# EDGAR Filing Document

**Accession Number:** 0000820892
**File Stem:** 0001193125-26-006454
**Filing Date:** 2026-1
**Character Count:** 351804
**Document Hash:** 41d1072bb3e957db658bb15a160ed865
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-006454.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001193125-26-006454

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**EFFECTIVENESS DATE**: 20260107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NUVEEN INVESTMENT FUNDS INC
- **CENTRAL INDEX KEY:** 0000820892

**ORGANIZATION NAME:**
- **EIN:** 411418224
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05309
- **FILM NUMBER:** 26516263

**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

## Series and Classes Contracts Data

### Nuveen Large Cap Select Fund (Series ID: S000005551)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015101 | Class A      | FLRAX           |
| C000015103 | Class C      | FLYCX           |
| C000015105 | Class I      | FLRYX           |

### Nuveen Small/Mid Cap Growth Opportunities Fund (Series ID: S000005553)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015111 | Class A      | FRSLX           |
| C000015115 | Class I      | FISGX           |
| C000123979 | Class R6     | FMEFX           |

### Nuveen Mid Cap Value Opportunities Fund (Series ID: S000005556)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015126 | Class A      | FASEX           |
| C000015128 | Class C      | FACSX           |
| C000015130 | Class I      | FSEIX           |
| C000202060 | Class R6     | FMVQX           |

### Nuveen Small Cap Growth Opportunities Fund (Series ID: S000005567)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015158 | Class A      | FRMPX           |
| C000015162 | Class I      | FIMPX           |
| C000171404 | Class R6     | FMPFX           |

### Nuveen Small Cap Select Fund (Series ID: S000005569)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015168 | Class A      | EMGRX           |
| C000015172 | Class I      | ARSTX           |
| C000199174 | Class R6     | ASEFX           |

### Nuveen Small Cap Value Fund (Series ID: S000005570)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015173 | Class A      | FSCAX           |
| C000015175 | Class C      | FSCVX           |
| C000015177 | Class I      | FSCCX           |
| C000171405 | Class R6     | FSCWX           |

### Nuveen Dividend Value Fund (Series ID: S000005579)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000015208 | Class A      | FFEIX           |
| C000015210 | Class C      | FFECX           |
| C000015212 | Class I      | FAQIX           |
| C000123980 | Class R6     | FFEFX           |

?xml version='1.0' encoding='ASCII'? 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, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

901 Marquette Avenue

Minneapolis, Minnesota 55402

(Name and address of agent for service)

Registrant's telephone number, including area code: (<u>312) 917-7700</u>

Date of fiscal year end: <u>October</u> <u>31</u>

Date of reporting period: <u>October 31, 2025</u>

------

**Item 1.** **Reports to Stockholders.**<br>

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br> Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Dividend Value Fund

Class A Shares/FFEIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Dividend Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $99 | 0.95% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Dividend Value Fund returned 8.87% for Class A Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund underperformed the Russell 1000 Value Index, which returned 11.15%.<br>•  Top contributors to relative performance<br>•  Security selection in the consumer discretionary sector, including an out-of-benchmark position in Las Vegas Sands Corp.<br>•  Out-of-benchmark position in Broadcom Inc.<br>•  Security selection in the industrials sector, including an out-of-benchmark position in Vertiv Holdings Co. and overweights to nVent Electric plc and Johnson Controls International plc.<br>•  Top detractors from relative performance<br>•  Security selection and an overweight to the health care sector, including overweights to UnitedHealth Group Incorporated, Cigna Group and Zimmer Biomet Holdings, Inc.<br>•  Security selection in the information technology sector, including an underweight to Micron Technology, Inc. and the timing of purchases of Marvell Technology, Inc. and Dell Technologies, Inc.<br>•  Lack of exposure to JPMorgan Chase & Co.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g01k01.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 8.87% | 13.64% | 9.10% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | 2.63% | 12.30% | 8.46% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |
| &nbsp;&nbsp;&nbsp; Lipper Equity Income Funds Classification Average | 9.78% | 13.31% | 9.82% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3185937285 |
|  Total number of portfolio holdings | 74 |
|  Portfolio turnover (%) | 81% |
|  Total management fees paid for the year | $18926407 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g00n05.jpg)

How has the Fund changed?

• **Investment policy change:** Effective February 28, 2025, the Fund changed its non-fundamental investment policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940 to the following:

Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in dividend-paying equity securities of value companies.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678887_AR_1025<br> 4966786 | ![LOGO](g26847g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br> Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Dividend Value Fund

Class C Shares/FFECX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Dividend Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $177 | 1.70% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Dividend Value Fund returned 7.99% for Class C Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund underperformed the Russell 1000 Value Index, which returned 11.15%.<br>•  Top contributors to relative performance<br>•  Security selection in the consumer discretionary sector, including an out-of-benchmark position in Las Vegas Sands Corp.<br>•  Out-of-benchmark position in Broadcom Inc.<br>•  Security selection in the industrials sector, including an out-of-benchmark position in Vertiv Holdings Co. and overweights to nVent Electric plc and Johnson Controls International plc.<br>•  Top detractors from relative performance<br>•  Security selection and an overweight to the health care sector, including overweights to UnitedHealth Group Incorporated, Cigna Group and Zimmer Biomet Holdings, Inc.<br>•  Security selection in the information technology sector, including an underweight to Micron Technology, Inc. and the timing of purchases of Marvell Technology, Inc. and Dell Technologies, Inc.<br>•  Lack of exposure to JPMorgan Chase & Co.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g01k07.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 7.99% | 12.78% | 8.44% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |
| &nbsp;&nbsp;&nbsp; Lipper Equity Income Funds Classification Average | 9.78% | 13.31% | 9.82% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3185937285 |
|  Total number of portfolio holdings | 74 |
|  Portfolio turnover (%) | 81% |
|  Total management fees paid for the year | $18926407 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g64d07.jpg)

How has the Fund changed?

• **Investment policy change:** Effective February 28, 2025, the Fund changed its non-fundamental investment policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940 to the following:

Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in dividend-paying equity securities of value companies.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678317_AR_1025<br> 4966786 | ![LOGO](g26847g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Dividend Value Fund

Class R6 Shares/FFEFX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Dividend Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $64 | 0.61% |

---

\* Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Dividend Value Fund returned 9.23% for Class R6 Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund underperformed the Russell 1000 Value Index, which returned 11.15%.<br>•  Top contributors to relative performance<br>•  Security selection in the consumer discretionary sector, including an out-of-benchmark position in Las Vegas Sands Corp.<br>•  Out-of-benchmark position in Broadcom Inc.<br>•  Security selection in the industrials sector, including an out-of-benchmark position in Vertiv Holdings Co. and overweights to nVent Electric plc and Johnson Controls International plc.<br>•  Top detractors from relative performance<br>•  Security selection and an overweight to the health care sector, including overweights to UnitedHealth Group Incorporated, Cigna Group and Zimmer Biomet Holdings, Inc.<br>•  Security selection in the information technology sector, including an underweight to Micron Technology, Inc. and the timing of purchases of Marvell Technology, Inc. and Dell Technologies, Inc.<br>•  Lack of exposure to JPMorgan Chase & Co.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g70t25.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 9.23% | 14.03% | 9.49% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |
| &nbsp;&nbsp;&nbsp; Lipper Equity Income Funds Classification Average | 9.78% | 13.31% | 9.82% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3185937285 |
|  Total number of portfolio holdings | 74 |
|  Portfolio turnover (%) | 81% |
|  Total management fees paid for the year | $18926407 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g12o46.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

• **Investment policy change:** Effective February 28, 2025, the Fund changed its non-fundamental investment policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940 to the following:

Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in dividend-paying equity securities of value companies.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670690130_AR_1025<br> 4966786 | ![LOGO](g26847g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Dividend Value Fund

Class I Shares/FAQIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Dividend Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $73 | 0.70% |

---

\* Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Dividend Value Fund returned 9.14% for Class I Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund underperformed the Russell 1000 Value Index, which returned 11.15%.<br>•  Top contributors to relative performance<br>•  Security selection in the consumer discretionary sector, including an out-of-benchmark position in Las Vegas Sands Corp.<br>•  Out-of-benchmark position in Broadcom Inc.<br>•  Security selection in the industrials sector, including an out-of-benchmark position in Vertiv Holdings Co. and overweights to nVent Electric plc and Johnson Controls International plc.<br>•  Top detractors from relative performance<br>•  Security selection and an overweight to the health care sector, including overweights to UnitedHealth Group Incorporated, Cigna Group and Zimmer Biomet Holdings, Inc.<br>•  Security selection in the information technology sector, including an underweight to Micron Technology, Inc. and the timing of purchases of Marvell Technology, Inc. and Dell Technologies, Inc.<br>•  Lack of exposure to JPMorgan Chase & Co.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g17r17.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 9.14% | 13.93% | 9.37% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Index | 21.14% | 17.05% | 14.39% |
| &nbsp;&nbsp;&nbsp; Russell 1000<sup>®</sup> Value Index | 11.15% | 14.28% | 9.97% |
| &nbsp;&nbsp;&nbsp; Lipper Equity Income Funds Classification Average | 9.78% | 13.31% | 9.82% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $3185937285 |
|  Total number of portfolio holdings | 74 |
|  Portfolio turnover (%) | 81% |
|  Total management fees paid for the year | $18926407 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g26o76.jpg)

How has the Fund changed?

• **Investment policy change:** Effective February 28, 2025, the Fund changed its non-fundamental investment policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940 to the following:

Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in dividend-paying equity securities of value companies.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678879_AR_1025<br> 4966786 | ![LOGO](g26847g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br> Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Large Cap Select Fund

Class A Shares/FLRAX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Large Cap Select Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $110 | 1.01% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Large Cap Select Fund returned 17.84% for Class A Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund underperformed the S&P 500 Index, which returned 21.45%.<br>•  Top contributors to relative performance<br>•  Security selection in the consumer discretionary sector, including an overweight to Las Vegas Sands Corp.<br>•  Overweight to Broadcom Inc.<br>•  Security selection in the industrials sector, including out-of-benchmark positions in Vertiv Holdings Co. and nVent Electric plc.<br>•  Top detractors from relative performance<br>•  Security selection in the information technology sector, including lack of exposure to Palantir Technologies Inc., an out-of-benchmark position in Marvell Technology, Inc. and an underweight to Micron Technology, Inc.<br>•  Security selection in the financials sector, including overweights to Fidelity National Information Services, Inc., KKR & Co Inc. and Fiserv, Inc.<br>•  Overweight position and security selection in the health care sector, including overweights to UnitedHealth Group Incorporated and Cigna Group, as well as an out-of-benchmark position in Novo Nordisk A/S.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g22r22.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 17.84% | 16.72% | 13.67% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | 11.06% | 15.34% | 12.99% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |
| &nbsp;&nbsp;&nbsp; Lipper Large-Cap Core Funds Classification Average | 17.79% | 15.79% | 13.24% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $49431771 |
|  Total number of portfolio holdings | 57 |
|  Portfolio turnover (%) | 70% |
|  Total management fees paid for the year | $302503 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g00n24.jpg)

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670690296_AR_1025<br> 4966802 | ![LOGO](g26847g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Large Cap Select Fund

Class C Shares/FLYCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Large Cap Select Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $191 | 1.76% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Large Cap Select Fund returned 16.94% for Class C Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund significantly underperformed the S&P 500 Index, which returned 21.45%.<br>•  Top contributors to relative performance<br>•  Security selection in the consumer discretionary sector, including an overweight to Las Vegas Sands Corp.<br>•  Overweight to Broadcom Inc.<br>•  Security selection in the industrials sector, including out-of-benchmark positions in Vertiv Holdings Co. and nVent Electric plc.<br>•  Top detractors from relative performance<br>•  Security selection in the information technology sector, including lack of exposure to Palantir Technologies Inc., an out-of-benchmark position in Marvell Technology, Inc. and an underweight to Micron Technology, Inc.<br>•  Security selection in the financials sector, including overweights to Fidelity National Information Services, Inc., KKR & Co Inc. and Fiserv, Inc.<br>•  Overweight position and security selection in the health care sector, including overweights to UnitedHealth Group Incorporated and Cigna Group, as well as an out-of-benchmark position in Novo Nordisk A/S.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g27r27.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 16.94% | 15.84% | 12.99% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |
| &nbsp;&nbsp;&nbsp; Lipper Large-Cap Core Funds Classification Average | 17.79% | 15.79% | 13.24% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $49431771 |
|  Total number of portfolio holdings | 57 |
|  Portfolio turnover (%) | 70% |
|  Total management fees paid for the year | $302503 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g61j18.jpg)

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670690312_AR_1025<br> 4966802 | ![LOGO](g26847g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Large Cap Select Fund

Class I Shares/FLRYX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Large Cap Select Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $83 | 0.76% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Large Cap Select Fund returned 18.13% for Class I Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund underperformed the S&P 500 Index, which returned 21.45%.<br>•  Top contributors to relative performance<br>•  Security selection in the consumer discretionary sector, including an overweight to Las Vegas Sands Corp.<br>•  Overweight to Broadcom Inc.<br>•  Security selection in the industrials sector, including out-of-benchmark positions in Vertiv Holdings Co. and nVent Electric plc.<br>•  Top detractors from relative performance<br>•  Security selection in the information technology sector, including lack of exposure to Palantir Technologies Inc., an out-of-benchmark position in Marvell Technology, Inc. and an underweight to Micron Technology, Inc.<br>•  Security selection in the financials sector, including overweights to Fidelity National Information Services, Inc., KKR & Co Inc. and Fiserv, Inc.<br>•  Overweight position and security selection in the health care sector, including overweights to UnitedHealth Group Incorporated and Cigna Group, as well as an out-of-benchmark position in Novo Nordisk A/S.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**![LOGO](g26847g1g32r32.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 18.13% | 17.01% | 13.95% |
| &nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> Index | 21.45% | 17.64% | 14.64% |
| &nbsp;&nbsp;&nbsp; Lipper Large-Cap Core Funds Classification Average | 17.79% | 15.79% | 13.24% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $49431771 |
|  Total number of portfolio holdings | 57 |
|  Portfolio turnover (%) | 70% |
|  Total management fees paid for the year | $302503 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g95p25.jpg)

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670690338_AR_1025<br> 4966802 | ![LOGO](g26847g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br> Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Mid Cap Value Opportunities Fund

(Formerly known as Nuveen Mid Cap Value 1 Fund)

Class A Shares/FASEX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Mid Cap Value Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $117 | 1.13% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Mid Cap Value Opportunities Fund returned 7.54% for Class A Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund underperformed the Russell Mid Cap Value Index, which returned 7.86%.<br>•  Top contributors to relative performance<br>•  Security selection in the health care sector, including an overweight to Elanco Animal Health, Inc. and an out-of-benchmark position in Option Care Health Inc.<br>•  Overweight to Ciena Corporation.<br>•  Overweight to nVent Electric plc.<br>•  Top detractors from relative performance<br>•  Security selection in the financials sector, including lack of exposure to Robinhood Markets, Inc. and an overweight to Jefferies Financial Group Inc.<br>•  Overweight to Westlake Corporation.<br>•  Security selection in the consumer staples sector, including an overweight to Primo Brands Corporation.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g01k37.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 7.54% | 14.49% | 9.51% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | 1.36% | 13.14% | 8.86% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| &nbsp;&nbsp;&nbsp; Russell Midcap<sup>®</sup> Value Index | 7.86% | 13.23% | 9.20% |
| &nbsp;&nbsp;&nbsp; Lipper Mid-Cap Value Funds Classification Average | 5.14% | 14.12% | 8.70% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $343186860 |
|  Total number of portfolio holdings | 62 |
|  Portfolio turnover (%) | 19% |
|  Total management fees paid for the year | $2995921 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g00n40.jpg)

How has the Fund changed?

• **Name change:** Effective July 1, 2025, the Fund's name changed from Nuveen Mid Cap Value 1 Fund to Nuveen Mid Cap Value Opportunities Fund.

• **Investment policy change:** Effective July 1, 2025, the Fund changed its non-fundamental investment policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940 to the following:

Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of mid-capitalization value companies.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678853_AR_1025<br> 4966821 | ![LOGO](g26847g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Mid Cap Value Opportunities Fund

(Formerly known as Nuveen Mid Cap Value 1 Fund)

Class C Shares/FACSX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Mid Cap Value Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class C Shares | $194 | 1.88% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Mid Cap Value Opportunities Fund returned 6.72% for Class C Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund underperformed the Russell Mid Cap Value Index, which returned 7.86%.<br>•  Top contributors to relative performance<br>•  Security selection in the health care sector, including an overweight to Elanco Animal Health, Inc. and an out-of-benchmark position in Option Care Health Inc.<br>•  Overweight to Ciena Corporation.<br>•  Overweight to nVent Electric plc.<br>•  Top detractors from relative performance<br>•  Security selection in the financials sector, including lack of exposure to Robinhood Markets, Inc. and an overweight to Jefferies Financial Group Inc.<br>•  Overweight to Westlake Corporation.<br>•  Security selection in the consumer staples sector, including an overweight to Primo Brands Corporation.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**![LOGO](g26847g1g01k43.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 6.72% | 13.63% | 8.85% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| &nbsp;&nbsp;&nbsp; Russell Midcap<sup>®</sup> Value Index | 7.86% | 13.23% | 9.20% |
| &nbsp;&nbsp;&nbsp; Lipper Mid-Cap Value Funds Classification Average | 5.14% | 14.12% | 8.70% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $343186860 |
|  Total number of portfolio holdings | 62 |
|  Portfolio turnover (%) | 19% |
|  Total management fees paid for the year | $2995921 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g46h91.jpg)

How has the Fund changed?

• **Name change:** Effective July 1, 2025, the Fund's name changed from Nuveen Mid Cap Value 1 Fund to Nuveen Mid Cap Value Opportunities Fund.

• **Investment policy change:** Effective July 1, 2025, the Fund changed its non-fundamental investment policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940 to the following:

Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of mid-capitalization value companies.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678333_AR_1025<br> 4966821 | ![LOGO](g26847g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Mid Cap Value Opportunities Fund

(Formerly known as Nuveen Mid Cap Value 1 Fund)

Class R6 Shares/FMVQX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Mid Cap Value Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $79 | 0.76% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

• The Nuveen Mid Cap Value Opportunities Fund returned 7.95% for Class R6 Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund performed in line with the Russell Mid Cap Value Index, which returned 7.86%.<br>•  Top contributors to relative performance<br>•  Security selection in the health care sector, including an overweight to Elanco Animal Health, Inc. and an out-of-benchmark position in Option Care Health Inc.<br>•  Overweight to Ciena Corporation.<br>•  Overweight to nVent Electric plc.<br>•  Top detractors from relative performance<br>•  Security selection in the financials sector, including lack of exposure to Robinhood Markets, Inc. and an overweight to Jefferies Financial Group Inc.<br>•  Overweight to Westlake Corporation.<br>•  Security selection in the consumer staples sector, including an overweight to Primo Brands Corporation.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 20, 2018 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g01k48.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception<br>(6/20/18)** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 7.95% | 14.93% | 8.50% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.07% |
| &nbsp;&nbsp;&nbsp; Russell Midcap<sup>®</sup> Value Index | 7.86% | 13.23% | 8.35% |
| &nbsp;&nbsp;&nbsp; Lipper Mid-Cap Value Funds Classification Average | 5.14% | 14.12% | 7.87% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $343186860 |
|  Total number of portfolio holdings | 62 |
|  Portfolio turnover (%) | 19% |
|  Total management fees paid for the year | $2995921 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g07r33.jpg)

How has the Fund changed?

• **Name change:** Effective July 1, 2025, the Fund's name changed from Nuveen Mid Cap Value 1 Fund to Nuveen Mid Cap Value Opportunities Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670693555_AR_1025<br> 4966821 | ![LOGO](g26847g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Mid Cap Value Opportunities Fund

(Formerly known as Nuveen Mid Cap Value 1 Fund)

Class I Shares/FSEIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Mid Cap Value Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $91 | 0.88% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Mid Cap Value Opportunities Fund returned 7.79% for Class I Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund performed in line with the Russell Mid Cap Value Index, which returned 7.86%.<br>•  Top contributors to relative performance<br>•  Security selection in the health care sector, including an overweight to Elanco Animal Health, Inc. and an out-of-benchmark position in Option Care Health Inc.<br>•  Overweight to Ciena Corporation.<br>•  Overweight to nVent Electric plc.<br>•  Top detractors from relative performance<br>•  Security selection in the financials sector, including lack of exposure to Robinhood Markets, Inc. and an overweight to Jefferies Financial Group Inc.<br>•  Overweight to Westlake Corporation.<br>•  Security selection in the consumer staples sector, including an overweight to Primo Brands Corporation.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g01k53.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 7.79% | 14.77% | 9.78% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| &nbsp;&nbsp;&nbsp; Russell Midcap<sup>®</sup> Value Index | 7.86% | 13.23% | 9.20% |
| &nbsp;&nbsp;&nbsp; Lipper Mid-Cap Value Funds Classification Average | 5.14% | 14.12% | 8.70% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $343186860 |
|  Total number of portfolio holdings | 62 |
|  Portfolio turnover (%) | 19% |
|  Total management fees paid for the year | $2995921 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g93x08.jpg)

How has the Fund changed?

• **Name change:** Effective July 1, 2025, the Fund's name changed from Nuveen Mid Cap Value 1 Fund to Nuveen Mid Cap Value Opportunities Fund.

• **Investment policy change:** Effective July 1, 2025, the Fund changed its non-fundamental investment policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940 to the following:

Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of mid-capitalization value companies.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678663_AR_1025<br> 4966821 | ![LOGO](g26847g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Small Cap Growth Opportunities Fund

Class A Shares/FRMPX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Small Cap Growth Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $130 | 1.20% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Small Cap Growth Opportunities Fund returned 16.13% for Class A Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund underperformed the Russell 2000 Growth Index, which returned 18.81%.<br>•  Top contributors to relative performance<br>•  Overweight to Kratos Defense & Security Solutions, Inc.<br>•  Security selection in the financials sector, including overweights to FirstCash Holdings, Inc. and Palomar Holdings, Inc.<br>•  Security selection in the information technology sector, including overweights to Credo Technology Group Holding Ltd. and Rigetti Computing, Inc., as well as out-of-benchmark positions in Lumentum Holdings, Inc. and Rubrik, Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the health care sector, including overweights to Lantheus Holdings Inc. and PROCEPT BioRobotics Corp., as well as an out-of-benchmark position in MoonLake Immunotherapeutics.<br>•  Security selection in the industrials sector, including an underweight to Bloom Energy Corporation, lack of exposure to Rocket Lab Corporation and an overweight to Fluor Corporation.<br>•  Security selection in the materials sector, including an overweight to Knife River Corporation.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g85t44.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 16.13% | 9.04% | 11.31% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | 9.47% | 7.76% | 10.65% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Growth Index | 18.81% | 8.94% | 9.65% |
| &nbsp;&nbsp;&nbsp; Lipper Small-Cap Growth Funds Classification Average | 11.43% | 7.07% | 10.02% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $316486462 |
|  Total number of portfolio holdings | 81 |
|  Portfolio turnover (%) | 91% |
|  Total management fees paid for the year | $1923964 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g00n61.jpg)

How has the Fund changed?

• **Investment policy change:** Effective February 28, 2025, the Fund changed its non-fundamental investment policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940 to the following:

Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of small-capitalization growth companies.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670690767_AR_1025<br> 4966827 | ![LOGO](g26847g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Small Cap Growth Opportunities Fund

Class R6 Shares/FMPFX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Small Cap Growth Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $88 | 0.81% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Small Cap Growth Opportunities Fund returned 16.64% for Class R6 Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund underperformed the Russell 2000 Growth Index, which returned 18.81%.<br>•  Top contributors to relative performance<br>•  Overweight to Kratos Defense & Security Solutions, Inc.<br>•  Security selection in the financials sector, including overweights to FirstCash Holdings, Inc. and Palomar Holdings, Inc.<br>•  Security selection in the information technology sector, including overweights to Credo Technology Group Holding Ltd. and Rigetti Computing, Inc., as well as out-of-benchmark positions in Lumentum Holdings, Inc. and Rubrik, Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the health care sector, including overweights to Lantheus Holdings Inc. and PROCEPT BioRobotics Corp., as well as an out-of-benchmark position in MoonLake Immunotherapeutics.<br>•  Security selection in the industrials sector, including an underweight to Bloom Energy Corporation, lack of exposure to Rocket Lab Corporation and an overweight to Fluor Corporation.<br>•  Security selection in the materials sector, including an overweight to Knife River Corporation.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 30, 2016 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g18k46.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception<br>(6/30/16)** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 16.64% | 9.48% | 13.11% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.90% |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Growth Index | 18.81% | 8.94% | 10.71% |
| &nbsp;&nbsp;&nbsp; Lipper Small-Cap Growth Funds Classification Average | 11.43% | 7.07% | 11.06% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $316486462 |
|  Total number of portfolio holdings | 81 |
|  Portfolio turnover (%) | 91% |
|  Total management fees paid for the year | $1923964 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g53q29.jpg)

How has the Fund changed?

• **Investment policy change:** Effective February 28, 2025, the Fund changed its non-fundamental investment policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940 to the following:

Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of small-capitalization growth companies.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus   •  financial statements and other information   •  fund holdings   •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670693845_AR_1025<br> 4966827 | ![LOGO](g26847g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br> Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Small Cap Growth Opportunities Fund

Class I Shares/FIMPX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Small Cap Growth Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br> $10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $103 | 0.95% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Small Cap Growth Opportunities Fund returned 16.41% for Class I Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund underperformed the Russell 2000 Growth Index, which returned 18.81%.<br>•  Top contributors to relative performance<br>•  Overweight to Kratos Defense & Security Solutions, Inc.<br>•  Security selection in the financials sector, including overweights to FirstCash Holdings, Inc. and Palomar Holdings, Inc.<br>•  Security selection in the information technology sector, including overweights to Credo Technology Group Holding Ltd. and Rigetti Computing, Inc., as well as out-of-benchmark positions in Lumentum Holdings, Inc. and Rubrik, Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the health care sector, including overweights to Lantheus Holdings Inc. and PROCEPT BioRobotics Corp., as well as an out-of-benchmark position in MoonLake Immunotherapeutics.<br>•  Security selection in the industrials sector, including an underweight to Bloom Energy Corporation, lack of exposure to Rocket Lab Corporation and an overweight to Fluor Corporation.<br>•  Security selection in the materials sector, including an overweight to Knife River Corporation.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g94v29.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 16.41% | 9.32% | 11.58% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Growth Index | 18.81% | 8.94% | 9.65% |
| &nbsp;&nbsp;&nbsp; Lipper Small-Cap Growth Funds Classification Average | 11.43% | 7.07% | 10.02% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $316486462 |
|  Total number of portfolio holdings | 81 |
|  Portfolio turnover (%) | 91% |
|  Total management fees paid for the year | $1923964 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g86t85.jpg)

How has the Fund changed?

• **Investment policy change:** Effective February 28, 2025, the Fund changed its non-fundamental investment policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940 to the following:

Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of small-capitalization growth companies.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.** 

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670690817_AR_1025<br> 4966827 | ![LOGO](g26847g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Small Cap Select Fund

Class A Shares/EMGRX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Small Cap Select Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $126 | 1.20% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Small Cap Select Fund returned 9.54% for Class A Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund significantly underperformed the Russell 2000 Index, which returned 14.41%.<br>•  Top contributors to relative performance<br>•  Overweight to Kratos Defense & Security Solutions, Inc.<br>•  Out-of-benchmark position in Lumentum Holdings, Inc.<br>•  Overweight to Rigetti Computing, Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the materials sector, including overweights to Knife River Corporation, Tronox Holdings Plc and Avient Corporation.<br>•  Security selection in the health care sector, including an out-of-benchmark position in Acadia Healthcare Company, Inc. and overweights to Phreesia, Inc. and PROCEPT BioRobotics Corp.<br>•  Security selection in the energy sector, including an overweight to Northern Oil and Gas, Inc. and an out-of-benchmark position in Matador Resources Company.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g99w90.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 9.54% | 12.11% | 9.71% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | 3.20% | 10.78% | 9.06% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Index | 14.41% | 11.50% | 9.36% |
| &nbsp;&nbsp;&nbsp; Lipper Small-Cap Core Funds Classification Average | 6.25% | 12.00% | 8.58% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $384227799 |
|  Total number of portfolio holdings | 86 |
|  Portfolio turnover (%) | 76% |
|  Total management fees paid for the year | $1389898 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g00n77.jpg)

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670690833_AR_1025<br> 4966832 | ![LOGO](g26847g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Small Cap Select Fund

Class R6 Shares/ASEFX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Small Cap Select Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $86 | 0.82% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Small Cap Select Fund returned 9.96% for Class I Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund significantly underperformed the Russell 2000 Index, which returned 14.41%.<br>•  Top contributors to relative performance<br>•  Overweight to Kratos Defense & Security Solutions, Inc.<br>•  Out-of-benchmark position in Lumentum Holdings, Inc.<br>•  Overweight to Rigetti Computing, Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the materials sector, including overweights to Knife River Corporation, Tronox Holdings Plc and Avient Corporation.<br>•  Security selection in the health care sector, including an out-of-benchmark position in Acadia Healthcare Company, Inc. and overweights to Phreesia, Inc. and PROCEPT BioRobotics Corp.<br>•  Security selection in the energy sector, including an overweight to Northern Oil and Gas, Inc. and an out-of-benchmark position in Matador Resources Company.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (February 28, 2018 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g50w18.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception**<br> **(2/28/18)** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 9.96% | 12.52% | 9.34% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.03% |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Index | 14.41% | 11.50% | 8.11% |
| &nbsp;&nbsp;&nbsp; Lipper Small-Cap Core Funds Classification Average | 6.25% | 12.00% | 7.60% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $384227799 |
|  Total number of portfolio holdings | 86 |
|  Portfolio turnover (%) | 76% |
|  Total management fees paid for the year | $1389898 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g09m90.jpg)

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •   financial statements and other information  •   fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670693563_AR_1025<br> 4966832 | <br> ![LOGO](g26847g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Small Cap Select Fund

Class I Shares/ARSTX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Small Cap Select Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; **Class I Shares** | $100 | 0.95% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Small Cap Select Fund returned 9.81% for Class I Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund significantly underperformed the Russell 2000 Index, which returned 14.41%.<br>•  Top contributors to relative performance<br>•  Overweight to Kratos Defense & Security Solutions, Inc.<br>•  Out-of-benchmark position in Lumentum Holdings, Inc.<br>•  Overweight to Rigetti Computing, Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the materials sector, including overweights to Knife River Corporation, Tronox Holdings Plc and Avient Corporation.<br>•  Security selection in the health care sector, including an out-of-benchmark position in Acadia Healthcare Company, Inc. and overweights to Phreesia, Inc. and PROCEPT BioRobotics Corp.<br>•  Security selection in the energy sector, including an overweight to Northern Oil and Gas, Inc. and an out-of-benchmark position in Matador Resources Company.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g00n84.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 9.81% | 12.40% | 9.98% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Index | 14.41% | 11.50% | 9.36% |
| &nbsp;&nbsp;&nbsp; Lipper Small-Cap Core Funds Classification Average | 6.25% | 12.00% | 8.58% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $384227799 |
|  Total number of portfolio holdings | 86 |
|  Portfolio turnover (%) | 76% |
|  Total management fees paid for the year | $1389898 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g86n40.jpg)

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •   financial statements and other information  •   fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670690874_AR_1025<br> 4966832 | <br> ![LOGO](g26847g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Small Cap Value Fund

Class A Shares/FSCAX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Small Cap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; **Class A Shares** | $122 | 1.20% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Small Cap Value Fund returned 3.30% for Class A Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund significantly underperformed the Russell 2000 Value Index, which returned 9.87%.<br>•  Top contributors to relative performance<br>•  Security selection in the industrials sector, including overweights to Willdan Group, Inc., Resideo Technologies, Inc. and ESCO Technologies Inc., as well as an out-of-benchmark position in WNS (Holdings) Limited.<br>•  Overweight to the information technology sector.<br>•  Overweight to Magnite, Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the information technology sector, including an overweight to OneSpan Inc. and an out-of-benchmark position in Q2 Holdings, Inc.<br>•  Security selection in the energy sector, including overweights to Northern Oil and Gas, Inc. and ProPetro Holding Corp., as well as an out-of-benchmark position in Civitas Resources, Inc.<br>•  Security selection in the materials sector, including an out-of-benchmark position in Knife River Corporation and an overweight to Minerals Technologies Inc.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g89x89.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 3.30% | 13.49% | 6.04% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | (2.62)% | 12.15% | 5.41% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 8.66% |
| &nbsp;&nbsp;&nbsp; Lipper Small-Cap Value Funds Classification Average | 5.69% | 15.49% | 8.48% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $264406261 |
|  Total number of portfolio holdings | 83 |
|  Portfolio turnover (%) | 21% |
|  Total management fees paid for the year | $2388335 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g00n91.jpg)

How has the Fund changed?

• **Investment policy change:** Effective February 28, 2025, the Fund changed its non-fundamental investment policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940 to the following:

• Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of small-capitalization value companies.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •   financial statements and other information  •   fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678309_AR_1025<br> 4966842 | <br> ![LOGO](g26847g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Small Cap Value Fund

Class C Shares/FSCVX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Small Cap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; **Class C Shares** | $197 | 1.95% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Small Cap Value Fund returned 2.51% for Class C Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund significantly underperformed the Russell 2000 Value Index, which returned 9.87%.<br>•  Top contributors to relative performance<br>•  Security selection in the industrials sector, including overweights to Willdan Group, Inc., Resideo Technologies, Inc. and ESCO Technologies Inc., as well as an out-of-benchmark position in WNS (Holdings) Limited.<br>•  Overweight to the information technology sector.<br>•  Overweight to Magnite, Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the information technology sector, including an overweight to OneSpan Inc. and an out-of-benchmark position in Q2 Holdings, Inc.<br>•  Security selection in the energy sector, including overweights to Northern Oil and Gas, Inc. and ProPetro Holding Corp., as well as an out-of-benchmark position in Civitas Resources, Inc.<br>•  Security selection in the materials sector, including an out-of-benchmark position in Knife River Corporation and an overweight to Minerals Technologies Inc.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g94x94.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 2.51% | 12.64% | 5.41% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 8.66% |
| &nbsp;&nbsp;&nbsp; Lipper Small-Cap Value Funds Classification Average | 5.69% | 15.49% | 8.48% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $264406261 |
|  Total number of portfolio holdings | 83 |
|  Portfolio turnover (%) | 21% |
|  Total management fees paid for the year | $2388335 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g12v86.jpg)

How has the Fund changed?

• **Investment policy change:** Effective February 28, 2025, the Fund changed its non-fundamental investment policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940 to the following:

• Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of small-capitalization value companies.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •  financial statements and other information  •   fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678341_AR_1025<br> 4966842 | <br> ![LOGO](g26847g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Small Cap Value Fund

Class R6 Shares/FSCWX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Small Cap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $79 | 0.78% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Small Cap Value Fund returned 3.73% for Class R6 Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund significantly underperformed the Russell 2000 Value Index, which returned 9.87%.<br>•  Top contributors to relative performance<br>•  Security selection in the industrials sector, including overweights to Willdan Group, Inc., Resideo Technologies, Inc. and ESCO Technologies Inc., as well as an out-of-benchmark position in WNS (Holdings) Limited.<br>•  Overweight to the information technology sector.<br>•  Overweight to Magnite, Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the information technology sector, including an overweight to OneSpan Inc. and an out-of-benchmark position in Q2 Holdings, Inc.<br>•  Security selection in the energy sector, including overweights to Northern Oil and Gas, Inc. and ProPetro Holding Corp., as well as an out-of-benchmark position in Civitas Resources, Inc.<br>•  Security selection in the materials sector, including an out-of-benchmark position in Knife River Corporation and an overweight to Minerals Technologies Inc.<br>

1 continued>>

------

How did the Fund perform over the period since inception?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (June 30, 2016 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g00x99.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **Since Inception**<br> **(6/30/16)** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 3.73% | 13.96% | 6.48% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.90% |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 8.92% |
| &nbsp;&nbsp;&nbsp; Lipper Small-Cap Value Funds Classification Average | 5.69% | 15.49% | 9.02% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $264406261 |
|  Total number of portfolio holdings | 83 |
|  Portfolio turnover (%) | 21% |
|  Total management fees paid for the year | $2388335 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g75x17.jpg)

How has the Fund changed?

• **Investment policy change:** Effective February 28, 2025, the Fund changed its non-fundamental investment policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940 to the following:

• Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of small-capitalization value companies.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670693837_AR_1025<br> 4966842 | <br> ![LOGO](g26847g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Small Cap Value Fund

Class I Shares/FSCCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Small Cap Value Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of**<br> **$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $97 | 0.95% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Small Cap Value Fund returned 3.53% for Class I Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund significantly underperformed the Russell 2000 Value Index, which returned 9.87%.<br>•  Top contributors to relative performance<br>•  Security selection in the industrials sector, including overweights to Willdan Group, Inc., Resideo Technologies, Inc. and ESCO Technologies Inc., as well as an out-of-benchmark position in WNS (Holdings) Limited.<br>•  Overweight to the information technology sector.<br>•  Overweight to Magnite, Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the information technology sector, including an overweight to OneSpan Inc. and an out-of-benchmark position in Q2 Holdings, Inc.<br>•  Security selection in the energy sector, including overweights to Northern Oil and Gas, Inc. and ProPetro Holding Corp., as well as an out-of-benchmark position in Civitas Resources, Inc.<br>•  Security selection in the materials sector, including an out-of-benchmark position in Knife River Corporation and an overweight to Minerals Technologies Inc.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g01x04.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 3.53% | 13.78% | 6.30% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| &nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Value Index | 9.87% | 13.85% | 8.66% |
| &nbsp;&nbsp;&nbsp; Lipper Small-Cap Value Funds Classification Average | 5.69% | 15.49% | 8.48% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $264406261 |
|  Total number of portfolio holdings | 83 |
|  Portfolio turnover (%) | 21% |
|  Total management fees paid for the year | $2388335 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g80s86.jpg)

How has the Fund changed?

• **Investment policy change:** Effective February 28, 2025, the Fund changed its non-fundamental investment policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940 to the following:

• Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of small-capitalization value companies.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670678200_AR_1025<br> 4966842 | ![LOGO](g26847g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Small/Mid Cap Growth Opportunities Fund

(Formerly known as Nuveen Mid Cap Growth Opportunities Fund)

Class A Shares/FRSLX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Small/Mid Cap Growth Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class A Shares | $120 | 1.13% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Small/Mid Cap Growth Opportunities Fund returned 12.29% for Class A Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund significantly underperformed the Small/Mid Cap Growth Opportunities Fund Linked Benchmark, which returned 24.05%. The Small/Mid Cap Growth Opportunities Fund Linked Benchmark consists of the linked returns between the Russell 2500 Growth Index (effective March 1, 2025) and the Russell Mid Cap Growth Index (through February 28, 2025).<br>•  Top contributors to relative performance<br>•  Overweight to Rigetti Computing, Inc., Credo Technology Group Holding Ltd. and Lumentum Holdings, Inc.<br>•  Out-of-benchmark position in Axon Enterprise Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the health care sector, including overweights to PROCEPT BioRobotics Corp. and Masimo Corporation, as well as an out-of-benchmark position in Globus Medical Inc.<br>•  Security selection in the information technology sector, including lack of exposure to AppLovin Corp., an underweight to Palantir Technologies Inc. and an overweight to Onto Innovation, Inc.<br>•  Security selection in the industrials sector, including lack of exposure to Bloom Energy Corporation and Comfort Systems USA, Inc., as well as an overweight to Tetra Tech, Inc.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results**. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g01p09.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 12.29% | 5.31% | 8.84% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | 5.83% | 4.07% | 8.20% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| &nbsp;&nbsp;&nbsp; Small/Mid Cap Growth Opportunities Linked Benchmark\* | 24.05% | 11.99% | 13.06% |
| &nbsp;&nbsp;&nbsp; Lipper Mid-Cap Growth Funds Classification Average | 12.47% | 7.73% | 10.68% |

---

\* Small/Mid Cap Growth Opportunities Linked Benchmark consists of the performance of the Russell Mid Cap Growth Index through February 28, 2025 and the Russell 2500 Growth Index starting on March 1, 2025.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $168056732 |
|  Total number of portfolio holdings | 81 |
|  Portfolio turnover (%) | 119% |
|  Total management fees paid for the year | $1313146 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g01n12.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How has the Fund changed?

• **Name change:** Effective February 28, 2025, the Fund's name changed from Nuveen Mid Cap Growth Opportunities Fund to Nuveen Small/Mid Cap Growth Opportunities Fund.

• **Investment policy change:** Effective February 28, 2025, the Fund changed its non-fundamental investment policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940 to the following:

• Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of small-capitalization and mid-capitalization growth companies.

• **Portfolio manager updates:** Effective February 28, 2025, Casey Weston and Bihag Patel were removed as portfolio managers of the Fund and Jon Loth, CFA and Tom Conklin, CFA were added as portfolio managers of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670690718_AR_1025<br> 4966858 | <br> ![LOGO](g26847g1g85u20.jpg)  |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Small/Mid Cap Growth Opportunities Fund

(Formerly known as Nuveen Mid Cap Growth Opportunities Fund)

Class R6 Shares/FMEFX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Small/Mid Cap Growth Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares | $85 | 0.80% |

---

\* Annualized for period less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Small/Mid Cap Growth Opportunities Fund returned 12.64% for Class R6 Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund significantly underperformed the Small/Mid Cap Growth Opportunities Fund Linked Benchmark, which returned 24.05%. The Small/Mid Cap Growth Opportunities Fund Linked Benchmark consists of the linked returns between the Russell 2500 Growth Index (effective March 1, 2025) and the Russell Mid Cap Growth Index (through February 28, 2025).<br>•  Top contributors to relative performance<br>•  Overweight to Rigetti Computing, Inc., Credo Technology Group Holding Ltd. and Lumentum Holdings, Inc.<br>•  Out-of-benchmark position in Axon Enterprise Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the health care sector, including overweights to PROCEPT BioRobotics Corp. and Masimo Corporation, as well as an out-of-benchmark position in Globus Medical Inc.<br>•  Security selection in the information technology sector, including lack of exposure to AppLovin Corp., an underweight to Palantir Technologies Inc. and an overweight to Onto Innovation, Inc.<br>•  Security selection in the industrials sector, including lack of exposure to Bloom Energy Corporation and Comfort Systems USA, Inc., as well as an overweight to Tetra Tech, Inc.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g01p15.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class R6 Shares at NAV | 12.64% | 5.65% | 9.23% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| &nbsp;&nbsp;&nbsp; Small/Mid Cap Growth Opportunities Linked Benchmark\* | 24.05% | 11.99% | 13.06% |
| &nbsp;&nbsp;&nbsp; Lipper Mid-Cap Growth Funds Classification Average | 12.47% | 7.73% | 10.68% |

---

\* Small/Mid Cap Growth Opportunities Linked Benchmark consists of the performance of the Russell Mid Cap Growth Index through February 28, 2025 and the Russell 2500 Growth Index starting on March 1, 2025.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $168056732 |
|  Total number of portfolio holdings | 81 |
|  Portfolio turnover (%) | 119% |
|  Total management fees paid for the year | $1313146 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g65h58.jpg)

How has the Fund changed?

• **Name change:** Effective February 28, 2025, the Fund's name changed from Nuveen Mid Cap Growth Opportunities Fund to Nuveen Small/Mid Cap Growth Opportunities Fund.

• **Investment policy change:** Effective February 28, 2025, the Fund changed its non-fundamental investment policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940 to the following:

• Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of small-capitalization and mid-capitalization growth companies.

• **Portfolio manager updates:** Effective February 28, 2025, Casey Weston and Bihag Patel were removed as portfolio managers of the Fund and Jon Loth, CFA and Tom Conklin, CFA were added as portfolio managers of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •   financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670690114_AR_1025<br> 4966858 | ![LOGO](g26847g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g26847g1g19w55.jpg) | <br>Annual Shareholder Report <br>October 31, 2025  |

---

Nuveen Small/Mid Cap Growth Opportunities Fund

(Formerly known as Nuveen Mid Cap Growth Opportunities Fund)

Class I Shares/FISGX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Small/Mid Cap Growth Opportunities Fund for the period of November 1, 2024 to October 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses**.** You can also request this information by contacting us at (800) 257-8787.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Cost of a** <br> **$10,000 investment**  | **Costs paid as a percentage of<br>$10,000 investment\*** |
| &nbsp;&nbsp;&nbsp; Class I Shares | $94 | 0.88% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Small/Mid Cap Growth Opportunities Fund returned 12.55% for Class I Shares at net asset value (NAV) for the 12 months ended October 31, 2025. The Fund significantly underperformed the Small/Mid Cap Growth Opportunities Fund Linked Benchmark, which returned 24.05%. The Small/Mid Cap Growth Opportunities Fund Linked Benchmark consists of the linked returns between the Russell 2500 Growth Index (effective March 1, 2025) and the Russell Mid Cap Growth Index (through February 28, 2025).<br>•  Top contributors to relative performance<br>•  Overweight to Rigetti Computing, Inc., Credo Technology Group Holding Ltd. and Lumentum Holdings, Inc.<br>•  Out-of-benchmark position in Axon Enterprise Inc.<br>•  Top detractors from relative performance<br>•  Security selection in the health care sector, including overweights to PROCEPT BioRobotics Corp. and Masimo Corporation, as well as an out-of-benchmark position in Globus Medical Inc.<br>•  Security selection in the information technology sector, including lack of exposure to AppLovin Corp., an underweight to Palantir Technologies Inc. and an overweight to Onto Innovation, Inc.<br>•  Security selection in the industrials sector, including lack of exposure to Bloom Energy Corporation and Comfort Systems USA, Inc., as well as an overweight to Tetra Tech, Inc.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (November 1, 2015 through October 31, 2025) **Initial Investment of $10,000**

![LOGO](g26847g1g01p21.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 12.55% | 5.57% | 9.11% |
| &nbsp;&nbsp;&nbsp; Russell 3000<sup>®</sup> Index | 20.81% | 16.74% | 14.08% |
| &nbsp;&nbsp;&nbsp; Small/Mid Cap Growth Opportunities Linked Benchmark\* | 24.05% | 11.99% | 13.06% |
| &nbsp;&nbsp;&nbsp; Lipper Mid-Cap Growth Funds Classification Average | 12.47% | 7.73% | 10.68% |

---

\* Small/Mid Cap Growth Opportunities Linked Benchmark consists of the performance of the Russell Mid Cap Growth Index through February 28, 2025 and the Russell 2500 Growth Index starting on March 1, 2025.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
|  Fund net assets | $168056732 |
|  Total number of portfolio holdings | 81 |
|  Portfolio turnover (%) | 119% |
|  Total management fees paid for the year | $1313146 |

---

What did the Fund invest in? (as of October 31, 2025)

![LOGO](g26847g1g61f57.jpg)

How has the Fund changed?

• **Name change:** Effective February 28, 2025, the Fund's name changed from Nuveen Mid Cap Growth Opportunities Fund to Nuveen Small/Mid Cap Growth Opportunities Fund.

• **Investment policy change:** Effective February 28, 2025, the Fund changed its non-fundamental investment policy adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940 to the following:

• Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of small-capitalization and mid-capitalization growth companies.

• **Portfolio manager updates:** Effective February 28, 2025, Casey Weston and Bihag Patel were removed as portfolio managers of the Fund and Jon Loth, CFA and Tom Conklin, CFA were added as portfolio managers of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by February 27, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:

• prospectus  •  financial statements and other information  •  fund holdings  •  proxy voting information

You can also request this information at (800) 257-8787.

---

| | |
|:---|:---|
| 670690759_AR_1025<br> 4966858 | <br> ![LOGO](g26847g1g85u20.jpg)  |

---

3.0 ------

**Item 2.** **Code of Ethics.** <br>

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant's code of ethics is available without charge by calling 800-257-8787.

------

**Item 3.** **Audit Committee Financial Expert.** <br>

As of the end of the period covered by this report, the registrant's Board of Directors or Trustees ("Board") had determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant's audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson, Loren M. Starr and Robert L. Young, who are "independent" for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees' Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank's Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank's representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

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

------

**Item 4.** **Principal Accountant Fees and Services.** <br>

Nuveen Investment Funds, Inc.

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

The Audit Committee has delegated certain pre-approval responsibilities to its Chair.

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE REGISTRANT

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit Fees**<br> **Billed to Registrant<sup>1</sup>** | **Audit-Related Fees**<br> **Billed to Registrant<sup>2</sup>** | **Tax Fees**<br> **Billed to Registrant<sup>3</sup>** | **All Other Fees**<br> **Billed to Registrant<sup>4</sup>** |
|  October 31, 2025 | $122905 | $0 | $23125 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |
|  October 31, 2024 | $122815 | $0 | $9200 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |

---

1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Registrant's annual financial statements and services provided in connection with statutory and regulatory filings.

2 "Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees".

3 "Tax Fees" are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning.

4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees".

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

The following tables show the amount of fees billed by PwC to Nuveen Fund Advisors, LLC (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant ("Affiliated Fund Service Provider"), for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Registrant did not recognize the services as non-audit services at the

------

time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Registrant's audit is completed.

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit-Related Fees**<br> **Billed to Adviser**<br> **and Affiliated Fund<br>Service Providers** | **Tax Fees**<br> **Billed to Adviser**<br> **and Affiliated Fund<br>Service Providers** | **All Other Fees**<br> **Billed to Adviser**<br> **and Affiliated Fund<br>Service Providers** |
|  October 31, 2025 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
|  October 31, 2024 | $0 | $0 | $0 |
|  Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |

---

NON-AUDIT SERVICES

The following table shows the amount of fees that PwC billed during the Registrant's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that the Registrant's independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PwC about any non-audit services rendered during the Registrant's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC's independence.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Non-Audit Fees<br>Billed to Registrant** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the<br>Registrant)** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (all other<br>engagements)** | **Total** |
|  October 31, 2025 | $23125 | $0 | $11376794 | $11399919 |
|  October 31, 2024 | $9200 | $0 | $0 | $9200 |

---

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

Less than 50 percent of the hours expended on the independent registered public accounting firm's engagement to audit the Registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm's full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant's independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant's independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.

Item 4(i) and Item 4(j) are not applicable to the Registrant.

------

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this registrant.

------

**Item 6.** **Investments.** <br>

(a) Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

(b) Not applicable.

------

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

------

#### Report of Independent Registered

#### Public Accounting Firm

To the Board of Directors of Nuveen Investment Funds, Inc. and Shareholders of Nuveen Dividend Value Fund, Nuveen

Large Cap Select Fund, Nuveen Mid Cap Value Opportunities Fund, Nuveen Small Cap Growth Opportunities Fund,

Nuveen Small Cap Select Fund, Nuveen Small Cap Value Fund and Nuveen Small/Mid Cap Growth Opportunities

Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of

Nuveen Dividend Value Fund, Nuveen Large Cap Select Fund, Nuveen Mid Cap Value Opportunities Fund, Nuveen

Small Cap Growth Opportunities Fund, Nuveen Small Cap Select Fund, Nuveen Small Cap Value Fund and Nuveen

Small/Mid Cap Growth Opportunities Fund (seven of the funds constituting Nuveen Investment Funds, Inc., hereafter

collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended

October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31,

2025, including the related notes, and the financial highlights for each of the five years in the period ended October

31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly,

in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their

operations for the year then ended, the changes in each of their net assets for each of the two years in the period

ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31,

2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion

on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public

Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to

the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities

and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those

standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial

statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements,

whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included

examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits

also included evaluating the accounting principles used and significant estimates made by management, as well as

evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities

owned as of October 31, 2025 by correspondence with the custodian and brokers; when replies were not received

from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our

opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

December 26, 2025

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

#### Portfolio of Investments October 31, 2025

#### Dividend Value
See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.7%

3174967856

COMMON STOCKS - 99.7%

3174967856

BANKS - 6.7%

815,161

Bank of America Corp

$

43,570,356

734,470

Citigroup Inc

74,350,398

839,436

Fifth Third Bancorp

34,937,326

695,327

Wells Fargo & Co

60,472,589

TOTAL BANKS

213,330,669

CAPITAL GOODS - 13.9%

209,062

Dover Corp

37,936,390

133,843

Eaton Corp PLC

51,069,135

349,196

Emerson Electric Co

48,737,286

287,830

Honeywell International Inc

57,948,814

165,934

ITT Inc

30,709,405

295,197

Johnson Controls International plc

33,767,585

191,975

nVent Electric PLC

21,952,341

70,107

Parker-Hannifin Corp

54,180,793

253,227

Regal Rexnord Corp

35,677,152

114,106

Vertiv Holdings Co, Class A

22,006,483

231,031

Westinghouse Air Brake Technologies Corp

47,231,978

TOTAL CAPITAL GOODS

441,217,362

COMMERCIAL & PROFESSIONAL SERVICES - 1.1%

180,057

Waste Management Inc

35,969,987

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

35,969,987

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.2%

416,859

(a) Amazon.com Inc

101,805,305

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

101,805,305

CONSUMER SERVICES - 3.2%

163,459

(a) Expedia Group Inc

35,960,980

408,444

Travel + Leisure Co

25,642,114

331,440

(a) Wynn Resorts Ltd

39,438,046

TOTAL CONSUMER SERVICES

101,041,140

ENERGY - 4.5%

660,173

ConocoPhillips

58,662,973

2,523,036

Permian Resources Corp

31,689,332

685,380

Shell PLC, ADR

51,348,670

TOTAL ENERGY

141,700,975

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 8.2%

384,466

Crown Castle Inc

34,686,523

170,776

EastGroup Properties Inc

29,805,535

169,815

Extra Space Storage Inc

22,677,095

476,241

Prologis Inc

59,096,746

1,266,311

Sabra Health Care REIT Inc

22,565,662

645,158

Ventas Inc

47,606,209

1,537,170

VICI Properties Inc

46,099,728

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

262,537,498

FINANCIAL SERVICES - 8.9%

291,872

Capital One Financial Corp

64,208,921

676,141

Fidelity National Information Services Inc

42,272,335

196,648

Intercontinental Exchange Inc

28,767,636

349,899

KKR & Co Inc

41,403,549

71,188

Mastercard Inc, Class A

39,295,064

440,193

OneMain Holdings Inc

26,055,024

576,882

Synchrony Financial

42,908,483

TOTAL FINANCIAL SERVICES

284,911,012

FOOD, BEVERAGE & TOBACCO - 3.2%

184,506

(a) Hershey Co/The

31,297,753

486,634

Philip Morris International Inc

70,235,885

TOTAL FOOD, BEVERAGE & TOBACCO

101,533,638

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

HEALTH CARE EQUIPMENT & SERVICES - 9.5%

457,587

Abbott Laboratories

$

56,566,905

193,653

Cigna Group/The

47,330,730

654,656

CVS Health Corp

51,161,366

121,539

Elevance Health Inc

38,552,171

175,146

(a) Tenet Healthcare Corp

36,165,897

115,280

UnitedHealth Group Inc

39,375,037

319,729

Zimmer Biomet Holdings Inc

32,151,948

TOTAL HEALTH CARE EQUIPMENT & SERVICES

301,304,054

INSURANCE - 1.5%

868,153

Fidelity National Financial Inc

47,956,772

TOTAL INSURANCE

47,956,772

MATERIALS - 2.4%

765,654

DuPont de Nemours Inc

62,515,649

312,750

Smurfit WestRock PLC

11,546,730

71,957

(a) Solstice Advanced Materials Inc

3,243,102

TOTAL MATERIALS

77,305,481

MEDIA & ENTERTAINMENT - 5.9%

575,369

Alphabet Inc, Class C

162,150,491

39,284

Meta Platforms Inc

25,469,781

TOTAL MEDIA & ENTERTAINMENT

187,620,272

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.4%

290,071

Danaher Corp

62,475,492

1,625,339

(a) Elanco Animal Health Inc

36,001,259

65,951

(a) Regeneron Pharmaceuticals Inc

42,986,862

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

141,463,613

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.5%

96,851

Applied Materials Inc

22,575,968

131,695

Broadcom Inc

48,678,423

393,620

Lam Research Corp

61,979,405

137,048

Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR

41,173,331

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

174,407,127

SOFTWARE & SERVICES - 5.4%

1,643,643

Gen Digital Inc

43,326,429

50,905

Intuit Inc

33,981,633

132,065

Microsoft Corp

68,384,578

59,240

Roper Technologies Inc

26,429,926

TOTAL SOFTWARE & SERVICES

172,122,566

TECHNOLOGY HARDWARE & EQUIPMENT - 1.6%

325,479

TD SYNNEX Corp

50,934,209

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

50,934,209

TELECOMMUNICATION SERVICES - 1.9%

2,497,992

AT&T Inc

61,825,302

TOTAL TELECOMMUNICATION SERVICES

61,825,302

UTILITIES - 8.7%

716,283

Alliant Energy Corp

47,862,030

134,586

American Electric Power Co Inc

16,185,312

252,176

CMS Energy Corp

18,547,545

487,802

Duke Energy Corp

60,633,788

539,461

FirstEnergy Corp

24,723,498

870,795

NextEra Energy Inc

70,882,713

395,002

Southern Co/The

37,145,988

TOTAL UTILITIES

275,980,874

TOTAL COMMON STOCKS

(Cost $2,536,428,502)

3,174,967,856

TOTAL LONG-TERM INVESTMENTS

(Cost $2,536,428,502)

3,174,967,856

#### Portfolio of Investments October 31, 2025
(continued)

#### Dividend Value

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.1%

4638693

REPURCHASE AGREEMENTS - 0.1%

4638693

$

4,475,000

(b) Fixed Income Clearing Corporation

.120

%

11/03/25

$

4,475,000

163,693

(c) Fixed Income Clearing Corporation

.160

11/03/25

163,693

TOTAL REPURCHASE AGREEMENTS

(Cost $4,638,693)

4,638,693

TOTAL SHORT-TERM INVESTMENTS

(Cost $4,638,693)

4,638,693

TOTAL INVESTMENTS - 99.8%

(Cost $2,541,067,195)

3,179,606,549

OTHER ASSETS & LIABILITIES, NET - 0.2%

6,330,736

NET ASSETS - 100%

$

3,185,937,285

ADR

American Depositary Receipt

REIT

Real Estate Investment Trust

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) Agreement with Fixed Income Clearing Corporation, 4.120% dated 10/31/25 to be repurchased at $4,476,536 on 11/3/25,

collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 9/30/30, valued at $4,564,613.

(c) Agreement with Fixed Income Clearing Corporation, 1.160% dated 10/31/25 to be repurchased at $163,709 on 11/3/25,

collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 2/15/35, valued at $167,081.

#### Portfolio of Investments October 31, 2025

#### Large Cap Select
See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.7%

49269297

COMMON STOCKS - 99.7%

49269297

BANKS - 1.8%

8,968

Citigroup Inc

$

907,831

TOTAL BANKS

907,831

CAPITAL GOODS - 11.2%

2,392

Dover Corp

434,052

1,716

Eaton Corp PLC

654,757

3,110

Emerson Electric Co

434,063

3,876

Honeywell International Inc

780,355

6,113

Johnson Controls International plc

699,266

5,243

nVent Electric PLC

599,537

798

Parker-Hannifin Corp

616,718

2,998

Regal Rexnord Corp

422,388

1,961

Vertiv Holdings Co, Class A

378,199

2,390

Westinghouse Air Brake Technologies Corp

488,612

TOTAL CAPITAL GOODS

5,507,947

COMMERCIAL & PROFESSIONAL SERVICES - 1.5%

3,648

Waste Management Inc

728,761

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

728,761

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 5.4%

10,877

(a) Amazon.com Inc

2,656,381

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

2,656,381

CONSUMER SERVICES - 1.0%

2,340

(a) Expedia Group Inc

514,800

TOTAL CONSUMER SERVICES

514,800

ENERGY - 2.1%

6,779

ConocoPhillips

602,382

5,574

Shell PLC, ADR

417,604

TOTAL ENERGY

1,019,986

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.6%

6,424

Prologis Inc

797,154

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

797,154

FINANCIAL SERVICES - 8.0%

4,099

Capital One Financial Corp

901,739

6,335

Fidelity National Information Services Inc

396,064

3,530

Intercontinental Exchange Inc

516,404

4,875

KKR & Co Inc

576,859

1,884

Mastercard Inc, Class A

1,039,949

6,900

Synchrony Financial

513,222

TOTAL FINANCIAL SERVICES

3,944,237

FOOD, BEVERAGE & TOBACCO - 1.4%

4,684

Philip Morris International Inc

676,042

TOTAL FOOD, BEVERAGE & TOBACCO

676,042

HEALTH CARE EQUIPMENT & SERVICES - 8.8%

4,789

Abbott Laboratories

592,016

5,737

(a) Boston Scientific Corp

577,831

2,631

Cigna Group/The

643,043

8,649

CVS Health Corp

675,919

1,621

Elevance Health Inc

514,181

2,902

(a) Tenet Healthcare Corp

599,234

816

UnitedHealth Group Inc

278,713

4,611

Zimmer Biomet Holdings Inc

463,682

TOTAL HEALTH CARE EQUIPMENT & SERVICES

4,344,619

INSURANCE - 1.9%

9,923

Fidelity National Financial Inc

548,146

2,307

Marsh & McLennan Cos Inc

410,992

TOTAL INSURANCE

959,138

#### Portfolio of Investments October 31, 2025
(continued)

#### Large Cap Select

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

MATERIALS - 1.9%

11,039

DuPont de Nemours Inc

$

901,334

969

(a) Solstice Advanced Materials Inc

43,673

TOTAL MATERIALS

945,007

MEDIA & ENTERTAINMENT - 8.8%

10,613

Alphabet Inc, Class C

2,990,956

2,106

Meta Platforms Inc

1,365,425

TOTAL MEDIA & ENTERTAINMENT

4,356,381

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.9%

3,498

Danaher Corp

753,399

28,351

(a) Elanco Animal Health Inc

627,975

903

(a) Regeneron Pharmaceuticals Inc

588,575

1,010

(a) United Therapeutics Corp

449,884

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

2,419,833

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 16.4%

6,440

Broadcom Inc

2,380,417

7,390

Lam Research Corp

1,163,630

19,510

NVIDIA Corp

3,950,580

2,010

Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR

603,864

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

8,098,491

SOFTWARE & SERVICES - 12.1%

16,620

Gen Digital Inc

438,103

1,381

Intuit Inc

921,887

8,156

Microsoft Corp

4,223,258

835

Roper Technologies Inc

372,535

TOTAL SOFTWARE & SERVICES

5,955,783

TECHNOLOGY HARDWARE & EQUIPMENT - 5.4%

7,151

Apple Inc

1,933,416

4,823

TD SYNNEX Corp

754,751

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

2,688,167

TELECOMMUNICATION SERVICES - 0.9%

18,665

AT&T Inc

461,959

TOTAL TELECOMMUNICATION SERVICES

461,959

UTILITIES - 4.6%

6,586

Duke Energy Corp

818,640

10,640

NextEra Energy Inc

866,096

6,402

Southern Co/The

602,044

TOTAL UTILITIES

2,286,780

TOTAL COMMON STOCKS

(Cost $31,445,929)

49,269,297

TOTAL LONG-TERM INVESTMENTS

(Cost $31,445,929)

49,269,297

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.3%

150,000

REPURCHASE AGREEMENTS - 0.3%

150,000

$

150,000

(b) Fixed Income Clearing Corporation

.120

%

11/03/25

150,000

TOTAL REPURCHASE AGREEMENTS

(Cost $150,000)

150,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $150,000)

150,000

TOTAL INVESTMENTS - 100.0%

(Cost $31,595,929)

49,419,297

OTHER ASSETS & LIABILITIES, NET - 0.0%

12,474

NET ASSETS - 100%

$

49,431,771

ADR

American Depositary Receipt

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) Agreement with Fixed Income Clearing Corporation, 4.120% dated 10/31/25 to be repurchased at $150,052 on 11/3/25,

collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 9/30/30, valued at $153,071.

#### Portfolio of Investments October 31, 2025

#### Mid Cap Value Opportunities
See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 100.5%

344764226

COMMON STOCKS - 100.5%

344764226

BANKS - 5.7%

59,173

East West Bancorp Inc

$

6,011,977

183,793

Fifth Third Bancorp

7,649,464

32,687

M&T Bank Corp

6,010,159

TOTAL BANKS

19,671,600

CAPITAL GOODS - 20.1%

15,660

Carlisle Cos Inc

5,090,283

100,114

Carrier Global Corp

5,955,782

42,102

Crane Co

7,999,380

29,192

Dover Corp

5,297,180

16,188

Hubbell Inc

7,608,360

23,921

ITT Inc

4,427,059

32,329

L3Harris Technologies Inc

9,346,314

78,503

nVent Electric PLC

8,976,818

41,931

Owens Corning

5,338,236

33,979

WESCO International Inc

8,818,570

TOTAL CAPITAL GOODS

68,857,982

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.3%

22,460

(a) AutoNation Inc

4,489,080

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

4,489,080

CONSUMER DURABLES & APPAREL - 4.1%

37,187

DR Horton Inc

5,543,838

17,605

Ralph Lauren Corp

5,627,615

41,875

Whirlpool Corp

2,999,506

TOTAL CONSUMER DURABLES & APPAREL

14,170,959

CONSUMER SERVICES - 2.5%

19,959

Darden Restaurants Inc

3,595,614

78,801

Travel + Leisure Co

4,947,127

TOTAL CONSUMER SERVICES

8,542,741

ENERGY - 5.4%

90,946

Baker Hughes Co

4,402,696

28,411

Diamondback Energy Inc

4,068,171

324,633

Permian Resources Corp

4,077,390

105,210

Williams Cos Inc/The

6,088,503

TOTAL ENERGY

18,636,760

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 8.9%

17,806

AvalonBay Communities Inc

3,096,820

44,334

Digital Realty Trust Inc

7,554,957

60,491

Regency Centers Corp

4,170,854

135,037

STAG Industrial Inc

5,167,866

89,696

Ventas Inc

6,618,668

176,709

Weyerhaeuser Co

4,064,307

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

30,673,472

FINANCIAL SERVICES - 6.2%

115,731

Jefferies Financial Group Inc

6,114,069

125,390

OneMain Holdings Inc

7,421,834

48,873

Raymond James Financial Inc

7,754,679

TOTAL FINANCIAL SERVICES

21,290,582

FOOD, BEVERAGE & TOBACCO - 2.1%

38,186

McCormick & Co Inc/MD

2,450,014

211,779

Primo Brands Corp

4,652,784

TOTAL FOOD, BEVERAGE & TOBACCO

7,102,798

HEALTH CARE EQUIPMENT & SERVICES - 1.0%

12,130

Humana Inc

3,374,445

TOTAL HEALTH CARE EQUIPMENT & SERVICES

3,374,445

#### Portfolio of Investments October 31, 2025
(continued)

#### Mid Cap Value Opportunities

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

INSURANCE - 5.4%

27,384

Allstate Corp/The

$

5,244,584

83,016

Arch Capital Group Ltd

7,165,111

81,629

Unum Group

5,993,201

TOTAL INSURANCE

18,402,896

MATERIALS - 5.1%

85,832

DuPont de Nemours Inc

7,008,183

21,420

Reliance Inc

6,049,650

61,759

Westlake Corp

4,249,637

TOTAL MATERIALS

17,307,470

MEDIA & ENTERTAINMENT - 2.0%

27,201

(a) Take-Two Interactive Software Inc

6,973,520

TOTAL MEDIA & ENTERTAINMENT

6,973,520

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.0%

65,187

(a) BioMarin Pharmaceutical Inc

3,492,067

293,189

(a) Elanco Animal Health Inc

6,494,136

144,376

(a) Exelixis Inc

5,583,020

40,884

(a) Jazz Pharmaceuticals PLC

5,627,274

14,120

(a) United Therapeutics Corp

6,289,472

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

27,485,969

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.5%

72,790

Microchip Technology Inc

4,543,552

27,338

(a) MKS Inc

3,928,744

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

8,472,296

SOFTWARE & SERVICES - 3.9%

27,566

(a) Check Point Software Technologies Ltd

5,394,115

175,303

Gen Digital Inc

4,620,987

13,730

VeriSign Inc

3,292,454

TOTAL SOFTWARE & SERVICES

13,307,556

TECHNOLOGY HARDWARE & EQUIPMENT - 7.1%

30,499

(a) Ciena Corp

5,792,370

77,912

Crane NXT Co

4,927,934

258,950

Hewlett Packard Enterprise Co

6,323,559

47,244

TD SYNNEX Corp

7,393,214

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

24,437,077

UTILITIES - 9.2%

119,646

Alliant Energy Corp

7,994,746

49,865

American Electric Power Co Inc

5,996,765

65,949

CMS Energy Corp

4,850,549

80,646

Eversource Energy

5,952,481

147,774

FirstEnergy Corp

6,772,482

TOTAL UTILITIES

31,567,023

TOTAL COMMON STOCKS

(Cost $239,311,351)

344,764,226

TOTAL LONG-TERM INVESTMENTS

(Cost $239,311,351)

344,764,226

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.4%

1,550,000

REPURCHASE AGREEMENTS - 0.4%

1,550,000

$

1,550,000

(b) Fixed Income Clearing Corporation

.120

%

11/03/25

1,550,000

TOTAL REPURCHASE AGREEMENTS

(Cost $1,550,000)

1,550,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,550,000)

1,550,000

TOTAL INVESTMENTS - 100.9%

(Cost $240,861,351)

346,314,226

OTHER ASSETS & LIABILITIES, NET - (0.9)%

(3,127,366)

NET ASSETS - 100%

$

343,186,860

See Notes to Financial Statements

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) Agreement with Fixed Income Clearing Corporation, 4.120% dated 10/31/25 to be repurchased at $1,550,532 on 11/3/25,

collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 9/30/30, valued at $1,581,181.

#### Portfolio of Investments October 31, 2025

#### Small Cap Growth Opportunities
See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 96.0%

303687137

COMMON STOCKS - 96.0%

303687137

AUTOMOBILES & COMPONENTS - 3.0%

32,698

(a) Modine Manufacturing Co

$

5,009,661

42,814

Patrick Industries Inc

4,468,497

TOTAL AUTOMOBILES & COMPONENTS

9,478,158

BANKS - 2.5%

59,066

Ameris Bancorp

4,230,307

40,740

Preferred Bank/Los Angeles CA

3,676,785

TOTAL BANKS

7,907,092

CAPITAL GOODS - 17.4%

12,628

(a) AeroVironment Inc

4,671,223

55,716

(a) Bloom Energy Corp, Class A

7,363,426

17,244

(a) Dycom Industries Inc

4,962,651

21,437

ESCO Technologies Inc

4,704,778

44,948

(a) Federal Signal Corp

5,305,212

34,968

(a) Granite Construction Inc

3,598,557

30,267

JBT Marel Corp

3,816,669

59,231

(a) Kratos Defense & Security Solutions Inc

5,366,329

29,391

(a) SPX Technologies Inc

6,580,351

72,949

(a) Trex Co Inc

3,524,896

109,891

(a) Zurn Elkay Water Solutions Corp

5,176,965

TOTAL CAPITAL GOODS

55,071,057

COMMERCIAL & PROFESSIONAL SERVICES - 3.7%

41,862

(a) Casella Waste Systems Inc, Class A

3,707,717

83,969

(a) ExlService Holdings Inc

3,283,188

28,057

(a) Huron Consulting Group Inc

4,613,693

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

11,604,598

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.7%

25,796

(a) Boot Barn Holdings Inc

4,892,211

29,053

(a) Ollie's Bargain Outlet Holdings Inc

3,509,893

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

8,402,104

CONSUMER DURABLES & APPAREL - 2.4%

143,840

Steven Madden Ltd

4,877,615

86,805

(a) Tri Pointe Homes Inc

2,764,739

TOTAL CONSUMER DURABLES & APPAREL

7,642,354

CONSUMER SERVICES - 3.7%

29,314

(a) Planet Fitness Inc

2,658,487

69,377

Red Rock Resorts Inc, Class A

3,698,488

28,941

(a) Stride Inc

1,969,145

15,555

Wingstop Inc

3,369,680

TOTAL CONSUMER SERVICES

11,695,800

ENERGY - 2.5%

68,683

Matador Resources Co

2,710,231

96,894

(a) Solaris Energy Infrastructure Inc

5,157,668

TOTAL ENERGY

7,867,899

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.4%

137,151

CareTrust REIT Inc

4,752,282

15,945

EastGroup Properties Inc

2,782,881

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

7,535,163

FINANCIAL SERVICES - 4.8%

43,530

FirstCash Holdings Inc

6,899,505

60,879

(a) Moelis & Co, Class A

3,855,467

13,851

Piper Sandler Cos

4,422,070

TOTAL FINANCIAL SERVICES

15,177,042

HEALTH CARE EQUIPMENT & SERVICES - 12.4%

34,030

(a) Addus HomeCare Corp

3,977,767

234,523

(a),(b)

Alphatec Holdings Inc

4,453,592

29,754

Ensign Group Inc/The

5,358,695

53,559

(a),(b)

Establishment Labs Holdings Inc

2,568,154

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

HEALTH CARE EQUIPMENT & SERVICES

(continued)

61,160

(a) HealthEquity Inc

$

5,784,513

194,127

(a) Privia Health Group Inc

4,717,286

67,982

(a) RadNet Inc

5,165,952

223,143

(a) SI-BONE Inc

3,309,211

108,752

(a) Waystar Holding Corp

3,898,759

TOTAL HEALTH CARE EQUIPMENT & SERVICES

39,233,929

INSURANCE - 1.5%

19,511

(a) Palomar Holdings Inc

2,224,449

54,438

(a) Skyward Specialty Insurance Group Inc

2,481,829

TOTAL INSURANCE

4,706,278

MATERIALS - 2.3%

68,156

Commercial Metals Co

4,045,740

53,068

(a) Knife River Corp

3,208,491

TOTAL MATERIALS

7,254,231

MEDIA & ENTERTAINMENT - 1.3%

228,114

(a) Magnite Inc

4,078,678

591,081

(a),(c)

Videopropulsion Inc

5,911

TOTAL MEDIA & ENTERTAINMENT

4,084,589

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.2%

118,794

(a) ADMA Biologics Inc

1,838,931

86,120

(a) Alkermes PLC

2,643,884

39,271

(a) ANI Pharmaceuticals Inc

3,557,953

38,230

(a) Axsome Therapeutics Inc

5,160,668

33,342

(a) Bridgebio Pharma Inc

2,088,543

41,399

(a) Crinetics Pharmaceuticals Inc

1,800,856

11,918

(a) Krystal Biotech Inc

2,353,924

4,276

(a) Madrigal Pharmaceuticals Inc

1,791,216

25,106

(a) Mirum Pharmaceuticals Inc

1,823,951

52,564

(a) Scholar Rock Holding Corp

1,556,946

43,174

(a) Ultragenyx Pharmaceutical Inc

1,493,820

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

26,110,692

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 10.0%

59,109

(a) Credo Technology Group Holding Ltd

11,090,031

22,185

(a) Impinj Inc

4,484,920

51,105

(a) Rambus Inc

5,255,638

117,547

(a) Rigetti Computing Inc

5,203,806

82,583

(a) Semtech Corp

5,604,082

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

31,638,477

SOFTWARE & SERVICES - 10.2%

35,543

(a) Agilysys Inc

4,459,225

92,793

(a) Braze Inc, Class A

2,659,447

213,683

(a) Cellebrite DI Ltd

3,645,432

18,131

(a) Commvault Systems Inc

2,524,198

64,568

(a) JFrog Ltd

3,065,689

129,737

(a),(b)

nCino Inc

3,461,383

37,031

(a) Q2 Holdings Inc

2,287,034

145,195

(a) SentinelOne Inc, Class A

2,591,731

88,848

(a) Varonis Systems Inc

3,130,115

54,076

(a) Workiva Inc

4,597,001

TOTAL SOFTWARE & SERVICES

32,421,255

TECHNOLOGY HARDWARE & EQUIPMENT - 5.0%

21,705

Badger Meter Inc

3,916,667

58,190

(a) IonQ Inc

3,629,892

24,939

(a) Lumentum Holdings Inc

5,026,705

111,786

(a) Mirion Technologies Inc

3,283,155

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

15,856,419

TOTAL COMMON STOCKS

(Cost $241,293,240)

303,687,137

TOTAL LONG-TERM INVESTMENTS

(Cost $241,293,240)

303,687,137

#### Portfolio of Investments October 31, 2025
(continued)

#### Small Cap Growth Opportunities

See Notes to Financial Statements

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.2%

3,965,272

(d) State Street Navigator Securities Lending Government Money

Market Portfolio

4.060%(e)

$

3,965,272

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $3,965,272)

3,965,272

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 3.5%

11152493

REPURCHASE AGREEMENTS - 3.5%

11152493

$

352,493

(f) Fixed Income Clearing Corporation

.160

11/03/25

352,493

10,800,000

(g) Fixed Income Clearing Corporation

.120

11/03/25

10,800,000

TOTAL REPURCHASE AGREEMENTS

(Cost $11,152,493)

11,152,493

TOTAL SHORT-TERM INVESTMENTS

(Cost $11,152,493)

11,152,493

TOTAL INVESTMENTS - 100.7%

(Cost $256,411,005)

318,804,902

OTHER ASSETS & LIABILITIES, NET - (0.7)%

(2,318,440)

NET ASSETS - 100%

$

316,486,462

REIT

Real Estate Investment Trust

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) 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 fiscal period was $3,709,041.

(c) For fair value measurement disclosure purposes, investment classified as Level 3.

(d) Investments made with cash collateral received from securities on loan.

(e) The rate shown is the one-day yield as of the end of the reporting period.

(f) Agreement with Fixed Income Clearing Corporation, 1.160% dated 10/31/25 to be repurchased at $352,527 on 11/3/25,

collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 2/15/35, valued at $359,735.

(g) Agreement with Fixed Income Clearing Corporation, 4.120% dated 10/31/25 to be repurchased at $10,803,708 on 11/3/25,

collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 9/30/30, valued at $11,016,132.

#### Portfolio of Investments October 31, 2025

#### Small Cap Select
See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 96.3%

370023835

COMMON STOCKS - 96.3%

370023835

AUTOMOBILES & COMPONENTS - 1.6%

59,850

(a) Patrick Industries Inc

$

6,246,544

TOTAL AUTOMOBILES & COMPONENTS

6,246,544

BANKS - 10.3%

62,959

Ameris Bancorp

4,509,124

131,723

(b) Atlantic Union Bankshares Corp

4,283,632

96,924

Banner Corp

5,853,240

100,949

First Merchants Corp

3,581,670

171,482

Home BancShares Inc/AR

4,580,284

224,741

Old National Bancorp/IN

4,591,459

45,701

Preferred Bank/Los Angeles CA

4,124,515

43,312

UMB Financial Corp

4,629,187

25,190

Wintrust Financial Corp

3,275,204

TOTAL BANKS

39,428,315

CAPITAL GOODS - 17.4%

11,903

(b) AeroVironment Inc

4,403,039

52,388

Arcosa Inc

5,343,576

116,306

Atmus Filtration Technologies Inc

5,289,597

17,489

(b) Dycom Industries Inc

5,033,159

26,079

Enpro Inc

6,050,589

29,385

ESCO Technologies Inc

6,449,126

187,194

(b) Gates Industrial Corp PLC

4,133,244

39,902

(b) Granite Construction Inc

4,106,315

33,953

JBT Marel Corp

4,281,473

58,577

(b) Kratos Defense & Security Solutions Inc

5,307,076

29,959

(b) SPX Technologies Inc

6,707,521

86,616

(b) Trex Co Inc

4,185,285

20,084

(b) Watts Water Technologies Inc, Class A

5,474,898

TOTAL CAPITAL GOODS

66,764,898

COMMERCIAL & PROFESSIONAL SERVICES - 2.5%

59,172

(b) Casella Waste Systems Inc, Class A

5,240,864

52,937

(b) Maximus Inc

4,400,123

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

9,640,987

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.7%

26,158

(b) Boot Barn Holdings Inc

4,960,864

54,208

Signet Jewelers Ltd

5,358,461

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

10,319,325

CONSUMER DURABLES & APPAREL - 2.8%

185,000

Steven Madden Ltd

6,273,350

140,724

(b) Tri Pointe Homes Inc

4,482,059

TOTAL CONSUMER DURABLES & APPAREL

10,755,409

CONSUMER SERVICES - 2.7%

54,187

Boyd Gaming Corp

4,219,542

108,710

(b) Universal Technical Institute Inc

3,230,861

13,800

Wingstop Inc

2,989,494

TOTAL CONSUMER SERVICES

10,439,897

CONSUMER STAPLES DISTRIBUTION & RETAIL - 0.9%

116,993

(b) Guardian Pharmacy Services Inc, Class A

3,280,484

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

3,280,484

ENERGY - 3.7%

124,250

Matador Resources Co

4,902,905

212,533

Northern Oil & Gas Inc

4,703,355

85,583

(b) Solaris Energy Infrastructure Inc

4,555,583

TOTAL ENERGY

14,161,843

#### Portfolio of Investments October 31, 2025
(continued)

#### Small Cap Select

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 4.5%

203,132

CareTrust REIT Inc

$

7,038,524

28,283

EastGroup Properties Inc

4,936,232

135,485

STAG Industrial Inc

5,185,011

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

17,159,767

FINANCIAL SERVICES - 5.8%

449,896

BGC Group Inc, Class A

4,112,049

50,988

FirstCash Holdings Inc

8,081,599

332,675

Ladder Capital Corp

3,516,375

20,033

Piper Sandler Cos

6,395,736

TOTAL FINANCIAL SERVICES

22,105,759

HEALTH CARE EQUIPMENT & SERVICES - 8.8%

280,234

(a),(b)

Alphatec Holdings Inc

5,321,644

85,887

(a),(b)

Establishment Labs Holdings Inc

4,118,282

62,907

(b) HealthEquity Inc

5,949,744

69,088

(b) Merit Medical Systems Inc

6,047,963

191,329

(b) Phreesia Inc

4,331,688

63,635

(b) RadNet Inc

4,835,624

229,805

(b) SI-BONE Inc

3,408,008

TOTAL HEALTH CARE EQUIPMENT & SERVICES

34,012,953

INSURANCE - 0.8%

11,508

Primerica Inc

2,990,584

TOTAL INSURANCE

2,990,584

MATERIALS - 3.3%

110,977

Avient Corp

3,559,032

93,077

Commercial Metals Co

5,525,051

62,561

(b) Knife River Corp

3,782,438

TOTAL MATERIALS

12,866,521

MEDIA & ENTERTAINMENT - 2.1%

234,359

(b) Magnite Inc

4,190,339

115,695

(b) Ziff Davis Inc

3,922,060

TOTAL MEDIA & ENTERTAINMENT

8,112,399

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 6.3%

122,947

(b) ADMA Biologics Inc

1,903,220

81,071

(b) Alkermes PLC

2,488,880

50,950

(b) ANI Pharmaceuticals Inc

4,616,070

34,877

(b) Axsome Therapeutics Inc

4,708,046

21,354

(b) Bridgebio Pharma Inc

1,337,615

38,114

(b) Crinetics Pharmaceuticals Inc

1,657,959

14,540

(b) Krystal Biotech Inc

2,871,795

3,416

(b) Madrigal Pharmaceuticals Inc

1,430,962

62,838

(b) Scholar Rock Holding Corp

1,861,262

41,654

(b) Ultragenyx Pharmaceutical Inc

1,441,228

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

24,317,037

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.4%

30,241

(b) Credo Technology Group Holding Ltd

5,673,817

224,252

(b) Ichor Holdings Ltd

5,086,035

20,508

(b) Impinj Inc

4,145,897

94,886

(b) Rigetti Computing Inc

4,200,603

80,275

(b) Semtech Corp

5,447,462

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

24,553,814

SOFTWARE & SERVICES - 6.1%

118,663

(b) Braze Inc, Class A

3,400,881

212,596

(b) Cellebrite DI Ltd

3,626,888

24,720

(b) Commvault Systems Inc

3,441,518

58,335

(b) Q2 Holdings Inc

3,602,770

207,982

(b) SentinelOne Inc, Class A

3,712,479

66,242

(b) Workiva Inc

5,631,232

TOTAL SOFTWARE & SERVICES

23,415,768

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

TECHNOLOGY HARDWARE & EQUIPMENT - 3.3%

24,837

(b) Lumentum Holdings Inc

$

5,006,146

113,130

(b) Mirion Technologies Inc

3,322,628

32,350

(b) Plexus Corp

4,525,765

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

12,854,539

TRANSPORTATION - 1.1%

59,424

ArcBest Corp

4,416,392

TOTAL TRANSPORTATION

4,416,392

UTILITIES - 3.2%

81,502

Black Hills Corp

5,169,672

81,145

Spire Inc

7,010,928

TOTAL UTILITIES

12,180,600

TOTAL COMMON STOCKS

(Cost $332,406,599)

370,023,835

TOTAL LONG-TERM INVESTMENTS

(Cost $332,406,599)

370,023,835

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 3.2%

12,228,727

(c) State Street Navigator Securities Lending Government Money

Market Portfolio

4.060%(d)

12,228,727

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $12,228,727)

12,228,727

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.4%

5353689

REPURCHASE AGREEMENTS - 1.4%

5353689

$

178,689

(e) Fixed Income Clearing Corporation

.160

11/03/25

178,689

5,175,000

(f) Fixed Income Clearing Corporation

.120

11/03/25

5,175,000

TOTAL REPURCHASE AGREEMENTS

(Cost $5,353,689)

5,353,689

TOTAL SHORT-TERM INVESTMENTS

(Cost $5,353,689)

5,353,689

TOTAL INVESTMENTS - 100.9%

(Cost $349,989,015)

387,606,251

OTHER ASSETS & LIABILITIES, NET - (0.9)%

(3,378,452)

NET ASSETS - 100%

$

384,227,799

REIT

Real Estate Investment Trust

(a) 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 fiscal period was $12,619,094.

(b) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(c) Investments made with cash collateral received from securities on loan.

(d) The rate shown is the one-day yield as of the end of the reporting period.

(e) Agreement with Fixed Income Clearing Corporation, 1.160% dated 10/31/25 to be repurchased at $178,706 on 11/3/25,

collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 2/15/35, valued at $182,326.

(f) Agreement with Fixed Income Clearing Corporation, 4.120% dated 10/31/25 to be repurchased at $5,176,777 on 11/3/25,

collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 9/30/30, valued at $5,278,668.

#### Portfolio of Investments October 31, 2025

#### Small Cap Value
See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.7%

263684076

COMMON STOCKS - 99.7%

263684076

AUTOMOBILES & COMPONENTS - 1.2%

87,297

Standard Motor Products Inc

$

3,241,338

TOTAL AUTOMOBILES & COMPONENTS

3,241,338

BANKS - 18.9%

78,733

Ameris Bancorp

5,638,857

82,711

Banner Corp

4,994,917

86,510

Cathay General Bancorp

3,931,879

177,661

ConnectOne Bancorp Inc

4,274,524

125,697

First Merchants Corp

4,459,730

239,440

OceanFirst Financial Corp

4,353,019

247,049

Old Second Bancorp Inc

4,434,530

48,590

Pinnacle Financial Partners Inc

4,140,354

51,242

Preferred Bank/Los Angeles CA

4,624,590

43,827

UMB Financial Corp

4,684,230

35,097

Wintrust Financial Corp

4,563,312

TOTAL BANKS

50,099,942

CAPITAL GOODS - 11.0%

14,548

(a) Alamo Group Inc

2,600,019

31,415

Boise Cascade Co

2,214,443

41,719

EnerSys

5,263,269

405,942

(a) Hillman Solutions Corp

3,742,785

154,052

(a) Resideo Technologies Inc

6,593,426

316,176

(a) Stratasys Ltd

3,357,789

20,766

WESCO International Inc

5,389,400

TOTAL CAPITAL GOODS

29,161,131

COMMERCIAL & PROFESSIONAL SERVICES - 3.5%

164,137

Deluxe Corp

2,972,521

51,881

Korn Ferry

3,356,701

29,743

(a) Willdan Group Inc

2,811,011

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

9,140,233

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.1%

7,523

Group 1 Automotive Inc

2,990,693

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

2,990,693

CONSUMER DURABLES & APPAREL - 4.8%

132,411

La-Z-Boy Inc

4,197,429

26,550

(a) M/I Homes Inc

3,323,795

77,730

Steven Madden Ltd

2,635,824

33,569

Whirlpool Corp

2,404,547

TOTAL CONSUMER DURABLES & APPAREL

12,561,595

CONSUMER SERVICES - 0.8%

30,778

(a) Stride Inc

2,094,135

TOTAL CONSUMER SERVICES

2,094,135

ENERGY - 5.7%

47,149

Cactus Inc, Class A

2,082,571

128,516

(a) CNX Resources Corp

4,325,849

193,183

Magnolia Oil & Gas Corp, Class A

4,338,890

46,025

Matador Resources Co

1,816,146

115,382

Northern Oil & Gas Inc

2,553,404

TOTAL ENERGY

15,116,860

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 8.0%

186,406

Apple Hospitality REIT Inc

2,085,883

45,342

Centerspace

2,686,514

138,552

COPT Defense Properties

3,903,010

51,206

EPR Properties

2,510,118

97,321

Getty Realty Corp

2,669,515

438,414

LXP Industrial Trust

4,160,549

80,809

STAG Industrial Inc

3,092,560

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

21,108,149

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

FINANCIAL SERVICES - 6.1%

308,882

Ladder Capital Corp

$

3,264,883

67,418

OneMain Holdings Inc

3,990,471

14,341

Piper Sandler Cos

4,578,508

37,321

Stifel Financial Corp

4,419,926

TOTAL FINANCIAL SERVICES

16,253,788

FOOD, BEVERAGE & TOBACCO - 0.7%

85,024

Primo Brands Corp

1,867,977

TOTAL FOOD, BEVERAGE & TOBACCO

1,867,977

HEALTH CARE EQUIPMENT & SERVICES - 3.1%

38,851

(a),(b)

Acadia Healthcare Co Inc

835,296

23,646

(a) Addus HomeCare Corp

2,763,981

52,491

(a) Enovis Corp

1,639,819

115,638

(a) Option Care Health Inc

3,010,057

TOTAL HEALTH CARE EQUIPMENT & SERVICES

8,249,153

INSURANCE - 5.1%

153,938

(a) Ategrity Specialty Holdings LLC

2,991,015

149,106

(a) Hamilton Insurance Group Ltd, Class B

3,529,339

75,514

Kemper Corp

3,397,375

54,146

Stewart Information Services Corp

3,696,548

TOTAL INSURANCE

13,614,277

MATERIALS - 4.6%

89,196

Commercial Metals Co

5,294,675

162,081

(a) Ecovyst Inc

1,327,443

29,133

(a) Knife River Corp

1,761,381

66,346

Minerals Technologies Inc

3,765,136

TOTAL MATERIALS

12,148,635

MEDIA & ENTERTAINMENT - 2.1%

150,030

(a) Magnite Inc

2,682,537

83,429

(a) Ziff Davis Inc

2,828,243

TOTAL MEDIA & ENTERTAINMENT

5,510,780

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.5%

103,592

(a) Alkermes PLC

3,180,274

46,019

(a) Exelixis Inc

1,779,555

72,220

(a),(b)

Immunovant Inc

1,782,389

13,741

(a) Krystal Biotech Inc

2,713,985

38,786

(a) Prestige Consumer Healthcare Inc

2,350,432

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

11,806,635

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.7%

252,563

Kennedy-Wilson Holdings Inc

1,909,376

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

1,909,376

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.6%

253,671

(a) MaxLinear Inc

3,843,116

17,567

(a) MKS Inc

2,524,553

106,335

(a) Veeco Instruments Inc

3,057,131

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

9,424,800

SOFTWARE & SERVICES - 4.1%

165,055

(a) Cleanspark Inc

2,937,979

12,078

(a) Commvault Systems Inc

1,681,499

73,674

(a),(b)

I3 Verticals Inc, Class A

2,265,476

153,802

(a) OneSpan Inc

1,753,343

35,690

(a) Q2 Holdings Inc

2,204,214

TOTAL SOFTWARE & SERVICES

10,842,511

TECHNOLOGY HARDWARE & EQUIPMENT - 3.7%

63,732

Crane NXT Co

4,031,049

176,072

(a) Harmonic Inc

1,883,970

28,133

(a) Plexus Corp

3,935,807

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

9,850,826

TRANSPORTATION - 0.9%

105,464

Schneider National Inc, Class B

2,253,766

TOTAL TRANSPORTATION

2,253,766

#### Portfolio of Investments October 31, 2025
(continued)

#### Small Cap Value

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

UTILITIES - 5.5%

63,494

Black Hills Corp

$

4,027,425

30,993

ONE Gas Inc

2,485,329

48,364

Otter Tail Corp

3,734,668

48,496

Spire Inc

4,190,054

TOTAL UTILITIES

14,437,476

TOTAL COMMON STOCKS

(Cost $204,424,184)

263,684,076

TOTAL LONG-TERM INVESTMENTS

(Cost $204,424,184)

263,684,076

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.2%

2,998,794

(c) State Street Navigator Securities Lending Government Money

Market Portfolio

4.060%(d)

2,998,794

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $2,998,794)

2,998,794

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.3%

875,000

REPURCHASE AGREEMENTS - 0.3%

875,000

$

875,000

(e) Fixed Income Clearing Corporation

.120

11/03/25

875,000

TOTAL REPURCHASE AGREEMENTS

(Cost $875,000)

875,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $875,000)

875,000

TOTAL INVESTMENTS - 101.2%

(Cost $208,297,978)

267,557,870

OTHER ASSETS & LIABILITIES, NET - (1.2)%

(3,151,609)

NET ASSETS - 100%

$

264,406,261

REIT

Real Estate Investment Trust

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) 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 fiscal period was $2,899,686.

(c) Investments made with cash collateral received from securities on loan.

(d) The rate shown is the one-day yield as of the end of the reporting period.

(e) Agreement with Fixed Income Clearing Corporation, 4.120% dated 10/31/25 to be repurchased at $875,300 on 11/3/25,

collateralized by Government Agency Securities, with coupon rate 4.250% and maturity date 6/30/31, valued at $892,660.

#### Portfolio of Investments October 31, 2025

#### Small/Mid Cap Growth Opportunities
See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 98.5%

165498497

COMMON STOCKS - 98.5%

165498497

AUTOMOBILES & COMPONENTS - 3.0%

17,894

(a) Modine Manufacturing Co

$

2,741,540

21,735

Patrick Industries Inc

2,268,482

TOTAL AUTOMOBILES & COMPONENTS

5,010,022

BANKS - 2.1%

20,081

(a) SOUTHSTATE BANK CORP

1,780,180

16,885

UMB Financial Corp

1,804,669

TOTAL BANKS

3,584,849

CAPITAL GOODS - 20.2%

6,449

(a) AeroVironment Inc

2,385,550

6,872

Applied Industrial Technologies Inc

1,766,722

16,011

(a) Bloom Energy Corp, Class A

2,116,014

8,580

Carpenter Technology Corp

2,710,422

6,823

(a) Dycom Industries Inc

1,963,591

3,802

EMCOR Group Inc

2,569,316

10,423

ESCO Technologies Inc

2,287,536

18,955

(a) FTAI Aviation Ltd

3,277,319

18,240

(a) Granite Construction Inc

1,877,078

15,485

JBT Marel Corp

1,952,658

10,632

(a) MasTec Inc

2,170,629

61,819

(a) Rocket Lab Corp

3,893,361

13,053

(a) SPX Technologies Inc

2,922,436

41,108

(a) Trex Co Inc

1,986,339

TOTAL CAPITAL GOODS

33,878,971

COMMERCIAL & PROFESSIONAL SERVICES - 2.1%

51,852

(a) ExlService Holdings Inc

2,027,413

35,809

GFL Environmental Inc

1,564,495

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

3,591,908

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.6%

13,494

(a) Boot Barn Holdings Inc

2,559,137

15,480

(a) Ollie's Bargain Outlet Holdings Inc

1,870,139

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

4,429,276

CONSUMER DURABLES & APPAREL - 2.6%

38,322

Somnigroup International Inc

3,040,468

57,986

(a) Wolverine World Wide Inc

1,316,282

TOTAL CONSUMER DURABLES & APPAREL

4,356,750

CONSUMER SERVICES - 5.8%

35,868

(a) Dutch Bros Inc, Class A

1,992,109

33,367

Red Rock Resorts Inc, Class A

1,778,795

14,952

Texas Roadhouse Inc

2,445,848

38,828

(a) Universal Technical Institute Inc

1,153,968

11,115

Wingstop Inc

2,407,842

TOTAL CONSUMER SERVICES

9,778,562

CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.3%

4,137

Casey's General Stores Inc

2,123,067

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

2,123,067

ENERGY - 2.3%

122,646

Permian Resources Corp

1,540,434

42,548

(a) Solaris Energy Infrastructure Inc

2,264,830

TOTAL ENERGY

3,805,264

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.7%

34,489

CareTrust REIT Inc

1,195,044

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

1,195,044

FINANCIAL SERVICES - 7.4%

55,346

Equitable Holdings Inc

2,734,092

6,755

Evercore Inc, Class A

1,989,753

21,823

FirstCash Holdings Inc

3,458,946

11,751

(a) Houlihan Lokey Inc

2,104,369

#### Portfolio of Investments October 31, 2025
(continued)

#### Small/Mid Cap Growth Opportunities

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

FINANCIAL SERVICES

(continued)

6,781

Piper Sandler Cos

$

2,164,902

TOTAL FINANCIAL SERVICES

12,452,062

HEALTH CARE EQUIPMENT & SERVICES - 11.7%

18,705

(a) Addus HomeCare Corp

2,186,427

11,724

Encompass Health Corp

1,334,777

12,537

Ensign Group Inc/The

2,257,914

24,372

(a) Guardant Health Inc

2,267,083

25,974

(a) HealthEquity Inc

2,456,621

13,941

(a) Masimo Corp

1,960,802

25,441

(a) Merit Medical Systems Inc

2,227,105

10,242

(a) Penumbra Inc

2,328,724

35,926

(a) RadNet Inc

2,730,017

TOTAL HEALTH CARE EQUIPMENT & SERVICES

19,749,470

INSURANCE - 1.8%

4,218

Kinsale Capital Group Inc

1,684,965

28,324

(a) Skyward Specialty Insurance Group Inc

1,291,291

TOTAL INSURANCE

2,976,256

MATERIALS - 0.7%

19,346

(a) Knife River Corp

1,169,659

TOTAL MATERIALS

1,169,659

MEDIA & ENTERTAINMENT - 1.2%

110,360

(a) Magnite Inc

1,973,237

TOTAL MEDIA & ENTERTAINMENT

1,973,237

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.9%

21,272

(a) Alkermes PLC

653,050

9,098

(a) Ascendis Pharma A/S, ADR

1,834,157

17,524

(a) Axsome Therapeutics Inc

2,365,565

14,964

(a) Bridgebio Pharma Inc

937,345

18,442

(a) Insmed Inc

3,496,603

9,037

(a) Krystal Biotech Inc

1,784,898

1,536

(a) Madrigal Pharmaceuticals Inc

643,430

25,629

(a) Scholar Rock Holding Corp

759,131

26,283

(a) Ultragenyx Pharmaceutical Inc

909,392

3,402

(a) United Therapeutics Corp

1,515,353

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

14,898,924

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.0%

7,203

(a) Astera Labs Inc

1,344,656

27,143

(a) Credo Technology Group Holding Ltd

5,092,569

11,671

(a) Impinj Inc

2,359,409

54,711

(a) Rigetti Computing Inc

2,422,056

32,934

(a) Semtech Corp

2,234,901

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

13,453,591

SOFTWARE & SERVICES - 10.3%

17,968

(a) Agilysys Inc

2,254,265

53,012

(a) Braze Inc, Class A

1,519,324

59,839

(a) Dynatrace Inc

3,026,058

12,842

(a) Guidewire Software Inc

3,000,405

34,905

(a) JFrog Ltd

1,657,289

73,229

(a) nCino Inc

1,953,750

76,648

(a),(b)

SailPoint Inc

1,661,729

26,583

(a) Workiva Inc

2,259,821

TOTAL SOFTWARE & SERVICES

17,332,641

TECHNOLOGY HARDWARE & EQUIPMENT - 4.7%

9,742

Badger Meter Inc

1,757,944

10,712

Jabil Inc

2,366,174

11,212

(a) Lumentum Holdings Inc

2,259,891

50,985

(a) Mirion Technologies Inc

1,497,429

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

7,881,438

See Notes to Financial Statements

SHARES

DESCRIPTION

VALUE

TRANSPORTATION - 1.1%

12,911

(a) XPO Inc

$

1,857,506

TOTAL TRANSPORTATION

1,857,506

TOTAL COMMON STOCKS

(Cost $139,748,098)

165,498,497

TOTAL LONG-TERM INVESTMENTS

(Cost $139,748,098)

165,498,497

SHARES

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.0%

1,678,796

(c) State Street Navigator Securities Lending Government Money

Market Portfolio

4.060%(d)

1,678,796

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $1,678,796)

1,678,796

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.8%

1,300,000

REPURCHASE AGREEMENTS - 0.8%

1,300,000

$

1,300,000

(e) Fixed Income Clearing Corporation

.120

11/03/25

1,300,000

TOTAL REPURCHASE AGREEMENTS

(Cost $1,300,000)

1,300,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,300,000)

1,300,000

TOTAL INVESTMENTS - 100.3%

(Cost $142,726,894)

168,477,293

OTHER ASSETS & LIABILITIES, NET - (0.3)%

(420,561)

NET ASSETS - 100%

$

168,056,732

ADR

American Depositary Receipt

REIT

Real Estate Investment Trust

(a) Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.

(b) 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 fiscal period was $1,645,100.

(c) Investments made with cash collateral received from securities on loan.

(d) The rate shown is the one-day yield as of the end of the reporting period.

(e) Agreement with Fixed Income Clearing Corporation, 4.120% dated 10/31/25 to be repurchased at $1,300,446 on 11/3/25,

collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 8/31/29, valued at $1,326,094.

Statement of Assets and Liabilities

See Notes to Financial Statements

October 31, 2025

Dividend Value

Large Cap Select

Mid Cap Value

Opportunities

Small Cap

Growth

Opportunities

Small Cap Select

ASSETS

Long-term investments, at value

†‡

$

3,174,967,856

$

49,269,297

$

344,764,226

$

303,687,137

$

370,023,835

Investments purchased with collateral from securities lending, at value

(cost approximates value)

–

–

–

3,965,272

12,228,727

Short-term investments, at value

◊

4,638,693

150,000

1,550,000

11,152,493

5,353,689

Cash

–

14,929

73,060

–

–

Cash denominated in foreign currencies

^

25,557

–

–

–

–

Receivables:

Dividends

1,854,527

18,179

263,362

12,268

50,923

Interest

517

1,247

598

Investments sold

11,103,410

–

16,116,054

5,672,424

3,872,738

Reclaims

63,570

–

–

–

–

Reimbursement from Adviser

95,553

10,314

11,434

29,777

18,395

Shares sold

378,067

40,787

69,114

298,125

8,657,725

Other

212,272

21,596

47,394

30,514

38,697

Total assets

3,193,340,022

49,525,119

362,894,821

324,849,257

400,245,327

LIABILITIES

Payables:

Management fees

1,641,652

27,158

232,074

190,198

232,188

Collateral from securities lending

–

–

–

3,965,237

12,228,717

Interest

Investments purchased - regular settlement

4,364,744

–

–

3,944,199

3,307,882

Shares redeemed

564,658

5,000

19,116,239

48,785

98,558

Accrued expenses:

Custodian fees

189,726

17,642

40,197

28,826

27,137

Directors fees

229,215

1,269

18,821

7,650

12,128

Professional fees

62,751

22,461

30,985

25,077

24,853

Shareholder reporting expenses

36,821

6,581

26,736

53,423

13,653

Shareholder servicing agent fees

227,231

4,559

147,428

88,231

60,970

12b-1 distribution and service fees

85,720

8,674

15,680

11,154

11,441

Other

–

–

79,760

–

–

Total liabilities

7,402,737

93,348

19,707,961

8,362,795

16,017,528

Net assets

$

3,185,937,285

$

49,431,771

$

343,186,860

$

316,486,462

$

384,227,799

NET ASSETS CONSIST OF:

Paid-in capital

$

2,397,225,071

$

28,675,893

$

193,674,107

$

240,275,380

$

338,451,132

Total distributable earnings (loss)

788,712,214

20,755,878

149,512,753

76,211,082

45,776,667

Net assets

$

3,185,937,285

$

49,431,771

$

343,186,860

$

316,486,462

$

384,227,799

†

&nbsp;&nbsp;&nbsp;&nbsp;Long-term investments, cost

$

2,536,428,502

$

31,445,929

$

239,311,351

$

241,293,240

$

332,406,599

◊

&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, cost

$

4,638,693

$

150,000

$

1,550,000

$

11,152,493

$

5,353,689

‡ Includes securities loaned of

$

—

$

—

$

—

$

3,709,041

$

12,619,094

^

&nbsp;&nbsp;&nbsp;&nbsp;Cash denominated in foreign currencies, cost

$

23,135

$

–

$

–

$

–

$

–

#### Statement of Assets and Liabilities
(continued)

See Notes to Financial Statements

October 31, 2025

Small Cap Value

Small/Mid

Cap Growth

Opportunities

ASSETS

Long-term investments, at value

†‡

$

263,684,076

$

165,498,497

Investments purchased with collateral from securities lending, at value (cost approximates value)

2,998,794

1,678,796

Short-term investments, at value

◊

875,000

1,300,000

Cash

45,823

48,384

Receivables:

Dividends

81,362

7,542

Interest

Investments sold

–

6,287,348

Reclaims

2,674

–

Reimbursement from Adviser

34,580

28,271

Shares sold

130,028

37,902

Other

64,819

56,467

Total assets

267,917,256

174,943,356

LIABILITIES

Payables:

Management fees

185,470

108,232

Collateral from securities lending

2,998,794

1,678,796

Interest

Investments purchased - regular settlement

–

4,756,527

Shares redeemed

40,762

160,463

Accrued expenses:

Custodian fees

43,474

23,736

Directors fees

35,927

36,339

Professional fees

31,237

24,676

Shareholder reporting expenses

23,027

14,119

Shareholder servicing agent fees

127,203

55,492

12b-1 distribution and service fees

25,051

28,228

Total liabilities

3,510,995

6,886,624

Net assets

$

264,406,261

$

168,056,732

NET ASSETS CONSIST OF:

Paid-in capital

$

321,875,643

$

125,118,172

Total distributable earnings (loss)

(57,469,382)

42,938,560

Net assets

$

264,406,261

$

168,056,732

†

&nbsp;&nbsp;&nbsp;&nbsp;Long-term investments, cost

$

204,424,184

$

139,748,098

◊

&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments, cost

$

875,000

$

1,300,000

‡ Includes securities loaned of

$

2,899,686

$

1,645,100

(continued)

See Notes to Financial Statements

Dividend Value

Large Cap Select

Mid Cap Value

Opportunities

Small Cap

Growth

Opportunities

Small Cap Select

CLASS A:

Net assets

$

372,980,983

$

37,072,198

$

63,218,477

$

52,389,180

$

53,440,816

Shares outstanding

24,194,807

805,453

1,079,787

1,748,901

4,821,727

Net asset value ("NAV") per share

$

15.42 $

46.03 $

58.55 $

29.96 $

11.08 Maximum sales charge

5.75%

5.75%

5.75%

5.75%

5.75%

Offering price per share (NAV per share plus maximum sales charge)

$

16.36 $

48.84 $

62.12 $

31.79 $

11.76 CLASS C:

Net assets

$

7,150,064

$

1,138,914

$

2,622,824

$

—

$

—

Shares outstanding

477,059

28,665

48,865

—

—

NAV and offering price per share

$

14.99 $

39.73 $

53.67 $

—

$

—

CLASS R6:

Net assets

$

2,545,603,059

$

—

$

43,085,161

$

43,261,315

$

217,943,666

Shares outstanding

160,319,179

—

727,067

1,071,202

13,436,584

NAV and offering price per share

$

15.88 $

—

$

59.26 $

40.39 $

16.22 CLASS I:

Net assets

$

260,203,179

$

11,220,659

$

234,260,398

$

220,835,967

$

112,843,317

Shares outstanding

16,567,432

239,740

3,969,390

5,568,091

6,995,207

NAV and offering price per share

$

15.71 $

46.80 $

59.02 $

39.66 $

16.13 Authorized shares - per class

2 billion

2 billion

2 billion

2 billion

2 billion

Par value per share

$

0.0001 $

0.0001 $

0.0001 $

0.0001 $

0.0001 (continued)

See Notes to Financial Statements

Small Cap Value

Small/Mid

Cap Growth

Opportunities

CLASS A:

Net assets

$

89,740,479

$

131,832,850

Shares outstanding

2,863,744

4,655,358

Net asset value ("NAV") per share

$

31.34 $

28.32 Maximum sales charge

5.75%

5.75%

Offering price per share (NAV per share plus maximum sales charge)

$

33.25 $

30.05 CLASS C:

Net assets

$

5,919,046

$

—

Shares outstanding

228,090

—

NAV and offering price per share

$

25.95 $

—

CLASS R6:

Net assets

$

27,334,750

$

3,422,414

Shares outstanding

832,416

76,185

NAV and offering price per share

$

32.84 $

44.92 CLASS I:

Net assets

$

141,411,986

$

32,801,468

Shares outstanding

4,340,153

750,731

NAV and offering price per share

$

32.58 $

43.69 Authorized shares - per class

2 billion

2 billion

Par value per share

$

0.0001 $

0.0001 Statement of Operations

See Notes to Financial Statements

Year Ended October 31, 2025

Dividend Value

Large Cap Select

Mid Cap Value

Opportunities

Small Cap Growth

Opportunities

INVESTMENT INCOME

Affiliated income

$

1,862,178

$

18,613

$

133,812

$

296,327

Dividends

62,518,772

535,020

8,433,921

1,194,679

Interest

666,462

7,499

61,245

111,091

Securities lending income, net

—

—

1,359

9,147

Tax withheld

(121,976)

(2,265)

(7,024)

—

Total investment income

64,925,436

558,867

8,623,313

1,611,244

EXPENSES

–

–

–

–

Management fees

18,926,407

302,503

2,995,921

1,923,964

12b-1 service fees - Class A

929,924

84,150

159,205

116,575

12b-1 distribution and service fees - Class C

76,907

10,840

30,932

—

Shareholder servicing agent fees - Class A

355,962

13,251

108,593

93,274

Shareholder servicing agent fees - Class C

6,815

2,035

—

Shareholder servicing agent fees - Class R6

111,542

—

3,319

591

Shareholder servicing agent fees - Class I

246,893

4,451

345,719

255,075

Interest expense

35,060

1,347

Directors fees

111,265

1,650

14,118

8,596

Custodian expenses

239,573

19,551

48,679

37,151

Registration fees

66,937

50,997

74,289

55,126

Professional fees

141,121

33,635

49,270

35,321

Shareholder reporting expenses

97,420

25,710

112,430

118,274

Other

80,889

10,379

19,234

7,196

Total expenses before fee waiver/expense reimbursement

21,426,715

558,001

3,965,091

2,651,355

Fee waiver/expense reimbursement

(833,919)

(114,157)

(292,218)

(267,299)

Net expenses

20,592,796

443,844

3,672,873

2,384,056

Net investment income (loss)

44,332,640

115,023

4,950,440

(772,812)

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

187,019,887

3,335,896

48,447,345

24,521,830

Net realized gain (loss)

187,019,887

3,335,896

48,447,345

24,521,830

Change in unrealized appreciation (depreciation) on:

Investments

45,382,261

4,188,153

(24,855,064)

11,211,145

Foreign currency translations

2,422

—

—

—

Net change in unrealized appreciation (depreciation)

45,384,683

4,188,153

(24,855,064)

11,211,145

Net realized and unrealized gain (loss)

232,404,570

7,524,049

23,592,281

35,732,975

Net increase (decrease) in net assets from operations

$

276,737,210

$

7,639,072

$

28,542,721

$

34,960,163

#### Statement of Operations
(continued)

See Notes to Financial Statements

Year Ended October 31, 2025

Small Cap Select

Small Cap Value

Small/Mid

Cap Growth

Opportunities

INVESTMENT INCOME

Affiliated income

$

209,304

$

189,863

$

211,397

Dividends

1,893,431

5,858,286

743,634

Interest

95,451

87,978

80,028

Securities lending income, net

5,186

1,954

3,103

Tax withheld

(11,881)

(27,622)

(365)

Total investment income

2,191,491

6,110,459

1,037,797

EXPENSES

–

–

–

Management fees

1,389,898

2,388,335

1,313,146

12b-1 service fees - Class A

133,077

236,657

329,171

12b-1 distribution and service fees - Class C

—

86,489

—

Shareholder servicing agent fees - Class A

43,533

185,272

148,117

Shareholder servicing agent fees - Class C

—

—

—

Shareholder servicing agent fees - Class R6

2,548

4,300

869

Shareholder servicing agent fees - Class I

180,586

273,344

38,348

Interest expense

870

3,720

Directors fees

5,771

9,859

6,195

Custodian expenses

33,163

48,155

28,380

Registration fees

57,284

68,644

54,313

Professional fees

39,194

41,377

26,248

Shareholder reporting expenses

40,838

49,052

55,509

Other

11,681

4,828

13,435

Total expenses before fee waiver/expense reimbursement

1,938,443

3,400,032

2,014,063

Fee waiver/expense reimbursement

(188,688)

(314,351)

(158,933)

Net expenses

1,749,755

3,085,681

1,855,130

Net investment income (loss)

441,736

3,024,778

(817,333)

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

9,172,855

51,755,037

31,949,351

Net realized gain (loss)

9,172,855

51,755,037

31,949,351

Change in unrealized appreciation (depreciation) on:

Investments

6,755,282

(33,302,364)

(10,703,360)

Foreign currency translations

—

(20)

—

Net change in unrealized appreciation (depreciation)

6,755,282

(33,302,384)

(10,703,360)

Net realized and unrealized gain (loss)

15,928,137

18,452,653

21,245,991

Net increase (decrease) in net assets from operations

$

16,369,873

$

21,477,431

$

20,428,658

Statement of Changes in Net Assets

See Notes to Financial Statements

Dividend Value

Large Cap Select

Year Ended

10/31/25

Year Ended

10/31/24

Year Ended

10/31/25

Year Ended

10/31/24

OPERATIONS

Net investment income (loss)

$

44,332,640

$

52,146,664

$

115,023

$

190,080

Net realized gain (loss)

187,019,887

280,199,877

3,335,896

5,781,490

Net change in unrealized appreciation (depreciation)

45,384,683

458,665,014

4,188,153

7,994,680

Net increase (decrease) in net assets from operations

276,737,210

791,011,555

7,639,072

13,966,250

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(37,048,176)

(18,579,818)

(3,859,202)

(606,479)

Class C

(741,377)

(377,745)

(170,777)

(25,413)

Class R6

(238,560,591)

(125,354,255)

—

—

Class I

(27,020,732)

(14,910,416)

(1,531,870)

(280,688)

Total distributions

(303,370,876)

(159,222,234)

(5,561,849)

(912,580)

FUND SHARE TRANSACTIONS

Subscriptions

359,141,835

276,268,617

2,120,714

4,433,188

Reinvestments of distributions

300,181,575

157,449,904

4,989,432

802,722

Redemptions

(704,756,098)

(638,834,131)

(6,934,989)

(6,031,885)

Net increase (decrease) from Fund share transactions

(45,432,688)

(205,115,610)

175,157

(795,975)

Net increase (decrease) in net assets

(72,066,354)

426,673,711

2,252,380

12,257,695

Net assets at the beginning of period

3,258,003,639

2,831,329,928

47,179,391

34,921,696

Net assets at the end of period

$

3,185,937,285

$

3,258,003,639

$

49,431,771

$

47,179,391

#### Statement of Changes in Net Assets
(continued)

See Notes to Financial Statements

Mid Cap Value Opportunities

Small Cap Growth Opportunities

Year Ended

10/31/25

Year Ended

10/31/24

Year Ended

10/31/25

Year Ended

10/31/24

OPERATIONS

Net investment income (loss)

$

4,950,440

$

4,838,896

$

(772,812)

$

(859,682)

Net realized gain (loss)

48,447,345

21,655,687

24,521,830

17,321,938

Net change in unrealized appreciation (depreciation)

(24,855,064)

76,326,081

11,211,145

47,062,026

Net increase (decrease) in net assets from operations

28,542,721

102,820,664

34,960,163

63,524,282

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(3,315,872)

(2,019,220)

—

—

Class C

(165,399)

(125,640)

—

—

Class R6

(2,324,771)

(1,187,731)

—

—

Class I

(17,056,093)

(11,470,002)

—

—

Total distributions

(22,862,135)

(14,802,593)

—

—

FUND SHARE TRANSACTIONS

Subscriptions

36,795,100

58,609,808

106,188,326

35,735,253

Reinvestments of distributions

21,881,783

14,161,089

—

—

Redemptions

(165,668,586)

(128,066,918)

(63,609,029)

(37,813,845)

Net increase (decrease) from Fund share transactions

(106,991,703)

(55,296,021)

42,579,297

(2,078,592)

Net increase (decrease) in net assets

(101,311,117)

32,722,050

77,539,460

61,445,690

Net assets at the beginning of period

444,497,977

411,775,927

238,947,002

177,501,312

Net assets at the end of period

$

343,186,860

$

444,497,977

$

316,486,462

$

238,947,002

(continued)

See Notes to Financial Statements

Small Cap Select

Small Cap Value

Year Ended

10/31/25

Year Ended

10/31/24

Year Ended

10/31/25

Year Ended

10/31/24

OPERATIONS

Net investment income (loss)

$

441,736

$

197,670

$

3,024,778

$

4,530,094

Net realized gain (loss)

9,172,855

8,481,322

51,755,037

36,672,526

Net change in unrealized appreciation (depreciation)

6,755,282

22,086,547

(33,302,384)

74,333,756

Net increase (decrease) in net assets from operations

16,369,873

30,765,539

21,477,431

115,536,376

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(1,724,576)

—

(1,247,880)

(791,879)

Class C

—

—

(65,560)

(15,667)

Class R6

(58,791)

—

(449,903)

(1,761,739)

Class I

(2,217,090)

—

(2,405,345)

(2,442,224)

Total distributions

(4,000,457)

—

(4,168,688)

(5,011,509)

FUND SHARE TRANSACTIONS

Subscriptions

268,464,951

50,484,267

33,936,890

57,888,159

Reinvestments of distributions

3,943,555

—

3,120,063

4,192,110

Redemptions

(45,236,221)

(34,028,740)

(208,582,092)

(199,452,534)

Net increase (decrease) from Fund share transactions

227,172,285

16,455,527

(171,525,139)

(137,372,265)

Net increase (decrease) in net assets

239,541,701

47,221,066

(154,216,396)

(26,847,398)

Net assets at the beginning of period

144,686,098

97,465,032

418,622,657

445,470,055

Net assets at the end of period

$

384,227,799

$

144,686,098

$

264,406,261

$

418,622,657

(continued)

See Notes to Financial Statements

Small/Mid Cap Growth Opportunities

Year Ended

10/31/25

Year Ended

10/31/24

OPERATIONS

Net investment income (loss)

$

(817,333)

$

(1,024,270)

Net realized gain (loss)

31,949,351

14,717,562

Net change in unrealized appreciation (depreciation)

(10,703,360)

34,344,406

Net increase (decrease) in net assets from operations

20,428,658

48,037,698

FUND SHARE TRANSACTIONS

Subscriptions

9,671,919

11,470,516

Redemptions

(43,324,943)

(47,090,410)

Net increase (decrease) from Fund share transactions

(33,653,024)

(35,619,894)

Net increase (decrease) in net assets

(13,224,366)

12,417,804

Net assets at the beginning of period

181,281,098

168,863,294

Net assets at the end of period

$

168,056,732

$

181,281,098

Financial Highlights

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Dividend Value

Class

A

10/31/25

$

15.62 $

0.17 $

1.12 $

1.29 $

(0.17)

$

(1.32)

$

(1.49)

$

15.42 10/31/24

12.74 0.20 3.38 3.58 (0.20)

(0.50)

(0.70)

15.62 10/31/23

14.12 0.20 (0.37)

(0.17)

(0.25)

(0.96)

(1.21)

12.74 10/31/22

15.97 0.24 (0.67)

(0.43)

(0.20)

(1.22)

(1.42)

14.12 10/31/21

11.44 0.20 4.50 4.70 (0.17)

—

(0.17)

15.97 Class

C

10/31/25

15.23 0.05 1.08 1.13 (0.05)

(1.32)

(1.37)

14.99 10/31/24

12.43 0.09 3.30 3.39 (0.09)

(0.50)

(0.59)

15.23 10/31/23

13.80 0.10 (0.37)

(0.27)

(0.14)

(0.96)

(1.10)

12.43 10/31/22

15.63 0.12 (0.64)

(0.52)

(0.09)

(1.22)

(1.31)

13.80 10/31/21

11.21 0.09 4.40 4.49 (0.07)

—

(0.07)

15.63 Class

R6

10/31/25

16.05 0.22 1.15 1.37 (0.22)

(1.32)

(1.54)

15.88 10/31/24

13.08 0.26 3.47 3.73 (0.26)

(0.50)

(0.76)

16.05 10/31/23

14.47 0.26 (0.39)

(0.13)

(0.30)

(0.96)

(1.26)

13.08 10/31/22

16.34 0.29 (0.68)

(0.39)

(0.26)

(1.22)

(1.48)

14.47 10/31/21

11.72 0.26 4.60 4.86 (0.24)

—

(0.24)

16.34 Class

I

10/31/25

15.89 0.21 1.14 1.35 (0.21)

(1.32)

(1.53)

15.71 10/31/24

12.95 0.24 3.44 3.68 (0.24)

(0.50)

(0.74)

15.89 10/31/23

14.34 0.24 (0.39)

(0.15)

(0.28)

(0.96)

(1.24)

12.95 10/31/22

16.20 0.27 (0.67)

(0.40)

(0.24)

(1.22)

(1.46)

14.34 10/31/21

11.61 0.24 4.57 4.81 (0.22)

—

(0.22)

16.20 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

(d) Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements.

See Notes to Financial Statements.

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

(c) NII

(Loss)

(c),(d)

Portfolio

Turnover

Rate

.87

%

$

372,981

.97

%

.95

%

.13

%

%

.86

395,249

.99

.96

.37

(1

.39)

342,301

.00

.96

.51

(3

.00)

390,219

.00

.96

.63

.25

434,105

.00

.96

.32

.99

7,150

.72

.70

.38

.98

8,145

.74

.71

.63

(2

.14)

8,404

.75

.71

.77

(3

.72)

11,931

.75

.71

.85

.10

16,356

.75

.71

.60

.23

2,545,603

.63

.61

.47

.28

2,566,211

.65

.62

.70

(1

.03)

2,210,275

.65

.61

.86

(2

.65)

2,619,891

.65

.61

.98

.71

3,102,035

.64

.60

.73

.14

260,203

.72

.70

.39

.19

288,399

.74

.71

.62

(1

.16)

270,350

.75

.71

.77

(2

.75)

342,502

.75

.71

.85

.59

466,940

.75

.71

.61

#### Financial Highlights
(continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Large Cap Select

Class

A

10/31/25

$

43.88 $

0.09 $

7.21 $

7.30 $

(0.11)

$

(5.04)

$

(5.15)

$

46.03 10/31/24

32.17 0.15 12.35 12.50 (0.19)

(0.60)

(0.79)

43.88 10/31/23

31.11 0.18 2.76 2.94 (0.21)

(1.67)

(1.88)

32.17 10/31/22

45.19 0.19 (5.82)

(5.63)

(0.10)

(8.35)

(8.45)

31.11 10/31/21

32.12 0.07 13.28 13.35 (0.17)

(0.11)

(0.28)

45.19 Class

C

10/31/25

38.69 (0.20)

6.28 6.08 —

(5.04)

(5.04)

39.73 10/31/24

28.49 (0.13)

10.93 10.80 —

(0.60)

(0.60)

38.69 10/31/23

27.75 (0.05)

2.46 2.41 —

(1.67)

(1.67)

28.49 10/31/22

41.45 (0.06)

(5.20)

(5.26)

(0.09)

(8.35)

(8.44)

27.75 10/31/21

29.56 (0.21)

12.21 12.00 —

(0.11)

(0.11)

41.45 Class

I

10/31/25

44.54 0.19 7.33 7.52 (0.22)

(5.04)

(5.26)

46.80 10/31/24

32.64 0.25 12.53 12.78 (0.28)

(0.60)

(0.88)

44.54 10/31/23

31.55 0.26 2.80 3.06 (0.30)

(1.67)

(1.97)

32.64 10/31/22

45.61 0.26 (5.87)

(5.61)

(0.10)

(8.35)

(8.45)

31.55 10/31/21

32.41 0.18 13.38 13.56 (0.25)

(0.11)

(0.36)

45.61 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

(d) Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements.

See Notes to Financial Statements.

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

(c) NII

(Loss)

(c),(d)

Portfolio

Turnover

Rate

.84

%

$

37,072

.26

%

.01

%

.21

%

%

.42

32,754

.29

.03

.38

.13

24,952

.37

.05

.57

(15

.56)

23,157

.32

.05

.54

.77

31,724

.29

.05

.18

.94

1,139

.01

.76

(0

.54)

.38

1,349

.04

.78

(0

.36)

.30

1,212

.12

.80

(0

.18)

(16

.18)

1,334

.07

.80

(0

.20)

.68

1,790

.04

.80

(0

.56)

.13

11,221

.01

.76

.46

.76

13,077

.04

.78

.63

.40

8,758

.12

.80

.81

(15

.33)

9,854

.07

.80

.75

.11

18,605

.04

.80

.43

(continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Mid Cap Value Opportunities

Class

A

10/31/25

$

57.24 $

0.56 $

3.62 $

4.18 $

(0.52)

$

(2.35)

$

(2.87)

$

58.55 10/31/24

46.86 0.46 11.54 12.00 (0.50)

(1.12)

(1.62)

57.24 10/31/23

50.13 0.52 (0.84)

(0.32)

(0.53)

(2.42)

(2.95)

46.86 10/31/22

56.38 0.54 (3.88)

(3.34)

(0.35)

(2.56)

(2.91)

50.13 10/31/21

36.53 0.29 20.01 20.30 (0.45)

—

(0.45)

56.38 Class

C

10/31/25

52.67 0.15 3.30 3.45 (0.10)

(2.35)

(2.45)

53.67 10/31/24

43.21 0.07 10.63 10.70 (0.12)

(1.12)

(1.24)

52.67 10/31/23

46.38 0.15 (0.77)

(0.62)

(0.13)

(2.42)

(2.55)

43.21 10/31/22

52.74 0.14 (3.62)

(3.48)

(0.32)

(2.56)

(2.88)

46.38 10/31/21

34.21 (0.09)

18.79 18.70 (0.17)

—

(0.17)

52.74 Class

R6

10/31/25

57.93 0.77 3.66 4.43 (0.75)

(2.35)

(3.10)

59.26 10/31/24

47.41 0.68 11.66 12.34 (0.70)

(1.12)

(1.82)

57.93 10/31/23

50.71 0.72 (0.85)

(0.13)

(0.75)

(2.42)

(3.17)

47.41 10/31/22

56.81 0.74 (3.93)

(3.19)

(0.35)

(2.56)

(2.91)

50.71 10/31/21

36.78 0.49 20.13 20.62 (0.59)

—

(0.59)

56.81 Class

I

10/31/25

57.69 0.71 3.63 4.34 (0.66)

(2.35)

(3.01)

59.02 10/31/24

47.20 0.60 11.63 12.23 (0.62)

(1.12)

(1.74)

57.69 10/31/23

50.49 0.65 (0.86)

(0.21)

(0.66)

(2.42)

(3.08)

47.20 10/31/22

56.64 0.68 (3.92)

(3.24)

(0.35)

(2.56)

(2.91)

50.49 10/31/21

36.69 0.41 20.09 20.50 (0.55)

—

(0.55)

56.64 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

(d) Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements.

See Notes to Financial Statements.

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

(c) NII

(Loss)

(c),(d)

Portfolio

Turnover

Rate

.54

%

$

63,218

.20

%

.13

%

.00

%

%

.98

66,081

.23

.14

.86

(0

.65)

58,995

.25

.16

.06

(6

.29)

63,992

.21

.16

.03

.98

73,571

.28

.16

.59

.72

2,623

.95

.88

.29

.06

4,001

.98

.89

.13

(1

.38)

4,512

.00

.91

.33

(7

.02)

5,552

.96

.91

.28

.80

6,026

.03

.91

(0

.20)

.95

43,085

.83

.76

.37

.47

43,312

.85

.76

.24

(0

.25)

31,554

.85

.76

.45

(5

.96)

32,383

.84

.79

.39

.59

26,190

.87

.75

.99

.79

234,260

.95

.88

.27

.33

331,104

.98

.89

.11

(0

.41)

316,716

.00

.91

.31

(6

.07)

369,680

.96

.91

.29

.35

298,350

.03

.91

.83

(continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Small Cap Growth Opportunities

Class

A

10/31/25

$

25.78 $

(0.14)

$

4.32 $

4.18 $

—

$

—

$

—

$

29.96 10/31/24

18.97 (0.14)

6.95 6.81 —

—

—

25.78 10/31/23

20.05 (0.13)

(0.95)

(1.08)

—

—

—

18.97 10/31/22

34.74 (0.16)

(8.03)

(8.19)

—

(6.50)

(6.50)

20.05 10/31/21

27.35 (0.28)

11.44 11.16 (0.01)

(3.76)

(3.77)

34.74 Class

R6

10/31/25

34.62 (0.13)

5.90 5.77 —

—

—

40.39 10/31/24

25.37 (0.07)

9.32 9.25 —

—

—

34.62 10/31/23

26.71 (0.06)

(1.28)

(1.34)

—

—

—

25.37 10/31/22

43.84 (0.09)

(10.54)

(10.63)

—

(6.50)

(6.50)

26.71 10/31/21

33.69 (0.15)

14.22 14.07 (0.16)

(3.76)

(3.92)

43.84 Class

I

10/31/25

34.05 (0.10)

5.71 5.61 —

—

—

39.66 10/31/24

24.99 (0.11)

9.17 9.06 —

—

—

34.05 10/31/23

26.34 (0.10)

(1.25)

(1.35)

—

—

—

24.99 10/31/22

43.39 (0.15)

(10.40)

(10.55)

—

(6.50)

(6.50)

26.34 10/31/21

33.38 (0.25)

14.11 13.86 (0.09)

(3.76)

(3.85)

43.39 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

(d) Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements.

See Notes to Financial Statements.

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

(c) NII

(Loss)

(c),(d)

Portfolio

Turnover

Rate

.13

%

$

52,389

.31

%

.20

%

(0

.52)

%

%

.95

44,910

.36

.21

(0

.59)

(5

.39)

36,065

.36

.23

(0

.63)

(28

.03)

41,159

.35

.22

(0

.72)

.38

59,901

.33

.21

(0

.88)

.64

43,261

.92

.81

(0

.34)

.41

3,033

.97

.82

(0

.21)

(4

.98)

866

.96

.83

(0

.20)

(27

.74)

644

.95

.82

(0

.30)

.98

590

.93

.81

(0

.39)

.41

220,836

.06

.95

(0

.27)

.29

191,005

.11

.96

(0

.34)

(5

.13)

140,570

.11

.98

(0

.37)

(27

.86)

132,002

.10

.97

(0

.51)

.74

305,544

.08

.96

(0

.62)

(continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income

(NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Return

of

Capital

Total

Net Asset

Value,

End of

Period

Small Cap Select

Class

A

10/31/25

$

10.42 $

0.02 $

0.97 $

0.99 $

—

$

(0.33)

$

—

$

(0.33)

$

11.08 10/31/24

7.82 —

(e) 2.60 2.60 —

—

—

—

10.42 10/31/23

8.17 (0.01)

(0.33)

(0.34)

(—)

(e) —

(0.01)

(0.01)

7.82 10/31/22

11.89 (—)

(e) (1.83)

(1.83)

—

(1.89)

—

(1.89)

8.17 10/31/21

7.83 (0.03)

4.23 4.20 (—)

(e) (0.14)

—

(0.14)

11.89 Class

R6

10/31/25

15.11 (0.07)

1.57 1.50 (0.06)

(0.33)

—

(0.39)

16.22 10/31/24

11.30 0.06 3.75 3.81 —

—

—

—

15.11 10/31/23

11.80 0.03 (0.47)

(0.44)

(0.01)

—

(0.05)

(0.06)

11.30 10/31/22

16.26 0.04 (2.61)

(2.57)

—

(1.89)

—

(1.89)

11.80 10/31/21

10.66 0.01 5.77 5.78 (0.04)

(0.14)

—

(0.18)

16.26 Class

I

10/31/25

15.03 0.06 1.41 1.47 (0.04)

(0.33)

—

(0.37)

16.13 10/31/24

11.26 0.04 3.73 3.77 —

—

—

—

15.03 10/31/23

11.75 0.01 (0.45)

(0.44)

(0.01)

—

(0.04)

(0.05)

11.26 10/31/22

16.21 0.03 (2.60)

(2.57)

—

(1.89)

—

(1.89)

11.75 10/31/21

10.63 (0.01)

5.76 5.75 (0.03)

(0.14)

—

(0.17)

16.21 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

(d) Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements.

(e) Value rounded to zero.

See Notes to Financial Statements.

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

(c) NII

(Loss)

(c),(d)

Portfolio

Turnover

Rate

.54

%

$

53,441

.31

%

.20

%

.18

%

%

.25

54,138

.38

.22

.04

(4

.15)

48,067

.41

.24

(0

.14)

(17

.84)

56,476

.40

.24

(0

.05)

.06

78,047

.39

.24

(0

.30)

.96

217,944

.93

.82

(0

.43)

.72

2,475

.01

.85

.42

(3

.73)

4,212

.03

.86

.24

(17

.57)

3,135

.02

.86

.32

.60

2,791

.03

.87

.06

.81

112,843

.06

.95

.42

.60

88,074

.12

.96

.27

(3

.87)

45,185

.16

.99

.11

(17

.63)

53,115

.15

.99

.20

.43

74,479

.14

.99

(0

.04)

(continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Small Cap Value

Class

A

10/31/25

$

30.73 $

0.25 $

0.77 $

1.02 $

(0.41)

$

—

$

(0.41)

$

31.34 10/31/24

23.89 0.23 6.83 7.06 (0.22)

—

(0.22)

30.73 10/31/23

26.52 0.21 (2.60)

(2.39)

(0.24)

—

(0.24)

23.89 10/31/22

28.36 0.21 (1.90)

(1.69)

(0.15)

—

(0.15)

26.52 10/31/21

17.30 0.04 11.09 11.13 (0.07)

—

(0.07)

28.36 Class

C

10/31/25

25.46 0.03 0.61 0.64 (0.15)

—

(0.15)

25.95 10/31/24

19.81 0.02 5.65 5.67 (0.02)

—

(0.02)

25.46 10/31/23

21.99 0.01 (2.15)

(2.14)

(0.04)

—

(0.04)

19.81 10/31/22

23.68 —

(e) (1.56)

(1.56)

(0.13)

—

(0.13)

21.99 10/31/21

14.51 (0.13)

9.30 9.17 —

—

—

23.68 Class

R6

10/31/25

32.17 0.50 0.70 1.20 (0.53)

—

(0.53)

32.84 10/31/24

25.00 0.37 7.13 7.50 (0.33)

—

(0.33)

32.17 10/31/23

27.75 0.33 (2.72)

(2.39)

(0.36)

—

(0.36)

25.00 10/31/22

29.55 0.33 (1.97)

(1.64)

(0.16)

—

(0.16)

27.75 10/31/21

18.02 0.12 11.57 11.69 (0.16)

—

(0.16)

29.55 Class

I

10/31/25

31.95 0.34 0.79 1.13 (0.50)

—

(0.50)

32.58 10/31/24

24.83 0.32 7.09 7.41 (0.29)

—

(0.29)

31.95 10/31/23

27.57 0.28 (2.70)

(2.42)

(0.32)

—

(0.32)

24.83 10/31/22

29.41 0.29 (1.97)

(1.68)

(0.16)

—

(0.16)

27.57 10/31/21

17.93 0.11 11.49 11.60 (0.12)

—

(0.12)

29.41 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

(d) Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements.

(e) Value rounded to zero.

See Notes to Financial Statements.

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

(c) NII

(Loss)

(c),(d)

Portfolio

Turnover

Rate

.30

%

$

89,740

.30

%

.20

%

.80

%

%

.64

95,997

.31

.20

.80

(9

.05)

87,298

.28

.21

.81

(6

.00)

113,227

.25

.20

.77

.47

138,585

.25

.20

.16

.51

5,919

.05

.95

.10

.65

12,148

.06

.95

.06

(9

.72)

14,623

.03

.96

.07

(6

.70)

21,592

.00

.95

.02

.20

28,500

.00

.95

(0

.62)

.73

27,335

.88

.78

.49

.14

151,043

.90

.79

.23

(8

.67)

132,277

.87

.80

.22

(5

.60)

152,178

.86

.81

.17

.14

182,835

.85

.81

.45

.53

141,412

.05

.95

.06

.97

159,434

.06

.95

.10

(8

.83)

211,272

.03

.96

.06

(5

.76)

261,581

.00

.95

.02

.91

371,179

.00

.95

.42

(continued)

The following data is for a share outstanding for each fiscal year end unless otherwise noted:

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Small/Mid Cap Growth Opportunities

Class

A

10/31/25

$

25.22 $

(0.14)

$

3.24 $

3.10 $

—

$

—

$

—

$

28.32 10/31/24

19.47 (0.15)

5.90 5.75 —

—

—

25.22 10/31/23

19.43 (0.11)

0.15 0.04 —

—

—

19.47 10/31/22

41.71 (0.14)

(11.98)

(12.12)

—

(10.16)

(10.16)

19.43 10/31/21

34.24 (0.32)

12.82 12.50 —

(5.03)

(5.03)

41.71 Class

R6

10/31/25

39.87 (0.08)

5.13 5.05 —

—

—

44.92 10/31/24

30.67 (0.10)

9.30 9.20 —

—

—

39.87 10/31/23

30.52 (0.07)

0.22 0.15 —

—

—

30.67 10/31/22

58.90 (0.09)

(18.13)

(18.22)

—

(10.16)

(10.16)

30.52 10/31/21

46.46 (0.27)

17.74 17.47 —

(5.03)

(5.03)

58.90 Class

I

10/31/25

38.81 (0.11)

4.99 4.88 —

—

—

43.69 10/31/24

29.88 (0.13)

9.06 8.93 —

—

—

38.81 10/31/23

29.75 (0.08)

0.21 0.13 —

—

—

29.88 10/31/22

57.74 (0.13)

(17.70)

(17.83)

—

(10.16)

(10.16)

29.75 10/31/21

45.67 (0.31)

17.41 17.10 —

(5.03)

(5.03)

57.74 (a) Based on average shares outstanding.

(b) Total returns are at NAV and do not include any sales charge. Total returns are not annualized.

(c) After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

(d) Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements.

See Notes to Financial Statements.

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b) Net

Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

(c) NII

(Loss)

(c),(d)

Portfolio

Turnover

Rate

.29

%

$

131,833

.22

%

.13

%

(0

.53)

%

%

.53

135,573

.26

.15

(0

.61)

.21

123,317

.25

.17

(0

.51)

(36

.06)

142,840

.23

.17

(0

.60)

.97

252,552

.20

.17

(0

.84)

.64

3,422

.89

.80

(0

.20)

.03

3,014

.93

.82

(0

.28)

.49

2,550

.91

.83

(0

.21)

(35

.86)

20,897

.89

.83

(0

.25)

.45

31,945

.86

.83

(0

.50)

.55

32,801

.97

.88

(0

.28)

.92

42,694

.01

.90

(0

.35)

.44

42,996

.00

.92

(0

.26)

(35

.91)

71,478

.98

.92

(0

.35)

.31

164,813

.95

.92

(0

.58)

Notes to Financial Statements

1. General Information

Trust and Fund Information:

Nuveen Investment Funds, Inc. (the "Trust"), is an open-end management investment company registered under

the Investment Company Act of 1940, (the "1940 Act"), as amended. The Trust is comprised of Nuveen Dividend Value Fund ("Dividend Value"),

Nuveen Large Cap Select Fund ("Large Cap Select"), Nuveen Mid Cap Value Opportunities Fund ("Mid Cap Value Opportunities"), Nuveen Small

Cap Growth Opportunities Fund ("Small Cap Growth Opportunities"), Nuveen Small Cap Select Fund ("Small Cap Select"), Nuveen Small Cap Value

Fund ("Small Cap Value") and Nuveen Small/Mid Cap Growth Opportunities Fund ("Small/Mid Cap Growth Opportunities"), (each a "Fund" and

collectively, the "Funds"), among others. The Trust was incorporated in the State of Maryland on August 20, 1987.

Current Fiscal Period

: The end of the reporting period for the Funds is October 31, 2025, and the period covered by these Notes to Financial

Statements is the fiscal year ended October 31, 2025 (the "current fiscal period").

Fund Name Changes

: Effective February 28, 2025, Nuveen Mid Cap Growth Opportunities Fund changed its name as noted above to Small/Mid

Cap Growth Opportunities Fund, and effective July 1, 2025, Nuveen Mid Cap Value 1 Fund changed its name as noted above to Nuveen Mid Cap

Value Opportunities Fund and therefore all references to the names of these Funds in this report have been updated.

Fund Mergers:

At a special meeting held on March 5, 2025, shareholders of Mid Cap Value Opportunities did not approve the proposed

reorganization of the fund into Nuveen Mid Cap Value Fund, which was previously approved by the Board of Directors/Trustees of the Funds on

September 19, 2024.

Investment Adviser and Sub-Adviser:

The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen, LLC

("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall

responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides

certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-

advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages

the investment portfolios of the Funds.

Share Classes and Sales Charges:

Class A Shares are generally sold with an up-front sales charge. Class A Share purchases of $1 million or more

are sold at net asset value ("NAV") without an up-front sales charge but may be subject to a contingent deferred sales charge ("CDSC") of 1%

if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but are subject to a CDSC of 1% if

redeemed within twelve months of purchase. Class R6 Shares and Class I Shares are sold without an upfront sales charge.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America

("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ

from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board

("FASB") Accounting Standards Codification 946, Financial Services — Investment Companies. The net asset value ("NAV") for financial reporting

purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes

security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and

common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation:

The Trust pays no compensation directly to those of its officers, all of whom receive remuneration for their services to the Trust from

the Adviser or its affiliates. The Funds' Board of Directors (the "Board") has adopted a deferred compensation plan for independent directors that

enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised

funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Distributions to Shareholders:

Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of

distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Foreign Currency Transactions and Translation:

The books and records of the Funds are maintained in U.S. dollars. Assets, including investments,

and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and

expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Some markets in which the Funds invest impose capital controls, repatriation limits and/or transaction fees, for example, on the amount of foreign

currency that may be converted to U.S. dollars. These restrictions, in some markets where foreign exchange restrictions are imposed, may be

reflected in non-deliverable forward rates (NDF), or prevailing "offshore" rates that apply to non-local investors. Accordingly, the Fund may apply

NDF rates, or another alternative exchange rate believed by the Adviser to be more reflective of the rates at which the Funds may transact, where

applicable, to convert the value of non-U.S. dollar denominated securities to U.S. dollars. The U.S. dollar market value of such securities held in

markets where NDF rates exist may be lower than the U.S. dollar market value of securities using prevailing local or "onshore" foreign currency

exchange rates.

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 foreign currency transactions" on the Statement of Operations, when applicable.

The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with

(i) investments and (ii) other assets and liabilities are recognized as a component of "Change in unrealized appreciation (depreciation) on foreign

currency translations" on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange

rates associated with investments in derivatives are recognized as a component of the respective derivative's related "Change in unrealized

appreciation (depreciation)" on the Statement of Operations, when applicable.

Foreign Taxes:

The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion of which may

be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that

exist in the markets in which the Funds invest.

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 is recorded on an accrual basis. Securities lending income is comprised of fees earned from

borrowers and income earned on cash collateral investments.

Multiclass Operations and Allocations:

Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated

among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares are recorded to the specific class.

12b-1 distribution and service fees are allocated on a class-specific basis.

Sub-transfer agent fees and similar fees, which are recognized as a component of "Shareholder servicing agent fees" on the Statement of

Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative net assets.

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Netting Agreements:

In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase

agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements").

Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when

applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages

its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting

agreements, collateral posted to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can

be sold or repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.

The Funds' investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later in these Notes to

Financial Statements.

Segment Reporting:

In November 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-07, Segment Reporting (Topic 280)

Improvements to Reportable Segment Disclosures ("ASU 2023-07"). The amendments in ASU 2023-07 improve reportable segment disclosure

requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a

single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic

280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years

beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current fiscal period. Adoption of the new standard impacted

financial statement disclosures only and did not affect the Funds' financial positions or the results of their operations.

Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker ("CODM"). The CODM

monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation in accordance with

the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial

information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets

resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's

comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's

financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment revenues and

expenses are listed on the Statement of Operations.

New Accounting Pronouncement

: In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income tax

disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the transparency and decision usefulness

of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information. The amendments in ASU 2023-09

are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the implications of these changes on the

financial statements.

#### Notes to Financial Statements
(continued)

3. Investment Valuation and Fair Value Measurements

The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to

oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly

transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy

which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value

measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability.

Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's

assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best

information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.

Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit

spreads, etc.).

Level 3 – Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of

investments).

A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:

Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price

or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade

on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to

U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when

the exchange on which they are traded closes and the time when the Funds' net assets are calculated, such securities will be valued at fair value in

accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no

valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price

or official closing price, these securities are generally classified as Level 2.

Prices of certain American Depositary Receipts ("ADR") held by the Funds that trade in the United States are valued based on the last traded price,

official closing price, or an evaluated price provided by the pricing services and are generally classified as Level 1 or 2.

Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally

classified as Level 2.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived

using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative

procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that

the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such

securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity

and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions

and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and

timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the inputs used to

value them:

Dividend Value

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

$

3,174,967,856

$

–

$

–

$

3,174,967,856

Short-Term Investments:

Repurchase Agreements

–

4,638,693

–

4,638,693

Total

$

3,174,967,856

$

4,638,693

$

–

$

3,179,606,549

Large Cap Select

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

$

49,269,297

$

–

$

–

$

49,269,297

Short-Term Investments:

Repurchase Agreements

–

150,000

–

150,000

Total

$

49,269,297

$

150,000

$

–

$

49,419,297

4. Portfolio Securities

Repurchase Agreements:

In connection with transactions in repurchase agreements, it is each Fund's policy that its custodian take possession of the

underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all

times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the current fiscal

period, and the collateral delivered related to those repurchase agreements.

Mid Cap Value Opportunities

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

$

344,764,226

$

–

$

–

$

344,764,226

Short-Term Investments:

Repurchase Agreements

–

1,550,000

–

1,550,000

Total

$

344,764,226

$

1,550,000

$

–

$

346,314,226

Small Cap Growth Opportunities

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

$

303,681,226

$

–

$

5,911

$

303,687,137

Investments Purchased with Collateral from Securities

Lending

3,965,272

–

–

3,965,272

Short-Term Investments:

Repurchase Agreements

–

11,152,493

–

11,152,493

Total

$

307,646,498

$

11,152,493

$

5,911

$

318,804,902

Small Cap Select

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

$

370,023,835

$

–

$

–

$

370,023,835

Investments Purchased with Collateral from Securities

Lending

12,228,727

–

–

12,228,727

Short-Term Investments:

Repurchase Agreements

–

5,353,689

–

5,353,689

Total

$

382,252,562

$

5,353,689

$

–

$

387,606,251

Small Cap Value

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

$

263,684,076

$

–

$

–

$

263,684,076

Investments Purchased with Collateral from Securities

Lending

2,998,794

–

–

2,998,794

Short-Term Investments:

Repurchase Agreements

–

875,000

–

875,000

Total

$

266,682,870

$

875,000

$

–

$

267,557,870

Small/Mid Cap Growth Opportunities

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

$

165,498,497

$

–

$

–

$

165,498,497

Investments Purchased with Collateral from Securities

Lending

1,678,796

–

–

1,678,796

Short-Term Investments:

Repurchase Agreements

–

1,300,000

–

1,300,000

Total

$

167,177,293

$

1,300,000

$

–

$

168,477,293

(continued)

Securities Lending:

Each Fund may lend securities representing up to one-third of the value of its total assets to broker-dealers, banks, and other

institutions in order to generate additional income. When loaning securities, a Fund retains the benefits of owning the securities, including the

economic equivalent of dividends or interest generated by the security. The loans are continuous, can be recalled at any time, and have no set

maturity. The Funds' custodian, State Street Bank and Trust Company, serves as the securities lending agent (the "Agent").

When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the

market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities.

Collateral for the loaned securities is invested in a government money market vehicle maintained by the Agent, which is subject to the requirements

of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the

Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund,

which is also recognized on the Statement of Assets and Liabilities. The market value of securities loaned is determined at the close of business of

the Funds and any additional required collateral is delivered to the Funds on the next business day. Securities out on loan are subject to termination

at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the

securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent

may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned

securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities

have not been returned.

Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and

compensation to the Agent. Such income is recognized on the Statement of Operations.

As of the end of the current fiscal period, the total value of the loaned securities and the total value of collateral received were as follows:

Purchases and Sales:

Long-term purchases and sales during the current fiscal period were as follows:

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may

have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation

during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period, such

amounts are recognized on the Statement of Assets and Liabilities.

Fund

Counterparty

Short-term

Investments,

at Value

Collateral

Pledged (From)

Counterparty

Dividend Value

Fixed Income Clearing Corporation

$

4,638,693

$

(4,731,694)

Large Cap Select

Fixed Income Clearing Corporation

150,000

(153,071)

Mid Cap Value Opportunities

Fixed Income Clearing Corporation

1,550,000

(1,581,181)

Small Cap Growth Opportunities

Fixed Income Clearing Corporation

11,152,493

(11,375,867)

Small Cap Select

Fixed Income Clearing Corporation

5,353,689

(5,460,994)

Small Cap Value

Fixed Income Clearing Corporation

875,000

(892,660)

Small/Mid Cap Growth Opportunities

Fixed Income Clearing Corporation

1,300,000

(1,326,094)

Aggregate Value of

Securities on Loan

Fund

Equity

Securities

Cash Collateral

Received\*

Small Cap Growth Opportunities

$3,709,041

$3,965,237

Small Cap Select

12,619,094

12,228,717

Small Cap Value

2,899,686

2,998,794

Small/Mid Cap Growth Opportunities

1,645,100

1,678,796

\*May include cash and investment of cash collateral.

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

Dividend Value

$

2,527,858,742

$

2,832,849,809

Large Cap Select

32,031,623

37,314,236

Mid Cap Value Opportunities

76,671,091

200,206,389

Small Cap Growth Opportunities

249,145,890

217,943,890

Small Cap Select

348,015,454

137,268,031

Small Cap Value

61,546,080

234,345,029

Small/Mid Cap Growth Opportunities

203,545,131

236,720,823

5. Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is

derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives

as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of

Operations, respectively.

Market and Counterparty Credit Risk:

In the normal course of business each Fund may invest in financial instruments and enter into financial

transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform

(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,

which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap

transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their

carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial

resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may

be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal

to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have

instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a

pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by

at least the pre-determined threshold amount.

6. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

Year Ended

10/31/25

Year Ended

10/31/24

Dividend Value

Shares

Value

Shares

Value

Subscriptions:

Class A

528,586

$7,721,827

572,319

$8,320,557

Class A - automatic conversion of Class C

1,683

2,474

Class C

41,383

616,223

27,453

380,250

Class R6

23,096,115

341,828,240

16,854,028

257,374,380

Class I

600,156

8,973,862

688,530

10,190,956

Total subscriptions

24,266,361

359,141,835

18,142,498

276,268,617

Reinvestments of distributions:

Class A

2,375,687

34,546,507

1,232,795

17,205,529

Class C

52,447

741,192

28,014

376,200

Class R6

15,928,301

238,550,892

8,699,807

125,348,401

Class I

1,778,024

26,342,984

1,020,199

14,519,774

Total reinvestments of distributions

20,134,459

300,181,575

10,980,815

157,449,904

Redemptions:

Class A

(4,006,909)

(58,260,054)

(3,373,772)

(48,942,526)

Class C

(151,567)

(2,148,287)

(196,341)

(2,779,980)

Class C - automatic conversion to Class A

(125) (1,683)

(173) (2,474)

Class R6

(38,544,125)

(585,473,779)

(34,705,615)

(521,546,646)

Class I

(3,956,136)

(58,872,295)

(4,436,815)

(65,562,505)

Total redemptions

(46,658,862)

(704,756,098)

(42,712,716)

(638,834,131)

Net increase (decrease)

(2,258,042)

$(45,432,688)

(13,589,403)

$(205,115,610)

(continued)

Year Ended

10/31/25

Year Ended

10/31/24

Large Cap Select

Shares

Value

Shares

Value

Subscriptions:

Class A

40,325

$1,657,204

39,588

$1,527,867

Class A - automatic conversion of Class C

573

6,270

Class C

3,265

125,391

5,960

212,602

Class I

8,071

337,546

74,628

2,686,449

Total subscriptions

51,674

2,120,714

120,324

4,433,188

Reinvestments of distributions:

Class A

88,617

3,711,571

16,239

583,022

Class C

4,701

170,777

804

25,413

Class I

26,009

1,107,084

5,330

194,287

Total reinvestments of distributions

119,327

4,989,432

22,373

802,722

Redemptions:

Class A

(69,983)

(2,886,438)

(85,045)

(3,307,432)

Class C

(14,152)

(498,201)

(14,263)

(515,515)

Class C - automatic conversion to Class A

(15) (573) (167) (6,270)

Class I

(87,938)

(3,549,777)

(54,656)

(2,202,668)

Total redemptions

(172,088)

(6,934,989)

(154,131)

(6,031,885)

Net increase (decrease)

(1,087)

$175,157

(11,434)

$(795,975)

Year Ended

10/31/25

Year Ended

10/31/24

Mid Cap Value Opportunities

Shares

Value

Shares

Value

Subscriptions:

Class A

67,814

$3,776,139

109,642

$5,837,095

Class C

2,654

144,156

4,142

202,775

Class R6

127,250

7,107,308

301,381

16,407,613

Class I

470,485

25,767,497

666,662

36,162,325

Total subscriptions

668,203

36,795,100

1,081,827

58,609,808

Reinvestments of distributions:

Class A

56,793

3,206,326

37,898

1,961,034

Class C

3,174

165,398

2,643

125,640

Class R6

40,783

2,322,470

22,652

1,185,733

Class I

285,053

16,187,589

208,877

10,888,682

Total reinvestments of distributions

385,803

21,881,783

272,070

14,161,089

Redemptions:

Class A

(199,191)

(11,073,570)

(252,208)

(13,450,023)

Class C

(32,942)

(1,711,101)

(35,218)

(1,723,320)

Class R6

(188,603)

(10,649,102)

(241,991)

(13,179,161)

Class I

(2,525,854)

(142,234,813)

(1,845,338)

(99,714,414)

Total redemptions

(2,946,590)

(165,668,586)

(2,374,755)

(128,066,918)

Net increase (decrease)

(1,892,584)

$(106,991,703)

(1,020,858)

$(55,296,021)

Year Ended

10/31/25

Year Ended

10/31/24

Small Cap Growth Opportunities

Shares

Value

Shares

Value

Subscriptions:

Class A

445,364

$11,877,850

330,498

$7,915,214

Class R6

1,041,107

42,112,419

74,719

2,425,626

Class I

1,397,476

52,198,057

796,503

25,394,413

Total subscriptions

2,883,947

106,188,326

1,201,720

35,735,253

Redemptions:

Class A

(438,452)

(11,519,752)

(489,758)

(11,751,385)

Class R6

(57,508)

(2,159,431)

(21,246)

(680,696)

Class I

(1,439,099)

(49,929,846)

(811,716)

(25,381,764)

Total redemptions

(1,935,059)

(63,609,029)

(1,322,720)

(37,813,845)

Net increase (decrease)

948,888

$42,579,297

(121,000)

$(2,078,592)

Year Ended

10/31/25

Year Ended

10/31/24

Small Cap Select

Shares

Value

Shares

Value

Subscriptions:

Class A

380,166

$3,932,134

276,562

$2,684,004

Class R6

13,343,774

215,413,241

57,850

797,219

Class I

3,277,024

49,119,576

3,213,598

47,003,044

Total subscriptions

17,000,964

268,464,951

3,548,010

50,484,267

Reinvestments of distributions:

Class A

153,105

1,691,372

—

—

Class R6

3,664

58,791

—

—

Class I

137,123

2,193,392

—

—

Total reinvestments of distributions

293,892

3,943,555

—

—

Redemptions:

Class A

(907,447)

(9,355,200)

(1,224,215)

(11,894,959)

Class R6

(74,672)

(1,141,294)

(266,645)

(3,680,632)

Class I

(2,280,596)

(34,739,727)

(1,366,605)

(18,453,149)

Total redemptions

(3,262,715)

(45,236,221)

(2,857,465)

(34,028,740)

Net increase (decrease)

14,032,141

$227,172,285

690,545

$16,455,527

Year Ended

10/31/25

Year Ended

10/31/24

Small Cap Value

Shares

Value

Shares

Value

Subscriptions:

Class A

392,969

$12,161,386

397,344

$11,286,403

Class A - automatic conversion of Class C

—

—

Class C

8,432

220,866

13,764

315,947

Class R6

263,703

8,786,847

698,972

20,823,329

Class I

395,040

12,767,676

863,054

25,462,480

Total subscriptions

1,060,148

33,936,890

1,973,134

57,888,159

Reinvestments of distributions:

Class A

31,661

994,153

22,881

643,857

Class C

2,473

64,714

643

15,084

Class R6

5,838

191,435

49,598

1,456,201

Class I

57,390

1,869,761

71,129

2,076,968

Total reinvestments of distributions

97,362

3,120,063

144,251

4,192,110

Redemptions:

Class A

(684,487)

(21,317,695)

(950,474)

(27,279,931)

Class C

(259,898)

(6,714,292)

(275,466)

(6,458,050)

Class C - automatic conversion to Class A

(4) (115) —

—

Class R6

(4,131,723)

(144,531,533)

(1,345,599)

(39,346,228)

Class I

(1,102,468)

(36,018,457)

(4,451,890)

(126,368,325)

Total redemptions

(6,178,580)

(208,582,092)

(7,023,429)

(199,452,534)

Net increase (decrease)

(5,021,070)

$(171,525,139)

(4,906,044)

$(137,372,265)

Year Ended

10/31/25

Year Ended

10/31/24

Small/Mid Cap Growth Opportunities

Shares

Value

Shares

Value

Subscriptions:

Class A

177,220

$4,559,564

242,019

$5,796,258

Class R6

8,878

383,492

16,243

629,916

Class I

117,194

4,728,863

134,205

5,044,342

Total subscriptions

303,292

9,671,919

392,467

11,470,516

Redemptions:

Class A

(897,771)

(23,552,851)

(1,201,333)

(28,959,885)

Class R6

(8,294)

(336,937)

(23,783)

(902,819)

Class I

(466,454)

(19,435,155)

(473,011)

(17,227,706)

Total redemptions

(1,372,519)

(43,324,943)

(1,698,127)

(47,090,410)

Net increase (decrease)

(1,069,227)

$(33,653,024)

(1,305,660)

$(35,619,894)

(continued)

7. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and

net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated

investment companies. Therefore, no federal income tax provision is required.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally

subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional

period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded

that no provision for income tax is required in the Fund's financial statements.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains

and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in

reclassifications among the components of net assets relate primarily to investments in passive foreign investment companies, net operating losses,

return of capital and long-term capital gain distributions received from portfolio investments, and tax equalization. Temporary and permanent

differences have no impact on a Fund's net assets.

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as

follows:

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on

derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of year end, the components of accumulated earnings on a tax basis were as follows:

The tax character of distributions paid was as follows:

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Dividend Value

$

2,567,760,077

$

692,410,362

$

(80,563,890)

$

611,846,472

Large Cap Select

31,866,654

18,485,025

(932,382)

17,552,643

Mid Cap Value Opportunities

241,335,992

118,172,891

(13,194,657)

104,978,234

Small Cap Growth Opportunities

259,507,235

72,181,037

(12,883,370)

59,297,667

Small Cap Select

352,427,944

48,362,251

(13,183,944)

35,178,307

Small Cap Value

212,962,160

75,365,209

(20,769,499)

54,595,710

Small/Mid Cap Growth Opportunities

143,129,172

32,892,926

(7,544,805)

25,348,121

Fund

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Unrealized

Appreciation

(Depreciation)

Capital Loss

Carryforwards

Late-Year Loss

Deferrals

Other

Book-to-Tax

Differences

Total

Dividend Value

$

350,839

$

183,264,604

$

611,848,894

$

(6,559,814)

$

—

$

(192,309)

$

788,712,214

Large Cap Select

84,437

3,118,798

17,552,643

—

—

—

20,755,878

Mid Cap Value Opportunities

4,616,975

39,932,151

104,978,234

—

—

(14,607)

149,512,753

Small Cap Growth

Opportunities

—

17,519,416

59,297,667

—

(606,001)

—

76,211,082

Small Cap Select

348,817

10,259,738

35,178,307

—

—

(10,195)

45,776,667

Small Cap Value

1,629,811

—

54,595,640

(113,662,090)

—

(32,743)

(57,469,382)

Small/Mid Cap Growth

Opportunities

—

18,275,581

25,348,121

—

(650,730)

(34,412)

42,938,560

10/31/25

10/31/24

Fund

Ordinary

Income

Long-Term

Capital Gains

Ordinary

Income

Long-Term

Capital Gains

Dividend Value

$

104,308,439

$

199,062,437

$

52,162,192

$

107,060,042

Large Cap Select

2,039,368

3,522,481

240,114

672,466

Mid Cap Value Opportunities

5,051,882

17,810,253

5,258,926

9,543,667

Small Cap Growth Opportunities

—

—

—

—

Small Cap Select

254,346

3,746,111

—

—

Small Cap Value

4,168,688

—

5,011,509

—

Small/Mid Cap Growth Opportunities

—

—

—

—

As of year end, the Funds had capital loss carryforwards, which will not expire:

As of year end, the Funds utilized the following capital loss carryforwards:

8. Management Fees and Other Transactions with Affiliates

Management Fees:

Each Fund's management fee compensates the Adviser for the overall investment advisory and administrative services and

general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund's management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and

a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund's

shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed

by the Adviser.

The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:

The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:

Fund

Short-Term

Long-Term

Total

Dividend Value

$

6,559,814

$

—

$

6,559,814

Large Cap Select

—

—

—

Mid Cap Value Opportunities

—

—

—

Small Cap Growth Opportunities

—

—

—

Small Cap Select

—

—

—

Small Cap Value

82,370,827

31,291,263

113,662,090

Small/Mid Cap Growth Opportunities

—

—

—

A portion of Dividend Value's capital loss carryforwards are subject to an annual limitation under the Internal Revenue Code and related regulations.

Fund

Utilized

Dividend Value

$

2,361,442

Large Cap Select

—

Mid Cap Value Opportunities

—

Small Cap Growth Opportunities

7,602,362

Small Cap Select

—

Small Cap Value

50,499,301

Small/Mid Cap Growth Opportunities

13,588,332

Average Daily Net Assets

Dividend

Value

Large Cap

Select

Mid Cap Value

Opportunities

Small Cap

Growth

Opportunities

Small Cap

Select

Small Cap

Value

Small/Mid Cap

Growth

Opportunities

For the first $125 million

0.5000 %

0.5000 %

0.6000 %

0.6500 %

0.6500 %

0.6500 %

0.6000 %

For the next $125 million

0.4875 0.4875 0.5875 0.6375 0.6375 0.6375 0.5875 For the next $250 million

0.4750 0.4750 0.5750 0.6250 0.6250 0.6250 0.5750 For the next $500 million

0.4625 0.4625 0.5625 0.6125 0.6125 0.6125 0.5625 For the next $1 billion

0.4500 0.4500 0.5500 0.6000 0.6000 0.6000 0.5500 For the next $3 billion

0.4250 0.4250 0.5250 0.5750 0.5750 0.5750 0.5250 For the next $2.5 billion

0.4000 0.4000 0.5000 0.5500 0.5500 0.5500 0.5000 For the next $2.5 billion

0.3875 0.3875 0.4875 0.5375 0.5375 0.5375 0.4875 For net assets over $10

billion

0.3750 0.3750 0.4750 0.5250 0.5250 0.5250 0.4750 Complex-Level Asset Breakpoint Level\*

Complex-Level Fee

For the first $124.3 billion

0.1600 %

For the next $75.7 billion

0.1350 For the next $200 billion

0.1325 For eligible assets over $400 billion

0.1300 56

(continued)

\* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen branded open-end funds ("Nuveen Mutual

Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do

not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible

Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser's affiliate,

Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets

of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by

the Adviser that are attributable to financial leverage. For these purposes, financial 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 the end of the current fiscal period, the complex-level fee rate for each Fund was as follows:

The Adviser has agreed to waive fees and/or reimburse expenses ("Expense Cap") of the Funds so that the total annual Fund operating expenses

(excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing

of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the

time 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 temporary expense limitations may be terminated

or modified prior to that date only with the approval of the Board. The expense limitations in effect thereafter may be terminated or modified only

with approval of shareholders of each Fund.

Distribution and Service Fees:

Each Fund has adopted a distribution and service plan under rule 12b-1 under the 1940 Act. Class A Shares incur

a 0.25% annual 12b-1 service fee. Class C Shares incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6

Shares and Class I Shares are not subject to 12b-1 distribution or service fees. The fees under this plan compensate Nuveen Securities, LLC, (the

"Distributor"), a wholly-owned subsidiary of Nuveen, for services provided and expenses incurred in distributing shares of the Funds and establishing

and maintaining shareholder accounts.

Other Transactions with Affiliates:

The Funds receive voluntary compensation from the Adviser in amounts that approximate the cost of research

services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly. This income received by the

Funds is recognized in "Affiliated income" on the Statement of Operations and any amounts due to the Funds at the end of the current fiscal period

is recognized in "Reimbursement from Adviser" on the Statement of Assets and Liabilities. During the current fiscal period, the values of voluntary

compensation were as follows:

Fund

Complex-Level Fee

Dividend Value

0.1559 %

Large Cap Select

0.1559 Mid Cap Value Opportunities

0.1559 Small Cap Growth Opportunities

0.1559 Small Cap Select

0.1559 Small Cap Value

0.1559 Small/Mid Cap Growth Opportunities

0.1559 Fund

Temporary

Expense Cap

Temporary

Expense Cap

Expiration Date

Dividend Value

0.74%

July 31, 2027

Large Cap Select

0.80 July 31, 2027

Mid Cap Value Opportunities

0.92 July 31, 2027

Small Cap Growth Opportunities

0.99 July 31, 2027

Small Cap Select

0.99 July 31, 2027

Small Cap Value

0.99 July 31, 2027

Small/Mid Cap Growth Opportunities

0.92 July 31, 2027

Fund

Value

Dividend Value

$

1,862,178

Large Cap Select

18,613

Each Fund is permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser or by an affiliate of

the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board ("cross-trade"). These procedures

have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment

adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions

are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions.

During the current fiscal period, the Funds engaged in cross-trades pursuant to these procedures.

During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as

concessions to financial intermediaries as follows:

The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for

providing services to shareholders relating to their investments.

During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as

follows:

Fund

Value

Mid Cap Value Opportunities

$

133,812

Small Cap Growth Opportunities

296,327

Small Cap Select

209,304

Small Cap Value

189,863

Small/Mid Cap Growth Opportunities

211,397

Fund

Purchases

Sales

Realized

Gain (Loss)

Dividend Value

$

21,964,675

$

17,505,784

$

700,106

Large Cap Select

109,336

141,733

11,440

Mid Cap Value Opportunities

—

—

—

Small Cap Growth Opportunities

1,303,502

—

—

Small Cap Select

7,442,509

—

—

Small Cap Value

—

—

—

Small/Mid Cap Growth Opportunities

4,658,032

8,082,929

2,822,453

Fund

Sales Charges

Collected

(Unaudited)

Paid to Financial

Intermediaries

(Unaudited)

Dividend Value

$

63,002

$

55,789

Large Cap Select

8,158

7,403

Mid Cap Value Opportunities

13,537

11,852

Small Cap Growth Opportunities

24,267

21,217

Small Cap Select

34,905

30,399

Small Cap Value

12,901

11,777

Small/Mid Cap Growth Opportunities

16,252

14,267

(continued)

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the

first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:

The remaining 12b-1 fees charged to each Fund were paid to compensate financial intermediaries for providing services to shareholders relating to

their investments.

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:

As of the end of the reporting period, the percentage of Fund shares owned by TIAA and/or TIAA affiliates are as follows:

Fund

Commission

Advances

(Unaudited)

Dividend Value

$

3,644

Large Cap Select

1,714

Mid Cap Value Opportunities

809

Small Cap Growth Opportunities

776

Small Cap Select

Small Cap Value

5,537

Small/Mid Cap Growth Opportunities

Fund

12b-1 Fees

Retained

(Unaudited)

Dividend Value

$

1,044

Large Cap Select

Mid Cap Value Opportunities

964

Small Cap Growth Opportunities

—

Small Cap Select

—

Small Cap Value

4,017

Small/Mid Cap Growth Opportunities

—

Fund

CDSC

Retained

(Unaudited)

Dividend Value

$

1,261

Large Cap Select

Mid Cap Value Opportunities

Small Cap Growth Opportunities

—

Small Cap Select

—

Small Cap Value

Small/Mid Cap Growth Opportunities

9. Borrowing Arrangements

Line of Credit:

The Funds, along with certain funds managed by the Adviser or by an affiliate of the Adviser ("Participating Funds"), have established

a 364-day, $2.7 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other

than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility's capacity (and its

associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the

size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to

those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating

Funds have undrawn capacity. The credit facility expires in June 2026, unless extended or renewed.

The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher

of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts

borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of "Interest expense" on the

Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Interest

expense" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the

relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each

Participating Fund.

During the current period, the following Funds utilized this facility. The Funds' maximum outstanding balance during the utilization period was as

follows:

During each Fund's utilization period(s) during the current fiscal period, the average daily balance outstanding and average interest rate on the

Borrowings were as follows:

Dividend

Value

Small Cap

Select

Nuveen Lifecycle Retirement Income Fund

—%\*

—%\*

Nuveen Lifecycle 2010 Fund

—\*

Nuveen Lifecycle 2015 Fund

Nuveen Lifecycle 2020 Fund

Nuveen Lifecycle 2025 Fund

Nuveen Lifecycle 2030 Fund

Nuveen Lifecycle 2035 Fund

Nuveen Lifecycle 2040 Fund

Nuveen Lifecycle 2045 Fund

Nuveen Lifecycle 2050 Fund

Nuveen Lifecycle 2055 Fund

Nuveen Lifecycle 2060 Fund

Nuveen Lifecycle 2065 Fund

—\*

Nuveen Lifestyle Aggressive Growth Fund

Nuveen Lifestyle Conservative Fund

—\*

—\*

Nuveen Lifestyle Growth Fund

—

Nuveen Lifestyle Income Fund

—\*

—\*

Nuveen Lifestyle Moderate Fund

Nuveen Managed Allocation Fund

\* Rounds to less than 1%

Fund

Maximum

Outstanding

Balance

Dividend Value

$

—

Large Cap Select

2,597

Mid Cap Value Opportunities

—

Small Cap Growth Opportunities

—

Small Cap Select

—

Small Cap Value

—

Small/Mid Cap Growth Opportunities

—

(continued)

Borrowings outstanding as of the end of the reporting period, if any, are recognized as "Borrowings" on the Statement of Assets and Liabilities.

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

Dividend Value

—

$

—

—

%

Large Cap Select

2,597

5.53 Mid Cap Value Opportunities

—

—

—

Small Cap Growth Opportunities

—

—

—

Small Cap Select

—

—

—

Small Cap Value

—

—

—

Small/Mid Cap Growth Opportunities

—

—

—

Important Tax Information

#### (U

#### naudited)
As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must

be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications

of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which

will be sent to shareholders shortly after calendar year end.

#### Long-Term Capital Gains
As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being

from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

#### Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions

eligible for the dividends received deduction for corporate shareholders:

#### Qualified Dividend Income (QDI)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions

treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:

Fund

Net Long-Term

Capital Gains

Dividend Value

$

211,314,746

Large Cap Select

3,776,261

Mid Cap Value Opportunities

26,746,866

Small Cap Growth Opportunities

667,896

Small Cap Select

4,130,697

Small Cap Value

—

Small/Mid Cap Growth Opportunities

—

Fund

Percentage

Dividend Value

.8

%

Large Cap Select

.6

Mid Cap Value Opportunities

.0

Small Cap Growth Opportunities

–

Small Cap Select

.0

Small Cap Value

.0

Small/Mid Cap Growth Opportunities

–

Fund

Percentage

Dividend Value

.6

%

Large Cap Select

.5

Mid Cap Value Opportunities

.0

Small Cap Growth Opportunities

–

Small Cap Select

.0

Small Cap Value

.0

#### Important Tax Information
(continued)

#### Qualified Interest Income (QII)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions

treated as qualified interest income and/or short-term capital gain dividends pursuant to Section 871(k) of the Internal

Revenue Code:

#### 163(j)
Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary dividends treated as

Section 163(j) interest dividends pursuant to Section 163(j) of the Internal Revenue Code:

Fund

Percentage

Small/Mid Cap Growth Opportunities

–

Fund

Prior Year End to

12/31 Percentage

1/1 to Current

Year End

Percentage

Dividend Value

.0

%

.0

%

Large Cap Select

.3

—

Mid Cap Value Opportunities

.3

—

Small Cap Growth Opportunities

—

—

Small Cap Select

.2

—

Small Cap Value

.6

—

Small/Mid Cap Growth Opportunities

—

—

Fund

Percentage

Dividend Value

.5

%

Large Cap Select

.3

Mid Cap Value Opportunities

.5

Small Cap Growth Opportunities

–

Small Cap Select

.9

Small Cap Value

.1

Small/Mid Cap Growth Opportunities

–

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

Not applicable.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

The special meeting of shareholders was held virtually on January 9, 2025 for Nuveen Mid Cap Value 1 Fund (the "Fund"). At the meeting, shareholders were asked to approve the proposed reorganization of the Fund into Nuveen Mid Cap Value Fund, a series of TIAA-CREF Funds, that was previously approved by the Board of Directors of the Fund in September 2024. The meeting was subsequently adjourned to February 10, 2025, and additionally adjourned to March 5, 2025. At the meeting held on March 5, 2025, shareholders of the Fund did not approve the proposed reorganization.

The Vote totals are set forth below.

---

| | |
|:---|:---|
| **The vote results in the reorganization of Nuveen Mid Cap Value 1 Fund were as follows:** | **Nuveen Mid Cap Value 1 Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; For | 3687338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Withhold | 158630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Abstain | 203491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 4049459 |

---

------

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The aggregate remuneration paid to the directors (all of whom are independent) by each Fund is reported as "Directors fees" on the Statement of Operations under Item 7 of this Form N-CSR.

The Funds do not pay any remuneration to their officers, but the Funds do reimburse Nuveen Fund Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, for an allocable portion of Nuveen Fund Advisors, LLC's cost of the compensation for the Funds' Chief Compliance Officer. The aggregate remuneration paid to the directors (all of whom are independent) and to Nuveen Fund Advisors, LLC, the Fund's investment adviser and an affiliate of the Fund's officers, by each Fund is reported as "Directors fees" and "Management fees" on the Statement of Operations under Item 7 of this Form N-CSR.

------

## Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

#### Nuveen Dividend Value Fund

#### Nuveen Large Cap Select Fund

#### Nuveen Mid Cap Value Opportunities Fund

#### Nuveen Small Cap Growth Opportunities Fund

#### Nuveen Small Cap Select Fund

#### Nuveen Small Cap Value Fund

#### Nuveen Small/Mid Cap Growth Opportunities Fund

#### The Approval Process
At meetings held on April 28 and 29, 2025 (the "Meeting"), the Board of Directors (the "Board" and each Director, a "Board Member") of Nuveen Investment Funds, Inc. approved, for each applicable series thereof, the renewal of the investment management agreement (each an "Investment Management Agreement") with Nuveen Fund Advisors, LLC ("NFAL" or the "Adviser"). Similarly, for each such series, the Board approved the renewal of the sub-advisory agreement (each a "Sub-Advisory Agreement") with Nuveen Asset Management, LLC (the "Sub-Adviser"). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America ("TIAA"). The Sub-Adviser is also an affiliate of the Adviser. The Board Members are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the Investment Management Agreement and Sub-Advisory Agreement with respect to each series covered by this report (the "Funds").

In accordance with applicable law, following up to an initial two-year period, the Board considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the "Advisory Agreements," and the Adviser and the Sub-Adviser are collectively, the "Fund Advisers" and each a "Fund Adviser."

To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective boards of the funds in the Nuveen complex and their committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The fund complex consists of the group of funds advised by NFAL, including the Funds, and the group of funds advised by Teachers Advisors, LLC ("TAL" and collectively, the "Nuveen funds" or the "funds"). The Board and its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting a Fund Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements and reimbursements to the funds; the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries, including 12b-1 expenses (as applicable); and securities lending (as applicable). The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for a Fund Adviser, if any.

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board's meeting held on February 25-26, 2025 (the "February Meeting"). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Fund Advisers and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of the Sub-Adviser and/or applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee and sub-advisory fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a review of temporary and/ or permanent expense caps and fee waivers (as applicable); a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, comparing fee and expense levels of each respective Fund to those of a peer universe and to a group of peers selected by Broadridge.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board's review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members.

------

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the "Executive Sessions") to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board's annual review of the Funds' advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to each respective Fund. With this approach, they considered the roles of the Adviser and the Sub-Adviser in providing services to the Funds.

The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser's and its affiliates' dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management's emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality services to the Funds.

In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds' compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds' compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides investment advisory services. With respect to the Funds, such Funds utilize the Sub-Adviser to manage the portfolios of the Funds subject to the supervision of the Adviser. Accordingly, the Board considered that the Adviser and its affiliates, among other things, oversee and review the performance of the Sub-Adviser and its investment team(s); evaluate Fund performance and market conditions; evaluate investment strategies and recommend changes thereto; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. As noted below, the Board also considered the Nuveen funds' performance over various time periods throughout the year.

In addition to the portfolio management services provided to the Funds (including indirectly by overseeing the Sub-Adviser), the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund's product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and

#### 2

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund's custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments to support the funds. The Board considered the funds' access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser's continuing commitment to provide high quality services.

In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

The Board considered the division of responsibilities between the Adviser and the Sub-Adviser and considered that the Sub-Adviser and its investment personnel, as noted, generally are responsible for the management of the respective Fund's portfolio or a portion thereof under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, a summary of changes (if any) in the leadership teams and/or portfolio manager teams; the performance of the funds sub-advised by the Sub-Adviser over various periods of time that met certain performance screening measurements; and data reflecting product changes (if any) taken with respect to certain funds. The Board considered that the Adviser recommended the renewal of the Sub-Advisory Agreements.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

B. The Investment Performance of the Funds and Fund Advisers

In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2024 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and as compared to the performance of comparable peers (the "Performance Peer Group") and to a benchmark for the prescribed periods. For Funds with multiple share classes, the performance data was based on Class I shares; however, the performance of other share classes was expected to be substantially similar as they invest in the same portfolio of securities and differences in performance among the classes of a fund generally may be principally attributed to the variations in the expense structures of the share classes. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 (or for such shorter periods to the extent a Fund was not in existence during such periods) on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods. In its review of relative performance, the Board considered a Fund's performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.

The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management's analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management's investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the respective Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a Fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds as low, medium or high.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a Fund's performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.

#### 3

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund's performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the Adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below:

• For Nuveen Dividend Value Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024 and the Fund ranked in the fourth quartile of its Performance Peer Group for the five-year period ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for the one-and three-year periods ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

• For Nuveen Large Cap Select Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the five-year period ended December 31, 2024, the Fund outperformed its benchmark for the one- and three-year periods ended December 31, 2024. Further, the Fund ranked in the second quartile of its Performance Peer Group for the one-year period, first quartile for the three-year period and third quartile for the five-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

• For Nuveen Mid Cap Value Opportunities Fund (formerly, Nuveen Mid Cap Value 1 Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-year period ended December 31, 2024, the Fund outperformed its benchmark for the three- and five-year periods ended December 31, 2024. In addition, the Fund ranked in the third quartile of its Performance Peer Group for the one- and three-year periods ended December 31, 2024 and second quartile for the five-year period ended December 31, 2024. In its review, the Board also approved a name change for the Fund to Nuveen Mid Cap Value Opportunities Fund and related investment policy changes effective July 1, 2025. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

• For Nuveen Small Cap Growth Opportunities Fund, the Board considered that the Fund outperformed its benchmark for the one-, three-and five-year periods ended December 31, 2024. The Fund also ranked in the second quartile of its Performance Peer Group for the one-and three-year periods ended December 31, 2024 and first quartile for the five-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

• For Nuveen Small Cap Select Fund, the Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2024. The Fund also ranked in the first quartile of its Performance Peer Group for the one- and five-year periods ended December 31, 2024 and second quartile for the three-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

• For Nuveen Small Cap Value Fund, the Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2024. In addition, although the Fund ranked in the fourth quartile of its Performance Peer Group for the five-year period ended December 31, 2024, the Fund ranked in the first quartile of its Performance Peer Group for the one-year period and third quartile for the three-year period ended December 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

• For Nuveen Small/Mid Cap Growth Opportunities Fund (formerly, Nuveen Mid Cap Growth Opportunities Fund), the Board considered that although the Fund's performance was below the performance of its benchmark for the one-, three- and five-year periods ended December 31, 2024, the Fund ranked in the third quartile of its Performance Peer Group for such periods. The Board further considered that effective February 28, 2025, the Fund changed its name and certain investment strategies, and performance prior to such date would not reflect the foregoing changes. On the basis of the Board's ongoing review of investment performance and all relevant factors, including management's discussion of performance and changes to investment strategies for the Fund, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.

#### 4

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

C. Fees, Expenses and Profitability

**1.** **Fees and Expenses** 

As part of the annual review, the Board Members considered, among other things, the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the respective Fund (if any). In addition to the management fee arrangements, the Board Members considered a Fund's operating expense ratio as it more directly reflected a shareholder's total costs in investing in the respective Fund.

In its review, the Board considered that the management fees of the Funds were generally comprised of two components, a fund-level component and a complex-level component, each with its own breakpoint schedule. The Board considered that in 2024, the Board approved a revised complex-wide breakpoint schedule which simplified and reduced the complex-level fee rates at various thresholds and expanded the eligible funds whose assets would be included in calculating the complex-level fee, effective May 1, 2024. The Board considered that the complex-level component is intended to be an efficient mechanism designed to help share cost efficiencies with shareholders as the complex-wide assets grow.

The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Fund's management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the "Expense Universe") and a more focused group of comparable peers (the "Expense Group") established by Broadridge. With respect to the Broadridge comparative expense data, Broadridge applied Class I shares of the Funds. In its review of such comparative fee and expense data, the Board considered, among other things, a Fund's quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe and Expense Group (as applicable) with the first quartile representing the range of funds with the lowest management fee rate or net total expense ratio, respectively, and the fourth quartile representing the range of funds with the highest management fee rate or net total expense ratio, respectively. In their review, the Board Members considered, in particular, each fund with a net total expense ratio meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and Expense Group (if any) and management's commentary as to the factors contributing to each such fund's relative net total expense ratio. The Board also considered, in relevant part, a fund's management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.

In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable). The Board further considered that differences between the applicable Fund and its respective Expense Universe and/ or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.

With respect to the Sub-Adviser, the Board also considered, among other things, the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund. In its review, the Board considered that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Funds.

The Board's considerations regarding the comparative fee data for each Fund are set forth below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For Nuveen Dividend Value Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Universe. Further, the Fund's contractual management fee rate matched the Expense Group median, and the Fund's actual management fee rate and net total expense ratio were below the Expense Group median. The Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Universe median.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For Nuveen Large Cap Select Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the first quartile of its Expense Group. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, second quartile and third quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median. Although the Fund's contractual management fee rate and net total expense ratio were above the Expense Universe median, the Fund's actual management fee rate was below the Expense Universe median.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For Nuveen Mid Cap Value Opportunities Fund (formerly, Nuveen Mid Cap Value 1 Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, second quartile and third quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, third quartile and third quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate and actual management fee rate were each below the Expense Group median, and the net total expense ratio was slightly above (within 5 basis points) the Expense Group median. Although the Fund's net total expense ratio was above the Expense Universe median, the Fund's contractual management fee rate matched the Expense Universe median, and actual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

#### 5

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For Nuveen Small Cap Growth Opportunities Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and third quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, second quartile and third quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate and actual management fee rate were each below the Expense Group median, and the Fund's net total expense ratio was approximately the same as the Expense Group median. The Fund's contractual management fee rate and actual management fee rate were each also below the Expense Universe median, and the Fund's net total expense ratio was slightly above (within 5 basis points) the Expense Universe median.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For Nuveen Small Cap Select Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, second quartile and third quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, second quartile and third quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate and actual management fee rate were each below the Expense Group median, and the net total expense ratio was slightly above (within 5 basis points) the Expense Group median. The Fund's contractual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Universe median, and the actual management fee rate was below the Expense Universe median.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For Nuveen Small Cap Value Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, first quartile and second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, second quartile and third quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate was essentially the same as the Expense Group median, and the actual management fee rate and net total expense ratio were each below the Expense Group median, respectively. The Fund's contractual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Universe median, and the Fund's actual management fee rate was below the Expense Universe median.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•For Nuveen Small/Mid Cap Growth Opportunities Fund (formerly, Nuveen Mid Cap Growth Opportunities Fund), the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, second quartile and third quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, second quartile and third quartile of its Expense Universe, respectively. Further, the Fund's contractual management fee rate was essentially the same as the Expense Group median, the actual management fee rate was below the Expense Group median, and the net total expense ratio was slightly above (within 5 basis points) the Expense Group median. The Fund's contractual management fee rate and actual management fee rate were also each below the Expense Universe median, and the Fund's net total expense ratio was slightly above (within 5 basis points) the Expense Universe median.

Based on its review of the information provided, the Board determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

**2.** **Comparisons with the Fees of Other Clients** 

In evaluating the appropriateness of fees, the Board also considered that the Adviser, Sub-Adviser and/or their affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts ("SMAs"), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser's fee is essentially for portfolio management services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates. The Board concluded that the varying levels of fees were reasonable given the foregoing.

#### 6

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3.** **Profitability of the Fund Advisers** 

In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed its affiliated sub-advisers) from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser's services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.

In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.

Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.

Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or Sub-Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser's (together with its affiliated sub-advisers) level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser's business which can enhance the services provided to the funds for the fees paid. The Board considered such factors applicable to the particular Fund's advisory fee structure.

As noted above, the Board considered that the management fee of the Adviser for the Funds generally was comprised of a fund-level component and a complex-level component each with its own breakpoint schedule. The Board also approved a revised complex-wide breakpoint schedule in 2024 which reduced the complex-level fee rates at various thresholds and expanded the assets included when calculating the complex-level fee. With this structure, the Board considered that the complex-level breakpoint schedule was designed to deliver the benefits of economies of scale to shareholders when the assets of the eligible participating funds in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined, and the fund-level breakpoint schedules were designed to share economies of scale with shareholders if the particular fund grows. The Board reviewed the fund-level and complex-level fee schedules.

In addition to the fund-level and complex-level fee schedules, the Board Members considered the temporary and/or permanent expense caps applicable to a Fund (if any). The Board considered that such waivers and reimbursements are another means for potential economies of scale to be shared with shareholders of such funds and can provide a protection from an increase in expenses if the assets of the applicable funds decline.

The Board Members also considered the continued reinvestment in Nuveen's business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser's and/or its affiliates' ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management's business appropriately shared any economies of scale with shareholders.

#### 7

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Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

E. Indirect Benefits

The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. To the extent an open-end fund pays 12b-1 fees, the Board Members considered that some of those fees may be retained by the Adviser's affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023.

In addition, the Board Members considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered reimbursements of such costs by the Adviser and/or Sub-Adviser.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

F. Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the respective Fund Adviser's fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.

#### 8

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**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

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**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

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**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

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**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

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

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**Item 16.** **Controls and Procedures.** <br>

(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.

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**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

(a) Not applicable to open-end investment companies.

(b) Not applicable to open-end investment companies.

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**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

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**Item 19.** **Exhibits.** <br>

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| | |
|:---|:---|
| (a)(1) | Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d26847dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.](d26847dex99906cert.htm) |

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#### 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.

---

| | |
|:---|:---|
| <u>Nuveen Investment Funds, Inc.</u> |  |
| Date: January 7, 2026 | By: <u>/s/ Jordan M. Farris</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan M. Farris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer |

---

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.

---

| | |
|:---|:---|
| Date: January 7, 2026 | By: <u>/s/ Jordan M. Farris</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan M. Farris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |
| Date: January 7, 2026 | By: <u>/s/ Marc Cardella</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc Cardella |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Controller |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, Jordan M. Farris, 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(s) 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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(s) 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: January 7, 2026 | By: <u>/s/ Jordan M. Farris</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan M. Farris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |

---

------

**<u>CERTIFICATION</u>**

I, Marc Cardella, 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(s) 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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(s) 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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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: January 7, 2026 | By: <u>/s/ Marc Cardella</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc Cardella |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Controller |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>**

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the annual report of Nuveen Investment Funds, Inc. (the "Registrant") on Form N-CSR for the period ended October 31, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Registrant certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

---

| | |
|:---|:---|
| Date: January 7, 2026 | By: <u>/s/ Jordan M. Farris</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jordan M. Farris |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Administrative Officer |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal executive officer) |
| Date: January 7, 2026 | By: <u>/s/ Marc Cardella</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marc Cardella |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vice President and Controller |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(principal financial officer) |

---