Nuveen Investment Trust

Date: September 5, 2025

/s/ Jordan M. Farris

Jordan M. Farris

Chief Administrative Officer

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 811-07619

Nuveen Investment Trust

(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: June 30

Date of reporting period: June 30, 2025

Item 1.

Reports to Stockholders.


		Annual Shareholder Report June 30, 2025

Nuveen Global Equity Income Fund

Class A Shares/NQGAX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Global Equity Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



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

Class A Shares	$122	1.11%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Global Equity Income Fund returned 19.41% for Class A Shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund outperformed the MSCI World Value (Net), which returned 15.94%.

• Top contributors to relative performance

• Security selection in the information technology sector, led by an overweight to Broadcom Inc.

• Overweight to AT&T Inc.

• Security selection and an overweight allocation to the financials sector, led by an overweight to Prudential plc.

• Top detractors from relative performance

• Overweight to Humana Inc.

• Overweight to Elevance Health, Inc.

• Out‑of‑benchmark position in Samsung Electronics Co. Ltd. Preferred Stock.


		1		continued>>

How did the Fund perform over the last 10 years?

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

Fund Performance (July 1, 2015 through June 30, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	5‑Year	10‑Year

Class A Shares at NAV (excluding maximum sales charge)	19.41%	14.26%	7.45%

Class A Shares at maximum sales charge (Offering Price)	12.54%	12.91%	6.81%

MSCI World Index (Net)	16.26%	14.55%	10.66%

MSCI World Value Index (Net)	15.94%	13.47%	7.69%

Lipper Global Equity Income Funds Classification Average	16.60%	11.58%	7.24%

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


		2		continued>>

Fund Statistics (as of June 30, 2025)



Fund net assets	$	142,586,846

Total number of portfolio holdings		59

Portfolio turnover (%)		30%

Total management fees paid for the year	$	952,036

What did the Fund invest in? (as of June 30, 2025)

How has the Fund changed?

For more complete information, you may review the Fund’s next prospectus, which is expected to be available by October 31, 2025 at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses or upon request at (800) 257‑8787.

Availability of additional information about the Fund

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

•

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

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


67064Y321_AR_0625 4631568


		3


		Annual Shareholder Report June 30, 2025

Nuveen Global Equity Income Fund

Class C Shares/NQGCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Global Equity Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



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

Class C Shares	$203	1.86%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Global Equity Income Fund returned 18.52% for Class C Shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund outperformed the MSCI World Value (Net), which returned 15.94%.

• Top contributors to relative performance

• Security selection in the information technology sector, led by an overweight to Broadcom Inc.

• Overweight to AT&T Inc.

• Security selection and an overweight allocation to the financials sector, led by an overweight to Prudential plc.

• Top detractors from relative performance

• Overweight to Humana Inc.

• Overweight to Elevance Health, Inc.

• Out‑of‑benchmark position in Samsung Electronics Co. Ltd. Preferred Stock.


		1		continued>>

How did the Fund perform over the last 10 years?

Fund Performance (July 1, 2015 through June 30, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1-Year	5-Year	10-Year

Class C Shares at NAV (excluding maximum sales charge)	18.52%	13.40%	6.81%

MSCI World Index (Net)	16.26%	14.55%	10.66%

MSCI World Value Index (Net)	15.94%	13.47%	7.69%

Lipper Global Equity Income Funds Classification Average	16.60%	11.58%	7.24%

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


		2		continued>>

Fund Statistics (as of June 30, 2025)



Fund net assets	$	142,586,846

Total number of portfolio holdings		59

Portfolio turnover (%)		30%

Total management fees paid for the year	$	952,036

What did the Fund invest in? (as of June 30, 2025)

How has the Fund changed?

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.


67064Y313_AR_0625 4631568


		3


		Annual Shareholder Report June 30, 2025

Nuveen Global Equity Income Fund

Class I Shares/NQGIX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Global Equity Income Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



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

Class I Shares	$94	0.86%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Global Equity Income Fund returned 19.73% for Class I Shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund outperformed the MSCI World Value (Net), which returned 15.94%.

• Top contributors to relative performance

• Security selection in the information technology sector, led by an overweight to Broadcom Inc.

• Overweight to AT&T Inc.

• Security selection and an overweight allocation to the financials sector, led by an overweight to Prudential plc.

• Top detractors from relative performance

• Overweight to Humana Inc.

• Overweight to Elevance Health, Inc.

• Out‑of‑benchmark position in Samsung Electronics Co. Ltd. Preferred Stock.


		1		continued>>

How did the Fund perform over the last 10 years?

Fund Performance (July 1, 2015 through June 30, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1-Year	5-Year	10-Year

Class I Shares at NAV	19.73%	14.54%	7.72%

MSCI World Index (Net)	16.26%	14.55%	10.66%

MSCI World Value Index (Net)	15.94%	13.47%	7.69%

Lipper Global Equity Income Funds Classification Average	16.60%	11.58%	7.24%


		2		continued>>

Fund Statistics (as of June 30, 2025)



Fund net assets	$	142,586,846

Total number of portfolio holdings		59

Portfolio turnover (%)		30%

Total management fees paid for the year	$	952,036

What did the Fund invest in? (as of June 30, 2025)

How has the Fund changed?

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.


67064Y297_AR_0625 4631568


		3


		Annual Shareholder Report June 30, 2025

Nuveen Large Cap Value Opportunities Fund

Class A Shares/NQCAX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Large Cap Value Opportunities Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



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

Class A Shares	$108	1.00%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Large Cap Value Opportunities Fund returned 16.97% for Class A Shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund outperformed the Russell 1000 Value Index, which returned 13.70%.

• Top contributors to relative performance

• Security selection in the consumer staples sector, led by an overweight to Walmart Inc.

• Security selection in the financials sector, led by overweights to JPMorgan Chase & Co. and Discover Financial Services.

• Overweight to AT&T Inc.

• Top detractors from relative performance

• Overweight to Elevance Health, Inc.

• Security selection and an underweight to the industrials sector.

• Security selection in the real estate sector, including an overweight to Alexandria Real Estate Equities, Inc.


		1		continued>>

How did the Fund perform over the last 10 years?

Fund Performance (July 1, 2015 through June 30, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1-Year	5-Year	10-Year

Class A Shares at NAV (excluding maximum sales charge)	16.97%	16.58%	9.00%

Class A Shares at maximum sales charge (Offering Price)	10.29%	15.21%	8.35%

Russell 1000^® Index	15.66%	16.30%	13.35%

Russell 1000^® Value Index	13.70%	13.93%	9.19%

Lipper Multi‑Cap Value Funds Classification Average	11.95%	14.53%	8.96%


		2		continued>>

Fund Statistics (as of June 30, 2025)



Fund net assets	$	22,535,559

Total number of portfolio holdings		58

Portfolio turnover (%)		25%

Total management fees paid for the year	$	145,699

What did the Fund invest in? (as of June 30, 2025)

How has the Fund changed?

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.


67064Y628_AR_0625 4631597


		3


		Annual Shareholder Report June 30, 2025

Nuveen Large Cap Value Opportunities Fund

Class C Shares/NQCCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Large Cap Value Opportunities Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



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

Class C Shares	$189	1.75%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Large Cap Value Opportunities Fund returned 15.87% for Class C Shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund outperformed the Russell 1000 Value Index, which returned 13.70%.

• Top contributors to relative performance

• Security selection in the consumer staples sector, led by an overweight to Walmart Inc.

• Security selection in the financials sector, led by overweights to JPMorgan Chase & Co. and Discover Financial Services.

• Overweight to AT&T Inc.

• Top detractors from relative performance

• Overweight to Elevance Health, Inc.

• Security selection and an underweight to the industrials sector.

• Security selection in the real estate sector, including an overweight to Alexandria Real Estate Equities, Inc.


		1		continued>>

How did the Fund perform over the last 10 years?

Fund Performance (July 1, 2015 through June 30, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	5‑Year	10‑Year

Class C Shares at NAV (excluding maximum sales charge)	15.87%	15.64%	8.34%

Russell 1000^® Index	15.66%	16.30%	13.35%

Russell 1000^® Value Index	13.70%	13.93%	9.19%

Lipper Multi‑Cap Value Funds Classification Average	11.95%	14.53%	8.96%

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


		2		continued>>

Fund Statistics (as of June 30, 2025)



Fund net assets	$	22,535,559

Total number of portfolio holdings		58

Portfolio turnover (%)		25%

Total management fees paid for the year	$	145,699

What did the Fund invest in? (as of June 30, 2025)

How has the Fund changed?

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.


67064Y594_AR_0625 4631597


		3


		Annual Shareholder Report June 30, 2025

Nuveen Large Cap Value Opportunities Fund

Class I Shares/NQCRX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Large Cap Value Opportunities Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



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

Class I Shares	$81	0.75%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Large Cap Value Opportunities Fund returned 17.09% for Class I Shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund outperformed the Russell 1000 Value Index, which returned 13.70%.

• Top contributors to relative performance

• Security selection in the consumer staples sector, led by an overweight to Walmart Inc.

• Security selection in the financials sector, led by overweights to JPMorgan Chase & Co. and Discover Financial Services.

• Overweight to AT&T Inc.

• Top detractors from relative performance

• Overweight to Elevance Health, Inc.

• Security selection and an underweight to the industrials sector.

• Security selection in the real estate sector, including an overweight to Alexandria Real Estate Equities, Inc.


		1		continued>>

How did the Fund perform over the last 10 years?

Fund Performance (July 1, 2015 through June 30, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1-Year	5-Year	10-Year

Class I Shares at NAV	17.09%	16.84%	9.26%

Russell 1000^® Index	15.66%	16.30%	13.35%

Russell 1000^® Value Index	13.70%	13.93%	9.19%

Lipper Multi‑Cap Value Funds Classification Average	11.95%	14.53%	8.96%


		2		continued>>

Fund Statistics (as of June 30, 2025)



Fund net assets	$	22,535,559

Total number of portfolio holdings		58

Portfolio turnover (%)		25%

Total management fees paid for the year	$	145,699

What did the Fund invest in? (as of June 30, 2025)

How has the Fund changed?

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.


67064Y586_AR_0625 4631597


		3


		Annual Shareholder Report June 30, 2025

Nuveen Multi Cap Value Fund

Class A Shares/NQVAX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Multi Cap Value Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



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

Class A Shares	$123	1.15%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Multi Cap Value Fund returned 13.69% for Class A Shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund outperformed the Russell 3000 Value Index, which returned 13.30%.

• Top contributors to relative performance

• Out‑of‑benchmark position in ADMA Biologics, Inc.

• Overweight to AT&T Inc.

• Security selection in the financials sector, led by overweights to Discover Financial Services and Wells Fargo & Company.

• Top detractors from relative performance

• Although the Fund was underweight UnitedHealth Group Incorporated, which generally underperformed during the reporting period, the timing of when the stock was purchased in December detracted.

• Security selection in the materials sector, including an out‑of‑benchmark position in Innospec Inc.

• Overweight to Elevance Health, Inc.


		1		continued>>

How did the Fund perform over the last 10 years?

Fund Performance (July 1, 2015 through June 30, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	5‑Year	10‑Year

Class A Shares at NAV (excluding maximum sales charge)	13.69%	17.91%	9.64%

Class A Shares at maximum sales charge (Offering Price)	7.14%	16.52%	8.99%

Russell 3000^® Index	15.30%	15.96%	12.96%

Russell 3000^® Value Index	13.30%	13.87%	9.04%

Lipper Multi‑Cap Value Funds Classification Average	11.95%	14.53%	8.96%


		2		continued>>

Fund Statistics (as of June 30, 2025)



Fund net assets	$	521,544,317

Total number of portfolio holdings		61

Portfolio turnover (%)		30%

Total management fees paid for the year	$	3,421,772

What did the Fund invest in? (as of June 30, 2025)

How has the Fund changed?

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.


67064Y792_AR_0625 4631590


		3


		Annual Shareholder Report June 30, 2025

Nuveen Multi Cap Value Fund

Class C Shares/NQVCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Multi Cap Value Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



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

Class C Shares	$202	1.90%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Multi Cap Value Fund returned 12.84% for Class C Shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 3000 Value Index, which returned 13.30%.

• Top contributors to relative performance

• Out‑of‑benchmark position in ADMA Biologics, Inc.

• Overweight to AT&T Inc.

• Security selection in the financials sector, led by overweights to Discover Financial Services and Wells Fargo & Company.

• Top detractors from relative performance

• Although the Fund was underweight UnitedHealth Group Incorporated, which generally underperformed during the reporting period, the timing of when the stock was purchased in December detracted.

• Security selection in the materials sector, including an out‑of‑benchmark position in Innospec Inc.

• Overweight to Elevance Health, Inc.


		1		continued>>

How did the Fund perform over the last 10 years?

Fund Performance (July 1, 2015 through June 30, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	5‑Year	10‑Year

Class C Shares at NAV (excluding maximum sales charge)	12.84%	17.04%	8.98%

Russell 3000^® Index	15.30%	15.96%	12.96%

Russell 3000^® Value Index	13.30%	13.87%	9.04%

Lipper Multi‑Cap Value Funds Classification Average	11.95%	14.53%	8.96%

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


		2		continued>>

Fund Statistics (as of June 30, 2025)



Fund net assets	$	521,544,317

Total number of portfolio holdings		61

Portfolio turnover (%)		30%

Total management fees paid for the year	$	3,421,772

What did the Fund invest in? (as of June 30, 2025)

How has the Fund changed?

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.


67064Y776_AR_0625 4631590


		3


		Annual Shareholder Report June 30, 2025

Nuveen Multi Cap Value Fund

Class I Shares/NQVRX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Multi Cap Value Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



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

Class I Shares	$96	0.90%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Multi Cap Value Fund returned 13.98% for Class I Shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund outperformed the Russell 3000 Value Index, which returned 13.30%.

• Top contributors to relative performance

• Out‑of‑benchmark position in ADMA Biologics, Inc.

• Overweight to AT&T Inc.

• Security selection in the financials sector, led by overweights to Discover Financial Services and Wells Fargo & Company.

• Top detractors from relative performance

• Although the Fund was underweight UnitedHealth Group Incorporated, which generally underperformed during the reporting period, the timing of when the stock was purchased in December detracted.

• Security selection in the materials sector, including an out‑of‑benchmark position in Innospec Inc.

• Overweight to Elevance Health, Inc.


		1		continued>>

How did the Fund perform over the last 10 years?

Fund Performance (July 1, 2015 through June 30, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class I Shares at NAV		13.98	%		18.21	%		9.91	%

Russell 3000^® Index		15.30	%		15.96	%		12.96	%

Russell 3000^® Value Index		13.30	%		13.87	%		9.04	%

Lipper Multi‑Cap Value Funds Classification Average		11.95	%		14.53	%		8.96	%


		2		continued>>

Fund Statistics (as of June 30, 2025)



Fund net assets	$	521,544,317

Total number of portfolio holdings		61

Portfolio turnover (%)		30%

Total management fees paid for the year	$	3,421,772

What did the Fund invest in? (as of June 30, 2025)

How has the Fund changed?

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.


67064Y768_AR_0625 4631590


		3


		Annual Shareholder Report June 30, 2025

Nuveen Small Cap Value Opportunities Fund

Class A Shares/NSCAX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Small Cap Value Opportunities Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



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

Class A Shares	$126	1.20%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Small Cap Value Opportunities Fund returned 9.85% for Class A Shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund significantly outperformed the Russell 2000 Value Index, which returned 5.54%.

• Top contributors to relative performance

• Security selection in the health care sector, led by an out‑of‑benchmark position in ADMA Biologics, Inc.

• Security selection in the financials sector, led by out‑of‑benchmark positions in Marex Group plc and Western Alliance Bancorp and an overweight to Skyward Specialty Insurance Group, Inc.

• Security selection and an underweight allocation to the energy sector, led by an out‑of‑benchmark position in Antero Midstream Corporation.

• Top detractors from relative performance

• Security selection in the consumer staples sector, including an out‑of‑benchmark position in Grocery Outlet Holding Corp.

• Security selection in the materials sector, including an overweight position in Materion Corporation.

• Security selection and an underweight allocation to the communication services sector, including an overweight to Vimeo Inc.


		1		continued>>

How did the Fund perform over the last 10 years?

Fund Performance (July 1, 2015 through June 30, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	5‑Year	10‑Year

Class A Shares at NAV (excluding maximum sales charge)	9.85%	15.92%	7.66%

Class A Shares at maximum sales charge (Offering Price)	3.53%	14.56%	7.03%

Russell 3000^® Index	15.30%	15.96%	12.96%

Russell 2000^® Value Index	5.54%	12.47%	6.72%

Lipper Small‑Cap Core Funds Classification Average	6.04%	12.04%	7.23%


		2		continued>>

Fund Statistics (as of June 30, 2025)



Fund net assets			$236,210,961

Total number of portfolio holdings			65

Portfolio turnover (%)			96%

Total management fees paid for the year			$ 1,839,283

What did the Fund invest in? (as of June 30, 2025)

How has the Fund changed?

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.


67064Y750_AR_0625 4631609


		3


		Annual Shareholder Report June 30, 2025

Nuveen Small Cap Value Opportunities Fund

Class C Shares/NSCCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Small Cap Value Opportunities Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



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

Class C Shares	$204	1.95%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Small Cap Value Opportunities Fund returned 9.03% for Class C Shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund outperformed the Russell 2000 Value Index, which returned 5.54%.

• Top contributors to relative performance

• Security selection in the health care sector, led by an out‑of‑benchmark position in ADMA Biologics, Inc.

• Security selection in the financials sector, led by out‑of‑benchmark positions in Marex Group plc and Western Alliance Bancorp and an overweight to Skyward Specialty Insurance Group, Inc.

• Security selection and an underweight allocation to the energy sector, led by an out‑of‑benchmark position in Antero Midstream Corporation.

• Top detractors from relative performance

• Security selection in the consumer staples sector, including an out‑of‑benchmark position in Grocery Outlet Holding Corp.

• Security selection in the materials sector, including an overweight position in Materion Corporation.

• Security selection and an underweight allocation to the communication services sector, including an overweight to Vimeo Inc.


		1		continued>>

How did the Fund perform over the last 10 years?

Fund Performance (July 1, 2015 through June 30, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class C Shares at NAV (excluding maximum sales charge)		9.03	%		15.06	%		7.02	%

Russell 3000^® Index		15.30	%		15.96	%		12.96	%

Russell 2000^® Value Index		5.54	%		12.47	%		6.72	%

Lipper Small‑Cap Core Funds Classification Average		6.04	%		12.04	%		7.23	%

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


		2		continued>>

Fund Statistics (as of June 30, 2025)



Fund net assets	$	236,210,961

Total number of portfolio holdings		65

Portfolio turnover (%)		96%

Total management fees paid for the year	$	1,839,283

What did the Fund invest in? (as of June 30, 2025)

How has the Fund changed?

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.


67064Y735_AR_0625 4631609


		3


		Annual Shareholder Report June 30, 2025

Nuveen Small Cap Value Opportunities Fund

Class R6 Shares/NSCFX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Small Cap Value Opportunities Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



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

Class R6 Shares	$85	0.81%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Small Cap Value Opportunities Fund returned 10.28% for Class R6 Shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund significantly outperformed the Russell 2000 Value Index, which returned 5.54%.

• Top contributors to relative performance

• Security selection in the health care sector, led by an out‑of‑benchmark position in ADMA Biologics, Inc.

• Security selection in the financials sector, led by out‑of‑benchmark positions in Marex Group plc and Western Alliance Bancorp and an overweight to Skyward Specialty Insurance Group, Inc.

• Security selection and an underweight allocation to the energy sector, led by an out‑of‑benchmark position in Antero Midstream Corporation.

• Top detractors from relative performance

• Security selection in the consumer staples sector, including an out‑of‑benchmark position in Grocery Outlet Holding Corp.

• Security selection in the materials sector, including an overweight position in Materion Corporation.

• Security selection and an underweight allocation to the communication services sector, including an overweight to Vimeo Inc.


		1		continued>>

How did the Fund perform over the last 10 years?

Fund Performance (July 1, 2015 through June 30, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	5‑Year	10‑Year

Class R6 Shares at NAV	10.28%	16.38%	8.10%

Russell 3000^® Index	15.30%	15.96%	12.96%

Russell 2000^® Value Index	5.54%	12.47%	6.72%

Lipper Small‑Cap Core Funds Classification Average	6.04%	12.04%	7.23%


		2		continued>>

Fund Statistics (as of June 30, 2025)



Fund net assets			$236,210,961

Total number of portfolio holdings			65

Portfolio turnover (%)			96%

Total management fees paid for the year			$ 1,839,283

What did the Fund invest in? (as of June 30, 2025)

How has the Fund changed?

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.


670729847_AR_0625 4631609


		3


		Annual Shareholder Report June 30, 2025

Nuveen Small Cap Value Opportunities Fund

Class I Shares/NSCRX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Small Cap Value Opportunities Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



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

Class I Shares	$100	0.95%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Small Cap Value Opportunities Fund returned 10.13% for Class I Shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund significantly outperformed the Russell 2000 Value Index, which returned 5.54%.

• Top contributors to relative performance

• Security selection in the health care sector, led by an out‑of‑benchmark position in ADMA Biologics, Inc.

• Security selection in the financials sector, led by out‑of‑benchmark positions in Marex Group plc and Western Alliance Bancorp and an overweight to Skyward Specialty Insurance Group, Inc.

• Security selection and an underweight allocation to the energy sector, led by an out‑of‑benchmark position in Antero Midstream Corporation.

• Top detractors from relative performance

• Security selection in the consumer staples sector, including an out‑of‑benchmark position in Grocery Outlet Holding Corp.

• Security selection in the materials sector, including an overweight position in Materion Corporation.

• Security selection and an underweight allocation to the communication services sector, including an overweight to Vimeo Inc.


		1		continued>>

How did the Fund perform over the last 10 years?

Fund Performance (July 1, 2015 through June 30, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	5‑Year	10‑Year

Class I Shares at NAV	10.13%	16.22%	7.93%

Russell 3000^® Index	15.30%	15.96%	12.96%

Russell 2000^® Value Index	5.54%	12.47%	6.72%

Lipper Small‑Cap Core Funds Classification Average	6.04%	12.04%	7.23%


		2		continued>>

Fund Statistics (as of June 30, 2025)



Fund net assets	$	236,210,961

Total number of portfolio holdings		65

Portfolio turnover (%)		96%

Total management fees paid for the year	$	1,839,283

What did the Fund invest in? (as of June 30, 2025)

How has the Fund changed?

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.


67064Y727_AR_0625 4631609


		3


		Annual Shareholder Report June 30, 2025

Nuveen Small/Mid Cap Value Fund

Class A Shares/NSMAX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Small/Mid Cap Value Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



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

Class A Shares	$137	1.31%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Small/Mid Cap Value Fund returned 9.17% for Class A Shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 2500 Value Index, which returned 10.47%.

• Top contributors to relative performance

• Security selection in the health care sector, led by an out‑of‑benchmark position in ADMA Biologics, Inc.

• Overweight to Curtiss-Wright Corporation.

• Security selection in the information technology sector, led by an out‑of‑benchmark position in Seagate Technology Holdings PLC.

• Top detractors from relative performance

• Security selection in the consumer discretionary sector, including overweights to Wayfair, Inc., Advance Auto Parts, Inc. and Under Armour, Inc.

• Security selection in the materials sector, including an overweight to FMC Corporation.

• Security selection in the financials sector, including Robinhood Markets, Inc, a security not held by the fund.


		1		continued>>

How did the Fund perform over the last 10 years?

Fund Performance (July 1, 2015 through June 30, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class A Shares at NAV (excluding maximum sales charge)		9.17	%		16.79	%		8.65	%

Class A Shares at maximum sales charge (Offering Price)		2.89	%		15.42	%		8.00	%

Russell 3000^® Index		15.30	%		15.96	%		12.96	%

Russell 2500^™ Value Index		10.47	%		13.96	%		7.73	%

Lipper Small‑Cap Core Funds Classification Average		6.04	%		12.04	%		7.23	%


		2		continued>>

Fund Statistics (as of June 30, 2025)



Fund net assets	$	91,129,365

Total number of portfolio holdings		65

Portfolio turnover (%)		64%

Total management fees paid for the year	$	756,111

What did the Fund invest in? (as of June 30, 2025)

How has the Fund changed?

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.


67064Y578_AR_0625 4631604


		3


		Annual Shareholder Report June 30, 2025

Nuveen Small/Mid Cap Value Fund

Class C Shares/NSMCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Small/Mid Cap Value Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



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

Class C Shares	$215	2.06%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Small/Mid Cap Value Fund returned 8.38% for Class C Shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 2500 Value Index, which returned 10.47%.

• Top contributors to relative performance

• Security selection in the health care sector, led by an out‑of‑benchmark position in ADMA Biologics, Inc.

• Overweight to Curtiss-Wright Corporation.

• Security selection in the information technology sector, led by an out‑of‑benchmark position in Seagate Technology Holdings PLC.

• Top detractors from relative performance

• Security selection in the consumer discretionary sector, including overweights to Wayfair, Inc., Advance Auto Parts, Inc. and Under Armour, Inc.

• Security selection in the materials sector, including an overweight to FMC Corporation.

• Security selection in the financials sector, including Robinhood Markets, Inc, a security not held by the fund.


		1		continued>>

How did the Fund perform over the last 10 years?

Fund Performance (July 1, 2015 through June 30, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	5‑Year	10‑Year

Class C Shares at NAV (excluding maximum sales charge)	8.38%	15.92%	8.00%

Russell 3000^® Index	15.30%	15.96%	12.96%

Russell 2500^™ Value Index	10.47%	13.96%	7.73%

Lipper Small‑Cap Core Funds Classification Average	6.04%	12.04%	7.23%

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


		2		continued>>

Fund Statistics (as of June 30, 2025)



Fund net assets	$	91,129,365

Total number of portfolio holdings		65

Portfolio turnover (%)		64%

Total management fees paid for the year	$	756,111

What did the Fund invest in? (as of June 30, 2025)

How has the Fund changed?

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.


67064Y552_AR_0625 4631604


		3


		Annual Shareholder Report June 30, 2025

Nuveen Small/Mid Cap Value Fund

Class I Shares/NSMRX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Small/Mid Cap Value Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



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

Class I Shares	$111	1.06%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Small/Mid Cap Value Fund returned 9.45% for Class I Shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 2500 Value Index, which returned 10.47%.

• Top contributors to relative performance

• Security selection in the health care sector, led by an out‑of‑benchmark position in ADMA Biologics, Inc.

• Overweight to Curtiss-Wright Corporation.

• Security selection in the information technology sector, led by an out‑of‑benchmark position in Seagate Technology Holdings PLC.

• Top detractors from relative performance

• Security selection in the consumer discretionary sector, including overweights to Wayfair, Inc., Advance Auto Parts, Inc. and Under Armour, Inc.

• Security selection in the materials sector, including an overweight to FMC Corporation.

• Security selection in the financials sector, including Robinhood Markets, Inc, a security not held by the fund.


		1		continued>>

How did the Fund perform over the last 10 years?

Fund Performance (July 1, 2015 through June 30, 2025) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year	5‑Year	10‑Year

Class I Shares at NAV	9.45%	17.08%	8.92%

Russell 3000^® Index	15.30%	15.96%	12.96%

Russell 2500^™ Value Index	10.47%	13.96%	7.73%

Lipper Small‑Cap Core Funds Classification Average	6.04%	12.04%	7.23%


		2		continued>>

Fund Statistics (as of June 30, 2025)



Fund net assets			$91,129,365

Total number of portfolio holdings			65

Portfolio turnover (%)			64%

Total management fees paid for the year			$ 756,111

What did the Fund invest in? (as of June 30, 2025)

How has the Fund changed?

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.


67064Y545_AR_0625 4631604


		3


		Annual Shareholder Report June 30, 2025

Nuveen Small/Mid Cap Value Fund

Class R6 Shares/NWQFX

Annual Shareholder Report

This annual shareholder report contains important information about the Class R6 Shares of the Nuveen Small/Mid Cap Value Fund for the period of July 1, 2024 to June 30, 2025. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



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

Class R6 Shares	$94	0.90%

* Annualized for period less than one year.

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

Performance Highlights

• The Nuveen Small/Mid Cap Value Fund returned 9.64% for Class R6 Shares at net asset value (NAV) for the 12 months ended June 30, 2025. The Fund underperformed the Russell 2500 Value Index, which returned 10.47%.

• Top contributors to relative performance

• Security selection in the health care sector, led by an out‑of‑benchmark position in ADMA Biologics, Inc.

• Overweight to Curtiss-Wright Corporation.

• Security selection in the information technology sector, led by an out‑of‑benchmark position in Seagate Technology Holdings PLC.

• Top detractors from relative performance

• Security selection in the consumer discretionary sector, including overweights to Wayfair, Inc., Advance Auto Parts, Inc. and Under Armour, Inc.

• Security selection in the materials sector, including an overweight to FMC Corporation.

• Security selection in the financials sector, including Robinhood Markets, Inc, a security not held by the fund.


		1		continued>>

How did the Fund perform over the period since inception?

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

Average Annual Total Returns



	1‑Year	5‑Year	Since Inception (6/30/16)

Class R6 Shares at NAV	9.64%	17.26%	10.54%

Russell 3000^® Index	15.30%	15.96%	14.23%

Russell 2500^™ Value Index	10.47%	13.96%	8.60%

Lipper Small‑Cap Core Funds Classification Average	6.04%	12.04%	8.59%


		2		continued>>

Fund Statistics (as of June 30, 2025)



Fund net assets	$	91,129,365

Total number of portfolio holdings		65

Portfolio turnover (%)		64%

Total management fees paid for the year	$	756,111

What did the Fund invest in? (as of June 30, 2025)

How has the Fund changed?

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.


670729466_AR_0625 4631604


		3

Item 2.

Code of Ethics.

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

Item 3.

Audit Committee Financial Expert.

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

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

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

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

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

Item 4.

Principal Accountant Fees and Services.

Nuveen Investment Trust

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

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

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


Fiscal Year Ended	Audit Fees Billed to Registrant¹		Audit-Related Fees Billed to Registrant²		Tax Fees Billed to Registrant³		All Other Fees Billed to Registrant⁴
June 30, 2025		$98,295		$0		$9		$0

Percentage approved pursuant to pre-approval exception		0%		0%		0%		0%

June 30, 2024		$100,483		$0		$1,010		$0

Percentage approved pursuant to pre-approval exception		0%		0%		0%		0%

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

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

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

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

SERVICES THAT THE REGISTRANT’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

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

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

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


Fiscal Year Ended	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers		Tax Fees Billed to Adviser and Affiliated Fund Service Providers		All Other Fees Billed to Adviser and Affiliated Fund Service Providers
June 30, 2025		$0		$0		$0

Percentage approved pursuant to pre-approval exception		0%		0%		0%

June 30, 2024		$0		$0		$0

Percentage approved pursuant to pre-approval exception		0%		0%		0%

NON-AUDIT SERVICES

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


Fiscal Year Ended	Total Non-Audit Fees Billed to Registrant		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Registrant)		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
June 30, 2025		$9		$0		$11,040,000		$11,040,009
June 30, 2024		$1,010		$0		$0		$1,010

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

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

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

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

Item 5.

Audit Committee of Listed Registrants.

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.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Nuveen Investment Trust and Nuveen Investment Trust II and Shareholders of Nuveen Global Equity Income Fund, Nuveen International Value Fund, Nuveen Large Cap Value Opportunities Fund, Nuveen Multi Cap Value Fund, Nuveen Small Cap Value Opportunities Fund and Nuveen Small/Mid Cap Value Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Nuveen Global Equity Income Fund, Nuveen Large Cap Value Opportunities Fund, Nuveen Multi Cap Value Fund, Nuveen Small Cap Value Opportunities Fund and Nuveen Small/Mid Cap Value Fund (constituting Nuveen Investment Trust) and Nuveen International Value Fund (one of the funds constituting Nuveen Investment Trust II) (hereafter collectively referred to as the “Funds”) as of June 30, 2025, the related statements of operations for the year ended June 30, 2025, the statements of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2025 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2025 and each of the financial highlights for each of the five years in the period ended June 30, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

August 27, 2025

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

Portfolio of Investments June 30, 2025

Global Equity Income


SHARES		DESCRIPTION	VALUE


		LONG-TERM INVESTMENTS - 96.6%

		COMMON STOCKS - 93.9%

		AUSTRALIA - 1.4%
	85,049	BHP Group Ltd	$	2,046,075


		TOTAL AUSTRALIA		2,046,075


		BELGIUM - 1.5%
	10,802	UCB SA		2,125,377


		TOTAL BELGIUM		2,125,377


		CANADA - 1.2%
	28,433	Nutrien Ltd		1,656,808


		TOTAL CANADA		1,656,808


		CHINA - 0.9%
	11,301	Alibaba Group Holding Ltd, Sponsored ADR		1,281,646


		TOTAL CHINA		1,281,646


		FINLAND - 1.6%
	151,378	Nordea Bank Abp		2,246,102


		TOTAL FINLAND		2,246,102


		FRANCE - 4.0%
	9,737	Airbus SE		2,036,987
	8,540	Capgemini SE		1,462,359
	18,922	Publicis Groupe SA		2,137,142


		TOTAL FRANCE		5,636,488


		GERMANY - 7.1%
	5,235	Allianz SE		2,124,538
	7,791	Deutsche Boerse AG		2,545,238
	63,733	Deutsche Post AG		2,952,104
	9,509	Siemens AG		2,442,466


		TOTAL GERMANY		10,064,346


		HONG KONG - 4.1%
	1,009,000	Hang Lung Properties Ltd		965,834
	388,452	Prudential PLC		4,861,958


		TOTAL HONG KONG		5,827,792


		ITALY - 1.7%
	251,814	Enel SpA		2,389,893


		TOTAL ITALY		2,389,893


		JAPAN - 7.4%
	38,040	Kao Corp		1,704,404
	114,050	Mitsubishi Electric Corp		2,453,098
	106,760	Mitsui & Co Ltd		2,175,765
	160,200	Sumitomo Mitsui Trust Group Inc		4,260,908


		TOTAL JAPAN		10,594,175


		NETHERLANDS - 4.4%
	22,034	Heineken NV		1,922,309
	101,324	ING Groep NV		2,220,788
	33,612	NN Group NV		2,236,513


		TOTAL NETHERLANDS		6,379,610


		NORWAY - 1.8%
	162,154	Telenor ASA		2,525,094


		TOTAL NORWAY		2,525,094


		SINGAPORE - 1.5%
	169,220	Oversea-Chinese Banking Corp Ltd		2,169,962


		TOTAL SINGAPORE		2,169,962


		SOUTH KOREA - 1.0%
	39,129	Samsung Electronics Co Ltd		1,435,444


		TOTAL SOUTH KOREA		1,435,444


		SWITZERLAND - 2.9%
	18,357	DSM-Firmenich AG		1,952,913
	3,029	Zurich Insurance Group AG		2,119,461


		TOTAL SWITZERLAND		4,072,374


See Notes to Financial Statements		5

Portfolio of Investments June 30, 2025 (continued)

Global Equity Income


SHARES			DESCRIPTION									VALUE


			UNITED KINGDOM - 3.2%
	25,168		AstraZeneca PLC, Sponsored ADR									$	1,758,740
	198,481		National Grid PLC										2,913,435


			TOTAL UNITED KINGDOM										4,672,175


			UNITED STATES - 48.2%
	56,375		Alliant Energy Corp										3,408,996
	11,750		Alphabet Inc, Class A										2,070,702
	138,921		AT&T Inc										4,020,374
	17,444		Broadcom Inc										4,808,439
	12,396		Chevron Corp										1,774,983
	47,561		Cisco Systems Inc										3,299,782
	22,171		Coca-Cola Co/The										1,568,598
	27,000		Delta Air Lines Inc										1,327,860
	5,670		Eaton Corp PLC										2,024,133
	4,632		Elevance Health Inc										1,801,663
	79,459		Enterprise Products Partners LP										2,464,024
	31,473		Eversource Energy										2,002,312
	48,139		Fifth Third Bancorp										1,979,957
	6,215		General Dynamics Corp										1,812,667
	41,693		General Motors Co										2,051,712
	407,953		Haleon PLC										2,096,726
	6,337		Home Depot Inc/The										2,323,398
	12,291		JPMorgan Chase & Co										3,563,284
	9,839		Oracle Corp										2,151,101
	6,183		Roche Holding AG										2,018,253
	33,536		Sanofi SA										3,246,746
	116,977		Shell PLC										4,081,271
	40,942		Smurfit WestRock PLC										1,766,647
	2,804		UnitedHealth Group Inc										874,764
	36,440		Walmart Inc										3,563,103
	17,602		Walt Disney Co/The										2,182,824
	56,791		Wells Fargo & Co										4,550,095


			TOTAL UNITED STATES										68,834,414


			TOTAL COMMON STOCKS (Cost $89,555,970)										133,957,775



SHARES			DESCRIPTION					RATE				VALUE


			CONVERTIBLE PREFERRED SECURITIES - 1.7%

			UNITED STATES - 1.7%
	34,800		Boeing Co/The						6.000%				2,366,400


			TOTAL UNITED STATES										2,366,400


			TOTAL CONVERTIBLE PREFERRED SECURITIES (Cost $1,925,735)										2,366,400



SHARES			DESCRIPTION	RATE		ISSUE PRICE		CAP PRICE		MATURITY		VALUE


			STRUCTURED NOTES - 1.0%
	8,540	(a)	JPMorgan Chase Bank, Mandatory Exchangeable Note, Linked to Common Stock of Fiserv, Inc (Cap 111.81% of the Issue Price)		9.000%	$	166.7400	$	186.4300		12/23/25		1,453,042


			TOTAL STRUCTURED NOTES (Cost $1,423,944)										1,453,042


			TOTAL LONG-TERM INVESTMENTS (Cost $92,905,649)										137,777,217


			OTHER ASSETS & LIABILITIES, NET - 3.4%										4,809,629


			NET ASSETS - 100%									$	142,586,846


ADR		American Depositary Receipt


6		See Notes to Financial Statements


(a)		Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $1,453,042 or 1.1% of Total Investments.

Investments in Derivatives


Options Written

Type	Description(a)	Number of Contracts			Notional Amount (b)			Exercise Price		Expiration Date		Value


Call	Delta Air Lines Inc		(270	)	$	(1,485,000	)		$55		9/19/25	$	(53,325	)


Total Options Written (premiums received $71,280)			(270	)	$	(1,485,000	)					$	(53,325	)


(a)		Exchange-traded, unless otherwise noted.
(b)		For disclosure purposes, Notional Amount is calculated by multiplying the Number of Contracts by the Exercise Price by 100.


See Notes to Financial Statements		7

Portfolio of Investments June 30, 2025

International Value


SHARES			DESCRIPTION	VALUE


			LONG-TERM INVESTMENTS - 97.7%

			COMMON STOCKS - 97.7%

			AUSTRALIA - 0.9%
	52,639		BHP Group Ltd	$	1,266,368


			TOTAL AUSTRALIA		1,266,368


			CANADA - 4.1%
	29,282		Agnico Eagle Mines Ltd		3,482,508
	36,254		Nutrien Ltd		2,112,543


			TOTAL CANADA		5,595,051


			CHINA - 1.0%
	95,300		Alibaba Group Holding Ltd		1,349,061


			TOTAL CHINA		1,349,061


			FINLAND - 0.5%
	50,822		Nordea Bank Abp		754,082


			TOTAL FINLAND		754,082


			FRANCE - 15.3%
	37,728		Accor SA		1,977,267
	125,220		Alstom SA		2,922,752
	12,441		Capgemini SE		2,130,353
	27,507		Publicis Groupe SA		3,106,773
	60,999		Societe Generale SA		3,489,399
	87,215		Technip Energies NV		3,669,357
	13,004		Thales SA		3,839,750


			TOTAL FRANCE		21,135,651


			GERMANY - 12.7%
	6,507		Allianz SE		2,640,758
	24,362		BASF SE		1,204,932
	60,676		Deutsche Post AG		2,810,504
	37,224		Fresenius Medical Care AG		2,138,711
	39,286		Infineon Technologies AG		1,676,414
	8,101		SAP SE		2,477,121
	18,038		Siemens AG		4,633,210


			TOTAL GERMANY		17,581,650


			HONG KONG - 4.3%
	1,398,000		Hang Lung Properties Ltd		1,338,193
	231,399		Prudential PLC		2,896,246
	156,000		Techtronic Industries Co Ltd		1,721,299


			TOTAL HONG KONG		5,955,738


			JAPAN - 17.6%
	64,700		FUJIFILM Holdings Corp		1,401,115
	126,800		Japan Airlines Co Ltd		2,586,200
	61,085		Komatsu Ltd		2,015,410
	102,962		Mabuchi Motor Co Ltd		1,520,131
	131,200		Mitsubishi Electric Corp		2,821,976
	65,712	(a)	Nippon Telegraph & Telephone Corp, ADR		1,751,468
	110,700		Seven & i Holdings Co Ltd		1,781,751
	88,500		Sompo Holdings Inc		2,666,929
	150,500		Sumitomo Mitsui Trust Group Inc		4,002,913
	13,801	(a)	Toyota Motor Corp, Sponsored ADR		2,377,360
	163,000		Yamaha Corp		1,177,993


			TOTAL JAPAN		24,103,246


			NETHERLANDS - 8.2%
	22,689		Heineken NV		1,979,452
	253,028		ING Groep NV		5,545,790
	30,544		NN Group NV		2,032,371
	10,113		Wolters Kluwer NV		1,691,280


			TOTAL NETHERLANDS		11,248,893


			SINGAPORE - 1.4%
	154,332		Oversea-Chinese Banking Corp Ltd		1,979,048


			TOTAL SINGAPORE		1,979,048


8		See Notes to Financial Statements


SHARES			DESCRIPTION					VALUE


			SOUTH AFRICA - 1.2%
	55,760		Anglo American PLC					$	1,643,687


			TOTAL SOUTH AFRICA						1,643,687


			SOUTH KOREA - 1.2%
	14,362		Hyundai Motor Co						1,640,058


			TOTAL SOUTH KOREA						1,640,058


			SWITZERLAND - 5.2%
	1,404	(a)	Barry Callebaut AG						1,534,668
	17,287		DSM-Firmenich AG						1,839,081
	114,322		UBS Group AG						3,866,370


			TOTAL SWITZERLAND						7,240,119


			TAIWAN - 1.4%
	53,000		Taiwan Semiconductor Manufacturing Co Ltd						1,938,175


			TOTAL TAIWAN						1,938,175


			UNITED KINGDOM - 11.7%
	778,082		Barclays PLC						3,595,335
	47,363		Diageo PLC						1,194,310
	379,435		Melrose Industries PLC						2,763,494
	196,206		National Grid PLC						2,880,041
	1,092,879		Taylor Wimpey PLC						1,782,171
	719,531		Tesco PLC						3,967,148


			TOTAL UNITED KINGDOM						16,182,499


			UNITED STATES - 11.0%
	37,341		Axis Capital Holdings Ltd						3,876,743
	93,966		GSK PLC						1,791,599
	7,587		Roche Holding AG						2,476,546
	27,312		Sanofi SA						2,644,176
	63,033		Shell PLC, ADR						4,438,154


			TOTAL UNITED STATES						15,227,218


			TOTAL COMMON STOCKS (Cost $82,576,954)						134,840,544


			TOTAL LONG-TERM INVESTMENTS (Cost $82,576,954)						134,840,544



SHARES			DESCRIPTION	Coupon				VALUE


			INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 2.5%
	3,419,024	(b)	State Street Navigator Securities Lending Government Money Market Portfolio		4.350%(c)				3,419,024


			TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $3,419,024)						3,419,024



PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			SHORT-TERM INVESTMENTS - 2.0%

			REPURCHASE AGREEMENTS - 2.0%
$	2,775,000	(d)	Fixed Income Clearing Corporation		4.370		07/01/25		2,775,000


			TOTAL REPURCHASE AGREEMENTS (Cost $2,775,000)						2,775,000


			TOTAL SHORT-TERM INVESTMENTS (Cost $2,775,000)						2,775,000


			TOTAL INVESTMENTS (Cost $88,770,978) - 102.2%						141,034,568


			OTHER ASSETS & LIABILITIES, NET - (2.2)%						(3,061,099)


			NET ASSETS - 100%					$	137,973,469


ADR		American Depositary Receipt

(a)		Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end of the reporting period was $3,255,281.
(b)		Investments made with cash collateral received from securities on loan.
(c)		The rate shown is the one-day yield as of the end of the reporting period.
(d)		Agreement with Fixed Income Clearing Corporation, 4.370% dated 6/30/25 to be repurchased at $2,775,337 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.000% and maturity date 6/30/32, valued at $2,830,689.


See Notes to Financial Statements		9

Portfolio of Investments June 30, 2025

Large Cap Value Opportunities


SHARES			DESCRIPTION	VALUE


			LONG-TERM INVESTMENTS - 99.1%

			COMMON STOCKS - 99.1%

			AUTOMOBILES & COMPONENTS - 3.4%
	21,894		Ford Motor Co	$	237,550
	10,630		General Motors Co		523,102


			TOTAL AUTOMOBILES & COMPONENTS		760,652


			BANKS - 10.2%
	7,934		Citigroup Inc		675,342
	2,708		JPMorgan Chase & Co		785,076
	10,327		Wells Fargo & Co		827,400


			TOTAL BANKS		2,287,818


			CAPITAL GOODS - 13.1%
	2,489	(a)	Boeing Co/The		521,520
	12,674		Flowserve Corp		663,484
	2,015		General Dynamics Corp		587,695
	698		Hubbell Inc		285,070
	7,000		nVent Electric PLC		512,750
	2,707		Regal Rexnord Corp		392,407


			TOTAL CAPITAL GOODS		2,962,926


			CONSUMER DURABLES & APPAREL - 0.7%
	1,522		PulteGroup Inc		160,510


			TOTAL CONSUMER DURABLES & APPAREL		160,510


			CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.1%
	4,855		Walmart Inc		474,722


			TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL		474,722


			ENERGY - 9.6%
	8,208		Baker Hughes Co		314,695
	1,256		Cheniere Energy Inc		305,861
	2,682		Hess Corp		371,564
	25,954		Permian Resources Corp		353,493
	11,695		Shell PLC, ADR		823,446


			TOTAL ENERGY		2,169,059


			EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.9%
	2,482		Camden Property Trust		279,697
	2,385		Simon Property Group Inc		383,412


			TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		663,109


			FINANCIAL SERVICES - 10.5%
	3,372		Capital One Financial Corp		717,427
	2,919	(a)	Fiserv Inc		503,265
	3,203		KKR & Co Inc		426,095
	2,775		Morgan Stanley		390,887
	3,127		State Street Corp		332,525


			TOTAL FINANCIAL SERVICES		2,370,199


			FOOD, BEVERAGE & TOBACCO - 1.4%
	1,688		Philip Morris International Inc		307,435


			TOTAL FOOD, BEVERAGE & TOBACCO		307,435


			HEALTH CARE EQUIPMENT & SERVICES - 3.1%
	2,182		Quest Diagnostics Inc		391,953
	992		UnitedHealth Group Inc		309,474


			TOTAL HEALTH CARE EQUIPMENT & SERVICES		701,427


			HOUSEHOLD & PERSONAL PRODUCTS - 1.2%
	12,759		Kenvue Inc		267,046


			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		267,046


			INSURANCE - 4.2%
	4,504		American International Group Inc		385,498
	703		Aon PLC, Class A		250,802
	1,300		RenaissanceRe Holdings Ltd		315,770


			TOTAL INSURANCE		952,070


10		See Notes to Financial Statements


SHARES			DESCRIPTION			VALUE


			MATERIALS - 5.8%
	3,059		Corteva Inc			$	227,987
	6,088		DuPont de Nemours Inc				417,576
	7,971		Freeport-McMoRan Inc				345,543
	7,080		Smurfit WestRock PLC				305,502


			TOTAL MATERIALS				1,296,608


			MEDIA & ENTERTAINMENT - 4.9%
	2,228		Alphabet Inc, Class A				392,640
	15,692	(a)	TripAdvisor Inc				204,781
	3,109		Walt Disney Co/The				385,547
	8,986	(a)	Warner Bros Discovery Inc				102,980


			TOTAL MEDIA & ENTERTAINMENT				1,085,948


			PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.3%
	4,554		AstraZeneca PLC, Sponsored ADR				318,234
	3,557		Gilead Sciences Inc				394,365
	47,545	(b)	Haleon PLC, ADR				493,041
	12,023		Pfizer Inc				291,438
	7,620		Sanofi SA, ADR				368,121


			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				1,865,199


			SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
	10,440		Intel Corp				233,856
	2,403		Micron Technology Inc				296,170


			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				530,026


			SOFTWARE & SERVICES - 4.1%
	15,129		Gen Digital Inc				444,793
	2,162		Oracle Corp				472,677


			TOTAL SOFTWARE & SERVICES				917,470


			TECHNOLOGY HARDWARE & EQUIPMENT - 2.8%
	3,139		Seagate Technology Holdings PLC				453,052
	12,912	(a)	Viasat Inc				188,515


			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT				641,567


			TELECOMMUNICATION SERVICES - 2.5%
	19,814		AT&T Inc				573,417


			TOTAL TELECOMMUNICATION SERVICES				573,417


			UTILITIES - 5.9%
	4,303		Alliant Energy Corp				260,202
	2,286		Duke Energy Corp				269,748
	6,622		Eversource Energy				421,292
	4,311		Pinnacle West Capital Corp				385,705


			TOTAL UTILITIES				1,336,947


			TOTAL COMMON STOCKS (Cost $13,474,599)				22,324,155


			TOTAL LONG-TERM INVESTMENTS (Cost $13,474,599)				22,324,155



SHARES			DESCRIPTION	RATE		VALUE


			INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 2.2%
	506,710	(c)	State Street Navigator Securities Lending Government Money Market Portfolio		4.350%(d)		506,710


			TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $506,710)				506,710


See Notes to Financial Statements		11

Portfolio of Investments June 30, 2025 (continued)

Large Cap Value Opportunities


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			SHORT-TERM INVESTMENTS - 0.9%

			REPURCHASE AGREEMENTS - 0.9%
$	200,000	(e)	Fixed Income Clearing Corporation		4.370%		07/01/25	$	200,000


			TOTAL REPURCHASE AGREEMENTS (Cost $200,000)						200,000


			TOTAL SHORT-TERM INVESTMENTS (Cost $200,000)						200,000


			TOTAL INVESTMENTS - 102.2% (Cost $14,181,309)						23,030,865


			OTHER ASSETS & LIABILITIES, NET - (2.2)%						(495,306	)


			NET ASSETS - 100%					$	22,535,559


ADR		American Depositary Receipt

(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 reporting period was $488,106.
(c)		Investments made with cash collateral received from securities on loan.
(d)		The rate shown is the one-day yield as of the end of the reporting period.
(e)		Agreement with Fixed Income Clearing Corporation, 4.370% dated 6/30/25 to be repurchased at $200,024 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 2.125% and maturity date 1/15/35, valued at $204,166.


12		See Notes to Financial Statements

Portfolio of Investments June 30, 2025

Multi Cap Value


SHARES			DESCRIPTION	VALUE


			LONG-TERM INVESTMENTS - 93.8%

			COMMON STOCKS - 93.8%

			AUTOMOBILES & COMPONENTS - 3.0%
	456,857		Ford Motor Co	$	4,956,898
	221,822		General Motors Co		10,915,861


			TOTAL AUTOMOBILES & COMPONENTS		15,872,759


			BANKS - 12.4%
	196,606		Bank of NT Butterfield & Son Ltd/The		8,705,714
	170,570		Citigroup Inc		14,518,918
	58,215		JPMorgan Chase & Co		16,877,111
	232,830		Wells Fargo & Co		18,654,339
	75,778		Western Alliance Bancorp		5,909,168


			TOTAL BANKS		64,665,250


			CAPITAL GOODS - 13.9%
	55,751	(a)	Boeing Co/The		11,681,507
	15,767		Curtiss-Wright Corp		7,702,968
	287,226		Flowserve Corp		15,036,281
	42,212		General Dynamics Corp		12,311,552
	15,463		Hubbell Inc		6,315,244
	146,901		nVent Electric PLC		10,760,498
	58,350		Regal Rexnord Corp		8,458,416


			TOTAL CAPITAL GOODS		72,266,466


			CONSUMER DURABLES & APPAREL - 0.7%
	32,337		PulteGroup Inc		3,410,260


			TOTAL CONSUMER DURABLES & APPAREL		3,410,260


			CONSUMER STAPLES DISTRIBUTION & RETAIL - 2.0%
	106,646		Walmart Inc		10,427,846


			TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL		10,427,846


			ENERGY - 9.7%
	265,692	(b)	Atlas Energy Solutions Inc		3,552,302
	181,278		Baker Hughes Co		6,950,199
	24,515		Cheniere Energy Inc		5,969,893
	53,300		Hess Corp		7,384,182
	563,231		Permian Resources Corp		7,671,206
	267,760		Shell PLC, ADR		18,852,980


			TOTAL ENERGY		50,380,762


			EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 3.7%
	51,842		Camden Property Trust		5,842,075
	45,965		Simon Property Group Inc		7,389,334
	168,816		STAG Industrial Inc		6,124,644


			TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		19,356,053


			FINANCIAL SERVICES - 8.1%
	76,967		Capital One Financial Corp		16,375,499
	63,402	(a)	Fiserv Inc		10,931,139
	59,289		Morgan Stanley		8,351,449
	65,560		State Street Corp		6,971,650


			TOTAL FINANCIAL SERVICES		42,629,737


			HEALTH CARE EQUIPMENT & SERVICES - 1.3%
	22,036		UnitedHealth Group Inc		6,874,571


			TOTAL HEALTH CARE EQUIPMENT & SERVICES		6,874,571


			HOUSEHOLD & PERSONAL PRODUCTS - 1.5%
	363,011		Kenvue Inc		7,597,820


			TOTAL HOUSEHOLD & PERSONAL PRODUCTS		7,597,820


			INSURANCE - 3.4%
	14,148		Aon PLC, Class A		5,047,440
	16,113		Everest Group Ltd		5,476,003
	30,209		RenaissanceRe Holdings Ltd		7,337,767


			TOTAL INSURANCE		17,861,210


See Notes to Financial Statements		13

Portfolio of Investments June 30, 2025 (continued)

Multi Cap Value


SHARES			DESCRIPTION			VALUE


			MATERIALS - 4.3%
	140,694		DuPont de Nemours Inc			$	9,650,201
	60,439		Innospec Inc				5,082,316
	179,380		Smurfit WestRock PLC				7,740,247


			TOTAL MATERIALS				22,472,764


			MEDIA & ENTERTAINMENT - 4.7%
	43,743		Alphabet Inc, Class A				7,708,829
	411,595	(a)	TripAdvisor Inc				5,371,315
	70,331		Walt Disney Co/The				8,721,747
	225,763	(a)	Warner Bros Discovery Inc				2,587,244


			TOTAL MEDIA & ENTERTAINMENT				24,389,135


			PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 9.2%
	433,487	(a)	ADMA Biologics Inc				7,893,798
	89,875		AstraZeneca PLC, Sponsored ADR				6,280,465
	75,246		Gilead Sciences Inc				8,342,524
	1,086,260	(b)	Haleon PLC, ADR				11,264,517
	243,502		Pfizer Inc				5,902,488
	172,406		Sanofi SA, ADR				8,328,934


			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				48,012,726


			SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 1.8%
	183,896		Intel Corp				4,119,270
	82,223	(a)	Rambus Inc				5,263,917


			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				9,383,187


			SOFTWARE & SERVICES - 5.1%
	330,965		Gen Digital Inc				9,730,371
	48,972		Oracle Corp				10,706,748
	272,350	(a)	Teradata Corp				6,076,129


			TOTAL SOFTWARE & SERVICES				26,513,248


			TECHNOLOGY HARDWARE & EQUIPMENT - 1.1%
	387,677	(a)	Viasat Inc				5,660,084


			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT				5,660,084


			TELECOMMUNICATION SERVICES - 2.3%
	420,237		AT&T Inc				12,161,659


			TOTAL TELECOMMUNICATION SERVICES				12,161,659


			UTILITIES - 5.6%
	95,353		Alliant Energy Corp				5,765,996
	50,884		Duke Energy Corp				6,004,312
	142,959		Eversource Energy				9,095,052
	95,341		Pinnacle West Capital Corp				8,530,159


			TOTAL UTILITIES				29,395,519


			TOTAL COMMON STOCKS (Cost $377,092,540)				489,331,056


			TOTAL LONG-TERM INVESTMENTS (Cost $377,092,540)				489,331,056



SHARES			DESCRIPTION	RATE		VALUE


			INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.2%
	6,286,964	(c)	State Street Navigator Securities Lending Government Money Market Portfolio		4.350%(d)		6,286,964


			TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $6,286,964)				6,286,964


14		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			SHORT-TERM INVESTMENTS - 6.0%

			REPURCHASE AGREEMENTS - 6.0%
$	948,527	(e)	Fixed Income Clearing Corporation		1.360%		07/01/25	$	948,527
	30,325,000	(f)	Fixed Income Clearing Corporation		4.370		07/01/25		30,325,000


			TOTAL REPURCHASE AGREEMENTS (Cost $31,273,527)						31,273,527


			TOTAL SHORT-TERM INVESTMENTS (Cost $31,273,527)						31,273,527


			TOTAL INVESTMENTS - 101.0% (Cost $414,653,031)						526,891,547


			OTHER ASSETS & LIABILITIES, NET - (1.0)%						(5,347,230	)


			NET ASSETS - 100%					$	521,544,317


ADR		American Depositary Receipt

(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 reporting period was $6,129,731.
(c)		Investments made with cash collateral received from securities on loan.
(d)		The rate shown is the one-day yield as of the end of the reporting period.
(e)		Agreement with Fixed Income Clearing Corporation, 1.360% dated 6/30/25 to be repurchased at $948,563 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 2.750% and maturity date 7/31/27, valued at $967,675.
(f)		Agreement with Fixed Income Clearing Corporation, 4.370% dated 6/30/25 to be repurchased at $30,328,681 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.000% and maturity date 6/30/32, valued at $30,931,677.


See Notes to Financial Statements		15

Portfolio of Investments June 30, 2025

Small Cap Value Opportunities


SHARES			DESCRIPTION	VALUE


			LONG-TERM INVESTMENTS - 96.5%

			COMMON STOCKS - 96.5%

			BANKS - 15.2%
	140,321		Atlantic Union Bankshares Corp	$	4,389,241
	110,886		Glacier Bancorp Inc		4,776,969
	160,008		Home BancShares Inc/AR		4,553,828
	136,775		Independent Bank Corp/MI		4,432,878
	105,751		MidWestOne Financial Group Inc		3,042,456
	105,335		Pacific Premier Bancorp Inc		2,221,515
	255,647		Seacoast Banking Corp of Florida		7,060,971
	67,167	(a)	Texas Capital Bancshares Inc		5,333,060


			TOTAL BANKS		35,810,918


			CAPITAL GOODS - 10.4%
	49,881		Atkore Inc		3,519,105
	39,106		EnerSys		3,354,122
	16,160		ESCO Technologies Inc		3,100,619
	78,895		Flowserve Corp		4,130,153
	154,505		Mueller Water Products Inc, Class A		3,714,300
	21,316	(a)	MYR Group Inc		3,867,788
	65,614	(a)	Vicor Corp		2,976,251


			TOTAL CAPITAL GOODS		24,662,338


			COMMERCIAL & PROFESSIONAL SERVICES - 6.2%
	509,844		Alight Inc, Class A		2,885,717
	136,821	(a)	Amentum Holdings Inc		3,230,344
	70,610		Barrett Business Services Inc		2,943,731
	167,427	(a)	Driven Brands Holdings Inc		2,940,018
	408,985	(a)	TrueBlue Inc		2,650,223


			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		14,650,033


			CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.4%
	71,077		Academy Sports & Outdoors Inc		3,184,960
	30,016		Signet Jewelers Ltd		2,387,773


			TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL		5,572,733


			CONSUMER DURABLES & APPAREL - 2.2%
	27,113	(a)	Crocs Inc		2,746,005
	78,970	(a)	YETI Holdings Inc		2,489,134


			TOTAL CONSUMER DURABLES & APPAREL		5,235,139


			CONSUMER SERVICES - 4.4%
	312,798	(a)	El Pollo Loco Holdings Inc		3,443,906
	149,803		Perdoceo Education Corp		4,897,060
	14,761	(a)	Stride Inc		2,143,150


			TOTAL CONSUMER SERVICES		10,484,116


			ENERGY - 3.6%
	232,515		Antero Midstream Corp		4,406,159
	149,371		Atlas Energy Solutions Inc		1,997,090
	94,925		Magnolia Oil & Gas Corp, Class A		2,133,914


			TOTAL ENERGY		8,537,163


			EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 7.8%
	159,449		CareTrust REIT Inc		4,879,139
	114,157		COPT Defense Properties		3,148,450
	154,027		Curbline Properties Corp		3,516,437
	191,826		Independence Realty Trust Inc		3,393,402
	213,251		Plymouth Industrial REIT Inc		3,424,811


			TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		18,362,239


			FINANCIAL SERVICES - 7.9%
	782,617		BGC Group Inc, Class A		8,006,172
	102,450		Marex Group PLC		4,043,701
	80,279	(a)	NCR Atleos Corp		2,290,360
	386,748		Rithm Capital Corp		4,366,385


			TOTAL FINANCIAL SERVICES		18,706,618


16		See Notes to Financial Statements


SHARES			DESCRIPTION			VALUE


			FOOD, BEVERAGE & TOBACCO - 1.6%
	119,341	(a)	Simply Good Foods Co/The			$	3,769,982


			TOTAL FOOD, BEVERAGE & TOBACCO				3,769,982


			HEALTH CARE EQUIPMENT & SERVICES - 4.2%
	26,495	(a)	Addus HomeCare Corp				3,051,959
	172,922	(a)	Castle Biosciences Inc				3,531,067
	229,951	(a)	Pediatrix Medical Group Inc				3,299,797


			TOTAL HEALTH CARE EQUIPMENT & SERVICES				9,882,823


			INSURANCE - 6.4%
	52,516		Axis Capital Holdings Ltd				5,452,211
	633,656	(a)	Genworth Financial Inc				4,929,844
	83,700	(a)	Skyward Specialty Insurance Group Inc				4,837,023


			TOTAL INSURANCE				15,219,078


			MATERIALS - 3.2%
	40,475		Minerals Technologies Inc				2,228,958
	214,594		Titan America SA				2,678,133
	87,917		Worthington Steel Inc				2,622,564


			TOTAL MATERIALS				7,529,655


			MEDIA & ENTERTAINMENT - 1.1%
	619,655	(a)	Vimeo Inc				2,503,406


			TOTAL MEDIA & ENTERTAINMENT				2,503,406


			PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.5%
	228,620	(a)	ADMA Biologics Inc				4,163,170
	123,729	(a)	Alkermes PLC				3,539,887
	101,665	(a),(b)	LENZ Therapeutics Inc				2,979,801


			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				10,682,858


			SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.0%
	71,228	(a)	Ambarella Inc				4,705,678


			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				4,705,678


			SOFTWARE & SERVICES - 2.1%
	347,488		Adeia Inc				4,913,480


			TOTAL SOFTWARE & SERVICES				4,913,480


			TECHNOLOGY HARDWARE & EQUIPMENT - 4.6%
	295,080	(a)	Arlo Technologies Inc				5,004,557
	577,950	(a)	Powerfleet Inc NJ				2,490,964
	232,982	(a)	Viasat Inc				3,401,537


			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT				10,897,058


			UTILITIES - 6.7%
	37,335		IDACORP Inc				4,310,326
	43,705		MGE Energy Inc				3,865,270
	38,382		Ormat Technologies Inc				3,214,877
	59,570		Spire Inc				4,348,014


			TOTAL UTILITIES				15,738,487


			TOTAL COMMON STOCKS (Cost $202,446,656)				227,863,802


			TOTAL LONG-TERM INVESTMENTS (Cost $202,446,656)				227,863,802



SHARES			DESCRIPTION	RATE		VALUE


			INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.4%
	978,308	(c)	State Street Navigator Securities Lending Government Money Market Portfolio		4.350%(d)		978,308


			TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $978,308)				978,308


See Notes to Financial Statements		17

Portfolio of Investments June 30, 2025 (continued)

Small Cap Value Opportunities


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			SHORT-TERM INVESTMENTS - 3.5%

			REPURCHASE AGREEMENTS - 3.5%
$	248,712	(e)	Fixed Income Clearing Corporation		1.360%		07/01/25	$	248,712
	8,000,000	(f)	Fixed Income Clearing Corporation		4.370		07/01/25		8,000,000


			TOTAL REPURCHASE AGREEMENTS (Cost $8,248,712)						8,248,712


			TOTAL SHORT-TERM INVESTMENTS (Cost $8,248,712)						8,248,712


			TOTAL INVESTMENTS - 100.4% (Cost $211,673,676)						237,090,822


			OTHER ASSETS & LIABILITIES, NET - (0.4)%						(879,861	)


			NET ASSETS - 100%					$	236,210,961


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 reporting period was $917,110.
(c)		Investments made with cash collateral received from securities on loan.
(d)		The rate shown is the one-day yield as of the end of the reporting period.
(e)		Agreement with Fixed Income Clearing Corporation, 1.360% dated 6/30/25 to be repurchased at $248,721 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.250% and maturity date 6/30/29, valued at $253,852.
(f)		Agreement with Fixed Income Clearing Corporation, 4.370% dated 6/30/25 to be repurchased at $8,000,971 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.000% and maturity date 6/30/32, valued at $8,160,022.


18		See Notes to Financial Statements

Portfolio of Investments June 30, 2025

Small/Mid Cap Value


SHARES			DESCRIPTION	VALUE


			LONG-TERM INVESTMENTS - 95.0%

			COMMON STOCKS - 95.0%

			BANKS - 7.5%
	15,005		East West Bancorp Inc	$	1,515,205
	14,527		Popular Inc		1,601,021
	27,278		Prosperity Bancshares Inc		1,916,007
	19,952		SouthState Corp		1,836,183


			TOTAL BANKS		6,868,416


			CAPITAL GOODS - 17.0%
	16,109		AECOM		1,818,062
	3,164		Curtiss-Wright Corp		1,545,772
	19,348		Donaldson Co Inc		1,341,784
	15,481		EnerSys		1,327,805
	41,562		Flowserve Corp		2,175,770
	10,920		ITT Inc		1,712,584
	8,677	(a)	Middleby Corp/The		1,249,488
	22,238		nVent Electric PLC		1,628,934
	11,306		Regal Rexnord Corp		1,638,917
	22,688	(a)	Vicor Corp		1,029,128


			TOTAL CAPITAL GOODS		15,468,244


			COMMERCIAL & PROFESSIONAL SERVICES - 3.7%
	48,037	(a)	Amentum Holdings Inc		1,134,154
	63,828	(a)	Driven Brands Holdings Inc		1,120,820
	15,857	(a)	Parsons Corp		1,138,056


			TOTAL COMMERCIAL & PROFESSIONAL SERVICES		3,393,030


			CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.5%
	27,497		Academy Sports & Outdoors Inc		1,232,140
	34,434		Bath & Body Works Inc		1,031,643
	11,364		Signet Jewelers Ltd		904,006


			TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL		3,167,789


			CONSUMER DURABLES & APPAREL - 3.7%
	10,413	(a)	Crocs Inc		1,054,629
	77,931		Levi Strauss & Co, Class A		1,440,944
	29,898	(a)	YETI Holdings Inc		942,385


			TOTAL CONSUMER DURABLES & APPAREL		3,437,958


			CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.6%
	13,448	(a)	BJ’s Wholesale Club Holdings Inc		1,450,098


			TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL		1,450,098


			ENERGY - 4.2%
	36,763	(a)	Antero Resources Corp		1,480,814
	58,713	(b)	Atlas Energy Solutions Inc		784,993
	37,258		HF Sinclair Corp		1,530,558


			TOTAL ENERGY		3,796,365


			EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 5.5%
	9,146		EastGroup Properties Inc		1,528,480
	17,565		Equity LifeStyle Properties Inc		1,083,233
	29,961		PotlatchDeltic Corp		1,149,604
	17,060		Regency Centers Corp		1,215,184


			TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		4,976,501


			EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.7%
	13,898		Camden Property Trust		1,566,165


			TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)		1,566,165


			FINANCIAL SERVICES - 7.6%
	130,774		AGNC Investment Corp		1,201,813
	306,111		BGC Group Inc, Class A		3,131,514
	115,363		Rithm Capital Corp		1,302,448
	13,093		Stifel Financial Corp		1,358,792


			TOTAL FINANCIAL SERVICES		6,994,567


See Notes to Financial Statements		19

Portfolio of Investments June 30, 2025 (continued)

Small/Mid Cap Value


SHARES			DESCRIPTION			VALUE


			FOOD, BEVERAGE & TOBACCO - 1.4%
	42,998		Primo Brands Corp			$	1,273,601


			TOTAL FOOD, BEVERAGE & TOBACCO				1,273,601


			HEALTH CARE EQUIPMENT & SERVICES - 0.9%
	28,023	(a)	QuidelOrtho Corp				807,623


			TOTAL HEALTH CARE EQUIPMENT & SERVICES				807,623


			INSURANCE - 5.7%
	9,669		American Financial Group Inc/OH				1,220,324
	19,994		Axis Capital Holdings Ltd				2,075,778
	5,562		Everest Group Ltd				1,890,246


			TOTAL INSURANCE				5,186,348


			MATERIALS - 6.6%
	6,343		Avery Dennison Corp				1,113,006
	14,252		Crown Holdings Inc				1,467,670
	15,426		Minerals Technologies Inc				849,510
	5,326		Packaging Corp of America				1,003,685
	4,954		Reliance Inc				1,555,061


			TOTAL MATERIALS				5,988,932


			PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.5%
	88,528	(a)	ADMA Biologics Inc				1,612,094
	46,439	(a)	Alkermes PLC				1,328,620
	19,757		Bruker Corp				813,988
	117,952	(a)	Elanco Animal Health Inc				1,684,355
	4,902	(a)	United Therapeutics Corp				1,408,590


			TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES				6,847,647


			REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%
	18,302	(a)	Zillow Group Inc, Class A				1,253,504


			TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT				1,253,504


			SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.7%
	26,681	(a)	Ambarella Inc				1,762,680
	25,596	(a)	Rambus Inc				1,638,656


			TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT				3,401,336


			TECHNOLOGY HARDWARE & EQUIPMENT - 6.6%
	14,045	(a)	Ciena Corp				1,142,280
	16,231		Seagate Technology Holdings PLC				2,342,620
	94,380	(a)	Viasat Inc				1,377,948
	3,583	(a)	Zebra Technologies Corp, Class A				1,104,854


			TOTAL TECHNOLOGY HARDWARE & EQUIPMENT				5,967,702


			UTILITIES - 5.2%
	11,611		IDACORP Inc				1,340,491
	15,795		National Fuel Gas Co				1,337,994
	10,454		Ormat Technologies Inc				875,627
	12,975		Pinnacle West Capital Corp				1,160,873


			TOTAL UTILITIES				4,714,985


			TOTAL COMMON STOCKS (Cost $71,559,412)				86,560,811


			TOTAL LONG-TERM INVESTMENTS (Cost $71,559,412)				86,560,811



SHARES			DESCRIPTION	RATE		VALUE


			INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.1%
	71,574	(c)	State Street Navigator Securities Lending Government Money Market Portfolio		4.350%(d)		71,574


			TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING (Cost $71,574)				71,574


20		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			SHORT-TERM INVESTMENTS - 5.0%

			REPURCHASE AGREEMENTS - 5.0%
$	148,597	(e)	Fixed Income Clearing Corporation		1.360%		07/01/25	$	148,597
	4,400,000	(f)	Fixed Income Clearing Corporation		4.370		07/01/25		4,400,000


			TOTAL REPURCHASE AGREEMENTS (Cost $4,548,597)						4,548,597


			TOTAL SHORT-TERM INVESTMENTS (Cost $4,548,597)						4,548,597


			TOTAL INVESTMENTS - 100.1% (Cost $76,179,583)						91,180,982


			OTHER ASSETS & LIABILITIES, NET - (0.1)%						(51,617	)


			NET ASSETS - 100%					$	91,129,365


(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 reporting period was $412,719.
(c)		Investments made with cash collateral received from securities on loan.
(d)		The rate shown is the one-day yield as of the end of the reporting period.
(e)		Agreement with Fixed Income Clearing Corporation, 1.360% dated 6/30/25 to be repurchased at $148,603 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.250% and maturity date 6/30/29, valued at $151,733.
(f)		Agreement with Fixed Income Clearing Corporation, 4.370% dated 6/30/25 to be repurchased at $4,400,534 on 7/1/25, collateralized by Government Agency Securities, with coupon rate 4.000% and maturity date 6/30/32, valued at $4,488,122.


See Notes to Financial Statements		21

Statement of Assets and Liabilities


June 30, 2025	Global Equity Income			International Value			Large Cap Value Opportunities		Multi Cap Value		Small Cap Value Opportunities		Small/Mid Cap Value
ASSETS
Long-term investments, at value^†^‡	$	137,777,217		$	134,840,544		$	22,324,155	$	489,331,056	$	227,863,802	$	86,560,811
Investments purchased with collateral from securities lending, at value (cost approximates value)		–			3,419,024			506,710		6,286,964		978,308		71,574
Short-term investments, at value^◇		–			2,775,000			200,000		31,273,527		8,248,712		4,548,597
Cash		5,062,719			109,130			24,461		–		–		–
Cash denominated in foreign currencies^{^}		18			58,946			–		–		–		–
Receivables:
Dividends		177,638			189,287			12,643		202,199		380,988		168,584
Interest		–			337			24		3,717		981		540
Reclaims		148,628			187,076			3,774		5,441		–		–
Reimbursement from Adviser		20,283			12,999			12,278		49,844		104,952		10,870
Shares sold		31,874			258,454			235		1,384,462		54,310		69,314
Other		111,190			45,211			23,135		37,525		52,881		22,333

Total assets		143,329,567			141,896,008			23,107,415		528,574,735		237,684,934		91,452,623
LIABILITIES
Written options, at value^#		53,325			–			–		–		–		–
Payables:
Management fees		81,239			78,273			11,836		279,644		151,835		55,289
Collateral from securities lending		–			3,419,024			506,710		6,286,964		978,308		71,574
Dividends		64,343			–			–		–		–		–
Interest		26			21			5		88		41		20
Investments purchased - regular settlement		–			162,836			–		–		–		–
Shares redeemed		319,857			96,121			–		72,483		172,777		100,185
Accrued expenses:
Custodian fees		40,325			48,539			11,603		32,347		23,696		17,515
Trustees fees		68,173			28,836			11,864		19,095		18,676		1,940
Professional fees		38,139			24,390			16,028		30,869		22,833		18,849
Shareholder reporting expenses		12,305			19,809			6,490		33,970		38,608		14,145
Shareholder servicing agent fees		45,448			39,560			4,597		259,266		60,891		41,531
12b-1 distribution and service fees		19,541			5,130			2,723		15,692		6,308		2,210

Total liabilities		742,721			3,922,539			571,856		7,030,418		1,473,973		323,258

Net assets	$	142,586,846		$	137,973,469		$	22,535,559	$	521,544,317	$	236,210,961	$	91,129,365

NET ASSETS CONSIST OF:
Paid-in capital	$	317,847,409		$	283,276,957		$	12,112,841	$	397,344,345	$	199,537,752	$	74,410,432
Total distributable earnings (loss)		(175,260,563	)		(145,303,488	)		10,422,718		124,199,972		36,673,209		16,718,933

Net assets	$	142,586,846		$	137,973,469		$	22,535,559	$	521,544,317	$	236,210,961	$	91,129,365

^† Long-term investments, cost	$	92,905,649		$	82,576,954		$	13,474,599	$	377,092,540	$	202,446,656	$	71,559,412
^◇ Short-term investments, cost	$	–		$	2,775,000		$	200,000	$	31,273,527	$	8,248,712	$	4,548,597
^‡ Includes securities loaned of	$	–		$	3,255,281		$	488,106	$	6,129,731	$	917,110	$	412,719
^# Written options, premiums received	$	71,280		$	–		$	–	$	–	$	–	$	–
^{^} Cash denominated in foreign currencies, cost	$	18		$	58,290		$	–	$	–	$	–	$	–

See Notes to Financial Statements


22

Statement of Assets and Liabilities (continued)


	Global Equity Income		International Value		Large Cap Value Opportunities		Multi Cap Value		Small Cap Value Opportunities		Small/Mid Cap Value
CLASS A:
Net assets	$	94,746,755	$	23,580,450	$	9,027,859	$	55,239,333	$	22,749,836	$	7,886,195
Shares outstanding		2,419,937		704,604		1,717,510		969,373		481,640		247,704
Net asset value (“NAV”) per share	$	39.15	$	33.47	$	5.26	$	56.98	$	47.23	$	31.84
Maximum sales charge		5.75%		5.75%		5.75%		5.75%		5.75%		5.75%
Offering price per share (NAV per share plus maximum sales charge)	$	41.54	$	35.51	$	5.58	$	60.46	$	50.11	$	33.78
CLASS C:
Net assets	$	529,736	$	408,180	$	1,140,924	$	5,848,926	$	2,416,026	$	828,333
Shares outstanding		13,569		12,927		295,975		111,030		65,069		32,911
NAV and offering price per share	$	39.04	$	31.58	$	3.85	$	52.68	$	37.13	$	25.17
CLASS R6:
Net assets	$	–	$	–	$	–	$	–	$	7,232,076	$	2,038,018
Shares outstanding		–		–		–		–		141,750		61,056
NAV and offering price per share	$	–	$	–	$	–	$	–	$	51.02	$	33.38
CLASS I:
Net assets	$	47,310,355	$	113,984,839	$	12,366,776	$	460,456,058	$	203,813,023	$	80,376,819
Shares outstanding		1,208,149		3,379,522		2,327,045		7,983,205		4,073,659		2,434,504
NAV and offering price per share	$	39.16	$	33.73	$	5.31	$	57.68	$	50.03	$	33.02
CLASS R3:
Authorized shares - per class		Unlimited		Unlimited		Unlimited		Unlimited		Unlimited		Unlimited
Par value per share		$ 0.01		$ 0.01		$ 0.01		$ 0.01		$ 0.01		$ 0.01

See Notes to Financial Statements


		23

Statement of Operations


Year Ended June 30, 2025	Global Equity Income			International Value			Large Cap Value Opportunities			Multi Cap Value

INVESTMENT INCOME
Affiliated income	$	35,002		$	20,183		$	8,817		$	228,513
Dividends		4,482,269			3,988,547			494,880			10,807,132
Interest		–			93,332			9,830			406,460
Securities lending income, net		257			27,514			1,786			43,762
Tax withheld		(318,899	)		(303,267	)		–			(54,017	)
Total investment income		4,198,629			3,826,309			515,313			11,431,850

EXPENSES
Management fees		952,036			809,319			145,699			3,421,772
12b-1 service fees - Class A		224,309			54,129			22,475			130,324
12b-1 distribution and service fees - Class C		8,222			4,067			12,410			41,539
Shareholder servicing agent fees - Class A		103,515			24,317			7,111			112,521
Shareholder servicing agent fees - Class C		940			454			983			8,969
Shareholder servicing agent fees - Class I		51,108			103,844			9,434			944,825
Interest expense		717			664			82			642
Trustees fees		5,150			4,376			842			18,897
Custodian expenses		55,721			72,815			18,045			66,817
Registration fees		43,059			51,325			48,339			51,709
Professional fees		51,587			47,622			30,723			67,560
Shareholder reporting expenses		40,785			50,031			26,381			107,810
Other		28,239			24,024			10,834			18,425
Total expenses before fee waiver/expense reimbursement		1,565,388			1,246,987			333,358			4,991,810
Fee waiver/expense reimbursement		(177,283	)		(161,642	)		(132,760	)		(379,912	)
Net expenses		1,388,105			1,085,345			200,598			4,611,898

Net investment income (loss)		2,810,524			2,740,964			314,715			6,819,952

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments		10,064,450			(1,665,971	)		1,752,309			16,636,120
Written options		77,754			–			–			–
Foreign currency transactions		(86,915	)		(2,693	)		–			–
Net realized gain (loss)		10,055,289			(1,668,664	)		1,752,309			16,636,120
Change in unrealized appreciation (depreciation) on:
Investments		11,349,830			22,701,196			1,397,508			44,299,003
Written options		17,955			–			–			–
Foreign currency translations		17,736			19,688			–			–
Net change in unrealized appreciation (depreciation)		11,385,521			22,720,884			1,397,508			44,299,003

Net realized and unrealized gain (loss)		21,440,810			21,052,220			3,149,817			60,935,123

Net increase (decrease) in net assets from operations	$	24,251,334		$	23,793,184		$	3,464,532		$	67,755,075

See Notes to Financial Statements


24

Statement of Operations (continued)


Year Ended June 30, 2025	Small Cap Value Opportunities			Small/Mid Cap Value

INVESTMENT INCOME
Affiliated income	$	550,605		$	79,654
Dividends		3,221,419			1,667,741
Interest		500,092			168,245
Securities lending income, net		6,781			3,135
Tax withheld		(17,636	)		(11,177	)
Total investment income		4,261,261			1,907,598

EXPENSES

Management fees		1,839,283			756,111
12b-1 service fees - Class A		57,432			16,324
12b-1 distribution and service fees - Class C		16,741			4,526
Shareholder servicing agent fees - Class A		31,410			11,386
Shareholder servicing agent fees - Class C		2,422			862
Shareholder servicing agent fees - Class R6		341			825
Shareholder servicing agent fees - Class I		280,219			129,558
Interest expense		1,714			4,541
Trustees fees		8,651			3,622
Custodian expenses		37,603			25,155
Registration fees		64,150			60,279
Professional fees		43,140			34,516
Shareholder reporting expenses		75,917			34,902
Other		12,676			14,395

Total expenses before fee waiver/expense reimbursement		2,471,699			1,097,002
Fee waiver/expense reimbursement		(231,482	)		(40,947	)
Net expenses		2,240,217			1,056,055

Net investment income (loss)		2,021,044			851,543

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments		29,411,636			9,187,532
In-kind redemptions		–			6,648,470
Net realized gain (loss)		29,411,636			15,836,002

Change in unrealized appreciation (depreciation) on:
Investments		(7,463,284	)		(6,243,349	)
Net change in unrealized appreciation (depreciation)		(7,463,284	)		(6,243,349	)

Net realized and unrealized gain (loss)		21,948,352			9,592,653

Net increase (decrease) in net assets from operations	$	23,969,396		$	10,444,196

See Notes to Financial Statements


		25

Statement of Changes in Net Assets


	Global Equity Income					International Value
	Year Ended 6/30/25			Year Ended 6/30/24		Year Ended 6/30/25			Year Ended 6/30/24
OPERATIONS
Net investment income (loss)	$	2,810,524		$	3,278,251	$	2,740,964		$	2,518,052
Net realized gain (loss)		10,055,289			2,663,387		(1,668,664	)		1,327,916
Net change in unrealized appreciation (depreciation)		11,385,521			11,639,974		22,720,884			5,219,238

Net increase (decrease) in net assets from operations		24,251,334			17,581,612		23,793,184			9,065,206

DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A		(1,788,319	)		(2,118,642)		(442,383	)		(398,900)
Class C		(9,023	)		(19,513)		(5,497	)		(5,861)
Class I		(996,128	)		(1,146,457)		(2,037,864	)		(1,682,661)

Total distributions		(2,793,470	)		(3,284,612)		(2,485,744	)		(2,087,422)

FUND SHARE TRANSACTIONS
Subscriptions		4,388,740			6,360,477		39,183,861			20,714,366
Reinvestments of distributions		2,640,465			3,103,251		2,398,425			2,015,669
Redemptions		(19,035,882	)		(23,330,763)		(28,779,268	)		(23,887,313)

Net increase (decrease) from Fund share transactions		(12,006,677	)		(13,867,035)		12,803,018			(1,157,278)
Net increase (decrease) in net assets		9,451,187			429,965		34,110,458			5,820,506
Net assets at the beginning of period		133,135,659			132,705,694		103,863,011			98,042,505

Net assets at the end of period	$	142,586,846		$	133,135,659	$	137,973,469		$	103,863,011

See Notes to Financial Statements


26


	Large Cap Value Opportunities					Multi Cap Value
	Year Ended 6/30/25			Year Ended 6/30/24		Year Ended 6/30/25			Year Ended 6/30/24
OPERATIONS
Net investment income (loss)	$	314,715		$	305,531	$	6,819,952		$	4,310,300
Net realized gain (loss)		1,752,309			853,608		16,636,120			(758,269)
Net change in unrealized appreciation (depreciation)		1,397,508			1,814,481		44,299,003			48,512,553

Net increase (decrease) in net assets from operations		3,464,532			2,973,620		67,755,075			52,064,584

DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A		(562,967	)		(149,690)		(838,874	)		(485,789)
Class C		(90,441	)		(15,296)		(35,759	)		(4,798)
Class I		(778,014	)		(249,427)		(8,082,180	)		(3,011,559)

Total distributions		(1,431,422	)		(414,413)		(8,956,813	)		(3,502,146)

FUND SHARE TRANSACTIONS
Subscriptions		1,814,812			1,764,393		129,058,573			333,207,830
Reinvestments of distributions		1,367,659			396,643		8,819,645			3,427,870
Redemptions		(4,303,428	)		(3,029,144)		(157,281,164	)		(23,475,336)

Net increase (decrease) from Fund share transactions		(1,120,957	)		(868,108)		(19,402,946	)		313,160,364
Net increase (decrease) in net assets		912,153			1,691,099		39,395,316			361,722,802
Net assets at the beginning of period		21,623,406			19,932,307		482,149,001			120,426,199

Net assets at the end of period	$	22,535,559		$	21,623,406	$	521,544,317		$	482,149,001

See Notes to Financial Statements


		27

Statement of Changes in Net Assets (continued)


	Small Cap Value Opportunities					Small/Mid Cap Value
	Year Ended 6/30/25			Year Ended 6/30/24		Year Ended 6/30/25			Year Ended 6/30/24
OPERATIONS
Net investment income (loss)	$	2,021,044		$	1,354,393	$	851,543		$	1,073,409
Net realized gain (loss)		29,411,636			31,528,647		15,836,002			4,935,548
Net change in unrealized appreciation (depreciation)		(7,463,284	)		1,256,815		(6,243,349	)		11,246,237

Net increase (decrease) in net assets from operations		23,969,396			34,139,855		10,444,196			17,255,194

DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A		(4,997,460	)		(144,508)		(696,792	)		(16,659)
Class C		(431,089	)		(5,472)		(50,568	)		(1,171)
Class R6		(1,380,064	)		(59,351)		(2,563,053	)		(165,869)
Class I		(43,085,559	)		(1,447,900)		(7,734,130	)		(700,108)

Total distributions		(49,894,172	)		(1,657,231)		(11,044,543	)		(883,807)

FUND SHARE TRANSACTIONS
Subscriptions		82,617,058			22,816,913		44,238,033			53,146,102
Reinvestments of distributions		47,655,601			1,577,333		10,992,363			881,046
Redemptions		(83,293,900	)		(39,866,511)		(63,453,885	)		(55,975,595)

Net increase (decrease) from Fund share transactions		46,978,759			(15,472,265)		(8,223,489	)		(1,948,447)
Net increase (decrease) in net assets		21,053,983			17,010,359		(8,823,836	)		14,422,940
Net assets at the beginning of period		215,156,978			198,146,619		99,953,201			85,530,261

Net assets at the end of period	$	236,210,961		$	215,156,978	$	91,129,365		$	99,953,201

See Notes to Financial Statements


28

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
Global Equity Income
Class A
6/30/25		$33.43		$0.71		$5.74		$6.45		$(0.73)		$—		$(0.73)		$39.15
6/30/24		29.94		0.76		3.51		4.27		(0.78)		—		(0.78)		33.43
6/30/23		27.43		0.67		3.21		3.88		(1.37)		—		(1.37)		29.94
6/30/22		32.13		0.74		(4.26)		(3.52)		(1.18)		—		(1.18)		27.43
6/30/21		23.44		0.68		8.70		9.38		(0.69)		—		(0.69)		32.13
Class C
6/30/25		33.36		0.39		5.77		6.16		(0.48)		—		(0.48)		39.04
6/30/24		29.89		0.48		3.54		4.02		(0.55)		—		(0.55)		33.36
6/30/23		27.37		0.47		3.20		3.67		(1.15)		—		(1.15)		29.89
6/30/22		32.06		0.44		(4.19)		(3.75)		(0.94)		—		(0.94)		27.37
6/30/21		23.40		0.44		8.70		9.14		(0.48)		—		(0.48)		32.06
Class I
6/30/25		33.43		0.81		5.73		6.54		(0.81)		—		(0.81)		39.16
6/30/24		29.95		0.83		3.51		4.34		(0.86)		—		(0.86)		33.43
6/30/23		27.43		0.73		3.23		3.96		(1.44)		—		(1.44)		29.95
6/30/22		32.14		0.83		(4.28)		(3.45)		(1.26)		—		(1.26)		27.43
6/30/21		23.45		0.75		8.70		9.45		(0.76)		—		(0.76)		32.14

^(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.


		29


	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


19.41%	$94,747	1.24%	1.11%	2.01%	30%
14.40	89,171	1.27	1.11	2.45	27
14.46	86,807	1.28	1.11	2.35	29
(11.30)	86,811	1.26	1.10	2.33	59
40.43	105,751	1.26	1.11	2.44	42

18.52	530	1.99	1.86	1.11	30
13.51	1,003	2.02	1.86	1.55	27
13.61	1,879	2.03	1.86	1.62	29
(11.95)	1,649	2.01	1.85	1.37	59
39.34	4,660	2.01	1.86	1.64	42

19.73	47,310	0.99	0.86	2.26	30
14.64	42,961	1.02	0.86	2.67	27
14.79	44,020	1.03	0.86	2.55	29
(11.10)	52,423	1.01	0.85	2.61	59
40.76	55,826	1.01	0.86	2.69	42

See Notes to Financial Statements


30

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
International Value
Class A
6/30/25		$27.95		$0.63		$5.51		$6.14		$(0.62)		$—		$(0.62)		$33.47
6/30/24		26.11		0.60		1.74		2.34		(0.50)		—		(0.50)		27.95
6/30/23		23.20		0.58		3.45		4.03		(1.12)		—		(1.12)		26.11
6/30/22		27.73		0.60		(4.05)		(3.45)		(1.08)		—		(1.08)		23.20
6/30/21		20.17		0.70		7.34		8.04		(0.48)		—		(0.48)		27.73
Class C
6/30/25		26.36		0.37		5.23		5.60		(0.38)		—		(0.38)		31.58
6/30/24		24.64		0.36		1.65		2.01		(0.29)		—		(0.29)		26.36
6/30/23		21.89		0.43		3.21		3.64		(0.89)		—		(0.89)		24.64
6/30/22		26.37		0.35		(3.80)		(3.45)		(1.03)		—		(1.03)		21.89
6/30/21		19.20		0.43		7.04		7.47		(0.30)		—		(0.30)		26.37
Class I
6/30/25		28.16		0.74		5.52		6.26		(0.69)		—		(0.69)		33.73
6/30/24		26.31		0.68		1.73		2.41		(0.56)		—		(0.56)		28.16
6/30/23		23.37		0.65		3.48		4.13		(1.19)		—		(1.19)		26.31
6/30/22		27.87		0.64		(4.05)		(3.41)		(1.09)		—		(1.09)		23.37
6/30/21		20.27		0.75		7.38		8.13		(0.53)		—		(0.53)		27.87

^(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.


		31


			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


	22.42	%		$23,580		1.29	%		1.15	%		2.13	%		28	%
	8.97			20,976		1.31			1.15			2.24			13
	18.00			21,524		1.33			1.15			2.44			18
	(12.90	)		19,329		1.33			1.14			2.26			28
	40.20			22,153		1.28			1.15			2.88			24

	21.50			408		2.04			1.90			1.33			28
	8.18			443		2.06			1.90			1.43			13
	17.12			466		2.08			1.90			1.88			18
	(13.58	)		266		2.08			1.89			1.41			28
	39.17			365		2.03			1.90			1.93			24

	22.71			113,985		1.04			0.90			2.46			28
	9.25			82,445		1.06			0.90			2.52			13
	18.33			76,052		1.08			0.90			2.70			18
	(12.71	)		64,558		1.08			0.89			2.38			28
	40.51			99,311		1.03			0.90			3.10			24

See Notes to Financial Statements


32

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 Value Opportunities
Class A
6/30/25		$4.79		$0.07		$0.72		$0.79		$(0.09)		$(0.23)		$(0.32)		$5.26
6/30/24		4.22		0.06		0.60		0.66		(0.07)		(0.02)		(0.09)		4.79
6/30/23		3.80		0.06		0.54		0.60		(0.03)		(0.15)		(0.18)		4.22
6/30/22		4.84		0.06		(0.22)		(0.16)		(0.05)		(0.83)		(0.88)		3.80
6/30/21		3.96		0.03		1.57		1.60		(0.15)		(0.57)		(0.72)		4.84
Class C
6/30/25		3.57		0.02		0.53		0.55		(0.04)		(0.23)		(0.27)		3.85
6/30/24		3.15		0.02		0.45		0.47		(0.03)		(0.02)		(0.05)		3.57
6/30/23		2.88		0.02		0.40		0.42		—		(0.15)		(0.15)		3.15
6/30/22		3.88		0.02		(0.15)		(0.13)		(0.04)		(0.83)		(0.87)		2.88
6/30/21		3.28		0.01		1.26		1.27		(0.10)		(0.57)		(0.67)		3.88
Class I
6/30/25		4.84		0.08		0.72		0.80		(0.10)		(0.23)		(0.33)		5.31
6/30/24		4.27		0.07		0.60		0.67		(0.08)		(0.02)		(0.10)		4.84
6/30/23		3.84		0.07		0.55		0.62		(0.04)		(0.15)		(0.19)		4.27
6/30/22		4.87		0.07		(0.22)		(0.15)		(0.05)		(0.83)		(0.88)		3.84
6/30/21		3.98		0.05		1.57		1.62		(0.16)		(0.57)		(0.73)		4.87

^(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.


		33


			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


	16.97	%		$9,028		1.60	%		1.00	%		1.33	%		25	%
	15.77			8,842		1.61			1.00			1.42			35
	15.95			7,320		1.56			1.00			1.38			40
	(4.84	)		6,927		1.80			0.99			1.26			35
	44.10			5,419		1.76			1.00			0.79			42

	15.87			1,141		2.35			1.75			0.58			25
	14.97			1,173		2.36			1.75			0.67			35
	14.84			1,163		2.31			1.75			0.62			40
	(5.24	)		951		2.55			1.74			0.47			35
	42.65			1,368		2.51			1.75			0.19			42

	17.09			12,367		1.35			0.75			1.58			25
	15.87			11,608		1.36			0.75			1.67			35
	16.35			11,449		1.31			0.75			1.63			40
	(4.55	)		11,112		1.55			0.74			1.50			35
	44.50			13,008		1.51			0.75			1.11			42

See Notes to Financial Statements


34

Financial Highlights (continued)

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


			Investment Operations						Less Distributions
	Net Asset Value, Beginning of Period		Net Investment Income (NII) (Loss)^(a)		Net Realized/ Unrealized Gain (Loss)		Total		From NII		From Net Realized Gains		Return of Capital		Total		Net Asset Value, End of Period
Multi Cap Value
Class A
6/30/25		$50.93		$0.63		$6.31		$6.94		$(0.71)		$(0.18)		$—		$(0.89)		$56.98
6/30/24		44.63		0.60		6.19		6.79		(0.49)		—		—		(0.49)		50.93
6/30/23		37.48		0.43		7.19		7.62		(0.47)		—		—		(0.47)		44.63
6/30/22		41.46		0.26		(3.73)		(3.47)		(0.51)		—		—		(0.51)		37.48
6/30/21		27.13		0.22		15.15		15.37		(0.69)		—		(0.35)		(1.04)		41.46
Class C
6/30/25		47.12		0.22		5.82		6.04		(0.30)		(0.18)		—		(0.48)		52.68
6/30/24		41.31		0.24		5.72		5.96		(0.15)		—		—		(0.15)		47.12
6/30/23		34.69		0.11		6.67		6.78		(0.16)		—		—		(0.16)		41.31
6/30/22		38.66		(0.05)		(3.45)		(3.50)		(0.47)		—		—		(0.47)		34.69
6/30/21		25.32		(0.03)		14.14		14.11		(0.42)		—		(0.35)		(0.77)		38.66
Class I
6/30/25		51.54		0.78		6.39		7.17		(0.85)		(0.18)		—		(1.03)		57.68
6/30/24		45.16		0.74		6.25		6.99		(0.61)		—		—		(0.61)		51.54
6/30/23		37.92		0.54		7.28		7.82		(0.58)		—		—		(0.58)		45.16
6/30/22		41.84		0.36		(3.76)		(3.40)		(0.52)		—		—		(0.52)		37.92
6/30/21		27.37		0.30		15.30		15.60		(0.78)		—		(0.35)		(1.13)		41.84

^(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.


		35


			Ratio/Supplemental Data
					Ratios to Average Net Assets
Total Return^(b)			Net Assets, End of Period (000)		Gross Expenses			Net Expenses^(c)			NII (Loss)^(c),(d)			Portfolio Turnover Rate


	13.69	%		$55,239		1.22	%		1.15	%		1.17	%		30	%
	15.32			49,371		1.17			1.16			1.28			24
	20.46			44,442		1.28			1.23			1.04			22
	(8.49	)		40,006		1.35			1.25			0.62			34
	57.70			43,489		1.29			1.15			0.64			58

	12.84			5,849		1.97			1.90			0.44			30
	14.47			3,022		1.92			1.91			0.56			24
	19.58			1,287		2.03			1.98			0.30			22
	(9.17	)		1,168		2.10			2.00			(0.13	)		34
	56.54			1,347		2.04			1.90			(0.09	)		58

	13.98			460,456		0.97			0.90			1.41			30
	15.60			429,756		0.92			0.91			1.54			24
	20.78			74,697		1.03			0.98			1.29			22
	(8.26	)		38,624		1.10			1.00			0.87			34
	58.09			37,441		1.04			0.90			0.88			58

See Notes to Financial Statements


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 Cap Value Opportunities
Class A
6/30/25		$53.74		$0.35		$5.93		$6.28		$(0.46)		$(12.33)		$(12.79)		$47.23
6/30/24		45.69		0.23		8.14		8.37		(0.20)		(0.12)		(0.32)		53.74
6/30/23		41.31		0.20		6.94		7.14		—		(2.76)		(2.76)		45.69
6/30/22		55.06		0.10		(8.11)		(8.01)		(0.08)		(5.66)		(5.74)		41.31
6/30/21		33.98		(0.02)		21.36		21.34		(0.26)		—		(0.26)		55.06
Class C
6/30/25		44.46		(0.01)		5.05		5.04		(0.04)		(12.33)		(12.37)		37.13
6/30/24		37.95		(0.11)		6.74		6.63		—		(0.12)		(0.12)		44.46
6/30/23		34.99		(0.11)		5.83		5.72		—		(2.76)		(2.76)		37.95
6/30/22		47.84		(0.25)		(6.87)		(7.12)		(0.07)		(5.66)		(5.73)		34.99
6/30/21		29.57		(0.31)		18.58		18.27		—		—		—		47.84
Class R6
6/30/25		57.22		0.59		6.26		6.85		(0.72)		(12.33)		(13.05)		51.02
6/30/24		48.62		0.44		8.68		9.12		(0.40)		(0.12)		(0.52)		57.22
6/30/23		43.77		0.38		7.37		7.75		(0.14)		(2.76)		(2.90)		48.62
6/30/22		57.78		0.31		(8.57)		(8.26)		(0.09)		(5.66)		(5.75)		43.77
6/30/21		35.66		0.17		22.41		22.58		(0.46)		—		(0.46)		57.78
Class I
6/30/25		56.31		0.50		6.18		6.68		(0.63)		(12.33)		(12.96)		50.03
6/30/24		47.85		0.37		8.54		8.91		(0.33)		(0.12)		(0.45)		56.31
6/30/23		43.12		0.32		7.25		7.57		(0.08)		(2.76)		(2.84)		47.85
6/30/22		57.08		0.22		(8.43)		(8.21)		(0.09)		(5.66)		(5.75)		43.12
6/30/21		35.21		0.08		22.15		22.23		(0.36)		—		(0.36)		57.08

^(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.


		37


			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


	9.85	%		$22,750		1.30	%		1.20	%		0.66	%		96	%
	18.36			22,385		1.35			1.20			0.46			71
	17.62			20,932		1.31			1.20			0.44			71
	(16.01	)		19,467		1.33			1.19			0.20			58
	63.00			27,091		1.37			1.36			(0.04	)		86

	9.03			2,416		2.05			1.95			(0.03	)		96
	17.49			1,643		2.10			1.95			(0.28	)		71
	16.71			2,447		2.06			1.95			(0.29	)		71
	(16.61	)		3,933		2.08			1.94			(0.57	)		58
	61.79			8,429		2.12			2.11			(0.80	)		86

	10.28			7,232		0.91			0.81			1.06			96
	18.83			5,970		0.96			0.81			0.85			71
	18.06			5,879		0.93			0.82			0.81			71
	(15.68	)		4,893		0.94			0.80			0.59			58
	63.67			6,160		0.95			0.94			0.36			86

	10.13			203,813		1.05			0.95			0.91			96
	18.68			185,160		1.10			0.95			0.72			71
	17.88			168,888		1.06			0.95			0.69			71
	(15.79	)		145,461		1.08			0.94			0.42			58
	63.42			263,394		1.11			1.10			0.16			86

See Notes to Financial Statements


38

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 Value
Class A
6/30/25		$32.28		$0.19		$2.92		$3.11		$(0.38)		$(3.17)		$(3.55)		$31.84
6/30/24		27.67		0.21		4.53		4.74		(0.07)		(0.06)		(0.13)		32.28
6/30/23		24.60		0.14		4.32		4.46		—		(1.39)		(1.39)		27.67
6/30/22		32.13		0.03		(2.89)		(2.86)		(0.11)		(4.56)		(4.67)		24.60
6/30/21		20.05		0.01		12.13		12.14		(0.06)		—		(0.06)		32.13
Class C
6/30/25		26.10		(0.04)		2.39		2.35		(0.11)		(3.17)		(3.28)		25.17
6/30/24		22.50		(0.02)		3.68		3.66		—		(0.06)		(0.06)		26.10
6/30/23		20.38		(0.04)		3.55		3.51		—		(1.39)		(1.39)		22.50
6/30/22		27.57		(0.17)		(2.37)		(2.54)		(0.09)		(4.56)		(4.65)		20.38
6/30/21		17.29		(0.14)		10.42		10.28		—		—		—		27.57
Class R6
6/30/25		33.71		0.39		3.00		3.39		(0.55)		(3.17)		(3.72)		33.38
6/30/24		28.87		0.35		4.75		5.10		(0.20)		(0.06)		(0.26)		33.71
6/30/23		25.54		0.24		4.50		4.74		(0.02)		(1.39)		(1.41)		28.87
6/30/22		33.06		0.16		(3.01)		(2.85)		(0.11)		(4.56)		(4.67)		25.54
6/30/21		20.64		0.10		12.49		12.59		(0.17)		—		(0.17)		33.06
Class I
6/30/25		33.37		0.28		3.02		3.30		(0.48)		(3.17)		(3.65)		33.02
6/30/24		28.60		0.29		4.69		4.98		(0.15)		(0.06)		(0.21)		33.37
6/30/23		25.32		0.23		4.44		4.67		—		(1.39)		(1.39)		28.60
6/30/22		32.86		0.10		(2.97)		(2.87)		(0.11)		(4.56)		(4.67)		25.32
6/30/21		20.49		0.07		12.42		12.49		(0.12)		—		(0.12)		32.86

^(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)	Does not include in-kind transactions.


		39


			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


	9.17	%		$7,886		1.35	%		1.31	%		0.60	%		64%^(e)
	17.21			4,710		1.42			1.31			0.70			81
	18.50			3,627		1.41			1.31			0.53			39
	(10.81	)		3,003		1.61			1.30			0.10			42
	60.64			3,321		1.64			1.31			0.06			57

	8.38			828		2.10			2.06			(0.16	)		64 ^(e)
	16.31			386		2.17			2.06			(0.07	)		81
	17.65			426		2.16			2.06			(0.20	)		39
	(11.48	)		341		2.36			2.05			(0.67	)		42
	59.46			538		2.39			2.06			(0.65	)		57

	9.64			2,038		0.94			0.90			1.07			64 ^(e)
	17.75			21,258		0.97			0.86			1.15			81
	18.92			18,080		1.06			0.96			0.88			39
	(10.44	)		16,015		1.19			0.88			0.53			42
	61.19			19,155		1.28			0.95			0.37			57

	9.45			80,377		1.10			1.06			0.84			64 ^(e)
	17.48			73,600		1.17			1.06			0.96			81
	18.82			63,397		1.16			1.06			0.83			39
	(10.57	)		15,577		1.36			1.05			0.34			42
	61.03			23,554		1.39			1.06			0.26			57

See Notes to Financial Statements


40

Notes to Financial Statements

1. General Information

Trust and Fund Information: The Nuveen Investment Trust and Nuveen Investment Trust II (each a “Trust” and collectively, the “Trusts”), are open-end management investment companies registered under the Investment Company Act of 1940 (the “1940 Act”), as amended. Nuveen Investment Trust is comprised of the Nuveen Global Equity Income Fund (“Global Equity Income”), Nuveen Large Cap Value Opportunities Fund (“Large Cap Value Opportunities”), Nuveen Multi Cap Value Fund (“Multi Cap Value”), Nuveen Small Cap Value Opportunities Fund (“Small Cap Value Opportunities”) and Nuveen Small/Mid Cap Value Fund (“Small/Mid Cap Value”) and Nuveen Investment Trust II is comprised of Nuveen International Value Fund (“International Value”), among others (each a “Fund” and collectively, the “Funds”). Nuveen Investment Trust and Nuveen Investment Trust II were each organized as Massachusetts business trusts in 1996 and 1997, respectively.

Current Fiscal Period: The end of the reporting period for the Funds is June 30, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended June 30, 2025 (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. Class C Shares are subject to a CDSC of 1% if redeemed within twelve months of purchase. Class C Shares automatically convert to Class A Shares eight years after purchase. Class R6 Shares and Class I Shares are sold without an upfront sales charge.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ from those estimates. Each Fund is an investment company and follows accounting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 946, Financial Services — Investment Companies. The NAV for financial reporting purposes may differ from the NAV for processing security and shareholder transactions. The NAV for financial reporting purposes includes security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation: Neither Trust pays compensation directly to those of its officers, all of whom receive remuneration for their services to each Trust from the Adviser or its affiliates. The Funds’ Board of Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Distributions to Shareholders: Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.

Foreign Currency Transactions and Translation: The books and records of the Funds are maintained in U.S. dollars. Assets, including investments, and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii) derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received are recognized as a component of “Net realized gain (loss) from 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.


		41

Notes to Financial Statements (continued)

Indemnifications: Under each Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to each Trust. In addition, in the normal course of business, each Trust enters into contracts that provide general indemnifications to other parties. Each Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against each Trust that have not yet occurred. However, each 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 reporting period, if any, are further described later in these Notes to Financial Statements.

Segment Reporting: In November 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures (“ASU 2023-07”). The amendments in ASU 2023-07 improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 also requires a public entity that has a single reportable segment to provide all the disclosures required by the amendments in ASU 2023-07 and all existing segment disclosures in Topic 280. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Funds adopted ASU 2023-07 during the current reporting period. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds’ financial positions or the results of their operations.

Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker (“CODM”). The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund’s long-term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as “total assets” and significant segment revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement: In December 2023, the FASB issued 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.

3. Investment Valuation and Fair Value Measurements

The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

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


42

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.

Structured notes are valued based upon a price supplied by a pricing service and are generally classified as Level 2.

Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally classified as Level 2.

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

Purchased and written options traded and listed on a national market or exchange are valued at the mean of the closing bid and asked prices and are generally classified as Level 1.

Over-the-counter (“OTC”) options are marked-to-market daily based upon a price supplied by a pricing service. OTC options are generally classified as Level 2.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds’ investments as of the end of the reporting period, based on the inputs used to value them:


Global Equity Income	Level 1			Level 2		Level 3		Total
Long-Term Investments:
Common Stocks	$	62,088,612		$	71,869,163	$	–	$	133,957,775
Convertible Preferred Securities		2,366,400			–		–		2,366,400
Structured Notes		–			1,453,042		–		1,453,042
Investments in Derivatives:
Options Written		(53,325	)		–		–		(53,325	)
Total	$	64,401,687		$	73,322,205	$	–	$	137,723,892

International Value	Level 1			Level 2		Level 3		Total
Long-Term Investments:
Common Stocks	$	21,905,146		$	112,935,398	$	–	$	134,840,544
Investments Purchased with Collateral from Securities Lending		3,419,024			–		–		3,419,024
Short-Term Investments:
Repurchase Agreements		–			2,775,000		–		2,775,000
Total	$	25,324,170		$	115,710,398	$	–	$	141,034,568


		43

Notes to Financial Statements (continued)


Large Cap Value Opportunities	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Common Stocks	$	22,324,155	$	–	$	–	$	22,324,155
Investments Purchased with Collateral from Securities Lending		506,710		–		–		506,710
Short-Term Investments:
Repurchase Agreements		–		200,000		–		200,000
Total	$	22,830,865	$	200,000	$	–	$	23,030,865

Multi Cap Value	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Common Stocks	$	489,331,056	$	–	$	–	$	489,331,056
Investments Purchased with Collateral from Securities Lending		6,286,964		–		–		6,286,964
Short-Term Investments:
Repurchase Agreements		–		31,273,527		–		31,273,527
Total	$	495,618,020	$	31,273,527	$	–	$	526,891,547

Small Cap Value Opportunities	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Common Stocks	$	227,863,802	$	–	$	–	$	227,863,802
Investments Purchased with Collateral from Securities Lending		978,308		–		–		978,308
Short-Term Investments:
Repurchase Agreements		–		8,248,712		–		8,248,712
Total	$	228,842,110	$	8,248,712	$	–	$	237,090,822

Small/Mid Cap Value	Level 1		Level 2		Level 3		Total
Long-Term Investments:
Common Stocks	$	86,560,811	$	–	$	–	$	86,560,811
Investments Purchased with Collateral from Securities Lending		71,574		–		–		71,574
Short-Term Investments:
Repurchase Agreements		–		4,548,597		–		4,548,597
Total	$	86,632,385	$	4,548,597	$	–	$	91,180,982

4. Portfolio Securities

Repurchase Agreements: In connection with transactions in repurchase agreements, it is each Fund’s policy that its custodian take possession of the underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.

The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the reporting period, and the collateral delivered related to those repurchase agreements.


Fund	Counterparty	Short-term Investments, at Value	Collateral Pledged (From) Counterparty
International Value	Fixed Income Clearing Corporation	$2,775,000	$(2,830,689)
Large Cap Value Opportunities	Fixed Income Clearing Corporation	200,000	(204,166)
Multi Cap Value	Fixed Income Clearing Corporation	31,273,527	(31,899,352)
Small Cap Value Opportunities	Fixed Income Clearing Corporation	8,248,712	(8,413,874)
Small/Mid Cap Value	Fixed Income Clearing Corporation	4,548,597	(4,639,855)

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, the Fund retains the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The loans are continuous, can be recalled at any time, and have no set maturity. The Funds’ custodian, State Street Bank and Trust Company, serves as the securities lending agent (the “Agent”).


44

When a Fund loans its portfolio securities, it will receive, at the inception of each loan, cash collateral equal to an amount not less than 100% of the market value of the loaned securities. The actual percentage of the cash collateral will vary depending upon the asset type of the loaned securities. Collateral for the loaned securities is invested in a government money market vehicle maintained by the Agent, which is subject to the requirements of Rule 2a-7 under the 1940 Act. The value of the loaned securities and the liability to return the cash collateral received are recognized on the Statement of Assets and Liabilities. If the market value of the loaned securities increases, the borrower must furnish additional collateral to the Fund, which is also recognized on the Statement of Assets and Liabilities. The market value of securities loaned is determined at the close of business of the Funds and any additional required collateral is delivered to the Funds on the next business day. Securities out on loan are subject to termination at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities have not been returned.

Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and compensation to the Agent. Such income is recognized on the Statement of Operations.

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


	Aggregate Value of Securities on Loan
Fund	Equity Securities		Cash Collateral Received*
International Value		$3,255,281		$3,419,024
Large Cap Value Opportunities		488,106		506,710
Multi Cap Value		6,129,731		6,286,964
Small Cap Value Opportunities		917,110		978,308
Small/Mid Cap Value		412,719		71,574
*May include cash and investment of cash collateral.

Purchases and Sales: Long-term purchases and sales (excluding in-kind transactions) during the current fiscal period were as follows:


Fund	Non-U.S. Government Purchases		Non-U.S. Government Sales
Global Equity Income	$	39,240,852	$	55,502,804
International Value		41,950,691		31,447,521
Large Cap Value Opportunities		5,626,615		7,970,516
Multi Cap Value		144,836,734		184,298,188
Small Cap Value Opportunities		214,171,455		211,919,870
Small/Mid Cap Value*		62,629,152		62,266,651

*	During the current fiscal period, the Fund had in-kind sales of $22,467,411 resulting in a realized gain of $6,648,470.

The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the reporting period, such amounts are recognized on the Statement of Assets and Liabilities.

5. Derivative Investments

Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of Operations, respectively.

Options Transactions: The Funds may purchase (buy) or write (sell) put and call options on specific securities (including groups or “baskets” of specific securities), interest rates, stock indices and/or bond indices (each a “financial instrument”). Options can be settled either directly with the counterparty (over the counter) or through a central clearing house (exchange traded). Call and put options give the holder the right, in return for a premium paid, to purchase or sell, respectively, a financial instrument at a specified exercise price at any time during the period of the option.

When a Fund purchases an option, an amount equal to the premium paid (the premium plus commission) is recognized as an asset on the Statement of Asset and Liabilities. When a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recognized as a liability on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option until the option is exercised or expires or the Fund enters into a closing purchase transaction. The changes in the value of options purchased and/or written during


		45

Notes to Financial Statements (continued)

the fiscal period are recognized as in unrealized appreciation (depreciation) on the Statement of Operations. When an option expires, the premiums received or paid are recognized as realized gains or losses on the Statement of Operations. When an option is exercised or a closing purchase transaction is entered into, the difference between the premium and the amount received or paid in a closing transaction is recognized as a realized gain or loss on the Statement of Operations.

The market risk associated with purchasing options is limited to the premium paid. The Fund, as writer of an option, has no control over whether the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid market.

During the current fiscal period, Global Equity Income wrote call options to manage risk and hedge against adverse movement in a security held in the portfolio.

The average notional amount of outstanding options written during the current fiscal period, was as follows:

Fund

Average Notional Amount of Written Options

Contracts Outstanding*

Global Equity Income

$756,000

*	The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of the current fiscal period and at the end of each fiscal quarter within the current fiscal period.

As of the end of the reporting period, the following Funds have invested in derivative contracts which are reflected in the Statement of Assets and Liabilities as follows:

Asset Derivatives

Liability Derivatives

Derivative Instrument

Risk Exposure

Location

Value

Location

Value

Global Equity Income

Options Written

Equity

Options written, at value

$(53,325)

During the current fiscal period, the effect of derivative contracts on the Funds’ Statement of Operations was as follows:

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss)

Change in
Unrealized
Appreciation
(Depreciation)

Global Equity Income

Written options

Equity

$77,754

$17,955

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.


46

6. Fund Shares

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


	Year Ended 6/30/25						Year Ended 6/30/24
Global Equity Income	Shares			Value			Shares			Value
Subscriptions:
Class A		38,544			$1,381,281			84,189			$2,638,537
Class A - automatic conversion of Class C		84			2,951			–			–
Class C		1,675			61,600			2,214			68,102
Class I		82,857			2,942,908			118,887			3,653,838
Total subscriptions		123,160			4,388,740			205,290			6,360,477
Reinvestments of distributions:
Class A		44,713			1,662,842			61,232			1,969,644
Class C		235			8,699			601			19,140
Class I		26,109			968,924			34,720			1,114,467
Total reinvestments of distributions		71,057			2,640,465			96,553			3,103,251
Redemptions:
Class A		(331,129	)		(11,792,532	)		(376,703	)		(11,716,943	)
Class C		(18,328	)		(650,867	)		(35,610	)		(1,064,362	)
Class C - automatic conversion to Class A		(84	)		(2,951	)		–			–
Class I		(185,950	)		(6,589,532	)		(338,491	)		(10,549,458	)
Total redemptions		(535,491	)		(19,035,882	)		(750,804	)		(23,330,763	)
Net increase (decrease)		(341,274	)		$(12,006,677)			(448,961	)		$(13,867,035	)

	Year Ended 6/30/25						Year Ended 6/30/24
International Value	Shares			Value			Shares			Value
Subscriptions:
Class A		148,130			$4,549,006			90,186			$2,401,951
Class C		2,079			58,378			6,680			162,084
Class I		1,141,776			34,576,477			681,428			18,150,331
Total subscriptions		1,291,985			39,183,861			778,294			20,714,366
Reinvestments of distributions:
Class A		14,696			406,926			13,494			365,547
Class C		210			5,498			228			5,861
Class I		71,234			1,986,001			60,296			1,644,261
Total reinvestments of distributions		86,140			2,398,425			74,018			2,015,669
Redemptions:
Class A		(208,806	)		(6,334,317	)		(177,601	)		(4,765,851	)
Class C		(6,155	)		(170,386	)		(9,040	)		(225,171	)
Class I		(760,708	)		(22,274,565	)		(705,599	)		(18,896,291	)
Total redemptions		(975,669	)		(28,779,268	)		(892,240	)		(23,887,313	)
Net increase (decrease)		402,456			$12,803,018			(39,928	)		$(1,157,278	)


		47

Notes to Financial Statements (continued)


	Year Ended 6/30/25						Year Ended 6/30/24
Large Cap Value Opportunities	Shares			Value			Shares			Value
Subscriptions:
Class A		124,155			$616,678			289,155			$1,284,054
Class C		23,998			85,491			25,511			88,015
Class I		216,709			1,112,643			87,875			392,324
Total subscriptions		364,862			1,814,812			402,541			1,764,393
Reinvestments of distributions:
Class A		104,389			520,510			31,409			138,443
Class C		24,643			90,442			4,653			15,296
Class I		150,210			756,707			54,585			242,904
Total reinvestments of distributions		279,242			1,367,659			90,647			396,643
Redemptions:
Class A		(358,106	)		(1,755,240	)		(206,782	)		(912,713	)
Class C		(81,600	)		(295,137	)		(69,906	)		(224,572	)
Class I		(439,882	)		(2,253,051	)		(426,197	)		(1,891,859	)
Total redemptions		(879,588	)		(4,303,428	)		(702,885	)		(3,029,144	)
Net increase (decrease)		(235,484	)		$(1,120,957)			(209,697	)		$(868,108	)

	Year Ended 6/30/25						Year Ended 6/30/24
Multi Cap Value	Shares			Value			Shares			Value
Subscriptions:
Class A		89,167			$4,848,599			86,310			$3,956,204
Class C		57,994			2,921,760			44,184			1,903,811
Class I		2,224,091			121,288,214			6,996,485			327,347,815
Total subscriptions		2,371,252			129,058,573			7,126,979			333,207,830
Reinvestments of distributions:
Class A		13,361			731,956			9,227			429,968
Class C		701			35,759			111			4,798
Class I		145,483			8,051,930			63,548			2,993,104
Total reinvestments of distributions		159,545			8,819,645			72,886			3,427,870
Redemptions:
Class A		(102,498	)		(5,521,838	)		(121,865	)		(5,659,139	)
Class C		(11,807	)		(592,085	)		(11,320	)		(479,509	)
Class I		(2,724,395	)		(151,167,241	)		(376,188	)		(17,336,688	)
Total redemptions		(2,838,700	)		(157,281,164	)		(509,373	)		(23,475,336	)
Net increase (decrease)		(307,903	)		$(19,402,946)			6,690,492			$313,160,364


48


	Year Ended 6/30/25						Year Ended 6/30/24
Small Cap Value Opportunities	Shares			Value			Shares			Value
Subscriptions:
Class A		95,445			$4,868,645			51,394			$2,555,925
Class A - automatic conversion of Class C		136			6,334			–			–
Class C		41,484			1,567,772			4,457			182,340
Class R6		43,597			2,341,281			20,312			1,086,748
Class I		1,428,182			73,833,026			360,921			18,991,900
Total subscriptions		1,608,844			82,617,058			437,084			22,816,913
Reinvestments of distributions:
Class A		88,359			4,562,734			2,407			121,511
Class C		8,926			361,699			120			4,951
Class R6		17,905			998,814			769			41,409
Class I		762,599			41,732,354			26,602			1,409,462
Total reinvestments of distributions		877,789			47,655,601			29,898			1,577,333
Redemptions:
Class A		(118,812	)		(6,254,476	)		(95,452	)		(4,713,180	)
Class C		(22,121	)		(923,792	)		(32,099	)		(1,288,046	)
Class C - automatic conversion to Class A		(173	)		(6,334	)		–			–
Class R6		(24,077	)		(1,317,198	)		(37,680	)		(1,979,232	)
Class I		(1,405,135	)		(74,792,100	)		(628,781	)		(31,886,053	)
Total redemptions		(1,570,318	)		(83,293,900	)		(794,012	)		(39,866,511	)
Net increase (decrease)		916,315			$46,978,759			(327,030	)		$(15,472,265	)

	Year Ended 6/30/25						Year Ended 6/30/24
Small/Mid Cap Value	Shares			Value			Shares			Value
Subscriptions:
Class A		125,799			$4,190,937			45,031			$1,387,731
Class C		23,834			594,835			483			11,946
Class R6		257,947			9,206,892			158,489			4,874,839
Class I		905,457			30,245,369			1,594,016			46,871,586
Total subscriptions		1,313,037			44,238,033			1,798,019			53,146,102
Reinvestments of distributions:
Class A		19,364			649,784			484			14,244
Class C		1,904			50,568			50			1,171
Class R6		72,899			2,559,739			5,383			165,637
Class I		222,370			7,732,272			22,968			699,994
Total reinvestments of distributions		316,537			10,992,363			28,885			881,046
Redemptions:
Class A		(43,368	)		(1,372,218	)		(30,708	)		(908,546	)
Class C		(7,603	)		(192,297	)		(4,696	)		(120,015	)
Class R6		(900,422	)		(31,410,392	)		(159,443	)		(4,850,073	)
Class I		(898,994	)		(30,478,978	)		(1,628,360	)		(50,096,961	)
Total redemptions		(1,850,387	)		(63,453,885	)		(1,823,207	)		(55,975,595	)
Net increase (decrease)		(220,813	)		$(8,223,489)			3,697			$(1,948,447	)

7. Income Tax Information

Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies. Therefore, no federal income tax provision is required.

Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to complex securities character adjustments, deemed dividend due to


		49

Notes to Financial Statements (continued)

corporate actions, distribution reallocations, foreign currency transactions, investments in partnerships, investments in passive foreign investment companies, redemptions in-kind, return of capital and long-term capital gain distributions received from portfolio investments, and tax equalization. Temporary and permanent differences have no impact on a Fund’s net assets.

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:


Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)

Global Equity Income	$	93,960,513	$	46,072,670	$	(2,309,291)	$	43,763,379

International Value		91,281,363		53,493,722		(3,740,517)		49,753,205

Large Cap Value Opportunities		14,202,730		9,254,865		(426,730)		8,828,135

Multi Cap Value		414,866,150		128,129,521		(16,104,124)		112,025,397

Small Cap Value Opportunities		212,498,895		36,747,860		(12,155,933)		24,591,927

Small/Mid Cap Value		76,335,191		17,382,743		(2,536,952)		14,845,791

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

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


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

Global Equity Income	$	1,620,698	$	–	$	43,778,253	$	(219,401,380)	$	–		$	(1,258,134	)	$	(175,260,563)

International Value		2,943,521		–		49,771,760		(198,018,769)		–			–			(145,303,488)

Large Cap Value Opportunities		207,163		1,387,420		8,828,135		–		–			–			10,422,718

Multi Cap Value		7,656,776		4,532,823		112,025,397		–		–			(15,024)			124,199,972

Small Cap Value Opportunities		462,549		11,618,733		24,591,927		–		–			–			36,673,209

Small/Mid Cap Value		–		4,476,609		14,845,791		–		(2,603,467	)		–			16,718,933

The tax character of distributions paid was as follows:


	6/30/25				6/30/24
Fund	Ordinary Income		Long-Term Capital Gains		Ordinary Income		Long-Term Capital Gains

Global Equity Income	$	2,793,470	$	–	$	3,284,612	$	–

International Value		2,485,744		–		2,087,422		–

Large Cap Value Opportunities		518,790		912,632		414,413		–

Multi Cap Value		8,956,813		–		3,502,146		–

Small Cap Value Opportunities		2,671,891		47,222,281		1,201,238		455,993

Small/Mid Cap Value		2,415,436		8,629,107		635,570		248,237

As of year end, the Funds had capital loss carryforwards, which will not expire:

Fund

Short-Term

Long-Term

Total

Global Equity Income¹

6,415,473

212,985,907

219,401,380

International Value

7,037,883

190,980,886

198,018,769

Large Cap Value Opportunities

–

Multi Cap Value

–

Small Cap Value Opportunities

–

Small/Mid Cap Value

–

Global Equity Income’s capital loss carryforward is subject to significant limitations under the Internal Revenue Code and related regulations. In particular, it is expected that the Fund will only be able to annually utilize approximately $4 million of its outstanding capital loss carryforward for the next fourteen years, at which point the annual limitation will further be reduced to approximately $1.2 million.

As of year end, the Funds utilized the following capital loss carryforwards:


50


Fund	Utilized

Global Equity Income	$	9,255,273

International Value		–

Large Cap Value Opportunities		–

Multi Cap Value		623,805

Small Cap Value Opportunities		–

Small/Mid Cap Value		–

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:


Average Daily Net Assets	Global Equity Income			International Value			Large Cap Value Opportunities			Multi Cap Value			Small Cap Value Opportunities			Small/Mid Cap Value
For the first $125 million		0.5500	%		0.5500	%		0.5000	%		0.5500	%		0.6500	%		0.6000	%
For the next $125 million		0.5375			0.5375			0.4875			0.5375			0.6375			0.5875
For the next $250 million		0.5250			0.5250			0.4750			0.5250			0.6250			0.5750
For the next $500 million		0.5125			0.5125			0.4625			0.5125			0.6125			0.5625
For the next $1 billion		0.5000			0.5000			0.4500			0.5000			0.6000			0.5500
For the next $3 billion		0.4750			0.4750			0.4250			0.4750			0.5750			0.5250
For the next $2.5 billion		0.4500			0.4500			0.4000			0.4500			0.5500			0.5000
For the next $2.5 billion		0.4375			0.4375			0.3875			0.4375			0.5375			0.4875
For net assets over $10 billion		0.4250			0.4250			0.3750			0.4250			0.5250			0.4750

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


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

The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen-branded closed-end funds and Nuveen branded open-end funds (“Nuveen Mutual Funds”). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser’s affiliate, Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances.

As of the end of the reporting period, the complex-level fee for each Fund was as follows:


Fund	Complex-Level Fee

Global Equity Income		0.1569	%

International Value		0.1569

Large Cap Value Opportunities		0.1569


		51

Notes to Financial Statements (continued)


Fund	Complex-Level Fee

Multi Cap Value		0.1569	%

Small Cap Value Opportunities		0.1569

Small/Mid Cap Value		0.1569

The Adviser has agreed to waive fees and/or reimburse expenses (“Expense Cap”) of the Funds so that the total annual Fund operating expenses (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed the average daily net assets of any class of Fund shares in the amounts and for the time periods stated in the following table. However, because Class R6 Shares are not subject to sub-transfer agent and similar fees, the total annual fund operating expense for the Class R6 Shares will be less than the expense limitation. The temporary expense limitations may be terminated or modified prior to expiration date only with the approval of the Board. The expense limitations in effect thereafter may be terminated or modified only with the approval of shareholders of each Fund.

Fund

Temporary
Expense Cap

Temporary
Expense Cap
Expiration Date

Permanent
Expense Cap

Global Equity Income

0.90%

July 31, 2027

N/A

International Value

0.94

July 31, 2027

N/A

Large Cap Value Opportunities

0.79

July 31, 2027

1.35%

Multi Cap Value

0.94

July 31, 2027

N/A

Small Cap Value Opportunities

0.99

July 31, 2027

1.50%

Small/Mid Cap Value

1.10

July 31, 2027

1.45%

N/A - Not Applicable.

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 reporting period is recognized in “Reimbursement from Adviser” on the Statement of Assets and Liabilities. During the current fiscal period, the values of voluntary compensation were as follows:


Fund	Value

Global Equity Income		$35,002

International Value		20,183

Large Cap Value Opportunities		8,817

Multi Cap Value		228,513

Small Cap Value Opportunities		550,605

Small/Mid Cap Value		79,654

The Funds are 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 the following security transactions with affiliated entities:

Fund

Purchases

Sales

Realized
Gain (Loss)

Global Equity Income

317,952

–

International Value

–

Multi Cap Value

874,697

–

Large Cap Value Opportunities

–


52

Fund

Purchases

Sales

Realized

Gain (Loss)

Small/Mid Cap Value

–

Small Cap Value Opportunities

–

3,240,328

613,047

During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as concessions to financial intermediaries as follows:


Fund	Sales Charges Collected (Unaudited)		Paid to Financial Intermediaries (Unaudited)
Global Equity Income	$	8,934	$	8,197
International Value		21,355		18,821
Large Cap Value Opportunities		2,531		2,293
Multi Cap Value		33,664		29,444
Small Cap Value Opportunities		18,979		16,593
Small/Mid Cap Value		45,287		40,247

The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for providing services to shareholders relating to their investments.

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


Fund	Commission Advances (Unaudited)

Global Equity Income	$	3,362

International Value		1,124

Large Cap Value Opportunities		1,125

Multi Cap Value		28,342

Small Cap Value Opportunities		13,130

Small/Mid Cap Value		10,883

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:


Fund	12b-1 Fees Retained (Unaudited)

Global Equity Income	$	251

International Value		175

Large Cap Value Opportunities		178

Multi Cap Value		14,039

Small Cap Value Opportunities		2,511

Small/Mid Cap Value		1,292

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

The Distributor also collected and retained CDSC on share redemptions during the current fiscal period, as follows:


		53

Notes to Financial Statements (continued)


Fund	CDSC Retained (Unaudited)
Global Equity Income	$	–
International Value		–
Large Cap Value Opportunities		–
Multi Cap Value		1,904
Small Cap Value Opportunities		305
Small/Mid Cap Value		329

As of the end of the reporting period, the percentage of Fund shares owned by affiliates was as follows:


Fund		Nuveen Owned Shares
Small Cap Value Opportunities		–%*
Small/Mid Cap Value		–%*

*Rounds to less than 1%.

9. Borrowing Arrangements

Line of Credit: The Funds, along with certain funds managed by the Adviser and 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.


54

Important Tax Information

(Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

Long-Term Capital Gains

As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:


Fund	Net Long-Term Capital Gains

Global Equity Income		$–

International Value		–

Large Cap Value Opportunities		1,034,312

Multi Cap Value		1,629,246

Small Cap Value Opportunities		49,050,787

Small/Mid Cap Value		11,156,661

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders:


Fund	Percentage

Global Equity Income		37.4	%

International Value		–

Large Cap Value Opportunities		74.3

Multi Cap Value		79.3

Small Cap Value Opportunities		88.0

Small/Mid Cap Value		45.4

Qualified Dividend Income (QDI)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:


Fund	Percentage

Global Equity Income		100.0	%

International Value		100.0

Large Cap Value Opportunities		93.2

Multi Cap Value		95.2

Small Cap Value Opportunities		90.7

Small/Mid Cap Value		50.3

Qualified Interest Income (QII)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions treated as qualified interest income and/or short-term capital gain dividends pursuant to Section 871(k) of the Internal Revenue Code:


		55

Important Tax Information (continued)


Fund	Prior Year End to 12/31 Percentage		1/1 to Current Year End Percentage

Global Equity Income		—%		—%

International Value		1.2		—

Large Cap Value Opportunities		1.2		—

Multi Cap Value		2.7		—

Small Cap Value Opportunities		5.6		—

Small/Mid Cap Value		4.5		—

Foreign Source Income and Foreign Tax Credit Pass Through

Each Fund listed below has made an election under Section 853 of the Internal Revenue Code to pass through foreign taxes paid:


Fund	Foreign Source Income		Foreign Source Income Per Share		Qualifying Foreign Taxes Paid		Qualifying Foreign Taxes Paid Per Share

Global Equity Income	$	2,009,028	$	0.55168	$	258,198	$	0.07090

International Value		3,090,392		0.75430		280,358		0.06843

Large Cap Value Opportunities		—		—		—		—

Multi Cap Value		—		—		—		—

Small Cap Value Opportunities		—		—		—		—

Small/Mid Cap Value		—		—		—		—

163(j)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary dividends treated as Section 163(j) interest dividends pursuant to Section 163(j) of the Internal Revenue Code:


Fund	Percentage

Global Equity Income		–%

International Value		1.6

Large Cap Value Opportunities		1.0

Multi Cap Value		4.5

Small Cap Value Opportunities		7.5

Small/Mid Cap Value		3.5


56

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 aggregate remuneration paid to the trustees (all of whom are independent) by each Fund is reported as “Trustees fees” on the Statement of Operations under Item 7 of this Form N-CSR.

The Funds do not pay any remuneration to their officers. The aggregate remuneration paid to Nuveen Fund Advisors, LLC, the Funds’ investment adviser and an affiliate of the Funds’ officers, is reported as “Management fees” on the Statement of Operations under Item 7 of this Form N-CSR.

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

Nuveen Global Equity Income Fund

Nuveen International Value Fund

Nuveen Large Cap Value Opportunities Fund

Nuveen Multi Cap Value Fund

Nuveen Small Cap Value Opportunities Fund

Nuveen Small/Mid Cap Value Fund

The Approval Process

At meetings held on April 28 and 29, 2025 (the “Meeting”), the Boards of Trustees (collectively, the “Board” and each Trustee, a “Board Member”) of Nuveen Investment Trust and Nuveen Investment Trust II approved, for each applicable series thereof, the renewal of the investment management agreement (each an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (“NFAL” or the “Adviser”). Similarly, for each such series, the Board approved the renewal of the sub-advisory agreement (each a “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). The Sub-Adviser is also an affiliate of the Adviser. The Board Members are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the Investment Management Agreement and Sub-Advisory Agreement with respect to each series covered by this report (the “Funds”).

In accordance with applicable law, following up to an initial two-year period, the Board considers the renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements,” and the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each a “Fund Adviser.”

To reach their determination, the Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the respective boards of the funds in the Nuveen complex and their committees in overseeing the applicable funds and working with the respective investment advisers and sub-advisers in their review of the advisory agreements for the fund complex. The fund complex consists of the group of funds advised by NFAL, including the Funds, and the group of funds advised by Teachers Advisors, LLC (“TAL” and collectively, the “Nuveen funds” or the “funds”). The Board and its committees meet regularly throughout the year and at these meetings, the Board Members received materials and discussed information covering a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements. Such topics include, but are not limited to, the investment performance of the funds over various periods; investment oversight matters; economic, market and regulatory developments; any significant organizational or other developments impacting a Fund Adviser and its strategic plans for its business; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements and reimbursements to the funds; the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries, including 12b-1 expenses (as applicable); and securities lending (as applicable). The Board also seeks to meet at its regular quarterly meetings with members of senior management to discuss various topics, including market conditions, industry developments and any significant developments or strategic plans for a Fund Adviser, if any.

To help with the review of performance, the Board and/or its committees periodically received and discussed presentations from member(s) of investment teams throughout the year, culminating in an annual performance review of the Nuveen funds at the Board’s meeting held on February 25-26, 2025 (the “February Meeting”). The presentations, discussions and meetings during the year provide a means for the Board Members to evaluate and consider the level, breadth and quality of services provided by the Fund Advisers and any changes to such services over time in light of new or modified regulatory requirements, changes to market conditions or other factors.

In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. During the year, management worked with an ad hoc committee established by the Board to help enhance and streamline the materials provided in connection with the annual review of the Advisory Agreements. The materials provided at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; a review of the Sub-Adviser and/or applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee and sub-advisory fee schedules; an analysis of advisory fees compared to fees assessed to other types of clients; a review of temporary and/ or permanent expense caps and fee waivers (as applicable); a description of portfolio manager compensation; certain profitability and/or financial data; and a description of indirect benefits received by the Fund Advisers as a result of their relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, comparing fee and expense levels of each respective Fund to those of a peer universe and to a group of peers selected by Broadridge.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The Board’s review of the Advisory Agreements is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members.

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

As part of their review, the Board Members and independent legal counsel met in executive session on April 9, 2025 to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-up questions and requests. The Board Members and independent legal counsel met again in executive session on April 17, 2025 (together with the April 9, 2025 executive session, the “Executive Sessions”) to discuss the responses to the initial supplemental information request and, following their review of the data provided, requested management present certain additional information at the Meeting. In addition to the Executive Sessions, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the responses, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board’s annual review of the Funds’ advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to each respective Fund. With this approach, they considered the roles of the Adviser and the Sub-Adviser in providing services to the Funds.

The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the Funds. The Board considered the Adviser’s and its affiliates’ dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. Among the information provided in connection with the review of services at the Meeting and/or prior meetings, the Board considered a description of the organizational changes at the Adviser during the year, the management teams that comprise the various support and investment functions for the funds and the background of certain personnel who support the funds. The Board considered the significant resources, both financial and personnel, the Adviser and its affiliates had committed over the past several years in working to bring the asset management businesses of Nuveen and TIAA under one centralized umbrella and to consolidate their respective fund families to the benefit of the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. To help ensure the continuation of services, the Board considered, among other things, management’s emphasis on succession planning and key person risk evaluation pursuant to which certain management team(s) meet annually to conduct a comprehensive review of successors to key positions, to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions, and to review staffing and compensation levels to help remain competitive with peers in the industry. The Board considered a description of the application of business continuity plans and the periodic testing and review of such plans. As noted below, the Board also considered certain financial data of the Adviser and TIAA in assessing the financial stability and condition of the Adviser to provide a high level of quality services to the Funds.

In its review, the Board considered that the Funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the Funds have expanded over the years due to regulatory, market and other developments. Such services included maintaining and monitoring the Nuveen funds’ compliance programs, risk management programs, liquidity risk management programs, derivatives risk management programs and cybersecurity programs. The Board and/or its Compliance, Risk Management and Regulatory Oversight Committee received reports regarding the funds’ compliance policies and procedures and matters undertaken thereunder as well as other compliance initiatives on a regular basis.

In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides investment advisory services. With respect to the Funds, such Funds utilize the Sub-Adviser to manage the portfolios of the Funds subject to the supervision of the Adviser. Accordingly, the Board considered that the Adviser and its affiliates, among other things, oversee and review the performance of the Sub-Adviser and its investment team(s); evaluate Fund performance and market conditions; evaluate investment strategies and recommend changes thereto; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. As noted below, the Board also considered the Nuveen funds’ performance over various time periods throughout the year.

In addition to the portfolio management services provided to the Funds (including indirectly by overseeing the Sub-Adviser), the Board considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds, including but not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund’s product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and

providing a comprehensive compliance training program; providing regulatory advocacy services, including submitting comments on regulatory proposals and monitoring regulatory developments that may impact the fund(s); providing support to the Board and its committees throughout the year, including providing reports on a wide range of topics relating to the operations and management of the funds, helping to refine the materials provided to the Board and/or its committees and providing educational sessions on various topics; establishing and reviewing the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); providing legal support services; and evaluating trade allocation and execution.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments to support the funds. The Board considered the funds’ access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a Fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser’s continuing commitment to provide high quality services.

In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the Funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

The Board considered the division of responsibilities between the Adviser and the Sub-Adviser and considered that the Sub-Adviser and its investment personnel, as noted, generally are responsible for the management of the respective Fund’s portfolio or a portion thereof under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser provided by the Adviser which included, among other things, a summary of changes (if any) in the leadership teams and/or portfolio manager teams; the performance of the funds sub-advised by the Sub- Adviser over various periods of time that met certain performance screening measurements; and data reflecting product changes (if any) taken with respect to certain funds. The Board considered that the Adviser recommended the renewal of the Sub-Advisory Agreements.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

B. The Investment Performance of the Funds and Fund Advisers

In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the Funds. In leading up to the annual review, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ending December 31, 2024 on an absolute basis and as compared to the performance of comparable peers (the “Performance Peer Group”) and to a benchmark for the prescribed periods. For Funds with multiple share classes, the performance data was based on Class I shares; however, the performance of other share classes was expected to be substantially similar as they invest in the same portfolio of securities and differences in performance among the classes of a fund generally may be principally attributed to the variations in the expense structures of the share classes. Prior to the Meeting, the Board also received updated Fund performance over the quarter, one-, three- and five-year periods ended March 31, 2025 on an absolute basis and in comparison to the Performance Peer Group and a benchmark for the prescribed periods. In its review of relative performance, the Board considered a Fund’s performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.

The Board took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including particular focus on management’s analysis of the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management’s investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.

In evaluating performance, the Board considered some of the limitations of the performance data. The Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that regardless of the performance period reviewed by the Board, shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results. With respect to comparative performance, the Board considered that differing investment objectives, investment strategies, dates of inception, type and cost of leverage (if any), asset size and other factors between the Performance Peer Group and the respective Fund necessarily lead to differences in performance results. Similarly, differences in the investment objective(s) and strategies of a Fund and its benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a Fund would contribute to differences in performance results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the applicable funds as low, medium or high.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer- specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a Fund’s performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.

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

In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the Adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.

The performance determinations with respect to each Fund are summarized below:

•

For Nuveen Global Equity Income Fund, the Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2024 and ranked in the first quartile of its Performance Peer Group for the one-year period ended December 31, 2024 and second quartile for the three- and five-year periods ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

•

For Nuveen International Value Fund, the Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2024 and ranked in the second quartile of its Performance Peer Group for the one- and three-year periods and first quartile for the five-year period ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

•

For Nuveen Large Cap Value Opportunities Fund (formerly, Nuveen Large Cap Value Fund), the Board considered that the Fund outperformed its benchmark for the one-, three- and five-year periods ended December 31, 2024 and ranked in the first quartile of its Performance Peer Group for the one- and three-year periods ended December 31, 2024 and second quartile for the five-year period ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

•

For Nuveen Multi Cap Value Fund, the Board considered that the Fund outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

•

For Nuveen Small Cap Value Opportunities Fund, the Board considered that the Fund outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

•

For Nuveen Small/Mid Cap Value Fund, the Board considered that the Fund outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the one-, three- and five-year periods ended December 31, 2024. On the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

C. Fees, Expenses and Profitability

1.	Fees and Expenses

As part of the annual review, the Board Members considered, among other things, the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the respective Fund (if any). In addition to the management fee arrangements, the Board Members considered a Fund’s operating expense ratio as it more directly reflected a shareholder’s total costs in investing in the respective Fund.

In its review, the Board considered that the management fees of the Funds were generally comprised of two components, a fund-level component and a complex-level component, each with its own breakpoint schedule. The Board considered that in 2024, the Board approved a revised complex-wide breakpoint schedule which simplified and reduced the complex-level fee rates at various thresholds and expanded the eligible funds whose assets would be included in calculating the complex-level fee, effective May 1, 2024. The Board considered that the complex-level component is intended to be an efficient mechanism designed to help share cost efficiencies with shareholders as the complex-wide assets grow.

The Board also considered comparative fee and expense information prepared by an independent third-party provider of fund data. More specifically, the Board Members generally reviewed, among other things, each Fund’s management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the “Expense Universe”) and a more focused group of comparable peers (the “Expense Group”)

established by Broadridge. With respect to the Broadridge comparative expense data, Broadridge applied Class I shares of the Funds. In its review of such comparative fee and expense data, the Board considered, among other things, a Fund’s quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe and Expense Group (as applicable) with the first quartile representing the range of funds with the lowest management fee rate or net total expense ratio, respectively, and the fourth quartile representing the range of funds with the highest management fee rate or net total expense ratio, respectively. In their review, the Board Members considered, in particular, each fund with a net total expense ratio meeting certain expense screening criteria adopted by the Board when compared to its Expense Universe and Expense Group (if any) and management’s commentary as to the factors contributing to each such fund’s relative net total expense ratio. The Board also considered, in relevant part, a fund’s management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.

In their review, the Board Members considered the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable). The Board further considered that differences between the applicable Fund and its respective Expense Universe and/or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.

With respect to the Sub-Adviser, the Board also considered, among other things, the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund. In its review, the Board considered that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Funds.

The Board’s considerations regarding the comparative fee data for each Fund are set forth below:

•

For Nuveen Global Equity Income Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and first quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Universe. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median and Expense Universe median, respectively.

•

For Nuveen International Value Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, third quartile and third quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and third quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate was below the Expense Group median, and the actual management fee rate and net total expense ratio were each slightly above (within 5 basis points) the Expense Group median. The Fund’s contractual management fee rate and actual management fee rate were each below the Expense Universe median, and the Fund’s net total expense ratio was slightly above (within 5 basis points) the Expense Universe median.

•

For Nuveen Large Cap Value Opportunities Fund (formerly, Nuveen Large Cap Value Fund), the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and second quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, first quartile and third quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median. The Fund’s contractual management fee rate and net total expense ratio were slightly above (within 5 basis points) the Expense Universe median, and the Fund’s actual management fee rate was below the Expense Universe median.

•

For Nuveen Multi Cap Value Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the third quartile of its Expense Group. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, fourth quartile and third quartile of its Expense Universe, respectively. Further, although the Fund’s actual management fee rate and net total expense ratio were above the Expense Group median, the Fund’s contractual management fee rate was slightly above (within 5 basis points) the Expense Group median. Although the Fund’s actual management fee rate and net total expense ratio were above the Expense Universe median, the Fund’s contractual management fee rate was slightly above (within 5 basis points) the Expense Universe median.

•

For Nuveen Small Cap Value Opportunities Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, first quartile and second quartile of its Expense Group, respectively. In addition, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, second quartile and third quartile of its Expense Universe, respectively. Further, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio were each below the Expense Group median. The Fund’s contractual management fee rate was essentially the same as the Expense Universe median, the actual management fee rate was below the Expense Universe median and the net total expense ratio was slightly above (within 5 basis points) the Expense Universe median.

•

For Nuveen Small/Mid Cap Value Fund, the Fund’s contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, second quartile and third quartile of its Expense Group and Expense Universe, respectively. Further, although the Fund’s net total expense ratio was above the Expense Group median and Expense Universe median, the Fund’s contractual management fee rate and actual management fee rate were each below the Expense Group median and Expense Universe median.

Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

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

2.	Comparisons with the Fees of Other Clients

In evaluating the appropriateness of fees, the Board also considered that the Adviser, Sub-Adviser and/or their affiliate(s) provide investment management services to other types of clients which may include, among others: separately managed accounts (“SMAs”), retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts. The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the funds compared to the management fee of the applicable fund. The Board considered a description of various factors which contribute to the differences in the management fee rates of the funds compared to those charged to these other types of clients which limited the comparability of the data. In this regard, the Board considered that the differences in, among other things, the breadth of services provided by the Adviser and its affiliates to the funds compared to those provided to other clients; the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the support services provided to shareholders; the extensive regulatory, disclosure and governance requirements applicable to funds; the establishment and maintenance of servicing relationships with various service providers for the funds; the manner of managing such assets; investment policies; investor profiles; and account sizes all may contribute to the variations in relative fee rates. Differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. In addition, differences in the client base; governing bodies, regulatory and legal requirements; distribution; jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. Further, differences in the level of advisory and non-advisory services required and risk incurred when serving as a sub-adviser to other investment companies compared to serving as the Adviser to a Nuveen fund contribute to differences in the fees assessed. In this regard, the Board further considered the significant entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the Funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates. The Board concluded that the varying levels of fees were reasonable given the foregoing.

3.	Profitability of the Fund Advisers

In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed its affiliated sub-advisers) from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser’s services to the applicable funds; (b) certain profitability data on behalf of the Adviser attributable to servicing all applicable funds for 2024 and 2023; (c) certain profitability data of both the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis derived from types of funds in the aggregate (i.e., from closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2024 and 2023; and (d) certain profitability data of both the Adviser and TAL (as an adviser for other Nuveen funds) on a combined basis by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered profitability data at the per fund level for the respective adviser.

In reviewing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. The Board reviewed, among other things, a description of the cost allocation methodology employed to develop the profitability data. However, the Board Members considered that given there is no single universally recognized expense allocation methodology, other reasonable and valid allocation methodologies could be employed and could lead to significantly different profit and loss results and therefore developing profitability data is difficult, particularly on a per fund level.

Further, in considering the comparative margin data with peers, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results. Given that the peer profitability data may reflect the different business mix of the respective peer firm, the Board also considered the pre- and post-distribution margins of Nuveen, LLC for each of the calendar years from 2020 through 2024.

Aside from the foregoing profitability data, the Board also considered, among other things, the audited statutory-basis financial statements of TIAA as of December 31, 2024 and 2023 and the related statutory-basis statements of operations, of changes in capital and contingency reserves and of cash flows for the years ended December 31, 2024, December 31, 2023 and December 31, 2022. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the investments the Adviser, its parent and/or other affiliates made into their business.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or Sub-Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser’s (together with its affiliated sub-advisers) level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are a variety of methods that may be employed to help share the benefits of economies of

scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser’s business which can enhance the services provided to the funds for the fees paid. The Board considered such factors applicable to the particular Fund’s advisory fee structure.

As noted above, the Board considered that the management fee of the Adviser for the Funds generally was comprised of a fund-level component and a complex-level component each with its own breakpoint schedule. The Board also approved a revised complex-wide breakpoint schedule in 2024 which reduced the complex-level fee rates at various thresholds and expanded the assets included when calculating the complex-level fee. With this structure, the Board considered that the complex-level breakpoint schedule was designed to deliver the benefits of economies of scale to shareholders when the assets of the eligible participating funds in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined, and the fund-level breakpoint schedules were designed to share economies of scale with shareholders if the particular fund grows. The Board reviewed the fund-level and complex-level fee schedules.

In addition to the fund-level and complex-level fee schedules, the Board Members considered the temporary and/or permanent expense caps applicable to a Fund (if any). The Board considered that such waivers and reimbursements are another means for potential economies of scale to be shared with shareholders of such funds and can provide a protection from an increase in expenses if the assets of the applicable funds decline.

The Board Members also considered the continued reinvestment in Nuveen’s business to enhance its capabilities and services to the benefit of its various clients. The Board considered that many of these investments were not specific to individual Nuveen funds, but rather initiatives from which the family of funds as a whole may benefit. The Board further considered that the scope of the services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser’s and/or its affiliates’ ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management’s business appropriately shared any economies of scale with shareholders.

E. Indirect Benefits

The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. Certain funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and affiliates of the Adviser may serve as sub-adviser to various funds in which case all advisory and sub-advisory fees generated by such funds stay within Nuveen.

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. To the extent an open-end fund pays 12b-1 fees, the Board Members considered that some of those fees may be retained by the Adviser’s affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2024 for serving as an underwriter on shelf offerings of existing closed-end funds and reviewed the amounts paid for such services in 2024 and 2023.

In addition, the Board Members considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective fund(s) to obtain research and other services for any or all of their clients, although the Board Members also considered reimbursements of such costs by the Adviser and/or Sub-Adviser.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

F. Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.

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 because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

(a)(2)		Not applicable.

(a)(3)		Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(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.

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.