UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-08333
Nuveen Investment Trust II
(Exact name of registrant as specified in charter)
Nuveen Investments
333 West Wacker Drive, Chicago, IL 60606
(Address of principal executive offices) (Zip code)
Mark J. Czarniecki
Vice President and Secretary
333 West Wacker Drive,
Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: (312) 917-7700
Date of fiscal year end: August 31
Date of reporting period: February 28, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policy making roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss.3507.
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
Fund
Name
Class
A
Class
C
Class
I
Nuveen
Equity
Long/Short
Fund
NELAX
NELCX
NELIX
As
permitted
by
regulations
adopted
by
the
Securities
and
Exchange
Commission,
paper
copies
of
the
Fund’s
annual
and
semi-annual
shareholder
reports
will
not
be
sent
to
you
by
mail
unless
you
specifically
request
paper
copies
of
the
reports.
Instead,
the
reports
will
be
made
available
on
the
Fund’s
website
(www.nuveen.com),
and
you
will
be
notified
by
mail
each
time
a
report
is
posted
and
provided
with
a
website
link
to
access
the
report.
You
may
elect
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
at
any
time
by
contacting
the
financial
intermediary
(such
as
a
broker-dealer
or
bank)
through
which
you
hold
your
Fund
shares
or,
if
you
are
a
direct
investor,
by
enrolling
at
www.nuveen.com/e-reports.
You
may
elect
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charge
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time
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financial
intermediary
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if
you
are
a
direct
investor,
by
calling
800-257-8787
and
selecting
option
#1.
Your
election
to
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reports
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paper
will
apply
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funds
held
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your
account
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your
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or,
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direct
investor,
to
all
your
directly
held
Nuveen
Funds
and
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other
directly
held
funds
within
the
same
group
of
related
investment
companies.
Life
is
Complex.
Nuveen
makes
things
e-simple.
It
only
takes
a
minute
to
sign
up
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e-Reports.
Once
enrolled,
you’ll
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e-mail
as
soon
as
your
Nuveen
Fund
information
is
ready.
No
more
waiting
for
delivery
by
regular
mail.
Just
click
on
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link
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the
e-mail
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save
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computer
if
you
wish.
Free
e-Reports
right
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your
email!
www.investordelivery.com
If
you
receive
your
Nuveen
Fund
distributions
and
statements
from
your
financial
advisor
or
brokerage
account.
or
www.nuveen.com/client-access
If
you
receive
your
Nuveen
Fund
distributions
and
statements
directly
from
Nuveen.
Must
be
preceded
by
or
accompanied
by
a
prospectus.
NOT
FDIC
INSURED
MAY
LOSE
VALUE
NO
BANK
GUARANTEE
Chair’s
Letter
to
Shareholders
4
Important
Notices
5
Risk
Considerations
6
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
7
Expense
Examples
10
Portfolio
of
Investments
11
Statement
of
Assets
and
Liabilities
19
Statement
of
Operations
20
Statement
of
Changes
in
Net
Assets
21
Statement
of
Cash
Flows
22
Financial
Highlights
23
Notes
to
Financial
Statements
25
Additional
Fund
Information
33
Glossary
of
Terms
Used
in
this
Report
34
Liquidity
Risk
Management
Program
35
Chair’s
Letter
to
Shareholders
Dear
Shareholders,
In
February,
the
world
witnessed
Russia
invade
Ukraine.
We
are
now
almost
two
months
into
the
conflict
and
are
beginning
to
see
the
scale
of
the
humanitarian
crisis
and
the
economic
impact
caused
by
this
event.
Given
the
fluidity
of
the
situation,
market
uncertainty
is
currently
elevated.
Economic
conditions
were
already
challenging
prior
to
the
invasion,
with
inflation
lingering
at
multi-
decade
highs,
interest
rates
expected
to
continue
rising,
economic
growth
moderating
from
the
post-pandemic
recovery,
and
weakening
performance
across
equity
markets
and
some
bond
market
segments.
The
Russia-Ukraine
conflict
has
accelerated
these
trends
in
the
short
term.
The
spike
in
geopolitical
risks
led
to
surging
prices
for
oil
and
other
hard
and
soft
commodities,
driving
both
inflation
and
recession
risks
higher.
The
U.S.
Federal
Reserve
(Fed)
and
other
central
banks
now
face
an
even
more
difficult
task
of
slowing
inflation
without
pulling
the
economy
into
recession.
As
anticipated,
the
Fed
began
the
rate
hiking
cycle
in
March
2022,
raising
its
short-term
rate
by
0.25%
from
near
zero
for
the
first
time
since
the
pandemic
was
declared
two
years
ago
and
now
signaling
rate
increases
of
0.5%
in
the
near
future.
Where
the
Russia-Ukraine
conflict
goes
from
here,
how
inflation
impacts
economic
growth
and
the
Fed’s
response
to
changing
economic
conditions
are
difficult
to
forecast.
In
the
meantime,
while
markets
will
likely
continue
fluctuating
with
the
daily
headlines,
we
encourage
investors
to
keep
a
long-term
perspective.
To
learn
more
about
how
well
your
portfolio
is
aligned
to
your
time
horizon,
risk
tolerance
and
investment
goals,
consider
reviewing
it
with
your
financial
professional.
On
behalf
of
the
other
members
of
the
Nuveen
Fund
Board,
I
look
forward
to
continuing
to
earn
your
trust
in
the
months
and
years
ahead.
Sincerely,
Terence
J.
Toth
Chairman
of
the
Board
March
23,
2022
For
Shareholders
of
Nuveen
Equity
Long/Short
Fund
Portfolio
Manager
Commentaries
in
Semiannual
Reports
Beginning
with
this
semiannual
shareholder
report,
the
Fund
will
include
portfolio
manager
commentary
only
in
its
annual
shareholder
reports.
For
the
Fund’s
most
recent
annual
portfolio
manager
discussion,
please
refer
to
the
Portfolio
Managers’
Comments
section
of
the
Fund’s
August
31,
2021
annual
shareholder
report.
For
current
information
on
your
Fund’s
investment
objectives,
portfolio
management
team
and
average
annual
total
returns
please
refer
to
the
Fund’s
website
at
www.nuveen.com.
For
changes
that
occurred
to
your
Fund
both
during
and
subsequent
to
this
reporting
period,
please
refer
to
the
Notes
to
Financial
Statements
section
of
this
report.
For
average
annual
total
returns
as
of
the
end
of
this
reporting
period,
please
refer
to
the
Performance
Overview
and
Holding
Summaries
section
within
this
report.
Additional
Market
Disruption
Risk
In
late
February
2022,
Russia
launched
a
large
scale
military
attack
on
Ukraine.
The
invasion
significantly
amplified
already
existing
geopolitical
tensions
among
Russia,
Ukraine,
Europe,
NATO
and
the
West,
including
the
U.S.
In
response
to
the
military
action
by
Russia,
various
countries,
including
the
U.S.,
the
United
Kingdom,
and
European
Union
issued
broad-ranging
economic
sanctions
against
Russia.
Such
sanctions
included,
among
other
things,
a
prohibition
on
doing
business
with
certain
Russian
companies,
large
financial
institutions,
officials
and
oligarchs;
a
commitment
by
certain
countries
and
the
European
Union
to
remove
selected
Russian
banks
from
the
Society
for
Worldwide
Interbank
Financial
Telecommunications
(“SWIFT”),
the
electronic
banking
network
that
connects
banks
globally;
and
restrictive
measures
to
prevent
the
Russian
Central
Bank
from
undermining
the
impact
of
the
sanctions.
Additional
sanctions
may
be
imposed
in
the
future.
Such
sanctions
may
adversely
impact,
among
other
things,
the
Russian
economy
and
various
sectors
of
the
globlal
economy,
including
but
not
limited
to,
the
financials,
energy,
metals
and
mining,
engineering
and
defense
sectors.
The
sanctions
and
any
related
boycotts,
tariffs,
and
financial
restrictions
imposed
on
Russia’s
government,
companies
and
certain
individuals
may
cause
a
decline
in
the
value
and
liquidity
of
Russian
securities;
weaken
the
value
of
the
ruble;
downgrade
the
country’s
credit
rating;
freeze
Russian
securities
and/or
funds
invested
in
prohibited
assets
and
impair
the
ability
to
trade
in
Russian
securities
and/or
other
assets;
and
have
other
adverse
consequences
on
the
Russian
government,
economy,
companies
and
region.
Further,
several
large
corporations
and
U.S.
states
have
announced
plans
to
divest
interests
or
otherwise
curtail
business
dealings
with
certain
Russian
businesses.
The
ramifications
of
the
hostilities
and
sanctions,
however,
may
not
be
limited
to
Russia
and
Russian
companies
but
may
spill
over
to
and
negatively
impact
other
regional
and
global
economic
markets
(including
Europe
and
the
United
States),
companies
in
other
countries
(particularly
those
that
have
done
business
with
Russia)
and
on
various
sectors,
industries
and
markets
for
securities
and
commodities
globally,
such
as
oil
and
natural
gas.
Accordingly,
the
actions
discussed
above
and
the
potential
for
a
wider
conflict
could
increase
financial
market
volatility,
cause
severe
negative
effects
on
regional
and
global
economic
markets,
industries,
and
companies
and
have
a
negative
effect
on
your
Fund’s
investments
and
performance
beyond
any
direct
exposure
to
Russian
issuers
or
those
of
adjoining
geographic
regions.
In
addition,
Russia
may
take
retaliatory
actions
and
other
countermeasures,
including
cyberattacks
and
espionage
against
other
countries
and
companies
around
the
world,
which
may
negatively
impact
such
countries
and
the
companies
in
which
your
Fund
invests.
The
extent
and
duration
of
the
military
action
or
future
escalation
of
such
hostilities,
the
extent
and
impact
of
existing
and
future
sanctions,
market
disruptions
and
volatility,
and
the
result
of
any
diplomatic
negotiations
cannot
be
predicted.
These
and
any
related
events
could
have
a
significant
impact
on
Fund
performance
and
the
value
of
an
investment
in
the
Fund,
particularly
with
respect
to
Russian
exposure.
Nuveen
Equity
Long/Short
Fund
Mutual
fund
investing
involves
risk;
principal
loss
is
possible.
There
is
no
guarantee
the
Fund’s
investment
objectives
will
be
achieved.
Prices
of
equity
securities
may
change
significantly
over
short
or
extended
periods
of
time.
The
Fund
sells
securities
that
it
has
borrowed
but
does
not
own
(“short
sales”)
,
which
is
a
speculative
technique.
The
Fund
will
suffer
a
loss
when
the
price
of
a
security
that
it
holds
long
decreases
or
the
price
of
a
security
that
it
has
sold
short
increases.
Losses
on
short
sales
arise
from
increases
in
the
value
of
the
security
sold
short,
and
therefore
are
theoretically
unlimited.
Because
the
Fund
invests
in
both
long
and
short
equity
positions,
the
Fund
has
overall
exposure
to
the
changes
in
value
of
equity
securities
that
is
far
greater
than
its
net
asset
value.
This
may
magnify
gains
and
losses
and
increase
the
volatility
of
the
Fund’s
returns.
In
addition,
the
use
of
short
sales
will
increase
the
Fund’s
expenses.
More
information
on
these
risks
considerations,
as
well
as
information
on
other
risks
to
which
the
Fund
is
subject,
such
as
frequent
trading,
futures
contract,
and
large
cap
stock
risks,
are
included
in
the
Fund’s
prospectus.
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
The
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries
for
the
Fund
are
shown
within
this
section
of
the
report.
Fund
Performance
Returns
quoted
represent
past
performance,
which
is
no
guarantee
of
future
results.
Investment
returns
and
principal
value
will
fluctuate
so
that
when
shares
are
redeemed,
they
may
be
worth
more
or
less
than
their
original
cost.
Current
performance
may
be
higher
or
lower
than
the
performance
shown.
Total
returns
for
a
period
of
less
than
one
year
are
not
annualized
(i.e.
cumulative
returns).
Since
inception
returns
are
shown
for
share
classes
that
have
less
than
10-years
of
performance.
Returns
at
net
asset
value
(NAV)
would
be
lower
if
the
sales
charge
were
included.
Returns
assume
reinvestment
of
dividends
and
capital
gains.
For
performance,
current
to
the
most
recent
month-end
visit
Nuveen.com
or
call
(800)
257-8787.
Returns
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
Fund
distributions
or
the
redemption
of
Fund
shares.
Returns
may
reflect
fee
waivers
and/or
expense
reimbursements
by
the
investment
adviser
during
the
periods
presented.
If
any
such
waivers
and/or
reimbursements
had
not
been
in
place,
returns
would
have
been
reduced.
See
Notes
to
Financial
Statements,
Note
7—Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
Returns
reflect
differences
in
sales
charges
and
expenses,
which
are
primarily
differences
in
distribution
and
service
fees,
and
assume
reinvestment
of
dividends
and
capital
gains.
Comparative
index
and
Lipper
return
information
is
provided
for
Class
A
Shares
at
NAV
only.
Expense
Ratios
The
expense
ratios
shown
are
as
of
the
Fund’s
most
recent
prospectus.
The
expense
ratios
shown
reflect
total
operating
expenses
(before
fee
waivers
and/or
expense
reimbursements,
if
any).
The
expense
ratios
include
management
fees
and
other
fees
and
expenses.
Refer
to
the
Financial
Highlights
later
in
this
report
for
the
Fund’s
expense
ratios
as
of
the
end
of
the
reporting
period.
Holding
Summaries
The
Holdings
Summaries
data
relates
to
the
securities
held
in
the
Fund’s
portfolio
of
investments
as
of
the
end
of
this
reporting
period.
It
should
not
be
construed
as
a
measure
of
performance
for
the
Fund
itself.
Holdings
are
subject
to
change.
Refer
to
the
Fund’s
Portfolio
of
Investments
for
individual
security
information.
Nuveen
Equity
Long/Short
Fund
(continued)
Fund
Performance,
Expense
Ratios
and
Holding
Summaries
February
28,
2022
Refer
to
the
first
page
of
this
Fund
Performance,
Expense
Ratios
and
Holdings
Summaries section
for
further
expla-
nation
of the
information
included
within
this
section.
Refer
to
the
Glossary
of
Terms
Used
in
this
Report
for
further
definition
of
terms
used
in
this
section.
Fund
Performance
and
Expense
Ratios*
*
For
purposes
of
Fund
performance,
relative
results
are
measured
against
the
Equity
Long/Short
Blended
Benchmark.
The
Fund’s
Blended
Benchmark
consists
of
the
Russell
1000®
Index
through
February
28,
2013,
and
thereafter
1)
70%
Russell
1000®
Index
and
2)
30%
ICE
BofA
U.S.
3-Month
Treasury
Bill
Index.
Prior
to
December
31,
2021,
the
Fund’s
performance
was
measured
against
the
Russell
1000®
Index.
**
Performance
through
February
28,
2013,
reflects
the
Fund’s
results
using
investment
strategies
that
differed from
those
currently
in
place.
Class
A
Shares
have
a
maximum
5.75%
sales
charge
(Offering
Price).
Class
A
Share
purchases
of
$1
million
or
more
are
sold
at
net
asset
value
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
have
a
1%
CDSC
for
redemptions
within
less
than
twelve
months,
which
is
not
reflected
in
the
total
returns.
Class
C
Shares
automatically
convert
to
Class
A
Shares
eight
years
after
purchase.
Returns
for
periods
longer
than
eight
years
for
Class
C
Shares
reflect
the
performance
of
Class
A
Shares
after
the
deemed
eight-year
conversion
to
Class
A
Shares
within
such
periods.
Class
I
Shares
have
no
sales
charge
and
may
be
purchased
under
limited
circumstances
or
by
specified
classes
of
investors.
***
The
Fund’s
investment
adviser
has
contractually
agreed
to
waive
fees
and/or
reimburse
Fund
expenses
through
July
31,
2023
so
that
total
annual
Fund
operating
expenses
(excluding
12b-1
distribution
and/or
service
fees,
interest
expense,
taxes,
acquired
fund
fees
and
expenses,
fees
incurred
in
acquiring
and
disposing
of
portfolio
securities
(including
prime
broker
fees
and
charges
on
short
sales),
dividend
expense
on
securities
sold
short
and
extraordinary
expenses)
do
not
exceed
1.40%
of
the
average
daily
net
assets
of
any
class
of
Fund
shares.
This
expense
limitation
may
be
terminated
or
modified
prior
to
that
date
only
with
the
approval
of
the
Board
of
Trustees
of
the
Fund.
Total
Returns
as
of
February
28,
2022**
Cumulative
Average
Annual
Expense
Ratios
***
Inception
Date
6-Month
1-Year
5-Year
10-Year
Gross
Net
Class
A
Shares
at
NAV
12/30/08
(1.24)%
18.50%
7.49%
8.34%
2.63%
2.53%
Class
A
Shares
at
maximum
Offering
Price
12/30/08
(6.91)%
11.69%
6.23%
7.70%
—
—
Russell
1000®
Index
—
(3.88)%
13.72%
15.07%
14.51%
—
—
Equity
Long/Short
Blended
Benchmark
—
(2.60)%
9.64%
11.01%
10.79%
—
—
Lipper
Alternative
Long/Short
Equity
Funds
Classification
Average
—
(0.77)%
8.42%
5.77%
5.36%
—
—
Class
C
Shares
12/30/08
(1.59)%
17.64%
6.70%
7.68%
3.39%
3.29%
Class
I
Shares
12/30/08
(1.11)%
18.80%
7.76%
8.61%
2.40%
2.30%
Holdings
Summaries
as
of
February
28,
2022
Fund
Allocation
(%
of
net
assets)
Long-Term
Investments
Common
Stocks
103
.8
%
Total
Long
Exposure
103
.8
%
Short-Term
Investments
Repurchase
Agreements
16
.7
%
Total
Investments
120
.5
%
Securities
Sold
Short
Common
Stocks
Sold
Short
(
32
.3
)
%
Total
Short
Exposure
(
32
.3
)
%
Other
Assets
Less
Liabilities
11.8%
Net
Assets
100
%
Top
Five
Holdings
-
Long
Exposure
(%
of
net
assets)
Microsoft
Corp
4.3%
Apple
Inc
4.3%
Alphabet
Inc,
Class
A
3.3%
Amazon.com
Inc
2.9%
Procter
&
Gamble
Co/The
1.7%
Top
Five
Holdings
-
Short
Exposure
(%
of
net
assets)
Mosaic
Co/The
(0.4)%
BWX
Technologies
Inc
(0.4)%
Globant
SA
(0.4)%
DoubleVerify
Holdings
Inc
(0.4)%
Switch
Inc
(0.4)%
Portfolio
Composition
Long
Exposure
1
(%
of
net
assets)
Software
10.0%
Semiconductors
&
Semiconductor
Equipment
6.3%
Technology
Hardware,
Storage
&
Peripherals
5.0%
IT
Services
4.2%
Life
Sciences
Tools
&
Services
3.8%
Biotechnology
3.8%
Interactive
Media
&
Services
3.6%
Health
Care
Providers
&
Services
3.4%
Chemicals
3.2%
Banks
3.0%
Health
Care
Equipment
&
Supplies
3.0%
Specialty
Retail
2.9%
Internet
&
Direct
Marketing
Retail
2.9%
Food
Products
2.6%
Hotels,
Restaurants
&
Leisure
2.5%
Household
Products
2.4%
Equity
Real
Estate
Investment
Trusts
(REITs)
2.4%
Textiles,
Apparel
&
Luxury
Goods
2.3%
Automobiles
2.3%
Oil,
Gas
&
Consumable
Fuels
2.2%
Communications
Equipment
2.0%
Insurance
2.0%
Aerospace
&
Defense
1.9%
Multi-Utilities
1.8%
Entertainment
1.8%
Electric
Utilities
1.8%
Road
&
Rail
1.7%
Other
19.0%
Total
103.8%
Portfolio
Composition
Short
Exposure
1
(%
of
net
assets)
Software
(4.0)%
Equity
Real
Estate
Investment
Trusts
(REITs)
(2.4)%
IT
Services
(2.0)%
Specialty
Retail
(1.9)%
Food
Products
(1.6)%
Chemicals
(1.4)%
Other
(19.0)%
Total
(32.3)%
1
See
the
Portfolio
of
Investments
for
the
remaining
industries/sectors
comprising “Other”
and
not
listed
in
the
Portfolio
Composition
above.
As
a
shareholder
of
the
Fund,
you
incur
two
types
of
costs:
(1)
transaction
costs, including
up-front
and
back-end
sales
charges
(loads)
or
redemption
fees,
where
applicable;
and
(2)
ongoing
costs,
including
management
fees;
distribution
and
service
(12b-1)
fees,
where
applicable;
and
other
Fund
expenses.
The
Examples
below
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Fund
and
to
compare
these
costs
with
the
ongoing
costs
of investing
in
other
mutual
funds.
The
Examples
below
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
period
ended
February
28,
2022.
The
beginning
of
the
period
is
September
1,
2021.
The
information
under
“Actual
Performance,”
together
with
the
amount
you
invested,
allows
you
to
estimate
actual
expenses
incurred
over
the
reporting
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.60)
and
multiply
the
result
by
the
cost
shown
for
your
share
class,
in
the
row
entitled
“Expenses
Incurred
During
Period”
to
estimate
the
expenses
incurred
on
your
account
during
this
period.
The
information
under
“Hypothetical
Performance,”
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratios
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expense
you
incurred
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Fund
and
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
Please
note
that
the
expenses
shown
in
the
following
tables
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transaction
costs.
Therefore,
the
hypothetical
information
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds
or
share
classes.
In
addition,
if
these
transaction
costs
were
included,
your
costs
would
have
been
higher.
Nuveen
Equity
Long/Short
Fund
Share
Class
Class
A
Class
C
Class
I
Actual
Performance
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$987.58
$984.05
$988.93
Expenses
Incurred
During
the
Period
$10.45
$14.12
$9.22
Hypothetical
Performance
(5%
annualized
return
before
expenses)
Beginning
Account
Value
$1,000.00
$1,000.00
$1,000.00
Ending
Account
Value
$1,014.28
$1,010.56
$1,015.52
Expenses
Incurred
During
the
Period
$10.59
$14.31
$
9.35
For
each
class
of
the
Fund,
expenses
are
equal
to
the
Fund’s
annualized
net
expense
ratio
of
2.12%,
2.87%
and
1.87%
for
Classes
A,
C
and
I
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181
/365
(to
reflect
the
one-half
year
period).
Nuveen
Equity
Long/Short
Fund
Portfolio
of
Investments
February
28,
2022
(Unaudited)
Shares
Description
(1)
Value
LONG-TERM
INVESTMENTS
-
103.8%
COMMON
STOCKS
-
103.8%
Aerospace
&
Defense
-
1.9%
27,300
Howmet
Aerospace
Inc
$
980,616
10,500
Textron
Inc
767,865
1,200
TransDigm
Group
Inc
(2)
799,908
Total
Aerospace
&
Defense
2,548,389
Auto
Components
-
0.9%
9,200
Aptiv
PLC
(2)
1,190,848
Automobiles
-
2.3%
24,000
General
Motors
Co
(2)
1,121,280
2,175
Tesla
Inc
(2)
1,893,185
Total
Automobiles
3,014,465
Banks
-
3.0%
24,500
Fifth
Third
Bancorp
1,172,080
3,100
JPMorgan
Chase
&
Co
439,580
15,000
US
Bancorp
848,100
28,500
Wells
Fargo
&
Co
1,521,045
Total
Banks
3,980,805
Beverages
-
1.0%
15,900
Monster
Beverage
Corp
(2)
1,341,960
Biotechnology
-
3.8%
13,000
AbbVie
Inc
1,921,010
16,600
Gilead
Sciences
Inc
1,002,640
7,200
Horizon
Therapeutics
Plc
(2)
656,424
5,200
Seagen
Inc
(2)
670,124
4,100
United
Therapeutics
Corp
(2)
681,420
Total
Biotechnology
4,931,618
Building
Products
-
1.2%
17,000
Carrier
Global
Corp
762,960
8,200
Owens
Corning
764,158
Total
Building
Products
1,527,118
Capital
Markets
-
1.6%
24,000
Bank
of
New
York
Mellon
Corp/The
1,275,600
9,600
Morgan
Stanley
871,104
Total
Capital
Markets
2,146,704
Chemicals
-
3.2%
18,200
DuPont
de
Nemours
Inc
1,408,134
3,750
Linde
PLC
1,099,650
7,200
PPG
Industries
Inc
960,840
6,200
Westlake
Corp
683,922
Total
Chemicals
4,152,546
Communications
Equipment
-
2.0%
22,800
Cisco
Systems
Inc
1,271,556
14,000
Lumentum
Holdings
Inc
(2)
1,384,040
Total
Communications
Equipment
2,655,596
Nuveen
Equity
Long/Short
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
(Unaudited)
Shares
Description
(1)
Value
Consumer
Finance
-
0.7%
5,700
Capital
One
Financial
Corp
$
873,639
Containers
&
Packaging
-
1.4%
9,600
Crown
Holdings
Inc
1,177,632
10,500
Sealed
Air
Corp
704,865
Total
Containers
&
Packaging
1,882,497
Diversified
Financial
Services
-
0.9%
35,500
Equitable
Holdings
Inc
1,159,430
Electric
Utilities
-
1.8%
19,500
Alliant
Energy
Corp
1,138,800
12,700
American
Electric
Power
Co
Inc
1,151,255
Total
Electric
Utilities
2,290,055
Electrical
Equipment
-
0.9%
6,800
Hubbell
Inc
1,212,100
Energy
Equipment
&
Services
-
0.5%
15,000
Schlumberger
NV
588,600
Entertainment
-
1.8%
4,800
Take-Two
Interactive
Software
Inc
(2)
777,600
10,800
Walt
Disney
Co/The
(2)
1,603,368
Total
Entertainment
2,380,968
Equity
Real
Estate
Investment
Trusts
(REITs)
-
2.4%
8,500
Prologis
Inc
1,239,725
10,500
Regency
Centers
Corp
691,845
8,300
Simon
Property
Group
Inc
1,141,748
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
3,073,318
Food
&
Staples
Retailing
-
1.1%
10,800
Walmart
Inc
1,459,728
Food
Products
-
2.6%
13,300
Bunge
Ltd
1,390,515
3,800
Hershey
Co/The
768,588
18,800
Mondelez
International
Inc
1,231,024
Total
Food
Products
3,390,127
Health
Care
Equipment
&
Supplies
-
3.0%
35,800
Boston
Scientific
Corp
(2)
1,581,286
1,800
Dexcom
Inc
(2)
745,038
14,700
Edwards
Lifesciences
Corp
(2)
1,651,839
Total
Health
Care
Equipment
&
Supplies
3,978,163
Health
Care
Providers
&
Services
-
3.4%
2,300
Anthem
Inc
1,039,255
13,000
CVS
Health
Corp
1,347,450
4,400
UnitedHealth
Group
Inc
2,093,828
Total
Health
Care
Providers
&
Services
4,480,533
Health
Care
Technology
-
0.8%
4,600
Veeva
Systems
Inc
(2)
1,053,630
Shares
Description
(1)
Value
Hotels,
Restaurants
&
Leisure
-
2.5%
550
Booking
Holdings
Inc
(2)
$
1,194,737
22,500
Las
Vegas
Sands
Corp
(2)
964,350
6,400
Marriott
International
Inc/MD
(2)
1,088,896
Total
Hotels,
Restaurants
&
Leisure
3,247,983
Household
Durables
-
0.9%
6,000
Whirlpool
Corp
1,207,620
Household
Products
-
2.4%
14,000
Procter
&
Gamble
Co/The
2,182,460
11,000
Spectrum
Brands
Holdings
Inc
1,020,580
Total
Household
Products
3,203,040
Industrial
Conglomerates
-
0.7%
4,500
Honeywell
International
Inc
853,875
Insurance
-
2.0%
7,700
Chubb
Ltd
1,568,028
10,600
Globe
Life
Inc
1,070,176
Total
Insurance
2,638,204
Interactive
Media
&
Services
-
3.6%
1,585
Alphabet
Inc,
Class
A
(2)
4,281,307
2,300
Meta
Platforms
Inc
(2)
485,369
Total
Interactive
Media
&
Services
4,766,676
Internet
&
Direct
Marketing
Retail
-
2.9%
1,225
Amazon.com
Inc
(2)
3,762,294
IT
Services
-
4.2%
4,600
Accenture
PLC,
Class
A
1,453,692
5,500
Global
Payments
Inc
733,590
5,300
Mastercard
Inc
1,912,346
6,700
PayPal
Holdings
Inc
(2)
749,931
4,000
Twilio
Inc
(2)
699,200
Total
IT
Services
5,548,759
Life
Sciences
Tools
&
Services
-
3.8%
37,800
Avantor
Inc
(2)
1,311,282
6,000
Danaher
Corp
1,646,460
4,600
IQVIA
Holdings
Inc
(2)
1,058,552
2,600
West
Pharmaceutical
Services
Inc
1,006,408
Total
Life
Sciences
Tools
&
Services
5,022,702
Machinery
-
0.5%
7,400
Westinghouse
Air
Brake
Technologies
Corp
686,868
Media
-
0.9%
24,000
Comcast
Corp,
Class
A
1,122,240
Multiline
Retail
-
0.6%
4,100
Target
Corp
819,057
Multi-Utilities
-
1.8%
13,300
Ameren
Corp
1,143,135
15,600
Dominion
Energy
Inc
1,240,668
Total
Multi-Utilities
2,383,803
Nuveen
Equity
Long/Short
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
(Unaudited)
Shares
Description
(1)
Value
Oil,
Gas
&
Consumable
Fuels
-
2.2%
9,200
ConocoPhillips
$
872,712
4,700
Diamondback
Energy
Inc
649,070
3,000
Pioneer
Natural
Resources
Co
718,800
7,400
Valero
Energy
Corp
617,974
Total
Oil,
Gas
&
Consumable
Fuels
2,858,556
Personal
Products
-
0.6%
2,800
Estee
Lauder
Cos
Inc/The
829,724
Pharmaceuticals
-
1.3%
36,300
Pfizer
Inc
1,703,922
Real
Estate
Management
&
Development
-
0.6%
7,400
CBRE
Group
Inc
716,690
Road
&
Rail
-
1.7%
22,000
Lyft
Inc
(2)
856,680
5,700
Union
Pacific
Corp
1,401,915
Total
Road
&
Rail
2,258,595
Semiconductors
&
Semiconductor
Equipment
-
6.3%
10,600
Advanced
Micro
Devices
Inc
(2)
1,307,404
9,300
Applied
Materials
Inc
1,248,060
3,200
Broadcom
Inc
1,879,808
10,000
Micron
Technology
Inc
888,600
2,700
NVIDIA
Corp
658,395
9,200
QUALCOMM
Inc
1,582,308
6,300
Wolfspeed
Inc
(2)
647,136
Total
Semiconductors
&
Semiconductor
Equipment
8,211,711
Software
-
10.0%
15,000
Anaplan
Inc
(2)
710,550
4,100
Crowdstrike
Holdings
Inc
(2)
800,361
1,850
Intuit
Inc
877,585
19,000
Microsoft
Corp
5,677,010
8,200
salesforce.com
Inc
(2)
1,726,346
2,800
ServiceNow
Inc
(2)
1,623,776
3,500
Synopsys
Inc
(2)
1,093,365
11,000
Teradata
Corp
(2)
549,890
Total
Software
13,058,883
Specialty
Retail
-
2.9%
1,850
Lithia
Motors
Inc
630,517
4,600
Lowe's
Cos
Inc
1,016,876
22,300
TJX
Cos
Inc/The
1,474,030
3,500
Tractor
Supply
Co
713,265
Total
Specialty
Retail
3,834,688
Technology
Hardware,
Storage
&
Peripherals
-
5.0%
33,800
Apple
Inc
5,581,056
57,000
Hewlett
Packard
Enterprise
Co
907,440
Total
Technology
Hardware,
Storage
&
Peripherals
6,488,496
Textiles,
Apparel
&
Luxury
Goods
-
2.3%
11,600
Capri
Holdings
Ltd
(2)
785,784
11,200
NIKE
Inc
1,529,360
45,000
Under
Armour
Inc
(2)
703,350
Total
Textiles,
Apparel
&
Luxury
Goods
3,018,494
Shares
Description
(1)
Value
Trading
Companies
&
Distributors
-
1.1%
3,000
WW
Grainger
Inc
$
1,431,180
Wireless
Telecommunication
Services
-
0.8%
8,000
T-Mobile
US
Inc
(2)
985,680
Total
Long-Term
Investments
(cost
$115,976,446)
135,972,577
Principal
Amount
(000)
Description
(1)
Coupon
Maturity
Value
SHORT-TERM
INVESTMENTS
-
16.7%
REPURCHASE
AGREEMENTS
-
16.7%
$
21,836
Repurchase
Agreement
with
Fixed
Income
Clearing
Corporation,
dated
2/28/22,
repurchase
price
$21,836,200,
collateralized
$2,119,500
U.S.
Treasury
Notes,
1.250%,
due
9/30/28,
value
$2,037,762;
$20,901,700
U.S.
Treasury
Notes,
1.375%,
due
10/31/28,
value
$20,235,208
0.000%
3/01/22
$
21,836,200
Total
Short-Term
Investments
(cost
$21,836,200)
21,836,200
Total
Investments
(cost
$137,812,646
)
-
120.5%
157,808,777
Shares
Description(1)
Value
COMMON
STOCKS
SOLD
SHORT
-
(32.3)%(3)
Aerospace
&
Defense
-
(1.4)%
(3,150)
Axon
Enterprise
Inc
(2)
(441,787)
(9,650)
BWX
Technologies
Inc
(515,503)
(3,000)
HEICO
Corp
(442,530)
(7,700)
Mercury
Systems
Inc
(2)
(463,694)
Total
Aerospace
&
Defense
(1,863,514)
a
a
a
a
a
a
a
a
a
Building
Products
-
(0.6)%
(3,500)
Advanced
Drainage
Systems
Inc
(408,520)
(4,800)
Trex
Co
Inc
(2)
(440,832)
Total
Building
Products
(849,352)
a
a
a
a
a
a
a
a
a
Chemicals
-
(1.4)%
(1,300)
Air
Products
and
Chemicals
Inc
(307,190)
(1,800)
Ecolab
Inc
(317,268)
(3,400)
LyondellBasell
Industries
NV
(330,582)
(10,000)
Mosaic
Co/The
(524,300)
(4,750)
RPM
International
Inc
(401,707)
Total
Chemicals
(1,881,047)
a
a
a
a
a
a
a
a
a
Containers
&
Packaging
-
(0.9)%
(32,000)
Amcor
PLC
(372,160)
(3,650)
AptarGroup
Inc
(444,862)
(8,200)
International
Paper
Co
(356,946)
Total
Containers
&
Packaging
(1,173,968)
a
a
a
a
a
a
a
a
a
Distributors
-
(0.6)%
(8,000)
LKQ
Corp
(375,600)
(850)
Pool
Corp
(389,793)
Total
Distributors
(765,393)
a
a
a
a
a
a
a
a
a
Diversified
Consumer
Services
-
(0.7)%
(14,000)
Chegg
Inc
(2)
(437,780)
(26,700)
Mister
Car
Wash
Inc
(2)
(427,734)
Total
Diversified
Consumer
Services
(865,514)
a
a
a
a
a
a
a
a
a
Nuveen
Equity
Long/Short
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
(Unaudited)
Shares
Description(1)
Value
Electric
Utilities
-
(1.0)%
(2,800)
Duke
Energy
Corp
$
(281,148)
(6,800)
Edison
International
(431,256)
(4,100)
Eversource
Energy
(335,380)
(4,700)
Southern
Co/The
(304,419)
Total
Electric
Utilities
(1,352,203)
a
a
a
a
a
a
a
a
a
Electronic
Equipment,
Instruments
&
Components
-
(0.6)%
(2,900)
IPG
Photonics
Corp
(2)
(378,015)
(5,600)
Trimble
Inc
(2)
(390,600)
Total
Electronic
Equipment,
Instruments
&
Components
(768,615)
a
a
a
a
a
a
a
a
a
Equity
Real
Estate
Investment
Trusts
(REITs)
-
(2.4)%
(1,950)
Alexandria
Real
Estate
Equities
Inc
(369,330)
(15,500)
Americold
Realty
Trust
(414,160)
(2,500)
Digital
Realty
Trust
Inc
(337,300)
(13,900)
Douglas
Emmett
Inc
(440,630)
(19,700)
Medical
Properties
Trust
Inc
(400,698)
(1,900)
Mid-America
Apartment
Communities
Inc
(388,759)
(6,000)
Realty
Income
Corp
(396,540)
(9,000)
Vornado
Realty
Trust
(389,520)
Total
Equity
Real
Estate
Investment
Trusts
(REITs)
(3,136,937)
a
a
a
a
a
a
a
a
a
Food
&
Staples
Retailing
-
(0.6)%
(2,300)
Casey's
General
Stores
Inc
(432,584)
(8,900)
Kroger
Co/The
(416,520)
Total
Food
&
Staples
Retailing
(849,104)
a
a
a
a
a
a
a
a
a
Food
Products
-
(1.6)%
(7,700)
Beyond
Meat
Inc
(2)
(360,206)
(5,900)
General
Mills
Inc
(397,837)
(9,700)
Hormel
Foods
Corp
(462,108)
(6,700)
Kellogg
Co
(428,398)
(4,500)
McCormick
&
Co
Inc/MD
(428,265)
Total
Food
Products
(2,076,814)
a
a
a
a
a
a
a
a
a
Gas
Utilities
-
(0.3)%
(3,850)
Atmos
Energy
Corp
(422,769)
a
a
a
a
a
a
a
a
a
Health
Care
Equipment
&
Supplies
-
(1.3)%
(1,400)
ABIOMED
Inc
(2)
(435,036)
(2,000)
Penumbra
Inc
(2)
(443,480)
(1,575)
ResMed
Inc
(388,631)
(1,800)
STERIS
PLC
(432,000)
Total
Health
Care
Equipment
&
Supplies
(1,699,147)
a
a
a
a
a
a
a
a
a
Health
Care
Providers
&
Services
-
(1.3)%
(23,500)
agilon
health
Inc
(2)
(475,170)
(11,800)
Premier
Inc
(424,092)
(2,800)
Quest
Diagnostics
Inc
(367,556)
(2,850)
Universal
Health
Services
Inc
(410,201)
Total
Health
Care
Providers
&
Services
(1,677,019)
a
a
a
a
a
a
a
a
a
Health
Care
Technology
-
(0.4)%
(6,100)
Teladoc
Health
Inc
(2)
(463,051)
a
a
a
a
a
a
a
a
a
Hotels,
Restaurants
&
Leisure
-
(0.3)%
(900)
Domino's
Pizza
Inc
(388,989)
a
a
a
a
a
a
a
a
a
Household
Durables
-
(0.9)%
(11,000)
Leggett
&
Platt
Inc
(407,880)
(4,000)
Lennar
Corp
(359,520)
(75)
NVR
Inc
(2)
(371,883)
Total
Household
Durables
(1,139,283)
a
a
a
a
a
a
a
a
a
Shares
Description(1)
Value
Household
Products
-
(0.3)%
(3,900)
Church
&
Dwight
Co
Inc
$
(381,615)
a
a
a
a
a
a
a
a
a
Independent
Power
and
Renewable
Electricity
Producers
-
(0.3)%
(18,000)
AES
Corp/The
(382,140)
a
a
a
a
a
a
a
a
a
Insurance
-
(0.2)%
(2,700)
Progressive
Corp/The
(286,011)
a
a
a
a
a
a
a
a
a
Internet
&
Direct
Marketing
Retail
-
(0.7)%
(2,900)
Etsy
Inc
(2)
(449,181)
(3,050)
Wayfair
Inc
(2)
(429,654)
Total
Internet
&
Direct
Marketing
Retail
(878,835)
a
a
a
a
a
a
a
a
a
IT
Services
-
(2.0)%
(3,600)
Akamai
Technologies
Inc
(2)
(389,736)
(2,600)
Broadridge
Financial
Solutions
Inc
(380,146)
(1,800)
Globant
SA
(2)
(493,200)
(2,050)
Okta
Inc
(2)
(374,822)
(8,800)
Shift4
Payments
Inc
(2)
(463,320)
(18,600)
Switch
Inc
(483,972)
Total
IT
Services
(2,585,196)
a
a
a
a
a
a
a
a
a
Life
Sciences
Tools
&
Services
-
(1.3)%
(4,800)
10X
Genomics
Inc
(2)
(391,056)
(1,100)
Bio-Techne
Corp
(461,351)
(2,250)
PerkinElmer
Inc
(404,123)
(8,600)
QIAGEN
NV
(2)
(427,334)
Total
Life
Sciences
Tools
&
Services
(1,683,864)
a
a
a
a
a
a
a
a
a
Machinery
-
(0.9)%
(5,600)
Graco
Inc
(403,704)
(2,000)
IDEX
Corp
(383,800)
(4,300)
Xylem
Inc/NY
(382,485)
Total
Machinery
(1,169,989)
a
a
a
a
a
a
a
a
a
Media
-
(0.6)%
(275)
Cable
One
Inc
(394,034)
(2,700)
Liberty
Broadband
Corp
(2)
(396,090)
Total
Media
(790,124)
a
a
a
a
a
a
a
a
a
Multiline
Retail
-
(0.2)%
(1,500)
Dollar
General
Corp
(297,510)
a
a
a
a
a
a
a
a
a
Multi-Utilities
-
(0.3)%
(3,200)
DTE
Energy
Co
(389,088)
a
a
a
a
a
a
a
a
a
Oil,
Gas
&
Consumable
Fuels
-
(0.3)%
(20,000)
Kinder
Morgan
Inc
(348,000)
a
a
a
a
a
a
a
a
a
Personal
Products
-
(0.3)%
(22,500)
Olaplex
Holdings
Inc
(2)
(377,550)
a
a
a
a
a
a
a
a
a
Pharmaceuticals
-
(1.0)%
(3,800)
Catalent
Inc
(2)
(387,752)
(16,100)
Elanco
Animal
Health
Inc
(2)
(457,401)
(11,700)
Royalty
Pharma
PLC
(459,342)
Total
Pharmaceuticals
(1,304,495)
a
a
a
a
a
a
a
a
a
Professional
Services
-
(0.6)%
(4,200)
Leidos
Holdings
Inc
(427,728)
(3,900)
TransUnion
(353,964)
Total
Professional
Services
(781,692)
a
a
a
a
a
a
a
a
a
Nuveen
Equity
Long/Short
Fund
(continued)
Portfolio
of
Investments
February
28,
2022
(Unaudited)
Shares
Description(1)
Value
Semiconductors
&
Semiconductor
Equipment
-
(0.8)%
(1,500)
Analog
Devices
Inc
$
(240,435)
(5,750)
First
Solar
Inc
(2)
(432,917)
(2,800)
Skyworks
Solutions
Inc
(386,876)
Total
Semiconductors
&
Semiconductor
Equipment
(1,060,228)
a
a
a
a
a
a
a
a
a
Software
-
(4.0)%
(1,200)
ANSYS
Inc
(2)
(389,028)
(1,400)
Autodesk
Inc
(2)
(308,322)
(10,000)
Bentley
Systems
Inc
(383,900)
(6,100)
Ceridian
HCM
Holding
Inc
(2)
(444,751)
(3,400)
Coupa
Software
Inc
(2)
(411,434)
(17,700)
DoubleVerify
Holdings
Inc
(2)
(489,405)
(4,400)
Guidewire
Software
Inc
(2)
(387,860)
(22,000)
Mandiant
Inc
(2)
(435,600)
(6,000)
New
Relic
Inc
(2)
(397,440)
(32,000)
Palantir
Technologies
Inc
(2)
(379,200)
(16,000)
Paycor
HCM
Inc
(2)
(449,120)
(5,000)
Pegasystems
Inc
(435,600)
(900)
Tyler
Technologies
Inc
(2)
(385,434)
Total
Software
(5,297,094)
a
a
a
a
a
a
a
a
a
Specialty
Retail
-
(1.9)%
(3,100)
Carvana
Co
(2)
(466,457)
(3,900)
Dick's
Sporting
Goods
Inc
(409,500)
(4,200)
Floor
&
Decor
Holdings
Inc
(2)
(401,604)
(24,800)
Petco
Health
&
Wellness
Co
Inc
(2)
(434,496)
(1,000)
RH
(2)
(401,870)
(2,800)
Williams-Sonoma
Inc
(405,608)
Total
Specialty
Retail
(2,519,535)
a
a
a
a
a
a
a
a
a
Water
Utilities
-
(0.3)%
(2,300)
American
Water
Works
Co
Inc
(347,507)
a
a
a
a
a
a
a
a
a
Total
Common
Stocks
Sold
Short
(proceeds
$46,196,004)
(42,253,192)
Other
Assets
Less
Liabilities
-
11.8%
15,429,781
Net
Assets
-
100%
$
130,985,366
(1)
All
percentages
shown
in
the
Portfolio
of
Investments
are
based
on
net
assets.
(2)
Non-Income
producing;
issuer
has
not
declared
an
ex-dividend
date
within
the
past
twelve
months.
(3)
The
Fund
may
pledge
up
to
100%
of
its
eligible
long-term
investments
in
the
Portfolio
of
Investments
as
collateral
for
Common
Stocks
Sold
Short.
As
of
the
end
of
the
reporting
period,
long-term
investments
with
a
value
of
$75,581,713
have
been
pledged
as
collateral
for
Common
Stocks
Sold
Short.
Statement
of
Assets
and
Liabilities
February
28,
2022
(Unaudited)
See
accompanying
notes
to
financial
statements.
Equity
Long/
Short
Assets
Long-term
investments,
at
value
†
$
135,972,577
Short-term
investments,
at
value
◊
21,836,200
Cash
collateral
at
brokers
for
common
stocks
sold
short
(1)
15,288,653
Receivable
for
dividends
163,794
Receivable
for
due
from
affiliate
5,481
Receivable
for
shares
sold
336,672
Other
assets
19,917
Total
assets
173,623,294
Liabilities
Common
stocks
sold
short,
at
value
§
42,253,192
Payable
for
dividends
on
common
stocks
sold
short
40,171
Payable
for
shares
redeemed
42,694
Accrued
expenses:
Management
fees
117,818
Trustees
fees
7,148
12b-1
distribution
and
service
fees
14,200
Other
162,705
Total
liabilities
42,637,928
Net
assets
$
130,985,366
†
Long-term
investments,
cost
$
115,976,446
◊
Short-term
investments,
cost
$
21,836,200
§
Common
stocks
sold
short,
proceeds
$
46,196,004
Equity
Long/
Short
Class
A
Shares
Net
Assets
$
27,395,654
Shares
outstanding
543,317
Net
asset
value
("NAV")
per
share
$
50.42
Offering
price
per
share
(NAV
per
share
plus
maximum
sales
charge
of
5.75%
of
offering
price)
$
53.50
Class
C
Shares
Net
Assets
$
11,189,601
Shares
outstanding
248,008
NAV
and
offering
price
per
share
$
45.12
Class
I
Shares
Net
Assets
$
92,400,111
Shares
outstanding
1,768,827
NAV
and
offering
price
per
share
$
52.24
Fund
level
net
assets
consist
of:
Capital
paid-in
$
103,144,596
Total
distributable
earnings
(loss)
27,840,770
Fund
level
net
assets
$
130,985,366
Authorized
shares
-
per
class
Unlimited
Par
value
per
share
$
0.01
(1)
Cash
pledged
as
collateral
for
common
stocks
sold
short
is
in
addition
to
the
Fund’s
securities
pledged
as
collateral
as
noted
in
the
Portfolio
of
Investments.
Statement
of
Operations
February
28,
2022
(Unaudited)
See
accompanying
notes
to
financial
statements.
Equity
Long/
Short
Investment
Income
Dividends
$
886,280
Payment
from
affiliate
25,119
Total
Investment
Income
911,399
Expenses
Management
fees
896,595
12b-1
service
fees
-
Class
A
Shares
35,438
12b-1
distribution
and
service
fees
-
Class
C
Shares
59,056
Dividends
expense
on
common
stocks
sold
short
203,573
Prime
broker
expense
164,879
Shareholder
servicing
agent
fees
68,898
Interest
expense
1,157
Custodian
expenses
23,284
Trustees
fees
2,535
Professional
fees
20,766
Shareholder
reporting
expenses
19,245
Federal
and
state
registration
fees
26,136
Other
30,198
Total
expenses
before
fee
waiver/expense
reimbursement
1,551,760
Fee
waiver/expense
reimbursement
(119,363)
Net
expenses
1,432,397
Net
investment
income
(loss)
(520,998)
Realized
and
Unrealized
Gain
(Loss)
Net
realized
gain
(loss)
from
investments
6,664,279
Net
realized
gain
(loss)
from
common
stocks
sold
short
(101,426)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(13,427,922)
Change
in
net
unrealized
appreciation
(depreciation)
on
common
stocks
sold
short
5,992,945
Net
realized
and
unrealized
gain
(loss)
(872,124)
Net
increase
(decrease)
in
net
assets
from
operations
$
(1,393,122)
Statement
of
Changes
in
Net
Assets
See
accompanying
notes
to
financial
statements.
Equity
Long/Short
Unaudited
Six
Months
Ended
2/28/22
Year
Ended
8/31/21
Operations
Net
investment
income
(loss)
$
(520,998)
$
(1,181,391)
Net
realized
gain
(loss)
from
investments
6,664,279
73,101,212
Net
realized
gain
(loss)
from
common
stocks
sold
short
(101,426)
(26,208,724)
Change
in
net
unrealized
appreciation
(depreciation)
of
investments
(13,427,922)
(17,460,003)
Change
in
net
unrealized
appreciation
(depreciation)
on
common
stocks
sold
short
5,992,945
4,509,177
Net
increase
(decrease)
in
net
assets
from
operations
(1,393,122)
32,760,271
Distributions
to
Shareholders
Dividends
Class
A
Shares
(735,909)
–
Class
C
Shares
(338,845)
–
Class
I
Shares
(2,584,739)
–
Decrease
in
net
assets
from
distributions
to
shareholders
(3,659,493)
–
Fund
Share
Transactions
Proceeds
from
sale
of
shares
7,027,471
23,238,950
Proceeds
from
shares
issued
to
shareholders
due
to
reinvestment
of
distributions
3,653,214
–
10,680,685
23,238,950
Cost
of
shares
redeemed
(21,368,563)
(85,921,212)
Net
increase
(decrease)
in
net
assets
from
Fund
share
transactions
(10,687,878)
(62,682,262)
Net
increase
(decrease)
in
net
assets
(15,740,493)
(29,921,991)
Net
assets
at
the
beginning
of
period
146,725,859
176,647,850
Net
assets
at
the
end
of
period
$
130,985,366
$
146,725,859
Statement
of
Cash
Flows
February
28,
2022
(Unaudited)
See
accompanying
notes
to
financial
statements.
The
following
table
provides
a
reconciliation
of
cash
and
cash
collateral
at
brokers
to
the
statement
of
assets
and
liabilities:
Equity
Long/Short
Cash
flows
from
operating
activities
Net
Increase
(Decrease)
in
Net
Assets
from
Operations
$
(1,393,122)
Adjustments
to
reconcile
the
net
increase
(decrease)
in
net
assets
from
operations
to
net
cash
provided
by
(used
in)
operating
activities
Purchases
of
investments
(63,718,211)
Purchases
of
common
stock
sold
short
(31,949,594)
Proceeds
from
sale
and
maturity
of
investments
68,665,354
Proceeds
from
sales
of
common
stock
sold
short
38,169,874
Proceeds
from
(Purchase
of)
short-term
investments,
net
10,178,397
Proceeds
from
litigation
settlement
550
(Increase)
Decrease
in:
Receivable
for
dividends
(7,740)
Receivable
for
due
from
affiliates
42,873
Receivable
for
investments
sold
364,117
Other
assets
10,621
Increase
(Decrease)
in:
Payable
for
dividends
on
common
stocks
sold
short
6,839
Payable
for
investments
purchased
-
regular
settlement
(523,020)
Accrued
management
fees
(23,262)
Accrued
12B-1
distribution
and
service
fees
(2,129)
Accrued
Trustees
fees
1,100
Accrued
other
expenses
53,936
Net
realized
(gain)
loss
from
investments
(6,664,279)
Net
realized
(gain)
loss
from
common
stocks
sold
short
101,426
Change
in
net
unrealized
(appreciation)
depreciation
of
investments
13,427,922
Change in
net
unrealized
(appreciation)
depreciation
of
common
stocks
sold
short
(5,992,945)
Net
cash
from
operating
activities
20,748,707
Cash
flows
from
financing
activities
Cash
distributions
paid
to
common
shareholders
(6,279)
Proceeds
from
sale
of
shares
6,850,650
Cost
of
shares
redeemed
(21,414,451)
Net
cash
provided
by
(used
in)
financing
activities
(14,570,080)
Net
Increase
(Decrease)
in
Cash
and
Cash
Collateral
at
Brokers
6,178,627
Cash
and
cash
collateral
at
brokers
at
beginning
of
period
9,110,026
Cash
and
cash
collateral
at
brokers
at
end
of
period
$
15,288,653
Supplemental
Disclosure
of
Cash
Flow
Information
Equity
Long/
Short
Cash
paid
for
interest
(excluding
borrowing
costs)
$
(5,682)
Non-cash
financing
activities
not
included
herein
consists
of
reinvestments
of
share
distributions
3,653,214
Equity
Long/
Short
Cash
collateral
at
brokers
for
common
stocks
sold
short
15,288,653
Total
cash
collateral
at
brokers
15,288,653
Ratios
of
Dividends
Expense
on
Common
Stocks
Sold
Short
to
Average
Net
Assets
Ratios
of
Prime
Broker
Expenses
to
Average
Net
Assets
Equity
Long/Short
The
Fund's
fiscal
year
end
is
August
31st.
The
following
data
is
for
a
share
outstanding for
each
fiscal
year
end
unless
otherwise
noted:
Investment
Operations
Less
Distributions
Beginning
NAV
Net
Investment
Income
(NII)
(Loss)(b)
Net
Realized/
Unrealized
Gain
(Loss)
Total
From
NII
From
Accumulated
Net
Realized
Gains
Total
Ending
NAV
Class
A
2022(g)
$
52.35
$
(0.22)
$
(0.36)
$
(0.58)
$
—
$
(1.35)
$
(1.35)
$
50.42
2021
41.40
(0.41)
11.36
10.95
—
—
—
52.35
2020
40.61
(0.33)
1.12
0.79
—
—
—
41.40
2019
44.58
(0.06)
(3.36)
(3.42)
—
(0.55)
(0.55)
40.61
2018
38.60
(0.30)
6.94
6.64
—
(0.66)
(0.66)
44.58
2017
32.61
(0.39)
6.38
5.99
—
—
—
38.60
Class
C
2022(g)
47.15
(0.37)
(0.31)
(0.68)
—
(1.35)
(1.35)
45.12
2021
37.57
(0.68)
10.26
9.58
—
—
—
47.15
2020
37.13
(0.57)
1.01
0.44
—
—
—
37.57
2019
41.11
(0.34)
(3.09)
(3.43)
—
(0.55)
(0.55)
37.13
2018
35.91
(0.56)
6.42
5.86
—
(0.66)
(0.66)
41.11
2017
30.57
(0.62)
5.96
5.34
—
—
—
35.91
Class
I
2022(g)
54.12
(0.16)
(0.37)
(0.53)
—
(1.35)
(1.35)
52.24
2021
42.70
(0.31)
11.73
11.42
—
—
—
54.12
2020
41.77
(0.24)
1.17
0.93
—
—
—
42.70
2019
45.73
0.05
(3.46)
(3.41)
—
(0.55)
(0.55)
41.77
2018
39.48
(0.17)
7.08
6.91
—
(0.66)
(0.66)
45.73
2017
33.27
(0.31)
6.52
6.21
—
—
—
39.48
(a)
Each
ratio
includes
the
effect
of
dividends
expense
on
common
stocks
sold
short
and
prime
broker
expenses
as
shown
in
the
following
table.
In
the
event
the
Fund
earn
credits
as
an
element
of
its
prime
broker
fee
agreement,
and
such
earned
credits
exceeded
prime
brokerage
fees,
the
Fund's
prime
broker
expense
for
the
reporting
period
will
be
zero.
See
Note
3
-
Portfolio
Securities
and
Investments
in
Derivatives
for
more
information.
(b)
Per
share
Net
Investment
Income
(Loss)
is
calculated
using
the
average
shares
method.
(c)
Total
return
is
the
combination
of
changes
in
NAV
without
any
sales
charge,
reinvested
dividend
income
at
NAV
and
reinvested
capital
gains
distributions
at
NAV,
if
any.
Total
returns
are
not
annualized.
(d)
Excludes
the
Fund's
voluntary
compensation
from
the
Adviser. See
Note
7-Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(e)
After
fee
waiver
and/or
expense
reimbursement
from
the
Adviser,
where
applicable. See
Note
7
-
Management
Fees
and
Other
Transactions
with
Affiliates
for
more
information.
(f)
Portfolio
Turnover
Rate
is
calculated
based
on
the
lesser
of
long-term
purchases
or
sales
(as
disclosed
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives)
divided
by
the
average
long-term
market
value
during
the
period.
(g)
Unaudited. For
the
six
months
ended
February
28,
2022.
(h)
Annualized.
N/A
Fund
did
not
have
Payment
from
Affiliates
for
the
periods
prior
to
the
fiscal
year
ended
August
31,
2020.
See
accompanying
notes
to
financial
statements.
Ratio/Supplemental
Data
Ratios
to
Average
Net
Assets(a)
Total
Return(c)
Total
Return
Excluding
Payment
from
Affiliates(c),(d)
Ending
Net
Assets
(000)
Gross
Expenses
Net
Expenses(e)
NII
(Loss)(e)
NII
(Loss)
Excluding
Payment
from
Affiliates(d),(e)
Portfolio
Turnover
Rate(f)
(1.24)
%
(1.28)
%
$
27,396
1.13
%
(h)
1.05
%
(h)
(0.42)
%
(h)
(0.46)
%
(h)
51
%
26.45
26.40
28,482
2.63
2.53
(0.91)
(0.96)
200
1.95
1.90
33,016
3.09
2.98
(0.84)
(0.88)
168
(7.65)
N/A
52,856
2.72
2.64
(0.16)
N/A
188
17.35
N/A
55,183
2.73
2.63
(0.70)
N/A
213
18.37
N/A
26,802
3.54
3.36
(1.09)
N/A
186
(1.59)
(1.63)
11,190
1.51
(h)
1.42
(h)
(0.79)
(h)
(0.83)
(h)
51
25.50
25.45
12,112
3.39
3.29
(1.68)
(1.73)
200
1.19
1.14
12,761
3.84
3.72
(1.58)
(1.63)
168
(8.33)
N/A
19,961
3.48
3.39
(0.91)
N/A
188
16.47
N/A
19,561
3.47
3.37
(1.44)
N/A
213
17.47
N/A
8,596
4.28
4.10
(1.86)
N/A
186
(1.11)
(1.14)
92,400
1.01
(h)
0.93
(h)
(0.30)
(h)
(0.34)
(h)
51
26.74
26.69
106,132
2.40
2.30
(0.67)
(0.72)
200
2.23
2.18
130,871
2.85
2.73
(0.59)
(0.64)
168
(7.44)
N/A
257,351
2.47
2.39
0.12
N/A
188
17.65
N/A
299,977
2.47
2.37
(0.39)
N/A
213
18.67
N/A
70,282
3.26
3.08
(0.86)
N/A
186
Notes
to
Financial
Statements
(Unaudited)
1.
General
Information
Trust
and
Fund
Information
The
Nuveen
Investment
Trust
II
(the
“Trust”)
is
an
open-end
management
investment
company
registered
under
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
as
amended.
The
Trust
is
comprised
of
Nuveen
Equity
Long/Short
Fund
(the
’’Fund’’),
as
a
diversified
fund.
The
Trust
was
organized
as
a
Massachusetts
business
trust
on
June
27,
1997.
Current
Fiscal
Period
The
end
of
the
reporting
period
for
the
Fund
is
February
28,
2022,
and
the
period
covered
by
these
Notes
to
Financial
Statements
is
the
six
months
ended
February
28,
2022
(the
"current
fiscal
period").
Investment
Adviser
and
Sub-Adviser
The
Fund’s
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
Fund,
oversees
the
management
of
the
Fund’s
portfolio,
manages
the
Fund’s
business
affairs
and
provides
certain
clerical,
bookkeeping
and
other
administrative
services,
and,
if
necessary,
asset
allocation
decisions.
The
Adviser
has
entered
into
a
sub-advisory
agreement
with
Nuveen
Asset
Management,
LLC
(the
“Sub-Adviser”),
a
subsidiary
of
the
Adviser,
under
which
the
Sub-Adviser
manages
the
investment
portfolio
of
the
Fund.
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
but
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
I
Shares
are
sold
without
an
up-front
sales
charge.
Other
Matters
The
outbreak
of
the
novel
coronavirus
(“COVID-19”)
and
subsequent
global
pandemic
began
significantly
impacting
the
U.S.
and
global
financial
markets
and
economies
during
the
calendar
quarter
ended
March
31,
2020.
The
worldwide
spread
of
COVID-19
has
created
significant
uncertainty
in
the
global
economy.
The
duration
and
extent
of
COVID-19
over
the
long-term
cannot
be
reasonably
estimated
at
this
time.
The
ultimate
impact
of
COVID-19
and
the
extent
to
which
COVID-19
impacts
the
Fund’s
normal
course
of
business,
results
of
operations,
investments,
and
cash
flows
will
depend
on
future
developments,
which
are
highly
uncertain
and
difficult
to
predict.
Management
continues
to
monitor
and
evaluate
this
situation.
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
Fund
is
an
investment
company
and
follows
accounting
guidance
in
the
Financial
Accounting
Standards
Board
(“FASB”)
Accounting
Standards
Codification
946,
Financial
Services
—
Investment
Companies.
The
NAV
for
financial
reporting
purposes
may
differ
from
the
NAV
for
processing
security
and
shareholder
transactions.
The
NAV
for
financial
reporting
purposes
includes
security
and
shareholder
transactions
through
the
date
of
the
report.
Total
return
is
computed
based
on
the
NAV
used
for
processing
security
and
shareholder
transactions.
The
following
is
a
summary
of
the
significant
accounting
policies
consistently
followed
by
the
Fund.
Compensation
The Trust
pays
compensation
directly
to
those
of
its
trustees
who
are
affiliated
with
the
Adviser
or
to
its
officers,
all
of
whom
receive
remuneration
for
their
services
to the
Trust
from
the
Adviser
or
its
affiliates.
The
Fund's
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.
Indemnifications
Under
the
Trust’s
organizational
documents,
its
officers
and
trustees
are
indemnified
against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
In
addition,
in
the
normal
course
of
business,
the
Trust
enters
into
contracts
that
provide
general
indemnifications
to
other
parties.
The
Trust’s
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the
Trust
that
have
not
yet
occurred.
However,
the
Trust
has
not
had
prior
claims
or
losses
pursuant
to
these
contracts
and
expects
the
risk
of
loss
to
be
remote.
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
on
investments
purchased
and
dividends
expense
on
common
stocks
sold
short
are
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
Fund
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.
Realized
and
unrealized
capital
gains
and
losses
of
the
Fund
are
prorated
among
the
classes
based
on
the
relative
net
assets
of
each
class.
Netting
Agreements
In
the
ordinary
course
of
business,
the
Fund
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 the
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, the
Fund
manages
its
cash
collateral
and
securities
collateral
on
a
counterparty
basis.
The
Fund’s
investments
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
if
any,
are
further
described
in
Note
4
-
Portfolio
Securities
and
Investments
in
Derivatives.
New
Accounting
Pronouncements
and
Rule
Issuances
Reference
Rate
Reform
In
March
2020,
FASB
issued
Accounting
Standards
Update
(“ASU”)
2020-04,
Reference
Rate
Reform:
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting.
The
main
objective
of
the
new
guidance
is
to
provide
relief
to
companies
that
will
be
impacted
by
the
expected
change
in
benchmark
interest
rates,
when
participating
banks
will
no
longer
be
required
to
submit
London
Interbank
Offered
Rate
(LIBOR)
quotes
by
the
UK
Financial
Conduct
Authority
(FCA).
The
new
guidance
allows
companies
to,
provided
the
only
change
to
existing
contracts
are
a
change
to
an
approved
benchmark
interest
rate,
account
for
modifications
as
a
continuance
of
the
existing
contract
without
additional
analysis.
For
new
and
existing
contracts,
the
Fund
may
elect
to
apply
the
amendments
as
of
March
12,
2020
through
December
31,
2022.
Management
has
not
yet
elected
to
apply
the
amendments,
is
continuously
evaluating
the
potential
effect
a
discontinuation
of
LIBOR
could
have
on
the
Fund's
investments
and
has
currently
determined
that
it
is
unlikely
the
ASU’s
adoption
will
have
a
significant
impact
on
the
Fund's
financial
statements
and
various
filings.
Securities
and
Exchange
Commission
(“SEC”)
Adopts
New
Rules
to
Modernize
Fund
Valuation
Framework
In
December
2020,
the
SEC
voted
to
adopt
a
new
rule
governing
fund
valuation
practices.
New
Rule
2a-5
under
the
1940
Act
establishes
requirements
for
determining
fair
value
in
good
faith
for
purposes
of
the
1940
Act.
Rule
2a-5
will
permit
fund
boards
to
designate
certain
parties
to
perform
fair
value
determinations,
subject
to
board
oversight
and
certain
other
conditions.
Rule
2a-5
also
defines
when
market
quotations
are
“readily
available”
for
purposes
of
Section
2(a)(41)
of
the
1940
Act,
which
requires
a
fund
to
fair
value
a
security
when
market
quotation
are
not
readily
available.
The
SEC
also
adopted
new
Rule
31a-4
under
the
1940
Act,
which
sets
forth
the
recordkeeping
requirements
associated
with
fair
value determinations.
Finally,
the
SEC
is
rescinding
previously
issued
guidance
on
related
issues,
including
the
role
of
a
board
in
determining
fair
value
and
the
accounting
and
auditing
of
fund
investments.
Rule
2a-5
and
Rule
31a-4
became
effective
on
March
8,
2021,
with
a
compliance
date
of
September
8,
2022.
A
fund
may
voluntarily
comply
with
the
rules
after
the
effective
date,
and
in
advance
of
the
compliance
date,
under
certain
conditions.
Management
is
currently
assessing
the
impact
of
these
provisions
on
the
Fund’s
financial
statements.
3.
Investment
Valuation
and
Fair
Value
Measurements
The
Fund's
investments
in
securities
are
recorded
at
their
estimated
fair
value
utilizing
valuation
methods
approved
by
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
Fund's
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
sale
price
at
the
official
close
of
business
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
sale
price
or
official
closing
price
reported
on
the
exchange
where
traded
and
converted
to
U.S.
dollars
at
the
prevailing
rates
of
exchange
on
the
date
of
valuation.
To
the
extent
these
securities
are
actively
traded
and
that
valuation
adjustments
are
not
applied,
they
are
generally
classified
as
Level
1.
If
there
is
no
official
close
of
business,
then
the
latest
available
sale
price
is
utilized.
If
no
sales
are
reported,
then
the
mean
of
the
latest
available
bid
and
ask
prices
is
utilized
and
these
securities
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.
Any
portfolio
security
or
derivative
for
which
market
quotations
are
not
readily
available
or
for
which
the
above
valuation
procedures
are
deemed
not
to
reflect
fair
value
are
valued
at
fair
value,
as
determined
in
good
faith
using
procedures
approved
by
the
Board.
As
a
general
principle,
the
fair
value
of
a
security
would
appear
to
be
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
of
the
fair
value
hierarchy;
otherwise
they
would
be
classified
as
Level
3.
The
following
table
summarizes
the
market
value
of
the
Fund's
investments
as
of
the
end
of
the
reporting
period,
based
on
the
inputs
used
to
value
them:
4.
Portfolio
Securities
and
Investments
in
Derivatives
Portfolio
Securities
Repurchase
Agreements
In
connection
with
transactions
in
repurchase
agreements,
it
is the
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
Fund
that
are
subject
to
netting
agreements
as
of
the
end
of
the
reporting
period,
and
the
collateral
delivered
related
to
those
repurchase
agreements.
Securities
Lending
The
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
Funds
retain
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
Fund’s
custodian,
State
Street
Bank
and
Trust
Company,
serves
as
the
securities
lending
agent
(the
“Agent”).
When
the
Fund
loans
its
portfolio
securities,
it
will
receive,
at
the
inception
of
each
loan,
cash
collateral
equal
to
an
amount
not
less
than
100%
of
the
market
value
of
the
loaned
securities.
The
actual
percentage
of
the
cash
collateral
will
vary
depending
upon
the
asset
type
of
the
loaned
securities.
Collateral
for
the
loaned
securities
is
invested
in
a
government
money
market
vehicle
maintained
by
the
Agent,
which
is
subject
to
the
requirements
of
Rule
2a-7
under
the
1940
Act.
The
value
of
the
loaned
securities
and
the
liability
to
return
the
cash
collateral
received
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
If
the
market
value
of
the
loaned
securities
increases,
the
borrower
must
furnish
additional
collateral
to
the
Fund,
which
is
also
recognized
on
the
Statement
of
Assets
and
Liabilities.
Securities
out
on
loan
are
subject
to
termination
at
any
time
at
the
option
of
the
borrower
or
the
Fund.
Upon
termination,
the
borrower
is
required
to
return
to
the
Fund
securities
identical
to
the
securities
loaned.
During
the
term
Equity
Long/Short
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Common
Stocks
$
135,972,577
$
–
$
–
$
135,972,577
Short-Term
Investments:
Repurchase
Agreements
–
21,836,200
–
21,836,200
Common
Stocks
Sold
Short
(42,253,192)
–
–
(42,253,192)
Total
$
93,719,385
$
21,836,200
$
–
$
115,555,585
Refer
to
the
Fund's
Portfolio
of
Investments
for
industry
classifications.
Fund
Counterparty
Short-term
Investments,
at
Value
Collateral
Pledged
(From)
Counterparty
Equity
Long/Short
Fixed
Income
Clearing
Corporation
$
21,836,200
$
(22,272,970)
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
the
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
reporting
period,
the
Fund
did
not
have
any
securities
out
on
loan.
Short
Sale
Transactions
The
Fund
pursues
a
“long/short”
investment
strategy,
pursuant
to
which
its
sells
securities
short
and
may
purchase
additional
long
investments
with
some
or
all
of
the
proceeds
of
the
short
sale
transactions.
When
the
Fund
sells
a
security
short,
it
borrows
the
security
from
a
third
party
and
segregate
assets
as
collateral
to
secure
its
obligation
to
return
the
security
to
the
lender
either
upon
closing
out
the
short
position
or
upon
demand
from
the
lender.
Proceeds
from
short
selling
may
be
used
to
finance
the
purchase
of
additional
securities
for
Fund’s
long
portfolio.
The
amount
of
collateral
required
to
be
pledged
to
borrow
a
security
is
determined
by
reference
to
the
market
value
of
the
security
borrowed.
The
value
of
the
collateral
required
to
be
pledged
as
of
the
end
of
the
reporting
period
is
disclosed
in
the
Fund’s
Portfolio
of
Investments,
and
any
cash
pledged
as
collateral
in
addition
to
long-term
investments
is
recognized
as
“Cash
collateral
at
broker
for
common
stocks
sold
short”,
on
the
Statement
of
Assets
and
Liabilities.
The
Fund
is
obligated
to
pay
the
party
from
whom
the
securities
were
borrowed
dividends
declared
on
the
stock
by
the
issuer
and
such
amounts
are
recognized
as
“Dividends
expense
on
common
stocks
sold
short”,
on
the
Statement
of
Operations,
when
applicable.
Short
sales
are
valued
daily,
and
the
corresponding
unrealized
gains
and
losses
are
recognized
as
“Change
in
net
unrealized
appreciation
(depreciation)
of
common
stocks
sold
short”
on
the
Statement
of
Operations.
Liabilities
for
securities
sold
short
are
reported
at
market
value
on
the
Statement
of
Assets
and
Liabilities.
Short
sale
transactions
result
in
off-balance
sheet
risk
because
the
ultimate
obligation
may
exceed
the
related
amounts
shown
on
the
Statement
of
Assets
and
Liabilities.
The
Fund
will
incur
a
loss
if
the
price
of
the
security
increases
between
the
date
of
the
short
sale
on
the
date
on
which
the
Fund
replaces
the
borrowed
security.
The
Fund’s
losses
on
short
sales
are
potentially
unlimited
because
there
is
no
upward
limit
on
the
price
a
borrowed
security
could
retain.
The
Fund
will
realize
a
gain
if
the
price
of
the
security
declines
between
those
dates.
Gains
and
losses
from
securities
sold
short
are
recognized
as
“Net
realized
gain
(loss)
from
common
stocks
sold
short”
on
the
Statement
of
Operations.
Bank
of
America
Merrill
Lynch
(“BAML”)
facilitates
the
short
sales
transactions
for
the
Fund.
The
Fund
currently
pays
prime
brokerage
fees
to
BAML
for
its
services
for
the
Fund.
The
Fund
may
also
earn
credits
as
an
element
of
the
prime
broker
fee
arrangement
with
BAML,
which
are
recorded
as
an
offset
to
the
prime
brokerage
fees.
The
net
prime
brokerage
fees
paid
to
BAML
are
recognized
as
“Prime
broker
expenses”
on
the
Statement
of
Operations.
In
the
event
that
credits
exceed
prime
brokerage
fees,
the
net
credits
are
recognized
as
“Other
income”
on
the
Statement
of
Operations.
Investment
Transactions
Long-term
purchases
and
sales
(including
transactions
for
common
stocks
sold
short)
during
the
current
fiscal
period
were
as
follows:
The
Fund
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.
The
Fund
has
earmarked
securities
in its
portfolio
with
a
current
value
at
least
equal
to
the
amount
of
the
when-issued/delayed
delivery
purchase
commitments.
If the
Fund
has
outstanding
when-issued/delayed-delivery
purchases
commitments
as
of
the
end
of
the
reporting
period,
such
amounts
are
recognized
on
the
Statement
of
Assets
and
Liabilities.
Investments
in
Derivatives
The Fund
is
authorized
to
invest
in
certain
derivative
instruments.
The
Fund
records
derivative
instruments
at
fair
value,
with
changes
in
fair
value
recognized
on
the
Statement
of
Operations,
when
applicable.
Even
though
the
Fund's
investments
in
derivatives
may
represent
economic
hedges,
they
are
not
considered
to
be
hedge
transactions
for
financial
reporting
purposes.
Although
the
Fund is
authorized
to
invest
in
derivative
instruments,
and
may
do
so
in
the
future, it
did
not
make
any
such
investments
during
the
current
fiscal
period.
Market
and
Counterparty
Credit
Risk
In
the
normal
course
of
business
the
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 the
Fund
to
counterparty
credit
risk,
consist
principally
of
cash
due
from
counterparties
on
forward,
option
and
swap
transactions,
when
applicable.
The
extent
of
the
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.
Fund
Purchases
Sales
Equity
Long/Short
$
95,667,805
$
106,835,228
The 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 the
Fund
with
a
value
approximately
equal
to
the
amount
of
any
unrealized
gain
above
a
pre-determined
threshold.
Reciprocally,
when the
Fund
has
an
unrealized
loss,
the
Fund
has
instructed
the
custodian
to
pledge
assets
of
the
Fund
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
predetermined
threshold
amount.
5.
Fund
Shares
Transactions
in
Fund
shares
during
the
current
and
prior
fiscal
period
were
as
follows:
6.
Income
Tax
Information
The
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.
The
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 the
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.
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
was
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:
Six
Months
Ended
2/28/22
Year
Ended
8/31/21
Equity
Long/Short
Shares
Amount
Shares
Amount
Shares
sold:
Class
A
32,057
$1,680,081
62,511
$2,787,716
Class
A
-
automatic
conversion
of
Class
C
Shares
36
1,897
403
19,312
Class
C
2,457
116,297
10,929
435,148
Class
I
96,896
5,229,196
425,500
19,996,774
Shares
issued
to
shareholders
due
to
reinvestment
of
distributions:
Class
A
13,794
735,909
—
—
Class
C
7,087
338,845
—
—
Class
I
46,677
2,578,460
—
—
199,004
10,680,685
499,343
23,238,950
Shares
redeemed:
Class
A
(46,676)
(2,429,852)
(316,213)
(13,340,919)
Class
C
(18,376)
(862,098)
(93,249)
(3,749,438)
Class
C
-
automatic
conversion
to
Class
A
Shares
(40)
(1,897)
(446)
(19,312)
Class
I
(335,878)
(18,074,716)
(1,529,450)
(68,811,543)
(400,970)
(21,368,563)
(1,939,358)
(85,921,212)
Net
increase
(decrease)
(201,966)
$(10,687,878)
(1,440,015)
$(62,682,262)
Fund
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Equity
Long/Short
$
92,441,011
$
30,378,761
$
(7,264,187)
$
23,114,574
Notes
to
Financial
Statements
(Unaudited)
(continued)
7.
Management
Fees
and
Other
Transactions
with
Affiliates
Management
Fees
The
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
Fund
from
the
management
fees
paid
to
the
Adviser.
The
Fund’s
management
fee
consists
of
two
components
–
a
fund-level
fee,
based
only
on
the
amount
of
assets
within
the
Fund,
and
a
complex-
level
fee,
based
on
the
aggregate
amount
of
all
eligible
fund
assets
managed
by
the
Adviser.
This
pricing
structure
enables
the
Fund’s
shareholders
to
benefit
from
growth
in
the
assets
within
the
Fund
as
well
as
from
growth
in
the
amount
of
complex-wide
assets
managed
by
the
Adviser.
The
annual
fund-level
fee,
payable
monthly,
is
calculated
according
to
the
following
schedule:
The
annual
complex-level
fee,
payable
monthly,
is
calculated
according
to
the
following
schedule:
*
The
complex-level
fee
is
calculated
based
upon
the
aggregate
daily
“eligible
assets”
of
all
Nuveen
open-end
and
closed-end
funds.
Eligible
assets
do
not
include
assets
attributable
to
investments
in
other
Nuveen
funds
or
assets
in
excess
of
a
determined
amount
(originally
$2
billion)
added
to
the
Nuveen
fund
complex
in
connection
with
the
Adviser’s
assumption
of
the
management
of
the
former
First
American
Funds
effective
January
1,
2011,
but
do
include
certain
assets
of
certain
Nuveen
funds
that
were
reorganized
into
funds
advised
by
an
affiliate
of
the
Adviser
during
the
2019
calendar
year.
Eligible
assets
include
closed-end
fund
assets
managed
by
the
Adviser
that
are
attributable
to
certain
types
of
leverage.
For
these
purposes,
leverage
includes
the
closed-end
funds’
use
of
preferred
stock
and
borrowings
and
certain
investments
in
the
residual
interest
certificates
(also
called
inverse
floating
rate
securities)
in
tender
option
bond
(TOB)
trusts,
including
the
portion
of
assets
held
by
a
TOB
trust
that
has
been
effectively
financed
by
the
trust’s
issuance
of
floating
rate
securities,
subject
to
an
agreement
by
the
Adviser
as
to
certain
funds
to
limit
the
amount
of
such
assets
for
determining
eligible
assets
in
certain
circumstances.
As
of
February
28,
2022,
the
complex-level
fee
rate
for
the
Fund
was
as
follows:
Fund
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital
Gains
Unrealized
Appreciation
(Depreciation)
Capital
Loss
Carryforwards
Late-Year
Loss
Deferrals
Other
Book-to-Tax
Differences
Total
Equity
Long/Short
$
—
$
3,270,767
$
30,549,551
$
—
$
(926,932)
$
—
$
32,893,386
Average
Daily
Net
Assets
Fund-Level
Fee
Rate
For
the
first
$125
million
1.1000
%
For
the
next
$125
million
1.0875
For
the
next
$250
million
1.0750
For
the
next
$500
million
1.0625
For
the
next
$1
billion
1.0500
For
the
next
$3
billion
1.0250
For
the
next
$2.5
billion
1.0000
For
the
next
$2.5
billion
0.9875
For
net
assets
over
$10
billion
0.9750
Complex-Level
Eligible
Asset
Breakpoint
Level*
Effective
Complex-Level
Fee
Rate
at
Breakpoint
Level
$55
billion
0.2000
%
$56
billion
0.1996
$57
billion
0.1989
$60
billion
0.1961
$63
billion
0.1931
$66
billion
0.1900
$71
billion
0.1851
$76
billion
0.1806
$80
billion
0.1773
$91
billion
0.1691
$125
billion
0.1599
$200
billion
0.1505
$250
billion
0.1469
$300
billion
0.1445
Fund
Complex-Level
Fee
Equity
Long/Short
0
.1540%
The
Adviser
has
agreed
to
waive
fees
and/or
reimburse
expenses
through
July
31,
2023
so
that
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
(including
prime
broker
fees
and
charges
on
short
sales)
dividend
expense
or
securities
sold
short,
and
extraordinary
expenses)
do
not
exceed
1.40%
of
the
average
daily
net
assets
of
any
class
of
Fund
shares.
The
expense
limitation
may
be
terminated
or
modified
only
with
the
approval
of
the
Fund.
Distribution
and
Service
Fees
The
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
I
Shares
is
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
Fund
and
establishing
and
maintaining
shareholder
accounts.
Other
Transactions
with
Affiliates
The
Fund
receives
voluntary
compensation
from
the
Adviser
in
amounts
that
approximate
a
portion
of
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
as
Payment
from
affiliate
on
the
Statement
of
Operations,
and
any
income
due
to
the
Funds
as
of
the
end
of
the
reporting
period
is
recognized
as
“Receivable
due
from
affiliate”
on
the
Statement
of
Assets
and
Liabilities.
During
the
current
fiscal
period,
the
Distributor,
collected
sales
charges
on
purchases
of
Class
A
Shares,
the
majority
of
which
were
paid
out
as
concessions
to
financial
intermediaries
as
follows:
The
Distributor
also
received
12b-1
service
fees
on
Class
A
Shares,
substantially
all
of
which
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
During
the
current
fiscal
period,
the
Distributor
compensated
financial
intermediaries
directly
with
commission
advances
at
the
time
of
purchase
as
follows:
To
compensate
for
commissions
advanced
to
financial
intermediaries,
all
12b-1
service
and
distribution
fees
collected
on
Class
C
Shares
during
the
first
year
following
a
purchase
are
retained
by
the
Distributor.
During
the
current
fiscal
period,
the
Distributor
retained
such
12b-1
fees
as
follows:
The
remaining
12b-1
fees
charged
to the
Fund
were
paid
to
compensate
financial
intermediaries
for
providing
services
to
shareholders
relating
to
their
investments.
8.
Borrowing
Arrangements
Committed
Line
of
Credit
The
Fund,
along
with
certain
other
funds
managed
by
the
Adviser
(‘‘Participating
Funds’’),
have
established
a
364-day,
$2.635
billion
standby
credit
facility
with
a
group
of
lenders,
under
which
the
Participating
Funds
may
borrow
for
various
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
2022 unless
extended
or
renewed.
The
credit
facility
has
the
following
terms:
0.15%
per
annum
on
unused
commitment
amounts
and
a
drawn
interest
rate
equal
to
the
higher
of
(a)
OBFR
(Overnight
Bank
Funding
Rate)
plus
1.20%
per
annum
or
(b)
the
Fed
Funds
Effective
Rate
plus
1.20%
per
annum
on
amounts
borrowed.
Interest
expense
incurred
by
the
Participating
Funds,
when
applicable,
is
recognized
as
a
component
of
“Interest
expense”
on
the
Statement
of
Operations.
Participating
Funds
paid
administration,
legal
and
arrangement
fees,
which
are
recognized
as
a
component
of
“Interest
expense”
Fund
Sales
Charges
Collected
Paid
to
Financial
Intermediaries
Equity
Long/Short
$
10,937
$
9,910
Fund
Commission
Advances
Equity
Long/Short
$
2,713
Fund
12b-1
Fees
Retained
Equity
Long/Short
$
1,096
Notes
to
Financial
Statements
(Unaudited)
(continued)
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
Fund
did
not
utilize
this
facility.
Additional
Fund
Information
(Unaudited)
Investment
Adviser
Nuveen
Fund
Advisors,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Sub-Adviser
Nuveen
Asset
Management,
LLC
333
West
Wacker
Drive
Chicago,
IL
60606
Independent
Registered
Public
Accounting
Firm
KPMG
LLP
200
East
Randolph
Street
Chicago,
IL
60606
Custodian
State
Street
Bank
&
Trust
Company
One
Lincoln
Street
Boston,
MA
02111
Legal
Counsel
Chapman
and
Cutler
LLP
Chicago,
IL
60603
Transfer
Agent
and
Shareholder
Services
DST
Asset
Manager
Solutions,
Inc.
(DST)
P.O.
Box
219140
Kansas
City,
MO
64121-9140
(800)
257-8787
Portfolio
of
Investments
Information
The
Fund
is
required
to
file
its
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
You
may
obtain
this
information
on
the
SEC’s
website
at
http://www.sec.gov.
Nuveen
Funds’
Proxy
Voting
Information
You
may
obtain
(i)
information
regarding
how
each
fund
voted
proxies
relating
to
portfolio
securities
held
during
the
most
recent
twelve-month
period
ended
June
30,
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787
or
on
Nuveen’s
website
at
www.nuveen.com
and
(ii)
a
description
of
the
policies
and
procedures
that
each
fund
used
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
without
charge,
upon
request,
by
calling
Nuveen
toll-free
at
(800)
257-8787.
You
may
also
obtain
this
information
directly
from
the
SEC.
Visit
the
SEC
on-line
at
http://www.sec.gov.
FINRA
BrokerCheck
:
The
Financial
Industry
Regulatory
Authority
(FINRA)
provides
information
regarding
the
disciplinary
history
of
FINRA
member
firms
and
associated
investment
professionals.
This
information
as
well
as
an
investor
brochure
describing
FINRA
BrokerCheck
is
available
to
the
public
by
calling
the
FINRA
BrokerCheck
Hotline
number
at
(800)
289-9999
or
by
visiting
www.FINRA.org.
Glossary
of
Terms
Used
in
this
Report
(Unaudited)
Average
Annual
Total
Return:
This
is
a
commonly
used
method
to
express
an
investment’s
performance
over
a
particular,
usually
multi-year
time
period.
It
expresses
the
return
that
would
have
been
necessary
each
year
to
equal
the
investment’s
actual
cumulative
performance
(including
change
in
NAV
or
offer
price
and
reinvested
dividends
and
capital
gains
distributions,
if
any)
over
the
time
period
being
considered.
Equity
Long/Short
Blended
Benchmark:
Consists
of
the
Russell
1000®
Index
through
February
28,
2013,
and
thereafter
1)
70%
Russell
1000®
Index,
and
2)
30%
ICE
BofA
U.S.
3-Month
Treasury
Bill
Index.
Prior
to
December
31,
2021,
the
Fund’s
performance
was
measured
against
the
Russell
1000®
Index.
Lipper
Alternative
Long/Short
Equity
Funds
Classification
Average:
Represents
the
average
annualized
total
returns
for
all
reporting
funds
in
the
Lipper
Alternative
Long/Short
Equity
Funds
Classification.
Lipper
returns
account
for
the
effects
of
management
fees
and
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges.
Long
Position:
A
security
the
fund
owns
in
its
portfolio.
Net
Assets
Value
(NAV)
per
Share:
A
fund’s
Net
Assets
is
equal
to
its
total
assets
(securities,
cash
and
accrued
earnings)
less
its
total
liabilities.
For
funds
with
multiple
classes,
Net
Assets
are
determined
separately
for
each
share
class.
NAV
per
share
is
equal
to
the
fund’s
(or
share
class’)
Net
Assets
divided
by
its
number
of
shares
outstanding.
Price/Earnings
(P/E)
Ratio:
is
calculated
by
dividing
the
current
price
of
the
stock
by
its
forecasted
12
months’
earnings
per
share.
The
average
of
the
price/earnings
ratio
of
a
fund
is
a
weighted
harmonic
average
of
all
current
P/E
ratios
(excluding
negatives)
of
the
stocks
in
the
fund’s
portfolio.
This
should
not
be
construed
as
a
forecast
of
the
Fund’s
performance.
Russell
1000®
Index:
An
index
designed
to
measure
the
performance
of
the
large-cap
segment
of
the
U.S.
equity
universe
and
includes
approximately
1,000
of
the
largest
securities
based
on
a
contribution
of
their
market
cap
and
current
index
measurement.
Index
returns
assume
reinvestment
of
distributions,
but
do
not
reflect
any
applicable
sales
charges
or
management
fees.
Short
Position:
A
security
the
fund
does
not
own
but
has
sold
through
the
delivery
of
a
borrowed
security.
Tax
Equalization:
The
practice
of
treating
a
portion
of
the
distribution
made
to
a
redeeming
shareholder,
which
represents
his
proportionate
part
of
undistributed
net
investment
income
and
capital
gain
as
a
distribution
for
tax
purposes.
Such
amounts
are
referred
to
as
the
equalization
debits
(or
payments)
and
will
be
considered
a
distribution
to
the
shareholder
of
net
investment
income
and
capital
gain
for
calculation
of
the
fund’s
dividends
paid
deduction.
Liquidity
Risk
Management
Program
(Unaudited)
Discussion
of
the
operation
and
effectiveness
of
the
Funds’
liquidity
risk
management
program
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
the
Fund
covered
in
this
Report
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”),
which
is
designed
to
manage
each
Fund’s
liquidity
risk.
The
Program
consists
of
various
protocols
for
assessing
and
managing
the
Fund’s
liquidity
risk.
The
Fund’s
Board
of
Directors
(the
“Board”)
previously
designated
Nuveen
Fund
Advisors,
LLC,
the
Fund’s
investment
adviser
(the
“Adviser”),
as
the
administrator
of
the
Program.
The
Adviser’s
Liquidity
Monitoring
and
Analysis
Team
(“LMAT”)
carries
out
day-to-day
Program
management
with
oversight
by
the
Adviser’s
Liquidity
Oversight
Sub-
Committee
(“LOSC”).
LMAT
and
LOSC
are
composed
of
personnel
from
the
Adviser
and
Teachers
Advisors,
LLC,
an
affiliate
of
the
Adviser.
At
a
May
26,
2021
meeting
of
the
Board,
the
Adviser
provided
the
Board
with
a
written
report
addressing
the
Program’s
operation,
adequacy
and
effectiveness
of
implementation
for
the
calendar
year
2020
(the
“Review
Period”),
as
required
under
the
Liquidity
Rule.
The
report
noted
that
the
Program
has
been
and
continues
to
be
adequately
and
effectively
implemented
to
monitor
and
(as
applicable)
respond
to
each
Fund’s
liquidity
developments.
In
accordance
with
the
Program,
LMAT
assesses
each
Fund’s
liquidity
risk
no
less
frequently
than
annually
based
on
various
factors,
such
as
(i)
the
Fund’s
investment
strategy
and
the
liquidity
of
its
portfolio
investments,
(ii)
cash
flow
projections,
and
(iii)
holdings
of
cash
and
cash
equivalents,
borrowing
arrangements,
and
other
funding
sources.
Certain
factors
are
considered
under
both
normal
and
reasonably
foreseeable
stressed
conditions.
The
Fund’s
portfolio
investments
are
classified
into
one
of
four
liquidity
categories
(including
the
most
liquid,
“Highly
Liquid,”
and
the
least
liquid,
“Illiquid,”
as
discussed
below).
The
classification
is
based
on
a
determination
of
how
long
it
is
reasonably
expected
to
take
to
convert
the
investment
into
cash,
or
sell
or
dispose
of
the
investment,
in
current
market
conditions
without
significantly
changing
the
market
value
of
the
investment.
Liquidity
classification
determinations
take
into
account
various
market,
trading,
and
investment-specific
considerations,
as
well
as
market
depth,
using
third-party
vendor
data.
A
fund
that
does
not
primarily
hold
Highly
Liquid
investments
must,
among
other
things,
determine
a
minimum
percentage
of
the
fund’s
net
assets
that
must
be
invested
in
Highly
Liquid
investments
(a
“Highly
Liquid
Investment
Minimum”).
During
the
Review
Period,
the
Fund
primarily
held
Highly
Liquid
investments
and
therefore
was
exempt
from
the
requirement
to
adopt
a
Highly
Liquid
Investment
Minimum
and
to
comply
with
the
related
requirements
under
the
Liquidity
Rule.
The
Liquidity
Rule
also
limits
a
fund’s
investments
in
Illiquid
investments.
Specifically,
the
Liquidity
Rule
prohibits
a
fund
from
acquiring
Illiquid
investments
if
doing
so
would
result
in
the
fund
holding
more
than
15%
of
its
net
assets
in
Illiquid
investments,
and
requires
certain
reporting
to
the
fund’s
board
and
the
Securities
and
Exchange
Commission
any
time
a
fund’s
holdings
of
Illiquid
investments
exceeds
15%
of
net
assets.
During
the
Review
Period,
the
Fund
did
not
exceed
the
15%
limit
on
Illiquid
investments.
Nuveen
Securities,
LLC,
member
FINRA
and
SIPC
333
West
Wacker
Drive
Chicago,
IL
60606
www.nuveen.com
MSA-ELS-0222P
2104116-INV-B-04/23
Nuveen:
Serving
Investors
for
Generations
Since
1898,
financial
advisors
and
their
clients
have
relied
on
Nuveen
to
provide
dependable
investment
solutions
through
continued
adherence
to
proven,
long-term
investing
principles.
Today,
we
offer
a
range
of
high
quality
solutions
designed
to
be
integral
components
of
a
well-diversified
core
portfolio.
Focused
on
meeting
investor
needs.
Nuveen
is
the
investment
manager
of
TIAA.
We
have
grown
into
one
of
the
world’s
premier
global
asset
managers,
with
specialist
knowledge
across
all
major
asset
classes
and
particular
strength
in
solutions
that
provide
income
for
investors
and
that
draw
on
our
expertise
in
alternatives
and
responsible
investing.
Nuveen
is
driven
not
only
by
the
independent
investment
processes
across
the
firm,
but
also
the
insights,
risk
management,
analytics
and
other
tools
and
resources
that
a
truly
world-class
platform
provides.
As
a
global
asset
manager,
our
mission
is
to
work
in
partnership
with
our
clients
to
create
solutions
which
help
them
secure
their
financial
future.
Find
out
how
we
can
help
you.
To
learn
more
about
how
the
products
and
services
of
Nuveen
may
be
able
to
help
you
meet
your
financial
goals,
talk
to
your
financial
advisor,
or
call
us
at
(800)
257-8787.
Please
read
the
information
provided
carefully
before
you
invest.
Investors
should
consider
the
investment
objective
and
policies,
risk
considerations,
charges
and
expenses
of
any
investment
carefully.
Where
applicable,
be
sure
to
obtain
a
prospectus,
which
contains
this
and
other
relevant
information.
To
obtain
a
prospectus,
please
contact
your
securities
representative
or
Nuveen,
333
W.
Wacker
Dr.,
Chicago,
IL
60606.
Please
read
the
prospectus
carefully
before
you
invest
or
send
money.
Learn
more
about
Nuveen
Funds
at:
www.nuveen.com/mutual-funds
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. | SCHEDULE OF INVESTMENTS. |
| (a) | | See Portfolio of Investments in Item 1. |
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable to this registrant.
| ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable to this registrant.
| ITEM 10. | 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 implemented after the registrant last provided disclosure in response to this Item.
| ITEM 11. | 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 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
File the exhibits listed below as part of this Form.
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.
(Registrant) Nuveen Investment Trust II
| | | | |
| By (Signature and Title) | | /s/ Mark J. Czarniecki |
| | Mark J. Czarniecki |
| | Vice President and Secretary |
Date: May 6, 2022
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.
| | |
| By (Signature and Title) | | /s/ Christopher E. Stickrod |
| | Christopher E. Stickrod |
| | Chief Administrative Officer |
| | (principal executive officer) |
Date: May 6, 2022
| | |
| By (Signature and Title) | | /s/ E. Scott Wickerham |
| | E. Scott Wickerham Vice President and Controller (principal financial officer) |
Date: May 6, 2022
