Nuveen Investment Trust
03/06/2026 | Press release | Distributed by Public on 03/06/2026 13:31
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
| Investment Company Act file number |
811-07619
|
Nuveen Investment Trust
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive
Chicago, Illinois 60606
(Address of principal executive offices) (Zip code)
Mark J. Czarniecki
Vice President and Secretary
901 Marquette Avenue
Minneapolis, Minnesota 55402
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 917-7700
Date of fiscal year end: June 30
Date of reporting period: December 31, 2025
| Item 1. |
Reports to Stockholders.
|
|
|
Semi-Annual Shareholder Report
December 31, 2025
|
Nuveen Global Equity Income Fund
Class A Shares/NQGAX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Global Equity Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class A Shares
|
$59 | 1.11% | ||
* Annualized for period less than one year.
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$ | 152,241,735 | ||
|
Total number of portfolio holdings
|
60 | |||
|
Portfolio turnover (%)
|
18% | |||
| 1 | continued» |
What did the Fund invest in? (as of December 31, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67064Y321_SAR_1225
5093110
|
| 2 |
|
|
Semi-Annual Shareholder Report
December 31, 2025
|
Nuveen Global Equity Income Fund
Class C Shares/NQGCX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Global Equity Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class C Shares
|
$98 | 1.86% | ||
* Annualized for period less than one year.
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$ | 152,241,735 | ||
|
Total number of portfolio holdings
|
60 | |||
|
Portfolio turnover (%)
|
18% | |||
| 1 | continued» |
What did the Fund invest in? (as of December 31, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67064Y313_SAR_1225
5093110
|
| 2 |
|
|
Semi-Annual Shareholder Report
December 31, 2025
|
Nuveen Global Equity Income Fund
Class I Shares/NQGIX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Global Equity Income Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class I Shares
|
$45 | 0.86% | ||
* Annualized for period less than one year.
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$ | 152,241,735 | ||
|
Total number of portfolio holdings
|
60 | |||
|
Portfolio turnover (%)
|
18% | |||
| 1 | continued» |
What did the Fund invest in? (as of December 31, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67064Y297_SAR_1225
5093110
|
| 2 |
|
|
Semi-Annual Shareholder Report
December 31, 2025
|
Nuveen Large Cap Value Opportunities Fund
Class A Shares/NQCAX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Large Cap Value Opportunities Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class A Shares
|
$53 | 1.00% | ||
* Annualized for period less than one year.
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$ | 27,735,475 | ||
|
Total number of portfolio holdings
|
60 | |||
|
Portfolio turnover (%)
|
13% | |||
| 1 | continued» |
What did the Fund invest in? (as of December 31, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67064Y628_SAR_1225
5093113
|
| 2 |
|
|
Semi-Annual Shareholder Report
December 31, 2025
|
Nuveen Large Cap Value Opportunities Fund
Class C Shares/NQCCX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Large Cap Value Opportunities Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class C Shares
|
$93 | 1.75% | ||
* Annualized for period less than one year.
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$ | 27,735,475 | ||
|
Total number of portfolio holdings
|
60 | |||
|
Portfolio turnover (%)
|
13% | |||
| 1 | continued» |
What did the Fund invest in? (as of December 31, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67064Y594_SAR_1225
5093113
|
| 2 |
|
|
Semi-Annual Shareholder Report
December 31, 2025
|
Nuveen Large Cap Value Opportunities Fund
Class I Shares/NQCRX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Large Cap Value Opportunities Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class I Shares
|
$40 | 0.75% | ||
* Annualized for period less than one year.
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$ | 27,735,475 | ||
|
Total number of portfolio holdings
|
60 | |||
|
Portfolio turnover (%)
|
13% | |||
| 1 | continued» |
What did the Fund invest in? (as of December 31, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67064Y586_SAR_1225
5093113
|
| 2 |
|
|
Semi-Annual Shareholder Report
December 31, 2025
|
Nuveen Multi Cap Value Fund
Class A Shares/NQVAX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Multi Cap Value Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class A Shares
|
$57 | 1.07% | ||
* Annualized for period less than one year.
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$ | 889,855,139 | ||
|
Total number of portfolio holdings
|
62 | |||
|
Portfolio turnover (%)
|
12% | |||
| 1 | continued» |
What did the Fund invest in? (as of December 31, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67064Y792_SAR_1225
5093112
|
| 2 |
|
|
Semi-Annual Shareholder Report
December 31, 2025
|
Nuveen Multi Cap Value Fund
Class C Shares/NQVCX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Multi Cap Value Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class C Shares
|
$96 | 1.82% | ||
* Annualized for period less than one year.
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$ | 889,855,139 | ||
|
Total number of portfolio holdings
|
62 | |||
|
Portfolio turnover (%)
|
12% | |||
| 1 | continued» |
What did the Fund invest in? (as of December 31, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67064Y776_SAR_1225
5093112
|
| 2 |
|
|
Semi-Annual Shareholder Report
December 31, 2025
|
Nuveen Multi Cap Value Fund
Class I Shares/NQVRX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Multi Cap Value Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class I Shares
|
$44 | 0.82% | ||
* Annualized for period less than one year.
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$ | 889,855,139 | ||
|
Total number of portfolio holdings
|
62 | |||
|
Portfolio turnover (%)
|
12% | |||
| 1 | continued» |
What did the Fund invest in? (as of December 31, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67064Y768_SAR_1225
5093112
|
| 2 |
|
|
Semi-Annual Shareholder Report
December 31, 2025
|
Nuveen Small Cap Value Opportunities Fund
Class A Shares/NSCAX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Small Cap Value Opportunities Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class A Shares
|
$63 | 1.20% | ||
* Annualized for period less than one year.
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$ | 259,615,925 | ||
|
Total number of portfolio holdings
|
66 | |||
|
Portfolio turnover (%)
|
37% | |||
| 1 | continued» |
What did the Fund invest in? (as of December 31, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67064Y750_SAR_1225
5093115
|
| 2 |
|
|
Semi-Annual Shareholder Report
December 31, 2025
|
Nuveen Small Cap Value Opportunities Fund
Class C Shares/NSCCX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Small Cap Value Opportunities Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class C Shares
|
$102 | 1.95% | ||
* Annualized for period less than one year.
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$ | 259,615,925 | ||
|
Total number of portfolio holdings
|
66 | |||
|
Portfolio turnover (%)
|
37% | |||
| 1 | continued» |
What did the Fund invest in? (as of December 31, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67064Y735_SAR_1225
5093115
|
| 2 |
|
|
Semi-Annual Shareholder Report
December 31, 2025
|
Nuveen Small Cap Value Opportunities Fund
Class R6 Shares/NSCFX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class R6 Shares of the Nuveen Small Cap Value Opportunities Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class R6 Shares
|
$36 | 0.69% | ||
* Annualized for period less than one year.
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$ | 259,615,925 | ||
|
Total number of portfolio holdings
|
66 | |||
|
Portfolio turnover (%)
|
37% | |||
| 1 | continued» |
What did the Fund invest in? (as of December 31, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
670729847_SAR_1225
5093115
|
| 2 |
|
|
Semi-Annual Shareholder Report
December 31, 2025
|
Nuveen Small Cap Value Opportunities Fund
Class I Shares/NSCRX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Small Cap Value Opportunities Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class I Shares
|
$50 | 0.95% | ||
* Annualized for period less than one year.
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$ | 259,615,925 | ||
|
Total number of portfolio holdings
|
66 | |||
|
Portfolio turnover (%)
|
37% | |||
| 1 | continued» |
What did the Fund invest in? (as of December 31, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67064Y727_SAR_1225
5093115
|
| 2 |
|
|
Semi-Annual Shareholder Report
December 31, 2025
|
Nuveen Small/Mid Cap Value Fund
Class A Shares/NSMAX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class A Shares of the Nuveen Small/Mid Cap Value Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class A Shares
|
$69 | 1.31% | ||
* Annualized for period less than one year.
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$ | 102,799,035 | ||
|
Total number of portfolio holdings
|
64 | |||
|
Portfolio turnover (%)
|
45% | |||
| 1 | continued» |
What did the Fund invest in? (as of December 31, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67064Y578_SAR_1225
5093114
|
| 2 |
|
|
Semi-Annual Shareholder Report
December 31, 2025
|
Nuveen Small/Mid Cap Value Fund
Class C Shares/NSMCX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class C Shares of the Nuveen Small/Mid Cap Value Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class C Shares
|
$109 | 2.06% | ||
* Annualized for period less than one year.
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$ | 102,799,035 | ||
|
Total number of portfolio holdings
|
64 | |||
|
Portfolio turnover (%)
|
45% | |||
| 1 | continued» |
What did the Fund invest in? (as of December 31, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67064Y552_SAR_1225
5093114
|
| 2 |
|
|
Semi-Annual Shareholder Report
December 31, 2025
|
Nuveen Small/Mid Cap Value Fund
Class R6 Shares/NWQFX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class R6 Shares of the Nuveen Small/Mid Cap Value Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class R6 Shares
|
$49 | 0.92% | ||
* Annualized for period less than one year.
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$ | 102,799,035 | ||
|
Total number of portfolio holdings
|
64 | |||
|
Portfolio turnover (%)
|
45% | |||
| 1 | continued» |
What did the Fund invest in? (as of December 31, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
670729466_SAR_1225
5093114
|
| 2 |
|
|
Semi-Annual Shareholder Report
December 31, 2025
|
Nuveen Small/Mid Cap Value Fund
Class I Shares/NSMRX
Semi-Annual Shareholder Report
This semi-annual shareholder report contains important information about the Class I Shares of the Nuveen Small/Mid Cap Value Fund for the period of July 1, 2025 to December 31, 2025. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.
What were the Fund costs for the last six months? (based on a hypothetical $10,000 investment)
|
Cost of a
$10,000 investment
|
Costs paid as a percentage of $10,000 investment* |
|||
|
Class I Shares
|
$56 | 1.06% | ||
* Annualized for period less than one year.
Fund Statistics (as of December 31, 2025)
|
Fund net assets
|
$ | 102,799,035 | ||
|
Total number of portfolio holdings
|
64 | |||
|
Portfolio turnover (%)
|
45% | |||
| 1 | continued» |
What did the Fund invest in? (as of December 31, 2025)
Availability of additional information about the Fund
You can find additional information about the Fund at https://www.nuveen.com/en-us/mutual-funds/prospectuses, including its:
| • |
prospectus • financial statements and other information • fund holdings • proxy voting information
|
You can also request this information at (800) 257-8787.
|
67064Y545_SAR_1225
5093114
|
| 2 |
| Item 2. |
Code of Ethics. |
Not applicable to this filing.
| Item 3. |
Audit Committee Financial Expert. |
Not applicable to this filing.
| Item 4. |
Principal Accountant Fees and Services. |
Not applicable to this filing.
| Item 5. |
Audit Committee of Listed Registrants. |
Not applicable to this registrant.
| Item 6. |
Investments. |
| (a) |
Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR. |
| (b) |
Not applicable. |
| Item 7. |
Financial Statements and Financial Highlights for Open-EndManagement Investment Companies. |
1
Portfolio of Investments December 31, 2025
Global Equity Income
See Notes to Financial Statements
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 98.4%
143650181
COMMON STOCKS - 94.4%
AUSTRALIA - 1.6%
80,241
BHP Group Ltd
$
2,421,603
TOTAL AUSTRALIA
2,421,603
BELGIUM - 1.4%
7,962
UCB SA
2,218,423
TOTAL BELGIUM
2,218,423
CHINA - 0.9%
9,051
Alibaba Group Holding Ltd, Sponsored ADR
1,326,696
TOTAL CHINA
1,326,696
FINLAND - 1.8%
142,216
Nordea Bank Abp
2,675,687
TOTAL FINLAND
2,675,687
FRANCE - 2.6%
9,230
Airbus SE
2,143,426
17,700
Publicis Groupe SA
1,838,103
TOTAL FRANCE
3,981,529
GERMANY - 6.4%
4,864
Allianz SE
2,249,003
7,295
Deutsche Boerse AG
1,917,281
57,180
Deutsche Post AG
3,117,779
8,913
Siemens AG
2,496,321
TOTAL GERMANY
9,780,384
HONG KONG - 4.5%
1,364,000
Hang Lung Properties Ltd
1,510,389
343,921
Prudential PLC
5,290,564
TOTAL HONG KONG
6,800,953
ITALY - 1.6%
227,222
Enel SpA
2,362,503
TOTAL ITALY
2,362,503
JAPAN - 6.7%
107,650
Mitsubishi Electric Corp
3,138,734
84,160
Mitsui & Co Ltd
2,499,327
152,400
Sumitomo Mitsui Trust Group Inc
4,644,366
TOTAL JAPAN
10,282,427
NETHERLANDS - 4.5%
20,649
Heineken NV
1,703,685
95,103
(a)
ING Groep NV
2,673,177
31,492
NN Group NV
2,429,438
TOTAL NETHERLANDS
6,806,300
NORWAY - 1.2%
130,828
Telenor ASA
1,902,819
TOTAL NORWAY
1,902,819
SINGAPORE - 1.6%
155,020
Oversea-Chinese Banking Corp Ltd
2,381,607
TOTAL SINGAPORE
2,381,607
SOUTH KOREA - 1.5%
37,064
Samsung Electronics Co Ltd
2,300,591
TOTAL SOUTH KOREA
2,300,591
SWITZERLAND - 2.8%
27,210
DSM-Firmenich AG
2,195,027
2,847
Zurich Insurance Group AG
2,154,331
TOTAL SWITZERLAND
4,349,358
UNITED KINGDOM - 3.3%
23,624
AstraZeneca PLC, Sponsored ADR
2,171,754
188,200
National Grid PLC
2,886,701
TOTAL UNITED KINGDOM
5,058,455
Portfolio of Investments December 31, 2025
(continued)
Global Equity Income
2
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
UNITED STATES - 52.0%
18,258
Abbott Laboratories
$
2,287,545
54,270
Alliant Energy Corp
3,528,093
9,494
Alphabet Inc, Class A
2,971,622
92,882
AT&T Inc
2,307,189
10,981
Broadcom Inc
3,800,524
11,890
Cheniere Energy Inc
2,311,297
11,807
Chevron Corp
1,799,505
34,763
Cisco Systems Inc
2,677,794
32,064
Coca-Cola Co/The
2,241,594
6,030
Eaton Corp PLC
1,920,615
6,641
Elevance Health Inc
2,328,002
75,286
Enterprise Products Partners LP
2,413,669
29,679
Eversource Energy
1,998,287
45,094
Fifth Third Bancorp
2,110,850
5,890
General Dynamics Corp
1,982,927
34,425
General Motors Co
2,799,441
475,421
Haleon PLC
2,402,484
6,992
Home Depot Inc/The
2,405,947
11,081
JPMorgan Chase & Co
3,570,520
3,928
Meta Platforms Inc
2,592,834
2,545
Regeneron Pharmaceuticals Inc
1,964,409
5,822
Roche Holding AG
2,404,312
31,545
Sanofi SA
3,052,142
110,092
Shell PLC
4,057,139
64,969
Smurfit WestRock PLC
2,512,351
84,240
Verizon Communications Inc
3,431,095
30,021
Walmart Inc
3,344,640
26,739
Walt Disney Co/The
3,042,096
50,879
Wells Fargo & Co
4,741,923
TOTAL UNITED STATES
79,000,846
TOTAL COMMON STOCKS
(Cost $92,776,848)
143,650,181
SHARES
DESCRIPTION
RATE
VALUE
2,361,852
CONVERTIBLE PREFERRED SECURITIES - 1.5%
UNITED STATES - 1.5%
34,200
Boeing Co/The
6.000
%
2,361,852
TOTAL UNITED STATES
2,361,852
TOTAL CONVERTIBLE PREFERRED SECURITIES
(Cost $1,892,532)
2,361,852
SHARES
DESCRIPTION
RATE
ISSUE PRICE
CAP PRICE
MATURITY
VALUE
3823803
STRUCTURED NOTES - 2.5%
12,700
Merrill Lynch BV, Linked To
Builders Firstsource Inc. (Cap
120.00% of the Issue Price)
10.500
%
$136.8830
$164.2596
02/25/26
1,334,016
19,800
Merrill Lynch BV, Linked To
Echostar Corp. (Cap 115.70% of
the Issue Price), Reg S
19.000
$74.7734
$86.5128
06/08/26
1,707,684
3
See Notes to Financial Statements
SHARES
DESCRIPTION
RATE
ISSUE PRICE
CAP PRICE
MATURITY
VALUE
1,050
Merrill Lynch BV, Linked To
Regeneron Pharmaceuticals Inc.
(Cap 111.57% of the Issue Price)
12.000
%
$707.5227
$789.3831
05/18/26
$
782,103
TOTAL STRUCTURED NOTES
(Cost $3,910,026)
3,823,803
TOTAL LONG-TERM INVESTMENTS
(Cost $98,579,406)
149,835,836
SHARES
DESCRIPTION
Coupon
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.4%
510,963
(b)
State Street Navigator Securities Lending
Government Money Market Portfolio
3.830%(c)
510,963
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $510,963)
510,963
TOTAL INVESTMENTS (Cost $99,090,369) - 98.8%
150,346,799
OTHER ASSETS & LIABILITIES, NET - 1.2%
1,894,936
NET ASSETS - 100%
$
152,241,735
ADR
American Depositary Receipt
Reg S
Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering
those securities with the Securities and Exchange Commission. Specifically, Regulation S provides a safe harbor from the
registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers that are
made outside the United States.
(a)
Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end
of the fiscal period was $483,848.
(b)
Investments made with cash collateral received from securities on loan.
(c)
The rate shown is the one-day yield as of the end of the reporting period.
4
Portfolio of Investments December 31, 2025
International Value
See Notes to Financial Statements
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 99.1%
1296827563
COMMON STOCKS - 99.1%
BRAZIL - 1.1%
1,072,786
Vale SA, Sponsored ADR
$
13,978,402
TOTAL BRAZIL
13,978,402
CANADA - 4.7%
263,715
Agnico Eagle Mines Ltd
44,707,604
262,237
Nutrien Ltd
16,186,455
TOTAL CANADA
60,894,059
CHINA - 1.3%
942,800
Alibaba Group Holding Ltd
17,310,710
TOTAL CHINA
17,310,710
FRANCE - 14.5%
323,726
Accor SA
18,250,511
1,074,355
Alstom SA
31,695,513
132,982
Capgemini SE
22,081,413
202,754
Publicis Groupe SA
21,055,523
525,253
Societe Generale SA
42,284,956
623,488
Technip Energies NV
23,743,561
113,535
Thales SA
30,627,858
TOTAL FRANCE
189,739,335
GERMANY - 11.7%
56,545
Allianz SE
26,145,119
278,858
BASF SE
14,673,113
524,780
Deutsche Post AG
28,613,997
319,396
Fresenius Medical Care AG
15,256,123
261,760
Infineon Technologies AG
11,420,835
51,022
SAP SE
12,396,740
157,389
Siemens AG
44,080,940
TOTAL GERMANY
152,586,867
HONG KONG - 4.5%
11,823,000
Hang Lung Properties Ltd
13,091,882
2,010,416
Prudential PLC
30,926,386
1,317,000
Techtronic Industries Co Ltd
15,149,618
TOTAL HONG KONG
59,167,886
JAPAN - 17.3%
556,700
FUJIFILM Holdings Corp
11,812,289
1,080,600
Japan Airlines Co Ltd
20,040,514
532,285
Komatsu Ltd
16,890,704
1,435,524
Mabuchi Motor Co Ltd
13,202,258
1,145,400
Mitsubishi Electric Corp
33,396,246
967,600
NIDEC CORP
13,138,084
952,900
Seven & i Holdings Co Ltd
13,690,323
59,000
SMC Corp
20,414,044
760,300
Sompo Holdings Inc
25,806,249
1,294,200
Sumitomo Mitsui Trust Group Inc
39,440,543
821,300
Toyota Motor Corp
17,639,137
8,972
(a)
Toyota Motor Corp, Sponsored ADR
1,920,546
TOTAL JAPAN
227,390,937
NETHERLANDS - 8.5%
224,264
Heineken NV
18,503,330
2,186,002
ING Groep NV
61,444,643
262,084
NN Group NV
20,218,370
113,889
Wolters Kluwer NV
11,796,214
TOTAL NETHERLANDS
111,962,557
SINGAPORE - 1.6%
1,357,332
Oversea-Chinese Banking Corp Ltd
20,852,994
TOTAL SINGAPORE
20,852,994
5
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
SOUTH AFRICA - 1.5%
466,591
Anglo American PLC
$
19,299,372
TOTAL SOUTH AFRICA
19,299,372
SOUTH KOREA - 1.3%
123,239
Hyundai Motor Co
17,661,588
TOTAL SOUTH KOREA
17,661,588
SWITZERLAND - 6.4%
12,050
Barry Callebaut AG
19,700,672
218,395
DSM-Firmenich AG
17,617,895
1,002,071
(a)
UBS Group AG
46,405,908
TOTAL SWITZERLAND
83,724,475
TAIWAN - 1.8%
473,000
Taiwan Semiconductor Manufacturing Co Ltd
23,251,382
TOTAL TAIWAN
23,251,382
UNITED KINGDOM - 11.8%
6,845,283
Barclays PLC
43,817,535
660,267
Diageo PLC
14,227,382
3,226,749
Melrose Industries PLC
25,449,178
1,683,392
National Grid PLC
25,820,672
9,578,788
Taylor Wimpey PLC
13,860,564
5,226,058
Tesco PLC
31,078,479
TOTAL UNITED KINGDOM
154,253,810
UNITED STATES - 11.1%
324,225
Axis Capital Holdings Ltd
34,721,255
806,226
GSK PLC
19,766,416
65,102
Roche Holding AG
26,885,183
234,348
Sanofi SA
22,674,378
995,790
Shell PLC
36,697,109
54,557
Shell PLC, ADR
4,008,848
TOTAL UNITED STATES
144,753,189
TOTAL COMMON STOCKS
(Cost $1,167,313,703)
1,296,827,563
TOTAL LONG-TERM INVESTMENTS
(Cost $1,167,313,703)
1,296,827,563
SHARES
DESCRIPTION
Coupon
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.3%
3,992,455
(b)
State Street Navigator Securities Lending
Government Money Market Portfolio
3.830%(c)
3,992,455
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $3,992,455)
3,992,455
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 1.7%
22489955
REPURCHASE AGREEMENTS - 1.7%
$
689,955
(d)
Fixed Income Clearing Corporation
1.060
01/02/26
689,955
21,800,000
(e)
Fixed Income Clearing Corporation
3.780
01/02/26
21,800,000
TOTAL REPURCHASE AGREEMENTS
(Cost $22,489,955)
22,489,955
TOTAL SHORT-TERM INVESTMENTS
(Cost $22,489,955)
22,489,955
TOTAL INVESTMENTS (Cost $1,193,796,113) - 101.1%
1,323,309,973
OTHER ASSETS & LIABILITIES, NET - (1.1)%
(13,786,660)
NET ASSETS - 100%
$
1,309,523,313
ADR
American Depositary Receipt
(a)
Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end
of the fiscal period was $3,887,146.
(b)
Investments made with cash collateral received from securities on loan.
(c)
The rate shown is the one-day yield as of the end of the reporting period.
Portfolio of Investments December 31, 2025
(continued)
International Value
6
See Notes to Financial Statements
(d)
Agreement with Fixed Income Clearing Corporation, 1.060% dated 12/31/25 to be repurchased at $689,995 on 1/2/26,
collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 11/15/43, valued at $703,862.
(e)
Agreement with Fixed Income Clearing Corporation, 3.780% dated 12/31/25 to be repurchased at $21,804,578 on 1/2/26,
collateralized by Government Agency Securities, with coupon rate 3.500% and maturity date 11/30/30, valued at $22,236,080.
7
Portfolio of Investments December 31, 2025
Large Cap Value Opportunities
See Notes to Financial Statements
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 95.3%
26431475
COMMON STOCKS - 95.3%
26431475
AUTOMOBILES & COMPONENTS - 3.9%
21,894
Ford Motor Co
$
287,249
9,473
General Motors Co
770,345
TOTAL AUTOMOBILES & COMPONENTS
1,057,594
BANKS - 9.1%
7,938
Citigroup Inc
926,285
2,500
JPMorgan Chase & Co
805,550
8,911
Wells Fargo & Co
830,505
TOTAL BANKS
2,562,340
CAPITAL GOODS - 13.5%
2,680
(a)
Boeing Co/The
581,882
6,300
Carrier Global Corp
332,892
13,250
Flowserve Corp
919,285
1,978
General Dynamics Corp
665,914
668
Hubbell Inc
296,665
5,511
nVent Electric PLC
561,957
2,729
Regal Rexnord Corp
382,933
TOTAL CAPITAL GOODS
3,741,528
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.0%
1,204
(a)
Amazon.com Inc
277,907
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
277,907
CONSUMER DURABLES & APPAREL - 0.6%
1,522
PulteGroup Inc
178,470
TOTAL CONSUMER DURABLES & APPAREL
178,470
CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.5%
5,307
Target Corp
518,759
4,131
Walmart Inc
460,235
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL
978,994
ENERGY - 9.5%
8,208
Baker Hughes Co
373,792
3,459
Cheniere Energy Inc
672,395
2,749
Chevron Corp
418,975
25,954
Permian Resources Corp, Class A
364,135
10,943
Shell PLC, ADR
804,092
TOTAL ENERGY
2,633,389
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.6%
2,482
Camden Property Trust
273,219
2,454
Simon Property Group Inc
454,260
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
727,479
FINANCIAL SERVICES - 8.4%
3,376
Capital One Financial Corp
818,207
3,710
(a)
Fiserv Inc
249,201
3,203
KKR & Co Inc
408,318
2,697
Morgan Stanley
478,799
2,713
State Street Corp
350,004
TOTAL FINANCIAL SERVICES
2,304,529
FOOD, BEVERAGE & TOBACCO - 1.1%
1,863
Philip Morris International Inc
298,825
TOTAL FOOD, BEVERAGE & TOBACCO
298,825
HEALTH CARE EQUIPMENT & SERVICES - 1.4%
2,182
Quest Diagnostics Inc
378,642
TOTAL HEALTH CARE EQUIPMENT & SERVICES
378,642
HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
28,775
Kenvue Inc
496,369
TOTAL HOUSEHOLD & PERSONAL PRODUCTS
496,369
Portfolio of Investments December 31, 2025
(continued)
Large Cap Value Opportunities
8
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
INSURANCE - 3.6%
4,504
American International Group Inc
$
385,317
703
Aon PLC, Class A
248,075
1,300
RenaissanceRe Holdings Ltd
365,508
TOTAL INSURANCE
998,900
MATERIALS - 4.1%
8,314
DuPont de Nemours Inc
334,223
7,745
Freeport-McMoRan Inc
393,369
10,727
Smurfit WestRock PLC
414,812
TOTAL MATERIALS
1,142,404
MEDIA & ENTERTAINMENT - 6.2%
2,281
Alphabet Inc, Class A
713,952
26,571
(a)
TripAdvisor Inc
386,874
5,579
Walt Disney Co/The
634,723
TOTAL MEDIA & ENTERTAINMENT
1,735,549
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 8.2%
4,554
AstraZeneca PLC, Sponsored ADR
418,649
3,669
Gilead Sciences Inc
450,333
47,545
(b)
Haleon PLC, ADR
480,681
661
Regeneron Pharmaceuticals Inc
510,206
8,996
Sanofi SA, ADR
435,946
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
2,295,815
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.4%
10,816
(a)
Intel Corp
399,111
3,054
Qnity Electronics Inc
249,359
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
648,470
SOFTWARE & SERVICES - 3.1%
3,241
(a)
Akamai Technologies Inc
282,777
15,316
Gen Digital Inc
416,442
834
Oracle Corp
162,555
TOTAL SOFTWARE & SERVICES
861,774
TECHNOLOGY HARDWARE & EQUIPMENT - 2.8%
1,383
Seagate Technology Holdings PLC
380,864
11,611
(a)
Viasat Inc
400,115
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
780,979
TELECOMMUNICATION SERVICES - 1.9%
20,657
AT&T Inc
513,120
TOTAL TELECOMMUNICATION SERVICES
513,120
TRANSPORTATION - 1.4%
1,666
Union Pacific Corp
385,379
TOTAL TRANSPORTATION
385,379
UTILITIES - 5.2%
4,303
Alliant Energy Corp
279,738
2,286
Duke Energy Corp
267,942
7,275
Eversource Energy
489,826
4,459
Pinnacle West Capital Corp
395,513
TOTAL UTILITIES
1,433,019
TOTAL COMMON STOCKS
(Cost $15,679,381)
26,431,475
TOTAL LONG-TERM INVESTMENTS
(Cost $15,679,381)
26,431,475
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 1.5%
404,577
(c)
State Street Navigator Securities Lending Government Money
Market Portfolio
3.830%(d)
404,577
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $404,577)
404,577
9
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 4.2%
1,175,000
REPURCHASE AGREEMENTS - 4.2%
1,175,000
$
1,175,000
(e)
Fixed Income Clearing Corporation
3.780
%
01/02/26
$
1,175,000
TOTAL REPURCHASE AGREEMENTS
(Cost $1,175,000)
1,175,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,175,000)
1,175,000
TOTAL INVESTMENTS - 101.0%
(Cost $17,258,958)
28,011,052
OTHER ASSETS & LIABILITIES, NET - (1.0)%
(275,577)
NET ASSETS - 100%
$
27,735,475
ADR
American Depositary Receipt
(a)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(b)
Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end
of the fiscal period was $388,982.
(c)
Investments made with cash collateral received from securities on loan.
(d)
The rate shown is the one-day yield as of the end of the reporting period.
(e)
Agreement with Fixed Income Clearing Corporation, 3.780% dated 12/31/25 to be repurchased at $1,175,247 on 1/2/26,
collateralized by Government Agency Securities, with coupon rate 3.500% and maturity date 11/30/30, valued at $1,198,661.
10
Portfolio of Investments December 31, 2025
Multi Cap Value
See Notes to Financial Statements
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 94.8%
843833538
COMMON STOCKS - 94.8%
843833538
AUTOMOBILES & COMPONENTS - 3.7%
718,846
Ford Motor Co
$
9,431,260
288,640
General Motors Co
23,472,205
TOTAL AUTOMOBILES & COMPONENTS
32,903,465
BANKS - 9.8%
246,711
Citigroup Inc
28,788,706
72,151
JPMorgan Chase & Co
23,248,495
279,792
Wells Fargo & Co
26,076,614
107,410
Western Alliance Bancorp
9,029,959
TOTAL BANKS
87,143,774
CAPITAL GOODS - 12.4%
84,456
(a)
Boeing Co/The
18,337,087
411,460
Flowserve Corp
28,547,095
60,989
General Dynamics Corp
20,532,556
23,833
Hubbell Inc
10,584,474
177,329
nVent Electric PLC
18,082,238
103,015
Regal Rexnord Corp
14,455,065
TOTAL CAPITAL GOODS
110,538,515
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 1.0%
40,360
(a)
Amazon.com Inc
9,315,895
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
9,315,895
CONSUMER DURABLES & APPAREL - 0.7%
52,485
PulteGroup Inc
6,154,391
TOTAL CONSUMER DURABLES & APPAREL
6,154,391
CONSUMER STAPLES DISTRIBUTION & RETAIL - 3.5%
169,788
Target Corp
16,596,777
129,351
Walmart Inc
14,410,995
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL
31,007,772
ENERGY - 10.0%
277,584
Baker Hughes Co
12,641,175
113,321
Cheniere Energy Inc
22,028,469
85,936
Chevron Corp
13,097,506
1,127,568
Permian Resources Corp, Class A
15,819,779
343,578
Shell PLC, ADR
25,246,112
TOTAL ENERGY
88,833,041
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.0%
230,044
STAG Industrial Inc
8,456,417
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
8,456,417
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.4%
77,286
Camden Property Trust
8,507,643
69,645
Simon Property Group Inc
12,891,986
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
21,399,629
FINANCIAL SERVICES - 8.3%
110,896
Capital One Financial Corp
26,876,755
119,082
(a)
Fiserv Inc
7,998,738
83,977
Morgan Stanley
14,908,437
791,409
Perella Weinberg Partners
13,691,376
84,113
State Street Corp
10,851,418
TOTAL FINANCIAL SERVICES
74,326,724
HOUSEHOLD & PERSONAL PRODUCTS - 1.8%
921,292
Kenvue Inc
15,892,287
TOTAL HOUSEHOLD & PERSONAL PRODUCTS
15,892,287
INSURANCE - 5.1%
20,885
Aon PLC, Class A
7,369,899
25,593
Everest Group Ltd
8,684,985
1,925,778
(a)
Genworth Financial Inc
17,389,775
11
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
INSURANCE
(continued)
43,140
RenaissanceRe Holdings Ltd
$
12,129,242
TOTAL INSURANCE
45,573,901
MATERIALS - 3.4%
258,762
DuPont de Nemours Inc
10,402,232
85,328
Innospec Inc
6,531,005
346,034
Smurfit WestRock PLC
13,381,135
TOTAL MATERIALS
30,314,372
MEDIA & ENTERTAINMENT - 6.0%
65,744
Alphabet Inc, Class A
20,577,872
859,832
(a)
TripAdvisor Inc
12,519,154
177,573
Walt Disney Co/The
20,202,480
TOTAL MEDIA & ENTERTAINMENT
53,299,506
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 10.1%
930,686
(a)
ADMA Biologics Inc
16,975,713
139,134
AstraZeneca PLC, Sponsored ADR
12,790,589
110,876
Gilead Sciences Inc
13,608,920
1,559,200
(b)
Haleon PLC, ADR
15,763,511
20,586
Regeneron Pharmaceuticals Inc
15,889,716
307,941
Sanofi SA, ADR
14,922,821
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
89,951,270
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 2.8%
330,357
(a)
Intel Corp
12,190,174
105,625
Qnity Electronics Inc
8,624,281
48,714
(a)
Rambus Inc
4,476,329
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
25,290,784
SOFTWARE & SERVICES - 4.0%
105,330
(a)
Akamai Technologies Inc
9,190,043
500,198
Gen Digital Inc
13,600,383
26,005
Oracle Corp
5,068,635
250,876
(a)
Teradata Corp
7,636,665
TOTAL SOFTWARE & SERVICES
35,495,726
TECHNOLOGY HARDWARE & EQUIPMENT - 1.8%
456,963
(a)
Viasat Inc
15,746,945
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
15,746,945
TELECOMMUNICATION SERVICES - 1.9%
678,194
AT&T Inc
16,846,339
TOTAL TELECOMMUNICATION SERVICES
16,846,339
UTILITIES - 5.1%
125,215
Alliant Energy Corp
8,140,227
69,869
Duke Energy Corp
8,189,345
240,450
Eversource Energy
16,189,499
144,574
Pinnacle West Capital Corp
12,823,714
TOTAL UTILITIES
45,342,785
TOTAL COMMON STOCKS
(Cost $658,066,906)
843,833,538
TOTAL LONG-TERM INVESTMENTS
(Cost $658,066,906)
843,833,538
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.6%
5,244,448
(c)
State Street Navigator Securities Lending Government Money
Market Portfolio
3.830%(d)
5,244,448
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $5,244,448)
5,244,448
Portfolio of Investments December 31, 2025
(continued)
Multi Cap Value
12
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 5.1%
45508693
REPURCHASE AGREEMENTS - 5.1%
45508693
$
42,750,000
(e)
Fixed Income Clearing Corporation
3.780
%
01/02/26
$
42,750,000
2,758,693
(f)
Fixed Income Clearing Corporation
1.060
01/02/26
2,758,693
TOTAL REPURCHASE AGREEMENTS
(Cost $45,508,693)
45,508,693
TOTAL SHORT-TERM INVESTMENTS
(Cost $45,508,693)
45,508,693
TOTAL INVESTMENTS - 100.5%
(Cost $708,820,047)
894,586,679
OTHER ASSETS & LIABILITIES, NET - (0.5)%
(4,731,540)
NET ASSETS - 100%
$
889,855,139
ADR
American Depositary Receipt
(a)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(b)
Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end
of the fiscal period was $5,042,413.
(c)
Investments made with cash collateral received from securities on loan.
(d)
The rate shown is the one-day yield as of the end of the reporting period.
(e)
Agreement with Fixed Income Clearing Corporation, 3.780% dated 12/31/25 to be repurchased at $42,758,978 on 1/2/26,
collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 10/31/30, valued at $43,605,128.
(f)
Agreement with Fixed Income Clearing Corporation, 1.060% dated 12/31/25 to be repurchased at $2,758,856 on 1/2/26,
collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 11/15/43, valued at $2,813,964.
13
Portfolio of Investments December 31, 2025
Small Cap Value Opportunities
See Notes to Financial Statements
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 98.4%
255419356
COMMON STOCKS - 98.4%
255419356
AUTOMOBILES & COMPONENTS - 1.3%
92,104
Standard Motor Products Inc
$
3,394,032
TOTAL AUTOMOBILES & COMPONENTS
3,394,032
BANKS - 13.4%
163,956
Atlantic Union Bankshares Corp
5,787,647
129,905
Glacier Bancorp Inc
5,722,315
188,450
Home BancShares Inc/AR
5,235,141
218,563
Seacoast Banking Corp of Florida
6,867,249
67,909
(a)
Texas Capital Bancshares Inc
6,148,481
425,607
Valley National Bancorp
4,971,090
TOTAL BANKS
34,731,923
CAPITAL GOODS - 13.7%
50,011
Atkore Inc
3,163,196
135,586
(a)
Cardinal Infrastructure Group Inc, Class A
3,278,470
84,056
Douglas Dynamics Inc
2,744,428
98,795
Flowserve Corp
6,854,397
74,167
Fortune Brands Innovations Inc
3,709,833
99,033
Mueller Water Products Inc, Class A
2,358,966
15,219
(a)
MYR Group Inc
3,325,352
52,487
(a)
Proto Labs Inc
2,655,317
67,960
(a)
Vicor Corp
7,448,416
TOTAL CAPITAL GOODS
35,538,375
COMMERCIAL & PROFESSIONAL SERVICES - 2.2%
198,765
(a)
Amentum Holdings Inc
5,764,185
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
5,764,185
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 3.5%
71,719
Academy Sports & Outdoors Inc
3,583,081
66,039
(a)
GigaCloud Technology Inc, Class A
2,594,012
35,862
Signet Jewelers Ltd
2,972,243
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
9,149,336
CONSUMER DURABLES & APPAREL - 4.0%
34,137
(a)
Crocs Inc
2,919,397
56,145
(a)
Taylor Morrison Home Corp
3,305,256
93,613
(a)
YETI Holdings Inc
4,134,886
TOTAL CONSUMER DURABLES & APPAREL
10,359,539
CONSUMER SERVICES - 1.3%
315,399
(a)
El Pollo Loco Holdings Inc
3,299,073
TOTAL CONSUMER SERVICES
3,299,073
ENERGY - 3.9%
233,120
Antero Midstream Corp
4,147,205
146,646
(a)
Innovex International Inc
3,207,148
122,894
Magnolia Oil & Gas Corp, Class A
2,690,149
TOTAL ENERGY
10,044,502
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 3.8%
232,395
Americold Realty Trust Inc
2,988,600
114,454
COPT Defense Properties
3,181,821
154,428
Curbline Properties Corp
3,584,274
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
9,754,695
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.7%
235,541
Sabra Health Care REIT Inc
4,461,146
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
4,461,146
FINANCIAL SERVICES - 10.7%
654,096
BGC Group Inc, Class A
5,841,077
112,344
Marex Group PLC
4,309,516
108,475
(a)
NCR Atleos Corp
4,133,982
30,814
PennyMac Financial Services Inc
4,062,518
146,395
Perella Weinberg Partners
2,532,634
394,458
Rithm Capital Corp
4,299,592
Portfolio of Investments December 31, 2025
(continued)
Small Cap Value Opportunities
14
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
FINANCIAL SERVICES
(continued)
192,517
(a)
Wealthfront Corp
$
2,616,306
TOTAL FINANCIAL SERVICES
27,795,625
FOOD, BEVERAGE & TOBACCO - 1.3%
161,065
(a)
Simply Good Foods Co/The
3,234,185
TOTAL FOOD, BEVERAGE & TOBACCO
3,234,185
HEALTH CARE EQUIPMENT & SERVICES - 6.9%
32,298
(a)
Addus HomeCare Corp
3,468,482
107,524
(a)
Castle Biosciences Inc
4,182,684
205,316
(a)
Certara Inc
1,808,834
57,722
(a)
LivaNova PLC
3,551,635
232,532
(a)
Pediatrix Medical Group Inc
4,973,859
TOTAL HEALTH CARE EQUIPMENT & SERVICES
17,985,494
INSURANCE - 2.5%
731,495
(a)
Genworth Financial Inc
6,605,400
TOTAL INSURANCE
6,605,400
MATERIALS - 5.5%
237,568
(a),(b)
Flotek Industries Inc
4,093,297
47,416
Minerals Technologies Inc
2,890,005
238,554
Titan America SA
3,931,370
99,997
Worthington Steel Inc
3,461,896
TOTAL MATERIALS
14,376,568
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 4.1%
220,963
(a)
ADMA Biologics Inc
4,030,365
124,051
(a)
Alkermes PLC
3,470,947
51,395
(a)
Prestige Consumer Healthcare Inc
3,170,558
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
10,671,870
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.1%
56,970
(a)
Ambarella Inc
4,035,755
233,620
(a)
MaxLinear Inc
4,071,996
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
8,107,751
SOFTWARE & SERVICES - 2.1%
320,251
Adeia Inc
5,524,330
TOTAL SOFTWARE & SERVICES
5,524,330
TECHNOLOGY HARDWARE & EQUIPMENT - 6.7%
296,680
(a)
Arlo Technologies Inc
4,150,553
148,456
(a)
Knowles Corp
3,181,412
747,332
(a)
Powerfleet Inc NJ
3,975,806
174,142
(a)
Viasat Inc
6,000,934
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
17,308,705
UTILITIES - 6.7%
37,617
IDACORP Inc
4,760,808
30,514
ONE Gas Inc
2,357,206
47,381
Ormat Technologies Inc
5,234,179
59,981
Spire Inc
4,960,429
TOTAL UTILITIES
17,312,622
TOTAL COMMON STOCKS
(Cost $216,432,892)
255,419,356
TOTAL LONG-TERM INVESTMENTS
(Cost $216,432,892)
255,419,356
SHARES
DESCRIPTION
RATE
VALUE
INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING - 0.2%
441,325
(c)
State Street Navigator Securities Lending Government Money
Market Portfolio
3.830%(d)
441,325
TOTAL INVESTMENTS PURCHASED WITH COLLATERAL FROM SECURITIES LENDING
(Cost $441,325)
441,325
15
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 1.5%
4048940
REPURCHASE AGREEMENTS - 1.5%
4048940
$
3,925,000
(e)
Fixed Income Clearing Corporation
3.780
%
01/02/26
$
3,925,000
123,940
(f)
Fixed Income Clearing Corporation
1.060
01/02/26
123,940
TOTAL REPURCHASE AGREEMENTS
(Cost $4,048,940)
4,048,940
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,048,940)
4,048,940
TOTAL INVESTMENTS - 100.1%
(Cost $220,923,157)
259,909,621
OTHER ASSETS & LIABILITIES, NET - (0.1)%
(293,696)
NET ASSETS - 100%
$
259,615,925
REIT
Real Estate Investment Trust
(a)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(b)
Investment, or a portion of investment, is out on loan for securities lending. The total value of the securities out on loan as of the end
of the fiscal period was $423,600.
(c)
Investments made with cash collateral received from securities on loan.
(d)
The rate shown is the one-day yield as of the end of the reporting period.
(e)
Agreement with Fixed Income Clearing Corporation, 3.780% dated 12/31/25 to be repurchased at $3,925,824 on 1/2/26,
collateralized by Government Agency Securities, with coupon rates 2.125%-3.875% and maturity dates 12/31/32-2/15/41, valued at
$4,003,672.
(f)
Agreement with Fixed Income Clearing Corporation, 1.060% dated 12/31/25 to be repurchased at $123,947 on 1/2/26,
collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 11/15/43, valued at $126,604.
16
Portfolio of Investments December 31, 2025
Small/Mid Cap Value
See Notes to Financial Statements
(Unaudited)
SHARES
DESCRIPTION
VALUE
LONG-TERM INVESTMENTS - 94.1%
96685938
COMMON STOCKS - 94.1%
96685938
BANKS - 8.1%
15,470
East West Bancorp Inc
$
1,738,673
18,654
Popular Inc
2,322,796
27,865
Prosperity Bancshares Inc
1,925,750
24,432
SOUTHSTATE BANK CORP
2,299,296
TOTAL BANKS
8,286,515
CAPITAL GOODS - 16.0%
19,602
Donaldson Co Inc
1,737,913
34,609
Flowserve Corp
2,401,173
29,343
Fortune Brands Innovations Inc
1,467,737
8,660
IDEX Corp
1,540,960
8,853
ITT Inc
1,536,084
18,110
nVent Electric PLC
1,846,677
11,469
Regal Rexnord Corp
1,609,330
38,421
Sensata Technologies Holding PLC
1,279,035
26,644
(a)
Vicor Corp
2,920,182
TOTAL CAPITAL GOODS
16,339,091
COMMERCIAL & PROFESSIONAL SERVICES - 3.2%
72,996
(a)
Amentum Holdings Inc
2,116,884
19,125
(a)
Parsons Corp
1,181,925
TOTAL COMMERCIAL & PROFESSIONAL SERVICES
3,298,809
CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL - 2.6%
28,700
Academy Sports & Outdoors Inc
1,433,852
15,497
Signet Jewelers Ltd
1,284,391
TOTAL CONSUMER DISCRETIONARY DISTRIBUTION & RETAIL
2,718,243
CONSUMER DURABLES & APPAREL - 5.4%
24,455
(a)
Birkenstock Holding Plc
1,000,210
79,192
Levi Strauss & Co, Class A
1,642,442
21,464
(a)
Taylor Morrison Home Corp
1,263,586
37,223
(a)
YETI Holdings Inc
1,644,140
TOTAL CONSUMER DURABLES & APPAREL
5,550,378
CONSUMER STAPLES DISTRIBUTION & RETAIL - 1.2%
13,738
(a)
BJ's Wholesale Club Holdings Inc
1,236,832
TOTAL CONSUMER STAPLES DISTRIBUTION & RETAIL
1,236,832
ENERGY - 6.4%
45,836
(a)
Antero Resources Corp
1,579,508
47,956
APA Corp
1,173,004
16,261
National Fuel Gas Co
1,301,856
96,291
Permian Resources Corp, Class A
1,350,963
14,721
Weatherford International PLC
1,152,065
TOTAL ENERGY
6,557,396
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 4.1%
11,245
EastGroup Properties Inc
2,003,183
31,222
Rexford Industrial Realty Inc
1,208,916
43,282
Weyerhaeuser Co
1,025,351
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
4,237,450
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.2%
21,925
First Industrial Realty Trust Inc
1,255,645
TOTAL EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS)
1,255,645
FINANCIAL SERVICES - 9.3%
132,874
AGNC Investment Corp
1,424,409
256,525
BGC Group Inc, Class A
2,290,768
11,620
PennyMac Financial Services Inc
1,531,981
72,633
Perella Weinberg Partners
1,256,551
120,909
Rithm Capital Corp
1,317,908
13,423
Stifel Financial Corp
1,680,828
TOTAL FINANCIAL SERVICES
9,502,445
17
See Notes to Financial Statements
SHARES
DESCRIPTION
VALUE
HEALTH CARE EQUIPMENT & SERVICES - 1.2%
43,094
(a)
QuidelOrtho Corp
$
1,230,765
TOTAL HEALTH CARE EQUIPMENT & SERVICES
1,230,765
INSURANCE - 4.1%
5,634
Everest Group Ltd
1,911,898
256,460
(a)
Genworth Financial Inc
2,315,834
TOTAL INSURANCE
4,227,732
MATERIALS - 4.2%
8,785
Avery Dennison Corp
1,597,816
6,035
Reliance Inc
1,743,331
13,694
Westlake Corp
1,012,534
TOTAL MATERIALS
4,353,681
MEDIA & ENTERTAINMENT - 1.0%
31,420
Match Group Inc
1,014,552
TOTAL MEDIA & ENTERTAINMENT
1,014,552
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.2%
86,277
(a)
ADMA Biologics Inc
1,573,692
47,437
(a)
Alkermes PLC
1,327,287
22,460
Bio-Techne Corp
1,320,873
34,318
Bruker Corp
1,616,721
3,187
(a)
United Therapeutics Corp
1,552,866
TOTAL PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
7,391,439
REAL ESTATE MANAGEMENT & DEVELOPMENT - 1.4%
20,973
(a)
Zillow Group Inc, Class A
1,430,988
TOTAL REAL ESTATE MANAGEMENT & DEVELOPMENT
1,430,988
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 6.2%
21,103
(a)
Ambarella Inc
1,494,937
91,367
(a)
MaxLinear Inc
1,592,527
19,426
(a)
Rambus Inc
1,785,055
20,767
(a)
Synaptics Inc
1,537,173
TOTAL SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT
6,409,692
SOFTWARE & SERVICES - 2.7%
14,436
(a)
Akamai Technologies Inc
1,259,541
96,075
(a)
UiPath Inc, Class A
1,574,669
TOTAL SOFTWARE & SERVICES
2,834,210
TECHNOLOGY HARDWARE & EQUIPMENT - 3.3%
67,823
(a)
Viasat Inc
2,337,181
4,071
(a)
Zebra Technologies Corp, Class A
988,520
TOTAL TECHNOLOGY HARDWARE & EQUIPMENT
3,325,701
TRANSPORTATION - 1.2%
24,386
Knight-Swift Transportation Holdings Inc
1,274,900
TOTAL TRANSPORTATION
1,274,900
UTILITIES - 4.1%
11,737
IDACORP Inc
1,485,435
13,370
Ormat Technologies Inc
1,476,984
33,317
UGI Corp
1,247,055
TOTAL UTILITIES
4,209,474
TOTAL COMMON STOCKS
(Cost $80,649,448)
96,685,938
TOTAL LONG-TERM INVESTMENTS
(Cost $80,649,448)
96,685,938
Portfolio of Investments December 31, 2025
(continued)
Small/Mid Cap Value
18
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 5.6%
5804715
REPURCHASE AGREEMENTS - 5.6%
5804715
$
179,715
(b)
Fixed Income Clearing Corporation
1.060
%
01/02/26
$
179,715
5,625,000
(c)
Fixed Income Clearing Corporation
3.780
01/02/26
5,625,000
TOTAL REPURCHASE AGREEMENTS
(Cost $5,804,715)
5,804,715
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,804,715)
5,804,715
TOTAL INVESTMENTS - 99.7%
(Cost $86,454,163)
102,490,653
OTHER ASSETS & LIABILITIES, NET - 0.3%
308,382
NET ASSETS - 100%
$
102,799,035
(a)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(b)
Agreement with Fixed Income Clearing Corporation, 1.060% dated 12/31/25 to be repurchased at $179,725 on 1/2/26,
collateralized by Government Agency Securities, with coupon rate 4.750% and maturity date 11/15/43, valued at $183,473.
(c)
Agreement with Fixed Income Clearing Corporation, 3.780% dated 12/31/25 to be repurchased at $5,626,181 on 1/2/26,
collateralized by Government Agency Securities, with coupon rate 3.625% and maturity date 10/31/30, valued at $5,737,696.
Statement of Assets and Liabilities
See Notes to Financial Statements
19
December 31, 2025 (Unaudited)
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
†‡
$
149,835,836
$
1,296,827,563
$
26,431,475
$
843,833,538
$
255,419,356
$
96,685,938
Investments purchased with collateral from
securities lending, at value (cost approximates
value)
510,963
3,992,455
404,577
5,244,448
441,325
-
Short-term investments, at value
◊
-
22,489,955
1,175,000
45,508,693
4,048,940
5,804,715
Cash
1,616,961
-
50,203
-
-
-
Cash denominated in foreign currencies
^
-
172,219
-
-
-
-
Receivables:
Dividends
108,429
1,778,705
15,168
389,335
345,671
172,199
Interest
-
2,309
123
4,570
416
596
Investments sold
616,381
-
-
-
-
-
Reclaims
163,866
186,871
3,774
-
-
-
Reimbursement from Adviser
16,334
4,653
12,064
186,427
216,504
56,006
Shares sold
44,380
937,231
75,245
725,879
141,634
232,929
Other
396,709
65,786
44,914
56,085
52,752
40,088
Total assets
153,309,859
1,326,457,747
28,212,543
895,948,975
260,666,598
102,992,471
LIABILITIES
Payables:
Management fees
90,479
750,900
15,156
498,990
182,306
66,130
Collateral from securities lending
510,963
3,992,455
404,577
5,244,448
441,325
-
Interest
27
26
5
90
43
17
Investments purchased - regular settlement
168,218
-
-
-
-
-
Shares redeemed
74,156
12,027,236
-
45,488
189,772
27,291
Accrued expenses:
Custodian fees
56,483
69,579
18,240
49,259
38,467
27,796
Trustees fees
74,116
32,024
12,660
20,457
19,224
1,699
Professional fees
24,063
10,700
11,870
28,143
20,485
15,125
Shareholder reporting expenses
14,042
16,557
7,195
40,418
40,249
16,217
Shareholder servicing agent fees
34,030
29,133
3,679
146,566
108,813
35,993
12b-1 distribution and service fees
21,547
5,824
3,686
19,977
9,989
3,168
Total liabilities
1,068,124
16,934,434
477,068
6,093,836
1,050,673
193,436
Net assets
$
152,241,735
$
1,309,523,313
$
27,735,475
$
889,855,139
$
259,615,925
$
102,799,035
NET ASSETS CONSIST OF:
Paid-in capital
$
313,477,666
$
1,376,354,755
$
16,283,347
$
702,404,702
$
221,392,702
$
81,644,551
Total distributable earnings (loss)
(161,235,931)
(66,831,442)
11,452,128
187,450,437
38,223,223
21,154,484
Net assets
$
152,241,735
$
1,309,523,313
$
27,735,475
$
889,855,139
$
259,615,925
$
102,799,035
†
Long-term investments, cost
$
98,579,406
$
1,167,313,703
$
15,679,381
$
658,066,906
$
216,432,892
$
80,649,448
◊
Short-term investments, cost
$
-
$
22,489,955
$
1,175,000
$
45,508,693
$
4,048,940
$
5,804,715
‡ Includes securities loaned of
$
483,848
$
3,887,146
$
388,982
$
5,042,413
$
423,600
$
-
^
Cash denominated in foreign currencies, cost
$
-
$
172,219
$
-
$
-
$
-
$
-
Statement of Assets and Liabilities
(continued)
See Notes to Financial Statements
20
Global Equity
Income
International
Value
Large Cap Value
Opportunities
Multi Cap Value
Small Cap Value
Opportunities
Small/Mid Cap
Value
CLASS A:
Net assets
$
100,407,839
$
26,234,478
$
10,257,899
$
66,501,357
$
22,360,444
$
9,660,359
Shares outstanding
2,331,509
697,536
1,856,045
1,055,637
470,412
288,899
Net asset value ("NAV") per share
$
43.07
$
37.61
$
5.53
$
63.00
$
47.53
$
33.44
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)
$
45.70
$
39.90
$
5.87
$
66.84
$
50.43
$
35.48
CLASS C:
Net assets
$
423,779
$
421,316
$
1,773,184
$
7,564,525
$
5,998,936
$
1,467,533
Shares outstanding
9,870
11,916
445,958
130,258
164,371
56,412
NAV and offering price per share
$
42.94
$
35.36
$
3.98
$
58.07
$
36.50
$
26.01
CLASS R6:
Net assets
$
-
$
-
$
-
$
-
$
16,368,516
$
2,512,984
Shares outstanding
-
-
-
-
317,047
71,606
NAV and offering price per share
$
-
$
-
$
-
$
-
$
51.63
$
35.09
CLASS I:
Net assets
$
51,410,117
$
1,282,867,519
$
15,704,392
$
815,789,257
$
214,888,029
$
89,158,159
Shares outstanding
1,193,491
33,884,901
2,811,133
12,804,433
4,251,897
2,568,145
NAV and offering price per share
$
43.08
$
37.86
$
5.59
$
63.71
$
50.54
$
34.72
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
21
Six Months Ended December 31, 2025 (Unaudited)
Global Equity
Income
International Value
Large Cap Value
Opportunities
Multi Cap Value
INVESTMENT INCOME
Affiliated income
$
11,548
$
11,528
$
820
$
352,605
Dividends
2,155,843
4,654,186
239,727
6,367,993
Interest
-
258,972
14,499
718,521
Securities lending income, net
927
27,868
44
3,683
Tax withheld
-
-
-
(
5,441
)
Total investment income
2,168,318
4,952,554
255,090
7,437,361
EXPENSES
-
-
-
-
Management fees
523,425
2,097,775
82,173
2,382,260
12b-1 service fees - Class A
122,725
31,323
11,807
76,462
12b-1 distribution and service fees - Class C
2,491
1,961
8,002
32,724
Shareholder servicing agent fees - Class A
48,627
7,547
3,281
29,052
Shareholder servicing agent fees - Class C
245
121
556
3,120
Shareholder servicing agent fees - Class I
24,734
77,235
4,859
300,775
Interest expense
63
61
69
1,035
Trustees fees
2,581
2,690
434
11,892
Custodian expenses
19,159
24,803
9,849
26,014
Registration fees
25,074
21,529
18,520
29,534
Professional fees
31,370
39,803
17,910
35,089
Shareholder reporting expenses
11,871
17,744
9,690
28,369
Other
2,892
2,552
2,395
3,671
Total expenses before fee waiver/expense reimbursement
815,257
2,325,144
169,545
2,959,997
Fee waiver/expense reimbursement
(
54,104
)
-
(
56,248
)
-
Net expenses
761,153
2,325,144
113,297
2,959,997
Net investment income (loss)
1,407,165
2,627,410
141,793
4,477,364
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
7,560,470
1,492,215
892,173
1,114,350
Written options
98,173
-
-
-
Foreign currency transactions
33,843
35,334
-
-
Net realized gain (loss)
7,692,486
1,527,549
892,173
1,114,350
Change in unrealized appreciation (depreciation) on:
Investments
6,384,862
77,250,270
1,902,538
73,528,116
Written options
(
17,955
)
-
-
-
Foreign currency translations
(
427
)
10,522
-
-
Net change in unrealized appreciation (depreciation)
6,366,480
77,260,792
1,902,538
73,528,116
Net realized and unrealized gain (loss)
14,058,966
78,788,341
2,794,711
74,642,466
Net increase (decrease) in net assets from operations
$
15,466,131
$
81,415,751
$
2,936,504
$
79,119,830
Statement of Operations
(continued)
See Notes to Financial Statements
22
Six Months Ended December 31, 2025 (Unaudited)
Small Cap Value
Opportunities
Small/Mid Cap
Value
INVESTMENT INCOME
Affiliated income
$
376,126
$
134,550
Dividends
1,992,039
753,673
Interest
204,538
92,897
Securities lending income, net
6,406
660
Tax withheld
-
(
2,764
)
Total investment income
2,579,109
979,016
EXPENSES
-
-
Management fees
1,032,191
373,022
12b-1 service fees - Class A
29,607
10,850
12b-1 distribution and service fees - Class C
20,144
5,480
Shareholder servicing agent fees - Class A
31,585
6,162
Shareholder servicing agent fees - Class C
5,318
773
Shareholder servicing agent fees - Class R6
326
69
Shareholder servicing agent fees - Class I
290,119
61,600
Interest expense
2,084
39
Trustees fees
4,515
1,762
Custodian expenses
21,665
15,147
Registration fees
30,538
26,463
Professional fees
26,182
20,632
Shareholder reporting expenses
14,518
13,623
Other
3,217
2,704
Total expenses before fee waiver/expense reimbursement
1,512,009
538,326
Fee waiver/expense reimbursement
(
255,366
)
(
2,636
)
Net expenses
1,256,643
535,690
Net investment income (loss)
1,322,466
443,326
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
9,602,019
9,591,904
Net realized gain (loss)
9,602,019
9,591,904
Change in unrealized appreciation (depreciation) on:
Investments
13,569,318
1,035,091
Net change in unrealized appreciation (depreciation)
13,569,318
1,035,091
Net realized and unrealized gain (loss)
23,171,337
10,626,995
Net increase (decrease) in net assets from operations
$
24,493,803
$
11,070,321
Statement of Changes in Net Assets
See Notes to Financial Statements
23
Global Equity Income
International Value
Unaudited
Six Months Ended
12/31/25
Year Ended
6/30/25
Unaudited
Six Months Ended
12/31/25
Year Ended
6/30/25
OPERATIONS
Net investment income (loss)
$
1,407,165
$
2,810,524
$
2,627,410
$
2,740,964
Net realized gain (loss)
7,692,486
10,055,289
1,527,549
(
1,668,664
)
Net change in unrealized appreciation (depreciation)
6,366,480
11,385,521
77,260,792
22,720,884
Net increase (decrease) in net assets from operations
15,466,131
24,251,334
81,415,751
23,793,184
DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A
(
912,047
)
(
1,788,319
)
(
2,509
)
(
442,383
)
Class C
(
2,823
)
(
9,023
)
-
(
5,497
)
Class I
(
526,629
)
(
996,128
)
(
2,941,196
)
(
2,037,864
)
Total distributions
(
1,441,499
)
(
2,793,470
)
(
2,943,705
)
(
2,485,744
)
FUND SHARE TRANSACTIONS
Subscriptions
3,278,910
4,388,740
1,172,370,271
39,183,861
Reinvestments of distributions
1,365,075
2,640,465
2,937,840
2,398,425
Redemptions
(
9,013,728
)
(
19,035,882
)
(
82,230,313
)
(
28,779,268
)
Net increase (decrease) from Fund share transactions
(
4,369,743
)
(
12,006,677
)
1,093,077,798
12,803,018
Net increase (decrease) in net assets
9,654,889
9,451,187
1,171,549,844
34,110,458
Net assets at the beginning of period
142,586,846
133,135,659
137,973,469
103,863,011
Net assets at the end of period
$
152,241,735
$
142,586,846
$
1,309,523,313
$
137,973,469
See Notes to Financial Statements
24
Statement of Changes in Net Assets
(continued)
Large Cap Value Opportunities
Multi Cap Value
Unaudited
Six Months Ended
12/31/25
Year Ended
6/30/25
Unaudited
Six Months Ended
12/31/25
Year Ended
6/30/25
OPERATIONS
Net investment income (loss)
$
141,793
$
314,715
$
4,477,364
$
6,819,952
Net realized gain (loss)
892,173
1,752,309
1,114,350
16,636,120
Net change in unrealized appreciation (depreciation)
1,902,538
1,397,508
73,528,116
44,299,003
Net increase (decrease) in net assets from operations
2,936,504
3,464,532
79,119,830
67,755,075
DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A
(
679,044
)
(
562,967
)
(
1,065,259
)
(
838,874
)
Class C
(
144,077
)
(
90,441
)
(
112,570
)
(
35,759
)
Class I
(
1,083,973
)
(
778,014
)
(
14,691,536
)
(
8,082,180
)
Total distributions
(
1,907,094
)
(
1,431,422
)
(
15,869,365
)
(
8,956,813
)
FUND SHARE TRANSACTIONS
Subscriptions
5,081,807
1,814,812
306,386,165
129,058,573
Reinvestments of distributions
1,800,409
1,367,659
15,679,257
8,819,645
Redemptions
(
2,711,710
)
(
4,303,428
)
(
17,005,065
)
(
157,281,164
)
Net increase (decrease) from Fund share transactions
4,170,506
(
1,120,957
)
305,060,357
(
19,402,946
)
Net increase (decrease) in net assets
5,199,916
912,153
368,310,822
39,395,316
Net assets at the beginning of period
22,535,559
21,623,406
521,544,317
482,149,001
Net assets at the end of period
$
27,735,475
$
22,535,559
$
889,855,139
$
521,544,317
See Notes to Financial Statements
25
Small Cap Value Opportunities
Small/Mid Cap Value
Unaudited
Six Months Ended
12/31/25
Year Ended
6/30/25
Unaudited
Six Months Ended
12/31/25
Year Ended
6/30/25
OPERATIONS
Net investment income (loss)
$
1,322,466
$
2,021,044
$
443,326
$
851,543
Net realized gain (loss)
9,602,019
29,411,636
9,591,904
15,836,002
Net change in unrealized appreciation (depreciation)
13,569,318
(
7,463,284
)
1,035,091
(
6,243,349
)
Net increase (decrease) in net assets from operations
24,493,803
23,969,396
11,070,321
10,444,196
DISTRIBUTIONS TO SHAREHOLDERS
Dividends:
Class A
(
2,058,280
)
(
4,997,460
)
(
594,921
)
(
696,792
)
Class C
(
602,758
)
(
431,089
)
(
107,587
)
(
50,568
)
Class R6
(
1,343,231
)
(
1,380,064
)
(
166,747
)
(
2,563,053
)
Class I
(
18,939,519
)
(
43,085,559
)
(
5,765,515
)
(
7,734,130
)
Total distributions
(
22,943,788
)
(
49,894,172
)
(
6,634,770
)
(
11,044,543
)
FUND SHARE TRANSACTIONS
Subscriptions
35,519,347
82,617,058
18,653,319
44,238,033
Reinvestments of distributions
21,515,674
47,655,601
6,583,620
10,992,363
Redemptions
(
35,180,072
)
(
83,293,900
)
(
18,002,820
)
(
63,453,885
)
Net increase (decrease) from Fund share transactions
21,854,949
46,978,759
7,234,119
(
8,223,489
)
Net increase (decrease) in net assets
23,404,964
21,053,983
11,669,670
(
8,823,836
)
Net assets at the beginning of period
236,210,961
215,156,978
91,129,365
99,953,201
Net assets at the end of period
$
259,615,925
$
236,210,961
$
102,799,035
$
91,129,365
Financial Highlights
26
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
12/31/25
(e)
$
39.15
$
0.38
$
3.93
$
4.31
$
(
0.39
)
$
-
$
(
0.39
)
$
43.07
6/30/25
33.43
0.71
5.74
6.45
(
0.73
)
-
(
0.73
)
39.15
6/30/24
29.94
0.76
3.51
4.27
(
0.78
)
-
(
0.78
)
33.43
6/30/23
27.43
0.67
3.21
3.88
(
1.37
)
-
(
1.37
)
29.94
6/30/22
32.13
0.74
(
4.26
)
(
3.52
)
(
1.18
)
-
(
1.18
)
27.43
6/30/21
23.44
0.68
8.70
9.38
(
0.69
)
-
(
0.69
)
32.13
Class
C
12/31/25
(e)
39.04
0.23
3.90
4.13
(
0.23
)
-
(
0.23
)
42.94
6/30/25
33.36
0.39
5.77
6.16
(
0.48
)
-
(
0.48
)
39.04
6/30/24
29.89
0.48
3.54
4.02
(
0.55
)
-
(
0.55
)
33.36
6/30/23
27.37
0.47
3.20
3.67
(
1.15
)
-
(
1.15
)
29.89
6/30/22
32.06
0.44
(
4.19
)
(
3.75
)
(
0.94
)
-
(
0.94
)
27.37
6/30/21
23.40
0.44
8.70
9.14
(
0.48
)
-
(
0.48
)
32.06
Class
I
12/31/25
(e)
39.16
0.43
3.93
4.36
(
0.44
)
-
(
0.44
)
43.08
6/30/25
33.43
0.81
5.73
6.54
(
0.81
)
-
(
0.81
)
39.16
6/30/24
29.95
0.83
3.51
4.34
(
0.86
)
-
(
0.86
)
33.43
6/30/23
27.43
0.73
3.23
3.96
(
1.44
)
-
(
1.44
)
29.95
6/30/22
32.14
0.83
(
4.28
)
(
3.45
)
(
1.26
)
-
(
1.26
)
27.43
6/30/21
23.45
0.75
8.70
9.45
(
0.76
)
-
(
0.76
)
32.14
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.
(c)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
(d)
Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements.
(e)
Unaudited.
(f)
Annualized.
See Notes to Financial Statements
27
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
11
.00
%
$
100,408
1
.18
%
(f)
1
.11
%
(f)
1
.81
%
(f)
18
%
19
.41
94,747
1
.24
1
.11
2
.01
30
14
.40
89,171
1
.27
1
.11
2
.45
27
14
.46
86,807
1
.28
1
.11
2
.35
29
(
11
.30
)
86,811
1
.26
1
.10
2
.33
59
40
.43
105,751
1
.26
1
.11
2
.44
42
10
.58
424
1
.93
(f)
1
.86
(f)
1
.11
(f)
18
18
.52
530
1
.99
1
.86
1
.11
30
13
.51
1,003
2
.02
1
.86
1
.55
27
13
.61
1,879
2
.03
1
.86
1
.62
29
(
11
.95
)
1,649
2
.01
1
.85
1
.37
59
39
.34
4,660
2
.01
1
.86
1
.64
42
11
.13
51,410
0
.93
(f)
0
.86
(f)
2
.06
(f)
18
19
.73
47,310
0
.99
0
.86
2
.26
30
14
.64
42,961
1
.02
0
.86
2
.67
27
14
.79
44,020
1
.03
0
.86
2
.55
29
(
11
.10
)
52,423
1
.01
0
.85
2
.61
59
40
.76
55,826
1
.01
0
.86
2
.69
42
28
Financial Highlights
(continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From
Net Realized
Gains
Total
Net Asset
Value,
End of
Period
International Value
Class
A
12/31/25
(e)
$
33.47
$
0.25
$
3.89
$
4.14
$
-
$
-
$
-
$
37.61
6/30/25
27.95
0.63
5.51
6.14
(
0.62
)
-
(
0.62
)
33.47
6/30/24
26.11
0.60
1.74
2.34
(
0.50
)
-
(
0.50
)
27.95
6/30/23
23.20
0.58
3.45
4.03
(
1.12
)
-
(
1.12
)
26.11
6/30/22
27.73
0.60
(
4.05
)
(
3.45
)
(
1.08
)
-
(
1.08
)
23.20
6/30/21
20.17
0.70
7.34
8.04
(
0.48
)
-
(
0.48
)
27.73
Class
C
12/31/25
(e)
31.58
0.11
3.67
3.78
-
-
-
35.36
6/30/25
26.36
0.37
5.23
5.60
(
0.38
)
-
(
0.38
)
31.58
6/30/24
24.64
0.36
1.65
2.01
(
0.29
)
-
(
0.29
)
26.36
6/30/23
21.89
0.43
3.21
3.64
(
0.89
)
-
(
0.89
)
24.64
6/30/22
26.37
0.35
(
3.80
)
(
3.45
)
(
1.03
)
-
(
1.03
)
21.89
6/30/21
19.20
0.43
7.04
7.47
(
0.30
)
-
(
0.30
)
26.37
Class
I
12/31/25
(e)
33.73
0.15
4.07
4.22
(
0.09
)
-
(
0.09
)
37.86
6/30/25
28.16
0.74
5.52
6.26
(
0.69
)
-
(
0.69
)
33.73
6/30/24
26.31
0.68
1.73
2.41
(
0.56
)
-
(
0.56
)
28.16
6/30/23
23.37
0.65
3.48
4.13
(
1.19
)
-
(
1.19
)
26.31
6/30/22
27.87
0.64
(
4.05
)
(
3.41
)
(
1.09
)
-
(
1.09
)
23.37
6/30/21
20.27
0.75
7.38
8.13
(
0.53
)
-
(
0.53
)
27.87
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.
(c)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
(d)
Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements.
(e)
Unaudited.
(f)
Annualized.
See Notes to Financial Statements
29
Ratio/Supplemental Data
Ratios to Average Net Assets
Total
Return
(b)
Net
Assets,
End of
Period (000)
Gross
Expenses
Net
Expenses
(c)
NII
(Loss)
(c),(d)
Portfolio
Turnover
Rate
12
.41
%
$
26,234
0
.99
%
(f)
0
.99
%
(f)
1
.38
%
(f)
11
%
22
.42
23,580
1
.29
1
.15
2
.13
28
8
.97
20,976
1
.31
1
.15
2
.24
13
18
.00
21,524
1
.33
1
.15
2
.44
18
(
12
.90
)
19,329
1
.33
1
.14
2
.26
28
40
.20
22,153
1
.28
1
.15
2
.88
24
12
.01
421
1
.74
(f)
1
.74
(f)
0
.66
(f)
11
21
.50
408
2
.04
1
.90
1
.33
28
8
.18
443
2
.06
1
.90
1
.43
13
17
.12
466
2
.08
1
.90
1
.88
18
(
13
.58
)
266
2
.08
1
.89
1
.41
28
39
.17
365
2
.03
1
.90
1
.93
24
12
.53
1,282,868
0
.74
(f)
0
.74
(f)
0
.83
(f)
11
22
.71
113,985
1
.04
0
.90
2
.46
28
9
.25
82,445
1
.06
0
.90
2
.52
13
18
.33
76,052
1
.08
0
.90
2
.70
18
(
12
.71
)
64,558
1
.08
0
.89
2
.38
28
40
.51
99,311
1
.03
0
.90
3
.10
24
30
Financial Highlights
(continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From
Net Realized
Gains
Total
Net Asset
Value,
End of
Period
Large Cap Value Opportunities
Class
A
12/31/25
(e)
$
5.26
$
0.03
$
0.64
$
0.67
$
(
0.06
)
$
(
0.34
)
$
(
0.40
)
$
5.53
6/30/25
4.79
0.07
0.72
0.79
(
0.09
)
(
0.23
)
(
0.32
)
5.26
6/30/24
4.22
0.06
0.60
0.66
(
0.07
)
(
0.02
)
(
0.09
)
4.79
6/30/23
3.80
0.06
0.54
0.60
(
0.03
)
(
0.15
)
(
0.18
)
4.22
6/30/22
4.84
0.06
(
0.22
)
(
0.16
)
(
0.05
)
(
0.83
)
(
0.88
)
3.80
6/30/21
3.96
0.03
1.57
1.60
(
0.15
)
(
0.57
)
(
0.72
)
4.84
Class
C
12/31/25
(e)
3.85
0.01
0.47
0.48
(
0.01
)
(
0.34
)
(
0.35
)
3.98
6/30/25
3.57
0.02
0.53
0.55
(
0.04
)
(
0.23
)
(
0.27
)
3.85
6/30/24
3.15
0.02
0.45
0.47
(
0.03
)
(
0.02
)
(
0.05
)
3.57
6/30/23
2.88
0.02
0.40
0.42
-
(
0.15
)
(
0.15
)
3.15
6/30/22
3.88
0.02
(
0.15
)
(
0.13
)
(
0.04
)
(
0.83
)
(
0.87
)
2.88
6/30/21
3.28
0.01
1.26
1.27
(
0.10
)
(
0.57
)
(
0.67
)
3.88
Class
I
12/31/25
(e)
5.31
0.04
0.65
0.69
(
0.07
)
(
0.34
)
(
0.41
)
5.59
6/30/25
4.84
0.08
0.72
0.80
(
0.10
)
(
0.23
)
(
0.33
)
5.31
6/30/24
4.27
0.07
0.60
0.67
(
0.08
)
(
0.02
)
(
0.10
)
4.84
6/30/23
3.84
0.07
0.55
0.62
(
0.04
)
(
0.15
)
(
0.19
)
4.27
6/30/22
4.87
0.07
(
0.22
)
(
0.15
)
(
0.05
)
(
0.83
)
(
0.88
)
3.84
6/30/21
3.98
0.05
1.57
1.62
(
0.16
)
(
0.57
)
(
0.73
)
4.87
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.
(c)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
(d)
Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements.
(e)
Unaudited.
(f)
Annualized.
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
12
.64
%
$
10,258
1
.45
%
(f)
1
.00
%
(f)
1
.04
%
(f)
13
%
16
.97
9,028
1
.60
1
.00
1
.33
25
15
.77
8,842
1
.61
1
.00
1
.42
35
15
.95
7,320
1
.56
1
.00
1
.38
40
(
4
.84
)
6,927
1
.80
0
.99
1
.26
35
44
.10
5,419
1
.76
1
.00
0
.79
42
12
.50
1,773
2
.20
(f)
1
.75
(f)
0
.28
(f)
13
15
.87
1,141
2
.35
1
.75
0
.58
25
14
.97
1,173
2
.36
1
.75
0
.67
35
14
.84
1,163
2
.31
1
.75
0
.62
40
(
5
.24
)
951
2
.55
1
.74
0
.47
35
42
.65
1,368
2
.51
1
.75
0
.19
42
12
.96
15,704
1
.20
(f)
0
.75
(f)
1
.29
(f)
13
17
.09
12,367
1
.35
0
.75
1
.58
25
15
.87
11,608
1
.36
0
.75
1
.67
35
16
.35
11,449
1
.31
0
.75
1
.63
40
(
4
.55
)
11,112
1
.55
0
.74
1
.50
35
44
.50
13,008
1
.51
0
.75
1
.11
42
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
Return
of
Capital
Total
Net Asset
Value,
End of
Period
Multi Cap Value
Class
A
12/31/25
(e)
$
56.98
$
0.33
$
6.74
$
7.07
$
(
0.14
)
$
(
0.91
)
$
-
$
(
1.05
)
$
63.00
6/30/25
50.93
0.63
6.31
6.94
(
0.71
)
(
0.18
)
-
(
0.89
)
56.98
6/30/24
44.63
0.60
6.19
6.79
(
0.49
)
-
-
(
0.49
)
50.93
6/30/23
37.48
0.43
7.19
7.62
(
0.47
)
-
-
(
0.47
)
44.63
6/30/22
41.46
0.26
(
3.73
)
(
3.47
)
(
0.51
)
-
-
(
0.51
)
37.48
6/30/21
27.13
0.22
15.15
15.37
(
0.69
)
-
(
0.35
)
(
1.04
)
41.46
Class
C
12/31/25
(e)
52.68
0.09
6.21
6.30
-
(
0.91
)
-
(
0.91
)
58.07
6/30/25
47.12
0.22
5.82
6.04
(
0.30
)
(
0.18
)
-
(
0.48
)
52.68
6/30/24
41.31
0.24
5.72
5.96
(
0.15
)
-
-
(
0.15
)
47.12
6/30/23
34.69
0.11
6.67
6.78
(
0.16
)
-
-
(
0.16
)
41.31
6/30/22
38.66
(
0.05
)
(
3.45
)
(
3.50
)
(
0.47
)
-
-
(
0.47
)
34.69
6/30/21
25.32
(
0.03
)
14.14
14.11
(
0.42
)
-
(
0.35
)
(
0.77
)
38.66
Class
I
12/31/25
(e)
57.68
0.41
6.82
7.23
(
0.29
)
(
0.91
)
-
(
1.20
)
63.71
6/30/25
51.54
0.78
6.39
7.17
(
0.85
)
(
0.18
)
-
(
1.03
)
57.68
6/30/24
45.16
0.74
6.25
6.99
(
0.61
)
-
-
(
0.61
)
51.54
6/30/23
37.92
0.54
7.28
7.82
(
0.58
)
-
-
(
0.58
)
45.16
6/30/22
41.84
0.36
(
3.76
)
(
3.40
)
(
0.52
)
-
-
(
0.52
)
37.92
6/30/21
27.37
0.30
15.30
15.60
(
0.78
)
-
(
0.35
)
(
1.13
)
41.84
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.
(c)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
(d)
Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements.
(e)
Unaudited.
(f)
Annualized.
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
12
.40
%
$
66,501
1
.07
%
(f)
1
.07
%
(f)
1
.07
%
(f)
12
%
13
.69
55,239
1
.22
1
.15
1
.17
30
15
.32
49,371
1
.17
1
.16
1
.28
24
20
.46
44,442
1
.28
1
.23
1
.04
22
(
8
.49
)
40,006
1
.35
1
.25
0
.62
34
57
.70
43,489
1
.29
1
.15
0
.64
58
11
.95
7,565
1
.82
(f)
1
.82
(f)
0
.32
(f)
12
12
.84
5,849
1
.97
1
.90
0
.44
30
14
.47
3,022
1
.92
1
.91
0
.56
24
19
.58
1,287
2
.03
1
.98
0
.30
22
(
9
.17
)
1,168
2
.10
2
.00
(
0
.13
)
34
56
.54
1,347
2
.04
1
.90
(
0
.09
)
58
12
.52
815,789
0
.82
(f)
0
.82
(f)
1
.32
(f)
12
13
.98
460,456
0
.97
0
.90
1
.41
30
15
.60
429,756
0
.92
0
.91
1
.54
24
20
.78
74,697
1
.03
0
.98
1
.29
22
(
8
.26
)
38,624
1
.10
1
.00
0
.87
34
58
.09
37,441
1
.04
0
.90
0
.88
58
34
Financial Highlights
(continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From
Net Realized
Gains
Total
Net Asset
Value,
End of
Period
Small Cap Value Opportunities
Class
A
12/31/25
(e)
$
47.23
$
0.20
$
4.55
$
4.75
$
(0.22)
$
(4.23)
$
(4.45)
$
47.53
6/30/25
53.74
0.35
5.93
6.28
(0.46)
(12.33)
(12.79)
47.23
6/30/24
45.69
0.23
8.14
8.37
(0.20)
(0.12)
(0.32)
53.74
6/30/23
41.31
0.20
6.94
7.14
-
(2.76)
(2.76)
45.69
6/30/22
55.06
0.10
(8.11)
(8.01)
(0.08)
(5.66)
(5.74)
41.31
6/30/21
33.98
(0.02)
21.36
21.34
(0.26)
-
(0.26)
55.06
Class
C
12/31/25
(e)
37.13
0.03
3.57
3.60
-
(4.23)
(4.23)
36.50
6/30/25
44.46
(0.01)
5.05
5.04
(0.04)
(12.33)
(12.37)
37.13
6/30/24
37.95
(0.11)
6.74
6.63
-
(0.12)
(0.12)
44.46
6/30/23
34.99
(0.11)
5.83
5.72
-
(2.76)
(2.76)
37.95
6/30/22
47.84
(0.25)
(6.87)
(7.12)
(0.07)
(5.66)
(5.73)
34.99
6/30/21
29.57
(0.31)
18.58
18.27
-
-
-
47.84
Class
R6
12/31/25
(e)
51.02
0.37
4.91
5.28
(0.44)
(4.23)
(4.67)
51.63
6/30/25
57.22
0.59
6.26
6.85
(0.72)
(12.33)
(13.05)
51.02
6/30/24
48.62
0.44
8.68
9.12
(0.40)
(0.12)
(0.52)
57.22
6/30/23
43.77
0.38
7.37
7.75
(0.14)
(2.76)
(2.90)
48.62
6/30/22
57.78
0.31
(8.57)
(8.26)
(0.09)
(5.66)
(5.75)
43.77
6/30/21
35.66
0.17
22.41
22.58
(0.46)
-
(0.46)
57.78
Class
I
12/31/25
(e)
50.03
0.28
4.82
5.10
(0.36)
(4.23)
(4.59)
50.54
6/30/25
56.31
0.50
6.18
6.68
(0.63)
(12.33)
(12.96)
50.03
6/30/24
47.85
0.37
8.54
8.91
(0.33)
(0.12)
(0.45)
56.31
6/30/23
43.12
0.32
7.25
7.57
(0.08)
(2.76)
(2.84)
47.85
6/30/22
57.08
0.22
(8.43)
(8.21)
(0.09)
(5.66)
(5.75)
43.12
6/30/21
35.21
0.08
22.15
22.23
(0.36)
-
(0.36)
57.08
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.
(c)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
(d)
Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements.
(e)
Unaudited.
(f)
Annualized.
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
9.94
%
$
22,360
1.40
%
(f)
1.20
%
(f)
0.78
%
(f)
37
%
9.85
22,750
1.30
1.20
0.66
96
18.36
22,385
1.35
1.20
0.46
71
17.62
20,932
1.31
1.20
0.44
71
(16.01)
19,467
1.33
1.19
0.20
58
63.00
27,091
1.37
1.36
(0.04)
86
9.55
5,999
2.15
(f)
1.95
(f)
0.17
(f)
37
9.03
2,416
2.05
1.95
(0.03)
96
17.49
1,643
2.10
1.95
(0.28)
71
16.71
2,447
2.06
1.95
(0.29)
71
(16.61)
3,933
2.08
1.94
(0.57)
58
61.79
8,429
2.12
2.11
(0.80)
86
10.24
16,369
0.89
(f)
0.69
(f)
1.37
(f)
37
10.28
7,232
0.91
0.81
1.06
96
18.83
5,970
0.96
0.81
0.85
71
18.06
5,879
0.93
0.82
0.81
71
(15.68)
4,893
0.94
0.80
0.59
58
63.67
6,160
0.95
0.94
0.36
86
10.09
214,888
1.15
(f)
0.95
(f)
1.05
(f)
37
10.13
203,813
1.05
0.95
0.91
96
18.68
185,160
1.10
0.95
0.72
71
17.88
168,888
1.06
0.95
0.69
71
(15.79)
145,461
1.08
0.94
0.42
58
63.42
263,394
1.11
1.10
0.16
86
36
Financial Highlights
(continued)
The following data is for a share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From
Net Realized
Gains
Total
Net Asset
Value,
End of
Period
Small/Mid Cap Value
Class
A
12/31/25
(e)
$
31.84
$
0.12
$
3.78
$
3.90
$
(0.16)
$
(2.14)
$
(2.30)
$
33.44
6/30/25
32.28
0.19
2.92
3.11
(0.38)
(3.17)
(3.55)
31.84
6/30/24
27.67
0.21
4.53
4.74
(0.07)
(0.06)
(0.13)
32.28
6/30/23
24.60
0.14
4.32
4.46
-
(1.39)
(1.39)
27.67
6/30/22
32.13
0.03
(2.89)
(2.86)
(0.11)
(4.56)
(4.67)
24.60
6/30/21
20.05
0.01
12.13
12.14
(0.06)
-
(0.06)
32.13
Class
C
12/31/25
(e)
25.17
(-)
(h)
2.98
2.98
-
(2.14)
(2.14)
26.01
6/30/25
26.10
(0.04)
2.39
2.35
(0.11)
(3.17)
(3.28)
25.17
6/30/24
22.50
(0.02)
3.68
3.66
-
(0.06)
(0.06)
26.10
6/30/23
20.38
(0.04)
3.55
3.51
-
(1.39)
(1.39)
22.50
6/30/22
27.57
(0.17)
(2.37)
(2.54)
(0.09)
(4.56)
(4.65)
20.38
6/30/21
17.29
(0.14)
10.42
10.28
-
-
-
27.57
Class
R6
12/31/25
(e)
33.38
0.19
3.97
4.16
(0.31)
(2.14)
(2.45)
35.09
6/30/25
33.71
0.39
3.00
3.39
(0.55)
(3.17)
(3.72)
33.38
6/30/24
28.87
0.35
4.75
5.10
(0.20)
(0.06)
(0.26)
33.71
6/30/23
25.54
0.24
4.50
4.74
(0.02)
(1.39)
(1.41)
28.87
6/30/22
33.06
0.16
(3.01)
(2.85)
(0.11)
(4.56)
(4.67)
25.54
6/30/21
20.64
0.10
12.49
12.59
(0.17)
-
(0.17)
33.06
Class
I
12/31/25
(e)
33.02
0.17
3.92
4.09
(0.25)
(2.14)
(2.39)
34.72
6/30/25
33.37
0.28
3.02
3.30
(0.48)
(3.17)
(3.65)
33.02
6/30/24
28.60
0.29
4.69
4.98
(0.15)
(0.06)
(0.21)
33.37
6/30/23
25.32
0.23
4.44
4.67
-
(1.39)
(1.39)
28.60
6/30/22
32.86
0.10
(2.97)
(2.87)
(0.11)
(4.56)
(4.67)
25.32
6/30/21
20.49
0.07
12.42
12.49
(0.12)
-
(0.12)
32.86
(a)
Based on average shares outstanding.
(b)
Total returns are at NAV and do not include any sales charge. Total returns are not annualized.
(c)
After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements for more information.
(d)
Includes voluntary compensation from the Adviser as further described in the Notes to Financial Statements.
(e)
Unaudited.
(f)
Annualized.
(g)
Does not include in-kind transactions.
(h)
Value rounded to zero.
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
12.16
%
$
9,660
1.32
%
(f)
1.31
%
(f)
0.70
%
(f)
45
%
9.17
7,886
1.35
1.31
0.60
64
(g)
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
11.72
1,468
2.07
(f)
2.06
(f)
(0.01)
(f)
45
8.38
828
2.10
2.06
(0.16)
64
(g)
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
12.37
2,513
0.93
(f)
0.92
(f)
1.08
(f)
45
9.64
2,038
0.94
0.90
1.07
64
(g)
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
12.30
89,158
1.07
(f)
1.06
(f)
0.93
(f)
45
9.45
80,377
1.10
1.06
0.84
64
(g)
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
38
Notes to Financial Statements
(Unaudited)
1. General Information
Trust and Fund Information:
The Nuveen Investment Trust and Nuveen Investment Trust II (each a "Trust" and collectively, the "Trusts"), are
open-end management investment companies registered under the Investment Company Act of 1940 (the "1940 Act"), as amended. Nuveen
Investment Trust is comprised of the Nuveen Global Equity Income Fund ("Global Equity Income"), Nuveen Large Cap Value Opportunities Fund
("Large Cap Value Opportunities"), Nuveen Multi Cap Value Fund ("Multi Cap Value"), Nuveen Small Cap Value Opportunities Fund ("Small Cap
Value Opportunities") and Nuveen Small/Mid Cap Value Fund ("Small/Mid Cap Value") and Nuveen Investment Trust II is comprised of Nuveen
International Value Fund ("International Value"), among others (each a "Fund" and collectively, the "Funds"). Nuveen Investment Trust and Nuveen
Investment Trust II were each organized as Massachusetts business trusts in 1996 and 1997, respectively.
Current Fiscal Period
: The end of the reporting period for the Funds is December 31, 2025, and the period covered by these Notes to Financial
Statements is the six months ended December 31, 2025 (the "current fiscal period").
Investment Adviser and Sub-Adviser:
The Funds' investment adviser is Nuveen Fund Advisors, LLC (the "Adviser"), a subsidiary of Nuveen, LLC
("Nuveen"). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall
responsibility for management of the Funds, oversees the management of the Funds' portfolios, manages the Funds' business affairs and provides
certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-
advisory agreements with Nuveen Asset Management, LLC (the "Sub-Adviser"), a subsidiary of the Adviser, under which the Sub-Adviser manages
the investment portfolios of the Funds.
Share Classes and Sales Charges
: Class A Shares are generally sold with an up-front sales charge. Class A Share purchases of $1 million or more
are sold at net asset value ("NAV") without an up-front sales charge but may be subject to a contingent deferred sales charge ("CDSC") of 1% if
redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge. Class C Shares are subject to a CDSC of 1%
if redeemed within twelve months of purchase. Class C Shares automatically convert to Class A Shares eight years after purchase. Class R6 Shares
and Class I Shares are sold without an upfront sales charge.
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America
("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ
from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board
("FASB") Accounting Standards Codification 946, Financial Services - Investment Companies. The NAV for financial reporting purposes may differ
from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share
transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions.
The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation:
Neither Trust pays compensation directly to those of its officers, all of whom receive remuneration for their services to each Trust
from the Adviser or its affiliates. The Funds' Board of Trustees (the "Board") has adopted a deferred compensation plan for independent trustees
that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised
funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Distributions to Shareholders:
Distributions to shareholders are recorded on the ex-dividend date. The amount, character and timing of
distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP.
Foreign Currency Transactions and Translation:
The books and records of the Funds are maintained in U.S. dollars. Assets, including investments,
and liabilities denominated in foreign currencies are translated into U.S. dollars at the end of each day. Purchases and sales of securities, income and
expenses are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
Some markets in which the Funds invest impose capital controls, repatriation limits and/or transaction fees, for example, on the amount of foreign
currency that may be converted to U.S. dollars. These restrictions, in some markets where foreign exchange restrictions are imposed, may be
reflected in non-deliverable forward rates (NDF), or prevailing "offshore" rates that apply to non-local investors. Accordingly, the Fund may apply
NDF rates, or another alternative exchange rate believed by the Adviser to be more reflective of the rates at which the Funds may transact, where
applicable, to convert the value of non-U.S. dollar denominated securities to U.S. dollars. The U.S. dollar market value of such securities held in
markets where NDF rates exist may be lower than the U.S. dollar market value of securities using prevailing local or "onshore" foreign currency
exchange rates.
Net realized foreign currency gains and losses resulting from changes in exchange rates associated with (i) foreign currency, (ii) investments and (iii)
derivatives include foreign currency gains and losses between trade date and settlement date of the transactions, foreign currency transactions, and
the difference between the amounts of interest and dividends recorded on the books of the Funds and the amounts actually received are recognized
as a component of "Net realized gain (loss) from foreign currency transactions" on the Statement of Operations, when applicable.
39
The unrealized gains and losses resulting from changes in foreign currency exchange rates and changes in foreign exchange rates associated with
(i) investments and (ii) other assets and liabilities are recognized as a component of "Change in unrealized appreciation (depreciation) on foreign
currency translations" on the Statement of Operations, when applicable. The unrealized gains and losses resulting from changes in foreign exchange
rates associated with investments in derivatives are recognized as a component of the respective derivative's related "Change in unrealized
appreciation (depreciation)" on the Statement of Operations, when applicable.
Foreign Taxes:
The Funds may be subject to foreign taxes on income, gains on investments or foreign currency repatriation, a portion of which may
be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon the current interpretation of tax rules and regulations that
exist in the markets in which the Funds invest.
Indemnifications:
Under each Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of
the performance of their duties to each Trust. In addition, in the normal course of business, each Trust enters into contracts that provide general
indemnifications to other parties. Each Trust's maximum exposure under these arrangements is unknown as this would involve future claims that
may be made against each Trust that have not yet occurred. However, each Trust has not had prior claims or losses pursuant to these contracts and
expects the risk of loss to be remote.
Investments and Investment Income:
Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains
and losses on securities transactions are based upon the specific identification method. Dividend income is recorded on the ex-dividend date or,
for certain foreign securities, when information is available. Non-cash dividends received in the form of stock, if any, are recognized on the ex-
dividend date and recorded at fair value. Interest income is recorded on an accrual basis. Securities lending income is comprised of fees earned from
borrowers and income earned on cash collateral investments.
Multiclass Operations and Allocations:
Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated
among the classes based on the relative net assets of each class. Expenses directly attributable to a class of shares are recorded to the specific class.
12b-1 distribution and service fees are allocated on a class-specific basis.
Sub-transfer agent fees and similar fees, which are recognized as a component of "Shareholder servicing agent fees" on the Statement of
Operations, are not charged to Class R6 Shares and are prorated among the other classes based on their relative net assets.
Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.
Netting Agreements:
In the ordinary course of business, the Funds may enter into transactions subject to enforceable master repurchase
agreements, International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements").
Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when
applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages
its cash collateral and securities collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting
agreements, collateral posted to the Funds is held in a segregated account by the Funds' custodian and/or with respect to those amounts which can
be sold or repledged, are presented in the Funds' Portfolio of Investments or Statement of Assets and Liabilities.
The Funds' investments subject to netting agreements as of the end of the current fiscal period, if any, are further described later in these Notes to
Financial Statements.
Segment Reporting:
Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker
("CODM"). The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation
in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a
team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes
in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus
the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within
the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment
revenues and expenses are listed on the Statement of Operations.
New Accounting Pronouncement (ASU No. 2023-09)
: In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09,
Income Taxes (Topic 740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09
is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes
paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. During the current fiscal
period, the Funds adopted the new guidance. Management is currently evaluating the implications of these changes on the financial statements.
New Accounting Pronouncement (ASU No. 2025-11)
: In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270) Narrow
Scope Improvements ("ASU 2025-11"). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are required
by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting
period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting
periods beginning after December 15, 2027. Early adoption is permitted for all entities. Management is currently evaluating the implications of these
changes on the financial statements.
40
Notes to Financial Statements
(continued)
3. Investment Valuation and Fair Value Measurements
The Funds' investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to
oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly
transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy
which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value
measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability.
Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management's
assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best
information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 - Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 - Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit
spreads, etc.).
Level 3 - Prices are determined using significant unobservable inputs (including management's assumptions in determining the fair value of
investments).
A description of the valuation techniques applied to the Funds' major classifications of assets and liabilities measured at fair value follows:
Equity securities and exchange-traded funds listed or traded on a national market or exchange are valued based on their last reported sales price
or official closing price of such market or exchange on the valuation date. Foreign equity securities and registered investment companies that trade
on a foreign exchange are valued at the last reported sales price or official closing price on the principal exchange where traded, and converted to
U.S. dollars at the prevailing rates of exchange on the valuation date. For events affecting the value of foreign securities between the time when
the exchange on which they are traded closes and the time when the Funds' net assets are calculated, such securities will be valued at fair value in
accordance with procedures adopted by the Adviser, subject to the oversight of the Board. To the extent these securities are actively traded and no
valuation adjustments are applied, they are generally classified as Level 1. When valuation adjustments are applied to the most recent last sales price
or official closing price, these securities are generally classified as Level 2.
Prices of certain American Depositary Receipts ("ADR") held by the Funds that trade in the United States are valued based on the last traded price,
official closing price, or an evaluated price provided by the pricing services and are generally classified as Level 1 or 2.
Structured notes are valued based upon a price supplied by a pricing service and are generally classified as Level 2.
Repurchase agreements are valued at contract amount plus accrued interest, which approximates market value. These securities are generally
classified as Level 2.
Investments in investment companies are valued at their respective NAVs or share price on the valuation date and are generally classified as Level 1.
Purchased and written options traded and listed on a national market or exchange are valued at the mean of the closing bid and asked prices and
are generally classified as Level 1.
Over-the-counter ("OTC") options are marked-to-market daily based upon a price supplied by a pricing service. OTC options are generally classified
as Level 2.
For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived
using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative
procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that
the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such
securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity
and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions
and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and
timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the inputs used to
value them:
Global Equity Income
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
70,583,219
$
73,066,962
$
-
$
143,650,181
Convertible Preferred Securities
2,361,852
-
-
2,361,852
Structured Notes
-
3,823,803
-
3,823,803
Investments Purchased with Collateral from Securities
Lending
510,963
-
-
510,963
Total
$
73,456,034
$
76,890,765
$
-
$
150,346,799
41
4. Portfolio Securities
Repurchase Agreements:
In connection with transactions in repurchase agreements, it is each Fund's policy that its custodian take possession of the
underlying collateral securities, the fair value of which exceeds the principal amount of the repurchase transaction, including accrued interest, at all
times. If the counterparty defaults, and the fair value of the collateral declines, realization of the collateral may be delayed or limited.
The following table presents the repurchase agreements for the Funds that are subject to netting agreements as of the end of the current fiscal
period, and the collateral delivered related to those repurchase agreements.
International Value
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
161,929,018
$
1,134,898,545
$
-
$
1,296,827,563
Investments Purchased with Collateral from Securities
Lending
3,992,455
-
-
3,992,455
Short-Term Investments:
Repurchase Agreements
-
22,489,955
-
22,489,955
Total
$
165,921,473
$
1,157,388,500
$
-
$
1,323,309,973
Large Cap Value Opportunities
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
26,431,475
$
-
$
-
$
26,431,475
Investments Purchased with Collateral from Securities
Lending
404,577
-
-
404,577
Short-Term Investments:
Repurchase Agreements
-
1,175,000
-
1,175,000
Total
$
26,836,052
$
1,175,000
$
-
$
28,011,052
Multi Cap Value
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
843,833,538
$
-
$
-
$
843,833,538
Investments Purchased with Collateral from Securities
Lending
5,244,448
-
-
5,244,448
Short-Term Investments:
Repurchase Agreements
-
45,508,693
-
45,508,693
Total
$
849,077,986
$
45,508,693
$
-
$
894,586,679
Small Cap Value Opportunities
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
255,419,356
$
-
$
-
$
255,419,356
Investments Purchased with Collateral from Securities
Lending
441,325
-
-
441,325
Short-Term Investments:
Repurchase Agreements
-
4,048,940
-
4,048,940
Total
$
255,860,681
$
4,048,940
$
-
$
259,909,621
Small/Mid Cap Value
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Common Stocks
$
96,685,938
$
-
$
-
$
96,685,938
Short-Term Investments:
Repurchase Agreements
-
5,804,715
-
5,804,715
Total
$
96,685,938
$
5,804,715
$
-
$
102,490,653
Fund
Counterparty
Short-term
Investments,
at Value
Collateral
Pledged (From)
Counterparty
International Value
Fixed Income Clearing Corporation
$
22,489,955
$
(22,939,942)
Large Cap Value Opportunities
Fixed Income Clearing Corporation
1,175,000
(1,198,661)
Multi Cap Value
Fixed Income Clearing Corporation
45,508,693
(46,419,092)
Small Cap Value Opportunities
Fixed Income Clearing Corporation
4,048,940
(4,130,276)
Small/Mid Cap Value
Fixed Income Clearing Corporation
5,804,715
(5,921,169)
42
Notes to Financial Statements
(continued)
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. The market value of securities loaned is determined at the close of business of
the Funds and any additional required collateral is delivered to the Funds on the next business day. Securities out on loan are subject to termination
at any time at the option of the borrower or the Fund. Upon termination, the borrower is required to return to the Fund securities identical to the
securities loaned. During the term of the loan, the Fund bears the market risk with respect to the investment of collateral and the risk that the Agent
may default on its contractual obligations to the Fund. The Agent bears the risk that the borrower may default on its obligation to return the loaned
securities as the Agent is contractually obligated to indemnify the Fund if at the time of a default by a borrower some or all of the loan securities
have not been returned.
Securities lending income recognized by a Fund consists of earnings on invested collateral and lending fees, net of any rebates to the borrower and
compensation to the Agent. Such income is recognized on the Statement of Operations.
As of the end of the current fiscal period, the total value of the loaned securities and the total value of collateral received were as follows:
Purchases and Sales:
Long-term purchases and sales during the current fiscal period were as follows:
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may
have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation
during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period, such
amounts are recognized on the Statement of Assets and Liabilities.
5. Derivative Investments
Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is
derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives
as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of
Operations, respectively.
Option Transactions:
During the current fiscal period, Global Equity Income wrote call options to manage risk and hedge against adverse movement
in a security held in the portfolio.
Aggregate Value of
Securities on Loan
Fund
Equity
Securities
Cash Collateral
Received*
Global Equity Income
$483,848
$510,963
International Value
3,887,146
3,992,455
Large Cap Value Opportunities
388,982
404,577
Multi Cap Value
5,042,413
5,244,448
Small Cap Value Opportunities
423,600
441,325
*May include cash and investment of cash collateral.
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government
Sales
Global Equity Income
$
26,237,053
$
28,123,751
International Value
1,152,571,345
69,326,810
Large Cap Value Opportunities
4,560,137
3,247,527
Multi Cap Value
358,192,323
78,331,593
Small Cap Value Opportunities
95,581,208
91,196,990
Small/Mid Cap Value*
42,185,077
42,686,945
43
The Funds may purchase (buy) or write (sell) put and call options on specific securities (including groups or "baskets" of specific securities), interest
rates, stock indices and/or bond indices (each a "financial instrument"). Options can be settled either directly with the counterparty (over the
counter) or through a central clearing house (exchange traded). Call and put options give the holder the right, in return for a premium paid, to
purchase or sell, respectively, a financial instrument at a specified exercise price at any time during the period of the option.
When a Fund purchases an option, an amount equal to the premium paid (the premium plus commission) is recognized as an asset on the Statement
of Asset and Liabilities. When a Fund writes an option, an amount equal to the net premium received (the premium less commission) is recognized
as a liability on the Statement of Assets and Liabilities and is subsequently adjusted to reflect the current value of the written option until the option
is exercised or expires or the Fund enters into a closing purchase transaction. The changes in the value of options purchased and/or written during
the fiscal period are recognized as in unrealized appreciation (depreciation) on the Statement of Operations. When an option expires, the premiums
received or paid are recognized as realized gains or losses on the Statement of Operations. When an option is exercised or a closing purchase
transaction is entered into, the difference between the premium and the amount received or paid in a closing transaction is recognized as a realized
gain or loss on the Statement of Operations.
The market risk associated with purchasing options is limited to the premium paid. The Fund, as writer of an option, has no control over whether
the underlying instrument may be sold (called) or purchased (put) and as a result bears the risk of an unfavorable change in the market value of the
instrument underlying the written option. There is also the risk the Fund may not be able to enter into a closing transaction because of an illiquid
market.
t
The average notional amount of outstanding options written during the current fiscal period, was as follows:
During the current fiscal period, the effect of derivative contracts on the Funds' Statement of Operations was as follows:
Market and Counterparty Credit Risk:
In the normal course of business each Fund may invest in financial instruments and enter into financial
transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform
(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,
which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap
transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their
carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial
resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may
be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal
to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have
instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a
pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by
at least the pre-determined threshold amount.
Fund
Average Notional Amount of Written
Options Contracts Outstanding
*
Global Equity Income
$
974,167
*
The average notional amount is calculated based on the absolute aggregate notional amount of contracts outstanding at the beginning of
the current fiscal period and at the end of each fiscal quarter within the current fiscal period.
Derivative Instrument
Risk Exposure
Net Realized Gain
(Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Global Equity Income
Written options
Equity
$
98,173
$
(17,955)
44
Notes to Financial Statements
(continued)
6. Fund Shares
Transactions in Fund shares during the current and prior fiscal period were as follows:
Six Months Ended
12/31/25
Year Ended
6/30/25
Global Equity Income
Shares
Value
Shares
Value
Subscriptions:
Class A
27,794
$1,155,277
38,544
$1,381,281
Class A - automatic conversion of Class C
108
4,217
84
2,951
Class C
1,418
57,988
1,675
61,600
Class I
50,362
2,061,428
82,857
2,942,908
Total subscriptions
79,682
3,278,910
123,160
4,388,740
Reinvestments of distributions:
Class A
20,134
849,272
44,713
1,662,842
Class C
64
2,664
235
8,699
Class I
12,156
513,139
26,109
968,924
Total reinvestments of distributions
32,354
1,365,075
71,057
2,640,465
Redemptions:
Class A
(136,464)
(5,613,527)
(331,129)
(11,792,532)
Class C
(5,073)
(209,123)
(18,328)
(650,867)
Class C - automatic conversion to Class A
(108)
(4,217)
(84)
(2,951)
Class I
(77,176)
(3,186,861)
(185,950)
(6,589,532)
Total redemptions
(218,821)
(9,013,728)
(535,491)
(19,035,882)
Net increase (decrease)
(106,785)
$(4,369,743)
(341,274)
$(12,006,677)
Six Months Ended
12/31/25
Year Ended
6/30/25
International Value
Shares
Value
Shares
Value
Subscriptions:
Class A
60,945
$2,118,258
148,130
$4,549,006
Class C
1,257
42,807
2,079
58,378
Class I
32,604,735
1,170,209,206
1,141,776
34,576,477
Total subscriptions
32,666,937
1,172,370,271
1,291,985
39,183,861
Reinvestments of distributions:
Class A
60
2,271
14,696
406,926
Class C
-
-
210
5,498
Class I
77,293
2,935,569
71,234
1,986,001
Total reinvestments of distributions
77,353
2,937,840
86,140
2,398,425
Redemptions:
Class A
(68,073)
(2,385,735)
(208,806)
(6,334,317)
Class C
(2,268)
(74,433)
(6,155)
(170,386)
Class I
(2,176,649)
(79,770,145)
(760,708)
(22,274,565)
Total redemptions
(2,246,990)
(82,230,313)
(975,669)
(28,779,268)
Net increase (decrease)
30,497,300
$1,093,077,798
402,456
$12,803,018
45
Six Months Ended
12/31/25
Year Ended
6/30/25
Large Cap Value Opportunities
Shares
Value
Shares
Value
Subscriptions:
Class A
229,257
$1,276,751
124,155
$616,678
Class C
192,932
791,896
23,998
85,491
Class I
521,213
3,013,160
216,709
1,112,643
Total subscriptions
943,402
5,081,807
364,862
1,814,812
Reinvestments of distributions:
Class A
107,605
599,361
104,389
520,510
Class C
36,193
144,077
24,643
90,442
Class I
187,194
1,056,971
150,210
756,707
Total reinvestments of distributions
330,992
1,800,409
279,242
1,367,659
Redemptions:
Class A
(198,327)
(1,083,261)
(358,106)
(1,755,240)
Class C
(79,142)
(336,343)
(81,600)
(295,137)
Class I
(224,319)
(1,292,106)
(439,882)
(2,253,051)
Total redemptions
(501,788)
(2,711,710)
(879,588)
(4,303,428)
Net increase (decrease)
772,606
$4,170,506
(235,484)
$(1,120,957)
Six Months Ended
12/31/25
Year Ended
6/30/25
Multi Cap Value
Shares
Value
Shares
Value
Subscriptions:
Class A
131,261
$8,031,830
89,167
$4,848,599
Class C
34,806
1,969,049
57,994
2,921,760
Class I
4,793,089
296,385,286
2,224,091
121,288,214
Total subscriptions
4,959,156
306,386,165
2,371,252
129,058,573
Reinvestments of distributions:
Class A
14,378
907,378
13,361
731,956
Class C
1,940
112,570
701
35,759
Class I
229,134
14,659,309
145,483
8,051,930
Total reinvestments of distributions
245,452
15,679,257
159,545
8,819,645
Redemptions:
Class A
(59,375)
(3,620,895)
(102,498)
(5,521,838)
Class C
(17,518)
(982,177)
(11,807)
(592,085)
Class I
(200,995)
(12,401,993)
(2,724,395)
(151,167,241)
Total redemptions
(277,888)
(17,005,065)
(2,838,700)
(157,281,164)
Net increase (decrease)
4,926,720
$305,060,357
(307,903)
$(19,402,946)
46
Notes to Financial Statements
(continued)
7. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and
net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated
investment companies. Therefore, no federal income tax provision is required.
Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally
subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional
period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded
that no provision for income tax is required in the Fund's financial statements.
Six Months Ended
12/31/25
Year Ended
6/30/25
Small Cap Value Opportunities
Shares
Value
Shares
Value
Subscriptions:
Class A
33,876
$1,663,752
95,445
$4,868,645
Class A - automatic conversion of Class C
-
-
136
6,334
Class C
93,338
3,625,939
41,484
1,567,772
Class R6
194,041
10,360,737
43,597
2,341,281
Class I
376,950
19,868,919
1,428,182
73,833,026
Total subscriptions
698,205
35,519,347
1,608,844
82,617,058
Reinvestments of distributions:
Class A
35,796
1,730,360
88,359
4,562,734
Class C
15,302
565,885
8,926
361,699
Class R6
18,289
962,969
17,905
998,814
Class I
354,538
18,256,460
762,599
41,732,354
Total reinvestments of distributions
423,925
21,515,674
877,789
47,655,601
Redemptions:
Class A
(80,900)
(3,967,840)
(118,812)
(6,254,476)
Class C
(9,338)
(360,659)
(22,121)
(923,792)
Class C - automatic conversion to Class A
-
-
(173)
(6,334)
Class R6
(37,033)
(2,011,290)
(24,077)
(1,317,198)
Class I
(553,250)
(28,840,283)
(1,405,135)
(74,792,100)
Total redemptions
(680,521)
(35,180,072)
(1,570,318)
(83,293,900)
Net increase (decrease)
441,609
$21,854,949
916,315
$46,978,759
Six Months Ended
12/31/25
Year Ended
6/30/25
Small/Mid Cap Value
Shares
Value
Shares
Value
Subscriptions:
Class A
49,069
$1,682,716
125,799
$4,190,937
Class C
22,493
612,170
23,834
594,835
Class R6
13,976
502,601
257,947
9,206,892
Class I
449,822
15,855,832
905,457
30,245,369
Total subscriptions
535,360
18,653,319
1,313,037
44,238,033
Reinvestments of distributions:
Class A
16,161
549,632
19,364
649,784
Class C
4,012
105,743
1,904
50,568
Class R6
4,597
164,565
72,899
2,559,739
Class I
162,946
5,763,680
222,370
7,732,272
Total reinvestments of distributions
187,716
6,583,620
316,537
10,992,363
Redemptions:
Class A
(24,035)
(817,978)
(43,368)
(1,372,218)
Class C
(3,004)
(81,549)
(7,603)
(192,297)
Class R6
(8,023)
(288,964)
(900,422)
(31,410,392)
Class I
(479,127)
(16,814,329)
(898,994)
(30,478,978)
Total redemptions
(514,189)
(18,002,820)
(1,850,387)
(63,453,885)
Net increase (decrease)
208,887
$7,234,119
(220,813)
$(8,223,489)
47
As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax
purposes were as follows:
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on
derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.
As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:
As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:
8. Management Fees and Other Transactions with Affiliates
Management Fees:
Each Fund's management fee compensates the Adviser for the overall investment advisory and administrative services and
general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund's management fee consists of two components - a fund-level fee, based only on the amount of assets within each individual Fund, and
a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser. This pricing structure enables each Fund's
shareholders to benefit from growth in the assets within their respective Fund as well as from growth in the amount of complex-wide assets managed
by the Adviser.
Fund
Tax Cost
Gross Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Global Equity Income
$
100,216,511
$
52,893,355
$
(2,763,067)
$
50,130,288
International Value
1,196,306,498
143,367,242
(16,363,767)
127,003,475
Large Cap Value Opportunities
17,280,379
10,949,617
(218,944)
10,730,673
Multi Cap Value
709,043,536
194,248,848
(8,705,705)
185,543,143
Small Cap Value Opportunities
221,784,072
47,269,266
(9,143,717)
38,125,549
Small/Mid Cap Value
86,611,378
18,267,035
(2,387,760)
15,879,275
Fund
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital Gains
Unrealized
Appreciation
(Depreciation)
Capital Loss
Carryforwards
Late-Year Loss
Deferrals
Other
Book-to-Tax
Differences
Total
Global Equity Income
$
1,620,698
$
-
$
43,778,253
$
(219,401,380)
$
-
$
(1,258,134)
$
(175,260,563)
International Value
2,943,521
-
49,771,760
(198,018,769)
-
-
(145,303,488)
Large Cap Value Opportunities
207,163
1,387,420
8,828,135
-
-
-
10,422,718
Multi Cap Value
7,656,776
4,532,823
112,025,397
-
-
(15,024)
124,199,972
Small Cap Value Opportunities
462,549
11,618,733
24,591,927
-
-
-
36,673,209
Small/Mid Cap Value
-
4,476,609
14,845,791
-
(2,603,467)
-
16,718,933
Fund
Short-Term
Long-Term
Total
Global Equity Income
1
$
6,415,473
$
212,985,907
$
219,401,380
International Value
7,037,883
190,980,886
198,018,769
Large Cap Value Opportunities
-
-
-
Multi Cap Value
-
-
-
Small Cap Value Opportunities
-
-
-
Small/Mid Cap Value
-
-
-
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 fourteen years, at which
point the annual limitation will further be reduced to approximately $1.2 million.
48
Notes to Financial Statements
(continued)
The annual fund-level fee, payable monthly, for each Fund is calculated according to the following schedule:
The annual complex-level fee, payable monthly, for each Fund is calculated according to the following schedule:
* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen branded open-end funds ("Nuveen Mutual
Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do
not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible
Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser's affiliate,
Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets
of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by
the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments
in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively
financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in
certain circumstances.
As of the end of the reporting period, the complex-level fee 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
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.
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
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
0.1560
%
International Value
0.1560
Large Cap Value Opportunities
0.1560
Multi Cap Value
0.1560
Small Cap Value Opportunities
0.1560
Small/Mid Cap Value
0.1560
Fund
Temporary
Expense Cap
Temporary
Expense Cap
Expiration Date
Permanent
Expense Cap
Global Equity Income
0.90%
July 31, 2027
N/A
International Value
0.94
July 31, 2027
N/A
Large Cap Value Opportunities
0.79
July 31, 2027
1.35%
Multi Cap Value
0.94
July 31, 2027
N/A
Small Cap Value Opportunities
0.99
July 31, 2027
1.50%
Small/Mid Cap Value
1.10
July 31, 2027
1.45%
N/A - Not Applicable.
49
Distribution and Service Fees:
Each Fund has adopted a distribution and service plan under rule 12b-1 under the 1940 Act. Class A Shares incur
a 0.25% annual 12b-1 service fee. Class C Shares incur a 0.75% annual 12b-1 distribution fee and a 0.25% annual 12b-1 service fee. Class R6
Shares and Class I Shares are not subject to 12b-1 distribution or service fees. The fees under this plan compensate Nuveen Securities, LLC, (the
"Distributor"), a wholly-owned subsidiary of Nuveen, for services provided and expenses incurred in distributing shares of the Funds and establishing
and maintaining shareholder accounts.
Other Transactions with Affiliates:
The Funds receive voluntary compensation from the Adviser in amounts that approximate the cost of research
services obtained from broker-dealers and research providers if the Adviser had purchased the research services directly. This income received by the
Funds is recognized in "Affiliated income" on the Statement of Operations and any amounts due to the Funds at the end of the current fiscal period
is recognized in "Reimbursement from Adviser" on the Statement of Assets and Liabilities. During the current fiscal period, the values of voluntary
compensation were as follows:
The Funds are permitted to purchase or sell securities from or to certain other funds or accounts managed by the Sub-Adviser or by an affiliate of
the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board ("cross-trade"). These procedures
have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by virtue of having a common investment
adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7 under the 1940 Act. These transactions
are effected at the current market price (as provided by an independent pricing service) without incurring broker commissions. During the current
fiscal period, the Funds engaged in the following security transactions with affiliated entities:
During the current fiscal period, the Distributor, collected sales charges on purchases of Class A Shares, the majority of which were paid out as
concessions to financial intermediaries as follows:
The Distributor also received 12b-1 service fees on Class A Shares, substantially all of which were paid to compensate financial intermediaries for
providing services to shareholders relating to their investments.
During the current fiscal period, the Distributor compensated financial intermediaries directly with commission advances at the time of purchase as
follows:
Fund
Value
Global Equity Income
$
11,548
International Value
11,528
Large Cap Value Opportunities
820
Multi Cap Value
352,605
Small Cap Value Opportunities
376,126
Small/Mid Cap Value
134,550
Fund
Purchases
Sales
Realized
Gain (Loss)
Global Equity Income
$
-
$
-
$
-
International Value
188,411,839
-
-
Large Cap Value Opportunities
-
-
-
Multi Cap Value
-
-
-
Small Cap Value Opportunities
-
668,962
115,662
Small/Mid Cap Value
-
-
-
Fund
Sales Charges
Collected
Paid to Financial
Intermediaries
Global Equity Income
$
6,418
$
5,976
International Value
11,199
9,889
Large Cap Value Opportunities
5,114
4,870
Multi Cap Value
33,613
29,655
Small Cap Value Opportunities
9,446
8,225
Small/Mid Cap Value
14,247
13,090
50
Notes to Financial Statements
(continued)
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 affiliates was as follows:
9. Borrowing Arrangements
Line of Credit:
The Funds, along with certain funds managed by the Adviser or by an affiliate of the Adviser ("Participating Funds"), have established
a 364-day, $2.7 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other
than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility's capacity (and its
associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the
size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to
those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating
Funds have undrawn capacity. The credit facility expires in June 2026, unless extended or renewed.
Fund
Commission
Advances
Global Equity Income
$
2,714
International Value
270
Large Cap Value Opportunities
10,271
Multi Cap Value
19,079
Small Cap Value Opportunities
35,960
Small/Mid Cap Value
10,679
Fund
12b-1 Fees
Retained
Global Equity Income
$
86
International Value
57
Large Cap Value Opportunities
1,600
Multi Cap Value
11,570
Small Cap Value Opportunities
10,484
Small/Mid Cap Value
2,682
Fund
CDSC
Retained
Global Equity Income
$
69
International Value
16
Large Cap Value Opportunities
-
Multi Cap Value
28
Small Cap Value Opportunities
643
Small/Mid Cap Value
296
Underlying Fund
Nuveen
Lifecycle
Funds
Nuveen
Lifestyle
Funds
Nuveen
Managed
Allocation
Fund
Total
International Value
82%
4%
2%
88%
Fund
Nuveen Owned Shares
Small Cap Value Opportunities
-%*
Small/Mid Cap Value
-%*
*Rounds to less than 1%.
51
The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher
of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts
borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of "Interest expense" on the
Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are recognized as a component of "Interest
expense" on the Statement of Operations, and along with commitment fees, have been allocated among such Participating Funds based upon the
relative proportions of the facility's aggregate capacity reserved for them and other factors deemed relevant by the Adviser and the Board of each
Participating Fund.
During the current fiscal period, the Funds did not utilize this facility.
| 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. |
The Funds do not pay any remuneration to their officers, but the Funds do reimburse Nuveen Fund Advisors, LLC, the Funds' investment adviser and an affiliate of the Funds' officers, for an allocable portion of Nuveen Fund Advisors, LLC's cost of the compensation for the Funds' Chief Compliance Officer. The aggregate remuneration paid to the trustees (all of whom are independent) and to Nuveen Fund Advisors, LLC, the Fund's investment adviser and an affiliate of the Fund's officers, by each Fund is reported as "Trustees fees" and "Management fees" on the Statement of Operations under Item 7 of this Form N-CSR.
| Item 11. |
Statement Regarding Basis for Approval of Investment Advisory Contract. |
Not applicable.
| 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. |
|
(a)(1) |
Not applicable to this filing. |
|
|
(a)(2) |
Not applicable to this filing. |
|
|
(a)(3) |
30a-2(a) |
|
|
(a)(4) |
Not applicable. |
|
|
(a)(5) |
Not applicable. |
|
|
(b) |
30a-2(b) |
|
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
| Date: March 6, 2026 | By: | /s/ Jordan M. Farris | ||||
| 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.
| Date: March 6, 2026 | By: | /s/ Jordan M. Farris | ||||
| Jordan M. Farris | ||||||
| Chief Administrative Officer | ||||||
| (principal executive officer) | ||||||
| Date: March 6, 2026 | By: | /s/ Marc Cardella | ||||
| Marc Cardella | ||||||
| Vice President and Controller | ||||||
| (principal financial officer) | ||||||
Nuveen Investment Trust published this content on March 06, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 06, 2026 at 19:32 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]