. We believe the company’s mix of higher margin end markets will contribute more strongly as new product architectures (Nexus) also start ramping up moving forward.
8

In addition, the Fund saw solid results from Lumentum Holdings Inc., a leading supplier of optical and photonic components for telecommunication, data communication and industrial applications worldwide. The company reported strong revenue results coming in well above expectations. Lumentum also benefited from synergies gained from its Oclaro acquisition, which together helped to drive operating margins to 27%, nearly 4% above expectations. We continued to own Lumentum at the end of the reporting period.
In the health care sector, the Fund experienced strength from several pharmaceutical firms, including Horizon Therapeutics Plc, which focuses on treatments for orphan diseases (a condition that affects fewer than 200,000 people). Horizon has several drugs on the market that generate more than $1.2 billion in revenue. During the reporting period, shares advanced strongly after the company reported third-quarter 2019 earnings that beat expectations and an FDA panel recommended the approval of teprotumumab in December 2019. Also, we initiated a position in biotechnology concern Momenta Pharmaceuticals Inc., an emerging developer of therapeutics for immune-regulated conditions, which subsequently performed well. Shares surged following promising early-stage data for a drug designed to treat an autoimmune condition called immune thrombocytopenic purpura, a disease that attacks platelet cells. We continue to hold both positions.
In the medical technology group, shares of AtriCure Inc. were particularly strong. At a major early-year investor conference, management signaled that data for a promising new atrial fibrillation technology would be presented at a key upcoming medical meeting. We continued to hold AtriCure in the portfolio. Also in the medical technology group, the Fund benefited from Wright Medical Group NV, a manufacturer of medical devices and equipment for the treatment of musculoskeletal disorders. In November 2019, Stryker announced an agreement to acquire Wright Medical in an all-cash transaction, causing us to exit the position.
The Fund also saw favorable results from several names that were seen as potential small-cap beneficiaries of the COVID-19 crisis including LHC Group Inc. This home nursing company is seen as a key player in caring for vulnerable patient populations outside of the hospital. Prestige Consumer Healthcare Inc. is an over-the-counter (OTC) specialty pharmaceutical company focused on brand name solutions for acute health care issues. All of Prestige Consumer’s primary distribution channels remained open during the COVID-19 crisis, plus the focus of some of its OTC product portfolio may marginally benefit. We continue to maintain both positions.
The Fund’s stock selection detracted in the financial, energy and consumer discretionary sectors. The Fund’s financial services holdings bore the brunt of the COVID-19 downdraft, which brought relatively indiscriminate selling among regional banking shares and companies levered to consumer credit and housing finance. Shares of MFA Financial Inc. were pummeled after the mortgage real estate investment trust (REIT) encountered uncertainties over the health of its balance sheet and the integrity of its dividend. Although we believed the firm was stronger than others in the group, we sold our shares because we assumed the dividend would ultimately be cut and the company would need to consider forbearance agreements. Similarly, Radian Financial Inc., with its exposure to mortgage insurance, became a less desirable investment alternative as we considered the likelihood of a substantial gap in home buying, despite low interest rates. Therefore, we sold the position. On the other hand, the Fund’s insurance holdings fared well by comparison, particularly eHealth Inc., a private health insurance exchange enabling choice in the Medicare Advantage market. Partway through Medicare’s annual enrollment, insurance broker data suggested that the company would dramatically exceed its +40% consensus revenue target and expand on its meager 1.5% market share, suggesting considerable growth potential in the years ahead. We continued to maintain the Fund’s position in eHealth.
The energy sector was also a source of weakness in the Fund. The oil industry was hammered as demand dropped precipitously due to the shutdowns related to the COVID-19 crisis, while a price war erupted between Russia and Saudi Arabia that added to an already existing supply glut. The price of West Texas Intermediate (WTI) crude fell to an 18-year low of around $20 per barrel. We believed the domestic energy market would have a lasting negative impact from the dramatic supply/demand imbalance. As a result, we reduced the Fund’s energy exposure by selling shares of two of the Fund’s weaker performers, Cactus Inc., a leading wellhead manufacturer, and Matador Resources Company, a Permian-focused oil producer.
In consumer discretionary, two of the Fund’s specialty retail positions underperformed. Lease-to-own company Aaron’s Inc. saw its shares decline following fourth-quarter 2019 results that included lower-than-expected guidance stemming from lease portfolio characteristics, incremental investments and weakness in the consumer electronics category. We continued to believe that write-offs would be contained and that lease-to-own will be an attractive alternative for a growing number of consumers coming out of the crisis. Also in the leisure sector, shares of Callaway Golf Company underperformed during the reporting period after sales of its clothing brand
9

Portfolio Managers’ Comments (continued)
Jack Wolfskin were adversely impacted and its Asia Pacific golf club supply chain came into question. We are encouraged by early indications of improved volumes in the Asia Pacific region and believe that these trends may begin to gradually make their way across Europe and North America as the year progresses. We maintained the Fund’s positions in both Aaron’s and Callaway Golf.
As the economy shut down across the country, companies with higher leverage profiles and more protracted outlooks for recovery underperformed. Earlier in the reporting period, Penn National Gaming Inc. benefited from strong state-level gaming trends and the closure of its investment in Barstool Sports. However, shares fell after the company announced broad-based casino closures giving rise to liquidity concerns, which led us to sell the Fund’s position.
Finally, in the consumer discretionary area, shares of Papa John’s International Inc. aided the Fund’s performance. The pizza chain held up better and recovered more quickly as investors began to consider the benefit to take out and delivery during the shelter-in-place environment. The quick-service pizza chain had a strong digital ordering platform and the capability for take-out orders while other restaurants were closed. We sold the Fund’s position in Papa John’s after the stock’s strong advance.
While typically defensive in nature, the Fund’s real estate exposure did not hold up well by comparison largely due to its position in Summit Hotel Properties Inc., a REIT focused on hotels and lodging. While shares declined substantially in the face of dwindling occupancy and travel, we continued to hold our position in light of the company’s high quality management team and its focus on value-based property acquisition and management.
In the industrial sector, the Fund saw poor results from Harsco Corporation, a specialty environmental services company with a presence in clean earth, rail, health care and the environment. Shares slumped after the company pre-released weaker volumes and slightly lower cash flow guidance, causing us to sell the Fund’s position.
10

Risk Considerations    
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.
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.
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Fund Performance and Expense Ratios    
The Fund Performance and Expense Ratios for each Fund are shown within this section of the report.
Fund Performance
Returns quoted represent past performance, which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown.
Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for share classes that have less than 10-years of performance. Returns at net asset value (NAV) would be lower if the sales charge were included. Returns assume reinvestment of dividends and capital gains. For performance, current to the most recent month-end visit nuveen.com or call (800) 257-8787.
Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares.
Returns may reflect fee waivers and/or expense reimbursements by the investment adviser during the periods presented. If any such waivers and/or reimbursements had not been in place, returns would have been reduced. See Notes to Financial Statements, Note 7—Management Fees and Other Transactions with Affiliates for more information.
Returns reflect differences in sales charges and expenses, which are primarily differences in distribution and service fees, and assume reinvestment of dividends and capital gains.
Comparative index and Lipper return information is provided for Class A Shares at NAV only.
Expense Ratios
The expense ratios shown are as of the Fund's most recent prospectus. The expense ratios shown reflect total operating expenses (before fee waivers and/or expense reimbursements, if any). The expense ratios include management fees and other fees and expenses.
13

Fund Performance and Expense Ratios (continued)
Nuveen Large Cap Select Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
  Total Returns as of April 30, 2020*    
    Cumulative   Average Annual   Expense Ratios**
  Inception
Date 		6-Month   1-Year 5-Year 10-Year   Gross Net
Class A Shares at NAV 1/31/03 (4.87)%   (2.59)% 7.94% 10.25%   1.20% 1.06%
Class A Shares at maximum Offering Price 1/31/03 (10.33)%   (8.19)% 6.67% 9.60%    —  —
S&P 500® Index  — (3.16)%   0.86% 9.12% 11.69%    —  —
Lipper Large-Cap Core Funds Classification Average  — (4.31)%   (1.14)% 7.43% 10.18%    —  —
Class C Shares 1/31/03 (5.21)%   (3.33)% 7.14% 9.43%   1.95% 1.81%
Class I Shares 1/31/03 (4.74)%   (2.34)% 8.21% 10.52%   0.95% 0.81%
*       Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Share purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C Shares automatically convert to Class A Shares ten years after purchase. 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 other Fund expenses through July 31, 2022, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.80% 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.
14

Nuveen Small Cap Select Fund
Refer to the first page of this Fund Performance and Expense Ratios section for further explanation of the information included within this section. Refer to the Glossary of Terms Used in this Report for definitions of terms used within this section.
Fund Performance and Expense Ratios
  Total Returns as of April 30, 2020*    
    Cumulative   Average Annual   Expense Ratios**
  Inception
Date 		6-Month   1-Year 5-Year 10-Year   Gross Net
Class A Shares at NAV 5/06/92 (15.19)%   (14.85)% 3.06% 7.28%   1.42% 1.24%
Class A Shares at maximum Offering Price 5/06/92 (20.06)%   (19.76)% 1.84% 6.65%    —  —
Russell 2000® Index  — (15.47)%   (16.39)% 2.88% 7.69%    —  —
Lipper Small-Cap Core Funds Classification Average  — (19.34)%   (19.88)% 0.83% 6.36%    —  —
Class C Shares 9/24/01 (15.51)%   (15.51)% 2.27% 6.48%   2.17% 1.99%
Class R3 Shares 1/03/94 (15.28)%   (15.16)% 2.79% 7.01%   1.68% 1.49%
Class I Shares 5/06/92 (14.98)%   (14.66)% 3.31% 7.56%   1.17% 0.99%
    
  Total Returns as of April 30, 2020*    
    Cumulative   Average Annual   Expense Ratios**
  Inception
Date 		6-Month   1-Year Since
Inception 		  Gross Net
Class R6 Shares 2/28/18 (14.91)%   (14.50)% (3.96)%   1.03% 0.85%
*       Class A Shares have a maximum 5.75% sales charge (Offering Price). Class A Shares purchases of $1 million or more are sold at net asset value without an up-front sales charge but may be subject to a contingent deferred sales charge (CDSC) of 1% if redeemed within eighteen months of purchase. Class C Shares have a 1% CDSC for redemptions within less than twelve months, which is not reflected in the total returns. Class C Shares automatically convert to Class A Shares ten years after purchase. Class R3 Shares have no sales charge and are only available for purchase by eligible retirement plans. Class R6 Shares have no sales charge and are available only to certain limited categories 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, 2021, so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expense, 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 Fund operating expenses for the Class R6 Shares will be less than the expense limitation. The expense limitation may be terminated or modified prior to that date only with the approval of the Board of Directors of the Fund.
15

Holding Summaries    as of April 30, 2020
This 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.
Nuveen Large Cap Select Fund
Fund Allocation
(% of net assets) 		 
Common Stocks 100.1%
Money Market Funds 0.1%
Other Assets Less Liabilities (0.2)%
Net Assets 100%
Portfolio Composition
(% of net assets) 		 
Interactive Media & Services 9.6%
Health Care Providers & Services 9.4%
Semiconductors & Semiconductor Equipment 8.5%
Internet & Direct Marketing Retail 8.0%
IT Services 7.8%
Software 5.7%
Biotechnology 5.2%
Insurance 4.0%
Electric Utilities 4.0%
Pharmaceuticals 3.9%
Capital Markets 2.9%
Beverages 2.4%
Multiline Retail 2.4%
Tobacco 2.3%
Wireless Telecommunication Services 2.2%
Specialty Retail 2.2%
Other 19.6%
Money Market Funds 0.1%
Other Assets Less Liabilities (0.2)%
Net Assets 100%
Top Five Common Stock Holdings
(% of net assets) 		 
Amazoncom Inc 6.5%
Alphabet Inc 5.4%
Facebook Inc 4.2%
Mastercard Inc 3.9%
UnitedHealth Group Inc 3.6%
16

Nuveen Small Cap Select Fund
Fund Allocation
(% of net assets) 		 
Common Stocks 98.7%
Exchange-Traded Funds 1.0%
Money Market Funds 1.2%
Other Assets Less Liabilities (0.9)%
Net Assets 100%
Portfolio Composition
(% of net assets) 		 
Banks 8.5%
Equity Real Estate Investment Trust 7.1%
Software 6.7%
Biotechnology 6.7%
Pharmaceuticals 5.1%
Health Care Equipment & Supplies 4.1%
Semiconductors & Semiconductor Equipment 4.0%
IT Services 2.8%
Machinery 2.8%
Commercial Services & Supplies 2.7%
Food Products 2.6%
Household Durables 2.5%
Capital Markets 2.5%
Construction & Engineering 2.4%
Gas Utilities 2.4%
Hotels, Restaurants & Leisure 2.4%
Chemicals 2.2%
Building Products 2.2%
Insurance 2.1%
Health Care Technology 2.0%
Multi-Utilities 1.7%
Textiles, Apparel & Luxury Goods 1.6%
Specialty Retail 1.6%
Electrical Equipment 1.5%
Other 19.5%
Money Market Funds 1.2%
Other Assets Less Liabilities (0.9)%
Net Assets 100%
Top Five Common Stock Holdings
(% of net assets) 		 
Horizon Therapeutics Plc 2.6%
Lattice Semiconductor Corp 2.1%
MAXIMUS Inc 1.9%
MACOM Technology Solutions Holdings Inc 1.9%
STAG Industrial Inc 1.9%
17

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 April 30, 2020.
The beginning of the period is November 1, 2019.
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 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 $ 951.25 $ 947.94 $ 952.60
Expenses Incurred During the Period $ 5.53 $ 9.15 $ 4.32
Hypothetical Performance
(5% annualized return before expenses) 		     
Beginning Account Value $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,019.19 $1,015.47 $1,020.44
Expenses Incurred During the Period $ 5.72 $ 9.47 $ 4.47
For each class of the Fund, expenses are equal to the Fund's annualized net expense ratio of 1.14%, 1.89%, and 0.89% for Classes A, C and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
18

Nuveen Small Cap Select Fund
  Share Class
  Class A Class C Class R3 Class R6 Class I
Actual Performance          
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $ 848.15 $ 844.87 $ 847.18 $ 850.91 $ 850.18
Expenses Incurred During the Period $ 5.70 $ 9.13 $ 6.84 $ 3.82 $ 4.55
Hypothetical Performance
(5% annualized return before expenses) 		         
Beginning Account Value $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Ending Account Value $1,018.70 $1,014.97 $1,017.45 $1,020.74 $1,019.94
Expenses Incurred During the Period $ 6.22 $ 9.97 $ 7.47 $ 4.17 $ 4.97
For each class of the Fund, expenses are equal to the Fund’s annualized net expense ratio of 1.24%, 1.99%, 1.49%, 0.83% and 0.99% for Classes A, C, R3, R6 and I, respectively, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).
19

Nuveen Large Cap Select Fund
Portfolio of Investments    April 30, 2020
(Unaudited)
Shares   Description (1)       Value
    LONG-TERM INVESTMENTS – 100.1%        
    COMMON STOCKS – 100.1%        
    Aerospace & Defense – 2.0%        
4,228   L3Harris Technologies Inc       $ 818,964
    Banks – 1.4%        
12,007   Citigroup Inc       583,060
    Beverages – 2.4%        
10,692   Keurig Dr Pepper Inc       282,910
11,055   Monster Beverage Corp, (2)       683,310
    Total Beverages       966,220
    Biotechnology – 5.2%        
11,891   AbbVie Inc       977,440
1,530   Biogen Inc, (2)       454,150
2,592   Vertex Pharmaceuticals Inc, (2)       651,110
    Total Biotechnology       2,082,700
    Capital Markets – 2.9%        
13,981   Bank of New York Mellon Corp       524,847
16,527   Morgan Stanley       651,659
    Total Capital Markets       1,176,506
    Chemicals – 1.0%        
14,578   CF Industries Holdings Inc       400,895
    Communications Equipment – 1.5%        
4,091   Motorola Solutions Inc       588,327
    Consumer Finance – 1.1%        
7,094   Capital One Financial Corp       459,407
    Diversified Financial Services – 0.9%        
7,889   Voya Financial Inc       356,346
    Diversified Telecommunication Services – 1.0%        
7,197   Verizon Communications Inc       413,468
    Electric Utilities – 4.0%        
8,996   American Electric Power Co Inc       747,658
22,752   Exelon Corp       843,644
    Total Electric Utilities       1,591,302
20

Shares   Description (1)       Value
    Equity Real Estate Investment Trust – 1.7%        
4,270   Crown Castle International Corp       $ 680,766
    Food Products – 1.8%        
11,988   Tyson Foods Inc       745,534
    Health Care Providers & Services – 9.4%        
6,756   Cigna Corp       1,322,689
2,618   Humana Inc       999,605
4,991   UnitedHealth Group Inc       1,459,718
    Total Health Care Providers & Services       3,782,012
    Hotels, Restaurants & Leisure – 1.0%        
15,519   Wyndham Destinations Inc       396,821
    Household Durables – 1.2%        
34,438   Newell Brands Inc       477,999
    Insurance – 4.0%        
5,568   Allstate Corp       566,377
14,953   Hartford Financial Services Group Inc       568,064
4,844   Marsh & McLennan Cos Inc       471,467
    Total Insurance       1,605,908
    Interactive Media & Services – 9.6%        
1,622   Alphabet Inc, (2)       2,184,347
8,171   Facebook Inc, (2)       1,672,686
    Total Interactive Media & Services       3,857,033
    Internet & Direct Marketing Retail – 8.0%        
2,936   Alibaba Group Holding Ltd, Sponsored ADR       595,039
1,059   Amazoncom Inc, (2)       2,619,966
    Total Internet & Direct Marketing Retail       3,215,005
    IT Services – 7.8%        
11,480   Fiserv Inc, (2)       1,183,129
6,841   GDS Holdings Ltd, ADR       392,126
5,743   Mastercard Inc       1,579,153
    Total IT Services       3,154,408
    Media – 1.4%        
21,775   Altice USA Inc, (2)       565,497
    Mortgage Real Estate Investment Trust – 0.5%        
17,334   AGNC Investment Corp       215,288
    Multiline Retail – 2.4%        
8,792   Target Corp       964,834
21

Nuveen Large Cap Select Fund (continued)
Portfolio of Investments    April 30, 2020
(Unaudited)
Shares   Description (1)       Value
    Multi-Utilities – 1.8%        
9,250   Dominion Energy Inc       $ 713,452
    Pharmaceuticals – 3.9%        
16,129   AstraZeneca PLC, Sponsored ADR       843,224
12,186   Bristol-Myers Squibb Co       741,031
    Total Pharmaceuticals       1,584,255
    Road & Rail – 1.3%        
3,934   Kansas City Southern       513,584
    Semiconductors & Semiconductor Equipment – 8.5%        
20,393   Intel Corp       1,223,172
3,051   NVIDIA Corp       891,746
5,890   NXP Semiconductors NV       586,467
13,368   Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR       710,242
    Total Semiconductors & Semiconductor Equipment       3,411,627
    Software – 5.7%        
1,872   Adobe Inc, (2)       662,014
3,338   Proofpoint Inc, (2)       406,335
4,257   salesforcecom Inc, (2)       689,421
1,567   ServiceNow Inc, (2)       550,863
    Total Software       2,308,633
    Specialty Retail – 2.2%        
4,017   Home Depot Inc       883,057
    Tobacco – 2.3%        
12,186   Philip Morris International Inc       909,076
    Wireless Telecommunication Services – 2.2%        
10,133   T-Mobile US Inc, (2)       889,677
    Total Long-Term Investments (cost $36,434,708)       40,311,661
    
Shares   Description (1) Coupon     Value
    SHORT-TERM INVESTMENTS – 0.1%        
    MONEY MARKET FUNDS – 0.1%        
40,676   First American Treasury Obligation Fund, Class Z 0.134% (3)     $ 40,676
    Total Short-Term Investments (cost $40,676)       40,676
    Total Investments (cost $36,475,384) – 100.2%       40,352,337
    Other Assets Less Liabilities – (0.2)%       (80,916)
    Net Assets – 100%       $ 40,271,421
22

  For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.  
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) Non-income producing; issuer has not declared a dividend within the past twelve months.  
(3) The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period.  
ADR American Depositary Receipt  
See accompanying notes to financial statements.
23

Nuveen Small Cap Select Fund
Portfolio of Investments    April 30, 2020
(Unaudited)
Shares   Description (1)       Value
    LONG-TERM INVESTMENTS – 99.7%        
    COMMON STOCKS – 98.7%        
    Aerospace & Defense – 1.3%        
62,524   Kratos Defense & Security Solutions Inc, (2)       $ 939,111
    Air Freight & Logistics – 1.4%        
20,983   Hub Group Inc, (2)       1,009,492
    Airlines – 0.7%        
16,529   Alaska Air Group Inc, (2)       537,523
    Auto Components – 1.2%        
39,970   Cooper Tire & Rubber Co       846,964
    Banks – 8.5%        
22,994   Banner Corp       883,659
54,090   Home BancShares Inc/AR       829,200
22,316   Preferred Bank/Los Angeles CA       851,355
43,304   Renasant Corp       1,135,864
61,562   Sterling Bancorp/DE       759,060
24,880   Western Alliance Bancorp       892,694
22,870   Wintrust Financial Corp       958,253
    Total Banks       6,310,085
    Biotechnology – 6.7%        
9,076   ACADIA Pharmaceuticals Inc, (2)       438,461
12,372   Arena Pharmaceuticals Inc, (2)       605,857
4,449   Ascendis Pharma A/S, Sponsored ADR       603,863
7,135   Blueprint Medicines Corp, (2)       419,752
6,448   Emergent BioSolutions Inc, (2)       476,830
17,597   Fate Therapeutics Inc, (2)       481,806
5,986   Global Blood Therapeutics Inc, (2)       458,049
14,140   Iovance Biotherapeutics Inc, (2)       454,601
22,038   Momenta Pharmaceuticals Inc, (2)       698,605
8,418   Zymeworks Inc, (2)       307,509
    Total Biotechnology       4,945,333
    Building Products – 2.2%        
12,391   CSW Industrials Inc       820,780
16,935   Gibraltar Industries Inc, (2)       784,090
    Total Building Products       1,604,870
24

Shares   Description (1)       Value
    Capital Markets – 2.5%        
19,559   Evercore Inc       $1,009,244
15,436   Piper Sandler Cos       832,155
    Total Capital Markets       1,841,399
    Chemicals – 2.2%        
34,796   Kraton Corp, (2)       543,166
47,876   PolyOne Corp       1,115,032
    Total Chemicals       1,658,198
    Commercial Services & Supplies – 2.7%        
21,276   Casella Waste Systems Inc, (2)       986,781
12,897   Tetra Tech Inc       970,886
    Total Commercial Services & Supplies       1,957,667
    Communications Equipment – 1.3%        
12,224   Lumentum Holdings Inc, (2)       989,044
    Construction & Engineering – 2.4%        
26,498   MasTec Inc, (2)       951,278
28,451   MYR Group Inc, (2)       853,530
    Total Construction & Engineering       1,804,808
    Construction Materials – 0.9%        
45,668   Summit Materials Inc, (2)       690,043
    Electrical Equipment – 1.5%        
15,673   Regal Beloit Corp       1,112,940
    Electronic Equipment, Instruments & Components – 1.3%        
32,910   Methode Electronics Inc       987,958
    Equity Real Estate Investment Trust – 7.1%        
91,430   Brandywine Realty Trust       1,020,359
46,269   CareTrust REIT Inc       762,513
47,792   Industrial Logistics Properties Trust       893,232
52,596   STAG Industrial Inc       1,380,645
191,584   Summit Hotel Properties Inc       1,160,999
    Total Equity Real Estate Investment Trust       5,217,748
    Food & Staples Retailing – 1.0%        
26,179   Performance Food Group Co, (2)       768,354
    Food Products – 2.6%        
44,104   Nomad Foods Ltd, (2)       908,984
7,603   Sanderson Farms Inc       1,035,072
    Total Food Products       1,944,056
25

Nuveen Small Cap Select Fund (continued)
Portfolio of Investments    April 30, 2020
(Unaudited)
Shares   Description (1)       Value
    Gas Utilities – 2.4%        
16,500   Southwest Gas Holdings Inc       $1,250,700
7,445   Spire Inc       543,187
    Total Gas Utilities       1,793,887
    Health Care Equipment & Supplies – 4.1%        
16,632   AtriCure Inc, (2)       717,172
28,569   Establishment Labs Holdings Inc, (2)       499,386
5,053   Penumbra Inc, (2)       895,998
17,703   Tactile Systems Technology Inc, (2)       913,829
    Total Health Care Equipment & Supplies       3,026,385
    Health Care Providers & Services – 1.2%        
6,542   LHC Group Inc, (2)       850,395
    Health Care Technology – 2.0%        
67,261   Change Healthcare Inc, (2)       782,918
6,624   Livongo Health Inc, (2)       265,026
2,649   Teladoc Health Inc, (2)       435,999
    Total Health Care Technology       1,483,943
    Hotels, Restaurants & Leisure – 2.4%        
16,295   Jack in the Box Inc       982,588
17,109   Texas Roadhouse Inc, (2)       805,663
    Total Hotels, Restaurants & Leisure       1,788,251
    Household Durables – 2.5%        
41,572   La-Z-Boy Inc       974,863
16,487   Meritage Homes Corp, (2)       866,557
    Total Household Durables       1,841,420
    Insurance – 2.1%        
7,375   eHealth Inc, (2)       786,913
7,397   Primerica Inc       768,622
    Total Insurance       1,555,535
    IT Services – 2.8%        
21,392   MAXIMUS Inc       1,440,109
68,427   Verra Mobility Corp, (2)       613,106
    Total IT Services       2,053,215
    Leisure Products – 1.1%        
58,346   Callaway Golf Co       835,515
    Life Sciences Tools & Services – 0.7%        
4,295   Repligen Corp, (2)       498,864
    Machinery – 2.8%        
38,384   Altra Industrial Motion Corp       1,071,298
26

Shares   Description (1)       Value
    Machinery (continued)        
25,278   SPX Corp, (2)       $ 963,850
    Total Machinery       2,035,148
    Media – 1.1%        
11,997   Nexstar Media Group Inc       840,270
    Mortgage Real Estate Investment Trust – 0.8%        
72,269   Ladder Capital Corp       574,539
    Multiline Retail – 0.5%        
17,872   Nordstrom Inc, (2)       335,636
    Multi-Utilities – 1.7%        
20,326   Black Hills Corp       1,258,992
    Paper & Forest Products – 1.3%        
49,079   Louisiana-Pacific Corp       981,580
    Pharmaceuticals – 5.1%        
24,131   Aerie Pharmaceuticals Inc, (2), (3)       367,756
52,519   Horizon Therapeutics Plc, (2)       1,892,785
2,665   MyoKardia Inc, (2)       167,415
22,276   Prestige Consumer Healthcare Inc, (2)       906,411
2,624   Reata Pharmaceuticals Inc, (2)       415,012
    Total Pharmaceuticals       3,749,379
    Road & Rail – 1.3%        
25,924   Knight-Swift Transportation Holdings Inc       963,854
    Semiconductors & Semiconductor Equipment – 4.0%        
69,592   Lattice Semiconductor Corp, (2)       1,566,516
45,909   MACOM Technology Solutions Holdings Inc, (2)       1,407,570
    Total Semiconductors & Semiconductor Equipment       2,974,086
    Software – 6.7%        
5,700   Everbridge Inc, (2)       634,866
16,033   J2 Global Inc, (2)       1,292,901
20,555   Rapid7 Inc, (2)       936,280
18,717   RealPage Inc, (2)       1,207,060
49,141   Sailpoint Technologies Holdings Inc, (2)       913,531
    Total Software       4,984,638
    Specialty Retail – 1.6%        
13,912   Aaron's Inc       443,932
38,547   Boot Barn Holdings Inc, (2)       711,578
    Total Specialty Retail       1,155,510
27

Nuveen Small Cap Select Fund (continued)
Portfolio of Investments    April 30, 2020
(Unaudited)
Shares   Description (1)       Value
    Textiles, Apparel & Luxury Goods – 1.6%        
5,567   Deckers Outdoor Corp, (2)       $828,147
33,131   G-III Apparel Group Ltd, (2)       375,374
    Total Textiles, Apparel & Luxury Goods       1,203,521
    Trading Companies & Distributors – 1.4%        
20,085   Applied Industrial Technology, Inc       1,052,253
    Total Common Stocks (cost $71,816,393)       73,002,409
    
Shares   Description (1), (4)       Value
    EXCHANGE-TRADED FUNDS – 1.0%        
7,612   SPDR S&P Biotech ETF       $ 710,885
    Total Exchange-Traded Funds (cost $588,576)       710,885
    Total Long-Term Investments (cost $72,404,969)       73,713,294
    
Shares   Description (1) Coupon     Value
    SHORT-TERM INVESTMENTS – 1.2%        
    MONEY MARKET FUNDS – 1.2%        
918,332   First American Treasury Obligation Fund, Class Z 0.134% (5)     $ 918,332
    Total Short-Term Investments (cost $918,332)       918,332
    Total Investments (cost $73,323,301) – 100.9%       74,631,626
    Other Assets Less Liabilities – (0.9)%       (697,731)
    Net Assets – 100%       $ 73,933,895
  For Fund portfolio compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications into sectors for reporting ease.  
(1) All percentages shown in the Portfolio of Investments are based on net assets.  
(2) Non-income producing; issuer has not declared a dividend within the past twelve months.  
(3) Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $364,068.  
(4) A copy of the most recent financial statements for the exchange-traded funds in which the Fund invests can be obtained directly from the Securities and Exchange Commission on its website at http://www.sec.gov.  
(5) The rate shown is the annualized seven-day subsidized yield as of the end of the reporting period.  
ADR American Depositary Receipt  
ETF Exchange-Traded Fund  
REIT Real Estate Investment Trust  
SPDR Standard & Poor's Depositary Receipt  
See accompanying notes to financial statements.
28

Statement of Assets and Liabilities
April 30, 2020
(Unaudited)
  Large Cap
Select 		Small Cap
Select
Assets    
Long-term investments, at value (cost $36,434,708 and $72,404,969, respectively) $40,311,661 $73,713,293
Investment purchased with collateral from securities lending, at value (cost approximates value)  — 376,252
Short-term investments, at value (cost approximates value) 40,676 918,332
Receivable for:    
Dividends 47,384 29,809
Due from affiliates 3,827 7,870
Due from broker 29 132
Interest 65 123
Investments sold 604,536 1,270,311
Shares sold 10,637 79,541
Other assets 22,366 51,774
Total assets 41,041,181 76,447,437
Liabilities    
Payable for:    
Collateral from securities lending program  — 376,252
Investments purchased - regular settlement 540,108 1,410,633
Shares redeemed 174,708 590,330
Accrued expenses:    
Directors fees 287 19,118
Management fees 13,571 20,453
12b-1 distribution and service fees 6,005 10,498
Other 35,081 86,258
Total liabilities 769,760 2,513,542
Net assets $40,271,421 $73,933,895
     
See accompanying notes to financial statements.
29

Statement of Assets and Liabilities (Unaudited) (continued)
  Large Cap
Select 		Small Cap
Select
Class A Shares    
Net assets $22,929,827 $44,390,063
Shares outstanding 793,617 6,795,064
Net asset value ("NAV") per share $ 28.89 $ 6.53
Offering price per share (NAV per share plus maximum sales charge of 5.75% of offering price) $ 30.65 $ 6.93
Class C Shares    
Net assets $ 1,993,249 $ 769,074
Shares outstanding 74,685 217,070
NAV and offering price per share $ 26.69 $ 3.54
Class R3 Shares    
Net assets $  — $ 4,564,203
Shares outstanding  — 798,905
NAV and offering price per share $  — $ 5.71
Class R6 Shares    
Net assets $  — $ 1,821,789
Shares outstanding  — 205,196
NAV and offering price per share $  — $ 8.88
Class I Shares    
Net assets $15,348,345 $22,388,766
Shares outstanding 527,077 2,526,933
NAV and offering price per share $ 29.12 $ 8.86
Fund level net assets consist of:    
Capital paid-in $37,469,863 $76,595,696
Total distributable earnings 2,801,558 (2,661,801)
Fund level net assets $40,271,421 $73,933,895
Authorized shares - per class 2 billion 2 billion
Par value per share $ 0.0001 $ 0.0001
See accompanying notes to financial statements.
30

Statement of Operations
Six Months Ended April 30, 2020
(Unaudited)
  Large Cap
Select 		Small Cap
Select
Investment Income    
Dividends $ 372,272 $ 527,914
Interest 1,652 5,531
Securities lending income 29 3,123
Payment from affiliate 3,827 7,870
Tax withheld (3,228)  —
Total investment income 374,552 544,438
Expenses    
Management fees 153,531 367,709
12b-1 service fees - Class A Shares 30,183 64,346
12b-1 distribution and service fees - Class C Shares 10,513 4,897
12b-1 distibution and service fees - Class R3 Shares  — 11,719
Shareholder servicing agent fees 16,861 85,093
Custodian fees 8,768 12,143
Professional fees 15,349 20,004
Trustees fees 435 895
Shareholder reporting expenses 6,540 14,026
Federal and state registration fees 26,784 39,942
Other 1,555 2,017
Total expenses before fee waiver/expense reimbursement 270,519 622,791
Fee waiver/expense reimbursement (34,387) (114,686)
Net expenses 236,132 508,105
Net investment income (loss) 138,420 36,333
Realized and Unrealized Gain (Loss)    
Net realized gain (loss) from investments (86,106) (2,845,204)
Change in net unrealized appreciation (depreciation) of investments (2,176,124) (10,404,723)
Net realized and unrealized gain (loss) (2,262,230) (13,249,927)
Net increase (decrease) in net assets from operations $(2,123,810) $(13,213,594)
See accompanying notes to financial statements.
31

Statement of Changes in Net Assets
(Unaudited)
  Large Cap Select   Small Cap Select
  Six Months Ended
4/30/20 		Year Ended
10/31/19 		  Six Months Ended
4/30/20 		Year Ended
10/31/19
Operations          
Net investment income (loss) $ 138,420 $ 561,103   $ 36,333 $ 84,809
Net realized gain (loss) from investments (86,106) (1,025,607)   (2,845,204) (209,980)
Change in net unrealized appreciation (depreciation) of investments (2,176,124) 6,416,434   (10,404,723) 6,331,612
Net increase (decrease) in net assets from operations (2,123,810) 5,951,930   (13,213,594) 6,206,441
Distributions to Shareholders          
Dividends:          
Class A Shares (288,657) (894,093)   (81,269) (11,801,893)
Class C Shares (9,872) (80,595)    — (422,601)
Class R3 Shares  —  —    — (1,142,174)
Class R6 Shares  —  —   (11,344) (1,031,249)
Class I Shares (256,895) (1,910,495)   (116,045) (5,461,767)
Decrease in net assets from distributions to shareholders (555,424) (2,885,183)   (208,658) (19,859,684)
Fund Share Transactions          
Proceeds from sale of shares 3,754,848 8,928,213   5,368,055 15,825,165
Proceeds from shares issued to shareholders due to reinvestment of distributions 417,962 2,490,169   197,955 19,068,666
  4,172,810 11,418,382   5,566,010 34,893,831
Cost of shares redeemed (6,109,225) (43,341,723)   (12,460,749) (38,571,414)
Net increase (decrease) in net assets from Fund share transactions (1,936,415) (31,923,341)   (6,894,739) (3,677,583)
Net increase (decrease) in net assets (4,615,649) (28,856,594)   (20,316,991) (17,330,826)
Net assets at the beginning of period 44,887,070 73,743,664   94,250,886 111,581,712
Net assets at the end of period $40,271,421 $ 44,887,070   $ 73,933,895 $ 94,250,886
See accompanying notes to financial statements.
32

THIS PAGE INTENTIONALLY LEFT BLANK
33

Financial Highlights
(Unaudited)
Large Cap Select
Selected data for a share outstanding throughout each period:
                 
                 
    Investment Operations   Less Distributions  
Class (Commencement Date)  Year Ended October 31 Beginning
NAV 		Net
Investment
Income
(Loss)(a) 		Net
Realized/
Unrealized
Gain (Loss) 		Total   From
Net
Investment
Income 		From
Accumulated
Net Realized
Gains 		Total Ending
NAV
Class A (01/03)                  
2020 $30.71 $ 0.09 $(1.54) $(1.45)   $(0.37) $  — $(0.37) $28.89
2019 28.87 0.21 2.72 2.93   (0.10) (0.99) (1.09) 30.71
2018 27.50 0.12 1.38 1.50   (0.13)  — (0.13) 28.87
2017 21.24 0.10 6.25 6.35   (0.09)  — (0.09) 27.50
2016 20.59 0.09 0.61 0.70   (0.05)  — (0.05) 21.24
2015 20.13 0.08 0.46 0.54   (0.08)  — (0.08) 20.59
Class C (01/03)                  
2020 28.28 (0.03) (1.43) (1.46)   (0.13)  — (0.13) 26.69
2019 26.77 (  —)* 2.50 2.50    — (0.99) (0.99) 28.28
2018 25.57 (0.10) 1.30 1.20    —  —  — 26.77
2017 19.82 (0.08) 5.83 5.75    —  —  — 25.57
2016 19.31 (0.06) 0.57 0.51    —  —  — 19.82
2015 18.96 (0.07) 0.42 0.35    —  —  — 19.31
Class I (01/03)                  
2020 30.98 0.13 (1.55) (1.42)   (0.44)  — (0.44) 29.12
2019 29.13 0.28 2.73 3.01   (0.17) (0.99) (1.16) 30.98
2018 27.74 0.19 1.40 1.59   (0.20)  — (0.20) 29.13
2017 21.42 0.16 6.30 6.46   (0.14)  — (0.14) 27.74
2016 20.76 0.14 0.62 0.76   (0.10)  — (0.10) 21.42
2015 20.30 0.13 0.46 0.59   (0.13)  — (0.13) 20.76
34

                 
  Ratios/Supplemental Data
    Ratios to Average
Net Assets Before
Waiver/Reimbursement 		  Ratios to Average
Net Assets After
Waiver/Reimbursement(d) 		 
Total
Return(b), (c) 		Ending
Net
Assets
(000) 		Expenses Net
Investment
Income
(Loss) 		Net Investment
Income (Loss)
Excluding
Payment From
Affiliates 		  Expenses Net
Investment
Income
(Loss) 		Net Investment
Income (Loss)
Excluding
Payment From
Affiliates 		Portfolio
Turnover
Rate(e)
                   
(4.87)% $22,930 1.30%** 0.41%** 0.39%**   1.14%** 0.57%** 0.55%** 53%
10.86 24,224 1.20 0.68 N/A   1.15 0.73 N/A 108
5.47 23,030 1.16 0.37 N/A   1.14 0.39 N/A 101
29.99 14,778 1.19 0.36 N/A   1.14 0.40 N/A 276
3.40 7,983 1.22 0.44 N/A   1.21 0.45 N/A 116
2.66 7,383 1.25 0.36 N/A   1.25 0.36 N/A 124
                   
(5.21) 1,993 2.05** (0.34)** (0.36)**   1.89** (0.19)** (0.20)** 53
10.02 2,097 1.95 (0.07) N/A   1.90 (0.02) N/A 108
4.65 2,145 1.91 (0.39) N/A   1.89 (0.37) N/A 101
29.06 1,389 1.94 (0.39) N/A   1.89 (0.34) N/A 276
2.64 1,074 1.97 (0.32) N/A   1.96 (0.31) N/A 116
1.85 684 2.00 (0.38) N/A   2.00 (0.38) N/A 124
                   
(4.74) 15,348 1.05** 0.66** 0.64**   0.89** 0.82** 0.80** 53
11.13 18,567 0.95 0.93 N/A   0.90 0.98 N/A 108
5.74 48,569 0.91 0.63 N/A   0.89 0.65 N/A 101
30.31 45,599 0.94 0.61 N/A   0.89 0.66 N/A 276
3.69 37,597 0.97 0.69 N/A   0.96 0.70 N/A 116
2.88 34,615 1.00 0.63 N/A   1.00 0.63 N/A 124
(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.
(b) During the current fiscal period, the Fund received voluntary compensation from the Adviser. The Fund's Total Return for each share would decrease by an amount equaling less than 0.01% if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information.
(c) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.
(d) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7  –  Management Fees and Other Transactions with Affiliates, for more information.
(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4  –  Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
* Rounds to less than $.01 per share.
** Annualized.
N/A Fund did not have Payments from Affiliates for periods prior to the fiscal year ended October 31, 2020.
See accompanying notes to financial statements.
35

Financial Highlights (Unaudited) (continued)
Small Cap Select
Selected data for a share outstanding throughout each period:
                 
                 
    Investment Operations   Less Distributions  
Class (Commencement Date)  Year Ended October 31 Beginning
NAV 		Net
Investment
Income
(Loss)(a) 		Net
Realized/
Unrealized
Gain (Loss) 		Total   From
Net
Investment
Income 		From
Accumulated
Net Realized
Gains 		Total Ending
NAV
Class A (05/92)                  
2020 $ 7.71 $  —** $(1.17) $(1.17)   $ (0.01) $  — $(0.01) $ 6.53
2019 9.26 (  —)** 0.28 0.28   (  —)*** (1.83) (1.83) 7.71
2018 10.13 (0.01) 0.35 0.34    — (1.21) (1.21) 9.26
2017 9.21 (0.02) 1.97 1.95   (0.01) (1.02) (1.03) 10.13
2016 11.01 0.01 0.30 0.31    — (2.11) (2.11) 9.21
2015 14.48 (0.02) 0.37 0.35    — (3.82) (3.82) 11.01
Class C (09/01)                  
2020 4.19 (0.01) (0.64) (0.65)    —  —  — 3.54
2019 6.00 (0.03) 0.05 0.02    — (1.83) (1.83) 4.19
2018 7.02 (0.05) 0.24 0.19    — (1.21) (1.21) 6.00
2017 6.70 (0.06) 1.40 1.34    — (1.02) (1.02) 7.02
2016 8.64 (0.04) 0.21 0.17    — (2.11) (2.11) 6.70
2015 12.28 (0.08) 0.26 0.18    — (3.82) (3.82) 8.64
Class R3 (01/94)                  
2020 6.74 (0.01) (1.02) (1.03)    —  —  — 5.71
2019 8.37 (0.02) 0.22 0.20    — (1.83) (1.83) 6.74
2018 9.28 (0.03) 0.33 0.30    — (1.21) (1.21) 8.37
2017 8.53 (0.04) 1.81 1.77    — (1.02) (1.02) 9.28
2016 10.38 (0.01) 0.27 0.26    — (2.11) (2.11) 8.53
2015 13.91 (0.04) 0.33 0.29    — (3.82) (3.82) 10.38
Class R6 (02/18)                  
2020 10.49 0.02 (1.57) (1.55)   (0.06)  — (0.06) 8.88
2019 11.87 0.04 0.44 0.48   (0.03) (1.83) (1.86) 10.49
2018 11.82 0.02 0.03 0.05    —  —  — 11.87
Class I (05/92)                  
2020 10.46 0.01 (1.57) (1.56)   (0.04)  — (0.04) 8.86
2019 11.85 0.03 0.44 0.47   (0.03) (1.83) (1.86) 10.46
2018 12.60 0.03 0.43 0.46    — (1.21) (1.21) 11.85
2017 11.24 0.01 2.40 2.41   (0.03) (1.02) (1.05) 12.60
2016 12.93 0.04 0.38 0.42    — (2.11) (2.11) 11.24
2015 16.30 0.02 0.43 0.45    — (3.82) (3.82) 12.93
36

                 
  Ratios/Supplemental Data
    Ratios to Average
Net Assets Before
Waiver/Reimbursement 		  Ratios to Average
Net Assets After
Waiver/Reimbursement(d) 		 
Total
Return(b), (c) 		Ending
Net
Assets
(000) 		Expenses Net
Investment
Income
(Loss) 		Net Investment
Income (Loss)
Excluding
Payment From
Affiliates 		  Expenses Net
Investment
Income
(Loss) 		Net Investment
Income (Loss)
Excluding
Payment From
Affiliates 		Portfolio
Turnover
Rate(e)
                   
(15.19)% $44,390 1.51%* (0.25)%* (0.27)%*   1.24%* 0.02%* ( —)%**** 37%
6.95 55,849 1.42 (0.17) N/A   1.24 0.01 N/A 70
3.48 60,930 1.43 (0.24) N/A   1.24 (0.06) N/A 95
21.76 67,405 1.41 (0.24) N/A   1.33 (0.16) N/A 66
4.05 67,428 1.44 0.10 N/A   1.44 0.10 N/A 66
4.08 82,080 1.42 (0.14) N/A   1.42 (0.14) N/A 75
                   
(15.51) 769 2.25* (0.97)* (0.98)*   1.99* (0.70)* (0.72)* 37
6.09 1,029 2.17 (0.92) N/A   1.99 (0.74) N/A 70
2.78 1,436 2.18 (1.00) N/A   1.99 (0.81) N/A 95
20.75 4,913 2.16 (0.99) N/A   2.09 (0.91) N/A 66
3.37 5,625 2.19 (0.65) N/A   2.19 (0.65) N/A 66
3.19 8,036 2.17 (0.88) N/A   2.17 (0.88) N/A 75
                   
(15.28) 4,564 1.76* (0.53)* (0.55)*   1.49* (0.26)* (0.28)* 37
6.65 5,194 1.68 (0.42) N/A   1.49 (0.24) N/A 70
3.34 5,264 1.68 (0.50) N/A   1.49 (0.31) N/A 95
21.40 5,381 1.66 (0.49) N/A   1.59 (0.41) N/A 66
3.76 5,310 1.69 (0.12) N/A   1.69 (0.12) N/A 66
3.75 7,794 1.67 (0.38) N/A   1.67 (0.38) N/A 75
                   
(14.91) 1,822 1.10* 0.13* 0.12*   0.83* 0.40* 0.38* 37
7.22 2,070 1.03 0.17 N/A   0.85 0.36 N/A 70
0.42 6,532 1.03* 0.06* N/A   0.85* 0.24* N/A 95
                   
(14.98) 22,389 1.26* 0.01* (0.01)*   0.99* 0.27* 0.26* 37
7.13 30,109 1.17 0.08 N/A   0.99 0.26 N/A 70
3.77 37,420 1.18 0.02 N/A   0.99 0.21 N/A 95
22.03 49,150 1.16 0.01 N/A   1.08 0.09 N/A 66
4.33 45,574 1.19 0.36 N/A   1.19 0.36 N/A 66
4.29 96,071 1.17 0.11 N/A   1.17 0.11 N/A 75
    
(a) Per share Net Investment Income (Loss) is calculated using the average daily shares method.
(b) During the current fiscal period, the Fund received voluntary compensation from the Adviser. The Fund's Total Return for each share would decrease by an amount equaling less than 0.01% if such voluntary compensation were excluded. See Note 7-Management Fees and Other Transactions with Affiliates, for more information.
(c) Total return is the combination of changes in NAV without any sales charge, reinvested dividend income at NAV and reinvested capital gains distributions at NAV, if any. Total returns are not annualized.
(d) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Note 7  –  Management Fees and Other Transactions with Affiliates, for more information.
(e) Portfolio Turnover Rate is calculated based on the lesser of long-term purchases or sales (as disclosed in Note 4  –  Portfolio Securities and Investments in Derivatives) divided by the average long-term market value during the period.
* Annualized.
** Rounds to less than $.01 per share.
*** Rounds to more than $(.01) per share.
**** Annualized ratio rounds to less than .01%.
N/A Fund did not have Payments from Affiliates for periods prior to the fiscal year ended October 31, 2020.
See accompanying notes to financial statements.
37

Notes to Financial Statements    
(Unaudited)
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 Large Cap Select Fund (“Large Cap Select”) and Nuveen Small Cap Select Fund (“Small Cap Select”), (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.
The end of the reporting period for the Funds is April 30, 2020, and the period covered by these Notes to Financial Statements is the six months ended April 30, 2020 (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 and incur a 0.25% annual 12b-1 service fee. 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 incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class C Shares automatically convert to Class A Shares ten years after purchase. Class R3 Shares are sold without an up-front sales charge but incur a 0.25% 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 any sales charge or 12b-1 distribution or service fees.
Other Matters
The outbreak of the novel coronavirus (“COVID-19”) and subsequent global pandemic began significantly impacting the U.S. and global financial markets and economies during the calendar quarter ended March 31, 2020. The worldwide spread of COVID-19 has created significant uncertainty in the global economy. The duration and extent of COVID-19 over the long-term cannot be reasonably estimated at this time. There have been no comparable recent events that provide guidance as to the effect the spread of COVID-19 as a global pandemic may have on the Funds’ Company’s financial performance. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds’ Company’s normal course of business, results of operations, investments, and cash flows will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.
2.  Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services—Investment Companies. The NAV for financial reporting purposes may differ from the NAV for processing security and shareholder transactions. The NAV for financial reporting purposes includes security and shareholder transactions through the date of the report. Total return is computed based on the NAV used for processing security and shareholder transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation
The Trust pays no compensation directly to those of its directors who are affiliated with the Adviser or to its officers, all of whom receive remuneration for their services to the Trust from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent 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.
38

Distributions to Shareholders
Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Trust enters into contracts that provide general indemnifications to other parties. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Investments and investment Income
Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or, for certain foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized on the ex-dividend date and recorded at fair value. Interest income, which reflects the amortization of premiums and accretion of discounts for financial reporting purposes and is recorded on an accrual basis. Interest income also reflects payment-in-kind ("PIK") interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash. 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 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 International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities collateral on a counterparty basis.
The Funds' investments subject to netting agreements as of the end of the reporting period, if any, are further described in Note 4 - Portfolio Securities and Investments in Derivatives.
New Accounting Pronouncements and Rule Issuances
Fair Value Measurement: Disclosure Framework
During August 2018, the FASB issued Accounting Standards Update ("ASU") 2018-13 (“ASU 2018-13”), Fair Value Measurement: Disclosure Framework  –  Changes to the Disclosure Requirements for Fair Value Measurements. ASU 2018-13 modifies the disclosures required by Topic 820, Fair Value Measurements. The amendments in ASU 2018-13 are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Management has early implemented this guidance and it did not have a material impact on the Funds' financial statements.
Reference Rate Reform
In March 2020, FASB issued 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 at the end of 2021, when participating banks will no longer be required to submit London Interbank Offered Rate (LIBOR) quotes by the UK Financial Conduct Authority (FCA). The new guidance allows companies to, provided the only change to existing contracts are a change to an approved benchmark interest rate, account for modifications as a continuance of the existing contract without additional analysis. For new and existing contracts, the Funds may elect to apply the amendments as of March 12, 2020 through December 31, 2022. Management has not yet elected to apply the amendments, but is currently assessing the impact of the ASU’s adoption to the Funds’ financial statements and various filings.
3.  Investment Valuation and Fair Value Measurements
The fair valuation input levels as described below are for fair value measurement purposes.
The Funds' investments in securities are recorded at their estimated fair value. 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. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification
39

Notes to Financial Statements (Unaudited) (continued)
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 the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1  –     Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2  –     Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).
Level 3  –     Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).
Common stocks and other equity-type securities are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1. Securities primarily traded on the Nasdaq National Market ("Nasdaq") are valued at the Nasdaq Official Closing Price and are generally classified as Level 1. However, securities traded on a securities exchange or Nasdaq for which there were no transactions on a given day or securities not listed on a securities exchange or Nasdaq are valued at the quoted bid price and 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 the most recent bid price of the underlying non-U.S.-traded stock, adjusted as appropriate for the underlying-to-ADR conversion ratio and foreign exchange rate, and from time-to-time may also be adjusted further to take into account material events that may take place after the close of the local non-U.S. market but before the close of the New York Stock Exchange, which may represent a transfer from a Level 1 to a Level 2 security.
Exchange-traded funds are valued at the last sales price on the securities exchange on which such securities are primarily traded and are generally classified as Level 1.
Investments in investment companies are valued at their respective NAVs on the valuation date and are generally classified as Level 1.
Certain securities may not be able to be priced by the pre-established pricing methods as described above. Such securities may be valued by the Board and/or its appointee at fair value. These securities generally include, but are not limited to, restricted securities (securities which may not be publicly sold without registration under the Securities Act of 1933, as amended) for which an independent pricing service ("pricing service") is unable to provide a market price; securities whose trading has been formally suspended; debt securities that have gone into default and for which there is no current market quotation; a security whose market price is not available from a pre-established pricing source; a security with respect to which an event has occurred that is likely to materially affect the value of the security after the market has closed but before the calculation of a Fund’s NAV (as may be the case in non-U.S. markets on which the security is primarily traded) or make it difficult or impossible to obtain a reliable market quotation; and a security whose price, as provided by the pricing service, is not deemed to reflect the security’s fair value. As a general principle, the fair value of a security would appear to be the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. These securities are generally classified as Level 2 or Level 3 depending on the observability of the significant inputs. Regardless of the method employed to value a particular security, all valuations are subject to review by the Board and/or its appointee.
The inputs or methodologies used for valuing securities are not an indication of the risks associated with investing in those securities. The following is a summary of each Fund’s fair value measurements as of the end of the reporting period:
Large Cap Select Level 1 Level 2 Level 3 Total
Long-Term Investments*:        
Common Stocks $40,311,661 $ — $ — $40,311,661
Short-Term Investments:        
Money Market Funds 40,676  —  — 40,676
Total $40,352,337 $ — $ — $40,352,337
    
Small Cap Select Level 1 Level 2 Level 3 Total
Long-Term Investments*:        
Common Stocks $73,002,409 $ — $ — $73,002,409
Exchange-Traded Funds 710,885  —  — 710,885
Short-Term Investments:        
Money Market Funds 918,332  —  — 918,332
Total $74,631,626 $ — $ — $74,631,626
    
* Refer to the Fund's Portfolio of Investments for industry classifications.
40

4.  Portfolio Securities and Investments in Derivatives
Securities Lending
In order to generate additional income, the Funds may lend securities representing up to one-third of the value of its total assets (which includes collateral for securities on loan) to broker-dealers, banks or other institutions. When loaning securities, each Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The Funds also have the ability to recall the securities on loan at any time.
Each Fund’s policy is to receive, at the inception of a loan, cash collateral equal to at least 102% of the value of securities loaned, which is recognized as “Payable for collateral from securities lending program” on the Statement of Assets and Liabilities. Collateral for securities on loan is invested in a money market fund, which is recognized as “Investments purchased with collateral from securities lending, at value” on the Statement of Assets and Liabilities. The market value of the securities loaned is determined at the close of each business day in order to determine the adequacy of the collateral. If the value of the securities on loan increases such that the level of collateralization falls below 100%, additional collateral is received from the borrower on the next business day, which is recognized as “Due from broker” 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. Generally, in the event the borrower defaults on its obligation to return the loaned securities, the Fund has the right to use the collateral to acquire identical securities. In the event the Fund is delayed or prevented from exercising its right to dispose of the collateral, there may be a loss to the Fund. Under the Funds’ securities lending agreement, however, the securities lending agent has indemnified the Fund against losses resulting from borrower default, except to the extent that those losses result from a decrease in the value of the collateral due to its investment by the Funds. The Funds bear the risk of loss with respect to the investment of collateral.
The Funds’ custodian, U.S. Bank National Association, serves as their securities lending agent. Income earned from the securities lending program is paid to the Funds. Income from securities lending, is recognized as “Securities lending income” on the Statement of Operations.
The following table presents the securities out on loan for the following Fund, and the collateral delivered related to those securities, as of the end of the reporting period.
Fund Asset Class out on Loan Long-Term
Investments, at Value 		Collateral
Pledged (From)
Counterparty* 		Net
Exposure
Small Cap Select Common Stocks $364,068 $(364,068) $ —
* As of the end of the reporting period, the value of the collateral pledged from the counterparty exceeded the value of the securities out on loan. Refer to the Fund’s Portfolio of Investments for details on the securities out on loan.
Investment Transactions
Long-term purchases and sales (excluding investments purchased with collateral from securities lending, where applicable) during the current fiscal period were as follows:
  Large Cap
Select 		Small Cap
Select
Purchases $22,850,529 $31,705,900
Sales 25,152,919 37,497,740
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. The Funds have earmarked securities in their portfolios with a current value at least equal to the amount of the when-issued/ delayed-delivery purchase commitments. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.
Investments in Derivatives
Each Fund is authorized to invest in certain derivative instruments. The Funds record derivative instruments at fair value, with changes in fair value recognized on the Statement of Operations, when applicable. Even though the Funds’ investments in derivatives may represent economic hedges, they are not considered to be hedge transactions for financial reporting purposes.
Although the Funds are authorized to invest in derivative instruments, and may do so in the future, they did not make any such investments during the current fiscal period.
41

Notes to Financial Statements (Unaudited) (continued)
Market and Counterparty Credit Risk
In the normal course of business each Fund may invest in financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform (counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets, which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by at least the pre-determined threshold amount.
5.  Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
  Six Months Ended
4/30/20 		  Year Ended
10/31/19
Large Cap Select Shares Amount   Shares Amount
Shares sold:          
Class A 85,471 $ 2,654,123   177,515 $ 4,930,221
Class A  –  automatic conversion of Class C Shares 115 3,344   486 13,884
Class C 6,711 171,982   24,930 643,351
Class I 30,946 925,399   120,055 3,340,757
Shares issued to shareholders due to reinvestment of distributions:          
Class A 8,421 275,945   32,369 835,988
Class C 304 9,233   3,148 75,284
Class I 4,024 132,784   60,673 1,578,897
  135,992 4,172,810   419,176 11,418,382
Shares redeemed:          
Class A (89,195) (2,663,903)   (219,203) (6,275,373)
Class C (6,338) (171,590)   (33,536) (894,697)
Class C  –  automatic conversion to Class A Shares (125) (3,344)   (526) (13,884)
Class I (107,187) (3,270,388)   (1,248,745) (36,157,769)
  (202,845) (6,109,225)   (1,502,010) (43,341,723)
Net increase (decrease) (66,853) $(1,936,415)   (1,082,834) $(31,923,341)
    
42

  Six Months Ended
4/30/20 		  Year Ended
10/31/19
Small Cap Select Shares Amount   Shares Amount
Shares sold:          
Class A 173,230 $ 1,223,786   482,537 $ 3,499,928
Class A  –  automatic conversion of Class C Shares 490 3,918   1,287 10,280
Class C 46,360 185,368   43,704 181,629
Class R3 172,851 885,785   256,759 1,677,173
Class R6 43,510 407,284   202,682 2,051,384
Class I 277,313 2,661,914   843,491 8,404,771
Shares issued to shareholders due to reinvestment of distributions:          
Class A 9,868 80,423   1,813,633 11,697,567
Class C  —  —   119,270 421,025
Class R3  —  —   201,838 1,140,383
Class R6 1,026 11,344   117,392 1,031,249
Class I 9,610 106,188   545,179 4,778,442
  734,258 5,566,010   4,627,772 34,893,831
Shares redeemed:          
Class A (636,016) (4,611,254)   (1,629,812) (12,135,488)
Class C (73,980) (288,280)   (154,537) (622,536)
Class C  –  automatic conversion to Class A Shares (902) (3,918)   (2,231) (10,280)
Class R3 (144,870) (981,547)   (316,677) (2,085,951)
Class R6 (36,613) (352,243)   (673,304) (6,773,557)
Class I (637,867) (6,223,507)   (1,668,575) (16,943,602)
  (1,530,248) (12,460,749)   (4,445,136) (38,571,414)
Net increase (decrease) (795,990) $ (6,894,739)   182,636 $ (3,677,583)
6.  Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and to 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.
For all open tax years and all major taxing jurisdictions, management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Open tax years are those that are open for examination by taxing authorities (i.e., generally the last four tax year ends and the interim tax period since then). Furthermore, management of the Funds is also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
The following information is presented on an income tax basis. Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing certain gains and losses on investment transactions. To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts as detailed below. Temporary differences do not require reclassification. Temporary and permanent differences do not impact the NAVs of the Funds.
The table below presents the cost and unrealized appreciation (depreciation) of each Fund's investment portfolio, as determined on a federal income tax basis, as of April 30, 2020.
  Large Cap
Select 		Small Cap
Select
Tax cost of investments $36,703,966 $74,013,733
Gross unrealized:    
Appreciation $ 5,641,601 $ 9,383,570
Depreciation (1,993,230) (8,389,426)
Net unrealized appreciation (depreciation) of investments $ 3,648,371 $ 994,144
Permanent differences, primarily due to federal taxes paid and distribution reallocations, resulted in reclassifications among the Funds' components of net assets as of October 31, 2019, the Funds' last tax year end.
The tax components of undistributed net ordinary income and net long-term capital gains as of October 31, 2019, the Funds' last tax year end, were as follows:
43

Notes to Financial Statements (Unaudited) (continued)
  Large Cap
Select 		Small Cap
Select
Undistributed net ordinary income1 $512,223 $62,715
Undistributed net long-term capital gains  —  —
    
1 Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.
The tax character of distributions paid during the Funds’ last tax year ended October 31, 2019 was designated for purposes of the dividends paid deduction as follows:
  Large Cap
Select 		Small Cap
Select
Distributions from net ordinary income1 $2,753,146 $ 5,582,744
Distributions from net long-term capital gains 132,037 14,276,940
    
1 Net ordinary income consists of net taxable income derived from dividends, interest, and net short-term capital gains, if any.
As of October 31, 2019, the Funds’ last tax year end, the Funds had unused capital losses carrying forward available for federal income tax purposes to be applied against future capital gains, if any. The capital losses are not subject to expiration.
  Large Cap
Select 		Small Cap
Select
Not subject to expiration:    
Short-term $328,832 $263,821
Long-term 527,111 419,464
Total $855,943 $683,285
7.  Management Fees and Other Transactions with Affiliates
Management Fees
Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components  –  a fund-level fee, based only on the amount of assets within each individual Fund, and a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed by the Adviser.
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
Average Daily Net Assets Large Cap
Select 		Small Cap
Select
For the first $125 million 0.5000% 0.6500%
For the next $125 million 0.4875 0.6375
For the next $250 million 0.4750 0.6250
For the next $500 million 0.4625 0.6125
For the next $1 billion 0.4500 0.6000
For the next $3 billion 0.4250 0.5750
For the next $2.5 billion 0.4000 0.5500
For the next $2.5 billion 0.3875 0.5375
For net assets over $10 billion 0.3750 0.5250
The annual complex-level fee, payable monthly, for each Fund is determined by taking the complex-level fee 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:
44

Complex-Level Eligible Asset Breakpoint Level* Effective Complex-Level Fee Rate at Breakpoint Level
$55 billion 0.2000%
$56 billion 0.1996
$57 billion 0.1989
$60 billion 0.1961
$63 billion 0.1931
$66 billion 0.1900
$71 billion 0.1851
$76 billion 0.1806
$80 billion 0.1773
$91 billion 0.1691
$125 billion 0.1599
$200 billion 0.1505
$250 billion 0.1469
$300 billion 0.1445
*     The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen open-end and closed-end funds. Eligible assets do not include assets attributable to investments in other Nuveen funds or assets in excess of a determined amount (originally $2 billion) added to the Nuveen fund complex in connection with the Adviser’s assumption of the management of the former First American Funds effective January 1, 2011, but do include certain assets of certain Nuveen funds that were reorganized into funds advised by an affiliate of the Adviser during the 2019 calendar year. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to certain types of leverage. For these purposes, leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances. As of April 30, 2020, the complex-level fee rate for each Fund was 0.2000%.
The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of each Fund so that total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 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 in effect thereafter may be terminated or modified only with the approval of the Board.
Fund Expense Cap Expense Cap
Expiration Date
Large Cap Select 0.89% July 31, 2021
Small Cap Select 0.99  July 31, 2021
Other Transactions with Affiliates
During February 2020, the Funds began receiving voluntary compensation from the Adviser in amounts that approximate a portion of the cost of research services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly. This income received by the Funds is recognized as “Payment from affiliate” on the Statement of Operations.
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:
  Large Cap
Select 		Small Cap
Select
Sales charges collected $6,128 $5,440
Paid to financial intermediaries 5,449 4,759
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:
  Large Cap
Select 		Small Cap
Select
Commission advances $592 $1,260
45

Notes to Financial Statements (Unaudited) (continued)
To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:
  Large Cap
Select 		Small Cap
Select
12b-1 fees retained $1,242 $761
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:
  Large Cap
Select 		Small Cap
Select
CDSC retained $14 $33
8.  Borrowings Arrangements
Committed Line of Credit
The Funds, along with certain other funds managed by the Adviser (“Participating Funds”), have established a 364-day, $2.65 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for various purposes other than leveraging for investment purposes. Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating Funds have undrawn capacity. The credit facility expires in June 2020 unless extended or renewed.
The credit facility has the following terms: a fee of 0.15% per annum on unused commitment amounts, and interest at a rate equal to the higher of (a) one-month LIBOR (London Inter-Bank Offered Rate) plus 1.00% per annum or (b) the Fed Funds rate plus 1.00% per annum on amounts borrowed. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of “Other expenses” on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the relative proportions of the facility’s aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
During the current fiscal period, none of the Funds utilized this facility.
9.  Subsequent Events
Expense Cap
During May 2020, the Board approved an extension of the Expense Cap limitation for both Large Cap Select and Small Cap Select to July 31, 2022.
Committed Line of Credit
During June 2020, the Participating Funds renewed the standby credit facility through June 2021. In conjunction with this renewal the commitment amount decreased from $2.65 billion to $2.405 billion and the interest rate increased from LIBOR plus 1.00% to LIBOR plus 1.25%. The Participating Funds also incurred a 0.10% upfront fee. All other terms remain unchanged.
46

Additional Fund Information    
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
U.S. Bank National Association
1555 North RiverCenter Drive
Suite 302
Milwaukee, WI 53212
Legal Counsel
Chapman and Cutler LLP
Chicago, IL 60603
Transfer Agent and
Shareholder Services
DST Asset Manager
Solutions, Inc. (DST)
P.O. Box 219140
Kansas City, MO 64121-9140
(800) 257-8787
Portfolio of Investments Information: Each Fund is required to file its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report on Form N-PORT. You may obtain this information on the SEC's website at http://www.sec.gov.
Nuveen Funds’ Proxy Voting Information: You may obtain (i) information regarding how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon request by calling Nuveen toll-free at (800) 257-8787 or 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.
47

Glossary of Terms Used in this Report    
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 distributions and capital gains, if any) over the time period being considered.
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 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.
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.
Russell 2000® Index: An index that measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. The Russell 3000® Index measures the performance of the 3,000 largest companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P 500®: An unmanaged index generally considered representative of the U.S. stock market. The index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
Tax Equalization: The practice of treating a portion of the distribution made to a redeeming shareholder, which represents his proportionate part of undistributed net investment income and capital gain as a distribution for tax purposes. Such amounts are referred to as the equalization debits (or payments) and will be considered a distribution to the shareholder of net investment income and capital gain for calculation of the fund’s dividends paid deduction.
48

Liquidity Risk Management Program    
Discussion of the operation and effectiveness of the Funds’ liquidity risk management program
In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), each Fund covered in this Report (the “Funds”) has adopted and implemented a liquidity risk management program (the “Program”), which is designed to manage the Fund’s liquidity risk. The Program consists of various protocols for assessing and managing each Fund’s liquidity risk. The Funds’ Board of Trustees 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 20, 2020 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 2019 (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 (i) the Fund’s investment strategy and the liquidity of portfolio investments, (ii) cash flow projections, and (iii) holdings of cash and cash equivalents, borrowing arrangements, and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions.
Each Fund portfolio investment is classified into one of four liquidity categories (including the most liquid, “Highly Liquid”, and the least liquid, “Illiquid”, discussed below). The classification is based on a determination of how long it is reasonably expected to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the market value of the investment. Liquidity classification determinations take into account various market, trading, and investment-specific considerations, as well as market depth, and use third-party vendor data.
Any Fund that does not primarily hold highly liquid investments must, among other things, determine a minimum percentage of Fund assets that must be invested in highly liquid investments (a “Highly Liquid Investment Minimum”). During the Review Period, each Fund primarily held Highly Liquid investments and therefore was exempt from the requirement to adopt a Highly Liquid Investment Minimum and to comply with the related requirements under the Liquidity Rule.
The Liquidity Rule also limits a Fund’s investments in Illiquid investments. Specifically, the Liquidity Rule prohibits a Fund from acquiring Illiquid investments if doing so would result in the Fund holding more than 15% of its net assets in Illiquid investments, and requires certain reporting to the Fund Board and the Securities and Exchange Commission any time a Fund’s holdings of Illiquid investments exceeds 15% of net assets. During the Review Period, no Fund exceeded the 15% limit on Illiquid investments.
49

Notes    
50

Notes    
51

Nuveen:
Serving Investors for Generations
Since 1898, financial professionals 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 professional, 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
Nuveen Securities, LLC, member FINRA and SIPC | 333 West Wacker Drive | Chicago, IL 60606 | www.nuveen.com    MSA-FSLCT-0420P1210966-INV-B-06/21

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6. Schedule of Investments.

(a) See Portfolio of Investments in Item 1.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

 

(a)

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

 

(b)

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

File the exhibits listed below as part of this Form.

(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not applicable to this filing.

(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) in the exact form set forth below: See EX-99.CERT attached hereto.

(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the 1940 Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable to this registrant.

(a)(4) Change in the registrant’s independent public accountant. Not applicable.

(b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by Rule 30a-2(b) under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) as an Exhibit. A certification furnished pursuant to this paragraph will not be deemed “filed” for purposes of Section 18 of the Exchange Act (15 U.S.C. 78r), or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registration specifically incorporates it by reference: See EX-99.906 CERT attached hereto.

SIGNATURES

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

(Registrant) Nuveen Investment Funds, Inc.

 

By   (Signature and Title)   /s/ Christopher M. Rohrbacher  
   

Christopher M. Rohrbacher

Vice President and Secretary

  

Date: July 7, 2020

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/ Greg A. Bottjer  
   

Greg A. Bottjer

Chief Administrative Officer

(principal executive officer)

  

Date: July 7, 2020

 

By   (Signature and Title)   /s/ E. Scott Wickerham  
   

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

  

Date: July 7, 2020

EX-99.CERT 2 d927816dex99cert.htm CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT Certification Pursuant to Section 302 of the Sarbanes-Oxley Act

EX-99.CERT

CERTIFICATIONS

I, Greg A. Bottjer, certify that:

 

1.

I have reviewed this report on Form N-CSR of Nuveen Investment Funds, Inc.;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c)

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  d)

disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

 

5.

The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 7, 2020

 

/s/ Greg A. Bottjer

Greg A. Bottjer

Chief Administrative Officer

(principal executive officer)

I, E. Scott Wickerham, certify that:

 

1.

I have reviewed this report on Form N-CSR of Nuveen Investment Funds, Inc.;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

  a)

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c)

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

  d)

disclosed in this report any change in the registrant’s internal control over financial reporting 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; and

 

5.

The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

  b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 7, 2020

 

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

 EX-99.906CERT 3 d927816dex99906cert.htm CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

EX-99.906CERT

Certification Pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002; provided by the Chief Executive Officer and Chief Financial Officer, based on each such officer’s knowledge and belief.

The undersigned officers of Nuveen Investment Funds, Inc. (the “Registrant”), certify that, to the best of each such officer’s knowledge and belief:

 

  1.

The Form N-CSR of the Registrant for the period ended April 30, 2020 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: July 7, 2020

 

/s/ Greg A. Bottjer

Greg A. Bottjer

Chief Administrative Officer

(principal executive officer)

 

/s/ E. Scott Wickerham

E. Scott Wickerham

Vice President and Controller

(principal financial officer)

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