Nuveen Investment Trust II

Expense Group

Expense Universe

Actual Management Fee Rate

First Quartile

Second Quartile

Net Total Expense Ratio

First Quartile

Second Quartile

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 811‑08333

Nuveen Investment Trust II

(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, 2026

Item 1.

Reports to Stockholders.


		Annual Shareholder Report June 30, 2026

Nuveen International Value Fund

Class A Shares/NAIGX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen International Value Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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	$107	0.98%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen International Value Fund returned 18.54% for Class A Shares at net asset value (NAV) for the 12 months ended June 30, 2026. The Fund underperformed the MSCI EAFE Index (Net), which returned 20.23%.

Top contributors to relative performance

•

Security selection and an overweight allocation to the financials sector, led by overweights to ING Groep N.V. and Societe Generale S.A., as well as an out-of-benchmark position in UBS Group AG.

•

Out-of-benchmark position in Taiwan Semiconductor Manufacturing Co., Ltd.

•

Underweight allocation to the communication services sector, including lack of exposure to Nintendo Co. Ltd and Spotify Technology SA.

Top detractors from relative performance

•

Security selection and an underweight allocation to the information technology sector, including lack of exposure to ASML Holding NV and an overweight to Capgemini SE.

•

Security selection in the industrials sector, including overweights to Alstom SA, Thales SA and Wolters Kluwer N.V.

•

Security selection in the energy sector, including an out-of-benchmark position in Technip Energies NV.


		1

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, 2016 through June 30, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1-Year			5-Year			10-Year

Class A Shares at NAV (excluding maximum sales charge)		18.54	%		10.20	%		8.84	%

Class A Shares at maximum sales charge (Offering Price)		11.73	%		8.90	%		8.20	%

MSCI EAFE^® Index (Net)		20.23	%		9.05	%		9.66	%

Lipper International Multi-Cap Value Funds Classification Average		23.72	%		10.60	%		9.54	%

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

Fund Statistics (as of June 30, 2026)



Fund net assets			$1,220,935,747

Total number of portfolio holdings			55

Portfolio turnover (%)			38%

Total management fees paid for the year			$ 6,387,785

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

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 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.

Availability of additional information about the Fund

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

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

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


67065W506_AR_0626 5711584


		3


		Annual Shareholder Report June 30, 2026

Nuveen International Value Fund

Class C Shares/NCIGX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen International Value Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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	$188	1.73%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen International Value Fund returned 17.64% for Class C Shares at net asset value (NAV) for the 12 months ended June 30, 2026. The Fund underperformed the MSCI EAFE Index (Net), which returned 20.23%.

Top contributors to relative performance

•

Security selection and an overweight allocation to the financials sector, led by overweights to ING Groep N.V. and Societe Generale S.A., as well as an out-of-benchmark position in UBS Group AG.

•

Out-of-benchmark position in Taiwan Semiconductor Manufacturing Co., Ltd.

•

Underweight allocation to the communication services sector, including lack of exposure to Nintendo Co. Ltd and Spotify Technology SA.

Top detractors from relative performance

•

Security selection and an underweight allocation to the information technology sector, including lack of exposure to ASML Holding NV and an overweight to Capgemini SE.

•

Security selection in the industrials sector, including overweights to Alstom SA, Thales SA and Wolters Kluwer N.V.

•

Security selection in the energy sector, including an out-of-benchmark position in Technip Energies NV.


		1

How did the Fund perform over the last 10 years?

Fund Performance (July 1, 2016 through June 30, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1-Year			5-Year			10-Year

Class C Shares at NAV (excluding maximum sales charge)		17.64	%		9.37	%		8.19	%

MSCI EAFE^® Index (Net)		20.23	%		9.05	%		9.66	%

Lipper International Multi-Cap Value Funds Classification Average		23.72	%		10.60	%		9.54	%

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

Fund Statistics (as of June 30, 2026)



Fund net assets			$1,220,935,747

Total number of portfolio holdings			55

Portfolio turnover (%)			38%

Total management fees paid for the year			$ 6,387,785

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

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.


67065W704_AR_0626 5711584


		3


		Annual Shareholder Report June 30, 2026

Nuveen International Value Fund

Class I Shares/NGRRX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen International Value Fund for the period of July 1, 2025 to June 30, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

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	$80	0.73%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen International Value Fund returned 18.80% for Class I Shares at net asset value (NAV) for the 12 months ended June 30, 2026. The Fund underperformed the MSCI EAFE Index (Net), which returned 20.23%.

Top contributors to relative performance

•

Security selection and an overweight allocation to the financials sector, led by overweights to ING Groep N.V. and Societe Generale S.A., as well as an out-of-benchmark position in UBS Group AG.

•

Out-of-benchmark position in Taiwan Semiconductor Manufacturing Co., Ltd.

•

Underweight allocation to the communication services sector, including lack of exposure to Nintendo Co. Ltd and Spotify Technology SA.

Top detractors from relative performance

•

Security selection and an underweight allocation to the information technology sector, including lack of exposure to ASML Holding NV and an overweight to Capgemini SE.

•

Security selection in the industrials sector, including overweights to Alstom SA, Thales SA and Wolters Kluwer N.V.

•

Security selection in the energy sector, including an out-of-benchmark position in Technip Energies NV.


		1

How did the Fund perform over the last 10 years?

Fund Performance (July 1, 2016 through June 30, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1-Year			5-Year			10-Year

Class I Shares at NAV		18.80	%		10.47	%		9.11	%

MSCI EAFE^® Index (Net)		20.23	%		9.05	%		9.66	%

Lipper International Multi-Cap Value Funds Classification Average		23.72	%		10.60	%		9.54	%


		2

Fund Statistics (as of June 30, 2026)



Fund net assets			$1,220,935,747

Total number of portfolio holdings			55

Portfolio turnover (%)			38%

Total management fees paid for the year			$ 6,387,785

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

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.


67065W803_AR_0626 5711584


		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 and Loren M. Starr, 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 Board 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).

Item 4.

Principal Accountant Fees and Services.

Nuveen Investment Trust II

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, 2026		$22,002		$0		$5,255		$0


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


June 30, 2025		$20,135		$0		$0		$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, 2026		$0		$0		$0


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


June 30, 2025		$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, 2026		$5,255		$0		$10,376,215		$10,381,470
June 30, 2025		$0		$0		$11,040,000		$11,040,000

“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,

2026, the related statements of operations for the year ended June 30, 2026, the statements of changes in net assets for each of

the two years in the period ended June 30, 2026, including the related notes, and the financial highlights for each of the five years

in the period ended June 30, 2026 (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, 2026, 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,

2026 and each of the financial highlights for each of the five years in the period ended June 30, 2026 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, 2026 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, 2026

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

Portfolio of Investments June 30, 2026

Global Equity Income

See Notes to Financial Statements

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 98.9%

152899549

COMMON STOCKS - 93.0%

AUSTRALIA - 2.0%

76,464

BHP Group Ltd

3,186,479

TOTAL AUSTRALIA

3,186,479

BELGIUM - 1.3%

7,205

UCB S.A.

2,156,969

TOTAL BELGIUM

2,156,969

DENMARK - 1.0%

33,070

Novo Nordisk AS, Class B

1,588,250

TOTAL DENMARK

1,588,250

FINLAND - 1.5%

131,915

Nordea Bank Abp

2,503,339

TOTAL FINLAND

2,503,339

FRANCE - 1.8%

6,164

Airbus SE

1,371,439

17,117

Publicis Groupe S.A.

1,691,551

TOTAL FRANCE

3,062,990

GERMANY - 6.5%

5,523

Allianz SE

2,614,300

8,129

Deutsche Boerse AG.

2,217,182

63,490

Deutsche Post AG.

3,859,965

6,795

Siemens AG.

2,184,640

TOTAL GERMANY

10,876,087

HONG KONG - 3.9%

1,527,000

Hang Lung Properties Ltd

1,345,192

384,941

Prudential plc

5,112,789

TOTAL HONG KONG

6,457,981

ITALY - 1.5%

206,476

Enel SpA

2,368,360

TOTAL ITALY

2,368,360

JAPAN - 6.8%

97,250

Mitsubishi Electric Corp

3,566,594

74,960

Mitsui & Co Ltd

2,093,106

145,900

Sumitomo Mitsui Trust Group, Inc

5,447,898

TOTAL JAPAN

11,107,598

NETHERLANDS - 4.3%

19,852

Heineken NV

1,666,825

90,937

ING Groep NV

2,869,362

29,790

NN Group NV

2,611,656

TOTAL NETHERLANDS

7,147,843

NORWAY - 1.1%

123,754

Telenor ASA

1,772,826

TOTAL NORWAY

1,772,826

SINGAPORE - 1.7%

145,920

Oversea-Chinese Banking Corp Ltd

2,800,305

TOTAL SINGAPORE

2,800,305

SOUTH KOREA - 2.8%

32,378

Samsung Electronics Co Ltd

4,566,022

TOTAL SOUTH KOREA

4,566,022

SWITZERLAND - 1.5%

25,829

DSM-Firmenich AG.

2,451,620

TOTAL SWITZERLAND

2,451,620

UNITED KINGDOM - 3.2%

12,275

AstraZeneca PLC

2,291,794

178,024

National Grid plc

2,936,278

TOTAL UNITED KINGDOM

5,228,072

See Notes to Financial Statements

DESCRIPTION

VALUE

UNITED STATES - 52.1%

18,907

Abbott Laboratories

1,715,621

52,100

Alliant Energy Corp

3,974,709

8,983

Alphabet, Inc, Class A

3,210,255

85,912

AT&T, Inc

1,778,378

10,390

Broadcom, Inc

3,924,823

10,780

Cheniere Energy, Inc

2,576,528

21,208

Chevron Corp

3,515,438

32,883

Cisco Systems, Inc

3,862,437

31,569

Coca-Cola Co

2,565,613

5,688

Eaton Corp PLC

2,423,770

6,912

Elevance Health, Inc

2,673,078

71,217

Enterprise Products Partners LP

2,617,937

28,074

Eversource Energy

2,028,908

42,941

Fifth Third Bancorp

2,420,584

5,574

General Dynamics Corp

1,974,534

32,569

General Motors Co

2,510,419

492,016

Haleon PLC

2,267,281

6,895

Home Depot, Inc

2,431,729

10,443

JPMorgan Chase & Co

3,418,307

3,909

Meta Platforms, Inc

2,201,901

26,010

Mondelez International, Inc, Class A

1,504,418

3,973

Regeneron Pharmaceuticals, Inc

2,477,324

5,511

Roche Holding AG.

2,265,496

31,358

Sanofi S.A.

2,681,221

62,687

Shell PLC

2,435,702

61,456

Smurfit Westrock PLC

2,842,955

8,102

Texas Instruments, Inc

2,414,963

25,072

T-Mobile US, Inc

4,205,327

4,551

Union Pacific Corp

1,237,872

21,909

Walmart, Inc

2,481,413

31,257

Walt Disney Co

3,008,486

48,129

Wells Fargo & Co

3,977,381

TOTAL UNITED STATES

85,624,808

TOTAL COMMON STOCKS

(Cost $96,879,984)

152,899,549

DESCRIPTION

RATE

VALUE

5379101

CONVERTIBLE PREFERRED SECURITIES - 3.3%

UNITED STATES - 3.3%

40,900

Alphabet, Inc

6.750

2,081,401

49,000

Boeing Co

6.000

3,297,700

TOTAL UNITED STATES

5,379,101

TOTAL CONVERTIBLE PREFERRED SECURITIES

(Cost $4,892,191)

5,379,101

DESCRIPTION

RATE

ISSUE PRICE

CAP PRICE

MATURITY

VALUE

4328558

STRUCTURED NOTES - 2.6%

3,100

(a)

JPMorgan Chase Bank,

Mandatory Exchangeable Notes,

Linked to Common Stock of

Amazon.com, Inc. (Cap 110.64%

of the Issue Price)

11.000

$238.3400

$263.7090

07/21/26

742,493

13,750

(a)

Merrill Lynch BV, Linked To

Builders Firstsource Inc. (Cap

124.94% of the Issue Price)

11.000

$112.1500

$140.1202

08/26/26

1,256,407

16,850

(a)

Nomura America Finance LLC,

Linked to Common Stock of

Netflix, Inc. (Cap 116.70% of the

Issue Price)

12.000

$76.1136

$88.8246

08/25/26

1,217,554

Portfolio of Investments June 30, 2026

(continued)

Global Equity Income

See Notes to Financial Statements

DESCRIPTION

RATE

ISSUE PRICE

CAP PRICE

MATURITY

VALUE

4,900

(a)

Nomura America Finance LLC,

Linked to Common Stock of Take-

Two Interactive Software, Inc.

(Cap 114.40% of the Issue Price)

10.000

$208.7114

$238.7658

09/22/26

1,112,104

TOTAL STRUCTURED NOTES

(Cost $4,586,144)

4,328,558

TOTAL LONG-TERM INVESTMENTS

(Cost $106,358,319)

162,607,208

OTHER ASSETS & LIABILITIES, NET - 1.1%

1,871,540

NET ASSETS - 100%

164,478,748

(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 fiscal period, the aggregate value of these securities is $4,328,558 or 2.7% of Total Investments.

Summary of investments by industry group

(% of net assets)

Banks

14.2

Capital Goods

10.3

Pharmaceuticals, Biotechnology & Life Sciences

9.6

Media & Entertainment

7.4

Utilities

6.9

Energy

6.8

Insurance

6.3

Materials

5.2

Technology Hardware & Equipment

5.1

Telecommunication Services

4.7

Semiconductors & Semiconductor Equipment

3.9

Other

18.5

Total

98.9%

Portfolio of Investments June 30, 2026

International Value

See Notes to Financial Statements

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 98.8%

1206647205

COMMON STOCKS - 98.8%

BRAZIL - 1.2%

955,249

Vale S.A. (ADR), Sponsored ADR

14,366,945

TOTAL BRAZIL

14,366,945

CANADA - 2.2%

175,258

Agnico Eagle Mines Ltd

27,187,774

TOTAL CANADA

27,187,774

CHINA - 0.8%

848,100

Alibaba Group Holding Ltd

10,167,405

TOTAL CHINA

10,167,405

DENMARK - 1.5%

393,951

Novo Nordisk AS, Class B

18,920,252

TOTAL DENMARK

18,920,252

FRANCE - 14.4%

290,329

Accor S.A.

16,840,507

958,890

Alstom S.A.

16,752,306

153,676

Capgemini SE

15,427,923

227,623

Publicis Groupe S.A.

22,494,359

467,709

Societe Generale S.A.

41,396,970

224,645

Sodexo S.A.

12,993,633

617,014

Technip Energies NV

23,323,966

102,364

Thales S.A.

26,307,683

TOTAL FRANCE

175,537,347

GERMANY - 11.5%

51,336

Allianz SE

24,299,789

248,311

BASF SE

13,272,985

467,288

Deutsche Post AG.

28,409,443

233,087

Infineon Technologies AG.

21,957,236

76,768

Merck KGaA

12,869,744

124,604

Siemens AG.

40,061,056

TOTAL GERMANY

140,870,253

HONG KONG - 4.5%

10,529,000

Hang Lung Properties Ltd

9,275,395

1,959,381

Prudential plc

26,024,513

1,173,000

Techtronic Industries Co Ltd

19,520,544

TOTAL HONG KONG

54,820,452

JAPAN - 19.7%

769,500

FUJIFILM Holdings Corp

16,462,263

965,800

Japan Airlines Co Ltd

16,876,761

389,585

Komatsu Ltd

15,212,306

1,278,624

Mabuchi Motor Co Ltd

12,436,509

1,030,600

Mitsubishi Electric Corp

37,796,727

1,538,800

NIDEC CORP

25,292,831

848,700

Seven & i Holdings Co Ltd

10,177,928

52,800

SMC Corp

23,606,151

694,500

Sompo Holdings, Inc

26,384,250

1,171,700

Sumitomo Mitsui Trust Group, Inc

43,751,214

804,100

Toyota Motor Corp

13,470,681

TOTAL JAPAN

241,467,621

NETHERLANDS - 8.1%

201,840

Heineken NV

16,947,004

1,950,293

ING Groep NV

61,538,175

234,211

NN Group NV

20,533,015

TOTAL NETHERLANDS

99,018,194

SINGAPORE - 1.9%

1,208,832

Oversea-Chinese Banking Corp Ltd

23,198,318

TOTAL SINGAPORE

23,198,318

Portfolio of Investments June 30, 2026

(continued)

International Value

See Notes to Financial Statements

DESCRIPTION

VALUE

SOUTH AFRICA - 1.7%

417,226

Anglo American PLC

20,465,952

TOTAL SOUTH AFRICA

20,465,952

SOUTH KOREA - 0.8%

65,761

Hyundai Motor Co

9,342,477

TOTAL SOUTH KOREA

9,342,477

SWEDEN - 1.4%

5,355,345

(a),(b)

Electrolux AB, Class B

16,961,019

TOTAL SWEDEN

16,961,019

SWITZERLAND - 6.7%

13,050

Barry Callebaut AG.

18,045,531

195,270

DSM-Firmenich AG.

18,534,511

901,570

UBS Group AG.

44,681,809

TOTAL SWITZERLAND

81,261,851

TAIWAN - 2.8%

431,000

Taiwan Semiconductor Manufacturing Co Ltd

34,001,698

TOTAL TAIWAN

34,001,698

UNITED KINGDOM - 11.9%

6,130,439

Barclays plc

41,080,070

587,933

Diageo plc

11,841,021

717,896

GSK plc

18,846,835

3,239,616

Melrose Industries plc

20,427,876

1,506,154

National Grid plc

24,842,085

4,653,450

Tesco plc

28,367,872

TOTAL UNITED KINGDOM

145,405,759

UNITED STATES - 7.7%

292,732

Axis Capital Holdings Ltd

31,451,126

57,977

Roche Holding AG.

23,833,548

987,498

Shell PLC

38,369,214

TOTAL UNITED STATES

93,653,888

TOTAL COMMON STOCKS

(Cost $1,024,711,241)

1,206,647,205

TOTAL LONG-TERM INVESTMENTS

(Cost $1,024,711,241)

1,206,647,205

DESCRIPTION

Coupon

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.7%

8,239,900

(c)

State Street Navigator Securities Lending

Government Money Market Portfolio

3.660%(d)

8,239,900

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $8,239,900)

8,239,900

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.1%

13872600

REPURCHASE AGREEMENTS - 1.1%

422,600

(e)

Fixed Income Clearing Corporation

.060

07/01/26

422,600

13,450,000

(f)

Fixed Income Clearing Corporation

.610

07/01/26

13,450,000

TOTAL REPURCHASE AGREEMENTS

(Cost $13,872,600)

13,872,600

TOTAL SHORT-TERM INVESTMENTS

(Cost $13,872,600)

13,872,600

TOTAL INVESTMENTS (Cost $1,046,823,741) - 100.6%

1,228,759,705

OTHER ASSETS & LIABILITIES, NET - (0.6)%

(

7,823,958

)

NET ASSETS - 100%

1,220,935,747

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 fiscal period was $5,531,829.

(b)

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

(c)

Investments made with cash collateral received from securities on loan.

See Notes to Financial Statements

(d)

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

(e)

Agreement with Fixed Income Clearing Corporation, 1.060% dated 6/30/26 to be repurchased at $422,612 on 7/1/26,

collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 12/31/30, valued at $431,052.

(f)

Agreement with Fixed Income Clearing Corporation, 3.610% dated 6/30/26 to be repurchased at $13,451,349 on 7/1/26,

collateralized by Government Agency Securities, with coupon rate 1.625% and maturity date 5/15/31, valued at $13,719,084.

Summary of investments by industry group

(% of net assets)

Capital Goods

Banks

Insurance

Materials

Pharmaceuticals, Biotechnology & Life Sciences

Energy

Semiconductors & Semiconductor Equipment

Food, Beverage & Tobacco

Transportation

Financial Services

Consumer Staples Distribution & Retail

Other

13.7

Total

98.8%

Portfolio of Investments June 30, 2026

Large Cap Value Opportunities

See Notes to Financial Statements

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 96.6%

70466791

COMMON STOCKS - 96.6%

70466791

AUTOMOBILES & COMPONENTS - 2.2%

20,932

General Motors Co

1,613,439

TOTAL AUTOMOBILES & COMPONENTS

1,613,439

BANKS - 9.2%

17,049

Citigroup, Inc

2,386,177

13,618

Fifth Third Bancorp

767,647

4,962

JPMorgan Chase & Co

1,624,211

23,108

Wells Fargo & Co

1,909,645

TOTAL BANKS

6,687,680

CAPITAL GOODS - 12.9%

6,071

(a)

Boeing Co

1,314,189

19,050

Carrier Global Corp

1,397,318

27,082

Flowserve Corp

2,008,401

4,584

General Dynamics Corp

1,623,837

1,069

Hubbell, Inc

559,301

4,177

nVent Electric plc

708,461

7,668

Regal Rexnord Corp

1,826,440

TOTAL CAPITAL GOODS

9,437,947

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.8%

11,689

(a)

Amazon.com, Inc

2,785,956

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

2,785,956

CONSUMER DURABLES & APPAREL - 0.6%

3,269

PulteGroup, Inc

448,539

TOTAL CONSUMER DURABLES & APPAREL

448,539

CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.9%

10,257

Target Corp

1,339,667

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

1,339,667

ENERGY - 8.1%

16,711

Baker Hughes Co

927,461

7,465

Cheniere Energy, Inc

1,784,209

5,800

Chevron Corp

961,408

56,392

Permian Resources Holdings, Inc, Class A

1,038,177

15,342

Shell plc (ADR), ADR

1,189,619

TOTAL ENERGY

5,900,874

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.5%

5,362

Camden Property Trust

613,895

5,542

Simon Property Group, Inc

1,239,469

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

1,853,364

FINANCIAL SERVICES - 6.6%

8,821

Capital One Financial Corp

1,769,669

11,419

(a)

Fiserv, Inc

560,102

6,881

KKR & Co, Inc

631,538

4,143

Morgan Stanley

866,053

5,841

State Street Corp

990,634

TOTAL FINANCIAL SERVICES

4,817,996

FOOD, BEVERAGE & TOBACCO - 2.6%

20,723

Mondelez International, Inc, Class A

1,198,618

4,208

Philip Morris International, Inc

761,269

TOTAL FOOD, BEVERAGE & TOBACCO

1,959,887

HEALTH CARE EQUIPMENT & SERVICES - 2.6%

20,872

(a)

Boston Scientific Corp

890,817

4,980

Quest Diagnostics, Inc

1,055,511

TOTAL HEALTH CARE EQUIPMENT & SERVICES

1,946,328

HOUSEHOLD & PERSONAL PRODUCTS - 1.8%

67,963

Kenvue, Inc

1,298,773

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

1,298,773

See Notes to Financial Statements

DESCRIPTION

VALUE

INSURANCE - 3.1%

10,745

American International Group, Inc

800,825

1,784

Aon plc, Class A

591,735

2,741

RenaissanceRe Holdings Ltd

868,623

TOTAL INSURANCE

2,261,183

MATERIALS - 3.9%

6,261

(a)

DuPont de Nemours, Inc

849,242

10,222

Freeport-McMoRan, Inc

642,862

28,606

Smurfit Westrock plc

1,323,313

TOTAL MATERIALS

2,815,417

MEDIA & ENTERTAINMENT - 5.4%

4,857

Alphabet, Inc, Class A

1,735,746

59,490

(a)

TripAdvisor, Inc

815,608

14,728

Walt Disney Co

1,417,570

TOTAL MEDIA & ENTERTAINMENT

3,968,924

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.4%

5,689

AstraZeneca plc

1,078,748

8,347

Gilead Sciences, Inc

1,054,560

154,740

(b)

Haleon plc (ADR), ADR

1,443,724

25,824

Novo Nordisk A.S. (ADR), Sponsored ADR

1,238,003

2,008

Regeneron Pharmaceuticals, Inc

1,252,068

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

6,067,103

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.3%

17,918

(a)

Intel Corp

2,501,891

4,905

Qnity Electronics, Inc

801,036

4,134

Texas Instruments, Inc

1,232,221

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

4,535,148

SOFTWARE & SERVICES - 4.1%

8,295

(a)

Akamai Technologies, Inc

980,552

29,877

Gen Digital, Inc

743,639

3,435

Microsoft Corp

1,281,323

TOTAL SOFTWARE & SERVICES

3,005,514

TECHNOLOGY HARDWARE & EQUIPMENT - 2.9%

480

Seagate Technology Holdings plc

463,200

18,961

(a)

Viasat, Inc

1,702,887

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

2,166,087

TELECOMMUNICATION SERVICES - 1.5%

52,086

AT&T, Inc

1,078,180

TOTAL TELECOMMUNICATION SERVICES

1,078,180

TRANSPORTATION - 1.4%

3,648

Union Pacific Corp

992,256

TOTAL TRANSPORTATION

992,256

UTILITIES - 4.8%

8,207

Alliant Energy Corp

626,112

5,024

Duke Energy Corp

635,938

16,204

Eversource Energy

1,171,063

9,845

Pinnacle West Capital Corp

1,053,416

TOTAL UTILITIES

3,486,529

TOTAL COMMON STOCKS

(Cost $54,844,412)

70,466,791

TOTAL LONG-TERM INVESTMENTS

(Cost $54,844,412)

70,466,791

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.1%

38,284

(c)

State Street Navigator Securities Lending Government Money

Market Portfolio

3.660%(d)

38,284

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $38,284)

38,284

Portfolio of Investments June 30, 2026

(continued)

Large Cap Value Opportunities

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 2.8%

2,075,000

REPURCHASE AGREEMENTS - 2.8%

2,075,000

(e)

Fixed Income Clearing Corporation

3.610

07/01/26

2,075,000

TOTAL REPURCHASE AGREEMENTS

(Cost $2,075,000)

2,075,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $2,075,000)

2,075,000

TOTAL INVESTMENTS - 99.5%

(Cost $56,957,696)

72,580,075

OTHER ASSETS & LIABILITIES, NET - 0.5%

386,053

NET ASSETS - 100%

72,966,128

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 fiscal period was $34,605.

(c)

Investments made with cash collateral received from securities on loan.

(d)

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

(e)

Agreement with Fixed Income Clearing Corporation, 3.610% dated 6/30/26 to be repurchased at $2,075,208 on 7/1/26,

collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 11/15/43, valued at $2,116,577.

Portfolio of Investments June 30, 2026

Multi Cap Value

See Notes to Financial Statements

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 97.4%

1225767191

COMMON STOCKS - 97.4%

1225767191

AUTOMOBILES & COMPONENTS - 2.3%

375,473

General Motors Co

28,941,459

TOTAL AUTOMOBILES & COMPONENTS

28,941,459

BANKS - 8.9%

296,230

Citigroup, Inc

41,460,351

85,182

JPMorgan Chase & Co

27,882,624

404,927

Wells Fargo & Co

33,463,167

109,928

Western Alliance Bancorp

9,036,082

TOTAL BANKS

111,842,224

CAPITAL GOODS - 13.2%

99,642

(a)

Boeing Co

21,569,504

475,793

Flowserve Corp

35,284,809

80,350

General Dynamics Corp

28,463,184

18,384

Hubbell, Inc

9,618,509

71,792

nVent Electric plc

12,176,641

168,368

Regal Rexnord Corp

40,103,574

133,370

Timken Co

19,381,328

TOTAL CAPITAL GOODS

166,597,549

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.7%

192,785

(a)

Amazon.com, Inc

45,948,377

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

45,948,377

CONSUMER DURABLES & APPAREL - 0.6%

58,916

PulteGroup, Inc

8,083,864

TOTAL CONSUMER DURABLES & APPAREL

8,083,864

CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.8%

176,132

Target Corp

23,004,601

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

23,004,601

ENERGY - 8.1%

273,102

Baker Hughes Co

15,157,161

130,938

Cheniere Energy, Inc

31,295,492

97,297

Chevron Corp

16,127,951

1,005,408

Permian Resources Holdings, Inc, Class A

18,509,561

274,584

Shell plc (ADR), ADR

21,291,243

TOTAL ENERGY

102,381,408

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 3.2%

99,231

Camden Property Trust

11,360,957

85,058

Simon Property Group, Inc

19,023,222

266,430

STAG Industrial, Inc

10,140,326

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

40,524,505

FINANCIAL SERVICES - 7.2%

154,581

Capital One Financial Corp

31,012,040

187,344

(a)

Fiserv, Inc

9,189,223

71,428

Morgan Stanley

14,931,309

1,089,741

Perella Weinberg Partners

17,392,266

105,613

State Street Corp

17,911,965

TOTAL FINANCIAL SERVICES

90,436,803

FOOD, BEVERAGE & TOBACCO - 1.7%

370,941

Mondelez International, Inc, Class A

21,455,227

TOTAL FOOD, BEVERAGE & TOBACCO

21,455,227

HEALTH CARE EQUIPMENT & SERVICES - 1.2%

343,753

(a)

Boston Scientific Corp

14,671,378

TOTAL HEALTH CARE EQUIPMENT & SERVICES

14,671,378

HOUSEHOLD & PERSONAL PRODUCTS - 1.8%

1,154,485

Kenvue, Inc

22,062,208

TOTAL HOUSEHOLD & PERSONAL PRODUCTS

22,062,208

Portfolio of Investments June 30, 2026

(continued)

Multi Cap Value

See Notes to Financial Statements

DESCRIPTION

VALUE

INSURANCE - 4.8%

25,593

Aon plc, Class A

8,488,942

29,034

Everest Group Ltd

10,371,816

2,661,392

(a)

Genworth Financial, Inc

25,203,382

51,264

RenaissanceRe Holdings Ltd

16,245,562

TOTAL INSURANCE

60,309,702

MATERIALS - 3.7%

110,432

(a)

DuPont de Nemours, Inc

14,978,996

108,679

Innospec, Inc

8,845,384

495,322

Smurfit Westrock plc

22,913,596

TOTAL MATERIALS

46,737,976

MEDIA & ENTERTAINMENT - 5.7%

81,131

Alphabet, Inc, Class A

28,993,785

1,413,693

(a)

TripAdvisor, Inc

19,381,731

247,499

Walt Disney Co

23,821,779

TOTAL MEDIA & ENTERTAINMENT

72,197,295

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.1%

86,963

AstraZeneca plc

16,489,924

146,336

Gilead Sciences, Inc

18,488,090

2,733,619

(b)

Haleon plc (ADR), ADR

25,504,665

445,522

Novo Nordisk A.S. (ADR), Sponsored ADR

21,358,325

33,523

Regeneron Pharmaceuticals, Inc

20,902,932

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

102,743,936

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.3%

314,853

(a)

Intel Corp

43,962,924

259,133

Power Integrations, Inc

21,704,980

84,578

Qnity Electronics, Inc

13,812,433

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

79,480,337

SOFTWARE & SERVICES - 6.1%

145,168

(a)

Akamai Technologies, Inc

17,160,309

264,477

(a)

Docusign, Inc

11,748,068

625,635

Gen Digital, Inc

15,572,055

47,380

Microsoft Corp

17,673,688

402,641

(a)

Teradata Corp

13,951,511

TOTAL SOFTWARE & SERVICES

76,105,631

TECHNOLOGY HARDWARE & EQUIPMENT - 2.6%

364,118

(a)

Viasat, Inc

32,701,438

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

32,701,438

TELECOMMUNICATION SERVICES - 1.4%

823,291

AT&T, Inc

17,042,124

TOTAL TELECOMMUNICATION SERVICES

17,042,124

UTILITIES - 5.0%

146,005

Alliant Energy Corp

11,138,721

91,826

Duke Energy Corp

11,623,335

289,246

Eversource Energy

20,903,809

176,012

Pinnacle West Capital Corp

18,833,284

TOTAL UTILITIES

62,499,149

TOTAL COMMON STOCKS

(Cost $932,675,251)

1,225,767,191

TOTAL LONG-TERM INVESTMENTS

(Cost $932,675,251)

1,225,767,191

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.8%

10,181,727

(c)

State Street Navigator Securities Lending Government Money

Market Portfolio

3.660%(d)

10,181,727

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $10,181,727)

10,181,727

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 2.2%

28209431

REPURCHASE AGREEMENTS - 2.2%

28209431

27,350,000

(e)

Fixed Income Clearing Corporation

3.610

07/01/26

27,350,000

859,431

(f)

Fixed Income Clearing Corporation

1.060

07/01/26

859,431

TOTAL REPURCHASE AGREEMENTS

(Cost $28,209,431)

28,209,431

TOTAL SHORT-TERM INVESTMENTS

(Cost $28,209,431)

28,209,431

TOTAL INVESTMENTS - 100.4%

(Cost $971,066,409)

1,264,158,349

OTHER ASSETS & LIABILITIES, NET - (0.4)%

(4,999,373)

NET ASSETS - 100%

1,259,158,976

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 fiscal period was $9,708,220.

(c)

Investments made with cash collateral received from securities on loan.

(d)

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

(e)

Agreement with Fixed Income Clearing Corporation, 3.610% dated 6/30/26 to be repurchased at $27,352,743 on 7/1/26,

collateralized by Government Agency Securities, with coupon rate 1.625% and maturity date 5/15/31, valued at $27,897,166.

(f)

Agreement with Fixed Income Clearing Corporation, 1.060% dated 6/30/26 to be repurchased at $859,456 on 7/1/26,

collateralized by Government Agency Securities, with coupon rate 4.000% and maturity date 11/15/52, valued at $876,645.

Portfolio of Investments June 30, 2026

Small Cap Value Opportunities

See Notes to Financial Statements

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 99.0%

313490841

COMMON STOCKS - 99.0%

313490841

BANKS - 16.4%

192,951

Atlantic Union Bankshares Corp

8,163,757

152,345

Glacier Bancorp, Inc

7,857,955

243,568

Home BancShares, Inc

6,953,867

236,333

Seacoast Banking Corp of Florida

7,858,072

44,445

UMB Financial Corp

6,344,968

589,390

Valley National Bancorp

8,634,564

39,020

Wintrust Financial Corp

6,271,294

TOTAL BANKS

52,084,477

CAPITAL GOODS - 13.4%

22,031

Alamo Group, Inc

3,623,879

61,252

Atkore, Inc

4,657,602

84,056

Douglas Dynamics, Inc

4,534,821

21,849

(a)

Ducommun, Inc

4,046,653

43,448

Franklin Electric Co, Inc

4,657,191

216,651

(a)

Gates Industrial Corp plc

6,059,729

119,086

Mueller Water Products, Inc, Class A

3,075,992

27,041

Primoris Services Corp

2,680,304

52,487

(a)

Proto Labs, Inc

4,278,215

58,867

Tutor Perini Corp

4,884,195

TOTAL CAPITAL GOODS

42,498,581

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.7%

57,100

Academy Sports & Outdoors, Inc

2,691,123

83,219

(a)

GigaCloud Technology, Inc, Class A

2,629,721

35,862

Signet Jewelers Ltd

3,091,304

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

8,412,148

CONSUMER DURABLES & APPAREL - 1.5%

93,613

(a)

YETI Holdings, Inc

4,639,460

TOTAL CONSUMER DURABLES & APPAREL

4,639,460

CONSUMER SERVICES - 1.1%

621,769

(a)

Coursera, Inc

3,506,777

TOTAL CONSUMER SERVICES

3,506,777

ENERGY - 7.8%

172,745

Flowco Holdings, Inc, Class A

3,686,378

146,646

(a)

Innovex International, Inc

3,636,821

189,525

Magnolia Oil & Gas Corp, Class A

4,848,049

191,350

Northern Oil & Gas, Inc

3,473,003

93,279

PBF Energy, Inc, Class A

4,246,060

185,606

SM Energy Co

4,844,317

TOTAL ENERGY

24,734,628

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 8.0%

420,343

Americold Realty Trust, Inc

6,607,792

212,708

Broadstone Net Lease, Inc

4,396,674

163,437

Curbline Properties Corp

4,968,485

88,221

LXP Industrial Trust

4,753,347

235,541

Sabra Health Care REIT, Inc

4,595,405

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

25,321,703

FINANCIAL SERVICES - 7.1%

654,096

BGC Group, Inc, Class A

6,992,286

24,480

Federal Agricultural Mortgage Corp, Class C

4,878,130

112,344

Marex Group plc

6,847,367

236,098

Perella Weinberg Partners

3,768,124

TOTAL FINANCIAL SERVICES

22,485,907

HEALTH CARE EQUIPMENT & SERVICES - 6.6%

106,960

(a)

Integra LifeSciences Holdings Corp

1,921,002

64,754

(a)

LivaNova plc

5,324,721

104,994

(a)

Omnicell, Inc

4,359,351

232,532

(a)

Pediatrix Medical Group, Inc

5,890,035

See Notes to Financial Statements

DESCRIPTION

VALUE

HEALTH CARE EQUIPMENT & SERVICES

(continued)

86,265

(a)

Sonida Senior Living, Inc

3,519,612

TOTAL HEALTH CARE EQUIPMENT & SERVICES

21,014,721

INSURANCE - 2.5%

840,209

(a)

Genworth Financial, Inc

7,956,779

TOTAL INSURANCE

7,956,779

MATERIALS - 4.2%

270,781

(a),(b)

Flotek Industries, Inc

6,368,769

177,209

Olin Corp

3,512,283

99,997

Worthington Steel, Inc

3,357,899

TOTAL MATERIALS

13,238,951

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.6%

176,714

(a)

10X Genomics, Inc, Class A

6,775,215

124,051

(a)

Alkermes plc

6,499,652

4,323

(a)

Praxis Precision Medicines, Inc

1,447,297

60,869

(a)

Prestige Consumer Healthcare, Inc

2,877,278

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

17,599,442

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 5.7%

49,556

(a)

Enphase Energy, Inc

2,440,138

622,066

(a),(b)

indie Semiconductor, Inc, Class A

2,793,076

52,661

(a)

MaxLinear, Inc

6,742,188

73,889

(a)

Photronics, Inc

2,403,609

44,811

Power Integrations, Inc

3,753,369

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

18,132,380

SOFTWARE & SERVICES - 2.5%

243,961

Adeia, Inc

8,033,636

TOTAL SOFTWARE & SERVICES

8,033,636

TECHNOLOGY HARDWARE & EQUIPMENT - 7.7%

345,021

(a)

Arlo Technologies, Inc

4,650,883

112,210

(a)

Knowles Corp

4,654,471

96,894

(a)

NetScout Systems, Inc

4,219,734

44,113

Ralliant Corp

3,248,040

83,083

(a)

Viasat, Inc

7,461,684

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

24,234,812

TELECOMMUNICATION SERVICES - 0.9%

354,399

(a)

Lumen Technologies, Inc

2,721,784

TOTAL TELECOMMUNICATION SERVICES

2,721,784

UTILITIES - 5.3%

65,943

(b)

H2O America

4,007,356

90,435

Northwest Natural Holding Co

4,436,741

42,249

Southwest Gas Holdings, Inc

3,746,642

59,981

Spire, Inc

4,683,916

TOTAL UTILITIES

16,874,655

TOTAL COMMON STOCKS

(Cost $250,984,783)

313,490,841

TOTAL LONG-TERM INVESTMENTS

(Cost $250,984,783)

313,490,841

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.8%

5,476,939

(c)

State Street Navigator Securities Lending Government Money

Market Portfolio

3.660%(d)

5,476,939

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $5,476,939)

5,476,939

Portfolio of Investments June 30, 2026

(continued)

Small Cap Value Opportunities

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.0%

3256924

REPURCHASE AGREEMENTS - 1.0%

3256924

3,150,000

(e)

Fixed Income Clearing Corporation

3.610

07/01/26

3,150,000

106,924

(f)

Fixed Income Clearing Corporation

1.060

07/01/26

106,924

TOTAL REPURCHASE AGREEMENTS

(Cost $3,256,924)

3,256,924

TOTAL SHORT-TERM INVESTMENTS

(Cost $3,256,924)

3,256,924

TOTAL INVESTMENTS - 101.8%

(Cost $259,718,646)

322,224,704

OTHER ASSETS & LIABILITIES, NET - (1.8)%

(5,556,401)

NET ASSETS - 100%

316,668,303

REIT

Real Estate Investment Trust

(a)

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

(b)

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

of the fiscal period was $5,710,081.

(c)

Investments made with cash collateral received from securities on loan.

(d)

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

(e)

Agreement with Fixed Income Clearing Corporation, 3.610% dated 6/30/26 to be repurchased at $3,150,316 on 7/1/26,

collateralized by Government Agency Securities, with coupon rates 4.250%–4.750% and maturity dates 8/15/35–11/15/43, valued at

$3,213,182.

(f)

Agreement with Fixed Income Clearing Corporation, 1.060% dated 6/30/26 to be repurchased at $106,927 on 7/1/26,

collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 12/31/30, valued at $109,108.

Portfolio of Investments June 30, 2026

Small/Mid Cap Value

See Notes to Financial Statements

DESCRIPTION

VALUE

LONG-TERM INVESTMENTS - 95.6%

126426993

COMMON STOCKS - 95.6%

126426993

BANKS - 7.9%

17,988

East West Bancorp, Inc

2,322,071

32,420

Pinnacle Financial Partners, Inc

3,270,530

12,786

Popular, Inc

2,099,205

28,932

SOUTHSTATE BANK CORP

2,890,307

TOTAL BANKS

10,582,113

CAPITAL GOODS - 18.8%

22,908

Donaldson Co, Inc

2,056,451

35,675

Flowserve Corp

2,645,657

19,231

Franklin Electric Co, Inc

2,061,371

91,375

(a)

Gates Industrial Corp plc

2,555,759

10,013

IDEX Corp

2,272,450

8,637

ITT, Inc

1,708,053

15,536

nVent Electric plc

2,635,061

14,434

Regal Rexnord Corp

3,438,035

52,884

Sensata Technologies Holding plc

2,524,682

11,462

Timken Co

1,665,658

3,858

(a)

Vicor Corp

1,465,191

TOTAL CAPITAL GOODS

25,028,368

COMMERCIAL & PROFESSIONAL SERVICES - 2.6%

91,875

(a)

Amentum Holdings, Inc

1,899,056

28,517

(a)

Parsons Corp

1,494,006

TOTAL COMMERCIAL & PROFESSIONAL SERVICES

3,393,062

CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.9%

19,429

Academy Sports & Outdoors, Inc

915,689

17,929

Signet Jewelers Ltd

1,545,480

TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL

2,461,169

CONSUMER DURABLES & APPAREL - 4.3%

28,290

(a),(b)

Birkenstock Holding PLC

1,217,319

91,604

Levi Strauss & Co, Class A

2,274,527

43,707

(a)

YETI Holdings, Inc

2,166,119

TOTAL CONSUMER DURABLES & APPAREL

5,657,965

CONSUMER SERVICES - 1.1%

262,275

(a)

Coursera, Inc

1,479,231

TOTAL CONSUMER SERVICES

1,479,231

CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.5%

22,633

(a)

BJ's Wholesale Club Holdings, Inc

1,974,050

TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL

1,974,050

ENERGY - 6.3%

53,021

(a)

Antero Resources Corp

1,863,158

55,473

APA Corp

1,806,756

53,586

Flowco Holdings, Inc, Class A

1,143,525

112,166

Permian Resources Holdings, Inc, Class A

2,064,976

17,462

Weatherford International plc

1,423,153

TOTAL ENERGY

8,301,568

EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 7.8%

84,370

Broadstone Net Lease, Inc

1,743,928

13,004

EastGroup Properties, Inc

2,633,700

25,163

First Industrial Realty Trust, Inc

1,542,744

26,724

LXP Industrial Trust

1,439,889

12,228

Mid-America Apartment Communities, Inc

1,698,958

50,735

Weyerhaeuser Co

1,214,596

TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)

10,273,815

FINANCIAL SERVICES - 4.9%

297,750

BGC Group, Inc, Class A

3,182,947

100,955

Perella Weinberg Partners

1,611,242

23,513

Stifel Financial Corp

1,640,502

TOTAL FINANCIAL SERVICES

6,434,691

Portfolio of Investments June 30, 2026

(continued)

Small/Mid Cap Value

See Notes to Financial Statements

DESCRIPTION

VALUE

INSURANCE - 5.3%

6,562

Everest Group Ltd

2,344,143

303,591

(a)

Genworth Financial, Inc

2,875,007

19,871

Unum Group

1,776,467

TOTAL INSURANCE

6,995,617

MATERIALS - 3.4%

11,270

Avery Dennison Corp

1,829,685

24,422

Celanese Corp

1,123,412

21,244

Westlake Corp

1,550,812

TOTAL MATERIALS

4,503,909

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.4%

55,767

(a)

Alkermes plc

2,921,912

40,244

Bio-Techne Corp

2,843,239

39,334

Bruker Corp

2,367,120

2,994

(a)

United Therapeutics Corp

1,622,239

TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES

9,754,510

REAL ESTATE MANAGEMENT & DEVELOPMENT - 0.6%

24,711

(a)

Zillow Group, Inc, Class A

775,184

TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT

775,184

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 8.4%

16,833

(a)

Ambarella, Inc

1,444,271

321,507

(a),(b)

indie Semiconductor, Inc, Class A

1,443,566

33,777

(a)

MaxLinear, Inc

4,324,469

29,010

Power Integrations, Inc

2,429,878

11,751

(a)

Rambus, Inc

1,559,828

TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT

11,202,012

SOFTWARE & SERVICES - 3.1%

14,000

(a)

Akamai Technologies, Inc

1,654,940

22,319

(a)

Docusign, Inc

991,410

133,565

(a)

UiPath, Inc, Class A

1,451,852

TOTAL SOFTWARE & SERVICES

4,098,202

TECHNOLOGY HARDWARE & EQUIPMENT - 3.9%

19,474

Ralliant Corp

1,433,871

40,993

(a)

Viasat, Inc

3,681,581

TOTAL TECHNOLOGY HARDWARE & EQUIPMENT

5,115,452

TELECOMMUNICATION SERVICES - 0.8%

129,702

(a)

Lumen Technologies, Inc

996,111

TOTAL TELECOMMUNICATION SERVICES

996,111

TRANSPORTATION - 1.9%

32,717

Knight-Swift Transportation Holdings, Inc

2,547,673

TOTAL TRANSPORTATION

2,547,673

UTILITIES - 3.7%

13,575

IDACORP, Inc

2,053,898

19,003

National Fuel Gas Co

1,467,221

38,540

UGI Corp

1,331,172

TOTAL UTILITIES

4,852,291

TOTAL COMMON STOCKS

(Cost $97,341,342)

126,426,993

TOTAL LONG-TERM INVESTMENTS

(Cost $97,341,342)

126,426,993

DESCRIPTION

RATE

VALUE

INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.9%

2,550,419

(c)

State Street Navigator Securities Lending Government Money

Market Portfolio

3.660%(d)

2,550,419

TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING

(Cost $2,550,419)

2,550,419

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 4.5%

5958814

REPURCHASE AGREEMENTS - 4.5%

5958814

183,814

(e)

Fixed Income Clearing Corporation

.060

07/01/26

183,814

5,775,000

(f)

Fixed Income Clearing Corporation

.610

07/01/26

5,775,000

TOTAL REPURCHASE AGREEMENTS

(Cost $5,958,814)

5,958,814

TOTAL SHORT-TERM INVESTMENTS

(Cost $5,958,814)

5,958,814

TOTAL INVESTMENTS - 102.0%

(Cost $105,850,575)

134,936,226

OTHER ASSETS & LIABILITIES, NET - (2.0)%

(

2,690,452

)

NET ASSETS - 100%

132,245,774

(a)

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

(b)

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

of the fiscal period was $2,634,268.

(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, 1.060% dated 6/30/26 to be repurchased at $183,819 on 7/1/26,

collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 12/31/30, valued at $187,551.

(f)

Agreement with Fixed Income Clearing Corporation, 3.610% dated 6/30/26 to be repurchased at $5,775,579 on 7/1/26,

collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 8/31/29, valued at $5,890,662.

Statement of Assets and Liabilities

See Notes to Financial Statements

June 30, 2026

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

†‡

162,607,208‌

1,206,647,205‌

70,466,791‌

1,225,767,191‌

313,490,841‌

126,426,993‌

Investments purchased with collateral from

securities lending, at value (cost approximates

value)

–‌

8,239,900‌

38,284‌

10,181,727‌

5,476,939‌

2,550,419‌

Short-term investments, at value

◊

–‌

13,872,600‌

2,075,000‌

28,209,431‌

3,256,924‌

5,958,814‌

Cash

2,663,009‌

–‌

66,238‌

–‌

Cash denominated in foreign currencies

–‌

84,512‌

–‌

Receivables:

Dividends

146,251‌

1,330,370‌

48,578‌

758,443‌

474,281‌

129,903‌

Interest

–‌

1,361‌

208‌

2,768‌

319‌

585‌

Investments sold

–‌

602,224‌

9,526,984‌

–‌

Reclaims

185,785‌

555,684‌

3,774‌

–‌

Reimbursement from Adviser

87,968‌

65,107‌

13,235‌

230,474‌

280,018‌

29,536‌

Shares sold

33,440‌

599,648‌

47,663‌

583,859‌

124,877‌

71,504‌

Other

86,911‌

52,111‌

32,565‌

72,698‌

59,086‌

43,609‌

Total assets

165,810,572‌

1,231,448,498‌

73,394,560‌

1,275,333,575‌

323,163,285‌

135,211,363‌

LIABILITIES

Payables:

Management fees

95,439‌

692,049‌

38,265‌

681,590‌

200,180‌

79,311‌

Collateral from securities lending

–‌

8,239,900‌

38,284‌

10,181,727‌

5,476,939‌

2,550,419‌

Dividends

70,140‌

–‌

Franchise tax expense

187,681‌

–‌

—‌

–‌

Interest

26‌

25‌

5‌

89‌

43‌

16‌

Investments purchased - regular settlement

–‌

268,959‌

4,788,144‌

–‌

Shares redeemed

681,054‌

1,346,789‌

5,803‌

62,138‌

506,433‌

211,561‌

Accrued expenses:

Custodian fees

68,456‌

88,832‌

26,481‌

69,450‌

54,727‌

39,438‌

Trustees fees

54,641‌

39,329‌

12,476‌

27,402‌

21,763‌

2,892‌

Professional fees

60,236‌

32,911‌

19,635‌

26,985‌

22,144‌

20,355‌

Shareholder reporting expenses

12,344‌

16,721‌

6,901‌

44,772‌

38,464‌

15,047‌

Shareholder servicing agent fees

36,201‌

50,277‌

6,558‌

267,261‌

163,118‌

41,804‌

12b-1 distribution and service fees

22,578‌

5,918‌

5,065‌

25,041‌

11,085‌

4,746‌

Other

43,028‌

—‌

86‌

—‌

Total liabilities

1,331,824‌

10,512,751‌

428,432‌

16,174,599‌

6,494,982‌

2,965,589‌

Net assets

164,478,748‌

1,220,935,747‌

72,966,128‌

1,259,158,976‌

316,668,303‌

132,245,774‌

NET ASSETS CONSIST OF:

Paid-in capital

315,048,970‌

1,212,500,777‌

54,435,791‌

908,885,524‌

216,746,991‌

88,845,068‌

Total distributable earnings (loss)

(

150,570,222‌

)

8,434,970‌

18,530,337‌

350,273,452‌

99,921,312‌

43,400,706‌

Net assets

164,478,748‌

1,220,935,747‌

72,966,128‌

1,259,158,976‌

316,668,303‌

132,245,774‌

†

Long-term investments, cost

106,358,319‌

1,024,711,241‌

54,844,412‌

932,675,251‌

250,984,783‌

97,341,342‌

◊

Short-term investments, cost

—‌

13,872,600‌

2,075,000‌

28,209,431‌

3,256,924‌

5,958,814‌

‡ Includes securities loaned of

—‌

5,531,829‌

34,605‌

9,708,220‌

5,710,081‌

2,634,268‌

Cash denominated in foreign currencies, cost

–‌

84,512‌

–‌

Statement of Assets and Liabilities

(continued)

See Notes to Financial Statements

Global Equity

Income

International

Value

Large Cap Value

Opportunities

Multi Cap Value

Small Cap Value

Opportunities

Small/Mid Cap

Value

CLASS A:

Net assets

106,950,987‌

27,044,185‌

14,227,842‌

86,273,963‌

26,269,408‌

13,701,331‌

Shares outstanding

2,321,607‌

681,944‌

2,166,018‌

1,180,402‌

445,383‌

336,979‌

Net asset value ("NAV") per share

46.07‌

39.66‌

6.57‌

73.09‌

58.98‌

40.66‌

Maximum sales charge

5.75%

Offering price per share (NAV per share plus

maximum sales charge)

48.88‌

42.08‌

6.97‌

77.55‌

62.58‌

43.14‌

CLASS C:

Net assets

483,845‌

443,347‌

2,840,678‌

9,602,961‌

7,398,132‌

2,598,290‌

Shares outstanding

10,534‌

11,936‌

603,323‌

143,056‌

163,968‌

82,444‌

NAV and offering price per share

45.93‌

37.14‌

4.71‌

67.13‌

45.12‌

31.52‌

CLASS R6:

Net assets

—‌

22,827,816‌

3,936,202‌

Shares outstanding

—‌

355,503‌

92,063‌

NAV and offering price per share

—‌

64.21‌

42.76‌

CLASS I:

Net assets

57,043,916‌

1,193,448,215‌

55,897,608‌

1,163,282,052‌

260,172,947‌

112,009,951‌

Shares outstanding

1,238,042‌

29,858,512‌

8,408,506‌

15,717,972‌

4,143,578‌

2,650,170‌

NAV and offering price per share

46.08‌

39.97‌

6.65‌

74.01‌

62.79‌

42.27‌

Maximum sales charge

2.50

–

Authorized shares - per class

Unlimited

Par value per share

0.01

Statement of Operations

See Notes to Financial Statements

Year Ended June 30, 2026

Global Equity

Income

International Value

Large Cap Value

Opportunities

Multi Cap Value

INVESTMENT INCOME

Affiliated income

24,368‌

348,857‌

11,984‌

618,460‌

Dividends

5,062,195‌

27,738,945‌

662,444‌

15,962,903‌

Interest

10,071‌

592,962‌

47,441‌

1,356,784‌

Securities lending income, net

2,176‌

34,817‌

696‌

11,555‌

Reclaims

(187,681‌)

—‌

Tax withheld

—‌

(1,613,178‌)

—‌

(5,441‌)

Total investment income

4,911,129‌

27,102,403‌

722,565‌

17,944,261‌

EXPENSES

–

Management fees

1,088,354‌

6,387,785‌

229,456‌

6,085,592‌

12b-1 service fees - Class A

254,624‌

65,301‌

26,842‌

171,277‌

12b-1 distribution and service fees - Class C

4,777‌

4,130‌

19,290‌

76,348‌

Shareholder servicing agent fees - Class A

98,173‌

10,253‌

7,167‌

89,641‌

Shareholder servicing agent fees - Class C

464‌

164‌

1,291‌

10,070‌

Shareholder servicing agent fees - Class I

51,028‌

200,152‌

13,266‌

1,104,549‌

Interest expense

202‌

268‌

78‌

1,251‌

Trustees fees

7,358‌

44,993‌

1,417‌

42,006‌

Custodian expenses

31,735‌

45,813‌

18,546‌

47,829‌

Registration fees

50,580‌

45,940‌

42,960‌

61,941‌

Professional fees

81,949‌

86,964‌

34,163‌

50,019‌

Shareholder reporting expenses

27,478‌

33,712‌

19,329‌

94,887‌

Other

52,314‌

9,240‌

7,466‌

11,224‌

Total expenses before fee waiver/expense reimbursement

1,749,036‌

6,934,715‌

421,271‌

7,846,634‌

Fee waiver/expense reimbursement

(167,057‌)

—‌

(114,543‌)

(71,105‌)

Net expenses

1,581,979‌

6,934,715‌

306,728‌

7,775,529‌

Net investment income (loss)

3,329,150‌

20,167,688‌

415,837‌

10,168,732‌

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

13,432,445‌

7,061,493‌

2,925,043‌

51,377,749‌

Written options

98,173‌

—‌

13,064‌

424,574‌

Foreign currency transactions

144,393‌

(193,512‌)

—‌

Net realized gain (loss)

13,675,011‌

6,867,981‌

2,938,107‌

51,802,323‌

Change in unrealized appreciation (depreciation) on:

Investments

11,377,321‌

129,672,374‌

6,772,823‌

180,853,424‌

Written options

(17,955‌)

—‌

Foreign currency translations

(6,363‌)

(25,880‌)

—‌

Net change in unrealized appreciation (depreciation)

11,353,003‌

129,646,494‌

6,772,823‌

180,853,424‌

Net realized and unrealized gain (loss)

25,028,014‌

136,514,475‌

9,710,930‌

232,655,747‌

Net increase (decrease) in net assets from operations

28,357,164‌

156,682,163‌

10,126,767‌

242,824,479‌

Statement of Operations

(continued)

See Notes to Financial Statements

Year Ended June 30, 2026

Small Cap Value

Opportunities

Small/Mid Cap

Value

INVESTMENT INCOME

Affiliated income

703,913‌

137,732‌

Dividends

3,674,059‌

1,450,352‌

Interest

346,498‌

194,266‌

Securities lending income, net

7,173‌

14,546‌

Tax withheld

—‌

(5,231‌)

Total investment income

4,731,643‌

1,791,665‌

EXPENSES

–

Management fees

2,166,299‌

814,024‌

12b-1 service fees - Class A

59,304‌

25,663‌

12b-1 distribution and service fees - Class C

53,153‌

15,720‌

Shareholder servicing agent fees - Class A

58,099‌

14,858‌

Shareholder servicing agent fees - Class C

12,723‌

2,250‌

Shareholder servicing agent fees - Class R6

801‌

167‌

Shareholder servicing agent fees - Class I

552,436‌

135,271‌

Interest expense

2,447‌

80‌

Trustees fees

12,618‌

5,181‌

Custodian expenses

38,672‌

27,420‌

Registration fees

66,304‌

58,268‌

Professional fees

38,607‌

34,855‌

Shareholder reporting expenses

63,416‌

32,801‌

Other

10,157‌

8,956‌

Total expenses before fee waiver/expense reimbursement

3,135,036‌

1,175,514‌

Fee waiver/expense reimbursement

(492,233‌)

(24,008‌)

Net expenses

2,642,803‌

1,151,506‌

Net investment income (loss)

2,088,840‌

640,159‌

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

48,095,011‌

19,400,755‌

Net realized gain (loss)

48,095,011‌

19,400,755‌

Change in unrealized appreciation (depreciation) on:

Investments

37,088,912‌

14,084,252‌

Net change in unrealized appreciation (depreciation)

37,088,912‌

14,084,252‌

Net realized and unrealized gain (loss)

85,183,923‌

33,485,007‌

Net increase (decrease) in net assets from operations

87,272,763‌

34,125,166‌

Statement of Changes in Net Assets

See Notes to Financial Statements

Global Equity Income

International Value

Year Ended

6/30/26

Year Ended

6/30/25

Year Ended

6/30/26

Year Ended

6/30/25

OPERATIONS

Net investment income (loss)

3,329,150‌

2,810,524‌

20,167,688‌

2,740,964‌

Net realized gain (loss)

13,675,011‌

10,055,289‌

6,867,981‌

(

1,668,664‌

)

Net change in unrealized appreciation (depreciation)

11,353,003‌

11,385,521‌

129,646,494‌

22,720,884‌

Net increase (decrease) in net assets from operations

28,357,164‌

24,251,334‌

156,682,163‌

23,793,184‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(

2,318,208‌

)

(

1,788,319‌

)

(

2,509‌

)

(

442,383‌

)

Class C

(

7,429‌

)

(

9,023‌

)

—‌

(

5,497‌

)

Class I

(

1,341,449‌

)

(

996,128‌

)

(

2,941,196‌

)

(

2,037,864‌

)

Total distributions

(

3,667,086‌

)

(

2,793,470‌

)

(

2,943,705‌

)

(

2,485,744‌

)

FUND SHARE TRANSACTIONS

Subscriptions

10,433,863‌

4,388,740‌

1,248,887,602‌

39,183,861‌

Reinvestments of distributions

3,479,301‌

2,640,465‌

2,937,840‌

2,398,425‌

Redemptions

(

16,711,340‌

)

(

19,035,882‌

)

(

322,601,622‌

)

(

28,779,268‌

)

Net increase (decrease) from Fund share transactions

(

2,798,176‌

)

(

12,006,677‌

)

929,223,820‌

12,803,018‌

Net increase (decrease) in net assets

21,891,902‌

9,451,187‌

1,082,962,278‌

34,110,458‌

Net assets at the beginning of period

142,586,846‌

133,135,659‌

137,973,469‌

103,863,011‌

Net assets at the end of period

164,478,748‌

142,586,846‌

1,220,935,747‌

137,973,469‌

See Notes to Financial Statements

Large Cap Value Opportunities

Multi Cap Value

Year Ended

6/30/26

Year Ended

6/30/25

Year Ended

6/30/26

Year Ended

6/30/25

OPERATIONS

Net investment income (loss)

415,837‌

314,715‌

10,168,732‌

6,819,952‌

Net realized gain (loss)

2,938,107‌

1,752,309‌

51,802,323‌

16,636,120‌

Net change in unrealized appreciation (depreciation)

6,772,823‌

1,397,508‌

180,853,424‌

44,299,003‌

Net increase (decrease) in net assets from operations

10,126,767‌

3,464,532‌

242,824,479‌

67,755,075‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(

679,044‌

)

(

562,967‌

)

(

1,065,259‌

)

(

838,874‌

)

Class C

(

144,077‌

)

(

90,441‌

)

(

112,570‌

)

(

35,759‌

)

Class I

(

1,083,973‌

)

(

778,014‌

)

(

14,691,536‌

)

(

8,082,180‌

)

Total distributions

(

1,907,094‌

)

(

1,431,422‌

)

(

15,869,365‌

)

(

8,956,813‌

)

FUND SHARE TRANSACTIONS

Subscriptions

46,336,455‌

1,814,812‌

561,783,331‌

129,058,573‌

Reinvestments of distributions

1,800,409‌

1,367,659‌

15,679,257‌

8,819,645‌

Redemptions

(

5,925,968‌

)

(

4,303,428‌

)

(

66,803,043‌

)

(

157,281,164‌

)

Net increase (decrease) from Fund share transactions

42,210,896‌

(

1,120,957‌

)

510,659,545‌

(

19,402,946‌

)

Net increase (decrease) in net assets

50,430,569‌

912,153‌

737,614,659‌

39,395,316‌

Net assets at the beginning of period

22,535,559‌

21,623,406‌

521,544,317‌

482,149,001‌

Net assets at the end of period

72,966,128‌

22,535,559‌

1,259,158,976‌

521,544,317‌

See Notes to Financial Statements

Statement of Changes in Net Assets

(continued)

Small Cap Value Opportunities

Small/Mid Cap Value

Year Ended

6/30/26

Year Ended

6/30/25

Year Ended

6/30/26

Year Ended

6/30/25

OPERATIONS

Net investment income (loss)

2,088,840‌

2,021,044‌

640,159‌

851,543‌

Net realized gain (loss)

48,095,011‌

29,411,636‌

19,400,755‌

15,836,002‌

Net change in unrealized appreciation (depreciation)

37,088,912‌

(

7,463,284‌

)

14,084,252‌

(

6,243,349‌

)

Net increase (decrease) in net assets from operations

87,272,763‌

23,969,396‌

34,125,166‌

10,444,196‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(

2,058,281‌

)

(

4,997,460‌

)

(

594,921‌

)

(

696,792‌

)

Class C

(

602,758‌

)

(

431,089‌

)

(

107,587‌

)

(

50,568‌

)

Class R6

(

1,343,231‌

)

(

1,380,064‌

)

(

166,747‌

)

(

2,563,053‌

)

Class I

(

18,939,518‌

)

(

43,085,559‌

)

(

5,765,515‌

)

(

7,734,130‌

)

Total distributions

(

22,943,788‌

)

(

49,894,172‌

)

(

6,634,770‌

)

(

11,044,543‌

)

FUND SHARE TRANSACTIONS

Subscriptions

59,453,489‌

82,617,058‌

41,825,061‌

44,238,033‌

Reinvestments of distributions

21,515,674‌

47,655,601‌

6,583,620‌

10,992,363‌

Redemptions

(

64,840,796‌

)

(

83,293,900‌

)

(

34,782,668‌

)

(

63,453,885‌

)

Net increase (decrease) from Fund share transactions

16,128,367‌

46,978,759‌

13,626,013‌

(

8,223,489‌

)

Net increase (decrease) in net assets

80,457,342‌

21,053,983‌

41,116,409‌

(

8,823,836‌

)

Net assets at the beginning of period

236,210,961‌

215,156,978‌

91,129,365‌

99,953,201‌

Net assets at the end of period

316,668,303‌

236,210,961‌

132,245,774‌

91,129,365‌

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

6/30/26

39.15

0.90

7.02

7.92

(1.00)

—

(1.00)

46.07

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

Class

6/30/26

39.04

0.58

6.98

7.56

(0.67)

—

(0.67)

45.93

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

Class

6/30/26

39.16

1.01

7.02

8.03

(1.11)

—

(1.11)

46.08

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

(a)

Based on average shares outstanding.

(b)

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

(c)

After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.

(d)

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

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b)

Net

Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

(c)

NII

(Loss)

(c),(d)

Portfolio

Turnover

Rate

20.36‌

106,951

1.21‌

1.10‌

2.07‌

34‌

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

19.44‌

484

1.96‌

1.86‌

1.35‌

34‌

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

20.65‌

57,044

0.96‌

0.85‌

2.32‌

34‌

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

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

6/30/26

33.47

0.74

5.45

6.19

(0.00)

(e)

—

(0.00)

(e)

39.66

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

Class

6/30/26

31.58

0.44

5.12

5.56

—

37.14

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

Class

6/30/26

33.73

0.82

5.51

6.33

(0.09)

—

(0.09)

39.97

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

(a)

Based on average shares outstanding.

(b)

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

(c)

After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.

(d)

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

(e)

Value rounded to zero.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b)

Net

Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

(c)

NII

(Loss)

(c),(d)

Portfolio

Turnover

Rate

18.54‌

27,044

0.98‌

1.98‌

38‌

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

17.64‌

443

1.73‌

1.25‌

38‌

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

18.80‌

1,193,448

0.73‌

2.14‌

38‌

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

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

6/30/26

5.26

0.06

1.65

1.71

(

0.06

)

(

0.34

)

(

0.40

)

6.57

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

Class

6/30/26

3.85

0.01

1.20

1.21

(

0.01

)

(

0.34

)

(

0.35

)

4.71

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

Class

6/30/26

5.31

0.08

1.67

1.75

(

0.07

)

(

0.34

)

(

0.41

)

6.65

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

(a)

Based on average shares outstanding.

(b)

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

(c)

After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.

(d)

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

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b)

Net

Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

(c)

NII

(Loss)

(c),(d)

Portfolio

Turnover

Rate

.82‌

14,228

.35‌

.00‌

.04‌

29‌

.97‌

9,028

.60‌

.00‌

.33‌

25‌

.77‌

8,842

.61‌

.00‌

.42‌

35‌

.95‌

7,320

.56‌

.00‌

.38‌

40‌

(

.84‌

)

6,927

.80‌

.99‌

.26‌

35‌

.14‌

2,841

.10‌

.75‌

.29‌

29‌

.87‌

1,141

.35‌

.75‌

.58‌

25‌

.97‌

1,173

.36‌

.75‌

.67‌

35‌

.84‌

1,163

.31‌

.75‌

.62‌

40‌

(

.24‌

)

951

.55‌

.74‌

.47‌

35‌

.38‌

55,898

.06‌

.74‌

.34‌

29‌

.09‌

12,367

.35‌

.75‌

.58‌

25‌

.87‌

11,608

.36‌

.75‌

.67‌

35‌

.35‌

11,449

.31‌

.75‌

.63‌

40‌

(

.55‌

)

11,112

.55‌

.74‌

.50‌

35‌

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

Multi Cap Value

Class

6/30/26

56.98

0.60

16.56

17.16

(

0.14

)

(

0.91

)

(

1.05

)

73.09

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

Class

6/30/26

52.68

0.10

15.26

15.36

—

(

0.91

)

(

0.91

)

67.13

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

Class

6/30/26

57.68

0.77

16.76

17.53

(

0.29

)

(

0.91

)

(

1.20

)

74.01

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

(a)

Based on average shares outstanding.

(b)

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

(c)

After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.

(d)

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

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b)

Net

Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

(c)

NII

(Loss)

(c),(d)

Portfolio

Turnover

Rate

.43‌

86,274

.10‌

.09‌

.93‌

28‌

.69‌

55,239

.22‌

.15‌

.17‌

30‌

.32‌

49,371

.17‌

.16‌

.28‌

24‌

.46‌

44,442

.28‌

.23‌

.04‌

22‌

(

.49‌

)

40,006

.35‌

.25‌

.62‌

34‌

.44‌

9,603

.85‌

.84‌

.17‌

28‌

.84‌

5,849

.97‌

.90‌

.44‌

30‌

.47‌

3,022

.92‌

.91‌

.56‌

24‌

.58‌

1,287

.03‌

.98‌

.30‌

22‌

(

.17‌

)

1,168

.10‌

.00‌

(

.13‌

)

34‌

.74‌

1,163,282

.85‌

.84‌

.16‌

28‌

.98‌

460,456

.97‌

.90‌

.41‌

30‌

.60‌

429,756

.92‌

.91‌

.54‌

24‌

.78‌

74,697

.03‌

.98‌

.29‌

22‌

(

.26‌

)

38,624

.10‌

.00‌

.87‌

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

Total

Net Asset

Value,

End of

Period

Small Cap Value Opportunities

Class

6/30/26

47.23

0.28

15.92

16.20

(

0.22

)

(

4.23

)

(

4.45

)

58.98

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

Class

6/30/26

37.13

(

0.08

)

12.30

12.22

—

(

4.23

)

(

4.23

)

45.12

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

Class

6/30/26

51.02

0.58

17.28

17.86

(

0.44

)

(

4.23

)

(

4.67

)

64.21

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

Class

6/30/26

50.03

0.43

16.92

17.35

(

0.36

)

(

4.23

)

(

4.59

)

62.79

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

(a)

Based on average shares outstanding.

(b)

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

(c)

After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.

(d)

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

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b)

Net

Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

(c)

NII

(Loss)

(c),(d)

Portfolio

Turnover

Rate

.43‌

26,269

.38‌

.20‌

.55‌

96‌

.85‌

22,750

.30‌

.20‌

.66‌

96‌

.36‌

22,385

.35‌

.20‌

.46‌

71‌

.62‌

20,932

.31‌

.20‌

.44‌

71‌

(

.01‌

)

19,467

.33‌

.19‌

.20‌

58‌

.43‌

7,398

.12‌

.94‌

(

.20‌

)

96‌

.03‌

2,416

.05‌

.95‌

(

.03‌

)

96‌

.49‌

1,643

.10‌

.95‌

(

.28‌

)

71‌

.71‌

2,447

.06‌

.95‌

(

.29‌

)

71‌

(

.61‌

)

3,933

.08‌

.94‌

(

.57‌

)

58‌

.11‌

22,828

.89‌

.71‌

.04‌

96‌

.28‌

7,232

.91‌

.81‌

.06‌

96‌

.83‌

5,970

.96‌

.81‌

.85‌

71‌

.06‌

5,879

.93‌

.82‌

.81‌

71‌

(

.68‌

)

4,893

.94‌

.80‌

.59‌

58‌

.77‌

260,173

.13‌

.95‌

.80‌

96‌

.13‌

203,813

.05‌

.95‌

.91‌

96‌

.68‌

185,160

.10‌

.95‌

.72‌

71‌

.88‌

168,888

.06‌

.95‌

.69‌

71‌

(

.79‌

)

145,461

.08‌

.94‌

.42‌

58‌

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

6/30/26

31.84

0.13

10.99

11.12

(

0.16

)

(

2.14

)

(

2.30

)

40.66

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

Class

6/30/26

25.17

(

0.11

)

8.60

8.49

—

(

2.14

)

(

2.14

)

31.52

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

Class

6/30/26

33.38

0.29

11.54

11.83

(

0.31

)

(

2.14

)

(

2.45

)

42.76

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

Class

6/30/26

33.02

0.23

11.41

11.64

(

0.25

)

(

2.14

)

(

2.39

)

42.27

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

(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.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b)

Net

Assets,

End of

Period (000)

Gross

Expenses

Net

Expenses

(c)

NII

(Loss)

(c),(d)

Portfolio

Turnover

Rate

.38‌

13,701

.31‌

.28‌

.38‌

78‌

.17‌

7,886

.35‌

.31‌

.60‌

64‌

(e)

.21‌

4,710

.42‌

.31‌

.70‌

81‌

.50‌

3,627

.41‌

.31‌

.53‌

39‌

(

.81‌

)

3,003

.61‌

.30‌

.10‌

42‌

.39‌

2,598

.05‌

.03‌

(

.39‌

)

78‌

.38‌

828

.10‌

.06‌

(

.16‌

)

64‌

(e)

.31‌

386

.17‌

.06‌

(

.07‌

)

81‌

.65‌

426

.16‌

.06‌

(

.20‌

)

39‌

(

.48‌

)

341

.36‌

.05‌

(

.67‌

)

42‌

.93‌

3,936

.92‌

.89‌

.78‌

78‌

.64‌

2,038

.94‌

.90‌

.07‌

64‌

(e)

.75‌

21,258

.97‌

.86‌

.15‌

81‌

.92‌

18,080

.06‌

.96‌

.88‌

39‌

(

.44‌

)

16,015

.19‌

.88‌

.53‌

42‌

.69‌

112,010

.06‌

.03‌

.63‌

78‌

.45‌

80,377

.10‌

.06‌

.84‌

64‌

(e)

.48‌

73,600

.17‌

.06‌

.96‌

81‌

.82‌

63,397

.16‌

.06‌

.83‌

39‌

(

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)

15,577

.36‌

.05‌

.34‌

42‌

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, 2026, and the period covered by these Notes to Financial

Statements is the fiscal year ended June 30, 2026 (the "current fiscal period").

Investment Adviser and Sub-Adviser:

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

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

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

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

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

the investment portfolios of the Funds.

Share Classes and Sales Charges

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

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

redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge. 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. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board

(“FASB”) Accounting Standards Codification 946, Financial Services — Investment Companies. The NAV for financial reporting purposes may differ

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

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

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

Compensation:

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.

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

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

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

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

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

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

exchange rates.

Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii)

derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and

the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received are recognized

as a component of “Net realized gain (loss) from foreign currency transactions” on the Statement of Operations, when applicable.

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

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

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

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

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

Notes to Financial Statements

(continued)

Foreign Taxes:

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

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

exist in the markets in which the Funds invest.

Indemnifications:

Under 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 that are not directly attributable to a specific class of shares are prorated among the

classes of each Fund based on the relative net assets of each class.

Sub-transfer agent fees and similar fees are not charged to Class R6 Shares. Expenses directly attributable to a share class are recorded to that

class. Class-level expenses include, but are not limited to, transfer agency fees and expenses, state securities registration fees, exchange listing fees

related to such class, and distribution and service fees (collectively, “12b-1 fees”).

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

Netting Agreements:

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

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

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

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

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

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

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

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

Financial Statements.

Segment Reporting:

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

(“CODM”), as defined in U.S. GAAP. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund’s long-

term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the

Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and

changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess

the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment,

is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as

“total assets” and significant segment revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement (ASU No. 2023-09)

: In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09,

Income Taxes (Topic 740) Improvements to Income tax disclosures (“ASU 2023-09”). The primary purpose of the amendments within ASU 2023-09

is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes

paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. During the current fiscal

period, the Funds adopted the new guidance. See Note 7 for more income tax information.

New Accounting Pronouncement (ASU No. 2025-11)

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

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

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

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

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

changes on the financial statements.

3. Investment Valuation and Fair Value Measurements

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

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

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

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

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

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

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

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

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

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

spreads, etc.).

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

investments).

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

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

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

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

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

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

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

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

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

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

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

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, and the fair value of certain other assets and liabilities, when

applicable, as of the end of the current fiscal period, based on the inputs used to value them:

Global Equity Income

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

77,747,934

75,151,615

–

152,899,549

Convertible Preferred Securities

5,379,101

–

5,379,101

Structured Notes

–

4,328,558

–

4,328,558

83,127,035

79,480,173

–

162,607,208

International Value

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

117,687,654

1,088,959,551

–

1,206,647,205

Investments Purchased with Collateral from Securities

Lending

8,239,900

–

8,239,900

Short-Term Investments:

Repurchase Agreements

–

13,872,600

–

13,872,600

125,927,554

1,102,832,151

–

1,228,759,705

Notes to Financial Statements

(continued)

4. Portfolio Securities

Repurchase Agreements:

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

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

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

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

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

Securities Lending:

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

institutions in order to generate additional income. When loaning securities, 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”).

Large Cap Value Opportunities

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

70,466,791

–

70,466,791

Investments Purchased with Collateral from Securities

Lending

38,284

–

38,284

Short-Term Investments:

Repurchase Agreements

–

2,075,000

–

2,075,000

70,505,075

2,075,000

–

72,580,075

Multi Cap Value

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

1,225,767,191

–

1,225,767,191

Investments Purchased with Collateral from Securities

Lending

10,181,727

–

10,181,727

Short-Term Investments:

Repurchase Agreements

–

28,209,431

–

28,209,431

1,235,948,918

28,209,431

–

1,264,158,349

Small Cap Value Opportunities

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

313,490,841

–

313,490,841

Investments Purchased with Collateral from Securities

Lending

5,476,939

–

5,476,939

Short-Term Investments:

Repurchase Agreements

–

3,256,924

–

3,256,924

318,967,780

3,256,924

–

322,224,704

Small/Mid Cap Value

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Common Stocks

126,426,993

–

126,426,993

Investments Purchased with Collateral from Securities

Lending

2,550,419

–

2,550,419

Short-Term Investments:

Repurchase Agreements

–

5,958,814

–

5,958,814

128,977,412

5,958,814

–

134,936,226

Fund

Counterparty

Short-term

Investments,

at Value

Collateral

Pledged (From)

Counterparty

International Value

Fixed Income Clearing Corporation

13,872,600

(

14,150,136

)

Large Cap Value Opportunities

Fixed Income Clearing Corporation

2,075,000

(

2,116,577

)

Multi Cap Value

Fixed Income Clearing Corporation

28,209,431

(

28,773,811

)

Small Cap Value Opportunities

Fixed Income Clearing Corporation

3,256,924

(

3,322,290

)

Small/Mid Cap Value

Fixed Income Clearing Corporation

5,958,814

(

6,078,213

)

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

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

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

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

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

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

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

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

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

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

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

have not been returned.

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

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

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

Purchases and Sales:

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

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

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

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

amounts are recognized on the Statement of Assets and Liabilities.

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.

Option Transactions:

During the current fiscal period, Global Equity Income, Large Cap Value Opportunities and Multi Cap Value wrote call options

to manage risk and hedge against adverse movement in a security held in each portfolio.

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

Aggregate Value of

Securities on Loan

Fund

Equity

Securities

Cash Collateral

Received*

International Value

5,531,829

8,239,900

Large Cap Value Opportunities

34,605

38,284

Multi Cap Value

9,708,220

10,181,727

Small Cap Value Opportunities

5,710,081

5,476,939

Small/Mid Cap Value

2,634,268

2,550,419

*May include cash and investment of cash collateral.

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

Global Equity Income

51,442,289

51,423,238

International Value

1,282,790,683

354,076,700

Large Cap Value Opportunities

48,470,604

10,022,001

Multi Cap Value

746,832,322

242,482,942

Small Cap Value Opportunities

252,235,290

251,401,894

Small/Mid Cap Value

87,136,221

80,702,165

Notes to Financial Statements

(continued)

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

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.

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

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

Market and Counterparty Credit Risk:

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

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

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

which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap

transactions, when applicable. The extent of each Fund’s exposure to counterparty credit risk in respect to these financial assets approximates their

carrying value as recorded on the Statement of Assets and Liabilities.

Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial

resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may

be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal

to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have

instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a

pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by

at least the pre-determined threshold amount.

Fund

Average Notional Amount of Written

Options Contracts Outstanding

Global Equity Income

584,500

Large Cap Value Opportunities

–

Multi Cap Value

–

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.

The Fund invested in options contracts during the fiscal period. However, the Fund did not hold any such positions at the beginning of the

fiscal period or at the end of each fiscal quarter within the current fiscal period and therefore are not included as part of this calculation.

Derivative Instrument

Risk Exposure

Net Realized Gain

(Loss)

Change in

Unrealized

Appreciation

(Depreciation)

Global Equity Income

Written options

Equity

98,173

(

17,955

)

Multi Cap Value

Written options

Equity

424,574

–

Large Cap Value Opportunities

Written options

Equity

13,064

–

6. Fund Shares

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

Year Ended

6/30/26

Year Ended

6/30/25

Global Equity Income

Value

Subscriptions:

Class A

93,256

$4,115,439

38,544

$1,381,281

Class A - automatic conversion of Class C

108

4,217

2,951

Class C

4,522

199,594

1,675

61,600

Class I

139,469

6,114,613

82,857

2,942,908

Total subscriptions

237,355

10,433,863

123,160

4,388,740

Reinvestments of distributions:

Class A

49,160

2,164,435

44,713

1,662,842

Class C

159

6,975

235

8,699

Class I

29,695

1,307,891

26,109

968,924

Total reinvestments of distributions

79,014

3,479,301

71,057

2,640,465

Redemptions:

Class A

(240,854)

(10,373,977)

(331,129)

(11,792,532)

Class C

(7,608)

(325,302)

(18,328)

(650,867)

Class C - automatic conversion to Class A

(108)

(4,217)

(84)

(2,951)

Class I

(139,271)

(6,007,844)

(185,950)

(6,589,532)

Total redemptions

(387,841)

(16,711,340)

(535,491)

(19,035,882)

Net increase (decrease)

(71,472)

$(2,798,176)

(341,274)

$(12,006,677)

Year Ended

6/30/26

Year Ended

6/30/25

International Value

Value

Subscriptions:

Class A

101,029

$3,682,730

148,130

$4,549,006

Class C

1,639

57,420

2,079

58,378

Class I

34,542,079

1,245,147,452

1,141,776

34,576,477

Total subscriptions

34,644,747

1,248,887,602

1,291,985

39,183,861

Reinvestments of distributions:

Class A

2,271

14,696

406,926

Class C

—

210

5,498

Class I

77,293

2,935,569

71,234

1,986,001

Total reinvestments of distributions

77,353

2,937,840

86,140

2,398,425

Redemptions:

Class A

(123,749)

(4,562,231)

(208,806)

(6,334,317)

Class C

(2,630)

(88,230)

(6,155)

(170,386)

Class I

(8,140,382)

(317,951,161)

(760,708)

(22,274,565)

Total redemptions

(8,266,761)

(322,601,622)

(975,669)

(28,779,268)

Net increase (decrease)

26,455,339

$929,223,820

402,456

$12,803,018

Notes to Financial Statements

(continued)

Year Ended

6/30/26

Year Ended

6/30/25

Large Cap Value Opportunities

Value

Subscriptions:

Class A

630,109

$3,724,655

124,155

$616,678

Class C

380,081

1,614,082

23,998

85,491

Class I

6,527,335

40,997,718

216,709

1,112,643

Total subscriptions

7,537,525

46,336,455

364,862

1,814,812

Reinvestments of distributions:

Class A

107,605

599,361

104,389

520,510

Class C

36,193

144,077

24,643

90,442

Class I

187,194

1,056,971

150,210

756,707

Total reinvestments of distributions

330,992

1,800,409

279,242

1,367,659

Redemptions:

Class A

(289,206)

(1,624,505)

(358,106)

(1,755,240)

Class C

(108,926)

(465,748)

(81,600)

(295,137)

Class I

(633,068)

(3,835,715)

(439,882)

(2,253,051)

Total redemptions

(1,031,200)

(5,925,968)

(879,588)

(4,303,428)

Net increase (decrease)

6,837,317

$42,210,896

(235,484)

$(1,120,957)

Year Ended

6/30/26

Year Ended

6/30/25

Multi Cap Value

Value

Subscriptions:

Class A

303,007

$19,731,399

89,167

$4,848,599

Class C

63,235

3,714,260

57,994

2,921,760

Class I

8,361,531

538,337,672

2,224,091

121,288,214

Total subscriptions

8,727,773

561,783,331

2,371,252

129,058,573

Reinvestments of distributions:

Class A

14,378

907,378

13,361

731,956

Class C

1,940

112,570

701

35,759

Class I

229,134

14,659,309

145,483

8,051,930

Total reinvestments of distributions

245,452

15,679,257

159,545

8,819,645

Redemptions:

Class A

(106,356)

(6,870,608)

(102,498)

(5,521,838)

Class C

(33,149)

(1,970,183)

(11,807)

(592,085)

Class I

(855,898)

(57,962,252)

(2,724,395)

(151,167,241)

Total redemptions

(995,403)

(66,803,043)

(2,838,700)

(157,281,164)

Net increase (decrease)

7,977,822

$510,659,545

(307,903)

$(19,402,946)

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.

Year Ended

6/30/26

Year Ended

6/30/25

Small Cap Value Opportunities

Value

Subscriptions:

Class A

68,353

$3,446,895

95,445

$4,868,645

Class A - automatic conversion of Class C

115

136

6,334

Class C

101,225

3,941,118

41,484

1,567,772

Class R6

261,262

14,230,931

43,597

2,341,281

Class I

700,004

37,834,430

1,428,182

73,833,026

Total subscriptions

1,130,846

59,453,489

1,608,844

82,617,058

Reinvestments of distributions:

Class A

35,796

1,730,360

88,359

4,562,734

Class C

15,302

565,885

8,926

361,699

Class R6

18,289

962,969

17,905

998,814

Class I

354,538

18,256,460

762,599

41,732,354

Total reinvestments of distributions

423,925

21,515,674

877,789

47,655,601

Redemptions:

Class A

(140,408)

(7,080,999)

(118,812)

(6,254,476)

Class C

(17,625)

(693,993)

(22,121)

(923,792)

Class C - automatic conversion to Class A

(3)

(115)

(173)

(6,334)

Class R6

(65,798)

(3,661,614)

(24,077)

(1,317,198)

Class I

(984,623)

(53,404,075)

(1,405,135)

(74,792,100)

Total redemptions

(1,208,457)

(64,840,796)

(1,570,318)

(83,293,900)

Net increase (decrease)

346,314

$16,128,367

916,315

$46,978,759

Year Ended

6/30/26

Year Ended

6/30/25

Small/Mid Cap Value

Value

Subscriptions:

Class A

129,103

$4,573,874

125,799

$4,190,937

Class C

51,173

1,425,150

23,834

594,835

Class R6

45,223

1,741,561

257,947

9,206,892

Class I

931,094

34,084,476

905,457

30,245,369

Total subscriptions

1,156,593

41,825,061

1,313,037

44,238,033

Reinvestments of distributions:

Class A

16,161

549,632

19,364

649,784

Class C

4,012

105,743

1,904

50,568

Class R6

4,597

164,565

72,899

2,559,739

Class I

162,946

5,763,680

222,370

7,732,272

Total reinvestments of distributions

187,716

6,583,620

316,537

10,992,363

Redemptions:

Class A

(55,989)

(1,950,503)

(43,368)

(1,372,218)

Class C

(5,652)

(157,839)

(7,603)

(192,297)

Class R6

(18,813)

(708,525)

(900,422)

(31,410,392)

Class I

(878,374)

(31,965,801)

(898,994)

(30,478,978)

Total redemptions

(958,828)

(34,782,668)

(1,850,387)

(63,453,885)

Net increase (decrease)

385,481

$13,626,013

(220,813)

$(8,223,489)

Notes to Financial Statements

(continued)

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 distribution reallocations, foreign currency transactions, investments in

partnerships, investments in passive foreign investment companies, return of capital and long-term capital gain distributions received from portfolio

investments, securities litigation settlements and tax equalization. Temporary and permanent differences have no impact on a Fund's net assets.

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

follows:

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

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

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

The tax character of distributions paid was as follows:

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

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

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Global Equity Income

106,841,025

59,606,445

(

3,840,262

)

55,766,183

International Value

1,050,574,254

222,598,021

(

44,412,570

)

178,185,451

Large Cap Value Opportunities

56,985,105

16,361,339

(

766,369

)

15,594,970

Multi Cap Value

971,352,141

310,631,182

(

17,824,974

)

292,806,208

Small Cap Value Opportunities

260,118,858

70,461,383

(

8,355,537

)

62,105,846

Small/Mid Cap Value

105,930,662

33,072,438

(

4,066,874

)

29,005,564

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

1,564,907

5,645,651

55,774,694

(

212,096,983

)

—

(

1,458,491

)

(

150,570,222

)

International Value

19,973,992

—

178,178,126

(

189,717,148

)

—

8,434,970

Large Cap Value Opportunities

639,673

2,295,694

15,594,970

—

18,530,337

Multi Cap Value

19,641,276

37,841,949

292,806,208

—

(

15,981

)

350,273,452

Small Cap Value Opportunities

18,038,136

19,777,330

62,105,846

—

99,921,312

Small/Mid Cap Value

3,539,644

10,855,498

29,005,564

—

43,400,706

6/30/26

6/30/25

Fund

Ordinary

Income

Long-Term

Capital Gains

Ordinary

Income

Long-Term

Capital Gains

Global Equity Income

3,667,086

—

2,793,470

—

International Value

2,943,705

—

2,485,744

—

Large Cap Value Opportunities

358,151

1,548,943

518,790

912,632

Multi Cap Value

11,335,960

4,533,405

8,956,813

—

Small Cap Value Opportunities

1,767,745

21,176,043

2,671,891

47,222,281

Small/Mid Cap Value

710,603

5,924,167

2,415,436

8,629,107

Fund

Short-Term

Long-Term

Total

Global Equity Income

3,115,047

208,981,936

212,096,983

International Value

5,325,161

184,391,987

189,717,148

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 thirteen years, at which

point the annual limitation will further be reduced to approximately $1.2 million.

8. Management Fees and Other Transactions with Affiliates

Management Fees:

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

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

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

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

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

by the Adviser.

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

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

* The complex-level fee is calculated based upon the aggregate daily “eligible assets” of all Nuveen-branded closed-end funds and Nuveen branded open-end funds (“Nuveen Mutual

Funds”). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do

not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible

Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser’s affiliate,

Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets

of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by

the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments

in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively

financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in

certain circumstances.

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

Fund

Utilized

Global Equity Income

7,304,397

International Value

8,301,621

Large Cap Value Opportunities

—

Multi Cap Value

—

Small Cap Value Opportunities

—

Small/Mid Cap Value

—

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

0.5000

0.5500

0.6500

0.6000

For the next $125 million

0.5375

0.4875

0.5375

0.6375

0.5875

For the next $250 million

0.5250

0.4750

0.5250

0.6250

0.5750

For the next $500 million

0.5125

0.4625

0.5125

0.6125

0.5625

For the next $1 billion

0.5000

0.4500

0.5000

0.6000

0.5500

For the next $3 billion

0.4750

0.4250

0.4750

0.5750

0.5250

For the next $2.5 billion

0.4500

0.4000

0.4500

0.5500

0.5000

For the next $2.5 billion

0.4375

0.3875

0.4375

0.5375

0.4875

For net assets over $10 billion

0.4250

0.3750

0.4250

0.5250

0.4750

Complex-Level Asset Breakpoint Level*

Complex-Level Fee

For the first $124.3 billion

0.1600

For the next $75.7 billion

0.1350

For the next $200 billion

0.1325

For eligible assets over $400 billion

0.1300

Fund

Fund-Level Fee

Complex-Level Fee

Total Management Fee

Global Equity Income

.5469

.1544

.7013

Notes to Financial Statements

(continued)

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.

Distribution and Service Fees:

Each Fund has adopted a distribution and service plan under rule 12b-1 under the 1940 Act. Class A Shares incur

a 0.25% annual 12b-1 service fee. Class C Shares incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6

Shares and Class I Shares are not subject to 12b-1 distribution or service fees. The fees under this plan compensate Nuveen Securities, LLC, (the

“Distributor”), a wholly-owned subsidiary of Nuveen, for services provided and expenses incurred in distributing shares of the Funds and establishing

and maintaining shareholder accounts.

Other Transactions with Affiliates:

The Funds receive voluntary compensation from the Adviser in amounts that approximate the cost of research

services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly. This income received by the

Funds is recognized in "Affiliated income" on the Statement of Operations and any amounts due to the Funds at the end of the current fiscal period

is recognized in "Reimbursement from Adviser" on the Statement of Assets and Liabilities. During the current fiscal period, the values of voluntary

compensation were as follows:

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

Fund-Level Fee

Complex-Level Fee

Total Management Fee

International Value

.5192

.1544

.6736

Large Cap Value Opportunities

.5000

.1544

.6544

Multi Cap Value

.5187

.1544

.6731

Small Cap Value Opportunities

.6339

.1544

.7883

Small/Mid Cap Value

.5995

.1544

.7539

Fund

Temporary

Expense Cap

Temporary

Expense Cap

Expiration Date

Permanent

Expense Cap

Global Equity Income

0.90%

July 31, 2028

N/A

International Value

0.94

July 31, 2028

N/A

Large Cap Value Opportunities

0.79

July 31, 2028

1.35%

Multi Cap Value

0.94

July 31, 2028

N/A

Small Cap Value Opportunities

0.99

July 31, 2028

1.50%

Small/Mid Cap Value

0.95*

July 31, 2028

1.45%

N/A - Not Applicable.

* Effective May 1, 2026, the Fund's temporary expense cap changed from 1.10% to 0.95%.

Fund

Value

Global Equity Income

24,368

International Value

348,857

Large Cap Value Opportunities

11,984

Multi Cap Value

618,460

Small Cap Value Opportunities

703,913

Small/Mid Cap Value

137,732

Fund

Purchases

Sales

Realized

Gain (Loss)

Global Equity Income

—

International Value

188,411,839

—

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

concessions to financial intermediaries as follows:

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

providing services to shareholders relating to their investments.

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

follows:

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

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

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

their investments.

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

Fund

Purchases

Sales

Realized

Gain (Loss)

Large Cap Value Opportunities

—

Multi Cap Value

—

3,746,645

1,730,393

Small Cap Value Opportunities

—

668,962

115,662

Small/Mid Cap Value

—

Fund

Sales Charges

Collected

Paid to Financial

Intermediaries

Global Equity Income

29,827

27,407

International Value

21,980

19,301

Large Cap Value Opportunities

9,205

8,463

Multi Cap Value

63,511

55,953

Small Cap Value Opportunities

13,383

11,935

Small/Mid Cap Value

30,320

27,672

Fund

Commission

Advances

Global Equity Income

8,732

International Value

480

Large Cap Value Opportunities

18,119

Multi Cap Value

36,554

Small Cap Value Opportunities

40,703

Small/Mid Cap Value

22,154

Fund

12b-1 Fees

Retained

Global Equity Income

217

International Value

116

Large Cap Value Opportunities

5,590

Multi Cap Value

25,268

Small Cap Value Opportunities

27,317

Small/Mid Cap Value

6,977

Notes to Financial Statements

(continued)

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

9. Borrowing Arrangements

Line of Credit:

The Funds, along with certain funds managed by the Adviser or by an affiliate of the Adviser (“Participating Funds”), have established

a 364-day, $2.7 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other

than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility’s capacity (and its

associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the

size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to

those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating

Funds have undrawn capacity. The credit facility expires in June 2027, 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 1.10% (1.20% prior to June 16, 2026) per annum or (b) the Fed Funds Effective Rate plus 1.10% (1.20%

prior to June 16, 2026) 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.

Fund

CDSC

Retained

Global Equity Income

International Value

—

Large Cap Value Opportunities

Multi Cap Value

611

Small Cap Value Opportunities

1,321

Small/Mid Cap Value

5,346

Underlying Fund

Nuveen

Lifecycle

Funds

Nuveen

Lifestyle

Funds

Nuveen

Managed

Allocation

Fund

Total

International Value

82%

Fund

Nuveen Owned Shares

Small Cap Value Opportunities

-%*

Small/Mid Cap Value

-%*

*Rounds to less than 1%.

Important Tax Information

(Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must

be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications

of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which

will be sent to shareholders shortly after calendar year end.

Long-Term Capital Gains

As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being

from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions

eligible for the dividends received deduction for corporate shareholders:

Qualified Dividend Income (QDI)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions

treated as qualified dividend income for individuals pursuant to Section 1(h)(11) of the Internal Revenue Code:

Qualified Interest Income (QII)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary income distributions

treated as qualified interest income and/or short-term capital gain dividends pursuant to Section 871(k) of the Internal

Revenue Code:

Fund

Net Long-Term

Capital Gains

Global Equity Income

—

International Value

—

Large Cap Value Opportunities

1,660,997

Multi Cap Value

5,412,790

Small Cap Value Opportunities

22,278,452

Small/Mid Cap Value

6,751,480

Fund

Percentage

Global Equity Income

International Value

–

Large Cap Value Opportunities

Multi Cap Value

Small Cap Value Opportunities

100

Small/Mid Cap Value

100

Fund

Percentage

Global Equity Income

100

International Value

100

Large Cap Value Opportunities

100

Multi Cap Value

Small Cap Value Opportunities

100

Small/Mid Cap Value

100

Important Tax Information

(continued)

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:

163(j)

Each Fund listed below had the following percentage, or maximum amount allowable, of ordinary dividends treated as

Section 163(j) interest dividends pursuant to Section 163(j) of the Internal Revenue Code:

Fund

Prior Year End to

12/31 Percentage

1/1 to Current

Year End

Percentage

Global Equity Income

—

International Value

—

Large Cap Value Opportunities

—

Multi Cap Value

—

Small Cap Value Opportunities

—

Small/Mid Cap Value

—

Fund

Foreign Source

Income

Foreign Source

Income Per Share

Qualifying

Foreign

Taxes Paid

Qualifying

Foreign

Taxes Paid Per

Global Equity Income

—

International Value

20,715,341

0.67803

1,288,850

0.04218

Large Cap Value Opportunities

—

Multi Cap Value

—

Small Cap Value Opportunities

—

Small/Mid Cap Value

—

Fund

Percentage

Global Equity Income

–

International Value

Large Cap Value Opportunities

Multi Cap Value

Small Cap Value Opportunities

Small/Mid Cap Value

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 Fund does not pay any remuneration to its officers, but the Fund does reimburse Nuveen Fund Advisors, LLC, the Fund’s investment adviser and an affiliate of the Fund’s officers, for an allocable portion of Nuveen Fund Advisors, LLC’s cost of the compensation for the Fund’s Chief Compliance Officer. The aggregate remuneration paid to the trustees (all of whom are independent) and to Nuveen Fund Advisors, LLC, the Fund’s investment adviser and an affiliate of the Fund’s officers, by the Fund is reported as “Trustees fees” and “Management fees” on the Statement of Operations under Item 7 of this Form N-CSR.

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

Nuveen 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

(collectively, the “Funds”)

I. The Approval Process

At an in-person meeting held on April 28 and 29, 2026 (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 of their respective applicable series thereof, the renewal of the investment management agreement (each, an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (“NFAL” or the “Adviser”). Similarly, for each applicable series, the Board approved the renewal of the sub-advisory agreement (each, a “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (“NAM” or the “Sub-Adviser”). At the time of the Meeting, prior to an internal restructuring pursuant to which Teachers Advisors, LLC (“TAL”) was merged into NAM (the “Restructuring”), the Nuveen fund complex consisted of the group of funds advised by NFAL (the “NFAL Funds”), including the Funds, and the group of funds advised by TAL (the “TC Funds”; the NFAL Funds and the TC Funds are collectively referred to as the “Nuveen funds” or the “funds”). TAL and NFAL were affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”), and TAL was an indirect wholly owned subsidiary of TIAA. The Sub-Adviser is also an affiliate of NFAL.

The Board Members are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) and, therefore, the Board is comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the Investment Management Agreement and Sub-Advisory Agreement with respect to each Fund covered by this report.

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

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

In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. The materials provided in conjunction with the Meeting included, among other things, (a) a description of the nature, extent and quality of services provided by the Fund Advisers; (b) a review of the Sub-Adviser and/or investment team (as applicable); (c) fund performance over various periods with a focus on funds considered to have met certain challenged performance measurements; (d) the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; (e) a list of management fees and sub-advisory fee schedules; (f) an analysis of advisory fees compared to fees assessed to other types of clients; (g) a review of temporary and/or permanent expense caps and fee waivers (as applicable); (h) a description of portfolio manager compensation; (i) certain profitability and/or financial data; (j) a summary of the investments made in 2025 by the Adviser and/ or its affiliates in technology enhancements; and (k) a description of indirect benefits received by the Fund Advisers as a result of their relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, comparing fee and expense levels of each Fund to those of a peer universe and also to a peer group of funds, as well as a description of Broadridge’s methodology in compiling the expense universe and expense group, as applicable.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The performance, fee and expense data and other information provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the Board and its committees in overseeing the applicable Nuveen funds and working with the respective Fund Advisers in their review of the Advisory Agreements.

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 17, 2026 (the “April Executive Session”) to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information and received the responses to these follow-up questions and requests. In addition to the April Executive Session, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the materials, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members had the benefit of independent legal counsel during the annual review process as well as throughout the year and met with independent legal counsel at various executive sessions without the presence of any Fund Adviser management. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the Funds for an additional one-year period until May 1, 2027. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board’s annual review of the Funds’ advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

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

A. Nature, Extent and Quality of Services

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

The Board considered that the Adviser provides a wide array of management, oversight and other services necessary to manage and operate the Funds. The Board considered the Adviser’s and its affiliates’ dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. In its review of the services provided by the Adviser and its affiliates, the Board considered a description of the staffing levels of the investment and non-investment personnel; the experience and qualifications of key personnel; succession planning and staffing in seeking to help ensure the continuation of services and avoid business disruptions as a result of retirements or departures; business continuity functions which seek to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions; ongoing investments in the infrastructure and technology in enhancing the services provided to the applicable Nuveen funds; certain financial data of the Adviser and/or TIAA in assessing the financial stability and condition of the Adviser to continue to provide a high level of quality services to the applicable Nuveen funds; and portfolio manager compensation structure in seeking to attract and retain high quality talent.

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

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

In addition to the portfolio management services provided to the Funds, the Board considered the comprehensive package of non-management services the Adviser and its various teams and affiliates provide to manage and operate the applicable Nuveen funds, including compliance, regulatory, administrative and other services which have expanded over the years as a result of market, regulatory and other developments. Such services include, but are not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund’s product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; regulatory and regulatory advocacy services, including monitoring regulatory developments that may impact the fund(s), responding to regulatory inquiries and examinations and fulfilling regulatory filing requirements; Board and committee support services, including organizing meetings and coordinating site visits and presentations with affiliated and/or external investment teams and providing reports on a wide range of topics relating to the operations and management of the funds, including strategic initiatives and priorities, fund performance, trade execution, securities lending (as applicable), compliance matters, valuation matters, liquidity and derivatives risk management; oversight services, including establishing and coordinating the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); and legal support services.

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

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

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

B. The Investment Performance of the Funds and Fund Advisers

The Board, directly or through its Investment Committee, which is comprised of all Board Members, provides oversight of the investment performance process. In evaluating the quality of the services provided by the Fund Advisers, the Board and/or its Investment Committee monitors Fund performance on an ongoing basis, which includes quarterly performance reporting at each of its quarterly meetings with an annual performance review at its February 10-12, 2026 meeting (the “February Meeting”). At the February Meeting, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ended December 31, 2025 on an absolute basis and as compared to the performance of comparable funds (the “Performance Peer Group”) and to a benchmark for the prescribed periods. For Funds with multiple share classes, the performance data was based on Class I shares; however, the performance of other share classes was expected to be substantially similar as they invest in the same portfolio of securities, and differences in performance among the classes of a fund generally may be principally attributed to the variations in the expense structures of the share classes. Prior to the Meeting, the Board also received updated Fund performance over various periods ended March 31, 2026. In its review of relative performance, the Board considered a Fund’s performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile being the most desirable quartile ranking and the 4th quartile being the least desirable. The Board considered, in particular, the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management’s investment analysts.

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

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

In evaluating performance, the Board focused particular attention on funds with less favorable performance records over various time periods in its discussions with management. Depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified as experiencing performance issues, the Board seeks to discuss with the Adviser the reasons for the underperformance and any recommendations to improve performance and to monitor such funds more closely until performance improves.

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

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

With respect to each Fund, on the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

C. Fees, Expenses and Profitability

Fees and Expenses

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

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

The Board also considered comparative fee and expense information prepared by Broadridge, an independent third-party provider of fund data. More specifically, the Board Members generally considered, among other things, each Fund’s management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the “Expense Universe”) and a more focused group of comparable peers (the “Expense Group”). With respect to the Broadridge comparative expense data, Broadridge applied Class I shares of the Funds. In its review of such comparative fee and expense data, the Board considered, among other things, a Fund’s quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe and Expense Group (as applicable) with the first quartile representing the most desirable quartile ranking and the fourth quartile representing the least desirable ranking. The Board considered, in particular, each fund with a net total expense ratio that met certain expense screening criteria adopted by the Board when compared to its Expense Universe and Expense Group (if any) and management’s commentary as to the factors contributing to each such fund’s relative net total expense ratio.

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

The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these differences into account in considering the comparative peer data.

The Board further considered, in relevant part, a fund’s management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.

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

Additional Fund-specific comparative fee and expense data that the Board considered in addition to that described above is set forth in Section I.F below. Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

Comparisons with the Fees of Other Clients

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

With respect to the Sub-Adviser, the Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates.

The Board concluded that the varying levels of fees were reasonable given the foregoing.

Profitability of Fund Advisers

In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed the affiliated sub-advisers) from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser’s services to the applicable funds; (b) certain profitability data on behalf of the Adviser (as well as the Adviser and TAL on a combined basis) attributable to servicing all applicable funds for 2025 and 2024; (c) certain profitability data of both the Adviser and TAL on a combined basis derived from the type of fund in the aggregate (i.e., from the closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2025 and 2024; and (d) certain profitability data of both the Adviser and TAL on a combined basis provided by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered estimated profitability data at the per fund level for the Adviser.

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

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

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

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

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

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

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

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

level breakpoints and the complex-level breakpoints for the 2025 calendar year. In addition to the management fee structures, the Board Members also considered the temporary and/or permanent expense caps applicable to a fund (if any) which can provide a protection from an increase in expenses if the assets of the applicable funds decline. In addition, the Board considered the Adviser’s and/or affiliates’ ongoing investments in their business, including investments in various technology initiatives from which the fund complex may benefit as well as ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.

The Board further considered that the scope of services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders.

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

E. Indirect Benefits

The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. These benefits include, among other things, fees paid to affiliates of the Adviser for services as noted below, the sharing of personnel and investment-related infrastructure with other clients of the Adviser, the use of affiliated sub-advisers in which case all the advisory revenue generated from such funds remains within Nuveen, and the use of certain funds as investment options for other products offered by the Adviser and/or its affiliates (such as life insurance separate account products, fund of funds or 529 education savings plans).

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. To the extent an open-end fund pays 12b-1 fees, the Board Members considered that some of those fees may be retained by the Adviser’s affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2025 for serving as an underwriter on shelf offerings of existing closed-end Nuveen funds and reviewed the amounts paid for such services in 2025 and 2024.

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

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

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

F. Additional Fund-Specific Factors

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

Nuveen Global Equity Income Fund

Relative Net Performance


	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	First Quartile	First Quartile	First Quartile
Performance Benchmark	Outperformed	Outperformed	Outperformed

Comparative Fees and Expenses

Nuveen International Value Fund

Relative Net Performance


	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	Fourth Quartile	Third Quartile	Second Quartile
Performance Benchmark	Outperformed	Outperformed	Outperformed

Comparative Fees and Expenses

•• In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the small size of peers in the Expense Group limiting some of the value of the quartile rankings.

Nuveen Large Cap Value Opportunities Fund

Relative Net Performance


	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	First Quartile	First Quartile	First Quartile
Performance Benchmark	Outperformed	Outperformed	Outperformed

Comparative Fees and Expenses

Nuveen Multi Cap Value Fund

Relative Net Performance


	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	First Quartile	First Quartile	First Quartile
Performance Benchmark	Outperformed	Outperformed	Outperformed

Comparative Fees and Expenses

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

•• The Board considered, among other things, the Fund’s investment allocations pursuant to its investment strategy that contribute to the pricing for the Fund.

Nuveen Small Cap Value Opportunities Fund

Relative Net Performance


	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	Third Quartile	First Quartile	First Quartile
Performance Benchmark	Underperformed	Outperformed	Outperformed

Comparative Fees and Expenses

Nuveen Small/Mid-Cap Value Fund

Relative Net Performance


	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	First Quartile	First Quartile	First Quartile
Performance Benchmark	Underperformed	Outperformed	Outperformed

Comparative Fees and Expenses

•• The Board considered that management agreed to reduce and extend the Fund’s temporary expense cap.

G. Other Considerations

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

II. Subsequent Approvals of Advisory Agreements

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

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

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

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the fees of each of the Adviser and Sub-Adviser were reasonable in light of the services provided to each Fund and that each Advisory Agreement be renewed for an additional one-year period through July 31, 2027.

Item 12.

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

Not applicable to open-end investment companies.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14.

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

Not applicable to open-end investment companies.

Item 15.

Submission of Matters to a Vote of Security Holders.

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

Item 16.

Controls and Procedures.

(a)

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

(b)

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

Item 17.

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

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

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

Item 18.

Recovery of Erroneously Awarded Compensation.

(a)	Not applicable.

(b)	Not applicable.

Item 19.

Exhibits.

(a)(1)

Not applicable 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.

Nuveen Investment Trust II

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


Date: September 3, 2026	By:	/s/ Jordan M. Farris
		Jordan M. Farris
		Chief Administrative Officer
		(principal executive officer)

Date: September 3, 2026	By:	/s/ Marc Cardella
		Marc Cardella
		Vice President and Controller
		(principal financial officer)

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

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