Nuveen Investment Funds, Inc.

One-Year Period

Three-Year Period

Five-Year Period

Performance Peer Group Quartile

Second Quartile

Third Quartile

Third Quartile

Performance Benchmark

Underperformed

Underperformed

Underperformed

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: (312) 917‑7700

Date of fiscal year end: October 31

Date of reporting period: April 30, 2026

Item 1.

Reports to Stockholders.


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Dividend Value Fund

Class A Shares/FFEIX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Dividend Value Fund for the period of November 1, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class A Shares	$50	0.95%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$3,432,973,116

Total number of portfolio holdings			69

Portfolio turnover (%)			28%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444778


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Dividend Value Fund

Class C Shares/FFECX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Dividend Value Fund for the period of November 1, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class C Shares	$90	1.70%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$3,432,973,116

Total number of portfolio holdings			69

Portfolio turnover (%)			28%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444778


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Dividend Value Fund

Class R6 Shares/FFEFX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class R6 Shares of the Nuveen Dividend Value Fund for the period of November 1, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class R6 Shares	$32	0.60%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$3,432,973,116

Total number of portfolio holdings			69

Portfolio turnover (%)			28%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444778


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Dividend Value Fund

Class I Shares/FAQIX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Dividend Value Fund for the period of November 1, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class I Shares	$37	0.70%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$3,432,973,116

Total number of portfolio holdings			69

Portfolio turnover (%)			28%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444778


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Large Cap Select Fund

Class A Shares/FLRAX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Large Cap Select Fund for the period of November 1, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class A Shares	$52	1.01%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$50,866,373

Total number of portfolio holdings			56

Portfolio turnover (%)			26%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444795


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Large Cap Select Fund

Class C Shares/FLYCX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Large Cap Select Fund for the period of November 1, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class C Shares	$91	1.76%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$50,866,373

Total number of portfolio holdings			56

Portfolio turnover (%)			26%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444795


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Large Cap Select Fund

Class I Shares/FLRYX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Large Cap Select Fund for the period of November 1, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class I Shares	$39	0.76%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$50,866,373

Total number of portfolio holdings			56

Portfolio turnover (%)			26%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444795


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Mid Cap Value Opportunities Fund

Class A Shares/FASEX

Semi-Annual Shareholder Report

This semi-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, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class A Shares	$61	1.13%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$360,541,072

Total number of portfolio holdings			67

Portfolio turnover (%)			5%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444871


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Mid Cap Value Opportunities Fund

Class C Shares/FACSX

Semi-Annual Shareholder Report

This semi-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, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class C Shares	$101	1.88%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$360,541,072

Total number of portfolio holdings			67

Portfolio turnover (%)			5%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444871


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Mid Cap Value Opportunities Fund

Class R6 Shares/FMVQX

Semi-Annual Shareholder Report

This semi-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, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class R6 Shares	$39	0.73%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$360,541,072

Total number of portfolio holdings			67

Portfolio turnover (%)			5%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444871


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Mid Cap Value Opportunities Fund

Class I Shares/FSEIX

Semi-Annual Shareholder Report

This semi-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, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class I Shares	$48	0.88%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$360,541,072

Total number of portfolio holdings			67

Portfolio turnover (%)			5%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444871


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Small Cap Growth Opportunities Fund

Class A Shares/FRMPX

Semi-Annual Shareholder Report

This semi-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, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class A Shares	$61	1.20%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$260,636,038

Total number of portfolio holdings			85

Portfolio turnover (%)			40%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444879


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Small Cap Growth Opportunities Fund

Class R6 Shares/FMPFX

Semi-Annual Shareholder Report

This semi-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, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class R6 Shares	$41	0.80%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$260,636,038

Total number of portfolio holdings			85

Portfolio turnover (%)			40%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444879


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Small Cap Growth Opportunities Fund

Class I Shares/FIMPX

Semi-Annual Shareholder Report

This semi-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, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class I Shares	$48	0.95%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$260,636,038

Total number of portfolio holdings			85

Portfolio turnover (%)			40%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444879


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Small Cap Select Fund

Class A Shares/EMGRX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Small Cap Select Fund for the period of November 1, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class A Shares	$63	1.20%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$455,975,407

Total number of portfolio holdings			89

Portfolio turnover (%)			30%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444900


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Small Cap Select Fund

Class R6 Shares/ASEFX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class R6 Shares of the Nuveen Small Cap Select Fund for the period of November 1, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class R6 Shares	$43	0.82%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$455,975,407

Total number of portfolio holdings			89

Portfolio turnover (%)			30%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444900


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Small Cap Select Fund

Class I Shares/ARSTX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Small Cap Select Fund for the period of November 1, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class I Shares	$50	0.95%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$455,975,407

Total number of portfolio holdings			89

Portfolio turnover (%)			30%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444900


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Small Cap Value Fund

Class A Shares/FSCAX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Small Cap Value Fund for the period of November 1, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class A Shares	$64	1.20%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$285,219,158

Total number of portfolio holdings			81

Portfolio turnover (%)			14%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444913


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Small Cap Value Fund

Class C Shares/FSCVX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Small Cap Value Fund for the period of November 1, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class C Shares	$105	1.95%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$285,219,158

Total number of portfolio holdings			81

Portfolio turnover (%)			14%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444913


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Small Cap Value Fund

Class R6 Shares/FSCWX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class R6 Shares of the Nuveen Small Cap Value Fund for the period of November 1, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class R6 Shares	$42	0.78%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$285,219,158

Total number of portfolio holdings			81

Portfolio turnover (%)			14%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444913


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Small Cap Value Fund

Class I Shares/FSCCX

Semi-Annual Shareholder Report

This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Small Cap Value Fund for the period of November 1, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class I Shares	$51	0.95%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets			$285,219,158

Total number of portfolio holdings			81

Portfolio turnover (%)			14%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444913


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Small/Mid Cap Growth Opportunities Fund

Class A Shares/FRSLX

Semi-Annual Shareholder Report

This semi-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, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class A Shares	$59	1.13%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets	$	170,002,280

Total number of portfolio holdings		86

Portfolio turnover (%)		40%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444924


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Small/Mid Cap Growth Opportunities Fund

Class R6 Shares/FMEFX

Semi-Annual Shareholder Report

This semi-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, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class R6 Shares	$42	0.81%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets	$	170,002,280

Total number of portfolio holdings		86

Portfolio turnover (%)		40%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444924


		2


		Semi-Annual Shareholder Report April 30, 2026

Nuveen Small/Mid Cap Growth Opportunities Fund

Class I Shares/FISGX

Semi-Annual Shareholder Report

This semi-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, 2025 to April 30, 2026. 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.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class I Shares	$46	0.88%

* Annualized for period less than one year.

Fund Statistics (as of April 30, 2026)



Fund net assets	$	170,002,280

Total number of portfolio holdings		86

Portfolio turnover (%)		40%

What did the Fund invest in? (as of April 30, 2026)


		1		continued>>

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_SAR_0426 5444924


		2

Item 2.

Code of Ethics.

Not applicable to this filing.

Item 3.

Audit Committee Financial Expert.

Not applicable to this filing.

Item 4.

Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6.

Investments.

(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.

Portfolio of Investments April 30, 2026

Dividend Value

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.5%

3416274274

COMMON STOCKS - 99.5%

3416274274

BANKS - 6.7%

791,139

Bank of America Corp

42,294,291

712,824

Citigroup, Inc

91,227,216

814,699

Fifth Third Bancorp

41,354,121

674,837

Wells Fargo & Co

55,491,846

TOTAL BANKS

230,367,474

CAPITAL GOODS - 15.3%

652,589

Carrier Global Corp

43,834,403

202,900

Dover Corp

45,938,589

104,557

Eaton Corp plc

45,274,227

338,903

Emerson Electric Co

47,595,537

305,891

Honeywell International, Inc

65,561,618

161,043

ITT, Inc

34,517,957

286,497

Johnson Controls International plc

41,837,157

186,316

nVent Electric plc

26,624,556

68,044

Parker-Hannifin Corp

61,880,574

245,763

Regal Rexnord Corp

52,846,418

224,220

Westinghouse Air Brake Technologies Corp

60,514,736

TOTAL CAPITAL GOODS

526,425,772

COMMERCIAL & PROFESSIONAL SERVICES - 1.5%

221,611

Waste Management, Inc

51,535,638

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

51,535,638

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.1%

404,573

(a)

Amazon.com, Inc

107,236,119

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

107,236,119

CONSUMER SERVICES - 4.2%

233,769

Booking Holdings, Inc

39,357,349

110,437

Domino's Pizza, Inc

37,484,526

396,407

Travel & Leisure Co

25,631,677

405,674

Wynn Resorts Ltd

43,451,742

TOTAL CONSUMER SERVICES

145,925,294

ENERGY - 6.4%

739,477

ConocoPhillips

93,011,417

284,333

ONEOK, Inc

26,289,429

3,047,571

Permian Resources Holdings, Inc, Class A

65,888,485

136,958

Valero Energy Corp

34,592,852

TOTAL ENERGY

219,782,183

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 6.5%

165,742

EastGroup Properties, Inc

33,347,290

462,205

ProLogis, Inc

65,642,354

1,228,998

Sabra Health Care REIT, Inc

25,391,099

626,145

Ventas, Inc

55,013,100

1,491,873

VICI Properties, Inc

43,562,691

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

222,956,534

FINANCIAL SERVICES - 8.9%

60,781

BlackRock, Inc

64,768,234

283,270

Capital One Financial Corp

54,189,551

872,987

Fidelity National Information Services, Inc

40,620,085

273,782

Intercontinental Exchange, Inc

43,282,196

69,093

Mastercard, Inc, Class A

34,748,252

427,219

OneMain Holdings, Inc

25,107,661

559,881

Synchrony Financial

42,662,932

TOTAL FINANCIAL SERVICES

305,378,911

FOOD, BEVERAGE & TOBACCO - 3.2%

1,412,760

Hormel Foods Corp

30,331,957

472,294

Philip Morris International, Inc

77,961,571

TOTAL FOOD, BEVERAGE & TOBACCO

108,293,528

Portfolio of Investments April 30, 2026

(continued)

Dividend Value

See Notes to Financial Statements

DESCRIPTION

VALUE

HEALTH CARE EQUIPMENT & SERVICES - 6.7%

261,323

Cigna Group

75,935,238

635,363

CVS Health Corp

52,919,384

117,960

Elevance Health, Inc

44,402,503

169,982

(a)

Tenet Healthcare Corp

30,107,212

310,305

Zimmer Biomet Holdings, Inc

25,578,441

TOTAL HEALTH CARE EQUIPMENT & SERVICES

228,942,778

INSURANCE - 2.6%

842,570

Fidelity National Financial, Inc

44,066,411

272,036

Marsh & McLennan Cos, Inc

45,623,158

TOTAL INSURANCE

89,689,569

MATERIALS - 1.7%

931,864

DuPont de Nemours, Inc

42,548,910

389,239

Smurfit Westrock plc

14,942,885

TOTAL MATERIALS

57,491,795

MEDIA & ENTERTAINMENT - 7.1%

498,492

Alphabet, Inc, Class C

190,394,034

504,354

Walt Disney Co

52,326,728

TOTAL MEDIA & ENTERTAINMENT

242,720,762

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 2.7%

191,155

Danaher Corp

34,207,188

82,754

Regeneron Pharmaceuticals, Inc

58,512,043

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

92,719,231

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 9.4%

93,997

Applied Materials, Inc

37,080,876

127,819

Broadcom, Inc

53,355,485

1,014,889

(a)

Intel Corp

95,886,713

189,371

Lam Research Corp

48,831,206

107,962

Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR

42,759,430

154,701

Texas Instruments, Inc

43,483,357

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

321,397,067

SOFTWARE & SERVICES - 1.2%

100,004

Microsoft Corp

40,779,631

TOTAL SOFTWARE & SERVICES

40,779,631

TECHNOLOGY HARDWARE & EQUIPMENT - 2.9%

263,879

TD SYNNEX Corp

60,211,910

92,426

Western Digital Corp

40,160,946

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

100,372,856

TELECOMMUNICATION SERVICES - 1.7%

306,505

T-Mobile US, Inc

59,921,728

TOTAL TELECOMMUNICATION SERVICES

59,921,728

TRANSPORTATION - 1.5%

194,884

Union Pacific Corp

52,517,340

TOTAL TRANSPORTATION

52,517,340

UTILITIES - 6.2%

695,175

Alliant Energy Corp

51,046,700

473,426

Duke Energy Corp

61,332,338

637,209

NextEra Energy, Inc

62,370,017

383,361

Southern Co

37,071,009

TOTAL UTILITIES

211,820,064

TOTAL COMMON STOCKS

(Cost $2,491,053,727)

3,416,274,274

TOTAL LONG-TERM INVESTMENTS

(Cost $2,491,053,727)

3,416,274,274

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.3%

8250090

REPURCHASE AGREEMENTS - 0.3%

8250090

7,725,000

(b)

Fixed Income Clearing Corporation

.600

05/01/26

7,725,000

525,090

(c)

Fixed Income Clearing Corporation

.060

05/01/26

525,090

TOTAL REPURCHASE AGREEMENTS

(Cost $8,250,090)

8,250,090

TOTAL SHORT-TERM INVESTMENTS

(Cost $8,250,090)

8,250,090

TOTAL INVESTMENTS - 99.8%

(Cost $2,499,303,817)

3,424,524,364

OTHER ASSETS & LIABILITIES, NET - 0.2%

8,448,752

NET ASSETS - 100%

3,432,973,116

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, 3.600% dated 4/30/26 to be repurchased at $7,725,773 on 5/1/26,

collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 2/15/56, valued at $7,879,650.

(c)

Agreement with Fixed Income Clearing Corporation, 1.060% dated 4/30/26 to be repurchased at $525,105 on 5/1/26,

collateralized by Government Agency Securities, with coupon rate 4.000% and maturity date 1/31/33, valued at $535,756.

Portfolio of Investments April 30, 2026

Large Cap Select

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 100.5%

51133628

COMMON STOCKS - 100.5%

51133628

BANKS - 2.2%

8,621

Citigroup, Inc

1,103,316

TOTAL BANKS

1,103,316

CAPITAL GOODS - 11.7%

7,158

Carrier Global Corp

480,803

2,953

Dover Corp

668,589

1,651

Eaton Corp plc

714,900

2,989

Emerson Electric Co

419,775

3,025

Honeywell International, Inc

648,348

4,148

Johnson Controls International plc

605,732

4,222

nVent Electric plc

603,324

770

Parker-Hannifin Corp

700,253

2,190

Regal Rexnord Corp

470,916

2,296

Westinghouse Air Brake Technologies Corp

619,667

TOTAL CAPITAL GOODS

5,932,307

COMMERCIAL & PROFESSIONAL SERVICES - 1.9%

4,090

Waste Management, Inc

951,130

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

951,130

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 5.4%

10,458

(a)

Amazon.com, Inc

2,771,998

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

2,771,998

CONSUMER SERVICES - 3.6%

4,075

Booking Holdings, Inc

686,067

1,548

Domino's Pizza, Inc

525,422

5,874

Wynn Resorts Ltd

629,164

TOTAL CONSUMER SERVICES

1,840,653

ENERGY - 2.3%

7,206

ConocoPhillips

906,371

1,001

Valero Energy Corp

252,832

TOTAL ENERGY

1,159,203

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.2%

4,422

ProLogis, Inc

628,012

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

628,012

FINANCIAL SERVICES - 8.2%

782

BlackRock, Inc

833,299

3,939

Capital One Financial Corp

753,531

11,273

Fidelity National Information Services, Inc

524,533

3,392

Intercontinental Exchange, Inc

536,241

2,024

Mastercard, Inc

1,017,910

6,634

Synchrony Financial

505,511

TOTAL FINANCIAL SERVICES

4,171,025

FOOD, BEVERAGE & TOBACCO - 2.4%

22,233

Hormel Foods Corp

477,343

4,502

Philip Morris International, Inc

743,145

TOTAL FOOD, BEVERAGE & TOBACCO

1,220,488

HEALTH CARE EQUIPMENT & SERVICES - 6.4%

3,807

Cigna Group

1,106,238

8,316

CVS Health Corp

692,640

1,560

Elevance Health, Inc

587,215

2,788

(a)

Tenet Healthcare Corp

493,811

4,431

Zimmer Biomet Holdings, Inc

365,247

TOTAL HEALTH CARE EQUIPMENT & SERVICES

3,245,151

INSURANCE - 2.2%

9,540

Fidelity National Financial, Inc

498,942

3,796

Marsh & McLennan Cos, Inc

636,627

TOTAL INSURANCE

1,135,569

See Notes to Financial Statements

DESCRIPTION

VALUE

MATERIALS - 0.9%

10,587

DuPont de Nemours, Inc

483,402

TOTAL MATERIALS

483,402

MEDIA & ENTERTAINMENT - 10.2%

10,206

Alphabet, Inc, Class C

3,898,080

1,028

Meta Platforms, Inc

629,043

6,280

Walt Disney Co

651,550

TOTAL MEDIA & ENTERTAINMENT

5,178,673

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 1.6%

1,172

Regeneron Pharmaceuticals, Inc

828,674

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

828,674

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 19.0%

6,193

Broadcom, Inc

2,585,144

11,836

(a)

Intel Corp

1,118,265

3,640

Lam Research Corp

938,610

17,503

NVIDIA Corp

3,493,074

1,694

Taiwan Semiconductor Manufacturing Co Ltd, Sponsored ADR

670,926

2,987

Texas Instruments, Inc

839,586

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

9,645,605

SOFTWARE & SERVICES - 7.2%

7,845

Microsoft Corp

3,199,034

3,343

(a)

Palantir Technologies, Inc, Class A

465,045

TOTAL SOFTWARE & SERVICES

3,664,079

TECHNOLOGY HARDWARE & EQUIPMENT - 8.4%

8,627

Apple, Inc

2,340,936

2,811

(a)

Arista Networks, Inc

485,488

3,766

TD SYNNEX Corp

859,326

1,316

Western Digital Corp

571,828

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

4,257,578

TELECOMMUNICATION SERVICES - 1.6%

4,149

T-Mobile US, Inc

811,130

TOTAL TELECOMMUNICATION SERVICES

811,130

TRANSPORTATION - 1.3%

2,564

Union Pacific Corp

690,947

TOTAL TRANSPORTATION

690,947

UTILITIES - 2.8%

4,881

Duke Energy Corp

632,333

7,993

NextEra Energy, Inc

782,355

TOTAL UTILITIES

1,414,688

TOTAL COMMON STOCKS

(Cost $31,279,188)

51,133,628

TOTAL LONG-TERM INVESTMENTS

(Cost $31,279,188)

51,133,628

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.1%

25,000

REPURCHASE AGREEMENTS - 0.1%

25,000

(b)

Fixed Income Clearing Corporation

.600

05/01/26

25,000

TOTAL REPURCHASE AGREEMENTS

(Cost $25,000)

25,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $25,000)

25,000

TOTAL INVESTMENTS - 100.6%

(Cost $31,304,188)

51,158,628

OTHER ASSETS & LIABILITIES, NET - (0.6)%

(

292,255

)

NET ASSETS - 100%

50,866,373

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, 3.600% dated 4/30/26 to be repurchased at $25,003 on 5/1/26, collateralized

by Government Agency Securities, with coupon rate 4.750% and maturity date 2/15/56, valued at $25,688.

Portfolio of Investments April 30, 2026

Mid Cap Value Opportunities

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.2%

357759169

COMMON STOCKS - 99.2%

357759169

BANKS - 5.8%

58,230

East West Bancorp, Inc

7,364,348

131,948

Fifth Third Bancorp

6,697,681

32,167

M&T Bank Corp

7,032,671

TOTAL BANKS

21,094,700

CAPITAL GOODS - 18.0%

12,264

Carlisle Cos, Inc

4,356,909

98,519

Carrier Global Corp

6,617,521

35,597

Crane Co

6,326,655

36,659

Dover Corp

8,299,964

11,985

Hubbell, Inc

6,090,418

23,539

ITT, Inc

5,045,349

25,846

L3Harris Technologies, Inc

8,284,935

45,368

nVent Electric plc

6,483,087

41,262

Owens Corning

5,089,255

24,101

WESCO International, Inc

8,414,141

TOTAL CAPITAL GOODS

65,008,234

COMMERCIAL & PROFESSIONAL SERVICES - 1.0%

71,014

(a)

Parsons Corp

3,579,816

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

3,579,816

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.3%

22,105

(a)

AutoNation, Inc

4,694,660

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

4,694,660

CONSUMER DURABLES & APPAREL - 3.5%

36,594

DR Horton, Inc

5,630,353

13,526

Ralph Lauren Corp

4,850,965

41,207

(b)

Whirlpool Corp

2,310,064

TOTAL CONSUMER DURABLES & APPAREL

12,791,382

CONSUMER SERVICES - 2.5%

19,640

Darden Restaurants, Inc

3,938,998

77,545

Travel & Leisure Co

5,014,060

TOTAL CONSUMER SERVICES

8,953,058

CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.0%

39,137

(a)

Performance Food Group Co

3,544,247

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

3,544,247

ENERGY - 7.2%

89,496

Baker Hughes Co

6,235,186

27,958

Diamondback Energy, Inc

5,749,003

319,464

Permian Resources Holdings, Inc, Class A

6,906,812

94,271

Williams Cos, Inc

7,193,820

TOTAL ENERGY

26,084,821

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 8.1%

43,628

Digital Realty Trust, Inc

8,766,610

59,527

Regency Centers Corp

4,634,177

132,886

STAG Industrial, Inc

5,126,742

73,350

Ventas, Inc

6,444,531

173,895

Weyerhaeuser Co

4,263,906

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

29,235,966

FINANCIAL SERVICES - 5.4%

113,887

Jefferies Financial Group, Inc

5,491,631

105,790

OneMain Holdings, Inc

6,217,278

48,093

Raymond James Financial, Inc

7,614,084

TOTAL FINANCIAL SERVICES

19,322,993

FOOD, BEVERAGE & TOBACCO - 1.7%

37,577

McCormick & Co, Inc

1,910,415

208,405

Primo Brands Corp

4,247,294

TOTAL FOOD, BEVERAGE & TOBACCO

6,157,709

See Notes to Financial Statements

DESCRIPTION

VALUE

HEALTH CARE EQUIPMENT & SERVICES - 0.8%

11,939

Humana, Inc

2,822,857

TOTAL HEALTH CARE EQUIPMENT & SERVICES

2,822,857

INSURANCE - 5.3%

22,964

Allstate Corp

4,989,158

81,693

(a)

Arch Capital Group Ltd

7,716,721

80,328

Unum Group

6,456,765

TOTAL INSURANCE

19,162,644

MATERIALS - 5.3%

84,463

DuPont de Nemours, Inc

3,856,581

14,399

Reliance, Inc

5,219,638

105,524

Smurfit Westrock plc

4,051,066

50,566

Westlake Corp

5,829,248

TOTAL MATERIALS

18,956,533

MEDIA & ENTERTAINMENT - 1.4%

23,240

(a)

Take-Two Interactive Software, Inc

4,967,782

TOTAL MEDIA & ENTERTAINMENT

4,967,782

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5%

64,147

(a)

BioMarin Pharmaceutical, Inc

3,458,165

158,029

(a)

Elanco Animal Health, Inc

3,535,108

142,076

(a)

Exelixis, Inc

6,316,699

36,010

(a)

Jazz Pharmaceuticals plc

7,310,750

11,028

(a)

United Therapeutics Corp

6,300,848

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

26,921,570

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.1%

71,630

Microchip Technology, Inc

6,655,143

26,901

MKS, Inc

7,633,159

30,292

Qnity Electronics, Inc

4,260,873

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

18,549,175

SOFTWARE & SERVICES - 2.8%

27,126

(a)

Check Point Software Technologies Ltd

3,050,861

172,511

Gen Digital, Inc

3,327,737

13,513

VeriSign, Inc

3,630,403

TOTAL SOFTWARE & SERVICES

10,009,001

TECHNOLOGY HARDWARE & EQUIPMENT - 8.0%

15,094

(a)

Ciena Corp

7,963,293

101,429

Crane NXT Co

4,531,848

202,294

Hewlett Packard Enterprise Co

5,819,998

46,490

TD SYNNEX Corp

10,608,088

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

28,923,227

UTILITIES - 7.5%

92,333

Alliant Energy Corp

6,780,012

38,168

American Electric Power Co, Inc

5,233,215

59,884

CMS Energy Corp

4,595,498

74,200

Eversource Energy

5,245,940

107,831

FirstEnergy Corp

5,124,129

TOTAL UTILITIES

26,978,794

TOTAL COMMON STOCKS

(Cost $225,177,572)

357,759,169

TOTAL LONG-TERM INVESTMENTS

(Cost $225,177,572)

357,759,169

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.0%

31,572

(c)

State Street Navigator Securities Lending Government Money

Market Portfolio

3.670%(d)

31,572

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $31,572)

31,572

Portfolio of Investments April 30, 2026

(continued)

Mid Cap Value Opportunities

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.9%

3035277

REPURCHASE AGREEMENTS - 0.9%

3035277

2,925,000

(e)

Fixed Income Clearing Corporation

.600

05/01/26

2,925,000

110,277

(f)

Fixed Income Clearing Corporation

.060

05/01/26

110,277

TOTAL REPURCHASE AGREEMENTS

(Cost $3,035,277)

3,035,277

TOTAL SHORT-TERM INVESTMENTS

(Cost $3,035,277)

3,035,277

TOTAL INVESTMENTS - 100.1%

(Cost $228,244,421)

360,826,018

OTHER ASSETS & LIABILITIES, NET - (0.1)%

(

284,946

)

NET ASSETS - 100%

360,541,072

(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 $28,198.

(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, 3.600% dated 4/30/26 to be repurchased at $2,925,293 on 5/1/26,

collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 11/15/55, valued at $2,983,611.

(f)

Agreement with Fixed Income Clearing Corporation, 1.060% dated 4/30/26 to be repurchased at $110,280 on 5/1/26,

collateralized by Government Agency Securities, with coupon rate 4.000% and maturity date 1/31/33, valued at $112,592.

Portfolio of Investments April 30, 2026

Small Cap Growth Opportunities

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 98.5%

256856518

COMMON STOCKS - 98.5%

256856518

AUTOMOBILES & COMPONENTS - 1.0%

29,046

Patrick Industries, Inc

2,701,278

TOTAL AUTOMOBILES & COMPONENTS

2,701,278

BANKS - 2.4%

39,669

Ameris Bancorp

3,381,782

31,000

Preferred Bank

2,936,630

TOTAL BANKS

6,318,412

CAPITAL GOODS - 24.8%

29,286

(a)

Bloom Energy Corp, Class A

8,298,481

11,788

(a)

Dycom Industries, Inc

4,881,411

13,237

EnPro, Inc

3,859,247

137,842

(a)

EquipmentShare.com, Inc, Class A

2,893,993

16,315

ESCO Technologies, Inc

5,285,244

29,171

Federal Signal Corp

3,591,825

29,131

Granite Construction, Inc

3,992,986

26,031

JBT Marel Corp

3,074,261

57,164

(a)

Kratos Defense & Security Solutions, Inc

3,604,190

20,595

(a)

Modine Manufacturing Co

5,244,105

16,776

(a)

NEXTracker, Inc, Class A

1,998,525

18,999

Primoris Services Corp

3,441,669

19,870

(a)

SPX Technologies, Inc

4,349,742

5,092

(a)

Sterling Infrastructure, Inc

2,625,537

19,601

VSE Corp

3,365,100

78,667

Zurn Elkay Water Solutions Corp

4,087,537

TOTAL CAPITAL GOODS

64,593,853

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.0%

19,630

(a)

Boot Barn Holdings, Inc

3,365,563

22,107

(a)

Ollie's Bargain Outlet Holdings, Inc

1,912,477

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

5,278,040

CONSUMER DURABLES & APPAREL - 1.2%

82,991

Steven Madden Ltd

3,117,142

TOTAL CONSUMER DURABLES & APPAREL

3,117,142

CONSUMER SERVICES - 2.8%

52,793

Red Rock Resorts, Inc, Class A

2,848,710

31,367

(a)

Stride, Inc

3,047,618

7,982

Wingstop, Inc

1,309,527

TOTAL CONSUMER SERVICES

7,205,855

ENERGY - 4.2%

11,736

(a)

Gulfport Energy Operating Corp

2,259,650

65,739

Matador Resources Co

4,170,482

61,081

Solaris Energy Infrastructure, Inc

4,510,221

TOTAL ENERGY

10,940,353

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.5%

104,368

CareTrust REIT, Inc

4,117,318

12,135

EastGroup Properties, Inc

2,441,562

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

6,558,880

FINANCIAL SERVICES - 5.2%

33,128

FirstCash Holdings, Inc

7,229,192

46,327

Moelis & Co, Class A

3,016,814

37,164

Piper Sandler Cos

3,240,701

TOTAL FINANCIAL SERVICES

13,486,707

FOOD, BEVERAGE & TOBACCO - 1.3%

50,069

(a)

Vita Coco Co, Inc

3,304,053

TOTAL FOOD, BEVERAGE & TOBACCO

3,304,053

HEALTH CARE EQUIPMENT & SERVICES - 12.2%

20,418

(a)

Addus HomeCare Corp

1,978,300

178,467

(a)

Alphatec Holdings, Inc

1,741,838

15,450

Ensign Group, Inc

2,884,360

Portfolio of Investments April 30, 2026

(continued)

Small Cap Growth Opportunities

See Notes to Financial Statements

DESCRIPTION

VALUE

HEALTH CARE EQUIPMENT & SERVICES

(continued)

33,774

(a)

Establishment Labs Holdings, Inc

2,317,910

27,196

(a)

Glaukos Corp

3,907,249

17,836

(a)

Guardant Health, Inc

1,553,159

60,033

(a)

HealthEquity, Inc

4,924,507

147,725

(a)

Privia Health Group, Inc

3,670,966

60,274

(a)

RadNet, Inc

3,408,495

187,890

(a)

SI-BONE, Inc

2,327,957

142,005

(a)

Waystar Holding Corp

3,035,357

TOTAL HEALTH CARE EQUIPMENT & SERVICES

31,750,098

INSURANCE - 1.7%

18,749

(a)

Palomar Holdings, Inc

2,257,005

49,247

(a)

Skyward Specialty Insurance Group, Inc

2,238,276

TOTAL INSURANCE

4,495,281

MATERIALS - 3.2%

96,993

(a)

Almonty Industries, Inc

2,102,808

37,668

Commercial Metals Co

2,597,586

40,384

(a)

Knife River Corp

3,737,539

TOTAL MATERIALS

8,437,933

MEDIA & ENTERTAINMENT - 1.1%

227,121

(a)

Magnite, Inc

2,910,555

591,081

(a),(b)

Videopropulsion, Inc

5,911

TOTAL MEDIA & ENTERTAINMENT

2,916,466

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.4%

65,534

(a)

Alkermes plc

2,209,151

40,318

(a)

ANI Pharmaceuticals, Inc

3,203,265

34,837

(a)

Arrowhead Pharmaceuticals, Inc

2,559,823

22,557

(a)

Axsome Therapeutics, Inc

4,686,217

35,270

(a)

Bridgebio Pharma, Inc

2,508,050

45,227

(a)

Cogent Biosciences, Inc

1,618,674

37,566

(a)

Crinetics Pharmaceuticals, Inc

1,456,809

31,936

(a)

Edgewise Therapeutics, Inc

988,739

7,690

(a)

Krystal Biotech, Inc

2,016,779

16,831

(a)

Mirum Pharmaceuticals, Inc

1,637,825

4,480

(a)

Praxis Precision Medicines, Inc

1,428,358

39,998

(a)

Scholar Rock Holding Corp

1,864,307

64,094

(a)

Trevi Therapeutics, Inc

881,933

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

27,059,930

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.4%

76,545

(a)

Allegro MicroSystems, Inc

3,712,432

26,090

(a)

Credo Technology Group Holding Ltd

4,539,921

44,640

(a)

Impinj, Inc

6,469,229

21,310

(a)

Rambus, Inc

2,452,994

44,995

(a)

Semtech Corp

4,726,725

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

21,901,301

SOFTWARE & SERVICES - 6.0%

33,130

(a)

Agilysys, Inc

2,122,308

89,764

(a)

Braze, Inc, Class A

1,977,501

172,872

(a)

Cleanspark, Inc

2,166,086

46,383

(a)

DigitalOcean Holdings, Inc

4,472,713

53,706

(a)

JFrog Ltd

2,494,106

49,367

(a)

Q2 Holdings, Inc

2,505,375

TOTAL SOFTWARE & SERVICES

15,738,089

TECHNOLOGY HARDWARE & EQUIPMENT - 7.5%

18,602

(a)

Applied Optoelectronics, Inc

3,057,425

19,007

Badger Meter, Inc

2,298,136

7,937

(a)

Fabrinet

5,424,702

69,767

(a),(c)

IonQ, Inc

3,147,887

165,388

(a)

Mirion Technologies, Inc

3,266,413

32,180

(a)

nLight, Inc

2,247,773

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

19,442,336

See Notes to Financial Statements

DESCRIPTION

VALUE

TRANSPORTATION - 0.6%

41,179

(a)

Alaska Air Group, Inc

1,610,511

TOTAL TRANSPORTATION

1,610,511

TOTAL COMMON STOCKS

(Cost $193,521,666)

256,856,518

TOTAL LONG-TERM INVESTMENTS

(Cost $193,521,666)

256,856,518

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.8%

1,964,245

(d)

State Street Navigator Securities Lending Government Money

Market Portfolio

3.670%(e)

1,964,245

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $1,964,245)

1,964,245

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.6%

4,150,000

REPURCHASE AGREEMENTS - 1.6%

4,150,000

(f)

Fixed Income Clearing Corporation

.600

05/01/26

4,150,000

TOTAL REPURCHASE AGREEMENTS

(Cost $4,150,000)

4,150,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $4,150,000)

4,150,000

TOTAL INVESTMENTS - 100.9%

(Cost $199,635,911)

262,970,763

OTHER ASSETS & LIABILITIES, NET - (0.9)%

(

2,334,725

)

NET ASSETS - 100%

260,636,038

REIT

Real Estate Investment Trust

(a)

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

(b)

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

(c)

Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end

of the fiscal period was $2,051,336.

(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, 3.600% dated 4/30/26 to be repurchased at $4,150,415 on 5/1/26,

collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 11/15/55, valued at $4,233,160.

Portfolio of Investments April 30, 2026

Small Cap Select

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.4%

453251558

COMMON STOCKS - 99.4%

453251558

AUTOMOBILES & COMPONENTS - 1.1%

55,726

Patrick Industries, Inc

5,182,518

TOTAL AUTOMOBILES & COMPONENTS

5,182,518

BANKS - 10.9%

74,727

Ameris Bancorp

6,370,477

163,223

Atlantic Union Bankshares Corp

6,145,346

103,522

Banner Corp

6,926,657

117,206

First Merchants Corp

4,739,810

183,155

Home BancShares, Inc

4,921,375

232,651

Old National Bancorp

5,576,644

48,815

Preferred Bank

4,624,245

51,287

UMB Financial Corp

6,470,881

26,907

Wintrust Financial Corp

4,051,387

TOTAL BANKS

49,826,822

CAPITAL GOODS - 19.0%

48,807

(a)

AAR Corp

5,386,829

42,799

Arcosa, Inc

5,412,789

110,993

Atmus Filtration Technologies, Inc

7,036,956

16,540

(a)

Dycom Industries, Inc

6,849,214

24,086

EnPro, Inc

7,022,273

26,526

ESCO Technologies, Inc

8,593,098

242,363

(a)

Gates Industrial Corp plc

6,206,916

53,181

Granite Construction, Inc

7,289,520

56,611

Herc Holdings, Inc

7,185,068

41,074

JBT Marel Corp

4,850,839

30,617

Primoris Services Corp

5,546,270

29,277

(a)

SPX Technologies, Inc

6,409,028

116,963

(a)

Trex Co, Inc

4,584,950

14,842

Watts Water Technologies, Inc, Class A

4,454,975

TOTAL CAPITAL GOODS

86,828,725

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.9%

27,936

(a)

Boot Barn Holdings, Inc

4,789,627

229,061

Monro, Inc

4,022,311

47,893

Signet Jewelers Ltd

4,263,914

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

13,075,852

CONSUMER DURABLES & APPAREL - 2.3%

74,342

Kontoor Brands, Inc

5,453,729

131,512

Steven Madden Ltd

4,939,591

TOTAL CONSUMER DURABLES & APPAREL

10,393,320

CONSUMER SERVICES - 2.5%

51,692

Boyd Gaming Corp

4,494,619

185,851

(a)

Universal Technical Institute, Inc

6,974,988

TOTAL CONSUMER SERVICES

11,469,607

ENERGY - 6.1%

131,054

Matador Resources Co

8,314,066

253,642

Northern Oil & Gas, Inc

6,888,917

197,159

SM Energy Co

6,117,844

85,067

Solaris Energy Infrastructure, Inc

6,281,347

TOTAL ENERGY

27,602,174

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 4.5%

216,958

CareTrust REIT, Inc

8,558,993

30,206

EastGroup Properties, Inc

6,077,447

147,872

STAG Industrial, Inc

5,704,902

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

20,341,342

FINANCIAL SERVICES - 5.7%

480,525

BGC Group, Inc, Class A

5,396,296

47,938

FirstCash Holdings, Inc

10,461,030

355,323

Ladder Capital Corp

3,652,721

See Notes to Financial Statements

DESCRIPTION

VALUE

FINANCIAL SERVICES

(continued)

74,772

Piper Sandler Cos

6,520,118

TOTAL FINANCIAL SERVICES

26,030,165

HEALTH CARE EQUIPMENT & SERVICES - 8.3%

333,697

(a)

Alphatec Holdings, Inc

3,256,883

67,153

(a)

Establishment Labs Holdings, Inc

4,608,710

41,155

(a)

Glaukos Corp

5,912,739

119,011

(a)

Guardian Pharmacy Services, Inc, Class A

4,415,308

81,990

(a)

HealthEquity, Inc

6,725,640

73,792

(a)

Merit Medical Systems, Inc

5,031,138

87,666

(a)

RadNet, Inc

4,957,512

245,448

(a)

SI-BONE, Inc

3,041,101

TOTAL HEALTH CARE EQUIPMENT & SERVICES

37,949,031

INSURANCE - 0.8%

12,289

Primerica, Inc

3,456,527

TOTAL INSURANCE

3,456,527

MATERIALS - 3.5%

132,388

Avient Corp

4,908,947

63,811

Commercial Metals Co

4,400,406

70,218

(a)

Knife River Corp

6,498,676

TOTAL MATERIALS

15,808,029

MEDIA & ENTERTAINMENT - 3.1%

110,382

(a)

IMAX Corp

4,196,724

349,457

(a)

Magnite, Inc

4,478,291

117,852

(a)

Ziff Davis, Inc

5,392,908

TOTAL MEDIA & ENTERTAINMENT

14,067,923

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.4%

86,592

(a)

Alkermes plc

2,919,016

68,394

(a)

ANI Pharmaceuticals, Inc

5,433,903

36,585

(a)

Arrowhead Pharmaceuticals, Inc

2,688,266

32,237

(a)

Axsome Therapeutics, Inc

6,697,237

38,257

(a)

Bridgebio Pharma, Inc

2,720,455

50,579

(a)

Cogent Biosciences, Inc

1,810,222

51,179

(a)

Crinetics Pharmaceuticals, Inc

1,984,722

32,958

(a)

Edgewise Therapeutics, Inc

1,020,380

13,419

(a)

Krystal Biotech, Inc

3,519,267

78,327

(a)

Scholar Rock Holding Corp

3,650,822

96,221

(a)

Trevi Therapeutics, Inc

1,324,001

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

33,768,291

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.6%

140,919

(a)

Allegro MicroSystems, Inc

6,834,572

99,851

(a)

Ichor Holdings Ltd

6,587,170

55,200

(a)

Impinj, Inc

7,999,584

157,034

(a)

Rigetti Computing, Inc

2,740,243

56,910

(a)

Semtech Corp

5,978,396

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

30,139,965

SOFTWARE & SERVICES - 4.7%

176,493

(a)

Braze, Inc, Class A

3,888,141

527,264

(a),(b)

Cleanspark, Inc

6,606,618

52,625

(a)

DigitalOcean Holdings, Inc

5,074,629

70,988

(a)

JFrog Ltd

3,296,682

54,209

(a)

Q2 Holdings, Inc

2,751,107

TOTAL SOFTWARE & SERVICES

21,617,177

TECHNOLOGY HARDWARE & EQUIPMENT - 4.8%

24,878

(a)

Applied Optoelectronics, Inc

4,088,948

271,095

(a)

Mirion Technologies, Inc

5,354,126

40,989

(a)

nLight, Inc

2,863,082

37,417

(a)

Plexus Corp

9,375,952

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

21,682,108

Portfolio of Investments April 30, 2026

(continued)

Small Cap Select

See Notes to Financial Statements

DESCRIPTION

VALUE

TRANSPORTATION - 2.2%

102,319

(a)

Alaska Air Group, Inc

4,001,696

48,293

ArcBest Corp

6,160,738

TOTAL TRANSPORTATION

10,162,434

UTILITIES - 3.0%

87,052

Black Hills Corp

6,554,145

80,011

Spire, Inc

7,295,403

TOTAL UTILITIES

13,849,548

TOTAL COMMON STOCKS

(Cost $377,968,006)

453,251,558

TOTAL LONG-TERM INVESTMENTS

(Cost $377,968,006)

453,251,558

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.1%

775,094

(c)

State Street Navigator Securities Lending Government Money

Market Portfolio

3.670%(d)

775,094

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $775,094)

775,094

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.1%

4880229

REPURCHASE AGREEMENTS - 1.1%

4880229

4,725,000

(e)

Fixed Income Clearing Corporation

.600

05/01/26

4,725,000

155,229

(f)

Fixed Income Clearing Corporation

.060

05/01/26

155,229

TOTAL REPURCHASE AGREEMENTS

(Cost $4,880,229)

4,880,229

TOTAL SHORT-TERM INVESTMENTS

(Cost $4,880,229)

4,880,229

TOTAL INVESTMENTS - 100.6%

(Cost $383,623,329)

458,906,881

OTHER ASSETS & LIABILITIES, NET - (0.6)%

(

2,931,474

)

NET ASSETS - 100%

455,975,407

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 $815,152.

(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, 3.600% dated 4/30/26 to be repurchased at $4,725,473 on 5/1/26,

collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 2/15/56, valued at $4,819,525.

(f)

Agreement with Fixed Income Clearing Corporation, 1.060% dated 4/30/26 to be repurchased at $155,234 on 5/1/26,

collateralized by Government Agency Securities, with coupon rate 4.000% and maturity date 1/31/33, valued at $158,445.

Portfolio of Investments April 30, 2026

Small Cap Value

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.1%

282676220

COMMON STOCKS - 99.1%

282676220

AUTOMOBILES & COMPONENTS - 1.1%

87,297

Standard Motor Products, Inc

3,262,289

TOTAL AUTOMOBILES & COMPONENTS

3,262,289

BANKS - 17.4%

48,668

Ameris Bancorp

4,148,947

82,711

Banner Corp

5,534,193

78,560

Cathay General Bancorp

4,401,717

142,662

ConnectOne Bancorp, Inc

4,168,584

110,111

First Commonwealth Financial Corp

2,027,143

125,697

First Merchants Corp

5,083,187

239,440

OceanFirst Financial Corp

4,566,121

247,049

Old Second Bancorp, Inc

5,091,680

48,564

Preferred Bank

4,600,468

43,827

UMB Financial Corp

5,529,652

30,020

Wintrust Financial Corp

4,520,111

TOTAL BANKS

49,671,803

CAPITAL GOODS - 8.9%

17,703

Alamo Group, Inc

3,070,408

31,415

Boise Cascade Co

2,490,267

30,555

EnerSys

6,516,159

127,840

(a)

Gates Industrial Corp plc

3,273,983

405,942

(a)

Hillman Solutions Corp

3,312,487

92,622

(a)

Resideo Technologies, Inc

3,831,772

316,176

(a)

Stratasys Ltd

2,804,481

TOTAL CAPITAL GOODS

25,299,557

COMMERCIAL & PROFESSIONAL SERVICES - 4.8%

164,137

Deluxe Corp

5,112,867

51,881

Korn Ferry

3,446,974

45,055

(a)

Parsons Corp

2,271,223

38,586

(a)

Willdan Group, Inc

2,932,536

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

13,763,600

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.0%

7,523

Group Automotive, Inc

2,684,733

32,211

Signet Jewelers Ltd

2,867,745

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

5,552,478

CONSUMER DURABLES & APPAREL - 4.3%

106,906

La-Z-Boy, Inc

3,713,914

26,550

(a)

M/I Homes Inc

3,491,060

87,816

Steven Madden Ltd

3,298,369

33,569

Whirlpool Corp

1,881,878

TOTAL CONSUMER DURABLES & APPAREL

12,385,221

CONSUMER SERVICES - 1.1%

30,778

(a)

Stride, Inc

2,990,390

TOTAL CONSUMER SERVICES

2,990,390

ENERGY - 7.8%

67,690

Cactus, Inc, Class A

3,771,687

128,516

(a)

CNX Resources Corp

5,000,557

193,183

Magnolia Oil & Gas Corp, Class A

5,841,854

76,432

Matador Resources Co

4,848,846

104,698

Northern Oil & Gas, Inc

2,843,598

TOTAL ENERGY

22,306,542

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 6.4%

186,406

Apple Hospitality REIT, Inc

2,510,889

110,013

COPT Defense Properties

3,437,906

51,206

EPR Properties

2,857,807

59,796

Getty Realty Corp

1,980,444

87,682

LXP Industrial Trust

4,464,767

Portfolio of Investments April 30, 2026

(continued)

Small Cap Value

See Notes to Financial Statements

DESCRIPTION

VALUE

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

(continued)

80,809

STAG Industrial, Inc

3,117,611

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

18,369,424

FINANCIAL SERVICES - 5.1%

308,882

Ladder Capital Corp

3,175,307

67,418

OneMain Holdings, Inc

3,962,156

57,364

Piper Sandler Cos

5,002,141

240,634

(a)

Wealthfront Corp

2,533,876

TOTAL FINANCIAL SERVICES

14,673,480

FOOD, BEVERAGE & TOBACCO - 0.6%

85,024

Primo Brands Corp

1,732,789

TOTAL FOOD, BEVERAGE & TOBACCO

1,732,789

HEALTH CARE EQUIPMENT & SERVICES - 1.9%

30,117

(a)

Addus HomeCare Corp

2,918,036

115,638

(a)

Option Care Health, Inc

2,350,921

TOTAL HEALTH CARE EQUIPMENT & SERVICES

5,268,957

INSURANCE - 4.7%

153,938

(a)

Ategrity Specialty Holdings LLC

2,924,822

78,836

CNO Financial Group, Inc

3,504,260

94,300

Hamilton Insurance Group Ltd, Class B

3,090,211

54,146

Stewart Information Services Corp

3,789,679

TOTAL INSURANCE

13,308,972

MATERIALS - 5.5%

116,314

(a)

Coeur Mining, Inc

2,090,163

66,363

Commercial Metals Co

4,576,393

29,133

(a)

Knife River Corp

2,696,259

45,565

Minerals Technologies, Inc

3,277,946

22,333

Quaker Chemical Corp

3,034,831

TOTAL MATERIALS

15,675,592

MEDIA & ENTERTAINMENT - 2.0%

150,030

(a)

Magnite, Inc

1,922,635

83,429

(a)

Ziff Davis, Inc

3,817,711

TOTAL MEDIA & ENTERTAINMENT

5,740,346

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.6%

115,690

(a)

Alkermes plc

3,899,910

35,476

(a)

ANI Pharmaceuticals, Inc

2,818,568

31,308

(a)

Exelixis, Inc

1,391,954

72,220

(a)

Immunovant, Inc

1,960,412

13,741

(a)

Krystal Biotech, Inc

3,603,715

38,786

(a)

Prestige Consumer Healthcare, Inc

2,184,427

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

15,858,986

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.5%

99,306

(a)

MaxLinear, Inc

7,025,899

12,551

MKS, Inc

3,561,346

25,222

(a)

Synaptics, Inc

2,360,527

53,035

(a)

Veeco Instruments, Inc

2,643,795

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

15,591,567

SOFTWARE & SERVICES - 3.2%

327,451

(a)

Cleanspark, Inc

4,102,961

85,621

(a)

I3 Verticals, Inc, Class A

1,930,754

62,784

(a)

Q2 Holdings, Inc

3,186,288

TOTAL SOFTWARE & SERVICES

9,220,003

TECHNOLOGY HARDWARE & EQUIPMENT - 4.0%

75,309

Crane NXT Co

3,364,806

176,072

(a)

Harmonic, Inc

2,012,503

24,384

(a)

Plexus Corp

6,110,143

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

11,487,452

TRANSPORTATION - 1.5%

136,161

Schneider National, Inc, Class B

4,233,245

TOTAL TRANSPORTATION

4,233,245

See Notes to Financial Statements

DESCRIPTION

VALUE

UTILITIES - 5.7%

63,494

Black Hills Corp

4,780,463

30,993

ONE Gas, Inc

2,765,196

48,364

Otter Tail Corp

4,316,003

48,496

Spire, Inc

4,421,865

TOTAL UTILITIES

16,283,527

TOTAL COMMON STOCKS

(Cost $197,902,072)

282,676,220

TOTAL LONG-TERM INVESTMENTS

(Cost $197,902,072)

282,676,220

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.6%

1,800,000

REPURCHASE AGREEMENTS - 0.6%

1,800,000

(b)

Fixed Income Clearing Corporation

.600

05/01/26

1,800,000

TOTAL REPURCHASE AGREEMENTS

(Cost $1,800,000)

1,800,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,800,000)

1,800,000

TOTAL INVESTMENTS - 99.7%

(Cost $199,702,072)

284,476,220

OTHER ASSETS & LIABILITIES, NET - 0.3%

742,938

NET ASSETS - 100%

285,219,158

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, 3.600% dated 4/30/26 to be repurchased at $1,800,180 on 5/1/26,

collateralized by Government Agency Securities, with coupon rate 4.625% and maturity date 11/15/55, valued at $1,836,053.

Portfolio of Investments April 30, 2026

Small/Mid Cap Growth Opportunities

See Notes to Financial Statements

(Unaudited)

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.2%

168675755

COMMON STOCKS - 99.2%

168675755

AUTOMOBILES & COMPONENTS - 1.1%

20,233

Patrick Industries, Inc

1,881,669

TOTAL AUTOMOBILES & COMPONENTS

1,881,669

BANKS - 2.5%

19,480

Pinnacle Financial Partners, Inc

1,927,351

19,120

UMB Financial Corp

2,412,371

TOTAL BANKS

4,339,722

CAPITAL GOODS - 25.4%

8,757

Applied Industrial Technologies, Inc

2,677,453

12,371

(a)

Bloom Energy Corp, Class A

3,505,447

4,954

Carpenter Technology Corp

2,121,303

5,995

(a)

Dycom Industries, Inc

2,482,530

2,064

EMCOR Group, Inc

1,840,407

88,957

(a)

EquipmentShare.com, Inc, Class A

1,867,652

8,191

ESCO Technologies, Inc

2,653,474

15,187

FTAI Aviation Ltd

3,791,738

16,132

Granite Construction, Inc

2,211,213

15,154

JBT Marel Corp

1,789,687

13,534

(a)

Karman Holdings, Inc

920,041

31,096

(a)

Kratos Defense & Security Solutions, Inc

1,960,603

3,188

(a)

MasTec, Inc

1,256,231

11,633

(a)

Modine Manufacturing Co

2,962,111

18,428

(a)

NEXTracker, Inc, Class A

2,195,328

14,084

Primoris Services Corp

2,551,317

17,172

(a)

Rocket Lab Corp

1,416,862

12,342

(a)

SPX Technologies, Inc

2,701,787

4,507

(a)

Sterling Infrastructure, Inc

2,323,899

TOTAL CAPITAL GOODS

43,229,083

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.3%

13,205

(a)

Boot Barn Holdings, Inc

2,263,997

18,490

(a)

Ollie's Bargain Outlet Holdings, Inc

1,599,570

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

3,863,567

CONSUMER DURABLES & APPAREL - 1.7%

37,505

Somnigroup International, Inc

2,845,129

TOTAL CONSUMER DURABLES & APPAREL

2,845,129

CONSUMER SERVICES - 4.7%

24,644

(a)

Cava Group, Inc

2,301,996

22,322

Churchill Downs, Inc

2,254,299

54,388

(a)

Universal Technical Institute, Inc

2,041,181

8,932

Wingstop, Inc

1,465,384

TOTAL CONSUMER SERVICES

8,062,860

ENERGY - 2.8%

104,914

Permian Resources Holdings, Inc, Class A

2,268,241

33,775

Solaris Energy Infrastructure, Inc

2,493,946

TOTAL ENERGY

4,762,187

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.2%

52,104

CareTrust REIT, Inc

2,055,503

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

2,055,503

FINANCIAL SERVICES - 6.7%

54,166

Equitable Holdings, Inc

2,285,806

5,231

Evercore, Inc, Class A

1,680,668

15,460

FirstCash Holdings, Inc

3,373,681

11,500

Houlihan Lokey, Inc

1,779,625

26,556

Piper Sandler Cos

2,315,683

TOTAL FINANCIAL SERVICES

11,435,463

FOOD, BEVERAGE & TOBACCO - 1.1%

29,143

(a)

Vita Coco Co, Inc

1,923,146

TOTAL FOOD, BEVERAGE & TOBACCO

1,923,146

See Notes to Financial Statements

DESCRIPTION

VALUE

HEALTH CARE EQUIPMENT & SERVICES - 10.9%

14,355

(a)

Addus HomeCare Corp

1,390,856

17,786

Encompass Health Corp

1,778,600

8,218

Ensign Group, Inc

1,534,218

16,305

(a)

Glaukos Corp

2,342,539

17,942

(a)

Guardant Health, Inc

1,562,389

28,200

(a)

HealthEquity, Inc

2,313,246

9,620

(a)

Masimo Corp

1,716,497

24,898

(a)

Merit Medical Systems, Inc

1,697,546

6,241

(a)

Penumbra, Inc

2,037,562

38,265

(a)

RadNet, Inc

2,163,886

TOTAL HEALTH CARE EQUIPMENT & SERVICES

18,537,339

INSURANCE - 1.1%

42,017

(a)

Skyward Specialty Insurance Group, Inc

1,909,673

TOTAL INSURANCE

1,909,673

MATERIALS - 2.4%

23,492

(a)

Knife River Corp

2,174,185

28,931

(a)

MP Materials Corp

1,910,603

TOTAL MATERIALS

4,084,788

MEDIA & ENTERTAINMENT - 1.9%

43,746

(a)

IMAX Corp

1,663,223

121,571

(a)

Magnite, Inc

1,557,932

TOTAL MEDIA & ENTERTAINMENT

3,221,155

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.6%

35,539

(a)

Alkermes plc

1,198,020

17,201

(a)

Arrowhead Pharmaceuticals, Inc

1,263,929

6,051

(a)

Ascendis Pharma A.S.

1,387,978

14,449

(a)

Axsome Therapeutics, Inc

3,001,780

18,398

(a)

Bridgebio Pharma, Inc

1,308,282

24,426

(a)

Cogent Biosciences, Inc

874,206

10,542

(a)

Insmed, Inc

1,437,191

21,329

(a)

Ionis Pharmaceuticals, Inc

1,594,556

6,816

(a)

Krystal Biotech, Inc

1,787,564

25,083

(a)

Scholar Rock Holding Corp

1,169,119

2,169

(a)

United Therapeutics Corp

1,239,258

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

16,261,883

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 7.6%

52,370

(a)

Allegro MicroSystems, Inc

2,539,945

17,207

(a)

Credo Technology Group Holding Ltd

2,994,190

21,055

(a)

Impinj, Inc

3,051,290

6,153

(a)

Onto Innovation, Inc

1,815,504

23,293

(a)

Semtech Corp

2,446,930

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

12,847,859

SOFTWARE & SERVICES - 6.3%

22,651

(a)

Agilysys, Inc

1,451,023

74,609

(a)

Braze, Inc, Class A

1,643,636

19,824

(a)

DigitalOcean Holdings, Inc

1,911,628

74,966

(a)

Dynatrace, Inc

2,714,519

31,269

(a)

JFrog Ltd

1,452,133

84,075

(a)

nCino, Inc

1,469,631

TOTAL SOFTWARE & SERVICES

10,642,570

TECHNOLOGY HARDWARE & EQUIPMENT - 7.5%

31,611

Cognex Corp

1,754,727

5,286

(a)

Fabrinet

3,612,822

34,834

(a),(b)

IonQ, Inc

1,571,710

4,941

Jabil, Inc

1,667,538

857

(a)

Lumentum Holdings, Inc

773,288

100,060

(a)

Mirion Technologies, Inc

1,976,185

19,983

(a)

nLight, Inc

1,395,813

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

12,752,083

Portfolio of Investments April 30, 2026

(continued)

Small/Mid Cap Growth Opportunities

See Notes to Financial Statements

DESCRIPTION

VALUE

TRANSPORTATION - 2.4%

40,476

(a)

Alaska Air Group, Inc

1,583,017

11,071

(a)

XPO, Inc

2,437,059

TOTAL TRANSPORTATION

4,020,076

TOTAL COMMON STOCKS

(Cost $139,561,456)

168,675,755

TOTAL LONG-TERM INVESTMENTS

(Cost $139,561,456)

168,675,755

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.9%

1,484,534

(c)

State Street Navigator Securities Lending Government Money

Market Portfolio

3.670%(d)

1,484,534

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $1,484,534)

1,484,534

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.7%

1,200,000

REPURCHASE AGREEMENTS - 0.7%

1,200,000

(e)

Fixed Income Clearing Corporation

.600

05/01/26

1,200,000

TOTAL REPURCHASE AGREEMENTS

(Cost $1,200,000)

1,200,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,200,000)

1,200,000

TOTAL INVESTMENTS - 100.8%

(Cost $142,245,990)

171,360,289

OTHER ASSETS & LIABILITIES, NET - (0.8)%

(

1,358,009

)

NET ASSETS - 100%

170,002,280

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 $1,555,963.

(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, 3.600% dated 4/30/26 to be repurchased at $1,200,120 on 5/1/26,

collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 2/15/56, valued at $1,224,050.

Statement of Assets and Liabilities

See Notes to Financial Statements

April 30, 2026 (Unaudited)

Dividend Value

Large Cap Select

Mid Cap Value

Opportunities

Small Cap

Growth

Opportunities

Small Cap Select

ASSETS

Long-term investments, at value

†‡

3,416,274,274‌

51,133,628‌

357,759,169‌

256,856,518‌

453,251,558‌

Investments purchased with collateral from securities lending, at value

(cost approximates value)

–‌

31,572‌

1,964,245‌

775,094‌

Short-term investments, at value

◊

8,250,090‌

25,000‌

3,035,277‌

4,150,000‌

4,880,229‌

Cash

–‌

625‌

–‌

55,069‌

–‌

Cash denominated in foreign currencies

68‌

–‌

Receivables:

Dividends

1,953,803‌

21,142‌

126,989‌

–‌

16,843‌

Interest

788‌

3‌

296‌

415‌

477‌

Investments sold

55,625,280‌

–‌

69,131‌

–‌

Reclaims

63,570‌

–‌

Reimbursement from Adviser

121,463‌

11,277‌

31,340‌

51,641‌

50,542‌

Shares sold

20,728‌

–‌

218,124‌

46,890‌

105,359‌

Other

216,189‌

27,789‌

60,516‌

46,715‌

44,733‌

Total assets

3,482,526,253‌

51,219,464‌

361,263,283‌

263,240,624‌

459,124,835‌

LIABILITIES

Cash overdraft

77,266‌

–‌

48,079‌

–‌

6,265‌

Payables:

Management fees

1,670,189‌

26,270‌

215,340‌

161,112‌

285,389‌

Collateral from securities lending

–‌

31,572‌

1,964,245‌

775,094‌

Interest

191‌

3‌

24‌

14‌

9‌

Shares redeemed

46,863,291‌

262,369‌

89,953‌

201,261‌

1,902,259‌

Accrued expenses:

Custodian fees

281,529‌

27,763‌

60,501‌

44,339‌

42,488‌

Directors fees

214,485‌

1,402‌

19,056‌

8,199‌

15,770‌

Professional fees

67,956‌

12,450‌

31,091‌

16,859‌

15,151‌

Shareholder reporting expenses

52,116‌

10,019‌

41,048‌

86,083‌

19,914‌

Shareholder servicing agent fees

243,212‌

4,490‌

170,046‌

111,883‌

75,766‌

12b-1 distribution and service fees

82,902‌

8,325‌

15,501‌

10,591‌

11,323‌

Total liabilities

49,553,137‌

353,091‌

722,211‌

2,604,586‌

3,149,428‌

Net assets

3,432,973,116‌

50,866,373‌

360,541,072‌

260,636,038‌

455,975,407‌

NET ASSETS CONSIST OF:

Paid-in capital

2,500,237,640‌

29,880,937‌

203,593,219‌

196,835,716‌

379,583,050‌

Total distributable earnings (loss)

932,735,476‌

20,985,436‌

156,947,853‌

63,800,322‌

76,392,357‌

Net assets

3,432,973,116‌

50,866,373‌

360,541,072‌

260,636,038‌

455,975,407‌

†

Long-term investments, cost

2,491,053,727‌

31,279,188‌

225,177,572‌

193,521,666‌

377,968,006‌

◊

Short-term investments, cost

8,250,090‌

25,000‌

3,035,277‌

4,150,000‌

4,880,229‌

‡ Includes securities loaned of

—‌

28,198‌

2,051,336‌

815,152‌

Cash denominated in foreign currencies, cost

67‌

–‌

Statement of Assets and Liabilities

(continued)

See Notes to Financial Statements

April 30, 2026 (Unaudited)

Small Cap Value

Small/Mid

Cap Growth

Opportunities

ASSETS

Long-term investments, at value

†‡

282,676,220‌

168,675,755‌

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

–‌

1,484,534‌

Short-term investments, at value

◊

1,800,000‌

1,200,000‌

Cash

76,456‌

–‌

Receivables:

Dividends

86,367‌

991‌

Interest

180‌

120‌

Investments sold

–‌

990,253‌

Reimbursement from Adviser

28,600‌

18,204‌

Shares sold

1,889,910‌

8,321‌

Other

73,998‌

66,535‌

Total assets

286,631,731‌

172,444,713‌

LIABILITIES

Cash overdraft

–‌

2,719‌

Payables:

Management fees

178,384‌

101,002‌

Collateral from securities lending

–‌

1,484,534‌

Interest

17‌

11‌

Investments purchased - regular settlement

610,517‌

581,274‌

Shares redeemed

294,451‌

88,939‌

Accrued expenses:

Custodian fees

67,669‌

36,274‌

Directors fees

35,548‌

35,663‌

Professional fees

16,123‌

15,303‌

Shareholder reporting expenses

34,649‌

21,337‌

Shareholder servicing agent fees

152,017‌

49,386‌

12b-1 distribution and service fees

23,198‌

25,991‌

Total liabilities

1,412,573‌

2,442,433‌

Net assets

285,219,158‌

170,002,280‌

NET ASSETS CONSIST OF:

Paid-in capital

307,524,974‌

130,250,187‌

Total distributable earnings (loss)

(

22,305,816‌

)

39,752,093‌

Net assets

285,219,158‌

170,002,280‌

†

Long-term investments, cost

197,902,072‌

139,561,456‌

◊

Short-term investments, cost

1,800,000‌

1,200,000‌

‡ Includes securities loaned of

—‌

1,555,963‌

Statement of Assets and Liabilities

(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

390,807,598‌

38,479,109‌

67,215,253‌

53,979,409‌

56,931,075‌

Shares outstanding

24,381,411‌

833,859‌

1,133,015‌

1,872,714‌

4,826,877‌

Net asset value ("NAV") per share

16.03‌

46.15‌

59.32‌

28.82‌

11.79‌

Maximum sales charge

5.75%

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

17.01‌

48.97‌

62.94‌

30.58‌

12.51‌

CLASS C:

Net assets

6,883,913‌

938,883‌

2,441,200‌

—‌

Shares outstanding

442,480‌

23,869‌

45,253‌

—‌

NAV and offering price per share

15.56‌

39.34‌

53.95‌

—‌

CLASS R6:

Net assets

2,766,840,177‌

—‌

50,717,363‌

15,404,789‌

273,143,250‌

Shares outstanding

167,289,748‌

—‌

845,205‌

388,299‌

15,664,339‌

NAV and offering price per share

16.54‌

—‌

60.01‌

39.67‌

17.44‌

CLASS I:

Net assets

268,441,428‌

11,448,381‌

240,167,256‌

191,251,840‌

125,901,082‌

Shares outstanding

16,419,765‌

243,971‌

4,017,309‌

4,917,068‌

7,255,791‌

NAV and offering price per share

16.35‌

46.93‌

59.78‌

38.90‌

17.35‌

Authorized shares - per class

2 billion

Par value per share

0.0001

Statement of Assets and Liabilities

(continued)

See Notes to Financial Statements

Small Cap Value

Small/Mid

Cap Growth

Opportunities

CLASS A:

Net assets

98,633,977‌

131,492,455‌

Shares outstanding

2,764,977‌

4,809,768‌

Net asset value ("NAV") per share

35.67‌

27.34‌

Maximum sales charge

5.75%

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

37.85‌

29.01‌

CLASS C:

Net assets

4,682,466‌

—‌

Shares outstanding

157,966‌

—‌

NAV and offering price per share

29.64‌

—‌

CLASS R6:

Net assets

30,099,416‌

3,299,682‌

Shares outstanding

806,829‌

72,372‌

NAV and offering price per share

37.31‌

45.59‌

CLASS I:

Net assets

151,803,299‌

35,210,143‌

Shares outstanding

4,097,458‌

796,077‌

NAV and offering price per share

37.05‌

44.23‌

Authorized shares - per class

2 billion

Par value per share

0.0001

Statement of Operations

See Notes to Financial Statements

Six Months Ended April 30, 2026 (Unaudited)

Dividend Value

Large Cap Select

Mid Cap Value

Opportunities

Small Cap Growth

Opportunities

INVESTMENT INCOME

Affiliated income

612,525‌

10,024‌

35,272‌

227,320‌

Dividends

33,022,616‌

311,582‌

2,885,108‌

737,077‌

Interest

348,973‌

3,527‌

22,862‌

90,172‌

Securities lending income, net

—‌

1,718‌

6,976‌

Tax withheld

—‌

(

627‌

)

—‌

Total investment income

33,984,114‌

324,506‌

2,944,960‌

1,061,545‌

EXPENSES

–

Management fees

9,802,489‌

158,343‌

1,274,419‌

1,176,749‌

12b-1 service fees - Class A

467,548‌

45,487‌

79,593‌

65,038‌

12b-1 distribution and service fees - Class C

34,758‌

5,061‌

12,207‌

—‌

Shareholder servicing agent fees - Class A

179,269‌

6,866‌

49,849‌

41,270‌

Shareholder servicing agent fees - Class C

3,333‌

190‌

1,913‌

—‌

Shareholder servicing agent fees - Class R6

53,863‌

—‌

1,982‌

1,560‌

Shareholder servicing agent fees - Class I

124,304‌

2,054‌

180,921‌

162,780‌

Interest expense

10,134‌

248‌

771‌

281‌

Directors fees

97,721‌

1,464‌

10,719‌

8,555‌

Custodian expenses

95,419‌

10,522‌

21,028‌

16,186‌

Registration fees

35,854‌

25,664‌

37,267‌

27,711‌

Professional fees

105,201‌

20,074‌

49,140‌

24,040‌

Shareholder reporting expenses

38,189‌

10,398‌

26,345‌

57,818‌

Other

20,225‌

5,420‌

8,343‌

5,983‌

Total expenses before fee waiver/expense reimbursement

11,068,307‌

291,791‌

1,754,497‌

1,587,971‌

Fee waiver/expense reimbursement

(

451,988‌

)

(

58,571‌

)

(

196,341‌

)

(

154,172‌

)

Net expenses

10,616,319‌

233,220‌

1,558,156‌

1,433,799‌

Net investment income (loss)

23,367,795‌

91,286‌

1,386,804‌

(

372,254‌

)

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

42,372,361‌

1,345,641‌

23,565,472‌

4,540,710‌

Foreign currency transactions

2,904‌

—‌

Net realized gain (loss)

42,375,265‌

1,345,641‌

23,565,472‌

4,540,710‌

Change in unrealized appreciation (depreciation) on:

Investments

286,681,193‌

2,031,072‌

27,128,722‌

940,955‌

Foreign currency translations

(

2,421‌

)

—‌

Net change in unrealized appreciation (depreciation)

286,678,772‌

2,031,072‌

27,128,722‌

940,955‌

Net realized and unrealized gain (loss)

329,054,037‌

3,376,713‌

50,694,194‌

5,481,665‌

Net increase (decrease) in net assets from operations

352,421,832‌

3,467,999‌

52,080,998‌

5,109,411‌

Statement of Operations

(continued)

See Notes to Financial Statements

Six Months Ended April 30, 2026 (Unaudited)

Small Cap Select

Small Cap Value

Small/Mid

Cap Growth

Opportunities

INVESTMENT INCOME

Affiliated income

366,954‌

71,782‌

55,626‌

Dividends

2,378,282‌

2,535,986‌

380,501‌

Interest

129,587‌

22,926‌

24,494‌

Securities lending income, net

5,503‌

4,133‌

3,213‌

Tax withheld

—‌

(

2,744‌

)

(

171‌

)

Total investment income

2,880,326‌

2,632,083‌

463,663‌

EXPENSES

–

Management fees

1,658,172‌

1,074,168‌

617,506‌

12b-1 service fees - Class A

68,533‌

116,106‌

159,595‌

12b-1 distribution and service fees - Class C

—‌

25,410‌

—‌

Shareholder servicing agent fees - Class A

35,980‌

83,369‌

62,654‌

Shareholder servicing agent fees - Class C

—‌

4,571‌

—‌

Shareholder servicing agent fees - Class R6

10,461‌

1,606‌

476‌

Shareholder servicing agent fees - Class I

77,145‌

128,616‌

16,211‌

Interest expense

80‌

116‌

70‌

Directors fees

11,957‌

8,295‌

5,075‌

Custodian expenses

16,089‌

24,833‌

13,065‌

Registration fees

28,430‌

35,502‌

26,133‌

Professional fees

23,618‌

16,912‌

48,938‌

Shareholder reporting expenses

17,530‌

24,370‌

16,836‌

Other

5,546‌

8,943‌

6,154‌

Total expenses before fee waiver/expense reimbursement

1,953,541‌

1,552,817‌

972,713‌

Fee waiver/expense reimbursement

(

56,161‌

)

(

162,711‌

)

(

95,807‌

)

Net expenses

1,897,380‌

1,390,106‌

876,906‌

Net investment income (loss)

982,946‌

1,241,977‌

(

413,243‌

)

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

3,017,178‌

11,087,187‌

12,137,798‌

Net realized gain (loss)

3,017,178‌

11,087,187‌

12,137,798‌

Change in unrealized appreciation (depreciation) on:

Investments

37,666,316‌

25,514,256‌

3,363,900‌

Foreign currency translations

—‌

70‌

—‌

Net change in unrealized appreciation (depreciation)

37,666,316‌

25,514,326‌

3,363,900‌

Net realized and unrealized gain (loss)

40,683,494‌

36,601,513‌

15,501,698‌

Net increase (decrease) in net assets from operations

41,666,440‌

37,843,490‌

15,088,455‌

Statement of Changes in Net Assets

See Notes to Financial Statements

Dividend Value

Large Cap Select

Unaudited

Six Months Ended

4/30/26

Year Ended

10/31/25

Unaudited

Six Months Ended

4/30/26

Year Ended

10/31/25

OPERATIONS

Net investment income (loss)

23,367,795‌

44,332,640‌

91,286‌

115,023‌

Net realized gain (loss)

42,375,265‌

187,019,887‌

1,345,641‌

3,335,896‌

Net change in unrealized appreciation (depreciation)

286,678,772‌

45,384,683‌

2,031,072‌

4,188,153‌

Net increase (decrease) in net assets from operations

352,421,832‌

276,737,210‌

3,467,999‌

7,639,072‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(

24,519,628‌

)

(

37,048,176‌

)

(

2,413,564‌

)

(

3,859,202‌

)

Class C

(

447,626‌

)

(

741,377‌

)

(

75,198‌

)

(

170,777‌

)

Class R6

(

166,347,745‌

)

(

238,560,591‌

)

—‌

Class I

(

17,083,571‌

)

(

27,020,732‌

)

(

749,679‌

)

(

1,531,870‌

)

Total distributions

(

208,398,570‌

)

(

303,370,876‌

)

(

3,238,441‌

)

(

5,561,849‌

)

FUND SHARE TRANSACTIONS

Subscriptions

150,415,320‌

359,141,835‌

921,590‌

2,120,714‌

Reinvestments of distributions

206,424,554‌

300,181,575‌

2,949,294‌

4,989,432‌

Redemptions

(

253,827,305‌

)

(

704,756,098‌

)

(

2,665,840‌

)

(

6,934,989‌

)

Net increase (decrease) from Fund share transactions

103,012,569‌

(

45,432,688‌

)

1,205,044‌

175,157‌

Net increase (decrease) in net assets

247,035,831‌

(

72,066,354‌

)

1,434,602‌

2,252,380‌

Net assets at the beginning of period

3,185,937,285‌

3,258,003,639‌

49,431,771‌

47,179,391‌

Net assets at the end of period

3,432,973,116‌

3,185,937,285‌

50,866,373‌

49,431,771‌

Statement of Changes in Net Assets

(continued)

See Notes to Financial Statements

Mid Cap Value Opportunities

Small Cap Growth Opportunities

Unaudited

Six Months Ended

4/30/26

Year Ended

10/31/25

Unaudited

Six Months Ended

4/30/26

Year Ended

10/31/25

OPERATIONS

Net investment income (loss)

1,386,804‌

4,950,440‌

(

372,254‌

)

(

772,812‌

)

Net realized gain (loss)

23,565,472‌

48,447,345‌

4,540,710‌

24,521,830‌

Net change in unrealized appreciation (depreciation)

27,128,722‌

(

24,855,064‌

)

940,955‌

11,211,145‌

Net increase (decrease) in net assets from operations

52,080,998‌

28,542,721‌

5,109,411‌

34,960,163‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(

8,149,403‌

)

(

3,315,872‌

)

(

3,628,463‌

)

—‌

Class C

(

326,482‌

)

(

165,399‌

)

—‌

Class R6

(

5,741,770‌

)

(

2,324,771‌

)

(

2,297,726‌

)

—‌

Class I

(

30,428,243‌

)

(

17,056,093‌

)

(

11,593,982‌

)

—‌

Total distributions

(

44,645,898‌

)

(

22,862,135‌

)

(

17,520,171‌

)

—‌

FUND SHARE TRANSACTIONS

Subscriptions

18,583,709‌

36,795,100‌

40,846,727‌

106,188,326‌

Reinvestments of distributions

42,620,283‌

21,881,783‌

17,139,964‌

—‌

Redemptions

(

51,284,880‌

)

(

165,668,586‌

)

(

101,426,355‌

)

(

63,609,029‌

)

Net increase (decrease) from Fund share transactions

9,919,112‌

(

106,991,703‌

)

(

43,439,664‌

)

42,579,297‌

Net increase (decrease) in net assets

17,354,212‌

(

101,311,117‌

)

(

55,850,424‌

)

77,539,460‌

Net assets at the beginning of period

343,186,860‌

444,497,977‌

316,486,462‌

238,947,002‌

Net assets at the end of period

360,541,072‌

343,186,860‌

260,636,038‌

316,486,462‌

Statement of Changes in Net Assets

(continued)

See Notes to Financial Statements

Small Cap Select

Small Cap Value

Unaudited

Six Months Ended

4/30/26

Year Ended

10/31/25

Unaudited

Six Months Ended

4/30/26

Year Ended

10/31/25

OPERATIONS

Net investment income (loss)

982,946‌

441,736‌

1,241,977‌

3,024,778‌

Net realized gain (loss)

3,017,178‌

9,172,855‌

11,087,187‌

51,755,037‌

Net change in unrealized appreciation (depreciation)

37,666,316‌

6,755,282‌

25,514,326‌

(

33,302,384‌

)

Net increase (decrease) in net assets from operations

41,666,440‌

16,369,873‌

37,843,490‌

21,477,431‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(

1,893,562‌

)

(

1,724,576‌

)

(

772,558‌

)

(

1,247,880‌

)

Class C

—‌

(

6,837‌

)

(

65,560‌

)

Class R6

(

6,285,409‌

)

(

58,791‌

)

(

351,814‌

)

(

449,903‌

)

Class I

(

2,871,779‌

)

(

2,217,090‌

)

(

1,548,715‌

)

(

2,405,345‌

)

Total distributions

(

11,050,750‌

)

(

4,000,457‌

)

(

2,679,924‌

)

(

4,168,688‌

)

FUND SHARE TRANSACTIONS

Subscriptions

69,293,572‌

268,464,951‌

18,052,450‌

33,936,890‌

Reinvestments of distributions

10,997,173‌

3,943,555‌

2,006,762‌

3,120,063‌

Redemptions

(

39,158,827‌

)

(

45,236,221‌

)

(

34,409,881‌

)

(

208,582,092‌

)

Net increase (decrease) from Fund share transactions

41,131,918‌

227,172,285‌

(

14,350,669‌

)

(

171,525,139‌

)

Net increase (decrease) in net assets

71,747,608‌

239,541,701‌

20,812,897‌

(

154,216,396‌

)

Net assets at the beginning of period

384,227,799‌

144,686,098‌

264,406,261‌

418,622,657‌

Net assets at the end of period

455,975,407‌

384,227,799‌

285,219,158‌

264,406,261‌

Statement of Changes in Net Assets

(continued)

See Notes to Financial Statements

Small/Mid Cap Growth Opportunities

Unaudited

Six Months Ended

4/30/26

Year Ended

10/31/25

OPERATIONS

Net investment income (loss)

(

413,243‌

)

(

817,333‌

)

Net realized gain (loss)

12,137,798‌

31,949,351‌

Net change in unrealized appreciation (depreciation)

3,363,900‌

(

10,703,360‌

)

Net increase (decrease) in net assets from operations

15,088,455‌

20,428,658‌

Class A

(

15,524,314‌

)

—‌

Class R6

(

255,701‌

)

—‌

Class I

(

2,494,907‌

)

—‌

Total distributions

(

18,274,922‌

)

—‌

FUND SHARE TRANSACTIONS

Subscriptions

6,858,487‌

9,671,919‌

Reinvestments of distributions

17,959,315‌

—‌

Redemptions

(

19,685,787‌

)

(

43,324,943‌

)

Net increase (decrease) from Fund share transactions

5,132,015‌

(

33,653,024‌

)

Net increase (decrease) in net assets

1,945,548‌

(

13,224,366‌

)

Net assets at the beginning of period

168,056,732‌

181,281,098‌

Net assets at the end of period

170,002,280‌

168,056,732‌

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

4/30/26

(e)

15.42

0.09

1.54

1.63

(

0.09

)

(

0.93

)

(

1.02

)

16.03

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

4/30/26

(e)

14.99

0.03

1.51

1.54

(

0.04

)

(

0.93

)

(

0.97

)

15.56

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

4/30/26

(e)

15.88

0.12

1.59

1.71

(

0.12

)

(

0.93

)

(

1.05

)

16.54

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

4/30/26

(e)

15.71

0.11

1.58

1.69

(

0.12

)

(

0.93

)

(

1.05

)

16.35

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.

(e)

Unaudited.

(f)

Annualized.

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

.06‌

390,808

.97‌

(f)

.95‌

(f)

.15‌

(f)

28‌

.87‌

372,981

.97‌

.95‌

.13‌

81‌

.86‌

395,249

.99‌

.96‌

.37‌

79‌

(

.39‌

)

342,301

.00‌

.96‌

.51‌

82‌

(

.00‌

)

390,219

.00‌

.96‌

.63‌

81‌

.25‌

434,105

.00‌

.96‌

.32‌

97‌

.67‌

6,884

.72‌

(f)

.70‌

(f)

.41‌

(f)

28‌

.99‌

7,150

.72‌

.70‌

.38‌

81‌

.98‌

8,145

.74‌

.71‌

.63‌

79‌

(

.14‌

)

8,404

.75‌

.71‌

.77‌

82‌

(

.72‌

)

11,931

.75‌

.71‌

.85‌

81‌

.10‌

16,356

.75‌

.71‌

.60‌

97‌

.26‌

2,766,840

.63‌

(f)

.60‌

(f)

.49‌

(f)

28‌

.23‌

2,545,603

.63‌

.61‌

.47‌

81‌

.28‌

2,566,211

.65‌

.62‌

.70‌

79‌

(

.03‌

)

2,210,275

.65‌

.61‌

.86‌

82‌

(

.65‌

)

2,619,891

.65‌

.61‌

.98‌

81‌

.71‌

3,102,035

.64‌

.60‌

.73‌

97‌

.20‌

268,441

.72‌

(f)

.70‌

(f)

.40‌

(f)

28‌

.14‌

260,203

.72‌

.70‌

.39‌

81‌

.19‌

288,399

.74‌

.71‌

.62‌

79‌

(

.16‌

)

270,350

.75‌

.71‌

.77‌

82‌

(

.75‌

)

342,502

.75‌

.71‌

.85‌

81‌

.59‌

466,940

.75‌

.71‌

.61‌

97‌

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

4/30/26

(e)

46.03

0.07

3.04

3.11

(

0.08

)

(

2.91

)

(

2.99

)

46.15

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

4/30/26

(e)

39.73

(

0.07

)

2.59

2.52

—

(

2.91

)

(

2.91

)

39.34

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

4/30/26

(e)

46.80

0.13

3.10

3.23

(

0.19

)

(

2.91

)

(

3.10

)

46.93

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.

(e)

Unaudited.

(f)

Annualized.

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

.22‌

38,479

.25‌

(f)

.01‌

(f)

.34‌

(f)

26‌

.84‌

37,072

.26‌

.01‌

.21‌

70‌

.42‌

32,754

.29‌

.03‌

.38‌

76‌

.13‌

24,952

.37‌

.05‌

.57‌

89‌

(

.56‌

)

23,157

.32‌

.05‌

.54‌

78‌

.77‌

31,724

.29‌

.05‌

.18‌

83‌

.84‌

939

.00‌

(f)

.76‌

(f)

(

.40‌

)

(f)

26‌

.94‌

1,139

.01‌

.76‌

(

.54‌

)

70‌

.38‌

1,349

.04‌

.78‌

(

.36‌

)

76‌

.30‌

1,212

.12‌

.80‌

(

.18‌

)

89‌

(

.18‌

)

1,334

.07‌

.80‌

(

.20‌

)

78‌

.68‌

1,790

.04‌

.80‌

(

.56‌

)

83‌

.37‌

11,448

.00‌

(f)

.76‌

(f)

.59‌

(f)

26‌

.13‌

11,221

.01‌

.76‌

.46‌

70‌

.76‌

13,077

.04‌

.78‌

.63‌

76‌

.40‌

8,758

.12‌

.80‌

.81‌

89‌

(

.33‌

)

9,854

.07‌

.80‌

.75‌

78‌

.11‌

18,605

.04‌

.80‌

.43‌

83‌

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a)

Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Mid Cap Value Opportunities

Class

4/30/26

(e)

58.55

0.16

8.24

8.40

(

0.62

)

(

7.01

)

(

7.63

)

59.32

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

4/30/26

(e)

53.67

(

0.03

)

7.51

7.48

(

0.19

)

(

7.01

)

(

7.20

)

53.95

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

4/30/26

(e)

59.26

0.27

8.35

8.62

(

0.86

)

(

7.01

)

(

7.87

)

60.01

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

4/30/26

(e)

59.02

0.24

8.29

8.53

(

0.76

)

(

7.01

)

(

7.77

)

59.78

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.

(e)

Unaudited.

(f)

Annualized.

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

.09‌

67,215

.24‌

(f)

.13‌

(f)

.59‌

(f)

5‌

.54‌

63,218

.20‌

.13‌

.00‌

19‌

.98‌

66,081

.23‌

.14‌

.86‌

20‌

(

.65‌

)

58,995

.25‌

.16‌

.06‌

28‌

(

.29‌

)

63,992

.21‌

.16‌

.03‌

38‌

.98‌

73,571

.28‌

.16‌

.59‌

31‌

.67‌

2,441

.99‌

(f)

.88‌

(f)

(

.14‌

)

(f)

5‌

.72‌

2,623

.95‌

.88‌

.29‌

19‌

.06‌

4,001

.98‌

.89‌

.13‌

20‌

(

.38‌

)

4,512

.00‌

.91‌

.33‌

28‌

(

.02‌

)

5,552

.96‌

.91‌

.28‌

38‌

.80‌

6,026

.03‌

.91‌

(

.20‌

)

31‌

.32‌

50,717

.84‌

(f)

.73‌

(f)

.97‌

(f)

5‌

.95‌

43,085

.83‌

.76‌

.37‌

19‌

.47‌

43,312

.85‌

.76‌

.24‌

20‌

(

.25‌

)

31,554

.85‌

.76‌

.45‌

28‌

(

.96‌

)

32,383

.84‌

.79‌

.39‌

38‌

.59‌

26,190

.87‌

.75‌

.99‌

31‌

.23‌

240,167

.99‌

(f)

.88‌

(f)

.85‌

(f)

5‌

.79‌

234,260

.95‌

.88‌

.27‌

19‌

.33‌

331,104

.98‌

.89‌

.11‌

20‌

(

.41‌

)

316,716

.00‌

.91‌

.31‌

28‌

(

.07‌

)

369,680

.96‌

.91‌

.29‌

38‌

.35‌

298,350

.03‌

.91‌

.83‌

31‌

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a)

Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Small Cap Growth Opportunities

Class

4/30/26

(e)

29.96

(

0.07

)

1.00

0.93

—

(

2.07

)

(

2.07

)

28.82

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

4/30/26

(e)

40.39

(

0.01

)

1.36

1.35

—

(

2.07

)

(

2.07

)

39.67

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

4/30/26

(e)

39.66

(

0.04

)

1.35

1.31

—

(

2.07

)

(

2.07

)

38.90

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.

(e)

Unaudited.

(f)

Annualized.

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

.27‌

53,979

.30‌

(f)

.20‌

(f)

(

.48‌

)

(f)

40‌

.13‌

52,389

.31‌

.20‌

(

.52‌

)

91‌

.95‌

44,910

.36‌

.21‌

(

.59‌

)

67‌

(

.39‌

)

36,065

.36‌

.23‌

(

.63‌

)

65‌

(

.03‌

)

41,159

.35‌

.22‌

(

.72‌

)

65‌

.38‌

59,901

.33‌

.21‌

(

.88‌

)

97‌

.47‌

15,405

.90‌

(f)

.80‌

(f)

(

.04‌

)

(f)

40‌

.64‌

43,261

.92‌

.81‌

(

.34‌

)

91‌

.41‌

3,033

.97‌

.82‌

(

.21‌

)

67‌

(

.98‌

)

866

.96‌

.83‌

(

.20‌

)

65‌

(

.74‌

)

644

.95‌

.82‌

(

.30‌

)

65‌

.98‌

590

.93‌

.81‌

(

.39‌

)

97‌

.44‌

191,252

.05‌

(f)

.95‌

(f)

(

.23‌

)

(f)

40‌

.41‌

220,836

.06‌

.95‌

(

.27‌

)

91‌

.29‌

191,005

.11‌

.96‌

(

.34‌

)

67‌

(

.13‌

)

140,570

.11‌

.98‌

(

.37‌

)

65‌

(

.86‌

)

132,002

.10‌

.97‌

(

.51‌

)

65‌

.74‌

305,544

.08‌

.96‌

(

.62‌

)

97‌

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income

(NII)

(Loss)

(a)

Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Return

Capital

Total

Net Asset

Value,

End of

Period

Small Cap Select

Class

4/30/26

(e)

11.08

0.01

1.09

1.10

—

(

0.39

)

—

(

0.39

)

11.79

10/31/25

10.42

0.02

0.97

0.99

—

(

0.33

)

—

(

0.33

)

11.08

10/31/24

7.82

—

(g)

2.60

—

10.42

10/31/23

8.17

(

0.01

)

(

0.33

)

(

0.34

)

(

—

)

(g)

—

(

0.01

)

(

0.01

)

7.82

10/31/22

11.89

(

—

)

(g)

(

1.83

)

(

1.83

)

—

(

1.89

)

—

(

1.89

)

8.17

10/31/21

7.83

(

0.03

)

4.23

4.20

(

—

)

(g)

(

0.14

)

—

(

0.14

)

11.89

Class

4/30/26

(e)

16.22

0.05

1.60

1.65

(

0.04

)

(

0.39

)

—

(

0.43

)

17.44

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

4/30/26

(e)

16.13

0.04

1.59

1.63

(

0.02

)

(

0.39

)

—

(

0.41

)

17.35

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)

Unaudited.

(f)

Annualized.

(g)

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

.10‌

56,931

.22‌

(f)

.20‌

(f)

.18‌

(f)

30‌

.54‌

53,441

.31‌

.20‌

.18‌

76‌

.25‌

54,138

.38‌

.22‌

.04‌

56‌

(

.15‌

)

48,067

.41‌

.24‌

(

.14‌

)

42‌

(

.84‌

)

56,476

.40‌

.24‌

(

.05‌

)

63‌

.06‌

78,047

.39‌

.24‌

(

.30‌

)

91‌

.33‌

273,143

.85‌

(f)

.82‌

(f)

.55‌

(f)

30‌

.96‌

217,944

.93‌

.82‌

(

.43‌

)

76‌

.72‌

2,475

.01‌

.85‌

.42‌

56‌

(

.73‌

)

4,212

.03‌

.86‌

.24‌

42‌

(

.57‌

)

3,135

.02‌

.86‌

.32‌

63‌

.60‌

2,791

.03‌

.87‌

.06‌

91‌

.24‌

125,901

.97‌

(f)

.95‌

(f)

.43‌

(f)

30‌

.81‌

112,843

.06‌

.95‌

.42‌

76‌

.60‌

88,074

.12‌

.96‌

.27‌

56‌

(

.87‌

)

45,185

.16‌

.99‌

.11‌

42‌

(

.63‌

)

53,115

.15‌

.99‌

.20‌

63‌

.43‌

74,479

.14‌

.99‌

(

.04‌

)

91‌

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a)

Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Small Cap Value

Class

4/30/26

(e)

31.34

0.12

4.48

4.60

(

0.27

)

—

(

0.27

)

35.67

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

4/30/26

(e)

25.95

0.01

3.71

3.72

(

0.03

)

—

(

0.03

)

29.64

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

—

(g)

(

1.56

)

(

1.56

)

(

0.13

)

—

(

0.13

)

21.99

10/31/21

14.51

(

0.13

)

9.30

9.17

—

23.68

Class

4/30/26

(e)

32.84

0.20

4.70

4.90

(

0.43

)

—

(

0.43

)

37.31

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

4/30/26

(e)

32.58

0.17

4.66

4.83

(

0.36

)

—

(

0.36

)

37.05

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)

Unaudited.

(f)

Annualized.

(g)

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

.77‌

98,634

.32‌

(f)

.20‌

(f)

.76‌

(f)

14‌

.30‌

89,740

.30‌

.20‌

.80‌

21‌

.64‌

95,997

.31‌

.20‌

.80‌

23‌

(

.05‌

)

87,298

.28‌

.21‌

.81‌

31‌

(

.00‌

)

113,227

.25‌

.20‌

.77‌

31‌

.47‌

138,585

.25‌

.20‌

.16‌

36‌

.36‌

4,682

.07‌

(f)

.95‌

(f)

.05‌

(f)

14‌

.51‌

5,919

.05‌

.95‌

.10‌

21‌

.65‌

12,148

.06‌

.95‌

.06‌

23‌

(

.72‌

)

14,623

.03‌

.96‌

.07‌

31‌

(

.70‌

)

21,592

.00‌

.95‌

.02‌

31‌

.20‌

28,500

.00‌

.95‌

(

.62‌

)

36‌

.01‌

30,099

.90‌

(f)

.78‌

(f)

.18‌

(f)

14‌

.73‌

27,335

.88‌

.78‌

.49‌

21‌

.14‌

151,043

.90‌

.79‌

.23‌

23‌

(

.67‌

)

132,277

.87‌

.80‌

.22‌

31‌

(

.60‌

)

152,178

.86‌

.81‌

.17‌

31‌

.14‌

182,835

.85‌

.81‌

.45‌

36‌

.95‌

151,803

.07‌

(f)

.95‌

(f)

.01‌

(f)

14‌

.53‌

141,412

.05‌

.95‌

.06‌

21‌

.97‌

159,434

.06‌

.95‌

.10‌

23‌

(

.83‌

)

211,272

.03‌

.96‌

.06‌

31‌

(

.76‌

)

261,581

.00‌

.95‌

.02‌

31‌

.91‌

371,179

.00‌

.95‌

.42‌

36‌

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a)

Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Small/Mid Cap Growth Opportunities

Class

4/30/26

(e)

28.32

(0.07)

2.46

2.39

—

(3.37)

27.34

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)

19.43

10/31/21

34.24

(0.32)

12.82

12.50

—

(5.03)

41.71

Class

4/30/26

(e)

44.92

(0.05)

4.09

4.04

—

(3.37)

45.59

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)

30.52

10/31/21

46.46

(0.27)

17.74

17.47

—

(5.03)

58.90

Class

4/30/26

(e)

43.69

(0.07)

3.98

3.91

—

(3.37)

44.23

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)

29.75

10/31/21

45.67

(0.31)

17.41

17.10

—

(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.

(e)

Unaudited.

(f)

Annualized.

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

9.50‌

131,492

1.24‌

(f)

1.13‌

(f)

(0.56‌)

(f)

40‌

12.29‌

131,833

1.22‌

1.13‌

(0.53‌)

119‌

29.53‌

135,573

1.26‌

1.15‌

(0.61‌)

58‌

0.21‌

123,317

1.25‌

1.17‌

(0.51‌)

71‌

(36.06‌)

142,840

1.23‌

1.17‌

(0.60‌)

67‌

38.97‌

252,552

1.20‌

1.17‌

(0.84‌)

89‌

9.67‌

3,300

0.92‌

(f)

0.81‌

(f)

(0.24‌)

(f)

40‌

12.64‌

3,422

0.89‌

0.80‌

(0.20‌)

119‌

30.03‌

3,014

0.93‌

0.82‌

(0.28‌)

58‌

0.49‌

2,550

0.91‌

0.83‌

(0.21‌)

71‌

(35.86‌)

20,897

0.89‌

0.83‌

(0.25‌)

67‌

39.45‌

31,945

0.86‌

0.83‌

(0.50‌)

89‌

9.64‌

35,210

0.99‌

(f)

0.88‌

(f)

(0.31‌)

(f)

40‌

12.55‌

32,801

0.97‌

0.88‌

(0.28‌)

119‌

29.92‌

42,694

1.01‌

0.90‌

(0.35‌)

58‌

0.44‌

42,996

1.00‌

0.92‌

(0.26‌)

71‌

(35.91‌)

71,478

0.98‌

0.92‌

(0.35‌)

67‌

39.31‌

164,813

0.95‌

0.92‌

(0.58‌)

89‌

Notes to Financial Statements

(Unaudited)

1. General Information

Trust and Fund Information:

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

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

Nuveen 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 April 30, 2026, and the period covered by these Notes to Financial

Statements is the six months ended April 30, 2026 (the "current fiscal period").

Investment Adviser and Sub-Adviser:

The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC

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

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

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

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

the investment portfolios of the Funds.

Share Classes and Sales Charges:

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

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

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

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

2. Significant Accounting Policies

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

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

from those estimates. 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 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:

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

(“CODM”), as defined in U.S. GAAP. 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 (ASU No. 2023-09)

: In December 2023, the FASB issued Accounting Standard Update ("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.

New Accounting Pronouncement (ASU No. 2025-11)

: In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270) Narrow

Scope Improvements (“ASU 2025-11”). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are required

by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting

period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting

periods beginning after December 15, 2027. Early adoption is permitted for all entities. Management is currently evaluating the implications of these

changes on the financial statements.

3. Investment Valuation and Fair Value Measurements

The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the 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.

Notes to Financial Statements

(continued)

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

3,416,274,274

–

3,416,274,274

Short-Term Investments:

Repurchase Agreements

–

8,250,090

–

8,250,090

Total

3,416,274,274

8,250,090

–

3,424,524,364

Large Cap Select

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

51,133,628

–

51,133,628

Short-Term Investments:

Repurchase Agreements

–

25,000

–

25,000

Total

51,133,628

25,000

–

51,158,628

Mid Cap Value Opportunities

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

357,759,169

–

357,759,169

Investments Purchased with Collateral from Securities

Lending

31,572

–

31,572

Short-Term Investments:

Repurchase Agreements

–

3,035,277

–

3,035,277

Total

357,790,741

3,035,277

–

360,826,018

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.

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,

Small Cap Growth Opportunities

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

256,850,607

–

5,911

256,856,518

Investments Purchased with Collateral from Securities

Lending

1,964,245

–

1,964,245

Short-Term Investments:

Repurchase Agreements

–

4,150,000

–

4,150,000

Total

258,814,852

4,150,000

5,911

262,970,763

Small Cap Select

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

453,251,558

–

453,251,558

Investments Purchased with Collateral from Securities

Lending

775,094

–

775,094

Short-Term Investments:

Repurchase Agreements

–

4,880,229

–

4,880,229

Total

454,026,652

4,880,229

–

458,906,881

Small Cap Value

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

282,676,220

–

282,676,220

Short-Term Investments:

Repurchase Agreements

–

1,800,000

–

1,800,000

Total

282,676,220

1,800,000

–

284,476,220

Small/Mid Cap Growth Opportunities

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

168,675,755

–

168,675,755

Investments Purchased with Collateral from Securities

Lending

1,484,534

–

1,484,534

Short-Term Investments:

Repurchase Agreements

–

1,200,000

–

1,200,000

Total

170,160,289

1,200,000

–

171,360,289

Fund

Counterparty

Short-term

Investments,

at Value

Collateral

Pledged (From)

Counterparty

Dividend Value

Fixed Income Clearing Corporation

8,250,090

(8,415,406)

Large Cap Select

Fixed Income Clearing Corporation

25,000

(25,688)

Mid Cap Value Opportunities

Fixed Income Clearing Corporation

3,035,277

(3,096,203)

Small Cap Growth Opportunities

Fixed Income Clearing Corporation

4,150,000

(4,233,160)

Small Cap Select

Fixed Income Clearing Corporation

4,880,229

(4,977,970)

Small Cap Value

Fixed Income Clearing Corporation

1,800,000

(1,836,053)

Small/Mid Cap Growth Opportunities

Fixed Income Clearing Corporation

1,200,000

(1,224,050)

Notes to Financial Statements

(continued)

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.

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.

Aggregate Value of

Securities on Loan

Fund

Equity

Securities

Cash Collateral

Received*

Mid Cap Value Opportunities

28,198

31,572

Small Cap Growth Opportunities

2,051,336

1,964,245

Small Cap Select

815,152

775,094

Small/Mid Cap Growth Opportunities

1,555,963

1,484,534

*May include cash and investment of cash collateral.

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

Dividend Value

900,672,113

987,429,757

Large Cap Select

12,682,671

14,192,242

Mid Cap Value Opportunities

15,581,308

52,952,536

Small Cap Growth Opportunities

116,208,068

168,459,390

Small Cap Select

166,715,726

124,154,150

Small Cap Value

38,256,366

55,374,246

Small/Mid Cap Growth Opportunities

65,193,328

77,474,145

6. Fund Shares

Transactions in Fund shares during the current and prior fiscal period were as follows:

Six Months Ended

4/30/26

Year Ended

10/31/25

Dividend Value

Value

Subscriptions:

Class A

273,554

$4,177,003

528,586

$7,721,827

Class A - automatic conversion of Class C

832

121

1,683

Class C

11,782

170,514

41,383

616,223

Class R6

8,952,331

140,956,876

23,096,115

341,828,240

Class I

327,108

5,110,095

600,156

8,973,862

Total subscriptions

9,564,830

150,415,320

24,266,361

359,141,835

Reinvestments of distributions:

Class A

1,525,727

22,911,034

2,375,687

34,546,507

Class C

30,707

447,621

52,447

741,192

Class R6

10,732,873

166,339,878

15,928,301

238,550,892

Class I

1,091,660

16,726,021

1,778,024

26,342,984

Total reinvestments of distributions

13,380,967

206,424,554

20,134,459

300,181,575

Redemptions:

Class A

(1,612,732)

(24,661,447)

(4,006,909)

(58,260,054)

Class C

(77,012)

(1,142,181)

(151,567)

(2,148,287)

Class C - automatic conversion to Class A

(56)

(832)

(125)

(1,683)

Class R6

(12,714,635)

(203,577,556)

(38,544,125)

(585,473,779)

Class I

(1,566,435)

(24,445,289)

(3,956,136)

(58,872,295)

Total redemptions

(15,970,870)

(253,827,305)

(46,658,862)

(704,756,098)

Net increase (decrease)

6,974,927

$103,012,569

(2,258,042)

$(45,432,688)

Six Months Ended

4/30/26

Year Ended

10/31/25

Large Cap Select

Value

Subscriptions:

Class A

13,755

$605,374

40,325

$1,657,204

Class A - automatic conversion of Class C

223

9,314

573

Class C

4,164

154,347

3,265

125,391

Class I

3,326

152,555

8,071

337,546

Total subscriptions

21,468

921,590

51,674

2,120,714

Reinvestments of distributions:

Class A

53,739

2,321,874

88,617

3,711,571

Class C

2,041

75,198

4,701

170,777

Class I

12,545

552,222

26,009

1,107,084

Total reinvestments of distributions

68,325

2,949,294

119,327

4,989,432

Redemptions:

Class A

(39,311)

(1,731,826)

(69,983)

(2,886,438)

Class C

(10,740)

(405,065)

(14,152)

(498,201)

Class C - automatic conversion to Class A

(261)

(9,314)

(15)

(573)

Class I

(11,640)

(519,635)

(87,938)

(3,549,777)

Total redemptions

(61,952)

(2,665,840)

(172,088)

(6,934,989)

Net increase (decrease)

27,841

$1,205,044

(1,087)

$175,157

Notes to Financial Statements

(continued)

Six Months Ended

4/30/26

Year Ended

10/31/25

Mid Cap Value Opportunities

Value

Subscriptions:

Class A

29,985

$1,665,907

67,814

$3,776,139

Class C

2,143

108,105

2,654

144,156

Class R6

108,842

6,155,207

127,250

7,107,308

Class I

188,230

10,654,490

470,485

25,767,497

Total subscriptions

329,200

18,583,709

668,203

36,795,100

Reinvestments of distributions:

Class A

148,568

7,855,353

56,793

3,206,326

Class C

6,820

326,482

3,174

165,398

Class R6

107,029

5,735,944

40,783

2,322,470

Class I

537,984

28,702,504

285,053

16,187,589

Total reinvestments of distributions

800,401

42,620,283

385,803

21,881,783

Redemptions:

Class A

(125,325)

(7,073,997)

(199,191)

(11,073,570)

Class C

(12,575)

(644,837)

(32,942)

(1,711,101)

Class R6

(97,733)

(5,532,748)

(188,603)

(10,649,102)

Class I

(678,295)

(38,033,298)

(2,525,854)

(142,234,813)

Total redemptions

(913,928)

(51,284,880)

(2,946,590)

(165,668,586)

Net increase (decrease)

215,673

$9,919,112

(1,892,584)

$(106,991,703)

Six Months Ended

4/30/26

Year Ended

10/31/25

Small Cap Growth Opportunities

Value

Subscriptions:

Class A

212,973

$6,107,931

445,364

$11,877,850

Class R6

362,143

14,015,226

1,041,107

42,112,419

Class I

545,624

20,723,570

1,397,476

52,198,057

Total subscriptions

1,120,740

40,846,727

2,883,947

106,188,326

Reinvestments of distributions:

Class A

127,108

3,599,699

—

Class R6

58,974

2,295,855

—

Class I

294,510

11,244,410

—

Total reinvestments of distributions

480,592

17,139,964

—

Redemptions:

Class A

(216,268)

(6,070,337)

(438,452)

(11,519,752)

Class R6

(1,104,020)

(39,025,773)

(57,508)

(2,159,431)

Class I

(1,491,157)

(56,330,245)

(1,439,099)

(49,929,846)

Total redemptions

(2,811,445)

(101,426,355)

(1,935,059)

(63,609,029)

Net increase (decrease)

(1,210,113)

$(43,439,664)

948,888

$42,579,297

Six Months Ended

4/30/26

Year Ended

10/31/25

Small Cap Select

Value

Subscriptions:

Class A

221,835

$2,530,611

380,166

$3,932,134

Class R6

2,867,057

47,663,700

13,343,774

215,413,241

Class I

1,156,267

19,099,261

3,277,024

49,119,576

Total subscriptions

4,245,159

69,293,572

17,000,964

268,464,951

Reinvestments of distributions:

Class A

167,409

1,861,585

153,105

1,691,372

Class R6

382,334

6,285,409

3,664

58,791

Class I

174,321

2,850,179

137,123

2,193,392

Total reinvestments of distributions

724,064

10,997,173

293,892

3,943,555

Redemptions:

Class A

(384,094)

(4,324,131)

(907,447)

(9,355,200)

Class R6

(1,021,636)

(17,054,518)

(74,672)

(1,141,294)

Class I

(1,070,004)

(17,780,178)

(2,280,596)

(34,739,727)

Total redemptions

(2,475,734)

(39,158,827)

(3,262,715)

(45,236,221)

Net increase (decrease)

2,493,489

$41,131,918

14,032,141

$227,172,285

Six Months Ended

4/30/26

Year Ended

10/31/25

Small Cap Value

Value

Subscriptions:

Class A

151,152

$4,986,883

392,969

$12,161,386

Class A - automatic conversion of Class C

209

115

Class C

2,980

80,764

8,432

220,866

Class R6

63,966

2,240,438

263,703

8,786,847

Class I

307,248

10,744,156

395,040

12,767,676

Total subscriptions

525,353

18,052,450

1,060,148

33,936,890

Reinvestments of distributions:

Class A

19,320

627,504

31,661

994,153

Class C

251

6,790

2,473

64,714

Class R6

5,069

171,923

5,838

191,435

Class I

35,624

1,200,545

57,390

1,869,761

Total reinvestments of distributions

60,264

2,006,762

97,362

3,120,063

Redemptions:

Class A

(269,246)

(8,941,729)

(684,487)

(21,317,695)

Class C

(73,347)

(2,001,495)

(259,898)

(6,714,292)

Class C - automatic conversion to Class A

(8)

(209)

(4)

(115)

Class R6

(94,622)

(3,277,886)

(4,131,723)

(144,531,533)

Class I

(585,567)

(20,188,562)

(1,102,468)

(36,018,457)

Total redemptions

(1,022,790)

(34,409,881)

(6,178,580)

(208,582,092)

Net increase (decrease)

(437,173)

$(14,350,669)

(5,021,070)

$(171,525,139)

Notes to Financial Statements

(continued)

7. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and

net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated

investment companies. Therefore, no federal income tax provision is required.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally

subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional

period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded

that no provision for income tax is required in the Fund's financial statements.

As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax

purposes were as follows:

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on

derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:

Six Months Ended

4/30/26

Year Ended

10/31/25

Small/Mid Cap Growth Opportunities

Value

Subscriptions:

Class A

63,375

$1,660,724

177,220

$4,559,564

Class R6

4,009

173,973

8,878

383,492

Class I

119,315

5,023,790

117,194

4,728,863

Total subscriptions

186,699

6,858,487

303,292

9,671,919

Reinvestments of distributions:

Class A

606,564

15,242,963

—

Class R6

6,108

255,701

—

Class I

60,577

2,460,651

—

Total reinvestments of distributions

673,249

17,959,315

—

Redemptions:

Class A

(515,529)

(13,424,311)

(897,771)

(23,552,851)

Class R6

(13,930)

(601,230)

(8,294)

(336,937)

Class I

(134,546)

(5,660,246)

(466,454)

(19,435,155)

Total redemptions

(664,005)

(19,685,787)

(1,372,519)

(43,324,943)

Net increase (decrease)

195,943

$5,132,015

(1,069,227)

$(33,653,024)

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Dividend Value

2,527,114,075

978,698,233

(81,287,944)

897,410,289

Large Cap Select

31,574,913

20,657,096

(1,073,381)

19,583,715

Mid Cap Value Opportunities

228,789,311

145,600,228

(13,563,521)

132,036,707

Small Cap Growth Opportunities

202,746,257

73,139,689

(12,915,183)

60,224,506

Small Cap Select

386,081,115

87,514,879

(14,689,113)

72,825,766

Small Cap Value

204,562,156

91,224,332

(11,310,268)

79,914,064

Small/Mid Cap Growth Opportunities

142,648,268

38,722,262

(10,010,241)

28,712,021

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

As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:

8. Management Fees and Other Transactions with Affiliates

Management Fees:

Each Fund’s management fee compensates the Adviser for the overall investment advisory and administrative services and

general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.

Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and

a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund’s

shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed

by the Adviser.

The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:

The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen-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.

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.

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

0.6000

0.6500

0.6000

For the next $125 million

0.4875

0.5875

0.6375

0.5875

For the next $250 million

0.4750

0.5750

0.6250

0.5750

For the next $500 million

0.4625

0.5625

0.6125

0.5625

For the next $1 billion

0.4500

0.5500

0.6000

0.5500

For the next $3 billion

0.4250

0.5250

0.5750

0.5250

For the next $2.5 billion

0.4000

0.5000

0.5500

0.5000

For the next $2.5 billion

0.3875

0.4875

0.5375

0.4875

For net assets over $10

billion

0.3750

0.4750

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

Notes to Financial Statements

(continued)

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:

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.

Fund

Complex-Level Fee

Dividend Value

0.1557

Large Cap Select

0.1557

Mid Cap Value Opportunities

0.1557

Small Cap Growth Opportunities

0.1557

Small Cap Select

0.1557

Small Cap Value

0.1557

Small/Mid Cap Growth Opportunities

0.1557

Fund

Temporary

Expense Cap

Temporary

Expense Cap

Expiration Date

Dividend Value

0.74%

July 31, 2028

Large Cap Select

0.80

July 31, 2028

Mid Cap Value Opportunities

0.92

July 31, 2028

Small Cap Growth Opportunities

0.99

July 31, 2028

Small Cap Select

0.99

July 31, 2028

Small Cap Value

0.99

July 31, 2028

Small/Mid Cap Growth Opportunities

0.92

July 31, 2028

Fund

Value

Dividend Value

612,525

Large Cap Select

10,024

Mid Cap Value Opportunities

35,272

Small Cap Growth Opportunities

227,320

Small Cap Select

366,954

Small Cap Value

71,782

Small/Mid Cap Growth Opportunities

55,626

During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as

concessions to financial intermediaries as follows:

The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for

providing services to shareholders relating to their investments.

During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as

follows:

To compensate for commissions advanced to financial intermediaries, all 12b-1 service and distribution fees collected on Class C Shares during the

first year following a purchase are retained by the Distributor. During the current fiscal period, the Distributor retained such 12b-1 fees as follows:

The remaining 12b-1 fees charged to each Fund were paid to compensate financial intermediaries for providing services to shareholders relating to

their investments.

Fund

Purchases

Sales

Realized

Gain (Loss)

Dividend Value

—

Large Cap Select

—

Mid Cap Value Opportunities

—

Small Cap Growth Opportunities

—

Small Cap Select

—

127,872

1,519

Small Cap Value

—

Small/Mid Cap Growth Opportunities

537,454

—

Fund

Sales Charges

Collected

Paid to Financial

Intermediaries

Dividend Value

41,817

37,268

Large Cap Select

2,590

2,440

Mid Cap Value Opportunities

5,136

4,495

Small Cap Growth Opportunities

6,447

5,635

Small Cap Select

11,931

10,455

Small Cap Value

4,063

3,559

Small/Mid Cap Growth Opportunities

9,530

8,362

Fund

Commission

Advances

Dividend Value

6,394

Large Cap Select

2,411

Mid Cap Value Opportunities

1,123

Small Cap Growth Opportunities

Small Cap Select

Small Cap Value

851

Small/Mid Cap Growth Opportunities

Fund

12b-1 Fees

Retained

Dividend Value

533

Large Cap Select

450

Mid Cap Value Opportunities

428

Small Cap Growth Opportunities

—

Small Cap Select

—

Small Cap Value

986

Small/Mid Cap Growth Opportunities

—

Notes to Financial Statements

(continued)

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:

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 fiscal period, the Funds did not utilize this facility.

10. Subsequent Events

Line of Credit:

During June 2026, the Participating Funds renewed the standby credit facility through June 2027 and reduced the drawn interest

rate to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.10% per annum or (b) the Fed Funds Effective Rate plus 1.10% per annum on

amounts borrowed from 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. All other terms remain unchanged.

Fund

CDSC

Retained

Dividend Value

Large Cap Select

1,096

Mid Cap Value Opportunities

Small Cap Growth Opportunities

Small Cap Select

—

Small Cap Value

—

Small/Mid Cap Growth Opportunities

—

Underlying Fund

Nuveen

Lifecycle

Funds

Nuveen

Lifestyle

Funds

Nuveen

Managed

Allocation

Fund

Total

Dividend Value

72%

77%

Small Cap Select

51%

54%

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

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 Funds’ investment adviser and an affiliate of the Funds’ 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.

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

(collectively, the “Funds”)

I. The Approval Process

At an in-person meeting held on April 28 and 29, 2026 (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 applicable series, the Board approved the renewal of the sub-advisory agreement (each, a “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”). The Nuveen fund complex consists of the group of funds advised by NFAL (the “NFAL Funds”), including the Funds, and the group of funds advised by Teachers Advisors, LLC (“TAL,” and such funds, the “TC Funds”; the NFAL Funds and the TC Funds are collectively referred to as the “Nuveen funds” or the “funds”). TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”), and TAL is an indirect wholly owned subsidiary of TIAA. The Sub-Adviser is also an affiliate of NFAL.

The Board Members are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) and, therefore, the Board is 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 Fund covered by this report.

In accordance with applicable law, following up to an initial two-year period, the Board considers the approval of the continuance 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.”

In considering the continuance of each Advisory Agreement, the Board considered information received by it throughout the year as well as materials prepared specifically at the Board’s request for the Board’s evaluation of the Advisory Agreements at the Meeting. The Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board and its committees meet regularly throughout the year, including in executive sessions, providing the Board Members with the opportunity to assess the quality and scope of the various services provided by a Fund Adviser during the year through the written materials, oral presentations and discussions with senior management. The information provided to the Board and/or its committees at these meetings covered a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements, including, but not limited to: (a) the investment performance of the Nuveen funds over various periods and the reasons for any outperformance or underperformance relative to peers and/or benchmarks or other performance metrics (as applicable); (b) strategic priorities for the business of the Adviser, including significant developments impacting a Fund Adviser; (c) product initiatives for various funds; (d) compliance, regulatory and risk management reports, including any initiatives in seeking to strengthen compliance capabilities and controls and to meet regulatory requirements, compliance policies and procedures; (e) other payments to intermediaries, including Rule 12b-1 fees (as applicable); (f) reports on the valuation of securities; (g) periodic investment team presentations; (h) evaluations on fund expenses; (i) trading practices and execution quality of portfolio transactions; and (j) management of distributions.

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. The materials provided in conjunction with the Meeting included, among other things, (a) a description of the nature, extent and quality of services provided by the Fund Advisers; (b) a review of the Sub-Adviser and/or investment team (as applicable); (c) fund performance over various periods with a focus on funds considered to have met certain challenged performance measurements; (d) the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; (e) a list of management fees and sub-advisory fee schedules; (f) an analysis of advisory fees compared to fees assessed to other types of clients; (g) a review of temporary and/or permanent expense caps and fee waivers (as applicable); (h) a description of portfolio manager compensation; (i) certain profitability and/or financial data; (j) a summary of the investments made in 2025 by the Adviser and/ or its affiliates in technology enhancements; and (k) 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 Fund to those of a peer universe and also to a peer group of funds, as well as a description of Broadridge’s methodology in compiling the expense universe and expense group, as applicable.

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 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. The Board Members

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the Board and its committees in overseeing the applicable Nuveen funds and working with the respective Fund Advisers in their review of the Advisory Agreements.

As part of their review, the Board Members and independent legal counsel met in executive session on April 17, 2026 (the “April Executive Session”) 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 received the responses to these follow-up questions and requests. In addition to the April Executive Session, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the materials, 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 had the benefit of independent legal counsel during the annual review process as well as throughout the year and met with independent legal counsel at various executive sessions without the presence of any Fund Adviser management. 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 Funds for an additional one-year period until May 1, 2027. 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.

In addition, as noted above, after an initial period of up to two years, the 1940 Act requires the Board to review advisory agreements on an annual basis. In connection with the annual review, management and the Board proposed to reset the annual review schedule for the Advisory Agreements to permit the agreements to continue for a one-year period until August 1st following the renewal as opposed to the current May 1st deadline. To implement the new review schedule, at its in-person meeting held on May 27-28, 2026 (the “May Meeting”), the Board approved the continuance of the Advisory Agreements through July 31, 2027. A discussion of the Board’s approval at the May Meeting of the continuance of the Advisory Agreements is set forth in Section II below.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements at the Meeting, 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 necessary 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. In its review of the services provided by the Adviser and its affiliates, the Board considered a description of the staffing levels of the investment and non-investment personnel; the experience and qualifications of key personnel; succession planning and staffing in seeking to help ensure the continuation of services and avoid business disruptions as a result of retirements or departures; business continuity functions which seek 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; ongoing investments in the infrastructure and technology in enhancing the services provided to the applicable Nuveen funds; certain financial data of the Adviser and/or TIAA in assessing the financial stability and condition of the Adviser to continue to provide a high level of quality services to the applicable Nuveen funds; and portfolio manager compensation structure in seeking to attract and retain high quality talent.

In its evaluation, the Board considered that the Adviser is responsible for providing investment advisory services and does so indirectly through a sub-adviser. In this regard, the Funds utilize the Sub-Adviser and its investment teams to manage the portfolios of the Funds subject to the supervision of the Adviser. In evaluating the investment advisory services, the Board and/or its investment committee considered the Adviser’s role, among other things, in monitoring and reporting to the Board on fund performance, market conditions and investment team matters; setting and evaluating investment strategies, including changes to mandates, policies and benchmarks; monitoring and overseeing the performance and investment capabilities of the Sub-Adviser and/or investment teams and recommending changes thereto as appropriate; monitoring compliance with portfolio guidelines; monitoring and analyzing the trade execution of the funds’ portfolios; and managing valuation matters.

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 under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-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 Nuveen 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.

In addition to the portfolio management services provided to the Funds, the Board considered the comprehensive package of non-management services the Adviser and its various teams and affiliates provide to manage and operate the applicable Nuveen funds, including compliance, regulatory, administrative and other services which have expanded over the years as a result of market, regulatory and other developments. Such services include, but are 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 providing a comprehensive compliance training program; regulatory and regulatory advocacy services, including monitoring regulatory developments that may impact the fund(s), responding to regulatory inquiries and examinations and fulfilling regulatory filing requirements; Board and committee support services, including organizing meetings and coordinating site visits and presentations with affiliated and/or external investment teams and providing reports on a wide range of topics relating to the operations and management of the funds, including strategic initiatives and priorities, fund performance, trade execution, securities lending (as applicable), compliance matters, valuation matters, liquidity and derivatives risk management; oversight services, including establishing and coordinating the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); and legal support services.

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.

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

The Board, directly or through its Investment Committee, which is comprised of all Board Members, provides oversight of the investment performance process. In evaluating the quality of the services provided by the Fund Advisers, the Board and/or its Investment Committee monitors Fund performance on an ongoing basis, which includes quarterly performance reporting at each of its quarterly meetings with an annual performance review at its February 10-12, 2026 meeting (the “February Meeting”). At the February Meeting, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ended December 31, 2025 on an absolute basis and as compared to the performance of comparable funds (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 various periods ended March 31, 2026. 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 being the most desirable quartile ranking and the 4th quartile being the least desirable. The Board considered, in particular, 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.

In evaluating performance, the Board considered some of the limitations of the performance data including, in particular, that differences between a Nuveen fund and its Performance Peer Group and its benchmark (such as with respect to the investment objectives and strategies) may lead to significantly different results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of a Performance Peer Group to the respective fund as low, medium or high. In addition, 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. The Board also considered that shareholders may evaluate performance based on their own respective holding periods which may differ from the performance of the periods reviewed by the Board.

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. From year to year, the Board may place different emphasis on particular performance information given changing circumstances in market and economic conditions. 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.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records over various time periods in its discussions with management. 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 as experiencing performance issues, the Board seeks to discuss with the Adviser the reasons for the underperformance and any recommendations to improve performance and to monitor such funds more closely until performance improves.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

Additional Fund-specific performance factors for periods ending December 31, 2025 that the Board considered in addition to those described above are set forth below in Section I.F.

With respect to each Fund, 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.

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 Broadridge, an independent third-party provider of fund data. More specifically, the Board Members generally considered, 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”). 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 most desirable quartile ranking and the fourth quartile representing the least desirable ranking. The Board considered, in particular, each fund with a net total expense ratio that met 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.

In evaluating the fees and expenses of the Nuveen funds and comparative rankings, the Board considered some of the limitations which may reduce some of the value of the comparative data. In particular, although the Board considered the methodology employed by Broadridge to establish its Expense Universe and Expense Group (as applicable), the Board also considered that Broadridge had modified its methodology for open-end funds in 2025 resulting in significant changes to the composition of the Expense Universe and Expense Group (as applicable) and the comparative rankings of the funds from previous periods making comparisons of rankings from prior periods more difficult. In addition, the Board considered that the fee and expense information in the Broadridge report for each fund reflected information for a specific period and that historic asset levels and expenses may differ from current levels, particularly in a period of market volatility.

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 differences into account in considering the comparative peer data.

The Board further 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.

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.

Additional Fund-specific comparative fee and expense data that the Board considered in addition to that described above is set forth in Section I.F below. 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 requested and received information concerning the advisory fees and services provided to other clients of the Adviser, affiliated sub-advisers and/or advisory affiliates which may include, among others: separately managed accounts (“SMAs”), foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts (as applicable). The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the open-end funds compared to the management fee of the applicable fund. The Board considered, among other things, that differences in the breadth of services provided to the funds compared to other types of clients (including the differences in the level of advisory services required of passively managed funds compared to actively managed funds); the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the differences in regulatory, disclosure and governance requirements applicable to funds and the infrastructure and activities necessary to support such requirements; the establishment and maintenance of servicing relationships with various service providers for the funds; the differences in investment policies and strategies, investor profiles and account sizes; and other factors all may contribute to the variations in relative fee rates. Further, the Board considered the differences in risks the Adviser incurs, including entrepreneurial, legal and regulatory risks when sponsoring and managing funds compared to serving as adviser to other types of clients or sub-adviser to other funds.

With respect to the Sub-Adviser, 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.

3.	Profitability of Fund Advisers

In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed the 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 (as well as the Adviser and TAL on a combined basis) attributable to servicing all applicable funds for 2025 and 2024; (c) certain profitability data of both the Adviser and TAL on a combined basis derived from the type of fund in the aggregate (i.e., from the closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2025 and 2024; and (d) certain profitability data of both the Adviser and TAL on a combined basis provided 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 estimated profitability data at the per fund level for the Adviser.

In reviewing the profitability data, the Board Members recognized the subjective nature and difficulty in calculating profitability, particularly on a per fund level. The Board considered that the information is not audited and is based on cost allocation methodologies seeking to allocate various expenses throughout the complex and among the various advisory products. The Board Members considered the allocation methodology used to prepare the profitability data but considered that other valid and reasonable methodologies also could be used and could lead to significantly different profit and loss results.

Further, the Board considered Nuveen’s estimated profitability (pre- and post-distribution margins and pre-tax) from its services to the funds compared to the profitability margins of certain peers. The Board Members, however, considered the inherent limitations of the comparative data given that profitability data is only available from peers which publish publicly available information and may be affected by numerous factors including, among other things, the types of funds a peer manages, its business mix, cost of capital, the assumptions and allocation methodology used in developing its profitability data, and fee waivers and expense reimbursements by the peer(s).

Aside from the foregoing profitability data, the Board also considered the financial condition of TIAA. The Board Members considered certain financial data of TIAA as of December 31, 2025 and 2024. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility.

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 Nuveen funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale as a fund and/or the complex grows larger. The Board considered the difficulty in measuring economies of scale with any precision but considered the various means the Fund Advisers employ to help share the benefits of economies of scale with the respective funds and their shareholders.

The Board considered the Funds’ advisory fee structure, including breakpoint schedules (as applicable). The Board considered that the management fees of the funds generally are comprised of a fund-level component and a complex-level component, each with its own breakpoint schedule, subject to certain exceptions. The Board considered that in 2024, the Board revised the breakpoint schedule which reduced the complex-level fee rates at various thresholds and expanded the assets included in calculating the complex-level fee rates. The Board considered that the complex-level breakpoint schedule was designed to share the benefits of economies of scale with the participating funds as a result of an increase in the asset size of the complex even if the particular fund has not grown or has even declined in asset size, whereas a fund-level breakpoint schedule seeks to share economies of scale with shareholders if the particular fund grows. The Board considered the fee reductions achieved overall from the fund-

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

level breakpoints and the complex-level breakpoints for the 2025 calendar year. In addition to the management fee structures, the Board Members also considered the temporary and/or permanent expense caps applicable to a fund (if any) which can provide a protection from an increase in expenses if the assets of the applicable funds decline. In addition, the Board considered the Adviser’s and/or affiliates’ ongoing investments in their business, including investments in various technology initiatives from which the fund complex may benefit as well as 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.

The Board further considered that the scope of 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.

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.

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 Nuveen funds. These benefits include, among other things, fees paid to affiliates of the Adviser for services as noted below, the sharing of personnel and investment-related infrastructure with other clients of the Adviser, the use of affiliated sub-advisers in which case all the advisory revenue generated from such funds remains within Nuveen, and the use of certain funds as investment options for other products offered by the Adviser and/or its affiliates (such as life insurance separate account products, fund of funds or 529 education savings plans).

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 2025 for serving as an underwriter on shelf offerings of existing closed-end Nuveen funds and reviewed the amounts paid for such services in 2025 and 2024.

In addition, the Board Members considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective funds to obtain research and other services for any or all of their clients but such costs are reimbursed to the funds.

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 non-profit 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. Additional Fund-Specific Factors

For each Fund, set forth below are (i) additional Fund-specific performance factors for periods ending December 31, 2025 that the Board considered in addition to those described above; and (ii) additional Fund-specific comparative fee and expense data that the Board considered in addition to that described above.

Nuveen Dividend Value Fund

Relative Net Performance

Comparative Fees and Expenses


	Expense Group	Expense Universe

Actual Management Fee Rate	First Quartile	Second Quartile

Net Total Expense Ratio	Second Quartile	Second Quartile

Nuveen Large Cap Select Fund

Relative Net Performance

Comparative Fees and Expenses


	Expense Group	Expense Universe

Actual Management Fee Rate	First Quartile	First Quartile

Net Total Expense Ratio	Second Quartile	Fourth Quartile

Nuveen Mid Cap Value Opportunities Fund

Relative Net Performance

Comparative Fees and Expenses


	Expense Group	Expense Universe

Actual Management Fee Rate	Second Quartile	Second Quartile

Net Total Expense Ratio	Third Quartile	Third Quartile

Nuveen Small Cap Growth Opportunities Fund

Relative Net Performance

Comparative Fees and Expenses


	Expense Group	Expense Universe

Actual Management Fee Rate	First Quartile	Second Quartile

Net Total Expense Ratio	Second Quartile	Second Quartile

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract. (continued)

Nuveen Small Cap Select Fund

Relative Net Performance

Comparative Fees and Expenses


	Expense Group	Expense Universe

Actual Management Fee Rate	Second Quartile	Second Quartile

Net Total Expense Ratio	Second Quartile	Third Quartile

Nuveen Small Cap Value Fund

Relative Net Performance

Comparative Fees and Expenses


	Expense Group	Expense Universe

Actual Management Fee Rate	Second Quartile	Second Quartile

Net Total Expense Ratio	Third Quartile	Third Quartile

•• In considering performance, the Board considered, among other things, management’s commentary of the Fund’s performance, including factors that contributed to or detracted from relative performance, and was satisfied with the explanation.

Nuveen Small/Mid Cap Growth Opportunities Fund

Relative Net Performance

Comparative Fees and Expenses


	Expense Group	Expense Universe

Actual Management Fee Rate	Second Quartile	Second Quartile

Net Total Expense Ratio	Third Quartile	Third Quartile

G. 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.

II. Subsequent Approvals of Advisory Agreements

As noted above, the 1940 Act provides, in general terms, that an advisory and sub-advisory agreement may continue in effect for a period of more than two years only so long as the board, including a majority of the disinterested directors, approves its continuance. During the annual review, management and the Board proposed, in relevant part, to reset the annual review schedule for the advisory and sub-advisory agreements of the Nuveen funds to permit the agreements to continue for a one-year period until August 1st the following year as opposed to the existing May 1st annual deadline.

At its May Meeting, with respect to the Funds, the Board approved the Investment Management Agreements with certain minor changes and the Sub-Advisory Agreements to continue through July 31, 2027. As part of its review of the foregoing arrangements, the Board, through independent legal counsel, requested and received information regarding, among other things, the proposed renewal of the Advisory Agreements.

In their review, the Board Members considered that they had recently completed their annual review of the Advisory Agreements at the Meeting and many of the factors considered at the annual review were applicable to their evaluation of the continuance of the Advisory Agreements. Accordingly, in evaluating the respective advisory and sub-advisory agreements, the Board Members relied upon their knowledge and experience with the Adviser and the Sub-Adviser and considered the information received and their evaluations and conclusions drawn at the annual review. The Board considered management’s representation that the information and materials provided in connection with the annual review of the Advisory Agreements at the Meeting remained unchanged in all material respects. Further, with respect to the continuance of the Advisory Agreements, the Board considered the terms of such agreements with certain minor changes as appropriate to reflect an internal restructuring.

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 fees of each of the Adviser and Sub-Adviser were reasonable in light of the services provided to each Fund and that each Advisory Agreement be renewed for an additional one-year period through July 31, 2027.

Item 12.

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

Not applicable to open-end investment companies.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14.

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

Not applicable to open-end investment companies.

Item 15.

Submission of Matters to a Vote of Security Holders.

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

Item 16.

Controls and Procedures.

(a)

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

(b)

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

Item 17.

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

(a)	Not applicable to open-end investment companies.

(b)	Not applicable to open-end investment companies.

Item 18.

Recovery of Erroneously Awarded Compensation.

(a)	Not applicable.

(b)	Not applicable.

Item 19.

Exhibits.


(a)(1)		Not applicable to this filing.

(a)(2)		Not applicable to this filing.

(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.

(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.

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.

Nuveen Investment Funds, Inc.

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: July 2, 2026	By:	/s/ Jordan M. Farris
		Jordan M. Farris
		Chief Administrative Officer (principal executive officer)

Date: July 2, 2026	By:	/s/ Marc Cardella
		Marc Cardella
		Vice President and Controller (principal financial officer)

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

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