Results
Nuveen Investment Trust II
09/05/2024 | Press release | Distributed by Public on 09/05/2024 12:22
Annual Report by Investment Company Form N CSR
Nuveen Investment Trust II
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
Nuveen Investments
333 West Wacker Drive
Chicago, Illinois 60606
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
Date of fiscal year end: June30
Date of reporting period: June 30, 2024
| Item 1. |
Reports to Stockholders.
|
|
|
Annual Shareholder Report
June 30, 2024
|
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, 2023 to June 30, 2024.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
|
$115 | 1.15% |
How did the Fund perform last year? What affected the Fund's performance?
|
Performance Highlights
• The Nuveen International Value Fund returned 8.97% for Class A shares at net asset value (NAV) for the 12 months ended June 30, 2024. The Fund underperformed the MSCI EAFE Index (Net), which returned 11.54%.
• Top contributors to relative performance
» Security selection in financials led by Danish banking and financial services firm ING Groep NV.
» An out-of-benchmark position in Taiwan Semiconductor Manufacturing Company Limited.
• Top detractors from relative performance
» Security selection in the health care sector, including German pharmaceutical and biotechnology company Bayer AG.
» Security selection in the information technology sector, including Japanese electronic components manufacturer Rohm Co. Ltd.
» An overweight to Sands China Ltd., a Hong Kong based resort and casino operator.
|
Performance Attribution
Financials
Taiwan Semiconductor Manufacturing Company Limited
Health care
Information technology
Sands China Ltd.
|
| 1 | continued» |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance(July 1, 2014 through June 30, 2024)Initial Investment of $10,000
Average Annual Total Returns
| 1-Year | 5-Year | 10-Year | ||||||||||
|
Class A Shares at NAV (excluding maximum sales charge)
|
8.97 | % | 6.86 | % | 3.38 | % | ||||||
|
Class A Shares at maximum sales charge (Offering Price)
|
2.71 | 5.60 | 2.77 | |||||||||
|
MSCI EAFE® Index (Net)
|
11.54 | 6.46 | 4.33 | |||||||||
|
Lipper International Multi-Cap Value Funds Classification Average
|
10.18 | 5.92 | 3.24 |
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectusesor call (800) 257-8787.
| 2 | continued» |
Fund Statistics (as of June 30, 2024)
|
Fund net assets
|
$ | 103,863,011 | ||
|
Total number of portfolio holdings
|
60 | |||
|
Portfolio turnover (%)
|
13% | |||
|
Total management fees paid for the year
|
$ | 726,947 |
What did the Fund invest in? (as of June 30, 2024)
How has the Fund changed?
| • |
Management fees: As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.
|
For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 31, 2024 at https://www.nuveen.com/en-us/mutual-funds/prospectusesor 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_0624
3734609-INV-Y-08/25 (A, C, I)
|
| 3 |
|
|
Annual Shareholder Report
June 30, 2024
|
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, 2023 to June 30, 2024.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
|
$190 | 1.90% |
How did the Fund perform last year? What affected the Fund's performance?
|
Performance Highlights
• The Nuveen International Value Fund returned 8.18% for Class C shares at net asset value (NAV) for the 12 months ended June 30, 2024. The Fund underperformed the MSCI EAFE Index (Net), which returned 11.54%.
• Top contributors to relative performance
» Security selection in financials led by Danish banking and financial services firm ING Groep NV.
» An out-of-benchmark position in Taiwan Semiconductor Manufacturing Company Limited.
• Top detractors from relative performance
» Security selection in the health care sector, including German pharmaceutical and biotechnology company Bayer AG.
» Security selection in the information technology sector, including Japanese electronic components manufacturer Rohm Co. Ltd.
» An overweight to Sands China Ltd., a Hong Kong based resort and casino operator.
|
Performance Attribution
Financials
Taiwan Semiconductor Manufacturing Company Limited
Health care
Information technology
Sands China Ltd.
|
| 1 | continued» |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance(July 1, 2014 through June 30, 2024) Initial Investment of $10,000
Average Annual Total Returns
| 1-Year | 5-Year | 10-Year | ||||||||||
|
Class C Shares at NAV (excluding maximum sales charge)
|
8.18 | % | 6.07 | % | 2.75 | % | ||||||
|
MSCI EAFE® Index (Net)
|
11.54 | 6.46 | 4.33 | |||||||||
|
Lipper International Multi-Cap Value Funds Classification Average
|
10.18 | 5.92 | 3.24 |
Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectusesor call (800) 257-8787.
| 2 | continued» |
Fund Statistics (as of June 30, 2024)
|
Fund net assets
|
$ | 103,863,011 | ||
|
Total number of portfolio holdings
|
60 | |||
|
Portfolio turnover (%)
|
13% | |||
|
Total management fees paid for the year
|
$ | 726,947 |
What did the Fund invest in? (as of June 30, 2024)
How has the Fund changed?
| • |
Management fees: As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.
|
For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 31, 2024 at https://www.nuveen.com/en-us/mutual-funds/prospectusesor 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.
|
67065W704_AR_0624
3734609-INV-Y-08/25 (A, C, I)
|
| 3 |
|
|
Annual Shareholder Report
June 30, 2024
|
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, 2023 to June 30, 2024.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
|
$90 | 0.90% |
How did the Fund perform last year? What affected the Fund's performance?
|
Performance Highlights
• The Nuveen International Value Fund returned 9.25% for Class I shares at net asset value (NAV) for the 12 months ended June 30, 2024. The Fund underperformed the MSCI EAFE Index (Net), which returned 11.54%.
• Top contributors to relative performance
» Security selection in financials led by Danish banking and financial services firm ING Groep NV.
» An out-of-benchmark position in Taiwan Semiconductor Manufacturing Company Limited.
• Top detractors from relative performance
» Security selection in the health care sector, including German pharmaceutical and biotechnology company Bayer AG.
» Security selection in the information technology sector, including Japanese electronic components manufacturer Rohm Co. Ltd.
» An overweight to Sands China Ltd., a Hong Kong based resort and casino operator.
|
Performance Attribution
Financials
Taiwan Semiconductor Manufacturing Company Limited
Health care
Information technology
Sands China Ltd.
|
| 1 | continued» |
How did the Fund perform over the last 10 years?
Performance data shown represents past performance and does not predict or guarantee future results.The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.
Fund Performance(July 1, 2014 through June 30, 2024) Initial Investment of $10,000
Average Annual Total Returns
| 1-Year | 5-Year | 10-Year | ||||||||||
|
Class I Shares at NAV
|
9.25 | % | 7.13 | % | 3.63 | % | ||||||
|
MSCI EAFE® Index (Net)
|
11.54 | 6.46 | 4.33 | |||||||||
|
Lipper International Multi-Cap Value Funds Classification Average
|
10.18 | 5.92 | 3.24 |
Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectusesor call (800) 257-8787.
| 2 | continued» |
Fund Statistics (as of June 30, 2024)
|
Fund net assets
|
$ | 103,863,011 | ||
|
Total number of portfolio holdings
|
60 | |||
|
Portfolio turnover (%)
|
13% | |||
|
Total management fees paid for the year
|
$ | 726,947 |
What did the Fund invest in? (as of June 30, 2024)
How has the Fund changed?
| • |
Management fees: As of May 1, 2024, the Fund's overall complex-level fee begins at a maximum rate of 0.1600% of the Fund's average daily net assets, with breakpoints for eligible complex-level assets above $124.3 billion.
|
For more complete information, you may review the Fund's next prospectus, which is expected to be available by October 31, 2024 at https://www.nuveen.com/en-us/mutual-funds/prospectusesor 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.
|
67065W803_AR_0624
3734609-INV-Y-08/25 (A, C, I)
|
| 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, Albin F. Moschner, John K. Nelson, Loren M. Starr and Robert L. Young, who are "independent" for purposes of Item 3 of Form N-CSR.
Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees' Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1(2019-2023).
Mr. Moschner is a consultant in the wireless industry and, in July 2012, founded Northcroft Partners, LLC, a management consulting firm that provides operational, management and governance solutions. Prior to founding Northcroft Partners, LLC, Mr. Moschner held various positions at Leap Wireless International, Inc., a provider of wireless services, where he was as a consultant from February 2011 to July 2012, Chief Operating Officer from July 2008 to February 2011, and Chief Marketing Officer from August 2004 to June 2008. Before he joined Leap Wireless International, Inc., Mr. Moschner was President of the Verizon Card Services division of Verizon Communications, Inc. from 2000 to 2003, and President of One Point Services at One Point Communications from 1999 to 2000. Mr. Moschner also served at Zenith Electronics Corporation as Director, President and Chief Executive Officer from 1995 to 1996, and as Director, President and Chief Operating Officer from 1994 to 1995.
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 member of the Audit Committee for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1(2022-2023).
Mr. Young has more than 30 years of experience in the investment management industry. From 1997 to 2017, he held various positions with J.P. Morgan Investment Management Inc. ("J.P. Morgan Investment") and its affiliates (collectively, "J.P. Morgan"). Most recently, he served as Chief Operating Officer and Director of J.P. Morgan Investment (from 2010 to 2016) and as President and Principal Executive Officer of the J.P. Morgan Funds (from 2013 to 2016). As Chief Operating Officer of J.P. Morgan Investment, Mr. Young led service, administration and business platform support activities for J.P. Morgan's domestic retail mutual fund and institutional commingled and separate account businesses and co-ledthese activities for J.P. Morgan's global retail and institutional
investment management businesses. As President of the J.P. Morgan Funds, Mr. Young interacted with various service providers to these funds, facilitated the relationship between such funds and their boards, and was directly involved in establishing board agendas, addressing regulatory matters, and establishing policies and procedures. Before joining J.P. Morgan, Mr. Young, a former Certified Public Accountant (CPA), was a Senior Manager (Audit) with Deloitte & Touche LLP (formerly, Touche Ross LLP), where he was employed from 1985 to 1996. During his tenure there, he actively participated in creating, and ultimately led, the firm's midwestern mutual fund practice.
| Item 4. |
Principal Accountant Fees and Services. |
The following tables show the amount of fees that PricewaterhouseCoopers, the Funds' auditor, billed to the Funds during the Funds' last two full fiscal years. The Audit Committee approved in advance all audit services and non-auditservices that PricewaterhouseCoopers provided to the Funds, except for those non-auditservices that were subject to the pre-approvalexception under Rule 2-01of Regulation S-X(the "pre-approvalexception"). The pre-approvalexception for services provided directly to the Funds waives the pre-approvalrequirement 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 Funds during the fiscal year in which the services are provided; (B) the Funds did not recognize the services as non-auditservices 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-approvalresponsibilities to its Chair (or, in his absence, any other member of the Audit Committee).
| Fiscal Year Ended June 30, 2024 |
Audit Fees Billed to Funds1 |
Audit-Related Fees Billed to Funds2 |
Tax Fees Billed to Funds3 |
All Other Fees Billed to Funds4 |
||||||||||||
|
Nuveen International Value Fund |
$20,585 | $0 | $6,396 | $0 | ||||||||||||
|
Total |
$20,585 | $0 | $6,396 | $0 |
| 1 |
"Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 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". These fees include offerings related to the Fund's common shares and leverage. |
| 3 |
"Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 |
"All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees represent all "Agreed-Upon Procedures" engagements pertaining to the Fund's use of leverage. |
| Fiscal Year Ended June 30, 2024 | Percentage Approved Pursuant to Pre-approvalException | |||||||||||||||
|
Audit Fees Billed to Funds |
Audit-Related Fees Billed to Funds |
Tax Fees Billed to Funds |
All Other Fees Billed to Funds |
|||||||||||||
|
Nuveen International Value Fund |
0% | 0% | 0% | 0% |
| Fiscal Year Ended June 30, 2023 |
Audit Fees Billed to Funds1 |
Audit-Related Fees Billed to Funds2 |
Tax Fees Billed to Funds3 |
All Other Fees Billed to Funds4 |
||||||||||||
|
Nuveen International Value Fund |
$22,933 | $0 | $14,809 | $0 | ||||||||||||
|
Total |
$22,933 | $0 | $14,809 | $0 |
| 1 |
"Audit Fees" are the aggregate fees billed for professional services for the audit of the Fund's annual financial statements and services provided in connection with statutory and regulatory filings or engagements. |
| 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". These fees include offerings related to the Fund's common shares and leverage. |
| 3 |
"Tax Fees" are the aggregate fees billed for professional services for tax advice, tax compliance, and tax planning. These fees include: all global withholding tax services; excise and state tax reviews; capital gain, tax equalization and taxable basis calculations performed by the principal accountant. |
| 4 |
"All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees". These fees represent all "Agreed-Upon Procedures" engagements pertaining to the Fund's use of leverage. |
| Percentage Approved Pursuant to Pre-approvalException | ||||||||||||||||
|
Fiscal Year Ended June 30, 2023 |
Audit Fees Billed to Funds |
Audit-Related Fees Billed to Funds |
Tax Fees Billed to Funds |
All Other Fees Billed to Funds |
||||||||||||
|
Nuveen International Value Fund |
0% | 0% | 0% | 0% | ||||||||||||
|
Fiscal Year Ended June 30, 2024 |
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 |
|||||||||||||
|
Nuveen Investment Trust II |
$0 | $0 | $0 | |||||||||||||
| Percentage Approved Pursuant to Pre-approvalException | ||||||||||||||||
|
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 |
||||||||||||||
| 0% | 0% | 0% | ||||||||||||||
|
Fiscal Year Ended June 30, 2023 |
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 |
|||||||||||||
|
Nuveen Investment Trust II |
$0 | $0 | $0 | |||||||||||||
| Percentage Approved Pursuant to Pre-approvalException | ||||||||||||||||
|
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 |
||||||||||||||
| 0% | 0% | 0% |
| Fiscal Year Ended June 30, 2024 |
Total Non-Audit Fees Billed to Fund |
Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) |
Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements) |
Total | ||||||||||||
|
Nuveen International Value Fund |
$6,396 | $0 | $0 | $6,396 | ||||||||||||
|
Total |
$6,396 | $0 | $0 | $6,396 |
"Non-AuditFees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective amounts from the previous table.
Less than 50 percent of the hours expended on the principal accountant'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 principal accountant's full-time, permanent employees.
| Fiscal Year Ended June 30, 2023 |
Total Non-Audit Fees Billed to Fund |
Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Trust) |
Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements) |
Total | ||||||||||||
|
Nuveen International Value Fund |
$14,809 | $0 | $0 | $14,809 | ||||||||||||
|
Total |
$14,809 | $0 | $0 | $14,809 |
"Non-AuditFees billed to Fund" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to Fund in their respective amounts from the previous table.
Audit Committee Pre-ApprovalPolicies and Procedures. Generally, the Audit Committee must approve (i) all non-auditservices to be performed for the Funds by the Funds' independent accountant and (ii) all audit and non-auditservices to be performed by the Funds' independent accountant for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Funds. Regarding tax and research projects conducted by the independent accountant for the Funds and Affiliated Fund Service Providers (with respect to operations and financial reports of the Trust), such engagements will be (i) pre-approvedby the Audit Committee if they are expected to be for amounts greater than $10,000; (ii) reported to the Audit Committee Chair for his verbal approval prior to engagement if they are expected to be for amounts under $10,000 but greater than $5,000; and (iii) reported to the Audit Committee at the next Audit Committee meeting if they are expected to be for an amount under $5,000.
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-EndManagement Investment Companies. |
Item
7.
Financial
Statements
and
Financial
Highlights
for
Open-End
Management
Investment
Companies
3
4
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
(five
of
the
funds
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,
2024,
the
related
statements
of
operations
for
the
year
ended
June
30,
2024,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
June
30,
2024,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
June
30,
2024
(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,
2024,
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,
2024
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
June
30,
2024
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,
2024
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,
2024
We
have
served
as
the
auditor
of
one
or
more
investment
companies
in
Nuveen
Funds
since
2002.
5
Nuveen
Global
Equity
Income
Fund
Portfolio
of
Investments
June
30,
2024
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.6%
X
-
COMMON
STOCKS
-
99
.6
%
X
132,645,267
AUTOMOBILES
&
COMPONENTS
-
1.9%
54,235
General
Motors
Co
$
2,519,758
TOTAL
AUTOMOBILES
&
COMPONENTS
2,519,758
BANKS
-
13.8%
47,688
Fifth
Third
Bancorp
1,740,135
119,174
ING
Groep
NV
2,047,727
14,419
JPMorgan
Chase
&
Co
2,916,387
167,081
Nordea
Bank
Abp
1,991,775
213,720
Oversea-Chinese
Banking
Corp
Ltd
2,269,575
190,700
Sumitomo
Mitsui
Trust
Holdings
Inc
4,382,514
51,890
Wells
Fargo
&
Co
3,081,747
TOTAL
BANKS
18,429,860
CAPITAL
GOODS
-
10.0%
11,333
Airbus
SE
1,555,416
6,152
Eaton
Corp
PLC
1,928,960
10,155
General
Dynamics
Corp
2,946,372
145,950
Mitsubishi
Electric
Corp
2,338,866
109,860
Mitsui
&
Co
Ltd
2,505,535
11,086
Siemens
AG
2,063,387
TOTAL
CAPITAL
GOODS
13,338,536
CONSUMER
DURABLES
&
APPAREL
-
1.0%
3,515
Kering
SA
1,278,564
TOTAL
CONSUMER
DURABLES
&
APPAREL
1,278,564
CONSUMER
SERVICES
-
1.4%
41,747
Las
Vegas
Sands
Corp
1,847,305
TOTAL
CONSUMER
SERVICES
1,847,305
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
2.7%
52,896
Walmart
Inc
3,581,588
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
3,581,588
ENERGY
-
6.6%
18,621
Chevron
Corp
2,912,697
85,115
Enterprise
Products
Partners
LP
2,466,633
95,618
Shell
PLC
3,429,622
TOTAL
ENERGY
8,808,952
FINANCIAL
SERVICES
-
1.5%
9,951
Deutsche
Boerse
AG
2,033,951
TOTAL
FINANCIAL
SERVICES
2,033,951
FOOD,
BEVERAGE
&
TOBACCO
-
3.4%
26,007
Coca-Cola
Co/The
1,655,346
30,167
Heineken
NV
2,918,536
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
4,573,882
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
3.4%
3,997
Elevance
Health
Inc
2,165,814
6,261
Humana
Inc
2,339,423
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
4,505,237
Nuveen
Global
Equity
Income
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
6
Shares
Description
(a)
Value
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
2.7%
495,645
Haleon
PLC
$
2,016,638
39,360
Kao
Corp
1,593,567
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
3,610,205
INSURANCE
-
7.7%
6,935
Allianz
SE,
ADR
1,926,065
5,268
Everest
Group
Ltd
2,007,213
43,577
NN
Group
NV
2,025,391
241,723
Prudential
PLC
2,191,706
3,855
Zurich
Insurance
Group
AG
2,053,541
TOTAL
INSURANCE
10,203,916
MATERIALS
-
6.7%
99,623
BHP
Group
Ltd
2,847,420
20,846
DSM-Firmenich
AG
2,347,367
25,325
DuPont
de
Nemours
Inc
2,038,409
33,343
Nutrien
Ltd
1,697,555
TOTAL
MATERIALS
8,930,751
MEDIA
&
ENTERTAINMENT
-
1.7%
21,681
Publicis
Groupe
SA
2,302,935
TOTAL
MEDIA
&
ENTERTAINMENT
2,302,935
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
9.3%
17,307
AbbVie
Inc
2,968,497
41,897
AstraZeneca
PLC,
Sponsored
ADR
3,267,547
30,059
Sanofi
2,898,984
22,163
UCB
SA
3,290,915
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
12,425,943
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
0.7%
1,154,000
Hang
Lung
Properties
Ltd
981,965
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
981,965
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
6.0%
2,953
Broadcom
Inc
4,741,130
44,646
Intel
Corp
1,382,687
44,900
MediaTek
Inc
1,933,770
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
8,057,587
SOFTWARE
&
SERVICES
-
2.8%
26,000
Oracle
Corp
3,671,200
TOTAL
SOFTWARE
&
SERVICES
3,671,200
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
2.6%
32,569
Cisco
Systems
Inc
1,547,353
40,800
Samsung
Electronics
Co
Ltd
1,873,404
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
3,420,757
TELECOMMUNICATION
SERVICES
-
4.7%
224,430
AT&T
Inc
4,288,857
169,056
Telenor
ASA
1,926,957
TOTAL
TELECOMMUNICATION
SERVICES
6,215,814
TRANSPORTATION
-
3.6%
39,501
Delta
Air
Lines
Inc
1,873,927
71,284
Deutsche
Post
AG
2,894,624
TOTAL
TRANSPORTATION
4,768,551
7
Shares
Description
(a)
Value
UTILITIES
-
5.4%
45,692
Dominion
Energy
Inc
$
2,238,908
279,177
Enel
SpA,
ADR
1,937,151
265,262
National
Grid
PLC
2,961,951
TOTAL
UTILITIES
7,138,010
TOTAL
COMMON
STOCKS
(cost
$99,123,529)
132,645,267
TOTAL
LONG-TERM
INVESTMENTS
(cost
$99,123,529)
132,645,267
OTHER
ASSETS
&
LIABILITIES,
NET
- 0.4%
490,392
NET
ASSETS
-
100%
$
133,135,659
For
Fund
portfolio
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
ADR
American
Depositary
Receipt
See
Notes
to
Financial
Statements
8
Nuveen
International
Value
Fund
Portfolio
of
Investments
June
30,
2024
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.7%
X
-
COMMON
STOCKS
-
99
.7
%
X
103,508,998
AUTOMOBILES
&
COMPONENTS
-
5.7%
1,298,567
Dowlais
Group
PLC
$
1,199,341
15,606
Hyundai
Motor
Co
2,053,407
12,730
(b)
Toyota
Motor
Corp,
Sponsored
ADR
2,609,268
TOTAL
AUTOMOBILES
&
COMPONENTS
5,862,016
BANKS
-
11.7%
729,353
Barclays
PLC
1,927,253
257,187
ING
Groep
NV
4,419,158
146,178
Nordea
Bank
Abp
1,742,590
144,732
Oversea-Chinese
Banking
Corp
Ltd
1,536,964
109,300
Sumitomo
Mitsui
Trust
Holdings
Inc
2,511,844
TOTAL
BANKS
12,137,809
CAPITAL
GOODS
-
14.1%
148,552
Alstom
SA
2,505,302
56,885
Komatsu
Ltd
1,661,584
95,162
Mabuchi
Motor
Co
Ltd
1,420,548
263,533
Melrose
Industries
PLC
1,835,359
123,900
Mitsubishi
Electric
Corp
1,985,513
16,961
Siemens
AG
3,156,875
12,126
Thales
SA
1,939,775
TOTAL
CAPITAL
GOODS
14,504,956
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
3.4%
44,596
Adecco
Group
AG
1,479,466
12,806
Wolters
Kluwer
NV
2,114,760
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
3,594,226
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
0.4%
766,000
(c)
Topsports
International
Holdings
Ltd
406,747
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
406,747
CONSUMER
DURABLES
&
APPAREL
-
4.8%
3,561
Kering
SA
1,295,296
43,964
Sekisui
House
Ltd
977,108
1,024,433
Taylor
Wimpey
PLC
1,834,473
40,800
Yamaha
Corp
958,919
TOTAL
CONSUMER
DURABLES
&
APPAREL
5,065,796
CONSUMER
SERVICES
-
2.6%
40,362
Accor
SA
1,651,573
510,691
(d)
Sands
China
Ltd,
ADR
1,061,882
TOTAL
CONSUMER
SERVICES
2,713,455
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
2.9%
87,300
Seven
&
i
Holdings
Co
Ltd
1,066,820
538,043
Tesco
PLC
2,078,334
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
3,145,154
ENERGY
-
5.6%
52,013
Shell
PLC,
ADR
3,754,298
94,204
Technip
Energies
NV
2,116,427
TOTAL
ENERGY
5,870,725
9
Shares
Description
(a)
Value
FINANCIAL
SERVICES
-
4.2%
16,445
Groupe
Bruxelles
Lambert
NV
$
1,170,908
106,815
UBS
Group
AG
3,155,316
TOTAL
FINANCIAL
SERVICES
4,326,224
FOOD,
BEVERAGE
&
TOBACCO
-
1.7%
17,880
Heineken
NV
1,729,818
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
1,729,818
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.3%
34,391
Fresenius
Medical
Care
AG
&
Co
KGaA
1,314,313
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
1,314,313
INSURANCE
-
9.4%
6,096
Allianz
SE,
ADR
1,693,048
34,678
Axis
Capital
Holdings
Ltd
2,450,001
28,257
NN
Group
NV
1,313,341
217,437
Prudential
PLC
1,971,504
104,900
Sompo
Holdings
Inc
2,247,345
TOTAL
INSURANCE
9,675,239
MATERIALS
-
7.2%
26,807
Agnico
Eagle
Mines
Ltd
1,753,177
50,489
Anglo
American
PLC
1,595,476
49,337
BHP
Group
Ltd
1,410,148
12,260
DSM-Firmenich
AG
1,380,539
26,670
Nutrien
Ltd
1,357,820
TOTAL
MATERIALS
7,497,160
MEDIA
&
ENTERTAINMENT
-
3.5%
10,088
(d)
Baidu
Inc,
Sponsored
ADR
872,410
25,779
Publicis
Groupe
SA
2,738,221
TOTAL
MEDIA
&
ENTERTAINMENT
3,610,631
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
5.2%
87,333
GSK
PLC
1,679,781
4,644
Roche
Holding
AG
1,286,661
25,148
Sanofi
2,425,352
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
5,391,794
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
1.5%
204,254
City
Developments
Ltd
776,461
942,000
Hang
Lung
Properties
Ltd
801,570
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
1,578,031
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
4.6%
45,857
AIXTRON
SE
899,715
90,700
Rohm
Co
Ltd
1,212,448
87,000
Taiwan
Semiconductor
Manufacturing
Co
Ltd
2,577,602
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
4,689,765
SOFTWARE
&
SERVICES
-
1.9%
9,852
SAP
SE
1,979,026
TOTAL
SOFTWARE
&
SERVICES
1,979,026
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
1.6%
69,000
FUJIFILM
Holdings
Corp
1,618,512
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
1,618,512
Nuveen
International
Value
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
10
Shares
Description
(a)
Value
TELECOMMUNICATION
SERVICES
-
1.1%
50,034
(b)
Nippon
Telegraph
&
Telephone
Corp,
ADR
$
1,180,399
TOTAL
TELECOMMUNICATION
SERVICES
1,180,399
TRANSPORTATION
-
3.4%
56,872
Deutsche
Post
AG
2,309,397
79,800
Japan
Airlines
Co
Ltd
1,260,840
TOTAL
TRANSPORTATION
3,570,237
UTILITIES
-
1.9%
183,319
National
Grid
PLC
2,046,965
TOTAL
UTILITIES
2,046,965
TOTAL
COMMON
STOCKS
(cost
$73,946,604)
103,508,998
TOTAL
LONG-TERM
INVESTMENTS
(cost
$73,946,604)
103,508,998
Shares
Description
(a)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
2.3%
2,359,057
(e)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.330%(f)
$
2,359,057
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(cost
$2,359,057)
2,359,057
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
0.6%
X
-
REPURCHASE
AGREEMENTS
-
0
.6
%
X
650,000
$
650
(g)
Fixed
Income
Clearing
Corporation
5.270%
7/01/24
$
650,000
TOTAL
REPURCHASE
AGREEMENTS
(cost
$650,000)
650,000
TOTAL
SHORT-TERM
INVESTMENTS
(cost
$650,000)
650,000
TOTAL
INVESTMENTS
(cost
$
76,955,661
)
-
102
.6
%
106,518,055
OTHER
ASSETS
&
LIABILITIES,
NET
- (2.6)%
(
2,655,044
)
NET
ASSETS
-
100%
$
103,863,011
For
Fund
portfolio
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$2,319,454.
(c)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$406,747
or
0.4%
of
Total
Investments.
(d)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(e)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(f)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(g)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.270%
dated
6/28/24
to
be
repurchased
at
$650,285
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.000%
and
maturity
date
1/31/31,
valued
at
$663,135.
ADR
American
Depositary
Receipt
See
Notes
to
Financial
Statements
11
Nuveen
Large
Cap
Value
Opportunities
Fund
Portfolio
of
Investments
June
30,
2024
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.7%
X
-
COMMON
STOCKS
-
99
.7
%
X
21,527,712
AUTOMOBILES
&
COMPONENTS
-
4.4%
22,126
Ford
Motor
Co
$
277,460
14,479
General
Motors
Co
672,694
TOTAL
AUTOMOBILES
&
COMPONENTS
950,154
BANKS
-
8.3%
8,113
Citigroup
Inc
514,851
3,004
JPMorgan
Chase
&
Co
607,589
11,301
Wells
Fargo
&
Co
671,166
TOTAL
BANKS
1,793,606
CAPITAL
GOODS
-
11.5%
10,911
Flowserve
Corp
524,819
2,160
General
Dynamics
Corp
626,703
1,113
Honeywell
International
Inc
237,670
725
Hubbell
Inc
264,973
6,434
nVent
Electric
PLC
492,909
3,196
RTX
Corp
320,846
TOTAL
CAPITAL
GOODS
2,467,920
CONSUMER
DURABLES
&
APPAREL
-
0.6%
1,145
PulteGroup
Inc
126,065
TOTAL
CONSUMER
DURABLES
&
APPAREL
126,065
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
2.7%
8,771
Walmart
Inc
593,884
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
593,884
ENERGY
-
9.9%
11,657
Baker
Hughes
Co
409,977
1,357
Cheniere
Energy
Inc
237,244
2,833
Hess
Corp
417,924
17,975
Permian
Resources
Corp
290,296
10,973
Shell
PLC,
ADR
792,032
TOTAL
ENERGY
2,147,473
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
3.4%
3,795
Alexandria
Real
Estate
Equities
Inc
443,901
2,679
Camden
Property
Trust
292,306
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
736,207
FINANCIAL
SERVICES
-
8.8%
3,624
Discover
Financial
Services
474,055
3,314
(b)
Fiserv
Inc
493,919
3,437
KKR
&
Co
Inc
361,710
3,038
Morgan
Stanley
295,263
3,610
State
Street
Corp
267,140
TOTAL
FINANCIAL
SERVICES
1,892,087
FOOD,
BEVERAGE
&
TOBACCO
-
1.4%
2,890
Philip
Morris
International
Inc
292,844
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
292,844
Nuveen
Large
Cap
Value
Opportunities
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
12
Shares
Description
(a)
Value
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
4.8%
828
Elevance
Health
Inc
$
448,659
655
Humana
Inc
244,741
2,514
Quest
Diagnostics
Inc
344,116
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
1,037,516
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
2.8%
60,823
(c)
Haleon
PLC,
ADR
502,398
6,238
Kenvue
Inc
113,407
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
615,805
INSURANCE
-
5.1%
4,770
American
International
Group
Inc
354,124
774
Aon
PLC,
Class
A
227,231
2,709
Globe
Life
Inc
222,897
1,300
RenaissanceRe
Holdings
Ltd
290,563
TOTAL
INSURANCE
1,094,815
MATERIALS
-
5.4%
3,908
BHP
Group
Ltd,
Sponsored
ADR
223,108
6,474
Corteva
Inc
349,208
7,476
DuPont
de
Nemours
Inc
601,743
TOTAL
MATERIALS
1,174,059
MEDIA
&
ENTERTAINMENT
-
4.8%
2,858
Alphabet
Inc,
Class
A
520,584
6,159
(b)
TripAdvisor
Inc
109,692
3,019
Walt
Disney
Co/The
299,756
15,988
(b)
Warner
Bros
Discovery
Inc
118,951
TOTAL
MEDIA
&
ENTERTAINMENT
1,048,983
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
8.8%
5,506
AstraZeneca
PLC,
Sponsored
ADR
429,413
6,488
Gilead
Sciences
Inc
445,142
2,683
Merck
&
Co
Inc
332,155
7,783
Pfizer
Inc
217,768
9,517
Sanofi,
ADR
461,765
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
1,886,243
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
1.7%
12,131
Intel
Corp
375,697
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
375,697
SOFTWARE
&
SERVICES
-
5.1%
16,704
Gen
Digital
Inc
417,266
4,777
Oracle
Corp
674,512
TOTAL
SOFTWARE
&
SERVICES
1,091,778
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
2.1%
3,607
Seagate
Technology
Holdings
PLC
372,495
6,337
(b)
Viasat
Inc
80,480
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
452,975
TELECOMMUNICATION
SERVICES
-
3.0%
33,344
AT&T
Inc
637,205
TOTAL
TELECOMMUNICATION
SERVICES
637,205
13
Shares
Description
(a)
Value
UTILITIES
-
5.1%
4,638
Alliant
Energy
Corp
$
236,074
4,934
Dominion
Energy
Inc
241,766
5,610
FirstEnergy
Corp
214,695
5,497
Pinnacle
West
Capital
Corp
419,861
TOTAL
UTILITIES
1,112,396
TOTAL
COMMON
STOCKS
(cost
$14,075,664)
21,527,712
TOTAL
LONG-TERM
INVESTMENTS
(cost
$14,075,664)
21,527,712
Shares
Description
(a)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
2.4%
528,893
(d)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.330%(e)
$
528,893
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(cost
$528,893)
528,893
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
0.3%
X
-
REPURCHASE
AGREEMENTS
-
0
.3
%
X
75,000
$
75
(f)
Fixed
Income
Clearing
Corporation
5.270%
7/01/24
$
75,000
TOTAL
REPURCHASE
AGREEMENTS
(cost
$75,000)
75,000
TOTAL
SHORT-TERM
INVESTMENTS
(cost
$75,000)
75,000
TOTAL
INVESTMENTS
(cost
$
14,679,557
)
-
102
.4
%
22,131,605
OTHER
ASSETS
&
LIABILITIES,
NET
- (2.4)%
(
508,199
)
NET
ASSETS
-
100%
$
21,623,406
For
Fund
portfolio
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$497,368.
(d)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(e)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(f)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.270%
dated
6/28/24
to
be
repurchased
at
$75,033
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.000%
and
maturity
date
1/31/31,
valued
at
$76,623.
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
See
Notes
to
Financial
Statements
14
Nuveen
Multi
Cap
Value
Fund
Portfolio
of
Investments
June
30,
2024
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
97.0%
X
-
COMMON
STOCKS
-
97
.0
%
X
468,001,891
AUTOMOBILES
&
COMPONENTS
-
4.2%
468,484
Ford
Motor
Co
$
5,874,789
314,434
General
Motors
Co
14,608,604
TOTAL
AUTOMOBILES
&
COMPONENTS
20,483,393
BANKS
-
10.6%
248,234
Bank
of
NT
Butterfield
&
Son
Ltd/The
8,717,978
175,379
Citigroup
Inc
11,129,551
62,402
JPMorgan
Chase
&
Co
12,621,429
228,354
Wells
Fargo
&
Co
13,561,944
81,918
Western
Alliance
Bancorp
5,146,089
TOTAL
BANKS
51,176,991
CAPITAL
GOODS
-
12.7%
41,462
Curtiss-Wright
Corp
11,235,373
281,969
Flowserve
Corp
13,562,709
43,628
General
Dynamics
Corp
12,658,228
23,405
Honeywell
International
Inc
4,997,904
19,552
Hubbell
Inc
7,145,865
149,812
nVent
Electric
PLC
11,477,097
TOTAL
CAPITAL
GOODS
61,077,176
CONSUMER
DURABLES
&
APPAREL
-
0.6%
25,015
PulteGroup
Inc
2,754,152
TOTAL
CONSUMER
DURABLES
&
APPAREL
2,754,152
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
2.7%
191,067
Walmart
Inc
12,937,147
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
12,937,147
ENERGY
-
10.8%
248,642
Atlas
Energy
Solutions
Inc
4,955,435
245,843
Baker
Hughes
Co
8,646,298
24,316
Cheniere
Energy
Inc
4,251,166
53,866
Hess
Corp
7,946,312
567,389
Permian
Resources
Corp
9,163,333
239,536
Shell
PLC,
ADR
17,289,709
TOTAL
ENERGY
52,252,253
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
4.0%
60,366
Alexandria
Real
Estate
Equities
Inc
7,061,011
57,065
Camden
Property
Trust
6,226,362
161,069
STAG
Industrial
Inc
5,808,148
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
19,095,521
FINANCIAL
SERVICES
-
6.5%
78,395
Discover
Financial
Services
10,254,850
67,319
(b)
Fiserv
Inc
10,033,224
60,097
Morgan
Stanley
5,840,827
69,904
State
Street
Corp
5,172,896
TOTAL
FINANCIAL
SERVICES
31,301,797
15
Shares
Description
(a)
Value
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
3.1%
17,532
Elevance
Health
Inc
$
9,499,889
14,109
Humana
Inc
5,271,828
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
14,771,717
HOUSEHOLD
&
PERSONAL
PRODUCTS
-
2.8%
1,324,135
(c)
Haleon
PLC,
ADR
10,937,355
137,435
Kenvue
Inc
2,498,568
TOTAL
HOUSEHOLD
&
PERSONAL
PRODUCTS
13,435,923
INSURANCE
-
4.4%
13,985
Aon
PLC,
Class
A
4,105,716
15,376
Everest
Group
Ltd
5,858,564
63,225
Globe
Life
Inc
5,202,153
27,886
RenaissanceRe
Holdings
Ltd
6,232,800
TOTAL
INSURANCE
21,399,233
MATERIALS
-
4.3%
161,784
DuPont
de
Nemours
Inc
13,021,994
62,975
Innospec
Inc
7,783,080
TOTAL
MATERIALS
20,805,074
MEDIA
&
ENTERTAINMENT
-
4.4%
53,192
Alphabet
Inc,
Class
A
9,688,923
135,825
(b)
TripAdvisor
Inc
2,419,043
66,080
Walt
Disney
Co/The
6,561,084
332,453
(b)
Warner
Bros
Discovery
Inc
2,473,450
TOTAL
MEDIA
&
ENTERTAINMENT
21,142,500
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
9.3%
958,937
(b)
ADMA
Biologics
Inc
10,720,916
98,034
AstraZeneca
PLC,
Sponsored
ADR
7,645,672
139,849
Gilead
Sciences
Inc
9,595,040
58,005
Merck
&
Co
Inc
7,181,019
206,142
Sanofi,
ADR
10,002,009
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
45,144,656
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
2.3%
194,169
Intel
Corp
6,013,414
86,532
(b)
Rambus
Inc
5,084,620
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
11,098,034
SOFTWARE
&
SERVICES
-
6.2%
362,843
Gen
Digital
Inc
9,063,818
97,610
Oracle
Corp
13,782,532
211,307
(b)
Teradata
Corp
7,302,770
TOTAL
SOFTWARE
&
SERVICES
30,149,120
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
0.5%
171,350
(b)
Viasat
Inc
2,176,145
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
2,176,145
TELECOMMUNICATION
SERVICES
-
2.8%
715,192
AT&T
Inc
13,667,319
TOTAL
TELECOMMUNICATION
SERVICES
13,667,319
Nuveen
Multi
Cap
Value
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
16
Shares
Description
(a)
Value
UTILITIES
-
4.8%
94,989
Alliant
Energy
Corp
$
4,834,940
105,946
Dominion
Energy
Inc
5,191,354
108,224
FirstEnergy
Corp
4,141,732
117,383
Pinnacle
West
Capital
Corp
8,965,714
TOTAL
UTILITIES
23,133,740
TOTAL
COMMON
STOCKS
(cost
$400,062,378)
468,001,891
TOTAL
LONG-TERM
INVESTMENTS
(cost
$400,062,378)
468,001,891
Shares
Description
(a)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
2.4%
11,514,744
(d)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.330%(e)
$
11,514,744
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(cost
$11,514,744)
11,514,744
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
2.8%
X
-
REPURCHASE
AGREEMENTS
-
2
.8
%
X
13,435,262
$
13,025
(f)
Fixed
Income
Clearing
Corporation
5.270%
7/01/24
$
13,025,000
410
(g)
Fixed
Income
Clearing
Corporation
1.600%
7/01/24
410,262
TOTAL
REPURCHASE
AGREEMENTS
(cost
$13,435,262)
13,435,262
TOTAL
SHORT-TERM
INVESTMENTS
(cost
$13,435,262)
13,435,262
TOTAL
INVESTMENTS
(cost
$
425,012,384
)
-
102
.2
%
492,951,897
OTHER
ASSETS
&
LIABILITIES,
NET
- (2.2)%
(
10,802,896
)
NET
ASSETS
-
100%
$
482,149,001
For
Fund
portfolio
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$10,827,976.
(d)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(e)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(f)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.270%
dated
6/28/24
to
be
repurchased
at
$13,030,720
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.625%
and
maturity
date
9/30/30,
valued
at
$13,285,573.
(g)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.600%
dated
6/28/24
to
be
repurchased
at
$410,317
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.750%
and
maturity
date
8/31/26,
valued
at
$418,574.
ADR
American
Depositary
Receipt
REIT
Real
Estate
Investment
Trust
See
Notes
to
Financial
Statements
17
Nuveen
Small
Cap
Value
Opportunities
Fund
Portfolio
of
Investments
June
30,
2024
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
95.0%
X
-
COMMON
STOCKS
-
95
.0
%
X
204,480,533
AUTOMOBILES
&
COMPONENTS
-
1.0%
77,905
(b)
Atmus
Filtration
Technologies
Inc
$
2,242,106
TOTAL
AUTOMOBILES
&
COMPONENTS
2,242,106
BANKS
-
9.2%
98,416
OFG
Bancorp
3,685,679
141,508
Seacoast
Banking
Corp
of
Florida
3,345,249
58,064
SouthState
Corp
4,437,251
45,731
(b)
Texas
Capital
Bancshares
Inc
2,795,994
86,983
Western
Alliance
Bancorp
5,464,272
TOTAL
BANKS
19,728,445
CAPITAL
GOODS
-
12.6%
35,109
BWX
Technologies
Inc
3,335,355
22,522
Crane
Co
3,265,240
39,402
EnerSys
4,078,895
39,916
ESCO
Technologies
Inc
4,192,777
97,568
Flowserve
Corp
4,693,021
211,882
Mueller
Water
Products
Inc,
Class
A
3,796,925
28,226
(b)
MYR
Group
Inc
3,830,550
TOTAL
CAPITAL
GOODS
27,192,763
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
2.4%
62,544
Barrett
Business
Services
Inc
2,049,567
53,742
(b)
Stericycle
Inc
3,124,022
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
5,173,589
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
2.8%
53,056
Academy
Sports
&
Outdoors
Inc
2,825,232
49,417
Advance
Auto
Parts
Inc
3,129,579
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
5,954,811
CONSUMER
SERVICES
-
5.0%
30,025
(b)
Light
&
Wonder
Inc
3,149,022
168,570
Perdoceo
Education
Corp
3,610,769
56,969
(b)
Stride
Inc
4,016,315
TOTAL
CONSUMER
SERVICES
10,776,106
ENERGY
-
7.0%
235,252
Antero
Midstream
Corp
3,467,614
114,753
(c)
Atlas
Energy
Solutions
Inc
2,287,027
72,716
California
Resources
Corp
3,869,946
39,134
Civitas
Resources
Inc
2,700,246
516,759
(b)
Transocean
Ltd
2,764,661
TOTAL
ENERGY
15,089,494
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
7.2%
130,018
CareTrust
REIT
Inc
3,263,452
153,216
Independence
Realty
Trust
Inc
2,871,268
80,240
SL
Green
Realty
Corp
4,544,793
135,827
STAG
Industrial
Inc
4,897,922
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
15,577,435
Nuveen
Small
Cap
Value
Opportunities
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
18
Shares
Description
(a)
Value
FINANCIAL
SERVICES
-
8.0%
772,329
BGC
Group
Inc,
Class
A
$
6,410,331
26,158
FirstCash
Holdings
Inc
2,743,451
106,657
(b)
Marex
Group
PLC
2,133,140
60,332
(b)
Marex
Group
PLC
1,206,640
291,725
Perella
Weinberg
Partners
4,740,531
TOTAL
FINANCIAL
SERVICES
17,234,093
FOOD,
BEVERAGE
&
TOBACCO
-
4.3%
31,658
John
B
Sanfilippo
&
Son
Inc
3,076,208
129,202
Primo
Water
Corp
2,824,356
90,527
(b)
Simply
Good
Foods
Co/The
3,270,740
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
9,171,304
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
2.7%
134,166
(b)
Castle
Biosciences
Inc
2,920,794
235,492
(b)
Tactile
Systems
Technology
Inc
2,811,774
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
5,732,568
INSURANCE
-
7.2%
69,582
Axis
Capital
Holdings
Ltd
4,915,968
40,603
Globe
Life
Inc
3,340,815
40,934
Selective
Insurance
Group
Inc
3,840,837
92,569
(b)
Skyward
Specialty
Insurance
Group
Inc
3,349,147
TOTAL
INSURANCE
15,446,767
MATERIALS
-
1.6%
32,196
Materion
Corp
3,481,353
TOTAL
MATERIALS
3,481,353
MEDIA
&
ENTERTAINMENT
-
1.1%
55,368
John
Wiley
&
Sons
Inc,
Class
A
2,253,478
TOTAL
MEDIA
&
ENTERTAINMENT
2,253,478
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
7.9%
772,391
(b)
ADMA
Biologics
Inc
8,635,331
62,141
(b)
Biohaven
Ltd
2,156,914
49,004
(b)
Halozyme
Therapeutics
Inc
2,565,850
55,651
(b)
Pacira
BioSciences
Inc
1,592,175
30,616
(b)
Prestige
Consumer
Healthcare
Inc
2,107,912
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
17,058,182
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
1.8%
283,735
DigitalBridge
Group
Inc
3,887,169
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
3,887,169
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
2.6%
61,633
(b)
Alpha
&
Omega
Semiconductor
Ltd
2,303,225
60,254
(b)
Ambarella
Inc
3,250,704
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
5,553,929
SOFTWARE
&
SERVICES
-
2.4%
275,890
Adeia
Inc
3,085,830
94,732
(b)
PowerSchool
Holdings
Inc,
Class
A
2,121,049
TOTAL
SOFTWARE
&
SERVICES
5,206,879
19
Shares
Description
(a)
Value
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
3.9%
234,592
(b)
Arlo
Technologies
Inc
$
3,059,080
328,258
(b)
Harmonic
Inc
3,863,597
18,540
(b)
IPG
Photonics
Corp
1,564,590
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
8,487,267
UTILITIES
-
4.3%
32,891
IDACORP
Inc
3,063,796
39,753
MGE
Energy
Inc
2,970,344
58,994
SJW
Group
3,198,655
TOTAL
UTILITIES
9,232,795
TOTAL
COMMON
STOCKS
(cost
$171,600,103)
204,480,533
TOTAL
LONG-TERM
INVESTMENTS
(cost
$171,600,103)
204,480,533
Shares
Description
(a)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.1%
162,939
(d)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.330%(e)
$
162,939
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(cost
$162,939)
162,939
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
4.0%
X
-
REPURCHASE
AGREEMENTS
-
4
.0
%
X
8,546,243
$
8,275
(f)
Fixed
Income
Clearing
Corporation
5.270%
7/01/24
$
8,275,000
271
(g)
Fixed
Income
Clearing
Corporation
1.600%
7/01/24
271,243
TOTAL
REPURCHASE
AGREEMENTS
(cost
$8,546,243)
8,546,243
TOTAL
SHORT-TERM
INVESTMENTS
(cost
$8,546,243)
8,546,243
TOTAL
INVESTMENTS
(cost
$
180,309,285
)
-
99
.1
%
213,189,715
OTHER
ASSETS
&
LIABILITIES,
NET
- 0.9%
1,967,263
NET
ASSETS
-
100%
$
215,156,978
For
Fund
portfolio
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$157,985.
(d)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(e)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(f)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.270%
dated
6/28/24
to
be
repurchased
at
$8,278,634
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rates
4.000%-4.625%
and
maturity
dates
9/30/30-1/31/31,
valued
at
$8,440,600.
(g)
Agreement
with
Fixed
Income
Clearing
Corporation,
1.600%
dated
6/28/24
to
be
repurchased
at
$271,279
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
0.750%
and
maturity
date
8/31/26,
valued
at
$276,749.
REIT
Real
Estate
Investment
Trust
See
Notes
to
Financial
Statements
20
Nuveen
Small/Mid
Cap
Value
Fund
Portfolio
of
Investments
June
30,
2024
Shares
Description
(a)
Value
LONG-TERM
INVESTMENTS
-
99.3%
X
-
COMMON
STOCKS
-
99
.3
%
X
99,250,462
AUTOMOBILES
&
COMPONENTS
-
1.1%
38,018
(b)
Atmus
Filtration
Technologies
Inc
$
1,094,158
TOTAL
AUTOMOBILES
&
COMPONENTS
1,094,158
BANKS
-
3.5%
32,746
Prosperity
Bancshares
Inc
2,002,091
20,041
SouthState
Corp
1,531,533
TOTAL
BANKS
3,533,624
CAPITAL
GOODS
-
17.9%
20,823
AECOM
1,835,339
13,505
BWX
Technologies
Inc
1,282,975
15,589
Crane
Co
2,260,093
8,197
Curtiss-Wright
Corp
2,221,223
18,928
EnerSys
1,959,427
52,187
Flowserve
Corp
2,510,195
17,694
ITT
Inc
2,285,711
10,297
(b)
Middleby
Corp/The
1,262,515
30,064
nVent
Electric
PLC
2,303,203
TOTAL
CAPITAL
GOODS
17,920,681
COMMERCIAL
&
PROFESSIONAL
SERVICES
-
1.5%
25,630
(b)
Stericycle
Inc
1,489,872
TOTAL
COMMERCIAL
&
PROFESSIONAL
SERVICES
1,489,872
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
-
1.4%
21,838
Advance
Auto
Parts
Inc
1,383,001
TOTAL
CONSUMER
DISCRETIONARY
DISTRIBUTION
&
RETAIL
1,383,001
CONSUMER
DURABLES
&
APPAREL
-
1.0%
53,259
Levi
Strauss
&
Co,
Class
A
1,026,834
TOTAL
CONSUMER
DURABLES
&
APPAREL
1,026,834
CONSUMER
SERVICES
-
1.6%
15,142
(b)
Light
&
Wonder
Inc
1,588,092
TOTAL
CONSUMER
SERVICES
1,588,092
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
-
1.5%
16,866
(b)
BJ's
Wholesale
Club
Holdings
Inc
1,481,509
TOTAL
CONSUMER
STAPLES
DISTRIBUTION
&
RETAIL
1,481,509
ENERGY
-
6.4%
44,953
(b)
Antero
Resources
Corp
1,466,816
65,371
(c)
Atlas
Energy
Solutions
Inc
1,302,844
20,079
Chesapeake
Energy
Corp
1,650,293
125,282
Permian
Resources
Corp
2,023,305
TOTAL
ENERGY
6,443,258
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
-
8.5%
36,926
American
Homes
4
Rent,
Class
A
1,372,170
17,009
Boston
Properties
Inc
1,047,074
15,530
Camden
Property
Trust
1,694,478
25,472
Iron
Mountain
Inc
2,282,801
21
Shares
Description
(a)
Value
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
(continued)
57,572
STAG
Industrial
Inc
$
2,076,046
TOTAL
EQUITY
REAL
ESTATE
INVESTMENT
TRUSTS
(REITS)
8,472,569
FINANCIAL
SERVICES
-
9.2%
159,908
AGNC
Investment
Corp
1,525,522
374,314
BGC
Group
Inc,
Class
A
3,106,806
13,721
(b)
Euronet
Worldwide
Inc
1,420,124
13,144
FirstCash
Holdings
Inc
1,378,543
21,690
Stifel
Financial
Corp
1,825,214
TOTAL
FINANCIAL
SERVICES
9,256,209
FOOD,
BEVERAGE
&
TOBACCO
-
1.4%
63,786
Primo
Water
Corp
1,394,362
TOTAL
FOOD,
BEVERAGE
&
TOBACCO
1,394,362
HEALTH
CARE
EQUIPMENT
&
SERVICES
-
1.5%
22,310
(b)
Acadia
Healthcare
Co
Inc
1,506,817
TOTAL
HEALTH
CARE
EQUIPMENT
&
SERVICES
1,506,817
INSURANCE
-
8.9%
11,823
American
Financial
Group
Inc/OH
1,454,465
31,189
Axis
Capital
Holdings
Ltd
2,203,503
5,222
Everest
Group
Ltd
1,989,686
19,514
Globe
Life
Inc
1,605,612
17,418
Selective
Insurance
Group
Inc
1,634,331
TOTAL
INSURANCE
8,887,597
MATERIALS
-
6.1%
6,205
Avery
Dennison
Corp
1,356,723
24,178
FMC
Corp
1,391,444
15,780
Materion
Corp
1,706,291
5,623
Reliance
Inc
1,605,929
TOTAL
MATERIALS
6,060,387
MEDIA
&
ENTERTAINMENT
-
1.1%
26,753
John
Wiley
&
Sons
Inc,
Class
A
1,088,847
TOTAL
MEDIA
&
ENTERTAINMENT
1,088,847
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
-
8.8%
359,967
(b)
ADMA
Biologics
Inc
4,024,432
92,736
(b)
Elanco
Animal
Health
Inc
1,338,180
46,703
(b)
Exelixis
Inc
1,049,416
7,449
(b)
United
Therapeutics
Corp
2,372,879
TOTAL
PHARMACEUTICALS,
BIOTECHNOLOGY
&
LIFE
SCIENCES
8,784,907
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
-
3.0%
136,161
DigitalBridge
Group
Inc
1,865,406
24,675
(b)
Zillow
Group
Inc,
Class
A
1,111,362
TOTAL
REAL
ESTATE
MANAGEMENT
&
DEVELOPMENT
2,976,768
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
-
3.7%
18,389
(b)
Ambarella
Inc
992,087
23,631
(b)
Rambus
Inc
1,388,558
8,491
Teradyne
Inc
1,259,130
TOTAL
SEMICONDUCTORS
&
SEMICONDUCTOR
EQUIPMENT
3,639,775
Nuveen
Small/Mid
Cap
Value
Fund
(continued)
Portfolio
of
Investments
June
30,
2024
22
Shares
Description
(a)
Value
TECHNOLOGY
HARDWARE
&
EQUIPMENT
-
5.3%
31,845
(b)
Ciena
Corp
$
1,534,292
22,353
Seagate
Technology
Holdings
PLC
2,308,394
4,934
(b)
Zebra
Technologies
Corp,
Class
A
1,524,261
TOTAL
TECHNOLOGY
HARDWARE
&
EQUIPMENT
5,366,947
TRANSPORTATION
-
1.5%
29,668
(b)
GXO
Logistics
Inc
1,498,234
TOTAL
TRANSPORTATION
1,498,234
UTILITIES
-
4.4%
13,551
IDACORP
Inc
1,262,276
44,691
OGE
Energy
Corp
1,595,468
19,616
Pinnacle
West
Capital
Corp
1,498,270
TOTAL
UTILITIES
4,356,014
TOTAL
COMMON
STOCKS
(cost
$78,005,714)
99,250,462
TOTAL
LONG-TERM
INVESTMENTS
(cost
$78,005,714)
99,250,462
Shares
Description
(a)
Coupon
Value
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
-
0.9%
859,770
(d)
State
Street
Navigator
Securities
Lending
Government
Money
Market
Portfolio
5.330%(e)
$
859,770
TOTAL
INVESTMENTS
PURCHASED
WITH
COLLATERAL
FROM
SECURITIES
LENDING
(cost
$859,770)
859,770
Principal
Amount
(000)
Description
(a)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
0.3%
X
-
REPURCHASE
AGREEMENTS
-
0
.3
%
X
325,000
$
325
(f)
Fixed
Income
Clearing
Corporation
5.270%
7/01/24
$
325,000
TOTAL
REPURCHASE
AGREEMENTS
(cost
$325,000)
325,000
TOTAL
SHORT-TERM
INVESTMENTS
(cost
$325,000)
325,000
TOTAL
INVESTMENTS
(cost
$
79,190,484
)
-
100
.5
%
100,435,232
OTHER
ASSETS
&
LIABILITIES,
NET
- (0.5)%
(
482,031
)
NET
ASSETS
-
100%
$
99,953,201
For
Fund
portfolio
compliance
purposes,
the
Fund's
industry
classifications
refer
to
any
one
or
more
of
the
industry
sub-classifications
used
by
one
or
more
widely
recognized
market
indexes
or
ratings
group
indexes,
and/or
as
defined
by
Fund
management.
This
definition
may
not
apply
for
purposes
of
this
report,
which
may
combine
industry
sub-classifications
into
sectors
for
reporting
ease.
(a)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(b)
Non-income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(c)
Investment,
or
a
portion
of
investment,
is
out
on
loan
for
securities
lending.
The
total
value
of
the
securities
out
on
loan
as
of
the
end
of
the
reporting
period
was
$842,302.
(d)
The
Fund
may
loan
securities
representing
up
to
one
third
of
the
value
of
its
total
assets
(which
includes
collateral
for
securities
on
loan)
to
broker
dealers,
banks,
and
other
institutions.
The
collateral
maintained
by
the
Fund
shall
have
a
value,
at
the
inception
of
each
loan,
equal
to
not
less
than
100%
of
the
value
of
the
loaned
securities.
The
cash
collateral
received
by
the
Fund
is
invested
in
this
money
market
fund.
(e)
The
rate
shown
is
the
one-day
yield
as
of
the
end
of
the
reporting
period.
(f)
Agreement
with
Fixed
Income
Clearing
Corporation,
5.270%
dated
6/28/24
to
be
repurchased
at
$325,143
on
7/1/24,
collateralized
by
Government
Agency
Securities,
with
coupon
rate
4.000%
and
maturity
date
1/31/31,
valued
at
$331,567.
REIT
Real
Estate
Investment
Trust
See
Notes
to
Financial
Statements
Statement
of
Assets
and
Liabilities
See
Notes
to
Financial
Statements
23
June
30,
2024
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
†‡
$
132,645,267
$
103,508,998
$
21,527,712
$
468,001,891
$
204,480,533
$
99,250,462
Investments
purchased
with
collateral
from
securities
lending,
at
value
(cost
approximates
value)
-
2,359,057
528,893
11,514,744
162,939
859,770
Short-term
investments,
at
value
◊
-
650,000
75,000
13,435,262
8,546,243
325,000
Cash
773,783
18,790
8,507
-
-
29,258
Cash
denominated
in
foreign
currencies
^
2
66,403
-
-
-
-
Receivables:
Dividends
187,365
145,789
19,141
287,192
180,954
157,557
Interest
-
285
33
5,775
3,670
143
Investments
sold
-
176,389
-
-
2,128,320
342,404
Reclaims
109,179
176,058
-
5,441
-
-
Reimbursement
from
Adviser
20,915
10,978
9,598
-
77,566
33,460
Shares
sold
11,918
1,459
225
796,008
40,935
24,704
Other
111,053
56,281
34,564
40,787
61,903
30,139
Total
assets
133,859,482
107,170,487
22,203,673
494,087,100
215,683,063
101,052,897
LIABILITIES
Payables:
Management
fees
77,703
61,476
11,555
272,219
139,736
63,051
Collateral
from
securities
lending
6
2,359,057
528,893
11,514,744
162,939
859,770
Dividends
80,080
-
-
-
-
-
Interest
35
25
5
25
51
20
Investments
purchased
-
regular
settlement
-
640,433
-
-
-
-
Shares
redeemed
348,441
105,960
-
7,696
35,050
77,656
Accrued
expenses:
Custodian
fees
61,413
45,806
16,352
35,488
29,921
28,163
Trustees
fees
81,058
35,341
12,172
19,605
18,683
1,563
Professional
fees
8,068
6,365
2,056
14,737
11,404
7,193
Shareholder
reporting
expenses
12,629
22,111
2,572
19,148
47,926
16,090
Shareholder
servicing
agent
fees
35,105
26,120
3,912
41,987
74,452
44,886
12b-1
distribution
and
service
fees
19,285
4,782
2,750
12,450
5,923
1,304
Total
liabilities
723,823
3,307,476
580,267
11,938,099
526,085
1,099,696
Net
assets
$
133,135,659
$
103,863,011
$
21,623,406
$
482,149,001
$
215,156,978
$
99,953,201
NET
ASSETS
CONSIST
OF:
Paid-in
capital
$
329,854,453
$
270,473,939
$
13,112,140
$
415,118,045
$
150,741,213
$
73,499,453
Total
distributable
earnings
(loss)
(196,718,794)
(166,610,928)
8,511,266
67,030,956
64,415,765
26,453,748
Net
assets
$
133,135,659
$
103,863,011
$
21,623,406
$
482,149,001
$
215,156,978
$
99,953,201
†
Long-term
investments,
cost
$
99,123,529
$
73,946,604
$
14,075,664
$
400,062,378
$
171,600,103
$
78,005,714
◊
Short-term
investments,
cost
$
-
$
650,000
$
75,000
$
13,435,262
$
8,546,243
$
325,000
‡
Includes
securities
loaned
of
$
-
$
2,319,454
$
497,368
$
10,827,976
$
157,985
$
842,302
^
Cash
denominated
in
foreign
currencies,
cost
$
2
$
66,395
$
-
$
-
$
-
$
-
Statement
of
Assets
and
Liabilities
(continued)
See
Notes
to
Financial
Statements
24
Global
Equity
Income
International
Value
Large
Cap
Value
Opportunities
Multi
Cap
Value
Small
Cap
Value
Opportunities
Small/Mid
Cap
Value
CLASS
A:
Net
assets
$
89,171,184
$
20,975,635
$
8,841,979
$
49,370,551
$
22,384,741
$
4,709,756
Shares
outstanding
2,667,725
750,584
1,847,072
969,343
416,512
145,909
Net
asset
value
("NAV")
per
share
$
33.43
$
27.95
$
4.79
$
50.93
$
53.74
$
32.28
Maximum
sales
charge
5.75%
5.75%
5.75%
5.75%
5.75%
5.75%
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge)
$
35.47
$
29.66
$
5.08
$
54.04
$
57.02
$
34.25
CLASS
C:
Net
assets
$
1,003,078
$
442,725
$
1,173,378
$
3,022,118
$
1,642,902
$
385,689
Shares
outstanding
30,071
16,793
328,934
64,142
36,953
14,776
NAV
and
offering
price
per
share
$
33.36
$
26.36
$
3.57
$
47.12
$
44.46
$
26.10
CLASS
R6:
Net
assets
$
-
$
-
$
-
$
-
$
5,969,807
$
21,257,691
Shares
outstanding
-
-
-
-
104,325
630,632
NAV
and
offering
price
per
share
$
-
$
-
$
-
$
-
$
57.22
$
33.71
CLASS
I:
Net
assets
$
42,961,397
$
82,444,651
$
11,608,049
$
429,756,332
$
185,159,528
$
73,600,065
Shares
outstanding
1,285,133
2,927,220
2,400,008
8,338,026
3,288,013
2,205,671
NAV
and
offering
price
per
share
$
33.43
$
28.16
$
4.84
$
51.54
$
56.31
$
33.37
Authorized
shares
-
per
class
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
per
share
$
0.01
$
0.01
$
0.01
$
0.01
$
0.01
$
0.01
Statement
of
Operations
See
Notes
to
Financial
Statements
25
Year
Ended
June
30,
2024
Global
Equity
Income
International
Value
Large
Cap
Value
Opportunities
Multi
Cap
Value
INVESTMENT
INCOME
Affiliated
income
$
13,419
$
3,689
$
2,006
$
94,219
Dividends
4,973,666
3,746,490
479,537
6,364,038
Interest
-
87,160
6,335
648,413
Securities
lending
income,
net
7
19,520
2,025
22,897
Tax
withheld
(
357,661
)
(
358,873
)
(
2,899
)
(
58,786
)
Total
investment
income
4,629,431
3,497,986
487,004
7,070,781
EXPENSES
-
-
-
-
Management
fees
925,847
726,947
132,819
2,016,028
12b-1
service
fees
-
Class
A
215,712
53,384
19,569
114,957
12b-1
distribution
and
service
fees
-
Class
C
13,064
4,660
10,912
19,145
Shareholder
servicing
agent
fees
-
Class
A
96,622
24,880
6,333
46,878
Shareholder
servicing
agent
fees
-
Class
C
1,442
540
884
2,166
Shareholder
servicing
agent
fees
-
Class
I
48,062
93,782
9,097
278,651
Interest
expense
570
581
88
918
Trustees
fees
4,849
3,854
753
10,805
Custodian
expenses
68,251
43,044
19,427
45,710
Excise
tax
liability
expense
-
-
-
36,048
Registration
fees
50,815
51,507
50,150
67,709
Professional
fees
86,737
63,944
34,002
70,646
Shareholder
reporting
expenses
36,139
62,805
12,345
65,462
Other
10,888
9,885
8,563
15,362
Total
expenses
before
fee
waiver/expense
reimbursement
1,558,998
1,139,813
304,942
2,790,485
Fee
waiver/expense
reimbursement
(
207,818
)
(
159,879
)
(
123,469
)
(
30,004
)
Net
expenses
1,351,180
979,934
181,473
2,760,481
Net
investment
income
(loss)
3,278,251
2,518,052
305,531
4,310,300
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
2,662,951
1,361,880
853,608
(
758,269
)
Foreign
currency
transactions
436
(
33,964
)
-
-
Net
realized
gain
(loss)
2,663,387
1,327,916
853,608
(
758,269
)
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
11,641,359
5,209,992
1,814,481
48,512,553
Foreign
currency
translations
(
1,385
)
9,246
-
-
Net
change
in
unrealized
appreciation
(depreciation)
11,639,974
5,219,238
1,814,481
48,512,553
Net
realized
and
unrealized
gain
(loss)
14,303,361
6,547,154
2,668,089
47,754,284
Net
increase
(decrease)
in
net
assets
from
operations
$
17,581,612
$
9,065,206
$
2,973,620
$
52,064,584
Statement
of
Operations
(continued)
See
Notes
to
Financial
Statements
26
Year
Ended
June
30,
2024
Small
Cap
Value
Opportunities
Small/Mid
Cap
Value
INVESTMENT
INCOME
Affiliated
income
$
94,800
$
78,411
Dividends
2,833,911
1,901,965
Interest
283,979
173,930
Securities
lending
income,
net
100,946
52,829
Tax
withheld
(
13,885
)
(
1,799
)
Total
investment
income
3,299,751
2,205,336
EXPENSES
-
-
Management
fees
1,593,844
828,834
12b-1
service
fees
-
Class
A
54,138
9,552
12b-1
distribution
and
service
fees
-
Class
C
19,483
4,379
Shareholder
servicing
agent
fees
-
Class
A
30,431
7,717
Shareholder
servicing
agent
fees
-
Class
C
2,744
888
Shareholder
servicing
agent
fees
-
Class
R6
330
872
Shareholder
servicing
agent
fees
-
Class
I
236,915
173,954
Interest
expense
1,039
101
Trustees
fees
7,418
4,333
Custodian
expenses
31,753
35,246
Registration
fees
57,948
64,009
Professional
fees
58,897
54,183
Shareholder
reporting
expenses
117,547
58,538
Other
29,215
13,066
Total
expenses
before
fee
waiver/expense
reimbursement
2,241,702
1,255,672
Fee
waiver/expense
reimbursement
(
296,344
)
(
123,745
)
Net
expenses
1,945,358
1,131,927
Net
investment
income
(loss)
1,354,393
1,073,409
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Realized
gain
(loss)
from:
Investments
31,528,647
4,935,548
Net
realized
gain
(loss)
31,528,647
4,935,548
Change
in
unrealized
appreciation
(depreciation)
on:
Investments
1,256,815
11,246,237
Net
change
in
unrealized
appreciation
(depreciation)
1,256,815
11,246,237
Net
realized
and
unrealized
gain
(loss)
32,785,462
16,181,785
Net
increase
(decrease)
in
net
assets
from
operations
$
34,139,855
$
17,255,194
Statement
of
Changes
in
Net
Assets
See
Notes
to
Financial
Statements
27
Global
Equity
Income
International
Value
Year
Ended
6/30/24
Year
Ended
6/30/23
Year
Ended
6/30/24
Year
Ended
6/30/23
OPERATIONS
Net
investment
income
(loss)
$
3,278,251
$
3,246,918
$
2,518,052
$
2,268,022
Net
realized
gain
(loss)
2,663,387
3,918,637
1,327,916
1,636,015
Net
change
in
unrealized
appreciation
(depreciation)
11,639,974
10,902,512
5,219,238
10,453,814
Net
increase
(decrease)
in
net
assets
from
operations
17,581,612
18,068,067
9,065,206
14,357,851
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends:
Class
A
(
2,118,642
)
(
4,032,564
)
(
398,900
)
(
896,016
)
Class
C
(
19,513
)
(
75,351
)
(
5,861
)
(
15,889
)
Class
I
(
1,146,457
)
(
2,217,582
)
(
1,682,661
)
(
3,100,172
)
Total
distributions
(
3,284,612
)
(
6,325,497
)
(
2,087,422
)
(
4,012,077
)
FUND
SHARE
TRANSACTIONS
Common
shares:
Subscriptions
6,360,477
5,073,335
20,714,366
18,334,367
Reinvestments
of
distributions
3,103,251
5,982,634
2,015,669
3,856,599
Redemptions
(
23,330,763
)
(
30,976,232
)
(
23,887,313
)
(
18,647,023
)
Net
increase
(decrease)
from
Fund
share
transactions
(
13,867,035
)
(
19,920,263
)
(
1,157,278
)
3,543,943
Net
increase
(decrease)
in
net
assets
429,965
(
8,177,693
)
5,820,506
13,889,717
Net
assets
at
the
beginning
of
period
132,705,694
140,883,387
98,042,505
84,152,788
Net
assets
at
the
end
of
period
$
133,135,659
$
132,705,694
$
103,863,011
$
98,042,505
See
Notes
to
Financial
Statements
28
Statement
of
Changes
in
Net
Assets
(continued)
Large
Cap
Value
Opportunities
Multi
Cap
Value
Year
Ended
6/30/24
Year
Ended
6/30/23
Year
Ended
6/30/24
Year
Ended
6/30/23
OPERATIONS
Net
investment
income
(loss)
$
305,531
$
292,058
$
4,310,300
$
1,028,501
Net
realized
gain
(loss)
853,608
90,044
(
758,269
)
1,153,598
Net
change
in
unrealized
appreciation
(depreciation)
1,814,481
2,545,938
48,512,553
14,601,445
Net
increase
(decrease)
in
net
assets
from
operations
2,973,620
2,928,040
52,064,584
16,783,544
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends:
Class
A
(
149,690
)
(
306,433
)
(
485,789
)
(
477,154
)
Class
C
(
15,296
)
(
60,053
)
(
4,798
)
(
5,109
)
Class
I
(
249,427
)
(
510,151
)
(
3,011,559
)
(
646,514
)
Total
distributions
(
414,413
)
(
876,637
)
(
3,502,146
)
(
1,128,777
)
FUND
SHARE
TRANSACTIONS
Common
shares:
Subscriptions
1,764,393
2,151,340
333,207,830
49,260,169
Reinvestments
of
distributions
396,643
842,093
3,427,870
1,052,653
Redemptions
(
3,029,144
)
(
4,103,131
)
(
23,475,336
)
(
25,339,737
)
Net
increase
(decrease)
from
Fund
share
transactions
(
868,108
)
(
1,109,698
)
313,160,364
24,973,085
Net
increase
(decrease)
in
net
assets
1,691,099
941,705
361,722,802
40,627,852
Net
assets
at
the
beginning
of
period
19,932,307
18,990,602
120,426,199
79,798,347
Net
assets
at
the
end
of
period
$
21,623,406
$
19,932,307
$
482,149,001
$
120,426,199
See
Notes
to
Financial
Statements
29
Small
Cap
Value
Opportunities
Small/Mid
Cap
Value
Year
Ended
6/30/24
Year
Ended
6/30/23
Year
Ended
6/30/24
Year
Ended
6/30/23
OPERATIONS
Net
investment
income
(loss)
$
1,354,393
$
1,201,612
$
1,073,409
$
382,968
Net
realized
gain
(loss)
31,528,647
2,265,355
4,935,548
237,515
Net
change
in
unrealized
appreciation
(depreciation)
1,256,815
26,509,419
11,246,237
7,834,296
Net
increase
(decrease)
in
net
assets
from
operations
34,139,855
29,976,386
17,255,194
8,454,779
DISTRIBUTIONS
TO
SHAREHOLDERS
Dividends:
Class
A
(
144,508
)
(
1,287,556
)
(
16,659
)
(
178,041
)
Class
C
(
5,472
)
(
248,555
)
(
1,171
)
(
28,895
)
Class
R6
(
59,351
)
(
316,799
)
(
165,869
)
(
865,461
)
Class
I
(
1,447,900
)
(
8,943,951
)
(
700,108
)
(
858,303
)
Total
distributions
(
1,657,231
)
(
10,796,861
)
(
883,807
)
(
1,930,700
)
FUND
SHARE
TRANSACTIONS
Common
shares:
Subscriptions
22,816,913
37,566,398
53,146,102
52,259,457
Reinvestments
of
distributions
1,577,333
10,230,214
881,046
1,905,506
Redemptions
(
39,866,511
)
(
42,582,650
)
(
55,975,595
)
(
10,093,523
)
Net
increase
(decrease)
from
Fund
share
transactions
(
15,472,265
)
5,213,962
(
1,948,447
)
44,071,440
Net
increase
(decrease)
in
net
assets
17,010,359
24,393,487
14,422,940
50,595,519
Net
assets
at
the
beginning
of
period
198,146,619
173,753,132
85,530,261
34,934,742
Net
assets
at
the
end
of
period
$
215,156,978
$
198,146,619
$
99,953,201
$
85,530,261
Financial
Highlights
30
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Global
Equity
Income
Class
A
6/30/24
$
29.94
$
0.76
$
3.51
$
4.27
$
(
0.78
)
$
-
$
(
0.78
)
$
33.43
6/30/23
27.43
0.67
3.21
3.88
(
1.37
)
-
(
1.37
)
29.94
6/30/22
32.13
0.74
(
4.26
)
(
3.52
)
(
1.18
)
-
(
1.18
)
27.43
6/30/21
23.44
0.68
8.70
9.38
(
0.69
)
-
(
0.69
)
32.13
6/30/20
26.59
0.57
(
3.10
)
(
2.53
)
(
0.62
)
-
(
0.62
)
23.44
Class
C
6/30/24
29.89
0.48
3.54
4.02
(
0.55
)
-
(
0.55
)
33.36
6/30/23
27.37
0.47
3.20
3.67
(
1.15
)
-
(
1.15
)
29.89
6/30/22
32.06
0.44
(
4.19
)
(
3.75
)
(
0.94
)
-
(
0.94
)
27.37
6/30/21
23.40
0.44
8.70
9.14
(
0.48
)
-
(
0.48
)
32.06
6/30/20
26.54
0.40
(
3.11
)
(
2.71
)
(
0.43
)
-
(
0.43
)
23.40
Class
I
6/30/24
29.95
0.83
3.51
4.34
(
0.86
)
-
(
0.86
)
33.43
6/30/23
27.43
0.73
3.23
3.96
(
1.44
)
-
(
1.44
)
29.95
6/30/22
32.14
0.83
(
4.28
)
(
3.45
)
(
1.26
)
-
(
1.26
)
27.43
6/30/21
23.45
0.75
8.70
9.45
(
0.76
)
-
(
0.76
)
32.14
6/30/20
26.60
0.63
(
3.10
)
(
2.47
)
(
0.68
)
-
(
0.68
)
23.45
(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
31
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
14
.40
%
$
89,171
1
.27
%
1
.11
%
2
.45
%
27
%
14
.46
86,807
1
.28
1
.11
2
.35
29
(
11
.30
)
86,811
1
.26
1
.10
2
.33
59
40
.43
105,751
1
.26
1
.11
2
.44
42
(
9
.53
)
80,897
1
.24
1
.11
2
.37
53
13
.51
1,003
2
.02
1
.86
1
.55
27
13
.61
1,879
2
.03
1
.86
1
.62
29
(
11
.95
)
1,649
2
.01
1
.85
1
.37
59
39
.34
4,660
2
.01
1
.86
1
.64
42
(
10
.18
)
14,342
1
.99
1
.86
1
.61
53
14
.64
42,961
1
.02
0
.86
2
.67
27
14
.79
44,020
1
.03
0
.86
2
.55
29
(
11
.10
)
52,423
1
.01
0
.85
2
.61
59
40
.76
55,826
1
.01
0
.86
2
.69
42
(
9
.25
)
43,978
0
.99
0
.86
2
.62
53
32
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
International
Value
Class
A
6/30/24
$
26.11
$
0.60
$
1.74
$
2.34
$
(
0.50
)
$
-
$
(
0.50
)
$
27.95
6/30/23
23.20
0.58
3.45
4.03
(
1.12
)
-
(
1.12
)
26.11
6/30/22
27.73
0.60
(
4.05
)
(
3.45
)
(
1.08
)
-
(
1.08
)
23.20
6/30/21
20.17
0.70
7.34
8.04
(
0.48
)
-
(
0.48
)
27.73
6/30/20
23.39
0.32
(
2.83
)
(
2.51
)
(
0.71
)
-
(
0.71
)
20.17
Class
C
6/30/24
24.64
0.36
1.65
2.01
(
0.29
)
-
(
0.29
)
26.36
6/30/23
21.89
0.43
3.21
3.64
(
0.89
)
-
(
0.89
)
24.64
6/30/22
26.37
0.35
(
3.80
)
(
3.45
)
(
1.03
)
-
(
1.03
)
21.89
6/30/21
19.20
0.43
7.04
7.47
(
0.30
)
-
(
0.30
)
26.37
6/30/20
22.28
0.16
(
2.73
)
(
2.57
)
(
0.51
)
-
(
0.51
)
19.20
Class
I
6/30/24
26.31
0.68
1.73
2.41
(
0.56
)
-
(
0.56
)
28.16
6/30/23
23.37
0.65
3.48
4.13
(
1.19
)
-
(
1.19
)
26.31
6/30/22
27.87
0.64
(
4.05
)
(
3.41
)
(
1.09
)
-
(
1.09
)
23.37
6/30/21
20.27
0.75
7.38
8.13
(
0.53
)
-
(
0.53
)
27.87
6/30/20
23.50
0.36
(
2.82
)
(
2.46
)
(
0.77
)
-
(
0.77
)
20.27
(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
33
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
8
.97
%
$
20,976
1
.31
%
1
.15
%
2
.24
%
13
%
18
.00
21,524
1
.33
1
.15
2
.44
18
(
12
.90
)
19,329
1
.33
1
.14
2
.26
28
40
.20
22,153
1
.28
1
.15
2
.88
24
(
11
.24
)
17,579
1
.33
1
.15
1
.55
22
8
.18
443
2
.06
1
.90
1
.43
13
17
.12
466
2
.08
1
.90
1
.88
18
(
13
.58
)
266
2
.08
1
.89
1
.41
28
39
.17
365
2
.03
1
.90
1
.93
24
(
11
.88
)
963
2
.08
1
.90
0
.76
22
9
.25
82,445
1
.06
0
.90
2
.52
13
18
.33
76,052
1
.08
0
.90
2
.70
18
(
12
.71
)
64,558
1
.08
0
.89
2
.38
28
40
.51
99,311
1
.03
0
.90
3
.10
24
(
11
.00
)
91,781
1
.08
0
.90
1
.68
22
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
Large
Cap
Value
Opportunities
Class
A
6/30/24
$
4.22
$
0.06
$
0.60
$
0.66
$
(
0.07
)
$
(
0.02
)
$
(
0.09
)
$
4.79
6/30/23
3.80
0.06
0.54
0.60
(
0.03
)
(
0.15
)
(
0.18
)
4.22
6/30/22
4.84
0.06
(
0.22
)
(
0.16
)
(
0.05
)
(
0.83
)
(
0.88
)
3.80
6/30/21
3.96
0.03
1.57
1.60
(
0.15
)
(
0.57
)
(
0.72
)
4.84
6/30/20
5.15
0.12
(
0.62
)
(
0.50
)
(
0.09
)
(
0.60
)
(
0.69
)
3.96
Class
C
6/30/24
3.15
0.02
0.45
0.47
(
0.03
)
(
0.02
)
(
0.05
)
3.57
6/30/23
2.88
0.02
0.40
0.42
-
(
0.15
)
(
0.15
)
3.15
6/30/22
3.88
0.02
(
0.15
)
(
0.13
)
(
0.04
)
(
0.83
)
(
0.87
)
2.88
6/30/21
3.28
0.01
1.26
1.27
(
0.10
)
(
0.57
)
(
0.67
)
3.88
6/30/20
4.36
0.07
(
0.51
)
(
0.44
)
(
0.04
)
(
0.60
)
(
0.64
)
3.28
Class
I
6/30/24
4.27
0.07
0.60
0.67
(
0.08
)
(
0.02
)
(
0.10
)
4.84
6/30/23
3.84
0.07
0.55
0.62
(
0.04
)
(
0.15
)
(
0.19
)
4.27
6/30/22
4.87
0.07
(
0.22
)
(
0.15
)
(
0.05
)
(
0.83
)
(
0.88
)
3.84
6/30/21
3.98
0.05
1.57
1.62
(
0.16
)
(
0.57
)
(
0.73
)
4.87
6/30/20
5.17
0.13
(
0.62
)
(
0.49
)
(
0.10
)
(
0.60
)
(
0.70
)
3.98
(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
35
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
15
.77
%
$
8,842
1
.61
%
1
.00
%
1
.42
%
35
%
15
.95
7,320
1
.56
1
.00
1
.38
40
(
4
.84
)
6,927
1
.80
0
.99
1
.26
35
44
.10
5,419
1
.76
1
.00
0
.79
42
(
12
.08
)
4,233
1
.40
1
.00
2
.56
59
14
.97
1,173
2
.36
1
.75
0
.67
35
14
.84
1,163
2
.31
1
.75
0
.62
40
(
5
.24
)
951
2
.55
1
.74
0
.47
35
42
.65
1,368
2
.51
1
.75
0
.19
42
(
12
.62
)
1,758
2
.15
1
.75
1
.82
59
15
.87
11,608
1
.36
0
.75
1
.67
35
16
.35
11,449
1
.31
0
.75
1
.63
40
(
4
.55
)
11,112
1
.55
0
.74
1
.50
35
44
.50
13,008
1
.51
0
.75
1
.11
42
(
11
.81
)
13,196
1
.15
0
.75
2
.81
59
36
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Return
of
Capital
Total
Net
Asset
Value,
End
of
Period
Multi
Cap
Value
Class
A
6/30/24
$
44.63
$
0.60
$
6.19
$
6.79
$
(0.49)
$
-
$
-
$
(0.49)
$
50.93
6/30/23
37.48
0.43
7.19
7.62
(0.47)
-
-
(0.47)
44.63
6/30/22
41.46
0.26
(3.73)
(3.47)
(0.51)
-
-
(0.51)
37.48
6/30/21
27.13
0.22
15.15
15.37
(0.69)
-
(0.35)
(1.04)
41.46
6/30/20
32.55
0.66
(5.70)
(5.04)
(0.38)
-
-
(0.38)
27.13
Class
C
6/30/24
41.31
0.24
5.72
5.96
(0.15)
-
-
(0.15)
47.12
6/30/23
34.69
0.11
6.67
6.78
(0.16)
-
-
(0.16)
41.31
6/30/22
38.66
(0.05)
(3.45)
(3.50)
(0.47)
-
-
(0.47)
34.69
6/30/21
25.32
(0.03)
14.14
14.11
(0.42)
-
(0.35)
(0.77)
38.66
6/30/20
30.40
0.42
(5.37)
(4.95)
(0.13)
-
-
(0.13)
25.32
Class
I
6/30/24
45.16
0.74
6.25
6.99
(0.61)
-
-
(0.61)
51.54
6/30/23
37.92
0.54
7.28
7.82
(0.58)
-
-
(0.58)
45.16
6/30/22
41.84
0.36
(3.76)
(3.40)
(0.52)
-
-
(0.52)
37.92
6/30/21
27.37
0.30
15.30
15.60
(0.78)
-
(0.35)
(1.13)
41.84
6/30/20
32.83
0.75
(5.75)
(5.00)
(0.46)
-
-
(0.46)
27.37
(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.
See
Notes
to
Financial
Statements
37
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
15.32
%
$
49,371
1.17
%
1.16
%
1.28
%
24
%
20.46
44,442
1.28
1.23
1.04
22
(8.49)
40,006
1.35
1.25
0.62
34
57.70
43,489
1.29
1.15
0.64
58
(15.73)
29,133
1.30
1.15
2.30
54
14.47
3,022
1.92
1
.91
0.56
24
19.58
1,287
2.03
1.98
0.30
22
(9.17)
1,168
2.10
2.00
(0.13)
34
56.54
1,347
2.04
1.90
(0.09)
58
(16.37)
1,632
2.05
1.90
1.56
54
15.60
429,756
0.92
0.91
1.54
24
20.78
74,697
1.03
0.98
1.29
22
(8.26)
38,624
1.10
1.00
0.87
34
58.09
37,441
1.04
0.90
0.88
58
(15.51)
24,403
1.05
0.90
2.56
54
38
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Small
Cap
Value
Opportunities
Class
A
6/30/24
$
45.69
$
0.23
$
8.14
$
8.37
$
(
0.20
)
$
(
0.12
)
$
(
0.32
)
$
53.74
6/30/23
41.31
0.20
6.94
7.14
-
(
2.76
)
(
2.76
)
45.69
6/30/22
55.06
0.10
(
8.11
)
(
8.01
)
(
0.08
)
(
5.66
)
(
5.74
)
41.31
6/30/21
33.98
(
0.02
)
21.36
21.34
(
0.26
)
-
(
0.26
)
55.06
6/30/20
42.97
0.11
(
6.36
)
(
6.25
)
(
0.01
)
(
2.73
)
(
2.74
)
33.98
Class
C
6/30/24
37.95
(
0.11
)
6.74
6.63
-
(
0.12
)
(
0.12
)
44.46
6/30/23
34.99
(
0.11
)
5.83
5.72
-
(
2.76
)
(
2.76
)
37.95
6/30/22
47.84
(
0.25
)
(
6.87
)
(
7.12
)
(
0.07
)
(
5.66
)
(
5.73
)
34.99
6/30/21
29.57
(
0.31
)
18.58
18.27
-
-
-
47.84
6/30/20
37.99
(
0.16
)
(
5.53
)
(
5.69
)
-
(
2.73
)
(
2.73
)
29.57
Class
R6
6/30/24
48.62
0.44
8.68
9.12
(
0.40
)
(
0.12
)
(
0.52
)
57.22
6/30/23
43.77
0.38
7.37
7.75
(
0.14
)
(
2.76
)
(
2.90
)
48.62
6/30/22
57.78
0.31
(
8.57
)
(
8.26
)
(
0.09
)
(
5.66
)
(
5.75
)
43.77
6/30/21
35.66
0.17
22.41
22.58
(
0.46
)
-
(
0.46
)
57.78
6/30/20
44.93
0.28
(
6.63
)
(
6.35
)
(
0.19
)
(
2.73
)
(
2.92
)
35.66
Class
I
6/30/24
47.85
0.37
8.54
8.91
(
0.33
)
(
0.12
)
(
0.45
)
56.31
6/30/23
43.12
0.32
7.25
7.57
(
0.08
)
(
2.76
)
(
2.84
)
47.85
6/30/22
57.08
0.22
(
8.43
)
(
8.21
)
(
0.09
)
(
5.66
)
(
5.75
)
43.12
6/30/21
35.21
0.08
22.15
22.23
(
0.36
)
-
(
0.36
)
57.08
6/30/20
44.43
0.20
(
6.57
)
(
6.37
)
(
0.12
)
(
2.73
)
(
2.85
)
35.21
(a)
Based
on
average
shares
outstanding.
(b)
Total
returns
are
at
NAV
and
do
not
include
any
sales
charge.
Total
returns
are
not
annualized.
(c)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable.
See
Notes
to
Financial
Statements
for
more
information.
(d)
Includes
voluntary
compensation
from
the
Adviser
as
further
described
in
the
Notes
to
Financial
Statements.
See
Notes
to
Financial
Statements
39
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets
Total
Return(b)
Net
Assets,
End
of
Period
(000)
Gross
Expenses
Net
Expenses(c)
NII
(Loss)(c),(d)
Portfolio
Turnover
Rate
18
.36
%
$
22,385
1
.35
%
1
.20
%
0
.46
%
71
%
17
.62
20,932
1
.31
1
.20
0
.44
71
(
16
.01
)
19,467
1
.33
1
.19
0
.20
58
63
.00
27,091
1
.37
1
.36
(
0
.04
)
86
(
15
.95
)
24,846
1
.35
1
.35
0
.28
43
17
.49
1,643
2
.10
1
.95
(
0
.28
)
71
16
.71
2,447
2
.06
1
.95
(
0
.29
)
71
(
16
.61
)
3,933
2
.08
1
.94
(
0
.57
)
58
61
.79
8,429
2
.12
2
.11
(
0
.80
)
86
(
16
.58
)
7,644
2
.10
2
.10
(
0
.49
)
43
18
.83
5,970
0
.96
0
.81
0
.85
71
18
.06
5,879
0
.93
0
.82
0
.81
71
(
15
.68
)
4,893
0
.94
0
.80
0
.59
58
63
.67
6,160
0
.95
0
.94
0
.36
86
(
15
.55
)
6,315
0
.91
0
.91
0
.70
43
18
.68
185,160
1
.10
0
.95
0
.72
71
17
.88
168,888
1
.06
0
.95
0
.69
71
(
15
.79
)
145,461
1
.08
0
.94
0
.42
58
63
.42
263,394
1
.11
1
.10
0
.16
86
(
15
.75
)
154,309
1
.10
1
.10
0
.51
43
40
Financial
Highlights
(continued)
The
following
data
is
for
a
share outstanding
for
each
fiscal year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Net
Asset
Value,
Beginning
of
Period
Net
Investment
Income
(NII)
(Loss)(a)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Net
Realized
Gains
Total
Net
Asset
Value,
End
of
Period
Small/Mid
Cap
Value
Class
A
6/30/24
$
27.67
$
0.21
$
4.53
$
4.74
$
(
0.07
)
$
(
0.06
)
$
(
0.13
)
$
32.28
6/30/23
24.60
0.14
4.32
4.46
-
(
1.39
)
(
1.39
)
27.67
6/30/22
32.13
0.03
(
2.89
)
(
2.86
)
(
0.11
)
(
4.56
)
(
4.67
)
24.60
6/30/21
20.05
0.01
12.13
12.14
(
0.06
)
-
(
0.06
)
32.13
6/30/20
23.47
0.11
(
3.45
)
(
3.34
)
(
0.08
)
-
(
0.08
)
20.05
Class
C
6/30/24
22.50
(
0.02
)
3.68
3.66
-
(
0.06
)
(
0.06
)
26.10
6/30/23
20.38
(
0.04
)
3.55
3.51
-
(
1.39
)
(
1.39
)
22.50
6/30/22
27.57
(
0.17
)
(
2.37
)
(
2.54
)
(
0.09
)
(
4.56
)
(
4.65
)
20.38
6/30/21
17.29
(
0.14
)
10.42
10.28
-
-
-
27.57
6/30/20
20.33
(
0.03
)
(
3.01
)
(
3.04
)
-
-
-
17.29
Class
R6
6/30/24
28.87
0.35
4.75
5.10
(
0.20
)
(
0.06
)
(
0.26
)
33.71
6/30/23
25.54
0.24
4.50
4.74
(
0.02
)
(
1.39
)
(
1.41
)
28.87
6/30/22
33.06
0.16
(
3.01
)
(
2.85
)
(
0.11
)
(
4.56
)
(
4.67
)
25.54
6/30/21
20.64
0.10
12.49
12.59
(
0.17
)
-
(
0.17
)
33.06
6/30/20
24.15
0.21
(
3.54
)
(
3.33
)
(
0.18
)
-
(
0.18
)
20.64
Class
I
6/30/24
28.60
0.29
4.69
4.98
(
0.15
)
(
0.06
)
(
0.21
)
33.37
6/30/23
25.32
0.23
4.44
4.67
-
(
1.39
)
(
1.39
)
28.60
6/30/22
32.86
0.10
(
2.97
)
(
2.87
)
(
0.11
)
(
4.56
)
(
4.67
)
25.32
6/30/21
20.49
0.07
12.42
12.49
(
0.12
)
-
(
0.12
)
32.86
6/30/20
23.99
0.19
(
3.55
)
(
3.36
)
(
0.14
)
-
(
0.14
)
20.49
(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
41
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
17
.21
%
$
4,710
1
.42
%
1
.31
%
0
.70
%
81
%
18
.50
3,627
1
.41
1
.31
0
.53
39
(
10
.81
)
3,003
1
.61
1
.30
0
.10
42
60
.64
3,321
1
.64
1
.31
0
.06
57
(
14
.29
)
2,599
1
.85
1
.31
0
.54
58
16
.31
386
2
.17
2
.06
(
0
.07
)
81
17
.65
426
2
.16
2
.06
(
0
.20
)
39
(
11
.48
)
341
2
.36
2
.05
(
0
.67
)
42
59
.46
538
2
.39
2
.06
(
0
.65
)
57
(
14
.95
)
763
2
.60
2
.06
(
0
.19
)
58
17
.75
21,258
0
.97
0
.86
1
.15
81
18
.92
18,080
1
.06
0
.96
0
.88
39
(
10
.44
)
16,015
1
.19
0
.88
0
.53
42
61
.19
19,155
1
.28
0
.95
0
.37
57
(
13
.93
)
8,747
1
.43
0
.88
0
.96
58
17
.48
73,600
1
.17
1
.06
0
.96
81
18
.82
63,397
1
.16
1
.06
0
.83
39
(
10
.57
)
15,577
1
.36
1
.05
0
.34
42
61
.03
23,554
1
.39
1
.06
0
.26
57
(
14
.07
)
8,457
1
.60
1
.06
0
.89
58
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.
Fund
Name
Changes:
Effective
May
1,
2024,
Nuveen
Large
Cap
Value
Fund
changed
its
name
as
noted
above
to
Large
Cap
Value
Opportunities
and
therefore
all
references
to
the
name
of
the
Fund
in
this
report
have
been
updated.
Current
Fiscal
Period:
The
end
of
the
reporting
period
for
the
Funds
is
June
30,
2024,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
fiscal
year
ended
June
30,
2024
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser:
The
Funds'
investment
adviser
is
Nuveen
Fund
Advisors,
LLC
(the
"Adviser"),
a
subsidiary
of
Nuveen,
LLC
("Nuveen").
Nuveen
is
the
investment
management
arm
of
Teachers
Insurance
and
Annuity
Association
of
America
(TIAA).
The
Adviser
has
overall
responsibility
for
management
of
the
Funds,
oversees
the
management
of
the
Funds'
portfolios,
manages
the
Funds'
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
sub-
advisory
agreements
with
Nuveen
Asset
Management,
LLC
(the
"Sub-Adviser"),
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolios
of
the
Funds.
Share
Classes
and
Sales
Charges
:
Class
A
Shares
are
generally
sold
with
an
up-front
sales
charge.
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
("NAV")
without
an
up-front
sales
charge
but
may
be
subject
to
a
contingent
deferred
sales
charge
("CDSC")
of
1%
if
redeemed
within
eighteen
months
of
purchase.
Class
C
Shares
are
sold
without
an
up-front
sales
charge.
Class
C
Shares
are
subject
to
a
CDSC
of
1%
if
redeemed
within
twelve
months
of
purchase.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Class
R6
Shares
and
Class
I
Shares
are
sold
without
an
upfront
sales
charge.
2.
Significant
Accounting
Policies
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
("U.S.
GAAP"),
which
may
require
the
use
of
estimates
made
by
management
and
the
evaluation
of
subsequent
events.
Actual
results
may
differ
from
those
estimates.
Each
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
("FASB")
Accounting
Standards
Codification
946,
Financial
Services
-
Investment
Companies.
The
NAV
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
common
share
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
common
share
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Funds.
Compensation:
Neither
Trust
pays
compensation
directly
to
those
of
its
officers,
all
of
whom
receive
remuneration
for
their
services
to
each
Trust
from
the
Adviser
or
its
affiliates.
The
Funds'
Board
of
Trustees
(the "Board")
has
adopted
a
deferred
compensation
plan
for
independent
trustees
that
enables
trustees
to
elect
to
defer
receipt
of
all
or
a
portion
of
the
annual
compensation
they
are
entitled
to
receive
from
certain
Nuveen-advised
funds.
Under
the
plan,
deferred
amounts
are
treated
as
though
equal
dollar
amounts
had
been
invested
in
shares
of
select
Nuveen-advised
funds.
Distributions
to
Shareholders:
Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date.
The
amount,
character
and
timing
of
distributions
are
determined
in
accordance
with
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Foreign
Currency
Transactions
and
Translation:
The
books
and
records
of
the
Funds
are
maintained
in
U.S.
dollars.
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
end
of
each
day.
Purchases
and
sales
of
securities,
income
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
dates
of
the
transactions.
Net
realized
foreign
currency
gains
and
losses
resulting
from
changes
in
exchange
rates
associated
with
(i)
foreign
currency,
(ii)
investments
and
(iii)
derivatives
include
foreign
currency
gains
and
losses
between
trade
date
and
settlement
date
of
the
transactions,
foreign
currency
transactions,
and
the
difference
between
the
amounts
of
interest
and
dividends
recorded
on
the
books
of
the
Funds
and
the
amounts
actually
received
are
recognized
as
a
component
of
"Net
realized
gain
(loss)
from
foreign
currency
transactions"
on
the
Statement
of
Operations,
when
applicable.
The
unrealized
gains
and
losses
resulting
from
changes
in
foreign
currency
exchange
rates
and
changes
in
foreign
exchange
rates
associated
with
(i)
investments
and
(ii)
other
assets
and
liabilities
are
recognized
as
a
component
of
"Change
in
unrealized
appreciation
(depreciation)
on
foreign
currency
translations"
on
the
Statement
of
Operations,
when
applicable.
The
unrealized
gains
and
losses
resulting
from
changes
in
foreign
exchange
rates
associated
with
investments
in
derivatives
are
recognized
as
a
component
of
the
respective
derivative's
related
"Change
in
unrealized
appreciation
(depreciation)"
on
the
Statement
of
Operations,
when
applicable.
43
As
of
the
end
of
the
reporting
period,
the
following
Funds'
investments
in
non-U.S.
securities
were
as
follows:
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
of
the
Funds
that
are
not
directly
attributable
to
a
specific
class
of
shares
are
prorated
among
the
classes
based
on
the
relative
net
assets
of
each
class.
Expenses
directly
attributable
to
a
class
of
shares
are
recorded
to
the
specific
class.
12b-1
distribution
and
service
fees
are
allocated
on
a
class-specific
basis.
Sub-transfer
agent
fees
and
similar
fees,
which
are
recognized
as
a
component
of
"Shareholder
servicing
agent
fees"
on
the
Statement
of
Operations,
are
not
charged
to
Class
R6
Shares
and
are
prorated
among
the
other
classes
based
on
their
relative
net
assets.
Realized
and
unrealized
capital
gains
and
losses
of
the
Funds
are
prorated
among
the
classes
based
on
the
relative
net
assets
of
each
class.
Netting
Agreements:
In
the
ordinary
course
of
business,
the
Funds
may
enter
into
transactions
subject
to
enforceable
master
repurchase
agreements,
International
Swaps
and
Derivatives
Association,
Inc.
(ISDA)
master
agreements
or
other
similar
arrangements
("netting
agreements").
Generally,
the
right
to
offset
in
netting
agreements
allows
each
Fund
to
offset
certain
securities
and
derivatives
with
a
specific
counterparty,
when
applicable,
as
well
as
any
collateral
received
or
delivered
to
that
counterparty
based
on
the
terms
of
the
agreements.
Generally,
each
Fund
manages
its
cash
Global
Equity
Income
Value
%
of
Net
Assets
Country:
Japan
$
10,820,481
8.1
%
Germany
8,918,027
6.7
Netherlands
6,991,655
5.2
United
Kingdom
6,229,498
4.7
France
5,136,915
3.9
Switzerland
4,400,909
3.3
Belgium
3,290,915
2.5
Hong
Kong
3,173,671
2.4
Australia
2,847,420
2.1
Other
13,630,185
10.2
Total
non-U.S.
Securities
$65,439,676
49.1%
International
Value
Value
%
of
Net
Assets
Country:
Japan
$
20,711,147
20.0
%
France
12,246,594
11.8
Germany
11,352,374
10.9
United
Kingdom
10,921,725
10.5
Netherlands
9,577,077
9.2
Switzerland
6,015,321
5.8
Canada
3,110,997
3.0
Hong
Kong
2,773,074
2.7
Taiwan
2,577,602
2.5
Other
12,626,994
12.1
Total
non-U.S.
Securities
$91,912,905
88.5%
44
Notes
to
Financial
Statements
(continued)
collateral
and
securities
collateral
on
a
counterparty
basis.
With
respect
to
certain
counterparties,
in
accordance
with
the
terms
of
the
netting
agreements,
collateral
posted
to
the
Funds
is
held
in
a
segregated
account
by
the
Funds'
custodian
and/or
with
respect
to
those
amounts
which
can
be
sold
or
repledged
,
are
presented
in
the
Funds'
Portfolio
of
Investments
or
Statement
of
Assets
and
Liabilities.
The
Funds'
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
later
in
these
Notes
to
Financial
Statements.
New
Accounting
Pronouncement:
In
June
2022,
the
FASB
issued
ASU
2022-03
to
clarify
the
guidance
in
Topic
820,
Fair
Value
Measurement
("Topic
820").
The
amendments
in
ASU
2022-03
affect
all
entities
that
have
investments
in
equity
securities
measured
at
fair
value
that
are
subject
to
a
contractual
sale
restriction.
ASU
2022-03
(1)
clarifies
the
guidance
in
Topic
820,
when
measuring
the
fair
value
of
an
equity
security
subject
to
contractual
restrictions
that
prohibit
the
sale
of
equity
security,
(2)
amends
a
related
illustrative
example,
and
(3)
introduces
new
disclosure
requirements
for
equity
securities
subject
to
contractual
sale
restrictions
that
are
measured
at
fair
value
in
accordance
with
Topic
820.
For
public
business
entities,
the
amendments
in
ASU
2022-03
are
effective
for
fiscal
years
beginning
after
December
15,
2023,
and
interim
periods
within
those
fiscal
years.
For
all
other
entities,
the
amendments
are
effective
for
fiscal
years
beginning
after
December
15,
2024,
and
interim
periods
within
those
fiscal
years.
Early
adoption
is
permitted
for
both
interim
and
annual
financial
statements
that
have
not
yet
been
issued
or
made
available
for
issuance.
During
the
current
fiscal
period,
the
Funds
adopted
the
new
guidance
and
there
was
no
material
impact
to
the
Funds.
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
fixed-income
securities
are
generally
provided
by
pricing
services
approved
by
the
Adviser,
which
is
subject
to
review
by
the
Adviser
and
oversight
of
the
Board. Pricing
services
establish
a
security's
fair
value
using
methods
that
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.
In
pricing
certain
securities,
particularly
less
liquid
and
lower
quality
securities,
pricing
services
may
consider
information
about
a
security,
its
issuer
or
market
activity
provided
by
the
Adviser.
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.
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.
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
45
and
rating,
market
quotes
or
indications
of
value
from
security
dealers,
evaluations
of
anticipated
cash
flows
or
collateral,
general
market
conditions
and
other
information
and
analysis,
including
the
obligor's
credit
characteristics
considered
relevant.
To
the
extent
the
inputs
are
observable
and
timely,
the
values
would
be
classified
as
Level
2;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Funds'
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
Global
Equity
Income
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
63,825,448
$
68,819,819
$
-
$
132,645,267
Total
$
63,825,448
$
68,819,819
$
-
$
132,645,267
International
Value
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
17,132,689
$
86,376,309
$
-
$
103,508,998
Investments
Purchased
with
Collateral
from
Securities
Lending
2,359,057
-
-
2,359,057
Short-Term
Investments:
Repurchase
Agreements
-
650,000
-
650,000
Total
$
19,491,746
$
87,026,309
$
-
$
106,518,055
Large
Cap
Value
Opportunities
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
21,527,712
$
-
$
-
$
21,527,712
Investments
Purchased
with
Collateral
from
Securities
Lending
528,893
-
-
528,893
Short-Term
Investments:
Repurchase
Agreements
-
75,000
-
75,000
Total
$
22,056,605
$
75,000
$
-
$
22,131,605
Multi
Cap
Value
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
468,001,891
$
-
$
-
$
468,001,891
Investments
Purchased
with
Collateral
from
Securities
Lending
11,514,744
-
-
11,514,744
Short-Term
Investments:
Repurchase
Agreements
-
13,435,262
-
13,435,262
Total
$
479,516,635
$
13,435,262
$
-
$
492,951,897
Small
Cap
Value
Opportunities
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
204,480,533
$
-
$
-
$
204,480,533
Investments
Purchased
with
Collateral
from
Securities
Lending
162,939
-
-
162,939
Short-Term
Investments:
Repurchase
Agreements
-
8,546,243
-
8,546,243
Total
$
204,643,472
$
8,546,243
$
-
$
213,189,715
Small/Mid
Cap
Value
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
99,250,462
$
-
$
-
$
99,250,462
Investments
Purchased
with
Collateral
from
Securities
Lending
859,770
-
-
859,770
Short-Term
Investments:
Repurchase
Agreements
-
325,000
-
325,000
Total
$
100,110,232
$
325,000
$
-
$
100,435,232
46
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
reporting
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").
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.
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
reporting
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
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
Fund
Counterparty
Short-term
Investments,
at
Value
Collateral
Pledged
(From)
Counterparty
International
Value
Fixed
Income
Clearing
Corporation
650,000
(663,135)
Large
Cap
Value
Opportunities
Fixed
Income
Clearing
Corporation
75,000
(76,623)
Multi
Cap
Value
Fixed
Income
Clearing
Corporation
13,435,262
(13,704,147)
Small
Cap
Value
Opportunities
Fixed
Income
Clearing
Corporation
8,546,243
(8,717,349)
Small/Mid
Cap
Value
Fixed
Income
Clearing
Corporation
325,000
(331,567)
Fund
Asset
Class
out
on
Loan
Long-Term
Investments,
at
Value
Total
Collateral
Received
International
Value
Common
Stock
$2,319,454
$2,359,057
Large
Cap
Value
Opportunities
Common
Stock
497,368
528,893
Multi
Cap
Value
Common
Stock
10,827,976
11,514,744
Small
Cap
Value
Opportunities
Common
Stock
157,985
162,939
Small/Mid
Cap
Value
Common
Stock
842,302
859,770
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
Global
Equity
Income
$
35,439,696
$
49,607,662
International
Value
15,271,792
13,419,863
Large
Cap
Value
Opportunities
7,025,711
7,794,089
Multi
Cap
Value
374,376,861
66,325,419
Small
Cap
Value
Opportunities
138,628,880
159,605,042
Small/Mid
Cap
Value
85,682,062
84,765,348
47
5.
Derivative
Investments
Each
Fund
is
authorized
to
invest
in
certain
derivative
instruments.
As
defined
by
U.S.
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variables.
Investments
in
derivatives
as
of
the
end
of
and/or
during
the
current
fiscal
period,
if
any,
are
included
within
the
Statement
of
Assets
and
Liabilities
and
the
Statement
of
Operations,
respectively.
Market
and
Counterparty
Credit
Risk:
In
the
normal
course
of
business
each
Fund
may
invest
in
financial
instruments
and
enter
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk)
or
failure
of
the
other
party
to
the
transaction
to
perform
(counterparty
credit
risk).
The
potential
loss
could
exceed
the
value
of
the
financial
assets
recorded
on
the
financial
statements.
Financial
assets,
which
potentially
expose
each
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
each
Fund's
exposure
to
counterparty
credit
risk
in
respect
to
these
financial
assets
approximates
their
carrying
value
as
recorded
on
the
Statement
of
Assets
and
Liabilities.
Each
Fund
helps
manage
counterparty
credit
risk
by
entering
into
agreements
only
with
counterparties
the
Adviser
believes
have
the
financial
resources
to
honor
their
obligations
and
by
having
the
Adviser
monitor
the
financial
stability
of
the
counterparties.
Additionally,
counterparties
may
be
required
to
pledge
collateral
daily
(based
on
the
daily
valuation
of
the
financial
asset)
on
behalf
of
each
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when
each
Fund
has
an
unrealized
loss,
the
Funds
have
instructed
the
custodian
to
pledge
assets
of
the
Funds
as
collateral
with
a
value
approximately
equal
to
the
amount
of
the
unrealized
loss
above
a
pre-determined
threshold.
Collateral
pledges
are
monitored
and
subsequently
adjusted
if
and
when
the
valuations
fluctuate,
either
up
or
down,
by
at
least
the
pre-determined
threshold
amount.
6.
Fund
Shares
Transactions
in Fund
shares
during
the
current
and
prior
fiscal
period
were
as
follows:
Year
Ended
6/30/24
Year
Ended
6/30/23
Global
Equity
Income
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
84,189
$2,638,537
47,173
$1,353,713
Class
A
-
automatic
conversion
of
Class
C
-
-
1,557
46,556
Class
C
2,214
68,102
13,462
367,882
Class
I
118,887
3,653,838
115,359
3,305,184
Total
subscriptions
205,290
6,360,477
177,551
5,073,335
Reinvestments
of
distributions:
Class
A
61,232
1,969,644
131,240
3,749,758
Class
C
601
19,140
2,626
75,159
Class
I
34,720
1,114,467
75,723
2,157,717
Total
reinvestments
of
distributions
96,553
3,103,251
209,589
5,982,634
Redemptions:
Class
A
(376,703)
(11,716,943)
(446,247)
(12,770,358)
Class
C
(35,610)
(1,064,362)
(11,917)
(343,167)
Class
C
-
automatic
conversion
to
Class
A
-
-
(1,561)
(46,556)
Class
I
(338,491)
(10,549,458)
(632,311)
(17,816,151)
Total
redemptions
(750,804)
(23,330,763)
(1,092,036)
(30,976,232)
Net
increase
(decrease)
(448,961)
$(13,867,035)
(704,896)
$(19,920,263)
48
Notes
to
Financial
Statements
(continued)
Year
Ended
6/30/24
Year
Ended
6/30/23
International
Value
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
90,186
$2,401,951
104,835
$2,566,360
Class
C
6,680
162,084
10,360
236,792
Class
I
681,428
18,150,331
622,620
15,531,215
Total
subscriptions
778,294
20,714,366
737,815
18,334,367
Reinvestments
of
distributions:
Class
A
13,494
365,547
35,345
818,584
Class
C
228
5,861
724
15,889
Class
I
60,296
1,644,261
129,649
3,022,126
Total
reinvestments
of
distributions
74,018
2,015,669
165,718
3,856,599
Redemptions:
Class
A
(177,601)
(4,765,851)
(148,967)
(3,541,801)
Class
C
(9,040)
(225,171)
(4,310)
(98,147)
Class
I
(705,599)
(18,896,291)
(623,174)
(15,007,075)
Total
redemptions
(892,240)
(23,887,313)
(776,451)
(18,647,023)
Net
increase
(decrease)
(39,928)
$(1,157,278)
127,082
$3,543,943
Year
Ended
6/30/24
Year
Ended
6/30/23
Large
Cap
Value
Opportunities
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
289,155
$1,284,054
213,276
$858,880
Class
C
25,511
88,015
156,054
475,739
Class
I
87,875
392,324
204,405
816,721
Total
subscriptions
402,541
1,764,393
573,735
2,151,340
Reinvestments
of
distributions:
Class
A
31,409
138,443
71,341
284,749
Class
C
4,653
15,296
20,048
60,053
Class
I
54,585
242,904
123,408
497,291
Total
reinvestments
of
distributions
90,647
396,643
214,797
842,093
Redemptions:
Class
A
(206,782)
(912,713)
(372,060)
(1,499,789)
Class
C
(69,906)
(224,572)
(137,834)
(416,584)
Class
I
(426,197)
(1,891,859)
(536,598)
(2,186,758)
Total
redemptions
(702,885)
(3,029,144)
(1,046,492)
(4,103,131)
Net
increase
(decrease)
(209,697)
$(868,108)
(257,960)
$(1,109,698)
Year
Ended
6/30/24
Year
Ended
6/30/23
Multi
Cap
Value
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
86,310
$3,956,204
48,404
$2,016,065
Class
C
44,184
1,903,811
10,779
415,540
Class
I
6,996,485
327,347,815
1,085,025
46,828,564
Total
subscriptions
7,126,979
333,207,830
1,144,208
49,260,169
Reinvestments
of
distributions:
Class
A
9,227
429,968
10,321
420,367
Class
C
111
4,798
135
5,109
Class
I
63,548
2,993,104
15,241
627,177
Total
reinvestments
of
distributions
72,886
3,427,870
25,697
1,052,653
Redemptions:
Class
A
(121,865)
(5,659,139)
(130,446)
(5,329,772)
Class
C
(11,320)
(479,509)
(13,421)
(503,274)
Class
I
(376,188)
(17,336,688)
(464,716)
(19,506,691)
Total
redemptions
(509,373)
(23,475,336)
(608,583)
(25,339,737)
Net
increase
(decrease)
6,690,492
$313,160,364
561,322
$24,973,085
49
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
6/30/24
Year
Ended
6/30/23
Small
Cap
Value
Opportunities
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
51,394
$2,555,925
58,884
$2,621,661
Class
A
-
automatic
conversion
of
Class
C
-
-
239
9,939
Class
C
4,457
182,340
8,011
302,571
Class
R6
20,312
1,086,748
28,790
1,345,891
Class
I
360,921
18,991,900
712,529
33,286,336
Total
subscriptions
437,084
22,816,913
808,453
37,566,398
Reinvestments
of
distributions:
Class
A
2,407
121,511
24,786
1,095,290
Class
C
120
4,951
5,371
198,512
Class
R6
769
41,409
4,467
209,741
Class
I
26,602
1,409,462
188,793
8,726,671
Total
reinvestments
of
distributions
29,898
1,577,333
223,417
10,230,214
Redemptions:
Class
A
(95,452)
(4,713,180)
(96,959)
(4,303,835)
Class
C
(32,099)
(1,288,046)
(61,029)
(2,291,324)
Class
C
-
automatic
conversion
to
Class
A
-
-
(286)
(9,939)
Class
R6
(37,680)
(1,979,232)
(24,116)
(1,140,017)
Class
I
(628,781)
(31,886,053)
(745,722)
(34,837,535)
Total
redemptions
(794,012)
(39,866,511)
(928,112)
(42,582,650)
Net
increase
(decrease)
(327,030)
$(15,472,265)
103,758
$5,213,962
Year
Ended
6/30/24
Year
Ended
6/30/23
Small/Mid
Cap
Value
Shares
Amount
Shares
Amount
Subscriptions:
Class
A
45,031
$1,387,731
16,226
$437,948
Class
A
-
automatic
conversion
of
Class
C
-
-
961
24,976
Class
C
483
11,946
12,847
285,331
Class
R6
158,489
4,874,839
106,780
2,950,966
Class
I
1,594,016
46,871,586
1,775,616
48,560,236
Total
subscriptions
1,798,019
53,146,102
1,912,430
52,259,457
Reinvestments
of
distributions:
Class
A
484
14,244
5,888
154,730
Class
C
50
1,171
1,343
28,895
Class
R6
5,383
165,637
31,580
864,207
Class
I
22,968
699,994
31,639
857,674
Total
reinvestments
of
distributions
28,885
881,046
70,450
1,905,506
Redemptions:
Class
A
(30,708)
(908,546)
(14,050)
(366,803)
Class
C
(4,696)
(120,015)
(10,786)
(242,148)
Class
C
-
automatic
conversion
to
Class
A
-
-
(1,180)
(24,976)
Class
R6
(159,443)
(4,850,073)
(139,140)
(3,853,577)
Class
I
(1,628,360)
(50,096,961)
(205,524)
(5,606,019)
Total
redemptions
(1,823,207)
(55,975,595)
(370,680)
(10,093,523)
Net
increase
(decrease)
3,697
$(1,948,447)
1,612,200
$44,071,440
50
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,
nondeductible
expenses,
return
of
capital
and
long-term
capital
gain
distributions
received
from
portfolio
investments,
and
tax
equalization.
Temporary
and
permanent
differences
have
no
impact
on
a
Fund's
net
assets.
As
of
year
end,
the
aggregate
cost
and
the
net
unrealized
appreciation/(depreciation)
of
all
investments
for
federal
income
tax
purposes
were
as
follows:
For
purposes
of
this
disclosure,
tax
cost
generally
includes
the
cost
of
portfolio
investments
as
well
as
up-front
fees
or
premiums
exchanged
on
derivatives
and
any
amounts
unrealized
for
income
statement
reporting
but
realized
income
and/or
capital
gains
for
tax
reporting,
if
applicable.
As
of
year
end,
the
components
of
accumulated
earnings
on
a
tax
basis
were
as
follows:
The
tax
character
of
distributions
paid
was
as
follows:
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Global
Equity
Income
$
101,195,244
$
36,912,522
$
(5,462,499)
$
31,450,023
International
Value
80,203,917
34,969,689
(8,655,551)
26,314,138
Large
Cap
Value
Opportunities
14,705,628
7,759,773
(333,796)
7,425,977
Multi
Cap
Value
426,014,155
77,370,398
(10,432,656)
66,937,742
Small
Cap
Value
Opportunities
180,516,403
38,444,384
(5,771,072)
32,673,312
Small/Mid
Cap
Value
79,559,189
22,866,648
(1,990,605)
20,876,043
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
$
1,974,884
$
-
$
31,447,161
$
(228,656,653)
$
-
$
(1,484,186)
$
(196,718,794)
International
Value
2,483,345
-
26,313,005
(195,407,278)
-
-
(166,610,928)
Large
Cap
Value
Opportunities
268,319
816,970
7,425,977
-
-
-
8,511,266
Multi
Cap
Value
698,980
-
66,937,742
(589,389)
-
(16,377)
67,030,956
Small
Cap
Value
Opportunities
1,226,244
30,516,209
32,673,312
-
-
-
64,415,765
Small/Mid
Cap
Value
1,324,424
4,253,281
20,876,043
-
-
-
26,453,748
6/30/24
6/30/23
Fund
Ordinary
Income
Long-Term
Capital
Gains
Ordinary
Income
Long-Term
Capital
Gains
Global
Equity
Income
$
3,284,612
$
-
$
6,325,497
$
-
International
Value
2,087,422
-
4,012,077
-
Large
Cap
Value
Opportunities
414,413
-
244,397
632,240
Multi
Cap
Value
3,502,146
-
1,128,777
-
Small
Cap
Value
Opportunities
1,201,238
455,993
256,087
10,540,774
Small/Mid
Cap
Value
635,570
248,237
242,718
1,687,982
51
As
of
year
end,
the
Funds
had
capital
loss
carryforwards,
which
will
not
expire:
As
of
year
end,
the
Funds
utilized
the
following
capital
loss
carryforwards:
8.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees:
Each
Fund's
management
fee
compensates
the
Adviser
for
the
overall
investment
advisory
and
administrative
services
and
general
office
facilities.
The
Sub-Adviser
is
compensated
for
its
services
to
the
Funds
from
the
management
fees
paid
to
the
Adviser.
Each
Fund's
management
fee
consists
of
two
components
-
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
each
individual
Fund,
and
a
complex-level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables
each
Fund's
shareholders
to
benefit
from
growth
in
the
assets
within
their
respective
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
The
annual
fund-level
fee,
payable
monthly,
for
each
Fund
is
calculated
according
to
the
following
schedule:
Fund
Short-Term
Long-Term
Total
Global
Equity
Income
1
$
7,174,460
$
221,482,193
$
228,656,653
International
Value
6,723,036
188,684,242
195,407,278
Large
Cap
Value
Opportunities
-
-
-
Multi
Cap
Value
-
589,389
589,389
Small
Cap
Value
Opportunities
-
-
-
Small/Mid
Cap
Value
-
-
-
1
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
fifteen
years,
at
which
point
the
annual
limitation
will
further
be
reduced
to
approximately
$1.2
million.
Fund
Utilized
Global
Equity
Income
$
322,947
International
Value
-
Large
Cap
Value
Opportunities
-
Multi
Cap
Value
86,274
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
%
0.5500
%
0.5000
%
0.5500
%
0.6500
%
0.6000
%
For
the
next
$125
million
0.5375
0.5375
0.4875
0.5375
0.6375
0.5875
For
the
next
$250
million
0.5250
0.5250
0.4750
0.5250
0.6250
0.5750
For
the
next
$500
million
0.5125
0.5125
0.4625
0.5125
0.6125
0.5625
For
the
next
$1
billion
0.5000
0.5000
0.4500
0.5000
0.6000
0.5500
For
the
next
$3
billion
0.4750
0.4750
0.4250
0.4750
0.5750
0.5250
For
the
next
$2.5
billion
0.4500
0.4500
0.4000
0.4500
0.5500
0.5000
For
the
next
$2.5
billion
0.4375
0.4375
0.3875
0.4375
0.5375
0.4875
For
net
assets
over
$10
billion
0.4250
0.4250
0.3750
0.4250
0.5250
0.4750
52
Notes
to
Financial
Statements
(continued)
For
the
period
July
1,
2023
through
April
30,
2024,
the
annual
complex-level
fee,
payable
monthly,
for
each
Fund
was
calculated
according
to
the
following
schedule:
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
"eligible
assets"
of
all
Nuveen
open-end
and
closed-end
funds.
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$2
billion)
added
to
the
Nuveen
fund
complex
in
connection
with
the
Adviser's
assumption
of
the
management
of
the
former
First
American
Funds
effective
January
1,
2011,
but
do
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
certain
types
of
leverage.
For
these
purposes,
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.
Effective
May
1,
2024
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
June
30,
2024,
the
complex-level
fee
rate
for
each
Fund
was
as
follows:
The
Adviser
has
agreed
to
waive
fees
and/or
reimburse
expenses
("Expense
Cap")
of
the
Funds
so
that
the
total
annual
Fund
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expenses,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
and
extraordinary
expenses)
do
not
exceed
the
average
daily
net
assets
of
any
class
of
Fund
shares
in
the
amounts
and
for
the
time
periods
stated
in
the
following
table.
However,
because
Class
R6
Shares
are
not
subject
to
sub-transfer
agent
and
similar
fees,
the
total
annual
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
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
Complex-Level
Fee
Global
Equity
Income
0.1574%
International
Value
0.1574%
Large
Cap
Value
Opportunities
0.1574%
Multi
Cap
Value
0.1574%
Small
Cap
Value
Opportunities
0.1574%
Small/Mid
Cap
Value
0.1574%
53
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
reporting
period
is
recognized
in
"Reimbursement
from
Adviser"
on
the
Statement
of
Assets
and Liabilities. During
the
current
fiscal
period,
the
values
of
voluntary
compensation
were
as
follows:
Each
Fund
is
permitted
to
purchase
or
sell
securities
from
or
to
certain
other
funds
or
accounts
managed
by
the
Sub-Adviser
("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
did
not
engage
in
cross-trades
pursuant
to
these
procedures.
During
the
current
fiscal
period,
the
Distributor,
collected
sales
charges
on
purchases
of
Class
A
Shares,
the
majority
of
which
were
paid
out
as
concessions
to
financial
intermediaries
as
follows:
The
Distributor
also
received
12b-1
service
fees
on
Class
A
Shares,
substantially
all
of
which
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
Fund
Temporary
Expense
Cap
Temporary
Expense
Cap
Expiration
Date
Permanent
Expense
Cap
Global
Equity
Income
0.90%
July
31,
2026
N/A
International
Value
0.94
July
31,
2026
N/A
Large
Cap
Value
Opportunities
0.79
July
31,
2026
1.35%
Multi
Cap
Value
0.94
July
31,
2026
N/A
Small
Cap
Value
Opportunities
0.99
July
31,
2026
1.50%
Small/Mid
Cap
Value
1.10
July
31,
2026
1.45%
N/A
-
Not
Applicable.
Fund
Amount
Global
Equity
Income
$
13,419
International
Value
3,689
Large
Cap
Value
Opportunities
2,006
Multi
Cap
Value
94,219
Small
Cap
Value
Opportunities
94,800
Small/Mid
Cap
Value
78,411
Fund
Sales
Charges
Collected
(Unaudited)
Paid
to
Financial
Intermediaries
(Unaudited)
Global
Equity
Income
$
4,808
$
4,545
International
Value
14,732
13,329
Large
Cap
Value
Opportunities
14,435
13,599
Multi
Cap
Value
66,018
57,670
Small
Cap
Value
Opportunities
14,560
13,971
Small/Mid
Cap
Value
5,415
4,969
54
Notes
to
Financial
Statements
(continued)
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:
As
of
the
end
of
the
reporting
period,
the
percentage
of
Fund
shares
owned
by
Nuveen
was
as
follows:
9.
Borrowing
Arrangements
Committed
Line
of
Credit:
The
Funds,
along
with
certain
other
funds
managed
by
the
Adviser
("Participating
Funds"),
have
established
a
364-day,
$2.700
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
2025
unless
extended
or
renewed.
Fund
Commission
Advances
(Unaudited)
Global
Equity
Income
$
2,687
International
Value
2,687
Large
Cap
Value
Opportunities
6,970
Multi
Cap
Value
16,753
Small
Cap
Value
Opportunities
11,144
Small/Mid
Cap
Value
4,619
Fund
12b-1
Fees
Retained
(Unaudited)
Global
Equity
Income
$
422
International
Value
191
Large
Cap
Value
Opportunities
299
Multi
Cap
Value
6,066
Small
Cap
Value
Opportunities
993
Small/Mid
Cap
Value
100
Fund
CDSC
Retained
(Unaudited)
Global
Equity
Income
$
-
International
Value
169
Large
Cap
Value
Opportunities
10
Multi
Cap
Value
248
Small
Cap
Value
Opportunities
20
Small/Mid
Cap
Value
-
Fund
Nuveen
Owned
Shares
Small
Cap
Value
Opportunities
-%*
Small/Mid
Cap
Value
-%*
*Rounds
to
less
than
1%.
55
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed. The
Participating
Funds
also
incurred
a
0.05%
upfront
fee
on
the
increased
commitments
from
select
lenders.
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.
56
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
46,553
Multi
Cap
Value
-
Small
Cap
Value
Opportunities
1,134,360
Small/Mid
Cap
Value
578,692
Fund
Percentage
Global
Equity
Income
38
.8
%
International
Value
-
Large
Cap
Value
Opportunities
81
.5
Multi
Cap
Value
62
.1
Small
Cap
Value
Opportunities
100
.0
Small/Mid
Cap
Value
100
.0
Fund
Percentage
Global
Equity
Income
100
.0
%
International
Value
100
.0
Large
Cap
Value
Opportunities
100
.0
Multi
Cap
Value
75
.0
Small
Cap
Value
Opportunities
100
.0
Small/Mid
Cap
Value
100
.0
57
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
2
.3
-
Large
Cap
Value
Opportunities
1
.1
-
Multi
Cap
Value
5
.6
-
Small
Cap
Value
Opportunities
4
.9
-
Small/Mid
Cap
Value
13
.5
-
Fund
Foreign
Source
Income
Foreign
Source
Income
Per
Share
Qualifying
Foreign
Taxes
Paid
Qualifying
Foreign
Taxes
Paid
Per
Share
Global
Equity
Income
$
2,194,488
$
0.55097
$
262,441
$
0.06589
International
Value
2,377,268
0.64344
292,214
0.07909
Large
Cap
Value
Opportunities
-
-
-
-
Multi
Cap
Value
-
-
-
-
Small
Cap
Value
Opportunities
-
-
-
-
Small/Mid
Cap
Value
-
-
-
-
Fund
Percentage
Global
Equity
Income
-
%
International
Value
2
.5
Large
Cap
Value
Opportunities
0
.9
Multi
Cap
Value
5
.4
Small
Cap
Value
Opportunities
7
.7
Small/Mid
Cap
Value
12
.7
| Item 8. |
Changes in and Disagreements with Accountants for Open-EndManagement Investment Companies. |
Not applicable.
| Item 9. |
Proxy Disclosures for Open-EndManagement Investment Companies. |
Not applicable.
| Item 10. |
Remuneration Paid to Directors, Officers, and Others of Open-EndManagement Investment Companies. |
Remuneration paid to directors, officers and others is included in the Statement of Operations under the line items "Trustee Fees" and "Management Fees" as part of the financial statements filed under Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract
Nuveen Global Equity Income Fund
Nuveen International Value Fund
Nuveen Large Cap Value Opportunities Fund
Nuveen Multi Cap Value Fund
Nuveen Small Cap Value Opportunities Fund
Nuveen Small/Mid Cap Value Fund
The Approval Process
At meetings held on April 18 and 19, 2024 (the "Meeting"), the Boards of Trustees (collectively, the "Board"and each Trustee, a "Board Member") of Nuveen Investment Trust and Nuveen Investment Trust II approved, for each applicable fund listed above (each a "Fund"), the renewal of the investment management agreement (each an "Investment Management Agreement") with Nuveen Fund Advisors, LLC ("NFAL"; NFAL is an "Adviser") pursuant to which NFAL serves as investment adviser to such Fund. Similarly, for each Fund, the Board approved the renewal of the sub-advisoryagreement (each a "Sub-AdvisoryAgreement") with Nuveen Asset Management, LLC (the "Sub-Adviser") pursuant to which the Sub-Adviserserves as the sub-adviserto such Fund. The Board Members are not "interested persons" (as defined under the Investment Company Act of 1940 (the "1940 Act")) and, therefore, the Board is deemed to be comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of each Investment Management Agreement and Sub-AdvisoryAgreement on behalf of the applicable Fund.
In accordance with applicable law, following up to an initial two-yearperiod, the Board considers the renewal of each Investment Management Agreement and Sub-AdvisoryAgreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-AdvisoryAgreements are collectively referred to as the "Advisory Agreements,"and NFAL and the Sub-Adviserare collectively, the "Fund Advisers"and each a "Fund Adviser."In addition, the fund complex consists of the group of funds advised by NFAL (collectively referred to as the "Nuveen funds") and the group of funds advised by Teachers Advisors, LLC ("TAL"and such funds are collectively, the "TC funds"). For clarity, NFAL serves as Adviser to the Nuveen funds, including the Funds, and TAL serves as "Adviser" to the TC funds. The Board Members considered that the prior separate boards of the TC funds and Nuveen funds were consolidated effective in January 2024. Accordingly, at the Meeting, the Board Members considered the review of the advisory agreements for the Nuveen funds as well as reviewed the investment management agreements for the TC funds. Depending on the appropriate context, references to "the Adviser" may be to NFAL with respect to the Nuveen funds and/or TAL with respect to the TC funds.
The Board Members considered the review of the advisory agreements of the Nuveen funds and the TC funds to be an ongoing process. The Board Members therefore employed the accumulated information, knowledge and experience they had gained during their tenure on the respective board of the TC funds or Nuveen funds (as the case may be) governing the applicable funds and working with the respective investment advisers and sub-advisers,as applicable, in their review of the advisory agreements for the fund complex.
During the course of the year prior to the Meeting, the Board and/or its committees received a wide variety of materials that covered a range of topics relevant to the Board's annual consideration of the renewal of the advisory agreements, including reports on fund investment results over various periods; product initiatives for various funds; fund expenses; compliance, regulatory and risk management matters; trading practices, including soft dollar arrangements (as applicable); the liquidity and derivatives risk management programs; management of distributions; valuation of securities; payments to financial intermediaries, including 12b-1expenses (as applicable); securities lending (as applicable); and overall market and regulatory developments. The Board also met periodically with and/or received presentations by key investment professionals managing a fund's portfolio. In particular, at the Board meeting held on February 27-29,2024 (the "February Meeting"), the Board and/or its Investment Committee received the annual performance review of the funds as described in further detail below. The presentations, discussions and meetings throughout the year also provide a means for the Board to evaluate and consider the level, breadth and quality of services provided by the Adviser and sub-advisers,as applicable, and how such services have changed over time in light of new or modified regulatory requirements, changes to market conditions or other factors.
In connection with its annual consideration of the advisory agreements, 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 at the Meeting and/or prior meetings covered a wide range of matters including, but not limited to, a description of the nature, extent and quality of services provided by the Fund Advisers; the consolidation of the Nuveen fund family and TC fund family; a review of product actions advanced in 2023 for the benefit of particular funds and/or the fund complex; a review of each sub-adviser,if applicable, and/or applicable investment team; an analysis of fund performance with a focus on funds considered to have met certain challenged performance measurements; an analysis of the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; a list of management fee and, if applicable, sub-advisoryfee schedules; a review of temporary and permanent expense caps and fee waivers for open-endfunds (as applicable); a description of portfolio manager compensation; a description of the profitability and/or financial
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)
data of Nuveen, TAL and the sub-advisers;and a description of indirect benefits received by the Adviser and the sub-advisersas a result of their relationships with the funds, as applicable. The Board also considered information provided by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data, comparing fee and expense levels of each respective fund to those of a peer universe and, with respect to open-endfunds, also to a peer group of funds selected by Broadridge, subject to certain exceptions.
The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the funds by the Board and its committees during the year. The Board's review of the advisory agreements for the fund complex is based on all the information provided to the Board and its committees over time. The performance, fee and expense data and other information provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members.
As part of their review, the Board Members and independent legal counsel met by videoconference in executive session on April 10, 2024 (the "April Executive Session") to review and discuss materials provided in connection with their annual review of the advisory agreements for the fund complex. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information, and the Board subsequently reviewed and discussed the responses to these follow-upquestions and requests.
The Board Members were advised by independent legal counsel during the annual review process as well as throughout the year, including meeting in executive sessions with such counsel at which no representatives of management were present. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.
The Board's decisions to renew each Advisory Agreement were not based on a single identified factor, but rather each decision reflected the comprehensive consideration of all the information provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board's annual review of the funds' advisory arrangements and oversight of the funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.
A. Nature, Extent and Quality of Services
In evaluating the renewal of the Advisory Agreements, the Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser's services provided to each respective Fund with particular focus on the services and enhancements or changes to such services provided during the last year. The Board Members considered the Investment Management Agreements and the Sub-AdvisoryAgreements separately in the course of their review. With this approach, they considered the roles of NFAL and the Sub-Adviserin providing services to the Funds.
The Board considered that the Adviser provides a wide array of management, oversight and other services to manage and operate the applicable funds. The Board considered the Adviser's and its affiliates' dedication of resources, time, people and capital as well as continual program of improvement and innovation aimed at enhancing the funds and fund complex for investors and meeting the needs of an increasingly complex regulatory environment. In particular, over the past several years, the Board considered the significant resources, both financial and personnel, the Adviser and its affiliates have committed in working to consolidate the Nuveen fund family and TC fund family under one centralized umbrella. The Board considered that the organizational changes in bringing together Nuveen, its affiliates and TIAA's (as defined below) asset management businesses, consolidating the Nuveen and TC fund families and other initiatives were anticipated to provide various benefits for the funds through, among other things, enhanced operating efficiencies, centralized investment leadership and a centralized shared resources and support model. As part of these efforts, the boards of the TC funds and Nuveen funds were consolidated effective in January 2024. In addition, in conjunction with these consolidation efforts, the Board approved at the Meeting changes to fee and breakpoint structures (as applicable) that could provide cost savings to participating funds, as described in further detail below.
The Board also reviewed information regarding other product actions undertaken or continued by management in the 2023 calendar year in seeking to improve the effectiveness of the organization, the product line-upas well as particular funds through, among other things, continuing to review and optimize the product line and gaining efficiencies through mergers and liquidations; reviewing and updating investment policies and benchmarks; implementing fee waivers and/or expense cap changes for certain funds; evaluating and adjusting portfolio management teams as appropriate for various funds; and developing policy positions on a broad range of regulatory proposals that may impact the funds and communicating with lawmakers and other regulatory authorities to help ensure these positions are considered. In its review, the Board considered that the funds operated in a highly regulated industry and the scope and complexity of the services and resources that the Adviser and its affiliates must provide to manage and operate the applicable funds have expanded over the years as a result of, among other things, regulatory, market and other developments, such as the adoption of the tailored shareholder report or the revised fund name rule.
In considering the breadth and quality of services the Adviser and its various teams provide, the Board considered that the Adviser provides investment advisory services. With respect to the Nuveen funds, such funds utilize sub-advisersto manage the portfolios of the funds subject to the supervision of NFAL. Accordingly, the Board considered that NFAL and its
affiliates, among other things, oversee and review the performance of the respective sub-adviserand its investment team(s); evaluate Nuveen fund performance and market conditions; evaluate investment strategies and recommend changes thereto; set and manage distributions consistent with the respective Nuveen fund's product design; oversee trade execution and, as applicable, securities lending; evaluate investment risks; and manage valuation matters. The Board further considered that over the course of the 2023 calendar year, the Nuveen global public product team which supports the funds in the fund complex and their shareholders assessed the investment personnel across the investment leadership teams which resulted in additions or other modifications to the portfolio management teams of various funds. The Board also reviewed a description of the compensation structure applicable to certain portfolio managers.
In addition to the above investment advisory services, the Board further considered the extensive compliance, regulatory, administrative and other services the Adviser and its various teams or affiliates provide to manage and operate the applicable funds. Given the highly regulated industry in which the funds operate, the Board considered the breadth of the Adviser's compliance program and related policies and procedures. The Board reviewed various initiatives the Adviser's compliance team undertook or continued in 2023, in part, to address new regulatory requirements, support international business growth and product development, enhance international trading capabilities, enhance monitoring capabilities in light of the new regulatory requirements and guidance and maintain a comprehensive training program. The Board further considered, among other things, that other non-advisoryservices provided included, among other things, board support and reporting; establishing and reviewing the services provided by other fund service providers (such as a fund's custodian, accountant, and transfer agent); risk management, including reviews of the liquidity risk management and derivatives risk management programs; legal support services; regulatory advocacy; and cybersecurity, business continuity and disaster recovery planning and testing.
Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments in the technology, personnel and infrastructure to support the funds, including to enhance global talent, middle office systems, software and international and internal capabilities. The Board considered the access provided by the Adviser and its affiliates to a seed capital budget 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, expertise and resources available to navigate and support the funds including during stressed times. 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 applicable 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.
With respect to the Funds, the Board considered the division of responsibilities between NFAL and the Sub-Adviserand considered that the Sub-Adviserand its investment personnel generally are responsible for the management of each Fund's portfolio under the oversight of NFAL and the Board. The Board considered an analysis of the Sub-Adviserprovided by NFAL which included, among other things, a summary of changes in the leadership teams and/or portfolio manager teams; the performance of the Nuveen funds sub-advisedby the Sub-Adviserover various periods of time; and data reflecting product changes (if any) taken with respect to certain Nuveen funds. The Board considered that NFAL recommended the renewal of the Sub-AdvisoryAgreements.
Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.
B. The Investment Performance of the Funds and Fund Advisers
In evaluating the quality of the services provided by the Fund Advisers, the Board also considered a variety of investment performance data of the Funds. In this regard, the Board and/or its Investment Committee reviewed, among other things, performance of the Funds over the quarter, one-,three- and five-year periods ending December 31, 2023 and March 31, 2024. For those Funds with multiple share classes, the performance data was based on Class I shares; however, the performance of other share classes was substantially similar as those other share classes invest in the same portfolio of securities and differences in performance among the classes would be principally attributed to the variations in the expense structures of the share classes. The Board performed its annual review of fund performance at its February Meeting and an additional review at the April Executive Session and also reviewed and discussed performance data at its other regularly scheduled quarterly meetings throughout the year. The Board therefore took into account the performance data, presentations and discussions (written and oral) that were provided at the Meeting and in prior meetings over time in evaluating fund performance, including management's analysis of a fund's performance with particular focus on funds that met certain challenged performance measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management's investment analysts. As various Nuveen funds have modified their portfolio teams and/or made significant changes to their portfolio strategies over time, the Board reviewed, among other things, certain tracking performance data over specific periods comparing performance before and after such changes.
The Board considered that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. Further, the Board considered that shareholders may evaluate performance based on their own respective holding periods which may differ from the performance periods reviewed by the Board and lead to differing results.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)
In its evaluation, the Board reviewed fund performance results from different perspectives. In general, subject to certain exceptions, the Board reviewed both absolute and relative fund performance over the various time periods and considered performance results in light of a fund's investment objective(s), strategies and risks. With respect to the relative performance, the Board considered fund performance in comparison to the performance of peer funds (the "Performance Peer Group"), subject to certain exceptions, and recognized and/or customized benchmarks (i.e.,generally benchmarks derived from multiple recognized benchmarks). In reviewing such comparative performance, the Board was cognizant of the inherent limitations of such data which can make meaningful performance comparisons generally difficult. As an illustration, differences in the composition of the Performance Peer Group, the investment objective(s), strategies, dates of fund inception and other characteristics of the peers in the Performance Peer Group, the level, type and cost of leverage (if any) of the peers, and the varying sizes of peers all may contribute to differences in the performance results of a Performance Peer Group compared to the applicable fund. With respect to relative performance of a fund compared to a benchmark index, differences, among other things, in the investment objective(s) and strategies of a fund and the benchmark (particularly an actively managed fund that does not directly follow an index) as well as the costs of operating a fund would necessarily contribute to differences in performance results and limit the value of the comparative performance information. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of the Performance Peer Groups to the Funds as low, medium or high. In its review of relative performance, the Board considered a Fund's performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile representing the top performing funds within the Performance Peer Group and the 4th quartile representing the lowest performing funds.
The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a fund's performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.
In their review from year to year, the Board Members consider and may place different emphasis on the relevant information in light of changing circumstances in market and economic conditions. In evaluating performance, the Board focused particular attention on funds with less favorable performance records. However, depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund's performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified performance issues, the Board seeks to monitor such funds more closely until performance improves, discuss with the Adviser the reasons for such results, consider whether any steps are necessary or appropriate to address such issues, discuss and evaluate the potential consequences of such steps and review the results of any steps undertaken.
The performance determinations with respect to each Fund are summarized below.
● For Nuveen Global Equity Income Fund, the Board considered that the Fund outperformed its benchmark for the one-,three- and five-year periods ended December 31, 2023 and ranked in the second quartile of its Performance Peer Group for the one-yearperiod ended December 31, 2023 and first quartile for the three- and five-year periods ended December 31, 2023. In addition, although the Fund's performance was below the performance of its benchmark for the one-and three-year periods ended March 31, 2024, the Fund outperformed its benchmark for the five-year period ended March 31, 2024 and ranked in the second quartile of its Performance Peer Group for the one-and three-year periods and first quartile for the five-year period ended March 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.
● For Nuveen International Value Fund, the Board considered that the Fund outperformed its benchmark for the one-,three- and five-year periods ended December 31, 2023 and ranked in the second quartile of its Performance Peer Group for the three-year period and first quartile for the one-and five-year periods ended December 31, 2023. In addition, although the Fund's performance was below the performance of its benchmark for the one-yearperiod ended March 31, 2024, the Fund outperformed its benchmark for the three- and five-year periods ended March 31, 2024 and ranked in the second quartile of its Performance Peer Group for the one-,three- and five-year periods ended March 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory
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Agreements. |
● For Nuveen Large Cap Value Opportunities Fund (formerly, Nuveen Large Cap Value Fund), the Board considered that the Fund outperformed its benchmark for the one-,three- and five-year periods ended December 31, 2023 and March 31, 2024. The Fund also ranked in the second quartile of its Performance Peer Group for the one-yearperiod ended December 31, 2023 and first quartile for the three- and five-year periods ended December 31, 2023. Further, the Fund ranked in the third quartile of its Performance Peer Group for the one-yearperiod, first quartile for the three-year period and second quartile for the five-year period ended March 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.
● For Nuveen Multi Cap Value Fund, the Board considered that the Fund outperformed its benchmark for the one-,three- and five-year periods ended December 31, 2023 and March 31, 2024. In addition, the Fund ranked in the first quartile of its Performance Peer Group for the one-,three- and five-year periods ended December 31, 2023. Further, the Fund ranked in the third quartile of its Performance Peer Group for the one-yearperiod, first quartile for the three-year period and second quartile for the five-year period ended March 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.
● For Nuveen Small Cap Value Opportunities Fund, the Board considered that the Fund outperformed its benchmark for the one-,three- and five-year periods ended December 31, 2023 and March 31, 2024. The Fund also ranked in the second quartile of its Performance Peer Group for the one-and five-year periods ended December 31, 2023 and first quartile for the three-year period ended December 31, 2023. In addition, the Fund ranked in the first quartile of its Performance Peer Group for the one-,three- and five-year periods ended March 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.
● For Nuveen Small/Mid Cap Value Fund, the Board considered that although the Fund's performance was below the performance of its benchmark for the one-yearperiod ended December 31, 2023, the Fund ranked in the third quartile of its Performance Peer Group for the one-yearperiod ended December 31, 2023 and outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the three- and five-year periods ended December 31, 2023. The Fund also outperformed its benchmark and ranked in the first quartile of its Performance Peer Group for the one-,three- and five-year periods ended March 31, 2024. On the basis of the Board's ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund's investment objective(s) and management's discussion of performance, the Board concluded that the Fund's performance supported renewal of the Advisory Agreements.
C. Fees, Expenses and Profitability
1. Fees and Expenses
As part of its annual review, the Board generally reviewed, among other things, the contractual management fee and the net/actual management fee (i.e.,the management fee after taking into consideration fee waivers and/or expense reimbursements, if any) paid by a Fund to the Adviser in light of the nature, extent and quality of the services provided. The Board also reviewed information about other expenses and the total operating expense ratio of each Fund (after any fee waivers and/or expense reimbursements). More specifically, the Board Members reviewed, among other things, each Fund's management fee rates and net total expense ratio in relation to similar data for a comparable universe of funds (the "Expense Universe") and for a more focused subset of comparable funds (the "Expense Group") established by Broadridge (subject to certain exceptions). The Board Members reviewed the methodology Broadridge employed to establish its Expense Universe and Expense Group (as applicable) and considered that differences between the applicable fund and its respective Expense Universe and/or Expense Group, as well as changes to the composition of the Expense Universe and/or Expense Group from year to year, may limit some of the value of the comparative data. The Board Members also considered that it can be difficult to compare management fees among funds as there are variations in the services that are included for the fees paid. The Board Members took these limitations and differences into account when reviewing comparative peer data.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)
The Board Members also considered a Fund's operating expense ratio as it more directly reflected a shareholder's total costs in investing in the respective fund. In their review, the Board Members considered, in particular, each fund with a net total expense ratio meeting certain expense or fee criteria when compared to its Expense Universe and Expense Group (if any) and an analysis as to the factors contributing to each such fund's relative net total expense ratio.
The Board Members also considered, in relevant part, a Fund's management fee and net total expense ratio in light of the Fund's performance history, including reviewing certain funds identified by management and/or the Board as having a higher net total expense ratio or management fee compared to their respective peers coupled with experiencing periods of challenged performance and considering the reasons for such comparative positions.
In their evaluation of the fee arrangements for the Funds, the Board Members also reviewed the management fee schedules and the expense reimbursements and/or fee waivers agreed to by the Adviser for the respective fund (if any). In its review, the Board considered that the management fees of the Nuveen funds were generally comprised of two components, a fund-level component and a complex-level component, each with its own breakpoint schedule, subject to certain exceptions. As indicated above, the Board approved a revised fee schedule which would reduce and streamline the asset thresholds necessary to meet breakpoints in the complex-level fee component. The Board considered that management anticipated approximately $50 million in savings for Nuveen fund shareholders as a result of the revised fee schedule as well as additional estimated savings over time. The Board further considered management's representation that there will be no increase to any Nuveen fund's respective advisory agreement fee rate as a result of the revised complex-level fee schedule.
In its review, the Board considered that across the Nuveen fund and TC fund complex, management estimated that fund-level breakpoints resulted in approximately $82.5 million in reduced fees overall in 2023 and expense caps and reimbursements generated approximately an additional $91 million in savings to shareholders. In addition, the Board considered that management determined that the Nuveen funds achieved additional fee reductions of approximately $49 million due to the complex-wide management fee structure in 2023.
With respect to the Sub-Adviser,the Board also considered, among other things, the sub-advisoryfee schedule paid to the Sub-Adviserin light of the sub-advisoryservices provided to the respective Fund. In its review, the Board considered that the compensation paid to the Sub-Adviseris the responsibility of NFAL, not the Funds.
The Board's considerations regarding the comparative fee data for each of the Funds are set forth below. With respect to the quartile rankings noted below, the first quartile represents the range of funds with the lowest management fee rate or net total expense ratio, as applicable, and the fourth quartile represents the range of funds with the highest management fee rate or net total expense ratio, as applicable. The Board considered that Broadridge only calculates quartiles if a minimum number of peers is available and therefore quartile rankings may not be available for certain Expense Groups and/or Expense Universes.
● For Nuveen Global Equity Income Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and first quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the third quartile, second quartile and second quartile of its Expense Universe, respectively. Further, the Fund's actual management fee rate and net total expense ratio were below the Expense Group median.
● For Nuveen International Value Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and third quartile of its Expense Universe, respectively. Further, the Fund's actual management fee rate and net total expense ratio were below the Expense Group median.
● For Nuveen Large Cap Value Opportunities Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, first quartile and second quartile of its Expense Universe, respectively. Further, the Fund's actual management fee rate and net total expense ratio were below the Expense Group median.
● For Nuveen Multi Cap Value Fund, although the Fund's net total expense ratio ranked in the fourth quartile of its Expense Group and Expense Universe, the Fund's contractual management fee rate and actual management fee rate each ranked in the third quartile of its Expense Group and Expense Universe, respectively. Further, the Fund's actual management fee rate and net total expense ratio were above the Expense Group median.
● For Nuveen Small Cap Value Opportunities Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the first quartile, second quartile and second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Universe. Further, the Fund's actual
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management fee rate and net total expense ratio were below the Expense Group median. |
● For Nuveen Small/Mid Cap Value Fund, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio each ranked in the second quartile of its Expense Group, respectively. In addition, the Fund's contractual management fee rate, actual management fee rate and net total expense ratio ranked in the second quartile, second quartile and third quartile of its Expense Universe, respectively. Further, the Fund's actual management fee rate and net total expense ratio were below the Expense Group median.
Based on its review of the information provided, the Board determined that each Fund's management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.
2. Comparisons with the Fees of Other Clients
In evaluating the appropriateness of fees, the Board also considered that the Adviser, affiliated sub-advisersand/or their affiliate(s) provide investment management services to other types of clients which may include: separately managed accounts, retail managed accounts, foreign funds (UCITS), other investment companies (as sub-advisers),limited partnerships and collective investment trusts. The Board reviewed the equal weighted average fee or other fee data for the other types of clients managed in a similar manner to certain of the Nuveen funds and TC funds. The Board considered the Adviser's rationale for the differences in the management fee rates of the funds compared to the management fee rates charged to these other types of clients. In this regard, the Board considered that differences, including but not limited to, the amount, type and level of services provided by the Adviser to the funds compared to that provided to other clients as well as differences in investment policies; regulatory, disclosure and governance requirements; servicing relationships with vendors; the manner of managing such assets; product structure; investor profiles; and account sizes all may contribute to variations in relative fee rates. Further, differences in the client base, governing bodies, distribution, jurisdiction and operational complexities also would contribute to variations in management fees assessed the funds compared to foreign fund clients. In addition, differences in the level of advisory services required for passively managed funds also contribute to differences in the management fee levels of such funds compared to actively managed funds. As a general matter, higher fee levels reflect higher levels of service provided by the Adviser, increased investment management complexity, greater product management requirements, and higher levels of business risk or some combination of these factors. The Board considered the wide range of services in addition to investment management that the Adviser had provided to the funds compared to other types of clients as well as the increased entrepreneurial, legal and regulatory risks that the Adviser incurs in sponsoring and managing the funds. The Board further considered that a sub-adviser'sfee is essentially for portfolio management services and therefore more comparable to the fees it receives for retail wrap accounts and other external sub-advisorymandates. The Board concluded that the varying levels of fees were reasonable given, among other things, the more extensive services, regulatory requirements and legal liabilities, and the entrepreneurial, legal and regulatory risks incurred in sponsoring and advising a registered investment company compared to that required in advising other types of clients.
3. Profitability of Fund Advisers
In their review, the Board Members considered various profitability data relating to the Fund Advisers' services to the Nuveen funds.
With respect to the Nuveen funds, the Board Members reviewed the estimated profitability information of Nuveen as a result of its advisory services to the Nuveen funds overall as well as profitability data of certain other asset management firms. Such profitability information included, among other things, gross and net revenue margins (excluding distribution) of Nuveen Investments, Inc. ("Nuveen Investments") for services to the Nuveen funds on a pre-taxand after-taxbasis for the 2023 and 2022 calendar years as well as the revenues earned (less any expense reimbursements/fee waivers) and expenses incurred by Nuveen Investments for its advisory activities to the Nuveen funds (excluding distribution) for the 2023 and 2022 calendar years. The Board Members also considered the rationale for the change in Nuveen's profitability from 2022 to 2023. In addition, the Board reviewed the revenues, expenses and operating margin (pre-and after-tax)NFAL derived from its exchange-traded fund product line for the 2023 and 2022 calendar years.
In developing the profitability data, the Board Members considered the subjective nature of calculating profitability as the information is not audited and is necessarily dependent on cost allocation methodologies to allocate expenses throughout the complex and among the various advisory products. Given there is no single universally recognized expense allocation methodology and that other reasonable and valid allocation methodologies could be employed and could lead to significantly different results, the Board reviewed, among other things, a description of the cost allocation methodologies employed to develop the financial information, a summary of the refinements Nuveen had made to the methodology that had occurred over the years from 2010 through 2021 to provide Nuveen's profitability analysis, and a historical expense analysis of Nuveen Investments' revenues, expenses and pre-taxnet revenue margins derived from its advisory services to the Nuveen funds (excluding distribution) for the calendar years from 2017 through 2023. The Board of the Nuveen funds had also appointed two Board Members to serve as the Board's liaisons to meet with representatives of NFAL and review the development of the profitability data and to report to the full Board.
In addition, the Board considered certain comparative operating margin data. In this regard, the Board reviewed the operating margins of Nuveen Investments compared to the adjusted operating margins of a peer group of asset management firms with
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract (continued)
publicly available data and the most comparable assets under management (based on asset size and asset composition) to Nuveen. The Board considered that the operating margins of the peers were adjusted generally to address that certain services provided by the peers were not provided by Nuveen. The Board also reviewed, among other things, the net revenue margins (pre-tax)of Nuveen Investments on a company-wide basis and the net revenue margins (pre-tax)of Nuveen Investments derived from its services to the Nuveen funds only (including and excluding distribution) compared to the adjusted operating margins of the peer group for each calendar year from 2014 to 2023. In their review of the comparative data, the Board Members considered the limitations of the comparative data given that peer data is not generally public and the calculation of profitability is subjective and affected by numerous factors (such as types of funds a peer manages, its business mix, its cost of capital, the numerous assumptions underlying the methodology used to allocate expenses and other factors) that can have a significant impact on the results.
Aside from the profitability data, the Board considered that NFAL and TAL are affiliates of Teachers Insurance and Annuity Association of America ("TIAA"). NFAL is a subsidiary of Nuveen, LLC, the investment management arm of TIAA, and TAL is an indirect wholly owned subsidiary of TIAA. Accordingly, the Board also reviewed a balance sheet for TIAA reflecting its assets, liabilities and capital and contingency reserves for the 2023 and 2022 calendar years to consider the financial strength of TIAA. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility. The Board also considered the reinvestments the Adviser, its parent and/or other affiliates made into their business through, among other things, the investment of seed capital in certain funds, initiatives in international expansion, investments in infrastructure and continued investments in enhancements to technological capabilities.
The Board Members considered the profitability of the Sub-Adviserfrom its relationships with the respective Nuveen funds. In this regard, the Board Members reviewed, among other things, the Sub-Adviser'srevenues, expenses and net revenue margins (pre-and after-tax)for its advisory activities to the respective Nuveen funds for the calendar years ended December 31, 2023 and December 31, 2022. The Board Members also reviewed a profitability analysis reflecting the revenues, expenses and revenue margin (pre-and after-tax)grouped by similar types of funds (such as municipal, taxable fixed income, equity, real assets and index/asset allocation) for the Sub-Adviserfor the calendar years ending December 31, 2023 and December 31, 2022.
In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits NFAL or the Sub-Adviserreceived 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 each Fund Adviser's level of profitability from its relationship with each Nuveen fund was not unreasonable over various time frames in light of the nature, extent and quality of services provided.
D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Board considered whether there have been economies of scale with respect to the management of the funds in the fund complex, including the Funds, whether these economies of scale have been appropriately shared with such funds and whether there is potential for realization of further economies of scale. Although the Board considered that economies of scale are difficult to measure with any precision and the rates at which certain expenses are incurred may not decline with a rise in assets, the Board considered that there are various methods that may be employed to help share the benefits of economies of scale, including, among other things, through the use of breakpoints in the management fee schedule, fee waivers and/or expense limitations, the pricing of funds at scale at inception and investments in the Adviser's business which can enhance the services provided to the applicable funds for the fees paid. The Board considered that the Adviser has generally employed one or more of these various methods among the applicable funds.
In this regard, the Board considered, as noted above, that the management fee of NFAL generally was comprised of a fund-level component and a complex-level component each with its own breakpoint schedule, subject to certain exceptions. With this structure, the Board considered that the complex-level breakpoint schedule was designed to deliver the benefits of economies of scale to shareholders when the assets of eligible funds in the complex pass certain thresholds even if the assets of a particular fund are unchanged or have declined, and the fund-level breakpoint schedules were designed to share economies of scale with shareholders if the particular fund grows. The Board reviewed the fund-level and complex-level fee schedules. As summarized above, the Board approved a new complex-level breakpoint schedule which would simplify and reduce 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. Among other things, the assets of certain TC funds advised by TAL would be phased into the calculation of the complex-wide assets in determining the complex-level fee over a ten-yearperiod. The Board considered the cost savings and additional potential sharing of economies of scale as a result of the reduced complex-level breakpoint schedule and the additional assets from more eligible funds in calculating the assets of the complex for determining the complex-level fee component. The Board reviewed the projected shareholder savings derived from such modifications over a ten-yearperiod from 2024 to 2033. The Board considered management's representation that there will be no increase to any fund's respective advisory agreement fee rate.
In addition to the fund-level and complex-level fee schedules (if applicable), the Board Members considered the temporary and/or permanent expense caps (if any) applicable to a Fund. The Board considered that such waivers and reimbursements applicable to the respective funds are another means for potential economies of scale to be shared with shareholders of such funds and can provide a protection from an increase in expenses if the assets of the applicable funds decline.
The Board Members also considered the continued reinvestment in Nuveen/TIAA's business to enhance its capabilities and services to the benefit of its various clients. The Board understood that many of these investments were not specific to
individual funds, but rather incurred across a variety of products and services pursuant to which the family of funds as a whole may benefit. The Board further considered that the Adviser and its affiliates have provided certain additional services, including, but not limited to, services required by new regulations and regulatory interpretations, without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders. The Board considered the Adviser's and/or its affiliates' ongoing efforts to streamline the product line-up,among other things, to create more scaled funds which may help improve both expense and trading economies.
Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management's business appropriately shared any economies of scale with shareholders.
E. Indirect Benefits
The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the funds in the fund complex, including the Funds. These benefits included, among other things, economies of scale to the extent the Adviser or its affiliates share investment resources and/or personnel with other clients of the Adviser. The funds may also be used as investment options for other products or businesses offered by the Adviser and/or its affiliates, such as variable products, fund of funds and 529 education savings plans, and affiliates of the Adviser may serve as sub-advisersto various funds in which case all advisory and sub-advisoryfees generated by such funds stay within Nuveen.
Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-endfunds for which it may be compensated. The Board Members also considered that certain share classes of the open-endfunds (subject to certain exceptions) pay 12b-1fees, some of which may be retained by the Adviser's affiliate. In addition, the Board Members considered that the Adviser and Sub-Advisermay utilize soft dollar brokerage arrangements attributable to the respective funds to obtain research and other services for any or all of their clients, although the Board Members also considered reimbursements of such costs by the Adviser and/or Sub-Adviser.
The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and nonprofit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.
Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.
F. Other Considerations
The Board Members did not identify any single factor discussed previously as all-importantor 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-yearperiod.
| Item 12. |
Disclosure of Proxy Voting Policies and Procedures for Closed-EndManagement Investment Companies. |
Not applicable to open-endinvestment companies.
| Item 13. |
Portfolio Managers of Closed-EndManagement Investment Companies. |
Not applicable to open-endinvestment companies.
| Item 14. |
Purchases of Equity Securities by Closed-EndManagement Investment Company and Affiliated Purchasers. |
Not applicable to open-endinvestment 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-EndManagement Investment Companies. |
| (a) |
Not applicable to open-endinvestment companies. |
| (b) |
Not applicable to open-endinvestment companies. |
| Item 18. |
Recovery of Erroneously Awarded Compensation. |
| (a) |
Not applicable. |
| (b) |
Not applicable. |
| Item 19. |
Exhibits. |
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(a)(1) |
Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787and there were no amendments during the period covered by this report. |
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(a)(2) |
Not applicable. |
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(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. |
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(a)(4) |
Not applicable. |
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(a)(5) |
Not applicable. |
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(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
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Date: September 5, 2024 |
By: |
/s/ Jordan M. Farris |
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Jordan M. Farris Chief Administrative Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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Date: September 5, 2024 |
By: |
/s/ Jordan M. Farris |
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Jordan M. Farris Chief Administrative Officer (principal executive officer) |
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Date: September 5, 2024 |
By: |
/s/ E. Scott Wickerham |
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E. Scott Wickerham Vice President and Controller (principal financial officer) |