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N-1A
Nuveen Investment Trust II
2026-10-30
Nuveen International Value Fund
Investment Objective
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The investment objective of the Fund is to seek long-term capital appreciation.</div>
Fees and Expenses of the Fund
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">The following tables describe the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial advisor and in “How You Can Buy and Sell Shares” on page 60 of the Fund’s prospectus and “Purchase and Redemption of Fund Shares” on page S-67 of the Fund’s statement of additional information. In addition, more information about sales charge discounts and waivers for purchases of shares through specific financial intermediaries is set forth in the appendix to the Fund’s prospectus entitled “Variations in Sales Charge Reductions and Waivers Available Through Certain Intermediaries.”</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Nuveen mutual funds.
50000
Shareholder Fees(fees paid directly from your investment)
0.0575
0
0
0
0.0100
0
0
0
0
0
0
0
15
15
0
Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment)
0.0068
0.0068
0.0068
0.0025
0.0100
0.0000
0.0004
0.0024
0.0005
0.0097
0.0192
0.0073
0.0000
-0.0002
0.0000
0.0097
0.0190
0.0073
The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase.
Restated to reflect estimate for the current fiscal year.
July 31, 2028
Example
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then either redeem or do not redeem your shares at the end of a period. The example also assumes that your investment has a 5% return each year, that the Fund’s operating expenses remain the same and that the fee waivers currently in place are not renewed beyond July 31, 2028. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</div>
668
668
193
193
75
75
866
866
600
600
233
233
1080
1080
1033
1033
406
406
1696
1696
2240
2240
906
906
Portfolio Turnover
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 38% of the average value of its portfolio. </div>
0.38
Principal Investment Strategies
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of value companies. Value companies are those that are constituents of at least one of the following indexes on the last business day of the month in which its most recent reconstitution was completed (as adjusted by changes to an index between reconstitutions): MSCI ACWI Ex/US Value Index, S&P Global BMI Value Index and MSCI World IMI Value Index. The Fund may invest in equity securities issued by companies with small, mid and large capitalizations. Under normal circumstances, the Fund invests at least 80% of its net assets in non-U.S. equity securities and may invest up to 20% of its net assets in equity securities of companies located in emerging market countries. No more than 35% of the Fund’s net assets may be invested in equity securities of companies located in a single non-U.S. country. In selecting securities, the Fund’s sub-adviser seeks to invest in businesses at attractive valuations through a disciplined, consistent research process. The Fund’s investment strategy is not designed to track the performance of any specific benchmark.</div>
Under normal circumstances, the Fund invests at least 80% of the sum of its net assets and the amount of any borrowings for investment purposes in equity securities of value companies. Value companies are those that are constituents of at least one of the following indexes on the last business day of the month in which its most recent reconstitution was completed (as adjusted by changes to an index between reconstitutions): MSCI ACWI Ex/US Value Index, S&P Global BMI Value Index and MSCI World IMI Value Index.
The Fund may invest in equity securities issued by companies with small, mid and large capitalizations. Under normal circumstances, the Fund invests at least 80% of its net assets in non-U.S. equity securities and may invest up to 20% of its net assets in equity securities of companies located in emerging market countries. No more than 35% of the Fund’s net assets may be invested in equity securities of companies located in a single non-U.S. country. In selecting securities, the Fund’s sub-adviser seeks to invest in businesses at attractive valuations through a disciplined, consistent research process.
The value of your investment in this Fund will change daily. You could lose money by investing in the Fund.
An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Active Management Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The Fund’s sub-adviser actively manages the Fund’s investments. Consequently, the Fund is subject to the risk that the investment techniques and risk analyses employed by the Fund’s sub-adviser, including its use of proprietary and third-party technology systems, models, algorithms and data management software, may not produce the desired results. This could cause the Fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.</span></div>
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Currency Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Changes in currency exchange rates will affect the value of non-U.S. securities, the value of dividends and interest earned from such securities, and gains and losses realized on the sale of such securities. A strong U.S. dollar relative to these other currencies will adversely affect the value of the Fund’s portfolio.</span></div>
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Cybersecurity Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Cybersecurity risk is the risk of an unauthorized breach and access to Fund assets, customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Fund, its investment adviser or sub-adviser, custodian, transfer agent, distributor or other service provider, a financial intermediary or the issuers of securities held by the Fund to suffer a data breach, data corruption or lose operational functionality. Successful cyber-attacks or other cyber-failures or events affecting the Fund, its service providers or the issuers of securities held by the Fund may adversely impact the Fund or its shareholders. Additionally, a cybersecurity breach could affect the issuers in which the Fund invests, which may cause the Fund’s investments to lose value.</span></div>
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Emerging Markets Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The risk of foreign investment often increases in countries with emerging markets or that are otherwise economically tied to emerging market countries. For example, these countries may have more unstable governments than developed countries and their economies may be based on only a few industries. Emerging market countries may also have less stringent regulation of accounting, auditing, financial reporting and recordkeeping requirements, which would affect the Fund’s ability to evaluate potential portfolio companies. As a result, there could be less information about issuers in emerging market countries, which could negatively affect the ability of the Fund’s sub-adviser to evaluate local companies or their potential impact on the Fund’s performance. Because their financial markets may be very small, prices of financial instruments in emerging market countries may be volatile and difficult to determine. Financial instruments of issuers in these countries may have lower overall liquidity than those of issuers in more developed countries. In addition, foreign investors such as the Fund are subject to a variety of special restrictions in many </span></div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">emerging market countries. Shareholder claims and regulatory actions that are available in the U.S. may be difficult or impossible to pursue in emerging market countries.</div>
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Equity Security Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Equity securities in the Fund’s portfolio may decline significantly in price over short or extended periods of time, and such declines may occur because of declines in the equity market as a whole, or because of declines in only a particular country, company, industry, or sector of the market. From time to time, the Fund may invest a significant portion of its assets in companies in one or more related sectors or industries which would make the Fund more vulnerable to adverse developments affecting such sectors or industries.</span></div>
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Financial Services Sector Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The Fund currently invests a significant portion of its assets in the financial services sector, although this may change over time. Financial services companies are particularly sensitive to the adverse effects of economic recession; changes in government regulation; the availability of capital; volatile interest rates; and the health of the commercial and residential real estate markets.</span></div>
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Foreign Investment Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Non-U.S. issuers or U.S. issuers with significant non-U.S. operations may be subject to risks in addition to those of issuers located in or that principally operate in the United States as a result of, among other things, political, social and economic developments abroad, as well as armed conflicts and different legal, regulatory and tax environments. Foreign investments may also have lower liquidity and be more difficult to value than investments in U.S. issuers. To the extent the Fund invests a significant portion of its assets in the securities of companies in a single country or region, it may be more susceptible to adverse economic, market, political or regulatory events or conditions affecting that country or region. Foreign investments may also be subject to risk of loss because of more or less foreign government regulation, less public information, less stringent investor protections and less stringent accounting, corporate governance, financial reporting and disclosure standards. The Fund currently invests a significant portion of its assets in companies located in Japan, although this may change over time. Japan's economy may remain in persistent low growth and faces risks from its trade dependence, reliance on commodity imports, structural challenges, and vulnerability to natural disasters.</span></div>
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Industrials Sector Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The Fund currently invests a significant portion of its assets in the industrials sector, although this may change over time. Industrials companies are affected by various factors, including the general state of the economy, exchange rates, commodity prices, intense competition, consolidation, domestic and international politics, government regulation, import controls, excess capacity, consumer demand and spending trends. In addition, industrials companies may also be significantly affected by overall capital spending levels, economic cycles, rapid technological changes, delays in modernization, labor relations, environmental liabilities, governmental and product liability and e-commerce initiatives.</span></div>
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Large-Cap Company Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Because it invests primarily in securities of large-capitalization companies, the Fund may underperform funds that invest primarily in securities of smaller capitalization companies during periods when the securities of such companies are in favor.</span></div>
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Market Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The market value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably and for short or extended periods of time, due to the particular circumstances of individual issuers or due to general conditions impacting issuers more broadly. Global economies and financial markets have become highly interconnected, and thus economic, market or political conditions or events in one country or region might adversely impact the value of the Fund’s investments whether or not the Fund invests in such country or region. Events such as war, the imposition or removal of tariffs, sanctions, and other trade restrictions, terrorism, geopolitical events, financial system instability, natural and environmental disasters and the spread of infectious illnesses or other public health emergencies may have a severe negative impact on the global economy, could cause financial markets to experience extreme volatility and losses, and could result in the disruption of trading and the reduction of liquidity in many instruments. Additionally, as inflation increases, the value of the Fund’s assets can decline.</span></div>
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Service Provider Operational Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—The Fund’s service providers, such as the Fund’s administrator, custodian or transfer agent, may experience disruptions or operating errors that could negatively impact the Fund. Although service providers are required to have appropriate operational risk management policies and procedures, and to take appropriate precautions to avoid and mitigate risks that could lead to disruptions and operating errors, it may not be possible to identify all of the operational risks that may affect the Fund or to develop processes and controls to completely eliminate or mitigate their occurrence or effects.</span></div>
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Small- and Mid-Cap Company Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Securities of small-cap companies involve substantial risk. Prices of small-cap securities may be subject to more abrupt or erratic movements, and to wider fluctuations and lower liquidity, than security prices of larger, more established companies or broader market averages in general. It may be difficult to sell small-cap </span></div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">securities at the desired time and price. While mid-cap securities may be slightly less volatile than small-cap securities, they still involve similar risks.</div>
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:bold;text-decoration:none">Value Stock Risk</span><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">—Value stocks are securities of companies that typically trade at a perceived discount to their intrinsic value and at valuation discounts relative to companies in the same industry. Value stocks often times are also in sectors that trade at a discount to the broader market. The reasons for their discount may vary greatly, but some examples may include adverse business, industry or other developments that may cause the company to be subject to special risks. The intrinsic value of a stock with value characteristics may be difficult to identify and may not be fully recognized by the market for a long time or a stock identified to be undervalued may actually be appropriately priced at a low level.</span></div>
Fund Performance
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The following bar chart and table provide some indication of the potential risks of investing in the Fund. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available at www.nuveen.com/performance or by calling (800) 257-8787.</div>
The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.
www.nuveen.com/performance
(800) 257-8787
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares. The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.</div>
The bar chart below shows the variability of the Fund’s performance from year to year for Class A shares.
The bar chart and highest/lowest quarterly returns that follow do not reflect sales charges, and if these charges were reflected, the returns would be less than those shown.
Class A Annual Total Return*
year-to-date total return
2026-09-30
0.0694
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;font-style:normal;margin-top:1em;margin-bottom:1em;"><span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">During the ten-year period ended December 31, 2025, the Fund’s highest and lowest quarterly returns were 18.31%</span><br/> <span style="font-size:10.0pt;font-family:arial;font-style:normal;color:#000000;font-weight:normal;text-decoration:none">and -27.13%, respectively, for the quarters ended December 31, 2020 and March 31, 2020.</span></div>
highest
lowest
0.1831
-0.2713
2020-12-31
2020-03-31
<div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">The table below shows the variability of the Fund’s average annual returns and how they compare over the time periods indicated with those of a broad measure of market performance and an index of funds with similar investment objectives. All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary. Your own actual after-tax returns will depend on your specific tax situation and may differ from what is shown here. After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as IRAs or employer-sponsored retirement plans.</div><div style="font-size:10.0pt;font-family:arial;text-align:left;color:#000000;font-weight:normal;text-decoration:none;margin-top:1em;margin-bottom:1em;">Both the bar chart and the table assume that all distributions have been reinvested. Performance reflects fee waivers, if any, in effect during the periods presented. If any such waivers had not been in place, returns would have been reduced.</div>
All after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
After-tax returns are shown for Class A shares only; after-tax returns for other share classes will vary.
After-tax returns are not relevant to investors who hold Fund shares in tax-deferred accounts such as IRAs or employer-sponsored retirement plans.
Average Annual Total Returnsfor the Periods EndedDecember 31, 2025
0.2794
0.1034
0.0723
0.2793
0.0986
0.0683
0.1654
0.0821
0.0586
0.3476
0.1082
0.0722
0.3606
0.1192
0.0813
0.3122
0.0892
0.0818
0.3969
0.1120
0.0819
Class A year-to-date total return as of September 30, 2026 was 6.94%. The performance of the other share classes will differ due to their different expense structures.
The Fund’s investment adviser has agreed to waive fees and/or reimburse expenses through July 31, 2028 so that the total annual operating expenses of the Fund (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.94% of the average daily net assets of any class of Fund shares. This expense limitation may be terminated or modified prior to July 31, 2028 only with the approval of the Board of Trustees of the Fund.
An index designed to measure the performance of large and mid-cap securities across 21 developed market countries, excluding the U.S. and Canada.
Represents the average annualized total return for all reporting funds in the Lipper International Multi-Cap Value Funds Classification.
The contingent deferred sales charge on Class C shares applies only to redemptions within 12 months of purchase.
Restated to reflect estimate for the current fiscal year.